2011-09-30 Lakeland Fire (quarterly report)@318

Lakeland Firefighters'Supplemental Pension Plan

3rd Quarter 2011

3rd Quarter 2011 Market Environment

2

The Market EnvironmentMajor Market Index Performance

The third quarter was extremely difficult for global equities asvirtually all market segments, styles and countries experienced“double-digit” losses. During the quarter, the equity market reactednegatively to “resolved” issues including the debt ceiling debate, theU.S. sovereign downgrade and the Fed’s $400 billion “twist”. Whilemarkets almost always react negatively to uncertainty, the eventslisted above make it clear that unwanted resolutions often are notviewed very favorably either. In contrast to equities, the bondmarket, particularly U.S. Treasuries, posted positive results (somuch for a downgrade). Outside of the U.S., Europe’s evolvingsovereign financial crisis continued to unfold over the course of thequarter with no palatable solutions on the horizon. As a result, theworld’s financial markets were like a swinging pendulum, reacting toeach positive and negative news event with volatile and often violentshifts in value. As these events and their ramifications continue tounfold, it appears that heightened volatility is likely to be a marketreality for the immediate future.

Large cap stocks, as measured by the S&P 500, returned -13.9% forthe quarter with September accounting for nearly half of the losses.This quarter represented the worst return for the S&P 500 since thefourth quarter of 2008 (-21.9%) and the 19th worst quarter since1926. Mounting evidence of a second leg down in economic activityhit small and mid cap issues particularly hard with the Russell 2000index (small cap) returning a disappointing -21.9% and the RussellMidCap index posting a return of -18.9%.

International equity results were also negative for the quarter withthe MSCI-ACWxUS index returning -19.8% in U.S. Dollars (USD)and the MSCI-EM index posted a weaker -22.5%. The quarter’sflight to the USD resulted in a large negative total return impact forbroadly diversified, un-hedged U.S. investors.

The domestic bond market was the primary benefactor of thequarter’s equity market weakness as investors poured into highquality bonds, particularly U.S. Treasuries. The broad marketBarclays US Aggregate index returned a strong 3.8% for the quarter.

Period Ended: September 30, 2011

Source: PARis / Investment Metrics

0.0%

2.9%2.4%

4.5%5.8%

3.8%

-21.9%

-18.9%-14.7%

-15.3%-13.9%

-22.5%

-19.0%-19.8%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0%

3-Month T-Bill

Barclays Corp IGBarclays MBS

Barclays US TIPSBarclays US GovtBarclays US Agg

Russell 2000Russell MidCap

Russell 1000Russell 3000

S&P 500

MSCI Emerg MktsMSCI EAFE

MSCI ACWxUS

Quarter Performance

0.1%

4.4%5.6%

9.9%5.6%

5.3%

-3.5%-0.9%

0.9%0.5%

1.1%

-15.9%-8.9%

-10.4%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

3-Month T-Bill

Barclays Corp IGBarclays MBS

Barclays US TIPSBarclays US GovtBarclays US Agg

Russell 2000Russell MidCap

Russell 1000Russell 3000

S&P 500

MSCI Emerg MktsMSCI EAFE

MSCI ACWxUS

1-Year Performance

3

The Market EnvironmentDomestic Equity Style Index Performance

Equity results were negative across the capitalization spectrum forthe quarter, but the style-based results were mixed. Growthoutperformed value in the broad and large cap segments of themarket. The Russell 1000 large cap style benchmarks recorded thelargest span with growth outperforming value by a margin of 310basis points. In the small and mid cap segments of the market,growth actually trailed value for the quarter. However, value’sadvantage over growth in the small and mid cap segments of themarket was less than 100 basis points for each segment.

Growth was able to outpace value in the large cap space due to thelarge cap growth benchmark’s over-weighted positions in theinformation technology (+19.1% vs. value) and consumer staples(+4.6% vs. value) sectors. Although each sector was negative forthe quarter, both were down much less than the broad index results.In contrast, financials, which represent a significant overweight in thelarge cap value benchmark (+21.9% vs. growth), were down morethan 22% for the quarter. Interestingly, focusing on the small capsegment of the market, financial sector performance was actuallyless negative than the information technology sector by 700 basispoints. As a result, the financially dominated small cap valuebenchmark was able to outpace the information technologydominated growth benchmark for the quarter.

Over the one-year period, growth benchmarks outperformed valuebenchmarks in all capitalization ranges. In the small cap segment ofthe market, both growth and value results were negative, but valuetrailed growth by a wide 490 basis points. Outside of small cap, thestyle differentials appear more visually pronounced since valueresults at each capitalization range were negative for the year, whilethe corresponding growth results were positive.

Source: PARis / Investment Metrics


-22.2%

-21.9%

-21.5%

-19.3%

-18.9%

-18.5%

-13.1%

-14.7%

-16.2%

-13.9%

-15.3%

-16.6%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

Quarter Performance - Russell Style Series

-1.1%

-3.5%

-6.0%

0.8%

-0.9%

-2.4%

3.8%

0.9%

-1.9%

3.4%

0.5%

-2.2%

-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

1-Year Performance - Russell Style Series

4

Source: Thompson Financial

The Market EnvironmentGICS Sector Performance & (Sector Weight)

The performance of the Global Industry Classification Standard(GICS) economic sectors of the Russell 1000 large cap stock indexcovered a span of 2,500 basis points from best to worst. Themacro-driven volatility that dominated the quarter’s results left fewsectors unscathed and only seemed to intensify as the quarterprogressed. Within the ten economic sectors of the Russell 1000,nine posted negative performance for the quarter, with four sectorsdown more than 20%. The utilities’ sector return of +0.2% was theonly economic sector of the Russell 1000 that managed to produce apositive return for the quarter.

All ten GICS sectors of the Russell 2000 small cap index postednegative results for the quarter. Classic defensive sectors likeconsumer staples (-11.3%) and utilities (-3.3%) offered portfolios thegreatest downside protection for the quarter. However, with sixsectors of the Russell 2000 down more than 20% and two moresectors down in the “high-teens”, there were not many places to hidein the small cap segment of the market.

With 2010’s strong third quarter sector results rolling off the one-yeartrailing performance chart, the returns are much more mixed. TheRussell 1000 posted seven positive sector results over the one-yearperiod. The consumer staples (+10.6%) and utilities (+11.8%)sectors posted the strongest one-year results while financial sectorreturned a disappointing -15.3% over the period. In contrast to largecap, only three sectors of the Russell 2000 managed to post positiveresults for the year. Much like the Russell 1000, the defensiveconsumer staples (+9.1%) and utilities (+11.9%) sectors led theRussell 2000’s performance for the year.


11.8%

3.7%

3.4%

-15.3%

6.1%

10.6%

5.4%

-4.9%

-7.0%

7.0%

0.2%

-9.0%

-9.1%

-22.1%

-11.0%

-4.3%

-14.3%

-21.9%

-24.8%

-20.9%

-30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

Utilities (4.1%)

Telecom Services (3.1%)

Info Technology (3.8%)

Financials (18.9%)

Health Care (10.4%)

Consumer Staples (12.1%)

Consumer Disc (14.2%)

Industrials (11.1%)

Materials (10.6%)

Energy (11.6%)

Russell 1000 Quarter 1-Year

11.9%

-2.0%

-4.8%

-6.4%

2.4%

9.1%

-5.8%

-6.2%

-8.1%

-2.7%

-3.3%

-27.5%

-24.7%

-17.7%

-19.3%

-11.3%

-22.7%

-24.2%

-28.3%

-32.5%

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0%

Utilities (4.0%)

Telecom Services (1.0%)

Info Technology (4.5%)

Financials (17.2%)

Health Care (15.1%)

Consumer Staples (12.9%)

Consumer Disc (22.1%)

Industrials (6.2%)

Materials (3.8%)

Energy (13.1%)

Russell 2000 Quarter 1-Year

5

The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000

Source: Thompson Financial


Top 10 Weighted Stocks Top 10 Weighted Stocks

Russell 1000 Symbol Weight Return Sector Russell 2000 Symbol Weight Return SectorExxon Mobil Corp XOM 2.93% -10.1% Energy Interdigital Inc IDCC 0.25% 14.3% Information TechnologyApple Inc AAPL 2.75% 13.6% Information Technology Mfa Financial Inc MFA 0.24% -9.9% FinancialsIBM IBM 1.64% 2.5% Information Technology Healthspring Inc HS 0.24% -20.9% Health CareChevron Corp CVX 1.57% -9.3% Energy Sothebys BID 0.23% -36.5% Consumer DiscretionaryMicrosoft Corp MSFT 1.52% -3.7% Information Technology Berry Petroleum Co BRY 0.23% -33.3% EnergyGeneral Electric Company GE 1.39% -18.4% Industrials Amer Campus Communities Inc ACC 0.23% 5.7% FinancialsJohnson & Johnson JNJ 1.39% -3.4% Health Care World Fuel Services Corp INT 0.23% -9.0% EnergyProcter & Gamble Co PG 1.37% 0.2% Consumer Staples Netlogic Microsystems Inc NETL 0.23% 19.0% Information TechnologyAT&T Inc T 1.36% -8.0% Telecomm Service Rosetta Resources Inc ROSE 0.23% -33.6% EnergyPfizer Inc PFE 1.16% -13.2% Health Care Mid Amer Apar Communities Inc MAA 0.22% -9.9% Financials

Top 10 Performing Stocks Top 10 Performing Stocks

Russell 1000 Symbol Weight Return Sector Russell 2000 Symbol Weight Return SectorMotorola Mobility Holdings Inc MMI 0.06% 71.4% Information Technology Harleysville Group Inc HGIC 0.03% 91.6% FinancialsPetrohawk Energy Corp HK 0.05% 56.9% Energy Apac Customer Services Inc APAC 0.02% 59.8% IndustrialsPharmasset Inc VRUS 0.04% 46.8% Health Care SFN Group Inc SFN 0.04% 54.0% IndustrialsEmdeon Inc EM 0.00% 43.2% Health Care Stamps.Com Inc STMP 0.02% 53.2% Information TechnologyAlexion Pharmaceuticals Inc ALXN 0.08% 36.2% Health Care Staar Surgical Co STAA 0.02% 47.2% Health CareGoodrich Corp GR 0.09% 26.8% Industrials Athenahealth Inc ATHN 0.18% 44.9% Health CareNalco Holding Co NLC 0.04% 25.9% Materials Global Industries Ltd GLBL 0.05% 44.5% EnergyBiomarin Pharmaceutical Inc BMRN 0.03% 17.1% Health Care FXCM Inc FXCM 0.02% 42.0% FinancialsNewmont Mining Corp NEM 0.23% 17.1% Materials Universal Display Corp PANL 0.14% 36.6% Information TechnologyKinetic Concepts Inc KCI 0.03% 14.3% Health Care Arch Chemicals Inc ARJ 0.10% 36.2% Materials

Bottom 10 Performing Stocks Bottom 10 Performing Stocks

Russell 1000 Symbol Weight Return Sector Russell 2000 Symbol Weight Return SectorDendreon Corp DNDN 0.02% -77.2% Health Care Ener1 Inc HEV 0.00% -87.5% IndustrialsTerex Corp TEX 0.02% -63.9% Industrials Pmi Group Inc PMI 0.01% -81.3% FinancialsAlpha Natural Resources Inc ANR 0.06% -61.1% Energy General Maritime Corp GMR 0.01% -80.7% EnergyManitowoc Co Inc MTW 0.01% -60.2% Industrials Eastman Kodak Co EK 0.06% -78.2% Consumer DiscretionaryAk Steel Holding Corp AKS 0.01% -58.3% Materials Motricity Inc MOTR 0.01% -78.1% Information TechnologySunpower Corp SPWRA 0.01% -58.1% Information Technology Broadwind Energy Inc BWEN 0.01% -77.9% IndustrialsNetflix Inc NFLX 0.09% -56.9% Consumer Discretionary Imperial Holdings Inc IFT 0.01% -76.4% FinancialsFirst Solar Inc FSLR 0.05% -52.2% Information Technology Gentiva Health Services Inc GTIV 0.03% -73.5% Health CareUnited States Steel Corp X 0.04% -52.1% Materials Pacific Biosciences Of Cal Inc PACB 0.02% -72.6% Health CareMonster Worldwide Inc MWW 0.01% -51.0% Information Technology Alliance Healthcare Services Inc AIQ 0.00% -70.0% Health Care

6

The Market EnvironmentInternational and Regional Market Index Performance (Country Count)

Source: MSCI

Each of the diversified international equity benchmarks were downroughly 20% for the quarter in U.S. Dollars (USD). In fact, none ofthe 44 countries that make up the MSCI-ACWxUS index posted apositive return in USD for the period. Greece, which remains at thecenter of Europe’s concerns, posted the weakest countryperformance in the index with a return of -46.6% for the quarter.Despite the “headline” focus on Greece, the quarter’s losses werewidespread with only four countries able to avoid “double-digit”losses for the period. The broad MSCI-ACWxUS index returned aweak -19.8% for the quarter. Within these broad market results, theemerging market index (MSCI-EM) posted a weaker -22.5% and thedeveloped market index (MSCI-EAFE) returned a slightly lessnegative return of -19.0%.

Positive sector performance was nonexistent for developed andemerging market benchmarks for the quarter. Much like domesticequity sector performance, the negative return MSCI-ACWxUS indexwas driven by weak performance in energy (-21.9%), materials(-25.9%), industrials (-23.4%) and financial (-23.8%) sectors.Although these outsized losses dominated results, there was littleinvestor downside protection in other areas of the market as only theconsumer staples sector (-9.3%) managed to stay out of“double-digit” negative territory for the quarter.

The re-ignition of global fear was evident in the return impact ofbroad currency movements during the quarter. Although the U.S.Treasury suffered a downgrade, in a counter-intuitive result, theUSD actually strengthened against many of the world’s currencies.With the exception of the Pacific region, whose currencies showedmild depreciation relative to the USD, the currencies of otherinternational regions clearly illustrate the quarter’s USD strength.This strength was a drag on U.S. investor returns of foreign holdings.

Over the one-year period, the developed MSCI-EAFE index returned-8.9%, and the MSCI-EM index posted a weaker -15.9% in USD.The Pacific region of the developed markets was the strongestregion as Japan (0.1%) and New Zealand (21.3%) represented theonly two positive performing countries over the one-year period.


-11.6%

-16.9%

-19.4%

-14.9%

-11.9%

-17.5%

-15.7%

-15.4%

-15.2%

-24.5%

-21.1%

-29.5%

-22.5%

-11.7%

-22.6%

-19.0%

-18.9%

-19.8%

-35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0%

EM Latin Amer (5)

EM Asia (8)

EM Europe (5)

Emerging Mkt (21)

Pacific (5)

Europe (16)

EAFE (22)

WORLD x US (23)

AC World x US (44)

Quarter Performance USD Local Currency

-13.9%

-12.7%

-9.7%

-11.7%

-9.1%

-10.9%

-10.4%

-9.9%

-10.3%

-21.2%

-14.2%

-17.2%

-15.9%

-4.1%

-11.3%

-8.9%

-8.7%

-10.4%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0%

EM Latin Amer (5)

EM Asia (8)

EM Europe (5)

Emerging Mkt (21)

Pacific (5)

Europe (16)

EAFE (22)

WORLD x US (23)

AC World x US (44)

1-Year Performance USD Local Currency

7

The Market EnvironmentU.S. Dollar International Index Attribution & Country Detail

Source: MSCI

Period Ended: September 30, 2011MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnEnergy 8.2% -18.1% -2.7%Materials 10.0% -27.9% -12.4%Industrials 12.3% -22.1% -9.4%Consumer Discretionary 10.2% -20.0% -7.4%Consumer Staples 11.4% -8.6% 2.6%Health Care 9.7% -9.7% 3.2%Financials 22.1% -24.1% -19.8%Information Technology 5.0% -15.5% -8.2%Telecommunication Services 6.2% -11.3% -0.8%Utilities 4.9% -14.0% -12.2%Total 100.0% -19.0% -8.9%

MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnEnergy 10.9% -21.9% -8.1%Materials 11.9% -25.9% -13.7%Industrials 10.4% -23.4% -12.0%Consumer Discretionary 9.2% -20.0% -7.2%Consumer Staples 9.8% -9.3% 1.5%Health Care 7.0% -10.3% 2.7%Financials 23.4% -23.8% -19.0%Information Technology 6.5% -16.2% -9.8%Telecommunication Services 6.6% -10.7% -1.4%Utilities 4.3% -15.8% -13.2%Total 100.0% -19.8% -10.4%

MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnEnergy 13.8% -25.8% -14.7%Materials 13.9% -27.1% -19.4%Industrials 6.6% -29.1% -25.4%Consumer Discretionary 8.1% -19.2% -5.3%Consumer Staples 7.5% -12.8% -3.7%Health Care 1.1% -17.6% -15.8%Financials 23.7% -25.9% -23.6%Information Technology 12.9% -16.6% -9.7%Telecommunication Services 8.8% -9.8% -3.7%Utilities 3.5% -24.2% -19.8%Total 100.0% -22.5% -15.9%

MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 23.1% 15.9% -6.4% 0.1%United Kingdom 22.2% 15.2% -15.4% -5.3%France 9.1% 6.2% -29.8% -16.8%Switzerland 8.6% 5.9% -17.5% -3.0%Australia 8.4% 5.8% -20.1% -8.9%Germany 7.7% 5.3% -31.0% -13.0%Spain 3.5% 2.4% -22.1% -17.1%Sweden 2.9% 2.0% -26.6% -16.2%Hong Kong 2.7% 1.9% -19.9% -17.2%Netherlands 2.4% 1.7% -21.8% -15.6%Italy 2.3% 1.6% -31.0% -24.7%Singapore 1.7% 1.2% -18.2% -11.4%Denmark 1.0% 0.7% -24.1% -16.7%Belgium 1.0% 0.7% -19.1% -15.1%Finland 0.9% 0.6% -26.1% -25.5%Norway 0.9% 0.6% -21.6% -7.3%Israel 0.7% 0.5% -25.4% -27.6%Austria 0.3% 0.2% -37.7% -24.6%Ireland 0.3% 0.2% -20.6% -0.6%Portugal 0.3% 0.2% -22.0% -14.4%Greece 0.2% 0.1% -46.6% -53.7%New Zealand 0.1% 0.1% -6.5% 21.3%Total EAFE Countries 100.0% 68.8% -19.0% -8.9%Canada 8.2% -18.8% -6.2%Total Developed Countries 77.0% -18.9% -8.7%China 3.9% -25.2% -23.9%Korea 3.4% -23.3% -6.0%Brazil 3.4% -26.9% -25.5%Taiwan 2.6% -17.7% -5.9%South Africa 1.8% -16.8% -9.5%India 1.7% -19.9% -25.1%Russia 1.5% -31.0% -11.5%Mexico 1.1% -19.7% -6.3%Malaysia 0.8% -17.0% -5.5%Indonesia 0.7% -11.0% 0.0%Thailand 0.4% -14.3% -7.3%Chile 0.4% -26.2% -21.7%Poland 0.4% -32.6% -21.6%Turkey 0.4% -15.6% -29.1%Colombia 0.2% -12.5% -11.9%Philippines 0.2% -6.9% -9.8%Peru 0.1% -4.7% -18.1%Czech Republic 0.1% -21.7% -6.5%Egypt 0.1% -20.7% -36.9%Hungary 0.1% -44.4% -38.4%Morocco 0.0% -9.2% -1.5%Total Emerging Countries 23.0% -22.5% -15.9%Total ACWIxUS Countries 100.0% -19.8% -10.4%

8

The Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance

Source: Barclays Capital Live

The Merrill Lynch index data that has been historically used tocompose the fixed income sector charts has been replaced with dataprovided by Barclays Capital. We made this change in order toimprove the consistency of the dataset used in the MarketEnvironment section of the performance book. Given the similaritiesin the structure of these benchmarks, this change will not materiallyimpact any interpretation of results.

With the exception of non-investment grade debt (high yield),domestic broad fixed income results were positive during the quarter.The Barclays Aggregate bond index posted a return of 3.8%. Withinthe broad benchmark’s segments, the Treasury (6.5%), mortgage(2.4%) and corporate (2.9%) portions of the index all contributed tothe broad market performance. The dominant Treasury return wasaided by a general “flight to safety” on global fears as well as theanticipation of additional monetary stimulus by the Fed. Treasuryinflation protected securities (TIPS) were also a beneficiary of fallingrates during the quarter with a return of 4.5%. The quarter’spreference for quality is also clearly evident in the scaled creditbenchmark results. High quality AAA issues returned 4.2%, lowerquality Baa issues returned 2.2%, and high yield issues posted areturn of -6.1%. Outside of the U.S. market, the Barclays GlobalAggregate xUS benchmark posted a return of -0.7% for the quarterin USD. This global bond index number was also negativelyimpacted by the strength in the USD as the equivalent hedged indexreturned +2.6% for the quarter.

The trailing one-year returns were solid for the various broad andsector-based fixed income indices. Much like the quarter, one-yearfixed income results were dominated by the performance of Treasury(6.0%) and TIPS (9.9%) securities. Corporate credit results werealso strong over the year with all investment grade credits returningin excess of 4.0% for the period. The advantage of longer-durationportfolios in the trailing year’s falling interest rate environment isevident in the 110 basis point return differential between theBarclays Aggregate and the Barclays Intermediate Aggregatebenchmarks.


-0.7%

2.3%

3.8%

4.5%

2.9%

2.4%

6.5%

-6.1%

2.2%

2.9%

3.3%

4.2%

-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0%

Global Agg x US

Intermediate Agg

Aggregate

TIPS

Corporate

Mortgage

Treasury

High Yield

Baa

A

AA

AAA

Quarter Performance

3.3%

4.2%

5.3%

9.9%

4.4%

5.6%

6.0%

1.8%

4.9%

4.4%

4.5%

5.5%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

Global Agg x US

Intermediate Agg

Aggregate

TIPS

Corporate

Mortgage

Treasury

High Yield

Baa

A

AA

AAA

1-Year Performance

AAA, AA, A, Baa, Treasury, Mortgage & Corporate benchmarks are sub-components of the Barclays Aggregate Index.

9

The Market EnvironmentMarket Rate & Yield Curve Comparison

Source: Mortgage-X.com, US Department of Treasury & St. Louis Fed

The third quarter opened with market participants assessing theimpact of the end of the Fed’s $600 billion Treasury purchaseprogram (QEII) and ended with participants assessing the eventualimpact of the Fed’s $400 billion portfolio “twist” (not quite QEIII).Through this new program, the Fed will shift $400 billion of its currentportfolio of Treasury holdings of less than 3-years for $400 billion ofTreasury issues beyond 6-years by 6/30/12. This “twist” willeffectively push long-term rates lower, flattening the yield curve inthe process. While the Fed’s stated purpose of this action is tosupport a stronger economic recovery and to help ensure thatinflation, over time, is at levels consistent with its dual mandate, itwill likely move investors into riskier, higher-yielding assets. TheFed took similar policy action in 1961 (when the “twist” was a dancecraze) that is viewed through history’s lens with mixed results. Inorder to support conditions in the mortgage market, the Fed alsocommitted to reinvest principal agency and MBS debt paymentsback into MBS securities.

There was no direct action by the Fed on short-term rates during thequarter so the fed funds rate remained unchanged (targeted at 0.0%to 0.25%). The 10-year Treasury finished the quarter at a yield of1.92%, which was an incredible 126 basis points lower than itopened the quarter. This 10-year Treasury rate decrease wasaccompanied by a manifestation of global investor fears over a“second leg” down in the economy as corporate spreads (BAA/10yr)widened by 58 basis points.

Investors growth and inflation expectations have waned dramaticallyover recent quarters to the point of renewed recessionaryexpectations. As a result of this negative outlook, rates closed thecurrent quarter below their 9/30/10 levels. While some of thesteepness has come out of the yield curve over the past year, theabsolute decrease in rates since last quarter was much larger forlonger maturities. The average yield decrease for maturities of up toone-year was only 2.5 basis points. Out further on the yield curve,the average decrease was 46.3 basis points for maturities between2&5-years and 94.7 basis points for maturities in excess of 5-years.


0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

Treasury Yield Curve

9/30/2010 12/31/2010 6/30/2011 9/30/2011

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

Sep-10 Dec-10 Mar-11 Jun-11 Sep-11

1-Year Trailing Market Rates

Fed Funds Rate TED Spread 3-Month LiborBAA/10yr Spread 10yr Treasury 10yr TIPS

10

1,100

1,150

1,200

1,250

1,300

1,350

06/30 07/5 07/10 07/15 07/20 07/25 07/30 08/4 08/9 08/14 08/19 08/24 08/29 09/3 09/8 09/13 09/18 09/23 09/28

*S&P 500 3rd Quarter Total Return -13.87%

3rd Quarter by the Numbers 189.22 Cumulative Point Decline (-14.33%*)64 Trading Days33 Negative Days33 +/- 1% (51.6%)19 +/- 2.0% (29.7%)6 +/- 4.0% (9.4%)

Worst Day 8/8/11 -79.92 points (-6.66%)Best Day 8/9/11 + 53.07 points (+4.74%)

Open

Close

High

Low

Up Day

Close

Open

High

Low

Down Day

6/30/111,320.64

9/30/111,131.42

S&P 500 Price Index Level

The Market EnvironmentThe 3rd Quarter Domestic Equity Market at a Glance

Daily High/Low/Open/Close for the S&P 500 Price Index Through 9/30/11

September -7.03%August -5.43%July -2.03%Total Return

8/31

7/29

11

The Market EnvironmentHow are you doing? How are we doing?

The 2011 Bogdahn Client Survey

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The Bogdahn Client Survey link will be live through December 20, 2011.

12

Asset Allocation By Style - Current QuarterAsset Allocation By Style as of Jun - 2011

September 30, 2011 : $17,083,218

SegmentsMarket Value

($)Allocation

(%)

¢ Domestic Equity 7,829,494 45.8

¢ International Equity 2,087,980 12.2

¢ Domestic Fixed Income 5,742,960 33.6

¢ Real Estate 318,679 1.9

¢ Alternative Investment 1,078,624 6.3

¢ Cash Equivalent 25,482 0.1

June 30, 2011 : $19,320,668

SegmentsMarket Value

($)Allocation

(%)

¢ Domestic Equity 10,117,752 52.4

¢ International Equity 3,072,861 15.9

¢ Domestic Fixed Income 5,595,246 29.0

¢ Real Estate 415,511 2.2

¢ Cash Equivalent 119,298 0.6

Lakeland FirefightersSeptember 30, 2011

13

Asset Allocation By Manager as of Jun - 2011 Asset Allocation By Manager - Current Quarter

September 30, 2011 : $17,083,218

Market Value($)

Allocation(%)

¢ WWT Fixed Income 5,742,960 33.6

¢ WWT AllCap Growth 3,054,126 17.9

¢ WWT Income Fund 2,138,408 12.5

¢ Manning & Napier Overseas Fund (EXOSX) 2,087,980 12.2

¢ WWT Large Cap Value 1,734,537 10.2

¢ Westwood Trust (Global Diversification) 1,078,624 6.3

¢ WWT SMid Cap 601,963 3.5

¢ WWT REIT 318,679 1.9

¢ WWT SC Value 300,459 1.8

¢ Cash Account 25,482 0.1

¢ WWT Int'l Value - 0.0

¢ WWT Int'l Growth - 0.0

June 30, 2011 : $19,320,668

Market Value($)

Allocation(%)

¢ WWT Fixed Income 5,595,246 29.0

¢ WWT AllCap Growth 3,895,805 20.2

¢ WWT Income Fund 2,698,904 14.0

¢ Manning & Napier Overseas Fund (EXOSX) - 0.0

¢ WWT Large Cap Value 2,126,930 11.0

¢ Westwood Trust (Global Diversification) - 0.0

¢ WWT SMid Cap 1,001,145 5.2

¢ WWT REIT 415,511 2.2

¢ WWT SC Value 394,967 2.0

¢ Cash Account 119,298 0.6

¢ WWT Int'l Value 1,548,751 8.0

¢ WWT Int'l Growth 1,524,110 7.9

Lakeland FirefightersSeptember 30, 2011

14

Total Fund Compliance: Yes No N/A

Equity Compliance: Yes No N/A

Fixed Income Compliance: Yes No N/A

Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/AManager Compliance:

City of Lakeland Firefighters' Retirement System

Compliance Checklist as of September 30, 2011

The Total Plan return equaled or exceeded the 7.5% actuarial earnings assumption over the trailing three and five year periods.1. ✔

The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.2. ✔

The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period.3. ✔

The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period. ✔4.The Total Plan standard deviation was equal to or less than 120% of the total plan benchmark over the trailing three and five year periods. ✔5.

Total equity returns meet or exceed the benchmark over the trailing three year period. ✔1.Total equity returns meet or exceed the benchmark over the trailing five year period. ✔2.Total equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.3. ✔

The total equity allocation was less than 70% of the total plan assets at market. ✔4.Total foreign equity was less than 25% of the total plan assets at market. ✔5.

Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.1. ✔

Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three year period.2. ✔

Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing five year period. 3. ✔

The average quality of the fixed portfolio was investment grade or better. ✔4.

* All products below are Westwood Trust*

Manager outperformed the index over the trailing three year period. ✔

Manager outperformed the index over the trailing five year period. ✔

Manager ranked within the top 40th percentile over trailing three and five year periods. ✔

Less than four consecutive quarters of under performance relative to the benchmark. ✔

Three-year down-market capture ratio less than the index. ✔

Manager Claims Compliance with PFIA ✔

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Allcap Grwt Large Cap

1.2.3.4.5.6.

SMid Cap SC Value Fixed

15

Page Intentionally Left Blank

16

Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010

($) % ($) % ($) % ($) % ($) %

Total Fund 17,083,218 100.00 19,320,668 100.00 19,234,924 100.00 18,726,382 100.00 17,905,394 100.00

Total Equity 9,917,474 58.05 13,190,613 68.27 13,214,054 68.70 12,664,787 67.63 12,157,582 67.90

Domestic Equity 7,829,494 45.83 10,117,752 52.37 10,158,078 52.81 9,686,574 51.73 9,201,275 51.39

WWT AllCap Growth 3,054,126 17.88 3,895,805 20.16 3,927,543 20.42 3,717,520 19.85 3,470,947 19.38

WWT Income Fund 2,138,408 12.52 2,698,904 13.97 2,682,114 13.94 2,600,502 13.89 2,547,401 14.23

WWT Large Cap Value 1,734,537 10.15 2,126,930 11.01 2,133,222 11.09 2,058,812 10.99 1,898,726 10.60

WWT SC Value 300,459 1.76 394,967 2.04 406,687 2.11 376,978 2.01 361,850 2.02

WWT SMid Cap 601,963 3.52 1,001,145 5.18 1,008,512 5.24 932,762 4.98 922,351 5.15

International Equity 2,087,980 12.22 3,072,861 15.90 3,055,976 15.89 2,978,213 15.90 2,956,308 16.51

Manning & Napier Overseas 2,087,980 12.22 - 0.00 - 0.00 - 0.00 - 0.00

WWT Int'l Growth - 0.00 1,524,110 7.89 1,549,833 8.06 1,490,146 7.96 1,428,380 7.98

WWT Int'l Value - 0.00 1,548,751 8.02 1,506,143 7.83 1,488,067 7.95 1,527,928 8.53

Total Fixed Income 5,742,960 33.62 5,595,246 28.96 5,532,767 28.76 5,549,476 29.63 5,189,361 28.98

WWT Fixed Income 5,742,960 33.62 5,595,246 28.96 5,532,767 28.76 5,549,476 29.63 5,189,361 28.98

Total REIT Funds 318,679 1.87 415,511 2.15 405,925 2.11 380,764 2.03 408,854 2.28

WWT REIT 318,679 1.87 415,511 2.15 405,925 2.11 380,764 2.03 408,854 2.28

Total Alternative Investment 1,078,624 6.31 - 0.00 - 0.00 - 0.00 - 0.00

WWT Global Diversification 1,078,624 6.31 - 0.00 - 0.00 - 0.00 - 0.00

Cash Account 25,482 0.15 119,298 0.62 82,179 0.43 131,355 0.70 149,596 0.84

Lakeland Firefighters

Asset Allocation History By Portfolio

As of September 30, 2011

None

17

Cash Equivalent Alternative Investment Real Estate

Domestic Fixed Income International Equity Domestic Equity

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

All

ocat

ion

(%

)

9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11


Total Fund Portfolio

October 1, 2010 To September 30, 2011

None

18

Market ValueAs of

07/01/2011

NetTransfers

Contributions Distributions Fees ExpensesReturn OnInvestment

Market ValueAs of

09/30/2011

Total Fund 19,320,668 - 73,836 -297,141 -32,184 -19,395 -1,962,565 17,083,218

Total Equity 13,190,613 -1,319,866 - - - - -1,953,273 9,917,474

Domestic Equity 10,117,752 -991,486 - - - - -1,296,772 7,829,494

WWT AllCap Growth 3,895,805 -294,993 - - - - -546,686 3,054,126

WWT Income Fund 2,698,904 -426,094 - - - - -134,403 2,138,408

WWT Large Cap Value 2,126,930 -26,250 - - - - -366,143 1,734,537

WWT SMid Cap 1,001,145 -227,786 - - - - -171,396 601,963

WWT SC Value 394,967 -16,364 - - - - -78,144 300,459

International Equity 3,072,861 -328,379 - - - - -656,502 2,087,980

Manning & Napier Overseas - 2,675,000 - - - - -587,020 2,087,980

WWT Int'l Growth 1,524,110 -1,491,436 - - - - -32,675 -

WWT Int'l Value 1,548,751 -1,511,944 - - - - -36,807 -

Total Fixed Income 5,595,246 33,270 - - - - 114,443 5,742,960

WWT Fixed Income 5,595,246 33,270 - - - - 114,443 5,742,960

Total REIT Funds 415,511 -43,231 - - - - -53,601 318,679

WWT REIT 415,511 -43,231 - - - - -53,601 318,679

Total Alternative Investment - 1,148,765 - - - - -70,141 1,078,624

WWT Global Diversification - 1,148,765 - - - - -70,141 1,078,624

Cash Account 119,298 181,062 73,836 -297,141 -32,184 -19,395 7 25,482


Financial Reconciliation

1 Quarter Ending September 30, 2011

None

19

Market ValueAs of

10/01/2010

NetTransfers

Contributions Distributions Fees ExpensesReturn OnInvestment

Market ValueAs of

09/30/2011

Total Fund 17,905,394 - 294,651 -967,787 -125,864 -92,177 69,002 17,083,218

Total Equity 12,157,582 -2,163,366 - - - - -76,743 9,917,474

Domestic Equity 9,201,275 -1,609,291 - - - - 237,510 7,829,494

WWT AllCap Growth 3,470,947 -522,556 - - - - 105,735 3,054,126

WWT Income Fund 2,547,401 -518,460 - - - - 109,466 2,138,408

WWT Large Cap Value 1,898,726 -134,991 - - - - -29,198 1,734,537

WWT SMid Cap 922,351 -372,642 - - - - 52,254 601,963

WWT SC Value 361,850 -60,643 - - - - -747 300,459

International Equity 2,956,308 -554,074 - - - - -314,253 2,087,980

Manning & Napier Overseas - 2,675,000 - - - - -587,020 2,087,980

WWT Int'l Growth 1,428,380 -1,579,180 - - - - 150,799 -

WWT Int'l Value 1,527,928 -1,649,895 - - - - 121,967 -

Total Fixed Income 5,189,361 354,566 - - - - 199,032 5,742,960

WWT Fixed Income 5,189,361 354,566 - - - - 199,032 5,742,960

Total REIT Funds 408,854 -106,993 - - - - 16,818 318,679

WWT REIT 408,854 -106,993 - - - - 16,818 318,679

Total Alternative Investment - 1,148,765 - - - - -70,141 1,078,624

WWT Global Diversification - 1,148,765 - - - - -70,141 1,078,624

Cash Account 149,596 767,027 294,651 -967,787 -125,864 -92,177 36 25,482


Financial Reconciliation

October 1, 2010 To September 30, 2011

None

20

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

SinceInception

InceptionDate

Total Fund (Net) -10.41 -0.60 -0.60 3.43 2.69 6.91 04/01/1996

Total Fund Policy -8.31 0.99 0.99 4.31 2.09 6.07

Difference -2.10 -1.59 -1.59 -0.88 0.60 0.84

Total Fund (Gross) -10.26 (52) 0.06 (58) 0.06 (58) 4.04 (45) 3.27 (13) 7.25 (14) 04/01/1996

Total Fund Policy -8.31 (18) 0.99 (36) 0.99 (36) 4.31 (37) 2.09 (48) 6.07 (69)

Difference -1.95 -0.93 -0.93 -0.27 1.18 1.18

All Public Plans-Total Fund Median -10.18 0.34 0.34 3.88 2.04 6.34

Total Equity -16.30 -2.99 -2.99 1.30 0.72 7.62 04/01/1996

Total Equity Policy -16.41 -2.27 -2.27 0.94 -1.34 5.96

Difference 0.11 -0.72 -0.72 0.36 2.06 1.66

Total Fixed 2.02 3.38 3.38 7.47 6.56 N/A 03/01/1996

Fixed Income Policy 4.74 5.14 5.14 8.41 6.52 6.33

Difference -2.72 -1.76 -1.76 -0.94 0.04 N/A

Total REIT Funds -14.49 2.20 2.20 -0.85 -2.33 6.60 11/01/2003

Real Estate Policy -14.71 0.98 0.98 -2.50 -3.38 7.05

Difference 0.22 1.22 1.22 1.65 1.05 -0.45

Total Alternative Investments -6.10 N/A N/A N/A N/A -6.10 07/01/2011


Comparative Performance


None

Returns for periods greater than one year are annualized.Returns are expressed as percentages.Total Fund Policy= 45% R3000, 40% Barclays Gov/Credit., 15% MSCI ACWIIncome FD Policy=25% S&P500, 25%NAREIT, 25% 10-yr Treas., & 25% T-Bills

21




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

SinceInception

InceptionDate

Domestic Equity -14.06 0.66 0.66 2.54 2.12 8.25 04/01/1996

Domestic Equity Policy -15.28 0.55 0.55 1.45 -0.92 5.80

Difference 1.22 0.11 0.11 1.09 3.04 2.45

WWT AllCap Growth -15.19 (30) 1.08 (48) 1.08 (48) 1.66 (77) 1.05 (67) 5.58 (60) 11/01/2003

Russell 3000 Growth Index -13.90 (18) 3.39 (34) 3.39 (34) 4.49 (49) 1.56 (64) 3.46 (87)

Difference -1.29 -2.31 -2.31 -2.83 -0.51 2.12

IM U.S. All Cap Growth Equity (SA+CF) -16.83 0.46 0.46 4.14 3.19 6.00

WWT Income Fund -5.87 (64) 3.25 (7) 3.25 (7) 6.99 (14) 4.21 (14) 7.67 (1) 11/01/2003

WW Income Fund Index -4.55 (33) 3.27 (7) 3.27 (7) 4.20 (80) 2.99 (50) 5.71 (5)

Difference -1.32 -0.02 -0.02 2.79 1.22 1.96

IM Mixed-Asset Target Alloc Consv (MF) -5.39 1.07 1.07 5.52 2.95 3.89

WWT Large Cap Value -17.39 (67) -2.53 (61) -2.53 (61) -3.06 (92) -1.35 (48) 5.12 (30) 11/01/2003

Russell 1000 Value Index -16.20 (48) -1.89 (57) -1.89 (57) -1.52 (78) -3.53 (85) 3.06 (77)

Difference -1.19 -0.64 -0.64 -1.54 2.18 2.06

IM U.S. Large Cap Value Equity (SA+CF) -16.42 -1.50 -1.50 0.44 -1.50 4.07

WWT SMid Cap -21.92 (68) -1.76 (47) -1.76 (47) 6.05 (15) 5.90 (5) 12.64 (2) 11/01/2003

Russell 2500 Value Index -21.10 (57) -4.70 (65) -4.70 (65) 0.08 (87) -1.69 (87) 4.65 (87)

Difference -0.82 2.94 2.94 5.97 7.59 7.99

IM U.S. SMID Cap Value Equity (SA+CF) -20.62 -1.85 -1.85 3.39 1.20 6.93

WWT SC Value -20.60 (40) -2.82 (46) -2.82 (46) -2.73 (93) -2.31 (87) 2.51 (94) 12/01/2003

Russell 2000 Value Index -21.47 (54) -5.99 (71) -5.99 (71) -2.78 (94) -3.08 (92) 3.25 (89)

Difference 0.87 3.17 3.17 0.05 0.77 -0.74

IM U.S. Small Cap Value Equity (SA+CF) -21.20 -3.39 -3.39 2.27 0.68 5.82


22




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

SinceInception

InceptionDate

International Equity -23.80 -14.66 -14.66 -3.73 N/A -8.81 03/01/2008

International Equity Policy -19.78 -10.42 -10.42 -0.60 N/A -7.44

Difference -4.02 -4.24 -4.24 -3.13 N/A -1.37

Manning & Napier Overseas Fund (EXOSX) -21.94 (75) N/A N/A N/A N/A -21.94 (75) 07/01/2011

MSCI AC World ex USA -19.78 (33) -10.42 (45) -10.42 (45) 0.98 (37) -1.12 (32) -19.78 (33)

Difference -2.16 N/A N/A N/A N/A -2.16

IM International Multi-Cap Growth Equity (MF) -20.72 -10.95 -10.95 -0.46 -2.50 -20.72

Total Fixed Income 2.02 3.38 3.38 7.47 6.56 6.58 04/01/1996

Barclays Capital U.S. Government/Credit 4.74 5.14 5.14 8.41 6.52 6.42

Difference -2.72 -1.76 -1.76 -0.94 0.04 0.16

WWT Fixed Income 2.03 (90) 3.39 (99) 3.39 (99) 7.47 (95) 6.56 (68) 6.58 (60) 04/01/1996

Barclays Capital U.S. Government/Credit 4.74 (5) 5.14 (58) 5.14 (58) 8.41 (71) 6.52 (69) 6.42 (82)

Difference -2.71 -1.75 -1.75 -0.94 0.04 0.16

IM U.S. Broad Market Core Fixed Income (SA+CF) 3.29 5.24 5.24 9.00 6.88 6.66

Total REIT Funds -14.49 2.20 2.20 -0.85 -2.33 6.60 11/01/2003

Real Estate Policy -14.71 0.98 0.98 -2.50 -3.38 7.05

Difference 0.22 1.22 1.22 1.65 1.05 -0.45

WWT REIT -14.49 (48) 2.20 (49) 2.20 (49) -0.85 (65) -2.33 (73) 6.60 (100) 11/01/2003

Real Estate Policy -14.71 (51) 0.98 (76) 0.98 (76) -2.50 (93) -3.38 (92) 7.05 (97)

Difference 0.22 1.22 1.22 1.65 1.05 -0.45

IM U.S. REIT (SA+CF) -14.68 2.15 2.15 -0.11 -1.38 8.85

Total Alternative Investments -6.10 N/A N/A N/A N/A -6.10 07/01/2011

WWT Global Diversification -6.10 N/A N/A N/A N/A -6.10 07/01/2011


23

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Oct-2004To

Sep-2005

Total Fund (Net) -0.60 10.01 1.18 -9.60 14.18 9.31 15.02

Total Fund Policy 0.99 10.22 1.98 -13.34 12.75 8.45 10.86

Difference -1.59 -0.21 -0.80 3.74 1.43 0.86 4.16

Total Fund (Gross) 0.06 (58) 10.61 (35) 1.75 (44) -9.12 (4) 14.78 (43) 9.89 (28) 15.65 (10)

Total Fund Policy 0.99 (36) 10.22 (45) 1.98 (43) -13.34 (45) 12.75 (77) 8.45 (53) 10.86 (69)

Difference -0.93 0.39 -0.23 4.22 2.03 1.44 4.79

All Public Plans-Total Fund Median 0.34 9.99 1.29 -13.67 14.39 8.59 12.49

Total Equity -2.99 11.81 -4.16 -16.64 19.61 12.75 21.74

Total Equity Policy -2.27 10.44 -4.73 -22.97 17.98 11.78 16.49

Difference -0.72 1.37 0.57 6.33 1.63 0.97 5.25

Total Fixed Portfolio 3.38 7.68 11.50 5.13 5.29 3.65 2.69

Fixed Income Policy 5.14 8.73 11.46 2.41 5.08 3.33 2.56

Difference -1.76 -1.05 0.04 2.72 0.21 0.32 0.13

Total REIT Funds 2.20 27.51 -25.21 -11.30 2.81 23.71 26.91

Real Estate Policy 0.98 29.74 -29.26 -12.46 3.80 28.07 28.78

Difference 1.22 -2.23 4.05 1.16 -0.99 -4.36 -1.87

Total Alternative Investments N/A N/A N/A N/A N/A N/A N/A




None

Returns for periods greater than one year are annualized.Returns are expressed as percentages.Current Fund Policy= 45% R3000, 40% Barclays Gov/Credit, 15% MSCI ACWI

24




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Oct-2004To

Sep-2005

Domestic Equity 0.66 12.41 -4.71 -14.85 20.96 11.61 21.87

Domestic Equity Policy 0.55 10.96 -6.42 -21.52 16.52 10.22 14.57

Difference 0.11 1.45 1.71 6.67 4.44 1.39 7.30

WWT AllCap Growth 1.08 (48) 10.20 (70) -5.69 (72) -23.19 (52) 30.55 (29) 10.36 (22) 12.83 (86)

Russell 3000 Growth Index 3.39 (34) 12.81 (52) -2.19 (53) -20.60 (42) 19.31 (84) 6.05 (42) 12.13 (87)

Difference -2.31 -2.61 -3.50 -2.59 11.24 4.31 0.70

IM U.S. All Cap Growth Equity (SA+CF) 0.46 13.68 -1.38 -22.89 26.52 4.94 20.22

WWT Income Fund 3.25 (7) 17.90 (1) 0.60 (87) -8.39 (42) 9.52 (24) 7.68 (7) 15.93 (1)

WW Income Fund Index 3.27 (7) 12.99 (8) -3.04 (94) -5.41 (16) 8.25 (46) 10.23 (3) 10.92 (4)

Difference -0.02 4.91 3.64 -2.98 1.27 -2.55 5.01

IM Mixed-Asset Target Alloc Consv (MF) 1.07 9.21 6.11 -9.58 8.05 5.15 6.23

WWT Large Cap Value -2.53 (61) 8.40 (59) -13.78 (95) -15.24 (11) 21.01 (13) 14.62 (25) 22.13 (14)

Russell 1000 Value Index -1.89 (57) 8.90 (54) -10.62 (83) -23.56 (71) 14.45 (69) 14.62 (25) 16.69 (51)

Difference -0.64 -0.50 -3.16 8.32 6.56 0.00 5.44

IM U.S. Large Cap Value Equity (SA+CF) -1.50 9.12 -5.87 -20.90 16.35 12.65 16.86

WWT SMid Cap -1.76 (47) 18.31 (22) 2.60 (30) -9.71 (10) 23.73 (21) 12.82 (28) 35.61 (4)


Difference 2.94 3.57 10.93 6.08 14.94 1.69 14.30

IM U.S. SMID Cap Value Equity (SA+CF) -1.85 15.72 -1.62 -18.03 17.30 11.00 22.20

WWT SC Value -2.82 (46) 10.81 (84) -14.54 (92) -13.99 (38) 12.38 (57) 9.45 (54) 18.15 (68)


Difference 3.17 -1.03 -1.93 -1.74 6.29 -4.56 0.40

IM U.S. Small Cap Value Equity (SA+CF) -3.39 14.96 -4.09 -15.88 13.54 10.17 20.90

WWT SC Growth N/A N/A -9.43 (74) N/A N/A N/A N/A

Russell 2000 Growth Index -1.12 (62) 14.79 (55) -6.32 (63) -17.07 (15) 18.94 (71) 5.88 (53) 17.97 (74)

Difference N/A N/A -3.11 N/A N/A N/A N/A

IM U.S. Small Cap Growth Equity (SA+CF) 0.09 15.44 -3.84 -22.83 22.99 6.30 21.37


25




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Oct-2004To

Sep-2005

International Equity -14.66 4.20 0.35 N/A N/A N/A N/A

International Equity Policy -10.42 5.62 3.80 N/A N/A N/A N/A

Difference -4.24 -1.42 -3.45 N/A N/A N/A N/A

Manning & Napier Overseas Fund (EXOSX) N/A N/A N/A N/A N/A N/A N/A

MSCI AC World ex USA -10.42 (45) 8.00 (78) 6.43 (28) -29.97 (33) 31.06 (54) 19.36 (22) 29.48 (25)

Difference N/A N/A N/A N/A N/A N/A N/A

IM International Multi-Cap Growth Equity (MF) -10.95 10.58 1.85 -31.03 31.26 17.17 24.87

Total Fixed Portfolio 3.38 7.68 11.50 5.13 5.29 3.65 2.69

Barclays Capital U.S. Government/Credit 5.14 8.73 11.46 2.41 5.08 3.33 2.56

Difference -1.76 -1.05 0.04 2.72 0.21 0.32 0.13

WWT Fixed Income 3.39 (99) 7.68 (94) 11.50 (65) 5.13 (10) 5.29 (38) 3.65 (78) 2.69 (87)

Barclays Capital U.S. Government/Credit 5.14 (58) 8.73 (66) 11.46 (66) 2.41 (51) 5.08 (59) 3.33 (96) 2.56 (90)

Difference -1.75 -1.05 0.04 2.72 0.21 0.32 0.13

IM U.S. Broad Market Core Fixed Income (SA+CF) 5.24 9.23 12.32 2.48 5.16 3.86 3.14

Total REIT Funds 2.20 27.51 -25.21 -11.30 2.81 23.71 26.91

Real Estate Policy 0.98 29.74 -29.26 -12.46 3.80 28.07 28.78

Difference 1.22 -2.23 4.05 1.16 -0.99 -4.36 -1.87

WWT REIT 2.20 (49) 27.51 (91) -25.21 (38) -11.30 (43) 2.81 (87) 23.71 (87) 26.91 (72)

Real Estate Policy 0.98 (76) 29.74 (75) -29.26 (73) -12.46 (60) 3.80 (74) 28.07 (54) 28.78 (51)

Difference 1.22 -2.23 4.05 1.16 -0.99 -4.36 -1.87

IM U.S. REIT (SA+CF) 2.15 31.21 -26.73 -11.76 5.30 28.50 28.89

Total Alternative Investments N/A N/A N/A N/A N/A N/A N/A

WWT Global Diversification N/A N/A N/A N/A N/A N/A N/A


26

Peer Group Analysis - All Public Plans-Total Fund


Financial Reconciliation Fiscal Year To Date

Financial Reconciliation April 1, 1996 To September 30, 2011

Cummulative Performance

Market ValueAs of

10/01/2010

NetTransfers

Contributions Distributions Fees Expenses IncomeCapital

Apprec./Deprec.

Market ValueAs of

09/30/2011

Total Fund (Gross) 17,905 - 295 -968 -126 -92 476 -407 17,083

Market ValueAs of

04/01/1996

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

Total Fund (Gross) - 17,359 14,411 -4,222 -719 -92 4,011 -13,665 17,083

Total Fund (Gross) Total Fund Policy

$90.0

$120.0

$150.0

$180.0

$210.0

$240.0

$270.0

$300.0

$330.0

$360.0

5/96 6/98 9/00 12/02 3/05 6/07 9/09 9/11

$249.5

$296.0

-20.00

-16.00

-12.00

-8.00

-4.00

0.00

4.00

8.00

12.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Fund (Gross) -10.26 (52) 0.06 (58) 0.06 (58) 5.20 (47) 4.04 (46) 0.58 (13) 3.27 (13)

Å Total Fund Policy -8.31 (18) 0.99 (36) 0.99 (36) 5.50 (36) 4.31 (37) -0.41 (39) 2.09 (49)

Median -10.18 0.34 0.34 5.05 3.89 -0.76 2.06

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Fund (Gross) 1.45 (23) 3.82 (64) 5.86 (62) 9.47 (27) -6.28 (70) 3.95 (41)

Total Fund Policy 1.02 (56) 3.49 (79) 5.36 (79) 9.09 (36) -5.50 (38) 3.68 (61)

All Public Plans-Total Fund Median 1.09 4.08 6.21 8.76 -5.82 3.82

Lakeland FirefightersTotal Fund (Gross)September 30, 2011

27

Peer Group Scattergram - 3 Years

3 Yr Rolling Under/Over Performance - 5 Years


3 Yr Rolling Percentile Ranking - 5 Years

Historical Statistics - 3 Years

Historical Statsistics - 5 Years

0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Total Fund (Gross) 20 17 (85%) 3 (15%) 0 (0%) 0 (0%)

Å Total Fund Policy 20 0 (0%) 3 (15%) 17 (85%) 0 (0%)Over Performance Dec-2006 Sep-2011

-10.0

-5.0

0.0

5.0

10.0

15.0

To

tal

Fu

nd

(G

ross

) (%

)

-12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0

Total Fund Policy (%)

Over

Performance

Under

Performance

-3.00

0.00

3.00

6.00

Ret

urn

(%

)

0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00

Risk (Standard Deviation %)

ReturnStandardDeviation

¢ Total Fund (Gross) 4.04 12.77

Å Total Fund Policy 4.31 13.58

¾ Median 3.89 13.44

-2.20

0.00

2.20

4.40

Ret

urn

(%

)

0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00



¢ Total Fund (Gross) 3.27 11.07

Å Total Fund Policy 2.09 11.76

¾ Median 2.06 11.78

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fund (Gross) 2.03 96.02 97.08 -0.02 -0.19 0.36 0.93 9.24

Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.36 1.00 9.8890 Day U.S. Treasury Bill 13.63 0.41 -0.73 0.22 -0.36 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fund (Gross) 1.96 100.49 93.13 1.27 0.54 0.19 0.93 8.09

Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.09 1.00 8.7990 Day U.S. Treasury Bill 11.82 5.59 -5.20 1.73 -0.09 N/A 0.00 0.01

Lakeland FirefightersTotal Fund (Gross)September 30, 2011

28

Peer Group Analysis - IM U.S. All Cap Growth Equity (SA+CF)


Financial Reconciliation 1 Quarter

Financial Reconciliation October 1, 2010 To September 30, 2011

Cumulative Performance

Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT AllCap Growth 3,896 -295 - - - - 5 -552 3,054

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT AllCap Growth 3,471 -523 - - - - 37 68 3,054

WWT AllCap Growth

Russell 3000 Growth Index

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

$130.0

$140.0

$150.0

$160.0

$170.0

$180.0

2/04 6/05 12/06 6/08 12/09 9/11

$125.3

$135.8

-30.00

-20.00

-10.00

0.00

10.00

20.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ WWT AllCap Growth -15.19 (30) 1.08 (48) 1.08 (48) 5.54 (60) 1.66 (77) -5.22 (73) 1.05 (67)

Å Russell 3000 Growth Index -13.90 (18) 3.39 (34) 3.39 (34) 8.00 (47) 4.49 (49) -2.44 (61) 1.56 (64)

Median -16.83 0.46 0.46 6.86 4.14 -1.81 3.19

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

WWT AllCap Growth 0.51 (43) 5.85 (76) 12.04 (68) 11.44 (68) -12.71 (86) 5.47 (60)

Russell 3000 Growth Index 0.64 (42) 6.30 (68) 12.26 (64) 12.98 (47) -11.55 (60) 4.87 (69)

IM U.S. All Cap Growth Equity (SA+CF) 0.05 7.23 13.08 12.71 -11.18 5.88

Lakeland FirefightersWWT AllCap Growth

September 30, 2011

29







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ WWT AllCap Growth 20 0 (0%) 8 (40%) 7 (35%) 5 (25%)

Å Russell 3000 Growth Index 20 0 (0%) 1 (5%) 12 (60%) 7 (35%)Over Performance Under Performance Dec-2006 Sep-2011

-20.0

-10.0

0.0

10.0

20.0

WW

T A

llC

ap

Gro

wth

(%

)

-20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0

Russell 3000 Growth Index (%)

Over

Performance

Under

Performance

-8.00

0.00

8.00

16.00

Ret

urn

(%

)

16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 34.00 36.00



¢ WWT AllCap Growth 1.66 25.24

Å Russell 3000 Growth Index 4.49 24.25

¾ Median 4.14 26.68

-4.00

0.00

4.00

8.00

Ret

urn

(%

)

16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00



¢ WWT AllCap Growth 1.05 22.38

Å Russell 3000 Growth Index 1.56 20.71

¾ Median 3.19 23.12

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT AllCap Growth 2.71 92.02 100.57 -2.65 -1.04 0.18 0.98 15.34

Russell 3000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.31 1.00 15.3290 Day U.S. Treasury Bill 21.09 0.27 -0.44 0.22 -0.31 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT AllCap Growth 7.79 89.17 89.35 -0.22 -0.05 0.06 0.94 14.28

Russell 3000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.09 1.00 14.0290 Day U.S. Treasury Bill 18.77 3.49 -3.10 1.73 -0.09 N/A 0.00 0.01

Lakeland FirefightersWWT AllCap Growth

September 30, 2011

30

Peer Group Analysis - IM U.S. Large Cap Value Equity (SA+CF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT Large Cap Value 2,127 -26 - - - - 11 -377 1,735

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT Large Cap Value 1,899 -135 - - - - 47 -76 1,735

WWT Large Cap Value Russell 1000 Value Index

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

2/04 6/05 12/06 6/08 12/09 9/11

$117.9

$138.5

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ WWT Large Cap Value -17.39 (67) -2.53 (61) -2.53 (61) 2.79 (57) -3.06 (92) -6.26 (62) -1.35 (48)

Å Russell 1000 Value Index -16.20 (48) -1.89 (57) -1.89 (57) 3.36 (52) -1.52 (78) -7.57 (81) -3.53 (85)

Median -16.42 -1.50 -1.50 3.41 0.44 -5.64 -1.50

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

WWT Large Cap Value 0.25 (37) 6.29 (52) 10.73 (45) 11.67 (26) -13.62 (90) 6.38 (40)

Russell 1000 Value Index -0.50 (61) 6.46 (48) 10.54 (49) 10.13 (65) -11.15 (40) 6.78 (29)

IM U.S. Large Cap Value Equity (SA+CF) -0.22 6.36 10.48 10.76 -11.64 5.94

Lakeland FirefightersWWT Large Cap Value

September 30, 2011

31







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ WWT Large Cap Value 20 10 (50%) 4 (20%) 2 (10%) 4 (20%)

Å Russell 1000 Value Index 20 0 (0%) 4 (20%) 6 (30%) 10 (50%)Over Performance Under Performance Dec-2006 Sep-2011

-20.0

-10.0

0.0

10.0

20.0

WW

T L

arg

e C

ap

Va

lue

(%)

-25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0

Russell 1000 Value Index (%)

Over

Performance

Under

Performance

-10.00

-5.00

0.00

5.00

Ret

urn

(%

)

14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 34.00



¢ WWT Large Cap Value -3.06 24.21

Å Russell 1000 Value Index -1.52 26.38

¾ Median 0.44 25.19

-8.00

-4.00

0.00

4.00

Ret

urn

(%

)

10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00



¢ WWT Large Cap Value -1.35 19.96


¾ Median -1.50 21.04

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT Large Cap Value 4.91 86.38 92.57 -1.95 -0.43 -0.06 0.88 15.93

Russell 1000 Value Index 0.00 100.00 100.00 0.00 N/A 0.04 1.00 17.4290 Day U.S. Treasury Bill 22.72 0.27 -0.38 0.21 -0.04 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT Large Cap Value 5.62 93.97 84.21 1.77 0.34 -0.05 0.89 15.57

Russell 1000 Value Index 0.00 100.00 100.00 0.00 N/A -0.13 1.00 16.3490 Day U.S. Treasury Bill 21.75 4.62 -4.85 1.72 0.13 N/A 0.00 0.00

Lakeland FirefightersWWT Large Cap Value

September 30, 2011

32

Peer Group Analysis - IM Mixed-Asset Target Alloc Consv (MF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT Income Fund 2,699 -426 - - - - 26 -160 2,138

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT Income Fund 2,547 -518 - - - - 108 2 2,138

WWT Income Fund WW Income Fund Index

$90.0

$100.0

$110.0

$120.0

$130.0

$140.0

$150.0

$160.0

$170.0

$180.0

$190.0

2/04 6/05 12/06 6/08 12/09 9/11

$149.4

$165.4

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ WWT Income Fund -5.87 (64) 3.25 (7) 3.25 (7) 10.34 (1) 6.99 (14) 2.92 (19) 4.21 (14)

Å WW Income Fund Index -4.55 (33) 3.27 (7) 3.27 (7) 8.02 (3) 4.20 (80) 1.71 (50) 2.99 (50)

Median -5.39 1.07 1.07 5.15 5.52 1.71 2.95

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

WWT Income Fund 1.65 (8) 4.21 (1) 3.55 (31) 8.78 (2) -0.88 (11) 3.98 (8)

WW Income Fund Index 1.66 (8) 3.22 (16) 3.10 (45) 7.26 (15) -1.84 (33) 4.20 (5)

IM Mixed-Asset Target Alloc Consv (MF) 1.08 2.48 2.95 6.25 -2.52 2.88

Lakeland FirefightersWWT Income FundSeptember 30, 2011

33







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ WWT Income Fund 20 13 (65%) 2 (10%) 5 (25%) 0 (0%)

Å WW Income Fund Index 20 9 (45%) 2 (10%) 3 (15%) 6 (30%)Over Performance Under Performance Dec-2006 Sep-2011

-10.0

-5.0

0.0

5.0

10.0

15.0

WW

T I

nco

me

Fu

nd

(%

)

-9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0

WW Income Fund Index (%)

Over

Performance

Under

Performance

-4.00

0.00

4.00

8.00

Ret

urn

(%

)

4.00 6.00 8.00 10.00 12.00 14.00 16.00



¢ WWT Income Fund 6.99 9.29

Å WW Income Fund Index 4.20 14.57

¾ Median 5.52 9.97

-4.00

0.00

4.00

Ret

urn

(%

)

2.00 4.00 6.00 8.00 10.00 12.00 14.00



¢ WWT Income Fund 4.21 8.78

Å WW Income Fund Index 2.99 12.07

¾ Median 2.95 8.65

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT Income Fund 8.18 71.84 51.01 4.46 0.25 0.75 0.55 6.28

WW Income Fund Index 0.00 100.00 100.00 0.00 N/A 0.34 1.00 10.6390 Day U.S. Treasury Bill 14.62 0.35 -0.79 0.23 -0.34 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT Income Fund 8.38 56.94 39.24 2.62 0.10 0.32 0.52 5.95

WW Income Fund Index 0.00 100.00 100.00 0.00 N/A 0.16 1.00 8.7990 Day U.S. Treasury Bill 12.12 4.94 -6.18 1.73 -0.16 N/A 0.00 0.01

Lakeland FirefightersWWT Income FundSeptember 30, 2011

34

Peer Group Analysis - IM U.S. SMID Cap Value Equity (SA+CF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT SMid Cap 1,001 -228 - - - - 3 -174 602

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT SMid Cap 922 -373 - - - - 13 40 602

WWT SMid Cap Russell 2500 Value Index

$60.0

$90.0

$120.0

$150.0

$180.0

$210.0

$240.0

$270.0

$300.0

$330.0

2/04 6/05 12/06 6/08 12/09 9/11

$132.4

$230.2

-30.00

-20.00

-10.00

0.00

10.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ WWT SMid Cap -21.92 (68) -1.76 (47) -1.76 (47) 7.81 (28) 6.05 (15) 1.87 (10) 5.90 (5)

Å Russell 2500 Value Index -21.10 (57) -4.70 (65) -4.70 (65) 4.57 (72) 0.08 (87) -4.15 (74) -1.69 (87)

Median -20.62 -1.85 -1.85 5.81 3.39 -2.43 1.20

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

WWT SMid Cap 0.07 (29) 8.49 (35) 15.89 (23) 12.72 (31) -8.36 (25) 7.51 (73)


IM U.S. SMID Cap Value Equity (SA+CF) -0.81 7.90 14.24 11.79 -9.78 8.51

Lakeland FirefightersWWT SMid Cap

September 30, 2011

35







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ WWT SMid Cap 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)

Å Russell 2500 Value Index 20 0 (0%) 1 (5%) 9 (45%) 10 (50%)Over Performance Dec-2006 Sep-2011

-20.0

-10.0

0.0

10.0

20.0

30.0

WW

T S

Mid

Ca

p (

%)

-25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0


Over

Performance

Under

Performance

-4.00

0.00

4.00

8.00

Ret

urn

(%

)

15.00 18.00 21.00 24.00 27.00 30.00 33.00 36.00 39.00 42.00



¢ WWT SMid Cap 6.05 26.38

Å Russell 2500 Value Index 0.08 30.45

¾ Median 3.39 29.25

-4.00

0.00

4.00

Ret

urn

(%

)

12.00 15.00 18.00 21.00 24.00 27.00 30.00 33.00 36.00



¢ WWT SMid Cap 5.90 21.85


¾ Median 1.20 24.15

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT SMid Cap 7.47 88.09 74.69 5.46 0.61 0.37 0.80 15.95


TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT SMid Cap 10.15 94.72 72.09 7.33 0.68 0.30 0.80 14.30


Lakeland FirefightersWWT SMid Cap

September 30, 2011

36

Peer Group Analysis - IM U.S. Small Cap Value Equity (SA+CF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT SC Value 395 -16 - - - - 1 -80 300

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT SC Value 362 -61 - - - - 5 -6 300

WWT SC Value Russell 2000 Value Index

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

$130.0

$140.0

$150.0

$160.0

$170.0

$180.0

2/04 6/05 12/06 6/08 12/09 9/11

$124.0$119.2

-30.00

-20.00

-10.00

0.00

10.00

20.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ WWT SC Value -20.60 (40) -2.82 (46) -2.82 (46) 3.77 (71) -2.73 (93) -5.68 (87) -2.31 (87)

Å Russell 2000 Value Index -21.47 (54) -5.99 (71) -5.99 (71) 2.53 (81) -2.78 (94) -5.24 (83) -3.08 (92)

Median -21.20 -3.39 -3.39 5.21 2.27 -2.45 0.68

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

WWT SC Value -2.57 (67) 8.16 (41) 16.14 (50) 8.96 (75) -8.91 (41) 7.69 (76)


IM U.S. Small Cap Value Equity (SA+CF) -1.68 7.70 16.10 10.55 -9.45 9.52

Lakeland FirefightersWWT SC Value

September 30, 2011

37







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ WWT SC Value 20 0 (0%) 1 (5%) 7 (35%) 12 (60%)

Å Russell 2000 Value Index 20 0 (0%) 3 (15%) 6 (30%) 11 (55%)Over Performance Under Performance Dec-2006 Sep-2011

-30.0

-20.0

-10.0

0.0

10.0

20.0

WW

T S

C V

alu

e (%

)

-30.0 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0


Over

Performance

Under

Performance

-6.00

0.00

6.00

12.00

Ret

urn

(%

)

18.00 21.00 24.00 27.00 30.00 33.00 36.00 39.00 42.00 45.00



¢ WWT SC Value -2.73 28.35


¾ Median 2.27 31.11

-10.00

-5.00

0.00

5.00

Ret

urn

(%

)

18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 34.00 36.00



¢ WWT SC Value -2.31 22.97


¾ Median 0.68 25.56

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT SC Value 5.07 86.27 87.59 -0.58 -0.14 0.02 0.89 19.71


TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT SC Value 5.85 87.49 86.04 0.29 0.05 -0.05 0.89 17.45


Lakeland FirefightersWWT SC Value

September 30, 2011

38

Peer Group Analysis - IM International Equity (SA+CF+MF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

International Equity 3,073 -328 - - - - 3 -660 2,088

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

International Equity 2,956 -554 - - - - 54 -368 2,088

International Equity

International Equity Policy

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

5/08 12/08 9/09 6/10 3/11 9/11

$76.6

$71.2

-30.00

-20.00

-10.00

0.00

10.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ International Equity -23.80 (82) -14.66 (76) -14.66 (76) -5.70 (88) -3.73 (87) N/A N/A

Å International Equity Policy -19.78 (36) -10.42 (42) -10.42 (42) -2.73 (60) -0.60 (60) N/A N/A

Median -20.84 -11.35 -11.35 -1.74 0.48 -8.45 -1.91

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

International Equity 3.07 (11) 2.81 (49) 5.69 (83) 18.05 (39) -12.89 (63) -0.78 (95)

International Equity Policy 0.61 (61) 3.49 (32) 7.25 (55) 16.66 (63) -12.26 (55) 0.94 (70)

IM International Equity (SA+CF+MF) 1.03 2.74 7.40 17.48 -11.97 1.76

Lakeland FirefightersInternational EquitySeptember 30, 2011

39







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ International Equity 3 0 (0%) 0 (0%) 2 (67%) 1 (33%)

Å International Equity Policy 3 0 (0%) 0 (0%) 3 (100%) 0 (0%)Under Performance Dec-2006 Sep-2011

-4.0

-3.0

-2.0

-1.0

In

tern

ati

on

al

Eq

uit

y (%

)

-4.0 -3.5 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5

International Equity Policy (%)

Over

Performance

Under

Performance

-20.00

-10.00

0.00

10.00

Ret

urn

(%

)

0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00



¢ International Equity -3.73 30.12

Å International Equity Policy -0.60 28.97

¾ Median 0.48 29.97

-14.00

-7.00

0.00

7.00

Ret

urn

(%

)

-4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00



¢ International Equity N/A N/A

Å International Equity Policy N/A N/A

¾ Median -1.91 26.48

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

International Equity 4.41 108.02 116.52 -2.72 -0.58 -0.01 1.09 20.30

International Equity Policy 0.00 100.00 100.00 0.00 N/A 0.09 1.00 18.2490 Day U.S. Treasury Bill 24.85 0.22 -0.41 0.21 -0.09 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

International Equity N/A N/A N/A N/A N/A N/A N/A N/A

International Equity Policy N/A N/A N/A N/A N/A N/A N/A N/A90 Day U.S. Treasury Bill N/A N/A N/A N/A N/A N/A N/A N/A

Lakeland FirefightersInternational EquitySeptember 30, 2011

40

Peer Group Analysis - IM International Multi-Cap Growth Equity (MF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

Manning & Napier Overseas Fund (EXOSX) - 2,675 - - - - - -587 2,088

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

Manning & Napier Overseas Fund (EXOSX) - 2,675 - - - - - -587 2,088

Manning & Napier Overseas Fund (EXOSX)

MSCI AC World ex USA

$75.0

$78.0

$81.0

$84.0

$87.0

$90.0

$93.0

$96.0

$99.0

$102.0

8/11 9/11

$80.2

$78.1

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Manning & Napier Overseas Fund (EXOSX) -21.94 (75) N/A N/A N/A N/A N/A N/A

Å MSCI AC World ex USA -19.78 (33) -10.42 (45) -10.42 (45) -1.64 (52) 0.98 (37) -7.85 (32) -1.12 (32)

Median -20.72 -10.95 -10.95 -1.40 -0.46 -9.24 -2.50

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Manning & Napier Overseas Fund (EXOSX) N/A N/A N/A N/A N/A N/A

MSCI AC World ex USA 0.61 (73) 3.49 (32) 7.25 (70) 16.66 (63) -12.26 (69) 1.66 (66)

IM International Multi-Cap Growth Equity (MF) 1.31 3.05 7.91 18.06 -11.55 2.38

Lakeland FirefightersManning & Napier Overseas Fund (EXOSX)

September 30, 2011

41

Page Intentionally Left Blank

42

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

Total Fixed Portfolio 5,595 33 - - - - 50 65 5,743

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

Total Fixed Portfolio 5,189 355 - - - - 197 2 5,743

Total Fixed Portfolio

Barclays Capital U.S. Government/Credit

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

$220.0

$240.0

$260.0

$280.0

5/96 6/98 9/00 12/02 3/05 6/07 9/09 9/11

$262.4$268.5

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Fixed Portfolio 2.02 (90) 3.38 (99) 3.38 (99) 5.51 (100) 7.47 (95) 6.88 (68) 6.56 (68)

Å Barclays Capital U.S. Government/Credit 4.74 (5) 5.14 (58) 5.14 (58) 6.92 (66) 8.41 (71) 6.88 (68) 6.52 (69)

Median 3.29 5.24 5.24 7.20 9.00 7.30 6.88

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Fixed Portfolio 2.02 (83) 0.61 (59) -1.27 (69) 3.05 (27) 2.69 (91) 1.45 (98)

Barclays Capital U.S. Government/Credit 2.32 (31) 0.28 (95) -2.17 (99) 3.28 (16) 3.88 (10) 1.55 (95)

IM U.S. Broad Market Core Fixed Income (SA+CF) 2.24 0.67 -1.12 2.81 3.40 2.13

Lakeland FirefightersTotal Fixed PortfolioSeptember 30, 2011

43







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Total Fixed Portfolio 20 7 (35%) 5 (25%) 3 (15%) 5 (25%)

Å Barclays Capital U.S. Government/Credit 20 0 (0%) 3 (15%) 10 (50%) 7 (35%)Over Performance Dec-2006 Sep-2011

2.0

4.0

6.0

8.0

10.0

To

tal

Fixe

d P

ortf

oli

o (

%)

1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

Barclays Capital U.S. Government/Credit (%)

Over

Performance

Under

Performance

6.00

8.00

10.00

Ret

urn

(%

)

2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50



¢ Total Fixed Portfolio 7.47 3.63

Å Barclays Capital U.S. Government/Credit 8.41 4.94

¾ Median 9.00 3.71

2.00

4.00

6.00

8.00

Ret

urn

(%

)

2.40 2.80 3.20 3.60 4.00 4.40 4.80 5.20 5.60 6.00 6.40 6.80 7.20



¢ Total Fixed Portfolio 6.56 3.37


¾ Median 6.88 3.78

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fixed Portfolio 1.54 83.95 71.48 0.74 -0.60 1.72 0.80 1.73

Barclays Capital U.S. Government/Credit 0.00 100.00 100.00 0.00 N/A 1.62 1.00 2.2690 Day U.S. Treasury Bill 4.95 1.17 -2.33 0.23 -1.62 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fixed Portfolio 1.54 86.33 58.66 1.55 0.00 1.31 0.76 1.48

Barclays Capital U.S. Government/Credit 0.00 100.00 100.00 0.00 N/A 1.04 1.00 2.2290 Day U.S. Treasury Bill 4.54 11.04 -20.08 1.75 -1.04 N/A -0.01 0.01

Lakeland FirefightersTotal Fixed PortfolioSeptember 30, 2011

44

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT Fixed Income 5,595 33 - - - - 50 65 5,743

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT Fixed Income 5,189 355 - - - - 197 2 5,743

WWT Fixed Income

Barclays Capital U.S. Government/Credit

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

$220.0

$240.0

$260.0

$280.0

5/96 6/98 9/00 12/02 3/05 6/07 9/09 9/11

$262.4$268.5

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ WWT Fixed Income 2.03 (90) 3.39 (99) 3.39 (99) 5.51 (100) 7.47 (95) 6.88 (68) 6.56 (68)

Å Barclays Capital U.S. Government/Credit 4.74 (5) 5.14 (58) 5.14 (58) 6.92 (66) 8.41 (71) 6.88 (68) 6.52 (69)

Median 3.29 5.24 5.24 7.20 9.00 7.30 6.88

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

WWT Fixed Income 2.02 (83) 0.61 (59) -1.27 (69) 3.05 (27) 2.69 (91) 1.45 (98)

Barclays Capital U.S. Government/Credit 2.32 (31) 0.28 (95) -2.17 (99) 3.28 (16) 3.88 (10) 1.55 (95)

IM U.S. Broad Market Core Fixed Income (SA+CF) 2.24 0.67 -1.12 2.81 3.40 2.13

Lakeland FirefightersWWT Fixed IncomeSeptember 30, 2011

45







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ WWT Fixed Income 20 7 (35%) 5 (25%) 3 (15%) 5 (25%)

Å Barclays Capital U.S. Government/Credit 20 0 (0%) 3 (15%) 10 (50%) 7 (35%)Over Performance Dec-2006 Sep-2011

2.0

4.0

6.0

8.0

10.0

WW

T F

ixed

In

com

e (%

)

1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

Barclays Capital U.S. Government/Credit (%)

Over

Performance

Under

Performance

6.00

8.00

10.00

Ret

urn

(%

)

2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50



¢ WWT Fixed Income 7.47 3.63


¾ Median 9.00 3.71

2.00

4.00

6.00

8.00

Ret

urn

(%

)

2.40 2.80 3.20 3.60 4.00 4.40 4.80 5.20 5.60 6.00 6.40 6.80 7.20



¢ WWT Fixed Income 6.56 3.37


¾ Median 6.88 3.78

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT Fixed Income 1.54 83.97 71.48 0.74 -0.60 1.72 0.80 1.73

Barclays Capital U.S. Government/Credit 0.00 100.00 100.00 0.00 N/A 1.62 1.00 2.2690 Day U.S. Treasury Bill 4.95 1.17 -2.33 0.23 -1.62 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT Fixed Income 1.54 86.34 58.66 1.55 0.00 1.31 0.76 1.48

Barclays Capital U.S. Government/Credit 0.00 100.00 100.00 0.00 N/A 1.04 1.00 2.2290 Day U.S. Treasury Bill 4.54 11.04 -20.08 1.75 -1.04 N/A -0.01 0.01

Lakeland FirefightersWWT Fixed IncomeSeptember 30, 2011

46

Peer Group Analysis - IM U.S. REIT (SA+CF)





Market ValueAs of

07/01/2011

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT REIT 416 -43 - - - - 3 -57 319

Market ValueAs of

10/01/2010

NetTransfers


Apprec./Deprec.

Market ValueAs of

09/30/2011

WWT REIT 409 -107 - - - - 13 4 319

WWT REIT Real Estate Policy

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

$220.0

$240.0

2/04 6/05 12/06 6/08 12/09 9/11

$159.5$157.2

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ WWT REIT -14.49 (48) 2.20 (49) 2.20 (49) 14.16 (89) -0.85 (65) -3.58 (58) -2.33 (73)

Å Real Estate Policy -14.71 (51) 0.98 (76) 0.98 (76) 14.46 (81) -2.50 (93) -5.09 (92) -3.38 (92)

Median -14.68 2.15 2.15 15.95 -0.11 -3.14 -1.38

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

WWT REIT 3.15 (84) 7.41 (30) 7.87 (37) 12.71 (86) -3.59 (53) 9.25 (73)

Real Estate Policy 3.62 (77) 6.34 (82) 7.44 (46) 12.82 (85) -4.07 (63) 9.82 (44)

IM U.S. REIT (SA+CF) 4.13 6.78 7.14 13.34 -3.47 9.64

Lakeland FirefightersWWT REIT

September 30, 2011

47







0.00

25.00

50.00

75.00

100.00

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ WWT REIT 20 1 (5%) 4 (20%) 7 (35%) 8 (40%)

Å Real Estate Policy 20 0 (0%) 0 (0%) 8 (40%) 12 (60%)Over Performance Under Performance Dec-2006 Sep-2011

-40.0

-20.0

0.0

20.0

40.0

WW

T R

EIT

(%

)

-40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0

Real Estate Policy (%)

Over

Performance

Under

Performance

-4.00

0.00

4.00

Ret

urn

(%

)

32.00 34.00 36.00 38.00 40.00 42.00 44.00 46.00



¢ WWT REIT -0.85 35.19

Å Real Estate Policy -2.50 43.37

¾ Median -0.11 41.27

-6.00

-3.00

0.00

Ret

urn

(%

)

27.00 28.00 29.00 30.00 31.00 32.00 33.00 34.00 35.00 36.00 37.00



¢ WWT REIT -2.33 28.52

Å Real Estate Policy -3.38 34.92

¾ Median -1.38 33.52

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT REIT 8.62 83.28 83.90 -0.14 -0.16 0.14 0.81 25.11

Real Estate Policy 0.00 100.00 100.00 0.00 N/A 0.15 1.00 30.2690 Day U.S. Treasury Bill 40.95 0.14 -0.27 0.22 -0.15 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

WWT REIT 6.95 84.06 85.23 -0.41 -0.13 0.00 0.82 21.21

Real Estate Policy 0.00 100.00 100.00 0.00 N/A 0.03 1.00 25.1990 Day U.S. Treasury Bill 33.95 1.80 -2.32 1.72 -0.03 N/A 0.00 0.01

Lakeland FirefightersWWT REIT

September 30, 2011

48

Allocation Mandate Weight (%)

Mar-1996

S&P 500 50.00

Barclays Capital U.S. Government/Credit 40.00

Citigroup 3 Month T-Bill 10.00

Jul-1997



Russell 1000 Index 50.00

Jan-1998




Oct-1998




Jan-1999




MSCI EAFE Index 10.00

Jul-2000





Russell 2000 Growth Index 10.00


Oct-2003





Apr-2010


MSCI AC World ex USA 15.00



Total Fund Policy


None

49

Total Equity Policy Domestic Equity Policy

WW Income Trust Index


Mar-1996

S&P 500 100.00

Jul-1997


Jul-2000



Oct-2003



Jan-1926

S&P 500 100.00

Jul-1997


Jan-1999



Jul-2000




Oct-2003



Apr-2010


MSCI AC World ex USA 25.00

· WW Income Fund Index:

· 25% S&P 500, 25% NAREIT, 25% Barclays 10-year Treasury, 25% T-Bill.


Benchmark History

As of September 30,2011

50

Statistics Description

Return Compounded rate of return for the period.--

Standard Deviation A statistical measure of the range of a portfolio's performance, the variability of a return around its average return over aspecified time period.

--

Sharpe Ratio Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result isthe absolute rate of return per unit of risk. The higher the value, the better the product’s historical risk-adjusted performance.

--

Alpha A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measuredby beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio'snon-systematic return.

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Beta A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable orsystematic risk.

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R-Squared The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means ahigher correlation of the portfolio's performance to the appropriate benchmark.

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Treynor Ratio Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return overthe risk free rate divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better theproduct’s historical risk-adjusted performance.

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Downside Risk A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated bytaking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product.

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Tracking Error A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate marketbenchmark.

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Information Ratio Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-addedcontribution by the manager.

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Consistency The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistencyfigure, the more value a manager has contributed to the product’s performance.

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Excess Return Arithmetic difference between the managers return and the risk-free return over a specified time period.--

Active Return Arithmetic difference between the managers return and the benchmark return over a specified time period.--

Excess Risk A measure of the standard deviation of a portfolio's performance relative to the risk free return.--

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Up Market Capture The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicatebetter product performance.

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Down Market Capture The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicatebetter product performance.

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Statistics Definitions

Calculation based on monthly periodicity.

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· WW Income Fund Index:

· 25% S&P 500, 25% NAREIT, 25% Barclays 10-year Treasury, 25% T-Bill.


Disclosures


None

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2011-09-30 Lakeland Fire (quarterly report)@318

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