Docstoc

Quarterly Client Review

Document Sample
Quarterly Client Review Powered By Docstoc
					Los Angeles Department of Water & Power Retirement Plan and
               Retirees Health Benefits Fund
                        April 30, 2011
Presenters



                                             Jessie Magee, CFA
                                                   Director
 Mr. Magee is responsible for research and portfolio management at EARNEST Partners. He graduated with a BS in Mechanical
 Engineering from Southern University and also holds an MS in Mechanical Engineering from the University of Michigan as well
 as an MBA from Emory University. He began his career in Research & Vehicle Technology at Ford Motor Company where he
 spent seven years working on alternative fuel technologies, occupant safety, and new product development. Later, he worked in
 Corporate Finance at Intel Corporation, where he developed strategies to proliferate the usage of reverse internet auctions for
 semi-conductor materials procurement. He also spent six years in the Army National Guard as a Combat Engineer.


                                               Katie Driver
                                           Product Management
 Ms. Driver is responsible for product management at EARNEST Partners. Prior to joining EARNEST Partners, she spent six
 years as an Equity Research Associate for SunTrust Robinson Humphrey with a focus on the specialty retail group. She holds a
 BA in Business Administration and Spanish from Furman University. Her studies included a semester in Madrid, Spain as well as
 an internship in San Jose, Costa Rica. She is involved with several non-profit organizations including the Children's Museum of
 Atlanta and is a member of the Atlanta Association of Women in Securities.




                                                                                                                                   2
EARNEST Partners
Background
March 31, 2011*




                   Firm Assets Under Management ($ Billions)
                                                               03/31/2011

                   Total Assets under Management                     16.7

                   Total Small Cap Value                              3.7
                  * AUM are updated on a quarterly basis.




                                                                            3
Investment Team
 Paul E. Viera, CEO and Partner
Mr. Viera is the founder of EARNEST Partners, an investment firm responsible for overseeing more than $15
billion for municipalities, states, corporations, endowments, sovereign wealth funds, and universities. He
developed Return Pattern Recognition®, the investment methodology used to screen equities at EARNEST
Partners. He has a BA in Economics from the University of Michigan, an MBA from the Harvard Business
School, and has over twenty-five years of investment experience. Mr. Viera was a Vice President at Bankers Trust
in both New York and London. He later joined Invesco, where he became a Global Partner and senior member of
its Investment Team. Mr. Viera is a member of the Council on Foreign Relations, a Board member for the
National Center for Civil and Human Rights, and a member of the Atlanta Society of Financial Analysts. He is also
a commentator for several news organizations, including, among others, CNBC and Bloomberg News.


 Matthew Bronfman, Partner
Mr. Bronfman holds a BA from Williams College and an MBA from Harvard Business School and his investment
experience includes the telecommunications, consumer products, consumer cyclicals, retailing, and technology
sectors. He is also the Chairman of BHB Holdings and serves on the boards of Bronfman Fisher Real Estate
Holdings and James River Group. Mr. Bronfman has served on the board of the 92nd Street Y since 1991,
previously serving as President and Chairman.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                    4
Investment Team
 Michael A. Connor, Partner
Mr. Connor holds an MBA from New York University where he majored in Investments with a minor in
Economics. He began his career in 1959 as an associate of the National Securities Growth Stock Series. He left
to become manager of the Heritage Fund and Vice President of Scientific Venture Corp., a privately-owned
venture capital firm. Later, he joined the brokerage firm of Ralph E. Samuel and was Partner and Director of
Research at Schaenen, Fellerman & Co. He was also the Founder and CEO of Connor & Associates, a money
management firm that focused on small and mid-capitalization stocks.


 Douglas S. Folk, CFA, Partner
Mr. Folk is a portfolio management and research professional at EARNEST Partners with over twenty years of
investment experience. He holds a BA degree from Millsaps College and an MBA from Millsaps' Else School of
Management. He has extensive experience with government, corporate, mortgage-backed and asset-backed
securities. His prior experience includes ten years of portfolio management with Southern Farm Bureau Life
Insurance Company, where he was responsible for the company's fixed-income portfolio. He is a member of the
CFA Institute and the Atlanta Society of Financial Analysts.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                  5
Investment Team
 Trey Greer, CFA, CPA, Partner
Mr. Greer is responsible for research and portfolio management activities at EARNEST Partners. He has a BS in
Business Administration and a Master of Accounting from the University of North Carolina at Chapel Hill and an
MBA from Emory University. He has fifteen years of investment experience and began his career in public
accounting. He later joined AMVESCAP PLC where he was an Investment Manager with assignments in
London, Houston, and Atlanta. He is a member of the CFA Institute, the Atlanta Society of Financial Analysts,
and the American Institute of Certified Public Accountants.


 Dan Royer, Partner
Mr. Royer is responsible for portfolio management and research at EARNEST Partners. He holds a BA in
Physics and an MBA in Operations Research and Finance, both from the University of Chicago. Before
becoming a partner at EARNEST Partners, he was the principal at a business systems consulting group. His
clients included Zurich Investment Management, Merrill Lynch, Hewitt Associates, and First National Bank of
Chicago. In all, his constructions helped employ billions of dollars. He has more than twenty-five years of
investment experience.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                  6
Investment Team
 Chris Hovis, CFA, Director
Mr. Hovis is responsible for research and portfolio management at EARNEST Partners. Prior to joining
EARNEST Partners, he served as a Senior Analyst with Morgan Keegan where he was an analyst in US Software.
His extensive background also includes experience in the information technology industry as well as in Equity
Research with SunTrust Robinson Humphrey and CQ Partners. Previously, he was VP of Marketing and
Business Development at Lancope, and a senior software engineer at Intel and Alliance Semiconductor. He holds
an MBA with Distinction from The Wharton School of Business and Bachelor degrees with Highest Honors in
Electrical Engineering from Georgia Tech and in Physics from Centre College. Mr. Hovis is also a member of
the CFA Institute and the Atlanta Society of Financial Analysts.

 Jessie Magee, CFA, Director
Mr. Royer is responsible for portfolio management and research at EARNEST Partners. He holds a BA in
Physics and an MBA in Operations Research and Finance, both from the University of Chicago. Before
becoming a partner at EARNEST Partners, he was the principal at a business systems consulting group. His
clients included Zurich Investment Management, Merrill Lynch, Hewitt Associates, and First National Bank of
Chicago. In all, his constructions helped employ billions of dollars. He has more than twenty-five years of
investment experience.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                  7
Investment Team
 Patmon Malcom, CFA, Director, Product Management
Mr. Malcom is responsible for product management at EARNEST Partners. He is a graduate of the United States
Military Academy at West Point where he led the Varsity Football team in scoring for three consecutive years. In
his senior year, he was named the "Chevrolet Player of the Game" in the annual Army-Navy game. He holds an
MBA from Emory University, where he was a recipient of the 2003 Donald Keough Scholarship. Prior to joining
EARNEST Partners, he worked in the Global Investment Bank for JPMorgan Chase in New York. He also
served as a helicopter pilot in the United States Army for more than seven years, an experience that included
leading a Blackhawk Helicopter Company along the demilitarized zone between North and South Korea. Mr.
Malcom is a member of the CFA Institute and the Atlanta Society of Financial Analysts.

 Alysia Wurst, Director
Ms. Wurst is responsible for research and portfolio management at EARNEST Partners. Her operational
experience includes worldwide management of several product lines within Hewlett Packard's LaserJet business.
She worked to develop a new, lower-cost architecture that enabled expansion in China and India and was a
member of a corporate venture commercializing a microdisplay technology developed in HP Labs. She has been
awarded nine intellectual property disclosures and a US patent and has a second patent pending at the US Patent
and Trademark Office. Prior to her work at HP, Ms. Wurst was responsible for international macroeconomic
forecasting and investment risk analysis at Global Insight. She holds a BA in Classical and Medieval Studies from
Bates College and an MBA from Harvard Business School.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                    8
Investment Team
 Farez Alibay, Investment Management
Farez Alibay is responsible for research and portfolio management at EARNEST Partners. He previously held a
variety of roles in global financial institutions including Deutsche Bank and Barclays Capital. In those roles, he
worked to determine the real balance sheet value of financial firms and participated in price discovery for illiquid
assets. Mr. Alibay also worked in venture capital vetting potential investments through business and legal
analysis/verification, capital structure analysis, financial modeling and related valuation work. Mr. Alibay holds an
MBA from The Wharton School, a Masters of Engineering in Computer Science from Cornell University and a
BS in Computer Science from the Illinois Institute of Technology. He is also a member of the CFA Institute and
the Atlanta Society of Financial Analysts.
.
  Richard Burgess, Investment Management

Richard Burgess is responsible for research and portfolio management at EARNEST Partners, with coverage
responsibilities including the defense, transportation, and materials industries, among others. Prior to joining
EARNEST Partners, Mr. Burgess served as an Artillery Officer in the United States Army, with duties ranging
from tactical planning for combat operations to intelligence gathering and dissemination. His military experience
includes a combat tour in Iraq, during which he earned the Bronze Star Medal for meritorious service. A graduate
of the Army Ranger School, he also commanded a stateside detachment, where he was responsible for logistical
planning and support for a deployed 900-person infantry battalion, as well as for training 200+ soldiers in
battlefield survival skills. He holds a BS in Engineering Physics from the United States Military Academy at West
Point, where he was ranked in the top 3% of cadets in terms of academic standing and was awarded the
Lieutenant General Leslie R. Groves Memorial Award for the highest overall achievement in Nuclear Physics.
Mr. Burgess also holds an MBA from the Harvard Business School.

Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.
.
                                                                                                                        9
Investment Team
 Chris Fitze, CFA, Investment Management
Mr. Fitze is responsible for research and portfolio management for EARNEST Partners. He holds a BA in
Economics from Emory University where he was an Academic All-American in golf and inducted into the
International Economics Honor Society. At Emory, he concentrated his economic studies in banking, interest
rates, and inflation. His prior experience includes analyzing low cost financing for a regional bank.



 Ryan Kelly, CFA, Investment Management
Mr. Kelly is responsible for research and portfolio management for EARNEST Partners. As a member of the
investment team, Mr. Kelly specializes in the analysis and trading of all fixed income sectors. He has worked
extensively with the United States Department of the Treasury’s Small Business Administration securities buy
program in the firm’s role as financial agent. He holds a BS in Business Administration with a focus in Finance
from The University of North Carolina at Chapel Hill, where he was a member of the crew team and participated
in the study abroad program in Seville, Spain. He began his career as an analyst with MetLife Securities. He is a
member of the CFA Institute and the Atlanta Society of Financial Analysts.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                    10
Investment Team
 Yash Patodia, Investment Management
Mr. Patodia is responsible for research and portfolio management at EARNEST Partners. He began his career at
Microsoft where he worked as a Software Engineer for Windows Mobile Phones designing and developing core
technologies for new releases. Subsequently, he worked as a Program Manager leading cross-divisional teams to
incubate new Windows Mobile services. During his career at Microsoft, he collaborated with several telecom
operators and device manufacturers to commercialize new releases and to develop innovative data services. He
graduated with a BS in Computer Science and MS in Software Engineering from Carnegie Mellon University, and
holds an MBA from Harvard Business School.

 Sarah Ryan, Ph.D., FAIE, Investment Management
Dr. Ryan is responsible for research and portfolio management at EARNEST Partners. Prior to joining
EARNEST Partners she was the Chief Operating Officer for MTEM Ltd. She started her career with
Schlumberger as a wireline field engineer, and during her fifteen years with the company lived in six countries and
worked in the areas of field operations, research, research management, engineering, manufacturing, product
development, marketing and general management. She also worked in the utilities industry as a manager
responsible for technical and commercial asset management of Australian gas pipelines and networks. Dr. Ryan
holds patents in the United States, United Kingdom and Europe. She earned her Ph.D. in petroleum geology and
geophysics from the University of Adelaide, Australia. She received a B Sc with First Class Honors in Geophysics
from the University of Adelaide, a B Sc in Geology from the University of Melbourne, Australia and is an alumna
of IMD, Lausanne, Switzerland. She is a Fellow of the Australian Institute of Energy.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                      11
Investment Team
  Dinkar Malcom, CFA, Director, Product Management
 PatmonSingh, Ph.D., Investment Management

Dr. Singh is responsible for research and portfolio management at EARNEST Partners. Prior to joining
EARNEST Partners, he worked for more than five years at the IBM Research Center in the Silicon Technology
group. Leading a team of Ph.D.s/engineers, he helped develop semiconductor technology for next-generation
electronic chips, resulting in the first demonstration of an advanced memory and world record chip speed and
was awarded five U.S. patents with four additional patent applications pending. Dr. Singh has a Ph.D. from
Stanford University in Applied Physics, an MBA with high honors from University of Chicago, and studied
previously at the Indian Institute of Technology.



 Margaret Champagne, Product Management

Ms. Champagne is responsible for product management at EARNEST Partners. Prior to joining EARNEST
Partners, Margaret worked for Ernst & Young, specializing in real estate and financial service engagements. In
addition to her audit engagements, Margaret worked on special projects helping companies implement
International Financial Reporting Standards and Sarbanes Oxley regulations. She holds a BA in International
Business from the University of Georgia and a Masters of Science in Accounting from The University of
Virginia's McIntire School of Commerce.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                  12
Investment Team
 Katie Driver, Product Management

Ms. Driver is responsible for product management at EARNEST Partners. Prior to joining EARNEST Partners,
she spent six years as an Equity Research Associate for SunTrust Robinson Humphrey with a focus on the
specialty retail group. She holds a BA in Business Administration and Spanish from Furman University. Her
studies included a semester in Madrid, Spain as well as an internship in San Jose, Costa Rica. She is involved with
several non-profit organizations including Answer Atlanta and serves on the Endowment Consulting Group for
Furman University.



 Andrew Farmer, Product Management

Mr. Farmer is responsible for product management at EARNEST Partners. He holds a Bachelor of Science
degree from Lipscomb University where he majored in Financial Markets and minored in Communications. Prior
to joining EARNEST Partners, Mr. Farmer helped start an ecommerce apparel company where he directed the
day-to-day operations. He also has experience in the small market investment banking sector.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                      13
Investment Team
 Mondrell Moore, Product Management

Mr. Moore is responsible for product management at EARNEST Partners. He has more than ten years of
experience in the financial services area. He began his career in the Global Investor Services group at Brown
Brothers Harriman with assignments in Boston, Zurich, and London. He then joined the American Depository
Receipts division of The Bank of New York, working with institutional asset managers and international
companies across a broad spectrum of industries. Prior to joining EARNEST Partners, he worked as a portfolio
manager for SunTrust Robinson Humphrey in its Debt Capital Markets group focusing on asset securitization
transactions. He holds a BA in Business Administration and Finance from Clark Atlanta University and an MBA
from Cornell University.




Note: See form ADV, Part 2, Schedule F, Item #6 for former employers, dates of affiliation, and positions held.

                                                                                                                  14
EARNEST Partners’ Organization

                                                                                                    Paul E. Viera
                                                                                                    CEO, Partner

                                                                                                                                John Whitmore II, CPA             Jay Wilson, CFA, CPA, CSCP, CIPM
                                                                                                                            Chief Operating Officer, Partner          Chief Compliance Officer




                  Portfolio Management                                           Client Service                          Operations/Administration                 Product Management



  Matthew Bronfman                  Doug Folk, CFA       Anthony Ciliberto, CPA                    Damaris Turnbull                    L. Cord Campbell                     Patmon Malcom, CFA
       Partner                         Partner                 Director                            Manager, Trading              Deputy Chief Operating Officer                  Director




 Trey Greer, CFA, CPA                Mike Connor              Nal Umrao                               Emily Grigg                                                               Katie Driver
                                                                                                                                          Becky Do
        Partner                        Partner                SMA-Trader                                Trader                                                              Product Management
                                                                                                                                    Director, Chief of Staff



      Dan Royer                   Tammy Qiuhong Tang       Aimee Bennett                                                                                                       Andrew Farmer
                                                                                                    Vanessa Pope                      Patrina Thomas
       Partner                         Director           Manager, Portfolio                                                                                                Product Management
                                                                                                  Portfolio Accounting               Manager, Logistics
                                                             Accounting


   Chris Hovis, CFA                Jessie Magee, CFA                                                                                                                          Mondrell Moore
                                                                                                                                     Olivia Vaughn, CPA
       Director                          Director           Marcia Abbott                            Don Nguyen                                                             Product Management
                                                                                                                                    Manager, Compliance
                                                          Portfolio Accounting                    Portfolio Accounting


     Alysia Wurst                    Chris Fitze, CFA                                                                                                                           Lihua Shen
       Director                  Investment Management                                                                              Amie Wilkes, CSOP                       Product Management
                                                            Nadia Barnes                            Nikita Smeshko
                                                                                                                                    Manager, Operations
                                                          Trade Settlements                        Trade Settlements


   Sarah Ryan, PhD.                  Ryan Kelly, CFA                                                                                                                     Margaret Champagne, CPA
Investment Management            Investment Management                                                                                 Kevin McKenzie                      Product Management
                                                         Kathryn Philadelphia                     Christy Jordan, CIPM                Network Engineer
                                                          Trade Settlements                       Manager, Reporting

    Kaivalya Young                  Dinkar Singh, PhD.
     Lead Trader                 Investment Management                                                                                Daniel Montgolf
                                                             Josh Aycox                             Christelle Kim                 Network Administrator
                                                         Associate, Reporting                     Assistant, Reporting

    Richard Burgess                    Yash Patodia
Investment Management            Investment Management                                                                                  Varsha Telang
                                                                                                                                         Accounting


      Farez Alibay
Investment Management                                                                                                                    Saje Kirk
                                                                                                                                     Executive Assistant




                                                                                                                                                                                                     15
Representative Client List

Government of Guam Retirement Fund         Indiana State Teachers’ Retirement

United Technologies                        Williams College

National Collegiate Athletic Association   Verizon Communications

Oklahoma Municipal Retirement Fund         New York Common Retirement Fund

Maryland State Retirement System           New Mexico State Investment Council

Illinois Municipal Retirement Fund         NFL Player Annuity and Insurance

Pacific Gas & Electric                     Eli Lilly and Company

General Mills                              New Mexico State University

Exelon Corporation                         Prudential

Valero Energy                              State of North Carolina Retirement



                                                                                 16
EARNEST Partners
Key Contacts
April 30, 2011
                         EARNEST Partners
                    1180 Peachtree Street, Suite 2300
                        Atlanta, Georgia 30309
                             404-815-8772
                                Paul Viera
                             CEO and Partner
                      paulviera@earnestpartners.com

                           Trey Greer, CFA, CPA
                                  Partner
                      treygreer@earnestpartners.com

                           Jessie Magee, CFA
                                 Director
                    jessiemagee@earnestpartners.com

                                Katie Driver
                           Product Management
                     katiedriver@earnestpartners.com

                        Anthony C. Ciliberto, CPA
                         Director of Client Service
                   anthonyciliberto@earnestpartners.com

                          Christy L. Jordan, CIPM
                           Manager of Reporting
                    christyjordan@earnestpartners.com
                                                          17
EARNEST Partners
Investment Philosophy and Objective
April 30, 2011


EARNEST Partners is a fundamental, bottom-up stock selector. The Firm’s investment objective is to outperform
the benchmark while controlling volatility and risk. EARNEST Partners implements this philosophy using a screen
developed in-house called Return Pattern Recognition®, thorough fundamental analysis, and risk management that
minimizes the likelihood of meaningfully underperforming the benchmark.




                                                                                                              18
 EARNEST Partners
 Investment Process
 April 30, 2011

EARNEST Partners is a fundamental, bottom-up investment manager. We understand that each company is unique and consider
these differences in selecting companies that make good investments. The first step in our investment process is to screen the relevant
universe to identify companies likely to outperform based on their financial characteristics and the current environment. The
screening approach is called Return Pattern Recognition®, and it allows us to review thousands of companies and focus our attention on
those we believe to have the best prospects. Return Pattern Recognition® ranks each company according to specific financial and market
characteristics. Then it identifies the most attractive set of characteristics for each company, and finally, it identifies companies
currently exhibiting the set of characteristics that has led to outperformance.

The second step in our investment process is to construct a portfolio that includes those stocks we expect to have the best
performance and that effectively manages risk. Our clients are primarily concerned about the risk of meaningfully underperforming
the assigned benchmark. Hence, we focus our attention on reducing this possibility. We use a statistical approach called downside
deviation to measure the likelihood of significant underperformance. Using this information, we select investments that blend together
to manage downside risk. We reconstruct the portfolio until downside deviation is within acceptable limits.

In the last step of the process, the stocks we’ve identified as potential investments undergo a more rigorous fundamental review. We
develop an investment thesis for each company; this thesis must be tested. The test generally includes conversations with the
company’s management team and industry specialists, review of the company’s financial reports, analysis of industry and company-
specific studies, and independent field research. We seek companies in attractive industries with developed strategies, talented and
honest management teams, sufficient funding, and strong financial results. The experience and different perspectives of our
investment team are an advantage in determining which companies are best positioned to meet or exceed expectations. We eliminate
from consideration any company that does not pass our exhaustive fundamental analysis. The result is a client portfolio of stocks with
high expected excess returns and limited risk of meaningful underperformance.




                                                                                                                                          19
Portfolio Construction & Design



 Stock universe: begin with 2,000 stocks            Universe (2,000 stocks)




 Initial screen: use Return Pattern Recognition®   High-potential stocks (150)




 Risk control: constrain downside risk                Trial portfolios (60)



                                                          Portfolio
 Research: scrutinize the companies
                                                        companies (60)




                                                                                 20
Los Angeles Department of Water & Power Retirement Plan and Retirees
Health Benefits Fund
Guidelines and Investment Policy Audit


                                                                    Yes   No
 • Benchmark: Exceed Russell 2000 Value over a full market cycle

 • No prohibited securities held

 • No more than 5% of outstanding stock of a single company

 • Cash not to exceed 5% *

 • No more than 15% of outstanding stock of a single
   company held across firm

* Threshold may be temporarily exceeded due to market conditions.




                                                                               21
Equity Market Overview
April 30, 2011
U.S. equity markets started 2011 in positive territory, following up on a strong 4th quarter and full year 2010. The Russell 2000 small cap market was up 11%,
while the large cap market, represented by the Russell 1000, finished up over 9% YTD through April. World events put pressure on certain international
markets, but despite those headwinds, the MSCI ACWI ex-US produced an 8.6% return for the 4-month period.

The attention of both U.S. and international investors shifted east during the quarter. Although the still-strained economic environment in both the U.S. and
Europe remained top of mind, events in the Middle East, North Africa, and Japan raised additional concerns. Decades-old factors including economic decline,
unemployment, rising food prices, concentration of wealth, and stagnant leadership manifested in revolutions and uprisings in North Africa and the Middle East
during the quarter. Oil prices jumped more than 15% due to concerns about supply and the possibility that unrest could spread to oil-rich Saudi Arabia. A
second global crisis unfolded in mid March when Japan suffered the largest earthquake in its recorded history. Although the epicenter of the earthquake was
hundreds of miles away from Tokyo, the impact of the earthquake and resulting tsunami were felt throughout the country and will continue to be felt in many
parts of the world. In addition to the devastating loss of human life, Japan is also facing a disruption in manufacturing and sales across a broad spectrum of
goods, including automobiles, industrial equipment, and consumer electronics. That disruption will further pressure global GDP growth.

U.S. equity markets ended April near their highest levels in almost four years, roughly doubling from the lows experienced in March 2009. Although markets
dropped sharply mid March due to the unfolding global events, they rebounded in the following month supported by a slowly improving employment outlook
and a renewed appetite for risk. GDP grew at a 3.1% annual rate in the 4th quarter of 2010 as increasing exports and business investment in property and
equipment drove the third straight quarter of accelerating economic growth. This economic growth, along with stabilizing capital markets and continued low
interest rates, pushed merger and acquisition activity up 80% compared to the first quarter of 2010, boosting valuations across multiple industries. Private
sector hiring also accelerated for the third straight quarter helping drop the unemployment rate to 8.8%, another sign that businesses are beginning to spend
some of the record $1.9 trillion that was sitting on corporate balance sheets at the end of 2010. Data suggests that those who are employed are gradually feeling
more secure about their income and, in some cases, are increasing their purchases of durable goods that were deferred during the downturn. Durable good
purchases like cars and appliances were up during 4Q10 and have carried forward into 2011.

Despite a pickup in payrolls, income growth continues to lag inflation. Consumer sentiment fell towards the end of the quarter as food and gas prices continued
to rise. Prices across the major segments of energy, materials, and agriculture rose sharply with oil approaching $110 a barrel, aluminum rising 7%, and cotton
prices increasing by approximately 40% during the first quarter. Further, the housing market still shows no signs of a solid bottom. The S&P/Case-Shiller home
price index continues to trend downwards with only select markets showing any year-over-year improvement. As a result of these factors, overall consumer
spending has stalled causing expectations for 1Q11 GDP growth to drop below 3%. Nevertheless, many expect these trends to be short-lived with the longer
term trend for the economy remaining upward sloping. The index of leading economic indicators rose for the eighth straight month in February, and as
evidenced by the equity market returns in the 1st quarter, investors are also optimistic.




                                                                                                                                                                    22
EARNEST Partners Small Cap Value Portfolio Review
April 30, 2011
The EARNEST Partners Small Cap Value portfolio significantly outperformed its benchmark, the Russell 2000 Value, for the four months ended April 30.
Strong stock selection across the portfolio drove the relative outperformance. Absolute returns were led by gains in the Energy, Healthcare, and Materials
sectors. Cabot Oil & Gas, an independent exploration and production company with properties concentrated in East Texas, Appalachia and the Rockies, rose
49% YTD through April. The company’s highly profitable natural gas projects (including the Marcellus Shale) account for more than 90% of revenue; and that
business is growing organically at 15%+. COG announced in 4Q that it is selling its midstream (gas compression and pipeline) assets to focus on its core
upstream business. A number of the portfolio’s healthcare holdings performed well including Covance, which rose 22%. Covance is a leading contract research
organization that provides outsourced research and development for pharmaceutical and biotech companies. Covance’s focus on early stage FDA trials resulted
in some weakness in 2010 as pharmaceutical companies focused on drugs in late stage trials. However, early stage development has rebounded in 2011 as
pharmaceutical companies seek to refill their pipelines in the face of significant patent expirations in the coming 24 months. CVD should continue to benefit
from better demand for early stage testing, operating leverage from an expanding revenue base, and a continued shift towards strategic partnerships between big
pharma and the top CROs. Technology holding SRA International was among the portfolio’s best performers for the period, up 52%. SRA is a leading
provider of technology and strategic consulting services to national security, civil government, and healthcare agencies. Those services include business
intelligence, data assurance, disaster response planning, and environmental strategies, among others. A new management team has consolidated operations and
focused on building out higher-margin businesses and driving operating profitability and earnings higher. As a result, strategic and private equity buyers
expressed interest in the company, and subsequent to quarter-end, SRA announced that it entered into a definitive merger agreement to be acquired by
Providence Equity Partners.




                                                                                                                                                                  23
Equity Market Overview
April 30, 2011
                                              Equity Index Returns
                                                                                                   YTD
                                                                         24.5                      2010


                                                        15.5                                15.1
                                     14.1
                  11.6        11.5
            8.6                                 9.3                                   9.1
                                                                 8.3




          ACWI Ex US         Dow Jones        Russell 1000     Russell 2000          S&P 500
                             Industrials        Value            Value




     Period Ended                     YTD              2010    5 Years          10 Years
     ACWI Ex US                        8.62           11.60       4.01              7.66
     Dow Jones Industrials            11.49           14.06       5.20              4.28
     Russell 1000 Value                9.29           15.51       1.40              4.31
     Russell 2000 Value                8.33           24.50       2.50              8.69
     S&P 500                           9.06           15.06       2.95              2.82




                                                                                                          24
Equity Market Overview
April 30, 2011

                             Russell 2000 Value –       Russell 2000 Value –
                             YTD Returns                Latest 12 Month Returns
                             Percent                    Percent

Health Care                                     21.89                            35.15
Energy                                         19.93                            33.55
Materials                              13.05                                    33.45

Telecommunication Services          9.46                          15.25

Utilities                           9.25                                20.05

Consumer Staples                8.43                            12.37

Information Technology          7.93                                    19.26

Industrials                    7.39                                     20.51

Financials                   4.50                        6.27

Consumer Discretionary       4.18                       4.10




                                                                                         25
Los Angeles Department of Water & Power Retirement Plan and
Retirees Health Benefits Fund
Guidelines and Investment Policy Audit


    During the period May 1, 2010 through April 30, 2011, EARNEST Partners verifies that the WPERP has been in
    compliance with the Investment Management Agreement and Guidelines including the Investment and Legal/Compliance
    Guidelines.




    Signature: __________________                      Date: 04/30/2011
                  Trey Greer
    Title:        Investment Management




                                                                                                                       26
Los Angeles Department of Water & Power Retirement Plan
Performance Measurement
April 30, 2011


      Performance
                                                                                                                Excess
                                   Total               Total                                                    Return
                                 Portfolio -         Portfolio -                         Russell 2000           (Basis
                                   Gross                Net              Equities          Value                Points)

      YTD                            12.94%             12.77%             13.44%               8.33%               444

      1 Year                         19.96              19.23               20.31              14.57                466

      Since Inception
                                       6.25               5.62               6.18               5.16                  46
      Annualized*




     * Annualized. Performance Inception is 11/30/2004.
     Net of fee performance results presented herein may be based on estimated information for the most recent quarter(s).


                                                                                                                             27
Los Angeles Department of Water & Power Retirement Plan
Performance Measurement
April 30, 2011

                                                                                          Portfolio (Gross)
       Period ending April 30, 2011                                                       Portfolio (Net)
                                                                                          Portfolio (Equity Only)
                                                                                          Russell 2000® Value




                                         20.0          20.3
                                                19.2

                                                              14.6
                                                                     12.9   12.8   13.4


                                                                                            8.3
             6.3    5.6   6.2
                                   5.2




                 Since Inception                 1 Year                       YTD




                                                                                                                    28
Retirees Health Benefits Fund
Performance Measurement
April 30, 2011


      Performance
                                                                                                                Excess
                                   Total               Total                                                    Return
                                 Portfolio -         Portfolio -                         Russell 2000           (Basis
                                   Gross                Net              Equities          Value                Points)

      YTD                            12.97%             12.72%             13.78%               8.33%               439

      1 Year                         20.07              19.00               20.98              14.57                443

      Since Inception
                                     26.48              25.42               27.66              22.51                291
      Annualized*




     * Annualized. Performance Inception is 09/15/2009.
     Net of fee performance results presented herein may be based on estimated information for the most recent quarter(s).


                                                                                                                             29
Retirees Health Benefits Fund
Performance Measurement
April 30, 2011

                                                                                           Portfolio (Gross)
       Period ending April 30, 2011                                                        Portfolio (Net)
                                                                                           Portfolio (Equity Only)
                                                                                           Russell 2000® Value


                           27.7
            26.5
                    25.4
                                   22.5
                                          20.1          21.0
                                                 19.0

                                                               14.6                 13.8
                                                                      13.0   12.7

                                                                                              8.3




                 Since Inception                  1 Year                       YTD




                                                                                                                     30
Los Angeles Department of Water & Power Retirement Plan
Market Cap Weightings
April 30, 2011

                                                                          Portfolio
  Percentage Held                                                         Russell 2000® Value




                                      59.1
                                                      55.6


                                 44

                                                             32.9




           8

                                                                             0.5

               $0 - $1 Billion           $1 - $4 Billion        $4 – $12 Billion




                                                                                           31
Retirees Health Benefits Fund
Market Cap Weightings
April 30, 2011

                                                                       Portfolio
  Percentage Held                                                      Russell 2000® Value




                                   58.6
                                                   55.6


                              44

                                                          33.9




          7.6
                                                                          0.5

            $0 - $1 Billion           $1 - $4 Billion        $4 – $12 Billion




                                                                                        32
Los Angeles Department of Water & Power Retirement Plan
Sector Attribution
April 30, 2011

                                    Portfolio –                Russell 2000 Value –
                                    Last 12 Months             Last 12 Months
                                    Percent                    Percent

Industrials                                         23.17                 14.59
Financials                                          22.66                             36.92
Information Technology                      14.11                    9.51

Health Care                             10.92                  5.47

Energy                                 10.14                       7.26

Consumer Discretionary               7.02                             10.19

Utilities                           6.18                           6.33

Materials                       4.20                               6.15

Telecommunication Services    1.61                          0.55

Consumer Staples             0.00                            3.03




                                                                                              33
Retirees Health Benefits Fund
Sector Attribution
April 30, 2011

                                    Portfolio –                Russell 2000 Value –
                                    Last 12 Months             Last 12 Months
                                    Percent                    Percent

Financials                                          22.54                             36.92
Industrials                                         21.87                 14.59
Information Technology                      14.37                    9.51

Energy                                  11.12                      7.26

Health Care                             11.08                  5.47

Consumer Discretionary               6.94                             10.19

Utilities                           6.22                           6.33

Materials                       4.22                               6.15

Telecommunication Services    1.64                          0.55

Consumer Staples             0.00                            3.03




                                                                                              34
Los Angeles Department of Water & Power Retirement Plan
Contributors/Detractors
May 1, 2010 – April 30, 2011



                     Top 10 Contributors             Top 10 Detractors
                     Bucyrus International Inc.      Amedisys Inc.

                     Lufkin Industries Inc.          Itron Inc.

                     AMERIGROUP Corp.                URS Corp.

                     Timken Co.                      School Specialty Inc.

                     Cabot Oil & Gas Corp.           Astoria Financial Corp.

                     Whiting Petroleum Corp.         Jefferies Group Inc.

                     GATX Corp.                      Sonic Corp.

                     ONEOK Inc.                      Eaton Vance Corp.

                     South Jersey Industries Inc.    Arris Group Inc.

                     Medical Properties Trust Inc.   Healthways Inc.




                                                                               35
Retirees Health Benefits Fund
Contributors/Detractors
May 1, 2010 – April 30, 2011



                     Top 10 Contributors             Top 10 Detractors
                     Lufkin Industries Inc.          Amedisys Inc.

                     Bucyrus International Inc.      Itron Inc.

                     AMERIGROUP Corp.                URS Corp.

                     Timken Co.                      School Specialty Inc.

                     Cabot Oil & Gas Corp.           Astoria Financial Corp.

                     Whiting Petroleum Corp.         Sonic Corp.

                     ONEOK Inc.                      Jefferies Group Inc.

                     South Jersey Industries Inc.    Eaton Vance Corp.

                     Hexcel Corp.                    Healthways Inc.

                     Medical Properties Trust Inc.   Arris Group Inc.




                                                                               36
Los Angeles Department of Water & Power Retirement Plan and
Retirees Health Benefits Fund
Sector Decisions
April 30, 2011

 EARNEST Partners does not target sector or industry weights. Instead, the weightings are an outgrowth of our bottom-up,
 fundamental stock selection process. Our process is designed to identify the individual securities with the most attractive expected
 returns; relative overweights and underweights are an outgrowth of where we're finding those individual opportunities. As of April
 30, 2011, the portfolio was overweight in the Healthcare and Energy and Information Technology sectors. The portfolio continues
 to be underweight the Financial sector.

 The overweight in Information Technology is attributed to our having identified a number of attractively valued companies with
 both the technical and domain expertise to improve the effectiveness and efficiency of their clients by addressing unique industry
 needs. This has helped our holdings drive solid earnings growth and establish entrenched positions within their markets.

 The overweight in Healthcare is attributed to our having identified companies that will benefit from rising demand (stemming from
 an aging population, technological advancement and a growing insured population resulting from recent legislation). Many of these
 companies offer a value proposition to their customers by either increasing productivity or reducing costs.

 The underweight in financials is attributed to our investment team having found what we believe are better opportunities in other
 sectors. The portfolio has relatively less exposure to regional commercial banks and mortgage companies; as we believe many still
 have balance sheet issues to work through. The stocks owned in the portfolio are primarily financial services companies including
 brokerages, asset managers and specialty insurance companies.




                                                                                                                                        37
Los Angeles Department of Water & Power Retirement Plan and
Retirees Health Benefits Fund
Performance Attribution
April 30, 2011
Key Performance Drivers – Stock Selection
Cabot Oil & Gas
                                                         • Cabot Oil & Gas is an independent exploration and production company with
                               Stock price performance     North American properties concentrated in East Texas, Appalachia and the
                                                           Rockies.
                         $53
                         $47
                                                         • The company’s highly profitable natural gas projects (including the Marcellus
                         $41                               Shale) account form more than 90% of revenue; and that business is growing
                         $35                               organically at 15%+.
                                                         • COG is in the process of selling its midstream (gas compression and pipeline)
                               10




                               11
                                1

                                1

                                1




                                1

                                1
                                                           assets to focus on its core upstream business. This sale will alleviate bottlenecks
                              01

                              01

                              01




                              01

                              01
                             20




                            20
                           /2

                           /2

                           /2




                           /2

                           /2
                          1/




                          1/
                                                           with the regulatory authorities that were slowing drilling and installation. Shares
                         15

                         30

                         14




                         16

                         31
                       /3




                       3/
                      1/

                      1/

                      2/




                      3/

                      3/
                     12




                                                           rose 41% for the quarter.
SRA International
                                                         • SRA is a leading provider of technology and strategic consulting services to
                               Stock price performance     national security, civil government, and healthcare agencies.
                         $29                             • Those services include business intelligence, data assurance, disaster response
                         $26                               planning, and environmental strategies, among others.
                         $23                             • A new management team has consolidated operations and focused on building
                         $20
                                                           out higher-margin businesses and driving operating profitability and earnings
                                                           higher. As a result, strategic and private equity buyers expressed interest in the
                                10




                                11
                                 1

                                 1

                                 1




                                 1

                                 1
                               01

                               01

                               01




                               01

                               01
                              20




                             20




                                                           company, and subsequent to quarter-end, SRA announced that it entered into a
                            /2

                            /2

                            /2




                            /2

                            /2
                           1/




                           1/
                          15

                          30

                          14




                          16

                          31
                        /3




                        3/
                       1/

                       1/

                       2/




                       3/

                       3/




                                                           definitive merger agreement to be acquired by Providence Equity Partners.
                      12




                                                           Shares rose 39% in 1Q.
Covance
                                                         • Covance is a leading contract research organization (CRO) providing outsourced
                               Stock price performance     research and development for pharmaceutical and biotech companies.
                         $60
                                                         • Covance’s focus on early stage FDA trials resulted in some weakness in 2010 as
                         $56
                                                           pharmaceutical companies focused on drugs in late stage trials.
                         $52
                         $48
                                                         • However, 2011 has seen a resurgence in early stage development as
                                                           pharmaceutical companies look to refill their pipelines in the face of significant
                                10




                                11
                                 1


                                 1




                                 1


                                 1
                                 1




                                                           patent expirations in the coming 24 months.
                               01

                               01


                               01




                               01

                               01
                              20




                             20
                            /2

                            /2


                            /2




                            /2


                            /2
                           1/




                           1/




                                                         • CVD should continue to benefit from better demand for early stage testing,
                          15

                          30


                          14




                          16

                          31
                        /3




                        3/
                       1/

                       1/


                       2/




                       3/

                       3/
                      12




                                                           operating leverage as revenues grow, and a continued shift towards strategic
                                                           partnerships between big pharma and the top CROs. Shares rose 6% in 1Q.           38
Los Angeles Department of Water & Power Retirement Plan
Top 10 Holdings
April 30, 2011


                                                       Portfolio
                          Company Name                Weight (%)
                  Bucyrus International Inc.                 4.63

                  FLIR Systems Inc                           3.05

                  Cabot Oil & Gas Corp.                      2.70

                  Phillips-Van Heusen Corp.                  2.68

                  Lufkin Industries Inc.                     2.68

                  Timken Co.                                 2.52

                  Raymond James Financial Inc.               2.51

                  AMERIGROUP Corp.                           2.40

                  Reinsurance Group of America Inc.          2.32

                  Global Payments Inc.                       2.32




                                                                    39
Retirees Health Benefits Fund
Top 10 Holdings
April 30, 2011


                                                       Portfolio
                          Company Name                Weight (%)
                  Bucyrus International Inc.                 4.74

                  Lufkin Industries Inc.                     3.63

                  FLIR Systems Inc                           3.05

                  Cabot Oil & Gas Corp.                      2.75

                  Phillips-Van Heusen Corp.                  2.62

                  Timken Co.                                 2.53

                  Raymond James Financial Inc.               2.53

                  AMERIGROUP Corp.                           2.46

                  Global Payments Inc.                       2.35

                  Reinsurance Group of America Inc.          2.32




                                                                    40
            Statement of Assets & Transaction Summary
Los Angeles Department of Water & Power Retirement Plan

                          April 30, 2011




                                                          41
Los Angeles Department of Water & Power
Retirement Plan
Statement of Assets
April 30, 2011
                                                                 Market          Pct.    Annual
   Quantity                        Security            Price     Value          Assets   Income       Yield

US - COMMON STOCK
CONSUMER DISCRETIONARY
        79,800 AARON'S                                   28.79      2,297,442      1.9        4,150     0.2
        53,900 LIFE TIME FITNESS INC                     39.12      2,108,568      1.7            0     0.0
        50,800 MERITAGE HOMES CORP                       23.91      1,214,628      1.0            0     0.0
        45,000 PHILLIPS VAN HEUSEN CORP                  70.41      3,168,450      2.6        6,750     0.2
        33,400 SNAP ON INC COM                           61.77      2,063,118      1.7       42,752     2.1
                                                                   10,852,206      8.9       53,652     0.5

ENERGY
          33,700   BRISTOW GROUP INC                     46.40      1,563,680      1.3            0     0.0
          73,100   CABOT OIL & GAS CORP                  56.28      4,114,068      3.4        8,772     0.2
          38,000   LUFKIN INDUSTRIES INC                 92.33      3,508,540      2.9       19,000     0.5
          54,400   SWIFT ENERGY CO                       39.19      2,131,936      1.7            0     0.0
          36,800   WHITING PETROLEUM CORP                69.50      2,557,600      2.1            0     0.0
                                                                   13,875,824     11.4       27,772     0.2

FINANCIAL
        114,650    ASTORIA FINL CO.                      14.47      1,658,985      1.4       59,618     3.6
         52,422    CASH AMERICA INTL INC                 47.45      2,487,424      2.0        7,339     0.3
         54,750    DELPHI FINL GROUP                     31.95      1,749,262      1.4       24,090     1.4
         63,500    EATON VANCE                           33.77      2,144,395      1.8       45,720     2.1
         76,600    JEFFERIES GROUP                       24.17      1,851,422      1.5       22,980     1.2
         80,300    PROTECTIVE LIFE CORP                  26.91      2,160,873      1.8       44,968     2.1
         81,200    RAYMOND JAMES FINL INC.               37.50      3,045,000      2.5       42,224     1.4
         43,900    REINSURANCE GROUP OF AMERICA INC.     63.30      2,778,870      2.3       21,072     0.8
         44,000    STATE AUTO FINANCIAL CORP             16.98        747,120      0.6       26,400     3.5
         56,292    TRUSTMARK CORP                        23.24      1,308,226      1.1       51,789     4.0
         73,700    UNITED BANKSHARES INC                 26.16      1,927,992      1.6       88,440     4.6
         41,000    UNITED FIRE & CASUALTY                19.80        811,800      0.7       24,600     3.0
                                                                   22,671,370     18.6      459,240     2.0
Los Angeles Department of Water & Power
Retirement Plan
Statement of Assets
April 30, 2011
                                                        Market          Pct.    Annual
   Quantity                      Security     Price     Value          Assets   Income       Yield

HEALTH CARE
        42,100    AMEDISYS INC.                 33.32      1,402,772      1.1            0     0.0
        53,600    AMERIGROUP CORP               68.30      3,660,880      3.0            0     0.0
        34,300    CANTEL MEDICAL CORP           25.93        889,399      0.7        4,116     0.5
        31,100    COVANCE INC                   62.60      1,946,860      1.6            0     0.0
        62,900    HEALTHWAYS INC                16.92      1,064,268      0.9            0     0.0
        34,499    MEDNAX INC.                   70.92      2,446,669      2.0            0     0.0
        76,300    PHARMACEUTICAL PROD DEV       30.85      2,353,855      1.9       45,780     1.9
                                                          13,764,703     11.3       49,896     0.4

INDUSTRIALS
         55,200   AAR CORP COM                  26.04      1,437,408      1.2            0     0.0
         58,600   BUCYRUS INTERNATIONAL         91.46      5,359,556      4.4        5,860     0.1
         14,600   ENERSYS INC.                  37.89        553,194      0.5            0     0.0
         67,000   GATX                          42.27      2,832,090      2.3       77,720     2.7
         67,500   HARSCO CORP                   35.60      2,403,000      2.0       55,350     2.3
        111,100   HEXCEL CORP NEW               21.53      2,391,983      2.0            0     0.0
         41,500   MOOG INC CL A                 44.12      1,830,980      1.5            0     0.0
         29,300   TELEDYNE TECHNOLOGIES INC     50.49      1,479,357      1.2            0     0.0
         61,600   TIMKEN CO                     56.39      3,473,624      2.8       44,352     1.3
         41,800   URS CORP NEW COM              44.75      1,870,550      1.5            0     0.0
                                                          23,631,742     19.4      183,282     0.8

INFORMATION TECHNOLOGY
       151,900 ARRIS GROUP INC                  12.00      1,823,559      1.5            0     0.0
        32,000 BLACKBOARD INC                   48.11      1,539,520      1.3            0     0.0
        23,900 CABOT MICROELECTRONICS CORP      48.86      1,167,754      1.0            0     0.0
        74,900 CHECKPOINT SYSTEMS INC           21.06      1,577,394      1.3            0     0.0
        53,011 DIGITAL RIVER INC                32.54      1,724,978      1.4            0     0.0
       102,100 FLIR SYS INC COM                 35.22      3,595,962      2.9       24,504     0.7
        53,000 GLOBAL PAYMENTS INC              53.24      2,821,720      2.3        4,240     0.2
Los Angeles Department of Water & Power
Retirement Plan
Statement of Assets
April 30, 2011
                                                           Market          Pct.    Annual
   Quantity                         Security     Price     Value          Assets   Income        Yield

            28,626 ITRON INC                       54.43      1,558,113      1.3            0      0.0
                                                             15,809,001     12.9       28,744      0.2

MATERIALS
        40,000 SCOTTS MIRACLE-GRO                  56.47      2,258,800      1.9       40,000      1.8
        61,000 VALSPAR CORP.                       39.31      2,397,910      2.0       43,920      1.8
                                                              4,656,710      3.8       83,920      1.8

TELECOMMUNICATION SVCS
        41,200 SBA COMMUNICATIONS CORP             38.63      1,591,556      1.3            0      0.0

UTILITIES
            36,900 ONEOK INC                       69.94      2,580,786      2.1        76,752     3.0
            42,395 SOUTH JERSEY INDUSTRIES INC     57.45      2,435,593      2.0        61,897     2.5
            63,535 WGL HOLDINGS INC.               39.52      2,510,903      2.1        98,479     3.9
                                                              7,527,282      6.2       237,128     3.2
                                                            114,380,394     93.7     1,123,633     1.0

REITS
FINANCIAL
        111,100 FIRST POTOMAC REALTY TRUST         16.23      1,803,153      1.5       88,880      4.9
        212,300 MEDICAL PROPERTIES TRUST INC.      12.34      2,619,782      2.1      169,840      6.5
                                                              4,422,935      3.6      258,720      5.8
                                                              4,422,935      3.6      258,720      5.8

CASH AND EQUIVALENTS
CASH & EQUIVALENTS
               DIVIDENDS RECEIVABLE                             78,960       0.1            0      0.0
Los Angeles Department of Water & Power
Retirement Plan
Statement of Assets
April 30, 2011
                                                  Market          Pct.    Annual
  Quantity                    Security   Price    Value          Assets   Income       Yield

             PRINCIPAL CASH                          3,213,296      2.6        3,213     0.1
                                                     3,292,257      2.7        3,213     0.1
                                                     3,292,257      2.7        3,213     0.1

TOTAL PORTFOLIO                                  122,095,585 100.0        1,385,567      1.1
Los Angeles Department of Water & Power Retirement Plan
Transaction Summary
May 1, 2010 – April 30, 2011

                                                     Security   Unit
         Quantity   Security                         Symbol     Price      Amount

         PURCHASES
           10,200.00 AARON'S                         aan        20.04   $    204,458.00
           15,200.00 AMEDISYS INC.                   amed       37.03   $    562,630.00
           18,800.00 BLACKBOARD INC                  bbbb       41.83   $    786,303.00
           33,700.00 BRISTOW GROUP INC               brs        37.21   $ 1,243,626.00
           23,900.00 CABOT MICROELECTRONICS CORP     ccmp       48.11   $ 1,149,392.00
           35,800.00 CANTEL MEDICAL CORP             cmn        16.75   $    599,708.00
           12,500.00 CASH AMERICA INTL INC           csh        43.42   $    542,566.00
           15,500.00 CHECKPOINT SYSTEMS INC          ckp        21.53   $    333,622.00
           14,600.00 ENERSYS INC.                    ens        22.06   $    322,013.00
           69,900.00 GATX                            gmt        30.79   $ 2,137,611.00
           19,100.00 GEOEYE INC                      geoy       31.71   $    605,470.00
           21,000.00 HARSCO CORP                     hsc        34.17   $    717,545.00
            2,100.00 LUFKIN INDUSTRIES INC           lufk       49.37   $    103,687.00
           17,700.00 MERITAGE HOMES CORP             mth        24.58   $    435,129.00
            7,800.00 SOUTH JERSEY INDUSTRIES INC     sji        43.57   $    339,803.00
            4,400.00 TNS INC                         tns        18.92   $     83,229.00
           31,300.00 UNITED BANKSHARES INC           ubsi        27.4   $    856,432.00
           23,635.00 WGL HOLDINGS INC.               wgl        37.12   $    876,307.00
           52,000.00 FIRST POTOMAC REALTY TRUST      fpo        15.49   $    805,480.00
           84,100.00 MEDICAL PROPERTIES TRUST INC.   mpw        10.57   $    881,030.00
                                                                        $ 13,586,043.00

                                                                                          46
Los Angeles Department of Water & Power Retirement Plan
Transaction Summary (continued)
May 1, 2010 – April 30, 2011


                                                      Security   Unit
         Quantity      Security                       Symbol     Price       Amount

         SALES
           49,250.00   BRINKER INTL. INC.             eat        18.95   $     933,083.00
            5,600.00   BUCYRUS INTERNATIONAL          bucy        89.4   $     500,664.00
            6,575.00   FURIEX PHARMACEUTICALS INC     furx        9.72   $      63,833.00
           19,100.00   GEOEYE INC                     geoy       37.31   $     712,448.00
           29,700.00   SCHOOL SPECIALTY INC           schs       13.11   $     389,482.00
           62,450.00   SONIC CORP                     sonc        9.11   $     568,530.00
              448.00   SPECTRUM GROUP INTERNATIONAL   spgz        1.89   $         847.00
           62,200.00   SRA INTERNATIONAL INC.         srx        31.01   $   1,929,085.00
            4,400.00   TNS INC                        tns        15.58   $      68,566.00
           39,200.00   TORO CO                        ttc         62.8   $   2,461,480.00
           22,900.00   WATSCO INC.                    wso        61.62   $   1,411,174.00
                                                                         $   9,039,192.00




                                                                                            47
Statement of Assets & Transaction Summary
The Retiree Health Benefits Fund

              April 30, 2011




                                            48
The Retiree Health Benefits Fund
Statement of Assets
April 30, 2011
                                                                 Market          Pct.    Annual
   Quantity                        Security            Price     Value          Assets   Income       Yield

US - COMMON STOCK
CONSUMER DISCRETIONARY
        11,450 AARON'S                                   28.79        329,645      1.9          595     0.2
         7,700 LIFE TIME FITNESS INC                     39.12        301,224      1.7            0     0.0
         7,300 MERITAGE HOMES CORP                       23.91        174,543      1.0            0     0.0
         6,400 PHILLIPS VAN HEUSEN CORP                  70.41        450,624      2.6          960     0.2
         4,800 SNAP ON INC COM                           61.77        296,496      1.7        6,144     2.1
                                                                    1,552,532      8.9        7,699     0.5

ENERGY
           4,800   BRISTOW GROUP INC                     46.40        222,720      1.3            0     0.0
          10,400   CABOT OIL & GAS CORP                  56.28        585,312      3.3        1,248     0.2
           9,000   LUFKIN INDUSTRIES INC                 92.33        830,970      4.7        4,500     0.5
           7,800   SWIFT ENERGY CO                       39.19        305,682      1.7            0     0.0
           5,000   WHITING PETROLEUM CORP                69.50        347,500      2.0            0     0.0
                                                                    2,292,184     13.1        5,748     0.3

FINANCIAL
         16,300    ASTORIA FINL CO.                      14.47        235,861      1.3        8,476     3.6
          7,500    CASH AMERICA INTL INC                 47.45        355,875      2.0        1,050     0.3
          7,800    DELPHI FINL GROUP                     31.95        249,210      1.4        3,432     1.4
          9,000    EATON VANCE                           33.77        303,930      1.7        6,480     2.1
         10,900    JEFFERIES GROUP                       24.17        263,453      1.5        3,270     1.2
         11,400    PROTECTIVE LIFE CORP                  26.91        306,774      1.7        6,384     2.1
         11,600    RAYMOND JAMES FINL INC.               37.50        435,000      2.5        6,032     1.4
          6,300    REINSURANCE GROUP OF AMERICA INC.     63.30        398,790      2.3        3,024     0.8
          6,300    STATE AUTO FINANCIAL CORP             16.98        106,974      0.6        3,780     3.5
          8,000    TRUSTMARK CORP                        23.24        185,920      1.1        7,360     4.0
          7,100    UNITED BANKSHARES INC                 26.16        185,736      1.1        8,520     4.6
          5,800    UNITED FIRE & CASUALTY                19.80        114,840      0.7        3,480     3.0
                                                                    3,142,363     17.9       61,288     2.0

HEALTH CARE
         6,000 AMEDISYS INC.                             33.32       199,920       1.1            0     0.0




                                                                                                              49
The Retiree Health Benefits Fund
Statement of Assets
April 30, 2011
                                                         Market          Pct.    Annual
   Quantity                       Security     Price     Value          Assets   Income       Yield

           7,600   AMERIGROUP CORP               68.30        519,080      3.0            0     0.0
           4,900   CANTEL MEDICAL CORP           25.93        127,057      0.7          588     0.5
           4,400   COVANCE INC                   62.60        275,440      1.6            0     0.0
           9,000   HEALTHWAYS INC                16.92        152,280      0.9            0     0.0
           4,900   MEDNAX INC.                   70.92        347,508      2.0            0     0.0
          10,900   PHARMACEUTICAL PROD DEV       30.85        336,265      1.9        6,540     1.9
                                                            1,957,550     11.2        7,128     0.4

INDUSTRIALS
          7,900    AAR CORP COM                  26.04        205,716      1.2            0     0.0
          8,400    BUCYRUS INTERNATIONAL         91.46        768,264      4.4          840     0.1
          1,800    ENERSYS INC.                  37.89         68,202      0.4            0     0.0
          6,600    HARSCO CORP                   35.60        234,960      1.3        5,412     2.3
         15,800    HEXCEL CORP NEW               21.53        340,174      1.9            0     0.0
          5,900    MOOG INC CL A                 44.12        260,308      1.5            0     0.0
          4,200    TELEDYNE TECHNOLOGIES INC     50.49        212,058      1.2            0     0.0
          8,800    TIMKEN CO                     56.39        496,232      2.8        6,336     1.3
          6,000    URS CORP NEW COM              44.75        268,500      1.5            0     0.0
                                                            2,854,414     16.3       12,588     0.4

INFORMATION TECHNOLOGY
        21,600 ARRIS GROUP INC                   12.00        259,308      1.5            0     0.0
         4,600 BLACKBOARD INC                    48.11        221,306      1.3            0     0.0
         3,500 CABOT MICROELECTRONICS CORP       48.86        171,010      1.0            0     0.0
        10,800 CHECKPOINT SYSTEMS INC            21.06        227,448      1.3            0     0.0
         7,600 DIGITAL RIVER INC                 32.54        247,304      1.4            0     0.0
        14,500 FLIR SYS INC COM                  35.22        510,690      2.9        3,480     0.7
         7,600 GLOBAL PAYMENTS INC               53.24        404,624      2.3          608     0.2
         4,100 ITRON INC                         54.43        223,163      1.3            0     0.0
                                                            2,264,853     12.9        4,088     0.2

MATERIALS
            5,700 SCOTTS MIRACLE-GRO             56.47       321,879       1.8        5,700     1.8




                                                                                                      50
The Retiree Health Benefits Fund
Statement of Assets
April 30, 2011
                                                             Market          Pct.    Annual
   Quantity                         Security       Price     Value          Assets   Income       Yield

            8,700 VALSPAR CORP.                      39.31       341,997       2.0        6,264     1.8
                                                                 663,876       3.8       11,964     1.8

TELECOMMUNICATION SVCS
        5,900 SBA COMMUNICATIONS CORP                38.63       227,917       1.3            0     0.0

UTILITIES
            5,300 ONEOK INC                          69.94        370,682      2.1       11,024     3.0
            6,000 SOUTH JERSEY INDUSTRIES INC        57.45        344,700      2.0        8,760     2.5
            7,662 WGL HOLDINGS INC.                  39.52        302,802      1.7       11,876     3.9
                                                                1,018,184      5.8       31,660     3.1
                                                               15,973,874     91.1      142,163     0.9

REITS
FINANCIAL
             8,400 FIRST POTOMAC REALTY TRUST        16.23       136,332       0.8        6,720     4.9
            24,400 MEDICAL PROPERTIES TRUST INC.     12.34       301,096       1.7       19,520     6.5
                                                                 437,428       2.5       26,240     6.0
                                                                 437,428       2.5       26,240     6.0

CASH AND EQUIVALENTS
CASH & EQUIVALENTS
               DIVIDENDS RECEIVABLE                                10,108      0.1            0     0.0
               PRINCIPAL CASH                                   1,108,612      6.3        1,109     0.1
                                                                1,118,720      6.4        1,109     0.1
                                                                1,118,720      6.4        1,109     0.1

TOTAL PORTFOLIO                                              17,530,022 100.0          169,512      1.0




                                                                                                          51
Retirees Health Benefits Fund
Transaction Summary
May 1, 2010 – April 30, 2011
                                               Security   Unit
      Quantity   Security                      Symbol     Price       Amount

      PURCHASES
          500.00 AAR CORP COM                  air        21.17   $     10,586.00
        1,700.00 AARON'S                       aan        19.77   $     33,538.00
        2,400.00 AMEDISYS INC.                 amed       35.76   $     84,920.00
          200.00 AMERIGROUP CORP               agp        43.13   $      8,627.00
        1,700.00 ARRIS GROUP INC               arrs        9.64   $     16,391.00
          400.00 ASTORIA FINL CO.              af         13.05   $      5,222.00
        2,100.00 BLACKBOARD INC                bbbb       41.84   $     87,855.00
          500.00 BRINKER INTL. INC.            eat        19.52   $      9,762.00
        4,800.00 BRISTOW GROUP INC             brs        37.57   $    179,013.00
          300.00 BUCYRUS INTERNATIONAL         bucy       73.98   $     22,195.00
        3,500.00 CABOT MICROELECTRONICS CORP   ccmp       48.13   $    168,398.00
          500.00 CABOT OIL & GAS CORP          cog        30.66   $     15,332.00
        4,900.00 CANTEL MEDICAL CORP           cmn        16.77   $     82,152.00
        2,200.00 CASH AMERICA INTL INC         csh        42.15   $     92,216.00
        2,900.00 CHECKPOINT SYSTEMS INC        ckp        21.31   $     61,755.00
          200.00 COVANCE INC                   cvd        47.97   $      9,595.00
          600.00 DELPHI FINL GROUP             dfg        26.65   $     15,993.00
          500.00 DIGITAL RIVER INC             driv       35.29   $     17,647.00
          500.00 EATON VANCE                   ev         29.29   $     14,647.00
        1,800.00 ENERSYS INC.                  ens        22.06   $     39,703.00
        1,200.00 FLIR SYS INC COM              flir       24.67   $     29,599.00
        2,400.00 GEOEYE INC                    geoy       31.74   $     76,143.00
          600.00 GLOBAL PAYMENTS INC           gpn        38.26   $     22,959.00


                                                                                    52
Retirees Health Benefits Fund
Transaction Summary (continued)
May 1, 2010 – April 30, 2011
                                                  Security   Unit
      Quantity      Security                      Symbol     Price       Amount

           500.00   HARSCO CORP                   hsc        24.59   $     12,297.00
           100.00   HEALTHWAYS INC                hway       11.93   $      1,193.00
           300.00   HEXCEL CORP NEW               hxl        18.5    $      5,551.00
           400.00   ITRON INC                     itri       61.72   $     24,689.00
         1,500.00   JEFFERIES GROUP               jef        22.33   $     33,500.00
           900.00   LIFE TIME FITNESS INC         ltm        41.27   $     37,147.00
           400.00   MEDNAX INC.                   md         56.23   $     22,494.00
         3,100.00   MERITAGE HOMES CORP           mth        23.85   $     73,346.00
           400.00   MOOG INC CL A                 mog.a      35.64   $     14,258.00
           300.00   ONEOK INC                     oke        47.94   $     14,383.00
           900.00   PHARMACEUTICAL PROD DEV       ppdi       24.5    $     22,054.00
           800.00   PHILLIPS VAN HEUSEN CORP      pvh        61.69   $     49,356.00
         1,600.00   PROTECTIVE LIFE CORP          pl         22.23   $     35,563.00
           900.00   RAYMOND JAMES FINL INC.       rjf        27.14   $     24,430.00
           700.00                                 rga
                    REINSURANCE GROUP OF AMERICA IN          48.03   $     33,624.00
           400.00   SBA COMMUNICATIONS CORP       sbac       40.63   $     16,254.00
           500.00   SCOTTS MIRACLE-GRO            smg         50.6   $     25,300.00
           400.00   SNAP ON INC COM               sna        47.23   $     18,894.00
         1,100.00   SONIC CORP                    sonc        8.68   $      9,553.00
         1,300.00   SOUTH JERSEY INDUSTRIES INC   sji        45.28   $     58,619.00
           400.00   SRA INTERNATIONAL INC.        srx        19.04   $      7,618.00
           200.00   STATE AUTO FINANCIAL CORP     stfc       15.78   $      3,157.00
           800.00   SWIFT ENERGY CO               sfy        31.93   $     25,544.00
           300.00   TELEDYNE TECHNOLOGIES INC     tdy         40.7   $     12,211.00


                                                                                       53
Retirees Health Benefits Fund
Transaction Summary (continued)
May 1, 2010 – April 30, 2011
                                                    Security   Unit
      Quantity      Security                        Symbol     Price       Amount

           800.00   TIMKEN CO                       tkr        39.32   $      31,455.00
           600.00   TNS INC                         tns        18.92   $      11,350.00
           600.00   TORO CO                         ttc         56.6   $      33,961.00
           200.00   TRUSTMARK CORP                  trmk       21.67   $       4,335.00
         1,200.00   UNITED BANKSHARES INC           ubsi       25.73   $      30,870.00
           500.00   UNITED FIRE & CASUALTY          ufcs       20.78   $      10,392.00
           100.00   URS CORP NEW COM                urs        37.83   $       3,783.00
           500.00   VALSPAR CORP.                   val        31.73   $      15,867.00
         2,262.00   WGL HOLDINGS INC.               wgl         36.5   $      82,511.00
           400.00   FIRST POTOMAC REALTY TRUST      fpo        15.28   $       6,114.00
         7,500.00   MEDICAL PROPERTIES TRUST INC.   mpw          9.7   $      72,615.00
                                                                       $   1,988,542.00




                                                                                          54
Retirees Health Benefits Fund
Transaction Summary (continued)
May 1, 2010 – April 30, 2011


                                                   Security   Unit
        Quantity      Security                     Symbol     Price       Amount

        SALES
           7,000.00   BRINKER INTL. INC.           eat        18.95   $     132,630.00
             700.00   BUCYRUS INTERNATIONAL        bucy       89.4    $      62,583.00
             833.00   FURIEX PHARMACEUTICALS INC   furx        9.74   $       8,103.00
           2,400.00   GEOEYE INC                   geoy       37.28   $      89,466.00
           3,700.00   SCHOOL SPECIALTY INC         schs       13.11   $      48,520.00
           8,900.00   SONIC CORP                   sonc        9.11   $      80,995.00
           8,900.00   SRA INTERNATIONAL INC.       srx        31.01   $     276,027.00
             600.00   TNS INC                      tns        15.58   $       9,347.00
           5,600.00   TORO CO                      ttc        62.78   $     351,556.00
           3,000.00   WATSCO INC.                  wso        61.63   $     184,883.00
                                                                      $   1,244,110.00




                                                                                         55
Los Angeles Department of Water & Power Retirement Plan
Historical Asset Growth
April 30, 2011


  Asset Growth

                                                                     Investment Change
                          Ending                                                       Since
  Period Ending   Portfolio Value   Withdrawals    Contributions       Period      Inception
  11/17/04           $94,822,928
  2004                98,883,401              $0              $0    $4,060,474     $4,060,474
  2005               109,824,791               0               0    10,941,390     15,001,864
  2006               121,332,152               0               0    11,507,361     26,509,225
  2007               121,191,717               0               0      -140,435     26,368,790
  2008                81,695,395             259          13,224   -39,509,287    -13,140,497
  2009                93,777,422       8,106,946               0    20,188,973      7,048,476
  2010               108,106,223       4,874,242               0    19,203,043     26,251,519
  03/31/11           119,443,160               0               0    11,336,937     37,588,456
  04/30/11           122,095,585               0               0     2,652,425     40,240,881




                                                                                                56
Retirees Health Benefits Fund
Historical Asset Growth
April 30, 2011


  Asset Growth

                                                                  Investment Change
                          Ending                                                    Since
  Period Ending   Portfolio Value   Withdrawals   Contributions     Period      Inception
  09/15/09           $11,204,725
  2009                12,069,455             $0              $0    $864,731      $864,731
  2010                15,517,723              0         803,439   2,644,829     3,509,559
  03/31/11            17,201,410              0               0   1,683,688     5,193,247
  04/31/11            17,530,021              0               0     328,611     5,521,858




                                                                                            57
Los Angeles Department of Water & Power Retirement Plan
Sector Weightings
April 30, 2011

                                                                                                                          Portfolio
  Percentage Held                                                                                                         Russell 2000 Value



                                                    36.5




                                             22.8
                                                                          21.6



                                                                                 14.1    13.3
                              11.7                          11.6
         9.3                          8.6                                                       9.3
   7.4                                                                                                       6.6
                                                                   5.9                                                            6.3    6.1
                                                                                                       3.9
                       3.0
                                                                                                                    1.3   0.6
                 0.0


  Consumer      Consumer     Energy         Financials     Health Care   Industrials    Information   Materials    Telecom-      Utilities
  Discretionary Staples                                                                 Technology                 munications




                                                                                                                                               58
Retirees Health Benefits Fund
Sector Weightings
April 30, 2011

                                                                                                                          Portfolio
  Percentage Held                                                                                                         Russell 2000 Value



                                                    36.5




                                             21.8
                                                                          19.2


                              14.0                                               14.1    13.8
                                                            11.9
         9.3                          8.6                                                       9.3
   7.7
                                                                   5.9                                       6.6                  6.2    6.1
                                                                                                       4.1
                       3.0
                                                                                                                    1.4
                 0.0                                                                                                      0.6


  Consumer      Consumer     Energy         Financials     Health Care   Industrials    Information   Materials    Telecom-      Utilities
  Discretionary Staples                                                                 Technology                 munications




                                                                                                                                               59
Los Angeles Department of Water & Power Retirement Plan
Characteristics
April 30, 2011

                               SCV                                                              Russell
                             Composite*                                                           2000
  Total Volatility                       22.86
                                                                                  Portfolio      Value
                                                  Market Cap                            2,117       742
  Tracking Error                          6.76
                                                  Dividend Yield                         1.18       1.87
  Sharpe Ratio                            0.03
                                                  Price/Earnings                        19.45      15.53
  CAPM Alpha                              0.32
                                                  P/E using FY1 Est                     17.22      16.73
 * Characteristics are based on 5 year numbers.
                                                  Price/Cash Flow                        9.68       8.07
                                                  Price/Book                             1.92       1.40

                                                  Price/Sales                            1.28       0.85

                                                  Historical 3 Year EPS Growth          -2.15      -2.18

                                                  Estimated 3-5 Year EPS Growth         12.42      10.39

                                                  ROE                                   10.95       5.84

                                                  Beta                                   0.94       1.00

                                                  R Squared                              0.91       1.00
                                                  Turnover (Trailing 1 Year)           8.67%       N/A



                                                                                                           60
Retirees Health Benefits Fund
Characteristics
April 30, 2011

                               SCV                                                              Russell
                             Composite*                                                           2000
  Total Volatility                       22.86
                                                                                  Portfolio      Value
                                                  Market Cap                            2,167       742
  Tracking Error                          6.76
                                                  Dividend Yield                         1.04       1.87
  Sharpe Ratio                            0.03
                                                  Price/Earnings                        19.48      15.53
  CAPM Alpha                              0.32
                                                  P/E using FY1 Est                     17.07      16.73
 * Characteristics are based on 5 year numbers.
                                                  Price/Cash Flow                        9.96       8.07
                                                  Price/Book                             1.96       1.40

                                                  Price/Sales                            1.28       0.85

                                                  Historical 3 Year EPS Growth          -1.66      -2.18

                                                  Estimated 3-5 Year EPS Growth         12.56      10.39

                                                  ROE                                   11.23       5.84

                                                  Beta                                   0.87       1.00

                                                  R Squared                              0.95       1.00
                                                  Turnover (Trailing 1 Year)           8.67%       N/A



                                                                                                           61
Los Angeles Department of Water & Power Retirement Plan
Equity Portfolio Characteristics
April 30, 2011


  Risk Profile                                                   Portfolio
                                                                 Russell 2000 Value




            Volatility             Diversification     Benchmark Risk


          0.94          1.00                  1.00
                                   0.91




                                                           86%


                 Beta                R Squared          Probability of
                                                     Exceeding Risk Target




                                                                                      62
Retirees Health Benefits Fund
Equity Portfolio Characteristics
April 30, 2011


  Risk Profile                                                Portfolio
                                                              Russell 2000 Value




            Volatility             Diversification     Benchmark Risk


          0.94          1.00                  1.00
                                   0.91




                                                           84%


                 Beta                R Squared          Probability of
                                                     Exceeding Risk Target




                                                                                   63
Los Angeles Department of Water & Power Retirement Plan
and Retirees Health Benefits Fund
Fee Schedule
April 30, 2011




                                  0.50%
                                  0.50%
                               thereafter
                                thereafter



                           0.60% on the next
                      0.60% on the next $25,000,000
                              $25,000,000



                       0.75% on the next $15,000,000
                     0.75% on the next $15,000,000



                       0.95% on the first $10,000,000
                     0.95% on the first $10,000,000




                                                          64
 Glossary of Key Indices
ACWI Ex US           The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is
                     designed to measure the equity market performance of developed and emerging markets. As of June 2009 the MSCI
                     ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market country indices. The developed
                     market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece,
                     Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland,
                     the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China,
                     Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru,
                     Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.



Dow Jones            The Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in
Industrials          their industry. It has been a widely followed indicator of the stock market since October 1, 1928.


Russell 1000 Value   The Russell 1000 Value Index offers investors access to the large-cap value segment of the U.S. equity universe. The
                     Russell 1000 Value is constructed to provide a comprehensive and unbiased barometer of the large-cap value market.
                     Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth
                     probability approximates the aggregate large-cap value manager's opportunity set.

Russell 2000 Value   The Russell 2000 Value Index offers investors access to the small-cap value segment of the U.S. equity universe. The
                     Russell 2000 Value is constructed to provide a comprehensive and unbiased barometer of the small-cap value market.
                     Based on ongoing empirical research of investment manager behavior, the methodology used to determine value
                     probability approximates the aggregate small-cap value manager's opportunity set.

S&P 500              Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure
                     performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing
                     all major industries.




                                                                                                                                             65

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:13
posted:8/15/2011
language:Spanish
pages:66