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					                                                                                      TAUNTON INTERNATIONAL – 7.30.12

                             DAHAB ASSOCIATES, INC.
                 INVESTMENT MANAGER REQUEST FOR PROPOSAL - 2012

               INTERNATIONAL VALUE, INTERNATIONAL GROWTH,
              INTERNATIONAL SMALL CAP, OR EMERGING MARKETS

              TAUNTON CONTRIBUTORY RETIREMENT SYSTEM
INTRODUCTION
The Taunton Contributory Retirement System, located in Massachusetts, is conducting an international equity
investment manager search, under the guidance of its investment consultant, Greg McNeillie. The search is for any
of the following four product types: international value, international growth, international small cap or emerging
markets. The international portions of this search are open to both ACWI ex-US and EAFE portfolios. Managers
may submit products for any or all of these searches, but must make those submissions separately and in separate
mailings/emails. The client has approximately $205 million in total assets. The amount for each component of this
search is $7 million ($28 million total). All proposals will be evaluated by Mr. McNeillie and recommendations will
be made to the Trustees. The final decision will be made by the Trustees.

TIME TABLE
PROPOSALS ARE DUE:      JULY 30TH AT 12:00 PM ET

FINAL PRESENTATIONS: TBA

Prior to the awarding of the contract, the Board will interview the finalists. The interviews will be thirty minutes in
length, with twenty minutes for a presentation and ten minutes for questions. Finalist candidates should plan to
bring the portfolio manager as well as the client service representative who would be responsible for the account.

CONTRACT TERMS
All contracts must include all mandatory terms and conditions applicable to the procurement, specifically those set
forth in Massachusetts General Law Chapter 32 Section 23B(k)(1)(a) thru (e), which depending on whether it is a
separate contract or a commingled fund, will need to be in a side letter. Subsections (c), (d) and (e) may simply
reference the forms previously filed with PERAC.

                (k) (1) In the event of a competitive process to select an investment service provider the request for
                proposals shall include mandatory contractual terms and conditions to be incorporated into the
                contract including provisions:

                (a) stating that the contractor is a fiduciary with respect to the funds which the contractor invests on
                behalf of the retirement board;
                (b) stating that the contractor shall not be indemnified by the retirement board;
                (c) requiring the contractor to annually inform the commission and the board of any arrangements in
                oral or in writing, for compensation or other benefit received or expected to be received by the
                contractor or a related person from others in connection with the contractors services to the


                                                           1                                    DAHAB ASSOCIATES, INC.
                                                                                                                 2012
                                                                                     TAUNTON INTERNATIONAL – 7.30.12
                retirement board or any other client;
                (d) requiring the contractor to annually disclose to the commission and the retirement board
                compensation, in whatever form, paid or expected to be paid, directly or indirectly, by the contractor
                or a related person to others in relation to the contractors services to the retirement board or any
                other client; and
                (e) requiring the contractor to annually disclose to the commission and the retirement board in
                writing any conflict of interest the contractor may have that could reasonably be expected to impair
                the contactor’s ability to render unbiased and objective services to the retirement board. Other
                mandatory contractual terms and conditions shall address investment objectives, brokerage practices,
                proxy voting and tender offer exercise procedures, terms of employment and termination provisions.

All contracts shall be for not more than 5 years, including any renewal period. The board reserves the right to limit
the term of years to fewer than 5 in its sole discretion.

Additionally, MGL Chapter 32 Section 23B (k)(3) states:

        A person submitting a proposal for the procurement or disposal of services to a retirement board shall certify
        in writing on the proposal as follows:

                The undersigned certifies under penalties of perjury that this proposal has been made and submitted
                in good faith and without collusion or fraud with any other person. As used in this certification, the
                word "person" shall mean a natural person, business, partnership, corporation, union, committee,
                club or other organization, entity or group of individuals.

                (Signature of individual submitting bid or proposal)

                (Name of business)


EVALUATION CRITERIA
Criteria to be used in evaluating the proposals will include the following:
1. The ability to manage an international portfolio under the objectives established by the Board and in accordance
    with requirements and restrictions mandated by MGL c. 32, and the Public Employees Retirement
    Administration Commission.

2. The ability to analyze and monitor financial markets.

3. Acceptable risk characteristics.

4. Clear and demonstrable buy and sell disciplines, security selection processes, and execution procedures.

5. The ability to keep the execution and transaction costs down to competitive levels.

6. The financial strength and the stability of the organization.

7. The ability to achieve superior investment returns on an absolute and relative basis.

8. The ability to provide these services at competitive rates.




                                                           2                                   DAHAB ASSOCIATES, INC.
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GUIDELINES FOR FILLING OUT THIS RFP
DAHAB ASSOCIATES, INC. ELECTRONICALLY PROCESSES ALL RFP SUBMISSIONS. WE REQUIRE THAT
YOUR RESPONSES ADHERE TO THE FOLLOWING GUIDELINES. ALL INSTRUCTIONS GIVEN THROUGHOUT
THIS RFP MUST BE FOLLOWED, AND ALL RESPONSES MUST BE RECEIVED ON TIME. FAILURE TO COMPLY
WITH THESE REQUIREMENTS MAY LEAD TO DISQUALIFICATION IN ACCORDANCE WITH APPLICABLE
LAWS AND/OR CLIENT’S GUIDELINES.

NOTE: THIS INDIVIDUAL DOCUMENT MUST BE RENAMED IN ACCORDANCE WITH THE “SUBMISSION
GUIDELINES” SECTION, REFLECTING THE FIRM NAME, SUBMITTING PRODUCT, AND ASSET CLASS.

      Fill out this specific RFP Document, as opposed to updating an old copy. This RFP contains electronic
       bookmarks to allow us to automatedly process this document.

      Save this document as a Microsoft Word Document (.doc, .docx or .docm are acceptable).
          o Do not save as an Adobe PDF file.
          o Do not compress this document it, or password protect it. For compliance purposes, the CD/DVD
              will be considered the read-only, unalterable version of your submission.
          o Documents other than the RFP may be provided in other formats (excel, PDF, etc.)

      Do not copy/paste tables from another RFP to this RFP. This will overwrite our bookmarks. If you are
       curious about these bookmarks, and want to see exactly where they occur, press ALT+I+K within word to
       display a list of them. Please do not modify them in any way.
           o You may copy and paste the paragraphs of text for long-answer questions (for example team
               structure, history or investment philosophy) into the cell. However, please refrain from doing this for
               statistics, fees, performance figures, and other brief answers.

      Do not put disclaimers or clarifications into your answer boxes, or superscripts referring to footnotes,
       especially after statistics.
           o Do not indicate that your provided statistics differ from what those requested. Simply leave the
               entire box cell blank if you are unable to provide the statistic.
           o Any compliance related disclosures may be placed in the footer of the page, but without
               superscripts.

      If you are unable to provide statistical information for a given question (e.g. insufficient time-period), leave
       the cell blank. Do not provide similar but unrequested information, even if you wish to clarify how the data
       differ from the requested information.

      Please, do not change the formatting, markup or overall appearance of this RFP. Minor changes are
       allowable, such as changing font sizes or font face, if required by your compliance department.
       Specifically, do not change this RFP to match the aesthetics of your firm’s presentational material.

      Preferred format for monetary denominations (to maintain consistency with submissions):
          o To one decimal place for billions and trillions
          o No decimal places for thousands or millions.
          o mm for millions, k for thousands, B for billions and T for trillions.
          o Correct examples would be $434mm, $500k and$8.2B
          o Incorrect examples (we’d have to change these by hand) would be $434,234,495.33, $20.5mm or
              $8,212mm.


                                                          3                                     DAHAB ASSOCIATES, INC.
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                                                                                   TAUNTON INTERNATIONAL – 7.30.12
      All statistics should be to two decimal places.

      Do not refer to outside/included documents or appendices in your answers.
          o Always answer a question in the spaces provided (usually a box shaded either white or gray).
          o Do not refer to other documents for fee schedules, performance numbers, or attached
              organization charts, regardless of whether that document is included with your submission.
          o All cells in this document will expand to accommodate the size of your response.


      DO NOT email your annual report, prospectus, or any promotional materials. Only email requested
       documents.

      Please attach in your email a sample portfolio holdings sheet, quarterly returns since inception, forms
       ADV, and a copy of your organizational chart. These should be separately attached (i.e. not zipped or
       compressed) in the same email as this RFP response (1 email, separate attachments). Do not refer to either
       of these documents in lieu of answering questions within the RFP. You must still answer all questions in
       the spaces provided.




GENERAL SUBMISSION GUIDELINES
All style rules from the previous section apply for hard copies as well.

       PLEASE INCLUDE THE FOLLOWING DOCUMENTS:

   1. A cover letter signed by the individual authorized to bind the firm contractually. The letter should be brief
      and indicate the specific search for which the proposal is intended. It should name the strategy under
      consideration and the portfolio manager responsible for the performance. Indicate how long that person
      has been in that position. Any changes within the last year or contemplated within the year with respect to
      the firm, the ownership structure, or personnel should be explained. Also, state that the proposal is
      irrevocable for 120 days. The letter should name the investment vehicle(s) available for investment by the
      qualified and nonqualified funds.

   2. Five PERAC Forms: Please submit the following documents, which can be downloaded from the PERAC
      web site; the links are provided below. Original copies must be mailed to Taunton. Photocopies may be
      sent to Dahab Associates.

       Disclosure Statement:
   http://www.mass.gov/perac/forms/DISCLOSURE_OF_CONFLICT_OF_INTEREST_AS_REQUIRED_BY_G
   .L.C.32%20%C2%A720C(k)(1)(c).pdf

       Vendor Certification: http://www.mass.gov/perac/forms/Vendor_Certification.pdf

       Placement Agent Statement: http://www.mass.gov/perac/forms/PLACEMENT_AGENT_STATEMENT.pdf

       Disclosure of Compensation Received:
       http://www.mass.gov/perac/forms/ANNUAL_DISCLOSURE_OF_COMPENSATION_RECEIVED_AS_RE
       QUIRED_BY_G.L%20c.32%20%C2%A720C(k)(1)(c).pdf



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       Disclosure of Compensation Paid:
       http://www.mass.gov/perac/forms/ANNUAL_DISCLOSURE_OF_COMPENSATION_PAID_AS_REQUIR
       ED_BY_G.L.C.32%20%C2%A720C(k)(1)(d).pdf

    3. Submit one (1) electronic Proposal, in accordance with the electronic submission instructions outlined
       above.

    4. Submit one (1) unbound and unstapled, printed copy of this RFP accompanied by a copy on CD/DVD
       to Dahab Associates (address below).

    5. Submit one (1) bound printed copy of this RFP accompanied by a copy on CD/DVD to the City of
       Taunton (address below)

    6. Do not mail physical copies of documents other than this RFP or any documents explicitly requested in
       physical form. For example, do not mail physical Annual Reports, Forms ADV, etc.

    7. Please label any CD/DVDs with company name, name of the client, type of search and due date. This
       label should be directly on the CD/DVD itself, as its case will be removed prior to storage.

    8. To minimize waste, and help the environment, please submit the proposal secured only with a binder-clip
       (preferred) or a paper-clip, with no cover or binder, and unstapled, to Dahab Associates.

    9. For copy sent to City of Taunton, please fully bind your printed copy.

    10. Ensure that you’ve stated the fee schedule within Section IX, within the provided fields of the RFP. Do
        not refer to documents outside of the RFP when stating your fee in Section IX (e.g. an appendix or a
        prospectus). Note that Section IX must be detached from the rest of the RFP during submission.

    11. Do not submit a physical nor an emailed copy of your firm’s Annual Report or any promotional
        materials. You are welcome to include these documents on the CD/DVD.

    12. For the shipped materials identify the search on the OUTSIDE of the box used for shipping.
        Indicate the type of search and the name of the client.

    13. Please be mindful of the amount of the shipping materials you use. We prefer paper or cardboard mailing
        envelopes, when size allows. If larger packaging is required, please use the smallest box that will
        adequately hold your submission. Padding such as bubble wrap is unnecessary, and a paper CD envelope is
        adequate. We do not hold it against respondents if a submission is damaged in transit.

    14. The deadline for this search is for the receipt of both the shipped material and the emailed
        submission.

    15. The fee proposal section of this RFP MUST be detached from the printed copy of this RFP, and
        submitted in a sealed envelope along with the rest of the RFP. It should also be deleted from all
        digital copies of the RFP submitted (email and CD/DVD)


The Fund and Dahab Associates reserve the right to accept or reject any proposals, or any parts thereof, and to waive
any formalities in the proposal, with respect to any applicable laws and guidelines, if it is deemed in the best interests
of the fund to do so.




                                                            5                                    DAHAB ASSOCIATES, INC.
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                                                                         TAUNTON INTERNATIONAL – 7.30.12

SUBMISSION INSTRUCTIONS:
     Submission of RFP (Email and mailed copies are both required)
          o Email to: wdahab@dahab.com
          o Depending on the product type submitting, use the following for the subject line and file
             name of your email. This is important, to ensure that your submission is properly sorted
             for processing.
          o ACWI ex-US Value
                  Subject: RFP: Taunton-ACWI-Value
                  Filename: Taunton-ACWI-Value-[firm name]-[product name].doc
          o EAFE Value
                  Subject: RFP: Taunton-EAFE-Value
                  Filename: Taunton-EAFE-Value-[firm name]-[product name].doc
          o ACWI ex-US Growth
                  Subject: RFP: Taunton-ACWI-Growth
                  Filename: Taunton-ACWI-Growth-[firm name]-[product name].doc
          o EAFE Growth
                  Subject: RFP: Taunton-EAFE-Growth
                  Filename: Taunton-EAFE-Growth-[firm name]-[product name].doc
          o ACWI ex-US Small Cap
                  Subject: RFP: Taunton-ACWI-SC
                  Filename: Taunton-ACWI-SC-[firm name]-[product name].doc
          o EAFE Small Cap
                  Subject: RFP: Taunton-EAFE-SC
                  Filename: Taunton-EAFE-SC-[firm name]-[product name].doc
          o Emerging Markets
                  Subject: RFP: Taunton-EM
                  Filename: Taunton-EM-[firm name]-[product name].doc
          o Submission emails should only contain RFP information, with no questions or important
             content referenced within the body of the email itself.
          o Note that submissions should be for one product per email, with all requested documents
             provided as separate attachments (unzipped, un-password protected).
     Mail hardcopy, CD/DVD, and fee proposal (fee proposal in a separate sealed envelope) to the
      following addresses:
                     An unbound copy (and photocopies of PERAC forms) to:
                     STEVEN ROTH
                     DIRECTOR OF MANAGER RESEARCH
                     DAHAB ASSOCIATES, INC.
                     423 SOUTH COUNTRY ROAD
                     BAY SHORE, NEW YORK 11706

                    A bound copy, and original PERAC forms to:
                    PAUL SLIVINSKI
                    EXECUTIVE DIRECTOR
                    CITY OF TAUNTON RETIREMENT BOARD
                    40 DEAN STREET, UNIT #3
                    TAUNTON, MA 02780


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   Questions
       o Subject line if asked via email.
               Question: Taunton RFP
       o General questions about this search, or Dahab Associates investment process should go to
           Steve Roth, Director of Manager Research
               Phone: 631-665-6181
               Email: sroth@dahab.com
       o Questions about completing this RFP should go to Bill Dahab in the research department.
               Phone: 631-665-6181
               Email: wdahab@dahab.com




                                               7                              DAHAB ASSOCIATES, INC.
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    A quick checklist of what documents should be included for each medium:

         SUBMIT VIA EMAIL                      SUBMIT PRINT COPIES            SUBMIT VIA CD/DVD (ONLY ONE
      (ALL ITEMS MANDATORY)                  (UNBOUND, UNSTAPLED, NO             CD/DVD IS NECESSARY)
                                                 COVER OR BINDER)
     RFP                                     RFP                               RFP (REQUIRED)
     ORGANIZATIONAL CHART                    COVER LETTER                      FORM ADV I & II (REQUIRED,
     SAMPLE PORTFOLIO                        APPENDICES (OPTIONAL)              CD/DVD ONLY)
     FORMS ADV                               PROSPECTUS (OPTIONAL,             APPENDICES (OPTIONAL)
     QUARTERLY RETURNS SINCE                  REQUESTED FOR MUTUAL              PROSPECTUS (OPTIONAL,
      INCEPTION                                FUNDS)                             REQUESTED FOR MUTUAL
     ANY OTHER DOCUMENTS                     FEE PROPOSAL, SEPARATED            FUNDS)
      SPECIFICALLY REQUESTED AS               AND PLACED IN A SEALED             ANY SPECIALLY REQUESTED
      EMAIL                                   ENVELOPE.                           DOCUMENTS
     NO MARKETING DOCUMENTS                 ANY DOCUMENTS                      ANNUAL REPORT (OPTIONAL,
                                              SPECIALLY REQUESTED AS              CD/DVD ONLY)
                                              PRINT.                             PROMOTIONAL MATERIAL
                                             5 PERAC FORMS                       (OPTIONAL, CD/DVD ONLY)
                                              (ORIGINAL COPIES TO                ALL DOCUMENTS PROVIDED.
                                              TAUNTON)




                                                           8                                DAHAB ASSOCIATES, INC.
                                                                                                             2012
                                                   TAUNTON INTERNATIONAL – 7.30.12


                          DAHAB ASSOCIATES, INC.
              INVESTMENT MANAGER REQUEST FOR PROPOSAL - 2012

            INTERNATIONAL VALUE, INTERNATIONAL GROWTH,
           INTERNATIONAL SMALL CAP, OR EMERGING MARKETS

            TAUNTON CONTRIBUTORY RETIREMENT SYSTEM
                          COMPANY NAME
                       INVESTMENT STYLE
                           PRODUCT NAME
                      PRINCIPAL ADDRESS
                      TELEPHONE NUMBER
                           EMAIL ADDRESS
        INDIVIDUAL COMPLETING THIS RFP
                                  POSITION
  MAILING ADDRESS (IF DIFFERENT FROM ABOVE)
TELEPHONE NUMBER (IF DIFFERENT FROM ABOVE)
                              FAX NUMBER
                         DATE COMPLETED




                                              9             DAHAB ASSOCIATES, INC.
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                                                                        TAUNTON INTERNATIONAL – 7.30.12


      FIRM NAME

I.       SUMMARY

GENERAL INFORMATION:

                                   FIRM NAME
                               PRODUCT NAME
     LOCATION OF HEADQUARTERS (CITY, STATE) OR
                    (CITY, COUNTRY IF NON-US)
      NAME OF PARENT COMPANY, OR INDEPENDENT
        TAX-EXEMPT ASSETS UNDER MANAGEMENT
             TOTAL ASSETS UNDER MANAGEMENT
                               YEAR FOUNDED
                             YEAR REGISTERED
                               CONTACT NAME
                             CONTACT NUMBER
                               CONTACT EMAIL



                   INDICATE WHICH ONE OF THE FOLLOWING DESCRIBES THIS SUBMISSION.
                        NOTE: DO NOT PUT ANYTHING IN ANY OTHER PRODUCT TYPES
         ONLY CHOOSE ONE THAT BEST DESCRIBES THIS PRODUCT. DO NOT SELECT MULTIPLE, EVEN IF YOU
                   BELIEVE THAT NONE OF THE FOLLOWING FULLY DESCRIBE THIS PRODUCT.
                               ACWI EX-US VALUE
                                     EAFE VALUE
                              ACWI EX-US GROWTH
                                   EAFE GROWTH
                            ACWI EX-US SMALL CAP
                                  EAFE SMALL CAP
                                EMERGING MARKETS




                                                  10                             DAHAB ASSOCIATES, INC.
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                                                                 TAUNTON INTERNATIONAL – 7.30.12


INTERNATIONAL EQUITY PRODUCT INFORMATION:

 PLEASE PROVIDE THE FOLLOWING FIGURES FORNA REPRESENTATIVE ACCOUNT, WITH THE DATA AS OF
                                           D
                               THE END OF 2 QUARTER ONLY.
  DO NOT SUBMIT THE FOLLOWING DATA FOR ANY OTHER QUARTER, EVEN IF FOOTNOTED AS SUCH.
  IT IS ACCEPTABLE TO SUBMIT PRELIMINARY DATA, IF NECESSARY, AND TO UPDATE PERFORMANCE
                           NUMBERS AFTER AN ON-TIME SUBMISSION

   ALL STATISTICS SHOULD BE MADE WITH REGARD TO ONE OF THE FOLLOWING BENCHMARKS, AS
 APPROPRIATE FOR YOUR SUBMISSION TYPE (AND INDICATED IN THE TABLE ABOVE), REGARDLESS OF
                    ANY OTHER BENCHMARKS PREFERRED BY THIS MANAGER:
                               MSCI ACWI EX-US VALUE,
                                  MSCI EAFE VALUE,
                              MSCI ACWI EX-US GROWTH,
                                 MSCI EAFE GROWTH,
                             MSCI ACWI EX-US SMALL CAP,
                                MSCI EAFE SMALL CAP,
                              OR MSCI EMERGING MARKETS
 ONLY PROVIDE STATISTICS FOR INDICATED TIME-PERIODS (I.E. DO NOT PUT 3-YEAR ALPHA WHEN 5-
                                YEAR ALPHA IS REQUESTED)
  ALL STATISTICS MUST BE BASED ON QUARTERLY NUMBERS, NEVER MONTHLY, EVEN WHEN THE
                          QUESTION ISN’T EXPLICIT IN THAT REGARD.


                                    PRODUCT NAME
                        STYLE (GROWTH/VALUE/CORE)
                           NUMBER OF SECURITIES HELD

                          NUMBER OF COUNTRIES HELD
          NUMBER OF EMERGING MARKET COUNTRIES HELD
            CURRENT EMERGING MARKETS EXPOSURE (%)                    %
           MAXIMUM EMERGING MARKETS EXPOSURE (%)                     %
           PORTFOLIO TURNOVER, 12-MONTH ROLLING (%)                  %
                  P/E OF TYPICAL PORTFOLIO - ESTIMATE
                  P/E OF TYPICAL PORTFOLIO - TRAILING
                              5-YEAR TRACKING ERROR
                  5-YEAR UPSIDE UPSIDE CAPTURE RATIO
            5-YEAR DOWNSIDE DOWNSIDE CAPTURE RATIO
                                        HEDGING (%)                  %
                                  PRODUCT INCEPTION
              THE NAME OF THE STYLE BENCHMARK USED

                                                11                        DAHAB ASSOCIATES, INC.
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                                                   TAUNTON INTERNATIONAL – 7.30.12

                TOTAL ASSETS IN PRODUCT

                                          3-YEAR               5-YEAR
                           ALPHA
                  BATTING AVERAGE
(% OF QUARTERS BEATING BENCHMARK)
              STANDARD DEVIATION

                            BETA




                                    12                      DAHAB ASSOCIATES, INC.
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FIRM AFFILIATION


 1.   IS THE FIRM INDEPENDENT?
 2.   IS THE FIRM REGISTERED UNDER THE INVESTMENT ADVISORS ACT OF 1940?
 3.   IS THE FIRM MINORITY OWNED? IF SO, WHAT PERCENT?
 4.   IS THE FIRM WOMEN OWNED? IF SO, WHAT PERCENT?
 5.   IS THE FIRM A SUBSIDIARY OF, OR RELATED IN ANY WAY TO:

            A BROKERAGE FIRM
          INSURANCE COMPANY
                       A BANK
                          OTHER

 6.   WHAT IS THE NAME OF THE PARENT COMPANY?
 7.   PLEASE PROVIDE DETAILS OF THE OWNERSHIP STRUCTURE OF THE FIRM.

 8.   IF THE FIRM IS RELATED IN ANY FASHION (FINANCIALLY OR OTHERWISE) TO ANY OTHER ENTITY, EXPLAIN.



GENERAL BACKGROUND INFORMATION

 1.   PLEASE INDICATE THE TYPES OF ACCOUNTS THAT YOUR FIRM CURRENTLY MANAGES:

      DOMESTIC EQUITY                                             SOCIALLY CONSCIOUS
        FIXED INCOME                                          HEDGE FUND OF ANY TYPE
               BALANCED                                INSTITUTIONAL MUTUAL FUNDS **
        INTERNATIONAL                                            RETAIL MUTUAL FUNDS
                GLOBAL


       **IF YOUR FIRM MANAGES AN INSTITUTIONAL MUTUAL FUND, PLEASE ATTACH A
        PROSPECTUS & THE MOST RECENT ANNUAL REPORT TO THIS QUESTIONNAIRE.


      PLEASE  PROVIDE THE LOCATION AND
 2.   FUNCTION OF EACH OF THE FIRM’S OFFICES.
 3.   PLEASE GIVE A BRIEF HISTORY OF THE FIRM.
 4.   WHEN WAS THE FIRM FOUNDED?
 5.   WHEN WAS IT REGISTERED AS AN INVESTMENT ADVISOR?


                                                  13                               DAHAB ASSOCIATES, INC.
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6.    WHEN DID THE FIRM BEGIN TO MANAGE TAX EXEMPT ACCOUNTS?
7.    DESCRIBE THE LEVEL OF ERROR AND OMISSION INSURANCE COVERAGE THE FIRM CARRIES.


8.    ARE YOU NOW THE SUBJECT OF A SEC OR OTHER REGULATORY BODY SANCTION? IF SO, EXPLAIN.


9.    HAS THE FIRM EVER BEEN SUBJECT TO A SEC OR OTHER REGULATORY BODY SANCTION? IF SO, EXPLAIN.


10.   DISCUSS, IN DETAIL, ANY LITIGATION BROUGHT AGAINST THE FIRM IN THE LAST FIVE YEARS.

11.   PLEASE PROVIDE DETAILS ON THE FINANCIAL CONDITION OF THE FIRM.

      PROVIDE A BREAKDOWN OF ASSETS BY TYPE OF INVESTMENT STRATEGY. (FOR EXAMPLE, MID CAP GROWTH,
12.   CORE FIXED INCOME, EMERGING MARKETS, ETC.)
                            INVESTMENT STRATEGY            # OF ACCOUNTS           $ VALUE




13.   PLEASE PROVIDE A BREAKDOWN OF THE FIRM’S ACCOUNTS & ASSETS IN THE FOLLOWING TABLE:

                                            # OF ACCOUNTS                          $ VALUE
             TAX EXEMPT ASSETS:
                          ERISA
                          PUBLIC
                  TAFT-HARTLEY
                     ENDOWMENT
                     FOUNDATION
                RELIGIOUS ORDER
                          OTHER
              TOTAL TAX-EXEMPT
                TAXABLE ASSETS:
                PERSONAL TRUSTS
                    COMMINGLED




                                                   14                               DAHAB ASSOCIATES, INC.
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                                                                     TAUNTON INTERNATIONAL – 7.30.12

                TOTAL TAXABLE
                MUTUAL FUNDS:
                        EQUITY
                  FIXED INCOME
                MONEY MARKET
           TOTAL MUTUAL FUNDS

                 OVERALL TOTAL

14.   PROVIDE A BREAKDOWN OF THE PRODUCT’S ACCOUNTS & ASSETS IN THE FOLLOWING TABLE:

                                          # OF ACCOUNTS                        $ VALUE
            TAX EXEMPT ASSETS:
                          ERISA
                          PUBLIC
                  TAFT-HARTLEY
                    ENDOWMENT
                    FOUNDATION
               RELIGIOUS ORDER
                          OTHER
             TOTAL TAX-EXEMPT
               TAXABLE ASSETS:
               PERSONAL TRUSTS
                   COMMINGLED
                TOTAL TAXABLE
                MUTUAL FUNDS:
                         EQUITY
                   FIXED INCOME
                 MONEY MARKET
           TOTAL MUTUAL FUNDS

                 OVERALL TOTAL



15. WHAT ARE YOUR FIRM’S PLANS FOR GROWTH OF THESE ASSETS?

16. ARE THERE PLANS FOR LIMITING GROWTH IN ANY OF THE ABOVE AREAS?

17. HOW DOES YOUR FIRM PLAN TO STAFF THE GROWTH OF THE FIRM DESCRIBED ABOVE?

                                                15                             DAHAB ASSOCIATES, INC.
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18. GIVE FIVE (5) REFERENCES FOR YOUR SERVICES.

19. STATE THE AVERAGE SIZE OF THE FIRM’S 5 LARGEST TAX-EXEMPT FUNDS.


20. INDICATE THE NUMBER & ASSETS OF TAX-EXEMPT ACCOUNTS THE FIRM GAINED & LOST IN EACH CATEGORY:

  GAINED                     2008            2009            2010            2011                2012
                         #          $    #          $    #          $    #          $        #          $
              PUBLIC
              ERISA
     TAFT-HARTLEY
       ENDOWMENT
       FOUNDATION
   RELIGIOUS ORDER
             OTHER
             TOTAL

  LOST                       2008            2009            2010            2011                2012
                         #          $    #          $    #          $    #          $        #          $
              PUBLIC
              ERISA
     TAFT-HARTLEY
       ENDOWMENT
       FOUNDATION
   RELIGIOUS ORDER
             OTHER
             TOTAL

21. PLEASE DISCUSS ANY UNUSUALLY LARGE NUMBER OF ACCOUNTS OR ASSETS LOST.




22. INDICATE THE NUMBER & ASSETS OF TAX-EXEMPT ACCOUNTS THE PRODUCT GAINED & LOST:

 GAINED                      2008            2009            2010            2011                2012
                         #          $    #          $    #          $    #          $        #          $
              PUBLIC
              ERISA
      TAFT-HARTLEY

                                                    16                              DAHAB ASSOCIATES, INC.
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          ENDOWMENT
          FOUNDATION
      RELIGIOUS ORDER
                OTHER
                TOTAL

  LOST                        2008             2009            2010               2011                2012
                          #          $     #          $    #          $       #          $        #          $
               PUBLIC
               ERISA
        TAFT-HARTLEY
          ENDOWMENT
          FOUNDATION
      RELIGIOUS ORDER
                OTHER
                TOTAL

23. FOR THE PRODUCT, PLEASE DISCUSS ANY UNUSUALLY LARGE # OF ACCOUNTS OR ASSETS LOST.



INVESTMENT PHILOSOPHY & IMPLEMENTATION

 1.   DESCRIBE THE STRUCTURE OF THE PRODUCT’S INVESTMENT TEAM AND WHAT ROLE EACH MEMBER OF THE
      TEAM PLAYS. INCLUDE AN ORGANIZATIONAL CHART WHICH DETAILS THE FLOW OF INFORMATION USED IN THE
      DECISION MAKING PROCESS.


 2.   WHAT IS THE # OF ACCOUNTS AND ACCOUNT VOLUME (IN $) THAT IS HANDLED BY THIS TEAM?

      HAVE  THERE BEEN ADDITIONS OR DEPARTURES IN THE LAST       3    YEARS FOR THE TEAM MANAGING THE
 3.   PROPOSED PRODUCT? PLEASE EXPLAIN.


 4.   DO THE SAME GROUPS MANAGE EQUITY, FIXED INCOME, & BALANCED PORTFOLIOS AT THE FIRM?

 5.   DOES THE FIRM EMPLOY A CENTRAL TRADING DESK?

 6.   IF YES, DESCRIBE THE TRADING OPERATION & THE TRADERS’ QUALIFICATIONS.

 7.   DOES THE FIRM HAVE AN INVESTMENT COMMITTEE?

 8.   IF YES, DESCRIBE HOW IT OPERATES & THE BACKGROUND/EXPERIENCE OF THE MEMBERS.

                                                      17                                 DAHAB ASSOCIATES, INC.
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 9.   IF APPLICABLE, HOW OFTEN DOES THE INVESTMENT COMMITTEE MEET?




INTERNATIONAL EQUITY INVESTMENT PHILOSOPHY

 1.   INDICATE WHICH CATEGORIES MOST CORRECTLY IDENTIFY YOUR PRODUCT’S EQUITY INVESTMENT STYLE:


           DEVELOPED WORLD                                  EMERGING MARKET
                 LARGE CAP                                         BOTTOM-UP
                    MID CAP                                         TOP-DOWN
                 SMALL CAP                                         MOMENTUM
                    ALL CAP                                   SECTOR ROTATOR
                      VALUE                                  MARKET NEUTRAL
             RELATIVE VALUE                                            LOW P/E
                DEEP VALUE                                       QUANTITATIVE
                    GROWTH                                       FUNDAMENTAL
                      GARP                                        INDEX FUNDS
                       CORE                              OTHER (PLEASE SPECIFY)

 2.   INDICATE THE INVESTMENT STRATEGY USED WHEN CONSTRUCTING AN INTERNATIONAL EQUITY PORTFOLIO:

                     SECURITY SELECTION
                    COUNTRY ALLOCATION
                                 ACTIVE
        EAFE (EQUAL OR MARKET WEIGHTED)
                          GDP MANDATE
                     SECTOR ALLOCATION
                              CURRENCY
                           CASH/TIMING

 3.   IN ONE OR TWO BRIEF SENTENCES, PLEASE STATE THE PRODUCT’S EQUITY INVESTMENT PHILOSOPHY.

 4.   DESCRIBE THE EQUITY INVESTMENT PHILOSOPHY INCLUDING HOW BUY AND SELL DECISIONS ARE MADE.

 5.   WHEN WAS THE INVESTMENT PHILOSOPHY ESTABLISHED?

 6.   HAS THIS PHILOSOPHY BEEN IMPLEMENTED FOR THE LAST FIVE YEARS? IF NOT, ARE THE CREATORS OF THE
      PREVIOUS PHILOSOPHY STILL WITH THE FIRM?


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7.     WHAT IS CONSIDERED TO BE THE COMPETITIVE ADVANTAGE OF THE PHILOSOPHY?

8.     ARE YOUR MANAGERS GIVEN AN APPROVED STOCK LIST?

9.     IF SO, HOW MANY SECURITIES ARE TYPICALLY ON THAT LIST?

10.    ARE THERE PROVISIONS SO THAT SECURITIES THAT ARE NOT ON THE APPROVED LIST MAY BE PURCHASED?

11.    WITHIN THE PORTFOLIO, ARE COUNTRY ALLOCATIONS HEDGED? IF SO, PLEASE INDICATE MAXIMUM HEDGE.

12.    HOW ARE SECTOR DECISIONS MADE?

13.    WHAT ARE SOME OF THE RISK CONSTRAINTS THAT ARE USED BY THE FIRM (E.G. MAXIMUM EXPOSURE TO ANY
       SINGLE COUNTRY OR SECTOR, MAXIMUM HOLDING %, ETC.)


14.    DO  PORTFOLIOS CONTAIN ANYTHING OTHER THAN ORDINARIES? IF YES, PLEASE EXPLAIN       &   INDICATE
       MINIMUMS AND MAXIMUMS.




       INDICATE THE % OF EQUITY MARKET CAPITALIZATION AS OF THE MOST RECENT QUARTER-END, AS WELL AS A
15.    RANGE OVER THE LAST THREE YEARS.
                                          CURRENT               3 YEAR RANGE
               MICRO CAP (<$100MM)          %                        %
            SMALL CAP ($100MM - $2B)        %                        %
                MID CAP ($2B - $15B)        %                        %
                  LARGE CAP (>$15B)         %                        %

16. INDICATE THE MEDIAN AND AVERAGE MARKET CAPITALIZATIONS FOR THE MOST RECENT QUARTER-END.
                                 (PRODUCT)             (BENCHMARK)
    MEDIAN MARKET CAP
    AVERAGE MARKET CAP


17.    FOR THE MOST RECENT PERIOD AVAILABLE PLEASE INDICATE THE PRODUCT’S TOP TEN HOLDINGS:

                                 NAME                                  INDUSTRY                   %
      (1)
      (2)
      (3)
      (4)

                                                   19                             DAHAB ASSOCIATES, INC.
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       (5)
       (6)
       (7)
       (8)
       (9)
      (10)

                                                                             % TOTAL


      PLEASE ATTACH A COPY OF AN ACTUAL PORTFOLIO, BROKEN OUT BY INDUSTRIES AND/OR
                     SECTORS TO THE PRINT COPY OF THIS QUESTIONAIRE.



18.    PLEASE COMPLETE THE FOLLOWING INTERNATIONAL EQUITY COUNTRY ALLOCATION CHART:
                                                PRODUCT                      BENCHMARK
                 EUROPE:
                            AUSTRIA
                            BELGIUM
                             FRANCE
                           GERMANY
                            IRELAND
                               ITALY
                          PORTUGAL
                               SPAIN
                       SWITZERLAND
                                 UK
               SCANDINAVIA:
                           DENMARK
                            FINLAND
                       NETHERLANDS
                            NORWAY
                             SWEDEN
                  ASIA:
                         HONG KONG
                               JAPAN
                          SINGAPORE
               MIDDLE EAST:
                             GREECE
                FAR EAST:
                          AUSTRALIA
                      NEW ZEALAND
                             OTHER:
                              TOTAL:

19.    PLEASE COMPLETE THE FOLLOWING EMERGING MARKETS EQUITY COUNTRY ALLOCATION CHART:
                                                   PRODUCT                    BENCHMARK


                                               20                            DAHAB ASSOCIATES, INC.
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      LATIN AMERICA:
                    ARGENTINA
                        BRAZIL
                         CHILE
                     COLOMBIA
                       MEXICO
                          PERU
                   VENEZUELA
           ASIA:
                         CHINA
                          INDIA
                     INDONESIA
                        KOREA
                     MALAYSIA
                      PAKISTAN
                   PHILIPPINES
                       TAIWAN
                     THAILAND
EUROPE/MIDDLE EAST & AFRICA:
               CZECH REPUBLIC
                         EGYPT
                      HUNGARY
                        ISRAEL
                       JORDAN
                     MOROCCO
                       POLAND
                        RUSSIA
                 SOUTH AFRICA
                       TURKEY
          OTHER:
                        TOTAL:




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RESEARCH

 1.   WHAT PERCENTAGE OF RESEARCH IS GENERATED INTERNALLY?
 2.   WHAT PERCENTAGE OF RESEARCH IS OBTAINED FROM OUTSIDE SOURCES?
 3.   PLEASE DESCRIBE HOW THE RESEARCH OPERATION WITHIN YOUR FIRM WORKS.

 4.   PLEASE DESCRIBE HOW YOUR FIRM OBTAINS AND PAYS FOR OUTSIDE RESEARCH REPORTS.

 5.   PLEASE NAME THE THREE PRIMARY SOURCES OF DATA AND/OR ANALYSES UPON WHICH YOUR FIRM RELIES.
       (1)
       (2)
       (3)

 6.   WHO COORDINATES THE FIRM’S RESEARCH EFFORT & WHAT ARE THEIR QUALIFICATIONS FOR THAT POSITION.




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PERSONNEL

 1.   IN THE TABLE BELOW, INDICATE THE APPROPRIATE NUMBER OF EMPLOYEES EMPLOYED IN EACH CATEGORY.
                                             2009           2010           2011            2012
          EQUITY PORTFOLIO MANAGERS
           BOND PORTFOLIO MANAGERS
            BALANCED FUND MANAGERS
           EQUITY RESEARCH ANALYSTS
             BOND RESEARCH ANALYSTS
                           ECONOMISTS
                     MANAGEMENT AND
                      ADMINISTRATIVE
           (COMPLIANCE, OPERATIONS)
             COMPUTER PROFESSIONALS
                             CLERICAL
           OTHER (MARKETING, CLIENT
                    SERVICE, TRADING)
                                TOTAL

      PLEASE PROVIDE BIOGRAPHICAL INFORMATION ON ALL KEY MEMBERS OF THE PROPOSED PRODUCT’S ASSET
 2.   MGMT TEAM, INCLUDING YEARS OF EXPERIENCE WITH THIS ASSET CLASS & YEARS WITH THE FIRM.


 3.   IN THE LAST 3 YEARS, HOW MANY PROFESSIONAL EMPLOYEES HAVE LEFT THE FIRM FOR ANY REASON?

      HAVE  THERE BEEN ADDITIONS OR DEPARTURES IN THE LAST    3   YEARS FOR THE TEAM MANAGING THE
 4.   PROPOSED PRODUCT? PLEASE EXPLAIN.


 5.   WHAT QUALIFICATIONS ARE TYPICAL OF THE PMS, INCLUDE YRS W/ FIRM, $ UNDER MGMT & # OF ACCOUNTS.

 6.   PLEASE DESCRIBE THE METHOD OF COMPENSATION EMPLOYED FOR PORTFOLIO MANAGERS.

 7.   PLEASE DESCRIBE THE METHOD OF COMPENSATION EMPLOYED FOR RESEARCH ANALYSTS.




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PERFORMANCE

 1.     IS YOUR FIRM IN COMPLIANCE WITH THE CFA INSTITUTE’S STANDARDS?

PLEASE NOTE THE FOLLOWING:

       INDICATE WHICH INVESTMENT VEHICLE IS BEING SUBMITTED (E.G. SEPARATE
        ACCOUNT, INVESTMENT TRUST, ETC.).
       IF THE PRODUCT IS A COMMINGLED FUND VEHICLE, INDICATE IF IT HAS ITS OWN
        COMPOSITE, OR IF ITS PERFORMANCE IS INCLUDED IN THE SEPARATE ACCOUNT
        COMPOSITE.
       ONLY PUT THE RATES OF RETURN FOR COMPLETE YEARS IN THE TABLE BELOW. DO NOT
        PUT INCOMPLETE YEARS IN THE TABLE, AT ALL, EVEN IF YOU FOOTNOTE THEM AS SUCH.
       IF AVAILABLE, RETURN FIGURES PROVIDED BELOW SHOULD BE CALCULATED BY A 3RD
        PARTY PERFORMANCE FIRM.
       INDICATE THE ASSET VALUE & # OF ACCOUNTS CORRESPONDING TO THE RETURN
        FIGURES IN THE APPROPRIATE COLUMNS.
       PLEASE INCLUDE HISTORICAL QUARTERLY RETURNS SINCE PRODUCT INCEPTION

PLEASE NOTE THAT CHANGES HAVE BEEN MADE TO THIS SECTION OF THE RFP:
PERFORMANCE CHARTS MUST BE UPDATED AS OF THE QUARTER-END, 2Q12.




                                                   24                             DAHAB ASSOCIATES, INC.
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PERFORMANCE – AS OF THE QUARTER-END 2Q12
            INVESTMENT STYLE
                PRODUCT NAME
               INCEPTION DATE
                ACCOUNT TYPE
             BENCHMARK USED
  PORTFOLIO MGR/TEAM LEADER
YEARS MANAGING THIS PRODUCT

ONLY  COMPLETE YEARS MAY BE INCLUDED IN THE RETURNS BELOW.                LIST
INCOMPLETE YEARS, IF ANY, THIS PRODUCT HAS HAD IN THE BOX TO THE RIGHT.


  ONLY INCLUDE RETURNS FOR COMPLETE YEARS’ PERFORMANCE IN THE TABLE BELOW.
 DO NOT PLACE RETURNS FOR PARTIAL YEARS IN THE TABLE BELOW, EVEN IF INDICATED AS SUCH.
    PARTIAL YEARS AND THEIR PERFORMANCE MAY ONLY GO IN THE INDICATED BOX ABOVE.

 COMMINGLED FUNDS AND SEPARATE ACCOUNTS MUST PROVIDE GROSS OF FEES NUMBERS ONLY
         (IN COMPLIANCE WITH THE SEPARATION OF FEES REQUIRED WITH THIS RFP).

 MUTUAL FUNDS SHOULD SUBMIT GROSS OF FEES NUMBERS IF POSSIBLE, AND MUST PROVIDE NET
                           OF FEES NUMBERS AT MINIMUM.


   NEVER DELETE ANY OF THE BELOW COLUMNS FOR ANY REASON, EVEN IF YOU ARE LEAVING IT
                                      BLANK.




                                                  25                                DAHAB ASSOCIATES, INC.
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                                      RETURN
                                    NET OF FEES
                                     (MUTUAL
                      RETURN           FUNDS      BENCHMARK   # OF ACCOUNTS     ASSETS ($) IN
     PERIOD         GROSS OF FEES     ONLY)         RETURN     FOR PRODUCT       PRODUCT
      2002
      2003
      2004
      2005
      2006
      2007
      2008
      2009
      2010
      2011
 1ST QUARTER 2012
2ND QUARTER 2012
ANNUALIZED 3-YEAR
ANNUALIZED 5-YEAR




                                             26                          DAHAB ASSOCIATES, INC.
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II.         FEE STRUCTURE
            THIS ENTIRE SECTION MUST BE DETATCHED FROM THIS RFP AND
            SUBMITTED IN A SEALED ENVELOPE, WHICH MUST BE INCLUDED IN THE
            MAILED SUBMISSION OF THE RFP.

            THIS SECTION MUST BE DELETED FROM EMAILED AND CD/DVD
            SUBMISSIONS OF THIS RFP.

           STATETHE FIRM’S FEES WITHIN THE GRAY BOXES BELOW. DO NOT STATE YOUR FIRM’S FEES
            ANYWHERE OUTSIDE OF THE GRAY BOXES BELOW, OR REFER TO OUTSIDE DOCUMENTS
           DO NOT COPY/PASTE YOUR FEE SCHEDULE FROM OLDER RFPS INTO THIS DOCUMENT, THEY CANNOT BE
            PROCESSED.


  1.       PLEASE STATE THE FIRM’S FEE STRUCTURE FOR SEPARATE ACCOUNTS (IF APPLICABLE).

                                                                      __ BPS ON 1ST $__ MM
                                                                     __ BPS ON NEXT $__ MM
                                                                     __ BPS ON NEXT $__ MM
                                                                       __ BPS ON BALANCE

  2.       PLEASE STATE THE FIRM’S FEE STRUCTURE FOR COMMINGLED FUNDS (IF APPLICABLE).

                                                                      __ BPS ON 1ST $__ MM
                                                                     __ BPS ON NEXT $__ MM
                                                                     __ BPS ON NEXT $__ MM
                                                                       __ BPS ON BALANCE

  3.       PLEASE STATE THE FIRM’S FEE STRUCTURE FOR PROPOSED MUTUAL FUNDS PRODUCT (IF APPLICABLE)

                                                                             __ BPS




  4.       IS THE FEE STRUCTURE NEGOTIABLE?
           WHAT IS THE MINIMUM ACCOUNT SIZE OR FEE FOR SEPARATE ACCOUNTS?
  5.        (INDICATE IN THE BOX IF FEE)
           WHAT IS THE MINIMUM ACCOUNT SIZE OR FEE FOR COMMINGLED FUNDS?
  6.       (INDICATE IN THE BOX IF FEE)
  7.       WHAT IS THE MINIMUM ACCOUNT SIZE OR FEE FOR MUTUAL FUNDS?


                                                       27                              DAHAB ASSOCIATES, INC.
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      (INDICATE IN THE BOX IF FEE)
8.    WHAT IS THE NAME OF THE COMMINGLED FUND, IF APPLICABLE?
9.    FOR COMMINGLED FUNDS, PLEASE DISCUSS ANY LIQUIDITY CONSTRAINTS.

10.   WHAT IS THE NAME OF THE MUTUAL FUND, IF APPLICABLE?
11.   WHAT IS THE TICKER FOR THE MUTUAL FUND, IF APPLICABLE?




                                                 28                              DAHAB ASSOCIATES, INC.
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