Fort Lauderdale Police and Fire Pension 1st Quarter 2011 Investment Review

CITY OF FT.
LAUDERDALE
POLICE AND FIRE RETIREMENT SYSTEM
PERFORMANCE REVIEW
MARCH 31, 2011
102 W. Whiting Street, Suite 400, Tampa, FL 33602-5140 ♦ Tel: 813/218-5000 ♦ www.captrustadv.com
TABLE OF CONTENTS
Important Disclaimer Information 1
Capital Markets Review 2
Performance Review
Total Fund 3
Domestic Equity 4
International Equity 5
Fixed Income 6
Alternative Investments 7
Appendix 8
City of Ft. Lauderdale Police and Fire
Important Disclaimer Information
This report has been created as a courtesy for the clients of CapTrust Advisors.
The information contained herein was taken from sources believed to be reliable, but no representation or warranty is
made as to its accuracy or completeness.
Performance Comparison Page Information:

Shaded areas represent where the investment objective was achieved either by:
1) The investment return versus the index;
2) The investment return universe ranking (The lower the number the better the ranking)
Due to methodologies utilized by our systems, the performance results presented are calculated and presented beginning
on the last day of an account's inception month. Results do not include the interim period from an account's inception
date to an account's first month-end. For example, for an account that has an inception date of March 15, this report
begins measuring performance as of March 31. Omission of performance during this interim period is likely to result in
different performance figures than if the interim period's performance was included in this report.
Any investment results depicted represent historical net of fees performance.
Past performance is no guarantee of future performance.
This report is not the official record of your account. However, it has been prepared to assist you with you investment
planning and is for information purposes only. Your Custodial Client Statement is the official record of you account.
Therefore, if there are any discrepancies between this report and your Client Statement, you should rely on the Client
Statement and call your Financial Advisors if you have any questions. Transactions requiring tax consideration should be
reviewed carefully with your accountant or tax tax advisor. This is not a substitute for your own records and the year-end
1099 form. Cost data and acquisition dates provided by you are not verified by CapTrust Advisors.
Indices are unmanaged and you cannot invest directly in an index.
For index definitions, please see the Capital Markets Review.
1
2
CAPITAL MARKETS REVIEW – MARCH 31, 2011
Index QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr

Domestic Fixed Income
3 Month T-Bill 0.03% 0.03% 0.15% 0.43% 2.08% 2.14%
Barclays Capital 1-3 year Gov't 0.06% 0.06% 1.73% 2.48% 4.24% 3.79%
Barclays Capital Interm Gov't 0.02% 0.02% 3.83% 3.54% 5.48% 4.81%
Barclays Capital Interm Credit 0.99% 0.99% 6.32% 6.59% 6.36% 5.91%
Barclays Capital Interm Govt/Cred 0.34% 0.34% 4.63% 4.49% 5.68% 5.20%
Barclays Capital Aggregate Bond 0.42% 0.42% 5.12% 5.30% 6.03% 5.57%
Domestic Equity
Standard & Poor's 500 5.92% 5.92% 15.65% 2.36% 2.62% 3.29%
Dow Jones Industrial Average 7.07% 7.07% 16.51% 3.12% 4.87% 4.73%
Dow Jones US Total Full Cap 6.06% 6.06% 17.50% 3.83% 3.27% 4.62%
Dow Jones US Select REIT 6.70% 6.70% 24.44% 1.48% 0.66% 11.25%
Russell 1000 - Large Cap 6.24% 6.24% 16.69% 2.98% 2.93% 3.83%
Russell 1000 Growth - Large Cap 6.03% 6.03% 18.26% 5.19% 4.34% 2.99%
Russell 1000 Value - Large Cap 6.46% 6.46% 15.15% 0.60% 1.38% 4.54%
Russell Midcap 7.63% 7.63% 24.27% 7.25% 4.67% 8.52%
Russell Midcap Growth 7.85% 7.85% 26.60% 7.63% 4.93% 6.94%
Russell Midcap Value 7.43% 7.43% 22.26% 6.62% 4.04% 9.24%
Russell 2000 - Small Cap 7.94% 7.94% 25.79% 8.57% 3.35% 7.87%
Russell 2000 Growth - Small Cap 9.24% 9.24% 31.04% 10.16% 4.34% 6.44%
Russell 2000 Value - Small Cap 6.60% 6.60% 20.63% 6.76% 2.23% 9.01%
International Equity
MSCI EAFE 3.37% 3.37% 10.42% -3.02% 1.30% 5.39%
MSCI World 4.80% 4.80% 13.45% -0.25% 2.08% 4.21%
MSCI EM 1.69% 1.69% 15.89% 1.96% 8.25% 14.10%
Blended Benchmarks
30% S&P 500 / 70% Barclays Agg 2.07% 2.07% 8.28% 4.42% 5.01% 4.89%
40% S&P 500 / 60% Barclays Agg 2.62% 2.62% 9.33% 4.12% 4.67% 4.66%
50% S&P 500 / 50% Barclays Agg 3.17% 3.17% 10.39% 3.83% 4.33% 4.43%
60% S&P 500 / 40% Barclays Agg 3.72% 3.72% 11.44% 3.54% 3.98% 4.20%
70% S&P 500 / 30% Barclays Agg 4.27% 4.27% 12.49% 3.24% 3.64% 3.97%
This and/or the accompanying information was prepared by or obtained from sources which are believed to be reliable but does not guarantee its accuracy. Please see
important disclosure and reference information at the conclusion of this report. Past performance is not indicative of future results.
Data Sources: Zephyr StyleAdvisor , Barclay’s Capital, MSCI Barra & Standard & Poor’s
Data provided by sources believed to be reliable but no guarantee is made as to its accuracy. Past performance is no guarantee of future performance.
3
Capital Markets Summary

One Year Performance of Asset Classes As Of
March 31, 2011
MCG Equities 26.6%

Price volatility, consolidation, and even reversals
SC Equities 25.8%
are considered normal following periods of strong 24.3%
MC Equities
market performance. Generally, these market MCV Equities 22.3%
actions are triggered by an unforeseen or SCV Equities 20.6%
unpredictable event with price volatility and Intl Emerging Equities 18.8%
LCG Equities 18.3%
consolidation often the result of tactical risk
LC Equities 16.7%
management. The first quarter of 2011 provided S&P 500 15.7%
several triggering mechanisms. LCV Equities 15.2%
High Yield Bonds 14.1%
Intl Developed Equities 10.9%
Corporate Bonds 7.5%
Inflation, in the form of rising food Long Term Treasury Bonds 7.3%
(agricultural/livestock commodities) and materials Foreign Bonds 6.5%
(metal/lumber) prices threaten to slow global Intl Frontier Equities 5.5%
Mortgage Backed Bonds 4.4%
growth. Geo-political events in the Middle East
Municipal Bonds 1.6%
and North Africa threaten to disrupt adequate oil 0.2%
3-Month T-Bill
supplies and inflate energy costs. The earthquake
and resulting tsunami that devastated Japan late in
the quarter threaten the regional economies leading
some economists to predict a global economic
slowdown.
Domestically, the Federal Reserve has stated its comfort with the current level of inflation (presumably
ex-energy), but recent commentary from several Federal Reserve Bank Presidents would indicate not
all decision makers fully agree with this position. Chinese and European leaders are already taking
steps to slow economic growth and manage inflationary pressures. Investors wary of impending
interest rate hikes chose to begin reducing security positions of interest rate sensitive economies.
Investors then had to evaluate the economic impact of the political unrest in the Middle East and
Libya. Protracted unrest or the threat of more widespread unrest in this region would likely disrupt oil
supplies and further increase prices which could drain consumer resources and further stymie
economic growth. Investors responded to this uncertainty by tactically managing risk and sold assets
considered at political, regional, or supply risk.
4

Risk/Return Comparison
The earthquake and tsunami that hit Japan on Five Years Ending March 31, 2011
March 11 created immeasurable hardship for its 12

MSCI EM
people, and grabbed the world’s attention for two 10
ML HYM
reasons. First and foremost is the human tragedy. 8
Return (%)
Second is the damage caused to the Japanese BC Agg
6 R Mid
economy that has struggled with anemic growth for BC Int GC
4
the past two decades. The infrastructure damage R 1000
R 2000
caused by this disaster has threatened Japan’s 2 T‐Bills MSCI EAFE
manufacturing capacity and the effects have 0

0 5 10 15 20 25 30
already been felt in the electronic and automotive
Risk (Standard Deviation %)
sectors. Investors managed risk by reducing
exposure to companies strongly tied to the
Japanese economy.
Despite these triggers and the resulting volatility the domestic markets continued to move cautiously
higher this quarter. The Dow Jones Industrial Average (DJIA) was up 7.07% and the S&P 500 Index
ended the quarter with a gain of 5.92%, its best quarter in 13 years. The NASDAQ Composite Index
gained 5.02%. The S&P400 Mid-cap Index gained 9.36%, and the S&P 600 Small Cap Index was up
7.71% for the quarter. Domestic growth is slow, but steady. Manufacturing is expanding, albeit very
slowly. The labor market is showing gradual improvement. Wage growth is slow and inflation is low.
After having adjusted to post-recession estimates and predictions, investors had little to get excited
about this earnings season. Investor confidence was encouraged by the number of companies that
initiated, reinstated or increased dividends. With the economy remaining sluggish and upside earnings
surprises likely peaked, some institutional investors now consider profit forecasts for the S&P to be the
best case scenario.
Mergers and acquisitions remained strong during the quarter as company executives continued to
pursue large acquisitions. Global M&A activity for the first three months of the year totaled $716.3
billion. That is up 16% from $618.5 billion a year ago.
In international markets, the most indebted countries in the Eurozone are leading market returns. Italy,
Greece and Spain were each up better than 7.0% this quarter despite fears the European debt crisis is
worsening. The European market is struggling with many of the same issues as the U.S. domestic
market. Expansion is slow. The job market is weak and unemployment remains high. Inflation is a
concern. Debt is growing. The French CAC40 was up 5.6% and kept pace with Western markets. The
German DAX was up 3.0%.
5
Japan was the focal point in Asian markets. It will be some time before the full impact of the
devastation to the world’s third largest economy is known. Japan must first provide services to its
affected people and deal with a potential nuclear disaster. The rebuilding process will be lengthy, and
require considerable capital and resources. The Nikkei 225 Index dropped immediately following the
disaster, but was making a modest recovery by the end of the quarter finishing down 5.0%. China’s
manufacturing growth accelerated for the first time in four months easing concerns that monetary
tightening would lead to a slowdown in the world’s second largest economy. Although volatile, the
China CSI 300 Index gained 4.6% for the quarter.
In the domestic fixed income markets the Federal Reserve kept interest rates unchanged during the
quarter, however, comments from several regional Fed Presidents indicate differing opinions on this
position. This dissention supported the opinion of many investors who have been liquidating U.S. debt
in advance of an anticipated rate hike. PIMCO, the world’s largest bond fund, announced this quarter
that it had sold all of its long-term U.S. debt holdings in search of higher yields elsewhere.
Corporations continued to take advantage of the low interest rate environment by issuing a record
$259.4 billion in new issuance for the quarter.
Unlike the U.S. market, European economic leaders have the additional burden of managing an
interest rate that must accommodate and foster growth for weak economies and not overheat stronger
economies. Portugal, Ireland, and Greece need rates to remain low to avoid a sovereign debt crisis. By
not raising rates, the European Central Bank risks inflationary damage to the German and French
economies. Nervous bond investors hedged positions ahead of a scheduled ECB meeting in early
April. Less risk adverse investors actively sought higher yields in emerging market country debt.
On a final note of interest; Last quarter China expressed its financial support for Spain and other
European country debt. This quarter the Financial Times reported that China surpassed the World
Bank in providing loans to developing countries.
6
Domestic Equity
Broad Domestic Equity Performance
The U.S. equity market remained resilient 30.00%
during the first quarter despite a number of 25.00%

event-driven risks. All major U.S. equity
20.00%
indices rose over 5% led by the Dow Jones
Return (%)
Large Cap
Industrial Average, which posted a 7.07% 15.00% Mid Cap
return for its best first quarter since 1998. In a Small Cap
10.00%
quarter where disaster struck Japan, social
unrest escalated in the Middle East, oil and 5.00%
gas prices increased significantly, and the 0.00%

threat of a federal government shutdown the 1Q11 1 year 3 years 5 years 10 years
major indices ended each month of the quarter

higher than they began. While February was particularly strong (with all indices up over 3% in the
month), January and March also added to a strong start to the year.
Small cap stocks again outperformed large caps as the Russell 2000 rose 7.94% and the Russell 1000
rose 6.24%. Style results were mixed as the Russell 1000 Value (up 6.46%) outpaced the Russell 1000
Growth (6.03%) while the Russell 2000 Growth (9.24%) significantly outperformed the Russell 2000
Value (6.60%).
First Quarter
Domestic Equity Returns
Value Growth
Russell Russell Russell
2000 Midcap 1000
6.46 6.24 6.03
7.42 7.63 7.85
6.60 7.94 9.24
-10 -5 0 5 10
7
Domestic Equity
S&P 500 1Q 2011 Sector Returns
In sector returns, the S&P 500 Energy 16.80 Energy
Industrials
sector continued its blistering pace as it 8.75
5.92 S&P 500
posted a 16.80% gain for the quarter, easily 5.62 Health Care
outpacing the runner-up Industrial sector’s 4.85 Telecommunication Services
4.71 Consumer Discretionary
8.75% return. Though it did slow down to Materials
4.54
1.54% in March, Energy had six straight 3.47 Information Technology
months of returns eclipsing 5% from 3.04 Financials
2.74 Utilities
September 2010 to February 2011. The Consumer Staples
2.52
sector has now posted a 60.25% cumulative
return over the past 3 quarters. Energy and
Style Performance
Industrials were the big winners of the first 10 Year Growth of $100
three months of 2011, as all other sectors 300
trailed the overall S&P 500 but were still all 250
able to post positive gains for the quarter. 200
150
In U.S. mergers and acquisitions, while the
100
total number of deals announced in first
50
quarter 2011 declined from the first quarter
of 2010, the dollar value of those deals 0
more than doubled. Notable deals

announced during the quarter were AT&T’s R1000 Value R1000 Growth R2000 Value R2000 Growth
(T) proposed acquisition of T-Mobile USA

for $39 billion from Deutsche Telekom, and Duke Energy’s (DUK) bid for Progress Energy (PGN) at
slightly more than $26 billion. Additionally, in February, the NYSE Euronext (NYX) agreed to be
acquired by Deutsche Boerse for a friendly all-stock offer valued at nearly $10 billion ($35.75/ share).
(However, it was announced on April 1st that NASDAQ (NDAQ) and Intercontinental Exchange (ICE)
jointly made an unsolicited bid for NYSE that valued the company at $42.50/ share ($11.3 billion) and
included a cash payout of $14.24 per share. The NYSE rejected this unsolicited bid in favor of keeping
its deal with Deutsche Boerse (which also carries a $362 million breakup fee), though the speculation of
further overtures from NDAQ and ICE remained as of this writing.) In IPOs, first quarter 2011
proceeds were $12.4 billion, a sizeable increase from the $4.2 billion received during the same quarter
in 2010. HCA Holdings (HCA), Kinder Morgan (KMI), and Nielsen Holdings (NLSN) each recorded
proceeds greater than $1 billion from their IPOs.
8
International Markets
The international markets started the quarter full of uncertainty as investors tried to gauge the impact
of regional unrest in the Middle East and North Africa. Demonstrations that started in Tunisia have
spread through most of the region. In three months we have witnessed the overthrow of governments
in Egypt and Tunisia, civil war in Libya and half a dozen other countries facing protest. Some
governments have promised reform, while others have used military, police and Marshall Law in
attempts to stop the protests. Saudi Arabia is being watched closely, as any major unrest there will
affect oil prices and possibly broader markets. The political upheaval has put a premium on oil prices
that have recently traded above $110 per barrel compared to $91 at the beginning of the quarter. The
turmoil has slashed over 23% from Egypt’s index as the Middle East returns trail all other regional
returns for the quarter. Economists believe prolonged increased oil prices will impact world growth
during the recovery.
The second major event this past quarter was the earthquake and resulting tsunami in Japan. The
March 11th event has left over 12,000 confirmed dead with estimates that could go well above 20,000.
The tsunami washed over the northern part of Japan causing devastation in its manufacturing sector as
well as the lives and homes lost. Besides the quake, tsunami, and power outage Japan is also dealing
with a nuclear reactor crises that rivals Chernobyl. In the days following the event the Japan index lost
roughly 15% of its value and ended the quarter down 4.85%. Japan’s auto and electronics
manufacturing was severely impaired as Sony, Toyota, Nissan, Honda and Mazda have all been
impacted. All auto plants in Japan were shut down for at least a week to conserve energy and assess
damage to plants and suppliers. The largest supplier of auto safety devices Autoliv Inc. was in the
affected area as well as many global suppliers of parts that will affect all major auto supply chains.
Some economists believe world auto production will be down 30% or 100,000 units per day in the near
term. The international central banks have pledged to intervene to maintain stable Yen prices as Japan
recovers and global companies headquartered in Japan bring money home to rebuild.
One Year International (Gross) Returns

As Of March 31, 2011
Japan 1.6%
India 9.5%
China 9.6%
Brazil 9.7%
United Kingdom 13.6%
Australia 15.0%
Mexico 19.1%
Germany 20.7%
South Africa 26.0%
Russia 30.1%
9
International Markets
With Japan and the Middle East grabbing headlines this quarter, less attention has been paid to debt
and banking problems of Europe. After denying the need for a bailout for quite some time, Portugal
has finally officially requested assistance from the EU and IMF. Portugal has been trying to clean up
its own fiscal problems and to avoid the austerity measures that come attached to a bailout. The
Portuguese government has not been able to agree on any meaningful moves to balance the budget,
and the interest rate on its debt is too high to support long term. After a downgrade from Moody’s, the
annual interest on its one year note jumped 1.6% to 5.9%, adding huge costs for the government.
Spain and Italy are the only two remaining infamous “PIIGS” countries that have not received a
bailout. Both Spain and Italy have declared their finances are good enough to avoid external
assistance. Greece, Ireland and Portugal all declared the same for months until debt markets proved
otherwise. The EU has also declared its first interest rate hike since the great recession. While
Europe’s inflation is not nearly as high as China’s it must delicately balance the inflation problems of
its core manufacturing countries , such as Germany and the slow growth and fiscal problems of
countries such as Portugal.
Despite the economic problems in Europe, the MSCI Europe Index gained 6.56% this quarter.
Germany, considered Europe’s current economic leader, posted market declines during the final month
of the quarter, however, the MSCI Germany Index still managed a gain of 7.57%. Higher energy
prices and political stability are moving the Russian markets higher. The MSCI Russia Index advanced
16.29% this quarter. The trailing one year return is 30.06%. China continued monetary tightening and
chose to raise interest rates again this quarter. The MSCI China Index advanced 2.88% this quarter and
is up 9.58% year over year.
Fixed Income
All things considered, the fixed income market managed to navigate a difficult first quarter with most
sectors posting moderate gains. The Barclays Capital U.S. Aggregate Bond index was up 0.42% for
the quarter with monthly returns of 0.12%, 0.25%, and 0.05%. The Barclays Capital U.S. Government
Intermediate index was barely up at 0.01% for the quarter with monthly returns of 0.28%, -0.23%, and
-0.04%. The Barclays Capital U.S. Corporate Investment Grade index increased 0.86% for the quarter
with monthly returns of 0.20%, 0.79%, and -0.13%.
10
Fixed Income 5.00%
Treasury Yield Curve

4.00%
3.00%
Revolution in the Middle East, destruction in Japan, 2.00%
1.00%
and uncertainty in Europe over sovereign debt all 0.00%
3 MO 6 MO 2 YR 5 YR 10 YR 30 YR
led investors to the safety of Treasury bonds, even
12/31/2008 12/31/2009 12/31/2010 3/31/2011
as U.S. economic news pressured yields higher. The
benchmark 10 Year Treasury rose 15 bps during the
Sector Performance
quarter, and the 5 Year climbed 22 bps plumping up 8.00%
6.00%
the belly of the yield curve the Fed has been fighting 4.00%
to keep down during QE2. Fear of rising inflation 2.00%
0.00%
built during the quarter, even as increasing food and ‐2.00% 1Q11 YTD 1 YR 3 YR 5 YR 10 YR
fuel prices have yet to materialize in the headline Govts Corps Mortgages Munis
CPI numbers. Agencies continue to perform
somewhat better than Treasuries. Demand has 15.00%
Credit Performance
AAA
easily absorbed the relatively low levels of issuance AA
10.00%
in Agency mortgage-backed securities. A
BBB
5.00%
BB
Corporate bond returns continue to be driven by 0.00%
healthy earnings, solid credit fundamentals, and 1Q11 YTD 1 YR 3 YR 5 YR
strong demand for new issuance. Also, the Moody’s

speculative grade default rate 12 month trailing number is below 3% compared to 11.7 % this time last
year, and they reported no defaults in the month of January for the first time since June 2007. High
Yield bonds were the big performer of the quarter with a return of 3.88% according to the Barclays
Capital U.S. Corporate High Yield index. All high yield sectors were positive, with food and drug
retailers, technology, and energy gaining the most.
11
Commodities
Commodity prices were mixed during the quarter. Oil grabbed the most attention as it closed at a two
and half year high above $106 per/bbl and advanced 16.8% for the quarter. Gold closed above $1,438,
but only advanced 1.3%, the second weakest quarter since 2008. Silver increased 22.5%, closing
above $37. Silver is now up more than 100% from the first quarter of last year. Aluminum advanced
6.6% during the quarter.
In addition to oil and metals, inflationary concerns helped agricultural commodities post strong gains
for the quarter. Cotton was up more than 38% (up 17% in February), and corn rose more than 10%.
Wheat, which was up more than 47% last year, declined slightly less than 4% during the quarter.
Currency
In March, the New York Federal Reserve Bank took the extraordinary measure of intervening in the
currency markets following the earthquake and tsunami that devastated Japan and threaten to hyper-
inflate the Japanese Yen. A Fed spokesperson confirmed the intervention, supported by the Group of
seven major industrialized nations, but refused any specific details, saying the action was necessary as
the Yen surged to post-war levels and threatened to depress the country’s exports. The action proved
effective as the Yen stabilized and allowed the Dollar and Euro to advance.
A lack of monetary policy change in the U.S. and a change in investor opinion helped the Euro gain on
the dollar. Much of this gain is attributed to the current U.S. monetary policy and economic stimulus
program. However, there appears to have been a change in investor opinion on the status of the
dollar’s value as a safe-haven. Typically, the dollar has been sought by investors during times of
political or financial turmoil. The Dollar Index lost 3.8% versus a basket of six major currencies this
quarter. Recently, investors have been shunning the dollar and buying the Swiss franc, Japanese Yen
and Euro. The Euro closed the quarter above $1.41 with a 6% move upward from its February 14 low
of $1.34.
1 Year Country And Currency Returns
As of March 31, 2011
19.8%
Australia 15.0%
9.2%
Canada 23.1%
3.6%
Europe 13.1%
14.9%
Japan 1.6%
11.3%
U.K. 13.6%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Currency Country Return
12
CAPITAL MARKET INDEX RETURNS
19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 819 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2 0 10 2 0 11
Rus s ell M SCI M SCI Rus s ell DJ Rus s ell Rus s ell
Rus s ell DJ Rus s ell Barclays Rus s ell DJ DJ DJ Rus s ell Barclays Rus s ell Rus s ell Rus s ell
B ES T 2000 10 0 0 Wils hire 10 0 0 10 0 02000 Wils hire 2000 Ag g 2000 Wils hire Wils hire Wils hire 10 0 0 Ag g 10 0 0 2000 2000
EAFE EAFE
Value Value REIT Value Gro wth
Gro wth REIT Value Bo nd Gro wth REIT REIT REIT Gro wth Bo nd Gro wth Gro wth Gro wth
2 9 .15% 3 2 .9 4 % 8 .0 6 % 3 8 .3 5% 3 7.0 4 % 3 5.18 % 3 8 .71%
4 3 .0 9 % 3 1.0 4 % 13 .9 6 % 10 .2 7% 4 8 .53 % 3 3 .14 % 14 .0 0 % 3 6 .13 % 11.8 1% 5.2 4 % 3 7.2 1% 2 9 .0 9 % 9 .2 4 %
DJ Rus s ell Rus s ell S&P Rus s ell S&P S&P Rus s ell Rus s ell DJ DJ Rus s ell Rus s ell M SCI M SCI M SCI Rus s ell Rus s ell DJ DJ
Wils hire 2000 10 0 0 10 0 0 10 0 0 2000 Wils hire Wils hire 2000 2000 2000 2000 Wils hire Wils hire
50 0 50 0 50 0 EAFE EAFE EAFE
REIT Value Gro wth Gro wth Gro wth Value REIT REIT Value Value Value Gro wth REIT REIT
15.13 % 2 3 .8 4 % 2 .6 6 % 3 7.53 % 2 3 .12 %
3 3 .3 5% 2 8 .57% 3 3 .16 % 2 2 .8 3 % 12 .3 6 % 3 .6 0 % 4 6 .0 2 % 2 2 .2 5% 13 .54 % 2 6 .3 4 % 11.17% -2 8 .9 2 % 3 4 .4 7% 2 8 .0 7% 6 .70 %
Rus s ell Rus s ell DJ Rus s ell S&P Rus s ell M SCI M SCI Barclays Barclays Rus s ell M SCI M SCI Rus s ell Rus s ell Rus s ell Rus s ell M SCI Rus s ell Rus s ell
10 0 0 10 0 0 Wils hire 10 0 0 2000 Ag g Ag g 2000 10 0 0 2000 2000 10 0 0 2000 2000
50 0 EAFE EAFE EAFE EAFE EAFE
Value Value REIT Gro wth Value Bo nd Bo nd Value Value Value Gro wth Value Value Value
13 .8 1% 18 .12 % 2 .6 6 % 3 7.19 % 2 2 .9 4 % 3 1.78 % 2 0 .3 3 % 2 7.3 0 % 11.6 3 % 8 .4 4 % -11.4 2 % 3 9 .16 % 2 0 .2 5% 7.0 5% 2 3 .4 8 % 7.0 5% -3 6 .8 5% 3 1.78 % 2 4 .50 % 6 .6 0 %
Rus s ell DJ S&P Rus s ell Rus s ell Rus s ell Rus s ell S&P Rus s ell Rus s ell Rus s ell DJ Rus s ell Rus s ell Rus s ell Barclays S&P DJ Rus s ell Rus s ell
2000 Wils hire 2000 10 0 0 10 0 0 10 0 0 10 0 0 10 0 0 10 0 0 Wils hire 10 0 0 10 0 0 10 0 0 Ag g Wils hire 10 0 0 10 0 0
50 0 50 0 50 0
Gro wth REIT Gro wth Value Gro wth Value Value Value Value REIT Value Gro wth Value Bo nd REIT Gro wth Value
7.77% 15.14 % 1.3 1% 3 1.0 4 % 2 1.6 4 % 3 0 .4 9 % 15.6 3 % 2 1.0 4 % 7.0 1% -5.59 % -15.52 % 3 6 .0 6 % 16 .4 9 % 5.2 6 % 2 2 .2 5% 6 .9 7% -3 7.0 0 % 2 8 .4 6 % 16 .71% 6 .4 6 %
S&P Rus s ell Rus s ell Rus s ell Rus s ell DJ Barclays Rus s ell S&P Rus s ell M SCI Rus s ell Rus s ell S&P S&P S&P Rus s ell S&P Rus s ell Rus s ell
2000 2000 2000 2000 Wils hire Ag g 10 0 0 2000 10 0 0 2000 10 0 0 10 0 0 10 0 0
50 0 50 0 EAFE 50 0 50 0 50 0 50 0
Gro wth Value Value Value REIT Bo nd Value Gro wth Value Gro wth Gro wth Value Gro wth
7.6 2 % 13 .3 7% -1.55% 2 5.75% 2 1.3 7% 19 .6 7% 8 .6 7% 7.3 5% -9 .10 % -9 .2 2 % -15.9 4 % 3 0 .0 3 % 14 .3 1% 4 .9 1% 15.79 % 5.4 9 % -3 8 .4 4 % 2 6 .4 6 % 15.51% 6 .0 3 %
Barclays S&P Rus s ell Barclays Rus s ell Rus s ell Rus s ell DJ M SCI S&P S&P Rus s ell S&P Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell S&P S&P
Ag g 10 0 0 Ag g 2000 2000 2000 Wils hire 10 0 0 2000 2000 10 0 0 2000 2000
50 0 EAFE 50 0 50 0 50 0 50 0 50 0
Bo nd Value Bo nd Gro wth Gro wth Gro wth REIT Gro wth Value Gro wth Value Gro wth Value
7.4 0 % 10 .0 6 % -1.9 9 % 18 .4 8 % 11.2 6 % 12 .9 5% 1.2 3 % -2 .57% -13 .9 6 % -11.8 8 % -2 2 .0 9 % 2 9 .76 % 10 .8 7% 4 .71% 13 .3 5% -0 .17% -3 8 .54 % 2 0 .58 % 15.0 6 % 5.9 2 %
Rus s ell Barclays Rus s ell DJ M SCI Barclays Rus s ell Barclays Rus s ell Rus s ell Rus s ell S&P Rus s ell Rus s ell Rus s ell Rus s ell DJ Rus s ell M SCI M SCI
10 0 0 Ag g 2000 Wils hire Ag g 2000 Ag g 10 0 0 10 0 0 10 0 0 10 0 0 2000 10 0 0 2000 Wils hire 10 0 0
EAFE 50 0 EAFE EAFE
Gro wth Bo nd Gro wth REIT Bo nd Value Bo nd Gro wth Gro wth Gro wth Gro wth Gro wth Gro wth Value REIT Value
5.0 0 % 9 .75% -2 .4 4 % 12 .2 4 % 6 .3 6 % 9 .6 8 % -6 .4 6 % -0 .8 3 % -2 2 .4 2 % -2 0 .4 2 % -2 7.8 9 % 2 8 .6 7% 6 .3 0 % 4 .15% 9 .0 7% -9 .78 % -3 9 .2 0 % 19 .6 9 % 7.75% 3 .3 7%
M SCI Rus s ell Barclays M SCI Barclays M SCI DJ Rus s ell Rus s ell M SCI Rus s ell Barclays Barclays Barclays Barclays DJ M SCI Barclays Barclays Barclays
10 0 0 Ag g Ag g Wils hire 2000 2000 2000 Ag g Ag g Ag g Ag g Wils hire Ag g Ag g Ag g
EAFE EAFE EAFE EAFE EAFE
WOR S T Gro wth Bo nd Bo nd REIT Value Gro wth Gro wth Bo nd Bo nd Bo nd Bo nd REIT Bo nd Bo nd Bo nd
-11.8 5% 2 .9 0 % -2 .9 2 % 11.55% 3 .6 1% 2 .0 6 % -17.0 0 % -1.4 9 % -2 2 .4 3 % -2 2 .0 0 % -3 0 .2 7% 4 .11% 4 .3 4 % 2 .4 3 % 4 .3 3 % -17.56 % -4 5.0 9 % 5.9 3 % 6 .54 % 0 .4 2 %
Russell 1000 Value contains those Russell 1000 (larger capitalization) securities with a less-than-average growth orientation.
Securities in this index generally have lower price-to-book and price-to-earnings ratios, higher dividend yields, and lower
forecasted growth rates.
Russell 1000 Growth contains those Russell 1000 (larger capitalization) securities with a greater-than-average growth
orientation. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields,
and higher forecasted growth rates.
Russell 2000 Value contains those Russell 2000 (smaller capitalization) securities with a less-than-average growth
orientation. Securities in this index generally have lower price-to-book and price-to-earnings ratios than those in the Russell
2000 Growth Index.
Russell 2000 Growth contains those Russell 2000 (smaller capitalization) securities with a greater-than-average growth
orientation. Securities in this index generally have higher price-to-book and price-to-earnings ratios than those in the Russell
2000 Value Index.
MSCI EAFE is the Morgan Stanley Capital International Europe, Australia, Far East Index designed to measure the
performance of developed stock markets in these areas.
Barclays Agg Bond is the Lehman Brothers Aggregate Bond Index. This index includes U.S. government, corporate and
mortgage-backed securities rated investment grade or higher with maturities up to 30 years.
S&P 500 is a representative sample of 500 leading companies in leading industries of the U.S. economy.
DJ Wilshire REIT is intended as a broad measure of the performance of publicly traded real estate equity. The index is
comprised of companies whose charter is the equity ownership and operation of commercial real estate.
Data Sources: Morningstar
13
RELATIVE PERFORMANCE OF KEY INDICES
60
Equity vs. Fixed Equity Outperforming
Asian Crisis
40
Black Monday - Oct '87
20
0
12/79 - 12/80
12/80 - 12/81
12/81 - 12/82
12/82 - 12/83
12/83 - 12/84
12/84 - 12/85
12/85 - 12/86
12/86 - 12/87
12/87 - 12/88
12/88 - 12/89
12/89 - 12/90
12/90 - 12/91
12/91 - 12/92
12/92 - 12/93
12/93 - 12/94
12/94 - 12/95
12/95 - 12/96
12/96 - 12/97
12/97 - 12/98
12/98 - 12/99
12/99 - 12/00
12/00 - 12/01
12/01 - 12/02
12/02 - 12/03
12/03 - 12/04
12/04 - 12/05
12/05 - 12/06
12/06 - 12/07
12/07 - 12/08
12/08 - 12/09
12/09 - 12/10
-20
-40
Aug '82 –DJIA 776 Invasion of Iraq
-60 Fixed Outperforming

Equity vs. Fixed Mean 1 Standard Deviation 2 Standard Deviations
60
Domestic vs. Foreign Domestic Outperforming
40
20
0
12/79 - 12/80
12/80 - 12/81
12/81 - 12/82
12/82 - 12/83
12/83 - 12/84
12/84 - 12/85
12/85 - 12/86
12/86 - 12/87
12/87 - 12/88
12/88 - 12/89
12/89 - 12/90
12/90 - 12/91
12/91 - 12/92
12/92 - 12/93
12/93 - 12/94
12/94 - 12/95
12/95 - 12/96
12/96 - 12/97
12/97 - 12/98
12/98 - 12/99
12/99 - 12/00
12/00 - 12/01
12/01 - 12/02
12/02 - 12/03
12/03 - 12/04
12/04 - 12/05
12/05 - 12/06
12/06 - 12/07
12/07 - 12/08
12/08 - 12/09
12/09 - 12/10
-20
-40
-60 Foreign Outperforming

Domestic vs. Foreign Mean 1 Standard Deviation 2 Standard Deviations
14
60
Large vs. Small Large Outperforming
40
20
0
12/79 - 12/80
12/80 - 12/81
12/81 - 12/82
12/82 - 12/83
12/83 - 12/84
12/84 - 12/85
12/85 - 12/86
12/86 - 12/87
12/87 - 12/88
12/88 - 12/89
12/89 - 12/90
12/90 - 12/91
12/91 - 12/92
12/92 - 12/93
12/93 - 12/94
12/94 - 12/95
12/95 - 12/96
12/96 - 12/97
12/97 - 12/98
12/98 - 12/99
12/99 - 12/00
12/00 - 12/01
12/01 - 12/02
12/02 - 12/03
12/03 - 12/04
12/04 - 12/05
12/05 - 12/06
12/06 - 12/07
12/07 - 12/08
12/08 - 12/09
12/09 - 12/10
-20
-40
Small Outperforming
-60
Large vs. Small Mean 1 Standard Deviation 2 Standard Deviations
60
Large Value vs. Large Growth Value Outperforming
40
20
0
12/79 - 12/80
12/80 - 12/81
12/81 - 12/82
12/82 - 12/83
12/83 - 12/84
12/84 - 12/85
12/85 - 12/86
12/86 - 12/87
12/87 - 12/88
12/88 - 12/89
12/89 - 12/90
12/90 - 12/91
12/91 - 12/92
12/92 - 12/93
12/93 - 12/94
12/94 - 12/95
12/95 - 12/96
12/96 - 12/97
12/97 - 12/98
12/98 - 12/99
12/99 - 12/00
12/00 - 12/01
12/01 - 12/02
12/02 - 12/03
12/03 - 12/04
12/04 - 12/05
12/05 - 12/06
12/06 - 12/07
12/07 - 12/08
12/08 - 12/09
12/09 - 12/10
-20
-40
Growth Outperforming
-60
Large Value vs. Large Growth Mean 1 Std Deviation 2 Std Deviations
15
60
Small Value vs. Small Growth Value Outperforming
40
20
0
12/79 - 12/80
12/80 - 12/81
12/81 - 12/82
12/82 - 12/83
12/83 - 12/84
12/84 - 12/85
12/85 - 12/86
12/86 - 12/87
12/87 - 12/88
12/88 - 12/89
12/89 - 12/90
12/90 - 12/91
12/91 - 12/92
12/92 - 12/93
12/93 - 12/94
12/94 - 12/95
12/95 - 12/96
12/96 - 12/97
12/97 - 12/98
12/98 - 12/99
12/99 - 12/00
12/00 - 12/01
12/01 - 12/02
12/02 - 12/03
12/03 - 12/04
12/04 - 12/05
12/05 - 12/06
12/06 - 12/07
12/07 - 12/08
12/08 - 12/09
12/09 - 12/10
-20
-40
Growth Outperforming
-60
Small Value vs. Small Growth Mean 1 Standard Deviation 2 Standard Deviations
80
Equity vs. REIT Equity Outperforming
60
40
20
0
12/79 - 12/80
12/80 - 12/81
12/81 - 12/82
12/82 - 12/83
12/83 - 12/84
12/84 - 12/85
12/85 - 12/86
12/86 - 12/87
12/87 - 12/88
12/88 - 12/89
12/89 - 12/90
12/90 - 12/91
12/91 - 12/92
12/92 - 12/93
12/93 - 12/94
12/94 - 12/95
12/95 - 12/96
12/96 - 12/97
12/97 - 12/98
12/98 - 12/99
12/99 - 12/00
12/00 - 12/01
12/01 - 12/02
12/02 - 12/03
12/03 - 12/04
12/04 - 12/05
12/05 - 12/06
12/06 - 12/07
12/07 - 12/08
12/08 - 12/09
12/09 - 12/10
-20
-40
-60
REIT Outperforming
-80
Equity vs. REIT Mean 1 Standard Deviation 2 Standard Deviations
16
120
Fixed Income vs. REIT Fixed Income Outperforming
80
40
0
12/79 - 12/80
12/80 - 12/81
12/81 - 12/82
12/82 - 12/83
12/83 - 12/84
12/84 - 12/85
12/85 - 12/86
12/86 - 12/87
12/87 - 12/88
12/88 - 12/89
12/89 - 12/90
12/90 - 12/91
12/91 - 12/92
12/92 - 12/93
12/93 - 12/94
12/94 - 12/95
12/95 - 12/96
12/96 - 12/97
12/97 - 12/98
12/98 - 12/99
12/99 - 12/00
12/00 - 12/01
12/01 - 12/02
12/02 - 12/03
12/03 - 12/04
12/04 - 12/05
12/05 - 12/06
12/06 - 12/07
12/07 - 12/08
12/08 - 12/09
12/09 - 12/10
-40
-80
-120 REIT Outperforming
Fixed Income vs. REIT Mean 1 Standard Deviation 2 Standard Deviations
17
GENERAL DISCLOSURE STATEMENT
FIRM: Wells Fargo Advisors is the trade name used by two separate, registered broker/dealers and nonbank affiliates of
Wells Fargo & Company, providing certain retail securities brokerage services: Wells Fargo Advisors, LLC., member
FINRA, SIPC, and Wells Fargo Financial Network, LLC, member FINRA, SIPC. Investments in securities and insurance
products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE.
CONFLICTS OF INTEREST: To review important information about certain relationships and potential conflicts of
interest that may exist between Wells Fargo Advisors , its affiliates, and the companies that are mentioned in this report,
please visit the our research disclosure page at www.wellsfargoadvisors.com/gotoresearchdisclosures or call your
Financial Advisor.
STATEMENT OF OPINION: This and/or the accompanying information was prepared by or obtained from sources
which Wells Fargo Advisors believes to be reliable but does not guarantee its accuracy. Any opinions expressed or
implied herein are not necessarily the same as those of Wells Fargo Advisors or its affiliates and are subject to change
without notice. The report herein is not a complete analysis of every material fact in respect to any company, industry or
security. Any market prices are only indications of market values and are subject to change. The material has been
prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or
instrument or to participate in any trading strategy. Additional information is available upon request.
ASSET CLASS SUITABILITY: Stocks of small companies are typically more volatile than stocks of larger companies.
They often involve higher risks because they may lack the management expertise, financial resources, product
diversification and competitive strengths to endure adverse economic conditions. High-yield, non-investment grade bonds
are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest
payments. Global/International investing involves risks not typically associated with US investing, including currency
fluctuations, political instability, uncertain economic conditions and different accounting standards.
PAST PERFORMANCE: Past performance is not an indication of future results.
ASSET CLASS PERFORMANCE REPRESENTATIONS: Long Term Treasuries = BC Treasury Long; Municipals =
BC Municipal; Foreign Bonds = Salomon World BIG – IB; US Govt/Credit = BC Govt/Credit; Mtge Backed Securities =
ML Mortgage Master; Corporate Bonds = Salomon Corporate; 90 Day T-Bills = Salomon; Japanese Stocks = Salomon
Japan BMI; High Yield Bonds = ML High Yield Master; Small Cap US Value = RU 2000 Value; MidCap US Stocks =
RU Midcap; Large Cap US Value = RU 1000 Value; European Stocks = Salomon Europe BMI; Small Cap US Stocks =
RU 2000; Lg Cap US Growth = RU 1000 Growth; Latin American Stocks = Salomon Latin America BMI; Sm Cap US
Growth = RU 2000 Growth
BROAD EQUITY MARKET & SECTOR PERFORMANCE REPRESENTATIONS: Large-Cap = S&P 500 or
Russell 1000; Mid-Cap = RU Midcap; Small-Cap = RU 2000; International = MSCI EAFE
DATA SOURCES: Information found in this document was derived from the following sources: Zephyr Associates
StyleAdvisor, Informa M-Watch, Investor Force, Barclays Capital, MSCI Barra, and Standard & Poor’s.
18
Dow Jones Industrial Average - This index is comprised of 30 "blue-chip" US stocks selected for their history of
successful growth and wide interest among investors. The DJIA represents about 20% of the total market value of all US
stocks and about 25% of the NYSE market capitalization. It is a price-weighted arithmetic average, with the divisor
adjusted to reflect stock splits and the occasional stock switches in the index.
NASDAQ Composite - A cap-weighted index comprised of all common stocks that are listed on the NASDAQ Stock
Market (National Association of Securities Dealers Automated Quotation system).
S&P 500 - A broad-based measurement of changes in stock market conditions based on the average performance of 500
widely held common stocks. This index does not contain the 500 largest companies nor the most expensive stocks traded
in the U.S. While many of the stocks are among the largest, this index also includes many relatively small companies. This
index consists of approximately 380 industrial, 40 utility, 10 transportation and 70 financial companies listed on U.S.
market exchanges. It is a capitalization-weighted index (stock price times number of shares outstanding), calculated on a
total return basis with dividends reinvested.
S&P 500/Citigroup Growth - The S&P/Citigroup Growth tracks the performance of those stocks in the S&P 500 with
lower book-to-price ratios. A cap-weighted index, it is rebalanced semi-annually, based on its price-to-book ratios and
market capitalizations at the close of trading one month prior. The index is adjusted each month to reflect changes in the
S&P 500. This index is more heavily weighted in the consumer non-cyclical, health care, and technology sectors than the
S&P 500.
S&P 500/Citigroup Value - The S&P Citigroup/Value tracks the performance of those stocks in the S&P 500 with higher
book-to-price ratios. A cap-weighted index, it is rebalanced semi-annually on January 1 and July 1, based on its book-to-
price ratios and market capitalizations at the close of trading one month prior. The index is adjusted each month to reflect
changes in the S&P 500. This index tends to be more heavily concentrated in the energy and financial sectors than the
S&P 500.
Russell 1000 - The 1000 largest companies in the Russell 3000 index, based on market capitalization.
Russell 1000 Growth - A segment of the Russell 1000 with a greater-than-average growth orientation. Companies in this
index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than
the Russell 1000 Value index.
Russell 1000 Value - Represents a segment of the Russell 1000 with a less-than-average growth orientation. Companies
in this index have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values
than the Russell 1000 Growth Index.
Russell Mid Cap - The index consisting of the bottom 800 securities in the Russell 1000 as ranked by total market
capitalization, and it represents over 35% of the Russell 1000 total market cap.
Russell 2000 - The 2000 smallest companies in the Russell 3000 index.
Russell 2000 Growth - A segment of the Russell 2000 with a greater-than-average growth orientation. Companies in this
index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than
the Russell 2000 Value index.
Russell 2000 Value - A segment of the Russell 2000 with a less-than-average growth orientation. Companies in this index
have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the
Russell 2000 Growth index.
Russell 2500 - The index consisting of the bottom 500 stocks in the Russell 1000(as ranked by market capitalization) and
all of the stocks in the Russell 2000. This index is intended to be used as a measure of small to medium/small stock
performance, and it represents over 22% of the Russell 3000 total market cap.
19
MSCI EAFE - A market capitalization-weighted index representing all of the MSCI developed markets outside North
America. It comprises 20 of the 22 countries in the MSCI World. These 20 countries include the 14 European countries in
the MSCI Europe and the 6 Pacific countries in the MSCI Pacific. This index is created by aggregating the 20 different
country indexes, all if which are created separately.
MSCI World - This market capitalization-weighted index represents all 22 of the MSCI developed markets in the world.
It is created by aggregating the 22 different country indexes, all if which are created separately.
MSCI Emerging Markets Free (EMF) - A market capitalization-weighted index representing 26 of the emerging
markets in the world. Several factors are used to designate whether a country is considered to be emerging vs. developed,
the most common of which is Gross Domestic Product Per Capita. The "Free" aspect indicates that this index includes
only securities that are allowed to be purchased by global investors. This index is created by aggregating the 26 different
country indexes, all if which are created separately.
Barclays Capital Government/Credit - This index includes all bonds that are in the Barclays Capital Government Bond
and the Barclays Capital Credit Bond indices.
Barclays Capital Government Intermediate - All bonds covered by the Barclays Capital Government Bond index with
maturities of 1 and 10 years.
Barclays Capital Aggregate Bond - This index is made up of the Barclays Capital Government/Credit, the Mortgage-
Backed Securities, and the Asset-Backed Securities indices. All issues in the index are rated investment grade or higher,
have at least one year to maturity, and have an outstanding par value of at least $100 million.
Barclays Capital Government Long Term - All bonds covered by the Barclays Capital Government Bond index with
maturities of 10 years or greater.
Barclays Capital Municipal Bond - This market cap weighted index includes investment grade tax-exempt bonds and is
classified into four main sectors: General Obligation, Revenue, Insured, and Pre-refunded. To be included in this index,
the original transaction size of a bond must have been greater than $50 million.
Merrill Lynch Convertibles - The convertible securities used in this index span all corporate sectors and must have a par
amount outstanding of $25 million or more. The maturity must be at least one year. The coupon range must be equal to or
greater than zero and all quality of bonds are included. Excluded from this index are preferred equity redemption stocks.
When the component bonds of this index convert into common stock, the converted securities are dropped from the index.
Merrill Lynch High Yield Master - Market-cap weighted index providing a broad-based measure of bonds in the US
domestic bond market rated below investment grade but not in default. Includes only issues with a credit rating of BB1 or
below as rated by Moody’s and/or S&P, at least $100 million in face value outstanding and a remaining term to final
maturity equal to or greater than one year.
Dow Jones Wilshire REIT Index - A measurement of equity REITs and Real Estate Operating Companies. No special-
purpose or health care REITs are included. It is a market capitalization-weighted index for which returns are calculated
monthly using buy and hold methodology; it is rebalanced monthly.
Citigroup 3 Month Treasury Bill - Representing the monthly return equivalents of yield averages that are not marked to
market, this index is an average of the last three three-month Treasury bill issues.
50/50 Blend (S&P 500/BCIGC) – A blended benchmark consisting of 50% S&P 500 and 50% Barclays Capital
Government/Credit Intermediate indices.
20
Asset Allocation vs Target & Policy
Total Fund Composite
As of 3/31/11
Market
Manager Value Actual % Target %
Systematic Financial Management 35,336,920.70 7.36 6.25
Intech Large Core 22,259,117.70 4.63 6.25
Rhumbline Large Cap Fund 36,411,200.47 7.58 6.25
Sawgrass 32,242,592.33 6.71 6.25
Lee Munder Small Cap Value 29,207,205.20 6.08 5.00
NorthPointe Small Cap Growth 30,567,659.84 6.36 5.00
Total Domestic Equity 186,024,696.24 38.73 35.00
Agincourt 80,754,483.87 16.81 20.00

Mellon Aggregate Bond Index Fund 5,184.75 0.00 0.00
SSgA Passive Bond Index Fund 0.00 0.00 0.00
Transition Account 50,065,247.80 10.42 10.00
Total Domestic Fixed Income 130,824,916.42 27.24 30.00
Cash 24,747,401.44 5.15 0.00

Total Short Term 24,747,401.44 5.15 0.00
Artio IE II Group Trust 29,748,938.16 6.19 7.50

Thornburg 33,041,089.89 6.88 7.50
Total International Equity 62,790,028.05 13.07 15.00
American Stable Value Fd Am Realty 20,037,762.84 4.17 6.67

Prudential RE Investors PRISA II 11,635,527.31 2.42 3.33
Total Real Estate 31,673,290.15 6.59 10.00
K2 Advisors Long/Short 44,206,900.88 9.20 10.00

Total Special Investments 44,206,900.88 9.20 10.00
Total Fund Composite 480,267,233.18 100.00 100.00
21
Sources of Fund Growth
12/31/10 - 3/31/11
Beginning Net Invest Invest Ending Net of
Value Contrib Fees Gain/Loss Value Fees
Manager Name $(000) $(000) $(000) $(000) $(000) Return(%)
Systematic Financial Management 37,396 -4,500 0 2,441 35,337 6.54
Intech Large Core 26,915 -6,300 0 1,644 22,259 6.34
Rhumbline Large Cap Fund 41,073 -7,000 0 2,338 36,411 5.76
Sawgrass 33,515 -3,500 0 2,228 32,243 6.68
Lee Munder Small Cap Value 27,861 0 0 1,346 29,207 4.83
NorthPointe Small Cap Growth 28,121 0 0 2,447 30,568 8.70
Managed Equity 194,881 -21,300 0 12,444 186,025
Agincourt 80,168 0 0 587 80,754 0.73

Mellon Aggregate Bond Index Fund 12,933 -12,967 0 40 5 0.31
SSgA Passive Bond Index Fund 36,988 -37,248 0 260 0 0.80
Transition Account 0 50,215 0 -150 50,065 NA
Managed Fixed 130,089 0 0 736 130,825
Cash 11,732 13,011 0 4 24,747 0.03

Managed Short Term 11,732 13,011 0 4 24,747
Artio IE II Group Trust 29,143 0 0 606 29,749 2.08

Thornburg 31,714 0 61 1,388 33,041 4.18
International Equity Composite 60,858 0 61 1,993 62,790 3.18
American Stable Value Fd Am Realty 19,217 43 41 819 20,038 4.04

Prudential RE Investors PRISA II 11,028 0 0 608 11,636 5.51
Real Estate Composite 30,245 43 41 1,427 31,673 4.58
K2 Advisors Long/Short 43,460 0 0 747 44,207 1.72

Special Investments 43,460 0 0 747 44,207
Total Fund Composite 471,264 -8,246 101 17,351 480,267 3.71
22
Executive Summary Table
Periods Ending March 31, 2011
Net of Fee Return
Value % of Periods Ending 3/31/11 Since Inception
Name $(000) Fund Cur Qtr 2 Qtrs 3 Qtrs 1 Year 3 Yrs 5 Yrs Ret Date
Total Fund Composite 480,267 100.0 3.71 10.29 18.76 12.67 3.61 3.74 7.42 9/30/95
Policy Index 3.83 10.54 20.13 13.27 3.36 3.95 7.16 9/30/95
Large Cap Composite 126,250 26.3 6.31 17.40 30.40 15.68 2.82 0.88 1/31/07
Intech Large Core 22,259 4.6 6.34 17.06 30.43 16.53 2.96 2.95 5.72 3/31/04
Standard & Poors 500 5.92 17.32 30.57 15.64 2.36 2.63 4.46 3/31/04
Rhumbline Large Cap Fund 36,411 7.6 5.76 16.99 30.15 15.34 2.49 2.74 7.47 9/30/95
Standard & Poors 500 5.92 17.32 30.57 15.64 2.36 2.63 7.34 9/30/95
Sawgrass 32,243 6.7 6.68 14.61 25.75 13.60 3.01 1.54 3/31/07
Russell 1000 Growth 6.02 18.57 33.99 18.25 5.19 3.67 3/31/07
Systematic Financial Management 35,337 7.4 6.54 20.78 35.48 17.40 2.68 3.19 9.67 11/30/02
Russell 1000 Value 6.46 17.68 29.60 15.16 0.61 1.37 7.01 11/30/02
Small Cap Composite 59,775 12.4 6.77 28.49 42.48 28.72 9.99 4.83 10/31/06
Lee Munder Small Cap Value 29,207 6.1 4.83 19.80 34.86 21.07 11.65 7.39 11/30/06
Russell 2000 Value 6.59 22.97 34.92 20.63 6.76 0.80 11/30/06
NorthPointe Small Cap Growth 30,568 6.4 8.70 38.06 50.61 36.99 7.24 0.33 11/30/06
Russell 2000 Growth 9.24 27.92 44.33 31.03 10.16 5.18 11/30/06
International Equity Composite 62,790 13.1 3.18 10.60 27.22 13.63 -1.66 3.77 3.83 11/30/00
Artio IE II Group Trust 29,749 6.2 2.08 8.50 25.39 10.19 -4.16 -6.61 11/30/07
MSCI EAFE (Net) 3.36 10.20 28.35 10.42 -3.01 -6.05 11/30/07
Thornburg 33,041 6.9 4.18 12.56 28.93 16.94 0.88 -2.62 11/30/07
MSCI EAFE (Net) 3.36 10.20 28.35 10.42 -3.01 -6.05 11/30/07
Total Domestic Fixed Income 80,760 16.8 0.69 -0.65 2.14 5.81 6.11 6.39 5.45 5/31/05
Agincourt 80,754 16.8 0.73 -0.63 2.45 6.18 6.45 6.44 6.28 12/31/95
Barclays U.S. Aggregate 0.42 -0.88 1.57 5.12 5.30 6.02 5.97 12/31/95
Mellon Aggregate Bond Index Fund 5 0.0 0.31 -1.09 1.11 4.63 5.03 5.90 5.56 5/31/01
Barclays U.S. Aggregate 0.42 -0.88 1.57 5.12 5.30 6.02 5.64 5/31/01
SSgA Passive Bond Index Fund 0 0.0 0.80 -0.45 1.98 5.58 5.58 3/31/10
Barclays U.S. Aggregate 0.42 -0.88 1.57 5.12 5.12 3/31/10
Transition Account 50,065 10.4
Real Estate Composite 31,673 6.6 4.58 9.41 15.43 21.01 -10.44 -6.48 6/30/07
American Stable Value Fd Am Realty 20,038 4.2 4.04 7.66 12.58 16.25 -9.10 -5.34 7/31/07
NCREIF Prop Index 3.36 8.14 12.31 16.03 -3.63 -0.78 7/31/07
Prudential RE Investors PRISA II 11,636 2.4 5.51 12.55 20.69 30.62 -15.26 -11.41 7/31/07
NCREIF Prop Index 3.36 8.14 12.31 16.03 -3.63 -0.78 7/31/07
Cash 24,747 5.2 0.03 -0.15 -0.11 -0.06 1.68 2.73 2.78 1/31/06
Citigroup 3-month T-Bill 0.04 0.07 0.11 0.15 0.47 1/31/06
23
Executive Summary Table
Periods Ending March 31, 2011
Net of Fee Return
Value % of Periods Ending 3/31/11 Since Inception
Name $(000) Fund Cur Qtr 2 Qtrs 3 Qtrs 1 Year 3 Yrs 5 Yrs Ret Date
K2 Advisors Long/Short 44,207 9.2 1.72 6.42 10.44 5.18 0.65 4/30/08
Standard & Poors 500 5.92 17.32 30.57 15.64 0.77 4/30/08
24
Cumulative Performance Comparison
Total Returns of Total Fund Public Sponsors
Periods Ending 3/11
30%
25%
20% 1
15%
1
10%
1
5% 1 1 1
1 1 1
1
1
0%
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
High 4.91 15.52 27.81 6.33 5.46 6.13 7.09 7.02 9.54 7.42 7.15
1st Qt 4.23 14.28 23.39 4.98 4.26 5.26 6.14 6.11 8.47 6.38 6.20
Median 3.60 12.74 21.08 4.19 3.37 4.58 5.69 5.73 7.89 5.85 5.56
3rd Qt 2.99 11.06 17.75 3.20 2.35 3.87 5.09 5.19 7.11 5.19 5.05
Low 1.46 9.10 13.15 0.86 0.53 2.54 4.03 4.26 5.98 4.72 4.35

Net Ret 3.71 12.67 19.56 3.61 2.38 3.74 5.03 5.19 7.18 5.09 5.04
Rank 44 51 67 65 72 77 78 75 72 81 75
1 Policy Index
Net Ret 3.83 13.27 21.06 3.36 2.55 3.95 4.60 4.59 6.71 4.59 4.42
Rank 41 42 51 71 69 72 89 91 85 95 92
25
Calendar Year Performance Comparison
Years Ending December
30%
25%
20%
1
15% 1
1
10% 1
1
5% 1
1 1
0%
-5% 1
-10% 1
-15%
-20%
-25% 1
-30%
-35%
3/31/11
YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
High 4.91 17.24 27.37 -9.71 10.77 16.32 10.34 13.91 26.04 1.58 4.40
1st Qt 4.23 13.97 21.60 -20.20 8.69 14.05 8.11 11.79 22.56 -5.91 -0.68
Median 3.60 12.67 19.11 -24.04 7.52 12.08 6.52 9.90 19.72 -8.28 -2.68
3rd Qt 2.99 11.23 15.60 -27.21 6.38 10.28 5.33 8.40 17.04 -9.76 -4.76
Low 1.46 9.33 9.61 -30.38 4.36 6.63 3.91 5.70 11.34 -12.76 -8.99

Net Ret 3.71 12.33 15.13 -22.08 7.38 10.66 6.81 10.42 18.01 -8.68 -2.27
Rank 44 54 78 36 54 71 44 40 66 59 42
1 Policy Index
Net Ret 3.83 12.92 15.86 -22.66 6.30 11.14 3.93 8.35 18.64 -9.50 -3.34
Rank 41 42 73 40 76 65 94 75 59 72 58
26
Return vs Risk
3 Years Ending 3/31/11
8.0
Median
Risk
7.0
6.0
Annualized Rate of Return
5.0
Median
4.0
Return
3.0
1
2.0
1.0
0.0
2.0 4.6 7.2 9.8 12.4 15.0 17.6 20.2 22.8 25.4 28.0
Historical Standard Deviation of Return
Annualized Net of Fee Return Standard Deviation

Value Rank Value Rank
Total Fund Composite 3.61 65 13.75 36
1 Policy Index 3.36 71 15.10 48
Median 4.19 15.17

7.0
Median
Risk
6.5
6.0
5.5
5.0
Median
4.5
Return
4.0
1
3.5
3.0
2.5
2.0
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0

Total Fund Composite 3.74 77 11.29 37
1 Policy Index 3.95 72 12.18 45
Median 4.58 12.33
27
Risk Measure Summary
Quarterly Periods Ending 3/31/11
1 Year 3 Years 5 Years Inception

Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 1 1 5 5 8 8 18 18
Positive Periods 3 3 7 7 12 12 44 44
Up Market Capture 0.93 0.92 0.94 0.98
Down Market Capture 0.90 0.90 0.95 0.92
Batting Average 0.75 0.58 0.60 0.71
Worst Quarter -5.13 -5.71 -11.33 -12.61 -11.33 -12.61 -11.33 -12.61
Best Quarter 7.68 8.68 10.07 11.10 10.07 11.10 14.12 12.93
Worst 4 Quarters 12.72 13.27 -22.18 -24.64 -22.18 -24.64 -22.18 -24.64
Best 4 Quarters 12.72 13.27 26.88 29.38 26.88 29.38 33.57 32.86
Standard Deviation 13.76 15.10 11.29 12.18 10.20 10.55
Beta 0.91 0.92 0.95
Alpha 0.11 -0.03 0.11
R-Squared 1.00 0.99 0.96
Sharpe Ratio 0.23 0.19 0.14 0.14 0.40 0.36
Treynor Ratio 3.43 1.66 4.27
Tracking Error 1.66 1.64 2.04
Information Ratio 0.04 -0.18 0.09
28
Intech Large Core as of 3/31/11
Portfolio Performance (%)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
3/31/04
Intech Large Core Standard & Poors 500
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 3/31/04
Intech Large Core 6.34 6.34 16.53 2.96 2.95 5.72
Standard & Poors 500 5.92 5.92 15.64 2.36 2.63 4.46
Asset Growth ($000)

Beginning Market Value 26,915 26,915 24,561 44,980 40,747 33,478
Net Contributions & Withdrawals -6,300 -6,300 -6,300 -23,829 -21,419 -23,426
Gain/Loss + Income 1,644 1,644 3,998 1,108 2,931 12,206
Ending Market Value 22,259 22,259 22,259 22,259 22,259 22,259
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Exxon Mobil Corp Energy 3.31 Energy 11.13

At&T Inc Telecom Services 2.33 Materials 6.60
Apple Computer Inc Information Technology 2.21 Industrials 12.81
Intl Business McHn Information Technology 1.77 Consumer Discretionary 13.78
Chevron Corp Energy 1.73 Consumer Staples 11.27
General Elec Co Industrials 1.63 Health Care 6.55
Johnson & Johnson Health Care 1.39 Financials 9.93
Procter & Gamble Co Consumer Staples 1.34 Information Technology 17.60
Microsoft Corp Information Technology 1.22 Telecom Services 4.52
Coca Cola Co Consumer Staples 1.14 Utilities 5.80
29
Intech Large Core as of 3/31/11
Asset Allocation ($000)
Cash & Equiv

$116 0.52%
Domestic Equity
$22,144 99.48%
Risk/Return Analysis
Periods from 3/04 to 3/11
Alpha 0.32
Beta 0.97
R-Squared 0.99
6.0
5.5 i
Annualized Return%
5.0
4.5 1
4.0
3.5
3.0
2.5
T
2.0
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
i Intech Large Core 5.72 16.50 0.21 0.57

1 Standard & Poors 500 4.46 16.99 0.13
T 91-Day Treasury Bill 2.33 0.98 0.00
30
Large Neutral Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 3/11
40%
35%
30% i1
25%
20%
15% i1
10%
5% i 1 i1 i
1
i1 i1
0% i1
-5%
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7
Qtr Year Years Years Years Years Years Years
High 7.61 20.71 37.16 6.91 4.38 5.90 6.74 7.10

1st Qt 6.38 17.07 33.14 3.75 1.39 3.26 5.05 5.74
Median 5.93 15.63 31.67 2.57 0.59 2.70 4.23 4.82
3rd Qt 5.88 14.68 31.31 2.40 0.47 2.64 4.10 4.47
Low 3.09 11.31 26.95 1.13 -1.17 1.74 3.68 4.22
i Intech Large Core

Net Ret 6.34 16.53 31.72 2.96 0.82 2.95 4.75 5.72
Rank 31 31 43 40 42 38 36 27
1 Standard & Poors 500
Net Ret 5.92 15.64 31.59 2.36 0.45 2.63 4.09 4.46
Rank 55 49 66 80 77 78 84 85
31
Large Neutral Consecutive Performance Comparisons
50%
40%
30%
i1
20%
i1 i1
10% i
i1 i1
1
0%
-10%
-20%
-30%
-40% i1
-50%
3/31/11
YTD 2010 2009 2008 2007 2006 2005
High 7.61 20.21 38.93 -27.87 12.44 20.50 12.80

1st Qt 6.38 16.64 29.44 -35.51 5.91 16.48 9.09
Median 5.93 15.09 26.70 -36.93 5.51 15.80 5.04
3rd Qt 5.88 14.51 26.29 -37.21 5.01 15.60 4.88
Low 3.09 11.23 18.60 -42.02 -0.20 11.42 3.44
i Intech Large Core

Net Ret 6.34 15.77 25.49 -36.60 7.61 14.84 9.24
Rank 31 32 79 36 12 84 23
Net Ret 5.92 15.05 26.45 -36.99 5.52 15.81 4.89
Rank 55 62 71 68 49 49 74
32
Return vs Risk
Total Returns of Large Neutral Portfolios
7.0
Median
Risk
6.1
5.2
4.3
3.4
2.5
i Median
1 Return
1.5
0.6
-0.2
-1.1
-2.0
19.0 20.0 21.0 22.0 23.0 24.0 25.0 26.0 27.0 28.0 29.0

i Intech Large Core 2.96 40 23.75 22
1 Standard & Poors 500 2.36 80 24.36 52
Median 2.57 24.35

4.9
Median
Risk
4.5
4.1
3.6
3.2
2.7
i Median
1 Return
2.3
1.8
1.4
0.9
0.5
16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0

i Intech Large Core 2.95 38 19.16 17
1 Standard & Poors 500 2.63 78 19.73 44
Median 2.70 19.73
33
Intech Large Core

Worst Quarter -10.66 -11.43 -21.62 -21.93 -21.62 -21.93 -21.62 -21.93
Best Quarter 11.41 11.30 15.35 15.93 15.35 15.93 15.35 15.93
Worst 4 Quarters 16.53 -37.08 -37.08 -37.08
Best 4 Quarters 16.53 48.89 48.89 48.89
Beta 0.97 0.97 0.97
Alpha 0.14 0.07 0.32
R-Squared 1.00 0.99 0.99
Sharpe Ratio 0.10 0.08 0.04 0.02 0.21 0.13
Information Ratio 0.43 0.09 0.57
34
Equity Summary Statistics
Intech Large Core
Period Ending 3/11
Portfolio Standard & Poors 500
Total Number Of Securities 365 500

Equity Market Value 22,143,531
Average Capitalization $(000) 74,816,771 93,108,412
Median Capitalization $(000) 13,433,559 11,907,412
Equity Segment Yield 1.97 1.89
Equity Segment P/E - Average 17.80 17.08
Equity Segment P/E - Median 18.47 17.85
Equity Segment Beta 1.00 1.00
Price/Book Ratio 2.46 2.22
Debt/Equity Ratio 52.16 47.88
Five Year Earnings Growth 5.76 4.30
Ten Largest Holdings Market Value % of Portfolio Quarterly Ret
Exxon Mobil Corp 731,931 3.31 15.67

At&T Inc 514,600 2.33 5.69
Apple Computer Inc 487,830 2.21 8.03
Intl Business McHn 391,368 1.77 11.55
Chevron Corp 382,343 1.73 18.61
General Elec Co 360,900 1.63 10.37
Johnson & Johnson 308,100 1.39 -3.34
Procter & Gamble Co 295,680 1.34 -3.54
Microsoft Corp 268,816 1.22 -8.63
Coca Cola Co 252,130 1.14 1.61
Ten Best Performers Quarterly Ret Ten Worst Performers Quarterly Ret
Marathon Oil Corp 44.70 American Intl Group -27.32

Jds Uniphase Corp 43.92 F5 Networks Inc -21.20
Helmerich & Payne In 41.83 Akamai Technologies -19.23
Netflix Com Inc 35.08 Target Corp -16.44
Rockwell Automation 32.52 Motorola Mobility Hl -16.15
Cbs Corp 31.72 Cisco Sys Inc -14.93
El Paso Corp 30.89 Marriott Intl Inc Ne -14.15
Whole Foods Mkt Inc 30.53 Frontier Communicati -13.52
Cb Richard Ellis Gro 30.37 Comerica Inc -12.85
Discover Finl Svcs 30.17 Netapp Inc -12.34
35
Equity Contribution to Return
Intech Large Core
Period Ending 3/11
Portfolio Standard & Poors 500

Ten Best Contributors Market Value % of Portfolio Quarterly Ret
Exxon Mobil Corp 731,931 3.31 15.67

Chevron Corp 382,343 1.73 18.61
Intl Business McHn 391,368 1.77 11.55
Apple Computer Inc 487,830 2.21 8.03
General Elec Co 360,900 1.63 10.37
Rockwell Automation 113,580 0.51 32.52
Marathon Oil Corp 69,303 0.31 44.70
Conocophillips 165,710 0.75 18.29
Deere & Co 174,402 0.79 17.10
At&T Inc 514,600 2.33 5.69
Ten Worst Contributors Market Value % of Portfolio Quarterly Ret
Cisco Sys Inc 217,805 0.98 -14.93

Microsoft Corp 268,816 1.22 -8.63
Netapp Inc 168,630 0.76 -12.34
Ford Mtr Co Del 152,082 0.69 -11.20
Qwest Communications 183,044 0.83 -9.23
Akamai Technologies 83,600 0.38 -19.23
F5 Networks Inc 61,542 0.28 -21.20
Merck & Co Inc New 171,718 0.78 -7.34
Procter & Gamble Co 295,680 1.34 -3.54
Johnson & Johnson 308,100 1.39 -3.34
36
Equity Sector Attribution Analysis
Intech Large Core
Quarter Ending 3/11
Weight Return Selection

GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 9.45 11.96 17.29 16.73 0.05 -0.27 -0.22
Materials 3.87 3.72 9.41 4.53 0.19 -0.00 0.19
Industrials 13.14 10.88 8.80 8.72 0.01 0.06 0.07
Consumer Discretionary 12.52 10.57 5.20 4.71 0.06 -0.02 0.04
Consumer Staples 12.62 10.57 3.71 2.47 0.16 -0.07 0.09
Health Care 10.75 10.84 6.94 5.65 0.14 0.00 0.14
Financials 10.97 15.97 4.10 3.04 0.12 0.14 0.26
Information Technology 16.90 19.13 2.06 3.66 -0.27 0.05 -0.22
Telecom. Services 3.78 3.09 2.88 4.87 -0.08 -0.01 -0.08
Utilities 5.99 3.28 6.23 2.81 0.21 -0.08 0.12
100.00 100.00 6.30 5.92 0.59 -0.20 0.38

Index - Standard & Poors 500
Stock Selection Return Attribution

[ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution

[ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ]
Trading Effect 0.15%

[ Actual Return 6.45% ] - [ Buy Hold Return 6.30% ]
37
Equity Sector Attribution Chart
Intech Large Core
Quarter Ending 3/11
% Allocation % Return % Variance
9.45 17.29
Energy 11.96 16.73 -0.22
3.87 9.41
Materials 3.72 4.53 0.19
13.14 8.80
Industrials 10.88 8.72 0.07
12.52 5.20 0.04

Con. Discretionary 10.57 4.71
12.62 3.71 0.09

Consumer Staples 10.57 2.47
10.75 6.94 0.14

Health Care 10.84 5.65
10.97 4.10 0.26

Financials 15.97 3.04
16.90 2.06 -0.22

Infomation Tech. 19.13 3.66
3.78 2.88 -0.08

Telecom. Services 3.09 4.87
5.99 6.23 0.12

Utilities 3.28 2.81
Intech Large Core Standard & Poors 500
38
Rhumbline Large Cap Fund as of 3/31/11
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
9/30/95
Rhumbline Large Cap Fund Standard & Poors 500
Incept
Rhumbline Large Cap Fund 5.76 5.76 15.34 2.49 2.74 3.38 7.47
Standard & Poors 500 5.92 5.92 15.64 2.36 2.63 3.29 7.34
Asset Growth ($000)

Beginning Market Value 41,073 41,073 26,484 44,965 38,716 17,596 8,000
Net Contributions & Withdrawals -7,000 -7,000 4,400 -11,411 -6,686 4,343 18,417
Gain/Loss + Income 2,338 2,338 5,528 2,857 4,381 14,472 9,995
Ending Market Value 36,411 36,411 36,411 36,411 36,411 36,411 36,411
39
Rhumbline Large Cap Fund as of 3/31/11
Cash & Equiv

$13 0.04%
Domestic Equity
$36,398 99.96%
Alpha 0.04
Beta 0.99
R-Squared 1.00
8.0
7.5 l1
7.0
Annualized Return%
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
T
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
l Rhumbline Large Cap Fund 7.47 17.64 0.23 0.11

1 Standard & Poors 500 7.34 17.89 0.22
40
Large Neutral Cumulative Performance Comparisons
Periods Ending 3/11
40%
35%
30% l1
25%
20%
15% l1
10%
l1
5% l1 l1
l1 l1 l1
l1 l1
0% l1
-5%
High 7.61 20.71 37.16 6.91 4.38 5.90 6.74 7.10 11.37 7.06 7.82
1st Qt 6.38 17.07 33.14 3.75 1.39 3.26 5.05 5.74 9.42 5.09 4.60
Median 5.93 15.63 31.67 2.57 0.59 2.70 4.23 4.82 8.40 4.11 3.67
3rd Qt 5.88 14.68 31.31 2.40 0.47 2.64 4.10 4.47 7.88 3.66 3.31
Low 3.09 11.31 26.95 1.13 -1.17 1.74 3.68 4.22 7.43 3.47 3.19
l Rhumbline Large Cap Fund

Net Ret 5.76 15.34 31.39 2.49 0.58 2.74 4.19 4.54 7.94 3.72 3.38
Rank 79 69 72 53 50 48 54 57 59 60 58
Net Ret 5.92 15.64 31.59 2.36 0.45 2.63 4.09 4.46 7.87 3.64 3.29
Rank 55 49 66 80 77 78 84 85 80 85 83
41
Large Neutral Consecutive Performance Comparisons
50%
40%
30% l1
l1
20%
l1 l1
10% l1
l1 l1 l1
0%
-10%
l1
-20%
l1
-30%
-40% l1
-50%
3/31/11
YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
High 7.61 20.21 38.93 -27.87 12.44 20.50 12.80 19.97 39.49 -11.66 8.89
1st Qt 6.38 16.64 29.44 -35.51 5.91 16.48 9.09 12.84 31.48 -20.66 -6.89
Median 5.93 15.09 26.70 -36.93 5.51 15.80 5.04 10.93 28.73 -22.00 -11.77
3rd Qt 5.88 14.51 26.29 -37.21 5.01 15.60 4.88 10.82 28.59 -22.08 -11.93
Low 3.09 11.23 18.60 -42.02 -0.20 11.42 3.44 8.16 24.60 -23.79 -12.38
l Rhumbline Large Cap Fund

Net Ret 5.76 14.93 26.51 -36.56 5.60 15.86 4.90 10.85 28.59 -21.92 -11.68
Rank 79 67 70 35 34 38 73 71 75 44 48
Net Ret 5.92 15.05 26.45 -36.99 5.52 15.81 4.89 10.87 28.69 -22.12 -11.88
Rank 55 62 71 68 49 49 74 66 57 83 66
42
Return vs Risk
Total Returns of Large Neutral Portfolios
7.0
Median
Risk
6.1
5.2
4.3
3.4
2.5 Median
l1 Return
1.5
0.6
-0.2
-1.1
-2.0
19.0 20.0 21.0 22.0 23.0 24.0 25.0 26.0 27.0 28.0 29.0

l Rhumbline Large Cap Fund 2.49 53 24.14 31
1 Standard & Poors 500 2.36 80 24.36 52
Median 2.57 24.35

4.9
Median
Risk
4.5
4.1
3.6
3.2
2.7 l1 Median
Return
2.3
1.8
1.4
0.9
0.5
16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0

l Rhumbline Large Cap Fund 2.74 48 19.57 25
1 Standard & Poors 500 2.63 78 19.73 44
Median 2.70 19.73
43
Rhumbline Large Cap Fund

Worst Quarter -11.38 -11.43 -21.62 -21.93 -21.62 -21.93 -21.62 -21.93
Best Quarter 11.25 11.30 15.88 15.93 15.88 15.93 21.07 21.32
Worst 4 Quarters 15.34 -37.64 -37.64 -37.64
Best 4 Quarters 15.34 49.68 49.68 49.68
Beta 0.99 0.99 0.99
Alpha 0.03 0.02 0.04
R-Squared 1.00 1.00 1.00
Sharpe Ratio 0.08 0.08 0.03 0.02 0.23 0.22
44
Sawgrass as of 3/31/11
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
3/31/07
Sawgrass Russell 1000 Growth
Incept
Sawgrass 6.68 6.68 13.60 3.01 1.54
Russell 1000 Growth 6.02 6.02 18.25 5.19 3.67
Asset Growth ($000)

Beginning Market Value 33,515 33,515 39,471 55,601 51,428
Net Contributions & Withdrawals -3,500 -3,500 -11,000 -25,955 -19,955
Gain/Loss + Income 2,228 2,228 3,771 2,596 770
Ending Market Value 32,243 32,243 32,243 32,243 32,243
Intl Business McHn Information Technology 5.10 Energy 12.11

Exxon Mobil Corp Energy 4.57 Materials 2.41
Apple Computer Inc Information Technology 4.10 Industrials 14.85
Google Inc Information Technology 3.69 Consumer Discretionary 15.57
Microsoft Corp Information Technology 3.52 Consumer Staples 8.54
Abbott Labs Health Care 3.46 Health Care 10.95
McDonalds Corp Consumer Discretionary 3.20 Financials 5.38
Directv Consumer Discretionary 3.11 Information Technology 30.20
Wal Mart Stores Inc Consumer Staples 3.07 Telecom Services 0.00
Oracle Systems Corp Information Technology 2.94 Utilities 0.00
45
Sawgrass as of 3/31/11
Cash & Equiv

$1,205 3.74%
Domestic Equity
$31,038 96.26%
Alpha -0.50
Beta 0.84
R-Squared 0.97
3.8
3.6 1
3.4
Annualized Return%
3.2
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4 T s
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
s Sawgrass 1.54 19.04 0.00 -0.57

1 Russell 1000 Growth 3.67 22.22 0.10
46
Large Growth Cumulative Performance Comparisons
Periods Ending 3/11
45%
40%
35%
1
30%
25% s
20%
1
15%
s
10%
5% s 1
1
s 1
0% s
-5%
Last Last Last 2 Last 3 Last 4
Qtr Year Years Years Years
High 8.33 26.59 40.40 8.88 7.32

1st Qt 6.71 19.95 33.48 5.83 4.86
Median 5.86 17.23 30.45 3.91 3.21
3rd Qt 4.73 13.84 28.78 2.40 1.98
Low 2.79 7.33 24.86 -0.28 -0.09
s Sawgrass
Net Ret 6.68 13.60 26.18 3.01 1.54
Rank 25 77 89 65 79
1 Russell 1000 Growth
Net Ret 6.02 18.25 33.07 5.19 3.67
Rank 45 37 32 32 45
47
Large Growth Consecutive Performance Comparisons
60%
50%
40%
1
30% s
20%
1
10% s
s 1
0%
-10%
-20%
-30%
-40% s 1
-50%
-60%
3/31/11
YTD 2010 2009 2008
High 8.33 26.45 54.26 -29.47

1st Qt 6.71 18.69 39.38 -35.21
Median 5.86 15.50 34.43 -38.55
3rd Qt 4.73 12.65 29.68 -42.41
Low 2.79 7.14 20.58 -49.09
s Sawgrass
Net Ret 6.68 10.69 28.88 -36.37
Rank 25 86 77 33
Net Ret 6.02 16.72 37.21 -38.44
Rank 45 43 33 49
48
Return vs Risk
Total Returns of Large Growth Portfolios
12.0
Median
Risk
10.0
8.0
6.0
1
4.0 Median
s Return
2.0
0.0
-2.0
-4.0
16.0 17.8 19.6 21.4 23.2 25.0 26.8 28.6 30.4 32.2 34.0

s Sawgrass 3.01 65 20.59 3
1 Russell 1000 Growth 5.19 32 24.65 51
Median 3.91 24.66
49
Sawgrass

Negative Periods 1 1 5 4 7 6
Positive Periods 3 3 7 8 9 10
Up Market Capture 0.76 0.75 0.78
Down Market Capture 0.82 0.87 0.91
Batting Average 0.75 0.67 0.63
Worst Quarter -9.66 -11.74 -21.12 -22.79 -21.12 -22.79
Best Quarter 9.72 13.00 13.15 16.32 13.15 16.32
Worst 4 Quarters 13.60 -31.35 -36.37
Best 4 Quarters 13.60 40.15 40.15
Standard Deviation 20.59 24.65 19.04 22.22
Beta 0.82 0.84
Alpha -0.42 -0.50
R-Squared 0.97 0.97
Sharpe Ratio 0.12 0.19 0.00 0.10
Treynor Ratio 3.03 0.02
Tracking Error 5.47 4.96
Information Ratio -0.56 -0.57
50
Sawgrass
Period Ending 3/11
Portfolio Russell 1000 Growth

Intl Business McHn 1,581,779 5.10 11.55

Exxon Mobil Corp 1,417,591 4.57 15.67
Apple Computer Inc 1,271,843 4.10 8.03
Google Inc 1,143,110 3.69 -1.31
Microsoft Corp 1,090,480 3.52 -8.63
Abbott Labs 1,073,705 3.46 3.33
McDonalds Corp 992,975 3.20 -0.06
Directv 964,080 3.11 17.21
Wal Mart Stores Inc 952,515 3.07 -3.49
Oracle Systems Corp 911,001 2.94 6.78
Halliburton Co 22.30 Microsoft Corp -8.63

CSX Corp 22.09 Aflac Inc -5.98
Chevron Corp 18.61 Wal Mart Stores Inc -3.49
Directv 17.21 Intel Corp -3.28
E M C Corp Mass 15.94 Celgene Corp -2.72
Exxon Mobil Corp 15.67 Hewlett Packard Co -2.50
Starbucks Corp 15.46 Google Inc -1.31
Dover Corp 12.96 McDonalds Corp -0.06
Ross Stores Inc 12.79 Thermo Fisher Scient 0.34
TJX Cos Inc New 12.37 Costco Whsl Corp New 1.82
51
Sawgrass
Period Ending 3/11

Exxon Mobil Corp 1,417,591 4.57 15.67

Intl Business McHn 1,581,779 5.10 11.55
CSX Corp 774,210 2.50 22.09
Directv 964,080 3.11 17.21
Halliburton Co 707,728 2.28 22.30
Chevron Corp 794,982 2.56 18.61
E M C Corp Mass 809,775 2.61 15.94
Apple Computer Inc 1,271,843 4.10 8.03
Starbucks Corp 655,863 2.11 15.46
Dover Corp 709,992 2.29 12.96
Microsoft Corp 1,090,480 3.52 -8.63

Aflac Inc 849,230 2.74 -5.98
Wal Mart Stores Inc 952,515 3.07 -3.49
Celgene Corp 716,249 2.31 -2.72
Hewlett Packard Co 737,460 2.38 -2.50
Google Inc 1,143,110 3.69 -1.31
Intel Corp 294,482 0.95 -3.28
McDonalds Corp 992,975 3.20 -0.06
Thermo Fisher Scient 738,815 2.38 0.34
Costco Whsl Corp New 454,584 1.47 1.82
52
Sawgrass
Quarter Ending 3/11

Energy 11.14 10.87 15.40 16.60 -0.13 0.03 -0.10
Materials 2.42 5.26 6.96 2.58 0.11 0.10 0.20
Industrials 14.14 13.31 10.69 8.35 0.33 0.02 0.35
Consumer Discretionary 14.04 14.69 8.12 2.70 0.76 0.02 0.78
Consumer Staples 6.80 9.40 0.53 4.41 -0.26 0.04 -0.22
Health Care 13.61 9.92 6.89 6.73 0.02 0.03 0.05
Financials 5.98 4.77 -0.35 6.17 -0.39 0.00 -0.39
Information Technology 31.88 30.86 3.84 3.88 -0.01 -0.02 -0.03
Telecom. Services 0.00 0.85 -0.68 0.00 0.06 0.06
Utilities 0.00 0.08 14.11 0.00 -0.01 -0.01
100.00 100.00 6.71 6.03 0.42 0.27 0.68

Index - Russell 1000 Growth


Trading Effect 0.38%

53
Sawgrass
Quarter Ending 3/11
11.14 15.40
Energy 10.87 16.60 -0.10
2.42 6.96
Materials 5.26 2.58 0.20
14.14 10.69
14.04 8.12 0.78

6.80 0.53 -0.22

13.61 6.89 0.05

5.98 -0.35 -0.39

31.88 3.84 -0.03

0.00 0.06
Telecom. Services 0.85 -0.68
0.00 -0.01
Utilities 0.08 14.11
Sawgrass Russell 1000 Growth
54
Systematic Financial Management as of 3/31/11
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
11/30/02
Systematic Financial Management Russell 1000 Value
Incept
Systematic Financial Management 6.54 6.54 17.40 2.68 3.19 9.67
Russell 1000 Value 6.46 6.46 15.16 0.61 1.37 7.01
Asset Growth ($000)

Beginning Market Value 37,396 37,396 43,073 55,731 71,239 42,609
Net Contributions & Withdrawals -4,500 -4,500 -13,208 -23,533 -46,142 -49,200
Gain/Loss + Income 2,441 2,441 5,472 3,139 10,240 41,928
Ending Market Value 35,337 35,337 35,337 35,337 35,337 35,337
Chevron Corp Energy 4.28 Energy 14.34

J P Morgan Chase & C Financials 3.68 Materials 7.35
Unitedhealth Group I Health Care 3.19 Industrials 10.15
General Elec Co Industrials 3.07 Consumer Discretionary 9.24
Pfizer Inc Health Care 2.71 Consumer Staples 4.50
At&T Inc Telecom Services 2.69 Health Care 11.73
Hess Corp Energy 2.69 Financials 27.02
Citigroup Inc Financials 2.62 Information Technology 9.41
PNC Financial Corp Financials 2.52 Telecom Services 4.56
Wells Fargo & Co New Financials 2.50 Utilities 1.69
55
Systematic Financial Management as of 3/31/11
Cash & Equiv

$334 0.95%
Domestic Equity
$35,003 99.05%
Alpha 0.53
Beta 0.98
R-Squared 0.95
10.0
s
9.0
Annualized Return%
8.0
7.0 1
6.0
5.0
4.0
3.0
2.0 T
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
s Systematic Financial Man 9.67 16.15 0.47 0.45

1 Russell 1000 Value 7.01 15.97 0.30
56
Large Value Cumulative Performance Comparisons
Periods Ending 3/11
50%
45%
40%
35%
s1
30%
25%
20%
s
15% 1
10% s
1
5% s 1 s s
1
s s 1
0% 1 s 1
1
-5%
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8
Qtr Year Years Years Years Years Years Years Years
High 9.39 21.21 43.91 5.71 3.61 6.18 6.81 7.63 11.57
1st Qt 7.20 16.94 36.75 3.48 0.82 3.69 5.14 6.33 10.89
Median 6.19 14.70 33.38 2.01 -0.61 2.34 4.31 5.67 9.87
3rd Qt 5.04 12.82 29.99 1.03 -2.02 1.11 3.34 4.58 8.73
Low 1.89 8.06 25.14 -1.07 -4.05 -0.74 2.05 2.88 6.83
s Systematic Financial Management

Net Ret 6.54 17.40 34.09 2.68 0.21 3.19 5.26 6.48 10.43
Rank 38 19 43 39 36 30 19 16 33
1 Russell 1000 Value
Net Ret 6.46 15.16 32.98 0.61 -2.16 1.37 3.27 4.63 8.58
Rank 44 43 55 84 79 74 78 72 83
57
Large Value Consecutive Performance Comparisons
50%
40%
s
30% 1
s 1
20% s 1 s
1 s1
10% s s
s1 1
0% 1
-10%
-20%
-30%
-40% s1
-50%
3/31/11
YTD 2010 2009 2008 2007 2006 2005 2004 2003
High 9.39 21.22 41.44 -26.51 12.54 24.54 13.98 21.82 41.04
1st Qt 7.20 16.34 29.54 -34.31 6.41 22.03 11.31 19.50 34.18
Median 6.19 13.95 24.49 -36.88 2.38 19.26 9.28 15.93 31.68
3rd Qt 5.04 11.84 20.94 -39.77 -0.72 16.60 6.38 13.27 29.22
Low 1.89 9.48 16.32 -44.44 -4.00 10.33 4.16 10.02 24.27
s Systematic Financial Management

Net Ret 6.54 18.73 23.93 -39.03 9.10 18.45 11.54 15.67 35.36
Rank 38 10 55 69 11 62 24 53 18
Net Ret 6.46 15.51 19.69 -36.85 -0.17 22.21 7.04 16.49 30.03
Rank 44 32 86 49 72 20 70 46 64
58
Return vs Risk
Total Returns of Large Value Portfolios
7.0
Median
Risk
6.0
5.0
4.0
3.0
s
2.0 Median
Return
1.0
1
0.0
-1.0
-2.0
-3.0
19.0 20.5 22.0 23.5 25.0 26.5 28.0 29.5 31.0 32.5 34.0

s Systematic Financial Management 2.68 39 26.03 49
1 Russell 1000 Value 0.61 84 26.16 54
Median 2.01 26.11

7.0
Median
Risk
6.1
5.2
4.3
3.4
s
2.5 Median
Return
1.5
1
0.6
-0.2
-1.1
-2.0
14.0 15.4 16.8 18.2 19.6 21.0 22.4 23.8 25.2 26.6 28.0

s Systematic Financial Management 3.19 30 21.17 51
1 Russell 1000 Value 1.37 74 21.11 49
Median 2.34 21.17
59
Systematic Financial Management

Worst Quarter -13.35 -11.14 -19.85 -22.17 -19.85 -22.17 -19.85 -22.17
Best Quarter 13.37 10.54 19.48 18.24 19.48 18.24 19.48 18.24
Worst 4 Quarters 17.40 -39.78 -39.78 -39.78
Best 4 Quarters 17.40 53.17 53.17 53.17
Beta 0.97 0.97 0.98
Alpha 0.52 0.45 0.53
R-Squared 0.95 0.94 0.95
Sharpe Ratio 0.08 0.00 0.05 -0.04 0.42 0.30
60
Period Ending 3/11
Portfolio Russell 1000 Value

Five Year Earnings Growth -2.54 -1.17
Chevron Corp 1,495,963 4.28 18.61

J P Morgan Chase & C 1,286,190 3.68 8.80
Unitedhealth Group I 1,116,440 3.19 25.52
General Elec Co 1,072,675 3.07 10.37
Pfizer Inc 948,477 2.71 17.21
At&T Inc 942,480 2.69 5.69
Hess Corp 941,571 2.69 11.47
Citigroup Inc 918,034 2.62 -6.55
PNC Financial Corp 881,860 2.52 3.91
Wells Fargo & Co New 874,920 2.50 2.67
Alcatel-Lucent 96.28 Constellation Brands -8.44

Marathon Oil Corp 44.70 Medco Health Solutio -8.34
Jds Uniphase Corp 43.92 Xerox Corp -7.18
Cbs Corp 31.72 Freeport-McMoran Cop -7.11
Discover Finl Svcs 30.17 Citigroup Inc -6.55
Unitedhealth Group I 25.52 Fifth Third Bancorp -5.04
Kbr Inc 24.14 Macys Inc. -3.91
Capital One Finl Cor 22.21 Huntington Bancshare -3.20
Caterpillar Inc 19.43 Amgen -2.64
Chevron Corp 18.61 Lear Corp -0.74
61
Period Ending 3/11

Unitedhealth Group I 1,116,440 3.19 25.52

Chevron Corp 1,495,963 4.28 18.61
Alcatel-Lucent 282,947 0.81 96.28
Discover Finl Svcs 844,200 2.41 30.17
Marathon Oil Corp 537,098 1.54 44.70
Pfizer Inc 948,477 2.71 17.21
Caterpillar Inc 656,965 1.88 19.43
J P Morgan Chase & C 1,286,190 3.68 8.80
General Elec Co 1,072,675 3.07 10.37
Viacom Inc New -B 614,064 1.76 17.85
Citigroup Inc 918,034 2.62 -6.55

Freeport-McMoran Cop 661,045 1.89 -7.11
Medco Health Solutio 342,576 0.98 -8.34
Fifth Third Bancorp 472,267 1.35 -5.04
Macys Inc. 487,626 1.39 -3.91
Constellation Brands 206,856 0.59 -8.44
Xerox Corp 211,935 0.61 -7.18
Huntington Bancshare 185,256 0.53 -3.20
Lear Corp 615,762 1.76 -0.74
Amgen 144,315 0.41 -2.64
62
Equity Style Attribution Analysis
Quarter Ending 3/11

Style Portfolio Index Portfolio Index Stock Style Total
Large Value 33.29 46.21 4.31 4.93 -0.21 0.24 0.03
Large Neutral 14.30 11.31 9.83 4.59 0.75 -0.06 0.68
Large Growth 24.97 22.09 11.11 9.00 0.53 0.07 0.59
Mid Value 13.19 10.84 6.66 7.34 -0.09 0.01 -0.08
Mid Neutral 5.30 2.00 4.63 8.01 -0.18 0.04 -0.14
Mid Growth 6.57 4.33 12.15 11.74 0.03 0.11 0.14
Small Value 0.00 1.19 8.63 0.00 -0.02 -0.02
Small Neutral 0.00 0.07 6.48 0.00 0.00 0.00
Small Growth 0.00 0.26 0.37 0.00 0.02 0.02
Unclassified 2.39 1.71 -1.45 22.99 -0.58 0.11 -0.47
100.00 100.00 7.50 6.75 0.24 0.51 0.75

Index - Russell 1000 Value

[ Portfolio Market Value Style Percentage ] * [ Portfolio Style Return - Index Style Return]
Style Selection Return Attribution

[ Portfolio Style Percentage - Index Style Percentage ] * [ Index Style Return - Index Total Return ]
Trading Effect -0.85%

63
Quarter Ending 3/11
12.99 15.37
Energy 12.41 16.92 -0.14
7.30 3.94
Materials 3.08 9.12 -0.27
8.60 10.68
12.06 5.66 -0.33

5.86 -0.77 0.06

10.54 11.55 0.57

26.76 4.50 0.42

8.74 9.61 0.44

4.26 2.51 -0.11

2.88 10.04 0.28

Utilities 6.76 3.87
Systematic Financial Management Russell 1000 Value
64
Lee Munder Small Cap Value as of 3/31/11
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
11/30/06
Lee Munder Small Cap Value Russell 2000 Value
Incept
Lee Munder Small Cap Value 4.83 4.83 21.07 11.65 7.39
Russell 2000 Value 6.59 6.59 20.63 6.76 0.80
Asset Growth ($000)

Net Contributions & Withdrawals 0 0 0 -2,500 -4,580
Gain/Loss + Income 1,346 1,346 5,083 8,167 7,605
Great Plains Energy Utilities 2.01 Energy 6.29

Key Energy Svcs Inc Energy 1.72 Materials 6.89
Corn Prods Intl Inc Consumer Staples 1.69 Industrials 19.55
Agl Res Inc Utilities 1.65 Consumer Discretionary 8.88
Employers Holdings I Financials 1.64 Consumer Staples 5.24
Teledyne Technologie Industrials 1.64 Health Care 4.22
Goodrich Pete Corp Energy 1.61 Financials 26.82
Coherent Inc Information Technology 1.59 Information Technology 15.56
Proassurance Corp Financials 1.57 Telecom Services 0.00
Portland Gen Elec Co Utilities 1.57 Utilities 6.55
65
Lee Munder Small Cap Value as of 3/31/11
Cash & Equiv

$588 2.01%
Domestic Equity
$28,619 97.99%
Alpha 1.59
Beta 0.94
R-Squared 0.97
8.0
7.5
7.0 l
6.5
Annualized Return%
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5 T
1.0
0.5 1
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
l Lee Munder Small Cap Val 7.39 22.58 0.25 1.46

1 Russell 2000 Value 0.80 24.77 -0.04
66
Small Value Cumulative Performance Comparisons
Periods Ending 3/11
60%
55%
50%
45% l
40% 1
35%
30%
25%
20% l 1
15%
10% l
5% 1 1 l
l
0% 1
-5%
High 12.40 31.58 56.63 14.50 6.94

1st Qt 8.80 25.34 50.57 11.69 5.37
Median 7.38 23.41 44.89 9.15 2.85
3rd Qt 5.89 21.26 41.67 7.77 1.12
Low 4.34 18.28 34.69 2.91 -1.34
l Lee Munder Small Cap Value

Net Ret 4.83 21.07 45.06 11.65 6.75
Rank 90 79 47 26 8
Net Ret 6.59 20.63 41.11 6.76 0.28
Rank 69 87 78 88 90
67
Small Value Consecutive Performance Comparisons
60%
50%
40%
l
30%
l 1
20% 1
10%
l 1
0% l
-10% 1
-20%
l
-30% 1
-40%
3/31/11
YTD 2010 2009 2008 2007
High 12.40 33.44 53.30 -23.21 7.22

1st Qt 8.80 30.90 35.72 -28.67 -1.48
Median 7.38 28.08 26.24 -30.43 -5.10
3rd Qt 5.89 24.15 23.62 -33.57 -9.60
Low 4.34 21.47 18.36 -38.47 -11.83
l Lee Munder Small Cap Value

Net Ret 4.83 26.73 36.72 -26.01 0.66
Rank 90 60 21 16 18
Net Ret 6.59 24.51 20.57 -28.92 -9.77
Rank 69 71 93 28 76
68
Return vs Risk
Total Returns of Small Value Portfolios
18.0
Median
Risk
16.2
14.4
12.6
10.8
l
9.0 Median
Return
7.2
1
5.3
3.6
1.8
0.0
18.0 20.4 22.8 25.2 27.6 30.0 32.4 34.8 37.2 39.6 42.0

l Lee Munder Small Cap Value 11.65 26 28.37 24
1 Russell 2000 Value 6.76 88 29.50 46
Median 9.15 29.72
69
Lee Munder Small Cap Value

Worst Quarter -10.23 -10.59 -23.28 -24.89 -23.28 -24.89
Best Quarter 14.28 15.36 22.56 22.70 22.56 22.70
Worst 4 Quarters 21.07 -33.86 -33.86
Best 4 Quarters 21.07 73.81 73.81
Beta 0.95 0.94
Alpha 1.16 1.59
R-Squared 0.98 0.97
Sharpe Ratio 0.39 0.21 0.23 -0.04
Treynor Ratio 11.71 5.98
Information Ratio 0.89 1.46
70
Period Ending 3/11
Total Number Of Securities 107 1,296

Median Capitalization $(000) 1,538,064 507,737
Great Plains Energy 575,535 2.01 4.36

Key Energy Svcs Inc 492,484 1.72 19.80
Corn Prods Intl Inc 482,496 1.69 12.97
Agl Res Inc 470,431 1.65 12.44
Employers Holdings I 469,499 1.64 18.55
Teledyne Technologie 469,217 1.64 17.60
Goodrich Pete Corp 461,287 1.61 25.96
Coherent Inc 453,723 1.59 28.73
Proassurance Corp 448,279 1.57 4.57
Portland Gen Elec Co 447,589 1.57 10.75
Lawson Software Inc 30.81 Hhgregg Inc -36.09

Coherent Inc 28.73 Xyratex Ltd -31.45
Innophos Holdings In 28.44 Talbots Inc -29.11
Goodrich Pete Corp 25.96 Pantry Inc -25.33
Belo A H Corp 24.43 Tns Inc -25.14
Littelfuse Inc 21.69 Schweitzer-Mauduit I -19.35
Amsurg Corp 21.43 Callaway Golf Co -15.38
Healthsouth Corp 20.62 Platinum Underwriter -15.14
Key Energy Svcs Inc 19.80 Intermec Inc -14.77
Terex Corp New 19.33 Firstmerit Corp -12.96
71
Period Ending 3/11

Median Capitalization $(000) 1,538,064 507,737
Coherent Inc 453,723 1.59 28.73

Goodrich Pete Corp 461,287 1.61 25.96
Key Energy Svcs Inc 492,484 1.72 19.80
Employers Holdings I 469,499 1.64 18.55
Teledyne Technologie 469,217 1.64 17.60
Lawson Software Inc 264,688 0.93 30.81
Innophos Holdings In 262,873 0.92 28.44
Amsurg Corp 308,384 1.08 21.43
Berry Pete Co 417,726 1.46 15.64
Corn Prods Intl Inc 482,496 1.69 12.97
Xyratex Ltd 247,469 0.87 -31.45

Hhgregg Inc 188,411 0.66 -36.09
Schweitzer-Mauduit I 308,721 1.08 -19.35
Pantry Inc 212,929 0.74 -25.33
Tns Inc 194,641 0.68 -25.14
Talbots Inc 149,834 0.52 -29.11
Platinum Underwriter 272,077 0.95 -15.14
Intermec Inc 198,924 0.70 -14.77
Emulex Corp 332,403 1.16 -8.49
Callaway Golf Co 173,971 0.61 -15.38
72
Equity Style Attribution Analysis
Quarter Ending 3/11

Style Portfolio Index Portfolio Index Stock Style Total
Large Value 0.00 0.00 0.00 0.00 -0.00 0.00
Large Neutral 0.00 0.00 0.00 0.00 -0.00 0.00
Large Growth 0.00 0.00 0.00 0.00 -0.00 0.00
Mid Value 14.34 4.65 5.87 5.87 0.00 -0.02 -0.02
Mid Neutral 3.60 1.46 13.72 6.79 0.25 0.02 0.27
Mid Growth 12.56 1.22 9.20 15.06 -0.74 1.02 0.29
Small Value 36.86 56.13 6.65 5.08 0.58 0.19 0.77
Small Neutral 10.42 14.05 5.79 7.53 -0.18 -0.05 -0.23
Small Growth 22.21 20.72 -0.80 9.95 -2.39 0.06 -2.33
Unclassified 0.00 1.76 -27.54 0.00 0.59 0.59
100.00 100.00 5.37 6.04 -2.48 1.80 -0.67

Index - Russell 2000 Value

[ Portfolio Market Value Style Percentage ] * [ Portfolio Style Return - Index Style Return]
Style Selection Return Attribution

[ Portfolio Style Percentage - Index Style Percentage ] * [ Index Style Return - Index Total Return ]

73
Style Attribution Chart
Quarter Ending 3/11
0.00
Large Value 0.00 0.00
0.00
Large Neutral 0.00 0.00
0.00
Large Growth 0.00 0.00
14.34 5.87 -0.02

Midcap Value 4.65 5.87
3.60 13.72 0.27

Midcap Neutral 1.46 6.79
12.56 9.20 0.29

Midcap Growth 1.22 15.06
36.86 6.65 0.77

Small Value 56.13 5.08
10.42 5.79 -0.23

Small Neutral 14.05 7.53
22.21 -0.80 -2.33

Small Growth 20.72 9.95
0.00 0.59
Unclassified 1.76 -27.54
Lee Munder Small Cap Value Russell 2000 Value
74
NorthPointe Small Cap Growth as of 3/31/11
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
11/30/06
NorthPointe Small Cap Growth Russell 2000 Growth
Incept
NorthPointe Small Cap Growth 8.70 8.70 36.99 7.24 0.33
Russell 2000 Growth 9.24 9.24 31.03 10.16 5.18
Asset Growth ($000)

Net Contributions & Withdrawals 0 0 0 1,568 1,318
Gain/Loss + Income 2,447 2,447 8,253 8,074 3,090
Ttm Technologies In Information Technology 2.84 Energy 13.79

Air Trans Hldgs Inc Industrials 2.68 Materials 5.95
Intrepid Potash Inc Materials 2.55 Industrials 16.02
Web Com Group Inc Information Technology 2.52 Consumer Discretionary 14.58
Air Methods Corp Health Care 2.50 Consumer Staples 2.05
World Fuel Svcs Corp Energy 2.49 Health Care 18.86
Healthsouth Corp Health Care 2.45 Financials 1.06
G-III Apparel Group Consumer Discretionary 2.41 Information Technology 27.69
Abraxas Pete Corp Energy 2.41 Telecom Services 0.00
Globe Specialty Meta Materials 2.39 Utilities 0.00
75
NorthPointe Small Cap Growth as of 3/31/11
Cash & Equiv

$460 1.51%
Domestic Equity
$30,107 98.49%
Alpha -1.14
Beta 1.18
R-Squared 0.95
5.5
5.0 1
4.5
Annualized Return%
4.0
3.5
3.0
2.5
2.0
1.5 T
1.0
0.5
0.0 n
0.0 5.0 10.0 15.0 20.0 25.0 30.0
n NorthPointe Small Cap Gr 0.33 28.26 -0.05 -0.42

1 Russell 2000 Growth 5.18 24.15 0.14
76
Small Growth Cumulative Performance Comparisons
Periods Ending 3/11
60%
55%
50%
n
45% 1
40%
35% n
30% 1
25%
20%
15%
10% 1
n 1 n
5% 1
0% n
-5%
High 13.39 42.10 54.43 15.29 10.15

1st Qt 10.63 33.77 47.15 13.21 7.78
Median 9.07 30.85 44.23 10.79 5.72
3rd Qt 7.98 26.49 41.82 8.45 4.61
Low 5.78 21.55 37.83 3.81 -0.62
n NorthPointe Small Cap Growth

Net Ret 8.70 36.99 48.07 7.24 -0.10
Rank 59 18 21 87 93
Net Ret 9.24 31.03 44.93 10.16 5.04
Rank 44 46 40 55 66
77
Small Growth Consecutive Performance Comparisons
60%
50%
40% n
30% n 1
1
20%
10% n 1 1
0% n
-10%
-20%
-30%
-40% 1
-50%
n
-60%
3/31/11
YTD 2010 2009 2008 2007
High 13.39 43.38 49.04 -24.64 21.99

1st Qt 10.63 31.55 39.26 -31.75 12.26
Median 9.07 28.40 34.05 -37.44 8.20
3rd Qt 7.98 25.33 26.85 -41.13 2.93
Low 5.78 21.69 15.40 -48.21 -1.15
n NorthPointe Small Cap Growth

Net Ret 8.70 33.24 41.30 -52.08 3.66
Rank 59 16 19 98 68
Net Ret 9.24 29.07 34.48 -38.53 7.05
Rank 44 45 47 56 57
78
NorthPointe Small Cap Growth

Worst Quarter -9.05 -9.22 -31.82 -27.44 -31.82 -27.44
Best Quarter 27.01 17.11 27.01 23.38 27.01 23.38
Worst 4 Quarters 36.99 -43.75 -52.08
Best 4 Quarters 36.99 60.06 60.06
Beta 1.15 1.18
Alpha -0.79 -1.14
R-Squared 0.95 0.95
Sharpe Ratio 0.20 0.34 -0.04 0.14
Treynor Ratio 5.86 -1.14
79
Period Ending 3/11

Median Capitalization $(000) 843,181 594,636
Ttm Technologies In 855,209 2.84 21.80

Air Trans Hldgs Inc 805,784 2.68 6.96
Intrepid Potash Inc 767,433 2.55 -6.62
Web Com Group Inc 757,615 2.52 72.66
Air Methods Corp 752,259 2.50 19.51
World Fuel Svcs Corp 750,676 2.49 12.42
Healthsouth Corp 738,384 2.45 20.62
G-III Apparel Group 725,256 2.41 6.91
Abraxas Pete Corp 724,727 2.41 28.01
Globe Specialty Meta 719,102 2.39 33.18
Ista Pharmaceuticals 97.47 Quantum-Dlt&Storage -32.26

Web Com Group Inc 72.66 Axcelis Technologies -23.41
Depomed Inc 57.86 Pacer Intl Inc Tenn -23.10
Gulfmark Offshore In 46.41 Kid Brands Inc -14.04
Global Inds Ltd 41.27 Bioscript Inc -9.94
Georesources Inc 40.79 Radiant Systems Inc -9.56
Amerigon Inc 40.35 Intrepid Potash Inc -6.62
Global Geophysical S 39.31 Akorn Inc -4.94
Trinity Inds Inc 38.21 Nve Corp -2.58
Magma Design Automat 36.13 Wabash Natl Corp -2.28
80
Period Ending 3/11

Median Capitalization $(000) 843,181 594,636
Web Com Group Inc 757,615 2.52 72.66

Depomed Inc 675,421 2.24 57.86
Trinity Inds Inc 690,313 2.29 38.21
Georesources Inc 637,158 2.12 40.79
Globe Specialty Meta 719,102 2.39 33.18
Abraxas Pete Corp 724,727 2.41 28.01
Ttm Technologies In 855,209 2.84 21.80
Patriot Coal Corp 550,825 1.83 33.35
Ista Pharmaceuticals 186,625 0.62 97.47
Atlas Air Worldwide 689,182 2.29 24.88
Quantum-Dlt&Storage 294,213 0.98 -32.26

Axcelis Technologies 300,868 1.00 -23.41
Pacer Intl Inc Tenn 255,210 0.85 -23.10
Bioscript Inc 529,277 1.76 -9.94
Intrepid Potash Inc 767,433 2.55 -6.62
Kid Brands Inc 344,862 1.15 -14.04
Radiant Systems Inc 266,084 0.88 -9.56
Wabash Natl Corp 677,523 2.25 -2.28
Akorn Inc 190,670 0.63 -4.94
Nve Corp 301,532 1.00 -2.58
81
Quarter Ending 3/11

Energy 10.90 5.05 12.70 19.71 -0.76 0.61 -0.15
Materials 7.55 4.95 11.15 10.52 0.05 0.03 0.08
Industrials 16.34 17.74 7.40 8.41 -0.16 0.01 -0.15
Consumer Discretionary 16.25 16.91 4.91 4.15 0.12 0.03 0.16
Consumer Staples 1.92 3.11 15.74 4.52 0.22 0.06 0.27
Health Care 12.72 18.90 17.24 6.90 1.32 0.15 1.46
Financials 2.84 4.93 -9.80 8.04 -0.51 0.03 -0.48
Information Technology 31.47 27.06 9.11 13.51 -1.39 0.19 -1.20
Telecom. Services 0.00 1.30 3.60 0.00 0.07 0.07
Utilities 0.00 0.06 1.56 0.00 0.00 0.00
100.00 100.00 9.32 9.25 -1.12 1.18 0.06

Index - Russell 2000 Growth



82
Quarter Ending 3/11
10.90 12.70
Energy 5.05 19.71 -0.15
7.55 11.15
Materials 4.95 10.52 0.08
16.34 7.40
Industrials 17.74 8.41 -0.15
16.25 4.91 0.16

1.92 15.74 0.27

12.72 17.24 1.46

2.84 -9.80 -0.48

31.47 9.11 -1.20

0.00 0.07
0.00 0.00
Utilities 0.06 1.56
NorthPointe Small Cap Growth Russell 2000 Growth
83
84
Artio IE II Group Trust as of 3/31/11
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
11/30/07
Artio IE II Group Trust MSCI EAFE (Net) MSCI ACWI ex US (Net)
Incept
Artio IE II Group Trust 2.08 2.08 10.19 -4.16 -6.61
MSCI EAFE (Net) 3.36 3.36 10.42 -3.01 -6.05
MSCI ACWI ex US (Net) 3.41 3.41 13.15 -0.85 -4.00
Asset Growth ($000)

Net Contributions & Withdrawals 0 0 0 18,044 18,044
Gain/Loss + Income 606 606 2,753 1,614 545
85
Artio IE II Group Trust as of 3/31/11
Intl Equity
$29,749 100.00%
Alpha -0.46
Beta 0.92
R-Squared 0.99
1.0
T
0.0
Annualized Return%
-1.0
-2.0
-3.0
-4.0 2
-5.0
-6.0 1
-7.0 a
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
a Artio IE II Group Trust -6.61 23.75 -0.31 -0.42

1 MSCI EAFE (Net) -6.05 25.37 -0.27
2 MSCI ACWI ex US (N -4.00 26.27 -0.18
86
Total Returns of International Equity Portfolios
Periods Ending 3/11
55%
50%
45%
40%
35% 2
30% 1
25% a
20%
15%
2
10% a 1
5%
0% a 1 2
2
-5% a 1
-10%
Last Last Last 2 Last 3
Qtr Year Years Years
High 6.64 23.63 48.91 7.31

1st Qt 4.10 16.75 40.52 1.95
Median 3.24 13.27 33.34 0.16
3rd Qt 2.07 11.64 29.86 -2.77
Low -0.90 6.38 21.40 -7.48
a Artio IE II Group Trust

Net Ret 2.08 10.19 27.33 -4.16
Rank 74 84 87 88
1 MSCI EAFE (Net)
Net Ret 3.36 10.42 30.59 -3.01
Rank 47 83 71 79
2 MSCI ACWI ex US (Net)
Net Ret 3.41 13.15 34.94 -0.85
Rank 45 50 41 59
87
80%
70%
60%
50%
40% 2
30% 1
20% a
10% a 1 2
0% a 1 2
-10%
-20%
-30%
-40% a 1
-50% 2
-60%
3/31/11
YTD 2010 2009 2008
High 6.64 24.78 75.57 -24.16

1st Qt 4.10 17.02 42.19 -40.27
Median 3.24 11.98 35.69 -43.33
3rd Qt 2.07 8.45 26.17 -47.40
Low -0.90 2.37 9.83 -57.57
a Artio IE II Group Trust

Net Ret 2.08 8.43 23.85 -41.64
Rank 74 75 81 35
1 MSCI EAFE (Net)
Net Ret 3.36 7.75 31.77 -43.38
Rank 47 80 63 50
Net Ret 3.41 11.15 41.44 -45.52
Rank 45 55 27 63
88
Return vs Risk
10.0
Median
Risk
8.0
6.0
4.0
2.0
0.0 Median
2 Return
-2.0
-4.0
1
a
-6.0
-8.0
-10.0
16.0 19.0 22.0 25.0 28.0 31.0 34.0 37.0 40.0 43.0 46.0

a Artio IE II Group Trust -4.16 88 28.27 30
1 MSCI EAFE (Net) -3.01 79 30.58 45
2 MSCI ACWI ex US (Net) -0.85 59 31.59 57
Median 0.16 30.93
89
Artio IE II Group Trust

Worst Quarter -12.12 -13.97 -21.53 -20.56 -21.53 -20.56
Best Quarter 15.56 16.48 19.60 25.43 19.60 25.43
Worst 4 Quarters 10.19 -45.70 -45.70
Best 4 Quarters 10.19 47.14 47.14
Beta 0.92 0.92
Alpha -0.42 -0.46
R-Squared 0.99 0.99
Sharpe Ratio -0.17 -0.12 -0.27 -0.21
Treynor Ratio -5.09 -8.01
90
Thornburg as of 3/31/11
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
11/30/07
Thornburg MSCI EAFE (Net) MSCI ACWI ex US (Net)
Incept
Thornburg 4.18 4.18 16.94 0.88 -2.62
MSCI EAFE (Net) 3.36 3.36 10.42 -3.01 -6.05
MSCI ACWI ex US (Net) 3.41 3.41 13.15 -0.85 -4.00
Asset Growth ($000)

Net Contributions & Withdrawals -61 -61 -117 18,330 18,297
Gain/Loss + Income 1,388 1,388 4,866 5,091 3,918
91
Thornburg as of 3/31/11
Intl Equity
$33,041 100.00%
Alpha 0.51
Beta 0.89
R-Squared 0.98
1.0
T
0.0
Annualized Return%
-1.0
-2.0
-3.0 t
-4.0 2
-5.0
-6.0 1
-7.0
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
t Thornburg -2.62 22.60 -0.15 0.45

1 MSCI EAFE (Net) -6.05 25.37 -0.27
2 MSCI ACWI ex US (N -4.00 26.27 -0.18
92
Periods Ending 3/11
55%
50%
45%
40%
35% 2
t
30% 1
25%
20%
15% t
2
10% 1
5% t 1 2
0% t 2
-5% 1
-10%
High 6.64 23.63 48.91 7.31

1st Qt 4.10 16.75 40.52 1.95
Median 3.24 13.27 33.34 0.16
3rd Qt 2.07 11.64 29.86 -2.77
Low -0.90 6.38 21.40 -7.48
t Thornburg
Net Ret 4.18 16.94 32.88 0.88
Rank 22 24 52 39
1 MSCI EAFE (Net)
Net Ret 3.36 10.42 30.59 -3.01
Rank 47 83 71 79
Net Ret 3.41 13.15 34.94 -0.85
Rank 45 50 41 59
93
80%
70%
60%
50%
40% 2
30% t 1
20%
10% t
t 1 2 1 2
0%
-10%
-20%
-30%
-40% t 1 2
-50%
-60%
3/31/11
YTD 2010 2009 2008
High 6.64 24.78 75.57 -24.16

1st Qt 4.10 17.02 42.19 -40.27
Median 3.24 11.98 35.69 -43.33
3rd Qt 2.07 8.45 26.17 -47.40
Low -0.90 2.37 9.83 -57.57
t Thornburg
Net Ret 4.18 14.23 33.47 -42.03
Rank 22 37 56 38
1 MSCI EAFE (Net)
Net Ret 3.36 7.75 31.77 -43.38
Rank 47 80 63 50
Net Ret 3.41 11.15 41.44 -45.52
Rank 45 55 27 63
94
Return vs Risk
10.0
Median
Risk
8.0
6.0
4.0
2.0
0.0
t Median
2 Return
-2.0
-4.0
1
-6.0
-8.0
-10.0
16.0 19.0 22.0 25.0 28.0 31.0 34.0 37.0 40.0 43.0 46.0

t Thornburg 0.88 39 26.87 15
1 MSCI EAFE (Net) -3.01 79 30.58 45
2 MSCI ACWI ex US (Net) -0.85 59 31.59 57
Median 0.16 30.93
95
Thornburg

Worst Quarter -9.30 -13.97 -19.68 -20.56 -19.68 -20.56
Best Quarter 14.54 16.48 23.51 25.43 23.51 25.43
Worst 4 Quarters 17.23 -41.85 -42.03
Best 4 Quarters 17.23 51.00 51.00
Beta 0.87 0.89
Alpha 0.79 0.53
R-Squared 0.99 0.98
Sharpe Ratio 0.02 -0.12 -0.12 -0.21
Treynor Ratio 0.52 -3.58
96
Agincourt as of 3/31/11
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
12/31/95
Agincourt Barclays U.S. Aggregate
Incept
Agincourt 0.73 0.73 6.18 6.45 6.44 5.97 6.28
Barclays U.S. Aggregate 0.42 0.42 5.12 5.30 6.02 5.57 5.97
Asset Growth ($000)

Beginning Market Value 80,168 80,168 68,973 76,976 79,284 58,657 48,077
Net Contributions & Withdrawals 0 0 7,600 -7,950 -20,650 -16,650 -25,055
Gain/Loss + Income 587 587 4,181 11,729 22,121 38,748 57,732
Ending Market Value 80,754 80,754 80,754 80,754 80,754 80,754 80,754
Top Fixed Income Holdings Sector Allocation
Sector % Port % Port
United States Treas Government 5.76 Finance 14.17

United States Treas Government 4.25 Government 14.70
FNMA Pool #ah2366 Mortgage 3.74 Industrials 19.61
GNMA I Pool #747834 Mortgage 3.07 Mortgage 42.61
Fhlm Pool J11722 Mortgage 2.47 Transportation 2.07
FNMA Pool #ah2659 Mortgage 2.17 Utilities 5.63
Fhgld Pool #a91538 Mortgage 2.05 Municipals 0.00
FNMA Pool 745418 Mortgage 1.82 Foreign 0.96
Federal Natl Mtg Ass Government 1.77 Miscellaneous 0.25
FNMA Pool 254868 Mortgage 1.66
97
Agincourt as of 3/31/11
Domestic Fixed Cash & Equiv

$80,665 99.89% $89 0.11%
Alpha 0.11
Beta 0.95
R-Squared 0.81
6.5
a
6.0 1
Annualized Return%
5.5
5.0
4.5
4.0
3.5
T
3.0
1.0 1.5 2.0 2.5 3.0 3.5 4.0
a Agincourt 6.28 3.71 0.80 0.17

1 Barclays U.S. Aggregate 5.97 3.59 0.74
98
Fixed Income Core Cumulative Performance Comparisons
Total Returns of Fixed Income Portfolios
Periods Ending 3/11
16%
14%
12%
10% a
8%
6% a 1 a a1 a1 a1 a1
1 a1
1 a1 a1
4%
2%
a1
0%
-2%
High 1.76 9.21 14.55 8.23 8.09 7.72 6.92 6.67 6.90 7.28 7.04
1st Qt 0.99 6.78 10.94 6.85 7.01 6.98 6.21 5.53 5.66 6.29 6.15
Median 0.69 5.59 8.45 6.12 6.40 6.47 5.83 5.18 5.22 5.87 5.79
3rd Qt 0.36 4.63 5.86 5.17 5.64 5.99 5.42 4.80 4.81 5.59 5.51
Low -0.52 1.78 2.02 3.62 4.18 4.24 4.17 4.51 4.11 4.44 4.63
a Agincourt
Net Ret 0.73 6.18 10.55 6.45 6.32 6.44 5.78 5.15 5.28 6.01 5.97
Rank 48 39 25 35 52 50 50 50 45 40 37
1 Barclays U.S. Aggregate
Net Ret 0.42 5.12 6.40 5.30 5.89 6.02 5.39 4.77 4.85 5.59 5.57
Rank 69 64 69 73 70 69 78 76 72 75 69
99
Fixed Income Core Consecutive Performance Comparisons
20%
18%
16%
14% a
12%
10% a1 a
8% a 1
6% 1 1 a1
1 a1 a1 a
4% 1
2% a1
0% a1
-2% a
-4%
-6%
-8%
3/31/11
YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
High 1.76 12.20 18.38 11.42 9.38 5.65 4.36 5.98 6.85 15.12 9.81
1st Qt 0.99 8.80 12.08 6.00 7.44 4.84 3.11 4.72 4.91 10.98 8.91
Median 0.69 7.29 9.25 3.29 6.75 4.51 2.68 4.33 4.51 9.93 8.44
3rd Qt 0.36 6.07 7.20 0.01 6.02 4.14 2.37 3.72 3.49 8.39 7.81
Low -0.52 2.47 0.34 -6.03 4.62 3.33 1.84 2.10 2.35 5.38 4.76
a Agincourt
Net Ret 0.73 8.10 13.88 -1.67 6.49 4.71 2.57 4.66 5.13 9.88 9.43
Rank 48 33 14 83 59 33 59 29 18 50 11
1 Barclays U.S. Aggregate
Net Ret 0.42 6.54 5.93 5.24 6.96 4.33 2.43 4.34 4.11 10.26 8.43
Rank 69 65 83 28 42 63 71 48 62 32 50
100
Return vs Risk
16.0
Median
Risk
14.0
12.0
10.0
8.0
6.0 a Median
1 Return
4.0
2.0
0.0
-2.0
-4.0
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

a Agincourt 6.45 37 5.01 51
1 Barclays U.S. Aggregate 5.30 61 3.91 29
Median 5.79 5.04

10.0
Median
Risk
9.0
8.0
7.0
a Median
6.0 1 Return
5.0
4.0
3.0
2.0
0.0 1.2 2.4 3.6 4.8 6.0 7.2 8.4 9.6 10.8 12.0

a Agincourt 6.44 45 4.21 54
1 Barclays U.S. Aggregate 6.02 61 3.52 31
Median 6.32 4.06
101
Agincourt

Worst Quarter -1.35 -1.30 -2.41 -1.30 -2.41 -1.30 -2.41 -2.44
Best Quarter 3.64 3.49 5.72 4.57 5.72 4.57 5.72 4.62
Worst 4 Quarters 6.18 -1.30 -1.67 -1.67
Best 4 Quarters 6.18 15.10 15.10 15.10
Beta 0.94 0.95 0.95
Alpha 0.36 0.15 0.11
R-Squared 0.52 0.59 0.81
Sharpe Ratio 1.19 1.23 1.00 1.08 0.80 0.74
102
Fixed Income, Mortgage and Municipals Summary Statistics
Agincourt
Quarter Ending 3/11
Portfolio Barclays U.S. Aggregate

Total Market Value 80,665,217 15,093,100,183,552
Yield to Maturity 3.53 3.08
Time to Maturity 14.18 7.25
Current Coupon 5.20 4.20
Duration 5.03 5.35
Effective Convexity -0.06 0.04
Effective Duration 4.79 5.12
Effective Maturity 6.45 7.25
Yield to Maturity Time to Maturity Coupon
0- 1 0.8% 0- 1 0.7% 0- 3 8.0%
1- 2 9.2% 1- 3 8.5% 3- 5 28.3%
2 - 3 22.1% 3- 5 9.5% 5- 7 53.0%
3 - 4 41.1% 5- 7 19.7% 7- 9 8.0%
4 - 5 18.1% 7 - 10 15.9% 9 - 11 2.6%
5+ 8.7% 10+ 45.7% 11+ 0.0%
Quality Duration Effective Duration
GOVT 12.3% 0-1 2.4% 0- 1 2.4%

AAA 43.2%
1-3 19.3% 1 - 3 25.8%
AA 6.5%
3-4 18.6% 3 - 4 14.6%
A 17.2%
4-6 42.6% 4 - 6 40.7%
BAA 20.0%
6-8 3.6% 6- 8 3.8%
BA 0.3%
NR 0.6% 8+ 13.5% 8+ 12.8%
103
Percent Invested by Sector and Quality
Agincourt
As of 3/31/11
Moody’s Quality Ratings
Name Aaa Aa A Baa Ba B Other NR Total
Government 14.70 --- --- --- --- --- --- --- 14.70
Treasury 11.46 --- --- --- --- --- --- --- 11.46
Agency 3.24 --- --- --- --- --- --- --- 3.24
Corporate 0.05 5.63 16.38 18.00 0.31 --- --- --- 40.37
Industrial --- 1.86 5.59 11.86 0.31 --- --- --- 19.62
Utility --- 0.14 3.38 2.11 --- --- --- --- 5.63
Finance 0.05 3.02 7.41 3.68 --- --- --- --- 14.16
Yankee --- 0.62 --- 0.34 --- --- --- --- 0.96
Transportation --- 0.27 0.51 1.29 --- --- --- --- 2.07
Mortgage 40.65 0.61 0.31 0.73 --- --- --- 0.30 42.60
GNMA 3.59 --- --- --- --- --- --- --- 3.59
FHLMC 13.71 --- --- --- --- --- --- --- 13.71
FNMA 18.01 --- --- --- --- --- --- --- 18.01
Other Mortgage 5.34 0.61 0.31 0.73 --- --- --- 0.30 7.29
Municipals --- --- --- --- --- --- --- --- ---
Cash --- --- --- --- --- --- --- --- ---
Other --- --- --- --- --- --- --- 0.25 0.25
Total 55.41 6.50 17.21 20.02 0.31 --- --- 0.55 100.00
104
Fixed Income Sector Attribution Analysis
Agincourt
Quarter Ending 3/11

Portfolio Index Portfolio Index Security Sector Total
Finance 13.44 0.00 1.50 0.00 0.20 0.00 0.20
Government 20.18 0.00 0.02 0.00 0.00 0.00 0.00
Industrials 18.69 9.94 1.04 0.00 0.19 0.00 0.19
Mortgage 39.32 0.00 1.27 0.00 0.50 0.00 0.50
Transportation 2.07 0.00 1.96 0.00 0.04 0.00 0.04
Utilities 5.32 2.12 0.67 0.00 0.04 0.00 0.04
Municipals 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Foreign 0.72 0.00 -2.18 0.00 -0.02 0.00 -0.02
Miscellaneous 0.25 0.00 0.00 0.00 0.00 0.00
100.00 100.00 0.96 0.00 0.96 0.00 0.96
Index - Barclays U.S. Aggregate
Security Selection Return Attribution



105
106
American Stable Value Fd Am Realty as of 3/31/11
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
7/31/07
American Stable Value Fd Am Realty NCREIF Prop Index NCREIF ODCE Fund Index
Incept
American Stable Value Fd Am Realty 4.04 4.04 16.25 -9.10 -5.34
NCREIF Prop Index 3.36 3.36 16.03 -3.63 -0.78
NCREIF ODCE Fund Index 4.12 4.12 20.25 -8.92 -5.48
Asset Growth ($000)

Net Contributions & Withdrawals 2 2 -118 -356 -532
Gain/Loss + Income 819 819 2,882 -6,639 -4,430
Returns of NFI-ODCE are preliminary.

107
American Stable Value Fd Am Realty as of 3/31/11
Real Estate
$20,038 100.00%
Alpha -1.06
Beta 1.27
R-Squared 0.88
2.0
1.0 T
Annualized Return%
0.0
-1.0 1
-2.0
-3.0
-4.0
-5.0
a 2
-6.0
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0
a American Stable Value Fd -5.34 11.56 -0.57 -1.09

1 NCREIF Prop Index -0.78 8.35 -0.24
2 NCREIF ODCE Fund I -5.48 12.51 -0.53
Returns of NFI-ODCE are preliminary.

108
Total Returns of Real Estate Portfolios
Periods Ending 3/11
70%
60%
50%
40%
30%
20% 2
a 1
10%
0% a 1 2 1
2 1
a
-10% a 2
-20%
-30%
-40%
High 7.16 27.41 62.36 5.67

1st Qt 4.75 23.75 30.42 -1.53
Median 3.12 17.95 -0.31 -8.67
3rd Qt 1.08 9.93 -3.93 -10.97
Low -9.14 -10.75 -27.22 -30.78
a American Stable Value Fd Am Realty

Net Ret 4.04 16.25 -3.81 -9.10
Rank 29 64 74 53
1 NCREIF Prop Index
Net Ret 3.36 16.03 2.42 -3.63
Rank 40 64 33 29
2 NCREIF ODCE Fund Index
Net Ret 4.12 20.25 -0.71 -8.92
Rank 26 33 53 53
109
40%
30%
20%
2
10% a 1
a 1 2
0%
a 1
-10% 2
-20% 1
-30% a 2
-40%
-50%
3/31/11
YTD 2010 2009 2008
High 7.16 30.11 36.12 13.79

1st Qt 4.75 18.66 -5.52 -4.56
Median 3.12 15.49 -28.27 -10.40
3rd Qt 1.08 10.65 -30.79 -25.50
Low -9.14 -12.72 -45.55 -44.90
a American Stable Value Fd Am Realty

Net Ret 4.04 10.99 -30.19 -5.73
Rank 29 74 71 31
1 NCREIF Prop Index
Net Ret 3.36 13.11 -16.86 -6.46
Rank 40 66 30 31
Net Ret 4.12 16.36 -29.76 -10.00
Rank 26 44 66 44
110
Return vs Risk
15.0
Median
Risk
10.5
6.0
1.5
-3.0
1
-7.5 Median
a 2 Return
-12.0
-16.5
-21.0
-25.5
-30.0
0.0 4.4 8.8 13.2 17.6 22.0 26.4 30.8 35.2 39.6 44.0

a American Stable Value Fd Am Realty -9.10 53 12.00 20
1 NCREIF Prop Index -3.63 29 8.87 5
2 NCREIF ODCE Fund Index -8.92 53 13.39 37
Median -8.67 15.26
111
American Stable Value Fd Am Realty

Down Market Capture 1.54 1.54
Worst Quarter 3.26 3.31 -12.88 -8.29 -12.88 -8.29
Best Quarter 4.57 4.62 4.57 4.62 4.68 4.62
Worst 4 Quarters 16.74 -32.60 -32.60
Best 4 Quarters 16.74 16.74 16.74
Beta 1.27 1.29
Alpha -1.06 -0.91
R-Squared 0.88 0.88
Sharpe Ratio -0.79 -0.47 -0.55 -0.24
112
Prudential RE Investors PRISA II as of 3/31/11
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0
7/31/07
Prudential RE Investors PRISA II NCREIF Prop Index NCREIF ODCE Fund Index
Incept
Prudential RE Investors PRISA II 5.51 5.51 30.62 -15.26 -11.41
NCREIF Prop Index 3.36 3.36 16.03 -3.63 -0.78
NCREIF ODCE Fund Index 4.12 4.12 20.25 -8.92 -5.48
Asset Growth ($000)

Net Contributions & Withdrawals 0 0 1,017 7,425 11,981
Gain/Loss + Income 608 608 2,653 -3,572 -3,346
Returns for NFI-ODCE are preliminary.

113
Prudential RE Investors PRISA II as of 3/31/11
Real Estate
$11,636 100.00%
Alpha -1.65
Beta 2.31
R-Squared 0.93
2.0
1.0 T
0.0
-1.0 1
Annualized Return%
-2.0
-3.0
-4.0
-5.0
-6.0 2
-7.0
-8.0
-9.0
-10.0
-11.0
-12.0 p
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
p Prudential RE Inve -11.41 19.82 -0.64 -0.84

1 NCREIF Prop Index -0.78 8.35 -0.24
2 NCREIF ODCE Fund I -5.48 12.51 -0.53
Returns for NFI-ODCE are preliminary.

114
Periods Ending 3/11
70%
60%
50%
40%
30% p
20% 2
1
10%
p 1 2
0% 1
p 2 1
-10% 2
p
-20%
-30%
-40%
High 7.16 27.41 62.36 5.67

1st Qt 4.75 23.75 30.42 -1.53
Median 3.12 17.95 -0.31 -8.67
3rd Qt 1.08 9.93 -3.93 -10.97
Low -9.14 -10.75 -27.22 -30.78
p Prudential RE Investors PRISA II

Net Ret 5.51 30.62 -1.72 -15.26
Rank 23 2 56 84
1 NCREIF Prop Index
Net Ret 3.36 16.03 2.42 -3.63
Rank 40 64 33 29
Net Ret 4.12 20.25 -0.71 -8.92
Rank 26 33 53 53
115
40%
30%
p
20%
2
10% 1
p 1 2
0%
1
-10% 2
1 p
-20%
-30% 2
-40%
p
-50%
3/31/11
YTD 2010 2009 2008
High 7.16 30.11 36.12 13.79

1st Qt 4.75 18.66 -5.52 -4.56
Median 3.12 15.49 -28.27 -10.40
3rd Qt 1.08 10.65 -30.79 -25.50
Low -9.14 -12.72 -45.55 -44.90
p Prudential RE Investors PRISA II

Net Ret 5.51 24.79 -44.82 -16.14
Rank 23 12 93 68
1 NCREIF Prop Index
Net Ret 3.36 13.11 -16.86 -6.46
Rank 40 66 30 31
Net Ret 4.12 16.36 -29.76 -10.00
Rank 26 44 66 44
116
Return vs Risk
15.0
Median
Risk
10.5
6.0
1.5
-3.0
1
-7.5 Median
2 Return
-12.0
-16.5 p
-21.0
-25.5
-30.0
0.0 4.4 8.8 13.2 17.6 22.0 26.4 30.8 35.2 39.6 44.0

p Prudential RE Investors PRISA II -15.26 84 21.56 69
1 NCREIF Prop Index -3.63 29 8.87 5
2 NCREIF ODCE Fund Index -8.92 53 13.39 37
Median -8.67 15.26
117
Prudential RE Investors PRISA II

Down Market Capture 2.45 2.45
Worst Quarter 5.51 3.31 -24.78 -8.29 -24.78 -8.29
Best Quarter 8.23 4.62 8.23 4.62 8.23 4.62
Worst 4 Quarters 30.62 -51.17 -51.17
Best 4 Quarters 30.62 30.62 30.62
Beta 2.35 2.29
Alpha -1.35 -1.77
R-Squared 0.94 0.93
Sharpe Ratio -0.73 -0.47 -0.63 -0.24
118
K2 Advisors Long/Short as of 3/31/11
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
4/30/08
K2 Advisors Long/Short Standard & Poors 500
Incept
K2 Advisors Long/Short 1.72 1.72 5.18 0.65
Standard & Poors 500 5.92 5.92 15.64 0.77
Asset Growth ($000)

Beginning Market Value 43,460 43,460 42,032 35,000
Net Contributions & Withdrawals 0 0 -35 7,965
Gain/Loss + Income 747 747 2,210 1,242
Ending Market Value 44,207 44,207 44,207 44,207
119
K2 Advisors Long/Short as of 3/31/11
Special Invest
$44,207 100.00%
Risk/Return Analysis (Number of returns < 12)

Alpha N/A
Beta N/A
R-Squared N/A
0.8
1
0.7
Annualized Return%
2
0.6
0.5
T
0.4
-2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
2 K2 Advisors Long/Short 0.65 6.36 0.03

1 Standard & Poors 500 0.77 22.04 0.01
120
K2 Advisors Long/Short

Down Market Capture 0.42 -90.16 -90.16
Worst Quarter -4.77 -11.43 -7.37 -21.93 -7.37 -21.93
Best Quarter 4.71 11.30 10,107.43 15.93 10,107.43 15.93
Worst 4 Quarters 5.26 -8.72 -8.72
Best 4 Quarters 5.26 8,966.58 8,966.58
Standard Deviation 5,835.37 24.36 5,835.37 24.36
Beta -24.75 -24.75
Alpha 871.15 871.15
R-Squared 0.01 0.01
Sharpe Ratio 0.06 0.08 0.06 0.08
Tracking Error 5,837.92 5,837.92
121
122
Appendix
Dow Jones Industrial Average: This index is comprised of 30 "blue-chip" US stocks selected for their history of
successful growth and wide interest among investors. The DJIA represents about 20% of the total market value of all US
stocks and about 25% of the NYSE market capitalization. It is a price-weighted arithmetic average, with the divisor
adjusted to reflect stock splits and the occasional stock switches in the index.
NASDAQ Composite: A cap-weighted index comprised of all common stocks listed on the NASDAQ Stock Market
(National Association of Securities Dealers Automated Quote system).
S&P 500: A broad-based measurement of changes in stock market conditions based on the average performance of 500
widely held common stocks. This index does not contain the 500 largest companies or the most expensive stocks traded
in the US. While many of the stocks are among the largest, this index also includes many relatively small companies.
This index consists of approximately 380 industrial, 40 utility, 10 transportation, and 70 financial companies listed on
the US market exchanges. It is a capitalization-weighted index (stock price times number of shares outstanding),
calculated on a total return basis with dividend reinvested.
Russell 1000: The 1000 largest companies in the Russell 3000 index, based on market capitalization.
Russell 1000 Growth: A segment of the Russell 1000 with a greater-than-average growth orientation. Companies in this
index have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values
than the Russell 1000 Growth index.
Russell 1000 Value: Represents a segment of the Russell 1000 with a less-than-average growth orientation. Companies
in this index have low price-to book and price-to-earnings ratios, higher dividend yields and lower forecasted growth
values than the Russell 1000 Growth index.
Russell Mid-Cap: This index consists of the bottom 800 securities in the Russell 1000 as ranked by total market
capitalization, and represents over 35% of the Russell 1000 total market cap.
Russell Mid-Cap Growth: The Russell Mid-cap Growth Index offers investors access to the mid-cap growth segment of
the U.S. equity universe. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased
barometer of the mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the
methodology used to determine growth probability approximates the aggregate mid-cap growth manager's opportunity
set.
Russell Mid-Cap Value: Measures the performance of the Russell 3000 Index extended to include micro-cap securities
of the Russell Micro-cap Index. The index represents approximately 99% of the U.S. Equity Market. As of the latest
reconstitution, the average market capitalization was approximately $3.8 billion; the median market capitalization was
approximately $612 million. The index had a total market capitalization range of approximately $368.5 billion to $67.3
million.
Russell 2000: the 2000 smallest companies in the Russell 3000 index.
index have higher price-to book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values
than the Russell 2000 Value index.
Appendix
Russell 2000 Value: A segment of the Russell 2000 with a less-than-average growth orientation. Companies in this
index have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values
Russell 2500: This index consists of the bottom 500 stocks in the Russell 1000 (as ranked by market capitalization) and
all of the stocks in the Russell 2000. This index is intended to be used as a measure of small to medium/small stock
performance.
index have higher price-to book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values
than the Russell 2500 Value index.
Russell 2500 Value: A segment of the Russell 2500 with a less-than-average growth orientation. Companies in this
index have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values
Russell 3000: is composed of the 3,000 largest U.S. securities, as determined by total market capitalization.
Russell 3000 Growth: This index measures the performance of those Russell 3000 Index companies with higher
price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell
1000 Growth or the Russell 2000 Growth indexes.
Russell 3000 Value: This index measures the performance of those Russell 3000 Index companies with lower
price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell
1000Value or the Russell 2000 Value indexes.
MSCI EAFE: A market capitalization-weighted index representing all of the MSCI developed markets outside North
America. It comprises 20 of the 22 countries in the MSCI World. These 20 countries include the 14 European countries
in the MSCI Europe and the 6 Pacific countries in the MSCI Pacific. This index is created by aggregating the 20
different country indexes, all of which are created separately.
MSCI World: A free float-adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed markets. As of June 2007 the MSCI World Index consisted of the following 23 developed
market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong,
Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United
Kingdom, and the United States.
MSCI World ex U.S.: The MSCI World index excluding the U.S. portion of the index.
MSCI All Country World Index: a free float-adjusted market capitalization weighted index that is designed to measure
the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 46
country indices comprising 23 developed and 23 emerging market country indices. The developed market country
indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong,
Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United
Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China,
Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru,
Appendix
MSCI All Country World Index ex U.S.: The MSCI All Country World Index excluding the U.S. portion of the index.
MSCI Emerging Markets Free (EMF): A market capitalization-weighted index representing 2 of the emerging markets
in the world. Several factors are used to designate whether a country is considered to be emerging vs. developed, the
most common of which is Gross Domestic Product Per Capita. The "Free" aspect indicates that this index includes only
securities that are allowed to be purchased by global investors. This index is created by aggregating the 26 different
country indexes, all of which are created separately.
Barclays Capital U.S. Aggregate Bond: This index is made up of the Barclays Capital U.S. Government/Credit, the
Mortgage-Backed Securities, and the Asset-Backed Securities indices. All issues in the index are rated investment grade
or higher, have at least on year maturity, and have an outstanding par value of at least $100 million.
Barclays Capital U.S. Government/Credit: This index includes all bonds that are in the Barclays Capital U.S.
Government Bond and the Barclays Capital U.S. Credit Bond indices.
Barclays Capital U.S. Government/Credit Intermediate: All bonds by the Barclays Capital U.S. Government/Credit
Bond index with maturities of 1 to 10 years.
Barclays Capital Municipal Bond: This market capitalization-weighted index includes investment grade tax-exempt
bonds and is classified into four main sectors General Obligation, Revenue, Insured, and Pre-refunded. To be included
in this index, the original transaction size of a bond must have been greater than $50 million.
Barclays Capital U.S. Treasury Index: This index includes public obligations of the U.S. Treasury. Treasury bills are
excluded by the maturity constraint, but are part of a separate Short Treasury Index. In addition, certain special issues,
such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are
excluded from the index because their inclusion would result in double-counting. Securities in the Index roll up to the
U.S. Aggregate, U.S. Universal and Global Aggregate Indices.
Barclays Capital U.S. TIPS: This index measures the performance of U.S. Treasury Inflation Protection Securities.
Merrill Lynch Convertibles: The convertible securities used in this index span all corporate sectors and must have a par
amount outstanding of $25 million or more. The maturity must be at least on year. The coupon range must be equal to
or greater than zero and all equity of bonds are included. Excluded from this index are preferred equity redemption
stocks. When the component bonds of this index convert into common stock, the converted securities are dropped from
the index.
Merrill Lynch Corp/Govt 1-3 Years A or Better: An unmanaged index of government and corporate fixed-rate debt
issues with maturities between one and 3 years.
Merrill Lynch High Yield Master: Market capitalization weighted index providing a broad-based measure of bonds in
the US domestic bond market rated below investment grade, but not in default. Includes only issues with a credit rating
of BB1 or below as rated by Moody's and/or S&P, at least $100 million in face value outstanding and a remaining term
to final maturity equal to or greater than one year.
Dow Wilshire REIT: A measurement of equity REITs and Real Estate operating Companies. No special-purpose or
health care REITs are included. It is a market capitalization weighted index for which returns are calculated monthly
Appendix
Alpha: A risk-adjusted measure of 'excess return' on an investment. That is, it measures an active manager's
performance in excess of a benchmark index or 'risk-free' investment. An alpha of 1.0 means the manager outperformed
the market 1.0%. A positive alpha is the extra return awarded to the investor for taking additional risk rather than
accepting the market return.
Batting Average: The percent of periods the manager has beaten the benchmark. A high average for the fund (e.g. over
50) is desirable, indicating the fund has beaten the policy frequently.
Beta: A measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies
that you can expect the movement of a manager's return series to match that of the benchmark used to measure beta.
Down Market Capture Ratio: A measure of a manager's performance in down markets. A down-market is defined as
those periods (months or quarters) in which market return is less than 0. It tells you what percentage of the down-market
was captured by the manager.
Information Ratio: The Information Ratio measures the consistency with which a manager beats a benchmark.
R-squared: The R-Squared (R2) of a manager versus a benchmark is a measure of how closely related the variance of
the manager returns and the variance of the benchmark returns are.
Sharpe Ratio: The Sharpe Ratio is a risk-adjusted measure of return which uses standard deviation to represent risk. It is
calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard
deviation of the portfolio returns.
Standard Deviation: Standard deviation of return measures the average deviations of a return series from its mean, and
is often used as a measure of risk. A large standard deviation implies that there have been large swings in the return
series of the manager.
Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a
benchmark.
Treynor Ratio: The Treynor Ratio is a risk-adjusted measure of return which uses beta to represent risk. It is calculated
by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the portfolio's beta
value.
Up Market Capture Ratio: A measure of a manager's performance in up markets. An up-market is defined as those
periods (months or quarters) in which market return is greater than 0. It tells you what percentage of the up-market was
captured by the manager.

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CITY OF FT.

Important Disclaimer Information 1

Capital Markets Review 2

Performance Comparison Page Information:

Any investment results depicted represent historical net of fees performance.

Past performance is no guarantee of future performance.

Indices are unmanaged and you cannot invest directly in an index.

For index definitions, please see the Capital Markets Review.

Index QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr

Capital Markets Summary

MCG Equities 26.6%

Capital Markets Summary

March 11 created immeasurable hardship for its 12

caused by this disaster has threatened Japan’s 2 T‐Bills MSCI EAFE

manufacturing capacity and the effects have 0

Capital Markets Summary

The U.S. equity market remained resilient 30.00%

during the first quarter despite a number of 25.00%

gas prices increased significantly, and the 0.00%

major indices ended each month of the quarter

6.46 6.24 6.03

7.42 7.63 7.85

6.60 7.94 9.24

three months of 2011, as all other sectors 300

able to post positive gains for the quarter. 200

more than doubled. Notable deals

(T) proposed acquisition of T-Mobile USA

One Year International (Gross) Returns

United Kingdom 13.6%

South Africa 26.0%

Fixed Income 5.00%

Treasury Yield Curve

strong demand for new issuance. Also, the Moody’s

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

-60 Fixed Outperforming

-60 Foreign Outperforming

-120 REIT Outperforming

Fixed Income vs. REIT Mean 1 Standard Deviation 2 Standard Deviations

PAST PERFORMANCE: Past performance is not an indication of future results.

Agincourt 80,754,483.87 16.81 20.00

Cash 24,747,401.44 5.15 0.00

Artio IE II Group Trust 29,748,938.16 6.19 7.50

American Stable Value Fd Am Realty 20,037,762.84 4.17 6.67

K2 Advisors Long/Short 44,206,900.88 9.20 10.00

Total Fund Composite 480,267,233.18 100.00 100.00

Agincourt 80,168 0 0 587 80,754 0.73

Cash 11,732 13,011 0 4 24,747 0.03

Artio IE II Group Trust 29,143 0 0 606 29,749 2.08

American Stable Value Fd Am Realty 19,217 43 41 819 20,038 4.04

K2 Advisors Long/Short 43,460 0 0 747 44,207 1.72

Total Fund Composite 471,264 -8,246 101 17,351 480,267 3.71

Total Fund Composite

Total Fund Composite

Historical Standard Deviation of Return

Annualized Net of Fee Return Standard Deviation

5 Years Ending 3/31/11

Historical Standard Deviation of Return

Annualized Net of Fee Return Standard Deviation

1 Year 3 Years 5 Years Inception

Intech Large Core Standard & Poors 500

Asset Growth ($000)

Exxon Mobil Corp Energy 3.31 Energy 11.13

Cash & Equiv

i Intech Large Core 5.72 16.50 0.21 0.57