Thistle Investment Report QE 3-31-2012Village ofNorth Palm Beach Fire & Police
Executive Summary Report
Table of Contents
SECTION
PAGE
Market Snapshot 1
Index Comparison 2
Compliance Report 3
Total Portfolio Pie Chart 4
Asset Allocation Table 5
Total Ranks Table 6
Individual Equity Ranks Table 7
Scatterplot Graphs:
Total Fund Graph 9
Equity Graph 10
Fixed Income Graph 11
Alpha & Beta Graphs 12
Batting Average Graph 13
Alpha, Beta & Batting Average Table 14
Other Managers' Page 15
0 01 10tif 11awt Ci - mithill
40.00
30.00
20.00
10.00
0.00
-10.00
Index Comparison
March 31, 2012
3 Months Last 12 Months Last 3 Years (Annualized)
■Barclays Goa /Credit Bond ■Barclays Goo /Credit - Intermediate ®S&P500
• Russell 1000 Growth ■ Russell 1000 Value ■ Russell 2000 Growth
• Russell 2000 Value ■ Russell 3000 ■ MSCI EAFE
Alt CD1441C _A-wt Toll- 4111tiq Page 2
6. Is the 3 -year standard deviation less than the (BCAB) index's standard deviation? [3.15 vs. 2.66] r r
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Village ofNorth Palm Beach Fire & Police
Compliance Report
March 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? [13.57 vs. 16.42]
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? [2.70 vs. 3.65]
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
r
International & 40% Broad Fixed over the trailing 3 -year period? [97th]
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? [39th]
F-
5.
Is the 3 -year standard deviation less than the total fund index standard deviation? [10.12 vs. 9.71]
r
r
EQUITY COMPONENT
1.
Did the 3 -year total equity return exceed the 83.3% S &P500 and 16.7% MSCI EAFE target? [21.66 vs. 22.51]
C-
P,
2.
Did the 5 -year total equity return exceed the 83.3% S &P500 and 16.7% MSCI EAFE target? [1.39 vs. 1.13]
�
F-
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? [66th]
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? [15th]
r
5.
Is the amount invested in any one issuing company less than 5% of the Fund's total assets?
r
F-
6.
Is the aggregate investment in any one company less than 5% of the outstanding stock of the company?
C✓
F-
7.
Is the amount invested in common stocks and convertible bonds less than 65% of the total fund? [53.9 %]
r
F-
8.
Is the 3 -year standard deviation less than the equity index standard deviation? [19.57 vs. 16.52]
r
r
FIXED INCOME COMPONENT
1.
Did the 3 -year total fixed income return exceed the policy (BCAB)? [6.94 vs. 6.85]
r
2.
Did the 5 -year total fixed income return exceed the policy (BCAB)? [6.17 vs. 6.32]
r
r
3.
Did the 3 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe?
[65th]
r
l✓
4.
Did the 5 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe?
r
F-
[23rd]
5.
Are all fixed income investments ranked at least BBB by Standard & Poors and Baa by Moody's?
C✓
F-
6. Is the 3 -year standard deviation less than the (BCAB) index's standard deviation? [3.15 vs. 2.66] r r
Au C, 0iok 14ut T111wit gildW Page 3
Fred
36% -\
Village ofNorth Palm Beach Fire & Police
Performance Evaluation Summary
March 31, 2012
Cash
5%
9%
■ Large Core Value ■ Large Growth ■International ■Fixed ■ Cash
AU I lfistle As!wt Toll.;u[tntg AU
Large Core Value
38%
Page 4
Total
Fund
% of Total
Target %
Village ofNorth Palm Beach Fire & Police
Performance Evaluation Summary
March 31, 2012
Large Core Value
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Large Growth
- - - - - - - - - - - - - - - - - - - - - - - - - -
International
- - - - - - - - - - - - - - - - - - - - - - - - -
Fixed
- - - - - - - - - - - - - - - - - - - - - - - -
Cash
- - - - - - - - - - - - - - - - - - - - - - -
Total
- - - - - - - - - - - - - - - - - - - - - - - - - - -
% of Total
$4,315,000
$1,358,000
$1,077,000
$4,140,000
$584,000
$11,474,000
100.0%
37.6% 11.8%
40.0% 10.0%
9.4% 36.1% 5.1% 100.0%
10.0% 40.0% 0.0% 100.0%
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Village of North Palm Beach Fire & Police
Performance Evaluation Summary
March 31, 2012
Current Fiscal Year
Quarter FYTD One Year Two Years Three Years Five Years 2011 2010 2009 2008 2007
TOTAL FUND (Net of Fees)[Inception 913011995]
Return
7.19%
14.69%
1.64%
6.02% 13.57%
2.70%
-2.41%
7.47%
-0.49%
- 11.01%
12.85%
Ranking ( *)
92
87
97
95 97
39
93
73
75
2
10
Policy Return( * *)
7.41 %
14.62%
7.17%
9.25% 16.42%
3.65%
2.03%
9.23%
1.81%
- 13.307.
11.89%
Policy Ranking ( *)
89
89
28
24 58
10
6
40
40
19
25
TOTAL EQUITIES
12.33%
23.99%
6.16%
10.44%
22.51%
1.13%
Return
13.48%
28.03%
-1.83%
6.85%
21.66%
1.39%
-8.07%
8.73%
-6.60%
- 18.81%
18.74%
Ranking (66.7% Br. Lg.V. Core,
94
80
38
33
65
23
6
44
51
21
29
16.6% Br. Gr., 16.7 % Intl.)
15
1
100
94
66
15
100
62
74
1
3
Policy Return (83.3% S&P500,
16.7% MSCI SAFE)
12.33%
23.99%
6.16%
10.44%
22.51%
1.13%
-0.57%
9.12%
-5.14%
- 23.557.
16.44%
Policy Ranking (66.7% Br. Lg.V.
Core, 16.6% Br. Gr., 16.7 % Intl.)
68
65
22
32
39
24
20
51
40
41
16
Return
0.00%
1.51%
8.70%
7.13%
6.94%
6.17%
5.91%
7.687.
11.45%
2.12 %
4.87%
Ranking (Broad Fixed Income)
94
80
38
33
65
23
6
44
51
21
29
Policy Return (BCAB)
0.30%
1.43%
7.73%
6.43%
6.85%
6.32%
5.29%
8.177.
10.567.
3.76%
5.10%
Policy Ranking (Broad Fixed
Income)
88
81
44
47
66
20
9
41
57
13
25
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
tliitl��a;;�tnn�rl #inn Page 6
Village of Nortb Palm Beach Fire & Police
Performance Evaluation Summary
March 31, 2012
Current Fiscal Year
Quarter FYTD One Year Two Years Three Years Five Years 2011 2010 2009 2008 2007
ICC ADR P ORTF OLI 0 (including cash)[Inception 113112008]
Return
11.87010
ICC LARGE CAP CORE VALUE EQUITY(no cash)[Inception 913011995]
-2.49%
4.28%
19.12%
3.59%
-5.84% 2.50%
10.38%
n/a
n/a
Ranking (International Equity)
Return
13.41%
29.23% -1.50%
6.80%
21.17%
1.15%
-8.16%
8.27%
-8.25%
- 18.69%
18.74%
Ranking (Br. Lg. Core)
5
1 100
92
83
63
100
72
78
4
18
Policy Return (S&P500)
12.59%
25.89% 8.54%
12.04%
23.42%
2.01%
1.15%
10.16%
-6.91%
- 21.98%
16.44%
Policy Ranking (Br. Lg. Core)
20
26 10
10
10
12
10
13
43
32
37
ICC ADR P ORTF OLI 0 (including cash)[Inception 113112008]
Return
11.87010
17.88%
-2.49%
4.28%
19.12%
3.59%
-5.84% 2.50%
10.38%
n/a
n/a
Ranking (International Equity)
55
37
17
29
35
1
9 78
16
n/a
n/a
Policy Return (NISCIEAFE)
10.98%
14.73%
-5.31%
2.47%
17.68%
-3.23%
-8.94% 3.71%
3.79%
n/a
n/a
Policy Ranking (International
Equity)
74
82
38
54
49
52
25 65
39
n/a
n/a
ICC LARGE CAP GROWTH EQUITY(including cash)[Inception 1013112009]
Return
13.37%
26.88% 0.00%
9.02% n/a n/a
-6.01%
Ranking (Br. Lg. Growth)
80
49 94
85 n/a n/a
93
Policy Return (R1000G)
14.69%
26.85% 11.02%
14.58% n/a n/a
3.78%
Policy Ranking (Br. Lg. Growth)
59
49 20
23 n/a n/a
14
Gold indicates
equal to or beat the index, or in upper 40% ofuniverse
Red indicates bottom 40% ofuniverse
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Page 7
March 31, 2012
EXPLANATION OF RISK/REWARD 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 of) 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).
W' IIimI It A.q.e `# Cr411I IIItiIIt1 if IN
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Village ofNorth Palm Beach Fire & Police
Total Fund Trailing 5 -Year Risk /Reward
March 31, 2012
-2 0 2
Risk (Difference in Standard Deviations)
• 3/31/2012 ♦ 12/31/2011 ■ 9/30/2011 ♦ 613012011
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Village ofNorth Palm Beach Fire & Police
Equities Trailing 5 -Year Risk /Reward
March 31, 2012
Good Aggressive
A
Conservative Bad
-3 0 3
Risk (Difference in Standard Deviations)
• 3/31/2012 ♦ 12/31/2011 ■ 9/30/2011 ♦ 613012011
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Village ofNorth Palm Beach Fire & Police
Fixed Income Trailing 5 -Year Risk /Reward
March 31, 2012
Good
Aggressive
Conservative
Bad
-2 0 2
Risk (Difference in Standard Deviations)
• 3/31/2012 ♦ 12/31/2011 ■ 9/30/2011 ♦ 613012011
�t5�k`1`tCutitlttt� Page 10
Mar -12
Dec -11
Sep -11
Jun -11
Village of North Palm Beach Fire & Police
Beta: Trailing 5- Year Risk
March 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 ■Fixedlncome
* 17if4't 61115111filq1W Page 11
2.00%
1.00%
0.00%
-1.00%
-2.00%
Village ofNorth Palm Beach Fire & Police
Alpha: Trailing 5 -Year Reward
March 31, 2012
Mar -12 Dec -11 Sep -11 Jun -11
■ Total Fund ®Equities ■Fixedlncome
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100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
Village ofNorth Palm Beach Fire & Police
BattingAverage: 5 -Years Trailing
March 31, 2012
Mar -12 Dec -11 Sep -11 Jun -11
■Total Fund O Equities OFixed Income
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Village of North Palm Beach Fire & Police
Alpha & Beta & BattingAverage: 5 -Years Trailing
March 31, 2012
BETA
Current
-0.88%
-0.91%
-0.94%
-0.30%
-0.05%
Po lice
Mar -12
Dec -11
Sep -11
fun-11
Mar -11
Total Fund
0.98
0.98
0.97
0.95
0.95
Equities **
1.10
1.10
1.08
1.06
1.06
Fixed Income BCAB
1.06
1.05
1.04
1.02
1.02
Total Fund
-0.88%
-0.91%
-0.94%
-0.30%
-0.05%
Equities
** 0.15%
0.14%
-0.21%
0.99%
1.37
Fixed Income
BCAB -0.54%
-0.42%
-0.42%
-0.61%
-0.52%
BATTING AVERAGE
Total Fund 60.00 60.00 60.00 60.00 60.00
Equities ** 70.00 65.00 65.00 65.00 65.00
Fixed Income BCAB 60.00 60.00 55.00 50.00 55.00
* 50% S&P500, 10% EAFE & 40% BCAB
** 83.3% S&P500 & 16.7% EAFE
(!t1t'itlQ Asset C2n�rtliltxt Page 14
ipp-
Perfornlance of OtherAppaeers
March 31, 2012
ICC Large Growth 13.37 26.88 0.00 n/a n/a n/a
ICC ADR 11.87 17.88 -2.49 19.12 n/a n/a
MiliIlldAud lfll0ilflllljjt Page 15
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
CORE EQUITY
Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size
16.75
26.00
5.42
24.02
5.59
4.59
Eagle Asset Management - Conservative Large Cap Equity - Gross Size
13.10
23.29
6.24
22.17
1.51
4.61
ICC Capital Management, Inc - Core Value - Gross Size
12.84
27.35
-1.47
20.14
1.30
4.21
Inverness Counsel - Inst' l Pension - Gross Size
13.15
29.23
5.34
19.83
2.86
5.53
Logan Capital Management - Large Core 60140 - Gross Size
12.34
25.14
11.05
29.66
6.53
Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size
10.18
22.60
8.25
22.29
3.22
4.10
Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size
12.86
24.79
6.65
23.66
2.15
4.50
South Texas Money Management - Large Cap Core - Gross Size
10.22
22.80
-2.09
18.50
1.35
5.52
Russell 1000
12.90
26.67
7.86
24.03
2.19
4.53
S &P 500
12.59
25.89
8.54
23.42
2.01
4.12
GROWTH EQUITY
Denver Investment Advisors, LLC - Growth - Gross Size
17.95
27.92
11.01
26.22
5.48
5.57
Garcia Hamilton & Associates - Quality Growth - Gross Size
14.77
26.24
9.05
22.97
5.37
3.95
ICC Capital Management, Inc - Large Cap Growth Equity - Gross Size
13.28
26.92
-0.17
22.53
3.83
4.43
Logan Capital Management - Large Cap Growth - Gross Size
16.85
27.22
5.66
31.76
6.27
6.69
Montag & Caldwell, Inc. - Large Cap Growth - Gross Size
10.57
21.53
10.40
20.44
6.38
4.38
Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size
14.67
26.81
11.09
25.27
5.20
4.40
Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size
12.81
25.12
15.23
22.53
4.29
5.17
Silvant Capital - Select LCG Stock - Grosss Size
17.81
31.45
7.76
21.23
5.21
5.36
Russell 1000 Growth
14.69
26.85
11.02
25.28
5.10
4.28
S &P 500 /Citigroup Growth
12.27
24.40
11.82
23.76
4.80
4.13
ICC Core Value
13.41
29.23
-1.50
21.17
1.15
4.03
ICC Large Growth 13.37 26.88 0.00 n/a n/a n/a
ICC ADR 11.87 17.88 -2.49 19.12 n/a n/a
MiliIlldAud lfll0ilflllljjt Page 15
Perforrllance of OtherAlTanagpers
March 31, 2012
Otr YTD 1Yr 3Yr 5Yr 10Yr
VALUE EQUITY
Buckhead Capital Management - Value Equity - Low PIE - Gross Size
10.51
22.60
6.70
19.08
0.80
4.30
Ceredex Value Ad Large Cap Value
11.27
26.36
4.62
22.75
3.10
6.11
Cornerstone Investment Mgmt. - Large Cap Value - Gross Size
10.38
21.40
4.41
18.82
1.00
DePrince, Race, Zollo, Inc. - Large Cap Value Equity - Gross Size
13.14
27.52
5.09
31.15
2.05
6.41
Eagle Asset Management - Value - Institutional - Gross Size
10.02
24.27
2.41
22.19
1.67
5.27
ICC Capital Management, Inc - Core Value - Gross Size
12.84
27.35
-1.47
20.14
1.30
4.21
Missouri Valley Partners - Large Cap Value - Gross Size
11.25
24.88
6.07
19.59
-0.28
3.43
Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size
11.09
25.60
4.80
22.80
-0.62
4.65
RBC Global Asset Management, Inc. - Large Cap Value - Gross Size
11.57
27.47
6.42
20.44
0.77
5.53
Westwood Management Corporation - LargeCap Equity - Gross Size
11.98
26.91
5.33
19.34
1.74
6.07
Russell 1000 Value
11.12
25.68
4.79
22.82
-0.81
4.58
S &P 500 /Citigroup Value
12.97
27.64
5.26
23.18
-0.83
3.97
MID -CAP EQUITY
Batterymarch Financial Mgmt., Inc. - US Mid Cap Russell - Gross Size
13.99
27.84
2.69
25.24
1.98
8.18
Chicago Equity Partners, LLC - Mid Cap Core Equity - Gross Size
14.93
29.52
4.62
30.95
3.07
7.60
Rhumbline Advisers Corporation - S&P 400 Index Fund - Gross Size
13.57
28.27
2.15
28.57
4.09
7.38
Russell Midcap
12.94
26.84
3.31
29.13
3.03
7.85
S &P Midcap 400
13.50
28.23
1.98
28.55
4.78
7.70
ICC Core Value
13.41
29.23
-1.50
21.17
1.15
4.03
ICC Large Growth 13.37 26.88 0.00 n/a n/a n/a
ICC ADR 11.87 17.88 -2.49 19.12 n/a n/a
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16
March 31, 2012
Otr YTD 1Yr 3Yr 5Yr 10Yr
ALL CAP EQUITY
Advanced Investment Partners - AllCap - Gross Size
14.97
28.74
8.24
22.54
1.65
4.82
BuckheadCaptial Management - All Cap - Gross Size
11.06
22.11
5.64
18.94
0.37
7.50
Diamond Hill Capital Management, Inc. - Diamond Hill Select Equity - Gross Size
10.86
23.28
5.25
22.93
3.05
8.81
HGK Asset Management - All Cap - Gross Size
12.28
26.14
5.82
21.26
1.50
7.10
ICC Capital Management, Inc - Multi -Cap Eq. - Gross Size
12.41
20.26
-4.23
24.15
5.63
8.30
Oak Ridge Investments, LLC - All -Cap - Gross Size
14.93
25.21
11.05
23.47
5.05
7.16
Rockwood Capital - Strategic Equity
9.65
24.19
-3.55
20.07
1.73
7.33
Russell 3000
12.87
26.55
7.18
24.26
2.18
4.67
Dow Jones Wilshire 5000 (Full Cap)
12.76
26.33
7.25
24.16
2.28
4.96
SMALL CAP EQUITY
11.59
17.95
-1.86
23.66
3.34
8.45
Atlanta Capital Management Co., LLC - High Quality Small Cap - Gross Size
8.72
26.81
9.72
29.14
10.10
10.48
BuckheadCaptial Management - Small Cap Value - Gross Size
16.02
33.18
-0.78
22.77
0.65
6.99
Ceredex - Value Ad Small Cap Value - Gross Size
12.00
25.33
2.41
27.17
5.76
11.65
DePrince, Race, Zollo, Inc. - Small Cap Value - Gross Size
14.53
33.18
4.93
30.32
4.45
7.78
Eagle Asset Management - Small Cap Core - Institutional - Gross Size
10.31
25.50
-1.01
23.81
3.66
7.79
Kayne Anderson Rudnick Invst. - Small Cap - Gross Size
12.16
23.99
11.51
32.72
8.17
9.89
Missouri Valley Partners
17.57
39.73
9.24
36.67
5.41
6.73
Rhumbline Advisers Corporation - S&P 600 Index Fund - Gross Size
11.86
31.00
4.97
28.97
3.64
n/a
Sawgrass Asset Management, LLC - Small Cap Growth Equity - Gross Size
14.28
27.45
0.85
23.97
1.28
2.67
Silvant Capital - Small Cap Growth - Gross Size
12.17
29.93
1.57
27.82
4.54
6.62
Russell 2000
12.44
29.83
-0.18
26.90
2.13
6.45
S &P SmallCau 600
11.99
31.22
5.03
29.22
3.62
7.58
REAL ESTATE (12131/2011)
American Realty Advisors - Core Equity Real Estate -Sep. Accts. - Gross Size
2.77
15.05
13.12
-3.60
-0.11
ASB Capital Management, Inc. - EB Real Estate Fund - Gross Size
5.34
21.02
18.99
-0.07
1.95
7.50
Intercontinental - US REIF - Gross Size
4.02
15.57
10.58
-6.39
-3.07
JPMorgan Asset Management - Strategic Property Fund - Gross Size
3.05
15.96
15.05
-0.93
0.84
7.10
Principal Global Investors - Real Estate Core Property - Gross Size
2.33
14.97
14.01
0.59
1.19
6.92
Dow Jones Wilshire REIT Index
15.43
9.24
18.52
21.80
-1.96
10.17
NCREIP Property Index
2.96
14.26
13.68
2.43
3.09
8.06
INTERNATIONAL EQUITY
DePrince, Race, Zollo, Inc. - International Equity - Gross Size
10.25
14.57
-11.68
19.95
-1.28
7.12
Harding Loevner - International Equity - Gross Size
11.59
17.95
-1.86
23.66
3.34
8.45
ICC Capital Management, Inc - International ADR Equity - Gross Size
12.63
19.64
-3.57
19.97
-0.82
5.57
The Boston Company AssetMgmt., LLC- International Core Equity Management
12.39
17.68
-4.36
17.95
-4.90
7.61
Thornburg Investment Mgmt. - International Equity - Gross Size
11.50
16.57
-6.32
18.81
19.00
9.55
MSCI EAFE
10.98
14.73
-5.31
17.68
-3.04
6.16
MSCI EMERGING MARKETS
14.14
19.22
-8.52
25.42
4.97
14.47
ICC Core Value
13.41
29.23
-1.50
21.17
1.15
4.03
ICC Large Growth
13.37
26.88
0.00
n/a
n/a
n/a
ICC ADR
11.87
17.88
-2.49
19.12
n/a
n/a
$I Ijiallr I'm �dlm dliuyl� Page 17
Perforrllance of OtherATanagpers
March 31, 2012
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
CORE FIXED INCOME
Denver Investment Advisors - Core Bond Gov't/Corp. - Gross Size
0.15
1.58
8.48
7.14
6.54
6.40
Eagle Asset Management - Core Fixed Institutional - Gross Size
0.35
1.47
8.51
7.22
6.68
5.89
Garcia Hamilton & Associates - Fixed Aggregate - Gross Size
2.94
4.48
7.58
9.36
8.25
7.05
ICC Capital Management, Inc - Core Fixed Income - Gross Size
0.29
1.84
8.53
6.80
5.84
5.32
Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size
1.02
2.30
7.48
7.18
6.88
6.19
RBC Global Asset Management, Inc. - Broad Market Core - Gross Size
1.00
2.24
7.57
9.24
5.70
5.49
Rockwood Capital - Aggregate Bond - Gross Size
0.41
1.69
8.25
7.74
6.46
5.36
Barclays Aggregate Bond
0.30
1.43
7.71
6.84
6.25
5.80
Barclays Gov /Credit Bond
0.08
1.26
8.53
7.09
6.26
5.91
Barclays High Yield US Corporate Bond
5.34
12.14
6.45
23.86
8.10
9.24
INTERMEDIATE FIXED INCOME
Buckhead Capital Management - Intermediate Fixed - Gross Size
1.20
2.27
5.55
5.97
6.25
Denver Investment Advisors - Intermediate Fixed - Gross Size
1.07
2.41
6.88
6.72
6.12
5.85
Eagle Asset Management - Institutional Conservative - Gross Size
0.65
1.81
7.17
6.09
6.50
5.52
Garcia Hamilton & Associates - Intermediate Fixed Income - Gross Size
3.27
4.66
6.08
8.36
7.42
6.35
Missouri Valley Partners - Intermediate Government/Credit Fixed Income - Gross Size
0.57
1.37
6.74
5.80
6.64
5.78
Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size
1.23
2.28
6.15
5.72
6.06
5.41
Sit Investment Associates, Inc. - Intermediate Govt/Corp - Gross Size
1.44
2.66
6.25
11.22
6.92
6.07
RBC Global Asset Management, Inc. - Intermediate Core - Gross Size
0.90
1.89
5.95
7.67
4.77
4.98
Barclays Gov /Credit- Intermediate
0.61
1.46
6.09
5.88
5.68
5.29
INTERNATIONAL FIXED INCOME
Brandywine Global - International Fixed Invst. Grade - Gross Size
4.74
6.45
7.99
10.67
7.81
10.46
PIMCO - Non US Fixed Income Unhedged - Gross Size
0.29
1.65
7.93
15.35
9.52
10.23
Wells Capital Mgmt. - Global Fixed Income Ex -US - Gross Size
-0.17
-0.39
3.49
9.45
8.52
10.22
Citigroup World Government Ex -US
-0.22
-0.69
3.93
6.93
6.95
8.54
Your Fixed Income
0.00
1.51
8.70
6.94
6.17
5.37
04!011 AAu'f �llll0illlllljjt Page 18