Thistle Investment Report QE 6-30-2012Village ofNorth Palm Beach Fire & Police
Executive Summary Report
Table of Contents
SECTION
PAGE
Market Snapshot 1
Index Comparison 2
Compliance Report 3
Total Portfolio Pie Chart 4
Asset Allocation Table 5
Total Ranks Table 6
Individual Equity Ranks Table 7
Scatterplot Graphs:
Total Fund Graph 9
Equity Graph 10
Fixed Income Graph 11
Alpha & Beta Graphs 12
Batting Average Graph 13
Alpha, Beta & Batting Average Table 14
Other Managers' Page 15
0 01 10tif 11awt Ci - mithill
20.00
10.00
0.00
-10.00
-20.00
Index Comparison
June 30, 2012
3 Months Last 12 Months Last 3 Years (Annualized)
• Barclays Goo /Credit Bond ■ Barclays Goo /Credit -In termediate ® S&P 500
• Russell 1000 Grow th ■ Russell 1000 Value ■ Russell 2000 Growth
• Russell 2000 Value ■ Russell 3000 ■ MSCI EAFE
Alt CD1441C _AaSO T1111k11 Ili ItA Page
6. Is the 3 -year standard deviation less than the (BCAB) index's standard deviation? [3.16 vs. 2.70] r r
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Village ofNorth Palm Beach Fire & Police
Compliance Report
June 30, 2012
YES
NO
TOTAL FUND RETURNS
1.
Did the total return exceed the target, which is comprised of 50% S &P500, 40% BCAB, 10% MSCI EAFE over the
r
r
trailing 3 -year period? [8.99 vs. 11.96]
2.
Did the total return exceed the target, which is comprised of 50% S &P500, 40% BCAB, 10% MSCI EAFE over the
trailing 5 -year period? [1.20 vs. 2.69]
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F
3.
Did the total return lie in the top 40th percentile of the 40% Broad Large Cap Value Core, 10% Large Cap Growth, 10%
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r
International & 40% Broad Fixed over the trailing 3 -year period? [89th]
4.
Did the total return lie in the top 40th percentile of the 40% Broad Large Cap Value Core, 10% Large Cap Growth, 10%
International & 40% Broad Fixed over the trailing 5 -year period? [75th]
1-
5.
Is the 3 -year standard deviation less than the total fund index standard deviation? [10.15 vs. 9.56]
r
r
EQUITY COMPONENT
1.
Did the 3 -year total equity return exceed the 83.3% S &P500 and 16.7% MSCI EAFE target? [12.15 vs. 14.74]
C-
2.
Did the 5 -year total equity return exceed the 83.3% S &P500 and 16.7% MSCI EAFE target? [ -1.36 vs. -0.78]
r
F7
3.
Did the 3 -year total equity return rank in the top 40% of the Mobius universe comprised of 66.7% Broad Large Cap
r
r
Value Core, 16.6% Broad Large Cap Growth and 16.7% International? [68th]
4.
Did the 5 -year total equity return rank in the top 40% of the Mobius universe comprised of 66.7% Broad Large Cap
r
Value Core, 16.6% Broad Large Cap Growth and 16.7% International? [87th]
F7
5.
Is the amount invested in any one issuing company less than 5% of the Fund's total assets?
r
F-
6.
Is the aggregate investment in any one company less than 5% of the outstanding stock of the company?
C✓
F-
7.
Is the amount invested in common stocks and convertible bonds less than 65% of the total fund? [56.1 %]
r
F-
8.
Is the 3 -year standard deviation less than the equity index standard deviation? [19.38 vs. 16.36]
r
r
FIXED INCOME COMPONENT
1.
Did the 3 -year total fixed income return exceed the policy (BCAB)? [7.24 vs. 6.94]
r
2.
Did the 5 -year total fixed income return exceed the policy (BCAB)? [6.73 vs. 6.86]
r
r
3.
Did the 3 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe?
[56th]
r
l✓
4.
Did the 5 -year total fixed income return rank in the top 40% of the Mobius Broad Fixed Income Universe?
r
F-
[21st]
5.
Are all fixed income investments ranked at least BBB by Standard & Poors and Baa by Moody's?
C✓
F-
6. Is the 3 -year standard deviation less than the (BCAB) index's standard deviation? [3.16 vs. 2.70] r r
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Fixed
33%
Village ofNorth Palm Beach Fire & Police
Performance Evaluation Summary
June 30, 2012
Cash
9%
9%
■ Large Core Value ■ Large Growth ■International ■Fixed ■ Cash
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Large Core Value
37%
Page 4
Village ofNorth Palm Beach Fire & Police
Performance Evaluation Summary
June 30, 2012
Large Core Value Large Growth International Fixed Cash Total
Total
Fund $4,092,000
% of Total 36.8%
Target % 40.0%
$1,284,000 $1,000,000 $3,714,000 $1,037,000 $11,127,000
11.5% 9.0% 33.4% 9.3% 100.0%
10.0% 10.0% 40.0% 0.0% 100.0%
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Village of North Palm Beach Fire & Police
Performance Evaluation Summary
June 30, 2012
Current Fiscal Year
Quarter FYTD One Year Two Years Three Years Five Years 2011 2010 2009 2008 2007
TOTAL FUND (Net of Fees)[Inception 913011995]
Return
-3.11%
11.12%
-0.79%
7.47% 8.99%
1.20%
-2.41%
7.47%
-0.49%
- 11.01%
12.85%
Ranking ( *)
80
79
88
92 89
75
88
82
77
37
48
Policy Return( * *)
-1.16%
13.29%
4.71%
11.92% 11.96%
2.69%
2.03%
9.23%
1.817.
- 13.30%
11.89%
Policy Ranking ( *)
40
48
25
34 48
46
20
56
59
55
57
TOTAL EQUITIES
-3.42%
19.76%
2.12%
15.57%
14.74%
-0.78%
Return
-6.63%
19.53%
-6.06%
10.08%
12.15%
-1.36%
-8.07%
8.73%
-6.607.
- 18.81%
18.74%
Ranking (66.7% Br. Lg.V. Core,
26
73
32
48
56
21
6
44
51
21
29
16.6% Br. Gr., 16.7 % Intl.)
100
16
98
82
68
87
98
76
90
59
31
Policy Return (83.3% S&P500,
16.7% MSCI SAFE)
-3.42%
19.76%
2.12%
15.57%
14.74%
-0.78%
-0.57%
9.12%
-5.147.
- 23.55%
16.44%
Policy Ranking (66.7% Br. Lg.V.
Core, 16.6% Br. Gr., 16.7 % Intl.)
62
14
42
11
29
82
49
69
83
93
46
Return
2.12%
3.67010
8.65%
6.29%
7.24%
6.73%
5.91%
7.687.
11.45%
2.12 %
4.87%
Ranking (Broad Fixed Income)
26
73
32
48
56
21
6
44
51
21
29
Policy Return (BCAB)
2.06%
3.52%
7.48%
5.69%
6.94%
6.86%
5.29%
8.177.
10.567.
3.76%
5.10%
Policy Ranking (Broad Fixed
Income)
30
74
43
60
61
19
9
41
57
13
25
Gold indicates equal to or beat the index, or in upper 40% of universe
Red indicates bottom 40% of universe
*40% Broad Large Cap Value Core, 10% Large Cap Growth, 10% International Equity & 40% Broad Fixed
* *50% S&P500, 10% MSCI EAFE & 40 %BCAB
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Village of Nortb Palm Beach Fire & Police
Performance Evaluation Summary
June 30, 2012
Current Fiscal Year
Quarter FYTD One Year Two Years Three Years Five Years 2011 2010 2009 2008 2007
ICC ADR P ORTF OLI 0 (including cash)[Inception 113112008]
Return
-7.13%
ICC LARGE CAP CORE VALUE EQUITY(no cash)[Inception 913011995]
-9.12%
8.18%
8.26%
1.42%
-5.84% 2.50%
10.38%
n/a
n/a
Ranking (International Equity)
Return
-6.54%
20.79% -5.18%
9.64%
12.12%
-1.57%
-8.16%
8.27%
-8.25%
- 18.69%
18.74%
Ranking (Br. Lg. Core)
97
76 100
99
94
77
100
72
78
4
18
Policy Return (S&P500)
-2.75%
22.43% 5.45%
17.39%
16.40%
0.22%
1.15%
10.16%
-6.91%
- 21.98%
16.44%
Policy Ranking (Br. Lg. Core)
24
20 11
10
12
12
10
13
43
32
37
ICC ADR P ORTF OLI 0 (including cash)[Inception 113112008]
Return
-7.13%
9.48%
-9.12%
8.18%
8.26%
1.42%
-5.84% 2.50%
10.38%
n/a
n/a
Ranking (International Equity)
56
45
12
25
30
3
9 78
16
n/a
n/a
Policy Return (NISCIEAFE)
-6.85%
6.87%
- 13.38%
6.49%
6.45%
-4.47%
-8.94% 3.71%
3.79%
n/a
n/a
Policy Ranking (International
Equity)
46
72
40
48
54
49
25 65
39
n/a
n/a
ICC LARGE CAP GROWTH EQUITY(including cash)[Inception 1013112009]
Return
-5.42%
20.00% -3.68%
12.74% n/a n/a
-6.01%
Ranking (Br. Lg. Growth)
62
58 93
91 n/a n/a
93
Policy Return (R1000G)
-4.02%
21.75% 5.76%
19.49% n/a n/a
3.78%
Policy Ranking (Br. Lg. Growth)
25
30 14
17 n/a n/a
14
Gold indicates
equal to or beat the index, or in upper 40% ofuniverse
Red indicates bottom 40% ofuniverse
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n/a
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n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Page 7
June 30, 2012
EXPLANATION OF RISK/REWARD SCATTERPLOT GRAPHS
The crossing lines represent the 5 -year return (horizontal line) and 5 -year standard deviation or
volatility or risk (vertical line) of the index against which the Fund is being measured.
Each point represents the Fund's 5 -year return (vertically) and standard deviation or volatility
(horizontally), relative to the index. If a point is in the southwest quadrant, for example, the 5 -year
return of the Fund has been less than (below) the index line, and the 5 -year standard deviation
(volatility) has also been less than (to the left of) the index line.
There are four points, one for each of the last four quarters. The earliest one is the smallest and the
quarter just ended being the largest. Each point shows the 5 -year relative position of the Fund
versus the index for that quarter. The movement of the points shows the trend, or direction, over
time.
As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher
return); the worst place to be is the southeast quadrant (more risk and a lower return).
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Village ofNorth Palm Beach Fire & Police
Total Fund Trailing 5 -Year Risk /Reward
June 30, 2012
Good
Aggressive
AO
•
Conservative
Bad
-2 0 2
Risk (Difference in Standard Deviations)
• 6/30/2012 ♦ 3/31/2012 ■ 12/31/2011 ♦ 913012011
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Village ofNorth Palm Beach Fire & Police
Equities Trailing 5 -Year Risk /Reward
June 30, 2012
Good Aggressive
Conservative Bad
-3 0 3
Risk (Difference in Standard Deviations)
• 6/30/2012 ♦ 3/31/2012 ■ 12/31/2011 ♦ 913012011
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Village ofNorth Palm Beach Fire & Police
Fixed Income Trailing 5 -Year Risk /Reward
June 30, 2012
Good Aggressive
Conservative Bad
-2 0 2
Risk (Difference in Standard Deviations)
• 6/30/2012 ♦ 3/31/2012 ■ 12/31/2011 ♦ 913012011
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fun -12
Mar -12
Dec -11
Sep -11
Village of North Palm Beach Fire & Police
Beta: Trailing 5- Year Risk
June 30, 2012
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10
■ Total Fund ■Equities ■Fixedlncome
* 17if4't 61115111filq1W Page 11
1.00%
0.00%
-1.00%
-2.00%
Village ofNorth Palm Beach Fire & Police
Alpha: Trailing 5 -Year Reward
June 30, 2012
fun -12 Mar -12 Dec -11 Sep -11
■ Total Fund ®Equities ■Fixedlncome
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90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
Village ofNorth Palm Beach Fire & Police
BattingAverage: 5 -Years Trailing
June 30, 2012
Jun -12 Mar -12 Dec -11 Sep -11
■Total Fund O Equities OFixed Income
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Village of North Palm Beach Fire & Police
Alpha & Beta & BattingAverage: 5 -Years Trailing
June 30, 2012
BETA
Current
-1.43%
-0.88%
-0.91%
-0.94%
Police
fun-12
Mar -12
Dec -11
Sep -11
Total Fund
0.98
0.98
0.98
0.97
Equities **
1.10
1.10
1.1
1.08
Fixed Income BCAB
1.06
1.06
1.05
1.04
ALPHA
fun-11
0.95
1.06
1.02
Total Fund
-1.43%
-0.88%
-0.91%
-0.94%
-0.30%
Equities
** -0.50%
0.15%
0.14%
-0.21%
0.99%
Fixed Income
BCAB -0.56%
-0.54%
-0.42%
-0.42%
-0.61%
BATTING AVERAGE
Total Fund 55.00 60.00 60.00 60.00 60.00
Equities ** 65.00 70.00 65.00 65.00 65.00
Fixed Income BCAB 65.00 60.00 60.00 55.00 50.00
* 50% S&P500, 10% EAFE & 40% BCAB
** 83.3% S&P500 & 16.7% EAFE
ipp- (!tJJt'itlQ Asset C2n�rtliltxt Page 14
Perfwl)7ame of Other Appaeers
June 30, 2012
-5.41
21.01
3.94
18.45
2.68
6.43
ICC Capital Management, Inc - Large Cap Growth Equity - Gross Size
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
CORE EQUITY
-6.92
18.42
-2.95
22.73
3.16
8.12
Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size
-6.37
17.97
-2.47
15.11
2.62
5.28
Eagle Asset Management - Conservative Large Cap Equity - Gross Size
-3.33
19.19
3.37
13.36
-0.57
5.63
ICC Capital Management, Inc - Core Value - Gross Size
-6.37
19.29
-5.04
11.53
-1.37
4.82
Logan Capital Management - Large Core 60140 - Gross Size
-2.88
21.55
5.51
22.40
4.61
5.84
Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size
-2.77
19.21
5.04
13.80
1.66
4.88
Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size
-3.11
20.91
3.20
16.17
0.35
5.69
South Texas Money Management - Large Cap Core - Gross Size
-3.41
18.65
-5.39
13.46
-0.17
5.80
Russell 1000
-3.12
22.34
4.37
16.64
0.39
5.72
S &P 500
-2.75
22.43
5.45
16.40
0.22
5.33
GROWTH EQUITY
Denver Investment Advisors, LLC - Growth - Gross Size
-5.41
21.01
3.94
18.45
2.68
6.43
ICC Capital Management, Inc - Large Cap Growth Equity - Gross Size
-5.60
19.82
-3.83
15.05
1.73
6.50
Logan Capital Management - Large Cap Growth - Gross Size
-6.92
18.42
-2.95
22.73
3.16
8.12
Montag & Caldwell, Inc. - Large Cap Growth - Gross Size
-1.89
19.23
7.40
14.11
4.51
5.72
Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size
-4.06
21.66
5.74
17.48
2.91
6.09
Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size
-2.54
21.94
9.11
17.17
2.64
5.78
Silvant Capital - Select LCG Stock - Grosss Size
-6.27
23.20
2.06
13.94
2.42
5.84
Russell 1000 Growth
4.02
21.75
5.76
17.50
2.87
6.03
S &P 500 /Citigroup Growth
-2.05
21.85
7.76
17.45
3.04
5.77
ICC Core Value
-6.54
20.79
-5.18
12.12
-1.57
4.93
ICC Large Growth -5.42 20.00 -3.68 n/a n/a n/a
ICC ADR -7.13 9.48 -9.12 8.26 n/a n/a
VliailAulClIm1111114 Page 15
Petforrilance of Othet rllana�ers
-4.10
25.48
-1.18
21.09
1.46
June 30, 2012
-3.93
25.31
3.82
20.47
8.15
Eagle Asset Management - SMID Core - Institutional - Gross Size
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
VALUE EQUITY
-7.08
19.70
-6.38
17.57
4.50
12.67
Buckhead Capital Management - Value Equity - Low PIE - Gross Size
-3.75
18.00
3.19
12.76
-1.07
4.97
Ceredex Value Ad Large Cap Value
-4.12
21.16
0.65
15.36
0.78
6.59
Crawford Investment Counsel, Inc. - Dividend Growth - Gross Size
-1.89
20.31
2.27
13.43
0.93
4.87
DePrince, Race, Zollo, Inc. - Large Cap Value Equity - Gross Size
-6.43
19.33
-1.31
18.48
-0.58
6.65
Eagle Asset Management - Value - Institutional - Gross Size
-6.08
16.72
-3.64
12.98
-1.06
5.65
ICC Capital Management, Inc - Core Value - Gross Size
-6.37
19.29
-5.04
11.53
-1.37
4.82
Missouri Valley Partners - Large Cap Value - Gross Size
-3.93
19.98
2.25
13.22
-2.03
4.30
Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size
-2.20
22.84
3.03
15.77
-2.03
5.35
RBC Global Asset Management, Inc. - Large Cap Value - Gross Size
-2.19
24.68
5.11
14.58
-0.79
6.33
Westwood Management Corporation - LargeCap Equity - Gross Size
-3.59
22.35
1.30
13.30
-0.52
6.42
Russell 1000 Value
-2.20
22.92
3.01
15.80
-2.19
5.28
S &P 500 /Citigroup Value
-3.58
23.06
3.00
15.32
-2.68
4.77
MID -CAP EQUITY
Chicago Equity Partners, LLC - Mid Cap Core Equity - Gross Size
-5.37
22.57
-1.46
21.37
0.72
7.73
Rhumbline Advisers Corporation - S&P 400 Index Fund - Gross Size
-4.92
21.96
-2.21
19.41
1.88
7.88
Russell Midcap
-4.40
21.26
-1.65
19.44
1.06
8.45
S &P Midcap 400
-4.93
21.91
-2.33
19.36
2.55
8.21
SMID -CAP EOUITY
Advanced Investment Partners
-4.10
25.48
-1.18
21.09
1.46
AtlantaCapital Management - High Quality SMID - Gross Size
-3.93
25.31
3.82
20.47
8.15
Eagle Asset Management - SMID Core - Institutional - Gross Size
-4.86
19.93
-6.60
15.91
2.04
8.37
Westwood Management Corporation - SMID Cap Equity - Gross Size
-7.08
19.70
-6.38
17.57
4.50
12.67
Russell 2500
-4.14
24.03
-2.29
19.06
1.18
8.01
ICC Core Value
-6.54
20.79
-5.18
12.12
-1.57
4.93
ICC Large Growth
-5.42
20.00
-3.68
n/a
n/a
n/a
ICC ADR
-7.13
9.48
-9.12
8.26
n/a
n/a
104i'dlf Awl 4witIN100 Page 16
Altrinsic Global Advisors - International Equity - Gross Size
June 30, 2012
4.49
-13.02
6.74
-3.31
6.68
DePrince, Race, Zollo, Inc. - International Equity - Gross Size
-7.85
5.58
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
10.92
ALL CAP EQUITY
13.21
0.97
8.02
ICC Capital Management, Inc - International ADR Equity - Gross Size
-8.03
10.04
Advanced Investment Partners - AllCap - Gross Size
8.18
-1.60
26.67
6.93
17.75
0.88
5.80
BuckheadCaptial Management - All Cap - Gross Size
-7.43
-3.84
17.42
1.71
12.87
-1.83
8.32
Diamond Hill Capital Management, Inc. - Diamond Hill Select Equity - Gross Size
9.14
-5.85
16.07
-2.41
13.57
0.70
8.93
HGK Asset Management - All Cap - Gross Size
MSCI EAFE
-3.19
22.11
2.80
13.74
-0.61
5.62
ICC Capital Management, Inc - Multi -Cap Eq. - Gross Size
-8.78
-8.08
10.55
-8.92
13.32
2.26
8.87
Oak Ridge Investments, LLC - All -Cap - Gross Size
20.79
-4.72
19.29
5.23
16.13
2.77
7.77
Rockwood Capital - Strategic Equity
-3.68
0.40
24.69
-3.46
17.00
0.94
7.59
Russell 3000
8.26
-3.15
22.57
3.84
16.73
0.39
5.81
Dow Jones Wilshire 5000 (Full Cap)
-3.14
22.37
3.98
16.66
0.44
6.05
SMALL CAP EQUITY
Atlanta Capital Management Co, LLC - High Quality Small Cap - Gross Size
-3.20
22.76
3.52
20.87
8.58
10.58
BuckheadCaptial Management - Small Cap Value - Gross Size
-5.53
25.82
-5.21
14.28
-1.82
6.45
Ceredex - Value Ad Small Cap Value - Gross Size
-4.44
19.77
-3.91
19.62
3.26
11.28
DePrince, Race, Zollo, Inc. - Small Cap Value - Gross Size
-3.63
28.35
4.75
18.25
2.67
7.74
Eagle Asset Management - Small Cap Core - Institutional - Gross Size
-5.17
19.01
-5.50
16.67
1.18
8.37
GW Capital, Inc. - Small Cap Value Equity - Gross Size
-2.02
24.98
-9.64
18.48
1.10
13.23
Missouri Valley Partners
-5.41
32.17
2.68
23.87
3.29
7.20
Rhumbline Advisers Corporation - S&P 600 Index Fund - Gross Size
-3.59
26.36
1.35
19.64
1.86
Sawgrass Asset Management, LLC - Small Cap Growth Equity - Gross Size
-5.21
20.81
-3.74
17.95
-1.56
3.10
Silvant Capital - Small Cap Growth - Gross Size
-3.41
25.49
-1.97
19.20
1.90
7.31
Russell 2000
-3.47
25.32
-2.08
17.80
0.54
7.00
S &P SmallCap 600
-3.58
26.52
1.43
19.78
1.83
7.91
REAL ESTATE (3/31/2012)
American Realty Advisors - Core Equity Real Estate -Sep. Accts. - Gross Size
3.02
5.87
13.44
1.93
-0.43
ASB Capital Management, Inc. - EB Real Estate Fund - Gross Size
3.33
8.85
17.17
6.03
2.35
7.71
Intercontinental - US REIF - Gross Size
2.95
7.39
14.26
5.54
-2.46
JPMorgan Asset Management - Strategic Property Fund - Gross Size
2.72
5.85
15.09
4.89
0.64
7.36
Principal Global Investors - Real Estate Core Property - Gross Size
2.71
5.24
16.08
3.36
-1.12
5.81
Dow Jones Wilshire REIT Index
10.79
27.88
13.40
44.70
-0.66
10.42
NCREIF Property Index
2.59
5.63
13.41
5.96
2.88
8.17
Altrinsic Global Advisors - International Equity - Gross Size
-7.80
4.49
-13.02
6.74
-3.31
6.68
DePrince, Race, Zollo, Inc. - International Equity - Gross Size
-7.85
5.58
-18.08
6.84
-4.05
6.23
Harding Loevner - International Equity - Gross Size
-5.98
10.92
-9.66
13.21
0.97
8.02
ICC Capital Management, Inc - International ADR Equity - Gross Size
-8.03
10.04
-10.86
8.18
-3.93
5.37
The Boston Company AssetMgmt., LLC- International Core Equity Management
-6.59
9.92
-13.08
8.06
-7.43
6.48
Thornburg Investment Mgmt. - International Equity - Gross Size
-6.62
8.87
-13.71
8.32
-1.82
9.14
Wentworth, Hauser and Violich - WHV International Equity - Gross Size
-6.12
14.58
-14.74
10.62
-0.37
12.59
MSCI EAFE
-6.85
6.87
-13.38
6.45
-5.63
5.62
MSCI EMERGING MARKETS
-8.78
8.75
-15.68
10.10
0.21
14.42
ICC Core Value
-6.54
20.79
-5.18
12.12
-1.57
4.93
ICC Large Growth
-5.42
20.00
-3.68
n/a
n/a
n/a
ICC ADR
-7.13
9.48
-9.12
8.26
n/a
n/a
41�IllilIIe Awl C11111llilllg1t Page 17
Performance of Other Appaeers
June 30, 2012
Qtr
YTD
1Yr
3Yr
5Yr
10Yr
CORE FIXED INCOME
Denver Investment Advisors - Core Bond Gov't /Corp. - Gross Size
2.45
4.07
8.47
7.61
7.17
6.23
Eagle Asset Management - Core Fixed Institutional - Gross Size
2.14
3.64
8.36
7.50
7.26
5.74
Garcia Hamilton & Associates - Fixed Aggregate - Gross Size
2.19
6.77
7.85
8.73
8.86
6.89
ICC Capital Management, Inc - Core Fixed Income - Gross Size
2.04
3.92
8.50
6.86
6.31
5.20
Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size
2.13
4.48
7.40
7.08
7.41
5.99
RBC Global Asset Management, Inc. - Broad Market Core - Gross Size
1.97
4.25
7.48
7.92
6.22
5.38
Rockwood Capital - Aggregate Bond - Gross Size
1.66
3.38
7.95
7.60
6.96
5.32
Barclays Aggregate Bond
2.06
3.52
7.47
6.93
6.80
5.63
Barclays Gov /Credit Bond
2.56
3.86
8.78
7.34
6.90
5.79
Barclays High Yield US Corporate Bond
1.83
14.20
7.27
16.29
8.45
10.17
INTERMEDIATE FIXED INCOME
Buckhead Capital Management - Intermediate Fixed - Gross Size
1.27
3.57
5.25
5.50
6.53
Denver Investment Advisors - Intermediate Fixed - Gross Size
1.50
3.94
6.08
6.68
6.47
5.63
Eagle Asset Management - Institutional Conservative - Gross Size
1.48
3.32
6.45
6.28
6.88
5.32
Garcia Hamilton & Associates - Intermediate Fixed Income - Gross Size
1.53
6.27
5.81
7.65
7.81
6.15
Missouri Valley Partners - Intermediate Government /Credit Fixed Income - Gross Size
1.57
2.96
6.01
6.18
7.02
5.56
Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size
2.04
4.37
6.33
5.91
6.48
5.24
Sit Investment Associates, Inc. - Intermediate Govt /Corp - Gross Size
1.66
4.35
5.79
9.47
7.23
5.88
RBC Global Asset Management, Inc. - Intermediate Core - Gross Size
1.37
3.29
5.31
6.62
5.10
4.72
Barclays Gov /Credit- Intermediate
1.48
2.96
5.42
5.81
6.02
5.08
INTERNATIONAL FIXED INCOME
Brandywine Global - International Fixed Invst. Grade - Gross Size
0.67
7.17
5.77
8.30
7.94
8.99
PIMCO - Non US Fixed Income Unhedged - Gross Size
1.13
2.80
4.67
11.64
10.31
8.89
Wells Capital Mgmt. - Global Fixed Income Ex -US - Gross Size
1.03
0.63
0.25
7.38
8.75
9.09
Citigroup World Government Ex -US
0.19
-0.50
0.44
5.13
7.39
7.15
Your Fixed Income
2.12
3.67
8.65
7.24
6.73
5.39
IIiiII ftaarliiimlllllu� Page 18