Thistle Investment Report QE 12-31-2012Village of North Palm Beach Fire & Police
Executive Summary Report
Table of Contents
SECTION
Market Snapshot
Index Comparison
Compliance Report
Total Portfolio Pie Chart
Asset Allocation Table
Total Ranks Table
Individual Equity Ranks Table
Scatterplot Graphs:
Total Fund Graph
Equity Graph
Fixed Income Graph
PAGE
1
2
3
4
5
6
7
9
10
11
Alpha & Beta Graphs 12
Batting Average Graph 13
Alpha, Beta & Batting Average Table 14
Other Managers' Page 15
Chtsfle ADM &H5UlItUg use
v
E
m
20.00
10.00
0.00
-10.00
Index Comparison
December 31, 2012
3 Months Last 12 Months Last Years (Annualized)
■ Barclays Gov /Credit Bond ■ Barclays Gov /Credit - Intermediate ® S&P 500
■ Russell 1000 Growth ■ Russell 1000 Value ■ Russell 2000 Growth
■ Russell 2000 Value ■ Russell 3000 ■MSCI EAFE
W-L'7,histlP ,Asset Gusulliug • Page 2
6. Is the 3 -year standard deviation less than the (BCAB) index's standard deviation? [2.86 vs. 2.38] r r
W 4istk Asset ca"suttinto Page 3
Village of North Palm Beach Fire & Police
Compliance Report
December 31, 2012
YES
NO
TOTAL FUND RETURNS
1.
Did the total return exceed the target, which is comprised of 50% S &P500, 40% BCAB, 10% MSCI EAFE over the
r
r
trailing 3 -year period? [6.45 vs. 8.69]
2.
Did the total return exceed the target, which is comprised of 50% S &P500, 40% BCAB, 10% MSCI EAFE over the
trailing 5 -year period? [2.09 vs. 3.37]
r
F
3.
Did the total return lie in the top 40th percentile of the 40% Broad Large Cap Value Core, 10% Large Cap Growth, 10%
r
International & 40% Broad Fixed over the trailing 3 -year period? [91st]
4.
Did the total return lie in the top 40th percentile of the 40% Broad Large Cap Value Core, 10% Large Cap Growth, 10%
International & 40% Broad Fixed over the trailing 5 -year period? [68th]
r
r
5.
Is the 3 -year standard deviation less than the total fund index standard deviation? [9.44 vs. 8.94]
r
EQUITY COMPONENT
1.
Did the 3 -year total equity return exceed the 83.3% S &P500 and 16.7% MSCI EAFE target? [7.70 vs. 9.76]
r
r
2.
Did the 5 -year total equity return exceed the 83.3% S &P500 and 16.7% MSCI EAFE target? [0.69 vs. 0.90]
3.
Did the 3 -year total equity return rank in the top 40% of the Mobius universe comprised of 66.7% Broad Large Cap
r
r
Value Core, 16.6% Broad Large Cap Growth and 16.7% International? [89th]
4.
Did the 5 -year total equity return rank in the top 40% of the Mobius universe comprised of 66.7% Broad Large Cap
Value Core, 16.6% Broad Large Cap Growth and 16.7% International? [35th]
5.
Is the amount invested in any one issuing company less than 5% of the Fund's total assets?
Flo
F
6.
Is the aggregate investment in any one company less than 5% of the outstanding stock of the company?
r
7.
Is the amount invested in common stocks and convertible bonds less than 65% of the total fund? [59.3 %]
F-
8.
Is the 3 -year standard deviation less than the equity index standard deviation? [18.34 vs. 15.55]
r
FIXED INCOME COMPONENT
1.
Did the 3 -year total fixed income return exceed the policy (BCAB)? [6.79 vs. 6.20]
W
F-
2.
Did the 5 -year total fixed income return exceed the policy (BCAB)? [5.88 vs. 5.96]
F
3.
Did the 3 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe?
[44th]
F-
4.
Did the 5 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe?
r7o
F-
[36th]
5.
Are all fixed income investments ranked at least BBB by Standard & Poors and Baa by Moody's?
FYI-
F-
6. Is the 3 -year standard deviation less than the (BCAB) index's standard deviation? [2.86 vs. 2.38] r r
W 4istk Asset ca"suttinto Page 3
Manager Compliance Questionnaire
December 31, 2012
1. Have there been any changes in your organization? Have you undergone any change in ownership or control?
No
2. Have there been any changes in your investment philosophy?
No
3. Have there been any changes in your staff of investment professionals?
No
4. Have you lost a substantial amount of business (amount of percentage of assets under management)?
No
5. Have you gained a substantial amount of business (amount of percentage of assets under management)?
No
6. Have there been any new investigations begun by any state or federal government or their agencies, or any charges filed, with regard to any
division or unit of your company, and in particular anyone who directly or indirectly performs services for this client? Please provide details
(if there is any doubt, please err on the side of providing too much information).
No
7. For managers, with fixed income portfolios that we monitor, are you currently invested in commercial mortgage backed securities (CMBS)? (If
yes, please give % of fixed portfolio)
No
8. No
9. What percentage of equity is international? The
manager must immediately notify the Board and the Consultant when the international exposure reaches ten percent (10 %). An explanation
will be needed as to why the manager is changing their discipline. (This does not apply to managers that are 100 % international equity and to
those that have been previously given permission by the board and the consultant)
13.50%
10. Are you invested in any companies on the SBA's website? (Please review fist of scrutinized companies on the following website:
httn✓ /www.sbaf la.com/fsb/Il ome/ProtectingFIoridasInv estmentAct/tabid/751/Def ault.aspx
No
11. Name of person completing this form (please include company name)?
Steven Stack, Chief Complinace Officer- ICC Capital Management
C, Ind 7011 uttiug W Page 3a
Fixed
35%
Village ofNorth Palm Beach Fire & Police
Performance Evaluation Summary
December 31, 2012
Cash
4%
9%
11%
■ Large Core Value ■ Large Growth ■ International ■ Fixed ■ Cash
0 Of 4istle Asset Tonslitting oat
Large Core Value
41%
Page 4
Village of North Palm Beach Fire & Police
Performance Evaluation Summary
December 31, 2012
Large Core Value Large Growth International Fixed Cash Total
Total
Fund $4,958,000
of Total 40.4%
Target % 40.0%
$1,384,000 $1,128,000 $4,278,000 $534,000 $12,282,000
11.3% 9.2% 34.8% 4.3% 100.0%
10.0% 10.0% 40.0% 0.0% 100.0%
NW Of 4isttr Asut Tonsulttttg Page 5
Village of North Palm Beach Fire & Police
Performance Evaluation Summary
December 31, 2012
Current Fiscal Year
uarter FYTD One Year Two Years Three Years Five Years 2012 2011 2010 2009 2008
TOTAL FUND(Net of Fees)[Inception 9130119951
Return
2.40%
2.40%
10.83%
4.67%
6.45%
2.09%
15.81%
-2.41%
7.47%
-0.49%
- 11.01%
Ranking ( *)
4
4
82
92
91
68
97
94
69
71
2
Policy Return( * *)
0.55%
0.55%
11.55%
7.31%
8.69%
3.37%
18.39%
2.03%
9.23%
1.81%
-13.30
Policy Ranking ( *)
75
75
70
38
33
18
67
8
37
41
17
Gold indicates equal to or beat the index, or in upper 40% of universe
Red indicates bottom 40 % of universe
*40% Broad Large Cap Value Core, 10% Large Cap Growth, 10% International Equity & 40% Broad Fixed
* *50% S&P500,10% MSCI EAFE &40%BCAB
C, 4istle ,asset Lansiiltiill Page 6
TOTAL EQUITIES
Return
-0.05%
-0.05%
4.24%
6.77010 6.79%
5.88%
5.88%
5.91%
7.68%
11.45%
2.12%
Return
4.40%
4.40%
17.97010
4.62% 7.70%
0.69%
27.48%
-8.07%
8.73%
-6.60%
- 18.81%
Ranking (66.7% Br. Lg.V. Core,
0.21%
0.21%
4.22%
6.02% 6.20%
5.96%
5.16%
5.29%
8.17%
10.56%
3.76
16.6% Br. Gr., 16.7 % Intl.)
1
1
7
91 89
35
34
100
60
72
1
Policy Return (83.3% S&P500,
73
73
74
66 55
34
75
9
41
57
13
16.7% MS CI SAFE)
0.76%
0.76%
16.38%
7.72% 9.76%
0.90%
27.49%
-0.57%
9.12%
-5.14%
-23.55
Policy Ranking (66.7% Br. Lg.V.
Core, 16.6% Br. Gr., 16.7 % Intl.)
62
62
40
17 25
26
34
21
51
42
37
Gold indicates equal to or beat the index, or in upper 40% of universe
Red indicates bottom 40 % of universe
*40% Broad Large Cap Value Core, 10% Large Cap Growth, 10% International Equity & 40% Broad Fixed
* *50% S&P500,10% MSCI EAFE &40%BCAB
C, 4istle ,asset Lansiiltiill Page 6
TOTAL FIXED INCOME
Return
-0.05%
-0.05%
4.24%
6.77010 6.79%
5.88%
5.88%
5.91%
7.68%
11.45%
2.12%
Ranking (Broad Fixed Income)
86
86
74
56 44
36
70
6
44
51
21
Policy Return (B CAB)
0.21%
0.21%
4.22%
6.02% 6.20%
5.96%
5.16%
5.29%
8.17%
10.56%
3.76
Policy Ranking (Broad Fixed
Income)
73
73
74
66 55
34
75
9
41
57
13
Gold indicates equal to or beat the index, or in upper 40% of universe
Red indicates bottom 40 % of universe
*40% Broad Large Cap Value Core, 10% Large Cap Growth, 10% International Equity & 40% Broad Fixed
* *50% S&P500,10% MSCI EAFE &40%BCAB
C, 4istle ,asset Lansiiltiill Page 6
Gold indicates equal to or beat the index, or in upper 40% ofuniverse
Red indicates bottom 40% ofuniverse
L4isfir Aunt cauguffiHO Page 7
Village of North Palm Beach Fire & Police
Performance Evaluation Summary
Four Years
Return
December 31, 2012
5.76%
17.20%
3.21%
5.06%
11.67010
16.79%
Current
2.50%
10.38%
n/a
Ranking (International Equity)
Fiscal Year
65
64
18
arter
FYTD
One Year Two Years Three Years Five Years
2012
2011
2010
2009
2008
6.60%
6.60%
17.90%
ICC LARGE CAP CORE VALUE EQUITY(no cash)[Inception 913011995]
4.04%
10.51%
14.33%
Return
4.44%
4.44%
18.24% 5.11% 7.99% 0.51%
29.00%
-8.16%
8.27%
-8.25%
- 18.69%
Ranking (Br. Lg. Core)
1
1
3 90 87 75
65
100
72
78
4
Policy Return (S&P500)
-0.38%
-0.38%
16.00% 8.84% 10.87% 1.66%
30.20%
1.15%
10.16%
-6.91%
- 21.98%
Policy Ranking (Br. Lg. Core)
51
51
25 20 19 13
19
10
13
43
32
Gold indicates equal to or beat the index, or in upper 40% ofuniverse
Red indicates bottom 40% ofuniverse
L4isfir Aunt cauguffiHO Page 7
ICC ADR P ORTF OLI 0 (including cash)[Inception 113112008]
Four Years
Return
5.76%
5.76%
17.20%
3.21%
5.06%
11.67010
16.79%
-5.84%
2.50%
10.38%
n/a
Ranking (International Equity)
65
65
64
18
35
39
48
9
78
16
n/a
Policy Return (IVISCI SAFE)
6.60%
6.60%
17.90%
2.01%
4.04%
10.51%
14.33%
-8.94%
3.71%
3.79%
n/a
Policy Ranking (International
Equity)
42
42
57
31
52
55
68
25
65
39
n/a
ICC LARGE CAP GROWTH EQUITY(including cash)[Inception 1013112009]
Return
2.51%
2.51%
15.71%
4.63%
8.57%
n/a
26.32%
-6.01%
n/a
n/a
n/a
Ranking (Br. Lg. Growth)
1
1
60
91
82
n/a
67
93
n/a
n/a
n/a
Policy Return (R1 000G)
-1.32%
-1.32%
15.26%
8.77%
11.35%
n/a
29.18%
3.78%
n/a
n/a
n/a
Policy Ranking (Br. Lg. Growth)
73
73
70
23
22
n/a
40
14
n/a
n/a
n/a
Gold indicates equal to or beat the index, or in upper 40% ofuniverse
Red indicates bottom 40% ofuniverse
L4isfir Aunt cauguffiHO Page 7
December 31, 2012
EXPLANATION OF RISKIREWARD SCATTERPLOT GRAPHS
The crossing lines represent the 5 -year return (horizontal line) and 5 -year standard deviation or
volatility or risk (vertical line) of the index against which the Fund is being measured.
Each point represents the Fund's 5 -year return (vertically) and standard deviation or volatility
(horizontally), relative to the index. If a point is in the southwest quadrant, for example, the 5 -year
return of the Fund has been less than (below) the index line, and the 5 -year standard deviation
(volatility) has also been less than (to the left oj) the index line.
There are four points, one for each of the last four quarters. The earliest one is the smallest and the
quarter just ended being the largest. Each point shows the 5 -year relative position of the Fund
versus the index for that quarter. The movement of the points shows the trend, or direction, over
time.
As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher
return), the worst place to be is the southeast quadrant (more risk and a lower return).
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Village ofNorth Palm Beach Fire & Police
Total Fund Trailing 5 -Year Risk /Reward
December 31, 2012
Good
Aggressive
A
Conservative
Bad
-2 0 2
Risk (Difference in Standard Deviations)
• 1213112012 ♦ 913012012 ❑ 613012012 •313112012
WC, 4i,stle Asset Tonsultiilg 061 Page 8
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Village ofNorth Palm Beach Fire & Police
Equities Trailing 5 -Year Risk /Reward
December 31, 2012
Good
Aggressive
A
Conservative
Bad
-3 0 3
Risk (Difference in Standard Deviations)
• 1213112012 ♦ 913012012 ❑ 613012012 •313112012
I4istte ,Asset Tons"llltilto Page 9
2
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-2
Village ofNorth Palm Beach Fire & Police
Fixed Income Trailing 5 -Year Risk /Reward
December 31, 2012
Good
Aggressive
Conservative
Bad
-2 0 2
Risk (Difference in Standard Deviations)
• 1213112012 ♦ 913012012 ❑ 613012012 •313112012
0, 4istle ,Asset Tousultitlo Page 10
Dec -12
Sep -12
Jun -12
Mar -12
Village ofNorth Palm Beach Fire & Police
Beta: Trailing 5- Year Risk
December 31, 2012
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10
■ Total Fund ® Equities ■ Fixed Income
U I014i,stk Asut Consulting 001 Page 11
1.00%
0.00%
-1.00%
-2.00%
Village ofNorth Palm Beach Fire & Police
Alpha: Trailing 5 -Year Reward
December 31, 2012
Dec -12 Sep -12 Jun -12 Mar -12
■ Total Fund ® Equities ■ Fixed Income
01 Thistle ,asset Tons ilting A Page 12
100.00
NI II,
80.00
L
E
70.00
V
a)
m 60.00
ca
m
m
E 50.00
F-
4-
40.00
a)
M
ca
= 30.00
m
L
a 20.00
10.00
IR
Village ofNorth Palm Beach Fire & Police
BattingAverage: 5 -Years Trailing
December 31, 2012
Dec -12 Sep -12 Jun -12 Mar -12
■ Total Fund ❑ Equities ❑ Fixed Income
i�C�t�E>stOl1U�iltl� Page 13
Village ofNorth Palm Beach Fire & Police
Alpha & Beta & Batting Average: 5 -Years Trailing
December 31, 2012
BETA
Current
Policy
Dec -12
Sep -12
fun-12
Mar -12
Total Fund
0.97
0.98
0.98
0.98
Equities
1.10
1.10
1.1
1.10
Fixed Income BCAB
1.08
1.07
1.06
1.06
ALPHA
Total Fund -1.19% -1.56% -1.43% -0.88%
Equities -0.30% -0.76% -0.50% 0.15%
Fixed Income BCAB -0.55% -0.48% -0.56% -0.54%
BATTING AVERAGE
Total Fund 50.00 50.00 55.00 60.00
Equities 65.00 65.00 65.00 70.00
Fixed Income BCAB 65.00 70.00 65.00 60.00
* 50% S&P500, 10% EAFE & 40% BCAB
** 83.3 % S&P500 & 16.7% EAFE
T4isde ASSO Tons"tting
Dec -11
0.98
1.1
1.05
-0.91%
0.14%
-0.42%
60.00
65.00
60.00
Page 14
Perforthance of OtherApnyers
December 31, 2012
-1.94
-1.94
14.85
10.65
2.07
9.36
Denver Investment Advisors, LLC - Growth - Gross Size
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
CORE EQUITY
-2.41
-2.41
12.84
9.80
2.56
6.28
Advanced Investment Partners - Large Cap - Gross Size
-0.61
-0.61
16.54
10.98
2.32
7.99
Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size
-0.11
-0.11
16.85
10.47
2.85
7.31
Eagle Asset Management - Conservative Large Cap Equity - Gross Size
-0.30
-0.30
16.20
9.16
1.50
7.04
ICC Capital Management, Inc - Core Value - Gross Size
4.11
4.11
17.27
7.41
0.39
7.47
Logan Capital Management - Large Core 60140 - Gross Size
-1.04
-1.04
11.68
15.13
4.35
9.78
Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size
1.47
1.47
15.35
8.88
3.44
6.67
Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size
0.11
0.11
16.36
10.68
1.88
7.49
Robeco Investment Management, Inc. - WPC Disc Equity Large Cap - Gross Size
0.87
0.87
16.81
10.54
1.54
7.57
South Texas Money Management - Large Cap Core - Gross Size
1.44
1.44
13.48
8.56
0.90
7.46
Valley Forge Asset Management - Large Cap Core - Gross Size
-3.55
-3.55
6.51
8.64
2.23
8.30
Russell 1000
0.12
0.12
16.42
11.12
1.92
7.52
S &P 500
-0.38
-0.38
16.00
10.87
1.66
7.10
GROWTH EQUITY
Dana Investment Management - Large Growth - Gross Size
-1.94
-1.94
14.85
10.65
2.07
9.36
Denver Investment Advisors, LLC - Growth - Gross Size
-2.34
-2.34
16.46
10.78
1.29
8.31
Garcia Hamilton & Associates - Quality Growth - Gross Size
-2.41
-2.41
12.84
9.80
2.56
6.28
ICC Capital Management, Inc - Large Cap Growth Equity - Gross Size
2.61
2.61
15.55
8.50
4.24
8.37
Logan Capital Management - Large Cap Growth - Gross Size
1.17
1.17
15.06
13.31
-0.20
9.45
Montag & Caldwell, Inc. - Large Cap Growth - Gross Size
-1.51
-1.51
13.82
9.10
2.92
7.38
Polen Capital Management - Large Cap Growth - Gross Size
-1.10
-1.10
12.39
12.38
7.43
8.80
Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size
-1.33
-1.33
15.23
11.35
3.18
7.57
Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size
-1.51
-1.51
14.28
11.46
2.35
7.56
Silvant Capital - Select LCG Stock - Grosss Size
-3.45
-3.45
12.15
7.84
0.61
7.13
Russell 1000 Growth
-1.32
-1.32
15.26
11.35
3.12
7.52
S &P 500 /Citigroup Growth
-2.04
-2.04
14.61
11.33
3.39
7.10
ICC Large Core Value Equities
4.44
4.44
18.24
7.99
0.51
7.52
ICC ADR Equities
5.76
5.76
17.20
5.06
n/a
n/a
ICC Large Growth Equities
2.51
2.51
15.71
8.57
n/a
n/a
�l7�hMl¢ Awtboultiugt
Page 15
chance of Other
tl?a
December 31, 2012
Qtr YTD 1Yr 3Yr 5Yr 10Yr
VALUE EQUITY
6.09
6.09
23.41
17.43
6.39
12.18
BRC Investment Management Large Cap Value - Gross Size
2.27
2.27
19.21
12.29
3.71
11.13
Buckhead Capital Management - Value Equity - Low P/E - Gross Size
-0.69
-0.69
11.77
7.15
1.70
6.94
Ceredex Value Ad Large Cap Value
2.91
2.91
17.19
11.50
3.57
8.94
Eagle Asset Management - Value - Institutional - Gross Size
1.17
1.17
11.19
7.50
1.06
7.77
Earnest Partners - Large Cap Value - Gross Size
-0.33
-0.33
10.95
8.26
0.05
8.12
ICC Capital Management, Inc - Core Value - Gross Size
4.11
4.11
17.27
7.41
0.39
7.47
Missouri Valley Partners - Large Cap Value - Gross Size
0.73
0.73
14.86
9.40
0.01
6.32
Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size
1.52
1.52
17.48
10.86
0.73
7.44
The Boston Company Asset Mgmt., LLC - US Large Cap Value Equity Management
3.78
3.78
19.17
9.29
1.31
10.18
RBC Global Asset Management, Inc. - Large Cap Value - Gross Size
1.75
1.75
17.93
10.48
1.01
8.77
Westwood Management Corporation - LargeCap Equity - Gross Size
2.23
2.23
16.81
9.91
0.54
8.70
Russell 1000 Value
1.52
1.52
17.51
10.86
0.59
7.38
S &P 500 /Citigroup Value
1.64
1.64
17.68
10.47
-0.15
7.01
MID -CAP EQUITY
Amalgamated Bank - LongView 400 MidCap Index Fund - Gross Size
3.64
3.64
17.90
13.61
5.13
10.52
Batterymarch Financial Mgmt., Inc. - US Mid Cap Russell - Gross Size
2.34
2.34
18.13
13.29
2.29
10.60
Chicago Equity Partners, LLC - Mid Cap Core Equity - Gross Size
4.10
4.10
20.12
16.16
4.86
10.21
Rhumbline Advisers Corporation - S&P 400 Index Fund - Gross Size
3.57
3.57
17.87
13.65
4.42
10.17
Robeco Investment Management, Inc. - BPAM Mid Cap Value Equity - Gross Size
4.65
4.65
19.78
14.97
8.03
13.26
Russell Midcap
2.88
2.88
17.28
13.15
3.57
10.65
S &P Midcap 400
3.61
3.61
17.88
13.62
5.15
10.53
SMID -CAP EQUITY
Advanced Investment Partners
6.09
6.09
23.41
17.43
6.39
12.18
AtlantaCapital Management - High Quality SMID - Gross Size
3.75
3.75
15.44
16.11
9.19
Eagle Asset Management - SMID Core - Institutional - Gross Size
2.66
2.66
15.07
12.50
3.77
11.00
Earnest Partners - SMID Core - Gross Size
3.30
3.30
19.52
14.05
6.55
Kayne AndersonRudnick - SMID Core - Gross Size
2.02
2.02
8.83
12.44
5.32
8.08
Westwood Management Corporation - SMID Cap Equity - Gross Size
4.12
4.12
14.20
13.05
7.52
15.13
Russell 2500
3.10
3.10
17.88
13.34
4.34
10.49
ICC Large Core Value Equities
4.44
4.44
18.24
7.99
0.51
7.52
ICC ADR Equities
5.76
5.76
17.20
5.06
n/a
n/a
ICC Large Growth Equities
2.51
2.51
15.71
8.57
n/a
n/a
c1hiAtk5fibluulliq
Page 16
Performance of Other Managers
December 31, 2012
2.33
2.33
12.24
15.97
9.83
12.46
BuckheadCaptial Management - Small Cap Value - Gross Size
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
ALL CAP EQUITY
6.19
6.19
18.53
14.58
7.34
13.51
Advanced Investment Partners - Al1Cap - Gross Size
-0.05
-0.05
20.47
12.66
2.85
7.86
BuckheadCaptial Management -All Cap - Gross Size
-0.26
-0.26
12.19
7.46
0.53
10.71
Chartwell Investment Partners - Premium Yield Equity - Gross Size
-0.09
-0.09
12.52
13.05
2.42
7.44
Diamond Hill Capital Management Inc. - Diamond Hill Select Equity - Gross Size
1.88
1.88
12.41
7.59
2.21
11.10
HGK Asset Management -All Cap - Gross Size
1.20
1.20
15.60
9.59
1.05
12.07
ICC Capital Management Inc - Multi -Cap Eq. - Gross Size
2.01
2.01
12.02
6.30
4.46
12.16
Intrepid Capital Management Inc. - Intrepid Multi -Cap Equity - Gross Size
1.34
1.34
12.04
10.36
7.31
9.28
Oak Ridge Investments, LLC - All -Cap - Gross Size
-1.36
-1.36
10.85
9.63
1.76
8.69
Rockwood Capital - Strategic Equity
1.70
1.70
15.83
12.81
1.58
9.13
Russell 3000
0.25
0.25
16.42
11.20
2.04
7.68
Dow Tones Wilshire 5000 (Full Cap)
0.11
0.11
16.07
11.16
2.04
7.86
SMALL CAP EQUITY
Atlanta Capital Management Co., LLC - High Quality Small Cap - Gross Size
2.33
2.33
12.24
15.97
9.83
12.46
BuckheadCaptial Management - Small Cap Value - Gross Size
5.98
5.98
16.30
8.51
3.53
9.48
Ceredex - Value Ad Small Cap Value - Gross Size
6.19
6.19
18.53
14.58
7.34
13.51
DePrince, Race, Zollo, Inc. - Small Cap Value - Gross Size
5.35
5.35
23.34
12.54
7.00
11.13
Eagle Asset Management - Small Cap Core - Institutional - Gross Size
2.21
2.21
14.14
12.87
3.51
10.71
GW Capital, Inc. - Small Cap Value Equity - Gross Size
5.87
5.87
20.06
13.43
4.17
15.73
Intrepid Capital Management Inc. - Intrepid Small Cap - Gross Size
1.34
1.34
9.41
11.54
11.47
11.57
Kayne Anderson Rudnicklnvst. - Small Cap - Gross Size
1.77
1.77
13.42
16.06
8.36
12.07
Missouri Valley Partners
3.20
3.20
22.89
17.40
7.95
10.89
Rhumbline Advisers Corporation - S&P 600 Index Fund - Gross Size
2.22
2.22
16.18
13.99
5.16
Sawgrass Asset Management LLC - Small Cap Growth Equity - Gross Size
-0.56
-0.56
8.86
14.54
-1.32
5.69
Silvant Capital - Small Cap Growth - Gross Size
0.90
0.90
16.16
13.84
3.26
9.67
Russell 2000
1.85
1.85
16.35
12.25
3.56
9.72
S &P SmallCap 600
2.22
2.22
16.33
14.07
5.14
10.45
REAL ESTATE (9/30/2012)
American Realty Advisors - Core Equity Real Estate -Sep. Accts. - Gross Size
2.58
11.56
11.56
9.98
-1.09
Cornerstone Real Estate Advisors, Inc. - US REIT TR - Gross Size
0.23
32.28
32.28
21.07
4.22
14.15
Intercontinental - US REIF - Gross Size
2.76
13.15
13.15
5.04
-2.00
IPMorgan Asset Management - Strategic Property Fund - Gross Size
3.62
12.41
12.41
11.97
0.05
7.78
Dow Jones Wilshire REIT Index
-0.14
32.43
32.43
20.72
1.73
11.36
NCREIF Property Index
2.34
11.00
11.00
10.90
2.26
8.35
INTERNATIONAL EQUITY
DePrince, Race, Zollo, Inc. - International Equity - Gross Size
9.85
9.85
19.35
3.84
-0.64
9.77
Harding Loevner - International Equity - Gross Size
6.13
6.13
20.00
9.21
2.78
11.08
Harding Loevner - Emerging Mkts. Equity - Gross Size
6.09
6.09
23.93
8.54
0.67
18.47
ICC Capital Management Inc - International ADR Equity - Gross Size
6.00
6.00
17.30
4.87
-0.84
8.12
IN VESCO - International EM Equity - Gross Size
4.10
4.10
11.62
0.80
-1.85
OFI Institutional Asset Mgmt. - Emerging Mkts.Equity - Gross Size
4.92
4.92
22.42
9.08
4.74
The Boston Company AssetMgmt, LLC - International Core Equity Management
6.61
6.61
21.77
5.97
-4.09
9.47
Thornburg InvestmentMgmt . - InternationalEquity - GrossSize
5.58
5.58
16.97
5.74
-1.60
11.88
WHV - WHV International Equity - Gross Size
4.00
4.00
14.58
5.00
-0.95
14.98
WHV - WHV Emerging Mkts. Equity - Gross Size
4.02
4.02
17.08
4.43
MSCI EAFE
6.60
6.60
17.90
4.04
-3.21
8.70
MSCI EMERGING MARKETS
5.61
5.61
18.63
4.98
-0.61
16.88
ICC Large Core Value Equities
4.44
4.44
18.24
7.99
0.51
7.52
ICC ADR Equities
5.76
5.76
17.20
5.06
n/a
n/a
ICC Large Growth Eauities
2.51
2.51
15.71
8.57
n/a
n/a
11�¢islleAss¢tClunSidtingi Page 17
Performance of OtherAptlyers
0.49
0.49
5.53
6.50
6.71
5.58
December 31, 2012
0.24
0.24
5.29
6.63
5.67
5.03
Rockwood Capital - Aggregate Bond - Gross Size
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
CORE FIXED INCOME
0.19
0.19
4.33
6.71
6.95
5.90
Atlanta Capital Management Co., LLC - High Quality Broad Market - Gross Size
0.00
0.00
3.25
5.41
5.44
4.97
Denver Investment Advisors - Core Bond Gov't /Corp. - Gross Size
0.21
0.21
4.91
6.96
6.45
5.78
Eagle Asset Management - Core Fixed Institutional - Gross Size
0.30
0.30
4.73
6.65
6.41
5.37
Garcia Hamilton & Associates - Fixed Aggregate - Gross Size
1.17
1.17
10.46
7.96
8.37
6.73
ICC Capital Management, Inc - Core Fixed Income - Gross Size
0.18
0.18
4.76
6.65
5.67
4.83
Montage & Caldwell Inc. - Core Fixed Income - Gross Size
0.04
0.04
3.10
5.04
5.56
5.19
Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size
0.49
0.49
5.53
6.50
6.71
5.58
RBC Global Asset Management, Inc. - Broad Market Core - Gross Size
0.24
0.24
5.29
6.63
5.67
5.03
Rockwood Capital - Aggregate Bond - Gross Size
1.00
1.00
4.09
6.38
6.07
4.95
Seix Advisors - Core Fixed Income - Gross Size
0.19
0.19
4.33
6.71
6.95
5.90
Wedge Capital Management - Core Fixed Income - Gross Size
0.50
0.50
5.36
6.68
6.99
5.75
Barclays Aggregate Bond
0.21
0.21
4.21
6.19
5.95
5.18
Barclays Gov /Credit Bond
0.37
0.37
4.82
6.70
6.06
5.25
Barclays High Yield US Corporate Bond
3.29
3.29
15.81
11.86
10.34
10.62
INTERMEDIATE FIXED
INCOME
0.65
5.75
7.19
6.96
5.71
Buckhead Capital Management - Intermediate Fixed - Gross Size
0.42
0.42
4.72
5.06
5.67
8.55
Denver Investment Advisors - Intermediate Fixed - Gross Size
0.40
0.40
5.06
6.14
5.90
5.37
Eagle Asset Management - Institutional Conservative - Gross Size
0.29
0.29
4.07
5.70
6.00
4.95
Garcia Hamilton & Associates - Intermediate Fixed Income - Gross Size
1.00
1.00
9.62
6.84
7.35
5.97
Missouri Valley Partners - Intermediate Government /Credit Fixed Income - Gross Size
0.18
0.18
3.81
5.52
6.01
5.13
RBC Global Asset Management, Inc. - Intermediate Core - Gross Size
0.41
0.41
4.49
5.55
4.60
4.28
Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size
0.42
0.42
4.95
5.36
5.65
4.81
Seix Advisors - Intermediate Fixed Income - Gross Size
0.29
0.29
3.68
5.34
6.07
5.28
Sit Investment Associates, Inc. - Intermediate Govt /Corp - Gross Size
0.65
0.65
5.75
7.19
6.96
5.71
Barclays Intermediate Aggregate
0.18
0.18
3.56
5.21
5.39
4.80
Barclays Gov /Credit- Intermediate
0.35
0.35
3.89
5.19
5.18
4.62
INTERNATIONAL FIXED INCOME
Brandywine Global - International Fixed Invst. Grade - Gross Size
2.81
2.81
13.84
8.71
7.81
8.55
Federated Investors - Non -US Fixed Income Unhedged - Gross Size
-2.16
-2.16
3.32
4.17
5.63
6.67
PIMCO - Non US Fixed Income Unhedged - Gross Size
0.58
0.58
9.43
10.35
9.39
8.72
Wells Capital Mgmt. - Global Fixed Income Ex -US - Gross Size
0.23
0.23
6.10
6.66
7.91
8.38
Citigroup World Government Ex -US
-2.36
-2.36
1.50
3.95
5.24
6.38
Your Fixed Income
-0.05
-0.05
4.24
6.79
5.88
4.91
�hi�1less¢k�uiisulfiiig� Page 18