investment performance review

8/14/2019 Investment Performance Review

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231 South Bemiston Avenue, 14th Floor

St. Louis, Missouri 63105(314) 862-4848

WWW.ACGNET.COM

Investment Performance Review

For the Periods Ending September 30, 2009

City of Fort Lauderdale Police and Fire Retirement System


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Tab 1 Market Overview

Tab 2 Executive Summary Investment Guidelines and Policy Statement

Tab 3 Total Fund Performance and Analysis

Tab 4 Equity Manager Performance and Analysis

Tab 5 Long/Short Equity Manager Performance and Analysis Tab 6 International Manager Performance and Analysis

Tab 7 Fixed Income Manager Performance and Analysis

Tab 8 Real Estate Manager Performance and Analysis

Tab 9 International Exposure

Glossary Statistical Definitions

Table of Contents


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Equity Index ReturnsFor the Periods Ending September 30, 2009

1 5 . 6

% 1 9

. 2 %

( 6 . 9 ) % ( 5

. 4 ) %

1 6 . 3

%

2 1 . 2

%

( 6 . 4 ) %

( 5 . 1

) %

1 . 6 %

1 8 . 2

%

1 4 . 8

%

( 1 0 . 6 % ) ( 7

. 9 % )

0 . 9 %

1 4 . 0

%

2 7 . 1

%

( 1 . 9

% )

( 2 . 5

% )

1 . 9 %

2 0 . 0

%

3 0 . 2

%

( 1 . 4

% )

4 . 5 %

1 9 . 3

%2 2

. 4 %

( 9 . 5

% ) (

4 . 6 % )

2 . 4 %

2 2 . 7

%

1 6 . 4

%

( 1 2 . 6 % )

( 6 . 6 %

)

1 . 8 %

1 6 . 0

%

2 9 . 1

%

( 6 . 3 % ) (

2 . 6 % )

2 . 9 %

1 9 . 5

%

2 9 . 6

%

3 . 8 %

( 3 . 1

% )

6 . 6 %

1 9 . 8

%

3 7 . 0

%

6 . 4 %

( 0 . 8

% )

8 . 6 %

1 . 0 %

( 3 . 1

% )

(20.00%)

(10.00%)

0.00%

10.00%

20.00%

30.00%

40.00%

Quarter Three Quarters One Year Three Years Five Years

S&P 500 Russell 3000 Russell 1000 ValueRussell 1000 Growth S&P Midcap Russell 2000Russell 2000 Value Russell 2000 Growth EAFEMSCI All Country World ex U.S.

2009 Asset Consulting Group All Rights Reserved 3


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Equity Sector ReturnsFor the Periods Ending September 30, 2009

4 . 0 %

1 8 . 9

%

9 . 5 %

2 5 . 1

%

8 . 9 %

2 1 . 2

%

2 1 . 0

%

1 0 . 5

%1 6

. 7 %

5 . 0 %

( 3 . 1

% )

2 7 . 8

%

5 . 9 %

1 9 . 2

%

7 . 9 %

1 1 . 9

%

3 5 . 9 %

6 . 7 %

4 4 . 8

%

0 . 7

%

( 5 . 8

% )

( 2 . 2

% )

( 1 6 . 4 % )

( 2 5 . 7

% )

( 5 . 9

% )

( 1 5 . 7 % )

( 6 . 9

% )

( 7 . 8

% )

7 . 2 %

( 1 1 . 4 % )

( 9 . 0

% )

( 7 . 8

% )

( 0 . 2

% )

( 2 4 . 4 % )

( 4 . 6

% )

( 8 . 9

% ) (

1 . 5 % )

0 . 3 %

( 0 . 1

% )

( 4 . 8

% )

( 2 . 1

% )

( 2 . 6

% )

8 . 1 %

( 1 2 . 1 % )

( 0 . 0

% )

( 2 . 6

% )

2 . 0 % 3 .

6 % 2 . 9 % 3 .

2 %

(40.00%)

(25.00%)

(10.00%)

5.00%

20.00%

35.00%

50.00%

C o m m u

n i c a t i o n

s

C o n s

u m e r D

i s c r e t i o

n a r y

E n e r g y

F i n a n c

i a l s

H e a l t h

C a r e

I n d u s t r

i a l s

M a t e r i

a l s

C o n s u m

e r S t a p

l e s

I n f o

r m a t i o n

T e c h n

o l o g y

U t i l i t i e

s




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Equity Style Spectrum - Median ReturnsFor the Periods Ending September 30, 2009

1 6 . 4

% 1 9 . 5

%

1 8 . 6

% 1 9

. 6 %

1 8 . 3

%

1 4 . 0

% 1 5

. 6 %

1 6 . 3

%

3 0 . 6

%

2 3 . 7

% 3 1 . 7 % 3 4

. 5 %

3 1 . 3 %

2 7 . 5 %

1 9 . 0

% 2 5

. 9 %

1 9 . 5

% 2 3 . 7 %

( 1 . 3

) %

( 3 . 4

) %

( 6 . 4

) % ( 2 . 6

) %

0 . 0 %

( 2 . 3

) %

( 3 . 0

) %

( 6 . 5

) % ( 3 . 4

) %

( 6 . 7

) % ( 5

. 3 ) % ( 1

. 5 ) %

( 1 . 8

) %

( 2 . 7

) % ( 0 . 1

) %

( 2 . 7

) %

( 7 . 1

) % ( 2 . 4 ) %

( 5 . 2

) % ( 4

. 0 ) %

4 . 9 %

4 . 5 %

4 . 3 % 5 .

0 % 5 . 0 % 6 .

9 %

4 . 5 %

1 . 6 % 2 .

6 %

1 . 4 % 2 .

6 %

2 3 . 1

%

2 2 . 0

%

1 7 . 1

%

2 9 . 3 %

( 3 . 2

) % ( 1

. 4 ) %

(20.00%)

(10.00%)

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

S m a l

l V a l u e

S m a l l G

r o w t h

S m a l l C

o r e S M I D

M i d V a l u e

M i d G

r o w t h

M i d C o r e

L a r g e

V a l u e

L a r g e G

r o w t h

L a r g e

C o r e

E q u i t y M

a n a g e r U

n i v e r s e




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International Index ReturnsFor the Periods Ending September 30, 2009

1 4 . 9

% 2 2 . 2 %

1 6 . 8

% 1 9

. 8 %

2 9 . 6

% 3 4 . 6

%

2 4 . 7

%

6 4 . 9

%

9 . 3 %

3 7 . 0

%

3 . 8 %

( 1 . 1

) %

8 . 1 %

( 0 . 4

) %

1 9 . 4

%

( 0 . 6

) %

6 . 4 %

( 3 . 1

) %

( 6 . 7

) % ( 3 . 5

) %

( 8 . 0

) % ( 0 . 8 ) %

6 . 6 %

4 . 2 % 6 .

9 % 6 . 1 %

1 7 . 7

%

2 . 2 %

8 . 6 %

1 9 . 5

% 2 1

. 0 %

6 . 5 %

2 1 . 3

%

8 . 3 %

( 2 . 8

) %

(20.00%)

(10.00%)

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

M S C I

E A F E

M S C I

E A F E L

o c a l C u

r r e n c y

M S C I

V a l u e

M S C I

G r o w t h

M S C I E

m g . M

a r k e t s F r e

e

M S C I

J a p a n

M S C I

A l l C o u n t y

W o r l d

e x U . S .




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Fixed Income Index ReturnsFor the Periods Ending September 30, 2009

0 . 3 %

0 . 1 % 0 .

8 % 3 . 7

% 3 . 2 % 4 .

5 %

2 . 9 %

0 . 2 % 0 .

7 % 6 . 8 %

5 . 9 % 8

. 0 %

4 7 . 7

%

( 1 . 1

) %

0 . 4 %

3 . 5 %

1 1 . 0

%

9 . 7 % 1 0

. 6 %

1 0 . 9

%

2 1 . 9

%

2 . 2 % 2 .

8 %6 .

1 % 6 . 4 %

6 . 4 %

6 . 1 %

5 . 1 %

3 . 1 % 4 .

0 % 5 . 9 %

1 4 . 5

%

3 . 7 % 5

. 7 %

5 . 2 %

2 . 6 % 5

. 0 %

4 . 5 % 5 .

2 % 5 . 1 %

(10.00%)

(5.00%)0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

55.00%

60.00%

C P I

9 0 - D a y

U S T - B

i l l s

M e r r i l l

L y n c h 1 - 3

Y e a r T

r e a s u r i e

s

B a r c l a y

s C a p i t a l

5 Y e a r M u

n i c i p a l

B a r c l a y

s C a p i t

a l I n t e r m

e d i a t e A

g g r e g a

t e

B a r c l a y s C

a p i t a l A

g g r e g a

t e

B a r c l a y s

C a p i t a

l U n i v

e r s a l

M e r r i l l L

y n c h H

i g h Y i e l d




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As of 9/30/09 1- Month QTD 1-Year 3-Year Aggregate 1.05% 3.74% 10.56% 6.41% Treasury 0.78% 2.10% 6.26% 6.86%Gov't-Related 0.93% 2.65% 8.55% 6.75%Corporate 1.78% 8.12% 21.77% 5.67%MBS 0.80% 2.31% 9.85% 7.40%

CMBS 2.14% 12.70% 7.56% 1.82% ABS 1.87% 6.30% 14.68% 3.54%High Yield (Corporate) 5.70% 14.22% 22.34% 5.31%

As of 9/30/09 1-Month QTD 1-Year 3-Year AAA 0.83% 2.62% 8.14% 6.61% AA 1.27% 5.77% 14.92% 5.09% A 1.77% 7.84% 21.43% 4.57%BAA 2.21% 9.22% 20.67% 6.53%BA 4.52% 11.09% 21.43% 6.61%B 4.50% 10.30% 13.85% 2.82%CAA 7.37% 20.57% 14.51% 1.13%

As of 9/30/09 1-Month QTD 1-Year 3-Year

1-3 Year 0.44% 1.62% 6.91% 5.66%3-5 Year 0.77% 2.91% 9.17% 6.28%5-7 Year 1.07% 3.96% 9.03% 5.99%7-10 Year 1.39% 5.10% 13.67% 7.10%10+ Year 2.14% 7.13% 15.44% 6.40%1 Relative to the duration neutral Treasury Time periods over one year are annualized Source: Barclays Capital

Nominal Returns by Maturity

Fixed Income Market EnvironmentFor the Periods Ending September 30, 2009

Nominal Returns by Sector

Nominal Returns by Quality

Excess Returns by Sector 1as of September 30, 2009

79 38153 142

504

198 102

556

112

1,090

497

1,233

375267

1,478

238 139

967

1,601

-64-179 -188

3640

-274

30

-544

15

(1,000)

(500)

-

500

1,000

1,500

2,000

Aggregate Gov't-Related

Corporate MBS CMBS ABS High Yield(Corporate)

E x c e s s R e t u r n

( b p s

)

1-Month QTD 1-Year 3-Year

Excess Returns by Qualityas of September 30, 2009

387343

142

841

1,3361,481

769840

-32

681

77

379

28121

39

525

903 844

1,888

661

108

1,419

-298

-108 -66

-432-598

-213

(1,000)

(500)

-

500

1,000

1,500

2,000

AAA AA A BAA BA B CAA

E x c e s s R e t u r n

( b p s

)

1-Month QTD 1-Year 3-Year



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9/30/2009 6/30/2009 9/30/20080.12% 0.20% 0.92%0.18% 0.35% 1.62%

0.39% 0.49% 1.80%0.95% 1.12% 1.96%1.43% 1.62% 2.28%1.87% 2.13% 2.66%2.32% 2.56% 2.98%2.94% 3.21% 3.29%3.31% 3.54% 3.83%4.03% 4.31% 4.45%4.05% 4.33% 4.31%

90 Days180 Days

1 Year2 Years3 Years4 Years5 Years7 Years10 Years20 Years30 Years

Interest Rate Term Structure

Government Issues - 3 Months to 30 Year Maturity

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

0 5 10 15 20 25 30

Years-to-Maturity

Y i e l d - t o - M a t u r

i t y

9/30/2009 6/30/2009 9/30/2008



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Monthly Indices ReportPeriods Ending September 30, 2009

ReturnsIndex Name Style Month Qtr YTD 1 Year 3 Years 5 Years 10 Years

Domestic Equity Indices S&P 500 Large Cap Core 3.73% 15.60% 19.25% (6.92)% (5.43)% 1.02% (0.15)%S&P Equal Weighted Large Cap Core 5.37% 21.60% 37.45% 0.94% (3.44)% 3.41% 5.27%Russell 1000 Large Cap Core 4.06% 16.07% 21.07% (6.14)% (5.10)% 1.49% 0.41%Russell 1000 Growth Large Cap Growth 4.25% 13.96% 27.11% (1.85)% (2.50)% 1.87% (2.55)%Russell 1000 Value Large Cap Value 3.86% 18.24% 14.84% (10.62)% (7.88)% 0.89% 2.59%Russell 2500 Mid Cap Core 5.80% 20.06% 27.89% (5.68)% (3.78)% 3.29% 6.28%Russell 2000 Small Cap Core 5.77% 19.28% 22.44% (9.54)% (4.57)% 2.41% 4.88%Russell 2000 Growth Small Cap Growth 6.57% 15.95% 29.13% (6.31)% (2.60)% 2.91% 1.10%Russell 2000 Value Small Cap Value 5.02% 22.70% 16.36% (12.61)% (6.65)% 1.78% 8.05%

Wilshire 5000 Broad Equities 4.07% 16.12% 21.28% (6.43)% (4.83)% 1.76% 0.86%

International Equity Indices MSCI World Broad Global 4.02% 17.57% 25.55% (1.62)% (3.79)% 4.08% 1.38%MSCI World ex US Broad Global 4.15% 19.43% 31.13% 3.49% (2.52)% 7.04% 3.44%MSCI EAFE Developed Markets Intl 3.85% 19.52% 29.57% 3.78% (3.12)% 6.56% 2.96%

MSCI EAFE Local Currency Developed Markets Intl 2.18% 14.88% 21.28% (1.14)% (6.74)% 4.16% 0.80%MSCI EAFE Growth Developed Markets Intl Growth 4.17% 16.80% 24.67% (0.35)% (2.84)% 6.12% 0.88%MSCI EAFE Value Developed Markets Intl Value 3.54% 22.21% 34.62% 8.07% (3.49)% 6.94% 4.90%MSCI Emerging Markets Free Emerging Market 9.09% 21.04% 64.88% 19.45% 8.28% 17.69% 11.71%MSCI All Country World ex US Emerging Market 5.16% 19.77% 36.97% 6.45% (0.78)% 8.58% 4.46%

Domestic Fixed Income Indices Treasury Bills Cash 0.02% 0.07% 0.17% 0.39% 2.82% 3.11% 3.11%Merrill Lynch 1-3 Yr Treasuries Treasuries 0.24% 0.77% 0.75% 3.45% 5.17% 4.03% 4.54%Barclays Capital Muni 5 Yr 5 Yr Municipal Bonds 1.66% 3.75% 6.82% 11.03% 6.13% 4.55% 5.18%

Barclays Capital Aggregate Core Bonds 1.05% 3.74% 5.72% 10.56% 6.41% 5.13% 6.30%Barclays Capital Government Government Bonds 0.75% 2.03% (1.20)% 6.74% 6.75% 5.19% 6.21%Barclays Capital U.S. Credit Corporate Bonds 1.73% 7.48% 14.86% 19.49% 5.84% 4.72% 6.53%Barclays Capital Muni 10 Yr 10 Yr Municipal Bonds 3.17% 6.60% 11.27% 14.30% 5.94% 5.02% 5.92%Merrill Lynch High Yield High Yield Bonds 5.84% 14.48% 47.66% 21.88% 5.06% 5.95% 6.28%

Real Estate Indices NCREIF Property Real Estate N/A (3.32)% (15.07)% (22.11)% (1.30)% 6.15% 7.83%NFI ODCE (net)* Real Estate N/A (9.24)% (21.85)% (31.07)% (4.92)% 3.40% 5.86%NAREIT Real Estate 6.40% 33.28% 17.01% (28.40)% (12.40)% 1.39% 9.52%

* NFI ODCE (net) performance is as of 6/30/09.



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Executive Summary



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2009 Asset Consulting Group All Rights Reserved 11 44

Agincourt The Agincourt fixed income strategy gained 5.7% in the third quarter, outperforming both the CITI Broad Investment Grade Index (3.6%) and the Barclays Capital Aggregate Bond Index (3.7%). The portfolios overweight position in high-grade corporates, CMBS and non-Agency MBS coupled with strong holdings in thecorporate sector was the largest contributor to outperformance during the quarter. Year to date, the portfolio is outperforming both Indexes by over 700 basis points.Over the trailing ten year period, Agincourt is performing relatively in line with both Indexes and ranks in the 48 th percentile of the median core bond universe.

Mellon The Mellon Aggregate Bond Index Fund returned 3.6% in the third quarter, relatively in line with the Barclays Capital Aggregate Index as expected. Over the trailing one year period the strategy is underperforming the Index by 20 bps and ranks in the 77 th percentile of the median core bond peer. Fixed Income markets werebroadly positive in the third quarter; with High Yield Corporate securities gaining 14.2% while Treasuries gained 2.1%. Mortgage backed securities (which represent37% of the Fund and Index) only gained 2.3% for the quarter as yields on these bonds have been driven down to rock bottom levels due to Government purchasesdesigned to keep mortgage rates low.

American Core Realty The American Core Realty fund declined 9.6% in the third quarter versus a -3.7% return for the median real estate peer. In the two years since inception in theportfolio, the strategy has declined 15.9% but is outperforming the median peer by 50 basis points. Despite an income contribution of 1.3% during the quarter, netdepreciation of 11.0% resulted in the negative performance for the quarter.

PRISA II PRISA II declined 10.2% in the third quarter which ranked in the 77 th percentile of the real estate funds peer universe. Over the trailing two year period, the fund hasdeclined 28.8% and lags the median peer return of -16.4% over this time period. Depreciation from valuation activity has been the largest detractor to performance

over the past year.


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Investment Guidelines and Policy Statement



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Investment Policy Statement The Trustees of the Police & Fire Retirement System Pension Fund, in adopting the following Investment Policy Statement, intend its provisionsto act as guidelines for the investment managers employed by the Fund. It shall be the responsibility of the investment managers to bring to theattention of the Trustees any term of the Statement, which the investment managers believe to inhibit or in any way affect their exercise of management discretion.

I. PURPOSE OF STATEMENT

The Trustees are charged by law with the responsibility for the investment of assets of the Trust Fund. To discharge this function, the Trustees are

authorized by law to engage the services of Investment Managers who possess the necessary specialized research facilities and skilled personnel toprovide expertise with respect to investment of assets entrusted to them.

In keeping with the duties of Chapter 20 of Fort Lauderdale Ordinances, this statement of investment goals and objectives is set forth.

Its purpose is to:

Determine the Trust's projected financial needs.

Express the Trustees' position with respect to the funds risk-volatility posture.

Formulate an appropriate set of goals and objectives for the Fund's assets.

II. INVESTMENT OBJECTIVES

A. Assets of the Fund shall be invested in a manner consistent with the fiduciary's acceptable standards of Chapter 112, Florida Statutes, namely:

1. The safeguards and diversity that a professional, prudent investment manager would adhere to must be present.

2. All transactions undertaken on behalf of the Trust must be for the sole interest of Plan participants and their beneficiaries.

B. The Fund shall be invested in a manner consistent with the primary emphasis upon consistency of performance to protect the Fund fromexcessive volatility in current market value.


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C. The Fund shall be invested with emphasis upon capital protection, i.e., the achievement of adequate investment growth so that thepurchasing power of the principal amount of these assets is at least maintained and preferably increased.

DD

.

. The Plans total return will be expected to provide equal or superior results based on a five year investment horizon, relative to theobjectives enumerated below. It is anticipated that achievement of this rate of return will raise the funded status of the plan and lower thecontribution rate as a percent of payroll.

11.. TThhee RReettiirreemmeenntt SSyysstteemmss aannnnuuaalliizzeedd ttoottaall rreettuurrnn sshhoouulldd eeqquuaall oorr eexxcceeeedd tthhee RReettiirreemmeenntt SSyysstteemmss aaccttuuaarriiaall iinntteerreesstt rraattee aassssuummppttiioonn..

22.. TThhee RReettiirreemmeenntt SSyysstteemmss ttoottaall rreettuurrnn sshhoouulldd eexxcceeeedd tthhee ttoottaall rreettuurrnn oof f aann iinnddeexx ccoommppoosseedd aass f f oolllloowwss::

33

55

%%

SS

&&

PP

55

00

00

1100%% RRuusssseellll 22000000 1155%% MM SSCCII EEAAFFEE 3300 %% BBaarrccllaayyss CCaappiittaall AAggggrreeggaattee BBoonndd IInnddeexx 1100%% NNCCRREEIIFF IInnddeexx

33.. TThhee RReettiirreemmeenntt SSyysstteemmss ttoottaall rreettuurrnn sshhoouulldd eexxcceeeedd tthhee ttoottaall rreettuurrnn oof f tthhee mmeeddiiaann ppllaann iinn tthhee ccoonnssuullttaannttss ppeeeerr ggrroouupp uunniivveerrssee..

III. INVESTMENT GUIDELINES

A. It shall be the policy of the Fund to invest the assets in accordance with the following asset allocation levels outlined below:

Asset Class Target Allocation Minimum MaximumDomestic Equity:

Large Cap Equity 25% 20% 30%

Large Cap Equity is further defined as: Large Cap Core 12.5% 7.5% 17.5%Large Cap Value 6.25% 1% 12%Large Cap Growth 6.25% 1% 12%

Small Cap Equity 10% 5% 15%

Small Cap Equity is further defined as: Small Cap Value 5% 2% 10%Small Cap Growth 5% 2% 10%


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Ci f F L d d l P li d Fi R i S


23/102



2. A direct loan or an extension of a line of credit between the Plan assets and any interested party.

3. A transfer of Plan assets to an interested party for the exclusive benefit or use of the interested party.

4. An acquisition of securities, which would exceed stated limitations, 5% in any one company. Any exceptions to the foregoing restrictions would require written Board approval with the specifics detailed.

5. Instrumentalities which are or may be deemed in violation of prohibitive transaction standards as may be specified in the FloridaStatutes, specifically Chapters 112, 175 and 185.

IV. COMMUNICATIONS

A. Documentation

Statements are to be supplied at least quarterly by each investment manager and/or bank custodian to the Trustees indicating:

1. The Fund composition, i.e., at book or original cost and at current market value (by sector, including equity, fixed income, cashequivalents, and "pure" cash balances);

2. Position, by individually named securities, showing their respective book and market values, the number of shares by date securedor sold;

3. All income cash transactions, including sources of all interest and dividends in sufficient descriptive detail. The investmentmanager is expected to provide written confirmation and documentation of all principal transactions, with the exception of cashequivalent trades, within one week of occurrence.

B. MeetingsInvestment managers are expected to meet on a quarterly basis, or more often upon request, with the Trustees to review the portfolio andto discuss investment results in terms of these goals, objectives and policies.

V. BASIS FOR MEASUREMENT

Performance of this Fund is to be measured, both currently and historically, in context with these goals and objectives. In order to ensure that

investment opportunities available over a specific time period are fairly evaluated, the Trustees will use comparative performance statistics toevaluate investment results.


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25/102


Total Fund Performance and Analysis



26/102

2009 Asset Consulting Group All Rights Reserved

NorthPointe

(Small Cap Growth)

Current Portfolio Structure by Fund Manager

Agincourt

Mellon Bank

F i x e d

I n c o m e

D o m e s t i c

E q u

i t y

I n t l . E

q u i t y

Artio International Systematic(Large Cap Value)

RhumbLineS&P 500 Pooled Fund

(Large Cap Index)

INTECH(Large Cap S&P 500 Index)

Sawgrass(Large Cap Growth)

Lee Munder(Small Cap Value)

R e a

l E s t a t e

Prudential

American Realty


Thornburg International

24

K2 Long ShortMaster Fund

L o n g /

S h o r t

E q u

i t y


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2009 Asset Consulting Group All Rights Reserved

INVESCO

Historical Portfolio Structure by Fund Manager

Systematic(Large Cap Value)

RhumbLine

S&P 500 Pooled Fund(Large Cap Index)

INTECH(Large Cap S&P 500 Index)

INVESCO Terminated 10/02

Montag & Caldwell(Large Cap Growth)

Terminated 07/04

Agincourt

Mellon Bank

B a l a n c e d

M a n a g e r

B o n

d M a n a g e r

D o m e s t i c

E q u

i t y

I n t l . E

q u i t y

The Boston Company (International Equity) Terminated 10/07

Lazard Asset Mgmt.(International Equity) Terminated 01/06

Oechsle International

(Emerging Markets) Terminated 01/06

Sawgrass(Large Cap Growth)

RhumbLine

(Mid Cap Index) Terminated 11/06

Lee Munder(Small Cap Value)NorthPointe(Small Cap Growth)

Supplemental AccountPrevious Management

1) Fayez Sarofim 2) INVESCO

Sovran Terminated 11/99

INVESCO Enhanced

S&P 500 Terminated 03/04


Artio International Equity

Thornburg International

25

Essex Investment(Large Cap Growth) Terminated 03/07


28/102


This Quarter Year-To-Date Last Twelve Months

Beginning Market Value

Net Additions

Return on Investment

Income Received

Gain/Loss

Ending Market Value

For the Periods Ending September 30, 2009 Total Fund

Total Fund Dollar Reconciliation (000's)

36,204 -5,941

1,391 7,337

34,813 -13,278

394,375 394,375

$361,677 $420,490

-3,506 -20,173

$382,555

-30,767

42,588

5,155

37,432

394,375



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Market Values % of Fund 1QTR Rank 3QTR Rank 01YR Rank 03YR Rank 05YR Rank Total Fund 394,374,926 10.1% 72 12.3% 76 -0.4% 62 -0.5% 60 3.5% 84

10.3% 12.1% -2.5% -1.4% 2.4%10.9% 15.6% 1.1% -0.3% 4.5%

Domestic Equity 194,916,248 49.4% 17.3% 22.6% -5.4% -4.4% 2.2%Russell 3000 16.3% 21.2% -6.4% -5.1% 1.6%Large Cap Value 42,907,333 10.9%

Systematic Financial Management 42,907,333 10.9% 19.5% 26 17.7% 66 -5.6% 39 -5.6% 23 2.8% 17Russell 1000 Value 18.2% 14.9% -10.6% -7.9% 0.9%

Median Large Cap Value Manager 18.3% 19.0% -6.5% -7.1% 1.6%Large Cap Core 64,807,917 16.4%

INTECH 31,610,203 8.0% 14.9% 80 18.0% 84 -7.5% 79 -5.1% 42 2.1% 30Rhumbline Large Cap Fund 33,197,714 8.4% 15.6% 65 19.3% 70 -6.5% 43 -5.2% 46 1.2% 59S&P 500 15.6% 19.3% -6.9% -5.4% 1.0%

Median Large Cap Core Manager 15.6% 19.5% -6.7% -5.2% 1.4%Large Cap Growth 40,374,257 10.2%

Sawgrass 40,374,257 10.2% 13.2% 67 20.5% 74 -5.0% 60 N/A -- N/A --Russell 1000 Growth 14.0% 27.1% -1.9% -2.5% 1.9%

Median Large Cap Growth Manager 14.0% 25.9% -3.4% -2.4% 2.6%Small Cap Value 23,253,891 5.9%

Lee Munder Small Cap Value 23,253,891 5.9% 22.6% 61 28.9% 62 -1.1% 46 N/A -- N/A --Russell 2000 Value 22.7% 16.4% -12.6% -6.7% 1.8%

Median Small Cap Value Manager 23.1% 30.6% -1.3% -1.5% 4.9%Small Cap Growth 23,572,850 6.0%

NorthPointe Small Cap Growth 23,572,850 6.0% 19.5% 18 40.0% 12 -4.5% 52 N/A -- N/A --Russell 2000 Growth 16.0% 29.1% -6.3% -2.6% 2.9%

Median Small Cap Growth Manager 16.4% 29.3% -3.4% -1.8% 4.5%Long/Short Equity 33,281,629 8.4% 4.4% 8.4% 2.8% N/A N/A

K2 Long Short Master Fund, LP 33,281,629 8.4% 4.4% 8.4% 2.8% N/A N/A S&P 500 15.6% 19.3% -6.9% -5.4% 1.0%

International Equity 21,991,517 0.05576297 17.3% 24.4% 1.2% -4.6% 7.3% Artio International Equity II 10,800,257 2.7% 18.9% 61 20.3% 88 -1.0% 86 N/A -- N/A -- Thornburg International Equity Fund 11,191,260 2.8% 15.8% 90 28.7% 53 3.3% 57 N/A -- N/A --MSCI EAFE 19.5% 29.6% 3.8% -3.1% 6.6%MSCI ACWI ex US 19.8% 37.0% 6.4% -0.8% 8.6%

Median Int'l Developed Markets Equity Manager 19.4% 29.3% 4.1% -2.1% 7.4%

Rates of Return Summary & Universe RankingsFor the Periods Ending September 30, 2009

Median Public Funds Policy Index



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Market Values % of Fund 1QTR Rank 3QTR Rank 01YR Rank 03YR Rank 05YR Rank

Rates of Return Summary & Universe RankingsFor the Periods Ending September 30, 2009

Fixed Income 109,547,564 27.8% 4.9% 9.7% 12.7% 6.5% 5.2%Core Fixed Income 109,547,564 27.8%

Agincourt 66,544,192 16.9% 5.7% 39 12.7% 32 13.2% 52 6.1% 67 5.1% 69Mellon Aggregate Bond Index Fund 43,003,372 10.9% 3.6% 84 5.3% 88 10.4% 77 6.4% 54 5.1% 66Citi Broad Investment Grade 3.6% 5.1% 11.0% 6.9% 5.4%Barclays Capital Aggregate 3.7% 5.7% 10.6% 6.4% 5.1%

Median Core Bond Manager 5.1% 10.5% 13.3% 6.7% 5.4%Real Estate 25,900,230 6.6% -9.8% -30.0% -37.3% N/A N/A

American Stable Value Fund 18,239,100 4.6% -9.6% 78 -26.9% 60 -32.6% 55 N/A -- N/A --PRISA II 7,661,130 1.9% -10.2% 79 -40.7% 83 -51.2% 87 N/A -- N/A --NCREIF Property -3.3% -15.1% -22.1% -1.3% 6.2%

Median Real Estate Funds -3.7% -24.5% -31.0% -6.5% 3.9%Cash 8,737,738 2.2%

*NFI ODCE (net) performance is as of 6/30/09.

Effective August 2009, the Policy Index is composed of 35% S&P 500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 31, 2009, the Policy Index was composed of 60% S&P 500,30% Barclays Capital Aggregate and 10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.



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Over/-UnderMarket Value Target

Equity 250,189,394 3.4%

Large Cap 148,089,507 12.6%

Small/Mid Cap 46,826,741 1.9%

Long/Short Equity 33,281,629 -1.6%

International Equity 21,991,517 -9.4%

Fixed Income (Incl. Cash) 118,285,302 0.0%

Real Estate 25,900,230 -3.4%

Total $394,374,926

30.0%

5.6%

8.4%

37.6%

11.9%

City of Fort Lauderdale Police and Fire Retirement SystemFor the Periods Ending September 30, 2009

55-65%

5-15%

20-30%

63.4%

Actual vs. Target Allocation

Current Allocation

25.0%

10.0%

Target Range Target Allocation

100.0%

25-35%

10-20%

30.0%

60.0%

15.0%

10.0% 5-15%

6.6% 10.0% 5-15%



32/102


Ranking 72 76 62 60 84 82

1 Quarter 3 Quarters 1 Year 3 Years 5 Years 10 Years

5th Percentile 16.52 22.75 7.46 3.65 6.23 6.11

25th Percentile 12.36 18.00 2.73 0.90 4.99 5.0250th Percentile 10.86 15.60 1.05 -0.33 4.50 4.1875th Percentile 9.83 12.34 -2.00 -1.05 3.74 3.7795th Percentile 7.26 8.94 -6.69 -2.81 2.76 3.10

Observations 71 70 69 66 64 54The number above the bars represents the manager's ranking for this portfolio versus the public fund universe. The rankings are on a scale of 1 to 100 with 1 being the best. Effective August 2009, the Policy Index is composed of 35%10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30% Barclays Capital Aggregate and 10%

NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

Total FundFor the Periods Ending September 30, 2009

1 0 . 1

1 0 . 3 1 0

. 9 1 2 . 3

1 2 . 1

1 5 . 6

- 0 . 4

- 2 . 5

1 . 0

- 0 . 5

- 1 . 4 - 0

. 3

3 . 5

2 . 4 4

. 5 3 . 7 4 .

2 4 . 2

-10

-5

0

5

10

15

20

R a t e o

f R e t u r n

%


Total Fund Policy Index Master Trust Funds - Public Funds



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Ranking 62 26 79 84 71

1 Year 2 Years Ago 3 Years Ago 4 Years Ago 5 Years Ago

5th Percentile 7.46 -7.09 18.21 12.29 17.0125th Percentile 2.73 -12.55 16.34 10.74 14.6950th Percentile 1.05 -14.51 14.99 9.62 13.1075th Percentile -2.00 -15.94 13.44 8.53 11.6795th Percentile -6.69 -18.10 10.29 6.39 8.44

Observations 69 177 203 209 214

Total FundFor the Annual Periods Ending September

The number above the bars represents the manager's ranking for this portfolio versus the public fund universe. The rankings are on a scale of 1 to 100 with 1 being the best. Effective August 2009, the Policy Index is composed of 35%2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30% Barclays Capital Aggregate and 10% NCREIF Inthat the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

- 0

. 4

- 2

. 5

1 . 0

- 1 2

. 6

- 1 2

. 1

- 1 4

. 5

1 3

. 2

1 2

. 01

5 . 0

7 . 7

7 . 9

9 . 6

1 2

. 1

8 . 5

1 3

. 1

-25

-20

-15

-10

-5

0

5

10

15

20

R a t e o

f R e t u r n

%


Total Fund Policy Index Master Trust Funds - Public Funds



34/102


AnnualizedReturn Sharpe Ratio

Total Fund 3.50 0.03Policy Index 2.36 -0.08

Master Trust Funds - Public Funds 4.50 0.11

Effective August 2009, the Policy Index is composed of 35% S&P 500, 10% Russell 2000, 15% MSCI EAFE, 30% Barclays Capital Aggregate Bond Index and 10% NCREIF Index. From June 2007 to July 2009, the Policy Index was composed of 60% S&P 500, 30%Barclays Capital Aggregate and 10% NCREIF Index. Prior to that the Policy Index was 60% S&P 500 and 40% Barclays Capital Aggregate.

Standard Deviation

10.599.80

11.86

Risk vs. Return AnalysisFive Years Ending September 30, 2009

Total Fund

Policy Index

Master Trust Funds -Public Funds

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

0 2 4 6 8 10 12 14Standard Deviation

R e t u r n

2009 Asset Consulting Group All Rights Reserved. 32


35/102


Equity Manager Performance and Analysis



36/102


This QuarterBeginning Market Value

Net Additions


Income

Gain/Loss

Ending Market Value

Systematic Financial ManagementFor the Period Ending September 30, 2009

Account Description Performance Goals

Benchmark: Russell 1000 Value

Fees: 38 bps for the first $50 million; 30 bps for the next $25 million; and 25bps thereafter

Over a market cycle, performance in the upper third of appropriate universe (Large Value); above median performance among style peers for shorter term periods.Outperform the Russell 1000 Value Index over a full market cycle.

Strategy: Large Capitalization Value

Vehicle: Separate Account

Inception date: November 2002

-1,900 4,555

42,907 42,907

7,221 -1,518

175 924

7,046 -2,442

Dollar Growth Summary (in 000's) Growth of a Dollar

37,586 39,870Last 12 Months

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

S e p -

0 2

M a r - 0

3

S e p -

0 3

M a r - 0

4

S e p -

0 4

M a r - 0

5

S e p -

0 5

M a r - 0

6

S e p -

0 6

M a r - 0

7

S e p -

0 7

M a r - 0

8

S e p -

0 8

M a r - 0

9

S e p -

0 9

Systematic Financial Management Russell 1000 Value



37/102


JPMORGAN CHASE & CO 4.2% PFIZER INC 2.5%

WELLS FARGO & CO 3.4% AT&T INC 2.4%

EXXON MOBIL CORP 2.9% NOBLE CORPORATION BAAR 2.4%

WHITING PETE CORP NEW 2.8% AMGEN INC 2.0%

CHEVRON CORP 2.7% WALTER INDS INC 1.9%

WALTER INDS INC 66.1% BOSTON PPTYS INC 38.5%

WHITING PETE CORP NEW 63.8% WESTERN DIGITAL CORP 37.8%

REGIONS FINL CORP NEW 54.0% FREEPORT MCMORAN COPPER 36.9%

PROLOGIS 50.1% SIMON PPTYGROUP INC NEW 36.3%

MARVELL TECHNOLOGY GROUP LTD 39.1% UNUM GROUP 35.8%

MCGRAW HILL COS INC -15.9% FLUOR CORP NEW -0.6%

DEAN FOODS CO NEW -7.3% VERIZON COMMUNICATIONS 0.1%

QWEST COMMUNICATIONS INTL -6.2% UNITEDHEALTH GROUP INC 0.2%

LILLY ELI & CO -3.2% CHEVRON CORP 7.4%

EXXON MOBIL CORP -1.3% NORTHEAST UTILS 7.5%

*P/E Ratio provided by manager.

Ten Worst Performers (Quarter)

Characteristics

Sector Allocation

Systematic Financial Management

Ten Largest Holdings (Weight)

Ten Best Performers (Quarter)

As of September 30, 2009, Systematic Financial Management held 84 securities in theirportfolio. Holdings and portfolio characteristics are as follows:

5 4 . 9

3 6 8 . 4

2

9 . 5 1

3 . 6 8 6 .

0 7 3 . 9 4

2 . 4 1

1 . 9 1

1 4 . 1

0 1 6

. 0 0

1 . 7 1

2 . 2 7

0

20

40

60

80

100

Avg MktCap ($Bil)

Med MktCap ($Bil)

Erngs Grth P/B P/E* Yield


9 . 2

4 . 7

1 9 . 2

2 7 . 4

1 0 . 0

8 . 3

6 . 7

6 . 1

4 . 4

3 . 8

9 . 5

5 . 5

1 8 . 4

2 5 . 4

9 . 1 1 0

. 6

5 . 1

3 . 9 5 .

6 6 . 9

05

10152025303540

C o n s u m e r D i s c r e t i o n a r y

C o n s u m e r S t a p l e s

E n e r g y F i n a n c i a l s

H e a l t h C a r e

I n d u s t r i a l s

I n f o r m a t i o n T e c h n o l o g y

M a t e r i a l s

T e l e c o m m u n i c a t i o n S e r v i c e s

U t i l i t i e s





38/102


ReturnStandard Deviation

Sharpe RatioBeta

AlphaUp CaptureDown CaptureCorrelationR Square

Number of MonthsHighest Monthly Return

Lowest Monthly ReturnNumber of Pos. MonthsNumber of Neg. Months% Positive Months

All information calculated using monthly data.

SystematicFinancial

Management Russell 1000 Value

2952

64.20%

8110.72%-17.31%

5229

64.20%

819.61%

-15.19%

Risk vs. Return (6 Year Annualized) Portfolio Statistics

Systematic Financial ManagementFor the Periods Ending September 30, 2009

Return Histogram (6 Years) Return Analysis

6 Years

--

0.950.13

Russell 1000 Value

16.2015.83

0.090.18

SystematicFinancial

Management5.31 3.93

--

1.00------

105.2399.6997.1294.32

Systematic FinancialManagement

Russell 1000 Value

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

15.80% 15.85% 15.90% 15.95% 16.00% 16.05% 16.10% 16.15% 16.20% 16.25%

Standard Deviation

R a t e o f

R e t u r n

8

43

65

4

12

9

7 7 7

10

0

45

7

4

16

89

1

8

0

2

4

6

8

10

12

14

16

18

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %

G r e a t e r t h a n 5 %



Cit of Fort La derdale Police and Fire Retirement S stem


39/102


Ranking 26 66 39 23 17 33


5th Percentile 24.50 34.88 2.02 -2.74 4.16 6.97

25th Percentile 19.53 24.48 -3.63 -5.89 2.22 5.6550th Percentile 18.30 19.05 -6.54 -7.09 1.62 4.8175th Percentile 16.15 15.64 -8.74 -8.29 0.32 3.2695th Percentile 13.03 11.31 -11.23 -11.20 -1.21 1.86

Observations 270 262 255 215 165 147

Systematic Financial ManagementFor the Periods Ending September 30, 2009

The numbers above the bars are the rankings for this portfolio versus the large value equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

1 9 . 5

1 8 . 2

1 8 . 3

1 7 . 7

1 4 . 9

1 9 . 0

- 5 . 6

- 1 0 . 6

- 6 . 5 - 5

. 6

- 7 . 9 - 7

. 1

2 . 8

0 . 9 1 .

6 5 . 3

3 . 9 4 . 8

-20

-15

-10

-5

0

5

10

15

20

25

R a t e o f

R e t u r n

%


Systematic Financial Management Russell 1000 Value Median Large Value Mgr



40/102


Ranking 39 58 5 82 7


5th Percentile 2.02 -17.36 20.50 17.22 22.8225th Percentile -3.63 -22.82 16.71 15.29 20.2450th Percentile -6.54 -25.18 14.96 14.55 18.4075th Percentile -8.74 -29.19 13.39 12.38 15.0595th Percentile -11.23 -34.98 6.09 9.10 12.29

Observations 255 336 307 274 230

Systematic Financial Management

For the Annual Periods Ending September

The numbers above the bars are the rankings for this portfolio versus the large value equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

- 5 . 6

- 1 0 . 6 -

6 . 5

- 2 6

. 0 - 2 3 . 6

- 2 5

. 2

2 0 . 5

1 4 . 5

1 5 . 0

1 1 . 5 1 4

. 6 1 4

. 6 2 2

. 6

1 6 . 7 1 8

. 4

-40

-30

-20

-10

0

10

20

30

R a t e o f

R e t u r n

%


Systematic Financial Management Russell 1000 Value Median Large Value Mgr




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This QuarterBeginning Market Value

Net Additions


Income

Gain/Loss

Ending Market Value

INTECHFor the Period Ending September 30, 2009


Benchmark: S&P 500

Fees: 35 bps for the first $100 million, 30bps for the next $100 million, 25 bpsfor the next $100 million, 20 bps for the next $200 million, & 17.5 bps for over$500 million

Over a market cycle, performance in the upper third of appropriate universe (LargeCore); above median performance among style peers for shorter term periods.Outperform the S&P 500 Index over a full market cycle.

Strategy: Large Capitalization Core Equity


Inception date: March 2004

-4,000 0

31,610 31,610

4,477 -2,072

194 828

4,283 -2,900


31,133 33,682Last 12 Months

$0.00

$0.20

$0.40

$0.60$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

M a r - 0

4

J u l - 0 4

N o v - 0

4

M a r - 0

5

J u l - 0 5

N o v - 0

5

M a r - 0

6

J u l - 0 6

N o v - 0

6

M a r - 0

7

J u l - 0 7

N o v - 0

7

M a r - 0

8

J u l - 0 8

N o v - 0

8

M a r - 0

9

J u l - 0 9

INTECH S&P 500




42/102


EXXON MOBIL CORP 4.5% CHEVRON CORP 1.8%

AT&T INC 2.7% INTERNATIONAL BUSINESS MACHS 1.7%

JOHNSON & JOHNSON 2.1% MICROSOFTCORP 1.5%

PROCTER AND GAMBLE CO 2.1% VERIZON COMMUNICATIONS 1.4%

GENERAL ELEC CO 1.9% WAL MART STORES INC 1.3%

HARTFORD FINANCIAL SVCS 123.7% MBIA INC 79.2%

WYNN RESORTS LTD 100.8% CBS CORP CLASS B 74.9%

TEXTRON INC 96.7% MARSHALL & ILSLEY CORP 68.4%

JABIL CIRCUIT INC 82.0% CAPITAL ONE FINL CORP 63.5%

HARMAN INTL INDS INC NEW 80.2% CITIGROUPINC 63.0%

MOODYS CORP -22.0% DEAN FOODS CO NEW -7.3%

SPRINT NEXTEL CORP -17.9% IRON MTN INC PA -7.3%

MCGRAW HILL COS INC -15.9% QUEST DIAGNOSTICS INC -7.2%

SLM CORP -15.1% WELLPOINT INC -6.9%

INTERCONTINENTALEXCHANGE -14.9% PPL CORP -6.9%



Characteristics

Sector Allocation

INTECH



As of September 30, 2009, INTECH held 418 securities in their portfolio. Holdingsand portfolio characteristics are as follows:

7 1 . 8

8 7 7

. 1 7

9 . 2 7

8 . 1 5 1 0

. 0 3

9 . 9 2

3 . 2 2

3 . 3 7

2 2 . 6 0

2 5 . 5 2

2 . 2 4

2 . 0 4

010203040

5060708090

100

Avg MktCap ($Bil)

Med MktCap ($Bil)

Erngs Grth P/B P/E Yield

INTECH S&P 500

1 1 . 4 1 2

. 3

1 1 . 4 1

4 . 4

1 2 . 1

8 . 2

1 6 . 4

3 . 1 4 .

8 6 . 1

9 . 2 1

1 . 5

1 1 . 7

1 5 . 2

1 3 . 1

1 0 . 2

1 8 . 6

3 . 5

3 . 2 3 .

7

0

5

10

15

20

25




H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s

INTECH S&P 500




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Sharpe RatioBeta AlphaUp CaptureDown CaptureCorrelationR Square




INTECH S&P 500

2344

65.67%

679.57%

-16.80%4324

64.18%

679.27%

-17.16%


INTECHFor the Periods Ending September 30, 2009


5 Years

--

0.990.09

S&P 500

15.9615.93

-0.11-0.05

INTECH2.08 1.02

--

1.00------

102.1696.8699.3498.68

INTECH

S&P 500

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

15.93% 15.94% 15.94% 15.95% 15.95% 15.96% 15.96%

Standard Deviation

R a t e o f

R e t u r n

7

1

45

4

7

10

6

9

34

8

2 2

54

7

12

4

9

34

0

2

4

6

8

10

12

14

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %


INTECH S&P 500




44/102

Ranking 80 84 79 42 39 30


5th Percentile 19.87 30.61 -0.06 -1.51 1.45 4.68

25th Percentile 16.35 22.32 -4.93 -4.03 -0.23 2.3850th Percentile 15.63 19.46 -6.69 -5.24 -1.42 1.3975th Percentile 15.10 18.76 -7.17 -5.43 -1.58 1.0995th Percentile 11.96 12.99 -11.22 -7.58 -2.98 0.27

Observations 495 460 456 380 335 295

INTECHFor the Periods Ending September 30, 2009

The numbers above the bars are the rankings for this portfolio versus the large core equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

1 4 . 9

1 5 . 6

1 5 . 6

1 8 . 0 1 9

. 3 1 9

. 5

- 7 . 5 - 6

. 9 - 6 . 7 - 5

. 1 - 5 . 4

- 5 . 2

- 1 . 3

- 1 . 6

- 1 . 4

2 . 1

1 . 0 1 .

4

-15

-10

-5

0

5

10

15

20

25

R a t e o f

R e t u r n

%


INTECH S&P 500 Median Large Core Mgr


Ci f F L d d l P li d Fi R i S


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Ranking 79 19 81 39 28


5th Percentile -0.06 -16.43 21.98 15.29 22.2225th Percentile -4.93 -20.63 17.88 12.38 16.8950th Percentile -6.69 -21.89 16.53 10.88 13.0275th Percentile -7.17 -22.27 15.65 10.72 12.2895th Percentile -11.22 -28.06 12.31 8.25 10.99

Observations 456 522 490 424 376

INTECH


The numbers above the bars are the rankings for this portfolio versus the large core equity universe. The rankings are on a scale of 1 to 100 with 1 being the best.

- 7 . 5 - 6

. 9 - 6 . 7

- 1 9 . 5

- 2 2 . 0

- 2 1 . 9

1 4 . 8 1 6

. 4 1 6

. 5

1 1 . 2

1 0 . 8

1 0 . 9

1 6 . 6

1 2 . 3

1 3 . 0

-35

-25

-15

-5

5

15

25

R a t e o f

R e t u r n

%


INTECH S&P 500 Median Large Core Mgr




46/102

This Quarter

Beginning Market ValueNet Additions


Income

Gain/Loss

Ending Market Value

Rhumbline Large Cap FundFor the Period Ending September 30, 2009


Benchmark: S&P 500

Fees: 6.5 bps for the first $50 million, 5.5 bps for the next $50 million, and 4bps thereafter

Match the S&P 500 Index.Strategy: Large Capitalization Core

Vehicle: Commingled Trust

Inception date: September 1995

0 1,061

33,198 33,198

4,470 -2,009

0 0

4,470 -2,009


28,728 34,145

Last 12 Months

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

S e p -

9 5

S e p -

9 6

S e p -

9 7

S e p -

9 8

S e p -

9 9

S e p -

0 0

S e p -

0 1

S e p -

0 2

S e p -

0 3

S e p -

0 4

S e p -

0 5

S e p -

0 6

S e p -

0 7

S e p -

0 8

S e p -

0 9

Rhumbline Large Cap Fund S&P 500




47/102

EXXON MOBIL CORP 3.5% JOHNSON & JOHNSON 1.8%

MICROSOFT CORP 2.2% APPLE COMPUTER INC 1.8%

GENERAL ELECTRIC CO 1.9% AT&T INC 1.8%

JP MORGAN CHASE 1.9% INTL BUSINESS MACHINES 1.7%

PROCTER & GAMBLE 1.8% BANK OF AMERICA CORP 1.6%

GANNETT INC 252.2% AMERICAN INTL GROUP 90.1%

HARTFORD FINANCIAL SERVICES 123.7% DONNELLEY R R & SONS 86.3%

TENET HEALTHCARE 108.5% JABIL CIRCUIT INC 82.0%

WYNN RESPORTS LTD 100.8% HARMAN INTL INDUSTRIAL 80.2%

TEXTRON INC 96.7% MBIA INC 79.2%

METROPCS COMMUNICATION -23.2% INTERCONTINENTAL EXCHANGE -14.9%

MOODYS CORP -22.0% ELECTRONIC ARTS -12.3%

SPRINT NEXTEL CORP -17.9% DEAN FOODS CO -7.3%

MCGRAW HILL INC -15.9% IRON MOUNTAIN INC -7.3%

SLM CORP -15.1% QUEST DIAGNOSTICS -7.2%

Characteristics provided by manager.


Characteristics

Sector Allocation

Rhumbline Large Cap Fund



As of September 30, 2009, Rhumbline Large Cap Fund held 500 securities in theirportfolio. Holdings and portfolio characteristics are as follows:

7 7 . 3

3

7 7 . 2

5

9 . 6 0

9 . 5 9

1 . 9 1

1 . 9 1

2 5 . 5

0

2 5 . 5

0

2 . 0 4

2 . 0 4

010203040

5060708090

100

Avg Mkt Cap($Bil)

Erngs Grth (5 Year)

P/B P/E Yield


9 . 1

1 1 . 5

1 1 . 7

1 5 . 2

1 3 . 1

1 0 . 3

1 8 . 7

3 . 5

3 . 2 3 .

7 3 . 7

3 . 2 3 .

5

1 8 . 6

1 0 . 2

1 3 . 1 1

5 . 4

1 1 . 7

1 1 . 5

9 . 1

0

5

10

15

20




H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s


2009 Asset Consulting Group All Rights Reserved. 45



48/102


Sharpe RatioBeta


Tracking Error

Number of MonthsHighest Monthly ReturnLowest Monthly ReturnNumber of Pos. MonthsNumber of Neg. Months% Positive Months


98.3499.94

----

0.0198.91

S&P 500

16.2416.06

Rhumbline LargeCap Fund


10 Years

--

99.87


Rhumbline Large Cap FundFor the Periods Ending September 30, 2009

66.07%

1689.78%

-16.80%10563

62.50%

16817.16%-16.58%

Rhumbline LargeCap Fund S&P 500

57111

----

0.61

-0.02 -0.15

-0.170.99

--

-0.181.00

Rhumbline LargeCap Fund

S&P 500

-0.16%

-0.14%

-0.12%

-0.10%

-0.08%

-0.06%

-0.04%

-0.02%

0.00%

16.04%

16.06%

16.08%

16.10%

16.12%

16.14%

16.16%

16.18%

16.20%

16.22%

16.24%

16.26%Standard Deviation

R a t e o f

R e t u r n

20

3

6

13

7

14

4

11

4

15

20

45

13

7

14

21

6

11

3

16

23

0

5

10

15

20

25

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %






49/102

Ranking 65 70 43 46 59 61


5th Percentile 19.87 30.61 -0.06 -1.51 4.68 6.34

25th Percentile16.35 22.32 -4.93 -4.03 2.38 3.50

50th Percentile 15.63 19.46 -6.69 -5.24 1.39 0.6475th Percentile 15.10 18.76 -7.17 -5.43 1.09 -0.0895th Percentile 11.96 12.99 -11.22 -7.58 0.27 -0.20

Observations 495 460 456 380 295 137

Rhumbline Large Cap FundFor the Periods Ending September 30, 2009

The numbers above the bars are the rankings for this portfolio versus the large core manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

1 5 . 6

1 5 . 6

1 5 . 6

1 9 . 3

1 9 . 3

1 9 . 5

- 6 . 5

- 6 . 9 - 6

. 7 - 5 . 2

- 5 . 4

- 5 . 2

1 . 2

1 . 0 1 .

4 0 . 0

- 0 . 2

0 . 6

-15

-10

-5

0

5

10

15

20

25

R a t e o f

R e t u r n

%


Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr




50/102

y y

Ranking 43 40 56 51 85


5th Percentile -0.06 -16.43 21.98 15.29 22.2225th Percentile -4.93 -20.63 17.88 12.38 16.8950th Percentile -6.69 -21.89 16.53 10.88 13.0275th Percentile -7.17 -22.27 15.65 10.72 12.2895th Percentile -11.22 -28.06 12.31 8.25 10.99

Observations 456 522 490 424 376

Rhumbline Large Cap Fund


The numbers above the bars are the rankings for this portfolio versus the large core manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

- 6 . 5

- 6 . 9

- 6 . 7

- 2 1 . 7

- 2 2 . 0

- 2 1 . 9

1 6 . 5

1 6 . 4

1 6 . 5

1 0 . 9

1 0 . 8

1 0 . 9 1 2

. 2 1 2

. 3 1 3

. 0

-35

-25

-15

-5

5

15

25

R a t e o f

R e t u r n

%


Rhumbline Large Cap Fund S&P 500 Median Large Core Mgr




51/102

This Quarter



Income

Gain/Loss

Ending Market Value

SawgrassFor the Period Ending September 30, 2009


Benchmark: Russell 1000 Growth

Fees: 50 bps up to $100 million and 40 bps above $100 million

Over a market cycle, performance in the upper third of appropriate universe (LargeGrowth); above median performance among style peers for shorter term periods.Outperform the Russell 1000 Growth Index over a full market cycle.

Strategy: Large Capitalization Growth


Inception Date: March 2007

-2,000 0

40,374 40,374

4,925 -1,587

159 616

4,767 -2,203


37,449 41,961

Last 12 Months

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

M a r - 0

7

M a y - 0

7

J u l - 0 7

S e p -

0 7

N o v - 0

7

J a n -

0 8

M a r - 0

8

M a y - 0

8

J u l - 0 8

S e p -

0 8

N o v - 0

8

J a n -

0 9

M a r - 0

9

M a y - 0

9

J u l - 0 9

S e p -

0 9

Sawgrass Russell 1000 Growth




52/102

INTERNATIONAL BUSINESS MACHS 4.7% APPLE INC 3.6%

GOOGLE INC 4.7% DIRECTV GROUP INC 3.6%

CISCO SYS INC 4.1% TJX COS INC NEW 3.4%

MICROSOFTCORP 4.1% HEWLETT PACKARD CO 3.0%

CVS CAREMARK CORP 3.7% WAL MART STORES INC 3.0%

AFLAC INC 38.5% CISCO SYS INC 26.3%

CAMERON INTL CORP 33.6% COSTCO WHSL CORP NEW 24.0%

APPLE INC 30.1% HEWLETT PACKARD CO 22.4%

EMC CORP 30.1% MASTERCARD INC 20.9%

VERISIGN INC 28.2% OCCIDENTAL PETE CORP 19.6%

QUEST DIAGNOSTICS INC -7.2% EXXON MOBIL CORP -1.3%

FAMILY DLR STORES INC -6.3% NASDAQ STK MKT INC -1.2%

PUBLIC SVCENTERPRISE GROUP -2.6% FLUOR CORP NEW -0.6%

ORACLE CORP -2.5% QUALCOMM INC -0.1%

BECTON DICKINSON & CO -1.7% MCDONALDS CORP 0.2%



Characteristics

Sector Allocation

Sawgrass



As of September 30, 2009, Sawgrass held 47 securities in their portfolio. Holdings andportfolio characteristics are as follows:

8 1 . 7

7

6 9 . 9

4

3 4 . 3

6

4 . 1 7

1 9 . 3 6

1 7 . 4 7

4 . 4 6

4 . 7 0

1 6 . 5 0 1 8 . 2

0

1 . 6 5

1 . 6 1

0102030405060708090

100

Avg MktCap ($Bil)

Med MktCap ($Bil)

Erngs Grth P/B P/E Yield


1 2 . 8 1 5

. 8

3 . 5

2 . 4

1 5 . 1

1 1 . 2

3 4 . 0

1 . 6

2 . 4

1 . 2

1 0 . 4

1 6 . 0

4 . 2 5 .

2

1 6 . 6

1 0 . 2

3 1 . 8

4 . 0

0 . 6 0 . 905

10152025303540




H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s




Sawgrass


53/102

ReturnStandard DeviationSharpe RatioBeta






1317

56.67%

309.60%

-17.61%1614

53.33%

306.84%

-16.69%


SawgrassFor the Periods Ending September 30, 2009


2 Years

--

0.86-0.25

Russell 1000 Growth

23.2120.21-0.56-0.69

Sawgrass-12.77 -11.88

--

1.00------

79.8089.7798.8597.72

Sawgrass

Russell 1000 Growth

-12.90%

-12.80%

-12.70%

-12.60%

-12.50%

-12.40%

-12.30%

-12.20%

-12.10%

-12.00%

-11.90%

-11.80%

20.00% 20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50%

Standard Deviation

R a t e o f

R e t u r n

7

1

0

2

1 1

3 3 3

0

3

7

1

0

2 2

0

3

1

2 2

4

0

1

2

3

4

5

6

7

8

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %





S


54/102

Ranking 67 79 74 60 63

1 Quarter 2 Quarters 3 Quarters 1 Year 2 Years

5th Percentile 20.94 47.43 54.61 8.23 -7.4125th Percentile 15.80 33.80 30.68 -0.29 -9.6550th Percentile 13.98 31.02 25.88 -3.41 -11.7475th Percentile 12.54 26.70 20.15 -7.12 -14.1595th Percentile 8.63 19.90 10.50 -14.45 -17.74

Observations 363 348 344 341 304

SawgrassFor the Periods Ending September 30, 2009

The numbers above the bars are the rankings for this portfolio versus the large growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

1 3 . 2

1 4 . 0

1 4 . 0

2 6 . 0

3 2 . 6

3 1 . 0

2 0 . 5

2 7 . 1

2 5 . 9

- 5 . 0 - 1

. 9

- 3 . 4

- 1 2 . 8

- 1 1 . 9

- 1 1 . 7

-30

-20

-10

0

10

20

30

40

R a t e o f

R e t u r n

%


Sawgrass Russell 1000 Growth Median Large Growth Mgr




55/102

Ranking 60 42


5th Percentile 8.23 -13.02 27.91 11.42 24.8225th Percentile -0.29 -17.53 22.92 7.94 19.9650th Percentile -3.41 -21.33 21.08 6.07 15.4175th Percentile -7.12 -23.72 18.01 3.27 11.8295th Percentile -14.45 -27.42 11.11 -2.28 8.59

Observations 341 424 365 309 248

Sawgrass


The numbers above the bars are the rankings for this portfolio versus the large growth manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

- 5 . 0 - 1

. 9 - 3 . 4

- 1 9 . 9

- 2 0 . 9

- 2 1 . 3

1 9 . 4 2 1

. 1

6 . 0

6 . 1

1 1 . 6 1

5 . 4

-35

-25

-15

-5

5

15

25

R a t e o f

R e t u r n

%


Sawgrass Russell 1000 Growth Median Large Growth Mgr



L M d S ll C V l


56/102

This Quarter



Income

Gain/Loss

Ending Market Value

Lee Munder Small Cap ValueFor the Period Ending September 30, 2009


Benchmark: Russell 2000 Value

Fees: 75 bps

Over a market cycle, performance in the upper third of appropriate universe (Small Value); above median performance among style peers for shorter term periods.Outperform the Russell 2000 Value Index over a full market cycle.

Strategy: Small Capitalization Value


Inception Date: November 2006

0 0

23,254 23,254

4,281 -259

84 379

4,197 -638


18,973 23,513

Last 12 Months

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

D e c - 0

6

M a r - 0

7

J u n -

0 7

S e p -

0 7

D e c - 0

7

M a r - 0

8

J u n -

0 8

S e p -

0 8

D e c - 0

8

M a r - 0

9

J u n -

0 9

S e p -

0 9

Lee Munder Small Cap Value Russell 2000 Value



L M d S ll C V l


57/102

GREAT PLAINS ENERGY INC 2.5% REINSURANCE GROUP AMER INC 1.6%

EMPLOYERSHLDGS INC 1.9% WATSON WYATT WORLDWIDE INC 1.5%

SWIFT ENERGY CO 1.7% DEAN FOODS CO NEW 1.4%

BERRY PETECO 1.6% AGL RES INC 1.4%

PORTLAND GEN ELEC CO 1.6% SIGNATUREBK NEW YORK NY 1.4%

BELO CORP 202.3% COOPER TIRE RUBR CO 78.5%

PEROT SYSCORP 107.3% CYTEC INDS INC 74.5%

XYRATEX LTD 90.6% TEREX CORP NEW 71.8%

CABOT CORP 85.3% KANSAS CITY SOUTHERN 64.4%

CBL & ASSOC PPTYS INC 80.9% FIRST FINLBANCORP 62.3%

BLACK BOXCORP -24.9% NEWALLIANCE BANCSHARES INC -6.4%

SANDERSONFARMS INC -16.1% PANTRY INC -5.6%

REGIS CORPMINNESOTA -10.8% TCF FINANCIAL CORP -2.1%

WESTERN ALLIANCE BANCORPORATIO -7.8% AMSURG CORP -1.0%

DEAN FOODS CO NEW -7.3% RES CARE INC -0.6%



Characteristics

Sector Allocation

Lee Munder Small Cap Value



As of September 30, 2009, Lee Munder Small Cap Value held 112 securities in theirportfolio. Holdings and portfolio characteristics are as follows:

1 . 4 5

0 . 8 7 1 .

1 8

0 . 3 4

3 . 7 7 3 . 0 4

1 . 6 9

1 . 3 4

1 6 . 0

8

1 5 . 0

0

1 . 4 1 1 .

8 8

02468

101214161820

Avg MktCap ($Bil)

Med MktCap ($Bil)

Erngs Grth P/B P/E* Yield


9 . 0

7 . 7

5 . 4

2 5 . 9

5 . 5

1 8 . 0

1 4 . 7

7 . 2

0 . 0

6 . 5

1 1 . 9

2 . 8 5

. 9

3 3 . 2

4 . 6

1 6 . 8

1 1 . 7

6 . 4

0 . 6

6 . 1

05

10152025303540




H e a l t h C a r e



M a t e r i a l s


U t i l i t i e s






58/102

ReturnStandard DeviationSharpe RatioBeta





Lee Munder SmallCap Value Russell 2000 Value

1322

62.86%

3515.87%

-19.98%2114

60.00%

3517.10%

-19.16%


For the Periods Ending September 30, 2009


2 Years

--

0.910.52

Russell 2000 Value

30.2127.79-0.45-0.23

Lee Munder SmallCap Value

-5.32 -12.43

--

1.00------

100.5785.0198.7397.47


Russell 2000 Value

-14.00%

-12.00%

-10.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

27.50% 28.00% 28.50% 29.00% 29.50% 30.00% 30.50%

Standard Deviation

R a t e o f

R e t u r n

7

0

2

1 1

0

2

1 1

5

4

8

1

0 0

2

0

2

1

2 2

6

0

1

2

34

5

6

7

8

9

L e s s t h a n - 4 %

- 4 % t o - 3 %

- 3 % t o - 2 %

- 2 % t o - 1 %

- 1 % t o 0 %

0 % t o 1 %

1 % t o 2 %

2 % t o 3 %

3 % t o 4 %

4 % t o 5 %







59/102

Ranking 61 66 62 46 21


5th Percentile 35.61 82.15 51.18 10.26 -4.0825th Percentile 26.11 61.97 37.84 1.89 -5.7350th Percentile 23.08 54.29 30.61 -1.29 -7.9175th Percentile 21.95 48.36 27.74 -6.99 -12.0195th Percentile 19.24 40.36 12.84 -15.45 -15.62

Observations 85 86 83 84 79

Lee Munder Small Cap ValueFor the Periods Ending September 30, 2009

The numbers above the bars are the rankings for this portfolio versus the small value manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

2 2 . 6

2 2 . 7

2 3 . 1

4 9 . 4

4 4 . 8

5 4 . 3

2 8 . 9

1 6 . 4

3 0 . 6

- 1 . 1

- 1 2 . 6

- 1 . 3

- 5 . 3

- 1 2 . 4 - 7

. 9

-30

-20

-10

0

10

20

30

40

50

60

R a t e o f

R e t u r n

%


Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr



d ll l


60/102

Ranking 46 12


5th Percentile 10.26 -8.44 24.18 14.61 26.67

25th Percentile 1.89 -11.46 16.27 12.75 24.4250th Percentile -1.29 -14.44 10.45 9.71 21.4975th Percentile -6.99 -17.14 7.61 7.82 17.3895th Percentile -15.45 -21.32 3.17 3.69 12.30

Observations 84 125 108 77 57



The numbers above the bars are the rankings for this portfolio versus the small value manager universe. The rankings are on a scale of 1 to 100 with 1 being the best.

- 1 . 1

- 1 2 . 6

- 1 . 3

- 9 . 4

- 1 2 . 3

- 1 4 . 4

6 . 1

1 0 . 4

1 4 . 0

9 . 7

1 7 . 8

2 1 . 5

-25

-20

-15

-10

-5

0

5

10

15

20

25

R a t e o f

R e t u r n

%


Lee Munder Small Cap Value Russell 2000 Value Median Small Value Mgr



NorthPointe Small Cap Growth


61/102

This Quarter



Income

Gain/Loss

Ending Market Value

NorthPointe Small Cap GrowthFor the Period Ending September 30, 2009


Benchmark: Russell 2000 Growth

Fees: 43 bps plus performance fee

Over a market cycle, performance in the upper third of appropriate universe (SmallGrowth); above median performance among style peers for shorter term periods.Outperform the Russell 2000 Growth Index over a full market cycl

investment performance review

Documents