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HomeMy WebLinkAboutAgenda GEPB 081710AGENDA CITY OF PALM BEACH GARDENS GENERAL EMPLOYEES' PENSION FUND Tuesday August 17, 2010, 11:00 AM CITY COUNCIL CHAMBERS I. CALL TO ORDER II. PLEDGE OF ALLEGIANCE III. ROLL CALL: Allan Owens Mary Anderson - Pickle IV. ADDITIONS, DELETIONS, MODIFICATIONS V. APPOINTMENT OF TRUSTEE VI. APPROVAL OF MINUTES a. August 10, 2009 b. January 28, 2010 VII. OLD BUSINESS VIII. NEW BUSINESS a. Update by Florida Municipal Pension Trust Fund ( FMPTF) b. Discussion of FMPTF model plan document c. Discussion of legal services IX. COMMENTS BY PUBLIC X. COMMENTS BY THE BOARD XI. ADJORNMENT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 CITY OF PALM BEACH GARDENS GENERAL EMPLOYEE PENSION BOARD REGULAR MEETING JANUARY 28, 2010 The meeting was called to order at 10:00 a.m. by Finance Administrator Allan Owens. I. ROLL CALL PRESENT: Finance Administrator Allan Owens, City Manager Designee Mary Anderson - Pickle. ABSENT: None. ALSO PRESENT: Florida League of Cities Florida Municipal Pension Trust Fund (FMPTF) Retirement Services Manager Paul Shamoun, plan member Jami Smith. II. OLD BUSINESS None. III. NEW BUSINESS Allan Owens reported on the restructuring of the General Employee Pension Board following the City Council's adoption of Ordinance 40, 2009 at the January 7, 2010 City Council meeting, which reconstituted the Board and authorized the transfer of administration of the plan to the Florida Municipal Pension Trust Fund (FMPTF). Allan Owens also announced that Mary Anderson - Pickle is the City Manager designee to the board, and that the third position will be appointed after contacting Din Laljie and Jamie Smith to see who is interested in serving on the board as the plan member. Paul Shamoun reported the responsibilities of the FMPTF in managing the pension plan and the financial transactions that would take place during the transition. Mary Anderson - Pickle made a motion that the asset allocation be set at 60 stocks -40 bonds. Allan Owens seconded. Motion passed 2 -0. Allan Owens made a motion to issue letters to the asset managers liquidating the assets and transferring the cash effective February 26, 2010 following instructions from Paul Shamoun; execute a letter of notification to the actuary canceling his services effective immediately, execute a letter to Salem Trust to transfer cash and any backup information to the FMPTF effective February 26, 2010; execute a letter canceling the services of asset monitor Bogdhan and Associates effective immediately and authorize Allan Owens to execute the Trust Joinder Agreement. Mary Anderson - Pickle seconded. Motion passed 2 -0. Paul Shamoun explained that pension checks will be issued on the first of each month and the FMPTF will issue the retirees' 1099 forms. (The remainder of this page intentionally left blank.) GENERAL EMPLOYEE PENSION BOARD 01-28-10 Page 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 XI. ADJOURNMENT Allan Owens made a motion to adjourn. Mary Anderson - Pickle seconded. Motion passed 2 -0. The meeting adjourned at 10:44 a.m. The next regularly scheduled meeting will be announced at a later date. APPROVED ATTEST Allan Owens, Finance Administrator Mary Anderson - Pickle, City Manager Designee Donna M. Cannon Municipal Services Coordinator Note: These minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the meeting. A verbatim audio record is available from the Office of the City Clerk. All referenced attachments on file in the Office of the City Clerk. GENERAL EMPLOYEE PENSION BOARD 01.28.10 Page 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 CITY OF PALM BEACH GARDENS GENERAL EMPLOYEE PENSION BOARD REGULAR MEETING AUGUST 10, 2009 The meeting was called to order at 2:00 p.m. by Chair Allan Owens. I. ROLL CALL PRESENT: Chair Allan Owens, Dindial Laljie, Kenneth Steele, Jami Smith, Brandon Dorsey (arrived at 2:09 p.m.). ABSENT: None. ALSO PRESENT: Accountant Sarah Varga, Deputy Finance Administrator Mary Anderson - Pickle, Attorney Scott Christiensen. II. OLD BUSINESS Kenneth Steele made a motion for approval of the June 25, 2009 minutes. Dindial Laliie seconded. Motion passed 4 -0. III. NEW BUSINESS Bryan Bakardiiev and Dave West presented the Bogdahn Consulting report. Kenneth Steele made a motion authorizing Bogdahn Consulting to move forward with the recommended policy change allowing Bogdahn Consulting to expand the investments. Jami Smith seconded. Motion passed 5 -0. Andrew Holtgrieve presented the Rockwood report. Attorney Scott Christiensen presented his report. Jami Smith made a motion approving the transmission to the State of the expected investment rate of return for the coming year(s) and the long term thereafter at 8 percent. Keneth Steele seconded. Motion passed 5 -0. Brandon Dorsey made a motion for approval of the payment of bills. Dindial Laljie seconded. Motion passed 5 -0. (The remainder of this page intentionally left blank.) GENERAL EMPLOYEE PENSION BOARD 08-10-09 Page 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 XI. ADJOURNMENT Jami Smith made a motion to adjourn. Brandon Dorsey seconded. Motion passed, 5 -0. The meeting adjourned at 3:14 p.m. The next regularly scheduled meeting will announced at a later date. APPROVED Allan Owens Chaif Di ial T=a �1e Kennett, Steele 3amismi�l� ( inen Defsey) * Due to the reorganization of this Board, the individuals listed below are the official signators to approve and adopt minutes for the General Employees Pension Board. Allan Owens, Chair Mary Anderson - Pickle ATTEST Donna M. Cannon Municipal Services Coordinator Note: These minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the meeting. A verbatim audio record is available from the Office of the City Clerk. All referenced attachments on file in the Office of the City Clerk. GENERAL EMPLOYEE PENSION BOARD 08.10.09 Page 2 Plan Information for the Quarter Ending Quarter Ending June 30, 2010 Palm Beach Gardens General �poU E 0A 2 i�► o z 00 mom& SPONSOR OF THE FLORIDA MUNICIPAL PENSION TRUST FUND Beginning Balance $2,080,286.99 Cash $11,435.69 0.60% Contributions $22,523.26 Broad Market HQ Bond Fund $792,874.84 41.60% Earnings ($118,826.85) High Quality Growth $141,040.24 7.40% Distributions ($74,119.29) Diversified Value $150,569.98 7.90% Expenses ($4,835.50) Russell 1000 enhanced Index $421,214.76 22.10% Other $920.52 Diversified Small to Mid Cap $215,372.25 11.30% Ending Balance $1,905,949.13 International Blend $173,441.37 9.10% 301 S. Bronough Street Palm Beach Gardens General =,, P.O. Box 1757 Florida Municipal Tallahassee, FL 32302 7 Pension Trust Fund (800) 342 -8112 Plan Account Statement for 04/01/2010 to 06/30/2010 Beginning Balance Contributions Earnings / (Losses) Distributions Fees / Req. / Exp. Other Ending Balance $ 2,080,286.99 $ 22,523.26 ($118,826.85) ($74,119.29) ($4,835.50) $ 920.52 $ 1,905,949.13 :)ntributions Distributions - Recurring Payments Payroll Date Participant Amount Date En in �n Employer State Excise EE Pre -Tax EE After -Tax Total - - -- 4/1/2010 Daniels , Barbara ($572.77) 4/6/2010 3/14/2010 $ 0.00 $ 0.00 $ 195.74 $ 0.00 $195.74 5/1/2010 Daniels , Barbara ($572,77) 4/6/2010 3/14/2010 $ 0.00 $ 0.00 $ 146.11 $ 0.00 $146.11 6/1/2010 Daniels , Barbara ($572.77) 4/6/2010 3/28/2010 $ 0.00 $ 0.00 $ 146.11 $ 0.00 $146.11 4/1/2010 LaMastus , Barbara A. ($646.29) 4/6/2010 3/28/2010 $ 0.00 $ 0.00 $ 187.85 $ 0.00 $187.85 5/1/2010 LaMastus , Barbara A. ($646.29) 4/13/2010 3/31/2010 $ 19,359.25 $ 0.00 $ 0.00 $ 0.00 $19,359.25 6/1/2010 LaMastus , Barbara A. ($646.29) 4/16/2010 4/16/2010 $ 316.59 $ 0.00 $ 0.00 $ 0.00 $316.59 4/1/2010 Sigler, Willie ($2,100.38) 4/30/2010 4/25/2010 $ 0.00 $ 0.00 $ 146.11 $ 0.00 $146.11 5/1/2010 Sigler, Willie ($2,100.38) 4/30/2010 4/25/2010 $ 0.00 $ 0.00 $ 227.32 $ 0.00 $227.32 6/1/2010 Sigler, Willie ($2,100.38) 5/17/2010 5/9/2010 $ 0.00 $ 0.00 $ 209.95 $ 0.00 $209.95 4/1/2010 Martin , Sam ($3,701.70) 5/17/2010 5/9/2010 $ 0.00 $ 0.00 $ 146.11 $ 0.00 $146.11 5/1/2010 Martin , Sam ($3,701.70) 5/28/2010 5/23/2010 $ 0.00 $ 0.00 $ 146.11 $ 0.00 $146.11 6/1/2010 Martin , Sam ($3,701.70) 5/28/2010 5/23/2010 $ 0.00 $ 0.00 $ 198.90 $ 0.00 $198.90 4/1/2010 DeYounks (Bene) , Mattie ($838.12) 6/11/2010 6/6/2010 $ 0.00 $ 0.00 $ 178.98 $ 0.00 $178.98 5/1/2010 DeYounks (Bene) , Mattie ($838.12) 6/11/2010 6/6/2010 $ 0.00 $ 0.00 $ 255.74 $ 0.00 $255.74 6/1/2010 DeYounks (Bene) , Mattie ($838.12) 6/25/2010 6/20/2010 $ 0.00 $ 0.00 $ 440.60 $ 0.00 $440.60 4/1/2010 Talton , Isiah ($951.43) 6/25/2010 6/20/2010 $ 0.00 $ 0.00 $ 221.79 $ 0.00 $221.79 5/1/2010 Talton , Isiah ($951.43) Total $ 19,675.84 $ 0.00 $ 2,847.42 $ 0.00 $22,523.26 6/1/2010 Talton , Isiah ($951.43) 4/1/2010 Wederath , Marguerite A. ($700.91) 5/1/2010 Wederath , Marguerite A. ($700.91) 6/1/2010 Wederath , Marguerite A. ($700.91) 5/1/2010 Jackson (Bene) , Patricia ($6,231.62) 6/1/2010 Jackson (Bene) , Patricia ($3,115.81) 4/1/2010 Fox , Judith Lynn ($2,271,86) 301 S. Bronough Street Palm Beach Gardens General Florida P.O. Box 1757 47,777 Municipal Tallahassee, FL 32302 Pension Trust Fund (800) 342 - 8112 Plan Account Statement for 04/01/2010 to 06/30/2010 Date Reg Num Description 05/21/2010 R- 2010 -05 -01 Christiansen & Dehner: Inv 17073 05/21/2010 R-2010-05-01 Rockwood Capital Advisors: Feb 2010 Fees 05/28/2010 R- 2010 -05 -01 Christiansen & Dehner: Inv 17566 06/04/2010 R- 2010 -06 -01 The Bogdahn Group: Inv 5026 04/01/2010 R2010 -089 3/3 1/20 10 Quarterly Fees Amount ($1,065.00) ($1,368.03) ($29.00) ($1,333.33) ($1,040.14) Total ($4.835.50) 5/1/2010 Fox , Judith Lynn ($2,271.86) 6/1/2010 Fox , Judith Lynn ($2,271.86) 4/1/2010 Hanson, Jack A. ($6,271.61) 5/1/2010 Hanson, Jack A. ($6,271.61) 6/1/2010 Hanson, Jack A. ($6,271.61) 4/1/2010 West, Doug ($1,121.16) 5/1/2010 West, Doug ($1,121.16) 6/1/2010 West, Doug ($1,121.16) 4/1/2010 Albano, James ($1,583.90) 5/1/2010 Albano, James ($1,583.90) 6/1/2010 Albano, James ($1,583.90) 4/1/2010 Cameron (Bene) , Donna S. ($830.49) 5/1/2010 Cameron (Bene) , Donna S. ($830.49) 6/1/2010 Cameron (Bene) , Donna S. ($830.49) Total ($74.119.29) Date Pi Participant Total Type Amount 3015.BronoughStreet Palm Beach Gardens General P.O. Box 1757 Tallahassee, FL 32302 (800) 342 - 8112 Plan Account Statement for 04/01/2010 to 06/30/2010 Date Description Amount Date 04/23/2010 Plan Assets Transfer $920.52 04/30/2010 05/31/2010 Total $920.52 06/30/2010 Total M a 4(MU Municipal Pension Trust Fund Amount $29,105.29 ($96,567.56) ($51,364.58) ($118,826.85) Florida Municipal Investment Trust Florida Municipal Pension Trust Fund — 60/40 Allocation Executive Summary As of June 30, 2010 60/40 Allocation ♦ The 60/40 Allocation declined 5.7% in the second quarter compared with -5.6% for the Target Index, as global economic uncertainty caused weakness in all equity markets and a flight to quality bolstered fixed income returns. ♦ Over the past three years, the high quality focus of the domestic equity and fixed income strategies provided strong downside protection, as evidenced by the 2.5% decline for this allocation compared to declines of 2.8% and 3.8% for the Target Index and the similarly- allocated peer group, respectively. ♦ Strong relative returns over the past three years have bolstered multi -year returns, such that this allocation has generated performance that is in line with the Target Index and ahead of the peer group with 55 -70% equity exposure over the past 10 years. FMIvT Broad Market High Quality Bond Fund ♦ The Broad Market High Quality Bond Fund performed in line with objectives during the second quarter, rising 3.4% compared to advances of 3.5% and 3.3% for the Barclays Capital Aggregate A+ Index and the core bond manager peer group, respectively. ♦ Strong relative performance in 2008 and early 2009 has bolstered multi -year returns, with this fund ahead of its benchmark over the past 3 -5 years. Over the past 10 years, this fund has grown 6.0% on average annually while taking on less risk than the benchmark, resulting in an acceptable risk - adjusted return profile. ♦ The portfolio's conservative nature and high quality bias are in line with its objectives, and position this strategy to outperform particularly during periods of economic distress like we experienced in 2008 and early 2009. FMIvT High Quality Growth Equity Fund ♦ The High Quality Growth Equity Fund declined 12.6% in the second quarter, as the equity markets retrenched in the face of global economic uncertainty and concerns about the effect of regulatory reforms on both healthcare and financial stocks, two sectors that are overweighted in the fund. ♦ Over the past five years, the strategy's focus on companies with sound financial condition and above average growth prospects has led to strong outperformance relative to objectives, with the fund rising 1.0% compared with advances of 0.4% and 0.7% for the Russell 1000 Growth Index and the large cap growth peer group, respectively. Strong relative performance over the past several years has boosted long -term returns, with this fund recording outperformance of 360 basis points on average annually over its benchmark over the past ten years. © 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust Florida Municipal Pension Trust Fund — 60/40 Allocation Executive Summary As of June 30, 2010 FMIvT Diversified Value Fund ♦ The Diversified Value Fund fell 11.7% in the second quarter, in -line with the large cap value manager peer group (down 11.7 %) and modestly below the Russell 1000 Value Index (down 11.2 %) as the pullback in the equity markets affected all strategies. Over the past year, this fund has produced the strongest returns in the FMIvT lineup, rising 21.8 %, signifcantly outpacing both its benchmark and peer group, up 16.9% and 16.5% respectively. ♦ In the three years since inception, this strategy has been at odds with volatile sector rotation trends within the marketplace, with early positioning in homebuilders and financials hindering returns early in this period, but benefiting in more recent periods. The portfolio positioning is now more balanced and geared toward modest recovery in consumer discretionary and industrial markets worldwide. ♦ This strategy focuses on economic principles and valuations as the key drivers of stock price rather than price momentum. While this can result in periods of shorter -term volatility, the strategy has consistently been able to achieve excess returns over the long term. FMIvT Russell 1000 Enhanced Index ♦ The Russell 1000 Enhanced Index Fund displayed good downside protection within the broad equity market declines in the second quarter, falling 10.4% compared with declines of 11.4% for both the Russell 1000 Index and the peer group of large cap core managers. Over the past year, this portfolio has grown 16.2 %, well ahead of the 15.2% benchmark return and ranking in the top 19th percentile of its peer group. ♦ In the three years since inception of the new manager and enhanced strategy, this portfolio has outpaced the Russell 1000 Index by 60 basis points on average annually, yielding a ranking in the top 28th percentile of its large cap core peer group. FMIvT Diversified Small to Mid Cap Equity Fund ♦ This Fund declined 8.2% in the second quarter, compared with losses of 9.3% and 9.4% for the Russell 2000 Index and small cap core equity manager peer group, respectively, primarily due to strong stock selection in consumer discretionary and industrial sectors of the market. ♦ Over the past three years this strategy has displayed very strong downside protection, rising 0.7% versus a decline of 8.4% in the benchmark. These results have bolstered the already strong long -term outperformance attributes of this strategy, as evidence by the more than 600 basis points advance on average annually ov er the index in the past 5 -10 year time frames. ♦ The mandate for this fund was expanded in June 2010 to include both small and mid cap domestic equity exposure, providing a stronger complement to the large cap funds within the FMIvT line -up. The manager remains the same and has been managing to this broader universe for many years with strong success. As a result of this change, this strategy has a new benchmark (Russell 2500 Index) and peer group (small to mid cap managers) as of June 1, 2010. FMIvT International Blend Portfolio ♦ The FMIvT International Blend Portfolio declined 16.0% in the second quarter, reversing a recent string outperformance for this strategy. Against the backdrop of the MSCI EAFE Index falling 13.8°/x, this portfolio was negatively affected by weakness in both style sleeves and adverse stock selection in materials and industrial sectors of the market. ♦ Over the past year, this portfolio has been challenged to consistently outpeform the very strong benchmark and peer groups, due to volatility in the style trends, a focus on stocks with strong fundamental trends as opposed to earnings improvement trends, and relatively weak stock selection. ♦ In the five years since inception, this portfolio has been challenged to keep pace with the index and peer group, with the excess returns generated in 2009, 2007, and 2005 more than offset by adverse performance in 2006, 2008 and so far in 2010. C 20 90 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust Florida Municipal Pension Trust Fund - 60/40 Allocation For the Period Ending June 30, 2090 This Quarte r Last Twelve Months Beginning Market Value $160,296 $123,598 Net Additions 3,413 17,293 Return on Investment -9,431 13,388 Income Received 1 3 Gain /Loss -9,431 13,385 Ending Market Value 154,279 154,279 Note: Market values and Total Portfolio performance includes all fees and expenses, including securities lending. © 2010 Asset Consulting Group All Rights Reserved International Equity 9.1% small Cap Equity 11.3% Current Asset Allocation by Asset Class Cash 0.6% Fixed Income 6% Large Cap Equity 37.4% Florida Municipal Pension Trust Fund - 60140 Allocation Periods Ending June 30, 2010 Target Asset Allocation International Eq 10. Fixed Income 40.0% Equity 11.0% Cap ,airy 39.0% Note.. Market values and Total Portfolio performance includes all fees and expenses, Including securities lending © 2010 Asset Consulting Group All Rtgts Besen ed Historical Portfolio Allocation • Fixed Income ® Large Cap Equity • Small Cap Equity ■ International Equity • Cash , I , , 201fo 40% 60% 80% 100% Market Values % Total Over /Under Asset Class Allocation (000s) % Asset Class Portfolio Target % Target Fixed Income $64,214 100.0% 41.6% 40.0% 1.6% Large Cap Equity $57,704 76.8% 37.4% 39.0% (1.6 %) Small Cap Equity $17,434 23.2% 11.3% 11.0% 0.3% Total Domestic Equity $75,138 48.7% 50.0% (1.3 %) International Equity $14,017 100.0% 9.1% 10.0% (0.9 %) Total Equity $89,154 57.8% 60.0% (2.2 %) Cash $910 100.0% 0.6% 0.0% 0.6% FMPTF - 60/40 Allocation $154,279 Note.. Market values and Total Portfolio performance includes all fees and expenses, Including securities lending © 2010 Asset Consulting Group All Rtgts Besen ed Historical Portfolio Allocation • Fixed Income ® Large Cap Equity • Small Cap Equity ■ International Equity • Cash , I , , 201fo 40% 60% 80% 100% Florida Municipal Pension Trust Fund - 60140 Allocation Summary ofPerformance Returns Periods En&ng June 30, 2010 I Portfolio renamed and manager changed in August 2007 ` Custom Index consists of the Russell 2500 beginning June 1, 2010, and prior to that the Russell 2000. 3 The Target Index represents 40% Barclays Capital Aggregate, 39% S &P 500, 11 % Russe112000, and 10% MSC[EAFE stardng ju1y 1, 2005 and 45% Barclays Capital Aggregate, 44% S &P 500, and 11 % Russe112000 for all time periods through June 30, 2005. Note. Market values and Total PorabBoperformance includes all fees and expenses, including securities lending. © 2010 Asset Consulting Group All Bights reserved Market Values % of Total Three Sept. 30, One Three Five Ten (0008) Portfolio Months FYTD Year Years Years Years Cash $910 0.67/. 0.04% 0.09% 0.13% 0.66% 1.18% 4.20 90 Day Treasury Bill 0.04% 0.09 % am % 1.57% 2.77% 2.70% Fixed Income Portfolios FMIvT Broad Market High Quality Bond Fund $64,214 41.6% 3.42% 42 4.63% 94 6.95% 96 7.56% 68 5.62% 68 6.17% 91 3.52% 5.26% 8.73% 7.43 % 5.47% 6.36% Barclays Capital Aggregate At Median Care Bond Manager 3.29% 6.50% 11.93% 8.06% 5.99% 6.84% Fixed Composite $64,214 41.6% Equity Portfolios Large Cab Domestic Equity FMIvT High Quality Growth Equity Portfolio $11,477 7.4% (12.60)% 71 (4.07)% 90 11.43% 69 (5.80)% 38 0.99% 47 (1.52)% 48 (11.74)% (030%, 13.62% (6.91)% 0.38% (5.14)01, Russell 1000 Gro wth Median Large Cap Growth Manager (11.67)% (1.05)% 1293 % (6.61)% 0.74 % (1.65)% FMIvT Diversified Value Portfolio $12,154 7.9% (11.66)% 49 0.47% 17 21.78% 4 (15.09)% 92 N/A N/A (11.14)% (1.11)% 16.93% (12.32)% (1.64)% 2.38% Russell 1000 Value Median Large Cap Value Manager (11.68)% (1.25)% 16.51% (11.85)% (1.15)% 3.79% FMIvT Russell 1000 Enhanced Index Portfolio' $34,073 22.1% (10.36)% 11 0.97% 12 16.24% 19 (8.93)% 28 (0.13)% 34 (1.22)% 64 (11.45)% (0.73)% 15.22% (9.55)% (0.56)% (1.23)% Russell 1000 Median Large Cap Core Manager (11.42)% (0.94)% 14.52% (9.67)% (0.60)% 0.34% $57,704 Large Cap Domestic Equity 37.4% (11.28)% 28 (0.67)% 35 15.61% 29 (10.31)% 79 N/A N/A (11.43)% (1.02)% 14.43% (9.81)% (0.80)% (1.59)% S &P500 Median Large Cap Core Manager (11.42)% (094)% 14.52% (9.67)% (0.60)% 0.34% Small Ca/i Domestic Equity FMIvT Diversified Small to Mid Cap Equity Portfolio $17,434 11.3% (8.19)% 31 3.01% 60 18.91% 78 0.78% 2 6.05% 9 9.63% 23 (9.33)Vo 2.92% 22.28% (8.40)% 0.90% 3.07% Custom Indexz Median SMID Cap Core Manager (8.82)% 3.86% 22.14% (6.15)% 2.99% 5.53% International Eauily T FMIvT International Blend Portfolio $14,017 9.1% (15.95)% 97 (12.05)% 89 4.79% 88 (16.90)% 96 (1.05)% 96 N/A MSCIEAFE (13.75)% (11.00)% 6.37% (12.94)% L35 % 0.58% Median International DevelapedMarkets Equity (12.25)% (8.72)% 9.01 % (11.21)% 2.70 % 3.61% Equity Composite 57.8% $89,154 FMPTF - 60/40 Allocation Total Portfolio $154,279 100.0% (5.72)% 37/89 0.78% 68/86 10.81% 88/77 (2.53)% 22/42 2.31% 67/76 2.88% 58/74 Target Index 3 (5.62)01. 1.19% 12.87% (2.78)% 2.51% 2.89% Median Total Fund (Equity Alloc btwn 55 % -70 01o) (6.06)% 1.37% 13.93% (3.84)% 2.63% (3.04)% Median Total Fund (Equity Alloc btwn 40 % -55 01o) (4.51)% 2.06% 13.22% (2.99)% 3.15% 3.47% I Portfolio renamed and manager changed in August 2007 ` Custom Index consists of the Russell 2500 beginning June 1, 2010, and prior to that the Russell 2000. 3 The Target Index represents 40% Barclays Capital Aggregate, 39% S &P 500, 11 % Russe112000, and 10% MSC[EAFE stardng ju1y 1, 2005 and 45% Barclays Capital Aggregate, 44% S &P 500, and 11 % Russe112000 for all time periods through June 30, 2005. Note. Market values and Total PorabBoperformance includes all fees and expenses, including securities lending. © 2010 Asset Consulting Group All Bights reserved Florida Municipal Investment Trust Florida Municipal Pension Trust Fund - 60/40 Allocation Ranking a w 0 For the Period Ending June 30, 20 10 37/89 68/86 88 /77 22/42 67/76 58/74 1 Quarter 3 Quarters 1 Year 3 Years 5 Years 10 Years ■ Florida Municipal Pension Trust Fund - 60/40 Allocation ■ Target Index ■ Median Total Fund (Between 55 -70% Eqty) ■ Median Total Fund (Between 40 % -55% Eqty) The numbers above the bars are the rankings for this portfolio versus the portfolios with similar equity allocation between 55 % -70% and portfolios with similar equity allocation between 40 % -55 %, respectively. The rankings are on a scale of 1 to 100 with 1 ranking the best. The Target Index represents 40% Barclays Capital Aggregate, 39% S&P 500, 11 % Russell 2000, and 10% MSCI EAFE starting July 1, 2005 and 43% Barclays Capital Aggregate, 44% S&P 500, and 11 % Russell 2000 for all time periods through June 30, 2005. Note: Market values and Total Portfolio performance includes all fees and expenses, including securities lending. © 2010 Asset Consulting Group All Rights Reserved 1 Quarter 3 Quarters 1 Year 3 Years 5 Years 10 Years 5th Percentile -3.83 / -1.94 3.81/4.63 17.99 / 17.94 -0.71/1.07 4.28/5.49 5.34/6.22 25th Percentile -5.34 / -3.70 2.16/2.81 15.11 / 15.37 -2.85 / -1.35 3.38/4.12 3.79/4.32 50th Percentile -6.06 / -4.51 1.37/2.06 13.93 / 13.22 -3.84 / -2.99 2.63/3.15 3.04/3.47 75th Percentile -6.71 / -5.19 0.53/1.28 12.29 / 11.02 -4.93 / -4.24 2.04/2.34 2.29/2.82 95th Percentile -7.41 / -6.22 -0.52 / -0.27 9.05/8.94 -6.50 / -6.29 1.00/1.21 1.42/1.76 Observations 196/246 198/247 198/242 183/232 174/215 141/172 The numbers above the bars are the rankings for this portfolio versus the portfolios with similar equity allocation between 55 % -70% and portfolios with similar equity allocation between 40 % -55 %, respectively. The rankings are on a scale of 1 to 100 with 1 ranking the best. The Target Index represents 40% Barclays Capital Aggregate, 39% S&P 500, 11 % Russell 2000, and 10% MSCI EAFE starting July 1, 2005 and 43% Barclays Capital Aggregate, 44% S&P 500, and 11 % Russell 2000 for all time periods through June 30, 2005. Note: Market values and Total Portfolio performance includes all fees and expenses, including securities lending. © 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust Florida Municipal Pension Trust Fund - 60/40 Allocation One Year Periods Ending June R --king 88 / 77 w 0 9 2. 2 1. li -1 -1 5 -2 0 2 10/28 37/52 98/93 88/82 j O '� 7 N ti M Q c, N a � 5 Jun 2010 Jun 2009 Jun 2005 Jun 2007 Jun 2006 ■ Florida Municipal Pension Trust Fund - 60/40 Allocation ■ Target Index ■ Median Total Fund (Between 55 -70% Eqty) ■ Median Total Fund (Between 40 % -55% Eqty) Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 17.99 / 17.94 -11.22 / -7.33 0.14/1.19 19.76 / 20.01 13.24 / 13.77 25th Percentile 15.11/15.37 -14.92 / -12.33 -3.47 / -2.17 18.01/18.03 11.15 /11.19 50th Percentile 13.93 / 13.22 -17.40 / -15.75 -5.06 / -3.91 17.10 /16.65 9.65/9.71 75th Percentile 12.29 / 11.02 -19.71/ -18.75 -6.63 / -5.75 15.91/15.06 8.14/7.92 95th Percentile 9.05/8.94 -22.51 / -23.01 -10.10 / -7.61 13.94 / 12.74 5.31/5.00 Observations 198/242 192/240 184/234 180/224 176/218 The numbers above the bars are the rankings for this portfolio versus the portfolios with similar equity allocation between 55 %-70% and portfolios with similar equity allocation between 40 % -55 010, respectivey. The rankings are on a scale of 1 to 100 with 1 ranking the best. The Target Index represents 40% Barclays Capital Aggregate, 39% S&P 500, 11 % Russell 2000, and 10% MSCI SAFE starting July 1, 2005 and 45010 Barclays Capital Aggregate, 44% S&P 500, and 11 % Fussell 2000 for all time periods throngb June 30, 2005. Note: Market values and Total Portfolio performance includes all fees and expenses, including securities lending. 2010 Asset Consulting Group All Rights Reserved J N J m 0 o N N � r r I Jun 2010 Jun 2009 Jun 2005 Jun 2007 Jun 2006 ■ Florida Municipal Pension Trust Fund - 60/40 Allocation ■ Target Index ■ Median Total Fund (Between 55 -70% Eqty) ■ Median Total Fund (Between 40 % -55% Eqty) Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 17.99 / 17.94 -11.22 / -7.33 0.14/1.19 19.76 / 20.01 13.24 / 13.77 25th Percentile 15.11/15.37 -14.92 / -12.33 -3.47 / -2.17 18.01/18.03 11.15 /11.19 50th Percentile 13.93 / 13.22 -17.40 / -15.75 -5.06 / -3.91 17.10 /16.65 9.65/9.71 75th Percentile 12.29 / 11.02 -19.71/ -18.75 -6.63 / -5.75 15.91/15.06 8.14/7.92 95th Percentile 9.05/8.94 -22.51 / -23.01 -10.10 / -7.61 13.94 / 12.74 5.31/5.00 Observations 198/242 192/240 184/234 180/224 176/218 The numbers above the bars are the rankings for this portfolio versus the portfolios with similar equity allocation between 55 %-70% and portfolios with similar equity allocation between 40 % -55 010, respectivey. The rankings are on a scale of 1 to 100 with 1 ranking the best. The Target Index represents 40% Barclays Capital Aggregate, 39% S&P 500, 11 % Russell 2000, and 10% MSCI SAFE starting July 1, 2005 and 45010 Barclays Capital Aggregate, 44% S&P 500, and 11 % Fussell 2000 for all time periods throngb June 30, 2005. Note: Market values and Total Portfolio performance includes all fees and expenses, including securities lending. 2010 Asset Consulting Group All Rights Reserved Observations 198/242 192/240 184/234 180/224 176/218 The numbers above the bars are the rankings for this portfolio versus the portfolios with similar equity allocation between 55 %-70% and portfolios with similar equity allocation between 40 % -55 010, respectivey. The rankings are on a scale of 1 to 100 with 1 ranking the best. The Target Index represents 40% Barclays Capital Aggregate, 39% S&P 500, 11 % Russell 2000, and 10% MSCI SAFE starting July 1, 2005 and 45010 Barclays Capital Aggregate, 44% S&P 500, and 11 % Fussell 2000 for all time periods throngb June 30, 2005. Note: Market values and Total Portfolio performance includes all fees and expenses, including securities lending. 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust Florida Municipal Pension Trust Fund- 60 140Allocation Historical Manager Allocation • Cash 1l FMIvT Broad Market High Quality Bond Fund • FMIvT High Quality Growth Equity Portfolio ■ FMIvT Diversified Value Portfolio • FMIvT Russell 1000 Enhanced Index Portfolio ■ FMIvT Diversified Small Cap Equity Portfolio • FMlvT International Blend Portfolio a� 9q a� 00 a� 01 a� 02 a� 03 a� 0� a 05 a� �6 a� 0� a� �a a Oq a�A) January 1998: Initial allocation to Broad Market HQ Bond and HQ Growth Equity only. * January 2000: Added exposure to Small Cap markets and passive Large Cap. February 2004: Increased equity portfolio exposure through reduction in the Broad Market HQ Bond Fund. May 2005: Added International exposure; increased the Large Core allocation to reduce the Fund's growth bias. ♦ November 2006: Added Large Cap Value allocation to balance the style exposure. 0 2010 Asset Consulting Group All lights Reserved 100% 80% 60% 40% Florida Municipal Investment Trust Florida Municipal Pension Trust Fund - 60/40 Allocation Performance vs. Objectives 1 For Periods Ending June 30, 20 10 Benchmark Total Portfolio Obiective Met? ♦ The Total Portfolio's annualized total return should equal or 7.50% 2.31% No exceed the Total Portfolio's actuarial interest rate assumption (currently 7.5 %). ♦ The Total Portfolio's annualized total return should exceed the total return of a Target Index composed of as follows: 2 2.51% 2.31% No 39% S &P 500 Stock Index 11% Russell 2000 Index 10% MSCI EAFE Index 40% Barclays Capital Aggregate Bond Index ♦ The Total Portfolio's annualized total return should rank at 2.63% 2.31% No median or above when compared to a universe of total fund 50th 67th portfolios with a similar allocation to equities (55% - 70 %). I All benchmark and actual returns shown are forfiveyear, annuali .Zed. 2 The Target Index represents 40% Barclays Capital Aggregate, 39% S&P 500, 11% Russell 2000, and 10% MSCI EAFE starting Judy 1, 2005, and 45% Barclays Capital Aggregate, 44% S&P 500, and 11 % Russell 2000 for all time periods througb June 30, 2005 Note: Market values and Total Por folio performance includes all fees and expenses, including securities lending. 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust Risk vs. Return Analysis Three and Five Years Ending June 30, 2010 Three Year Risk /Return Five Year Risk/ Return -2.00 Annualized Standard 4.00 ■ MTF (Eq. Alloc Sharpe FMPTF - 60/40 Allocation Target Index Deviation Ratio between 40 -55 %) Return Deviation Ratio FMPTF - 60/40 Allocation -2.53 12.29 -0.33 -3.00 ■ 10.05 2 3.00 Target Index -2.78 v -0.30 Target Index v �" 11.75 -0.02 MTF (Eq. Alloc between 55 -70 01o) MTF (Eq. Alloc 16.39 -0.31 MTF (Eq. Alloc 2.63 13.41 between 40 -55 %) MTF (Eq. Alloc between 40 -55 01o) -2.99 between 55 -70 1/o) -0.29 MTF (Eq. Alloc between 40 -55 01o) 3.15 11.96 0.01 Target Index ■ 10% MSCI EAFE starting Judy 1, 2005 and 45% Barclays Capital Aggregate, 44% S&P 500, and 11% Russe112000 for all lime periods tbrougb June 30, 2005. MTF (Eq. Alloc between 55 -70 %) Note Market values and Total Ponfolio performance includes all fees and expense., including securities lending. ■ ■ FMPTF - 60/40 Allocation -4.00 2.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 9.00 10.00 11.00 12.00 13.00 14.00 Standard Deviation Standard Deviation 0 2010 Asset Consulting Group All Rtgbts Reserved Annualized Standard Sharpe Annualized Standard Sharpe Return Deviation Ratio Return Deviation Ratio FMPTF - 60/40 Allocation -2.53 12.29 -0.33 FMPTF - 60/40 Allocation 2.31 10.05 -0.05 Target Index -2.78 14.56 -0.30 Target Index 2.51 11.75 -0.02 MTF (Eq. Alloc between 55 -70 01o) -3.83 16.39 -0.31 MTF (Eq. Alloc between 55 -70 %) 2.63 13.41 0.00 MTF (Eq. Alloc between 40 -55 01o) -2.99 14.50 -0.29 MTF (Eq. Alloc between 40 -55 01o) 3.15 11.96 0.01 The Target Index represents 40% Barclays Capital Aggregate, 39% S&P 500, 11% Russe112000, and 10% MSCI EAFE starting Judy 1, 2005 and 45% Barclays Capital Aggregate, 44% S&P 500, and 11% Russe112000 for all lime periods tbrougb June 30, 2005. Note Market values and Total Ponfolio performance includes all fees and expense., including securities lending. 0 2010 Asset Consulting Group All Rtgbts Reserved Florida Municipal Investment Trust Florida Municipal Pension Trust Fund - 60/40 Allocation For the Periods Ending June 30, 2010 2.89% 2.89% 2.89 2.88% a a w 2.88% A z 2.88% 50 45 40 35 30 25 20 15 10 5 0 2.88% 2.88% 8.60% 8.80% 9.00% 9.20% 9.40% 9.60% 9.80% 10.00% Standard Deviation ■ FMPTF - 60/40 Allocation ❑ Target Index to 'Q 3 2 Y; Don Zo 2g �'_ F Gtr s P °EO °rO �$ �fo �� °EO2 °eO,�o orDUo otOS aFPr Fo �So Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 10 Years FMPTF - 60/40 Allocation 2.88 8.66 0.06 0.69 0.08 72.04 64.87 77.82 60.56 FMPTF - 60/40 Allocation 138 8.69% - 10.07% 101 37 73.19% Target Index 2.89 9.79 0.05 1.00 Target Index 138 6.92% - 11.80% 82 56 59.42% All information calculated using monthly data. The Target Index represents 40 % Barclays Capital Aggregate, 39% S&P 500, 11 % Russell 2000, and 10% MSCI EAFE starting Judy 1, 2005 and 45% Barclays Capital Aggregate, 44% Sd�P 500, and 11% Russell 2000 for all time periods through June 30, 2005. Note; Market values and Total Portfolio performance includes aid fees and expense., including securities lending. 2010 Asset Consulting Groin All Rights Reserved 44 4 16 1617 1617 910 1110 11 5 5 45 5 44 [1 I 1 __!L d I Au to 'Q 3 2 Y; Don Zo 2g �'_ F Gtr s P °EO °rO �$ �fo �� °EO2 °eO,�o orDUo otOS aFPr Fo �So Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 10 Years FMPTF - 60/40 Allocation 2.88 8.66 0.06 0.69 0.08 72.04 64.87 77.82 60.56 FMPTF - 60/40 Allocation 138 8.69% - 10.07% 101 37 73.19% Target Index 2.89 9.79 0.05 1.00 Target Index 138 6.92% - 11.80% 82 56 59.42% All information calculated using monthly data. The Target Index represents 40 % Barclays Capital Aggregate, 39% S&P 500, 11 % Russell 2000, and 10% MSCI EAFE starting Judy 1, 2005 and 45% Barclays Capital Aggregate, 44% Sd�P 500, and 11% Russell 2000 for all time periods through June 30, 2005. Note; Market values and Total Portfolio performance includes aid fees and expense., including securities lending. 2010 Asset Consulting Groin All Rights Reserved Florida Municipal In vestment Trust Market Overview For the Periods Ending June 30, 2090 Economic growth trended higher during the second quarter, albeit at a slower pace, as improved corporate profitability led to an uptick in business investment. Although corporations remain cautiously optimistic, they are still reluctant to permanently add to payrolls, awaiting a clearer picture of the direction of the global economy. Business led recovery remains intact ... The Commerce Department's final reading on 1 Q10 economic growth showed economy -wide (all private and public US based companies) corporate profits rose 8% from the prior quarter and soared 34% above the same period last year. Sales are rising, driven by an 11% year- over -year increase in first quarter exports, as the global economic expansion lifted demand. This boost in sales, combined with the cost - cutting measures taken during the recession, is providing a huge windfall of cash for corporations. In fact, the Federal Reserve reported that US corporations amassed $1.8 trillion in cash on their balance sheets at the end of 1Q10, a 26% jump from 1Q09. Rising profits are giving business the means and incentive to invest ... Cash rich companies are investing in technology and equipment in an effort to expand services and improve operating efficiencies. In May a government report showed orders for goods meant to last at least three years rose for the third time in the last four months. Moreover, orders for both machinery and computers climbed 18% and 12 %, respectively, from levels in May 2009. Recent growth indicators ISM Manufacturing Composite* Economy at a Glance Max -10 Apr -10 ISM Non - Manufacturing Composite* U. of Michigan Survey of Consumer Confidence ** Change in Payrolls (m -o -m, 000) * ** Personal Income (% m- o- m) * * ** Personal Spending (% m- o- m) * * ** Sources: *Institute for Supply Management * *U. of Michigan Survey Research ** *Bureau of Labor Statistics * ** *Bureau of Economic Analysis 59.6 55.4 73.6 162 0.4 0.6 60.4 55.4 72.2 313 0.5 0.0 May -10 59.7 55.4 73.6 433 0.4 0.2 Jun -10 56.2 53.8 76.0 -125 1000 800 600 ti 400 200 0 0 -200 E. -400 -600 -800 1000 US Employess on Nonfarm Payrolls Monthly Change 0000000000000000000000000000000 � aro 7 Zq�wC� ^QnOZ(a w�� Source. Bureau ofEconomic Analysis Rising profits have yet to spillover into a substantial rise in payrolls ... The US corporate sector, while willing to plow profits into purchases of machinery and technology, remain steadfast in their goal to squeeze every last bit of productivity out of their existing workforce. This was evident in the soft 2Q10 employment numbers. Corporations added to payrolls at a lackluster pace, with many of the new jobs coming from the government's hiring of workers to complete the 2010 census. In total the economy added 882,000 jobs in the first half of the year, with 593,000 from the private sector. © 2010 Asset Consulting Group All Rights Reserved Florida Municipal In vestment Trust Market Overview For the Periods Ending June 30, 2090 However, there are some silver linings within the US employment picture. First, private sector job growth has been positive for six consecutive months. Second, companies have been utilizing temporary workers at a solid pace. The US labor department reported that for the first six months of 2010, employment in temporary help rose by 379,000, 64% of full time hires. In essence, companies are increasing their workforces and using less expensive temporary workers which do not receive benefits. Ultimately, increased business spending could prove beneficial for US job growth as historically there is a very tight relation between the two factors. Looking forward, the return of job growth will be essential to generating a self - sustaining recovery. U.S. Equities Despite robust corporate profit growth, equity markets tumbled during the second quarter with the bulk of the losses coming in May and June. Predominantly weighing on investor minds was the European sovereign debt crisis and potential default by Greece, Spain and /or Portugal. Of major concern was the potential relapse of the 2008 global financial crisis. The S &P 500 dropped 11.43% from April through June breaking a four - quarter winning streak. Cyclical sectors that typically benefit during the early stages of economic upswings were the worst performers in 2Q10 led by the S &P 500 Materials sector down 15.72% followed by the S &P Financials sector that fell 13.56 %. All ten S &P 500 sectors declined during the quarter. The small cap Russell 2000 index declined 9.92 %, which was the worst second quarter ever for the index. The Russell 2000 Growth index plunged 9.22% from April through June, while the Russell 2000 Value index dropped 10.60 %, placing the year -to -date spread at 0.7% in favor of Value. International Equities Mounting fears of a European sovereign debt contagion reached an apex on April 27th when nearly $1 trillion of worldwide equity value was erased after Standard & Poor's lowered its credit ratings of Greece, Portugal and Spain. Equities tumbled further from that point forward as the broad MSCI World index of 24 developed countries plunged 12.78% (USD) by quarter's end (- 12.49 %, 2Q10, - 9.56 %, YTD). The market decline was led by Greek stocks as the MSCI Greece Index dropped nearly 25 %. Emerging markets initially bucked the trend due to the International Monetary Fund's projection that developing economies would grow, on average, 6.5% in 2011. The anticipation of above average growth propelled investor optimism regarding corporate profits, sending the MSCI Emerging Market index to a third consecutive monthly advance in April. However, emerging equities reversed course the remaining two months pressured by sovereign debt issues and concerns regarding the sustainability of China's economic growth. The MSCI Emerging Market index declined 8.29% and 6.04 %, respectively during 2Q10 and YTD. Global Fixed - Income Bond investors continued to rotate toward the safe -haven of US government securities in 2Q10 on renewed fears of a double -dip recession in the global economy. The Bank of America Merrill Lynch US Treasury Master index jumped 4.72% in the quarter ( +5.88% YTD). Yields on US two -year Treasury notes fell to as low as 0.59% on June 29th, the lowest intraday level on record, closing June at 0.61 %, levels not seen since December 2008. US corporate bond spreads widened off cyclical April lows reflecting increasing risk aversion and the flight to quality. The yield on the Barclays Capital US Corporate Investment Grade index fell to 4.23% from 4.48% at the end of March, while the yield on the Barclays Capital US High Yield index closed the quarter at 9.16 %. Spreads between the Barclays Capital US Corporate Investment Grade index and US 10 -year Treasury yields jumped to 126 bps on June 30th from 42 bps on April 30th, while spreads on the Barclays Capital US High Yield index rose to 619 bps, from 426 bps over the same period. The European Central Bank (ECB) in June extended its pledge to lend to banks and to continue buying European sovereign debt in its efforts to fight the European debt crisis. The ECB will give banks access to unlimited funds over three months at a fixed rate of 1% in July, August, and September. © 2 010 Asset Consulting Group All Tights Reserved Florida Municipal Investment Trust 2010 Asset Consulting Group All Rights Reserved Equity Index Returns For the Periods Ending June 30, 2010 30.00% o 25.00% 0 N 20.00% o s o 0 0 15.00% 10.00% 0 5.00% m cV o r rt v 0 0.00% (5.00 %) N 0 (10.00 %) o c o %) (15.00 V V %) (20.00 Quarter Two Quarters One Year Three Years Five Years • S &P 500 ■ Russell 3000 ■ Russell 1000 Value • Russell 1000 Growth ■ S &P Midca ■ Russell 2000 • Russell 2000 Value ■ Russell 200 Growth ® EAFE ■MSCI All Country World ex U.S. 2010 Asset Consulting Group All Rights Reserved Florida Municip d Investruent Trust 0 20 90 Asset Consulting Group AllRi ghtr Reserved Equity Sector Returns For the Periods Ending June 30, 2010 35.00% o N � � N 25.00% o Ln 15.00 % d 5.00% (5.00%) o JIL 0 %) (15.00 In %) (25.00 GO � � o o � c c c ^ G (35.00%) c G��� °�,5 fib° .o�� wm4 �fi��� �5w� ��e� G��� G .0 � � o G0 o tifio� G;�ZI ■ Quarter ■ Two Quarters ■ One Year ■ Three Years 0 Five Years 0 20 90 Asset Consulting Group AllRi ghtr Reserved 0 o N � � N o r d o 0 GO � � o o � c c c ^ G c r � � c. ghtr Reserved Florida Muniicip d Investment Trust 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% (5.00%) (10.00 %) (15.00 %) Equity Style Spectrum - Median Returns For the Periods Ending June 30, 2010 2010 Asset Consulting Group All Rights Reserved �ro yo tiro ° o m o N N N 0 N M N r o 0 - 0 0 0 o a o G o cC. N n' C\ 2010 Asset Consulting Group All Rights Reserved ■ Quarter ■ Two Quarters ■ One Year ■ Three Years ■ Five Years G0 s eye tiro ¢o� �ro ro w� �ro yo tiro ■ Quarter ■ Two Quarters ■ One Year ■ Three Years ■ Five Years G0 s eye tiro ¢o� �ro ro w� Florida Muniicip d Investment Trust 2010 Asset Consulting Group All Rights R eserved International Index Returns For the Periods Ending June 30, 2010 30.00% 0 25.00% 20.00% 0 15.00% v c, 0 0 0 10.00% o 5.00% 0.00% 0 0 0 0 (5.00 %) o N c N N (10.00 %) O %) (15.00 G� � 7 %) (20.00 v ep 0 � �� 111 p���fi 0 ��y�� Q, °L " � o 45 5�� ■ Quarter ■ Two Quarters ■ One Year ■ Three Years ■ Five Years 2010 Asset Consulting Group All Rights R eserved .N-.i 7 . eserved Florida Municipallnvestment Trust 30.00% 25.00% 20.00% 15.00% 10.00 % 5.00% 0.00% (5.00%) Fixed Income Index Returns For the Periods Ending June 30, 2010 41 �y l�5 ro���ro$ ti tifi KP LQII�� ti �5 �5 ■ Quarter i Two Quarters ■ One Year ■ Three Years i Five Years © 2010 Asset Consulting Group All Rights Reserved Wo Florida Municipal In vestment Trust Fixed Income Market Environment For the Periods Ending June 30, 2010 Nominal by As of 6/30/ 10 (QTR YTD 1 -Year 3 -Year Excess Returns by Sectors Aggregate 3.49% 5.33% 9.50% 7.55% as of)une 30, 2010 3000 Treasury 4.68% 5.86% 6.67% 7.81% 2500 Gov't- Related 2.62% 4.11% 6.66% 7.28% 2000 Corporate 3.42% 5.79% 15.92% 7.41% 11 1500 MBS 2.87% 4.46% 7.47% 8.23% c 1000 818 CMBS 2.78% 12.14% 30.51% 6.37% a 500 30 352 45 82 2 2'° '$' 1 1 E, ABS 2.54% 4.81% 12.90% 4.72% I U 0 __ _51 _74 _62 40 -G -0[I ff High Yield (Corporate) -0.11% 4.51% 26.77% 6.54% X -500 w -225 -110 -460 -4 386 -471 -loco -1500 Nominal -2000 As of 6130110 YTD 1 -Year 3 -Year Aggregate Gov't- Corporate MBS CMBS ABS High Yield AAA _QTR 3.52% 5.08% 7.73% 7.55% Related (Corporate) AA 3.35% 5.97% 12.62% 6.63% ■QTR WYTD 61 -Y- 03-Y -e A 3.57% 6.16% 15.55% 6.39% BAA 3.16% 6.51% 18.79% 8.62% Excess Returns by Quality BA 0.44% 4.96% 22.15% 8.33% as of June 30, 2010 B 0.02% 3.56% 19.67% 3.23% 5000 CAA - 1.36% 3.83% 36.09% 1.40% 4000 3000 3,042 Nominal Returns 1 A As of 6/30/ 10 QTR YTD 1 -Year 3 -Year 2000 ,375 775 544 1,076 1 -3 Yr. 1.08% 2.04% 4.19% 5.40% y 1000 ` 549 56 224 22 54 3-5 Yr. 2.45% 4.22% 8.00% 6.99% 0 W _2 -170 26 -57 213 -77 -279 -71 _149 -72 5 -7 Yr. 3.58% 6.12% 10.88% 7.46% _loco _3gg _343100 566 -856 -074 7 -10 Yr. 5.11% 7.54% 13.05% 9.28% -2000 -1503 -2,088 10+ Yr. 7.90% 9.47% 14.33% 8.68% -3000 AAA an n Ban BA B can 1 Relative to the duration neutral Treasury Time periods over oneyear are annuali .Zed ■QTR ■YTD ■1 -Ye ■3 -Y-- Source: Barclays Capital © 2010 Asset Consulting Group All fights Reserved Florida Municipal Inves tin ent Trust el Interest Rate Term Structure Government Issues - 3 Months to 30 Year Maturity 6.00% 5.00% .. 4.00% o 3.00% r 2.00% 1 1.00% 0.00% 0 5 10 15 20 25 30 Years -to- Maturity 6/30/2010 3/31/2010 - - 6/30/2009 0 20 90 Asset Consulting Group All lights Reserved 6/30/2010 3/31/2010 6/30/2009 90 Days 0.18% 0.16% 0.20% 180 Days 0.22% 0.24% 0.35% 1 Year 0.31% 0.39% 0.49% 2 Years 0.60% 1.02% 1.12% 3 Years 0.97% 1.57% 1.62% 4 Years 1.43% 2.13% 2.13% 5 Years 1.78% 2.55% 2.56% 7 Years 2.41% 3.28% 3.21% 10 Years 2.93% 3.83% 3.54% 20 Years 3.70% 4.54 % 4.31% 30 Years 3.89% 4.72% 4.33% 0 20 90 Asset Consulting Group All lights Reserved Florida Municipal Investment Trust FMIvT Broad Market High Quality Bond Fund As of June 30, 2010, FMIvT Broad Market High Quality Bond Fund held 71 securities in their portfolio. Holdings and portfolio characteristics are as follows: 1 ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ 100.0% o U o o 0 w ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ GOVT AAA AA A BAA 0 20 90 Asset Consulting Group All lights Reserved ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ Avg Maturity Avg Cpn ( %) Avg Quality Duration (yrs) YTM ( %) (yrs) ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ 0 -2 Year 2 -4 Years 4 -6 Years 6 -8 Years 8 -10 Years 10 -12 Years 12+ Years Florida Municipal Invest rent Trust 6.40% 6.35% 9 6.30% v a w 0 n 6.25% a 6.20% FMIvT Broad Market High Quality Bond Fund For the Periods Ending June 30, 2010 6.15% 1 3.52% 3.54% 3.56 % 3.58% 3.60% 3.62% 3.64% 3.66% 3.68% 3.70% 3.72% Standard Deviation ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ 60 50 40 30 io 10 0 All information calculated using monthly data. © 20 90 Asset Consulting Group All Raghts Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 10 Years Market High Quality Bond Fund 6.17 3.54 1.07 0.92 0.03 94.56 88.92 95.98 92.11 Market High Quality Bond Fund 150 4.01% - 2.47% 106 44 70.67% Barclays Capital Aggregate A+ 6.36 3.70 1.08 1.00 Barclays Capital Aggregate A+ 150 3.60% - 3.24% 103 47 68.67 % 5048 8 a� 30 20 \l o 32 oFolo o oell 2o oFO�o oro Ao oEOSoo P d�Pr e4 2727 2 7 6 6 3 00 1 0 1 11 02 10 00 All information calculated using monthly data. © 20 90 Asset Consulting Group All Raghts Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 10 Years Market High Quality Bond Fund 6.17 3.54 1.07 0.92 0.03 94.56 88.92 95.98 92.11 Market High Quality Bond Fund 150 4.01% - 2.47% 106 44 70.67% Barclays Capital Aggregate A+ 6.36 3.70 1.08 1.00 Barclays Capital Aggregate A+ 150 3.60% - 3.24% 103 47 68.67 % 8 a� 30 20 \l o Ooo oFolo o oell 2o oFO�o oro Ao oEOSoo P d�Pr e4 All information calculated using monthly data. © 20 90 Asset Consulting Group All Raghts Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 10 Years Market High Quality Bond Fund 6.17 3.54 1.07 0.92 0.03 94.56 88.92 95.98 92.11 Market High Quality Bond Fund 150 4.01% - 2.47% 106 44 70.67% Barclays Capital Aggregate A+ 6.36 3.70 1.08 1.00 Barclays Capital Aggregate A+ 150 3.60% - 3.24% 103 47 68.67 % Florida Municipallnvestrnent Trust FMIvT Broad Market High Quality Bond Fund For the Periods Ending June 30, 2010 Ranking 42 96 86 68 68 91 2 v x w 0 v ro 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years Observations 445 420 380 367 325 167 The numbers above the bars are the rankings for this portfolio versus the care band universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each pos folio presented here is not necessarily representative of the actual return of a particularparticii ant within the Trust due to issues related to the timing of contributions and withdrawals by individualparticpants. Valuation of individualpartic_pant accounts may also be iVacted by securities lending activity within the FMIvT. Securities lending activity is not included in por folio performance but is reflected in the market values contained in this report. © 2010 Asset Con ulting Group All Bights Reserved ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ ■ Median Core Bond Mgr 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years 5th Percentile 4.10 19.52 11.78 11.53 7.89 8.27 25th Percentile 3.61 13.76 9.93 8.84 6.53 7.37 50th Percentile 3.29 11.93 8.75 8.06 5.99 6.84 75th Percentile 2.79 9.57 7.58 7.38 5.52 6.50 95th Percentile 2.10 7.09 4.92 6.08 4.74 5.70 Observations 445 420 380 367 325 167 The numbers above the bars are the rankings for this portfolio versus the care band universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each pos folio presented here is not necessarily representative of the actual return of a particularparticii ant within the Trust due to issues related to the timing of contributions and withdrawals by individualparticpants. Valuation of individualpartic_pant accounts may also be iVacted by securities lending activity within the FMIvT. Securities lending activity is not included in por folio performance but is reflected in the market values contained in this report. © 2010 Asset Con ulting Group All Bights Reserved Florida Municipallnvesanent Trust FMIvT Broad Market High Quality Bond Fund One Year Periods Ending June Ranking 96 39 19 82 43 �i w 0 v o Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ ■ Median Core Bond Mgr Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 19.52 9.76 12.83 7.54 1.44 25th Percentile 13.76 7.49 8.23 6.51 0.49 50th Percentile ° r 6.97 6.18 -0.10 75th Percentile � o 5.72 -0.48 95th Percentile 7.09 -0.89 V^ 4.81 -1.35 0 0 o Observations 420 489 503 462 436 The numbers above the bars are the rankings far this por folio versus the core band universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each por folio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individualparticoant accounts may also be impacted by securitie lending activity tvitbin the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMIvT Broad Market High Quality Bond Fund ■ Barclays Capital Aggregate A+ ■ Median Core Bond Mgr Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 19.52 9.76 12.83 7.54 1.44 25th Percentile 13.76 7.49 8.23 6.51 0.49 50th Percentile 11.93 6.02 6.97 6.18 -0.10 75th Percentile 9.57 3.39 5.20 5.72 -0.48 95th Percentile 7.09 -0.89 2.44 4.81 -1.35 Observations 420 489 503 462 436 The numbers above the bars are the rankings far this por folio versus the core band universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each por folio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individualparticoant accounts may also be impacted by securitie lending activity tvitbin the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Florida Municipad Investunent Trust Investment Guidelines Broad Market High Quality Bond Fund For the Periods Ending June 30, 2010 Portfolio Sector Allocations Max.% Min. % Actual Portfolio Within Guidelines? Comments U.S. Govt Oblig., U.S. Govt Agency Oblig, or U.S. Govt Instrum. Oblig. 75.0% 30.0% 40.6% Yes Mortgage Securities including CMO's 50.0% 0.0% 41.7% Yes Corporate and Yankee Debt Obligations 30.0% 0.0% 6.6% Yes Asset Backed Securities 30.0% 0.0% 11.1% Yes Reverse Repurchase Agreements and /or other forms of financial leverage * 30.0% 0.0% 0.0% Yes Other Cash 25.0% 0.0% 0.0% Yes Portfolio Duration/Quality Policy Expectations Actual Portfolio Within Guidelines? Comments Modified Duration Portfolio should maintain a duration equal to the Barclays Capital A+ Aggregate 2.87 to 5.33 4.04 Yes Index plus or minus 30% but no greater than 7 years. Credit quality Portfolio should Maintain a minimum bond fund rating of AA (Fitch). AA Yes Individual Securities Within Guidelines? Comments Minimum long -term credit rating of A for all corporate securities. Yes Maximum of 3% at time of purchase and 5% of the portfolio value may be invested Position Noted in corporate securities of an individual issuer. in A maximum of 5% of the portfolio, at market, may be invested in individual trusts of 2.00 Yes Largest Position Noted ABS and Non - Agency CMOs. Final stated maturity of 31.0 years or less for all securities. *Asset Consulting Group is unable to venfy the actual percentages in the portfolio. However, ACG has confirmed the actual portfolio allocation is less than the maximum percentage allowed. © 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust FMIvT High Quality Growth Equity Portfolio For the Period Ending June 30, 20 9 0 ♦ Strategy: Large Cap Growth Equity Portfolio ♦ Manager: Atlanta Capital Management Company ♦ Vehicle: Separate Account ♦ Manager Fee: 45 bps; fees are based on the net asset value of the Portfolio ♦ Admin Fee: 14.5 bps; fees are based on the net asset value of the Portfolio ♦ Total Expenses: Approximately 72 bps ♦ Inception Date: January 1, 1998 ♦ Benchmark: Russell 1000 Growth Index ♦ Invests in large cap growth style common stocks of companies domiciled in the US or traded on the New York Stock Exchange. ♦ Outperform the Russell 1000 Growth Index over a complete market cycle (usually 3 to 5 years). ♦ Rank above median in a relevant peer group universe. ♦ Stock values fluctuate in response to the activities of individual companies, the general market, and economic conditions. Shares of the Portfolio are neither insured nor guaranteed by any US Government agency, including the FDIC. This Quarter Last 12 Months Beginning Market Value 29,195 18,309 Net Additions 375 5,512 Return on Investment -3,758 1,990 Income 101 369 Gain /Loss -3,859 1,621 Ending Market Value 25,811 25,811 - Minimum initial investment: $50,000 - Minimum subsequent investments: $5,000 - Minimum redemption: $5,000 - The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. - The Portfolio is valued on the last business day of the month. - The Administrator must have advance written notification of Member contributions or redemptions. $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 FMIvT High Quality Growth Equity Portfolio Russell 1000 Growth —S&P 500 1­ 00 M C1 C, o o .-. .--i N N M M 'zi- t in 'n '_0 "0 r- r` 00 M G1 C' O a1 a1 a1 c71 c, o o o o o 0 0 0 0 0 0 0 1 091 1 0 91 W U' U v v U Q �Q �Q �Q Note: Portfolio performance returns presented here aregross of all fees and expenses. Further, performance of each portfolio presented here is not necessany representative of the actual return of a particularparticipant within the Trust due to issues related to the timing of contributions and withdrawals by individual pariic pants. Valuation of individual participant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust FMIvT High Quality Growth Equity Portfolio As of June 30, 2010, FMIvT High Quality Growth Equity Portfolio held 55 securities in their portfolio. Holdings and portfolio characteristics are as follows: APPLE INC 4.9% CVS CAREMARK CORP 2.9 ABBOTT LABORATORIES 3.6% SCHLUMBERGER LTD 2.6% QUALCOMM INC 3.4% HONEYWELLINTERNATIONAL INC 2.4% PROCTER +GAMBLE CO /THE 3.4% CISCO SYSINC 2.4% HEWLETT PACKARD CO 3.1% NETFLIX COM INC 2.3% NETFLIX COM INC STERICYCLE INC APPLE INC LINEAR TECHNOLOGY CORP COGNIZANTTECHNOLOGY SOLUTIONS MONSANTO CO NEW MYLAN INC GILEAD SCIENCES INC SCHWAB CHARLES CP NE FRANKLIN RES INC 47.3% PROCTER +GAMBLE CO /THE 20.3% UNION PACCORP 7.1% VARIAN MEDSYS INC -0.9% DEERE + CO -1.8% TARGET CORP Performers / -35.0% GOOGLE INC -25.0% QUALCOMM INC -24.6% MICROSOFTCORP -23.9% AFLAC INC -22.1% GENERAL ELECTRIC CO 0 20 90 Asset Consulting Group All Rights Reserved ■ FMIVT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 9 8 7 6 5 4 3 2 1 O N W 0 f h 0 , 0 0 0 N O N N p 0 O � N M a0 ON C� u N 0 " Cq n Avg Mkt Med Mkt Erngs Grth P/B P/E Yield Cap ($Bil) Cap ($BIl) -4.5% -4.7% Sector Aflocation -5.5% ■ FMIvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 -5.9% 40 35 -6.2% 30 25 20 15 -21.5% 10 -21.4% 5 0 M M N N �c oo M O'n M. ONm c. o° 00 -21.0% �r2o �� �f . -20.9% Os4etsG�Pf r a�cra f� t �srrf�f od�ro �Prfdj oc des -20.3% dr re2 c so�P A O cis 0 20 90 Asset Consulting Group All Rights Reserved ■ FMIVT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 9 8 7 6 5 4 3 2 1 O N W 0 f h 0 , 0 0 0 N O N N p 0 O � N M a0 ON C� u N 0 " Cq n Avg Mkt Med Mkt Erngs Grth P/B P/E Yield Cap ($Bil) Cap ($BIl) -4.5% -4.7% Sector Aflocation -5.5% ■ FMIvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 -5.9% 40 35 -6.2% 30 25 20 15 -21.5% 10 -21.4% 5 0 M M N N �c oo M O'n M. ONm c. o° 00 -21.0% �r2o �� �f . -20.9% Os4etsG�Pf r a�cra f� t �srrf�f od�ro �Prfdj oc des -20.3% dr re2 c so�P A O cis Avg Mkt Med Mkt Erngs Grth P/B P/E Yield Cap ($Bil) Cap ($BIl) -4.5% -4.7% Sector Aflocation -5.5% ■ FMIvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 -5.9% 40 35 -6.2% 30 25 20 15 -21.5% 10 -21.4% 5 0 M M N N �c oo M O'n M. ONm c. o° 00 -21.0% �r2o �� �f . -20.9% Os4etsG�Pf r a�cra f� t �srrf�f od�ro �Prfdj oc des -20.3% dr re2 c so�P A O cis -21.0% �r2o �� �f . -20.9% Os4etsG�Pf r a�cra f� t �srrf�f od�ro �Prfdj oc des -20.3% dr re2 c so�P A O cis Florida Municipal Invest rent Trust o.00% - 1.00 % -2.00% v x -3.00% 0 v ro a' - 4.00 % - 5.00 % 6.00 % 16.00% FMIvT High Quality Growth Equity Portfolio For the Periods Ending June 30, 2010 16.50% 17.00°% 17.50 % 18.00% 18.50% 19.00% Standard Deviation ■ FMIvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 30 25 20 15 10 5 0 25 FMIvT High 11.16% Quality Growth - 17.56 % Equity Portfolio Russell 1000 Growth -1.52 -5.14 16.41 18.85 -0.24 sEri oFO >3 0.22 otO �E °I' 2 1 �t °.�o �t °moo �F °SQ P atF 87.56 -- 17 7 7 15 13 � 7 1_ 9 1112 9 11 8 1514 b14 6 44 44 4 3 All information calculated using monthly data. © 20 90 Asset Consulting Group All Raghts Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 10 Years FMIvT High 11.16% Quality Growth - 17.56 % Equity Portfolio Russell 1000 Growth -1.52 -5.14 16.41 18.85 -0.24 sEri oFO otO o�O 0.22 otO �E °I' �t °2o �t °.�o �t °moo �F °SQ P atF 87.56 -- All information calculated using monthly data. © 20 90 Asset Consulting Group All Raghts Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 10 Years FMIvT High 11.16% Quality Growth - 17.56 % Equity Portfolio Russell 1000 Growth -1.52 -5.14 16.41 18.85 -0.24 -0.40 0.81 1.00 0.22 -- 88.92 -- 77.91 -- 93.57 -- 87.56 -- FMIvT High Quality Growth Equity Portfolio Russell 1000 Growth 150 150 11.16% 12.65% - 17.56 % - 17.61% 87 81 63 69 58.00% 54.00% Florida Municipallnvestrnent Trust FMIvT High Quality Growth Equity Portfolio For the Periods Ending June 30, 2010 Ranking 71 20 yQ v �i W O V 4 69 52 38 47 48 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years ■ FMIvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 ■ Median Large Growth Mgr 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years 5th Percentile -8.44 25.77 -1.99 -2.05 4.08 3.74 25th Percentile -10.15 15.24 -5.74 -4.48 1.75 0.43 50th Percentile -11.67 12.93 -7.59 -6.61 0.74 -1.65 75th Percentile -12.72 11.04 -10.12 -8.00 -0.32 -3.24 95th Percentile -14.50 7.72 -14.90 -10.58 -1.97 -5.02 ti V O r` O r � O O l O0 u1 C:� r r r 00 C� N i i i 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years Observations 464 427 388 345 254 115 The numbers above the bars are the rankings for this portfolio versus the large cap growth universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of eacb portfolio presented here is not necessarily representative of the actual return of a particularpartid ant within the Trust due to issues related to the timing of contributions and withdrawals by inda'vidualparticipants. Valuation of individualparticpant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. © 2010 Asset Consulting Group All Rights Reserved ■ FMIvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 ■ Median Large Growth Mgr 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years 5th Percentile -8.44 25.77 -1.99 -2.05 4.08 3.74 25th Percentile -10.15 15.24 -5.74 -4.48 1.75 0.43 50th Percentile -11.67 12.93 -7.59 -6.61 0.74 -1.65 75th Percentile -12.72 11.04 -10.12 -8.00 -0.32 -3.24 95th Percentile -14.50 7.72 -14.90 -10.58 -1.97 -5.02 Observations 464 427 388 345 254 115 The numbers above the bars are the rankings for this portfolio versus the large cap growth universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of eacb portfolio presented here is not necessarily representative of the actual return of a particularpartid ant within the Trust due to issues related to the timing of contributions and withdrawals by inda'vidualparticipants. Valuation of individualparticpant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. © 2010 Asset Consulting Group All Rights Reserved Florida Municipallnvesanent Trust FMIvT High Quality Growth Equity Portfolio One Year Periods Ending June Ranking 25 15' 5 0 ff 5. O cC -15 -255. -35' 69 38 32 43 64 The numbers above the bars are the rankings far this portfolio versus the large cap growth universe. The rankings are on a scale of 1 to 900 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individual participant accounts may also be matted by securities lending activity within the FAHvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMMvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 ■ Median Large Growth Mgr Jun 2010 Jun 2009 Jun 2008 0 0 5th Percentile 25.77 -17.67 5.91 23.40 16.25 25th Percentile 15.24 -22.93 -0.37 18.90 11.14 50th Percentile 12.94 -25.30 -3.54 16.64 7.40 75th Percentile 11.04 -29.31 -6.30 13.86 6.05 95th Percentile 7.72 -36.35 -12.46 11.03 2.91 Observations 427 585 r 449 � d N J 7 Md-W- � _ M M The numbers above the bars are the rankings far this portfolio versus the large cap growth universe. The rankings are on a scale of 1 to 900 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individual participant accounts may also be matted by securities lending activity within the FAHvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMMvT High Quality Growth Equity Portfolio ■ Russell 1000 Growth ■ S &P 500 ■ Median Large Growth Mgr Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 25.77 -17.67 5.91 23.40 16.25 25th Percentile 15.24 -22.93 -0.37 18.90 11.14 50th Percentile 12.94 -25.30 -3.54 16.64 7.40 75th Percentile 11.04 -29.31 -6.30 13.86 6.05 95th Percentile 7.72 -36.35 -12.46 11.03 2.91 Observations 427 585 537 449 383 The numbers above the bars are the rankings far this portfolio versus the large cap growth universe. The rankings are on a scale of 1 to 900 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individual participant accounts may also be matted by securities lending activity within the FAHvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust Investment Guidelines High Quality Growth Equity Portfolio For the Pefiods Ending June 30, 2010 0 2010 Asset Consulting Group All Aigl is Reserved S &P 500 Plus 10 % Portfolio Sector Allocations Weight 150% or Points Actual Portfolio Within Guidelines? Comments Maximum sector concentration shall be no more than the greater of 150% or 10 percentage points higher than the sector weightings of the standard sectors as defined by the S &P 500 Index. Consumer Discretionary 11.4% 17.1% 21.4% 15.8% Yes _ Consumer Staples 10.2% 15.3% 20.2% 8.6% Yes Energy 10.7% 16.1% 20.7% 9.9% Yes Financials 16.8% 25.2% 26.8% 8.0% Yes Health Care 12.0% 17.9% 22.0% 14.2% Yes Industrials 10.5% 15.8% 20.5% 15.4% Yes Information Technology 18.3% 27.5% 28.3% 26.3% Yes Materials 3.5% 5.3% 13.5% 1.8% Yes Telecommunication Services 3.0% 4.4% AL 13.0% 0.0% Yes Utilities 3.7% 5.6% 13.7% 0.0% Yes Allocation Max. % Actual Portfolio Within Guidelines? Comments A maximum of 10% of the portfolio, valued at market, may be invested in cash. 10.0% 2.5% Yes A maximum of 15% of the portfolio may be held in securities that have an 9.2% S &P equity ranking or Value Line Financial Strength rating below B +. 15.0% A maximum of 5% of the portfolio may be invested in the securities of an o 5.0 /0 0 4.9 /o Yes Largest Position Noted individual corporation. A maximum of 10% of the portfolio, valued at market, may be invested in convertible issues (must have rating of Baa /BBB or better). 10.0% A maximum of 5% of the portfolio, valued at market, may be invested in any one convertible issuer. o 5.0 /0 0 0.0 /o Yes Maximum of 20% of the Portfolio, valued at market, may be invested in ADRs and common stocks of corporations organized under the laws of any country other than the United States, which are traded primarily on a US 20.0% stock exchange. 0 2010 Asset Consulting Group All Aigl is Reserved Florida Municipal Investment Trust FMIvT Diversified Value Portfolio For the Period Ending June 30, 20 10 ♦ Strategy: Large Cap Value Equity Portfolio ♦ Manager: Hotchkis & Wiley Capital Management ♦ Vehicle: Separate Account ♦ Manager Fee: 80 bps; fees are based on the net asset value of the Portfolio ♦ Admin Fee: 14.5 bps; fees are based on the net asset value of the Portfolio ♦ Total Expenses: Approximately 109 bps ♦ Inception Date: November 1, 2006 ♦ Benchmark: Russell 1000 Value Index ♦ Invests in large cap value style common stocks of companies domiciled in the US or traded on the New York Stock Exchange. ♦ Outperform the Russell 1000 Value Index over a complete market cycle (usually 3 to 5 years). ♦ Rank above median in a relevant peer group universe. ♦ Stock values fluctuate in response to the activities of individual companies, the general market, and economic conditions. Shares of the Portfolio are neither insured nor guaranteed by any US Government agency, including the FDIC. - Minimum initial investment: $50,000 - Minimum subsequent investments: $5,000 - Minimum redemption: $5,000 - The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. - The Portfolio is valued on the last business day of the month. - The Administrator must have advance written notification of Member contributions or redemptions. $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 t FMIvT Diversified Value Portfolio — Russell 1000 Value r r- 00 00 00 c, c, C� o 0 0 0 0 0 0 0 0 0 0 o r O w O w O w O w Note: Par folio performance returns presented here are gross of all fees and expenses. Further, performance of each pod folio presented here is not necessarily representative of the actual return of a particularparticipant nrithin the Trust due to issues related to the timing of contributions and rvithdran als by individual participants. Valuation of individual participant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in por folio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved This Quarter Last 12 Months Beginning Market Value 30,397 16,162 Net Additions 221 7,100 Return on Investment -3,663 3,693 Income 180 601 Gain /Loss -3,842 3,092 Ending Market Value 26,955 26,955 - Minimum initial investment: $50,000 - Minimum subsequent investments: $5,000 - Minimum redemption: $5,000 - The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. - The Portfolio is valued on the last business day of the month. - The Administrator must have advance written notification of Member contributions or redemptions. $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 t FMIvT Diversified Value Portfolio — Russell 1000 Value r r- 00 00 00 c, c, C� o 0 0 0 0 0 0 0 0 0 0 o r O w O w O w O w Note: Par folio performance returns presented here are gross of all fees and expenses. Further, performance of each pod folio presented here is not necessarily representative of the actual return of a particularparticipant nrithin the Trust due to issues related to the timing of contributions and rvithdran als by individual participants. Valuation of individual participant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in por folio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Florida Municipal -Investment Trust FMIvT Diversified Value Portfolio As of June 30, 2010, FMIvT Diversified Value Portfolio held 63 securities in their portfolio. Holdings and portfolio characteristics are as follows: CONOCOPHILLIPS 4.5% CA INC 3.2% JPMORGAN CHASE + CO 4.5% EXELON CORP 3.2% ROYAL DUTCH SHELL PLC 4.4% VODAFONE GROUP PLC NEW 3.1% WELLS FARGO + CO 3.8% CITIGROUPINC 2.6% BANK OF AMERICA CORP 3.7% LOCKHEED MARTIN CORP 2.5% CUMMINS INC KEYCORP MARATHON OIL CORP TIME WARNER CABLE CAPITAL ONE FINANCIAL CORP J.C. PENNEY CO INC GENWORTH FINANCIAL INC CL A FEDEX CORP CARNIVAL CORP HARTFORD FINANCIAL SVCS GRP 5.4% LORILLARDINC -0.6% CONOCOPHILLIPS -1.0% INTL BUSINESS MACHINES CORP -1.6% AMERICAN EXPRESS CO -2.6% PNC FINANCIAL SERVICES GROUP Performers / -32.8% CA INC -28.7% MICROSOFTCORP -24.8% SAFEWAY INC -22.0% CVS CAREMARK CORP -22.0% BANK OF AMERICA CORP 0 20 90 Asset Consulting Group All lights Reserved ■ FMIvT Diversified Value Portfolio O Russell 1000 Value 80 70 60 50 40 30 20 10 o r c; N oo N N N N � N .mom M u� o� 0 Avg Mkt Med Mkt Erngs Grth P/B P/E Yield Cap ($Bil) Cap ($Bil) -3.0% -3.0% Sector Affocation -3.2% ■ FMIvT Diversified Value Portfolio ® Russell 1000 Value -3.3% 35 -5.2% 30 25 - 20 15 -21.4% 10 -21.0% 5 0 -20.5 �r2o �� �f . -19.6% �sP sG o a0cr X12 ��� • o eo On �e ��0r der of t �ddr aura ar $� s -19.4% e? �r o fJ 4?r' sc�e O N cos N oo N N o� -20.5 �r2o �� �f . -19.6% �sP sG o a0cr X12 ��� • o eo On �e ��0r der of t �ddr aura ar $� s -19.4% e? �r o fJ 4?r' sc�e O N cos Florida Municipal Invest rent Trust o.00 -2.00% -4.00% -6.00% v a -8.00% 0 v W - 10.00% - 12.00% - 14.00% 16.00% 0.00° FMIvT Diversified Value Portfolio For the Periods Ending June 30, 20 10 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Standard Deviation ■FMIvT Diversified Value Portfolio ■Russell 1000 Value 14 12 10 s 6 4 2 0 12 11 tjo 11 °40 °to °to °to °�o rPdr a h3, 8 7 7 5 4 3 3 2 2 2 1 1 IJ-0 0 0 All information calculated using montby data. © 2010 Asset Consulting Group All Rights Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 3 Years FMIvT Diversified Value Portfolio -15.09 27.38 -0.59 1.16 -0.02 114.41 115.60 94.74 89.76 FMIvT Diversified Value Portfolio 44 15.99% - 16.08 % 24 20 54.55% Russell 1000 Value -12.32 22.28 -0.60 1.00 Russell 1000 Value 44 10.72% -17.31% 23 21 52.27% tjo 11 °40 °to °to °to °�o rPdr a h3, All information calculated using montby data. © 2010 Asset Consulting Group All Rights Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 3 Years FMIvT Diversified Value Portfolio -15.09 27.38 -0.59 1.16 -0.02 114.41 115.60 94.74 89.76 FMIvT Diversified Value Portfolio 44 15.99% - 16.08 % 24 20 54.55% Russell 1000 Value -12.32 22.28 -0.60 1.00 Russell 1000 Value 44 10.72% -17.31% 23 21 52.27% Florida Municipallnvestrnent Trust FMIvT Diversified Value Portfolio For the Periods Ending June 30, 2010 Ranldng 25 20 15 10 v 5 a 0 0 v -5 -10 -15 -20 49 5 17 4 14 92 Observations 307 307 298 283 265 240 The numbers above the bars are the rankings for this portfolio versus the large cap value universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each pos folio presented here is not necessarily representative of the actual return of a particularparticipant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individualparticpant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. © 2010 Asset Con ulting Group All Rights Reserved 1 Quarter 2 Quarters 3 Quarters 1 Year 2 Years 3 Years ■ FMIvT Diversified Value Portfolio ■ Russell 1000 Value ■ Median Large Value Mgr 1 Quarter 2 Quarters 3 Quarters 1 Year 2 Years 3 Years 5th Percentile -9.51 -2.73 2.90 21.51 -2.93 -6.96 25th Percentile -10.94 -4.97 -0.25 18.11 -6.15 -10.26 50th Percentile -11.68 -5.65 -1.25 16.51 -7.94 -11.85 75th Percentile -13.07 -6.79 -2.28 14.30 -9.03 -13.09 95th Percentile -13.93 -8.35 -3.91 11.05 -11.91 -15.64 Observations 307 307 298 283 265 240 The numbers above the bars are the rankings for this portfolio versus the large cap value universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each pos folio presented here is not necessarily representative of the actual return of a particularparticipant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individualparticpant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. © 2010 Asset Con ulting Group All Rights Reserved Florida Municipal Investment Trust FMIvT Diversified Value Portfolio One Year Periods Ending June Ranking 4 30 96 10 0 0 9 w o -10 u Psi -20 Observations 283 377 362 320 282 The numbers above the bars are the rankings far this por folio versus the large cap value universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returnspresented here are gross of all fees and expenses. Further, performance of each por folio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individualparficoant accounts may also be impacted by securities lending activity a itbin the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved / / N / -40 c I / Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMIvT Diversified Value Portfolio ■ Russell 1000 Value ■ Median Large Value Mgr Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 21.51 -22.33 -8.89 25.30 17.44 25th Percentile 18.11 -24.80 -14.63 23.94 14.98 50th Percentile 16.51 -27.01 -18.82 22.58 12.64 V 14.30 -29.16 -22.25 21.46 10.60 95th Percentile 11.05 -32.62 -32.36 19.48 7.01 cV cV O W IXJ 00 m i N O N Observations 283 377 362 320 282 The numbers above the bars are the rankings far this por folio versus the large cap value universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returnspresented here are gross of all fees and expenses. Further, performance of each por folio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individualparficoant accounts may also be impacted by securities lending activity a itbin the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved / / N / -40 I / Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMIvT Diversified Value Portfolio ■ Russell 1000 Value ■ Median Large Value Mgr Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 21.51 -22.33 -8.89 25.30 17.44 25th Percentile 18.11 -24.80 -14.63 23.94 14.98 50th Percentile 16.51 -27.01 -18.82 22.58 12.64 75th Percentile 14.30 -29.16 -22.25 21.46 10.60 95th Percentile 11.05 -32.62 -32.36 19.48 7.01 Observations 283 377 362 320 282 The numbers above the bars are the rankings far this por folio versus the large cap value universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returnspresented here are gross of all fees and expenses. Further, performance of each por folio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individualparficoant accounts may also be impacted by securities lending activity a itbin the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. 2010 Asset Consulting Group All Rights Reserved Florida Murricipallnvestment Trust Investment Guidelines Diversified Value Portfolio For the Periods Ending June 30, 2090 0 2010 Asset Consulting Group All Rights Reserved Maximum Portfolio Sector Allocations 35% Actual Portfolio Within Guidelines? Comments Maximum sector concentration shall be no more than 35% for any sector as defined by the Standard & Poor's GICS. Consumer Discretionary 35.0% 13.1% Yes Consumer Staples 35.0% 5.8% Yes Energy 35.0% 11.0% Yes Financials 35.0% 27.2% Yes Health Care 35.0% 6.6% Yes Industrials 35.0% 13.1% Yes Information Technology 35.0% 11.8% Yes Materials 35.0% 1.5% Yes Telecommunication Services 35.0% 3.1% Yes Utilities 35.0% 6.8% Yes Allocation Max. % Actual Portfolio Within Guidelines? Comments A maximum of 10% of the portfolio, valued at market, may be invested in cash. 10.0% 0.7% Yes The portfolio shall not own more than 5% of the outstanding common stock of any individual corporation. AdL- A maximum of 7.5% of the portfolio may be invested in the securities of o 7.5 /0 0 4./o 5 Yes Largest Position Noted an individual corporation. A maximum of 10% of the portfolio, valued at market, may be invested in convertible issues (must have rating of Baa /BBB or better). 10.0% A maximum of 5% of the portfolio, valued at market, may be invested in 5.0 /o o 0.0% Yes any one convertible issuer. A maximum of 20% of the portfolio, valued at cost, may be invested in common stocks of corporations that are organized under the laws of any country other than the United States and traded on the NYSE, AMEX, 20.0% or NASDAQ. 0 2010 Asset Consulting Group All Rights Reserved Florida Municipallnvestrnmt Trust FMIvT Russell 1000 Enhanced Index Portfolio For the Period Ending June 30, 20 10 ♦ Strategy: Large Cap Core Equity Portfolio ♦ Manager: Janus /INTECH ♦ Vehicle: Commingled Fund ♦ Manager Fee: 39.5 bps; fees are based on the net asset value of the Portfolio ♦ Admin Fee: 10.5 bps; fees are based on the net asset value of the Portfolio ♦ Total Expenses: Approximately 55 bps ♦ Inception Date: January 1, 2000 (Manager change August 2007) ♦ Benchmark: Russell 1000 Index ♦ Invests in large cap core style common stocks of companies domiciled in the US or traded on the New York Stock Exchange. ♦ Meet or exceed the performance of the Russell 1000 Index. ♦ Rank above median in a relevant peer group universe. ♦ Stock values fluctuate in response to the activities of individual companies, the general market, and economic conditions. Shares of the Portfolio are neither insured nor guaranteed by any US Government agency, including the FDIC. This Quarter Last 12 Months Beginning Market Value 81,487 51,142 Net Additions 2,166 15,370 Return on Investment -5,467 11,676 Income 0 0 Gain /Loss -5,467 11,676 Ending Market Value 78,187 78,187 - Minimum initial investment: $50,000 - Minimum subsequent investments: $5,000 - Minimum redemption: $5,000 - The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. - The Portfolio is valued on the last business day of the month. - The Administrator must have advance written notification of Member contributions or redemptions. t FMIvT Russell 1000 Enhanced Index Portfolio —g— Russell 1000 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 a� o o r C" 0 R 0 0 Q Q Q N N c+1 en V- t In u'1 V V r- r- 00 W G\ C, O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 azj Note: Porifolio performance returns presented here are gross of all fees and e%penses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particularparticipant within the Trust due to issues related to the timing of contributions and witbdrawals by individual participants. 2010 Asset Consnitfng Group All Rights Reserved Florida Municip d Investment Trust FMIvT Russell 1000 Enhanced Index Portfolio As of June 30, 2010, FMIvT Russell 1000 Enhanced Index Portfolio held 578 securities. Holdings and portfolio characteristics areas follows: EXXON MOBIL CORP JOHNSON &JOHNSON AT &T INC MICROSOFT CORP IBM 25 20 15 10 5 0 3.7% PFIZER INC 1.6% 2.1% GENERAL ELECTRIC CO 1.6% 2.1% CHEVRON CORP 1.6% 1.9% APPLE INC 1.5% 1.8% PROCTER & GAMBLE CO 1.5% ■ FMIvT Russell 1000 Enhanced Index Portfolio []Russell 1000 Avg Mkt Cap Erngs Grwth (5 P/B P/E Yield ($Bil) Yr) ■ FMIvT Russell 1000 Enhanced Index Portfolio W Russell 1000 30 �Lr r co FY o r e s4�Pr seer ra°y c�a� al e �� r�'�6o c l,� � c r�cre6. PLO 23�io odd 0/0 0� PJLJ CAS Characteristic data provided by manager. © 2010 Asset Consulting Group All Rights Reserved N � M N C, m W O M M M N 7 M 30 �Lr r co FY o r e s4�Pr seer ra°y c�a� al e �� r�'�6o c l,� � c r�cre6. PLO 23�io odd 0/0 0� PJLJ CAS Characteristic data provided by manager. © 2010 Asset Consulting Group All Rights Reserved Florida Mimicipallnvestment Trust FMIvT Russell 1000 Enhanced Index Portfolio For the Periods Ending June 30, 20 10 -1.22% - 1.22% FMIvT Russell 1000 122° Enhanced Index Portfolio -1.22% ;4 -1.22% w ° -1.22% v -1.22% -1.23 - 1.23 % Russell 1000 Q -1.23 16.28 16.30 16.32 16.34 16.36 16.38 16.40 16.42 16.44 16.46 16.48 16.50 Standard Deviation 25 20 15 10 5 0 ■FMIvT Russell 1000 Enhanced Index Portfolio ■Russell 1000 sr z V. otO oto o� orO °tO °r °FO °�o °t0 ,?F OO All information calculated using monthly data. © 2010 Asset Consulting Grout All Rights Reserved 10 Years FMIvT Russell 1000 Enhanced Index Portfolio Russell 1000 Return -1.22 -1.23 Standard Deviation 16.30 16.47 Sharpe Ratio -0.22 -0.22 Beta 0.99 1.00 Alpha 0.00 -- Up Capture 98.75 -- Down Capture 98.82 -- Correlation 99.80 -- R Square 99.60 - Tracking Error 1.06 - FMIvT Russell 1000 Enhanced Index Portfolio Russell 1000 Number of Months 126 126 Highest Monthly Return 9.37% 10.12% Lowest Monthly Return - 17.11% - 17.46% Number of Pos. Months 73 73 Number of Neg. Months 53 53 % Positive Months 57.94% 57.94% 23 2021 1 1515 1 1415 12 1 12 lh 1 10 7 7 6 5 54 5 5 118 1 34 6 V. otO oto o� orO °tO °r °FO °�o °t0 ,?F OO All information calculated using monthly data. © 2010 Asset Consulting Grout All Rights Reserved 10 Years FMIvT Russell 1000 Enhanced Index Portfolio Russell 1000 Return -1.22 -1.23 Standard Deviation 16.30 16.47 Sharpe Ratio -0.22 -0.22 Beta 0.99 1.00 Alpha 0.00 -- Up Capture 98.75 -- Down Capture 98.82 -- Correlation 99.80 -- R Square 99.60 - Tracking Error 1.06 - FMIvT Russell 1000 Enhanced Index Portfolio Russell 1000 Number of Months 126 126 Highest Monthly Return 9.37% 10.12% Lowest Monthly Return - 17.11% - 17.46% Number of Pos. Months 73 73 Number of Neg. Months 53 53 % Positive Months 57.94% 57.94% All information calculated using monthly data. © 2010 Asset Consulting Grout All Rights Reserved 10 Years FMIvT Russell 1000 Enhanced Index Portfolio Russell 1000 Return -1.22 -1.23 Standard Deviation 16.30 16.47 Sharpe Ratio -0.22 -0.22 Beta 0.99 1.00 Alpha 0.00 -- Up Capture 98.75 -- Down Capture 98.82 -- Correlation 99.80 -- R Square 99.60 - Tracking Error 1.06 - FMIvT Russell 1000 Enhanced Index Portfolio Russell 1000 Number of Months 126 126 Highest Monthly Return 9.37% 10.12% Lowest Monthly Return - 17.11% - 17.46% Number of Pos. Months 73 73 Number of Neg. Months 53 53 % Positive Months 57.94% 57.94% FMIvT Russell 1000 Enhanced Index Portfolio Russell 1000 Number of Months 126 126 Highest Monthly Return 9.37% 10.12% Lowest Monthly Return - 17.11% - 17.46% Number of Pos. Months 73 73 Number of Neg. Months 53 53 % Positive Months 57.94% 57.94% Florida Municipal Investment Trust FMIvT Russell 1000 Enhanced Index Portfolio For the Periods Ending June 30, 2010 Ranking 11 19 38 28 34 64 x w 0 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years Observations 674 625 555 501 386 200 The numbers above the bars are the rankings for this portfolio versus the large cap core universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. © 2010 Asset Consulting Group All Rights Reserved ■ FMIvT Russell 1000 Enhanced Index Portfolio ■ Russell 1000 ■ Median Large Core Mgr 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years 5th Percentile -8.80 21.11 -2.47 -5.59 2.04 6.09 25th Percentile -11.17 15.93 -7.30 -8.76 0.29 3.37 50th Percentile -11.42 14.52 -7.98 -9.67 -0.60 0.34 75th Percentile -12.07 13.40 -8.97 -10.05 -0.82 -1.50 95th Percentile -13.64 9.08 -12.12 -13.11 -1.95 -1.70 Observations 674 625 555 501 386 200 The numbers above the bars are the rankings for this portfolio versus the large cap core universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. © 2010 Asset Consulting Group All Rights Reserved Florida Municipallnvestment Trust FMIvT Russell 1000 Enhanced Index Portfolio One Year Periods Ending June Ranking 19 70 26 67 47 25, 15 11 4� � 5 w 0 -25 N Cq Jun 2009 Jun 2008 Jun 2007 Jun 2006 ON N N Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 21.11 -19.48 -5.06 24.63 15.95 25th Percentile N _ o 21.88 11.99 50th Percentile 14.53 -26.14 -13.03 20.63 8.97 75th Percentile 13.40 -27.58 -14.04 20.17 8.65 95th Percentile 9.08 -30.75 -21.00 17.87 6.61 a o C. r ^. Observations 625 768 720 626 564 The numbers above the bars are the rankings for this portfolio versus the large cap core universe. The rankings are on a scale of Ito 900 uiith 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessariy representative of the actual return of a particularparficipant within the Trust due to issues related to the timing of contributions and zvithdrarvals by individualparticpants. © 2010 Asset Con ulting Group All Bights Reserved Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMIvT Russell 1000 Enhanced Index Portfolio ■ Russell 1000 ■ Median Large Core Mgr Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 21.11 -19.48 -5.06 24.63 15.95 25th Percentile 15.93 -25.50 -11.07 21.88 11.99 50th Percentile 14.53 -26.14 -13.03 20.63 8.97 75th Percentile 13.40 -27.58 -14.04 20.17 8.65 95th Percentile 9.08 -30.75 -21.00 17.87 6.61 Observations 625 768 720 626 564 The numbers above the bars are the rankings for this portfolio versus the large cap core universe. The rankings are on a scale of Ito 900 uiith 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessariy representative of the actual return of a particularparficipant within the Trust due to issues related to the timing of contributions and zvithdrarvals by individualparticpants. © 2010 Asset Con ulting Group All Bights Reserved Florida Municipal Invesanent Trust FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio For the Period Ending June 30, 2010 Strategy: Small to Mid (SMID) beginning June 1, 2010 prior to that the Small Cap Core Equity Portfolio. ♦ Manager: Atlanta Capital Management Company ♦ Vehicle: Separate Account ♦ Manager Fee: 45 bps; fees are based on the net asset value of the Portfolio ♦ Admin Fee: 14.5 bps; fees are based on the net asset value of the Portfolio ♦ Total Expenses: Approximately 67 bps ♦ Inception Date: January 1, 2000 * Benchmark: The index is a blend of the Russell 2500 Index beginning June 1, 2010 and prior to that the Russell 2000 Index. ♦ Invests in small to mid cap core style common stocks of companies domiciled in the US or traded on the New York Stock Exchange. ♦ Outperform a blended index of the Russell 2500 Index beginning June 1, 2010 and the Russell 2000 Index prior to that, over a complete market cycle (usually 3 to 5 years). ♦ Rank above median in a relevant peer group universe. ♦ Stock values fluctuate in response to the activities of individual companies, the general market, and economic conditions. Shares of the Portfolio are neither insured nor guaranteed by any US Government agency, including the FDIC. This Quarter Last 12 Months Beginning Market Value 50,923 34,101 Net Additions -50 5,548 Return on Investment -4,234 6,989 Income 114 400 Gain /Loss -4,348 6,589 Ending Market Value 46,638 46,638 -Minimum initial investment: $50,000 - Minimum subsequent investments: $5,000 - Minimum redemption: $5,000 - The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. - The Portfolio is valued on the last business day of the month. - The Administrator must have advance written notification of Member contributions or redemptions. $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 t FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio —Custom Index* C, O .--i N M d' Ln 0 r- oo ON a� o 0 0 0 0 0 0 0 0 0 Ca ra ra ra r� ra Ca Ca Ca Ca Ca Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particularparticipantwiihin the Trust due to issues related to the timing of contributions and withdrawals by individualparti4ants. Valuation of individualparticipant accounts may also be impacted by securities lending activity within the FM1vT. Securities lending activity it not included in portfolio performance but is reflected in the market values contained in this report. * Custom Index consists of the Russell 2500 beginning June 1, 2010, and prior to that the Russell 2000. © 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio As of June 30, 2010, FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio held 51 securities in their portfolio. Holdings and portfolio characteristics are as follows: MARKFL CORP 4.7% FOREST CITY ENTERPRISES CL A 3.0% AFFILIATEDMANAGERS GROUP INC 3.6% SCHEIN HENRY INC 2.8°% O REILLY AUTOMOTIVE INC 3.5% LKQ CORP 2.8% BLACKBAUDINC 3.3% DENTSPLY INTL INC NEW 2.7% MORNINGSTAR INC 3.2% HCC INSURANCE HOLDINGS INC 2.6% ALBERTO CULVER CO KIRBY CORP HENRYJACK+ ASSOC INC APTARGROUPINC NATIONAL INSTRS CORP DRIL QUIPINC AARON S INC AFFILIATEDMANAGERS GROUP INC FOREST CITY ENTERPRISES CL A BIO RAD LABORATORIES CL A 3.9% CARLISLE COS INC 0.3% CITY NATIONAL CORP -0.4% LKQ CORP -3.6% ANSYS INC -4.3% ROFIN SINAR TECHNOLOGIES INC t Performers (Quarter) -27.6% FAIR ISAACCORPORATION -23.2% ACUITY BRANDS INC -23.1% BLACKBAUDINC - 21.4/ UMPQUA HLDGS CORP -16.5% MORNINGSTAR INC 0 20 90 Asset Consulting Group All lights Reserved ■ FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio ■ Russell 2500 25 20 15 10 5 0 Avg Mkt Med Mkt Erngs Grth P/B P/E Yield Cap ($Bil) Cap ($Bil) -4.8% -4.9° Sector / / -5.0% ■ FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio ■ Russell 2500 -6.0% 30 -8.0% 25 -20 15 -13.9% 10 5 -13.6% 0 -13.2% - 13.1% -11.6% vi N M N O N oo N � 01 V N � N I v N Ln OcD N Kl N o r" �f1 ° 0 Avg Mkt Med Mkt Erngs Grth P/B P/E Yield Cap ($Bil) Cap ($Bil) -4.8% -4.9° Sector / / -5.0% ■ FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio ■ Russell 2500 -6.0% 30 -8.0% 25 -20 15 -13.9% 10 5 -13.6% 0 -13.2% - 13.1% -11.6% G 0 cos vi N M N O N � V N � �o N Kl N r" �f1 0 0 G 0 cos a� G 0 cos Florida Municipad Investrment Trust 12.00% 10.00% 8.00% 0 a 6.00% 0 oEOY. cC 4.00% oC 0l0 2.00% 0�0 0.00% or oso Hd r�rr1 0.00% 5.00% FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio For the Petiods Ending June 30, 2010 10.00% 15.00% 20.00% 25.00% Standard Deviation ■ Small to Mid (SMID) Cap Equity Portfolio O Custom Index* 30 24 25 20 15 10 5 0 All information calculated using monthly data. * Custom Index consists of the Bzuse112500 beginning June 1, 2010, and prior to that the Russe112000. 0 2010 Asset Consulting Group All Bights Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months Positive Months 10 Years Small to Mid (SMID) Cap Equity Portfolio 9.63 17.16 0.42 0.77 0.56 87.61 64.79 93.95 88.26 Small to Mid (SMID) Cap Equity Portfolio 126 15.00% - 16.30% 79 47 62.70% Custom Index* 3.07 21.03 0.03 1.00 Custom Index* 126 16.51% - 20.80% 72 54 57.14% 'oC 26 oEOY. 0000 oC 0l0 of 020 0�0 o� oAo or oso Hd r�rr1 a0 :3o `AoQ o 0 0 ° 15 if 12 02 10 fi 8 8 6 7 6 7 7 4 a All information calculated using monthly data. * Custom Index consists of the Bzuse112500 beginning June 1, 2010, and prior to that the Russe112000. 0 2010 Asset Consulting Group All Bights Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months Positive Months 10 Years Small to Mid (SMID) Cap Equity Portfolio 9.63 17.16 0.42 0.77 0.56 87.61 64.79 93.95 88.26 Small to Mid (SMID) Cap Equity Portfolio 126 15.00% - 16.30% 79 47 62.70% Custom Index* 3.07 21.03 0.03 1.00 Custom Index* 126 16.51% - 20.80% 72 54 57.14% 'oC oEO o�02 oEOY. 0000 oC 0l0 of 020 0�0 o� oAo or oso Hd r�rr1 a0 :3o `AoQ o 0 0 ° ld All information calculated using monthly data. * Custom Index consists of the Bzuse112500 beginning June 1, 2010, and prior to that the Russe112000. 0 2010 Asset Consulting Group All Bights Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months Positive Months 10 Years Small to Mid (SMID) Cap Equity Portfolio 9.63 17.16 0.42 0.77 0.56 87.61 64.79 93.95 88.26 Small to Mid (SMID) Cap Equity Portfolio 126 15.00% - 16.30% 79 47 62.70% Custom Index* 3.07 21.03 0.03 1.00 Custom Index* 126 16.51% - 20.80% 72 54 57.14% Florida Municipal Investment Trust FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio For the Periods Ending June 30, 2010 Ranking a a w 0 v 4 20/31 86/78 9/6 2/2 6/9 42/23 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years ■ FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio ■ Custom Index* ■ Median Small Core Mgr ■ Median SMID The numbers above the bars are the rankings for this portfolio versus the small cap core universe and the SMID universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Nate: Portfolio performance returns presented here are grass of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individual participant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. * Custom Index consists of the Russell 2500 beginning June 1, 2010, and prior to that the Russell 2000 © 2010 Asset Consulting Group All Rights Reserved 1 Quarter 1 Year 2 Years 3 Years 5 Years 10 Years 5th Percentile -6.64 / -5.24 33.40 / 30.22 4.79/4.52 -2.14 / -1.47 6.09/6.32 13.09 / 11.57 25th Percentile -8.49 / -7.99 26.78 / 25.22 1.42/-1.03 -4.56 / -3.60 3.60/5.19 10.75/9.58 50th Percentile -9.42 / -8.82 23.73 / 22.14 -2.40 / -4.66 -6.95 / -6.15 2.36/2.99 9.19/5.53 75th Percentile -10.09 / -10.35 21.02 / 19.49 -5.26 / -7.36 -8.53 / -8.32 0.45/2.15 5.79/3.47 95th Percentile -12.21 / -12.29 14.05 / 15.14 -8.77 / -12.44 -11.42 / -10.50 -1.75 / -0.82 1.77/-2.73 Observations 349/305 325/286 283/250 239/223 170/174 69/69 The numbers above the bars are the rankings for this portfolio versus the small cap core universe and the SMID universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Nate: Portfolio performance returns presented here are grass of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. Valuation of individual participant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. * Custom Index consists of the Russell 2500 beginning June 1, 2010, and prior to that the Russell 2000 © 2010 Asset Consulting Group All Rights Reserved Florida Municipal In vestment Trust FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio One Year Periods Ending June Ranking 86/78 25 15 5 -5 O v ro P'. -15 -25 -35 2/3 9/31 90/89 57/57 Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 ■ FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio ■ Custom Index* ■ Median Small Core Mgr ■ Median SMID Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 33.40 / 30.22 -14.70 / -11.19 -4.10/5.25 24.76 / 29.11 23.99 / 27.44 25th Percentile 26.78 / 25.22 -18.73 / -19.73 -11.14 / -2.37 21.57 / 24.18 � 50th Percentile 23.73 / 22.15 -23.30 / -25.38 -15.76 / -9.28 18.46 / 21.45 14.52 / 14.74 75th Percentile 21.02 / 19.49 -26.50 / -30.34 -18.64 / -14.17 16.45 / 18.36 12.94 / 12.48 95th Percentile 14.05 / 15.14 -32.75 / -36.14 -23.97 / -24.76 11.59 / 12.83 7.61/8.27 N N N vl N N � N � � 0o ti 4 r N � � N M o ri r N N N Zi Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 Observations 325/286 366/253 326/229 256/205 230/180 The numbers above the bars are the rankings for this portfolio versus the small cap core universe and the SMID universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio p resented here is not necessa riy rep resentative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and witbdrawals by individual participants. Valuation of individual participant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. * Custom Index consists of the Russell 2500 beginning June 1, 2010, and prior to that the Russell 2000. 2010 Asset Consulting Group All Rights Reserved ■ FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio ■ Custom Index* ■ Median Small Core Mgr ■ Median SMID Jun 2010 Jun 2009 Jun 2008 Jun 2007 Jun 2006 5th Percentile 33.40 / 30.22 -14.70 / -11.19 -4.10/5.25 24.76 / 29.11 23.99 / 27.44 25th Percentile 26.78 / 25.22 -18.73 / -19.73 -11.14 / -2.37 21.57 / 24.18 18.10 / 20.12 50th Percentile 23.73 / 22.15 -23.30 / -25.38 -15.76 / -9.28 18.46 / 21.45 14.52 / 14.74 75th Percentile 21.02 / 19.49 -26.50 / -30.34 -18.64 / -14.17 16.45 / 18.36 12.94 / 12.48 95th Percentile 14.05 / 15.14 -32.75 / -36.14 -23.97 / -24.76 11.59 / 12.83 7.61/8.27 Observations 325/286 366/253 326/229 256/205 230/180 The numbers above the bars are the rankings for this portfolio versus the small cap core universe and the SMID universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio p resented here is not necessa riy rep resentative of the actual return of a particular participant within the Trust due to issues related to the timing of contributions and witbdrawals by individual participants. Valuation of individual participant accounts may also be impacted by securities lending activity within the FMIvT. Securities lending activity is not included in portfolio performance but is reflected in the market values contained in this report. * Custom Index consists of the Russell 2500 beginning June 1, 2010, and prior to that the Russell 2000. 2010 Asset Consulting Group All Rights Reserved Florida Mmucip d Investment Trust Investment Guidelines Diversified Small to Mid (SMID) Cap Equity Portfolio For the Periods Ending June 30, 2010 Portfolio Sector Allocations Maximum Actual Portfolio Within Guidelines? Comments Maximum sector concentration shall be no more than 30% in any one sector Consumer Discretionary 30.0% 16.1% Yes Consumer Staples 30.0% 5.7% Yes Energy 30.0% 2.6% Yes Financials 30.0% 25.2% Yes Health Care 30.0% 11.2% Yes Industrials 30.0% 20.4% Yes Information Technology 30.0% 16.7% Yes Materials 30.0% 2.1% Yes Telecommunication Services 30.0% 0.0% Yes Utilities 30.0% 0.0% Yes Allocation Max. % Within Guidelines? Comments A maximum of 10% of the portfolio, valued at market, may be invested in 10.0% 2.7% Yes cash. A maximum of 25% of the portfolio may be held in securities that have an 25.0 o 16.8 /o S &P equity ranking or Value Line Financial Strength rating below B +. A maximum of 5% of the portfolio may be invested in the securities of an 5.0 /0 „ 4.7 /n o Yes Largest Position Noted individual corporation. A maximum of 10% of the portfolio, valued at market, may be invested in convertible issues (must have rating of Baa /BBB or better). 10.0% 0.0% Yes AL A maximum of 5% of the portfolio, valued at market, may be invested in any one convertible issuer. o 5.0 /0 0.0 /o Yes A maximum of 10% of the portfolio, valued at cost, may be invested in common stocks of corporations that are organized under the laws of any o 10.0 /o N/A country other than the United States and traded on the NYSE, AMEX, or NASDAQ. © 2010 Asset Consulting Group All Fights Reserved Florida Municipallnvestment Trust FMIvT International Blend Portfolio For the Period Ending June 30, 20 10 ♦ Strategy: International Equity Portfolio ♦ Manager: AllianceBernstein ♦ Vehicle: Commingled Fund ♦ Manager Fee: 85 bps; fees are based on the net asset value of the Portfolio ♦ Admin Fee: 14.5 bps; fees are based on the net asset value of the Portfolio ♦ Total Expenses: Approximately 110 bps ♦ Inception Date: June 1, 2005 ♦ Benchmark: MSCI EAFE Index ♦ Invests in developed markets outside the US. Maintains approximately equal weightings to both growth and value securities through a systematic rebalancing ♦ Outperform the MSCI EAFE Index over a complete market cycle (usually 3 to 5 ♦ Rank above median in a relevant peer group universe. ♦ Stock values fluctuate in response to the activities of individual companies, the general market, and economic conditions. Investments in foreign securities generally pose greater risk than domestic securities. This Quarter Last 12 Months Beginning Market Value 39,558 23,770 Net Additions 1,504 10,732 Return on Investment -5,431 1,130 Income 0 0 Gain /Loss -5,431 1,130 Ending Market Value 35,632 35,632 - Minimum initial investment: $50,000 - Minimum subsequent investments: $5,000 - Minimum redemption: $5,000 - The Portfolio is open once a month, on the first business day following the Portfolio Valuation date, to accept Member contributions or redemptions. - The Portfolio is valued on the last business day of the month. - The Administrator must have advance written notification of Member contributions or redemptions. $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 t FMIvT International Blend Portfolio t MSCI EAFE n n .0 r- r- � 00 00 00 c, c, c, o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cn ti Cn Note: Portfolio performance returnsp resented here are gross of all fees and expenses. Fudher, performance of each portfolio presented here is not necessarily rpresentative of the actual return of aparticularparticipant within the Trust due to issues related to the timing of contributions and withdrawals by individual participants. 2010 Asset Consulting Group All Rights Reserved Florida Municipal Investment Trust FMIvT International Blend Portfolio As of June 30, 2010, FMIvT International Blend Portfolio held 191 securities in their portfolio. Holdings and portfolio characteristics are as follows: NOVARTIS 1.9% SANOFI- AVENTIS SA BRITISH AMERICAN TOBACCO 1.8% ANHEUSER -BUSCH INBEV JAPAN TOBACCO INC o o 1.6% XSTRATA PLC ROYAL DUTCH SHELL PLC _ 1.5% IMPERIAL TOBACCO GROUP PLC VODAFONE GROUP PLC 1.311/1, MITSUBISHI CORP 2' Portfolio oryaA EAFE AUSTRALIA 2.5% 8.1% -5.6% AUSTRIA 0.3/,, 0.3% 0.0% BELGIUM 1.4% 1.0% 0.5% BRAZIL 2.2% 0.0% 2.2% CANADA 4.6% 0.0% 4.6% CHINA 0.7% 0.0% 0.7% DENMARK 1.7% 1.0% 0.6% EMU 0.5% 0.0% 0.5% FINLAND 0.7% 1.0% -0.4f FRANCE 8.4/ 9.8% -1.4% GERMANY 6.7% 7.8% -1.2% GREECE 0.0% 0.3% -0.3% HONG KONG 3.6% 2.6% 1.0% INDIA 0.8% 0.0% 0.8% INDONISIA 0.3% 0.0% 0.3% IRELAND 0.1% 0.3% -0.2% ISRAEL 1.4°/ 0.9% 0.6% ITALY 3.3% 2.8% 0.5%. JAPAN 19.9% 23.3% -3.49/ KOREA 0.7% 0.0% 0.7/ LUXEM 3URG 0.3% 0.0% 0.3% MEXICO 0.0% 0.0% 0.0% NETHERLANDS 2.5% 2.7% -0.2% NEW ZEALAND 0.0% 0.1% -0.1% NORWAY 0.2% 0.7% -0.6% PORTUGAL 0.0% 0.3% -0.3%. SINGAPORE 0.5% 1.7% -1.2% SOUTH AFRICA 0.4% 0.0% 0.4% SPAIN 1.9% 3.5% -1.5% SWEDEN 0.7% 2.9% -2.3% SWITZERLAND 5.8% 8.0% -2.3% TAIWAN 0.0% 0.0% 0.0% UNITED KINGDOM 25.3% 21.0% 4.3% UNITED STATES 0.4/0 0.0% 0.4% CASH 2.3% 0.0% 2.3% TOTAL 100.0% 100.0% 2010 Asset Consulting Groin All Rights Deserved 1.4% 1.4% 1.4% 1.4% 1.4% 25 Zo is to 5 ■FMIvT International Blend Portfolio ■MSCI EAFE Weighted Avg P/B P/E (Last 12 Yield ROE (Wgt Avg) Mkt Cap ($Bil) Months) ■FMIvT International Blend Portfolio ■MSCI EAFE Characteristic data provided by manager and is reflective of a representative account. v °+y�d� o o _ a ds T 2' oryaA oo 'rd, o �o Characteristic data provided by manager and is reflective of a representative account. °+y�d� p% % ds T 2' oryaA oo 'rd, Characteristic data provided by manager and is reflective of a representative account. Florida Municipallnves tin ent Trust 1.50°/ 1.00% 0.50% v 0.00% 0 v ro -0.50% -1.00% 1.50% 20.40% FMIvT International Blend Portfolio For the Period Ending June 30, 2010 20.60% 20.80% 21.00 % 21.20% 21.40% 21.60% Standard Deviation ■ FMIvT International Blend Portfolio ■ MSCI EAFE 14 12 10 s G 4 2 0 10 1010 8 a0 �o �0 20 to I O° °FOI' ° °r0 2° °rO�° 8 °FOS° dtPr rya OS 7 6 5 5 5 4 4 4 44 3 3 3 2 � 1 All information calculated using mouthy data. © 20 90 Asset Consulting Group All Rights Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 5 Years FMIvT International Blend Portfolio -1.05 21.52 -0.16 1.03 -0.19 103.42 112.78 98.56 97.15 FMIvT International Blend Portfolio 61 12.03% - 21.48 % 35 26 57.38% MSCI EAFE 1.35 20.52 -0.05 1.00 MSCI EAFE 61 12.96% - 20.17% 37 24 60.66% rP 8 a0 �o �0 20 to I O° °FOI' ° °r0 2° °rO�° °to Q° °FOS° dtPr rya OS All information calculated using mouthy data. © 20 90 Asset Consulting Group All Rights Reserved Return Standard Deviation Sharpe Ratio Beta Alpha Up Capture Down Capture Correlation R Square Number of Months Highest Monthly Return Lowest Monthly Return Number of Pos. Months Number of Neg. Months % Positive Months 5 Years FMIvT International Blend Portfolio -1.05 21.52 -0.16 1.03 -0.19 103.42 112.78 98.56 97.15 FMIvT International Blend Portfolio 61 12.03% - 21.48 % 35 26 57.38% MSCI EAFE 1.35 20.52 -0.05 1.00 MSCI EAFE 61 12.96% - 20.17% 37 24 60.66% Florida Municipal Investment Trust FMIvT International Blend Portfolio For the Periods Ending June 30, 2090 Ranking 97 1� 1( o 0 cC -5 w 0 -10 -15 -20 -25 88 96 96 96 96 Observations 1378 1263 1129 990 872 741 The numbers above the bars are the rankings for this por folio versus the international developed markets equity universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular panic pant within the Trust due to issues related to the timing of contributions and withdrawals by individualparTkpants. © 2010 Asset Consulting Group All Rights Reserved 1 Quarter 1 Year 2 Years 3 Years 4 Years 5 Years ■ FMIvT International Blend Portfolio ■ MSCI SAFE ■ Median Intl Dev Mkt Eqty Mgr 1 Quarter 1 Year 2 Years 3 Years 4 Years 5 Years 5th Percentile 0 18.94 0.60 -3.14 3.82 7.03 25th Percentile -10.55 13.87 -9.66 -9.49 -0.40 4.22 50th Percentile -12.25 9.01 -12.36 -11.21 -2.59 2.70 75th Percentile -13.60 6.32 -14.68 -13.00 -3.94 1.59 95th Percentile -15.43 3.19 -19.98 -16.81 -7.14 -0.45 N N N 7 N M � � W N M N N i o C ' r N Observations 1378 1263 1129 990 872 741 The numbers above the bars are the rankings for this por folio versus the international developed markets equity universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular panic pant within the Trust due to issues related to the timing of contributions and withdrawals by individualparTkpants. © 2010 Asset Consulting Group All Rights Reserved 1 Quarter 1 Year 2 Years 3 Years 4 Years 5 Years ■ FMIvT International Blend Portfolio ■ MSCI SAFE ■ Median Intl Dev Mkt Eqty Mgr 1 Quarter 1 Year 2 Years 3 Years 4 Years 5 Years 5th Percentile -6.76 18.94 0.60 -3.14 3.82 7.03 25th Percentile -10.55 13.87 -9.66 -9.49 -0.40 4.22 50th Percentile -12.25 9.01 -12.36 -11.21 -2.59 2.70 75th Percentile -13.60 6.32 -14.68 -13.00 -3.94 1.59 95th Percentile -15.43 3.19 -19.98 -16.81 -7.14 -0.45 Observations 1378 1263 1129 990 872 741 The numbers above the bars are the rankings for this por folio versus the international developed markets equity universe. The rankings are on a scale of 1 to 100 with 1 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessarily representative of the actual return of a particular panic pant within the Trust due to issues related to the timing of contributions and withdrawals by individualparTkpants. © 2010 Asset Consulting Group All Rights Reserved Florida Municipallnvestment Trust FMIvT International Blend Portfolio One Year Periods Ending June Ranking 20 a 0 -10 O 4 -20 -40 88 96 43 58 35 v Jun 2010 Jun 2009 ■ MSCI EAFE ■ Median Intl Dev Mkt Egty Mgr ■ FMIvT International Blend Portfolio Jun 2008 Jun 2010 Jun 2009 5th Percentile 18.94 -11.21 25th Percentile 13.87 -24.98 50th Percentile 9.01 -30.05 75th Percentile 6.32 -33.60 95th Percentile 3.19 -39.80 2084 2358 C N N N N N O � v IMF 70 7 � 00 N � O � O O p ti M m ' 0 v Observations 1263 1630 Jun 2008 Jun 2010 Jun 2009 ■ MSCI EAFE ■ Median Intl Dev Mkt Egty Mgr ■ FMIvT International Blend Portfolio Jun 2008 Jun 2010 Jun 2009 5th Percentile 18.94 -11.21 25th Percentile 13.87 -24.98 50th Percentile 9.01 -30.05 75th Percentile 6.32 -33.60 95th Percentile 3.19 -39.80 Observations 1263 1630 Jun 2008 Jun 2007 Jun 2006 ■ MSCI EAFE ■ Median Intl Dev Mkt Egty Mgr Jun 2008 Jun 2007 Jun 2006 -0.56 36.59 35.49 -6.28 31.47 29.58 -9.72 28.45 27.73 -12.44 26.20 23.92 -17.19 20.19 17.99 2084 2358 2129 The numbers above the bars are the rankings for this portfolio versus the international developed markets equity universe. The rankings are on a scale of 9 to 900 with 9 ranking the best. Note: Portfolio performance returns presented here are gross of all fees and expenses. Further, performance of each portfolio presented here is not necessafiy representative of the actual return of a particularparliczpant within the Trust due to issues related to the timing of contributions and xithdramals by individualparticipants. © 2010 Asset Con tilting Group All Bights Reserved