The URL can be used to link to this page

Home My WebLink AboutPension General_Documentation_Tab 03_08/06/2007BOGDAHN CONSULTING LLC. simplifying your investment decisions Village of Tequesta GENERAL EMPLOYEES 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 Tequesta General Combined Account From 03-31-07 to 06-30-07 Portfolio Value on 03-31-07 908,814.55 Accrued Interest 3,966.64 Contributions 62,581.00 Withdrawals -10,254.50 Transfers In 1,499.45 Transfers Out -6,500.00 Realized Gains 7,006.56 Unrealized Gains 19,815.92 Interest 4,832.72 Dividends 2,204.73 Change in Accrued Interest 180.02 Portfolio Value on 06-30-07 990,000.43 Accrued Interest 4,146.67 Total Fees 0.00 Total Gain after Fees 34,039.95 II2R for 0.25 Years 3.65% Performance Evaluation for Village of Tequesta General Employees' Pension Trust Dana Investment 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 b00 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. One Year Market Performance MSCI EAFE MSCI Emerg. Mkts. 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 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% The 1Vlarket Environment Asset Class Performance Period Ended June 30, 2007 Five Year Annualized Performance MSCI EAFE MSCI Emerg. Mkts. 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% Cniirra• AASrI (:anital AAarkPtc R~i.ccall (:n HFR 1 ahman (:itirnrn R Rnnrlahn (:nn.c~dtinn 1 I f: Ten Year Annualized Performance MSCI EAFE ~•~% MSCI Emerg. Mkta. 6~7% S&P b00 7.7% Russell 3000 -.. • ~_. ~_ ,,. ..., .. ._ 7s"/° Russell 1000 7.6% Russell 2000 9.1°~° HFR- Diversified FOF 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% 15.0% Bogdahn Consulting, LLC. The Market Environment Equity Style Performance Period Ended June 30, 2007 Source: Russel! Co. Russell All Cap Style Performance 2b 20 15 10 5 0 26 20 15 10 5 0 Russell Large Cap Style Performance Qtr lyr Syr Syr l0yr ~ 3000 Growth ®3000 Indea ~ 3000 Value The Market Environment Treasury Yield Curve Period Ended June 30, 2007 Treasury Yield Curve 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 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. `' ~ to ees' Village of Tequesta General Emp y 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. 1 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 1 st 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 General Employees' Pension Trust Executive Summary Account Reconciliation 06/30/2007 2007 10/31 /2000 Qtr YTD Incept Index Beginning Value 913 853 109:: f~Jet Flows 47 84::: 660 kr3Vest>'ri:eiit G/L- 34 56 225 ~rdxng value 994 994 994 Investment Policy Weight Trailing Returns through June 30, 2007 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept Fu~1,d 12.4:8 12:00 10.73:. 8:47 ai.94 F 1:'1. 6:00.: f'tificy 14:51 9.79 8.42 6:94 5.81 5;25 5 26 . tiff' 2;03 2,21 2.31 1:53 _ 1.13 0:86 4;74 Calendar Year Returns 06/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 I~':unr! 3;75 6 35;' 9:6~: 10:;03 7:56 0;67 1 3~# '. 3:F8.:. Pokicy 3.70 4.78 11.00: 4:;00 7.!62 1`47 1.70 4.09 :Miff 0.{35 1 57 1 35 &:03 0.06.;:: 0.40 =0 36 0 4:3.: Returns in Up Markets 10/31 /2000 3 Yr 5 Yr 6 Yr Incept ~iis~d : 14.4 8.1 6 9: 6.'~ ~?olicy 12.6 7.5 6.5_ 6 4:: Retto 114:2 1Q8;5 . 106:8 105 ~:: 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. Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 6 Yr Incept fiurtd 0.3 0:~ 0 3: _ 0:3: Policy ...: 2.4' . X2:4 2.~ ... 2.4: i~at~o =:1 ~ 6 1:4;6 -14:8. 14 8:: Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 2 Vi I lage of Teq uesta General Employees' Pension Plan Asset Allocation as of June 30, 2007 Equity 59% At Cost Equity 55% Fixed Income 35% Fixed Income 38% 3 At Market Cash &Equiv 6% Cash &Equiv 7% ~ ees' Village of Tequesta General Employ ~~~ ~ 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 Trailinn Returns through June 30. 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr fund Return ____ 6.35 10.48 12.48 12.00 10.73 8.47 6.94 6.11 -tile 6 20 97 5 4 7 6 4 Pokicy Return 4.78 9.40 14.51 9.79 8.42 6.94 5.81 5.25 -tile 51 59 56 61 53 46 40 32 iJ n lverse 5th %-tile 6.40 12.19 17.29 11.99 10.57 8.58 7.06 5.99 6.08 5.87 25th %-tile 5.21 10.24 15.29 10.58 9.08 7.40 6.06 5.34 5.44 5.42 50th %-tile 4.78 9.52 14.63 9.95 8.46 6.89 5.67 5.02 5.12 5.16 75th %-tile 4.45 9.13 14.03 9.51 8.09 6.58 5.37 4.72 4.86 4.86 95th %-tile 3.74 8.19 12.86 8.44 6.78 5.49 4.53 3.94 4.26 4.37 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 t-nd. . Return 3.75 6.35 9.65 10.03 7.56 0.67 1.34 3.66 -tile 44 6 88 1 41 55 49 54 PbfiCy Return 3.70 4.78 11.00 4.00 7.62 1.07 1.70 4.09 -tile 47 51 61 50 39 9 12 14 Unlvei's 5th %-tile 4.83 6.40 14.56 6.82 9.93 1.10 1.79 4.20 6.42 5.12 ~' 25th %-tile 4.07 5.21 12.11 4.93 8.30 0.92 1.57 4.00 6.16 4.91 50th %-tile 3.68 4.78 11.19 3.99 7.37 0.72 1.33 3.69 5.87 4.66 i 75th %-tile 3.47 4.45 10.49 3.47 6.82 0.43 1.02 3.40 5.52 4.38 95th %-tile 2.90 3.74 7.55 2.78 4.40 0.05 0.31 2.62 4.71 3.62 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 June 30, 2007 Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 5 Village of Tequesta General Employees' Fixed Income Executive Summary Account Reconciliation 06/30/2007 2007 01 /31 /2004 Qtr YTD Incept Begmnrrig Vaiue: 335 34't 51.: IVet Flows 9 -2 271:: rrtvestmenf CfL 0 5 22: Ertding. Value ..:.: 344 34.4: 344: Investment Policy Index Weight I ranmg I-returns tnrougn ,,une 3u, cw~ 01 /31 /2004 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept Fpnd :. 5;6.2 ;2.76 3.26:: ~_ . .. : .2:66:: policy 5 76 51 4:b~ .... :~~.. 3 D14 E)iff b~5 081 ::. 0:53 . Calendar Year Returns 06/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 ~~nd 0;13 14~ .... 4:0.7 1::04 Policy -0:14 145..: 4.0.7; 2;27 Qiff 0.01 -O.b3 0:00 1::23 Returns in Up Markets Retums in Down Markets 01 /31 /2004 1 Yr 2 Yr 3 Yr Incept i=usld - 5,8 _ 5.2 5.8 6.T PQtICy 5,9 5.3 7.3 7 g .Ratio. 97.1.:. 97:0 79.0 85.9: Inception date is January 31, 2004 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. 01 /31 /2004 1 Yr 2 Yr 3 Yr Incept fiur~d :.:: b.1 -b.8 .. .::. ~1:b: -4:b:' Policy ' -0:# ... r1;5> ~2:~:. ' ' ' ::<~#:2 f~atao ~.. 92.9.. ~ : ::55:3: .. . ..75:9 94;8: Dana started trading account on October 13, 2005- Index change eff. 10/1/05 form LB Gov/Credit to LB Gov/Credit Intermediate 6 Village of Tequesta General Employees' Equity Executive Summary Account Reconciliation 06/30/2007 2007 01 /31 /2004 Qtr YTD Incept Bec,~nrfxrig Valuo 542 432 209: Met ~Iriws 10 44 't89: ~;irtuestmenf GfL 34 51 189 ~rtding V~lu~ : 5$~ 5$:7 58~' Investment Policy Index Weight i raring rceturns inrougn rune 3v, c~~ ~ 01/31/2004 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept .Mind :: 17::78 20.1.2 'l.Z_23 16;.1Q Policy 20::59 14 45 11..58 16 ~9 DifF 2,&1 '~,6T 5;55 5.41:. ' Calendar Year Returns 06/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 k.~t-~1, .: 6.34 9 83.:: _.... .. 1:4.44 1$.;+~9. .: Policy ; x;.:28 6.98.: 15 8~; . . 4:.:91. Qiff 0:.06 2.87 1:36 13:.58. ;; Returns in Up Markets 01 /31 /2004 1 Yr 2 Yr 3 Yr Incept ~i~s1d 1'~.$ 22.8 24;(3: ^~2:1: .:Policy 20.6 17.7 #8:7 1 ~'.5:: Ratio :::.: 86 4:: 129.4 12;8: 126:2 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. Dana started trading account on October 13, 2005 Returns in Down Markets 01/31/2004 1 Yr 2 Yr 3 Yr Incept fi~irtd 0:~' , ~0:~:: 1.1 POlisyr. 1':4 6:4:: ~5:5: Rapo .. 48;5: 11.8::: 1 ~ 9;: 7 Village of Tequesta General Employees' Equity Universe Comparisons Pure Large Cap Core Tr~ilinn Qo~~ ~rnc 4hrni ~nh 11 InP ~n ~nm 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr Fund:: Return 9.83 16.44 17.78 20.12 17.23 -tile 6 13 96 1 1 IPOIiCy Return 6.96 14.12 20.59 14.45 11.68 -tile 50 48 39 42 49 fJllverse 5th %-tile 9.90 18.61 24.34 17.66 15.33 16.76 13.13 8.84 9.28 7.25 25th %-tile 7.74 15.15 21.19 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 95th %-tile 5.50 12.33 17.89 12.04 8.90 10.55 8.52 3.16 -0.00 -0.79 Calendar Year Returns 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 June 30, 2007 Dana started trading account on October 13, 2005 8 Village of Tequesta General Employees' Pension Trust Up Market Returns 2o.oo°i° ~ 15.00% ~ ----------------------------------- 10.00% -- ----------------- -- 5.00% i I ~ -- --- - 0 00% I . 3 Yr 5 Yr 6 Yr Incept Fund (%) 14.38 8.13 6.94 6.73 Policy (%) I 12.59 7.49 6.51 6.38 Difference (%) 1.79 ~'~ 0.64 0.43 0.35 Ratio 114.22 108.54 106.61 105.49 # Up Qtrs 9.00 17.00 21.00 23.66 Down Market Returns I.VV 70 0.50% --------- -- ------ ---------- --------- 0 .00% -0.50% -- -- --- -1.00% - --- - - - -1.50% - -- --- -- --- - -2.00% - - 2 50% - . 3 Yr 5 Yr 6 Yr Incept Fund (%) 0.35 0.35 0.35 0.35 Policy (%) -2.39 -2.39 -2.39 -2.39 Difference (%) 2.74 2.74 2.74 2.74 Ratio -14.64 -14.64 -14.64 -14.64 # Down Qtrs ~ 3.00 3.00 3.00 3.00 ^ 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 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 JVL JVZ UUZ MUS JVS JUS UUS MU4 JU4 JU4 UU4 MU5 JU5 SU5 UU5 MU6 J06 506 DO6 M07 J07 Quarter Ending ^ Fund ~ Policy ~~ Nominal 8% i ~ API + 3% i , 1 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 Policy Manager ~antnbutinn.: Fund Current Quarter 3.70 Q;05:: 3.75 Year to Date 4.78 1::57:: 6.35 3 Years 8.42 2:31`: 10.73 5 Years 5.81 :1:13: 6.94 6 Years 5.25 Q:86 : 6.11 Incept ~ 5.26 -_ 0:?~k : 6.00 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection sset Allocation ecurity Selection .... .... .... .... .... :: ............................... .............................. ............................... .............................. ............................... l~iait~ger Car4tit~titi~in: Current Quarter -1.44 1.49 O:QS: Year to Date -2.01 3.58 1 57: 3 Years -3.86 6.17 : 2:3'f 5 Years -2.55 3.68 ... . .. ... .... .. 1;~ 3 . ............................... ................................ ............................... . ............................. .... .......................... 6 Years -2.13 2.99 ?b.$5 . Incept ~ -1.91 2.65 : 0.74 . _ i 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 Village of Tequesta General Employees ' Pension Trust Asset Allocation Effect ' 5.00% 4.00% ----- --- --- -- ---- --- ------------ -------- --- ----- --- - ' P e 3.00% -------- - -- - - --- ------ -- - -- ---- ---- ----- ---- ---- --------- ---- r C 2.00% -- -- ----- --- - ---- ---- ---- ---- --------- ------------------- e n t 1.00% --- ---- - - -- -- --- - - - - -- - -- -- -- - - - -- - ---- -- ------- ---- -- --- ----- ----- E ~ f 0.00% f --__ e -1.00% ---- ------ --- - -- ---- ---- -- -- ---- - c __~ ___- --__---- - - t -2.00% --- - - -- - --- - --- -- --- --- ----- ---- - -- --- -------------- \ - -~ -3.00% ~ i i i i i i i i i i i i i i i i i S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 Quarter Ending Securit Selection Effect Y 1 5.00% P 4.00% e 3.00% c r 2.00% e n t 1.00% E f 0.00% ' f e -1.00% C t -2.00% -3 00°/ ° S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 ' 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 r Village of Tequesta General Employees Pension Trust Asset Allocation vs Targets 125.00% ~ 100.00% --- -- -- --- - --- -- ---- ---- -- --- --- ---- 75.00% -- -- -- --------------------------------------------------- ----------------- -------------------------------------------- -- -- ~\ 50.00% - -- -- -------------- - -- 25.00% -- ---- ---- ---- --- ---- -------- --- -- ---- ----- --- ----- 0.00% S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 06 J 6 S06 D 6 07 J 7 Quarter Ending ~ Cash & Equiv ~- Target ' 125.00% 100.00% - ------ ------ ------ ------- ---- - ------- - -------------------- 75.00% -------------------------- - - - ---- -- --- - ----------- ------- - ---- ----- -------------------------------------------------------- - 50.00% -- - ----- --- ------ ----- ------- -- -- -- -- -- -- -- -- -- -- -- -- -- - 25.00% - - - -- - ---- - --- - ------- -- -- -- -- -- -- -- -- -- -- -- -- -- - 0.00% S 2 D02 N(03 J 3 S 3 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 Quarter Ending ® Equity ~ Target 125.00% 100.00% ------------------- - ------ - - - ----- ----- -- - - - - -- - --- ----------- -------- ----------------------- ------ - ------ 75.00% -- --------------------------------------- ----- - - -- --- - -- ------ ---- - - - - 50.00% --- -- --- --- ------------------------------------------------------ ------- - ------------------- ------- ---- - ---- - - - -------------- 25.00% - -- -- -- -- -- - 0.00% S02 D 2 03 J b3 S 3 D 3 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 SO6 D06 M07 J07 Quarter Ending ^ Fixed Incow'ne -`,~~- 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.oo°i° 4.00% - 3.00% R 2.00% e t 1.00% u r 0.00% n -1.00% -2.00% -3.00% S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 Quarter Ending ~ Quarterly Cumulative Growth of $100 Fund vs Policy v $ a $ I u $ e ~~~ ~~~ ~~~ wivo JVJ avo vu3 ivwv ~uv suv uU4 MU5 J05 505 D05 M06 J06 S06 D06 M07 J07 Quarter Ending ~ ^ Fund -^- Policy Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 15 i Village of Tequesta General Employees Pension Trust Quarterly Comparison Analysis ($) Fund Policy Diff Nominal 8% Diff CPI + 3% Diff End ng 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 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 16 Village of Tequesta General Employees Pension Trust Quarterly Comparison Analysis (%) Fund Policy Diff Nominal 8% Diff CPI + 3% Diff End ng 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 Incept. 6.00 5.26 0.74 8.00 -2.00 5.77 0.23 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 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 Qtrsl# 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. ' 18 ~ Village of Tequesta General Employees' Pension Trust Risk Measures 3 Yr - _ _. Fund F'dl~>~y C)if# --- # of Negative Qtrs 1.00 3.00 -2.00 # of Positive Qtrs 11.00 9.00 2.00 Batting Average 75.00 25.00 50.00 Worst Qtr -0.40 -1.30 0.90 Best Qtr 5.54 5.74 -0.20 Range 5.94 7.04 -1.10 Worst 4 Qtrs 8.24 4.00 4.24 Standard Deviation 4.89 4.41 0.48 Beta 0.87 1.00 -0.13 Annualized Alpha 2.77 0.00 2.77 R-Squared 0.61 1.00 -0.39 Sharpe Ratio 1.44 1.07 0.37 Treynor Ratio 8.10 4.74 3.36 Tracking Error 3.10 0.00 3.10 ~, Information Ratio 0.75 6:Yr _ F:ixnd ; :Folic... Diff:: # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 22.00 21.00 1.00 Batting Average 41.67 58.33 -16.66 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 3.86 3.41 0.45 Beta 0.90 1.00 -0.10 Annualized Alpha 1.09 0.00 1.09 R-Squared 0.63 1.00 -0.37 Sharpe Ratio 0.90 0.77 0.13 Treynor Ratio 3.86 2.61 1.25 Tracking Error 2.31 0.00 2.31 information Ratio 0.37 5`Yr fund Po1icX. . Cliff # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 18.00 17.00 1.00 Batting Average 50.00 50.00 0.00 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 4.19 3.72 0.47 Beta 0.90 1.00 -0.10 Annualized Alpha 1.42 0.00 1.42 R-Squared 0.63 1.00 -0.37 Sharpe Ratio 1.02 0.84 0.18 Treynor Ratio 4.74 3.14 1.60 Tracking Error 2.53 0.00 2.53 Information Ratio 0.45 fr~c~pt;: :Fund:: : Pof~cy. Dill: # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 24.66 23.66 1.00 Batting Average 43.74 56.26 -12.52 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 3.66 3.23 0.43 Beta 0.90 1.00 -0.10 Annualized Alpha 0.95 0.00 0.95 R-Squared 0.63 1.00 -0.37 Sharpe Ratio 0.84 0.73 0.11 Treynor Ratio 3.43 2.35 1.08 Tracking Error 2.19 0.00 2.19 Information Ratio 0.34 ' 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 June 30, 2007 7.oo°i° 6.50% 6.00% 5.50% A n 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% Fund ~ LB Gov/Corp 2.00° o .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% Village of Tequesta General Employees' Pension Trust Return vs Risk through June 30, 2007 13.00% 12.00% 11.00% 10.00% R 9.00% e t 8.00% u r 7.00% n 6.00% s 5.00% 4.00% 3 00°/ 3 Years ° 1.00% 3.00% 5.00% 7.00% 9.00% 0.00% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) 7.00"' 6.50 6.00 5.50 R e 5.00 t r 4.50 n s 4.00 3.50 3.00 2.50 DO% 12.00% 11.00% 10.00% 9.00% R 8.00% e t 7.00% u r 6.00% n s 5.00% 4.00% 3.00% 2.oo°i8.oo°i° 7.00% 6.50% 6.00% 5.50% R 5.00% e t 4.50% u r 4.00% n s 3.50% 3.00% 2.50% 2.OO~o00% Policy Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60 21 6 Years 5 Years 5.00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) ', Inception 5.00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) Risk (Annualized Std Dev) 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 10/01/2005-06/30/2007 60.00 S&P 500 40.00 Lehman Gov/Credit-Intermediate First Objective: 10/31/2000-06/30/2007 Annual Return of 8.00% Second Objective: 10/31/2000-06/30/2007 100.00 US Consumer Price Index + 3.00 annual adder Universe Data: 60% Pure Lg Cap Core & 40% High Quality Bd 10/31 /2000-12/31 /2003 100.00 Taxable Money Market 01/01/2004-09/3012005 20.00 High Quality Bond 60.00 Pure Large Cap Core 20.00 Taxable Money Market 10/01/2005-06/30/2007 40.00 High Quality Bond 60.00 Pure Large Cap Core 22 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors From 04-01-07 To 06-30-07 Tran Trade Settle Broker Code Date Date Security Amount Quantity Code Commission CONTRIBUTIONS li 04-09-07 04-09-07 Cash 4,568.16 ER li 04-09-07 04-09-07 Cash 2,833.85 EE li 04-23-07 04-23-07 Cash 4,628.25 ER li 04-23-07 04-23-07 Cash 2,871.1.2 EE li OS-04-07 OS-04-07 Cash 4,545.24 ER li OS-04-07 OS-04-07 Cash 2,819.63 EE li OS-21-07 OS-21-07 Cash 4,548.76 ER li OS-21-07 OS-21-07 Cash 2,821.81 EE li 06-OS-07 06-OS-07 Cash 7,04534 ER li 06-OS-07 06-OS-07 Cash 4,370.54 EE li 06-15-07 06-15-07 Cash 4,516.62 ER li 06-15-07 06-15-07 Cash 2,801.89 EE li 06-29-07 06-29-07 Cash 4,282.64 ER li 06-29-07 06-29-07 Cash 2,656.73 ee WITHDRAWALS l0 04-09-07 04-09-07 Cash 380.00 Custodial activity fee l0 04-09-07 04-09-07 Cash 45.00 Custodial activity fec l0 04-09-07 04-09-07 Cash 90.48 Market value custodial fee l0 04-30-07 04-30-07 Cash 1.91 Error correction. to OS-10-07 OS-10-07 Cash 4,500.00 Wire Transfered pd to Villiage of Tequesta to OS-30-07 OS-30-07 Cash 1,000.00 Wire Transfer out pd to Village of Tequesta l0 06-01-07 06-01-07 Cash 6.82 Foreign W/H to 06-01-07 06-O1-07 Cash 2.20 Foreign Fee l0 06-01-07 06-01-07 Cash 0.33 Foreign Fee Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors From 04-01-07 To 06-30-07 Tran Trade Settle Code Date Date Security to 06-29-07 06-29-07 Cash Wire Transfer pd to Villiage of Tequesta to 06-29-07 06-29-07 Cash Foreign W/H Fee EXPENSE ACCOUNTS AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PORTFOLIO NET TOTAL EXPENSE ACCOUNTS PAID BY CLIENT AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PAID BY CLIENT GRAND TOTAL Amount Quantity 1,000.00 0.60 7,027.34 0.00 0.00 48,283.24 0.00 0.00 48,283.24 2 Broker Code Commission Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors June 30, 2007 (Excludin g Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets DOMESTIC EQUITIES Common Stock Large Cap 230.000 AT&T Inc. /formally 27.76 6,383.92 41.50 9,545.00 3,161.08 1.0 AT&T Corp 165.000 Allstate Corp. 59.93 9,888.09 61.51 10,149.15 261.06 1.0 115.000 Altria Group Inc/Philip 56.96 6,550.93 70.14 8,066.10 1,515.17 0.8 Morris 500.000 Applied Materials 17.56 8,777.50 19.87 9,935.00 1,157.50 1.0 184.000 BANK OF AMERICA 44.34 8,158.84 48.89 8,995.76 836.92 0.9 CORP 66.000 Bear Steams Co. 1 11.03 7,327.84 140.00 9,240.00 1,912. ] 6 0.9 130.000 Becton Dickinson & Co. 67.33 8,753.05 74.50 9,685.00 931.95 1.0 180.000 CIT Group 45.27 8,148.03 54.83 9,869.40 1,721.37 1.0 280.000 CITRIX SYS INC COM 31.35 8,777.86 33.67 9,427.60 649.74 1.0 130.000 Caterpillar [nc 57.87 7,523.74 78.30 10,179.00 2,655.26 1.0 350.000 Cisco Sys, Inc COM 26.16 9,156.00 27.85 9,747.50 591.50 1.0 170.000 Citigroup Inc. 45.88 7,799.60 51.29 8,719.30 919.70 0.9 120.000 Conocophillips 62.17 7,460.95 78.50 9,420.00 1,959.05 0.9 110.000 Exxon Mobil Corp. 76.96 8,465.56 83.88 9,226.80 761.24 0.9 160.000 General Mills, Inc. 57.07 9,130.82 58.42 9,347.20 216.38 0.9 102.000 Hartford Finl Services 79.71 8,129.92 98.51 10,048.02 1,918.10 l.0 460.000 Intel Corp. 19.43 8,937.80 23.74 10,920.35 1,982.55 1.1 90.000 International Business 81.60 7,343.85 105.25 9,472.50 2,128.65 1.0 Machines 120.000 J.C. Penney Co. Inc. 83.42 10,010.50 72.38 8,685.60 -1,324.90 0.9 192.000 J.P. Morgan & Co. 43.24 8,301.73 48.45 9,302.40 1,000.67 0.9 i 50.000 Johnson & Johnson 63.16 9,473.83 61.62 9,243.00 -230.83 0.9 135.000 Kimberly Clark Corp. 60.49 8,166.21 66.89 9,030.15 863.94 0.9 100.000 Lockheed Martin Corp. 97.17 9,717.42 94.13 9,413.00 -304.42 0.9 188.000 Marathon Oil 29.58 5,561.04 59.96 11,272.48 5,711.44 1.1 Corporation 149.000 Met Life Inc. 46.77 6,968.94 64.48 9,607.52 2,638.58 1.0 40.000 Microsoft Corp. COM 30.03 1,201.07 29.47 1,178.80 -22.27 0.1 20.000 Morgan Stanley Group 87.83 1,756.66 83.88 1,677.60 -79.06 0.2 Inc. 110.000 PPG Industries 58.79 6,467.42 76.11 8,372.10 1,904.68 0.8 330.000 Pfizer Inc. 26.01 8,583.80 25.57 8,438.10 -145.70 0.9 120.000 Praxair Inc. 63.38 7,605.71 71.99 8,638.80 1,033.09 0.9 150.000 Safeco Corp 65.51 9,826.13 62.26 9,339.00 -487.13 0.9 128.000 United Technologies 54.01 6,913.09 70.93 9,079.04 2,165.95 0.9 Corp. 240.000 Verizon 31.64 7,592.88 41.17 9,880.80 2,287.92 1.0 Communications 180.000 WACHOVIA CORP 49.68 8,941.60 51.25 9,225.00 283.40 0.9 COM 50.000 Wal-Mart Stores 49.41 2,470.40 48.11 2,405.50 -64.90 0.2 230.000 Waste Management Inc. 38.74 8,910.22 39.05 8,981.50 71.28 0.9 149.000 Wyeth Com 45.73 6,813.58 57.34 8,543.66 1,730.08 0.9 281,996.52 324,307.73 42,311.21 32.7 1 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets Mid Cap 215.000 American Capital 45.43 9,767.36 42.52 9,141.80 -625.56 0.9 Strategies Ltd. 180.000 BEST BUY INC COM 47.83 8,609.33 46.67 8,400.60 -208.73 0.8 420.000 Cadence Design System 21.56 9,057.26 21.96 9,223.20 165.94 0.9 [nc 100.000 Eaton Corp. 59.33 5,933.02 93.00 9,300.00 3,366.98 0.9 125.000 Ensco Intl. 46.61 5,826.44 61.01 7,626.25 1,799.81 0.8 149.000 FISERV INC COM 44.75 6,667.29 56.80 8,463.20 1,795.91 0.9 185.000 Harris Corp. 47.80 8,843.22 54.55 10,091.75 1,248.53 1.0 105.000 Johnson Controls Inc. 72.90 7,654.30 l 15.77 12,155.85 4,501.55 1.2 Com 140.000 MCKESSON HBOC 44.17 6,183.24 59.64 8,349.60 2,166.36 0.8 INC COM 290.000 MYLAN LABS INC 18.64 5,406.27 18.19 5,275.10 -131.17 0.5 COM 190.000 Nordstrom Inc. 35.16 6,680.22 51.12 9,712.80 3,032.58 1.0 210.000 P P & L RES INC COM 30.29 6,360.91 46.79 9,825.90 3,464.99 1.0 100.000 Parker Hannifin Corp 77.43 7,743.43 97.91 9,791.00 2,047.57 1.0 260.000 Pepsi Bottling Group Inc 28.55 7,423.94 33.68 8,756.80 1,332.86 0.9 160.000 Sempra Energy 44.26 7,082.04 59.23 9,476.80 2,394.76 1.0 210.000 Supervalu [nc. 29.85 6,267.55 46.32 9,727.20 3,459.65 1.0 17.000 VF Corporation 55.34 6,475.29 91.58 10,714.86 4,239.57 1.1 130.000 Valero Energy Corp. 49.43 6,425.90 73.86 9,601.80 3,175.90 1.0 130.000 Wellpoint Health 74.20 9,645.95 79.83 10,377.90 731.95 1.0 Networks Inc. NEW 130.000 XTO Energy Inc. 50.31 6,540.07 60.10 7,813.00 1,272.93 0.8 144,593.02 183,825.41 39,232.39 18.5 426,589.54 508,133.14 81,543.60 51.2 Dividend Receivable Dividend Receivable- 736.34 736.34 0.00 0.1 Equities 427,325.88 508,869.48 81,543.60 51.3 INTERNATIONAL EQUITIES Foreign Stock Foreign 195.000 Aegon NV ADR 20.63 4,022.54 19.65 3,831.75 -190.79 0.4 52.000 British American 61.85 3,215.94 69.14 3,595.28 379.34 0.4 Tobacco ADR 51.000 Bt Group Plc ADR 63.40 3,233.54 66.58 3,395.58 162.04 0.3 148.000 CEMEX S A SPON 31.29 4,630.57 36.90 5,461.20 830.63 0.6 ADR 5 ORD 71.000 Canon Inc. ADR 56.54 4,014.06 58.64 4,163.44 149.38 0.4 170.000 DanskeBankA/S- 23.22 3,946.55 20.51 3,486.]9 -460.36 0.4 wrong symbol 80.000 Eon AG SA ADR 49.27 3,941.34 55.64 4,451.20 509.86 0.4 86.000 Endurance Holdings 37.45 3,221.03 40.04 3,443.44 222.41 0.3 ADR 253.000 KONINKL[JKE 12.72 3,216.90 12.52 3,167.56 -49.34 0.3 AHOLD NV ADR 142.000 KT Corp. SA ADR 22.61 3,211.27 23.46 3,331.32 120.05 0.3 2 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Market Quantity Security Cost Cost Price Value 36.000 Marks & Spenser Group 89.92 3,236.94 75.60 2,721.56 PLC ADR 236.000 NTT DoCoMo Inc. 17.51 4,13 L 18 15.80 3,728.80 Spons ADR 36.000 Petroleo Brasilciro SA 89.06 3,206.10 106.68 3,840.48 ADR 88.000 Sanofi-Aventis 45.79 4,029.08 40.27 3,543.76 134.000 Telecom Italia SA ADR 24.38 3,267.21 22.02 2,950.68 l 19.000 Telefonos De Mexico 33.81 4,023.41 37.89 4,508.91 SA ADR 34.000 Toyota Motor Corp ADR 121. ] 3 4,118.36 125.88 4,279.92 167.000 Wolseley plc ADR 24.40 4,074.02 24.19 4,039.73 43.000 Woori Finance Holdings 75.60 3,250.80 76.54 3,291.22 ADR 10.000 Yara International ADR 29.59 3,255.44 30.14 3,315.08 111.000 Zurich Finl Services SA 29.19 3,239.54 30.94 3,434.78 ADR 76,485.82 76,485.82 Pct. Gain/Loss Assets -515.38 0.3 -402.38 0.4 634.38 0.4 -485.32 0.4 -316.53 0.3 485.50 0.5 161.56 0.4 -34.29 0.4 40.42 0.3 59.64 0.3 195.24 0.3 1,496.06 7.9 77,981.89 1,496.06 7.9 77,981.89 1,496.06 7.9 FIXED INCOME Corporate Bonds 5,000 Carolina Power & Light 103.66 5,183.05 100.12 5,005.87 -177.19 0.5 6.800% Due 08-15-07 5,000 CIT Group Inc Series 100.02 5,001.24 99.15 4,957.61 -43.63 0.5 MTN 4.750% Due 08-15-OR 5,000 CSX Corp 103.98 5,199.00 100.81 5,040.47 -158.54 0.5 6.250% Due 10-15-08 6,000 Deutsche Bank Financial 106.18 6,370.50 103.78 6,226.54 -143.96 0.6 7.500% Due 04-25-09 5,000 Target Corp. ]02.15 5,107.25 99.98 4,999.17 -108.09 0.5 5.375% Due 06-15-09 5,000 Countrywide Home 101.9] 5,095.25 100.05 5,002.52 -92.73 0.5 Loans Inc. 5.625% Due 07-15-09 5,000 International Lease 99.81 4,990.34 98.82 4,941.04 -49.30 0.5 5.000% Due 04-15-10 5,000 Capital One Bank Notes 102.76 5,137.75 100.47 5,023.68 -114.08 0.5 5.750% Due 09-I 5-10 5,000 Lehman Brothers 99.07 4,953.60 97.81 4,890.56 -63.05 0.5 Holdings Ser MTN 5.000% Due O1-14-I l 5,000 Kohls Corp 106.08 5,304.10 102.40 5,119.81 -184.30 0.5 6.300% Due 03-01-1 1 5,000 Washington Mutual 100.07 5,003.25 99.23 4,961.42 -41.84 0.5 5.500% Due 08-24- l I 5,000 Bank One Corp. 104.10 5,205.05 101.43 5,071.62 -133.43 0.5 5.900% Due 11-15- I l 5,000 Gannett Co 107.26 5,363.00 101.80 5,090.18 -272.82 0.5 6.375% Due 04-01-12 3 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Vllage of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets 5,000 Avon Products 96.70 4,834.80 94.59 4,729.68 -105.13 0.5 4.625% Due OS-15-13 5,000 Goldman Sachs Group 99.7R 4,989.15 96.94 4,847.17 -141.98 0.5 Inc 5.250% Due 10-15-13 5,000 US BankN.A. 102.91 5,145.25 103.39 5,169.42 24.17 0.5 6.300% Due 02-04-14 5,000 HSBC Finance Corp 99.26 4,962.75 95.53 4,776.65 -186.10 0.5 5.250% Due 04-15-15 5,000 Lowes Companies Inc 99.R5 4,992.25 94.62 4,731.03 -261.23 0.5 5.000% Due 10-15-15 5,000 Wachovia Bank 99.67 4,983.25 98.17 4,908.61 -74.65 0.5 5.600% Due 03-15-16 97,820.83 95,493.00 -2,327.83 9.6 Accrued Interest 1,485.30 0.1 97,820.83 96,978.30 -2,327.83 9.8 Government Bonds 5,000 U.S. Treasury Bill 99.88 4,994.03 99.97 4,998.44 4.41 0.5 0.000% Due 07-OS-07 10,000 United States Treasury 99.38 9,937.58 99.78 9,978.12 40.54 1.0 4.000% Due 09-30-07 10,000 FHLB Series 580 99.27 9,926.50 99.63 9,962.50 36.00 1.0 4.125% Due 10-19-07 10,000 FHLMC 101.12 10,112.00 100.31 10,031.25 -80.75 1.0 5.750% Due 04-15-08 20,000 US Treasury Notes 99.44 19,888.90 99.05 19,810.94 -77.96 2.0 4.125% Due OR-15-08 10,000 FEDERAL NATL MTG l 01.51 l 0, i 50.60 100.00 10,000.00 -150.60 1.0 ASSN 5.250% Due Ol -15-09 10,000 FEDERAL HOME LN 101.53 10,153.00 100.84 10,084.38 -68.63 1.0 MTG CORP 5.750% Due 03-15-09 10,000 UNITED STATES 101.70 10,169.53 101.06 10,106.25 -63.28 1.0 TREASNTS 5.500% Due OS-15-09 10,000 FNMA 100.93 10,092.70 100.38 10,037.50 -55.20 LO 5.375% Due 08-15-09 15,000 US treasury Note 99.39 14,909. I S 98.08 14,711.72 -197.47 I.5 4.250% Due 10-15-10 5,000 FNMA 100.0? 5,003.70 98.59 4,929.69 -74.01 0.5 4.750% Due l2-15-10 7,000 FEDERAL NATL MTG 103.76 7,263.36 100.84 7,059.06 -204.30 0.7 ASSN 5.500% Due 03-15-11 10,000 Fannie Mae 100.96 10,096.27 98.97 9,896.88 -199.40 1.0 5.000% Due 10-15-11 10,000 U.S. Treasury Note 100.40 10,039.56 98.84 9,883.59 -155.97 1.0 4.625% Due 10-31-11 3,000 FHLMC 98.59 2,957.65 96.09 2,882.81 -74.84 0.3 4.500% Due Ol -15-13 4 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors June 30, 2007 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets 10,000 United States Treasury 98.51 9,850.78 96.55 9,655.47 -195.31 1.0 Notes 4.250% Due 08-15-13 5,000 FHLMC 97.20 4,860.00 97.41 4,870.31 10.31 0.5 4.875% Due 11-15-13 8,000 FNMA 99.17 7,933.42 97.56 7,805.00 -128.42 0.8 5.000% Due 04-15-15 5,000 US Treasury Note 98.01 4,900.63 94.88 4,744.14 -156.49 0.5 4.250% Due 08-15-15 5,000 US Treasury Note 102.61 5,130.66 100.56 5,028.]3 -102.54 0.5 5.125% Due OS-15-16 15,000 United States Treasury 99.84 14,975.98 96.84 14,526.57 -449.41 1.5 Nts 4.625% Due 02-15-17 193,346.04 191,002.74 -2,343.30 19.3 Accrued Interest 2,457.28 0.2 193,346.04 FHLMC 12,801 FHLMC Pool #C90939 97.42 12,470.R4 97.57 5.500% Due 12-0 l -25 13,460 FHLMC Gold pool 99.44 13,384.16 99.99 #C90978 6.000% Due 07-0 l -26 14,113 FHLMC C90983 99.20 14,000.79 97.40 5.500% Due 08-0 l -26 39,855.79 Accrued Interest _ 39,855.79 FNMA 13,432 FNMA Pool #884093 99.08 13,308.21 98.99 6.000% Due 05-O1-36 Accrued Interest 344,330.87 CASH & EQUIV. Cash Accounts Cash & Equiv. Cash 6,939.37 6,939.37 193,460.01 -2,343.30 19.5 12,489.99 19.15 1.3 13,458.68 74.52 1.4 13,746.23 -254.56 1.4 39,694.90 -160.89 4.0 190.66 0.0 39,885.55 -160.89 4.0 13,295.81 -12.41 1.3 13.43 0.0 13,309.24 -12.41 1.3 343,633.10 -4,844.44 34.6 6,939.37 0.00 0.7 6,939.37 0.00 0.7 5 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- General Employees' Pension Custodian- Salem Trust Dana Investment Advisors June 30, 2007 (Excludin8 Reinvested Divs.) [Init Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets Money Markets 54,438 Federated Treasury 1.00 54,437.86 1.00 54,437.86 0.00 5.5 Oblib. ISS Fund 54,437.86 54,437.86 0.00 5.5 61,377.23 61,377.23 0.00 6.2 TOTAL PORTFOLIO 909,519.81 991.,861.70 78,195.23 100.0 6