Performance and Allocation

Asset Allocation as of December 31, 2011

Asset Class	Assets at Market	Actual	Target	Variance
Domestic Equities	$561,227,699	56.8%	55.0%	1.8%
International Equities	104,228,807	10.6%	10.0%	0.6%
Fixed Income	321,763,971	32.6%	35.0%	-2.4%
Total	$987,220,477	100.0%	100.0%	0.0%

4qallocation

Investment Performance for Period Ending December 31, 2011

Total Fund	Curr Qtr	1 Yr	2 Yr	3 Yr	5 Yr	10 Yr	15 Yr
Gross of Fees	7.65%	0.06%	7.84%	12.81%	2.45%	4.72%	5.41%
Net of Fees	7.56%	-0.29%	7.48%	12.44%	2.20%	4.50%	5.23%
Policy Index*	7.69%	1.99%	8.32%	12.97%	2.72%	4.75%	6.09%

The Fund is expected to exceed the Policy Index over rolling four quarters. The current Policy Index is:

25% S&P 500 Index
20% Russell MidCap Index
10% Russell 2000 Index
10% MSCI EAFE Index
35% Barclays Aggregate Index

The Fund is expected to exceed the actuarial target return of 7.75% over a complete market cycle of approximately 5 years.

Name	Curr Qtr	1 Yr	2 Yr	3 Yr	5 Yr	10 Yr	15 yr
Total Fund
Net of Fee	7.56	-0.29	7.48	12.44	2.20	4.50	5.23
Policy Index	7.69	1.99	8.32	12.97	2.72	4.75	6.09
Total Domestic Equity Composite
Net of Fee	11.98	-4.20	7.24	15.08	-1.13	3.19
DJ Wilshire 5000	12.02	0.98	8.77	14.93	0.12	3.80
Decatur Capital - LCG
Net of Fee	12.60
Russell 1000 Growth	10.60
Holland Capital - LCG
Net of Fee	9.71
Russell 1000 Growth	10.60
PNC Capital - LCG
Net of Fee	9.76	3.17
Russell 1000 Growth	10.60	2.63
Alliance Bernstein - LCC
Net of Fee	8.87	-13.95	4.03	16.67	-1.09	3.12
Standard & Poors 500	11.82	2.12	8.39	14.10	-0.25	2.92
Herndon Capital - LCC
Net of Fee	6.91	-0.32	8.91
Russell 1000 Value	11.82	2.12	8.39
Graham & Dodd - LCV
Net of Fee	12.28
Russell 1000 Value	13.11
NorthPointe Capital - LCV
Net of Fee	12.48
Russell 1000 Value	13.11
UBS Asset Management - LCV
Net of Fee	10.92	-5.51	2.57	9.10
Russell 1000 Value	13.11	0.39	7.68	11.55
LSV Asset Management - LCV
Net of Fee
Russell 1000 Value

Name	Curr Qtr	1 YR	2 Yr	3 Yr	5 Yr	10 Yr	15 yr
Wellington Management Co - MCG
Net of Fee	16.39	-6.83	8.26	22.26
Russell MidCap Growth	11.23	-1.66	11.49	22.06
Wellington Management Co -Midcap Opp
Net of Fee	11.54	-8.15
S&P Midcap 400	12.99	-1.73
Ariel Investments - MCV
Net of Fee	12.87	-6.08	6.39	22.53	1.76
Russell Midcap Value	13.36	-1.38	10.93	18.20	0.04
Systematic Financial - MCV
Net of Fee	13.71	-4.88	9.28	17.09
Russell Midcap Value	13.36	-1.38	10.93	18.20
UBS Asset Management - SCG
Net of Fee	12.33	-1.83	16.33	21.82
Russell 2000 Growth	14.99	-2.92	11.94	19.00
Opus Capital - SCV
Net of Fee	16.89	-0.73	12.01
Russell 2000 Value	15.97	-5.50	8.47
Wasatch - SCV
Net of Fee	12.54	-1.62	10.08	24.24	0.42
Russell 2000 Value	15.97	-5.50	8.47	12.36	-1.87
Total International Equity Composite
Net of Fee	5.78	0.23	3.86	10.54
MSCI EAFE (Net)	3.33	-12.14	-2.70	7.65
Hexavest
Net of Fee	4.23
MSCI World Ex-US (Net)	3.51
Vontobel Intl
Net of Fee	7.12
MSCI World Ex-US (Net)	3.51

Name	Curr Qtr	1 YR	3 Yr	5 Yr	7 Yr	10 Yr	15 yr
Total Fixed Income Composite
Net of Fee	1.10	7.80	7.10	6.92	5.95	5.56
Barclays U.S. Aggregate	1.12	7.84	7.19	6.77	6.50	5.78
State Street - Fixed Income
Net of Fee	1.13	7.77	7.22	6.82	6.58	5.84
Barclays U.S. Aggregate	1.12	7.84	7.19	6.77	6.50	5.78
Northern Trust - Fixed Income
Net of Fee	1.04	7.86	6.83	7.07	6.06	5.56
Barclays U.S. Aggregate	1.12	7.84	7.19	6.77	6.50	5.78