FT - Lauderdale 3rd QTR 11 Full Report

CITY OF FT.
LAUDERDALE POLICE AND FIRE RETIREMENT SYSTEM PERFORMANCE REVIEW

SEPTEMBER 30, 2011
102 W. Whiting Street, Suite 400, Tampa, FL 33602-5140 Tel: 813/218-5000 www.captrustadv.com
TABLE OF CONTENTS
Important Disclaimer Information Capital Markets Review Performance Review Total Fund Domestic Equity International Equity Fixed Income Alternative Investments Appendix
1 2 3 4 5 6 7 8
City of Ft. Lauderdale Police and Fire Important Disclaimer Information
This report has been created as a courtesy for the clients of CapTrust Advisors. The information contained herein was taken from sources believed to be reliable, but no representation or warranty is made as to its accuracy or completeness. Performance Comparison Page Information: Shaded areas represent where the investment objective was achieved either by: 1) The investment return versus the index; 2) The investment return universe ranking (The lower the number the better the ranking) Due to methodologies utilized by our systems, the performance results presented are calculated and presented beginning on the last day of an account's inception month. Results do not include the interim period from an account's inception date to an account's first month-end. For example, for an account that has an inception date of March 15, this report begins measuring performance as of March 31. Omission of performance during this interim period is likely to result in different performance figures than if the interim period's performance was included in this report. When applicable, investment results depicted represent historical net of fees performance. Past performance is no guarantee of future performance. This report is not the official record of your account. However, it has been prepared to assist you with your investment planning and is for information purposes only. Your Custodial Client Statement is the official record of your account. Therefore, if there are any discrepancies between this report and your Client Statement, you should rely on the Client Statement and call your Financial Advisors if you have any questions. Transactions requiring tax consideration should be reviewed carefully with your accountant or tax tax advisor. This is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by CapTrust Advisors. Indices are unmanaged and you cannot invest directly in an index. For index definitions, please see the Capital Markets Review.
CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011
Index Domestic Fixed Income 3 Month T-Bill Barclays Capital 1-3 year Gov't Barclays Capital Interm Gov't Barclays Capital Interm Credit Barclays Capital Interm Govt/Cred Barclays Capital Aggregate Bond Domestic Equity Standard & Poor's 500 Dow Jones Industrial Average Dow Jones US Total Full Cap Dow Jones US Select REIT Russell 1000 - Large Cap Russell 1000 Growth - Large Cap Russell 1000 Value - Large Cap Russell Midcap Russell Midcap Growth Russell Midcap Value Russell 2000 - Small Cap Russell 2000 Growth - Small Cap Russell 2000 Value - Small Cap International Equity MSCI EAFE MSCI World MSCI EM Blended Benchmarks 30% S&P 500 / 70% Barclays Agg 40% S&P 500 / 60% Barclays Agg 50% S&P 500 / 50% Barclays Agg 60% S&P 500 / 40% Barclays Agg 70% S&P 500 / 30% Barclays Agg
QTR 0.01% 0.47% 3.19% 0.94% 2.39% 3.82% -13.87% -11.50% -15.32% -14.54%
YTD 0.05% 1.35% 5.36% 4.19% 4.92% 6.65% -8.68% -3.90% -10.23% -5.20%
1 Yr 0.09% 1.23% 3.72% 2.92% 3.40% 5.26% 1.14% 3.84% 0.31% 1.87%
3 Yr 0.15% 2.74% 5.38%
5 Yr 1.57% 3.96% 5.91%
10 Yr 1.96% 3.44% 4.80% 5.71% 5.12% 5.66%
10.16% 6.24% 7.03% 5.92% 7.97% 6.53%
1.23% -1.18% 2.82% 3.15% 1.37% 4.67% 1.75% -0.57% 3.93% -2.16% -3.18% 9.08% 1.61% -0.91% 3.28% 4.69% 1.62% 3.01% -1.52% -3.53% 3.36% 3.97% 5.89% 1.98% 0.56% 7.45% 1.64% 6.70% -0.84% 7.54%
-14.68% -9.25% 0.91% -13.14% -7.20% 3.78% -16.20% -11.24% -1.89% -18.90% -12.34% -0.88% -19.33% -11.59% 0.80% -18.46% -13.01% -2.36% -21.87% -17.02% -3.53% -22.25% -15.57% -1.12% -21.48% -18.51% -5.99%
-0.37% -1.02% 6.12% 2.07% 0.96% 5.45% -2.78% -3.08% 6.47%
-19.01% -14.98% -9.36% -1.13% -3.46% 5.03% -16.61% -12.20% -4.35% -0.07% -2.23% 3.71% -23.19% -23.53% -18.14% 3.81% 2.50% 13.35% -1.49% -3.26% -5.03% -6.79% -8.56% 2.05% 0.52% -1.02% -2.55% -4.08% 4.02% 3.61% 3.20% 2.79% 2.38% 5.95% 5.27% 4.60% 3.93% 3.25% 4.22% 3.45% 2.68% 1.90% 1.13% 4.81% 4.52% 4.24% 3.96% 3.67%
This and/or the accompanying information was prepared by or obtained from sources which are believed to be reliable but does not guarantee its accuracy. Please see important disclosure and reference information at the conclusion of this report. Past performance is not indicative of future results. Data Sources: Zephyr StyleAdvisor , Barclays Capital, MSCI Barra & Standard & Poors Data provided by sources believed to be reliable but no guarantee is made as to its accuracy. Past performance is no guarantee of future performance.
Capital Markets Summary Concerns over the fate of the global economy increased this quarter. Weighing heavily on the markets was a steady supply of mixed economic reports from the U.S., continuing debt problems in Europe, and indications of a softening economy in China. Investors gained little confidence from the possibility of another round of easing in the U.S. or the announcement of a $400 billion bond buy/sell program. Operation Twist received mixed reviews from economists and market watchers on its ability to change the current economic landscape. Market stability was further hampered by the Feds assessment of significant downside economic risk that raised the fear of a double-dip recession. While the U.S. economy continued to plod
One Year Performance of Asset Classes As Of September 30, 2011

Long Term Treasury Bonds Mortgage Backed Bonds Corporate Bonds Foreign Bonds Municipal Bonds LCG Equities High Yield Bonds S&P 500 LC Equities MCG Equities 3-Month T-Bill MC Equities SCG Equities LCV Equities MCV Equities SC Equities SCV Equities Intl Developed Equities Intl Frontier Equities Intl Emerging Equities -15.9% -0.9% -1.1% -1.9% -2.4% -3.5% -6.0% -8.9% -10.1% 5.6% 4.5% 3.9% 3.9% 3.8% 1.4% 1.1% 0.9% 0.8% 0.1% 17.1%
along, European leaders met to discuss Greeces potential default. This was in addition to a previous announcement that the established EuroZone bailout fund may not be enough to resolve the European debt dilemma. China provided no relief this quarter as key manufacturing data from the pacific rim leader showed a decline for the third straight month. Korea also missed factory production estimates and Japan, of course, is still suffering from infrastructure damage caused by the tsunami earlier this year. In domestic markets, the major averages all finished decidedly lower this quarter and are now in negative territory for the year. The Dow Jones Industrial Average (DJIA) is down 3.9% YTD. The S&P 500 lost for the fifth straight month. The total return for the index is down 8.7% for the year. The NASDAQ Composite (NASDAQ) is down 8.2% YTD. Small and mid-cap stocks each suffered double digit loses in September. The S&P Mid-Cap 400 lost 10.58%, and is down 13.02% YTD. The S&P 600 lost 10.28%, and is down 13.8% YTD. Jobless claims, unemployment, S&Ps lowered credit rating, political posturing debt ceiling and jobs package, and the renewed threat of a recession all weighed heavily on consumer confidence this quarter.
Capital Markets Summary European leaders continue to work on solutions to a debt problem that threatens not only the European, but the global economy. Greece is the face of the debt problem, but its extension into other countries is causing economic and political problems for Germany and France. European Union leaders are seeking additional financial stimulus, however, Germany is reluctant to sponsor moves that could threaten its economy. Emerging markets suffered losses across all indices this quarter. Moving these markets lower were concerns over a global economic slowdown that could hurt commodities and exports. The MSCI EM Index lost just under 22.5% this quarter, and is now down more than 21.6% for the year.
Domestic equity underwritings are at their lowest levels since the failure of Lehman Brothers Holdings in 2008. Offerings are down 32% from the year ago period, and 31% from the second quarter. Globally, IPOs are down 16% from the year ago period, and at their lowest levels since 2009. Fixed income offerings are at a yearly low. Corporations issued $157.9 billion of investment grade bonds during the quarter, the slowest pace since the second quarter of 2010. For the quarter, rates on the 10-year Treasury bond fell 122 basis points from 3.16%, the biggest decline since the fourth quarter of 2008. Thirty-year bond yields are down 146 basis points since the beginning of the quarter and yields are near the lowest levels since 2009.
Domestic Equity The month of September is historically the worst performing month of the year for equity markets. This September repeated history as all the major averages were down at least 5% for the month, extending the streak of consecutive negative monthly returns to five. After falling 2% in July, the DJIA fell 4% in August, and then ended the quarter with a 6% loss in September. This story repeated throughout the other domestic indices. While all the indices entered the third quarter with positive year-to-date returns, by the end of the quarter each was in negative territory with small caps especially hard hit.
Broad Domestic Equity Performance
10.00% 5.00% 0.00%
Return (%)
-5.00% -10.00% -15.00% -20.00% -25.00% 3Q11 1 year 3 years 5 years 10 years
Large Cap Mid Cap Small Cap
Looking at the major indices, the DJIA was down 11.5% for the quarter and is now down 3.9% for the year. Likewise, the S&P 500 Index extended its own losing streak to 5 months as it fell 13.87% in the quarter (7% in September alone) and is now down 8.68% for the year. The Russell 3000 was down 15.28% for the quarter and is down 9.90% for the year. The NASDAQ Composite faired just as poorly as it fell 6.3% in September on its way to an 12.69% loss for the quarter and -8.24% the year.
ThirdQuarter DomesticEquityReturns
Value Russell Russell Russell 2000 Midcap 1000 -16.20 -14.68 Growth -13.14
-18.5
-18.90
-19.33
-21.47 -21.87
-22.25
-10
-5
10
Domestic Equity For market caps, small caps were particularly hard hit this quarter as the Russell 2000 was down 11.2% in September and 21.87% for the quarter, pushing its year-to-date return into negative territory with a 17.02% decline. As market caps increased, returns improved. The Russell Midcap lost 18.90% in the quarter, the Russell 1000 lost 14.68% and the Russell Top 200 Megacap lost 12.8%. In comparing styles, returns were mixed as large cap growth stocks outperformed large cap value stocks. The Russell 1000 Growth fell 13.14% for the quarter compared to a decline of 16.20% for the Russell 1000 Value. Although the Russell 1000 Growth outperformed its value counterpart in all three months of the quarter, this differential narrowed from a 2.3% gap in July, to a 1.0% gap in August, to a 0.3% gap in September. In smaller caps, The Russell 2000 Value slightly outperformed with a 21.47% loss versus a 22.25% loss for the Russell 2000 Growth in the quarter. Yearto-date, growth has outperformed value by 3% in small caps and 4% in large caps.
S&P5003Q2011SectorReturns
1.55 4.19 7.70 8.01 10.02 12.98 13.87 20.46 21.02 22.80 24.52 Utilities ConsumerStaples InformationTechnology Telecommunication HealthCare ConsumerDiscretionary S&P500 Energy Industrials Financials Materials
Style Performance 10 Year Growth of $100

300 250 200 150 100 50 0
R1000 Value
R1000 Growth
R2000 Value
R2000 Growth
Sector returns in the S&P 500 were mostly down for the quarter. Utilities were the only bright spot as steady returns from the Multi-Utilities and Electric Utilities industries helped the sector post a 1.6% gain for the quarter. All other sectors of the S&P 500 were down during the quarter. Consumer Staples, Information Technology, Telecommunication, Health Care, and Consumer Discretionary all outperformed the broader index. The remaining four sectors all posted losses of greater than 20% as the Materials sector was hit the hardest with a 24.5% decline. Within Materials, the Metals and Mining subsector was a battle of extremes as it had the best performing industry within the S&P 500 (Gold up 17.1%) but also three of the worst industries in the quarter (Steel down 38.9%, Aluminum down 39.5%, and Diversified Metals & Mining down 41.4%).
International Markets Fear of a possible global economic recession and anxiety over Greece hit all equity markets hard and took an especially large toll on international indices. The MSCI Emerging Markets led all major indices lower with a loss of 22.46%. The MSCI Frontier Markets only lost about half of that coming in at -12.04% and the MSCI EAFE Index returned -18.95%. Germany had so far weathered the recession and recovery better than most of its peers. The European Unions industrial giant did not fare so well this quarter. A slowing economy and forecasts that some believe will suffer further downward revision hit the MSCI Germany Index for a 31% loss this quarter. Leading think-tanks now believe that the German economy will grow .8% in 2012, 1% shy of current government estimates of 1.8%. The MSCI Japan Index has been resilient comparatively in the post tsunami timeframe reporting a 6.37% loss for the quarter while maintaining a slight positive one-year return of .07%. Greece is old news but still remains in the headlines and continued to have an impact on markets and volatility this quarter. The inability for the individual European countries to come to consensus on backing indebted countries such as Greece with euro issued bonds, or letting them fail, allows Greek debt to continue to overhang the market. Some believe the best scenario is to continue to buy time for banks to continue to raise capital and try to insulate themselves from an eventual Greek default on its bonds.
One Year International (Gross) Returns As Of September 30, 2011

Brazil -25.5% India -25.1% China Germany Russia South Africa Australia Mexico United Kingdom Japan -23.9% -13.0% -11.5% -9.5% -8.9% -6.3% -5.3% 0.1%
Fixed Income The U.S. fixed income markets saw significant movements in the third quarter of 2011. Fears of a double dip recession and poor economic news set the tone. A highly publicized debt ceiling debate led Standard and Poors to downgrade U.S. credit from its top triple-A rating to AA+. As the initial shock wore off, Treasuries became the big winner for their perceived safety and liquidity. Economic uncertainty continued through the quarter as European debt concerns filled the headlines. The BofA Merrill Lynch US Treasury Master Index had a total return for the quarter of 6.36%. In an attempt to further stimulate the economy the Federal Reserve announced its plans for a $400 billion program labeled Operation Twist. This program is similar in structure to a 1960s program of selling short-term Treasury securities and purchasing longer-term Treasuries with the proceeds. "This program should put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative" the Fed said in its official statement. Treasury yields fell across the board, amplified in products with a longer maturity. Twoyear Treasuries moved 36 basis points lower to yield 0.24% as 10-year Treasuries fell 101 basis points to yield 1.97%.
Treasury Yield Curve
5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 3MO

12/31/2008
6MO
2YR
12/31/2009
5YR
12/31/2010
10YR
9/30/2011
30YR
Sector Performance
15.00% 10.00% 5.00% 0.00%
3Q11
YTD
Govts Corps
1YR
Mortgages
3YR
Munis
5YR
10YR
Credit Performance
15.00% 10.00% 5.00% 0.00% 5.00% 3Q11 YTD 1YR 3YR 5YR
AAA AA A BBB BB
Corporate bonds performed well in the third quarter, but widening credit spreads brought down lower rated securities. The BofA Merrill Lynch US Corporate Master Bond Index had a total return for the quarter of 2.26%. High yield securities were the worst performing bonds of the quarter, with the BofA Merrill Lynch High Yield Master II Index losing -6.32%. The international bond markets did not fare as well as the U.S. market as investors remain cautious of the global economy and the Euro nations in particular. The Citigroup Non-USD World Government Bond Index returned a modest 0.95%.
Commodities The global economic slowdown is taking its toll on commodities. Oil finished the quarter below $79 per barrel, and is down more than 13% YTD. Natural Gas lost more than 14% during the quarter and is now down more than 16% for the year. In metals, copper ended the quarter down after declining more than 24% in September, losing 7% in one trading session, and is now down more than 30% for the year. Silver was also volatile this quarter losing 27.86% in September and is now nearly flat for the year, up .44%. Palladium and platinum are down more than 24% and 14%, respectively, for the year. Gold set a new high over $1,900 per ounce early in September before pulling back, but is still up more than 16% YTD. Currency The Dollar Index is at its highest levels since January and the Dollar continued its gain against the Euro finishing the quarter at an eight month high. The Dollar gained more than 7% against the Euro this quarter and is now up 2.37% for the year. The Yen gained against the Dollar and Euro as a flight to safety trade. The Yen is now trading near a ten year high against Euro.
1 Year Country And Currency Returns As of September 30, 2011

9.9% -8.9% 4.9% -6.2% -14.2% -1.1%
Australia Canada Europe Japan U.K. 15.00%
9.3% 0.1% 6.0% -5.3%
10.00%
5.00%
Currency
0.00%
CountryReturn
5.00%
10.00%
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CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011 CAPITAL MARKET INDEX RETURNS
B ES T
WOR S T
19 9 9 2000 Rus s ell DJ 2000 Wils hire Gro wth REIT 3 2 .9 4 % 8 .0 6 % 4 3 .0 9 % 3 1.0 4 % Rus s ell Rus s ell Rus s ell Rus s ell S&P S&P S&P 2000 10 0 0 10 0 0 2000 50 0 50 0 50 0 Value Gro wth Gro wth Value 2 3 .8 4 % 2 .6 6 % 3 7.53 % 3 3 .3 5% 2 8 .57% 3 3 .16 % 2 2 .8 3 % Rus s ell DJ Rus s ell Rus s ell Barclays S&P M SCI M SCI 10 0 0 Wils hire 10 0 0 2000 Ag g 50 0 EAFE EAFE Value REIT Gro wth Value Bo nd 18 .12 % 2 .6 6 % 3 7.19 % 2 2 .9 4 % 3 1.78 % 2 0 .3 3 % 2 7.3 0 % 11.6 3 % DJ Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell S&P S&P Wils hire 2000 10 0 0 10 0 0 10 0 0 10 0 0 50 0 50 0 REIT Gro wth Value Gro wth Value Value 15.14 % 1.3 1% 3 1.0 4 % 2 1.6 4 % 3 0 .4 9 % 15.6 3 % 2 1.0 4 % 7.0 1% Rus s ell Rus s ell Rus s ell Rus s ell DJ Barclays Rus s ell S&P S&P 2000 2000 2000 2000 Wils hire Ag g 10 0 0 50 0 50 0 Gro wt h Value Value Value REIT Bo nd Value 7.6 2 % 13 .3 7% -1.55% 2 5.75% 2 1.3 7% 19 .6 7% 8 .6 7% 7.3 5% -9 .10 % Barclays Rus s ell Barclays Rus s ell Rus s ell Rus s ell DJ M SCI S&P Ag g 10 0 0 Ag g 2000 2000 2000 Wils hire EAFE 50 0 Bo nd Value Bo nd Gro wth Gro wth Gro wth REIT 7.4 0 % 10 .0 6 % -1.9 9 % 18 .4 8 % 11.2 6 % 12 .9 5% 1.2 3 % -2 .57% -13 .9 6 % Rus s ell Barclays Rus s ell DJ M SCI Barclays Rus s ell Barclays Rus s ell 10 0 0 Ag g 2000 Wils hire Ag g 2000 Ag g 10 0 0 EAFE Gro wt h Bo nd Gro wth REIT Bo nd Value Bo nd Gro wt h 5.0 0 % 9 .75% -2 .4 4 % 12 .2 4 % 6 .3 6 % 9 .6 8 % -6 .4 6 % -0 .8 3 % -2 2 .4 2 % Rus s ell Barclays DJ Rus s ell Rus s ell M SCI M SCI M SCI Barclays 10 0 0 Ag g Ag g Wils hire 2000 2000 EAFE EAFE EAFE Gro wt h Bo nd Bo nd REIT Value Gro wt h -11.8 5% 2 .9 0 % -2 .9 2 % 11.55% 3 .6 1% 2 .0 6 % -17.0 0 % -1.4 9 % -2 2 .4 3 % M SCI EAFE M SCI EAFE
19 9 2 Rus s ell 2000 Value 2 9 .15% DJ Wils hire REIT 15.13 % Rus s ell 10 0 0 Value 13 .8 1% Rus s ell 2000 Gro wt h 7.77%
19 9 3
19 9 4
19 9 5 Rus s ell 10 0 0 Value 3 8 .3 5%
19 9 6 DJ Wils hire REIT 3 7.0 4 % Rus s ell 10 0 0 Gro wth 2 3 .12 %
19 9 7 Rus s ell 10 0 0 Value 3 5.18 %
19 9 8 Rus s ell 10 0 0 Gro wth 3 8 .71%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2 0 10 2 0 11 Rus s ell Barclays Rus s ell DJ DJ DJ Rus s ell Barclays Rus s ell Rus s ell Barclays 2000 Ag g 2000 Wils hire Wils hire Wils hire 10 0 0 Ag g 10 0 0 2000 Ag g Value Bo nd Gro wth REIT REIT REIT Gro wth Bo nd Gro wt h Gro wt h Bo nd 13 .9 6 % 10 .2 7% 4 8 .53 % 3 3 .14 % 14 .0 0 % 3 6 .13 % 11.8 1% 5.2 4 % 3 7.2 1% 2 9 .0 9 % 6 .6 5% DJ DJ Rus s ell Rus s ell Rus s ell Rus s ell DJ DJ M SCI M SCI M SCI Wils hire Wils hire 2000 2000 2000 2000 Wils hire Wils hire EAFE EAFE EAFE REIT REIT Value Value Value Gro wt h REIT REIT 12 .3 6 % 3 .6 0 % 4 6 .0 2 % 2 2 .2 5% 13 .54 % 2 6 .3 4 % 11.17% -2 8 .9 2 % 3 4 .4 7% 2 8 .0 7% -5.2 0 % Barclays Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell M SCI M SCI M SCI Ag g 2000 10 0 0 2000 2000 10 0 0 2000 10 0 0 EAFE EAFE EAFE Bo nd Value Value Value Gro wth Value Value Gro wt h 8 .4 4 % -11.4 2 % 3 9 .16 % 2 0 .2 5% 7.0 5% 2 3 .4 8 % 7.0 5% -3 6 .8 5% 3 1.78 % 2 4 .50 % -7.2 0 % Rus s ell Rus s ell DJ Rus s ell Rus s ell Rus s ell Barclays DJ Rus s ell S&P S&P 10 0 0 10 0 0 Wils hire 10 0 0 10 0 0 10 0 0 Ag g Wils hire 10 0 0 50 0 50 0 Value Value REIT Value Gro wth Value Bo nd REIT Gro wt h -5.59 % -15.52 % 3 6 .0 6 % 16 .4 9 % 5.2 6 % 2 2 .2 5% 6 .9 7% -3 7.0 0 % 2 8 .4 6 % 16 .71% -8 .6 8 % Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell S&P S&P S&P M SCI S&P 2000 10 0 0 2000 10 0 0 10 0 0 10 0 0 50 0 50 0 50 0 EAFE 50 0 Gro wt h Value Gro wth Gro wth Value Value -9 .2 2 % -15.9 4 % 3 0 .0 3 % 14 .3 1% 4 .9 1% 15.79 % 5.4 9 % -3 8 .4 4 % 2 6 .4 6 % 15.51% -11.2 4 % Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell S&P S&P S&P M SCI S&P 10 0 0 2000 2000 10 0 0 2000 2000 50 0 50 0 50 0 EAFE 50 0 Gro wth Value Gro wth Value Gro wth Value -11.8 8 % -2 2 .0 9 % 2 9 .76 % 10 .8 7% 4 .71% 13 .3 5% -0 .17% -3 8 .54 % 2 0 .58 % 15.0 6 % -14 .9 8 % Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell Rus s ell DJ Rus s ell Rus s ell S&P M SCI 10 0 0 10 0 0 10 0 0 2000 10 0 0 2000 Wils hire 10 0 0 2000 50 0 EAFE Gro wt h Gro wt h Gro wth Gro wth Gro wth Value REIT Value Gro wt h -2 0 .4 2 % -2 7.8 9 % 2 8 .6 7% 6 .3 0 % 4 .15% 9 .0 7% -9 .78 % -3 9 .2 0 % 19 .6 9 % 7.75% -15.57% Rus s ell Barclays Barclays Barclays Barclays DJ M SCI M SCI Barclays Barclays Rus s ell 2000 Ag g Ag g Ag g Ag g Wils hire Ag g Ag g 2000 EAFE EAFE Gro wt h Bo nd Bo nd Bo nd Bo nd REIT Bo nd Bo nd Value -2 2 .0 0 % -3 0 .2 7% 4 .11% 4 .3 4 % 2 .4 3 % 4 .3 3 % -17.56 % -4 5.0 9 % 5.9 3 % 6 .54 % -18 .51%
Russell 1000 Value contains those Russell 1000 (larger capitalization) securities with a less-than-average growth orientation. Securities in this index generally have lower price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth rates. Russell 1000 Growth contains those Russell 1000 (larger capitalization) securities with a greater-than-average growth orientation. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields, and higher forecasted growth rates. Russell 2000 Value contains those Russell 2000 (smaller capitalization) securities with a less-than-average growth orientation. Securities in this index generally have lower price-to-book and price-to-earnings ratios than those in the Russell 2000 Growth Index. Russell 2000 Growth contains those Russell 2000 (smaller capitalization) securities with a greater-than-average growth orientation. Securities in this index generally have higher price-to-book and price-to-earnings ratios than those in the Russell 2000 Value Index. MSCI EAFE is the Morgan Stanley Capital International Europe, Australia, Far East Index designed to measure the performance of developed stock markets in these areas. Barclays Agg Bond is the Lehman Brothers Aggregate Bond Index. This index includes U.S. government, corporate and mortgage-backed securities rated investment grade or higher with maturities up to 30 years. S&P 500 is a representative sample of 500 leading companies in leading industries of the U.S. economy. DJ Wilshire REIT is intended as a broad measure of the performance of publicly traded real estate equity. The index is comprised of companies whose charter is the equity ownership and operation of commercial real estate.
This and/or the accompanying information was prepared by or obtained from sources which are believed to be reliable but does not guarantee its accuracy. Please see important disclosure and reference information at the conclusion of this report. Past performance is not indicative of future results. Data Sources: Morningstar Data provided by sources believed to be reliable but no guarantee is made as to its accuracy. Past performance is no guarantee of future performance.
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CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011 RELATIVE PERFORMANCE OF KEY INDICES
Black Monday - Oct '87
Asian Crisis
Aug '82 DJIA 776
Invasion of Iraq
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13
14
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CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011 GENERAL DISCLOSURE STATEMENT

FIRM: CapTrust Advisors, LLC is a registered investment advisor with the SEC. CapTrust Advisors registration as an investment advisor with the U.S. Securities and Ezchange Commission became effective on March 12, 2007. CapTrust is not a legal or tax advisor. STATEMENT OF OPINION: This and/or the accompanying information was prepared by or obtained from sources which are believed to be reliable but does not guarantee its accuracy. Any opinions expressed or implied herein are subject to change without notice. The report herein is not a complete analysis of every material fact in respect to any company, industry or security. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request. ASSET CLASS SUITABILITY: Stocks of small companies are typically more volatile than stocks of larger companies. They often involve higher risks because they may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. High-yield, non-investment grade bonds are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Global/International investing involves risks not typically associated with US investing, including currency fluctuations, political instability, uncertain economic conditions and different accounting standards. PAST PERFORMANCE: Past performance is not an indication of future results. ASSET CLASS PERFORMANCE REPRESENTATIONS: Long Term Treasuries = BC Treasury Long; Municipals = BC Municipal; Foreign Bonds = Salomon World BIG IB; US Govt/Credit = BC Govt/Credit; Mtge Backed Securities = ML Mortgage Master; Corporate Bonds = Salomon Corporate; 90 Day T-Bills = Salomon; Japanese Stocks = Salomon Japan BMI; High Yield Bonds = ML High Yield Master; Small Cap US Value = RU 2000 Value; MidCap US Stocks = RU Midcap; Large Cap US Value = RU 1000 Value; European Stocks = Salomon Europe BMI; Small Cap US Stocks = RU 2000; Lg Cap US Growth = RU 1000 Growth; Latin American Stocks = Salomon Latin America BMI; Sm Cap US Growth = RU 2000 Growth BROAD EQUITY MARKET & SECTOR PERFORMANCE REPRESENTATIONS: Large-Cap = S&P 500 or Russell 1000; Mid-Cap = RU Midcap; Small-Cap = RU 2000; International = MSCI EAFE DATA SOURCES: Information found in this document was derived from the following sources: Zephyr Associates StyleAdvisor, Informa M-Watch, Investor Force, Barclays Capital, MSCI Barra, and Standard & Poors.
This and/or the accompanying information was prepared by or obtained from sources which are believed to be reliable but does not guarantee its accuracy. Please see important disclosure and reference information at the conclusion of this report. Past performance is not indicative of future results.
16

Dow Jones Industrial Average - This index is comprised of 30 "blue-chip" US stocks selected for their history of successful growth and wide interest among investors. The DJIA represents about 20% of the total market value of all US stocks and about 25% of the NYSE market capitalization. It is a price-weighted arithmetic average, with the divisor adjusted to reflect stock splits and the occasional stock switches in the index. NASDAQ Composite - A cap-weighted index comprised of all common stocks that are listed on the NASDAQ Stock Market (National Association of Securities Dealers Automated Quotation system). S&P 500 - A broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. This index does not contain the 500 largest companies nor the most expensive stocks traded in the U.S. While many of the stocks are among the largest, this index also includes many relatively small companies. This index consists of approximately 380 industrial, 40 utility, 10 transportation and 70 financial companies listed on U.S. market exchanges. It is a capitalization-weighted index (stock price times number of shares outstanding), calculated on a total return basis with dividends reinvested. S&P 500/Citigroup Growth - The S&P/Citigroup Growth tracks the performance of those stocks in the S&P 500 with lower book-to-price ratios. A cap-weighted index, it is rebalanced semi-annually, based on its price-to-book ratios and market capitalizations at the close of trading one month prior. The index is adjusted each month to reflect changes in the S&P 500. This index is more heavily weighted in the consumer non-cyclical, health care, and technology sectors than the S&P 500. S&P 500/Citigroup Value - The S&P Citigroup/Value tracks the performance of those stocks in the S&P 500 with higher book-to-price ratios. A cap-weighted index, it is rebalanced semi-annually on January 1 and July 1, based on its book-toprice ratios and market capitalizations at the close of trading one month prior. The index is adjusted each month to reflect changes in the S&P 500. This index tends to be more heavily concentrated in the energy and financial sectors than the S&P 500. Russell 1000 - The 1000 largest companies in the Russell 3000 index, based on market capitalization. Russell 1000 Growth - A segment of the Russell 1000 with a greater-than-average growth orientation. Companies in this index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the Russell 1000 Value index. Russell 1000 Value - Represents a segment of the Russell 1000 with a less-than-average growth orientation. Companies in this index have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the Russell 1000 Growth Index. Russell Mid Cap - The index consisting of the bottom 800 securities in the Russell 1000 as ranked by total market capitalization, and it represents over 35% of the Russell 1000 total market cap. Russell 2000 - The 2000 smallest companies in the Russell 3000 index. Russell 2000 Growth - A segment of the Russell 2000 with a greater-than-average growth orientation. Companies in this index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the Russell 2000 Value index. Russell 2000 Value - A segment of the Russell 2000 with a less-than-average growth orientation. Companies in this index have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the Russell 2000 Growth index. Russell 2500 - The index consisting of the bottom 500 stocks in the Russell 1000(as ranked by market capitalization) and all of the stocks in the Russell 2000. This index is intended to be used as a measure of small to medium/small stock performance, and it represents over 22% of the Russell 3000 total market cap.
17

MSCI EAFE - A market capitalization-weighted index representing all of the MSCI developed markets outside North America. It comprises 20 of the 22 countries in the MSCI World. These 20 countries include the 14 European countries in the MSCI Europe and the 6 Pacific countries in the MSCI Pacific. This index is created by aggregating the 20 different country indexes, all if which are created separately. MSCI World - This market capitalization-weighted index represents all 22 of the MSCI developed markets in the world. It is created by aggregating the 22 different country indexes, all if which are created separately. MSCI Emerging Markets Free (EMF) - A market capitalization-weighted index representing 26 of the emerging markets in the world. Several factors are used to designate whether a country is considered to be emerging vs. developed, the most common of which is Gross Domestic Product Per Capita. The "Free" aspect indicates that this index includes only securities that are allowed to be purchased by global investors. This index is created by aggregating the 26 different country indexes, all if which are created separately. Barclays Capital Government/Credit - This index includes all bonds that are in the Barclays Capital Government Bond and the Barclays Capital Credit Bond indices. Barclays Capital Government Intermediate - All bonds covered by the Barclays Capital Government Bond index with maturities of 1 and 10 years. Barclays Capital Aggregate Bond - This index is made up of the Barclays Capital Government/Credit, the MortgageBacked Securities, and the Asset-Backed Securities indices. All issues in the index are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $100 million. Barclays Capital Government Long Term - All bonds covered by the Barclays Capital Government Bond index with maturities of 10 years or greater. Barclays Capital Municipal Bond - This market cap weighted index includes investment grade tax-exempt bonds and is classified into four main sectors: General Obligation, Revenue, Insured, and Pre-refunded. To be included in this index, the original transaction size of a bond must have been greater than $50 million. Merrill Lynch Convertibles - The convertible securities used in this index span all corporate sectors and must have a par amount outstanding of $25 million or more. The maturity must be at least one year. The coupon range must be equal to or greater than zero and all quality of bonds are included. Excluded from this index are preferred equity redemption stocks. When the component bonds of this index convert into common stock, the converted securities are dropped from the index. Merrill Lynch High Yield Master - Market-cap weighted index providing a broad-based measure of bonds in the US domestic bond market rated below investment grade but not in default. Includes only issues with a credit rating of BB1 or below as rated by Moodys and/or S&P, at least $100 million in face value outstanding and a remaining term to final maturity equal to or greater than one year. Dow Jones Wilshire REIT Index - A measurement of equity REITs and Real Estate Operating Companies. No specialpurpose or health care REITs are included. It is a market capitalization-weighted index for which returns are calculated monthly using buy and hold methodology; it is rebalanced monthly. Citigroup 3 Month Treasury Bill - Representing the monthly return equivalents of yield averages that are not marked to market, this index is an average of the last three three-month Treasury bill issues. 50/50 Blend (S&P 500/BCIGC) A blended benchmark consisting of 50% S&P 500 and 50% Barclays Capital Government/Credit Intermediate indices.
18
City of Ft. Lauderdale Police and Fire Asset Allocation vs Target & Policy
Total Fund Composite As of 9/30/11
Manager Systematic Financial Management Intech Large Core Rhumbline Large Cap Fund Sawgrass Lee Munder Small Cap Value Eagle Asset Management Franklin Portfolio Advisors Rhumbline Mid Cap Fund Total Domestic Equity Artio IE II Group Trust Thornburg Total International Equity Agincourt Atlanta Capital Boyd Watterson Total Domestic Fixed Income Cash Total Short Term Core Realty Fund Prudential RE Investors PRISA II Total Real Estate K2 Advisors Long/Short PIMCO All Asset Total Special Investments Total Fund Composite Market Value 27,337,357.64 19,398,412.11 24,125,848.95 29,707,302.24 22,494,120.96 8,283,952.28 8,200,389.86 12,608,750.57 152,156,134.61 22,487,181.04 28,954,542.86 51,441,723.90 84,965,103.58 26,095,212.58 33,459,157.33 144,519,473.49 12,339,922.26 12,339,922.26 26,009,761.82 12,912,247.82 38,922,009.64 21,632,414.27 18,502,395.54 40,134,809.81 439,514,073.71 Actual % 6.22 4.41 5.49 6.76 5.12 1.88 1.87 2.87 34.62 5.12 6.59 11.70 19.33 5.94 7.61 32.88 2.81 2.81 5.92 2.94 8.86 4.92 4.21 9.13 100.00 Target % 6.25 6.25 6.25 6.25 2.50 2.50 2.50 2.50 35.00 7.50 7.50 15.00 20.00 5.00 5.00 30.00 0.00 0.00 6.67 3.33 10.00 5.00 5.00 10.00 100.00
19
City of Ft. Lauderdale Police and Fire Sources of Fund Growth

Total Fund Composite 6/30/11 - 9/30/11
Beginning Value $(000) 35,237 22,607 27,994 33,196 28,934 10,795 10,278 13,182 182,225 29,769 36,814 66,583 82,656 25,468 25,519 133,643 11,532 11,532 25,267 12,278 37,545 43,693 0 43,693 475,224 Net Contrib $(000) 25 18 4 37 47 15 15 2,502 2,664 48 0 48 45 11 7,514 7,570 801 801 51 41 93 -20,000 20,000 0 11,175 Invest Fees $(000) 0 0 0 0 0 0 0 0 0 0 62 62 0 0 0 0 0 0 0 0 0 0 0 0 62 Invest Gain/Loss $(000) -7,925 -3,227 -3,873 -3,525 -6,487 -2,527 -2,093 -3,075 -32,732 -7,330 -7,797 -15,127 2,264 617 426 3,306 7 7 692 593 1,285 -2,061 -1,498 -3,559 -46,823 Ending Value $(000) 27,337 19,398 24,126 29,707 22,494 8,284 8,200 12,609 152,156 22,487 28,955 51,442 84,965 26,095 33,459 144,519 12,340 12,340 26,010 12,912 38,922 21,632 18,502 40,135 439,514 Net of Fees Return(%) -22.49 -14.27 -13.83 -10.62 -22.42 -23.41 -20.36 -19.88
Manager Name Systematic Financial Management Intech Large Core Rhumbline Large Cap Fund Sawgrass Lee Munder Small Cap Value Eagle Asset Management Franklin Portfolio Advisors Rhumbline Mid Cap Fund Managed Equity Artio IE II Group Trust Thornburg International Equity Composite Agincourt Atlanta Capital Boyd Watterson Total Domestic Fixed Income Cash Managed Short Term Core Realty Fund Prudential RE Investors PRISA II Real Estate Composite K2 Advisors Long/Short PIMCO All Asset Special Investments Total Fund Composite
-24.62 -21.35 -22.81 2.74 2.42 1.47 2.39 0.07
2.73 4.83 3.42 -8.68 NA
-9.74
20
City of Ft. Lauderdale Police and Fire Executive Summary Table

Periods Ending September 30, 2011 Net of Fee Return
Name Total Fund Composite Policy Index Value $(000) 439,514 % of Fund 100.0 Cur Qtr -9.74 -8.41 2 Qtrs -9.11 -7.33 Periods Ending 9/30/11 3 Qtrs 1 Year 3 Yrs -5.81 0.16 2.60 -3.77 2.44 3.23 5 Yrs 1.32 1.58 Since Inception Ret Date 6.53 9/30/95 6.42 9/30/95
Large Cap Composite Intech Large Core Standard & Poors 500 Rhumbline Large Cap Fund Standard & Poors 500 Sawgrass Russell 1000 Growth Systematic Financial Management Russell 1000 Value Small/Mid Cap Composite Eagle Asset Management Russell 2000 Growth Franklin Portfolio Advisors Russell 2000 Growth Lee Munder Small Cap Value Russell 2000 Value Rhumbline Mid Cap Fund S&P 400/Citigroup Growth Index
100,569 19,398 24,126 29,707 27,337
22.9 4.4 5.5 6.8 6.2
-15.58 -14.27 -13.86 -13.83 -13.86 -10.62 -13.14 -22.49 -16.21 -21.66 -23.41 -22.26 -20.36 -22.26 -22.42 -21.47 -19.88 -18.83
-14.68 -13.01 -13.78 -13.29 -13.78 -8.09 -12.48 -22.78 -16.63 -23.77
-9.37 -7.58 -8.67 -8.31 -8.67 -2.07 -7.21 -17.80 -11.25 -18.79
0.09 1.74 1.15 1.43 1.15 5.22 3.78 -6.82 -1.90 -2.28
1.32 1.72 1.23 1.48 1.23 3.29 4.69 -1.03 -1.52 2.32
-0.56 -1.18 -0.96 -1.18
-2.87 -3.53
-2.60 3.38 2.11 6.27 6.11 -0.54 0.24 5.94 4.43 -1.32 -23.41 -22.26 -20.36 -22.26 0.87 -4.73 -19.88 -18.83
1/31/07 3/31/04 3/31/04 9/30/95 9/30/95 3/31/07 3/31/07 11/30/02 11/30/02 10/31/06 6/30/11 6/30/11 6/30/11 6/30/11 11/30/06 11/30/06 6/30/11 6/30/11
51,587 8,284 8,200 22,494 12,609
11.7 1.9 1.9 5.1 2.9
-23.29 -23.56
-19.73 -18.52
-8.27 -6.00
2.18 -2.79
International Equity Composite Artio IE II Group Trust MSCI EAFE (Net) Thornburg MSCI EAFE (Net)
51,442 22,487 28,955
11.7 5.1 6.6
-22.81 -24.62 -19.01 -21.35 -19.01
-22.53 -24.72 -17.74 -20.75 -17.74
-20.15 -23.31 -14.98 -17.43 -14.98
-14.41 -18.48 -9.36 -10.80 -9.36
-2.40 -5.34 -1.13 0.37 -1.13
-4.41
1.22 -12.55 -9.98 -8.03 -9.98
11/30/00 11/30/07 11/30/07 11/30/07 11/30/07
Total Domestic Fixed Income Agincourt Barclays U.S. Aggregate Atlanta Capital Barclays Int Govt/Credit Boyd Watterson Barclays Int Govt/Credit Cash Citigroup 3-month T-Bill
144,519 84,965 26,095 33,459
32.9 19.3 5.9 7.6
2.39 2.74 3.82 2.42 2.40 1.47 2.40 0.07 0.01
5.05 5.10 6.20
5.73 5.81 6.65
4.33 4.38 5.26
8.72 9.38 7.97
6.65 6.69 6.53
5.82 6.41 6.18 3.23 3.40 2.34 3.40 2.55
5/31/05 12/31/95 12/31/95 4/30/11 4/30/11 4/30/11 4/30/11 1/31/06 1/31/06
12,340
2.8
0.10 0.04
0.13 0.07
-0.05 0.11
1.26 0.20
2.47
Real Estate Composite
38,922
8.9
3.42
7.51
12.29
17.47
-8.65
-4.15
6/30/07
21
City of Ft. Lauderdale Police and Fire Executive Summary Table

Periods Ending September 30, 2011 Net of Fee Return
Name Core Realty Fund NCREIF Prop Index Prudential RE Investors PRISA II NCREIF Prop Index K2 Advisors Long/Short Standard & Poors 500 PIMCO All Asset Consumer Price Index + 5% Value $(000) 26,010 12,912 % of Fund 5.9 2.9 Cur Qtr 2.73 3.30 4.83 3.30 -8.68 -13.86 2 Qtrs 6.09 7.37 10.25 7.37 -9.74 -13.78 Periods Ending 9/30/11 3 Qtrs 1 Year 3 Yrs 10.38 14.22 -7.60 10.98 16.10 -1.45 15.93 23.67 -13.03 10.98 16.10 -1.45 -8.19 -8.67 -3.95 1.15 -0.18 1.23 5 Yrs Since Inception Ret Date -3.35 7/31/07 1.03 7/31/07 -8.06 7/31/07 1.03 7/31/07 -2.41 -3.62 -7.49 1.26 4/30/08 4/30/08 7/31/11 7/31/11
21,632 18,502
4.9 4.2
22
City of Ft. Lauderdale Police and Fire Cumulative Performance Comparison

Total Returns of Total Fund Public Sponsors Periods Ending 9/11
10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14% Last Qtr High 1st Qt Median 3rd Qt Low 0.94 -7.55 -9.15 -10.57 -12.09 Last Year 4.54 1.95 0.73 -0.16 -2.04 Last 2 Years 7.28 6.00 5.11 4.26 3.13 Last 3 Years 6.41 4.71 4.11 3.03 1.86 Last 4 Years 2.87 1.30 -0.37 -1.52 -2.92 Last 5 Years 4.55 3.27 2.36 1.46 0.56 Last 6 Years 5.11 4.00 3.35 2.74 1.95 Last 7 Years 5.69 4.97 4.40 3.92 3.34 Last 8 Years 6.53 5.60 5.11 4.64 4.21 Last 9 Last 10 Years Years 7.86 6.74 6.28 5.71 4.90 6.66 5.68 5.01 4.59 3.84 1 1 1 1 1 1 1 1 1 1 1
Total Fund Composite Net Ret -9.74 0.16 Rank 60 64 1 Policy Index Net Ret -8.41 2.44 Rank 37 19
4.15 76 5.62 32
2.60 85 3.23 72
-1.44 73 -0.86 57
1.32 81 1.58 71
2.36 85 2.61 81
3.69 85 3.43 94
4.53 81 4.22 94
5.62 79 5.54 84
4.31 81 4.00 93
23
City of Ft. Lauderdale Police and Fire Calendar Year Performance Comparison
Total Returns of Total Fund Public Sponsors Years Ending December
30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35%
1 1 1 1 1 1 1 1 1 1
9/30/11 YTD 2010 High 1st Qt Median 3rd Qt Low 2.32 -3.28 -4.66 -5.87 -7.71 17.24 13.97 12.67 11.23 9.33
2009 27.37 21.60 19.11 15.60 9.61
2008 -9.71 -20.20 -24.04 -27.21 -30.38
2007 10.77 8.69 7.52 6.38 4.36
2006 16.32 14.05 12.08 10.28 6.63
2005 10.34 8.11 6.52 5.33 3.91
2004 13.91 11.79 9.90 8.40 5.70
2003 26.04 22.56 19.72 17.04 11.34
2002 1.58 -5.91 -8.28 -9.76 -12.76
2001 4.40 -0.68 -2.68 -4.76 -8.99
Total Fund Composite Net Ret -5.81 12.33 Rank 74 54 1 Policy Index Net Ret -3.77 12.92 Rank 32 42
15.13 78 15.86 73
-22.08 36 -22.66 40
7.38 54 6.30 76
10.66 71 11.14 65
6.81 44 3.93 94
10.42 40 8.35 75
18.01 66 18.64 59
-8.68 59 -9.50 72
-2.27 42 -3.34 58
24
City of Ft. Lauderdale Police and Fire Return vs Risk

Total Returns of Total Fund Public Sponsors
3 Years Ending 9/30/11 9.0 8.1 7.2 Annualized Rate of Return 6.3 5.4 4.5 3.6 2.6 1.8 0.9 0.0 2.0 4.6 7.2 9.8 12.4 15.0 17.6 20.2 22.8 25.4 28.0 Median Return Median Risk
Historical Standard Deviation of Return Annualized Net of Fee Return Value Rank 2.60 85 3.23 72 4.11 Standard Deviation Value Rank 14.61 39 15.60 52 15.55
Total Fund Composite Policy Index Median
5 Years Ending 9/30/11 4.5 4.0 3.6 Annualized Rate of Return 3.1 2.7 2.2 1.8 1.3 0.9 0.4 0.0 6.0 7.4 8.8 10.2 11.6 13.0 14.4 15.8 17.2 18.6 20.0 Median Return Median Risk
Total Fund Composite Policy Index Median
25
City of Ft. Lauderdale Police and Fire Risk Measure Summary

Total Fund Composite Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 1 1 3 3 0.93 1.16 0.00 -9.73 -8.41 6.38 6.45 0.24 2.44 0.24 2.44 3 Years Portfolio Bench 4 4 8 8 0.91 0.96 0.25 -11.33 -12.61 10.07 11.10 -0.42 -1.39 26.88 29.38 14.61 15.60 0.93 -0.11 0.99 0.17 0.19 2.59 1.67 -0.44 5 Years Portfolio Bench 8 8 12 12 0.95 0.98 0.40 -11.33 -12.61 10.07 11.10 -22.18 -24.64 26.88 29.38 12.18 12.74 0.95 -0.07 0.99 -0.03 -0.01 -0.42 1.62 -0.20 Inception Portfolio Bench 19 19 45 45 0.98 0.94 0.48 -11.33 -12.61 14.12 12.93 -22.18 -24.64 33.57 32.86 10.46 10.70 0.96 0.06 0.96 0.31 0.30 3.42 2.04 0.03
Risk Measures Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio
26
City of Ft. Lauderdale Police and Fire Intech Large Core as of 9/30/11
Portfolio Performance (%) 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/04
Intech Large Core
Standard & Poors 500 Incept 3/31/04 3.38 2.11
Net of Fee Returns Intech Large Core Standard & Poors 500
Qtr -14.27 -13.86
YTD -7.58 -8.67
1 Year 1.74 1.15
3 Year 1.72 1.23
5 Year -0.56 -1.18
10 Year
Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value
22,607 18 -3,227 19,398
26,915 -6,241 -1,276 19,398
24,448 -6,241 1,191 19,398
33,682 -15,770 1,485 19,398
40,136 -19,470 -1,268 19,398 GICS Sector Allocation
33,478 -23,366 9,286 19,398
Top Equity Holdings GICS Sector Exxon Mobil Corp Apple Computer Inc At&T Inc Intl Business McHn Chevron Corp General Elec Co Procter & Gamble Co Pfizer Inc Johnson & Johnson Coca Cola Co Energy Information Technology Telecom Services Information Technology Energy Industrials Consumer Staples Health Care Health Care Consumer Staples % Port 4.26 2.38 2.23 2.09 2.05 1.69 1.58 1.34 1.32 1.19
% Port Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities 14.27 4.17 10.51 9.91 13.73 13.11 9.19 15.14 4.51 5.45
27
City of Ft. Lauderdale Police and Fire Intech Large Core as of 9/30/11
Asset Allocation ($000)
Cash & Equiv $123 0.63% Domestic Equity $19,276 99.37%
Risk/Return Analysis Periods from 3/04 to 9/11 Alpha Beta R-Squared 3.6 3.4 Annualized Return% 3.2 3.0 2.8 2.6 2.4 2.2 2.0 0.0 0.31 0.97 0.99
T
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 16.95 17.32 0.99 Sharpe Ratio 0.07 -0.00 0.00
1
18.0
Info Ratio 0.59
i Intech Large Core 1 Standard & Poors 500 T 91-Day Treasury Bill
3.38 2.11 2.18
28
City of Ft. Lauderdale Police and Fire Large Neutral Cumulative Performance Comparisons
Total Returns of Equity Portfolios Periods Ending 9/11
15% 10% 5% 0% -5% -10% -15% i 1 -20% Last Qtr High 1st Qt Median 3rd Qt Low -8.22 -13.86 -13.99 -15.24 -19.03 Last Year 5.27 1.23 1.11 0.46 -5.28 Last 2 Years 9.30 5.83 5.56 4.52 0.74 Last 3 Years 3.77 1.72 1.29 1.04 -1.04 Last 4 Years -0.96 -4.51 -5.09 -5.22 -7.19 Last 5 Years 1.51 -0.61 -1.13 -1.33 -3.24 Last 6 Years 3.06 1.13 0.76 0.46 -0.54 Last 7 Years 4.66 3.00 2.42 2.31 1.70 i1 i 1 i i1 i1 i 1 i1 1
i Intech Large Core Net Ret -14.27 Rank 55 1 Standard & Poors 500 Net Ret -13.86 Rank 27
1.74 16 1.15 36
6.65 17 5.55 61
1.72 25 1.23 70
-4.06 17 -5.15 71
-0.56 21 -1.18 70
1.31 17 0.73 70
3.36 18 2.29 82
29
City of Ft. Lauderdale Police and Fire Large Neutral Consecutive Performance Comparisons
Total Returns of Equity Portfolios Years Ending December
50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% 9/30/11 YTD High 1st Qt Median 3rd Qt Low -3.10 -8.61 -8.70 -9.86 -15.75 2010 20.21 16.64 15.09 14.51 11.23 2009 38.93 29.44 26.70 26.29 18.60 2008 -27.87 -35.51 -36.93 -37.21 -42.02 2007 12.44 5.91 5.51 5.01 -0.20 2006 20.50 16.48 15.80 15.60 11.42 2005 12.80 9.09 5.04 4.88 3.44 i1 i1 i1 i1 i1 i1 i 1
i Intech Large Core Net Ret -7.58 Rank 15 1 Standard & Poors 500 Net Ret -8.67 Rank 37
15.77 32 15.05 62
25.49 79 26.45 71
-36.60 36 -36.99 68
7.61 12 5.52 49
14.84 84 15.81 49
9.24 23 4.89 74
30

Total Returns of Large Neutral Portfolios
3 Years Ending 9/30/11 5.0 4.3 3.6 Annualized Rate of Return 2.9 2.2 1.5 0.8 0.1 -0.5 -1.3 -2.0 16.0 17.8 19.6 21.4 23.2 25.0 26.8 28.6 30.4 32.2 34.0 Median Risk
i 1
Median Return
i 1
Intech Large Core Standard & Poors 500 Median
5 Years Ending 9/30/11 4.0 3.0 2.0 Annualized Rate of Return 1.0 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 14.0 15.4 16.8 18.2 19.6 21.0 22.4 23.8 25.2 26.6 28.0 Median Risk
i 1
Median Return
Historical Standard Deviation of Return Annualized Net of Fee Return Value Rank -0.56 21 -1.18 70 -1.13 Standard Deviation Value Rank 20.23 15 20.68 35 20.69
i 1
Intech Large Core Standard & Poors 500 Median
31

Intech Large Core Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 1 1 3 3 1.07 1.03 0.50 -14.27 -13.86 10.09 10.76 1.74 1.15 1.74 1.15 3 Years Portfolio Bench 4 4 8 8 1.01 0.99 0.67 -21.62 -21.93 15.35 15.93 -7.47 -6.90 48.89 49.75 24.80 25.24 0.98 0.12 1.00 0.06 0.04 1.53 1.23 0.31 5 Years Portfolio Bench 8 8 12 12 0.99 0.96 0.60 -21.62 -21.93 15.35 15.93 -37.08 -38.07 48.89 49.75 20.23 20.68 0.97 0.13 0.99 -0.11 -0.14 -2.35 2.11 0.25 Inception Portfolio Bench 10 11 20 19 1.02 0.93 0.67 -21.62 -21.93 15.35 15.93 -37.08 -38.07 48.89 49.75 16.95 17.32 0.97 0.31 0.99 0.07 -0.00 1.23 1.98 0.59
32
City of Ft. Lauderdale Police and Fire Equity Summary Statistics

Intech Large Core Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 351 19,275,658 71,904,935 11,572,017 2.50 13.58 14.55 0.98 2.01 51.03 5.51 Standard & Poors 500 500 86,962,348 9,792,575 2.38 13.53 14.22 1.00 1.92 47.46 6.13
Ten Largest Holdings Exxon Mobil Corp Apple Computer Inc At&T Inc Intl Business McHn Chevron Corp General Elec Co Procter & Gamble Co Pfizer Inc Johnson & Johnson Coca Cola Co
Market Value 820,719 457,416 428,285 402,569 394,043 326,136 303,264 257,085 254,840 229,704
% of Portfolio 4.26 2.38 2.23 2.09 2.05 1.69 1.58 1.34 1.32 1.19
Quarterly Ret -10.14 13.56 -7.95 2.49 -9.32 -18.44 0.20 -13.22 -3.37 1.08
Ten Best Performers Motorola Mobility Hl Goodrich B F Co Apple Computer Inc Cerner Corp Progress Energy Inc Bristol Myers Squibb Consolidated Edison Autozone Inc Kimberly Clark Corp Duke Energy Corp New
Quarterly Ret 71.42 26.78 13.56 12.13 9.12 8.36 8.27 8.26 7.78 7.70
Ten Worst Performers Alpha Natural Resour Netflix Com Inc Nabors Industries Lt Metropcs Communicati Pulte Homes Corp Cb Richard Ellis Gro Regions Finl Corp Cliffs Natural Resou Bank Amer Corp Sprint Nextel Corp
Quarterly Ret -61.07 -56.92 -50.24 -49.39 -48.43 -46.40 -46.15 -44.44 -44.09 -43.60
33
City of Ft. Lauderdale Police and Fire Equity Contribution to Return

Intech Large Core Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 351 19,275,658 71,904,935 11,572,017 2.50 13.58 14.55 0.98 2.01 51.03 5.51 Standard & Poors 500 500 86,962,348 9,792,575 2.38 13.53 14.22 1.00 1.92 47.46 6.13
Ten Best Contributors Apple Computer Inc Intl Business McHn Goodrich B F Co Autozone Inc Consolidated Edison McDonalds Corp Altria Group Inc Cerner Corp Dominion Res Inc Va Bristol Myers Squibb
Market Value 457,416 402,569 36,204 95,757 85,530 140,512 198,394 47,964 71,078 43,932
% of Portfolio 2.38 2.09 0.19 0.50 0.44 0.73 1.03 0.25 0.37 0.23
Quarterly Ret 13.56 2.49 26.78 8.26 8.27 4.85 3.10 12.13 6.22 8.36
Ten Worst Contributors Exxon Mobil Corp General Elec Co Caterpillar Inc Du Pont E I De Nemou National-Oilwell Inc Agilent Technologies Rockwell Automation Chevron Corp At&T Inc Pfizer Inc
Market Value 820,719 326,136 177,216 183,862 128,050 106,250 117,600 394,043 428,285 257,085
% of Portfolio 4.26 1.69 0.92 0.96 0.67 0.55 0.61 2.05 2.23 1.34
Quarterly Ret -10.14 -18.44 -30.34 -25.40 -34.40 -38.86 -35.01 -9.32 -7.95 -13.22
34
City of Ft. Lauderdale Police and Fire Equity Sector Attribution Analysis
Intech Large Core Quarter Ending 9/11
GICS Sectors Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities
Weight Portfolio Index 14.49 12.17 6.01 3.69 11.33 11.32 11.56 10.70 11.84 10.71 8.52 11.78 8.87 15.23 16.71 17.90 4.80 3.11 5.86 3.40 100.00 100.00
Return Portfolio Index -21.24 -20.57 -24.75 -24.06 -21.80 -21.02 -14.84 -12.96 -4.78 -4.26 -12.79 -10.06 -21.11 -22.86 -9.21 -7.56 -11.12 -7.98 0.26 1.55 -14.34 -13.83
Stock -0.10 -0.04 -0.09 -0.22 -0.06 -0.23 0.16 -0.28 -0.15 -0.08 -1.09
Selection Sector -0.16 -0.24 -0.00 0.01 0.11 -0.12 0.57 -0.07 0.10 0.38 0.58
Total -0.25 -0.28 -0.09 -0.21 0.05 -0.36 0.73 -0.35 -0.05 0.30 -0.51
Index - Standard & Poors 500 Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.06%
[ Actual Return -14.28% ] - [ Buy Hold Return -14.34% ]
35
City of Ft. Lauderdale Police and Fire Equity Sector Attribution Chart
Intech Large Core Quarter Ending 9/11
% Allocation 14.49 12.17 6.01 3.69 11.33 11.32 11.56 10.70 11.84 10.71 8.52 11.78 8.87 15.23 16.71 17.90 4.80 3.11 5.86 3.40 -21.24 -20.57 -24.75 -24.06 -21.80 -21.02 -14.84 -12.96 -4.78 -4.26 -12.79 -10.06 -21.11 -22.86 -9.21 -7.56 -11.12 -7.98 0.26 1.55 -0.35 -0.36 % Return % Variance
Energy
-0.25
Materials
-0.28
Industrials
-0.09
Con. Discretionary
-0.21
Consumer Staples
0.05
Health Care
Financials
0.73
Infomation Tech.
Telecom. Services
-0.05
Utilities
0.30
Intech Large Core
Standard & Poors 500
36
City of Ft. Lauderdale Police and Fire Rhumbline Large Cap Fund as of 9/30/11
Portfolio Performance (%) 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/95
Rhumbline Large Cap Fund
Net of Fee Returns Rhumbline Large Cap Fund Standard & Poors 500
Qtr -13.83 -13.86
YTD -8.31 -8.67
1 Year 1.43 1.15
3 Year 1.48 1.23
5 Year -0.96 -1.18
10 Year 2.95 2.81
Incept 9/30/95 6.27 6.11
27,994 4 -3,873 24,126
41,073 -15,663 -1,285 24,126
26,110 -4,263 2,279 24,126
34,145 -13,074 3,055 24,126
38,848 -13,909 -813 24,126
15,906 -4,320 12,539 24,126
8,000 9,754 6,372 24,126
37
City of Ft. Lauderdale Police and Fire Rhumbline Large Cap Fund as of 9/30/11
Risk/Return Analysis Periods from 9/95 to 9/11 Alpha Beta R-Squared 6.5 6.0 Annualized Return% 5.5 5.0 4.5 4.0 3.5 3.0 0.0 0.04 0.99 1.00
l 1
T
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 17.82 18.06 1.06 Sharpe Ratio 0.17 0.16 0.00 Info Ratio 0.16
l Rhumbline Large Cap Fund 1 Standard & Poors 500 T 91-Day Treasury Bill
6.27 6.11 3.26
38
City of Ft. Lauderdale Police and Fire Large Neutral Cumulative Performance Comparisons
15% 10% 5% 0% -5% -10% -15% l1 -20% Last Qtr High 1st Qt Median 3rd Qt Low -8.22 -13.86 -13.99 -15.24 -19.03 Last Year 5.27 1.23 1.11 0.46 -5.28 Last 2 Years 9.30 5.83 5.56 4.52 0.74 Last 3 Years 3.77 1.72 1.29 1.04 -1.04 Last 4 Years -0.96 -4.51 -5.09 -5.22 -7.19 Last 5 Years 1.51 -0.61 -1.13 -1.33 -3.24 Last 6 Years 3.06 1.13 0.76 0.46 -0.54 Last 7 Years 4.66 3.00 2.42 2.31 1.70 Last 8 Years 6.24 4.58 3.84 3.68 3.06 Last 9 Last 10 Years Years 8.24 6.61 6.07 5.80 5.31 6.07 4.41 2.94 2.82 2.66 l1 l1 l1 l1 l1 l1 l1 l1 l1 l1
l Rhumbline Large Cap Fund Net Ret -13.83 1.43 5.72 Rank 18 20 32 1 Standard & Poors 500 Net Ret -13.86 1.15 5.55 Rank 27 36 61
1.48 36 1.23 70
-4.90 38 -5.15 71
-0.96 36 -1.18 70
0.92 32 0.73 70
2.46 46 2.29 82
3.81 50 3.67 82
5.92 52 5.79 80
2.95 49 2.81 83
39
City of Ft. Lauderdale Police and Fire Large Neutral Consecutive Performance Comparisons
50% 40% 30% l1 20% 10% 0% -10% l1 -20% -30% -40% -50% 9/30/11 YTD 2010 High 1st Qt Median 3rd Qt Low -3.10 -8.61 -8.70 -9.86 -15.75 20.21 16.64 15.09 14.51 11.23 2009 38.93 29.44 26.70 26.29 18.60 2008 -27.87 -35.51 -36.93 -37.21 -42.02 2007 12.44 5.91 5.51 5.01 -0.20 2006 20.50 16.48 15.80 15.60 11.42 2005 12.80 9.09 5.04 4.88 3.44 2004 19.97 12.84 10.93 10.82 8.16 2003 39.49 31.48 28.73 28.59 24.60 2002 2001 l1 l1 l1 l1 l1 l1 l1 l1 l1
-11.66 8.89 -20.66 -6.89 -22.00 -11.77 -22.08 -11.93 -23.79 -12.38
l Rhumbline Large Cap Fund Net Ret -8.31 14.93 26.51 Rank 19 67 70 1 Standard & Poors 500 Net Ret -8.67 15.05 26.45 Rank 37 62 71
-36.56 35 -36.99 68
5.60 34 5.52 49
15.86 38 15.81 49
4.90 73 4.89 74
10.85 71 10.87 66
28.59 75 28.69 57
-21.92 -11.68 44 48 -22.12 -11.88 83 66
40

Total Returns of Large Neutral Portfolios
3 Years Ending 9/30/11 5.0 4.3 3.6 Annualized Rate of Return 2.9 2.2 1.5 0.8 0.1 -0.5 -1.3 -2.0 16.0 17.8 19.6 21.4 23.2 25.0 26.8 28.6 30.4 32.2 34.0 Median Risk
l 1
Median Return
l 1
Rhumbline Large Cap Fund Standard & Poors 500 Median
5 Years Ending 9/30/11 4.0 3.0 2.0 Annualized Rate of Return 1.0 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 14.0 15.4 16.8 18.2 19.6 21.0 22.4 23.8 25.2 26.6 28.0 Median Risk
l 1
Median Return
l 1
Rhumbline Large Cap Fund Standard & Poors 500 Median
41

Rhumbline Large Cap Fund Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 1 1 3 3 1.02 1.00 0.50 -13.83 -13.86 10.62 10.76 1.43 1.15 1.43 1.15 3 Years Portfolio Bench 4 4 8 8 1.00 0.99 0.50 -21.62 -21.93 15.88 15.93 -6.51 -6.90 49.68 49.75 25.05 25.24 0.99 0.06 1.00 0.05 0.04 1.27 0.40 0.50 5 Years Portfolio Bench 8 8 12 12 1.00 0.99 0.65 -21.62 -21.93 15.88 15.93 -37.64 -38.07 49.68 49.75 20.53 20.68 0.99 0.04 1.00 -0.13 -0.14 -2.72 0.31 0.59 Inception Portfolio Bench 21 21 43 43 1.00 0.99 0.64 -21.62 -21.93 21.07 21.32 -37.64 -38.07 49.68 49.75 17.82 18.06 0.99 0.04 1.00 0.17 0.16 3.05 0.68 0.16
42
City of Ft. Lauderdale Police and Fire Sawgrass as of 9/30/11

Portfolio Performance (%) 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/07
Sawgrass
Russell 1000 Growth Incept 3/31/07 -0.54 0.24
Net of Fee Returns Sawgrass Russell 1000 Growth
Qtr -10.62 -13.14
YTD -2.07 -7.21
1 Year 5.22 3.78
3 Year 3.29 4.69
5 Year
10 Year
33,196 37 -3,525 29,707
33,515 -3,382 -425 29,707
31,193 -3,382 1,896 29,707
41,961 -15,972 3,719 29,707 GICS Sector Allocation
51,428 -19,837 -1,884 29,707
Top Equity Holdings GICS Sector Intl Business McHn Apple Computer Inc Microsoft Corp Coca Cola Co McDonalds Corp Google Inc Directv Celgene Corp Exxon Mobil Corp American Express Co Information Technology Information Technology Information Technology Consumer Staples Consumer Discretionary Information Technology Consumer Discretionary Health Care Energy Financials % Port 5.29 4.87 4.33 3.69 3.64 3.51 3.38 3.35 3.24 2.85
43
City of Ft. Lauderdale Police and Fire Sawgrass as of 9/30/11

Cash & Equiv $1,091 3.67% Domestic Equity $28,616 96.33%
Risk/Return Analysis Periods from 3/07 to 9/11 Alpha Beta R-Squared 1.6 1.4 T 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 0.0 2.0 -0.30 0.84 0.97
Annualized Return%
1 s
4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 18.71 21.98 0.94 Sharpe Ratio -0.10 -0.05 0.00 Info Ratio -0.30
s Sawgrass 1 Russell 1000 Growth T 91-Day Treasury Bill
-0.54 0.24 1.36
44
City of Ft. Lauderdale Police and Fire Large Growth Cumulative Performance Comparisons
15% 10% s 1 5% 0% -5% -10% -15% -20% -25% Last Qtr High 1st Qt Median 3rd Qt Low -9.93 -13.05 -14.64 -16.49 -20.62 Last Year 6.74 4.02 1.12 -1.41 -6.16 Last 2 Years 11.55 8.07 6.26 3.44 -1.16 Last 3 Years 9.81 4.69 3.04 0.89 -1.27 Last 4 Years 0.73 -1.90 -3.24 -5.19 -7.21 s 1 s 1 s 1 s 1
s Sawgrass Net Ret -10.62 Rank 10 1 Russell 1000 Growth Net Ret -13.14 Rank 28
5.22 11 3.78 27
7.70 34 8.13 24
3.29 45 4.69 25
-3.07 47 -2.39 36
45
City of Ft. Lauderdale Police and Fire Large Growth Consecutive Performance Comparisons
60% 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% 9/30/11 YTD High 1st Qt Median 3rd Qt Low -3.40 -6.72 -9.11 -12.23 -15.61 2010 26.45 18.69 15.50 12.65 7.14 2009 54.26 39.38 34.43 29.68 20.58 2008 -29.47 -35.21 -38.55 -42.41 -49.09 s 1 s 1 s 1 s 1
s Sawgrass Net Ret -2.07 Rank 2 1 Russell 1000 Growth Net Ret -7.21 Rank 31
10.69 86 16.72 43
28.88 77 37.21 33
-36.37 33 -38.44 49
46

Total Returns of Large Growth Portfolios
3 Years Ending 9/30/11 12.0 10.2 8.4 Annualized Rate of Return 6.6 4.8 3.0 1.2 -0.5 -2.3 -4.2 -6.0 16.0 17.8 19.6 21.4 23.2 25.0 26.8 28.6 30.4 32.2 34.0 Median Risk
1 s
Median Return
s 1
Sawgrass Russell 1000 Growth Median
47

Sawgrass Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 1 1 3 3 0.91 0.81 0.75 -10.62 -13.14 7.44 11.84 5.22 3.78 5.22 3.78 3 Years Portfolio Bench 4 4 8 8 0.82 0.90 0.42 -21.12 -22.79 13.15 16.32 -4.99 -1.85 40.15 49.75 21.04 24.83 0.84 -0.25 0.98 0.15 0.18 3.67 5.09 -0.45 5 Years Portfolio Bench Inception Portfolio Bench 8 7 10 11 0.81 0.89 0.44 -21.12 -22.79 13.15 16.32 -36.37 -38.44 40.15 49.75 18.71 21.98 0.84 -0.30 0.97 -0.10 -0.05 -2.27 5.04 -0.30
48

Sawgrass Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 44 28,615,904 98,341,490 41,820,942 1.73 14.24 14.65 0.87 3.68 44.20 13.23 Russell 1000 Growth 590 88,265,974 4,923,488 1.74 15.33 16.23 1.00 3.53 41.67 11.41
Ten Largest Holdings Intl Business McHn Apple Computer Inc Microsoft Corp Coca Cola Co McDonalds Corp Google Inc Directv Celgene Corp Exxon Mobil Corp American Express Co
Market Value 1,514,010 1,391,307 1,237,033 1,053,936 1,040,667 1,003,041 967,525 956,664 926,033 814,531
% of Portfolio 5.29 4.87 4.33 3.69 3.64 3.51 3.38 3.35 3.24 2.85
Quarterly Ret 2.49 13.56 -3.67 1.08 4.85 1.58 -16.86 2.65 -10.14 -13.15
Ten Best Performers Apple Computer Inc TJX Cos Inc New Mastercard Inc McDonalds Corp Celgene Corp Intl Business McHn Google Inc Costco Whsl Corp New Coca Cola Co Verizon Communicatio
Quarterly Ret 13.56 5.97 5.30 4.85 2.65 2.49 1.58 1.40 1.08 0.13
Ten Worst Performers Halliburton Co Occidental Pete Corp Dover Corp Schlumberger Ltd Caterpillar Inc CSX Corp E M C Corp Mass 3m Co Walgreen Co Thermo Fisher Scient
Quarterly Ret -40.03 -30.90 -30.88 -30.64 -30.34 -28.40 -23.81 -23.80 -22.06 -21.35
49

Sawgrass Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 44 28,615,904 98,341,490 41,820,942 1.73 14.24 14.65 0.87 3.68 44.20 13.23 Russell 1000 Growth 590 88,265,974 4,923,488 1.74 15.33 16.23 1.00 3.53 41.67 11.41
Ten Best Contributors Apple Computer Inc McDonalds Corp TJX Cos Inc New Intl Business McHn Mastercard Inc Celgene Corp Google Inc Coca Cola Co Costco Whsl Corp New Verizon Communicatio
Market Value 1,391,307 1,040,667 707,243 1,514,010 602,604 956,664 1,003,041 1,053,936 509,144 460,000
% of Portfolio 4.87 3.64 2.47 5.29 2.11 3.35 3.51 3.69 1.78 1.61
Quarterly Ret 13.56 4.85 5.97 2.49 5.30 2.65 1.58 1.08 1.40 0.13
Ten Worst Contributors Occidental Pete Corp E M C Corp Mass Directv Schlumberger Ltd Walgreen Co Medco Health Solutio United Technologies Caterpillar Inc CSX Corp Danaher Corp
Market Value 572,000 734,650 967,525 507,705 638,066 749,068 633,240 398,736 387,403 515,862
% of Portfolio 2.00 2.57 3.38 1.78 2.23 2.62 2.21 1.39 1.35 1.80
Quarterly Ret -30.90 -23.81 -16.86 -30.64 -22.06 -17.04 -19.98 -30.34 -28.40 -20.81
50
Sawgrass Quarter Ending 9/11
Return Portfolio Index -21.55 -22.18 -13.68 -24.24 -23.67 -21.91 -3.92 -11.18 -7.41 -4.46 -12.78 -12.58 -13.15 -17.41 -3.91 -7.40 -7.04 -0.80 -10.65 -13.18
Stock 0.06 0.53 -0.23 1.19 -0.33 -0.03 0.12 0.96 0.00 0.00 2.29
Selection Sector 0.08 0.11 0.07 0.05 -0.07 0.02 0.05 0.02 -0.07 -0.01 0.24
Total 0.15 0.64 -0.16 1.24 -0.39 -0.01 0.17 0.98 -0.07 -0.01 2.53
Index - Russell 1000 Growth Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.28% [ Actual Return -10.92% ] - [ Buy Hold Return -10.65% ]
51
Sawgrass Quarter Ending 9/11
% Allocation 10.31 11.25 5.05 6.01 12.77 13.52 16.42 14.10 11.11 11.87 14.02 10.97 2.88 3.99 27.44 27.05 0.00 1.16 0.00 0.08 -21.55 -22.18 -13.68 -24.24 -23.67 -21.91 -3.92 -11.18 -7.41 -4.46 -12.78 -12.58 -13.15 -17.41 -3.91 -7.40 -0.07 -7.04 -0.01 -0.80 -0.39 -0.16 % Return % Variance
Energy
0.15
Materials
0.64
Industrials
Con. Discretionary
1.24
Consumer Staples
Health Care
-0.01
Financials
0.17
Infomation Tech.
0.98
Telecom. Services
Utilities
Sawgrass
Russell 1000 Growth
52
City of Ft. Lauderdale Police and Fire Systematic Financial Management as of 9/30/11
Portfolio Performance (%) 10.0 5.0 0.0 -5.0 -10.0 -15.0 -20.0 -25.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/02
Systematic Financial Management
Russell 1000 Value Incept 11/30/02 5.94 4.43
Net of Fee Returns Systematic Financial Management Russell 1000 Value
Qtr -22.49 -16.21
YTD -17.80 -11.25
1 Year -6.82 -1.90
3 Year -1.03 -1.52
5 Year -2.87 -3.53
10 Year
35,237 25 -7,925 27,337
37,396 -4,408 -5,650 27,337
32,987 -4,408 -1,241 27,337
39,870 -13,440 907 27,337
71,313 -43,090 -885 27,337 GICS Sector Allocation
42,609 -49,108 33,836 27,337
Top Equity Holdings GICS Sector Chevron Corp J P Morgan Chase & C At&T Inc Unitedhealth Group I Pfizer Inc Discover Finl Svcs General Elec Co First Energy Corp PNC Financial Corp Macys Inc. Energy Financials Telecom Services Health Care Health Care Financials Industrials Utilities Financials Consumer Discretionary % Port 4.78 3.46 3.26 3.20 3.06 2.98 2.84 2.81 2.50 2.47
53
City of Ft. Lauderdale Police and Fire Systematic Financial Management as of 9/30/11
Risk/Return Analysis Periods from 11/02 to 9/11 Alpha Beta R-Squared 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 T 1.5 0.0 0.27 1.02 0.94
s 1
Annualized Return%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Annualized Standard Deviation% Annualized Net Ret s Systematic Financial Man 1 Russell 1000 Value T 91-Day Treasury Bill 5.94 4.43 2.02 Std. Dev. 16.62 16.02 0.55 Sharpe Ratio 0.24 0.15 0.00 Info Ratio 0.22
54
City of Ft. Lauderdale Police and Fire Large Value Cumulative Performance Comparisons
15% 10% 5% 1 0% 1 -5% s -10% -15% -20% s -25% Last Qtr High 1st Qt Median 3rd Qt Low -4.68 -11.69 -15.98 -18.47 -21.92 Last Year 5.90 2.09 -1.83 -4.08 -8.38 Last 2 Years 9.46 6.88 3.65 1.72 -0.98 Last 3 Years 5.79 2.15 0.09 -1.27 -3.00 Last 4 Years -0.55 -4.68 -6.33 -7.57 -8.97 Last 5 Years 2.68 -1.03 -2.41 -3.50 -5.70 Last 6 Years 3.62 1.22 0.04 -0.70 -1.97 Last 7 Years 4.80 3.11 2.53 1.75 0.90 Last 8 Years 7.12 5.58 4.75 3.74 3.04 1 s1 s s1 s1 s1 s1 s1
s Systematic Financial Management Net Ret -22.49 -6.82 1.36 Rank 96 90 80 1 Russell 1000 Value Net Ret -16.21 -1.90 3.37 Rank 58 53 56
-1.03 71 -1.52 80
-7.97 81 -7.57 75
-2.87 55 -3.53 75
-0.61 70 -0.73 77
2.42 52 1.59 78
4.31 63 3.78 72
55
City of Ft. Lauderdale Police and Fire Large Value Consecutive Performance Comparisons
50% 40% 30% 20% 10% 0% -10% -20% s -30% -40% -50% 9/30/11 YTD High 1st Qt Median 3rd Qt Low -0.31 -5.39 -11.14 -13.72 -18.58 2010 21.22 16.34 13.95 11.84 9.48 2009 41.44 29.54 24.49 20.94 16.32 2008 -26.51 -34.31 -36.88 -39.77 -44.44 2007 12.54 6.41 2.38 -0.72 -4.00 2006 24.54 22.03 19.26 16.60 10.33 2005 13.98 11.31 9.28 6.38 4.16 2004 21.82 19.50 15.93 13.27 10.02 2003 41.04 34.18 31.68 29.22 24.27 s1 1 s s 1 1 s 1 s 1 s 1 s1 s 1
s Systematic Financial Management Net Ret -17.80 18.73 23.93 Rank 93 10 55 1 Russell 1000 Value Net Ret -11.25 15.51 19.69 Rank 55 32 86
-39.03 69 -36.85 49
9.10 11 -0.17 72
18.45 62 22.21 20
11.54 24 7.04 70
15.67 53 16.49 46
35.36 18 30.03 64
56

Total Returns of Large Value Portfolios
3 Years Ending 9/30/11 5.0 4.0 3.0 Annualized Rate of Return 2.0 1.0 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 16.0 18.4 20.8 23.2 25.6 28.0 30.4 32.8 35.2 37.6 40.0 Median Return Median Risk
Historical Standard Deviation of Return Annualized Net of Fee Return Value Rank -1.03 71 -1.52 80 0.09 Standard Deviation Value Rank 28.55 74 27.55 56 27.48
s 1
Systematic Financial Management Russell 1000 Value Median
5 Years Ending 9/30/11 5.0 3.6 2.2 Annualized Rate of Return 0.8 -0.5 -1.9 -3.3 -4.7 -6.2 -7.6 -9.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 Median Risk
Median Return
s 1
Systematic Financial Management Russell 1000 Value Median
57

Systematic Financial Management Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 2 2 2 2 1.17 1.37 0.50 -22.49 -16.21 13.37 10.54 -6.82 -1.90 -6.82 -1.90 3 Years Portfolio Bench 5 5 7 7 1.07 1.03 0.67 -22.49 -22.17 19.48 18.24 -6.82 -10.62 53.17 53.57 28.55 27.55 1.01 0.19 0.96 -0.04 -0.06 -1.23 5.85 0.11 5 Years Portfolio Bench 9 10 11 10 1.10 1.03 0.65 -22.49 -22.17 19.48 18.24 -39.78 -42.42 53.17 53.57 23.61 22.26 1.03 0.27 0.94 -0.19 -0.24 -4.48 5.93 0.14 Inception Portfolio Bench 11 11 24 24 1.07 1.01 0.60 -22.49 -22.17 19.48 18.24 -39.78 -42.42 53.17 53.57 19.71 18.79 1.02 0.27 0.94 0.20 0.16 3.90 4.70 0.22
58

Systematic Financial Management Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 77 27,009,553 46,200,144 13,652,235 2.31 10.59 11.52 1.30 1.16 55.94 -0.01 Russell 1000 Value 656 66,090,131 4,089,574 2.85 12.61 12.92 1.04 1.29 53.27 0.18
Ten Largest Holdings Chevron Corp J P Morgan Chase & C At&T Inc Unitedhealth Group I Pfizer Inc Discover Finl Svcs General Elec Co First Energy Corp PNC Financial Corp Macys Inc.
Market Value 1,288,341 933,720 878,416 862,444 825,656 802,900 765,048 758,979 674,660 665,896
% of Portfolio 4.78 3.46 3.26 3.20 3.06 2.98 2.84 2.81 2.50 2.47
Quarterly Ret -9.32 -25.99 -7.95 -10.27 -13.22 -14.05 -18.44 3.01 -18.66 -9.63
Ten Best Performers Bristol Myers Squibb Nisource Inc Ppl Corp American Wtr Wks Co First Energy Corp Lorillard Inc Intl Business McHn Visa Inc Broadcom Corp Annaly Capital Mgmt.
Quarterly Ret 8.36 6.77 3.82 3.36 3.01 2.87 2.49 1.91 -0.77 -4.50
Ten Worst Performers Alcatel-Lucent Huntsman Corp Lincoln Natl Corp In Hertz Global Holding Atmel Corp Denbury Res Inc Freeport-McMoran Cop Owens Corning New Alcoa Inc Citigroup Inc
Quarterly Ret -50.95 -48.28 -45.05 -43.95 -42.64 -42.50 -42.18 -41.95 -39.53 -38.46
59

Systematic Financial Management Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 77 27,009,553 46,200,144 13,652,235 2.31 10.59 11.52 1.30 1.16 55.94 -0.01 Russell 1000 Value 656 66,090,131 4,089,574 2.85 12.61 12.92 1.04 1.29 53.27 0.18
Ten Best Contributors Bristol Myers Squibb First Energy Corp Nisource Inc American Wtr Wks Co Ppl Corp Intl Business McHn Lorillard Inc Visa Inc Broadcom Corp Annaly Capital Mgmt.
Market Value 379,698 758,979 192,955 354,615 222,612 293,175 146,678 137,152 199,740 242,798
% of Portfolio 1.41 2.81 0.72 1.31 0.83 1.09 0.54 0.51 0.74 0.90
Quarterly Ret 8.36 3.01 6.77 3.36 3.82 2.49 2.87 1.91 -0.77 -4.50
Ten Worst Contributors J P Morgan Chase & C Metlife Inc Citigroup Inc Atmel Corp National-Oilwell Inc Freeport-McMoran Cop General Elec Co PNC Financial Corp Chevron Corp Prudential Finl Inc
Market Value 933,720 518,185 465,515 370,413 445,614 362,355 765,048 674,660 1,288,341 451,028
% of Portfolio 3.46 1.92 1.73 1.37 1.65 1.34 2.84 2.50 4.78 1.67
Quarterly Ret -25.99 -36.15 -38.46 -42.64 -34.40 -42.18 -18.44 -18.66 -9.32 -26.31
60
Systematic Financial Management Quarter Ending 9/11
Return Portfolio Index -25.63 -20.50 -38.13 -25.03 -28.63 -21.79 -19.41 -19.09 -17.76 -4.29 -14.11 -9.55 -27.29 -22.87 -25.22 -14.16 -11.71 -9.39 3.76 0.28 -23.07 -16.24
Stock -0.71 -0.92 -0.57 -0.03 -0.67 -0.60 -1.10 -1.11 -0.09 0.11 -5.71
Selection Sector -0.09 -0.36 0.06 -0.03 -0.27 0.06 0.13 0.03 -0.05 -0.60 -1.12
Total -0.80 -1.28 -0.51 -0.07 -0.94 -0.54 -0.97 -1.08 -0.15 -0.49 -6.83
Index - Russell 1000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.39%
[ Actual Return -22.68% ] - [ Buy Hold Return -23.07% ]
61
Systematic Financial Management Quarter Ending 9/11
% Allocation 13.92 11.82 7.02 2.88 8.39 9.50 10.30 9.08 4.98 7.22 13.26 12.31 24.89 26.89 10.04 8.71 3.98 4.75 3.22 6.85 % Return -25.63 -20.50 -38.13 -25.03 -28.63 -21.79 -19.41 -19.09 -17.76 -4.29 -14.11 -9.55 -27.29 -22.87 -25.22 -14.16 -11.71 -9.39 3.76 0.28 -0.94 % Variance
Energy
-0.80
Materials
-1.28
Industrials
-0.51
Con. Discretionary
-0.07
Consumer Staples
Health Care
-0.54
Financials
-0.97
Infomation Tech.
-1.08
Telecom. Services
-0.15
Utilities
-0.49
Systematic Financial Management
Russell 1000 Value
62
City of Ft. Lauderdale Police and Fire Lee Munder Small Cap Value as of 9/30/11
Portfolio Performance (%) 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 -18.0 -20.0 -22.0 -24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/06
Lee Munder Small Cap Value
Russell 2000 Value Incept 11/30/06 0.87 -4.73
Net of Fee Returns Lee Munder Small Cap Value Russell 2000 Value
Qtr -22.42 -21.47
YTD -19.73 -18.52
1 Year -8.27 -6.00
3 Year 2.18 -2.79
5 Year
10 Year
28,934 47 -6,487 22,494
27,861 156 -5,523 22,494
24,380 156 -2,041 22,494
23,513 -2,345 1,326 22,494 GICS Sector Allocation
26,182 -4,424 736 22,494
Top Equity Holdings GICS Sector Great Plains Energy Agl Res Inc Corn Prods Intl Inc Towers Watson & Co Kaydon Corp Teledyne Technologie Coherent Inc Mid-Amer Apt Cmntys Swift Energy Co Infinity Ppty & Cas Utilities Utilities Consumer Staples Industrials Industrials Industrials Information Technology Financials Energy Financials % Port 2.88 1.90 1.77 1.68 1.62 1.59 1.56 1.49 1.49 1.47
63
City of Ft. Lauderdale Police and Fire Lee Munder Small Cap Value as of 9/30/11
Risk/Return Analysis Periods from 11/06 to 9/11 Alpha Beta R-Squared 2.0 1.5 T 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 -3.0 -3.5 -4.0 -4.5 -5.0 0.0 2.0 1.39 0.97 0.97
Annualized Return%
1
4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 22.62 24.42 0.61 Sharpe Ratio -0.03 -0.26 0.00 Info Ratio 1.34
l Lee Munder Small Cap Val 1 Russell 2000 Value T 91-Day Treasury Bill
0.87 -4.73 1.62
64
City of Ft. Lauderdale Police and Fire Small Value Cumulative Performance Comparisons
10% 5% 0% -5% -10% -15% -20% l 1 -25% -30% Last Qtr High 1st Qt Median 3rd Qt Low -17.31 -19.22 -20.96 -22.70 -25.36 Last Year 0.28 -2.16 -5.19 -6.02 -10.02 Last 2 Years 8.53 6.70 4.66 3.51 1.91 Last 3 Years 5.74 2.46 0.67 -0.22 -1.35 Last 4 Years 0.75 -0.89 -3.27 -4.80 -5.38 l 1 l
l l 1 1
l Lee Munder Small Cap Value Net Ret -22.42 Rank 71 1 Russell 2000 Value Net Ret -21.47 Rank 59
-8.27 94 -6.00 73
3.87 64 2.53 84
2.18 33 -2.79 99
-0.83 22 -5.24 85
65
City of Ft. Lauderdale Police and Fire Small Value Consecutive Performance Comparisons
60% 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 9/30/11 YTD High 1st Qt Median 3rd Qt Low -11.88 -14.25 -17.42 -19.57 -22.02 2010 33.44 30.90 28.08 24.15 21.47 2009 53.30 35.72 26.24 23.62 18.36 2008 -23.21 -28.67 -30.43 -33.57 -38.47 2007 7.22 -1.48 -5.10 -9.60 -11.83 l 1 l 1 l 1 l 1 l 1
l Lee Munder Small Cap Value Net Ret -19.73 Rank 78 1 Russell 2000 Value Net Ret -18.52 Rank 65
26.73 60 24.51 71
36.72 21 20.57 93
-26.01 16 -28.92 28
0.66 18 -9.77 76
66

Total Returns of Small Value Portfolios
3 Years Ending 9/30/11 6.0 5.0 4.0 Annualized Rate of Return 3.0 2.0 1.0 0.0 -1.0 -2.0 -3.0 -4.0 18.0 20.8 23.6 26.4 29.2 Median Risk
l
Median Return
1
32.0 34.8 37.6 40.4 43.2 46.0
Historical Standard Deviation of Return Annualized Net of Fee Return Value Rank 2.18 33 -2.79 99 0.67 Standard Deviation Value Rank 31.93 36 32.52 54 32.46
l 1
Lee Munder Small Cap Value Russell 2000 Value Median
67

Lee Munder Small Cap Value Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 2 2 2 2 0.85 0.99 0.25 -22.42 -21.47 14.28 15.36 -8.27 -6.00 -8.27 -6.00 3 Years Portfolio Bench 5 5 7 7 1.08 0.92 0.58 -23.28 -24.89 22.56 22.70 -8.27 -12.62 73.81 65.05 31.93 32.52 0.97 1.20 0.98 0.06 -0.09 2.03 4.62 1.02 5 Years Portfolio Bench 9 9 10 10 Inception Portfolio Bench 9 9 10 10 1.15 0.88 0.63 -23.28 -24.89 22.56 22.70 -33.86 -38.89 73.81 65.05 25.71 26.19 0.97 1.39 0.97 -0.03 -0.25 -0.84 4.25 1.34
0.63 -23.28 22.56 -33.86 73.81
-24.89 22.70 -38.89 65.05
68

Lee Munder Small Cap Value Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 107 21,954,511 1,490,520 1,088,943 1.79 19.16 13.26 1.19 1.13 44.55 0.09 Russell 2000 Value 1,364 926,696 348,432 2.50 19.45 11.10 1.19 1.01 47.66 -0.06
Ten Largest Holdings Great Plains Energy Agl Res Inc Corn Prods Intl Inc Towers Watson & Co Kaydon Corp Teledyne Technologie Coherent Inc Mid-Amer Apt Cmntys Swift Energy Co Infinity Ppty & Cas
Market Value 620,572 408,948 382,080 362,386 348,347 343,290 335,775 322,117 320,314 317,242
% of Portfolio 2.88 1.90 1.77 1.68 1.62 1.59 1.56 1.49 1.49 1.47
Quarterly Ret -5.85 1.23 -28.73 -8.87 -22.67 -2.98 -22.27 -9.95 -34.69 -3.64
Ten Best Performers Tns Inc Proassurance Corp Agl Res Inc Comtech Telecommunic Education Rlty Tr In Sanderson Farms Inc Schweitzer-Mauduit I Caseys Gen Stores Westar Energy Inc Clean Harbors Inc
Quarterly Ret 13.25 3.24 1.23 1.05 1.03 0.15 -0.23 -0.46 -0.59 -0.63
Ten Worst Performers Ferro Corp School Specialty Inc Huntsman Corp Synovus Finl Corp Key Energy Svcs Inc General Cable Corp D Cooper Tire & Rubr Kadant Inc Healthsouth Corp WMS Industries Inc
Quarterly Ret -54.24 -50.45 -48.28 -48.17 -47.28 -45.16 -44.50 -43.64 -43.12 -42.74
69

Lee Munder Small Cap Value Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 107 21,954,511 1,490,520 1,088,943 1.79 19.16 13.26 1.19 1.13 44.55 0.09 Russell 2000 Value 1,364 926,696 348,432 2.50 19.45 11.10 1.19 1.01 47.66 -0.06
Ten Best Contributors Tns Inc Proassurance Corp Agl Res Inc Education Rlty Tr In Comtech Telecommunic Sanderson Farms Inc Schweitzer-Mauduit I Westar Energy Inc Caseys Gen Stores Clean Harbors Inc
Market Value 255,906 315,520 408,948 191,720 173,203 194,940 185,544 130,119 188,699 200,327
% of Portfolio 1.19 1.46 1.90 0.89 0.80 0.90 0.86 0.60 0.87 0.93
Quarterly Ret 13.25 3.24 1.23 1.03 1.05 0.15 -0.23 -0.59 -0.46 -0.63
Ten Worst Contributors Zions Bancorp Cooper Tire & Rubr Healthsouth Corp Swift Energy Co Corn Prods Intl Inc Digital Riv Inc Key Energy Svcs Inc Brocade Communicatio Berry Pete Co WMS Industries Inc
Market Value 303,518 255,109 262,440 320,314 382,080 305,229 228,045 281,759 268,393 190,429
% of Portfolio 1.41 1.18 1.22 1.49 1.77 1.42 1.06 1.31 1.24 0.88
Quarterly Ret -41.36 -44.50 -43.12 -34.69 -28.73 -35.54 -47.28 -33.13 -33.29 -42.74
70
Lee Munder Small Cap Value Quarter Ending 9/11
Return Portfolio Index -38.12 -31.88 -22.17 -24.66 -24.12 -25.53 -25.84 -24.14 -24.16 -16.30 -19.83 -26.59 -19.60 -17.85 -21.62 -25.61 -31.91 -2.61 -3.12 -22.16 -21.46
Stock -0.38 0.20 0.28 -0.16 -0.49 0.28 -0.47 0.60 0.00 0.03 -0.11
Selection Sector -0.07 -0.09 -0.18 0.07 0.17 0.08 -0.27 -0.11 0.09 -0.28 -0.59
Total -0.45 0.11 0.10 -0.09 -0.32 0.36 -0.74 0.48 0.09 -0.25 -0.70
Index - Russell 2000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.44% [ Actual Return -22.61% ] - [ Buy Hold Return -22.16% ]
71
Lee Munder Small Cap Value Quarter Ending 9/11
% Allocation 6.10 5.39 8.20 5.27 19.61 15.23 9.26 11.87 6.18 2.89 4.19 5.75 26.61 34.09 14.94 12.22 0.00 0.86 4.92 6.42 -38.12 -31.88 -22.17 -24.66 -24.12 -25.53 -25.84 -24.14 -24.16 -16.30 -19.83 -26.59 -19.60 -17.85 -21.62 -25.61 0.09 -31.91 -2.61 -3.12 -0.25 -0.74 -0.09 % Return % Variance
Energy
-0.45
Materials
0.11
Industrials
0.10
Con. Discretionary
Consumer Staples
-0.32
Health Care
0.36
Financials
Infomation Tech.
0.48
Telecom. Services
Utilities
Lee Munder Small Cap Value
Russell 2000 Value
72
City of Ft. Lauderdale Police and Fire Eagle Asset Management as of 9/30/11
Portfolio Performance (%) 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 -18.0 -20.0 -22.0 -24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11
Eagle Asset Management
Russell 2000 Growth Incept 6/30/11 -23.41 -22.26
Net of Fee Returns Eagle Asset Management Russell 2000 Growth
Qtr -23.41 -22.26
YTD
1 Year
3 Year
5 Year
10 Year
10,795 15 -2,527 8,284 GICS Sector Allocation % Port 4.52 2.99 2.68 2.54 2.46 2.35 2.29 2.08 2.07 2.05 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities
10,795 15 -2,527 8,284
Top Equity Holdings GICS Sector Genesco Inc Lufkin Inds Inc Vitamin Shoppe Inc Bjs Restaurants Inc Quality Sys Inc Huron Consulting Gro Sirona Dental System Thoratec Corp. Ezcorp Inc Coherent Inc Consumer Discretionary Energy Consumer Discretionary Consumer Discretionary Health Care Industrials Health Care Health Care Financials Information Technology
% Port 7.71 5.73 17.05 18.45 2.28 19.86 6.43 22.50 0.00 0.00
73
City of Ft. Lauderdale Police and Fire Eagle Asset Management as of 9/30/11
Risk/Return Analysis (Number of returns < 12) Periods from 6/11 to 9/11 Alpha N/A Beta N/A R-Squared N/A 2.0 0.0 T -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 -18.0 -20.0 -22.0 1 -24.0 E -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 Annualized Standard Deviation% Annualized Net Ret E Eagle Asset Management 1 Russell 2000 Growth T 91-Day Treasury Bill -23.41 -22.26 0.02 Std. Dev. 9.38 13.24 0.05 Sharpe Ratio -2.50 -1.68 0.00 Info Ratio
Annualized Return%
74
City of Ft. Lauderdale Police and Fire Small Growth Cumulative Performance Comparisons
-15% -16% -17% -18% -19% -20% -21% -22% -23% -24% -25% -26% Last Qtr High 1st Qt Median 3rd Qt Low -15.71 -19.52 -20.51 -21.97 -24.89 E 1
E Eagle Asset Management Return -23.41 Rank 86 1 Russell 2000 Growth Return -22.26 Rank 78
75

Eagle Asset Management Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 89 8,091,104 1,319,688 972,518 0.45 22.77 18.77 1.30 2.16 20.93 4.16 Russell 2000 Growth 1,159 1,180,752 480,039 0.80 28.02 13.30 1.27 2.75 25.94 5.91
Ten Largest Holdings Genesco Inc Lufkin Inds Inc Vitamin Shoppe Inc Bjs Restaurants Inc Quality Sys Inc Huron Consulting Gro Sirona Dental System Thoratec Corp. Ezcorp Inc Coherent Inc
Market Value 365,708 242,106 216,890 205,112 198,850 189,893 185,544 168,259 167,416 165,740
% of Portfolio 4.52 2.99 2.68 2.54 2.46 2.35 2.29 2.08 2.07 2.05
Quarterly Ret -1.09 -38.04 -18.18 -15.76 11.52 3.05 -20.13 -0.55 -19.78 -22.27
Ten Best Performers Universal Display Co Biomarin Pharmaceuti Quality Sys Inc Waste Connections In Huron Consulting Gro Rightnow Technologie Dfc Global Corp Thoratec Corp. Genesco Inc Fresh Mkt Inc
Quarterly Ret 36.62 17.13 11.52 6.84 3.05 2.01 0.92 -0.55 -1.09 -1.34
Ten Worst Performers Meritor Inc Commercial Veh Group Monster Worldwide In Veeco Instrs Inc Del Tpc Group Inc Huntsman Corp Sodastream Internati Netscout Sys Inc Korn Ferry Intl Oyo Geospace Corp
Quarterly Ret -55.99 -53.70 -51.02 -49.60 -48.80 -48.28 -45.65 -45.33 -44.57 -43.71
76

Eagle Asset Management Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 89 8,091,104 1,319,688 972,518 0.45 22.77 18.77 1.30 2.16 20.93 4.16 Russell 2000 Growth 1,159 1,180,752 480,039 0.80 28.02 13.30 1.27 2.75 25.94 5.91
Ten Best Contributors Universal Display Co Quality Sys Inc Waste Connections In Biomarin Pharmaceuti Huron Consulting Gro Rightnow Technologie Dfc Global Corp Francescas Hldgs Cor Thoratec Corp. Fresh Mkt Inc
Market Value 94,969 198,850 155,572 60,553 189,893 155,401 40,707 39,917 168,259 94,141
% of Portfolio 1.17 2.46 1.92 0.75 2.35 1.92 0.50 0.49 2.08 1.16
Quarterly Ret 36.62 11.52 6.84 17.13 3.05 2.01 0.92 -0.55 -1.34
Ten Worst Contributors Lufkin Inds Inc Robbins & Myers Inc Rti Intl Metals Inc Oyo Geospace Corp Ancestry Com Inc Meritor Inc Vitamin Shoppe Inc Informatica Corp Quaker Chem Corp Sirona Dental System
Market Value 242,106 163,137 142,252 124,964 114,469 72,718 216,890 131,040 99,144 185,544
% of Portfolio 2.99 2.02 1.76 1.54 1.41 0.90 2.68 1.62 1.23 2.29
Quarterly Ret -38.04 -34.27 -39.22 -43.71 -43.22 -55.99 -18.18 -29.92 -39.41 -20.13
77
City of Ft. Lauderdale Police and Fire Franklin Portfolio Advisors as of 9/30/11
Portfolio Performance (%) 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 -18.0 -20.0 -22.0 -24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11
Franklin Portfolio Advisors
Russell 2000 Growth Incept 6/30/11 -20.36 -22.26
Net of Fee Returns Franklin Portfolio Advisors Russell 2000 Growth
Qtr -20.36 -22.26
YTD
1 Year
3 Year
5 Year
10 Year
10,278 15 -2,093 8,200 GICS Sector Allocation % Port 5.14 4.52 4.10 4.04 3.74 3.42 3.00 2.95 2.77 2.68 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities
10,278 15 -2,093 8,200
Top Equity Holdings GICS Sector Shuffle Master Inc Bottomline Tech Del Sunopta Inc Computer Programs & Casella Waste Sys In Coherent Inc Cogent Comm Group In Lionbridge Technolog Rightnow Technologie Faro Technologies In Consumer Discretionary Information Technology Consumer Staples Health Care Industrials Information Technology Telecom Services Information Technology Information Technology Information Technology
% Port 4.48 3.24 12.32 15.76 4.58 14.67 3.06 38.88 3.00 0.00
78
City of Ft. Lauderdale Police and Fire Franklin Portfolio Advisors as of 9/30/11
Risk/Return Analysis (Number of returns < 12) Periods from 6/11 to 9/11 Alpha N/A Beta N/A R-Squared N/A 2.0 0.0 T -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 -18.0 -20.0 F -22.0 1 -24.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 Annualized Standard Deviation% Annualized Net Ret F Franklin Portfolio Advis 1 Russell 2000 Growth T 91-Day Treasury Bill -20.36 -22.26 0.02 Std. Dev. 10.54 13.24 0.05 Sharpe Ratio -1.93 -1.68 0.00 Info Ratio
Annualized Return%
79
City of Ft. Lauderdale Police and Fire Small Growth Cumulative Performance Comparisons
-15% -16% -17% -18% -19% -20% -21% -22% -23% -24% -25% -26% Last Qtr High 1st Qt Median 3rd Qt Low -15.71 -19.52 -20.51 -21.97 -24.89 1 F
F Franklin Portfolio Advisors Net Ret -20.36 Rank 45 1 Russell 2000 Growth Net Ret -22.26 Rank 78
80

Franklin Portfolio Advisors Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 61 7,529,901 965,235 731,817 0.71 26.98 17.64 1.19 1.83 21.88 0.68 Russell 2000 Growth 1,159 1,180,752 480,039 0.80 28.02 13.30 1.27 2.75 25.94 5.91
Ten Largest Holdings Shuffle Master Inc Bottomline Tech Del Sunopta Inc Computer Programs & Casella Waste Sys In Coherent Inc Cogent Comm Group In Lionbridge Technolog Rightnow Technologie Faro Technologies In
Market Value 386,860 340,366 308,618 304,290 281,936 257,760 225,960 222,138 208,215 201,920
% of Portfolio 5.14 4.52 4.10 4.04 3.74 3.42 3.00 2.95 2.77 2.68
Quarterly Ret -10.10 -18.49 -30.66 4.81 -13.77 -22.27 -20.93 -22.64 2.01 -27.97
Ten Best Performers Athenahealth Inc Computer Programs & Rightnow Technologie Regal Entmt Group Peets Coffee & Tea I Pharmaceutical Prod Allegiant Travel Co Shuffle Master Inc Clarcor Inc Jack In the Box Inc
Quarterly Ret 44.89 4.81 2.01 -3.41 -3.57 -3.89 -4.79 -10.10 -12.29 -12.55
Ten Worst Performers Reald Inc Shoretel Inc Comstock Res Inc Str Hldgs Inc Polycom Inc Intermec Inc Servicesource Intl L Ixia Electro Scientific Cost Plus Inc Calif
Quarterly Ret -60.03 -51.18 -46.30 -45.64 -42.86 -40.94 -40.55 -40.08 -38.39 -37.00
81

Franklin Portfolio Advisors Period Ending 9/11
Portfolio Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth 61 7,529,901 965,235 731,817 0.71 26.98 17.64 1.19 1.83 21.88 0.68 Russell 2000 Growth 1,159 1,180,752 480,039 0.80 28.02 13.30 1.27 2.75 25.94 5.91
Ten Best Contributors Athenahealth Inc Computer Programs & Rightnow Technologie Methode Electrs Inc Peets Coffee & Tea I Regal Entmt Group Pharmaceutical Prod Allegiant Travel Co Higher One Hldgs Inc Boston Beer Inc
Market Value 113,145 304,290 208,215 3,210 55,640 76,310 123,168 108,399 48,810 36,350
% of Portfolio 1.50 4.04 2.77 0.04 0.74 1.01 1.64 1.44 0.65 0.48
Quarterly Ret 44.89 4.81 2.01 -35.59 -3.57 -3.41 -3.89 -4.79 -14.01 -18.86
Ten Worst Contributors Sunopta Inc Reald Inc Bottomline Tech Del Cost Plus Inc Calif Coherent Inc Faro Technologies In Shoretel Inc Electro Scientific Lionbridge Technolog Greatbatch Inc
Market Value 308,618 115,005 340,366 156,870 257,760 201,920 108,066 139,113 222,138 188,094
% of Portfolio 4.10 1.53 4.52 2.08 3.42 2.68 1.44 1.85 2.95 2.50
Quarterly Ret -30.66 -60.03 -18.49 -37.00 -22.27 -27.97 -51.18 -38.39 -22.64 -25.39
82
City of Ft. Lauderdale Police and Fire Artio IE II Group Trust as of 9/30/11
Portfolio Performance (%) 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 -18.0 -20.0 -22.0 -24.0 -26.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/07 MSCI ACWI ex US (Net)
Artio IE II Group Trust
MSCI EAFE (Net)
Net of Fee Returns Artio IE II Group Trust MSCI EAFE (Net) MSCI ACWI ex US (Net)
Qtr -24.62 -19.01 -19.85
YTD -23.31 -14.98 -16.80
1 Year -18.48 -9.36 -10.81
3 Year -5.34 -1.13 0.52
5 Year
10 Year
Incept 11/30/07 -12.55 -9.98 -8.81
29,769 48 -7,330 22,487
29,143 166 -6,822 22,487
27,415 166 -5,093 22,487
7,868 18,210 -3,590 22,487
11,160 18,210 -6,883 22,487
83
City of Ft. Lauderdale Police and Fire Artio IE II Group Trust as of 9/30/11
Intl Equity $22,487 100.00%
Risk/Return Analysis Periods from 11/07 to 9/11 Alpha Beta R-Squared -0.93 0.96 0.97
2.0 1.0 0.0 T -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 -7.0 -8.0 -9.0 2 -10.0 1 -11.0 -12.0 a -13.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 24.09 24.75 25.64 0.35 Sharpe Ratio -0.55 -0.43 -0.37 0.00 Info Ratio -0.75
Annualized Return%
a 1 2 T
Artio IE II Group Trust MSCI EAFE (Net) MSCI ACWI ex US (N 91-Day Treasury Bill
-12.55 -9.98 -8.81 0.72
84

Total Returns of International Equity Portfolios Periods Ending 9/11
15% 10% 5% 0% -5% -10% -15% -20% -25% -30% Last Qtr High 1st Qt Median 3rd Qt Low -8.93 -17.81 -20.39 -21.72 -24.88 Last Year 0.98 -7.68 -10.51 -12.67 -18.85 Last 2 Years 6.70 0.91 -2.04 -3.25 -5.77 Last 3 Years 9.45 3.24 0.38 -1.15 -4.69 a 1 2 a a 1 2 1 2 a 1 2
a Artio IE II Group Trust Net Ret -24.62 Rank 94 1 MSCI EAFE (Net) Net Ret -19.01 Rank 33 2 MSCI ACWI ex US (Net) Net Ret -19.85 Rank 43
-18.48 94 -9.36 36 -10.81 53
-7.45 97 -3.25 75 -2.05 50
-5.34 96 -1.13 74 0.52 46
85
Total Returns of International Equity Portfolios Years Ending December
80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% -60%
2 1 a a 1 2 1 2 a a 1 2
9/30/11 YTD High 1st Qt Median 3rd Qt Low -4.39 -14.17 -16.77 -18.98 -24.43
2010 24.78 17.02 11.98 8.45 2.37
2009 75.57 42.19 35.69 26.17 9.83
2008 -24.16 -40.27 -43.33 -47.40 -57.57
a Artio IE II Group Trust Net Ret -23.31 Rank 92 1 MSCI EAFE (Net) Net Ret -14.98 Rank 31 2 MSCI ACWI ex US (Net) Net Ret -16.80 Rank 50
8.43 75 7.75 80 11.15 55
23.85 81 31.77 63 41.44 27
-41.64 35 -43.38 50 -45.52 63
86

Total Returns of International Equity Portfolios
3 Years Ending 9/30/11 10.0 8.0 6.0 Annualized Rate of Return 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 Median Return Median Risk
2 1 a
Historical Standard Deviation of Return Annualized Net of Fee Return Value Rank -5.34 96 -1.13 74 0.52 46 0.38 Standard Deviation Value Rank 29.16 36 30.16 43 31.03 52 30.94
a 1 2
Artio IE II Group Trust MSCI EAFE (Net) MSCI ACWI ex US (Net) Median
87

Artio IE II Group Trust Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 2 1 2 3 0.68 1.30 0.00 -24.62 -19.01 6.29 6.61 -18.48 -9.36 -18.48 -9.36 3 Years Portfolio Bench 5 4 7 8 0.85 1.04 0.25 -24.62 -19.95 19.60 25.43 -18.48 -9.36 47.14 54.44 29.16 30.16 0.95 -1.08 0.97 -0.19 -0.04 -5.83 5.00 -0.90 5 Years Portfolio Bench Inception Portfolio Bench 8 7 7 8 0.85 1.03 0.27 -24.62 -20.56 19.60 25.43 -45.70 -46.50 47.14 54.44 28.30 29.19 0.96 -0.93 0.97 -0.47 -0.35 -13.94 4.67 -0.75
88
City of Ft. Lauderdale Police and Fire Thornburg as of 9/30/11

Portfolio Performance (%) 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 -18.0 -20.0 -22.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/07 MSCI ACWI ex US (Net)
Thornburg
MSCI EAFE (Net)
Net of Fee Returns Thornburg MSCI EAFE (Net) MSCI ACWI ex US (Net)
Qtr -21.35 -19.01 -19.85
YTD -17.43 -14.98 -16.80
1 Year -10.80 -9.36 -10.81
3 Year 0.37 -1.13 0.52
5 Year
10 Year
Incept 11/30/07 -8.03 -9.98 -8.81
36,814 -62 -7,797 28,955
31,714 3,307 -6,067 28,955
29,355 3,287 -3,687 28,955
7,709 21,739 -494 28,955
10,826 21,665 -3,536 28,955
89
City of Ft. Lauderdale Police and Fire Thornburg as of 9/30/11

Intl Equity $28,955 100.00%
Risk/Return Analysis Periods from 11/07 to 9/11 Alpha Beta R-Squared 0.14 0.91 0.98
1.0 0.0 T -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 -7.0 -8.0 t -9.0 2 -10.0 1 -11.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 22.55 24.75 25.64 0.35 Sharpe Ratio -0.39 -0.43 -0.37 0.00 Info Ratio 0.22
Annualized Return%
t 1 2 T
Thornburg MSCI EAFE (Net) MSCI ACWI ex US (N 91-Day Treasury Bill
-8.03 -9.98 -8.81 0.72
90

Total Returns of International Equity Portfolios Periods Ending 9/11
15% 10% 5% 0% -5% -10% -15% -20% -25% -30% Last Qtr High 1st Qt Median 3rd Qt Low -8.93 -17.81 -20.39 -21.72 -24.88 Last Year 0.98 -7.68 -10.51 -12.67 -18.85 Last 2 Years 6.70 0.91 -2.04 -3.25 -5.77 Last 3 Years 9.45 3.24 0.38 -1.15 -4.69 t 1 2 t 1 2 t t 1 2 1 2
t Thornburg Net Ret -21.35 Rank 69 1 MSCI EAFE (Net) Net Ret -19.01 Rank 33 2 MSCI ACWI ex US (Net) Net Ret -19.85 Rank 43
-10.80 53 -9.36 36 -10.81 53
-1.08 41 -3.25 75 -2.05 50
0.37 50 -1.13 74 0.52 46
91
Total Returns of International Equity Portfolios Years Ending December
80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% -60%
2 t 1 t 1 2
t 1 2 t 1 2
9/30/11 YTD High 1st Qt Median 3rd Qt Low -4.39 -14.17 -16.77 -18.98 -24.43
2010 24.78 17.02 11.98 8.45 2.37
2009 75.57 42.19 35.69 26.17 9.83
2008 -24.16 -40.27 -43.33 -47.40 -57.57
t Thornburg Net Ret -17.43 Rank 61 1 MSCI EAFE (Net) Net Ret -14.98 Rank 31 2 MSCI ACWI ex US (Net) Net Ret -16.80 Rank 50
14.23 37 7.75 80 11.15 55
33.47 56 31.77 63 41.44 27
-42.03 38 -43.38 50 -45.52 63
92

Total Returns of International Equity Portfolios
3 Years Ending 9/30/11 10.0 8.0 6.0 Annualized Rate of Return 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 Median Return Median Risk
t 1
Historical Standard Deviation of Return Annualized Net of Fee Return Value Rank 0.37 50 -1.13 74 0.52 46 0.38 Standard Deviation Value Rank 27.84 20 30.16 43 31.03 52 30.94
t 1 2
Thornburg MSCI EAFE (Net) MSCI ACWI ex US (Net) Median
93

Thornburg Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 1 1 3 3 1.17 1.12 0.50 -21.20 -19.01 8.11 6.61 -10.24 -9.36 -10.24 -9.36 3 Years Portfolio Bench 4 4 8 8 0.96 0.93 0.58 -21.20 -19.95 23.51 25.43 -10.24 -9.36 51.00 54.44 27.82 30.16 0.91 0.35 0.98 0.01 -0.04 0.40 5.00 0.21 5 Years Portfolio Bench Inception Portfolio Bench 7 7 8 8 0.96 0.94 0.53 -21.20 -20.56 23.51 25.43 -42.03 -46.50 51.00 54.44 26.93 29.19 0.91 0.18 0.98 -0.32 -0.35 -9.37 4.77 0.25
94
City of Ft. Lauderdale Police and Fire Agincourt as of 9/30/11

Portfolio Performance (%) 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/95
Agincourt
Barclays U.S. Aggregate Incept 12/31/95 6.41 6.18
Net of Fee Returns Agincourt Barclays U.S. Aggregate
Qtr 2.74 3.82
YTD 5.81 6.65
1 Year 4.38 5.26
3 Year 9.38 7.97
5 Year 6.69 6.53
10 Year 5.91 5.67
82,656 45 2,264 84,965
80,168 133 4,664 84,965
73,705 7,733 3,527 84,965
71,521 -4,767 18,211 84,965
84,781 -22,867 23,051 84,965
59,565 -14,183 39,583 84,965
48,077 -24,922 61,810 84,965
Top Fixed Income Holdings Sector United States Treas United States Treas FNMA Pool #ah2366 FNMA Pool Ab2092 Fhlm Pool J11722 Fhgld Pool #a91538 FNMA Pool #ah2659 FNMA Pool 745418 FNMA Pool 254868 Jp Morgan Chase Comm Government Government Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage % Port 5.65 4.67 3.56 3.43 2.14 1.92 1.58 1.54 1.45 1.28 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous
Sector Allocation % Port 15.60 13.29 22.55 39.60 1.80 6.33 0.00 0.61 0.21
95
City of Ft. Lauderdale Police and Fire Agincourt as of 9/30/11

Domestic Fixed $83,876 98.72%
Cash & Equiv $1,089 1.28%
Risk/Return Analysis Periods from 12/95 to 9/11 Alpha Beta R-Squared 6.5 6.0 Annualized Return% 5.5 5.0 4.5 4.0 3.5 3.0 1.0 0.10 0.94 0.81
a 1
T
1.5 2.0 2.5 3.0 3.5 4.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 3.67 3.58 1.06 Sharpe Ratio 0.87 0.83 0.00 Info Ratio 0.12
a Agincourt 1 Barclays U.S. Aggregate T 91-Day Treasury Bill
6.41 6.18 3.22
96
City of Ft. Lauderdale Police and Fire Fixed Income Core Cumulative Performance Comparisons
Total Returns of Fixed Income Portfolios Periods Ending 9/11
12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Last Qtr High 1st Qt Median 3rd Qt Low 6.10 3.97 3.05 2.02 0.42 Last Year 7.21 5.60 4.92 3.93 1.90 Last 2 Years 8.86 8.07 7.21 5.79 3.46 Last 3 Years 11.64 9.54 8.83 7.62 4.32 Last 4 Years 8.71 7.73 7.06 6.35 4.03 Last 5 Years 8.01 7.24 6.78 6.26 4.01 Last 6 Years 7.46 6.70 6.25 5.78 3.95 Last 7 Years 6.93 6.18 5.76 5.41 4.34 Last 8 Years 7.09 5.98 5.49 5.15 4.37 Last 9 Last 10 Years Years 6.77 6.03 5.62 5.23 4.39 7.41 6.19 5.85 5.54 4.55 1 a 1 a a 1 a 1 a1 a1 a1 a1
a1
a1
a 1
a Agincourt Net Ret 2.74 4.38 Rank 61 66 1 Barclays U.S. Aggregate Net Ret 3.82 5.26 Rank 28 38
7.53 34 6.70 56
9.38 31 7.97 68
7.08 48 6.88 56
6.69 52 6.53 60
6.23 51 6.04 60
5.77 48 5.57 65
5.55 45 5.34 63
5.67 45 5.34 67
5.91 42 5.67 62
97
City of Ft. Lauderdale Police and Fire Fixed Income Core Consecutive Performance Comparisons
Total Returns of Fixed Income Portfolios Years Ending December
20% 18% 16% 14% 12% 10% 8% 6% a1 4% 2% 0% -2% -4% -6% -8%
a a1 a 1 1 a1 1 a1 a1 a a1 a 1 a 1
9/30/11 YTD 2010 High 1st Qt Median 3rd Qt Low 8.92 6.73 6.14 5.06 2.70 12.20 8.80 7.29 6.07 2.47
2009 18.38 12.08 9.25 7.20 0.34
2008 11.42 6.00 3.29 0.01 -6.03
2007 9.38 7.44 6.75 6.02 4.62
2006 5.65 4.84 4.51 4.14 3.33
2005 4.36 3.11 2.68 2.37 1.84
2004 5.98 4.72 4.33 3.72 2.10
2003 6.85 4.91 4.51 3.49 2.35
2002 15.12 10.98 9.93 8.39 5.38
2001 9.81 8.91 8.44 7.81 4.76
a Agincourt Net Ret 5.81 8.10 Rank 60 33 1 Barclays U.S. Aggregate Net Ret 6.65 6.54 Rank 29 65
13.88 14 5.93 83
-1.67 83 5.24 28
6.49 59 6.96 42
4.71 33 4.33 63
2.57 59 2.43 71
4.66 29 4.34 48
5.13 18 4.11 62
9.88 50 10.26 32
9.43 11 8.43 50
98

Total Returns of Fixed Income Portfolios
3 Years Ending 9/30/11 16.0 14.0 Annualized Rate of Return 12.0 10.0 8.0 6.0 4.0 2.0 0.0 0.0 Median Risk
a 1
Median Return
1.8
3.6
5.4
7.2
9.0
10.8
12.6
14.4
16.2
18.0
a 1
Agincourt Barclays U.S. Aggregate Median
5 Years Ending 9/30/11 10.9 10.0 9.2 Annualized Rate of Return 8.3 7.4 6.5 5.6 4.7 3.8 2.9 2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Median Risk
1 a
Median Return
a 1
Agincourt Barclays U.S. Aggregate Median
99

Agincourt Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 1 1 3 3 0.87 1.04 0.50 -1.35 -1.30 2.74 3.82 4.38 5.26 4.38 5.26 3 Years Portfolio Bench 1 1 11 11 1.17 1.04 0.75 -1.35 -1.30 5.72 4.57 4.38 3.90 15.10 10.56 3.97 3.60 0.68 0.93 0.37 2.31 2.15 13.41 3.55 0.36 5 Years Portfolio Bench 4 4 16 16 1.08 1.53 0.60 -2.41 -1.30 5.72 4.57 -1.67 3.13 15.10 10.56 4.05 3.46 0.90 0.16 0.57 1.22 1.39 5.51 2.94 0.05 Inception Portfolio Bench 14 15 49 48 1.03 0.99 0.68 -2.41 -2.44 5.72 4.62 -1.67 -0.83 15.10 12.95 3.67 3.58 0.94 0.10 0.81 0.87 0.83 3.40 1.68 0.12
100
City of Ft. Lauderdale Police and Fire Fixed Income, Mortgage and Municipals Summary Statistics
Agincourt Quarter Ending 9/11
Portfolio Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity 223 83,876,400 3.54 13.87 5.24 4.80 -0.12 4.73 6.09 Barclays U.S. Aggregate 7,833 2.35 7.16 4.11 5.18 -0.42 4.96 7.16
Yield to Maturity
Time to Maturity
Coupon
0- 1
7.6%
0- 1 1- 3 3- 5 5- 7
0.3% 7.5% 11.9% 20.5%
0- 3 3- 5 5- 7 7- 9 9 - 11 11+
6.8% 30.8% 52.3% 7.8% 2.4% 0.0%
1 - 2 26.4% 2 - 3 28.7% 3 - 4 16.9% 4 - 5 13.4% 5+ 7.0%
7 - 10 14.8% 10+ 44.9%
Quality GOVT 12.8% AAA 38.4% AA A BAA BA B CAA NR 6.9% 17.5% 22.5% 0.8% 0.6% 0.2% 0.3% 8+ 10.2% 4-6 6-8 29.0% 9.2% 1-3 3-4 31.1% 18.1%
Duration
Effective Duration
0-1
2.4%
0- 1
1.8%
1 - 3 40.7% 3 - 4 10.1% 4 - 6 28.4% 6- 8 8+ 9.0% 10.1%
101
City of Ft. Lauderdale Police and Fire Percent Invested by Sector and Quality
Agincourt As of 9/30/11
Name Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total Aaa 13.29 12.15 1.14 ------------37.92 --12.00 19.42 6.49 ------51.21 Aa ------6.32 1.81 0.13 3.77 0.61 --0.58 ------0.58 ------6.90 Moodys Quality Ratings A Baa Ba ------------------16.72 6.13 3.84 6.75 --0.52 0.27 ------0.27 ------17.51 21.23 14.30 1.85 5.09 --1.28 ----------------22.52 0.82 0.31 0.51 ----------------------0.82 B ------------------0.58 ------0.58 ------0.58 Other ------------------0.18 ------0.18 ------0.18 NR ------------------0.08 ------0.08 ----0.21 0.29 Total 13.29 12.15 1.14 45.09 22.55 6.33 15.61 0.61 1.80 39.61 --12.00 19.42 8.18 ----0.21 100.00
102
City of Ft. Lauderdale Police and Fire Fixed Income Sector Attribution Analysis
Agincourt Quarter Ending 9/11
Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous
Weight Portfolio Index 15.26 0.00 11.24 0.00 22.30 10.48 42.45 0.00 1.81 0.00 5.77 2.18 0.00 0.00 0.95 0.00 0.23 0.00 100.00 100.00
Return Portfolio Index -0.27 0.00 8.57 0.00 3.64 0.00 1.80 0.00 5.53 0.00 3.23 0.00 0.00 0.00 1.78 0.00 0.00 2.80 0.00
Security -0.04 0.96 0.81 0.77 0.10 0.19 0.00 0.02 0.00 2.80
Selection Sector 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total -0.04 0.96 0.81 0.77 0.10 0.19 0.00 0.02 0.00 2.80
Index - Barclays U.S. Aggregate Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.01%
[ Actual Return 2.81% ] - [ Buy Hold Return 2.80% ]
103
City of Ft. Lauderdale Police and Fire Atlanta Capital as of 9/30/11

Portfolio Performance (%) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/11
Atlanta Capital
Barclays Int Govt/Credit Incept 4/30/11 3.23 3.40
Net of Fee Returns Atlanta Capital Barclays Int Govt/Credit
Qtr 2.42 2.40
YTD
1 Year
3 Year
5 Year
10 Year
25,468 11 617 26,095 Sector Allocation % Port 6.74 6.41 3.34 2.81 2.77 2.74 2.69 2.58 2.52 2.25 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous
25,259 19 817 26,095
Top Fixed Income Holdings Sector United States Treas United States Treas United States Treas FNMA Pool #ab1066 FNMA Pool 725027 FNMA Pool #930849 FNMA Pool 735288 FNMA Pool #890297 Freddie Mac Fannie Mae Government Government Government Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage
% Port 21.12 23.03 4.51 47.01 0.00 0.00 0.00 0.00 4.32
104
City of Ft. Lauderdale Police and Fire Atlanta Capital as of 9/30/11

Cash & Equiv $1,770 6.78%
Risk/Return Analysis (Number of returns < 12) Periods from 3/11 to 9/11 Alpha N/A Beta N/A R-Squared N/A 3.5 3.0 Annualized Return% 2.5 2.0 1.5 1.0 0.5 0.0 T -0.5 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 Annualized Standard Deviation% Annualized Net Ret A Atlanta Capital 1 Barclays Int Govt/Credit T 91-Day Treasury Bill 3.23 3.40 0.03 Std. Dev. 1.10 2.61 0.04 Sharpe Ratio 2.92 1.29 0.00 Info Ratio
105
City of Ft. Lauderdale Police and Fire Intermediate Gov/Corp Cumulative Performance Comparisons
4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% Last Qtr High 1st Qt Median 3rd Qt Low 4.26 3.34 2.53 1.70 -0.03 A 1
A Atlanta Capital Net Ret 2.42 Rank 53 1 Barclays Int Govt/Credit Net Ret 2.40 Rank 54
106
Atlanta Capital Quarter Ending 9/11
Portfolio Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity 53 24,325,340 1.79 9.02 3.47 4.25 0.14 3.99 5.04 Barclays Int Govt/Credit 4,024 8,284,210,200,576 1.58 4.41 3.28 0.21 3.96 4.41
Yield to Maturity
Time to Maturity
Coupon
0 - 1 29.6% 1 - 2 36.3% 2 - 3 19.7% 3- 4 4- 5 5+ 8.7% 4.9% 1.0%
0- 1 1- 3 3- 5 5- 7
7.3% 11.3% 20.8% 4.8%
0- 3 3- 5 5- 7 7- 9 9 - 11 11+
32.2% 50.7% 17.1% 0.0% 0.0% 0.0%
7 - 10 26.2% 10+ 29.6%
Quality
Duration
Effective Duration
GOVT 23.0% AAA 54.5% AA A BAA NR 3.5% 4.6% 1.0% 13.4%
0-1 1-3 3-4 4-6 6-8 8+
8.5% 45.1% 14.6% 7.0% 12.0% 12.8%
0- 1
8.5%
1 - 3 47.3% 3 - 4 12.4% 4- 6 7.0%
6 - 8 13.1% 8+ 11.7%
107
Atlanta Capital As of 9/30/11
Name Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total Aaa 23.03 23.03 --14.28 0.94 --13.34 ----37.09 --10.30 25.70 1.09 ----3.12 77.52 Aa ------3.50 2.38 --1.12 --------------------3.50 Moodys Quality Ratings A Baa Ba ------------------4.59 1.20 --3.39 --------------------4.59 0.96 ----0.96 --------------------0.96 ------------------------------B ------------------------------------Other ------------------------------------NR ------2.31 ----2.31 ----9.92 --1.06 --8.86 ----1.20 13.43 Total 23.03 23.03 --25.64 4.52 --21.12 ----47.01 --11.36 25.70 9.95 ----4.32 100.00
108
Atlanta Capital Quarter Ending 9/11
Return Portfolio Index 0.84 0.00 5.56 0.00 5.71 0.00 1.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.87 0.00
Security 0.28 1.89 0.31 0.40 0.00 0.00 0.00 0.00 0.00 2.87
Selection Sector 0.00 0.00 -0.00 0.00 0.00 -0.00 0.00 0.00 0.00 0.00
Total 0.28 1.89 0.31 0.40 0.00 0.00 0.00 0.00 0.00 2.87
Index - Barclays Int Govt/Credit Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 3.10%
[ Actual Return 5.98% ] - [ Buy Hold Return 2.87% ]
109
City of Ft. Lauderdale Police and Fire Boyd Watterson as of 9/30/11

Portfolio Performance (%) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/11
Boyd Watterson
Barclays Int Govt/Credit Incept 4/30/11 2.34 3.40
Net of Fee Returns Boyd Watterson Barclays Int Govt/Credit
Qtr 1.47 2.40
YTD
1 Year
3 Year
5 Year
10 Year
25,519 7,514 426 33,459 Sector Allocation % Port 5.11 4.37 4.08 3.94 3.54 3.18 2.97 2.40 2.07 2.06 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous
25,293 7,523 643 33,459
Top Fixed Income Holdings Sector United States Treas United States Treas United States Treas Federal Natl Mtg Ass United States Treas United States Treas Federal Natl Mtg Ass United States Treas United States Treas Federal Home Ln Mtg Government Government Government Government Government Government Government Government Government Government
% Port 29.61 41.47 19.85 4.20 0.00 3.86 0.00 1.00 0.00
110
City of Ft. Lauderdale Police and Fire Boyd Watterson as of 9/30/11

Cash & Equiv $209 0.62%
Risk/Return Analysis (Number of returns < 12) Periods from 3/11 to 9/11 Alpha N/A Beta N/A R-Squared N/A 3.5 3.0 Annualized Return% 2.5 2.0 1.5 1.0 0.5 0.0 T -0.5 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 Annualized Standard Deviation% Annualized Net Ret B Boyd Watterson 1 Barclays Int Govt/Credit T 91-Day Treasury Bill 2.34 3.40 0.03 Std. Dev. 2.47 2.61 0.04 Sharpe Ratio 0.93 1.29 0.00 Info Ratio
1 B
111
City of Ft. Lauderdale Police and Fire Intermediate Gov/Corp Cumulative Performance Comparisons
4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% Last Qtr High 1st Qt Median 3rd Qt Low 4.26 3.34 2.53 1.70 -0.03 B 1
B Boyd Watterson Net Ret 1.47 Rank 81 1 Barclays Int Govt/Credit Net Ret 2.40 Rank 54
112
Boyd Watterson Quarter Ending 9/11
Portfolio Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity 68 33,250,566 1.88 4.65 3.80 3.84 0.18 3.77 4.20 Barclays Int Govt/Credit 4,024 8,284,210,200,576 1.58 4.41 3.28 0.21 3.96 4.41
Yield to Maturity
Time to Maturity
Coupon
0 - 1 29.6% 1 - 2 32.2% 2 - 3 22.1% 3- 4 4- 5 5+ 7.0% 6.7% 2.4%
0- 1 1- 3 3- 5 5- 7
0.0% 32.4% 38.8% 9.0%
0- 3 3- 5 5- 7 7- 9 9 - 11 11+
37.1% 41.1% 19.1% 2.7% 0.0% 0.0%
7 - 10 15.6% 10+ 4.2%
Quality
Duration
Effective Duration
GOVT 27.0% AAA AA A BAA 18.7% 8.8%
0-1 1-3 3-4 4-6
0.0% 42.0% 19.5% 23.0% 8.3% 7.3%
0- 1
0.0%
1 - 3 42.0% 3 - 4 22.6% 4 - 6 19.9% 6- 8 8+ 8.3% 7.3%
26.8% 18.8%
6-8 8+
113
Boyd Watterson As of 9/30/11
Name Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total Aaa 41.47 27.02 14.45 ------------4.20 --0.70 3.50 --------45.68 Aa ------8.77 3.67 --5.10 --------------------8.77 Moodys Quality Ratings A Baa Ba ------------------26.79 5.91 2.95 16.93 1.00 ------------------26.79 18.77 10.27 0.91 7.58 --------------------18.77 ------------------------------B ------------------------------------Other ------------------------------------NR ------------------------------------Total 41.47 27.02 14.45 54.33 19.85 3.86 29.61 1.00 --4.20 --0.70 3.50 --------100.00
114
Boyd Watterson Quarter Ending 9/11
Return Portfolio Index -0.10 0.00 2.72 0.00 1.73 0.00 1.79 0.00 0.00 0.00 3.01 0.00 0.00 0.00 0.92 0.00 0.00 1.60 0.00
Security -0.03 1.08 0.36 0.07 0.00 0.12 0.00 0.01 0.00 1.60
Selection Sector 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total -0.03 1.08 0.36 0.07 0.00 0.12 0.00 0.01 0.00 1.60
Index - Barclays Int Govt/Credit Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 29.16% [ Actual Return 30.76% ] - [ Buy Hold Return 1.60% ]
115
116
City of Ft. Lauderdale Police and Fire Core Realty Fund as of 9/30/11
Portfolio Performance (%) 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/07 NCREIF ODCE Fund Index
Core Realty Fund
NCREIF Prop Index
Net of Fee Returns Core Realty Fund NCREIF Prop Index NCREIF ODCE Fund Index
Qtr 2.73 3.30
YTD 10.38 10.98
1 Year 14.22 16.10
3 Year -7.60 -1.45
5 Year
10 Year
Incept 7/31/07 -3.35 1.03
25,267 51 692 26,010
19,217 4,635 2,158 26,010
18,571 4,592 2,847 26,010
27,241 4,336 -5,568 26,010
24,999 4,144 -3,133 26,010
117
City of Ft. Lauderdale Police and Fire Core Realty Fund as of 9/30/11
Real Estate $26,010 100.00%
Risk/Return Analysis Periods from 7/07 to 9/11 Alpha Beta R-Squared 1.5 1.0 T 0.5 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 -3.0 -3.5 0.0 1.0 -1.12 1.25 0.89
Annualized Return%
a
2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 11.11 8.22 0.49 Sharpe Ratio -0.40 -0.01 0.00 Info Ratio -1.10
a Core Realty Fund 1 NCREIF Prop Index T 91-Day Treasury Bill
-3.35 1.03 1.07
118

Total Returns of Real Estate Portfolios Periods Ending 9/11
30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35%
a a 1
1 a 1 1 a a
Last Qtr High 1st Qt Median 3rd Qt Low 6.02 3.48 2.01 -9.83 -19.27
Last Year 26.40 18.52 13.76 1.91 -11.17
Last 2 Years 17.79 13.07 9.83 3.65 -11.36
Last 3 Years 7.50 -1.64 -6.57 -8.49 -29.67
Last 4 Years 5.56 -2.57 -4.89 -6.90 -26.17
a Core Realty Fund Net Ret 2.73 Rank 40 1 NCREIF Prop Index Net Ret 3.30 Rank 25
14.22 48 16.10 37
8.19 64 10.85 47
-7.60 68 -1.45 22
-4.59 43 0.19 8
119
Total Returns of Real Estate Portfolios Years Ending December
40% 30% 20% 10% 0% -10% -20% -30% -40% -50% 9/30/11 YTD High 1st Qt Median 3rd Qt Low 19.50 13.11 9.00 -4.54 -15.80 2010 30.11 18.66 15.49 10.65 -12.72 2009 36.12 -5.52 -28.27 -30.79 -45.55 2008 13.79 -4.56 -10.40 -25.50 -44.90 a 1 2 a 1 2 a 1 a 1 2
a Core Realty Fund Net Ret 10.38 Rank 42 1 NCREIF Prop Index Net Ret 10.98 Rank 35 2 NCREIF ODCE Fund Index Net Ret Rank
10.99 74 13.11 66 16.36 44
-30.19 71 -16.86 30 -29.76 66
-5.73 31 -6.46 31 -10.00 44
120

Total Returns of Real Estate Portfolios
3 Years Ending 9/30/11 15.0 10.5 6.0 Annualized Rate of Return 1.5 -3.0 -7.5 -12.0 -16.5 -21.0 -25.5 -30.0 0.0 4.8 9.6 14.4 19.2 24.0 28.8 33.6 38.4 43.2 48.0 Median Risk
1 a
Median Return
a 1
Core Realty Fund NCREIF Prop Index Median
121

Core Realty Fund Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 0 0 4 4 0.90 0.25 2.73 4.04 14.48 14.48 3 Years Portfolio Bench 6 5 6 7 0.90 1.52 0.25 -12.88 -8.29 4.57 4.62 -32.60 -22.11 16.52 16.73 12.56 9.53 1.25 -1.41 0.90 -0.62 -0.17 -6.20 4.60 -1.29 5 Years Portfolio Bench Inception Portfolio Bench 7 6 10 11 0.97 1.54 0.29 -12.88 -8.29 4.68 4.62 -32.60 -22.11 16.52 16.73 11.14 8.28 1.27 -1.01 0.89 -0.39 -0.02 -3.46 4.20 -0.96
3.30 4.62 16.10 16.10
122
City of Ft. Lauderdale Police and Fire Prudential RE Investors PRISA II as of 9/30/11
Portfolio Performance (%) 25.0
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/07 NCREIF ODCE Fund Index
Prudential RE Investors PRISA II
NCREIF Prop Index
Net of Fee Returns Prudential RE Investors PRISA II NCREIF Prop Index NCREIF ODCE Fund Index
Qtr 4.83 3.30
YTD 15.93 10.98
1 Year 23.67 16.10
3 Year -13.03 -1.45
5 Year
10 Year
Incept 7/31/07 -8.06 1.03
12,278 41 593 12,912
11,028 121 1,763 12,912
10,338 121 2,453 12,912
10,483 4,981 -2,552 12,912
3,000 12,103 -2,191 12,912
123
City of Ft. Lauderdale Police and Fire Prudential RE Investors PRISA II as of 9/30/11
Real Estate $12,912 100.00%
Risk/Return Analysis Periods from 7/07 to 9/11 Alpha Beta R-Squared 2.0 1.0 T 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 -7.0 -8.0 -9.0 0.0 -1.88 2.25 0.93
Annualized Return%
p
2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 18.97 8.22 0.49 Sharpe Ratio -0.48 -0.01 0.00 Info Ratio -0.73
p Prudential RE Inve 1 NCREIF Prop Index T 91-Day Treasury Bill
-8.06 1.03 1.07
124

Total Returns of Real Estate Portfolios Periods Ending 9/11
30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% p 1 p 1 1 p p 1 p 1
Last Qtr High 1st Qt Median 3rd Qt Low 6.02 3.48 2.01 -9.83 -19.27
Last Year 26.40 18.52 13.76 1.91 -11.17
Last 2 Years 17.79 13.07 9.83 3.65 -11.36
Last 3 Years 7.50 -1.64 -6.57 -8.49 -29.67
Last 4 Years 5.56 -2.57 -4.89 -6.90 -26.17
p Prudential RE Investors PRISA II Net Ret 4.83 23.67 Rank 11 6 1 NCREIF Prop Index Net Ret 3.30 16.10 Rank 25 37
16.07 8 10.85 47
-13.03 86 -1.45 22
-9.09 83 0.19 8
125
Total Returns of Real Estate Portfolios Years Ending December
40% 30% 20% p 10% 0% -10% -20% -30% -40% p -50% 9/30/11 YTD High 1st Qt Median 3rd Qt Low 19.50 13.11 9.00 -4.54 -15.80 2010 30.11 18.66 15.49 10.65 -12.72 2009 36.12 -5.52 -28.27 -30.79 -45.55 2008 13.79 -4.56 -10.40 -25.50 -44.90 1 2 p 1 2 1 p 1 2
p Prudential RE Investors PRISA II Net Ret 15.93 Rank 8 1 NCREIF Prop Index Net Ret 10.98 Rank 35 2 NCREIF ODCE Fund Index Net Ret Rank
24.79 12 13.11 66 16.36 44
-44.82 93 -16.86 30 -29.76 66
-16.14 68 -6.46 31 -10.00 44
126

Total Returns of Real Estate Portfolios
3 Years Ending 9/30/11 15.0 10.5 6.0 Annualized Rate of Return 1.5 -3.0 -7.5 -12.0 -16.5 -21.0 -25.5 -30.0 0.0 4.8 9.6 14.4 19.2 24.0 28.8 33.6 38.4 43.2 48.0 Median Risk
1
Median Return
p 1
Prudential RE Investors PRISA II NCREIF Prop Index Median
127

Prudential RE Investors PRISA II Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 0 0 4 4 1.47 1.00 4.83 6.67 23.67 23.67 3 Years Portfolio Bench 5 5 7 7 1.69 2.40 0.58 -24.78 -8.29 8.23 4.62 -51.17 -22.11 30.17 16.73 22.35 9.53 2.28 -2.15 0.95 -0.59 -0.17 -5.81 13.22 -0.80 5 Years Portfolio Bench Inception Portfolio Bench 5 6 12 11 1.40 2.45 0.53 -24.78 -8.29 8.23 4.62 -51.17 -22.11 30.17 16.73 18.98 8.28 2.24 -1.96 0.93 -0.48 -0.02 -4.03 11.19 -0.71
3.30 4.62 16.10 16.10
128
City of Ft. Lauderdale Police and Fire K2 Advisors Long/Short as of 9/30/11

Portfolio Performance (%) 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0 -14.0 -16.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08
K2 Advisors Long/Short
Net of Fee Returns K2 Advisors Long/Short Standard & Poors 500
Qtr -8.68 -13.86
YTD -8.19 -8.67
1 Year -3.95 1.15
3 Year -0.18 1.23
5 Year
10 Year
Incept 4/30/08 -2.41 -3.62
43,693 -20,000 -2,061 21,632
43,460 -20,000 -1,828 21,632
41,539 -20,035 128 21,632
32,365 -12,035 1,302 21,632
35,000 -12,035 -1,333 21,632
129
City of Ft. Lauderdale Police and Fire K2 Advisors Long/Short as of 9/30/11

Special Invest $21,632 100.00%
Risk/Return Analysis Periods from 4/08 to 9/11 Alpha Beta R-Squared 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 -3.0 -3.5 -4.0 -2.0 -0.70 0.31 0.71
Annualized Return%
2 1
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Annualized Standard Deviation% Annualized Net Ret Std. Dev. 6.73 21.03 0.22 Sharpe Ratio -0.42 -0.19 0.00 Info Ratio -0.27
2 K2 Advisors Long/Short 1 Standard & Poors 500 T 91-Day Treasury Bill
-2.41 -3.62 0.43
130

K2 Advisors Long/Short Quarterly Periods Ending 9/30/11
1 Year Portfolio Bench 2 1 2 3 0.30 0.63 0.25 -8.68 -13.86 4.71 10.76 -3.87 1.15 -3.87 1.15 3 Years Portfolio Bench 4 4 8 8 0.23 0.35 0.33 -8.68 -21.93 4.71 15.93 -3.87 -6.90 9.52 49.75 8.42 25.24 0.29 -0.30 0.74 -0.04 0.04 -1.26 18.53 -0.30 5 Years Portfolio Bench Inception Portfolio Bench 5 6 9 8 0.23 -44.20 0.43 -8.68 -21.93 10,107.43 15.93 -8.72 -38.07 8,966.58 49.75 5,402.94 23.81 -16.19 721.49 0.01 0.05 -0.11 -16.42 5,404.59 0.05
131
132
City of Ft. Lauderdale Police and Fire Appendix
Dow Jones Industrial Average: This index is comprised of 30 "blue-chip" US stocks selected for their history of successful growth and wide interest among investors. The DJIA represents about 20% of the total market value of all US stocks and about 25% of the NYSE market capitalization. It is a price-weighted arithmetic average, with the divisor adjusted to reflect stock splits and the occasional stock switches in the index. NASDAQ Composite: A cap-weighted index comprised of all common stocks listed on the NASDAQ Stock Market (National Association of Securities Dealers Automated Quote system). S&P 500: A broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. This index does not contain the 500 largest companies or the most expensive stocks traded in the US. While many of the stocks are among the largest, this index also includes many relatively small companies. This index consists of approximately 380 industrial, 40 utility, 10 transportation, and 70 financial companies listed on the US market exchanges. It is a capitalization-weighted index (stock price times number of shares outstanding), calculated on a total return basis with dividend reinvested. Russell 1000: The 1000 largest companies in the Russell 3000 index, based on market capitalization. Russell 1000 Growth: A segment of the Russell 1000 with a greater-than-average growth orientation. Companies in this index have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values than the Russell 1000 Growth index. Russell 1000 Value: Represents a segment of the Russell 1000 with a less-than-average growth orientation. Companies in this index have low price-to book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the Russell 1000 Growth index. Russell Mid-Cap: This index consists of the bottom 800 securities in the Russell 1000 as ranked by total market capitalization, and represents over 35% of the Russell 1000 total market cap. Russell Mid-Cap Growth: The Russell Mid-cap Growth Index offers investors access to the mid-cap growth segment of the U.S. equity universe. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate mid-cap growth manager's opportunity set. Russell Mid-Cap Value: Measures the performance of the Russell 3000 Index extended to include micro-cap securities of the Russell Micro-cap Index. The index represents approximately 99% of the U.S. Equity Market. As of the latest reconstitution, the average market capitalization was approximately $3.8 billion; the median market capitalization was approximately $612 million. The index had a total market capitalization range of approximately $368.5 billion to $67.3 million. Russell 2000: the 2000 smallest companies in the Russell 3000 index. Russell 2000 Growth: A segment of the Russell 2000 with a greater-than-average growth orientation. Companies in this index have higher price-to book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values than the Russell 2000 Value index.
133
Russell 2000 Value: A segment of the Russell 2000 with a less-than-average growth orientation. Companies in this index have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the Russell 2000 Growth index. Russell 2500: This index consists of the bottom 500 stocks in the Russell 1000 (as ranked by market capitalization) and all of the stocks in the Russell 2000. This index is intended to be used as a measure of small to medium/small stock performance. Russell 2500 Growth: A segment of the Russell 2500 with a greater-than-average growth orientation. Companies in this index have higher price-to book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values than the Russell 2500 Value index. Russell 2500 Value: A segment of the Russell 2500 with a less-than-average growth orientation. Companies in this index have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the Russell 2500 Growth index. Russell 3000: is composed of the 3,000 largest U.S. securities, as determined by total market capitalization. Russell 3000 Growth: This index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes. Russell 3000 Value: This index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000Value or the Russell 2000 Value indexes. MSCI EAFE: A market capitalization-weighted index representing all of the MSCI developed markets outside North America. It comprises 20 of the 22 countries in the MSCI World. These 20 countries include the 14 European countries in the MSCI Europe and the 6 Pacific countries in the MSCI Pacific. This index is created by aggregating the 20 different country indexes, all of which are created separately. MSCI World: A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of June 2007 the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. MSCI World ex U.S.: The MSCI World index excluding the U.S. portion of the index. MSCI All Country World Index: a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 46 country indices comprising 23 developed and 23 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru,
134
MSCI All Country World Index ex U.S.: The MSCI All Country World Index excluding the U.S. portion of the index. MSCI Emerging Markets Free (EMF): A market capitalization-weighted index representing 2 of the emerging markets in the world. Several factors are used to designate whether a country is considered to be emerging vs. developed, the most common of which is Gross Domestic Product Per Capita. The "Free" aspect indicates that this index includes only securities that are allowed to be purchased by global investors. This index is created by aggregating the 26 different country indexes, all of which are created separately. Barclays Capital U.S. Aggregate Bond: This index is made up of the Barclays Capital U.S. Government/Credit, the Mortgage-Backed Securities, and the Asset-Backed Securities indices. All issues in the index are rated investment grade or higher, have at least on year maturity, and have an outstanding par value of at least $100 million. Barclays Capital U.S. Government/Credit: This index includes all bonds that are in the Barclays Capital U.S. Government Bond and the Barclays Capital U.S. Credit Bond indices. Barclays Capital U.S. Government/Credit Intermediate: All bonds by the Barclays Capital U.S. Government/Credit Bond index with maturities of 1 to 10 years. Barclays Capital Municipal Bond: This market capitalization-weighted index includes investment grade tax-exempt bonds and is classified into four main sectors General Obligation, Revenue, Insured, and Pre-refunded. To be included in this index, the original transaction size of a bond must have been greater than $50 million. Barclays Capital U.S. Treasury Index: This index includes public obligations of the U.S. Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting. Securities in the Index roll up to the U.S. Aggregate, U.S. Universal and Global Aggregate Indices. Barclays Capital U.S. TIPS: This index measures the performance of U.S. Treasury Inflation Protection Securities. Merrill Lynch Convertibles: The convertible securities used in this index span all corporate sectors and must have a par amount outstanding of $25 million or more. The maturity must be at least on year. The coupon range must be equal to or greater than zero and all equity of bonds are included. Excluded from this index are preferred equity redemption stocks. When the component bonds of this index convert into common stock, the converted securities are dropped from the index. Merrill Lynch Corp/Govt 1-3 Years A or Better: An unmanaged index of government and corporate fixed-rate debt issues with maturities between one and 3 years. Merrill Lynch High Yield Master: Market capitalization weighted index providing a broad-based measure of bonds in the US domestic bond market rated below investment grade, but not in default. Includes only issues with a credit rating of BB1 or below as rated by Moody's and/or S&P, at least $100 million in face value outstanding and a remaining term to final maturity equal to or greater than one year. Dow Wilshire REIT: A measurement of equity REITs and Real Estate operating Companies. No special-purpose or health care REITs are included. It is a market capitalization weighted index for which returns are calculated monthly
135
Alpha: A risk-adjusted measure of 'excess return' on an investment. That is, it measures an active manager's performance in excess of a benchmark index or 'risk-free' investment. An alpha of 1.0 means the manager outperformed the market 1.0%. A positive alpha is the extra return awarded to the investor for taking additional risk rather than accepting the market return. Batting Average: The percent of periods the manager has beaten the benchmark. A high average for the fund (e.g. over 50) is desirable, indicating the fund has beaten the policy frequently. Beta: A measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies that you can expect the movement of a manager's return series to match that of the benchmark used to measure beta. Down Market Capture Ratio: A measure of a manager's performance in down markets. A down-market is defined as those periods (months or quarters) in which market return is less than 0. It tells you what percentage of the down-market was captured by the manager. Information Ratio: The Information Ratio measures the consistency with which a manager beats a benchmark. R-squared: The R-Squared (R2) of a manager versus a benchmark is a measure of how closely related the variance of the manager returns and the variance of the benchmark returns are. Sharpe Ratio: The Sharpe Ratio is a risk-adjusted measure of return which uses standard deviation to represent risk. It is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. Standard Deviation: Standard deviation of return measures the average deviations of a return series from its mean, and is often used as a measure of risk. A large standard deviation implies that there have been large swings in the return series of the manager. Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. Treynor Ratio: The Treynor Ratio is a risk-adjusted measure of return which uses beta to represent risk. It is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the portfolio's beta value. Up Market Capture Ratio: A measure of a manager's performance in up markets. An up-market is defined as those periods (months or quarters) in which market return is greater than 0. It tells you what percentage of the up-market was captured by the manager.
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FT - Lauderdale 3rd QTR 11 Full Report

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FT - Lauderdale 3rd QTR 11 Full Report

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CITY OF FT.

LAUDERDALE POLICE AND FIRE RETIREMENT SYSTEM PERFORMANCE REVIEW

City of Ft. Lauderdale Police and Fire Important Disclaimer Information

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

3 Yr 0.15% 2.74% 5.38%

5 Yr 1.57% 3.96% 5.91%

10 Yr 1.96% 3.44% 4.80% 5.71% 5.12% 5.66%

10.16% 6.24% 7.03% 5.92% 7.97% 6.53%

-0.37% -1.02% 6.12% 2.07% 0.96% 5.45% -2.78% -3.08% 6.47%

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

One Year Performance of Asset Classes As Of September 30, 2011

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

Large Cap Mid Cap Small Cap

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

Style Performance 10 Year Growth of $100

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

One Year International (Gross) Returns As Of September 30, 2011

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

Treasury Yield Curve

5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 3MO

15.00% 10.00% 5.00% 0.00%

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011

1 Year Country And Currency Returns As of September 30, 2011

Australia Canada Europe Japan U.K. 15.00%

9.3% 0.1% 6.0% -5.3%

19 9 5 Rus s ell 10 0 0 Value 3 8 .3 5%

19 9 6 DJ Wils hire REIT 3 7.0 4 % Rus s ell 10 0 0 Gro wth 2 3 .12 %

19 9 7 Rus s ell 10 0 0 Value 3 5.18 %

19 9 8 Rus s ell 10 0 0 Gro wth 3 8 .71%

Black Monday - Oct '87

Aug '82 DJIA 776

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011 GENERAL DISCLOSURE STATEMENT

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011 GENERAL DISCLOSURE STATEMENT

CAPITAL MARKETS REVIEW SEPTEMBER 30, 2011 GENERAL DISCLOSURE STATEMENT

City of Ft. Lauderdale Police and Fire Sources of Fund Growth

-24.62 -21.35 -22.81 2.74 2.42 1.47 2.39 0.07

2.73 4.83 3.42 -8.68 NA

City of Ft. Lauderdale Police and Fire Executive Summary Table

100,569 19,398 24,126 29,707 27,337

22.9 4.4 5.5 6.8 6.2

-0.56 -1.18 -0.96 -1.18

51,587 8,284 8,200 22,494 12,609

11.7 1.9 1.9 5.1 2.9

51,442 22,487 28,955

11.7 5.1 6.6

-22.81 -24.62 -19.01 -21.35 -19.01

-22.53 -24.72 -17.74 -20.75 -17.74

-20.15 -23.31 -14.98 -17.43 -14.98

-14.41 -18.48 -9.36 -10.80 -9.36

-2.40 -5.34 -1.13 0.37 -1.13

1.22 -12.55 -9.98 -8.03 -9.98

11/30/00 11/30/07 11/30/07 11/30/07 11/30/07

144,519 84,965 26,095 33,459

32.9 19.3 5.9 7.6

2.39 2.74 3.82 2.42 2.40 1.47 2.40 0.07 0.01

5.05 5.10 6.20

5.73 5.81 6.65

4.33 4.38 5.26

8.72 9.38 7.97

6.65 6.69 6.53

5.82 6.41 6.18 3.23 3.40 2.34 3.40 2.55

5/31/05 12/31/95 12/31/95 4/30/11 4/30/11 4/30/11 4/30/11 1/31/06 1/31/06