04/16/20121. Call to Order
2. Approval of Minutes
PENSION TRUSTEES AGENDA
Location: Council Chambers - City Hall
Date: 4/16/2012- 1:00 PM
2.1 Approve the minutes of the March 12, 2012 Pension Trustees meeting as submitted in written summation
by the City Clerk.
� Attachments
3. Pension Trustee Items
3.1 Approve the new hires for acceptance into the Pension Plan as listed.
6� Attachments
3.2 Approve the request of employee Michael Kaelin, Marine and Aviation Department; Richard Albee,
Planning and Development Department; James Rores, Library Department; and James Jerkins, Gas
Department, for a regular pension as provided by Sections 2397 and 2.398 of the Employees' Pension
Plan.
6� Attachments
3.3 Approve the request of employee Dennis Allen, Solid Waste/General Services Department, to vest his
pension as provided by Section 2.397 of the Employees' Pension Plan.
6� Attachments
3.4 Annual review of the Employees' Pension Plan investment performance for the year ending December 31,
2011.
L� Attachments
4. Other Business
5. Adjourn
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date:4/16/2012
SUBJECT / RECOMMENDATION:
Approve the minutes of the March 12, 2012 Pension Trustees meeting as submitted in written summation by the City Clerk.
SUMMARY:
Review Approval:
Cover Memo
��11�:�)
Attachment number 1 \nPage 1
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
�� � � �
Present
Also Present
Unapproved
Chair/Trustee George N. Cretekos, Trustee Paul Gibson,
Doreen Hock-DiPolito, Trustee Bill Jonson, and Trustee �
Polglaze-
William B. Horne II - City Manager, Jill S. Sil�r�
Manager, Rod Irwin - Assistant City Manager;;
Attorney, Rosemarie Call - City Clerk, and Nic
Records and Legislative Services Coordinator
To provide continuity for research, items are
necessarily discussed in that order. __
Call to Order — Chair George N.
The meeting was called to ord
minutes of the February 13, 2012 Pension
ummation by the City Clerk. The motion was
nce into the Pension Plan as listed.
James Halios, Landscape Maint. Coord./Parks & Rec. 1/3/12
Lanette Richards, Utilities Chemist/Public Utilities 1/3/12
Pension Trustees 2012-03-12
1 /3/12
1 /3/12
1
Item # 1
Attachment number 1 \nPage 2
Trustee Doreen Hock-DiPolito moved to approve the new hires for acceptance into the
Pension Plan as listed. The motion was duly seconded and carried unanimously.
3.2 Approve the request of emplovee Thomas Lonq, Parks and Recreation
the Emplovees Pension Plan.
Thomas Long, Tradesworker, Parks and Recreation D
by the City on June 30, 1990, and his pension service
date. His pension will be effective April 1, 2012.
Based on an average salary of approximately $44,751 p�r:yE
years, the formula for computing regular pensions, and Mr. L
100% Joint & Survivor Annuity, this pension will approximate
Section 2.397 provides for normal retirement eligibility w;
completed thirty years of credited service; has reached ,�
twenty years of credited service, or has reached age 65"
of credited service. Mr. Long qualifies'under the age 5�
service criteria.
Trustee Jay E. Polglaze move�! t+o approve the reques# of emp
Parks and F���reation Departmenf; for a regular pensi4n as pr�
and 2.39� c�f the Employees Pension Plan. The mQtion was e
3.3 Aaprove the
•��c I"iY��
Louise Schult, Poli
the City on May 18
date. Ms. Schult te�
ent, was �rnplc�ye�
� effectiue on that
ar c�ver the past fi�
ing's selection of 1
$25,72� annually.
a partic
55 and �
complE
I twenty
as
rs
'hQrnas Long,
by Sections 2.397
;onded and carried
r�� L�uise Schult, Police Department, to vest her
n 2.397 of the Emplovees Pension Plan.
rvice Technician, Police Department, was employed by
, and began participating in the Pension Plan on that
ed from City employment on December 19, 2011.
The Employe�:�' Pension Plan provides that should an employee cease to be an
�mpl�yee c�fi tk�e �ity of Clearwater or change status from full-time to part-time
aft�r com�leting ten or more years of creditable service (pension participation),
such ernp�oyee shall acquire a vested interest in the retirement benefits. Vested
pension payments commence on the first of the month following the month in
which the employee normally would have been eligible for retirement.
Pension Trustees 2012-03-12 2
Item # 1
Attachment number 1 \nPage 3
Section 2.397) provides for normal retirement eligibility when a participant has
reached age 55 and completed twenty years of credited service, has completed
30 years of credited service, or has reached age 65 and completed ten years of
credited service. Ms. Schult would have completed at least 10 years of service
and reached age 65 on May 8, 2013. Her pension will be effective June 1, 2013.
Trustee
Paul Gibson moved to approve the request of employee Louise
Department, to vest her pension as prov
Pension Plan. The motion was duly sec�
�' � .
�..
The meeting was adjourned at 1:08 p.m.
Attest
City Clerk
Pension Trustees 2012-03-12
3
Item # 1
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the new hires for acceptance into the Pension Plan as listed.
SUMMARY:
Name, Job. Class, & Dept./Div
Pension
Hire Date Eli�. Date
Jennifer Haynes, Accounting Technician/Engineering 1/30/12 1/30/12
James McQuoid, Field Service Representative/Cust. Ser. 1/30/12 1/30/12
Connie Meade, Police Communications Operator/Police 1/17/12 1/17/12
Patricia Deeran, Customer Service Rep./Customer Service 1/17/12 1/17/12
Kyle Vaughan, Survey AssistantBngineering 9/3/11 1/16/12*
*originally hired as part-time on 9/3/11; promoted to full-time and pension eligible as of 1/16/12
Review Approval:
Meeting Date:4/16/2012
Cover Memo
��11�:��
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date:4/16/2012
SUBJECT / RECOMMENDATION:
Approve the request of employee Michael Kaelin, Marine and Aviation Department; Richard Albee, Planning and Development
Department; James Rores, Library Department; and James Jerkins, Gas Department, for a regular pension as provided by Sections 2397
and 2398 of the Employees' Pension Plan.
SUMMARY:
Michael Kaelin, Tradesworker, Marine and Aviation Department, was employed by the City on June 5, 1986, and his pension
service credit is effective on November 17, 1987. His pension will be effective March 1, 2012.
Based on an average salary of approximately $47,042 per year over the past five years, the formula for computing regular pensions, and
Mr. Kaelin's selection of the Joint & Survivor Annuity, this pension will approximate $31,414 annually.
Richard Albee, Land Resources Specialist, Planning and Development Department, was employed by the City on March 22, 1982,
and his pension service credit is effective on that date. His pension will be effective April 1, 2012.
Based on an average salary of approximately $55,394 per year over the past five years, the formula for computing regular pensions, and
Mr. Albee's selection of the 100% Joint & Survivor Annuity, this pension will approximate $44,792 annually.
James Rores, Library Assistant, Library Department, was employed by the City on February 25, 1986, and his pension service
credit is effective on that date. His pension will be effective March 1, 2012.
Based on an average salary of approximately $33,348 per year over the past five years, the formula for computing regular pensions, and
Mr. Rores' selection of the 10-year Certain & Life Annuity, this pension will approximate $23,181 annually.
James Jerkins, Engineering Technician, Gas Department, was employed by the City on March 9, 1987, and his pension service
credit is effective on that date. His pension will be effective April 1, 2012.
Based on an average salary of approximately $44,693 per year over the past five years, the formula for computing regular pensions, and
Mr. Jerkins' selection of the 100% Joint & Survivor Annuity, this pension will approximate $29,804 annually.
Section 2397 provides for normal retirement eligibility when a participant has completed thirty years of credited service, has reached
age 55 and completed twenty years of credited service, or has reached age 65 and completed ten years of credited service. Mr. Kaelin,
Mr. Rores, and Mr. Jerkins qualify under the age 55 and twenty years of service criteria. Mr. Albee quali�es under the 30 years of
service criteria.
Review Approval:
Cover Memo
��11�:��
Attachment number 1\nPage 1 o
C/TY QF �LEAfi!lt/A TER
E/C//PL O VEES' SEPARA T/ON PA Y PREFERENCES
PREFERENCE #� Employees can receive a lump sum payment for vacation, floating holiday pay,
sick leave incentive, bonus days (if applicable), and 1/2 of accrued sick leave at
the time of separation from the City. There will be no deduction for pension
from this lump sum payment nor will this amount count as earnings in the
calculation of the pension. The last day of work will be the termination date
and pension benefits will begin the following month.
PREFERENCE #2 Employee can extend termination date by part or all of the time due for
--- -�------vacation, oating o i ay pay, sic eave mcen ive, onus ays i-apprica e,---
and 1/2 of accrued sick leave. Employee may choose to run out this time in
any manner. Balanee will be paid in a fump sum on employee's finaf paycheck.
Termination date wifi be the finai day of extended time. Pension benefits will
begin the foliowing month.
��� �-_....
i_ �--_._�--_
i ���G1�f�e ae-�� n , an empioyee of the Ciiy oi Ciearwaier, hereby appiy ioi
pension benefits under the City's Empfoyees' Pension Plan_
I hereby certify that I fuliy understand the preferences offered to me. I choose to retire using separation
pay preference # � and wish my benefits to be calculated under this preference. Please use my
leave in the following manner:
Run Out
vacation sick floaters bonus hours
Lump Sum 1�S' � 1 vacation 5��°��sick �_� fioaters �� D bonus hours
i understand that my preference cannot be changed once this form is signed and that my decision is
irrevocable.
` � �+ � i �
Revised ti02
Form #9900-0008
EMPLOYEE'S SIGNATURE: �������������
SOCIAL SECURITY #:
ADDRESS: '� `� � $ e " `� n �� - � a J t� �3
�
�
PHONE: �a � � � � � � � r � � DATE:
���� �a�'(�`l$--aS�1.
File Name: Employee Separation Pay Pref
3 �i
�ilt
Item # 3
CITY OF CLEARWATER
PENSION ENTITLEMENT OPTION REQUEST FORM
I� � � � IrGVlfxe.� �0.�� 1Y1.
of Clearwater General Employees' Pension Plan.
��
Job Classifica
Department: �
Benefits Date:
Date of Birth:
Spouse's Name:
Spouse's Date of Birth:
�
N A-
✓k,f✓
do hereby apply for retirement under the City
_ uivision:
Date of Hire:
Resignation Date
The type of pension for which I am applying is (check only one):
X Regular Pension based on years of service
Job-connected Disability Pension
Non-job-connected Disability Pension
Sex: M� F
Sex: M F
The City of Clearwater Employees' Pension Pian provides multiple options to Plan Participants as to the manner of
the pension benefit payment. Option 1 below represents the standard or normal form of retirement benefit. The
other optional forms (#2 -#6) shall be computed to be the Actuarial Equivalent of the normal benefit.
Option 1- Joint and Survivor Annuity
The normal form of retirement benefit shall be an annuiry paid monthly for the life of the Participant, with a
100% survivor annuity paid monthly for a period of five years following the death of the Participant to the
beneficiary, provided that following such five year period the survivor annuity shall be reduced to 50% of the
original survivor annuity amount. [See section 2.397 (a) (3) (A)] The ParticipanYs surviving spouse receives
the designated amount for the rest of his/her life or until he/she remarries. If no surviving spouse, dependent
children under the age of 18 shall be deemed to be the beneficiary and receive the designated amount until
the age of 18. [Section 2.397 (a) (3) and Section 2.398 (b) (1)]
Option 2 - Life Annuity
The Participant receives his/her pension as long as he/she lives. Upon the death of the Participant, benefits
cease. [Section 2.398 (b) (2) (a) (1)]
Option 3-10 Year Certain & Life AnnuitV -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before 120 monthly
payments have been made, the remaining payments up to the 120 payments are made to his/her beneficiary.
If payments to the beneficiary commence and he/she dies before the total of 120 payments has been made,
the remainder of the payments is paid to the beneficiary's estate. If the first beneficiary predeceases the
participant, he/she may designate a new beneficiary. If no beneficiary is alive at the time of the participanYs
death, the participant's estate will be paid the balance of the 120 payments. [Section 2.398 (b) (2) (a) (2)]
Option 4- 50°/a Joint 8 Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 50% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Option 5- 75% Joint & Survivor Annuity -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 75% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100°/a of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
I�:�a
Option 6-100% Joint 8� Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 100% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues
to receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (Z) (a) (3)]
I have considered the norma! form of benefit payment under such Plan (which is designated on this Form as Option
1) and the various alternative optional benefit payment methods (Options 2 through 6) under such Plan and have
elected to receive my retirement benefits as indicated below. (Note: Option selection to be indicated both by
Number and Description.)
I understand that once my first pension check is received, my decision on this option is irrevocable.
If taking Option 1 sign below:
Option #: 1 Description: Joint and Survivor Annuitv
Employee's Signature: �____���i�i�+ar� �./�� Date: I q �
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex Date of Birth
If taking Option 2
Option #: 2
Employee's Signature:
below:
Description: Life Annuitv
If taking Option 3, 4, 5, or 6 fill in beneticiary intormation and
Option #: Description:
My designated beneficiary is:
Name: Date of Birth:
Social Security Number:
Address:
Employee's Signature:
STATE OF FLORIDA
COUNTY OF PINELLAS
Rev. 4/08
Form #9900-0009
Date:
de�ow:
Sex M F
Phone Number:
Date:
The fore oin instrument was acknowledged before me this
02 � l� by ��c.hCtC� ��G���i�� whois
personally known to me or who has provided
as identif� a ion d who did/ � n t t� e�
Notary Public
My Commissior��L�C-SrATEOF'FLORIDA
„��,,,,� � pr .
;��` Commission # DD763426
.= Expires: MAY 15, 2012
$p'�""� •�gU pZ7,(uyTIC BOA'DL^7G CO., INC.
Name of Notary Printed
File Name: Pension Entitlement Option Form
Item # 3
Michael Kaelin
LAST DATE PAI D:
BENEFITS DATE
CREDITED SERVICE
Estimated Pension Worksheet
2/29/2012
11 /17/1987
24.2833
Prepared by: Deborah Ford
Date: 2/9/12
GROSS
CALENDAR PENSION
YEAR EARNINGS
2007 $46,097.02
2008 $46,385.18
2009 $47,743.67
2010 $47,342.78
2011 $47,642.78
$235,211.43 (5 Year Total)
5/ $47,042.29 (Yearly Avg)
12/ $3,920.19 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 24.2833 (Yrs of Service)
$2,617.87 (Est Mtly Pension)
I[�'ii�:�c3
PREFERENCE # �
C/TY aF eL�ARUtfAlER
EMPL OYEES' SEPARA TfOEI/ PA Y PREFERENCES
Employees can receive a lump sum payment for vacation, fioating holiday pay,
sick leave incentive, bonus days (if applicable?, and 1/2 of accrued sick leave at
the time of separation from the City. There will be no deduction for pension
frQm__this__lump 5um _payment nor wili this amount count as earnings in the
--_- __ _ _.
____
calculation of the pension. The last day of worfc wifl be the termination da�e
and pension benefits will begin the foflowing month.
PREFERENCE #2 Employee can extend termination date by part or all of the time due for
-- -- ------ vacation, oating o i ay pay, sic eave incen ive, onus ays i apprica e,--- -
and 1/2 of accrued sick leave. Employee may choose to run out this time in
any manner. Balance will be paid in a lump sum on employee's final paycheck.
Termination date will be the final day of extended time. Pension benefits will
begin the following month.
�, ►�G�� '���--. an empioyee of the Ciiy oi �iearwaier, hereby app�y for
pension benefits under the City's Employees' Pension Plan.
I hereby certify that l fully understand the preferences offered to me. I choose to retire using separation
pay preference # � and wish my benefits to be calculated under this preference. Piease use my
leave in the following manner:
Run Out
vacation sick floaters bonus hours
Lump Sum 7�' ���vacation ��y' ��"sick a°�- S floaters �'la�S bonus hours
f understand that my preference cannot be changed once this form is signed and that my decision is
irrevocable. J���^� ��..
EMPLOYEE'S SIGNATURE: �
SOCIAL SECURITY #:
W NESSES• ADDRESS:
Revised i r02
Form ii9900-0008
�'ev�f. ��
_��2� �� �,m t� v� o r � 3`� t� �'_.S'
PHONE: ��q 3�i �I �7 S'J DATE: �� �� I�
File Name: Employee Separation Pay Pref
Item # 3
CITY OF CLEARWATER
PENSION ENTITLEMENT OPTION REQUEST FORM
�, K�`c.�l�► a r ck 1� 1�'�
of Clearwater General Employees' Pension Plan.
_ __
Job Classific�
Department: _
Benefits Date:
Date of Birth:
do hereby apply for retirement under the City
Spouse's Name:
Spouse's Date of Birth:
�
vr�Cr�'t�• Division:
Date of Hire: �
Resignation Date:
���'P
The type of pension for which I am applying is (check only one):
i� Regular Pension based on years of service
Job-connected Disability Pension
Non job-connected Disability Pension
Sex: M �
The City of Clearwater Employees' Pension Plan provides multiple options to Ptan Participants as to the manner of
the pension benefit payment. Option 1 below represents the standard or normal form of retirement benefit. The
other optional forms (#2 -#6) shall be computed to be the Actuarial Equivalent of the normal benefit.
Option 1- Joint and Survivor Annuitv
The normal form of retirement benefit shall be an annuity paid monthly for the life of the Participant, with a
100% survivor annuity paid monthly for a period of five years following the death of the Participant to the
beneficiary, provided that following such five year period the survivor annuity shall be reduced to 50% of the
original survivor annuity amount. [See section 2.397 (a) (3) (A)] The ParticipanYs surviving spouse receives
the designated amount for the rest of his/her life or until he/she remarries. If no surviving spouse, dependent
children under the age of 18 shall be deemed to be the beneficiary and receive the designated amount until
the age of 18. [Section 2.397 (a) (3) and Section 2.398 (b) (1)]
Option 2 - Life Annuitv
The Participant receives his/her pension as long as he/she lives. Upon the death of the Participant, benefits
cease. [Section 2.398 (b) (2) (a) (1)]
Option 3-10 Year Certain � Life Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before 120 monthly
payments have been made, the remaining payments up to the 120 payments are made to his/her beneficiary.
If payments to the beneficiary commence and he/she dies before the total of 120 payments has been made,
the remainder of the payments is paid to the beneficiary's estate. If the first beneficiary predeceases the
participant, he/she may designate a new beneficiary. If no beneficiary is alive at the time of the participanYs
death, the participanYs estate will be paid the balance of the 120 payments. [Section 2.398 (b) (2) (a) (2)]
Option 4- 50% Joint 8� Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 50% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Option 5- 75% Joint 8� Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 75°/a of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of hisJher pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Item # 3
Option 6-100% Joint & Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 100% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues
to receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
I have considered the normal form of benefit payment under such Plan (which is designated on this Form as Option
1) and the various alternative optional benefit payment methods (Options 2 through 6) under such Plan and have
elected to receive my retirement benefits as indicated below. (Note: Option selection to be indicated both by
fVamber a��3escripHer�.} _ __ _ ___ ___ . ._ _ _ __
I understand that once my first pension check is received, my decision on this option is irrevocable.
If taking Option 1 sign below:
Option #: 1 Description: Joint and Survivor Annuity
Employee's Signature: Date:
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex Date of Birth
If taking Option Z sign below:
Option #: 2 Description: Life Annuity
Employee's Signature: Date:
If takin O tion 3, 4, 5, or 6 fill in beneficia information and si n below:
Option #: !� Description: I� o J� i"n '►- v r v���J c� �
My designated beneficia is:
Name: �-i �'S ��1 J9-( ��-�e_ Date of Birth: �i I 1� lS � Sex M
Social Security Number: Phone
Address: � �S' � � �-Cl �� I'�- l�-�,
� ��, � r v,-, i C� 3 y��-s'
Employee's Signature:
�
Number: '��-�7 9 3�_ I 7S%
�v
STATE OF FLORIDA � The fore oing i strufnent wa cknowledged before me this
COUNTY OF PINELLAS � � V �� by �► L� G�G� /`i� I!'� �� who is
personally known to me or who has provided
as ide ti ati�n and whq,did/didA,ot,tak�an o�h.
Rev. 4/08
Form #9900-0009
!/i' r — `
1 _ T=� .�
Notary Public
Name of Notary Printed
My Commission expires:
NOTARY PUBLIC-STATE OF FI,ORI,^,:�
""'•• Deborah L. Ford
�j= Commission # DD7b3426
•,,'`,�•:` Fx�ires: MAY 15, 2 ,2
BONDIDTHI2UA'CI.AN1'ICBO\"DINGCO.,�r� Name: Pension Entitlement Option Form
�Il�:�j
Estimated Pension Worksheet
Rick Albee
_ _ _-__
._ _
_ __ _
LAST DATE PAID:
BENEFITS DATE
CREDITED SERVICE
3/22/2012
3/22/1982
30.0000
Prepared by: Deborah Ford
Date: 2/10/12
. ___ _.
___ __
__ ___
GROSS
CALENDAR PENSION
YEAR EARNINGS
2007 $53,544.93
2008 $55,145.15
2009 $56,874.27
2010 $55,503.76
2011 $55,903.76
$276,971.87 (5 Year Total)
5/ $55,394.37 (Yearly Avg)
12/ $4,616.20 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 30.0000 (Yrs of Service)
$3,808.37 (Est Mtly Pension)
[iair�:�3
Attachment number 1\nPage 9 01
City of Clearwater Employees' Pension Plan
Actuarial Equivalence Factors
10-Feb-12
sm
ESTIMATE clract0l
_ _ _ _ _ _ _ _ _ _ _ _�lersion: _ _ _ _
Employee Name: Rick Albee 1-4-96
Employee Date of Birth: 3 23 1957
Marital Status: m
Spouse Date of Birth: 7 16 1959
Beneficiary Date of Birth: 7 16 1959
Benefit Commencement Date : 4 1 2012
Estimated Monthly Normal Retirement Benefit: $3,808.37 Estimated
Option 1
Option 2
Option 3
Option 4
Option 5
Option 6
Actuarial Equivalent Adjustment Factors:
J&S Annuity 1.00000
Life Annuity 1.08833
10 Year Certain 1.07264
50% J&S 1.03139
75% J&S
100°lo J&S
ESTIMATE
1.00510
0.98011
Monthly
Benefit
$3,808.37
$4,144.77
$4,085.00
$3,927.92
$3,827.79
$3,732.63
Item # 3
C/�Y OF �L�A:Ri/V�4lER
-- __-- Attachment number 1 \nPage 10
EMPLOI�EES' SEPARATIOfV PAY PREFERENCES
PREFERENCE #1 Empfoyees can receive a fump sum payment for vacation, floating holiday pay,
sick leave incentive, bonus days (if applicable), and 1/2 of accrued sick leave at
the time of separation from the City. There will be no deduction for pension
from this lump surn payment nor will this amount count as earnings in the
calculation of the pension. The last day ot work will be the termination date
and pension benefits will begin the foflowing month.
PREFERENCE #2 Employee can extend termination date by part or all of the time due for
��— �---- vacation, oating o i ay pay, sic eave incen ive, onu�ays Ci apprica e,--
and 1/2 of accrued sick leave. Employee may choose to run out this time in
any manner. Balance will be paid in a lump sum on employee's final paycheck.
Termination date will be the final day of extended time. Pension benefits will
begin the following month.
..r, - �<-
i, �Q �r1 �S 0�� , an empioyee of the Ciiy oi Ciearwaier, hereby appiy �oi
pension benefits under the City's Employees' Pension Pian.
I hereby certify that f fully understand the preferences offered to me. I choose to retire �sing separation
pay preference #.—__� and wish my benefits to be calculated under this preference. Please use my
leave in the following manner:
Run Out
vacation sick
Lump Sum 9�' l� vacation � S • S sick
floaters bonus hours
floaters � bonus hours
I understand that my preference cannot be changed once this form is signed and that my decision is
irrevocable.
t
EMPLOYEE'S SIGNATURE: � ��
SOCIAL SECURITY #:
WI NESSES: ADDRESS: � a� ,�"����� `�!�')Q° �(�P-
� ��i��-� ._.JU c'I l° ' ✓ ��,, c� �% � �c�
PHONE: �f � 7 ( 7� � �l �S''�'' l _ DATE: ��/S���Z
Revised 1 i02
Form �9900-0008
File Name: Employee Seoaration Pay Pret
Item # 3
- - - Attachment number 1_\nPage 11 �
CITY OF CLEARWATER
PENSION ENTITLEMENT OPTION REQUEST FORM
�� �1A�✓11�5 �0✓cS
_�f Clearwater Gener�l_ Employe.es' Pension Plan.
Job Classification:
Department:
Benefits Date: _
Date of Birth:
�,'
SIS�I�")f"
do hereby apply for retirement under the City
Sex: M� F
•<-� be� ' v� �-/ Qivision:
��s_ (�_ Date of Hire: � a.S ff`
o/ S 5 o Resignation Date: �' ��. .
Spouse's Name:
Spouse's Date of Birth:
�
The type of pension for which I am applying is (check only one):
x- Regular Pension based on years of service
Job-connected Disability Pensio�
Non job-connected Disability Pension
Sex: M F
The City of Clearwater Employees' Pension Plan provides multiple options to Plan Participants as to the manner of
the pension benefit payment. Option 1 below represents the standard or normal form of retirement benefit. The
other optionai forms (#2 -#6) shall be computed to be the Actuarial Equivalent of the normal benefit.
Option 1- Joint and Survivor Annuity
The normal form of retirement benefit shall be an annuiry paid monthly far the life of the Participant, with a
100% survivor annuity paid monthly for a period of five years following the death of the Participant to the
beneficiary, provided that following such five year period the survivor annuity shall be reduced to 50% of the
original survivor annuity amount. [See section 2.397 (a) (3) (A)] The ParticipanYs surviving spouse receives
the designated amount for the rest of his/her life or until he/she remarries. if no surviving spouse, dependent
children under the age of 18 shali be deemed to be the beneficiary and receive the designated amount until
the age of 18. [Section 2.397 (a} (3} and Section 2.398 (b) (1)]
Option 2 - Life Annuitv
The Participant receives his/her pension as long as he/she lives. Upon the death of the Participant, benefits
cease. [Section 2.398 (b) (2) (a) (1)]
Option 3-10 Year Certain & Life Annuity -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before 12d monthly
payments have been made, the remaining payments up to the 120 payments are made to his/her beneficiary.
If payments to the beneficiary commence and he/she dies before the total of 120 payments has been made,
the remainder of the payments is paid to the beneficiary's estate. If the first beneficiary predeceases the
participant, he/she may designate a new beneficiary. If no beneficiary is alive at the time of the participant's
death, the participanYs estate will be paid the balance of the 120 payments. [Section 2.398 (b) (2) (a) (2)j
Option 4- 50°!o Joint & Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. !f the Participant dies first, the beneficiary
receives 50% of the pension for the rest of his/her life. If the beneflciary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Option 5- 75% Joint & Survivor Annuity -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. ff the Participant dies first, the beneficiary
receives 75% of the pension for the rest of hislher life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon hislher death, benefits cease. [Section 2.398 {b) (2) (a) (3)J
I[�'ii�:�c3
Option 6-100% Joint 8� Survivor Artnuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 100% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues
to receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
1 have considered the normal form of benefit payment under such Plan (which is designated on this Form as Option
1) and the various alternative optional benefit payment methods (Options 2 through 6) under such Plan and have
elected to receive my retirement benefits as indicated below. (Note: Option selection to be indicated both by
__ _
__ _ _ _
Number and Description.)
I understand that once my first pension check is received, my decision on this option is irrevocable.
If takina Oqtion 1 siqn below:
Option #: 1 Description: Joint and Survivor Annuitv
Employee's Signature: Date:
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex Date of Birth
if iaking Option 2 sign below:
Option #: 2
Employee's Signature:
If taking Option 3, 4, 5,
Option #. �3
Description: Life Annuity
Date:
or 6 fill in beneficiary information and sign below:
Description: ! G - Y,P� � (. ° e ✓ l�Gc.�'n �
My desgi nat d benefi iary is:
Name: Na�� �k �p� �"'�av►`^ Date of Birth: � y t� Sex�l F
Snr.ial Ser.uritv NumbPr• Phone Number:
Address:
�a-7 �7.3 �r �i�/.
Employee's Signature: �
STATE OF FLORIDA
COUNTY OF PINELLAS
Rev. 4/08
Form #9900-0009
Date: c� l zS � r2.
The foreg ing i trument was acknowledged bef re me this
� ! /S /� by � �'1�S �Clr/�S who is
personally known to me or who has provided
as iden �� atio and who did/ i no t e an ath.
Notary Public
--��ignature)
O�t�..f, � - /�''� Name of Notary Printed
My Commission e��Y
"'"'° Deborah L. T'ord
: Couauzi,sion # L�1�75342n
`ti•.,,�,,.•-'' Expires: Ai�Y 15, 2012
IIONDED THAU ATLAIy'I"iC 14(];s'�1G11�r CJ,� ��+,
File Name: Pension Entitlement Option Form
Item # 3
.fames Rores
LAST DATE PA1D:
BENEFITS DATE
CREDITED SERVICE
Estimated Pension Worksheet
2/29/2012
2/25/1986
26.0111
Prepared by: Deborah Ford
Date: 2/15/12
- - Attachment number 1\nPage 13 �
GROSS
CALENDAR PENSION
YEAR EARNINGS
2007 $32,532.45
2008 $32,880.95
2009 $33,803.35
2010 $33,612.70
2011 $33,912.70
$166,742.15 (5 Year Tota�)
5/ $33,348.43 (Yearly Avg)
12/ $2,779.04 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 26.0111 (Yrs of Service)
$1,987.86 (Est Mtiy Pension)
Item # 3
City of Clearwater Employees' Pension Plan
Actuarial Equivalence Factors
ESTIMATE
15-Feb-12
sm
clract01
Version:
Empfoyee Name: James Rores 1-4-96
Employee Date of Birth: 10 15 1950
Marital Status: s
Spouse Date of Birth:
Beneficiary Date of Birth: 3 2 1946
Benefit Commencement Date : 3 1 2012
Estimated Monthly Normal Retirement Benefit: $1,987.86
Actuariat Equivalent Adjustment Factors:
Option 1 J&S Annuity 1.00000
Option 2 Life Annuity 1.00000
Option 3 10 Year Certain 0.97179
Option 4 50% J&S 0.95276
Option 5 75% J&S 0.93078
Option 6 100% J&S 0.90978
ESTIMATE
Attaehment number 1\nPage 14 �
Estimated
Monthly
Benefit
$1,987.86 -
$1,987.86
$1,931.78
$1,893.96 �
$1,$50.25 _
$1,808.52
Item # 3
�'/�}r �� ��i�..Q��f.�i ��f�
E/E/IPL O►�EES' SEPARA Tl`Oflf P,4 l� PREFERENCES
_ _ __ Attachment number 1\nPage 15 �
PREFERENCE #� Employees can receive a lurr�p sum payrnent for vacation, floating hoJiday pay,
sick leave incentive, bonus days (if applicable), and 1/2 of accrued sick leave at
the time of separation from the City. There will be no deduction for pension
from this lump sum .payment nor will this amount count as earnings in the
calculation of the pension. 7he last day of work will be the termination date
and pension benefits will begin the following month.
PREFERENCE #2 Employee can extend termination date by part or all of the time due for
�� --- —�-- vacation, oating o i ay pay, sic eave incen ive, onus a s i a tica
Y PP �eT--- --
and 1/2 of accrued sick leave. Employee may choose to run out this time in
any manner. Balance will be paid in a lump sum on employee's final paycheck.
Termination date will be the final day of extended time. Pension benefits will
begin the following month.
_ ��–
i, 1J c� i'Y►�_S �-tl tVK��s �� , an empioyee of tt�e City oi Ciearwaier, i�ereby a�p�y �o�
pension benefits under the City's Employees' Pension Plan.
! hereby certify that I fuliy understand the preferences offered to me. I choose to retire using separation
pay preference #� and wish my benefits to be calculated under this preference_ Please use my
leave in the following manner:
Run Out 3 �' � vacation
Lump Sum �1 • 7 vacation
sick floaters bonus hours
3�'3.a� sick floaters ���� � bonus hours
l understand that my preference cannot be changed once this form is signed and that my decision is
irrevocable.
EMPLOYEE'S SIGNATURE:
SOCIAL SECURITY #:
WI ESSES: ADDRESS:
Revfsed 7 i02
Form i�9900-0008
� � �- 1 �
�7` -
� ���� C.-(�C. l' cY l�+ � �d ✓� �L y �
� , /�- .� �-�
PH�NE: %r�7 %�'`i�f���o7DATE: oZ�ad, I�L.
File Name: Employee Separation Pay Pref
Item # 3
�i7
Job Classification
Department:
Benefits Date:
Date of Birth:
Spouse's Name:
Spouse's Date of Birth: _
Attachment number 1 \nPage 16
CITY OF CLEARWATER
PENStON ENTti'LEMENT OPTION REQUEST FORM
+/» cJ (r. do hereby apply for retirement under the City
P�nsion_Plao._ _. ___ _ _ ___ _---
l��')f'(.°�`� ��1 jaCC_� Y1 I C/
Sex: � F
Division:
Date of Hire: 3 `�
Resignation Date: U /
V e Yk.% �
Sex: M �
The type of pension for which t am applying is (check only one):
�.• Regular Pension based on years of service
Job-connected Disability Pension
Non-job-connected Disability Pension ,
The Ciry of Clearwater Employees' Pension Plan provides multiple options to Pian Participants as to the manner of
the pension benefit payment. Option 1 below represents the standard or normal form of retirement benefit. The
other optional forms (#2 -#6) shail be computed to be the Actuaria) Equivalent of the normal benefit.
Option 1- Joint and Survivor Annuitv
The normal form of retirement benefit shall be an annuity paid monthly for the life of the Participant, with a
100% survivor annuity paid monthly for a period of five years following the death of the Participant to the
beneficiary, provided that fotfowing such five year period the survivor annuity shali be reduced to 5Q% of the
original survivor annuity amount. [See section 2.397 (a) (3) (A)] 7he Participant's surviving spouse receives
the designated amount for the rest of his/her life or until he/she remarries. If no surviving spouse, dependent
children under the age of 18 shall be deemed to be the beneficiary and receive the designated amount until
the age of 18. [Section 2.397 (a) (3) and Section 2.398 (b) (1)]
Option 2 - Life Annuitv
The Participant receives his/her pension as long as he/she lives. Upon the death of the Participant, benefits
cease. [Section 2.398 (b) (2) (a) (1)]
Option 3-10 Year Certain & Life Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before 120 monthly
payments have been made, the remaining payments up to the 120 payments are made to his/her beneficiary.
If payments to the beneficiary commence and he/she dies before the total of 120 payments has been made,
the remainder of the payments is paid to the beneficiary's estate. If the first beneficiary predeceases the
participant, he/she may designate a new beneficiary. If no beneficiary is alive at the time of the participant's
death, the participant's estate will be paid the balance of the 120 payments. [Section 2.398 (b) (2) (a} (2))
Option 4- 50% Joint & Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 50% of the pension for the rest of his/her life. lf the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2} (a} (3}]
Option 5- 75% Joint 8 Survivor Annuitv -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 75% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Item # 3
Attachment number 1\nPage 17 �
Optian 6-10Q%o Jo�r�t & S.urvivor A�r��ritY -(mus# ciesignate a beneficiaryj
The Participant receives his/her pension as long as he/she lives. tf the Participant dies first, the beneficiary
receives 1Q0% of the pension for the rest of his/her Iife. tf the beneficiary dies first, the Participant continues
to receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
1 have considered the normal form of benefit payment under such Plan (which ts designated on this Form as Option
1) and the various altemative optional benefit payment methods (Options 2 through 6) under such Plan and have
elected to receive my retirement benefits as indicated below. (Note: Option selection to be indicated both by
— ---------
- ----- ---- - , ---------------- ---- - --
Number and Description.) �
I understand that once my first pension check is received, my decision on this option is irrevocable.
If taking Option 1 sign below:
Option #: 1 Description: Joint and Sunrivor Annuitv
Employee's Signature: Date:
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex Date of Birth
if iaking Gpiian 2�i�� i�elovr:
Option #: 2
Employee's Signature:
Description: Life Ann
Date:
If takin O tion 3, 4, 5, or 6 tni �n penenc�a inrormacion ana si n peiow:
Option#: (L_ Description: (}-C'f d a,'.� � uy
My desi ate beneficiar�y..is:/ / /S �
Name: �f�� � r�fl �C �k.+ n S. Date of Birth: �`� /� Sex M
Social Security Number: _ � '' ' Phone Number:
Address: S4 �' / �1 1�'1 `J `�'-
Employee's Signature:
STATE OF FLORIDA
COUNTY OF PINELLAS
Rev. 4/08
Form #9900-0009
__
l�, � ✓
v � �y
d
�a�/7�`!- �a��
Date: o� ��-
The foreg ing in trument was acknowledged before mej this
c�. 02 � by \l Lj ✓h �° S�\/ �t�6c � i� S, �i.who is
personally known to me or who has provided
as identification and who did/did not take an oath.
�,�,.,..c� � `?�c.� � Notary Pubfic
'— ( i aturE)
ti:.►Y"ri�,, KlCommisgidn������
��.� Expires January 6, 2013
�,P;;� e�an,�Tro,F��.�o.eoo�s�o�o
ires:
0
Name of Notary Printed
JOffJ'� + v�� ( �
�
Fite Name: Pension Entitlement Option Form
Item # 3
James Jerkins
LAST DATE PAI D:
BENEFITS DATE
CREDITED SERVICE
Estimated Pension Worksheet
3/30/2012
3/9/1987
25.0583
Prepared by: Deborah Ford
Date: 2/22/12
GROSS
CALENDAR PENSION
YEAR EARNINGS
2007 $43,851.53
2008 $44,144.50
2009 $45,383.21
2010 $45,093.00
2011 $44,992.89 estimated--base pay only
$223,465.13 (5 Year Totai)
5/ $44,693.03 (Yearly Avg)
12/ $3,724.42 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 25.0583 (Yrs of Service)
$2,566.51 (Est Mtly Pension)
I[�'ii�:�c3
City of Ciearwater Employees' Pension Ptan
Actuarial Equivalence Factors
ESTIMATE
22-Feb-12
sm
clract01
Version:
Employee Name: James Jerkins 1-4-96
Employee Date of Birth: 2 4 1948
Marital Status: m
Spouse Date of Birth: 3 4 1952
Beneficiary Date of Birth: 3 4 1952
Benefit Commencement Date : 4 1 2012
Estimated Monthly Normal Retirement Benefit: $2,566.51
Actuarial Equivalent Adjustment Factors:
Option 1 J&S Annuity 1.00000
Option 2 Life Annuity 1.15398
Option 3 10 Year Certain 1.10679
Option 4 50% J&S 1.05267
Option 5 75% J&S 1.00841
Option 6
100% J&S
ESTIMATE
0.96772
Estimated
Monthly
Benefit
$2,566.51
$2,961.70
$2,840.59
$2,701.70
$2,588.09
$2,483.66
Item # 3
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date:4/16/2012
SUBJECT / RECOMMENDATION:
Approve the request of employee Dennis Allen, Solid Waste/General Services Department, to vest his pension as provided by Section
2397 of the Employees' Pension Plan.
SUMMARY:
Dennis Allen, Licensed Electrician, Solid Waste/General Services Department, was employed by the City on March 14, 1988, and
began participating in the Pension Plan on that date. Mr. Allen terminated from City employment on October 4, 2011.
The Employees' Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status
from full-time to part-time after completing ten ar more years of creditable service (pension participation), such employee shall acquire
a vested interest in the retirement bene�ts. Vested pension payments commence on the first of the month following the month in which
the employee normally would have been eligible for retirement.
Section 2397) provides for narmal retirement eligibility when a participant has reached age 55 and completed twenty years of credited
service, has completed 30 years of credited service, or has reached age 65 and completed ten years of credited service. Mr. Allen would
have completed at least 20 years of service and reached age 55 on October 21, 2012. His pension will be effective November 1, 2012.
Review Approval:
Cover Memo
��11�:��
City of Clearwater, Florida, and having compieted ten (10} or more years of credited service,
�h_�_ r_v�e_havin�occurred__duri� the __period from _�ate__.of_ent 'nto Pen ion Plan)
i
- - ------- ----
a' J`{� !`�a'8'to (date of resignation or change of status) �� o� p/I
hereby makes application to receive the vested rights pension provided for by the City Code of
Ordinances. As such former employee, I understand the pension requested will be computed
pursuant to the provisions of the City Code of Ordinance in effect on the date of resignation.
I hereby further certify that my date of birth is QC� b e`- o� 1 /�j ��
At achment number 1\nPage 1
The date I will begin to receive my pension will be /`-^� ��� �� y" /', � 4/oZ.
Further, I additionally certify that I have made no application seeking to obtain a return of the
contributions that I paid into the Pension Fund during the period of my employment set forth
above, I have not been convicted of a felony during my period of employment, and I have not
received any ther type of pension from the City.
X' , GG%'G%C �----�
S' atu re
�O �� � Gl t.C/QS � (�3-� vl � � J ��cJ� i,G�'
Departmen ivision
�. i � e h S� d� � l e�-�r1' c�`c. h
Job Classification
Social Security Number
o2c�a� � �c��e �
Street ddress
�l �a �����v� /�� " �ss'
City, State, ip Code
STATE OF FLORIDA The foregoing instrument was acknowledged before
COUNTY OF PINELLAS me this day of � �'�/� �` , 20 l02
by �1 �V�v� �S �-� Iet�.
who is personally know to me or who has provided
as identification
and who did/did not take an oath.
- Notary Public
�f�0 /'�� �, ���%Name of Notary Printed
My commission expires
Rev. 4/09
NOTAAY PUALiC-STATE OF FLORIDA
�`"'°`'.. Deborah L. rord
.: . 26
'�.,,,,,,,.••' Expires: 11�t�1' � 5, 2012
BONDID.THRDATLANTIC BOA'D1Nu CO., INC.
Vested Pension Form
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date:4/16/2012
SUBJECT / RECOMMENDATION:
Annual review of the Employees' Pension Plan investment perfarmance for the year ending December 31, 2011.
SUMMARY:
This is the annual presentation on the investment performance of the Employees' Pension Plan for calendar and plan
year ending December 31, 2011.
For the last calendar year, the plan had a return of -0.36% versus a custom benchmark of 1.81 %. This is a deficit return
of -2.17% under the benchmark and a deficit return of -1.40% under the median public pension plan, placing the plan
in the 79th percentile of public pension plans per the Wilshire Public Plan Sponsor Universe.
For the last three calendar years, the plan has a return of 15.20% versus a benchmark of 13.49%. This is an excess
return of 1.71 % over the benchmark and placed the plan in the top 3rd percentile of pension plan performance for
public plans for this three-year period.
The only change in money managers was the recent termination of Wellington Management, an international equity
manager. All of the current managers in the plan are performing as expected given their stated investment strategies
and investment styles, despite recent performance below benchmarks.
The current asset allocation study implementation is almost completed. The plan sent some funding to one of the two
new timber managers in the last year and will continue to fund them over the next couple of years, as is typical for long
term investments with this type of manager.
The Pension Investment Committee was considering the addition of a hedge fund manager for the purpose of
protecting the plan in down markets. However, hedge funds have not performed as expected during recent down
markets, causing the committee to instead search for a large cap value manager that will add downside protection to the
plan. That search is currently underway.
Review Approval: 1) Off'ice of Management and Budget 2) Lega13) Clerk 4) Assistant City Manager 5) City Manager 6) Clerk
Cover Memo
��11�:��
Attachment number 1 \nPage 1
Attachment number 1 \nPage 2
Attachment number 1 \nPage 3
Attachment number 1 \nPage 4
Attachment number 1 \nPage 5
Attachment number 1 \nPage 6
Attachment number 1 \nPage 7
Attachment number 1 \nPage 8
Attachment number 1 \nPage 9
Attachment number 1 \nPage 1i
Attachment number 1 \nPage 1
Attachment number 1 \nPage 1;
Attachment number 1 \nPage 1;
Attachment number 1 \nPage 1�
Attachment number 1 \nPage 1;
Attachment number 1 \nPage 1i
Attachment number 1 \nPage 1
Attachment number 1 \nPage 1�
Attachment number 1 \nPage 1!
Attachment number 2 \nPage 1
:; , �
�
;� ,+ � ,_
� m I`lf 1�
Se i�r ves� e� C� s 1�� �
� �� �� � : : ���
Attachment number 2 \nPage 2
��11�:��
Attachment number 2 \nPage 3
* � . �,. �.: -,
�.
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� ; � ` � R '
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:,:, :,:, :,:, :,: .,:,: :,:, :,:, :,:, :,: .,:,: it�� #
Attachment number 2 \nPage 4
��11�:��
Attachment number 2 \nPage 5
City of Clearwater Employees Pension Fund
Important Disclaimer Information
This report has been created as a courtesy for the clients of CapTrust Advisors.
The information contained herein was taken from sources believed to be reliable, but no representation or warranty is
made as to its accuracy or completeness.
Performance Comparison Page Information:
Shaded areas represent where the investment objective was achieved either by:
1) The investment return versus the index;
2) The investment return universe ranking (The lower the number the better the ranking)
Due to methodologies utilized by our systems, the performance results presented are calculated and presented beginning
on the last day of an account's inception month. Results do not include the interim period from an account's inception
date to an account's first month-end. For example, for an account that has an inception date of March 15, this report
begins measuring performance as of March 31. Omission of performance during this interim period is likely to result in
different performance figures than if the interim period's performance was included in this report.
When applicable, investment results depicted represent historical net of fees performance.
Past performance is no guarantee of future performance.
This report is not the official record of your account. However, it has been prepared to assist you with your investment
planning and is for information purposes only. Your Custodial Client Statement is the official record of your account.
Therefore, if there are any discrepancies between this report and your Client Statement, you should rely on the Client
Statement and call your Financial Advisors if you have any questions. Transactions requiring tax consideration should be
reviewed carefully with your accountant or tax tax advisor. This is not a substitute for your own records and the year-end
1099 form. Cost data and acquisition dates provided by you are not verified by CapTrust Advisors.
Indices are unmanaged and you cannot invest directly in an index.
For index definitions, please see the Capital Markets Review.
I[�'ii�:�7
Attachment number 2 \nPage 6
��11�:��
Domestic Fixed Income
3 Month T-Bill
Barclays Capital 1-3 year Gov't
Barclays Capital Interm Gov't
Barclays Capital Interm Credit
Barclays Capital Interm Govt/Cred
Barclays Capital Aggregate Bond
Domestic Equity
Standard & Poor s 500
Dow Jones Industrial Average
Dow Jones US Total Full Cap
Dow Jones US Select REIT
Russell 1000 Growth - Large Cap
Russell 1000 Value - Large Cap
Russell Midcap Growth
Russell Midcap Value
Russell 2000 Growth - Small Cap
Russell 2000 Value - Small Cap
International Equity
MSCI EAFE
MSCI World
MSCI EM
Blended Benchmarks
30% S&P 500 / 70% Barclays Agg
40% S&P 500 / 60% Barclays Agg
50% S&P 500 / 50% Barclays Agg
60% S&P 500 / 40% Barclays Agg
70% S&P 500 / 30% Barclays Agg
0.00% 0.06% 0.06%
0.21% 1.56% 1.56%
0.69% 6.08% 6.08%
1.13% 5.37% 5.37%
0.84% 5.80% 5.80%
1.12% 7.84% 7.84%
11.82% 2.11%
12.78% 8.38%
11.97% 0.52%
15.36% 9.37%
�,,, � �������� f'1,��i��I'' ��+� �'�'�'
!��� �' { � li �
P� ��' I,° I i�;I �� I�� �'� i, �+It t
10.61% 2.64%
13.11% 0.39%
0.12% 1.31% 1.91%
1.79% 3.80% 3.39%
3.54% 5.86% 4.89%
9.59% 6.21% 5.79%
5.65% 5.88% 5.20%
6.77% 6.50% 5.78%
2.11% 14.11% -0.25%
8.38% 14.89% 2.37%
0.52% 15.24% 0.28%
9.37% 21.63% -2.04%
� � i� ��' �' ji�f i� � ��l� � i ait)w� ���'e'�� i�({iir,���l °n� li �
m� � � �i f � �I �r� ��5��`i �I�� ,+� ��`''� e Iii�l�l �I uiN,i' I' �;,�� y
2.64% 18.02% 2.50%
0.39% 11.55% -2.64%
11.24% -1.65% -1.65%
13.37% -1.38% -1.38%
Y�.� �C� � It f i o r�' �1i' n� io iI'�� r� �m r �' � m IB
��y�� �g���� ���'Ir���) j J��i1 ��� �J"�� �(���,��Ild��,��� �
1 i, , � 4 CV �Y 1 id h I I {I I I 1 i �, i
14.99% -2.91% -2.91%
15.97% -5.50% -5.50%
3.33% -12.14% -12.14%
7.59% -5.54% -5.54%
4.08% -20.41 % -20.41 %
4.33%
5.40%
6.47%
7.54%
8.61 %
6.12%
5.55%
4.98%
4.40%
3.83%
6.12%
5.55%
4.98%
4.40%
3.83%
22.06% 2.44%
18.19% 0.04%
IY���i{�',!, i � i� � n � 1� �!I ,�,14'
�II' ���, v6�� el� � ����`� �i��f �' � � '�r� a
19.00% 2.09%
12.36% -1.87%
7.65%
11.13%
17.35%
8.97%
9.71 %
10.44%
11.17%
11.91%
-4.72%
-2.37%
0.08%
4.48%
3.80%
3.13%
2.45%
1.78%
2.92%
4.57%
3.90%
10.12%
2.60%
3.89%
5.29%
7.67%
4.48%
6.40%
4.67%
3.62%
11.19%
4.92%
4.64%
4.35%
4.06%
3.78%
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
Data Sozrrces: Zephyr StyleAdvisor, Barclay's Capital, MSCI Barra & Standard & Poor's
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
�
Capital Markets Overview
The U.S. markets shrugged off persistent concerns over the European debt crisis to end the quarter
better than it began. The latest economic data indicates that the U.S. economy is not in a recession, and
that economic activity probably expanded at its fastest pace of the year during the fourth quarter.
Overseas markets remain mixed. In Europe, the debt crisis and austerity measures are the source of
much consternation. European leaders must deal with the debt, but austerity demands may be forcing
some countries into a recession. China is working through a government controlled economic
slowdown.
After a volatile third quarter the fixed income markets took a breather. However, most sectors of the
fixed income market did see gains for the quarter. The exceptions were long dated Treasuries and
international developed fixed income. Yields remain at historically low levels.
Commodities declined during the quarter, led by metals. Gold ended below its August high, but
finished the quarter and year with its 11 th straight annual gain. Iranian military exercises and threats to
close or restrict shipping lanes caused a late-in-the-quarter spike in crude oil. The U.S. Dollar Index is
up 13% from its March 2008 low as investor's perceived the dollar as a safe haven alternative to the
Euro.
Fourth quarter ends much better than it started
> U.S. economy more resilient than expected �o.o��o
> Economic activity expands at faster pace of
the year (4th quarter)
s. o�ia
a. o�ia
4. o�ia
> Recessionary fears subside z�����
o.o�ia
-z.o�ia
-4.o�ia
-a.o�ia
-s.o�ia
io.o�ia
2000 2002 2004
Percentage estimates for 4rh quarte
Real GDP
Bars = CAGR Line = Yr/Yr Percent Change
2006 2008 2010
io.o�ia
s.o�ia
a.o�ia
4.o�ia
z.o�ia
o.o�ia
-z.o�ia
-4.o�ia
-a.o�ia
-s.o�ia
-io.o�ia
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. ��Q�'j'� #'rj
Data Sozrrces: Zephyr StyleAdvisor, Barclay's Capital, MSCI Barra & Standard & Poor's
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
4
> Consumer confidence jumps to eight month high Consumer Confidence Index
Conference Board
160 160
> Investor sentiment improves
140 140
> Jobs and employment numbers improve
izo izo
k ,
1�� 1��
� = i
80 i 80
s
�
60 ` 60
� I
40 ConfidenceYr/Yr% Chg: Dec @ 1.8%� r� �� 40
,>
-Confidence: Dec @ 64.5
°�12-Month Moving Average: Dec @ 58.1 a
20 20
87 89 91 93 95 97 99 O1 03 OS 07 09 11
October rally sparks U.S. equities in fourth quarter
> October marks best month for S&P 500 since 1991
> Energy and Industrials lead S&P 500 to 11.82% return in quarter
> Dow Jones Industrial Average rallies more than 1000 points in October
> Major market caps post gains better than 10% for the quarter, led by small caps (Russell 2000) up
15.47%
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
Data Sozrrces: Zephyr StyleAdvisor, Barclay's Capital, MSCI Barra & Standard & Poor's
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
5
Most sectors of the fixed income markets see gains during the quarter
> Corporate, High Yield and Preferred sectors all rise
> Yields remain at near historically low levels
a�
v
c
�
�
L
0
w
L
�
a
�
�o
a�
L
U
25.00%
20.00 %
15.00 %
10.00 %
5.00 %
0.00 %
4Q11 YTD 1 YR 3 YR 5 YR
Long Treasuries see moderate declines
> Benchmark 30-year Treasury yield drops to 2.89% from 2.91%
> International developed fixed income markets trended lower
6
5
4
3
2
1
0
04'
1��\�O
3 Year Trailing Treasury yields
O�� O�� O�'� O,'� O�'� O,'�
ti��\� ����� ti���� ���\� ti���� �����
1 yr
5 yr
10yr
30yr
AAA
� AA
A
BBB
BB
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
Data Sozrrces: Zephyr StyleAdvisor, Barclay's Capital, MSCI Barra & Standard & Poor's
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
6
Global economy still threatened by debt and engineered slowdown
> China in the midst of engineered economic slowdown to slow inflation
> Emerging markets improved, but still pressured by slow growth
> Europe struggling to contain debt crisis and calm fears
Eurozone Real GDP
Bars = Compound Annual Rate Line = Yr/Yr % Change
8%
4%
0%
-4%
-8%
8%
4%
0%
-4%
-8%
-12% ' I I I I I F-12%
2002 2004 2006 2008 2010
Percentageestimatesfor4rhquarter Rea� G�Oba� G�P GI'OWtil
Source: HIS Global Insight Year-over-YearPercent Change, PPP Weights
7.5% 7.5%
6.0% 6.0%
Period Average
4.5% 4.5%
3.0% 3.0%
1.5% 1.5%
0.0% 0.0%
-1.5% -1.5%
1970 1975 1980 1985 1990 1995 2000 2005 2010
Percentage estimates for 4rh quarter
Source: International Monetary Fund
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
Data Sozrrces: Zephyr StyleAdvisor, Barclay's Capital, MSCI Barra & Standard & Poor's
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
7
B ES T
R'ORS T
1992 1993 1994 1995 1996 1997 1995 1999 2000 2001 2002 2003 2004 2005 2006 2007 2005 2009 2010 2011
� Russell 1000 Value contains those Russell 1000 (larger capitalization) securities with a less-than-average growth orientation.
Securities in this index generally have lower price-to-book and price-to-eamings ratios, higher dividend yields, and lower
forecasted growth rates.
Russell 1000 Growth contains those Russell 1000 (larger capitalization) securities with a greater-than-average growth
orientation. Securities in this index generally have higher price-to-book and price-to-eamings ratios, lower dividend yields,
and higher forecasted growth rates.
Russell 2000 Value contains those Russell 2000 (smaller capitalization) securities with a less-than-average growth
orientation. Securities in this index generally have lower price-to-book and price-to-eamings ratios than those in the Russell
2000 Growth Index.
Russell 2000 Growth contains those Russell 2000 (smaller capitalization) securities with a greater-than-average growth
orientation. Securities in this index generally have higher price-to-book and price-to-eamings ratios than those in the Russell
2000 Value Index.
MSCI EAFE is the Margan Stanley Capital Intemational Europe, Australia, Far East Index designed to measure the
performance of developed stock markets in these areas.
_ Barclays Agg Bond is the Lehman Brothers Aggregate Bond Index. This index includes U.S. govemment, corporate and
mortgage-backed securities rated investment grade or higher with maturities up to 30 years.
��" %��r.;;, S&P 500 is a representative sample of SOO leading companies in leading industries of the U.S. economy.
DJ Wilshire REIT is intended as a broad measure of the performance of publicly traded real estate equity. The index is
comprised of companies whose charter is the equity ownership and operation of commercial real estate.
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
DataSozrrces: Morningstar
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
8
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��7ome=nc ��, FcFagn _l�a� 1 c[andasclDecianon �� � 2 Statacl�sal LSesiatidns
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
DataSozrrces: Morningstar
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
�Q
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la
a
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I.az�e i'alue cR. La€re Gzo�th 'kFe� 1 Std De°.iaridti �'� Std I]e•�ianan=
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
DataSozrrces: Morningstar
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
�
��
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Small C'alue ,'?. Snta]1 �a�; th _l.Tean 1 Szzs:d� �s�3a¢Qn �� � Stsr!�laa�3 DEi3aIlOn.
Equitc* ^��. REIT ltean , 1 Standazai I7e�i�ncn ����� Stan�iefd De•.iaflons
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
DataSozrrces: Morningstar
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
���
���
���
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Fised I�icame �_, RETT l�e�x ° 1 5¢�r!dazd De,ciana�i � �'� St�nda.�l i�eci�¢on�
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzsre reszrlts. �te�'j'� #'rj
DataSozrrces: Morningstar
Data provided by sozrrces believed to be reliable bzrt no ,gtrarantee is made as to its acczrracy. Past performance is no ,gtrarantee of fzrtzrre performance.
12
FIRM: Wells Fargo Advisors is the trade name used by two separate, registered broker/dealers and nonbank af�liates of
Wells Fargo & Company, providing certain retail securities brokerage services: Wells Fargo Advisors, LLC., member
FINRA, SIPC, and Wells Fargo Financial Network, LLC, member FINRA, SIPC. Investments in securities and insurance
products are: NOT FDIGINSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE.
CONFLICTS OF INTEREST: To review important information about certain relationships and potential conflicts of
interest that may exist between Wells Fargo Advisors , its affiliates, and the companies that are mentioned in this report,
please visit the our research disclosure page at or call your
Financial Advisor.
STATEMENT OF OPINION: This and/or the accompanying information was prepared by or obtained from sources
which Wells Fargo Advisors believes to be reliable but does not guarantee its accuracy. Any opinions expressed or
implied herein are not necessarily the same as those of Wells Fargo Advisors or its affiliates and are subject to change
without notice. The report herein is not a complete analysis of every material fact in respect to any company, industry or
security. Any market prices are only indications of market values and are subject to change. The material has been
prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or
instrument or to participate in any trading strategy. Additional information is available upon request.
ASSET CLASS SUITABILITY: Stocks of small companies are typically more volatile than stocks of larger companies.
They often involve higher risks because they may lack the management expertise, financial resources, product
diversification and competitive strengths to endure adverse economic conditions. High-yield, non-investment grade bonds
are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest
payments. GlobaUInternational investing involves risks not typically associated with US investing, including currency
fluctuations, political instability, uncertain economic conditions and different accounting standards.
PAST PERFORMANCE: Past performance is not an indication of future results.
ASSET CLASS PERFORMANCE REPRESENTATIONS: Long Term Treasuries = BC Treasury Long; Municipals =
BC Municipal; Foreign Bonds = Salomon World BIG — IB; US Govt/Credit = BC Govt/Credit Mtge Backed Securities =
ML Mortgage Master; Corporate Bonds = Salomon Corporate; 90 Day T-Bills = Salomon; Japanese Stocks = Salomon
Japan BMI; High Yield Bonds = ML High Yield Master; Small Cap US Value = RU 2000 Value; MidCap US Stocks =
RU Midcap; Large Cap US Value = RU 1000 Value; European Stocks = Salomon Europe BMI; Small Cap US Stocks =
RU 2000; Lg Cap US Growth = RU 1000 Growth; Latin American Stocks = Salomon Latin America BMI; Sm Cap US
Growth = RU 2000 Growth
BROAD EQUITY MARKET & SECTOR PERFORMANCE REPRESENTATIONS: Large-Cap = S&P 500 or
Russell 1000; Mid-Cap = RU Midcap; Small-Cap = RU 2000; International = MSCI EAFE
DATA SOURCES: Information found in this document was derived from the following sources: Zephyr Associates
StyleAdvisor, Informa M-Watch, Investor Force, Barclays Capital, MSCI Barra, and Standard & Poor's.
Item # 5
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzrre reszrlts.
13
Dow Jones Industriai Average - This index is comprised of 30 "blue-chip" US stocks selected for their history of
successful growth and wide interest among investors. The DJIA represents about 20% of the total market value of all US
stocks and about 25% of the NYSE market capitalization. It is a price-weighted arithmetic average, with the divisor
adjusted to reflect stock splits and the occasional stock switches in the index.
NASDAQ Composite - A cap-weighted index comprised of all common stocks that are listed on the NASDAQ Stock
Market (National Association of Securities Dealers Automated Quotation system).
S&P 500 - A broad-based measurement of changes in stock market conditions based on the average performance of 500
widely held common stocks. This index does not contain the 500 largest companies nor the most expensive stocks traded
in the U.S. While many of the stocks are among the largest, this index also includes many relatively small companies. This
index consists of approximately 380 industrial, 40 utility, 10 transportation and 70 financial companies listed on U.S.
market exchanges. It is a capitalization-weighted index (stock price times number of shares outstanding), calculated on a
total return basis with dividends reinvested.
S&P 500/Citigroup Growth - The S&P/Citigroup Growth tracks the performance of those stocks in the S&P 500 with
lower book-to-price ratios. A cap-weighted index, it is rebalanced semi-annually, based on its price-to-book ratios and
market capitalizations at the close of trading one month prior. The index is adjusted each month to reflect changes in the
S&P 500. This index is more heavily weighted in the consumer non-cyclical, health care, and technology sectors than the
S&P 500.
S&P 500/Citigroup Vaiue - The S&P Citigroup/Value tracks the performance of those stocks in the S&P 500 with higher
book-to-price ratios. A cap-weighted index, it is rebalanced semi-annually on January 1 and July 1, based on its book-to-
price ratios and market capitalizations at the close of trading one month prior. The index is adjusted each month to reflect
changes in the S&P 500. This index tends to be more heavily concentrated in the energy and financial sectors than the
S&P 500.
Russeii 1000 - The 1000 largest companies in the Russell 3000 index, based on market capitalization.
Russeli 1000 Growth - A segment of the Russell 1000 with a greater-than-average growth orientation. Companies in this
index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than
the Russell 1000 Value index.
Russeii 1000 Vaiue - Represents a segment of the Russell 1000 with a less-than-average growth orientation. Companies
in this index have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values
than the Russell 1000 Growth Index.
Russeli Mid Cap - The index consisting of the bottom 800 securities in the Russell 1000 as ranked by total market
capitalization, and it represents over 35% of the Russell 1000 total market cap.
Russeii 2000 - The 2000 smallest companies in the Russell 3000 index.
Russeli 2000 Growth - A segment of the Russell 2000 with a greater-than-average growth orientation. Companies in this
index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than
the Russell 2000 Value index.
Russeii 2000 Vaiue - A segment of the Russell 2000 with a less-than-average growth orientation. Companies in this index
have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the
Russell 2000 Growth index.
Russeli 2500 - The index consisting of the bottom 500 stocks in the Russell 1000(as ranked by market capitalization) and
all of the stocks in the Russell 2000. This index is intended to be used as a measure of small to medium/small stock
performance, and it represents over 22% of the Russell 3000 total market cap.
I[�'ii�:�7
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzrre reszrlts.
14
MSCI EAFE - A market capitalization-weighted index representing all of the MSCI developed markets outside North
America. It comprises 20 of the 22 countries in the MSCI World. These 20 countries include the 14 European countries in
the MSCI Europe and the 6 Paci�c countries in the MSCI Paci�c. This index is created by aggregating the 20 different
country indexes, all if which are created separately.
MSCI World - This market capitalization-weighted index represents all 22 of the MSCI developed markets in the world.
It is created by aggregating the 22 different country indexes, all if which are created separately.
MSCI Emerging Markets Free (EMF) - A market capitalization-weighted index representing 26 of the emerging
markets in the world. Several factors are used to designate whether a country is considered to be emerging vs. developed,
the most common of which is Gross Domestic Product Per Capita. The "Free" aspect indicates that this index includes
only securities that are allowed to be purchased by global investors. This index is created by aggregating the 26 different
country indexes, all if which are created separately.
Barciays Capitai Government/Credit - This index includes all bonds that are in the Barclays Capital Government Bond
and the Barclays Capital Credit Bond indices.
Barciays Capitai Government Intermediate - All bonds covered by the Barclays Capital Government Bond index with
maturities of 1 and 10 years.
Barciays Capitai Aggregate Bond - This index is made up of the Barclays Capital Government/Credit, the Mortgage-
Backed Securities, and the Asset-Backed Securities indices. All issues in the index are rated investment grade or higher,
have at least one year to maturity, and have an outstanding par value of at least $100 million.
Barciays Capitai Government Long Term - All bonds covered by the Barclays Capital Government Bond index with
maturities of 10 years or greater.
Barciays Capitai Municipai Bond - This market cap weighted index includes investment grade tax-exempt bonds and is
classified into four main sectors: General Obligation, Revenue, Insured, and Pre-refunded. To be included in this index,
the original transaction size of a bond must have been greater than $50 million.
Merriii Lynch Convertibles - The convertible securities used in this index span all corporate sectors and must have a par
amount outstanding of $25 million or more. The maturity must be at least one year. The coupon range must be equal to or
greater than zero and all quality of bonds are included. Excluded from this index are preferred equity redemption stocks.
When the component bonds of this index convert into common stock, the converted securities are dropped from the index.
Merriii Lynch High Yieid Master - Market-cap weighted index providing a broad-based measure of bonds in the US
domestic bond market rated below investment grade but not in default. Includes only issues with a credit rating of BB 1 or
below as rated by Moody's and/or S&P, at least $100 million in face value outstanding and a remaining term to final
maturity equal to or greater than one year.
Dow Jones Wiishire REIT Index - A measurement of equity REITs and Real Estate Operating Companies. No special-
purpose or health care REITs are included. It is a market capitalization-weighted index for which returns are calculated
monthly using buy and hold methodology; it is rebalanced monthly.
Citigroup 3 Month Treasury Biii - Representing the monthly return equivalents of yield averages that are not marked to
market, this index is an average of the last three three-month Treasury bill issues.
50/50 Biend (S&P 500/BCIGC) — A blended benchmark consisting of 50% S&P 500 and 50% Barclays Capital
Government/Credit Intermediate indices.
I[�'ii�:�7
This and/or the accompanying informafron was prepared by or obtained from sozrrces which Wells Fargo Advisors believes to be reliable bzrt does not,gtrarantee its acczrracy.
Please see important discloszrre and reference informafron at the conclzrsion of this report Past performance is not indicafrve of fzrtzrre reszrlts.
15
Attachment number 2 \nPage 2i
��11�:��
�
Attachment number 2 \nPage 2
City of Clearwater
Asset Allocation vs Target & Policy
Total Fund
As of 12/31/11
Market
Manager Value Actual % Policy %
ING Investment Mgmt 92,197,899.91 14.22
Aletheia Research 26,335,621.20 4.06
NTGI-QM R1000V 53,021,835.24 8.18
Artisan Partners 35,728,704.38 5.51
Wedge Capital Mgmt 36,401,291.97 5.62
Atlanta Capital Mgmt 12,687,788.72 1.96
Systematic Financial Mgt 10,283,687.47 1.59
Riverbridge Partners 20,478,456.38 3.16
Total Domestic Equity 287,135,285.27 44.29 42.00
Earnest Partners 33,508,295.17 5.17
Wentworth & Violich 27,087,331.58 4.18
Eaton Vance Mgmt 25,011,469.43 3.86
Wellington Mgmt 6,942,220.92 1.07
Total International Equity 92,549,317.10 14.28 18.00
Dodge & Cox 111,072,566.03 17.13
Western Asset Management Co. 87,331,156.36 13.47
Security Lending Income Account 183,827.37 0.03
In House Account 1,499,923.22 0.23
Total Domestic Fixed Income 200,087,472.98 30.86 30.00
Multi Employer Property Trust 23,664,524.95 3.65
Security Capital 41,960,078.37 6.47
Molpus Woodlands Group 2,874,303.00 0.44
Total Real Estate 68,498,906.32 10.57 10.00
Total Fund 648,270,981.67 100.00
I[�'ii�:�7
17
Attachment number 2 \nPage 2;
City of Clearwater
Sources of Fund Growth
Total Fund
9/30/11 - 12/31/11
Beginning Net Invest Invest Ending
Manager Name Value Contrib Fees Gain/Loss Value
ING Investment Mgmt 84,055,687 -941 0 8,143,154 92,197,900
Aletheia Research 24,192,988 -708 0 2,143,342 26,335,621
NTGI-QM R1000V 38,066,505 9,499,330 0 5,456,001 53,021,835
Artisan Partners 33,681,696 -1,326 0 2,048,335 35,728,704
Wedge Capital Mgmt 32,037,173 -677 0 4,364,796 36,401,292
Atlanta Capital Mgmt 10,898,733 -334 0 1,789,389 12,687,789
Systematic Financial Mgt 8,501,150 -259 0 1,782,796 10,283,687
RiverbridgePartners 18,102,181 -372 0 2,376,647 20,478,456
Managed Equity 249,536,112 9,494,713 0 28,104,460 287,135,285
Earnest Partners 25,710,686 5,493,087 0 2,304,523 33,508,295
Wentworth & Violich 24,580,309 -4,719 0 2,511,742 27,087,332
Eaton Vance Mgmt 24,473,262 0 0 538,208 25,011,469
Wellington Mgmt 21,764,693 -15,000,000 0 177,528 6,942,221
International EQ Comp 96,528,950 �9g511g633 0 5,532,000 92,549,317
Dodge & Cox 109,892,456 -1,842 0 1,181,953 111,072,566
Western Asset Management Co. 86,180,127 -13,802 0 1,164,832 87,331,156
Security Lending Income Account 39,931 143,792 0 105 183,827
In House Account 806,813 693,110 0 0 1,499,923
Fixed Income Comp 196,919,327 821,257 0 2,346,890 200,087,473
Multi Employer Property Trust 23,087,470 0 0 577,055 23,664,525
Security Capital 36,928,196 -456,637 0 5,488,520 41,960,078
Molpus Woodlands Group 2,455,219 456,000 0 -36,916 2,874,303
Real Estate Comp 62,470,885 �637 0 6,028,659 68,498,906
Total Fund 605,455,273 803,700 0 42,012,008 648,270,982
Item # 5
18
Attachment number 2 \nPage 2:
City of Clearwater
Executive Summary Table
Periods Ending December 31, 2011
Net of Fee Return
Value Periods Ending 12/31/11 Since Inception
Name $(000) Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Ret Date
Total Fund 648,271 6.95 -0,36 1519 3.62 518 5.51 6.44 8.96 12/31/87
Policylndex 7.53 1.81 13.49 2.42 5.16 6.37 6.85 9.22 12/31/87
Domestic Equity Comp 287,135 10.89 -0,, � 17.34 1.51 4.01 4.61 6.24 10.34 12/31/87
S&P 500 11.82 212 14.10 -0.25 2.64 2.92 5.45 9.45 12/31/87
Large Cap Equity Comp 171,555 10.17 -0,40 13.00 014 2.88 3.35 5.22 9.44 3/31/SS
RI000 11.85 1.51 14.81 -0.02 2.95 3.34 5.67 9.43 3/31/88
Aletheia Research 26,336 8.86 -13.I8 11.50 -4.58 6/30/07
RIOOOV 13.11 0.39 11.55 -4.22 6/30/07
ING Investment Mgmt 92,198 9.69 3.04 14.51 3.28 5.03 4.63 6.85 10.74 12/31/87
RIOOOG 10.60 2.63 18.02 2.50 3.81 2.60 4.45 8.86 12/31/87
NTGI-QM R1000V 53,022 11.68 -0.77 11.40 -4.29 6/30/07
RIOOOV 13.11 0.39 11.55 -4.22 6/30/07
Mid Cap Equity Comp 72,130 9.76 -0,10 22.95 3.59 5.43 6.32 7.76 11.75 3/31/SS
RMid Cap 12.31 -L�6 20.17 1.41 4.85 6.99 8.44 10.98 3/31/88
Artisan Partners 35,729 6.08 0.07 26.35 710 8.08 7.45 7.44 7/31/Ol
RMid Cap G 11.23 -L66 22.06 2.44 4.91 5.28 4.90 7/31/01
Wedge Capital Mgmt 36,401 13.62 -033 19.40 1.57 2/28/07
RMid Cap V 13.36 -L38 18.20 -0.71 2/28/07
Small Cap Equity Comp 43,450 15.86 2.07 20.77 2.23 4.98 712 S/31/03
R2000 15.48 -4.I7 15.63 0.15 3.20 6.26 8/31/03
Atlanta Capital Mgmt 12,688 16.42 10.20 20.76 8.66 936 10.98 8/31/03
R2000V 15.97 -�.�0 12.36 -1.87 2.34 6.22 8/31/03
Riverbridge Partners 20,478 1313 4.27 16.74 9/30/10
R2000G 14.99 -2.92 10.81 9/30/10
Systematic Financial Mgt 10,284 20.97 -9.9I 1833 -0.26 3.45 5.70 8/31/03
R2000V 15.97 -�.�0 12.36 -1.87 2.34 6.22 8/31/03
International EQ Comp 92,549 6.36 -I5,04 16.67 -I,70 411 5.92 4.58 5/31/Ol
MSCI EAFE 3.38 -1 L 73 8.16 -4.26 2.18 5.12 3.61 5/31/01
EarnestPartners 33,508 7.59 -6.88 19.09 -L26 4/30/08
MSCI EAFE 3.38 -11.73 8.16 -7.59 4/30/OS
Eaton Vance Mgmt 25,011 2.20 -I9.27 18.48 -4.02 4/30/08
MSCI Emg Mkts 4.45 -18.17 20.42 -4.37 4/30/OS
Wellington Mgmt 6,942 1.87 -22.97 15.94 -3.27 3/31/08
MSCIEmgMkts 4.45 -18.17 20.42 -2.26 3/31/OS
Wentworth & Violich 27,087 10.22 -13.64 16.56 -S.IS 4/30/08
MSCI EAFE 3.38 -1 L 73 8.16 -7.59 4/30/OS
Fixed Income Comp 200,087 119 5.94 8.53 6.79 5.93 5.72 6.08 6.96 12/31/87
BC Agg 1.12 7.84 6.77 6.50 5.60 5.78 6.33 7.37 12/31/87
Item # 5
�
Attachment number 2 \nPage 2�
City of Clearwater
Executive Summary Table
Periods Ending December 31, 2011
Net of Fee Return
Value Periods Ending 12/31/11 Since Inception
Name $(000) Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Ret Date
Dodge & Cox 111,073 1.08 510 8.98 6.71 5.93 5.60 2/29/04
BC Agg 1.12 7.84 6.77 6.50 5.60 5.31 2/29/04
In House Account 1,500 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.76 12/31/87
3-month T-Bill 0.01 0.08 0.12 1.36 2.08 1.86 2.90 3.92 12/31/87
Securiry Lending Income Account 184 012 2.85 13.71 9.62 7.98 6.75 6/30/03
3-month T-Bill 0.01 0.08 0.12 1.36 2.08 1.91 6/30/03
Western Asset Management Co. 87,331 135 7.23 7.85 6.78 5.89 5.84 9/30/04
BC Agg 1.12 7.84 6.77 6.50 5.60 5.54 9/30/04
Real Estate Comp 68,499 9.65 S.SS 20.99 0.04 4/30/OS
Policylndex 11.30 11.62 21.69 0.06 4/30/OS
Molpus Woodlands Group 2,874 -L35 -2.03 6/30/11
NCREIF Timberland Index 0.51 0.16 6/30/11
Multi Employer Property Trust 23,665 2.50 12.99 14.41 9/30/10
NCREIF ODCE 2.97 15.99 17 07 9/30/10
Securiry Capital 41,960 14.90 6.86 20.59 -0.24 4/30/08
Wilshire RESI 15. 40 8.56 21. 89 0.15 4/30/OS
Item # 5
20
Attachment number 2 \nPage 2:
City of Clearwater
Executive Summary Table
December 31, 2011
Net of Fee Return
Value Calendar Years
Name $(000) 2011 2010 2009 2008 2007 2006
TotalFund 648,271 -0,36 17.73 30.28 -27,10 7.20 11.76
Policylndex 1.81 13.96 26.00 -2773 6.69 16.59
Domestic Equity Comp 287,135 -0,, � 22.53 3214 -3%,76 718 13.01
S&P 500 212 15.05 26.45 -36.99 5.52 15.81
Large Cap Equity Comp 171,555 -0,40 16.87 24.59 -35,23 7.76 11.52
RI000 1.51 16.10 28. 42 -37 60 5.77 15. 46
Aletheia Research 26,336 -I3.18 16.98 36.50 -37.97
RIOOOV 0.39 15.51 19.69 -36.85
ING Investment Mgmt 92,198 3.04 1710 24.43 -33.18 1710 714
RIOOOG 2.63 16.72 3721 -38.43 11.82 9.09
NTGI-QM R1000V 53,022 -0.77 15.75 20.35 -36.86
RIOOOV 0.39 15.51 19.69 -36.85
Mid Cap Equity Comp 72,130 -0,10 28.03 45.33 -4I,74 10.26 12.53
RMid Cap -I.56 25.49 40.47 -4I.46 5.59 15.27
Artisan Partners 35,729 0.07 3315 5138 -42.87 2231 10.94
RMid Cap G -L66 26.39 46.30 -44.32 11.41 10.64
Wedge Capital Mgmt 36,401 -033 2330 38.51 -34.89
RMid Cap V -L38 24.76 34.20 -38.4�
Small Cap Equity Comp 43,450 2.07 29.27 33.51 -3R,63 3.27 17.40
R2000 -4.17 26.85 2719 -33.80 -L55 18.35
Atlanta Capital Mgmt 12,688 10.20 25.98 26.83 -19.52 6.91 16.22
R2000V -5.50 24.51 20.57 -28.92 -9.77 23.48
Riverbridge Partners 20,478 4.27
R2000G -2.92
Systematic Financial Mgt 10,284 -9.9I 35.50 35.72 -40.7I 0.49 18.61
R2000V -5.50 24.51 20.57 -28.92 -9.77 23.48
International EQ Comp 92,549 -I5,04 18.37 57.93 -47,44 11.02 27.62
MSCI EAFE -11.73 8.21 32.46 -43.06 11.63 26.85
EarnestPartners 33,508 -6.88 16.61 55.54
MSCI EAFE -11. 73 8.21 32.46
Eaton Vance Mgmt 25,011 -I9.27 2333 67.01
MSCI Emg Mkts -18.17 19.19 79. 02
Wellington Mgmt 6,942 -22.97 15.99 74.44
MSCI Emg Mkts -18.17 19.19 79. 02
Wentworth & Violich 27,087 -I3.64 17.58 55.98
MSCI EAFE -1 L 73 8.21 32. 46
Fixed Income Comp 200,087 5.94 7.37 12.37 2.54 5.94 5.05
BC Agg 7.84 6.54 5.93 5.24 6.96 4.33
Item # 5
21
Attachment number 2 \nPage 2i
City of Clearwater
Executive Summary Table
December 31, 2011
Net of Fee Return
Value Calendar Years
Name �(000) 2011 2010 2009 2008 2007 2006
Dodge & Cox 111,073 510 7.53 14.53 137 5.47 5.62
BC Agg 7.84 6.54 5.93 5.24 6.96 4.33
In House Account 1,500 0.00 0.00 0.00 0.00 0.00 0.00
3-month T-Bill 0.08 0.13 0.16 1.80 4.74 4.76
Securiry Lending Income Account 184 2.85 21.70 17.48 2.43 510 4.87
3-month T-Bill 0.08 0.13 0.16 1.80 4.74 4.76
Western Asset Management Co. 87,331 7.23 7.09 9.24 3.92 6.51 4.66
BC Agg 7.84 6.54 5.93 5.24 6.96 4.33
Real Estate Comp 68,499 S.SS 30.51 24.68
Policylndex 11.62 24.96 29.20
Molpus Woodlands Group 2,874
NCREIF Timberland Index
Multi Employer Property Trust 23,665 12.99
NCREIF ODCE 15. 99
Securiry Capital 41,960 6.86 31.62 24.68
Wilshire RESI 8.56 29.12 29.20
Item # 5
zz
16°�0
14��0
12��0
1 o°io
s�io
6�io
4%
2%
0%
-2%
-4%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 2
City of Clearwater
Cumulative Performance Comparison
Total Returns of Total Fund Public Sponsors
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
8.00 4.54 9.56 14.56 3.63 4.50 5.61 5.83 6.69 8.52 6.65
6.70 1.86 7.59 11.98 2.41 3.51 4.71 5.02 5.73 7.21 5.78
5.79 1.04 6.77 10.70 1.18 2.47 4.06 4.41 5.04 6.53 5.16
4.96 0.02 5.82 9.38 0.20 1.70 3.51 3.91 4.57 6.02 4.67
3.53 -1.83 4.65 7.29 -1.25 0.62 2.69 3.19 3.79 5.12 3.89
T Total Fund
Net Ret 6.95 -036 8.31 15.19 2.74 3.62 4.93
Rank 19 79 11 3 16 22 17
� Policy Index
Net Ret 7.53 1.81 7.71 13.49 1.38 2.42 4.66
Rank 8 28 22 7 46 52 25
23
5.18 5.76
19 23
5.16 6.17
19 10
7.22 5.51
24 37
8.12 6.37
9 12
I[�'ii�:�7
35%
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
-25 %
-30%
-35%
Attachment number 2 \nPage 2�
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Total Fund Public Sponsors
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
High 4.54 16.74 27.92 -10.14 11.17 16.43 10.75 14.38 27.27 1.46
1 st Qt 1.86 14.05 22.24 -20.65 8.95 14.33 8.46 12.07 23.21 -5.91
Median 1.04 12.67 19.53 -24.73 7.71 12.47 6.62 10.16 20.26 -8.13
3rd Qt 0.02 11.43 16.01 -2730 6.40 10.61 5.36 8.56 17.46 -9.63
Low -1.83 8.92 10.11 -3038 4.61 7.46 4.02 5.76 11.64 -12.74
T Total Fund
Net Ret -036
Rank 79
� Policy Index
Net Ret 1.81
Rank 28
17.73
3
13.96
27
30.28 -27.10
3 73
26.00 -27.73
8 79
7.20 11.76
60 58
6.69 16.59
69 4
24
6.71 9.90
49 55
8.25 13.48
27 8
19.63 -8.74
55 62
25.03 -8.11
12 49
I[�'ii�:�7
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Attachment number 2 \nPage 2!
City of Clearwater
Performance Summary
Total Fund
December 31, 2011
Qtr YTD 1 Year 3 Year 5 Year
� Total Fund � Policy Index
Total Fund
Policy Index
Rank
ING Investment Mgmt
R1000G
Rank
Aletheia Research
R1000V
Rank
NTGI-QM R1000V
R1000V
Rank
Artisan Partners
R Mid Cap G
Rank
Wedge Capital Mgmt
R Mid Cap V
Rank
Atlanta Capital Mgmt
R2000V
Rank
Incept
12/31/87
Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets
6.95 �Oo36 �Oo36 i5:2U 3.62 8.96 12/31/87 $648,270,982
7.53 1.81 1.81 13.49 2.42 9.22
. � �:� l9� � '� 79 79 � � �� ,� ' 22 .
9.69 3:04 ;: 3x04 ,,; 14.51 , 3.2� "'. 10:74
10.60 2.63 2.63 18.02 2.50 8.86
� �� �� � - 17�' , � �'9,�, � 72 � �24�� � "
8.86 -13.18 -13.18 11.50 -4.58
13.11 0.39 0.39 11.55 -4.22
85 98 98 78
11.68 -0.77 -0.77 11.40 -4.29
13.11 0.39 0.39 11.55 -4.22
59 62 62 79
6.08 � � t?,C17 � �?:C17 � �b.3� � � � 7:1� � � 7.44
11.23 -1.66 -1.66 22.06 2.44 4.90
98 � ,�3�T � � 3�T � � �. � � � 5
13.36 -1.38 -1.38 18.20 -0.71
84 � 4��° ���4��° � 26
15.97 -5.50 -5.50 12.36 -1.87 6.22
25
12/31/87 $92,197,900
6/30/07 $26,335,621
6/30/07 $53,021,835
7/31/Ol $35,728,704
2/28/07 $36,401,292
8/31/03 $12,687,789
�Ei�'ii�:�•7
Systematic Financial Mgt
R2000V
Rank
Riverbridge Partners
R2000G
Rank
Earnest Partners
MSCI EAFE
Rank
Wentworth & Violich
MSCI EAFE
Rank
Eaton Vance Mgmt
MSCI Emg Mkts
Rank
Wellington Mgmt
MSCI Emg Mkts
Rank
Dodge & Cox
BC Agg
Rank
Western Asset Management Co.
BC Agg
Rank
Security Lending Income Account
3-month T-Bill
In House Account
3-month T-Bill
Attachment number 2 \nPage 3i
City of Clearwater
Performance Summary
Total Fund
December 31, 2011
Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets
� 2�.9'�� -9.91 -9.91 � 1�.�3 , �Q.26� 5.70 8/31/03 $10,283,687
15.97 -5.50 -5.50 12.36 -1.87 6.22
° �l� '��� 96 96 � ` 30� � 78
13.13 � � �;27� 4:27� �. �;16r74"�'� 9/30/10 $20,478,456
14.99 -2.92 -2.92 10.81
65 `l� ��
3.38 -11.73 -11.73 8.16 -7.59
� 14��22� ; -13.64 -13.64 �; ��,56 `` -5:1�
3.38 -11.73 -11.73 8.16 -7.59
�, �3 � ����� 56 56 ; < �;5� ,.
2.20 -19.27 -19.27 18.72 `;���,�6
4.45 -18.17 -18.17 20.42 -4.37
85 76 76 75
1.87 -22.97 -22.97 15.94 -3.27
4.45 -18.17 -18.17 20.42 -2.26
87 83 83 78
1.08 5.10 5.10 :: :;; 8:�$ � � 6�'�� � � �� ; ':�:C�
1.12 7.84 7.84 6.77 6.50 5.31
63 62 62 : : �7,�; , � , � !�� �,
,� ��:1:35� � ` 7.23 7.23 � ` �;7.85 � 6.7��� �.��
1.12 7.84 7.84 6.77 6.50 5.54
4/30/08 $33,508,295
4/30/08 $27,087,332
4/30/08 $25,011,469
3/31/08 $6,942,221
2/29/04 $111,072,566
9/30/04 $87,331,156
6/30/03 $183,827
0.01 0.08 0.08 0.12 1.36 1.91
0.00 0.00 0.00 0.00 0.00 0.76 12/31/87 $1,499,923
0.01 0.08 0.08 0.12 1.36 3.92
26
�[i�'ii�:�•7
Multi Employer Property Trust
NCREIF ODCE
Rank
Security Capital
Wilshire RESI
Rank
Molpus Woodlands Group
NCREIF Timberland Index
City of Clearwater
Performance Summary
Total Fund
December 31, 2011
Cur Qtr YTD 1 Year 3 Yrs 5 Yrs
2.50 12.99 12.99
2.97 15.99 15.99
62 �;� �6 ��`� � 4b' ��.
14.90 6.86 6.86 20.59
15.40 8.56 8.56 21.89
12 , 70 70 9
-1.35
0.51
27
14.41
17.07
-0.24
0.15
-2.03
0.16
Attachment number 2 \nPage 3
Incept Date Cur Assets
9/30/10 $23,664,525
4/30/08 $41,960,078
6/30/11 $2,874,303
�[i�'ii�:�•7
Attachment number 2 \nPage 3;
��11�:��
28
Attachment number 2 \nPage 3;
City of Clearwater
Domestic Equity Comp as of 12/31/11
Portfolio Performance ("/o)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
12/31/87
� Domestic Equiry Comp � S&P 500
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 12/31/87
Domestic Equiry Comp 10.89 -0.21 -0.21 1734 1.51 4.61 10.34
S&P 500 11.81 212 212 1410 -0.25 2.92 9.45
Asset Growth ($000)
Beginning Market Value 249,536 287,057 287,057 165,993 308,565 225,747 32,236
Net Contributions & Withdrawals 9,495 489 489 -4,644 -4,644 -4,644 -4,644
Gain/Loss + Income 28,104 -411 -411 125,786 -16,786 66,032 259,543
Ending Market Value 287,135 287,135 287,135 287,135 287,135 287,135 287,135
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Apple Inc Information Technology 2.82 Energy 1030
Exxon Mobil Corp Energy 2.77 Materials 5.99
Microsoft Corp Information Technology 1.61 Industrials 14.76
Google Inc Information Technology 1.58 Consumer Discretionary 15.40
Philip Morris Intl I Consumer Staples 1.45 Consumer Staples 7.94
Wyndham Worldwide Co Consumer Discretionary 1.05 Health Care 10.96
Monsanto Co New Materials 1.05 Financials 10.28
Qualcomm Inc Information Technology 1.04 Information Technology 22.55
Wal Mart Stores Inc Consumer Staples 0.99 Telecom Services 0.00
Johnson & Johnson Health Care 0.98 Utilities 1.83
��11�:��
Holdings and allocations only include SMA accounts.
29
City of Clearwater
Domestic Equity Comp as of 12/31/11
�
�
�
�
N
�
�
�
11.0
10.5
10.0
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
0.0
Risk/Return Analysis
Periods from 12/87 to 12/11
Alpha
Beta
R-Squared
0.15
1.09
0.94
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
Annualized Standard Deviation%
E Domestic Equity Comp
;. S&P 500
T 91-Day Treasury Bill
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
1034 18.13
9.45 16.13
4.06 1.19
Holdings and allocations only include SMA accounts.
30
035 0.22
033
0.00
Attachment number 2 \nPage 3�
��11�:��
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 3;
City of Clearwater
Cumulative Performance Comparison
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
17.28 7.93 15.71 24.09 5.92 6.93 8.03 8.29 9.57 12.30 10.02
13.51 2.21 11.01 18.85 2.08 3.18 5.05 5.70 6.97 10.18 7.17
11.81 -0.02 8.57 15.31 -0.41 1.10 3.11 3.89 5.09 8.00 4.85
9.39 -4.07 6.67 13.54 -1.87 -031 2.14 2.72 3.77 6.31 3.16
1.57 -10.98 0.20 8.47 -4.72 -3.03 -0.03 1.21 2.61 4.87 2.00
E Domestic Equity Comp
Net Ret 10.89 -0.21 10.57 17.34 0.14 1.51
Rank 63 51 28 34 45 45
� S&P 500
Net Ret 11.81 2.12 8.39 14.10 -1.64 -0.25
Rank 51 27 55 69 71 73
31
3.34 4.01 5.11
46 48 49
2.27 2.64 3.63
72 80 83
7.97 4.61
50 53
6.16 2.92
82 83
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Attachment number 2 \nPage 3i
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
High 7.93 32.53 54.34 -16.26 22.30 23.16 15.83 25.39 58.56 -334
lst Qt 2.21 25.05 36.66 -33.45 10.23 17.55 10.49 18.13 39.20 -14.43
Median -0.02 16.92 28.73 -37.01 5.43 14.63 6.95 13.04 31.40 -20.82
3rd Qt -4.07 13.55 24.10 -41.04 0.41 10.14 4.57 9.97 27.48 -24.65
Low -10.98 4.09 8.68 -49.21 -7.24 1.75 -0.10 3.32 17.66 -35.37
E Domestic Equity Comp
Net Ret -0.21 22.53
Rank 51 31
� S&P 500
Net Ret 2.12 15.05
Rank 27 65
32.14 -37.76
38 57
26.45 -36.99
64 49
7.18 13.01
36 61
5.52 15.81
47 38
32
8.12 13.18
41 49
4.89 10.87
70 68
33.74 -2130
41 53
28.69 -22.12
66 63
I[�'ii�:�7
Attachment number 2 \nPage 3
City of Clearwater
Risk Measure Summary
Domestic Equity Comp
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 1 1 3 3 7 8 31 27
Positive Periods 3 3 9 9 13 12 65 69
Up Market Capture 1.03 l.l 1 1.11 1.09
Down Market Capture 1.17 0.98 1.00 1.05
Batting Average 0.50 0.75 0.65 0.54
Worst Quarter � 16.27 � 13.86 � 16.27 � 13.86 �23.59 �21.93 �23.59 �21.93
Best Quarter 10.89 11.81 18.14 15.93 18.14 15.93 22.08 21.32
Worst 4 Quarters �0.21 2.12 �0.21 1.15 �37.76 �3�.07 �37.76 m3�.07
Best 4 Quarters �0.21 2.12 55.86 49.75 55.86 49.75 55.86 49.75
Standard Deviation 22.23 21.27 22.52 21.14 18.13 16.13
Beta 1.04 1.06 1.09
Alpha 0.62 0.51 0.15
R-Squared 0.99 0.99 0.94
Sharpe Ratio 0.77 0.66 0.00 �0.08 0.35 0.33
Treynor Ratio 16.55 0.02 5.77
Tracking Error 2.75 2.78 4.82
Information Ratio 1.12 0.73 0.22
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33
28.0
25.4
22.8
� 20.2
�
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0 17.6
�
� 15.0
�
N 12.4
�
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7.2
4.6
2.0
14.0
Attachment number 2 \nPage 3�
City of Clearwater
Return vs Risk
Total Returns of Equity Portfolios
3 Years Ending 12/31/11
10.0
8.0
� 6.0
�
� 4.0
w
0
�
� 2.0
�
�
N 0.0
�
�-2.0
-4.0
-6.0
12.0
15.8 17.6
E Domestic Equity Comp
�y Standard & Poors 500
Median
19.4 21.2 23.0 24.8 26.6
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
17.34 34
14.10 69
15.31
5 Years Ending 12/31/11
28.4 30.2 32.0
Standard Deviation
Value Rank
22.23 46
21.27 32
22.98
14.0 16.0
E Domestic Equity Comp
5 Standard & Poors 500
Median
18.0 20.0 22.0 24.0 26.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
1.51 45
-0.25 73
1.10
34
28.0 30.0 32.0
Standard Deviation
Value Rank
22.52 51
21.14 27
22.63
��11�:��
Attachment number 2 \nPage 3!
City of Clearwater
Large Cap Equity Comp as of 12/31/11
Portfolio Performance ("/o)
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
3/31/88
� Large Cap Equiry Comp � R1000
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 3/31/SS
Large Cap Equiry Comp 1017 -0.90 -0.90 13.00 014 335 9.44
R1000 11.85 1.51 1.51 14.81 -0.02 334 9.43
Asset Growth ($000)
Beginning Market Value 146,315 162,657 162,657 84,606 161,257 149,391 18,032
Net Contributions & Withdrawals 9,498 9,496 9,496 43,366 43,366 43,366 43,366
Gain/Loss + Income 15,742 -598 -598 43,584 -33,068 -21,201 110,157
Ending Market Value 171,555 171,555 171,555 171,555 171,555 171,555 171,555
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Apple Inc Information Technology 5.54 Energy 14.07
Exxon Mobil Corp Energy 5.44 Materials 7.94
Microsoft Corp Information Technology 317 Industrials 10.50
Google Inc Information Technology 311 Consumer Discretionary 1519
Philip Morris Intl I Consumer Staples 2.85 Consumer Staples 1212
Monsanto Co New Materials 2.06 Health Care 8.83
Qualcomm Inc Information Technology 2.04 Financials 631
Wal Mart Stores Inc Consumer Staples 1.94 Information Technology 23.80
Johnson & Johnson Health Care 1.92 Telecom Services 0.00
Oracle Systems Corp Information Technology 1.91 Utilities 1.24
��11�:��
Holdings and allocations only include SMA accounts.
35
City of Clearwater
Large Cap Equity Comp as of 12/31/11
�
�
a�
�
�
N
�
�
10.0
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
0.0
Risk/Return Analysis
Periods from 3/88 to 12/11
Alpha
Beta
R-Squared
0.04
0.98
0.96
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
Annualized Standard Deviation%
L Large Cap Equity Comp
;. R1000
T 91-Day Treasury Bill
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
9.44 16.57
9.43 16.60
4.04 1.20
Holdings and allocations only include SMA accounts.
36
033 -0.01
032
0.00
Attachment number 2 \nPage 4i
��11�:��
2o°io
1 s�io
16�io
14�io
Iz�io
1 o�io
s�io
6�io
4%
2%
0%
-2%
-4%
-6%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 4
City of Clearwater
Large Neutral Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
13.28 6.19 11.08 17.95 2.52 3.60 5.54 5.02 6.67 9.26 7.21
12.10 2.20 8.86 15.15 -0.94 0.49 2.72 3.37 4.45 7.17 4.02
11.81 2.08 8.41 14.24 -1.50 -0.15 2.32 2.82 3.80 6.48 3.20
11.64 1.09 7.91 14.07 -1.61 -0.23 2.23 2.65 3.65 6.17 2.94
8.23 -5.69 4.39 11.81 -3.24 -1.43 1.22 2.08 3.32 5.81 2.86
L, Large Cap Equity Comp
Net Ret 10.17 -0.90
Rank 91 87
� R1000
Net Ret 11.85 1.51
Rank 39 66
7.62 13.00 -1.68 0.14 1.95 2.88 3.89 6.64 3.35
78 88 80 37 81 44 46 44 48
8.56 14.81 -1.42 -0.02 2.41 2.95 3.97 6.57 3.34
34 34 46 42 40 43 42 46 48
37
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Attachment number 2 \nPage 4;
City of Clearwater
Large Neutral Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
High 6.19 21.22 39.27 -27.80 10.93 19.93 11.98 19.81 41.03 -6.83
lst Qt 2.20 17.07 29.85 -35.89 6.14 15.93 8.40 12.56 31.54 -20.89
Median 2.08 15.13 26.78 -36.95 5.54 15.78 5.10 10.92 28.73 -22.00
3rd Qt 1.09 14.94 26.47 -37.19 5.25 15.46 4.90 10.82 28.60 -22.08
Low -5.69 12.16 21.28 -41.46 0.65 11.16 3.97 8.99 24.65 -23.79
L, Large Cap Equity Comp
Net Ret -0.90 16.87
Rank 87 26
� R1000
Net Ret 1.51 16.10
Rank 66 33
24.59 -35.23
89 22
28.42 -37.60
37 81
7.76 11.52
12 93
5.77 15.46
32 75
38
8.63 11.24
23 41
6.27 11.39
38 40
31.37 -22.02
27 54
29.90 -21.65
39 42
I[�'ii�:�7
Attachment number 2 \nPage 4;
City of Clearwater
Risk Measure Summary
Large Cap Equity Comp
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 2 1 4 3 9 8 31 27
Positive Periods 2 3 8 9 11 12 64 68
Up Market Capture 0.88 0.95 0.96 0.99
Down Market Capture 1.03 1.04 0.97 0.98
Batting Average 0.00 0.50 0.65 0.52
Worst Quarter � 15.13 � 14.68 � 15.13 � 14.68 �20.96 �22.4� �20.96 �22.48
Best Quarter 10.17 11.85 16.91 16.49 16.91 16.49 20.12 21.88
Worst 4 Quarters �0.90 1.51 m0.90 0.91 �37.57 �38.26 �37.57 m38.26
Best 4 Quarters �0.90 1.51 49.31 51.57 49.31 51.57 4931 51.57
Standard Deviation 21.62 21.71 20.93 21.64 16.57 16.60
Beta 0.99 0.96 0.98
Alpha �0.37 0.01 0.04
R-Squared 0.99 0.99 0.96
Sharpe Ratio 0.59 0.68 �0.06 �0.07 0.33 0.32
Treynor Ratio 12.99 � 1.39 5.53
Tracking Error 2.01 2.11 3.17
Information Ratio �0.82 �0.00 �0.01
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18.9
18.0
17.1
� 16.2
�
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0 15.3
�
� 14.4
�
N 13.5
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11.7
10.9
10.0
15.0
Attachment number 2 \nPage 4�
City of Clearwater
Return vs Risk
Total Returns of Large Neutral Portfolios
3 Years Ending 12/31/11
2.5
2.0
1.5
� 1.0
�
a�
0 0.5
�
� 0.0
�
N -0.5
�
� -1.0
-1.5
-2.0
-2.5
17.0
16.2 17.4 18.6
L Large Cap Equity Comp
i R1000
Median
19.8 21.0 22.2 23.4
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
13.00 88
14.81 34
14.24
5 Years Ending 12/31/11
24.6 25.8 27.0
Standard Deviation
Value Rank
21.62 64
21J1 65
21.28
18.0 19.0
L Large Cap Equity Comp
i R1000
Median
20.0 21.0 22.0 23.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
0.14 37
-0.02 42
-0.15
40
24.0 25.0
Standard Deviation
Value Rank
20.93 22
21.64 69
21.14
��11�:��
Attachment number 2 \nPage 4;
City of Clearwater
ING Investment Mgmt as of 12/31/11
Portfolio Performance ("/o)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
12/31/87
� ING Investment Mgmt � R1000G
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 12/31/87
ING Investment Mgmt 9.69 3.04 3.04 14.51 3.28 4.63 10.74
R1000G 10.60 2.63 2.63 18.02 2.50 2.60 8.86
Asset Growth ($000)
Beginning Market Value 84,056 89,481 89,481 42,416 54,192 49,832 17,469
Net Contributions & Withdrawals -1 -2 -2 23,385 23,385 23,385 23,385
Gain/Loss + Income 8,143 2,719 2,719 26,397 14,621 18,981 51,344
EndingMarketValue 92,198 92,198 92,198 92,198 92,198 92,198 92,198
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Apple Inc Information Technology 7.07 Energy 12.71
Exxon Mobil Corp Energy 6.23 Materials 4.04
Microsoft Corp Information Technology 4.04 Industrials 11.82
Google Inc Information Technology 3.97 Consumer Discretionary 1619
Philip Morris Intl I Consumer Staples 3.64 Consumer Staples 11.52
Monsanto Co New Materials 2.62 Health Care 9.86
Qualcomm Inc Information Technology 2.60 Financials 5.23
Oracle Systems Corp Information Technology 2.44 Information Technology 28.64
Danaher Corp Industrials 2.41 Telecom Services 0.00
Starbucks Corp Consumer Discretionary 2.20 Utilities 0.00
��11�:��
41
City of Clearwater
ING Investment Mgmt as of 12/31/11
�
�
a�
�
�
N
�
�
�
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
0.0
Risk/Return Analysis
Periods from 12/87 to 12/11
Alpha
Beta
R-Squared
0.59
0.83
0.93
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
i ING Investment Mgmt 10.74 16.49
<. R1000G 8.86 18.94
T 91-Day Treasury Bill 4.06 119
42
0.40 0.21
0.25
0.00
Attachment number 2 \nPage 4i
��11�:��
30%
25%
20%
15%
10%
5%
�%
-5%
-l�%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 4
City of Clearwater
Large Growth Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
13.36 6.73 12.75 24.26 3.11 5.48 5.91 5.95 6.93 9.99 6.98
10.87 2.02 9.69 17.49 0.53 3.18 4.50 4.96 5.71 8.11 4.74
9.73 -035 7.30 15.57 -0.68 2.23 3.29 4.10 4.79 7.24 3.67
8.29 -4.06 5.97 14.39 -2.87 0.90 2.24 3.15 4.02 6.27 2.76
6.71 -8.86 2.74 11.34 -431 -1.04 0.08 1.30 2.34 5.13 1.88
i ING Investment Mgmt
Net Ret 9.69 3.04
Rank 50 17
� R1000G
Net Ret 10.60 2.63
Rank 31 20
9.84 14.51 0.08
21 72 40
9.45 18.02 0.30
29 22 33
43
3.28 3.91
24 34
2.50 3.57
41 43
5.03 5.67
23 27
3.81 4.12
60 70
8.13 4.63
23 28
6.70 2.60
62 78
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Attachment number 2 \nPage 4�
City of Clearwater
Large Growth Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
High 6.73 26.12 54.26 -28.78 26.93 18.07 19.42 19.31 48.42 -9.80
lst Qt 2.02 19.23 40.87 -35.37 19.47 11.84 12.70 12.98 33.05 -20.08
Median -035 16.90 34.60 -38.47 13.78 8.69 8.67 10.33 29.80 -24.48
3rd Qt -4.06 13.38 30.98 -42.20 10.95 5.02 5.60 6.39 25.94 -27.67
Low -8.86 9.66 24.07 -49.17 6.24 -3.09 4.00 4.76 19.03 -33.45
i ING Investment Mgmt
Net Ret 3.04 17.10
Rank 17 46
� R1000G
Net Ret 2.63 16.72
Rank 20 53
24.43 -33.18
93 11
37.21 -38.43
35 49
17.10 7.14
33 64
11.82 9.09
68 49
44
12.02 10.27
32 51
5.27 6.30
81 79
30.00 -22.22
48 30
29.75 -27.89
51 76
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Attachment number 2 \nPage 4!
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Equity Portfolios
� zn �
High 24.09
�SCQc �x.xs
Mcdian ]53]
3rd Qt ] 3.54
Low A.47
i iNCi ii2vcst»2cnt Mg*n2t
Rcturn ] 4.5 ]
Rank 59
� R]OOOCi
Rcturn ] A.02
Rank 30
� �.�, �
14.0 %
12.0%
1 O.O %
8.0 %
6.0 %
4.0 %
2.0 %
O.O %
-2.0 %
-4.0 %
-6.0 %
9n� �n�
9.45 ] 3.65
4.sc x.os
1.A0 4.C1
0.39 2.70
-3. ] ] -2.65
3.7] S.OA
30 45
4.C9 5.02
22 4C
3/]] ]2/]O
14.09 A21
x.ss z.�z
42A -O.A7
22C -2.97
-].73 -6.SA
4.59 -O.AA
4A 50
5. ] 9 -0.47
44 47
ING Investment Mgmt
Value Added Analysis - Net of Fee
3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. R1000G
45
- Cumulative Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
Attachment number 2 \nPage 5i
City of Clearwater
Risk Measure Summary
ING Investment Mgmt
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 1 1 3 3 7 7 28 31
Positive Periods 3 3 9 9 13 13 68 65
Up Market Capture 1.01 0.92 0.93 0.94
Down Market Capture 0.98 l.l 1 0.91 0.79
Batting Average 0.75 0.50 0.55 0.54
Worst Quarter � 12.86 � 13.14 � 12.86 � 13.14 � 1�.51 �22.79 � 18.51 �22.79
Best Quarter 9.69 10.60 14.65 16.32 14.65 1632 23.26 26.75
Worst 4 Quarters 3.04 2.63 3.04 2.63 �33.1� �3�.43 �33.74 m45.64
Best 4 Quarters 3.04 2.63 43.38 49.75 43.38 49.75 4438 49.75
Standard Deviation 19.23 19.72 19.33 21.26 16.49 18.94
Beta 0.95 0.89 0.83
Alpha �0.57 0.18 0.59
R-Squared 0.96 0.96 0.93
Sharpe Ratio 0.75 0.91 0.09 0.05 0.40 0.25
Treynor Ratio 15.11 2.02 8.00
Tracking Error 4.16 4.64 5.44
Information Ratio �0.7� 0.05 0.21
I[�'ii�:�7
46
26.0
24.0
22.0
� 20.0
�
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0 18.0
�
� 16.0
�
N 14.0
�
� 12.0
10.0
8.0
6.0
13.0
Attachment number 2 \nPage 5
City of Clearwater
Return vs Risk
Total Returns of Large Growth Portfolios
3 Years Ending 12/31/11
7.0
6.0
5.0
� 4.0
�
a�
0 3.0
�
� 2.0
�
N 1.0
�
� 0.0
-1.0
-2.0
-3.0
15.0
14.5 16.0 17.5
i ING Investment Mgmt
i R1000G
Median
19.0 20.5 22.0 23.5
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
14.51 72
18.02 22
15.57
5 Years Ending 12/31/11
25.0 26.5 28.0
Standard Deviation
Value Rank
19.23 32
19.72 38
20.35
16.4 17.8
i ING Investment Mgmt
[ R1000G
Median
19.2 20.6 22.0 23.4 24.8
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
3.28 24
2.50 41
2.23
47
26.2 27.6 29.0
Standard Deviation
Value Rank
1933 13
21.26 46
22.00
��11�:��
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Largest Holdings
Apple Inc
Exxon Mobil Corp
Microsoft Corp
Google Inc
Philip Morris Intl I
Monsanto Co New
Qualcomm Inc
Oracle Systems Corp
Danaher Corp
Starbucks Corp
Ten Best Performers
Seagate Technology P
Pall Corp
Wyndham Worldwide Co
National-Oilwell Inc
Union Pac Corp
Philip Morris Intl I
Roper Inds Inc New
Google Inc
Starbucks Corp
Macys Inc.
City of Clearwater
Equity Summary Statistics
ING Investment Mgmt
Period Ending 12/11
Portfolio
60
90,569,237
107,758,822
21,579,085
1.50
15.40
15.52
1.09
3.35
33.59
11.52
Market Value
6,394,950
5,640,778
3,657,219
3,588,620
3,295,846
2,374,672
2,355,163
2,209,722
2,184,161
1,994,073
Quarterly Ret
61.30
35.29
33.29
32.96
30.51
27.07
26.26
25.57
23.86
22.66
48
% of Portfolio
7.07
6.23
4.04
3.97
3.64
2.62
2.60
2.44
2.41
2.20
Ten Worst Performers
Amazon Com Inc
Watson Pharmaceutica
Oracle Systems Corp
St Jude Med Inc
Lam Resh Corp
Cardinal Health Inc
Waste Connections In
Bed Bath & Beyond In
Directv
Sigma Aldrich Corp
Attachment number 2 \nPage 5;
R1000G
..
.
96,512,033
5,590,219
1.62
16.25
17.17
1.00
3.84
67.90
11.64
Quarterly Ret
6.25
17.39
5.08
25.57
27.07
17.23
12.93
-10.57
12.22
23.86
Quarterly Ret
-19.95
-11.59
-10.57
-4.64
-2.53
-2.51
-1.75
1.15
1.21
Item' #g5
City of Clearwater
Equity Contribution to Return
ING Investment Mgmt
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Best Contributors
Exxon Mobil Corp
Google Inc
Philip Morris Intl I
Seagate Technology P
Wyndham Worldwide Co
Starbucks Corp
Union Pac Corp
Monsanto Co New
Roper Inds Inc New
Apple Inc
Ten Worst Contributors
Oracle Systems Corp
Amazon Com Inc
Watson Pharmaceutica
St Jude Med Inc
Cardinal Health Inc
Lam Resh Corp
Waste Connections In
Michael Kors Hldgs L
Sigma Aldrich Corp
Directv
Portfolio
60
90,569,237
107,758,822
21,579,085
1.50
15.40
15.52
1.09
3.35
33.59
11.52
Market Value
5,640,778
3,588,620
3,295,846
920,860
1,554,056
1,994,073
1,501,170
2,374,672
1,528,130
6,394,950
Market Value
2,209,722
913,968
1,012,505
936,733
1,067,637
1,030,637
852,361
615,850
519,855
840,063
49
% of Portfolio
6.23
3.97
3.64
1.02
1.72
2.20
1.66
2.62
1.69
7.07
% of Portfolio
2.44
1.O1
1.12
1.04
1.18
1.14
0.94
0.68
0.57
0.93
Attachment number 2 \nPage 5;
R1000G
..
.
96,512,033
5,590,219
1.62
16.25
17.17
1.00
3.84
67.90
11.64
Quarterly Ret
1739
25.57
27.07
6130
33.29
23.86
30.51
17.23
26.26
6.25
Quarterly Ret
-10.57
-19.95
-11.59
-4.64
-2.51
-2.53
-1.75
1.38
Item'�15
Attachment number 2 \nPage 5�
City of Clearwater
Equity Sector Attribution Analysis
ING Investment Mgmt
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 11.24 1034 17.29 18.73 �0.16 0.07 �0.09
Materials 4.92 5.11 16.02 15.61 0.02 �0.01 0.01
Industrials 11.71 12.08 15.46 15.94 �0.06 �0.02 �0.0�
Consumer Discretionary 16.77 14.45 7.47 9.43 �0.33 �0.03 �0.36
Consumer Staples 12.38 13.03 12.16 8.97 0.39 0.01 0.41
Health Care 10.07 11.05 1.76 7.36 �0.56 0.03 �0.53
Financials 4.12 3.74 14.59 12.18 0.10 0.01 0.10
Information Technology 28.80 28.87 6.50 7.11 �0.18 0.00 �0.17
Telecom. Services 0.00 1.24 8.15 0.00 0.03 0.03
Utilities 0.00 0.09 3.86 0.00 0.01 0.01
loo.00 loo.o0 9.9s 10.62 �a.77 0.10 aa.�7
Index - R1000G
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect -0.09%
[ Actual Return 9.85% ]-[ Buy Hold Return 9.95% ]
50
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Energy
Materials
Industrials
Con. Discretionary
Consumer Staples
Health Care
Financials
Infomation Tech.
Telecom. Services
Utilities
Attachment number 2 \nPage 5;
City of Clearwater
Equity Sector Attribution Chart
ING Investment Mgmt
Quarter Ending 12/ 11
% Allocation % Return % Variance
� ING Investment Mgmt 0 R1000G
51
�[i�'ii�:�•7
Attachment number 2 \nPage 5i
City of Clearwater
Aletheia Research as of 12/31/11
Portfolio Performance ("/o)
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
-14.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
6/30/07
� Aletheia Research � R1000V
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 6/30/07
Aletheia Research 8.86 -1318 -1318 11.50 -4.58
R1000V 1311 039 039 11.55 -4.22
Asset Growth ($000)
Beginning Market Value 24,193 30,336 30,336 11,439 19,365
Net Contributions & Withdrawals -1 -1 -1 10,481 10,481
Gain/Loss + Income 2,143 -3,999 -3,999 4,416 -3,511
Ending Market Value 26,336 26,336 26,336 26,336 26,336
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Exxon Mobil Corp Energy 2.56 Energy 18.95
Noble Energy Inc Energy 2.54 Materials 22.05
Intl Business McHn Information Technology 234 Industrials 5.75
Kraft Foods Inc Consumer Staples 2.26 Consumer Discretionary 11.60
McDonalds Corp Consumer Discretionary 218 Consumer Staples 1430
Wal Mart Stores Inc Consumer Staples 2.02 Health Care 512
Caterpillar Inc Industrials 2.01 Financials 10.20
Boeing Co Industrials 1.97 Information Technology 6.29
Barrick Gold Corp Materials 1.97 Telecom Services 0.00
Peabody Energy Corp Energy 1.95 Utilities 5.74
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Attachment number 2 \nPage 5
City of Clearwater
Aletheia Research as of 12/31/11
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
-4.5
-5.0
0.0
Risk/Return Analysis
Periods from 6/07 to 12/11
Alpha
Beta
R-Squared
0.05
1.02
0.91
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
a Aletheia Research -4.58 25.81 -0.22 -0.02
;. R1000V -4.22 23.94 -0.22
T 91-Day Treasury Bill 1.08 0.83 0.00
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Attachment number 2 \nPage 5�
City of Clearwater
Large Value Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last
Qtr
High 14.86
lst Qt 13.10
Median 12.16
3rd Qt 11.O1
Low 6.66
a Aletheia Research
Net Ret 8.86
Rank 85
� R1000V
Net Ret 13.11
Rank 23
Last
Year
11.59
3.62
0.36
-2.82
-7.48
-13.18
98
0.39
49
Last 2 Last 3 Last 4
Years Years Years
12.33 18.95 1.76
8.96 14.35 -1.09
7.36 12.63 -2.55
5.61 11.59 -335
2.89 8.53 -5.10
54
0.78
98
7.68
43
11.50
78
11.55
75
-3.70
82
-3.24
73
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 5!
City of Clearwater
Large Value Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011
11.59
3.62
0.36
-2.82
-7.48
a Aletheia Research
Net Ret -13.18
Rank 98
� R1000V
Net Ret 0.39
Rank 49
2010
22.86
16.54
14.46
12.60
9.91
16.98
20
15.51
39
55
2009
42.52
29.44
24.33
20.58
14.71
36.50
12
19.69
83
11:
-26.75
-33.62
-36.24
-38.45
-43.31
-37.97
69
-36.85
60
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Attachment number 2 \nPage 6i
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Equity Portfolios
� zn �
High 24.09
�SCQc �x.xs
Mcdian ]53]
3rd Qt ] 3.54
Low A.47
a Alcthcia Rcscarch
Rcturn ] ] .50
Rank AA
� R]OOOV
Rcturn ]].55
Rai2k A7
� �.�, �
14.0 %
12.0%
1 O.O %
8.0 %
6.0 %
4.0 %
2.0 %
O.O %
-2.0 %
-4.0 %
-6.0 %
-8.0 %
-10.0%
9n� �n�
9.45 ] 3.65
4.sc x.os
1.A0 4.C1
0.39 2.70
-3. ] ] -2.65
-2.07 0.72
�� xx
-�.sz z.zx
x� �x
3/]] ]2/]O
14.09 A21
x.ss z.�z
42A -O.A7
22C -2.97
-].73 -6.SA
2.3A -0.32
73 4C
0.0 1 -4.42
x� x�
Aletheia Research
Value Added Analysis - Net of Fee
9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. R1000V
56
- Cumulative Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
Attachment number 2 \nPage 6
City of Clearwater
Risk Measure Summary
Aletheia Research
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 2 2 4 4 9 10
Positive Periods 2 2 8 8 9 8
Up Market Capture 0.67 1.02 1.02
Down Market Capture 1.42 1.02 1.02
Batting Average 0.00 0.50 0.50
Worst Quarter �20.78 � 16.21 �20.7� � 16.77 �26.26 �22.17
Best Quarter 8.86 13.11 21.47 18.24 21.47 18.24
Worst 4 Quarters � 13.1 � 039 � 13.18 � L90 �42.20 m42.42
Best 4 Quarters �13.18 039 59.12 53.57 59.12 53.57
Standard Deviation 25.36 24.32 25.81 23.94
Beta 1.O1 1.02
Alpha 0.03 0.05
R-Squared 0.93 0.91
Sharpe Ratio 0.45 0.47 �0.22 m0.22
Treynor Ratio 11.30 �5.52
Tracking Error 6.71 8.00
Information Ratio �0.00 �0.02
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21.9
Zo.l
18.4
� 16.6
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7.6
5.8
4.0
12.0
Attachment number 2 \nPage 6;
City of Clearwater
Return vs Risk
Total Returns of Large Value Portfolios
3 Years Ending 12/31 / 11
14.4 16.8 19.2 21.6 24.0 26.4 28.8 31.2 33.6 36.0
Historical Standard Deviation of Return
a Aletheia Research
� R1000V
Median
Annualized Net of Fee Return
Value Rank
11.50 78
11.55 75
12.63
58
Standard Deviation
Value Rank
25.36 81
24.32 68
23.51
�Ei�'ii�:�•7
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Largest Holdings
Exxon Mobil Corp
Noble Energy Inc
Intl Business McHn
Kraft Foods Inc
McDonalds Corp
Wal Mart Stores Inc
Caterpillar Inc
Boeing Co
Barrick Gold Corp
Peabody Energy Corp
Ten Best Performers
Cemex S A
Lennar Corp- Cl A
Goodyear Tire & Rubr
Continental Resource
Noble Energy Inc
Novagold Res Inc
Union Pac Corp
Dow Chem Co
Canadian Nat Res Ltd
Dean Foods Co New
City of Clearwater
Equity Summary Statistics
Aletheia Research
Period Ending 12/11
Market Value
641,633
635,245
585,658
566,191
546,799
505,271
503,736
492,912
492,773
487,214
Quarterly Ret
70.57
45.52
40.44
37.92
33.64
31.47
30.51
29.19
28.01
26.27
Portfolio
75
25,071,853
51,455,600
14,695,040
1.90
15.07
13.63
1.20
1.56
65.56
-0.60
59
% of Portfolio
2.56
2.54
2.34
2.26
2.18
2.02
2.01
1.97
1.97
1.95
Ten Worst Performers
Molycorp Inc Del
Sunpower Corp
Kinross Gold Corp
Overseas Shipholdng
Dole Food Co Inc New
Chesapeake Energy Co
Alcoa Inc
Bank Amer Corp
Market Vectors Etf T
Atp Oil & Gas Corp
Attachment number 2 \nPage 6;
R1000V
656
73,654,796
4,607,184
2.64
13.63
14.53
1.07
1.36
75.15
0.41
Quarterly Ret
1739
33.64
5.48
12.12
15.10
15.86
23.37
21.98
-2.71
-2.07
Quarterly Ret
-27.05
-22.99
-22.87
-19.09
-13.50
-12.76
-936
-8.98
-6.55
Item' #45
City of Clearwater
Equity Contribution to Return
Aletheia Research
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Best Contributors
Noble Energy Inc
Continental Resource
Lennar Corp- Cl A
Goodyear Tire & Rubr
Canadian Nat Res Ltd
Novagold Res Inc
Caterpillar Inc
Exxon Mobil Corp
Boeing Co
Canadian Oil Sands L
Ten Worst Contributors
Molycorp Inc Del
Kinross Gold Corp
Sunpower Corp
Dole Food Co Inc New
Chesapeake Energy Co
Bank Amer Corp
Overseas Shipholdng
Newmont Mng Corp Hld
Market Vectors Etf T
Atp Oil & Gas Corp
Market Value
635,245
455,296
311,747
328,319
470,862
408,397
503,736
641,633
492,912
471,483
Market Value
402,025
360,012
331,000
322,429
307,156
232,808
107,169
432,072
268,722
384,560
Portfolio
75
25,071,853
51,455,600
14,695,040
1.90
15.07
13.63
1.20
1.56
65.56
-0.60
�
% of Portfolio
2.54
1.82
1.25
1.31
1.88
1.63
2.01
2.56
1.97
1.88
% of Portfolio
1.61
1.44
1.32
1.29
1.23
0.93
0.43
1.73
1.07
1.54
Attachment number 2 \nPage 6�
R1000V
656
73,654,796
4,607,184
2.64
13.63
14.53
1.07
1.36
75.15
0.41
Quarterly Ret
33.64
37.92
45.52
40.44
28.01
31.47
23.37
1739
21.98
22.04
Quarterly Ret
-27.05
-22.87
-22.99
-13.50
-12.76
-8.98
-19.09
-4.10
-6.55
Item' #45
Attachment number 2 \nPage 6;
City of Clearwater
Equity Sector Attribution Analysis
Aletheia Research
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 16.54 11.81 13.74 18.45 �0.78 0.25 �0.53
Materials 23.03 2.56 7.84 17.75 �2.2� 0.94 � 1.34
Industrials 7.07 8.79 10.26 18.14 �0.56 �0.09 �0.64
Consumer Discretionary 11.06 8.60 17.30 17.51 �0.02 0.11 0.08
Consumer Staples 13.38 833 9.49 10.85 �0.18 �0.12 �0.30
Health Care 5.27 13.20 11.54 11.64 �0.01 0.12 0.11
Financials 11.25 24.72 5.79 11.02 �0.59 0.29 �0.30
Information Technology 6.15 8.80 7.89 13.29 �0.33 �0.00 �0.34
Telecom. Services 0.00 5.07 7.28 0.00 0.30 0.30
Utilities 6.25 8.12 9.34 8.62 0.05 0.08 0.13
100.00 100.00 10.32 13.14 �4.70 1.88 a2.�2
Index - R1000V
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect -0.53%
[ Actual Return 9.79% ]-[ Buy Hold Return 10.32% ]
�
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Energy
Materials
Industrials
Con. Discretionary
Consumer Staples
Health Care
Financials
Infomation Tech.
Telecom. Services
Utilities
Attachment number 2 \nPage 6i
City of Clearwater
Equity Sector Attribution Chart
Aletheia Research
Quarter Ending 12/ 11
% Allocation % Return % Variance
� Aletheia Research 0 R1000V
62
�[i�'ii�:�•7
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
City of Clearwater
NTGI-QM R1000V as of 12/31/11
Portfolio Performance ("/o)
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
6/30/07
� NTGI-QM R1000V R1000V
Attachment number 2 \nPage 6
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 6/30/07
NTGI-QM R1000V 11.68 -OJ7 -OJ7 11.40 -4.29
R1000V 1311 039 039 11.55 -4.22
Asset Growth ($000)
Beginning Market Value
Net Contributions & Withdrawals
Gain/Loss + Income
Ending Market Value
38,067 42,840 42,840 30,751
9,499 9,499 9,499 9,499
5,456 682 682 12,772
53,022 53,022 53,022 53,022
63
26,197
9,499
17,325
53,022
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Attachment number 2 \nPage 6�
City of Clearwater
NTGI-QM R1000V as of 12/31/11
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
-4.5
0.0
Risk/Return Analysis
Periods from 6/07 to 12/11
Alpha
Beta
R-Squared
-0.03
0.99
1.00
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
n NTGI-QM R1000V -4.29 23.77 -0.23 -015
;. R1000V -4.22 23.94 -0.22
T 91-Day Treasury Bill 1.08 0.83 0.00
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4%
2%
0%
-2%
-4%
-6%
-8%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 6!
City of Clearwater
Large Value Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last
Qtr
14.86
13.10
12.16
11.O1
6.66
n NTGI-QM R1000V
Net Ret 11.68
Rank 59
� R1000V
Net Ret 13.11
Rank 23
Last
Year
11.59
3.62
0.36
-2.82
-7.48
-0.77
62
0.39
49
Last 2
Years
12.33
8.96
7.36
5.61
2.89
65
7.18
52
7.68
43
Last 3
Years
18.95
14.35
12.63
11.59
8.53
11.40
79
11.55
75
Last 4
Years
1.76
-1.09
-2.55
-3.35
-5.10
-3.34
74
-3.24
73
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 7i
City of Clearwater
Large Value Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011
11.59
3.62
0.36
-2.82
-7.48
n NTGI-QM R1000V
Net Ret -0.77
Rank 62
� R1000V
Net Ret 0.39
Rank 49
2010
22.86
16.54
14.46
12.60
9.91
15.75
34
15.51
39
�
2009
42.52
29.44
24.33
20.58
14.71
20.35
77
19.69
83
11:
-26.75
-33.62
-36.24
-38.45
-43.31
• :•
.1
-36.85
60
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Attachment number 2 \nPage 7
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Equity Portfolios
� zn �
High 24.09
�SCQc �x.xs
Mcdian ]53]
3rd Qt ] 3.54
Low A.47
n NTGi-QM R1000V
Rcturn ] ] .40
Rank AA
� R]OOOV
Rcturn ]].55
Rai2k A7
�.z�
�.�,�
�,.H�
�,.��
OA%
0.2%
O.O %
-0.2 %
-OA%
-0.6 %
-0.8 %
-1.0%
-1.2%
-I A%
9n� �n�
9.45 ] 3.65
4.sc x.os
1.A0 4.C1
0.39 2.70
-3. ] ] -2.65
-] 22 2.52
x� �c
-�.sz z.zx
x� �x
3/]] ]2/]O
14.09 A21
x.ss z.�z
42A -O.A7
22C -2.97
-].73 -6.SA
O.A7 -4.19
xc xc
0.0 1 -4.42
x� x�
NTGI-QM R1000V
Value Added Analysis - Net of Fee
9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. R1000V
67
- Cumulative Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
Attachment number 2 \nPage 7;
City of Clearwater
Risk Measure Summary
NTGI-QM R1000V
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 2 2 4 4 10 10
Positive Periods 2 2 8 8 8 8
Up Market Capture 0.93 0.99 0.99
Down Market Capture 0.99 1.00 1.00
Batting Average 0.75 0.92 0.83
Worst Quarter � 16.15 � 16.21 � 16.63 � 16.77 �22.13 �22.17
Best Quarter 11.68 13.11 18.29 18.24 18.29 18.24
Worst 4 Quarters �0.77 039 � 1.78 � 1.90 �42.31 m42.42
Best 4 Quarters �0.77 039 54.33 53.57 5433 53.57
Standard Deviation 24.11 24.32 23.77 23.94
Beta 0.99 0.99
Alpha �0.01 �0.03
R-Squared 1.00 1.00
Sharpe Ratio 0.47 0.47 �0.23 m0.22
Treynor Ratio 11.36 �5.41
Tracking Error 0.89 0.72
Information Ratio �0.21 �0.15
I[�'ii�:�7
68
Zg.o
25.4
22.8
� 20.2
�
� 17.6
0
�
� 15.0
�
� 12.4
.�
�
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d
7.2
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2.0
14.0
Attachment number 2 \nPage 7;
City of Clearwater
Return vs Risk
Total Returns of Equity Portfolios
3 Years Ending 12/31 / 11
15.8 17.6 19.4 21.2 23.0 24.8 26.6 28.4 30.2 32.0
Historical Standard Deviation of Return
n NTGI-QM R1000V
� R1000V
Median
Annualized Net of Fee Return
Value Rank
11.40 88
11.55 87
15.31
�
Standard Deviation
Value Rank
24.11 61
24.32 64
22.98
�Ei�'ii�:�•7
Attachment number 2 \nPage 7�
City of Clearwater
Mid Cap Equity Comp as of 12/31/11
Portfolio Performance ("/o)
24.0
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
3/31/88
� Mid Cap Equiry Comp � R Mid Cap
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 3/31/SS
Mid Cap Equiry Comp 9.76 -010 -010 22.95 3.59 632 11.75
R Mid Cap 1231 -1.56 -1.56 2017 1.41 6.99 10.98
Asset Growth ($000)
Beginning Market Value 65,719 81,829 81,829 34,302 82,918 76,367 15,585
Net Contributions & Withdrawals -2 -9,005 -9,005 -9,005 -9,005 -9,005 -9,005
Gain/Loss + Income 6,413 -694 -694 46,833 -1,783 4,769 65,550
EndingMarketValue 72,130 72,130 72,130 72,130 72,130 72,130 72,130
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Allstate Corp Financials 219 Energy 838
Transdigm Group Inc Industrials 215 Materials 4.68
Duke-Weeks Realry Co Financials 211 Industrials 18.68
Sonoco Prods Co Materials 2.00 Consumer Discretionary 1611
Lincoln Natl Corp In Financials 1.98 Consumer Staples 339
Computer Sciences Co Information Technology 1.92 Health Care 11.61
Donnelley R R& Sons Industrials 1.78 Financials 15.99
Brunswick Corp Consumer Discretionary 1.77 Information Technology 17.58
Carlisle Corp Industrials 1.75 Telecom Services 0.00
Dover Corp Industrials 1.66 Utilities 3.57
��11�:��
Holdings and allocations only include SMA accounts.
70
City of Clearwater
Mid Cap Equity Comp as of 12/31/11
�
�
a�
�
N
�
�
�
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
0.0
Risk/Return Analysis
Periods from 3/88 to 12/11
Alpha
Beta
R-Squared
0.10
1.14
0.82
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
M Mid Cap Equity Comp
;. R Mid Cap
T 91-Day Treasury Bill
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
11J5 23.59
10.98 18.68
4.04 1.20
Holdings and allocations only include SMA accounts.
71
033 0.11
037
0.00
Attachment number 2 \nPage 7;
��11�:��
30%
25%
20%
15%
10%
5%
�%
-5%
-l�%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 7i
City of Clearwater
Midcap Neutral Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
20.22 6.44 14.66 24.88 8.92 7.47 10.44 11.04 11.37 13.23 10.57
16.35 5.42 13.88 21.68 7.01 6.68 8.61 8.93 10.36 13.02 10.24
14.54 -1.57 11.59 20.40 2.82 4.01 5.77 6.76 8.72 11.43 8.52
12.34 -435 9.33 18.78 0.91 1.40 4.05 5.29 7.04 10.49 7.17
5.46 -9.24 5.41 13.32 -2.20 -0.08 1.70 3.89 5.91 9.41 6.50
M Mid Cap Equity Comp
Net Ret 9.76 -0.10 13.09 22.95
Rank 89 41 31 19
� R Mid Cap
Net Ret 12.31 -1.56 11.15 20.17
Rank 75 48 56 51
1.99 3.59
69 52
0.39 1.41
78 72
�z
5.03 5.43
55 68
3.60 4.85
80 81
6.52 9.71
87 92
6.66 9.94
79 83
6.32
99
� ••
I[�'ii�:�7
�o°io
6o�io
so�io
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Attachment number 2 \nPage 7
City of Clearwater
Midcap Neutral Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004
High 6.44 31.99 63.14 -21.07 14.95 27.40 17.47 26.82
1 st Qt 5.42 27.04 41.17 -26.71 8.67 18.75 12.73 21.31
Median -1.57 23.69 37.16 -35.94 3.46 14.43 11.70 20.53
3rd Qt -435 22.19 34.77 -37.68 -0.52 10.56 9.22 17.45
Low -9.24 15.86 19.11 -44.82 -2.17 8.24 2.29 15.01
M Mid Cap Equity Comp
Net Ret -0.10 28.03
Rank 41 19
� R Mid Cap
Net Ret -1.56 25.49
Rank 48 39
2003 2002
44.04 -4.15
39.21 -9.81
35.67 -1233
33.40 -14.56
27.16 -16.55
45.33 -41.79 10.26 12.53 7.85 14.48 38.95 -19.87
18 91 15 56 79 96 28 99
40.47 -41.46 5.59 15.27 12.65 20.23 40.08 -16.19
27 88 44 46 27 52 12 87
73
I[�'ii�:�7
Attachment number 2 \nPage 7�
City of Clearwater
Risk Measure Summary
Mid Cap Equity Comp
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 1 1 3 3 7 8 30 31
Positive Periods 3 3 9 9 13 12 65 64
Up Market Capture 0.96 0.99 0.99 1.16
Down Market Capture 0.91 0.83 0.91 1.17
Batting Average 0.75 0.75 0.70 0.57
Worst Quarter � 17.17 � 18.90 � 17.17 � 18.90 �26.7� �27.28 �26.78 �27.28
Best Quarter 9.76 1231 23.05 20.80 23.05 20.80 49.24 20.80
Worst 4 Quarters �0.10 �L56 m0.10 mL56 �4L79 �4L46 �4L79 m4L46
Best 4 Quarters �0.10 �L56 65.80 67.72 65.80 67.72 77.74 67.72
Standard Deviation 23.23 24.93 24.81 25.60 23.59 18.68
Beta 0.93 0.96 1.14
Alpha 0.90 0.51 0.10
R-Squared 0.98 0.98 0.82
Sharpe Ratio 0.98 0.80 0.09 �0.00 0.33 0.37
Treynor Ratio 24.65 2.20 6.74
Tracking Error 3.72 3.46 10.28
Information Ratio 0.52 0.54 0.11
I[�'ii�:�7
74
Attachment number 2 \nPage 7!
City of Clearwater
Artisan Partners as of 12/31/11
Portfolio Performance ("/o)
30.0
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
7/31/Ol
� Artisan Partners � R Mid Cap G
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 7/31/Ol
Artisan Partners 6.08 0.07 0.07 2635 710 7.45 7.44
R Mid Cap G 11.23 -1.66 -1.66 22.06 2.44 5.28 4.90
Asset Growth ($000)
Beginning Market Value 33,682 40,886 40,886 15,064 36,468 30,811 29,914
Net Contributions & Withdrawals -1 -5,004 -5,004 -5,004 -5,004 -5,004 -5,004
Gain/Loss + Income 2,048 -153 -153 25,668 4,265 9,921 10,819
Ending Market Value 35,729 35,729 35,729 35,729 35,729 35,729 35,729
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Ihs Inc Industrials 336 Energy 9.80
Regeneron Pharmaceut Health Care 2.93 Materials 0.00
Agilent Technologies Health Care 2.77 Industrials 13.56
Dresser-Rand Group I Energy 2.72 Consumer Discretionary 21.53
Coach Inc Consumer Discretionary 2.71 Consumer Staples 2.48
Salesforce Com Inc Information Technology 2.62 Health Care 21.61
Trimble Navigation L Information Technology 2.57 Financials 4.01
Cameron Internationa Energy 2.54 Information Technology 27.00
Cerner Corp Health Care 2.52 Telecom Services 0.00
Precision Castparts Industrials 2.52 Utilities 0.00
��11�:��
75
�
�
a�
�
�
N
�
�
City of Clearwater
Artisan Partners as of 12/31/11
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
0.0
Risk/Return Analysis
Periods from 7/Ol to 12/11
Alpha
Beta
R-Squared
0.58
0.92
0.95
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
r Artisan Partners 7.44 20.22
;. R Mid Cap G 4.90 20.53
T 91-Day Treasury Bill 2.01 0.52
76
0.27 031
0.14
0.00
Attachment number 2 \nPage 8i
��11�:��
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 8
City of Clearwater
Midcap Growth Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
16.62 6.76 16.84 26.00 4.86 7.10 8.03 9.04 9.47 12.22 9.53
13.69 0.71 13.32 22.52 2.32 5.48 6.13 7.65 8.36 11.01 8.22
12.13 -1.99 10.96 20.18 0.22 3.18 4.41 6.25 7.21 10.57 7.34
10.55 -5.91 8.91 18.48 -1.70 1.82 3.74 5.08 6.18 9.37 5.76
7.28 -16.27 5.41 15.08 -3.83 -1.90 1.39 4.46 5.63 9.16 4.67
r Artisan Partners
Net Ret 6.08
Rank 98
� R Mid Cap G
Net Ret 11.23
Rank 63
0.07 15.43 26.35
31 11 2
-1.66 11.49 22.06
45 44 30
3.61 7.10
11 5
0.31 2.44
49 60
��
7.73 8.08
8 19
3.76 4.91
73 81
9.05 11.56
8 9
6.18 9.73
75 67
7.45
45
5.28
79
I[�'ii�:�7
�o°io
6o�io
so�io
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Attachment number 2 \nPage 8;
City of Clearwater
Midcap Growth Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
High 6.76 35.50 57.39 -33.13 25.01 20.90 23.20 21.82 51.00 -2.74
lst Qt 0.71 29.96 46.22 -37.54 21.02 14.95 14.84 18.98 44.86 -1331
Median -1.99 26.80 39.68 -40.90 16.48 13.34 13.04 16.35 37.89 -2035
3rd Qt -5.91 24.98 36.32 -44.99 8.66 9.95 10.19 13.13 33.38 -24.78
Low -16.27 18.56 26.78 -50.49 4.30 5.97 5.73 10.59 29.41 -30.09
r Artisan Partners
Net Ret 0.07 33.15
Rank 31 12
� R Mid Cap G
Net Ret -1.66 26.39
Rank 45 57
51.38 -42.87
15 62
46.30 -4432
24 70
22.31 10.94
17 65
11.41 10.64
65 65
�a
10.19 16.07
75 60
12.10 15.48
65 60
33.84 -23.37
72 67
42.72 -27.41
25 85
I[�'ii�:�7
30 %
25 %
20 %
]5%
]O%
5%
O%
-5 %
-]O%
Attachment number 2 \nPage 8;
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Equity Portfolios
]2/]] 9/]] 6/]] 3/]] ]2/]O
High 24.09 9.45 ]3.65 ]4.09 A2]
] st Qt ] A.AS 436 A.OS A.55 2.72
Mcdiai2 ]53] ].AO 4.6] 42A -O.A7
3rd Qt ]3.54 039 2.70 226 -2.97
Low A.47 -3.]] -2.65 -].73 -6.SA
r Artisan Part�2crs
Rctun2 2635 ]]27 ]2.69 ]235 4.A]
Rank 2 3 7 9 ]4
� R Mid Cap Ci
Rcturn 22AC S.A9 C.SA 7.C4 0.97
Rank 9 ]5 35 30 36
3 5.0 %
30.0 %
25.0 %
20.0 %
1 5.0 %
1 O.O %
5.0 %
O.O %
-5.0 %
-10.0%
Artisan Partners
Value Added Analysis - Net of Fee
3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. R Mid Cap G - Cumulat3ve Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
79
Attachment number 2 \nPage 8�
City of Clearwater
Risk Measure Summary
Artisan Partners
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 1 1 2 3 6 7 13 14
Positive Periods 3 3 10 9 14 13 28 27
Up Market Capture 0.79 0.96 1.02 0.99
Down Market Capture 0.76 0.67 0.84 0.88
Batting Average 0.50 0.50 0.50 0.41
Worst Quarter � 14.74 � 19.33 � 14.74 � 19.33 �27.54 �27.36 �27.54 �27.36
Best Quarter 7.61 11.23 20.50 20.67 20.50 20.67 26.70 27.06
Worst 4 Quarters 0.07 � 1.66 0.07 m 1.66 �42.87 �44.32 �42.87 m44.32
Best 4 Quarters 0.07 �1.66 58.59 62.98 58.59 62.98 58.59 62.98
Standard Deviation 20.97 23.61 24.44 25.80 21.76 23.19
Beta 0.87 0.92 0.92
Alpha 1.50 1.12 0.58
R-Squared 0.95 0.95 0.95
Sharpe Ratio 1.25 0.93 0.23 0.04 0.36 0.24
Treynor Ratio 30.14 6.11 8.50
Tracking Error 5.84 6.04 5.03
Information Ratio 0.50 0.67 0.31
I[�'ii�:�7
ao
29.9
28.1
26.3
� 24.5
�
a�
0 22.7
�
� 20.9
�
N 19.1
�
� 17.4
15.6
13.8
12.0
12.0
Attachment number 2 \nPage 8;
City of Clearwater
Return vs Risk
Total Returns of Midcap Growth Portfolios
3 Years Ending 12/31/11
12.0
10.0
� 8.0
�
� 6.0
w
0
�
� 4.0
�
�
N 2.0
�
�0.0
-2.0
-4.0
16.0
14.2 16.4
r Artisan Partners
[ R Mid Cap G
Median
18.6 20.8 23.0 25.2 27.4
Historical Standard Deviation of Return
Annualized Return
Value Rank
2635 2
22.06 30
20.18
5 Years Ending 12/31/11
29.6 31.8 34.0
Standard Deviation
Value Rank
20.97 17
23.61 53
23.55
17.8 19.6
r Artisan Partners
[ R Mid Cap G
Median
21.4 23.2 25.0 26.8 28.6
Historical Standard Deviation of Return
Annualized Return
Value Rank
7.10 5
2.44 60
3.18
81
30.4 32.2 34.0
Standard Deviation
Value Rank
24.44 36
25.80 59
25.42
��11�:��
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Largest Holdings
Ihs Inc
Regeneron Pharmaceut
Agilent Technologies
Dresser-Rand Group I
Coach Inc
Salesforce Com Inc
Trimble Navigation L
Cameron Internationa
Cerner Corp
Precision Castparts
Ten Best Performers
Akamai Technologies
Amerigroup Corp
Woodward Governor Co
Mercadolibre Inc
Concur Technologies
Pall Corp
Noble Energy Inc
Trimble Navigation L
Core Laboratories N
Intuitive Surgical I
City of Clearwater
Equity Summary Statistics
Artisan Partners
Period Ending 12/11
Market Value
1,145,928
997,740
943,110
928,326
921,704
892,848
876,680
865,744
857,500
856,908
Quarterly Ret
62.37
51.45
49.64
48.13
36.46
35.29
33.64
29.36
27.16
27.10
Portfolio
70
34,084,552
9,028,368
5,696,690
0.39
28.61
25.79
1.18
4.59
23.73
11.44
a2
% of Portfolio
3.36
2.93
2.77
2.72
2.71
2.62
2.57
2.54
2.52
2.52
Ten Worst Performers
Green Mtn Coffee Roa
Netflix Com Inc
Sina Com
Ctrip Com Intl Ltd
Universal Display Co
Ipg Photonics Corp
Athenahealth Inc
Opentable Inc
Broadcom Corp
Aruba Networks Inc
Attachment number 2 \nPage 8i
R Mid Cap G
�••
7,914,950
4,185,386
1.06
20.13
17.87
1.22
3.72
78.53
8.10
Quarterly Ret
15.17
-4.76
11.78
23.14
18.19
-11.22
29.36
18.42
-10.61
6.02
Quarterly Ret
-51.74
-38.77
-27.38
-27.24
-23.47
-22.03
-17.51
-14.95
-11.54
It m' # 5
City of Clearwater
Equity Contribution to Return
Artisan Partners
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Best Contributors
Amerigroup Corp
Trimble Navigation L
Dresser-Rand Group I
Noble Energy Inc
Mercadolibre Inc
Ihs Inc
Coach Inc
Cameron Internationa
Core Laboratories N
Lkq Corp
Ten Worst Contributors
Athenahealth Inc
Salesforce Com Inc
Ctrip Com Intl Ltd
Cerner Corp
Universal Display Co
Cepheid Inc
Broadcom Corp
Green Mtn Coffee Roa
Sina Com
Ipg Photonics Corp
Market Value
543,536
876,680
928,326
585,218
365,884
1,145,928
921,704
865,744
581,145
640,704
Market Value
751,536
892,848
339,300
857,500
385,245
705,405
629,772
125,580
228,800
267,573
Portfolio
70
34,084,552
9,028,368
5,696,690
0.39
28.61
25.79
1.18
4.59
23.73
11.44
83
% of Portfolio
1.60
2.57
2.72
1.72
1.07
3.36
2.71
2.54
1.71
1.88
% of Portfolio
2.21
2.62
1.00
2.52
1.13
2.07
1.85
0.37
0.67
0.79
Attachment number 2 \nPage 8
R Mid Cap G
�••
7,914,950
4,185,386
1.06
20.13
17.87
1.22
3.72
78.53
8.10
Quarterly Ret
51.45
2936
23.14
33.64
48.13
15.17
18.19
18.42
27.16
24.50
Quarterly Ret
-17.51
-11.22
-27.24
-10.61
-23.47
-1138
-11.54
-51.74
-27.38
Item'# 5
Attachment number 2 \nPage 8�
City of Clearwater
Equity Sector Attribution Analysis
Artisan Partners
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 7.88 8.98 23.03 22.93 0.01 �0.13 �0.12
Materials 0.00 8.25 15.36 0.00 �0.33 �0.33
Industrials 13.15 14.19 16.74 17.11 �0.05 �0.06 �0.11
Consumer Discretionary 20.21 20.48 5.39 10.37 � 1.01 0.00 � 1.00
Consumer Staples 2.65 6.68 �16.58 �0.23 �0.43 0.46 0.03
Health Care 23.68 14.29 1.00 6.23 � 1.24 �0.4� � 1.72
Financials 5.30 6.51 3.44 12.87 �0.50 �0.02 �0.52
Information Technology 27.13 18.65 3.61 8.67 � 1.37 �0.22 � 1.60
Telecom. Services 0.00 1.65 6.13 0.00 0.09 0.09
Utilities 0.00 032 3.86 0.00 0.02 0.02
100.00 100.00 6.06 11.32 �4.59 �0.67 a5.26
Index - R Mid Cap G
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect 0.29%
[ Actual Return 6.36% ]-[ Buy Hold Return 6.06% ]
84
�[i�'ii�:�•7
Energy
Materials
Industrials
Con. Discretionary
Consumer Staples
Health Care
Financials
Infomation Tech.
Telecom. Services
Utilities
Attachment number 2 \nPage 8!
City of Clearwater
Equity Sector Attribution Chart
Artisan Partners
Quarter Ending 12/ 11
% Allocation % Return % Variance
� Artisan Partners 0 R Mid Cap G
85
�[iai1�:�•7
Attachment number 2 \nPage 9i
City of Clearwater
Wedge Capital Mgmt as of 12/31 / 11
Portfolio Performance ("/o)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
2/28/07
� Wedge Capital Mgmt � R Mid Cap V
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 2/28/07
Wedge Capital Mgmt 13.62 -033 -033 19.40 1.57
R Mid Cap V 1336 -138 -138 18.20 -0.71
Asset Growth ($000)
Beginning Market Value 32,037 40,943 40,943 19,238 30,365
Net Contributions & Withdrawals -1 -4,001 -4,001 -4,001 -4,001
Gain/Loss + Income 4,365 -541 -541 21,164 10,037
Ending Market Value 36,401 36,401 36,401 36,401 36,401
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Allstate Corp Financials 431 Energy 7.00
Transdigm Group Inc Industrials 4.24 Materials 9.23
Duke-Weeks Realry Co Financials 416 Industrials 23.64
Sonoco Prods Co Materials 3.93 Consumer Discretionary 10.86
Lincoln Natl Corp In Financials 3.90 Consumer Staples 4.28
Computer Sciences Co Information Technology 3.79 Health Care 1.90
Donnelley R R& Sons Industrials 3.50 Financials 27.61
Brunswick Corp Consumer Discretionary 3.49 Information Technology 8.45
Carlisle Corp Industrials 3.45 Telecom Services 0.00
Dover Corp Industrials 3.27 Utilities 7.03
��11�:��
86
Attachment number 2 \nPage 9
City of Clearwater
Wedge Capital Mgmt as of 12/31 / 11
�
�
a�
�
�
N
�
�
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
0.0
Risk/Return Analysis
Periods from 2/07 to 12/11
Alpha
Beta
R-Squared
0.57
0.98
0.97
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
w Wedge Capital Mgmt 1.57 23.40 0.01 0.47
;. R Mid Cap V -0.71 23.59 -0.09
T 91-Day Treasury Bill 136 0.57 0.00
��11�:��
87
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 9;
City of Clearwater
Midcap Value Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last
Qtr
20.60
15.73
14.69
13.90
8.30
w Wedge Capital Mgmt
Net Ret 13.62
Rank 84
� R Mid Cap V
Net Ret 13.36
Rank 87
Last
Year
12.27
7.12
-1.81
-6.20
-11.29
-0.33
40
-1.38
43
Last 2
Years
19.16
13.31
10.34
8.40
3.24
1 ::
10.93
41
aa
Last 3
Years
25.32
19.40
17.54
15.56
7.76
19.40
26
18.20
42
Last 4
Years
3.19
2.34
0.87
-0.50
-5.25
2.60
16
0.41
69
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6o°io
so�io
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 9;
City of Clearwater
Midcap Value Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011
12.27
�.12
-1.81
-6.20
-11.29
w Wedge Capital Mgmt
Net Ret -033
Rank 40
� R Mid Cap V
Net Ret -13 8
Rank 43
2010
30.88
25.84
23.30
19.78
14.62
23.30
50
24.76
43
89
2009
57.20
45.34
35.12
30.58
19.07
38.51
35
34.20
50
11:
-31.72
-33.94
-36.61
-43.71
-51.14
-34.89
31
-38.45
53
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Attachment number 2 \nPage 9�
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Equity Portfolios
]2/]] 9/]] 6/]] 3/]] ]2/]O
High 24.09 9.45 ]3.65 ]4.09 A2]
] st Qt ] A.AS 436 A.OS A.55 2.72
Mcdiai2 ]53] ].AO 4.6] 42A -O.A7
3rd Qt ]3.54 039 2.70 226 -2.97
Low A.47 -3.]] -2.65 -].73 -6.SA
w Wcdgc Capital Mg*n2t
Rcturn ] 9.40 3 3] 9.54 ] 0.00 3.60
Rank 20 34 ]7 ]7 ]9
� R Mid Cap V
Rctun2 ]A20 ].9A 635 6.62 ].O]
Rank 29 4A 36 36 36
14.0 %
12.0%
1 O.O %
8.0 %
6.0 %
4.0 %
2.0 %
O.O %
-2.0 %
-4.0 %
Wedge Capital Mgmt
Value Added Analysis - Net of Fee
� Quarterly Value Added vs. R Mid Cap V - Cumulat3ve Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
�
Attachment number 2 \nPage 9;
City of Clearwater
Risk Measure Summary
Wedge Capital Mgmt
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 2 2 4 4 9 9 9 9
Positive Periods 2 2 8 8 10 10 10 10
Up Market Capture 1.11 1.00 1.03
Down Market Capture 1.04 0.95 0.94
Batting Average 0.75 0.58 0.68 0.68
Worst Quarter � 19.63 � 18.47 � 19.63 � 18.47 �26.40 �27.19 �26.40 �27.19
Best Quarter 13.62 1336 25.65 23.62 25.65 23.62 25.65 23.62
Worst 4 Quarters �0.33 �1.38 �0.63 �2.36 �39.75 �42.51 �39.75 m42.51
Best 4 Quarters �0.33 �1.38 73.15 72.41 73.15 72.41 73.15 72.41
Standard Deviation 27.20 26.86 26.71 26.75
Beta 0.99 0.98
Alpha 0.33 0.57
R-Squared 0.96 0.97
Sharpe Ratio 0.71 0.67 0.00 m0.08
Treynor Ratio 19.42 0.03
Tracking Error 5.60 4.62
Information Ratio 0.18 0.47
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35.0
30.0
� 25.0
�
a�
w
� 20.0
�
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N
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� 10.0
5.0
0.0
14.0
Attachment number 2 \nPage 9i
City of Clearwater
Return vs Risk
Total Returns of Midcap Value Portfolios
3 Years Ending 12/31/11
16.4 18.8 21.2 23.6 26.0 28.4 30.8 33.2 35.6 38.0
w Wedge Capital Mgmt
[ R Mid Cap V
Median
Historical Standard Deviation of Return
Annualized Return
Value Rank
19.40 26
18.20 42
17.54
92
Standard Deviation
Value Rank
27.20 65
26.86 64
26.04
��11�:��
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Largest Holdings
Allstate Corp
Transdigm Group Inc
Duke-Weeks Realty Co
Sonoco Prods Co
Lincoln Natl Corp In
Computer Sciences Co
Donnelley R R & Sons
Brunswick Corp
Carlisle Corp
Dover Corp
Ten Best Performers
Carlisle Corp
Convergys Corp
Solutia lnc
Wyndham Worldwide Co
Brunswick Corp
Murphy Oil Corp
Dover Corp
Lincoln Natl Corp In
Bank Hawaii Corp
Energen Corp
City of Clearwater
Equity Summary Statistics
Wedge Capital Mgmt
Period Ending 12/11
Market Value
1,515,773
1,490,216
1,461,388
1,381,024
1,371,246
1,330,542
1,230,273
1,228,080
1,213,820
1,149,390
Quarterly Ret
39.54
36.14
34.47
33.29
29.02
26.85
25.33
24.64
23.60
22.61
Portfolio
41
35,216,997
5,368,708
3,295,407
2.71
18.61
14.55
1.19
1.32
62.47
0.52
93
% of Portfolio
4.31
4.24
4.16
3.93
3.90
3.79
3.50
3.49
3.45
3.27
Ten Worst Performers
Phh Corp
Computer Sciences Co
First Niagara Finl G
Pg&E Corp
Life Technologies Co
HCC Ins Hldgs Inc
Comtech Telecommunic
Bemis Inc
Donnelley R R & Sons
V F Corp
Attachment number 2 \nPage 9
R Mid Cap V
527
7,801,385
3,707,206
2.42
16.60
14.94
1.27
1.37
76.84
-0.45
Quarterly Ret
16.66
17.15
16.47
17.85
24.64
-11.04
3.82
29.02
39.54
25.33
Quarterly Ret
-33.46
-11.04
-3.98
-1.49
1.25
2.24
2.77
3.50
3.82
Item'# 5
City of Clearwater
Equity Contribution to Return
Wedge Capital Mgmt
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Best Contributors
Carlisle Corp
Brunswick Corp
Lincoln Natl Corp In
Convergys Corp
Dover Corp
Wyndham Worldwide Co
Transdigm Group Inc
Allstate Corp
Sonoco Prods Co
Duke-Weeks Realty Co
Ten Worst Contributors
Computer Sciences Co
Phh Corp
Pg&E Corp
First Niagara Finl G
Life Technologies Co
Comtech Telecommunic
HCC Ins Hldgs Inc
Bemis Inc
Capstead Mtg Corp
UGI Corp New
Market Value
1,213,820
1,228,080
1,371,246
913,055
1,149,390
836,043
1,490,216
1,515,773
1,381,024
1,461,388
Market Value
1,330,542
211,860
993,402
318,447
669,252
727,005
1,006,500
1,022,720
374,444
355,740
Portfolio
41
35,216,997
5,368,708
3,295,407
2.71
18.61
14.55
1.19
1.32
62.47
0.52
94
% of Portfolio
3.45
3.49
3.90
2.60
3.27
2.38
4.24
4.31
3.93
4.16
% of Portfolio
3.79
0.60
2.83
0.91
1.90
2.07
2.86
2.91
1.07
1.O1
Attachment number 2 \nPage 9�
R Mid Cap V
527
7,801,385
3,707,206
2.42
16.60
14.94
1.27
1.37
76.84
-0.45
Quarterly Ret
39.54
29.02
24.64
36.14
25.33
33.29
17.15
16.66
17.85
16.47
Quarterly Ret
-11.04
-33.46
-1.49
-3.98
1.25
2.77
2.24
3.50
11.49
Item' #�5
Attachment number 2 \nPage 9!
City of Clearwater
Equity Sector Attribution Analysis
Wedge Capital Mgmt
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 6.65 6.07 16.87 21.43 �0.30 0.05 �0.26
Materials 8.98 432 12.71 22.93 �0.92 0.44 �0.47
Industrials 21.61 9.99 19.18 16.83 0.51 0.40 0.90
Consumer Discretionary 12.04 10.86 16.19 16.01 0.02 0.03 0.05
Consumer Staples 4.21 7.26 12.99 9.76 0.14 0.11 0.25
Health Care 2.08 6.76 1.25 5.97 �0.10 0.35 0.25
Financials 27.78 30.65 14.00 13.70 0.08 �0.01 0.07
Information Technology 9.03 8.25 4.31 10.87 �0.59 �0.02 �0.61
Telecom. Services 0.00 0.86 �6.03 0.00 0.17 0.17
Utilities 7.61 14.98 6.80 10.38 �0.27 0.22 a0.05
100.00 100.00 13.73 13.42 �1.44 1.74 0.30
Index - R Mid Cap V
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect 0.04%
[ Actual Return 13.76% ]-[ Buy Hold Return 13.73% ]
95
�[i�'ii�:�•7
Energy
Materials
Industrials
Con. Discretionary
Consumer Staples
Health Care
Financials
Infomation Tech.
Telecom. Services
Utilities
Attachment number 2 \nPage 1i
City of Clearwater
Equity Sector Attribution Chart
Wedge Capital Mgmt
Quarter Ending 12/ 11
% Allocation % Return % Variance
� Wedge Capital Mgmt 0 R Mid Cap V
�
�[i�'ii�:�•7
Attachment number 2 \nPage 1i
City of Clearwater
Small Cap Equity Comp as of 12/31/11
Portfolio Performance ("/o)
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
8/31/03
� Small Cap Equiry Comp � R2000
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 8/31/03
Small Cap Equiry Comp 15.86 2.07 2.07 20.77 2.23 712
R2000 15.48 -4.17 -4.17 15.63 0.15 6.26
Asset Growth ($000)
Beginning Market Value 37,502 42,571 42,571 47,086 64,401 29,988
Net Contributions & Withdrawals -1 -2 -2 -39,005 -39,005 -39,005
Gain/Loss + Income 5,949 881 881 35,368 18,054 52,466
Ending Market Value 43,450 43,450 43,450 43,450 43,450 43,450
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Lkq Corp Consumer Discretionary 2.43 Energy 313
Ultimate Software Gr Information Technology 214 Materials 2.77
Rollins Inc Industrials 2.08 Industrials 20.01
National Instrs Corp Information Technology 1.94 Consumer Discretionary 14.81
Cepheid Inc Health Care 1.68 Consumer Staples 3.96
Semtech Corp Information Technology 1.44 Health Care 15.72
Mednax Inc Health Care 1.41 Financials 11.76
Chemed Corp New Health Care 136 Information Technology 27.28
United Nat Foods Inc Consumer Staples 131 Telecom Services 0.00
Gentex Corp Consumer Discretionary 131 Utilities 0.56
��11�:��
Holdings and allocations only include SMA accounts.
97
City of Clearwater
Small Cap Equity Comp as of 12/31/11
�
�
�
�
�
�
�
�
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
0.0
Risk/Return Analysis
Periods from 8/03 to 12/11
Alpha
Beta
R-Squared
032
0.91
0.96
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Annualized Standard Deviation%
5 Small Cap Equiry Comp
;. R2000
T 91-Day Treasury Bill
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
7.12 20.08
6.26 20.91
2.03 0.57
Holdings and allocations only include SMA accounts.
98
0.25 0.13
0.20
0.00
Attachment number 2 \nPage 1i
��11�:��
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1i
City of Clearwater
Small Neutral Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8
Qtr Year Years Years Years Years Years Years Years
19.44 6.54 15.62 24.50 5.57 5.60 7.44 7.75 8.75
17.09 -0.93 12.87 20.06 4.05 3.25 5.75 6.11 7.88
15.47 -3.05 11.30 17.03 1.80 1.88 4.10 4.72 6.57
13.65 -4.83 9.66 15.52 0.72 0.38 3.14 4.06 5.94
11.22 -11.49 5.08 11.90 -132 -1.16 1.79 2.06 4.46
S Small Cap Equity Comp
Net Ret 15.86 2.07
Rank 34 12
� R2000
Net Ret 15.48 -4.17
Rank 49 70
14.87 20.77
12 22
10.25 15.63
65 71
�
1.97 2.23
48 44
0.58 0.15
77 78
4.61 4.98
45 48
2.98 3.20
77 87
6.26
60
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Attachment number 2 \nPage 1i
City of Clearwater
Small Neutral Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004
High 6.54 36.32 53.35 -22.15 11.39 25.57 14.03 26.61
lst Qt -0.93 29.64 36.35 -29.87 3.44 19.63 10.02 22.75
Median -3.05 26.99 29.15 -33.24 0.65 17.58 8.36 20.68
3rd Qt -4.83 25.10 26.09 -36.09 -2.60 15.75 5.69 18.42
Low -11.49 20.97 19.50 -42.48 -8.40 12.80 2.79 15.47
S Small Cap Equity Comp
Net Ret 2.07 29.27
Rank 12 29
� R2000
Net Ret -4.17 26.85
Rank 70 52
33.51 -38.63
31 85
27.19 -33.80
66 59
��
3.27 17.40
27 52
-1.55 18.35
65 38
7.21 15.69
71 91
4.56 18.32
86 78
I[�'ii�:�7
Attachment number 2 \nPage 1i
City of Clearwater
Risk Measure Summary
Small Cap Equity Comp
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 2 2 4 4 8 9 11 12
Positive Periods 2 2 8 8 12 11 22 21
Up Market Capture 1.06 0.99 1.03 0.96
Down Market Capture 0.83 0.79 0.94 0.90
Batting Average 1.00 0.83 0.75 0.64
Worst Quarter � 18.74 �21.86 � 18.74 �21.86 �25.65 �26.12 �25.65 �26.12
Best Quarter 15.86 15.48 20.74 20.68 20.74 20.68 20.74 20.68
Worst 4 Quarters 2.07 �4.17 2.07 m4.17 �3�.63 �37.50 �3�.63 m37.50
Best 4 Quarters 2.07 �4.17 57.55 62.77 57.55 62.77 57.55 62.77
Standard Deviation 24.36 27.86 24.83 26.00 20.56 22.05
Beta 0.87 0.94 0.91
Alpha 1.51 0.47 0.32
R-Squared 0.98 0.96 0.96
Sharpe Ratio 0.85 0.56 0.03 �0.05 0.27 0.21
Treynor Ratio 23.78 0.80 6.14
Tracking Error 5.26 5.40 4.71
Information Ratio 0.67 0.30 0.13
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24.1
223
� 20.5
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0 18.8
�
� 17.0
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11.6
9.8
8.0
21.0
Attachment number 2 \nPage 1i
City of Clearwater
Return vs Risk
Total Returns of Small Neutral Portfolios
3 Years Ending 12/31/11
6.0
5.0
� 4.0
�
� 3.0
w
0
�
� 2.0
�
�
N 1.0
�
�0.0
-1.0
-2.0
19.0
223 23.6 24.9
S Small Cap Equiry Comp
i R2000
Median
26.2 27.5 28.8 301
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
20.77 22
15.63 71
17.03
5 Years Ending 12/31/11
31.4 32.7 34.0
Standard Deviation
Value Rank
24.36 17
27.86 58
27.43
20.4 21.8
S Small Cap Equiry Comp
[ R2000
Median
23.2 24.6 26.0 27.4 28.8
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
2.23 44
0.15 78
1.88
�
30.2 31.6 33.0
Standard Deviation
Value Rank
24.83 30
26.00 51
26.00
��11�:��
Attachment number 2 \nPage 1i
City of Clearwater
Riverbridge Partners as of 12/31 / 11
Portfolio Performance ("/o)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
9/30/10
� Riverbridge Partners � R2000G
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 9/30/10
Riverbridge Partners 13.13 4.27 4.27 16.74
R2000G 14.99 -2.92 -2.92 10.81
Asset Growth ($000)
Beginning Market Value 18,102 19,642 19,642 16,876
Net Contributions & Withdrawals 0 -1 -1 -1
Gain/Loss + Income 2,377 838 838 3,603
Ending Market Value 20,478 20,478 20,478 20,478
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Ultimate Software Gr Information Technology 4.53 Energy 0.00
Rollins Inc Industrials 4.40 Materials 0.00
Cepheid Inc Health Care 3.55 Industrials 17.99
National Instrs Corp Information Technology 3.48 Consumer Discretionary 10.78
Lkq Corp Consumer Discretionary 332 Consumer Staples 4.45
Semtech Corp Information Technology 3.04 Health Care 25.52
Mednax Inc Health Care 2.99 Financials 1.50
Chemed Corp New Health Care 2.88 Information Technology 39.76
United Nat Foods Inc Consumer Staples 2.77 Telecom Services 0.00
Gentex Corp Consumer Discretionary 2.76 Utilities 0.00
��11�:��
103
�
�
�
�
N
�
�
�
City of Clearwater
Riverbridge Partners as of 12/31 / 11
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-2.0
Risk/Return Analysis (Number of returns < 12)
Periods from 9/10 to 12/11
Alpha
Beta
R-Squared
N/A
N/A
N/A
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
R Riverbridge Partners
;. R2000G
T 91-Day Treasury Bill
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
16J4 17.66 0.94
10.81 23.08 0.46
0.11 0.03 0.00
104
Attachment number 2 \nPage 1i
��11�:��
2o°io
Is�io
1 o�io
s�io
o�io
-s�io
-lo�io
-IS�io
-ZO�io
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1i
City of Clearwater
Small Growth Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last
Qtr
17.86
15.33
13.82
12.42
9.98
R Riverbridge Partners
Return 13.13
Rank 65
� R2000G
Return 14.99
Rank 32
Last 2
Qtrs
-3.95
-731
-9.51
-11.65
-16.66
-4.85
14
-10.60
63
105
Last 3
Qtrs
-2.30
-6.90
-9.90
-11.98
-17.47
-4.52
11
-11.13
64
Last 4
Qtrs
7.94
2.26
-l.11
-3.87
-8.91
4.27
14
-2.92
62
I[�'ii�:�7
lo°io
s�io
6�io
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
Attachment number 2 \nPage 1
City of Clearwater
Small Growth Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011
High 7.94
1 st Qt 2.26
Median -1.11
3rd Qt -3.87
Low -8.91
R Riverbridge Partners
Return 4.27
Rank 14
� R2000G
Return -2.92
Rank 62
�
I[�'ii�:�7
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Largest Holdings
Ultimate Software Gr
Rollins Inc
Cepheid Inc
National Instrs Corp
Lkq Corp
Semtech Corp
Mednax Inc
Chemed Corp New
United Nat Foods Inc
Gentex Corp
Ten Best Performers
Dealertrack Hldgs In
Stratasys Inc
Sps Comm Inc
Ebix Com Inc
Faro Technologies In
Ultimate Software Gr
Cabot Microelectroni
Concur Technologies
Constant Contact Inc
Cass Information Sys
City of Clearwater
Equity Summary Statistics
Riverbridge Partners
Period Ending 12/11
Market Value
903,214
878,068
708,640
693,825
662,963
606,601
597,323
574,320
552,938
551,706
Quarterly Ret
73.96
64.02
59.30
50.70
45.80
39.38
37.39
36.46
34.24
29.54
Portfolio
52
19,960,289
1,666,594
974,908
0.41
29.07
29.05
1.OS
3.52
12.46
6.01
107
% of Portfolio
4.53
4.40
3.55
3.48
3.32
3.04
2.99
2.88
2.77
2.76
Ten Worst Performers
Echelon Corp
Quality Sys Inc
Athenahealth Inc
Neogen Corp
Bio-Reference Labs I
Cepheid Inc
Chemed Corp New
Sciquest Inc New
Pegasystems Inc
Grand Canyon Ed Inc
Attachment number 2 \nPage 1
R2000G
1,162
1,391,346
533,139
0.72
30.34
14.60
1.43
3.08
49.50
8.44
Quarterly Ret
39.38
19.13
-1138
13.93
24.50
17.63
14.96
-6.56
8.02
23.61
Quarterly Ret
-30.53
-23.35
-17.51
-11.75
-11.62
-1138
-6.56
-4.48
-3.85
Item'# 5
City of Clearwater
Equity Contribution to Return
Riverbridge Partners
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Best Contributors
Ultimate Software Gr
Dealertrack Hldgs In
Sps Comm Inc
Ebix Com Inc
Rollins Inc
Cabot Microelectroni
Lkq Corp
Faro Technologies In
Stratasys Inc
Concur Technologies
Ten Worst Contributors
Cepheid Inc
Quality Sys Inc
Athenahealth Inc
Neogen Corp
Echelon Corp
Chemed Corp New
Bio-Reference Labs I
Pegasystems Inc
Sciquest Inc New
Grand Canyon Ed Inc
Market Value
903,214
386,956
333,380
375,855
878,068
445,615
662,963
339,940
237,502
373,357
Market Value
708,640
266,698
344,872
389,005
135,805
574,320
308,577
259,043
189,106
331,473
Portfolio
52
19,960,289
1,666,594
974,908
0.41
29.07
29.05
1.OS
3.52
12.46
6.01
108
% of Portfolio
4.53
1.94
1.67
1.88
4.40
2.23
3.32
1.70
1.19
1.87
% of Portfolio
3.55
1.34
1.73
1.95
0.68
2.88
1.55
1.30
0.95
1.66
Attachment number 2 \nPage 1
Russell 2000 Growth
1,162
1,391,346
533,139
0.72
30.34
14.60
1.43
3.08
49.50
8.44
Quarterly Ret
3938
73.96
5930
50.70
19.13
3739
24.50
45.80
64.02
36.46
Quarterly Ret
-1138
-23.35
-17.51
-11.75
-30.53
-6.56
-11.62
-3.85
-4.48
Item'# 5
Attachment number 2 \nPage 1
City of Clearwater
Equity Sector Attribution Analysis
Riverbridge Partners
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 0.00 7.72 28.15 0.00 � 1.02 � 1.02
Materials 0.00 4.04 15.22 0.00 �0.01 �0.01
Industrials 14.89 15.80 16.87 20.63 �0.56 �0.05 �0.61
Consumer Discretionary 10.23 14.73 18.53 11.85 0.68 0.14 0.82
Consumer Staples 4.69 4.55 6.69 6.88 �0.01 �0.01 �0.02
Health Care 30.50 20.52 �2.25 11.37 �4.16 �0.36 �4.52
Financials 3.80 8.00 23.30 12.24 0.42 0.12 0.54
Information Technology 35.90 2332 23.59 14.82 3.15 �0.02 3.13
Telecom. Services 0.00 1.23 7.69 0.00 0.09 0.09
Utilities 0.00 0.09 11.87 0.00 0.00 0.00
100.00 100.00 13.39 14.98 �0.47 �1.12 a1.59
Index - R2000G
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect 0.04%
[ Actual Return 13.43% ]-[ Buy Hold Return 13.39% ]
�
�[i�'ii�:�•7
Energy
Materials
Industrials
Con. Discretionary
Consumer Staples
Health Care
Financials
Infomation Tech.
Telecom. Services
Utilities
Attachment number 2 \nPage 1
City of Clearwater
Equity Sector Attribution Chart
Riverbridge Partners
Quarter Ending 12/ 11
% Allocation % Return % Variance
� Riverbridge Partners 0 R2000G
110
�[iai1�:�•7
Attachment number 2 \nPage 1
City of Clearwater
Atlanta Capital Mgmt as of 12/31/11
Portfolio Performance ("/o)
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
8/31/03
� Atlanta Capital Mgmt � R2000V
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 8/31/03
Atlanta Capital Mgmt 16.42 10.20 10.20 20.76 8.66 10.98
R2000V 15.97 -5.50 -5.50 12.36 -1.87 6.22
Asset Growth ($000)
Beginning Market Value 10,899 11,514 11,514 14,689 32,049 14,990
Net Contributions & Withdrawals 0 -1 -1 -10,001 -10,001 -10,001
Gain/Loss+Income 1,789 1,175 1,175 8,000 -9,360 7,699
Ending Market Value 12,688 12,688 12,688 12,688 12,688 12,688
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Kirby Expl Co. Industrials 3.56 Energy 2.76
Morningstar Inc Consumer Discretionary 3.44 Materials 3.64
Lkq Corp Consumer Discretionary 3.01 Industrials 2736
Henry Jack & Assoc I Information Technology 2.96 Consumer Discretionary 20.96
Blackbaud Inc Information Technology 2.81 Consumer Staples 3.62
Sally Beauty HIdgs I Consumer Discretionary 2.79 Health Care 8.57
Bio Rad Labs Inc Health Care 2.77 Financials 13.75
Dril-Quip Inc Energy 2.76 Information Technology 1934
Aptargroup Inc Materials 238 Telecom Services 0.00
Fair Isaac Corp Information Technology 231 Utilities 0.00
��11�:��
�Qt
City of Clearwater
Atlanta Capital Mgmt as of 12/31/11
�
�
a�
�
N
�
�
�
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
Risk/Return Analysis
Periods from 8/03 to 12/11
Alpha
Beta
R-Squared
138
0.72
0.92
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
t Atlanta Capital Mgmt 10.98 17.77
;. R2000V 6.22 20.92
T 91-Day Treasury Bill 2.03 0.57
112
0.50 0.44
0.20
0.00
Attachment number 2 \nPage 1
��11�:��
25%
20%
15%
10%
5%
�%
-5%
-l�%
Attachment number 2 \nPage 1
City of Clearwater
Small Value Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8
Qtr Year Years Years Years Years Years Years Years
High 19.25 1.95 14.56 21.20 6.16 4.93 7.78 8.59 10.66
1 st Qt 17.88 -0.63 13.05 19.04 4.77 3.21 5.68 6.26 8.49
Median 16.19 -4.03 11.13 17.38 2.85 2.21 4.82 5.40 7.48
3rd Qt 15.13 -6.21 9.21 15.77 0.94 0.03 3.67 4.12 6.25
Low 13.81 -8.96 7.66 13.12 0.42 -1.82 1.75 2.62 4.92
t Atlanta Capital Mgmt
Net Ret 16.42 10.20 17.83 20.76 9.11 8.66 9.89 9.36 10.66
Rank 42 1 1 8 1 1 1 1 6
� R2000V
Net Ret 15.97 -5.50 8.47 12.36 0.21 -1.87 1.96 2.34 4.64
Rank 55 68 85 99 96 97 89 100 99
I[�'ii�:�7
113
6o°io
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Attachment number 2 \nPage 1
City of Clearwater
Small Value Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004
High 1.95 33.58 55.19 -23.17 5.01 25.08 13.63 27.20
lst Qt -0.63 30.90 36.04 -28.21 0.79 21.53 10.31 25.39
Median -4.03 27.62 32.28 -30.75 -2.59 19.90 8.22 21.40
3rd Qt -6.21 24.82 25.37 -33.26 -7.82 16.57 5.85 18.37
Low -8.96 21.40 20.58 -38.96 -1130 13.06 2.16 12.52
t Atlanta Capital Mgmt
Net Ret 10.20
Rank 1
� R2000V
Net Ret -5.50
Rank 68
25.98 26.83
65 62
24.51 20.57
79 96
-19.52 6.91
1 3
-28.92 -9.77
27 83
114
16.22 6.23
78 70
23.48 4.70
8 83
20.24
59
22.25
43
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Attachment number 2 \nPage 1
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Equity Portfolios
]2/]] 9/]] 6/]] 3/]] ]2/]O
High 24.09 9.45 ]3.65 ]4.09 A2]
] st Qt ] A.AS 436 A.OS A.55 2.72
Mcdiai2 ]53] ].AO 4.6] 42A -O.A7
3rd Qt ]3.54 039 2.70 226 -2.97
Low A.47 -3.]] -2.65 -].73 -6.SA
t Atlanta Capital Mg*n2t
Rcturn 20.76 A.OS ]S.A] ]3.9A A.75
Rank ]3 7 2 5 4
� R2000V
Rctun2 12.3C -2.79 7.OA C.7C 2.19
Rank A2 94 3] 35 29
��,.�,�
��,.�,�
s�,.�,�
40.0 %
30.0 %
20.0 %
1 O.O %
O.O %
-10.0%
Atlanta Capital Mgmt
Value Added Analysis - Net of Fee
3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. R2000V - Cumulat3ve Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
115
Attachment number 2 \nPage 1;
City of Clearwater
Risk Measure Summary
Atlanta Capital Mgmt
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 1 2 3 4 7 9 10 11
Positive Periods 3 2 9 8 13 11 23 22
Up Market Capture 1.16 0.94 0.96 0.88
Down Market Capture 0.58 0.64 0.58 0.59
Batting Average 1.00 0.75 0.80 0.64
Worst Quarter � 15.76 �21.47 � 15.76 �21.47 � 16.60 �24.�9 � 16.60 �24.�9
Best Quarter 16.42 15.97 18.00 22.70 18.00 22.70 18.00 22.70
Worst 4 Quarters 10.20 �5.50 8.57 m6.00 �24.55 �38.89 �24.55 m38.89
Best 4 Quarters 10.20 �5.50 52.53 65.05 52.53 65.05 52.53 65.05
Standard Deviation 22.64 29.28 20.44 26.53 16.81 22.38
Beta 0.76 0.75 0.72
Alpha 2.39 2.21 1.38
R-Squared 0.96 0.95 0.92
Sharpe Ratio 0.91 0.42 0.35 �0.13 0.57 0.20
Treynor Ratio 27.06 9.57 13.14
Tracking Error 8.40 8.14 7.81
Information Ratio 0.66 1.08 0.44
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�
25.9
24.1
223
� 20.5
�
a�
0 18.8
�
� 17.0
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11.6
9.8
8.0
18.0
Attachment number 2 \nPage 1;
City of Clearwater
Return vs Risk
Total Returns of Small Value Portfolios
3 Years Ending 12/31/11
12.0
10.2
8.4
� 6.6
�
a�
0 4.8
�
� 3.0
�
N 1.2
�
� -0.5
-23
-4.2
-6.0
16.0
20.2 22.4
i Atlanta Capital Mgmt
i R2000V
Median
24.6 26.8 29.0 31.2 33.4
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
20J6 8
12.36 99
17.38
5 Years Ending 12/31/11
35.6 37.8 40.0
Standard Deviation
Value Rank
22.64 4
29.28 57
28.84
18.2 20.4
i Atlanta Capital Mgmt
i R2000V
Median
22.6 24.8 27.0 29.2 31.4
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
8.66 1
-1.87 97
2.21
117
33.6 35.8 38.0
Standard Deviation
Value Rank
20.44 1
26.53 51
26J7
��11�:��
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Largest Holdings
Kirby Expl Co.
Morningstar Inc
Lkq Corp
Henry Jack & Assoc I
Blackbaud Inc
Sally Beauty Hldgs I
Bio Rad Labs Inc
Dril-Quip Inc
Aptargroup Inc
Fair Isaac Corp
Ten Best Performers
Fair Isaac Corp
Acuity Brands Inc
Wright Express Corp
Umpqua Hldgs Corp
Carlisle Corp
Simpson Manufacturin
Moog Inc ' a'
Hibbett Sports Inc
Aaon Inc
Raven Inds Inc
City of Clearwater
Equity Summary Statistics
Atlanta Capital Mgmt
Period Ending 12/11
Market Value
430,594
416,745
363,968
358,283
340,433
337,235
335,180
334,366
287,978
279,552
Quarterly Ret
64.27
47.48
42.69
41.76
39.54
35.65
34.67
33.31
30.88
28.81
Portfolio
62
12,111,637
1,966,553
1,551,275
1.00
20.36
20.26
1.08
2.92
18.46
4.74
118
% of Portfolio
3.56
3.44
3.01
2.96
2.81
2.79
2.77
2.76
2.38
2.31
Ten Worst Performers
Owens & Minor Inc Ne
Columbia Sportswear
Techne Corp
Hittite Microwave Co
HCC Ins Hldgs Inc
II VI Inc
Landauer Inc
Morningstar Inc
Iberiabank Corp
Aaron Rents Inc
Attachment number 2 \nPage 1;
I' 111 I
1,354
1,082,047
406,698
2.19
22.74
12.98
1.46
1.16
54.75
-0.29
Quarterly Ret
25.08
5.42
24.50
16.34
24.95
27.29
5.81
22.09
17.32
64.27
Quarterly Ret
-1.72
0.75
0.77
1.40
2.24
4.91
5.06
5.42
5.47
Item�# 5
City of Clearwater
Equity Contribution to Return
Atlanta Capital Mgmt
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Best Contributors
Fair Isaac Corp
Acuity Brands Inc
Kirby Expl Co.
Moog Inc ' a'
Sally Beauty Hldgs I
Lkq Corp
Umpqua Hldgs Corp
Blackbaud Inc
Dril-Quip Inc
Carlisle Corp
Ten Worst Contributors
Owens & Minor Inc Ne
Columbia Sportswear
Techne Corp
Hittite Microwave Co
HCC Ins Hldgs Inc
Landauer Inc
Young Innovations In
Iberiabank Corp
II VI Inc
Aaron Rents Inc
Market Value
279,552
234,260
430,594
275,441
337,235
363,968
208,648
340,433
334,366
177,200
Market Value
152,845
146,772
170,650
119,500
159,225
102,485
81,483
114,869
155,142
154,611
Portfolio
62
12,111,637
1,966,553
1,551,275
1.00
20.36
20.26
1.08
2.92
18.46
4.74
119
% of Portfolio
2.31
1.94
3.56
2.28
2.79
3.01
1.72
2.81
2.76
1.46
% of Portfolio
1.26
1.21
1.41
0.99
1.32
0.85
0.67
0.95
1.28
1.28
Attachment number 2 \nPage 1;
I' 111 I
1,354
1,082,047
406,698
2.19
22.74
12.98
1.46
1.16
54.75
-0.29
Quarterly Ret
64.27
47.48
25.08
34.67
27.29
24.50
41.76
24.95
22.09
39.54
Quarterly Ret
-1.72
0.75
0.77
1.40
2.24
5.06
7.70
5.47
4.91
Item�# 5
Attachment number 2 \nPage 1;
City of Clearwater
Equity Sector Attribution Analysis
Atlanta Capital Mgmt
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 2.63 4.76 22.09 13.93 0.21 0.04 0.26
Materials 3.71 4.98 14.36 16.64 �0.08 �0.01 �0.09
Industrials 25.70 1435 24.01 20.28 0.96 0.49 1.45
Consumer Discretionary 21.18 11.41 16.30 18.01 �0.36 0.20 �0.16
Consumer Staples 6.20 3.11 � 15.86 12.83 � L78 �0.10 � L87
Health Care 9.96 538 7.88 14.22 �0.63 �0.08 a0.71
Financials 12.71 36.24 18.99 16.23 0.35 �0.06 0.29
Information Technology 17.93 11.12 22.94 14.15 1.58 �0.12 1.45
Telecom. Services 0.00 0.72 9.22 0.00 0.05 0.05
Utilities 0.00 7.93 10.36 0.00 0.44 0.44
100.00 100.00 17.06 15.96 0.24 0.85 1.10
Index - R2000V
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect 0.20%
[ Actual Return 17.26% ]-[ Buy Hold Return 17.06% ]
120
�[i�'ii�:�•7
Energy
Materials
Industrials
Con. Discretionary
Consumer Staples
Health Care
Financials
Infomation Tech.
Telecom. Services
Utilities
Attachment number 2 \nPage 1;
City of Clearwater
Equity Sector Attribution Chart
Atlanta Capital Mgmt
Quarter Ending 12/ 11
% Allocation % Return % Variance
� Atlanta Capital Mgmt 0 R2000V
121
�[i�'ii�:�•7
Attachment number 2 \nPage 1;
City of Clearwater
Systematic Financial Mgt as of 12/31 / 11
Portfolio Performance ("/o)
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
8/31/03
� Systematic Financial Mgt � R2000V
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year S/31/03
Systematic Financial Mgt 20.97 -9.91 -9.91 1833 -0.26 5.70
R2000V 15.97 -5.50 -5.50 12.36 -1.87 6.22
Asset Growth ($000)
Beginning Market Value 8,501 11,416 11,416 10,362 32,360 15,001
Net Contributions & Withdrawals 0 -1 -1 -6,001 -6,001 -6,001
Gain/Loss+Income 1,783 -1,131 -1,131 5,922 -16,076 1,283
Ending Market Value 10,284 10,284 10,284 10,284 10,284 10,284
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Cbl & Assoc Pptys In Financials 3.63 Energy 9.72
Dupont Fabros Techno Financials 3.58 Materials 718
Pier I Imports Inc Consumer Discretionary 332 Industrials 15.21
Cno Finl Group Inc Financials 235 Consumer Discretionary 1538
Hain Celestial Group Consumer Staples 215 Consumer Staples 338
Polyone Corp Materials 2.06 Health Care 5.00
Webster Finl Corp Co Financials 1.93 Financials 29.57
Waddell & Reed Finl Financials 1.90 Information Technology 12.24
Dana Holding Corp Consumer Discretionary 1.81 Telecom Services 0.00
Triumph Group Inc Ne Industrials 1.64 Utilities 232
��11�:��
122
City of Clearwater
Systematic Financial Mgt as of 12/31 / 11
�
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N
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6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
0.0
Risk/Return Analysis
Periods from 8/03 to 12/11
Alpha
Beta
R-Squared
0.04
1.04
0.86
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
s Systematic Financial Mgt 5.70 22.75
;. R2000V 6.22 20.92
T 91-Day Treasury Bill 2.03 0.57
123
0.16 -0.01
0.20
0.00
Attachment number 2 \nPage 1;
��11�:��
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1;
City of Clearwater
Small Value Cumulative Performance Comparisons
Total Returns of Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8
Qtr Year Years Years Years Years Years Years Years
19.25 1.95 14.56 21.20 6.16 4.93 7.78 8.59 10.66
17.88 -0.63 13.05 19.04 4.77 3.21 5.68 6.26 8.49
16.19 -4.03 11.13 17.38 2.85 2.21 4.82 5.40 7.48
15.13 -6.21 9.21 15.77 0.94 0.03 3.67 4.12 6.25
13.81 -8.96 7.66 13.12 0.42 -1.82 1.75 2.62 4.92
s Systematic Financial Mgt
Net Ret 20.97 -9.91
Rank 1 96
� R2000V
Net Ret 15.97 -5.50
Rank 55 68
10.49 18.33
57 30
8.47 12.36
85 99
-0.44 -0.26
100 78
0.21 -1.87
96 97
124
2.66 3.45
87 85
1.96 2.34
89 100
4.41
100
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40%
30%
20%
10%
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-10%
-20%
-30%
-40%
-50%
Attachment number 2 \nPage 1;
City of Clearwater
Small Value Consecutive Performance Comparisons
Total Returns of Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004
High 1.95 33.58 55.19 -23.17 5.01 25.08 13.63 27.20
lst Qt -0.63 30.90 36.04 -28.21 0.79 21.53 10.31 25.39
Median -4.03 27.62 32.28 -30.75 -2.59 19.90 8.22 21.40
3rd Qt -6.21 24.82 25.37 -33.26 -7.82 16.57 5.85 18.37
Low -8.96 21.40 20.58 -38.96 -1130 13.06 2.16 12.52
s Systematic Financial Mgt
Net Ret -9.91 35.50
Rank 96 1
� R2000V
Net Ret -5.50 24.51
Rank 68 79
35.72 -40.71
31 97
20.57 -28.92
96 27
125
0.49 18.61
30 62
-9.77 23.48
83 8
8.27 11.42
47 100
4.70 22.25
83 43
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Attachment number 2 \nPage 1;
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Equity Portfolios
]2/]] 9/]] 6/]] 3/]] ]2/]O
High 24.09 9.45 ]3.65 ]4.09 A2]
] st Qt ] A.AS 436 A.OS A.55 2.72
Mcdiai2 ]53] ].AO 4.6] 42A -O.A7
3rd Qt ]3.54 039 2.70 226 -2.97
Low A.47 -3.]] -2.65 -].73 -6.SA
s Systcn2atic Financial Mgt
Rctun2 ]A33 O.A4 6.74 ]0.72 2.93
Rank 2A C9 34 1C 24
� R2000V
Rctun2 12.3C -2.79 7.OA C.7C 2.19
Rank A2 94 3] 35 29
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Systematic Financial Mgt
Value Added Analysis - Net of Fee
3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. R2000V - Cumulat3ve Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
126
Attachment number 2 \nPage 1;
City of Clearwater
Risk Measure Summary
Systematic Financial Mgt
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 2 2 4 4 9 9 13 11
Positive Periods 2 2 8 8 11 11 20 22
Up Market Capture 1.28 1.24 1.07 0.97
Down Market Capture 1.31 1.02 0.99 0.99
Batting Average 0.50 0.75 0.65 0.55
Worst Quarter �27.29 �21.47 �27.29 �21.47 �27.29 �24.�9 �27.29 �24.�9
Best Quarter 20.97 15.97 25.37 22.70 25.37 22.70 25.37 22.70
Worst 4 Quarters �9.91 �5.50 �1L58 m6.00 �40.�8 �38.89 �40.8� m38.89
Best 4 Quarters �9.91 �5.50 74.73 65.05 74.73 65.05 74.73 65.05
Standard Deviation 32.43 29.28 30.35 26.53 25.13 22.38
Beta 1.09 1.06 1.04
Alpha 1.23 0.67 0.04
R-Squared 0.96 0.86 0.86
Sharpe Ratio 0.56 0.42 �0.06 �0.13 0.17 0.20
Treynor Ratio 16.74 � 1.64 4.00
Tracking Error 6.98 11.67 9.58
Information Ratio 0.89 0.17 �0.01
I[�'ii�:�7
127
25.9
24.1
223
� 20.5
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11.6
9.8
8.0
18.0
Attachment number 2 \nPage 1;
City of Clearwater
Return vs Risk
Total Returns of Small Value Portfolios
3 Years Ending 12/31/11
7.0
6.1
5.2
� 43
�
a�
0 3.4
�
� 2.5
�
N 1.5
�
� 0.6
-0.2
-1.1
-2.0
16.0
20.2 22.4
s Systematic Financial Mgt
i R2000V
Median
24.6 26.8 29.0 31.2 33.4
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
1833 30
12.36 99
17.38
5 Years Ending 12/31/11
35.6 37.8 40.0
Standard Deviation
Value Rank
32.43 84
29.28 57
28.84
18.2 20.4
s Systematic Financial Mgt
i R2000V
Median
22.6 24.8 27.0 29.2 31.4
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
-0.26 78
-1.87 97
2.21
128
33.6 35.8 38.0
Standard Deviation
Value Rank
3035 78
26.53 51
26J7
��11�:��
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Largest Holdings
Cbl & Assoc Pptys In
Dupont Fabros Techno
Pier I Imports Inc
Cno Finl Group Inc
Hain Celestial Group
Polyone Corp
Webster Finl Corp Co
Waddell & Reed Finl
Dana Holding Corp
Triumph Group Inc Ne
Ten Best Performers
FSI Int Inc
Kodiak Oil & Gas Cor
United Rentals Inc
Ethan Allen Interior
Wabash Natl Corp
Fair Isaac Corp
Newpark Res Inc
Bbcn Bancorp Inc
Arctic Cat Inc
Hercules Offshore In
City of Clearwater
Equity Summary Statistics
Systematic Financial Mgt
Period Ending 12/11
Market Value
368,950
363,300
336,827
239,149
218,127
209,055
195,744
193,206
183,465
166,583
Quarterly Ret
93.65
82.34
75.48
75.07
64.36
64.27
55.99
55.68
55.62
52.05
Portfolio
104
10,172,449
1,524,393
1,283,558
1.16
15.62
14.20
1.69
1.52
51.07
-2.37
129
% of Portfolio
3.63
3.58
3.32
2.35
2.15
2.06
1.93
1.90
1.81
1.64
Ten Worst Performers
Silicon Image Inc
Veeco Instrs Inc Del
U S Airways Group In
Finish Line Inc
Express Inc
Mastec Inc
Waddell & Reed Finl
Home Pptys N Y Inc
Orbotech Ltd
Dillards Inc
Attachment number 2 \nPage 1;
I' 111 I
1,354
1,082,047
406,698
2.19
22.74
12.98
1.46
1.16
54.75
-0.29
Quarterly Ret
40.07
24.37
42.43
16.64
20.00
8.22
33.61
0.03
15.71
20.01
Quarterly Ret
-19.93
-14.75
-7.82
-3.28
-1.73
-136
0.03
2.56
3.10
Item'# 5
City of Clearwater
Equity Contribution to Return
Systematic Financial Mgt
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Ten Best Contributors
Cbl & Assoc Pptys In
Pier I Imports Inc
Kodiak Oil & Gas Cor
Dupont Fabros Techno
Hercules Offshore In
Wabash Natl Corp
Ryder Sys Inc
Webster Finl Corp Co
Universal Stainless
United Rentals Inc
Ten Worst Contributors
Silicon Image Inc
U S Airways Group In
Veeco Instrs Inc Del
Finish Line Inc
Express Inc
Mastec Inc
Waddell & Reed Finl
Orbotech Ltd
Home Pptys N Y Inc
Dillards Inc
Market Value
368,950
336,827
114,950
363,300
146,520
114,464
159,420
195,744
138,232
82,740
Market Value
61,100
119,145
37,440
138,852
69,790
85,113
193,206
54,890
69,084
65,076
Portfolio
104
10,172,449
1,524,393
1,283,558
1.16
15.62
14.20
1.69
1.52
51.07
-2.37
130
% of Portfolio
3.63
3.32
1.13
3.58
1.44
1.13
1.57
1.93
1.36
0.81
% of Portfolio
0.60
1.17
0.37
1.37
0.69
0.84
1.90
0.54
0.68
0.64
Attachment number 2 \nPage 1;
I' 111 I
1,354
1,082,047
406,698
2.19
22.74
12.98
1.46
1.16
54.75
-0.29
Quarterly Ret
40.07
42.43
82.34
24.37
52.05
6436
42.47
33.61
46.97
75.48
Quarterly Ret
-19.93
-7.82
-14.75
-3.28
-1.73
-136
0.03
3.10
2.56
Item'# 5
Attachment number 2 \nPage 1;
City of Clearwater
Equity Sector Attribution Analysis
Systematic Financial Mgt
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 8.13 4.76 26.82 13.93 1.05 �0.07 0.98
Materials 5.27 4.98 21.54 16.64 0.26 0.00 0.26
Industrials 15.83 1435 23.23 20.28 0.47 0.06 0.53
Consumer Discretionary 14.86 11.41 16.40 18.01 �0.24 0.07 �0.17
Consumer Staples 4.73 3.11 24.10 12.83 0.53 �0.05 0.48
Health Care 6.34 538 14.97 14.22 0.05 �0.02 0.03
Financials 29.43 36.24 23.16 16.23 2.04 �0.02 2.02
Information Technology 13.10 11.12 15.72 14.15 0.21 �0.04 0.17
Telecom. Services 0.34 0.72 �5.77 9.22 �0.05 0.03 a0.03
Utilities 1.97 7.93 14.30 10.36 0.08 0.33 0.41
100.00 100.00 20.66 15.96 4.38 0.31 4.69
Index - R2000V
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect 0.78%
[ Actual Return 21.44% ]-[ Buy Hold Return 20.66% ]
131
�[i�'ii�:�•7
Energy
Materials
Industrials
Con. Discretionary
Consumer Staples
Health Care
Financials
Infomation Tech.
Telecom. Services
Utilities
Attachment number 2 \nPage 1;
City of Clearwater
Equity Sector Attribution Chart
Systematic Financial Mgt
Quarter Ending 12/ 11
% Allocation % Return % Variance
� Systematic Financial Mgt 0 R2000V
132
�[iai1�:�•7
Attachment number 2 \nPage 1;
City of Clearwater
International EQ Comp as of 12/31/11
Portfolio Performance ("/o)
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
5/31/Ol
� International EQ Comp � MSCI EAFE
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 5/31/Ol
International EQ Comp 636 -15.04 -15.04 16.67 -1.70 5.92 4.58
MSCI EAFE 338 -11.73 -11.73 816 -4.26 512 3.61
Asset Growth ($000)
Beginning Market Value 96,529 120,850 120,850 51,823 67,126 36,401 20,000
Net Contributions & Withdrawals -9,512 -9,518 -9,518 -9,682 -9,682 -9,682 -9,682
Gain/Loss + Income 5,532 -18,782 -18,782 50,408 35,105 65,830 82,231
Ending Market Value 92,549 92,549 92,549 92,549 92,549 92,549 92,549
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Bhp Billiton Ltd Materials 4.04 Energy 23.41
Core Laboratories N Energy 3.86 Materials 19.03
Rio Tinto Plc Materials 2.68 Industrials 1234
Arm Hldgs Plc Information Technology 2.56 Consumer Discretionary 3.23
Potash Corp Sask Inc Materials 238 Consumer Staples 8.85
Novartis A G Health Care 2.26 Health Care 8.61
Shire Health Care 2.21 Financials 1711
Agrium Inc Materials 2.20 Information Technology 516
Schlumberger Ltd Energy 219 Telecom Services 2.26
Nestle S A Consumer Staples 214 Utilities 0.00
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Holdings and allocations only include SMA accounts.
133
City of Clearwater
International EQ Comp as of 12/31/11
�
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4.8
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0
2.8
2.6
2.4
2.2
2.0
0.0
Risk/Return Analysis
Periods from 5/Ol to 12/11
Alpha
Beta
R-Squared
0.26
1.03
0.95
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
Annualized Standard Deviation%
I International EQ Comp
;. MSCIEAFE
T 91-Day Treasury Bill
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
4.58 1935
3.61 18.64
2.04 0.52
Holdings and allocations only include SMA accounts.
134
0.13 0.21
0.08
0.00
Attachment number 2 \nPage 1;
��11�:��
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
-25 %
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1;
City of Clearwater
Cumulative Performance Comparison
Total Returns of International Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
9.09 -3.13 6.48 21.05 1.64 4.55 8.08 10.75 12.96 17.08 14.64
5.31 -10.56 1.31 13.80 -4.74 -035 3.97 6.14 7.79 11.33 9.16
4.19 -1330 -1.52 10.46 -6.29 -235 1.96 3.91 6.31 9.08 6.60
2.79 -15.59 -2.72 8.08 -7.94 -4.20 0.36 2.15 4.38 7.76 5.25
-0.74 -21.74 -5.54 4.04 -10.76 -6.46 -1.37 0.85 2.63 6.32 3.98
I International EQ Comp
Net Ret 6.36 -15.04
Rank 15 70
� MSCI EAFE
Net Ret 3.38 -11.73
Rank 66 35
0.28 16.67
31 15
-2.27 8.16
65 73
-4.64 -1.70
24 43
-7.87 -4.26
73 76
135
2.67 4.11
34 49
0.33 2.18
75 74
5.71 8.27
53 66
4.33 7.72
75 75
5.92
63
5.12
79
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30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Attachment number 2 \nPage 1�
City of Clearwater
Calendar Year Performance Comparison
Total Returns of International Equity Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004
High -3.13 25.22 76.36 -24.15 39.18 35.41 36.71 31.90
lst Qt -10.56 17.11 42.27 -40.21 18.13 29.39 20.84 23.58
Median -1330 11.98 35.69 -4333 11.88 26.09 15.25 19.98
3rd Qt -15.59 8.48 26.24 -47.44 7.76 22.29 11.58 17.15
Low -21.74 2.37 9.83 -57.07 0.74 11.41 6.45 10.24
I International EQ Comp
Net Ret -15.04 18.37
Rank 70 20
� MSCI EAFE
Net Ret -11.73 8.21
Rank 35 76
2003 2002
58.53 4.02
43.10 -9.37
37.76 -1430
32.58 -17.04
24.09 -22.59
57.93 -47.94 11.02 27.62 13.15 17.66 31.06 -13.03
11 77 58 37 64 72 81 40
32.46 -43.06 11.63 26.85 14.01 20.69 39.16 -15.66
59 46 52 41 57 40 40 62
136
I[�'ii�:�7
Attachment number 2 \nPage 1�
City of Clearwater
Risk Measure Summary
International EQ Comp
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 2 1 4 3 8 8 15 15
Positive Periods 2 3 8 9 12 12 27 27
Up Market Capture 0.95 1.22 1.18 1.05
Down Market Capture 1.14 0.85 1.00 1.00
Batting Average 0.25 0.67 0.60 0.50
Worst Quarter �21.66 � 18.95 �21.66 � 18.95 �26.42 �20.50 �26.42 �20.50
Best Quarter 6.36 3.45 31.05 25.85 31.05 25.85 31.05 25.85
Worst 4 Quarters � 15.04 � 11.73 � 15.04 � 1 L73 �47.94 �46.20 �47.94 m46.20
Best 4 Quarters � 15.04 � 11.73 71.81 55.20 71.81 55.20 71.81 58.14
Standard Deviation 28.27 27.26 28.60 25.56 23.54 22.26
Beta 1.O1 1.09 1.03
Alpha 1.99 0.94 0.26
R-Squared 0.94 0.95 0.95
Sharpe Ratio 0.59 0.29 �0.11 �0.22 0.12 0.09
Treynor Ratio 16.41 �2.88 2.81
Tracking Error 6.62 6.80 5.11
Information Ratio 1.22 0.49 0.21
I[�'ii�:�7
137
20.0
18.0
16.0
� 14.0
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4.0
2.0
0.0
14.0
Attachment number 2 \nPage 1�
City of Clearwater
Return vs Risk
Total Returns of International Equity Portfolios
3 Years Ending 12/31/11
6.0
4.0
� 2.0
�
� 0.0
w
0
�
� -2.0
�
�
N -4.0
�
�-6.0
-8.0
-10.0
14.0
16.6 19.2
I International EQ Comp
[ MSCIEAFE
Median
21.8 24.4 27.0 29.6 32.2
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
16.67 15
8.16 73
10.46
5 Years Ending 12/31/11
34.8 37.4 40.0
Standard Deviation
Value Rank
28.29 58
27.26 48
27.48
16.6 19.2
I International EQ Comp
i MSCIEAFE
Median
21.8 24.4 27.0 29.6 32.2
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
-1.70 43
-4.26 76
-235
138
34.8 37.4 40.0
Standard Deviation
Value Rank
28.60 78
25.56 41
26.15
��11�:��
Attachment number 2 \nPage 1�
City of Clearwater
Earnest Partners as of 12/31/11
Portfolio Performance ("/o)
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
4/30/08
� Earnest Partners � MSCI EAFE
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 4/30/OS
EarnestPartners 7.59 -6.88 -6.88 19.09 -1.26
MSCI EAFE 338 -11.73 -11.73 816 -7.59
Asset Growth ($000)
Beginning Market Value 25,711 29,711 29,711 16,392 29,002
Net Contributions & Withdrawals 5,493 5,488 5,488 5,484 5,484
Gain/Loss + Income 2,305 -1,691 -1,691 11,633 -978
Ending Market Value 33,508 33,508 33,508 33,508 33,508
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Arm HIdgs Plc Information Technology 4.64 Energy 16.08
Core Laboratories N Energy 413 Materials 11.18
Shire Health Care 4.01 Industrials 9.84
Schoeller Bleckmann Energy 3.87 Consumer Discretionary 5.86
United Industrial Co Financials 3.75 Consumer Staples 2.57
Weichai Power Co Industrials 2.91 Health Care 13.21
Rio Tinto Plc Materials 2.63 Financials 27.82
Bhp Billiton Ltd Materials 2.63 Information Technology 936
Diageo Consumer Staples 2.57 Telecom Services 410
Is MSCI Eafe Industrials 2.55 Utilities 0.00
��11�:��
139
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Attachment number 2 \nPage 1�
City of Clearwater
Earnest Partners as of 12/31/11
1.0
0.0
-1.0
-2.0
-3.0
-4.0
-5.0
-6.0
-7.0
-8.0
-5.0
Risk/Return Analysis
Periods from 4/08 to 12/11
Alpha
Beta
R-Squared
2.01
1.09
0.98
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
e Earnest Partners -1.26 27.06 -0.06 1.40
;. MSCI EAFE -7.59 2537 -0.32
T 91-Day Treasury Bill 0.40 0.21 0.00
��11�:��
140
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
-25 %
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1�
City of Clearwater
Cumulative Performance Comparison
Total Returns of International Equity Portfolios
Periods Ending 12/11
e Earnest Partners
Net Ret
Rank
� MSCI EAFE
Net Ret
Rank
Last Last Last 2 Last 3
Qtr Year Years Years
9.09
5.31
4.19
2.79
-0.74
7.59
6
3.38
66
-3.13
-10.56
-13.30
-15.59
-21.74
• :S
-11.73
35
141
6.48
1.31
-1.52
-2.72
-5.54
4.20
9
-2.27
65
21.OS
13.80
10.46
8.08
4.04
19.09
10
8.16
73
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30%
20%
10%
0%
-10%
-20%
-30%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1�
City of Clearwater
Calendar Year Performance Comparison
Total Returns of International Equity Portfolios
Years Ending December
e Earnest Partners
Net Ret
Rank
� MSCI EAFE
Net Ret
Rank
2011 2010 2009
-3.13 25.22 76.36
-10.56 17.11 42.27
-1330 11.98 35.69
-15.59 8.48 26.24
-21.74 2.37 9.83
•::
-11.73
35
16.61
27
8.21
76
142
55.54
12
32.46
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Attachment number 2 \nPage 1�
City of Clearwater
Return vs Risk
Total Returns of International Equity Portfolios
3 Years Ending 12/31 / 11
16.6 19.2 21.8 24.4 27.0 29.6 32.2 34.8 37.4 40.0
Historical Standard Deviation of Return
Earnest Partners
MSCI EAFE
Median
Annualized Net of Fee Return
Value Rank
19.09 10
8.16 73
10.46
143
Standard Deviation
Value Rank
28.96 68
27.26 48
27.48
�[i�'ii�:�•7
City of Clearwater
Global Equity Summary Statistics
Earnest Partners
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Five Year Dividend Growth
Ten Largest Holdings
Arm Hldgs Plc
Core Laboratories N
Shire
Schoeller Bleckmann
United Industrial Co
Weichai Power Co
Rio Tinto Plc
Bhp Billiton Ltd
Diageo
Is MSCI Eafe
Ten Best Performers
China Shipping Conta
Orient Overseas Int
China Merchants Bank
Grupo Elektra(New)
Schoeller Bleckmann
Core Laboratories N
China Oilfield Servi
Industrial & Commerc
Itau Unibanco Banco
Royal Dutch Shell
Market Value
1,422,238
1,264, 845
1,230,504
1,186,701
1,149,773
892,806
807,180
805,182
787,056
782,574
Quarterly Ret
46.62
43.39
31.36
29.79
27.52
27.16
21.91
20.96
20.64
19.00
Portfolio
52
30,680,300
28,453,692
14,624,174
2.53
12.95
12.35
1.03
1.54
79.66
5.65
1.73
144
% of Portfolio
4.64
4.13
4.01
3.87
3.75
2.91
2.63
2.63
2.57
2.55
Ten Worst Performers
Erste Group Bank Ag
Icici Bk Ltd
Ceragon Networks Ltd
Transocean Ltd Zug
Societe Generale
Denso Corp
Nippon Steel Corp
Credit Suisse Group
Koninklijke Kpn Nv
Komercni Banka
Attachment number 2 \nPage 1�
MSCI EAFE
924
47,148,032
6,284,282
3.78
12.01
13.23
1.00
1.28
87.03
-1.63
3.18
Quarterly Ret
8.51
27.16
11.33
27.52
3.14
6.80
10.98
6.31
13.89
4.87
Quarterly Ret
-32.11
-23.88
-19.37
-18.19
-16.77
-15.18
-14.13
-10.52
-9.66
Item'# 5
Attachment number 2 \nPage 1�
City of Clearwater
Global Performance Attribution Analysis
Earnest Partners
Quarter Ending 12/ 11
Benchmark Portfolio Return Attribution
Countries/ Active Currency Local US $ Active Currency Local US $ Market Currency Securiry
Currencies Weight Weight Return Return Weight Weight Return Return Select Select Select Total
Australia 8.43 8.43 2.25 7.86 2.56 0.00 6.31 6.31 0.11 -0.54 0.10 -0.32
Austria 0.26 0.26 -1.93 -5.11 5.34 5.20 9.82 6.26 -0.31 -0.12 0.63 0.20
Belgium 0.96 0.96 5.58 2.15 0.00 0.00 -0.01 0.03 0.01
Bermuda 0.00 0.00 0.00 0.00
Brazil 0.00 0.00 4.85 0.00 16.57 16.57 -0.20 0.80 0.60
Canada 0.00 0.00 2.04 0.00 13.67 13.67 -0.09 0.28 0.19
Cayman Islands 0.00 0.00 0.00 0.00
ChannelIslands 0.06 0.06 -2.71 -2.94 0.00 0.00 0.00 -0.00 0.00
China 0.00 0.00 10.39 0.00 15.23 15.50 -0.43 1.58 1.15
Colombia 0.00 0.00 2.79 0.00 7.57 7.57 -0.12 0.21 0.09
Cyprus 0.00 0.00 0.00 0.00
Czech Republic 0.00 0.00 0.73 0.71 -3.09 -9.13 -0.03 0.01 -0.02 -0.05
Denmark 1.00 1.00 11.74 8.25 0.00 0.00 -0.08 0.03 -0.05
Finland 0.89 0.89 1.08 -2.20 0.00 0.00 0.03 0.02 0.05
France 9.07 9.07 6.22 2.77 2.19 2.14 -4.23 -7.34 -0.14 0.18 -0.23 -0.19
Germany 7.74 7.74 7.56 4.07 0.00 0.00 -0.26 0.21 -0.05
Greece 0.15 0.15 -23.50 -25.99 0.00 0.00 0.04 0.00 0.04
Hong Kong 2.70 2.70 5.76 6.00 1.59 11.68 43.06 43.39 -0.02 0.09 0.59 0.67
India 0.00 0.00 1.80 0.00 -23.88 -23.88 -0.08 -0.43 -0.51
Ireland 0.25 0.25 25.85 21.77 1.76 0.00 6.41 6.41 0.33 0.01 -0.34 -0.01
Isle of Man 0.08 0.08 -1.95 -1.46 0.00 0.00 0.00 -0.00 0.00
Israel 0.65 0.65 6.78 4.85 0.94 0.00 -19.37 -19.37 0.01 0.01 -0.25 -0.23
Italy 2.33 2.33 2.94 -0.40 0.00 0.00 0.03 0.06 0.09
Japan 23.09 23.09 -4.09 -3.91 8.09 7.88 -8.16 -7.99 1.24 -0.15 -0.33 0.76
Kazakhstan 0.00 0.00 0.00 0.00
Luxembourg 0.00 0.00 0.00 0.00
Mexico 0.00 0.00 2.25 2.19 30.97 29.79 -0.09 0.02 0.70 0.62
Netherlands 2.42 2.42 10.07 6.56 5.16 1.85 16.93 13.60 0.16 0.02 0.35 0.53
New Zealand 0.14 0.14 -5.67 -3.74 0.00 0.00 0.01 -0.00 0.01
Norway 0.89 0.89 10.66 8.86 5.37 3.39 1.45 5.45 0.29 -0.02 -0.49 -0.23
Benchmark : MSCI EAFE Index Gross Dividend
145
�[iai1�:�•7
Attachment number 2 \nPage 1;
City of Clearwater
Global Performance Attribution Analysis
Earnest Partners
Quarter Ending 12/ 11
Benchmark Portfolio Return Attribution
Countries/ Active Currency Local US $ Active Currency Local US $ Market Currency Securiry
Currencies Weight Weight Return Return Weight Weight Return Return Select Select Select Total
Panama 0.00 0.00 1.65 0.00 8.58 8.58 -0.07 0.14 0.07
Portugal 0.25 0.25 -6.11 -9.15 0.00 0.00 0.03 0.01 0.03
Scotland 0.08 0.08 22.84 22.55 0.00 0.00 -0.02 -0.00 -0.02
Singapore 1.72 1.72 -1.06 -0.62 4.02 3.91 2.63 3.14 -0.12 0.03 0.15 0.06
South Korea 0.00 0.00 2.19 0.00 6.94 6.94 -0.09 0.15 0.06
Spain 3.48 3.48 1.24 -2.05 2.17 2.11 8.23 4.71 0.04 0.03 0.15 0.22
Sweden 2.86 2.86 8.86 9.07 2.19 2.14 15.57 15.79 -0.03 -0.01 0.15 0.11
Switzerland 8.55 8.55 7.24 4.17 7.59 2.59 -3.13 -3.85 -0.03 0.14 -0.79 -0.68
Taiwan 0.00 0.00 2.18 0.00 2.84 2.84 -0.09 0.06 -0.03
United Kingdom 22.16 22.16 9.38 9.12 17.25 8.69 10.91 10.62 -0.26 -0.07 0.26 -0.07
United States 0.00 0.00 2.90 45.52 7.82 7.82 -0.12 0.36 0.23 0.47
100.00 100.00 4.18 3.38 100.00 100.00 7.48 7.08 -0.36 0.33 3.67 3.63
Benchmark : MSCI EAFE Index Gross Dividend
Market Selection
[Portfolio Active Weight - Benchmark Active Weight] x[Benchmark Local Return - Benchmark Total Local Return]
Currency Selection
[Portfolio Currency Weight - Benchmark Currency Weight]
x[(Benchmark US$ Return - Benchmark Local Return) -(Benchmark Total US$ Return - Benchmark Total Local Return) ]
Security Selection
[Portfolio Active Weight] x[Portfolio Local Return - Benchmark Local Return]
�[i�'ii�:�•7
146
Attachment number 2 \nPage 1;
City of Clearwater
International Equity Sector Attribution Analysis
Earnest Partners
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 13.52 8.18 18.19 15.05 0.42 0.62 1.05
Materials 10.88 10.06 4.22 4.40 �0.02 0.01 �0.01
Industrials 8.82 1231 12.32 4.32 0.71 �0.03 0.67
Consumer Discretionary 6.14 10.14 7.07 1.07 0.37 0.09 0.46
Consumer Staples 2.31 11.41 13.89 5.70 0.19 �0.21 a0.02
Health Care 13.28 9.74 8.78 5.76 0.40 0.08 0.48
Financials 30.60 22.02 1.89 �0.12 0.61 �0.30 0.31
Information Technology 9.57 4.97 3.85 �0.4� 0.41 �0.18 0.24
Telecom. Services 4.88 6.26 3.15 2.12 0.05 0.02 0.07
Utilities 0.00 4.91 �4.46 0.00 0.39 0.39
100.00 100.00 7.02 3.39 3.14 0.49 3.63
Index - MSCI EAFE
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect 1.21%
[ Actual Return 8.24% ]-[ Buy Hold Return 7.02% ]
147
�[i�'ii�:�•7
Attachment number 2 \nPage 1;
City of Clearwater
Wentworth & Violich as of 12/31/11
Portfolio Performance ("/o)
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
4/30/08
� Wentworth & Violich � MSCI EAFE
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 4/30/OS
Wentworth & Violich 10.22 -13.64 -13.64 16.56 -515
MSCI EAFE 338 -11.73 -11.73 816 -7.59
Asset Growth ($000)
Beginning Market Value 24,580 31,374 31,374 15,083 29,002
Net Contributions & Withdrawals -5 -7 -7 -9 -9
Gain/Loss + Income 2,512 -4,280 -4,280 12,013 -1,906
Ending Market Value 27,087 27,087 27,087 27,087 27,087
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Bhp Billiton Ltd Materials 5.79 Energy 32.41
Potash Corp Sask Inc Materials 531 Materials 28.67
Agrium Inc Materials 4.90 Industrials 15.41
Schlumberger Ltd Energy 4.88 Consumer Discretionary 0.00
Nestle S A Consumer Staples 4.76 Consumer Staples 16.56
Noble Corporation Ba Energy 4.55 Health Care 2.98
Canadian Pac Railway Industrials 4.42 Financials 3.97
Canadian Natl Ry Co Industrials 435 Information Technology 0.00
Weatherford Internat Energy 4.20 Telecom Services 0.00
Cooper Industries Pl Industrials 419 Utilities 0.00
��11�:��
148
Attachment number 2 \nPage 1;
City of Clearwater
Wentworth & Violich as of 12/31/11
�
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N
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�
1.0
0.0
-1.0
-2.0
-3.0
-4.0
-5.0
-6.0
-7.0
-8.0
-5.0
Risk/Return Analysis
Periods from 4/08 to 12/11
Alpha
Beta
R-Squared
0.46
1.15
0.89
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
w Wentworth & Violich -515 28.96 -019 0.06
;. MSCI EAFE -7.59 2537 -0.32
T 91-Day Treasury Bill 0.40 0.21 0.00
��11�:��
149
25%
20%
15%
10%
5%
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-15%
-20%
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High
1 st Qt
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3rd Qt
Low
Attachment number 2 \nPage 1;
City of Clearwater
Cumulative Performance Comparison
Total Returns of International Equity Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3
Qtr Year Years Years
9.09
5.31
4.19
2.79
-0.74
w Wentworth & Violich
Net Ret 10.22
Rank 3
� MSCI EAFE
Net Ret 3.3 8
Rank 66
-3.13
-10.56
-13.30
-15.59
-21.74
-13.64
56
-11.73
35
150
6.48
1.31
-1.52
-2.72
-5.54
0.77
27
-2.27
65
21.OS
13.80
10.46
8.08
4.04
16.56
15
8.16
73
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Attachment number 2 \nPage 1;
City of Clearwater
Calendar Year Performance Comparison
Total Returns of International Equity Portfolios
Years Ending December
2011 2010 2009
-3.13 25.22 76.36
-10.56 17.11 42.27
-1330 11.98 35.69
-15.59 8.48 26.24
-21.74 2.37 9.83
w Wentworth & Violich
Net Ret -13 .64
Rank 56
� MSCI EAFE
Net Ret -11.73
Rank 35
17.58
23
8.21
76
151
55.98
12
32.46
59
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Attachment number 2 \nPage 1;
City of Clearwater
Return vs Risk
Total Returns of International Equity Portfolios
3 Years Ending 12/31 / 11
16.6 19.2 21.8 24.4 27.0 29.6 32.2 34.8 37.4 40.0
Historical Standard Deviation of Return
w Wentworth & Violich
� MSCI EAFE
Median
Annualized Net of Fee Return
Value Rank
16.56 15
8.16 73
10.46
152
Standard Deviation
Value Rank
28.93 68
27.26 48
27.48
�[i�'ii�:�•7
City of Clearwater
Global Equity Summary Statistics
Wentworth & Violich
Period Ending 12/11
Total Number Of Securities
Equity Market Value
Average Capitalization $(000)
Median Capitalization $(000)
Equity Segment Yield
Equity Segment P/E - Average
Equity Segment P/E - Median
Equity Segment Beta
Price/Book Ratio
Debt/Equity Ratio
Five Year Earnings Growth
Five Year Dividend Growth
Ten Largest Holdings
Bhp Billiton Ltd
Potash Corp Sask Inc
Agrium Inc
Schlumberger Ltd
Nestle S A
Noble Corporation Ba
Canadian Pac Railway
Canadian Natl Ry Co
Weatherford Internat
Cooper Industries Pl
Ten Best Performers
Tenaris S A
Nabors Industries Lt
Canadian Pac Railway
Canadian Nat Res Ltd
Core Laboratories N
Partnerre Hldgs Ltd
Teck Resources Ltd
Weatherford Internat
Canadian Natl Ry Co
Cooper Industries Pl
Market Value
1,444,384
1,326,326
1,223,415
1,219,334
1,188,826
1,134,761
1,103,021
1,086,092
1,049,322
1,046,449
Quarterly Ret
47.23
41.44
41.35
28.01
27.16
23.98
21.97
19.90
18.48
18.04
Portfolio
36
24,990,191
49,495,200
21,166,956
2.00
16.18
16.19
0.00
1.94
47.24
11.82
5.41
153
% of Portfolio
5.79
5.31
4.90
4.88
4.76
4.55
4.42
4.35
4.20
4.19
Ten Worst Performers
Transocean Ltd Zug
Manulife Finl Corp
Potash Corp Sask Inc
Vale S A
Axa Sa
Bunge Limited
Brookfield Asset Mgm
Agrium Inc
Novartis A G
Fibria Celulose S A
Attachment number 2 \nPage 1;
MSCI EAFE
924
47,148,032
6,284,282
3.78
12.01
13.23
1.00
1.28
87.03
-1.63
3.18
Quarterly Ret
6.31
-4.35
1.O1
14.77
4.74
3.38
41.35
18.48
19.90
18.04
Quarterly Ret
-18.19
-5.25
-4.35
-3.80
-2.21
-1.48
0.19
1.O1
2.51
Item'�45
Attachment number 2 \nPage 1;
City of Clearwater
Global Performance Attribution Analysis
Wentworth & Violich
Quarter Ending 12/ 11
Benchmark Portfolio Return Attribution
Countries/ Active Currency Local US $ Active Currency Local US $ Market Currency Securiry
Currencies Weight Weight Return Return Weight Weight Return Return Select Select Select Total
Australia 8.43 8.43 2.25 7.86 6.15 0.00 6.31 6.31 0.04 -0.54 0.25 -0.25
Austria 0.26 0.26 -1.93 -5.11 0.00 0.00 0.02 0.01 0.02
Belgium 0.96 0.96 5.58 2.15 0.00 0.00 -0.01 0.03 0.01
Bermuda 0.00 0.00 9.17 0.00 20.81 20.81 -0.38 1.91 1.53
Brazil 0.00 0.00 3.72 0.00 -3.65 -3.65 -0.16 -0.14 -0.29
Canada 0.00 0.00 28.59 0.19 11.60 11.61 -L19 0.00 3.32 2.12
Cayman Islands 0.00 0.00 4.99 0.00 3.38 3.38 -0.21 0.17 -0.04
ChannelIslands 0.06 0.06 -2.71 -2.94 0.00 0.00 0.00 -0.00 0.00
China 0.00 0.00 0.00 0.00
Cyprus 0.00 0.00 0.00 0.00
Denmark 1.00 1.00 11.74 8.25 0.00 0.00 -0.08 0.03 -0.05
Finland 0.89 0.89 1.08 -2.20 0.00 0.00 0.03 0.02 0.05
France 9.07 9.07 6.22 2.77 0.52 0.00 -2.21 -2.21 -0.17 0.24 -0.04 0.02
Germany 7.74 7.74 7.56 4.07 2.55 0.00 14.54 14.54 -0.18 0.21 0.18 0.21
Greece 0.15 0.15 -23.50 -25.99 0.00 0.00 0.04 0.00 0.04
Hong Kong 2.70 2.70 5.76 6.00 0.00 0.00 -0.04 -0.03 -0.07
Ireland 0.25 0.25 25.85 21.77 2.34 0.00 8.88 8.88 0.45 0.01 -0.40 0.06
Isle of Man 0.08 0.08 -1.95 -1.46 0.00 0.00 0.00 -0.00 0.00
Israel 0.65 0.65 6.78 4.85 0.00 0.00 -0.02 0.01 -0.01
Italy 2.33 2.33 2.94 -0.40 0.00 0.00 0.03 0.06 0.09
Japan 23.09 23.09 -4.09 -3.91 0.00 0.00 1.91 -0.22 1.68
Kazakhstan 0.00 0.00 0.00 0.00
Luxembourg 0.00 0.00 2.73 0.00 47.23 47.23 -0.11 1.29 1.17
Netherland Antilles 0.00 0.00 4.83 0.00 14.77 14.77 -0.20 0.71 0.51
Netherlands 2.42 2.42 10.07 6.56 6.29 0.00 18.58 18.58 0.23 0.07 0.54 0.83
New Zealand 0.14 0.14 -5.67 -3.74 0.00 0.00 0.01 -0.00 0.01
Norway 0.89 0.89 10.66 8.86 0.16 0.00 2.97 2.97 -0.05 0.01 -0.01 -0.05
Portugal 0.25 0.25 -6.11 -9.15 0.00 0.00 0.03 0.01 0.03
Scotland 0.08 0.08 22.84 22.55 0.00 0.00 -0.02 -0.00 -0.02
Singapore 1.72 1.72 -1.06 -0.62 0.00 0.00 0.09 -0.02 0.07
Benchmark : MSCI EAFE Index Gross Dividend
154
�[iai1�:�•7
Attachment number 2 \nPage 1;
City of Clearwater
Global Performance Attribution Analysis
Wentworth & Violich
Quarter Ending 12/ 11
Benchmark Portfolio Return Attribution
Countries/ Active Currency Local US $ Active Currency Local US $ Market Currency Securiry
Currencies Weight Weight Return Return Weight Weight Return Return Select Select Select Total
Spain 3.48 3.48 1.24 -2.05 0.00 0.00 0.10 0.09 0.19
Sweden 2.86 2.86 8.86 9.07 0.00 0.00 -0.13 -0.03 -0.16
Switzerland 8.55 8.55 7.24 4.17 17.99 0.00 3.73 3.73 0.29 0.19 -0.63 -0.15
United Kingdom 22.16 22.16 9.38 9.12 9.98 0.00 12.79 12.79 -0.63 -0.12 0.34 -0.41
United States 0.00 0.00 0.00 99.81 0.80 0.80
100.00 100.00 4.18 3.38 100.00 100.00 11.33 11.34 -0.31 0.80 7.47 7.96
Benchmark : MSCI EAFE Index Gross Dividend
Market Selection
[Portfolio Active Weight - Benchmark Active Weight] x[Benchmark Local Return - Benchmark Total Local Return]
Currency Selection
[Portfolio Currency Weight - Benchmark Currency Weight]
x[(Benchmark US$ Return - Benchmark Local Return) -(Benchmark Total US$ Return - Benchmark Total Local Return) ]
Security Selection
[Portfolio Active Weight] x[Portfolio Local Return - Benchmark Local Return]
�[i�'ii�:�•7
155
Attachment number 2 \nPage 1i
City of Clearwater
International Equity Sector Attribution Analysis
Wentworth & Violich
Quarter Ending 12/ 11
Weight Return Selection
GICS Sectors Portfolio Index Portfolio Index Stock Sector Total
Energy 30.20 8.18 16.40 15.05 0.41 2.57 2.97
Materials 31.12 10.06 4.53 4.40 0.04 0.21 0.25
Industrials 13.89 1231 22.60 4.32 2.54 0.01 2.55
Consumer Discretionary 0.00 10.14 1.07 0.00 0.23 0.23
Consumer Staples 17.25 11.41 8.69 5.70 0.52 0.13 0.65
Health Care 3.28 9.74 2.51 5.76 �0.11 �0.15 a0.26
Financials 4.26 22.02 5.95 �0.12 0.26 0.62 0.88
Information Technology 0.00 4.97 �0.4� 0.00 0.19 0.19
Telecom. Services 0.00 6.26 2.12 0.00 0.08 0.08
Utilities 0.00 4.91 �4.46 0.00 0.39 0.39
100.00 100.00 11.34 3.39 3.65 4.29 7.95
Index - MSCI EAFE
Stock Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect 0.00%
[ Actual Return 11.34% ]-[ Buy Hold Return 11.34% ]
156
�[i�'ii�:�•7
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0
City of Clearwater
Eaton Vance Mgmt as of 12/31/11
Portfolio Performance ("/o)
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
4/30/08
� Eaton Vance Mgmt , MSCI Emg Mkts
Net of Fee Returns
Eaton Vance Mgmt
MSCI Emg Mkts
Asset Growth ($000)
Beginning Market Value
Net Contributions & Withdrawals
Gain/Loss + Income
Ending Market Value
Attachment number 2 \nPage 1i
Incept
Ztr YTD 1 Year 3 Year 5 Year 10 Year 4/30/OS
2.20 -19.27 -19.27 18.48 -4.02
4.45 -18.17 -18.17 20.42 -437
24,473 30,980 30,980 4,244
0 0 0 -157
538 -5,969 -5,969 20,924
25,011 25,011 25,011 25,011
157
8,277
-157
16,891
25,011
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Attachment number 2 \nPage 1i
City of Clearwater
Eaton Vance Mgmt as of 12/31/11
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
-4.5
-5.0
Risk/Return Analysis
Periods from 4/08 to 12/11
Alpha
Beta
R-Squared
-0.04
0.99
0.98
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
v Eaton Vance Mgmt -4.02 29.78 -015 -0.06
;. MSCI Emg Mkts -4.37 31.09 -015
T 91-Day Treasury Bill 0.40 0.21 0.00
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158
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
-25 %
-30%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1i
City of Clearwater
Cumulative Performance Comparison
Total Returns of Emerging Markets Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3
Qtr Year Years Years
10.44
5.86
4.01
3.54
-2.05
v Eaton Vance Mgmt
Net Ret 2.20
Rank 85
� MSCI Emg Mkts
Net Ret 4.45
Rank 43
-1.80
-ll.os
-17.41
-19.16
-25.62
-19.27
76
-18.17
64
159
12.96
1.6�
0.30
-2.10
-6.05
-0.21
53
-1.24
60
25.89
22.1�
19.75
18.72
8.13
.,.
:
20.42
38
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90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1i
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Emerging Markets Portfolios
Years Ending December
2011 2010 2009
-1.80 29.89 88.13
-11.OS 23.83 77.73
-17.41 20.47 71.34
-19.16 18.43 63.20
-25.62 7.41 27.05
v Eaton Vance Mgmt
Net Ret -19.27
Rank 76
� MSCI Emg Mkts
Net Ret -18.17
Rank 64
23.33
30
19.19
60
�
67.01
69
79.02
19
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33.9
31.1
28.3
� 25.5
�
� 22.8
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�
� 20.0
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d
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Attachment number 2 \nPage 1i
City of Clearwater
Return vs Risk
Total Returns of Emerging Markets Portfolios
3 Years Ending 12/31 / 11
15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0
v Eaton Vance Mgmt
� MSCI Emg Mkts
Median
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
18.48 78
20.42 3 8
19.75
�
Standard Deviation
Value Rank
30.64 84
29.12 49
29.26
I[�'ii�:�7
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
-20.0
-25.0
City of Clearwater
Wellington Mgmt as of 12/31 / 11
Portfolio Performance ("/o)
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
3/31/08
Attachment number 2 \nPage 1i
� Wellington Mgmt MSCI Emg Mkts
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 3/31/OS
Wellington Mgmt 1.87 -22.97 -22.97 15.94 -3.27
MSCI Emg Mkts 4.45 -18.17 -18.17 20.42 -2.26
Asset Growth ($000)
Beginning Market Value
Net Contributions & Withdrawals
Gain/Loss + Income
Ending Market Value
21,765 28,784 28,784 8,902
-15,000 -15,000 -15,000 -15,000
178 -6,842 -6,842 13,040
6,942 6,942 6,942 6,942
�
8,000
-15,000
13,942
6,942
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Attachment number 2 \nPage 1i
City of Clearwater
Wellington Mgmt as of 12/31 / 11
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
-3.5
-5.0
Risk/Return Analysis
Periods from 3/08 to 12/11
Alpha
Beta
R-Squared
-033
0.97
0.99
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
1 Wellington Mgmt -3.27 33.65 -011 -0.42
;. MSCI Emg Mkts -2.26 34.60 -0.08
T 91-Day Treasury Bill 0.42 033 0.00
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163
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
-25 %
-30%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1i
City of Clearwater
Cumulative Performance Comparison
Total Returns of Emerging Markets Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3
Qtr Year Years Years
10.44
5.86
4.01
3.54
-2.05
1 Wellington Mgmt
Net Ret 1.87
Rank 87
� MSCI Emg Mkts
Net Ret 4.45
Rank 43
-1.80
-ll.os
-17.41
-19.16
-25.62
-22.97
83
-18.17
64
164
12.96
1.6�
0.30
-2.10
-6.05
-5.48
91
-1.24
60
25.89
22.1�
19.75
18.72
8.13
15.94
78
20.42
38
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90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1i
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Emerging Markets Portfolios
Years Ending December
2011 2010 2009
-1.80 29.89 88.13
-11.OS 23.83 77.73
-17.41 20.47 71.34
-19.16 18.43 63.20
-25.62 7.41 27.05
1 Wellington Mgmt
Net Ret -22.97
Rank 83
� MSCI Emg Mkts
Net Ret -18.17
Rank 64
••
.
.a
19.19
60
165
74.44
35
79.02
19
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33.9
31.1
28.3
� 25.5
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Attachment number 2 \nPage 1
City of Clearwater
Return vs Risk
Total Returns of Emerging Markets Portfolios
3 Years Ending 12/31 / 11
15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0
1 Wellington Mgmt
� MSCI Emg Mkts
Median
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
15.94 78
20.42 3 8
19.75
�
Standard Deviation
Value Rank
29.36 59
29.12 49
29.26
I[�'ii�:�7
Attachment number 2 \nPage 1
City of Clearwater
Fixed Income Comp as of 12/31 / 11
Portfolio Performance ("/o)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
12/31/87
� Fixed Income Comp � BC Agg
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 12/31/87
Fixed Income Comp 119 5.94 5.94 8.53 6.79 5.72 6.96
BC Agg 1.12 7.84 7.84 6J7 6.50 SJ8 737
Asset Growth ($000)
Beginning Market Value 196,919 192,283 192,283 198,649 210,399 178,032 59,224
Net Contributions & Withdrawals 821 -3,476 -3,476 -4,414 -4,414 -4,414 -4,414
Gain/Loss + Income 2,347 11,280 11,280 5,852 -5,897 26,470 145,277
Ending Market Value 200,087 200,087 200,087 200,087 200,087 200,087 200,087
Top Fixed Income Holdings Sector Allocation
Sector % Port % Port
FNMA C130 - Tba Jan Mortgage 2.09 Finance 18.97
United States Treas Government 1.64 Government 1438
United States Treas Government 1.41 Industrials 1718
United States Treas Government 1.40 Mortgage 41.89
FNMA C130 - Tba Jan Mortgage 137 Transportation 1.67
FNMA Pool #ad0494 Mortgage 131 Utilities 0.87
FNMA Pool A10851 Mortgage 1.28 Municipals 4.09
United States Treas Government 1.03 Foreign 0.55
FNMA Pool #ad0217 Mortgage 0.94 Miscellaneous 0.41
Xerox Corp Sr Nt 6.4 Industrials 0.89
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Holdings and allocations only include SMA accounts.
167
City of Clearwater
Fixed Income Comp as of 12/31 / 11
7.5
7.0
° 6.5
�
� 6.0
�
N 5.5
�
� 5.0
4.5
4.0
1.0 1.5
Risk/Return Analysis
Periods from 12/87 to 12/11
Alpha 0.23
Beta 0.59
R-Squared 0.57
F Fixed Income Comp
;. BC Agg
T 91-Day Treasury Bill
Holdings and allocations only include SMA accounts.
2.0 2.5 3.0 3.5 4.0 4.5
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
6.96 313 0.92 -017
737 4.11 0.80
4.06 1.19 0.00
168
Attachment number 2 \nPage 1
��11�:��
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1
City of Clearwater
Cumulative Performance Comparison
Total Returns of Fixed Income Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7 Last 8 Last 9 Last 10
Qtr Year Years Years Years Years Years Years Years Years Years
5.49 13.88 11.85 19.64 9.11 8.58 8.21 7.69 7.81 8.69 8.60
2.34 7.79 8.41 10.52 7.53 7.30 6.87 6.31 6.15 6.31 6.60
1.28 6.16 6.89 7.87 6.43 6.55 6.23 5.70 5.52 5.40 5.86
0.89 3.87 5.79 5.89 5.15 5.42 5.28 4.99 4.80 4.78 5.20
0.00 0.09 1.72 1.78 0.83 1.97 2.57 2.82 2.89 3.26 3.64
F Fixed Income Comp
Net Ret 1.19 5.94
Rank 55 54
� BC Agg
Net Ret 1.12 7.84
Rank 59 23
6.65 8.53 7.00 6.79
55 44 34 39
7.19 6.77 6.39 6.50
42 65 52 52
�
6.50 5.93
37 38
6.14 5.60
55 57
5.68 5.46
42 47
5.44 5.29
56 57
5.72
57
5.78
55
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2s%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
Attachment number 2 \nPage 1
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Fixed Income Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
High 13.88 15.82 21.09 9.76 9.73 11.68 6.79 10.76 20.91 12.61
1 st Qt 7.79 9.93 13.37 5.42 7.48 5.31 3.10 5.25 6.15 10.43
Median 6.16 7.13 8.34 3.14 6.53 4.57 2.55 4.35 4.51 9.33
3rd Qt 3.87 5.58 5.28 -2.27 5.06 4.13 2.04 3.17 3.60 6.99
Low 0.09 0.56 -0.49 -15.77 2.22 2.80 1.32 1.32 1.77 0.88
F Fixed Income Comp
Net Ret 5.94 7.37
Rank 54 46
� BC Agg
Net Ret 7.84 6.54
Rank 23 61
12.37 2.54
28 54
5.93 5.24
69 28
5.94 5.05
61 30
6.96 4.33
40 64
170
2.59 3.93
48 62
2.43 4.34
57 50
3.77 8.06
71 66
4.11 10.26
63 29
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Attachment number 2 \nPage 1
City of Clearwater
Risk Measure Summary
Fixed Income Comp
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 0 0 2 1 5 4 16 19
Positive Periods 4 4 10 11 15 16 80 77
Up Market Capture 0.76 1.20 1.06 0.88
Down Market Capture 0.30 1.22 0.30
Batting Average 0.50 0.67 0.55 0.47
Worst Quarter 0.87 0.42 �0.39 � L30 �2.54 � L30 �2.54 �2.87
Best Quarter 1.99 3.82 5.72 3.82 5.72 4.57 5.72 7.96
Worst 4 Quarters 5.94 7.84 4.29 3.90 0.68 3.13 �0.07 �3.23
Best 4 Quarters 5.94 7.84 15.09 9.50 15.87 10.56 15.87 18.48
Standard Deviation 3.81 3.22 4.03 3.46 3.13 4.11
Beta 0.83 0.97 0.59
Alpha 0.70 0.11 0.23
R-Squared 0.49 0.67 0.57
Sharpe Ratio 2.20 2.06 1.32 1.45 0.92 0.80
Treynor Ratio 10.10 5.47 4.93
Tracking Error 2.90 2.54 2.64
Information Ratio 0.57 0.10 �0.17
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171
18.0
16.0
14.0
� 12.0
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2.0
0.0
-2.0
0.0
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Attachment number 2 \nPage 1
City of Clearwater
Return vs Risk
Total Returns of Fixed Income Portfolios
3 Years Ending 12/31/11
10.9
10.0
9.2
83
7.4
6.5
5.6
4.7
3.8
2.9
2.0
0.0
2.0
F Fixed Income Comp
i BC Agg
Median
4.0 6.0 8.0 10.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
8.53 44
6J7 65
7.87
5 Years Ending 12/31/11
12.0 14.0
Standard Deviation
Value Rank
3.81 52
3.22 35
3.78
2.0
F Fixed Income Comp
[ BC Agg
Median
4.0 6.0 8.0 10.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
6J9 39
6.50 52
6.55
172
12.0 14.0
Standard Deviation
Value Rank
4.03 48
3.46 31
4.23
��11�:��
Attachment number 2 \nPage 1
City of Clearwater
Dodge & Cox as of 12/31 / 11
Portfolio Performance ("/o)
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
2/29/04
� Dodge & Cox � BC Agg
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 2/29/04
Dodge & Cox 1.08 5.10 5.10 8.98 6J1 5.60
BC Agg 1.12 7.84 7.84 6J7 6.50 531
Asset Growth ($000)
Beginning Market Value 109,892 105,690 105,690 98,118 96,434 75,656
Net Contributions & Withdrawals -2 -4 -4 -2,418 -2,418 -2,418
Gain/Loss + Income 1,182 5,386 5,386 15,373 17,057 37,835
Ending Market Value 111,073 111,073 111,073 111,073 111,073 111,073
Top Fixed Income Holdings Sector Allocation
Sector % Port % Port
United States Treas Government 2.95 Finance 20.96
United States Treas Government 2.53 Government 10.45
FNMA Pool #ad0494 Mortgage 236 Industrials 16.80
FNMA Pool A10851 Mortgage 230 Mortgage 41.39
United States Treas Government 1.85 Transportation 2.42
FNMA Pool #ad0217 Mortgage 1.70 Utilities 0.84
Xerox Corp Sr Nt 6.4 Industrials 1.61 Municipals 6.62
Fhgld Pool #g03771 Mortgage 1.54 Foreign 0.24
Aol Time Warner Inc Industrials 1.49 Miscellaneous 0.27
FNMA Pool Ae0381 Mortgage 1.46
��11�:��
173
�
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N
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6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
0.5
City of Clearwater
Dodge & Cox as of 12/31 / 11
Risk/Return Analysis
Periods from 2/04 to 12/11
Alpha 0.21
Beta 0.84
R-Squared 0.58
1.0
d Dodge & Cox
;. BC Agg
T 91-Day Treasury Bill
1.5 2.0 2.5 3.0 3.5 4.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
5.60 3.65 0.96 0.10
531 3.50 0.92
2.10 0.58 0.00
174
Attachment number 2 \nPage 1
��11�:��
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1
City of Clearwater
Cumulative Performance Comparison
Total Returns of Fixed Income Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7
Qtr Year Years Years Years Years Years Years
5.49 13.88 11.85 19.64 9.11 8.58 8.21 7.69
2.34 7.79 8.41 10.52 7.53 7.30 6.87 6.31
1.28 6.16 6.89 7.87 6.43 6.55 6.23 5.70
0.89 3.87 5.79 5.89 5.15 5.42 5.28 4.99
0.00 0.09 1.72 1.78 0.83 1.97 2.57 2.82
d Dodge & Cox
Net Ret 1.08
Rank 63
� BC Agg
Net Ret 1.12
Rank 59
5.10 6.31
62 65
7.84 7.19
23 42
8.98 7.03
37 34
6.77 6.39
65 52
175
6.71 6.53
43 37
6.50 6.14
52 55
5.93
38
5.60
57
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2s%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
Attachment number 2 \nPage 1�
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Fixed Income Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005
High 13.88 15.82 21.09 9.76 9.73 11.68 6.79
1 st Qt 7.79 9.93 13.37 5.42 7.48 5.31 3.10
Median 6.16 7.13 8.34 3.14 6.53 4.57 2.55
3rd Qt 3.87 5.58 5.28 -2.27 5.06 4.13 2.04
Low 0.09 0.56 -0.49 -15.77 2.22 2.80 1.32
d Dodge & Cox
Net Ret 5.10
Rank 62
� BC Agg
Net Ret 7.84
Rank 23
7.53 14.53
44 17
6.54 5.93
61 69
176
1.37 5.47
60 67
5.24 6.96
28 40
5.62 2.40
21 59
4.33 2.43
64 57
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zz i
zoi
�xi
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]4%
]2%
]O%
xi
�i
4%
2%
O%
Attachment number 2 \nPage 1�
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Fixed income Portfolios
] 2/] ]
High 19.C4
] st Qt ] 0.52
Mcdiai2 7.A7
3rd Qt S.A9
Low ].7A
d Dodgc 8c Cox
Rcturn A.9A
Rank 37
� BC Agg
Rcturn C.77
Rank CS
�.�,�
s.�,�
4.0 %
3.0 %
2.0 %
1.0%
O.O %
-1.0%
-2.0 %
-3.0 %
-4.0 %
-5.0 %
-6.0 %
9/] ] 6/] ]
] 4.93 ] ] .79
9.97 A.53
x.�� c.xo
CAC 523
0.44 0.44
9.79 A.42
29 2C
7.97 C RC
54 SC
3/]] ]2/]O
] ] .69 9.65
7.54 7.59
s.xs �.n
429 4.C5
0.55 0.C7
�.c� �.cx
23 23
530 5.9]
CO 55
Dodge � Cox
Value Added Analysis - Net of Fee
3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. BC Agg
177
- Cumulative Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
Attachment number 2 \nPage 1�
City of Clearwater
Risk Measure Summary
Dodge & Cox
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 0 0 1 1 4 4 7 9
Positive Periods 4 4 11 11 16 16 24 22
Up Market Capture 0.65 1.24 1.02 1.01
Down Market Capture �0.10 0.92 0.72
Batting Average 0.25 0.50 0.45 0.52
Worst Quarter 0.83 0.42 �0.43 � 1.30 �2.88 � L30 �2.88 �2.44
Best Quarter 1.91 3.82 6.98 3.82 6.98 4.57 6.98 4.57
Worst 4 Quarters 5.10 7.84 4.12 3.90 �0.26 3.13 �0.26 �0.81
Best 4 Quarters 5.10 7.84 17.78 9.50 17.78 10.56 17.78 10.56
Standard Deviation 4.31 3.22 4.23 3.46 3.94 3.63
Beta 0.69 0.83 0.84
Alpha 1.04 0.26 0.21
R-Squared 0.27 0.44 0.58
Sharpe Ratio 2.05 2.06 1.24 1.45 0.88 0.87
Treynor Ratio 12.84 6.29 4.15
Tracking Error 3.97 3.49 2.83
Information Ratio 0.52 0.05 0.10
I[�'ii�:�7
178
18.0
16.0
14.0
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Attachment number 2 \nPage 1�
City of Clearwater
Return vs Risk
Total Returns of Fixed Income Portfolios
3 Years Ending 12/31/11
10.9
10.0
9.2
83
7.4
6.5
5.6
4.7
3.8
2.9
2.0
0.0
2.0
d Dodge & Cox
i BC Agg
Median
4.0 6.0 8.0 10.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
8.98 37
6J7 65
7.87
5 Years Ending 12/31/11
12.0 14.0
Standard Deviation
Value Rank
431 62
3.22 35
3.78
2.0
d Dodge & Cox
[ BC Agg
Median
4.0 6.0 8.0 10.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
6J1 43
6.50 52
6.55
179
12.0 14.0
Standard Deviation
Value Rank
4.23 51
3.46 31
4.23
��11�:��
Attachment number 2 \nPage 1�
City of Clearwater
Fixed Income, Mortgage and Municipals Summary Statistics
Dodge & Cox
Quarter Ending 12/ 11
Total Number Of Securities
Total Market Value
Yield to Maturity
Time to Maturity
Current Coupon
Duration
Effective Convexity
Effective Duration
Effective Maturity
0- 1 1
1-2 1
2- 3 2
3- 4 1
4- 5 1
5+ 1
GOVT
AAA 4
AA
A 1
BAA 2
BA
B
NR
Yield to Maturity
Quality
Portfolio
178
108,625,945
2.63
15.00
5.75
4.90
0.44
4.55
6.80
0- 1 8
1- 3 2
3 - 5 11
5 - 7 10
7 - 10 11
10+ 55
0-1 8
1-3 27
3-4 16
4-6 23
6-8 5
8+ 17
Time to Maturity
Duration
180
BC Agg
7,829
2.24
7.13
4.01
5.18
-0.45
4.95
7.13
0 - 3 8.
3 - 5 8.
5 - 7 65.
7 - 9 16.
9 - 11 1.
11+ 0.
0 - 1 10.
1 - 3 28.
3 - 4 15.
4 - 6 23.
6- 8 5.
8+ 16.
Coupon
Effective Duration
�Ei�'ii�:�•'�
Attachment number 2 \nPage 1�
City of Clearwater
Percent Invested by Sector and Quality
Dodge & Cox
As of 12/31/11
Moody's Quality Ratings
Name Aaa Aa A Baa Ba B Other NR Total
Government 10.45 --- --- --- --- --- --- --- 10.45
Treasury 7.71 --- --- --- --- --- --- --- 7.71
Agency 2.74 --- --- --- --- --- --- --- 2.74
Corporate --- 3.78 10.11 21.02 3.55 0.39 --- --- 38.85
Industrial --- 1.52 2.18 10.68 2.43 --- --- --- 16.81
Utility --- --- --- 0.46 --- 0.39 --- --- 0.85
Finance --- 2.27 7.70 9.88 1.12 --- --- --- 20.97
Yankee --- --- 0.24 --- --- --- --- --- 0.24
Transportation --- 0.54 0.81 1.07 --- --- --- --- 2.42
Mortgage 40.50 --- --- --- --- --- --- 0.89 41.39
GNMA --- --- --- --- ---
FHLMC 8.44 --- --- --- --- --- --- --- 8.44
FNMA 29.70 --- --- --- --- --- --- 0.89 30.59
Other Mortgage 2.36 --- --- --- --- --- --- --- 2.36
Municipals --- 0.76 5.35 --- --- --- --- 0.52 6.63
Cash --- --- --- --- ---
Other --- 0.27 --- --- --- --- --- --- 0.27
Total 50.95 5.35 16.27 22.09 3.55 0.39 --- 1.41 100.00
I[�'ii�:�7
181
Attachment number 2 \nPage 1�
City of Clearwater
Fixed Income Sector Attribution Analysis
Dodge & Cox
Quarter Ending 12/ 11
Weight Return Selection
Portfolio Index Portfolio Index Securit Sector Total
Finance 20.78 9.53 1.24 1.06 0.04 �0.03 0.00
Government 10.84 40.01 0.36 1.28 �0.10 0.02 �0.08
Industrials 17.85 10.07 1.75 2.04 �0.05 0.05 0.00
Mortgage 40.04 36.55 1.49 1.33 0.06 �0.00 0.06
Transportation 2.48 0.36 0.84 1.42 �0.01 0.00 �0.01
utllltles o.91 1.60 ��.�� z.ss �a.as �a.al �a.a�
Municipals 6.58 0.00 2.28 1.77 0.03 0.03 0.06
Foreign 0.24 1.85 2.73 0.25 0.01 0.02 0.02
Miscellaneous 0.28 0.02 1.18 0.00 �0.00 �0.00
100.00 100.00 1.35 1.35 �0.08 0.08 �0.00
Index - Wilshire GCM Index
Security Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect -0.27%
[ Actual Return 1.08% ]-[ Buy Hold Return 1.35% ]
182
�[i�'ii�:�•7
Attachment number 2 \nPage 1�
City of Clearwater
Western Asset Management Co. as of 12/31/11
Portfolio Performance ("/o)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
9/30/04
� Western Asset Management Co. � BC Agg
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 9/30/04
Western Asset Management Co. 135 7.23 7.23 7.85 6.78 5.84
BC Agg 1.12 7.84 7.84 6J7 6.50 5.54
Asset Growth ($000)
Beginning Market Value 86,180 81,482 81,482 99,655 94,634 74,568
Net Contributions & Withdrawals -14 -38 -38 -38 -38 -38
Gain/Loss + Income 1,165 5,887 5,887 -12,285 -7,264 12,801
Ending Market Value 87,331 87,331 87,331 87,331 87,331 87,331
Top Fixed Income Holdings Sector Allocation
Sector % Port % Part
FNMA C130 - Tba Jan Mortgage 4.79 Finance 15.74
United States Treas Government 3.22 Government 20.76
FNMA C130 - Tba Jan Mortgage 313 Industrials 17.78
Freddie Mac Gold Mortgage 1.96 Mortgage 42.69
GNMA Ii Poo1004978 Mortgage 1.74 Transportation 0.45
Federal Home Ln Mtg Government 1.70 Utilities 0.91
United States Treas Government 1.70 Municipals 0.00
GNMA Ii Poo1004772 Mortgage 1.62 Foreign 1.05
GNMA Ii Sf 30 - Tba Mortgage 1.62 Miscellaneous 0.62
Fhlm Pool A74793 Mortgage 1.52
��11�:��
183
Attachment number 2 \nPage 1�
City of Clearwater
Western Asset Management Co. as of 12/31/11
�
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6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
0.5
Risk/Return Analysis
Periods from 9/04 to 12/11
Alpha 0.01
Beta 1.07
R-Squared 0.91
1.0 1.5 2.0 2.5 3.0 3.5 4.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
w Western Asset Management 5.84 3.82 0.96 0.24
;. BC Agg 5.54 3.41 0.99
T 91-Day Treasury Bill 217 1.02 0.00
��11�:��
184
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1�
City of Clearwater
Cumulative Performance Comparison
Total Returns of Fixed Income Portfolios
Periods Ending 12/11
Last Last Last 2 Last 3 Last 4 Last 5 Last 6 Last 7
Qtr Year Years Years Years Years Years Years
5.49 13.88 11.85 19.64 9.11 8.58 8.21 7.69
2.34 7.79 8.41 10.52 7.53 7.30 6.87 6.31
1.28 6.16 6.89 7.87 6.43 6.55 6.23 5.70
0.89 3.87 5.79 5.89 5.15 5.42 5.28 4.99
0.00 0.09 1.72 1.78 0.83 1.97 2.57 2.82
w Western Asset Management Co.
Net Ret 1.35 7.23
Rank 47 35
� BC Agg
Net Ret 1.12 7.84
Rank 59 23
7.16 7.85
43 50
7.19 6.77
42 65
185
6.85 6.78
37 40
6.39 6.50
52 52
6.43 5.89
40 40
6.14 5.60
55 57
I[�'ii�:�7
2s%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
-20%
Attachment number 2 \nPage 1!
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Fixed Income Portfolios
Years Ending December
2011 2010 2009 2008 2007 2006 2005
High 13.88 15.82 21.09 9.76 9.73 11.68 6.79
1 st Qt 7.79 9.93 13.37 5.42 7.48 5.31 3.10
Median 6.16 7.13 8.34 3.14 6.53 4.57 2.55
3rd Qt 3.87 5.58 5.28 -2.27 5.06 4.13 2.04
Low 0.09 0.56 -0.49 -15.77 2.22 2.80 1.32
w Western Asset Management Co.
Net Ret 7.23 7.09
Rank 35 50
� BC Agg
Net Ret 7.84 6.54
Rank 23 61
9.24 3.92
44 44
5.93 5.24
69 28
186
6.51 4.66
50 45
6.96 4.33
40 64
2.77
39
2.43
57
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Attachment number 2 \nPage 1!
City of Clearwater
December 31, 2011
Cumulative Performance Comparison
Total Returns of Fixed income Portfolios
]2/]] 9/]] 6/]] 3/]] ]2/]O
High ] 9.64 ] 4.93 ] ] .79 ] ] .69 9.65
] st Qt ] 0.52 9.97 A.53 7.54 7.59
Mcdiai2 7.A7 A.79 6.A0 S.A3 6.]]
3rd Qt S.A9 6A6 523 429 4.65
Low ].7A 0.44 0.44 0.55 0.67
w Wcstcrn Assct Managcmcnt Co.
Rctun2 7.A5 920 736 623 6.73
Rank 50 37 39 42 37
� BC Agg
Rctun2 6.77 7.97 6R6 530 5.9]
Rank 65 54 56 60 55
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Western Asset Management Co.
Value Added Analysis - Net of Fee
3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11
� Quarterly Value Added vs. BC Agg - Cumulat3ve Value Added
'°�'° 2 Yr Rolling Avg (A�vivalized)
187
Attachment number 2 \nPage 1!
City of Clearwater
Risk Measure Summary
Western Asset Management Co.
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 0 0 2 1 5 4 9 8
Positive Periods 4 4 10 11 15 16 20 21
Up Market Capture 0.92 1.14 1.09 1.08
Down Market Capture 0.84 1.53 1.23
Batting Average 0.50 0.67 0.60 0.62
Worst Quarter 0.52 0.42 � 1.09 � L30 �2.17 � L30 �2.17 � L30
Best Quarter 2.94 3.82 4.64 3.82 5.22 4.57 5.22 4.57
Worst 4 Quarters 7.23 7.84 4.46 3.90 1.56 3.13 �0.46 �0.81
Best 4 Quarters 7.23 7.84 11.40 9.50 14.60 10.56 14.60 10.56
Standard Deviation 3.51 3.22 4.06 3.46 3.82 3.41
Beta 0.99 1.12 1.07
Alpha 0.27 �0.07 0.01
R-Squared 0.82 0.89 0.91
Sharpe Ratio 2.19 2.06 1.30 1.45 0.96 0.99
Treynor Ratio 7.75 4.75 3.42
Tracking Error 1.54 1.50 1.25
Information Ratio 0.67 0.19 0.24
I[�'ii�:�7
188
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14.0
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Attachment number 2 \nPage 1!
City of Clearwater
Return vs Risk
Total Returns of Fixed Income Portfolios
3 Years Ending 12/31/11
10.9
10.0
9.2
83
7.4
6.5
5.6
4.7
3.8
2.9
2.0
0.0
2.0 4.0
w Western Asset Management Co.
i BC Agg
Median
6.0 8.0 10.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
7.85 50
6J7 65
7.87
5 Years Ending 12/31/11
12.0 14.0
Standard Deviation
Value Rank
3.51 44
3.22 35
3.78
2.0 4.0
w Western Asset Management Co.
[ BC Agg
Median
6.0 8.0 10.0
Historical Standard Deviation of Return
Annualized Net of Fee Return
Value Rank
6J8 40
6.50 52
6.55
189
12.0 14.0
Standard Deviation
Value Rank
4.06 49
3.46 31
4.23
��11�:��
Attachment number 2 \nPage 1!
City of Clearwater
Fixed Income, Mortgage and Municipals Summary Statistics
Western Asset Management Co.
Quarter Ending 12/ 11
Total Number Of Securities
Total Market Value
Yield to Maturity
Time to Maturity
Current Coupon
Duration
Effective Convexity
Effective Duration
Effective Maturity
0- 1
1-2
2- 3
3- 4
4- 5
5+
Yield to Maturity
GOVT 18.
AAA 43.
AA 5.
A 14.
BAA 15.
BA 1.
B 0.
NR 1.
Quality
Portfolio
262
67,122,890
2.34
20.19
4.99
6.76
1.01
6.04
10.17
0- 1 2
1- 3 5
3- 5 8
5- 7 8
7 - 10 11
10+ 63
0-1 2
1-3 40
3-4 9
4-6 13
6-8 6
8+ 27
Time to Maturity
Duration
�
BC Agg
7,829
2.24
7.13
4.01
5.18
-0.45
4.95
7.13
0- 3 9.
3 - 5 35.
5 - 7 49.
7- 9 4.
9 - 11 1.
11+ 0.
0 - 1 14.
1 - 3 33.
3 - 4 8.
4 - 6 12.
6- 8 5.
8+ 25.
Coupon
Effective Duration
�Ei�'ii�:�•'�
Attachment number 2 \nPage 1!
City of Clearwater
Percent Invested by Sector and Quality
Western Asset Management Co.
As of 12/31/11
Moody's Quality Ratings
Name Aaa Aa A Baa Ba B Other NR Total
Government 20.20 0.27 0.10 0.19 --- --- --- --- 20.76
Treasury 14.61 --- --- --- --- --- --- --- 14.61
Agency 5.59 0.27 0.10 0.19 --- --- --- --- 6.15
Corporate 0.17 4.16 14.25 15.14 0.61 0.28 --- 0.88 35.49
Industrial --- 1.28 6.36 9.67 0.45 --- --- 0.02 17.78
Utility --- --- 0.74 0.18 --- --- --- --- 0.92
Finance --- 2.88 6.83 4.73 0.16 0.28 --- 0.86 15.74
Yankee 0.17 --- 0.32 0.56 --- --- --- --- 1.05
Transportation --- 0.22 --- 0.23 --- --- --- --- 0.45
Mortgage 41.37 0.60 --- --- --- --- --- 0.72 42.69
GNMA 13.61 --- --- --- --- --- --- 0.41 14.02
FHLMC 7.01 --- --- --- --- --- --- --- 7.01
FNMA 18.82 --- --- --- --- --- --- --- 18.82
Other Mortgage 1.93 0.60 --- --- --- --- --- 0.31 2.84
Municipals --- --- --- --- --- --- --- --- ---
Cash --- --- --- --- ---
Other 0.15 --- --- --- 0.48 --- --- --- 0.63
Total 61.88 5.24 14.35 15.57 1.09 0.28 --- 1.60 100.00
I[�'ii�:�7
�
Attachment number 2 \nPage 1!
City of Clearwater
Fixed Income Sector Attribution Analysis
Western Asset Management Co.
Quarter Ending 12/ 11
Weight Return Selection
Portfolio Index Portfolio Index Securit Sector Total
Finance 14.70 9.53 1.62 1.06 0.08 �0.02 0.07
Government 15.08 40.01 3.32 1.28 0.31 0.02 0.33
Industrials 15.18 10.07 2.49 2.04 0.07 0.04 0.10
Mortgage 52.14 36.55 1.82 1.33 0.25 �0.00 0.25
Transportation 0.30 0.36 0.74 1.42 �0.00 �0.00 �0.00
Utilities 0.98 1.60 5.68 2.55 0.03 �0.01 0.02
Municipals 0.00 0.00 0.00 1.�� �a.aa �a.aa �a.aa
Foreign 0.97 1.85 2.51 0.25 0.02 0.01 0.03
Miscellaneous 0.65 0.02 1.18 0.00 �0.00 �0.00
100.00 100.00 2.15 1.35 0.76 0.04 0.80
Index - Wilshire GCM Index
Security Selection Return Attribution
[ Portfolio Market Value Sector Percentage ]*[ Portfolio Sector Return - Index Sector Return ]
Sector Selection Return Attribution
[ Portfolio Sector Percentage - Index Sector Percentage ]*[ Index Sector Return - Index Total Return ]
Trading Effect -0.46%
[ Actual Return 1.69% ]-[ Buy Hold Return 2.15% ]
�
�[i�'ii�:�•7
Attachment number 2 \nPage 1!
City of Clearwater
Real Estate Comp as of 12/31 / 11
Portfolio Performance ("/o)
24.0
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
4/30/08
� Real Estate Comp � Policy Index
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 4/30/OS
Real Estate Comp 9.65 8.85 8.85 20.99 0.04
Policy Index 1130 11.62 11.62 21.69 0.06
Asset Growth ($000)
Beginning Market Value 62,471 62,823 62,823 27,416 19,347
Net Contributions & Withdrawals -1 110 110 -1,890 -1,890
Gain/Loss + Income 6,029 5,566 5,566 42,973 51,042
Ending Market Value 68,499 68,499 68,499 68,499 68,499
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Simon Ppty Group Inc Financials 8.70 Energy 0.00
Equity Residential P Financials 8.20 Materials 0.00
Hcp Inc Financials 7.69 Industrials 0.00
Prologis Inc Financials 6.66 Consumer Discretionary 1.67
Avalonbay Cmntys Inc Financials 5.67 Consumer Staples 0.00
Ventas Inc Financials 536 Health Care 0.00
General Growth Pptys Financials 5.05 Financials 9833
Host Marriott Corp N Financials 4.94 Information Technology 0.00
Sl Green Rlty Corp Financials 4.48 Telecom Services 0.00
Apartment Invt & Mgm Financials 4.48 Utilities 0.00
��11�:��
193
City of Clearwater
Real Estate Comp as of 12/31 / 11
0.5
0 0.4
� 03
�
�
� 0.2
�
�
� 0.1
0.0
-5.0 0.0
Risk/Return Analysis
Periods from 4/08 to 12/11
Alpha 0.05
Beta 1.00
R-Squared 0.99
R Real Estate Comp
;. Policy Index
T 91-Day Treasury Bill
5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
0.04 37.58 -0.01 0.03
0.06 37.81 -0.01
0.40 0.21 0.00
194
Attachment number 2 \nPage 1!
��11�:��
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 1!
City of Clearwater
Cumulative Performance Comparison
Total Returns of Real Estate Portfolios
Periods Ending 12/11
Last
Qtr
15.92
5.35
2.84
1.10
-5.30
R Real Estate Comp
Net Ret 9.65
Rank 14
� Policy Index
Net Ret 11.30
Rank 13
Last 2
Qtrs
12.11
6.48
4.88
-1.56
-13.27
-0.10
67
1.35
63
195
Last 3
Qtrs
18.83
12.03
9.41
1.98
-11.37
3.26
67
5.53
59
Last 4
Qtrs
24.97
16.67
12.52
5.59
-12.85
..
.;
11.62
54
I[�'ii�:�7
so°io
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 2i
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Real Estate Portfolios
Years Ending December
2011 2010 2009
24.97 30.69 38.04
16.67 18.42 -3.23
12.52 13.91 -28.19
5.59 3.68 -31.21
-12.85 -23.52 -45.86
R Real Estate Comp
Net Ret 8.85
Rank 62
� Policy Index
Net Ret 11.62
Rank 54
30.51
5
24.96
12
�
24.68
14
29.20
11
I[�'ii�:�7
Attachment number 2 \nPage 2i
City of Clearwater
Risk Measure Summary
Real Estate Comp
Quarterly Periods Ending 12/31/11
1 Year 3 Years 5 Years Inception
Risk Measures Portfolio Bench Portfolio Bench Portfolio Bench Portfolio Bench
Negative Periods 1 1 3 3 4 4
Positive Periods 3 3 9 9 10 10
Up Market Capture 0.86 1.01 0.99
Down Market Capture 1.00 1.03 0.99
Batting Average 0.25 0.50 0.50
Worst Quarter ��.90 ��.94 �36.65 �33.�5 �37.93 �40.40
Best Quarter 9.65 11.30 33.98 35.93 33.98 35.93
Worst 4 Quarters 8.85 11.62 6.21 7.43 �45.85 �45.65
Best 4 Quarters 8.85 11.62 118.01 115.40 118.01 115.40
Standard Deviation 36.99 36.00 41.48 41.52
Beta 1.02 1.00
Alpha �0.17 0.05
R-Squared 0.99 0.99
Sharpe Ratio 0.56 0.60 0.08 0.07
Treynor Ratio 20.3 8 3.21
Tracking Error 3.39 3.54
Information Ratio �0.03 0.03
I[�'ii�:�7
197
30.0
23.5
17.0
� 10.5
�
� 4.0
0
�
� -2.5
�
� -9.0
.�
�
�, -15.5
d
-22.0
-28.5
-35.0
0.0
Attachment number 2 \nPage 2i
City of Clearwater
Return vs Risk
Total Returns of Real Estate Portfolios
3 Years Ending 12/31 / 11
4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 40.0
Historical Standard Deviation of Return
Annualized Return Standard Deviation
Value Rank Value Rank
R Real Estate Comp 20.99 8 36.99 94
� Policy Index 21.69 7 36.00 93
Median -1.82 14.99
�[i�'ii�:�•7
198
Attachment number 2 \nPage 2i
City of Clearwater
Security Capital as of 12/31/11
Portfolio Performance ("/o)
24.0
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
4/30/08
� Securiry Capital �� Wilshire RESI
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 4/30/OS
Securiry Capital 14.90 6.86 6.86 20.59 -0.24
Wilshire RESI 15.40 8.56 8.56 21.89 0.15
Asset Growth ($000)
Beginning Market Value 36,928 41,879 41,879 27,416 19,347
Net Contributions & Withdrawals -457 -2,809 -2,809 -24,809 -24,809
Gain/Loss + Income 5,489 2,890 2,890 39,353 47,423
Ending Market Value 41,960 41,960 41,960 41,960 41,960
Top Equity Holdings GICS Sector Allocation
GICS Sector % Port % Port
Simon Ppty Group Inc Financials 8.70 Energy 0.00
Equity Residential P Financials 8.20 Materials 0.00
Hcp Inc Financials 7.69 Industrials 0.00
Prologis Inc Financials 6.66 Consumer Discretionary 1.67
Avalonbay Cmntys Inc Financials 5.67 Consumer Staples 0.00
Ventas Inc Financials 536 Health Care 0.00
General Growth Pptys Financials 5.05 Financials 9833
Host Marriott Corp N Financials 4.94 Information Technology 0.00
Sl Green Rlty Corp Financials 4.48 Telecom Services 0.00
Apartment Invt & Mgm Financials 4.48 Utilities 0.00
��11�:��
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Attachment number 2 \nPage 2i
City of Clearwater
Security Capital as of 12/31/11
0.5
0.4
03
0.2
0.1
0.0
-0.1
-0.2
-03
-5.0
Risk/Return Analysis
Periods from 4/08 to 12/11
Alpha
Beta
R-Squared
-0.06
0.99
0.99
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
s Securiry Capital -0.24 38.79 -0.02 -011
;. Wilshire RESI 015 3910 -0.01
T 91-Day Treasury Bill 0.40 0.21 0.00
��11�:��
200
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 2i
City of Clearwater
Cumulative Performance Comparison
Total Returns of Real Estate Portfolios
Periods Ending 12/11
Last
Qtr
15.92
5.35
2.84
1.10
-5.30
s Security Capital
Net Ret 14.90
Rank 12
� Wilshire RESI
Net Ret 15.40
Rank 6
Last
Year
24.97
16.6�
12.52
5.59
-12.85
• :•
1
: •
201
Last 2
Years
22.78
17.16
13.44
5.96
-6.88
18.59
19
18.39
20
Last 3
Years
22.23
4.92
-1.82
-4.62
-13.68
20.59
9
21.89
7
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40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 2i
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Real Estate Portfolios
Years Ending December
s Security Capital
Net Ret
Rank
� Wilshire RESI
Net Ret
Rank
2011 2010 2009
24.97 30.69 38.04
16.67 18.42 -3.23
12.52 13.91 -28.19
5.59 3.68 -31.21
-12.85 -23.52 -45.86
• :•
1
. •
31.62
4
29.12
7
202
24.68
14
29.20
11
I[�'ii�:�7
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
City of Clearwater
Multi Employer Property Trust as of 12/31/11
Portfolio Performance ("/o)
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
9/30/10
� Multi Employer Property Trust � NCREIF ODCE
Attachment number 2 \nPage 2i
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 9/30/10
Multi Employer Property Trust 2.50 12.99 12.99 14.41
NCREIF ODCE 2.97 15.99 15.99 17.07
Asset Growth ($000)
Beginning Market Value
Net Contributions & Withdrawals
Gain/Loss + Income
Ending Market Value
23,087 20,944 20,944
0 0 0
577 2,721 2,721
23,665 23,665 23,665
203
0
20,000
3,665
23,665
��11�:��
Attachment number 2 \nPage 2i
City of Clearwater
Multi Employer Property Trust as of 12/31/11
�
�
�
�
N
�
�
�
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
0.0
Risk/Return Analysis (Number of returns < 12)
Periods from 9/10 to 12/11
Alpha
Beta
R-Squared
N/A
N/A
N/A
0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
M Multi Employer Property 14.41 1.62 8.85
;. NCREIF ODCE 17.07 1.63 10.41
T 91-Day Treasury Bill 011 0.04 0.00
��11�:��
204
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 2i
City of Clearwater
Cumulative Performance Comparison
Total Returns of Real Estate Portfolios
Periods Ending 12/11
Last
Qtr
15.92
5.35
2.84
1.10
-5.30
M Multi Employer Property Trust
Net Ret 2.50
Rank 62
� NCREIF ODCE Fund Index
Net Ret 2.97
Rank 48
Last 2
Qtrs
12.11
6.48
4.88
-1.56
-13.27
:•
.
6.59
24
205
Last 3
Qtrs
18.83
12.03
9.41
1.98
-11.37
9.51
46
11.52
28
Last 4
Qtrs
24.97
16.67
12.52
5.59
-12.85
12.99
46
15.99
26
I[�'ii�:�7
30%
25%
20%
15%
10%
5%
�%
-5%
-1�%
-15%
2011
Attachment number 2 \nPage 2
City of Clearwater
Calendar Year Performance Comparison
Total Returns of Real Estate Portfolios
Years Ending December
High 24.97
1 st Qt 16.67
Median 12.52
3rd Qt 5.59
Low -12.85
M Multi Employer Property Trust
Net Ret 12.99
Rank 46
� NCREIF ODCE Fund Index
Net Ret 15.99
Rank 26
206
I[�'ii�:�7
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
-1.2
-1.4
-1.6
-1.8
-2.0
-2.2
City of Clearwater
Molpus Woodlands Group as of 12/31 / 11
Portfolio Performance ("/o)
Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept
6/30/11
Attachment number 2 \nPage 2
� Molpus Woodlands Group NCREIF Timberland Index
Incept
Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year 6/30/11
Molpus Woodlands Group -135 -2.03
NCREIF Timberland Index 0.51 016
Asset Growth ($000)
Beginning Market Value 2,455 111
Net Contributions & Withdrawals 456 2,808
Gain/Loss + Income -37 -45
Ending Market Value 2,874 2,874
��11�:��
207
Attachment number 2 \nPage 2
City of Clearwater
Molpus Woodlands Group as of 12/31 / 11
�
�
a�
�
�
N
�
�
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
-1.2
-1.4
-1.6
-1.8
-2.0
-2.2
0.0
Risk/Return Analysis (Number of returns < 12)
Periods from 6/11 to 12/11
Alpha
Beta
R-Squared
N/A
N/A
N/A
0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2
Annualized Standard Deviation%
Annualized Std. Sharpe Info
Net Ret Dev. Ratio Ratio
M Molpus Woodlands Group -2.03 1.96 -1.04
;. NCREIF Timberland Index 016 0.95 015
T 91-Day Treasury Bill 0.02 0.03 0.00
��11�:��
208
2o°io
Is�io
1 o�io
s�io
o�io
-s�io
-lo�io
-IS�io
High
1 st Qt
Median
3rd Qt
Low
Attachment number 2 \nPage 2
City of Clearwater
Cumulative Performance Comparison
Total Returns of Real Estate Portfolios
Periods Ending 12/11
Last Last 2
Qtr Qtrs
15.92 12.11
5.35 6.48
2.84 4.88
1.10 -1.56
-530 -13.27
M Molpus Woodlands Group
Net Ret -1.35
Rank 90
� NCREIF Timberland Index
Net Ret 0.51
Rank 81
-2.03
79
0.16
67
209
I[�'ii�:�7
Attachment number 2 \nPage 2
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210
Attachment number 2 \nPage 2
City of Clearwater Employees Pension Fund
Appendix
Dow Jones Industrial Average: This index is comprised of 30 "blue-chip" US stocks selected for their history of
successful growth and wide interest among investors. The DJIA represents about 20% of the total market value of all US
stocks and about 25% of the NYSE market capitalization. It is a price-weighted arithmetic average, with the divisor
adjusted to reflect stock splits and the occasional stock switches in the index.
NASDAQ Composite: A cap-weighted index comprised of all common stocks listed on the NASDAQ Stock Market
(National Association of Securities Dealers Automated Quote system).
S&P 500: A broad-based measurement of changes in stock market conditions based on the average performance of 500
widely held common stocks. This index does not contain the SOO largest companies or the most expensive stocks traded
in the US. While many of the stocks are among the largest, this index also includes many relatively small companies.
This index consists of approximately 380 industrial, 40 utility, 10 transportation, and 70 financial companies listed on
the US market exchanges. It is a capitalization-weighted index (stock price times number of shares outstanding),
calculated on a total return basis with dividend reinvested.
Russell 1000: The 10001argest companies in the Russell 3000 index, based on market capitalization.
Russell 1000 Growth: A segment of the Russell 1000 with a greater-than-average growth orientation. Companies in this
index have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values
than the Russell 1000 Growth index.
Russell 1000 Value: Represents a segment ofthe Russell 1000 with a less-than-average growth orientation. Companies
in this index have low price-to book and price-to-earnings ratios, higher dividend yields and lower forecasted growth
values than the Russell 1000 Growth index.
Russell Mid-Cap: This index consists of the bottom 800 securities in the Russell 1000 as ranked by total market
capitalization, and represents over 35% of the Russell 1000 total market cap.
Russell Mid-Cap Growth: The Russell Mid-cap Growth Index offers investors access to the mid-cap growth segment of
the U.S. equity universe. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased
barometer of the mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the
methodology used to determine growth probability approximates the aggregate mid-cap growth manager's opportunity
set.
Russell Mid-Cap Value: Measures the performance of the Russe113000 Index e�tended to include micro-cap securities
of the Russell Micro-cap Index. The index represents approximately 99% of the U. S. Equity Market. As of the latest
reconstitution, the average market capitalization was appro�mately $3.8 billion; the median market capitalization was
appro�mately $612 million. The index had a total market capitalization range of approximately $368.5 billion to $673
million.
Russe112000: the 2000 smallest companies in the Russe113000 index.
Russe112000 Growth: A segment of the Russe112000 with a greater-than-average growth orientation. Companies in this
index have higher price-to book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values
than the Russe112000 Value index.
I[�'ii�:�7
211
Attachment number 2 \nPage 2
City of Clearwater Employees Pension Fund
Appendix
Russe112000 Value: A segment of the Russe112000 with a less-than-average growth orientation. Companies in this
index have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values
than the Russe112000 Growth index.
Russe112500: This index consists of the bottom 500 stocks in the Russell 1000 (as ranked by market capitalization) and
all of the stocks in the Russe112000. This index is intended to be used as a measure of small to medium/small stock
performance.
Russe112500 Growth: A segment of the Russe112500 with a greater-than-average growth orientation. Companies in this
index have higher price-to book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values
than the Russe112500 Value index.
Russe112500 Value: A segment of the Russe112500 with a less-than-average growth orientation. Companies in this
index have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values
than the Russe112500 Growth index.
Russell 3000: is composed of the 3,000 largest U.S. securities, as determined by total market capitalization.
Russell 3000 Growth: This index measures the performance of those Russe113000 Index companies with higher
price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell
1000 Growth or the Russe112000 Growth indexes.
Russell 3000 Value: This index measures the performance of those Russell 3000 Index companies with lower
price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell
1000Value or the Russe112000 Value indexes.
MSCI EAFE: A market capitalization-weighted index representing all of the MSCI developed markets outside North
America. It comprises 20 of the 22 countries in the MSCI World. These 20 countries include the 14 European countries
in the MSCI Europe and the 6 Pacific countries in the MSCI Pacific. This index is created by aggregating the 20
different country indexes, all of which are created separately.
MSCI World: A free float-adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed markets. As of June 2007 the MSCI World Index consisted of the following 23 developed
market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong,
Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United
Kingdom, and the United States.
MSCI World ex U.S.: The MSCI World index excluding the U.S. portion ofthe index.
MSCI All Country World Index: a free float-adjusted market capitalization weighted index that is designed to measure
the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 46
country indices comprising 23 developed and 23 emerging market country indices. The developed market country
indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong,
Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United
Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China,
Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru,
I[�'ii�:�7
212
Attachment number 2 \nPage 2
City of Clearwater Employees Pension Fund
Appendix
MSCI All Country World Index ex U.S.: The MSCI All Country World Index excluding the U.S. portion ofthe index.
MSCI Emerging Markets Free (EMF): A market capitalization-weighted index representing 2 of the emerging markets
in the world. Several factors are used to designate whether a country is considered to be emerging vs. developed, the
most common of which is Gross Domestic Product Per Capita. The "Free" aspect indicates that this index includes only
securities that are allowed to be purchased by global investors. This index is created by aggregating the 26 different
country indexes, all of which are created separately.
Barclays Capital U.S. Aggregate Bond: This index is made up ofthe Barclays Capital U.S. GovernmenUCredit, the
Mortgage-Backed Securities, and the Asset-Backed Securities indices. All issues in the index are rated investment grade
or higher, have at least on year maturity, and have an outstanding par value of at least $100 million.
Barclays Capital U.S. Government/Credit: This index includes all bonds that are in the Barclays Capital U.S.
Government Bond and the Barclays Capital U.S. Credit Bond indices.
Barclays Capital U.S. Government/Credit Intermediate: All bonds by the Barclays Capital U.S. Government/Credit
Bond index with maturities of 1 to 10 years.
Barclays Capital Municipal Bond: This market capitalization-weighted index includes investment grade tax-exempt
bonds and is classified into four main sectors General Obligation, Revenue, Insured, and Pre-refunded. To be included
in this index, the original transaction size of a bond must have been greater than $50 million.
Barclays Capital U.S. Treasury Index: This index includes public obligations ofthe U.S. Treasury. Treasury bills are
excluded by the maturity constraint, but are part of a separate Short Treasury Index. In addition, certain special issues,
such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are
excluded from the index because their inclusion would result in double-counting. Securities in the Index roll up to the
U.S. Aggregate, U.S. Universal and Global Aggregate Indices.
Barclays Capital U.S. TIPS: This index measures the performance of U.S. Treasury Inflation Protection Securities.
Merrill Lynch Convertibles: The convertible securities used in this index span all corporate sectors and must have a par
amount outstanding of $25 million or more. The maturity must be at least on year. The coupon range must be equal to
or greater than zero and all equity of bonds are included. Excluded from this index are preferred equity redemption
stocks. When the component bonds of this index convert into common stock, the converted securities are dropped from
the index.
Merrill Lynch Corp/Govt 1-3 Years A or Better: An unmanaged index of government and corporate fixed-rate debt
issues with maturities between one and 3 years.
Merrill Lynch High Yield Master: Market capitalization weighted index providing a broad-based measure of bonds in
the US domestic bond market rated below investment grade, but not in default. Includes only issues with a credit rating
of BB 1 or below as rated by Moody's and/or S&P, at least $100 million in face value outstanding and a remaining term
to final maturity equal to or greater than one year.
Dow Wilshire REIT: A measurement of equity REITs and Real Estate operating Companies. No special-purpose or
health care REITs are included. It is a market capitalization weighted index for which returns are calculated monthly
I[�'ii�:�7
213
Attachment number 2 \nPage 2
City of Clearwater Employees Pension Fund
Appendix
Alpha: A risk-adjusted measure of 'excess return' on an investment. That is, it measures an active manager's
performance in excess of a benchmark index or'risk-free' investment. An alpha of 1.0 means the manager outperformed
the market 1.0%. A positive alpha is the extra return awarded to the investor for taking additional risk rather than
accepting the market return.
Batting Average: The percent of periods the manager has beaten the benchmark. A high average for the fund (e.g. over
50) is desirable, indicating the fund has beaten the policy frequently.
Beta: A measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies
that you can expect the movement of a manager's return series to match that of the benchmark used to measure beta.
Down Market Capture Ratio: A measure of a manager's performance in down markets. A down-market is defined as
those periods (months or quarters) in which market return is less than 0. It tells you what percentage of the down-market
was captured by the manager.
Information Ratio: The Information Ratio measures the consistency with which a manager beats a benchmark.
R-squared: The R-Squared (R2) of a manager versus a benchmark is a measure of how closely related the variance of
the manager returns and the variance of the benchmark returns are.
Sharpe Ratio: The Sharpe Ratio is a risk-adjusted measure of return which uses standard deviation to represent risk It is
calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard
deviation of the portfolio returns.
Standard Deviation: Standard deviation of return measures the average deviations of a return series from its mean, and
is often used as a measure of risk. A large standard deviation implies that there have been large swings in the return
series of the manager.
Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a
benchmark.
Treynor Ratio: The Treynor Ratio is a risk-adjusted measure of return which uses beta to represent risk It is calculated
by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the portfolio's beta
value.
Up Market Capture Ratio: A measure of a manager's performance in up markets. An up-market is defined as those
periods (months or quarters) in which market return is greater than 0. It tells you what percentage of the up-market was
captured by the manager.
I[�'ii�:�7
214
Attachment number 2 \nPage 2
City of Clearwater Employees Pension Fund
Appendix
Disclaimer Page
This material is for information only and for the use of the recipient. It is not to be reproduced or copied or made
available to others. Any opinions expressed are our current opinions only. Assumptions, opinions and estimates
constitute CapTrust's judgment as of the date of this material and are subject to change without notice.
While the information contained herein is from sources believed reliable, we do not represent that it is accurate or
complete and it should not be relied upon as such. CapTrust accepts no liability for loss arising from the use of this
material.
Performance Comparison Page Information:
Shaded Areas represent where the investment objective was achieved either by:
1)The investment return vs the index;
2)The investment return universe ranking (the lower the number the better the ranking)
Manager performance begins on the last day of the inception month.
Any investment results depicted represent historical net performance.
Past performance is no guarantee of future performance.
215
I[�'ii�:�7