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08-18-1997
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' ' � ' : . -. � � � � �. , �``'. �� � �3:�, . D'sversification af Mnnsy Managers 3.� Presentation given. , �, �, I, �: � - � . � � . I'� ' '': . . ' �• � .4tfier Business: � � . 4. Nane.� ' � ,:� ' ' S. Ad}aurr�rnsnt:, . � � , � ' � 5:. 9:45 �.m. . � . .. . � . , i °„. , .. . . , � �r, ,. . � � . � . . , . . � . . . . , . , . . ' ' . � ' ' . , ' . , , � • . t '. ' . . � .. ' � • , , . , � � . .. . ' : , , '. . ' . . . . `r . . . ' ' ' • , , � , � . . ' ' � ' . . { ' , ' ! . ' - t. . . , . , . . . � � t . � , ` , , ' ' ' i , 1 ' � ' . 't � ' . . � . ` ' � ' � . ' , . ' . . � . . � . . ' 1 . ' . . . , . . . ! , ' , , ' .' . • • I , . . . . � !. i 1. ' . � 1 � � , ' . � . I . 1�[rr..•a . ' � . i� . . � . . . . • • . � ,�E,'' .�:j,, ;J't'9 ' . . , � , ,. , , , . ,. . . .. , . , i , �r; '� . . �,:��. �.'. 'y ' ,s. ' . ' , . � , � � �. � ... , . . : , f ni. ' , . .. , � �� . �t , . .54. ' '�"s�':i��� '!'. ��' , ' . � . . . ... 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Hired October 1991 � . � � , .` � . . - , ' • �Viana�e $G8.1 Million for� the plan � � ,, . , . � � � • Fixed Income Core Manager � � � ' � � . , � � , , . � � � � .' • Mana�e a total of $ S.5 Billion � � . � , � � �� � . , . , ,., . . . , ; , .. . : . . . . ,,.� � . .� , , . ;. . . . , ., _ . , , , .. . � � - r . s .. ..�.,,.. �, �. . , .. , .. , . . . . � , � , � ' � � � � ��' � �� �t, . . , .; . , �1 ��f.: , . it. . .. . , 3. . i . � . . ' . . '�. : . }� i . r.. , . ' �`: _ ,f'��!i l�i' � . . . . � e �� . , � .. ' .. 1 � � . 'f .. , ' ' .. ' 1 .` . n?i`.f.S• ,�.��' ' �� . . . � . 1 C . ,�" . , ' .. , . . . • . r�, • �';� , �i. . . �i � .. . �,. '.{' � � , ' �: .. . ' ' , , i , . . � . . ' _ . ., . ... . , � . - . . . . . . , . � ' , .' '•"�. '.i, ,'i'' . � . , ' ° ; . . . . � . . . r • � . ' . ;' ' . � .. �'i��,l,�'��ir � ' . ' :r. � . . . �' 1 ` { , . ,� 4 . ": ' �.. ... ;,�: � .r�. ` :�,` � ."' . ., . " . . r,. : . , , . . . ' � `. ' . ' ' ". : ; . ' ' , " ' . . ; � . . , , „ . 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' .`�'S'� �.t' �. ` '.'.r ,r.�' ��+� �� • �I i '�i� ± %.� \ ��� ��� � ,`. �� '. , 't��'1• ', i ��/ �.�' ' ' •i' ��iti� ',h�� l���ry•��:!�'��� �'. 1 .' �'• � '������ •r�''"..i� . , •3 . ' . ' ' , � . ; � . } .. . , � � ' ' . . . . - . � � ; � . . � . � . . . . ti . . . ' � ' ' . ' , i . . . . � � , • t �� 't � . . . . . � �� . � � , ' . � . � . ` ' ..' ' • . ' . 1 .' / . ' . . � ' ! . , • . � . ,!� � f ' ,! . !1�. ,' + S r 1( '. ' ' I' . . . .. • . ' � � . ' . , . ' •. . . ' . . ' ' . + 4 ' �! ' " '�r � , ' rJ; 7 ' „� ' . • . .� , � , ;,.t ' ' , ;' . , ' . � ' ' � �.. � �� i � ' ,. �i: . j�. .� ,. � r . � ' , . �� ' .. . . , . . � ' . • ' • . ' ' ' ' i .. . : , .. . � � � � . . ` . . � � ' � , Ff`, �r . ' : . . ' . . . , ' , � ' `?� . F' .. ' , =.' ' ' � . '°: "'. ' ' ]'w^. . fj4F 1,�5'.,�t:� . .`ip�;'.r ��.�y'�4�bws.1.•�..,,.. .. . .. � . .. . . . ... . � . . . . . � .....�...• _. . . .. F ,� � .. • . .+r.. ..�. . . ._ � � �, . . . . . ' . , ' ' . . , . ' , ' ' . , • . ♦fy� . � . � ' . . . , . � � . . ' :� ' . ' . � '{.r�� �7�tilVV+� `� , iT�l►J � � �ii� . ' . � . . � . e . . ' � , ' � � ' . , '� � , ` '. . . � . . � � . . ' , ' i. . . i ' . . . � . . �. . , . � , i. ' . ,. . . ' . � • , � , � . ' � . . . � ' . . . ' . . ' • ' � � . .i • . • . � . �. . � , . . � . � . . � � . . � cx�y ofc�,►��p�y� �� F�a � ° , � � �. � . � J� �o, �ss�r � � �- � . _ . , . T%o fqllowing statistical ana�ysis.was preparcd by Callan Associa�es Inc, utilizing secondary duta from � statcm�nts prov�dcd by thc plan t�vatc•x ancilor custodian, CAI camput�r so�tw�re and selected �#o.f'orn�ation in . CAI's databasc. This repart may also contain returns and valuadans frorn outside soamoes as duected by the clieszt. CAI assumes na responsibility for the accuracy af thesc valuations or �rn methodulogics. Reasonable care h�s bcc� takcn to assure the accuracy of thc CAT computer �"' .�wa,rc and databasc. CAZ disc2aims responsibility� f nsincial or otherwise for thc accuracy or complctenzss of this repart. Copyrighi 1997 by Callan Associatcs �c. . ., . A �, c. . , ` , � �� � ��iw�1� lW��/�++�� �� 7 Li�i i[f 3�'�i� �!�lGCW V�� �� J�:r R� GTTY QF -C'L�R' WATER IEMPLAY�ES PE��SXCIN FUND �.IN� 30, 1997 . �tr�s of M�]c�ctxPcrform�nnc� . . . . . . . . . . . . . . . : . . . . . . . . : . . . . . . . . . . . ,. . . . . . . . . 1 Markct+Dvervi�w . . . . . . . . . . . . . . . . .'. . . . . . . . : . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . .3 �u�d PYvfik As�t AllaGation ........................................................... 4 . A�t�?istribut�on ......................................................... S A�s�t Growth ....., ....................................................... 6 ]� Pcrfosmancx �rfarmance to Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 ' 0it�txntPen ............................................................ P�f� va. Tlntal��sue . �omp�site un ........................................................... 1 Bqni�Y Account� ........................................................... IS At�7�nv �cn�t M agament, Inc. . . . . . � . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I'1 �rk Assct M�g�mant Co., Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a DenvcrIn�estancnt Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 i�anaon Investment M�nagame�t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 R��kf�teward Stivctuc�e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Shie�ds p,sset Yl+ianagcjnent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3U Ei�khoff, Pieger & Willo�ghby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 D�natiooa MxrkerYn�icators .......................................................... 39 Ca�I�n Associetes DatAbas�s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Eqt�ity M�aa�ement Sty�e Grougs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4S F'�cod-Inconze Managem��t Stylc Grovps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 P"�tcd-Incame Portfolio Charactcristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SO f . I �' ' T7t - � ' I: . . I �.' I �� �( R�,S,�pF �MARICET PER�Q MANCE SIqN FUND �?lU, l99? � ��` . '',�.��. . :- • :L� : ,�� � w .� � . ;.r, .: * � .�._, . •�, s� ��% �t ; �: v� �� �-..�,. ' : 'I'he second q�arter of i997 s�w domesii� stacks soar io tl�eir best quarterly gain in ten �r��, T�c minor correction that b�ga� in March when the Fedct�a� Rescrve �ncreased mterest ratcs by 25 ba�is points had spent itself by mid-Apri1 �nnd scacks surgcd upwazd ihrough the r�st of tt�e quatter, producmg ncw all-tim� highs in thc ritajor mark�t �ndices. Bonds also produG+�ci ga�ns as inflativn remaincd Iow while eeanomie gmwth showecl signs of sIowing to a moce sust.ai�nable levcl, prompting the Feci to refrain from further rate acrt�,�cs, Thc govemment's preliminary estimate put annualized GDP gmwih in tha �cond c�uar�r at 2•2`�6, down from the r�viscd 4.9�'0 of the fust quartcr. I3omestic st�ck performance was sg�ctacular last guarter. The retum on the S&P 500 9tock Index was I7.47tXo. �#' th�e stocks u� the Inciex, ihose with posit�ve returns svrpassed t�os� wit3� nCgadve retums by aUmast 9 to 1. Leading per�'ormers among th� eleven stvck s�cwrs tivcre heaith care and technolagy, wjth returns of 25.6$g6 and 21.5S�o, respectively. Thc wcakest sectars were utilities and energy at 5.72�'o and 12.1$96. r�spectivcl,y. Fpr the f�rst half of 1997, the S�P S00 Index retumed 20.51 �'o. Among other stnck indices, thc Dow ]o�es Ind�astrial �veragc �r+ett�me� 17.039� a��d ?,Q,I I96 far thc quat�r xnnd six months, resgectiveiy. The S&P "Mid Cap" 400 Stock Index rctur�od 14.709i� and 13.U396 s�nd 4he NASDAQ Inde� roturned 18.219'in and � 1,9296. R�14s fo� the �al�an indicxs show khat th� largest stocks cantinu�d to Iead the markc� 'T�e �ilen �macl ZOOQ rcturned 16.8t596 and i7,6996, while ti�e Cails�rt Micro 1�00 rcturned 15.54°.5 a.nd 14.719�v. Within thc Broad 2U00, thc Lar�o 150 returned 1�.5190 and 2i.959C�, whil� thc Medium� 354 returned 13.979ro and 13.8396, �nd t�c Smu.�l 15D0 r�turned 9 1g.F89� and 1U.�79b. 'f�e IV�organ 5taniey Capit.�l Internation�l EAFE Index, which is composed of r�pt�sent�ttivc stock i�ues from Europe, Australia, and the �ar East, has also done we�i in 199'1� r�turning 1�..6896 for the quarter and 16.54�}'o for Ehe six months on a loca! currency bssia, Rctums adjusted for convcrsion to U.S. dollazs weire i2.9896 and 11.2196. This inci�d�d dol�ar-based retums of 8,949b and 14.2b�'n far the Et�ropcan companer�t of thc Inalcx +ar�d rehuns of I9.00°J6 and 7.1$°�o for the Pac�c Rirn component� The Salamon Ncm-U.S. Government Bond Index sazn�d 3.1296 and 4.65�'a in U.S. dollsrs i�edged against . c,�tr�te�cy fl�ctuatians. On an unhedged basis, Ehe dollar's 1.997 ggins hurt results. Returns wc�a 2.829G and -3. � 29b. ;. '�"'�.- ipon3tstic bond returns were positive, reflecting a mild easing vF interest rates, Rates ��� 1�ell 34 6asis points on 30-year Treasuri�s and 2$ basis points on Mor�dy's seasoned A�A �'. �rpofrai�s. Rates on 5-year Treas�ries fell 27 basis points. The I.ehman Brothcrs �t C�vsrnmcadCorporate Bnnd Index returned 3.64% for the qaarter and 2.75�'a for the six t�th�. Rr,sulLs for the lon� �omponent were 5.47°l,o and 2.529'0, while the intermsdiate ``•r �mponent reEurr�ed 2.95%a itnd 2.$49'0. '�e Salomon Cvmposite High Yieid Bond Index � :i#t�od 4.9596 and 5.989'0. • ��,�:�. �' '' ;,�=�ury Bills earned 1,34% for the quarter and 2,63% year-to-8ate, The Cansumer r Ind�x for Urban Wage Tfuners and Clerical Workers rose at an annual rate of 1.U{f96 �� � c�uarter, down from the previous quarter's 2.879'0. �•�.,. . � . �r � �. ..��1,�. f,'.. .�,.. ;� ��f i �1 f e � L�t Qusrter {31�97.6I97) Health C7tt Trchnalogy � ir�dusuia] Fquipmeni dc Scrvias Financiat Tran:portauon Consuzncr Stapies Ccrosurner Cyclic�l Rnw dc rntermcdiatc Mstcria[s Camrnanicaaon Servic�s Entrgy . Pubtic Udlirics S�tP 500 I.a�t QaArter (3�97-Ny7} .ti , Eq�tipaor.at (Scmic�dvctocs) � ' 'IYvcics d� Parts . , C�ompat+ers (Necvraridn�� " Cot3n�utr.�s (Softwt� d� 5srviras) - � C�kaeQn: Lquip�neat P�nil Care � - � A�icnit�uxl P'rac3ucts Servix� (Advcrtising & Maricetin� tic�ltf� G�a (Divcrsificd} � �t, N�]t� Cat+c (i.,ong Tesm Cxn} r�.�" �f�,S` . - -. � y� � ���,n : �,�t� . �s Mlnlns �� �� �olic) . �x tA�p�1) �..-,•.. ' {S�miconductors) � �, �ls (�xplo�atian 1� Production} �� : y ���� w .• � .t., _.. Stsndard �c I'oor's 500 Stcx.k indea S�ctvrs 2S.b896 21.95 2f.ai 18.a9 I 6.3fi I 5.88 13.81? I3.71 12.73 12�8 5.72 __"""'""a,.;.�.:.........r.,... .. ....._ . _ . � � . �r � I..�st Six Month� {12196.6JJ"!) HeaJth Cane Financiai Technology Industrial Equipment & Sc�viccs Consumcr Staples , Consumer Cyclials Ererm► Transpoctation Rs�w,� Intermcdiate Mu�etials Communication 5erviccs Rsblic Udlities 17.4796 S6cP S00 Indusiry � • 525496 45.39 34.94 3334 30.85 30.71 30.35 28.66 28.28 28.2$ 4.5Q96 4.09 4,03 3.99 3.07 2.04 2.04 -�.57 -6.81 -7.63 vVOt'S� Last Si�c Moaths f i11�6-6197) Fqttiptncsst (Semirnoducwrs} Tn�cks �kk � Savings � L.oan Rctail (Ccn'i Me�an�isc) Health Casz {D's�c.�ificd) Truckers • . Communiradons �quiprnent Fi�-dware & Too[s Cumpuurs (5aftwarc dc Scrvices} Hcalth Care (Drugs - Major) Last Six Mottths (1?A6-lal9'7) HcaIth Can (Hospital A�anagcment) Camputrrs (Periphera;s} Electric Compartics Contsuners (Mctai � Gtass) Footwtar �-7ectronics (Compon�nt Distribuwrs) Computers (Netwosicin� Crarning, Lottery dr Parimud�el Oil & Gas {Explaraqon dc Producdon) Gold Mining . 3t.3796 23.77 �2.84 Z�.at T'0.70 16.9�6 � ssa► � 7.84 1 �459 10.74 2.15 ?A319� 97.0446 SD.99 �3fi.1 t 38.7G 38.D2 38.01 37.68 36.66 3G.2fl 35.38 2.8B9'o 2.10 1.d9 Q.�S 0.03 -! .SYI -4.11 -9.44 -10.28 -17,39 2 � i � ,� � ;.r� � cr�-Y oF ca..�..a.RwA�t E�.o�s P��►�c�n �urrD M�'r vvFa�v�w . .e,� . , 'r • ��'�': ,, . t �''`�,. •'�.r . � �;'yr 'i �+' . � i��u. ��,� ��.. � �d""!.;y ` . :.�`• ;y�`r ' � r Cumulative "fime•Weightcd Perfarmance i?accmbcr L98T �- !OQ GDO i� � -�� i 300 I �00 1 10� /� _ . '.� .R.. � n _ . _ f��Wl4�*f 1 � • ■IW iJY! f/!M •!/1 lI/fr {/J✓ a/I� •J/✓ ailv a�I• .�.+ � ��•^. . ��. e. Y �1 . a�s.a a�o.x � 226.2 ZI30.3 � 1i7.0 ! 37.8 � . � � � � I ...._ ____ --�.—.IYi�d� . � � ' � ' ,� , v � 41 I ' � ' �1t. "r• � . r, �f'' � ' � ' . ' t..... , ' . .. � � � i �dl . � �,., �;I � C1TY OF CL.E,A,RWATER EMFLOYE�S PENSIOI�1 PUNU � ASS�I' ALL�DCA'TdON -�-...raiii� •...��_ ,.��ar�A •-�M�r •r.�� . a ��'� � � � r �moant 96 O#' . � Of At�ux�s34,_i997 �S�►iillions)_ Portfolio ��i� � _ -__ -1 _ -_ - - �i� � �YW�Y� AC1tUS InV�StmCat MSnagemCnt � ' Equitirs 52.7 97.2 Cash and Equivalents I.5 2.8 '�otal Tnmd . �54.3 lUQ.096 i6.296 Ar� Assc� M�nageaaent Co., Inc. � Equitirs � 29.1 96.8 Cash and Ec�uival�nts l.o � 3.2 Talal � S�. i 1 �O.A96 9.09b �i�ac �nvc.�tmenE A�dvi�a�rs � � Fquities 56.3 � 97.8 �ush and Equiv�ents 1.3 2.2 Tot� i�ad � $57.6 IOU.09b ' 17.�9� ��snasm Ynvcskm�at M�nagemcnt ' � p��,� . S8. � 99.2 Cag� and Equivalent� 0.5 0:8 `t� P�nd � SSB.fi lOQ).496 ° i7.5�& �� � � v�'�n�g,�by F�xed-%came 39.7 b8.0 p�� �7.9 3U.7 �h �n�d Equiv�eats 0.7 Z .3 �'p� � �58.�t l OD.O� 17.49b �t9s Asa�t �gcm�nt . - PUcad-Income 59.2 86.9 , 6,�� and Fqtia�iva�cnts � 8.9 13.1 'l'+� F�d $58.1 IQ0,896 ?A.396 �� � . � '�'� P�md �"1.9 � OU.096 2.496 �.,. � � :, , . �r: • i' ' �j��t� i�tmd � � 1 . � �Equl��Icnta ��'}i'r �! . � . :� ��►��'� .-Rc r. - � -... . %�� � �r�'4 • �. �...�y....,. � �� �� �� �. •�F' . �• ` ��� r t !� W± + i95,2 1Q5.8 ' 17.9 14.0 �334.9 58.b 31.9 5.4 4.2 100.096 1U0.09b ��. � . » � a �� .�.. . rrw.. ■ +, ± � D ��OTEK r:M�WY� Yr.�vSiu[v rUNU 1 PBRnC3Li �NDEa JI1N�3 34' 1497 , QG s�s 4Z9i Ca� snd �qniv S�a 17.45 �� t38 � SB,696 u�des 196 J 4.7'70 F�kCd•�.QCOi71C 5107 ���� Aelsus Inveitmcat SS4 � , Actual ps�tct D�ctribudon (� Millioas) � 6130V47 F.Ading Asset �UCgc�y ` Madcet Va�uc � Equitia SI95 Fuca!-Ixoma 5107 Cnh �nd E�u�v�kats S14 a� � S18 �ni'AL Pvrt� " �335 . , • �, u•�'. 't �' ��,`r�';�"..` _�� � �. , :rt, .3... . , . ' ' ' ' �,� `. '���y • . `"#4 .' +�.�, �iyti{. ' �TF,�,tir ; . :�. . . . �":- .. . �t • • .` . . , • L. x.-- . ..i. .•.Y . -�,1 � r�� j . . � � 'J� � e`.t • . � �.�'_,• '�`',�?r. • . " • �Mgmt • � �M�� rion • ��i, � .`: • d�34�'�7 . �� 17.�9i Assct A1iOCaliaa �• '' M�u'ictt ValuC Drava Iavu�nart Aelhl�.iav�Ctt: • � . f54 ssa Aiic Aastt M�mt ' . S30 Dcn�ru Invcstment , S38 Hanwa �nvtaGmcrtt �� 359 Sbi�clds Asset Mgmt SG8 ' Eic�hof% Pieptt S58 Yn•Haise Acraunt �8 T03',+1I. FE?'ND , 3335 i H�u9�:a��a� 5 ,' i � , .-�.-, . . - . .... „:. �T"Y �F CLF.ARW'ATER P.MPLAYF.ES �V530N FUND A�SSST Gl��� Jwne �0. �997 A� Invralme�t IVianagenx:nt � Qua�ter �.att Ycar . �t+aatn 1?187 ,�t Asart N�anaBeaxnt drn., Inc. I.na� Quartcr �t 3J4 'l�ear ' �r �t Advisars � II�t Qu�urtcr 1G� Year � 12l87 � � Pic�ar � �V'�a�ghbY �:.��t� '',`•� �V9� �,�. �� �i �� y�� ;�`r � ,� I�mt ;r�� �;� �ar� � :'IA� y'��' � f �1�ct A�iBgc�nent � - ���t � ;. T Puxad � �' ��'8T '�r '.� . � . �r! s t, �� i� L'' '� . '�ri- bw• . „ � r� .��rl ' _ ]�. / � , �B ��B � Maric�er Nct Ncw Va11t� �. Vsi.r,. .t. ' T.,..e...�..Y. 54.� 54.3 54.3 3D.1 � 30. � 57.6 57.6 S7.f 55.4 5$.4 58.4 5�.5 5r8.6 JQ.V 7,9 7.9 7.9 6$.1 68.1 �s. � 334.9 334.9 334.9 SI.6 62.4 17.5 2+�.4 0.0 47.6 63.4 14.8 d1,0 58.6 56.0 50,2 �44,6 o.o 4,4 Q.0 20.� 60.9 56.6 �5.4 �na. i z�s.� 9I.5 {5,0) (22.5) (28.6} O,U 24.2 o.o (13.2} {i9.3) (4.5� �4,� . (� 9.9) 0.0 O,Q �o,o 3.5 ?.9 (i 4.0) 5.0 7.0 3d.4 �Y.o� �o.�> 10.5 � ;,,���.: � ��� Cap�tai + Rar,x�i �. et..,, .....:...:.... 0.2 0,7 9.0 0.� 0.3 o.� 0.2 3.S 0.8 3.� 22.7 Q.2 0.7 4.S 0.0 � 0.0 1.3 1.0 4.2 17.1 2.4 9.8 76.3 �.s 13.6 56.4 3.5 S.5 �o.o 7.1 58.7 1.1 O.fi (0.4) 8.2 13.2 34.D 0.0 o.o 0,0 1.2 o.� (U•7} 3x.4 Q0.0 156,7 • . .�..., � .......,... ..��r�r a araa►��vl\ ► VIIL% � , ' PERH�ORMAN� TO DA'� . �'A Last L,�st ��+om � F.aded '• Laai iast , 3 5 6J82 , A��tus �nvc�mc8t ARAnsg�t, � Equities. 15.Sa9�v 29.�79fo 28.$39'0 2Q.1496 20.8896 Total Fund 14.82 28.7'1 27.d0 19.22 ] 9.84 .At�c Asset Management Ga. Equitics 14.77�0 - - .. _ Total Fund 14.Q0 - � - - _ Bexrver Investm�at A►dvi�ors •Fquitics 2I .4096 � 4.379b 23.3996 20.1 I9b 19.�89b Tatal �un� 21.U5 14.26 22.7(? �9.48 1$.85 H�nson Invcstmmi M�nagem�nt . Equiti�s 16.7U9b 31,939b 27.4?96 17.7696 - , Total fiund t6,S� 31.19 2fi.5fi 17.13 - Equih► A�naget� Composite , . Equiaes � 17.39� 25.73�6 26.94°�b 19.7596 � - Tot.al Fund � � 16.89 2�.17 25.95 I8.�9 � - Shic�ds �►sset M�nag�n�i F'ix�d-Income 3.7496 7.9396 7.83�'o G.879� - Total Fuud 3.65 7.�� 7.75 6.'72 - 1Lir,�aff, Fic}�er � WiUaaghby Fu�d-Incamc 3.639'0 7.7796 . _ . _ GICs 2.91 7.28 6.87 ?.73 - Tota� �nnd ' 3.12 7.31 6.78 7.42 - C:�n�asite Fcnm�d Tot�l Fund(i) 1 Z.1996 17.SI96 17,379�0 ]3.5?°�b - C�stomiz�t! BcnGhma,rk{2} 1Q.S496 20.4i�c 1$.35°i'a 13.3096 35.27% {1) Inc�udes the in-House Account, (2) Comprised of 50°7o Standard & Poar's 5(}0 anci SO% Fixed-Income Be�ichmark. (3j City of Clearw�ter ordinance prohibits Shields Asset Nianagement from investirjg iva Fixed-Income below Aa rating. �or expl�ation of market indicator5 and compara6le funds see crd of feport. R�t�s of retum for periods over one year are annualized, 7 . .,:� , . �� � a GTTY UF G'LEARWATER EN�I.OYEES FENSION FiXNv �'ERF+ORhtANCE Ta D1�TE . m � � Last Last From periods Fnc�d , � L�st Yast 3 S 6J82 ri,.,�. �n_ � 997 - - -- - �, �aRrJ- . .. . Ycar �r Y inc�s;� �riceZ Inct�caiors �� Staedard & Poor's 5{i0 17.47g'o 34.65�n 2$.90% , 19.759'0 18.889'a i.ehman Broth�rs Aggr�gatc 3.6? 8.15 8.5� 7.�2 1 I.42 Lehman Brothers Govt/Corp 3.64 7.76 8.34 7,23 11.22 �ixcd-Income Benchmark(3) 3.E 1 8.04 � 8.37 6.99 11.2Z Tr�easury► 8il�s 1.�0 5.30 5.36 ' 4.52 b.58 +Consumer Price Tndc� 0.75 2,15 z.b8 2.65 3.25 p�oa'�i�n Ratcs af Return , . Valua Equity Style I4.8$�i �U.88� 25.8Z96 20.00�& xS.?196 Growth Equity Sty�c � � 18.8b 29.96 26,31 I8.12 18.8$ Niid Cap Gmwtv Lquity Stytc 1�.70 8.28 23.35 I9.U2 18.28 X.argc Capitalization Eqvity Sty�c I6.()6 �0.66 2fr.01 �S.S8 18.75 Total Equ�ty Database 1b.28 28.87 25.?4 19.SA 18.89 Cara Bond �ixGd-incom� Styi� 3.6? 8.38 8.5$ 7.44 I 1.58 1'otal F'�xod-�ncame Databasc 3,49 7.97 8.3Q 7.1$ 1 i.34 P�.ibLic �'�an �ponsor Da�abrisc 10.45 18.93 I6.�"1 13.14 13.90 0 1) Inc�ud�s thc in-House Accaun� �Comprised of 50�'o Scandard & Poor's SOQ artd SQ°7o Fixed-Incomc Benchmark. City of Cleazwater ordinance proi�ibits Shields Asset Management from in�esting in Fixed-Income ' 6olow Aa rating. , �.;..�. `� F`O�t explsnaEion of market indicatocs and comparabl� funds see cnd of report. �Ratas of t�eturn for penods over or�e ye�r aze annual�zed. ��� ' . . 4 �4 . •� � 1 1 . � . I , • 1 . ,t. i.� ��r .�t''�:� i'i � .. . 5 �t� . � . . „ .... �. � • � ,. �, . . . �., • } . � r �! � I e � . � ' .. . j, o , . CI7"Y .QF C'�ARWA'�R E1V�'i�0YE�5 PErISIQN FUND F'E�RI4�AAI�E'X'4 DATE ; ,. . � . - � � Last Last Fcutn � p�cziods l�ndcd . � I.ast Last 3 5 6J82 . . .�s c��s�r,�oo-w�} • � ,�s�, Gmwm �ui�y style � . � A,eltwj invcstam�ai Managcnxat Total Fund . 93 � : 57 37 32 18. va. Yalue �ity Style . . p�Fc A�aet Ms�oag�r�eat Co. . , Tota� Fund , � - - - - � v�. M� C�p � ��Y S�Y� � . �YQ[ �IIYCB��IIL �VyS+OY� . ' � Tota1 Fund . 7 2$ �� 56 4S 46 v�, L�rge �i�hmin Equity 5ty�e � � � �Aansoa� inr►e$m�mi �ana�caou�nt � Tota� Fund 42 46 . 40 � 78 - vs. Total Equity b�se P�ai�ty� A�ianag�era Ca�npa�i� . a� �'u�i 41 b4 47 58 - � t�. �+c Hrmd F'�Invozns 5tyl� . � �s 1�et M� i �� p�d S7 79 99 9b - ' vr�. TcM�I F�xal-� � S�s Aa�et 11�4a�agemeu� Tota� Fund � 39 53 � 67 69 - i '�c�r���% Piepa' � Willoagh�by . . Totai Fund 63 74 � 89 40 . - ' �. P�hlic P1gn Sp�sa�r �ab�st ��� d(1) 21 74 37 35 - �� '� � .F .. "' ';:.� . �A .�, r.'. . •' � � Includ�s thc In-House Ar,GOUnG . . .;; Compris�d of SO�Yo Standard & Paor's 5U0 and SQ90 Fixed-Incomc Benchm�tk. Gity af C:learwater ordinance prolubits Shielcis Asset Management from investing in Fix�d-Incpm� �, �►a rating, • .,�, � . �: o�tplanadcm of market indicators and compa�able funds sr.e end of report. •' Af rcturn for periods ovcr onc year arc annusil�zad. :�tiJ'!' . • � R F � � f �_ I 4 ,e�«.. , . • i � � ' , .. , � . ...:, � : �• � .. . . . � ----� . C1TY OF CLEAR'WATER EMPIA'YFrFS PENS�ON FUND . R.�'E�1'T PF.E�IQI7�SS � . . - � � l?�r �L]�rsai a �,.., �' , , � � , ,..__...1 � �� �� �C�tll3 IIIV�SiinCilt MAx18gCQ3�t - Equitir.s 15.1556 28.d496 36.2895. 2.2896 8.379� '�'otal Fund 14.59 27.76 34.42 2.88 '�.60 Ark Assct Managcm�ui Co. EquiticS � 15.1696 - - .. - � Total Fun� 14.48 • _ � _ i�avcr Invcst�cnt Adviisa�rs � � Eqnitics 9.5596 19.i396 30.529�v (0.20)�6 20,2096 Total FwZd � 9.47 18.96 28.90 0.82 18.79 I� Inv�smacnt Mana�Cm�at F.c�uita�s 21.4$96 23.4496 34.9896 (4.51)96 I.17.96 Tot�l Fund 2�,"16 • 22.64 33.41 (4.2� p.90 Eqnit�► N�uagess CQmposite Eguitie� 15.1296 24.579b 33.7I96 (0.�8}9'0 10.45q6 TotaT FUnd 14.75 23.9i} 32.05 0.20 9.79 Sh�jdg A��ei A+Ipnag�mt�i � T�`ixxed-�acomc 3.039iv 3.Q2� 17.8296 (2.69)96 10.099� ' To7�l Fund 2.97 3.�5 1'�.51 (2.33) g.Gt F.�k�wff, Piepcc � `�ViIloa�hb�► F";ac�d-Income 2.32gb 2.1396 21.30�'a � - - GICs 4.?.�3 S.Bb 6.7U 7.87 9.09 Tot� Fund 3.3 i 4.11 9.57 7.00 8.�5 Compr�site �und Total Fund(1) 9.909�0 ] 4.7796 7.3.Q796 f.019� 9.3396 G�stomizrd Benchmark(2} 11.70�6 t 3.139b 27.4896 (0.77)�Xa 9.6$�fv {1) Includes the �n-Housc Account (2) Comprised of �09'o Stanc3ard & Faor's SQQ an� SQ% Fixed-Income Benchmark. (3) City vf CD�arwater ordtnance prohibits Shields Asset Management from invesiing i�n Fixed-Inconle bc�ow AA rating. For explanation of market indicator5 and comparable funds see end of ��eport. �o � „ . �. � �, � .� .� !, �. :� . ,� �� � � ! , � �. , � � . " � i�- ' _ ..1 5 199d .......�� '.43._... Marlcet Indicawia � Standa�rd � Poor's 500 � 20.5196 . 23,1996 37.5 I 96 �.2796 9.91 �'o I.ehman Hrothers Aggr�gatc 3.U9 3.b4 III.46 (2.92) 9.75 Lehman �rothcrs �ovdCorp 2.75 2.9D l 9,24 (3.S �) 1 l,U3 Faxcd-Incomc Benchmazk{3) 3.10 3.65 ! 7.98 (2.83) 9.43 Tt�asury Bills � �� 2.63 5.24 5.71 4.32 3.11 Consumcx Prict Ind�x �3.96 3.32 2.52 2.72 2.50 �dian R�te� o�F Rsutm � Yalu� Eq�ity Si�►tc 16.$99'6 21.979�0 33.91% 1.U596 I3.8Q% ' GmvvtL Eq�ity Style I7.Y7 22.04 32.52 {0,14) 6.74 M�d Cap Growth �quity Siylc 7.03 18.68 36,30 {4.SU) 17.84 Largc Capitalization Equity Style 17.33 � 22.22 34.25 O.�U 11.81 � . Tota� Fquicy D�taba�e 1$.94 2�.99 33.32 0.26 }2.35 Conc Bond F'ix�d-�ncomc Sty2e � 3.16 ' 3.Sb 1$.$4 (3.09) 11. �2 Tatr� F"ixr,d-Incorr�e'Database � 3.�5 �.15 17.35 (2.29} 10.43 PubIic l�lan Sponsc�r Databasc � 10.32 13.29 24,33 (0.78) I2.54 (1) Includ�s the In-House Accoun�. {2) Comprised of SU90 Standard & Paor's 5U0 and 509'o Fixed-Income Benchmark. {3) Cit�r of Cleazwater ordinance prohibits Shicicls Asset Maryag�ment firom investing in Fixed-Income belaw Aa rating. � For exp�anation of market indicators and comparable funds s�e en� of report. �i �.� �� . f , � . � . ' , . � � r. � . . . . . • , ... , , . • . . ,� CT�'Y OF �i,EA.RWATER. ElV�LpYEFS PP.NSiON FUND ':,A. . . RF.C�N'I' �RIOI]S � � . �.. ,` . , ���. - �� 12l96- . -�'��'': �anlcinS (1—Bwt;l�Wvrst) � � � va. Growth Fqwh► tY ,A�e�tus Invcstr�azt 1Vfa�aageincai Total Fund 71 10 44 14 v�. Valu,e Fquity 5tyle , � • '�8 , �c �et M[anag�em�t Co. Total Fund 80 - - _ � v�. �bI'id C�p �rarvth Equiiy StYIa , . Ikavc,r Inv�m�nt Adviscxs , i� Feu3d . � 2Q 49 77 23 ,� �#. �c C�piializa�ion P.c;uity Sl�ru . :. g�am Tnvcs�eat Msnagun�nt � . .�� �`cr�9 Fund 16 45 S4 92 gp `�`.'1►�'�'a�ai �Er�i.ty �a�e � N��s,��a CamP'osite �9 3x 57 51� 6$ � � Badnd �ia��-Inooa�e Sty� Ase�t A�ianagc�nt ' �� �� 65 75 90 2p a3 � �tg+omeu�t �umd 64 80 49 S� � 62 3�c�r �k W'illv�gLby . ��� �� � 32 5 I , 95 1 77 ; �_ �� 6S 23 68 14 . 8g � _.,._ �� .,.. � a Account, �aadard � Paor's 50Q and 509'a Fixed-Income Benchmark. d�atyoc prohibits Shields 1�sseE Managemerit fram investing an F'�xed-Income ��� � ��ator� �nd comparable funds see end of report. f�; ��.= � � � -- � � �_ � ' � ' .. �v�.., .� ' '' .' S . . . j .,1 �� ' . , � ' • : Q1"'X OF CL�ARWATER 3�'IAYEES PENSIC)N FUND . ��}gM.A,NCE V5: PUBi.iC FLAM Si�+QNS�R DAT�BA.SE � �ons �av�a�n �ur� �,1�r � y ;'� $ �s� - �� 3Q96 -- 7596 -- ZQ9rn ` SJ4-� S00 1596 - 1096 -.- .___ � ... �.. _ US --� 1��. s�:-$ soo .,�/ 1�1 _'_ � _ �_ • A „�� . _ ,�� 3W : A S� _��_! D !�� • g --- � . ...._ � _..^ � 11B IJ13-_-s `--* � �� A=g. VH-.� �3F• I 5� � � � � o� _ __�__ �.. Lasc I.sst Lasi 3 Q�tarter Year Ycars PUBi.iC PLAN � � � SIPUNSUR DATABASE IQth Pcrceatile 1154 21.71 19.i0 25th Percenti�c 1 i.l3 ZU.58 l8.03 Iv�cdian 1U.45 18.93� 16.77 75th Percer�d2o 9S0 17.22 15.37 90th Percentile 8.75 14.63 I3.72 S�c�+d � Foaor'a 500 ' 17.�7 34.6b 28.90 �man Brot�crs A�gatc 3.57 8.15 8S3 C1�stomizcci Benchmar[c(1) A i0.54 20.9i 18.36 Carn�OSite Ftind Total Fund B 11.19 1"IS 1 17.37 Ranldng c�-s��,loa-w�� Total Fu�d 21 70 37 (�} Comprised of 5096 Standard & Poar's S�4 and SU�k Fixed-Income Senchmark. � � � _._. ....... __ I..ast 5 Years � i a.7S 13.96 i3.14 �z.�s l 1.1C 14.75 7.k2 13.30 1357 35 From �?l87 � 13.92 13.! 8 12.52 i i.� t 1.38 f 7.82 8.97 Z 3.39 13.57 ll 13 . � � � , '�1 � , I • • , i . � . i ' . . . I.. � , . . ' . . ' . r �' ' . , , '�.. :�t'. • .;.' � � 1 � . , . J: '�� , . , � ' �y...r..� . ' ' . ,. .� , � ; . ' , . . , cs�x aF cr�a�wA� ��.o�s p�v��oN �n , . � . ��Cg y5, FUBLIC �''X.AN SF'ON50R bATAEASE �'r �°°s . . ao� �- . � . , ' S� , � S00 ° � ��� W , � j � 3qy6. - . . � . . � � A . � �_� • V � . �� � ' . �} ' � .._.� � , � �y. .. � � �� �ic'; . . . :* 15�6 - __-.. g . =f �r� A � � ���:� ' ..�- A _�.... • � 5� _��.. �'1',, 1p9�, -- "" B ' . Vs � K�._ • Mu � I ,..J� S96 -- � �� . � � . A� �. �. (V1G w � ����� � �.� W7V A r. :�. . �� ���� ' �� -s� � �_. _r., A� ,ti f 1?J9fr ��'� 6197 1496 1995 1994 1993 ` ' PU�3I1C �'L.AM ` •�t �l�Q�L DATAHASS � � � � � � ''`' 1QthAcrantik l2.25 16.1U 27.94 1.Ab f5.2fi ' r' i •• ?�Stt� Perccntilc 1 i.GA 14.56 25.17 0.3! 14.33 ; -.,;� ' Mr,�tan � 1a32 13.29 2�33 (Q.78} 12.54 � ���:• 7St3� P'trcent�k 9.53 � 11.40 22.71 {l.74) 1 l.24 i � w 9�Qth P1en��tf2e 7.92 9.l7 2�.09 (ZS2) 9.42 � ,��k Pfoa'� S0�} 20.51 23.19 37S 1 l.27 9.9 I � , 1s�o�cre A�c 3.09 3.ba 18.46 (2.92) 9.75 �# �'�' • Bearfitnaric(I) A 1 i.70 13.13 27.48 (0.7T) 9.68 � -_- � '�'. . ��� . � �. �'ot� �nd 8 9.90 1 A.77 23.07 I.UI 9.33 � ; Rimlcing ,� -ik+st��Op-vyae�at) .'3"►. ." Tote� �nd GS 23 68 14 89 � ���;,' . � , os S09�r 5t�dar�d dc Poor's �00 ttnd SU96 F'txed-Infiomt Bcnrhmazk. a. *��'' - , , �r. .� � i a . . . . �, � � ' ', � : � �� � .t: < " . ' , . , „ �E.1. � , , , . :E� r .. ... _. , ' . � � ,,;,_. . o�� e i� �y aF c�.�wA ,T�rrn,���r n �� s �' �R�O,g1�,��Nt�'VS. ��� Q,�pp�3 ,TtJA� 3€�, t997 ao� �- 359� �' , 30`k � ?.S�Xc � ?09�& �' �596 -- 1096 -- . G SOOr � � �'y -----i, � ,��, .. S�r '- . ._..w.._._ , - �._ � Lasc � � - ' � Quarter � ; � '�'AL. FaQ[��'iY � DATABASS � � , lUth Pcrcentile 2Q.18 • 25t1i �scentik 18.1 ! � ' . Mcdiran 16.28 � 75th Percentile , 1431 ' 4Uth P�er�entik 12.13 �. ' �• w� Sta�rdud � P'oas's 54a • 17.a7 .� - F�quitY Man�CSs , �v�atmcat 3Managcment A 14.82 , � Jl,rlc Jluet Maaagcmens Ca. s 1 a.00 i ',,;.,;�I�v�et Investmeut AdvYSa�s C 21.06 � ai� � l�iansara Investmcat Mgmt D 16.Sfi �� �� ��� *t . Equity Composite E 16,89 ����.� � (1��tt,fOrO�-w�a�t) ' � �`' � � inveatment Managemcat 69 ' �!c ll�sei Manag�ment Co. 77 � ot Invcst�ment Advisars 6 �$anaast Iavcstmeat Mgmt 4b `��l. Equ�ry composue al . �.. �:. :�.�� �� . 5� soo La�st Year � 36.54 33.I9 28.87 21.17 9,06 34.6b 2.�3,77 i 4.26 31.17 25.17 SO � 86 �37 64 ■s�w � 1 , w�1r1 a u � A 5'� S00 --- � A . b � E -- � �� ----- � ��_ A , � -r � --` C - -� p - c IASE 3 Years � 30,43 2$.i3 ?5.74 22.91 19.99 Z8.94 27.60 22.70 26.56 ? 5.95 29 7b ai a� I.SSI 5 Ycars � 24.0lS 21.33 1950. 1756 I5.8a 19.75 19.22 I9.48 11.13 I 8.99 Sa 51 sa ss Fmm 61$2 iaccption � 21.20 19.88 1$.$� 17.60 16.59 18.$8 ��.sa 18-$5 26 S1 �s � . � { .t . . i. . .. , 1 t�, � { . '�r. ' .. � , . . ,..., . .. .. . ��.. � � � .� � .� � a ` C1TY OF CLE�M►R'WATF.�t EMPI.AXEFS PENSION FUND pg�tf�pRMANCE VS. TOR'AL EQUTfY DATABASE �F,1'3'I' P�O�S � so� -- ao� r.. , 5.� --_- soo . '�. . 3096 -- . _.� c . A -- � D � ---- � D zo96 �- so� ---- _.._ c . . __„ � � . 109b -- , � �� r" ' � . -1a� , �. , . tv�- � . 'i�TAL EQU11Y � DATABASE lOth Perc�ntile 20.95 25th Pcrceadlc 19.Qh M�� �s.�a 75th Pcrcenti2e 1 t.63 . 90tlt Pcrceatile 5.?1 Standru�d lk �'baQ's S00 24S 1 ��Y M�R�a Aestus Invtstrncnt Man�gement A 14.59 ' Atic Asset Management Co. B 14.�48 penvar Iavcstment Advisors C 9.47 � Hans�on Izyvestment Mgmt D �0.76 � Equity CamppsiGie E 14.75 Rgntcing (tis�,loa..wa�� ' A�eltus Invcstment Munagcmcnt 64 Ark Assct Management Co. fi0 Des�vcr InvGStment Advisor� 81 Huiw� Invesancnt Mgmt 1 ! • Equity Composite 59 is� � 28.86 24.07 zi.� 1859 [ 4.00 23.19 27.76 18.96 22,64 23.90 !3 Q4 3l L995 � 423G 37.G4 33.32 28.38 22.12 37.51 34.42 2$.90 33.42 32.A5 � 72 SA 57 .� . � W� E . �� A 5dt� �-. � � � r0� �.... � D 1994 � 5.54 �s� U.26 (2.61 } (5.9fi} 1.27 2.88 a.sx �a,2�} 0.20 2Z � . �A 51 1993 � 20.99 • t�.�s 1235 8.30 3.8Q 9.91 7.6d 18.79 o.so 9.79 77 15 95 68 . l6 . . � � . � .. , . • i. . , . , �.. . : , . . � . ; . � �. ., � ' � ,� , , ... a��:���,. .i ., 41+:��� . �... ._. . . . _ �e ' . � � , � . (�7'Y UF CL�RWATER EM�'LQYEE,� PEN5IUN �D pg�ap�,�tpNCE V5. GR�VV"'17�i EQIJT'I'Y STYI.,E � �p�RY�DS E1�DE� 1U�E 34,1997 Qo� = � . �s� -- � � � x596 .." . � � - --- � ' �_ y' . � r� .. , . �' �....�_ � Y 1556 - � � � . „� ,.. "'��..� , JT ,..'t: ,. 1096 - �------ ---- .x� _ .,� ` . '� '' ''-' �=' Last Last � .',• . " Quaiter Year �: {���,i, GROW �%i � � ' `�. s� . � � ' �QiJITY S'I']ii�3 ' �,� :;'•:�� 14th Pcrccnale 2I.80 36.75 ;, '.::y,'Y�� ,' ' 7Sth Ptrr.entik 20.dI 32.45 :, ,. :.� . ,�,. ; ��,�: �.:.� Medi�n 18.86 29.95 �z ���!• �, �. • 75� Perantilc I5.4� 23.fi9 . �s w�„4� �. � � ,• � 9�th Ptrcendta 1S.t4 17.28 . -���° �r"'� • �itcdsrrd �e Poar's .'� 17.�7 34.65 �, _. ��, . z }'� m1�a�ut Ms�sgt�'e�t . • � "f �quities A 15.54 21S'7 i�4i �, ''• Totn! F'u�d 8 14.82 2$.77 �s ` w lt��" (��,Eest,100-Wo .� � `� 4� _� Equipcs &2 S2 ��` . �. + ToW Fund 93 S7 �� �'=" � � �; .,. . . �� ,"�. F !' i '•:+ A $ � _�_ ' A + S w� ti�rr •� S� _-_- �' __„ g . g s�� � �• �' � . ��_ • �t Last From 3 5 6J$2 Years . YcArs Inception � � � 30.7$ 21.85 20.43 28.A 1 f 9.79 19Sa 2fi.31 18.12 ! 8.88 24.43 17.07 I 8.U3 22•99 1 b.08 17.01 28.9Q 19.75 t 8.88 28.83 20.1 A 2�.88 27.G0 19.22 ! 9.84 � .; 29 20 � � 37 32 ig � � . �7 � . �F � . , , ' . , : ' ' . . ' . . � . , . . � ' ' � . {. ' � � ' � i . . � i i. . � , . , � � •i , i i • . , , . ' ,' + ` . . ' , . . , e' . � . , � . � ' . . . � . . . � � r , • . 1 �{`.43L�� .. .. 1. .• . :'i.� �1�. �YV�n �. , � � . . . • . . ' ' � ' � � � . . • ' 1 � ' _ti � �F �,w�� �w�s [�rs�oN �nvn . ��NCB VS. GR4�Y EQUI3'Y ST'YI.E . �' pER�Ol�5 . . .-. � �,,. '�rr . � , r�� .' . ', �,��t�:'. .., �* � ; ��� 409�+ — � � 3a5b �— � � , . . � g , � 5� ��� 209fo '-' Ss p ---- , _,__ . *� . f 09G '--' {i�u — � �.�; :�; , � ` ' .;� � � -�o� — . � � �v�- �m � GitOW"1�� � F�iT1T'?t ST'X�� � 1Qth �'ercrndte 21.75 x zs� ��n�t� xo.ai � ' Mcd.ia� 17.17 ' � , ,' 75th peroentite i 3.16 re � 9+Oth I�+erccntila 9.9�4 , � , ' � i, Stme�d�d 6k �oor's S0� 2US 1 �- _ � �t Mmagcment � : r ��,,,�_, �U1ilC'd A 15.15 ; t�,.� ..� Totat Fu�d B t a.59 ' ,-; � ,'�`� �'�, Ra�nicing �� , � "� • � (t-Beat,IOU-vVw�a} � . ''� j ��':' Equides . 54 s� i ��� `a;,�; r' TA�aI Fund 71 , � •.. �' ��, : ����;� ., . , . � "» •` , u�,,:,- � , . �� � Z7.84 25.10 22,04 19.65 ! b,81 23, l9 zs,sa 27.76 7 10 S� i00 „_,.� A f � . i�s � 39.93 35.41 32.52 29,71 26.63 37.51 �s.2g �a.az 2�7 40 � ���� � � � 1394 � a.�� 1.59 ta.iaa (2.85) (5.09) L .27 2.28 z.ss 18 14 I ` � �993 � is,� 13,1l5 �.7a 2.i2 (2.05 j 9.91 8.37 �.�o 48 !8 . ��y OF CL�WA1"�ER EMPiAY�ES P'ENSI�N FUN� �,'�iLY PERF'+aRM,F+NC� RELATIVE'PO TARGET �.�.US MArTAGEMENT, Il�dC. � I� ' �� � J�, ..• . .r,. ,ry'�. �• i t ,` ' ti• • � Quarterly Iv�anagcr Effest in 96 �-6 1 � I �Z { ' (} I -2 Ter=et � Bue�fnc tiy �:,�+. � .��';' T et H�scline �presents the Growth Equity StyIe. Confdence ba.nds indscate � �,: , . �. -�• likc�ihuod d�at ttia cumuXative Mranager Effect w�ll keep p� with Tazget, The '.� pmb�bility of cxceeding the targct in any an� quarter is �69'0. . � � �� .."�?�. , rn,'�° ,• � ;1,�� ;.��;,,� � . � i� r _ _�...�.,... ;. ., _, 1 \ � 4' � I� , , , 1 J� 1 ��'�Ii, �y M � • � `�1 � "�• i r � `: � • � j �, � I • ya�.) �; 1 ��� ' �. � ' I 'r" v •�� � �� ' � � � � } � � �y'''.;� r ./ '. �y. p�;��, �ti '1,�. •�i� I' '� i 1i �. `. �,i �4,. � �� •i�• ,;� . � . J , .1 A' y+1 ��jl l a 1'�"'�� � ,:, �S! j � i � �9�t ' �fr �£i1 � �' v� ��� � ' •,; � , �„.��, . i '1�•1,�:.'ta. .,�,,. s i���,�1'"�t s {r'-+�1,��}".� i '.'-'�' ;'x �. .1 :'.�'^ Fi:'�� ,•1`.',' 1 `. . ; :. i�;. ��, ,, ,,:�, ; ..�,i�:�� � � r: �.�l.ikl�t. � '�.�;'�'�.r�,';� .,'e;ts, ,'�f3' 1. ',� ,. ,'� ,,�.a �� i',i:�';'#y�}�W � 't�!��;��%:� � 3�' ,�1`L�i,����. `. I� :�<�i•';.'�!'i.� ?5 ri:�.;:. ,4�. �: ; ; �� ,;;; {" ��� .� �.ri' ���'� � T `�+'`•��� * S� " � �. �,.. ��" � �!` i �„�,' �;-,•.' { t' ' a :,� ,' ':`� ± j;•; ` , ' ���_�� 1 � ' � `;��; �i ��,� !., �f... ,'!; •�.�, w. . i ..,��:,�.�%R�; f:5r�� � t '�ti ��• .�'�;' ���•: t: t, � �'1 k f t�.:P 1`"� '�.��,� ' 1 � r' '.' �i � �•,J �Z`�� � ,� � ,. � � i ' " ,� . � :'. ���, :.�.;. �+�� - E.. �� i . `�. ' I � '��f �`� ' :�� � • �i .r � '�i ,'��.'�; �}.s t�i, ~� ' � ' *� ti �°�.`; r`;'rY��� �' 1 '� � r 1.��,.7,. ,j ,.� . 1 ���. ; �'�i.;... I� � i i ,;'��; �.w�'f��. . : : �.� ,; .� :��; }.:5', ;�'F: � .,� . � �. '�{�. �T(S�'��:R�i, �'tiy" F e��� ! ` �� � •.',+ ; 1 1 � � ,:� �. ' ' '.°�,"1 ��-'�'. ' � � ;y � f� t!"�,l "s�. � •; �j� ,�,;��: •.,•'� .�.,,,, I�< ,: ,�. �, ;.,�„� . �� . � � .'�' �. . ,:• •: " i,.� �!1,! , , " '�y'��'.`�:� �,;";1}�,,��' .I � ',�t�l ��..:i.I �,. 4e3 *�s Last Quartcr � 17.34 15.70. 14.$8 �3aa 11.$G ! 7.47 14.7? 14.OQ � A B I.asi 1/2 Ycar � 21.02 19.03 , 1G.B9 1 �.90 12.35 20.51 15.t6 14.48 7Z 8a A 7� i � � I I � •1 .f"' , • , � ' '.s ' t . . ` , ; r ', .,. , '. . . . : . ' � � �`. . ' '` '- , ,'. '• . ', ' 1. , r' ,' ' . � '. ' i .. ' : ,' �., I . . ., '.� . ' . .' . , �. . . . , . . , . . ' . ' � ' ' . � ,� , , ` , . . 1 � , . , � " . . . � „ . � . . ' . . 'F . . . , . . � . , , � ' , . . ' . i . . , � � . � . . . � . I ` ' ' . . �. , j., .:. . • ' ' , ' . .' . �;, ' ' . ' ' ' ., `.' '� ', ' � ' . . ' , • ' . � 1 . .�� , ' : . . � ' � , ' , . , .. . ;E' �, ' . �� '�.. , f .. �• ,' •.!, , ' ,. . ' .. . . ' . . ' � � . . . •.� . ' ;' f '' � . I `'� . . ' ' . '` � ' . ii. �' . t ' 1'' ; �'.. t , , .'': � ,' . . ` ' � ' • ., . ' . : , _ , ; ' ' , ,; : , : _ . � _ . � . . . i'. . . S� , ' . . , . .. . .. „ . � . . : � . � ,r , e,��• 5 - • . . . . ,.�.�ke .. .. . .. . . ... . . � . : � a. . �. - _.. .r. . , a ' . � . . . . � . . . . .;.� ' . • � � ' � � �Z'y,OF'CL.PARWATF.�t EMPiAYEES PFN5ION�FUND : � . � p�gR,�ap�t,ARANCB, V5: YALUS �QUTI'Y STYLE � � . . , �i" �'ERIODS . � � � . � , E � ' , • • 5 ' , ' ' • ir�1� �- � ' • � � � � � � • • i • • � �� r • • • � , � • 1 • . . 4V M - ' ' ' .• ' •V M _� • . ' , ��� r_ ' . � � , ���� � • , . ' ' � � � �.. , ;'�,•':�, - '• l44b -- , , .r . . V i �. . Z � �'~ • �� � : �� � , , 1296� � tx. - • , ��i.� " '��; �.�� � , � VAY.UE `i4i,3? `l �V11f 1 .� . IOtL Pc�ccnt��e . , #:' ?Sth Percentik r � � Mcdiaa ` �� 75th Pcrccntilc ' , ;� 94th Ptrrent�a -, . ,. '' ; �• $t�ndsft� 1yk �+L?0[�S SOE) ��� � . � - Arlc A�sd Manag+ematt Ca �quiUies A � ,< ' . Total Fund S •t, R�m�ng �:� ��"�CSt.��+wOi3i} �'" . Equities � � Total i�i�ad . f?J96- 61�7 � 2i.42 19.43 16.89 14.90 12.35 � 20.51 15.16 14.48 72 $U 21 , . , � , . , . � �„ � . , , , � . • ; . . �, ' - �' � .� .. . ' ' .. . ., ., . � . � � � • . � , � ' . �� ,� , � � � . . ' ; • �.�.. r' ;; - •,-. . . ��: . ., . . ��� � � � . � � ; . .' • , , , , . : . � . ' ' ., , ��,�, � 5 . � �rn � w�r crr�r c�F c��wA^� �rr.�o�s �xsior� rv�n � p'F.Ri�ORMAAiC� VS. M[IU CpiP GRUWT�� E(�Y3TI�' STYI.E �ons �Bn n� 3v, i�r - , 3596 — 3096 — 2596 -- i�96 -- 1596 –� 109� -� 596 -- � J6ii1 � � rF :�•'' ..iv; i ... 'Y :1�(i i:'� \ � ,�',l i�;���l�S • �;i�. : � �'. ..• � � _ �t" • K . ;.' S��"E'�� +:,�4�ti;., �,. ..F� 1 C .�„ '4':�7fZ-. ,�.. ':;', 'F;;��'•,'.,r':;�:k< . r� �, , � `s,•,:y�, �l!",�'�':•,ti';r• : �•.�:,, :st.,�y,:';�,.�.�, _� . � � i �' ,'•k�:� �.Y�"c fCr� � Ir a;% � i it. � ,a ,.; '�,��;1��'x:J � ' . . ;`;?a:� :r�';'t;`'' ;�; • � � � '� . .�.'i';',:E3.''. L� :rl;� . ; �.�5� �fr.l: ,'.. '.!1..�'�, ��;.'i.. � . � 1 1 �, r; , ': �;,. . ' 'f :�,��'•��•r�"��.�"�'�If•ti� il ' `�''.t:•„�'�.•'�t��i��rS�r'��tiA�' ,i'Y`f� ��ks'ii�';,ti: r i `'I, 4���. Ir;�;.����i;. ,,: �. •�� ;��.. Y� \li�y�r .�♦�1� ,` F ��'l � ' rli'� ( •�;l. �����.'��i�s:=j' ��% ,. ,: 'ir ;.'i���:�'S ::.�5}t•�'. + �,,.� �. r:�,. l�i' � �'..i: '� .�r'Jtj.,Ci.. '��1 � � i1 ^i i� ;:;.,•.';;".:,1�- ',•;'�";1��' :�F. ,, ;,; '. ..i : �. t` `,�; ;.�. � � � w.�#� � F1��:T•`,,l,''� ;:7T; �.�':���'y•/^�,,�� ��`I� � `, J, .,`� ; 1 I' +1., ;� 11. 1' �r r r r';7i'�;.�r.¢r.r•,;.� �:'.'��+;�- ,; ts�.•� ,), �*�.,:,::. '� ,�'. ,'z,..��i�^..5 fL.�'.. .'� '�y�\1 . � f .,`�',�., . ,�1� � t,�: ;• `r'� .•s•::��. : �. ��� °, •'���� .' _� .�,.•; '; ;` '• � ,,�.�., - , �,._ _ . _ . ,. .. _'f',t �1,.�}�. . .� ,..,�-,,.�.,.�., w . . . sa� TA5i Yeer � � s.oi ia.�a 8.28 4.39 (1.21) 34.56 t 4.37 1 a.25 28 Z8 . " r , . ,, �. , � S� so� ---- . .� . ---- � ..� • � � � A � � f � B �w��Y T„ast � Ycars � 28.35 z�.�s 23.35 20.86 17.77 2$.90 233J 22.70 d9 56 I.�t 5 Ycsrs � 24.59 21.32 19.Q2 17.Ui 15.7i i7./S 20.11 19.�i8 29 45 From f1/g2 �nccption � ?A,93 2Q.49 18.28 E 6.27 � 3.44 � O.O O 19.68 18.$5 4b i� i ..� i 1 . . . � � I � ' 1 � 1 � . � ; . ' � , . � r � � i ' �'. 1 � � . � � ' , . � ' . , . . � � . . .. � • � I ' ' � • � r F . , , .� ' " �. . . . � "�'. � � �. . . , ' . . . ' � , � ,�•y 4F CI,,E,ARWATER EMPLpYEF.S PENS�O�i FUND . . � pgR1y�ORMANCL VS. MII� GAP iGROW TH ECZrTTTY STY'L� . y�,aq�rrr.�uons � - , �:�., ��; i :\r ��'.� � _ . sa� � - � ' 4096 -- 3096 - �09b � .� ll}96 _'_ � � .�:. � . �s �' � • 'TM r � . �. � �: �'� �'' -iU96 ;, .� .� 1 • �� � `. � . � � i;, � 11/9b- .: �,�: ' � � �'" � 1�4ID CAP GROW'T�� � � ,,.,�F,.. . ��� " ' �': �Q[�II'Y STYI.B � s- jo� �►�n��� �o.oz ��s� . ?Stb F`crccntiSe 9.34 : t , ; ._ • Mtdiaa 7.03 .. . a� � 3}' • ��Eh PCt1CCiltli� 3.97 ;; + µ:� r►� 90th Perr,enriIe Z.16 .1, . �f �d ,& !'bor'a 504 7AS 1 ,s ��� �maat Att�i�or's � �ti',�c;�: Equiti�s A 9.55 .`�.� . �'at� �i:d � 9.d7 � �. � �' Y• � : �,iQa..�V[ll'dt) ���u�5 �a ;,�; aor� ��t zo .1 `;' �.•Y�, �� '� , :J'�r� ' ..�1��1�� r �'1. 'i � �__ Q I996 � 24.a8 22.80 18.d8 12.10 9.07 23.19 19.13 l II.96 9 1995 � 57 58 a3.?S 36.30 29.19 23.99 37.5 i 3U.52 28.40 58 y7 ,a'u "" % � 1994 � z.s i 0.31 casa> (6.20) (4.5I ) 1.27 {D.20) Q.82 23 �--... • A � $ � .._ 1993 � 3D.52 26.l2 ��.sa 12.75 7,22 9.91 20.20 18.79 39 43 i:� � � � :. I r ■ i � �r oF �RwA� �x..o�s P�.rrs�oN Fv�vn QvAxx�u:Y p�v�rr� �� Ta T�cEr n�r�t uw�s�[�rrr Anvrso�s � Q�arurly Manager Effcet in 96 +8 L ! 4 __ C� [)taver Iavestmtat Advtsots -----• 9Q'!6 UppuCociideace ! 4� I.owcr Con6dcria � +4 ' +2 �------�------�__ � ! �M��.� ��-----�----� ,���-�-----��-�--- � �� �a ��• ��s �,', { i `?�� � �'�. T �+i' �'• E r�.lt�`i�� � 'A��i !��' �'" t i'3.��; . ��',.;'��. �w :,'�'��'�"� �����, ' �;�,� 1,'j;' � r�� �''. ; �1 i. ,rl •.i!.��«,� r '� . '. �r :'�i; .;i��� ,-.��' k'�fi .i,�l.. �''.,�i'.i{4k',�,` �'��`�'��.�.1�ti`•'(��i .. �' �/�� + ... .. .-r' '"""'".*r,...�'.yr �.. .� .� , �, ��:� ; � ' •'(, �•�y�!C' r ��. .•,4I�';�.: . �,� , . �� r . ,,. . , ��,,,� h r. � � • ,,. Tar�es B�tsc�fne t� � i�s� � is�o 1 ��i � ��2 � i�� � i�a � ��s � t� � tgs� � n.rpr�csents ihe Middl� Capitalization Growil� Equ�ty StyIC. Confidence nt� l�icclihood that ths cumulative Manager Effect will kcep pace with p�obability of cxceeding the target in any one quarter is 5296. r� � �;��:> . M�f�(`� A �S" '.� �� l�� � '� � l�- ;� ' 1 • 7 �� � . , . .� . � � ' - � �. �, ' , , i' , , ' ' ' • ' ' " . . ' ' , ' , . . � , . , . 1 � � ' � � . . , . , ' � �� . • � , � '� ' � � � � � � ' ` � , � i . � . . ' .� . � i i� � ' � , ' . � , •j��•�': f'. ��;�. .�i`•. . ' ' ' " . ...... . I . • ..r .� . . . . � . . � , . �'='�OF �pRWA7'F1t EMPLAYEES PENSION i�]ND ��c� vsy. ���+�G� ���y�rr�.rr.A�ort �vrr�r st�r�a . �����Va�i/�� l�/• M li � !� Ry � . • fIV'/O �.• .4; ;, , .�,, , .� K•, . ,� 3596 -- ' S� � • A .. � H 30�ib — 259b "' . � � 1iF . �'r.' ,� � 1��? � �'C �.f J � rr. � ��� � � � . ., • : �y���f:: •� � � ,F, I'�� �`�^{ I�,�.,�•� . � y, = f' ,�.� ��';�; , .., i 7'�r� ..� � • � �iryfi:4;�.y - i �. . }�r�+;�.�;,1� .�� . � � � . � , ,,1,��.. ,� ��:,:3�.:,�;� . ._� �. ;� � �+�,���� r� �,. � � ,. ��^• N L'4•�����' ".1 a 1 •� ` �,1�i� i��� �'�� 1�, {! ��,•+ � � . „ ��. ,,�,i•;�rt;•�,F:. '� � . � '' '� ,r� � '-+.;r; �°'''�.'�;�:��� .. " � ';'',ti rir ��,'-+ '�r ,, .,�,, ;'- ,;,,;ti�:t.� ►.�. `i� ti1 � ,. ,�, . !" � �,�LL��i�• �1 1 S'�f.� 'i,�:�`�''E�;,�j��r'.�� ' IfM`� �'j.ii�\ rf'Eli,•1'•1. , ±� �' �,��, .�. �, , ' ,, . . j•'.� 4; ' . � '. �..�,� �� ;',.. '.���; �,i,�; �•,��yr�., ;'''(�.{.i,; � `���•_ �.-r ,' :.j„' �.�: ��+,,1' � `�:.�' :1 , i � .,:.: . } y�i�" r�•';'.=�c�{y!L . �� I.ast Year � 36.98 33.a� aa.c�s 27.87 �3.sa 3�,fi6 31,93 31.19 ^TV 5� ,»_ � � . g ���� A�J\ 3 Ycars � zg.�a 27.88 2b.Q 1 aa.a7 22.99 28.90 27.47 Z6.56 � • ;�'{�s,.� . ,... � i�.1 f f . 1 1 � � ��.... �«� � r � � H ..r � ��� .�....�.� �.ri:.�� S Years � 21.39 20.37 ! $SS i�.�s 16.19 19.75 17.75 ii.�� 8 ���. From 17190 Inception � 21 S9 2a.63 19.38 � s.oa 1 b.55 19.57 18.6Q l7.$b 64 78 7� 0 . , . . 'i. . . .. r i i � �� � �1 . I . . . , r " ' • . . . _ ., �; � , QTY �F CLBAR�VATFR EMPLAYEES PENSION FUND � �, pE�}RMANCE VS. L.A�GE CAPI7'A�.Tl'.J#TION P�t]�TY STYLE �N'I' PE�DDS , , . ao� - � . � . � ---- 3s� - � � . � � �� • � . �o�, _ . ____ �s� - - . . . � � �� zo� -� � � __.. � � ---- is� -- --- � � io� - j s� �- �� � o� . - -s� - . �vs�- �� IJIR(3E CAPITAL�'I.ATIQN � L�Q[3TI'Y S'1'Yi.B ' ' lOtt: Pcr+rentile 21.SS 25t� percendlc i9Si Mcdian i7.33 75th Percentile 15.16 90th �ercentite I2.39 Staaciuid dc Poor's 500 �O.S 1 }�on Invrstmc�i Mg�m� � F,quiti�s A 21.�$ Z'otal �nd � 20.76 �' �tanking , (t-a�r,loaw«scy . �quiUes 12 .-,� Total Fuad 16 . �,r?�•c" .'t�; � , ,, . �;�, . :�..., , . i� � 27.44 2a.34 2�.22 20.17 I8,37 23.19 23.44 22.64 35 45 1995 � 39.14 37.13 34.25 3fl.19 Z7.12 37.51 3�4.9B 33.41 ai 54 ■..�.w. i � ---- �� 1994 � 4,06 2.Ob 0.30 (1.80} (Q.Ox) 1.27 {4.51) (4.27) 93 92 � 1993 � 19.U3 15.23 I l.al b.08 1.39 9.4! 1.12 0.90 40 90 i ' �i/,1 I � . „�� 26 I 1 � � ! � . . . • ' ' . . . o�r-•� .� � � . . . ww���W��+vY+�r�.r���rw� � ���� Q''�'Y OF CLYARp��RMANCE RN�TNE TQ TAR�GE�' � ��p� MANAGEMENT � � Qu�rteriy Ma�nager �ftttt i�n 96 I +8 � ' � +6 � ! +� � ��..' �' ' S' � �v . � � ...�, � Z,�M � . a► + - �. � .A}il . T r `!.Y!' . 1• - �. `�• 1� . � , , ., �.'l :' �.'.'L�� 'a 'i;.. �� �.' , . ''. ' ��a .. L• JC . �a � ` � ��� ' � � 1 � `���r , . � y �, n�• '"� x� 'r�I '�, ;�'-�-� � . .Y�. Eil • �Jr .i �� . e 0 ��� ,. ., ;S. ' `• '�:' �',,�. s � . ' �.;;�T c�i BASCIine represe�ts the Large Capitalization Equity 5ty1�. Confide�ce bands � �:�;i�:, �d�,atc li���ihood t��t the cum�lativc Manager Eifect w�ll keep pace with TargaG � t;.�,:;Tbe probability of cxceeding the target in any one quarter is 46%. r .� .. ,•,- : � � •... . • _� t � ., � } :; - i; '' 4s,S1 '� ; . �i . ��_yti • � 1w � o� c��A� En�o�s P�rrsiorr �ND ��,,Y P�R��C� RELATIY� �'U TARGET �� A+li�,I�NAGEI��,NT � Qusrterly Manager �ffcct in 96 +�8 � +6 � . 4 T 1 .. i �ui. ���� �� . ►� � �;_ �� . + �Y - .�:. 7►..' ,. • . d -s, 4 �, � ��':, � � Ja 1 ��� .SpW � ^1 . . .� fiC�� �:►- y� � a M� } ! '� �� ��� � .. � • +4 0 -2 "'4 ^'V T� Base!}ac , ;, ��l�l) ` ,, � . � �.'`�.. . �• . •!' . ar. �';� � i' Basclinc represents th� Stand�nd & Poor's 50�. Confidence bands indicAt� n ���rt � ukc ' aod that t6e cumulative Ma�iager Effect will keep pace with Tar�et. Th� ��: p�rubnbility of exceeding the target in any dne quartcr is 449'0. �� ,-�. , .!!;�,� . ti �{' . r �. •.a �' :+. 'ti �g � .�r-• "- ,� ` � . �. . . ., � �., .. � � ' : , • . . .. , ..--,.-..�..�.. . . - . � _ .....� . . . , .� � , �� .�, ;; � �. �� i � oF ��wa� ���s �xs�oN �sx�w�xn s�tvcTU� � � �� ��n � �o, i� �•i �a �, _ :-� _ .�, �; : .� �.,-. ���c ��� �y: � � ���}��� � �., • h. �';��,, 5 -i'�. ;�r � ���yl>��.. 1Fy'r;•�% 1 x �i^�:�.�,; . ; ; {. �: ;XAulltr�:Ti��. ' +� ta � � , .+. . � .. � 9.9 �ss �usx MowE ttisx h[Qk8•R�i►ARD MORE itEWARD Poo��'s 540� x�adZo ca�gisaiizac�oa Ec}uity styk • Aeltus invcst�acUi d D►snvcr Invesmacat Advisacs Niu�agemc�at - Y..ar�gc 5a ktalix,a�oa x . F��iity ry x Growtls Fqn'sty Stylc a Ha�,son InvesSmcnt Masiagemtni L�E.SS R��YKJARD LE55aRL��'WNtD � � �a $ �a � �x �a �6 r vA�uABII.i'I'Y � - • RISK � �: �";'. .,�;. ' , . l•4• 's � t� r�� �, a ,�t� tiu tiv� year median annualiud Risk/Return for the Tot� Equity Databasc. �� , �s 19.5 � •� � ' i '. � � , . � � C�'I"Y OF ��l#T� E�V�'LOYEF.S PENSIOid FUND ; � ��arr+c� vs. coa� sorro �-nvco� s� �ons �rna� nrrr� 30, » E� . . , ,, 'qk': a %'• 9 i �,t,; . 1� � :��.j'� ',, �};�,`��: !?'�1, �`'. �u(i' •., �., � '�r•i ��''�. :,,�`, .. ,:. ,: ,�;,, ,.`it' •',1'c I:\:;�i° � ;'i t ;. ., 4'•.'til �"�. : ^;J^ yt� i ��?J•S�rf'. ; d� i��v. �i r� .L:',;Y�^�: s � ���YS�;'�'„Y,�i 1 i � • y y i`�',, '1�;��' .S h ; ...: �:; i •:1�'SN �t`��:� �' • ',f, ,'� ' � � � •_ ' .�; �;?`ti:-�{,' `r.�':�� t �sr� �•: ��;-l:r °'`%` j• , � � ' r � ` : �.,e' �' �, :�i..Ci�t, "�;� ` i � • 1 i:�, l}�,^•��r' s •� 1', i ! ° /Y;,?'./.: � • �r�} F i� � 1 1 � , �;;;;;,'.*��, .,r �?. , 'd`�°�4s° `�`��'r�" . � . � � � .�. :r,� � �� �•� k€.�1� , . ��:.'. ���„$- � t ` � � � . �; t �� '�7j�`;kr;�;?•�,. �; ='1�' ��.f ';'i `�-t ;,�;,.p., ,4, I � :, � �t - •�_� w r � ;.i.,.� � . , ,`. � '`',k. �' �M 1 .�t rllll .1 � � �� t�� :��:':';a� �:,.^ 'S ::�� ',i�,�.'�. i�ti,£�!' ...r .a _�� Mr� ..{r �'f " r. f i�� ?� , w x; :.��� .. i�''1"{ fa' i�.',i "� � i ', ; '�_f� ` ., G `��! l:�; r •y �/5,,. 'r.� �. 1 � � � � � ',�f.r r:��.� � 3 . �s�� �•� ,�i �;:.. y. ��. � ..� . , t;,�. ,, J,r�.' 4��:; �'`"-`f:. �;� '''r�";��` �1� � � � . t rl� '��'f �'��r :� � :�: , •-�tt��r. ',�' a„ : t'; "+� '•� �.. .� � "` � .� ;a:. . ' '; v�r`,:!". .r;:$�'; rr',� �+ �I�i:'���.� �' ,.aS, 1� � � ' �,�, ..�tr .'' ..,:�..�:}','vE. • �� • . �,. ...... �8 .. � � . . A� �[ s� r . S� .�'.. � S � e ' • ---- _.._� UB �t � S}fI.� _..^� A� ..--- � � • 8 SEA�i.� �� Year � 9.83 8.9! 8.38 �.� 7.35 �.is $.04 7•77 7.$9 75 79 �.�$Z 3 Ycars � 9.42 8.9U 8.58 8.31 8.12 $.S� 337 7.83 7.75 � �.8st S Ycars � 8.22 '7.75 7.44 �.i� 6.96 i.i� 6,99 G.87 6.72 � �� r�m 1?!9I Inccgtion . � �.12 7'.65 7.2b 7.03 b,79 �.� b.81 , 7.10 G.45 71 80 ,v , �r:r . � �a i � � � i �' � . . ' � ' . . . ��.. . ��f. .. � ..� ...... ' . � • ' + .. , . � « � . � ► �• • �� 1 �• � . � ! ,.. �. «. �. . : • � '��:�� 1 � I. . , , M' • a' • � � :� ��� � � � •� � �� r 1596 - 1{)°.6 ~ 0 5�' -- stan sw.n ---- u��'�� � ...... � . � ,+�. c� - . -�56 '-" 17196- N97 GY�RB BQND � , F�'�-II�C."OME S I'YiE i0th 1'erceatite 3.77 ' ?.�th P�cntiic 3.41 ! :x�., � Mediaa � 3.16 t 75sh Percendte 2.87 " �` �' 90th Perccndlc 2.67 �. � T� _. � � � � H�at�aa� �1Sg�cgatc 3.49 . � = ' �L�cd-iacar�c B�rnc3�maxk 3. I Q �.:� ,}��, , �kldt �liset Mauagem�nt '.��. '� ' F'utrd-InCame A 3.03 i,. ' K Tou►1 Fund B 2.97 i� �``�, ��� . ' R�a�alcing �Y '����: tt-ane,ioa-wau� . ' � '' r � Fcxcd-Income 59 � Totai Fund �5 ;.. 5 �N , � N �'�, I �j f � J 199G � 4.75 a.os 3S6 3.Q3 2.61 3.64 3.65 3A2 3.OS .75 7S V8 --- A� SHI.� --- ' � 5}�.D g �� --- ' A �. ----- 1995 1994 � � 19.92 (1.81) 19.49 {2.52} 18.84 (3.09) 18.05 (3.�0) 17.56 (4.57) 18.�ii6 (2.42) 27.98 (2.83) . 17.82 {2.b9) 17S 1 (2.33) 85 32 .90 20 U� 5W� � � 0 �993 � 12.61 11.83 f 1.12 t0.31 8.85 9.75 9.43 14.09 9.61 8U 83 � a � � f i � � l. ; �� . �� , ,. I :� ' �.Y QF �WATER ENgPiAYE�.S PENSIUN F'UNU �,Y PER��ORMANCE 1tEI.ATIYE T4 TARGET � A,SSEIC MANAGEII+�'?i�" a Qua�rtrrly Managsr �ffsct in 56 �3.0 +ZS +2.0 +1.5 +i.0 �S a.a -os -i.a �i�7 0 •r�� � •!J✓ {77V 177! r� Bt7C1EOC' Target Baseline represents t6e Corc Banci Fixe�-Income Sty1e. Confidence bands indicate likelihood that the cumulati�e Managcr Eff�ct will keep pace with TargeG The probability of exceeding the target in any one �uarter is 45�b. �� , . .. � . �.._.. . _ .�._.. 32 � s... . .. . . �� .� ��°. ; � o� �wA� ��o�s ��rvsiort �cnvn ���,Y �'F�tFO�,MAI�CB R�.AT�YE'I10 TARCiET �� ,p�SSET MANAGP�' � Qunrteriy Manager EFfect in 96 +3.0 +Z.S +�.0 ` *1�S , � �i� :,:: ,:.*� .�:�{ :,. .� i +i.o :�� . �� � ..,� , � �=�'�,� �«a.s .� ��.. � o.o T'� � ���� �3.� . • . l: . . � � . 1. (\ l' ' ' � ' �V..J �4;"• y , t �t'• ' ......� . _. * .. � ___.__� .�_»._... __.�. _w_.�_ •�i � ':� ��� :iL :�, ,.lb ' ��� `�' 1992 1993 1994 1995 199d 199'1 � *. � ,: i'��`� r,' . �..•,��.' � � s�l�oa r�prescnts the Fixc;d-Income Benchmark. Confid�ncc bands indicatc �'�R tho cumulative Manager Effect will keep pace with Tazget. 'T�c ai�7tcocding the �g�;t in any one quarter is 52�'a. !.fl ry t Fti L ;1� • � r .; 1 ` V�l!, , �,: ,.i � � Z 1 CiTY QF GL�A�tWATEk EM��LOYEES P�NSION FiiND SNx�LDS ASSE7f' i1+xA,NAG�MEN"r PC3�TrOL10► C��A,�A,CTERISTICS S[1MA+II�RX ,TUl�fl� 3(i� �,997 r, `, i{ .l, ` ' � ,�4��� � t~x 5�,�'.�,�'.� �i'� � Portfolio Str�uctu�e Compurisn�n � ' � ���� " 1r. �. . � ,. k The charts bclow compar� tt�� structurc of thr �ortioli� to tt�pt af thc indcx from th� dut� pe�spxtiye� �l �Sy� ,�.�, the grcatest ini�uencc o� rcturn, 'I'hc iir�t chart compruca thc two portfaliQS arross thc diffarent sectors. Tba s�o�od c�uri �� camgares the dtuatiqn d�atritwtion (or trrm sw�turG), The 1�st chart compRnes the distrihution acraas quaIiry aiL, , A.ssel iiackod 24i Il�,�3c��es G 13 'i�rasuria �� � Secto�r Allpcut304 Marta� 1396 � w.� :�,� -������•. ,P t u �i � '1• ' �. �• i� �< < i r ' �� ',;,�,s��'��f � v"}`'� iJ }'��,t'�y� � • .r�* �. « '' •��; �� 7 i'�. ���� + 1 � .�,t�.z,+,1� . �.5, ':�wr� i�d 'tY+ �� � �� . *, .,'J�` . �M+ �,5 .1' ." :�j; }•ti �;� 'rYS.�,y�. •� `''a`, � r ,• , �c•. � . '.i' �� iY� � .ti�,��•i;.�e� � '�y''�i:�� + ''.ti alaer f96 Aseetl � 1ca�! At696 � cNSa o� � Ih�v rnasq,rks �� � L�ehmt�n Srnthers Aggregaie w��ghced A��rag� nur�don 6� Slvelds Asstt MFU�agcmenC 4.24 �`' ` �� , �' . ❑ Lehman Brothers Aggregate: �.dx --= �--�,..._........ ---- �'1` iA'f•�i..r. . a����,, r,` �� . `��� ������..�.. �^������• �..�..���� ���� . �,t�c --------- 9.G96 ..-- ----- 3.dli 5.��6 3.396 �.67G � a2 �, • �r * ��c',� .. � � b-10 14�1Z 12t .'� �r�� �:." ' Year� lluratlat� . ,, . Qu��ry ��aon� . �� . _ . � ' ' Wcibhtcd Averagc Quality — tc� � - .- � �.,•� ,. ,}.� -. • . � Shicl�s A�sct Managemen� Ana o �� _,.___..�� �� ��'�.. n��:/�:��s�� ��,�;;,,�� • ❑ �elimnn Srathers Aggregete: AQa �� eeVL .... _ • y�' � 4 ! {'r lrY+ �� ! � ! �, . � � ' Ov+v w 7`� _� f � 61.8 �....`� ' ��� � # � r 0. � _'- „ j��;s� ;�f�j;,�J • w � �*? ^"---- --........ ----._ "___ " � . o __� �^�F t" :.'►�'.,'-= -� � �` �' � d096 --- ' , ,� �."• .r,.�, •�i. t, �' � „-'•' ------- �.».._- ------ �------� u , �r� t �y;ti {f t� .�� + . � ' ! W A �' , i ti S � �..y��i�•ri� !(�r'1 �.. � a' �' 3.!'!i S.l� �R ���4� 1.�' `19b Ob�4 3.�7i � 3.596 �,194 7.794 r' 4.99i � � -- ."" .�....r_.._ �: �} Aas �1 '� .��AL� AI A� H.3 c,►3 Moody's Ra1�ng and pnced$ In th,s c� lU�D9b"of the� ��nde�a� �tbo � o� roy �Athrket vaiue�) wrie�rrca�r�xed uncl pnCid,Cusip) . � , .� � �f �t � � oF c�RwA� �.o�s r�vsiart � ��ypS ASSEI' MANAGEMF.Y�'i' ���OLIO CHARAC�?RI3`TXCS DETAdL �E 30� 199'1 . .,; . �rr;`• : Weighted Ar+erage PorEfolio Chflrnctcristics T� F�ri�, By a�t ci� ana sy s�co� A `f.:� `�., ,��� Endir� �ercru! Marl�d a� ERcaire EReclirc OA 0� V�,ltst ,,,____�gr�f�b Coaoon M�tn�t. Ykl$_ _ Dei_,r„af4��QA_�,�„�,_+1 ,,,,��If� ,�.� �{ S67*'f6B,,Z69 100.09i 6.4a 9.% 6.$/ 4,7A p.� � /1s�! B�c1u'd �� CorP�� �iwu�i� 'iy�,�,s �'iacome L� �� S{ �fA1.500 sz.00s.guo 513,24f3,341 Sl3.461.2�9 S31, I M,BS3 SS�,4S3�T3�i 5��1�..'i36 2A96 3.U9i 2Z69i 12696 �6.29G � 4i �� 5.58 7.33 6.90 7.39 6.20 6.61 g.43 3 Largest Hoidinga 14.56 9.28 13,24 26.2'� 6.34 !l.�/ 4.1� 5.28 G.64 7.pb 7.40 6.32 6.5� S.6J 1.12 � � 3.73 (t}.�1j /1�+ 6.64 0.48 q,� �.41 (t.Gli Asa+ �.33 0,�4 �* '�� R14 � 0.25 0.00 A,a� E� Pc�cnt Miri�,et oa Effrdirs OA UA► ie� Name Is�e N�mc ......,���.,cr1o+' V�ltx i'+�,�rtfoi��„�' nt u��a s�s rrc� N� Nt s.�so� s�isro� �.�,�s rr,��z.sas �a.� �.� �.9s a.�o �u+ W��y Moy�.� M b.l?S9i i?I31/m01 Ttessur3ei T4,491,SSD 7.4�+ 6.37 3.87 0.!(3 As�r U�a,1t�d Sra�es irr.as Nn ' Nt 6.12596 f�131/t998 Trasuria 54�606�488 G.896 3.88 1.04 Q.02 A�sa} iJ�t1lcd 3te� Ttess Nts Ni 637546 SIlS/2000 Theasusici S4,1 l3,375 6.14b G.12 2S7 0.08 Aaa+ �4ndStsrc�'1'�staNts Nt6.Sp96lUrIJJ2005 7'r�t'.ey 53,335,3bi S.Q96 b,Sfi 6.7R (1.5� Ass+ � i.oNC�t �teii Iio�dtn�.s (Moody's l.tntin�) �!�',-` � ^ Eud� �'�as�t . �'" i Mne�#cti o[ Etfatlfe OA OA � `" �� � 1ssnr; Nume - • - - --$e�.4L - Yvp�_Pbrtlbib Y3rld , 1)aratbn �Can �,I,,1{� I�.' ���p{��u�priseslac Ntb.Q3�6llIlSI7A2b Co�aaatts 31.445,184 2196 733 li.Bl 230 A3 ���1$em Sn Pwr Mian tmts S.SO�b ?1U111999 Ca�ontea S39S,372 d.696 6.2G 1.4b 0.03 Ai ���y,� y4� T.000 bf i 5I2�3 Cotporatas 5 t S�.9Sfl 2996 7.09 7.DG 0.�/ Aa3 .w '� L�ra�ch 1�C Co Iar Nt 7.0096 t/1 SI'2007 Caporatcs S l.966,?2a 7.9!$ 7.1 U 6.65 Q.58 Aa3 �af�re,�►riao v� u co Mm b.so� do9r�xs c�or.r� s�,4ss,aas z.z� 7.� s.� o.� � h : - _ - - --------- - --- - - � v � St�r 7rsas Bds �1 C7o1� F�s�erprisea Is� (xotet !m llldt Cap �9d S�tts Trcss Hd� ie�b�C �d 5 Longest Durs3tlon Yfoldinga Deb 6.50'J6 i I113/2iD�6 Nib.95� [IrtS►2026 Nt 7.0496 ?!i 5I2LT2b Deb 8.12596 D8J15119 7.DU0 6J l SlZW7 En�f�q Peracs�t Maeicci o! ERectlre OA V 1 fdb Ans�+tW Trs�wries t2,252,1' 3d 3.1�r 6.82 12.44 Cnrpacstcs S I.445. I 84 Z 196 7.33 11.81 Corpotatt� 51.�2�.295 2196 7.�i2 I Z.60 7itiasur�cs SG84.18b I.Q'b 6.$8 IO.fr4 rorporntes si,9&t,980 i956 7.Q8 7.06 5 iioldings with Hi�hest Et'lect YIeId Endirt� �rrara Markd ot Effectfve OA UA 2.SG A�+ 230 A3 2.2i M i i.74 Auf O.G4 At3 OA 1bo1 �i23626 Mpt 8.50'i6 ON 13R026 Mortp�a 30 O.p96 7.66 241 (288) Aa++ �bot�US3b0 Mpt8.0096IOVISI2qi6 Mart6aae� 5673,402 1.496 7.GS 3.87 (2.45} A�a+ 'q1a�lap�tscs Iac Nt 5.9596 I 111 Sf2025 �oryoraw 51,4t5.184 2,196 7.53 i 1.81 2.30 A3 7�fae 1.� Mtt Carp NtOQ4 Mp18.0096 l I101/2025 Mor+,�n�cs S l, I b2,312 1.75b 7.S 1 3.24 ( I.� Aaa� �DO114Q9602 Mpi7.S9504/iSr2025 Monpaw 51,017,b30 1.596 7,48 4.80 (1.95) 1W+ P�t'1sKc� �hown on the pagc arr dcp�;nd�nt on th` s�curitics in thc portfolia being rccognized @y �hcir Cusip) DOd► fa dsis c�se 10096 of the sc�urities in the portfolio (by market valuc) tutre reco�ix�td and p�sced. i5 � , � k i� r � r 1 s , � � t � i . .,,.. � . . ..... . . �. .. . ..� .,. . ... .. ;t1•..iJ� . � .n'. �:���.{., .�;. . ,p-.,_ ;,, I � � ' 1 � � . �} . �. 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'L1',t�'.��.:�.i�t�'a:�. � �; :; ' '�' I, • yf,: l,\'�;s;L .r�,,.,,`.;;�; rt�' �.. :�. ' I..aSt Year � id.39 8.89 7.97 7.2�7 b.63 g. l'S 7.7% �.zs 7.31 S9 74 �a L,�St 3 Yctvrs � 10.44 9�.44 8.30 7.43 6.71 8.53 6,87 6,78 88 89 ;� . ;�,:!'��'.. . 3 =,'� °1' .,' ' t .� , +. ��: �r. . .i; , � �1'. � �1 . �f'� ��,, �; ���r �. ���r� ,�i ..�i' i B � � �,� O Y}'� � � VB ' • 8 �E"'�F. ' ' ` •---- � ��,, � �..� • �'�• • . _ �+���� . r: ' � �, r�. .. � ��. ly.s".' .'���!� � r• :::�%���� . ,. ,:`,�� ' f `r! . ..._+�� ; y�' �; . '�, , . � , "'?;... �'.'� ��: . �, . . . � r, �. .,'i�+ , . ,..,.rt�' • �� , • ;�►,� ..,'. .L�� � •� fw; r.: . . " . j w�� �N �' � r� ��.5' ; T��,! ` i;,�..r,`..ir 4 � � •�+'�'�7 Fm�n x S 91gi � Yearn �napfi�p '� � � i 9.22 4.72 7.83 � �.�,Q : 7.18 7.73 ' 653 7.U$ � s.� 6.a� 7.12 7.57 � , 7.73 7.8d �.a� �.ss . 28 � i d° � 6° : f t � 3G � ' , , ■w�aa , ' • , , . � . ' .. . , , . � . , . , , ' , , , . z�;.I�P :.� . . :1 . . • , . .. , . ... . . , . , . ; � ._ � '. � CI'T�C oF �wA �- �i�ir _- ��CE VS. TQT �Y ���I DATA�BASE �N'T PERiODS LJ 79 �" �0� - '.i� � �V7P "" 5� - � � --- ` � � � C ���C � A� A . --- A li[T� -596 - �-,. ! 7J9l5- � 'I�OR'AL F�-INCONii C�g] DATABAS� � lath Fercentile 4.12 25th Percanti�e 3.45 Median 3.q6 iSt� Fetccntile �,ga 90th Prrce�tile: 2.63 I.e�ma�a Brot�er� Agg�gate 3.04 �. Piepa dt W�toup,hby Fixrd-Incamc A 2,32 GICs B q.�g , ._ : Total Fund C 3.3I �2aztkin : �' tI-�3ca.,to4-worstj � ?�r. �'uccd.lnromc. 96 "": � � GICs g _ Totai �und 32 � � . �� . --.....r. 1936 � 6.89 saa a.13 3.29 �.,i$ 3.64 2.i3 5.86 4. I 1 93 14 51 • A �� ..�-- • C •e �� 1995 � 20.90 19.Zi 17.35 1�S! 1 i.f/0 i 8.46 2I.30 �.7U 9.57 99 96 x;�' .:i� ;,,:; . ,. � � ,�}� :F•:Lr.. .�5, �,., .�,� � ; r ti ,�r„ �� �.� - ✓'�f � � r ,"�C � M' � '? . . ' , � . 4• � «:��` .:� . � :� � � � . i-� • r) • •+� � r . `�• �+• � �+aw�r � �, • � , • C J �� I ���. !!H� A�r, --_ w�� 1994 � 1.18 (0.']2) (�.29) (3.37� (4.50) (2.42) 7.87 7.00 1 1g93 � I5.9t I2.04 IO.q3 8.79 6.62 9.75 9.(39 8.�5 7D 77 � � � t i ! : � . .,;. . , I �r o� c�w�,� ��o�s P�rvszorr �vNn QUAR'i'F.RLY FERFORIv�ANCS RF�.ATIVE TO TARG�T ��iOFF, P�EPER �Ic'RI�i.L.OUGHBY . � �; • , !� . ��� �`' . +�r -.-};. �.. ' .��. � 1f� ... . f' • - �j�. .�:� p� �i � � Quartcrly Manager Effett in 96 +8 I �4 I +�4 i ,�2 0 ira -4 i. •i�r aii.� - ��- . .x �. . •i�T ��» J�7L �77I Tar�ct Asxli�r � Ba�eline rcpres�nts ihc L�}�man Brott�ers Aggregate I�dex return. 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"' ,i:' :,.:}-..: I 1' �� '�'���,',�, "�� f.�a.��-- � i:'„�,r=. i �: ,..•�...1_ ... ..r�t�'„� _.�.,:.' .,...iloiri�:� - - �� � �{ 1 �... ,t . , ; . . . . ; . �, , • . , . ', � � � . ., , r . . , .; , .� ,. . . ' , � �. . ., , ;r, , , � . . , . , . . , .. . , ,... . . . . , ? , . . , • . " , , . . . . , , � � ;�;� ��;�• �.�,�: � � ' . • ' � , � ,C�i� ��E•� . ..... ' „ . . . . .�...- „ , ' . .. .. , . � . • .. , � �,.... , ' . �l . , ' , ' . ., Y I - . Q�7�RNA?TQNAL iT1TY �'� D�i}�TOR.� , . . , ,, � Tbe markct i�dicators includcd 'w ttus�rcport aar� �cgarded �.s mcasures of �qu;ty o�r f�ced �am� . �rform�cc r�sult�, Thc rcturns shown rcflect bath .incomc and cap[ta1 �ietion. � r ""' :'ti : . Mo�rgan Sta�Iey C�pit�l Iatxrnadonat (MSG"n i�.AFE L�dex is comQosed of appxpxim�iy 1QQ�0 . eynity secuiitics �cpresentuig the stock exchanges of Europt, Austt�li�, ���r ��d �a � , �sr Eas� The �dex is capitaIization�weighted and. is �xpressed in tcnna o� U.3. dollars. . ' � . .. . � • � . , �, : �� � � . • . �� . �.' . ' � w 1• � � , •�� • - . � � �� . • ' � �•r�i � T, . ' �.+.;� . � ` � � . • .r�e�• . . . , _� . < 1 , . . ' Fw � 3' f'�'� � ' � ' . : �i:n.y . K � • . . , �� "�►�:�v� . . � � , Y �<}h, ' ' ' •� �eS+ . � � ' � , , ' ���. : �.Y+ , . J � - � V1} � ' r ' . . ' • , �+9•. ��� f� . .� , ' . � , .�.� ...� i• • .;, �J� . . � . �.� ' f'�' � ,' . ,�i:' r . � � ,_ � _. � ' �..K. I I�.�� . � � . . � ���. �N� �.� . � � ' � . . � . • . . , . I . . .� � . , .� � r ! .. ,. • ' . ' � � ` °f , ``7t: �`, . . .. � . , , , ... . . , . ,e; . ,. . , ' � .. r i. ... . .. ., �• . . , � � � � � FIXF.D�-�TCOME � IPiUICA'F�RS Tht mark�c �ndicators inciud�d in this rcport azc t�egarded as measures of equit�r or fixod-�ncome performanre ttsults.. The returns shown reflect both income and capjt� app�iadon. 9Q-L?ay U.S. Trea,�uiy Bills providc a mcasurc .of riskf,css return. Thc .ratc of return i� the average inEcrest ratc available on the beginning of e�ch month for a"i'reasury g� ��g � ninety days. . . . Lehman Bmthcrs Agg�tgate Boflci Index is ' a combinadan of tha Mortgage �3ackc�i ���� Indcx and thc intarmediatc and long-term campot�ents of th� GovernmcnVCorp�oret� �� Indcx, �eb,�nan Bra�cr� Govt/+Cc�rp Ban� Xnciex is a composit� of alI publicly issucd� fii�� ��� nan-con�ertible, damestic bonds. The issuos azc rated at Ieast BBS, �ave a mi��� outstanding principal of $�OD million for iJ.S. Government issues or $SO million for other ` �onds� and , have a maturity of at lea�t one year. The � indeA is capit�ix,ation-weighted, . � � S k 2 � f � � � � '� I . � � a� � 'i '. ,t ' ' , . ' ' . . ' ' . .' '.. � . . � , . � ' � ' ' t , f . ' � . , � . . . . . . . !. . . � . � . , i . . . , , , 1 , ' , � .. . � � . � � . ' • " , . , � '. , �. . ' `� ' � �. ' . . , • ' � � , . ' � ' `+1' 151 . .. • j� � , . ' � � � � � � . �1� ' . ,� . ,' • .. , ' . 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' , ' � ' • r � . � . . - � � � r . 4 � ' � �"' `. • .. �' a��AL PRYG'S L.EV�L MA.RKET IIVAICA'P4RS, ; The ma�rket �dicatc� �� �•� �� ��g�ded as mcasures of cquit�+ or f'rxcd-incomc � perfonnancc� r�sulta, � teauoa showu reflect bath income and cap�tal appreGaation. � Cansumer Pricc Iadcx � a meuurc� of thc avcrage ch�nge in prices for a fixed market basket of � °; �� gaods and serviccs, '� m�; �� �� b� nn �e spenduig pattems o� vrban wagc earaers Blld CICI'lCA� WOiICGI'1!f Vyhq ��t 40 pct�cent of tho total civil�an population. . :,... . : , .�..._�.,<�. � 1....'N! < � � �.�• �.'� �� .�, �� :<• ,�y, ��� i' �• �` � ��;': ��- . ,. .. � , i. • I I ' . � � ` ' . � 4� . . , �, � ,. , � . , , r� I �. � '' : � `'. , . ' .. . , . � , ... . � , , . . _.....,,.,,.�� , . . . n:� , ;�y� '� s, =��, �c << `,>, L; ��.!� �. �• r� ��,;; �' : ��: �: �� ��. .. �3:� �:S .?' '.�"�.,--....... , .. . � . r,..�..,... , A � � ' CAI.L�IN AS50CIAT�S �I+TAHASB3 � In order ta providc comparativo jnves�nent rc��lts for use in evaluating a fun�+s �o��t Callan Associatcs gathcrs sate of rcturn data from �nvestrnent managers. 'Th�� �� ��n g�roupcd by .Eype of as�ets man�ge;i and by thc tyge of invcstrncnt ma�ag�r. Exccpt far mutual funds, thc results arc �'or ta�c-excmpt fund asset�. 'i'h� databases, cxc�ud'wg mutual ft�nds� rep�ese�t investmcnt managers who handi� over 809b of all tax-exempt �d ���, EQUTI'Y FUNDS F.x�i�ity fiwds conccntrate thcir in�estments in comman stocks and convertib2� securid�, '�� funds inc2�d�rd maintain well-diversified gortfolios. Cm'rrth ��me IIl�ntant Fe�ds �rc equity mut�al funds wiiii sizabl� ass�ts under managemcat whos�e ob,yectiv� is ca pravidc an investrnent r�turn of b�th capita� appreci�t�o� at�d inco�,n�. Crowth Mneu� Funds are, equ�ty mutua] #'unds with si�abte assets under m�nnagement whasc obj�c�iv� is to pmvide an mvestment raturn primarily fram capit� appre�iation. ����:I.G: � 1►I �. 1�nJc Foolai F�uity i�unds arc equity fi:nds man�.ged 6y bar�ks. 1f�ren�c Com�any Eqaih�r Acx��.nts are cquity fwnds mar�agc� by majar insurance companies. ��nt Co�lo� Eqnity ��ni�d Fnads az� equity hinds managai by investment cc�nseiors. The retums for a counselor are basul on either a cc�mpasite or a r�eprese�ftativc �emple of all f�nds ma�aged. � '���� �"� '� fi:i • �' ��.�c �'t t'•- i �'i°�i��r�,� k j �ifl, �f� i�".� �'��• •.�;•� � �I'��:# �� �9-� '�s�i. t. 1, � ��l:� '��.�',s�,:i�S°rs-�<•• �.?4; �"� Ti��,4 . , �fs.a• R'L �� .����:.r'�;i�,; `r,`�:-iti:t� `�i's. j; ;:� '. '� �' !ti '!, ii•','� ,-'r,,•n ." : jtHit�� ! :ir � " '�'t�;1�-� ;�..�'' ):,�' _ .,; ?�„ '1': �;:�::�, !'J;�� "'i'':•r.�''r�'',�4:�;%..,� ;�� ,��1r I+ [ s7;n, �1 ���1.�•ti_ 1 �+' �:. t .�.t' �, l•. . {�t :�;,�,r r � ird �: .1' ,.�. a �;�1� ° ��y;t � ; •.��T•�,��'` �fi;�,�;i '1 •I �i�' :,�1`i' ,�ri' �..•{�i 1 V�±`.r�rrS •�{ .'-`��' .�;��:"�. ;,'' �'•';��•� � �r;'' � '�� �.. �,' ' , "�`,.� �:�.;: . •;���' �.;:; : i. �',.� , .', �' .,'. : , r:. N� . �',.C',;� ',;5,\1��'�, '-A,}��=,.,:.•a����t ..r`i� ,,�` ,. , oj ;�,: � .i•;:-� , � • ''.�. �'< . ,. ,,, t��; . � �.•�� .�; , •u.t.r', .i�Y..','r!:'r3 y r��`'�'� • � , y; +e'-'; � r � � .`�� + `�,: "1�� ,t;�!:i.: '��:i r� 0 � � S i� : ; i l i i I 1 � �: .� rz; �: ., .� . .. . . . _ . . � ... ... . ... .r_ .. . • . \. . � I.' , .,1,,_ i.• .. .. . .. .��t. � „ � ..�.:'A'�^ � ..�. ��' . , ,. , . � . � ,,:,; . . . :,�: << �• , .�. . . . �� � � . , . , ' . ,' ' � ' . � . �l , � � �.. � �. ,.� � �- . � � � CAi.LAN ASSp�,Zq� DA'Y`ABA�&S In ord�er to pmvide camparadva invcstrncnt results for ase in cvalnating a fynd'� ��, Callan Associates gathcrs rate of retum data from investmcat managcrs, '1`��y� ���en � grou�d by type oi asscts managed and by tlte rypc of u�vestment man�gc�, g,x� � mutual . fiinds, thc resui�.g are for taac•excmpt fuiad �asscts, Thc databases, exclud'wg wutu�l t�nd�, nepresent investrnent � managcrs who hand�e over 809f� of all tax.�cx�mpt ttu�d asaets, . FD�F-D-IIKCONlE F[JNUS p�,xed-�came funds concentratc thcir investments in bands, prefetred stock�, and moncy tnt�rrket securities.'�he funds inclt�d�d maintain well-divers�ed p�rt#`olios. � Bank Poolod F'xxcd L�coine Fumd� arc fixed-incame funds managed by banks. �xx Comp�y ]F'�ccd In�ome Accoants are fi�xed-income funds managcd by m�jor insurance companies. � In��s�cat Cvunscxor Fi�xcd Incame Fands are fixed-income �'unds managed by inv�tment �o�nselors. 1"he returns for a couns�lor am based on either a eo�posite ar a t�p����v� sampio oi all funds managed. � . : � .., 4 •' ry. � L3�'� FiJTTDS Fublic PZan Spons� Databa.ge �;ansxsts of public employce pension funds (citylstai�} compositc 1"�h11'�S �VblCi 117Citld�3 CSiIl81'1 AS50C1�iC8 C�iCOtS aI1[� I30E1-CLBJliS. . � o � ir � " :..�....... .. .... .. .,'r � .._,.,+...�,y,�-1•..w.. ` .a� E,�UI'TY MANAGEN�EI�T ��g C1ROiXPS Aggr�css�vc �mwth . Managers who IIlVCSt in growch securitics with s;g��� �g� �, t�sk/return expectations than the broadcr marke� Sometimes makes conceQ�� ��y��"bY selecting a smalt numbeY of sccurities or by investing in on�y a�ew specific �p�, $���4 from campanies with markei capitalizatians sign�cantly be�ow the bmader marke� Invcata in compa.�i�s� with PfE ratios, Pricc-to_Book va�ucs, and Growth-in-Earn�ngs val�Fts �bpve th� broadcr noarket� The companies typica�y havc zcro div�dends vr dividend yi�clds b�loqv th$ broa��r market. Invcsts iin sccunties which cxhibit �reater volatiiity than the broader �� � measured by th� risk statistics Beta and Standard Deviauon. Contrarian - Maaagers who iavest in stacks that are out oF favar or whic� have 1��� ��t market interest, on the pretnise that gain w�l b� realized when they return to fuvor. Snmed�� makes coac�ntratcd 'beEs" by selecting a gma].I number of s�curittes ar by inv�sting an ovly a few spx�'ic sector5. In�ests in companies witt� Return-on-Assets yalues, Reium-on-Eq�iljr values, Growth-in-Farnings values, and Growth-in-Dividend vala�s beIow thc bro�dp� m���, Choo�es s�ecurities tlZat, due to their eont�ary status, do not move with th� broacier ma�tet� a� measurc,d by a lnw Bcta and significant non-market risk. Core Fqaity - Managers wl�asc portfolio hoidings and c�aracteristics are similar to that of th�c broader market as �represented by ihc Standard & Paor's S00 Ind�x, wiEh thc ab,��cEive of +�dding �alu� aver and abo�a the indcx, typically fram scctnr or issuc se3ectian. The co�e por�o�o exhibits siimilaz risk chara�teriastics to the braad mazk�t as measure� by low �sidual risk qritb Beta and R•Squ�d �alucs closc tn 1.0�. Gruwth - Managers who invest mainly in large companies that are exp�tcd to have above avcragc prospec�s for long-term growth in eamings and profitabiLiry. Future growt�t pm�t� taic� pi�eccdence over �aluation Icvels in the stock scle�don pracess. Invcsts in compa�uCa with PlE ratios, Price-to-Aoolc value�� Return-on-Assets vatues, Growth-im-Eamfngs vaiacs a.bove tha broader market� 'I`t�e companies typically have zero dividends or dividend yields bclaw thc broader markct. Invests in securities which exhibit greater volatility �han the broader markct as mcasur�ed by the securities' Beta and Siandarci De�iativn. The Growth Style Gmup is composai of the Gmwth (Sc�tor Rotatinn) Style Gmup and the Growth (Stock Sclectior�) StyIe Group, � i�owth (Soci,a�r Ratatioa) - Growth managers who tak� advant�gc of expect�d earniEngs chang�s i;� the performancc of ssctors of thc �conomy to t.uget sectors expected to outgerform. Future �rowth prospec:ts take greceadence over valuation levels in the stock sel�ction process. Sector I�;� 'avei$�yting takes precedence over individaal security selection in the inveshncni process. To this , d�d, �csearch is done to ir�entify the sectars that will respond rnost favorably ta eme�ging ` growth 4�ends, and then markets and fums are targctcd for investmer�t withu� the s�Iected �,�,Y; �octo�a bascd on fundamenta] investrnent criteria. Inv�sts in p�edominant�y lazge cap. Companics with P/E radas, Pnce-to-Book val�aes, Return-an-AsseEs valuas, and ��' �' � �mwth-in-Eamin s values abave the broader marke� 'I'he com anies icall have zsro �� . ,� � P tYP Y �� :� ,d�v�dtancls ar dividend yields below th� broaaer market. Inv$sts in secunties wh�ch exiiibit ''�`'{#.�����TOai�s voiatility t�ian the broader market as measured by Beta and Standard Deviation. :���:�. .�� � ., �.�,, s ��• J 1 !�. . � t .. .. ._.., , .. ... . . 1\-^... ..� �.� .1 :�':��\: . .� ..��. .r,... f� ' .r!� .���.�r•�.i�4�i/'�..rr�l•(;r.j,r.,;. '�.. .. . , � �� h R. � � 1� � r��lS. �: • • . i��lr����ww���..--- Fi,� ,;���!, . f . � �4� .i:. � '� i� : r • � Grow� (Stock Sc:c�t�ioo) - Growth managcrs whu perform fundatncnt� analy�ia on indfvidw4t fums to idcntify thvsc with favorablc earnings gxowth prospects rclativc ta tbe pri� of the sta�k. Future growth pr4sp�cts takc p�ecedc�cC ovcr va3uation Ievala i� thc �t.ac� selec�o� prc�cess. fndivid�ual stoek se�eeEion i�sUCS take precec3ence ov�r eeonomic s�et�r weighting in poRfalia conshvc�on. Invests in campan�es with P/E rauos, Pcice-to-Book vaiuc�, Raturn-aa-A.ss�ts va�ues. and Growth-in-Earnings va�lues above the b�ro�dcr m,��, �c companios rypically have ze�ra dividends or dividend yiclds Gelow the broader marlcct, '1'he stcunties exh�bit �ater volatility than the broader markst as measurCd by th� r�ak R���tica gcta a�d Standard I?eviation. �g� �p �roa,d equaty regard�ess �ompansan with inv�stment sEy�c. Yalue and Ls�ge styte. - 1Vianagers who conc.enirate their holdings in Iarge capit�izatian dnmestic �f style (growth� vatue or core). The puxpQSe vf � this grvup is to allover a t�c univ�rsc of Zar�e cap equity funds withont focus�ng on a particU�r 'i'he L.arge Cap Broad Stylc consist� of th� �,ar�c Cap Gso��th, La�gc Cap Cap Core managers, as wPll as large capi�li�.ation managers of undetcrtninod IVi'idd�e C�it�liza.daa - Managers wPso inycst prim�riIy in mid-rangs companies with markct capitalix.at�or�s betwsaen cora equity companies and smaU eap�talizadon cam�anics. The aver�ge m�'kat capitalization is approx�matcly �3 billion. Invests io secucxties w�th great�r voi�itility than thc broadcr markct as measured by thG risk stadstics Beta and Star�aard I?eviatian. Thc IV�ddlc Ca�italizadon StyI� Group consist� of t12e Midcile Capital'v.ation Grnwtb Equity a�d thc Middte Capitalazativn Val�e Equiry Sryle Groups. . R�tiddlz CapiLalization (Growth} - Managers who inve�t primarily in mid-range campanies tha� are expecte� to havc above averrxg� prospects for lo�g-tcrm gmwch in earnings and profita�iliry. Futunc growth prosgects �ce prar,cdence ovcr �aluation xeve�s in thc stcx:k saZection pror,�as, �'bo avcrage m�urket capitalixation is approacimaie�y $3 bilIion with markct capitfilizations bttween carc eguity companie5 a�d small capitalization companaes. Inves�s in companies wiEh P/E ratios� Price-tn-Bouk values, and Grawth-in-F.,ttrnings vaIues above the broader marlc�i as wcU ns �tie tnidd�� c�pitaliZation market segmenY. Iavests in securities with greater volatility than th� bmader markei and the middle capitali�ation segm�nt as measurex� by the risk statisdes �3cts and Standart� Deviation. � A�� Capitaliration ('VaIne�) - Managcrs who invest primarily in mid-rang� compar►i�s 6elieved to be currently under�+alped in the generaI marke� Val�ation issues ta�ce precc;denca over t�ear-tema earnings prospects in the stock selectian process. The averagc market c�itaiization is �ppxoumately �3 billion with market capitaiizations between core equity ct�mpgnics and small ca�itali�ation �ompanies, Invests in comg�ies with P/E ratios� R,eWrn-on-Equity values� and Price-to-I�aak value below thic broader market and the middle �pital�i�atiQn segrnez�t. �nv�sts in securities with risk/zeward profiles in th� 3owcr risk range of the mr.dsum capita,�izatiun market, . Soctror Ratation - Niana�ers wi�o identify sectors of the economy that show the bc�t potenti� for 'h�wt.stment, and then target markets and fums for investrnent within the sc�ected sectors �cording to Fit�dan��ntal inv�stment criteria. Se�tor weigUting talces precedence over th� �dividt�a� security selection in the invcstment process. The 5�etor Rotatian Sty�e Group is c�mpos�d of the Growth {Sector Rotatlp�) and Va�ue (Top Dc�wn) Sty2c Groups. `�� :.. . � 4•�- . t. � ; �. i� :� � �. 's; .. ,�_ ,'„ S . , ,-� .... .. .,�, ....i .r,. .�.... . .�:�.f�� ..'���,i' �'. . , �.. ��t... , i' � �' .� . , . �.� , � � ... ..���+•..... . . � ..�. �N. ��.�.r,.� F,�,ur�r �x�cE�rrr sr� aR� Small Capitalizatio�n - Manage�rs who invest in companics with rclative�y small capita�b�, The average market capitalizatian is approximatzl� �4�4 millson. The companies typi�y bave zer� dividcnds or �ividend yiclds bclow the braader m��CC�. The �ecurides e�;bit graate� vofatility than the broader ma;icct as mcasured by thc risk 5i8uSLiCS Beta and g�� Deviatian. Thc SmaIl Ca�italization Style Group consists af the Small Capitalizatian (Grawt�� sty�e Group and the Smsill �apitaliiation (Value) Styl� Group. , Small Ca��talizatian (Gmwnh} - Managers wt�o in�est in small capitalization compani�s that ar�e �xpected to have above avcr.�ge prospects for I��g-cerm gmwth in �arnings and p�ro�t�bilityr, Futute growth prospects take precedence over valuauon leveIs in the stock seZectiot� pro�s$, Invests in companies with P/E ratios, Price-to-Book valu�s, and Growth-in••Farnings va�uc� Abov� the broader mark�t as well as thc small ca�ita�lization market segmenk. The camp�nics typically have zcro dividends or dividand yields below the broader marke� T�te sccurit�cs cxhibYt greater voiatility than the broader market as wcll as thc small ca}�italizatioa market segment as measuned by the risk statisdcs bcta and st�uidard deviation. Smali Capiteli��a►� (`Ia�uc) - Managers who invcst in small capitalizntion companies thAt �nc �Iicved to be curren�Y underva�uetl in the general marktt, Valuation issues talce prece,de�� ovcr nca�r-tenn earnings prospects in the stock sc�ection p�ocess. The companics ar� e�cpected ta h��e a nea�r-t�ran carnings r�bound and eventuaI r�alization of �xp�cted value. Inv�sts i�n �ompanies witb PIE ratios, Rctum-on-F.�uity ��ilues� and Price-to-Book values below thc broader markct gs well �s �e sr�all capitali:zation mark�t segment, The companies iypically h��c dividend yields iu� the high zan�;c for the small capitalizatiop m�ket Invests ia sc�urities with risk/rewazd profilea in. tha lower risk range of che small capit�izadon mazkc� �,lalu� - Managers who invcst in pr�edom�nan�Iy larg� capitali�ation companies believcd to be curnntly �ns��rvalued 'm ihc general markc� Thc companies are expe�ted ta have a ne�v-term carnings rebound anci oventual rca.�ization af expectcd va�u�. Valt�ation issucs takc precec�cnce over neaz-term earc►in�s �rasgects in ihe stock se�ection grocess. Iuvcsts in companies wi� Pf�C fatias, and Price-to-Book vaIues bclow th� braader markct, Us�aally exhibits lower risk than ttte broader market as measured by the Beta and Standard Deviation. 'I'he Value Sty1e Graup cansists of ttie Value (Hottom Up) Style �roup and Eh� Value {Top Down) 5tyle Group. �Idta� (Hot�xm Up) - Value managers who p�rform fune�amentat analysis an individuaY fums, �+egurdlcss of which sector of the �economy they are in, to id�ntify comp�nies that � ut�da�r�pricrd rel�tive to tneir un�erlyir�g estunated va�ue. 'I`he compariscs are expccted to have s p�-term carnin�s rebaund and evenh�ttI realiza�ion of expectcd value. ValuaUon issues take p�ecedence over nea�r-term eamings pros�ecEs in the stock selecdon process. Undividual stock �t.Icetion issues take prece�enco o�er eeonOmic sector weighting in portfolio cQnstruction. _� It�veats in campan�es with P/E ratios and Price-co-Book values belaw the broader marke�. In�e�t� in se�urities with dividend yietds in the high range for the broader markcL Usuallyr " oxbibi�s lower risk than the bmader markei as measu�d by th� risk statistics Seta and Standar� .. . D�viatian. � / . . . , i, � . • • . ,, r ., . . � „ .�� ,7 � ...�. ', , ,� a: ,r, . . '��. , 1� , , ;•�. 3 � • . • ' .. • ' ' � , , , I w � y 4 .� •' 1 S . , � F U[i'Y MANAGEN�T ��"E GROUPS 1 I ��� �TOP �Orwn) -�Ialue ma�aBers who first uso �ntal 'wdustry a�alysis to idcntify ���how. tha best Potential for invest�e��, �nd thtn target markeis and fums for invcstmcnt w�t,h�n the s�tccud induscnal sectora �+hic6 �r�a belicvcd to bc underpnced reladve t4 thcir und�r�yipg c��mated valuc. The companiaa are �xpectcd to have a near-tcrm eamings rebound ��v��� ��xac�an of expected v�1ua VaiuAtion issues take preccdence o�er near-tsrpa ta,rnings prospccts in the sto�k se2e��ion pr�� Sector weighting ta�kes precedence over indiv�d�� �uriry selection w thc investm�ne p��. Invests in �omp�nies with P/E ratios and Y'ric�-to-Book valucs below t�e broader m�rico� Iavests in securiUes with dividend Y����S in thG h�g,h range for thc broader maric�t uau�lly exhibits tower risk th�n the bmad�r markct as mca9ur�ed �y the risk statistics Beta gnd St�adud De�iation, Yie�d - M�ag�� `,"�o� primaxy obje�tive is a hig� cur�ent divide�d yield. Invests in comp�nics w�th Prica-to-Book va�u�s aad Gmwth-In�Fatnings valucs betow the broader mazke� Invests in sccurities �vit� �i�idend yields �bo�e th� �er markeG.Invssts in securitics with s�gnificantly lower volatility than the broader msri��ct �s �te�aurcd by thc risk statistics Beta and S�� Dcviatio�. . .* � •�^.''Y .. _- 0 �} ��iti+h��� .' . wX �� . . ��. r . ' t%qy '� !'�;�'t:i IG � : -' . ;r+.l�ri �+, ;.��. � EsA�' �+�"�..� f ..4 �� � . �: . . , y. �4't ..y�,� ,.— i,' ',r. t,j��,�.�, ��`i� � , {,! rl Y:«.r.'�i`:'• . .`'�'f ��'•�a 0 M � � ►� � � r �- :� �� : e�• � Activc Cash - Managcrs whosc abjcctivc is to achievc tt maximum ctturn o� ����m financial instruments through activc managcmcnt. The avcragc port�'oli4 ma��ty ;s �irally tess than onc year. Acti�e Duratia�n - Managex�s wha agg�ssiv�ly cmploy inter�s� ratc anacipation iu actling �r�t�folio duration. Portfafios are actively managed so that large changes in dur��Q� � m�� �n anticipation of in�raest ratc changes in ttopes oi profiting from downwazd tat� mp��mants and min�m�izing losses from up�vard cate moyeme�tts. Cvre Bond - Manag�rs whv construct portfalios to a�ppro�imate th� investmcn� result� of t3nc Lehman Brothers G�v�rnmen�lCorporaic Bond Index ar the L.ehman Broth�rs pggr�cgatc Hond �ndex with a rnodest amour�t of variability i�n c�uratian aroun� tlz� indPx. T`�e objcxtive is to achicve value added from sectar an�/or issu� seZection. �Aefensivc - Managers whos,c obje�tive is to minimize inter�st rate ris� by invtating pr�dominanEly i�n short to intennzdiate term securitscs. The average portfolio dwration is simi�ar to thc duration of th� Mer�ll Lynch 1-3 Year Rond Index. p,At�nded I�iaburity - Managers whose average portfaYio durati�an is greater tban that of the L.�hman Hsothers Govemm�ndCorporate Band Index, fhese portf'olios cxhibit risk/retu�ra t�aract,eristics simila�r to thc long-bonrt portion of the I.ehman Srothers GovernmendCtriporat�c Lndcx, Gatted the I.chman BroEi�ers GavcrnmenVCorpoxntc Long Band Inde7c. V�tions � in bot�d portfolio ch�racteristics arc mad� to enl�ance performance resutts. Thia resuits in an �ggressivc risk/ret�m profilc tliat embraces interest r�te risk ;�n search af both high yio�ds as wcll as capital gains. � Yi�ld - Mana�ez�s whase investment obj�cdve is to obtain high current income by inv�sting primarily �n non-inves�ment grade fix�d-incom+e securiti�s. Da�e to the iner�ca.sed Ievel of defauZt risk, se�urity sclection focuses on credit-risk analysis. �termcdiat�e - Managcrs whose abjective is to lower interest rate risk wh�Ie retaining reasonable yit�d levels by investing }�rimarily in intermediate tcrm secwrities. Th� averagc port#'alio dw�ttian is similaz to tt�at of the duration of the Lehman Br�thcrs Interna�iate Civv�rnment/Coiporatc Bond Index. � ��+�t�r Mar�Cei - Qpen-end mutval funds that invest in law-risk, highly liqt�id� short-term t�ancial instruments and whose n�t asset vai�e is kept stable at $ I p�r shar�, The averag� -f p�ffolio m�turity is 3U to 60 days. :�: . '~; - Manag�rs who invest primarily in mortgage-backed s�urities including agency �i .,•�R�C� GNMA, FNMA) and private issue pass-throughs, asset-baciCed securities, and ���;'-:,�' ��0[�gagc derivativ�s (REMICS/CMOs� IC}s, POs). Funds may a�so contain a smnll percentage � �of �1»S. Trcasuries. • Bank inv�stmcnt funds in law-r�sk, highly liyuid, short-term financial ins�uments. The �o parifolio maturity is 30 to 60 days, ` ,. � } � • I �'�I { , �-.. 4 , •rn �.... . _. _. _ FIXLA-INCOM�? F(}RTF4L.�0 CHq��S1TCg All Portfalia Characteristics arc d�nvcd by fust calcaIati�g thc characicrist;cs fQr ,��y �urity, �d then calcuIating Ehc market val�e wei�.htr� average of th�se valucs for thc portfolio. A,iioc�tion by Socta� - Sector allocatio� is on� of tt�c tonls which managers ofter� us� to aa�d vaiut without impacting tlie dvration of the paRfolia. The sector wcights exhi}�lt �an b� uscd to contrast a gortfolio's weights wiEh those of fihe index to �dentify any sign�c�� �tor bets. Avc�ragc Caupon - The a��rage coupon is the market value we�ght� avcrage cougan of a1I secuntics in thc port%1io. The tatal pnrtfolio coupon payments per yea� ane divideti by the tatal portfolio p�' valu�. Av�g� Mooay's Kating for Total P�stfolio - A measure of the cr�dit qua�ity as d�ter�mined by ihe indi�idual s�curity ratings. The ratings for each �ecurity, from �I+�oody's Tnvestor S�nrice, arc compiied into a compasite ratin�g for tha whole portfalio. Quality symbols rangc fic�m Aa�af (h��,hest investment quality - Iowest credit risk} to C(iawest investrnent q�ality - highest cr�dit risk). Avcrage Ogk�oa �,djustad (F�ffective) Canveaity - C�nve�city is a measure of the portfolio's cxgosure to interest rate risk. it is a measur�e oft how much tha dt�radon of th� portfolia will change given a change i.n intcr�st ratcs. Gencrally� s�curities with negative canvexities a�e considcr�d ta bc risky in that chang�s in interest rates will resuit iw disadvantag�o�s changcs in duration, Wh�n a sccurity's duration changcs it indicates ti��t thc stream of expected futun c�sh-flows �as changc.c�, gen�rally h�tving � sigiifir.anE impact on the �alue of the sec:uriEy. Tha option adjusted conv�xity for eaci� security in the portfoUo is ea�culut�d using mad�Ls daveloped by Lehman Brothers and Salomon Brothers w�ich determine thc cxpeci�d stream of casb-flows for the security based on various interaest rate acenarias. �xpectcd casb-fiaws t�k� inio account rwy p�t or call options embedded in ttie secwity, any cxpeet�ed sinking-fund paydowns o�' any exg�ctcd mortgage princi��l prepayme�ts. �ivcrage Optios Ad3ust� (E�'ective) Duraiion - Durador� is one measw•e of the port�'olio's expos�u�e to inter�est rate risk. Geaerally� the f�igher a portfolia's duralion, t�e more that its Yn�uc will c�at�gc i� xesponse w interest rat� �hang�s. Tl�e option ad�usted duration for �acla �curity in the portfalio is calcuIated usin$ models develo�d by Lehman Brothers and Salomaa Brothcrs which determine the exp�ectcd stream of cash-�lows for thc security based on �arious �nt�rest ratc sc�narios. Expected cas1�-flaws tak� into account any put or call opuons embetidcd �ti the sccurity, any cxpected sinking-f�nd paydowns ar any expecte� ma�i�age priz�cipal P�P�Yments. 11►vr.sagc Pricx - The a�verage price is eyual to the portfalio market �alve divide.� by the number � Bccuridr.s i�a the portfolio. Porifolios wiE�i an average price a�ove �ar will tend Eo generac� mrot� cuirnnt income ti�an those with an average price below pa�. ;��; . w;� I�v�s�ga Yc�ar� t�o Exjtccted Maturihy - This is a measure of the market-value-weiglited-avcragc �'�' �4' t� tfi�e y c a r s t o � x p e c t e d m a t u ri ty a c r o s s a l I o f t h e s e c u n ti e s i n t h e p o rt f o l i o. E x p e c l t e d y e a r s t o ,�:i i,;�: `����; .� s t � t r i t y t a k e g i n t o a c e o u n t a n y p u t o r c a 1 l o g c i o n s e m b e d d e d i n t h e s e c u ri t y� a n y e x p e c t e c 3 :� �� `� �Likiag-fund paydowns or any expected mortgage pri�cipal prepayments, �`� ,. . ��x . � � SQ ,. . ,, . . . �n . , . ,.. - , : 1 . .. .4_, , � , . � ' . .. / � : � � �ix�-�xca� FoR�o�o c���sr�cs � I Avcaagc Years to StaLed Ma�urity - Thc a�cragc yaars to sta�ted maturity � tbe maxket �atu� . w�igl�ted av�rage timc to statc� maturiry for all securitics in th� portfolio, '� m�� �s not tak� into account imbedded options� sinking fijnd paydowns� or prepayn�Cnta. (�imcat Yi�ld -'I'�e current yi�ld is the current annual income generated by t�� �� p��olio r�axket value. Ii i� eqnal to thc tfltal portfalio coupon payment� p�r yea�r divided by the curneat tdta� portfolio market value. �CCUYC Y1B�d - Thc effectivc yield is tha actual iotal annualizcd return that wou�d be t�eati,ud ii atl s�canties in tbc port#'olin wcrc beld to their expected maturitiGS. Effoctive yield i� c�calated as the interoaI rate of return, using the current ma�rket value. and �lI azpc�tcd fi�pax�o intaresc and �rincip�I cash flows. This measurc incorporates sinking fund pgydo���, expxted mo�tgage pnncipal prepaymeats� and thc c��rGisc of any ��in-the-ma�ey�� unbedded put or e�l options. � 'FWeigt�tcd Averago I.i�. - The weighted average life of a security is th� w�ighted �verage t�me td payment of all .�raemaini.ng princ�pa�. It is calculated by multiptying each expccted fuh�re ptuacipai payment amount i�y thc time left to the pay�nen�. 'This amaunt is then divide� by thc Wtal amount af princtpa� r�emaining. Wcighted avert�ga Ii#'c is commanly nsed as a mcasure of the investmcnt life for pass-th�rough se�vrity types for �comparison to �non-pass-thnvugb s�cu.i�itir,s. �� ., f i`.=,`+r ,?,�;�: ��• .: � - t �'�t''' ;'.. , ':+� : :,�;.. ,� �. 3 , �.`; � ��t; �`.��ll. '' '1['�'�' c:� . i�/'�y. �'�.• .� �t'$ � . . •�yli C� �� �