Investment Performance Review

Investment Performance Review
231 South Bemiston Avenue, 14th Floor

St. Louis, Missouri 63105
City of Fort Lauderdale Police and Fire
(314) 862-4848 Retirement System
WWW.ACGNET.COM
For the Periods Ending September 30, 2009

City of Fort Lauderdale Police and Fire Retirement System
Table of Contents
Tab 1 Market Overview

Tab 2 Executive Summary
Investment Guidelines and Policy Statement
Tab 3 Total Fund Performance and Analysis
Tab 4 Equity Manager Performance and Analysis
Tab 5 Long/Short Equity Manager Performance and Analysis
Tab 6 International Manager Performance and Analysis
Tab 7 Fixed Income Manager Performance and Analysis
Tab 8 Real Estate Manager Performance and Analysis
Tab 9 International Exposure
Glossary Statistical Definitions
Market Overview
O i fC i lM k (Thi d Q )
One year after the meltdown in the global financial markets that sent the US economy into a deeper recession, it appears the economy is improving, as recent data
has shown that growth resumed in the third quarter. Government sponsored programs helped boost consumer spending and brought back stability to the US
housing market, while a rebound in manufacturing activity began to spread to the broader economy. Still, the economy faces headwinds from a deteriorating job
market, which is restraining growth in household income and leaving into question the speed of the recovery.
The Federal Reserve maintains a zero interest rate policy… The Federal Reserve’s (Fed) outlook on the economy improved over the course of the past three
months, although they still feel the pace of business activity could be weak initially. There is substantial excess capacity within the economy and it is expected that
inflation will remain subdued for some time. The Fed intends to continue purchasing US Treasuries and securities backed by home mortgages to support lending
activity and emphasized they will begin withdrawing accommodative monetary policy when appropriate to prevent any persistent increase in inflation.
Tentative signs of an uptick in business activity… Companies appeared to be making progress in bringing inventories back in line with sales over the past three
months as a pick up in foreign economic activity, particularly in Asia, led to increased new production. In addition, recent data on new orders and shipments
pointed to an earlier bottoming out in equipment and investment spending. Another positive sign was an uptick in spending on new orders for non-defense capital
goods, excluding aircraft, as this sector typically leads future business spending.
The pace of job losses slowed, but remained sizable… The economy shed another 768,000 jobs during the third quarter, sending the unemployment rate up to
9.8%, its highest level since 1983. Still, the pace of job losses decelerated from the first half of 2009 when significant cost cutting by firms led to average monthly
job cuts of nearly 600,000. Despite the ongoing job losses, consumer spending rose in the last two months of the quarter, partly boosted by government credits to
purchase automobiles. The economy is showing some signs of stability as corporations are running much leaner and household wealth is being supported by rising
equity prices. Many economists, including the Federal Reserve, believe the economy likely bottomed sometime this summer and now is on track for a gradual
recovery. Nonetheless, corporations’ cautious hiring practices could dampen consumers’ demand and, in turn, the strength of the recovery. Once the government
stimulus is withdrawn, the key to a sustainable recovery will be organic growth driven by business and consumer spending.
U S Nonfarm
US Nonfarm Payrolls
Payrolls MoMM oM Change
Change
Payroll Grow th
400
Economy at a Glance 250
Recent growth indicators Jun-09 Jul-09 Aug-09 Sep-09 100
ISM Manufacturing Composite* 44.8 48.9 52.9 52.6 -50
ISM Non-Manufacturing Composite* 47 46.4 48.4 50.9 -200
Confernce Board Consumer Confidence** 49.3 47.4 54.5 53.1 -350
-500
Change in Payrolls (m-o-m, 000)** -463 -304 -201 -263
-650
Personal Income (% m-o-m)*** -1.1 0.2 0.2
-800
Personal Spending (% m-o-m)*** 0.7 0.3 1.3
Dec-06
Dec-07
Dec-08
Mar-07
Mar-08
Mar-09
Jun-06
Sep-06
Jun-07
Sep-07
Jun-08
Sep-08
Jun-09
Sep-09
Source: Bureau of Labor Statistics, ISM, Bloomberg
Source: Bureau of Labor Statistics, Bloomberg
© 2009 Asset Consulting Group All Rights Reserved 1

Market Overview
U.S. Equities... Amid lower interest rates, coupled with further indications that the contraction in economic activity may have ended, broad stock indexes reached
new year-to-date (YTD) highs during the third quarter. September marked the seventh straight month of gains for the S&P 500 index, up 58.25% from the March
9th trough. The index gained 15.61% in the third quarter, contributing to a YTD gain of 19.26%. The rally has been led by companies whose profits are tied to the
economic cycle, such as producers of technology and consumer goods. For the quarter, all ten of the S&P 500 sectors were positive with financials soaring more
than 25%. Small cap stocks outperformed large caps in the quarter as investors favored small caps in anticipation of a rebound in 2010 earnings growth that could
outpace large caps. The Russell 2000 posted its second consecutive quarterly gain on strong breadth with all ten sectors rising, led by the 30.55% gain for the
energy sector. Large cap value stocks outpaced growth during the third quarter, but growth stocks still lead their value counterparts by a significant margin year-to-
date.
International Equities... Equities worldwide continued to climb off March bear market lows in anticipation of a full-blown global economic recovery. The MSCI
World index had a quarterly gain of 17.57% (+25.55% YTD) and has added $6.2 trillion in value since the end of March to a market capitalization of $20.8 trillion.
The broad-based MSCI EAFE index gained 19.52% on a US dollar basis (USD) (+29.58% YTD). Investors sent shares in the pan-European Dow Jones Stoxx
600 index higher after it was reported that the region’s largest two economies, Germany and France, reported growth in the second quarter, sending the index up
23.38% (+33.11% YTD) on a USD basis. Investor appetite for the riskier emerging market equities continued as emerging markets performed better than
developed markets on increased optimism that growth will far outpace developed economies as the global recovery takes form.
U.S. Fixed-Income... Strong economic data, coupled with the Fed’s improved outlook, helped extend a broad based rally across credit markets that started in
March. Low short-term rates on money market and savings accounts drove investors to higher yielding assets as the Barclays Capital US Corporate Investment
Grade index rose 8.12% for the quarter (+17.11% YTD). Yields on the index declined 424 basis points (bps) to 4.85% by the quarter’s end, from a peak of more
than 9% last October. Lower grade bond prices marched higher, continuing the seventh consecutive month of the rally. The sector continued to attract record
amounts of cash inflows on declining investor risk aversion, sending returns for the year to just under 49%. US Treasury prices posted their strongest three-month
performance since 2008 following the Fed’s reiteration that interest rates will remain low for an extended period. For the quarter, two-year Treasury yields dropped
16 bps to 0.95% while 10-year yields fell 23 bps to 3.31%. 10-year yields have closed lower in each of the past three months from a peak of 3.85% on June 30th.

Equity Index Returns

40.00%
37.0%
30.2%
29.6%
29.1%
30.00%
27.1%
22.7%
22.4%
21.2%
20.0%
19.8%
19.5%
19.3%
19.2%
18.2%
20.00%
16.4%
16.3%
16.0%
15.6%
14.8%
14.0%
8.6%
10.00%
6.6%
6.4%
4.5%
3.8%
2.9%
2.4%
1.9%
1.8%
1.6%
1.0%
0.9%
0.00%
(0.8%)
(1.4%)
(1.9%)
(2.5%)
(2.6%)
(3.1%)
(3.1%)
(4.6%)
(5.1)%
(5.4)%
(6.3%)
(6.4)%
(6.6%)
(6.9)%
(7.9%)
(10.00%)
(9.5%)
(10.6%)
(12.6%)
(20.00%)
Quarter Three Quarters One Year Three Years Five Years
S&P 500 Russell 3000 Russell 1000 Value

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

Co
m
5.00%
20.00%
35.00%
50.00%
(40.00%)
(25.00%)
(10.00%)
m
un
ica
tio 4.0%
Co ns (3.1%)
n su (5.8%)
m (9.0%)
er
D (2.1%)
isc
re
tio
na 18.9%
ry 27.8%
(2.2%)
(7.8%)
(2.6%)
© 2009 Asset Consulting Group All Rights Reserved

En
e 9.5%
rg 5.9%
y
(16.4%)
(0.2%)
8.1%
Fi
Quarter
na
nc 25.1%
19.2%
i al
s
(25.7%)
(24.4%)
H (12.1%)
ea
lth
Ca 8.9%
re 7.9%
Three Quarters
(5.9%)
(4.6%)
(0.0%)
In
d us
tri 21.2%
One Year
als 11.9%
Equity Sector Returns
(15.7%)
(8.9%)
(2.6%)
M
21.0%
ate
ria
ls 35.9%
Three Years
(6.9%)
Co (1.5%)
n su 2.0%
m
er
St
ap 10.5%
In les 6.7%
Five Years for
m (7.8%)
ati 0.3%
on 3.6%
Te
ch
n ol 16.7%
og
y 44.8%
7.2%
(0.1%)
2.9%
U
til
iti 5.0%
es 0.7%
(11.4%)
(4.8%)
3.2%
4
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
(20.00%)
(10.00%)
Sm
all
Va 23.1%
lu 30.6%
e
(1.3)%
Sm (1.5)%
all 4.9%
G
ro 16.4%
wt
h 29.3%
(3.4)%
(1.8)%
Sm 4.5%

all
Co 19.5%
re 23.7%
(6.4)%
(2.7)%
4.3%
SM
18.6%
ID 31.7%
Quarter
(2.6)%
(1.4)%
5.0%
M
id
Va 22.0%
lu 34.5%
e
0.0%
(3.2)%
M
Three Quarters
5.0%
id
G
ro 17.1%
wt
h 31.3%
(2.3)%
(0.1)%
One Year
6.9%
M
id
Co 19.6%
re 27.5%
(3.0)%
(2.7)%
Equity Style Spectrum - Median Returns
La 4.5%
Three Years r ge
Va
lu 18.3%
e 19.0%
(6.5)%
La (7.1)%
r ge 1.6%
G
Five Years
ro 14.0%
w th 25.9%
(3.4)%
(2.4)%
La 2.6%
r ge
Eq C or 15.6%
ui
ty e 19.5%
M (6.7)%
an
ag (5.2)%
er 1.4%
U
ni
ve 16.3%
23.7%
rs e
(5.3)%
(4.0)%
2.6%
5
International Index Returns

80.00%
64.9%
70.00%
60.00%
50.00%
37.0%
34.6%
40.00%
29.6%
24.7%
21.3%
30.00%
22.2%
21.0%
19.8%
19.4%
19.5%
17.7%
16.8%
14.9%
20.00%
9.3%
8.3%
8.6%
8.1%
6.9%
6.6%
6.4%
6.1%
6.5%
10.00%
4.2%
3.8%
2.2%
0.00%
(0.4)%
(0.6)%
(0.8)%
(1.1)%
(2.8)%
(3.1)%
(10.00%) (3.5)%
(6.7)%
(8.0)%
(20.00%)
h
e
.
n
y
FE
ee
.S
lu
nc
wt
pa
Fr
U
Va
EA
rr e
Ja
ro
ex
ts
G
I
Cu
ke
SC
I
SC
ld
SC
ar
SC
or
l
M
M
ca
M
W
M
Lo
g.
ty
Em
FE
un
Co
EA
I
SC
l
I
Al
M
SC
I
M
SC
M
Quarter Three Quarters One Year Three Years Five Years

(5.00%)
(10.00%)
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
55.00%
60.00%
0.3%
2.9%
CP
I
(1.1)%
2.2%
90 2.6%
-D
ay
US
M T- 0.1%
0.2%
er Bi
ril lls
l Ly 0.4%
nc
h 2.8%

1-
3 3.1%
Ye
ar
Tr
Ba
ea
su 0.8%
rc rie 0.7%
s
Quarter
lay
sC 3.5%
ap
ita 5.2%
l5 4.0%
Ye
Ba ar
rc M
lay un 3.7%
sC ici
pa 6.8%
ap l
Three Quarters
ita
lI 11.0%
nt
er 6.1%
m
ed 4.5%
iat
eA
gg
One Year
re 3.2%
ga 5.9%
te
Ba 9.7%
rc
6.4%
Fixed Income Index Returns
lay
sC
ap 5.0%
ita
lA
Three Years
gg
re 3.7%
ga
te 5.7%
Ba 10.6%
rc 6.4%
lay
sC
5.1%
Five Years
ap
ita
lU
ni
ve 4.5%
rsa 8.0%
l
M 10.9%
er 6.1%
ril
l Ly
nc 5.2%
h
H
igh 14.5%
Yi
eld 47.7%
21.9%
5.1%
5.9%
7
Fixed Income Market Environment

Nominal Returns by Sector Excess Returns by Sector1
As of 9/30/09 1- Month QTD 1-Year 3-Year as of September 30, 2009
Aggregate 1.05% 3.74% 10.56% 6.41% 2,000
1,601
Treasury 0.78% 2.10% 6.26% 6.86% 1,500
1,478
Gov't-Related 0.93% 2.65% 8.55% 6.75% 1,090

1,233
Excess Return (bps)

967
Corporate 1.78% 8.12% 21.77% 5.67% 1,000
MBS 0.80% 2.31% 9.85% 7.40% 556

497 504
500 375
CMBS 2.14% 12.70% 7.56% 1.82% 40

198
36
102
267
79 38
112
238
30
153 139 142
15
ABS 1.87% 6.30% 14.68% 3.54% -
-64
High Yield (Corporate) 5.70% 14.22% 22.34% 5.31% -179
-274
-188
(500)
-544
Nominal Returns by Quality (1,000)

As of 9/30/09 1-Month QTD 1-Year 3-Year Aggregate Gov't- Corporate MBS CMBS ABS High Yield
Related (Corporate)
AAA 0.83% 2.62% 8.14% 6.61%
AA 1.27% 5.77% 14.92% 5.09% 1-Month QTD 1-Year 3-Year
A 1.77% 7.84% 21.43% 4.57%
BAA 2.21% 9.22% 20.67% 6.53%
BA 4.52% 11.09% 21.43% 6.61% Excess Returns by Quality
as of September 30, 2009
B 4.50% 10.30% 13.85% 2.82% 2,000
1,888
CAA 7.37% 20.57% 14.51% 1.13% 1,481

1,419
1,500 1,336
Excess Return (bps)
Nominal Returns by Maturity 1,000 841

903
844
769
840
661 681
As of 9/30/09 1-Month QTD 1-Year 3-Year 525
500 343 379 387
1-3 Year 0.44% 1.62% 6.91% 5.66% 28

108 142
39 77 121
3-5 Year 0.77% 2.91% 9.17% 6.28% -

-32 -66
-108
5-7 Year 1.07% 3.96% 9.03% 5.99%

-213
(500) -298
-432
7-10 Year 1.39% 5.10% 13.67% 7.10% (1,000)

-598
10+ Year 2.14% 7.13% 15.44% 6.40% AAA AA A BAA BA B CAA

1
Relative to the duration neutral Treasury
1-Month QTD 1-Year 3-Year
Time periods over one year are annualized
Source: Barclays Capital

Interest Rate Term Structure

Government Issues - 3 Months to 30 Year Maturity
6.00%
5.00%
Yield-to-Maturity
4.00%
3.00%
2.00%
1.00%
0.00%
0 5 10 15 20 25 30
Years-to-Maturity
9/30/2009 6/30/2009 9/30/2008
9/30/2009 6/30/2009 9/30/2008

90 Days 0.12% 0.20% 0.92%
180 Days 0.18% 0.35% 1.62%
1 Year 0.39% 0.49% 1.80%
2 Years 0.95% 1.12% 1.96%
3 Years 1.43% 1.62% 2.28%
4 Years 1.87% 2.13% 2.66%
5 Years 2.32% 2.56% 2.98%
7 Years 2.94% 3.21% 3.29%
10 Years 3.31% 3.54% 3.83%
20 Years 4.03% 4.31% 4.45%
30 Years 4.05% 4.33% 4.31%

Monthly Indices Report
Periods Ending September 30, 2009
Returns
Index Name Style Month Qtr YTD 1 Year 3 Years 5 Years 10 Years
Domestic Equity Indices
S&P 500 Large Cap Core 3.73% 15.60% 19.25% (6.92)% (5.43)% 1.02% (0.15)%
S&P Equal Weighted Large Cap Core 5.37% 21.60% 37.45% 0.94% (3.44)% 3.41% 5.27%
Russell 1000 Large Cap Core 4.06% 16.07% 21.07% (6.14)% (5.10)% 1.49% 0.41%
Russell 1000 Growth Large Cap Growth 4.25% 13.96% 27.11% (1.85)% (2.50)% 1.87% (2.55)%
Russell 1000 Value Large Cap Value 3.86% 18.24% 14.84% (10.62)% (7.88)% 0.89% 2.59%
Russell 2500 Mid Cap Core 5.80% 20.06% 27.89% (5.68)% (3.78)% 3.29% 6.28%
Russell 2000 Small Cap Core 5.77% 19.28% 22.44% (9.54)% (4.57)% 2.41% 4.88%
Russell 2000 Growth Small Cap Growth 6.57% 15.95% 29.13% (6.31)% (2.60)% 2.91% 1.10%
Russell 2000 Value Small Cap Value 5.02% 22.70% 16.36% (12.61)% (6.65)% 1.78% 8.05%
Wilshire 5000 Broad Equities 4.07% 16.12% 21.28% (6.43)% (4.83)% 1.76% 0.86%
International Equity Indices
MSCI World Broad Global 4.02% 17.57% 25.55% (1.62)% (3.79)% 4.08% 1.38%
MSCI World ex US Broad Global 4.15% 19.43% 31.13% 3.49% (2.52)% 7.04% 3.44%
MSCI EAFE Developed Markets Intl 3.85% 19.52% 29.57% 3.78% (3.12)% 6.56% 2.96%
MSCI EAFE Local Currency Developed Markets Intl 2.18% 14.88% 21.28% (1.14)% (6.74)% 4.16% 0.80%
MSCI EAFE Growth Developed Markets Intl Growth 4.17% 16.80% 24.67% (0.35)% (2.84)% 6.12% 0.88%
MSCI EAFE Value Developed Markets Intl Value 3.54% 22.21% 34.62% 8.07% (3.49)% 6.94% 4.90%
MSCI Emerging Markets Free Emerging Market 9.09% 21.04% 64.88% 19.45% 8.28% 17.69% 11.71%
MSCI All Country World ex US Emerging Market 5.16% 19.77% 36.97% 6.45% (0.78)% 8.58% 4.46%
Domestic Fixed Income Indices
Treasury Bills Cash 0.02% 0.07% 0.17% 0.39% 2.82% 3.11% 3.11%
Merrill Lynch 1-3 Yr Treasuries Treasuries 0.24% 0.77% 0.75% 3.45% 5.17% 4.03% 4.54%
Barclays Capital Muni 5 Yr 5 Yr Municipal Bonds 1.66% 3.75% 6.82% 11.03% 6.13% 4.55% 5.18%
Barclays Capital Aggregate Core Bonds 1.05% 3.74% 5.72% 10.56% 6.41% 5.13% 6.30%
Barclays Capital Government Government Bonds 0.75% 2.03% (1.20)% 6.74% 6.75% 5.19% 6.21%
Barclays Capital U.S. Credit Corporate Bonds 1.73% 7.48% 14.86% 19.49% 5.84% 4.72% 6.53%
Barclays Capital Muni 10 Yr 10 Yr Municipal Bonds 3.17% 6.60% 11.27% 14.30% 5.94% 5.02% 5.92%
Merrill Lynch High Yield High Yield Bonds 5.84% 14.48% 47.66% 21.88% 5.06% 5.95% 6.28%
Real Estate Indices
NCREIF Property Real Estate N/A (3.32)% (15.07)% (22.11)% (1.30)% 6.15% 7.83%
NFI ODCE (net)* Real Estate N/A (9.24)% (21.85)% (31.07)% (4.92)% 3.40% 5.86%
NAREIT Real Estate 6.40% 33.28% 17.01% (28.40)% (12.40)% 1.39% 9.52%
* NFI ODCE (net) performance is as of 6/30/09.

Executive Summary

Executive Summary
Period Ending September 30, 2009
Total Fund
The Total Fund market value was $394.4 million at the end of the third quarter, which is an increase from the June 30th market value of $361.6 million. During the
quarter, the Total Fund retuned 10.1%, underperforming both the Policy Index and the median public fund. Over the trailing one year period, the Fund has
generated a return of -0.4% and is ranked in the 62nd percentile of the public fund peer universe. The Fund has returned an annualized 3.5% over a trailing five year
period and is outperforming the Policy Index over this time period.
Asset Allocation
Asset Allocation as of September 30, 2009: domestic equity represented 49.5%, international equity represented 5.6%, long/short equity represented 8.4%, fixed
income represented 27.8%, real estate represented 6.6%, and cash totaled 2.2%.
Asset Allocation Summary

Quarter Ending September 30, 2009
$ Million % Total Median*
Domestic Equity 194.9 49.5% 39.1%
International Equity 22.0 5.6% 14.9%
Long/Short Equity 33.3 8.4%
Fixed Income 109.6 27.8% 24.9%
Real Estate 25.9 6.6% 3.5%
Cash 8.7 2.2% 3.0%
Total $394.4 100.0%
* The median asset allocation in overall public fund sample
Systematic
The Systematic large cap value portfolio returned 19.5% in the third quarter, 130 basis points ahead of the Russell 1000 Value Index. During the third quarter,
investors turned their focus to earnings performance as the key driver of stock prices. This benefitted Systematic since they have a substantial focus on fundamental
and earnings improvement. This environment coupled with strong stock selection, particularly in the energy sector, was the primary driver of their outperformance
for the quarter. Over the trailing three and five year periods, the portfolio has returned -5.6% and 2.8% respectively, and is outperforming the Index and ranks in the
top quartile of the large value equity peer over both time periods.
INTECH
INTECH’s portfolio gained 14.9% in the third quarter, lagging the S&P 500 Index by 70 basis points and ranking in the bottom quartile of the large cap core peer.
Over the trailing one year period, the portfolio has posted an annual decline of 7.5% and is underperforming both the Index and the median peer over this time
period. In the five years since inception in the portfolio INTECH has returned 2.1% and is outperforming the Index and ranks in the top third of the large cap core
universe.
Rhumbline
The Rhumbline large cap portfolio returned 15.6% in the third quarter, in line with the S&P 500 Index as expected. During the third quarter, all ten of the S&P 500
sectors were positive with Financials leading the way with a gain of 25%. Industrials and Materials were not far behind gaining 21.2% and 21.0% respectively.
Telecommunications and Utilities were the laggards gaining only 3.9% and 4.9%. Since the market reached its intraday low on March 9, 2009 the S&P 500 has
returned 58.7% through Sept 30, 2009.

Sawgrass
The Sawgrass large cap growth portfolio posted a return of 13.2% in the third quarter underperforming both the Russell 1000 Growth Index and the median large
growth peer. Over the trailing one year period, the portfolio has declined 5.0% and is underperforming the Index by 310 basis points and ranks in the 60th percentile
of the large cap growth universe over this time. The portfolio’s modestly lower beta bias detracted from performance during the third quarter. Poor stock selection in
the health care and consumer discretionary sectors also detracted from performance while holdings in the information technology and energy sectors helped offset
some of the underperformance for the quarter.
Lee Munder
Lee Munder’s small cap value strategy returned 22.6% in the third quarter versus 22.7% for the Russell 2000 Value Index and 23.1% for the median small value peer.
Holdings in the consumer staples sector were the largest detractor to performance during the third quarter. This was offset somewhat by positive stock selection in
commercial banks and industrials. Also contributing to performance was information technology holding, Perot Systems. Dell announced during the quarter that it
would be acquiring Perot Systems at a 67% premium. In the two years since inception in the portfolio, the strategy has declined 5.3% but is outpacing the -12.4%
return for the Index and ranks in the 21st percentile of the small cap value universe
NorthPointe
The NorthPointe small cap growth portfolio outperformed the Russell 2000 Growth Index in the third quarter and ranked in the top quartile of the small cap growth
peer universe (19.5% vs. 16.0% vs. 16.4% respectively). Strong performance this year brings the year to date return to 40.0% which is significantly outperforming both
the Index and median peer. Overall, strong stock selection was the largest contributor to the portfolios outperformance for the quarter. From a sector perspective,
the portfolio’s top contributors were technology, industrials and consumer discretionary. Conversely, poor stock selection in the healthcare and consumer
discretionary sectors detracted from performance. Despite strong performance this year, the strategy continues to lag the benchmark and the median peer over longer
time periods.
K2
The K2 global long/short equity strategy returned 4.4% in the third quarter, lagging the 15.6% return of the S&P 500 Index. Despite the short term relative
underperformance, the strategy has significantly outperformed the broad equity markets over the part year with a return of 2.8% versus -6.9%. K2’s more defensive
positioning resulted in the portfolio’s lag this quarter as equity markets experienced an extremely bullish period. Over the longer-term, however, the strategy has
provided both return appreciation and risk reduction to the total portfolio.
Artio
Artio’s international equity strategy returned a strong 18.9% in the third quarter, slightly lagging both the MSCI ACWI ex-US Index and the MSCI EAFE Indexes.
Over the past year, the strategy has returned a disappointing -1.0% and is trailing both Indexes and the median international equity peer over this time period.
Poor stock selection, coupled with a relative underweight position, in the financials sector was a primary contributor to the portfolio’s relative underperformance this
quarter. Additionally, the portfolio’s currency exposure was a detractor, particularly hedges into the British pound, Canadian dollar and the Japanese yen.
Thornburg
Thornburg's international equity strategy generated a 15.8% return for the third quarter, but underperformed both the MSCI All Country World ex-US Index (ACWI)
and MSCI EAFE Index and ranking the in the 90th percentile of the median international equity peer. In the one year since inception in the portfolio, the strategy has
gained 3.3% but is lagging both Indices and the median peer over this time period. Thornburg was slow to shift their portfolio in March and April when markets
rallied and they lost about 400-500 bps of relative performance. However, third quarter performance was positive across all sectors of the portfolio with the largest
contribution coming from financials, consumer discretionary and health care sectors. From a country standpoint, Japan, France and the UK helped performance
while Brazil, Canada, Germany and Israel hurt performance.

Agincourt
The Agincourt fixed income strategy gained 5.7% in the third quarter, outperforming both the CITI Broad Investment Grade Index (3.6%) and the Barclays Capital
Aggregate Bond Index (3.7%). The portfolio’s overweight position in high-grade corporates, CMBS and non-Agency MBS coupled with strong holdings in the
corporate sector was the largest contributor to outperformance during the quarter. Year to date, the portfolio is outperforming both Indexes by over 700 basis points.
Over the trailing ten year period, Agincourt is performing relatively in line with both Indexes and ranks in the 48th percentile of the median core bond universe.
Mellon
The Mellon Aggregate Bond Index Fund returned 3.6% in the third quarter, relatively in line with the Barclays Capital Aggregate Index as expected. Over the trailing
one year period the strategy is underperforming the Index by 20 bps and ranks in the 77th percentile of the median core bond peer. Fixed Income markets were
broadly positive in the third quarter; with High Yield Corporate securities gaining 14.2% while Treasuries gained 2.1%. Mortgage backed securities (which represent
37% of the Fund and Index) only gained 2.3% for the quarter as yields on these bonds have been driven down to rock bottom levels due to Government purchases
designed to keep mortgage rates low.
American Core Realty

The American Core Realty fund declined 9.6% in the third quarter versus a -3.7% return for the median real estate peer. In the two years since inception in the
portfolio, the strategy has declined 15.9% but is outperforming the median peer by 50 basis points. Despite an income contribution of 1.3% during the quarter, net
depreciation of 11.0% resulted in the negative performance for the quarter.
PRISA II
PRISA II declined 10.2% in the third quarter which ranked in the 77th percentile of the real estate funds’ peer universe. Over the trailing two year period, the fund has
declined 28.8% and lags the median peer return of -16.4% over this time period. Depreciation from valuation activity has been the largest detractor to performance
over the past year.

Investment Guidelines and Policy Statement

Investment Policy Statement

The Trustees of the Police & Fire Retirement System Pension Fund, in adopting the following Investment Policy Statement, intend its provisions
to act as guidelines for the investment managers employed by the Fund. It shall be the responsibility of the investment managers to bring to the
attention of the Trustees any term of the Statement, which the investment managers believe to inhibit or in any way affect their exercise of
management discretion.
I. PURPOSE OF STATEMENT
The Trustees are charged by law with the responsibility for the investment of assets of the Trust Fund. To discharge this function, the Trustees are
authorized by law to engage the services of Investment Managers who possess the necessary specialized research facilities and skilled personnel to
provide expertise with respect to investment of assets entrusted to them.
In keeping with the duties of Chapter 20 of Fort Lauderdale Ordinances, this statement of investment goals and objectives is set forth.
Its purpose is to:
Determine the Trust's projected financial needs.
Express the Trustees' position with respect to the funds risk-volatility posture.
Formulate an appropriate set of goals and objectives for the Fund's assets.
II. INVESTMENT OBJECTIVES
A. Assets of the Fund shall be invested in a manner consistent with the fiduciary's acceptable standards of Chapter 112, Florida Statutes,
namely:
1. The safeguards and diversity that a professional, prudent investment manager would adhere to must be present.
2. All transactions undertaken on behalf of the Trust must be for the sole interest of Plan participants and their beneficiaries.
B. The Fund shall be invested in a manner consistent with the primary emphasis upon consistency of performance to protect the Fund from
excessive volatility in current market value.

C. The Fund shall be invested with emphasis upon capital protection, i.e., the achievement of adequate investment growth so that the
purchasing power of the principal amount of these assets is at least maintained and preferably increased.
D. The Plan’s total return will be expected to provide equal or superior results based on a five year investment horizon, relative to the
objectives enumerated below. It is anticipated that achievement of this rate of return will raise the funded status of the plan and lower the
contribution rate as a percent of payroll.
1. The Retirement System’s annualized total return should equal or exceed the Retirement System’s actuarial interest rate assumption.
2. The Retirement System’s total return should exceed the total return of an index composed as follows:
35% S&P 500

10% Russell 2000
15% MSCI EAFE
30 % Barclays Capital Aggregate Bond Index
10% NCREIF Index
3. The Retirement System’s total return should exceed the total return of the median plan in the consultants peer group universe.
III. INVESTMENT GUIDELINES
A. It shall be the policy of the Fund to invest the assets in accordance with the following asset allocation levels outlined below:
Asset Class Target Allocation Minimum Maximum

Domestic Equity:
Large Cap Equity 25% 20% 30%
Large Cap Equity is further defined as:

Large Cap Core 12.5% 7.5% 17.5%
Large Cap Value 6.25% 1% 12%
Large Cap Growth 6.25% 1% 12%
Small Cap Equity 10% 5% 15%
Small Cap Equity is further defined as:

Small Cap Value 5% 2% 10%
Small Cap Growth 5% 2% 10%
International Equity 15% 10% 20%
Long/Short Equity 10% 5% 15%
Fixed Income (incl. Cash) 30% 25% 35%

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

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

H. Fixed-Income type securities shall be selected from among those rated within the top five major categories of any recognized bond rating
service such as, (Moody's, Standard & Poors and Fitch's). In those cases in which the rating services give different ratings, the lowest
rating shall apply. Notwithstanding anything herein to the contrary, active bond managers are permitted to invest up to 15% of the
market value of their portfolio in securities rated in the fifth major rating category by all recognized rating services, provided
that such investments are consistent with the mandate of the manager. The overall portfolio quality of the active bond
portfolios shall be maintained at A or higher.
I. Fixed-income type securities are to be selected and managed so as to assure appropriate balances in qualities and maturities consistent with
current money market and economic conditions. Active bond management is encouraged in instances of non-indexed management, as
deemed appropriate by the investment, although this is not intended to encourage excessive emphasis on short-term trading techniques.
J. The real estate portfolio is designed as a core mandate. Investments in real estate properties will be broadly diversified geographically, by property type,
size of the property and number of properties. Income and appreciation are dual considerations; however more emphasis will be placed on high
quality, and income-producing properties in the portfolio. It is expected that the income component will compromise the majority of the portfolio’s
total return. The manager should not assume excessive risk in terms of leverage utilized. The portfolio may be invested in commingled or partnership
vehicles. The selection of properties/investments will be at the discretion of each manager.
K. The dynamic, flexible management of the portfolio is both permitted and encouraged. Shifts of emphasis among equity, fixed income and
cash equivalent sectors of the aggregate asset base are at the discretion of the investment manager. However, major restructuring would
require prior consent of the Trustees.
L. Cash equivalent securities should be viewed not only as avenues to meet the liquidity requirements of the Trust, but also as alternative
investment vehicles. In either case, however, selection of particular investments should be determined primarily by the safety and liquidity
of the investment and only secondarily by available yield.
M. It is understood that the managers at any point in time may not be fully invested. While in fact the System's assets may be partially
invested in cash equivalents, for asset allocation purposes these funds shall be considered invested in the asset classes of the respective
managers. In turn, each manager's performance will be evaluated on the total amount of funds under their direct management.
N. The Trustees recognize that market performance varies from period to period and that a 4.6% real rate of return may not be meaningful
during some periods. Accordingly, relative performance benchmarks for the managers are set forth in Section V, Basis for Measurement.
O. Certain Securities are deemed to be ineligible for inclusion among this Trust's asset base:
The following transactions would be prohibited:
1. A sale, exchange or lease of any property between the Plan and interested party (interested party being defined as a person
rendering services to the Plan for which remuneration is received, i.e., stockbroker, real estate broker, etc.)
2. A direct loan or an extension of a line of credit between the Plan assets and any interested party.
3. A transfer of Plan assets to an interested party for the exclusive benefit or use of the interested party.
4. An acquisition of securities, which would exceed stated limitations, 5% in any one company. Any exceptions to the foregoing
restrictions would require written Board approval with the specifics detailed.
5. Instrumentalities which are or may be deemed in violation of prohibitive transaction standards as may be specified in the Florida
Statutes, specifically Chapters 112, 175 and 185.
IV. COMMUNICATIONS
A. Documentation
Statements are to be supplied at least quarterly by each investment manager and/or bank custodian to the Trustees indicating:
1. The Fund composition, i.e., at book or original cost and at current market value (by sector, including equity, fixed income, cash
equivalents, and "pure" cash balances);
2. Position, by individually named securities, showing their respective book and market values, the number of shares by date secured
or sold;
3. All income cash transactions, including sources of all interest and dividends in sufficient descriptive detail. The investment
manager is expected to provide written confirmation and documentation of all principal transactions, with the exception of cash
equivalent trades, within one week of occurrence.
B. Meetings
Investment managers are expected to meet on a quarterly basis, or more often upon request, with the Trustees to review the portfolio and
to discuss investment results in terms of these goals, objectives and policies.
V. BASIS FOR MEASUREMENT
Performance of this Fund is to be measured, both currently and historically, in context with these goals and objectives. In order to ensure that
investment opportunities available over a specific time period are fairly evaluated, the Trustees will use comparative performance statistics to
evaluate investment results.
The Fund's investment performance results will be compared, on a time-weighted basis, with that of unmanaged market indices as well as with a
universe of managed funds. Such comparative performance statistics shall be used for evaluation purposes.
In that context, then, the Fund's equity performance will be compared with the Standard & Poor's 500 and with a universe of managed equity
funds. The performance of each investment manager, in turn, will be compared to the relevant index and a universe of peers categorized by
investment style.
The Fund's fixed income performance will be compared with the total return of recognized bond indexes, e.g., Citi Broad Investment Grade Bond
Index, or the Barclays Capital Aggregate Bond Index, as well as with a universe of managed fixed income funds.
The Fund's real estate performance will be compared with the total return of the NCREIF Index as well as with a universe of core real estate
funds.
In addition, it is also recommended that a total Fund's investment performance be compared with a "composite" market consisting of the above
unmanaged indices weighted in proportion to the Fund's actual per cent investment in each of these equivalent security classes. The total Fund
will also be compared to a universe of local government funds. The fund's performance should also be compared with the annual percent change
in the Consumer Price Index.
Consistency of performance results is to be given high priority and the degree will be determined by computing the mean absolute deviation of the
total fund and the respective money managers' total rate of return from quarter to quarter and comparing this data with the same statistics
measured for the "composite" market described above, with a goal of near or below market volatility.
VI. OTHER CONSIDERATIONS
It is the intent of the Board of Trustees of the Police & Fire Retirement System Trust to revise this statement of goals and objectives to reflect
modifications and revisions to the Trust, which may develop from time to time. It is also the policy of the Trustees to review these goals and
objectives at least once per year and to communicate any material changes thereto to the Investment Managers and the Fund's custodian.
VII. CONTINUING EDUCATION
All trustees are encouraged and expected to attend continuing education seminars concerning matters related to investments and responsibilities of Board
members. Attendance at two public pension fund seminars during each term of office is suggested.
Approved August 2009

Total Fund Performance and Analysis

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

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

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

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

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

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

(International Equity) Sovran
Terminated 10/07 (Large Cap S&P 500 Index) Terminated 11/99
Montag & Caldwell
(Large Cap Growth)
Terminated 07/04 Supplemental Account
Artio International Equity Sawgrass Previous Management
(Large Cap Growth) 1) Fayez Sarofim 2) INVESCO
Essex Investment
(Large Cap Growth)
Thornburg International
Terminated 03/07
RhumbLine
(Mid Cap Index) NorthPointe Lee Munder
Terminated 11/06 (Small Cap Growth) (Small Cap Value)
Total Fund
Total Fund Dollar Reconciliation (000's)
This Quarter Year-To-Date Last Twelve Months
Beginning Market Value $361,677 $382,555 $420,490
Net Additions -3,506 -30,767 -20,173
Return on Investment 36,204 42,588 -5,941
Income Received 1,391 5,155 7,337
Gain/Loss 34,813 37,432 -13,278
Ending Market Value 394,375 394,375 394,375

Rates of Return Summary & Universe Rankings

Market Values % of Fund 1QTR Rank 3QTR Rank 01YR Rank 03YR Rank 05YR Rank
Total Fund 394,374,926 10.1% 72 12.3% 76 -0.4% 62 -0.5% 60 3.5% 84
Policy Index 10.3% 12.1% -2.5% -1.4% 2.4%
Median Public Funds 10.9% 15.6% 1.1% -0.3% 4.5%
Domestic Equity 194,916,248 49.4% 17.3% 22.6% -5.4% -4.4% 2.2%
Russell 3000 16.3% 21.2% -6.4% -5.1% 1.6%
Large Cap Value 42,907,333 10.9%
Systematic Financial Management 42,907,333 10.9% 19.5% 26 17.7% 66 -5.6% 39 -5.6% 23 2.8% 17
Russell 1000 Value 18.2% 14.9% -10.6% -7.9% 0.9%
Median Large Cap Value Manager 18.3% 19.0% -6.5% -7.1% 1.6%
Large Cap Core 64,807,917 16.4%
INTECH 31,610,203 8.0% 14.9% 80 18.0% 84 -7.5% 79 -5.1% 42 2.1% 30
Rhumbline Large Cap Fund 33,197,714 8.4% 15.6% 65 19.3% 70 -6.5% 43 -5.2% 46 1.2% 59
S&P 500 15.6% 19.3% -6.9% -5.4% 1.0%
Median Large Cap Core Manager 15.6% 19.5% -6.7% -5.2% 1.4%
Large Cap Growth 40,374,257 10.2%
Sawgrass 40,374,257 10.2% 13.2% 67 20.5% 74 -5.0% 60 N/A -- N/A --
Russell 1000 Growth 14.0% 27.1% -1.9% -2.5% 1.9%
Median Large Cap Growth Manager 14.0% 25.9% -3.4% -2.4% 2.6%
Small Cap Value 23,253,891 5.9%
Lee Munder Small Cap Value 23,253,891 5.9% 22.6% 61 28.9% 62 -1.1% 46 N/A -- N/A --
Russell 2000 Value 22.7% 16.4% -12.6% -6.7% 1.8%
Median Small Cap Value Manager 23.1% 30.6% -1.3% -1.5% 4.9%
Small Cap Growth 23,572,850 6.0%
NorthPointe Small Cap Growth 23,572,850 6.0% 19.5% 18 40.0% 12 -4.5% 52 N/A -- N/A --
Russell 2000 Growth 16.0% 29.1% -6.3% -2.6% 2.9%
Median Small Cap Growth Manager 16.4% 29.3% -3.4% -1.8% 4.5%
Long/Short Equity 33,281,629 8.4% 4.4% 8.4% 2.8% N/A N/A
K2 Long Short Master Fund, LP 33,281,629 8.4% 4.4% 8.4% 2.8% N/A N/A
S&P 500 15.6% 19.3% -6.9% -5.4% 1.0%
International Equity 21,991,517 0.05576297 17.3% 24.4% 1.2% -4.6% 7.3%
Artio International Equity II 10,800,257 2.7% 18.9% 61 20.3% 88 -1.0% 86 N/A -- N/A --
Thornburg International Equity Fund 11,191,260 2.8% 15.8% 90 28.7% 53 3.3% 57 N/A -- N/A --
MSCI EAFE 19.5% 29.6% 3.8% -3.1% 6.6%
MSCI ACWI ex US 19.8% 37.0% 6.4% -0.8% 8.6%
Median Int'l Developed Markets Equity Manager 19.4% 29.3% 4.1% -2.1% 7.4%

Rates of Return Summary & Universe Rankings

Market Values % of Fund 1QTR Rank 3QTR Rank 01YR Rank 03YR Rank 05YR Rank
Fixed Income 109,547,564 27.8% 4.9% 9.7% 12.7% 6.5% 5.2%
Core Fixed Income 109,547,564 27.8%
Agincourt 66,544,192 16.9% 5.7% 39 12.7% 32 13.2% 52 6.1% 67 5.1% 69
Mellon Aggregate Bond Index Fund 43,003,372 10.9% 3.6% 84 5.3% 88 10.4% 77 6.4% 54 5.1% 66
Citi Broad Investment Grade 3.6% 5.1% 11.0% 6.9% 5.4%
Barclays Capital Aggregate 3.7% 5.7% 10.6% 6.4% 5.1%
Median Core Bond Manager 5.1% 10.5% 13.3% 6.7% 5.4%
Real Estate 25,900,230 6.6% -9.8% -30.0% -37.3% N/A N/A
American Stable Value Fund 18,239,100 4.6% -9.6% 78 -26.9% 60 -32.6% 55 N/A -- N/A --
PRISA II 7,661,130 1.9% -10.2% 79 -40.7% 83 -51.2% 87 N/A -- N/A --
NCREIF Property -3.3% -15.1% -22.1% -1.3% 6.2%
Median Real Estate Funds -3.7% -24.5% -31.0% -6.5% 3.9%
Cash 8,737,738 2.2%
Effective August 2009, the Policy Index is composed of 35% S&P 500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 31, 2009, the Policy Index was composed of 60% S&P 500,
30% Barclays Capital Aggregate and 10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.
*NFI ODCE (net) performance is as of 6/30/09.


Actual vs. Target Allocation
Over/-Under
Market Value Current Allocation Target Allocation Target Range Target
Equity 250,189,394 63.4% 60.0% 55-65% 3.4%
Large Cap 148,089,507 37.6% 25.0% 20-30% 12.6%
Small/Mid Cap 46,826,741 11.9% 10.0% 5-15% 1.9%
Long/Short Equity 33,281,629 8.4% 10.0% 5-15% -1.6%
International Equity 21,991,517 5.6% 15.0% 10-20% -9.4%
Fixed Income (Incl. Cash) 118,285,302 30.0% 30.0% 25-35% 0.0%
Real Estate 25,900,230 6.6% 10.0% 5-15% -3.4%
Total $394,374,926 100.0%

Total Fund
Ranking 72 76 62 60 84 82
20
15.6
12.3
12.1
15
10.9
10.1
10.3
10
Rate of Return %
4.5
4.2
4.2
3.5
3.7
2.4
5
1.0
0
-0.3
-0.4
-0.5
-1.4
-2.5
-5
-10
1 Quarter 3 Quarters 1 Year 3 Years 5 Years 10 Years
Total Fund Policy Index Master Trust Funds - Public Funds

5th Percentile 16.52 22.75 7.46 3.65 6.23 6.11
25th Percentile 12.36 18.00 2.73 0.90 4.99 5.02
50th Percentile 10.86 15.60 1.05 -0.33 4.50 4.18
75th Percentile 9.83 12.34 -2.00 -1.05 3.74 3.77
95th Percentile 7.26 8.94 -6.69 -2.81 2.76 3.10
Observations 71 70 69 66 64 54
The number above the bars represents the manager's ranking for this portfolio versus the public fund universe. The rankings are on a scale of 1 to 100 with 1 being the best. Effective August 2009, the Policy Index is composed of 35% S&P 500,
10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30% Barclays Capital Aggregate and 10%
NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

Total Fund
For the Annual Periods Ending September
Ranking 62 26 79 84 71
15.0
20
13.1
13.2
12.1
12.0
15
9.6
8.5
7.9
7.7
10 1.0
5
Rate of Return %
0
-0.4
-2.5
-5
-10
-12.1
-12.6
-15
-14.5
-20
-25
1 Year 2 Years Ago 3 Years Ago 4 Years Ago 5 Years Ago
Total Fund Policy Index Master Trust Funds - Public Funds

5th Percentile 7.46 -7.09 18.21 12.29 17.01
25th Percentile 2.73 -12.55 16.34 10.74 14.69
50th Percentile 1.05 -14.51 14.99 9.62 13.10
75th Percentile -2.00 -15.94 13.44 8.53 11.67
95th Percentile -6.69 -18.10 10.29 6.39 8.44
Observations 69 177 203 209 214

The number above the bars represents the manager's ranking for this portfolio versus the public fund universe. The rankings are on a scale of 1 to 100 with 1 being the best. Effective August 2009, the Policy Index is composed of 35% S&P 500, 10%
2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30% Barclays Capital Aggregate and 10% NCREIF Inde
that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

Risk vs. Return Analysis

Five Years Ending September 30, 2009
4.5
Master Trust Funds -
4 Public Funds
3.5 Total Fund
3
Return
2.5
Policy Index
2
1.5
0.5
0
0 2 4 6 8 10 12 14
Standard Deviation
Annualized Standard Deviation Sharpe Ratio

Return
Total Fund 3.50 10.59 0.03
Policy Index 2.36 9.80 -0.08
Master Trust Funds - Public Funds 4.50 11.86 0.11
Effective August 2009, the Policy Index is composed of 35% S&P 500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital
Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30%
Barclays Capital Aggregate and 10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.
© 2009 Asset Consulting Group All Rights Reserved. 32

Equity Manager Performance and Analysis

Systematic Financial Management

For the Period Ending September 30, 2009
Account Description Performance Goals
♦ Strategy: Large Capitalization Value ♦ Over a market cycle, performance in the upper third of appropriate universe (Large
Value); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the Russell 1000 Value Index over a full market cycle.
♦ Inception date: November 2002
♦ Benchmark: Russell 1000 Value
♦ Fees: 38 bps for the first $50 million; 30 bps for the next $25 million; and 25
bps thereafter
Dollar Growth Summary (in 000's) Growth of a Dollar
This Quarter Last 12 Months Systematic Financial Management Russell 1000 Value
Beginning Market Value 37,586 39,870
$2.50
Net Additions -1,900 4,555
Return on Investment 7,221 -1,518
$2.00
Income 175 924
Gain/Loss 7,046 -2,442 $1.50
Ending Market Value 42,907 42,907
$1.00
$0.50
$0.00
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09

As of September 30, 2009, Systematic Financial Management held 84 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: Systematic Financial Management Russell 1000 Value
Ten Largest Holdings (Weight)
100
JPMORGAN CHASE & CO 4.2% PFIZER INC 2.5%
68.42
80
54.93
WELLS FARGO & CO 3.4% AT&T INC 2.4%
EXXON MOBIL CORP 2.9% NOBLE CORPORATION BAAR 2.4%

60
WHITING PETE CORP NEW 2.8% AMGEN INC 2.0% 40
16.00
14.10
9.51
6.07
20
3.94
3.68
2.41
1.71
2.27
1.91
CHEVRON CORP 2.7% WALTER INDS INC 1.9%
0
Ten Best Performers (Quarter) Avg Mkt Med Mkt Erngs Grth P/B P/E* Yield
Cap ($Bil) Cap ($Bil)
WALTER INDS INC 66.1% BOSTON PPTYS INC 38.5%
WHITING PETE CORP NEW 63.8% WESTERN DIGITAL CORP 37.8% Sector Allocation
REGIONS FINL CORP NEW 54.0% FREEPORT MCMORAN COPPER 36.9% Systematic Financial Management Russell 1000 Value
PROLOGIS 50.1% SIMON PPTYGROUP INC NEW 36.3% 40

35
27.4
MARVELL TECHNOLOGY GROUP LTD 39.1% UNUM GROUP 35.8%
25.4
30
25
19.2
Ten Worst Performers (Quarter)
18.4
20
10.6
15
10.0
9.5
9.2
9.1
8.3
MCGRAW HILL COS INC -15.9% FLUOR CORP NEW -0.6%
10
6.9
6.7
6.1
5.6
5.5
5.1
4.7
4.4
3.9
3.8
DEAN FOODS CO NEW -7.3% VERIZON COMMUNICATIONS 0.1% 5
0
QWEST COMMUNICATIONS INTL -6.2% UNITEDHEALTH GROUP INC 0.2%
In
Te
Co
Co
En
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In
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til
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ns
ns
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LILLY ELI & CO -3.2% CHEVRON CORP 7.4%
iti
l th
rm
nc
str
gy
ria
um
um
om
es
ial
ati
ial
Ca
ls
er
er
m
s
on
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EXXON MOBIL CORP -1.3% NORTHEAST UTILS 7.5%
St
D
Te
isc
ap
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ch
re
tio
tio
no
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na
lo
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*P/E Ratio provided by manager.
gy
ry
rv
i ce
s

Risk vs. Return (6 Year Annualized) Portfolio Statistics
6.00% 6 Years
Systematic Financial
Systematic
5.00% Management
Financial
Management Russell 1000 Value
4.00%
Return 5.31 3.93
Rate of Return
Russell 1000 Value

3.00%
Standard Deviation 15.83 16.20
Sharpe Ratio 0.18 0.09
2.00% Beta 0.95 1.00
Alpha 0.13 --
1.00% Up Capture 105.23 --
Down Capture 99.69 --
0.00% Correlation 97.12 --
15.80% 15.85% 15.90% 15.95% 16.00% 16.05% 16.10% 16.15% 16.20% 16.25%
R Square 94.32 --
Standard Deviation
Return Histogram (6 Years) Return Analysis

Systematic Financial Management Russell 1000 Value
Systematic
18 Financial
16
16 Management Russell 1000 Value
14
12
12 Number of Months 81 81
10
10 9 9 Highest Monthly Return 9.61% 10.72%
8 8 8
8 7 7 7 7 Lowest Monthly Return -15.19% -17.31%
6
6
4 4
5 5
4 4
Number of Pos. Months 52 52
4 3 Number of Neg. Months 29 29
2 1 % Positive Months 64.20% 64.20%
0
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%
All information calculated using monthly data.


Ranking 26 66 39 23 17 33
25
19.5
19.0
17.7
18.2
18.3
14.9
20
15
5.3
10
4.8
3.9
Rate of Return %
2.8
1.6
0.9
5
-5
-5.6
-5.6
-6.5
-7.1
-7.9
-10
-10.6
-15
-20
Systematic Financial Management Russell 1000 Value Median Large Value Mgr

5th Percentile 24.50 34.88 2.02 -2.74 4.16 6.97
25th Percentile 19.53 24.48 -3.63 -5.89 2.22 5.65
50th Percentile 18.30 19.05 -6.54 -7.09 1.62 4.81
75th Percentile 16.15 15.64 -8.74 -8.29 0.32 3.26
95th Percentile 13.03 11.31 -11.23 -11.20 -1.21 1.86
Observations 270 262 255 215 165 147
The numbers above the bars are the rankings for this portfolio versus the large value equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.


Ranking 39 58 5 82 7
22.6
30
20.5
18.4
16.7
15.0
14.5
14.6
14.6
11.5
20
10
Rate of Return %
0
-5.6
-6.5
-10
-10.6
-20 -23.6
-25.2
-26.0
-30
-40
Systematic Financial Management Russell 1000 Value Median Large Value Mgr

5th Percentile 2.02 -17.36 20.50 17.22 22.82
25th Percentile -3.63 -22.82 16.71 15.29 20.24
50th Percentile -6.54 -25.18 14.96 14.55 18.40
75th Percentile -8.74 -29.19 13.39 12.38 15.05
95th Percentile -11.23 -34.98 6.09 9.10 12.29
Observations 255 336 307 274 230
The numbers above the bars are the rankings for this portfolio versus the large value equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

INTECH
♦ Strategy: Large Capitalization Core Equity ♦ Over a market cycle, performance in the upper third of appropriate universe (Large
Core); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the S&P 500 Index over a full market cycle.
♦ Inception date: March 2004
♦ Benchmark: S&P 500
♦ Fees: 35 bps for the first $100 million, 30bps for the next $100 million, 25 bps
for the next $100 million, 20 bps for the next $200 million, & 17.5 bps for over
$500 million
This Quarter Last 12 Months INTECH S&P 500

$1.80
Net Additions -4,000 0
$1.60
Return on Investment 4,477 -2,072
$1.40
Income 194 828
$1.20
Gain/Loss 4,283 -2,900
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Nov-05
Mar-04
Jul-04
Nov-04
Mar-05
Jul-05
Mar-06
Jul-06
Nov-06
Nov-07
Mar-07
Jul-07
Mar-08
Jul-08
Nov-08
Mar-09
Jul-09
INTECH
As of September 30, 2009, INTECH held 418 securities in their portfolio. Holdings Characteristics
and portfolio characteristics are as follows: INTECH S&P 500
100
77.17
90
71.88
EXXON MOBIL CORP 4.5% CHEVRON CORP 1.8%
80
AT&T INC 2.7% INTERNATIONAL BUSINESS MACHS 1.7% 70
60
JOHNSON & JOHNSON 2.1% MICROSOFTCORP 1.5% 50
25.52
22.60
40
PROCTER AND GAMBLE CO 2.1% VERIZON COMMUNICATIONS 1.4%
30
10.03
9.92
9.27
8.15
20
3.22
3.37
2.04
2.24
GENERAL ELEC CO 1.9% WAL MART STORES INC 1.3%
10
0
Ten Best Performers (Quarter) Avg Mkt Med Mkt Erngs Grth P/B P/E Yield
HARTFORD FINANCIAL SVCS 123.7% MBIA INC 79.2%
WYNN RESORTS LTD 100.8% CBS CORP CLASS B 74.9% Sector Allocation
TEXTRON INC 96.7% MARSHALL & ILSLEY CORP 68.4% INTECH S&P 500
JABIL CIRCUIT INC 82.0% CAPITAL ONE FINL CORP 63.5% 25
18.6
HARMAN INTL INDS INC NEW 80.2% CITIGROUPINC 63.0% 20
16.4
15.2
14.4
13.1
12.3
15
12.1
11.7
11.5
11.4
11.4
10.2
9.2
8.2
10
6.1
MOODYS CORP -22.0% DEAN FOODS CO NEW -7.3%
4.8
3.7
3.5
3.2
3.1
5
SPRINT NEXTEL CORP -17.9% IRON MTN INC PA -7.3%
0
MCGRAW HILL COS INC -15.9% QUEST DIAGNOSTICS INC -7.2%
In
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SLM CORP -15.1% WELLPOINT INC -6.9%
iti
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str
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um
um
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es
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Ca
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s
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INTERCONTINENTALEXCHANGE -14.9% PPL CORP -6.9%
S
D
tap
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ch
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no
n
na
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Se
gy
ry
rv
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s
INTECH
2.50% 5 Years
INTECH
2.00%
INTECH S&P 500
Return 2.08 1.02
Rate of Return
1.50%
Sharpe Ratio -0.05 -0.11
1.00%
S&P 500 Beta 0.99 1.00
Alpha 0.09 --
0.50%
Up Capture 102.16 --
15.93% 15.94% 15.94% 15.95% 15.95% 15.96% 15.96%
R Square 98.68 --
Standard Deviation

INTECH S&P 500
14
12 INTECH S&P 500
12
10
10 9 9 Number of Months 67
8
67
8 7 7 7 Highest Monthly Return 9.27% 9.57%
6
6 5 5 Lowest Monthly Return -17.16% -16.80%
4 4 4 4 4 4 Number of Pos. Months 44 43
4 3 3
2 1
% Positive Months 65.67% 64.18%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
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%
%
-4
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%
5%

INTECH
Ranking 80 84 79 42 39 30
25
19.5
19.3
18.0
15.6
20 15.6
14.9
15
10
Rate of Return %
2.1
1.4
1.0
5
-1.3
-1.4
-1.6
-5
-5.1
-5.2
-5.4
-6.7
-6.9
-7.5
-10
-15
INTECH S&P 500 Median Large Core Mgr

5th Percentile 19.87 30.61 -0.06 -1.51 1.45 4.68
25th Percentile 16.35 22.32 -4.93 -4.03 -0.23 2.38
50th Percentile 15.63 19.46 -6.69 -5.24 -1.42 1.39
75th Percentile 15.10 18.76 -7.17 -5.43 -1.58 1.09
95th Percentile 11.96 12.99 -11.22 -7.58 -2.98 0.27
Observations 495 460 456 380 335 295
The numbers above the bars are the rankings for this portfolio versus the large core equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

INTECH
Ranking 79 19 81 39 28
25
16.6
16.4
16.5
14.8
13.0
12.3
10.9
11.2
10.8
15
5
Rate of Return %
-5
-6.9
-6.7
-7.5
-15
-19.5
-21.9
-22.0
-25
-35
INTECH S&P 500 Median Large Core Mgr

5th Percentile -0.06 -16.43 21.98 15.29 22.22
25th Percentile -4.93 -20.63 17.88 12.38 16.89
50th Percentile -6.69 -21.89 16.53 10.88 13.02
75th Percentile -7.17 -22.27 15.65 10.72 12.28
95th Percentile -11.22 -28.06 12.31 8.25 10.99
Observations 456 522 490 424 376
The numbers above the bars are the rankings for this portfolio versus the large core equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Rhumbline Large Cap Fund

♦ Strategy: Large Capitalization Core ♦ Match the S&P 500 Index.
♦ Vehicle: Commingled Trust
♦ Inception date: September 1995
♦ Fees: 6.5 bps for the first $50 million, 5.5 bps for the next $50 million, and 4
bps thereafter
This Quarter Last 12 Months Rhumbline Large Cap Fund S&P 500
$3.50
Net Additions 0 1,061
Return on Investment 4,470 -2,009 $3.00
Income 0 0 $2.50
Gain/Loss 4,470 -2,009 $2.00
$1.50
$1.00
$0.50
$0.00
Sep-95
Sep-96
Sep-97
Sep-98
Sep-99
Sep-00
Sep-01
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09

As of September 30, 2009, Rhumbline Large Cap Fund held 500 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: Rhumbline Large Cap Fund S&P 500
100
77.33
77.25
EXXON MOBIL CORP 3.5% JOHNSON & JOHNSON 1.8% 90
80
MICROSOFT CORP 2.2% APPLE COMPUTER INC 1.8% 70
60
GENERAL ELECTRIC CO 1.9% AT&T INC 1.8% 50
25.50
25.50
40
JP MORGAN CHASE 1.9% INTL BUSINESS MACHINES 1.7%
30
9.60
9.59
1.91
20
2.04
1.91
2.04
PROCTER & GAMBLE 1.8% BANK OF AMERICA CORP 1.6%
10
0
Ten Best Performers (Quarter) Avg Mkt Cap Erngs Grth (5 P/B P/E Yield
($Bil) Year)
GANNETT INC 252.2% AMERICAN INTL GROUP 90.1%
HARTFORD FINANCIAL SERVICES 123.7% DONNELLEY R R & SONS 86.3% Sector Allocation
TENET HEALTHCARE 108.5% JABIL CIRCUIT INC 82.0% Rhumbline Large Cap Fund S&P 500
WYNN RESPORTS LTD 100.8% HARMAN INTL INDUSTRIAL 80.2%
18.7
18.6
20
TEXTRON INC 96.7% MBIA INC 79.2%
15.4
15.2
13.1
13.1
15
11.7
11.7
11.5
11.5
10.3
10.2
9.1
9.1
10
METROPCS COMMUNICATION -23.2% INTERCONTINENTAL EXCHANGE -14.9%
3.7
3.7
3.5
5
3.5
3.2
3.2
MOODYS CORP -22.0% ELECTRONIC ARTS -12.3%
SPRINT NEXTEL CORP -17.9% DEAN FOODS CO -7.3% 0

Co
Co
En
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In
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MCGRAW HILL INC -15.9% IRON MOUNTAIN INC -7.3%
til
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it
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lth
co
nc
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str
gy
ies
um
um
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ati
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Ca
als
s
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m
s
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SLM CORP -15.1% QUEST DIAGNOSTICS -7.2%
re
un
D
Sta
Te
is c
ica
pl
c
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es
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t io
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ol
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Characteristics provided by manager.
og
ry
r
y
vic
es

0.00% 10 Years
Rhumbline Large
-0.02% Cap Fund
-0.04%
Rhumbline Large
Cap Fund S&P 500
Rate of Return
-0.06%
Return -0.02 -0.15
-0.08% Standard Deviation 16.06 16.24
-0.10% Sharpe Ratio -0.17 -0.18
-0.12%
Beta 0.99 1.00
Alpha 0.01 --
-0.14% S&P 500
Up Capture 98.91 --
-0.16% Down Capture 98.34 --
16.04 16.06 16.08 16.10 16.12 16.14 16.16 16.18 16.20 16.22 16.24 16.26
% % % % % % % % % % % %
Correlation 99.94 --
Standard Deviation
R Square 99.87 --
Tracking Error 0.61 --
Rhumbline Large Cap Fund S&P 500
25 Rhumbline Large
23
2020
21 Cap Fund S&P 500
20
16 Number of Months 168
15 168
15 1414
1313 Highest Monthly Return 17.16% 9.78%
1111
Lowest Monthly Return -16.58% -16.80%
10
6
7 7
6 Number of Pos. Months 111 105
5
5 3
4 4 4
3 Number of Neg. Months 57 63
% Positive Months 66.07% 62.50%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
re
%
%
ss
a
to
to
to
to
to
to
to
to
to
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th
1%
2%
3%
4%
5%
rt
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0%
-3
-2
-1
ha
%
%
-4
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%
5%


Ranking 65 70 43 46 59 61
25
19.3
19.5
19.3
15.6
15.6
20 15.6
15
10
Rate of Return %
1.4
1.0
1.2
0.0
5
0.6
0
-0.2
-5
-5.2
-5.2
-5.4
-6.5
-6.7
-6.9
-10
-15
Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr

5th Percentile 19.87 30.61 -0.06 -1.51 4.68 6.34
25th Percentile 16.35 22.32 -4.93 -4.03 2.38 3.50
50th Percentile 15.63 19.46 -6.69 -5.24 1.39 0.64
75th Percentile 15.10 18.76 -7.17 -5.43 1.09 -0.08
95th Percentile 11.96 12.99 -11.22 -7.58 0.27 -0.20
Observations 495 460 456 380 295 137
The numbers above the bars are the rankings for this portfolio versus the large core manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.


Ranking 43 40 56 51 85
25
16.5
16.5
16.4
13.0
12.2
12.3
10.9
10.9
10.8
15
5
Rate of Return %
-5
-6.5
-6.7
-6.9
-15 -22.0
-21.9
-21.7
-25
-35
Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr

5th Percentile -0.06 -16.43 21.98 15.29 22.22
25th Percentile -4.93 -20.63 17.88 12.38 16.89
50th Percentile -6.69 -21.89 16.53 10.88 13.02
75th Percentile -7.17 -22.27 15.65 10.72 12.28
95th Percentile -11.22 -28.06 12.31 8.25 10.99
Observations 456 522 490 424 376
The numbers above the bars are the rankings for this portfolio versus the large core manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

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

$1.40
Net Additions -2,000 0
Return on Investment 4,925 -1,587 $1.20
Income 159 616 $1.00

Gain/Loss 4,767 -2,203 $0.80
$0.60
$0.40
$0.20
$0.00
May-07
Sep-07
May-08
Sep-08
May-09
Sep-09
Nov-08
Mar-07
Jul-07
Nov-07
Jan-08
Mar-08
Jul-08
Jan-09
Mar-09
Jul-09
Sawgrass
As of September 30, 2009, Sawgrass held 47 securities in their portfolio. Holdings and Characteristics
portfolio characteristics are as follows: Sawgrass Russell 1000 Growth
100
81.77
90
69.94
INTERNATIONAL BUSINESS MACHS 4.7% APPLE INC 3.6%
80
GOOGLE INC 4.7% DIRECTV GROUP INC 3.6% 70
60
34.36
CISCO SYS INC 4.1% TJX COS INC NEW 3.4% 50
40
19.36
18.20
17.47
16.50
MICROSOFTCORP 4.1% HEWLETT PACKARD CO 3.0%
30
20
4.17
4.70
4.46
CVS CAREMARK CORP 3.7% WAL MART STORES INC 3.0%
1.61
1.65
10
0
Ten Best Performers (Quarter) Avg Mkt Med Mkt Erngs Grth P/B P/E Yield
AFLAC INC 38.5% CISCO SYS INC 26.3%
CAMERON INTL CORP 33.6% COSTCO WHSL CORP NEW 24.0% Sector Allocation
APPLE INC 30.1% HEWLETT PACKARD CO 22.4% Sawgrass Russell 1000 Growth
EMC CORP 30.1% MASTERCARD INC 20.9% 40
34.0
31.8
35
VERISIGN INC 28.2% OCCIDENTAL PETE CORP 19.6%
30
25
16.6
16.0
15.8
20
15.1
12.8
11.2
10.4
15
10.2
QUEST DIAGNOSTICS INC -7.2% EXXON MOBIL CORP -1.3%
10
5.2
4.2
4.0
3.5
2.4
2.4
5
1.6
1.2
0.9
FAMILY DLR STORES INC -6.3% NASDAQ STK MKT INC -1.2%
0.6
0
PUBLIC SVCENTERPRISE GROUP -2.6% FLUOR CORP NEW -0.6%
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ORACLE CORP -2.5% QUALCOMM INC -0.1%
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BECTON DICKINSON & CO -1.7% MCDONALDS CORP 0.2%
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Sawgrass
-11.80% 2 Years
-11.90%
-12.00% Russell 1000 Growth
-12.10% Sawgrass Russell 1000 Growth
-12.20% Return -12.77 -11.88
Rate of Return
-12.30% Standard Deviation 20.21 23.21

-12.40% Sharpe Ratio -0.69 -0.56
-12.50% Beta 0.86 1.00
-12.60% Alpha -0.25 --
-12.70% Up Capture 79.80 --
Sawgrass
-12.80% Down Capture 89.77 --
-12.90% Correlation 98.85 --
20.00% 20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50%
R Square 97.72 --
Standard Deviation

Sawgrass Russell 1000 Growth
8
7 7
7
Sawgrass Russell 1000 Growth
6
Number of Months 30 30
5
4
3 3 3 3 3 Lowest Monthly Return -16.69% -17.61%
3
2 2 2 2 2 Number of Pos. Months 17 16
2 Number of Neg. Months 13
1 1 1 1 1 14
1 % Positive Months 56.67% 53.33%
0 0 0 0
0
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Sawgrass
Ranking 67 79 74 60 63
32.6
31.0
40
27.1
26.0
25.9
20.5
30
14.0
13.2
14.0
20
Rate of Return %
10
-1.9
-3.4
-5.0
-10
-11.7
-11.9
-12.8
-20
-30
1 Quarter 2 Quarters 3 Quarters 1 Year 2 Years
Sawgrass Russell 1000 Growth Median Large Growth Mgr

5th Percentile 20.94 47.43 54.61 8.23 -7.41
25th Percentile 15.80 33.80 30.68 -0.29 -9.65
50th Percentile 13.98 31.02 25.88 -3.41 -11.74
75th Percentile 12.54 26.70 20.15 -7.12 -14.15
95th Percentile 8.63 19.90 10.50 -14.45 -17.74
Observations 363 348 344 341 304
The numbers above the bars are the rankings for this portfolio versus the large growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Sawgrass
Ranking 60 42
21.1
19.4
25
15.4
11.6
15
6.0
6.1
5
Rate of Return %
-1.9
-3.4
-5
-5.0
-15
-19.9
-20.9
-25 -21.3
-35
Sawgrass Russell 1000 Growth Median Large Growth Mgr

5th Percentile 8.23 -13.02 27.91 11.42 24.82
25th Percentile -0.29 -17.53 22.92 7.94 19.96
50th Percentile -3.41 -21.33 21.08 6.07 15.41
75th Percentile -7.12 -23.72 18.01 3.27 11.82
95th Percentile -14.45 -27.42 11.11 -2.28 8.59
Observations 341 424 365 309 248
The numbers above the bars are the rankings for this portfolio versus the large growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Lee Munder Small Cap Value

♦ Strategy: Small Capitalization Value ♦ Over a market cycle, performance in the upper third of appropriate universe (Small
Value); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the Russell 2000 Value Index over a full market cycle.
♦ Inception Date: November 2006
♦ Benchmark: Russell 2000 Value
♦ Fees: 75 bps
This Quarter Last 12 Months Lee Munder Small Cap Value Russell 2000 Value
$1.40
Net Additions 0 0
Return on Investment 4,281 -259 $1.20
Income 84 379 $1.00

Gain/Loss 4,197 -638 $0.80
$0.60
$0.40
$0.20
$0.00
Dec-06
Dec-07
Dec-08
Sep-07
Sep-08
Sep-09
Mar-07
Jun-07
Mar-08
Jun-08
Mar-09
Jun-09

As of September 30, 2009, Lee Munder Small Cap Value held 112 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: Lee Munder Small Cap Value Russell 2000 Value
20
16.08
15.00
18
GREAT PLAINS ENERGY INC 2.5% REINSURANCE GROUP AMER INC 1.6%
16
EMPLOYERSHLDGS INC 1.9% WATSON WYATT WORLDWIDE INC 1.5% 14
12
SWIFT ENERGY CO 1.7% DEAN FOODS CO NEW 1.4% 10
8
BERRY PETECO 1.6% AGL RES INC 1.4%
3.77
6
3.04
1.88
1.69
1.45
1.41
1.34
1.18
4
0.87
0.34
PORTLAND GEN ELEC CO 1.6% SIGNATUREBK NEW YORK NY 1.4%
2
0
BELO CORP 202.3% COOPER TIRE RUBR CO 78.5%
PEROT SYSCORP 107.3% CYTEC INDS INC 74.5% Sector Allocation

XYRATEX LTD 90.6% TEREX CORP NEW 71.8% Lee Munder Small Cap Value Russell 2000 Value
CABOT CORP 85.3% KANSAS CITY SOUTHERN 64.4% 40
33.2
35
CBL & ASSOC PPTYS INC 80.9% FIRST FINLBANCORP 62.3%
25.9
30
25
18.0
16.8
20
14.7
11.9
11.7
15
BLACK BOXCORP -24.9% NEWALLIANCE BANCSHARES INC -6.4% 9.0
7.7
7.2
10
6.5
6.4
6.1
5.9
5.5
5.4
4.6
2.8
SANDERSONFARMS INC -16.1% PANTRY INC -5.6% 5
0.6
0.0
0
REGIS CORPMINNESOTA -10.8% TCF FINANCIAL CORP -2.1%
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WESTERN ALLIANCE BANCORPORATIO -7.8% AMSURG CORP -1.0%
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DEAN FOODS CO NEW -7.3% RES CARE INC -0.6%
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0.00% 2 Years
-2.00%
Lee Munder Small
-4.00% Cap Value Russell 2000 Value
Lee Munder Small Cap
Return -5.32 -12.43
Rate of Return
-6.00% Value
-8.00% Sharpe Ratio -0.23 -0.45
Beta 0.91 1.00
-10.00%
Alpha 0.52 --
-12.00% Up Capture 100.57 --
Russell 2000 Value Down Capture 85.01 --
-14.00% Correlation 98.73 --
27.50% 28.00% 28.50% 29.00% 29.50% 30.00% 30.50%
R Square 97.47 --
Standard Deviation

Lee Munder Small Cap Value Russell 2000 Value
9 Lee Munder Small

8
8 Cap Value Russell 2000 Value
7
7
6
5
4
4 Lowest Monthly Return -19.16% -19.98%
3
2 2 2 2 2 2
2
1 1 1 1 1 1
Number of Neg. Months 13 14
1
0 0 0 0 0 % Positive Months 62.86% 60.00%
0
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Ranking 61 66 62 46 21
54.3
49.4
60
44.8
50
30.6
28.9
40
22.6
23.1
22.7
16.4
30
Rate of Return %
20
10
-1.3
-1.1
-5.3
-7.9
-10
-12.6
-12.4
-20
-30
Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr

5th Percentile 35.61 82.15 51.18 10.26 -4.08
25th Percentile 26.11 61.97 37.84 1.89 -5.73
50th Percentile 23.08 54.29 30.61 -1.29 -7.91
75th Percentile 21.95 48.36 27.74 -6.99 -12.01
95th Percentile 19.24 40.36 12.84 -15.45 -15.62
Observations 85 86 83 84 79
The numbers above the bars are the rankings for this portfolio versus the small value manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.


Ranking 46 12
21.5
25
17.8
14.0
20
10.4
9.7
15
6.1
10
Rate of Return %
0
-1.1
-1.3
-5
-10
-9.4
-12.6
-12.3
-15
-14.4
-20
-25
Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr

5th Percentile 10.26 -8.44 24.18 14.61 26.67
25th Percentile 1.89 -11.46 16.27 12.75 24.42
50th Percentile -1.29 -14.44 10.45 9.71 21.49
75th Percentile -6.99 -17.14 7.61 7.82 17.38
95th Percentile -15.45 -21.32 3.17 3.69 12.30
Observations 84 125 108 77 57
The numbers above the bars are the rankings for this portfolio versus the small value manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

NorthPointe Small Cap Growth

♦ Strategy: Small Capitalization Growth ♦ Over a market cycle, performance in the upper third of appropriate universe (Small
Growth); above median performance among style peers for shorter term periods.
♦ Vehicle: Separate Account ♦ Outperform the Russell 2000 Growth Index over a full market cycle.
♦ Inception Date: November 2006
♦ Benchmark: Russell 2000 Growth
♦ Fees: 43 bps plus performance fee
This Quarter Last 12 Months NorthPointe Small Cap Growth Russell 2000 Growth
$1.40
Return on Investment 3,850 1,075 $1.20
Income 17 89 $1.00
Gain/Loss 3,833 987 $0.80
$0.60
$0.40
$0.20
$0.00
Dec-06
Dec-07
Dec-08
Sep-07
Sep-08
Sep-09
Mar-07
Jun-07
Mar-08
Jun-08
Mar-09
Jun-09

As of September 30, 2009, NorthPointe Small Cap Growth held 67 securities in their Characteristics
portfolio. Holdings and portfolio characteristics are as follows: NorthPointe Small Cap Growth Russell 2000 Growth
25
17.73
16.88
FUEL SYS SOLUTIONS INC 2.0% SMITH MICRO SOFTWARE INC 2.0%
15.60
20
14.31
HORIZON LINES INC 2.0% AVOCENT CORP 1.9%
15
HILL INTLINC 2.0% INTERDIGITAL INC PA 1.9%
10
JDA SOFTWARE GROUP INC 2.0% CENTRAL EUROPEAN DISTR CORP 1.9%
3.56
2.42
5
0.97
0.93
0.54
0.69
0.41
0.32
WEB COM GROUP INC 2.0% PETROLEUMDEV CORP 1.9%
0
FUEL SYS SOLUTIONS INC 78.3% JARDEN CORP 50.1%
HORIZON LINES INC 67.7% ON ASSIGNMENT INC 49.6% Sector Allocation

HILL INTLINC 65.1% GMX RES INC 47.7% NorthPointe Small Cap Growth Russell 2000 Growth
BPZ ENERGYINC 53.8% JDA SOFTWARE GROUP INC 46.7% 40
33.9
35
28.2
HEALTH MGMT ASSOC 51.6% TRIQUINT SEMICONDUCTOR INC 45.4%
30
23.5
25
19.9
15.9
20
14.5
14.0
12.5
15
8.9
ICONIX BRAND GROUP INC -18.9% TITAN MACHY INC -1.3%
10
5.8
5.2
4.0
4.0
3.8
2.3
5
1.8
1.5
AECOM TECHNOLOGY CORP -15.2% GREATBATCHINC -0.6%
0.3
0.0
0.0
0
OMNICARE INC -12.5% MASTEC INC 3.7%
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MERGE HEALTHCARE INC -4.4% COMTECH TELECOMMUNICATIONS 4.2%
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TEXAS ROADHOUSE INC -2.7% ADC TELECOMMUNICATIONS IN 4.8%
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0.00% 2 Years
-5.00% NorthPointe Small

Cap Growth Russell 2000 Growth
Return -20.83 -11.85
Rate of Return
-10.00%
Russell 2000 Growth Standard Deviation 34.83 29.21
Sharpe Ratio -0.63 -0.45
-15.00%
Beta 1.17 1.00
Alpha -0.61 --
-20.00%
NorthPointe Small
Cap Growth Down Capture 126.72 --
-25.00% Correlation 98.09 --
28.00% 29.00% 30.00% 31.00% 32.00% 33.00% 34.00% 35.00% 36.00%
R Square 96.22 --
Standard Deviation

NorthPointe Small Cap Growth Russell 2000 Growth
12 NorthPointe Small
10 Cap Growth Russell 2000 Growth
10
8
8 7 7 Number of Months 35 35
Highest Monthly Return 17.91% 15.05%
6
4
2 2 2 Number of Neg. Months 14 14
2 1 1 1 1 1 1
0 0 0 0 0 0 0 0 % Positive Months 60.00% 60.00%
0
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Ranking 18 16 12 52 95
50.0
60
43.1
41.5
40.0
50
29.1
29.3
40
19.5
30
16.4
16.0
Rate of Return %
20
10
-3.4
-4.5
-6.3
-10
-11.9
-12.1
-20
-20.8
-30
-40
NorthPointe Small Cap Growth Russell 2000 Growth Median Small Growth Mgr

5th Percentile 21.96 59.43 42.55 10.32 -4.47
25th Percentile 19.06 47.03 36.51 0.67 -9.36
50th Percentile 16.44 41.46 29.29 -3.44 -12.10
75th Percentile 14.19 36.23 24.07 -9.80 -15.19
95th Percentile 10.83 28.75 16.67 -14.07 -21.72
Observations 304 290 284 284 248
The numbers above the bars are the rankings for this portfolio versus the small growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.


Ranking 52 95
22.0
20.7
30
19.0
18.0
20
7.2
5.9
10
Rate of Return %
0
-3.4
-4.5
-6.3
-10
-17.1
-20
-20.8
-30
-34.4
-40
-50
NorthPointe Small Cap Growth Russell 2000 Growth Median Small Growth Mgr

5th Percentile 10.32 -6.22 36.77 14.39 37.57
25th Percentile 0.67 -15.29 25.93 9.86 25.14
50th Percentile -3.44 -20.77 20.73 7.20 21.98
75th Percentile -9.80 -24.58 17.55 4.62 18.76
95th Percentile -14.07 -34.51 12.61 0.74 13.88
Observations 284 330 290 254 215
The numbers above the bars are the rankings for this portfolio versus the small growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Long/Short Equity Manager Performance and Analysis

K2 Long Short Master Fund, LP

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

S&P 500
Beginning Market Value 31,895 32,365 HFRI Equity Hedge
$1.20
Net Additions 0 0
Return on Investment 1,386 916 $1.00
Income 0 0
$0.80
Gain/Loss 1,386 916
Ending Market Value 33,282 33,282 $0.60
$0.40
$0.20
$0.00
Dec-08
Oct-08
Feb-09
Aug-08
Aug-09
Apr-08
Jun-08
Apr-09
Jun-09

8.00% 1 Year
6.00% HFRI Equity Hedge
K2 Long Short
4.00%
K2 Long Short Master Master Fund, LP S&P 500
Fund, LP Return 2.83 -6.92
Rate of Return
2.00%
0.00%
Sharpe Ratio 0.49 -0.24
-2.00%
Beta 0.12 1.00
-4.00% Alpha 0.27 --
Up Capture 16.24 --
-6.00%
S&P 500 Down Capture 8.32 --
-8.00% Correlation 65.39 --
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%
R Square 42.75 --
Standard Deviation
Return Histogram (1 Year) Return Analysis

K2 Long Short Master Fund, LP S&P 500 HFRI Equity Hedge
5 K2 Long Short
4 4 4
4 Master Fund, LP S&P 500
4
3
2 2 22 2
2
1 1 1 1 1 1 1 11 1 1
1
0 0 00 00 0 0 0 000 0 % Positive Months 47.06% 58.82%
0
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Long/Short Equity Exposure Historical Net & Gross Exposure
% of Gross
Long Short Gross Net Exposure Historical Average Net Exposure
71.2% 46.7% 117.9% 24.5% 100.0% Gross Exposure 135.98% Gross Exposure
Total Portfolio Net Exposure 43.02% Gross Longs
Region 180%
Gross Shorts
North America 61.4% 39.2% 100.6% 22.2% 85.3%
160%
Western Europe 5.1% 5.2% 10.3% -0.1% 8.7%
140%
Japan 0.6% 0.4% 1.0% 0.2% 0.9%
120%
Asia Pacific - Emerging 2.4% 1.2% 3.6% 1.2% 3.1%
100%
Latin America 0.5% 0.2% 0.7% 0.3% 0.6%
80%
Other Emerging 1.2% 0.5% 1.7% 0.7% 1.4%
60%
Total 71.2% 46.7% 117.9% 24.5% 100.0%
40%
Sector .
20%
Basic Materials 2.7% 1.8% 4.5% 0.9% 3.8%
0%
Communications 8.4% 3.9% 12.3% 4.5% 10.4% Ju Au Se Oc No De Jan Fe M Ap M Ju Ju Au
l-0 p b a a n l
Consumer, Cyclical 7.3% 6.2% 13.5% 1.1% 11.4% 8 g-08 -08 t-08 v-08 c-08 -09 -09 r-09 r-09 y-09 -09 -09 g-09
Consumer, Non-cyclical 15.1% 4.4% 19.5% 10.7% 16.5%
Derivatives 1.1% 0.6% 1.7% 0.5% 1.4%
Diversified 0.2% 0.1% 0.3% 0.1% 0.3% Net & Gross Exposures at August 31, 2009
Energy 3.6% 2.2% 5.8% 1.4% 4.9% Gross Long Exposure: 71.2%
Equity 1.0% 4.6% 5.6% -3.6% 4.7% Gross Short Exposure: 46.7%
Financial 11.4% 7.1% 18.5% 4.3% 15.7% Gross Exposure: 117.9%
Fixed Income 0.1% 0.1% 0.2% 0.0% 0.2% Net Exposure: 24.5%
Funds 0.0% 0.0% 0.0% 0.0% 0.0%
Government 0.4% 0.8% 1.2% -0.4% 1.0%
Industrial 6.2% 6.4% 12.6% -0.2% 10.7%
Private Placement 0.3% 0.0% 0.3% 0.3% 0.3%
Technology 12.1% 5.0% 17.1% 7.1% 14.5%
Utilities 1.0% 0.7% 1.7% 0.3% 1.4%
Not Classified 0.1% 0.0% 0.1% 0.1% 0.1%
Other 0.5% 2.8% 3.3% -2.3% 2.8%
Total 71.5% 46.7% 118.2% 24.8% 100.0% All characteristic data provided by manager are as of 8/31/09.
67

45
34.0
35
22.1
21.7
19.3
25
15.6
Rate of Return %
15
8.5
8.4
7.2
6.4
4.4
2.8
5
-5
-6.9
-15
1 Quarter 2 Quarters 3 Quarters 1 Year
K2 Long Short Master Fund, LP S&P 500 HFRI Equity Hedge

International Manager Performance and Analysis

Artio International Equity II GT

♦ Strategy: International Equity ♦ Over a market cycle, performance in the upper third of appropriate universe
(International Developed Markets Equity).
♦ Vehicle: Group Trust ♦ Over a market cycle, outperform the MSCI EAFE and MSCI ACWI (ex-US)
Indexes.
♦ Inception Date: November 1, 2007
♦ Benchmark: MSCI ACWI (ex-US) / MSCI EAFE
♦ Fees: 85 bps on the first $20 million, 65 bps on the next $20 million, 55 bps
on the next 60 million, & 45 bps thereafter
This Quarter Last 12 Months Artio International Equity II GT

MSCI All Country World Free ex US Gross
Beginning Market Value 9,084 7,868 MSCI EAFE
$1.20
Income 0 0
$0.80
Gain/Loss 1,716 432
$0.40
$0.20
$0.00
Dec-07
Dec-08
Oct-07
Feb-08
Oct-08
Feb-09
Aug-08
Aug-09
Apr-08
Jun-08
Apr-09
Jun-09

As of September 30, 2009, the Artio International Equity II GT Fund held 437 securities in their
portfolio. Holdings and portfolio characteristics are as follows:
Ten Largest Holdings (Weight) Characteristics
RIO TINTO LTD 1.6% KOMERCNI BANKA 1.4%
Artio International Equity II GT MSCI EAFE MSCI ACWI ex US
NESTLE S.A. 1.5% TOTAL S.A. 1.3%
VODAFONE GROUP 1.4% NOVARTIS AG 1.3%
70
53.00
BANCO SANTANDER S.A. 1.4% GLAXOSMITHKLINE 1.2%
49.30
60
44.00
HSBC HOLDINGS 1.4% BP 1.2% 50
40
Country Allocation 30
16.38
16.70
15.62
Developed Markets MSCI MSCI Emerging Markets MSCI
20
3.27
Portfolio EAFE ACWI ex US Portfolio ACWI ex US
1.71
3.41
1.61
3.11
1.65
10
Australia 7.0% 8.2% 5.9% Argentina 0.0% 0.0%
0
Austria 0.7% 0.3% 0.2% Brazil 2.6% 3.3% Avg Mkt Cap ($Bil) P/B Current P/E Ratio Dividend Yield
Belgium 0.7% 1.0% 0.7% Chile 0.0% 0.3%
Bermuda 0.0% 0.0% 0.0% China 3.3% 3.7%
Canada 5.4% 0.0% 7.2% Colombia 0.0% 0.2% Sector Allocation
Cayman Islands 0.0% 0.0% 0.0% Cyprus 0.0% 0.0%
Artio International Equity II GT MSCI EAFE MSCI ACWI ex US
Denmark 0.6% 0.9% 0.7% Czech Republic 1.2% 0.1%
Finland 0.5% 1.2% 0.9% Egypt 0.0% 0.1% 35
France 10.7% 10.9% 7.8% Hungary 0.6% 0.1%
28.2
30
26.8
26.6
Germany 7.3% 8.1% 5.8% India 1.0% 1.6%
25
Greece 0.3% 0.7% 0.5% Indonesia 0.1% 0.4%
Hong Kong 1.8% 2.3% 1.7% Israel 0.0% 0.6% 20
Ireland 0.5% 0.3% 0.2% Jordan 0.0% 0.0%
13.9
15
Italy 2.5% 3.7% 2.7% Korea 2.8% 2.9%
11.4
11.3
11.1
11.0
10.9
9.9
9.7
9.7
Japan 11.7% 21.5% 15.4% Malaysia 0.0% 0.6%
9.4
10
8.3
8.3
8.2
8.2
7.2
7.0
6.9
6.8
6.4
6.3
Luxembourg 0.0% 0.0% 0.0% Mexico 0.9% 0.9%
6.1
5.9
5.7
5.2
5.0
5.0
5
Netherlands 3.6% 2.5% 1.8% Morocco 0.0% 0.1%
2.8
1.1
0.0
0.0
New Zealand 0.0% 0.1% 0.1% Pakistan 0.0% 0.0% 0
Norway 1.0% 0.7% 0.5% Peru 0.1% 0.1%
Co
Co
Fi
In
In
Te
U
En
Ca
til
ea
na
ate
d
lec
sh
n
er
or
us
it i
Portugal 0.1% 0.3% 0.2% Philippines 0.0% 0.1%
lth
su
su
nc
g
ri a
m
om
tri
es
y
m
ial
at
Ca
ls
a
er
er
m
ls
s
io
re
Singapore 0.7% 1.4% 1.0% Poland 0.3% 0.2%
un
n
D
Stap
Te
isc
ica
les
ch
re
ti
Spain 4.0% 4.7% 3.4% Romania 0.0% 0.0%
on
tio
n ol
na
Se
og
ry
rv
Sweden 1.3% 2.5% 1.8% Russia 1.9% 1.3%
ice
s
Switzerland 6.0% 7.7% 5.5% South Africa 0.8% 1.5%
United Kingdom 13.5% 20.8% 14.9% Taiwan 2.8% 2.5%
United States 0.4% 0.0% 0.0% Thailand 0.0% 0.3%
Cash 1.1% 0.0% 0.0% Turkey 0.0% 0.3%
Total 81.5% 100.0% 78.8% Ukraine 0.1% 0.0%
Characteristic data provided by manager. Total 18.5% 21.2%


7.00% 1 Year
6.00% MSCI All Country MSCI All Country
5.00%
World Free ex US Artio International World Free ex US
Gross Equity II GT Gross
4.00% MSCI EAFE Return -0.97 6.45
Rate of Return
3.00% Standard Deviation 33.04 37.36

2.00% Sharpe Ratio -0.03 0.17
1.00% Beta 0.87 1.00
0.00%
Alpha -0.59 --
Artio International Up Capture 84.33 --
-1.00%
Equity II GT Down Capture 98.68 --
-2.00% Correlation 98.74 --
32.50% 33.00% 33.50% 34.00% 34.50% 35.00% 35.50% 36.00% 36.50% 37.00% 37.50% 38.00%
R Square 97.49 --
Standard Deviation

Artio International Equity II GT MSCI All Country World Free ex US Gross MSCI EAFE
MSCI All Country
7 Artio International World Free ex US
66 Equity II GT Gross
6
5
444
23
2
1 1 1 1 11 1 Number of Neg. Months 13 13
1
00 000 0 0 00 000 000 00 0 00 % Positive Months 43.48% 43.48%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%


Ranking 61 88 88 86
53.2
65
50.4
47.7
55
42.2
37.0
45
29.3
29.6
Rate of Return %
35
20.3
19.8
19.4
18.9
19.5
25
6.4
4.1
15
3.8
5
-1.0
-5
-15
Artio International Equity II GT MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr

5th Percentile 24.34 63.78 45.08 16.19
25th Percentile 21.25 52.78 35.40 7.47
50th Percentile 19.36 47.68 29.34 4.14
75th Percentile 17.58 43.73 22.94 0.97
95th Percentile 14.94 37.45 18.71 -4.54
Observations 1015 1017 1004 981
The numbers above the bars are the rankings for this portfolio versus the international developed markets equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Thornburg International Equity Fund

♦ Strategy: International Equity ♦ Over a market cycle, performance in the upper third of appropriate universe
(International Developed Markets Equity).
♦ Vehicle: Commingled Fund ♦ Over a market cycle, outperform the MSCI EAFE and MSCI ACWI (ex-US)
Indexes.
♦ Inception Date: November 1, 2007
♦ Benchmark: MSCI EAFE, MSCI ACWI (ex-US)
♦ Fees: 80 bps for the first $10 million, 75 bps for the next $15 million, 70 bps
for the next $75 million and 60 bps for the remaining balance
This Quarter Last 12 Months Thornburg International Equity Fund

MSCI All Country World Free ex US Gross
Beginning Market Value 9,664 7,709 MSCI EAFE
$1.20
Income 0 40
$0.80
Gain/Loss 1,527 943
$0.40
$0.20
$0.00
Sep-07
May-08
Sep-08
May-09
Sep-09
Nov-07
Jan-08
Nov-08
Mar-08
Jul-08
Jan-09
Mar-09
Jul-09

As of September 30, 2009, the Thornburg International Equity Fund (Q.P.) LLC held 66 securities in their portfolio. Holdings and portfolio characteristics are as follows:
Ten Largest Holdings (Weight) Characteristics
HONG KONG EXCHANGE 2.6% NOVO NORDISK 2.5%
Thornburg International Equity Fund MSCI All Country World Free Ex-US MSCI EAFE
IND. & COMM. BANK OF CHINA 2.6% KOMATSU 2.4%
NATIONAL BANK OF GREECE 2.5% KVMH MOET HENNESY LOUIS VUITTON 2.7% 70
49.82
48.83
44.44
TEVA PHARMACEUTICAL 2.5% SAP AG 2.3% 60
50
AXA 2.5% STANDARD CHARTERED 2.2%
40
Country Allocation
17.53
30
15.13
15.14
Developed Markets Emerging Markets 20
3.40
3.08
2.28
2.48
1.59
1.68
MSCI ACWI Ex- MSCI 10
Portfolio US EAFE Portfolio MSCI ACWI Ex-US
0
Australia 1.8% 5.9% 8.2% Argentina 0.0% 0.0% Avg Mkt Cap ($Bil) Current P/E P/B Yield
Austria 0.0% 0.2% 0.3% Bermuda 0.0% 0.0%
Belgium 0.0% 0.7% 1.0% Brazil 5.6% 3.3%
Canada 6.1% 7.2% 0.0% Chile 0.0% 0.3% Sector Allocation
Denmark 4.4% 0.7% 0.9% China 6.6% 3.7%
Finland 2.4% 0.9% 1.2% Colombia 0.0% 0.2%
France 10.0% 7.8% 10.9% Czech Republic 0.0% 0.1% Thornburg International Equity Fund MSCI All Country World Free Ex-US MSCI EAFE
Germany 7.7% 5.8% 8.1% Egypt 0.0% 0.1%
Greece 2.5% 0.5% 0.7% Hungary 0.0% 0.1% 30
26.8
26.6
25.8
Hong Kong 2.6% 1.7% 2.3% India 0.0% 1.6%
Ireland 0.5% 0.2% 0.3% Indonesia 0.0% 0.4% 25
Italy 1.0% 2.7% 3.7% Jordan 0.0% 0.0%
20
Japan 8.5% 15.4% 21.5% Israel 2.5% 0.6%
Luxembourg 0.0% 0.0% 0.0% Malaysia 0.0% 0.6% 15
12.3
11.8
11.3
11.1
11.0
Netherlands 1.4% 1.8% 2.5% Mexico 3.8% 0.9%
9.9
9.7
9.7
9.5
9.4
9.0
8.4
10
8.3
8.3
8.2
New Zealand 0.0% 0.1% 0.1% Morocco 0.0% 0.1%
8.2
6.8
6.8
6.4
6.3
6.3
6.1
5.9
5.9
Norway 0.0% 0.5% 0.7% Peru 0.0% 0.1%
5.2
5.0
5
2.2
Portugal 0.0% 0.2% 0.3% Philippines 0.0% 0.1%
2.1
0.0
0.0
Singapore 0.0% 1.0% 1.4% Poland 0.0% 0.2% 0
Spain 2.0% 3.4% 4.7% Russia 0.0% 1.3%
Fi
U
Co
Co
En
In
In
Te
Ca
Sweden 2.1% 1.8% 2.5% South Africa 0.0% 1.5%
til
ea
na
du
fo
at
le
er
sh
ns
ns
iti
er
lth
rm
nc
co
str
gy
/O
um
um
ia
es
Switzerland 8.2% 5.5% 7.7% South Korea 0.0% 2.9%
ia
m
at
ia
Ca
th
ls
er
er
ls
io
m
ls
er
re
un
D
St
United Kingdom 17.3% 14.9% 20.8% Taiwan 0.0% 2.5%
Te
isc
ap
ic
at
ch
l
re
e
Cash 2.1% 0.0% 0.0% Thailand 0.0% 0.3%
io
s
ti o
no
n
na
lo
Se
Other 0.0% 0.0% 0.0% Turkey 1.1% 0.3%
gy
ry
rv
ic
Total 80.5% 78.8% 100.0% Total 19.5% 21.2%
es
Characteristic data provided by manager.


7.00% 1 Year
MSCI All Country
6.00%
Thornburg MSCI All Country
World Free ex US
Gross International World Free ex US
5.00% Equity Fund Gross
Return 3.34 6.45
Rate of Return
4.00%
Thornburg MSCI EAFE Standard Deviation 31.16 37.36
International Equity
3.00% Fund
Beta 0.83 1.00
2.00%
Alpha -0.24 --
1.00% Up Capture 78.52 --
30.00% 31.00% 32.00% 33.00% 34.00% 35.00% 36.00% 37.00% 38.00%
R Square 98.70 --
Standard Deviation

Thornburg International Equity Fund MSCI All Country World Free ex US Gross
MSCI EAFE
Thornburg MSCI All Country
7 International World Free ex US
66 Equity Fund Gross
6
444 4
23
2
1 1 1 1 111 1 Number of Neg. Months 14 13
1
000 000 0 0 0 000 00 000 00 % Positive Months 39.13% 43.48%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%


Ranking 90 84 53 57
53.2
50.4
60
47.7
43.0
50
37.0
40
29.3
28.7
29.6
Rate of Return %
30
19.8
19.4
19.5
15.8
20
6.4
3.8
4.1
3.3
10
0
Thornburg International Equity Fund MSCI All Country World Free Ex US MSCI EAFE Median Intl Dev Mkt Eqty Mgr

5th Percentile 24.34 63.78 45.08 16.19
25th Percentile 21.25 52.78 35.40 7.47
50th Percentile 19.36 47.68 29.34 4.14
75th Percentile 17.58 43.73 22.94 0.97
95th Percentile 14.94 37.45 18.71 -4.54
Observations 1015 1017 1004 981
The numbers above the bars are the rankings for this portfolio versus the international developed markets equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Fixed Income Manager Performance and Analysis

Agincourt
♦ Strategy: Core Bonds ♦ Over a market cycle, performance at least equal to the Citi Broad Index.
♦ Vehicle: Separate Account ♦ Over a market cycle, "real" return of 2.5% over a cumulative five year period.
♦ Inception date: January 1990
♦ Benchmark: CITI Broad Investment Grade
♦ Fees: 25 bps for the first $25 million, 20 bps on the next $75 million, 15bps
on the next $100 million, & 10 bps thereafter
This Quarter Last 12 Months Agincourt

Barclays Capital Aggregate
Beginning Market Value 62,947 71,521 Citigroup Broad Investment Grade
$3.00
Net Additions 0 -12,500
Return on Investment 3,597 7,523 $2.50
Income 759 3,534
$2.00
Gain/Loss 2,838 3,989
$1.00
$0.50
$0.00
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Agincourt
As of September 30, 2009, Agincourt held 203 securities in their portfolio. Holdings and portfolio characteristics are as follows:
Sector Allocation Characteristics
Agincourt Barclays Capital Aggregate Agincourt Barclays Capital Aggregate CITI Broad Investment Grade
30
23.77
23.77
21.28
60.0% 25
37.8%
36.2%
20
30.0%
40.0%
26.0%
15
16.8%
13.4%
20.0% 10
5.99
9.2%
5.73
5.95
7.8%
4.86
6.2%
4.88
5.14
4.55
4.86
4.14
4.2%
3.4%
2.9%
3.4%
4.14
0.0%
2.2%
3.35
3.20
0.0%
0.4%
0.0%
5
0.0%
Utility
Agencies
Corporates
Treasuries
Mortgages
Foreign
ABS
Cash
CMBS
0
Avg Maturity Avg Cpn (%) Avg Quality Duration (yrs) YTM (%)
(yrs)
Quality Duration
Agincourt Barclays Capital Aggregate Agincourt Barclays Capital Aggregate
100.0% 100.0%
75.0%
80.0% 80.0%
44.3%
60.0% 60.0%
44.1%
36.9%
40.0% 40.0%
19.3%
18.3%
18.0%
18.1%
17.0%
16.9%
15.6%
11.3%
9.8%
8.8%
8.0%
8.1%
6.7%
20.0% 20.0%
5.6%
3.8%
3.3%
2.8%
1.9%
2.5%
0.0%
1.0%
2.0%
0.9%
0.0%
0.0% 0.0%
GOVT AAA AA A BAA BA BA > 0-2 Year 2-4 Years 4-6 Years 6-8 Years 8-10 Years 10-12 Years 12+ Years

Agincourt
6.48% 10 Years
6.46% Citigroup Broad
Investment Grade
6.44% Barclays Capital
6.42% Agincourt Aggregate
Return 6.42 6.30
Rate of Return
6.40% Agincourt
6.38%
6.36%
Beta 0.97 1.00
6.34%
Alpha 0.03 --
6.32%
Aggregate Down Capture 99.44 --
3.76% 3.78% 3.80% 3.82% 3.84% 3.86% 3.88% 3.90% 3.92% 3.94% 3.96%
R Square 86.81 --
Standard Deviation

Agincourt Barclays Capital Aggregate Citigroup Broad Investment Grade
50 Barclays Capital
4544
43 Agincourt Aggregate
45
40
33
35 3130 3131 Number of Months 166 166
30 26 Highest Monthly Return 4.04% 3.73%
25
20
15
322 445 55
5 000 111 121 001 000 % Positive Months 74.70% 68.07%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
%
re
ss
ate
to
to
to
to
to
to
to
to
to
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%

Agincourt
Ranking 39 32 52 67 69 48
13.3
13.2
12.7
14
11.0
10.6
10.5
12
10
Rate of Return %
6.9
6.7
6.4
8
6.5
6.4
6.1
6.4
6.3
5.7
5.7
5.4
5.4
5.1
5.1
5.1
5.1
6
3.7
3.6
0
Agincourt Barclays Capital Aggregate CITI Broad Investment Grade Median Core Bond Mgr

5th Percentile 8.86 19.87 17.88 8.32 6.32 7.34
25th Percentile 6.28 13.35 15.07 7.16 5.77 6.94
50th Percentile 5.09 10.50 13.34 6.65 5.42 6.38
75th Percentile 4.29 8.62 10.58 5.78 4.93 6.21
95th Percentile 2.05 2.14 5.37 4.46 4.13 4.90
The numbers above the bars are the rankings for this portfolio versus the core bond universe. The rankings are on a scale of 1 to 100 with 1 being the best.

Agincourt
Ranking 52 63 66 62 67
13.3
13.2
14
11.0
10.6
12
10
Rate of Return %
5.3
5.3
5.1
5.1
6
4.5
4.1
4.0
3.7
3.7
3.7
3.3
3.1
2.9
2.8
4
1.6
2
0.5
0
Agincourt Barclays Capital Aggregate CITI Broad Investment Grade Median Core Bond Mgr

5th Percentile 17.88 7.66 6.57 4.99 5.46
25th Percentile 15.07 3.45 5.75 4.37 3.71
50th Percentile 13.34 1.58 5.27 4.05 3.28
75th Percentile 10.58 -1.10 4.95 3.82 2.98
95th Percentile 5.37 -5.69 4.18 3.52 1.74
Observations 89 115 129 125 118

Mellon Aggregate Bond Index Fund

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

Barclays Capital Aggregate
$1.80
Net Additions 0 -30,046
$1.60
Return on Investment 1,490 5,053
$1.40
Income 0 1
$1.20
Gain/Loss 1,490 5,053
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Sep-01
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09

As of September 30, 2009, Mellon Aggregate Bond Index Fund held 2595 securities in their portfolio. Holdings and portfolio characteristics are as follows:
Sector Allocation Characteristics
Mellon Aggregate Bond Index Barclays Capital Aggregate Mellon Aggregate Bond Index Barclays Capital Aggregate
60.0% 30
22.00
22.00
50.0%
37.3%
25
37.7%
40.0%
20
26.1%
25.2%
30.0%
16.9%
15
16.6%
13.4%
12.5%
20.0%
6.51
6.39
10
4.83
4.81
4.43
3.3%
2.2%
2.2%
4.36
3.3%
3.55
3.44
2.5%
0.0%
0.4%
0.4%
10.0%
5
0.0%
Utility
Agencies
Corporates
CMOs
Mortgages
Treasuries
ABS
Cash
0
Avg Maturity Current Coupon Avg Quality Duration (yrs) YTM (%)
(yrs)
Quality Duration
Mellon Aggregate Bond Index Barclays Capital Aggregate Mellon Aggregate Bond Index Barclays Capital Aggregate
70.0%
60.0%
43.0%
60.0%
41.1%
39.5%
50.0%
43.6%
43.9%
37.7%
50.0%
40.0%
40.0%
30.0%
18.0%
30.0%
18.1%
16.8%
15.7%
10.9%
11.4%
20.0%
9.2%
20.0%
8.9%
7.4%
7.2%
5.8%
5.6%
2.8%
2.8%
2.5%
3.0%
2.9%
2.1%
10.0% 10.0%
0.0% 0.0%
GOVT AAA AA A BAA 0-2 Year 2-4 Years 4-6 Years 6-8 Years 8-10 Years 10-12 Years 12+ Years


5.41% 8 Years
Aggregate
5.41%
Mellon Aggregate Barclays Capital
5.40%
Bond Index Fund Aggregate
Rate of Return
5.40%
Return 5.39 5.41
5.40%
5.40%
5.40% Sharpe Ratio 0.79 0.80
5.39% Beta 1.01 1.00
Mellon Aggregate
5.39%
Bond Index Fund
Alpha 0.00 --
5.39% Up Capture 99.85 --
5.39% Down Capture 100.11 --
3.97% 3.98% 3.98% 3.99% 3.99% 4.00% 4.00% 4.01% 4.01%
Correlation 99.95 --
Standard Deviation
R Square 99.91 --
Tracking Error 0.13 --
Mellon Aggregate Bond Index Fund Barclays Capital Aggregate
45 Mellon Aggregate Barclays Capital

40 38
36
Bond Index Fund Aggregate
35
30 2625
Number of Months 101 101
25 23 Highest Monthly Return 3.79% 3.73%
20
4 4 3 3
5
0 0 1 1 2 2 2 2
0 0 0 0 % Positive Months 67.33% 68.32%
0
Le
-4
-3
-2
-1
0%
1%
2%
3%
4%
G
re
%
%
ss
a
to
to
to
to
to
to
to
to
to
te
th
1%
2%
3%
4%
5%
rt
an
0%
-3
-2
-1
ha
%
%
-4
n
%
5%


Ranking 84 88 77 54 66 74
13.3
14
10.6
10.4
10.5
12
10
Rate of Return %
6.7
6.4
6.4
8
5.7
5.7
5.4
5.3
5.4
5.4
5.1
5.1
5.1
6
3.7
3.6
0
Mellon Aggregate Bond Index Fund Barclays Capital Aggregate Median Core Bond Mgr

5th Percentile 8.86 19.87 17.88 8.32 6.32 6.56
25th Percentile 6.28 13.35 15.07 7.16 5.77 6.17
50th Percentile 5.09 10.50 13.34 6.65 5.42 5.69
75th Percentile 4.29 8.62 10.58 5.78 4.93 5.33
95th Percentile 2.05 2.14 5.37 4.46 4.13 4.34


Ranking 77 22 66 89 82
13.3
14 10.6
10.4
12
10
Rate of Return %
5.3
5.1
5.1
6
4.1
3.9
3.7
3.7
3.7
3.3
2.8
2.8
4
2 1.6
0
Mellon Aggregate Bond Index Fund Barclays Capital Aggregate Median Core Bond Mgr

5th Percentile 17.88 7.66 6.57 4.99 5.46
25th Percentile 15.07 3.45 5.75 4.37 3.71
50th Percentile 13.34 1.58 5.27 4.05 3.28
75th Percentile 10.58 -1.10 4.95 3.82 2.98
95th Percentile 5.37 -5.69 4.18 3.52 1.74
Observations 89 115 129 125 118

Real Estate Manager Performance and Analysis

American Core Realty Fund - American Realty

Geographic Region Allocation Strategy & Objective
♦ Diversified Core Real Estate Commingled Fund
Midwest West ♦ Achieve returns competitive with other asset classes with stable income and potential for
11.8% 29.5% appreciation.
Ft. Lauderdale Market Value $ 18,239,100

Ft. Lauderdale Inception Date 7/2/2007
Gross Market Value $ 1,520,584,309
South Cash Balance $ 53,104,580
26.4% Debt $ 339,808,679
Net Market Value $ 1,180,775,630
Quarterly Income Return 1.12%
East # of Properties 78
32.3% # of Participants 166
Property Type Allocation Net Returns by Property Type
Residential Retail Office Industrial Residential

24.9%
10
Retail
0
14.0%
-3.1
-3.2
-4.8
-4.6
-10
-6.1
-13.8
-12.6
Industrial -20
-18.7
-21.6
-25.1
22.7% -30
-32.7
-40
-50
-50.3
-60
-70
Office
Q
3
38.4%
Ye
Ye
ua
rte
ar
ar
r
90

Ranking 78 62 60 55 49
0
-3.3
-3.7
-5
-8.4
-9.2
-10
-9.4
-9.6
-12.7
-15
-14.1
-15.1
Rate of Return %
-15.9
-16.1
-16.4
-20
-21.9
-22.1
-25
-24.5
-26.9
-30
-30.5
-31.1
-31.0
-32.6
-35
-40
-45
American Core Realty Fund - American Realty NCREIF Property Index NFI ODCE (net)* Median Real Estate Fds

5th Percentile 21.13 7.71 20.49 2.45 6.22
25th Percentile 0.21 -2.31 -8.04 -20.20 -9.66
50th Percentile -3.67 -12.71 -24.45 -31.01 -16.41
75th Percentile -8.67 -22.01 -35.41 -43.85 -23.75
95th Percentile -25.24 -44.20 -61.52 -70.96 -42.96
Observations 400 384 397 382 324
The numbers above the bars are the rankings for this portfolio versus the real estate manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.
*NFI ODCE (net) performance is as of 6/30/09


Ranking 55 32
19.2
18.0
18.0
17.6
17.3
25
16.5
16.6
16.3
16.1
15
7.0
5.0
5.3
2.6
5
Rate of Return %
-5
-15
-22.1
-25
-31.0
-31.1
-32.6
-35
-45
American Core Realty Fund - American Realty NCREIF Property Index NFI ODCE (net)* Median Real Estate Fds

5th Percentile 2.45 19.44 53.96 48.48 42.38
25th Percentile -20.20 5.96 19.27 21.93 22.61
50th Percentile -31.01 2.63 16.28 16.13 17.95
75th Percentile -43.85 -3.87 8.32 11.79 9.73
95th Percentile -70.96 -31.47 -3.85 -4.62 -2.46
Observations 382 807 893 846 718

PRISA II - Prudential Real Estate Investors

Geographic Region Allocation Strategy & Objective
♦ Moderately Opportunistic Real Estate Portfolio
Midwest ♦ Achieve superior income growth and appreciation potential while outperforming the
4.6%
NCREIF Index each year by at least 200 basis points (before fees).
South West
19.9% 37.7%
Ft. Lauderdale Market Value $ 7,661,130
Ft. Lauderdale Inception Date 7/1/2007
Gross Market Value $ 6,233,835,008
Cash Balance $ 328,670,008
Debt $ 559,148,649
Net Market Value $ 3,520,761,767
East
Quarterly Income Return 1.89%
37.8% # of Properties 211
# of Participants 123
Property Type Allocation Net Returns by Property Type
Retail Office Residential Land, Self-Storage & Hotel
Residential
18.3%
-10
-1.2
-11.1
-9.4
-10.7
-16.7
-16.7
Retail
-23.1
-30
-30.1
25.2%
-50
-46.0
-53.2
Land, Self-
-61.0
-70
Storage, Hotel
21.5% -90
-94.2
-110
-130
Office
Q
3
35.0%
Ye
Ye
ua
rte
ar
ar
r
93

Ranking 79 72 83 87 88
-3.3
-3.7
-5
-8.4
-9.2
-9.4
-10.2
-12.7
-15
-14.1
-15.1
-16.4
-21.2
-22.1
-21.9
Rate of Return %
-25
-24.5
-28.8
-30.5
-31.1
-31.0
-35
-40.7
-45
-51.2
-55
-65
PRISA II - Prudential Real Estate Investors NCREIF Property Index NFI ODCE (net)* Median Real Estate Fds

5th Percentile 21.13 7.71 20.49 2.45 6.22
25th Percentile 0.21 -2.31 -8.04 -20.20 -9.66
50th Percentile -3.67 -12.71 -24.45 -31.01 -16.41
75th Percentile -8.67 -22.01 -35.41 -43.85 -23.75
95th Percentile -25.24 -44.20 -61.52 -70.96 -42.96
Observations 400 384 397 382 324


Ranking 87 39
19.2
18.0
30
17.6
18.0
17.3
16.5
16.3
16.6
16.1
20
7.0
5.3
3.8
2.6
10
0
Rate of Return %
-10
-20
-22.1
-30
-31.1
-31.0
-40
-50
-51.2
-60
-70
PRISA II - Prudential Real Estate Investors NCREIF Property Index NFI ODCE (net)* Median Real Estate Fds

5th Percentile 2.45 19.44 53.96 48.48 42.38
25th Percentile -20.20 5.96 19.27 21.93 22.61
50th Percentile -31.01 2.63 16.28 16.13 17.95
75th Percentile -43.85 -3.87 8.32 11.79 9.73
95th Percentile -70.96 -31.47 -3.85 -4.62 -2.46
Observations 382 807 893 846 718

International Exposure

Analysis of International Exposure by Manager and Total Fund
Managers
Managers Percentage of Value of Percentage
Total Assets for Percent of Total International International International of
Manager Name Manager Portfolio Securities Securities Total Portfolio
Systematic Financial Mgmt $ 42,907,333 10.88% 12.91% $ 5,540,072 1.40%
INTECH $ 31,610,203 8.02% 0.85% $ 269,748 0.07%
Rhumbline Large Cap $ 33,197,714 8.42% 1.14% $ 378,454 0.10%
Sawgrass $ 40,374,257 10.24% 0.00% $ - 0.00%
Lee Munder $ 23,253,891 5.90% 2.98% $ 693,806 0.18%
NorthPointe $ 23,572,850 5.98% 1.07% $ 251,969 0.06%
K2 Long Short Master Fund, LP $ 33,281,629 8.44% 40.60% $ 13,512,342 3.43%
Artio Global $ 10,800,257 2.74% 100.00% $ 10,800,257 2.74%
Thornburg $ 11,191,260 2.84% 100.00% $ 11,191,260 2.84%
Agincourt Capital $ 66,544,192 16.87% 7.21% $ 4,798,437 1.22%
Mellon Aggregate Bond Index Fund $ 43,003,372 10.90% 7.18% $ 3,087,642 0.78%
American Stable Value Fund $ 18,239,100 4.62% 0.00% $ - 0.00%
PRISA II $ 7,661,130 1.94% 0.00% $ - 0.00%
Cash $ 8,737,738 2.22% 0.00% $ - 0.00%
TOTAL $ 394,374,926 100% $ 50,523,987 12.81%
* A foreign security is defined as a security issued by a corporation that is not organized under the laws of the United States Government, any U.S. state
government, or the District of Columbia, or domiciled outside of the United States. Such securities organized under the laws of foreign governments
shall be considered foreign securities, regardless of whether they are traded on United States stock exchanges, regardless of the ownership of the foreign
corporation and regardless of whether the security is denominated in United States dollars.

Statistical Definitions

Definitions of Statistical Measures
Alpha - the difference between the fund's actual return and the fund's expected return given its relative
risk vs. the benchmark (which is represented by beta, a measure that tracks volatility to an index).
Beta - measures the sensitivity of returns to market movements represented by the primary benchmark.
Correlation - measures how closely two portfolios move in relation to one another. A correlation of
100 indicates a perfect correlation, while a correlation of 0 indicates no correlation at all.
Down-Capture - demonstrates the ratio of manager's average returns relative to the benchmark
in quarters in which the benchmark had a negative return. For instance, a down-capture of 96%
indicates that, on average, the manager is down 96% when the benchmark is down 100%. Lower
manager down-capture is preferred.
R 2 - the amount of the manager's return that can be explained by the benchmark. A R 2 of 100
indicates a perfect correlation, while a R2 of 0 indicates no correlation at all.
Sharpe Ratio - a measure of return per unit of risk. Higher Sharpe ratios are preferred while negative
ratios are generally meaningless and cannot be used for comparison purposes.
Standard Deviation - a measure of the manager's volatility. A large standard deviation relative to the
benchmark represents volatile manager returns.
Up-Capture - demonstrates the ratio of manager's average returns relative to the benchmark in
quarters in which the benchmark had a positive return. For instance, an up-capture of 96% indicates
that, on average, the manager is up 96% when the benchmark is up 100%. Higher manager up-capture
is preferred.

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

Rating S&P Rating 1Q09 1Q09 Rating S&P Rating 1Q09 1Q09
TSY TSY 10 26 Ba2 BB 6 13
AGY AGY 10 25 Ba BB 13
Aaa AAA 10 24 MIG4 6 13
Aa1 AA+ 9.3 23 Ba3 BB- 5.7 12
Aa2 AA 22 B1 B+ 5.3 11
Aa AA 9 22 B2 B 5 10
MIG1 9 22 B B 10
Aa3 AA- 8.7 21 B3 B- 4.7 9
A1 A+ 8.3 20 Caa1 CCC+ 4.3 8
A-1 20 Caa2 CCC 4 7
A2 A 8 19 Caa CCC 7
A A 19 Caa3 CCC- 3.7 6
MIG2 8 19 Ca CC 3 5
A3 A- 7.7 18 C C 2 4
Baa1 BBB+ 7.3 17 DDD 1 3
Baa2 BBB 7 16 DD 2
Baa BBB 16 D 1
MIG3 7 16 NR NR N/A -1
Baa3 BBB- 6.7 15 NA NA N/A
Ba1 BB+ 6.3 14 N/A N/A

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Investment Performance Review

231 South Bemiston Avenue, 14th Floor

For the Periods Ending September 30, 2009

Tab 1 Market Overview

Source: Bureau of Labor Statistics, Bloomberg

© 2009 Asset Consulting Group All Rights Reserved 1

© 2009 Asset Consulting Group All Rights Reserved 2

Equity Index Returns

S&P 500 Russell 3000 Russell 1000 Value

© 2009 Asset Consulting Group All Rights Reserved 3

© 2009 Asset Consulting Group All Rights Reserved

© 2009 Asset Consulting Group All Rights Reserved

International Index Returns

© 2009 Asset Consulting Group All Rights Reserved 6

© 2009 Asset Consulting Group All Rights Reserved

Fixed Income Market Environment

Gov't-Related 0.93% 2.65% 8.55% 6.75% 1,090

Excess Return (bps)

MBS 0.80% 2.31% 9.85% 7.40% 556

CMBS 2.14% 12.70% 7.56% 1.82% 40

Nominal Returns by Quality (1,000)

CAA 7.37% 20.57% 14.51% 1.13% 1,481

Nominal Returns by Maturity 1,000 841

1-3 Year 0.44% 1.62% 6.91% 5.66% 28

3-5 Year 0.77% 2.91% 9.17% 6.28% -

5-7 Year 1.07% 3.96% 9.03% 5.99%

7-10 Year 1.39% 5.10% 13.67% 7.10% (1,000)

10+ Year 2.14% 7.13% 15.44% 6.40% AAA AA A BAA BA B CAA

© 2009 Asset Consulting Group All Rights Reserved 8

Interest Rate Term Structure

9/30/2009 6/30/2009 9/30/2008

9/30/2009 6/30/2009 9/30/2008

© 2009 Asset Consulting Group All Rights Reserved 9

* NFI ODCE (net) performance is as of 6/30/09.

© 2009 Asset Consulting Group All Rights Reserved 10

© 2009 Asset Consulting Group All Rights Reserved 11

Asset Allocation Summary

© 2009 Asset Consulting Group All Rights Reserved 12

© 2009 Asset Consulting Group All Rights Reserved 13

American Core Realty

© 2009 Asset Consulting Group All Rights Reserved 14

Investment Guidelines and Policy Statement

© 2009 Asset Consulting Group All Rights Reserved 15

Investment Policy Statement

Its purpose is to:

Determine the Trust's projected financial needs.

II. INVESTMENT OBJECTIVES

© 2009 Asset Consulting Group All Rights Reserved 16

35% S&P 500

III. INVESTMENT GUIDELINES

Asset Class Target Allocation Minimum Maximum

Large Cap Equity is further defined as:

Small Cap Equity 10% 5% 15%

Small Cap Equity is further defined as:

International Equity 15% 10% 20%

Long/Short Equity 10% 5% 15%

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

© 2009 Asset Consulting Group All Rights Reserved 18

© 2009 Asset Consulting Group All Rights Reserved 19

The following transactions would be prohibited:

V. BASIS FOR MEASUREMENT

VI. OTHER CONSIDERATIONS

VII. CONTINUING EDUCATION

Approved August 2009