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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 05_08/06/2007BOGDAHN CONSULTING LLC. simplifying your investment decisions Village of Tequesta PUBLIC SAFETY OFFICERS PENSION PLAN June, 2007 www.bogdahnconsulting.com 340 West Central Avenue Suite 300 • Winter Haven, Florida 33880 Telephone (863) 293-8289 • Facsimile (863) 292-8717 Bogdahn Consulting, LLC. PERFORMANCE REPORT Discounted Cash Flow Method Net of Fees Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors From 03-31-07 to 06-30-07 Portfolio Value on 03-31-07 3,745,516.83 Accrued Interest 10,405.32 Contributions 135,131.15 Withdrawals -58,547.62 Realized Gains -3,322.24 Unrealized Gains 44,019.16 Interest 15,780.12 Dividends 14,499.53 Change in Accrued Interest 4,696.30 Portfolio Fees -4,949.50 Portfolio Value on 06-30-07 Accrued Interest i ~ Total Fees Total Gain after Fees Il2R for 0.25 Years 3,888,127.43 15,101.62 -4,949.50 70,723.37 1.87% Performance Evaluation for Village of Tequesta Public Safety Officers' Pension Trust Fund Rockwood Capital Advisors For the Period Ending June 30, 2007 Presented by: Bogdahn Consulting, LLC The Market Environment Asset Class Performance Period Ended June 30, 2007 Quarter Returns MSCI EAFE MSCI Emerg. Mkta. S&P 600 Russell 3000 Russell 1000 Russell 2000 HFR- Diversified FOF Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill -3.0% Source: MSCI Capital Markets, Russell Co., HFR, Lehman, &Bogdahn Consulting, LLC. MSCI EAFE MSCI Emerg. Mkts. S&P b00 Russell 3000 Russell 1000 Russell 2000 HFR- Diversified FOF Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit °~o 3mos. T-Bill 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Bogdahn Consulting, LLC. 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% One Year Market Performance i The Market Environment Asset Class Performance Period Ended June 30, 2007 Five Year Annualized Performance i MSCI EAFE MSCI Emerg. Mkta. S&P 500 Russell 3000 Russell 1000 Russell 2000 HFR- Diversified FOF 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% Rnurce• AA.C('I Capital AAarkatc Rnccall (:n HFR 1 ahman ('.itirnm R Rnnrlahn ('.nn.cultinn I 1 C Ten Year Annualized Performance MSCI EAFE ~.~% MSCI Emerg. M)cta. s~~% S&P 500 7.1% Russell 3000 7.s% Russell 1000 7s% Russell 2000 9.1% HFR- Diversified FOF = ,~,.;'_ ~~-:~,,~i _ ~ "I,; ~.~%'. Lehman US Agg. s.o% Lehman US Gov. 5.9% Lehman MBS Fixed 5.9% Lehman US Credit 6.3% 3mos. T•Bill 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% Bogdahn Consulting, LLC. The Market Environment Equity Style Performance Period Ended June 30, 2007 Source: Russell Co. Russell All Cap Style Performance 18 8 20.1 21.3 15.9 _ _ ._ 13.4 --.._._. _ --- --. 2.4 11.5 9.6 10.0 - ~^~ ir~h _ - 7:6- - 4.4 25 20 15 10 5 0 6 8 - . 5.8 4.7 Qtr lyr Syr Syr ^ 3000 Growth ^ 3000 Index ^ 3000 Value 26 20 15 10 5 0 Qtr lyr Syr Syr ^ 2000 Growth ^ 2000 Index ^ 2000 Value Bogdahn Consulting, LLC. l0yr l0yr Russell Large Cap Style Performance The Market Environment Treasury Yield Curve Period Ended June 30, 2007 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Treasury Yield Curve 1 Mo 3 Mo 6 Mo ~ Q1 07 ~ Q2 07 Source: Federal Reserve 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr Bogdahn Consulting, LLC. Village of Tequesta Public Safety Officers' Pension Trust Fund I 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. Village of Tequesta Public Safety Officers' Pension Trust Fund ~ Executive Summary Account Reconciliation Investment Policy 06/30/2007 2007 04/30/2005 Qtr YTD Incept Index #~egirrning Value: 3,58. ~,~~. ':2;44~k i~let.~lows.. ... .......................... .......................... X7.:.. ............... ................ ..:::148 ............... ........... .. 791' ............ ............ .......................... .......................... frtvestni:ent: Qf.L::. .. ............... ................ 7.1. ............... .............. 21:5: ............ ............ _.. 668 Ertdtng. V~IU~ . .......................... 3,94}x. ............... 3;903 ............... 3,~0~:: ............ Weight t rantng rceturns tnrougn rune 3u, ~uvi Calendar Year Returns 06/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 tai ;: 6.i~1 8:63: Policy 3:7a 4.78: 11.Ot) tiff 1:81 1.23 : : ..2.3.Z:.: Returns in Up Markets Returns in Down Markets 04/30/2005 1 Yr 2 Yr Incept .............. ~itild ............... 13:4 _ ..................... Q.6 .. .. ............ 1~~.~ . Policy 14.5 1:1.7 12 0 Ratio . :92.:5 90 4 1:02.4'. Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Rockwood assumed account on April 4th 2005 04/30/2005 1 Yr 2 Yr Incept ............ ....... ~u~d :: ............................. -0:9 ................... -0:9 Rpiic;y 0:8 _Q.8: Ratac~ . X22,1 ;;122,1:: 2 Village of Tequesta Public Safety Officers' Pension Plan Asset Allocation as of June 30, 2007 Equity 57% At Cost Equity 52% Fixed Income 40% Fixed Income 45% 3 At Market Cash &Equiv 3% Cash &Equiv 3% Village of Tequesta Public Safety Officers' Pension Trust Fund Universe Comparison Report Explanation 1 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 Public Safety Officers' Pension Trust Fund Universe Comparisons 60% Broad Large Cap Core & 40% PSNIGIFI I Idllllll~. RClUI11J UIIVUI~.II JUIIC JV~ LVVI 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr ............................................................................................................................................ #=tend: Return 6.01 9.68 13.42 8.65 -tile 16 44 83 87 Policy ,. ,. . Return 4.78 9.40 14.51 9.70 -tile 55 59 49 59 'E:1riWer~e 5th %-tile 7.02 12.49 17.12 12.35 11.21 11.67 10.20 7.95 8.48 7.17 25th %-tile 5.42 10.27 15.23 10.59 9.40 10.15 8.89 6.10 5.24 5.42 50th %-tile 4.87 9.56 14.47 9.88 8.64 9.34 8.12 5.21 3.78 4.20 75th %-tile 4.47 9.12 13.88 9.36 8.15 8.80 7.54 4.66 3.17 3.64 95th %-tile 3.43 7.31 11.70 7.86 6.34 7.22 6.41 3.34 1.22 2.65 Calendar Year Returns ~! ~ Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 ,. . viand' Return 1.89 6.01 8.63 -tile 100 16 82 :Policy ,.. . Return 3.70 4.78 11.00 -tile 52 55 47 ~Jrilversc .. 5th %-tile 5.34 7.02 14.53 7.74 11.01 23.06 -5.76 3.78 13.60 24.20 25th %-tile 4.16 5.42 11.82 5.20 8.69 19.92 -8.95 -2.42 3.70 14.21 50th %-tile 3.72 4.87 10.93 4.05 7.58 18.30 -10.20 -4.07 -0.41 12.00 75th %-tile 3.44 4.47 9.41 3.33 6.44 16.90 -11.73 -5.16 -2.34 9.56 95th %-tile 2.61 3.43 4.89 1.48 4.23 14.22 -13.74 -8.61 -5.25 3.80 ttetums are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is April 30, 2005 to June 30, 2007 Rockwood assumed account on April 4th 2005 5 ~ Page 5 is temporarily blank due to a late ~ release of this universe from our vendors. It will be sent at a later date. n i~ i~ i~ i~ i~ u II u Village of Tequesta Public Safety Officers' Fixed Income Executive Summary Account Reconciliation 06/30/2007 2007 04/30/2005 Qtr YTD Incept Begin:nkijgV~lue< :: : :::.:~~1~::::: ::'1:;~18:::::: :: :: 9~Q% ;:. 2:37::.. .:... x.10:.. X89 ;. ar~Vestment:Qf.L.` =4 .. . .... ~:~:. 8Z t*aditig>Valu~ 1,~~ ~E,546.... 1,48: Investment Policy Index Weight I, Trailinn Rct~~rnc thrn~inh .line 30. 2007 .,,...... y ................. __a.. ----- - - 04/30/2005 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept ~ta~id 5.7:3 3:1:6. 3:45 Polidy: . 5.7f ~ 74 ::: : : 3:15' ~?i~ 4;43 .:: ~ 4~ 3 4: 17 Calendar Year Returns Returns in Up Markets 04/30/2005 1 Yr 2 Yr Incept ~iirld. 6:0 5.f 5.fi . t?Qhcy 5.9 5.3. 5,6 Rat{o : :: 101 5:.. ~0~ 'F 101.:6 Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are gross of fees. Returns in Down Markets 04/30/2005 1 Yr 2 Yr Incept fiu~d -0.3 X0.6.: -0:6 Policy -0,1 X11 ~~.1; Ratio... 1:85 Z.: ~3 3 53 3 6 Village of Tequesta Public Safety Officers' Equity Executive Summary Account Reconciliation Investment Policy 06/30/2007 2007 04/30/2005 Qtr YTD Incept ~ Index Weight Begr7nirtg Vale 2,176' 2,013- 1,393 S&P 500' 1OO.Q0 ~ Net Flows 5 46 2$1 ~ 1nvestment G/L 73 195 581 Ending Value 2,255 2,255 2,255 Total 100::00 Trailing Returns through June 30, 2007 04/30/2005 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept - Fund 20:20 9'3.28' - - - --- ------ 16.07 Policy 20:59 1'.4.45 15.00 1Diff -D39 -1.17 1.07 Calendar Year Returns 06/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 `Fund' 3:35 ' 9.57 12.87 ''Policy 6.28: 6.96' 15.80 Diff -2.93' 2:64 2:93 Returns in Up Markets 1 Yr 2 Yr Fund 20.2 1:6.4 Policy 20.6 47.7 -Ratio 98:1 92.9 Returns in Down Markets - - 04/30/2005 ~'~ 04/30/2005 Incept j 1 Yr 2 Yr Incept i 19.4 Fund -1.6 -1.6 i 18:0 ~ Policy -1.4 -1:4 I 107:6 Ratia 112.5 112.5 Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. 7 Village of Tequesta Public Safety Officers' Equity Universe Comparisons Pure Large Cap Core T__r_ailing Returns t 2rQug~3 Qtrs O~ ~1oYr ' 2 Yr ~ 3 Yr r 4 Yr 5 Yr~ 6 Yr ~ ~ T 7Yr 8Yr Fund Return ~ %-tile 9.57 15.50 20.20 ' 13.28 7 21 60 I', 87 ~~ i Policy I Return __ ~ 6.96 14.12 20.591 14.45 --- ~ -tile 39 ', 42 48 ~ 50~ I ----- _ __ -- - - ~ _ ----~ .Universe r 5 i 5th %-tile 18.61 24.34 ', 17.66 ~0 16.76 13.13 8.84 9.28 7.2 15.33 t I 25th %-tile I 7.74 ' 15.15 21.19 I 15.05 12.68 ~ 14.55 11.48 6.53 ~ 4.12 4.29 ~ 50th %-tile 6.95 ~ 14.06 20.37 ~ 14.31 11.60 13.33 10.50 5.15 2.11 2.82 75th %-tile 6.72 13.72 19.85 13.81 11.13 ~ 12.85 10.05 4.64 1.74 2.28 i 95th %-tile _ 12.04 5.50 12.33 17.89 Il _ 10.55 8.52 3.16 -0.00 -0.79 8.9 Calendar Year Returns Qtr; YTD 200 2005 2004 2003 2002 2001 2000 1999 - --- -- Fund. - ~ 1 Return i ~ 3.35 9 7 12.87 r t ~~ %-tile 100 ' ~ 7 75 , ~ ~I ~ ~ I - P©tiey ----i--- -- -- - ' --, __ - --- , -- , Return --r ~~ 6.28 -- -- T- 6.96 15.80 ---- - - I _ _ ~ __ -- ` -tile 48 ~ 50 30 ( ~_ L ~ universe ~~ _ ~5th %-tile 8.40 9.90 20.97 I, 11.33 15.14 I --- --- 33.34 -15.55 -1.49 ~ - 13.61 35.031 I ~ ! ' I 20 22 80 0 i 25th %-tile 6.76 ; 7.74 16.19 ; 7.20 11.51 28.99 -20.13 -9.35 ~ . . - j 50th %-tile ~ 6.26 6.95 15.48 I, 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 75th %-tile 6.09 6.72 12.74 422 8.38 , -23.39 -13.51 24.97 -9.63 16.39 95th %-tile ~ 5.18 5.50 4.79 '~ 1.07 5.14 I 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 April 30, 2005 to June 30, 2007 8 Village of Tequesta Public Safety Officers' Equity Executive Summary Account Reconciliation Investment_Policy_ _ __ ------- - -- - ---- --, r- ~ 06/30/2007 2007 04/30/20051 ~~~ v~-n Inron4 'Index Weight Beginning Value ..... 2,,176 _ 2,01'3 ...__r_,. 1,393.1 'Net Flows 5 46 281 '', Investment G/L 73 195 581 Ending Value 2,255 2,255 2,255 Trailing Returns through June 30, 2007 ~ i ., __ ~ Russe113000 100.00 ~ Total 100.00 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Fund 20.20 13.28 ' - -- -- 16.07 Policy 20.07 14.70 15.83 aiff 0.13_ -1.42, 0;24. Calendar Year Returns ~ 06/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 -- ~und -- --- 3.35 9.57 12.87 'Policy 5.77 7.12' 15.72 ICI Diff -2.42 2..45 -2.85 ----J Returns in Up Markets 1 Yr 2 Yr Fund 20:2 16.4 ..Policy 2D.1 ?8.3 Ratio' 100:6 89.6 Returns in Down Markets 04/30/2005 i, { 04/30/2005 , Incept j 1 Yr 2 Yr Incept '~ 19.4 Fund -1.6 -1.6' 1.9.3 i Palicy =2A -2;0 ', 100'.3 Ra#io> 81.8 81:8 Inception date is April 30, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. 9 04/30/20 Incept Village of Tequesta Public Safety Officers' Equity Universe Comparisons Broad Large Cap Core Tr__a_iling Returns through June 30, 2007 _ _ _ _ _ __ __ I~ ~ 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr ! 4 Yr~ 5 Yr 6 Yr ~ 7 Yr~ 8 Yr __ _ __ I -_.~~. ~ ------~---- - f Fund'_ ~._ .. ~»___~._ Return ~~ I %-tile .~.:_~__..__ ..r_____ 9.57 12 I ._._ ~ . ~~.~_--- i~ 15.50 20.20 ', 25 52 ', ~_~ __- T 13.28 79 ~ ____________--_7___ ! - ~ PofiCy ~- -- ~---- - ~ - - ; - ~~~ - --~ ----. Return 7.121 14.74 20.07 ' l 14.70 , ~, I %-tile - 52 ~!I - 36 57 38 -- ~~ -- -~-- - j - -~ Universe - ~ ° - 5th /°-tile - - -- ~ ~ 10.74 18.94 24.43 ~ - 18.29 - - 15.88 i - ~ ~ 13.74 17.15 9.65 10.22 7.94 25th %-tile 8.16 II 15.41 21.18 II 15.40 I 12.81 ' 14.67 ~ 11.68 6.76 5.38 5.66 50th %-tile 7.16 li 14.10 20.25 14.34 11.65 , 13.37 10.51 5.18 2.20 3.13 ~ 75th %-tile ~ 6.68 ~ I 13.61 19.16 ~'~ 13.57 11.01 12.61 9.64 4.47 1.54 2.37 I ° 95th /o-tile , i 4.85 I _ 10.47 _ i 15.55 j __ L__ _ 10.82 7.78 __ ~ 9.78 ' 7.82 ~ __~ 2.28 -1.93 ~ 0.74 ___ Calendar Year Returns -T-- Qtr ~ YTD ~ _ 2006 ~ 2005 Fund Return ~ 3.35 ~ 9.57 ~ 12.87 ~ /o-tile 100 12 74 - -- _- Policy Return --~-- 5.77 ~' 7.12 15 72 - -- -tile 81 %I 52 36 -~ - .Universe I-- - - -- - ---- --~ -- - ~ 5th %-tile , 8.90 10.74 21.03 11.35 125th %-tile ' 6.96 8.16 16.81 7.45 50th %-tile I 6.27 7.16 15.40 !: 5.38 75th % til i ~ 6 00 6 68 12 43 ~ 4 27 e - . ~ . . ~~ . 95th %-tile 4.66 I 4.85 4.95 I~ ~ 1.07 Retums are in p ercent. "%-tile" is the - --- -- percentile ranking within - the universe Returns for periods exceeding one year are annualized. Incept is April 30, 2005 to June 30, 2007 20041 2003 2002 20011 2000 1999 ---- ' _ ~ l --1----- -- --- J- --~---~ I T-~-- - 15.791 35.07 -14.92 0.68 15.49 38.53 11.97 ! 29.63 -20.08 -8.76 i 0.28 23.55 10.46 27.91 -22.27 -12.05 -6.69 20.37 8.33 ; 25.20 ~ -23.67 -13.64 -9.58 15.90 5.06 20.90 -26.71 -19.24 -14.72 6.66 10 Village of Tequesta Public Safety Officers' Pension Trust Fund Up Market Returns 2o.oo°io 15.00% --------------- 10.00% - - ------------ - 5.00% --- ------------ - 0.00% 1 Yr 2 Yr Incept Fund (%) 13.42 10.53 12.32 Policy (%) 14.51 11.65 12.03 Difference (%) -1.09 -1.12 0.29 Ratio 92.49 90.39 102.41 # Up Qtrs 4.00 7.00 7.67 Down Market Returns 0.00% -0.50% f----------- -1.00% 1 Yr 2 Yr Incept Fund (%) -0.94 -0.94 Policy (%) -0.77 -0.77 Difference (%) -0.17 -0.17 Ratio 122.08 122.08 # Down Qtrs 0.00 ~ 1.00 1.00 Fund (%) ~ Policy (%) Rockwood assumed account on April 4th 2005 11 Village of Tequesta Public Safety Officers' Pension Trust Fund ' Objective Comparison v a u e Inception date is April 30, 2005 ' All dollar values are shown in thousands. Rockwood assumed account on April 4th 2005 12 /1VJ JVJ JUJ VVJ IVIUV JVO JVO UVO IVIV/ JV/ Quarter Ending ^ Fund `~ Policy Nominal 8% ^ CPI + 3% Village of Tequesta Public Safety Officers' Pension Trust Fund 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. 13 Village of Tequesta Public Safety Officers' Pension Trust Fund Attribution of Returns Attribution of Performance to show Manager Contribution Policy Manager Contribution:: Fund Current Quarter 3.70 :.... .: 1::$1 : 1.89 Year to Date 4.78 1 •?3 6.01 1 Year 14.51 =1::Q9 13.42 2 Years 9.70 1:.05. 8.65 Incept 10.18 0:.17` 10.35 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Security Selection :: Iu1:a~iager:Cortrilitiori:: Current Quarter -1.44 -0 37 :: -1.:81 . Year to Date -1.98 3.21 _1 23.: 1 Year -6.60 5 51 1 09 2 Years -4.25 3.20 :: ::::::.:::.::::::::::::::::::::~1:Q5:: Incept -4.49 4.66 i):17: Asset Allocation + Security Selection =Manager Contribution Rockwood assumed account on April 4th 2005 14 I 15.00% P e 10.00% r c e n t 5.00% E f ' f e 0.00% c t -5.00% 15.00% P e 10.00% r c e n t 5.00% E f f e 0.00% c t -5 00°/ Village of Tequesta Public Safety Officers' Pension Trust Fund Asset Allocation Effect J05 S05 D05 M06 JO6 S06 D06 M07 JU7 Quarter Ending Security Selection Effect ° J05 S05 D05 M06 J06 S06 D06 M07 J07 Quarter Ending ' ~ Quarterly Effect - -- Cumulative Effect Rockwood assumed account on April 4th 2005 15 l Village of Tequesta Public Safety Officers' Pension Trust Fund Asset Allocation vs Targets 7o.oo°ro 1 60.00% - --- ---- --------- ------ ------ --- 50.00% - ---- ---- --- ----- - --------- --------------- ------ ---- ----- ---- ----- -- - - -------- ----- --- ---------------------------------------- I 40.00% - - ------ ------ -- ----- ---- ----- -------- ------- -- 30.00% - -------- ------ ------ ------ ---- ----- - ---- ------ - ---- ---- ---- --- ----- ' 20.00% ---- ------ ----- -- --- o ---- --- - --------------------------------- - - ------------------------ - ----------------------------------------------------------------------- - - - 0.00% J 5 S 5 D 5 M06 J 6 S 6 D06 07 J 7 Quarter Ending ' ~ Cash & Equiv --`,~ Target 70.00% -- -- ------ -- -- - 1 60.00% -- 50.00% - -- -- -- - ----- --------- ------- - --------- -- -------- - 40.00% 30.00% - I -- -- -- - -- ---- - ------- - - --------- - -- -- -- - ------- ----- - - ------ ---------- --------- - -- - - ------------ 20.00% ~ -- -- -- -- ---- - - ---- -- -- - ---- - - -- - - --- 10.00% - -- -- -- -- -- -- ------ - - - --- --- -- - --- -- 0.00% J05 S05 D05 M06 J06 S06 D06 M07 J07 Quarter Ending ~ Equity ~- Target 70.00% ' 60.00% ----------------------------------------------------------------------------------------------------------- - - -- ------ ------- - 50.00% ---------------------------------------------------------------------- - - - - - - --- --- - - --- --- ------ - - - - 40.00% - - - --- --- - - ------------- - 30.00% ----------------------------------------------------------------------------------------- - -- - -- 20.00% -- -- -- -- -- 10.00% -- - - -- - - -- -- 0 ' .00% J05 S05 D05 M06 J06 S06 D06 M07 J07 Quarter Ending ^ Fixed Income -`,~- Target Rockwood assumed account on April 4th 2005 16 ' 5.00% 4.00% 3.00% R 2.00% e t 1.00% u n 0.00% ' -1.00% -2.00% -3.00% 1 ~~ 1 1 i v$ a I u $ e Village of Tequesta Public Safety Officers' Pension Trust Fund Manager Contribution '\ /~ - -- -------- I ^ ~5 S05 D05 M06 J06 S06 D06 M07 .lU Quarter Ending ~ Quarterly Cumulative Growth of $100 Fund vs Policy ^ Rockwood assumed account on April 4th 2005 17 /iV:l JV:! JVJ VV:J IVIVV JVV vvV vvv iviv~ vv~ Quarter Ending ^ Fund ^ Policy I Village of Tequesta Public Safety Officers' Fund Pennon Trust Quarterly Comparison Analysis ($) Period Fund Policy Diff Nominal 8% Diff CPI + 3% Diff Ending Apr 2005 2,444 2,444 0 2,444 0 2,444 0 Jun 2005 2,587 2,530 58 2,499 88 2,480 107 Sep 2005 2,864 2,768 97 2,737 128 2,743 122 Dec 2005 2,910 2,880 30 2,861 49 2,806 104 Mar 2006 3,027 2,992 35 2,961 66 2,916 111 Jun 2006 3,039 3,009 30 3,059 -21 3,026 13 Sep 2006 3,345 3,353 -8 3,319 26 3,247 98 Dec 2006 3,540 3,580 -40 3,463 78 3,334 207 Mar 2007 3,756 3,689 67 3,602 154 3,487 268 Jun 2007 3,903 3,902 1 3,749 154 3,640 263 All dollar values are shown in thousands. Rockwood assumed account on April 4th 2005 18 Village of Tequesta Public Safety Officers' Pension Trust Fund Quarterly Comparison Analysis (%) Fund Policy Diff Nominal 8% Diff CPI + 3% Diff End ng Sep 2005 3.41 1.97 1.44 1.94 1.47 2.96 0.45 Dec 2005 -0.88 1.47 -2.35 1.94 -2.82 -0.26 -0.62 Mar 2006 2.49 2.36 0.13 1.94 0.55 2.35 0.14 Jun 2006 -0.94 -0.77 -0.17 1.94 -2.88 2.35 -3.29 Sep 2006 3.41 4.67 -1.26 1.94 1.47 0.74 2.67 Dec 2006 3.46 4.41 -0.95 1.94 1.52 0.24 3.22 Mar 2007 4.04 1.04 3.00 1.94 2.10 2.45 1.59 Jun 2007 1.89 3.70 -1.81 1.94 -0.05 2.15 -0.26 Incept. 10.35 10.18 0.17 8.00 2.35 6.27 4.08 ' Returns for periods exceeding one year are annualized. Rockwood assumed account on April 4th 2005 19 Village of Tequesta Public Safety Officers' ' nsion Trust Fund Pe 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 Ratio/Treynor 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. 20 Village of Tequesta Public Safety O~cers' Pension Trust Fund Risk Measures 1 Yr :.:: Fu~~d : . f*olc~ .:.::.:.Dif€ # of Negative Qtrs 0.00 0.00 0.00 # of Positive Qtrs 4.00 4.00 0.00 Batting Average 25.00 75.00 -50.00 Worst Qtr 1.89 1.04 0.85 Best Qtr 4.04 4.67 -0.63 Range 2.15 3.63 -1.48 Worst 4 Qtrs 13.42 14.51 -1.09 Standard Deviation 3.72 3.89 -0.17 Beta 0.65 1.00 -0.35 Annualized Alpha 2.14 0.00 2.14 R-Squared 0.46 1.00 -0.54 Sharpe Ratio 2.24 2.43 -0.19 Treynor Ratio 12.85 9.44 3.41 Tracking Error 3.04 0.00 3.04 Information Ratio -0.36 ~ricepf ::::::..:::::% ; ::::::: :.:::.Ftgrid:: .... ... :: ::Plc.: : :.:: :Diff:: # of Negative Qtrs 2.00 1.00 1.00 # of Positive Qtrs 6.67 7.67 -1.00 Batting Average 42.33 57.67 -15.34 Worst Qtr -0.94 -0.77 -0.17 Best Qtr 4.87 4.67 0.20 Range 5.81 5.44 0.37 Worst 4 Qtrs 4.07 5.09 -1.02 Standard Deviation 5.41 4.10 1.31 Beta 1.08 1.00 0.08 Annualized Alpha -0.20 0.00 -0.20 R-Squared 0.66 1.00 -0.34 Sharpe Ratio 1.10 1.41 -0.31 Treynor Ratio 5.53 5.80 -0.27 Tracking Error 3.19 0.00 3.19 Information Ratio 0.05 Rockwood assumed account on April 4th 2005 2: Yr .: .:. ,.... .... ... ~i~nd . >: P :~ :..._... ~1. cY . ::::: 'Dill: ,........ . .. # of Negative Qtrs 2.00 1.00 1.00 # of Positive Qtrs 6.00 7.00 -1.00 Batting Average 37.50 62.50 -25.00 Worst Qtr -0.94 -0.77 -0.17 Best Qtr 4.04 4.67 -0.63 Range 4.98 5.44 -0.46 Worst 4 Qtrs 4.07 5.09 -1.02 Standard Deviation 5.29 4.12 1.17 Beta 1.04 1.00 0.04 Annualized Alpha -1.11 0.00 -1.11 R-Squared 0.65 1.00 -0.35 Sharpe Ratio 0.78 1.26 -0.48 Treynor Ratio 3.98 5.19 -1.21 Tracking Error 3.10 0.00 3.10 Information Ratio -0.34 21 '~ r 20.00% i 15.00% A n n u a z 10.00% e 1 d R e ' t u r n 5.00% r 0 00°/ Village of Tequesta Public Safety Officers' Pension Trust Fund Return vs Risk through June 30, 2007 ~ S8~P 500 - -~ _ Fund ~I i i ~I 3 Mo TBill LB Gov/Corp 8.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Risk (Annualized Std Dev) t---Policy Rockwood assumed account on April 4th 2005 22 7.UU% tS.UU% Village of Tequesta Public Safety Officers' Pension Trust Fund Return vs Risk through June 30, 2007 ~,,,,~ 2 Years 30.00% 25.00% R 20.00% e t ~ 15.00% n s 10.00% 5.00% 311b6°~66i11 3.00% 5.00% 7.00% 0.00% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) 20.00% 20.00% 15.00% R e t 10.00% u r n s 5.00% 0.00% 1.00% 3.00% 5.00% 7.00% 0.00% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) Incept 15.00% R e t 10.00% u r n s 5.00% 0 00°/ ~S&P __ ~. - Fund ~3 Mo TBill ~ LB ~ov/Corp i ~ i i• i ° 1.00% 3.00% 5.00% 7.00% 0.00% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) ---- Policy Rockwood assumed account on April 4th 2005 S&P OC ~~Fund 23 Village of Tequesta Public Safety Officers' Pension Trust Fund Policy: 04/3 0/2005 -06/3 0/2007 60.00 S&P 500 40.00 Lehman Gov/Credit-Intermediate First Objective: Second Objective: 04/3 0/2005-06/30/2007 04/30/2005-06/30/2007 Annual Return of 8.00% 100.00 US Consumer Price Index + 3.00 annual adder Universe Data: 60% Broad Large Cap Core & 40% PSIVIGIFI 04/30/2005-06/30/2007 40.00 High Quality Bond 60.00 Broad Large Cap Core 24 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Vllage of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors From 04-01-07 To 06-30-07 Tran Trade Settle Code Date Date CONT RIBUTIONS li 04-09-07 04-09-07 Cash ER li 04-09-07 04-09-07 Cash EE li 04-23-07 04-23-07 Cash ER li 04-23-07 04-23-07 Cash EE li OS-04-07 OS-04-07 Cash ER li OS-04-07 OS-04-07 Cash EE li OS-21-07 OS-21-07 Cash ER li OS-21-07 OS-2]-07 Cash EE li 06-OS-07 06-OS-07 Cash ER li 06-OS-07 O6-OS-07 Cash EE li 06-15-07 06-15-07 Cash ER li 06-15-07 06-15-07 Cash EE li 06-29-07 06-29-07 Cash ER li 06-29-07 06-29-07 Cash EE 7,850.33 4,319.79 7,671.99 4,178.16 7,717.73 4,219.66 7,551.91 4,123.92 7,581.80 4,164.39 8,268.14 4,533.91 7,255.86 3,979.56 83,417.15 WITHDRAWALS l0 04-09-07 04-09-07 Cash Activity Fee l0 04-09-07 04-09-07 Cash Activity Fee l0 04-09-07 04-09-07 Cash Activity Fee l0 04-09-07 04-09-07 Cash Market Fee pd l0 04-13-07 04-13-07 Cash Misc Expense Kenneth Nielson to OS-O1-07 OS-O1-07 Cash Foreign tax withheld Volvo In OS-O1-07 OS-O1-07 Cash ADR Fee Volvo to OS-11-07 OS-11-07 Cash Foreign tax withheld to OS-25-07 OS-25-07 Cash Bogdahn Consulting quarterly fee for p/e 3/31 /07 Broker Security, Amount Quantity Code Commission 210.00 30.00 120.00 374.55 988.51 466.30 2.55 329.81 2,000.00 1 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors From 04-01-07 To 06-30-07 Tran Trade Settle Code Date Date Security Amount Quantity to OS-25-07 OS-25-07 Cash 249.15 business Svcs. Connection attend meeting/preparation of minutes 5/7/06 to OS-25-07 OS-25-07 Cash 559.04 Hanson Perry & Jensen to OS-25-07 OS-25-07 Cash 24.64 Village of Tequesta reimbursement for expenses paid inv#8-673-62416 l0 06-08-07 06-08-07 Cash 459.23 Foreign tax on Volvo dividend l0 06-08-07 06-08-07 Cash 17.00 Foreign tax withholding fee l0 06-08-07 06-08-07 Cash 2.56 Foreign withholding fee l0 06-28-07 06-28-07 Cash 282.37 Business Services connection for preparataion of minutes l0 06-28-07 06-28-07 Cash 717.91 Attorney fees to Hanson Perry & Jensen 6,833.62 EXPENSE ACCOUNTS 0.00 AFTER FEE PERFORMANCE EXPENSE ACCOUNTS dp OS-25-07 OS-25-07 Administration Fee 4,949.50 Rockwood Capital Advisors quarterly fee for q/e 3/31/07 4,949.50 PORTFOLIO NET TOTAL 71,634.03 EXPENSE ACCOUNTS PAID BY CLIENT AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PAID BY CLIENT 0.00 0.00 GRAND TOTAL 71,634.03 Broker Code Commission 2 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets DOMESTIC EQUITIES Common Stock Large Cap 1,600.000 AT&T Inc. /formally 33.80 54,083.36 41.50 66,400.00 12,316.64 1.7 AT&T Corp 1,100.000 Anheuser-Busch Cos. 46.99 51,693.95 52.16 57,376.00 5,682.05 1.5 Inc. 570.000 BOEING CO COM 58.58 33,389.12 96.16 54,811.20 21,422.08 1.4 ],942.000 Cisco Sys, Inc COM 28.51 55,360.79 27.85 54,084.70 -1,276.09 1.4 800.000 Colgate Palmolive 64.86 51,886.96 64.85 51,880.00 -6.96 1.3 1,242.000 Dow Chemical Co.Com 45.81 56,901.61 44.22 54,921.24 -1,980.37 1.4 1,400.000 ECHOSTAR 36.37 50,921.22 43.37 60,718.00 9,796.78 1.6 COMMNTNS NEW CL A 1,585.000 General Motors 33.60 53,250.93 37.80 59,913.00 6,662.07 1.5 Corp.Com 1,060.000 Heinz H J Company 42.21 44,741.75 47.47 50,318.20 5,576.45 1.3 1,385.000 Hewlett Packard Co 32.33 44,770.40 44.62 61,798.70 17,028.30 1.6 1,100.000 J.P. Morgan & Co. 46.98 51,672.83 48.45 53,295.00 1,622.17 1.4 610.000 Lockheed Martin Corp. 59.24 36,136.40 94.13 57,419.30 21,282.90 1.5 1,530.000 Loews Corp. 23.82 36,448.68 50.98 77,999.40 41,550.72 2.0 1,300.000 Macy's Inc 41.34 53,737.71 39.78 51,714.00 -2,023.71 1.3 1,050.000 PG & E Corp. 34.97 36,721.55 45.30 47,565.00 10,843.45 1.2 900.000 Praxair Inc. 62.52 56,267.73 71.99 64,791.00 8,523.27 1.7 1,720.000 Safeway Ina COM 22.29 38,341.72 34.03 58,531.60 20,189.88 1.5 1,626.000 Tyco International Ltd 31.91 51,885.17 33.79 54,942.54 3,057.37 1.4 COM 858,211.88 1,038,478.88 180,267.00 26.6 Mid Cap 1,300.000 Alliant Energy Corp 38.94 50,616.67 38.85 50,505.00 -111.67 1.3 1,186.000 Century Telephone 45.69 54,187.15 49.05 58,173.30 3,986.15 1.5 Enterprises 960.000 FISERV INC COM 43.76 42,009.98 56.80 54,528.00 12,518.02 l.4 985.000 Henry Schein Inc. 45.52 44,840.94 53.43 52,628.55 7,787.61 1.3 1,100.000 International Flavors 52.24 57,462.46 52.14 57,354.00 -108.46 1.5 and Frag Inc. 1,250.000 McCormick & Co Inc 35.29 44,115.50 38.18 47,725.00 3,609.50 1.2 680.000 NYSE Euronext/ was 66.09 44,941.61 73.62 50,061.60 5,119.99 1.3 NYSE Group Inc. 1,400.000 P P & L RES INC COM 33.44 46,812.64 46.79 65,506.00 18,693.36 1.7 1,150.000 Price T Rowe Assoc Inc 33.76 38,819.00 51.89 59,673.50 20,854.50 1.5 Com 300.000 Sears Holdings Corp 151.84 45,552.30 169.50 50,850.00 5,297.70 1.3 590.000 Simon PPTY Group Inc. 62.30 36,757.00 93.04 54,893.60 18,136.60 1.4 1,340.000 Stericycle Inc 31.72 42,506.07 44.46 59,576.40 17,070.33 1.5 1,119.000 Thenno Fisher Scientiftc 48.42 54,185.78 51.72 57,874.68 3,688.90 1.5 1,600.000 Wendys Intl, Inc COM 34.02 54,436.32 36.75 58,800.00 4,363.68 1.5 657,243.42 778,149.63 120,906.21 19.9 Small Cap 760.000 Precision Castparts 37.69 28,643.75 121.36 92,233.60 63,589.85 2.4 Corp. 1 Quantity Security 1,470.000 VCA Antcch Inc INTERNATIONAL EQUITIES Foreign Stock Foreign 1,150.000 Bayer AG SA ADR 5,200.000 KONINKLLiKE AHOLD NV ADR 1,690.000 Ryanair Holdings PLC-SP ADR 3,773.000 Volvo Aktiebolaget ADR CL B FIXED INCOME Corporate Bonds 15,000 Pepsico Inc. 5.150% Due OS-15-12 10,000 Proctor & Gamble Co. 4.950% Due 08-IS-14 10,000 SBC Communications Inc. 5.100% Due 09-15-14 15,000 Midamerican Energy Co 4.650%Due ]0-01-14 11,000 Cisco Systems 5.500% Due 02-22-16 15,000 Lehman Bros Holdings Inc Series MTN 5.500% Due 04-04-16 30,000 LB-UBS Commercial Mortgage Trust 5.398% Due 02-15-40 Accrued Interest CMO 30,000 LBUBS4509 : LB-UBS Comm Mtge Tr 2004-CB 4.510%Due 12-15-29 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta PSO Custodian- Salem Trust Rockwood Capital Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Market Pct. Cost Cost Price Value Gain/Loss Assets 28.86 42,428.61 37.69 55,404.30 12,975.69 1.4 71,072.36 147,637.90 76,565.54 3.8 1,586,527.66 1,964,266.41 377,738.75 50.3 1,586,527.66 1,964,266.41 377,738.75 50.3 52.86 60,784.52 75.30 86,595.00 25,810.48 2.2 10.34 53,749.80 12.52 65,104.00 11,354.20 1.7 27.61 46,663.60 37.75 63,797.50 17,133.90 1.6 8.73 32,945.84 19.89 75,044.97 42,099.13 1.9 194,143.76 290,541.47 96,397.71 7.4 194,143.76 290,541.47 96,397.71 7.4 194,143.76 290,541.47 96,397.71 7.4 99.95 14,992.95 98.77 14,815.58 -177.38 0.4 97.92 9,792.00 96.35 9,634.63 -157.37 0.2 96.21 9,621.10 95.38 9,538.40 -82.70 0.2 93.82 14,072.85 93.30 13,994.97 -77.88 0.4 100.14 11,015.07 97.58 10,733.89 -281.18 0.3 99.53 14,930.10 97.09 14,563.53 -366.57 0.4 100.50 30,149.01 97.97 29,392.00 -757.01 0.8 104,573.08 104,573.08 102,672.99 -1,900.09 2.6 1,638.19 0.0 104,311.18 -1,900.09 2.7 97.96 29,388.28 95.81 28,744.37 -643.91 0.7 2 Quantity Security 35,000 Wachovia Bank Commercial Mtg Tr Series 2005-C19 Class AS 4.661% Due OS-I 5-44 25,000 Bear Steams Comm Mtg Sec Series 2007-T26 Class A3 5.330% Due O1-12-45 Accrued Interest Government Bonds 50,000 FNMA Preassign 4.250% Due 09-28-07 80,000 United States Treas Nts. 3.250% Due Ol -] 5-09 60,000 FNMA 5.000% Due 01-23-09 25,000 FHLB 5.250% Due 02-13-09 20,000 FEDERAL HOME LN MTG CORD 5.750% Due 03-15-09 50,000 FHLB 4.100% Due 03-30-09 70,000 US Treasury Note 6.000% Due 08-15-09 80,000 US Treasury Note 3.625% Due 06-15-10 105,000 FEDERAL NATL MTG ASSN 5.500% Due 03-15-11 110,000 U.S. Treasury Note 4.875% Due OS-31-11 70,000 US Treasury Note 4.875% Due 07-31-11 50,000 Federal Home Loan Bank Bond 4.700% Due 10-04-11 25,000 US Treasury Note 4.000% Due 11-15-12 15,000 United States Treasury Note 4.125% Due OS-15-15 40,000 FNMA 5.000% Due 03-15-16 20,000 US Treasury Note 5.125% Due OS-15-16 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Cost Cost Price 97.44 34,103.13 95.46 100.55 25,137.14 98.64 88,628.55 88,628.55 24,661.04 -476.10 0.6 86,816.58 -1,811.97 2.2 202.96 0.0 87,019.54 -1,811.97 2.2 99.38 49,687.50 99.72 49,859.38 171.88 1.3 97.46 77,965.63 97.54 78,031.28 65.65 2.0 99.38 59,628.60 99.66 59,793.75 165.15 1.5 99.20 24,799.78 100.03 25,007.81 208.03 0.6 104.33 20,866.06 100.84 20,168.75 -697.31 0.5 100.00 50,000.00 98.19 49,093.75 -906.25 1.3 108.31 75,818.75 102.16 71,514.87 -4,303.88 1.8 95.30 76,237.50 96.57 77,256.24 1,018.74 2.0 105.68 110,958.75 100.84 105,885.94 -5,072.81 2.7 99.83 109,812.11 99.85 109,836.76 24.65 2.8 100.20 70,142.19 99.86 69,901.58 -240.61 ] .8 100.00 50,000.00 97.47 48,734.38 -1,265.63 1.2 94.61 23,653.32 95.87 23,966.80 313.48 0.6 93.71 14,056.64 94.24 14,136.33 79.69 0.4 96.80 38,719.08 96.97 38,787.50 68.42 1.0 102.50 20,500.00 100.56 20,112.50 -387.50 0.5 Market Pct. Value Gain/Loss Assets 33,411.16 -691.97 0.9 3 1 1 1 Quantity Security 115,000 U S Treasury Note 4.625%Due 11-]5-16 Accrued Interest FNMA GNMA 23,958 FNMA Pool #725773 5.500% Due 09-01-34 36,606 FNMA Pool #735503 6.000% Due 04-01-35 62,390 FNMA Pool #835760 4.500% Due 09-01-35 78,636 FNMA Pool #735897 5.500%Due 10-O1-35 Accrued Interest 30,032 GNSF Pool #599190 6.000% Due 03-15-35 79,355 GNSF Pool #640896 7.000% Due 04-15-35 69,253 GNSF Pool #641273 4.500% Due 04-I 5-35 Accrued Interest CASH & EQUIV. Cash Accounts Cash & Equiv. Cash Money Markets 91,130 Goldman Sachs Fin.Sq.Treasury Oblib. Admin TOTAL PORTFOLIO Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta PSO Custodian- Salem Trust Rockwood Capital Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Cost Cost Price 99.65 i 14,597.66 96.91 987,443.56 99.51 23,840.78 96.82 102.24 37,427.09 99.4] 94.19 58,763.23 91.02 99.39 78,156.59 96.69 198, 187.69 198,187.69 103.87 31,196.03 99.57 107.47 85,282.25 103.39 97.81 67,737.99 91.79 184,216.27 1,563,049.15 Market Pct. Value Gain/Loss Assets 111,451.22 -3,146.44 2.9 973,538.83 -13,904.74 24.9 11,907.78 0.3 985,446.60 -13,904.74 25.2 23,]95.55 -645.23 0.6 36,391.67 -1,035.42 0.9 56,790.08 -1,973.15 LS 76,035.44 -2,121.16 1.9 192,412.73 -5,774.96 4.9 887.21 0.0 193,299.94 -5,774.96 5.0 29,902.68 -1,293.35 0.8 82,043.34 -3,238.91 2.1 63,566.58 -4,171.41 1.6 175,512.60 -8,703.67 4.5 465.48 0.0 175,978.07 -8,703.67 4.5 1,546,055.34 -32,095.43 39.6 11,235.42 11,235.42 0.00 0.3 11,235.42 11,235.42 0.00 0.3 1.00 91,130.41 1.00 91,130.41 0.00 2.3 91,130.41 91,130.41 0.00 2.3 102,365.83 102,365.83 0.00 2.6 3,446,086.39 3,903,229.05 442,041.04 100.0 4