Loading...
Thistle Investment Report QE 3-31-2011VILLAGE OF NORTH PALM BEACH POLICE & FIRE PENSION PLAN EXECUTIVE SUMMARY MARCH 31, 2011 Village 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 WE' 4istle Asset Consulting "v C��,4is #le 1ssP# ��►n�ultirtg Major Economic Indicators MARKET SNAPSHOT 1ST QUARTER 2011 INDEX RETURNS Barclays Aggregate ♦ The CPI- Urban/1982 -84 =100 (unadjusted) for the 12 -month period ended March 2011 increased 2.7 %. The seasonally adjusted annual rate for the first quarter is 6.1 %. ♦ The Producer Price Index (PPI) for Finished Goods (seasonally adjusted) increased 0.8% in January, increased 1.6% in February and increased 0.7% in March. For the 12 -month period ended in March the PPI (unadjusted) advanced 5.8. ♦ Real Gross Domestic Product (GDP) increased at an annual rate of 3.1 % for the fourth quarter of 2010. In the third quarter, real GDP increased 2.6 %. ♦ The seasonally adjusted unemployment rate is 8.8% in March compared to 9.4% in December. THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561 -737 -3996 Facsimile: 561- 737 -6119 0.43% 5.14% Federal Reserve News ♦ During the first quarter, the Federal Reserve Board kept the primary discount rate to 0.75 %. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Open Market Committee kept the target range for the federal funds rate of 0.00% to 0.25 %. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ Best Performing Sector: Energy increased 16.29% in the first quarter. ♦ Worst Performing Sector: Utilities increased 1.62 in the first quarter. Source: Standard & Poors (Performance reflects Price Returns Only) QTR 1 -YEAR S &P 500 5.92% 15.65% Russell 1000 6.24% 16.69% Russell 1000 Growth 6.03% 18.26% Russell 1000 Value 6.45% 15.15% S &P Mid -cap 400 9.36% 26.95% MSCI EAFE 3.45% 10.90% Barclays Aggregate ♦ The CPI- Urban/1982 -84 =100 (unadjusted) for the 12 -month period ended March 2011 increased 2.7 %. The seasonally adjusted annual rate for the first quarter is 6.1 %. ♦ The Producer Price Index (PPI) for Finished Goods (seasonally adjusted) increased 0.8% in January, increased 1.6% in February and increased 0.7% in March. For the 12 -month period ended in March the PPI (unadjusted) advanced 5.8. ♦ Real Gross Domestic Product (GDP) increased at an annual rate of 3.1 % for the fourth quarter of 2010. In the third quarter, real GDP increased 2.6 %. ♦ The seasonally adjusted unemployment rate is 8.8% in March compared to 9.4% in December. THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561 -737 -3996 Facsimile: 561- 737 -6119 0.43% 5.14% Federal Reserve News ♦ During the first quarter, the Federal Reserve Board kept the primary discount rate to 0.75 %. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Open Market Committee kept the target range for the federal funds rate of 0.00% to 0.25 %. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ Best Performing Sector: Energy increased 16.29% in the first quarter. ♦ Worst Performing Sector: Utilities increased 1.62 in the first quarter. Source: Standard & Poors (Performance reflects Price Returns Only) 40.00 30.00 20.00 0 10.00 0.00 -10.00 Index Comparison March 31, 2011 3 Months Last 12 Months Last 3 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 Thistle asset Lvusultiug W Page 2 31.04% R2000G ------------------------------------------------------------------------- --- ----- -------- -------- - - - - -- ------------------------------------------------------------------------------------------- 9.24% R2000G --------- ------- -------- -- ---- -- - - - - -- ----------------------------------- ---- ------------------- -- --- --- ---------------------------------------------------------------------------------------------------- 4.63% BCIGC - 2.53% SAFE 0.28% BCGC ♦ 10.16% R2000G ---- -- ---- ---------- ---- ---- --- - - - - -- -------- ---- -- ------------- ----- -- - - --------------------------- --- - - - - -- - -- — - - — I --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---- - -- - -- 3 Months Last 12 Months Last 3 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 Thistle asset Lvusultiug W Page 2 Village ofNorth Palm Beach Fire & Police Compliance Report March 31, 2011 LMAC wt LU115111]tq W Page 3 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? [3.19 vs. 3.66] 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? [3.89 vs. 4.13] r f✓ 3. Did the total return lie in the top 40th percentile of the 52% Broad Large Cap Core & 40% Br. Fixed, 8% Intl. Universe 57 over the trailing 3 -year period? [39th] 4. Did the total return lie in the top 40th percentile of the 52% Broad Large Cap Core & 40% Br. Fixed, 8% Intl. Universe over the trailing 5 -year period? [27th] Wo F- 5. Is the 3 -year standard deviation less than the total fund index standard deviation? [13.14 vs. 13.75] W r EQUITY COMPONENT 1. Did the 3 -year total equity return exceed the 83.3% S &P500 and 16.7% MSC[ EAFE target? [3.23 vs. 1.591 r 2. Did the 5 -year total equity return exceed the 83.3% S &P500 and 16.7% MSCI EAFE target? [3.70 vs. 2.19] r � 3. Did the 3 -year total equity return rank in the top 40% of the Mobius universe comprised of 66.7% Broad Lg. Cap Core, r r- 16.6% Broad Lg. Cap Growth and 16.7% International? [8th] 4. Did the 5 -year total equity return rank in the top 40% of the Mobius universe comprised of 66.7% Broad Lg. Cap Core, 16.6% Broad Lg. Cap Growth and 16.7% International? [5th] 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? W r- 7. Is the amount invested in common stocks and convertible bonds less than 65% of the total fund? [35 %] W r- 8. Is the 3 -year standard deviation less than the equity index standard deviation? [23.81 vs. 22.06] r- We FIXED INCOME COMPONENT 1. Did the 3 -year total fixed income return exceed the policy (BCAB)? [4.69 vs. 5.31] I- r 2. Did the 5 -year total fixed income return exceed the policy (BCAB)? [5.62 vs. 6.05] l- r 3. Did the 3 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe? [38th] F- 4. Did the 5 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe? r [31st] 5. Are all fixed income investments ranked at least BBB by Standard & Poors and Baa by Moody's? r F- 6. Is the 3 -year standard deviation less than the (BCAB) index's standard deviation? [4.63 vs. 4.11] I- t✓ LMAC wt LU115111]tq W Page 3 Manager Compliance Questionnare March 31, 2011 1. Have there been any changes in your organization? Have you undergone any change in ownership or control? On January 28, 2011 ICC Capital closed on a deal with Valley Forge Capital Advisors (VFCA) of Malvern, PA. No changes in ownership or control occurred. 2. Have there been any changes in your investment philosophy? No 3. Have there been any changes in your staff of investment professionals? With the closing of the VFCA, ICC added two experienced investment professionals that will part of our newly formed Quantitative Strategies Group. This team will oversee all ICC qualitative products and model development. 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 began 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. Are you invested in any unhedged and /or levereged derivatives? 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) 9.94 10. Are you invested in any companies on the SBA's website? (Please review list of scrutinized companies on the following website: http: / /www.sba fla.com /fsb/Protectingi nvestme ntsAct/tabid /402 /Default.asvx No 11 Name of person completing this form (please include company name)? Steven Stack, Chief Compliance Officer MT."Ipttle Asset fallsoltillow Fixed 36% Village ofNorth Palm Beach Fire & Police Performance Evaluation Summary March 31, 2011 Cash 4% 8% 12% ■Large Core Value ■Large Growth Dlnternational OFixed ®Cash Large Core Value 40% El histic Asset LD1151 lting oat Page 4 Village ofNorth Palm Beach Fire & Police Performance Evaluation Summary March 31, 2011 Large Core Value Large Growth International Fixed Cash Total --------------------------------------------------------------------------------------------------------------------------------------------------------- Total Fund $4,379,000 $1,324,000 $919,000 $4,030,000 $451,000 $11,103,000 of Total 39.4% Target % 40.0% T C' 4i,stir Asset Tonsulting 11.9% 8.3% 10.0% 10.0% 36.3% 4.1% 100.0% 40.0% 0.0% 100.0% of Total 100.0% Page 5 Village ofNorth Palm Beach Fire & Police Performance Evaluation Summary March 31, 2011 Ranking (66.7% Br. LgV. Core, Current Fiscal Year 16.6% Br. Gr.,16.7 % Intl.) 3 1 Quarter FYTD One Year Two Years Three Years Five Years 2010 2009 2008 2007 2006 TOTAL FUND(Net of Fees)(Inception 9130119951 16.7% MSCI EAFE) 5.51% 16.14% 14.91% 31.61% 1.59% 2.19% 9.12% - 5.14% - 23.55% 16.44% 10.79% Policy Ranking (66.7% Br. LgV. Return 4.24% 10.12% 10.59% 20.04% 3.19% 3.89% 7.47% - 0.49% - 11.01% 12.85% 6.85% Ranking ( *) 19 30 45 86 39 27 71 75 2 12 97 Policy Return ( * *) 3.46% 9.13% 11.38% 21.34% 3.66% 4.13% 9.23% 1.81% - 13.30% 11.89% 7.79% Policy Ranking ( *) 53 57 31 62 27 19 35 43 17 25 65 5.14% 6.41% 5.31% 6.05% 8.17% 10.56% 3.76% TOTAL EQUITIES 3.32% Policy Ranking (Broad Fixed Income) 55 52 38 53 33 26 41 57 13 Return 7.27% 19.89% 16.29% 35.44% 3.23% 3.70% 8.73% - 6.60% - 18.81% 18.74% 10.38% Ranking (66.7% Br. LgV. Core, 16.6% Br. Gr.,16.7 % Intl.) 3 1 13 4 8 5 58 76 1 4 72 Policy Return (83.3% S&P500, 16.7% MSCI EAFE) 5.51% 16.14% 14.91% 31.61% 1.59% 2.19% 9.12% - 5.14% - 23.55% 16.44% 10.79% Policy Ranking (66.7% Br. LgV. Core, 16.6% Br. Gr.,16.7 % Intl.) 46 56 48 54 37 36 45 41 36 17 39 TOTAL FIXED INCOME Return 0.60% - 1.08% 5.58% 6.07% 4.69% 5.62% 7.68% 11.45% 2.12% 4.87% 2.73% Ranking (Broad Fixed Income) 46 54 35 56 38 31 44 51 21 29 90 Policy Return (BCAB) 0.43% -0.87% 5.14% 6.41% 5.31% 6.05% 8.17% 10.56% 3.76% 5.10% 3.32% Policy Ranking (Broad Fixed Income) 55 52 38 53 33 26 41 57 13 25 70 Gold indicates equal to or beat the index, or in upper 40% of universe Red indicates bottom 40% of universe *50% Broad Large Cap Core, 10% International Equity & 40% Broad Fixed * *50% S&P500,10% MSCI EAFE & 40 %BCAB WC, itiAr Asso L11I15itt 1I10 Page 6 Village ofNorth Palm Beach Fire & Police Performance Evaluation Summary March 31, 2011 Current Fiscal Year Quarter FYTD One Year Two Years Three Years Five Years 2010 2009 2008 2007 2006 ICC LARGE CAP CORE VALUE EQUITY(no cash)[Inception 9130119951 Return 7.59% 20.50% 15.80% 34.40% 2.73% 3.38% 8.27% - 8.25 % - 18.69% 18.74% 10.38% Ranking (Br. Lg. Core) 9 1 18 1 17 10 72 78 4 18 75 Policy Return (S&P500) 5.92% 17.31% 15.65% 31.61% 2.35% 2.62% 10.16% -6.91% - 21.98% 16.44% 10.79% Policy Ranking (Br. Lg. Core) 43 38 20 30 24 21 13 43 32 37 60 ICC ADR PORTFOLIO(no cash)[Inception 1131120081 Return 4.28% 13.83% 11.51% 31.65% 5.69% n/a 2.50% 10.38% n/a n/a n/a Ranking (International Equity) 17 9 60 47 5 n/a 78 16 n/a n/a n/a Policy Return (MSCI SAFE) 3.45% 10.33% 10.90% 31.19% - 2.53% n/a 3.71% 3.79% n/a n/a n/a Policy Ranking (International Equity) 35 56 66 51 55 n/a 65 39 n/a n/a n/a ICC LARGE CAP GROWTH EQUITY(cash included)[Inception 10131120091 Return 7.27% 19.26% 18.87% n/a n/a n/a n/a n/a n/a n/a n/a Ranking (Br. Lg. Growth) 11 25 24 n/a n/a n/a n/a n/a n/a n/a n/a Policy Return (R1000G) 6.03% 18.57% 18.26% n/a n/a n/a n/a n/a n/a n/a n/a Policy Ranking (Br. Lg. Growth) 35 35 29 n/a n/a n/a n/a n/a n/a n/a n/a Gold indicates equal to or beat the index, or in upper 40% of universe Red indicates bottom 40% of universe llhistte Asset e, als1tlttllg Page 7 March 31, 2011 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 ofl 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). WCOistidAwt Cronsulting w 2 k i o� t t 0 m U U r Q -2 Village ofNorth Palm Beach Fire & Police Total Fund Trailing 5 -Year Risk /Reward March 31, 2011 Good Aggressive Conservative Bad -2 0 Risk (Difference in Standard Deviations) 0313112011 ®12/31/2010 ❑ 9/30/2010 A 6/30/2010 I 2 LlltatlPSPf �,IIilaUlflTjl� ' Page 8 2 K o� eo � 0 m o� U 4) Q -2 Village oflVorth Palm Beach Fire & Police Equities Trailing 5 -Year Risk /Reward March 31, 2011 Good Aggressive 1p Conservative Bad -2 0 2 Risk (Difference in Standard Deviations) 0313112011 ®1213112010 ❑ 9/30/2010 ® 6/30/2010 I Gristle .%set (lononiting `fir Page 9 2 k o� o� as � 0 'N U U ti Q -2 Village ofNorth Palm Beach Fire & Polrce Fixed Income Trailing 5 -Year Risk /Reward March 31, 2011 Good Aggressive I Conservative A Bad -2 0 2 Risk (Difference in Standard Deviations) • 3131/2011 ®1213112010 11913012010 ® 613 012 010 I u tC111i5tle .Assn coon ilting i Page 10 Village ofNorth Palm Beach Fire & Police Beta: Trailing 5 -Year Risk March 31, 2011 0iiistle .asset Crnnsutting w Page 11 Village ofNorth Palm Beach Fire & Police Alpha: Trailing 5 -Year Reward March 31, 2011 T h, ist1E Asset LOItsutttrig Page 12 Village of]Vorth Palm Beach Fire & Police Batting Average: 5 -Years Trailing March 31, 2011 100.00 90.00 80.00 L 70.00 - C m 60.00 ON a m m m 50.00 E H 0 40.00 N a� 30.00 m a 20.00 10.00 0.00 Mar -11 Dec -10 Sep -10 Jun -10 ® Total Fund O Equities ® Fixed Income 01 itt5tlC :��Ft (�iIIIiSUlttli Page 13 Village ofNorth Palm Beach Fire & Police Alpha & Beta & Batting Average: 5 -Years Trailing March 31, 2011 BETA * 50% S&P500, 10% SAFE & 40% BCAB ** 83.3% S&P500 & 16.7% SAFE a L4isttr Ass Page 14 Current Policy Mar -11 Dec -10 Sep -10 Tun-10 Mar -10 Total Fund 0.95 0.95 0.95 0.94 0.97 Equities 1.06 1.06 1.06 1.02 1.07 Fixed Income BCAB 1.02 1.02 1.04 0.94 1.03 ALPHA Total Fund -0.05% -0.03% -0.13% 0.20% 0.18% Equities 1.37% 1.35% 1.12% 1.59% 1.59% Fixed Income BCAB -0.52% -0.58% -0.65% -0.22% -0.71% BATTING AVERAGE Total Fund 60.00 60.00 55.00 60.00 55.00 Equities 65.00 65.00 65.00 70.00 75.00 Fixed Income BCAB 55.00 50.00 50.00 45.00 45.00 * 50% S&P500, 10% SAFE & 40% BCAB ** 83.3% S&P500 & 16.7% SAFE a L4isttr Ass Page 14 Performance of Other Managers March 31, 2011 llhiyfl¢s¢fC(mt5ulting Page 15 Qtr YTD 1Yr 3Yr 5Yr 10Yr CORE EQUITY Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size 7.69 22.76 21.84 5.72 5.59 3.76 Eagle Asset Management - Conservative Large Cap Equity - Gross Size 6.36 17.92 12.84 2.10 2.45 4.78 ICC Capital Management, Inc - Core Value - Gross Size 6.77 18.89 14.04 2.51 3.53 5.40 Inverness Counsel - Miami Beach Fire & Police - Gross Size (Equity Only) 4.43 15.93 13.66 1.09 3.99 5.70 INVESCO - Structured Core Equity - Gross Size IronOak Advisors - Large Cap Core - Gross Size 5.13 15.23 12.12 2.44 2.01 4.47 Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size 2.89 12.44 9.45 3.66 3.38 3.70 Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size 6.25 18.10 16.63 3.32 3.14 3.93 Robeco Investment Management, Inc. - WPG Disc Equity Large Cap - Gross Size 7.39 19.11 16.11 2.36 2.87 4.27 RBC Global Asset Management - Large Cap Core 6.28 17.15 13.15 1.42 3.20 5.28 Russell 1000 6.24 18.13 16.69 2.98 2.93 3.83 S &P 500 5.92 17.31 15.65 2.35 2.62 3.29 GROWTH E UITY Denver Investment Advisors, LLC - Growth - Gross Size 6.68 22.38 18.64 4.08 3.95 4.56 Garcia Hamilton & Associates - Quality Growth - Gross Size 5.34 19.28 20.27 4.81 4.43 3.32 ICC Capital Management, Inc - Large Cap Growth Equity - Gross Size 7.51 19.51 19.17 11.12 5.01 3.49 Logan Capital Management - Large Cap Growth - Gross Size 9.45 24.03 38.93 9.34 5.96 5.66 Montag & Caldwell, Inc. - Large Cap Growth - Gross Size 4.39 14.13 10.50 4.07 5.69 3.71 OakBrook Investments, LLC - OakBrook Select Equity - Gross Size 2.11 8.90 5.59 4.39 4.68 6.35 Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size 6.02 18.49 18.20 5.27 4.43 3.11 Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size 7.00 15.05 14.09 2.85 2.80 4.20 Silvant Capital - Select LCG Stock - Grosss Size 5.44 18.22 17.27 4.32 5.67 5.01 SIPCO - U.S. Growth Leaders - Gross Size 6.32 17.97 16.34 8.35 7.52 Russell 1000 Growth 6.03 18.57 18.26 5.19 4.34 2.99 S &P 500 /Citigroup Growth 5.07 16.65 16.56 4.74 4.09 3.46 Your Equities 7.27 19.89 16.29 3.23 3.70 5.03 llhiyfl¢s¢fC(mt5ulting Page 15 Performance of Other Managers March 31.2011 Otr YTD IYr 3Yr 5Yr 10Yr VALUE EQUITY BRC Investment Management Large Cap Value - Gross Size Buckhead Capital Management - Value Equity - Low PIE - Gross Size 6.11 13.27 9.38 2.68 1.98 5.26 Cascade Investment Counsel, LLC - Large Cap Value - Gross Size 4.65 15.17 21.60 2.27 6.14 9.25 Cohen & Steers Capital Mgmt., Inc. - Cohen & Steers Large Cap Value - Gross Size 5.70 15.17 11.18 -1.10 3.08 7.29 Crawford Investment Counsel, Inc. - Dividend Growth - Gross Size DePrince, Race, Zollo, Inc. - Large Cap Value Equity - Gross Size 6.81 18.30 17.16 5.77 4.26 8.33 Eagle Asset Management - Value - Institutional - Gross Size 7.87 20.11 13.30 2.90 3.77 5.70 ICC Capital Management, Inc - Core Value - Gross Size 6.77 18.89 14.04 2.51 3.53 5.40 Loomis, Sayles & Company, L.P. - Large Cap Value - Gross Size Missouri Valley Partners - Large Cap Value - Gross Size 5.77 17.63 13.51 -0.67 1.33 3.76 Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size 6.45 17.62 15.16 0.81 1.54 4.63 The Boston Company Asset Mgmt., LLC - US Large Cap Value Equity Management 6.58 19.50 14.82 0.57 2.75 3.72 Ceredex Value Ad Large Cap Value 5.48 18.79 17.64 5.71 5.28 6.64 RBC Global Asset Management, Inc. - Large Cap Value - Gross Size 6.78 17.73 12.36 0.72 2.24 5.58 Westwood Management Corporation - LargeCap Equity - Gross Size 6.33 17.61 13.48 0.27 3.58 5.38 Russell 1000 Value 6.46 17.68 15.15 0.60 1.38 4.53 S &P 500 /Citigroup Value 6.80 18.03 14.79 -0.19 1.05 2.99 MID -CAP EQUITY Amalgamated Bank - LongView 400 MidCap Index Fund - Gross Size 9.34 24.10 26.94 9.98 6.09 9.35 Batterymarch Financial Mgmt., Inc. - US Mid Cap Russell - Gross Size Chicago Equity Partners, LLC - Mid Cap Core Equity - Gross Size 11.58 26.58 31.35 9.03 3.93 8.86 Mutual of America - Mid -Cap Equity Index - Gross Size 9.39 24.17 26.96 9.97 6.03 9.23 OakBrook Investments, LLC - Enhanced MidCap Strategy - Gross Size 9.90 24.92 26.94 9.48 6.37 Rhumbline Advisers Corporation - S &P 400 Index Fund - Gross Size 9.36 24.11 26.96 8.70 5.32 9.04 Robeco Investment Management, Inc. - BPAM Mid Cap Value Equity - Gross Size 9.66 26.04 25.82 13.23 9.42 12.09 Russell Midcap 7.63 21.70 24.27 7.25 4.67 8.52 S &P Midcap 400 9.36 24.13 26.95 10.00 6.07 9.36 Your Equities 7.27 19.89 16.29 3.23 3.70 5.03 16 Performance of OtherManagera March 31, 2011 2.13 11.51 12.28 4.06 4.75 8.06 HGK Asset Management - International Equity - Gross Size tr YTD 1Yr 3Yr Syr 10Yr ALL CAPEQUITY 4.34 14.43 13.54 2.54 3.60 5.31 Advanced Investment Partners - AllCap - Gross Size 8.60 20.95 18.90 4.98 2.02 3.99 BuckheadCaptial Management - All Cap - Gross Size 5.51 16.08 12.20 0.41 2.27 8.09 Diamond Hill Capital Management, Inc. - Diamond Hill Select Equity - Gross Size 4.67 15.58 12.02 3.58 4.27 9.38 HGK Asset Management - All Cap - Gross Size 6.01 16.96 14.67 2.01 3.52 13.36 ICC Capital Management, Inc - Multi -Cap Eq. - Gross Size 7.10 20.67 20.43 12.12 10.42 9.37 Intrepid Capital Management, Inc. - Intrepid Multi -Cap Equity - Gross Size 7.27 19.89 16.29 3.23 3.70 5.03 Oak Ridge Investments, LLC - All -Cap - Gross Size 6.13 18.95 18.79 4.65 3.33 6.05 Rockwood Capital - Strategic Equity 7.45 24.36 30.89 6.02 5.47 8.80 Russell 3000 6.38 18.71 17.41 3.42 2.95 4.13 Dow Jones Wilshire 5000 (Full Cap) 618 18.49 17.33 3.45 3.05 4A9 SMALL CAPEQUITY Atlanta Capital Management Co., LLC - High Quality Small Cap - Gross Size 9.28 25.40 28.38 14.03 9.66 12.08 BuckheadCaptial Management - Small Cap Value - Gross Size 5.04 24.53 19.40 8.58 2.38 11.90 Ceredex - Value Ad Small Cap Value - Gross Size 6.50 19.24 26.50 12.35 7.10 14.28 DePrince, Race, Zollo, Inc. - Small Cap Value - Gross Size 3.29 18.61 14.41 9.53 6.79 9.94 Eagle Asset Management - Small Cap Core - Institutional - Gross Size 9.78 30.08 32.86 8.44 6.60 11.47 GW Capital, Inc. - Small Cap Value Equity - Gross Size 12.53 33.49 32.02 8.98 8.53 16.78 Intrepid Capital Management, Inc. - Intrepid Small Cap - Gross Size Kayne Anderson Rudnick Invst. - Small Cap - Gross Size 10.78 27.30 30.98 13.44 6.82 10.51 Pzena Investment Management, LLC - Pzena Small Cap Value Service - Gross Size 4.22 23.91 19.27 14.15 6.60 11.89 Missouri Valley Partners 7.28 26.29 31.77 13.54 4.95 8.40 Rhumbline Advisers Corporation - S&P 600 Index Fund - Gross Size 16.14 34.89 35.02 11.08 5.35 Sawgrass Asset Management, LLC - Small Cap Growth Equity - Gross Size 21.51 39.50 43.08 5.91 0.00 1.43 Silvant Capital - Small Cap Growth - Gross Size 11.89 31.31 30.39 9.63 2.89 7.91 Russell 2000 7.94 25.48 25.79 8.57 3.35 7.87 S &P SmallCap 600 7.71 25.21 25.27 8.36 3.67 9.20 REAL ESTATE (12/31/2010) American Realty Advisors - Core Equity Real Estate -Sep. Accts. - Gross Size 3.71 11.21 -9.66 -0.81 ASB Capital Management, Inc. - EB Real Estate Fund - Gross Size 3.21 17.01 -7.67 1.46 6.55 Intercontinental - US REIF - Gross Size JPMorgan Asset Management - Strategic Property Fund - Gross Size 4.93 14.15 -8.32 0.95 6.30 Principal Global Investors - Real Estate Core Property - Gross Size Dow Jones Wilshire REIT Index 7.88 28.60 0.19 2.44 10.49 NCREIF Property Index 4.62 1311 -418 3.51 7.38 INTERNATIONAL EOUITY Altrinsic Global Advisors - International Equity - Gross Size DePrince, Race, Zollo, Inc. - International Equity - Gross Size 2.13 11.51 12.28 4.06 4.75 8.06 HGK Asset Management - International Equity - Gross Size 4.30 11.93 12.40 4.05 5.28 7.70 ICC Capital Management, Inc - International ADR Equity - Gross Size 4.34 14.43 13.54 2.54 3.60 5.31 INVESCO - International Equity - Gross Size The Boston Company Asset Mgmt., LLC - International Core Equity Management 4.56 13.86 14.27 -4.51 -0.17 8.09 Thornburg Investment Mgmt. - International Equity - Gross Size 4.48 13.00 17.81 1.58 6.94 10.65 Wentworth, Hauser and Violich - WHV International Equity - Gross Size 6.78 23.50 22.40 2.06 10.12 13.36 MSCI EAFE 3.45 10.33 10.90 -2.53 178 5.83 Your Equities 7.27 19.89 16.29 3.23 3.70 5.03 �'L'MSfIf �&5PI1.011511IIIIl9 Page 17 Performance of Other Managers March 31, 2011 Qtr YTD 1Yr 3Yr 5Yr 10Yr CORE FIXED INCOME Atlanta Capital Management Co., LLC - High Quality Broad Market - Gross Size 2.24 -0.64 8.50 5.92 7.38 10.16 Denver Investment Advisors - Core Bond Gov't /Corp. - Gross Size 0.59 -1.29 5.55 5.45 6.22 5.96 Eagle Asset Management - Core Fixed Institutional - Gross Size 0.22 -1.38 4.95 5.54 6.39 5.51 Garcia Hamilton & Associates - Fixed Aggregate - Gross Size 0.79 0.36 6.64 8.01 8.11 6.75 ICC Capital Management, Inc - Core Fixed Income - Gross Size 0.51 -1.41 4.97 4.48 5.31 5.00 Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size 0.49 -0.56 5.56 6.28 6.67 6.00 RBC Global Asset Management, Inc. - Broad Market Core - Gross Size 0.65 -0.30 6.53 5.38 5.54 5.29 Rockwood Capital - Aggregate Bond - Gross Size 0.16 -1.12 5.10 5.23 5.99 5.09 Barclays Aggregate Bond 0.42 -0.88 5.12 5.30 6.02 5.57 Barclays Gov /Credit Bond 0.28 -1.90 5.25 4.82 5.84 5.53 Barclays High Yield US Corporate Bond 3.88 7.23 14.31 12.94 913 8.63 INTERMEDIATE FIXED INCOME Buckhead Capital Management - Intermediate Fixed - Gross Size 0.46 -0.52 4.30 5.30 6.37 Denver Investment Advisors - Intermediate Fixed - Gross Size 0.68 -0.48 5.53 5.30 6.08 5.65 Eagle Asset Management - Institutional Conservative - Gross Size 0.27 -1.48 4.68 5.43 6.32 5.35 Garcia Hamilton & Associates - Intermediate Fixed Income - Gross Size 0.93 0.43 6.09 7.14 7.49 6.25 Missouri Valley Partners - Intermediate Government /Credit Fixed Income - Gross Size 0.24 -1.23 4.67 5.35 6.58 5.68 Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size 0.36 -1.01 4.51 5.10 6.06 5.36 Sit Investment Associates, Inc. - Intermediate Govt /Corp - Gross Size RBC Global Asset Management, Inc. - Intermediate Core - Gross Size 0.62 -0.31 5.85 4.34 4.86 4.93 Barclays Gov /Credit - Intermediate 0.34 -111 4.63 4.49 5.69 5.20 INTERNATIONAL FIXED INCOME Brandywine Global - International Fixed Invst. Grade - Gross Size 2.24 -0.64 8.50 5.92 7.38 10.16 Federated Investors - Non -US Fixed Income Unhedged - Gross Size 1.84 0.07 8.75 4.04 7.41 8.61 JP Morgan - Non -US Fixed Income - Gross Size Mondrian Investment Partners - Intl. Fixed Unhedged - Gross Size PIMCO - Non -US Fixed Unhedged - Gross Size 1.68 0.56 13.76 6.34 9.53 9.44 TCW Group - International Fixed Income - Gross Size Wells Capital Mgmt. - Global Fixed Income Ex -US - Gross Size 1.29 -0.44 9.00 6.39 9.16 10.21 Citigroup World Government Ex -US 0.97 -0.49 8.51 3.25 7.84 8.07 Your Fixed Income 0.60 -1.08 5.58 4.69 5.62 4.90 I�IIS1�P4¢f�U1I41l�flli9 Page 18