Performance Review

Performance Review

10 copies

Prepared for:National Contract Management Association

November 13, 2011

W. Todd Ripley, CTFASVP & Senior Investment ManagerWells Fargo Private Bank – Western Carolinas Region864.467.2836 [email protected]

Frank N. WilsonSVP & Wealth AdvisorWells Fargo Private [email protected]

II. Market Overview

I. Relationship Summary

Table of Contents

III. Asset Allocation & Performance Summary

22

I. Relationship Summary & Investment Policy Statement

3

Relationship Summary

44

• Established: June 10, 2005 (NCMA Unrestricted Reserve Funds) (Wells Fargo Bank, N.A. DDA Account) May 1, 2006 (NCMA Restricted Reserve Funds) (Wells Fargo Bank, N.A. serves as Investment

Manager)• Investment Objective:

60% Equity Harbor Capital Appreciation (Lg. Cap. Growth), Federated Strategic Value Dividend,

iShares Dow Jones Select Dividend, Davis New York Venture (Lg. Cap Value), iShares Russell Midcap Index Fd. Boston Company Small Cap Value, iShares Russell 2000 Small Cap Growth Fd., AIM International Growth, Harbor International, Vanguard MSCI Emerging Markets (All Shares Institutional Class)

40% Fixed Income Western Asset Core Plus Bond Fd., Vanguard Short Term Bond Index, PIMCO High Yield

Bond Fd., PIMCO Foreign Bond Fd., and Wells Fargo Advantage Treasury Plus Institutional Money Market

Asset allocation for Unrestricted Reserve Fund (short term) accordance with current National Contract Management Association Investment Policy Guidelines. Currently 100% Institutional Depository Account for Non-Profit Organizations. Interest Calculated based upon the average 4 week 90-day Treasury Bill. Rates are set monthly. Current earnings credit .40%

• Statements/Tax Reporting: Monthly & Annual statements Sam Smith (CFO) for further distribution to AMC Annual 1099 provided

• Distributions/Spending Policy: Spending Policy as directed by Board approval (NCMA Restricted Reserve Fund)

• Investment Reporting: Quarterly Investment Performance and Market Updates Formal presentations (semi-annually)

• Fees: Wachovia Trust/Nonprofit & Philanthropic Services Institutional Fee Schedule (Equity &

Balanced): 65 basis points on the first $5MM, 45 bps on the next $10mm, 30 bps on the next $30mm,and 20 bps on balance. Equates to approx 65 bps based on market value.

Wells Fargo Private Bank provides financial services and products through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo & Company and its affiliates do not provide legal advice. Please consult your legal advisors to determine how this information may apply to your own situation.

III. Market OverviewNovember 2011

U.S. Economic Overview

Oct-06

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The economy is sending mixed signals; confidence dropped, but retail rose. Consumer confidence sank in October,

dropping more than 5 points to 39.8. The index is at its lowest point since March of 2009. Consumers expressed significant pessimism about their current situation, and only 9.1 percent think business conditions will improve over the next six months.

New home sales increased 5.7 percent in September to an annualized rate of 313,000 units. Even so, sales have fallen about one percent since last year. If sales continue at the current rate, it would take 6.2 months’ to clear the supply now on the market.

Existing home sales fell 3.0 percent in September to a seasonally adjusted, annualized rate of 4.91 million units. Failed contracts continue to plague this market and are now double the level seen last year.

Durable goods orders fell 0.8 percent in September, reflecting a large drop in civilian aircraft orders. Excluding aircraft, non-defense durable goods orders rose a healthy 2.4 percent.

An uptick in auto sales and strong back-to-school sales helped retailers much more than expected, with sales increasing 1.1 percent from August to September.

Sources: Bloomberg Finance, LLC, FactSet, (11/11)

Retail Sales Strengthen

Confidence Falls Sharply

Cons

umer

Con

fiden

ce In

dex

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1

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Perc

ent

Incr

ease

(M

/M)

October Confidence

39.8

September Retail Sales Rise 1.1%

March, 2009 Confidence

26.9

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U.S. Economic OutlookThe U.S. economy is probably strong enough for the recovery to continue.

The U.S. economy is estimated to have grown 2.5 percent in the third quarter. Economic growth in the fourth quarter growth is expected to be around 2 percent.

The Index of Leading Economic Indicators rose 0.2 percent in September, pointing to continued slow growth.

In October, 80,000 new jobs were created, pushing the unemployment rate down one-tenth of a percent to 9.0 percent. Weekly unemployment claims have been hovering around the 400,000 level. For meaningful improvement in the unemployment rate, new claims will have to fall further.

The Institute for Supply ManagementTM (ISM) Manufacturing survey fell to 50.8 in October from 51.6 in September. New orders increased while prices dropped 15 points to 41, reflecting a sizable drop in the price of certain raw materials. A 5 point drop in inventories is likely the result of continuing caution and uncertainty among survey participants.

The ISM Non-Manufacturing survey was nearly flat with a reading of 52.9 in October versus 53.0 in September. Encouragingly, the employment index gained more than four points. The overall index is indicating modest growth in the service sector.

Third Quarter GDP Rises

Aug-09

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ISM Manufacturing

ISM Non-ManufacturingExpansion/Contraction

Sources: Bloomberg Finance, LLP, FactSet, (11/11)

ISM

Sur

veys

ISM Surveys Still ExpandingExpansion Contraction

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12-0.5%

0.0%

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2.5%2.3%

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2.0% 2.0%2.2%

2.5% 2.5%

Actual

Estimated

Annu

aliz

ed Q

uart

erly

Cha

nge

Source: Consensus Estimates, Bloomberg Financial, LLP, (11/11)

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Economic Outlook - International

Under the leadership of a new head, Mario Draghi of Italy, the European Central Bank cut interest rates by a quarter of a point from 1.5 percent to 1.25 percent.

Following months of negotiations among its 17 members, the European Union reached an agreement to provide 100 billion euros in additional funding for Greece. The group also agreed to increase the European Financial Stability Facility (EFSF) from 440 billion to as much as 1 trillion euros through insurance and/or leverage.

In a decision that ultimately cost him his leadership, Greece’s former Prime Minister George Papandreou, announced that he planned to take the EU agreement to a public referendum, surprising EU leaders and his own party.

In an attempt to aid the recovery of its export sector, Japanese policy makers intervened in the currency markets to drive yen prices lower.

Interest rates on 10-year Italian sovereign debt have risen to more than seven percent, the rate at which Greece, Ireland and Portugal requested assistance with their debt. Italy’s Prime Minister, Silvio Berlusconi, is expected to resign and a new administration may alleviate pressure on the country’s bond markets.

The Euro Zone’s economic problems are becoming increasingly complicated.Euro Zone Growth May Slow Further

Annu

aliz

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Cha

nge

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q120.0

0.0

0.0

2.10%1.90%

2.40%

1.60%1.40%

1.10%

0.50%0.70% 0.60%

1.20%

Sources: Bloomberg Financial, LLP, FactSet, (11/11)

Italian Interest Rates Rising

10 Y

ear

Gov

ernm

ent

Bond

Yie

lds

Source: Consensus Estimates, Bloomberg Financial, LLP, (11/11)

ActualEstimated

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7Nov. 9, 2011

7.11%

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Stock Market Review and StrategyGlobal equities rally on economy, earnings and Europe.

October was a month to remember. Risk assets surged on the potential for a European rescue plan, better than expected economic reports and healthy third quarter earnings results. In fact, the Dow Jones Industrial Average experienced its third biggest monthly percentage gain in history, while the S&P 500 posted the strongest monthly percentage gain since 1991.

U.S. corporations remain flush with cash and have reported solid earnings results for the third quarter. Corporate profits continue to defy expectations, with U.S. companies beating estimates for the 11th straight quarter. Indeed, S&P 500 earnings are on pace to rise 16 percent in the third quarter, with revenues up an impressive 10 percent.

International equities also rebounded as Europe appeared to be taking the appropriate steps to contain its debt crisis. Stocks climbed across the globe, with Germany, Brazil, and Hong Kong all posting double-digit percentage gains.

Despite worries over near-term earnings prospects and geopolitical events, our forecasts for earnings at larger companies remain constructive for the intermediate term. Large-cap and emerging-markets valuations are extremely low relative to these forecasts and we, therefore, maintain our overweight recommendation.

*Annualized returns.**You cannot invest directly in an index. Index returns do not include management fees, so your actual returns may differ from those listed in the charts.Sources: Bloomberg Finance LLP., Factset (11/11)

Stock Market Total Returns**Period Ending October 31, 2011

Equity Indexes Oct QTD YTD 1 Year 3 Year* 5 Year*

S&P 500

Russell 1000 Growth

Russell 1000 Value

Russell Mid Cap

Russell 2000

MSCI EAFE

MSCI Emerging Markets

TelecomUtilities

Consumer StaplesHealth CareTechnology

Consumer DiscretionaryIndustrialsFinancials

EnergyMaterials

3.0

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-7.9YTD October

S&P 500 Sector Returns (%)

10.9% 10.9% 1.3% 8.1% 11.4% 0.2%

11.0% 11.0% 3.0% 9.9% 15.6% 3.0%

11.4% 11.4% -1.1% 6.2% 8.8% -2.0%

13.0% 13.0% -0.9% 7.8% 17.8% 2.3%

15.1% 15.1% -4.5% 6.7% 12.9% 0.7%

9.6% 9.6% -6.4% -3.6% 10.4% -1.9%

13.3% 13.3% -11.3% -7.4% 23.6% 6.8%

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Bond Market Review and StrategyHigh quality bonds sink as investors rotate into risky assets.

Treasury yields rebounded in October as investors rotated out of “safe” assets and into riskier assets. Optimism over a European rescue package, better than expected economic reports and solid third quarter earnings results all contributed to the sell-off in high quality bonds.

The Federal Reserve maintained its highly accommodative stance through October and implemented its new “Operation Twist” program to reduce long-term interest rates. With modest economic growth and a weak employment situation, we expect Fed policy to remain easy through 2012.

Corporate bond prices advanced in October on strong earnings and solid balance sheets. High yield corporate bonds surged as risk appetites improved and investors took advantage of attractive valuations.

Foreign bonds were mixed for the month, with developed debt underperforming emerging markets debt. Emerging bonds were boosted by the risk-on trade and currency appreciation.

With Treasury rates at or near record lows, we recommend a shorter duration stance. We continue to underweight U.S. Treasurys and developed international bonds. We also see value in high-yield bonds for investors with higher risk tolerances.

*Annualized returns.**You cannot invest directly in an index. Index returns do not include management fees,so your actual returns may differ from those listed in the charts.Sources: Bloomberg Finance LLP., Barclays Capital (11/11)

Bond Market Total Returns**Period Ending October 31, 2011

Bond Indexes Oct QTD YTD 1 Year 3 Year* 5 Year*

U.S. Aggregate Bond

U.S. Treasury

U.S. Corporate

U.S. Municipal

U.S. TIPS

U.S. High Yield

Foreign Bond

EM Debt

Credit Spreads to Treasurys

Yiel

d Sp

read

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)

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Investment Grade Corporate SpreadHigh Yield SpreadEmerging Markets Debt Spread

0.1% 0.1% 6.8% 5.0% 8.9% 6.4%

-0.8% -0.8% 8.0% 5.3% 6.3% 6.5%

1.8% 1.8% 8.0% 6.1% 15.8% 6.9%

-0.4% -0.4% 8.0% 3.8% 8.3% 4.8%

1.9% 1.9% 12.6% 9.0% 12.1% 7.5%

6.0% 6.0% 4.5% 5.2% 23.0% 8.0%

0.8% 0.8% 7.0% 3.5% 9.9% 8.2%

4.5% 4.5% 7.8% 4.1% 19.6% 8.4%

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REIT/Commodity Indexes Oct QTD YTD 1 Year 3 Year* 5 Year*

Global REIT

U.S. REIT

International REIT

S&P GSCI Commodity

DJ-UBS Commodity

Real Assets Review and StrategyA strong month for Real Assets.

Publicly traded REITs rebounded in October, led by domestic markets.

From a valuation perspective domestic REITs are trading at a four percent premium to net asset value versus their historical 2.4 percent average premium since 1993.

We maintain our Market Weight recommendation on REITs. We believe that strong REIT industry fundamentals and lack of new supply support our recommendation.

We continue to favor REIT property sectors with the shortest lease periods, where landlords have pricing power and can react quickly to changing economic conditions. We are less optimistic on defensive REIT sectors where landlords are locked into longer-term leases and industry fundamentals have only marginally improved.

Commodities prices followed equity prices higher in the month. Evidence the U.S. economy is not heading for recession and China is successfully engineering a soft landing drove economically-sensitive sectors higher. Crude oil surged 17 percent, while copper jumped 12 percent during the month.

We are neutral on commodities as rising global demand may be offset by the potential for slower global economic growth.*Annualized returns.

**You cannot invest directly in an index. Index returns do not include management fees,so actual returns may differ from those listed in the charts.Sources: Bloomberg Finance LLP., National Association of Real Estate Trust (11/11)

Oct-01Nov-01Dec-01Jan-02Feb-02Mar-02Apr-02May-02Jun-02Jul-02Aug-02Sep-02Oct-02Nov-02Dec-02Jan-03Feb-03Mar-03Apr-03May-03Jun-03Jul-03Aug-03Sep-03Oct-03Nov-03Dec-03Jan-04Feb-04Mar-04Apr-04May-04Jun-04Jul-04Aug-04Sep-04Oct-04Nov-04Dec-04Jan-05Feb-05Mar-05Apr-05May-05Jun-05Jul-05Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07Jul-07Aug-07Sep-07Oct-07Nov-07Dec-07Jan-08Feb-08Mar-08Apr-08May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08Jan-09Feb-09Mar-09Apr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-09Jan-10Feb-10Mar-10Apr-10May-10Jun-10Jul-10Aug-10Sep-10Oct-10Nov-10Dec-10Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11

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2000Crude Oil vs. Gold

Oil

Pric

e pe

r Ba

rrel

(U

S$)

Real Asset Total Returns**Period Ending October 31, 2011

Gold Price per O

unce (US$)

Gold Oil

12.6% 12.6% -1.2% 0.7% 15.5% -2.9%

14.3% 14.3% 7.4% 10.2% 16.3% -1.0%

9.5% 9.5% -6.7% -4.1% 15.7% -3.6%

9.7% 9.7% -0.5% 10.1% -3.1% -3.0%

6.6% 6.6% -7.9% 1.6% 4.4% -0.8%

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Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07

-20

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-5

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5

10

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Complementary Strategies Review and Strategy

The HFRX Global Hedge Fund Index climbed in October, with most strategies posting gains.

With still-elevated volatility and intra-security correlation remaining at particularly high levels, the market environment remains difficult for active managers. The geopolitical environment is likely to remain challenging for the next 6-18 months.

This environment may make it difficult for long-biased hedged strategies, such as hedged equity, to perform consistently with any true level of confidence. It will require managers to have the ability to implement top-down analysis within portfolios rather than relying solely on fundamental analysis to navigate the short-term trading environment.

We have less conviction about long-biased strategies given the uncertainties; we believe that the opportunity is greater in the credit area of the hedge-fund universe. Despite this we remain positive in our outlook for Catalyst Driven strategies, such as Merger Arbitrage, as a result of the difficult economic growth environment and high levels of cash on corporate balance sheets. We also continue to favor tail-risk strategies and those managers able to benefit from the macro economic outlook and the use of managed futures as a “tail-risk” tool.

Complementary Strategies*** Total Returns**Period Ending October 31, 2011

Hedge funds advance, but trail broader equity markets.

*Annualized returns.**You cannot invest directly in an index. Index returns do not include management fees, so actual returns may differ from those listed in the charts.***Some alternative investments may be available only to pre-qualified investors. Sources: Bloomberg Finance LLP., Cambridge Associates (11/11)

Hedge Fund Indexes Oct QTD YTD 1 Year 3 Year* 5 Year*

Global Hedge FundsDistressed SecuritiesEvent DrivenMerger ArbitrageEquity HedgeEquity Market NeutralMacroConvertible ArbitrageRelative Value Arbitrage

U.S. Private Equity Index Returns

% Q

uart

erly

Cha

nge

0.8% 0.8% -7.7% -5.8% 1.8% -1.9%

3.1% 3.1% -5.0% -3.8% -6.1% -6.2%

2.1% 2.1% -3.4% -2.9% 3.5% -0.7%

1.3% 1.3% -1.9% -0.2% 5.2% 4.4%

1.4% 1.4% -17.3% -12.8% -0.8% -4.1%

0.6% 0.6% -2.9% -0.9% -2.5% -0.8%

-2.0% -2.0% -4.9% -4.7% -3.7% -0.7%

-0.6% -0.6% -2.3% -1.8% 8.5% -8.6%

1.2% 1.2% -3.0% -2.0% 9.0% -0.4%

12

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III. Asset Allocation & Performance Summary

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Current Allocation

15

Manager Performance

16

9/ 30/ 11 Portfolio Portfolio as of 9/30/2011Market Value Percentage Target YTD 1 Year 3 Year 5 Year

CASH EQUIVALENTS 256,196 12.3% 2.0%Cash Equivalents: 256,196 12.3% 2.0%Wells Fargo Advantage Treas Plus MMkt 256,196 12.3% 0.01 0.01 0.03 1.53Merrill Lynch 90 Day Index 0.10 0.14 0.22 1.74

FIXED INCOME 752,829 36.0% 38.0%Investment Grade: 566,693 27.1% 33.0%Vanguard Short-Term Bond ETF (1-5 yr) 69,777 3.3% 2.44 1.81 4.89 4.29 *Barclays Capital Aggregate 1-3 Year 1.45 1.48 3.80 4.29Lipper Short Inv. Grade Fixed Inc Median 0.87 0.75 4.01 3.52

Western Core Plus Bond Fund 496,916 23.8% 5.06 4.86 12.64 6.99Barclays Capital Aggregate 6.65 5.26 7.97 6.53Lipper Interm. Inv. Grade Fixed Inc Median 5.06 4.11 8.62 6.01

High Yield: 108,221 5.2%PIMCO High Yield Fund I 108,221 5.2% -2.18 0.24 11.90 5.75Barclays Capital High Yield Corporate Bond Index -1.39 1.78 13.83 7.08Lipper High Current Yield Median -2.38 0.94 10.35 5.29

International Bonds: 77,915 3.7% 5.0%PIMCO Foreign Bond I (Hedged) 77,915 3.7% 4.28 2.50 10.83 6.68J P Morgan Global ex US Index (Hedged) 3.64 1.53 4.96 4.58Lipper International Income Median 3.62 1.78 7.47 6.13

EQUITY 1,079,870 48.1% 60.0%Large Cap Equity: 554,604 26.6% 36.0%Harbor Capital Appreciation Fund 252,587 12.1% -6.07 4.70 5.63 1.82Russell 1000 Growth -7.20 3.78 4.69 1.62Lipper Large Cap Growth Median -10.12 0.51 2.31 0.26

Federated Strategic Value Dividend Instl 74,833 3.6% 4.96 9.55 4.00 -0.33Davis New York Venture Fund 151,448 7.3% -14.10 -4.93 -1.15 -2.70iShares Dow Jones Select Dividend 75,737 3.6% -0.54 6.76 0.61 -2.41Russell 1000 Value -11.24 -1.89 -1.52 -3.53Lipper Large Cap Value Median -12.73 -3.52 -1.40 -3.30

Manager Performance

17

9/ 30/ 11 Portfolio Portfolio as of 9/30/2011Market Value Percentage Target YTD 1 Year 3 Year 5 Year

EQUITY 1,079,870 48.1% 60.0%Mid Cap Equity: 154,967 7.4% 7.0%iShares Russell Mid Cap Index Fund 154,967 7.4% -12.40 -1.02 3.84 0.44Russell Midcap Core -12.34 -0.88 3.96 0.56Lipper Mid Cap Core Median -14.04 -2.51 2.54 0.43

Small Cap Equity: 110,719 5.3% 5.0%iShares Russell 2000 Growth Index Fund 59,364 2.8% -15.54 -1.12 2.11 0.95Russell 2000 Growth -15.57 -1.12 2.07 0.96Lipper Small Cap Growth Median -14.39 -1.34 2.89 0.55

Dreyfus/ The Boston Company Small Cap Value Fund 51,355 2.5% -18.32 -8.14 -1.26 -1.96Russell 2000 Value -18.51 -5.99 -2.78 -3.08Lipper Small Cap Value Median -18.48 -5.89 0.12 -1.60

Developed Markets: 185,340 8.9% 12.0%Invesco International Growth Y 95,366 4.6% -12.61 -6.02 2.33 0.29MSCI EAFE Growth Index - USD -15.16 -8.49 -0.27 -1.81Lipper Intl Multi-Cap Growth Median -17.21 -10.98 -0.37 -2.18

Harbor International Fund 89,974 4.3% -17.21 -10.22 0.18 0.42MSCI EAFE Value Index - USD -14.07 -9.46 -1.11 -4.26Lipper Intl Multi-Cap Value Median -16.96 -10.77 -2.14 -4.96

Emerging Markets: 74,240 3.6% 12.0%Vanguard Emerging Markets Stock Index 74,240 3.6% -23.30 -17.53 5.11 4.37MSCI Emg Mkts Free-USD -21.66 -15.89 6.59 5.17Lipper Emerging Mkts Funds Median -23.48 -17.84 3.76 2.97

Manager Blend 2,088,895 96.4% 100.0% -4.22 0.48 5.57 2.66Composite Benchmark -4.67 0.05 3.76 2.04

* 5 YR Benchmark ProxyThis report was prepared with information provided to Wells Fargo and that of Wells Fargo Bank, N.A. or its affiliates. Product information is provided by the Manager and/or I nforma I nvestment Solutions and is believed to reliable but is not guaranteed. Returns are not indicative of future results, do not reflect fees, and may be lower than projected with fees applied. This report is incomplete without the disclosures at its end. For use in one-on-one client presentations only.

18

The Power of PartnershipSuperior client service, delivered through a dedicated team of specialists, is at the core of the Wells Fargo Private Bank experience. As the premier

provider of investment management and trust services, we stand ready to meet your

needs.

W. Todd Ripley, CTFASVP & Senior Investment Manager

Wells Fargo Private Bank864.467.2836

[email protected]

Katie JohnsonInvestment Management Specialist

Wells Fargo Private Bank864.467.2815

[email protected]

Kyle R. MidyetteTrust Administrator

336.747.8202800.576.8202 Toll Free

[email protected]

Frank N. WilsonSVP & Wealth Advisor

Wells Fargo Private Bank864.255.8233

[email protected]

Bree LawsonClient Associate

Wells Fargo Private Bank864.255.8594

[email protected]

Todd LumsdenBusiness Relationship ManagerWells Fargo Community Banking

[email protected]