dahab associates - stratford, connecticut€¦ · web viewu.s. core fixed income. ... please do...

STRATFORD – CORE FI – 5-5-10

U.S. CU.S. COREORE F FIXEDIXED I INCOMENCOME

TTHEHE T TOWNOWN OFOF S STRATFORDTRATFORD IINVESTMENTNVESTMENT M MANAGERANAGER R REQUESTEQUEST F FOROR P PROPOSALROPOSAL – 2010-011 – 2010-011

I.I. IINTRODUCTIONNTRODUCTION

The Town of Stratford is conducting a U.S. core fixed income investment manager search under the guidance of their investment consultant, David Lee, CFA. The Fund has approximately $87 million in total assets. The amount of this search is $10 million. All proposals will be evaluated by the investment consultant and recommendations will be made to the Fund. The final decision will be made by the Trustees.

II.II. TTIMETABLEIMETABLE

PROPOSALS ARE DUE : MAY 5, 2010, 3:00 PM ET

FINAL PRESENTATIONS : TBA

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

DAHAB ASSOCIATES, INC. IS NOW ELECTRONICALLY PROCESSING SUBMITTED RFPS. WE KINDLY ASK THAT YOUR RESPONSES ADHERE TO THE FOLLOWING INSTRUCTIONS. PLEASE NOTE THAT THE INSTRUCTIONS FOR PHYSICAL AND CD/DVD COPIES HAVE BEEN UPDATED/CLARIFIED IN THE “PHYSICAL RFP SUBMISSION” SECTION AS WELL.

III.III. EELECTRONICLECTRONIC S SUBMISSIONUBMISSION OFOF RFP RFPSS

FILL OUT THIS SPECIFIC RFP DOCUMENT, AS OPPOSED TO UPDATING AN OLD COPY. THIS RFP CONTAINS ELECTRONIC BOOKMARKS TO ALLOW US TO AUTOMATEDLY PROCESS THIS DOCUMENT.

DO NOT COPY/PASTE TABLES FROM AN OLD RFP TO THIS RFP. THIS WILL OVERWRITE OUR BOOKMARKS.

DAHAB ASSOCIATES, INC.2010

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YOU MAY COPY/PASTE SPECIFIC TEXT FROM AN OLD RFP TO THIS RFP, AS LONG AS YOU AREN’T COPYING AN ENTIRE TABLE CELL.

PLEASE, DO NOT CHANGE THE FORMATTING, MARKUP OR OVERALL APPEARANCE OF THIS RFP. DO NOT REFER TO OUTSIDE/INCLUDED DOCUMENTS OR APPENDICES IN LIEU OF ANSWERING A

QUESTION IN THE SPACE PROVIDED. WE WILL NOT BE ABLE TO PROCESS SUCH REFERENCES. THE CELLS WILL EXPAND TO ACCOMMODATE THE SIZE OF YOUR RESPONSE.

SAVE AND SUBMIT THIS DOCUMENT IN ITS CURRENT FORMAT, WHICH IS A MICROSOFT WORD DOCUMENT (.DOC). PLEASE DO NOT SAVE AS A MICROSOFT XML WORD DOCUMENT (.DOCX) NOR AS AN ADOBE PDF FILE (.PDF). NEWER VERSIONS OF MICROSOFT OFFICE MAY ASK YOU IF YOU WANT TO CONVERT TO THE NEW FORMAT, AND WILLWARN THAT SOME FEATURES MAY BE LOST IF YOU SAVE IN THE OLD FORMAT. PLEASE DECLINE THAT OPTION.

PLEASE EMAIL THE COMPLETED RFP TO THE EMAIL ADDRESS LISTED BELOW. DO NOT EMAIL ANY DOCUMENTS OTHER THAN THE COMPLETED RFP. SPECIFICALLY, PLEASE

DO NOT EMAIL COPIES OF YOUR ANNUAL REPORT, PROSPECTUS, APPENDICES, PROMOTIONAL MATERIALS, OR ANY SPECIALLY REQUESTED DOCUMENTS. THESE WILL QUICKLY CAUSE OUR SERVER TO OVERFLOW.

IF YOU HAVE ANY QUESTIONS ABOUT THESE INSTRUCTIONS, PLEASE FEEL FREE TO CONTACT BILL DAHAB IN THE MANAGER RESEARCH DEPARTMENT AT DAHAB ASSOCIATES AT 631.665.6181 OR VIA EMAIL AT [email protected] .

SUBMIT COMPLETED RFP TO: [email protected] SUBJECT LINE: “STRATFORD CORE FI: SUBMITTING FIRM’S NAME”FILE NAME: “STRATFORD CORE FI- SUBMITTING FIRM’S NAME - PRODUCT NAME.DOC”

NOTE THAT “SUBMITTING FIRM’S NAME” AND “PRODUCT NAME” SHOULD BE REPLACED WITH THE RELEVANT INFORMATION.

IV. PHYSICAL RFP SUBMISSION

PLEASE INCLUDE THE FOLLOWING DOCUMENTS :

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

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

3. Submit one (1) unbound and unstapled, printed copy of this RFP accompanied by a copy on CD/DVD to each of the recipients listed below.

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


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mailto:[email protected]

mailto:[email protected]


5. To minimize our waste, and help the environment, please submit the proposal secured only with a binder-clip or a paper-clip, with no cover, binder, or staples.

6. Please include the fee schedule within Section IX of the RFP and not as a separate document.

7. Submit an electronic copy of the firm’s Form ADV Parts I and II on CD/DVD only. We’d prefer these be submitted on the same CD/DVD as the RFP, but do not require it. Please, do not submit a printed copy of these documents.

8. Do not submit a physical copy of your firm’s Annual Report or any promotional materials. You are welcome to include these documents in a digital format on the CD/DVD.

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

10. Please be mindful of the amount of the shipping materials you use. We prefer paper or cardboard mailing envelopes, when possible. If larger packaging is required, please use the smallest box that will adequately hold your submission. We do not hold it against respondents in the unlikely event that a submission is damaged in transit.

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

12. The proposal package, including all printed material and the submitted CD/DVD should be shipped to both:

MR. MICHAEL BONNARPURCHASING AGENTTOWN OF STRATFORD

2725 MAIN STREET, ROOM 202STRATFORD, CONNECTICUT 06615

MR. STEVEN ROTHDIRECTOR OF MANAGER RESEARCH

DAHAB ASSOCIATES, INC.423 SOUTH COUNTRY ROAD

BAY SHORE, NEW YORK 11706

The Town of Stratford, and Dahab Associates reserve the right to accept or reject any or all proposals or any parts thereof, and to waive any formalities in the submission of proposals if it is deemed in the best interests of the client to do so.

The Town of Stratford may consider informal any proposal not prepared and submitted to the Town in accordance with the provisions herein stated. The Town of Stratford reserves the right to reject any or all proposals or parts of proposals; to waive defects in same proposals; or to accept any proposal or part thereof deemed to be in the best interests of the Town of Stratford.

If there are any questions with respect to this investment manager search please contact:

Mr. Steven Roth at 631-665-6181 or via email, [email protected].


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A quick checklist of what documents should be included for each medium:

SUBMIT VIA EMAIL SUBMIT PRINT COPIES(UNBOUND, UNSTAPLED, NO

COVER OR BINDER)

SUBMIT VIA CD/DVD (ONLY ONE CD/DVD IS NECESSARY)

RFP (REQUIRED) NO OTHER DOCUMENTS

RFP (REQUIRED) COVER LETTER

(REQUIRED) APPENDICES (OPTIONAL) PROSPECTUS (OPTIONAL,

REQUESTED FOR MUTUAL FUNDS)

ANY SPECIALLY REQUESTED DOCUMENTS

RFP (REQUIRED) FORM ADV I & II (REQUIRED,

CD/DVD ONLY) APPENDICES (OPTIONAL) PROSPECTUS (OPTIONAL,

REQUESTED FOR MUTUAL FUNDS)

ANY SPECIALLY REQUESTED DOCUMENTS

ANNUAL REPORT (OPTIONAL, CD/DVD ONLY)

PROMOTIONAL MATERIAL (OPTIONAL, CD/DVD ONLY)


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U.S. CU.S. COREORE F FIXEDIXED I INCOMENCOME

TTHEHE T TOWNOWN OFOF S STRATFORDTRATFORD IINVESTMENTNVESTMENT M MANAGERANAGER R REQUESTEQUEST F FOROR P PROPOSALROPOSAL – 2010-011 – 2010-011

CCOMPANYOMPANY N NAMEAME

IINVESTMENTNVESTMENT S STYLETYLE

PPRODUCTRODUCT N NAMEAME

PPRINCIPALRINCIPAL A ADDRESSDDRESS

TTELEPHONEELEPHONE N NUMBERUMBER

EEMAILMAIL A ADDRESSDDRESS

IINDIVIDUALNDIVIDUAL C COMPLETINGOMPLETING THISTHIS RFP RFPPPOSITIONOSITION

MMAILINGAILING A ADDRESSDDRESS ((IFIF DIFFERENTDIFFERENT FROMFROM ABOVEABOVE))

TTELEPHONEELEPHONE N NUMBERUMBER ((IFIF DIFFERENTDIFFERENT FROMFROM ABOVEABOVE))

FFAXAX N NUMBERUMBER

DDATEATE C COMPLETEDOMPLETED


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FFIRMIRM N NAMEAME

I.I. SSUMMARYUMMARY

GGENERALENERAL I INFORMATIONNFORMATION::

FFIRMIRM N NAMEAME


LLOCATIONOCATION OFOF H HEADQUARTERSEADQUARTERS (C (CITYITY, S, STATETATE) ) OROR (C(CITYITY, C, COUNTRYOUNTRY IFIF N NONON-US)-US)

NNAMEAME OFOF P PARENTARENT C COMPANYOMPANY, , OROR I INDEPENDENTNDEPENDENT

TTAXAX-E-EXEMPTXEMPT A ASSETSSSETS U UNDERNDER M MANAGEMENTANAGEMENT

TTOTALOTAL A ASSETSSSETS U UNDERNDER M MANAGEMENTANAGEMENT

YYEAREAR F FOUNDEDOUNDED

YYEAREAR R REGISTEREDEGISTERED

CCONTACTONTACT N NAMEAME

CCONTACTONTACT N NUMBERUMBER

CCONTACTONTACT E EMAILMAIL

FFOROR THETHE MOSTMOST RECENTRECENT QUARTERQUARTER--ENDEND, , PLEASEPLEASE PROVIDEPROVIDE THETHE FOLLOWINGFOLLOWING FIGURESFIGURES FORFOR AA REPRESENTATIVEREPRESENTATIVE ACCOUNTACCOUNT::

FFIXEDIXED I INCOMENCOME P PRODUCTRODUCT I INFORMATIONNFORMATION::


TTYPICALYPICAL N NUMBERUMBER OFOF I ISSUESSSUES H HELDELD

PPORTFOLIOORTFOLIO T TURNOVERURNOVER, 12-, 12-MONTHMONTH R ROLLINGOLLING,, EXCLUDINGEXCLUDING REPOSREPOS (%) (%) %

3-3-YEARYEAR A AVERAGEVERAGE Q QUALITYUALITY

3-3-YEARYEAR A AVERAGEVERAGE M MATURITYATURITY

3-3-YEARYEAR A AVERAGEVERAGE D DURATIONURATION

3-3-YEARYEAR A AVERAGEVERAGE COUPONCOUPON

PPRODUCTRODUCT I INCEPTIONNCEPTION

TTHEHE NAMENAME OFOF THETHE S STYLETYLE B BENCHMARKENCHMARK USEDUSED

TTOTALOTAL A ASSETSSSETS I INN P PRODUCTRODUCT


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II.II. FFIRMIRM A AFFILIATIONFFILIATION

1.1. IISS THETHE FIRMFIRM INDEPENDENTINDEPENDENT??

2.2.IISS THETHE FIRMFIRM REGISTEREDREGISTERED UNDERUNDER THETHE I INVESTMENTNVESTMENT A ADVISORSDVISORS A ACTCT OFOF 1940?1940?

3.3.IISS THETHE FIRMFIRM MINORITYMINORITY OWNEDOWNED? I? IFF SOSO, , WHATWHAT PERCENTPERCENT??

4.4. IISS THETHE FIRMFIRM WOMENWOMEN OWNEDOWNED? I? IFF SOSO, , WHATWHAT PERCENTPERCENT??5.5. IISS THETHE FIRMFIRM AA SUBSIDIARYSUBSIDIARY OFOF, , OROR RELATEDRELATED ININ ANYANY WAYWAY TOTO::

A A BROKERAGEBROKERAGE FIRMFIRM

IINSURANCENSURANCE COMPANYCOMPANY

A A BANKBANK

OOTHERTHER

6.6. WWHATHAT ISIS THETHE NAMENAME OFOF THETHE PARENTPARENT COMPANYCOMPANY??7.7. PPLEASELEASE PROVIDEPROVIDE DETAILSDETAILS OFOF THETHE OWNERSHIPOWNERSHIP STRUCTURESTRUCTURE OFOF THETHE FIRMFIRM..

8.8.IIFF THETHE FIRMFIRM ISIS RELATEDRELATED ININ ANYANY FASHIONFASHION ( (FINANCIALLYFINANCIALLY OROR OTHERWISEOTHERWISE) ) TOTO ANYANY OTHEROTHER ENTITYENTITY,, EXPLAINEXPLAIN..

III.III. GGENERALENERAL B BACKGROUNDACKGROUND I INFORMATIONNFORMATION

1.1. PPLEASELEASE INDICATEINDICATE THETHE TYPESTYPES OFOF ACCOUNTSACCOUNTS THATTHAT YOURYOUR FIRMFIRM CURRENTLYCURRENTLY MANAGESMANAGES::

DDOMESTICOMESTIC E EQUITYQUITY SSOCIALLYOCIALLY C CONSCIOUSONSCIOUS

FFIXEDIXED I INCOMENCOME HHEDGEEDGE F FUNDUND OFOF ANYANY TYPETYPE

BBALANCEDALANCED IINSTITUTIONALNSTITUTIONAL M MUTUALUTUAL F FUNDSUNDS ** **IINTERNATIONALNTERNATIONAL RRETAILETAIL M MUTUALUTUAL F FUNDSUNDS

GGLOBALLOBAL

**I**IFF YOURYOUR FIRMFIRM MANAGESMANAGES ANAN INSTITUTIONALINSTITUTIONAL MUTUALMUTUAL FUNDFUND, , PLEASEPLEASE ATTACHATTACH AA PROSPECTUSPROSPECTUS TOTO THISTHIS QUESTIONNAIREQUESTIONNAIRE..

2.2. PPLEASELEASE PROVIDEPROVIDE THETHE LOCATIONLOCATION ANDAND FUNCTIONFUNCTION OFOF EACHEACH OFOF THETHE FIRMFIRM’’SS OFFICESOFFICES..

3.3. PPLEASELEASE GIVEGIVE AA BRIEFBRIEF HISTORYHISTORY OFOF THETHE FIRMFIRM..


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4.4. WWHENHEN WASWAS THETHE FIRMFIRM FOUNDEDFOUNDED??5.5. WWHENHEN WASWAS ITIT REGISTEREDREGISTERED ASAS ANAN INVESTMENTINVESTMENT

ADVISORADVISOR??6.6. WWHENHEN DIDDID THETHE FIRMFIRM BEGINBEGIN TOTO MANAGEMANAGE TAXTAX EXEMPTEXEMPT

ACCOUNTSACCOUNTS??7.7. DDESCRIBEESCRIBE THETHE LEVELLEVEL OFOF ERRORERROR ANDAND OMISSIONOMISSION INSURANCEINSURANCE COVERAGECOVERAGE THETHE FIRMFIRM CARRIESCARRIES..

8.8. AARERE YOUYOU NOWNOW THETHE SUBJECTSUBJECT OFOF AA SEC SEC OROR OTHEROTHER REGULATORYREGULATORY BODYBODY SANCTIONSANCTION? I? IFF SOSO, , EXPLAINEXPLAIN..

9.9. HHASAS THETHE FIRMFIRM EVEREVER BEENBEEN SUBJECTSUBJECT TOTO AA SEC SEC OROR OTHEROTHER REGULATORYREGULATORY BODYBODY SANCTIONSANCTION? I? IFF SOSO, , EXPLAINEXPLAIN..

10.10. DDISCUSSISCUSS, , ININ DETAILDETAIL, , ANYANY LITIGATIONLITIGATION BROUGHTBROUGHT AGAINSTAGAINST THETHE FIRMFIRM ININ THETHE LASTLAST FIVEFIVE YEARSYEARS..

11.11. PPLEASELEASE PROVIDEPROVIDE DETAILSDETAILS ONON THETHE FINANCIALFINANCIAL CONDITIONCONDITION OFOF THETHE FIRMFIRM..

12.12. WWHATHAT EFFECTEFFECT HASHAS THETHE CURRENTCURRENT ECONOMICECONOMIC ENVIRONMENTENVIRONMENT HADHAD ONON THETHE FIRMFIRM??

13.13. PPROVIDEROVIDE AA BREAKDOWNBREAKDOWN OFOF ASSETSASSETS BYBY TYPETYPE OFOF I INVESTMENTNVESTMENT S STRATEGYTRATEGY. (. (FORFOR EXAMPLEEXAMPLE, M, MIDID C CAPAP GGROWTHROWTH, C, COREORE F FIXEDIXED I INCOMENCOME, E, EMERGINGMERGING M MARKETSARKETS, , ETCETC.).)

IINVESTMENTNVESTMENT S STRATEGYTRATEGY # # OFOF A ACCOUNTSCCOUNTS $ V$ VALUEALUE

14.14. PPLEASELEASE PROVIDEPROVIDE AA BREAKDOWNBREAKDOWN OFOF THETHE FIRM’SFIRM’S ACCOUNTSACCOUNTS & & ASSETSASSETS ININ THETHE FOLLOWINGFOLLOWING TABLETABLE::

# # OFOF A ACCOUNTSCCOUNTS $ V$ VALUEALUE

TTAXAX E EXEMPTXEMPT A ASSETSSSETS::ERISAERISAPPUBLICUBLIC

TTAFTAFT-H-HARTLEYARTLEY

EENDOWMENTNDOWMENT

FFOUNDATIONOUNDATION

RRELIGIOUSELIGIOUS O ORDERRDER


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OOTHERTHER

TTOTALOTAL T TAXAX-E-EXEMPTXEMPT

TTAXABLEAXABLE A ASSETSSSETS::PPERSONALERSONAL T TRUSTSRUSTS

CCOMMINGLEDOMMINGLED

TTOTALOTAL T TAXABLEAXABLE

MMUTUALUTUAL F FUNDSUNDS::EEQUITYQUITY

FFIXEDIXED I INCOMENCOME

MMONEYONEY M MARKETARKET

TTOTALOTAL M MUTUALUTUAL F FUNDSUNDS

OOVERALLVERALL T TOTALOTAL

15.15. PPROVIDEROVIDE AA BREAKDOWNBREAKDOWN OFOF THETHE PRODUCT’SPRODUCT’S ACCOUNTSACCOUNTS & & ASSETSASSETS ININ THETHE FOLLOWINGFOLLOWING TABLETABLE::

# # OFOF A ACCOUNTSCCOUNTS $ V$ VALUEALUE

TTAXAX E EXEMPTXEMPT A ASSETSSSETS::ERISAERISAPPUBLICUBLIC

TTAFTAFT-H-HARTLEYARTLEY

EENDOWMENTNDOWMENT



OOTHERTHER

TTOTALOTAL T TAXAX-E-EXEMPTXEMPT

TTAXABLEAXABLE A ASSETSSSETS::PPERSONALERSONAL T TRUSTSRUSTS

CCOMMINGLEDOMMINGLED

TTOTALOTAL T TAXABLEAXABLE

MMUTUALUTUAL F FUNDSUNDS::EEQUITYQUITY

FFIXEDIXED I INCOMENCOME

MMONEYONEY M MARKETARKET

TTOTALOTAL M MUTUALUTUAL F FUNDSUNDS

OOVERALLVERALL T TOTALOTAL


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16.16. WWHATHAT AREARE YOURYOUR FIRMFIRM’’SS PLANSPLANS FORFOR GROWTHGROWTH OFOF THESETHESE ASSETSASSETS??

17.17. AARERE THERETHERE PLANSPLANS FORFOR LIMITINGLIMITING GROWTHGROWTH ININ ANYANY OFOF THETHE ABOVEABOVE AREASAREAS??

18.18. HHOWOW DOESDOES YOURYOUR FIRMFIRM PLANPLAN TOTO STAFFSTAFF THETHE GROWTHGROWTH OFOF THETHE FIRMFIRM DESCRIBEDDESCRIBED ABOVEABOVE??

19.19. GGIVEIVE FIVEFIVE (5) P (5) PUBLICUBLIC F FUNDUND REFERENCESREFERENCES FORFOR YOURYOUR SERVICESSERVICES..

20.20. SSTATETATE THETHE AVERAGEAVERAGE SIZESIZE OFOF THETHE FIRMFIRM’’SS 5 5 LARGESTLARGEST TAXTAX--EXEMPTEXEMPT FUNDSFUNDS..

21.21.IINDICATENDICATE THETHE NUMBERNUMBER & & ASSETSASSETS OFOF TAXTAX--EXEMPTEXEMPT ACCOUNTSACCOUNTS THETHE FIRMFIRM GAINEDGAINED & & LOSTLOST ININ EACHEACH CATEGORYCATEGORY::

GGAINEDAINED 20062006 20072007 20082008 20092009 20102010## $$ ## $$ ## $$ ## $$ ## $$

PPUBLICUBLIC

ERISAERISATTAFTAFT-H-HARTLEYARTLEY

EENDOWMENTNDOWMENT



OOTHERTHER

TTOTALOTAL

LLOSTOST 20062006 20072007 20082008 20092009 20102010## $$ ## $$ ## $$ ## $$ ## $$

PPUBLICUBLIC


EENDOWMENTNDOWMENT



OOTHERTHER

TTOTALOTAL

22.22. PPLEASELEASE DISCUSSDISCUSS ANYANY UNUSUALLYUNUSUALLY LARGELARGE NUMBERNUMBER OFOF ACCOUNTSACCOUNTS OROR ASSETSASSETS LOSTLOST..


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23.23. IINDICATENDICATE THETHE NUMBERNUMBER & & ASSETSASSETS OFOF TAXTAX--EXEMPTEXEMPT ACCOUNTSACCOUNTS THETHE PRODUCTPRODUCT GAINEDGAINED & & LOSTLOST::

GGAINEDAINED 20062006 20072007 20082008 20092009 20102010## $$ ## $$ ## $$ ## $$ ## $$

PPUBLICUBLIC


EENDOWMENTNDOWMENT



OOTHERTHER

TTOTALOTAL

LLOSTOST 20062006 20072007 20082008 20092009 20102010## $$ ## $$ ## $$ ## $$ ## $$

PPUBLICUBLIC


EENDOWMENTNDOWMENT



OOTHERTHER

TTOTALOTAL

24.24. FFOROR THETHE PRODUCTPRODUCT , , PLEASEPLEASE DISCUSSDISCUSS ANYANY UNUSUALLYUNUSUALLY LARGELARGE # # OFOF ACCOUNTSACCOUNTS OROR ASSETSASSETS LOSTLOST..

IV.IV. IINVESTMENTNVESTMENT P PHILOSOPHYHILOSOPHY & I & IMPLEMENTATIONMPLEMENTATION

1.1.DESCRIBEDESCRIBE THETHE STRUCTURESTRUCTURE OFOF THETHE PRODUCTPRODUCT’’SS INVESTMENTINVESTMENT TEAMTEAM. . INCLUDEINCLUDE ANAN ORGANIZATIONALORGANIZATIONAL CHARTCHART WHICHWHICH DETAILSDETAILS THETHE FLOWFLOW OFOF INFORMATIONINFORMATION USEDUSED ININ THETHE DECISIONDECISION MAKINGMAKING PROCESSPROCESS..

2.2.HHAVEAVE THERETHERE BEENBEEN ADDITIONSADDITIONS OROR DEPARTURESDEPARTURES ININ THETHE LASTLAST 3 3 YEARSYEARS FORFOR THETHE TEAMTEAM MANAGINGMANAGING THETHE PROPOSEDPROPOSED PRODUCTPRODUCT? P? PLEASELEASE EXPLAINEXPLAIN..

3.3. WWHATHAT ISIS THETHE # # OFOF ACCOUNTSACCOUNTS ANDAND ACCOUNTACCOUNT VOLUMEVOLUME ( (ININ $) $) THATTHAT ISIS HANDLEDHANDLED BYBY THISTHIS TEAMTEAM??


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4.4. DDOO THETHE SAMESAME GROUPSGROUPS MANAGEMANAGE EQUITYEQUITY, , FIXEDFIXED INCOMEINCOME, & , & BALANCEDBALANCED PORTFOLIOSPORTFOLIOS ATAT THETHE FIRMFIRM??

5.5. DDOESOES THETHE FIRMFIRM EMPLOYEMPLOY AA CENTRALCENTRAL TRADINGTRADING DESKDESK??

6.6. IIFF YESYES, , DESCRIBEDESCRIBE THETHE TRADINGTRADING OPERATIONOPERATION & & THETHE TRADERSTRADERS’ ’ QUALIFICATIONSQUALIFICATIONS..

7.7. DDOESOES THETHE FIRMFIRM HAVEHAVE ANAN INVESTMENTINVESTMENT COMMITTEECOMMITTEE??

8.8. IIFF YESYES, , DESCRIBEDESCRIBE HOWHOW ITIT OPERATESOPERATES & & THETHE BACKGROUNDBACKGROUND//EXPERIENCEEXPERIENCE OFOF THETHE MEMBERSMEMBERS..

9.9. IIFF APPLICABLEAPPLICABLE, , HOWHOW OFTENOFTEN DOESDOES THETHE INVESTMENTINVESTMENT COMMITTEECOMMITTEE MEETMEET??

V.V. FFIXEDIXED I INCOMENCOME I INVESTMENTNVESTMENT P PHILOSOPHYHILOSOPHY

1.1. PPLEASELEASE INDICATEINDICATE WHICHWHICH CATEGORIESCATEGORIES MOSTMOST CORRECTLYCORRECTLY IDENTIFYIDENTIFY YOURYOUR FIXEDFIXED INCOMEINCOME STYLESTYLE::

IINTERESTNTEREST R RATEATE A ANTICIPATIONNTICIPATION

SSECTORECTOR/S/SECURITYECURITY A APPROACHPPROACH

LLIMITEDIMITED R RISKISK (H (HEDGEDEDGED))

FFIXEDIXED D DURATIONURATION OROR P PASSIVEASSIVE

IINDEXNDEX F FUNDSUNDS

OOTHERTHER ( (PLEASEPLEASE SPECIFYSPECIFY))

2.2. IINN ONEONE BRIEFBRIEF SENTENCESENTENCE, , PLEASEPLEASE DESCRIBEDESCRIBE YOURYOUR FIRMFIRM’’SS EQUITYEQUITY INVESTMENTINVESTMENT PHILOSOPHYPHILOSOPHY..

3.3. DDESCRIBEESCRIBE THETHE EQUITYEQUITY INVESTMENTINVESTMENT PHILOSOPHYPHILOSOPHY INCLUDINGINCLUDING HOWHOW BUYBUY ANDAND SELLSELL DECISIONSDECISIONS AREARE MADEMADE..

4.4. WWHENHEN WASWAS THETHE INVESTMENTINVESTMENT PHILOSOPHYPHILOSOPHY ESTABLISHEDESTABLISHED??

5.5. HHASAS THISTHIS PHILOSOPHYPHILOSOPHY BEENBEEN IMPLEMENTEDIMPLEMENTED FORFOR THETHE LASTLAST FIVEFIVE YEARSYEARS? I? IFF NOTNOT, , AREARE THETHE CREATORSCREATORS OFOF THETHE PREVIOUSPREVIOUS PHILOSOPHYPHILOSOPHY STILLSTILL WITHWITH THETHE FIRMFIRM??

6.6. WWHATHAT ISIS CONSIDEREDCONSIDERED TOTO BEBE THETHE COMPETITIVECOMPETITIVE ADVANTAGEADVANTAGE OFOF THETHE PHILOSOPHYPHILOSOPHY??

7.7. WWHATHAT CHANGESCHANGES HAVEHAVE BEENBEEN MADEMADE TOTO THETHE INVESTMENTINVESTMENT PROCESSPROCESS ININ THETHE PASTPAST 5 5 YEARSYEARS??


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8.8.AARERE MANAGERSMANAGERS GIVENGIVEN MINIMUMMINIMUM QUALITYQUALITY CRITERIACRITERIA FORFOR THEIRTHEIR FIXEDFIXED INCOMEINCOME SELECTIONSSELECTIONS? I? IFF SOSO,, PLEASEPLEASE DESCRIBEDESCRIBE THETHE CRITERIACRITERIA..

10.10. DDESCRIBEESCRIBE THETHE USEUSE OFOF CASHCASH ININ THETHE FIXEDFIXED INCOMEINCOME PROCESSPROCESS..

11.11. WWHATHAT RANGERANGE OFOF CASHCASH ISIS TYPICALTYPICAL??

12.12.IIFF DERIVATIVEDERIVATIVE SECURITIESSECURITIES AREARE PARTPART OFOF THETHE FIXEDFIXED INCOMEINCOME PROGRAMPROGRAM, , WHATWHAT KINDSKINDS AREARE THEYTHEY & & TOTO WHATWHAT ENDEND??

13.13. DDETAILETAIL THETHE INTERNALINTERNAL OVERSIGHTOVERSIGHT USEDUSED TOTO CONTROLCONTROL THETHE RISKRISK ( (LEVERAGELEVERAGE) ) INHERENTINHERENT ININ THISTHIS PORTIONPORTION..

14,14,PLEASE PROVIDE A BREAKDOWN OF THE SECTOR DISTRIBUTION FOR THE PRODUCT RELATIVE TO ITS BENCHMARK, AS OF THE MOST RECENT QUARTER-END.

20082008 20092009 20102010PPRODUCTRODUCT BBENCHMARKENCHMARK PPRODUCTRODUCT BBENCHMARKENCHMARK PPRODUCTRODUCT BBENCHMARKENCHMARK

TTREASURYREASURY’’SS %% %% %% %% %% %%AAGENCYGENCY %% %% %% %% %% %%CCORPORATEORPORATE %% %% %% %% %% %%MBSMBS %% %% %% %% %% %%CMBSCMBS %% %% %% %% %% %%ABSABS %% %% %% %% %% %%TIPSTIPS %% %% %% %% %% %%HHIGHIGH Y YIELDIELD %% %% %% %% %% %%OOTHERTHER %% %% %% %% %% %%

PPLEASELEASE ATTACHATTACH THETHE FOLLOWINGFOLLOWING TOTO THISTHIS PRINTEDPRINTED ANDAND CDCD//DVDDVD COPIESCOPIES OFOF THISTHIS QUESTIONNAIREQUESTIONNAIRE:: AA COPYCOPY OFOF ANAN ACTUALACTUAL PORTFOLIOPORTFOLIO

AA RECENTRECENT 5- 5-YEARYEAR HISTORYHISTORY OFOF THETHE QUALITYQUALITY DISTRIBUTIONDISTRIBUTION

AA RECENTRECENT 5- 5-YEARYEAR HISTORYHISTORY OFOF THETHE MATURITYMATURITY DISTRIBUTIONDISTRIBUTION

AA RECENTRECENT 5- 5-YEARYEAR HISTORYHISTORY OFOF THETHE DURATIONDURATION DISTRIBUTIONDISTRIBUTION

AA BREAKDOWNBREAKDOWN OFOF THETHE SECTORSECTOR DISTRIBUTIONDISTRIBUTION OFOF AA TYPICALTYPICAL PORTFOLIOPORTFOLIO OVEROVER THETHE LASTLAST 5 5 YEARSYEARS

VI.VI. RRESEARCHESEARCH

1.1.WWHATHAT PERCENTAGEPERCENTAGE OFOF RESEARCHRESEARCH ISIS GENERATEDGENERATED INTERNALLYINTERNALLY??


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2.2. WWHATHAT PERCENTAGEPERCENTAGE OFOF RESEARCHRESEARCH ISIS OBTAINEDOBTAINED FROMFROM OUTSIDEOUTSIDE SOURCESSOURCES??3.3. PPLEASELEASE DESCRIBEDESCRIBE HOWHOW THETHE RESEARCHRESEARCH OPERATIONOPERATION WITHINWITHIN YOURYOUR FIRMFIRM WORKSWORKS..

4.4. PPLEASELEASE DESCRIBEDESCRIBE HOWHOW YOURYOUR FIRMFIRM OBTAINSOBTAINS ANDAND PAYSPAYS FORFOR OUTSIDEOUTSIDE RESEARCHRESEARCH REPORTSREPORTS..

5.5.PPLEASELEASE NAMENAME THETHE THREETHREE PRIMARYPRIMARY SOURCESSOURCES OFOF DATADATA ANDAND//OROR ANALYSESANALYSES UPONUPON WHICHWHICH YOURYOUR FIRMFIRM RELIESRELIES..

(1)(1)(2)(2)(3)(3)

6.6. WWHOHO COORDINATESCOORDINATES THETHE FIRMFIRM’’SS RESEARCHRESEARCH EFFORTEFFORT & & WHATWHAT AREARE THEIRTHEIR QUALIFICATIONSQUALIFICATIONS FORFOR THATTHAT POSITIONPOSITION..

VII.VII. PPERSONNELERSONNEL

1.1. IINN THETHE TABLETABLE BELOWBELOW, , INDICATEINDICATE THETHE APPROPRIATEAPPROPRIATE NUMBERNUMBER OFOF EMPLOYEESEMPLOYEES EMPLOYEDEMPLOYED ININ EACHEACH CATEGORYCATEGORY..

20072007 20082008 20092009 20102010EEQUITYQUITY PORTFOLIOPORTFOLIO MANAGERSMANAGERS

BBONDOND PORTFOLIOPORTFOLIO MANAGERSMANAGERS

BBALANCEDALANCED FUNDFUND MANAGERSMANAGERS

EEQUITYQUITY RESEARCHRESEARCH ANALYSTSANALYSTS

BBONDOND RESEARCHRESEARCH ANALYSTSANALYSTS

EECONOMISTSCONOMISTS

MMANAGEMENTANAGEMENT ANDAND AADMINISTRATIVEDMINISTRATIVE (C (COMPLIANCEOMPLIANCE,,

OOPERATIONSPERATIONS))CCOMPUTEROMPUTER PROFESSIONALSPROFESSIONALS

CCLERICALLERICAL

OOTHERTHER (M (MARKETINGARKETING, C, CLIENTLIENT SSERVICEERVICE, T, TRADINGRADING))

TTOTALOTAL

2.2.PPLEASELEASE PROVIDEPROVIDE BIOGRAPHICALBIOGRAPHICAL INFORMATIONINFORMATION ONON ALLALL KEYKEY MEMBERSMEMBERS OFOF THETHE PROPOSEDPROPOSED PRODUCTPRODUCT’’SS ASSETASSET MGMTMGMT TEAMTEAM, , INCLUDINGINCLUDING YEARSYEARS OFOF EXPERIENCEEXPERIENCE WITHWITH THISTHIS ASSETASSET CLASSCLASS & & YEARSYEARS WITHWITH THETHE FIRMFIRM..

3.3. IINN THETHE LASTLAST 3 3 YEARSYEARS, , HOWHOW MANYMANY PROFESSIONALPROFESSIONAL EMPLOYEESEMPLOYEES HAVEHAVE LEFTLEFT THETHE FIRMFIRM FORFOR ANYANY REASONREASON??

4.4. WWHATHAT QUALIFICATIONSQUALIFICATIONS AREARE TYPICALTYPICAL OFOF THETHE PM PMSS, , INCLUDEINCLUDE YRSYRS WW/ / FIRMFIRM, $ , $ UNDERUNDER MGMTMGMT & # & # OFOF


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ACCOUNTSACCOUNTS..

5.5. PPLEASELEASE DESCRIBEDESCRIBE THETHE METHODMETHOD OFOF COMPENSATIONCOMPENSATION EMPLOYEDEMPLOYED FORFOR PORTFOLIOPORTFOLIO MANAGERSMANAGERS..

6.6. PPLEASELEASE DESCRIBEDESCRIBE THETHE METHODMETHOD OFOF COMPENSATIONCOMPENSATION EMPLOYEDEMPLOYED FORFOR RESEARCHRESEARCH ANALYSTSANALYSTS..


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VIII.VIII. PPERFORMANCEERFORMANCE

1.1. IISS YOURYOUR FIRMFIRM ININ COMPLIANCECOMPLIANCE WITHWITH THETHE CFA I CFA INSTITUTENSTITUTE’’SS STANDARDSSTANDARDS??

PPLEASELEASE NOTENOTE THETHE FOLLOWINGFOLLOWING ::

IINDICATENDICATE WHICHWHICH INVESTMENTINVESTMENT VEHICLEVEHICLE ISIS BEINGBEING SUBMITTEDSUBMITTED ((EE..GG. . SEPARATESEPARATE ACCOUNTACCOUNT,, INVESTMENTINVESTMENT TRUSTTRUST, , ETCETC.). .).

IIFF THETHE PRODUCTPRODUCT ISIS AA COMMINGLEDCOMMINGLED FUNDFUND VEHICLEVEHICLE, , INDICATEINDICATE IFIF ITIT HASHAS ITSITS OWNOWN COMPOSITECOMPOSITE,, OROR IFIF ITSITS PERFORMANCEPERFORMANCE ISIS INCLUDEDINCLUDED ININ THETHE SEPARATESEPARATE ACCOUNTACCOUNT COMPOSITECOMPOSITE..

PPROVIDEROVIDE THETHE RATESRATES OFOF RETURNRETURN INDICATEDINDICATED BELOWBELOW BYBY ASSETASSET CLASSCLASS GROSSGROSS OFOF FEESFEES ..

IIFF AVAILABLEAVAILABLE, , SUBMITSUBMIT RETURNRETURN FIGURESFIGURES CALCULATEDCALCULATED BYBY AA 3 3RDRD PARTYPARTY PERFORMANCEPERFORMANCE FIRMFIRM..

IINDICATENDICATE THETHE ASSETASSET VALUEVALUE & # & # OFOF ACCOUNTSACCOUNTS CORRESPONDINGCORRESPONDING TOTO THETHE RETURNRETURN FIGURESFIGURES..

PPLEASELEASE ATTACHATTACH HISTORICALHISTORICAL RETURNSRETURNS SINCESINCE PRODUCTPRODUCT INCEPTIONINCEPTION TOTO THISTHIS QUESTIONNAIREQUESTIONNAIRE..

PPLEASELEASE NOTENOTE THATTHAT CHANGESCHANGES HAVEHAVE BEENBEEN MADEMADE TOTO THISTHIS SECTIONSECTION OFOF THETHE RFP RFP ::PPERFORMANCEERFORMANCE CHARTSCHARTS MUSTMUST BEBE UPDATEDUPDATED ASAS OFOF THETHE LASTLAST QUARTERQUARTER--ENDEND, , 3/31/103/31/10..


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IINVESTMENTNVESTMENT S STYLETYLE


IINCEPTIONNCEPTION D DATEATE

AACCOUNTCCOUNT T TYPEYPE

BBENCHMARKENCHMARK U USEDSED

PPORTFOLIOORTFOLIO M MGRGR/T/TEAMEAM L LEADEREADER

YYEARSEARS M MANAGINGANAGING THISTHIS P PRODUCTRODUCT

YYEAREAR E ENDNDPPRODUCTRODUCT ROR ROR ((GROSSGROSS OFOF FEESFEES))

BBENCHMARKENCHMARK RORROR

# # OFOF A ACCOUNTSCCOUNTS FORFOR P PRODUCTRODUCT

VVALUEALUE ($) ($) FORFOR P PRODUCTRODUCT

20002000200120012002200220032003200420042005200520062006200720072008200820092009

11STST Q ‘10 Q ‘10

AANNUALIZEDNNUALIZED 3- 3-YEARYEAR

AANNUALIZEDNNUALIZED 5- 5-YEARYEAR

IX.IX. FFEEEE S STRUCTURETRUCTURE

1.1. PPLEASELEASE STATESTATE THETHE FIRMFIRM’’SS FEEFEE STRUCTURESTRUCTURE FORFOR SEPARATESEPARATE ACCOUNTSACCOUNTS..

__ BPS ON 1ST $__ M__ BPS ON NEXT $__ M__ BPS ON NEXT $__ M

__ BPS ON BALANCE

2.2. PPLEASELEASE STATESTATE THETHE FIRMFIRM’’SS FEEFEE STRUCTURESTRUCTURE FORFOR COMMINGLEDCOMMINGLED FUNDSFUNDS..

__ BPS ON 1ST $__ M__ BPS ON NEXT $__ M__ BPS ON NEXT $__ M


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__ BPS ON BALANCE

3.3. PPLEASELEASE STATESTATE THETHE FIRMFIRM’’SS FEEFEE STRUCTURESTRUCTURE FORFOR PROPOSEDPROPOSED M MUTUALUTUAL F FUNDSUNDS PRODUCTPRODUCT ( (IFIF APPLICABLEAPPLICABLE))__ BPS

4.4. IISS THETHE FEEFEE STRUCTURESTRUCTURE NEGOTIABLENEGOTIABLE??5.5. WWHATHAT ISIS THETHE MINIMUMMINIMUM ACCOUNTACCOUNT SIZESIZE//FEEFEE FORFOR SEPARATESEPARATE ACCOUNTSACCOUNTS??6.6. WWHATHAT ISIS THETHE MINIMUMMINIMUM ACCOUNTACCOUNT SIZESIZE//FEEFEE FORFOR COMMINGLEDCOMMINGLED FUNDSFUNDS??7.7. WWHATHAT ISIS THETHE NAMENAME OFOF THETHE COMMINGLEDCOMMINGLED FUNDFUND, , IFIF APPLICABLEAPPLICABLE??8.8. FFOROR COMMINGLEDCOMMINGLED FUNDSFUNDS, , PLEASEPLEASE DISCUSSDISCUSS ANYANY LIQUIDITYLIQUIDITY CONSTRAINTSCONSTRAINTS..

9.9. WWHATHAT ISIS THETHE NAMENAME OFOF THETHE MUTUALMUTUAL FUNDFUND, , IFIF APPLICABLEAPPLICABLE??10.10. WWHATHAT ISIS THETHE TICKERTICKER FORFOR THETHE MUTUALMUTUAL FUNDFUND, , IFIF APPLICABLEAPPLICABLE??


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