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Home My WebLink About2011 05 10 Other - Winter Springs General Employees General Plan And Trust - 1st Quarter 2011 Board of Trustees Regular Meeting May 10, 2011 The document attached entitled, "Winter Springs General Employees General Plan and Trust — 1S Quarter 2011, was presented by Mr. Dave West, Bogdahn Consulting, LLC and reviewed with the Board Members at their Regular Meeting on May 10, 2011. Winter Springs General Employees General Plan and Trust 1 st Quarter 2011 TJ) BOGDAHN GROUP WW W, B D G D it H N G R O U P. C OM siniplifying your investment and fiduciary decisions 1St Quarter 2011 Market Environment Tier BOGDAHN GROUP The Market Environment Major Market Index Performance Period Ended: March 30, 2010 Portfolio Attribution (Reference pages 17 -219 of the Bogdahn Group December 2010 Report) • Equity markets provided yet another quarter of strong returns giving Plan assets a big boost. Bond capital market returns were generally flat despite a very active news environment: political upheaval in the Middle East and the attendant oil price shock, sovereign credit issues in Europe, and the tragic events impacting both life and economics of Japan. Real Estate investments continued to provide a significant offset to lackluster returns in the bond market. All active manager strategies outperformed respective benchmarks during the quarter; the general Plan allocation was the primary driver of investment returns with domestic equity and Real Estate the primary sources of return. • The Plan earned (4.74 %) net for the quarter, with fiscal year to date results now at (10.79 %) net. Corresponding peer group rankings were (17th ) and (39th ) percentile respectively. • The most notable active manager contribution continues to come from RBC, where performance results bettered benchmark and peer returns impressively. Results for the quarter (4.69% vs. 3.45 %), and nearly a double year over year ended March (20.4% vs. 10.9 %). • The overall Fund performance rankings continue to improve despite continued outperformance of plan ineligible, low quality investments in bond capital markets. Low quality continued the outperformance trend that has been in place for well over a year now. Fixed income results while low absolute, exceed the investment grade benchmark (0.88% vs. 0.48 %). Galliard performance remains ahead of the target index for the one year ended March (7.66% vs. 6.15 %). The quality mandate continues to impact peer group rankings negatively, though the relative impact is declining. • Plan allocation remains on target policy with monthly investment of net Plan contributions providing for full market exposure. • Additional Real Estate Mandate funding will be completed as manager capital calls are received. What helped? • The partial allocation shift from fixed income to Real Estate continues to boost program results ; both RE managers outperformed benchmarks as well. (4.39% average RE manager return vs. 1.15% total fixed income portfolio). • Active management for the quarter from RBC Global (4.69% vs. 3.45 %) What hurt? • Domestic fixed income market performance continues to be of marginal contribution. Recommendations: • Review additional domestic fixed income bond alternatives THE BOGDAHN \ GROUP The Market Environment Major Market Index Performance Period Ended: March 31, 2011 ■ The strong positive performance of equity benchmarks during the quarter was fairly surprising given the massive macro issues that investors had to digest. These events included an uprising in several Middle East and North African countries, ongoing sovereign debt issues in various European countries and a natural disaster in Japan that resulted in a great human tragedy and a potential nuclear meltdown. While challenges are certainly nothing new, the world's ongoing recovery in the face of these trials is a testament to the adaptability and vitality of the people and countries that make up the global economy. ■ Using the S &P 500 as a domestic market proxy, the equity market managed a return of 5.9% for the quarter. This equity performance represented the strongest 1St quarter return since 1998. Once again this quarter, small and mid cap issues outperformed their large cap counterparts with the Russell 2000 index (small cap) returning 7.9% and Russell MidCap index returning 7.6 %. The ongoing strength of small and mid cap issues is even more pronounced in the trailing one -year period. ■ International equity results were also positive for the quarter, but performance was more muted than domestic equity results with the MSCI- ACWxUS index returning 3.5% in U.S. Dollars (USD). The USD's continued weakness also provided a boost to un- hedged U.S. investors. While Europe's results were similar to domestic equity results, the performance of Asian and Latin American markets were a drag on international results. ■ The majority of the fixed income indices experienced positive performance for the quarter with the broad market Barclays US Aggregate index returning 0.4 %. While Government issues ( -0.1 %) were hurt by a slightly higher Treasury yield curve during the quarter, other bond market segments benefited from a general compression in credit spreads. Lower interest rates and credit spread compression have combined to create solid fixed income results over the trailing one -year period. Source: Barclays Capital, MSCI Capital Markets, Russell Investments & Zephyr Quarter Performance MSCI ACwxUS MSCI EAFE MSCI Emerg Mkts S &P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg Barclays US Govt -0.1% Barclays US TIPS Barclays MBS Barclays Corp IG 3 -Month T -Bill -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 1 -Year Performance 2.1% 0.4% 2.1% 1 0.6% 0.9% 0.0% 3.5% 3.4% 5.9% 6.4% I 6.2% 7.6% 7.9% 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 US TIPS Barclays MBS Barclays Corp IG 3 -Month T -Bill 0.0% 2 13.6% 10.9% 18.8% 15.6% 17.4% 16.7% 24.3% 25.8% 5.1% 4.3% 7.9% 4.4% 7.5% 5.0% 10.0% I 30.0% 15.0% 20.0% 25.0% THE ( \° $OGDAHN +' GROUP The Market Environment Domestic Equity Style Index Performance Period Ended: March 31, 2011 ■ Value outperformed growth by a narrow margin in the large and broad capitalization ranges, while growth outpaced value in the mid and small capitalization segments of the market. While most of the capitalization equivalent style -based returns were similar for the quarter, the small cap Russell 2000 style index series favored growth over value by 2.6 %. Small cap growth's outperformance versus value for the quarter was primarily a result of double -digit performance in the heavily- weighted information technology sector. Outside of small cap issues, performance between growth and value represented a relatively narrow performance spread. ■ While information technology performance boosted small cap growth returns for the quarter, style -based results were dominated by strong performance in the energy sector across the capitalization spectrum. In the large and broad cap segments of the market, the energy sector represents more than 10% of both the growth and value benchmarks and was the sole sector to post double -digit performance for the quarter. ■ Although the quarter's style -based performance differentials were mixed between growth and value, the one -year results show that growth -based investments hold a clear advantage over value at all capitalization ranges. This outperformance is particularly pronounced in the small cap segment where growth outperformed value by more than 10.0% for the year. The small cap growth benchmark's strength over the year is largely the result of its substantial 34.1% weight to the information technology sector and its return of 41.4 %. 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth Quarter Performance - Russell Style Series 6.5 6.4 6.3 6.5% 6.2 6.0 7.4 7.6 7.9 6.6% 7.9 9.2 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 1 -Year Performance - Russell Style Series THE Source: Russell Investments 3 $OGDAHN n GROUP 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% The Market Environment GICS Sector Performance & (Quarter -End Sector Weight) Period Ended: March 31, 2011 Russell 1000 ■Quarter 01 -Year • Large cap stock performance for the quarter was positive for Energy (12.9 %) each Global Industry Classification Standard (GICS) sector of the Russell 1000. This positive sector performance was dominated Materials (4.2%) by the strong 16.8% return of the energy sector. These stocks Industrials (11.5 %) were bid up significantly during the quarter as energy prices surged due to political unrest in several oil producing countries Consumer Disc (11.2 %) as well as increased demand from developing market Consumer Staples (9.3 %) economies. Given this sector's strength during the quarter, portfolios that were underweighted to energy relative to their Health Care (11.1 %) respective benchmark will have a tough time keeping pace with Financials (15.7 %) the index. Info Technology (17.9 %) • All small cap stock GICS sector performance was also positive Telecom Services (2.9 %) during the 1St quarter with the composite Russell 2000 index posting a return of 7.9 %. Much like the large cap benchmark, the Utilities (3.3 %) energy sector posted the highest sector performance (19.4 %) for o small cap stocks. The small cap benchmark was also very strong in the information technology (12.2 %) and materials (10.1 %) sectors relative to the large cap benchmark. Energy (7.1 %) • The quarter's sector returns for both small and large cap issues appear mild relative to the incredibly robust 1 -year results. Eight Materials (5.8%) of the ten sectors of the Russell 1000 and all ten sectors of the Industrials (15.7 %) Russell 2000 posted one -year returns in excess of 10 %. Energy, materials and industrials represented the dominate sectors in Consumer Disc (13.0 %) both the large and small cap benchmarks. Large cap Consumer Staples (2.9 %) performance was further helped by consumer discretionary and telecom services results, while small cap returns received a Health Care (12.5 %) boost from strong information technology performance. Financials (20.0°x°) Info Technology (19.3 %) Telecom Services (0.8 %) Utilities (3.0 %) Source: Thompson Financial 4 16.8% 40.6% 5.0 25.3 8.9 23.0 5.0 22.5% 3.0 11.1 6.4 7.1 3.5 4.9% 3.7 13.0% 4.5 27.7 3.9% 14.1% 0% 10.0% 20.0% 30.0% 40.0% 50.0% Russell 2000 ■Quarter 01 -Year 19.4% 54.1 10.1% 39.3 8.3 32.5 3.3 15.6% 5.2 16.9% 9.0 18.2% 3.1 11.7% 12.2% 41.5% 2.3 17.4% 5.8 21.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% THE ( $OGDAHN +' GROUP The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 Period Ended: March 31, 2011 Russell ,,, Exxon Mobil Corp Top 10 Symbol XOM Weighted Stocks Weight 3.07% Return 15.7% Sector Energy Apple Inc AAPL 2.33% 8.0% Information Technology General Electric Company GE 1.58% 10.4% Industrials Microsoft Corp MSFT 1.54% -8.6% Information Technology IBM IBM 1.51% 11.5% Information Technology Chevron Corp CVX 1.46% 18.6% Energy Procter & Gamble Cc PG 1.35% -3.5% Consumer Staples JPMorgan Chase & Cc JPM 1.34% 8.8% Financials AT &T Inc T 1.24% 5.7% Telecomm Service Johnson & Johnson Russell rrr Green Mountain Coffee Roasters JNJ Top r Performing Symbol GMCR 1.24% Stocks Weight 0.04% -3.3% Return 96.6% Health Care Sector Consumer Staples Weight Watchers International WTW 0.01% 87.5% Consumer Discretionary Sandridge Energy Inc SD 0.02% 74.9% Energy Manitowoc Cc Inc MTW 0.02% 66.9% Industrials Frontier Oil Corp FTO 0.02% 64.8% Energy Echostar Corp SATS 0.01% 51.6% Information Technology Level 3 Communications Inc LVLT 0.02% 50.0% Telecomm Service Holly Corp HOC 0.02% 49.4% Energy Tesoro Corp TSO 0.02% 44.7% Energy Marathon Oil Corp Russell rrr Central European Distribution MRO Bottom 10 Symbol CEDC 0.24% Performing Weight 0.01% 44.7% Stocks Return -50.4% Energy Sector Consumer Staples Monster Worldwide Inc MWW 0.02% -32.7% Information Technology Cree Inc CREE 0.04% -29.9% Information Technology American International Group AIG 0.04% -27.3% Financials Dolby Laboratories Inc DLB 0.02% -26.2% Information Technology Green Dot Corp GDOT 0.00% 1 -24.4% Financials Hudson City Bancorp Inc HCBK 0.04% -23.0% Financials Amylin Pharmaceuticals Inc AMLN 0.01% -22.7% Health Care Tellabs Inc TLAB 0.02% -22.4% Information Technology Delta Air Lines Inc DAL 0.07% -22.2% Industrials Source: Thompson Financial F V Russell ,,, Riverbed Technology Inc Top 10 Symbol RVBD Weighted Stocks Weight 0.41% Return 7.1% Sector Information Technology Verifone Systems Inc PAY 0.32% 42.5% Information Technology Tibco Software Inc TIBX 0.32% 38.3% Information Technology Brigham Exploration Cc BEXP 0.30% 36.5% Energy Rackspace Hosting Inc RAX 0.29% 36.4% Information Technology Nordson Corp NDSN 0.28% 25.5% Industrials Deckers Outdoor Corp DECK 0.26% 8.0% Consumer Discretionary Sothebys BID 0.25% 17.0% Consumer Discretionary Acme Packet Inc APKT 0.25% 33.5% Information Technology American Capital Ltd Russell err Silicon Graphics International ACAS Top r Performing Symbol SGI 0.24% Stocks Weight 0.04% 31.0% Return 137.0% Financials Sector Information Technology Star Scientific Inc CIGX 0.02% 132.8% Consumer Staples Alon Usa Energy Inc ALJ 0.01% 129.9% Energy Sunrise Senior Living Inc SRZ 0.04% 118.9% Health Care Vonage Holdings Corp VG 0.03% 103.6% Telecomm Service Broadsoft Inc BSFT 0.02% 99.7% Information Technology Hercules Offshore Inc HERO 0.04% 0% Energy Clinical Data Inc CLDA 0.03% 4% Health Care Capstone Turbine Corp CPST 0.03% 88.16% k806.9% Industrials Delek Us Holdings Inc Russell rrr Lecg Corporation D Bottom r Symbol XPRT 0.01% Performing Weight 0.00% Stocks Return -85.4% Energy Sector Industrials Gerova Financial Group Ltd GFC 0.00% -82.5% Financials Horizon Lines Inc HRZ 0.01% -80.5% Industrials Borders Group Inc BGP 0.00% -74.6% Consumer Discretionary Princeton Review Inc REVU 0.00% -67.6% Consumer Discretionary Orexigen Therapeutics Inc OREX 0.01% -65.2% Health Care Evergreen Solar Inc ESLR 0.01% -61.4% Information Technology Fibertower Corp FTWR 0.01% -54.9% Telecomm Service Mannkind Corp MNKD 0.03% -54.7% Health Care Seahawk Drilling Inc HAWK 0.00% -54.2% Energy THE i BOGDAHN \`-'� GROUP The Market Environment International and Regional Market Index Performance (# Countries) Period Ended: March 31, 2011 Quarter Performance I ■USD El Local Currency ■ Although the broad international indices and most of the regional benchmarks posted positive performance for the quarter, the impact of the Japanese earthquake is evident in the negative performance of the pacific region. The pacific region is dominated by Japan, which posted a U.S. Dollar (USD) return of -4.9% for the quarter ( -9.1% for March). In addition, Japan represented the second largest country weight in both the MSCI - EAFE index (20.3 %) and the MSCI- ACWxUS index (13.8 %). Although Japan posted the weakest developed market return for the quarter, Egypt, with its return of - 23.2 %, posted the weakest overall country performance in the MSCI- ACWxUS index. However, Egypt only represented a weight of 0.1 % in this index. AC World x US (44) WORLD x US (23) EAFE (22) Europe (16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) ■ International equity results for both developed and emerging international equity market indices fell short of domestic equity EM Latin Amer (5) d f f th t Th MSCI ACW US d 3.5% 1.3% 4.9% 3.7% 3.4% 1.1% 6.6% 2.2% -2.0% 1.0% 2.1% 0.7% 11.8% 6.3% 1.6% 0.7% 0.9% 1.0% I ex per Ormance O a q er. e - X I eX -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% returned a solid 3.5% for the quarter while the Emerging Markets index posted lower 2.1 %. Much like domestic equity markets, the performance of the MSCI- ACWxUS index was dominated by strength in the energy sector (11.3 %). The regional benchmark AC World x US (44) results for the quarter also demonstrate that with the exception of the Pacific region, the USD continued its depreciation against the WORLD x US (23) world's market currencies. EAFE (22) ■ Over the one -year period, emerging markets posted stronger performance (18.8 %) than developed market economies (14.0 %). This emerging market strength is also visible on a regional basis with both the emerging European (23.4 %) and Asian (19.6 %) markets outperforming their regional developed market counterparts by more than 5 %. Each of the broad and regional benchmark indices illustrate the substantial depreciation of the USD relative to other currencies over the trailing 1 -year period. Source: MSCI Capital Markets 6 Europe (16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) EM Latin Amer (5) 1 -Year Performance I ■ USD ❑ Local Currency 13.6% 5.7% 14.0% 9.7% 10.9% 1.9% 13.3% 6.0% -4.5% 7.0% 18.8% 13.6% 23.4% 20.4% 19.6% 16.1% 14.1% 5.6% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% THE (� $OGDAHN +' GROUP The Market Environment U.S. Dollar International Index Attribution & Country Detail Period Ended March 31, 2011 MSCI-EAFE Ending Weight 1st Qtr Returnjlff -Year Return Energy 8.5% 11.1% 16.0% Materials 11.3% 1.8% 10.8% Industrials 13.1% 5.4% 16.2% Consumer Discretionary 10.2% -0.6% 4.0% Consumer Staples 9.7% 0.4% 5.4% Health Care 8.0% 2.3% 20.7% Financials 24.0% 4.6% 1.2% Information Technology 4.8% -1.0% 17.4% Telecommunication Services 5.7% 8.7% 21.2% Utilities 4.8% -0.1% -0.3% 5.4% Hong Kong 2.8% 1.9% Source: MSC/ Capital Markets & Franklin /Templeton Country United Kingdom En ding Weight 1st Qtr ReturrAN-Year Return Energy 11.9% 11.3% 20.9% Materials 13.0% 1.9% 20.3% Industrials 11.0% 4.4% 20.5% Consumer Discretionary 8.8% -0.1% 18.6% Consumer Staples 8.3% 0.2% 13.2% Health Care 5.7% 2.6% 6.4% Financials 24.9% 4.3% 7.5% Information Technology 6.4% -1.2% 6.5% Telecommunication Services 5.8% 6.4% 19.4% Utilities 4.2% 0.4% 1.7% 5.4% Hong Kong 2.8% 1.9% Source: MSC/ Capital Markets & Franklin /Templeton Country United Kingdom Weight* 21.3% Weight* 14.4% Q . Return 3.8% Return 13.6% Japan 20.3% 13.8% -4.9% 1.6% France 10.2% 6.9% 10.6% 11.3% Australia 8.8% 6.0% 4.5% 15.0% Germany 8.6% 5.8% 7.6% 20.7% Switzerland 7.8% 5.3% 1.9% 10.1 Spain 3.6% 2.4% 13.8% 5.9% Sweden 3.2% 2.2% 5.5% 32.0% Italy 2.9% 2.0% 13.8% 5.4% Hong Kong 2.8% 1.9% -0.4% 19.8% Netherlands 2.7% 1.8% 10.5% 14.1% Singapore Free 1.7% 1.1% -0.6% 22.9% Denmark 1.1% 0.7% 9.7% 30.7% Finland 1.1% 0.7% 2.2% 1.4% Norway 0.9% 0.6% 6.8% 27.6% Belgium 0.9% 0.6% 5.6% 6.8% Israel 0.8% 0.5% -2.4% -6.9 Austria 0.3% 0.2% 6.0% 18.8% Portugal 0.3% 0.2% 8.7% 8.5% Greece 0.3% 0.2% 15.2% -26.7% reland 1 0.2% 1 0.2% 1 9.3% 1 -9.8 New Zealand Total EAFE Countries 0.1% 1 00 . 0% 0.1% 67 4.4% 18.4% 10 Canada Total Developed Countries 1 1 8.4% 76 1 7.8 % 23.1 EL 14 China 4.2% 2.9% 9.6% Brazil 3.8% 2.6% 9.7% Korea 3.4% 7.6% 31.5% Taiwan 2.6% -4.2% 22.2 India 1.8% -5.1% 9.5 South Africa 1.8% -1.9% 25.9% Russia 1.7% 16.3% 30.1% Mexico 1.1% 0.6% 19.1 Malaysia 0.7% 4.3% 31.0% Indonesia 0.6% 4.7% 28.1% Thailand 0.4% 4.2% 43.7% Poland 0.4% 6.9% 18.8% Chile 0.4% -7.9% 33.0% Turkey 0.3% -5.2% 10.5% Colombia 0.2% 0.2% 30.3% Peru 0.1% -13.6% 31.7% Philippines 0.1% -2.8% 25.3% Hungary 0.1% 20.2% -3.5% Czech Republic 1 0.1% 1 16.3% 1 14.6 Egypt 0.1% -23.2% -22.9% Morocco Total Emerging Countries Total ACWIxIJS Countries 0.0% 23.9% 1 00 . 0% 5.5% 2.1% 14.0% 18.8% THE i - BOGDAHN \`-'� GROUP The Market Environment Domestic Credit Sector & Broad Market Maturity Performance Period Ended: March 31, 2011 ■ Using the Barclays Aggregate index as a proxy for the domestic AAA broad fixed income market, bonds returned 0.4% for the quarter. AA Within the benchmark's sectors, Government securities ( -0.1 %) were the only bond market segment to post a negative return for A the quarter. While the quarter's rising yield environment was a BBB hindrance to all fixed income performance, non - Government `1366 issues benefited from increased confidence in the U.S. economic Govt recovery, which was reflected in the narrowing spreads between TIPS Government and corporate issues. Although timing and selection Mort are always a factor in individual portfolio results, active strategies that used their flexibility to overweight corporate and /or lower quality issues clearly had the potential to be rewarded for those 1 -3yr G /M /C active decisions. Treasury inflation protected securities (TIPS) 1- 5yrG /M /C also posted an attractive return for the quarter as investor 1 -10yr G /M /C concerns over future inflation drove prices higher. 10 +yr G /M /C ■ The trailing one -year returns were solid for the various broad and sector -based bond indices. Given the steep yield curve and growing evidence of a solid, albeit slow, economic recovery, longer -dated and lower quality benchmarks posted the strongest returns over the one -year period. AAA AA A BBB <131313 Govt TIPS Mort Quarter Performance 0.2% 0.3% 0.9% 1.4% -0.1% 2.1% - 0.5% G /M /C = Broad Market (Government + Mortgage + Corporate) 0.2% ® 0.4% 0.4% 0.1% 3.9% -1.0% 0.0% 1.0% 1 -Year Performance 4.4% 2.0% 3.0% 4.0% 5.0% 6.0% 5.8% 7.5% 8.7% � 14.2 8.2% 4.4% 2.9% L1 3.7% - 4.6% 8.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 1 -3yr G /M /C 1 -5yr G /M /C 1 -10yr G /M /C 10 +yr G /M /C THE Source: Bank ofAmerica /Merrill Lynch Index System g ( � BOGDAHN \`-'� GROUP The Market Environment Market Rate & Yield Curve Comparison Period Ended: March 31, 2011 ■ There was no action by the Fed on short -term rates during the quarter so the fed funds rate remained unchanged (targeted at 0.0% to 0.25 %). Although the Fed did not act directly on short - term rates, they did indicate their intention to begin auctioning off their portfolio of mortgage backed securities. The rate of the 10- yr Treasury moved modestly higher throughout the quarter finishing 17 basis points higher at a yield of 3.47 %. Investment grade corporate rates also ticked up during the quarter but the impact of the yield increase was partially mitigated by the BAA/10yr Spread narrowing by 10 basis points. The yield of the 10yr TIPS experienced a moderate spike in early February but settled back down to roughly year -end levels by the end of the quarter. ■ Although rates along the yield curve increased for most maturities during the quarter, the largely parallel movement of rates beyond one -year maturities was much more modest than the 4 quarter's yield increases. The growing confidence in the strength of the economic recovery has caused several economists to shorten their forecasts for future Fed rate increases to the second half of 2011. The opposing viewpoint, which is still dominant, is that Fed will not act to increase short - term rates until at least 2012. The logic for a more delayed rate increase scenario is the fragile state of the current economic recovery, outside of Government assistance, as well as the necessary reduction in the size of the Fed's balance sheet. Source: Mortgage- X.com, US Department of Treasury & St. Louis Fed 1 -Year Trailing Market Rates Fed Funds Rate TED Spread 3 -Month Libor °BAA/10vr Spread 10vr Treasury 10vr TIPS Jun -10 Sep -10 Dec -10 Mar -11 Mar -10 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Treasury Yield Curve E _ - 3/31/2010 --�,-- 3/31 /2011 _--9/30/2010 _1 ET2010 O 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr THE 9 ( $OGDAHN +' GROUP THE 28 BOG IDAHN �`� GROUP Winter Springs General Employees General Plan and Trust March 31, 2011 December 31, 2010 : $22,665,850 March 31, 2011 : $24,079,375 Segments Market Value Allocation Segments Market Value Allocation (S) (%) (S) (%) ■ Domestic Equity 11,101,252 49.0 ■ Domestic Equity 12,427,546 51.6 ■ International Equity 3,585,512 15.8 ■ International Equity 3,822,145 15.9 ■ Fixed Income 5,215,182 23.0 ■ Fixed Income 5,438,885 22.6 ■ Real Estate 1,994,043 8.8 ■ Real Estate 2,069,315 8.6 ■ Cash Equivalent 769,862 3.4 ■ Cash Equivalent 321,484 1.3 THE 1 0 BOG DAHN �`� GROUP Winter Springs General Employees General Plan and Trust March 31, 2011 December 31, 2010 : $22,665,850 ■ Dalton, Greiner, Hartman, Maher & Co ■ Lateef Asset Mgmt.Equity ■ Galliard Core Fixed Income ■ RBC Global (Voyageur) ■ Intercontinental ❑ Galliard TIPS ❑ American Core Realty Fund ■ Receipt & Disbursement ■ Galliard Cash March 31, 2011 : $24,079,375 Market Value Allocation Market Value Allocation (S) ( %) (S) ( %) 5,886,361 26.0 ■ Dalton, Greiner, Hartman, Maher & Co. 6,408,094 26.6 5,728,785 25.3 ■ Lateef Asset Mgmt.Equity 6,203,237 25.8 4,209,236 18.6 ■ Galliard Core Fixed Income 4,387,658 18.2 3,585,512 15.8 ■ RBC Global (Voyageur) 3,822,145 15.9 1,351,569 6.0 ■ Intercontinental 1,406,763 5.8 1,024,397 4.5 ❑ Galliard TIPS 1,069,559 4.4 642,474 2.8 ❑ American Core Realty Fund 662,552 2.8 193,800 0.9 ■ Receipt & Disbursement 87,251 0.4 43,716 0.2 ■ Galliard Cash 32,116 0.1 THE 11 BOG DAHN �`� GROUP Winter Springs General Employees General Plan and Trust Asset Allocation vs. Target Allocation As of March 31, 2011 M—h 41 7n11 Domestic Large Cap Value Equity Domestic Broad Cap Growth Equity Foreign Equity Broad Market Fixed Income TIPS Receipt & Disbursement Galliard Cash Real Estate 1.(i ° o 3 000 0.6°0 0.4% 0.1% -1.4% -10.0% -8.0% -4.0% 0.0% 4.0% 8.0% 10.0% Allocation Differences March 31, 2011 12 THE � BOGDA HN `� GROUP Market Value Allocation Target Domestic Large Cap Value Equity 6,408,094 26.6 25.0 Domestic Broad Cap Growth Equity 6,203,237 25.8 25.0 Foreign Equity 3,822,145 15.9 15.0 Broad Market Fixed Income 4,387,658 18.2 20.0 TIPS 1,069,559 4.4 5.0 Receipt & Disbursement 87,251 0.4 - Galliard Cash 32,116 0.1 - Real Estate 2,069,315 8.6 10.0 Total Fund 24,079,375 100.0 100.0 12 THE � BOGDA HN `� GROUP Winter Springs General Employees General Plan and Trust Asset Allocation History As of March 31, 2011 Asset Allocation History by Portfolio Total Domestic Equity 12,611,331 52.37 11,615,146 51.25 10,225,481 48.82 8,931,968 48.80 9,856,099 51.14 Snow Capital Mgmt. Equity - - - - - - - - - - Dalton, Greiner, Hartman, Maher & Co. 6,408,094 26.61 5,886,361 25.97 5,209,926 24.87 4,589,911 25.08 4,968,701 25.78 Lateef Asset Mgmt.Equity 6,203,237 25.76 5,728,785 25.27 5,015,554 23.94 4,342,057 23.73 4,887,399 25.36 Total International Equity 3,822,145 15.87 3,585,512 15.82 3,127,979 14.93 2,580,041 14.10 2,910,875 15.10 RBC Global (Voyageur) 3,822,145 15.87 3,585,512 15.82 3,127,979 14.93 2,580,041 14.10 2,910,875 15.10 Total Fixed Income 5,457,217 22.66 5,233,634 23.09 4,974,315 23.75 6,019,062 32.89 5,781,283 30.00 Galliard Core Fixed Income 4,387,658 18.22 4,209,236 18.57 3,995,403 19.07 5,072,689 27.72 4,865,111 25.24 Galliard TIPS 1,069,559 4.44 1,024,397 4.52 978,912 4.67 946,372 5.17 916,171 4.75 Total Real Estate 2,069,315 8.59 1,994,043 8.80 628,316 3.00 607,888 3.32 595,761 3.09 American Core Realty Fund 662,552 2.75 642,474 2.83 628,316 3.00 607,888 3.32 595,761 3.09 Intercontinental 1,406,763 5.84 1,351,569 5.96 - - - - - - Receipt & Disbursement 87,251 0.36 193,800 0.86 1,958,745 9.35 141,924 0.78 88,424 0.46 Galliard Cash 32,116 0.13 43,716 0.19 32,112 0.15 20,502 0.11 40,600 0.21 Total Fund portfolio 24,079,375 100.00 22,665,850 100.00 20,946,948 100.00 18,301,384 100.00 19,273,042 100.00 Asset Allocation History by Segment Irn n 0 C. O U O 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 Domestic Equity Intemational Equity Flxed Income RealEstate Cash Equivalent THE 13 Q BOG DAHN � GROUP Winter Springs General Employees General Plan and Trust Financial Reconciliation Quarter to Date 1 Quarter Ending March 31, 2011 otal Domestic Equity 11,615,146 222,500 - - - 25,362 -1,456 40,906 759,597 12,611,331 ateef Asset Mgmt.Equity 5,728,785 111,250 - - 14,322 -718 13,081 365,162 6,203,237 Salton, Greiner, Hartman, Maher & Co. 5,886,361 111,250 - - 11,040 -737 27,825 394,435 6,408,094 otal International Equit} 3,585,512 74,752 - - -8,002 -683 - 170,566 3,822,145 BC Global (Voyageur) 3,585,512 74,752 - -8,002 -683 - 170,566 3,822,145 otal Fixed Income 5,233,634 162,900 - - - -128 4,579 56,232 5,457,217 alliard Core Fixed Income 4,209,236 140,650 - - - - 37,771 4,387,658 alliard TIPS 1,024,397 22,250 - - - -128 4,579 18,461 1,069,559 otal Real Estate 1,994,043 - - 7,148 -5,119 - 28,015 59,524 2,069,315 merican Core Realty Fund 642,474 - -7,148 -1,574 9,438 19,362 662,552 itercontinental 1,351,569 - - - -3,545 - 18,577 40,162 1,406,763 eceipt & Disbursement 193,800 - 448,552 601,874 - 257,637 - -2,236 3 - 87,251 alliard Cash 43.716 - 11,600 - - - - - - 32,116 otal Fund Portfolio 22,665,8511 - 6111,874 - 264,785 - 38,483 -4,502 73,503 1,045,918 24,079,375 14 THE (� BOGIDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Financial Reconciliation Fiscal Year to Date October 1, 2010 To March 31, 2011 otal Domestic Equity 10,225,481 692,500 - - - 47,671 -2,701 78,937 1,664,786 12,611,331 ateef Asset Mgmt.Equity 5,015,554 346,250 - 26,861 -1,309 27,667 841,936 6,203,237 alton, Greiner, Hartman, Maher & Co. 5,209,926 346,250 - 20,810 -1,392 51,269 822,850 6,408,094 otal International Equity 3,127,979 21�0 - 14,919 - 3,089 - 489,505 3,822,145 BC Global (Voyageur) 3,127,979 222,669 - 14,919 -3,089 - 489,505 3,822,145 otal Fixed Income 4,974,315 468,400 - 367 9 8,295 6,822 5,457,217 alliard Core Fixed Income 3,995,403 399,150 - - - -6,896 4,387,658 alliard TIPS 978,912 69,250 - -367 -249 8,295 13,718 1,069,559 otal Real Estate 628,316 1,300,000 - - 14,635 -9,922 48,522 117,033 2,069,315 merican Core Realty Fund 628,316 - - 14,635 -3,243 16,925 35,188 662,552 itercontinental - 1,300,000 - - -6,679 - 31,597 81,845 1,406,763 eceipt & Disbursement 1,958,745 - 2,686,069 1,335,239 - 512,130 - -8,554 20 - 87,251 alliard Cash 32,112 2,500 - - -2,497 - 2 - 32,116 otal Fund Portfolio 20,946,948 - 1,335,239 - 526,764 - 75,375 4094 135,775 2,278,146 24,079,375 15 THE 4 BOGDAHN �. GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of March 31, 2011 Total Fund (Net) 4.74 (17) 10.79 (39) 14.06 (26) 3.26 (78) 3.63 (83) 4.17 N/A 11/01/2000 Total Fund Policy 4.32 (34) 11.74 (23) 13.80 (32) 4.44 (45) 4.63 (48) 3.53 N/A Difference 0.42 -0.95 0.26 -1.18 -1.00 0.64 All Public Plans -Total Fund Median 4.06 10.33 12.87 4.25 4.58 N/A Total Fund (New Mgrs) (Net) 4.75 (16) 10.97 (36) 13.96 (28) 3.21 (79) N/A 0.80 N/A 10/01/2007 Total Fund Policy 4.32 (34) 11.74 (23) 13.80 (32) 4.44 (45) 4.63 (48) 2.09 N/A Difference 0.43 -0.77 0.16 -1.23 N/A -1.29 All Public Plans -Total Fund Median 4.06 10.33 12.87 4.25 4.58 N/A Total Fund (Gross) 4.92 (11) 11.34 (30) 15.06 (15) 4.01 (60) 4.35 (62) 4.90 N/A 11/01/2000 Total Fund Policy 4.32 (34) 11.74 (23) 13.80 (32) 4.44 (45) 4.63 (48) 3.53 N/A Difference 0.60 -0.40 1.26 -0.43 -0.28 1.37 All Public Plans -Total Fund Median 4.06 10.33 12.87 4.25 4.58 N/A Total Fund (New Mgrs) (Gross) 4.92 (11) 11.34 (30) 14.72 (17) 3.90 (66) N/A 1.42 N/A 10/01/2007 Total Fund Policy 4.32 (34) 11.74 (23) 13.80 (32) 4.44 (45) 4.63 (48) 2.09 N/A Difference 0.60 -0.40 0.92 -0.54 N/A -0.67 All Public Plans -Total Fund Median 4.06 10.33 12.87 4.25 4.58 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. �� 6 OG'DAH �`� GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of March 31, 2011 Total Equity Total Equity Policy Total Domestic Equity Total Domestic Equity Policy Difference US Core/LC Equity (SA +CF) Median Total International Equity MSCI EAFE Index Difference Intl Active Value Equity (SA +CF) Median Total Fixed Income Total Fixed Policy Total Real Estate NCREIF Fund Index -Open End Diversified Core (EW) 6.35 16.13 18.72 3.16 3.43 4.13 111/111/211111 5.71 16.77 15.98 1.94 2.48 0.64 -0.64 2.74 1.22 0.95 1.84 6.86 (31) 16.47 (77) 18.21 (17) 4.35 (23) 3.77 (35) 3.78 (22) 11/01/2000 6.38 (44) 18.71 (33) 17.41 (22) 3.01 (49) 3.02 (55) 1.35 (75) 0.48 -2.24 0.80 1.34 0.75 2.43 6.25 17.81 15.62 2.98 3.13 2.12 4.69 (27) 15.03 (6) 20.42 (6) -1.04 (61) 2.28 (70) 5.20 (91) 11/01/2000 3.45 (58) 10.33 (60) 10.90 (70) -2.53 (75) 1.78 (75) 4.08 (100) 1.24 4.70 9.52 1.49 0.50 1.12 3.76 10.69 13.44 -0.30 3.62 8.27 1.15 0.29 5.71 5.35 5.78 5.94 11/01/2000 0.48 -0.28 4.76 5.17 5.98 5.97 0.67 0.57 0.95 0.18 -0.20 -0.03 4.39 8.61 17.26 -8.62 N/A -6.53 10/01/2007 N/A N/A N/A N/A N/A Nth 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 7 w policy. See benchmark history for details. �� y OGDAH �`� GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of March 31, 2011 Dalton, Greiner, Hartman, Maher & Co. 7.13 (45) 16.19 (84) 19.16 (46) N/A N/A 31.29 (38) 05/111/2009 Russell 3000 Value Index 6.47 (53) 18.09 (64) 15.60 (78) 1.09 (92) 1.43 (90) 28.07 (68) Difference 0.66 -1.90 3.56 N/A N/A 3.22 US All Cap Value Equity (SA +CF) Median 6.89 19.80 18.57 5.42 3.93 29.88 Lateef Asset Mgmt.Equity 6.57 (29) 16.76 (70) 17.24 (53) 6.62 (18) N/A 3.16 (14) 10/01/2007 Russell 1000 Growth Index 6.03 (45) 18.57 (47) 18.26 (42) 5.19 (39) 4.34 (45) 1.05 (40) Difference 0.54 -1.81 -1.02 1.43 N/A 2.11 US Growth/LC Equity (SA +CF) Median 5.84 18.36 17.49 4.54 4.01 0.47 RBC Global (Voyageur) 4.69 (27) 15.03 (6) 20.42 (6) -1.04 (61) N/A -4.03 (55) 11/01/2007 MSCI EAFE Index 3.45 (58) 10.33 (60) 10.90 (70) -2.53 (75) 1.78 (75) -6.38 (79) Difference 1.24 4.70 9.52 1.49 N/A 2.35 Intl Active Value Equity (SA +CF) Median 3.76 10.69 13.44 -0.30 3.62 -3.87 Galliard Core Fixed Income 0.88 (22) -0.17 (35) 5.44 (36) 5.74 (47) N/A 5.50 (89) 10/01/2007 Barclays Capital Intennediate Aggregate 0.48 (69) -0.28 (37) 4.76 (72) 5.17 (70) 5.96 (73) 5.97 (75) Difference 0.40 0.11 0.68 0.57 N/A -0.47 US Int Fixed Income (SA +CF) Median 0.60 -0.51 5.10 5.54 6.24 6.31 Galliard TIPS 2.23 (26) 2.17 (19) 6.40 (91) 3.45 (100) N/A 6.03 (93) 10/01/2007 Barclays Capital U.S. TIPS 2.08 (54) 1.42 (38) 7.91 (51) 3.93 (71) 6.26 (72) 6.32 (72) Difference 0.15 0.75 -1.51 -0.48 N/A -0.29 US TIPS (SA +CF) Median 2.10 1.29 7.91 4.18 6.40 6.55 American Core Realty Fund 4.48 (26) 8.36 (65) 16.99 (83) -8.69 (53) N/A -6.59 (53) 10/01/2007 American Core Realty Policy 4.12 (33) 9.32 (39) 17.30 (81) -3.28 (7) N/A -1.49 (6) Difference 0.36 -0.96 -0.31 -5.41 N/A -5.10 US Private Real Estate -Open End (SA +CF) Median 3.98 8.79 22.18 -7.56 1.15 -5.50 Intercontinental 4.35 (28) 9.05 (44) N/A N/A N/A 9.05 (44) 10/01/2010 NCREIF Fund Index -Open End Diversified Core (EW) N/A N/A N/A N/A N/A N/A Difference N/A N/A N/A N/A N/A N/A US Private Real Estate -Oven End (SA +CF) Median 3.98 8.79 22.18 -7.56 1.15 8.79 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. $ ( rQGDAH f \`� GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of March 31, 2011 otal Fund (Net) 10.79 (39) 10.92 (27) 0.73 (59) -16.82 (9 1) 13.03 (74) 7.89 (64) 11.07 (65) otal Fund Policy 11.74 (23) 9.13 (74) 0.33 (64) -12.11 (31) 11.97 (88) 9.55 (32) 10.76 (68) liflerence -0.95 1.79 0.40 -4.71 1.06 -1.66 0.31 ll Public Plans -Total Fund Median 10.33 9.99 1.29 -13.67 14.37 8.59 12.44 otal Fund (New Mgrs) (Net) 10.97 (36) 10.66 (33) 0.68 (59) -16.82 (9 1) N/A N/A N/A otal Fund Policy 11.74 (23) 9.13 (74) 0.33 (64) -12.11 (31) 11.97 (88) 9.55 (32) 10.76 (68) lifference -0.77 1.53 0.35 -4.71 N/A N/A N/A 11 Public Plans -Total Fund Median 10.33 9.99 1.29 -13.67 14.37 8.59 12.44 otal Fund (Gross) 11.34 (30) 11.71 (15) 1.44 (48) -16.46 (89) 13.92 (58) 8.62 (50) 11.82 (59) otal Fund Policy 11.74 (23) 9.13 (74) 0.33 (64) -12.11 (31) 11.97 (88) 9.55 (32) 10.76 (68) lifference -0.40 2.58 1.11 -4.35 1.95 -0.93 1.06 11 Public Plans -Total Fund Median 10.33 9.99 1.29 -13.67 14.37 8.59 12.44 otal Fund (New Mgrs) (Gross) 11.34 (30) 11.40 (20) 1.39 (49) -16.46 (89) N/A N/A N/A otal Fund Policy 11.74 (23) 9.13 (74) 0.33 (64) -12.11 (31) 11.97 (88) 9.55 (32) 10.76 (68) lifference -0.40 2.27 1.06 -4.35 N/A N/A N/A 11 Public Plans -Total Fund Median 10.33 9.99 1.29 -13.67 14.37 8.59 12.44 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 ton�ew policy. See benchmark history for details. �� 1 OG �`� GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of March 31, 2011 otal Equity 16.13 15.40 13.61 12.51 -1.09 14.30 -25.61 -1.68 18.52 1.10 otal Equity Policy 16.77 (74) 13.77 (59) -6.91 (51) -21.98 (80) 16.44 lifference -0.64 10.80 4.27 14.39 5.82 19.84 - 3.63 26.83 2.08 19.65 otal Domestic Equity 16.47 (77) 14.19 (7) -4.29 (28) -21.66 (57) 17.58 (36) otal Domestic Equity Policy 18.71 (33) 10.96 (27) -6.91 (61) -21.98 (66) 16.44 (58) lifference -2.24 3.23 2.62 0.32 1.14 S Core/Large Cap Equity (SA +CF) Median 17.81 9.79 -6.42 -21.09 16.69 otal International Equity 15.03 (6) 11.69 (12) 11.87 (21) -39.55 (100) 23.63 (59) ISCI EAFE Index 10.33 (60) 3.71 (65) 3.80 (59) -30.13 (74) 25.38 (45) ifference 4.70 7.98 8.07 -9.42 -1.75 iternational Active Value Equity (SA +CF) Median 10.69 6.10 4.88 -27.12 24.45 otal Fixed Income 0.29 9.27 10.53 0.64 4.96 otal Fixed Policy -0.28 7.52 9.69 4.16 5.33 Difference 0.57 1.75 0.84 -3.52 -0.37 otal Real Estate 8.61 (60) 2.71 (80) -32.42 (39) 4.72 (37) N/A CREIF Fund Index -Open End Diversified Core (EW) N/A 6.97 (52) -35.19 (54) 3.18 (51) 18.21 (56) lifference N/A -4.26 2.77 1.54 N/A S Private Real Estate -Oven End (SA +CF) Median 8.79 7.25 -33.41 3.23 18.53 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 hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. 10.83 15.40 12.51 14.30 -1.68 1.10 9.29 (74) 13.77 (59) 10.79 (51) 12.25 (80) -1.50 1.52 10.80 14.39 19.84 (70) 26.83 (55) 19.65 (72) 26.32 (63) 0.19 0.51 20.98 27.09 3.27 2.81 3.55 2.80 -0.28 0.01 N/A N/A 17.45 (55) 19.66 (60) N/A N/A 18.08 19.98 THE C BOGDAHN �`� GROUP Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of March 31, 2011 ton, Greiner, Hartman, Maher & Co. 16.19 (84) 16.63 (10) N/A 18.08 N/A N/A ,sell 3000 Value Index 18.09 (64) 9.15 (71) -10.79 (94) -22.70 (70) 13.73 (70) Eerence -1.90 7.48 N/A N/A N/A All Cap Value Equity (SA +CF) Median 19.80 10.84 -3.56 -20.17 16.37 eef Asset Mgmt.Equity 16.76 (70) 11.93 (42) 0.53 (20) -15.13 (15) N/A ,sell 1000 Growth Index 18.57 (47) 12.65 (35) -1.85 (36) -20.88 (53) 19.35 (55) Eerence -1.81 -0.72 2.38 5.75 N/A Growth/Large Cap Equity (SA +CF) Median 18.36 11.29 -3.01 -20.48 19.90 C Global (Voyageur) 15.03 (6) 11.69 (12) 11.87 (21) N/A N/A Cl EAFE Index 10.33 (60) 3.71 (65) 3.80 (59) -30.13 (74) 25.38 (45) Eerence 4.70 7.98 8.07 N/A N/A rnational Active Value Equity (SA +CF) Median 10.69 6.10 4.88 -27.12 24.45 liard Core Fixed Income -0.17 (35) 9.63 (17) 12.08 (39) -1.68 (95) N/A clays Capital Intermediate Aggregate -0.28 (37) 7.52 (78) 9.69 (80) 4.16 (34) 5.33 (67) Eerence 0.11 2.11 2.39 -5.84 N/A Intermediate Fixed Income (SA +CF) Median -0.51 8.28 11.44 3.24 5.46 liard TIPS 2.17 (19) 7.28 (95) 3.97 (89) 7.72 (15) N/A Clays Capital U.S. TIPS 1.42 (38) 8.89 (80) 5.67 (67) 6.20 (66) 4.97 (61) Eerence 0.75 -1.61 -1.70 1.52 N/A TIPS (SA +CF) Median 1.29 9.35 6.18 6.64 5.06 erican Core Realty Fund 8.36 (65) 2.71 (80) -32.42 (39) 4.72 (37) N/A erican Core Realty Policy 9.32 (39) 5.84 (60) -22.09 (6) 5.27 (26) N/A Eerence -0.96 -3.13 -10.33 -0.55 N/A Private Real Estate -Open End (SA +CF) Median 8.79 7.25 -33.41 3.23 18.53 -rcontinental 9.05 (44) N/A N/A N/A N/A REIF Fund Index -Open End Diversified Core (EW) N/A 6.97 (52) -35.19 (54) 3.18 (51) 18.21 (56) Eerence N/A N/A N/A N/A N/A Private Real Estate -Open End (SA +CF) Median 8.79 7.25 -33.41 3.23 18.53 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 hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to 1ew policy. See benchmark history for details. N/A N/A 14.55 (11) 16.78 (59) N/A N/A 10.43 18.70 N/A N/A 6.04 (59) 11.60 (71) N/A N/A 6.80 14.03 N/A N/A 19.65 (72) 26.32 (63) N/A N/A 20.98 27.09 N/A N/A 3.84 (58) 2.23 (41) N/A N/A 3.91 2.09 N/A N/A 1.91 (84) 5.32 (50) N/A N/A 2.08 5.31 N/A N/A N/A N/A N/A N/A 18.08 19.98 N/A N/A 17.45 (55) 19.66 (60) N/A N/A 18.08 19.98 THE (� BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Total Fund (Gross) March 31, 2011 Financial Reconciliatio Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 12/31/2010 Transfers Apprec.// Deprec. 3/31/2011 Total Fund (Gross) 22,666 - 602 -265 -38 -5 74 1,046 24,079 Financial Reconciliation Oct1 1' 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 Total Fund (Gross) 20,947 1,335 -527 -75 -15 13C 2,278 24,079 P. G P Pl Pe r fo rmance $l 40.00 30.00 e a L 1000 a 0.00 -1000 $163.8 $160.0 $149.2 $140.0 $1 $1000 1 Oct -2010 1 2 3 4 5 $80.0 Quarter To Year Years Years Years Years Mar -2011 ■ Total Fund (Gross) 4.92 (11) 11.34 (30) 15.06 (15) 24.50 (15) 4.01 (60) 3.04 (63) 4.35 (62) • Total Fund Policy 4.32 (34) 11.74 (23) 13.80 (32) 21.84 (50) 4.44 (45) 3.34 (52) 4.63 (48) $60.0 12/00 3/03 6/05 9/07 12/09 3/11 Median 4.06 10.33 12.87 21.78 4.25 3.39 4.58 -Total Fund (Gross) -Total Fund Policy C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Total Fund (Gross) 6.12 (50) 10.11 (11) -6.15 (65) 4.50 (14) 3.45 (49) 11.53 (48) Total Fund Policy 7.11 (17) 9.08 (36) -6.63 (79) 3.63 (66) 3.40 (52) 10.55 (66) All Public Plans -Total Fund Median 6.12 8.72 -5.82 3.83 3.42 11.39 THE 22 � BOGDAHN �. GROUP Winter Springs General Employees General Plan and Trust Total Fund (Gross) March 31, 2011 20.0 5.00 0.00 20.00 25.00 30.00 0.00 5.00 10.00 Over 25.00 Risk (Standard Deviation %) Performance Risk (Standard Deviation %) Return Standard Deviation 12.0 c 25.00 Standard Deviation ■ Total Fund (Gross) 4.01 16.25 94 ■ ■ 4.35 13.22 4.0� V 4.44 = • • ■ ■ ■ ■ • • 4.63 • • 50.00 , 14.59 • • • - Median 4.58 11.98 Hist Up • • . ■ ■ -4.0 a • a 75.00 Sharpe Downside 7 -12.0 Market Market Alpha IR Ratio Beta w Under a Capture Capture R Performance 100.00 Total Fund (Gross) 3 11 108.61 114.22 -20.0 -0.04 0.29 6/06 6/07 6/08 6/09 6/10 3/11 -20.0 -12.0 -4.0 4.0 12.0 20.0 N/A 0.34 1.00 9.31 Hist Up Total Period 5 -25 25- Median Median -75 75 -95 Total Fund Policy( %) Tracking Count Count Count Count Sharpe ■ Total Fund (Gross) 20 0 (0 %) 6 (30 %) 6 (30 %) 8 (40 %) f Over Performance f Under Performance -A-Jun-2006 Mar -2011 • Total Fund Policy 20 0 (0 %) 9 (45 %) 11 (55 %) 0 (0 %) 12.50 10.00 7.50 5.00 L 2.50 7 a 0.00 -2.50 10.00 8.00 6.00 = 4.00 L 2.00 a 0.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 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 (Gross) 4.01 16.25 ■ Total Fund (Gross) 4.35 13.22 • Total Fund Policy 4.44 14.47 • Total Fund Policy 4.63 11.87 - Median 4.25 14.59 - Median 4.58 11.98 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Fund (Gross) 3 11 108.61 114.22 -0.71 -0.04 0.29 1.11 10.75 Total Fund Policy 0 00 100.00 100.00 0.00 N/A 0.34 1.00 9.31 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Fund (Gross) 2.58 108.12 114.88 -0.60 -0.04 0.22 1.10 8.61 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.26 1.00 7.54 23 THE � BOGDAHN `� GROUP Winter Springs General Employees General Plan and Trust Total Domestic Equity March 31, 2011 Financial Reconciliatio 30.00 20.00 a Market Value a 10.00 Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 12/31/2010 Transfers Apprec.// Deprec. 3/31/2011 Total Domestic Equity 11,615 223 - 25 -1 41 760 12,611 Financial Reconciliation Oct1 1' 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 Total Domestic Equity 10,225 693 -48 -3 79 1,665 12,611 Peer Group Analysis - US Core/Lar Pe r fo rmance 50.00 40.00 $148.6 $140.0 $124.2 $120.0 $100.0 1 Oct -2010 1 2 3 4 5 $80.0 Quarter To Year Years Years Years Years Mar -2011 ■ Total Domestic Equity 6.86 (31) 16.47 (77) 18.21 (17) 34.74 (11) 4.35 (23) 2.29 (28) 3.77 (35) • Total Domestic Equity Policy 6.38 (44) 18.71 (33) 17.41 (22) 32.87 (25) 3.01 (49) 0.93 (52) 3.02 (55) $60.0 12/00 3/03 6/05 9/07 12/09 3/11 Median 17.81 15.62 31.08 2.98 0.94 3.13 -Total Domestic Equity -Total Domestic Equity Policy C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Total Domestic Equity 8.99 (90) 12.92 (8) -10.12 (16) 5.72 (32) 6.43 (27) 15.75 (34) Total Domestic Equity Policy 11.59 (24) 11.53 (29) -11.32 (42) 5.94 (24) 5.90 (54) 15.61 (39) US Core/Large Cap Equity (SA +CF) Median 10.85 11.04 -11.43 5.40 6.00 15.28 THE 24 ( � BOGDA \ GROUP 30.00 20.00 a a 10.00 0.00 -1000 $148.6 $140.0 $124.2 $120.0 $100.0 1 Oct -2010 1 2 3 4 5 $80.0 Quarter To Year Years Years Years Years Mar -2011 ■ Total Domestic Equity 6.86 (31) 16.47 (77) 18.21 (17) 34.74 (11) 4.35 (23) 2.29 (28) 3.77 (35) • Total Domestic Equity Policy 6.38 (44) 18.71 (33) 17.41 (22) 32.87 (25) 3.01 (49) 0.93 (52) 3.02 (55) $60.0 12/00 3/03 6/05 9/07 12/09 3/11 Median 17.81 15.62 31.08 2.98 0.94 3.13 -Total Domestic Equity -Total Domestic Equity Policy C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Total Domestic Equity 8.99 (90) 12.92 (8) -10.12 (16) 5.72 (32) 6.43 (27) 15.75 (34) Total Domestic Equity Policy 11.59 (24) 11.53 (29) -11.32 (42) 5.94 (24) 5.90 (54) 15.61 (39) US Core/Large Cap Equity (SA +CF) Median 10.85 11.04 -11.43 5.40 6.00 15.28 THE 24 ( � BOGDA \ GROUP Winter Springs General Employees General Plan and Trust Total Domestic Equity March 31, 2011 30.0 Over 0.00 40.00 50.00 0.00 10.00 Performance 20.00 30.00 40.00 18.0 c 25.00 Risk (Standard F a ■ ■ ■ ■ ■ 6.0 1' a 50.00 W -6.0 Standard Deviation ■ Total Domestic Equity 4.35 23.76 a 75.00-0 0 ® 3.77 19.53 009 • . ■ ■ � -18.0 Under a • Total Domestic Equity Policy 3.02 o 19.37 0 2.98 G Performance 100.00 - Median 3.13 3 -30.0 19.04 6/06 6/07 6/08 6/09 6/10 3/11 0 F -30.0 -18.0 -6.0 6.0 18.0 30.0 Total Period 5 -25 25- Median Median -75 75 -95 Total Domestic Equity Policy( %) Count Count Count Count ■ Total Domestic Equity 20 1 (5 %) 9 (45 %) 5 (25 %) 5 (25 %) f Under Performance f Over Performance f Jun -2006 Mar -2011 • Total Domestic Equity Policy 20 0 (0 %) 2 (10 %) 12 (60 %) 6 (30 %) 15.00 10.00 15.00 10.00 5.00 = 0.00 L -5.00 a 10.00 5.00 a L 0.00 a -5.00 10.00 20.00 30.00 40.00 50.00 0.00 10.00 20.00 30.00 40.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ Total Domestic Equity 4.35 23.76 ■ Total Domestic Equity 3.77 19.53 • Total Domestic Equity Policy 3.01 23.51 • Total Domestic Equity Policy 3.02 19.37 - Median 2.98 23.02 - Median 3.13 19.04 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Domestic Equity 4 103.28 98.57 1.38 0.35 0.28 1.03 16.83 Total Domestic Equity Policy a ill) 100.00 100.00 0.00 N/A 0.22 1.00 16.39 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Domestic Equity 4.51 99.64 95.80 0.84 0.18 0.18 1.00 13.48 Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.14 1.00 13.38 25 THE (� BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Lateef Asset Mgmt.Equity March 31, 2011 Financial Reconciliatio Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 12/31/2010 Transfers Apprecd Deprec. 3/31/2011 Lateef Asset Mgmt.Equity 5,729 111 -14 -1 13 365 6,203 Financial Reconciliation Oct1 1' 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprecd Deprec. 3/31/2011 Lateef Asset N4gmt.Equity 5,016 ' -27 -1 842 6,203 Peer Group Analysis - US Growth /Large Cap Equity (SA +CF) Cumulative Performance e a L 7 15.00 a 0.00 -15 00 $115.0 $lll.s $103.7 $1(i(i ri $85.0 $70.0 1 Oct -2010 1 2 3 4 5 $55.0 Quarter To Year Years Years Years Years Mar -2011 ■ Lateef Asset Mgmt.Equity 6.57 (29) 16.76 (70) 17.24 (53) 31.52 (47) 6.62 (18) N/A N/A • Russell 1000 Growth Index 6.03 (45) 18.57 (47) 18.26 (42) 33.07 (37) 5.19 (39) 3.67 (45) 4.34 (45) $40.0 9/07 6/08 3/09 12/09 9/10 3/11 Median 5.84 18.36 17.49 31.03 4.54 3.35 4.01 - LateefAssetMgmt.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 Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 LateefAssetMgmt.Equity 9.55 (85) 13.95 (24) -11.88 (57) 5.33 (32) 5.83 (78) 15.34 (25) Russell 1000 Growth Index 11.83 (49) 13.00 (36) -11.78 (58) 4.65 (82) 7.94 (29) 13.97 (54) US Growth/Large Cap Equity (SA +CF) Median 11.81 12.23 -11.63 4.69 7.07 14.04 THE 26 � BOG DAHN �. GROUP Winter Springs General Employees General Plan and Trust Lateef Asset Mgmt.Equity March 31, 2011 10.0 Over 0.00 Up Down Performance 6.0 O Tracking ■ c 25.00 Sharpe Downside x Market Market Alpha • • • 2.0 50.00 Risk • • • • Capture Capture • • 2.0 Q a 90.61 • • • • • 1.89 0.14 0.40 75.00 13.58 • • • 0 ill? 100.00 100.00 0.00 • • • 0.32 1.00 A 6.0 Up Down Under a Tracking d' Performance 100.00 1 Sharpe Downside -10.0 Error 6/06 6/07 6/08 6/09 6/10 3/11 a -10.0 -6.0 -2.0 2.0 6.0 10.0 Beta Risk Capture Capture Total Period 5 -25 25- Median Median -75 75 -95 Russell 1000 Growth Index(%) N/A N/A Count Count Count Count N/A ■ Lateef Asset Mgmt.Equity 3 3 (100 %) 0 (0 %) 0 (0 %) 0 (0 %) f Under Performance f Over Performance f Sep -2010 Mar -2011 • Russell 1000 Growth Index 20 0 (0 %) 8 (40 %) 8 (40 %) 4 (20 %) 30.00 20.00 10.00 = 0.00 L -10.00 a -20.00 10.00 20.00 30.00 Risk (Standard Deviation %) Return Standard Deviation ■ Lateef Asset Mgmt.Equity 6.62 21.51 • Russell 1000 Growth Index 5.19 23.60 - Median 4.54 23.60 20.00 15.00 10.00 5.00 L 0.00 a -s.00 -10.00 40.00 10.00 15.00 20.00 25.00 30.00 Risk (Standard Deviation %) Return Standard Deviation ■ Lateef Asset Mgmt.Equity N/A N/A • Russell 1000 Growth Index 4.34 19.53 - Median 4.01 19.68 35.00 27 THE (� BOGDAHN \`� GROUP Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Lateef Asset Mgmt.Equity 6 75 90.61 84.60 1.89 0.14 0.40 0.87 13.58 Russell 1000 Growth Index 0 ill? 100.00 100.00 0.00 N/A 0.32 1.00 16.06 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Lateef Asset Mgmt.Equity N/A N/A N/A N/A N N/A N/A N/A Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N 0.21 1.00 13.24 27 THE (� BOGDAHN \`� GROUP THE 28 BOG IDAHN �`� GROUP Winter Springs General Employees General Plan and Trust Dalton, Greiner, Hartman, Maher & Co. March 31, 2011 Financial Reconciliatio F Market Value Market Value a Net Capital 0.00 As of Contributions Distributions Fees Expenses Income As of 12/31/2010 Transfers Apprec.// Deprec. 3/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,886 111 -11 -1 28 394 6,408 Financial Reconciliation Oct1 1' 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,210 346 -21 -1 1 823 6,408 Peer Group Analysis - US All Cap Value Equity (SA +CF) Cumulative Performance $160.0 $157.6 $152.9 $145.0 $130.0 $115.0 $1 00.0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Dalton, Greiner, Hartman, Maher & Co. 7.13 (45) 16.19 (84) 19.16 (46) N/A N/A N/A N/A $ 85.0 • Russell 3000 Value Index 6.47 (53) 18.09 (64) 15.60 (78) 33.62 (76) 1.09 (92) -1.97 (97) 1.43 (90) 6/09 12/09 6/10 12/10 3/11 - Dalton, Greiner, Hartman, Maher & Co. Median 6.89 19.80 18.57 36.61 5.42 1.48 3.93 - 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 Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Dalton, Greiner, Hartman, Maher & Co. 8.45 (89) 11.94 (31) -8.39 (17) 6.12 (62) 7.17 (3) 16.26 (70) Russell 3000 Value Index 10.92 (56) 10.10 (68) -11.09 (62) 7.05 (48) 4.17 (75) 18.59 (46) US All Cap Value Equity (SA +CF) Median 11.33 10.96 -10.58 6.88 5.01 18.14 THE 29 ■ BOGDAHN �. GROUP F a L 15.00 a 0.00 -15 00 $160.0 $157.6 $152.9 $145.0 $130.0 $115.0 $1 00.0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Dalton, Greiner, Hartman, Maher & Co. 7.13 (45) 16.19 (84) 19.16 (46) N/A N/A N/A N/A $ 85.0 • Russell 3000 Value Index 6.47 (53) 18.09 (64) 15.60 (78) 33.62 (76) 1.09 (92) -1.97 (97) 1.43 (90) 6/09 12/09 6/10 12/10 3/11 - Dalton, Greiner, Hartman, Maher & Co. Median 6.89 19.80 18.57 36.61 5.42 1.48 3.93 - 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 Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Dalton, Greiner, Hartman, Maher & Co. 8.45 (89) 11.94 (31) -8.39 (17) 6.12 (62) 7.17 (3) 16.26 (70) Russell 3000 Value Index 10.92 (56) 10.10 (68) -11.09 (62) 7.05 (48) 4.17 (75) 18.59 (46) US All Cap Value Equity (SA +CF) Median 11.33 10.96 -10.58 6.88 5.01 18.14 THE 29 ■ BOGDAHN �. GROUP Winter Springs General Employees General Plan and Trust Total International Equity March 31, 2011 Financial Reconciliatio a L 15.00 a Market Value 0.00 -15 00 Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 12/31/2010 Transfers Apprec.// Deprec. 3/31/2011 Total International Equity 3,586 75 -8 -1 171 3,822 Financial Reconciliation Oct1 1' 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 Total International Equity 3,128 ___ -15 -3 490 3,822 Peer Group 1 1 Perfo $2000 6u uu 4�pp 1000 e a L 15.00 a 0.00 -15 00 $163.2 $152.2 $150.0 $1 00.0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Total International Equity 4.69 (27) 15.03 (6) 20.42 (6) 46.60 (5) -1.04 (61) -1.91 (67) 2.28 (70) • MSCI EAFE Index 3.45 (58) 10.33 (60) 10.90 (70) 31.19 (52) -2.53 (75) -2.46 (75) 1.78 (75) $50.0 12/00 3/03 6/05 9/07 12/09 3/11 Median 376 10.69 13.44 31.43 -0.30 -0.64 3.62 -Total International Equity - MSCIEAFEIndex C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Total International Equity 9.87 (7) 19.39 (7) -12.31 (60) 5.07 (5) 1.54 (63) 27.00 (3) MSCI EAFE Index 6.65 (57) 16.53 (37) -13.75 (84) 0.94 (67) 2.22 (50) 19.52 (48) International Active Value Equity (SA +CF) Median 6.81 15.75 -11.97 1.96 2.05 19.39 THE BOGDAHN 30 �� GROUP Winter Springs General Employees General Plan and Trust Total International Equity March 31, 2011 4V.V 24.0 F 8.0 4 W R -8.0 _ 0 -24.0 -40.0 Over P erformance ■ Under Performance R c -40.0 -24.0 -8.0 8.0 F MSCI EAFEIndex( %) f Under Performance f Over Performance Jun -2006 10.00 5.00 24.0 - Mar -2011 0.00 -5.00 a 10.00 L 0.00 c 25.00 a 50.00 L P. L 75.00 0 a 100.00 6/06 6/07 Total Period ■ Total International Equity 20 • MSCI EAFE Index 20 15.00 10.00 5.00 = 0.00 a -5.00 40 10.00 15.00 20.00 25.00 30.00 35.00 40.00 10.00 15.00 20.00 25.00 30.00 35.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ Total International Equity -1.04 35.90 ■ Total International Equity 2.28 28.80 • MSCI EAFE Index -2.53 29.34 • MSCI EAFE Index 1.78 23.79 - Median -0.30 27.54 - Median 3.62 22.52 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total International Equity 9.04 111.82 103.67 2.87 0.33 0.11 1.14 22.62 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.02 1.00 19.40 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total International Equity 7.91 107.42 103.22 0.92 0.18 0.13 1.11 18.24 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.09 1.00 15.81 ca THE (� BOGDAHN GROUP 6/08 6/09 6/10 3/11 5 -25 25- Median Median -75 75 -95 Count Count Count Count 0 (0 %) 1 (5 %) 9 (45 %) 10 (50 %) 0 (0 %) 1 (5 %) 17 (85 %) 2 (10 %) Winter Springs General Employees General Plan and Trust RBC Global (Voyageur) March 31, 2011 Financial Reconciliation 1 Q uarter Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec.// Deprec. As of 12/31/2010 3/31/2011 RBC Global (Voyageur) 3,586 75 -8 -1 171 3,822 Financial Reconciliation Oct ober 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 RBC Global (Voyageur) 3,128 ___ -15 -3 490 3,822 Peer Group 1 1 Perfo $1150 6u uu 400 1000 e a L 7 1 x.00 a 0.00 -15 00 $1000 -\ $96.7 $85.0- $ 84.4 $70.0 $55.0 1 Oct -2010 1 2 3 4 5 $40.0 Quarter To Year Years Years Years Years Mar -2011 ■ RBC Global (Voyageur) 4.69 (27) 15.03 (6) 20.42 (6) 46.60 (5) -1.04 (61) N/A N/A • MSCI EAFE Index 3.45 (58) 10.33 (60) 10.90 (70) 31.19 (52) -2.53 (75) -2.46 (75) 1.78 (75) $25.0 12/07 9/08 6/09 3/10 3/11 Median 376 10.69 13.44 31.43 -0.30 -0.64 3.62 -RBC Global (Voyageur) - MSCIEAFEIndex C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 RBC Global (Voyageur) 9.87 (7) 19.39 (7) -12.31 (60) 5.07 (5) 1.54 (63) 27.00 (3) MSCI EAFE Index 6.65 (57) 16.53 (37) -13.75 (84) 0.94 (67) 2.22 (50) 19.52 (48) International Active Value Equity (SA +CF) Median 6.81 15.75 -11.97 1.96 2.05 19.39 THE 32 BOG DAHN �`� GROUP Winter Springs General Employees General Plan and Trust RBC Global (Voyageur) March 31, 2011 0.0 0.00 30.00 35.00 40.00 10.00 15.00 20.00 Over 35.00 Risk (Standard Deviation %) Performance Risk (Standard Deviation %) Return Standard Deviation 0.6 c 25.00 ■ RBC Global (Voyageur) -1.04 35.90 F R a N/A N/A • MSCI EAFE Index ■ a.z _ • MSCI EAFE Index 1.78 23.79 - Median 50.00 27.54 ■ - Median 3.62 22.52 a 75.00 • Up • • • -2.4 Tracking 0 Under a Sharpe Downside Error Market Performance 100.00 Market Alpha IR Ratio Beta -3.0 6 %06 6 %07 6/08 6/09 6 /10 3/11 a 3.0 -2.4 -1.8 -1.2 -0.6 0.0 RBC Global (Voyageur) 9.04 111.82 103.67 2.87 0.33 Total Period 5 -25 25- Median Median -75 75 -95 MSCI EAFE Index(%) 100.00 0.00 Count Count Count Count Hist ■ RBC Global (Voyageur) 2 0 (0 %) 1 (50 %) 1 (50 %) 0 (0 %) f Under Performance -A-Mar-2011 Mar -2011 • MSCI EAFE Index 20 0 (0 %) 1 (5 %) 17 (85 %) 2 (10 %) 10.00 5.00 0.00 a -5.00 a 10.00 lJ 15.00 10.00 5.00 40 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 35.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ RBC Global (Voyageur) -1.04 35.90 ■ RBC Global (Voyageur) N/A N/A • MSCI EAFE Index -2.53 29.34 • MSCI EAFE Index 1.78 23.79 - Median -0.30 27.54 - Median 3.62 22.52 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture RBC Global (Voyageur) 9.04 111.82 103.67 2.87 0.33 0.11 1.14 22.62 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.02 1.00 19.40 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture RBC Global (Voyageur) N/A N/A N/A N/A N/A N/A N/A N/A MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.09 1.00 15.81 33 THE (� BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Galliard Core Fixed Income March 31, 2011 Financial Reconciliatio 5.00 Market Value 7 Market Value a Net Capital 0.00 As of Contributions Distributions Fees Expenses Income As of 12/31/2010 Transfers Apprec.// Deprec. 3/31/2011 Galliard Core Fixed Income 4,209 141 38 4,388 Financial Reconciliation Oct1 1' 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 Galliard Core Fixed Income 3,995 399 -7 4,388 Peer Group Analysis - US Intermediate Fixed Income (SA +CF) Cumulative Performance I $122.5 $120.6 $120.0 $110.0 $100.0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Galliard Core Fixed Income 0.88 (22) -0.17 (35) 5.44 (36) 9.85 (16) 5.74 (47) N/A N/A $90.0 • Barclays Capital Intermediate Aggregate 0.48 (69) -0.28 (37) 4.76 (72) 6.08 (75) 5.17 (70) 5.83 (76) 5.96 (73) 9/07 6/08 3/09 12/09 9/10 3/11 - Galliard Core Fixed Income Median 0.60 -0.51 5.10 7.23 5.54 6.24 6.24 - 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 Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Galliard Core Fixed Income -1.05 (42) 2.92 (35) 2.63 (67) 3.01 (4) 0.76 (36) 5.22 (18) Barclays Capital Intermediate Aggregate -0.75 (25) 2.07 (88) 2.92 (49) 1.81 (56) 0.53 (57) 3.21 (69) US Intermediate Fixed Income (SA +CF) Median -1.11 2.76 2.90 1.84 0.60 3.59 THE t 34 i BOGDAHN �. GROUP 5.00 a L 7 a 0.00 -5 00 $122.5 $120.6 $120.0 $110.0 $100.0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Galliard Core Fixed Income 0.88 (22) -0.17 (35) 5.44 (36) 9.85 (16) 5.74 (47) N/A N/A $90.0 • Barclays Capital Intermediate Aggregate 0.48 (69) -0.28 (37) 4.76 (72) 6.08 (75) 5.17 (70) 5.83 (76) 5.96 (73) 9/07 6/08 3/09 12/09 9/10 3/11 - Galliard Core Fixed Income Median 0.60 -0.51 5.10 7.23 5.54 6.24 6.24 - 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 Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Galliard Core Fixed Income -1.05 (42) 2.92 (35) 2.63 (67) 3.01 (4) 0.76 (36) 5.22 (18) Barclays Capital Intermediate Aggregate -0.75 (25) 2.07 (88) 2.92 (49) 1.81 (56) 0.53 (57) 3.21 (69) US Intermediate Fixed Income (SA +CF) Median -1.11 2.76 2.90 1.84 0.60 3.59 THE t 34 i BOGDAHN �. GROUP Winter Springs General Employees General Plan and Trust Galliard Core Fixed Income March 31, 2011 8.0 Over 4.00 6.00 0.00 10.00 12.00 1.50 3.00 4.50 6.00 Performance 7.50 9.00 Risk (Standard Deviation %) Risk 7.2 a 25.00 Return Standard Deviation Return Standard Deviation ■ Galliard Core Fixed Income 5.74 � 6.4 A a ■ Galliard Core Fixed Income •••• N/A N/A • Barclays Capital Intermediate Aggregate 5.17 = 50.00 • Barclays Capital Intermediate Aggregate 5.96 0 5.6 - Median 5.54 4.03 - Median = 6.24 3.52 Hist PT. a L ' 75.00 ■ ■ 4.8 Sharpe c Under a Error Market Market Alpha IR U a Performance Beta 100.00 Risk �i 4.0 1 1 1 6/06 6/07 6/08 6/09 6/10 3 %11 4.0 4.8 5.6 6.4 7.2 8.0 2.64 114.14 120.29 0.55 0.22 1 19 1.01 2.71 Total Period 5 -25 25- Median Median -75 75 -95 0.00 Barclays Capital Intermediate Aggregate (%) 137 1.00 Count Count Count Count Up ■ Galliard Core Fixed Income 3 0 (0 %) 1 (33 %) 0 (0 %) 2 (67 %) f Under Performance -*- Sep -2010 Mar -2011 • Barclays Capital Intermediate Aggregate 20 0 (0 %) 9 (45 %) 11 (55 %) 0 (0 %) 12.00 10.00 8.00 = 6.00 L ' 4.00 a 2.00 10.50 9.00 7.50 = 6.00 L ' 4.50 a 3.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 1.50 3.00 4.50 6.00 7.50 9.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ Galliard Core Fixed Income 5.74 4.76 ■ Galliard Core Fixed Income N/A N/A • Barclays Capital Intermediate Aggregate 5.17 2.90 • Barclays Capital Intermediate Aggregate 5.96 2.80 - Median 5.54 4.03 - Median 6.24 3.52 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Galliard Core Fixed Income 2.64 114.14 120.29 0.55 0.22 1 19 1.01 2.71 Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 137 1.00 1.60 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Galliard Core Fixed Income N/A N/A N/A N/A N/A N/A N/A N/A Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 1.24 1.00 1.28 35 THE (� BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Galliard TIPS March 31, 2011 Financial Reconciliatio 5.00 Market Value As of 12/31/2010 Net Transfers Contributions Distributions Fees Capital Expenses Income Apprec.// Deprec. Market Value As of 3/31/2011 Galliard TIPS 1,024 22 - 5 18 1,070 Financial Reconciliation Oct1 1' 1 March 31, 2011 -250 Market Value As of 9/30/2010 Net Transfers Contributions Distributions Fees Capital Expenses Income Apprec.// Deprec. Market Value As of 3/31/2011 Galliard TIPS 979 C 9 3 14 1,070 P. G Pe r fo rmance $11;ii 12.50 123 9 10.00 7.50 e 5.00 a L 7 x 2.50 0.00 -250 $122.8 $120.0 $115.0 $110.0 1 Oct -2010 1 2 3 4 5 $105.0 Quarter To Year Years Years Years Years Mar -2011 ■ Galliard TIPS 2.23 (26) 2.17 (19) 6.40 (91) 6.43 (97) 3.45 (100) N/A N/A • Barclays Capital TIPS 2.08 (54) 1.42 (38) 7.91 (51) 7.04 (55) 3.93 (71) 6.48 (67) 6.26 (72) $100.0 9/07 6/08 3/09 12/09 9/10 3/11 Median 2.10 1.29 7.91 7.10 4.18 6.63 6.40 - 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 Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Galliard TIPS -0.05 (16) 1.89 (96) 2.21 (94) 0.68 (56) 2.32 (20) 2.85 (84) Barclays Capital TIPS -0.65 (33) 2.48 (74) 3.82 (62) 0.56 (71) 1.76 (86) 3.08 (54) US TIPS (SA +CF) Median -0.73 2.67 3.89 0.69 1.91 3.08 THE 36 f ( BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Galliard TIPS March 31, 2011 9.0 0.00 7.00 8.00 4.00 4.50 5.00 5.50 6.00 Over Risk (Standard Deviation %) Risk (Standard Deviation Performance Return Standard Deviation Return 7.0 R 25.00 ■ Galliard TIPS 3.45 4.30 ■ Galliard TIPS A a • Barclays Capital TIPS 3.93 5.23 F 5.0 5000- • - Median 4.18 4.80 - Median 6.40 • • • Up � 75.00 • • • • • • • • • ^�0 3 .0 � EL • • • • • Error Under a Market Alpha IR Ratio ■ j Performance 100.00 Capture Ii 1.0 1 1 1 6/06 6/07 6/08 6/09 6/10 3/11 1.0 3.0 5.0 7.0 9.0 4.59 Barclays Capital TIPS 0.00 100.00 100.00 0.00 N/A 0.43 Total Period 5 -25 25- Median Median -75 75 -95 Barclays Capital TIPS ( %) Count Count Count Count ■ Galliard TIPS 3 0 (0 %) 0 (0 %) 0 (0 %) 3 (100 %) f Under Performance -*- Sep -2010 Mar -2011 • Barclays Capital TIPS 20 0 (0 %) 1 (5 %) 14 (70 %) 5 (25 %) 6.00 5.00 e L 4.00 0 a 3.00 40 8.00 7.50 7.00 = 6.50 6.00 a 5.50 3.00 4.00 5.00 6.00 7.00 8.00 4.00 4.50 5.00 5.50 6.00 6.50 7.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ Galliard TIPS 3.45 4.30 ■ Galliard TIPS N/A N/A • Barclays Capital TIPS 3.93 5.23 • Barclays Capital TIPS 6.26 5.27 - Median 4.18 4.80 - Median 6.40 5.06 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Galliard TIPS 3.06 72.89 66.93 0.63 -0.21 0.49 0.70 4.59 Barclays Capital TIPS 0.00 100.00 100.00 0.00 N/A 0.43 1.00 6.15 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Galliard TIPS N/A N/A N/A N/A N/A N/A N/A N/A Barclays Capital TIPS 0.00 100.00 100.00 0.00 N/A 0.57 1.00 4.92 37 THE (� BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Total Real Estate March 31, 2011 Financial Reconciliation 1 Q uarter Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec.// Deprec. As of 12/31/2010 3/31/2011 Total Real Estate 1,994 - - -7 -5 28 60 2,069 Financial Reconciliation Oct ober 1 March 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec.// Deprec. As of 9/30/2010 3/31/2011 Total Real Estate 628 1,300 -15 -10 49 117 2,069 Gr Peer E s t a t e- O pen Perf $12;ii 45.00 30.00 $100.0 $ 78.9 $75.0 $50.0 $25 0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Total Real Estate 4.39 (27) 8.61 (60) 17.26 (82) -3.27 (81) -8.62 (52) N/A N/A $0.0 • NCREIF Fund Index -Open End Diversified Core (EW) N/A N/A N/A N/A N/A N/A N/A 9/07 6/08 3/09 12/09 9/10 3/11 - Total Real Estate Median 3.98 8.79 22.18 -0.14 -7.56 -2.67 1.15 - NCREIF Fund Index -Open End Diversified Core (EW) C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Total Real Estate 4.05 (62) 4.56 (74) 3.25 (58) -0.67 (75) -4.23 (68) -9.62 (68) NCREIF Fund Index -Open End Diversified Core (EW) 4.99 (36) 5.45 (62) 4.32 (31) 0.75 (42) -3.48 (53) -7.32 (49) US Private Real Estate -Open End (SA +CF) Median 4.71 6.30 3.37 0.67 -3.23 -7.55 THE 38 BOG DAHN �`� GROUP 15.00 F a L 7 a -15.00 -3000 $100.0 $ 78.9 $75.0 $50.0 $25 0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Total Real Estate 4.39 (27) 8.61 (60) 17.26 (82) -3.27 (81) -8.62 (52) N/A N/A $0.0 • NCREIF Fund Index -Open End Diversified Core (EW) N/A N/A N/A N/A N/A N/A N/A 9/07 6/08 3/09 12/09 9/10 3/11 - Total Real Estate Median 3.98 8.79 22.18 -0.14 -7.56 -2.67 1.15 - NCREIF Fund Index -Open End Diversified Core (EW) C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Total Real Estate 4.05 (62) 4.56 (74) 3.25 (58) -0.67 (75) -4.23 (68) -9.62 (68) NCREIF Fund Index -Open End Diversified Core (EW) 4.99 (36) 5.45 (62) 4.32 (31) 0.75 (42) -3.48 (53) -7.32 (49) US Private Real Estate -Open End (SA +CF) Median 4.71 6.30 3.37 0.67 -3.23 -7.55 THE 38 BOG DAHN �`� GROUP Winter Springs General Employees General Plan and Trust Total Real Estate March 31, 2011 0.00 c 25.00 R a 50.00 L Qi L 75.00 0 a 100.00 ■ 6/06 6/07 Total Period 5 -25 Count 0 (0 %) N/A ■ Total Real Estate 3 • NCREIF Fund Index -Open End Diversified Core (EW) 0 3.50 0.00 -3.50 -7.00 L -10.50 7 a -14.00 -17.50 7.50 10.00 12.50 15.00 17.50 Risk (Standard Deviation %) Return ■ Total Real Estate -8.62 • NCREIF Fund Index -Open End Diversified Core (EW) N/A - Median -7.56 20.00 22.50 Standard Deviation 11.60 N/A 12.87 6.00 4.00 2.00 6/08 6/09 6/10 25- Median Median -75 Count Count 2 (67%) 1 (33%) N/A N/A 3/11 75 -95 Count 0 (0 %) N/A e = 0.00 L -2.00 a -4.00 7.50 10.00 12.50 15.00 Risk (Standard Deviation %) Return ■ Total Real Estate N/A • NCREIF Fund Index -Open End Diversified Core (EW) N/A - Median 1.15 17.50 20.00 Standard Deviation N/A N/A 10.79 KE THE ( � BOGDA \`� GROUP Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Real Estate N/A N/A N/A N/A NA NA N/A NA NCREIF Fetid Index -Open End Diversified Fore (E \V) N/A N/A N/A N/A N N A N/A N Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture Total Real Estate N/A N/A N/A N/A N/A N/A N/A N/A NCREIF Fund Index -Open End Diversified Core (EW) N/A N/A N/A N/A N/A N/A N/A N/A KE THE ( � BOGDA \`� GROUP Winter Springs General Employees General Plan and Trust American Core Realty Fund March 31, 2011 Financial Reconciliatio Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 12/31/2010 Transfers Apprec.// Deprec. 3/31/2011 American Core Realty Fund 642 -7 -2 9 19 663 Financial Reconciliation Oct1 1' 1 March 31, 2011 Market Value Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 American Core Realty Fund 628 -15 -3 17 35 663 $11 45.00 30.00 e a L 7 a -15.00 -3000 $lrr p $93.9 $90.0 $80.0- $78 .8 1 Oct -2010 1 2 3 4 5 $70.0 Quarter To Year Years Years Years Years Mar -2011 ■ American Core Realty Fund 4.48 (26) 8.36 (65) 16.99 (83) -3.38 (81) -8.69 (53) N/A N/A • NCREIF Property Index 3.36 (83) 8.14 (69) 16.03 (89) 2.42 (10) -3.63 (7) 0.41 (6) 3.46 (7) $60.0 9/07 6/08 3/09 12/09 9/10 3/11 Median 3.98 8.79 22.18 -0.14 -7.56 -2.67 1.15 - 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 Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 American Core Realty Fund 3.71 (76) 4.56 (74) 3.25 (58) -0.67 (75) -4.23 (68) -9.62 (68) NCREIF Property Index 4.62 (52) 3.86 (89) 3.31 (52) 0.76 (41) -2.11 (20) -3.32 (23) US Private Real Estate -Open End (SA +CF) Median 4.71 6.30 3.37 0.67 -3.23 -7.55 THE 40 BOGDA �� GROUP Winter Springs General Employees General Plan and Trust American Core Realty Fund March 31, 2011 -2.0 Over 0.00 20.00 25.00 • • • • • • -3.0 performance 20.00 Risk (Standard Deviation %) • • • c 25.00 Risk (Standard Deviation %) • -5.0 a Standard Deviation ■ w 50.00 ••• ■ American Core Realty Fund -8.69 11.56 ■ American Core Realty Fund ••• ■ -7.0 • NCREIF Property Index -3.63 • • NCREIF Property Index a 7.94 - Median a . E 75.00 - Median A&EL -9.0 Hist Up Down U ■ Under a R Performance . I I L -11.0 1 6/06 6/07 Error 6/08 6/09 6/10 3/11 -11.0 9.0 -7.0 -5.0 -3.0 -2.0 Alpha Total Period 5 -25 25- Median Median -75 75 -95 Q , NCREIFProperty Index I%) Capture Count Count Count Count ■ American Core Realty Fund 3 0 (0 %) 2 (67 %) 1 (33 %) 0 (0 %) f Under Performance -*- Sep -2010 Mar -2011 • NCREIF Property Index 20 10 (50 %) 3 (15 %) 7 (35 %) 0 (0 %) 3.50 0.00 -3.50 -7.00 L -10.50 7 a -14.00 -17.50 0 6.00 4.00 2.00 16 = 0.00 L -2.00 a 4.00 5.00 10.00 15.00 20.00 25.00 7.50 10.00 12.50 15.00 17.50 20.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Deviation Return Standard Deviation ■ American Core Realty Fund -8.69 11.56 ■ American Core Realty Fund N/A N/A • NCREIF Property Index -3.63 8.49 • NCREIF Property Index 3.46 7.94 - Median -7.56 12.87 - Median 1.15 10.79 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture American Core Realty Fund 4.70 102.33 158.06 -4.07 -1.06 -0.76 1.27 11.33 NCREIF Property Index 0.00 100.00 100.00 0.00 N/A -0.45 1.00 7.41 Hist Up Down Tracking Sharpe Downside Error Market Market Alpha IR Ratio Beta Risk Capture Capture American Core Realty Fund N/A N/A N/A N/A N N/A N/A N/A NCREIF Property Index 0.00 100.00 100.00 0.00 N 0.21 1.00 5.74 41 THE (� BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Intercontinental March 31, 2011 Financial Reconciliation 1 Q uarter Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec.// Deprec. As of 12/31/2010 3/31/2011 Intercontinental 1.352 - - -4 19 40 1,407 Financial Reconciliation Oct ober 1 March 31, 2011 7 0.00 a -15.00 Market Value -3000 Market Value Net Capital As of Contributions Distributions Fees Expenses Income As of 9/30/2010 Transfers Apprec.// Deprec. 3/31/2011 Intercontinental - 1,300 -7 _ 82 1,407 P. G E s t a t e- O pen Pe r fo rmance $12;ii 45.00 30.00 $109.1 $100.0 $75.0 $50.0 $25 0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Intercontinental 4.35 (28) 9.05 (44) N/A N/A N/A N/A N/A $0.0 • NCREIF Fund Index -Open End Diversified Core (EW) N/A N/A N/A N/A N/A N/A N/A 9/10 12/10 3/11 - Intercontinental Median 3.98 8.79 22.18 -0 -14 -7.56 -2.67 1.15 - NCREIF Fund Index -Open End Diversified Core (EW) C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Intercontinental 4.51 (57) N/A N/A N/A N/A N/A NCREIF Fund Index -Open End Diversified Core (EW) 4.99 (36) 5.45 (62) 4.32 (31) 0.75 (42) -3.48 (53) -7.32 (49) US Private Real Estate -Open End (SA +CF) Median 4.71 6.30 3.37 0.67 -3.23 -7.55 THE 42 (� BOGDAHN \`� GROUP 15.00 F a L 7 0.00 a -15.00 -3000 $109.1 $100.0 $75.0 $50.0 $25 0 1 Oct -2010 1 2 3 4 5 Quarter To Year Years Years Years Years Mar -2011 ■ Intercontinental 4.35 (28) 9.05 (44) N/A N/A N/A N/A N/A $0.0 • NCREIF Fund Index -Open End Diversified Core (EW) N/A N/A N/A N/A N/A N/A N/A 9/10 12/10 3/11 - Intercontinental Median 3.98 8.79 22.18 -0 -14 -7.56 -2.67 1.15 - NCREIF Fund Index -Open End Diversified Core (EW) C omparative Perfo 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Dec -2010 Sep -2010 Jun -2010 Mar -2010 Dec -2009 Sep -2009 Intercontinental 4.51 (57) N/A N/A N/A N/A N/A NCREIF Fund Index -Open End Diversified Core (EW) 4.99 (36) 5.45 (62) 4.32 (31) 0.75 (42) -3.48 (53) -7.32 (49) US Private Real Estate -Open End (SA +CF) Median 4.71 6.30 3.37 0.67 -3.23 -7.55 THE 42 (� BOGDAHN \`� GROUP Winter Springs General Employees General Plan and Trust Benchmark History As of March 31, 2011 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 Effective Date: Oct -2010 Russell 3000 Index Barclays Capital Intermediate Aggregate MSCI EAFE Barclays Capital U.S. Treasury: U.S. TIPS NCREIF Fund Index -Open End Diversified Core Equity (EW) Total E Effective Date: Jan -1970 65.00 S &P 500 Index 30.00 MSCI EAFE 5.00 5.00 Allocation Effective Date: Oct -2003 5.00 S &P 500 Index 60.00 MSCI EAFE 30.00 10.00 20.00 Effective Date: Sep -2006 15.00 S &P 500 Index 60.00 10.00 Effective Date: Oct -2009 40.00 Russell 3000 Index MSCI EAFE 50.00 25.00 Total Domestic Equity Po 15.00 5.00 Allocation Effective Date: Jan -1926 5.00 S &P 500 Index Effective Date: Oct -2009 50.00 Russell 3000 Index 20.00 15.00 5.00 10.00 Total Fixed Policy Effective Date: Nov -2000 Barclays Capital Aggregate Effective Date: Sep -2006 Barclays Capital Intermediate Aggregate 43 90.00 10.00 85.00 15.00 100.00 77.00 23.00 100.00 100.00 100.00 100.00 THE ,� BOG DAHN `-� GROUP Winter Springs General Employees General Plan and Trust As of March 31, 2011 Disclosures Neither The Bogdahn Group, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. THE 44 BOGDAHN GROUP 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. Treytuor 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. p Market Capture -- The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. own 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. 45 THE BOGDAHN GRoup City of Winter Springs General Employee Retirement System Compliance Checklist as of March 31, 2011 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. ✓ 1. Total equity returns meet or exceed the benchmark over the trailing three and five year periods. ✓ 2. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. ✓ 3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. ✓ 4. The total equity allocation was less than 75% of the total plan assets at market. ✓ 5. Total foreign equity was less than 25% of the total plan assets at cost. ✓ - Fixed Income Compliance: Yes No N/A 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. ✓ 1. Manager outperformed the index over the trailing three year period. ✓ ✓ ✓ ✓ ✓ 2. Manager outperformed the index over the trailing five year period. ✓ ✓ ✓ ✓ ✓ 3. Manager ranked within the top 40th percentile over trailing three year period. ✓ ✓ ✓ ✓ ✓ 4. Manager ranked within the top 40th percentile over trailing five year period. ✓ ✓ ✓ ✓ ✓ 5. Less than four consecutive quarters of under performance relative to the benchmark. ✓ ✓ ✓ ✓ ✓ 6. Three year down - market capture ratio less than the index. ✓ ✓ ✓ ✓ ✓ 46 City of Winter Springs General Employee Retirement System Compliance Checklist as of March 31, 2011 1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over trailing three year period. 4. 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