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Home My WebLink About2010 08 10 Regular 603 Presentation For Quarter Ending June 2010Date: August 10, 2010 The following Report was provided to the Board of Trustees during Regular Agenda Item "602" by Jack L. Evatt, II, The Bogdahn Group on August 17, 2010. I LI Winter Springs General Employees General Plan and Trust 2nd Quarter 2010 --A THE BOGDAHN GROUP W W W, $ Q G D A H N {; R O U R C O M simplifying your investment raid fiduciary decisions 2nd Quarter 2010 Market Environment THF BOGDAHN GROUP The Market Environment Major Market Index Performance Period Ended: June 30th 2010 Portfolio Attribution (Reference pages 16, 17, and 18 of the Bogdahn Group June 2010 Report) ■ The Plan results were impacted by the sharp, broad based market declines experienced during the month of June. With no shortage of negative events to consider including uncertainty over financial reform, sticky unemployment, and the burgeoning Federal deficit, the thematic return of " flight to quality" dominated the investment environment. Results for the quarter were negative (- 6.34 %), declining marginally less than the policy benchmark (- 6.63 %), retracing all but (0.91%) of the previously earned fiscal year to date gains. Year over year results for periods ended June have the Plan earning (12.37 %) net of manager fees. Attribution shows positive active management elements continue to impact results on the margin. Overall equity performance, well down on an absolute basis, exceeded policy for the quarter (- 10.12% vs. - 11.32 %), fiscal year to date (1.13% vs. - 0.51 %), and year over year (17.06% vs. 15.02 %). Positive contributions came from both the domestic and international equity effort. Fixed income management trailed slightly for the quarter, but remains well ahead of benchmarks and peer comparisons fiscal year -to -date. Overall program results compared to peers slipped over the period , placing the Plan in the (70th), (61St ), and (56th ) percentiles for the quarter, fiscal year to date, and year over year. ■ The most notable active manager contributions came from RBC where performance continues to exceeded already outsized benchmark returns impressively. Results for the quarter (A 2.31% vs. - 13.75 %), and fiscal year to date ( -6.45% vs. - 11.00 %). While a (64th) percentile showing for the quarter, the manager ranks in the top (36th) percentile fiscal year -to -date and (4th) percentile year over year. ■ Dalton Greiner continues to show strong results preserving capital well during the quarter ( -8.39% vs. - 11.09 %), and delivering strong fiscal year -to -date results (4.19% vs. - 0.86 %). ■ Plan allocation remains on target policy with monthly investment of net cash contributions; there are no deviations from policy allocation of consequence. What helped? • Preservation oriented performance from Dalton Greiner, and RBC provided a modest offset to both domestic and international equity market declines. • Real Estate was the strongest performing asset in the allocation; the return for American Realty for the quarter was 3.25 %. What hurt? • There were no allocation or manager specific issues hurting performance, rather the general, sharp decline in equities had the most profound affect on Plan results. ■ Recommendations: - Proceed policy benchmark amendments to include NPI -ODCE at the plan level, and manager level. - Proceed with Real Estate allocation targets (10% from 5 %) upon completion of Intercontinental engagement agreement and subsequent capital call. MIL BDGDAHN GROUP The Market Environment Major Market Index Performance Period Ended: June 30, 2010 Quarter Performance ■ Even the most optimistic market participants had no shortage of negative events to consider during the second quarter. Domestically, investors had to assess the potential impact of financial reform, stubbornly slow employment growth and a burgeoning Federal deficit. Globally, investors had to consider the potential contagion of sovereign credit issues in Europe, questionable global growth and evolving Chinese currency policy. If this collection of macro issues wasn't enough to give you pause, there was (and still is) oil spilling into the Gulf of Mexico. One individual pulling -back in the face of such challenges is certainly understandable, but if we collectively pause to wait and see "what may happen ", the unfortunate result will likely be deflation. While maintaining a long -term strategy in such an uncertain environment can be difficult, we are confident in the market's ability to persevere over the long- term. ■ Domestic and international equity benchmarks suffered their largest pullback in more than a year during the 2nd quarter. While it is always tempting to fault a single issue as the cause of negative performance, it is more likely a combination of cascading events that resulted in a general reassessment of market risk tolerance after more than a year of consistent gains. In contrast to equity markets, fixed income benchmarks posted impressive quarterly performance as a "flight to quality" drove investors to U.S. Treasury securities, which resulted in lower yields and higher prices. ■ Despite the 2 nd quarter's negative equity performance, one - year results were solid for each of the equity and fixed income benchmarks on the chart. Emerging markets and domestic small and mid cap issues posted the year's most outsized equity gains. Not to be outdone, the Barclays Aggregate Bond index return of 9.5% was also impressive. Source: Barclays Capital, MSCI Capital Markets, Russell Investments MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts S &P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 - 12.3% -13.7% I x -11.4% . 11.3% 11.4% -9.9% -9.9% Barclays US Agg Barclays US Govt Barclays MBS Barclays Corp IG 3 -Month T -Bill MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts S &P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg Barclays US Govt Barclays MBS Barclays Corp IG 3 -Month T -Bill 0.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% One Year Performance 10.9% 6.4 235% 14.4% 15.7% 15.2% 25.1 21.5 9.5% �.5 7.5 15.9 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% �-� THE 3 BOGDAHN GROUP The Market Environment Domestic Equity Style Index Performance Period Ended: June 30, 2010 ■ Value managed to outpace growth on a relative basis for the quarter at each capitalization level with the exception of small cap stocks (Russell 2000). The chart illustrates that the 2nd quarter's style -based performance bands were much more narrow than those realized over the last several quarters. In fact, the narrow 140 basis point differential between small cap value and growth returns represented the quarter's widest style -based range. This quarter's narrower performance span was not surprising given the widespread losses realized by the most heavily- weighted economic sectors of the various capitalization -based style benchmarks. ■ The range of style -based benchmark performance is much broader over the one -year period and favors value over growth across the capitalization spectrum. The value -based benchmarks' outperformance over the one -year period was largely driven by the strong financial sector performance during the 3rd quarter of 2009 and the 1St quarter of 2010. While the one -year results are certainly impressive in an absolute sense, the inclusion of the 2nd quarter's negative performance coupled with the "roll -off' of the 2nd quarter of 2009's strong performance (Russell 1000: +16.5 %) resulted in a significant downshift in the reported one -year performance from last quarter. Source: Russell Investments MidCap Value Quarter Performance -9.6% 3000 Value -11.1 30001ndex -11.3% 3000 Growth -11.6% 1000 Value -11.1% 10001ndex -11.4% F 1000 Growth -11.7% - MidCap Value -9.6% MidCapindex -8.9% MidCap Growth -10.2% , 2000 Value -10.6% 20001ndex -8.91 2000 Growth - 9.2% -15.0% -10.0% -5.0% 0.0% 5.0% One Year Performance 3000 Value 17.6% 3000 1 ndex 15.7% 3000 Growth 13.9% 1000 Value 16.9% 1000 1 ndex 15.2% 1000 Growth 13.6% MidCap Value 28.9% MidCap Index 25.1% MidCap Growth 21.3% 2000 Value 25.1% 2000 I ndex 21.5% 2000 Growth 18.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% THE 4 BOGDAHN GROUP The Market Environment GICS Sector Performance & (Quarter -End Sector Weight) Period Ended: June 30, 2010 ■QTR O 1 -Year • Large cap stock performance was negative across the various Global Industry Classification Standard (GICS) sectors for the Energy (10. 3%) quarter. There were few places for portfolios to shift or hide Materials (3.8 %) with seven of the ten sectors of the Russell 1000 index down more than 10% for the quarter. In a reversal of last quarter's Industrials (10.9%) sector results, telecommunication services ( -5.0 %) and utilities Consumer Disc (10.7%) ( -3.8 %) sectors were the strongest relative performing sectors Consumer Staples (10.3%) of the benchmark during the 2nd quarter. Such weak results on a broad sector level means that individual issue selections Health Care (12.2%) and uninvested cash positions will likely play a dominate roll in Financials (16.7%) individual investment manager results. Info Technology (18.4%) • For the trailing one -year period, each of the ten GICS sectors Telecom Services (2.9%) in the Russell 1000 index posted positive performance. In Utilities (3.8%) contrast to the quarterly results, seven of the ten sectors of the Russell 1000 returned in excess of 10% for the period. ■QTR • Small cap stock performance was also negative across each O1 -Year of the GICS sectors for the 2nd quarter. Even though the quarter's sector losses in the Russell 2000 were generally Energy (5.4%) more mild than those realized in the large cap index, it was Materials (4.8 %) still a very difficult quarter for small cap stocks. While issue Industrials (15.4 %) selections and cash positions will be paramount in attributing the quarter's individual manager results, sector positioning to Consumer Disc (13.8%) industrials (- 7.7 %), consumer staples ( -6.4 %) and utilities Consumer Staples (3.3%) ( -3.2 %) will also likely play a role. Health Care (13.8%) • Despite the 2nd quarter's small cap selloff, the one -year results Financials (21.4%) for the Russell 2000 index GICS sectors are impressive. Each Info Technology (17.9%) sector of the Russell 2000 was positive over the period and Telecom Services (1.0 %) six of ten sectors returned in excess of 20 %. Utilities(3.2 %) Source: Thompson Financial Russell 1000 -12.6 3.5 -15.2 16.5% -12.2 -11.0% 29.3 -8.5 13.3 -11.4% = L , -13.3 17.5% -12.2 16.3% -5.0 5.8% -3.8 6.3 -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Ru sse112000 -13.8 21.9 -13.1 38.1 -7.7 19.6 -13.6 34.0 -6.4 21.3 -10.3 13.2 -9.5 21.2 -8.7 21.0% 13.7 -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% THE 5 BOGDAHN GROUP The Market Environment Top 10 Index Weights & Performance for the 2nd Quarter Period Ended June 30, 2010 Russell ,,, Exxon Mobil Corp Symbol XOM Sector 2.77% - 14.2% Energy Apple Inc AAPL 2.00% 7.1% Information Technology Microsoft Corp MSFT 1.90% - 21.0% Information Technology General Electric Co GE 1.61% -20.3% Industrials Procter & Gamble Co PG 1.59% -4.5% Consumer Staples Johnson & Johnson JNJ 1.51% -8.6% Health Care International Business IBM 1.49% -3.2% Information Technology Bank Of America Corpor BAC 1.47% -19.4% Financials Jpmorgan Chase & Co JPM 1.45% -18.1% Financials Wells Fargo & Co New Russell 1 000 WFC 1.38% E• -17.6% Financials 0.23% Stocks 0.02% -9.1% 119.6% Netflix Inc NFLX 0.04% 47.3% Consumer Discretionary Mariner Energy Inc ME 0.02% 43.5% Energy Abraxis Bioscience Inc ABII 0.00% 43.4% Health Care Gig Partners Inc GLG 0.01% 42.7% Financials Sybase Inc SY 0.04% 38.7% Information Technology Akamai Technologies In AKAM 0.06% 29.2% Information Technology Valeant Pharmaceutical VRX 0.03% 21.9% Health Care Sandisk Corp SNDK 0.08% 21.5% Information Technology Newmont Mining Corp NEM 0.23% 21.4% Materials Chipotle Mexican Grill Bottom R ussell rrr Anadarko Pete Corp CMG 10 Symbol APC 0.04% Performing Weight 0.25% 21.4% Stocks Return -50.3% Consumer Discretionary Sector 'now Energy Office Depot Inc ODP 0.02% - 49.4% Consumer Discretionary Ak Stl Hldg Corp AKS 0.02% -47.7% Materials Massey Energy Corp MEE 0.03% - 47.6% Energy Cobalt Intl Energy Inc CIE 0.01% -45.2% Energy Seahawk Drilling Inc HAWK 0.00% - 42.9% Energy Nvidia Corp NVDA 0.07% -41.3% Information Technology Sears Hldgs Corp SHLD 0.04% -40.4% Consumer Discretionary Waddell & Reed Finl In WDR 0.02% - 39.3% Financials United States Stl Corp X 0.07% -39.3% Materials Source: Thompson Financial Russell 2000 MR&O W 111111116 Human Genome Sciences .• 10 Weighted HGSI Stocks 0.46% -6.4% Health Care Ual Corp UAUA 0.32% -1.8% Industrials Tupperware Brands Corp TUP 0.26% -0.6% Consumer Discretionary Skyworks Solutions Inc SWKS 0.26% -4.7% Information Technology Ares Cap Corp ARCC 0.25% -3.5% Financials Domtar Corp UFS 0.25% 1 -6.3% Materials E Trade Financial Corp ETFC 0.24% -9.4% Financials Polycom Inc PLCM 0.24% -2.4% Information Technology Solera Holdings Inc SLH 0.24% -3.5% Information Technology Developers Diversified Russell rrr L Neurocrine Biosciences DDR •• 10 Performing NBIX 0.23% Stocks 0.02% -9.1% 119.6% Financials M sector Health Care Akorn Inc AKRX 0.01% 94.1% Health Care Cirrus Logic Inc CRUS 0.08% 88.4% Information Technology Us Gold Corporation UXG 0.03% 85.6% Materials Idenix Pharmaceuticals IDIX 0.01% 77.3% Health Care Trimas Corp TRS 0.01% 1 74.3% Industrials Astronics Corp ATRO 0.01% 66.8% Industrials Cpi Corp CPY 0.01% 63.3% Consumer Discretionary Southwest Bancorp Inc OKSB 0.02% 60.7% Financials Power One Inc New Bottom Russell rrr Intermune Inc PWER r Symbol ITMN 0.05% Performing Weight 0.10% 60.0% Stocks Return -79.0% Information Technology dm Sector Health Care First Bancorp P R FBP 0.01% -78.0% Financials Affymax Inc AFFY 0.04% - 74.5% Health Care Yrc Worldwide Inc YRCW 0.04% -66.9% Industrials Oxigene Inc OXGN 0.00% - 66.3% Health Care Pacific Cap Bancorp Ne PCBC 0.01% - 65.7% Financials South Finl Group Inc TSFG 0.01% - 63.1% Financials Discovery Laboratories DSCO 0.01% -59.7% Health Care Fuelcell Energy Inc FCEL 0.02% - 58.2% Industrials Old Second Bancorp Inc OSBC 0.00% -57.5% Financials THE `✓ BQGDAHN GRQUP The Market Environment International and Regional Market Index Performance (# Countries) Period Ended June 30, 2010 ■ Much like the domestic indices, international markets also suffered during the quarter due to concerns over global credit and sustainable growth. The "flight" to the safety of the U.S. Dollar (USD) that typically occurs during periods of global unrest is clearly evident in the USD versus local currency international index results. Relative to the USD, 39 of the 44 countries that make up the MSCI- ACWxUS index saw their currencies depreciate by an average of -6.0 %. In contrast, Japan was one of the five ACWxUS countries that managed to gain relative to the USD during the quarter with an appreciation of +4.8 %. ■ Weak performance in developed markets (- 13.8 %) was spread broadly across the 22 countries in the MSCI -EAFE index. In fact, Singapore's USD return of +0.0% was the only positive country in the index. In contrast to Singapore, it should certainly come as no surprise that Greece was the worst performing country in the index with a return of -40.4% for the quarter. The emerging markets index return of -8.3% for the quarter was down less than developed markets for the quarter due to stronger relative results in the emerging Asian countries as well as some sporadic positive individual country results. Over the last year, the emerging market index shows a performance advantage of more than 3x the developing market index return. ■ It is interesting to note that MSCI reclassified Israel as a developed market country as part of its semi - annual index review in May. While Israel's 0.9% weight in the MSCI -EAFE index at the end of the quarter may not seem significant, it is the first country in the developed index that does not fall into the classic definition of (E)urope, (A)ustralasia or (F)ar (E)ast. ■ QTR (USD) oQTR(Local) AC World x US (44) WORLD x US (23) EAFE (22) Europe(16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) EM Latin Amer (5) ■ 1 -Year (USD) 01 -Year (Local) AC World x US (44) WORLD x US (23) EAFE (22) Europe(16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) EM Latin Amer (5) Quarter Performance -12.3 -9.3 -13.4 -10.4 -13.8 -10.9 -14.8 -9.5% -11.6 -13.0 -8.3% -15.3 -9.0% -2.7% -11.9 -10.3 -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% One -Year Performance 10.9% 1 12.4% 7.5 10.3% 6.4 o 10.4% o 6.3 17.3% o 6.6 -0.8 23.5 20.1 z7.o% 30.5 230% 19.9% 25.7 1 .3 -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% THE Source: MSC/ Capital Markets 7 BOGDAHN GROUP The Market Environment U.S. Dollar International Index Attribution & Country Detail Period Ended June 30, 2010 Source: MSC/ Capital Markets, & Franklin/Templeton Japan :rTiorriTORYMno 16.0% -10.1% Energy 7.1% -22.5% -9.2% Materials 10.1% -18.1% 13.4% Industrials 12.3% - 10.9% 13.9% Consumer Discretionary 10.3% -10.1% 10.4% Consumer Staples 10.6% -7.3% 19.4% Health Care 9.0% -9.6% 10.8% Financials 24.4% - 16.9% 0.8% Information Technology 5.2% - 14.7% 6.3% Telecommunication Services 5.6% -9.3% 4.4% Utilities Total 5.5% • • • , -12.5% -4.0% Source: MSC/ Capital Markets, & Franklin/Templeton Japan 4T,orriTORYMno 16.0% -10.1% 0.9% 10.3% 16.7% 0.3% 11.8% - 15.2% 19.9% ls 10.5% -10.5% 14.9% 7ia r Discretionary 8.9% -8.6% 15.2% r Staples 9.1 % - 6.3% 22.3% are 6.4% -9.4% 12.0% s 25.3% - 14.7% 7.2% on Technology 6.9% - 13.3% 14.6% Telecommunication Services 6.1% -7.0% 7.7% Utilities Total 4.8% • • • , -11.0% -0.5% -9.2% Netherlands 2.6% 1.8% Source: MSC/ Capital Markets, & Franklin/Templeton Japan 23.3% 16.0% -10.1% 0.9% United Kingdom 21.0% 14.5% -13.8% 8.6% France 9.8% 6.7% - 18.3% 1.7% Australia 8.1% 5.6% -19.0% 18.1% Switzerland 8.0% 5.5% - 11.3% 18.0% Germany 7.8% 5.4% -12.1% 7.8% Spain 3.5% 2.4% -20.4% -12.6% Sweden 2.9% 2.0% -6.6% 30.8% Italy 2.8% 2.0% -21.0% -9.2% Netherlands 2.6% 1.8% -13.0% 17.4% Hong Kong 2.6% 1.8% -5.8% 14.3% Singapore 1.7% 1.2% 0.0% 29.4% Finland 1.0% 0.7% - 25.9% -9.4% Denmark 1.0% 0.7% -5.4% 19.4% Belgium 0.9% 0.7% - 12.3% 13.6% Israel 0.9% 0.6% - 18.4% 13.2% Norway 0.7% 0.5% -17.5% 12.3% Austria 0.3% 0.2% - 21.9% -10.0% Ireland 0.3% 0.2% -19.8% -7.0% Greece 0.3% 0.2% -40.4% -46.7% Portugal 0.3% 0.2% - 16.7% -9.8% New Zealand 0.1% •• 0.1% -10.5% 8.6% Canada Total D- 7.9% 10.3% 18.6% China 4.4% 4.5% 11.1% Brazil 3.6% - 15.2% 22.1% Korea 3.2% -7.6% 32.3% Taiwan 2.5% -9.3% 16.1% India 1.9% -2.2% 32.0% South Africa 1.7% -9.5% 18.4% Russia 1.5% - 15.4% 26.9% Mexico 1.0% -9.0% 31.7% Malaysia 0.7% 0.2% 33.9% Indonesia 0.6% 4.4% 66.9% Turkey 0.4% -4.0% 44.3% Chile 0.4% 2.9% 25.8% Thailand 0.4% -1.7% 35.1% Poland 0.3% - 21.6% 24.0% Colombia 0.2% 3.6% 53.6% Peru 0.1% 4.2% 52.2% Egypt 0.1% - 13.4% 11.4% Philippines 0.1% 3.1% 37.2% Hungary 0.1% -30.2% 15.5% Czech Republic 0.1% -13.0% -0.6% Morocco Total Emerging Countries Total ACWIxUS Countries 0.0% 23.2% •• -4.1% -8.3% -11.1% 23.5% THE BOGDAHN GROUP The Market Environment Domestic Credit Sector & Broad Market Maturity Performance Period Ended: June 30, 2010 Quarter Performance ■ The equity market unrest that occurred during the quarter was largely a benefit to fixed income indices. Foreign sovereign credit worries and the looming possibility of a "double -dip" recession overshadowed the corporate spread compression that dominated fixed income results for most of the last year. The resulting "flight to quality" drove rates lower across the Treasury yield curve. This general rate decline enhanced the performance of long -dated and high - quality bond issues. The market's changing risk aversion was evident in the high yield index ( <BBB) return of -0.1%. This performance marked the first quarter in more than a year that high yield was not the best performing segment of the fixed income market. ■ Despite questions surrounding the sustainability of the global economic recovery that dominated the quarter's results, the one -year performance of the various bond market indices still shows the effects of sizable credit compression in corporate issues. The Government bond index, which did not benefit from the credit compression in corporate bonds, posted a respectable +6.5% over the last year. Source: Merrill Lynch Index System aaa AA A BBB <BBB Govt Mort 1 -3yr G /M /C 1 -5yr G /M /C 1 -10yr G /M /C 10 +yrG /M /C aaa AA A BBB <BBB Govt Mort 1 -3yr G /M /C 1 -5yr G /M /C 1 -10yr G /M /C 10 +yrG /M /C 4.8 3.1 3.7 2.8 -0.1 4.3 2.9 G /M /C =Broad Market (Government + Mortgage + Corporate) 1s% 2.1 2.9 8.5% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% One Year Performance 11.1 12.1 15.4% 19.6% 27.5% 6.5' 7.6% 5.3% s.a % 8.1 16.7 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% THE 9 BOGDAHN GROUP The Market Environment Market Rate & Yield Curve Comparison Period Ended: June 30, 2010 ■ While the quarter began with economists and market participants speculating on the timing of the Fed reversing its stance on short -term interest rates and assessing the potential of higher inflation, it certainly didn't end that way. As the quarter progressed, the market's movements became more and more dominated by sovereign credit concerns in Europe as well as weaker than expected domestic economic readings. These market events are easily visualized in the trailing market rates chart where domestic inflation expectations receded (10yr TIPs), credit spreads widened (BAA /10yr Spread) and investors fled to the quality of Treasuries that drove yields lower (10yr Treasury). ■ After trading in a relatively narrow range for much of the last year, the yield curve showed a marked reduction in rates across the maturity spectrum during the quarter. The benchmark 10 -Year Treasury bond closed the quarter with a yield of 2.98 %, which was down 87 basis points from the 3.84% yield on 3/31/10. The lower curve reflects the market's concern that the global economy may not continue to recover without ongoing coordinated Government support. 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Source: Mortgage -X. com , US Department of Treasury & St. Louis Fed 10 1 -Year Trailing Market Rates Fed Funds Rate —TED Spread —3 -Month Libor BAA/10yr Spread — 10yrTreasury 10yrTIPs 0.00 J— Jun-09 Sep -09 Dec -09 Mar -10 Jun -10 Treasury Yield Curve X6/30/2009 — 12/31/2009 0 3/31/2010 X6130/2010 1 mo 3mo 6mo 1 yr 2yr 3yr 5yr 7yr 10yr 20yr 30yr THE BOGDAHN GROUP Winter Springs General Employees General Plan and Trust June 30, 2010 March 31, 2010 : S19,273,042 June 30, 2010 : S18,301,384 Segments Market Value Allocation Segments Market Value Allocation (S) (%) (S) (%) ■ Domestic Equity 9,589,583 49.8 ■ Domestic Equity 8,608,272 47.0 ❑ International Equity 2,910,875 15.1 ❑ International Equity 2,580,041 14.1 ❑ Fixed Income 5,761,294 29.9 ❑ Fixed Income 5,985,504 32.7 ■ Real Estate 595,761 3.1 ■ Real Estate 607,888 3.3 ■ Cash Equivalent 415,529 2.2 ■ Cash Equivalent 519,679 2.8 THE 11 BOGDAHN ` GRoup Winter Springs General Employees General Plan and Trust June 30, 2010 March 31, 2010 : S19,273,042 ■ Dalton, Greiner, Hartman, Maher & Co ■ Lateef Asset Mgmt.Equity ■ Galliard Core Fixed Income ■ RBC Global (Voyageur) ■ Galliard TIPS ❑ American Core Realty Fund ❑ Receipt & Disbursement ■ Galliard Cash June 30, 2010 : S18,301,384 Market Value Allocation Market Value Allocation (S) ( %) (S) ( %) 4,968,701 25.8 ■ Galliard Core Fixed Income 5,072,689 27.7 4,887,399 25.4 ■ Dalton, Greiner, Hartman, Maher & Co. 4,589,911 25.1 4,865,111 25.2 ■ Lateef Asset Mgmt.Equity 4,342,057 23.7 2,910,875 15.1 ■ RBC Global (Voyageur) 2,580,041 14.1 916,171 4.8 ■ Galliard TIPS 946,372 5.2 595,761 3.1 ❑ American Core Realty Fund 607,888 3.3 88,424 0.5 ❑ Receipt & Disbursement 141,924 0.8 40,600 0.2 ■ Galliard Cash 20,502 0.1 THE 12 BOGDAHN ` GRoup Winter Springs General Employees General Plan and Trust Asset Allocation vs. Target Allocation As of June 30, 2010 June 3u, Lulu Domestic Large Cap Value Equity Domestic Broad Cap Growth Equity Foreign Equity Broad Market Fixed Income TIPS Real Estate Receipt & Disbursement Galliard Cash 0.1 ° o -1.3% -0.9% 2.7% 0.2% -1.7% 0.8% -10.0% -8.0% -4.0% 0.0% 4.0% 8.0% 10.0% Allocation Differences June 30, 2010 13 THE BOGDAHN t GROUP Market Value Allocation Target Domestic Large Cap Value Equity 4,589,911 25.1 25.0 Domestic Broad Cap Growth Equity 4,342,057 23.7 25.0 Foreign Equity 2,580,041 14.1 15.0 Broad Market Fixed Income 5,072,689 27.7 25.0 TIPS 946,372 5.2 5.0 Real Estate 607,888 3.3 5.0 Receipt & Disbursement 141,924 0.8 - Galliard Cash 20,502 0.1 - Total Fund 18,301,384 100.0 100.0 13 THE BOGDAHN t GROUP Winter Springs General Employees General Plan and Trust Asset Allocation History As of June 30, 2010 Asset Allocation History by Portfolio Total Domestic Equity Snow Capital Mgmt. Equity Dalton, Greiner, Hartman, Maher & Co Lateef Asset Mgmt.Equity Total International Equity RBC Global (Voyageur) Total Fixed Income Galliard Core Fixed Income Galliard TIPS American Core Realty Fund Receipt & Disbursement Galliard Cash Total Fund Portfolio Asset Allocation History by Segment lnn n 0 C. O U O 8,931,968 48.80 4,589,911 25.08 4,342,057 23.73 2,580,041 14.10 2,580,041 14.10 6,019,062 32.89 5,072,689 27.72 946,372 5.17 607,888 3.32 141,924 0.78 20,502 0.11 18,301,384 100.00 9,856,099 51.14 4,968,701 25.78 4,887,399 25.36 2,910,875 15.10 2,910,875 15.10 5,781,283 30.00 4,865,111 25.24 916,171 4.75 595,761 3.09 88,424 0.46 40,600 0.21 19,273,042 100.00 8,825,671 48.31 3,971,638 21.74 4,854,033 26.57 2,431,014 13.31 2,431,014 13.31 6,265,208 34.29 5,123,295 28.04 1,141,913 6.25 605,618 3.31 141,982 0.78 18,269,494 100.00 8,076,514 46.61 3,596,107 20.75 4,480,407 25.86 2,318,143 13.38 2,318,143 13.38 6,205,557 35.81 5,089,040 29.37 1,116,517 6.44 639,006 3.69 88,380 0.51 17,327,600 100.00 6,767,374 44.28 2,985,975 19.54 3,781,399 24.74 1,762,078 11.53 1,762,078 11.53 5,893,704 38.56 4,813,261 31.49 1,080,442 7.07 714,964 4.68 146,556 0.96 15,284,676 100.00 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 Domestic Equity International Equity Fixed Income Real Estate Cash Equivalent THE 14 �� BOGDAHN ` GRoup Winter Springs General Employees General Plan and Trust Financial Reconciliation Quarter to Date 1 Quarter Ending June 30, 2010 Total Domestic Equity 9,856,099 100,000 - - - 21,111 -1,210 32,292 - 1,034,103 8,931,968 Lateef Asset Mgmt.Equity 4,887,399 50,000 - - - 12,219 -591 14,517 - 597,049 4,342,057 Dalton, Greiner, Hartman, Maher & Co. 4,968,701 50,000 - - -8,892 -619 17,775 - 437,054 4,589,911 Total International Equity 2,910,875 36,576 - - -6,576 -514 26,699 - 387,019 2,580,041 RBC Global (Voyageur) 2,910,875 36,576 - - -6,576 -514 26,699 - 387,019 2,580,041 Total Fixed Income 5,781,283 88,300 - - - -113 3,681 145,911 6,019,062 Galliard Core Fixed Income 4,865,111 78,300 - - - - 129,278 5,072,689 Galliard TIPS 916,171 10,000 - - - -113 3,681 16,633 946,372 American Core Realty Fund 595,761 - - -5,667 -1,585 - 5,667 13,712 607,888 Receipt & Disbursement 88,424 - 208,120 511,241 - 238,170 - - 11,454 2 - 141,924 Galliard Cash 40,600 - 16,756 - - -3,343 1 - 20,502 Total Fund Portfolio 19,273,042 - 511,241 - 243,836 - 32,615 - 13,290 68,341 - 1,261,500 18,301,384 15 THE ` J BOGDAHN GRoup Winter Springs General Employees General Plan and Trust Financial Reconciliation Fiscal Year to Date October 1, 2009 To June 30, 2010 Total Domestic Equity 8,076,514 857,700 - - 58,635 -3,269 96,571 - 36,913 8,931,968 Lateef Asset Mgmt.Equity 4,480,407 - 24,200 - - 35,553 -1,696 39,893 - 116,795 4,342,057 Dalton, Greiner, Hartman, Maher & Co. 3,596,107 881,900 - - 23,082 -1,573 56,678 79,882 4,589,911 Total International Equity 2,318,143 461,525 - - - 17,325 - 52,772 - 233,659 2,580,041 RBC Global (Voyageur) 2,318,143 461,525 - - - 17,325 -1,415 52,772 - 233,659 2,580,041 Total Fixed Income 6,205,557 - 551,087 - - -8,127 -1,166 13,512 360,373 6,019,062 Galliard Core Fixed Income 5,089,040 - 326,787 - - -7,243 -843 - 318,523 5,072,689 Galliard TIPS 1,116,517 - 224,300 - - -884 -322 13,512 41,850 946,372 American Core Realty Fund 639,006 -9,035 - -5,667 -4,762 - 19,304 - 30,959 607,888 Receipt & Disbursement 88,380 - 783,163 1,508,123 - 648,363 - - 23,061 8 - 141,924 Galliard Cash - 24,061 - - -3,343 -217 - - 20,502 Total Fund Portfolio 17,327,600 - 1,508,123 - 654,030 - 92,192 - 29,127 182,167 58,842 18,301,384 M THE `✓ BOGDAHN GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of June 30, 2010 otal Fund (Net) -6.34 (70) 0.91 (64) 12.37 (57) -4.85 (84) -0.13 (87) 1.08 (94) 2.39 N/A 11/01/2000 otal Fund Policy -6.63 (78) 0.04 (91) 10.59 (86) -3.35 (52) 0.91 (62) 2.19 (64) 1.70 N/A ifference 0.29 0.87 1.78 -1.50 -1.04 -1.11 0.69 ll Public Plans -Total Fund Median -5.81 1.18 12.76 -3.32 1.25 2.68 N/A otal Fund (New Mgrs) (Net) -6.31 (70) 0.97 (61) 12.44 (56) N/A N/A N/A -5.92 N/A 10/01/2007 otal Fund Policy -6.63 (78) 0.04 (91) 10.59 (86) -3.35 (52) 0.91 (62) 2.19 (64) -4.46 N/A ifference 0.32 0.93 1.85 N/A N/A N/A -1.46 ll Public Plans -Total Fund Median -5.81 1.18 12.76 -3.32 1.25 2.68 N/A otal Fund (Gross) -6.15 (64) 1.45 (44) 13.15 (40) -4.22 (71) 0.53 (71) 1.75 (77) 3.09 N/A 11/01/2000 otal Fund Policy -6.63 (78) 0.04 (91) 10.59 (86) -3.35 (52) 0.91 (62) 2.19 (64) 1.70 N/A ifference 0.48 1.41 2.56 -0.87 -0.38 -0.44 1.39 ll Public Plans -Total Fund Median -5.81 1.18 12.76 -3.32 1.25 2.68 N/A otal Fund (New Mgrs) (Gross) -6.15 (64) 1.47 (44) 13.17 (40) N/A N/A N/A -5.36 N/A 10/01/2007 otal Fund Policy -6.63 (78) 0.04 (91) 10.59 (86) -3.35 (52) 0.91 (62) 2.19 (64) -4.46 N/A ifference 0.48 1.43 2.58 N/A N/A N/A -0.90 ll Public Plans -Total Fund Median -5.81 1.18 12.76 -3.32 1.25 2.68 N/A Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were THE hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. I(� Bo G DAHN 17 ` GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of June 30, 2010 Equity Equity Policy otal Domestic Equity otal Domestic Equity Policy ifference S Core/LC Equity (SA +CF) Median otal International Equity 1SCI EAFE Index ifference Al Active Value Equity (SA +CF) Median otal Fixed Income otal Fixed Policy -10.62 -0.66 -11.84 -2.95 1.22 2.29 12.19 -10.12 (14) 1.13 (10) -11.32 (41) -0.51 (32) 1.20 1.64 -11.42 -1.02 -12.31 (62) -6.45 (36) -13.75 (85) -11.00 (78) 1.44 -1.68 4.55 0.06 -11.91 1.17 -8.18 11/01/2000 2.57 (29) 6.34 (61) 2.92 (62) 5.34 (68) -0.35 (83) 1.00 2.04 17.29 -9.26 -2.41 -0.03 1.38 01/01/2001 12.19 -10.40 -3.47 -0.69 -0.45 5.10 1.14 1.06 0.66 1.83 17.06 (11) -8.00 (30) -1.68 (34) 0.06 (46) 1.17 (24) 11/01/2000 15.02 (29) 9.66 (61) -2.89 (62) -0.69 (68) -1.45 (83) 2.04 1.66 1.21 0.75 2.62 13.80 -9.21 -2.61 -0.10 -0.45 18.81 (4) -14.23 (85) -5.03 (85) 0.80 (83) 2.21 (97) 11/01/2000 6.37 (72) -12.94 (73) -4.22 (76) 1.35 (80) 1.73 (100) 12.44 -1.29 -0.81 -0.55 0.48 8.79 -10.71 -2.29 2.89 5.97 11.42 6.85 6.49 4.93 6.08 11/01/2000 8.72 7.34 7.07 5.45 6.25 2.70 -0.49 -0.58 -0.52 -0.17 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were THE hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. I(� Bo G DAHN 18 ` GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of June 30, 2010 alton, Greiner, Hartman, Maher & Co. -8.39 (14) 4.19 (8) 21.13 (25) N/A N/A N/A 24.85 (18) 05/01/2009 ussell 3000 Value Index -11.09 (65) -0.86 (73) 17.57 (53) -12.13 (84) -4.75 (88) -1.56 (88) 19.89 (57) ifference 2.70 5.05 3.56 N/A N/A N/A 4.96 S All Cap Value Equity (SA +CF) Median -10.41 0.14 17.91 -8.91 -1.47 0.78 20.68 ateef Asset Mgmt.Equity -11.88 (57) -1.77 (60) 13.30 (43) N/A N/A N/A -6.22 (11) 10/01/2007 ussell 1000 Growth Index -11.75 (53) -0.31 (37) 13.62 (40) -6.91 (48) -1.01 (42) 0.38 (52) -8.89 (42) ifference -0.13 -1.46 -0.32 N/A N/A N/A 2.67 S Growth/LC Equity (SA +CF) Median -11.64 -0.92 12.65 -7.02 -1.42 0.48 -9.30 BC Global (Voyageur) -12.31 (62) -6.45 (36) 18.81 (4) N/A N/A N/A N/A 10/01/2007 [SCI EAFE Index -13.75 (85) -11.00 (78) 6.37 (72) -12.94 (73) -4.22 (76) 1.35 (80) -14.72 (77) ifference 1.44 4.55 12.44 N/A N/A N/A N/A itl Active Value Equity (SA +CF) Median -11.91 -8.18 8.79 -10.71 -2.29 2.89 -11.90 alliard Core Fixed Income 2.63 (67) 6.52 (17) 12.08 (16) N/A N/A N/A 6.00 (91) 10/01/2007 arclays Capital Intermediate Aggregate 2.92 (48) 5.34 (52) 8.72 (63) 7.34 (64) 7.00 (63) 5.57 (69) 6.97 (64) ifference -0.29 1.18 3.36 N/A N/A N/A -0.97 S Int Fixed Income (SA +CF) Median 2.90 5.36 9.33 7.68 7.24 5.82 7.28 alliard TIPS 2.21 (93) 5.29 (93) 8.29 (94) N/A N/A N/A 6.18 (93) 10/01/2007 arclays Capital U.S. TIPS 3.82 (56) 6.25 (72) 9.52 (67) 7.62 (70) 6.72 (71) 4.99 (85) 6.60 (70) ifference -1.61 -0.96 -1.23 N/A N/A N/A -0.42 S TIPS (SA +CF) Median 3.87 6.44 9.92 7.97 7.01 5.28 6.98 merican Core Realty Fund 3.25 N/A -1.77 N/A -11.22 N/A N/A N/A N/A -12.39 N/A 10/01/2007 CREIF Property Index 3.31 N/A 1.90 N/A -1.48 N/A -4.70 N/A 0.37 N/A 3.79 N/A -6.32 N/A ifference -0.06 -3.67 -9.74 N/A N/A N/A -6.07 S Private RE -Open End (SA +CF) Median N/A N/A N/A N/A N/A N/A N/A Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were THE hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. /(� Bo G DAHN 19 ` GRoup Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of June 30, 2010 al Fund (Net) 0.91 (64) 0.73 (59) -16.82 (91) 13.03 (76) 7.89 (67) 11.07 (67) 12.18 (36) a1 Fund Policy 0.04 (91) 0.33 (63) -12.11 (29) 11.97 (90) 9.55 (32) 10.76 (70) 11.65 (46) erence 0.87 0.40 - 4.71 1.06 - 1.66 0.31 0.53 Public Plans -Total Fund Median 1.18 1.34 -13.67 14.48 8.74 12.54 11.19 al Fund (New Mgrs) (Net) 0.97 (61) 0.68 (59) -16.82 (91) N/A N/A N/A N/A A Fund Policy 0.04 (91) 0.33 (63) -12.11 (29) 11.97 (90) 9.55 (32) 10.76 (70) 11.65 (46) erence 0.93 0.35 - 4.71 N/A N/A N/A N/A Public Plans -Total Fund Median 1.18 1.34 -13.67 14.48 8.74 12.54 11.19 al Fund (Gross) 1.45 (44) 1.44 (49) -16.46 (89) 13.92 (60) 8.62 (52) 11.82 (61) 13.05 (23) A Fund Policy 0.04 (91) 0.33 (63) -12.11 (29) 11.97 (90) 9.55 (32) 10.76 (70) 11.65 (46) erence 1.41 1.11 -4.35 1.95 -0.93 1.06 1.40 Public Plans -Total Fund Median 1.18 1.34 -13.67 14.48 8.74 12.54 11.19 otal Fund (New Mgrs) (Gross) 1.47 (44) 1.39 (50) -16.46 (89) N/A N/A N/A N/A otal Fund Policy 0.04 (91) 0.33 (63) -12.11 (29) 11.97 (90) 9.55 (32) 10.76 (70) 11.65 (46) ifference 1.43 1.06 -4.35 N/A N/A N/A N/A ll Public Plans -Total Fund Median 1.18 1.34 -13.67 14.48 8.74 12.54 11.19 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were THE hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. I( B4GDAHN 20 ` GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of June 30, 2010 otal Equity -0.66 -1.09 -25.61 18.52 10.83 15.40 17.60 otal Equity Policy -2.95 -6.91 -21.98 16.44 12.51 14.30 15.14 ifference 2.29 5.82 -3.63 2.08 -1.68 1.10 2.46 otal Domestic Equity 1.13 (10) -4.29 (28) -21.66 (56) 17.58 (36) 9.29 (75) 13.77 (59) 16.77 (20) otal Domestic Equity Policy -0.51 (32) -6.91 (60) -21.98 (65) 16.44 (58) 10.79 (52) 12.25 (80) 13.87 (59) ifference 1.64 2.62 0.32 1.14 -1.50 1.52 2.90 S Core/Large Cap Equity (SA +CF) Median -1.02 -6.47 -21.14 16.64 10.82 14.34 14.20 otal International Equity -6.45 (36) 11.87 (21) -39.55 (100) 23.63 (59) 19.84 (68) 26.83 (55) 22.94 (76) iSCI EAFE Index -11.00 (78) 3.80 (58) -30.13 (75) 25.38 (45) 19.65 (71) 26.32 (63) 22.52 (77) ifference 4.55 8.07 -9.42 -1.75 0.19 0.51 0.42 iternational Active Value Equity (SA +CF) Median -8.18 4.82 -27.04 24.45 20.96 27.09 25.40 otal Fixed Income 6.34 10.53 0.64 4.96 3.27 2.81 2.68 otal Fixed Policy 5.34 9.69 4.16 5.33 3.55 2.80 3.68 ifference 1.00 0.84 -3.52 -0.37 -0.28 0.01 -1.00 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were THE hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. I(� Bo G DAHN 21 ` GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of June 30, 2010 ton, Greiner, Hartman, Maher & Co. sell 3000 Value Index erence All Cap Value Equity (SA +CF) Median eef Asset Mgmt.Equity sell 1000 Growth Index erence Growth/Large Cap Equity (SA +CF) Median C Global (Voyageur) Cl EAFE Index erence rnational Active Value Equity (SA +CF) Median Iiard Core Fixed Income clays Capital Intermediate Aggregate erence Intermediate Fixed Income (SA +CF) Median Iiard TIPS clays Capital U.S. TIPS erence TIPS (SA +CF) Median erican Core Realty Fund REIF Property Index erence Private Real Estate -Open End (SA +CF) Median 4.19 (8) N/A N/A -0.86 (73) -10.79 (93) -22.70 (68) 5.05 N/A N/A 0.14 -3.08 -20.17 -1.77 (60) 0.53 (19) -15.13 (14) -0.31 (37) -1.85 (35) -20.88 (52) -1.46 2.38 5.75 -0.92 -3.20 -20.59 -6.45 (36) 11.87 (21) N/A -11.00 (78) 3.80 (58) -30.13 (75) 4.55 8.07 N/A -8.18 4.82 -27.04 6.52 (17) 12.08 (39) -1.68 (95) 5.34 (52) 9.69 (80) 4.16 (34) 1.18 2.39 -5.84 5.36 11.43 3.22 5.29 (93) 3.97 (88) 7.72 (17) 6.25 (72) 5.67 (68) 6.20 (60) -0.96 -1.70 1.52 6.44 6.18 6.35 -1.77 N/A -32.42 (37) 4.72 (39) 1.90 N/A -22.09 (9) 5.27 (28) -3.67 -10.33 -0.55 N/A -33.44 3.47 N/A 13.73 (71) N/A 16.37 N/A 19.35 (55) N/A 19.88 N/A 25.38 (45) N/A 24.45 N/A 5.33 (66) N/A 5.46 N/A 4.97 (60) N/A 5.02 N/A 17.31 (67) N/A 18.34 N/A 14.55 (12) N/A 10.40 N/A 6.04 (58) N/A 6.79 N/A 19.65 (71) N/A 20.96 N/A 3.84 (58) N/A 3.90 N/A 1.91 (76) N/A 2.08 N/A 17.62 (53) N/A 17.92 N/A 16.78 (60) N/A 20.02 N/A 11.60 (70) N/A 14.04 N/A 26.32 (63) N/A 27.09 N/A 2.23 (41) N/A 2.09 N/A 5.32 (52) N/A 5.36 N/A 19.19 (67) N/A 19.86 N/A 20.89 (57) N/A 21.13 N/A 7.51 (74) N/A 10.06 N/A 22.52 (77) N/A 25.40 N/A 3.39 (27) N/A 2.87 N/A 7.52 (38) N/A 7.50 N/A 12.41 (52) N/A 12.50 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were * THE hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. /( BoGDAHN 22 ` GRoup Winter Springs General Employees General Plan and Trust Total Fund (Net) June 30, 2010 Financial Reconciliatio Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 3/31/2010 Transfers Apprec.// Deprec. 6/30/2010 Total Fund (Net) 19,273 - 511 -244 -33 -13 68 -1,261 18,301 Financial Reconciliation Oct11' 009 To June 30, 20 10 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2009 Transfers Apprec.// Deprec. 6/30/2010 Total Fund (Net) 17,328 1,508 -654 -92 -29 182 59 18,301 Peer Group Public Plans-To Plans-Total Fund Cummulative Perfo ;n nn 10.00 e a L 0.00 a -10.00 -2000 $145.0 $130.0 125.1 122.4 $115.0 $100.0 1 Oct -2009 1 2 3 4 5 $85.0 Quarter To Year Years Years Years Years Jun -2010 ■ Total Fund (Net) -6.34 (70) 0.91 (64) 12.37 (57) -2.56 (53) -4.85 (84) -0.13 (87) 1.08 (94) • Total Fund Policy -6.63 (78) 0.04 (91) 10.59 (86) -2.39 (50) -3.35 (52) 0.91 (62) 2.19 (64) $70.0 12/00 12/02 12/04 12/06 12/08 6/10 Median -5.81 1.18 12.76 -2.43 -3.32 1.25 2.68 -Total Fund (Net) -Total Fund Policy C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 Total Fund (Net) 4.32 (22) 3.28 (63) 11.36 (52) 11.59 (34) -4.27 (24) -15.33 (85) Total Fund Policy 3.63 (66) 3.40 (52) 10.55 (68) 10.13 (58) -6.14 (58) -12.19 (42) All Public Plans -Total Fund Median 3.84 3.42 11.45 10.61 -5.80 -12.83 THE 23 �J BOGDAHN GR OVP Winter Springs General Employees General Plan and Trust Total Fund (Net) June 30, 2010 3 0.0 Over 0.00 10.00 15.00 20.00 25.00 0.00 5.00 10.00 Performance 25.00 Risk (Standard Deviation %) 20.0 c 25.00 Return Standard Deviation a • ■ Total Fund (Net) -4.85 10.0 so.00 ■ Total Fund (Net) 1.08 • • • • • • Total Fund Policy -3.35 • • Total Fund Policy 2.19 • • z 0.0 a - Median • 13.82 • = w -10.0 L 75.00 • • Up ■ Under a ■ Tracking c Performance 100.00 Sharpe Downside F -20.0 Error 9'05 9/06 9/07 9/08 IR 9/09 6/10 -20.0 -10.0 0.0 10.0 20.0 30.0 Capture Capture Total Period 5 -25 25- Median Total Fund (Net) Median -75 75 -95 Total Fund Policy( %) -1.01 -0.42 Count Count 1.11 Count Count 0 00 ■ Total Fund (Net) 100.00 0 (0 %) 4 (20 %) N/A 5 (25 %) 11 (55 %) f Over Performance f Under Performance -A-Sep-2005 Jun -2010 • Total Fund Policv 0 (0 %) 10 (50 %) Down 9 (45 %) 1 (5 %) 10.00 5.00 0.00 a -5.00 a 10.00 8.00 6.00 4.00 = 2.00 0.00 a 0 2.00 0.00 5.00 10.00 15.00 20.00 25.00 0.00 5.00 10.00 15.00 20.00 25.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ Total Fund (Net) -4.85 14.93 ■ Total Fund (Net) 1.08 12.30 • Total Fund Policy -3.35 13.20 • Total Fund Policy 2.19 10.96 - Median -3.32 13.82 - Median 2.68 11.60 Historical Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Fund (Net) 3 03 107.96 116.70 -1.01 -0.42 -0.35 1.11 11.31 Total Frmd Policv 0 00 100.00 100.00 0.00 N/A -0.30 1.00 9.72 Historical Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Fund (Net) 2.50 104.15 117.86 -1.22 -0.37 -0.07 1.10 8.78 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.01 1.00 7.54 24 THE BOGDAHN GROUP Winter Springs General Employees General Plan and Trust Total Domestic Equity June 30, 2010 Financial Reconciliation $80.0 Market Value 1 Oct -2009 1 2 Market Value 4 5 Net Capital Quarter To As of Contributions Distributions Fees Expenses Income As of 3/31/2010 Transfers Jun -2010 Apprec.// Deprec. 6/30/2010 Total Domestic Equity 9,856 100 -21 -1 32 -1,034 8,932 Financial Reconciliation Oct1 1' I June 30, 20 10 -8.00 (30) -1.68 (34) 0.06 (46) • Total Domestic Equity Policy -11.32 (41) -0.51 (32) 15.02 (29) -7.88 (47) -9.66 (61) -2.89 (62) Market Value $60.0 Market Value Net Capital 12/02 12/04 12/06 12/08 6/10 As of Contributions Distributions Fees Expenses Income -9.21 As of -0.10 9/30/2009 Transfers -Total Domestic Equity Policy Comparative Performance Apprec.// Deprec. 6/30/2010 Total Domestic Equity 8,077 858 -59 -3 97 -37 8,932 Peer Group Core/Large Cap Equity (SA+CF) 1 Cumulative Performance 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending ;n nn F a L 0.00 a -10.00 -2000 $140.0 $120.0 113.0 $100.0 v 93.8 $80.0 1 Oct -2009 1 2 3 4 5 Quarter To Year Years Years Years Years Jun -2010 ■ Total Domestic Equity -10.12 (14) 1.13 (10) 17.06 (11) -3.95 (9) -8.00 (30) -1.68 (34) 0.06 (46) • Total Domestic Equity Policy -11.32 (41) -0.51 (32) 15.02 (29) -7.88 (47) -9.66 (61) -2.89 (62) -0.69 (68) $60.0 12/00 12/02 12/04 12/06 12/08 6/10 Median -11.42 -1.02 13.80 -7.99 -9.21 -2.61 -0.10 -Total Domestic Equity -Total Domestic Equity Policy Comparative Performance 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 Total Domestic Equity 5.72 (32) 6.43 (27) 15.75 (33) 17.93 (15) -7.99 (24) -23.80 (86) Total Domestic Equity Policy 5.94 (24) 5.90 (54) 15.61 (38) 15.93 (42) -11.01 (69) -21.94 (60) US Core/Large Cap Equity (SA +CF) Median 5.40 6.01 15.28 15.56 -10.43 -21.68 THE 25 BOGDAHN ` GROUP Winter Springs General Employees General Plan and Trust Total Domestic Equity June 30, 2010 3 0.0 Over 20.00 0.00 40.00 5.00 10.00 Performance 20.00 25.00 30.00 Risk (Standard Deviation %) 18.0 R a 25.00 Deviation %) ■ ■ 6.0 Return Standard Deviation 5 50.00 ■ ■ W -6.0 - p;, L 75.00 ■ = . • • • � -18.0 o Under a 18.32 • Total Domestic Equity Policy G Performance 21.89 100.00 • Total Domestic Equity Policy 3 -30.0 18.07 9/05 9/06 9/07 9/08 9/09 6/10 0 F -30.0 -18.0 -6.0 6.0 18.0 30.0 - Median Total Period 5 -25 25- Median Median -75 75 -95 Total Domestic EquityPolicy( %) Hist Count Count Count Count ■ Total Domestic Equity 20 0 (0%) 8 (40 %) 6 (30 %) 6 (30 %) f Under Performance f Over Performance f Sep -2005 Jun -2010 • Total Domestic Equity Polic, 0 (0%) 0 (0%) 15 (75 %) 5 (25 %) 5.00 0.00 10.00 -5.00 _ -10.00 L -15.00 a -20.00 5.00 0.00 a L � -5.00 a 10.00 0.00 10.00 20.00 30.00 40.00 5.00 10.00 15.00 20.00 25.00 30.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ Total Domestic Equity -8.00 22.50 ■ Total Domestic Equity 0.06 18.32 • Total Domestic Equity Policy -9.66 21.89 • Total Domestic Equity Policy -0.69 18.07 - Median -9.21 21.64 - Median -0.10 18.00 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Domestic Equity 5 58 102.76 96.08 2.01 0.35 -0.35 1.00 17.07 Total Domestic Equity Policy 0 00 100.00 100.00 0.00 N/A -0.46 1.00 16.92 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Domestic Equity 43.94 134.52 95.92 8.64 0.20 0.14 0.93 24.17 Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A -0.11 1.00 13.24 o THE BOGDAHN GROUP Winter Springs General Employees General Plan and Trust Lateef Asset Mgmt.Equity June 30, 2010 Financial Reconciliation 1 Q uarter Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec.// Deprec. As of 3/31/2010 6/30/2010 Lateef Asset Mgmt.Equity 4,887 50 -12 -1 15 -597 4,342 Financial Reconciliation Oct ober 009 To June 30, 20 10 Quarter To Year Years Years Years Years Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec.// Deprec. As of ■ Lateef Asset Mgmt.Equity 9/30/2009 -1.77 (60) 13.30 (43) -0.87 (3) N/A 6/30/2010 Lateef Asset Mgmt.Equity 4,480 -4 -36 -2 40 -117 4,342 Peer Group 13.62 (40) Growth/Large Cap Equity (SA+CF) Cumulative Perfo 0.38 (52) $50.0 $1100 6/08 3/09 12/09 6/10 I ledian ;n nn 20.00 10.00 e a L 0.00 a -10.00 -2000 $100.0 $90.0 83.8 $80.0 $77.4 $70.0 1 Oct -2009 1 2 3 4 5 $60.0 Quarter To Year Years Years Years Years Jun -2010 ■ Lateef Asset Mgmt.Equity -11.88 (57) -1.77 (60) 13.30 (43) -0.87 (3) N/A N/A N/A • Russell 1000 Growth Index -11.75 (53) -0.31 (37) 13.62 (40) -7.38 (39) -6.91 (48) -1.01 (42) 0.38 (52) $50.0 9/07 6/08 3/09 12/09 6/10 I ledian -11.64 -0.92 12.65 -8.17 -7.02 -1.42 0.48 - LateefAsset Mgmt .Equity - Russell 1000 Growth Index C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 LateefAsset Mgmt.Equity 5.33 (32) 5.83 (77) 15.34 (25) 14.76 (53) -5.85 (66) -19.33 (10) Russell 1000 Growth Index 4.65 (51) 7.94 (29) 13.97 (53) 16.32 (34) -4.12 (44) -22.79 (55) US Growth/Large Cap Equity (SA +CF) Median 4.67 7.03 14.03 15.01 -4.67 -22.56 27 THE �J BOGDAHN GROUP Winter Springs General Employees General Plan and Trust Dalton, Greiner, Hartman, Maher & Co. June 30, 2010 Financial Reconciliatio 1 Oct -2009 1 2 Market Value 4 5 Market Value Net Capital Year As of Contributions Distributions Fees Expenses Income As of 3/31/2010 Transfers Apprec.// Deprec. 6/30/2010 Dalton, Greiner, Hartman, Maher & Co. 4,969 50 -9 -1 18 -437 4,590 Financial Reconciliation Oct1 1' I June 30, 20 10 ■ Dalton, Greiner, Hartman, Maher & Co. -8.39 (14) 4.19 (8) 21.13 (25) N/A N/A Market Value N/A $100.0 Market Value • Russell 3000 Value Index Net Capital -8.47 (74) As of Contributions Distributions Fees Expenses Income As of 9/30/2009 Transfers Apprec.// Deprec. 6/30/2010 Dalton, Greiner, Hartman, Maher & Co. 3,596 882 -23 -2 57 80 4,590 Peer Group Analysis - US All Cap Value Equity (SA +CF) Cumulative Performance L 0.00 a -15.00 -3000 $130.0 $120.0 $110.0 1 Oct -2009 1 2 3 4 5 Quarter To Year Years Years Years Years Jun -2010 ■ Dalton, Greiner, Hartman, Maher & Co. -8.39 (14) 4.19 (8) 21.13 (25) N/A N/A N/A N/A $100.0 • Russell 3000 Value Index -11.09 (65) -0.86 (73) 17.57 (53) -8.47 (74) -12.13 (84) -4.75 (88) -1.56 (88) 6/09 9/09 12/09 3/10 6/10 - Dalton, Greiner, Hartman, Maher & Co. Median -10.41 0.14 17.91 -5.41 -8.91 -1.47 0.78 - Russell 3000 Value Index C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 Dalton, Greiner, Hartman, Maher & Co. 6.12 (57) 7.17 (3) 16.26 (68) N/A N/A N/A Russell 3000 Value Index 7.05 (40) 4.17 (80) 18.59 (47) 16.81 (80) -17.00 (98) -22.41 (49) US All Cap Value Equity (SA +CF) Median 6.42 5.07 18.23 18.28 -10.57 -22.53 THE �� 28 BOGDAHN ` GROUP Winter Springs General Employees General Plan and Trust Total International Equity June 30, 2010 Financial Reconciliation 0.00 a L 7 Market Value a -10.00 -20.00 Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 3/31/2010 Transfers Apprec.// Deprec. 6/30/2010 Total International Equity 2,911 37 -7 -1 27 -387 2,580 Financial Reconciliation Oct11' 009 To June 30, 20 10 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2009 Transfers Apprec.// Deprec. 6/30/2010 Total International Equity 2,318 462 -17 -1 _ _ -234 2,580 Peer Group 1 1 Performance 30.00 20.00 $150.0 $100.0 1 Oct -2009 1 2 3 4 5 Quarter To Year Years Years Years Years Jun -2010 ■ Total International Equity -12.31 (62) -6.45 (36) 18.81 (4) -10.98 (50) -14.23 (85) -5.03 (85) 0.80 (83) • MSCI EAFE Index -13.75 (85) -11.00 (78) 6.37 (72) -14.30 (79) -12.94 (73) -4.22 (76) 1.35 (80) $50.0 12/00 12/02 12/04 12/06 12/08 6/10 D ledian -11.91 -8.18 8.79 -10.99 -10.71 -2.29 2.89 -Total International Equity -MSCI EAFE Index Comparative Performance 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 Total International Equity 5.07 (5) 1.54 (65) 27.00 (3) 31.73 (9) -9.63 (20) -26.00 (98) MSCI EAFE Index 0.94 (66) 2.22 (51) 19.52 (46) 25.85 (30) -13.85 (61) -19.90 (57) International Active Value Equity (SA +CF) Median 1.96 2.29 19.27 23.60 -13.01 -19.35 THE 29 BOGDAHN ` GROVP 10.00 0.00 a L 7 a -10.00 -20.00 -3000 $150.0 $100.0 1 Oct -2009 1 2 3 4 5 Quarter To Year Years Years Years Years Jun -2010 ■ Total International Equity -12.31 (62) -6.45 (36) 18.81 (4) -10.98 (50) -14.23 (85) -5.03 (85) 0.80 (83) • MSCI EAFE Index -13.75 (85) -11.00 (78) 6.37 (72) -14.30 (79) -12.94 (73) -4.22 (76) 1.35 (80) $50.0 12/00 12/02 12/04 12/06 12/08 6/10 D ledian -11.91 -8.18 8.79 -10.99 -10.71 -2.29 2.89 -Total International Equity -MSCI EAFE Index Comparative Performance 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 Total International Equity 5.07 (5) 1.54 (65) 27.00 (3) 31.73 (9) -9.63 (20) -26.00 (98) MSCI EAFE Index 0.94 (66) 2.22 (51) 19.52 (46) 25.85 (30) -13.85 (61) -19.90 (57) International Active Value Equity (SA +CF) Median 1.96 2.29 19.27 23.60 -13.01 -19.35 THE 29 BOGDAHN ` GROVP Winter Springs General Employees General Plan and Trust Total International Equity June 30, 2010 DUM 30.0 F � 10.0 Over P erformancc 4 W R -10.0 C O -30.0 a -50.0 Under Performance 30.0 50.0 Jun -2010 R c -50.0 -30.0 -10.0 10.0 F MSCI EAFE Index( %) f Over P erformance f Under Perfonnance f Sep -2005 4.50 0.00 -4.50 -9.00 -13.50 a -18.00 -22.50 0.00 c 25.00 a 50.00 L Qi L 75.00 0 a 1 00.00 9/05 9/06 Total Period ■ Total International Equity 20 • MSCI EAFE Index 20 15.00 10.00 5.00 a 0.00 a -5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 10.00 15.00 20.00 25.00 30.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ Total International Equity -14.23 33.81 ■ Total International Equity 0.80 27.99 • MSCI EAFE Index -12.94 27.50 • MSCI EAFE Index 1.35 23.34 - Median -10.71 25.89 - Median 2.89 22.17 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total International Equity 9 33 108.26 106.56 1.02 -0.02 -0.43 1.12 23.21 MSCI EAFE Index 0 00 100.00 100.00 0.00 N/A -0.49 1.00 19.99 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total International Equity 7.30 106.18 106.14 -0.14 0.03 0.04 1.10 18.10 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.04 1.00 15.63 W THE BOGDAHN GROUP 9/07 9/08 9/09 6/10 5 -25 25- Median Median -75 75 -95 Count Count Count Count 0 (0 %) 0 (0 %) 9 (45 %) 11 (55 %) 0 (0 %) 1 (5 %) 16 (80 %) 3 (15 %) Winter Springs General Employees General Plan and Trust RBC Global (Voyageur) June 30, 2010 Financial Reconciliation 1 Quarter Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./Deprec. As of 3/31/2010 6/30/2010 RBC Global (Voyageur) 2,911 37 -7 -1 27 -387 2,580 Financial Reconciliation October 009 To June 30, 20 10 a -10.00 Quarter -20.00 Year -3000 Years Years Years Market Value Market Value Jun -2010 Net Capital As of Contributions Distributions Fees Expenses Income -12.31 (62) As of 18.81 (4) 9/30/2009 Transfers N/A ApprecJ Deprec. 6/30/2010 RBC Global (Voyageur) 2,318 462 -17 -1 _ _ -234 2,580 Peer Group 1 1 Performance $0.0 $1,p0 6/08 3/09 12/09 6/10 Median 30.00 20.00 $100.0 $80.0- $ 64.5 $60.0- $40.0- 10.00 Oct -2009 1 2 0.00 a L 5 0 a -10.00 Quarter -20.00 Year -3000 $100.0 $80.0- $ 64.5 $60.0- $40.0- 1 Oct -2009 1 2 3 4 5 $20.0 Quarter To Year Years Years Years Years Jun -2010 ■ RBC Global (Voyageur) -12.31 (62) -6.45 (36) 18.81 (4) -10.98 (50) N/A N/A N/A • MSCI EAFE Index -13.75 (85) -11.00 (78) 6.37 (72) -14.30 (79) -12.94 (73) -4.22 (76) 1.35 (80) $0.0 9/07 6/08 3/09 12/09 6/10 Median -11.91 -8.18 8.79 -10.99 -10.71 -2.29 2.89 -RBC Global (Voyageur) - MSCIEAFEIndex Comparative Performance 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 RBC Global (Voyageur) 5.07 (5) 1.54 (65) 27.00 (3) 31.73 (9) -9.63 (20) -26.00 (98) MSCI EAFE Index 0.94 (66) 2.22 (51) 19.52 (46) 25.85 (30) -13.85 (61) -19.90 (57) International Active Value Equity (SA +CF) Median 1.96 2.29 19.27 23.60 -13.01 -19.35 THE 31 BOGDAHN ` GROVP Winter Springs General Employees General Plan and Trust Galliard Core Fixed Income June 30, 2010 Financial Reconciliatio 10.50 F $115.0 Market Value $110.0 Market Value a Net Capital 3.50 As of Contributions Distributions Fees Expenses Income As of 3/31/2010 Transfers Apprec.// Deprec. 6/30/2010 Galliard Core Fixed Income 4,865 78 129 5,073 Financial Reconciliation Oct11' 009 To June 30, 20 10 To Year Years Years Years Years Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2009 Transfers Apprec.// Deprec. 6/30/2010 Galliard Core Fixed Income 5,089 -327 -7 -1 319 5,073 Peer Group Analysis - US Intermediate Fixed Income (SA +CF) Cumulative Performance !0.4 $120.0 10.50 F $115.0 a L $110.0 7.00 a $105.0 3.50 000 !0.4 $120.0 $117.4 $115.0 $110.0 $100.0 $105.0 $100.0 1 Oct -2009 1 2 3 4 5 Quarter To Year Years Years Years Years Jun -2010 ■ Galliard Core Fixed Income 2.63 (67) 6.52 (17) 12.08 (16) 7.61 (60) N/A N/A N/A $95.0 1 1 • Barclays Capital Intermediate Aggregate 2.92 (48) 5.34 (52) 8.72 (63) 7.42 (68) 7.34 (64) 7.00 (63) 5.57 (69) 9/07 6/08 3/09 12/09 6/10 - Galliard Core Fixed Income Median 2.90 5.36 9.33 7.88 7.68 7.24 5.82 - Barclays Capital Intermediate Aggregate C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 Galliard Core Fixed Income 3.01 (4) 0.76 (37) 5.22 (19) 4.80 (17) 2.34 (4) -0.68 (90) Barclays Capital Intermediate Aggregate 1.81 (57) 0.53 (56) 3.21 (69) 1.68 (75) 0.91 (38) 3.58 (59) US Intermediate Fixed Income (SA +CF) Median 1.85 0.60 3.63 2.64 0.75 4.16 32 THE �J BOGDAHN GROUP Winter Springs General Employees General Plan and Trust Galliard TIPS June 30, 2010 Financial Reconciliation 1 Q uarter Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec.// Deprec. As of 3/31/2010 6/30/2010 Galliard TIPS 916 10 - 4 17 946 Financial Reconciliation Oct ober I June 30, 20 10 a L 7 Quarter x 5.00 Market Value 2.50 Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2009 Transfers Apprec.// Deprec. 6/30/2010 Galliard TIPS 1,117 -224 -1 14 42 946 Peer Group ' Perfo rmance 9.52 (67) 4.07 (75) 7.62 (70) 6.72 (71) 4.99 (85) $100.0 �1�00 $1192 15.00 12.50 $117.9 $115.0 $110.0 $105.0 10.00 Oct -2009 1 2 3 4 7.50 a L 7 Quarter x 5.00 Years Years 2.50 000 $117.9 $115.0 $110.0 $105.0 1 Oct -2009 1 2 3 4 5 Quarter To Year Years Years Years Years Jun -2010 ■ Galliard TIPS 2.21 (93) 5.29 (93) 8.29 (94) 3.10 (100) N/A N/A N/A • Barclays Capital TIPS 3.82 (56) 6.25 (72) 9.52 (67) 4.07 (75) 7.62 (70) 6.72 (71) 4.99 (85) $100.0 9/07 6/08 3/09 12/09 6/10 Median 3.87 6.44 9.92 4.52 7.97 7.01 5.28 - Galliard TIPS - Barclays Capital TIPS C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 Galliard TIPS 0.68 (58) 2.32 (18) 2.85 (85) 0.48 (91) 4.15 (79) -3.40 (72) Barclays Capital TIPS 0.56 (75) 1.76 (87) 3.08 (55) 0.66 (66) 5.52 (21) -3.48 (76) US TIPS (SA +CF) Median 0.70 1.90 3.08 0.69 4.95 -2.59 33 THE �J BOGDAHN GR OVP Winter Springs General Employees General Plan and Trust American Core Realty Fund June 30, 2010 Financial Reconciliation I tl Market Value $70.0 $69.5 Market Value 1 Net 1 2 Capital 4 As of Contributions Distributions Fees Expenses Income As of 3/31/2010 Transfers Years Years Apprec.// Deprec. 6/30/2010 American Core Realty Fund 596 ( -2 6 14 608 Financial Reconciliation Oct11' 009 To June 30, 20 10 ■ American Core Realty Fund 3.25 (N /A) -1.77 (N /A) -11.22 (N /A) Market Value N/A N/A N/A Market Value Net 3.31 (N /A) 1.90 (N /A) -1.48 Capital -10.98 (N /A) As of 0.37 (N /A) Contributions Distributions Fees Expenses Income As of 9/30/2009 Transfers Apprec.// Deprec. 6/30/2010 American Core Realty Fund 639 -9 6 -5 19 -31 608 $1100 10 00 0.00 e .. -10.00 a L 7 a -20.00 -3000 $100.0 $90.0 $80.0 $70.0 $69.5 1 Oct -2009 1 2 3 4 5 Quarter To Year Years Years Years Years Jun -2010 ■ American Core Realty Fund 3.25 (N /A) -1.77 (N /A) -11.22 (N /A) -18.65 (N /A) N/A N/A N/A • NCREIF Property Index 3.31 (N /A) 1.90 (N /A) -1.48 (N /A) -10.98 (N /A) -4.70 (N /A) 0.37 (N /A) 3.79 (N /A) $60.0 9/07 6/08 3/09 12/09 6/10 Median N/A N/A N/A N/A N/A N/A N/A - American Core Realty Fund - NCREIF Property Index C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Mar -2010 Dec -2009 Sep -2009 Jun -2009 Mar -2009 Dec -2008 American Core Realty Fund -0.67 (74) -4.23 (63) -9.62 (67) -7.20 (46) -12.86 (39) -7.53 (26) NCREIF Property Index 0.76 (37) -2.11 (18) -3.32 (22) -5.20 (18) -7.33 (15) -8.29 (28) US Private Real Estate -Open End (SA +CF) Median 0.40 -3.73 -7.30 -8.06 -14.81 -10.07 THE �J 34 [ BOGDAHN ` GROUP Total Fund Effective Date: Jan -1976 S &P 500 Index Barclays Capital Aggregate MSCI EAFE Effective Date: Oct -2003 S &P 500 Index Barclays Capital Aggregate MSCI EAFE Effective Date: Sep -2006 S &P 500 Index Barclays Capital Intermediate Aggregate Effective Date: Oct -2009 Russell 3000 Index Barclays Capital Intermediate Aggregate MSCI EAFE Barclays Capital U.S. Treasury: U.S. TIPS NCREIF Property Index Winter Springs General Employees General Plan and Trust Benchmark History As of June 30, 2010 Total E Effective Date: Jan -1970 65.00 S &P 500 Index 90.00 30.00 MSCI EAFE 10.00 5.00 Effective Date: Oct -2003 S &P 500 Index 85.00 60.00 MSCI EAFE 15.00 30.00 10.00 Effective Date: Sep -2006 S &P 500 Index 100.00 60.00 Effective Date: Oct -2009 40.00 Russell 3000 Index 77.00 MSCI EAFE 23.00 50.00 25.00 Total Domestic Equity Policy 15.00 5.00 Allocation Effective Date: Jan -1926 5.00 S &P 500 Index 100.00 Effective Date: Oct -2009 Russell 3000 Index 100.00 Total Fixed Effective Date: Nov -2000 Barclays Capital Aggregate Effective Date: Sep -2006 Barclays Capital Intermediate Aggregate 35 100.00 100.00 THE BOGDAHN GROUP City of Winter Springs General Employee Retirement System Compliance Checklist as of June 30, 2010 1. The Total Plan return equaled or exceeded the 8% actuarial earnings assumption over the trailing three and five year periods. ✓ 2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods. ✓ 3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ✓ Total equity returns meet or exceed the benchmark over the trailing three and five year periods. ✓ Total equity returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ✓ The total equity allocation was less than 75% of the total plan assets at market. ✓ Total foreign equity was less than 25% of the total plan assets at market. ✓ 1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods. ✓ 2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ✓ 3. All fixed income investments had a minimum rating of investment grade or higher. ✓ Manager Compliance: Lateef Dalton 1. Manager outperformed the index over the trailing three and five year periods. ✓ ✓ ✓ ✓ ✓ 2. Manager ranked within the top 40th percentile over trailing three and five year periods. ✓ ✓ ✓ ✓ ✓ 3. Less than four consecutive quarters of under performance relative to the benchmark. ✓ ✓ ✓ ✓ ✓ 4. Three and five -year down - market capture ratios less than the index. ✓ ✓ ✓ ✓ ✓ 0 City of Winter Springs General Employee Retirement System Compliance Checklist as of March 31, 2010 1. Manager outperformed the index over the trailing three and five year periods. ✓ 2. Manager ranked within the top 50th percentile over trailing three and five year periods. ✓ 3. Less than four consecutive quarters of under performance relative to the benchmark. ✓ 4. Three -year down - market capture ratio less than the index. ✓ 37 Statistics Definitions Statistics Description Return -- Compounded rate of return for the period. Standard Deviation -- A statistical measure of the range of a portfolio's performance, the variability of a return around its average return over a specified time period. Sharpe Ratio -- Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk- adjusted performance. Alpha -- A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio's non - systematic return. 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 performance explained by the behavior of the appropriate benchmark. High R- Square means a higher correlation of the portfolio's performance to the appropriate benchmark. Treynor Ratio -- Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return over the risk free rate divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk- adjusted performance. Downside 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 returns. The higher the factor, the riskier the product. Tracking Error -- A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market benchmark. Information Ratio -- Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value -added contribution by the manager. Consistency -- The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product's performance. Excess Return -- Arithmetic difference between the managers return and the risk -free return over a specified time period. Active Return -- Arithmetic difference between the managers return and the benchmark return over a specified time period. Excess Risk -- A measure of the standard deviation of a portfolio's performance relative to the risk free return. Market Capture -- The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. ;vn Market Capture -- The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicate better product performance. Calculation based on monthly periodicity. 38 BOGDAHN GROUP 39 THE BOGDAHN GROUP 40 BOGDAHN .f GROUP Z£6L'Ot'Z'998 ZOZ£S uisuoosi,k `aaxnumpW 0081 a1inS an'; uisuo:)sim 'a OSZ aa�n�nnit� I £ Ibt oii1O `aouopuodopul 00Z olinS `pnlg aaaZ )jVp 0019 SSS09 siou `ailinuaiiLlM OOZ alms pro2d plaijuipA OZ£j7 o2Bal11a 118Z£ Ep!JOIJ `opurpo 009 alinS `p '20�d pulclOulA 106tj opuL'ij0 su . .lap �e . npff purr guauc�sanuz �norf $u: ijduczs _ d noxI) NHVCIDOq JHJL