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Pension General_Documentation_Tab 03_02/04/2008
VILLAGE OF TEQUESTA GENERAL EMPLOYEES' PENSION PLAN December 2007 ~~ BOGDAHN GROUP simplifying your investment ~ fiduciary decisions Performance Evaluation for Village of Tequesta General Employees' Pension Trust Dana Investment Advisors For the Period Ending December 31, 2007 Presented by: Bogdahn Consulting, LLC ~ Village of Tequesta General Employees' ' Pension Trust Executive Summary Report Explanation The Executive Summary provides an overview of the fund's performance. It shows the performance in dollars, percent, ' and relative to the investment policy. These are provided over different time periods including up and down markets. All rates of return are annualized if the period for which they are calculated exceeds one year. Account Reconciliation: This section shows the performance of the account in dollars, during the most recent quarter, the calendar year, and since the inception date. The Beginning Value is the value at the start of each period. The Ending Value shows the value as of the date of the report. Net contributions are the total contributions less the total withdrawals during the period. The Investment G/L is the gain or loss resulting from the investments. It is the difference between the beginning and ending values that cannot be explained by the net contributions. Positive investment G/L figures represent a profit, and negative values represent a loss. Investment Policy: This section defines the benchmark against which the fund is being compared. Generally, this is the most important objective for a fund to achieve. The performance of the fund relative to this measure over longer periods of time, such as market cycles, is the strongest indicator of the success or failure of the investment strategy. This objective should be reasonable, and the performance of the fund should be measured against the investment policy after adjusting for risk. Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up through 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded the policy's returns. The investor would prefer that this difference be positive for all time periods; however, it is more important for it to be positive for the longer periods rather than the shorter periods. Calendar Year Returns: This section gauges the consistency of performance over one year time periods. Each calendar year of performance represents the return from January 1st through December 31st. Watch out for a trend of declining relative performance in recent periods. Returns In Up/Down Markets: This section shows how the fund performed in both up and down markets. The methodology is to segregate the performance for each time period into the quarters in which the market, as defined by the policy, was positive and negative. Quarters with negative policy returns are treated as down markets, and quarters with positive policy returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there might be 4 down quarters and 8 up quarters. Up market returns are calculated for the fund and the policy based on the up quarters. Down market returns are calculated for the fund and the policy based on the down quarters. The ratio of the fund's return in up markets to the policy's is the up market capture ratio. The ratio of the fund's return in down markets to the policy's is the down market capture ratio. Ideally, the fund would have a greater up market capture ratio than down market capture ratio. ~ Villa e of Te uesta General Em to ees' g q p Y Pension Trust Executive Summary Account Reconciliation 12/31/2007 2007 10/31/2000 Qtr YTD Incept ~egirtiraln:g Value: 1;029 853: 109 Net Flows: 38 147 722:: Investment G/L -4 63::: 232:: Ending Value 1 064 1,064 1,064: Investment Policy Index Weight ................................................. S&P 500 ................... 60 00: Lehmen GoulCredit-Intermediate... 4Q Oa: Tofal 100.flQ . I fdlllll(,j. r[CIUIII' IIIIUUI~II UCGCIIIUCI J I, LVV/ 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept Fund 7:1:1 ....................... 8 37 ::: ............ : 8.g2::: ........... 8;58 ........... 6 95 ::: ........... 6.OQ ........... ::5:.66 ........... 5.68::. ................................................ ........................ ....................... Po,llcy 6:4~ ........... ............ 8 68 ,:::; ........... ........... :;..7.09:: ........... ........... 723 ........... ........... 5.97 .: ........... ........... 5:.24 ............ ........... 5:.08 ................................................ ................................................ 5 11::. tiff 0:71. -0.31 1.83: 1:35 0.98 0:76 0.58 0.57: I' Calendar Year Returns i~ i~ 12/31/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 Fund 0;33 ................................ 7 11 ........... 9 65: ........... .......... 10;:x3. ........... ............ 7 56 :: ........... ........... Q.67 ........... ........... :1:.34 ........... ........... 3 66 ........................................ ........................................ ............................... Policy 0 83 ........... 6 40 . 11 f~0: 4;00 7 62 1 Q7 :1:.70 :4.09 Diff 0:5Q 0.71 1.35: 6::Q3 -0.06 0:40 =01.36 -0.43.: ' Returns in Up Markets u i~ i~ 10/31 /2000 3 Yr 5 Yr 7 Yr Incept ............................ ............................. Fu:nd... 12:2 :: ............. ............ 8:.8 ........... ............ 6,6:: ............... ............... G:6: Po.llcy 11.0 8;4 6 5: 6 5:: Ratio 110.8 10:4.4 101...5 101:7. Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 7 Yr Incept .............................. ............................. fund :0.2 ............ ............. 0:0 ........... .......... 0:0 ............... ............... 0.0 Policy =2 9 3;2 3 2 :: ;: 3 2 Ratio.. 8.3 -06 .... ... -0.6 0 6:: Inception date is October 31, 2000 ' All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. ' Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 I I ' Village of Tequesta General Employees' Pension Plan Asset Allocation as of December 31, 2007 fixed Income 34% Equi1 64% At Cost Fixed Income 35% Equiv 63% 3 At Market Cash &Equiv 2% Cash &Equiv 2% Village of Tequesta General Employees Pension Trust ' Universe Comparison Report Explanation The universe compares the fund's returns to a group of other investment portfolios, called a universe. Ideally the universe is comprised of many other investment funds with similar investment profiles. Comparisons are provided over many different time periods. ' Trailing Returns: This section focuses on longer term returns. It shows the cumulative time weighted returns and percentile rankings for the last 1 year, 2 years, 3 years, and so on up through 10 years if available. The returns for the fund, the policy and the universe percentiles are displayed. A percentile ranking of 1 is the best, and 100 is the worst. ' For example, a ranking of 50 means that the fund outperformed half of the universe. A ranking of 25 means the fund was in the top 25% of the universe, outperforming 75%. Above 50 is acceptable. Above 25 is excellent. High rankings over all time periods are ideal; however, it is more important to rank highly over the longer periods rather than the shorter ' periods. Calendar Year Returns: This section focuses on shorter periods and gauges the consistency of performance over time. '' It shows the calendar year returns for the fund, the investment policy and the universe percentiles. Each full year of performance represents the return from January 1st through December 31st. Ideally the fund has performed well in the earlier years and in the most recent years. Watch out for a trend toward underperformance in recent periods. Note the ' performance in different market environments. A high policy return indicates a bull market, and a low policy return indicates a bear market. All rates of return are annualized if the period for which theyare calculated exceeds one year. 4 Village of Tequesta General Employees' Pension Trust Universe Comparisons 60% Pure Lg Cap Core & 40% High Quality Bd Trailing Returns through December 31, 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr ~~,na Return 0.71 4.49 7.11 8.37 8.92 8.58 6.95 6.00 5.66 -tile 55 53 20 52 4 4 5 3 4 €?olicy Return 1.55 5.31 6.40 8.68 7.09 7.23 5.97 5.24 5.08 -tile 28 25 29 29 35 35 31 25 21 .......................................................................................................................................... ........................................................................................................................................... 4Jriverse: 5th %-tile 4.65 8.38 10.39 10.57 8.45 8.46 6.82 5.84 5.58 5.56 25th %-tile 1.62 5.27 6.66 8.82 7.28 7.45 6.05 5.23 5.02 5.11 50th %-tile 0.86 4.57 5.67 8.39 6.86 6.96 5.69 4.94 4.76 4.88 75th %-tile -0.16 3.42 4.61 7.87 6.52 6.61 5.43 4.67 4.55 4.66 95th %-tile -2.33 0.36 1.95 5.90 5.18 5.50 4.66 4.17 3.99 4.08 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 F:iariti Return -0.33 7.11 9.65 10.03 7.56 0.67 1.34 3.66 -tile 14 20 87 1 39 48 42 56 R.olicy Return -0.83 6.40 11.00 4.00 7.62 1.07 1.70 4.09 -tile 38 29 60 47 37 6 10 12 Universe 5th %-tile 0.49 10.39 14.39 6.29 9.90 1.08 1.75 4.19 6.42 5.17 25th %-tile -0.65 6.66 12.00 4.64 8.05 0.89 1.50 3.96 6.13 4.91 50th %-tile -0.99 5.67 11.12 3.93 7.30 0.63 1.27 3.70 5.89 4.66 75th %-tile -1.56 4.61 10.54 3.54 6.76 0.34 1.05 3.44 5.58 4.38 95th %-tile -2.82 1.95 7.33 2.70 4.29 0.05 0.41 2.68 4.77 3.44 Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is October 31, 2000 to December 31, 2007 Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13!05, $573,084.60 5 ~ Villa e of Te uesta General Em to ees' g q p Y ' Fixed Income Executive Summary 1 Account Reconciliation Investment Policy Index Weight ................................................................... lehmart Gov/C;reiiit-Intermediate 1(?000. Totaa '100:00 I railing Keturns through Uecember:il, LUUi 01/31/2004 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept F:u:nd 6 76 5.41 3.9.3.:: 3 66:: Policy 7.40 5 72 4 56:: 4.32:: f0iff -0:64 -D,31 0 63: -Q..66: Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 ................ ............... Fund :::::::: ............... ................ ................ ................ 2: 4:: :.: 6 ................ ................ ........... ............ ::::6:76::: ............ ........... ........... ........... :::4:{3:7: : ........... ........... ................................................................................ . . .................................................................................... :::1::.4::::::::: 0 ........................................................................... .................................................................................... .................................................................................... ................ ................ ............... Policy ................ ................ ................ 2::91 ............ ........... ............ 7.40 ........... ........... ........... 4.©:7: .................................................................................... .................................................................................... .................................................................................... 2:;27 Diff 0:27 =0.64 0.00: -x::23 Returns in Up Markets 01 /31 /2004 1 Yr 2 Yr 3 Yr Incept ............................. ............................. I u:nd 6 9 . ............. ............. :7 .......... ........... 8. . ............... ............... Polley 7 6 8.1 8.1 8 6 Ratio 91.3 95.8 84.4 _ 86 9 Inception date is January 31, 2004 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 01 /31 /2004 1 Yr 2 Yr 3 Yr Incept .............. 1=uiid ............... X0.1. ............. X0:6 ........... ~1.6 ............... -4,fl :Policy . =0 1 -0;5 2 2 :: -4.2 Ratio 92.9 120:.$ 75.9 94.61 Dana started trading account on October 13, 2005- Index change eff. 10/1/05 from LB Gov/Credit to LB Gov/Credit Intermediate 6 Village of Tequesta General Employees' Equity Executive Summary 12/31 /2007 2007 01 /31 /2004 Qtr YTD Incept ...................... Begtr~ralitg value: ................... 593 ........... 492 ............... 209 Net Flows: 96 1A.4: : 290 Investment G/L :: -1:3 39: : 1:77 Ending value 67:5 675. : 675:: Account Reconciliation Investment Policy Index Weight ................................... .................................. S&P 500:: ................................. .................................. 100:00 Total I i 1n0.00 I Idlllll(~. rCClUlll' LIIIUUC~.II UCGCIIIUCI J I, LVVr 01 /31 /2004 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept ....................... Fund 7:58 ........... 10:96 ............ 13:42: ; ............................................................................................ ~ 3:31 €?olicy 5 49 'f0 53 8.62.:: 8:88: tiff 2:09 0.43 4.80.: 4,:43: I' Calendar Year Returns 12/31/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 ................ Ft~:nd ................ -2:27 ........... ~.5$ ; ........... 'k4 4A~:: .................................................................................... 1:8::49 Ralicy -3:~3 :::5.49 15 80:: 4:;91 Di#f 1:Ofi 2A9 1;36: .:.13::58 ' Returns in U Markets p i~ 01/31/2004 1 Yr 2 Yr 3 Yr Incept ............................. Fu:nd.:::::. .:: 10 1 ............................. ............ 16::1 ............ ........... 19.2:: ........... ............... 20:0: .....:.......... Policy 9.1 1:8::0.,.. 15 2 : 16.:7:: Ratio 110.4 , :. 89:5 ::126,5:: : 120;2:: Inception date is January 31, 2004 ' All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. I , Dana started trading account on October 13, 2005 Returns in Down Markets 01 /31 /2004 1 Yr 2 Yr 3 Yr Incept ............................. lurid =2.3 ............. X1:6 .......... -1.8 ............... 1.0: Policy ~3.3 4,:7 6 8 . ::: -7.5:: Ratio 68.2 34::1 26.1: 13:9: 7 Village of Tequesta General Employees' Equity Universe Comparisons Pure Large Cap Core Trailing Returns through December 31, 2007 2 Qtrs 1 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr Fti:hd Return -2.05 4.16 7.58 10.96 13.42 -tile 62 60 16 24 1 Po.llcy Return -1.37 4.82 5.49 10.53 8.62 -tile 26 25 31 34 40 4Jniverse 5th %-tile 3.77 10.56 12.81 13.80 11.68 11.71 14.85 8.41 7.08 7.71 25th %-tile -1.37 4.82 5.64 10.83 9.15 9.83 13.24 6.97 4.30 4.33 50th %-tile -1.60 4.52 5.22 10.32 8.52 9.05 12.65 5.90 3.18 1.69 75th %-tile -3.42 2.62 3.76 9.76 8.02 8.52 12.16 5.54 2.80 1.38 95th %-tile -8.45 -3.38 -2.63 5.53 5.05 6.23 10.03 4.27 0.26 0.91 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 F:uhd :: Return -2.27 7.58 14.44 18.49 -tile 13 16 66 1 R.olicy Return -3.33 5.49 15.80 4.91 -tile 44 31 30 55 Universe 5th %-tile -1.66 12.81 20.97 11.33 15.14 33.34 -15.55 -1.49 13.61 35.03 25th %-tile -3.09 5.64 16.19 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 50th %-tile -3.36 5.22 15.48 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 75th %-tile -3.72 3.76 12.74 4.22 8.38 24.97 -23.39 -13.51 -9.63 16.39 95th %-tile -6.49 -2.63 4.79 1.07 5.14 20.58 -26.60 -19.10 -14.67 6.13 Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is January 31, 2004 to December 31, 2007 Dana started trading account on October 13, 2005 8 Village of Tequesta General Employees ' Pension Trust Up Market Returns ' 20.00% ' 15.00% ' 10.00% 5.00% - - 0.00% 3 Yr 5 Yr 7 Yr Incept Fund (%) 12.19 8.76 6.63 6.63 Policy (%) 11.00 8.39 6.53 6.52 Difference (% ) 1.19 0.37 0.10 0.11 ' Ratio 110.82 104.41 101.53 101.69 # Up Qtrs 9.00 16.00 24.00 24.66 1 ' Down Market Returns 1 00% . 0.50% -------- 0.00% -0.50% -- -- --- -1.00% -- -- --- -1.50% -- -- --- -2.00% - -- --- -2.50% -- -- --- - -3.00% -------- 3 50% - . 3 Yr 5 Yr 7 Yr Incept Fund (%) -0.24 0.02 0.02 0.02 Policy (%) -2.88 -3.21 -3.21 -3.21 Difference (%) 2.64 3.23 3.23 3.23 Ratio 8.33 -0.62 -0.62 -0.62 # Down Qtrs 3.00 4.00 4.00 4.00 ^ Fund (%) ~ Policy (%) Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 9 Village of Tequesta General Employees' Pension Trust Objective Comparison $1 $1 $1 V a I u e Inception date is October 31, 2000 All dollar values are shown in thousands. Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 10 UUL IVIVJ JVJ JVJ UVJ IVIU4 JV4 JU4 UU4 IVIUJ JVJ JVJ UUJ IVIVO JVO JVO UUO IVIU/ JU/ JU/ UU/ Quarter Ending ^ Fund ~ Policy $ Nominal 8% ^ CPI + 3% j ~ Village of Tequesta General Employees' ', Pension Trust Attributions of Returns Report Explanation Performance attribution concentrates on evaluating the effect of the manager's decisions on asset allocation and security ' selection. This allows the investor to see whether the manager is adding value by adjusting the actual asset allocation or by picking individual securities. This information is valuable in helping determine the amount of freedom that might be given to the manager in regard to asset allocation ranges. The result of these skills are shown for multiple time periods. The top section shows the returns for both the account and the investment policy and the results of the manager's contribution. The fund's return is thus attributed to the policy and the manager. ' The bottom section divides the manager's contribution into two components: asset allocation and security selection. The asset allocation effect measures the value that was added by varying the actual asset allocation from the target ' allocation. This is done by assuming investments, in amounts equal to the actual asset allocation weights, were made in the policy's indices so that security selection has no effect. The difference between this return and the policy's return is the asset allocation effect. The security selection is the remainder of the manager's contribution that is not explained by ' asset allocation. 11 Village of Tequesta General Employees' Pension Trust Attribution of Returns Attribution of Performance to show Manager Contribution olicy .... .... .... .... .... ::.: .... .... .... .... .... ............................... .............................. ............................... .............................. ............................... :::::1Vl:arnager:Cori#ribution ............................... .............................. ............................... .............................. ............................... und urrent Quarter 0.83 .... .... .... .... .... .... :::: .... .... .... .... .... .... ............................... .............................. ............................... .............................. ............................... .............................. :: :::::::: ::::::::::::0:50: ............................... .............................. ............................... .............................. ............................... .............................. 0.33 Year to Date 6.40 :: : ::: :::::::::::::::::::Q:7:1::: 7.11 3 Years 7.09 1:88 8.92 5 Years 5.97 0:98. 6.95 7 Years 5.08 0:~8: 5.66 Incept 5.11 .0:57:: 5.68 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Security Selection IVlanager Contribution:: Current Quarter 0.18 0.32 0.50:: Year to Date -3.07 3.78 0 7.'f 3 Years -3.30 5.13 1 83: 5 Years -2.77 3.75 0.98 7 Years -1.97 2.55 0:58 Incept -1.92 2.49 0 5:7: Asset Allocation + Security Selection =Manager Contribution Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 12 '~ Vill f T esta eneral Em to ees' age o equ G p y n i n Tr t ' Pe s o us Asset Allocation Effect ° 6.00 /° 5.00% F 4.00% ' e r 3.00% c e ' n 2.00% t 1.00% E f 0 00% f . e c -1.00% t -2.00% -3 00°/ ° M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 ~ Quarter Ending ' Security Selection Effect ° ' 6.00 /° 5.00% ' P 4.00% e r 3.00% ' c e n 2.00% t ' 1.00% E f f 0.00% ' e C -1.00% t -2.00% -3.00% D05 M06 J06 S06 D06 M07 .107 S07 D07 ' Quarter Ending ~ Quarterly Effect Cumulative Effect Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 13 Village of Tequesta General Employees' Pension Trust Asset Allocation vs Targets 125.00% 100.00% 75.00% -- -- -- -- -------- - - 50.00% -- -- -- ------- ------------------------ --------------------------------------- 25.00% -- -- - -- ---- ------------------ - - - 0.00% M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 6 J 6 S Quarter Ending ~ Cash & Equiv ~ Target 125.00 100.00 75.00 50.00 25.00 0.00 125.00% 100.00% --------- 75.00% --------- 50.00% --------- 25.00% --------- 0 00% M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07 Quarter Ending ~ Equity -~ Target -n ~ ~ ~-~ ~ 3 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07 Quarter Ending ^ Fixed Income ~ Target Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 14 Village of Tequesta General Employees' Pension Trust Manager Contribution 5.00% 4.00% 3.00% R 2.00% e t 1.00% u r 0.00% n -1.00% -2.00% -3.00% $1F $14 $14 $1~ $1~ v $1c a I $1c u e $11 $11 $10 $1D 03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 DI Quarter Ending ~ Quarterly Cumulative Growth of $100 Fund vs Policy '-- D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07 Quarter Ending ^ Fund {~- Policy Asset Allocation 100°/a MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 15 Village of Tequesta General Employees' Pension Trust Quarterly Comparison Analysis ($) Period Ending Fund Policy Diff Nominal 8% Diff CPI + 3% Diff Oct 2000 109 109 0 109 0 109 0. Dec 2000 115 115 0 116 -0 115 1 Mar 2001 125 125 -0 126 -1 125 -0 Jun 2001 126 126 -0 128 -2 127 -1 Sep 2001 148 148 -0 152 -4 149 -1 Dec 2001 173 173 -1 179 -6 173 -0 Mar 2002 205 205 -1 214 -9 208 -4 Jun 2002 228 229 -1 242 -13 235 -6 Sep 2002 244 245 -1 261 -17 252 -9 Dec 2002 268 270 -1 290 -22 278 -10 Mar 2003 298 299 -2 325 -27 314 -16 Jun 2003 312 314 -2 345 -33 329 -17 Sep 2003 16 18 -2 50 -35 34 -18 Dec 2003 353 355 -2 390 -37 372 -19 Mar 2004 394 395 -0 431 -37 414 -20 Jun 2004 415 419 -4 462 -47 445 -30 Sep 2004 439 440 -1 493 -55 471 -32 Dec 2004 489 491 -2 528 -39 501 -12 Mar 2005 520 517 2 572 -52 546 -26 Jun 2005 569 561 8 617 -48 588 -19 Sep 2005 595 582 13 639 -44 615 -20 Dec 2005 648 617 31 678 -30 640 8 Mar 2006 704 668 37 727 -22 691 14 Jun 2006 733 688 46 767 -33 733 1 Sep 2006 796 770 26 830 -35 786 9 Dec 2006 853 831 23 873 -20 815 39 Mar 2007 913 877 36 928 -15 873 40 Jun 2007 994 956 38 993 1 939 55 Sep 2007 1,029 1,004 25 1,037 -8 973 56 Dec 2007 1,064 1,033 30 1,095 -32 1,025 38 All dollar values are shown in thousands. ' Asset Allocation 100% MM until 1/3112004, Dana started trading on 10!13/05, $573,084.60 16 ~ r I Em to ees' Village of Tequesta Gene a p y Pension Trust Quarterly Comparison Analysis (%) Period Fund Policy Diff Nominal 8% Diff CPI + 3% Diff Ending Mar 2001 1.16 1.40 -0.24 1.94 -0.78 1.95 -0.79 Jun 2001 1.09 1.07 0.02 1.94 -0.85 1.85 -0.76 Sep 2001 0.79 0.91 -0.12 1.94 -1.15 0.94 -0.15 Dec 2001 0.56 0.65 -0.09 1.94 -1.38 -0.16 0.72 Mar 2002 0.33 0.44 -0.11 1.94 -1.61 1.95 -1.62 Jun 2002 0.34 0.44 -0.10 1.94 -1.60 1.44 -1.10 Sep 2002 0.34 0.43 -0.09 1.94 -1.60 1.34 -1.00 Dec 2002 0.32 0.39 -0.07 1.94 -1.62 0.74 -0.42 Mar 2003 0.20 0.30 -0.10 1.94 -1.74 2.55 -2.35 Jun 2003 0.19 0.28 -0.09 1.94 -1.75 0.44 -0.25 Sep 2003 0.12 0.25 -0.13 1.94 -1.82 1.54 -1.42 Dec 2003 0.16 0.24 -0.08 1.94 -1.78 0.24 -0.08 Mar 2004 2.08 1.68 0.40 1.94 0.14 2.35 -0.27 Jun 2004 -0.41 0.44 -0.85 1.94 -2.35 1.95 -2.36 Sep 2004 0.26 -0.34 0.60 1.94 -1.68 0.84 -0.58 Dec 2004 5.54 5.74 -0.20 1.94 3.60 0.94 4.60 Mar 2005 -0.40 -1.30 0.90 1.94 -2.34 2.35 -2.75 Jun 2005 2.71 1.66 1.05 1.94 0.77 1.44 1.27 Sep 2005 2.89 2.14 0.75 1.94 0.95 2.96 -0.07 Dec 2005 4.54 1.47 3.07 1.94 2.60 -0.26 4.80 Mar 2006 3.17 2.36 0.81 1.94 1.23 2.35 0.82 Jun 2006 0.49 -0.77 1.26 1.94 -1.45 2.35 -1.86 Sep 2006 1.81 4.67 -2.86 1.94 -0.13 0.74 1.07 Dec 2006 3.88 4.41 -0.53 1.94 1.94 0.24 3.64 Mar 2007 2.51 1.04 1.47 1.94 0.57 2.45 0.06 Jun 2007 3.75 3.70 0.05 1.94 1.81 2.15 1.60 Sep 2007 1.05 2.40 -1.35 1.94 -0.89 1.04 0.01 Dec 2007 -0.33 -0.83 0.50 1.94 -2.27 1.44 -1.77 Incept. 5.68 5.11 0.57 8.00 -2.32 5.72 -0.04 Returns for periods exceeding one year are annualized. Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 17 it Village of Tequesta General Employees ' Pension Trust Risk Measures Report Explanation The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two pages are used to determine the level of risk to which the fund has been exposed, and whether the return has been commensurate with the risk taken. All measures are calculated for both the fund and the policy as well as the difference between the two. Up to four time periods are evaluated depending on the age of the fund. # Of Negative Qtrs/# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return was less than zero, and the number of positive quarters is the number of quarterly returns which were greater or equal to zero. Batting Average: The batting average is a measure of consistency. It shows the percent of the quarters the fund has beaten the policy and the percent of the quarters the policy has beat the fund. A high average for the fund (e.g. over 50) is desirable, indicating the fund has beaten the policy frequently. ' Worst Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low, and indicates dispersion. Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be ' zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk. ' Alpha/Beta/R-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r-squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusting for beta. The higher the alpha, the better. R-squared measures the relationship between the policy and ' the fund. A high r-squared means the returns of the fund can largely be explained by movements of the policy. The higher the r-squared, the more reliable the alpha and the beta. R-squared may range from 0 to 100. Beta, alpha and r-squared are derived from regression analysis using the fund and policy returns as the dependent and independent variables respectively. Roughly, one would expect the fund's performance to equal the return of the policy multiplied by the beta plus the alpha. Sharpe RatiolTreynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit ' of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as measured by beta. Both of these should be compared against the corresponding value for the policy. Higher numbers are better, indicating more return for the level of risk that was experienced. t u ,a ~ Village of Tequesta General Employees' Pension Trust Risk Measures 3: hr :Fund Policy Diff # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 10.00 9.00 1.00 Batting Average 75.00 25.00 50.00 Worst Qtr -0.40 -1.30 0.90 Best Qtr 4.54 4.67 -0.13 Range 4.94 5.97 -1.03 Worst 4 Qtrs 7.11 4.00 3.11 Standard Deviation 4.74 4.57 0.17 Beta 0.84 1.00 -0.16 Annualized Alpha 2.19 0.00 2.19 R-Squared 0.64 1.00 -0.36 Sharpe Ratio 1.00 0.64 0.36 Treynor Ratio 5.67 2.93 2.74 Tracking Error 2.90 0.00 2.90 Information Ratio 0.63 ............................ S:Yr ............ Fund ............ .:: Policy ............ Diff # of Negative Qtrs 3.00 4.00 -1.00 # of Positive Qtrs 17.00 16.00 1.00 Batting Average 55.00 45.00 10.00 Worst Qtr -0.41 -1.30 0.89 Best Qtr 5.54 5.74 -0.20 Range 5.95 7.04 -1.09 Worst 4 Qtrs 0.67 1.07 -0.40 Standard Deviation 4.47 4.09 0.38 Beta 0.90 1.00 -0.10 Annualized Alpha 1.26 0.00 1.26 R-Squared 0.67 1.00 -0.33 Sharpe Ratio 0.89 0.74 0.15 Treynor Ratio 4.44 3.02 1.42 Tracking Error 2.57 0.00 2.57 Information Ratio 0.38 ........................... 7:yr ............ Fia.nd ............. Policy ............ Diff # of Negative Qtrs 3.00 4.00 1.00 # of Positive Qtrs 25.00 24.00 1.00 Batting Average 42.86 57.14 -14.28 Worst Qtr -0.41 -1.30 0.89 Best Qtr 5.54 5.74 -0.20 Range 5.95 7.04 -1.09 Worst 4 Qtrs 0.67 1.07 -0.40 Standard Deviation 3.82 3.48 0.34 Beta 0.91 1.00 -0.09 Annualized Alpha 0.77 0.00 0.77 R-Squared 0.67 1.00 -0.33 Sharpe Ratio 0.71 0.62 0.09 Treynor Ratio 3.00 2.15 0.85 Tracking Error 2.17 0.00 2.17 Information Ratio 0.27 ............................ irjcept ............ Fund ............ Policy ............ Diff # of Negative Qtrs 3.00 4.00 1.00 # of Positive Qtrs 25.66 24.66 1.00 Batting Average 44.18 55.82 -11.64 Worst Qtr -0.41 -1.30 0.89 Best Qtr 5.54 5.74 -0.20 Range 5.95 7.04 -1.09 Worst 4 Qtrs 0.67 1.07 -0.40 Standard Deviation 3.77 3.44 0.33 Beta 0.91 1.00 -0.09 Annualized Alpha 0.76 0.00 0.76 R-Squared 0.67 1.00 -0.33 Sharpe Ratio 0.71 0.61 0.10 Treynor Ratio 2.93 2.10 0.83 Tracking Error 2.15 0.00 2.15 Information Ratio 0.27 ' Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 19 Village of Tequesta General Employees' Pension Trust Return vs Risk through December 31, 2007 7.oo°r° 6.50% 6.00% 5.50% A n U 5.00% a I i z 4.50% e d R e 4.00% t u r n 3.50% 3.00% 2.50% 2.00°0 .00% 5.00% 10.00% Risk (Annualized Std Dev) +Policy Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 20 15.00% 20.00% ~ Villa e of Te uesta General Em to ees' g q p Y ' Pension Trust Return vs Risk through December 31, 2007 3 Years 5 Years 0 0 10.00 /o 9.00% ' 8.00% R ' e t 7.00% u r ' n 6.00% s ' 5.00% 4.00% 20.00 /o 500 15.00% R e t 10.00% u r n s 5.00% 0 00°/ ~S&P I~ ~ LB Gov/Core ~3 Mo TBill ~I 500 )% ~ ° 1.00% 3.00% 5.00% 7.00% 9.00% 0.00% 2.00% 4.00% 6.00% 8.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% Risk (Annualized Std Dev) Risk (Annualized Std Dev) 7 Years 0 0 ' 6.50 /o 6.00% ' 5.50% ' R 5.00% e t 4.50% u r n 4.00% s ' 3.50% 3.00% 2 50° 7.00 /o 6.50% 6.00% 5.50% e 5.00% t 4.50% u n 4.00% s 3.50% 3.00% 2.50% 2 00° /~00% 5.00% 10.00% 15.00% 20.00% ~ /~0 ' Risk (Annualized Std Dev) --'~ Policy Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13!05, $573,084.60 ' 21 Inception ~ LB Gov/Core Fund i ~3 MoITBilI i i ~ )% 5.00% 10.00% 1 Risk (Annualized Std Dev) 10% Village of Tequesta General Employees' Pension Trust Policy: 10/31/2000-12/31/2003 100.00 Citigroup Treasury Bill - 3 Month 01/01/2004-09/30/2005 60.00 S&P 500 20.00 Citigroup Treasury Bill - 3 Month 20.00 Lehman Gov/Credit Bond 10/01/2005-12/31/2007 60.00 S&P 500 40.00 Lehman Gov/Credit-Intermediate First Objective: 10/31/2000-12/31/2007 Annual Return of 8.00% Second Objective: 10/31/2000-12/31/2007 100.00 US Consumer Price Index + 3.00 annual adder Universe Data: 60% Pure Lg Cap Core 10/31 /2000-12/31 /2003 O 1 /01 /2004-09/30/2005 10/01 /2005-12/31 /2007 & 40% High Quality Bd 100.00 Taxable Money Market 20.00 High Quality Bond 60.00 Pure Large Cap Core 20.00 Taxable Money Market 40.00 High Quality Bond 60.00 Pure Large Cap Core 22 The Market Environment Asset Class Performance Period Ended December 31, 2007 Quarter Performance MSCI EAFE MSCI Emerg. Mkta. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill -- __ -1.8% 3.4% -3.3% -3.3% -3.2% 4 6% 3.0% 3.7% 3.2% 2.2% I I 1.0% -6.0% -3.0% 0.0% 3.0% 6.0% Source: MSCI Capital Markets, Russell Co., HFR, Lehman, &Bogdahn Consulting, LLC. MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Bogdahn Consulting, LLC. Year-to-Date Market Performance The Market Environment Asset Class Performance Period Ended December 31, 2007 MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% .4n~~rra• MSCI (':anital Markatc R~~.c.call Can HFR 1 ahman C'.itirnrn R Rnnrlahn l~nn.ci~ltinn 1 I Ten Year Annualized Performance MSCI EAFE MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell 2000 Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill 0.0% 3.0% 6.0% 9.0% 12.0% Bogdahn Consulting, LLC. ~~ 15.0% ~`ive Year Annualized Performance The Market Environment Equity Sector Performance Period Ended December 31, 2007 Sector Performance as of 12/31 /2007 ENERGY MATERIALS INDUSTRIALS CONSUMER DISCR CONSUMER STAPLES HEALTH CARE FINANCIALS INFORMATION TECH TELECOM SVC UTILITIES 5.0% 34.4% 1.4% 26.5% -3.8% 13.4% -10.4% -11.4% 3.4% 13.9% -0.1 8.0% -13.0% -17.3% -0.5% 15.1% -6.0% 10.5% 17.5 /o Source: MSC/Barra & Bogdahn Consulting, LLC. Bo dahn Consultin LLC. g ~'~ Source: Frank Russell Co. 25 ' 20 15 10 5 0 -5 -10 •15 The Market Environment Equlty Style terformanc~ Period Ended December 31, 2007 Russell All Cap Style Performance 12.4 13.6 14.7 11.4. 11.4- ____ 8.6 8.9 9.0 5.1 5.1 8.2 7.7 3.8 -0.9 -3.3 -1.0 -1.0 -5.9 Qtr 25 ' 20 15 10 ' 5 0 -5 ' •10 -15 YTD lyr Syr Syr l0yr ^ 3000 Growth ^ 3000 Index ^ 3000 Value Russell Large Cap Style Performance -.11.8 11.8 _ 12.1 13.4 14.6 8,7 9.1 9.3 5.8 5.8 3.8 6.2 7.7 •0.2 -0.2 ___ -0.8 •3.2 -5.8 Qtr ' 25 20 15 ' 10 5 0 -5 -10 -15 YTD lyr Syr Syr l0yr ^ 1000 Growth ^ 1000 Index ^ 1000 Value Russell Small Cap Style Performance 16.5 16.3 15.8 7.1 7.1 8.1 6.8 5.3 7.1 9.1 4.3 -2.1 4 6 -1.6 -1.6 -7.3 •9.8 -9.8 Qtr YTD lyr Syr Syr ^ 2000 Growth ^ 2000 Index ^ 2000 Value Bo dahn Consultin , LLC. g g loyr The Market Environment Trends for Stocks and Bonds Period Ended December 31, 2007 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% Ql O ~ N (h V 1n N r a0 O~ O N M ~ lL) (p ~ °D m O N M V ~ f0 f~ I~ a0 ~ OD OD 00 W 40 a0 OD OD O O m O W O m W W m O O O O O O O O m O O O O O 6> m m O m Q~ 6> O~ 6] O O CA 6> 61 O O O O O O O O O r r r r ~ ~ ~ r r r ~ r r r ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ N ~ ~ N N N N \ N N N (V N N N N N N N N N N N N N N N N N N N N N N N N N -Value - -Growth Source: Frank Russell Co. &Bogdahn Consulting, LLC. 7 6 5 4 3 2 1 0 Treasury Yield Curve 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Source: US Dept. of Treasury ~ ~ 12/31 /2007 -~ 12/29/2006 Source: Federal Reserve Bogdahn Consultin ,LLC. g Growth vs. Value Russell 1000 Excess Return Rolling 12 Month Periods Attribution Supplement 4Q07 Performance Comparison Total program results for the quarter were negative influenced by poor equity market returns of - 3.33% as measured by the S & P 500. Bonds provided a positive offset of 2.91 % as measured by the Lehman Intermediate Government Credit Index. With an allocation bias to equities of 65%, overall program returns were slightly negative. Relative performance was good with the equity strategies (now combined growth and value approaches) outperforming the benchmark by 1.06%. This effort resulted in a net return of -0.33% which placed the fund in the top 14`x' percentile of peers for the quarter. The calendar year return of 7.1 1 % remains above the benchmark and results in a top quintile peer group placement. Key elements of equity manager attribution are as follows: Note to analysis: We used Thomson Portfolio Arralytics for the holdings-based attribution analysis, which is based on monthly holdings for the Danu "composite "portfolio. Holdings- based attribution can help to identify active elements of the investment manager. The analysis does not reflect the impact of cash_flon~s or manugementfees; actual portfolio returns may differ. o Based on holdings attribution from Thomson (excluding cash), Dana beat the S&P 500 h~dex by 79 basis points (bps) during the first fiscal quarter of 2008 (-2.54% vs. -3.33%). ICS Sector analysis o All of the outperformance is attributable to stock selection (+0.96 basis points). Good stock selections in the Health Care, Financials, and Telecom Service sectors contributed 61 bps, 33 bps, and 42 bps to the outperformance, respectively. Healthcare companies Unitedhealth Group, Inc. and Wellpoint Inc. contributed over one-half of the total contribution (33 bps) from the Health Care sector. An underweight to Citigroup added 15 bps, while an overweight to Annaly Capital Management and State Street Corp. added 21 bps and 22 bps, respectively. o Poor stock selection within the Information Technology (ft) detracted 90 bps from overall performance. The primary detractors within the sector were an overweight to Applied Materials (-0.22 bps) and Cadence Design System (-0.38 bps), and an underweight to Microsoft (-0.26 bps), which was the best performing IT stock in the portfolio (+21.23%). o Since Dana is managing two distinct equity strategies (Large Cap Growth and Large Cap Value managed to Russell indexes), the combined portfolio is not sector neutral relative to the benchmark S&P 500 Index. During the quarter, sector allocation detracted 17 bps from the quarterly performance. The "allocation effect" from an underweight to the Energy and Consumer Staples sectors was -0.07 bps and -0.10 bps, respectively. Market Cap Value Analysis o An overweight (17.4%% vs. 8.5%) to -mid capitalization stocks, defined as market caps between $10 billion and $2 billion, detract 43 bps from the quarterly performance. County Analysis o Nearly 12% of the equity portfolio (excluding cash) was invested in non-U.S. companies, which positively contributed 76 bps to the quarterly performance. The two top contributors were a Brazilian energy company (Petroleo Brasileiro SA, 0.40 bps) and a Norwegian materials company (Yara International ASA, 0.30 bps). Exposure to the four United Kingdom companies delNactecl0.10 bps. Recommendations: 1zi3~i~oo~ Energy 10.71 12.03 6.16 4.43 0.66 0.51 -0.07 0.17 0.10 CONOCOPHI LLIPS 1.63 1.03 1.09 1.09 -0.01 0.01 0.00 -0.04 -0.04 CHEVRON CORP NEW' 0.23 1.4E 6,33 0.40 0.04 0.01 0,00 0.04 0.04 ENSCO INTL.INC 0.?8 0,06 -4.01 6.32 -0.05 0.00 0,00 -0.01 -0.O1 HAI LIBURTON CO 0.57 0, h5 3,55 -L 03 0.0E 0.00 0.00 -0.05 -0.05 MARATHON OIL CORE' 1.90 0,31 7.19 ?.19 0.12 0.02 0.00 0.04 0.04 PETRO LEO BRASILEIRO SA 0.91 0.00 49.71 O.On 0.36 D.00 0.00 D.33 0.33 `JALERO ENERGY CORE NEB",+ 1.54 0.29 4.42 4.42 0.06 0.01 0.00 -0.01 -0.01 EXXON MOBIL CORP 1.73 3.81 1.63 1,63 0.03 0.06 0.00 0.05 0.05 XTO ENERGY INC 1.44 D.19 4.05 4.05 0.05 0.01 0.00 -0.01 -0.01 Materials 4-26 3.29 4.21 U.07 0.18 0.00 0.04 0.16 0-20 CEMEX SAB DE CV ^. 73 0.00 -13.60 0.00 -0.10 0.00 0.00 -0.10 -0.10 PPG INDS INC 1.36 0.09 -6.36 -6, 3E -0,05 -0.01 0.00 -0.09 -0.09 PRAXAIR INC 1.46 0.21 6.28 6.28 0.09 0.01 O.DO 0.07 0.07 1'ARA INTL ASA 0.71 0.00 47.30 0,00 0.28 0.00 0.00 0.27 0.27 Industrials 11.07 11.53 -4.22 -4.62 -0.4B -0.54 0.00 D.OS O.OS Consumer Discretionary 8.66 8.92 -9.06 -10.00 -0.80 -0.91 0.02 0.08 0.10 Consumer Staples 8.69 9.94 2.40 3.04 0.25 0.38 -0.10 -0-09 -0.19 Health Care 11.25 11.95 SJT -0-03 0.64 0.01 -0.02 0.61 0.58 BECTON DI CKINSOPJ & CO 7.86 0,15 2.21 2_21 ^.04 0.00 0.00 CL 04 0.04 JOHN5Of.1 & JOHN6OfJ 1.?2 1.4F. 2,15 2.15 0,04 0.03 0.00 0.01 0.01 MCKESSON CORP 1.53 0,14 11.53 71.53 0.16 0.01 0,00 0.15 0.15 MVLAN INC 0.96 0,03 -11.90 -11.90 -0.12 0.[70 0.0[1 -0.12 -0.12 SANOFI AVENTIS 0.68 0.00 7.33 O. CIO 0.05 0.00 0.00 0.05 O,OS UfJITEDHEALTH GROUP INC 1.45 0.53 20.17 20.17 0,27 O.ln 0.00 0.17 0.17 WELLPOINTINC. 1.04 0.36 11.16 11.16 0.20 0.04 D.00 0.16 0.16 WVETH 1.21 0.48 -0.20 -0.20 0.00 0.00 0.00 0.00 0.00 Financials 18.76 18.64 -12.57 -14.33 -2.51 -2.82 -0.01 0.33 0.32 AMERICAN CAPITAL STAAT 1.46 D.06 -20.75 -20.75 -0.32 -D.O1 0.00 -0.08 -0.08 AEGOIV N V 0.63 0.00 -7.88 0,00 -0.05 D.00 0.00 0.04 D.04 ANIERICAN INTL GROUP IN 1.57 1.17 -13.52 -13.52 -0.21 -0.17 0.00 0.02 0.02 ALLSTATE COP.F 1.52 0.24 -8.00 -8,00 -U.13 -0.02 U.00 0.07 0.07 ALLIANZ SE 0.30 0.00 -5.97 0.00 -0.03 0.00 0.00 0.03 0.03 BANK OF AMERICA CORPOR 1.46 1.5 -16,76 -16.76 -0.26 -0.27 0.00 0.00 0.00 CI TIGROUP INC 0.77 1.39 -27,6` -36,03 -0.37 -0. f,2 0.00 0.15 0.15 CIT GROUP INC 0.69 0,0+1 -33.31 -39.7; -0.41 -0.02 0.00 -0.27 -0.27 DAfJ9KE BK A/S 0.62 0,00 -3,28 O.On -0.03 0,00 U,00 0.07 0.07 ENDURANCE SPE CIALTV HL 0.60 O,DO 1.04 0.00 0.01 0,00 O.UD 0.09 0.09 HARTFORD FINL SVCS GRO 1.63 0,22 -5.26 -5.26 -0, C18 -O.U1 0,00 0,13 0.13 HOSPITALITY PPTV9 TR 0. ;1 O,UU -71.82 0.00 -0.19 0,00 0.00 -0.10 -0.10 J P MORGAN CHASE & CO 1.60 1,15 -3.57 -3.9? -0.07 -0.04 0.00 0.04 0.04 MERRILL LYNCH & CO INC 0.87 0.40 -15.46 -24.29 -0.22 -0.11 q,00 -0.04 -0.04 METLIFE INC 1.68 D.37 -10.61 -10.61 -0.18 -0.04 O,DO 0.04 0.04 ANNALV CAP MGMTINC 0.56 0.00 7.66 0,00 0.12 0.00 0,00 0.21 0.21 STATE STP. CORP 0.92 0,23 19.47 19,47 0.16 0.04 0.00 0.22 0.22 WACHOVIA.CORP NEN+ 0.93 ^.63 -12.93 -23.00 -0.19 -0.16 0.00 0.00 0.00 W OORI FIN HLDGS CO LTD 0.45 0.00 -12.69 0.00 -0.06 0.00 0.00 0.01 0.01 Information Technology 14.53 16.56 -6.01 0-08 -0.89 -0.02 -0.04 -0.90 -0.94 APPLIED MATLS INC 1.64 0.20 -13,93 -13.53 -0,2U -0,03 0.00 -0.22 ~U.22 AMPHENOI CORP NE'vJ 0. 4D 0.00 7.00 0.00 0,09 0.00 0.00 0.07 0.07 O P,1C SOFTWARE IfJC 0.47 0.05 7.74 14.12 0.70 0.01 0.00 0.07 0,07 r_.4NON INC 0.68 U.UO -15.50 n,00 -0.11 0.00 0.00 -0.11 -0,11 C:~DENCE DESIGN SV9TEf~1 1.34 0.00 -23.34 0,00 -0.37 0.00 0.00 -0.38 -0.38 CISCO SVS INC ].82 1.39 -18.24 -18.24 -0.37 -0.28 0,00 -0.12 -0.12 CITRIX SVS INC 1.29 O.Oi -8.28 -5.73 -0.1.7 0.00 0.00 -0.13 -0.13 FISER\/INC 0.61 0,07 0,92 9.10 0.01 0.01 0.00 0.01 0.01 HARRIS CORP DEL 1.95 0.00 0.73 0.00 016 0.00 0.00 0.16 0.16 INTERNATIONAL BVSINE9S 1.?1 1.14 -7.90 -7.90 -0,14 -0.09 0.00 -0.06 -0.06 INTEL CORP 2.08 1.16 3.53 3,53 0.07 0.04 0.00 0.04 0.04 MICROSOFT CO P.P 0.48 2.06 21.23 21.23 O.OB 0.36 0.00 -D.26 -0.26 7elecomm Service 6-49 3.62 1.51 -5.08 0.10 -0.19 -0.05 0.42 0.38 BT GROUP PLC 0,53 O,OU -12.45 0,00 -0.07 0.00 0.00 -0.04 -0.04 NTT DOCOMOINC 0.68 U.OU 15,17 0.00 0.10 0,00 0.00 0.13 0,13 KT CORP 0.63 0.00 2,99 0.00 O.ti3 0.0U O. CIO 0.05 0.05 AT&T INC 1.60 1.6'7 -0.95 -0.95 -0,02 -0. C12 0.00 -0.08 -0.08 TELECOM ITALIASPAIV 0.57 0.00 -1.88 U,DO -0.D1 0.00 0.00 0.02 0.02 TELEFONOS DE MEXICO 5 0.64 O.OfI 12.72 n,00 0.09 0.00 17.0[1 0.11 0.11 VERI~ON COMMUNICATIONS ].83 0,37 -0.39 -0.35 -0.01 0.00 0.00 0.01 0.01 Utilities 4.16 3.51 10.82 7.55 0.43 0.25 0.00 0-12 0.20 NIA 1.49 0.00 5.61 0.00 -0.12 O.OD -U.Ul 0.00 -0.01 iShares INSCI EAFE Growth Index Fd 1.43 0.00 -5,51 0.00 -0,12 O,DO 0.00 0.00 0.00 Soul. e: THoy»son rWefo7ia M.ais"H<s GIGS Sector Attribution Market Cad Attribution Teauesta GE (Dana Combirn Mkt Cap Buckets 1 1.43 0.11 -5.61 Mkt Cap Buckets 2 17.44 8.52 -7.62 Mkt Cap Buckets 3 16.46 14.45 2.96 Mkt Cap Buckets 4 59.03 e2.73 -1.87 Mkt Cap Buckets 5 5.65 14.18 -7.49 Sarerc r: 71iorWSOrr lbrijnJio Malsaics 1 1 1 1 : ~ Mkt Cap Bucket 1 (small cap) $ 2,000,0OO,ODD ......................................................................................................................................................................... Mkt Cap Bucket? (mid cap} $ 10,DOO,000,ODO ........................................................................................................................................................................ Mkt Cap Bucket 3 (midflarge cap) $ 20,000,0OO,ODD Mkt Cap Bucket 4 (large cap) $ 200,000,ODO,ODD Mkt Cap Bucket 5 r mega' cap) Infinity -2.5d -0.12 d.00 0.05 -0.06 -0.02 -7.96 -1.38 -0.63 -0.43 0.05 -0.38 -3.64 0.82 -0.45 d.04 1.11 1.15 -2.62 -1.12 -1.59 -0.04 0.44 0.40 -2.78 -0.74 -0.66 -0.03 -0.33 -0.36 Country Attribution Teauesta GE (Dana Com vs. S&P 500 9/30/2007 - 12/31/2007 Brasil 0.91 0.00 49.71 0.00 0.36 0.00 D.40 0.00 0.40 PETROLEO BRASILEIP.O SA 0.91 G.00 49.71 0.00 0.36 0.00 0.00 0.00 0.00 Switzerland 0.48 0.00 -1.76 0.00 -0.01 0.00 0.00 0.00 0.00 Germany 1.05 0.00 8.94 O.OD 0.08 O.OD 0.12 0.00 0.12 ALLIAN~ SE 0.30 O.OD -5.97 0.00 -D.03 O.DD 0.00 -0.04 -0.04 E ON AG 0.74 0.00 15.66 O.DO 0.11 O.OD 0.00 0.04 0.04 Denmark D.62 0.00 -3.28 0.00 -0.03 0.00 0.00 0.00 0.00 France 0.68 0.00 7.33 0.00 0.05 O.OD 0.07 0.00 0.07 U.K. 1.69 0.00 -11.85 0.00 -0.14 0.00 -0.10 0.00 -0.10 BT GROUP PLC 0.53 O.OD -12.45 O.DD -0.07 0.00 D.00 0.00 0.00 BRITISH AMERN TOB PLC 0.22 0.00 6.53 0.00 0.04 0.00 0.00 O.DO 0.00 MARKS & SPENCER GROUP 0.46 0.00 -10.03 O OCi -0.05 0.00 0.00 O.D1 0.01 WOLSELEY PLC 0.48 D.00 -12.53 0.00 -G 07 O.OD 0.00 O.DO 0.00 Italy 0.57 0.00 -1.88 0.00 -0.01 0.00 0.01 0.00 0.01 Japan 2.01 0.00 -3.79 0.00 -0.07 D.00 -0.01 0.00 -0.01 South Korea 1.08 0.00 -4.11 0.00 -0.04 0.00 0.00 0.00 0.00 Mexico 1.37 0.00 -2.28 0.00 -0.02 0.00 0.03 0.00 D.03 Netherlands 0.80 0.00 -11.38 0.00 -0.06 0.00 -0.04 O.DD -0.04 Norway 0.71 0.00 47.30 0.00 0.28 0.00 0.3D 0.00 0.30 1'ARAINTLASA 0.71 O.DD 47.30 0.00 0.28 0.00 0.00 0.00 O.OD U.S.A. 88.03 99.68 -3.30 -3.34 -2.94 -3.33 0.00 0.03 0.03