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

Lakeland Firefighters'
Supplemental Pension Plan
3rd Quarter 2011

3rd Quarter 2011 Market Environment
2

The Market Environment
Major Market Index Performance
The third quarter was extremely difficult for global equities as
virtually all market segments, styles and countries experienced
“double-digit” losses. During the quarter, the equity market reacted
negatively to “resolved” issues including the debt ceiling debate, the
U.S. sovereign downgrade and the Fed’s $400 billion “twist”. While
markets almost always react negatively to uncertainty, the events
listed above make it clear that unwanted resolutions often are not
viewed very favorably either. In contrast to equities, the bond
market, particularly U.S. Treasuries, posted positive results (so
much for a downgrade). Outside of the U.S., Europe’s evolving
sovereign financial crisis continued to unfold over the course of the
quarter with no palatable solutions on the horizon. As a result, the
world’s financial markets were like a swinging pendulum, reacting to
each positive and negative news event with volatile and often violent
shifts in value. As these events and their ramifications continue to
unfold, it appears that heightened volatility is likely to be a market
reality for the immediate future.
Large cap stocks, as measured by the S&P 500, returned -13.9% for
the quarter with September accounting for nearly half of the losses.
This quarter represented the worst return for the S&P 500 since the
fourth quarter of 2008 (-21.9%) and the 19th worst quarter since
1926. Mounting evidence of a second leg down in economic activity
hit small and mid cap issues particularly hard with the Russell 2000
index (small cap) returning a disappointing -21.9% and the Russell
MidCap index posting a return of -18.9%.
International equity results were also negative for the quarter with
the MSCI-ACWxUS index returning -19.8% in U.S. Dollars (USD)
and the MSCI-EM index posted a weaker -22.5%. The quarter’s
flight to the USD resulted in a large negative total return impact for
broadly diversified, un-hedged U.S. investors.
The domestic bond market was the primary benefactor of the
quarter’s equity market weakness as investors poured into high
quality bonds, particularly U.S. Treasuries. The broad market
Barclays 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 IG
Barclays MBS
Barclays US TIPS
Barclays US Govt
Barclays US Agg
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
MSCI Emerg Mkts
MSCI 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 IG
Barclays MBS
Barclays US TIPS
Barclays US Govt
Barclays US Agg
Russell 2000
Russell MidCap
Russell 1000
Russell 3000
S&P 500
MSCI Emerg Mkts
MSCI EAFE
MSCI ACWxUS
1-Year Performance
3

Domestic Equity Style Index Performance
Equity results were negative across the capitalization spectrum for
the quarter, but the style-based results were mixed. Growth
outperformed value in the broad and large cap segments of the
market. The Russell 1000 large cap style benchmarks recorded the
largest span with growth outperforming value by a margin of 310
basis points. In the small and mid cap segments of the market,
growth actually trailed value for the quarter. However, value’s
advantage over growth in the small and mid cap segments of the
market was less than 100 basis points for each segment.
Growth was able to outpace value in the large cap space due to the
large cap growth benchmark’s over-weighted positions in the
information technology (+19.1% vs. value) and consumer staples
(+4.6% vs. value) sectors. Although each sector was negative for
the quarter, both were down much less than the broad index results.
In contrast, financials, which represent a significant overweight in the
large cap value benchmark (+21.9% vs. growth), were down more
than 22% for the quarter. Interestingly, focusing on the small cap
segment of the market, financial sector performance was actually
less negative than the information technology sector by 700 basis
points. As a result, the financially dominated small cap value
benchmark was able to outpace the information technology
dominated growth benchmark for the quarter.
Over the one-year period, growth benchmarks outperformed value
benchmarks in all capitalization ranges. In the small cap segment of
the market, both growth and value results were negative, but value
trailed growth by a wide 490 basis points. Outside of small cap, the
style differentials appear more visually pronounced since value
results at each capitalization range were negative for the year, while
the 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
GICS Sector Performance & (Sector Weight)
The performance of the Global Industry Classification Standard
(GICS) economic sectors of the Russell 1000 large cap stock index
covered a span of 2,500 basis points from best to worst. The
macro-driven volatility that dominated the quarter’s results left few
sectors unscathed and only seemed to intensify as the quarter
progressed. Within the ten economic sectors of the Russell 1000,
nine posted negative performance for the quarter, with four sectors
down more than 20%. The utilities’ sector return of +0.2% was the
only economic sector of the Russell 1000 that managed to produce a
positive return for the quarter.
All ten GICS sectors of the Russell 2000 small cap index posted
negative results for the quarter. Classic defensive sectors like
consumer staples (-11.3%) and utilities (-3.3%) offered portfolios the
greatest downside protection for the quarter. However, with six
sectors of the Russell 2000 down more than 20% and two more
sectors down in the “high-teens”, there were not many places to hide
in the small cap segment of the market.
With 2010’s strong third quarter sector results rolling off the one-year
trailing performance chart, the returns are much more mixed. The
Russell 1000 posted seven positive sector results over the one-year
period. The consumer staples (+10.6%) and utilities (+11.8%)
sectors posted the strongest one-year results while financial sector
returned a disappointing -15.3% over the period. In contrast to large
cap, only three sectors of the Russell 2000 managed to post positive
results for the year. Much like the Russell 1000, the defensive
consumer staples (+9.1%) and utilities (+11.9%) sectors led the
Russell 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

Top 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 Sector
Exxon Mobil Corp XOM 2.93% -10.1% Energy Interdigital Inc IDCC 0.25% 14.3% Information Technology
Apple Inc AAPL 2.75% 13.6% Information Technology Mfa Financial Inc MFA 0.24% -9.9% Financials
IBM IBM 1.64% 2.5% Information Technology Healthspring Inc HS 0.24% -20.9% Health Care
Chevron Corp CVX 1.57% -9.3% Energy Sothebys BID 0.23% -36.5% Consumer Discretionary
Microsoft Corp MSFT 1.52% -3.7% Information Technology Berry Petroleum Co BRY 0.23% -33.3% Energy
General Electric Company GE 1.39% -18.4% Industrials Amer Campus Communities Inc ACC 0.23% 5.7% Financials
Johnson & Johnson JNJ 1.39% -3.4% Health Care World Fuel Services Corp INT 0.23% -9.0% Energy
Procter & Gamble Co PG 1.37% 0.2% Consumer Staples Netlogic Microsystems Inc NETL 0.23% 19.0% Information Technology
AT&T Inc T 1.36% -8.0% Telecomm Service Rosetta Resources Inc ROSE 0.23% -33.6% Energy
Pfizer 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
Motorola Mobility Holdings Inc MMI 0.06% 71.4% Information Technology Harleysville Group Inc HGIC 0.03% 91.6% Financials
Petrohawk Energy Corp HK 0.05% 56.9% Energy Apac Customer Services Inc APAC 0.02% 59.8% Industrials
Pharmasset Inc VRUS 0.04% 46.8% Health Care SFN Group Inc SFN 0.04% 54.0% Industrials
Emdeon Inc EM 0.00% 43.2% Health Care Stamps.Com Inc STMP 0.02% 53.2% Information Technology
Alexion Pharmaceuticals Inc ALXN 0.08% 36.2% Health Care Staar Surgical Co STAA 0.02% 47.2% Health Care
Goodrich Corp GR 0.09% 26.8% Industrials Athenahealth Inc ATHN 0.18% 44.9% Health Care
Nalco Holding Co NLC 0.04% 25.9% Materials Global Industries Ltd GLBL 0.05% 44.5% Energy
Biomarin Pharmaceutical Inc BMRN 0.03% 17.1% Health Care FXCM Inc FXCM 0.02% 42.0% Financials
Newmont Mining Corp NEM 0.23% 17.1% Materials Universal Display Corp PANL 0.14% 36.6% Information Technology
Kinetic 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
Dendreon Corp DNDN 0.02% -77.2% Health Care Ener1 Inc HEV 0.00% -87.5% Industrials
Terex Corp TEX 0.02% -63.9% Industrials Pmi Group Inc PMI 0.01% -81.3% Financials
Alpha Natural Resources Inc ANR 0.06% -61.1% Energy General Maritime Corp GMR 0.01% -80.7% Energy
Manitowoc Co Inc MTW 0.01% -60.2% Industrials Eastman Kodak Co EK 0.06% -78.2% Consumer Discretionary
Ak Steel Holding Corp AKS 0.01% -58.3% Materials Motricity Inc MOTR 0.01% -78.1% Information Technology
Sunpower Corp SPWRA 0.01% -58.1% Information Technology Broadwind Energy Inc BWEN 0.01% -77.9% Industrials
Netflix Inc NFLX 0.09% -56.9% Consumer Discretionary Imperial Holdings Inc IFT 0.01% -76.4% Financials
First Solar Inc FSLR 0.05% -52.2% Information Technology Gentiva Health Services Inc GTIV 0.03% -73.5% Health Care
United States Steel Corp X 0.04% -52.1% Materials Pacific Biosciences Of Cal Inc PACB 0.02% -72.6% Health Care
Monster Worldwide Inc MWW 0.01% -51.0% Information Technology Alliance Healthcare Services Inc AIQ 0.00% -70.0% Health Care
6

International and Regional Market Index Performance (Country Count)
Source: MSCI
Each of the diversified international equity benchmarks were down
roughly 20% for the quarter in U.S. Dollars (USD). In fact, none of
the 44 countries that make up the MSCI-ACWxUS index posted a
positive return in USD for the period. Greece, which remains at the
center of Europe’s concerns, posted the weakest country
performance in the index with a return of -46.6% for the quarter.
Despite the “headline” focus on Greece, the quarter’s losses were
widespread with only four countries able to avoid “double-digit”
losses for the period. The broad MSCI-ACWxUS index returned a
weak -19.8% for the quarter. Within these broad market results, the
emerging market index (MSCI-EM) posted a weaker -22.5% and the
developed market index (MSCI-EAFE) returned a slightly less
negative return of -19.0%.
Positive sector performance was nonexistent for developed and
emerging market benchmarks for the quarter. Much like domestic
equity sector performance, the negative return MSCI-ACWxUS index
was 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 little
investor downside protection in other areas of the market as only the
consumer 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 of
broad currency movements during the quarter. Although the U.S.
Treasury suffered a downgrade, in a counter-intuitive result, the
USD actually strengthened against many of the world’s currencies.
With the exception of the Pacific region, whose currencies showed
mild depreciation relative to the USD, the currencies of other
international 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 strongest
region as Japan (0.1%) and New Zealand (21.3%) represented the
only 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

U.S. Dollar International Index Attribution & Country Detail
Source: MSCI
MSCI - EAFE Sector Weight Quarter Return 1-Year Return
Energy 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 Return
Energy 10.9% -21.9% -8.1%
Materials 11.9% -25.9% -13.7%
Industrials 10.4% -23.4% -12.0%
Consumer Staples 9.8% -9.3% 1.5%
Health Care 7.0% -10.3% 2.7%
Financials 23.4% -23.8% -19.0%
Utilities 4.3% -15.8% -13.2%
Total 100.0% -19.8% -10.4%
MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year Return
Energy 13.8% -25.8% -14.7%
Materials 13.9% -27.1% -19.4%
Industrials 6.6% -29.1% -25.4%
Consumer Staples 7.5% -12.8% -3.7%
Health Care 1.1% -17.6% -15.8%
Financials 23.7% -25.9% -23.6%
Utilities 3.5% -24.2% -19.8%
Total 100.0% -22.5% -15.9%
MSCI-EAFE MSCI-ACWIxUS Quarter 1- Year
Country Weight Weight Return Return
Japan 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

Domestic Bond Sector & Broad/Global Bond Market Performance
Source: Barclays Capital Live
The Merrill Lynch index data that has been historically used to
compose the fixed income sector charts has been replaced with data
provided by Barclays Capital. We made this change in order to
improve the consistency of the dataset used in the Market
Environment section of the performance book. Given the similarities
in the structure of these benchmarks, this change will not materially
impact 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%. Within
the broad benchmark’s segments, the Treasury (6.5%), mortgage
(2.4%) and corporate (2.9%) portions of the index all contributed to
the broad market performance. The dominant Treasury return was
aided by a general “flight to safety” on global fears as well as the
anticipation of additional monetary stimulus by the Fed. Treasury
inflation protected securities (TIPS) were also a beneficiary of falling
rates during the quarter with a return of 4.5%. The quarter’s
preference for quality is also clearly evident in the scaled credit
benchmark results. High quality AAA issues returned 4.2%, lower
quality Baa issues returned 2.2%, and high yield issues posted a
return of -6.1%. Outside of the U.S. market, the Barclays Global
Aggregate xUS benchmark posted a return of -0.7% for the quarter
in USD. This global bond index number was also negatively
impacted by the strength in the USD as the equivalent hedged index
returned +2.6% for the quarter.
The trailing one-year returns were solid for the various broad and
sector-based fixed income indices. Much like the quarter, one-year
fixed income results were dominated by the performance of Treasury
(6.0%) and TIPS (9.9%) securities. Corporate credit results were
also strong over the year with all investment grade credits returning
in excess of 4.0% for the period. The advantage of longer-duration
portfolios in the trailing year’s falling interest rate environment is
evident in the 110 basis point return differential between the
Barclays Aggregate and the Barclays Intermediate Aggregate
benchmarks.
-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

Market Rate & Yield Curve Comparison
Source: Mortgage-X.com, US Department of Treasury & St. Louis Fed
The third quarter opened with market participants assessing the
impact of the end of the Fed’s $600 billion Treasury purchase
program (QEII) and ended with participants assessing the eventual
impact of the Fed’s $400 billion portfolio “twist” (not quite QEIII).
Through this new program, the Fed will shift $400 billion of its current
portfolio of Treasury holdings of less than 3-years for $400 billion of
Treasury issues beyond 6-years by 6/30/12. This “twist” will
effectively push long-term rates lower, flattening the yield curve in
the process. While the Fed’s stated purpose of this action is to
support a stronger economic recovery and to help ensure that
inflation, over time, is at levels consistent with its dual mandate, it
will likely move investors into riskier, higher-yielding assets. The
Fed took similar policy action in 1961 (when the “twist” was a dance
craze) that is viewed through history’s lens with mixed results. In
order to support conditions in the mortgage market, the Fed also
committed to reinvest principal agency and MBS debt payments
back into MBS securities.
There was no direct action by the Fed on short-term rates during the
quarter so the fed funds rate remained unchanged (targeted at 0.0%
to 0.25%). The 10-year Treasury finished the quarter at a yield of
1.92%, which was an incredible 126 basis points lower than it
opened the quarter. This 10-year Treasury rate decrease was
accompanied 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 dramatically
over recent quarters to the point of renewed recessionary
expectations. As a result of this negative outlook, rates closed the
current quarter below their 9/30/10 levels. While some of the
steepness has come out of the yield curve over the past year, the
absolute decrease in rates since last quarter was much larger for
longer maturities. The average yield decrease for maturities of up to
one-year was only 2.5 basis points. Out further on the yield curve,
the average decrease was 46.3 basis points for maturities between
2&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 Libor
BAA/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 Days
33 Negative Days
33 +/- 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
6/30/11
1,320.64
9/30/11
1,131.42
S&P 500 Price Index Level
The 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

How are you doing? How are we doing?
The 2011 Bogdahn Client Survey
Select one
choice
Very
Poor
Poor Average Good Excellent
In an effort to better serve your needs, The Bogdahn Group is
conducting its first client survey. The insights gathered from this
short electronic study will be used to direct the allocation of firm
resources as well as to enhance the effectiveness of our client
service and communication.
If you do not receive an individual e-mail from the survey
company, please participate by directing your browser to
https://www.surveymonkey.com/s/BogdahnGroupClientSurvey.
We sincerely appreciate your participation. All responses will be
kept strictly confidential.
1. Please rate your satisfaction with the structure and clarity of our
performance report.
2. Please rate your satisfaction with the level of detail in our
performance report.
3. Please rate your consultant’s ability to effectively communicate the
information in the performance report.
4. Please rate your consultant’s ability to effectively communicate
investment insights beyond those in the performance report.
5. Please rate the effort of your consultant to offer suggestions and/or
solutions to enhance your portfolio.
6. Please rate the outcomes of your consultant’s suggestions and/or
investment solutions.
7. Please rate your consultant’s level of understanding of your
Plan/Fund’s unique needs.
8. Please rate the timeliness of your consultant’s responses to regular
inquiries. (Our firm policy is to reply to all inquiries within 24 hours).
9. Please rate the detail provided in your consultant’s follow up to
inquiries.
10. Please rate your overall satisfaction with The Bogdahn Group’s
services.
10
9
8
7
6
5
4
3
2
1
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 : $17,083,218
Segments
Market Value
($)
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 : $19,320,668
Segments
Market Value
($)
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 Firefighters
September 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
September 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/A
Manager 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 ✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
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
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
Allocation(%)
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 Value
As of
07/01/2011
Net
Transfers
Contributions Distributions Fees Expenses
Return On
Investment
Market Value
As 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 Value
As of
10/01/2010
Net
Transfers
Contributions Distributions Fees Expenses
Return On
Investment
Market Value
As 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

1
Quarter
Oct-2010
To
Sep-2011
1
Year
3
Years
5
Years
Since
Inception
Inception
Date
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 ACWI
Income FD Policy=25% S&P500, 25%NAREIT, 25% 10-yr Treas., & 25% T-Bills
21

None
1
Quarter
Oct-2010
To
Sep-2011
1
Year
3
Years
5
Years
Since
Inception
Inception
Date
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
1
Quarter
Oct-2010
To
Sep-2011
1
Year
3
Years
5
Years
Since
Inception
Inception
Date
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-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Oct-2004
To
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
Current Fund Policy= 45% R3000, 40% Barclays Gov/Credit, 15% MSCI ACWI
24

None
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Oct-2004
To
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

None
Oct-2010
To
Sep-2011
Oct-2009
To
Sep-2010
Oct-2008
To
Sep-2009
Oct-2007
To
Sep-2008
Oct-2006
To
Sep-2007
Oct-2005
To
Sep-2006
Oct-2004
To
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 Value
As of
10/01/2010
Net
Transfers
Contributions Distributions Fees Expenses Income
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
Total Fund (Gross) 17,905 - 295 -968 -126 -92 476 -407 17,083
Market Value
As of
04/01/1996
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
Total 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
ReturnPercentileRank
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ 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
TotalFund(Gross)(%)
-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
Return(%)
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00
Risk (Standard Deviation %)
Return
Standard
Deviation
¢ 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
Return(%)
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00
Return
Standard
Deviation
¢ Total Fund (Gross) 3.27 11.07
Å Total Fund Policy 2.09 11.76
¾ Median 2.06 11.78
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 9.88
90 Day U.S. Treasury Bill 13.63 0.41 -0.73 0.22 -0.36 N/A 0.00 0.01
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 8.79
Total 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 Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
WWT AllCap Growth 3,896 -295 - - - - 5 -552 3,054
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
WWT AllCap Growth
September 30, 2011
29

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ 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
WWTAllCapGrowth(%)
-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
Return(%)
16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 34.00 36.00
Return
Standard
Deviation
¢ 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
Return(%)
16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00
Return
Standard
Deviation
¢ WWT AllCap Growth 1.05 22.38
Å Russell 3000 Growth Index 1.56 20.71
¾ Median 3.19 23.12
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 15.32
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 14.02
WWT AllCap Growth
September 30, 2011
30

Peer Group Analysis - IM U.S. Large Cap Value Equity (SA+CF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
WWT Large Cap Value 2,127 -26 - - - - 11 -377 1,735
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
WWT Large Cap Value
September 30, 2011
31

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ 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%)
-20.0
-10.0
0.0
10.0
20.0
WWTLargeCapValue(%)
-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
Return(%)
14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 34.00
Return
Standard
Deviation
¢ 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
Return(%)
10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00
Return
Standard
Deviation
¢ WWT Large Cap Value -1.35 19.96
¾ Median -1.50 21.04
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 17.42
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 16.34
90 Day U.S. Treasury Bill 21.75 4.62 -4.85 1.72 0.13 N/A 0.00 0.00
WWT Large Cap Value
September 30, 2011
32

Peer Group Analysis - IM Mixed-Asset Target Alloc Consv (MF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
WWT Income Fund 2,699 -426 - - - - 26 -160 2,138
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
WWT Income Fund
September 30, 2011
33

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ 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%)
-10.0
-5.0
0.0
5.0
10.0
15.0
WWTIncomeFund(%)
-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
Return(%)
4.00 6.00 8.00 10.00 12.00 14.00 16.00
Return
Standard
Deviation
¢ 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
Return(%)
2.00 4.00 6.00 8.00 10.00 12.00 14.00
Return
Standard
Deviation
¢ WWT Income Fund 4.21 8.78
Å WW Income Fund Index 2.99 12.07
¾ Median 2.95 8.65
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 10.63
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 8.79
WWT Income Fund
September 30, 2011
34

Peer Group Analysis - IM U.S. SMID Cap Value Equity (SA+CF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
WWT SMid Cap 1,001 -228 - - - - 3 -174 602
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
WWT SMid Cap
September 30, 2011
35

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ WWT SMid Cap 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)
-20.0
-10.0
0.0
10.0
20.0
30.0
WWTSMidCap(%)
-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
Return(%)
15.00 18.00 21.00 24.00 27.00 30.00 33.00 36.00 39.00 42.00
Return
Standard
Deviation
¢ 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
Return(%)
12.00 15.00 18.00 21.00 24.00 27.00 30.00 33.00 36.00
Return
Standard
Deviation
¢ WWT SMid Cap 5.90 21.85
¾ Median 1.20 24.15
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
Risk
WWT SMid Cap 7.47 88.09 74.69 5.46 0.61 0.37 0.80 15.95
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
Risk
WWT SMid Cap 10.15 94.72 72.09 7.33 0.68 0.30 0.80 14.30
WWT SMid Cap
September 30, 2011
36

Peer Group Analysis - IM U.S. Small Cap Value Equity (SA+CF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
WWT SC Value 395 -16 - - - - 1 -80 300
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
WWT SC Value
September 30, 2011
37

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ WWT SC Value 20 0 (0%) 1 (5%) 7 (35%) 12 (60%)
-30.0
-20.0
-10.0
0.0
10.0
20.0
WWTSCValue(%)
-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
Return(%)
18.00 21.00 24.00 27.00 30.00 33.00 36.00 39.00 42.00 45.00
Return
Standard
Deviation
¢ WWT SC Value -2.73 28.35
¾ Median 2.27 31.11
-10.00
-5.00
0.00
5.00
Return(%)
18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 34.00 36.00
Return
Standard
Deviation
¢ WWT SC Value -2.31 22.97
¾ Median 0.68 25.56
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
Risk
WWT SC Value 5.07 86.27 87.59 -0.58 -0.14 0.02 0.89 19.71
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
Risk
WWT SC Value 5.85 87.49 86.04 0.29 0.05 -0.05 0.89 17.45
WWT SC Value
September 30, 2011
38

Peer Group Analysis - IM International Equity (SA+CF+MF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
International Equity 3,073 -328 - - - - 3 -660 2,088
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
September 30, 2011
39

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ 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
InternationalEquity(%)
-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
Return(%)
0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00
Return
Standard
Deviation
¢ 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
Return(%)
-4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00
Return
Standard
Deviation
¢ International Equity N/A N/A
Å International Equity Policy N/A N/A
¾ Median -1.91 26.48
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 18.24
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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/A
90 Day U.S. Treasury Bill N/A N/A N/A N/A N/A N/A N/A N/A
September 30, 2011
40

Peer Group Analysis - IM International Multi-Cap Growth Equity (MF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
Manning & Napier Overseas Fund (EXOSX) - 2,675 - - - - - -587 2,088
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
Manning & 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 Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
Total Fixed Portfolio 5,595 33 - - - - 50 65 5,743
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
September 30, 2011
43

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ 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%)
2.0
4.0
6.0
8.0
10.0
TotalFixedPortfolio(%)
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
Return(%)
2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50
Return
Standard
Deviation
¢ 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
Return(%)
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
Return
Standard
Deviation
¢ Total Fixed Portfolio 6.56 3.37
¾ Median 6.88 3.78
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 2.26
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
Risk
Total Fixed Portfolio 1.54 86.33 58.66 1.55 0.00 1.31 0.76 1.48
90 Day U.S. Treasury Bill 4.54 11.04 -20.08 1.75 -1.04 N/A -0.01 0.01
September 30, 2011
44

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
WWT Fixed Income 5,595 33 - - - - 50 65 5,743
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
WWT Fixed Income
September 30, 2011
45

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ 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%)
2.0
4.0
6.0
8.0
10.0
WWTFixedIncome(%)
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
Return(%)
2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50
Return
Standard
Deviation
¢ WWT Fixed Income 7.47 3.63
¾ Median 9.00 3.71
2.00
4.00
6.00
8.00
Return(%)
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
Return
Standard
Deviation
¢ WWT Fixed Income 6.56 3.37
¾ Median 6.88 3.78
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
Risk
WWT Fixed Income 1.54 83.97 71.48 0.74 -0.60 1.72 0.80 1.73
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
Risk
WWT Fixed Income 1.54 86.34 58.66 1.55 0.00 1.31 0.76 1.48
90 Day U.S. Treasury Bill 4.54 11.04 -20.08 1.75 -1.04 N/A -0.01 0.01
WWT Fixed Income
September 30, 2011
46

Peer Group Analysis - IM U.S. REIT (SA+CF)
Market Value
As of
07/01/2011
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As of
09/30/2011
WWT REIT 416 -43 - - - - 3 -57 319
Market Value
As of
10/01/2010
Net
Transfers
Capital
Apprec./
Deprec.
Market Value
As 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
Return
1
Quarter
Oct-2010
To
Sep-2011
1
Year
2
Years
3
Years
4
Years
5
Years
¢ 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
1
Quarter
Ending
Jun-2011
1
Quarter
Ending
Mar-2011
1
Quarter
Ending
Dec-2010
1
Quarter
Ending
Sep-2010
1
Quarter
Ending
Jun-2010
1
Quarter
Ending
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
WWT REIT
September 30, 2011
47

0.00
25.00
50.00
75.00
100.00
12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11
Total Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
¢ WWT REIT 20 1 (5%) 4 (20%) 7 (35%) 8 (40%)
Å Real Estate Policy 20 0 (0%) 0 (0%) 8 (40%) 12 (60%)
-40.0
-20.0
0.0
20.0
40.0
WWTREIT(%)
-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
Return(%)
32.00 34.00 36.00 38.00 40.00 42.00 44.00 46.00
Return
Standard
Deviation
¢ 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
Return(%)
27.00 28.00 29.00 30.00 31.00 32.00 33.00 34.00 35.00 36.00 37.00
Return
Standard
Deviation
¢ WWT REIT -2.33 28.52
Å Real Estate Policy -3.38 34.92
¾ Median -1.38 33.52
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 30.26
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha
Information
Ratio
Sharpe
Ratio
Beta
Downside
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 25.19
WWT 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 a
specified 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 is
the 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 measured
by beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio's
non-systematic return.
--
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 or
systematic risk.
--
R-Squared The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means a
higher correlation of the portfolio's performance to the appropriate benchmark.
--
Treynor Ratio Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return over
the 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 the
product’s historical risk-adjusted performance.
--
Downside Risk A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by
taking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product.
--
Tracking Error A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market
benchmark.
--
Information Ratio Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added
contribution by the manager.
--
Consistency The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency
figure, the more value a manager has contributed to the product’s performance.
--
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.--
--
Up Market Capture The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate
better product performance.
--
Down Market Capture The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicate
better product performance.
--
Statistics Definitions
Calculation based on monthly periodicity.
51

· WW Income Fund Index:
· 25% S&P 500, 25% NAREIT, 25% Barclays 10-year Treasury, 25% T-Bill.
Disclosures
None
52

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

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

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