Ft Lauderdale 4Q09

8/14/2019 Ft Lauderdale 4Q09

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231 South Bemiston Avenue, 14th Floor

St. Louis, Missouri 63105

(314) 862-4848

WWW.ACGNET.COM

Investment Performance Review

For the Periods Ending December 31, 2009

City of Fort Lauderdale Police and Fire

Retirement System

ASSET CONSULTING GROUP ASSET CONSULTING GROUP



City of Fort Lauderdale Police and Fire Retirement System

Tab 1 Market Overview

Tab 2 Executive Summary

Investment Guidelines and Policy Statement

Tab 3 Total Fund Performance and Analysis

Tab 4 Equity Manager Performance and Analysis

Tab 5 Long/Short Equity Manager Performance and Analysis

Tab 6 International Manager Performance and Analysis

Tab 7 Fixed Income Manager Performance and Analysis

Tab 8 Real Estate Manager Performance and Analysis

Tab 9 International Exposure

Glossary Statistical Definitions

Table of Contents




Equity Index ReturnsFor the Periods Ending December 31, 2009

6 . 0

%

2 2

. 6 %

2 6

. 4 %

( 5 . 6 ) %

5 . 9

%

2 3

. 2 %

2 8

. 3 %

( 5 . 4 ) %

0 . 8

% 4

. 2 %

2 3

. 2 %

1 9

. 7 %

( 9 . 0

% )

( 0 . 3

% )

7 . 9

%

2 3

. 0 %

3 7

. 2 %

( 1 . 9

% )

1 . 6

%

5 . 6

%

2 6

. 7 %

( 1 . 8

% )

3 . 3

% 3

. 9 %

2 3

. 9 % 2

7 . 2

%

( 6 . 1

% )

0 . 5

% 3

. 6 %

2 7

. 1 %

2 0

. 6 %

( 8 . 2

% )

( 0 . 0

% )

4 . 1

%

2 0

. 8 %

3 4 . 5

%

( 4 . 0 % )

0 . 9

% 2 . 2

%

2 2

. 2 %

3 2

. 5 %

( 5 . 6 %

)

4 . 0

%

3 . 8

%

2 4

. 3 %

4 2

. 2 %

( 3 . 0

% )

6 . 3

%

0 . 4

%

3 7

. 4 %

(20.00%)

(10.00%)

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

Quarter Two Quarters One Year Three Years Five Years

S&P 500 Russell 3000 Russell 1000 ValueRussell 1000 Growth S&P Midcap Russell 2000Russell 2000 Value Russell 2000 Growth EAFEMSCI All Country World ex U.S.

© 2010 Asset Consulting Group All Rights Reserved 4




Equity Sector ReturnsFor the Periods Ending December 31, 2009

8 . 5

% 1 0 . 4 %

6 . 1 % 8

. 6 %

4 . 2 %

5

. 0 %

( 3 . 7 % )

4

. 8 % 6 . 9 %

5 . 9 %

1 7 . 1 %

5 9 . 9

%

6 . 8 %

3 8 . 8 %

1 1 . 2 %

1 1 . 3 %

1 4 . 8

% 1 7 . 3 %

4 5

. 2 %

2 . 6

%

( 2 . 3 % )

1 . 3 %

( 5 . 4 %

)

( 8 . 1 % )

0 . 7 %

( 1 . 9 % )

( 2 6 . 9 % )

( 9 . 0 %

) ( 2 . 6

% )

( 9 . 6 % )

0 . 6 % 2 . 4

%

2 . 1 %

( 3 . 4 %

)

2 . 9

%8 .

4 %

( 1 4 . 0 % )

( 3 . 5 % )

1 . 7 %

( 2 . 4 % )

(45.00%)

(30.00%)

(15.00%)

0.00%

15.00%

30.00%

45.00%

60.00%

75.00%

H e a l t h C a

r e

I n f o

r m a t i o

n T e c h

n o l o g

y

U t i l i t i e

s

C

o n s u m

e r D i

s c r e t i

o n a r y

C o n s u

m e r S t a

p l e s

E n e r g

y

F i n a n

c i a l s

I n d u s t

r i a l s

M a t e r

i a l s

C o m m

u n i c a

t i o n s

Quarter One Year Three Years Five Years





Equity Style Spectrum - Median Returns


5 . 2

%

4 . 9

% 5 . 3

% 5 . 7

%

4 . 8

% 7 . 4

%

6 . 1

%

5 . 9

%

2 9 . 8

%

2 4 . 8

%

2 4 . 7

% 2 8 . 5

%

2 5 . 5

%

2 6 . 0 %

2 4 . 2

%

2 2 . 4

%

2 2 . 6

%

2 3 . 1

%

3 6 . 7

%

3 6 . 0

%

2 9 . 3 %

3 5 . 6

% 3 8 . 8

% 4 2 . 8

%

3 5 . 5

%

2 5 . 4

%

3 4 . 4

%

2 6 . 7 % 3 0

. 2 %

( 3 . 4

) %

( 2 . 1

) %

( 4 . 0

) % ( 0 . 3

) %

( 1 . 8

) %

( 7 . 9

) %( 2 . 0

) %

( 5 . 4

) %

( 4 . 4

) %

3 . 0

% 3 . 1

%

2 . 9

% 3 . 3

% 3 . 4

% 4 . 9

%

3 . 4

%

0 . 5

% 2 . 0

%

0 . 7

% 1 . 5

% 5 . 1

% 5 . 3

% 6 . 2

%

2 2 . 4

%

( 3 . 8

) %

( 2 . 8

) %

(20.00%)

(10.00%)

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

S m a

l l V a l u e

S m a l l G

r o w t h

S m a l l C

o r e S M

I D

M i d V a

l u e

M i d G

r o w t h

M i d C o

r e

L a r g

e V a l u e

L a r g e

G r o w

t h

L

a r g e C

o r e

E q u i t y M a

n a g e r U n

i v e r s e






International Index Returns


3 . 4

%

0 . 3

% 4 . 2

%

3 . 8

%

2 2 . 2

%

2 2 . 6

%

2 1 . 7

% 3 1 . 4

%

3 . 6

%

2 4 . 3

% 3 2 . 5

%

2 5 . 4

% 3 5 . 0

%

2 9 . 9

%

7 9 . 0

%

6 . 3

%

4 2 . 2

%

( 5 . 6

) %

( 7 . 8

) %

( 6 . 8

) %

( 1 0 . 4

) % ( 3 . 0

) %

4 . 0

%

3 . 5

% 4 . 0

%

4 . 0

%

1 5 . 9

%

( 0 . 8

) %

6 . 3

%

2 . 2

%8 . 6

%

( 2 . 8

) %

1 8 . 8

%

5 . 4

%

( 4 . 4

) %

(30.00%)

(10.00%)

10.00%

30.00%

50.00%

70.00%

90.00%

M S C I

E A F E

M S C I

E A F E L o

c a l C u

r r e n c

y

M S C I

V a l u e

M S C I

G r o w

t h

M S C I E

m g . M a

r k e t s F r e

e

M S C I

J a p a n

M S C I

A l l C o u

n t y W o r l

d e x U .

S .






Fixed Income Index Returns


0

. 2 %

0

. 0 %

0

. 0 %

0 . 5

%

0 . 5

% 0 . 6

%

0 . 4

%

0

. 1 %

0 . 8

%

4 . 3

%

3 . 8

% 5 . 1

%

1 . 7

% 3 . 0

%

0

. 2 %

0 . 8

%

7 . 4

%

6 . 5

%

5 . 9

%8 . 6

%

3 1 . 1

%

2 . 4

% 2 . 4

%

6 . 1

%

6 . 1

%

6 . 0

%

5 . 8

%

( 0 . 4

) %

3 . 0

% 4 . 0

%

2 . 6

%

0 . 8

%

0 . 2

%

4 . 0

% 4 . 9

%

2 . 6

%5 . 0

%

4 . 5

% 5 . 0

%

5 . 0

%

(5.00%)

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

C P I

9 0 - D

a y U S

T - B i l l s

M e r r i l l L y n c h

1 - 3 Y e

a r T r

e a s u r i

e s

B a r c l

a y s C a p

i t a l 5

Y e a r

M u n i c

i p a l

B a r c l

a y s C a

p i t a l I n t

e r m e d i a t

e A g g r e g

a t e

B a r c l a y s

C a p i t

a l A g g r e g

a t e

B a r c l a y s

C a p i t

a l U n i v e

r s a l

M e r r i l l L y

n c h H i

g h Y i e l d






As of 12/31/09 MTD QTD 1-Year 3-Year*

Aggregate -1.56% 0.20% 5.93% 6.04%

Treasury -2.61% -1.30% -3.57% 6.14%

Gov't-Related -1.47% -0.19% 2.48% 6.28%

Corporate -0.78% 1.35% 18.68% 5.66%

MBS -1.41% 0.57% 5.89% 7.04%

CMBS 0.34% 3.27% 28.45% 2.53% ABS -0.09% 1.34% 24.72% 3.62%

High Yield (Corporate) 3.28% 6.19% 58.21% 5.98%


AAA -1.76% -0.10% 2.91% 6.15%

AA -1.48% 0.48% 8.09% 4.82%

A -0.96% 0.93% 15.21% 4.43%

BAA -0.44% 2.11% 27.49% 6.75%

BA 2.69% 4.76% 46.09% 7.03%

B 2.53% 4.76% 44.73% 3.07%

CAA 4.45% 8.71% 90.65% 1.95%


1-3 Yr. -0.58% 0.48% 5.01% 5.45%

3-5 Yr. -1.34% 0.69% 6.14% 6.12%

5-7 Yr. -1.85% 0.51% 6.00% 5.71%

7-10 Yr. -2.28% 0.02% 5.82% 6.67%

10+ Yr. -3.30% -2.51% 0.08% 5.14%1Relative to the duration neutral Treasury

Time periods over one year are annualized

Source: Barclays Capital

Nominal Returns by Maturity

Fixed Income Market EnvironmentFor the Periods Ending December 31, 2009

Nominal Returns by Sector

Nominal Returns by Quality

Excess Returns by Sector1

as of December 31, 2009

222

-29

239 140

545

105 46307

75374

168

690746

393

2,276

495

2,960

2,496

5,955

-40 -92 -68

2943

-223

36

-431

21

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Aggregate Gov't-

Related

Corporate MBS CMBS ABS High Yield

(Corporate)

E x c e s s

R e t u r n

( b p s )

MTD QTD 1-Year 3-Year*

Excess Returns by Qualityas of December 31, 2009

456194382

1,183

3,155

4,789 4,599

9,151

-25

654206

512

-5

269125 266569 531

932

39251

1,940

-224

4 37

-359 -471-162

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

AAA AA A BAA BA B CAA

E x c e s s R e t u r n

( b p s )

MTD QTD 1-Year 3-Year*





12/31/2009 9/30/2009 12/31/2008

0.06% 0.12% 0.09%

0.19% 0.18% 0.27%

0.44% 0.39% 0.35%1.14% 0.95% 0.77%

1.67% 1.43% 0.98%

2.19% 1.87% 1.30%

2.68% 2.32% 1.56%

3.38% 2.94% 1.61%

3.83% 3.31% 2.25%

4.56% 4.03% 3.07%

4.63% 4.05% 2.68%

7 Years

10 Years

20 Years

30 Years

2 Years

3 Years

4 Years

5 Years

90 Days

180 Days

1 Year

Interest Rate Term Structure

Government Issues - 3 Months to 30 Year Maturity

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

0 5 10 15 20 25 30

Years-to-Maturity

Y i e l d -

t o - M a t u r i t y

12/31/2009 9/30/2009 12/31/2008





Monthly Indices Report

Periods Ending December 31, 2009

ReturnsIndex Name Style Month Qtr YTD 1 Year 3 Years 5 Years 10 Years

Domestic Equity Indices S&P 500 Large Cap Core 1.93% 6.04% 26.45% 26.45% (5.63)% 0.42% (0.95)%

S&P Equal Weighted Large Cap Core 4.78% 6.61% 46.53% 46.53% (3.57)% 2.33% 5.20%

Russell 1000 Large Cap Core 2.43% 6.07% 28.42% 28.42% (5.36)% 0.79% (0.49)%

Russell 1000 Growth Large Cap Growth 3.09% 7.94% 37.21% 37.21% (1.88)% 1.64% (3.98)%

Russell 1000 Value Large Cap Value 1.77% 4.22% 19.69% 19.69% (8.96)% (0.26)% 2.47%

Russell 2500 Mid Cap Core 7.21% 5.07% 34.38% 34.38% (4.86)% 1.58% 4.91%

Russell 2000 Small Cap Core 8.05% 3.88% 27.19% 27.19% (6.06)% 0.51% 3.51%

Russell 2000 Growth Small Cap Growth 8.56% 4.14% 34.47% 34.47% (4.00)% 0.87% (1.38)%

Russell 2000 Value Small Cap Value 7.57% 3.62% 20.57% 20.57% (8.22)% (0.01)% 8.27%

Wilshire 5000 Broad Equities 2.70% 5.78% 28.30% 28.30% (5.25)% 0.93% (0.26)%

International Equity Indices MSCI World Broad Global 1.83% 4.18% 30.80% 30.80% (5.08)% 2.57% 0.22%

MSCI World ex US Broad Global 1.61% 2.48% 34.39% 34.39% (4.84)% 4.57% 2.04%

MSCI EAFE Developed Markets Intl 1.45% 2.23% 32.45% 32.45% (5.58)% 4.02% 1.58%

MSCI EAFE Local Currency Developed Markets Intl 5.56% 3.37% 25.37% 25.37% (7.83)% 3.47% (0.65)%MSCI EAFE Growth Developed Markets Intl Growth 1.99% 4.20% 29.91% 29.91% (4.41)% 4.02% (0.99)%

MSCI EAFE Value Developed Markets Intl Value 0.91% 0.32% 35.04% 35.04% (6.79)% 3.96% 4.03%

MSCI Emerging Markets Free Emerging Market 3.96% 8.57% 79.01% 79.01% 5.42% 15.89% 10.11%

MSCI All Country World ex US Emerging Market 2.13% 3.79% 42.16% 42.16% (3.04)% 6.30% 3.11%

Domestic Fixed Income Indices Treasury Bills Cash 0.01% 0.04% 0.21% 0.21% 2.41% 3.02% 2.99%

Merrill Lynch 1-3 Yr Treasuries Treasuries (0.79)% 0.02% 0.77% 0.77% 4.86% 4.03% 4.48%

Barclays Capital Muni 5 Yr 5 Yr Municipal Bonds (0.04)% 0.55% 7.41% 7.41% 6.11% 4.50% 5.23%

Barclays Capital Aggregate Core Bonds (1.56)% 0.20% 5.93% 5.93% 6.05% 4.97% 6.33%Barclays Capital Government Government Bonds (2.27)% (1.00)% (2.19)% (2.19)% 6.10% 4.87% 6.17%

Barclays Capital U.S. Credit Corporate Bonds (1.00)% 1.04% 16.05% 16.05% 5.74% 4.68% 6.64%

Barclays Capital Muni 10 Yr 10 Yr Municipal Bonds (0.32)% (1.27)% 9.87% 9.87% 5.17% 4.58% 5.80%

Merrill Lynch High Yield High Yield Bonds 0.27% 0.82% 31.14% 31.14% (0.38)% 2.56% 4.91%

Real Estate Indices NCREIF Property Real Estate N/A (2.11)% (16.86)% (16.86)% (3.43)% 4.74% 7.30%

NFI ODCE (net) Real Estate N/A (3.62)% (30.34)% (30.34)% (10.61)% (0.21)% 4.04%

NAREIT Real Estate 7.15% 9.40% 28.01% 28.01% (12.42)% 0.35% 10.62%





Executive Summary





Investment Guidelines and Policy Statement






Investment Policy Statement

The Trustees of the Police & Fire Retirement System Pension Fund, in adopting the following Investment Policy Statement, intend its provisionsto act as guidelines for the investment managers employed by the Fund. It shall be the responsibility of the investment managers to bring to theattention of the Trustees any term of the Statement, which the investment managers believe to inhibit or in any way affect their exercise of management discretion.

I. PURPOSE OF STATEMENT

The Trustees are charged by law with the responsibility for the investment of assets of the Trust Fund. To discharge this function, the Trustees are

authorized by law to engage the services of Investment Managers who possess the necessary specialized research facilities and skilled personnel toprovide expertise with respect to investment of assets entrusted to them.

In keeping with the duties of Chapter 20 of Fort Lauderdale Ordinances, this statement of investment goals and objectives is set forth.

Its purpose is to:

Determine the Trust's projected financial needs.

Express the Trustees' position with respect to the funds risk-volatility posture.

Formulate an appropriate set of goals and objectives for the Fund's assets.

II. INVESTMENT OBJECTIVES

A. Assets of the Fund shall be invested in a manner consistent with the fiduciary's acceptable standards of Chapter 112, Florida Statutes,

namely:

1. The safeguards and diversity that a professional, prudent investment manager would adhere to must be present.

2. All transactions undertaken on behalf of the Trust must be for the sole interest of Plan participants and their beneficiaries.

B. The Fund shall be invested in a manner consistent with the primary emphasis upon consistency of performance to protect the Fund fromexcessive volatility in current market value.





C. The Fund shall be invested with emphasis upon capital protection, i.e., the achievement of adequate investment growth so that thepurchasing power of the principal amount of these assets is at least maintained and preferably increased.

DD..

The Plan’s total return will be expected to provide equal or superior results based on a five year investment horizon, relative to theobjectives enumerated below. It is anticipated that achievement of this rate of return will raise the funded status of the plan and lower thecontribution rate as a percent of payroll.

11.. TThhee RReettiirreemmeenntt SSyysstteemm’’ss aannnnuuaalliizzeedd ttoottaall rreettuurrnn sshhoouulldd eeqquuaall oorr eexxcceeeedd tthhee RReettiirreemmeenntt SSyysstteemm’’ss aaccttuuaarriiaall iinntteerreesstt rraattee aassssuummppttiioonn..

22.. TThhee RReettiirreemmeenntt SSyysstteemm’’ss ttoottaall rreettuurrnn sshhoouulldd eexxcceeeedd tthhee ttoottaall rreettuurrnn oof f aann iinnddeexx ccoommppoosseedd aass f f oolllloowwss::

3355%%

SS&&PP550000 1100%% RRuusssseellll 22000000

1155%% MMSSCCII EEAAFFEE

3300 %% BBaarrccllaayyss CCaappiittaall AAggggrreeggaattee BBoonndd IInnddeexx

1100%% NNCCRREEIIFF IInnddeexx

33.. TThhee RReettiirreemmeenntt SSyysstteemm’’ss ttoottaall rreettuurrnn sshhoouulldd eexxcceeeedd tthhee ttoottaall rreettuurrnn oof f tthhee mmeeddiiaann ppllaann iinn tthhee ccoonnssuullttaannttss ppeeeerr ggrroouupp uunniivveerrssee..

III. INVESTMENT GUIDELINES

A. It shall be the policy of the Fund to invest the assets in accordance with the following asset allocation levels outlined below:

Asset Class Target Allocation Minimum MaximumDomestic Equity:

Large Cap Equity 25% 20% 30%

Large Cap Equity is further defined as:

Large Cap Core 12.5% 7.5% 17.5%Large Cap Value 6.25% 1% 12%Large Cap Growth 6.25% 1% 12%

Small Cap Equity 10% 5% 15%

Small Cap Equity is further defined as:

Small Cap Value 5% 2% 10%Small Cap Growth 5% 2% 10%





2. A direct loan or an extension of a line of credit between the Plan assets and any interested party.

3. A transfer of Plan assets to an interested party for the exclusive benefit or use of the interested party.

4. An acquisition of securities, which would exceed stated limitations, 5% in any one company. Any exceptions to the foregoing restrictions would require written Board approval with the specifics detailed.

5. Instrumentalities which are or may be deemed in violation of prohibitive transaction standards as may be specified in the FloridaStatutes, specifically Chapters 112, 175 and 185.

IV. COMMUNICATIONS

A. Documentation

Statements are to be supplied at least quarterly by each investment manager and/or bank custodian to the Trustees indicating:

1. The Fund composition, i.e., at book or original cost and at current market value (by sector, including equity, fixed income, cashequivalents, and "pure" cash balances);

2. Position, by individually named securities, showing their respective book and market values, the number of shares by date securedor sold;

3. All income cash transactions, including sources of all interest and dividends in sufficient descriptive detail. The investmentmanager is expected to provide written confirmation and documentation of all principal transactions, with the exception of cashequivalent trades, within one week of occurrence.

B. Meetings

Investment managers are expected to meet on a quarterly basis, or more often upon request, with the Trustees to review the portfolio andto discuss investment results in terms of these goals, objectives and policies.

V. BASIS FOR MEASUREMENT

Performance of this Fund is to be measured, both currently and historically, in context with these goals and objectives. In order to ensure that

investment opportunities available over a specific time period are fairly evaluated, the Trustees will use comparative performance statistics toevaluate investment results.




Total Fund Performance and Analysis




© 2010 Asset Consulting Group All Rights Reserved

NorthPointe

(Small Cap Growth)

Current Portfolio Structure by Fund Manager

Agincourt

Mellon Bank

F i x e d

I n c o m e

D o m e s t i c

E q u

i t y

I n t ’ l .

E q u

i t y

Artio International Systematic(Large Cap Value)

RhumbLineS&P 500 Pooled Fund

(Large Cap Index)

INTECH(Large Cap S&P 500 Index)

Sawgrass

(Large Cap Growth)

Lee Munder

(Small Cap Value)

R e a l

E s t a t e

Prudential

American Realty


Thornburg International

25

K2 Long ShortMaster Fund

L

o n g

/ S h o r t

E q u

i t y




INVESCO

Historical Portfolio Structure by Fund Manager

Systematic

(Large Cap Value)

RhumbLine

S&P 500 Pooled Fund(Large Cap Index)

INTECH

(Large Cap S&P 500 Index)

INVESCO Terminated 10/02

Montag & Caldwell(Large Cap Growth)

Terminated 07/04

Agincourt

Mellon Bank

B a l a n c e d

M a n a g e r

B o n

d M a n a g e r

D

o m e s t i c

E q u

i t y

I n t ’ l .

E q u

i t y

The Boston Company (International Equity) Terminated 10/07

Lazard Asset Mgmt.(International Equity) Terminated 01/06

Oechsle International

(Emerging Markets) Terminated 01/06

Sawgrass

(Large Cap Growth)

RhumbLine

(Mid Cap Index) Terminated 11/06

Lee Munder(Small Cap Value)

NorthPointe(Small Cap Growth)

Supplemental AccountPrevious Management

1) Fayez Sarofim 2) INVESCO

Sovran Terminated 11/99

INVESCO Enhanced

S&P 500 Terminated 03/04


Artio International Equity

Thornburg International

26

Essex Investment(Large Cap Growth)

Terminated 03/07




This Quarter Year-To-Date Last Twelve Months

Beginning Market Value

Net Additions

Return on Investment

Income Received

Gain/Loss

Ending Market Value


Total Portfolio

Total Portfolio Dollar Reconciliation (000s)

9,862 52,449

1,491 6,646

8,371 45,803

417,534 417,534

52,449

$382,555

13,298 -17,470

$382,555

-17,470

6,646

45,803

417,534

$394,375





Market Values % of Portfolio 1QTR Rank 01YR Rank 02YR Rank 03YR Rank 05YR Rank

Total Portfolio 417,534,045 2.5% 87 15.1% 78 -5.3% 55 -1.2% 55 2.6% 82

2.9% 15.4% -5.7% -1.9% 1.8%

3.3% 18.5% -5.0% -1.1% 3.4%

Domestic Equity 169,419,156 40.6% 5.7% 29.6% -10.6% -4.8% 1.3%

Russell 3000 5.9% 28.3% -10.3% -5.4% 0.8%

Large Cap Value 39,973,968 9.6%

Systematic Financial Management 39,973,968 9.6% 5.3% 38 23.9% 62 -13.1% 72 -6.2% 26 1.7% 21

Russell 1000 Value 4.2% 19.7% -13.1% -9.0% -0.3%

Median Large Cap Value Manager 4.8% 25.4% -12.0% -7.9% 0.5%Large Cap Core 48,380,128 11.6%

INTECH 23,249,039 5.6% 6.3% 21 25.5% 75 -10.8% 69 -5.1% 34 1.4% 31

Rhumbline Large Cap Fund 25,131,089 6.0% 6.1% 48 26.5% 65 -10.4% 43 -5.4% 50 0.6% 58

S&P 500 6.0% 26.5% -10.7% -5.6% 0.4%

Median Large Cap Core Manager 6.1% 26.7% -10.6% -5.4% 0.7%

Large Cap Growth 37,974,320 9.1%

Sawgrass 37,974,320 9.1% 7.0% 57 28.9% 74 -9.5% 62 N/A -- N/A --

Russell 1000 Growth 7.9% 37.2% -8.1% -1.9% 1.6%

Median Large Cap Growth Manager 7.4% 34.4% -8.3% -2.0% 2.0%

Small Cap Value 21,984,909 5.3%

Lee Munder Small Cap Value 21,984,909 5.3% 6.1% 23 36.7% 52 0.6% 18 0.6% 13 N/A --

Russell 2000 Value 3.6% 20.6% -7.4% -8.2% 0.0%

Median Small Cap Value Manager 5.1% 36.7% -3.3% -3.4% 3.0%

Small Cap Growth 21,105,830 5.1%

NorthPointe Small Cap Growth 21,105,830 5.1% 0.9% 96 41.3% 30 -17.7% 96 -11.1% 98 N/A --

Russell 2000 Growth 4.1% 34.5% -9.1% -4.0% 0.9%

Median Small Cap Growth Manager 5.2% 36.0% -7.6% -2.1% 3.1%Long/Short Equity 41,720,518 10.0% 1.2% 9.7% N/A N/A N/A

K2 Long Short Master Fund, LP 41,720,518 10.0% 1.2% 9.7% N/A N/A N/A

S&P 500 6.0% 26.5% -10.7% -5.6% 0.4%

International Equity 54,671,806 13.1% 3.3% 28.5% -13.6% -7.2% 5.3%

Artio International Equity II 26,873,114 6.4% 3.0% 42 23.9% 86 -15.0% 80 N/A -- N/A --

Thornburg International Equity Fund 27,798,692 6.7% 3.7% 29 33.5% 50 -12.0% 52 N/A -- N/A --

MSCI EAFE 2.2% 32.5% -13.2% -5.6% 4.0%

MSCI ACWI ex US 3.8% 42.2% -11.8% -3.0% 6.3%

Median Int'l Developed Markets Equity Manager 2.7% 33.4% -11.9% -4.4% 5.2%

Rates of Return Summary & Universe RankingsFor the Periods Ending December 31, 2009

Median Public Funds

Policy Index


Ci f F L d d l P li d Fi R i S




Market Values % of Portfolio 1QTR Rank 01YR Rank 02YR Rank 03YR Rank 05YR Rank

Rates of Return Summary & Universe RankingsFor the Periods Ending December 31, 2009

Fixed Income 110,342,976 26.4% 0.7% 10.5% 6.1% 6.3% 5.2%

Core Fixed Income 110,342,976 26.4%

Agincourt 67,261,075 16.1% 1.1% 41 13.9% 37 5.8% 62 6.0% 72 5.1% 68

Mellon Aggregate Bond Index Fund 43,081,902 10.3% 0.2% 84 5.5% 87 5.6% 69 6.1% 72 5.0% 74

Citigroup Broad Investment Grade 0.0% 5.1% 6.0% 6.4% 5.2%

Barclays Capital Aggregate 0.2% 5.9% 5.6% 6.0% 5.0%

Median Core Bond Manager 0.9% 11.3% 6.4% 6.7% 5.4%

Real Estate 24,819,616 5.9% -5.2% -33.6% -22.1% N/A N/A

American Stable Value Fund 17,428,174 4.2% -4.5% 81 -30.2% 56 -18.9% 50 N/A -- N/A --PRISA II 7,391,441 1.8% -6.9% 86 -44.8% 86 -32.0% 87 N/A -- N/A --

NCREIF Property -2.1% -16.9% -11.8% -3.4% 4.7%

NFI ODCE (net) -3.6% -30.3% -21.1% -10.6% -0.2%

Median Real Estate Funds -0.8% -27.5% -18.9% -9.4% 1.5%

Cash 16,559,974 4.0%Effective August 2009, the Policy Index is composed of 35% S&P 500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 31, 2009, the Policy Index was composed of 60% S&P 500, 30%Barclays Capital Aggregate and 10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.





Over/-Under

Market Value Target

Equity 265,811,479 3.7%

Large Cap 126,328,416 5.3%

Small/Mid Cap 43,090,739 0.3%

Long/Short Equity 41,720,518 0.0%

International Equity 54,671,806 -1.9%

Fixed Income (Incl. Cash) 126,902,950 0.4%

Real Estate 24,819,616 -4.1%

Total $417,534,045

30.4%

13.1%

10.0%

30.3%

10.3%

City of Fort Lauderdale Police and Fire Retirement SystemFor the Periods Ending December 31, 2009

55-65%

5-15%

20-30%

63.7%

Actual vs. Target Allocation

Current Allocation

25.0%

10.0%

Target Range Target Allocation

100.0%

25-35%

10-20%

30.0%

60.0%

15.0%

10.0% 5-15%

5.9% 10.0% 5-15%





Ranking 87 78 55 55 82 75

1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years

5th Percentile 4.56 27.59 1.80 3.66 5.16 5.52

25th Percentile 3.72 22.07 -3.24 0.30 4.02 4.6250th Percentile 3.33 18.46 -5.03 -1.06 3.41 3.77

75th Percentile 2.78 15.27 -6.73 -1.87 2.82 3.10

95th Percentile 1.95 9.17 -9.73 -3.62 1.83 2.42

Observations 121 121 120 116 116 102

Total Portfolio


The number above the bars represents the total portfolio's ranking for this portfolio versus the public fund universe. The rankings are on a scale of 1 to 100 with 1 being the best. Effective August 2009, the Policy Index is composed of 35% S&P

500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30% Barclays Capital Aggregate and

10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

2 . 5

2 . 9

3 . 3

1 5 . 1

1 5 . 4

1 8 . 5

- 5 . 3

- 5 . 7

- 5 . 0

- 1 . 2

- 1 . 9 - 1

. 1

2 . 6

1 . 8

3 . 4

3 . 1

1 . 9

3 . 8

-15

-10

-5

0

5

10

15

20

25

R a t e o f R e t u r n %


Total Portfolio Policy Index Master Trust Funds - Public Funds





Ranking 78 16 65 88 58

Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005

5th Percentile 27.59 -13.09 11.21 16.20 10.3525th Percentile 22.07 -23.34 9.60 14.80 8.32

50th Percentile 18.46 -25.56 8.15 13.69 7.21

75th Percentile 15.27 -27.61 6.85 12.24 5.96

95th Percentile 9.17 -30.30 5.28 9.15 4.26

Observations 121 190 205 227 235

Total Portfolio

One Year Periods Ending December

The number above the bars represents the total portfolio's ranking for this portfolio versus the public fund universe. The rankings are on a scale of 1 to 100 with 1 being the best. Effective August 2009, the Policy Index is composed of 35% S&P

500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30% Barclays Capital Aggregate and 10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

1 5 . 1

1 5 . 4 1

8 . 5

- 2 2 . 1

- 2 2 . 9

- 2

5 . 6

7

. 4

6 . 3

8

. 1 1 0 . 7

1 1 . 1 1

3 . 7

6 . 8

4 . 0 7 . 2

-40

-30

-20

-10

0

10

20

30



Total Portfolio Policy Index Master Trust Funds - Public Funds





AnnualizedReturn

Sharpe Ratio

Total Portfolio 2.63 -0.05

Policy Index 1.78 -0.13

Master Trust Funds - Public Funds 3.41 0.02

Risk vs. Return AnalysisFive Years Ending December 31, 2009

10.25

10.76

11.61

Effective August 2009, the Policy Index is composed of 35% S&P 500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital

Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 31, 2009, the Policy Index was composed of 60% S&P 500, 30%

Barclays Capital Aggregate and 10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

Standard Deviation

Total Portfolio

Policy Index

Master Trust Funds -

Public Funds

0

0.5

1

1.5

2

2.5

3

3.5

4

10 10.2 10.4 10.6 10.8 11 11.2 11.4 11.6 11.8

Standard Deviation

R e t u r n





Equity Manager Performance and Analysis





♦ ♦

♦ ♦

♦

♦

♦

This Quarter


Net Additions


Income

Gain/Loss

Ending Market Value

Dollar Growth Summary (in 000s) Growth of a Dollar

42,907 39,205

Last 12 Months

-4,879 -7,824

39,974 39,974

1,946 8,593

161 835

1,785 7,758

Strategy: Large Capitalization Value

Vehicle: Separate Account

Inception date: November 2002

Benchmark: Russell 1000 Value

Fees: 38 bps for the first $50 million; 30 bps for the next $25 million; and 25

bps thereafter

Over a market cycle, performance in the upper third of appropriate universe (Large

Value); above median performance among style peers for shorter term periods.

Outperform the Russell 1000 Value Index over a full market cycle.

Systematic Financial ManagementFor the Period Ending December 31, 2009

Account Description Performance Goals

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

D e c - 0 2

J u n - 0

3

D e c - 0 3

J u n - 0

4

D e c - 0 4

J u n - 0

5

D e c - 0 5

J u n - 0

6

D e c - 0 6

J u n - 0

7

D e c - 0 7

J u n - 0

8

D e c - 0 8

J u n - 0

9

D e c - 0 9

Systematic Financial Management Russell 1000 Value


Ci f F L d d l P li d Fi R i S




JPMORGAN CHASE & CO 3.8% WHITING PETE CORP 2.4%

WELLS FARGO & CO 3.1% EXXON MOBIL CORP 2.3%

PFIZER INC 3.0% NEWFIELD EXPL CO 2.2%

CHEVRON CORP 2.8% AMGEN INC 2.1%

AT&T INC 2.4% AMERIPRISE FINL INC 2.0%

CLIFFS NATRES INC 42.7% GANNETT INC 19.1%

WALTER ENERGY INC 25.6% SMUCKER JM CO 17.2%

WHITING PETE CORP 24.1% FREEPORT MCMORAN COPPER & GOLD 17.0%

UNITEDHEALTH GROUP INC 21.7% INGERSOLL RAND PLC 16.8%

SEAGATE TECHNOLOGY 19.6% SIMON PPTYGROUP INC 15.9%

CITIGROUPINC -31.6% DISCOVER FINL SVCS -9.2%

REGIONS FINL CORP -14.7% GOLDMAN SACHS GROUP INC -8.2%

FLUOR CORP -11.2% GENERAL ELEC CO -7.3%

BANK OF AMERICA CORP -10.9% AMGEN INC -6.1%

AES CORP -10.2% KOHLS CORP -5.5%

Ten Worst Performers (Quarter)

Characteristics

Sector Allocation

Systematic Financial Management

Ten Largest Holdings (Weight)

Ten Best Performers (Quarter)

As of December 31, 2009, Systematic Financial Management held 82 securities in theirportfolio. Holdings and portfolio characteristics are as follows:

5 1 . 9 3

6 8 . 3 9

1 0 . 1

3

3 . 8 8

2 . 1 8

4 . 8 7

2 . 0 7

1 . 8 4

1 7 . 1 0

1 7 . 0 0

1 . 5 3

2 . 2 3

0

10

20

3040

50

60

70

80

90

100

Avg Mkt

Cap ($Bil)

Med Mkt

Cap ($Bil)

Erngs Grth P/B P/E Yield


9 . 1

1 . 4

1 7

. 7

2 5

. 3

1 0

. 9 1 2

. 8

7 . 6

7 . 9

4 . 7

2 . 6

9 . 9

5 . 5

1 8

. 6 2 4

. 1

9 . 1 1

0 . 7

5 . 2

4 . 1 5

. 7 7 . 1

0

5

10

15

20

25

30

C o n s u m e r D i s c r e t i o n a r y

C o n s u m e r S t a p l e s

E n e r g y

F i n a n c i a l s

H e a l t h C a r e

I n d u s t r i a l s

I n f o r m a t i o n T e c h n o l o g y

M a t e r i a l s

T e l e c o m m u n i c a t i o n S e r v i c e s

U t i l i t i e s






y y

Return

Standard Deviation

Sharpe RatioBeta

Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months

Highest Monthly Return

Lowest Monthly ReturnNumber of Pos. Months

Number of Neg. Months

% Positive Months

All information calculated using monthly data.

Systematic

Financial

Management Russell 1000 Value

30

54

64.29%

84

10.72%

-17.31%54

30

64.29%

84

9.61%

-15.19%

Risk vs. Return (7 Year Annualized) Portfolio Statistics



Return Histogram (7 Years) Return Analysis

7 Years

--

0.96

0.18

Russell 1000 Value

15.7815.56

0.230.36

Systematic

Financial

Management

7.92 5.92

--

1.00

--

--

--

107.29

99.22

97.06

94.21

Systematic Financial

Management

Russell 1000 Value

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

15.50% 15.55% 15.60% 15.65% 15.70% 15.75% 15.80%

Standard Deviation

R a t e

o f R e t u r n

8

54

76

5

14

108

7

1010

1

65

8

5

20

89

1

11

0

5

10

15

20

25

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %

G r e a t e r t h a n 5 %







Ranking 38 62 72 26 21 18


5th Percentile 7.52 38.04 -7.86 -3.37 3.19 8.75

25th Percentile 5.87 30.15 -10.63 -6.24 1.39 7.7450th Percentile 4.81 25.35 -12.03 -7.89 0.48 6.77

75th Percentile 4.21 21.60 -13.27 -9.02 -0.19 5.87

95th Percentile 1.83 16.60 -15.38 -12.22 -2.48 4.50

Observations 305 292 267 248 198 148



The numbers above the bars are the rankings for this portfolio versus the large value equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

5 . 3

4 . 2

4 . 8

2 3 . 9

1 9 . 7

2 5 . 4

- 1 3 . 1

- 1 3 . 1

- 1 2 . 0

- 6 . 2

- 9 . 0

- 7 . 9

1 . 7

- 0 . 3

0 . 5

7 . 9

5 . 9 6

. 8

-25

-15

-5

5

15

25

35



Systematic Financial Management Russell 1000 Value Median Large Value Mgr





Ranking 62 63 6 74 20


5th Percentile 38.04 -31.22 9.19 23.52 13.63

25th Percentile 30.15 -35.25 3.93 22.15 11.17

50th Percentile 25.35 -37.27 0.68 19.98 9.88

75th Percentile 21.60 -40.33 -0.90 18.16 7.14

95th Percentile 16.60 -45.90 -10.06 15.02 4.60

Observations 292 416 383 340 303



The numbers above the bars are the rankings for this portfolio versus the large value equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

2 3 . 9

1 9 . 7 2

5 . 4

- 3 9 . 0

- 3 6 . 9

- 3 7 . 3

9 . 1

- 0 . 2

0 . 7

1 8 . 5 2

2 . 3

2 0 . 0

1 1 . 5

7 . 1 9

. 9

-60

-50

-40

-30

-20

-10

0

10

20

30



Systematic Financial Management Russell 1000 Value Median Large Value Mgr





y y

♦ ♦

♦ ♦

♦

♦

♦

This QuarterBeginning Market Value

Net Additions


Income

Gain/Loss

Ending Market Value


31,610 31,783Last 12 Months

-9,529 -15,029

23,249 23,249

1,168 6,495

162 797

1,006 5,698

Strategy: Large Capitalization Core Equity


Inception date: March 2004

Benchmark: S&P 500

Fees: 35 bps for the first $100 million, 30bps for the next $100 million, 25 bps

for the next $100 million, 20 bps for the next $200 million, & 17.5 bps for over

$500 million

Over a market cycle, performance in the upper third of appropriate universe (LargeCore); above median performance among style peers for shorter term periods.

Outperform the S&P 500 Index over a full market cycle.

INTECHFor the Period Ending December 31, 2009


$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

D e c - 0 4

A p r - 0 5

A u g - 0 5

D e c - 0 5

A p r - 0 6

A u g - 0 6

D e c - 0 6

A p r - 0 7

A u g - 0 7

D e c - 0 7

A p r - 0 8

A u g - 0 8

D e c - 0 8

A p r - 0 9

A u g - 0 9

D e c - 0 9

INTECH S&P 500





y y

EXXON MOBIL CORP 4.2% GENERAL ELEC CO 1.9%

AT&T INC 2.6% CHEVRON CORP 1.8%

INTERNATIONAL BUSINESS MACHS 2.1% APPLE INC 1.5%

JOHNSON & JOHNSON 2.0% PROCTER AND GAMBLE CO 1.5%

MICROSOFT CORP 1.9% PFIZER INC 1.4%

ADVANCED MICRO DEVICES INC 71.0% MCGRAW HILL COS INC 34.3%

MASSEY ENERGY CORP 50.8% SANDISK CORP 33.6%

AMAZON COMINC 44.1% PIONEER NAT RES CO 32.7%

FORD MTR CO DEL 38.7% MOODYS CORP 31.5%

IMS HEALTH INC 37.5% JABIL CIRCUIT INC 30.2%

MARSHALL & ILSLEY CORP -32.3% J C PENNEY INC -20.7%

AMERICAN INTL GROUP INC -32.0% METROPCS COMMUNICATIONS INC -18.5%

CITIGROUPINC -31.6% JACOBS ENGR GROUP INC -18.1%

ZIONS BANCORP -28.5% MEMC ELECTR MATLS INC -18.1%

HUNTINGTONBANCSHARES INC -22.3% TELLABS INC -17.9%


Characteristics

Sector Allocation

INTECH



As of December 31, 2009, INTECH held 407 securities in their portfolio. Holdingsand portfolio characteristics are as follows:

7 6 . 9 1

8 0 . 6

2

1 0 . 2

1

8 . 9

2

8 . 0 0

5 . 9

1

3 . 4 4

3 . 4 1

1 8 . 1 2

1 8 . 5 0

1 . 8 5

1 . 9 4

0

20

40

60

80

100

Avg Mkt

Cap ($Bil)

Med Mkt

Cap ($Bil)


INTECH S&P 500

1 2

. 2

9 . 9 1

1 . 6

1 3

. 3

1 1

. 6

8 . 0

2 1

. 6

3 . 6

4 . 2

4 . 0

9 . 6 1

1 . 4

1 1

. 5 1 4

. 4

1 2

. 6

1 0

. 2

1 9

. 9

3 . 6

3

. 2 3

. 7

05

10

15

20

25

30



E n e r g y

F i n a n c i a l s

H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s

INTECH S&P 500





Return

Standard Deviation

Sharpe RatioBeta

Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months




% Positive Months


INTECH S&P 500

24

46

65.71%

70

9.57%

-16.80%45

25

64.29%

70

9.27%

-17.16%


INTECH



5 Years

--

0.99

0.09

S&P 500

16.0516.01

-0.14-0.08

INTECH

1.44 0.42

--

1.00

--

--

--

102.20

97.13

99.36

98.72

INTECH

S&P 500

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

16.00% 16.01% 16.01% 16.02% 16.02% 16.03% 16.03% 16.04% 16.04% 16.05% 16.05%

Standard Deviation

R a t e

o f R e t u r n

7

1

5 54

7

9

78

2

5

8

2 2

6

4

7

12

4

8

2

5

0

2

4

6

8

10

12

14

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %


INTECH S&P 500





Ranking 21 75 69 34 45 31


5th Percentile 7.88 37.85 -6.33 -1.62 2.42 4.01

25th Percentile 6.20 28.86 -9.79 -4.65 0.65 1.6950th Percentile 6.06 26.69 -10.58 -5.39 -0.50 0.73

75th Percentile 5.63 25.47 -10.98 -5.69 -0.71 0.47

95th Percentile 3.33 16.96 -12.94 -7.87 -2.09 -0.32

Observations 589 540 493 458 402 355

INTECH


The numbers above the bars are the rankings for this portfolio versus the large core equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

6 . 3

6 . 0

6 . 1

2 5 . 5

2 6 . 5

2 6 . 7

- 1 0 . 8

- 1 0 . 7

- 1 0 . 6

- 5 . 1

- 5 . 6

- 5 . 4

- 0 . 4

- 0 . 7

- 0 . 5

1 . 4

0 . 4

0 . 7

-25

-15

-5

5

15

25

35



INTECH S&P 500 Median Large Core Mgr






Ranking 75 32 18 84 21


5th Percentile 37.85 -32.23 12.25 21.54 13.09

25th Percentile 28.86 -36.25 6.95 17.27 9.04

50th Percentile 26.69 -36.93 5.57 15.86 5.66

75th Percentile 25.47 -37.67 4.77 15.55 4.93

95th Percentile 16.96 -42.95 -0.35 12.85 3.55

Observations 540 720 667 593 524

INTECH


The numbers above the bars are the rankings for this portfolio versus the large core equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

2 5 . 5

2 6 . 5

2 6 . 7

- 3 6 . 6

- 3 7 . 0

- 3 6 . 9

7 . 6

5 . 5

5 . 6

1 4 . 8

1 5 . 8

1 5 . 9

9 . 2

4 . 9

5 . 7

-60

-50

-40

-30

-20

-10

0

10

20

30

40



INTECH S&P 500 Median Large Core Mgr





♦ ♦

♦

♦

♦

♦

This Quarter


Net Additions


Income

Gain/Loss

Ending Market Value


33,198 27,771

Last 12 Months

-9,873 -9,811

25,131 25,131

1,806 7,171

0 0

1,806 7,171

Strategy: Large Capitalization Core

Vehicle: Commingled Trust

Inception date: September 1995

Benchmark: S&P 500

Fees: 6.5 bps for the first $50 million, 5.5 bps for the next $50 million, and 4

bps thereafter

Match the S&P 500 Index.

Rhumbline Large Cap FundFor the Period Ending December 31, 2009


$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

D e c - 9 5

D e c - 9 6

D e c - 9 7

D e c - 9 8

D e c - 9 9

D e c - 0 0

D e c - 0 1

D e c - 0 2

D e c - 0 3

D e c - 0 4

D e c - 0 5

D e c - 0 6

D e c - 0 7

D e c - 0 8

D e c - 0 9

Rhumbline Large Cap Fund S&P 500





EXXON MOBIL CORP 3.3% INTL BUSINESS MACHINES 1.7%

MICROSOFT CORP 2.4% AT&T INC 1.7%

APPLE COMPUTER INC 1.9% J P MORGAN CHASE & CO 1.7%

JOHNSON & JOHNSON 1.8% GENERAL ELECTRIC CO 1.6%

PROCTER & GAMBLE CO 1.8% CHEVRON CO 1.6%

ADVANCED MICRO DEVIC 71.0% FORD MTR CO 38.7%

NEW YORK TIMES CO 52.2% IMS HEALTH INC 37.4%

MASSEY ENERGY CORP 50.9% MCGRAW HILL 34.3%

AMAZON COM INC 44.1% SANDISK CORP 33.6%

BLACK & DECKER 40.3% PIONEER NAT RES 32.7%

MARSHALL & ILSLEY CO -32.4% JC PENNEY CO -20.7%

AMERICAN INTL GROUP -32.0% METROPCS COMMUNICATION -18.5%

CITIGROUP INC -31.6% JACOBS ENGINEERING GROUP -18.2%

ZIONS BANCORP -28.6% MEMC ELECTR MATLS -18.1%

HUNTINGTON BANCSHARE -22.3% TELLABS INC -17.9%

Characteristics provided by manager.


Characteristics

Sector Allocation

Rhumbline Large Cap Fund



As of December 31, 2009, Rhumbline Large Cap Fund held 500 securities in theirportfolio. Holdings and portfolio characteristics are as follows:

8 1 . 9 5

8 1 . 9 3

9 . 5

2

9 . 5

2

1 . 9 8

1 . 9 8

3 0 . 8 1

3 0 . 7 9

1 . 9 4

1 . 9 4

0

10

20

3040

50

60

70

80

90

100

Avg Mkt Cap

($Bil)

Erngs Grth (5

Year)

P/B P/E Yield


9 . 6 1

1 . 4

1 1 . 5 1 4

. 4

1 2 . 6

1 0 . 2

1 9 . 9

3

. 6

3 . 2 3 .

7 3 . 7

3 . 2

3

. 6

1 9 . 9

1 0 . 2 1 2

. 7 1 4 . 4

1 1 . 5

1 1 . 3

9 . 6

0

5

10

15

20

25



E n e r g y

F i n a n c i a l s

H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s




Rh bli L C F d



Return

Standard Deviation

Sharpe RatioBeta

Alpha

Up Capture

Down Capture

Correlation

R Square

Tracking Error

Number of Months


Lowest Monthly Return

Number of Pos. Months


% Positive Months


98.34

99.96

--

--

0.02

99.75

S&P 500

16.1316.01

Rhumbline Large

Cap Fund


10 Years

--

99.93




66.08%

171

9.78%

-16.80%

107

64

62.57%

171

17.16%

-16.58%

Rhumbline Large

Cap Fund S&P 500

58

113

--

--

0.46

-0.63 -0.95

-0.200.99

--

-0.221.00

Rhumbline LargeCap Fund

S&P 500-1.00%

-0.90%

-0.80%

-0.70%-0.60%

-0.50%

-0.40%

-0.30%

-0.20%

-0.10%

0.00%

16.00% 16.02% 16.04% 16.06% 16.08% 16.10% 16.12% 16.14% 16.16%

Standard Deviation

R a t

e o f R e t u r n

20

3

6

14

7

14

23

4

11

3

15

20

45

14

7

14

22

5

11

3

15

0

5

10

15

20

25

30

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %







Ranking 48 65 43 50 58 59


5th Percentile 7.88 37.85 -6.33 -1.62 4.01 6.25

25th Percentile 6.20 28.86 -9.79 -4.65 1.69 3.70

50th Percentile 6.06 26.69 -10.58 -5.39 0.73 -0.21

75th Percentile 5.63 25.47 -10.98 -5.69 0.47 -0.87

95th Percentile 3.33 16.96 -12.94 -7.87 -0.32 -1.00

Observations 589 540 493 458 355 161



The numbers above the bars are the rankings for this portfolio versus the large core manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

6 . 1

6 . 0

6 . 1

2 6 . 5

2 6 . 5

2 6 . 7

- 1 0 . 4

- 1 0 . 7

- 1 0 . 6

- 5 . 4

- 5 . 6

- 5 . 4

0 . 6

0 . 4

0 . 7

- 0 . 6

- 1 . 0

- 0 . 2

-25

-15

-5

5

15

25

35



Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr





Ranking 65 30 45 50 82


5th Percentile 37.85 -32.23 12.25 21.54 13.09

25th Percentile 28.86 -36.25 6.95 17.27 9.04

50th Percentile 26.69 -36.93 5.57 15.86 5.66

75th Percentile 25.47 -37.67 4.77 15.55 4.93

95th Percentile 16.96 -42.95 -0.35 12.85 3.55

Observations 540 720 667 593 524



The numbers above the bars are the rankings for this portfolio versus the large core manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

2 6 . 5

2 6 . 5

2 6 . 7

- 3 6 . 6

- 3 7 . 0

- 3 6 . 9

5 . 6

5

. 5

5

. 6

1 5 . 9

1 5 . 8

1 5 . 9

4

. 9

4

. 9 5 . 7

-60

-50

-40

-30

-20

-10

0

10

20

30

40



Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr





♦ ♦

♦ ♦

♦

♦

♦

This Quarter


Net Additions


Income

Gain/Loss

Ending Market Value


40,374 38,970

Last 12 Months

-5,090 -11,090

37,974 37,974

2,690 10,095

147 630

2,543 9,464

Strategy: Large Capitalization Growth


Inception Date: March 2007

Benchmark: Russell 1000 Growth

Fees: 50 bps up to $100 million and 40 bps above $100 million

Over a market cycle, performance in the upper third of appropriate universe (Large

Growth); above median performance among style peers for shorter term periods.

Outperform the Russell 1000 Growth Index over a full market cycle.

SawgrassFor the Period Ending December 31, 2009


$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

M a r - 0 7

J u n - 0

7

S e p - 0

7

D e c - 0 7

M a r - 0 8

J u n - 0

8

S e p - 0

8

D e c - 0 8

M a r - 0 9

J u n - 0

9

S e p - 0

9

D e c - 0 9

Sawgrass Russell 1000 Growth





INTERNATIONAL BUSINESS MACHS 4.6% CVS CAREMARK CORP 3.0%

MICROSOFT CORP 4.3% GOOGLE INC 3.0%

CISCO SYSINC 3.7% MCDONALDS CORP 3.0%

ABBOTT LABS 3.4% HEWLETT PACKARD CO 2.9%

DIRECTV 3.1% LILLY ELI & CO 2.9%

MASTERCARD INC 26.7% UNITED TECHNOLOGIES CORP 14.6%

GOOGLE INC 25.0% APPLE INC 13.8%

MICROSOFT CORP 18.3% BECTON DICKINSON & CO 13.6%

ORACLE CORP 18.0% BRISTOL MYERS SQUIBB CO 13.5%

QUEST DIAGNOSTICS INC 15.7% DANAHER CORP 11.8%

JACOBS ENGR GROUP INC -18.1% PRAXAIR INC -1.2%

APOLLO GROUP INC -17.8% EXXON MOBIL CORP 0.0%

FLUOR CORP -11.2% CISCO SYSINC 1.7%

CVS CAREMARK CORP -9.7% VERISIGN INC 2.3%

TJX COS INC -1.3% EMC CORP 2.5%


Characteristics

Sector Allocation

Sawgrass



As of December 31, 2009, Sawgrass held 46 securities in their portfolio. Holdings andportfolio characteristics are as follows:

8 6 . 0 2

7 6 . 4 3

3 5 . 5 1

4 . 3

3 1 6 . 3 6

6 . 4 8

4 . 5 7

4 . 8 4 1

7 . 4 9

1 9 . 6

5

1 . 7 5

1 . 5 3

0

10

20

30

40

50

60

70

80

90

100

Avg Mkt

Cap ($Bil)

Med Mkt

Cap ($Bil)



1 0

. 01

6 . 1

3

. 4

1 . 5

1 9

. 3

1 1

. 2

3 3

. 5

1 . 5

2 . 4

1 . 2

1 0

. 5 1 5

. 7

4 . 1 5

. 0

1 5

. 8

1 0

. 2

3 3

. 2

3 . 9

0 . 6 0 . 905

10

15

20

25

30

35

40



E n e r g y

F i n a n c i a l s

H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s




Sawgrass



Return

Standard Deviation

Sharpe Ratio

Beta

Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months




% Positive Months



14

19

57.58%

33

9.60%

-17.61%18

15

54.55%

33

6.84%

-16.69%


Sawgrass



2 Years

--

0.86

-0.25

Russell 1000 Growth

23.6020.48

-0.37-0.50

Sawgrass

-9.45 -8.09

--

1.00

--

--

--

79.63

88.99

98.88

97.78

Sawgrass

Russell 1000 Growth

-9.60%

-9.40%

-9.20%

-9.00%

-8.80%

-8.60%

-8.40%

-8.20%

-8.00%

20.00% 20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.00%

Standard Deviation

R a t e o f R e t u r n

7

0 0

2 2

0

3 3 3

0

4

7

0 0

3

1

0

3

1

2 2

5

0

1

2

3

4

5

6

7

8

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %





Sawgrass



Ranking 57 62 83 74 62

1 Quarter 2 Quarters 3 Quarters 1 Year 2 Years

5th Percentile 10.86 34.14 63.55 57.62 -4.48

25th Percentile 8.12 24.05 43.77 39.99 -6.11

50th Percentile 7.35 22.35 40.84 34.38 -8.30

75th Percentile 6.15 20.33 35.59 28.42 -11.56

95th Percentile 4.47 15.29 28.07 17.37 -15.94

Observations 421 420 407 394 371

Sawgrass


The numbers above the bars are the rankings for this portfolio versus the large growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

7 . 0

7 . 9

7 . 3

2 1 . 1

2 3 . 0

2 2 . 4

3 4 . 8

4 3 . 1

4 0 . 8

2 8 . 9

3 7 . 2

3 4 . 4

- 9 . 5

- 8 . 1

- 8 . 3

-20

-10

0

10

20

30

40

50



Sawgrass Russell 1000 Growth Median Large Growth Mgr





Ranking 74 30


5th Percentile 57.62 -32.08 24.14 15.24 16.02

25th Percentile 39.99 -35.51 19.52 10.58 12.41

50th Percentile 34.38 -38.67 14.31 7.96 8.76

75th Percentile 28.42 -42.32 11.15 4.20 5.87

95th Percentile 17.37 -48.45 5.10 -5.03 2.17

Observations 394 574 515 439 374

Sawgrass


The numbers above the bars are the rankings for this portfolio versus the large growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

2 8 . 9

3 7 . 2

3 4 . 4

- 3 6 . 4

- 3 8 . 4

- 3 8 . 7

1 1 . 8

1 4 . 3

9 . 1

8 . 0

5 . 3 8 . 8

-60

-40

-20

0

20

40



Sawgrass Russell 1000 Growth Median Large Growth Mgr



Lee Munder Small Cap Value



♦ ♦

♦ ♦

♦

♦

♦

This Quarter

Beginning Market ValueNet Additions


Income

Gain/Loss

Ending Market Value


23,254 18,038

Last 12 Months

-2,500 -2,500

21,985 21,985

1,231 6,447

75 349

1,156 6,098

Strategy: Small Capitalization Value


Inception Date: November 2006

Benchmark: Russell 2000 Value

Fees: 75 bps

Over a market cycle, performance in the upper third of appropriate universe (Small

Value); above median performance among style peers for shorter term periods.

Outperform the Russell 2000 Value Index over a full market cycle.

Lee Munder Small Cap ValueFor the Period Ending December 31, 2009


$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

D e c - 0 6

M a r - 0 7

J u n - 0

7

S e p - 0

7

D e c - 0 7

M a r - 0 8

J u n - 0

8

S e p - 0

8

D e c - 0 8

M a r - 0 9

J u n - 0

9

S e p - 0

9

D e c - 0 9

Lee Munder Small Cap Value Russell 2000 Value






GREAT PLAINS ENERGY INC 2.4% SWIFT ENERGY CO 1.5%

EMPLOYERS HLDGS INC 2.0% REINSURANCE GROUP AMER INC 1.5%

WATSON WYATT WORLDWIDE INC 1.8% PACWEST BANCORP DEL 1.5%

PORTLAND GEN ELEC CO 1.8% SIGNATUREBK NEW YORK NY 1.4%

COHERENT INC 1.6% ZORAN CORP 1.4%

XYRATEX LTD 40.0% PETSMART INC 23.2%

KADANT INC 31.6% LITTELFUSE INC 22.5%

COOPER COSINC 28.2% GARDNER DENVER INC 22.1%

COHERENT INC 27.5% FIRST FINL BANCORP 21.7%

KANSAS CITY SOUTHERN 25.7% ATC TECHNOLOGY CORP 20.7%

SYNOVUS FINL CORP -45.0% BEBE STORES INC -14.4%

ZIONS BANCORP -28.5% PANTRY INC -13.3%

ETHAN ALLEN INTERIORS INC -18.4% DIEBOLD INC -12.8%

EDUCATION RLTY TR INC -17.6% KENSEY NASH CORP -11.9%

MENS WEARHOUSE INC -14.4% BOSTON PRIVATE FINL HLDGS INC -11.2%


Characteristics

Sector Allocation




As of December 31, 2009, Lee Munder Small Cap Value held 107 securities in theirportfolio. Holdings and portfolio characteristics are as follows:

1 . 4 8

0 . 9 4

1 . 1 9

0 . 3 5 2 .

4 5

2 . 4 6

1 . 6 9

1 . 3

8

1 4 . 3

2 1 5 . 9 6

1 . 3 1

1 . 8 6

0

5

10

15

20

25

Avg Mkt

Cap ($Bil)

Med Mkt

Cap ($Bil)



8 . 4

7 . 8

4 . 9

2 5

. 1

4 . 9

1 9

. 8

1 5

. 9

6 . 1

0 . 0

7 . 3

1 1

. 8

2

. 8 6 . 0

3 3

. 8

4 . 7

1 6

. 7

1 0

. 5

7 . 0

0 . 5

6 . 1

05

10

15

20

25

30

35

40

45



E n e r g y

F i n a n c i a l s

H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s







Return

Standard Deviation

Sharpe Ratio

Beta

Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months




% Positive Months


Lee Munder Small

Cap Value Russell 2000 Value

14

24

63.16%

38

15.87%

-19.98%23

15

60.53%

38

17.10%

-19.16%




3 Years

--

0.90

0.67

Russell 2000 Value

25.9823.66

-0.39-0.06

Lee Munder Small

Cap Value

0.61 -8.22

--

1.00

--

--

--

104.15

80.16

98.59

97.19

Lee Munder Small Cap

Value

Russell 2000 Value

-9.00%

-8.00%

-7.00%

-6.00%

-5.00%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50%

Standard Deviation


8

1

2

1

2 2

34

2

6

5

10

1 1 1

2

1

6

1

4

2

7

0

2

4

6

8

10

12

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %








Ranking 23 44 52 18 13

1 Quarter 2 Quarters 1 Year 2 Years 3 Years

5th Percentile 7.64 43.93 63.34 3.49 1.23

25th Percentile 6.06 32.42 47.15 -0.78 -0.95

50th Percentile 5.06 29.80 36.73 -3.34 -3.38

75th Percentile 3.29 27.32 32.36 -7.28 -7.94

95th Percentile 1.33 22.91 15.91 -10.03 -10.44

Observations 99 96 98 89 78

p


The numbers above the bars are the rankings for this portfolio versus the small value manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

6 . 1

3 . 6 5

. 1

3 0 . 0

2 7 . 2 2

9 . 8

3 6 . 7

2 0 . 6

3 6 . 7

0 . 6

- 7 . 4 - 3

. 3

0 . 6

- 8 . 2 - 3

. 4

-20

-10

0

10

20

30

40

50



Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr



L M d S ll C V l



Ranking 52 12 15


5th Percentile 63.34 -25.55 4.02 23.93 11.95

25th Percentile 47.15 -28.90 -0.66 21.74 10.25

50th Percentile 36.73 -30.66 -6.10 19.14 8.40

75th Percentile 32.36 -35.01 -11.21 16.74 4.54

95th Percentile 15.91 -41.90 -16.11 13.46 1.69

Observations 98 142 128 112 88



The numbers above the bars are the rankings for this portfolio versus the small value manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

3 6 . 7

2 0 . 6

3 6 . 7

- 2 6 . 0

- 2 8 . 9

- 3 0 . 7

0 . 7

- 9 . 8 - 6

. 1

2 3 . 5

1 9 . 1

4 . 7 8

. 4

-50

-40

-30

-20

-10

0

10

20

30

40

50



Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr



NorthPointe Small Cap Growth



♦ ♦

♦ ♦

♦

♦

♦

This Quarter



Income

Gain/Loss

Ending Market Value


23,573 16,834

Last 12 Months

-2,432 -2,432

21,106 21,106

-35 6,704

16 84

-51 6,620

Strategy: Small Capitalization Growth


Inception Date: November 2006

Benchmark: Russell 2000 Growth

Fees: 43 bps plus performance fee

Over a market cycle, performance in the upper third of appropriate universe (Small

Growth); above median performance among style peers for shorter term periods.

Outperform the Russell 2000 Growth Index over a full market cycle.

pFor the Period Ending December 31, 2009


$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

D e c - 0 6

M a r - 0 7

J u n - 0

7

S e p - 0

7

D e c - 0 7

M a r - 0 8

J u n - 0

8

S e p - 0

8

D e c - 0 8

M a r - 0 9

J u n - 0

9

S e p - 0

9

D e c - 0 9

NorthPointe Small Cap Growth Russell 2000 Growth






BRUKER CORP 2.1% COMTECH TELECOMMUNICATIONS 2.0%

RADIANT SYS INC 2.1% AECOM TECHNOLOGY CORP 2.0%

DECKERS OUTDOOR CORP 2.0% WEB COM GROUP INC 2.0%

TTM TECHNOLOGIES 2.0% MERGE HEALTHCARE INC 1.9%

HEALTH MGMT ASSOC 2.0% ATLAS AIRWORLDWIDE HLDGS INC 1.9%

BPZ ENERGYINC 26.3% INTERDIGITAL INC PA 14.6%

CIRRUS LOGIC INC 22.7% TETRA TECHNOLOGIES INC DEL 14.4%

HUB GROUPINC 17.4% BRUKER CORP 13.0%

ATLAS AIRWORLDWIDE HLDGS INC 16.5% TELEFLEX INC 12.3%

JDA SOFTWARE GROUP INC 16.1% MERIT MEDSYS INC 11.3%

BROADPOINTGLEACHER SECURITY -46.5% ERESEARCHTECHNOLOGY INC -14.1%

CLARIENT INC -37.1% CENTRAL EUROPEAN DISTR CORP -13.3%

SMITH MICRO SOFTWARE INC -26.1% GMX RES INC -12.5%

CRYOLIFE INC -19.5% HILL INTLINC -12.1%

MERGE HEALTHCARE INC -18.3% HORIZON LINES INC -10.5%


Characteristics

Sector Allocation

p



As of December 31, 2009, NorthPointe Small Cap Growth held 69 securities in theirportfolio. Holdings and portfolio characteristics are as follows:

0 . 8 8

1 . 1 0

0 . 5

4

0 . 4 3

1 0 . 0 5

2 . 7 0

2 . 4 0 3 . 7 6

1 7 . 9 4 2

0 . 1 0

0 . 2 1

0 . 5 3

0

5

10

15

20

25

Avg Mkt

Cap ($Bil)

Med Mkt

Cap ($Bil)



1 0

. 6

3 . 1 6

. 9

1 . 9

2 8

. 7

1 4

. 1

3 4

. 8

0 . 0 0 . 0 0 . 0

1 6

. 0

4 . 1

4 . 3 5

. 8

2 3

. 6

1 4

. 6

2 7

. 4

2

. 5

1 . 5

0 . 2

05

101520253035404550



E n e r g y

F i n a n c i a l s

H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s





For the Periods Ending December 31 2009



Return

Standard Deviation

Sharpe Ratio

Beta

Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months





% Positive Months


NorthPointe Small

Cap Growth Russell 2000 Growth

16

22

57.89%

38

15.05%

-21.70%23

15

60.53%

38

17.91%

-25.96%




3 Years

--

1.16

-0.51

Russell 2000 Growth

25.2029.90

-0.24-0.44

NorthPointe Small

Cap Growth

-11.13 -4.00

--

1.00

--

--

--

104.73

123.12

97.86

95.76

NorthPointe Small

Cap Growth

Russell 2000 Growth

-12.00%

-10.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

24.00% 25.00% 26.00% 27.00% 28.00% 29.00% 30.00% 31.00%

Standard Deviation

R a

t e o f R e t u r n

12

0 01

23

4

21

3

8

10

10 0

3 3

1

5

32

8

0

2

4

6

8

10

12

14

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %








Ranking 96 66 30 96 98


5th Percentile 8.69 30.50 50.64 -0.68 2.59

25th Percentile 6.61 25.11 42.22 -5.46 0.29

50th Percentile 5.15 22.40 36.03 -7.59 -2.13

75th Percentile 3.98 19.77 30.00 -12.63 -4.67

95th Percentile 0.92 15.73 22.87 -16.94 -9.67

Observations 336 333 308 274 229


The numbers above the bars are the rankings for this portfolio versus the small growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

0 . 9 4

. 1 5 . 2

2 0 . 6

2 0 . 8

2 2 . 4

4 1 . 3

3 4 . 5

3 6 . 0

- 1 7 . 7

- 9 . 1

- 7 . 6

- 1 1 . 1

- 4 . 0

- 2 . 1

-30

-20

-10

0

10

20

30

40

50



NorthPointe Small Cap Growth Russell 2000 Growth Median Small Growth Mgr






Ranking 30 96 74


5th Percentile 50.64 -26.71 25.14 20.68 17.61


75th Percentile 30.00 -43.44 3.45 9.47 5.98

95th Percentile 22.87 -50.33 -1.97 4.40 2.64

Observations 308 426 372 331 273

No thPointe S all Cap G owth


The numbers above the bars are the rankings for this portfolio versus the small growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

4 1 . 3

3 4 . 5

3 6 . 0

- 5 2 . 1

- 3 8 . 5

- 3 9 . 2

3 . 7 7

. 1 9 . 7 1

3 . 4

1 3 . 0

4 . 2 8

. 1

-75

-55

-35

-15

5

25

45



NorthPointe Small Cap Growth Russell 2000 Growth Median Small Growth Mgr





Long/Short Equity Manager Performance and Analysis



K2 Long Short Master Fund, LPF th P i d E di D b 31 2009



♦ ♦

♦ ♦

♦

♦

♦

This Quarter



Income

Gain/Loss

Ending Market Value


33,282 30,702

Last 12 Months

8,000 8,000

41,721 41,721

439 3,018

0 0

439 3,018

Strategy: Equity Long/Short Hedge Fund of Funds

Vehicle: Commingled Fund

Benchmark: S&P 500

Inception Date: April 30, 2008

Fees: 100 bps flat fee

Absolute return target of 10% - 15% with lower volatility than the S&P 500.

Outperform the S&P 500 Index over a full market cycle.

For the Period Ending December 31, 2009


$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

A p r - 0 8

J u n - 0

8

A u g - 0 8

O c t - 0 8

D e c - 0 8

F e b - 0

9

A p r - 0 9

J u n - 0

9

A u g - 0 9

O c t - 0 9

D e c - 0 9

K2 Long Short Master Fund, LPS&P 500HFRI Equity Hedge



K2 Long Short Master Fund, LPFor the Period Ending December 31, 2009



% of Gross

Long Short Gross Net Exposure

Total Portfolio 80.0% 49.8% 129.8% 30.2% 100.0%

Region

North America 67.7% 42.6% 110.3% 25.1% 85.0%

Western Europe 6.9% 5.2% 12.1% 1.7% 9.4%

Japan 1.0% 0.5% 1.5% 0.5% 1.2% Asia Pacific - Emerging 2.4% 1.1% 3.5% 1.3% 2.7%

Latin America 0.7% 0.2% 0.9% 0.5% 0.7%

Other Emerging 1.2% 0.2% 1.4% 1.0% 1.1%

Total 80.0% 49.8% 129.8% 30.2% 100.0%

Sector .

Basic Materials 4.0% 2.5% 6.5% 1.5% 5.0%

Communications 1.0% 1.0% 2.0% 0.0% 1.5%

Consumer, Cyclical 11.1% 8.5% 19.6% 2.6% 15.1%Consumer, Non-cyclical 7.4% 2.3% 9.7% 5.1% 7.5%

Derivatives 0.0% 0.0% 0.0% 0.0% 0.0%

Diversified 0.0% 0.0% 0.0% 0.0% 0.0%

Energy 3.9% 2.3% 6.2% 1.6% 4.8% Gross Long Exposure: 80.0%

Equity 0.8% 4.0% 4.8% -3.2% 3.7% Gross Short Exposure: 49.8%

Financial 12.6% 9.9% 22.5% 2.7% 17.3% Gross Exposure: 129.8%

Fixed Income 0.0% 0.0% 0.0% 0.0% 0.0% Net Exposure: 30.1%

Funds 0.0% 0.1% 0.1% -0.1% 0.1%

Government 0.1% 0.0% 0.1% 0.1% 0.1%

Industrial 7.0% 7.0% 14.0% 0.0% 10.8%

Private Placement 0.0% 0.0% 0.0% 0.0% 0.0%

Information Technology 22.1% 8.3% 30.4% 13.8% 23.4%

Utilities 1.3% 0.1% 1.4% 1.2% 1.1%

Not Classified 0.0% 0.0% 0.0% 0.0% 0.0%

Other 8.7% 3.8% 12.5% 4.9% 9.6%

Total 80.0% 49.8% 129.8% 30.2% 100.0% All characteristic data provided by manager are as of 11/30/09.

Net & Gross Exposures at November 30, 2009

Long/Short Equity Exposure Historical Net & Gross Exposure

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

A u g - 0 8

S e p - 0 8

O c t - 0 8

N o v - 0 8

D e c - 0 8

J a n - 0 9

F e b - 0 9

M a r - 0 9

A p r - 0 9

M a y - 0 9

J u n - 0 9

J u l - 0 9

A u g - 0 9

S e p - 0 9

O c t - 0 9

N o v - 0 9

Net ExposureGross ExposureGross LongsGross Shorts

Historical Average

Gross Exposure 135.72%

Net Exposure 42.48%


67


K2 Long Short Master Fund, LP




Return

Standard Deviation

Sharpe Ratio

Beta Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months





% Positive Months


K2 Long Short

Master Fund, LP S&P 500

10

10

50.00%

20

9.57%

-16.80%

12

8

60.00%

20

2.47%

-6.12%


Return Histogram (1 Year) Return Analysis

1 Year

--

0.040.68

S&P 500

22.283.16

1.183.02

K2 Long Short

Master Fund, LP

9.65 26.45

--

1.00--

--

--

18.91

-1.96

29.73

8.84

K2 Long Short MasterFund, LP

S&P 500HFRI Equity Hedge

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

Standard Deviation


0 0 0 0

3 3

5

1

0 0 0

2

0 0

1

0

1 1

0

2

0

5

0 0

1

0

2

1

2 2 2

0

2

0

1

2

3

4

5

6

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %


K2 Long Short Master Fund, LP S&P 500 HFRI Equity Hedge



K2 Long Short Master Fund, LP




1 . 2

6 . 0

3 . 4

5 . 6

2 2 . 6

1 1 . 6

8 . 5

4 2 . 1

2 5 . 4

9 . 7

2 6 . 5

2 5 . 1

0

5

10

15

20

25

30

35

40

45

R a t e o f

R e t u r n %

1 Quarter 2 Quarters 3 Quarters 1 Year

K2 Long Short Master Fund, LP S&P 500 HFRI Equity Hedge





International Manager Performance and Analysis



Artio International Equity II GTFor the Period Ending December 31, 2009



♦ ♦

♦ ♦

♦

♦

♦

This Quarter



Income

Gain/Loss

Ending Market Value


10,800 8,984

Last 12 Months

15,544 15,544

26,873 26,873

529 2,345

0 0

529 2,345

Strategy: International Equity

Vehicle: Group Trust

Inception Date: November 1, 2007

Benchmark: MSCI ACWI (ex-US) / MSCI EAFE

Fees: 85 bps on the first $20 million, 65 bps on the next $20 million, 55 bps

on the next 60 million, & 45 bps thereafter

Over a market cycle, performance in the upper third of appropriate universe

(International Developed Markets Equity).

Over a market cycle, outperform the MSCI EAFE and MSCI ACWI (ex-US)

Indexes.

g ,


$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

O c t - 0 7

D e c - 0 7

F e b - 0

8

A p r - 0 8

J u n - 0

8

A u g - 0 8

O c t - 0 8

D e c - 0 8

F e b - 0

9

A p r - 0 9

J u n - 0

9

A u g - 0 9

O c t - 0 9

D e c - 0 9

Artio International Equity II GTMSCI All Country World Free ex US GrossMSCI EAFE



RIO TINTO LTD 1 8% FRAPORT AG 1 1%

Characteristics

Artio International Equity II GT


As of December 31, 2009, the Artio International Equity II GT Fund held 425 securities in their

portfolio. Holdings and portfolio characteristics are as follows:



RIO TINTO LTD 1.8% FRAPORT AG 1.1%

RIO TINTO PLC 1.3% NESTLE S.A. 1.1%

KOMERCNI BANKA A.S. 1.3% TOTAL S.A. 1.1%

HABC HOLDINGS PLC 1.2% VODAFONE GROUP PLC 1.0%

BANCO SANTANDER S.A. 1.2% ROYAL DUTCH SHELL 1.0%

MSCI Emerging Markets MSCI

Portfolio ACWI ex US Portfolio ACWI ex US

Australia 6.0% 8.4% 5.9% Argentina 0.0% 0.0%

Austria 1.1% 0.3% 0.2% Brazil 2.4% 3.8%

Belgium 0.5% 1.0% 0.7% Chile 0.0% 0.3%

Bermuda 0.0% 0.0% 0.0% China 5.7% 4.0%

Canada 5.2% 0.0% 7.3% Colombia 0.0% 0.1%

Cayman Islands 0.0% 0.0% 0.0% Cyprus 0.0% 0.0%

Denmark 0.6% 0.9% 0.6% Czech Republic 1.3% 0.1%

Finland 0.4% 1.1% 0.8% Egypt 0.0% 0.1%

France 9.3% 11.1% 7.8% Hungary 0.6% 0.1%

Germany 6.9% 8.1% 5.7% India 2.1% 1.7%

Greece 0.1% 0.5% 0.4% Indonesia 0.3% 0.4%

Hong Kong 0.3% 2.3% 1.7% Israel 0.0% 0.6%

Ireland 0.4% 0.3% 0.2% Jordan 0.0% 0.0%

Italy 2.6% 3.5% 2.4% Korea 3.2% 2.9%

Japan 10.0% 20.7% 14.6% Malaysia 0.0% 0.6%

Luxembourg 0.0% 0.0% 0.0% Mexico 1.4% 1.0%

Netherlands 3.8% 2.7% 1.9% Morocco 0.0% 0.0%

New Zealand 0.0% 0.1% 0.1% Pakistan 0.0% 0.0%

Norway 1.5% 0.8% 0.6% Peru 0.0% 0.1%

Portugal 0.1% 0.3% 0.2% Philippines 0.0% 0.1%

Singapore 0.0% 1.5% 1.0% Poland 0.9% 0.3%

Spain 2.3% 4.6% 3.2% Romania 0.0% 0.0%

Sweden 1.1% 2.5% 1.8% Russia 4.4% 1.4%

Switzerland 5.6% 7.7% 5.4% South Africa 0.2% 1.6%

United Kingdom 13.9% 21.6% 15.2% Taiwan 2.9% 2.5%

United States 0.6% 0.0% 0.0% Thailand 0.0% 0.3%

Cash 2.1% 0.0% 0.0% Turkey 0.0% 0.3%

Total 74.7% 100.0% 77.6% Ukraine 0.1% 0.0%

Characteristic data provided by manager. Total 25.3% 22.4%

Sector Allocation

Country Allocation Developed Markets MSCI

EAFE

6 3 . 0

0

4 7 . 2

0

3 9

. 3 0

1 . 6

9 1 . 6

2 1

. 7 3

1 8 . 5

9

1 6 . 4

6

1 6

. 8 2

2 . 7

8

2 . 9

5

2 . 7

0

0

10

20

30

40

50

60

70

Avg Mkt Cap ($Bil) P/B Current P/E Ratio Dividend Yield

Artio International Equity II GT MSCI EAFE MSCI ACWI ex US

9 . 7 1

0 . 1

8 . 4

2 5

. 5

8 . 4

1 1 . 2

4 . 8

1 0

. 4

5 . 8

5 . 9

0 . 0

6 . 7

1 2 . 0

0 . 0

2 . 1

1 . 8

5 . 4

1 6 . 2

4 . 8

1 1 . 1

4 . 9

2 7 . 8

1 0 . 8

7 . 0 8

. 0 8 . 4

8 . 6

1 1 . 2

2 5 . 8

6 . 4

9 . 8

6 . 2

5 . 0

0

5

10

15

20

25

30

35



E n

e r g y

F i n

a n c i a l s

H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s

C a s h

Artio International Equi ty II GT MSCI EAFE MSCI ACWI ex US







Return

Standard Deviation

Sharpe Ratio

Beta Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months





% Positive Months


Artio International

Equity II GT

MSCI All Country

World Free ex US

Gross

14

12

46.15%

26

13.75%

-22.01%

12

14

46.15%

26

11.40%

-18.09%



2 Years

--

0.88-0.46

MSCI All Country

World Free ex US

Gross

30.4027.19

-0.41-0.58

Artio International

Equity II GT

-14.98 -11.78

--

1.00--

--

--

86.46

98.87

98.63

97.29

Artio International

Equity II GT

MSCI All Country

World Free ex US

Gross

MSCI EAFE

-16.00%

-14.00%

-12.00%

-10.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.00% 30.50% 31.00%

Standard Deviation

R

a t e o f R e t u r n

9

2

0

1

0 0

2 2

0

3

5

8

1 1

2

0 0

1

3

1

0

77

1

0

1

2

0

3

1 1

0

7

0

1

2

34

5

6

7

8

9

10

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %


Artio International Equity II GT MSCI All Country World Free ex US Gross MSCI EAFE







Ranking 42 55 86 80

1 Quarter 2 Quarters 1 Year 2 Years

5th Percentile 6.31 28.61 50.42 -3.26

25th Percentile 3.97 24.52 39.89 -9.62

50th Percentile 2.65 22.70 33.37 -11.9275th Percentile 1.61 21.37 25.76 -13.94

95th Percentile -0.38 16.50 21.47 -18.15

Observations 1168 1130 1106 1003

The numbers above the bars are the rankings for this portfolio versus the international developed markets equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

3 . 0

3 . 8

2 . 2

2 . 7

2 2 . 5

2 4 . 3

2 2 . 2

2 2 . 7

2 3 . 9

4 2 . 2

3 2 . 5

3 3 . 4

- 1 5 . 0

- 1 1 . 8

- 1 3 . 2

- 1 1 . 9

-30

-20

-10

0

10

20

30

40

50


%


Artio International Equity II GT MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr







Ranking 86 41


5th Percentile 50.42 -24.64 21.87 33.79 24.96


75th Percentile 25.76 -45.87 9.49 23.51 12.76

95th Percentile 21.47 -51.64 4.09 18.82 8.25

Observations 1106 1684 1998 2144 2001



2 3 . 9

4 2 . 2

3 2 . 5

3 3 . 4

- 4 1 . 6

- 4 5 . 2

- 4 3 . 1

- 4 2 . 4

1 7 . 1

1 1 . 6

1 2 . 4

2 7 . 2

2 6 . 9

2 6 . 5

1 7 . 1

1 4 . 0

1 5 . 5

-70

-50

-30

-10

10

30

50



Artio International Equity II GT MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr



Thornburg International Equity FundFor the Period Ending December 31, 2009



♦ ♦

♦ ♦

♦

♦

♦

This Quarter


Net Additions


Income

Gain/Loss

Ending Market Value


11,191 6,191

Last 12 Months

15,988 18,488

27,799 27,799

619 3,119

0 40

619 3,079

Strategy: International Equity

Vehicle: Commingled Fund

Inception Date: November 1, 2007

Benchmark: MSCI EAFE, MSCI ACWI (ex-US)

Fees: 80 bps for the first $10 million, 75 bps for the next $15 million, 70 bps

for the next $75 million and 60 bps for the remaining balance

Over a market cycle, performance in the upper third of appropriate universe

(International Developed Markets Equity).

Over a market cycle, outperform the MSCI EAFE and MSCI ACWI (ex-US)

Indexes.


$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

O c t - 0 7

D e c - 0 7

F e b - 0

8

A p r - 0 8

J u n - 0

8

A u g - 0 8

O c t - 0 8

D e c - 0 8

F e b - 0

9

A p r - 0 9

J u n - 0

9

A u g - 0 9

O c t - 0 9

D e c - 0 9

Thornburg International Equity FundMSCI All Country World Free ex US GrossMSCI EAFE



TEVA PHARMACEUTICAL 2.9% TOYOTA MOTOR CORP 2.3%

Thornburg International Equity Fund


As of December 31, 2009, the Thornburg International Equity Fund (Q.P.) LLC held 67 securities in their portfolio. Holdings and portfolio characteristics are as follows:

Characteristics



KOMATSU 2.5% HONG KONG EXCHANGE 2.2%

INDUST. & COMM. BANK OF CHINA 2.4% SAP AG 2.2%

LVMH MOET HENNESSY LOUIS VUITTON 2.4% RECKITT BENCKISER GROUP 2.2%

NESTLE SA 2.3% BHP BILLITON 2.2%

Emerging Markets

Portfolio Portfolio

Australia 2.2% 5.9% 8.4% Argentina 0.0% 0.0%

Austria 0.0% 0.2% 0.3% Bermuda 0.0% 0.0%

Belgium 0.0% 0.7% 1.0% Brazil 4.6% 3.8%

Canada 6.4% 7.3% 0.0% Chile 0.0% 0.3%

Denmark 3.6% 0.6% 0.9% China 7.7% 4.0%

Finland 0.0% 0.8% 1.1% Colombia 0.0% 0.1%

France 9.3% 7.8% 11.1% Czech Republic 0.0% 0.1%

Germany 6.6% 5.7% 8.1% Egypt 0.0% 0.1%

Greece 1.8% 0.4% 0.5% Hungary 0.0% 0.1%

Hong Kong 2.3% 1.7% 2.3% India 0.0% 1.7%

Ireland 1.0% 0.2% 0.3% Indonesia 0.0% 0.4%

Italy 1.2% 2.4% 3.5% Israel 2.9% 0.6%

Japan 8.5% 14.6% 20.7% Jordan 0.0% 0.0%Luxembourg 0.0% 0.0% 0.0% Malaysia 0.0% 0.6%

Netherlands 2.4% 1.9% 2.7% Mexico 4.2% 1.0%

New Zealand 0.0% 0.1% 0.1% Morocco 0.0% 0.0%

Norway 0.0% 0.6% 0.8% Peru 0.0% 0.1%

Portugal 0.0% 0.2% 0.3% Philippines 0.0% 0.1%

Singapore 0.0% 1.0% 1.5% Poland 0.0% 0.3%

Spain 1.9% 3.2% 4.6% Russia 0.0% 1.4%

Sweden 1.9% 1.8% 2.5% South Africa 0.0% 1.6%

Switzerland 8.0% 5.4% 7.7% South Korea 0.8% 2.9%

United Kingdom 20.4% 15.2% 21.6% Taiwan 0.5% 2.5%

Cash 1.0% 0.0% 0.0% Thailand 0.0% 0.3%

Other 0.0% 0.0% 0.0% Turkey 1.0% 0.3%

Total 78.3% 77.6% 100.0% Total 21.7% 22.4%

Characteristic data provided by manager.

Sector Allocation

Country Allocation

Developed Markets

MSCI ACWI Ex-US MSCI ACWI Ex-US

MSCI

EAFE

5 3 . 8

1

3 9 . 3

0 4 7 . 2

0

1 9 . 4

5

1 6 . 8

2

1 6 . 4

6

2 . 3

0

1 . 7

3

1 . 6

2

2 . 7

0

2 . 7

0

2 . 9

5

0

10

20

30

40

50

60

70

Avg Mkt Cap ($Bil) Current P/E P/B Yield

Thornburg International Equity Fund MSCI All Country World Free Ex-US MSCI EAFE

8 . 4

8 . 6

1 1 . 2

2 5 . 8

6 . 4

9 . 8

6 . 7

1 2 . 0

6 . 2

5 . 0

9 . 7

1 0 . 1

8 . 4

2 5 . 5

8 . 4

1 1 . 2

4 . 8

1 0 . 4

5 . 8

5 . 9

1 . 0

5 . 8

7 . 8

7 . 6

7 . 9

1 3 . 5

2 1 . 4

8 . 3

1 2 . 4

1 3 . 4

0

5

10

15

20

25

30

C o n s u m e r D

i s c r e t i o n a r y


E n e r g y

F i n a n c i a l s

H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s

Thornburg International Equity Fund MSCI All Country World Free Ex-US MSCI EAFE



Risk vs Return (2 Year Annualized) Portfolio Statistics





Return

Standard Deviation

Sharpe Ratio

Beta Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months



Number of Pos. MonthsNumber of Neg. Months

% Positive Months


Thornburg

International

Equity Fund

MSCI All Country

World Free ex US

Gross

1412

46.15%

26

13.75%

-22.01%

12

14

46.15%

26

11.99%

-18.25%



2 Years

--

0.83-0.25

MSCI All Country

World Free ex US

Gross

30.4025.59

-0.41-0.50

Thornburg

International

Equity Fund

-12.04 -11.78

--

1.00--

--

--

76.69

84.36

99.12

98.25

Thornburg

International Equity

Fund

MSCI All Country

World Free ex US

Gross

MSCI EAFE

-13.40%

-13.20%

-13.00%

-12.80%

-12.60%

-12.40%

-12.20%

-12.00%

-11.80%

-11.60%

25.00% 26.00% 27.00% 28.00% 29.00% 30.00% 31.00%

Standard Deviation

R


8

0

1 1

2

1

3

1 1 1

5

8

1 1

2

0 0

1

3

1

0

77

1

0

1

2

0

3

1 1

0

7

0

1

2

3

4

5

6

7

8

9

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %


Thornburg International Equity Fund MSCI All Country World Free ex US GrossMSCI EAFE







Ranking 29 82 50 52


5th Percentile 6.31 28.61 50.42 -3.26

25th Percentile 3.97 24.52 39.89 -9.62

50th Percentile 2.65 22.70 33.37 -11.9275th Percentile 1.61 21.37 25.76 -13.94

95th Percentile -0.38 16.50 21.47 -18.15

Observations 1168 1130 1106 1003


3 . 7

3 . 8

2 . 2

2 . 7

2 0 . 1 2

4 . 3

2 2 . 2

2 2 . 7

3 3 . 5

4 2 . 2

3 2 . 5

3 3 . 4

- 1 2 . 0

- 1 1 . 8

- 1 3 . 2

- 1 1 . 9

-30

-20

-10

0

10

20

30

40

50


%


Thornburg International Equity Fund MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr







Ranking 50 45


5th Percentile 50.42 -24.64 21.87 33.79 24.96


75th Percentile 25.76 -45.87 9.49 23.51 12.76

95th Percentile 21.47 -51.64 4.09 18.82 8.25

Observations 1106 1684 1998 2144 2001

g


3 3 . 5 4

2 . 2

3 2 . 5

3 3 . 4

- 4 2 . 0

- 4 5 . 2

- 4 3 . 1

- 4 2 . 4

1 7 . 1

1 1 . 6

1 2 . 4

2 7 . 2

2 6 . 9

2 6 . 5

1 7 . 1

1 4 . 0

1 5 . 5

-70

-50

-30

-10

10

30

50



Thornburg International Equity Fund MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr





Fixed Income Manager Performance and Analysis



AgincourtFor the Period Ending December 31, 2009



♦ ♦

♦ ♦

♦

♦

♦

This Quarter


Net Additions


Income

Gain/Loss

Ending Market Value


66,544 61,497

Last 12 Months

0 -2,500

67,261 67,261

717 8,264

920 3,353

-203 4,911

Strategy: Core Bonds


Inception date: January 1990

Benchmark: Citigroup Broad Investment Grade

Fees: 25 bps for the first $25 million, 20 bps on the next $75 million, 15bps

on the next $100 million, & 10 bps thereafter

Over a market cycle, performance at least equal to the Citigroup Broad Investment

Grade Index.

Over a market cycle, "real" return of 2.5% over a cumulative five year period.


$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

D e c - 9 5

D e c - 9 6

D e c - 9 7

D e c - 9 8

D e c - 9 9

D e c - 0 0

D e c - 0 1

D e c - 0 2

D e c - 0 3

D e c - 0 4

D e c - 0 5

D e c - 0 6

D e c - 0 7

D e c - 0 8

D e c - 0 9

AgincourtBarclays Capital AggregateCitigroup Broad Investment Grade



As of December 31, 2009, Agincourt held 201 securities in their portfolio. Holdings and portfolio characteristics are as follows:

Agincourt

Sector Allocation Characteristics



Duration Quality

6 . 0 9

7 . 3 5

7 . 4 5

5 . 0 8

4 . 3 9

4 . 4 4

2 1 . 5 2

2 3 . 0 9

2 3 . 0 7

4 . 8

4

5 . 1 8

5 . 2 3

4 . 4 7

3 . 3 9

3 . 2 7

0

5

10

15

20

25

30

35

Avg Maturity

(yrs)

Avg Cpn (%) Avg Quality Duration (yrs) YTM (%)

Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade

5 . 1 %

1 5 . 0 %

4 3 . 3 %

3 7 . 6 %

2 0 . 4 %

2 5 . 8 %

2 1 . 3 %

1 0 . 6 %

1 . 9

% 3 . 2 %

6 . 8 %

2 . 5 %

1 . 2 %

5 . 5 %

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

0-2 Year 2-4 Years 4-6 Years 6-8 Years 8-10 Years 10-12 Years 12+ Years

Agincourt Barclays Capital Aggregate

9 . 1 %

2 7 . 7 %

7 . 5 %

9 . 0 %

3 8 . 8 %

1 6 . 7 %

3 . 8

%

2 . 2 %

3 3 . 0 %

3 6 . 8 %

7 . 7 %

3 . 2

%

0 . 0 %

0 . 4 %

0 . 0 % 4

. 3 %

0.0%

20.0%

40.0%

60.0%

T r e a s u r i e s

A g e n c i e s

C o r p o r a t e s

U t i l i t y

M o r t g a g e s

C M B S

A B S

F o r e i g n


4 5 . 6 %

7 3 . 3 %

8 . 2 %

4 . 8 %

6 . 6 %

4 . 1 %

1 9 . 2 %

9 . 7

% 1 9 . 2 %

8 . 2

%

0 . 2 %

0 . 0 %

0 . 9 %

0 . 0

%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

GOVT AAA AA A BAA BA B





Agincourt




Return

Standard Deviation

Sharpe Ratio

Beta Alpha

Up Capture

Down Capture

Correlation

R Square

Number of Months




% Positive Months


Agincourt

Barclays Capital

Aggregate

43126

74.56%

169

3.73%

-3.36%

11554

68.05%

169

4.04%

-3.86%


10 Years

--

0.970.03

Barclays Capital

Aggregate

3.833.97

0.960.98

Agincourt

6.52 6.33

--

1.00--

--

--

101.73

99.03

93.18

86.83

Agincourt

Barclays Capital

Aggregate

Citigroup Broad

Investment Grade

6.30%

6.35%

6.40%

6.45%

6.50%

6.55%

3.82% 3.84% 3.86% 3.88% 3.90% 3.92% 3.94% 3.96% 3.98%

Standard Deviation

R


0 13

5

25

44

34

7

1 0 00 1 25

29

44

32

52

0 00 1 1

6

29

43

32

5

1 1 00

5

10

15

20

25

30

35

40

45

50

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %


Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade



Agincourt




Ranking 41 37 62 72 68 57


5th Percentile 3.08 21.40 8.77 8.94 6.87 7.70

25th Percentile 1.68 15.00 7.38 7.32 5.87 7.18

50th Percentile 0.87 11.28 6.39 6.65 5.38 6.6175th Percentile 0.34 8.09 5.32 5.84 4.94 6.28

95th Percentile -0.37 1.59 2.95 3.43 3.69 5.49

Observations 250 244 232 227 200 100

The numbers above the bars are the rankings for this portfolio versus the core bond universe. The rankings are on a scale of 1 to 100 with 1 being the best.

1 . 1

0 . 2

0 . 0

0 . 9

1 3 . 9

5 . 9

5 . 1

1 1 . 3

5 . 8

5 . 6 6

. 0 6 . 4

6 . 0

6 . 0 6

. 4 6 . 7

5 . 1

5 . 0 5

. 2 5 . 4

6 . 5

6 . 3 6

. 5 6 . 6

0

2

4

6

8

10

12

14



Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade Median Core Bond Mgr



Agincourt




Ranking 37 78 71 42 61


5th Percentile 21.40 9.96 10.94 6.71 3.76

25th Percentile 15.00 5.27 8.00 5.18 3.14

50th Percentile 11.28 1.81 7.01 4.62 2.72

75th Percentile 8.09 -1.44 6.20 4.32 2.36

95th Percentile 1.59 -11.06 3.91 3.91 1.71

Observations 244 244 238 222 209


1 3 . 9

5 . 9

5 . 1

1 1 . 3

- 1 . 7

5 . 2

7

. 0

1 . 8

6 . 5 7

. 0 7 . 2

7

. 0

4 . 7

4 . 3

4 . 3 4

. 6

2 . 6

2 . 4

2 . 6 2

. 7

-5

-3

-1

1

3

5

7

9

11

13

15



Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade Median Core Bond Mgr



Mellon Aggregate Bond Index FundFor the Period Ending December 31, 2009




♦ ♦

♦

♦

♦

♦

This Quarter


Net Additions


Income

Gain/Loss

Ending Market Value


43,003 55,930

Last 12 Months

0 -15,046

43,082 43,082

79 2,198

0 -1

79 2,199

Strategy: Core Bonds

Vehicle: Commingled Account

Inception date: May 2001

Benchmark: Barclays Capital Aggregate

Fees: 5 bps

Match the performance of the Barclays Capital Aggregate Index.

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

D e c - 0 1

J u n - 0

2

D e c - 0 2

J u n - 0

3

D e c - 0 3

J u n - 0

4

D e c - 0 4

J u n - 0

5

D e c - 0 5

J u n - 0

6

D e c - 0 6

J u n - 0

7

D e c - 0 7

J u n - 0

8

D e c - 0 8

J u n - 0

9

D e c - 0 9

Mellon Aggregate Bond Index FundBarclays Capital Aggregate



As of December 31, 2009, Mellon Aggregate Bond Index Fund held 2,598 securities in their portfolio. Holdings and portfolio characteristics are as follows:

Mellon Aggregate Bond Index Fund

Sector Allocation Characteristics



Characteristics provided by manager.

Duration Quality

6 . 8 1

6 . 8 0

4 . 8 1

4 . 6 7

2 2 . 0 0

2 2 . 0 0

4 . 5 0

4 . 5 7

3 . 5 3

3 . 6 7

0

5

10

15

20

25

30

Avg Maturity

(yrs)

Current Coupon Avg Quality Duration (yrs) YTM (%)

Mellon Aggregate Bond Index Barclays Capital Aggregate

1 6 . 1 %

1 5 . 0 %

3 7 . 8 %

3 7 . 4 %

2 5 . 1 %

2 5

. 8 %

1 0 . 2

%

1 0 . 6 %

2 . 9 %

3 . 2 %

2 . 4 %

2 . 5 %

5 . 5 %

5 . 5 %

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

0-2 Year 2-4 Years 4-6 Years 6-8 Years 8-10 Years 10-12 Years 12+ Years


0 . 4 %

0 . 4 %

1 2 . 5 %

1 3 . 2 % 1 6 .

6 %

1 6 . 7 %

3 9 . 5

% 3 9 . 8 %

2 7 . 4 %

2 7 . 7 %

2 . 1 %

2 . 2 %

1 . 5 %

0 . 0 %

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

A B S

A g e n c i e s

C o r p o r a t e s

M o r t g a g e s

T r e a s u r i e s

U t i l i t y

C a s h


3 9 . 9 %

4 0 . 9 %

3 9 . 9 %

3 7 . 1 %

4 . 1 %

4 . 1 % 8

. 7 % 9 . 7

%

7 . 4 %

8 . 2 %

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

GOVT AAA AA A BAA









Return

Standard Deviation

Sharpe Ratio

Beta Alpha

Up Capture

Down Capture

Correlation

R Square

Tracking Error

Number of Months




% Positive Months


99.91

99.95

--

--

0.00

99.76

Barclays Capital

Aggregate

3.933.96

Mellon Aggregate

Bond Index Fund


8 Years

--

99.91

67.31%

104

3.73%

-3.36%

7133

68.27%

104

3.79%

-3.40%

Mellon Aggregate

Bond Index Fund

Barclays Capital

Aggregate

3470

--

--

0.12

5.41 5.43

0.81

1.01

--

0.82

1.00Mellon Aggregate

Bond Index Fund

Barclays Capital

Aggregate

5.41%

5.41%

5.42%

5.42%

5.43%

5.43%

3.93% 3.94% 3.94% 3.95% 3.95% 3.96% 3.96% 3.97%

Standard Deviation


0 1 24

25

39

21

2 20 00 1 2

4

24

37

24

2 20 0

0

5

1015

20

25

30

35

40

45

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %


Mellon Aggregate Bond Index Fund Barclays Capital Aggregate



R ki 84 85 87 69 74 79





Ranking 84 85 87 69 74 79

1 Quarter 3 Quarters 1 Year 2 Years 5 Years 8 Years

5th Percentile 3.08 22.71 21.40 8.77 6.87 6.93

25th Percentile 1.68 14.33 15.00 7.38 5.87 6.25

50th Percentile 0.87 10.59 11.28 6.39 5.38 5.7475th Percentile 0.34 6.45 8.09 5.32 4.94 5.46

95th Percentile -0.37 1.06 1.59 2.95 3.69 4.51

Observations 250 248 244 232 200 140


0 . 2

0 . 2

0 . 9

5 . 4 5 . 8

1 0 . 6

5 . 5 5 . 9

1 1 . 3

5 . 6 5 . 6

6 . 4

5 . 0

5 . 0 5

. 4 5 . 4

5 . 4 5 . 7

0

2

4

6

8

10

12


1 Quarter 3 Quarters 1 Year 2 Years 5 Years 8 Years

Mellon Aggregate Bond Index Fund Barclays Capital Aggregate Median Core Bond Mgr







Ranking 87 20 52 76 73


5th Percentile 21.40 9.96 10.94 6.71 3.76

25th Percentile 15.00 5.27 8.00 5.18 3.14

50th Percentile 11.28 1.81 7.01 4.62 2.72

75th Percentile 8.09 -1.44 6.20 4.32 2.36

95th Percentile 1.59 -11.06 3.91 3.91 1.71

Observations 244 244 238 222 209


5 . 5 5

. 9

1 1 . 3

5 . 7

5 . 2

1 . 8

7

. 0

7 . 0

7 . 0

4 . 3

4 . 3 4

. 6

2 . 4

2 . 4 2

. 7

0

2

4

6

8

10

12



Mellon Aggregate Bond Index Fund Barclays Capital Aggregate Median Core Bond Mgr





Real Estate Manager Performance and Analysis



♦

American Core Realty Fund - American RealtyFor the Periods Ending December 31, 2009

Geographic Region Allocation Strategy & Objective

Diversified Core Real Estate Commingled Fund



♦

Ft. Lauderdale Market Value

Ft. Lauderdale Inception Date

Gross Market Value

Cash BalanceDebt

Net Market Value

Quarterly Income Return

# of Properties

# of Participants

Characteristics based on preliminary data provided by manager.

Property Type Allocation

7/2/2007

326,344,592$

1.23%

1,447,317,191$

32,372,525$

g

17,428,174$

Achieve returns competitive with other asset classes with stable income and potential forappreciation.

167

Net Returns by Property Type

78

1,127,881,486$

East

32.5%

South

26.9%

Midwest

11.9%

West

28.7%

- 1 . 7

- 1 3 . 4

- 0 . 3

- 2 . 0

- 1 8 . 7

- 4 9 . 6

- 2 7 . 0

- 2

3 . 0

- 3 . 5

- 1 7 . 6

- 5 . 6

- 3 . 6

-70

-60

-50

-40-30

-20

-10

0

10

Q u a r t e r

1 Y e a r

3 Y e a r

Retail Office Industrial Residential

Industrial

23.5%

Office

36.8%

Retail

14.3%

Residential

25.4%


93


Ranking 81 74 57 56 50

American Core Realty Fund - American Realty




g


5th Percentile 9.01 21.60 10.99 28.62 4.86

25th Percentile 0.19 0.00 -5.09 -13.68 -11.04

50th Percentile -0.75 -8.22 -15.13 -27.53 -18.87

75th Percentile -4.00 -13.89 -25.97 -38.50 -26.36

95th Percentile -13.70 -36.76 -56.94 -68.70 -51.10

Observations 446 440 422 433 386

The numbers above the bars are the rankings for this portfolio versus the real estate manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

- 4 . 5 - 2

. 1

- 3 . 6 - 0

. 8

- 1 3

. 7

- 5 . 4

- 1 0 . 9

- 8 . 2

- 1 9 . 9

- 1 0 . 3

- 1 9 . 1

- 1 5 . 1

- 3 0 . 2

- 1 6 . 9

- 3 0 . 3 - 2

7 . 5

- 1 8 . 9

- 1 1 . 8

- 2 1 . 1 - 1

8 . 9

-40

-35

-30

-25

-20

-15

-10

-5

0



American Core Realty Fund - American Realty NCREIF Property Index NFI ODCE (net) Median Real Estate Fds



American Core Realty Fund - American Realty




Ranking 56 36


5th Percentile 28.62 15.83 49.27 44.24 57.97

25th Percentile -13.68 0.00 18.09 20.99 23.23

50th Percentile -27.53 -10.35 14.75 16.15 18.18

75th Percentile -38.50 -18.88 5.45 10.26 12.05

95th Percentile -68.70 -46.62 -15.66 -5.71 0.00

Observations 433 791 801 858 773


- 3 0 . 2

- 1 6 . 9

- 3 0 . 3

- 2 7 . 5

- 5 . 7

- 6 . 5

- 1 0 . 7

- 1 0 . 4

1 5 . 8

1 4 . 8

1 4 . 8

1 6 . 6

1 5 . 3

1 6 . 1 2

0 . 1

2 0 . 2

1 8 . 2

-45

-35

-25

-15

-5

5

15

25



American Core Realty Fund - American Realty NCREIF Property Index NFI ODCE (net) Median Real Estate Fds



♦ Moderately Opportunistic Real Estate Portfolio

PRISA II - Prudential Real Estate InvestorsFor the Periods Ending December 31, 2009

Geographic Region Allocation Strategy & Objective



♦

Ft. Lauderdale Market Value

Ft. Lauderdale Inception Date

Gross Market Value

Cash BalanceDebt

Net Market Value

Quarterly Income Return

# of Properties

# of Participants

Characteristics based on preliminary data provided by manager.

123

Net Returns by Property Type

212

3,321,653,394$

7,391,441$

Achieve superior income growth and appreciation potential while outperforming theNCREIF Index each year by at least 200 basis points (before fees).

7/1/2007

2,875,667,568$

1.80%

6,054,036,986$

298,800,000$

Property Type Allocation

East

38.5%

South

20.3%

Midwest

4.5%

West

36.7%

- 9 . 4

- 6 . 7

- 2 5 . 0

- 1 . 3

- 5 5 . 0 - 4 2 . 7

- 6 0 . 9

- 6 0 . 9

- 2 6 . 4 - 1

3 . 2

- 2 6 . 3

- 2 6 . 3

-100

-90

-80

-70

-60

-50

-40

-30

-20

-10

0

Q u a r t e r

1 Y e a r

3 Y e a r

Retail Office Residential Land, Self-Storage & Hotel

Office

34.8%

Retail

24.5%

Residential

18.9%

Land, Self-Storage, Hotel

21.8%


96


Ranking 86 81 77 86 87

PRISA II - Prudential Real Estate Investors





5th Percentile 9.01 21.60 10.99 28.62 4.86

25th Percentile 0.19 0.00 -5.09 -13.68 -11.04

50th Percentile -0.75 -8.22 -15.13 -27.53 -18.87

75th Percentile -4.00 -13.89 -25.97 -38.50 -26.36

95th Percentile -13.70 -36.76 -56.94 -68.70 -51.10

Observations 446 440 422 433 386


- 6 . 9

- 2 . 1

- 3 . 6 - 0

. 8

- 1 6 . 4

- 5 . 4

- 1 0 . 9 - 8

. 2

- 2 6 . 6

- 1 0 . 3

- 1 9 . 1 - 1

5 . 1

- 4 4 . 8

- 1 6 . 9

- 3 0 . 3 - 2

7 . 5

- 3 2 . 0

- 1 1 . 8

- 2 1 . 1

- 1 8 . 9

-60

-50

-40

-30

-20

-10

0



PRISA II - Prudential Real Estate Investors NCREIF Property Index NFI ODCE (net) Median Real Estate Fds



R ki 86 72

PRISA II - Prudential Real Estate Investors




Ranking 86 72


5th Percentile 28.62 15.83 49.27 44.24 57.97

25th Percentile -13.68 0.00 18.09 20.99 23.23

50th Percentile -27.53 -10.35 14.75 16.15 18.18

75th Percentile -38.50 -18.88 5.45 10.26 12.05

95th Percentile -68.70 -46.62 -15.66 -5.71 0.00

Observations 433 791 801 858 773


- 4 4 . 8

- 1 6 . 9

- 3 0 . 3

- 2 7 . 5

- 1 6 . 1

- 6 . 5

- 1 0 . 7

- 1 0 . 4

1 5 . 8

1 4 . 8

1 4 . 8

1 6 . 6

1 5 . 3

1 6 . 1 2

0 . 1

2 0 . 2

1 8 . 2

-60

-50

-40

-30

-20

-10

0

10

20

30



PRISA II - Prudential Real Estate Investors NCREIF Property Index NFI ODCE (net) Median Real Estate Fds





International Exposure




Analysis of International Exposure by Manager and Total PortfolioFor the Period Ending December 31, 2009



Manager Name

Total Assets for

Manager

Managers

Percent of Total

Portfolio

Managers

Percentage of

International

Securities

Value of

International

Securities

Percentage

International of

Total Portfolio

Systematic Financial Mgmt 39,973,968$ 9.57% 9.28% 3,710,178$ 0.89%

INTECH 23,249,039$ 5.57% 1.18% 275,442$ 0.07%

Rhumbline Large Cap 25,131,089$ 6.02% 1.15% 289,008$ 0.07%Sawgrass 37,974,320$ 9.09% 0.00% -$ 0.00%

Lee Munder 21,984,909$ 5.27% 2.99% 656,373$ 0.16%

NorthPointe 21,105,830$ 5.05% 5.15% 1,086,843$ 0.26%

K2 Long Short Master Fund, LP 41,720,518$ 9.99% 17.70% 7,384,532$ 1.77%

Artio Global 26,873,114$ 6.44% 100.00% 26,873,114$ 6.44%

Thornburg 27,798,692$ 6.66% 100.00% 27,798,692$ 6.66%

Agincourt Capital 67,261,075$ 16.11% 7.13% 4,792,837$ 1.15%

Mellon Aggregate Bond Index Fund 43,081,902$ 10.32% 7.03% 3,027,365$ 0.73%

American Stable Value Fund 17,428,174$ 4.17% 0.00% -$ 0.00%PRISA II 7,391,441$ 1.77% 0.00% -$ 0.00%

Cash 16,559,974$ 3.97% 0.00% -$ 0.00%

TOTAL 417,534,045$ 100% 75,894,383$ 18.18%

* A foreign security is defined as a security issued by a corporation that is not organized under the laws of the United States Government, any U.S. state

government, or the District of Columbia, or domiciled outside of the United States. Such securities organized under the laws of foreign governments

shall be considered foreign securities, regardless of whether they are traded on United States stock exchanges, regardless of the ownership of the foreign

corporation and regardless of whether the security is denominated in United States dollars.





Statistical Definitions



risk vs. the benchmark (which is represented by beta, a measure that tracks volatility to an index).

Definitions of Statistical Measures

Alpha - the difference between the fund's actual return and the fund's expected return given its relative



( p y , y )

Beta - measures the sensitivity of returns to market movements represented by the primary benchmark.

Correlation - measures how closely two portfolios move in relation to one another. A correlation of

100 indicates a perfect correlation, while a correlation of 0 indicates no correlation at all.

Down-Capture - demonstrates the ratio of manager's average returns relative to the benchmark

in quarters in which the benchmark had a negative return. For instance, a down-capture of 96%

indicates that, on average, the manager is down 96% when the benchmark is down 100%. Lower

manager down-capture is preferred.

R

2

- the amount of the manager's return that can be explained by the benchmark. A R

2

of 100indicates a perfect correlation, while a R

2of 0 indicates no correlation at all.

Sharpe Ratio - a measure of return per unit of risk. Higher Sharpe ratios are preferred while negative

ratios are generally meaningless and cannot be used for comparison purposes.

Standard Deviation - a measure of the manager's volatility. A large standard deviation relative to the

benchmark represents volatile manager returns.

Up-Capture - demonstrates the ratio of manager's average returns relative to the benchmark in

quarters in which the benchmark had a positive return. For instance, an up-capture of 96% indicates

that, on average, the manager is up 96% when the benchmark is up 100%. Higher manager up-capture

is preferred.

© 2010 Asset Consulting Group All Rights Reserved. 102


Moody's

Rating S&P Rating

Prior to

1Q09

Beginning

1Q09

Moody's

Rating S&P Rating

Prior to

1Q09

Beginning

1Q09

Quality Rating Scale



Rating S&P Rating 1Q09 1Q09 Rating S&P Rating 1Q09 1Q09

TSY TSY 10 26 Ba2 BB 6 13

AGY AGY 10 25 Ba BB 13

Aaa AAA 10 24 MIG4 6 13

Aa1 AA+ 9.3 23 Ba3 BB- 5.7 12

Aa2 AA 22 B1 B+ 5.3 11

Aa AA 9 22 B2 B 5 10

MIG1 9 22 B B 10

Aa3 AA- 8.7 21 B3 B- 4.7 9

A1 A+ 8.3 20 Caa1 CCC+ 4.3 8

A-1 20 Caa2 CCC 4 7

A2 A 8 19 Caa CCC 7

A A 19 Caa3 CCC- 3.7 6

MIG2 8 19 Ca CC 3 5 A3 A- 7.7 18 C C 2 4

Baa1 BBB+ 7.3 17 DDD 1 3

Baa2 BBB 7 16 DD 2

Baa BBB 16 D 1

MIG3 7 16 NR NR N/A -1

Baa3 BBB- 6.7 15 NA NA N/A

Ba1 BB+ 6.3 14 N/A N/A


Ft Lauderdale 4Q09

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