Systematic Large Cap Value Quarterly Report

Portfolio Review

City of Fort Lauderdale Police Officers' & Firefighters' Ret. System

Large Cap Value

September 30, 2010

TABLE OF CONTENTS Commentary

Market Overview, Portfolio Overview, Outlook, Portfolio Characteristics Portfolio Snapshot

Historical Performance, Portfolio Summary, Top Ten Holdings Portfolio Appraisal

Holdings Report by Sector Gains and Losses

Realized and Unrealized Gains and Losses by Security Transaction Summary

Purchases, Sales, Contributions, Withdrawals, Expenses by Trade Date Income Report

Interest and Dividends Commission Report

Commissions by Purpose

3Q10 Large Cap Value Quarterly Review

Commentary The equity markets saw further volatility during the summer, but improving investor sentiment during September drove stocks solidly higher for the third quarter. Wall Street struggled for much of the three-month period, digesting a continued stream of mixed economic data, both domestically due to persistent high unemployment and in Europe amid ongoing sovereign debt concerns in Greece, Spain, Portugal and Ireland. Investors seem to have recently grown more comfortable with the notion these issues are mere bumps on the road to a sustained cyclical economic recovery, and that a double-dip recession is likely not in the offing. During September, the U.S. Bureau of Economic Research even declared the recession officially ended in June 2009. While economic growth remains sluggish, recent macroeconomic data are constructive at the margin, including favorable reports on private payrolls, manufacturing activity, retail sales and durable goods orders. We are seeing much the same in our bottom-up analysis of corporate business momentum, although the lack of breadth in that data is consistent with a continuation of the muted growth investors have faced throughout 2010. Against this backdrop, all of the major indices, from the small cap Russell 2000® Value Index to the large cap Russell 1000® Value Index, finished the rather volatile quarter up over 10%. Our bottom-up focus on company fundamentals was rewarded during the quarter, as our Large Cap Value strategy outperformed the Russell 1000® Value Index. From an attribution standpoint, the bulk of the outperformance was due to stock selection, while sector allocation also contributed to the good results for the quarter. Stock selection in Industrials and Materials was strongest, while Information Technology and Health Care proved to be headwinds from a stock-picking standpoint. An overweight in Materials added to relative returns, somewhat offset by our underweight in Utilities in the interim. One stock that added to performance during the period was Ameriprise Financial. The asset manager and life insurance company recorded strong second-quarter earnings despite the stock market’s pullback during that quarter. The more recent strength in the bond and equity markets is all the more positive for Ameriprise’s earnings outlook for the September quarter, since the insurance segment’s investment portfolio is a key driver of that business’ profit contribution, while the asset management unit’s assets under management are naturally lifted when the financial markets strengthen. Meanwhile, we expect the company’s stringent focus on cost controls to remain in effect, especially following the acquisition of Columbia Management earlier this year. We look for considerable cost synergies to drive earnings upside going forward. Ameriprise stock is attractively valued at only around 10 times earnings, more than 20% below pre-recession lows.

3Q10 Large Cap Value Quarterly Review (continued)

Another stock that added to performance during the quarter was Wyndham Worldwide. Wyndham Worldwide provides hospitality products and services across various accommodation alternatives, such as the lodging industry and vacation rentals/time share programs. During the third quarter, the company had a very strong earnings report, as it once again beat Wall Street consensus estimates due to both better operating margins and revenues. Furthermore, the company's cash flows are tracking well ahead of its forecasts, which has enabled it to increase its buyback authorization earlier and at a higher level than expected. After these results, we saw per-share-earnings estimates for 2010 go from around $1.68 at the end of the June quarter to approximately $1.87 currently, with similar revisions made for next year. In addition to these positive revisions, we also saw the P/E multiple expand for the stock, as investors are giving Wyndham credit for strong execution and the revival of the traditional hotel business. Given the deep discount relative to its peer group, we expect this trend to continue. After listening to several investor presentations in the last month and closely tracking the Smith Travel Industry Data, we have enhanced confidence about the sustainability of earnings and cash flow growth. We expect estimates to continue being revised upward as the company benefits from improving trends in the hotel industry as well as further expansion in margins in all three major segments. Valuation is still very reasonable at these levels; the stock trades at around 13 times next year’s earnings estimates, approximately 4 multiple points lower than its least-expensive peer. On the flip side, one stock that detracted from performance was Whirlpool Corp. We recently sold our position in Whirlpool, as we anticipated negative earnings revisions in the upcoming quarters, due to several incremental data points. For one thing, the strength seen in North American appliance sales at the start of 2010 has clearly begun to deteriorate, and, as a result, we have seen a spike in promotional activity by manufacturers. This is likely to put substantial pressure on margins. For another, we believe the conclusion of the government tax credit program for appliances, which was essentially the appliance version of “Cash for Clunkers”, will result in a significant decline in demand in the second half of 2010, which we believe is not fully reflected in consensus Wall Street expectations. Furthermore, housing data, including new and existing home sales, has also reverted to a downward trend after exhibiting a positive inclination in the first quarter. With both revenue and margin headwinds, we have seen current-year per- share-earnings estimates go from around $9.77 in July to approximately $9.39 at present. We believe this will lead to underperformance of the stock relative to other names in the universe, hence our sale of the position. The stock market’s direction in the near term will likely depend on the tenor of third-quarter earnings reports, most of which are due in the next few weeks. Wall Street earnings-estimate revisions began to moderate over the summer, as the inventory correction that characterized the early stages of the ongoing economic cycle has largely run its course and market participants await a sustained rebound in end-market demand to drive the next phase of the economic expansion. We remain optimistic for the equity markets. It appears to us that unemployment, while still unusually high, has peaked, suggesting improving retail sales are likely to lead to a firming trend throughout the economy. What’s more, the market is attractively valued, with current price/earnings multiples at historic lows. That said, we are not macroeconomic or market forecasters. We will continue to manage our clients’ portfolios with the same bottom-up, company-focused approach that has succeeded time and time again in the past and which we think will continue to be rewarded in the future.

Please refer to the important disclosures at the end of this report.

3Q10 Large Cap Value Quarterly Review

Characteristics

Portfolio Russell 1000®

Value

Weighted Avg. Market Cap $45.5 b $66.6 b

Forward P/E 12.1x 12.7x

Quarterly Earnings Surprise 20.1% 10.6%

Estimate Revision 8.0% 1.9%

5 Year Growth of Earnings 3% 4%

Price to Book 1.6x 1.5x

Dividend Yield 1.6% 2.3%

All information as of 9/30/10. Market Value and Performance Information is preliminary.

Characteristics are representative of our Large Cap Value Composite. Source: FactSet, Compustat

TWR FOR SELECTED PERIODSGROSS OF FEES

City of Fort Lauderdale Police Officers' & Firefighters' Ret. SystemLarge Cap ValueSeptember 30, 2010

Annualized Annualized AnnualizedMonth Quarter Year Latest 1 Latest 3 Latest 5 Inception

To Date To Date To Date Year Year Year To DateAccount 10.09 12.21 4.76 10.25 -8.89 0.36 7.55Russell 1000 Value 7.75 10.13 4.49 8.89 -9.38 -0.48 5.93Russell 1000 9.18 11.55 4.41 10.75 -6.78 0.85 6.00S&P 500 8.92 11.29 3.88 10.15 -7.16 0.63 5.49

PORTFOLIO ACTIVITY SUMMARYFrom 06-30-10 to 09-30-10

Portfolio Value on 06-30-10 30,881,426.28

Contributions 0.00

Withdrawals -1,500,000.00

Realized Gains 149,320.39

Unrealized Gains 3,321,074.75

Interest 262.17

Dividends 134,862.35

Portfolio Value on 09-30-10 32,986,945.95

LARGEST HOLDINGSSeptember 30, 2010

Securities Market Value Pct.

General Electric Co. 1,326,000.00 4.01Chevron Corp. 1,005,020.00 3.04Qwest Communications International Inc. 842,688.00 2.55Wells Fargo & Company 783,588.00 2.37Bank of America Corporation 773,047.50 2.34Whiting Petroleum Corp. 735,427.00 2.22JPMorgan Chase & Co. 711,722.00 2.15AmerisourceBergen Corp. 625,464.00 1.89Hess Corporation 620,760.00 1.88Wyndham Worldwide Corporation 615,328.00 1.86Total 8,039,044.50 24.37

Inception Date: 12-09-02

1

Report run at 06:27:50 PM on Wednesday, October 13, 2010

PORTFOLIO APPRAISAL City of Fort Lauderdale Police Officers' & Firefighters' Ret. System

Large Cap ValueSeptember 30, 2010

Unit Total Market Pct Unrealized Pct AnnualQuantity Security Cost Cost Price Value Assets Gain/Loss G/L Income

Common StockConsumer Discretionary

18,500 Gannett Co. Inc. 11.35 210,056 12.23 226,255 0.6 16,198 7.7 2,9607,500 Lear Corp. 73.84 553,842 78.93 591,975 1.7 38,132 6.8 0

15,500 Macy's Inc. 22.09 342,453 23.08 357,740 1.0 15,286 4.4 3,10017,700 Newell Rubbermaid Inc. 16.35 289,454 17.81 315,237 0.9 25,782 8.9 3,54011,500 News Corp. CL A 13.94 160,318 13.06 150,190 0.4 -10,128 -6.3 1,7259,600 Phillips-Van Heusen Corp. 58.39 560,565 60.16 577,536 1.7 16,970 3.0 1,4404,800 Time Warner Inc. 32.95 158,192 30.65 147,120 0.4 -11,072 -6.9 4,080

14,900 Viacom Inc. CL B 31.45 468,637 36.19 539,231 1.6 70,593 15.0 8,9403,200 Williams-Sonoma Inc. 29.24 93,571 31.70 101,440 0.3 7,868 8.4 1,920

22,400 Wyndham Worldwide Corporation 18.23 408,514 27.47 615,328 1.8 206,813 50.6 10,7523,245,607 3,622,052 10.9 376,444 11.5 38,457

Consumer Staples9,300 Coca-Cola 52.01 483,719 58.52 544,236 1.6 60,516 12.5 16,368

22,000 Constellation Brands Inc. CL A 17.40 382,839 17.69 389,180 1.1 6,340 1.6 09,300 Costco Wholesale Corp. 57.74 537,033 64.49 599,757 1.8 62,723 11.6 7,6263,500 Hansen Natural Corp 46.47 162,673 46.62 163,170 0.4 496 0.3 09,000 Reynolds American Inc. 52.83 475,486 59.39 534,510 1.6 59,023 12.4 32,400

11,500 Tyson Foods Inc. CL A 17.04 196,072 16.02 184,230 0.5 -11,842 -6.0 1,8402,237,824 2,415,083 7.3 177,258 7.9 58,234

Energy5,500 Alpha Natural Resources Inc. 39.39 216,666 41.15 226,325 0.6 9,658 4.4 0

10,700 Chesapeake Energy 25.20 269,727 22.65 242,355 0.7 -27,372 -10.1 3,21012,400 Chevron Corp. 72.50 899,063 81.05 1,005,020 3.0 105,956 11.7 35,7124,000 Devon Energy Corporation 62.60 250,432 64.74 258,960 0.7 8,527 3.4 2,560

31,300 El Paso Corp. 10.52 329,526 12.38 387,494 1.1 57,967 17.5 1,25210,500 Hess Corporation 60.31 633,323 59.12 620,760 1.8 -12,563 -1.9 4,2009,100 Newfield Exploration Co. 40.17 365,589 57.44 522,704 1.5 157,114 42.9 07,700 Whiting Petroleum Corp. 38.10 293,415 95.51 735,427 2.2 442,011 150.6 0

3,257,744 3,999,045 12.1 741,300 22.7 46,934

Financial4,200 ACE Limited 52.94 222,387 58.25 244,650 0.7 22,262 10.0 5,5447,400 Aflac Inc. 44.37 328,393 51.71 382,654 1.1 54,260 16.5 8,8809,050 Ameriprise Financial Inc. 38.20 345,721 47.33 428,336 1.2 82,614 23.8 6,516

59,000 Bank of America Corporation 15.70 926,672 13.10 773,047 2.3 -153,625 -16.5 2,3608,100 Capital One Financial Corp. 37.20 301,374 39.55 320,355 0.9 18,980 6.2 1,620

18,600 CB Richard Ellis Group Inc. 15.32 284,957 18.28 340,008 1.0 55,050 19.3 0157,300 Citigroup Inc. 4.21 663,685 3.91 615,043 1.8 -48,642 -7.3 0

13,600 Comerica Inc. 37.48 509,788 37.15 505,240 1.5 -4,548 -0.8 2,720

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15,400 Discover Financial Services 14.89 229,441 16.68 256,872 0.7 27,430 11.9 1,23217,100 Fifth Third Bancorp 12.28 210,065 12.03 205,713 0.6 -4,352 -2.0 6849,700 Hartford Financial Services Group 28.02 271,820 22.95 222,615 0.6 -49,205 -18.1 1,9407,300 Invesco Ltd. PLC Shs 21.74 158,730 21.23 154,979 0.4 -3,751 -2.3 3,212

18,700 JPMorgan Chase & Co. 30.48 570,055 38.06 711,722 2.1 141,666 24.8 3,74065,500 KeyCorp 7.98 523,085 7.96 521,380 1.5 -1,705 -0.3 2,6209,800 PNC Financial Services Group Inc. 47.42 464,718 51.91 508,718 1.5 43,999 9.4 3,9204,625 Prudential Financial Inc. 44.22 204,546 54.18 250,582 0.7 46,035 22.5 3,237

16,900 Regions Financial Corp. 4.02 67,979 7.27 122,863 0.3 54,883 80.7 67631,200 Wells Fargo & Company 21.80 680,425 25.11 783,588 2.3 103,162 15.1 6,24022,800 XL Group PLC CL A 18.11 413,068 21.66 493,848 1.4 80,779 19.5 9,120

7,376,919 7,842,214 23.7 465,294 6.3 64,261

Health Care20,400 AmerisourceBergen Corp. 30.51 622,539 30.66 625,464 1.8 2,924 0.4 6,5289,800 Amgen Inc. 53.51 524,434 55.11 540,078 1.6 15,643 2.9 03,300 Humana Inc. 47.21 155,809 50.24 165,792 0.5 9,982 6.4 03,100 MedcoHealth Solutions Inc. 51.62 160,052 52.06 161,386 0.4 1,333 0.8 868

13,200 Merck & Co. Inc. 35.38 467,105 36.81 485,892 1.4 18,786 4.0 20,06413,200 Pfizer Inc. 16.42 216,797 17.17 226,644 0.6 9,846 4.5 9,50416,000 Unitedhealth Group Inc. 28.59 457,442 35.11 561,760 1.7 104,317 22.8 8,000

2,604,181 2,767,016 8.3 162,834 6.2 44,964

Industrials3,400 Bucyrus International Inc. CL A 56.90 193,467 69.35 235,790 0.7 42,322 21.8 3406,950 Canadian Pacific Railway

LTD(NEW)57.48 399,491 60.93 423,463 1.2 23,971 6.0 7,381

5,700 Caterpillar Inc. 57.67 328,751 78.68 448,476 1.3 119,724 36.4 10,0322,400 Cummins Inc. 34.49 82,780 90.58 217,392 0.6 134,611 162.6 2,5202,300 Eaton Corporation 69.97 160,938 82.49 189,727 0.5 28,788 17.8 5,336

81,600 General Electric Co. 16.53 1,349,455 16.25 1,326,000 4.0 -23,455 -1.7 39,16838,200 Hertz Global Holdings Inc. 11.68 446,181 10.59 404,538 1.2 -41,643 -9.3 04,800 Pentair Inc. 32.30 155,083 33.63 161,424 0.4 6,340 4.0 3,648

19,900 Textron Inc. 19.73 392,710 20.56 409,144 1.2 16,433 4.1 1,5923,508,860 3,815,954 11.5 307,093 8.7 70,017

Information Technology26,300 Advanced Micro Devices 8.61 226,469 7.11 186,993 0.5 -39,476 -17.4 021,100 Atmel Corp. 7.91 166,991 7.96 167,956 0.5 964 0.5 035,200 Micron Technology Inc. 8.78 309,278 7.21 253,792 0.7 -55,486 -17.9 067,600 Motorola Inc. 7.91 534,943 8.53 576,628 1.7 41,684 7.7 07,700 Skyworks Solutions Inc. 20.91 161,019 20.67 159,159 0.4 -1,860 -1.1 0

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36,700 Xerox Corp. 8.96 328,859 10.35 379,845 1.1 50,985 15.5 6,2391,727,561 1,724,373 5.2 -3,188 -0.1 6,239

Materials6,700 Ball Corp. 58.09 389,252 58.85 394,295 1.1 5,042 1.2 2,6807,600 Du Pont De Nemours 41.68 316,777 44.62 339,112 1.0 22,334 7.0 12,4644,800 Eastman Chemical Co. 65.52 314,522 74.00 355,200 1.0 40,677 12.9 8,4485,800 Freeport-McMoRan Copper &

Gold Inc.36.51 211,771 85.39 495,262 1.5 283,490 133.8 6,960

6,700 Reliance Steel & Aluminum Co. 51.29 343,698 41.53 278,251 0.8 -65,447 -19.0 2,6801,576,023 1,862,120 5.6 286,096 18.1 33,232

Telecommunication Services12,200 AT&T Inc. 25.54 311,606 28.60 348,920 1.0 37,313 11.9 20,496

134,400 Qwest Communications International Inc.

4.57 615,244 6.27 842,688 2.5 227,443 36.9 43,008

17,800 Verizon Communications Inc. 28.97 515,709 32.59 580,102 1.7 64,392 12.4 34,7101,442,561 1,771,710 5.3 329,148 22.8 98,214

Utilities13,100 American Water Works Co. Inc. 22.56 295,637 23.27 304,837 0.9 9,199 3.1 11,52812,125 NiSource Inc. 16.28 197,444 17.40 210,975 0.6 13,530 6.8 11,15518,200 Questar Corp. 15.40 280,304 17.53 319,046 0.9 38,741 13.8 10,1928,300 Southern Co. 36.33 301,579 37.24 309,092 0.9 7,512 2.4 15,106

1,074,966 1,143,950 3.4 68,983 6.4 47,98128,052,250 30,963,518 93.8 2,911,267 10.3 508,533

American Depository ReceiptsHealth Care

3,100 Astrazeneca Plc ADR 51.98 161,146 50.70 157,170 0.4 -3,976 -2.4 7,4716,000 Novartis Ag ADR 50.79 304,795 57.67 346,020 1.0 41,224 13.5 9,915

465,941 503,190 1.5 37,248 7.9 17,386465,941 503,190 1.5 37,248 7.9 17,386

Real Estate Investment Trust (REITs)Financial

5,021 Simon Property Group Inc. (REIT) 58.71 294,830 92.74 465,647 1.4 170,816 57.9 12,0505,900 Vornado Realty Trust (REIT) 79.46 468,820 85.53 504,627 1.5 35,806 7.6 15,340

763,651 970,274 2.9 206,623 27.0 27,390763,651 970,274 2.9 206,623 27.0 27,390

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CASH AND EQUIVALENTSShort-Term Income Funds 506,997 506,997 1.5 5,069US Dollars Accrued Dividends 42,966 42,966 0.1 0

549,963 549,963 1.6 5,069

TOTAL PORTFOLIO 29,831,806 32,986,945 100.0 3,155,139 10.5 558,380

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DATE TO DATE GAINS AND LOSSESCity of Fort Lauderdale Police Officers' & Firefighters' Ret. System

Large Cap ValueFrom 06-30-10 to 09-30-10

Realized Gain or Loss Unrealized Gain or Loss06-30-10 Additions 09-30-10 09-30-10

Security Market Value Withdrawals Market Value Cost Basis Cost Market Cost Market

Common StockACE Limited 0 220,718 244,650 222,387 282 282 22,262 22,262Activision-Blizzard Inc. 166,791 -172,066 0 0 -770 5,275 0 0Advanced Micro Devices 319,152 -114,392 186,993 226,469 16,418 -12,243 -39,476 -5,523Aflac Inc. 332,826 -21,306 382,654 328,393 852 2,054 54,260 66,896Alpha Natural Resources Inc. 325,152 -165,284 226,325 216,666 -1,313 26,417 9,658 40,040American Water Works Co. Inc.

0 295,637 304,837 295,637 0 0 9,199 9,199

Ameriprise Financial Inc. 621,436 -318,314 428,336 345,721 12,655 22,135 82,614 101,360AmerisourceBergen Corp. 590,550 54,890 625,464 622,539 -1,225 -3,226 2,924 -18,237Amgen Inc. 541,780 -26,033 540,078 524,434 -1,596 -266 15,643 24,598AT&T Inc. 152,397 150,385 348,920 311,606 1,164 1,641 37,313 41,849Atmel Corp. 0 166,991 167,956 166,991 0 0 964 964Ball Corp. 0 389,068 394,295 389,252 -196 -196 5,042 5,042Bank of America Corporation 892,377 -39,680 773,047 926,672 -5,833 -5,456 -153,625 -74,782Bucyrus International Inc. CL A

208,780 -66,100 235,790 193,467 7,495 18,540 42,322 74,460

Canadian Pacific Railway LTD(NEW)

302,953 73,939 423,463 399,491 408 1,723 23,971 43,001

Capital One Financial Corp. 342,550 -15,703 320,355 301,374 551 -841 18,980 -6,075Caterpillar Inc. 366,427 -29,038 448,476 328,751 2,880 2,326 119,724 106,077CB Richard Ellis Group Inc. 189,179 65,195 340,008 284,957 486 2,866 55,050 82,767Celanese Corporation 328,812 -372,122 0 0 -31,839 42,650 0 0CF Industries Holdings Inc. 182,418 -275,049 0 0 4,308 92,343 0 0Chesapeake Energy 469,280 -247,541 242,355 269,727 -46,584 1,623 -27,372 18,190Chevron Corp. 882,180 -54,309 1,005,020 899,063 -2,731 4,233 105,956 163,556Citigroup Inc. 621,904 -30,212 615,043 663,685 -6,320 -243 -48,642 23,595Cliffs Natural Resources Inc. 318,330 -382,057 0 0 92,535 63,244 0 0Coca-Cola 491,176 -32,165 544,236 483,719 2,338 3,013 60,516 78,120Comerica Inc. 526,669 -24,512 505,240 509,788 2,923 -1,948 -4,548 4,352Constellation Brands Inc. CL A

0 382,839 389,180 382,839 0 0 6,340 6,340

Cooper Industries PLC CL A 308,000 -316,608 0 0 91,999 8,608 0 0Costco Wholesale Corp. 394,776 113,890 599,757 537,033 -1,230 673 62,723 88,408Cummins Inc. 169,338 -15,917 217,392 82,780 10,044 2,209 134,611 61,080Del Monte Foods Co. 241,752 -212,891 0 0 -39,234 -30,372 0 0Devon Energy Corporation 328,968 -88,477 258,960 250,432 6,443 2,549 8,527 15,280Discover Financial Services 227,874 -13,607 256,872 229,441 718 699 27,430 41,580DTE Energy Co. 670,467 -685,817 0 0 24,094 13,558 0 0Du Pont De Nemours 0 314,160 339,112 316,777 157 157 22,334 22,334Eastman Chemical Co. 272,136 -20,443 355,200 314,522 -882 2,323 40,677 99,072Eaton Corporation 163,600 -15,819 189,727 160,938 395 1,281 28,788 39,215El Paso Corp. 364,408 -17,757 387,494 329,526 3,759 779 57,967 39,751Fifth Third Bancorp 221,220 -10,230 205,713 210,065 -991 -1,001 -4,352 -4,446Freeport-McMoRan Copper & Gold Inc.

360,693 -23,185 495,262 211,771 14,024 3,616 283,490 152,308

Frontier Communications Corporation

0 2,333 0 0 -2,333 -2,333 0 0

Gannett Co. Inc. 262,470 -13,236 226,255 210,056 567 -963 16,198 -22,755General Electric Co. 1,176,672 -1,942 1,326,000 1,349,455 -6,067 1,039 -23,455 140,919Genworth Financial Inc. 233,953 -245,857 0 0 -25,158 11,904 0 0Hansen Natural Corp 0 162,673 163,170 162,673 0 0 496 496

6






Hartford Financial Services Group

223,513 -8,607 222,615 271,820 -3,153 -729 -49,205 7,954

Hertz Global Holdings Inc. 206,228 179,261 404,538 446,181 -3,931 -759 -41,643 19,808Hess Corporation 644,352 -122,543 620,760 633,323 -14,601 5,711 -12,563 92,190Humana Inc. 159,845 -9,785 165,792 155,809 342 651 9,982 15,081International Paper Co. 162,936 -137,549 0 0 -34,281 -27,024 0 0Invesco Ltd. PLC Shs 0 158,730 154,979 158,730 0 0 -3,751 -3,751Johnson & Johnson 248,052 -261,966 0 0 19,554 11,646 0 0JPMorgan Chase & Co. 721,217 -37,571 711,722 570,055 -1,909 -23 141,666 27,115KeyCorp 465,245 42,639 521,380 523,085 2,465 -420 -1,705 13,311Kohl's Corp. 389,500 -381,073 0 0 26,718 -8,426 0 0Lear Corp. 460,090 40,090 591,975 553,842 1,547 2,680 38,132 89,113Lexmark International Inc. CL A

280,755 -274,473 0 0 -35,819 -6,281 0 0

LSI Corporation 146,740 -131,518 0 0 -53,786 -15,221 0 0Macy's Inc. 293,560 -18,403 357,740 342,453 -1,668 1,518 15,286 80,290MedcoHealth Solutions Inc. 0 160,052 161,386 160,052 0 0 1,333 1,333Medtronic Inc. 188,604 -190,254 0 0 -44,167 480 0 0Merck & Co. Inc. 486,083 -29,506 485,892 467,105 1,926 11 18,786 24,288Micron Technology Inc. 531,474 -168,436 253,792 309,278 -31,396 -66,309 -55,486 -42,935Motorola Inc. 0 535,122 576,628 534,943 -179 -179 41,684 41,684Newell Rubbermaid Inc. 158,112 123,799 315,237 289,454 51 373 25,782 32,412Newfield Exploration Co. 469,056 -23,888 522,704 365,589 7,672 -541 157,114 78,078News Corp. CL A 0 160,411 150,190 160,318 -956 -956 -10,128 -10,128NiSource Inc. 0 194,887 210,975 197,444 596 596 13,530 13,530Pentair Inc. 164,220 -10,270 161,424 155,083 -371 -358 6,340 6,864PetSmart Inc. 132,748 -132,238 0 0 -20,365 -1,059 0 0Pfizer Inc. 0 216,797 226,644 216,797 0 0 9,846 9,846Phillips-Van Heusen Corp. 300,755 145,254 577,536 560,565 -9,716 398 16,970 130,749PNC Financial Services Group Inc.

576,300 -21,802 508,718 464,718 4,211 -1,817 43,999 -44,982

Prudential Financial Inc. 264,275 -15,424 250,582 204,546 2,829 -673 46,035 2,405QEP Resources Inc. 0 29,707 0 0 -29,707 -29,707 0 0Questar Corp. 418,508 -164,646 319,046 280,304 482 4,684 38,741 57,812Qwest Communications International Inc.

741,300 -48,899 842,688 615,244 7,216 2,447 227,443 137,088

Regions Financial Corp. 169,106 -66,516 122,863 67,979 29,966 8,443 54,883 11,661Reliance Steel & Aluminum Co.

253,050 -12,113 278,251 343,698 -3,930 568 -65,447 36,046

Reynolds American Inc. 422,172 42,934 534,510 475,486 2,001 1,563 59,023 59,740Seagate Technology 275,144 -279,028 0 0 -42,104 3,884 0 0Skyworks Solutions Inc. 0 161,019 159,159 161,019 0 0 -1,860 -1,860Southern Co. 0 301,407 309,092 301,579 172 172 7,512 7,512Stanley Black and Decker Inc. 313,224 -320,205 0 0 12,945 6,981 0 0Textron Inc. 356,370 -20,029 409,144 392,710 -2,139 964 16,433 71,441Time Warner Inc. 0 157,903 147,120 158,192 -795 -795 -11,072 -11,072Tyson Foods Inc. CL A 304,854 -115,083 184,230 196,072 12,180 -1,993 -11,842 -4,255Unitedhealth Group Inc. 477,120 -27,885 561,760 457,442 1,897 3,165 104,317 107,360Valero Energy Corp. 169,012 -158,136 0 0 -12,921 -11,345 0 0Verizon Communications Inc. 526,776 -75,562 580,102 515,709 -487 3,849 64,392 116,108Viacom Inc. CL B 341,933 129,693 539,231 468,637 631 349 70,593 64,900Wells Fargo & Company 839,680 -39,991 783,588 680,425 3,787 -2,608 103,162 -15,132Whirlpool Corp. 226,136 -187,699 0 0 -35,414 -39,544 0 0

7






Whiting Petroleum Corp. 611,676 -8,652 735,427 293,415 5,161 810 442,011 131,593Williams-Sonoma Inc. 81,906 -3,163 101,440 93,571 -236 186 7,868 22,016Wyndham Worldwide Corporation

475,304 -31,471 615,328 408,514 9,239 4,471 206,813 164,192

Xerox Corp. 231,552 79,386 379,845 328,859 958 821 50,985 66,524XL Group PLC CL A 251,357 149,125 493,848 413,068 4,906 1,717 80,779 90,158Common Stock Total 29,729,287 30,963,518 28,052,250 -101,382 133,051 2,911,267 3,177,392

American Depository ReceiptsAstrazeneca Plc ADR 0 160,004 157,170 161,146 -398 -398 -3,976 -3,976Gold Fields Ltd ADS 167,125 -179,156 0 0 7,506 10,854 0 0Novartis Ag ADR 0 304,493 346,020 304,795 301 301 41,224 41,224American Depository Receipts Total

167,125 503,190 465,941 7,410 10,758 37,248 37,248

Real Estate Investment Trust (REITs)Simon Property Group Inc. (REIT)

361,033 44,636 465,647 294,830 11,375 2,926 170,816 53,858

Vornado Realty Trust (REIT) 306,390 139,046 504,627 468,820 1,331 2,584 35,806 52,576Real Estate Investment Trust (REITs) Total

667,423 970,274 763,651 12,707 5,511 206,623 106,434

CASH AND EQUIVALENTSShort-Term Income Funds 275,295 231,439 506,997 506,997US Dollars Accrued Dividends 42,294 671 42,966 42,966CASH AND EQUIVALENTS Total

317,590 549,963 549,963

TOTAL PORTFOLIO 30,881,426 32,986,945 29,831,806 -81,265 149,320 3,155,139 3,321,074

8


TRANSACTION SUMMARYCity of Fort Lauderdale Police Officers' & Firefighters' Ret. System

Large Cap ValueFrom 07-01-10 To 09-30-10

Trade Unit Total Unit Total Gain/Date Quantity Security Cost Cost Price Proceeds Loss

PURCHASES07-29-10 2,900 ACE Limited 52.90 153,433.1707-30-10 1,500 ACE Limited 53.02 79,536.7508-17-10 7,400 American Water Works Co. Inc. 22.38 165,679.4008-27-10 950 American Water Works Co. Inc. 22.63 21,506.6908-30-10 4,750 American Water Works Co. Inc. 22.83 108,451.0509-16-10 1,300 AmerisourceBergen Corp. 30.18 39,241.5409-17-10 1,300 AmerisourceBergen Corp. 30.23 39,310.0508-03-10 2,200 Astrazeneca Plc ADR 52.18 114,815.6008-04-10 1,100 Astrazeneca Plc ADR 51.61 56,772.4307-26-10 6,500 AT&T Inc. 26.02 169,187.2009-24-10 3,100 Atmel Corp. 7.76 24,057.2409-27-10 18,000 Atmel Corp. 7.94 142,934.0907-26-10 1,550 Ball Corp. 57.51 89,153.6507-27-10 1,350 Ball Corp. 58.60 79,116.4007-30-10 1,100 Ball Corp. 58.26 64,086.7708-31-10 1,150 Ball Corp. 56.01 64,417.8109-01-10 50 Ball Corp. 57.02 2,851.3009-28-10 1,700 Ball Corp. 59.48 101,118.0407-28-10 900 Canadian Pacific Railway LTD(NEW) 58.06 52,257.2407-29-10 700 Canadian Pacific Railway LTD(NEW) 59.05 41,337.3807-21-10 5,700 CB Richard Ellis Group Inc. 14.32 81,671.7908-31-10 4,200 Constellation Brands Inc. CL A 16.63 69,848.7209-01-10 2,300 Constellation Brands Inc. CL A 16.95 38,994.9709-02-10 2,500 Constellation Brands Inc. CL A 16.95 42,396.1909-14-10 1,550 Constellation Brands Inc. CL A 17.45 27,056.1809-15-10 2,650 Constellation Brands Inc. CL A 17.57 46,577.2209-16-10 2,100 Constellation Brands Inc. CL A 17.75 37,285.0009-17-10 4,325 Constellation Brands Inc. CL A 17.93 77,587.7309-20-10 1,550 Constellation Brands Inc. CL A 18.11 28,078.2609-21-10 825 Constellation Brands Inc. CL A 18.20 15,015.1707-08-10 2,600 Costco Wholesale Corp. 55.37 143,987.2207-29-10 6,000 Du Pont De Nemours 40.47 242,832.6009-28-10 1,900 Du Pont De Nemours 45.30 86,086.7209-24-10 4,000 General Electric Co. 16.52 66,088.8409-14-10 3,500 Hansen Natural Corp 46.47 162,673.6309-13-10 13,575 Hertz Global Holdings Inc. 10.77 146,267.9109-14-10 4,025 Hertz Global Holdings Inc. 10.82 43,585.5207-20-10 2,800 International Paper Co. 24.26 67,937.5207-30-10 2,800 International Paper Co. 24.08 67,427.9208-02-10 300 International Paper Co. 24.84 7,453.0809-24-10 6,400 Invesco Ltd. PLC Shs 21.72 139,060.3409-27-10 900 Invesco Ltd. PLC Shs 21.85 19,669.9409-17-10 5,400 KeyCorp 8.22 44,437.1609-20-10 2,600 KeyCorp 8.25 21,456.7609-08-10 850 Lear Corp. 73.68 62,631.0609-24-10 3,100 MedcoHealth Solutions Inc. 51.62 160,052.4207-21-10 11,600 Micron Technology Inc. 8.30 96,363.5207-15-10 17,550 Motorola Inc. 7.70 135,270.1407-16-10 4,050 Motorola Inc. 7.64 30,946.8607-21-10 16,100 Motorola Inc. 7.99 128,772.6307-27-10 9,300 Motorola Inc. 7.94 73,910.1407-29-10 17,000 Motorola Inc. 7.85 133,503.6009-17-10 6,700 Motorola Inc. 8.42 56,434.1009-27-10 3,200 Newell Rubbermaid Inc. 17.81 57,008.32

9





09-28-10 2,900 Newell Rubbermaid Inc. 17.85 51,786.8609-29-10 1,100 Newell Rubbermaid Inc. 17.87 19,660.0809-30-10 200 Newell Rubbermaid Inc. 17.88 3,577.4008-10-10 12,100 News Corp. CL A 13.94 168,682.4707-20-10 2,800 NiSource Inc. 15.99 44,785.2507-21-10 5,725 NiSource Inc. 16.03 91,788.4109-08-10 1,600 NiSource Inc. 16.50 26,400.0009-09-10 2,400 NiSource Inc. 17.02 40,857.6007-15-10 4,450 Novartis Ag ADR 51.00 226,975.3007-16-10 1,850 Novartis Ag ADR 50.33 93,110.8708-31-10 9,400 Pfizer Inc. 16.02 150,662.2609-24-10 3,800 Pfizer Inc. 17.40 66,134.8407-08-10 1,725 Phillips-Van Heusen Corp. 46.92 80,945.0707-09-10 475 Phillips-Van Heusen Corp. 47.34 22,487.7907-20-10 1,100 Phillips-Van Heusen Corp. 46.89 51,586.3307-21-10 300 Phillips-Van Heusen Corp. 47.15 14,147.1607-02-10 5,875 Questar Corp. 15.26 89,709.3407-06-10 2,150 Questar Corp. 15.32 32,956.7507-07-10 1,975 Questar Corp. 15.83 31,280.7107-20-10 1,400 Reynolds American Inc. 56.18 78,657.1807-26-10 850 Simon Property Group Inc. (REIT) 88.21 74,980.9709-24-10 3,750 Skyworks Solutions Inc. 20.83 78,138.7509-27-10 3,950 Skyworks Solutions Inc. 20.98 82,880.2808-17-10 1,700 Southern Co. 36.09 61,358.4408-18-10 2,800 Southern Co. 35.95 100,679.6008-30-10 4,000 Southern Co. 36.69 146,760.4008-04-10 5,100 Time Warner Inc. 32.95 168,079.1707-22-10 4,800 Viacom Inc. CL B 32.81 157,493.8407-26-10 1,000 Vornado Realty Trust (REIT) 82.26 82,261.7208-03-10 1,000 Vornado Realty Trust (REIT) 85.28 85,284.0009-16-10 9,300 Xerox Corp. 10.00 93,024.1809-17-10 7,900 XL Group PLC CL A 20.90 165,140.81TOTAL 6,949,906.81

10





SALES08-27-10 200 ACE Limited 52.91 10,582.50 54.32 10,865.21 282.7108-27-10 700 Activision-Blizzard Inc. 10.87 7,609.14 10.73 7,515.77 -93.3709-24-10 6,250 Activision-Blizzard Inc. 10.87 67,938.75 10.79 67,471.98 -466.7709-24-10 2,900 Activision-Blizzard Inc. 10.87 31,523.58 10.80 31,331.93 -191.6509-24-10 950 Activision-Blizzard Inc. 10.87 10,326.69 10.84 10,302.00 -24.6909-27-10 2,000 Activision-Blizzard Inc. 10.87 21,740.40 10.86 21,725.43 -14.9709-27-10 3,100 Activision-Blizzard Inc. 10.87 33,697.62 10.87 33,719.05 21.4308-27-10 2,200 Advanced Micro Devices 6.10 13,427.70 6.04 13,309.77 -117.9309-24-10 9,700 Advanced Micro Devices 6.01 58,329.93 6.69 64,908.39 6,578.4609-24-10 5,400 Advanced Micro Devices 4.85 26,216.46 6.69 36,173.98 9,957.5208-27-10 400 Aflac Inc. 45.67 18,270.44 47.80 19,122.47 852.0308-10-10 475 Alpha Natural Resources Inc. 40.18 19,085.73 40.76 19,365.52 279.7808-10-10 1,800 Alpha Natural Resources Inc. 40.02 72,040.95 40.65 73,173.80 1,132.8408-10-10 1,525 Alpha Natural Resources Inc. 41.17 62,789.32 40.58 61,892.30 -897.0208-27-10 300 Alpha Natural Resources Inc. 42.27 12,682.47 36.17 10,852.91 -1,829.5607-26-10 2,050 Ameriprise Financial Inc. 37.23 76,338.89 38.51 78,955.03 2,616.1407-26-10 3,700 Ameriprise Financial Inc. 37.13 137,409.76 38.54 142,610.38 5,200.6207-26-10 1,900 Ameriprise Financial Inc. 37.55 71,356.30 38.51 73,181.63 1,825.3208-27-10 500 Ameriprise Financial Inc. 37.66 18,834.58 43.69 21,848.13 3,013.5508-27-10 800 AmerisourceBergen Corp. 29.24 23,398.56 27.71 22,173.22 -1,225.3408-27-10 500 Amgen Inc. 55.25 27,629.85 52.06 26,033.05 -1,596.8008-27-10 200 Astrazeneca Plc ADR 52.20 10,441.36 50.21 10,043.23 -398.1308-27-10 600 AT&T Inc. 24.98 14,991.54 26.92 16,155.92 1,164.3808-27-10 200 Ball Corp. 57.45 11,491.78 56.47 11,295.20 -196.5808-27-10 3,100 Bank of America Corporation 14.49 44,923.65 12.60 39,090.34 -5,833.3108-27-10 100 Bucyrus International Inc. CL A 58.49 5,849.51 57.10 5,710.60 -138.9109-08-10 550 Bucyrus International Inc. CL A 58.49 32,172.30 66.95 36,825.56 4,653.2509-08-10 250 Bucyrus International Inc. CL A 58.49 14,623.77 67.01 16,753.66 2,129.8809-08-10 100 Bucyrus International Inc. CL A 58.49 5,849.51 67.01 6,701.00 851.4908-27-10 300 Canadian Pacific Railway LTD(NEW) 58.00 17,401.23 59.36 17,809.79 408.5608-27-10 400 Capital One Financial Corp. 36.81 14,727.52 38.19 15,278.54 551.0208-27-10 400 Caterpillar Inc. 58.68 23,474.08 65.88 26,354.35 2,880.2708-27-10 1,000 CB Richard Ellis Group Inc. 15.99 15,990.20 16.47 16,476.72 486.5207-29-10 2,150 Celanese Corporation 28.61 61,520.73 27.74 59,655.04 -1,865.6907-29-10 2,400 Celanese Corporation 28.86 69,279.92 27.84 66,832.14 -2,447.7807-29-10 1,100 Celanese Corporation 28.99 31,897.80 27.79 30,570.46 -1,327.3407-30-10 1,700 Celanese Corporation 29.08 49,439.46 27.87 47,394.51 -2,044.9507-30-10 2,100 Celanese Corporation 32.19 67,609.95 27.88 58,551.83 -9,058.1207-30-10 625 Celanese Corporation 32.18 20,116.43 27.87 17,419.33 -2,697.1008-03-10 300 Celanese Corporation 33.16 9,948.54 28.85 8,657.43 -1,291.1108-03-10 550 Celanese Corporation 33.16 18,238.99 28.87 15,880.38 -2,358.6108-27-10 100 CF Industries Holdings Inc. 96.54 9,654.42 93.14 9,314.54 -339.8809-16-10 675 CF Industries Holdings Inc. 92.97 62,760.97 99.43 67,117.62 4,356.6409-16-10 650 CF Industries Holdings Inc. 89.88 58,426.31 99.50 64,676.63 6,250.3109-16-10 50 CF Industries Holdings Inc. 89.00 4,450.00 99.22 4,961.48 511.4808-27-10 1,000 Chesapeake Energy 24.54 24,549.20 20.79 20,796.64 -3,752.5609-08-10 7,650 Chesapeake Energy 24.77 189,563.94 21.11 161,565.26 -27,998.6809-09-10 3,050 Chesapeake Energy 25.97 79,210.02 21.10 64,377.09 -14,832.9308-27-10 600 Chevron Corp. 79.46 47,680.98 74.91 44,949.44 -2,731.5408-27-10 8,100 Citigroup Inc. 4.51 36,532.62 3.72 30,212.49 -6,320.1307-12-10 550 Cliffs Natural Resources Inc. 31.28 17,206.86 49.40 27,175.21 9,968.3507-12-10 2,750 Cliffs Natural Resources Inc. 37.09 102,013.83 48.48 133,335.89 31,322.0608-27-10 100 Cliffs Natural Resources Inc. 39.13 3,913.98 60.20 6,020.59 2,106.6109-14-10 1,150 Cliffs Natural Resources Inc. 42.09 48,406.23 64.13 73,754.92 25,348.69

11





09-14-10 1,075 Cliffs Natural Resources Inc. 43.66 46,938.15 64.16 68,978.03 22,039.8709-14-10 1,125 Cliffs Natural Resources Inc. 62.72 70,560.01 64.27 72,309.96 1,749.9408-27-10 500 Coca-Cola 51.46 25,734.45 56.14 28,073.02 2,338.5708-27-10 700 Comerica Inc. 29.86 20,908.57 34.04 23,832.49 2,923.9207-22-10 1,800 Cooper Industries PLC CL A 31.24 56,245.25 45.31 81,568.86 25,323.6107-22-10 1,375 Cooper Industries PLC CL A 31.26 42,991.57 45.43 62,476.47 19,484.8907-22-10 3,825 Cooper Industries PLC CL A 32.77 125,371.82 45.11 172,563.10 47,191.2708-27-10 500 Costco Wholesale Corp. 58.63 29,318.10 56.17 28,088.02 -1,230.0808-27-10 200 Cummins Inc. 25.95 5,190.82 76.17 15,235.14 10,044.3208-27-10 800 Del Monte Foods Co. 14.14 11,318.64 13.10 10,485.42 -833.2209-02-10 3,600 Del Monte Foods Co. 14.54 52,359.72 12.95 46,623.89 -5,735.8309-02-10 1,600 Del Monte Foods Co. 14.69 23,514.72 13.03 20,854.52 -2,660.2009-03-10 875 Del Monte Foods Co. 14.69 12,859.61 12.56 10,998.65 -1,860.9609-03-10 3,225 Del Monte Foods Co. 15.45 49,846.53 12.54 40,472.74 -9,373.7909-07-10 1,650 Del Monte Foods Co. 15.51 25,595.76 12.31 20,313.46 -5,282.3009-07-10 625 Del Monte Foods Co. 14.96 9,354.52 12.32 7,705.80 -1,648.7209-08-10 3,525 Del Monte Foods Co. 14.89 52,497.00 12.17 42,930.95 -9,566.0509-08-10 900 Del Monte Foods Co. 14.74 13,268.07 12.21 10,994.39 -2,273.6807-29-10 100 Devon Energy Corporation 58.13 5,813.83 63.51 6,351.51 537.6807-29-10 1,100 Devon Energy Corporation 58.13 63,952.13 62.95 69,252.40 5,300.2708-27-10 200 Devon Energy Corporation 58.13 11,627.66 61.16 12,233.19 605.5308-27-10 900 Discover Financial Services 13.95 12,562.47 14.75 13,281.07 718.6007-20-10 475 DTE Energy Co. 41.50 19,713.68 47.46 22,545.30 2,831.6107-20-10 850 DTE Energy Co. 41.58 35,348.13 47.44 40,332.49 4,984.3507-21-10 225 DTE Energy Co. 41.81 9,409.07 47.31 10,645.22 1,236.1407-21-10 975 DTE Energy Co. 43.81 42,722.30 47.27 46,096.54 3,374.2307-21-10 600 DTE Energy Co. 44.53 26,718.42 47.23 28,339.02 1,620.6007-30-10 1,550 DTE Energy Co. 44.58 69,112.23 46.31 71,793.85 2,681.6107-30-10 1,100 DTE Energy Co. 44.59 49,055.49 46.62 51,284.21 2,228.7207-30-10 475 DTE Energy Co. 44.59 21,183.05 46.32 22,003.00 819.9407-30-10 1,050 DTE Energy Co. 46.41 48,732.43 46.23 48,550.54 -181.8908-02-10 325 DTE Energy Co. 46.71 15,182.21 46.41 15,084.45 -97.7608-02-10 175 DTE Energy Co. 46.71 8,175.03 46.45 8,129.87 -45.1608-17-10 1,200 DTE Energy Co. 46.75 56,107.05 46.57 55,893.97 -213.0808-17-10 2,300 DTE Energy Co. 47.17 108,499.84 46.61 107,208.08 -1,291.7608-27-10 200 DTE Energy Co. 45.83 9,166.83 47.11 9,423.24 256.4109-24-10 50 DTE Energy Co. 44.05 2,202.50 45.84 2,292.44 89.9409-24-10 1,725 DTE Energy Co. 44.05 75,986.25 45.85 79,099.74 3,113.4909-24-10 750 DTE Energy Co. 44.05 33,037.50 45.88 34,416.69 1,379.1909-27-10 50 DTE Energy Co. 44.05 2,202.50 45.81 2,290.58 88.0809-27-10 75 DTE Energy Co. 44.05 3,303.75 45.81 3,435.75 132.0009-27-10 550 DTE Energy Co. 43.76 24,072.15 45.74 25,160.15 1,088.0008-27-10 300 Du Pont De Nemours 40.47 12,141.63 40.99 12,298.89 157.2608-27-10 300 Eastman Chemical Co. 64.04 19,213.89 61.10 18,331.79 -882.1008-27-10 1,500 El Paso Corp. 9.12 13,684.84 11.62 17,444.70 3,759.8608-27-10 900 Fifth Third Bancorp 12.27 11,050.74 11.17 10,059.12 -991.6208-27-10 300 Freeport-McMoRan Copper & Gold Inc. 24.43 7,331.64 71.18 21,355.73 14,024.0907-21-10 0 Frontier Communications Corporation 8.51 6.35 7.24 5.41 -0.9408-17-10 3,551 Frontier Communications Corporation 8.25 29,312.51 7.63 27,121.37 -2,191.1408-17-10 961 Frontier Communications Corporation 7.79 7,486.79 7.64 7,345.00 -141.7908-27-10 1,000 Gannett Co. Inc. 11.92 11,929.63 12.49 12,496.78 567.1508-27-10 4,000 General Electric Co. 16.19 64,786.94 14.67 58,719.01 -6,067.9307-30-10 1,400 Genworth Financial Inc. 14.92 20,891.50 13.76 19,270.95 -1,620.5507-30-10 7,550 Genworth Financial Inc. 14.70 111,010.25 13.73 103,679.37 -7,330.8807-30-10 8,950 Genworth Financial Inc. 15.54 139,114.80 13.73 122,907.38 -16,207.4208-27-10 500 Gold Fields Ltd ADS 13.65 6,829.80 14.37 7,188.37 358.57

12





08-31-10 1,800 Gold Fields Ltd ADS 13.65 24,587.28 14.25 25,650.64 1,063.3608-31-10 7,400 Gold Fields Ltd ADS 13.64 100,940.34 14.22 105,247.67 4,307.3308-31-10 2,800 Gold Fields Ltd ADS 13.61 38,115.56 14.24 39,892.60 1,777.0408-27-10 400 Hartford Financial Services Group 28.19 11,276.13 20.30 8,122.66 -3,153.4708-27-10 1,200 Hertz Global Holdings Inc. 12.10 14,523.60 8.82 10,592.22 -3,931.3807-29-10 1,700 Hess Corporation 59.13 100,523.85 53.30 90,626.14 -9,897.7108-27-10 600 Hess Corporation 59.28 35,571.06 51.44 30,867.67 -4,703.3908-27-10 200 Humana Inc. 47.21 9,443.02 48.92 9,785.23 342.2108-27-10 600 International Paper Co. 23.70 14,225.64 20.36 12,219.99 -2,005.6509-28-10 11,300 International Paper Co. 23.86 269,659.98 21.32 241,012.49 -28,647.4909-29-10 25 International Paper Co. 24.08 602.03 21.30 532.64 -69.3909-29-10 75 International Paper Co. 24.08 1,806.10 21.34 1,601.11 -204.9909-29-10 1,100 International Paper Co. 24.28 26,718.20 21.24 23,364.04 -3,354.1608-27-10 200 Johnson & Johnson 57.50 11,500.37 57.58 11,517.20 16.8309-24-10 200 Johnson & Johnson 56.87 11,375.74 62.07 12,415.27 1,039.5309-24-10 300 Johnson & Johnson 56.87 17,063.61 62.11 18,633.82 1,570.2109-24-10 3,500 Johnson & Johnson 57.20 200,203.83 62.03 217,131.77 16,927.9408-27-10 1,000 JPMorgan Chase & Co. 38.49 38,496.20 36.58 36,586.38 -1,909.8208-27-10 3,000 KeyCorp 6.72 20,184.30 7.54 22,649.62 2,465.3207-08-10 1,275 Kohl's Corp. 37.80 48,201.18 46.72 59,568.78 11,367.6007-08-10 3,625 Kohl's Corp. 41.47 150,354.22 46.72 169,389.03 19,034.8107-20-10 3,300 Kohl's Corp. 47.21 155,799.72 46.09 152,115.87 -3,683.8508-27-10 300 Lear Corp. 69.97 20,993.40 75.13 22,540.71 1,547.3107-14-10 3,600 Lexmark International Inc. CL A 35.64 128,321.19 32.27 116,189.47 -12,131.7207-14-10 4,900 Lexmark International Inc. CL A 37.13 181,971.92 32.30 158,284.47 -23,687.4507-29-10 31,900 LSI Corporation 5.80 185,305.20 4.12 131,518.27 -53,786.9308-27-10 900 Macy's Inc. 21.44 19,296.45 19.58 17,628.00 -1,668.4508-11-10 5,200 Medtronic Inc. 44.85 233,252.32 36.36 189,084.40 -44,167.9208-27-10 700 Merck & Co. Inc. 32.23 22,563.80 34.98 24,490.48 1,926.6808-27-10 3,700 Micron Technology Inc. 7.63 28,258.38 6.79 25,159.57 -3,098.8109-17-10 35,300 Micron Technology Inc. 7.59 267,938.62 6.78 239,640.57 -28,298.0508-27-10 3,100 Motorola Inc. 7.70 23,893.87 7.64 23,714.60 -179.2708-27-10 500 Newell Rubbermaid Inc. 15.28 7,642.00 15.38 7,693.36 51.3608-27-10 500 Newfield Exploration Co. 32.43 16,215.20 47.77 23,888.09 7,672.8908-27-10 600 News Corp. CL A 13.94 8,364.42 12.34 7,408.07 -956.3508-27-10 400 NiSource Inc. 15.96 6,386.40 17.45 6,982.68 596.2808-27-10 300 Novartis Ag ADR 50.96 15,290.91 51.97 15,592.83 301.9208-27-10 300 Pentair Inc. 32.24 9,673.44 31.00 9,301.94 -371.5008-10-10 500 PetSmart Inc. 34.28 17,143.70 30.55 15,277.99 -1,865.7108-10-10 650 PetSmart Inc. 34.28 22,286.81 30.52 19,841.24 -2,445.5708-11-10 150 PetSmart Inc. 34.28 5,143.11 29.49 4,424.52 -718.5908-11-10 300 PetSmart Inc. 34.28 10,286.22 29.49 8,847.75 -1,438.4708-16-10 300 PetSmart Inc. 34.43 10,329.57 29.60 8,882.84 -1,446.7308-16-10 500 PetSmart Inc. 34.72 17,360.45 29.60 14,804.99 -2,555.4608-16-10 600 PetSmart Inc. 34.73 20,840.28 29.62 17,773.79 -3,066.4908-17-10 375 PetSmart Inc. 34.75 13,034.85 29.90 11,214.30 -1,820.5508-17-10 875 PetSmart Inc. 34.75 30,414.65 29.92 26,185.23 -4,229.4208-18-10 150 PetSmart Inc. 34.75 5,213.94 29.57 4,435.86 -778.0808-27-10 500 Phillips-Van Heusen Corp. 66.50 33,250.00 47.06 23,533.10 -9,716.9008-27-10 400 PNC Financial Services Group Inc. 41.42 16,570.96 51.95 20,782.44 4,211.4808-27-10 300 Prudential Financial Inc. 41.98 12,595.38 51.41 15,424.83 2,829.4507-02-10 2,525 QEP Resources Inc. 33.67 85,033.61 29.28 73,944.37 -11,089.2407-02-10 25 QEP Resources Inc. 33.67 841.76 29.28 732.06 -109.7007-06-10 1,175 QEP Resources Inc. 33.31 39,146.88 28.58 33,587.39 -5,559.4907-06-10 450 QEP Resources Inc. 33.00 14,852.23 28.50 12,825.91 -2,026.3207-07-10 500 QEP Resources Inc. 33.00 16,502.48 28.29 14,148.91 -2,353.57

13





07-07-10 425 QEP Resources Inc. 32.13 13,655.25 28.34 12,045.60 -1,609.6507-16-10 675 QEP Resources Inc. 31.40 21,200.74 29.99 20,246.07 -954.6707-16-10 300 QEP Resources Inc. 31.74 9,522.77 30.13 9,039.62 -483.1507-19-10 725 QEP Resources Inc. 31.56 22,886.07 29.79 21,600.35 -1,285.7207-19-10 625 QEP Resources Inc. 31.56 19,730.83 29.83 18,646.93 -1,083.9007-20-10 800 QEP Resources Inc. 31.56 25,255.46 29.85 23,881.19 -1,374.2707-20-10 975 QEP Resources Inc. 31.56 30,780.10 29.74 29,002.83 -1,777.2708-27-10 1,000 Questar Corp. 16.01 16,013.91 16.49 16,496.72 482.8008-27-10 6,800 Qwest Communications International Inc. 4.54 30,930.48 5.60 38,147.35 7,216.8708-03-10 8,000 Regions Financial Corp. 4.14 33,168.82 7.63 61,078.16 27,909.3408-27-10 800 Regions Financial Corp. 4.01 3,212.00 6.58 5,269.51 2,057.5108-27-10 300 Reliance Steel & Aluminum Co. 51.14 15,343.92 38.04 11,413.90 -3,930.0208-27-10 500 Reynolds American Inc. 51.24 25,621.55 55.24 27,623.03 2,001.4807-21-10 21,100 Seagate Technology 15.21 321,132.91 13.22 279,028.00 -42,104.9108-27-10 300 Simon Property Group Inc. (REIT) 52.58 15,776.04 90.50 27,151.64 11,375.6008-27-10 200 Southern Co. 36.09 7,218.64 36.95 7,391.27 172.6307-08-10 1,700 Stanley Black and Decker Inc. 50.03 85,059.19 51.18 87,009.62 1,950.4307-08-10 800 Stanley Black and Decker Inc. 50.21 40,174.80 51.22 40,983.78 808.9807-20-10 3,700 Stanley Black and Decker Inc. 49.19 182,026.07 51.94 192,211.74 10,185.6708-27-10 1,100 Textron Inc. 19.79 21,771.20 17.84 19,631.36 -2,139.8408-27-10 300 Time Warner Inc. 32.95 9,887.01 30.30 9,091.94 -795.0708-27-10 900 Tyson Foods Inc. CL A 14.03 12,635.01 16.59 14,937.04 2,302.0309-17-10 2,800 Tyson Foods Inc. CL A 13.88 38,888.25 16.07 45,013.15 6,124.9009-17-10 275 Tyson Foods Inc. CL A 13.85 3,810.40 16.12 4,434.35 623.9509-17-10 2,125 Tyson Foods Inc. CL A 14.13 30,037.62 16.00 34,011.53 3,973.9109-20-10 575 Tyson Foods Inc. CL A 16.82 9,673.85 15.96 9,182.59 -491.2609-20-10 425 Tyson Foods Inc. CL A 16.82 7,150.24 15.99 6,796.77 -353.4708-27-10 800 Unitedhealth Group Inc. 29.98 23,987.62 32.35 25,885.16 1,897.5408-27-10 400 Valero Energy Corp. 18.14 7,259.08 16.08 6,434.69 -824.3909-24-10 2,550 Valero Energy Corp. 18.14 46,276.63 16.80 42,864.26 -3,412.3709-24-10 2,050 Valero Energy Corp. 18.14 37,202.78 16.79 34,432.65 -2,770.1309-24-10 4,400 Valero Energy Corp. 18.14 79,849.88 16.80 73,935.03 -5,914.8508-27-10 1,000 Verizon Communications Inc. 30.31 30,314.31 29.82 29,826.49 -487.8208-27-10 800 Viacom Inc. CL B 31.01 24,813.36 31.80 25,445.16 631.8008-27-10 300 Vornado Realty Trust (REIT) 77.12 23,138.19 81.56 24,469.68 1,331.4908-27-10 1,600 Wells Fargo & Company 21.60 34,563.45 23.96 38,351.35 3,787.9008-27-10 100 Whirlpool Corp. 82.40 8,240.82 75.56 7,556.57 -684.2509-13-10 500 Whirlpool Corp. 82.40 41,204.10 72.39 36,196.68 -5,007.4209-13-10 1,975 Whirlpool Corp. 87.37 172,562.27 72.32 142,839.06 -29,723.2108-27-10 100 Whiting Petroleum Corp. 34.90 3,490.92 86.52 8,652.55 5,161.6308-27-10 100 Williams-Sonoma Inc. 29.05 2,905.28 26.68 2,668.65 -236.6308-27-10 1,200 Wyndham Worldwide Corporation 16.16 19,400.28 23.86 28,639.91 9,239.6308-27-10 1,400 Xerox Corp. 7.94 11,119.08 8.62 12,077.59 958.5108-27-10 800 XL Group PLC CL A 12.02 9,618.56 18.15 14,525.35 4,906.79TOTAL 8,404,034.74 8,337,592.60 -66,442.14

14





EXPENSES07-31-10 Management Fees (Accruals for Net Of Fees

Performance Calc)10,645.80

08-31-10 Management Fees (Accruals for Net Of Fees Performance Calc)

10,350.00

09-30-10 Management Fees (Accruals for Net Of Fees Performance Calc)

10,207.90

TOTAL 31,203.70

15





CONTRIBUTIONS07-02-10 528 Frontier Communications Corporation 8.51 4,495.4507-02-10 1,128 Frontier Communications Corporation 8.27 9,339.0807-02-10 816 Frontier Communications Corporation 8.16 6,664.5707-02-10 1,344 Frontier Communications Corporation 8.17 10,984.2707-02-10 384 Frontier Communications Corporation 7.63 2,932.8607-02-10 312 Frontier Communications Corporation 7.65 2,389.4407-01-10 2,300 QEP Resources Inc. 33.67 77,457.7507-01-10 800 QEP Resources Inc. 33.67 26,936.4007-01-10 1,800 QEP Resources Inc. 33.00 59,408.9507-01-10 600 QEP Resources Inc. 31.14 18,687.4107-01-10 525 QEP Resources Inc. 31.79 16,690.1707-01-10 75 QEP Resources Inc. 31.50 2,362.6107-01-10 3,100 QEP Resources Inc. 31.56 97,864.94TOTAL 336,213.90

16





WITHDRAWALS07-01-10 2,300 Questar Corp. 49.69 77,457.7507-01-10 800 Questar Corp. 49.68 26,936.4007-01-10 1,800 Questar Corp. 48.69 59,408.9507-01-10 600 Questar Corp. 45.95 18,687.4107-01-10 525 Questar Corp. 46.90 16,690.1707-01-10 75 Questar Corp. 46.48 2,362.6107-01-10 3,100 Questar Corp. 46.58 97,864.9408-27-10 Short-Term Income Funds 1,500,000.0007-02-10 2,200 Verizon Communications Inc. 32.35 4,495.4507-02-10 4,700 Verizon Communications Inc. 31.46 9,339.0807-02-10 3,400 Verizon Communications Inc. 31.03 6,664.5707-02-10 5,600 Verizon Communications Inc. 31.06 10,984.2707-02-10 1,600 Verizon Communications Inc. 29.02 2,932.8607-02-10 1,300 Verizon Communications Inc. 29.10 2,389.44TOTAL 1,836,213.90

17


INCOMECity of Fort Lauderdale Police Officers' & Firefighters' Ret. System

Large Cap ValueFrom 07-01-10 Through 09-30-10

Ex-Date Pay-Date Security Amount

Common Stock07-01-10 07-31-10 JPMorgan Chase & Co. 985.0007-02-10 07-22-10 Discover Financial Services 326.0007-07-10 07-30-10 Medtronic Inc. 1,170.0007-07-10 08-02-10 AT&T Inc. 2,646.0007-07-10 08-02-10 Verizon Communications Inc. 8,930.0007-12-10 07-24-10 PNC Financial Services Group Inc. 1,020.0007-13-10 08-02-10 Celanese Corporation 660.0007-13-10 08-01-10 Freeport-McMoRan Copper & Gold Inc. 1,830.0007-16-10 08-20-10 Caterpillar Inc. 2,684.0007-20-10 08-05-10 Del Monte Foods Co. 1,512.0007-23-10 08-24-10 Williams-Sonoma Inc. 495.0007-28-10 08-20-10 NiSource Inc. 1,960.7507-28-10 08-13-10 PetSmart Inc. 550.0007-28-10 08-13-10 Pentair Inc. 969.0008-03-10 08-19-10 Bucyrus International Inc. CL A 110.0008-04-10 08-20-10 Ameriprise Financial Inc. 1,719.0008-04-10 08-20-10 Costco Wholesale Corp. 2,009.0008-04-10 09-01-10 Wells Fargo & Company 1,640.0008-05-10 08-27-10 Eaton Corporation 1,450.0008-09-10 08-20-10 Capital One Financial Corp. 425.0008-11-10 08-31-10 CF Industries Holdings Inc. 287.5008-11-10 09-01-10 Cliffs Natural Resources Inc. 483.0008-11-10 09-10-10 Du Pont De Nemours 2,460.0008-12-10 09-15-10 International Paper Co. 1,637.5008-16-10 09-01-10 Aflac Inc. 2,184.0008-16-10 09-14-10 Phillips-Van Heusen Corp. 378.7508-16-10 09-15-10 Valero Energy Corp. 470.0008-17-10 09-10-10 Chevron Corp. 9,360.0008-18-10 09-13-10 Reliance Steel & Aluminum Co. 700.0008-18-10 09-13-10 Questar Corp. 2,688.0008-19-10 09-01-10 Cummins Inc. 682.5008-20-10 09-07-10 AmerisourceBergen Corp. 1,488.0008-24-10 09-10-10 Wyndham Worldwide Corporation 2,832.0008-25-10 09-15-10 Whirlpool Corp. 1,107.2508-27-10 09-14-10 Johnson & Johnson 2,268.0008-27-10 09-15-10 KeyCorp 605.0008-27-10 09-15-10 Newell Rubbermaid Inc. 540.0008-27-10 09-15-10 Time Warner Inc. 1,083.7508-27-10 10-01-10 Viacom Inc. CL B 2,355.0008-30-10 09-15-10 Ball Corp. 380.0008-30-10 10-01-10 Hartford Financial Services Group 485.0008-30-10 09-15-10 Tyson Foods Inc. CL A 708.0009-01-10 09-24-10 Bank of America Corporation 590.00

18


INCOMECity of Fort Lauderdale Police Officers' & Firefighters' Ret. System

Large Cap ValueFrom 07-01-10 Through 09-30-10

Ex-Date Pay-Date Security Amount

09-01-10 10-01-10 El Paso Corp. 313.0009-03-10 10-13-10 News Corp. CL A 862.5009-08-10 10-01-10 Gannett Co. Inc. 740.0009-08-10 09-24-10 Qwest Communications International Inc. 10,752.0009-08-10 10-01-10 Reynolds American Inc. 8,100.0009-08-10 10-01-10 Textron Inc. 398.0009-09-10 10-01-10 Eastman Chemical Co. 2,112.0009-10-10 09-28-10 Unitedhealth Group Inc. 2,000.0009-13-10 10-01-10 Comerica Inc. 680.0009-13-10 09-30-10 Devon Energy Corporation 640.0009-13-10 10-01-10 Coca-Cola 4,092.0009-13-10 10-01-10 Macy's Inc. 775.0009-13-10 10-07-10 Merck & Co. Inc. 5,016.0009-13-10 09-30-10 XL Group PLC CL A 1,490.0009-15-10 10-01-10 Regions Financial Corp. 169.0009-16-10 10-15-10 DTE Energy Co. 1,792.0009-16-10 10-25-10 General Electric Co. 9,312.0009-16-10 09-30-10 Hess Corporation 1,050.0009-22-10 10-25-10 Canadian Pacific Railway LTD(NEW) 1,845.3509-28-10 10-21-10 Fifth Third Bancorp 171.0009-28-10 10-29-10 Xerox Corp. 1,559.7509-29-10 10-22-10 ACE Limited 1,386.0009-29-10 10-15-10 Chesapeake Energy 802.50

124,922.10

American Depository Receipts08-04-10 09-13-10 Astrazeneca Plc ADR 1,540.0008-25-10 09-09-10 Gold Fields Ltd ADS 1,177.65

2,717.65

Real Estate Investment Trust (REITs)08-09-10 08-23-10 Vornado Realty Trust (REIT) 4,030.0008-13-10 08-31-10 Simon Property Group Inc. (REIT) 3,192.60

7,222.60

CASH AND EQUIVALENTS07-06-10 07-06-10 Short-Term Income Funds 101.9208-04-10 08-04-10 Short-Term Income Funds 73.0009-03-10 09-03-10 Short-Term Income Funds 87.25

262.17

NET INCOME 135,124.52

19


COMMISSION PURPOSECity of Fort Lauderdale Police Officers' & Firefighters' Ret. System


Commission Avg. Commission Percent of TotalAmount Per Share Commission

Directed BrokerageBroadcort Cap Corp. 4,136.25 0.030 24.4%Lynch Jones And Ryan 3,237.00 0.030 19.0%Subtotal 7,373.25 0.030 43.4%

Third Party Soft-Dollar BrokerJohnson Lane 388.38 0.032 2.2%Rochdale Securities 621.00 0.030 3.6%Subtotal 1,009.38 0.030 5.9%

Proprietary Research BrokerBAIRD & CO. 68.25 0.030 0.4%Barclays Capital 321.00 0.030 1.8%BB&T Capital Markets 333.75 0.030 1.9%Buckingham Research Group Inc. 168.75 0.030 0.9%Citigroup Global Markets/SB 432.00 0.030 2.5%COWEN & COMPANY 75.00 0.030 0.4%Credit Suisse Securities 125.25 0.021 0.7%Deutsche Bank Alex Brown 140.25 0.030 0.8%FRIEDMAN BILLINGS & RAMSEY 71.25 0.030 0.4%GOLDMAN SACHS 368.25 0.030 2.1%ISI Group 228.00 0.030 1.3%JP Morgan Chase 378.00 0.030 2.2%KeyBanc Capital Markets 117.00 0.030 0.6%Morgan Stanley 418.50 0.030 2.4%Raymond James Associates Inc. 33.00 0.030 0.1%RBC DOMINION 222.00 0.030 1.3%Stifel Financial Corp 57.00 0.030 0.3%Suntrust Capital Markets Inc. 438.00 0.030 2.5%UBS Securities 334.50 0.030 1.9%Wachovia / First Union 25.50 0.030 0.1%Subtotal 4,355.25 0.029 25.6%

Execution Only BrokerAbel Noser Corporation 496.60 0.013 2.9%Investment Technolgy Grp (ITG) 1,443.75 0.014 8.5%Knight Direct LLC 109.69 0.008 0.6%Liquidnet Inc 2,074.39 0.013 12.2%Pipeline Trading 89.00 0.020 0.5%Subtotal 4,213.43 0.013 24.8%

TOTAL 16,951.31 0.022 100%

20


Vote Summary Report Report was run from: 7/1/10 to 9/30/10 Institution Account(s): City of Fort Lauderdale Police Officers' & Firefighters' Ret. Sy

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Qwest Communications International Inc. Ticker Meeting Date Country Security ID Meeting Type Record Date Shares Voted Q 24-Aug-10 USA 749121109 Special 13-Jul-10 141,200 CUSIP: 749121109 ISIN: US7491211097 SEDOL: 2034494 Vote Proponent Mgmt Rec Instruction 1 Approve Merger Agreement Mgmt For For 2 Adjourn Meeting Mgmt For For Medtronic, Inc. Ticker Meeting Date Country Security ID Meeting Type Record Date Shares Voted MDT 25-Aug-10 USA 585055106 Annual 28-Jun-10 5,200 CUSIP: 585055106 ISIN: US5850551061 SEDOL: 2575465 Vote Proponent Mgmt Rec Instruction 1.1 Elect Director Richard H. Anderson Mgmt For For 1.2 Elect Director David L. Calhoun Mgmt For For 1.3 Elect Director Victor J. Dzau Mgmt For For 1.4 Elect Director William A. Hawkins Mgmt For For 1.5 Elect Director Shirley A. Jackson Mgmt For For 1.6 Elect Director James T. Lenehan Mgmt For For 1.7 Elect Director Denise M. O'Leary Mgmt For For 1.8 Elect Director Kendall J. Powell Mgmt For For 1.9 Elect Director Robert C. Pozen Mgmt For For 1.10 Elect Director Jean-Pierre Rosso Mgmt For For 1.11 Elect Director Jack W. Schuler Mgmt For For 2 Ratify Auditors Mgmt For For Del Monte Foods Company Ticker Meeting Date Country Security ID Meeting Type Record Date Shares Voted DLM 23-Sep-10 USA 24522P103 Annual 29-Jul-10 16,800 CUSIP: 24522P103 ISIN: US24522P1030 SEDOL: 2386010 Vote Proponent Mgmt Rec Instruction

Vote Summary Report Report was run from: 7/1/10 to 9/30/10 Institution Account(s): City of Fort Lauderdale Police Officers' & Firefighters' Ret. Sy

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1 Elect Director Victor L. Lund Mgmt For For 2 Elect Director Joe L. Morgan Mgmt For For 3 Elect Director David R. Williams Mgmt For For 4 Reduce Supermajority Vote Requirement Mgmt For For 5 Ratify Auditors Mgmt For For

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Disclaimers

This Quarterly Portfolio Review sets forth Systematic’s views as of September 30, 2010. Past performance does not guarantee future results. The investment returns and principal value will fluctuate and securities, when sold, may be worth more or less than their original value. The views and the assumptions underlying Systematic’s comments are subject to change. The comments, opinions and data contained herein are based on or derived from third party sources and/or Systematic’s internal analysis of financial data, public filings and/or our fundamental research efforts. We believe these third party sources from which information is derived to be accurate and dependable however, we are not responsible for errors by them on which we reasonably rely. Information about portfolio holdings, industries, sector weights and characteristics mentioned herein is as of the date indicated. It should not be considered a recommendation to purchase, sell, or hold any particular security, nor should information contained herein be relied upon as investment advice or to represent or predict portfolio investment performance. There is no assurance that any of the securities noted will remain in the portfolio at the time you receive this document. It should not be assumed that any of the holdings discussed were, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable. A list of all securities held in this strategy in the prior years is available upon request. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This documentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Systematic Financial Management, L.P. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Systematic's presentation thereof. An investment can not be made directly in an index. The S&P 500 Index is an unmanaged index of 500 common stocks, weighted by market capitalization representing approximately 75% of the New York Stock Exchange. Dividend income is reinvested. Source of the S&P 500 Index: Standard & Poor’s.” Standard & Poor’s”, “S&P”, “S&P 500”, “Standard & Poor’s 500” and “500” are trademarks of McGraw-Hill Companies, Inc. This product is not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the product. An investment cannot be made directly in an index. The companies held in the portfolio have been classified by S&P/MSCI GICS. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”), and is licensed for use by Systematic “as such”. The information provided in these reports is as of the date referenced, is confidential, and is designed for existing client use only. All information contained herein is believed to be correct, but accuracy cannot be guaranteed. The information in these reports cannot be relied upon for tax reporting purposes. These reports are not intended to replace your custodial statements, which should be considered your official record for all pertinent account information. And while our Firm’s reports are provided in a different format from your custodian’s, and may vary in content and scope, you should compare the asset information reflected in these reports to those you receive directly from your account’s custodian. Please contact us or your account’s custodian with any questions. Also, please notify us promptly if you do not receive account statements from your custodian on at least a quarterly basis.

Systematic Large Cap Value Quarterly Report

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