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HomeMy WebLinkAbout2009 04 28 Winter Springs General Quarterly Report Final Updated to Reflect NCREIF Index Returns and Total Plan Results Measured from Restructuring DateDefined Benefit Plan & Trust for Employees of The City of Winter Springs 1st Quarter 2009 THE ~~~ BoG oUr ~~' 4~' 1~' . I~ C) v C~ X11-I N t_; It C1 l ~ 1'. L [) ~ 1 szrrtplrfj+ittg ynrc~• irrvesbrr~rrt rrrarl~dre~'rrr'3' r~~cr"storrs Investment Market Summary l5t Quarter 2009 Playing the Waiting Game... No Magic Bullet. After ending 2008 with a positive month, investors were hopeful that the first quarter of 2009 would represent the start of the market's recovery. Unfortunately, the market spent much of the first quarter adding to the losses sustained during the last quarter of 2008. This downward spiral, which thankfully received a large dose of late March relief, shook the resolve of many long-term investors. The broad market Russell 3000 Index posted a return of -10.8% for the quarter. While two of the ten economic sectors of the Russell 3000 Index returned worse than -20% (financials and industrials) and three other sectors posted returns of less than -10% (energy, consumer staples and utilities), unlike the 4t" quarter, there was a pocket of positive performance. The information technology sector, which was the core index's most heavily weighted sector (18.5%), managed a return of +3.5% for quarter. In the large cap space, the S&P 500 and Russell 1000 Index posted returns of -11.0% and -10.5% respectively. Further down the capitalization spectrum, the Russell MidCap Index returned -9.0% for the quarter and the small cap Russell 2000 Index returned adisappointing -15.0%. Due to the relative strength and weight of the information technology sector in the indices, growth style benchmarks outpaced their value counterparts by a wide margin at every capitalization range. The broad market Russell 3000 Value Index fell by -17.0% while the Russell 3000 Growth Index returned a much more mild -4.5%. Large cap issues, as measured by Russell 1000 Index, returned -16.8% for value vs. -4.1% for growth. The Russell MidCap Value Index returned -14.7% vs. -3.4% for the Russell MidCap Growth Index. In the narrowest spread of the quarter, the Russell 2000 Value Index returned -19.6%, which fell short of the Russell 2000 Growth Index return of -9.7% by a margin of 9.9%. Portfolio Attribution: (Reference pages15-16 and 20 of the Bogdahn Group March 2009 Report) Investment results for the Plan were negative as both the equity and broad fixed income markets grappled with policy uncertainty and deteriorating economic data. The Fund investment returns, while negative (-4.28%) net of management fees, were measurably better than the program benchmark successfully avoiding an additional potential decline in asset value of (-1.86%). These results placed the Fund in the top (29th) percentile of peers for the quarter. Outperformance was attributable to a combination of factors. A below target allocation to equity (49.2% vs. 60%), combined with the cash allocation of (5.6%) provided some cover against the declining broad equity markets. The equity allocation in aggregate benefited from active management which preserved assets relative to the domestic benchmark (-8.3%) vs. (-11.01%) and the international benchmark (-9.63%) vs. (13.85%). The portfolio also received a small boost from the fixed income allocation which in aggregate returned (2.68%) vs. (0.91%) attributable to both manager outperformance and the allocation to TIPS. Year over year results for the period ended March, have underperformed the benchmark declining (-27.42%) vs. (-23.26%). These results place the Fund in the (68t") percentile of peers for the period. The steeply negative market trajectory continues to impact rolling returns with all trailing periods below the actuarial required rate of return. Investment results place the Fund in the (53`d) percentile and (36`d) percentile of peers respectively for the rolling 3 and 5 year periods ended March. Total Fund down capture has been slightly more than the market benchmark (104.3%). Investment results for Snow Capital Management have weighed heavily on overall program results. Snow Capital was replaced and the assets transitioned to Dalton Greiner, Hartman, Maher & Co., LLC. on April 8t" 2009. DG assumes the domestic equity, all-cap value mandate. What helped? Under allocation to equity (49.2%) relative to the Policy (60%) and current target (65%). Allocations to TIPS, and Aggregate Fixed Income delivered positive returns of (2.68%). Galliard Capital Management provided outperformance to the benchmark (2.34%) vs. (0.91%) benefiting from selected spread sector (non Treasury) outperformance. Voyageur Capital Management performance exceed the foreign equity benchmark (-9.63%) vs. (-13.85%). The Snow Capital Management allocation targets outperformed the benchmark for the firms final quarter as the value manager for the Plan declining (-10.81 %) vs. the hard hit Russell Value Index which declined (-17.0%). What hurt? Program results were unavoidably influenced by the broad market sell-off in equity. Declines in Real Estate continued in the March quarter (-12.86%). Program Measurement: The target policy incorporates a fixed rate of return target of 8% absolute for alternatives (Real Estate). Asset class results have been negative affecting the benchmark return comparisons. Recommendations: Portfolio: Consideration should be given to rebalancing to Policy targets Review/Update of Investment Policy Statement Investment Market Summary Playing the Waiting Game... No Magic Bullet. Although the economy appeared to unravel at an incredibly rapid pace by any historical standard over the last nine months, the multiple layers of credit expansion and financial engineering that led to the current recessionary environment simply do not lend themselves to an equally short-term resolution. This lack of a "quick fix" to the economy's woes is difficult information for market participants, which often react as poorly to future uncertainty as they do to the actual realization of bad news, to effectively digest. However, it is also important to remember that the economy and the market are not on the same clock. The market represents a classic leading economic indicator, and if history is any guide, the market will recover even as headline economic data, such as unemployment (currently 8.5%), continues to deteriorate. While corporate earnings will certainly represent a significant part of the market's ultimate recovery, the first critical component must be some return of investor confidence in the financial system and equity investments as an essential tool for long-term portfolio growth. After ending 2008 with a positive month, investors were hopeful that the first quarter of 2009 would represent the start of the market's recovery. Unfortunately, the market spent much of the first quarter adding to the losses sustained during the last quarter of 2008. This downward spiral, which thankfully received a large dose of late March relief, shook the resolve of many long-term investors. The broad market Russell 3000 Index posted a return of -10.8% for the quarter. While two of the ten economic sectors of the Russell 3000 Index returned worse than -20% (financials and industrials) and three other sectors posted returns of less than -10% (energy, consumer staples and utilities), unlike the 4t" quarter, there was a pocket of positive performance. The information technology sector, which was the core index's most heavily weighted sector (18.5%), managed a return of+3.5% for quarter. In the large cap space, the S&P 500 and Russell 1000 Index posted returns of -11.0% and -10.5% respectively. Further down the capitalization spectrum, the Russell MidCap Index returned -9.0% for the quarter and the small cap Russell 2000 Index returned adisappointing -15.0%. Due to the relative strength and weight of the information technology sector in the indices, growth style benchmarks outpaced their value counterparts by a wide margin at every capitalization range. The broad market Russell 3000 Value Index fell by -17.0% while the Russell 3000 Growth Index returned a much more mild -4.5%. Large cap issues, as measured by Russell 1000 Index, returned -16.8% for value vs. -4.1% for growth. The Russell MidCap Value Index returned -14.7% vs. -3.4% for the Russell MidCap Growth Index. In the narrowest spread of the quarter, the Russell 2000 Value Index returned -19.6%, which fell short of the Russell 2000 Growth Index return of -9.7% by a margin of 9.9%. Page 2 of 39 First Quarter 2009 It was a tale of two markets between the performance of developed and emerging market indices during the quarter. The developed markets as measured by the MSCI-EAFE Index, declined in both U.S. dollars (-13.9%) and local currency (-10.0%) for the quarter. Within the 21 country index, Norway, which was down more than 40% in the 4t" quarter of 2008, posted the index's only positive country performance with a U.S. dollar return of +3.3%. The major countries of the index (Japan, United Kingdom, France, Switzerland and Germany), which collectively represent more than 60% of the index, were each down in excess of -10% during the quarter. Unlike the wide performance bands of the domestic style indices, the international style distribution was somewhat tighter in the developed markets with the MSCI- EAFE Value Index returning -15.5% vs. the MSCI-EAFE Growth Index return of -12.3%. After declining more than 50% in 2008, the MSCI Emerging Market Index returned +1.0% in U.S. dollars and +4.2% in local currency for the quarter. A large number of the government's broad-based initiatives to bring stability and return liquidity to the fixed income markets were fleshed out during the quarter. The structure and size of these programs continues to evolve on a daily basis and their ultimate success will likely be difficult to measure in the near-term. However, it is also clear that the Fed and Treasury remain on the offensive, as they vocally assure the market's participants that they will do what is necessary to ensure stability and liquidity to the financial markets. The Barclays Capital U.S. Aggregate Index mild return of +0.1% masked some of the performance disparity within the bond market's government, mortgage and credit sectors. Reversing a massive flight to quality that occurred in the bond market since the outset of the credit crisis, government obligations pulled back during the quarter with the Barclays Government Index returning -1.0% for the quarter. Outside of government issues and aided by prospect of protection through government programs, the Barclays Mortgage Index returned +2.2% for quarter. As a symbol of the fear still present in the credit market, the Barclays Corporate Investment Grade Index posted a return of -1.9%. Despite these investment grade credit losses, many lower quality credit issues were positive. Aided by its higher coupons, the Merrill Lynch High Yield Master II Index returned +5.0% for the quarter. Despite our current economic problems, we have faith in the future the United States and the adaptability of the financial system. As large and unpopular as some programs may be, it is a natural expectation for the government to temporality pick up the slack and attempt to drive economic growth forward as personal consumption and business spending slows. The timing of the market and eventual economic recovery is difficult to pinpoint and as Tom Petty phrased it so eloquently back in 1981, "the waiting is the hardest part". ~~ B4GDAHN GROIUP The Market Environment Major Market Index Performance Period Ended: March 31, 2009 MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG Quarter Performance -13.9 1.0% -11.0 -10.8 -10.5 -9.0 -15.0 0.1 % -1.0 % 2.2 -1.9 0.1 % 3mos. T-Bill -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG Five Year Annualized Performance MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russe113000 Russe111000 Russell MidCap Russe112000 Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG 3mos. T-Bill -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Ten Year Annualized Performance Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG 3mos. T-Bill Page 3 of 39 3mos. T-Bill -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Source: MSCI Capital Markets, Russell Investments; Barclays Capital & Bogdahn Consulting, LLC. r"'~ ~I~tIE I _, BQ~DAHN ~~~°~ ~ GROUP One Year Performance The Market Environment Long-Term Major Market Index Performance Period Ended: March 31, 2009 MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russel 12000 Fifteen Year Annualized Performance 7.3 Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG 3mos. T-Bill MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Twenty-Five Year Annualized Performance Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG Twenty Year Annualized Performance MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG 3mos. T-Bill 0.0% 2.0% 4.0% 6.0% 8.0% Thirty Year Annualized Performance I MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg. Barclays US Gov. Barclays MBS Fixed Barclays Corp IG 3mos. T-Bill Page =1• of 39 3mos. T-Bill 10.3% io.2% ] 10.3% 11.6% 9.6 .7% 8.9 5.9 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0.0% Source: iw5ci capita iwarKets, Kusseu investments; ttarciays cap~tai ~ t~ogaann consu~ung, ~~c. 3.0% 6.0% 9.0% 12.0% 15.0% .I.I.I}. ~ ;. B4~DAHN GROiUP 10.0% 12.0% The Market Environment Russell Style Index Performance Period Ended: March 31, 2009 Quarter Performance 3000 Value 30001ndex 3000 Growth 1000 Value 10001ndex 1000 Growth MidCap Value MidCaplndex MidCap Growth 2000 Value 20001ndex 2000 Growth -4.1 .4% -25.0% -20.0% -15.0% -10.0% -5.0% Five Year Annualized Performance 3000 Value 30001ndex 3000 Growth 1000 Value 10001ndex 1000 Growth MidCap Value MidCaplndex MidCap Growth 2000 Value 20001ndex 2000 Growth -s.0% -5.0% -4.0% -3.0% Source: Russell Investments Page 5 of 39 One Year Performance 3000 Value 30001ndex 3000 Growth 1000 Value 10001ndex 1000 Growth MidCap Value MidCaplndex MidCap Growth 2000 Value 20001ndex 2000 Growth -50.0% -40.0% -30.0% -20.0% Ten Year Annualized Performance 3000 Value 30001ndex 3000 Growth 1000 Value -os% 1000 Index -2s% 1000 Growth -5.3% MidCap Value 3.1 % MidCap Index 2.3% MidCap Growth -os% 2000 Value a.s% 2000 Index i.s% 2000 G rowth -~ .s -8.0% -s.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% -I~I [F~. BQGDAHN GROiUP -10.0% 0.0% -2.0% -1.0% 0.0% The Market Environment 4t" Quarter & Year-to-Date GICS Sector Performance & (Year-End Sector Weight) Period Ended: March 31, 2009 Russell 3000 ^C1TR Energy (11.8%) 1-Year Materials (3.7%) Industrials (10.3%) Consumer Disc (9.6%) Consumer Staples (11.5%) Health Care (14.8%) Financials (12.0%) Info Technology (18.2%) Telecom Services (3.7%) Utilities (4.4%) ^C1TR Energy (12.5%) 1-Year Materials (3.7%) Industrials (9.9%) Consumer Disc (9.4%) Consumer Staples (12.0%) Health Care (14.7%) Financials (11.3%) Info Technology (18.2%) Telecom Services (3.8%) Utilities (4.4%) -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% Rusell MidCap OQTR Energy(7.0%) -3.7% 1-Yea r -53.9 Materials (5.5%) -7.s/ 42.9 Industrials (12.0%) -1s.7/ 46.7 Consumer Disc (16.5%) -3.9% 43.0 Consumer Staples (6.8%) a.3% -29.0 Health Care (9.9%) -2'0~ -26.4 Financials (15.8%) -23.0% s1.o% Info Technology (14.8%) ~ 3.5% -34.3 Telecom Services (2.5%) 3.2/ -25.6 % Utilities (9.2%) -~ 1'S~ -33.5 -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% Source: Thompson Financial Page 6 of 39 Russell 1000 -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% ^C1TR Energy(4.2%) 1-Year Materials (3.7%) Industrials (15.3%) Consumer Disc (12.3%) Consumer Staples (4.1%) Health Care (15.8%) Financials (20.6%) Info Technology (18.3%) Telecom Services (1.3%) Utilities (4.6%) Russell 2000 -70.0% -60.0% -50.0% -40.0% -30.0% -20.0^% -10.0% 0.0% 10.0% ~ I.I f, . BQGDAHN GxouP The Market Environment Domestic Credit Sector & Broad Market Maturity Performance & Rate Comparison Period Ended: March 31, 2009 Quarter Performance AAA AA A BBB <BBB 1-3 Yr 1-5 Yr 1-10 Yr 10+ Yr -s.~ -3.7 -3.0 z.a % 5.0 1.6% 1.4% 1.0% -5.7 AAA AA A BBB <BBB One Year Performance -4.9 -~ o.i % -20.3 1-3 Yr 1-5 Yr 1-10 Yr 10+ Yr -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 2009 Market Rates 7.00 Fed Funds Rate -TED Spread 6.00 -3-Month Libor ~ •• BAA/10yr Spread ~~ ~ ..: -~ '~ ~ _.,. _ 5.00 _ ~ ~ - - 4.00 3.00 2.00 1.00 o.oo Jan-09 Feb-09 Mar-09 Source: Merrill Lynch ,Mortgage-X.com , US Department of Treasury & St. Louis Fed Page 7 of 39 -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Treasury Yield Curve 6.00 5.00 4.00 3.00 2.00 1.00 o.oo -Or°12/31/2007 O 9/30/2008 X12/31/2008 X3/31/2009 O O O O O O O J_~" 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr .1.[ [F. B4GDAHN GROiUP The Market Environment Taking along-Term Perspective 10-year rolling monthly returns of stocks, bonds and cash (1/1/26 - 3/31/09) Page 8 of 39 annualized Return (°lo) 25 2D 15 14 5 -5 F---------~- -------------------------------------------------------------------------------------------------------------------------------------------------------- -Equity -Band -Caslh __I mG ~~G ~'fa {L'C' 0'G ,mG m'G ~{a Pd~' ffiG ~G ~Ca FaSs mC' ,QrC' mG 880 rolling 10-year observations -Stocks outperforms Bonds 736 rolling periods or 84% ofthe time. -Stocks outperforms Cash 749 rolling periods or 85% of the time. -Bonds outperform Cash 723 rolling periods or 82% of the time. Source: Ibbotson & Zephyr Associates ~^'~ ~'~-[r. $4GDAHN ~~ GROIUP Total Fund Portfolio March 31, 2009 December 31, 2008: $13,620,278 March 31, 2009: $13,3>1,507 Segmenu Market Value Allocation Segmenu Market Value Allocation ^ Domestic Egnin~ ~,350,12~ 39.3 ^ Domestic Equit<- X299,899 39.7 ^ Inten~ational Egnity~ 1,353,=~07 99 ^ Inten~ational EgnitF~ 1,277,678 9.6 ^ Domestic Filed Income 528,569 38.5 ^ Domestic Filed Income 5,~7~,~76 X1.0 ^ Real Estate 90~,0~2 6.6 ^ Real Estate 778,85 5.8 ^ Cash Equivalent 76,136 5.6 ^ Cash Egni~~•alent 520,610 3.9 Page 9 of 39 ~~ BOGI~AHN GROUP Total Fund Portfolio March 31, 2009 December 31, 2008: $13,620,278 March 31, 2009:513,351,.507 Market Value Allocation Market Value Allocation ~5) ~%) ~5) (%) ^ Galliard Core Filed Portfolio ~,30~,~28 31.6 ^Galliard Core Fred Portfolio ~,=t81961 33.6 ^ Lateef Asset MgmtEquin~ 3,302,683 2~.2 ^Lateef Asset MgmtEquity- 3,191,977 23.9 ® Sno~ti Capital Mgmt. Equit<~ 2,519,390 18.5 ®Sno~ti~ Capital Mgmt. Equity 2,336,270 17.5 ^ Voy°ageur Asset Mgmt. Inteinatioi~al 1,353,07 9.9 ^ Voyageur Asset Mgmt. Intei7~ational L277,678 9.6 ^ Galliard TIPS 992,062 7.3 ^Galliard TIPS L050,975 7.9 ^ American Stable Value Fund REIT 90~1,0~2 6.6 ^ American Stable Value Fluid REIT 778,8-15 5.8 ^ R&D Account Cash 2~~265 1.8 ^ R&D Account Cash 233,801 1.8 ~~ B~GI~AHN Page 10 of 39 ~~ ~~~~~ Defined Benefit Plan & Trust for Employees of the City of Winter Springs Asset Allocation As of March 31, 2009 Asset Allocation Domestic Equity Portfolio Sno~~ Capital Mgmt. Egnit<~ Lateef Asset Mgrnt.Equity International Equity Portfolio Vol ageur Asset Mgmt. Intei7kational Total Fred Portfolio Galliard Core Fiied Portfolio Galliard TIPS American Stable Value Fund REIT R&D Account Cash Total Fund Portfolio 5,528,28 X1.-41 2,336,270 17.0 3,191,977 23.91 1,277,678 9.57 1,277,678 9.~7 5,532,936 ~1.~~ -1,81,961 33.57 1,00,975 7.87 778,85 5.83 233,801 1.7~ 13,351,507 100.00 5,822,07.4 X2.75 2,519,390 18.50 3,302,683 2.25 1,353,07 9.94 1,3~3,~07 9.9-4 5,296,91 38.89 ~,30~,~28 3 L60 992,062 7.28 90,0-42 6.6~ 2~~,265 1.79 13,620,278 100.00 7,22,820 X7.70 3,23,-4~0 22.00 3,999,380 25.70 1,75,816 11.22 1,75,816 11.22 5,2~8,86~ 33.73 ~,2~2,77~ 27.27 1,006,091 6.~7 988,399 6.35 1~~,683 0.99 15,560,582 100.00 Page 11 of 39 ~~ BOGI~AHN ~' GROUP Defined Benefit Plan & Trust for Employees of the City of Winter Springs Financial Reconciliation As of March 31, 2009 Financial Reconciliation Quarter Domestic Equip- Portfolio Lateef Asset Mgnrt.Equit~ Sno«- Capital Mgmt. Equitc Internafional Equip- Portfolio Von a,em~ Asset Manrt. International Total Filed Portfolio Galliard Core Filed Portfolio Galliard TIPS American Stable Valise Fnnd REIT 5,822,07 177,600 - - -12,668 -62~ 25,568 -X83,702 5,528,28 3,302,683 88,800 - - -8,266 -353 9,803 -200.689 3,191,977 2,519,390 88,800 - - -4,402 -271 15,766 -283.013 2,336,270 1,353,07 ~8,07~ 8,300 - -3,07 - - -129,029 1,277,678 1,33.407 48,074 8,300 - -3,074 - - -129,029 1,277,678 5,296,91 99,500 2,682 -5,363 -3,053 -656 5,776 137,560 5,532,936 4,304,=428 81.700 - -x.363 - -~34 22 101.708 4,48L961 992.062 17,800 2,682 - -3,053 -122 5,75 3>,8~2 1,00.975 904,042 - - -6,755 -2.163 - - -116,280 778,845 244,265 -32,174 469.71 -15.124 - -277 X40 - 233,801 13,620,278 - X80,552 -167,22 -20,958 -1,557 31,885 -591,52 13,351,507 Financial Reconciliation Fiscal Year to Date Domesfic Equit~~ Portfolio 7,-122,820 377,800 - - -38,84 -1,381 58,320 -2,290,68 5,528,28 Lateef AssetMamt.Egnih~ 3,999,380 188,900 - - -28,015 -776 23,748 -991,260 3,191,977 Sno~~ Capital Mamt. Equip 3,423,440 188.900 - - -10,829 -60~ 34,71 -1,299,208 2,336,270 Internafional Equih~ Portfolio 1,7-15,816 85,091 36,100 - -7,791 - - -581,538 1,277,678 Vo~~asem~AssetMsnrt.International 1,74.816 8.091 36,100 - -7,791 - - -~81.~38 1,277,678 Total Filed Portfolio 5,2~8,86~ 211,700 2,682 -5,363 -6,07 -1,298 11,218 71,180 5,532,936 Galliard Core Filed Prntfolio 4,242J74 173,800 - -5,363 -2,616 -1,058 107 74.318 4,=481,961 Galliard TIPS 1.006,091 37,900 2,682 - -3,431 -239 11,113 -3,138 1,00,975 American Stable Value Fnnd REIT 988,399 - - -14,200 -4,601 - - -190,73 778,845 RcX,DAcconntCash 14,683 -674,91 1,070,687 -316,24 - -2,127 L402 - 233,801 Total Fund Portfolio 15,560,582 - 1,109,69 -335,817 -57,283 -#,805 70,91 -2,991,579 13,351,507 ~~ B~GI~AHN Page 12 of 39 ~~ ~~~~~ Defined Benefit Plan & Trust for the Employees of the City of Winter Springs Comparative Performance As of March 31, 2009 'otal Fund Portfolio (Net) --4.28 (29) -18.96 (59) -27.92 (73) -7.85 (63) -3.99 (64) 0.02 N/A 11/01/2000 otal Fuuil Polio -<.1-1 (7,} -1759 (-I-!) -2;.26 l29) -~-~17 (28) -1.79 (~'~) -~?--I1 N A Difference 1.86 -1.37 -4.66 -2.38 -2.20 0.43 Hied-Asset Tar,et Alloc Moderate Funds (IVIF) Median -x.12 -18.09 -2.26 -7.08 -3.3~ N A 'otal Fund Portfolio (Gross) -4.12 -18.61 -27.42 -7.24 -3.34 0.71 11/01/211011 otal Funil Polio -6.1-I -1759 -2326 -x_-17 -1.79 -0.-11 Difference 2.02 -1.02 -4.16 -1.77 -1.~5 1.12 'otal Fund Portfolio (Net) -=4.28 (29) -18.96 (59) -27.92 (73) -7.85 (63) -3.99 (64) 0.02 N/A 11/01/2000 ot~IPundPolic~ Tar~rtAllocation -7.~,~ i88) -19'i> (71) -_'72_' (66) -6.72 i-1~) -2.77 (~0) -0.85 NA Difference 3.40 0.99 -0.70 -1.13 -1.22 090 Bled-Asset Taret Alloe Moderate Funds (IVIF) Median -5.12 -18.09 -2.26 -7.08 -3.35 NA 'otal Fiord Portfolio (Gross) -4.12 -18.61 -27.42 -7.24 -3.34 0.71 11/01/20(10 otal F~'unil Polio Tar~zet Alloritions -7.r;8 -1'i 9> _27.22 -6.72 -2.7 7 -0.58 Difference 3.~6 1.34 -0.20 -0.52 -0.~7 L~9 Rehuns for periodti neater than one ~-ear are annualized Rehuns are expressed as percentages. TH7; Total Fund Polio Tu~etAllocationti 50°0 8&P~00 1~°o MSCI EAFE, 30°o LB Int. AsareQate, & 5°o NCREIF ~~ _ ~~~~~HN Total Fund Poli~~ 60° o S&P X00, and 40°,'o LB Int Asare,ate Page 13 of 39 ~ ~~ ~ ~~ ~~~~~ Defined Benefit Plan & Trust for the Employees of the City of Winter Springs Comparative Performance As of March 31, 2009 Total Fund Portfolio (Net) Total Faud Policv Mired-Asset Target Alloe Moderate Funds (IVIF j Median Total Fund Portfolio (Gross) Total Fund Yohc~ -1.28 (29) -18.96 (59) -27.92 (73) -23.12 N/A 10/01/2007 -6.1-1 (%;) -1%.>9 1-1-1) -2;?6 129) -1~) 3; N A 1.86 -1.37 -1.66 -3.77 -x.12 -18.09 -2.26 NSA -1.12 -18.61 -27.12 -22.68 Ill/(11/2007 -( 1~ -1? >9 -2; 2t; -19 2.02 -1.02 -x.16 -3.33 Total Fiord Portfolio (Net) --t.28 (29) -18.96 (a9) -27.92 (73) -23.12 N/A 10/01/2007 Total FundYolicv TargetAllocatioun -i_G8 (88) -19,9> (71) -27.22 (G6) -22.-12 NA Difference 3.10 0.99 -0.70 -0.70 Mired-Asset TaraetAlloe Moderate Funds (IvIF) Median -x.12 -18.09 -25.26 NSA Total Fund Portfolio (Gross) -1.12 -18.61 -27.12 -22.68 10/01/2007 Tidal Flllli~ )~)IIC_\ T~lf~~~t ~lli)c~ttli)11S -% (>ti -1i1 ~/i -21 ~~ _~~ -1~ Difference 3.56 1.3~ -0.20 -0.26 Returns for periodti neater than one v-ear are annualized Rehuns are expressed as percentages. THt Tonal Fund Policv Tu'~etAllocationti 50°o S&P500 1~°o MSCI EAFE, 30°o LB Int. AsareQate, & 5°o NCREIF at~~ ~~~~~HN Total Fund Policv 60° o S&P 500, and 40°,'o LB Int Asare,ate Page 1-4 of 39 ~R©~P Defined Benefit Plan & Trust for Employees of the City of Winter Springs Comparative Performance Trailing Returns As of March 31, 2009 Total Equity Portfolio Total Equih Polio Total Equity Portfolio Total Equih Polio Tar;et Allocations SX:P 500 US CoreLarse Cap Equih' (SA+CF) Median Lateef Asset Mgmt.Equity Russell lii0ii Gro~~fh Index US Gro~nrtlvLar,e Cap Equih• (SA+CF) Median Sno~i Capital Mgnrt. Equity Kussell 3000 Value Inlet All Cap Value EquitS~ (SA+CF) Median zrnational Equity Portfolio CI I/APL lnilel Active Value EquitS~ (SA+CF) Median -8.30 -30.50 -~1.5~ -1.25 -8.18 -#.7~ -2.58 01/01/2001 -11.01 -30.14 -38.09 -12.92 -6.92 -4.11 -3.64 2.71 0.04 -3.45 -1.33 -1.26 -0.63 1.06 -8.30 -30.50 -41.5# -1.25 -8.18 -~.7~ -2.58 01/01/2001 -11.58 -3i~_60 -39.74 -1325 -7.19 -4-3-G -3-77 3.28 0.10 -1.80 -1.00 -0.99 -0.40 1.19 -7.99 (22) -29.88 (54) -37.41 (58) -12.81 (57) -7.43 (77) -4.27 (60) -2.47 N/A 11/01/2000 -1101 ~6S) -3+)54 ~72~ -3~(~~ r72D -13iu; lr;;~ -%-G3 r77f --li<; ~82~ -4.97 N1 3.02 0.66 Q68 0.25 Q00 0.49 2.50 -10.49 -29.78 -37.07 -12.51 -6.63 -3.79 NSA -5.85 (63) -24.05 (22) -29.93 (12) N/A N/A N/A -25.38 N/A 10/01/2007 -4.12 (41) -2> 97 (47) -3428 (49) -1 128 (50) -; 72 (60) -4.38 (74 ~ -29.99 N A -1.73 1.92 4.35 N A N A NiA 4.61 -4.81 -26.41 -34.49 -11.29 -5.43 -3.41 N!A -10.81 (41) -36.70 (93) -45.55 (96) N/A N/A -17 i~0 (100) -35.60 (871 -42.14 (83) -15.60 (76) -8.97 [75) 6.19 -1.10 -3.41 N'A NSA -12.78 -32.34 -38.26 -14.23 -6.75 9.63 (16) -33.13 (8#) -54.91 (99) -19.54 (98) -10.01 (99) -13.85 (?~) -30.99 (Iii) -46.20 (76> -14.ii7 (75) -; G4 (76) 4.22 -2.14 -8.71 -5.47 -4.37 -13.11 -29.01 -43.00 -12.60 -3.87 N/A -40.86 N/A 10/01/2007 -497 (73) -37.19 NA N"A -3.67 -3.39 Nr'A -5.39 (100) -2.77 N/A 11/01/2000 -1.75 (76) -1.49 NA -3.64 -1.28 -0.25 NiA Voyageur Asset Mgmt. International -9.63 (16) -33.13 (84) -54.91 (99) N/A N/A N/A -45.33 N/A 10/01/2007 MSCI EAFEInde~ -13,85 (») -3ii.99 (70) -46.20 (76) -14.ii7 (75) -5.64 (76) -1.75 (7<~ -38.51 NA Difference 4.22 -2.14 -8.71 N'A NiA N/A -6.82 International Active Value Equih- (SA+CF) Median -13.11 -29.01 -43.00 -12.60 -3.87 -0.25 N'A Returns for periods greater than one year are annualized. Returns Ire eYpietised as percentages. Total Fund Polio= 50°o S&P 500, 15°o MSCI EAFE, 30°o LB Int. ~ .1-~ ~~, AaQre,ate. & 5°'o NCREIF. Total Equity Pohcv= 80°o S&P 500, & 20°o MSCI EAFE. Total Fi led Policti~ 85°o LB Int. Aaa. & 15°o Tips ~ ~Q~~~HN ~~ ~~~~~ Page 15 of 39 Defined Benefit Plan & Trust for Employees of the City of Winter Springs Comparative Performance Trailing Returns As of March 31, 2009 Total Fred Portfolio Total Fixed Po1ic~ Total Fixed Portfolio Total Fred Polio Target Allocations Galliard Core Filed Portfolio Barclay s Capital Intermediate A~,~,reate Difference US Intermediate Filed Income (SA+CF) Median 2.68 1.~5 -2.07 3.52 3.05 2.6~ 5.16 11/01/2000 0.91 4.52 9 5.91 4.99 4?1 5.94 1.77 -3.07 -5.46 -2.39 -1.94 -1.57 -0.78 2.68 1.~5 -2.07 3.52 3.05 2.6~ 5.16 11/01/2000 L66 ;.95 2.58 5.91 4.99 4? 1 5.94 1.02 -2.50 -4.65 -2.39 -1.94 -1.57 -0.78 2.3~ (2) 1.6~ (82) -2.02 (86) N/A N/A N/A -0.0~ N/A 10/01/2007 0.91 (;S) 4.52 )r;2) ;.;9 )-12) 5.89 1-1-1) 4.99 (45) 4.15 )7) 58; NA L43 -2.88 -5.41 N%A N A N%A -5.87 0.69 4.89 2.49 5.71 4.83 3.92 N A Galliard TIPS x.16 (80) 0.62 (92) -2.26 (68) Barela~ ti Capital Li.S. Treasures Inllation Notes: 1- 5.89 (10) 0.43 (>>) -2?6 (68) Difference -1.73 0.19 0.00 US TIPS (SA+CF) Median 4.88 1.96 -2.00 American Stable Value Fund REIT -12.86 (29) -19.#3 (28) -18.45 (23) Keal Estate Polio- 1.71 (1) 0.44 r 1) 7-i ~n (1) Difference -14.57 -22.87 -25.45 US Private Real Estate-Open End (SA+CF) Median -17.04 -27.57 -25.67 American Stable Value Fund REIT -12.86 (29) -19.3 (28) -18.5 (23) NCKFIF Property Inde1 -7-3 3 (1) -15.01 (1) -14.6S (1) Difference -5.53 -4.42 -3.77 US Private Real Estate-Open End (SA+CF) Median -17.04 -27.57 -25.67 N/A N/A N/A 5.51 N/A 10/01/2007 5.80 (43) 4.x;9 (43) 4.12 (73) 5.50 NA NA NA NA 0.01 5.77 4.63 4.19 N%A N/A N/A N/A -11.10 N/A 10/01/2007 7.i iii rl) Z00 NA Z00 NA 7-inn NA NA NA NA -18.10 0.07 NA NA NA N/A N/A N/A -11.10 N/A 10/01/2007 4.16 (1) Z95 NA 9.4, NA -7.15 NA NA NA NA -3.95 0.07 N%A N%A N A Returns for periods ~~eater than one year are annualized. Returns are expressed as percentages. Total Fund Polio= 50° o S&P 500, 15° o MSCI EAFE, 30° o LB Int. AaQreate. & 5°'o NCREIF. Total Equity Policv= 80°o S&P 500, & 20°o MSCI EAFE. Total Fixed Policti= 85°o LB Int. Aas. & 15° o Tips Page 16 of 39 ~~ BOGI~AHN GROUP Defined Benefit Plan & Trust for Employees of the City of Winter Springs Comparative Performance Fiscal Year Returns As of March 31, 2009 Total Fund Portfolio(Net) -16.82 (72) ToMLFund Folio -L? 1L C2d~ Difference -4.71 Mired-Asset Target Alloe Moderate Funds (IVIF j Median -14.54 Total Fund Portfolio -16.6 Total Fund Polio Tarsct Allocations -14.63 Difference -1.83 Total Fund Portfolio(Net) -16.82 (72) Totzd Fund Polio - L_ 11 ('_ ~ 1 Difference -4.71 Mired-Asset Target Alloe Moderate Funds (IVIF j Median -14.54 Total Fund Portfolio -16.6 Total Fund Polio Tarsct Allocations -14.63 Difference -1.83 13.03 (32) I L 97 (441 1.06 11.49 13.92 14.40 -0.48 13.03 (32) 1 L97 (141 1.06 11.49 13.92 14.40 -0.48 7.89 (~0) 9,55 (1(,) -1.66 7.2E 8.62 9.19 0.57 7.89 (~0) 9.55 (161 1.66 7.2E 8.62 9.19 -0.57 ll.07 (26) 12.18 (11~ lil-76 (31i1 1F65 cl~i 0.31 0.53 9.49 9.40 11.82 13.0, lil-76 11.65 1.06 1.40 ll.07 (26) 12.18 (11~ IID 7F7 (i(1) I1 r>J (1~1 0.31 0.53 9.49 9.40 11.82 13.0, lil-76 11.65 1.06 1.40 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Polio= 5U° o S&P 500, 15° o MSCI EAFE, 3U° o LB Int. AaQresate. & 5°'o NCREIF. Total Equity Polio= 80°o S&P 500, & 20°o MSCI EAFE. Total Fired Policti~ 85°o LB Int. Ass. & 15° o Tips Page 17 of 39 12.9 (82) -7.28 (~1) 18.84 (151 -11 9_' (871 -6.35 4.64 15.67 -8.25 13.3 -6.5~ 18.84 -11.92 -S.SO 5.38 12.9 (82) -7.28 (~1) 1`.84 (1~~ -11~~2 (~7D -6.35 4.64 15.67 -8.25 13.3 -6.5~ 18.84 -11.92 -S.SO 5.38 ~~ BOGI~AHN GROUP Defined Benefit Plan & Trust for Employees of the City of Winter Springs Comparative Performance Fiscal Year Returns As of March 31, 2009 Total Equih' Portfolio Total Equitt Polio Total Equity Portfolio Total Equity- Polio Tar~aet Allocations Domestic Equih- Portfolio S~~P 50p Difference US CoreiLare Cap EquitF~ (SA+CF) Mcdian Lateef Asset Mgmt.Equih Russell 11100 Gro~lrth Indel Difference US Gro~~th-Larne Cap Equih' (SA+CF) Median Sno~~ Capital Mgmt. Equih- Kussell ;000 Value Indel Difference US All Cap Value Equity- (SA+CF) Median International Equity Portfolio MSCI SAFE Index Difference International Active Value Equih- (SA+CF) Median Voyageur Asset Mgmt. International MSCI EAFE Index Difference International Active Value Equih- (SA+CF) Mzdian -2 ~. 61 18. ~ 2 10.83 15. ~ 0 17.6 0 -2 F 95 16.44 12. ;1 14 30 15.14 -3.63 2.08 -1.68 1.10 2.46 -2 ~. 61 18.52 10.83 15. ~ 0 17.60 -2 61 15.21 I1 99 14 ~0 1> 14 -2.00 0.31 -1.16 1.10 2.46 -21.66 (5~ L7.58 (36) 9.29 ('7~ L3.T7 (59) 16.77 (19) -21 "5 1r;;) 16.44 155) lu 79 +49) 12 21 r51) li '~7 Ui ) 0.32 1.14 -1.50 L52 2.90 -21.42 16.61 10.78 1437 14.28 -15.13 (13) N/A N/A N/A N/A -2n_88 (Si1> 1935 (55) 6.1 i4 (57) 11 h0 (71i> 7.51 (74) 5.75 NiA N A NiA N A -20.90 19.89 6.70 14.01 10.04 -28.16 (92) N/A N/A N/A N/A -22.70 X73) 13.73 (64) 1-4.55 (10) 16.78 r55) 2n 59 r49) -5.46 NiA N A N A N A -19.77 16.24 10.28 18.70 20.83 -39.55 (100) 23.63 (61) 19.8# (66) 26.83 (51) 22.9# ('18) -,O.1, (77) 2535 (43) 19.(15 (68) 263' (~5> „~, (79) -9.42 -1.75 0.19 0.51 0.42 -27.34 24.45 20.77 26.92 25.41 -39.55 (100) N/A N/A N/A N/A -;0.1~ (77) 2535 (4~) 19.6; (65) 26.;2 (58) 22.;2 (79) -9.42 N'A N A N A N A -27.34 24.45 20.77 26.92 25.41 Returns for periods ~~eater than one year are annualized. Returns are expressed as percentages. Total Fund Policy= 5U° o S&P 500, 15° o MSCI EAFE, 3U° o LB Int. AaQresate. & 5°'o NCREIF. Total Equity Policy= 80°o S&P 500, & 20°o MSCI EAFE. Total Fixed Policti~ 85°o LB Int. Ans. & 15° o Tips Page 18 of 39 18.76 -1.70 24.64 -19.94 -5.88 5.24 18.76 -1.70 24.64 -1994 -5.88 5.24 L7.81 (91) -L~.~6 (18) 24--40 (441 -2~ 49 (761 -6.59 6.03 24.02 -19.07 N/A N/A 25.92 (271 _'''' S1 (76> NiA N A 22.40 -19.53 N/A N/A 24 89 (71) -15.89 (7 71 NiA N A 28.20 -10.27 27.32- (71) -20.13 X99) 26.54 17(,) -15?6 (59) 0.78 -4.87 29.93 -6.80 N/A N/A 26.54 (761 -IS?6 (59) NA NA 29.93 -6.80 ~~ BOGI~AHN GROUP Defined Benefit Plan & Trust for Employees of the City of Winter Springs Comparative Performance Fiscal Year Returns As of March 31, 2009 Total Fred Portfolio 0.6~ x.96 3.27 2.81 2.68 ~.2~ 9.~6 Total Fred Polio- -1.16 ; ;.;> 2.80 3.65 x.40 5.61 Difference -3.52 -0.37 -0.28 0.01 -1.00 -0.16 0.8~ Total Fised Portfolio 0.6# x.96 3.27 2.81 2.68 5.24 9.~6 Total Fised I'olic~ Target Alk~caticx~s 4.73 ~. 3.» 2.50 3.65 x.40 5.61 Difference -4.09 -0.37 -0.28 0.01 -1.00 -0.16 0.85 Galliard Core Fised Portfolio -1.68 (95) N/A N/A N/A N/A N/A N/A L3arcla~ s Capital Interrneiliate A re~_ate -1.16 ~ 31 ~ ;. ; ; 16 ~ 3.54 1 X71 2? ~ 1421 x.39 ~ 271 ,4.'i4 16> 1 Z92 1 X71 Difference -x.54 N A N-A N A N A N A N A US Intermediate Fixed Income (SA+CF) Median 3.08 5.46 3.91 2.09 2.87 ~.~2 5.08 Galliard TIPS 7.72 (17) N/A N/A N/A N/A N/A N/A L3arelai s Capital TLS. Treasury Inllation Notes: 1- 7.59 (13) ~.;_' (23) 2?5 (33) 3.54 (92) ~.7> (9~) 7?~ (76) 12?9 (99> Difference -0.17 N A N;A N A N A N A N A US TIPS (SA+CF) Median 6.27 4.95 2.08 x.26 7.~0 7.42 14.76 American Stable Value Fund REIT x.03 (-41) N/A N/A N/A N/A N/A N/A Real EstatePolic~ 7.tr0 (21) Z00 (IOn) Z[i0 (97~ Z00 (lOn~ Z(r0 (94) Z00 (91) Z00 (32> Difference -2.97 N A NiA N A N A N A N A US Private Real Estate-Open End (SA+CF) Median 3.23 18.34 17.77 19.75 12.35 9.60 6.02 American Stable Value Fund REIT x.03 (~1) N/A N/A N/A N/A N/A N/A NCREIFPropert<Inde> >?7 (31) 17.31 i65~ IZ62 (~1) 1').19 (66~ 12.41 (~0> 7.53 i52) x.70 (~4) Difference -1.24 N/A N A N/A N A N'A N A US Private Real Estate-Open End (SA+CF) Median 3.23 15.34 17.77 19.7 12.3 9.60 6.02 Returns for periods ~~eater than one year are annualized. Returns are expressed as percentages. Total Fund Policy= 50° o S&P X00, 15° o MSCI EAFE, 30° o LB Int. AaQreate. & 5°'o NCREIF. Total Equity Policy= 80°o S&P 500, & 20°o MSCI EAFE. Total Fised Policti~ 8~°o LB Int. Aas. & 1 ~° o Tips Page 19 of 39 ~~ BOGI~AHN GROUP Winter Springs General Employees Total Fund Portfolio (Net) March 31, 2009 ' 1 1 ~ 1V~Iarket Value I~Iarlcet Palue ~s of Net Contributions Distributions Fees Expenses Ca rtal Income p As of Transfers -lpprec./Deprec. c 12/31/2008 3/31/200 Total Fetid Portfolio fNet) 13,6'0 - X81 -167 -21 -_ 32 -591 13,3, Market Value Net Ca ~tal D'Iarl.et Value ~s of Contributions Distributions Fees Expenses Income p ~s of Transfers ~pprec./ Deprec. c 9/30/2008 3/31/200 Total Fetid Portfolio (Net) li 561 - 1,109 -336 -57 -5 71 -2,992 13,31 $160.0 10 00 0 00 ® ~ $1di.0 -10.00 $130.0 -20 UO a L 7 a' -3000 $115.0 -•10.00 $100.0 ~~~~~; -50 00 ~ ~ o ~ i o 1 Oct-2UU8 1 2 3 ~ 5 $35 0 Quarter To Year Pears Years Years Years Mar-2009 ^TotalFundPortfolio(Net) -~.''-8 (29) -1R 96 (391 =792 (73) -L.~9 (611 -735 (63) -399 (6~1 -188 (53) • TotalFmidPolicS- -6.1~ U3) -1759 (a-il = 3.26 (291 -135 1?91 -5~7 ('8) -1.79 (281 -029 (20) $70-0 1"'.00 9%02 6 04 ~ 06 13 07 ~ 09 bfediui -5.12 -18.09 -_5.26 -1~3~ -Z08 -335 -1.79 ~TotalFundPortfilio(Net) Total FundPolic~ 1 ~' 1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 .Jun-2008 Mar-2008 Dec-2007 Sep-2007 Total Eund Portfolio (Net) -15.3 (73) -6.59 (25) -x.79 (100) -x.35 (32) -2.22 (8~) 1.89 (52) Total FundPolicj- -12.19 (29) -5.08 (9) -190 (771 -x.81 (38) -0.8~ (50) 235 (33) l~,fized .Asset Tuget ~.lloe l~foderate Funds IF,IF) l~dediui -1338 -8.0~ -1.05 5.~1 -0.85 1.9~ ~~ B~GI~AHN Page 21 of 39 ~~ ~~~~~ Winter Springs General Employees Total Fund Portfolio (Net) March 31, 2009 30-0 o oo o~,et . 20.0 Perfirntvice ~ a 25 00 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ • to-o • ~~~~ ~^ ~ ~~ z c So 00 ~ ^ 0 0o a ^ ~ a 700 ~ Pa -10-0 ~ ^o iLtder a ~, Perfirntemce l U0 00 i ~ i i ~ -30.0 R C oa 6 0~ 6 06 6 07 6 08 3 ii 9 o ?0 0 -1 O O 0.0 10.0 F 20.0 30.0 Total Period 5-25 25-1\4edian 1V~Ieclian-75 75-95 Total FundPolicv(%) Count Count Count Count ^ Total Fund Portfolio (Net) 20 2 (10°0l la 170°0) a (20°0l 0 (0°~0) fOcerPerlormanee fLLlderPerfirntvtce ~Jun?OOa ~f.1at-3009 •TotalFrmdPolicv 20 11 (i5~-tj 8 (a0°ol 1 ~5°0) 0 (0°'0) 3.50 0 (10 -~ i~ -7.00 ~ ,~, -10.50 7 a -la0o -1 z5o >.o0 10 00 1500 Risk (Standard Deviation % ) Return Standard Deviation ^ Total Fund Portfolio (Net) -7.85 11 38 • Total Fund Polic_p -S a7 10 95 - 1\,lecfian -7.08 11.55 5 00 250 e L -5.00 7 a -750 -l o-oo • 30.00 5 00 z5o lo.o0 1250 15.00 Risk (StandardDe~iation % ) Return Standard Deviation ^ Total Fund Portfalia (Net) -1 88 9.82 • Total Fund Policy- -0 29 9.28 - l~fedtan -1.79 9.60 17.;0 r own Tracking Sharpe Downside Dlarlcet D4arket Alpha IR Beta Error Capture Capture Ratio Risk Total Fetid Portfolio (Net) 3 a6 8a-6R l0a 33 -2 52 -0-71 -0.98 0.99 10.60 Total Fetid Polioj- 0 00 100.00 100.00 0.00 N a -0.79 1.00 9.6a 1 r own Tracking Sharpe Downside E 1V'Iarket biarket Alpha IR R ti Beta Ri k rror Capture Capture a o s Total Fetid Portfolio (Net) 2.88 93 ~ 1 106.28 -1 55 -O Sa -O aCi 1.01 8 a9 Total Fetid Policy 0.00 100-00 100-00 0.00 N%_~ -0.32 1.00 7.67 Page 22 of 39 ~~ BOGI~AHN GROUP Winter Springs General Employees Domestic Equity Portfolio March 31, 2009 MarletValue Net Ca ~tal blarlcet~"aloe As of Contributions Distributions Fees Expenses Income p As of Transfers Apprec./Deprec. c 12/31/2008 3/31/200 DrnnesticEquin-Yortfolio 5.,8°_~ 178 - - -13 -1 26 -484 5,528 n-Iarket Value As of Net Contributions Distributions 9/30/2008 Transfers Drnnestic Equin° Portfolio 7.433 378 ~~' 1 1 ~' I 15.00 0-00 -1 ~-00 a L -30 ~~ a -60-00 Fees Expenses -39 -1 $160.0 -aS o0 1 Oct-2008 1 2 3 ~ 5 Quarter To Year Years Years Pears Years 1~1ar-2009 ^ Domestic Equity- Portfolio -799 (22) ?9.88 (~~) -37.41 (58) ?234 (4-41 -12.81 (571 -7.43 (771 -~ 27 (60) • S&Y500 -11.01 (681 -30.54 (721 -38.09 (72) -2334 (6~1 -13.06 (65) -7.43 (771 -47C, (82) 1~Se~iui -10 ~9 -29J8 -37.07 -32.77 -12.51 -6.63 -3J9 $140-0 $120-0 i oo-o X80 0 Capital DJarl.et Value Income As of Apprea/ Deprec 3/31/2009 58 -_ ?90 S,i38 $60-0 I 1~ 00 9103 6'04 3%OCi Domestic Equit}- Portfolio S&Y 500 $819 $ 70.•1 13%07 i;09 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 .Jun-2008 blar-2008 Dec-2007 Sep-2007 Domestic Equip Portfolio -23.80 (86) -4.69 (8) -6.34 (99) -9.30 (40) -3.2~ (60) 2.68 (28) S~P500 -3194 (59) -8 7 (39) -2.73 (83) -9-a-4 (47) --_- (67) 2.03 (47) US(lore,LugeCapEquitti(S~+CF)l~,feelian -31J4 -201 -1-19 -9-47 -'87 198 Page 23 of 39 ~~ BOGI~AHN GROUP Winter Springs General Employees Domestic Equity Portfolio March 31, 2009 ~~-o o oo o~~e~ . P erfirmvice 13.0 c 25 00 o a ^ ~ ^ ~-o '~ 5o uu ~ ^ ~ ~ ~ a -60 ~ ~ ~ ~ ^i~ ® ~~ ~?~? • ~ • • • W iLider a ^ Perfirmemce 1001n! i ~ i i ~~ -30.0 6 Oq 6 05 6 i6 6107 6 iii 3 09 o -30 0 -18 0 -6.0 6.0 13.0 30.0 q To tal Peri od 5-25 25-Diedian n~Iedian-75 75-95 S&P500(%) Count Count Count Count ^ Domestic Equity Portfolio 20 0 ~0°-0) 7 (35°~0) 7 ~35?0) 6 (30°0l fOcerPerformanee fLLi~lerPerfirmvice ~Jun?OOq ~Itlai-3009 • S&P 300 20 0 (0°-0l 0 (0°'0) 13 (65°'0) 7 (35°0) 6.00 0 (~0 -6 l10 -13.00 -18.00 0 a ~a ~o -3o no 10 00 00 0.00 -5.00 L ~ -10.00 a -t5-oo >.oo to 0o t5 00 20 ~~0 25.00 30.00 35.00 5.0o to_oo t5 0o zo.o o X5.00 30.00 Risk (StandardDe~~iation %) Risk (StandardDe~iation % ) Return Standard Deviation Return Standard Deviation ^ Domestio Equit<- Portfolio -12.81 16.32 ^ Domestic Equity- Portfolio -~ 27 lq q6 • S~P500 -13.06 16.22 • S&P500 -q 7C, 1g28 - 1vlediui -12.51 16?2 - It.fediui -3.79 1q.g0 1 r own Tracking Sharpe Downside Dlarlcet D4arket Alpha IR Beta Error Capture Capture Ratio Risk Domestic Equinr Portfolio 5.02 95J 1 96.34 0.06 0 07 -0.33 0.93 16-19 S&P 500 0.00 10200 100.00 0.00 N-A -0.92 1.00 15.90 1 r own Tracking Sharpe Downside 1V'Iarket biarket Alpha IR Beta Error Capture Capture Ratio Risk Drnneetic Equity= Portfolio 83.91 150-35 921q 7.98 0.19 0.03 0.91 23-92 S&P 500 0.00 100-00 100-00 0.00 N%_~ -O q7 1.00 12.55 Page 2-4 of 39 ~~ BOGI~AHN GROUP Winter Springs General Employees Lateef Asset Mgmt.Equity March 31, 2009 Dlarket Value Market ~"aloe .1s of Net Contributions Distributions Fees Espenses Income Capital As of Transfers -lpprec./Deprec. ~ 12/31/2008 3/31/2U0~ Lateef AssetlvIgmtEquihr 3.303 89 - - -8 - 10 -201 3,192 Market Value D-Iarl.et Value As of Net Contributions Distributions Fees Espenses Income Capital ~s of Transfers ~pprec./ Deprec. c 9/30/2008 3/31/2U0~ Lateef lsset l~Igmt Equity- 3.999 ~~ 1 li.00 0 (il~ -15 00 . a L ~ -30.00 a -~S o0 -co 00 189 - ~~~~ ~~ -28 1 Oct-2008 1 2 3 ~ 5 Quarter To Year Years Years I"ears Years Mar-2009 ^ Lateef Assetn,lgmtEquin- -i 85 (G3) =_'~05 (°_2) -''9.93 (L) N,:~ Nl.y N-A N%A •Russe111000~m~~-thInJe~ -dl°_ (ql) -_'3.97 (~7) -3~?8 (~9) -19.2 (55) -11 ?8 (301 -5.72 (60) -d 38 (7~) lyle~iui -q.81 -2C ~1 -3q.g9 -19.OCi -11._'9 -5 ~3 -3.q1 -1 =~ $110.0 $100.0 $90.0 ~80 ~) ~7o n $CO-0 - 991 3,1 92 $50-0 I 9 07 3 08 9:'08 3:'09 ~LateefAsaetIyigmt-Equity- Ruese111000GrowthLiJe1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 Jun-2008 Mar-2UU8 Dec-2007 Sep-2007 Lateef lssetMgmt.Equit~~ -19.33 (9) -0.50 (~) -7.28 (99) -9.70 (35) 1.87 (23) N/~ Russe111000Gro~~thIn~e~ -22J9 (u) -12 ~3 (q7) 1.25 (u) -10-18 (ql) -0-77 (58) q?1 (6Ci) US GrolctlvI uge Cap Equity (SA+CF) ly,fe~ian -22.51 -12-51 1.51 -10.71 -Q20 5 21 Page 25 of 39 ~~ BOGI~AHN GROUP Winter Springs General Employees Snow Capital Mgmt. Equity March 31, 2009 ' 1 1 1 Dlarket ~"aloe bfarket Falue ~s of Net Contributions Distributions Fees Expenses Income Capital ~s of Transfers Apprec./ Deprec. c 12/31/2008 3/31/2001 Sno~~ Capit~~I 1~Sgmt. Equip- 2,519 89 - - -~ - 16 -283 2 336 ~' 1 1 1 1 Market Falue Net Ca rtal p D'farket Value As of Contributions Dish•ibuGons Fees Expenses Inwme ~s of 9/30/2008 Transfers Apprec./ Deprec. 3/31/2009 Sno«-Capitall~dgmt. Equine 3.-123 189 - - -I1 -1 35 -1,29) 2,336 ~ 1 1 ~ 1 $1li0 15.00 0.00 ~_ -15.00 a L -3 ~~.00 a -~5 00 -60 00 $100-0 $85 0 ~7o n $~~.0 1 Oct-2008 1 2 3 ~ 5 Quarter To Fear Tears Tears Tears Tears $q9,3 nla~=?009 $45.5 ^ Sno~~ Capitalnfgmt. EquiK -10.81 (411 -36J0 (931 -45.55 (961 N%~ N-~ N-A N-A •Russe11~000~-alueInde~ -17.00 (1001 -35.00 (871 -42.14 (831 -28.08 (80) -15.0,0 (761 -8.97 (751 -4.97 (731 $40-0 9 07 3'08 9108 3.09 ble~iui ~ -12J8 -3234 -38.26 -24.47 -14.23 -CiJS _3.39 ~ Sno~c Capital I~Igmt. Equity Russe113000 ~"alueInJe~ 1 ' 1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 Jun-2008 n-far-2008 Dec-2007 Sep-2007 Snow Capital D~Igmt. Equip -29.03 (98) -9.16 (58) -5.30 (9~) -8.87 (61) -8.35 (93) N/~ Russe113000 ti-alue Index ~? 41 (51) -526 (24) -5.17 (93) -8_u (54) -5.91 (76) -OJ5 (40) US ~~11 Cap ti-alue Equip- (S_A+CF) bfediui ~? 35 -7.61 -0.70 -8.18 -4.48 -L64 ~~ BC~'GI~AHN ~~ ~~~~~ Page 26 of 39 Winter Springs General Employees International Equity Portfolio March 31, 2009 ' 1 1 ~ 1V~Iarlcet ~"aloe Net Ca rtal p ~farlcet Yalue .1s of Transfers Contributions Distributions Fees Expenses Income ~pprec./ Deprec. ~s of 12/31/2008 r 3/31/2001 IntzrnationalEquit~-Portfolio 1.3,3 ~8 8 - -3 - - -129 1278 ~' 1 1 1 1 l~farleet Value Net Capital D-farl.et Value As of Contributions Distributions Fees Expenses Income As of 9/30/2008 Transfers ~pprecJ Deprec. 3/31/2009 Intzrnahonal Equitj- Portfolio 1 7~6 85 3Ci - -8 - - -i82 1.278 15 00 $'_00.0 ~ -15.00 -30.00 a L 7 x -~S o0 -~o 00 -7S o0 1 Oct-2008 1 2 3 ~ 5 Quarter To Year Years Years Years fears blar-2009 ^InternationalEquin-Portfolio -963 (1C1 -33.13 (8J) 591 (991 -337 (98) -195 {"981 -1001 (99) S39 (100) • I~ISCIE_~FE Index -13 8~ ~i51 -30.9) (70) -620 (76) -27 J9 (7J) -1J 07 (751 -3.6J (76) -1.7~ (7C) $i0-0 12 00 9%02 6'0~ ~ 0( 13%07 ~ 09 blediui ~ -13.11 ='9.01 -J3.00 -25.J~ -12.60 -3.87 -0.25 ~bitem~tion~lEquit~Portfolio ~1SCIE-~EEIndet 1 ' 1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 Juu-2008 1\-far-2008 Dec-2007 Sep-2007 International Equite Portfolio -26.00 (99) -2.28 (96) -10.9 (l0U) -0.22 (2) -10.17 (100) -0?6 (83) 1~,ISCIEaEEInde~ -19.90 (57) -20.50 (82) -1.93 (39) -8.82 (6Ci) -IJI (52) 223 (29) Internahonal~~cti~eFalueEquitS- (S ~+CE)1~4ediui -123J -1720 -'6J -8.13 -1.53 1 2J ~~ BC~'GI~AHN ~~ ~~~~~ Page 27 of 39 Winter Springs General Employees International Equity Portfolio March 31, 2009 50-0 o~~e~ o-oo P erfirmvice 30.0 c R 25.00 o a 'o io-o ~ °' ~ 50 00 • • o ~~,, •~ -io-o a: ~ 75 00 ~ ~~~~~•~ • •• • W -3o-o .? ~ ~ ^~~ ^ IInder a • o Perfirmemce 100 00 ~ ~ ~ ~ i R -50.0 6 Oq 6 U~ 6 06 ~, u7 6 u3 3 0_) -50 0 -30 0 -10 0 10.0 30.0 30.0 Total Period 5-25 25-Diedian Dledian-75 75 95 NISCI EAFEIndes(%) Count Count Count Count ^ InternationalEquinrPortfolio 20 0 (0°0l o (0°0) 9 (~5gol 11 (ii~ol fOcerPerformanee fLLi~lerPerfirmvice ~Jun?OOq ~f.1ai-2009 •1~.fSCIE~~FELi~ea 20 0 (0°0l 1 (Seol 12 (60°~0l 7 (35°0l 5.00 U (~0 -5-00 -10.00 -1-.00 a ~o ~~o 5-00 10 00 00 e v vv L ~ 5.00 a -i o-oo i o.oo i ~ no 20 no z5.oo 30_0o i o vo i ~ ~~o zo.oo z5 00 Risk (StandardDe~~iation %) Risk (Stan dardDe~iation % ) Return Standard Deviation Return Standard Deviation ^ International EquitF-Portfolio -19.Sq 22.03 ^ InternationalEquin- Portf olio -5.30 21.85 • ndSCIE_~FE Lulea -1q.07 19.08 • nfSCIEAFE Lidea -1.75 18.6q - f,Iediui -1? CO 18.69 - I~Iediui -0?5 17.9q 1 Tracking r own Sharpe Downside D4arket n-Iarket Alpha IR Beta Error Capture Capture Ratio Risk International Equity- Portfolio Zq6 8699 109-3d -q99 -0-73 096 1 06 22 06 1~ISCI EaFE Index 0.00 100.00 100-00 0-00 N a -0.30 1.00 18 73 1 r own Tracking Sharpe Downside biarket n4arket Alpha IR Beta Error Capture Capture Ratio Risk International EquiK Portfolio 598 9q.65 100.18 -3.27 -0.55 -033 1.07 ll33 1~dSCI E ~FE In~les 0-00 100-00 100.00 0.00 N ~~ -0-13 1.00 1 q 81 Page 28 of 39 ~~ BOGI~AHN GROUP Winter Springs General Employees Voyageur Asset Mgmt. International March 31, 2009 ' 1 1 1 n~IarlcetPalue Net Ca rtal n'Iarket~"aloe .1s of Contributions Distributions Fees Expenses Income p ~s of 12/31/2008 Transfers Apprec./ Deprec. 3/31/2009 Z-oS-ageurAssetblgmt International 1,353 Jg g _ _3 _ _ _129 1?78 ~' 1 1 1 1 l~farleet Value Net Ca rtal Market Palue As of Contributions Distributions Fees Expenses Income p ~s of 9/30/2008 Transfers ApprecJ Deprec. 3/31/2009 ~-ocagenr ~seet~.dgmt.Intcrnahonal 1,76 85 36 - -8 - - -~82 1,278 ~' 1 1 1 ~' 1 $1li0 1 ~ UO 0.00 -1 x_00 -30.00 L ', x -a, o0 -60 ou -7s_oo $IOQO $8~-0 70 ~ ~~~ ass o ~s~8 1 Oct-2U08 1 2 3 ~ 5 Quarter To Pear Pears Years Years Years blar-2009 ^ ti-o~-ageurAseetn,Igmt International -9.63 U6) -33 13 (8J1 -3J 91 (99) NA N,:A N/~ N%A $?_~ 0 •nISCIE_~FElii~les -13.8 (5~) -3099 (701 -6.20 (76) -_'7J9 U~) -1J 07 (7~) -5.6J (76) -1.73 (76j J%07 x;0 3 908 x'09 ti`o~- ageur ? sset nlg mt- vitemati onal ble~iui ~ -13.11 = 9.01 -J3.00 -_'6_a-4 -12-60 -3.87 -0.25 I~ISCIE.~FEInelel 1 ' 1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 Juu-2008 n-far-2008 Dec-2007 Sep-2007 Yoyageur~ssetDigmtInternational -26.UU (99) -2.28 (96) -10.9 (l0U) -U.22 (2) -1U.17 (lUU) N/~ 1~,ISCIEaFEInJe~ -19.90 (67) -20.0 (82) -1.93 (39) -8.82 (6Ci) -IJI (~2) 223 (29) Internahonal~~cti~eFalueEquitS- (S~+CF )1~4ediui -123J -1720 -'6J -8.13 -1_~3 1 2J ~~ BC~'GI~AHN ~~ ~~~~~ Page 29 of 39 Winter Springs General Employees Galliard Core Fixed Portfolio March 31, 2009 ' 1 1 1 n~Iarlcet Value Net Ca rtal n'Iarket Value .1s of Contributions Distributions Fees Expenses Income p ~s of Transfers ~pprec./ Deprec. ~ 12/31/2008 3/31/200 Galliard Core Filed Portfolio ~30~ 82 - -5 - ~' 1 1 1 1 Market Value As of Net Contributions Distributions Fees 9/30/2008 Transfers -1 - 102 ~,~82 Capital Market Value Expenses Income ~s of Apprec./ Deprec. 3/31/2009 Galliard Core Filed Portfolio ~?~3 17~ - -_ -3 -1 ~ 1 1 '1 1 $110.0 7~ ~.~82 1u uu 9 x.00 ~ ~ $10;.0 °.~. 0 Oil a L 7 a -, c.c. ~ i oo_o -io_oo . ~ ~, ~ ~ o 1 Oct-2008 1 2 3 ~ 5 Quarter To Pear fears Years Years Years blar-2009 ^GalliarilCoreFi~edPortfolio 23~ (~) 1.6~ (82) -2.02 (861 N:A N~~ N-A N'A $9~0 •BarelaysCapitalLitennediateAggregate 0.91 (381 X32 (63) 339 (~2) x.59 (~7) X89 (~d) X99 (~~) X15 (37) 9;07 x;08 908 3%09 Galliard Core Fred Portfilio blediui O.Ci9 x.89 _'.~9 5.~7 6J1 ~ 83 3.92 Bar~lacs Capital Litennediate Aggregate 1 ~' 1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 .Jun-2008 Mar-2008 Dec-2007 Sep-2007 Galliard Core Fixed Portfolio -0.68 (90) -3.02 (8~) -0.61 (21) U.20 (96) 1.81 (9~) N/A BuclavsCapitalHitennediateAggregate 3.ti8 (69) -0.13 (20) -0.96 (~2) 336 (i8) 2.89 (~ti) ?76 (61) US Intermediate Filed Income (S?.+CFI l~dediui x.16 -1.18 -1.0~ 3.60 2.83 ? 77 ~ BOGIlAHN Page 30 of 39 ~~~~P Winter Springs General Employees Galliard TIPS March 31, 2009 ' 1 1 1 Dlarlcet Palue Net Ca rtal ~Iarlcet Palue As of Contributions Distributions Fees Expenses Income p As of Transfers apprec./Deprec. c 12/31/2008 3/31/20(1 l Galliard TIPS 992 18 3 - -_ - C 36 1,051 D-Iarl.et Value Net Ca ~tal D-Iarl.et Value ~s of Contributions Distributions Fees Expenses Income p ~s of Transfers ~pprec./ Deprec. c 9/30/2008 3/31/2UOl Galhar~ TIPS 1,006 38 3 - -3 - I1 -3 1,051 1 u.uu 5.00 0 00 a L . 7 a -S o0 -i o vu $1li0 1 Oct-2008 1 2 3 ~ 5 Quarter To Pear Years Pears Pears Years biar-2009 ^GalliarilTII'S ~1C (801 0C2 (92) -22C (68j N-~ NAB NiA N;a $100.0 •BarelaysCapitalUS-TreasmtiInllationNotesl-IOlear 5.89 UO) 0~3 (95) -'2C (68j 5.89 (731 5.80 (~3) x.69 (~3) X12 U3) 9;07 x;08 9'08 x'09 Galliard TIY S ble~iui ~ x.88 19C, -2.00 C,.12 SJ7 x.63 x.19 Bar~lacsCapitalII.S.TreasuraLiflationNotee.l-lOFear 1 ' 1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Deo-2008 Sep-2008 .Jun-2008 blar-2008 Dec-2007 Sep-2007 Galliard TIPS -3.•10 (71) -2.89 (19) O.U3 (26) 5.67 (25) ~.9~ (66) N/A BuclavsCapitalLLS.TreasiiitiInflahonNotesl-lOlear -5.15 (98) -290 (19) 0.23 ~1~) SJO (23) X88 (82) 3_C8 (9~) US TIPS (S_~+CFI l~dedian -2.68 -3 ~7 -0?5 5.~0 X99 45~ ~~ B~GI~AHN Page 31 of 39 ~~ ~~~~~ Winter Springs General Employees American Stable Value Fund REIT March 31, 2009 DlarketFalue Net Ca rtal 1V'Iarket~"aloe As of Contributions Distributions Fees Expenses Income p As of 12/31/2008 Transfers Apprec./ Deprec• 3/31/2009 AmeneuiSta6le~-alueEundREIT 90~ - - -7 _ - - -11C, 779 Marl.etFalue Net Ca ~tal MarlcetPalue As of Contributions Distributions Fees Expenses Income p As of 9/30/2008 Transfers Apprec./ Deprec. 3/31/2009 amencuiStable~-alueEundREIT 983 - - -1~ -~ - - -191 779 15-00 0.00 ~_ -15 nn L 7 a -3o nn -~, o0 • ~ i ~ e $110.0 $10 ~-0 ~ 100-0 ~)> ~) X90.0 $ 35.0 1 Oct-2008 1 2 3 ~ 5 33.3 Quarter To fear Years Fears Pears Pears 1~1ar-2U09 ^ ~nencan St~sble ~-alue Eund REIT -lam RC (29) -1 9 ~3 (28j -13 ~5 (231 N-A N/9 NA N%~ $30 0 • NCREIF Yroperh Itidea -7.33 (11 -15 O1 (1) -1~ 68 (11 -1 5~ (1) x.16 (1) 7 95 (N%B) 9 ~3 (N%~) 9/07 ~ 03 9'08 ~%09 meriea~i Stable ti'alue Fcmd REIT blediui ~ -17.0 -27.57 _25.7 -721 0.07 NA N.~-~ NCREIFPropertj~Lides 1 ' 1 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec-2008 Sep-2008 Jun-2UU8 blar-2008 Dec-2007 Sep-2007 American Stable Falue Fund REIT -7.53 (23) -0.311 (~8) 1.52 (21) 1.19 (59) 1.58 (71) N/A NCFZEIFProperi< Index -829 (2C,) -0-17 (~I) 0-56 (60) 1-60 (32) 321 UI) 3SCi (tit) US Yri~ ate Real Estate-Open End (S~~+CE ) l~,fediui -9.99 -0 30 OJT 12~ 1.9~ 3.67 Page 32 of 39 ~~ BOGI~AHN GROUP Defined Benefit Plan & Trust for Employees of the City of Winter Springs Benchmark History As of March 31, 2009 Benchmark Police Total Fund Effecti~-e Date: Noy--2000 S&P 500 Index 65.00 Barclays Capital Aggregate 30.00 MSCI EAFE 5.00 Effecti~-e Date: Oct-2003 S&P 500 Indel 60.00 Barclays Capital Aggregate 30.00 MSCI EAFE 10.00 Effecti~~e Date: Sep-2006 S&P 500 Index 60.00 Barclays Capital Intei7nediate Aggregate 40.00 Page 33 of 39 ~~ BOGI~AHN GROUP Defined Benefit Plan & Trust for Employees of the City of Winter Springs Benchmark History Target Allocations As of March 31, 2009 Benchmark Police Total Epuit~~ Asset Allocations Effecti~-e Date: No~~-21100 S&P 500 Indel 90.00 MSCI EAFE 10.00 Effecti~-e Date: Oct-2003 S&P 500 Indei 85.00 MSCI EAFE 15.00 Effecti~~e Date: Sep-2(1(16 S&P 500 Inde 80.00 MSCI EAFE 20.00 Benchmark Polio- Total Fred Tar6et Allocations Effecti~~e Date: Noy--2000 Barclay-s Capital Aggregate 100.00 Effecti~~e Date: Sep-2(1(16 Barcla~-s Capital Intermediate Aggregate 100.00 Effecti~•e Date: Oct-2007 Barclays Capital Intermediate Aggregate 85.00 Barcla~~s Capital U.S. Treasnn Inflation Notes: 1-10 Year 15.00 Page 3~ of 39 ~~ BOGI~AHN GROUP Statistics Definitions Page 35 of 39 Statistics Description Rehu7i -- Compounded rate of rehun for the period. Standard Deviation -- A statistical measure of the range of a portfolio's peiToi7nance, the variability of a rehu7i around its average rehu7i over a specified rime period. Sharpe Ratio -- Represents the excess rate of rehu7i over the risk free rettu7i divided by the standard deviation of the excess rehu7i. The result is the absolute rate of return per alit of risk. The higher the vah~e, the better the producf s historical risk-adjusted peiToi7nance. Alpha -- A measure of the difference between a portfolio's actual returns and its expected peiToi7nance, given its level of risk as measured b~ beta It is a measure of the portfolio's historical perfoi7nance not explained by movements of the market, or a portfolio's non-s~Tstematic refine. Beta -- A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or systematic risk. R-Squared -- The percentage of a portfolio's peifonnance explained by the behavior of the appropriate benchmark. High R-Square means a higher correlation of the portfolio's performance to the appropriate benclnnark. Treynor Ratio -- Sinilar to Sharpe ratio, but focuses on beta rather than excess risk (standard de~~iation). Represents the excess rate of rehun over the risk flee rate divided by the beta. The resiilt is the absolute rate of refine per suit of risk. The higher the value, the better the products historical risk-adjusted performance. Do~ynside Risk -- A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly- set of refirns. The ligher the factor, the riskier the product. Tracking Error -- A measure of the standard deviation of a portfolio's performance relative to the peifonnance of an appropriate market benclnnark. h~formation Ratio -- Measured by di~Tiding the active rate of rehu7i by the tracking error. The ligher the Information Ratio, the more valve-added contribution by the manager. Coi~sistency° -- The percentage of quarters that a product aclieved a rate of refire ligher than that of its benclnnark. The ligher the consistency figare, the more value a mai~ager has contributed to the product's performance. Excess Rehu7i -- Aritlunetic difference bet~yeen the managers refine and the risk-free refine over a specified time period. Active Refire -- Aritlunetic difference bet~yeen the managers refire and the benclmiarl~ rehun over a specified time period. Excess Risk -- A measure of the standard deviation of a portfolio's peifonnance relative to the risl~ free refine. p Market Capture -- The ratio of average portfolio rehu7i over the benclnnark during periods of positive benclnnark refine. Higher valves indicate better product peifonnance. o~yn Market Capfire -- The ratio of average portfolio rehu7i over the benclnnark during periods of negative benclnnark refine. Lower values indicate better product performance. Calculation based on monthl~~ periodicit~~. ~~_` BOGDAHN GROUP