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1300 WASHINGTON ST DENVER, CO LIMITED MATURITY INCOME FUND Fourth Quarter 2015 80203 FAX: 303.534.6012 PHONE: 303.534.6778 TOLL FREE: 888.543.8532 www.coef.org OBJECTIVE & MANAGEMENT The Colorado Episcopal Foundation Limited Maturity Fund (LMIF) is a pooled investment fund seeking to provide current income and lower risk. Capital appreciation is a secondary consideration. The goal of the Fund is to produce, over the longterm, a total return that exceeds that of the Barclays Capital 1-3 Year Government Bond Index (BC 1-3) on a risk-adjusted basis. The Colorado Episcopal Foundation Board of Trustees has responsibility for the management of the Limited Maturity Income Fund and is assisted in that role by the Investment Committee. A professional Investment advisor has been retained by the Investment Committee to meet regularly with the Committee to assist with overseeing the management and operation of the Limited Maturity Income Fund. The Investment Committee, with the approval of the Board of Trustees, has invested 80% of the assets of the Limited Maturity Income Fund equally in two different short-term bond mutual funds and the remaining 20% in cash and cash equivalents. INVESTMENT REVIEW The Limited Maturity Income Fund (LMIF) continues to meet its objective of providing current income while limiting exposure to downside risk. During 2015 interest rates remained at historically low levels. In December, the Federal Reserve made the decision to begin slowly increasing short-term rates resulting in a negative return for the LMIF in the fourth quarter. For the year 2015 the LMIF had a total return of 0.65%, as compared to the 0.57% return of its benchmark, the Barclay’s Capital 1-3 Year Government Bond Index (BC 1-3). Over longer time periods the Fund has been able to outperform its benchmark primarily due to the Fund’s larger commitment to corporate and other non-Treasury securities which have generated higher yields and greater capital appreciation. The primary objective of the Bond Fund is to produce current income and it has had an income yield of 1.35% for the twelve months ended December 31, 2015. As always, the Investment Committee will continue to closely monitor the Fund to help ensure that it is well positioned to meet its objectives over the long term. PERCENT TOTAL RETURNS GROWTH OF $1,000 1.88 1.60 1.21 0.73 1.05 0.68 0.52 0.65 1 0.57 0.22 2 0.76 3 $1,400 2.50 2.68 4 0 $1,302 $1,200 $1,205 $1,281 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 10 YRS* Dec-10 5 YRS* Dec-09 3 YRS* Dec-08 12 MOS Dec-07 3 MOS Dec-06 $1,000 -2 Dec-05 -0.21 $1,100 -0.43 -1 $1,300 Periods Ended 12-31-2015 LMIF BC 1-3 CPI LMIF BC 1-3 CPI Past performance is no guarantee of future performance. Indexes used for comparative purposes are the Barclays Capital 1-3 Year Government Bond Index (BC 1-3) representing low risk short-term bonds and the Consumer Price Index (CPI) representing inflation. Total Returns include capital appreciation plus income. *Periods greater than one year are annualized. Growth of $1,000 shows the value of an initial $1,000 investment after ten years with all income reinvested. partnership programs perspective