Wedge Capital

WEDGE

CapitalManagement

L.L.P.

301 South College Street, Suite 2920Charlotte, North Carolina 28202-6002

704-334-6475

Investment Presentationto

City of Miami General Employees’ and Sanitation Employees’

Retirement Trust

April 18, 2012

R. Michael JamesGeneral [email protected]

John M. CarrExecutive Vice [email protected]

WEDGE Capital Management

1

Introduction to WEDGE

t Founded in 1984 to provide consistent, disciplined value products

t Independently owned by 10 General Partners

t 29 investment professionals supported by a staff of 19

t Manage $9.3 billion in assets for a wide variety of clients

t Our capabilities include:

- Traditional Value Management

• Micro Cap • Small Cap • Mid Cap • Large Cap • Small/Mid Cap • Large Cap - Expanded • Total Cap

- Quantitative Value Momentum (QVM)

• QVM: Large Cap • QVM: Small/Mid Cap

- Fixed Income Management

- LDI

- Balanced Account Management

We are characterized by our independence, stability, and broad distribution of ownership.

Page 1


1

Product Update

Eligible Securites $(millions)

t Traditional Value

Micro Cap $40 million - $400 million $ 90

Small Cap $250 million - $2.5 billion 1,780

Mid Cap $1.0 billion - $15.0 billion 1,940

Large Cap $3.0 billion plus 440

Small/Mid Cap $250 million - $15.0 billion 450

Large Cap - Expanded $1.0 billion plus 10

Total Cap $250 million plus 320

$5,030

t Quantitative Value Momentum (QVM)

QVM: Large Cap Largest 1000 companies $3,100

QVM: Small/Mid Cap Largest 501 - 2500 companies 30

$3,130

t Fixed Income

Various Benchmarks Dollar Denominated/Investment Grade

1,180

t Balanced *

Total $9,340

March 31, 2012

* Included in respective asset categories. Balanced assets were $283 million at March 31, 2012.

Page 2


1

Investment Philosophy

We believe that:

t Over long periods of time, value investing produces superior investment returns

t Momentum and contrarian factors work well with value

t Factors that determine stock price performance vary across economic sectors

t A systematic model is needed to efficiently analyze the broad universe of stocks

t Factor-driven models can improve the timing of purchases and sales

QVM: Large Cap Value

Page 3


3

Systematic Investment

Process Multi-Factor Model Applied

Portfolio Construction

Mar

ket

Sect

or

Mar

ket

Sect

or

Mar

ket

Sect

or

Mar

ket

Sect

or

Mar

kr

Ma

Mar

ket

Sect

or

Mar

ket

Sect

or

WED

GE

Sect

or

WED

GE

Sect

or

WED

GE

WED

GE

Sect

o

WED

WE

WED

GE

Sect

or

WED

GE

Sect

or

Rebalancing

8 sectors

11 factor categories

Universeof Stocks

1000Largest

Companies


Page 4


4

Multi-Factor Value Model

Number of Significant Factor Categories

Used:

We use 11 factor categories uniquely combined for each sector:

Price in Relation to:

t Earnings

t Cash Flow

t Historic Investment

t Earnings and Balance Sheet Quality

Expectations for:

t Earnings Growth

t Asset Growth

t Return on Investment

Trend of:

t EPS Estimate Revisions

t Operating Efficiency

t Earnings Predictability

t Stock Market Signals

0

1

2

3

4

5

6

Consumer

Cyclicals

Consumer

StaplesEnergy

Financials

Industrials

Materials

Technology

Utilitie

s


Page 5


5

Multi-Factor Value Model

(continued)

t Each stock is decile ranked for the unique factors particular to its sector

t For example, 3 significant factor categories are employed for the Consumer Staples sector as follows:

t For a stock to be purchased all three factor requirements must be met

t A stock will be sold if it falls to the indicated level for any one factor

t In some cases, an aggregate score, rather than successive hurdles, is used

This combination of factors helps us find undervalued stocks that are beginning to show visible signs of life, and optimize the timing of purchases and sales.

Potential BuysPotential Buys

Potential BuysPotential BuysPotential BuysPotential BuysPotential BuysPotential BuysPotential Buys

Potential BuysPotential BuysPotential Buys

Decil

es1

10

Decil

es

1

10

Decil

es

1

10

Price/ Cash Flow

Potential Buys

Required SellRequired SellRequired Sell

Potential BuysPotential BuysPotential BuysPotential BuysPotential BuysPotential BuysPotential BuysPotential Buys

Price/ Earnings

Estimate Revisions

Potential BuysPotential BuysPotential Buys

Decil

es1

10

Decil

es

1

10

Decil

es

1

10

Buy

Or Or SellRequired Sell Required Sell

=

=


Page 6


6

Analyst Review

Our analytical team reviews buy and sell candidates for:

t Accuracy of data input to model

t Appropriateness of sector designations

t Recent developments that might alter the quantitative analysis

While analysts must approve all decisions before implementation, they will not override them with their subjective judgement.


Page 7


7


t We maintain market sector weights to maximize the effectiveness of the buy and sell decisions

t Stocks are equally weighted within each of the 8 sectors to minimize the performance risk of any 1 stock

t Approximately 110-150 stocks held


Mar

ket

Sect

or

Mar

ket

Sect

or

Mar

ket

Sect

or

Mar

ket

Sect

or

Mar

kr

Ma

Mar

ket

Sect

or

Mar

ket

Sect

or

WED

GE

Sect

or

WED

GE

Sect

or

WED

GE

WED

GE

Sect

o

WED

WE

WED

GE

Sect

or

WED

GE

Sect

or

Portfolios are well diversified, limiting risk.


Page 8


8

Rebalancing

t We run the model twice a month to:

- Buy or sell stocks as required

- Maintain equally weighted positions within each sector

- Maintain sector neutrality

t Individual position sizes are allowed to vary modestly from target levels in order to minimize transaction costs

Rebalancing

Frequent rebalancing allows us to capitalize on information in a timely fashion.


Page 9


1

Quantitative Value Momentum

QVM: Large Cap

Characteristics

Russell 1000 QVM Value Russell 1000 Price/Earnings (Projected) 11.5x 12.2x 13.6x Price/Sales 1.1x 1.2x 1.4x Price/Book 1.90x 1.55x 2.28x

Weighted Average Capitalization $52.31B $80.48B $100.94B Median Capitalization $14.70B $5.03B $5.74B

As of 03/31/12

Sector Weightings

0

5

10

15

20

25

30

35

MaterialsUtilitiesIndustrialsEnergyConsumer Cyclicals

FinancialsTechnologyConsumer Staples

6

12

98

1111

16

27

18

11

1415

20

10

14

2019

6

34

19

12

5

10

WEDGE QVM* Russell 1000 Value Russell 1000 Index

% o

f Eq

uity

As of 03/31/12

*Sector neutral to the largest 1000 stocks.

Page 10


1

Performance Update

March 31, 2012

Annualized Returns

1stQtr.

One Year

Two Years

Three Years

Five Years

Ten Years

SinceInception

Traditional Equity

Micro Cap 11.8% 3.3% 14.5% 26.2% 2.7% -- 8.6%

Russell Microcap Value 14.6 -2.9 8.1 24.9 -2.9 -- 3.5 Russell Microcap 15.3 -2.1 10.8 26.6 -1.2 -- 3.2

Small Cap 12.8% 1.7% 13.7% 27.6% 3.7% 9.7% 13.3%

Russell 2000 Value 11.6 -1.1 9.2 25.4 0.0 6.6 10.6 Russell 2000 12.4 -0.2 12.1 26.9 2.1 6.4 9.0

Mid Cap 13.6% 3.1% 14.5% 31.8% 3.8% 9.1% 12.6%

Russell Midcap Value 11.4 2.3 11.8 29.2 1.3 8.0 10.3 Russell Midcap 12.9 3.3 13.3 29.1 3.0 7.9 9.8

Large Cap 10.8% 4.2% 5.8% 19.9% -0.9% 3.9% 11.1%

Russell 1000 Value 11.1 4.8 9.8 22.8 -0.8 4.6 11.0 Russell 1000 12.9 7.9 12.2 24.0 2.2 4.5 10.8 S&P 500 12.6 8.5 12.0 23.4 2.0 4.1 10.7

Small/Mid Cap 13.4% 2.7% 14.4% 30.1% 3.8% 9.4% 11.3%

Russell 2500 Value 11.5 0.1 10.8 27.1 1.0 7.5 9.5 Russell 2500 13.0 1.3 13.1 28.4 3.0 7.5 8.9

Large Cap - Expanded 12.4% 4.0% 10.3% 26.0% 1.6% -- 6.8%

Russell 1000 Value 11.1 4.8 9.8 22.8 -0.8 -- 5.0 Russell 1000 12.9 7.9 12.2 24.0 2.2 -- 5.2

Total Cap 11.2% 4.2% 7.6% 21.8% 0.0% 4.9% 10.7%

Russell 3000 Value 11.2 4.3 9.8 23.0 -0.8 4.7 10.2 Russell 3000 12.9 7.2 12.2 24.3 2.2 4.7 9.6


QVM: Large Cap 14.3% 7.1% 14.0% 24.6% 1.0% 8.2% 12.4%

Russell 1000 Value 11.1 4.8 9.8 22.8 -0.8 4.6 9.1 Russell 1000 12.9 7.9 12.2 24.0 2.2 4.5 8.8

QVM: Small/Mid Cap 11.3% 2.6% 14.5% 31.0% -- -- 24.1%

Russell 2500 Value 11.5 0.1 10.8 27.1 -- -- 18.1 Russell 2500 13.0 1.3 13.1 28.4 -- -- 21.4

Preliminary results.Inception Dates: Micro: 01/01/04, SC: 01/01/90, MC: 10/01/95, LC: 10/01/84, SMC: 04/01/97, LC Expanded: 10/01/96, TC: 01/01/91, QVM LC: 10/01/94, QVM SMID: 12/01/08.These returns are presented gross of fees and are provided as supplemental information to the returns required by the GIPS® Advertising Guidelines.Please see appendix for net of fee results and performance disclosures.

Page 11


9

Why WEDGE?

t Founded in 1984, we have established a long, unwavering commitment to value investing

t Independently owned

t Stability and depth of staff

t A multi-factor, sector neutral, stock selection model, that:

- Efficiently utilizes the most productive measures of value and momentum

- Employs a unique set of factors to select stocks in each sector

t Our goal is to produce outstanding results and service


Page 12

APPENDIX

REPRESENTATIVE CLIENT LIST

The entities listed above represent a partial list of clients currently under management with WEDGE Capital Management L.L.P. (“WEDGE”). These clients are representative of those generally targeted by WEDGE, taking into consideration client type, industry and geographic location. It is not known whether these clients approve or disapprove of WEDGE or the advisory services provided.

Alabama Children’s Hospital Catholic Archdiocese of New York Catholic Foreign Mission Society of America Danville Regional Foundation Ithaca College Kerr Foundation Lancaster General Hospital Foundation Presbyterian Church in America Saint John's Health Center Foundation Southern Ute Indian Tribe Susan G. Komen for the Cure University of Guelph York University

Foundation & Endowment

Atlanta Iron Workers Local 387 Bakery & Confectionary Union & Industry Int. Pension Carpenters Funds of Philadelphia Eastern Shore Teamsters Pension Fund Excavators Union Local 731 Hawaii Laborers Pension Fund Hawaii Boilermakers Joint Industry Engineers Union Local 30 Local 8 IBEW MEBA New Jersey Carpenters Funds New Orleans Electrical Workers Pension Fund New Orleans Plumbers & Steamfitters Local 60 New York Hotel Trades Council Operating Engineers Local 37 Operating Engineers of Washington, D.C. Steelworkers Pension Trust Teamsters Local 731 Teamsters Local 945 UFCW Local 1500

Taft-Hartley

AARP AGL Resources American Electric Power L.L. Bean, Inc. Flowers Foods, Inc. Genuine Parts Company Gundersen Clinic Harte-Hanks, Inc. Hospital Sisters Health System MDU Resources Group Merck & Co. Moses H. Cone Memorial Hospital Murphy Oil Corporation Nissan North America, Inc. New York Stock Exchange Ochsner Clinic Oklahoma Gas & Electric Company ProMedica Health System Republic Services

Corporate

Cambridge Retirement Board City of Clearwater, Florida City of El Paso, Texas City of New Orleans, Louisiana City of Ocala, Florida City of Tallahassee, Florida County of Los Angeles, California Durham County, North Carolina Pennsylvania State Association of Boroughs Sacramento County, California

Public

Page 13

BIOGRAPHIES R. Michael James, General Partner, has thirty-eight years of investment experience and is responsible for portfolio management and client service. Prior to forming WEDGE in 1984, Mike was the Director of Fixed Income and Securities Trading at First Union National Bank in Charlotte, North Carolina where he supervised all fixed income portfolios and managed the commingled fixed income funds. He formerly held senior investment and trust management positions with another North Carolina bank. Mike is a graduate of Louisiana State University's School of Banking of the South and received his Bachelor of Arts degree from Wofford College. Michael Gardner, General Partner, has thirty-five years of investment experience and serves as the firm’s Director of Research. Prior to joining WEDGE in 1989, he was a Senior Research Coordinator at Smith Barney in New York and a Securities Analyst with Shearson Lehman Hutton, also in New York. Michael received his Bachelor of Arts degree in Mathematics from State University of New York at Binghamton and his Master of Business Administration in Finance from the University of Chicago. Martin L. Robinson, CFA, General Partner, has twenty-two years of investment experience and is responsible for portfolio management and client service. Prior to joining WEDGE in 1996, Martin was a Vice President at Alex. Brown & Sons, responsible for investment banking. He was formerly associated with PaineWebber Incorporated in New York. Martin received his Bachelor of Science degree from the University of Tennessee - Knoxville and his Master of Business Administration from the University of North Carolina at Chapel Hill. He is a member of the Advisory Council to the Dean of the College of Business Administration at the University of Tennessee. John G. Norman, General Partner, has twenty-one years of investment experience and is responsible for portfolio management and client service. Prior to joining WEDGE in 2004, John was a Senior Vice President at Banc of America Capital Management. He was formerly associated with Brown Brothers Harriman, Wheat First Butcher Singer, and William M. Mercer Investment Consulting. John received his Bachelor of Business Administration - Finance from The College of William and Mary. Bradley S. Fisher, CFA, General Partner, has twenty-three years of investment experience and is responsible for fixed income portfolio management. Prior to joining WEDGE in 1992, Brad was a fixed income trader and portfolio manager for the trust division of NationsBank. Brad received his Bachelor of Science degree in Finance and Information Systems from Appalachian State University and his Master of Business Administration from the University of North Carolina at Chapel Hill. J. Scott Jeffords, CFA, General Partner, has twenty-eight years of investment experience and is responsible for equity research on companies with market capitalizations above $3 billion. Prior to joining WEDGE in 1998, Scott was a Vice President and Senior Equity Analyst at First Union National Bank in Charlotte, North Carolina and an Equity Analyst and Portfolio Manager with Jefferson-Pilot Life Insurance Company in Greensboro, North Carolina. Scott received his Bachelor of Science degree in Business Administration from Western Carolina University and his Master of Business Administration from Duke University Fuqua School of Business. Gary S. Cotler, General Partner, has eighteen years of investment experience and is responsible for equity research on companies with market capitalizations between $250 million and $2.5 billion. Prior to joining WEDGE in 1997, Gary was an associate in the Corporate Finance group at Hambros Bank in New York City. Gary received his Bachelor of Arts degree in Economics from Cornell University and his Master of Business Administration from the University of Chicago. Paul M. VeZolles, CFA, General Partner, has twenty-seven years of investment experience and is responsible for equity research on companies with market capitalizations between $1 billion and $15 billion. Prior to joining WEDGE in 1995, Paul was an Equity Analyst at Palley-Needelman Asset Management in Newport Beach, California, and an Equity Analyst with CMB Investment Counselors in Los Angeles. Paul received his Bachelor of Arts degree in Economics from Indiana University and his Master of Arts in Economics from DePaul University.

Page 14

Andrei Bolshakov, CFA, General Partner, has fifteen years of investment experience and serves as the firm’s Director of Quantitative Research. Prior to joining WEDGE in 2006, Andrei was involved in strategic investments and the development of quantitative investment tools at Companion Capital Management in Columbia, South Carolina. He formerly managed the trade finance desk of Ural Foreign Trade Bank in Ekaterinburg, Russia. Andrei completed a three-year program of studies at the Moscow Institute of Physics and Mathematics, earned a Master of International Business at the Ural State University of Economics, as well as a Master of Business Administration degree at the Darla Moore School of Business at the University of South Carolina, and received a PhD-level degree in Economics and Mathematical Modeling from the Russian Academy of Science. Bradley W. Horstmann, CFA, CPA, General Partner, has sixteen years of investment experience and serves as the firm's Chief Compliance Officer responsible for overseeing and managing the firm’s compliance program. Brad is also responsible for supervising equity trading and assisting with oversight of the firm’s operations area. Prior to joining WEDGE in 1995, Brad was a General Services Supervisor with McGladrey & Pullen, LLP, in Charlotte, North Carolina. He received his Bachelor of Science degree in Accounting from Appalachian State University. Leah M. Long, CFA, Executive Vice President, has twenty-three years of investment experience and is responsible for portfolio management and client service. Prior to joining WEDGE in 2005, Leah was a Vice President and Director of Institutional Investment Services at Bank of America in Charlotte, North Carolina. She was formerly associated with CIGNA Retirement & Investment Services, Evergreen Investments, and Wachovia Corporation. Leah received a Bachelor of Arts degree in Business Administration from Furman University. Caldwell Calame, CFA, Executive Vice President, has eighteen years of investment experience and is responsible for portfolio management and client service. Prior to joining WEDGE in 2007, Caldwell was a Director and Institutional Relationship Manager at Columbia Management, the asset management group of Bank of America. Caldwell was formerly associated with Bank of America in multiple groups including Banc of America Capital Management and Banc of America Investor Services. He received his Bachelor of Arts degree in Psychology at The University of the South at Sewanee. He also received his Master of Business Administration degree at Wake Forest University, the Babcock Graduate School of Management. John M. Carr, Executive Vice President, has nineteen years of investment experience and is responsible for portfolio management and client service. Prior to joining WEDGE in 2011, John was a Partner and Senior Vice President at Callan Associates where he managed the southern region from the Atlanta office. He was formally associated with INVESCO Institutional, Trusco Capital Management, and Watson Wyatt Worldwide. John received his Bachelor of Business Administration with a concentration in Finance from Emory University. Richard A. Wells, Executive Vice President, has twenty-nine years of investment experience and is responsible for portfolio management and client service. Prior to joining WEDGE in 2011, Richard was a Partner and Director of National Sales with DePrince, Race & Zollo, Inc., in Winter Park, Florida. He was formerly associated with PaineWebber, Salomon Brothers, and the First Boston Corporation. Richard received his Bachelor of Science degree with a concentration in Finance from Virginia Commonwealth University. Li Zhang, CFA, Senior Quantitative Analyst, is responsible for quantitative research. Prior to joining WEDGE in 2009, Li spent six years developing quantitative strategies and economic forecasts for the corporate investment arm of Bank of America. She formerly was a senior business analyst for a wide range of banking activities within Wachovia. Li received a Bachelor of Science degree in Industrial Management from Southwest Jiaotong University and a Master of Science degree in Operations Research from Northern Illinois University. Darrin R. Witt, CFA, Senior Equity Analyst, has ten years of investment experience and is responsible for equity research on companies with market capitalizations between $250 million and $15 billion. Prior to joining WEDGE in 2004, Darrin was an equity research associate at Smith Barney and Fox-Pitt, Kelton in New York. He was formerly a consultant with Stern Stewart & Co., working out of its New York and Australia offices. Darrin received his Bachelor of Science degree in Commerce with concentrations in Finance and Accounting from the University of Virginia’s McIntire School of Commerce.

Page 15

Monika M. LaRiche, CFA, Equity Analyst, is responsible for equity research and quantitative support involving companies with market capitalizations between $40 million and $400 million. Prior to joining WEDGE in 2002, Monika was the Finance Manager at Nexel Polska, a consulting engineering company in Warsaw, Poland. Monika received her Bachelor of Arts degree in Finance from the Warsaw University and her Master of Business Administration degree from the Weatherhead School of Management at Case Western Reserve University. Jason T. Boles, CFA, Equity Analyst, has eleven years of investment experience and is responsible for equity research on companies with market capitalizations between $250 million and $2.5 billion. Prior to joining WEDGE in 2006, Jason was an Equity Research Associate with Banc of America Securities in New York and San Francisco and interned as a small cap analyst with Munder Capital Management in Birmingham, Michigan. Jason received his Bachelor of Science degree in Economics from Cornell University and his Master of Business Administration degree from the University of Chicago. Brian H. Whisnant, CFA, Equity Analyst, is responsible for equity research on companies with market capitalizations between $250 million and $2.5 billion. Prior to joining WEDGE in 2006, Brian was a Consultant with Accenture in Reston, Virginia and interned in the equity research departments of Morgan Keegan and JRS Investments, both in Nashville, Tennessee. Brian received his Bachelor of Science degree in Systems Engineering from the University of Virginia and his Master of Business Administration degree from Vanderbilt University. Brian J. Pratt, CFA, Equity Analyst, is responsible for equity research on companies with market capitalizations between $1 and $15 billion. Prior to joining WEDGE in 2007, Brian worked as a litigation consultant with Tucker Alan and Navigant Consulting, providing financial and accounting advisory services in large commercial disputes. Brian received his Bachelor of Arts degree in Economics and Philosophy from Vanderbilt University and his Master of Business Administration degree from the Darden Graduate School of Business at the University of Virginia. Andrew J. Rosenberg, CFA, Equity Analyst, has thirteen years of investment experience and is responsible for equity research on companies with market capitalizations above $3 billion. Prior to joining WEDGE in 2007, Andrew was a Vice President in the Strategic Investments Group at Bank of America where he analyzed and executed private equity transactions on behalf of the bank. He was also associated with Bank of America’s leveraged finance platform. Andrew received his Bachelor of Arts degree in English at Colgate University and his Master of Business Administration degree from Vanderbilt University. Marc A. Soloway, CFA, Equity Analyst, has ten years of investment experience and is responsible for equity research on companies with market capitalizations above $3 billion. Prior to joining WEDGE in 2011, Marc was president and portfolio manager at Hayground Cove Asset Management. He was formerly an equity research associate at Smith Barney as well as Bear, Stearns & Co. Inc. Marc received his Bachelor of Science in Management degree from Purdue University and his Master of Business Administration degree from Washington University. Sean O’Malley, Equity Analyst, is responsible for equity research on companies with market capitalizations between $250 million and $2.5 billion. Prior to joining WEDGE in 2009, Sean was a Vice President at Morgan Stanley for its North America Hedged Value Fund, where he researched and traded equity and debt investments. He was formerly a management consultant at Marakon Associates in New York. Sean received his Bachelor of Science degree in Manufacturing Engineering from Worcester Polytechnic Institute and his Master of Business Administration from the MIT Sloan School of Management. Trevor L. Baine, CFA, Quantitative Analyst, has various responsibilities within the quantitative research team. Prior to joining WEDGE in 2010, he spent four years as a Risk Analyst at Strategic Investment Group in Arlington, VA. Trevor received his Bachelor of Science degree in Civil Engineering from Princeton University and a Master of Business Administration degree from the University of Chicago. Michael D. Ritzer, CFA, Equity Analyst, is responsible for equity research on companies with market capitalizations between $1 and $15 billion. Prior to joining WEDGE in 2010, Mike was a Senior Analyst at Freestyle Fund Services Company in New York, NY. He was formerly an Investment Banking Analyst for Jefferies & Company. Mike received his Bachelor of Science in Commerce degree with a concentration in Finance and a second major in English from the McIntire School of Commerce at the University of Virginia. He received his Master of Business Administration degree from the Darden Graduate School of Business at the University of Virginia.

Page 16

James F. Walters, CFA, Director of Credit Research, has thirty years of investment experience and is responsible for fixed income credit research. Before joining WEDGE in 2000, he was the head of taxable credit research at Banc of America Capital Management, Inc. Jim's investment experience also includes portfolio management and analytical positions at Aon Advisors, Inc. (Life of Virginia) and Liberty Capital Advisors, Inc. He received his Bachelor of Science degree in Economics and Master of Arts degree in Finance at the University of Alabama. Katie L. Cihal, CFA, CPA, Senior Vice President, has ten years of investment experience and is responsible for the creation and management of equity trade orders. Katie is also responsible for assisting with the ongoing development, implementation, and assessment of the firm’s compliance program. Prior to joining WEDGE in 2002, Katie was a Senior Risk Consultant in Arthur Andersen’s Business Process Risk Consulting Practice in Charlotte, North Carolina. Katie graduated from Flagler College with a Bachelor of Arts degree in Accounting and minor in Pre-Law. Dustin J. DeMaio, Equity Trader, has eleven years of investment experience and is responsible for all equity program and block trading. Prior to joining WEDGE in 2005, Dustin worked in the equity operations area of Capital Guardian Trust Company. Dustin received his Bachelor of Arts degree in Economics from California State University of Long Beach. Wesley S. Stoltz, CFA, CIPM, Fixed Income Trader, is responsible for fixed income program trading and portfolio analytics. Wes also assists the performance group with portfolio administration. Prior to joining WEDGE in 2008, Wes worked in equity operations for Wachovia. Wes received his Bachelor of Science in Business Administration degree with majors in Finance & Banking and Risk Management & Insurance from Appalachian State University. Amy R. Priebe, CPA, Vice President - Compliance, is responsible for the ongoing development, implementation, and assessment of the firm’s compliance program. Amy is also responsible for assisting with the creation and management of equity trade orders. Prior to joining WEDGE in 2007, Amy was an Audit Senior in Ernst & Young’s Greensboro and Charlotte, North Carolina offices. Amy received her Bachelor of Science degree in Accounting and Corporate Finance and her Master of Accountancy from Western Carolina University. Chantal E. Lyon, CPA, Assistant Vice President - Compliance, is responsible for assisting with the ongoing development, implementation, and assessment of the firm’s compliance program and for coordinating compliance reporting to the mutual funds to which WEDGE provides sub-advisory services. Prior to joining WEDGE in 2010, Chantal was a Senior Assurance Associate with McGladrey & Pullen in Charlotte, North Carolina. Chantal received her Bachelor of Science degree in Accounting and Master of Science in Accountancy degree from the College of Charleston.

Page 17

Mr. Dave Desmond!City of Fort Lauderdale!

General Employees’ Retirement System!PO Drawer 14250!

Fort Lauderdale, FL 33302!(954) 828-5191!

"!"!

"Mr. James Cooke!Deputy Treasurer!

City of Tallahassee!300 South Adams Street, A-32!

Tallahassee, FL 32301!(850) 891-8145!

"!

Mr. Cornelius “Butch” Vanderwyde!Financial Secretary!

International Longshoremen’s Association Local 1922!1610 Port Blvd.!

Miami, FL 33132!(305) 379-8694 ext. 15!

!

Page 18

WEDGE Capital Management 87798742.42 3/31/12QVM-LARGE CAP VALUE!"#$%&'$('#)"*$"+,$-.$/0./

Shares Cusip Description Ticker Market Price Market Value % of Port../.0123435 6789 .400 ./.0123435 1.38%

/::00 000:;3/01 7<<$=>?$8(@A8@BC?$7?B 7<< /041. 1;333:400 0.54%.;000 00/2/1.00 7<<@>>$=7<8 7<> 5.4/D .01.D:0400 1.19%/3300 E..3.6.0. 766CA>FBC$(=6 76A 51430 .511;30400 1.87%2100 900/:B.03 76C$=GHG>C? 76C ;:4/0 5.1220400 0.70%2:00 00;3.I.05 7?J7A6C$7F>@$(7B>8$GA6 77( 2243; ;:3.:.400 0.84%/./00 002.;I.02 7C>A7$GA6 7C> 304.5 .05::D/400 1.21%/300 00D.32.05 7GB$(B@?8$K$69CH8$GA6 7(? D.420 //D300400 0.26%/.D00 0.:2.;.0. 7=6@7$GA6 77 .040/ /.D1:2400 0.25%.:/00 0.232..02 7==G7A6C$?7>7$8I8>CH8$6@B( 7?8 ./34D5 .55/5;/400 1.89%..D00 0/:502.0/ 7HCBCA$6@B( 7CC :/432 :2;;0/400 0.44%.0200 0/33:;.0. 7HCBG67A$C=C6>BG6$(@LCB 7C( :2432 1.5551400 0.47%.0500 0:0;56.05 7HCBG(BG8C$!GA7A6G7=$GA6 7H( 3;4.: 5033;2400 0.69%/1100 0:0;:C.03 7HCBG8@FB6C<CBECA$6@B( 7<6 :D455 D5;;01400 1.10%.:;00 0:..5/.00 7HECA$GA6 7HEA 5;4D; D:..2D400 1.06%/5/00 0:/0D3.0. 7H(9CA@=$6@B(@B7>G@A 7(9 3D4;; .353D;1400 1.78%5100 0:;1...03 7(769C$6@B( 7(7 .00411 51/2.5400 0.73%/D00 0:;2::.00 7((=C$6@H(F>CB$GA6 77(= 3DD433 .;:25D3400 1.98%;500 0:D12:.0/ 7B69CB$?7AGC=8$HG?=7A? 7?H :.455 /105.5400 0.27%:/200 A0;03D.25 78H=$9@=?GAE$AJ 78H= 304.1 .5113D/400 1.87%.3100 015/.M.02 788FB7A>$GA6 7GN 10430 5/:;00400 0.71%.DD00 015:3:.02 78>B7NCAC67$(=6 7NA 1141D 223:3.400 1.01%;100 03/200.0D 7F>@=GJ$GA6 7=J 5;403 1D5.;0400 0.57%.200 03:::/.0/ 7F>@N@AC$GA6 7N@ :;.420 55D/10400 0.76%3500 0321D2.05 <7==$6@B( <== 1/422 /10./2400 0.27%...00 0;32D5.00 <C?$<7>9$K$<CI@A?$GA6 <<<I 534;; ;:001;400 0.83%.3300 02D:0/.0: <GE$=@>8$GA6 <GE 1:40/ 5552.0400 0.76%.3/00 0335//.01 <($OPQ$7?B <( 13400 521000400 0.78%/D100 ..0.//.02 <BG8>@=$HICB8$8-FG<<$6@ <HI ::4;3 DD//30400 1.13%:;00 E.5D5/.03 <FAEC$=GHG>C? <E 52411 /3://2400 0.29%5..00 ./5;:(.03 67$>C69A@=@EGC8 67 /;435 .52:D.5400 1.92%

Page 19

./:00 .10109.03 67(G>7=$@AC$!GA7A6G7=$6@B( 6@! 334;1 52350/400 0.78%//:00 .1.1DI.02 67B?GA7=$9C7=>9$GA6 679 1:4.. D5.:3:400 1.09%//500 ./123;/0/ 6<8$6@B( 6<8 ::4D. ;55:55400 0.87%1:/; .302;0.0: 6C=7AC8C$6@B( 6C 154.2 .DD2/0425 0.23%.:00 ./3/5D.00 6!$GA?8$9=?E8$GA6 6! .2/453 /:;113400 0.27%5/00 .55;51.00 69CJB@A$6@B(@B7>G@A 6JM .0;4/. 551;0/400 0.76%2300 .;./:/.0. 69F<<$6@B( 6< 5D4.. 32;1:3400 0.67%:/00 .252:R.0. 6=G!!8$A7>FB7=$BC8@FB6C8$GA6 6=! 5D4/5 //.5:/400 0.25%D;00 /02/36.01 6@A@6@(9G==G(8 6@( ;540. ;:;/D;400 0.84%1:00 /.D0/:.02 6@BA$(B@?8$GA>=$GA6 6(@ 3;453 /1;2D3400 0.28%1500 /:.0/..05 6FHHGA8$CAEGAC$GA6 6HG ./0401 33/.21400 0.63%2.200 /1;0/B.0. ?C==$GA6 ?C== .5450 .:3;1;.400 1.55%/0D00 /31;0D.02 ?G86@JCB$!GA7A6G7=$8J68 ?!8 ::4:1 5D5205400 0.79%;500 /35;15.02 ?@==7B$>BCC$GA6 ?=>B D141D ;.2./1400 0.82%1/300 /3;25;.0. ?@AAC==CI$B$B$K$8@A8$6@ BB? ./4:D 3/53;3400 0.60%5200 /5031:.0: ?@L$69CHG67=$6@B( ?@L :1451 /:333/400 0.27%;000 /::::..0; ?>C$CACBEI$6@ ?>C 3340: :23/.0400 0.44%1300 /5:3:1.0D ?F(@A>$CG$?C$ACH@FB8$6@ ?? 3/4D0 /:2030400 0.27%1.00 /;;1:/.00 C78>H7A$69CH$6@ CHA 3.45D /..D/D400 0.24%D200 /;2032.0/ C7>@A$6@B( C>A 1D42: 122::1400 0.56%DD00 /2.0/0.0; C?G8@A$GA>= CGM 1/43. 1/021D400 0.48%:.500 /D/303.01 CA67A7$6@B( C67 .D453 5/0D10400 0.71%.3:30 /52;1B.02 CAG$8(7$7?B C 1542/ ;.252;400 0.82%5/00 /D:51E.0: CA>CBEI$6@B( C>B 5;4/0 1.5510400 0.47%2000 :0/:.E.0/ CMM@A$H@<G=$6@B( M@H 254;: 5D:210400 0.79%11D00 :.5;;:.00 !G!>9$>9GB?$<7A6@B( !G>< .1403 5:05/0430 0.72%D100 ::;D:/.0; !GB8>CACBEI$6@B( !C 1343D 1/2315400 0.49%2;00 :1:1./.0/ !=F@B$6@B( !=B 50401 3//:12400 0.59%/:D00 :1121D.01 !@@>$=@6RCB$GA6 != :.403 ;1/0D3400 0.85%3:00 :315.:.0. !B7AR=GA$BC8@FB6C8$GA6 <CA ./140: 53;:3D400 0.75%3500 :2.1.E.01 E@=?H7A$87698$EB@F($GA6 E8 ./14:; 5D51;/400 0.79%:/D00 1.53.3.01 97B>!@B?$!GA7A6G7=$8J68$EB@F( 9GE /.402 5D:3:/400 0.79%..100 1/:13/.0. 9C=HCBG69$K$(7IAC$GA6 9( 3:4D3 5.30:0400 0.70%.1;00 1:;0;5.0/ 9@HC$?C(@>$GA6$6@H 9? 304:. ;:D33;400 0.84%..000 11123D.0/ 9FH7A7$GA6 9FH D/412 .0.;/20400 1.16%;500 13D/00.0. G$<$H G<H /02453 .323;10400 1.81%

Page 20

.3300 11D.D(302 G76$GA>CB76>GJC6@B( G76G 1D40D ;502D3400 0.87%;/00 150.15.0: GA>CBA7>G@A7=$(7(CB$6@ G( :34.0 /3/;/0400 0.29%/5.00 15./0/.0: GA>FG>$GA64 GA>F 504.5 .3;0.;5400 1.79%.5000 155/39.00 S$($H@BE7A$6978C$K$6@ S(H 134D2 ;:3520400 0.84%.3.00 1;2:55.0; S@9A8@A$6@A>B@=8$GA6 S6G :/412 1D0112400 0.56%.1300 1;2.50.01 S@9A8@A$K$S@9A8@A SAS 534D5 D351/0400 1.09%5D00 12..53.02 S@I$E=@<7=$GA6 S@I ;:430 30;.30400 0.58%.1D00 12/1/L.05 R<B$GA6 R<B :3433 3/D5D3400 0.60%;.100 1D:/5;.02 RCI6@B( RCI 2430 505D00400 0.69%/;500 3:1.2;.0D =GA6@=A$A7>=$6@B( =A6 /54:5 ;/;3:5400 0.83%;000 311.1;.0. =@BG==7B?$GA6 =@ ./D412 D05:50400 1.03%.2500 335.5(.01 H76IT8$GA6 H :D4;: ;:2D;2400 0.84%.0200 32.33-.0: H6RC88@A$6@B(@B7>G@A H6R 2;4;; D1;D.5400 1.08%.5D00 3D.35B.02 HC>=G!C$GA6 HC> :;4:3 5:./.3400 0.72%:3200 E5:3D!.0: A7<@B8$GA?F8>BGC8$=>? A<B .;41D 5/5.1/400 0.71%D/00 5:;0;..0. A7>G@A7=U@G=LC==$J7B6@V$GA6 A@J ;D41; ;:../1400 0.83%.:.00 5:D:1C.02 A7JG8>7B$GA>=$6@B( A7J 10413 3/D2D3400 0.60%:/000 53/12C.01 ACL8$6@B( AL87 .D4;. 5:0;/0400 0.72%///00 5/D.:!/0. AGG$9@=?GAE8$GA6 AG9? .24:. 10512/400 0.46%/.500 5/D:;;302 ABE$CACBEI$GA6 ABE .345; ::21;/400 0.39%1D00 5;0:15.03 AF6@B$6@B( AFC 1/4D3 /.0133400 0.24%/1200 5;0;:I.05 AJ$CACBEI$GA6 AJC .54./ :DD;;5400 0.46%5D00 5;13DD.03 @66G?CA>7=$(C>B@=CFH$6@B( @MI D34/: 53;02;400 0.75%3;30 ;0.0D1.01 (7BRCB$97AAG!GA$6@B( (9 21433 125.5/430 0.55%13000 ;.;02..0: (!GNCB$GA6 (!C //453 .0.D0/3400 1.16%2100 ;/:121.0. (GAA76=C$LC8>$67(G>7=$6@B( (AL 1;4D0 10/:50400 0.46%/;.00 ;/11;D.00 (G>ACI$<@LC8$GA6 (<G .;432 1;51.2400 0.54%D500 5D:1;3.03 (A6$!GA7A6G7=$6@B( (A6 5141D 5.D.01400 0.71%.0:00 ;:.052.0/ (@=7BG8$GA?8$GA6 (GG ;/4.3 ;1:.13400 0.85%/300 5D:305.0; ((E$GA?F8>BGC8$GA6 ((E D3420 /:D300400 0.27%/./00 ;1/3.J.0/ (BGA6G(7=$!GA7A6G7=$EB@F($GA6 (!E /D43. 5/35./400 0.71%.0.00 ;11:/0.0/ (BF?CA>G7=$!GA7A6G7=$GA6 (BF 5:4:D 510/:D400 0.73%./:00 ;113;:.05 (F<=G6$8J6$CA>CB(BG8C8 (CE :045. :;530:400 0.43%2.00 5D:535.00 (J9$6@B( (J9 2D4:: ;/:3;:400 0.82%1.00 ;3D30D.0/ BC=G7A6C$8>CC=$K$7=FHGAFH$6@ B8 35412 /:.352400 0.26%./500 ;;2/D5.0: B@88$8>@BC8$GA6 B@8> 324.0 ;:/050400 0.83%

Page 21

D500 ;20/3D/05 B@I7=$?F>69$89C==$(=6 B?8 ;04.: 5;:/12400 0.77%:D;00 ;253.1/02 87!CL7I$GA6 8LI /04/. 20/::;400 0.91%/:000 20.03A.03 87A@!GU7JCA>G8 8AI :24;3 2D./30400 1.02%/1D00 20:031/01 87($7E$7?B 87( 5D42/ .;:23.2400 1.98%;000 2.523..0D 8CH(B7$CACBEI$6@B( 8BC 3D4D5 1.D;/0400 0.48%.:D00 E2./;5.00 8GEAC>$SCLC=CB8$=GHG>C? 8GE 1;4/2 53;.D/400 0.75%1.:00 ;211/(.05 8=H$6@B( 8=H .34;5 530222400 0.74%.1;00 232..D.00 8>CC=$?IA7HG68$GA6 8>=? .1431 /.:;:2400 0.24%31300 2;1/3C.0: >7=G8H7A$CACBEI$GA6 >=H ./450 525;00400 0.78%5100 2;2;1//01 >C6R$BC8@FB6C8$=>? >6R :3455 //2//1400 0.26%/1000 2;/:;3.00 >C6@$CACBEI$GA6 >C .;433 1/./00400 0.48%DD00 22;:2D.01 >GHRCA$6@ >RB 304;1 30/:/5400 0.57%.:D00 2D.3.C.0D >@>7=$87 >@> 3.4./ ;.0352400 0.81%2300 2D/:35.05 >B76>@B$8F((=I$6@ >86@ D0435 ;5D;50400 0.88%..;00 922.;9.00 >B7A8@6C7A$=>? BGE 314;0 5:DDD0400 0.73%.0000 2D1.;C.0D >B7JC=CB8$6@H(7AGC8$GA6 >BJ 3D4/0 3D/000400 0.67%.//00 2;/518.05 >BL$7F>@H@>GJC$9=?E8$6@B( >BL 15413 3555D0400 0.65%.2/00 D.:/1(.0/ FAG>C?9C7=>9$EB@F($GA6 FA9 324D1 .0;/;02400 1.22%/;100 D.3/DI.05 FAFH(B@JG?CA>$6@B( FAH /1412 5;0;3/400 0.76%/1100 D.D.:I.00 J7=CB@$CACBEI$6@B( J=@ /34;; 5/2;22400 0.72%.1500 D1D;:J.0; LC==(@GA>$GA6 L=( ;:420 .0;;120400 1.23%12.00 D3D20/.0D LC8>CBA$FAG@A$6@ LF .;450 215350400 0.96%.3200 D2:.0L.02 LIA?97H$L@B=?LG?C$6@B( LIA 1543. ;:1232400 0.84%.3/00 D2D35(.0/ NGHHCB$9=?E8$GA6 NH9 514/2 D;;035400 1.11%5000 223;DI.0. :H$6@ HHH 2D4/. 3:3/50400 0.61%

Page 22

WEDGE CAPITAL MANAGEMENT L.L.P.



Best Negotiated Fee

0.50% per year on the first $25,000,000

0.40% per year on the next $75,000,000

0.30% per year on all assets over $100,000,000

Fees will be billed quarterly in arrears, based on market value as of the last business day of the quarter. Deposits or withdrawals, made any time during the quarter, exceeding ten percent of the Account’s market value on the last business day of the quarter, will be prorated over the quarter on the basis of the number of days the funds were in the Account. Adviser shall not be compensated on the basis of a share of capital gains upon, or capital appreciation of, Client's Account.

Page 23


1

Performance & Disclosures

March 31, 2012

Annualized Returns

1stQtr.

One Year

Two Years

ThreeYears

Five Years

Ten Years

SinceInception

Micro Cap Gross 11.8% 3.3% 14.5% 26.2% 2.7% -- 8.6%

Net 11.5 2.0 13.1 24.6 1.4 -- 7.2

Russell Microcap Value 14.6 -2.9 8.1 24.9 -2.9 -- 3.5

Russell Microcap 15.3 -2.1 10.8 26.6 -1.2 -- 3.2

Small Cap Gross 12.8% 1.7% 13.7% 27.6% 3.7% 9.7% 13.3%

Net 12.5 0.7 12.6 26.4 2.6 8.6 12.2

Russell 2000 Value 11.6 -1.1 9.2 25.4 0.0 6.6 10.6

Russell 2000 12.4 -0.2 12.1 26.9 2.1 6.4 9.0

Mid Cap Gross 13.6% 3.1% 14.5% 31.8% 3.8% 9.1% 12.6%

Net 13.4 2.3 13.7 30.9 3.0 8.3 11.8

Russell Midcap Value 11.4 2.3 11.8 29.2 1.3 8.0 10.3

Russell Midcap 12.9 3.3 13.3 29.1 3.0 7.9 9.8

Large Cap Gross 10.8% 4.2% 5.8% 19.9% -0.9% 3.9% 11.1%

Net 10.6 3.4 5.0 19.0 -1.6 3.1 10.3

Russell 1000 Value 11.1 4.8 9.8 22.8 -0.8 4.6 11.0

Russell 1000 12.9 7.9 12.2 24.0 2.2 4.5 10.8

S&P 500 12.6 8.5 12.0 23.4 2.0 4.1 10.7

Small/Mid Cap Gross 13.4% 2.7% 14.4% 30.1% 3.8% 9.4% 11.3%

Net 13.1 1.8 13.5 29.0 2.9 8.5 10.4

Russell 2500 Value 11.5 0.1 10.8 27.1 1.0 7.5 9.5

Russell 2500 13.0 1.3 13.1 28.4 3.0 7.5 8.9

Large Cap-Expanded Gross 12.4% 4.0% 10.3% 26.0% 1.6% -- 6.8%

Net 12.2 3.2 9.5 25.1 0.8 -- 6.0

Russell 1000 Value 11.1 4.8 9.8 22.8 -0.8 -- 5.0

Russell 1000 12.9 7.9 12.2 24.0 2.2 -- 5.2

Total Cap Gross 11.2% 4.2% 7.6% 21.8% 0.0% 4.9% 10.7%

Net 11.0 3.4 6.8 20.9 -0.7 4.2 9.9

Russell 3000 Value 11.2 4.3 9.8 23.0 -0.8 4.7 10.2

Russell 3000 12.9 7.2 12.2 24.3 2.2 4.7 9.6

Traditional Equity

Page 24

WEDGE Capital Management L.L.P. claims compliance with the Global Investment Performance Standards (GIPS®). WEDGE Capital Management L.L.P. is an independent investment adviser owned by ten general partners. The firm was founded in 1984 and provides a range of separately managed equity, fixed income, and balanced investment products to institutional and other investors. The results presented reflect the reinvestment of dividends and interest and are expressed in US$. Performance data is historical and is no indication of future results. Equity composites consist of discretionary accounts in excess of $1 million managed according to each respective style. Excluding Micro Cap, prior to 2012 taxable accounts were included in seperate composites. The Mid Cap composite contains one taxable account managed from 10/95 to 8/00. Investment results for Large Cap consist of equity only returns with a 5% cash allocation through 3/87. The appropriate benchmark for each composite is as follows: Micro Cap - Russell Micro Cap Value, Small Cap - Russell 2000 Value, Mid Cap - Russell Mid Cap Value, Large Cap - Russell 1000 Value, Small/Mid Cap - Russell 2500 Value, Large Cap - Expanded - Russell 1000 Value, Total Cap - Russell 3000 Value. Portfolio inception dates: Micro Cap 01/01/04, Small Cap 01/01/90, Mid Cap 10/01/95, Large Cap 10/01/84, Small/Mid Cap 04/01/97, Large Cap - Expanded 10/01/96, Total Cap 01/01/91. To receive a complete list and description of WEDGE Capital Management’s composites and/or a presentation that adheres to the GIPS®, contact the Performance Group, WEDGE Capital Management, 301 South Col-lege Street, Suite 2920, Charlotte, NC 28202. Returns for the quarter, two years, ten years, and since inception are presented as supplemental information to the returns required by the GIPS® Advertising Guidelines. Preliminary results.

Page 25


Performance & Disclosures

March 31, 2012

Annualized Returns

1stQtr.

One Year

Two Years

ThreeYears

Five Years

Ten Years

SinceInception

QVM: Large Cap Gross 14.3% 7.1% 14.0% 24.6% 1.0% 8.2% 12.4%

Net 14.1 6.6 13.4 24.0 0.5 7.6 11.9

Russell 1000 Value 11.1 4.8 9.8 22.8 -0.8 4.6 9.1

Russell 1000 12.9 7.9 12.2 24.0 2.2 4.5 8.8

QVM: Small/Mid Cap Gross 11.3% 2.6% 14.5% 31.0% -- -- 24.1%

Net 11.1 1.8 13.6 30.0 -- -- 23.1

Russell 2500 Value 11.5 0.1 10.8 27.1 -- -- 18.1

Russell 2500 13.0 1.3 13.1 28.4 -- -- 21.4


Page 26

WEDGE Capital Management L.L.P. claims compliance with the Global Investment Performance Standards (GIPS®). WEDGE Capital Management L.L.P. is an independent investment adviser owned by ten general part-ners. The firm was founded in 1984 and provides a range of separately managed equity, fixed income, and balanced investment products to institutional and other investors. The results presented reflect the reinvestment of divi-dends and interest and are expressed in US$. Performance data is historical and is no indication of future results. The QVM composites include all discretionary accounts in excess of $1 million. The appropriate benchmark for each composite is as follows: QVM: Large Cap - Russell 1000 Value and QVM: Small/Mid Cap - Russell 2500 Value. Portfolio inception dates: QVM: Large Cap 10/01/94, QVM: Small/Mid Cap 12/01/08. To receive a complete list and description of WEDGE Capital Management’s composites and/or a presentation that adheres to the GIPS®, contact the Performance Group, WEDGE Capital Management, 301 South College Street, Suite 2920, Char-lotte, NC 28202. Returns for the quarter, two years, ten years, and since inception for QVM: Large Cap are presented as supplemental information to the returns required by the GIPS® Advertising Guidelines. Preliminary results.

Page 27

Wedge Capital

Documents

Transcript of Wedge Capital