2011-09-30 lakeland police (quarterly report)@315

City of LakelandPolice Officers'

Retirement System

3rd Quarter 2011

3rd Quarter 2011 Market Environment

Page 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

Page 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

Page 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

Page 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

Page 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

Page 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%

Page 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.

Page 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

Page 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

Page 11

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

The 2011 Bogdahn Client Survey

Select one choice

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In an effort to better serve your needs, The Bogdahn Group isconducting its first client survey. The insights gathered from thisshort electronic study will be used to direct the allocation of firmresources as well as to enhance the effectiveness of our clientservice and communication.

If you do not receive an individual e-mail from the surveycompany, please participate by directing your browser tohttps://www.surveymonkey.com/s/BogdahnGroupClientSurvey.

We sincerely appreciate your participation. All responses will bekept strictly confidential.

1. Please rate your satisfaction with the structure and clarity of ourperformance report.

2. Please rate your satisfaction with the level of detail in ourperformance report.

3. Please rate your consultant’s ability to effectively communicate theinformation in the performance report.

4. Please rate your consultant’s ability to effectively communicateinvestment insights beyond those in the performance report.

5. Please rate the effort of your consultant to offer suggestions and/orsolutions to enhance your portfolio.

6. Please rate the outcomes of your consultant’s suggestions and/orinvestment solutions.

7. Please rate your consultant’s level of understanding of yourPlan/Fund’s unique needs.

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10. Please rate your overall satisfaction with The Bogdahn Group’sservices.10

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

Page 12

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:

Lakeland Police Officers' Retirement System

Compliance Checklist as of September 30, 2011

The Total Plan return equaled or exceeded the 8% 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 and five year periods.3. ✔

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

Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.2. ✔

The total equity allocation was less than 70% of the total plan assets at market. ✔3.Total foreign equity was less than 25% of the total plan assets at market. ✔4.

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 and five year periods.2. ✔

The average quality of the fixed portfolio was A or better. ✔3.No more than 15% of the fixed income portfolio was rated below BBB/Baa. ✔4.85% of all non government fixed income securities shall hold a rating in one of the four highest classifications of a major rating service. ✔5.Only 3 years used when 5 years is unavailable. Some managers do not have 3 years worth of history and are marked "N/A"

Manager outperformed the index over the trailing three and five year periods. ✔

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

Less than 4 consecutive quarters of under-performance relative to the benchmark. ✔

Three and five year down market capture ratio less than 100% ✔

Manager reports compliance with PFIA. ✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

Cornerstone Westwood

1.2.3.4.5.

Bowen, H. Sawgrass Baring

Page 13

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


Compliance Checklist as of September 30, 2011

Manager outperformed the index over the trailing three and five year periods. ✔

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 and five year down market capture ratio less than 100% ✔

Manager reports compliance with PFIA. ✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

✔

IVA Galliard FI

1.2.3.4.5.

Galliard Tips American R Intercont.

Page 14

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

September 30, 2011 : $78,273,081

SegmentsMarket Value

($)Allocation

(%)

¢ Domestic Equity 34,620,166 44.2

¢ International Equity 11,793,052 15.1

¢ Domestic Fixed Income 21,151,344 27.0

¢ Global Fixed Income 3,939,864 5.0

¢ Real Estate 3,284,543 4.2

¢ Cash Equivalent 3,484,112 4.5

June 30, 2011 : $86,378,543

SegmentsMarket Value

($)Allocation

(%)

¢ Domestic Equity 40,857,919 47.3

¢ International Equity 13,449,083 15.6

¢ Domestic Fixed Income 21,281,549 24.6

¢ Global Fixed Income 4,275,851 5.0

¢ Real Estate 3,224,071 3.7

¢ Cash Equivalent 3,290,070 3.8

Lakeland Police Officers' Retirement SystemSeptember 30, 2011

Page 15

Allocation Differences

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%-2.0 %-4.0 %-6.0 %-8.0 %-10.0 %

Mutual Fund Cash

Receipt & Disbursement

Intercontinental Real Estate

American Realty

Templeton Global Return

Galliard TIPS

Galliard Fixed Income

IVA International

Baring International

Sawgrass Large Growth

Bowen Hanes Large Core

Westwood All Cap Value

Cornerstone Large Value

0.0%

0.8%

0.5%

-1.3 %

0.0%

-3.4 %

2.7%

-0.3 %

0.4%

0.7%

-0.5 %

0.1%

0.3%

Market Value($)

Allocation(%)

Target(%)

Cornerstone Large Value 7,046,819 9.00 8.75

Westwood All Cap Value 6,928,021 8.85 8.75

Bowen Hanes Large Core 7,453,887 9.52 10.00

Sawgrass Large Growth 14,278,105 18.24 17.50

Baring International 6,168,131 7.88 7.50

IVA International 5,624,921 7.19 7.50

Galliard Fixed Income 21,647,324 27.66 25.00

Galliard TIPS 1,283,397 1.64 5.00

Templeton Global Return 3,939,864 5.03 5.00

American Realty 973,757 1.24 2.50

Intercontinental Real Estate 2,310,786 2.95 2.50

Receipt & Disbursement 618,068 0.79 0.00

Mutual Fund Cash - - 0.00

Total Fund 78,273,081 100.00 100.00


Asset Allocation versus Target Allocation

As of September 30, 2011

None

Page 16

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

September 30, 2011 : $78,273,081

Market Value($)

Allocation(%)

¢ Galliard Fixed Income 21,647,324 27.7

¢ Sawgrass Large Cap Growth 14,278,105 18.2

¢ Bowen Hanes Large Cap Core 7,453,887 9.5

¢ Cornerstone Large Cap Value 7,046,819 9.0

¢ Westwood All Cap Value 6,928,021 8.9

¢ Baring International 6,168,131 7.9

¢ IVA International (IVIQX) 5,624,921 7.2

¢ Templeton Global Return (TTRZX) 3,939,864 5.0

¢ Intercontinental Real Estate 2,310,786 3.0

¢ Galliard TIPS 1,283,397 1.6

¢ American Realty 973,757 1.2

¢ Receipt & Disbursement 618,068 0.8

June 30, 2011 : $86,378,543

Market Value($)

Allocation(%)

¢ Galliard Fixed Income 21,411,481 24.8

¢ Sawgrass Large Cap Growth 16,224,050 18.8

¢ Bowen Hanes Large Cap Core 9,176,741 10.6

¢ Cornerstone Large Cap Value 8,027,818 9.3

¢ Westwood All Cap Value 8,669,723 10.0

¢ Baring International 7,272,487 8.4

¢ IVA International (IVIQX) 6,176,596 7.2

¢ Templeton Global Return (TTRZX) 4,275,851 5.0

¢ Intercontinental Real Estate 2,245,380 2.6

¢ Galliard TIPS 1,335,422 1.5

¢ American Realty 978,691 1.1

¢ Receipt & Disbursement 584,302 0.7

Lakeland Police Officers' Retirement SystemSeptember 30, 2011

Page 17

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

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

Total Fund 78,273,081 100.00 86,378,543 100.00 85,262,758 100.00 82,956,153 100.00 79,609,546 100.00

Total Equity 47,499,885 60.68 55,547,415 64.31 55,773,228 65.41 53,711,229 64.75 50,176,152 63.03

Total Domestic Equity 35,706,833 45.62 42,098,332 48.74 42,627,886 50.00 40,959,086 49.37 38,073,887 47.83

Cornerstone Large Cap Value 7,046,819 9.00 8,027,818 9.29 8,574,620 10.06 8,304,820 10.01 7,754,868 9.74

Westwood All Cap Value 6,928,021 8.85 8,669,723 10.04 8,743,338 10.25 8,143,639 9.82 7,340,083 9.22

Bowen Hanes Large Cap Core 7,453,887 9.52 9,176,741 10.62 9,494,685 11.14 8,953,043 10.79 8,216,888 10.32

Sawgrass Large Cap Growth 14,278,105 18.24 16,224,050 18.78 15,815,244 18.55 15,557,584 18.75 14,762,047 18.54

Total International Equity 11,793,052 15.07 13,449,083 15.57 13,145,342 15.42 12,752,142 15.37 12,102,265 15.20

Baring International 6,168,131 7.88 7,272,487 8.42 7,131,003 8.36 6,936,118 8.36 12,102,265 15.20

IVA International (IVIQX) 5,624,921 7.19 6,176,596 7.15 6,014,339 7.05 5,816,024 7.01 - 0.00

Total Fixed Income 26,870,585 34.33 27,022,755 31.28 26,045,791 30.55 26,029,202 31.38 28,664,266 36.01

Total Domestic Fixed Income 22,930,721 29.30 22,746,904 26.33 25,542,417 29.96 26,029,202 31.38 28,664,266 36.01

Galliard Fixed Income 21,647,324 27.66 21,411,481 24.79 24,168,019 28.35 24,654,954 29.72 27,197,445 34.16

Galliard TIPS 1,283,397 1.64 1,335,422 1.55 1,374,399 1.61 1,374,248 1.66 1,466,821 1.84

Total Global Fixed Income 3,939,864 5.03 4,275,851 4.95 503,373 0.59 - 0.00 - 0.00

Templeton Global Return (TTRZX) 3,939,864 5.03 4,275,851 4.95 503,373 0.59 - 0.00 - 0.00

Total Real Estate 3,284,543 4.20 3,224,071 3.73 3,021,131 3.54 2,429,240 2.93 329,392 0.41

American Realty 973,757 1.24 978,691 1.13 843,432 0.99 338,501 0.41 329,392 0.41

Intercontinental Real Estate 2,310,786 2.95 2,245,380 2.60 2,177,699 2.55 2,090,739 2.52 - 0.00

Cash Accounts

Receipt & Disbursement 618,068 0.79 584,302 0.68 422,603 0.50 786,479 0.95 439,737 0.55

Mutual Fund Cash - 0.00 - 0.00 4 0.00 4 0.00 - 0.00


Asset Allocation History by Portfolio


None

Page 18

Market ValueAs of

07/01/2011

NetTransfers

Contributions Distributions Fees ExpensesReturn OnInvestment

Market ValueAs of

09/30/2011

Total Fund 86,378,543 - 1,238,643 -1,864,047 -98,143 -30,978 -7,350,936 78,273,081

Total Equity 55,547,415 -401,890 - - -82,348 - -7,563,293 47,499,885

Total Domestic Equity 42,098,332 -416,751 - - -67,487 - -5,907,262 35,706,833

Cornerstone Large Cap Value 8,027,818 -89,963 - - -15,052 - -875,983 7,046,819

Westwood All Cap Value 8,669,723 -74,893 - - -18,420 - -1,648,389 6,928,021

Bowen Hanes Large Cap Core 9,176,741 -71,970 - - -11,460 - -1,639,424 7,453,887

Sawgrass Large Cap Growth 16,224,050 -179,925 - - -22,554 - -1,743,466 14,278,105

Total International Equity 13,449,083 14,861 - - -14,861 - -1,656,031 11,793,052

Baring International 7,272,487 14,861 - - -14,861 - -1,104,356 6,168,131

IVA International (IVIQX) 6,176,596 - - - - - -551,675 5,624,921

Total Fixed Income 27,022,755 -287,880 - - -13,877 - 149,588 26,870,585

Total Domestic Fixed Income 22,746,904 -287,880 - - -13,877 - 485,575 22,930,721

Galliard Fixed Income 21,411,481 -215,910 - - -13,877 - 465,630 21,647,324

Galliard TIPS 1,335,422 -71,970 - - - - 19,945 1,283,397

Total Global Fixed Income 4,275,851 - - - - - -335,987 3,939,864

Templeton Global Return (TTRZX) 4,275,851 - - - - - -335,987 3,939,864

Total Real Estate 3,224,071 - - - -1,918 -374 62,764 3,284,543

American Realty 978,691 - - - 3,755 -374 -8,315 973,757

Intercontinental Real Estate 2,245,380 - - - -5,673 - 71,079 2,310,786

Cash Accounts

Receipt & Disbursement 584,302 689,770 1,238,643 -1,864,047 - -30,604 5 618,068

Mutual Fund Cash - - - - - - - -


Financial Reconciliation Quarter to Date

1 Quarter Ending September 30, 2011

None

Page 19

Market ValueAs of

10/01/2010

NetTransfers

Contributions Distributions Fees ExpensesReturn OnInvestment

Market ValueAs of

09/30/2011

Total Fund 79,609,546 - 5,105,897 -7,607,291 -436,773 -134,172 1,735,874 78,273,081

Total Equity 50,176,152 -2,931,558 - -29,875 -348,253 - 633,419 47,499,885

Total Domestic Equity 38,073,887 -3,018,961 - -29,875 -260,851 - 942,632 35,706,833

Cornerstone Large Cap Value 7,754,868 -871,577 - - -61,241 - 224,769 7,046,819

Westwood All Cap Value 7,340,083 -275,169 - -29,875 -69,894 - -37,124 6,928,021

Bowen Hanes Large Cap Core 8,216,888 -515,061 - - -44,761 - -203,180 7,453,887

Sawgrass Large Cap Growth 14,762,047 -1,357,154 - - -84,955 - 958,167 14,278,105

Total International Equity 12,102,265 87,403 - - -87,403 - -309,213 11,793,052

Baring International 12,102,265 -5,412,597 - - -87,403 - -434,134 6,168,131

IVA International (IVIQX) - 5,500,000 - - - - 124,921 5,624,921

Total Fixed Income 28,664,266 -2,421,206 - - -62,951 - 690,477 26,870,585

Total Domestic Fixed Income 28,664,266 -6,621,210 - - -62,951 - 950,616 22,930,721

Galliard Fixed Income 27,197,445 -6,347,949 - - -61,885 - 859,714 21,647,324

Galliard TIPS 1,466,821 -273,261 - - -1,066 - 90,903 1,283,397

Total Global Fixed Income - 4,200,004 - - - - -260,140 3,939,864

Templeton Global Return (TTRZX) - 4,200,004 - - - - -260,140 3,939,864

Total Real Estate 329,392 2,570,165 - - -25,568 -1,399 411,954 3,284,543

American Realty 329,392 570,165 - - -3,392 -1,399 78,992 973,757

Intercontinental Real Estate - 2,000,000 - - -22,176 - 332,962 2,310,786

Cash Accounts

Receipt & Disbursement 439,737 2,782,603 5,105,897 -7,577,416 - -132,773 20 618,068

Mutual Fund Cash - -4 - - - - 4 -


Financial Reconciliation Fiscal Year to Date

October 1, 2010 To September 30, 2011

None

Page 20

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

SinceInception

InceptionDate

Total Fund (Net) -8.70 1.46 1.46 3.23 1.78 3.66 04/01/2004

Total Fund Policy -9.04 1.51 1.51 4.18 2.20 3.99

Difference 0.34 -0.05 -0.05 -0.95 -0.42 -0.33

Total Fund (Gross) -8.59 (22) 1.99 (19) 1.99 (19) 3.60 (59) 2.03 (51) 3.83 (54) 04/01/2004

Total Fund Policy -9.04 (30) 1.51 (25) 1.51 (25) 4.18 (40) 2.20 (42) 3.99 (48)

Difference 0.45 0.48 0.48 -0.58 -0.17 -0.16

All Public Plans-Total Fund Median -10.23 0.34 0.34 3.87 2.03 3.97

Total Equity -13.69 0.60 0.60 0.27 N/A -6.18 01/01/2008

Total Equity Policy -16.41 -2.27 -2.27 0.81 -1.41 -5.28

Difference 2.72 2.87 2.87 -0.54 N/A -0.90

Total Fixed Income 0.54 2.59 2.59 6.63 6.18 4.95 04/01/2004

Total Fixed Income Policy 2.30 4.22 4.22 6.98 6.14 4.79

Difference -1.76 -1.63 -1.63 -0.35 0.04 0.16

Total Real Estate 1.95 15.54 15.54 N/A N/A 15.54 10/01/2010

NCREIF ODCE 3.58 18.34 18.34 -6.38 0.02 18.34

Difference -1.63 -2.80 -2.80 N/A N/A -2.80


Comparative Performance Trailing Returns


None

Returns for periods greater than one year are annualized.Current Total Fund Policy= 45% Russell 3000, 15% MSCI ACWI ex US, 30% Barclays Intermediate Aggregate, 5% Barclays US TIPs, 5% NCREIF ODCE.Current Total Equity Policy= 75% Russell 3000, & 25% MSCI ACWI ex US. Current Bowen Policy= 100% Russell 3000.

Page 21




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

SinceInception

InceptionDate

Total Domestic Equity -14.12 1.58 1.58 0.04 -1.50 1.71 04/01/2004

Total Domestic Equity Policy -15.28 0.55 0.55 1.45 -0.92 2.56

Difference 1.16 1.03 1.03 -1.41 -0.58 -0.85

Cornerstone Large Cap Value -11.00 (9) 1.82 (18) 1.82 (18) N/A N/A 17.02 (43) 04/01/2009

Russell 1000 Value Index -16.20 (48) -1.89 (57) -1.89 (57) -1.52 (78) -3.53 (85) 16.80 (46)

Difference 5.20 3.71 3.71 N/A N/A 0.22

IM U.S. Large Cap Value Equity (SA+CF) -16.42 -1.50 -1.50 0.44 -1.50 16.50

Westwood All Cap Value -19.13 (80) -1.17 (43) -1.17 (43) N/A N/A 10.20 (71) 07/01/2009

Russell 3000 Value Index -16.63 (47) -2.22 (62) -2.22 (62) -1.62 (94) -3.50 (94) 11.04 (57)

Difference -2.50 1.05 1.05 N/A N/A -0.84

IM U.S. All Cap Value Equity (SA+CF) -16.98 -1.44 -1.44 1.58 -0.20 11.41

Bowen Hanes Large Cap Core -17.96 (89) -3.51 (89) -3.51 (89) 0.94 (63) N/A -2.84 (76) 04/01/2008

Russell 3000 Policy -15.28 (59) 0.55 (56) 0.55 (56) 1.32 (56) N/A -2.14 (62)

Difference -2.68 -4.06 -4.06 -0.38 N/A -0.70

IM U.S. Large Cap Core Equity (SA+CF) -14.94 0.96 0.96 1.51 -0.52 -1.64

Sawgrass Large Cap Growth -10.81 (10) 5.95 (13) 5.95 (13) 2.15 (60) N/A -0.68 (52) 04/01/2008

Russell 1000 Growth Index -13.14 (26) 3.78 (25) 3.78 (25) 4.69 (26) 1.62 (39) 0.53 (29)

Difference 2.33 2.17 2.17 -2.54 N/A -1.21

IM U.S. Large Cap Growth Equity (SA+CF) -14.62 1.03 1.03 2.96 0.95 -0.57


Page 22




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

SinceInception

InceptionDate

Total International Equity -12.31 -2.55 -2.55 1.06 -0.53 5.39 04/01/2004

Total International Equity Policy -19.78 -10.42 -10.42 -0.37 -2.83 3.69

Difference 7.47 7.87 7.87 1.43 2.30 1.70

Baring International -15.19 (7) -6.58 (24) -6.58 (24) N/A N/A 16.29 (45) 04/01/2009

MSCI AC World ex USA -19.78 (43) -10.42 (70) -10.42 (70) 0.98 (52) -1.12 (52) 17.05 (37)

Difference 4.59 3.84 3.84 N/A N/A -0.76

IM International Large Cap Growth Equity (SA+CF) -20.11 -9.00 -9.00 1.10 -1.10 15.82

IVA International (IVIQX) -8.93 (1) N/A N/A N/A N/A 0.35 (1) 11/01/2010

MSCI AC World ex USA -19.78 (28) -10.42 (46) -10.42 (46) 0.98 (18) -1.12 (6) -13.38 (40)

Difference 10.85 N/A N/A N/A N/A 13.73

IM International Multi-Cap Value Equity (MF) -20.99 -10.77 -10.77 -2.21 -5.02 -14.31

Total Domestic Fixed Income 2.14 4.27 4.27 7.04 6.34 5.06 04/01/2004

Fixed Income Policy 2.30 4.22 4.22 6.98 6.14 4.79

Difference -0.16 0.05 0.05 0.06 0.20 0.27

Galliard Fixed Income 2.18 (37) 4.13 (28) 4.13 (28) 7.13 (78) N/A 5.99 (54) 04/01/2008

Barclays Capital Intermediate Aggregate 2.30 (33) 4.22 (20) 4.22 (20) 7.12 (79) 6.16 (63) 5.74 (63)

Difference -0.12 -0.09 -0.09 0.01 N/A 0.25

IM U.S. Intermediate Duration (SA+CF) 2.01 3.59 3.59 7.84 6.40 6.05

Galliard TIPS 1.46 (94) 6.78 (94) 6.78 (94) 5.83 (96) N/A 4.18 (96) 04/01/2008

Barclays Capital U.S. Treasury: U.S. TIPS 4.51 (65) 9.87 (36) 9.87 (36) 8.13 (67) 7.10 (68) 5.75 (69)

Difference -3.05 -3.09 -3.09 -2.30 N/A -1.57

IM U.S. TIPS (SA+CF) 4.73 9.78 9.78 8.42 7.24 5.92


Page 23




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

SinceInception

InceptionDate

Total Global Fixed Income -7.86 N/A N/A N/A N/A -5.73 04/01/2011

Barclays Capital Global Aggregate 0.97 4.00 4.00 7.78 6.85 4.10

Difference -8.83 N/A N/A N/A N/A -9.83

Templeton Global Return (TTRZX) -7.86 (98) N/A N/A N/A N/A -5.73 (94) 04/01/2011

Barclays Capital Global Aggregate 0.97 (32) 4.00 (11) 4.00 (11) 7.78 (42) 6.85 (25) 4.10 (22)

Difference -8.83 N/A N/A N/A N/A -9.83

IM Global Fixed Income (MF) -1.44 1.44 1.44 7.38 5.78 1.30

Total Real Estate 1.95 15.54 15.54 N/A N/A 15.54 10/01/2010

NCREIF ODCE 3.58 18.34 18.34 -6.38 0.02 18.34

Difference -1.63 -2.80 -2.80 N/A N/A -2.80

American Realty -0.85 (100) 14.50 (93) 14.50 (93) N/A N/A 14.50 (93) 10/01/2010

NCREIF ODCE 3.58 (34) 18.34 (50) 18.34 (50) -6.38 (45) 0.02 (45) 18.34 (50)

Difference -4.43 -3.84 -3.84 N/A N/A -3.84

IM U.S. Open End Private Real Estate (SA+CF) 3.39 18.32 18.32 -8.53 -1.10 18.32

Intercontinental Real Estate 3.17 (59) 16.72 (77) 16.72 (77) N/A N/A 16.72 (77) 10/01/2010

NCREIF ODCE 3.58 (34) 18.34 (50) 18.34 (50) -6.38 (45) 0.02 (45) 18.34 (50)

Difference -0.41 -1.62 -1.62 N/A N/A -1.62

IM U.S. Open End Private Real Estate (SA+CF) 3.39 18.32 18.32 -8.53 -1.10 18.32


Page 24

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total Fund (Net) 1.46 9.66 -1.14 -14.56 16.20 9.45

Total Fund Policy 1.51 9.43 1.78 -12.68 12.92 8.49

Difference -0.05 0.23 -2.92 -1.88 3.28 0.96

Total Fund (Gross) 1.99 (19) 10.19 (46) -1.05 (74) -14.43 (62) 16.20 (18) 9.45 (34)

Total Fund Policy 1.51 (25) 9.43 (67) 1.78 (44) -12.68 (39) 12.92 (76) 8.49 (53)

Difference 0.48 0.76 -2.83 -1.75 3.28 0.96

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

Total Equity 0.60 11.73 -10.32 N/A N/A N/A

Total Equity Policy -2.27 10.07 -4.77 -22.82 17.84 11.62

Difference 2.87 1.66 -5.55 N/A N/A N/A

Total Fixed Income 2.59 7.74 9.69 5.51 5.50 3.78

Total Fixed Income Policy 4.22 7.52 9.25 4.33 5.47 3.58

Difference -1.63 0.22 0.44 1.18 0.03 0.20

Total Real Estate 15.54 N/A N/A N/A N/A N/A

NCREIF ODCE 18.34 6.97 -35.19 3.19 18.21 17.46

Difference -2.80 N/A N/A N/A N/A N/A


Comparative Performance Fiscal Year Returns


None


Page 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

Total Domestic Equity 1.58 11.75 -11.81 -22.43 19.41 10.83

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

Difference 1.03 0.79 -5.39 -0.91 2.89 0.61

Cornerstone Large Cap Value 1.82 (18) 7.17 (73) N/A N/A N/A N/A

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

Difference 3.71 -1.73 N/A N/A N/A N/A

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

Westwood All Cap Value -1.17 (43) 9.59 (68) N/A N/A N/A N/A

Russell 3000 Value Index -2.22 (62) 9.15 (70) -10.79 (94) -22.70 (78) 13.73 (76) 14.55 (18)

Difference 1.05 0.44 N/A N/A N/A N/A

IM U.S. All Cap Value Equity (SA+CF) -1.44 10.74 -3.68 -19.98 16.80 10.47

Bowen Hanes Large Cap Core -3.51 (89) 13.42 (11) -6.03 (52) N/A N/A N/A

Russell 3000 Policy 0.55 (56) 11.11 (30) -6.91 (62) N/A N/A N/A

Difference -4.06 2.31 0.88 N/A N/A N/A

IM U.S. Large Cap Core Equity (SA+CF) 0.96 9.51 -5.88 -20.48 16.98 10.76

Sawgrass Large Cap Growth 5.95 (13) 14.36 (22) -12.03 (95) N/A N/A N/A

Russell 1000 Growth Index 3.78 (25) 12.65 (35) -1.85 (37) -20.88 (52) 19.35 (57) 6.04 (57)

Difference 2.17 1.71 -10.18 N/A N/A N/A

IM U.S. Large Cap Growth Equity (SA+CF) 1.03 11.25 -3.03 -20.55 20.19 6.77


Page 26




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total International Equity -2.55 9.62 -3.39 -26.08 27.63 20.05

Total International Equity Policy -10.42 6.37 3.80 -30.13 25.38 19.65

Difference 7.87 3.25 -7.19 4.05 2.25 0.40

Baring International -6.58 (24) 9.62 (48) N/A N/A N/A N/A

MSCI AC World ex USA -10.42 (70) 8.00 (56) 6.43 (33) -29.97 (54) 31.06 (47) 19.36 (42)

Difference 3.84 1.62 N/A N/A N/A N/A

IM International Large Cap Growth Equity (SA+CF) -9.00 9.26 3.24 -29.35 30.50 18.65

IVA International (IVIQX) N/A N/A N/A N/A N/A N/A

MSCI AC World ex USA -10.42 (46) 8.00 (16) 6.43 (30) -29.97 (25) 31.06 (2) 19.36 (35)

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

IM International Multi-Cap Value Equity (MF) -10.77 2.95 3.07 -32.49 22.50 18.34

Total Domestic Fixed Income 4.27 7.74 9.18 5.08 5.50 3.78

Fixed Income Policy 4.22 7.52 9.25 4.33 5.47 3.58

Difference 0.05 0.22 -0.07 0.75 0.03 0.20

Galliard Fixed Income 4.13 (28) 7.79 (70) 9.54 (83) N/A N/A N/A

Barclays Capital Intermediate Aggregate 4.22 (20) 7.52 (79) 9.69 (82) 4.16 (34) 5.33 (69) 3.84 (59)

Difference -0.09 0.27 -0.15 N/A N/A N/A

IM U.S. Intermediate Duration (SA+CF) 3.59 8.27 11.53 3.21 5.49 3.91

Galliard TIPS 6.78 (94) 6.87 (96) 3.86 (90) N/A N/A N/A

Barclays Capital U.S. Treasury: U.S. TIPS 9.87 (36) 8.89 (78) 5.67 (66) 6.20 (63) 4.97 (65) 1.91 (85)

Difference -3.09 -2.02 -1.81 N/A N/A N/A

IM U.S. TIPS (SA+CF) 9.78 9.35 6.18 6.35 5.11 2.14


Page 27




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total Global Fixed Income N/A N/A N/A N/A N/A N/A

Barclays Capital Global Aggregate 4.00 6.06 13.51 2.80 8.20 3.22


Templeton Global Return (TTRZX) N/A N/A N/A N/A N/A N/A

Barclays Capital Global Aggregate 4.00 (11) 6.06 (88) 13.51 (48) 2.80 (19) 8.20 (45) 3.22 (28)


IM Global Fixed Income (MF) 1.44 8.00 13.40 -1.41 7.59 2.53

Total Real Estate 15.54 N/A N/A N/A N/A N/A

NCREIF ODCE 18.34 6.97 -35.19 3.19 18.21 17.46


American Realty 14.50 (93) N/A N/A N/A N/A N/A

NCREIF ODCE 18.34 (50) 6.97 (47) -35.19 (53) 3.19 (52) 18.21 (56) 17.46 (55)


IM U.S. Open End Private Real Estate (SA+CF) 18.32 6.60 -33.44 3.47 18.53 18.08

Intercontinental Real Estate 16.72 (77) N/A N/A N/A N/A N/A

NCREIF ODCE 18.34 (50) 6.97 (47) -35.19 (53) 3.19 (52) 18.21 (56) 17.46 (55)


IM U.S. Open End Private Real Estate (SA+CF) 18.32 6.60 -33.44 3.47 18.53 18.08


Page 28

Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund

Comparative Performance

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Fund (Gross) 1.99 (19) 10.19 (46) -1.05 (74) -14.43 (62) 16.20 (18)

Å Total Fund Policy 1.51 (25) 9.43 (67) 1.78 (44) -12.68 (39) 12.92 (76)

Median 0.34 9.99 1.29 -13.67 14.39

-20.00

-18.00

-16.00

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Fund (Gross) -8.59 (22) 1.99 (19) 1.99 (19) 6.01 (24) 3.60 (59) -1.23 (66) 2.03 (51)

Å Total Fund Policy -9.04 (30) 1.51 (25) 1.51 (25) 5.40 (40) 4.18 (40) -0.32 (35) 2.20 (42)

Median -10.23 0.34 0.34 5.04 3.87 -0.78 2.03

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Fund (Gross) 2.10 (4) 4.02 (53) 5.05 (87) 8.09 (73) -5.44 (36) 3.45 (75)

Total Fund Policy 1.16 (43) 3.83 (63) 6.25 (49) 8.59 (55) -5.82 (50) 3.66 (63)

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

Lakeland Police Officers' Retirement SystemTotal Fund (Gross)September 30, 2011

Page 29

Peer Group Scattergram - 3 Years

3 Yr Rolling Under/Over Performance - 5 Years


3 Yr Rolling Percentile Ranking - 5 Years

Historical Statsistics - 3 Years


0.0

25.0

50.0

75.0

100.0

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) 19 0 (0%) 6 (32%) 10 (53%) 3 (16%)

Å Total Fund Policy 20 0 (0%) 9 (45%) 11 (55%) 0 (0%)Over Performance Under Performance Dec-2006 Sep-2011

-10.0

-5.0

0.0

5.0

10.0

15.0

To

tal

Fu

nd

(G

ross

) (%

)

-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) 3.60 12.37

Å Total Fund Policy 4.18 13.77

¾ Median 3.87 13.44

2.00

2.08

2.16

2.24

Ret

urn

(%

)

12.0 12.2 12.4 12.6 12.8 13.0 13.2 13.4



¢ Total Fund (Gross) 2.0 12.3

Å Total Fund Policy 2.2 12.9

¾ Median 2.0 13.2

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fund (Gross) 2.61 87.88 88.60 -0.15 -0.28 0.33 0.89 9.35

Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.35 1.00 10.0190 Day U.S. Treasury Bill 13.81 0.41 -0.71 0.22 -0.35 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fund (Gross) 2.73 97.18 98.77 -0.02 -0.09 0.09 0.93 8.83

Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.10 1.00 8.7490 Day U.S. Treasury Bill 12.95 8.68 -6.74 1.72 -0.10 N/A 0.00 0.00

Lakeland Police Officers' Retirement SystemTotal Fund (Gross)September 30, 2011

Page 30

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


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Domestic Equity 1.58 (31) 11.75 (40) -11.81 (93) -22.43 (68) 19.41 (50)

Å Total Domestic Equity Policy 0.55 (47) 10.96 (50) -6.42 (65) -21.52 (61) 16.52 (69)

Median -0.30 10.96 -3.89 -20.87 19.12

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Domestic Equity -14.12 (21) 1.58 (31) 1.58 (31) 6.54 (34) 0.04 (80) -6.12 (83) -1.50 (80)

Å Total Domestic Equity Policy -15.28 (36) 0.55 (47) 0.55 (47) 5.63 (46) 1.45 (66) -4.86 (65) -0.92 (71)

Median -16.24 -0.30 -0.30 5.27 2.32 -3.99 0.69

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Domestic Equity 1.87 (15) 6.32 (62) 9.22 (89) 11.03 (59) -10.27 (36) 5.55 (65)

Total Domestic Equity Policy -0.03 (53) 6.38 (57) 11.59 (55) 11.53 (45) -11.32 (59) 5.94 (51)

IM U.S. All Cap Equity (SA+CF) 0.00 6.85 11.92 11.37 -11.18 5.96

Lakeland Police Officers' Retirement SystemTotal Domestic Equity

September 30, 2011

Page 31





Historical Statistics - 3 Years


0.0

25.0

50.0

75.0

100.0

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 Domestic Equity 19 0 (0%) 0 (0%) 8 (42%) 11 (58%)

Å Total Domestic Equity Policy 19 0 (0%) 0 (0%) 16 (84%) 3 (16%)Over Performance Under Performance Dec-2006 Sep-2011

-20.0

-10.0

0.0

10.0

20.0

To

tal

Do

me

stic

Eq

uit

y (%

)

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

Total Domestic Equity Policy (%)

Over

Performance

Under

Performance

-6.00

0.00

6.00

12.00

Ret

urn

(%

)

12.00 15.00 18.00 21.00 24.00 27.00 30.00 33.00 36.00



¢ Total Domestic Equity 0.04 23.88

Å Total Domestic Equity Policy 1.45 25.22

¾ Median 2.32 25.77

-5.00

0.00

5.00

Ret

urn

(%

)

12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00



¢ Total Domestic Equity -1.50 20.14

Å Total Domestic Equity Policy -0.92 20.93

¾ Median 0.69 22.22

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Equity 3.30 88.49 92.47 -1.37 -0.49 0.10 0.94 16.18

Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.17 1.00 16.3390 Day U.S. Treasury Bill 21.87 0.27 -0.41 0.22 -0.17 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Equity 6.95 81.22 83.10 -0.57 -0.09 -0.08 0.91 14.53

Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A -0.04 1.00 14.4490 Day U.S. Treasury Bill 18.92 3.60 -2.91 1.72 0.04 N/A 0.00 0.01

Lakeland Police Officers' Retirement SystemTotal Domestic Equity

September 30, 2011

Page 32

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


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Cornerstone Large Cap Value 1.82 (18) 7.17 (73) N/A N/A N/A

Å Russell 1000 Value Index -1.89 (57) 8.90 (54) -10.62 (83) -23.56 (71) 14.45 (69)

Median -1.50 9.12 -5.87 -20.90 16.35

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-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

¢ Cornerstone Large Cap Value -11.00 (9) 1.82 (18) 1.82 (18) 4.46 (40) N/A N/A N/A

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

Cornerstone Large Cap Value 0.75 (26) 4.31 (89) 8.85 (83) 10.85 (47) -10.93 (35) 5.42 (65)

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 Police Officers' Retirement SystemCornerstone Large Cap Value

September 30, 2011

Page 33

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


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Westwood All Cap Value -1.17 (43) 9.59 (68) N/A N/A N/A

Å Russell 3000 Value Index -2.22 (62) 9.15 (70) -10.79 (94) -22.70 (78) 13.73 (76)

Median -1.44 10.74 -3.68 -19.98 16.80

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Westwood All Cap Value -19.13 (80) -1.17 (43) -1.17 (43) 4.07 (57) N/A N/A N/A

Å Russell 3000 Value Index -16.63 (47) -2.22 (62) -2.22 (62) 3.31 (65) -1.62 (94) -7.38 (90) -3.50 (94)

Median -16.98 -1.44 -1.44 4.36 1.58 -3.99 -0.20

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Westwood All Cap Value 0.24 (31) 8.26 (21) 12.62 (33) 13.12 (14) -12.19 (82) 5.69 (73)

Russell 3000 Value Index -0.68 (65) 6.47 (48) 10.92 (59) 10.10 (69) -11.09 (61) 7.05 (43)

IM U.S. All Cap Value Equity (SA+CF) -0.18 6.37 11.40 10.83 -10.60 6.52

Lakeland Police Officers' Retirement SystemWestwood All Cap Value

September 30, 2011

Page 34

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


-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Bowen Hanes Large Cap Core -3.51 (89) 13.42 (11) -6.03 (52) N/A N/A

Å Russell 3000 Policy 0.55 (56) 11.11 (30) -6.91 (62) N/A N/A

Median 0.96 9.51 -5.88 -20.48 16.98

-24.00

-22.00

-20.00

-18.00

-16.00

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Bowen Hanes Large Cap Core -17.96 (89) -3.51 (89) -3.51 (89) 4.61 (58) 0.94 (63) N/A N/A

Å Russell 3000 Policy -15.28 (59) 0.55 (56) 0.55 (56) 5.70 (37) 1.32 (56) N/A N/A

Median -14.94 0.96 0.96 5.01 1.51 -4.31 -0.52

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Bowen Hanes Large Cap Core -0.35 (75) 7.04 (34) 10.28 (70) 11.45 (36) -11.18 (40) 6.57 (13)

Russell 3000 Policy -0.03 (65) 6.38 (47) 11.59 (29) 11.53 (34) -11.32 (46) 5.94 (25)

IM U.S. Large Cap Core Equity (SA+CF) 0.47 6.30 10.89 11.03 -11.45 5.25

Lakeland Police Officers' Retirement SystemBowen Hanes Large Cap Core

September 30, 2011

Page 35







0.0

25.0

50.0

75.0

100.0

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

¢ Bowen Hanes Large Cap Core 3 0 (0%) 1 (33%) 2 (67%) 0 (0%)

Å Russell 3000 Policy 3 0 (0%) 1 (33%) 2 (67%) 0 (0%)Under Performance Dec-2006 Sep-2011

1.0

2.0

3.0

4.0

Bo

wen

Ha

nes

La

rge

Ca

p C

ore

(%

)

0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

Russell 3000 Policy (%)

Over

Performance

Under

Performance

-5.00

0.00

5.00

Ret

urn

(%

)

8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00



¢ Bowen Hanes Large Cap Core 0.94 26.95

Å Russell 3000 Policy 1.32 24.67

¾ Median 1.51 23.91

-6.00

-3.00

0.00

3.00

Ret

urn

(%

)

6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00



¢ Bowen Hanes Large Cap Core N/A N/A

Å Russell 3000 Policy N/A N/A

¾ Median -0.52 20.19

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Bowen Hanes Large Cap Core 6.07 103.03 103.83 -0.15 -0.02 0.15 1.01 16.94

Russell 3000 Policy 0.00 100.00 100.00 0.00 N/A 0.16 1.00 15.9090 Day U.S. Treasury Bill 21.34 0.28 -0.42 0.22 -0.16 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Bowen Hanes Large Cap Core N/A N/A N/A N/A N/A N/A N/A N/A

Russell 3000 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 Police Officers' Retirement SystemBowen Hanes Large Cap Core

September 30, 2011

Page 36

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


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Sawgrass Large Cap Growth 5.95 (13) 14.36 (22) -12.03 (95) N/A N/A

Å Russell 1000 Growth Index 3.78 (25) 12.65 (35) -1.85 (37) -20.88 (52) 19.35 (57)

Median 1.03 11.25 -3.03 -20.55 20.19

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Sawgrass Large Cap Growth -10.81 (10) 5.95 (13) 5.95 (13) 10.07 (12) 2.15 (60) N/A N/A

Å Russell 1000 Growth Index -13.14 (26) 3.78 (25) 3.78 (25) 8.12 (24) 4.69 (26) -2.39 (32) 1.62 (39)

Median -14.62 1.03 1.03 5.95 2.96 -3.33 0.95

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Sawgrass Large Cap Growth 4.65 (2) 5.95 (48) 7.13 (97) 9.91 (90) -8.46 (8) 4.96 (45)

Russell 1000 Growth Index 0.76 (46) 6.03 (46) 11.83 (49) 13.00 (38) -11.75 (53) 4.65 (52)

IM U.S. Large Cap Growth Equity (SA+CF) 0.59 5.83 11.77 12.27 -11.63 4.71

Lakeland Police Officers' Retirement SystemSawgrass Large Cap Growth

September 30, 2011

Page 37







0.0

25.0

50.0

75.0

100.0

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

¢ Sawgrass Large Cap Growth 3 0 (0%) 0 (0%) 2 (67%) 1 (33%)

Å Russell 1000 Growth Index 20 0 (0%) 8 (40%) 11 (55%) 1 (5%)Under Performance Dec-2006 Sep-2011

2.0

3.0

4.0

5.0

Saw

gra

ss L

arg

e C

ap

Gro

wth

(%

)

1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0

Russell 1000 Growth Index (%)

Over

Performance

Under

Performance

-5.00

0.00

5.00

10.00

Ret

urn

(%

)

10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00



¢ Sawgrass Large Cap Growth 2.15 20.17

Å Russell 1000 Growth Index 4.69 23.78

¾ Median 2.96 24.10

-4.00

0.00

4.00

Ret

urn

(%

)

8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00



¢ Sawgrass Large Cap Growth N/A N/A

Å Russell 1000 Growth Index 1.62 20.40

¾ Median 0.95 21.02

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Sawgrass Large Cap Growth 6.49 70.15 74.80 -1.68 -0.50 0.20 0.77 12.54

Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.32 1.00 14.9590 Day U.S. Treasury Bill 20.65 0.27 -0.46 0.22 -0.32 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Sawgrass Large Cap Growth N/A N/A N/A N/A N/A N/A N/A N/A

Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.09 1.00 13.7690 Day U.S. Treasury Bill 18.46 3.56 -3.17 1.73 -0.09 N/A 0.00 0.01

Lakeland Police Officers' Retirement SystemSawgrass Large Cap Growth

September 30, 2011

Page 38

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


-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total International Equity -2.55 (6) 9.62 (45) -3.39 (87) -26.08 (15) 27.63 (52)

Å Total International Equity Policy -10.42 (42) 6.37 (60) 3.80 (54) -30.13 (42) 25.38 (63)

Median -11.35 8.44 4.58 -31.06 27.87

-31.00

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00R

etu

rn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total International Equity -12.31 (4) -2.55 (6) -2.55 (6) 3.35 (13) 1.06 (45) -6.54 (29) -0.53 (38)

Å Total International Equity Policy -19.78 (36) -10.42 (42) -10.42 (42) -2.39 (57) -0.37 (57) -8.82 (55) -2.83 (60)

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

Total International Equity 2.31 (23) 3.08 (43) 5.37 (86) 14.06 (87) -8.90 (23) 0.28 (85)

Total International Equity Policy 0.61 (61) 3.49 (32) 7.25 (55) 16.66 (63) -12.26 (55) 1.66 (52)

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

Lakeland Police Officers' Retirement SystemTotal International Equity

September 30, 2011

Page 39







0.0

25.0

50.0

75.0

100.0

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 International Equity 19 0 (0%) 12 (63%) 7 (37%) 0 (0%)

Å Total International Equity Policy 20 0 (0%) 1 (5%) 19 (95%) 0 (0%)Over Performance Under Performance Dec-2006 Sep-2011

-20.0

-10.0

0.0

10.0

20.0

30.0

To

tal

Int

ern

atio

na

l E

qu

ity

(%)

-20.0 -10.0 0.0 10.0 20.0 30.0

Total 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



¢ Total International Equity 1.06 25.14

Å Total International Equity Policy -0.37 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



¢ Total International Equity -0.53 22.41

Å Total International Equity Policy -2.83 25.33

¾ Median -1.91 26.48

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total International Equity 6.31 93.00 88.78 1.39 0.18 0.16 0.92 17.82

Total International Equity Policy 0.00 100.00 100.00 0.00 N/A 0.10 1.00 18.2890 Day U.S. Treasury Bill 24.93 0.21 -0.41 0.21 -0.10 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total International Equity 8.01 90.49 83.26 2.11 0.27 0.00 0.89 15.90

Total International Equity Policy 0.00 100.00 100.00 0.00 N/A -0.09 1.00 16.7990 Day U.S. Treasury Bill 22.01 3.47 -2.44 1.71 0.09 N/A 0.00 0.01

Lakeland Police Officers' Retirement SystemTotal International Equity

September 30, 2011

Page 40

Peer Group Analysis - IM International Large Cap Growth Equity (SA+CF)


-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Baring International -6.58 (24) 9.62 (48) N/A N/A N/A

Å MSCI AC World ex USA -10.42 (70) 8.00 (56) 6.43 (33) -29.97 (54) 31.06 (47)

Median -9.00 9.26 3.24 -29.35 30.50

-28.00

-26.00

-24.00

-22.00

-20.00

-18.00

-16.00

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Baring International -15.19 (7) -6.58 (24) -6.58 (24) 1.20 (31) N/A N/A N/A

Å MSCI AC World ex USA -19.78 (43) -10.42 (70) -10.42 (70) -1.64 (67) 0.98 (52) -7.85 (52) -1.12 (52)

Median -20.11 -9.00 -9.00 -0.05 1.10 -7.76 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Baring International 1.98 (48) 2.81 (59) 5.06 (92) 14.06 (89) -8.90 (17) 0.28 (82)

MSCI AC World ex USA 0.61 (82) 3.49 (41) 7.25 (63) 16.66 (45) -12.26 (66) 1.66 (49)

IM International Large Cap Growth Equity (SA+CF) 1.93 3.04 7.74 16.39 -11.77 1.55

Lakeland Police Officers' Retirement SystemBaring InternationalSeptember 30, 2011

Page 41

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


-50.00

-45.00

-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ IVA International (IVIQX) N/A N/A N/A N/A N/A

Å MSCI AC World ex USA -10.42 (46) 8.00 (16) 6.43 (30) -29.97 (25) 31.06 (2)

Median -10.77 2.95 3.07 -32.49 22.50

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ IVA International (IVIQX) -8.93 (1) N/A N/A N/A N/A N/A N/A

Å MSCI AC World ex USA -19.78 (28) -10.42 (46) -10.42 (46) -1.64 (16) 0.98 (18) -7.85 (10) -1.12 (6)

Median -20.99 -10.77 -10.77 -4.02 -2.21 -10.88 -5.02

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

IVA International (IVIQX) 2.70 (4) 3.41 (56) N/A N/A N/A N/A

MSCI AC World ex USA 0.61 (68) 3.49 (53) 7.25 (48) 16.66 (53) -12.26 (20) 1.66 (56)

IM International Multi-Cap Value Equity (MF) 1.61 3.58 6.93 16.73 -14.41 1.87

Lakeland Police Officers' Retirement SystemIVA International (IVIQX)

September 30, 2011

Page 42

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


-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Fixed Income 2.59 (75) 7.74 (90) 9.69 (78) 5.51 (3) 5.50 (23)

Å Total Fixed Income Policy 4.22 (50) 7.52 (91) 9.25 (81) 4.33 (7) 5.47 (24)

Median 4.19 10.05 12.51 -1.49 4.92

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Fixed Income 0.54 (69) 2.59 (75) 2.59 (75) 5.13 (92) 6.63 (90) 6.35 (56) 6.18 (53)

Å Total Fixed Income Policy 2.30 (42) 4.22 (50) 4.22 (50) 5.86 (84) 6.98 (88) 6.31 (57) 6.14 (55)

Median 1.93 4.19 4.19 7.06 8.91 6.61 6.30

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Fixed Income 2.25 (22) 0.74 (68) -0.94 (59) 2.31 (91) 2.81 (52) 1.25 (97)

Total Fixed Income Policy 2.17 (30) 0.48 (81) -0.75 (50) 2.07 (96) 2.92 (48) 1.81 (84)

IM U.S. Broad Market Fixed Income (SA+CF+MF) 1.94 1.00 -0.78 3.25 2.86 2.48

Lakeland Police Officers' Retirement SystemTotal Fixed IncomeSeptember 30, 2011

Page 43







0.0

25.0

50.0

75.0

100.0

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 Income 19 8 (42%) 5 (26%) 5 (26%) 1 (5%)

Å Total Fixed Income Policy 19 6 (32%) 5 (26%) 4 (21%) 4 (21%)Over Performance Dec-2006 Sep-2011

2.0

4.0

6.0

8.0

To

tal

Fix

ed I

nco

me

(%)

1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5

Total Fixed Income Policy (%)

Over

Performance

Under

Performance

-24.00

-12.00

0.00

12.00

Ret

urn

(%

)

-2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00



¢ Total Fixed Income 6.63 2.15

Å Total Fixed Income Policy 6.98 2.20

¾ Median 8.91 4.58

0.00

3.00

6.00

9.00

Ret

urn

(%

)

0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00



¢ Total Fixed Income 6.18 2.44

Å Total Fixed Income Policy 6.14 2.58

¾ Median 6.30 4.72

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fixed Income 1.68 93.67 89.40 1.57 -0.21 2.17 0.72 1.55

Total Fixed Income Policy 0.00 100.00 100.00 0.00 N/A 1.88 1.00 1.8490 Day U.S. Treasury Bill 3.52 1.55 -3.59 0.27 -1.88 N/A -0.01 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fixed Income 2.76 90.32 58.03 2.50 0.01 1.38 0.59 1.27

Total Fixed Income Policy 0.00 100.00 100.00 0.00 N/A 1.32 1.00 1.6190 Day U.S. Treasury Bill 3.29 16.53 -20.55 1.70 -1.32 N/A 0.00 0.01

Lakeland Police Officers' Retirement SystemTotal Fixed IncomeSeptember 30, 2011

Page 44

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


-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

Ret

urn

2010 2009 2008 2007 2006

¢ Total Domestic Fixed Income 5.49 (94) 8.65 (79) 3.71 (22) 7.29 (13) 4.53 (46)

Å Fixed Income Policy 6.15 (88) 6.94 (87) 4.18 (20) 7.37 (12) 4.10 (67)

Median 7.97 13.73 -3.86 5.68 4.44

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Domestic Fixed Income 2.14 (46) 4.27 (49) 4.27 (49) 5.99 (82) 7.04 (88) 6.55 (52) 6.34 (49)

Å Fixed Income Policy 2.30 (42) 4.22 (50) 4.22 (50) 5.86 (84) 6.98 (88) 6.31 (57) 6.14 (55)

Median 1.93 4.19 4.19 7.06 8.91 6.61 6.30

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Domestic Fixed Income 2.31 (16) 0.73 (69) -0.95 (59) 2.31 (91) 2.81 (52) 1.25 (97)

Total Fixed Income Policy 2.17 (30) 0.48 (81) -0.75 (50) 2.07 (96) 2.92 (48) 1.81 (84)

IM U.S. Broad Market Fixed Income (SA+CF+MF) 1.94 1.00 -0.78 3.25 2.86 2.48

Lakeland Police Officers' Retirement SystemTotal Domestic Fixed Income

September 30, 2011

Page 45







0.0

25.0

50.0

75.0

100.0

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 Domestic Fixed Income 19 6 (32%) 6 (32%) 6 (32%) 1 (5%)

Å Fixed Income Policy 19 6 (32%) 5 (26%) 4 (21%) 4 (21%)Over Performance Under Performance Dec-2006 Sep-2011

2.0

4.0

6.0

8.0

To

tal

Do

mes

tic

Fix

ed I

nco

me

(%)

1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5

Total Fixed Income Policy (%)

Over

Performance

Under

Performance

-24.00

-12.00

0.00

12.00

Ret

urn

(%

)

-2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00



¢ Total Domestic Fixed Income 7.04 2.05

Å Fixed Income Policy 6.98 2.20

¾ Median 8.91 4.58

0.00

3.00

6.00

9.00

Ret

urn

(%

)

0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00



¢ Total Domestic Fixed Income 6.34 2.36

Å Fixed Income Policy 6.14 2.58

¾ Median 6.30 4.72

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Fixed Income 1.48 93.02 67.51 2.06 0.02 2.45 0.71 1.40

Total Fixed Income Policy 0.00 100.00 100.00 0.00 N/A 1.88 1.00 1.8490 Day U.S. Treasury Bill 3.52 1.55 -3.59 0.27 -1.88 N/A -0.01 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Fixed Income 2.69 89.88 48.35 2.68 0.07 1.45 0.59 1.18

Total Fixed Income Policy 0.00 100.00 100.00 0.00 N/A 1.32 1.00 1.6190 Day U.S. Treasury Bill 3.29 16.53 -20.55 1.70 -1.32 N/A 0.00 0.01

Lakeland Police Officers' Retirement SystemTotal Domestic Fixed Income

September 30, 2011

Page 46

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


-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Galliard Fixed Income 4.13 (28) 7.79 (70) 9.54 (83) N/A N/A

Å Barclays Capital Intermediate Aggregate 4.22 (20) 7.52 (79) 9.69 (82) 4.16 (34) 5.33 (69)

Median 3.59 8.27 11.53 3.21 5.49

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00R

etu

rn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Galliard Fixed Income 2.18 (37) 4.13 (28) 4.13 (28) 5.94 (49) 7.13 (78) N/A N/A

Å Barclays Capital Intermediate Aggregate 2.30 (33) 4.22 (20) 4.22 (20) 5.86 (56) 7.12 (79) 6.37 (61) 6.16 (63)

Median 2.01 3.59 3.59 5.93 7.84 6.61 6.40

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Galliard Fixed Income 2.28 (6) 0.63 (46) -1.00 (42) 2.34 (80) 2.84 (52) 1.29 (95)

Barclays Capital Intermediate Aggregate 2.17 (17) 0.48 (69) -0.75 (28) 2.07 (90) 2.92 (45) 1.81 (57)

IM U.S. Intermediate Duration (SA+CF) 2.00 0.60 -1.09 2.78 2.85 1.85

Lakeland Police Officers' Retirement SystemGalliard Fixed Income

September 30, 2011

Page 47







0.0

25.0

50.0

75.0

100.0

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

¢ Galliard Fixed Income 3 0 (0%) 0 (0%) 2 (67%) 1 (33%)

Å Barclays Capital Intermediate Aggregate 20 0 (0%) 7 (35%) 12 (60%) 1 (5%)Over Performance Dec-2006 Sep-2011

5.0

6.0

7.0

Ga

llia

rd F

ixed

In

com

e (%

)

4.5 5.0 5.5 6.0 6.5 7.0 7.5

Barclays Capital Intermediate Aggregate (%)

Over

Performance

Under

Performance

3.00

6.00

9.00

Ret

urn

(%

)

1.20 1.60 2.00 2.40 2.80 3.20 3.60 4.00 4.40 4.80 5.20 5.60 6.00



¢ Galliard Fixed Income 7.13 2.09

Å Barclays Capital Intermediate Aggregate 7.12 2.42

¾ Median 7.84 3.32

2.80

4.20

5.60

7.00

Ret

urn

(%

)

1.80 2.10 2.40 2.70 3.00 3.30 3.60 3.90 4.20 4.50 4.80 5.10 5.40



¢ Galliard Fixed Income N/A N/A

Å Barclays Capital Intermediate Aggregate 6.16 2.63

¾ Median 6.40 3.44

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Galliard Fixed Income 1.35 90.08 50.63 1.75 -0.01 2.56 0.75 1.26

Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 2.12 1.00 1.4590 Day U.S. Treasury Bill 3.18 1.62 -3.96 0.25 -2.12 N/A -0.01 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Galliard Fixed Income N/A N/A N/A N/A N/A N/A N/A N/A

Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 1.46 1.00 1.2890 Day U.S. Treasury Bill 2.98 16.81 -24.63 1.71 -1.46 N/A 0.00 0.01

Lakeland Police Officers' Retirement SystemGalliard Fixed Income

September 30, 2011

Page 48

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


2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Galliard TIPS 6.78 (94) 6.87 (96) 3.86 (90) N/A N/A

Å Barclays Capital U.S. TIPS 9.87 (36) 8.89 (78) 5.67 (66) 6.20 (63) 4.97 (65)

Median 9.78 9.35 6.18 6.35 5.11

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Galliard TIPS 1.46 (94) 6.78 (94) 6.78 (94) 6.82 (95) 5.83 (96) N/A N/A

Å Barclays Capital U.S. TIPS 4.51 (65) 9.87 (36) 9.87 (36) 9.38 (63) 8.13 (67) 7.64 (72) 7.10 (68)

Median 4.73 9.78 9.78 9.56 8.42 7.80 7.24

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Galliard TIPS 2.80 (94) 2.39 (3) -0.01 (15) 1.76 (98) 2.24 (94) 0.53 (85)

Barclays Capital U.S. TIPS 3.66 (31) 2.08 (56) -0.65 (37) 2.48 (72) 3.82 (61) 0.56 (73)

IM U.S. TIPS (SA+CF) 3.58 2.11 -0.72 2.67 3.89 0.71

Lakeland Police Officers' Retirement SystemGalliard TIPS

September 30, 2011

Page 49







0.0

25.0

50.0

75.0

100.0

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

¢ Galliard TIPS 3 0 (0%) 0 (0%) 0 (0%) 3 (100%)

Å Barclays Capital U.S. TIPS 20 0 (0%) 0 (0%) 14 (70%) 6 (30%)Under Performance Dec-2006 Sep-2011

4.0

6.0

8.0

Ga

llia

rd T

IP

S (%

)

2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5

Barclays Capital U.S. TIPS (%)

Over

Performance

Under

Performance

6.00

8.00

10.00

Ret

urn

(%

)

2.80 3.00 3.20 3.40 3.60 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40



¢ Galliard TIPS 5.83 4.32

Å Barclays Capital U.S. TIPS 8.13 4.73

¾ Median 8.42 4.25

5.00

6.00

7.00

8.00

Ret

urn

(%

)

3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 5.80



¢ Galliard TIPS N/A N/A

Å Barclays Capital U.S. TIPS 7.10 5.40

¾ Median 7.24 5.25

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Galliard TIPS 3.19 67.87 63.20 0.23 -0.73 0.94 0.69 4.14

Barclays Capital U.S. TIPS 0.00 100.00 100.00 0.00 N/A 0.96 1.00 5.6190 Day U.S. Treasury Bill 8.31 0.88 -1.24 0.27 -0.96 N/A -0.01 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Galliard TIPS N/A N/A N/A N/A N/A N/A N/A N/A

Barclays Capital U.S. TIPS 0.00 100.00 100.00 0.00 N/A 0.73 1.00 4.9290 Day U.S. Treasury Bill 7.50 8.49 -9.75 1.74 -0.73 N/A 0.00 0.01

Lakeland Police Officers' Retirement SystemGalliard TIPS

September 30, 2011

Page 50

Peer Group Analysis - IM Global Fixed Income (MF)


-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

Ret

urn

2010 2009 2008 2007 2006

¢ Total Global Fixed Income N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 5.54 (67) 6.93 (85) 4.79 (14) 9.48 (18) 6.64 (37)

Median 6.39 12.17 -2.75 7.72 5.66

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00R

etu

rn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Global Fixed Income -7.86 (98) N/A N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 0.97 (32) 4.00 (11) 4.00 (11) 5.02 (47) 7.78 (42) 6.51 (28) 6.85 (25)

Median -1.44 1.44 1.44 4.79 7.38 5.26 5.78

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Global Fixed Income 2.31 (49) N/A N/A N/A N/A N/A

Barclays Capital Global Aggregate 3.10 (16) 1.24 (66) -1.33 (56) 7.30 (56) -0.04 (54) -0.27 (94)

IM Global Fixed Income (MF) 2.28 1.56 -1.10 7.43 0.41 1.33

Lakeland Police Officers' Retirement SystemTotal Global Fixed Income

September 30, 2011

Page 51

Peer Group Analysis - IM Global Fixed Income (MF)


-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

Ret

urn

2010 2009 2008 2007 2006

¢ Templeton Global Return (TTRZX) N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 5.54 (67) 6.93 (85) 4.79 (14) 9.48 (18) 6.64 (37)

Median 6.39 12.17 -2.75 7.72 5.66

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00R

etu

rn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Templeton Global Return (TTRZX) -7.86 (98) N/A N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 0.97 (32) 4.00 (11) 4.00 (11) 5.02 (47) 7.78 (42) 6.51 (28) 6.85 (25)

Median -1.44 1.44 1.44 4.79 7.38 5.26 5.78

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Templeton Global Return (TTRZX) 2.31 (49) N/A N/A N/A N/A N/A

Barclays Capital Global Aggregate 3.10 (16) 1.24 (66) -1.33 (56) 7.30 (56) -0.04 (54) -0.27 (94)

IM Global Fixed Income (MF) 2.28 1.56 -1.10 7.43 0.41 1.33

Lakeland Police Officers' Retirement SystemTempleton Global Return (TTRZX)

September 30, 2011

Page 52

Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)


-70.00

-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Real Estate 15.54 (91) N/A N/A N/A N/A

Å NCREIF ODCE 18.34 (50) 6.97 (47) -35.19 (53) 3.19 (52) 18.21 (56)

Median 18.32 6.60 -33.44 3.47 18.53

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Real Estate 1.95 (100) 15.54 (91) 15.54 (91) N/A N/A N/A N/A

Å NCREIF ODCE 3.58 (30) 18.34 (50) 18.34 (50) 12.51 (37) -6.38 (47) -4.08 (47) 0.02 (47)

Median 3.39 18.32 18.32 11.73 -8.53 -5.13 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Real Estate 3.18 (88) 5.00 (39) 4.60 (45) N/A N/A N/A

NCREIF ODCE 4.62 (53) 4.01 (69) 4.99 (31) 5.45 (53) 4.32 (30) 0.75 (44)

IM U.S. Open End Private Real Estate (SA+CF) 4.79 4.49 4.55 5.90 3.47 0.68

Lakeland Police Officers' Retirement SystemTotal Real Estate

September 30, 2011

Page 53



-70.00

-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ American Realty 14.50 (90) N/A N/A N/A N/A

Å NCREIF ODCE 18.34 (50) 6.97 (47) -35.19 (53) 3.19 (52) 18.21 (56)

Median 18.32 6.60 -33.44 3.47 18.53

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ American Realty -0.85 (100) 14.50 (90) 14.50 (90) N/A N/A N/A N/A

Å NCREIF ODCE 3.58 (30) 18.34 (50) 18.34 (50) 12.51 (37) -6.38 (47) -4.08 (47) 0.02 (47)

Median 3.39 18.32 18.32 11.73 -8.53 -5.13 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

American Realty 2.91 (92) 8.58 (4) 3.35 (85) N/A N/A N/A

NCREIF ODCE 4.62 (53) 4.01 (69) 4.99 (31) 5.45 (53) 4.32 (30) 0.75 (44)


Lakeland Police Officers' Retirement SystemAmerican Realty

September 30, 2011

Page 54



-70.00

-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Intercontinental Real Estate 16.72 (70) N/A N/A N/A N/A

Å NCREIF ODCE 18.34 (50) 6.97 (47) -35.19 (53) 3.19 (52) 18.21 (56)

Median 18.32 6.60 -33.44 3.47 18.53

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Intercontinental Real Estate 3.17 (59) 16.72 (70) 16.72 (70) N/A N/A N/A N/A

Å NCREIF ODCE 3.58 (30) 18.34 (50) 18.34 (50) 12.51 (37) -6.38 (47) -4.08 (47) 0.02 (47)

Median 3.39 18.32 18.32 11.73 -8.53 -5.13 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Intercontinental Real Estate 3.36 (87) 4.43 (54) 4.81 (42) N/A N/A N/A

NCREIF ODCE 4.62 (53) 4.01 (69) 4.99 (31) 5.45 (53) 4.32 (30) 0.75 (44)


Lakeland Police Officers' Retirement SystemIntercontinental Real Estate

September 30, 2011

Page 55

Total Fund Policy Total Fixed Income Policy

Russell 3000 Policy (Bowen Hanes)

Allocation Mandate Weight (%)

Mar-2004

ML US Corporate Master Investment Grade 100.00

Sep-2004

BofA Merrill Lynch US Corp & Gov 1-10 Yrs 100.00

Apr-2008

Barclays Capital Intermediate Aggregate 87.50

Barclays Capital U.S. Treasury: U.S. TIPS 12.50

Jul-2009



Jan-1976

S&P 500 60.00

ML US Corporate Master Investment Grade 40.00

Sep-2004

Russell 3000 Index 50.00

MSCI EAFE Index 10.00

BofA Merrill Lynch US Corp & Gov 1-10 Yrs 40.00

Apr-2008





Jul-2009




Jan-2010


MSCI AC World ex USA 15.00



Oct-2010





NCREIF OEDC (Monthly) 5.00


Mar-2008

S&P 500 100.00

Jan-2010



Benchmark History

As of September 30,2011

Page 56

Total Equity Policy Total Domestic Equity Policy

Total International Equity Policy


Mar-2004

S&P 500 100.00

Sep-2004



Mar-2004

S&P 500 100.00

Sep-2004



Jul-2009



Jan-2010




Jan-1970


Jan-2010



Benchmark History

As of September 30,2011

Page 57

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.

--

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.

--

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.

--

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.

--

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.

--

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

--

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.

--

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.

--

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 indicatebetter product performance.

--

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

--

Statistics Definitions

Calculation based on monthly periodicity.

Page 58

2011-09-30 lakeland police (quarterly report)@315

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