FT Lauderdale 4Q09

ASSET CONSULTING GROUP
Investment Performance Review
231 South Bemiston Avenue, 14th Floor

St. Louis, Missouri 63105
City of Fort Lauderdale Police and Fire
(314) 862-4848 Retirement System
WWW.ACGNET.COM
For the Periods Ending December 31, 2009

City of Fort Lauderdale Police and Fire Retirement System
Table of Contents
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
Market Overview
© 2010 Asset Consulting Group All Rights Reserved 1

Market Overview
O economic
The i fC i l from
recovery M kthe worst
(F recession
h Q since) the 1930s continued in the fourth quarter as gains in wages and stock prices helped households recover
wealth, leading to a rebound in consumer spending. In addition, consumers’ moods brightened thanks to fewer job losses as companies ramped up production to
meet growing global demand. The rebound in consumer spending coupled with increased business activity signals that the economy probably grew during the
quarter, marking the first back-to-back increases in more than a year.
Household wealth recovers… November’s report on consumer incomes, the latest reading available, showed the biggest gain in six months, climbing 0.4%, the
fifth consecutive monthly rise and the largest since May. Wages and salaries have been accelerating as companies asked existing staff to work more hours to meet
growing output. At the same time, the stock market rally and the stabilization in home prices suggested that households have now regained about a third of the $16
trillion in net worth they had lost since 4Q07. (Source: Federal Reserve Flow of Funds Report – Third Quarter 2009)
Upturn in consumer spending despite weak labor markets… The improvement in incomes and wealth gave consumers the wherewithal to open their pocket
books as spending rose 2.3% in November over the same period in 2008. Households largely took advantage of discounted prices on durable goods such as autos
and electronics, as retailers looked to boost holiday sales. Adjusted for inflation, spending on durable goods climbed 1.2% from October. Despite a drop off in
spending on services, overall consumer spending is set to contribute positively to economic growth in 4Q09, the second quarter in a row.
US Consumer Spending YoY

Economy at a Glance
Recent growth indicators Sep-09 Oct-09 Nov-09 Dec-09 6%
ISM Manufacturing Composite 52.6 55.7 53.6 55.9 5%
Percentage Change
ISM Non-Manufacturing Composite 50.9 50.6 48.7 50.1 4%
3%
Confernce Board Consumer Confidence 53.4 48.7 50.6 52.9 2%
Change in Payrolls (m-o-m, 000) -139 -127 4 -85 1%
0%
Personal Income (% m-o-m) 0.3 0.3 0.4
-1%
Personal Spending (% m-o-m) -0.6 0.6 0.5 -2%
Source: Bureau of Labor Statistics, ISM, Bloomberg -3%
Feb-08
Feb-09
Dec-07
Aug-08
Aug-09
Apr-08
Oct-08
Dec-08
Oct-09
Jun-08
Apr-09
Jun-09
Source: Bureau of Economic Analysis
Job losses moderate… The economy unexpectedly shed another 85,000 jobs in December after a revision showed a gain of 4,000 in November, the first in
almost two years. However, the pace of layoffs is decelerating as corporations shed 64,000 jobs on average each month during 4Q09, well below the average loss
of 691,000 in 1Q09. Moreover, the breadth of the decline narrowed as well with fewer industries saying they had cut workers, while adding more temporary
workers, a step that usually foretells the hiring of permanent, full time staff.

Market Overview
The recent signs of economic growth have yet to furnish job growth as our unemployment rate hovers around 10%. Companies remain cautious, as after several
rounds of cost-cutting they are still focused on maintaining tight controls over spending, reluctant to re-hire until they feel more comfortable about near-term
prospects for sustained profitability. Nonetheless, there is evidence that a global recovery is underway with improving demand for both at home and abroad.
Furthermore, after a record reduction in inventories during the first nine months of the year, companies could pick up the pace of new orders and production,
leading to job creation. And, as the job market recovers, the biggest part of the economy, consumer spending would be poised to strengthen as well.
U.S. Equities
Better than expected economic reports showing the ongoing economic recovery appeared sustainable and higher corporate earnings expectations helped lift stocks
higher in the fourth quarter. The rally was led by companies whose profits are tied to the pace of economic growth such as producers of technology and materials.
For the quarter, nine out of ten of the S&P 500 sectors were positive with Information Technology soaring nearly 11%. Small cap stocks also staged a rally in the
quarter, as the U.S. small-cap Russell 2000 index jumped 3.88%, driving the index to a positive year-to-date (YTD) gain of 27.19%. Growth stocks outpaced value
during the fourth quarter as the Russell 1000 Growth index gained 7.94% (+37.21% YTD) vs. a gain of 4.22% (+19.69% YTD) for the Russell 1000 Value index.
International Equities
Equity markets worldwide shined in the fourth quarter amid investor optimism the global recovery was gaining momentum on rising commodity prices and
stronger exports. European stocks closed the quarter with three consecutive weekly gains, sending the Dow Jones Stoxx index to a 15-month high, climbing 2.95%
in US dollars (USD). Japan’s Nikkei 225 Stock Average rose to its highest close in four months on December 28, after the government said the economy would
expand for the first time in three years in 2009. The broad-based MSCI EAFE index gained 2.23% in USD for 4Q09 (+32.45% YTD). Emerging market equities
completed their best year since 1999 after investors drove prices higher on hopes that increasing commodity prices and revived U.S. economic growth expectations
would improve the prospects for developing economies. The MSCI Emerging Markets Index posted a quarterly gain of 8.57%, bringing its YTD return to 79.01%
on a USD basis.
U.S. Fixed-Income
U.S. Treasury prices fell during the fourth quarter as investors demanded higher yields from a record supply of Treasury debt sales that came to market. Two year
note yields rose 19 basis points (bps) to 1.14% despite the Federal Reserve maintaining a pledge to keep interest rates low for an “extended period” following their
meeting on Dec. 15-16. 10-year note yields climbed to the highest level in four months as investors bet the US recovery would fuel inflation, closing the quarter up
53 bps to 3.84%. The increase in yields helped push prices lower on the Merrill Lynch US Master Treasury Index leading to a 2.64% decline in 4Q09 (-3.72%
YTD). Corporate bond spreads narrowed vs. US Treasuries helping both investment-grade and high yield bonds outperform. High-yield bonds extended a rally
that began in March, pushing down credit spreads (over US Treasuries) 1052 bps since the end of 2008 to 617 bps by year end. Investors’ appetite for the riskier
junk bonds sent the Barclays Capital U.S. Corporate High-Yield index to a quarterly gain of 6.19%, adding to a more than 58% YTD gain. The Barclays Capital US
Aggregate index gained 0.20% in Q409 (+5.93% YTD).

Equity Index Returns

50.00%
42.2%
37.4%
37.2%
40.00%
34.5%
32.5%
28.3%
27.2%
27.1%
30.00%
26.7%
26.4%
24.3%
23.9%
23.2%
23.2%
23.0%
22.6%
22.2%
20.8%
20.6%
19.7%
20.00%
7.9%
10.00%
6.3%
6.0%
5.9%
5.6%
4.2%
4.1%
4.0%
3.9%
3.8%
3.6%
3.3%
2.2%
1.6%
0.9%
0.8%
0.5%
0.4%
0.00%
(0.0%)
(0.3%)
(1.8%)
(1.9%)
(3.0%)
(4.0%)
(5.4)%
(5.6%)
(5.6)%
(6.1%)
(10.00%)
(8.2%)
(9.0%)
(20.00%)
Quarter Two Quarters One Year Three Years Five Years
S&P 500 Russell 3000 Russell 1000 Value

Russell 1000 Growth S&P Midcap Russell 2000
Russell 2000 Value Russell 2000 Growth EAFE
MSCI All Country World ex U.S.

0.00%
15.00%
30.00%
45.00%
60.00%
75.00%
(45.00%)
(30.00%)
(15.00%)
H
ea
lth
Ca 8.5%
In re
for 17.1%
m (2.3%)
ati
on 0.6%
Te
ch
n ol
og 10.4%
y 59.9%
1.3%
2.4%
© 2010 Asset Consulting Group All Rights Reserved

U
til 6.1%
Co iti
es 6.8%
n su
m (5.4%)
er
D 2.1%
isc
re
tio
na 8.6%
ry 38.8%
Co (8.1%)
Quarter
n su (3.4%)
m
er
St
ap 4.2%
les
11.2%
0.7%
One Year
2.9%
En
e rg 5.0%
y
Equity Sector Returns
11.3%
(1.9%)
Three Years
8.4%
Fi
na
nc
i al (3.7%)
s 14.8%
(26.9%)
Five Years
(14.0%)
In
d us
tri 4.8%
als
17.3%
(9.0%)
(3.5%)
M
ate
ria 6.9%
ls 45.2%
Co (2.6%)
m 1.7%
m
un
ica
tio 5.9%
ns
2.6%
(9.6%)
(2.4%)
5
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
(20.00%)
(10.00%)
Sm
all
Va 5.1%
lu 29.8%
e
36.7%
Sm (3.4)%
all 3.0%
G
ro 5.2%
wt
h 22.4%
36.0%
(2.1)%
Sm 3.1%

all
Co 4.9%
re 24.8%
29.3%
(4.0)%
2.9%
SM
5.3%
ID 24.7%
Quarter
35.6%
(2.8)%
3.3%
M
id
Va 5.3%
lu 28.5%
e
38.8%
(3.8)%
Two Quarters
M 3.4%
id
G
ro 6.2%
wt
h 25.5%
42.8%
(0.3)%
One Year
4.9%
M
id
Co 5.7%
re 26.0%
35.5%
(1.8)%
Equity Style Spectrum - Median Returns
Three Years La 3.4%

r ge
Va
lu 4.8%
e 24.2%
25.4%
La (7.9)%
r ge 0.5%
Five Years
G
ro 7.4%
w th 22.4%
34.4%
(2.0)%
La 2.0%
r ge
Eq C or 6.1%
ui
ty e 22.6%
M 26.7%
an
ag (5.4)%
er 0.7%
U
ni
ve 5.9%
23.1%
rs e
30.2%
(4.4)%
1.5%
6
10.00%
30.00%
50.00%
70.00%
90.00%
(30.00%)
(10.00%)
M
SC
I 2.2%
EA
FE 22.2%
M 32.5%
SC
I (5.6)%
EA
FE 4.0%
Lo
ca
l Cu 3.4%

rr e
nc 18.8%
y
25.4%
(7.8)%
3.5%
M
Quarter
SC
I 0.3%
Va
lu 22.6%
e
35.0%
(6.8)%
4.0%
M
Two Quarters
SC
I G 4.2%
ro
wt 21.7%
h
29.9%
M
One Year
SC (4.4)%
I Em 4.0%
International Index Returns
g.
M
ar
ke 8.6%
ts
Three Years
Fr
ee 31.4%
79.0%
5.4%
15.9%
M
Five Years
SC (2.8)%
I Ja
pa 3.6%
M n
SC 6.3%
I Al (10.4)%
l Co
un (0.8)%
ty
W
or
ld 3.8%
ex
U 24.3%
.S
.
42.2%
(3.0)%
6.3%
7
(5.00%)
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
0.2%
CP 0.4%
I
3.0%
2.4%
90 2.6%
-D
ay
US
M T- 0.0%
0.1%
er Bi
ril lls
l Ly 0.2%
nc 2.4%
h
1-

3 3.0%
Ye
ar
Tr
Ba
ea
su 0.0%
rc rie 0.8%
lay s
Quarter
sC 0.8%
ap
ita 4.9%
l5 4.0%
Ye
Ba ar
rc M
lay un 0.5%
sC ici
pa 4.3%
l
Two Quarters
ap
ita 7.4%
lI
nt 6.1%
er
m
ed 4.5%
iat
eA
One Year
gg 0.5%
re
ga 3.8%
te
Ba 6.5%
rc
6.1%
Fixed Income Index Returns
lay
sC
ap 5.0%
ita
Three Years
lA
gg
re 0.2%
ga
te 4.0%
Ba 5.9%
rc 6.0%
lay
Five Years
sC
ap 5.0%
ita
lU
ni
ve 0.6%
rsa 5.1%
l
M 8.6%
er
ril 5.8%
l Ly
nc 5.0%
h
H
igh 0.8%
Yi
eld 1.7%
31.1%
(0.4)%
2.6%
8
Fixed Income Market Environment

Nominal Returns by Sector Excess Returns by Sector1
As of 12/31/09 MTD QTD 1-Year 3-Year* as of December 31, 2009
Aggregate -1.56% 0.20% 5.93% 6.04% 7,000
5,955
Treasury -2.61% -1.30% -3.57% 6.14% 6,000
Gov't-Related -1.47% -0.19% 2.48% 6.28% 5,000
Excess Return (bps)

Corporate -0.78% 1.35% 18.68% 5.66% 4,000
MBS -1.41% 0.57% 5.89% 7.04% 3,000
2,960
2,496
CMBS 0.34% 3.27% 28.45% 2.53% 2,276
2,000
ABS -0.09% 1.34% 24.72% 3.62%
1,000 746 690
High Yield (Corporate) 3.28% 6.19% 58.21% 5.98% 43 105 29 46
393
21
222 307
75
495
36
239 374 140 168
545
0
-40 -92 -29 -68
-223
Nominal Returns by Quality
-431
-1,000
Aggregate Gov't- Corporate MBS CMBS ABS High Yield
As of 12/31/09 MTD QTD 1-Year 3-Year* Related (Corporate)
AAA -1.76% -0.10% 2.91% 6.15%
AA -1.48% 0.48% 8.09% 4.82% MTD QTD 1-Year 3-Year*
A -0.96% 0.93% 15.21% 4.43%
BAA -0.44% 2.11% 27.49% 6.75%
Excess Returns by Quality
BA 2.69% 4.76% 46.09% 7.03% as of December 31, 2009
B 2.53% 4.76% 44.73% 3.07% 10,000
9,151
CAA 4.45% 8.71% 90.65% 1.95% 9,000

8,000
Excess Return (bps)
7,000
Nominal Returns by Maturity 6,000
As of 12/31/09 MTD QTD 1-Year 3-Year* 5,000
4,789 4,599
1-3 Yr. -0.58% 0.48% 5.01% 5.45% 4,000

3,155
3,000
3-5 Yr. -1.34% 0.69% 6.14% 6.12% 2,000
1,940
1,183 932
5-7 Yr. -1.85% 0.51% 6.00% 5.71% 1,000
51
382
125 194 206 266 269 392
4
512 569
37
456 531 654
7-10 Yr. -2.28% 0.02% 5.82% 6.67% 0

-5 -25 -162 -224 -359
-1,000 -471
10+ Yr. -3.30% -2.51% 0.08% 5.14% AAA AA A BAA BA B CAA
1
Relative to the duration neutral Treasury
MTD QTD 1-Year 3-Year*
Time periods over one year are annualized
Source: Barclays Capital

Interest Rate Term Structure

Government Issues - 3 Months to 30 Year Maturity
6.00%
5.00%
Yield-to-Maturity
4.00%
3.00%
2.00%
1.00%
0.00%
0 5 10 15 20 25 30
Years-to-Maturity
12/31/2009 9/30/2009 12/31/2008
12/31/2009 9/30/2009 12/31/2008

90 Days 0.06% 0.12% 0.09%
180 Days 0.19% 0.18% 0.27%
1 Year 0.44% 0.39% 0.35%
2 Years 1.14% 0.95% 0.77%
3 Years 1.67% 1.43% 0.98%
4 Years 2.19% 1.87% 1.30%
5 Years 2.68% 2.32% 1.56%
7 Years 3.38% 2.94% 1.61%
10 Years 3.83% 3.31% 2.25%
20 Years 4.56% 4.03% 3.07%
30 Years 4.63% 4.05% 2.68%

Monthly Indices Report
Periods Ending December 31, 2009
Returns
Index 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

Executive Summary
Period Ending December 31, 2009
Total Fund
The Total Fund market value was $417.5 million at the end of the fourth quarter, which is an increase from the September 30th market value of $394.4 million.
During the quarter, the Total Fund retuned 2.5%, trailing both the Policy Index and the median public fund. For the calendar year, the Fund has generated a return of
15.1% versus 15.4% for the Policy Index and 18.5% for the public fund peer universe. Much of the difference in performance for the quarter and the year can be
attributed to a variation in asset allocation between the Total Fund and the public fund universe (e.g. The Total Fund had a lower allocation to international equity
when compared to the median peer). During the fourth quarter, the Total Fund was rebalanced and the allocation to international equity along with long/short equity
was increased while the allocation to large cap equity was decreased. Additionally, there was an increased amount of cash within the portfolio which caused a drag
during a period of strong market performance. The table below shows an asset allocation comparison between the Total Fund and the median public fund as of
December 31, 2010.
Asset Allocation
Total Fund Asset Allocation as of December 31, 2009: domestic equity represented 40.6%, international equity represented 13.1%, long/short equity represented
10.0%, fixed income represented 26.4%, real estate represented 5.9%, and cash totaled 4.0%.
Asset Allocation Summary

Quarter Ending December 31, 2009
$ Million % Total Median*
Domestic Equity 169.4 40.6% 40.0%
International Equity 54.7 13.1% 14.4%
Long/Short Equity 41.7 10.0%
Fixed Income 110.3 26.4% 26.1%
Real Estate 24.8 5.9% 3.0%
Cash 16.6 4.0% 2.6%
Total $417.5 100.0%
* The median asset allocation in overall public fund sample
Systematic
The Systematic large cap value portfolio returned 5.3% in the fourth quarter, 110 basis points ahead of the Russell 1000 Value Index. The fourth quarter saw a
continuation of the rally which began in March. This environment coupled with strong stock selection in the energy, materials and information technology sectors
benefitted Systematic. Over the trailing one year period, the strategy has generated a strong 23.9% return versus the 19.7% return for the Index. Over the trailing five
year period, the portfolio has returned 1.7% outpacing the Index by 200 basis points and ranking in the top quartile of the large cap value equity peer.
In August 2009 the allocation to large cap equity was decreased from 36% to 25%. As part of rebalancing the total portfolio a withdrawal was made from Systematic
in the amount of $5 million during the fourth quarter.
INTECH
INTECH’s large cap core strategy outperformed the S&P 500 Index during the fourth quarter and ranked in the top quartile of large core peers (6.3% vs. 6.0% vs.
6.1% respectively). For the calendar year, the portfolio generated a strong return of 25.5% but lagged the benchmark and the majority of the peer universe. In the
five years since inception in the portfolio, INTECH has returned 1.4% and is outperforming the Index by 100 basis points and ranks above median in the large cap
core universe.
In August 2009 the allocation to large cap equity was decreased from 36% to 25%. As part of rebalancing the total portfolio a withdrawal was made from INTECH in
the amount of $10 million during the fourth quarter.
Rhumbline
The Rhumbline large cap portfolio returned 6.1% in the fourth quarter, in line with the S&P 500 Index as expected. Over the trailing one year period the portfolio has
advanced 26.5% ranking in the 65th percentile of the large cap core universe. All 10 of the S&P 500 sectors were positive in 2009, led by technology stocks, as
investors were attracted to companies that would benefit from global growth and had large amounts of cash on their balance sheet. Conversely, defensive sectors
such as consumer staples and utilities, which held up well in the 2008 downturn, lagged in the broad recovery this year. Since the market reached its intraday low on
March 9, 2009 the S&P 500 has climbed more than 60% through December 31, 2009.
In August 2009 the allocation to large cap equity was decreased from 36% to 25%. As part of rebalancing the total portfolio a withdrawal was made from Rhumbline
Sawgrass
The Sawgrass large cap growth portfolio posted a return of 7.0% in the fourth quarter underperforming both the Russell 1000 Growth Index and the median large
growth peer. Over the trailing one year period, the portfolio has advanced 28.9% and is underperforming the Index by 830 basis points and ranks in the 74th
percentile of the large cap growth universe over this time. The high quality bias of the portfolio has been out of favor this year as lower quality; highly levered stocks
have been the strongest performers. Additionally, poor stock selection in the industrial and consumer staples sectors detracted from performance. Conversely,
holdings in the information technology continued to produce strong performance and helped offset some of the underperformance.
In August 2009 the allocation to large cap equity was decreased from 36% to 25%. As part of rebalancing the total portfolio a withdrawal was made from Sawgrass in
the amount of $5 million during the fourth quarter.
Lee Munder
Lee Munder’s small cap value portfolio gained 6.1% in the fourth quarter, ahead of the Russell 2000 Value Index and the median small cap value peer. Over the
trailing one year period, the strategy’s 36.7% return outpaced the Index by over 16%. During the fourth quarter, the best performing sector was information
technology which has been a laggard for Lee Munder over the last year. Conversely, the financial sector which had been a strong performer over the last year was an
area of underperformance during the quarter. In the three years since inception in the portfolio, the strategy has advanced a modest 0.6% but is outpacing the -8.2%
return for the Index and ranks in the 13th percentile of the small cap value universe.
As part of rebalancing the total portfolio a withdrawal was made from Lee Munder in the amount of $2.5 million during the fourth quarter.
NorthPointe
The NorthPointe small cap growth portfolio returned 0.9% in the fourth quarter versus 4.1% for the Russell 2000 Growth Index and 5.2% for the median small
growth peer. Despite negative performance during the quarter, NorthPointe’s strategy has returned an annualized 41.3% over the past year and is outperforming the
Index and the median peer by over 650 basis points. The health care sector, which represents 29% of the portfolio, was the largest detractor to performance for the
fourth quarter. This was slightly offset by positive stock selection in the consumer discretionary and telecommunication services sector.
As part of rebalancing the total portfolio a withdrawal was made from NorthPointe in the amount of $2.5 million during the fourth quarter.
K2
The K2 global long/short equity strategy returned 1.2% in the fourth quarter, lagging the 6.0% return of the S&P 500 Index. Over the past year, the strategy has
advanced 9.7% but is trailing the S&P 500 by significant margin. Much of the difference in performance can be attributed to K2’s more defensive positioning, which
caused a drag on performance, as equity markets have been experiencing a bullish period. However, the strategy has provided return appreciation and risk reduction
to the total portfolio.
In August 2009 the allocation to long/short equity was increased from 7% to 10%. As part of rebalancing the total portfolio a contribution was made to K2 in the
amount of $8 million during the fourth quarter.

Artio
Artio’s international equity strategy returned 3.0% in the fourth quarter, outpacing the developed market MSCI EAFE Index and the median international equity peer
but lagging the MSCI ACWI ex-US Index. For the calendar year, Artio generated a strong absolute return of 23.9% but lagged both benchmarks and the majority of
the peer universe over this time period. During the quarter, Artio’s portfolio outperformed in November and December after underperforming in October due to
problems within the financial sector. Over the course of the full year, the largest headwind to performance was the portfolio’s defensive posturing and significant
underweight to the financials’ sector when the markets initially rebounded in March and April. Throughout the second and third quarter, country and stock selection
within emerging markets, stock selection in developed markets, and cash and currency holdings detracted further from the portfolio’s relative results. The lone bright
spot in 2009 was sector allocation within developed markets.
In August 2009 the allocation to international equity was increased from 7% to 15%. As part of rebalancing the total portfolio a contribution was made to Artio in the
amount of $16 million during the fourth quarter.
Thornburg
Thornburg’s international equity strategy generated a 3.7% return for the fourth quarter, slightly underperforming the MSCI All Country World ex-US Index (ACWI)
but outperforming MSCI EAFE Index and ranking the in the 29th percentile of the median international equity peer. Over the trailing one year period, the portfolio
has advanced 33.5% outperforming the MSCI EAFE and the median peer but lagging the MSCI ACWI ex US by 870 basis points. From a sector perspective, strong
holdings in the healthcare, consumer discretionary, consumer staples and telecom sectors contributed positively to performance. Conversely, an underweight to the
materials and energy sectors coupled with poor stock selection in the financial and materials sectors detracted from performance results. From a country standpoint,
Japan and Mexico helped performance while Greece and Denmark hurt performance.
In August 2009 the allocation to international equity was increased from 7% to 15%. As part of rebalancing the total portfolio a contribution was made to Thornburg
Agincourt
The Agincourt fixed income strategy gained 1.1% in the fourth quarter, outperforming both the CITI Broad Investment Grade Index and the Barclays Capital
Aggregate Bond Index. The main contributor to performance was an overweight in high grade corporate bonds, which has an allocation that is approximately 50%
higher than that of the benchmark. The portfolio also benefitted from holdings in the commercial mortgage (CMBS) and non-Agency MBS subsectors. For the
calendar year, the portfolio is outperforming both Indices by over 800 basis points. Over the trailing ten year period, Agincourt is performing relatively in line with
both Indices and ranks in the 57th percentile of the median core bond universe.
Mellon
The Mellon Aggregate Bond Index Fund returned 0.2% in the fourth quarter, performing in line with the Barclays Capital Aggregate Index as expected. Over the
trailing one year period the strategy is underperforming the Index by 40 bps and ranks in the 87th percentile of the median core bond peer. This underperformance
can be attributed to participation in security lending as the cash collateral pool of the securities lending program has been under stress due to volatility and broad lack
of liquidity in the market place.
American Core Realty

The American Core Realty fund declined 4.5% in the fourth quarter versus a -0.8% return for the median real estate peer. Over the past year, broad weakness in the
commercial real estate market has contributed to a difficult return of -30.2% for the strategy. Despite an income contribution of 1.2% during the quarter, further net
depreciation resulted in the portfolio’s negative performance for the quarter. While the portfolio experienced depreciation across all sectors, the office sector
experienced the largest write-downs this quarter.
PRISA II
The PRISA II real estate fund declined 6.9% in the fourth quarter, underperforming the NCREIF Index and the median real estate peer. Depreciation from valuation
activity across all property types has been the primary driver of negative performance over the past year, as the income returns remains steady and positive. In the two
years since inception in the Fund, this strategy has declined 32%, below the NCREIF (-11.8%) and the median peer group (-18.9%).

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 provisions
to act as guidelines for the investment managers employed by the Fund. It shall be the responsibility of the investment managers to bring to the
attention 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 to
provide 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 from
excessive 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 the
purchasing power of the principal amount of these assets is at least maintained and preferably increased.
D. The Plan’s total return will be expected to provide equal or superior results based on a five year investment horizon, relative to the
objectives enumerated below. It is anticipated that achievement of this rate of return will raise the funded status of the plan and lower the
contribution rate as a percent of payroll.
1. The Retirement System’s annualized total return should equal or exceed the Retirement System’s actuarial interest rate assumption.
2. The Retirement System’s total return should exceed the total return of an index composed as follows:
35% S&P 500

10% Russell 2000
15% MSCI EAFE
30 % Barclays Capital Aggregate Bond Index
10% NCREIF Index
3. The Retirement System’s total return should exceed the total return of the median plan in the consultants peer group universe.
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 Maximum

Domestic 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%
International Equity 15% 10% 20%
Long/Short Equity 10% 5% 15%
Fixed Income (incl. Cash) 30% 25% 35%

Real Estate 10% 5% 15%
The Board of Trustees has adopted the asset allocation policy set forth above, which is expressed in terms of target levels and allocation
ranges, as measured by market value of assets. Percentage allocations are intended to serve as guidelines; the Board will not be required to
remain strictly within the designated ranges. Market conditions or an investment transition (asset class or manager) may require an interim
investment strategy, and, therefore, a temporary imbalance in asset mix. At each quarterly meeting of the Fund's Board of Trustees, Staff
and Consultant will review with the Board the asset allocation structure of the plan relative to the policy target allocations and acceptable
ranges. Staff and Consultant are responsible for providing the Board with a recommendation relative to rebalancing the overall investment
portfolio based on predetermined target allocations, and the Fund's current allocation relative to those targets. The large cap, small cap and
international allocations are implemented through multiple managers utilizing both value and growth styles. It is intended that these
allocations maintain relative style neutrality; therefore rebalancing reviews and recommendation shall also attempt to maintain a balance
between growth and value.
This investment policy has been chosen to provide a high likelihood of meeting the objectives outlined above. The asset allocation
established by this investment policy represents a long term perspective. As such rapid unanticipated shifts may cause the assets to
temporarily and slightly fall outside the policy range. Any divergence should be of a short term nature. The Board demands that any such
divergences shall be kept as brief as possible. The system administrator shall promptly notify the Board whenever divergences exist.
The Board shall periodically review the Investment Policy Statement and solicit the recommendations of the Investment Consultant with
respect to any proposed changes. The Board may also solicit input from the investment managers during this process.
B. Full discretion consistent with the guidelines described herein is granted to each investment manager in respect to the sector mix of the
assets, the selection of securities and the timing of their transactions. Pooled funds or other commingled vehicles may be utilized that are
invested in substantially the same manner and same investments as stated in this Investment Policy Statement. The manager of such
pooled or commingled fund shall promptly advise the Board of any potential exceptions to or violations of the Investment Policy
Statement which may arise for any reason.
C. The investment managers shall not hold (without the Board's written consent) unsecured investments in a single company in a total amount
exceeding 5% of the market value of the assets which they manage (with the exception of the enhanced equity index and equity index
manager, in which case investments in a single company are permitted to be +/-1% of that company’s weight in the benchmark
at time of rebalance), nor shall any investment manager hold investments in any one particular sector exceeding 40% of the equity

portfolio or 130% of the S&P500 Sector Weighted, whichever is higher. Only securities issued by or guaranteed by the U.S. Government
shall be considered "secured".
The market value basis of Foreign Securities shall not exceed 25% of the total market value of assets of the fund. A Foreign Security is defined
as a security issued by a corporation or other issuer that is not organized under the laws of the United States Government, any U. S. state
government, or the District of Columbia. Such Securities organized under the laws of foreign governments shall be considered foreign
securities, regardless of whether they are traded on United States exchanges, regardless of the ownership of the foreign corporation and
regardless of whether the security is denominated in United States dollars.
The Domestic Large Cap Value Equity manager is authorized to invest up to 15 % of its respective portfolio in ADR’s or common stocks of
non-U.S. companies listed on a major U.S exchange.
All other Domestic Equity managers are authorized to invest up to 5% of their respective portfolios in ADR’s or common stocks of non-U.S
companies listed on a major U.S. exchange.
The specifically hired International Equity managers are expected to be invested primarily if not exclusively in non-U.S. securities.
The Global Long/Short Equity commingled fund in which the System is invested may invest in U.S. and Non-U.S securities. The percentage
of Non-U.S securities will be monitored by the Investment Consultant and counted toward the 25% of the total funds market value limitation
to Foreign Securities.
E The Board of Trustees will comply with the provisions of the Protecting Florida’s Investment Act (PFIA) with respect to its investments.
The Board shall divest any direct holdings it may own with any scrutinized company appearing on the SBA website by no later than
September 30, 2010. The Board will review and monitor the SBA’s quarterly update to the scrutinized company list to determine whether
divestment of any direct holding is required. Each quarter the Board’s Investment Consultant shall prepare a written report to the Board
advising whether or not any divestment is required or whether any direct holding is on the scrutinized company list as defined by the SBA.
F. In the event of a spin-off from a company currently held in the portfolio, which prior to the spin-off was a qualified investment, the
manager should report on a quarterly basis with a recommendation as to whether we should continue to hold such spin-off. However, it is
the intent for the spin-off to meet the Boards equity restrictions as soon as possible.
G. The use of fixed income investments may include U.S. Government and agency obligations, marketable corporates, Ginny Mae's, U.S.
Agency Collateralized Mortgage-backed securities, debentures, preferred stocks, commercial paper, certificates of deposit and other such
instruments as deemed prudent by the investment manager. The bond manager (including any balanced fund manager with respect to the
fixed-income segment of the portfolio) is authorized to invest up to 10% of their respective portfolios in issuers not domiciled in the U.S.

H. Fixed-Income type securities shall be selected from among those rated within the top five major categories of any recognized bond rating
service such as, (Moody's, Standard & Poors and Fitch's). In those cases in which the rating services give different ratings, the lowest
rating shall apply. Notwithstanding anything herein to the contrary, active bond managers are permitted to invest up to 15% of the
market value of their portfolio in securities rated in the fifth major rating category by all recognized rating services, provided
that such investments are consistent with the mandate of the manager. The overall portfolio quality of the active bond
portfolios shall be maintained at A or higher.
I. Fixed-income type securities are to be selected and managed so as to assure appropriate balances in qualities and maturities consistent with
current money market and economic conditions. Active bond management is encouraged in instances of non-indexed management, as
deemed appropriate by the investment, although this is not intended to encourage excessive emphasis on short-term trading techniques.
J. The real estate portfolio is designed as a core mandate. Investments in real estate properties will be broadly diversified geographically, by property type,
size of the property and number of properties. Income and appreciation are dual considerations; however more emphasis will be placed on high
quality, and income-producing properties in the portfolio. It is expected that the income component will compromise the majority of the portfolio’s
total return. The manager should not assume excessive risk in terms of leverage utilized. The portfolio may be invested in commingled or partnership
vehicles. The selection of properties/investments will be at the discretion of each manager.
K. The dynamic, flexible management of the portfolio is both permitted and encouraged. Shifts of emphasis among equity, fixed income and
cash equivalent sectors of the aggregate asset base are at the discretion of the investment manager. However, major restructuring would
require prior consent of the Trustees.
L. Cash equivalent securities should be viewed not only as avenues to meet the liquidity requirements of the Trust, but also as alternative
investment vehicles. In either case, however, selection of particular investments should be determined primarily by the safety and liquidity
of the investment and only secondarily by available yield.
M. It is understood that the managers at any point in time may not be fully invested. While in fact the System's assets may be partially
invested in cash equivalents, for asset allocation purposes these funds shall be considered invested in the asset classes of the respective
managers. In turn, each manager's performance will be evaluated on the total amount of funds under their direct management.
N. The Trustees recognize that market performance varies from period to period and that a 4.6% real rate of return may not be meaningful
during some periods. Accordingly, relative performance benchmarks for the managers are set forth in Section V, Basis for Measurement.
O. Certain Securities are deemed to be ineligible for inclusion among this Trust's asset base:
The following transactions would be prohibited:
1. A sale, exchange or lease of any property between the Plan and interested party (interested party being defined as a person
rendering services to the Plan for which remuneration is received, i.e., stockbroker, real estate broker, etc.)
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 Florida
Statutes, 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, cash
equivalents, and "pure" cash balances);
2. Position, by individually named securities, showing their respective book and market values, the number of shares by date secured
or sold;
3. All income cash transactions, including sources of all interest and dividends in sufficient descriptive detail. The investment
manager is expected to provide written confirmation and documentation of all principal transactions, with the exception of cash
equivalent 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 and
to 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 to
evaluate investment results.
The Fund's investment performance results will be compared, on a time-weighted basis, with that of unmanaged market indices as well as with a
universe of managed funds. Such comparative performance statistics shall be used for evaluation purposes.
In that context, then, the Fund's equity performance will be compared with the Standard & Poor's 500 and with a universe of managed equity
funds. The performance of each investment manager, in turn, will be compared to the relevant index and a universe of peers categorized by
investment style.
The Fund's fixed income performance will be compared with the total return of recognized bond indexes, e.g., Citi Broad Investment Grade Bond
Index, or the Barclays Capital Aggregate Bond Index, as well as with a universe of managed fixed income funds.
The Fund's real estate performance will be compared with the total return of the NCREIF Index as well as with a universe of core real estate
funds.
In addition, it is also recommended that a total Fund's investment performance be compared with a "composite" market consisting of the above
unmanaged indices weighted in proportion to the Fund's actual per cent investment in each of these equivalent security classes. The total Fund
will also be compared to a universe of local government funds. The fund's performance should also be compared with the annual percent change
in the Consumer Price Index.
Consistency of performance results is to be given high priority and the degree will be determined by computing the mean absolute deviation of the
total fund and the respective money managers' total rate of return from quarter to quarter and comparing this data with the same statistics
measured for the "composite" market described above, with a goal of near or below market volatility.
VI. OTHER CONSIDERATIONS
It is the intent of the Board of Trustees of the Police & Fire Retirement System Trust to revise this statement of goals and objectives to reflect
modifications and revisions to the Trust, which may develop from time to time. It is also the policy of the Trustees to review these goals and
objectives at least once per year and to communicate any material changes thereto to the Investment Managers and the Fund's custodian.
VII. CONTINUING EDUCATION
All trustees are encouraged and expected to attend continuing education seminars concerning matters related to investments and responsibilities of Board
members. Attendance at two public pension fund seminars during each term of office is suggested.
Approved August 2009

Total Fund Performance and Analysis

Current Portfolio Structure by Fund Manager
Long/Short Equity
Domestic Equity
Real Estate
Fixed Income
Int’l. Equity
Artio International Systematic

Agincourt Prudential
(Large Cap Value)
RhumbLine
Thornburg International S&P 500 Pooled Fund
(Large Cap Index) Mellon Bank American Realty
INTECH
(Large Cap S&P 500 Index)
Sawgrass K2 Long Short

(Large Cap Growth) Master Fund
Lee Munder
(Small Cap Value)
NorthPointe
(Small Cap Growth)

Historical Portfolio Structure by Fund Manager
Domestic Equity
Balanced Manager
Bond Manager
Int’l. Equity
Lazard Asset Mgmt. Systematic INVESCO

(International Equity) INVESCO Agincourt
(Large Cap Value) Terminated 10/02
Terminated 01/06
Oechsle International RhumbLine INVESCO Enhanced

(Emerging Markets) S&P 500 Pooled Fund S&P 500 Mellon Bank
Terminated 01/06 (Large Cap Index) Terminated 03/04
The Boston Company INTECH

(International Equity) Sovran
Terminated 10/07 (Large Cap S&P 500 Index) Terminated 11/99
Montag & Caldwell
(Large Cap Growth)
Terminated 07/04 Supplemental Account
Artio International Equity Sawgrass Previous Management
(Large Cap Growth) 1) Fayez Sarofim 2) INVESCO
Essex Investment
(Large Cap Growth)
Thornburg International
Terminated 03/07
RhumbLine
(Mid Cap Index) NorthPointe Lee Munder
Terminated 11/06 (Small Cap Growth) (Small Cap Value)
Total Portfolio
Total Portfolio Dollar Reconciliation (000s)
This Quarter Year-To-Date Last Twelve Months
Beginning Market Value $394,375 $382,555 $382,555
Net Additions 13,298 -17,470 -17,470
Return on Investment 9,862 52,449 52,449
Income Received 1,491 6,646 6,646
Gain/Loss 8,371 45,803 45,803
Ending Market Value 417,534 417,534 417,534

Rates of Return Summary & Universe Rankings

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
Policy Index 2.9% 15.4% -5.7% -1.9% 1.8%
Median Public Funds 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 Rankings

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


Actual vs. Target Allocation
Over/-Under
Market Value Current Allocation Target Allocation Target Range Target
Equity 265,811,479 63.7% 60.0% 55-65% 3.7%
Large Cap 126,328,416 30.3% 25.0% 20-30% 5.3%
Small/Mid Cap 43,090,739 10.3% 10.0% 5-15% 0.3%
Long/Short Equity 41,720,518 10.0% 10.0% 5-15% 0.0%
International Equity 54,671,806 13.1% 15.0% 10-20% -1.9%
Fixed Income (Incl. Cash) 126,902,950 30.4% 30.0% 25-35% 0.4%
Real Estate 24,819,616 5.9% 10.0% 5-15% -4.1%
Total $417,534,045 100.0%

Total Portfolio
Ranking 87 78 55 55 82 75
25
18.5
15.1
15.4
20
15
10
Rate of Return %
3.4
3.8
3.1
3.3
2.6
2.9
2.5
1.9
1.8
5
-1.1
-1.2
-1.9
-5
-5.0
-5.3
-5.7
-10
-15
1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years
Total Portfolio Policy Index Master Trust Funds - Public Funds

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 4.62
50th 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

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.

Total Portfolio
One Year Periods Ending December
Ranking 78 16 65 88 58
30
18.5
15.4
15.1
13.7
11.1
10.7
20
7.4
8.1
7.2
6.8
6.3
4.0
10
Rate of Return %
-10
-20
-22.1
-22.9
-30 -25.6
-40
Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005
Total Portfolio Policy Index Master Trust Funds - Public Funds
5th Percentile 27.59 -13.09 11.21 16.20 10.35
25th 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

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.

Risk vs. Return Analysis

Five Years Ending December 31, 2009
3.5 Master Trust Funds -

Public Funds
3
Total Portfolio
2.5
Return
2
Policy Index
1.5
0.5
0
10 10.2 10.4 10.6 10.8 11 11.2 11.4 11.6 11.8
Standard Deviation
Annualized Standard Deviation Sharpe Ratio

Return
Total Portfolio 2.63 10.25 -0.05
Policy Index 1.78 10.76 -0.13
Master Trust Funds - Public Funds 3.41 11.61 0.02
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.

Equity Manager Performance and Analysis

Systematic Financial Management

For the Period Ending December 31, 2009
Account Description Performance Goals
♦ Strategy: Large Capitalization Value ♦ Over a market cycle, performance in the upper third of appropriate universe (Large
Value); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the Russell 1000 Value Index over a full market cycle.
♦ 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
Dollar Growth Summary (in 000s) Growth of a Dollar
This Quarter Last 12 Months Systematic Financial Management Russell 1000 Value
Beginning Market Value 42,907 39,205
$2.50
Net Additions -4,879 -7,824
Return on Investment 1,946 8,593
$2.00
Income 161 835
Gain/Loss 1,785 7,758 $1.50
Ending Market Value 39,974 39,974
$1.00
$0.50
$0.00
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09

As of December 31, 2009, Systematic Financial Management held 82 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: Systematic Financial Management Russell 1000 Value
Ten Largest Holdings (Weight)
100
90
68.39
JPMORGAN CHASE & CO 3.8% WHITING PETE CORP 2.4%
80
51.93
WELLS FARGO & CO 3.1% EXXON MOBIL CORP 2.3% 70
60
PFIZER INC 3.0% NEWFIELD EXPL CO 2.2% 50
40
17.10
17.00
CHEVRON CORP 2.8% AMGEN INC 2.1%
30
10.13
20
4.87
3.88
1.53
2.18
2.07
2.23
1.84
AT&T INC 2.4% AMERIPRISE FINL INC 2.0%
10
0
Ten Best Performers (Quarter) Avg Mkt Med Mkt Erngs Grth P/B P/E Yield
Cap ($Bil) Cap ($Bil)
CLIFFS NATRES INC 42.7% GANNETT INC 19.1%
WALTER ENERGY INC 25.6% SMUCKER JM CO 17.2% Sector Allocation

WHITING PETE CORP 24.1% FREEPORT MCMORAN COPPER & GOLD 17.0% Systematic Financial Management Russell 1000 Value
UNITEDHEALTH GROUP INC 21.7% INGERSOLL RAND PLC 16.8% 30
25.3
24.1
SEAGATE TECHNOLOGY 19.6% SIMON PPTYGROUP INC 15.9% 25
18.6
17.7
20
Ten Worst Performers (Quarter)
12.8
15
10.9
10.7
9.9
9.1
9.1
7.9
10
7.6
7.1
CITIGROUPINC -31.6% DISCOVER FINL SVCS -9.2%
5.7
5.5
5.2
4.7
4.1
5
2.6
1.4
REGIONS FINL CORP -14.7% GOLDMAN SACHS GROUP INC -8.2%
0
FLUOR CORP -11.2% GENERAL ELEC CO -7.3%
In
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BANK OF AMERICA CORP -10.9% AMGEN INC -6.1%
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um
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AES CORP -10.2% KOHLS CORP -5.5%
S
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Risk vs. Return (7 Year Annualized) Portfolio Statistics
9.00% 7 Years
8.00% Systematic Financial Systematic
Management
7.00% Financial
Management Russell 1000 Value
6.00%
Return 7.92 5.92
Rate of Return
5.00% Russell 1000 Value Standard Deviation 15.56 15.78

4.00% Sharpe Ratio 0.36 0.23
3.00% Beta 0.96 1.00
2.00%
Alpha 0.18 --
Up Capture 107.29 --
1.00%
Down Capture 99.22 --
0.00% Correlation 97.06 --
15.50% 15.55% 15.60% 15.65% 15.70% 15.75% 15.80%
R Square 94.21 --
Standard Deviation
Return Histogram (7 Years) Return Analysis

Systematic Financial Management Russell 1000 Value
Systematic
25 Financial
20
Management Russell 1000 Value
20
Number of Months 84 84
14
15 Highest Monthly Return 9.61% 10.72%
11
10 10
9
10 Lowest Monthly Return -15.19% -17.31%
10 8 8 8 8
6
7
6
7 Number of Pos. Months 54 54
5 5 5 5
5
4 Number of Neg. Months 30 30
1 1 % Positive Months 64.29% 64.29%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
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0%
-3
-2
-1
ha
%
%
-4
n
%
5%
All information calculated using monthly data.


Ranking 38 62 72 26 21 18
35
25.4
23.9
19.7
25
15
7.9
6.8
Rate of Return %
5.9
5.3
4.8
4.2
1.7
0.5
5
-0.3
-5
-6.2
-7.9
-9.0
-12.0
-13.1
-13.1
-15
-25
Systematic Financial Management Russell 1000 Value Median Large Value Mgr

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 7.74
50th 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.


Ranking 62 63 6 74 20
25.4
23.9
22.3
20.0
19.7
18.5
30
11.5
9.9
20
9.1
7.1
0.7
10
Rate of Return %
-0.2
-10
-20
-30 -36.9
-37.3
-40
-39.0
-50
-60
Systematic Financial Management Russell 1000 Value Median Large Value Mgr
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.

INTECH
♦ Strategy: Large Capitalization Core Equity ♦ Over a market cycle, performance in the upper third of appropriate universe (Large
Core); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the S&P 500 Index over a full market cycle.
♦ 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
This Quarter Last 12 Months INTECH S&P 500

$1.80
$1.60
Return on Investment 1,168 6,495
$1.40
Income 162 797
$1.20
Gain/Loss 1,006 5,698
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Aug-05
Aug-06
Aug-07
Aug-08
Aug-09
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
INTECH
As of December 31, 2009, INTECH held 407 securities in their portfolio. Holdings Characteristics
and portfolio characteristics are as follows: INTECH S&P 500
80.62
100
76.91
EXXON MOBIL CORP 4.2% GENERAL ELEC CO 1.9%
80
AT&T INC 2.6% CHEVRON CORP 1.8%
INTERNATIONAL BUSINESS MACHS 2.1% APPLE INC 1.5%

60
40
18.12
18.50
JOHNSON & JOHNSON 2.0% PROCTER AND GAMBLE CO 1.5%
10.21
8.92
8.00
5.91
3.44
3.41
1.85
20
1.94
MICROSOFT CORP 1.9% PFIZER INC 1.4%
0
ADVANCED MICRO DEVICES INC 71.0% MCGRAW HILL COS INC 34.3%
MASSEY ENERGY CORP 50.8% SANDISK CORP 33.6% Sector Allocation

AMAZON COMINC 44.1% PIONEER NAT RES CO 32.7% INTECH S&P 500
FORD MTR CO DEL 38.7% MOODYS CORP 31.5% 30
21.6
IMS HEALTH INC 37.5% JABIL CIRCUIT INC 30.2% 25
19.9
20
14.4
13.3
12.6
12.2
11.6
11.6
15
11.5
11.4
10.2
9.9
9.6
8.0
10
MARSHALL & ILSLEY CORP -32.3% J C PENNEY INC -20.7%
4.2
4.0
3.7
3.6
3.6
3.2
5
AMERICAN INTL GROUP INC -32.0% METROPCS COMMUNICATIONS INC -18.5%
0
CITIGROUPINC -31.6% JACOBS ENGR GROUP INC -18.1%
In
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ZIONS BANCORP -28.5% MEMC ELECTR MATLS INC -18.1%
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HUNTINGTONBANCSHARES INC -22.3% TELLABS INC -17.9%
S
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INTECH
1.60% 5 Years
1.40% INTECH
1.20%
INTECH S&P 500
Return 1.44 0.42
Rate of Return
1.00%
0.80%
Standard Deviation 16.01 16.05
Sharpe Ratio -0.08 -0.14
0.60%
S&P 500 Beta 0.99 1.00
0.40% Alpha 0.09 --
Up Capture 102.20 --
0.20%
16.00% 16.01% 16.01% 16.02% 16.02% 16.03% 16.03% 16.04% 16.04% 16.05% 16.05%
R Square 98.72 --
Standard Deviation

INTECH S&P 500
14
12 INTECH S&P 500
12
10 9 Number of Months 70
8 8 8
70
8 7 7 7 7 Highest Monthly Return 9.27% 9.57%
6
6 5 5 5 5 Lowest Monthly Return -17.16% -16.80%
4 4 4 Number of Pos. Months 46 45
4
2 2 2 2 Number of Neg. Months 24 25
2 1
% Positive Months 65.71% 64.29%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
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to
to
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2%
3%
4%
5%
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5%

INTECH
Ranking 21 75 69 34 45 31
35
26.7
26.5
25.5
25
15
6.3
Rate of Return %
6.0
6.1
1.4
0.7
0.4
5
-0.4
-0.7
-0.5
-5
-5.1
-5.4
-5.6
-10.7
-10.8
-10.6
-15
-25
INTECH S&P 500 Median Large Core Mgr

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 1.69
50th 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
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.

INTECH
Ranking 75 32 18 84 21
40
26.7
26.5
25.5
30
15.8
15.9
14.8
9.2
20
7.6
5.5
5.7
5.6
4.9
10
Rate of Return %
-10
-20
-30
-36.9
-36.6
-37.0
-40
-50
-60
INTECH S&P 500 Median Large Core Mgr
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 equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Rhumbline Large Cap Fund

♦ Strategy: Large Capitalization Core ♦ Match the S&P 500 Index.
♦ Vehicle: Commingled Trust
♦ Inception date: September 1995
♦ Fees: 6.5 bps for the first $50 million, 5.5 bps for the next $50 million, and 4
bps thereafter
This Quarter Last 12 Months Rhumbline Large Cap Fund S&P 500
$3.50
Return on Investment 1,806 7,171 $3.00
Income 0 0 $2.50
Gain/Loss 1,806 7,171 $2.00
$1.50
$1.00
$0.50
$0.00
Dec-95
Dec-96
Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09

As of December 31, 2009, Rhumbline Large Cap Fund held 500 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: Rhumbline Large Cap Fund S&P 500
81.95
81.93
100
EXXON MOBIL CORP 3.3% INTL BUSINESS MACHINES 1.7% 90
80
MICROSOFT CORP 2.4% AT&T INC 1.7% 70
60
APPLE COMPUTER INC 1.9% J P MORGAN CHASE & CO 1.7%
30.81
30.79
50
40
JOHNSON & JOHNSON 1.8% GENERAL ELECTRIC CO 1.6%
30
9.52
9.52
1.98
20
1.94
1.98
1.94
PROCTER & GAMBLE CO 1.8% CHEVRON CO 1.6%
10
0
Ten Best Performers (Quarter) Avg Mkt Cap Erngs Grth (5 P/B P/E Yield
($Bil) Year)
ADVANCED MICRO DEVIC 71.0% FORD MTR CO 38.7%
NEW YORK TIMES CO 52.2% IMS HEALTH INC 37.4% Sector Allocation
MASSEY ENERGY CORP 50.9% MCGRAW HILL 34.3% Rhumbline Large Cap Fund S&P 500
AMAZON COM INC 44.1% SANDISK CORP 33.6% 25
19.9
19.9
BLACK & DECKER 40.3% PIONEER NAT RES 32.7% 20
14.4
14.4
12.7
12.6
15
11.5
11.5
11.4
11.3
10.2
10.2
9.6
9.6
10
MARSHALL & ILSLEY CO -32.4% JC PENNEY CO -20.7%
3.7
3.7
3.6
3.6
5
3.2
3.2
AMERICAN INTL GROUP -32.0% METROPCS COMMUNICATION -18.5%
CITIGROUP INC -31.6% JACOBS ENGINEERING GROUP -18.2% 0

Co
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ZIONS BANCORP -28.6% MEMC ELECTR MATLS -18.1%
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HUNTINGTON BANCSHARE -22.3% TELLABS INC -17.9%
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Sta
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Characteristics provided by manager.
og
ry
r
y
vic
es

0.00% 10 Years
-0.10%
-0.20% Rhumbline Large
-0.30% Cap Fund S&P 500
Rate of Return
-0.40% Return -0.63 -0.95

-0.50% Standard Deviation 16.01 16.13
-0.60% Rhumbline Large Sharpe Ratio -0.20 -0.22
Cap Fund
-0.70% Beta 0.99 1.00
-0.80% Alpha 0.02 --
-0.90% Up Capture 99.75 --
S&P 500
-1.00% Down Capture 98.34 --
16.00% 16.02% 16.04% 16.06% 16.08% 16.10% 16.12% 16.14% 16.16%
Correlation 99.96 --
Standard Deviation
R Square 99.93 --
Tracking Error 0.46 --
Rhumbline Large Cap Fund S&P 500
30 Rhumbline Large
Cap Fund S&P 500
25 23
22
2020
20 Number of Months 171 171
1414 1414
15
10 7 7 Number of Pos. Months 113 107
6
4
5
4
5 3 3 3
0
Le
-4
-3
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-1
0%
1%
2%
3%
4%
G
re
%
%
ss
a
to
to
to
to
to
to
to
to
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th
1%
2%
3%
4%
5%
rt
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-3
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Ranking 48 65 43 50 58 59
35
26.5
26.7
26.5
25
15
6.1
Rate of Return %
6.0
6.1
0.7
0.4
0.6
5
-0.6
-1.0
-0.2
-5
-5.4
-5.4
-5.6
-10.4
-10.7
-10.6
-15
-25
Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr

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.


Ranking 65 30 45 50 82
40
26.7
26.5
26.5
30
15.9
15.9
15.8
20
5.7
5.6
5.5
4.9
5.6
4.9
10
Rate of Return %
-10
-20
-30
-36.6
-36.9
-37.0
-40
-50
-60
Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr
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.

Sawgrass
♦ Strategy: Large Capitalization Growth ♦ Over a market cycle, performance in the upper third of appropriate universe (Large
Growth); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the Russell 1000 Growth Index over a full market cycle.
♦ Inception Date: March 2007
♦ Benchmark: Russell 1000 Growth
♦ Fees: 50 bps up to $100 million and 40 bps above $100 million
This Quarter Last 12 Months Sawgrass Russell 1000 Growth

$1.40
Income 147 630 $1.00

Gain/Loss 2,543 9,464 $0.80
$0.60
$0.40
$0.20
$0.00
Dec-07
Dec-08
Dec-09
Sep-07
Sep-08
Sep-09
Mar-07
Jun-07
Mar-08
Jun-08
Mar-09
Jun-09
Sawgrass
As of December 31, 2009, Sawgrass held 46 securities in their portfolio. Holdings and Characteristics
portfolio characteristics are as follows: Sawgrass Russell 1000 Growth
86.02
100
76.43
90
INTERNATIONAL BUSINESS MACHS 4.6% CVS CAREMARK CORP 3.0%
80
MICROSOFT CORP 4.3% GOOGLE INC 3.0% 70
60
35.51
CISCO SYSINC 3.7% MCDONALDS CORP 3.0% 50
40
19.65
17.49
16.36
ABBOTT LABS 3.4% HEWLETT PACKARD CO 2.9%
30
6.48
4.33
20
4.84
4.57
1.53
1.75
DIRECTV 3.1% LILLY ELI & CO 2.9%
10
0
MASTERCARD INC 26.7% UNITED TECHNOLOGIES CORP 14.6%
GOOGLE INC 25.0% APPLE INC 13.8% Sector Allocation

MICROSOFT CORP 18.3% BECTON DICKINSON & CO 13.6% Sawgrass Russell 1000 Growth
ORACLE CORP 18.0% BRISTOL MYERS SQUIBB CO 13.5% 40
33.5
33.2
35
QUEST DIAGNOSTICS INC 15.7% DANAHER CORP 11.8%
30
25
19.3
16.1
15.8
15.7
20
11.2
10.5
15
10.2
JACOBS ENGR GROUP INC -18.1% PRAXAIR INC -1.2%
10 10.0
5.0
4.1
3.9
3.4
2.4
5
1.5
1.5
1.2
0.9
APOLLO GROUP INC -17.8% EXXON MOBIL CORP 0.0%
0.6
0
FLUOR CORP -11.2% CISCO SYSINC 1.7%
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CVS CAREMARK CORP -9.7% VERISIGN INC 2.3%
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TJX COS INC -1.3% EMC CORP 2.5%
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Sawgrass
-8.00% 2 Years
-8.20%
Russell 1000 Growth
-8.40%
Sawgrass Russell 1000 Growth
Return -9.45 -8.09
Rate of Return
-8.60%
-8.80%
-9.00%
Beta 0.86 1.00
-9.20% Alpha -0.25 --
Up Capture 79.63 --
-9.40%
Sawgrass Down Capture 88.99 --
-9.60% Correlation 98.88 --
20.00% 20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.00%
R Square 97.78 --
Standard Deviation

8
7 7
7
6
5
4
3 3 3 3 3 Lowest Monthly Return -16.69% -17.61%
3
2 2 2 2 Number of Pos. Months 19 18
2 Number of Neg. Months 14
1 1 15
1 % Positive Months 57.58% 54.55%
0 0 0 0 0 0 0
0
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Sawgrass
Ranking 57 62 83 74 62
43.1
40.8
50
37.2
34.8
34.4
40
28.9
23.0
22.4
21.1
30
Rate of Return %
20
7.9
7.0
7.3
10
-8.3
-8.1
-10
-9.5
-20
1 Quarter 2 Quarters 3 Quarters 1 Year 2 Years
Sawgrass Russell 1000 Growth Median Large Growth Mgr

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
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.

Sawgrass
Ranking 74 30
37.2
34.4
28.9
40
14.3
11.8
9.1
8.0
8.8
20
5.3
Rate of Return %
-20
-36.4
-40
-38.4
-38.7
-60
Sawgrass Russell 1000 Growth Median Large Growth Mgr
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
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.

Lee Munder Small Cap Value

♦ Strategy: Small Capitalization Value ♦ Over a market cycle, performance in the upper third of appropriate universe (Small
Value); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the Russell 2000 Value Index over a full market cycle.
♦ Inception Date: November 2006
♦ Benchmark: Russell 2000 Value
♦ Fees: 75 bps
This Quarter Last 12 Months Lee Munder Small Cap Value Russell 2000 Value
$1.40
Income 75 349 $1.00

Gain/Loss 1,156 6,098 $0.80
$0.60
$0.40
$0.20
$0.00
Dec-06
Dec-07
Dec-08
Dec-09
Sep-07
Sep-08
Sep-09
Mar-07
Jun-07
Mar-08
Jun-08
Mar-09
Jun-09

As of December 31, 2009, Lee Munder Small Cap Value held 107 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: Lee Munder Small Cap Value Russell 2000 Value
25
GREAT PLAINS ENERGY INC 2.4% SWIFT ENERGY CO 1.5%
15.96
20
14.32
EMPLOYERS HLDGS INC 2.0% REINSURANCE GROUP AMER INC 1.5%
15
WATSON WYATT WORLDWIDE INC 1.8% PACWEST BANCORP DEL 1.5%
10
PORTLAND GEN ELEC CO 1.8% SIGNATUREBK NEW YORK NY 1.4%
2.46
2.45
1.86
1.38
1.69
1.31
1.48
1.19
5
0.94
0.35
COHERENT INC 1.6% ZORAN CORP 1.4%
0
XYRATEX LTD 40.0% PETSMART INC 23.2%
KADANT INC 31.6% LITTELFUSE INC 22.5% Sector Allocation

COOPER COSINC 28.2% GARDNER DENVER INC 22.1% Lee Munder Small Cap Value Russell 2000 Value
COHERENT INC 27.5% FIRST FINL BANCORP 21.7% 45

40
33.8
KANSAS CITY SOUTHERN 25.7% ATC TECHNOLOGY CORP 20.7%
35
25.1
30
Ten Worst Performers (Quarter) 25
19.8
16.7
15.9
20
11.8
10.5
15
SYNOVUS FINL CORP -45.0% BEBE STORES INC -14.4% 8.4
7.8
7.3
7.0
10
6.1
6.1
6.0
4.9
4.9
4.7
2.8
ZIONS BANCORP -28.5% PANTRY INC -13.3% 5
0.5
0.0
0
ETHAN ALLEN INTERIORS INC -18.4% DIEBOLD INC -12.8%
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EDUCATION RLTY TR INC -17.6% KENSEY NASH CORP -11.9%
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MENS WEARHOUSE INC -14.4% BOSTON PRIVATE FINL HLDGS INC -11.2%
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2.00% 3 Years
1.00% Lee Munder Small Cap
Value
0.00% Lee Munder Small
-1.00% Cap Value Russell 2000 Value
-2.00% Return 0.61 -8.22
Rate of Return

-4.00% Sharpe Ratio -0.06 -0.39
-5.00% Beta 0.90 1.00
-6.00% Alpha 0.67 --
-7.00% Russell 2000 Value Up Capture 104.15 --
-8.00% Down Capture 80.16 --
-9.00% Correlation 98.59 --
23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50%
R Square 97.19 --
Standard Deviation

Lee Munder Small Cap Value Russell 2000 Value
12 Lee Munder Small

10 Cap Value Russell 2000 Value
10
8
8 7 Number of Months 38 38
6 6 Highest Monthly Return 17.10% 15.87%
6 5
Lowest Monthly Return -19.16% -19.98%
4 4
4 3 Number of Pos. Months 24 23
2 2 2 2 2 2 Number of Neg. Months 14 15
2 1 1 1 1 1 1 1
0
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Ranking 23 44 52 18 13
50
36.7
36.7
40
29.8
30.0
27.2
20.6
30
Rate of Return %
20
6.1
5.1
3.6
10
0.6
0.6
0
-3.3
-3.4
-7.4
-8.2
-10
-20
1 Quarter 2 Quarters 1 Year 2 Years 3 Years
Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr

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
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.


Ranking 52 12 15
36.7
36.7
50
40
23.5
20.6
19.1
30
20
8.4
4.7
Rate of Return %
0.7
10
-6.1
-10
-9.8
-20
-26.0
-30
-28.9
-30.7
-40
-50
Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr
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.

NorthPointe Small Cap Growth

♦ Strategy: Small Capitalization Growth ♦ Over a market cycle, performance in the upper third of appropriate universe (Small
Growth); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the Russell 2000 Growth Index over a full market cycle.
♦ Inception Date: November 2006
♦ Benchmark: Russell 2000 Growth
♦ Fees: 43 bps plus performance fee
This Quarter Last 12 Months NorthPointe Small Cap Growth Russell 2000 Growth
$1.40
Return on Investment -35 6,704 $1.20
Income 16 84 $1.00
Gain/Loss -51 6,620 $0.80
$0.60
$0.40
$0.20
$0.00
Dec-06
Dec-07
Dec-08
Dec-09
Sep-07
Sep-08
Sep-09
Mar-07
Jun-07
Mar-08
Jun-08
Mar-09
Jun-09

As of December 31, 2009, NorthPointe Small Cap Growth held 69 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: NorthPointe Small Cap Growth Russell 2000 Growth
25
20.10
17.94
BRUKER CORP 2.1% COMTECH TELECOMMUNICATIONS 2.0%
20
RADIANT SYS INC 2.1% AECOM TECHNOLOGY CORP 2.0%
15
10.05
DECKERS OUTDOOR CORP 2.0% WEB COM GROUP INC 2.0%
10
TTM TECHNOLOGIES 2.0% MERGE HEALTHCARE INC 1.9%
3.76
2.70
2.40
5
1.10
0.53
0.88
0.21
0.54
0.43
HEALTH MGMT ASSOC 2.0% ATLAS AIRWORLDWIDE HLDGS INC 1.9%
0
BPZ ENERGYINC 26.3% INTERDIGITAL INC PA 14.6%
CIRRUS LOGIC INC 22.7% TETRA TECHNOLOGIES INC DEL 14.4% Sector Allocation
HUB GROUPINC 17.4% BRUKER CORP 13.0% NorthPointe Small Cap Growth Russell 2000 Growth
ATLAS AIRWORLDWIDE HLDGS INC 16.5% TELEFLEX INC 12.3% 50

45
34.8
JDA SOFTWARE GROUP INC 16.1% MERIT MEDSYS INC 11.3% 40
35
28.7
27.4
Ten Worst Performers (Quarter) 30
23.6
25
16.0
14.6
20
14.1
BROADPOINTGLEACHER SECURITY -46.5% ERESEARCHTECHNOLOGY INC -14.1% 15 10.6
6.9
10
5.8
4.3
4.1
3.1
2.5
1.9
1.5
CLARIENT INC -37.1% CENTRAL EUROPEAN DISTR CORP -13.3% 5
0.2
0.0
0.0
0.0
0
SMITH MICRO SOFTWARE INC -26.1% GMX RES INC -12.5%
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CRYOLIFE INC -19.5% HILL INTLINC -12.1%
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MERGE HEALTHCARE INC -18.3% HORIZON LINES INC -10.5%
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0.00% 3 Years
-2.00%
NorthPointe Small
Cap Growth Russell 2000 Growth
-4.00% Russell 2000 Growth
Return -11.13 -4.00
Rate of Return
-6.00%
-8.00% Beta 1.16 1.00
NorthPointe Small Alpha -0.51 --
-10.00% Cap Growth Up Capture 104.73 --
-12.00% Correlation 97.86 --
24.00% 25.00% 26.00% 27.00% 28.00% 29.00% 30.00% 31.00%
R Square 95.76 --
Standard Deviation

NorthPointe Small Cap Growth Russell 2000 Growth
14 NorthPointe Small
12 Cap Growth Russell 2000 Growth
12
10
10 Number of Months 38
8 8
38
6 5 Lowest Monthly Return -25.96% -21.70%
4 3 3 3 3 3
2 2 2 Number of Neg. Months 16 15
2 1 1 1 1
0 0 0 0 % Positive Months 57.89% 60.53%
0
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Ranking 96 66 30 96 98
41.3
50
36.0
34.5
40
22.4
20.6
20.8
30
Rate of Return %
20
5.2
4.1
0.9
10
-2.1
-4.0
-7.6
-9.1
-10
-11.1
-17.7
-20
-30
NorthPointe Small Cap Growth Russell 2000 Growth Median Small Growth Mgr

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.


Ranking 30 96 74
41.3
36.0
45 34.5
13.4
13.0
25
9.7
8.1
7.1
4.2
3.7
Rate of Return %
-15
-35 -38.5
-55 -39.2
-52.1
-75
NorthPointe Small Cap Growth Russell 2000 Growth Median Small Growth Mgr
5th Percentile 50.64 -26.71 25.14 20.68 17.61
25th Percentile 42.22 -34.62 14.54 15.80 12.18
50th Percentile 36.03 -39.17 9.72 13.03 8.08
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
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.

Long/Short Equity Manager Performance and Analysis

K2 Long Short Master Fund, LP

♦ Strategy: Equity Long/Short Hedge Fund of Funds ♦ Absolute return target of 10% - 15% with lower volatility than the S&P 500.
♦ Vehicle: Commingled Fund ♦ Outperform the S&P 500 Index over a full market cycle.
♦ Inception Date: April 30, 2008
♦ Fees: 100 bps flat fee
This Quarter Last 12 Months K2 Long Short Master Fund, LP

S&P 500
Beginning Market Value 33,282 30,702 HFRI Equity Hedge
$1.20
Net Additions 8,000 8,000
Return on Investment 439 3,018 $1.00
Income 0 0
$0.80
Gain/Loss 439 3,018
Ending Market Value 41,721 41,721 $0.60
$0.40
$0.20
$0.00
Dec-08
Dec-09
Oct-08
Feb-09
Oct-09
Aug-08
Aug-09
Apr-08
Jun-08
Apr-09
Jun-09

Long/Short Equity Exposure Historical Net & Gross Exposure
% of Gross
Long Short Gross Net Exposure Historical Average Net Exposure
80.0% 49.8% 129.8% 30.2% 100.0% Gross Exposure 135.72% Gross Exposure
Total Portfolio Net Exposure 42.48% Gross Longs
Region 180%
Gross Shorts
North America 67.7% 42.6% 110.3% 25.1% 85.0%
160%
Western Europe 6.9% 5.2% 12.1% 1.7% 9.4%
140%
Japan 1.0% 0.5% 1.5% 0.5% 1.2%
120%
Asia Pacific - Emerging 2.4% 1.1% 3.5% 1.3% 2.7%
100%
Latin America 0.7% 0.2% 0.9% 0.5% 0.7%
80%
Other Emerging 1.2% 0.2% 1.4% 1.0% 1.1%
60%
Total 80.0% 49.8% 129.8% 30.2% 100.0%
40%
Sector .
20%
Basic Materials 4.0% 2.5% 6.5% 1.5% 5.0%
0%
Communications 1.0% 1.0% 2.0% 0.0% 1.5% Au Se Oc N D Jan Fe M Ap M Ju Ju Au Se Oc No
11.1% 8.5% 19.6% 2.6% 15.1% g-0 p-0 t-0 ov- ec-0 -0 b-0 ar-0 r-0 ay- n-0 l-09 g-0 p-0 t-0 v-
Consumer, Cyclical 8 8 8 08 8 9 9 9 9 09 9 9 9 9 09
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% Net & Gross Exposures at November 30, 2009
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.
67

30.00% 1 Year
25.00% HFRI Equity Hedge S&P 500 K2 Long Short

Master Fund, LP S&P 500
20.00%
Return 9.65 26.45
Rate of Return
15.00%
Sharpe Ratio 3.02 1.18
10.00% K2 Long Short Master Beta 0.04 1.00
Fund, LP
Alpha 0.68 --
5.00% Up Capture 18.91 --
Down Capture -1.96 --
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
R Square 8.84 --
Standard Deviation
Return Histogram (1 Year) Return Analysis

K2 Long Short Master Fund, LP S&P 500 HFRI Equity Hedge
6 K2 Long Short
5 5 Master Fund, LP S&P 500
5
3
2 2 2 2 22 2
1 1 11 1 1 Number of Neg. Months 10 8
1
0 0 000 00 0 0 0 0 0 000 0 % Positive Months 50.00% 60.00%
0
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42.1
45
40
35
26.5
25.1
25.4
30
Rate of Return %
22.6
25
20
15 11.6
9.7
8.5
5.6
6.0
10
3.4
1.2
0
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 GT

♦ Strategy: International Equity ♦ Over a market cycle, performance in the upper third of appropriate universe
(International Developed Markets Equity).
♦ Vehicle: Group Trust ♦ Over a market cycle, outperform the MSCI EAFE and MSCI ACWI (ex-US)
Indexes.
♦ 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
This Quarter Last 12 Months Artio International Equity II GT

MSCI All Country World Free ex US Gross
Beginning Market Value 10,800 8,984 MSCI EAFE
$1.20
Income 0 0
$0.80
Gain/Loss 529 2,345
$0.40
$0.20
$0.00
Dec-07
Dec-08
Dec-09
Oct-07
Feb-08
Oct-08
Feb-09
Oct-09
Aug-08
Aug-09
Apr-08
Jun-08
Apr-09
Jun-09

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:
Ten Largest Holdings (Weight) Characteristics
RIO TINTO LTD 1.8% FRAPORT AG 1.1%
Artio International Equity II GT MSCI EAFE MSCI ACWI ex US
RIO TINTO PLC 1.3% NESTLE S.A. 1.1%
KOMERCNI BANKA A.S. 1.3% TOTAL S.A. 1.1%
63.00
70
HABC HOLDINGS PLC 1.2% VODAFONE GROUP PLC 1.0%
47.20
60
BANCO SANTANDER S.A. 1.2% ROYAL DUTCH SHELL 1.0%
39.30
50
40
Country Allocation
18.59
16.82
30
16.46
Developed Markets MSCI MSCI Emerging Markets MSCI
20
Portfolio EAFE ACWI ex US Portfolio ACWI ex US
1.73
2.78
2.95
1.62
1.69
2.70
10
Australia 6.0% 8.4% 5.9% Argentina 0.0% 0.0%
0
Austria 1.1% 0.3% 0.2% Brazil 2.4% 3.8% Avg Mkt Cap ($Bil) P/B Current P/E Ratio Dividend Yield
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% Sector Allocation
Cayman Islands 0.0% 0.0% 0.0% Cyprus 0.0% 0.0%
Artio International Equity II GT MSCI EAFE MSCI ACWI ex US
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% 35
France 9.3% 11.1% 7.8% Hungary 0.6% 0.1% 30
27.8
25.8
Germany 6.9% 8.1% 5.7% India 2.1% 1.7%
25.5
25
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% 20
16.2
Ireland 0.4% 0.3% 0.2% Jordan 0.0% 0.0%
15
Italy 2.6% 3.5% 2.4% Korea 3.2% 2.9%
12.0
11.2
11.2
11.1
10.8
10.4
10.1
9.8
9.7
Japan 10.0% 20.7% 14.6% Malaysia 0.0% 0.6% 10
8.6
8.4
8.4
8.4
8.0
7.0
6.7
6.4
6.2
Luxembourg 0.0% 0.0% 0.0% Mexico 1.4% 1.0%
5.9
5.8
5.4
4.9
5.0
4.8
4.8
5
Netherlands 3.8% 2.7% 1.9% Morocco 0.0% 0.0%
2.1
1.8
0.0
0.0
New Zealand 0.0% 0.1% 0.1% Pakistan 0.0% 0.0% 0
Norway 1.5% 0.8% 0.6% Peru 0.0% 0.1%
Co
Co
Fi
In
In
Te
U
En
Ca
til
ea
na
ate
d
lec
sh
n
er
or
us
it i
Portugal 0.1% 0.3% 0.2% Philippines 0.0% 0.1%
lth
su
su
nc
g
ri a
m
om
tri
es
y
m
ial
at
Ca
ls
a
er
er
m
ls
s
io
re
Singapore 0.0% 1.5% 1.0% Poland 0.9% 0.3%
un
n
D
Stap
Te
isc
ica
les
ch
re
ti
Spain 2.3% 4.6% 3.2% Romania 0.0% 0.0%
on
tio
n ol
na
Se
og
ry
rv
Sweden 1.1% 2.5% 1.8% Russia 4.4% 1.4%
ice
s
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%


0.00% 2 Years
-2.00% MSCI All Country
Artio International World Free ex US
-4.00%
Equity II GT Gross
Return -14.98 -11.78
Rate of Return
-6.00%
-8.00%
MSCI All Country
World Free ex US
-10.00%
Gross Beta 0.88 1.00
-12.00% Alpha -0.46 --
Artio International
MSCI EAFE Up Capture 86.46 --
-14.00%
Equity II GT Down Capture 98.87 --
-16.00% Correlation 98.63 --
27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.00% 30.50% 31.00%
R Square 97.29 --
Standard Deviation

Artio International Equity II GT MSCI All Country World Free ex US Gross MSCI EAFE
MSCI All Country
10 Artio International World Free ex US
9
9 8
Equity II GT Gross
8 7 77
6 Highest Monthly Return 11.40%
5 13.75%
5
4 3 3 3
3
Number of Pos. Months 12 12
2 2 2 2 2
11 1 1 1 1 1 11
1 0 0 00 000 0 00 % Positive Months 46.15% 46.15%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%


Ranking 42 55 86 80
42.2
50
33.4
32.5
40
23.9
24.3
22.7
22.2
22.5
30
Rate of Return %
20
3.8
3.0
2.7
2.2
10
-10
-11.9
-11.8
-13.2
-15.0
-20
-30
1 Quarter 2 Quarters 1 Year 2 Years
Artio International Equity II GT MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr

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 -11.92
75th 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.


Ranking 86 41
50 42.2
33.4
32.5
27.2
26.9
26.5
23.9
17.1
17.1
30
15.5
14.0
12.4
11.6
10
Rate of Return %
-10
-30
-41.6
-42.4
-43.1
-45.2
-50
-70
Artio International Equity II GT MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr
5th Percentile 50.42 -24.64 21.87 33.79 24.96
25th Percentile 39.89 -38.75 18.08 29.42 19.38
50th Percentile 33.37 -42.42 12.43 26.45 15.54
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

Thornburg International Equity Fund

♦ Strategy: International Equity ♦ Over a market cycle, performance in the upper third of appropriate universe
(International Developed Markets Equity).
♦ Vehicle: Commingled Fund ♦ Over a market cycle, outperform the MSCI EAFE and MSCI ACWI (ex-US)
Indexes.
♦ 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
This Quarter Last 12 Months Thornburg International Equity Fund

MSCI All Country World Free ex US Gross
Beginning Market Value 11,191 6,191 MSCI EAFE
$1.20
Income 0 40
$0.80
Gain/Loss 619 3,079
$0.40
$0.20
$0.00
Dec-07
Dec-08
Dec-09
Oct-07
Feb-08
Oct-08
Feb-09
Oct-09
Aug-08
Aug-09
Apr-08
Jun-08
Apr-09
Jun-09

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:
Ten Largest Holdings (Weight) Characteristics
TEVA PHARMACEUTICAL 2.9% TOYOTA MOTOR CORP 2.3%
Thornburg International Equity Fund MSCI All Country World Free Ex-US MSCI EAFE
KOMATSU 2.5% HONG KONG EXCHANGE 2.2%
INDUST. & COMM. BANK OF CHINA 2.4% SAP AG 2.2% 70
53.81
47.20
60
LVMH MOET HENNESSY LOUIS VUITTON 2.4% RECKITT BENCKISER GROUP 2.2%
39.30
50
NESTLE SA 2.3% BHP BILLITON 2.2%
40
19.45
Country Allocation
16.82
16.46
30
Developed Markets Emerging Markets 20
2.70
2.95
2.30
2.70
MSCI
1.62
1.73
10
Portfolio MSCI ACWI Ex-US EAFE Portfolio MSCI ACWI Ex-US
Australia 2.2% 5.9% 8.4% Argentina 0.0% 0.0% 0
Avg Mkt Cap ($Bil) Current P/E P/B Yield
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% Sector Allocation
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% Thornburg International Equity Fund MSCI All Country World Free Ex-US MSCI EAFE
Germany 6.6% 5.7% 8.1% Egypt 0.0% 0.1%
Greece 1.8% 0.4% 0.5% Hungary 0.0% 0.1%
30
Hong Kong 2.3% 1.7% 2.3% India 0.0% 1.7%
25.8
25.5
Ireland 1.0% 0.2% 0.3% Indonesia 0.0% 0.4% 25
21.4
Italy 1.2% 2.4% 3.5% Israel 2.9% 0.6%
Japan 8.5% 14.6% 20.7% Jordan 0.0% 0.0% 20
Luxembourg 0.0% 0.0% 0.0% Malaysia 0.0% 0.6%
13.4
13.5
12.4
Netherlands 2.4% 1.9% 2.7% Mexico 4.2% 1.0% 15
12.0
11.2
11.2
10.4
10.1
New Zealand 0.0% 0.1% 0.1% Morocco 0.0% 0.0%
9.8
9.7
8.6
8.4
8.4
8.4
8.3
10
7.9
7.8
Norway 0.0% 0.6% 0.8% Peru 0.0% 0.1%
7.6
6.7
6.4
6.2
5.9
5.8
5.8
Portugal 0.0% 0.2% 0.3% Philippines 0.0% 0.1%
5.0
4.8
5
Singapore 0.0% 1.0% 1.5% Poland 0.0% 0.3%
1.0
Spain 1.9% 3.2% 4.6% Russia 0.0% 1.4%
0
Sweden 1.9% 1.8% 2.5% South Africa 0.0% 1.6%
En
M
Co
Co
Fi
In
In
Te
U
Switzerland 8.0% 5.4% 7.7% South Korea 0.8% 2.9%
ea
til
na
du
fo
at
le
er
ns
ns
iti
lth
er
rm
nc
c
str
gy
United Kingdom 20.4% 15.2% 21.6% Taiwan 0.5% 2.5%
um
um
om
ia
es
ia
at
ia
Ca
ls
er
er
ls
io
m
ls
Cash 1.0% 0.0% 0.0% Thailand 0.0% 0.3%
re
un
D
St
Te
isc
ap
ic
Other 0.0% 0.0% 0.0% Turkey 1.0% 0.3%
at
ch
le
re
io
s
tio
no
n
Total 78.3% 77.6% 100.0% Total 21.7% 22.4%
na
lo
Se
gy
r
rv
y
ic
e
s
Characteristic data provided by manager.


-11.60% 2 Years
-11.80% Thornburg MSCI All Country
Thornburg MSCI All Country
-12.00% World Free ex US
International World Free ex US
International Equity
Fund Gross Equity Fund Gross
-12.20%
Return -12.04 -11.78
Rate of Return

-12.60% Sharpe Ratio -0.50 -0.41
-12.80% Beta 0.83 1.00
-13.00%
Alpha -0.25 --
MSCI EAFE
Up Capture 76.69 --
-13.20%
-13.40% Correlation 99.12 --
25.00% 26.00% 27.00% 28.00% 29.00% 30.00% 31.00%
R Square 98.25 --
Standard Deviation

Thornburg International Equity Fund MSCI All Country World Free ex US Gross
MSCI EAFE
Thornburg MSCI All Country
9 International World Free ex US
88
8 Equity Fund Gross
7 77
7
5
3 3 3
3
2 2 2
2
11 11 1 1 1 1 1 1 111 1
Number of Neg. Months 14 14
1
0 0 0 00 00 % Positive Months 46.15% 46.15%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%


Ranking 29 82 50 52
42.2
50
33.5
33.4
32.5
40
24.3
22.7
22.2
20.1
30
Rate of Return %
20
3.7
3.8
2.7
2.2
10
-10
-11.8
-11.9
-12.0
-13.2
-20
-30
Thornburg International Equity Fund MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr

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 -11.92
75th Percentile 1.61 21.37 25.76 -13.94
95th Percentile -0.38 16.50 21.47 -18.15
Observations 1168 1130 1106 1003


Ranking 50 45
50 42.2
33.5
33.4
32.5
26.9
27.2
26.5
17.1
17.1
30
15.5
14.0
12.4
11.6
10
Rate of Return %
-10
-30
-42.0
-42.4
-43.1
-45.2
-50
-70
Thornburg International Equity Fund MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr
5th Percentile 50.42 -24.64 21.87 33.79 24.96
25th Percentile 39.89 -38.75 18.08 29.42 19.38
50th Percentile 33.37 -42.42 12.43 26.45 15.54
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

Fixed Income Manager Performance and Analysis

Agincourt
♦ Strategy: Core Bonds ♦ Over a market cycle, performance at least equal to the Citigroup Broad Investment
Grade Index.
♦ Vehicle: Separate Account ♦ Over a market cycle, "real" return of 2.5% over a cumulative five year period.
♦ 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
This Quarter Last 12 Months Agincourt

Barclays Capital Aggregate
Beginning Market Value 66,544 61,497 Citigroup Broad Investment Grade
$3.00
Net Additions 0 -2,500
Income 920 3,353
$2.00
Gain/Loss -203 4,911
$1.00
$0.50
$0.00
Dec-95
Dec-96
Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Agincourt
As of December 31, 2009, Agincourt held 201 securities in their portfolio. Holdings and portfolio characteristics are as follows:
Sector Allocation Characteristics
Agincourt Barclays Capital Aggregate Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade
60.0% 35
30
38.8%
23.09
36.8%
23.07
21.52
33.0%
25
27.7%
40.0%
20
16.7%
15
9.1%
20.0%
9.0%
7.45
7.5%
7.35
7.7%
6.09
3.8%
10
5.23
4.47
4.39
4.84
4.3%
5.18
5.08
2.2%
4.44
3.2%
3.27
3.39
0.4%
0.0%
0.0%
5
0.0%
Utility
Agencies
Corporates
Treasuries
Mortgages
Foreign
ABS
CMBS
0
Avg Maturity Avg Cpn (%) Avg Quality Duration (yrs) YTM (%)
(yrs)
Quality Duration
Agincourt Barclays Capital Aggregate Agincourt Barclays Capital Aggregate
100.0% 100.0%
73.3%
80.0% 80.0%
45.6%
60.0% 60.0%
43.3%
37.6%
25.8%
40.0% 40.0%
21.3%
20.4%
19.2%
19.2%
15.0%
10.6%
9.7%
8.2%
8.2%
6.6%
6.8%
20.0% 20.0%
4.8%
5.5%
5.1%
4.1%
3.2%
2.5%
1.2%
0.0%
0.2%
0.9%
1.9%
0.0%
0.0% 0.0%
GOVT AAA AA A BAA BA B 0-2 Year 2-4 Years 4-6 Years 6-8 Years 8-10 Years 10-12 Years 12+ Years

Agincourt
6.55% 10 Years
Agincourt
6.50% Barclays Capital

Agincourt Aggregate
Return 6.52 6.33
Rate of Return
6.45% Citigroup Broad

Investment Grade Standard Deviation 3.97 3.83
Sharpe Ratio 0.98 0.96
6.40%
Beta 0.97 1.00
Alpha 0.03 --
6.35%
Barclays Capital Up Capture 101.73 --
Aggregate Down Capture 99.03 --
3.82% 3.84% 3.86% 3.88% 3.90% 3.92% 3.94% 3.96% 3.98%
R Square 86.83 --
Standard Deviation

Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade
50 Barclays Capital
444443
45 Agincourt Aggregate
40
34
35 3232 Number of Months 169
2929 169
30 Highest Monthly Return 4.04%
25 3.73%
25
20
15
10 7 Number of Neg. Months 43 54
556 55
32 74.56% 68.05%
5 000 111 1 121 001 000 % Positive Months
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%

Agincourt
Ranking 41 37 62 72 68 57
13.9
14
11.3
12
10
Rate of Return %
6.7
6.4
6.4
8
6.6
6.5
6.5
6.0
6.3
6.0
5.8
6.0
5.9
5.6
5.4
5.2
5.1
5.0
6 5.1
4
1.1
0.9
2
0.2
0.0
0
Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade Median Core Bond Mgr

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 6.61
75th 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.

Agincourt
Ranking 37 78 71 42 61
13.9
15
11.3
13
11
7.2
9
7.0
7.0
7.0
Rate of Return %
6.5
5.9
5.2
7
5.1
4.7
4.6
4.3
4.3
5
2.7
2.6
2.6
2.4
1.8
3
-1
-1.7
-3
-5
Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade Median Core Bond Mgr
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

Mellon Aggregate Bond Index Fund

♦ Strategy: Core Bonds ♦ Match the performance of the Barclays Capital Aggregate Index.
♦ Vehicle: Commingled Account
♦ Inception date: May 2001
♦ Benchmark: Barclays Capital Aggregate
♦ Fees: 5 bps
This Quarter Last 12 Months Mellon Aggregate Bond Index Fund

Barclays Capital Aggregate
$1.80
Net Additions 0 -15,046
$1.60
Return on Investment 79 2,198
$1.40
Income 0 -1
$1.20
Gain/Loss 79 2,199
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09

As of December 31, 2009, Mellon Aggregate Bond Index Fund held 2,598 securities in their portfolio. Holdings and portfolio characteristics are as follows:
Sector Allocation Characteristics
Mellon Aggregate Bond Index Barclays Capital Aggregate Mellon Aggregate Bond Index Barclays Capital Aggregate
60.0% 30
22.00
22.00
39.8%
50.0%
39.5%
25
40.0%
27.4%
27.7%
20
30.0%
16.6%
16.7%
15
13.2%
12.5%
20.0%
6.80
6.81
10
4.81
4.67
4.57
2.1%
4.50
2.2%
1.5%
3.67
3.53
0.0%
0.4%
0.4%
10.0%
5
0.0%
Utility
Agencies
Corporates
Mortgages
Treasuries
ABS
Cash
0
Avg Maturity Current Coupon Avg Quality Duration (yrs) YTM (%)
(yrs)
Quality Duration
Mellon Aggregate Bond Index Barclays Capital Aggregate Mellon Aggregate Bond Index Barclays Capital Aggregate
70.0%
60.0%
60.0%
40.9%
39.9%
39.9%
50.0%
37.1%
50.0%
37.8%
37.4%
40.0%
40.0%
25.1%
25.8%
30.0%
30.0% 16.1%
15.0%
10.2%
10.6%
20.0%
9.7%
20.0%
8.7%
8.2%
7.4%
5.5%
5.5%
3.2%
2.9%
4.1%
4.1%
2.5%
2.4%
10.0% 10.0%
0.0% 0.0%
GOVT AAA AA A BAA 0-2 Year 2-4 Years 4-6 Years 6-8 Years 8-10 Years 10-12 Years 12+ Years
Characteristics provided by manager.


5.43% 8 Years
Barclays Capital
Aggregate
5.43% Mellon Aggregate Barclays Capital
Bond Index Fund Aggregate
Rate of Return
5.42% Return 5.41 5.43

5.42% Sharpe Ratio 0.81 0.82
Mellon Aggregate
Bond Index Fund Beta 1.01 1.00
5.41% Alpha 0.00 --
Up Capture 99.76 --
5.41% Down Capture 99.91 --
3.93% 3.94% 3.94% 3.95% 3.95% 3.96% 3.96% 3.97%
Correlation 99.95 --
Standard Deviation
R Square 99.91 --
Tracking Error 0.12 --
Mellon Aggregate Bond Index Fund Barclays Capital Aggregate
45 Mellon Aggregate Barclays Capital

39 Bond Index Fund Aggregate
40 37
35
2524 24
4 4
5
0 0 1 1 2 2 2 2 2 2
0 0 0 0 % Positive Months 67.31% 68.27%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
re
%
%
ss
a
to
to
to
to
to
to
to
to
to
te
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%


Ranking 84 85 87 69 74 79
11.3
10.6
12
10
6.4
Rate of Return %
5.9
5.8
5.6
5.6
5.7
5.5
5.4
5.4
5.4
5.4
5.0
5.0
6
4
0.9
2
0.2
0.2
0
1 Quarter 3 Quarters 1 Year 2 Years 5 Years 8 Years
Mellon Aggregate Bond Index Fund Barclays Capital Aggregate Median Core Bond Mgr
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 5.74
75th 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


Ranking 87 20 52 76 73
11.3
12
10
7.0
7.0
7.0
8
Rate of Return %
5.9
5.7
5.5
5.2
6
4.6
4.3
4.3
2.7
4
2.4
2.4
1.8
2
0
Mellon Aggregate Bond Index Fund Barclays Capital Aggregate Median Core Bond Mgr
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

Real Estate Manager Performance and Analysis

American Core Realty Fund - American Realty

Geographic Region Allocation Strategy & Objective
♦ Diversified Core Real Estate Commingled Fund
Midwest West ♦ Achieve returns competitive with other asset classes with stable income and potential for
11.9% 28.7%
appreciation.
Ft. Lauderdale Market Value $ 17,428,174

Ft. Lauderdale Inception Date 7/2/2007
Gross Market Value $ 1,447,317,191
South
Cash Balance $ 32,372,525
26.9% Debt $ 326,344,592
Net Market Value $ 1,127,881,486
Quarterly Income Return 1.23%
East # of Properties 78
32.5%
# of Participants 167
Property Type Allocation Net Returns by Property Type
Residential Retail Office Industrial Residential

25.4%
10
Retail 0
14.3%
-1.7
-0.3
-2.0
-3.5
-3.6
-10
-5.6
-13.4
-20
-17.6
Industrial
-18.7
-23.0
23.5% -30
-27.0
-40
-50
-49.6
-60
-70
Office
Q
3
36.8%
Ye
Ye
ua
rte
ar
ar
r
Characteristics based on preliminary data provided by manager.
93

Ranking 81 74 57 56 50
-0.8
-2.1
-3.6
-5
-4.5
-5.4
-8.2
-10
-10.3
-10.9
-11.8
-13.7
Rate of Return %
-15
-15.1
-16.9
-18.9
-20
-19.1
-18.9
-19.9
-21.1
-25
-27.5
-30
-30.3
-30.2
-35
-40
American Core Realty Fund - American Realty NCREIF Property Index NFI ODCE (net) Median Real Estate Fds

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.


Ranking 56 36
20.2
20.1
18.2
16.6
25
15.8
16.1
15.3
14.8
14.8
15
5
Rate of Return %
-5
-5.7
-6.5
-10.4
-10.7
-15
-16.9
-25
-27.5
-30.3
-30.2
-35
-45
American Core Realty Fund - American Realty NCREIF Property Index NFI ODCE (net) Median Real Estate Fds
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

PRISA II - Prudential Real Estate Investors

Geographic Region Allocation Strategy & Objective
♦ Moderately Opportunistic Real Estate Portfolio
Midwest ♦ Achieve superior income growth and appreciation potential while outperforming the
4.5%
NCREIF Index each year by at least 200 basis points (before fees).
South West
20.3% 36.7%
Ft. Lauderdale Market Value $ 7,391,441
Ft. Lauderdale Inception Date 7/1/2007
Gross Market Value $ 6,054,036,986
Cash Balance $ 298,800,000
Debt $ 2,875,667,568
Net Market Value $ 3,321,653,394
Quarterly Income Return 1.80%
East
38.5% # of Properties 212
# of Participants 123
Property Type Allocation Net Returns by Property Type
Retail Office Residential Land, Self-Storage & Hotel
Residential
18.9% 0
-1.3
-10
-6.7
-9.4
-13.2
Retail -20
-30
-26.4
-26.3
-26.3
24.5%
-25.0
-40
-42.7
Land, Self- -50
-55.0
Storage, Hotel -60
-60.9
-60.9
21.8% -70
-80
-90
Office -100
34.8%
Q
3
Ye
Ye
ua
rte
ar
ar
r
Characteristics based on preliminary data provided by manager.
96

Ranking 86 81 77 86 87
-0.8
-2.1
-3.6
-5.4
-6.9
-8.2
-10
-10.3
-10.9
-11.8
-15.1
-16.4
-16.9
-20
-19.1
-18.9
Rate of Return %
-21.1
-26.6
-27.5
-30
-30.3
-32.0
-40
-44.8
-50
-60
PRISA II - Prudential Real Estate Investors NCREIF Property Index NFI ODCE (net) Median Real Estate Fds

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


Ranking 86 72
20.2
20.1
30
18.2
16.6
15.8
16.1
15.3
14.8
14.8
20
10
0
Rate of Return %
-6.5
-10
-10.7
-10.4
-16.1
-16.9
-20
-27.5
-30
-30.3
-40
-44.8
-50
-60
PRISA II - Prudential Real Estate Investors NCREIF Property Index NFI ODCE (net) Median Real Estate Fds
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

International Exposure

Analysis of International Exposure by Manager and Total Portfolio
Managers
Managers Percentage of Value of Percentage
Total Assets for Percent of Total International International International of
Manager Name Manager Portfolio Securities Securities 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

Definitions of Statistical Measures
Alpha - the difference between the fund's actual return and the fund's expected return given its relative
risk vs. the benchmark (which is represented by beta, a measure that tracks volatility to an index).
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 100
indicates a perfect correlation, while a R2 of 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

Quality Rating Scale
Moody's Prior to Beginning Moody's Prior to Beginning

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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ASSET CONSULTING GROUP

Investment Performance Review

231 South Bemiston Avenue, 14th Floor

For the Periods Ending December 31, 2009

Tab 1 Market Overview

© 2010 Asset Consulting Group All Rights Reserved 1

US Consumer Spending YoY

© 2010 Asset Consulting Group All Rights Reserved 2

© 2010 Asset Consulting Group All Rights Reserved 3

Equity Index Returns

S&P 500 Russell 3000 Russell 1000 Value

© 2010 Asset Consulting Group All Rights Reserved 4

© 2010 Asset Consulting Group All Rights Reserved

© 2010 Asset Consulting Group All Rights Reserved

Three Years La 3.4%

© 2010 Asset Consulting Group All Rights Reserved

© 2010 Asset Consulting Group All Rights Reserved

Fixed Income Market Environment

Excess Return (bps)

CAA 4.45% 8.71% 90.65% 1.95% 9,000

1-3 Yr. -0.58% 0.48% 5.01% 5.45% 4,000

7-10 Yr. -2.28% 0.02% 5.82% 6.67% 0

© 2010 Asset Consulting Group All Rights Reserved 9

Interest Rate Term Structure

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

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

© 2010 Asset Consulting Group All Rights Reserved 10

© 2010 Asset Consulting Group All Rights Reserved 11

© 2010 Asset Consulting Group All Rights Reserved 12

Asset Allocation Summary

© 2010 Asset Consulting Group All Rights Reserved 14

American Core Realty

© 2010 Asset Consulting Group All Rights Reserved 15

Investment Guidelines and Policy Statement

© 2010 Asset Consulting Group All Rights Reserved 16

Investment Policy Statement

Its purpose is to:

Determine the Trust's projected financial needs.

II. INVESTMENT OBJECTIVES

© 2010 Asset Consulting Group All Rights Reserved 17

35% S&P 500

III. INVESTMENT GUIDELINES

Asset Class Target Allocation Minimum Maximum

Large Cap Equity is further defined as:

Small Cap Equity 10% 5% 15%

Small Cap Equity is further defined as:

International Equity 15% 10% 20%

Long/Short Equity 10% 5% 15%

Fixed Income (incl. Cash) 30% 25% 35%

© 2010 Asset Consulting Group All Rights Reserved 19

© 2010 Asset Consulting Group All Rights Reserved 20

The following transactions would be prohibited:

V. BASIS FOR MEASUREMENT

VI. OTHER CONSIDERATIONS

VII. CONTINUING EDUCATION

Approved August 2009

Total Fund Performance and Analysis

© 2010 Asset Consulting Group All Rights Reserved 24

Current Portfolio Structure by Fund Manager

Artio International Systematic

Sawgrass K2 Long Short

© 2010 Asset Consulting Group All Rights Reserved 25

Historical Portfolio Structure by Fund Manager