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Home My WebLink AboutPension General_Documentation_Tab 05_11/06/2006BOGDAHN CONSULTING LLC. simplifying your investment decisions Village of Tequesta GENERAL EMPLOYEES PENSION PLAN September, 2006 www.bogdahnconsulting.com 340 West Central Avenue Suite 300 • Winter Haven, Florida 33880 Telephone (863) 293-8289 • Facsirnile (863) 292-8717 Bogdahn Consulting, LLC. PERFORMANCE REPORT Discounted Cash Flow Method Net of Fees Village of Tequesta- General Employees' Pension ' Custodian- Salem Trust Dana Investment Advisors From 06-30-06 to 09-30-06 ' Portfolio Value on 06-30-06 728,951.67 Accrued Interest 3,642.18 t Contributions 54,708.93 Withdrawals -9,132.10 ' Realized Gains -5.09 Unrealized Gains 8,448.89 ' Interest 3,815.00 Dividends 1,613.33 Change in Accrued Interest 174.99 Portfolio Value on 09-30-06 788,400.63 Accrued Interest 3,817.16 Total Fees 0.00 Total Gain after Fees 14,047.12 IRR for 0.25 Years 1.85% Performance Evaluation for Village of Tequesta General Employees' ' Pension Trust Dana Investment Advisors For the Period Ending September 30, 2006 ' 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. Village of Tequesta General Employees' Pension Trust Executive Summary Account Reconciliation 09/30/2008 2006 10/31 /2000 Qtr YTD Incept ....................... ....................... Be :in:rii:ri :::V I e ::: g g...~.u ..... ....................... ....................... ............ ................... .................... ::::::::::::733 :::: .................. .................... ................... ............ ............ :: ::8 8 : .......4.... ............ ............ .............. .............. :::::::::10 ............9. .............. .............. ........... ....................... ....................... Net Flows :::::::::: ....................... ....................... ....................... .................... ................... .................... :::::::::::::48 :::: ................... .................... ................... ............ ............ ............ :: ::'109::: ............ ............ ............ .............. .............. .............. ::::::::549 .............. .............. .............. ....................... ....................... ....................... i rtVestm:etif:O/L :::: .................... ................... .................... :::::::::::::1:4 :::: ............ ............ ............ ::::: 3:8::: .............. .............. .............. :::::: ::137 :: V ': ~ridt~g.. alue? 796 : 796 796 Investment Index Weight ................................................. $BsP: 50(3 :::::::::::::::::::::::::::::::::::::: ................................................. ................................................ ............................... ................... ::::::::::::60:00 ................... .................... .. .. .................. ................................................ ................................................. Lehrfiari: Go~7Oreifit=lrifer~irYediate :::::::::: ................................................ ................................................. ................................................ ................................................. ................................................ ................................................. . .............. .................... ................... ::: ::::::::40:00: .................... ................... .................... ................... .................... ................... Ttita[:... 100.00 ra)))ng f~eturns through September 30, 2006 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept F.uiid: , .. 1035 .. . 10:2 : 7.76:: ...5:98 ..... 5.a9 . .: ; :: ,.:.:: 5.D1. i~'okicy ...:.:.7.88 . 8.'! 3 :.. :: 6.{35:. ;..4.82 ,.:4:25 .:..:..:.:..... ,.........: .:..::::: :..:.::.... 4.35 . Miff . ;:: x::47:. 2.~9.:. :. ?,71 1:~~6... 0.84: ~ ...: 0.68 Calendar Year Returns 09/30/2008 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ................................ ................................ ~iatjd ::::::::::::::>:::::::: x::81: >: ................................ ................................. ............ ........... ::::5:56 :: ........... ........... .......... ........... ::1:O:fl :: 3.. ........... .......... ............ ............ ::::7:;56:: . ............ ............ ........... ........... 0: 7::: 6 . ........... ........... ............ ............ ::::1.34:::: ............ ............ ................................................... ................................................... :::3:66::::: ::: :::::::::: :::::::: : >: ................................................... ................................................... ................................ ................................. p ji : :::::::::::::: ...:.: 0 4. .....cX ...................6? .:: ........... ........... 1 ::: 6 3 .... ........... .......... 4 ..... OD.. ............ ............ ... 7.62. . ........... ........... 1.D7 .. ............ ............ ... ~,?6 ... ................................................... ................................................... .......................................... ... 4.09:.::::::::::::::::::::::;::::::::::: ::: :: aiff _2.:86 =0.-75... :: 6.0.3 :. ...:-0;08.:. .::=0.40.: ..: -0.36 ... .. -0:43.......... . Returns in Up Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept .... ..... ~tiild. 10..3.. :. .. !Z:.3 5 9: 5.7 ~?Qlicy ~ 9 3 6..8 5 ~: 5 5_ Raf o :: ~ 10 6 ..: : ~ 08:0. :... 10w:5 : 103 5:: 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 4 Yr 5 Yr Incept ~tirid 0.3 <:0:3 0:3 .. .:::.:::...0.3; Policy -2;4 .Ratio . .... . ..._14.8 .: : -14.8..: -14.0 =14;8 Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 2 Village of Tequesta General Employees' Pension Plan Asset Allocation Through September 30, 2006 Equity 52% At Cost Equity 50% Fixed Income 41% Fixed Income 43% At Market Cash &Equiv 7% Cash &Equiv 7% ~ 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. I' All rates of return are annualized if the period for which theyare calculated exceeds one year. i~ i~ i~ i~ ii ii a Village of Tequesta General Employees' Pension Trust Universe Comparisons 60% Pure Lg Cap Core & 40% Hg Quality Bond Trailing Keturns through September ~u, ~uut; 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr u.d.. Return 2.31 5.56 10.35 10.72 7.76 5.98 5.09 -tile 75 64 3 4 11 24 86 R t' OIGy. .... Return 3.87 6.31 7.88 8.13 6.05 4.82 4.25 -tile 30 37 39 50 67 80 97 Universe: 5th %-tile 4.97 8.32 9.86 9.98 8.43 7.00 7.18 7.71 7.35 6.01 25th %-tile 3.91 6.48 8.13 8.79 6.96 5.95 6.36 7.07 6.74 5.52 50th %-tile 3.51 6.10 7.73 8.11 6.35 5.47 5.90 6.67 6.38 5.16 75th %-tile 2.25 4.39 6.27 7.43 5.81 4.99 5.49 6.13 5.94 4.75 95th %-tile -0.93 0.94 3.30 5.85 3.79 3.72 4.46 5.40 5.17 4.13 Calendar Year Returns Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 fund. :. Return 1.81 5.56 10.03 7.56 0.67 1.34 3.66 -tile 95 64 3 55 100 100 80 Ptsficy Return 4.67 6.31 4.00 7.62 1.07 1.70 4.09 -tile 35 37 56 53 100 100 59 t;iniverse . ': 5th %-tile 5.46 8.32 8.07 10.44 5.47 10.26 5.47 14.14 -1.60 6.55 25th %-tile 4.83 6.48 5.15 8.45 5.00 9.09 4.44 12.11 -3.22 5.84 50th %-tile 4.36 6.10 4.16 7.70 4.50 8.39 4.21 10.96 -4.12 5.41 75th %-tile 3.61 4.39 3.62 6.92 4.05 7.90 3.83 9.94 -4.92 4.90 95th %-tile 1.74 0.94 3.03 4.78 3.54 6.12 3.36 8.28 -6.73 4.32 ' 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 September 30, 2006 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 09/30/2006 2006 01 /31 /2004 Qtr YTD Incept ........................... ........................... Begin:ririg: Value ::::::: ........................... ................. ................. :::::: 3fl~:::::::: ................. ............. .............. ::;::::211::::::: ............. ..... . ........... ........... :::::::5'1::: ........... ........... ........................... ........................... ........................... filet Mows :::::::::: ::: ........................... ........................... ........................... ................. ................. ................. :::::::::1:'t ::::: ................. ................. ................. ... ..... ............. .............. ::::1ft2:::::: ............. .............. ............. ........... ........... ::::: 258:. ........... ........... ........... ........................... ........................... ........................... iriirest~:e~it: QfL :::::::: ................. ................. ................. :::::::: :9::::: .............. ............. .............. ::::::9:::::: ........... ........... ........... :::::::14 ~rtdirig: Value ::::: 3~2 :: 322 3~2 utvt;suneii~ r~ii Index Weight ~ railing Keturns through 5eptemper :iU, 1UUti 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 01/31/2004 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept ............ 1`aa~ici :::: ........... ............ ::::: 3 ::: Q9 ... ............. .................................................... :::2:29:::::::::::: > ::::: :::::::::::: :: >::~: `::: > ......................... .......................... ................................................... ....................... .. ................................................................ :::::::::::::::::::::::::::::::::::::::: ':: ':::: %:' :::: : 2:42 .... ........................................................... ................................................................. ................................................................ ............ ........... ............ F?...,... ollcy .. ............ ............. ............ . 3.5~.. ......................... .. ................................................... .................................................... :.... :.. . ..3 05 ...... .... . ................................................................. ................................................................ 3:21: ::: Diif ;.: x.4:5 . 0.76 ... yU.79 Calendar Year Returns 09/30/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ................ ................ ~~td ......... ................ ................ . ................ ................ .. ......2,2.. ................ ................ ............ ........... ....2..85... ........... ............ ................................................................................................ ................................................................................................. . .1..fla........................................................ ................... ........... ................................................................................................. ................................................................................................ ......................................................... ............... ................ ................ Poli : ::.; ::::: x ........ ................ ................ ................ ::::::::::.:.:::: .........3,1 9.. ........... ............ ........... ::::.: 1::: ....3 0 .... ........................................ ................................................................................................ ................................................................................................. 2:2:7:::::::: ::::::::::: >:::::::::::::< ::::::::::::<:>.::::: :::::::::::::::::::: ;;:::::: >:::: ................................................................................................ D 0 2?... ....0.1 6 .. ....1.2.3 ..................... ... Returns in Up Markets 01/31/2004 1 Yr 2 Yr Incept .............. itfld '. .............. .............. ............... '.... 3.6 ............... ....... . ..................... 5:fl ; ... ..................... .. .. . . . .................. :: ;: 7..1 .................. ............... .. .............. .............. P..tie Q .. ..... ............... ............... 3:9 ....... .. .. .. . ..................... ..................... 6:?: . .................. .................. 8;6 Ratio ::::::: .............. .............. : ::::..1: 9..9.... ............... ............... ....74.6 ............ ..................... ..................... ............82..3. .................. ................... 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 Incept i=tat~d . ............. ............. ...... .... -0.5 ............... ................ ............... ~.:5 ::::::::::: '1 ...................... ..................... ...................... ::::::::::::::; :.:. 4.9. .................. .................. .................. .. . ............. ............. P'Ofiirji :::::: ................ ............... :::::::: ~0:a:::: ..................... ...................... ::::: ~2:~: :::::::::: .................. .................. ::::: :::: ::~5:1 Ratio::::::: ............. ............. ............. ::::: '1:30:8::: ................ ............... ................ :::::74:8 :::::::::::: ..................... ...................... ..................... ::::::: ::::~4::7:: .................. .................. .................. 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 09/30/2006 2006 01 /31 /2004 Qtr YTD Incept 8~giiaririg: Value : _ ::: :: ::::4:1~:: : ::::: 4:: ::: :::::::~09: filet;Flows :::::: :: : ::::::::::: > :=2;> : :::::::25: ::::::::::::99;: frtVestrrierix:~fG::::~ :::::::: ::::: 5:: ::::::: ~9: :::::::::::~ 9 Q ~rtdiri :llalu~ ....................... 41~ ................... 419: ........... : 479: ................ Investment Pol Index Weight ~ ~ ann ~y RC~ui i is u n vuyi ~ .~aN~c~ i iu~i vv, ww Calendar Year Returns Returns in Up Markets 01/31/2004 1 Yr 2 Yr Incept ~iiflci: 1 ~:1:::: ............................. ............................. : `:::2~4:T ::: :::: ................. .................. ..... : :: ::::::::::21:9 ...................... ...................... ...................... ............................. ............................. ............................. Policy 12.4 ............ .................. ................. 1 ~.~ ...................... ...................... ;.16.8 R tto: ::::::_::: 1..~: ~ :::: a 3..5... :::13:6 :::::::: .. . . ... . :::::::::::::::131):8:: 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 Incept 0:7 :: rid ~~. ............................ ............................. ......... >: 05: .................. ................. .................. ;1; ...................... ...................... ...................... ................... ............................. ............................ :: :4 ::::::: Pofi:::::::: ::: 1._... ~Y ... ................. .................. ::::::::; 3.6.. ...................... ...................... 5,5 46:5 :: Kafiri ::::::::::............. 14:3::::: ............. ... :::::.:::::: 99 ....... 7 1 ~ Village of Tequesta General Employees' Equity Universe Comparisons Pure Large Cap Core I ralung Keturns through September ~U, 1(JU6 Return -tile 4.14 20 8.53 21 10.79 24 11.52 39 n' erg :::::::::::::::: ::::::::::::::::::: :::::::::::::::::::::: ::::: :::::::::::::::::::: ::::::::::~: U.l~....e ........ . ................................................ ............................................................................................................................................ ............................................................................................................................................ 5th %-tile 6.08 11.78 13.68 14.67 15.38 17.36 9.96 6.99 6.87 8.39 25th %-tile 4.06 8.43 10.74 12.22 13.00 15.42 7.46 1.23 3.25 5.86 50th %-tile 3.67 7.95 10.26 11.27 12.01 14.82 6.67 0.22 1.95 4.78 75th %-tile 0.65 4.49 7.24 9.63 10.25 13.07 5.30 -2.79 0.78 3.77 95th %-tile -6.24 -4.23 0.56 5.70 5.83 8.69 1.93 -7.95 -2.28 1.02 Calendar Year Returns Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 [~taiid Return 1.15 7.94 18.49 -tile 93 51 1 Pb[iCy: . ..... Return 5.67 8.53 4.91 -tile 20 21 55 tlitlvers~ 5th %-tile 6.53 11.78 11.33 15.14 33.34 -15.55 -1.49 13.61 35.03 34.74 25th %-tile 5.61 8.43 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 28.47 50th %-tile 5.29 7.95 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 25.44 75th %-tile 3.77 4.49 4.22 8.38 24.97 -23.39 -13.51 -9.63 16.39 18.85 95th %-tile 0.04 -4.23 1.07 5.14 20.58 -26.60 -19.10 -14.67 6.13 13.04 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 September 30, 2006 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% Fund (%) Policy (%) Difference (%) Ratio # Up Qtrs 3 Yr 4 Yr 5 Yr Incept 10.31 7.30 5.93 5.68 9.32 6.76 5.62 5.49 0.99 0.54 0.31 0.19 110.62 107.99 105.52 103.46 9.00 13.00 17.00 20.66 Down Market Returns 1.00% -- -- - ---- - 0.50% -- -- ----- -------- -- ---- 0.00 -0.50% -- ---- - - - - - -1.00% --- - -- - --- - -1.50% - - - -2.00% - - -- - -- - - -2.50% --- 3 Yr 4 Yr 5 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 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 JV I VV I IVIVL JUL JVL UVL IVIVJ JV.S JV3 VVS MU4 JU4 JV4 VV4 IVIVb JUJ JUb UUb MUb JUb JUb Quarter Ending ^ Fund ~ Policy Q Nominal 8% ^ CPI + 3% i 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 :::: Maiage~;~arfcitzu#ioi:: Fund Current Quarter 4.67 =2:86': 1.81 Year to Date 6.31 ~0;7~:: 5.56 3 Years 6.05 1:71: 7.76 4 Years 4.82 1:y ~ : 5.98 5 Years 4.25 :: 0:8~ : 5.09 Incept 4.35 :: a7:66 : 5.01 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection sset Allocation ecurity Selection ... .... ... ............................... .............................. ............................... M~ri~g~r Coritcibisti~iri: Current Quarter -2.28 -0.58 :: =2:86: Year to Date -2.85 2.10 =Q::7`6: 3 Years -2.92 4.63 `::1::71: 4 Years -2.17 3.33 : 1:;1:6:: 5 Years -1.74 2.58 :::: .... .... .... .... .... ::::: ::::: 0:$4 .............................. ............................... .............................. ............................... .............................. Incept -1.47 2.13 0:66 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 r Asset Allocation Effect 0 ' 5.00 /o 4.00% P i a 3.00% r I ~ ~ 0 2.00% , e n i, t 1.00% E f 0.00% ' f e -1.00% c t I' -2.00% -3 00% D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 Quarter Ending Security Selection Effect ° 5.00 /° 4.00% P e 3.00% r c 2.00% e n t 1.00% E 0.00% f e -1.00% i t -2.00% ' -3.00% D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 Quarter Ending ~ Quarterly Effect Cumulative Effect 1 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% . D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 06 J 6 S 6 Quarter Ending ' ~ Cash & Equty -~ Target 125.00% - - - -- - - ------ - - - -- -- - --- - - 100.00% - - - _ -- - ' 75.00% - - - - - - -. __. ' 50.00% _ - - - - - 25.00% -- - -- - -- -- -- -- - - ' 0.00% ~ ~ ~` D01 02 J02 S02 D02 M03 J03 S 3 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 Quarter Ending ', ~ Equity ~- Target 125.00% - - - -- - - - -- - - -- -- -- --- ° 100.00% - - -- - ' 75.00% - --- - __ -_ - 50.00% - - - ---- - -- - - - - - - -. ~- - - ~ 25.00% - - -- ---- -- --- -- -- -- ~ - 0.00% D 1 02 J 2 S 2 D 2 03 J03 S 3 D 3 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 Quarter Ending t [ ^ 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.uu r° 4.00% ------ ---- --- ---- - ---- - - - - 3.00% - __ - - - - - - --- - - -- - -- -- R - --- - - - -- - -- - - - - ---- --- --- 2.00% - - --- - - - - - - e t 1.00% - - --- _ _-..._-- - - -- ------- u r 0.00% n -~ -1.00% - - __ __ _ _ __ -2.00% -- -- __ -- .. - - - - -3.00% --~ ~ -L--L---L-- i i i i i ~__~- i i ~_ D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 Quarter Ending ~ Quarterly Cumulative , Growth of $100 Fund vs Policy g V a $ I u e $ JVl UUl MUZ JUL JUZ UUY MU3 JU3 SU3 UU3 MU4 JU4 SU4 UU4 MUb JUb SUb UU5 M06 J06 506 Quarter Ending ^ Fund ^ Policy Asset Allocation 100% 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 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 (%) Period Ending Fund Policy Diff Nominal 8% Diff CPI + 3% Diff 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 Incept. 5.01 4.35 0.66 8.00 -2.99 5.68 -0.67 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 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. 18 t Village of Tequesta General Employees' Pension Trust Risk Measures 3 Yr :::::::::::::::::: Fii:s7cf: :::: pvl~~!: ::::::: Dif# # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 10.00 9.00 1.00 Batting Average 66.67 33.33 33.34 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 2.08 2.02 0.06 Standard Deviation 4.83 4.17 0.66 Beta 0.87 1.00 -0.13 Annualized Alpha 2.08 0.00 2.08 R-Squared 0.57 1.00 -0.43 Sharpe Ratio 1.06 0.82 0.24 Treynor Ratio 5.87 3.40 2.47 Tracking Error 3.20 0.00 3.20 Information Ratio 0.53 5afr:......' .:..........::. .:.:::F.und. :: Policy Diff. # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 18.00 17.00 1.00 Batting Average 40.00 60.00 -20.00 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 3.83 3.28 0.55 Beta 0.89 1.00 -0.11 Annualized Alpha 1.06 0.00 1.06 R-Squared 0.58 1.00 -0.42 Sharpe Ratio 0.75 0.62 0.13 Treynor Ratio 3.22 2.03 1.19 Tracking Error 2.48 0.00 2.48 Information Ratio 0.34 4: Yr ::::::::::::::::::::::: ::::: Fla iad : ~~~~ :..... g1.tGy. al .. ............ . # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 14.00 13.00 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 4.26 3.65 0.61 Beta 0.88 1.00 -0.12 Annualized Alpha 1.43 0.00 1.43 R-Squared 0.57 1.00 -0.43 Sharpe Ratio 0.87 0.69 0.18 Treynor Ratio 4.19 2.53 1.66 Tracking Error 2.77 0.00 2.77 Information Ratio 0.42 ::Incept Fund Pflficy Dlff.: # of Negative Qtrs 2.00 3.00 -1.00 # of Positive Qtrs 21.66 20.66 1.00 Batting Average 40.84 59.16 -18.32 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 3.52 3.01 0.51 Beta 0.89 1.00 -0.11 Annualized Alpha 0.83 0.00 0.83 R-Squared 0.58 1.00 -0.42 Sharpe Ratio 0.67 0.57 0.10 Treynor Ratio 2.66 1.71 0.95 Tracking Error 2.28 0.00 2.28 Information Ratio 0.29 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 September 30, 2006 s.oo°i° ~.oo°i° s.oo°r° A n 5.00% n u a I i z 4.00% e d R e t 3.00% u r n 2.00% 1.00% 0.00°0 .00% 5.00% 10.00% Risk (Annualized Std Dev) t Policy Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 20 15.00% 20.00% t Village of Tequesta General Employees' Pension Trust ' Return vs Risk through September 30, 2006 ' 3 Years 4 Years 0 20.00% 25.00 /o ' 20.00% 15.00% ' R R 15.00% e e t 10.00% t u u r r 10.00% n n ' s 5.00% s 5.00% 0 00% . 1 00% 3 00% 00% 7 00% 9 0 5 0% . . . . . 0 00°/ ~S&P 500 _ Fund LB Gov/Cory 3 Mo Bill _~ 0.00% 2.00% 4.00% 6.00% 8.00% 8.00% 5.00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) Risk (Annualized Std Dev) 5 Years Inception 8.00% 8.00% ' 7.00% 7.00% ~ S&P 500 6.00% 6.00% R R 5.00% e e t u 5.00% p ~ ~~ Gov/Cor u 4.00% r r n - -- - - n 3.00% s 4.00% s 2.00% 3.00% 1.00% o 2 00 I ~ o 00 . 60 _ 0. 60 ' 0 0% 5.00% 10.00% 15.00% 20.00% 0 0% 5.00% 10.00% 15.00% 20.0 0% Risk (Annualized Std Dev) Risk (Annualized Std Dev) } Policy Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 21 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 10/01/2005-09/30/2006 60.00 S&P 500 40.00 Lehman Gov/Credit-Intermediate First Objective: 10/31/2000-09/30/2006 Annual Return of 8.00% Second Objective: 10/31/2000-09/30/2006 100.00 US Consumer Price Index + 3.00 annual adder Universe Data: 60% Pure Lg Cap Core & 40% Hg Quality Bond 10/31/2000-12/31/2003 100.00 Taxable Money Market 01 /0 ] /2004-09/30/2005 20.00 High Quality Bond 60.00 Pure Large Cap Core 20.00 Taxable Money Market 10/01/2005-09/30/2006 40.00 High Quality Bond 60.00 Pure Large Cap Core 22 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta- General Employees' Pension. Custodian- Saleni Ti~ust Dana LlvestnientAdvisors From 06-30-06 To 09-30-06 Tran Trade Settle Code Date Date Security Amount Quantity CONTRIBUTIONS li 07-03-06 07-03-06 Cash 4,344.57 ER li 07-03-06 07-03-06 Cash 2,695.14 EE li 07-14-06 07-14-06 Cash 4,382.50 ER li 07-14-06 07-14-06 Cash 2,718.67 EE li 07-31-Ob 07-31-06 Cash 5,639.21 ER li 07-31-06 07-31-06 Cash 2,880.08 EE li 08-10-06 08-10-06 Cash 4,764.19 ER li 08-10-06 08-10-06 Cash 2,955.46 EE li 08-24-06 08-24-06 Cash 4,808.78 ER li 08-24-06 08-24-06 Cash 3,189.38 EE li 09-08-06 09-08-06 Cash 4,714.34 ER li 09-08-06 09-08-06 Cash 3,156.79 EE li 09-22-06 09-22-06 Cash 4,717.46 ER li 09-22-06 09-22-06 Cash 3,106.73 EE 54,073.30 WITHDRAWALS l0 07-12-06 07-12-06 Cash 440.00 Activity fee l0 07-12-06 07-12-Ob Cash 73.01 l0 08-OS-06 08-08-06 Cash 3,200.00 Transfer to Village of Tequesta Independent Community Bank l0 08-11-06 08-11-06 Cash 250.00 Transfer to Village of Tequesta Independent Community Bank l0 08-16-06 08-16-06 Cash 250.00 Transfer to Village of Tequesta Independent Community Bank l0 09-15-06 09-15-06 Cash 30.00 Activity fee charge l0 09-22-0b 09-22-06 Cash 4,300.00 Transfet~ to Village of Tequesta Independent Community Bank 8,543.01 EaPENSE ACCOUNTS 0.00 Broker Code Canunission 1 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta- General Employees' Pension Custodian- Salem Ti•ust Dana bivestmentAdvisors From 06-30-06 To 09-30-06 Tran Trade Settle Broker Code Date Date Security Amount Quantity Code Contmissiou AFTER FEE PERFORMANCE EXPENSE ACCOUNTS 0.00 PORTFOLIO NET TOTAL 45,530.29 EXPENSE ACCOUNTS PAID BY CLIENT 0.00 AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PAID BY CLIENT 0.00 GRAND TOTAL 45,530.24 2 Quantity Sec DOMESTIC EQUITIES Conunon Stock Large Cap 204.000 AT&T Inc. /formally AT&T Corp 90.000 Altria Group Inc/Philip Morris 420.000 Applied Mate1-ials 150.000 BANK OF AMERICA CORP 56.000 Bear Steams Co. 70.000 Becton Dickinson & Co. 90.000 Burlington Northern Santa Fe Corp. 130.000 CIT Group 94.000 Caterpillar Inc 148.000 Citigroup Inc. 120.000 Conocophillips 152.000 Dow Chemical Co.Com 84.000 Hartford Finl Services 140.000 Ingersoll Rand 90.000 International Business Machines 170.000 J.P. Morgan & Co. 109.000 Johnson & Johnson 95.000 Kimbe~-]y Clark Corp. 185.000 Leggett and Platt 109.000 Marathon Oi] Corporation 149A00 Met Life Inc. 280.000 Motorola, lnc COM 92.000 PPG Industries 100.000 United Technologies Corp. 158.000 Verizon Communications 117.000 WACHOVIA CORP COM 158.000 Washington Mutual, Inc. 149.000 Wyeth Com Mid Cap 210.000 AMDOCS LTD ORD 104.000 APACHE CORP COM 100.000 Eaton Corp. 125.000 Ensco Intl. 149.000 FISERV INC COM 102.000 Johnson Controls Inc. Com 140.000 MCKESSON HBOC INC COM 160.000 Nordstrom Inc. Bogdahll Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- Genehal E>hzployees' Pension Custodian- Salem Trust Dana hzvestme~zt Advisor°s September 30, 2006 (Excluding Reinvested Divs.) Unit Total urity Cost Cost Price 25.01 5,103.00 69.88 6,289.63 ] 7.36 7,289.50 42.49 6,373.54 103.95 5,821.34 58.47 4,093.17 56.42 5,077.80 43.53 5,659.12 54.20 5,094.82 45.22 6,692.78 62.17 7,460.95 42.00 6,383.87 76.54 6,429.64 43.13 6,037.75 81.60 7,343.85 42.36 7,201.07 63.53 6,924.86 56.95 5,410.31 24.91 4,608.07 59.16 6,448.44 46.77 6,968.94 20.02 5,606.30 56.35 5,183.84 50.41 5,041.01 29.88 4,720.63 46.87 5,484.26 37.61 5,941.94 45.73 6,8]3.58 167,504.00 Market Value 32.56 6,642.24 76.55 6,889.50 17.73 7,446.60 53.57 8,035.50 140.10 7,845.60 70.67 4,946.90 73.44 6,609.60 48.63 6,321.90 65.80 6, ] 85.20 49.67 7,351.16 59.53 7,143.60 38.98 5,924.96 86.75 7,287.00 37.98 5,317.20 81.94 7,374.60 46.96 7,983.20 64.94 7,078.46 65.36 6,209.20 25.03 4,630.55 76.90 8,382.10 56.68 8,445.32 25.00 7,000.00 67.08 6,171.36 63.35 6,335.00 37.13 5,866.54 55.80 6,528.60 43.47 6,868.26 50.84 7,575.16 190,395.31 Pct. Gain/Loss Assets 1,539.24 599.87 0.8 0.9 157.10 1,661.96 2,024.26 853.73 1,531.80 662.78 1,090.38 658.38 -317.35 -458.91 857.36 -720.55 30.75 782.13 153.60 798.89 22.48 1,933.66 1,476.38 1,393.70 987.52 1,293.99 1,145.91 1,044.34 926.32 761.58 22,891.31 0.9 1.0 1.0 0.6 0.8 0.8 0.8 0.9 0.9 0.7 0.9 0.7 0.9 1.0 0.9 0.8 0.6 1.1 ].1 0.9 0.8 0.8 0.7 0.8 0.9 1.0 24.0 25.89 5,436.54 39.60 8,316.00 2,879.46 1.0 62.94 6,545.65 63.20 6,572.80 27.15 0.8 59.33 5,933.02 68.85 6,885.00 951.98 0.9 46.61 5,826.44 43.83 5,478.75 -347.69 0.7 44.75 6,667.29 47.09 7,016.41 349.12 0.9 65.49 6,680.48 71.74 7,317.48 637.00 0.9 44.17 6,183.24 52.72 7,380.80 1,197.56 0.9 31.55 5,048.02 42.30 6,768.00 1,719.98 0.9 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- Gene~~al Employees' Pensio~~ Custodian- Salem Ti~ust Dana Investment Advisors Septenabea- 30, 2006 (Excluding Reinvested Divs.) Unit Total Quantity Security Cost Cost Price 224.000 P P & L RES INC COM 29.82 6,680.69 32.90 194.000 Pepsi Bottling Group Inc 27.48 5,331.08 35.50 146.000 Sempra Energy 43.42 6,338.92 50.25 210.000 Supervalu Inc. 29.85 6,267.55 29.65 117.000 VF Corporation 55.34 6,475.29 72.95 130.000 Valero Energy Corp. 49.43 6,425.90 51.47 94.000 Wellpoint Health 71.00 6,674.14 77.05 Networks Inc. NEW 92,514.24 D7arket Pct. Value Gain/Loss Assets 7,369.60 688.91 0.9 6,887.00 (,555.92 0.9 7,336.50 997.58 0.9 6,226.50 ~I.OS 0.8 8,535.15 2,059.86 1.1 6,691.10 265.20 0.8 7,242.70 568.56 0.9 106,023.79 13,509.5 5 13.4 Small Cap 160,000 Capital Bancorp Ltd 44.69 7,150.33 44.50 7,120.00 -30.33 Q9 175.000 Cato Corp 22.22 3,888.08 21.91 3,834.25 -53.83 0.5 180.000 Diodes Inc 23.16 4,168.88 43.17 7,770.60 3,601.72 1.0 128.000 Gardner Denve<~ Machy 31.47 4,028.41 33.08 4,234.24 205.83 (1.5 [nc. 332.000 Global hnaging System 19.79 6,571.03 22.07 7,327.24 756.21 (1.9 Inc. 188.000 Jarder Corp. 33.62 6,321.12 32.97 6,198.36 -122.76 0.8 160.000 Komag Inc. 43.30 6,927.62 31.96 5,113.60 -1,814.02 0.6 309.000 Labor Ready Inc 21.92 6,772.88 15.93 4,922.37 -1,850.51 0.6 66.000 Mens Wearhouse Inc. 36.37 2,400.35 37.21 2,455.86 55.51 (1.3 117A00 Pantry Inc 33.25 3,890.60 56.37 6,595.29 2,704.69 0.8 139.000 Quest Diagnostics 48.28 6,710.93 6l .16 8,501.24 1,790.31 I . 138.000 Selective Insurnace 48.39 6,677.29 52.61 7,260.18 582.89 0.9 Group Inc 140.000 Sierra Health Services 40.66 5,692.63 37.84 5,297.60 -395.03 0.7 Inc. 71,200.15 76,630.83 5,430.68 9.7 331,218.40 373,049.93 41,831.53 47.1 Dividend Receivable Dividend Receivable- 396.29 39629 0.00 0.1 Equities 331,614.69 373,446.22 41,831.53 47.1 INTERNATIONAL EQUITIES Global Funds Foreign 95.000 Central Europe & 42.69 4,055.34 46.35 4,403.25 347.91 (1.6 Russia Fd Inc 160.000 1Shares MSC( Australia 18.67 2,987.20 21.20 3,392.0(1 404.80 0.4 Index Fund ] 50.000 (Shares MSCI Austria 27.44 4,116.41 31.62 4,743.68 627.27 0.6 Index Fund 60.000 (Shares MSC( Brazil 33.26 1,995.60 38.47 2,308.20 3]2.60 0.3 Index Fund 305.000 (Shares MSCI Japan 13.67 4,169.35 13.54 4,129.70 -39.65 (1.5 Index Fund 85.000 (Shares MSCI Mexico 35.97 3,057.45 43.21 3,672.85 615.40 0.5 Index Fund 2 Bogdalul Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- General Employees' Pension Custodian- Salem Ti~ust Dana Invesbnent Adviso~~s September 30, 2006 (Excluding Reinvested Divs.) Unit Total market Pct. Quantity Security _ Cost Cost Price Value Gain/Loss Assets 100.000 IShares MSCI 20.49 2,049.00 25.10 2,510.00 461.00 0.3 Netherlands Index Fund 70.000 IShares MSCI South 44.40 3,108.00 46.25 3,237.50 129.5() 0.4 Korea Index Fund 160.000 IShares MSCI United 18.70 2,992.00 21.89 3,502.40 510.40 0.4 Kingdom Index Fund 70.000 (shares MSCI EAFE 59.66 4,176.20 67.75 4,742.50 566.30 0.6 Index Fund 135.000 (shares MSCI Sweden 22.54 3,042.90 27.16 3,666.60 623.70 0.5 Index Fund 75.000 Morgan Stanley India 37.40 2,804.66 46.30 3,472.50 667.84 0.4 Investments 90.000 Turkish Investment Fund 23.80 2 142.14 16.34 1 470.60 -671 54 , , . 0.2 40,696.25 45,251.78 _ 4,555.53 5.7 40,696.25 45,251.78 _ 4,555.53 5.7 40,696.25 45,251.78 4,555.53 5.7 FIXED INCOME Corporate Bonds 5,000 Carolina Power& Light 103.66 5,183.05 101.14 5,057.07 -125.98 0.6 6.800% Due 08- 15-07 5,000 Mernll Lynch & Co. 99.31 4,965.49 98.99 4,949.63 -15.86 0.6 4.250% Due 09-14-07 5,000 CIT Group Inc Series 100.02 5,001.24 99.16 4,958.05 -43.20 0.6 MTN 4.750% Due 08-15-08 5,00(1 CSXCoip 103.98 5,199.00 101.87 5,093.61 -105.40 0.6 6.250% Due ] 0-15-08 6,000 Deutsche Bank Financial 106.18 6,370.50 IU5.21 6,312.47 -58.03 0.8 7.500% Due 04-25-09 5,000 Target Corp. 102.15 5,107.25 100.91 5,045.58 -6 L67 0.6 5.375% Due 06- I5-09 5,000 Countrywide Home 101.91 5,095.25 100.94 5,047. l4 -48.12 0.6 Loans Inc. 5.625% Due 07-15-09 5,000 Capital One Bank Notes 102.76 5,137.75 101.46 5,073.15 -64.61 0.6 5.750% Due 09-15-] 0 5,000 Lehman Brothers 99.07 4,953.60 99.03 4,951.33 -2.28 0.6 Holdings Ser MTN 5.000% Due 01-14-I 1 5,000 KohlsCorp 106.08 5,304.10 103.68 5,184.05 -120.06 0.7 6.300% Due 03-01-11 5,000 Washington Mutual 100.07 5,003.25 100.50 5,025. I8 21.93 0.6 5.500% Due 08-24-11 5,000 Bristol Myers Squibb 103.21 5,160.65 101.86 5,093.17 -67.49 0.6 Co. 5.750% Due 10-O1-1 I 5,000 Bank One Corp. 104.10 5,205.05 102.54 5,127.21 -77.84 0.6 5.900%Due I1-15-I I 5,000 Gannett Co 107.26 5,363.00 103.57 5,178.65 -184.36 0.7 6.375% Due 04-01-12 3 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- Geizeral Employees' Peizsion Custodian- Salem Trust Dana Investment Advisors September 30, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value GairilLoss Assets 5,000 SLM Corporation 100.07 5,003.65 98.57 4,928.32 -75.34 0.6 5.125% Due 08-27-12 5,000 Avon Products 96.70 4,834.80 95.36 4,768.20 -66.60 0.6 4.625% Due OS-15-13 5,000 Goldman Sachs 99.78 4,989.15 98.68 4,934. l8 -54.97 0.6 5.250% Due 10-15-13 5,000 HSBC Finance Corp 99.26 4,962.75 98.46 4,923.18 -39.58 0.6 5.250% Due 04-15-15 5,000 Lowes Companies Inc 99.85 4,992.25 97.31 4,865.25 -127.00 0.6 5.000%Due 10-]5-15 5,000 Wachovia Bank 99.67 4,983.25 100.91 5,045.60 62.35 0.6 5.600% Due 03-15-16 102,815.03 ]01,560.97 -1,254.06 12.8 Accrued Interest 1,577.54 0.2 102,815.03 103,138.51 -],254.06 13.0 Government Bonds 10,000 United States Treasury 99.19 9,919.30 99.83 9,982.81 63.51 1.3 Notes 3.500% Due 11- 15-06 15,000 United States Treasury 99.42 14,9] 2.39 99.10 14,864.66 -47.74 1.9 4.000% Due 09-30-07 10,000 FHLB Set-ies 580 99.27 9,926.50 99.00 9,900.00 -26.5(1 1.2 4.125% Due 10-19-07 10,000 FHLMC 101.12 10,112.00 101.09 10,109.38 -2.63 1.3 5.750% Due 04- 15-08 20,000 US Treasury Notes 99.44 19,888.90 99.07 19,814.06 -74.84 2.5 4.125% Due 08-15-08 5,000 Federal Home Loan 101.57 5,078.55 100.28 5,014.06 -64.49 0.6 Mortgage Corp 5.125% Due 10-I 5-08 10,000 FEDERAL NATL MTG 101.51 10,150.60 100.63 10,062.50 -88.10 1.3 ASSN 5.250% Due 01-15-09 10,000 FEDERAL HOMELN 101.53 10,153.00 101.81 10,181.25 28.25 1.3 MTG CORP 5.750% Due 03- 15-09 10,000 UNITED STATES 101.70 10,169.53 102.16 10,216.41 46.88 1.3 TREASNTS 5.500% Due OS-15-09 10,000 FNMA 100.93 10,092.70 ]01.22 10,121.88 29.18 1.3 5.375% Due 08-15-09 15,000 US treasury Note 99.39 14,909.18 98.76 14,813.67 -95.51 1.9 4.250% Due 10-15-10 5,000 FNMA 100.07 5,003.70 99.41 4,970.31 -33.39 0.6 4.750% Duc 12- 15- ] 0 7,000 FEDERAL NATL MTG 103.76 7,26336 102.34 7,164.06 -99.30 0.9 ASSN 5.500% Due 03-15-1 1 3,000 FHLMC 98.59 2,957.65 97.59 2,927.81 -29.84 0.4 4.500% Due 0 ] -15-13 4 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta- General Employees' Pension Custodian- Salem Ti•ust Dana Investme~ZtAdviso~~s Septensber 30, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets 10,000 United States Treasury 98.5] 9,850.78 97.89 9,789.06 -61.72 1.2 Notes 4.250% Due 08-15-13 5,000 FHLMC 97.20 4,860.00 99.47 4,973.44 113.44 0.6 4.875% Due 11-15-13 8,000 FNMA 99.17 7,933.42 100.41 8,032.50 99.08 1.0 5.000% Due 04- 15-15 5,000 US Treasury Note 98.01 4,900.63 97.28 4,863.8? -36.77 0.6 4.250% Due 08-15-IS 5,000 US Treasury Note 102.61 5,130.66 103.73 5,186.72 56.06 0.7 5.125% Due OS-] 5-16 173,2]2.85 172,988.44 -224.41 21.8 Accrued Interest 2,085.33 0.3 173,212.85 175,073.77 -224.41 22.1 FHLMC ]4,195 FHLMC Pool #C90939 97.42 (3,828.96 99.39 14,107.79 278.83 1.8 5.500%Due 12-01-25 14,901 FHLMC Gold pool 99.44 14,817.07 ]01.15 15,072.05 254.98 1.9 #c9o978 6.000% Due 07-01-26 28,646.03 29,179.83 533.81 3.7 Accrued Interest 139.56 0.0 FNMA 28,646.03 29,319.40 533.81 3.7 14,722 FNMA Pool #884093 99.08 14,586.09 100.46 14,789.71 203.61 1.9 6.000% Due OS-O1-36 Accrued Interest 14.72 0.0 14,586.09 14,804.43 203.61 1.9 319,260.00 322,336.11 -741.05 40.7 CASH & EQU1V. Money Markets 51,184 Goldman Sachs 1.00 51,183.69 1.00 51,183.69 0.00 6 5 Fin.Sq.Treasury Oblib. . Admin 51,183.69 5],183.69 _ 0.00 6.5 51,]83.69 51,183.69 0.00 6.5 TOTAL PORTFOLIO 742,754.63 792,217.80 45,646.0] 100.0 5 Village of Tequesta General Employees' Pension Trust Market Values and Cash Flows Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Return (%) Mar 2001 115 8 1 125 1.16 Jun 2001 125 0 1 126 1.09 Sep 2001 126 21 1 148 0.79 Dec 2001 148 24 1 173 0.56 Mar 2002 173 31 1 205 0.33 Jun 2002 205 23 1 228 0.34 Sep 2002 228 14 1 244 0.34 Dec 2002 244 24 1 268 0.32 Mar 2003 268 29 1 298 0.20 Jun 2003 298 14 1 312 0.19 Sep 2003 312 -296 0 16 0.12 Dec 2003 16 338 0 353 0.16 Mar 2004 353 33 8 394 2.08 Jun 2004 394 23 -1 415 -0.41 Sep 2004 415 22 1 439 0.26 Dec 2004 439 25 25 489 5.54 Mar 2005 489 33 -2 520 -0.40 Jun 2005 520 34 15 569 2.71 Sep 2005 569 10 16 595 2.89 Dec 2005 595 26 27 648 4.54 Mar 2006 648 36 21 704 3.17 Jun 2006 704 26 4 733 0.49 Sep 2006 733 48 14 796 1.81 All dollar values are shown in thousands. Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13105- $ 573,084.60