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HomeMy WebLinkAboutDocumentation_Pension General_Tab 02_04/24/2006BOGDAHN CONSULTING LLC. simplifying your investment decisions Village of Tequesta GENERAL EMPLOYEES PENSION PLAN March, 2006N www.bogdahnconsulting.com 340 West Central Avenue Suite 300 • Winter Haven, Florida 33880 Telephone (863) 293-8289 • Facsimile (863) 292-8717 Performance Evaluation for Village of Tequesta General Employees' Pension Trust Dana Investment Advisors For the Period Ending March 31, 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 Investment Policy ~- -~ ~-- 03/31 /2006 2006 10/31 /2000 Qtr YTD Incept ........................... t3eg[nrjrig Value ............... f34$ ................... 5~8 ....... X09: i~et Flows 38 36 4~5 investment O%L 21 21 .: 120 ending Value :: 7#}4 X54 ;: . 704 I ralling Keturns through March ~1, 1UU6 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept - ~~ fund : 13:99 :9:38:: 7 fl6: 5:56 5.01: : ,. . : 5 0~; .Policy ?:8:4 ii ~ 4 .. ~ 9~: 4:b6 3 8?: ,::: 4 03 Diff..: 5::1:5 3 24 2.1#~ 1;:54 1 14: ,. 1 01 Calendar Year Returns 03/31 /2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ................ ................ ~un~l ................ ................ 3;18.. ........... ........... 3.1.8 ............ ............ : '~ 0:03 .......... ......... 7:56 ............. ............. . 0:4:7 _ .......... ........... 1::34 .................................................... .................................................... 3.64 Pollcy 2.:36 2 36 4 OQ 7:62. 1.D7 : 1::7~ . . 4 09 :.: .. ,:: Oiff ;<> 0:82 0.82 6.b.3 -0:.06 0.40: b:36 =0.43: Returns in Up Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept i=~;~;d es ' 4 ~.6 ~.s Rolicy 6 5 5 1 4.7 4 g Ratio 130 0 :: 124 9 '{ 19.6: 116.7: 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 i>und -b.~i. -0.1 0.1 -b:1 Pollcy X1.6: c'I:$ •1 ~ ~1:6 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 March 31, 2006 Equity 55% At COSt Equity 52% Fixed Income 35% Fixed Income 37% 3 At Market Cash &Equiv 10% Cash &Equiv 11% ~ 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. ' Trailin Returns: This section focuses on longer term returns. It shows the cumulative time weighted returns and 9 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. i~ rl i~ ii ii Village of Tequesta General Employees' Pension Trust Universe Comparisons 60% Pure Lg Cap Core & 40% Hg Quality Bond „~~~ i ranmy r~e~ur n s u n ~uyn iviai ~~ ~ ~ ~ , ~~w 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr iFtind Return 7.87 10.99 13.99 9.38 7.06 5.56 5.01 -tile 1 2 2 2 4 4 5 Policy -- Return 3.86 6.08 7.84 6.14 4.90 4.06 3.87 -tile 54 59 49 43 35 32 31 ;Jnwerse: '. 5th %-tile 6.08 10.11 12.53 8.71 6.54 5.25 4.68 4.97 5.20 5.08 25th %-tile 4.53 7.23 9.18 6.95 5.35 4.28 4.01 4.25 4.37 4.44 50th %-tile 3.93 6.36 7.82 5.98 4.58 3.72 3.56 3.91 4.05 4.15 75th %-tile 3.47 5.61 7.07 5.32 4.19 3.41 3.20 3.59 3.72 3.85 95th %-tile 2.44 3.86 5.00 3.40 2.92 2.46 2.49 2.92 3.00 3.26 Calendar Year Returns Village of Tequesta General Employees' Fixed Income Executive Summary ~1 i~ i~ Account Reconciliation Investment Policy 03/31 /2006 2006 01 /31 /2004 Qtr YTD Incept Index Weight $egtnn%rig Value ..... x:11 . 211 5'I:: Leh-3ian Gi~v/Qredit-lttter~nediate 104 0r~: f~Jet Flows ;:.:: . . : 37 ... 37 193; irivestni:enf G/L: -1 -:1: ~E; ~ndtr~g Value 247 247 24'7; Ttit~l ;:. < 1011.00: Trailing Returns through March 31, 2006 01/31/2004' 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept fund 9;39 .. 0:'1:5 143; PohCy 2.:56 ~ 48 2:37 piff 1,1:7 133 .,,.. .. . .. .. . ::..:.; .. ;..:...: 094. Calendar Year Returns Returns in Up Markets 01/31/2004 1 Yr 2 Yr Incept ~t1~1d 2 1 5.4 7.1: FQllcy 4 0 8:~ 0 Ratco 51 9 a3~.J 76 9: Inception date is January 31, 2004 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 01 /31 /2004 1 Yr 2 Yr Incept fiend 0.7 =~.$ -4:81 Pofley 1 4 ~ 1 5,1 Ratio 48 5 9~ 0 :. . 94 0 . i 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' Fixed Income Universe Comparisons High Quality Bond I ranlny r'ceturns utrouyn Ivlarcn ~ I , cuuv 2 Qtrs 3 Qtrs 1 Yr I 2 Yr I 3 Yr 4 Yr I 5 Yr I 6 Yr I 7 Yr 8 Yr Fund Return -0.23 -0.43 1.39 0.15 -tile 84 57 94 100 Policy Return 0.12 -0.85 2.56 1.48 -tile 52 77 32 54 :Universe: . 5th %-tile 1.75 2.45 3.56 2.96 5.58 6.58 6.24 7.09 6.39 6.20 25th %-tile 0.84 0.91 2.69 2.06 3.38 5.15 5.06 6.16 5.48 5.49 50th %-tile 0.15 -0.30 2.24 1.53 2.65 4.53 4.41 5.53 4.94 4.95 75th %-tile -0.14 -0.81 1.83 1.13 2.06 3.43 3.62 4.60 4.34 4.48 95th %-tile -0.52 -1.35 1.33 0.57 1.47 2.29 2.56 3.45 3.54 3.75 Calendar Year Returns Qtr YTD 2005 2004 2003 2002 2001 2000 199 1998 ~~i~ia Return -0.47 -0.47 1.04 -tile 59 59 97 ............................................................................................................................................ ...................................................... ..................................................................................... f?olicy Return -0.39 -0.39 2.27 -tile 53 53 32 Unlve~sQ 5th %-tile 1.00 1.00 3.37 6.19 11.51 10.87 9.85 12.37 4.61 9.45 25th %-tile 0.29 0.29 2.41 4.54 5.34 9.37 8.40 10.90 1.75 8.34 50th %-tile -0.36 -0.36 2.00 3.69 4.04 7.98 7.81 9.56 -0.45 7.26 75th %-tile -0.62 -0.62 1.57 2.13 2.90 5.51 7.00 7.70 -1.46 6.33 95th %-tile -0.90 -0.90 1.09 0.98 1.63 1.50 4.93 5.78 -3.67 4.50 ' 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 March 31, 2006 Dana started trading account on October 13, 2005- Index change eff. 10/1/05 form LB Gov/Credit to LB Gov/Credit Intermediate ' 7 ~~ Village of Tequesta General Employees' Equity Executive Summary Account Reconciliation Investment Policy 03/31 /2006 2006 01 /31 /2004 Qtr YTD Incept Index Weight xairjg Value ...:...: X64 364:: 209: S8sP 5Q0:: 1 OQ 00 Igws t) fl:: . '4: #rri:e~rtt G/L: 22 22: . 103 tg ValuE 385 3$5: 385:: Total 1:00 Q0: Trailing Keturns through March ~'I, luuti Calendar Year Returns 03/31 /2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 fund 6:f30 6 OQ ;;:18:x}9 ; :;: >: Pollcy 4 2:1 4 ~1, :. 4:9:~ #:~iff '1,:79 1 79 , :.'13 58: < ::: Returns in Up Markets 01/31/2004 1 Yr 2 Yr Incept f=ii~d 25:8 :: ?5..1 X51:: Policy 11 7 1 v 5 15 5 Ratio 22O.D. 181.ti 161.6: 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 ~~,t~d -1 :3 a. ,. , Polrcy -4A ,. . Y~.1 ,Ratio X2:.4 -1 Q.O . 8 Village of Tequesta General Employees' Equity Universe Comparisons Pure Large Cap Core 5Yr I 6Yr 7Yr ............................. ............................. ............................. ............................. 8 Yr Return -tile 6.38 50 10.22 50 11.73 50 9.18 46 ~lniverse 5th %-tile 9.85 16.29 20.13 13.74 22.18 8.86 8.03 8.19 7.63 7.35 25th %-tile 7.52 11.95 14.13 10.65 18.66 5.93 4.80 2.38 3.36 4.34 50th %-tile 6.34 10.18 11.69 9.00 16.80 4.62 3.70 -0.91 1.61 3.37 75th %-tile 5.79 9.33 10.88 8.05 15.34 3.54 2.62 -2.40 0.79 2.56 'I 95th %-tile 4.23 6.33 7.41 4.83 12.37 1.15 -0.23 -6.54 -1.70 0.33 Calendar Year Returns Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 i~US~d Return 6.00 6.00 18.49 -tile 10 10 1 Po0cy Return 4.21 4.21 4.91 -tile 46 46 55 t)niverse 5th %-tile 7.06 7.06 11.33 15.14 33.34 -15.55 -1.49 13.61 35.03 34.74 25th %-tile 4.96 4.96 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 28.47 50th %-tile 4.17 4.17 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 25.44 75th %-tile 3.53 3.53 4.22 8.38 24.97 -23.39 -13.51 -9.63 16.39 18.85 95th %-tile 1.70 1.70 1.07 5.14 20.58 -26.60 -19.10 -14.67 6.13 13.04 Retums are in percent. "%-tile" is the percentile ranking within the universe. Retums for periods exceeding one year are annualized. Incept is January 31, 2004 to March 31, 2006 Dana started trading account on October 13, 2005 9 Village of Tequesta General Employees' Pension Trust 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% ~ Market Returns -------------------------------- 3 Yr 4 Yr 5 Yr Incept 8.59 __ 6.43 5.61 5.60 6.61 5.15 4.69 4.80 1.98 1.28 0.92 0.80 129.95 124.85 119.62 116.67 10.00 14.00 18.00 19.66 Fund (%) Policy (%) Difference (%) Ratio # Up Qtrs Fund (%) Policy (%) Difference (%) Ratio # Down Qtrs Down Market Returns o.oo°r° ~ -~-- ~^ Fund (%) ~ Policy (%) Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 10 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 11 IVIU I JV I JV I VV 1 IVIVL JVG VVG /VG ,v,v~ vV~ vaiv vVV ~..v v... ...~ ~.. •••.•~- --- --- --- ~---- Quarter Ending ^ Fund ~~ Policy ~ Nominal 8% ^ CPI + 3% 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. 12 Village of Tequesta General Employees' Pension Trust Attribution of Returns Attribution of Performance to show Manager Contribution Policy ::: f~la~iagei- Car}t~ilution:: Fund Current Quarter 2.36 .. Q;$2 : 3.18 Year to Date 2.36 Q;$2 3.18 3 Years 4.90 :: 2:16 7.06 4 Years 4.06 .. > .. .. ...:....:.::.. 1 50 5.56 5 Years 3.87 : :: .... .... .... .... : '1:::1:x;: ............................... .............................. ............................... .............................. 5.01 Incept 4.03 :::: ::::::::::::::::: ::::::::: :::'1::17'1:: 5.04 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Security Selection : : 1~la~i~gi~r Carttitiiti~iri: Current Quarter -0.90 1.72 QB~:; Year to Date -0.90 1.72 Q82 3 Years -2.26 4.42 2:16 4 Years -1.69 3.19 :: ~ :50 ~ 5 Years -1.35 2.49 .. . .. . 1:'1:4 ................................. ................................. ................................. ................................. Incept -1.25 2.26 ; : 1 01::. Asset Allocation + Security Selection =Manager Contribution Asset Allocation 100% MM untill 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 13 Village of Tequesta General Employees' Pension Trust Asset Allocation Effect 5.oo°i° 4.00% P e 3.00% r c 2.00% e n t 1.00% E 0.00% f f e -1.00% c t -2.00% -3.00% J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 JU5 SU5 UU5 MUEi Quarter Ending Security Selection Effect 5.00% 4.00% P e 3.00% r ~ 2.00% e n t 1.00% E 0.00% f f e -1.00% c t -2.00% -3.00% J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 Quarter Ending Quarterly Effect Cumulative Effect Asset Allocation 100% MM untill 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 14 Village of Tequesta General Employees' Pension Trust Asset Allocation vs Targets 125 100 75 50 25 0 1 1 Quarter Ending Equity # Targetl 125.00% -- 100.00% - - - - 75.00% ------ - - -- - 50.00% - - - - - - - --- 25.00% - - - --- - - "'""'" Jb1 Sb1 Db1 M02 J02 S02 D02 Mb3 J03 S03 D03 M04 J04 S04 DI Quarter Ending ~^ Fixed Income -~ Targe~ Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 15 M05 J05 S05 D05 JU I JU I UU I MUL JUL JUL UVL IVIUJ JVJ JVJ UVJ IVIVY JV"~ JVY VVY IVIVJ JVJ JVJ VVJ Quarter Ending ~ Cash & Equiv -~- Target ~ Village of Tequesta General Employees' Pension Trust ' Manager Contribution I 4.00% 3.50% I 3.00% 2.50% ' R 2.00% e t 1.50% u ' r 1.00% n 0.50% ' 0.00% ' -0.50% -1.00% J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 Quarter Ending Quarterly Cumulative Growth of $100 Fund vs Policy -- - - $13 - - -- - - - $13 I $12 - - --- ---------- - - - -- - - -------------- ------------- ------ ----- -- --- ' $12 v - --- - -- - --- - - - - ----- -----.....--- - e - ° a I $11 -- -- - - - - - - - - - - - - - - -- - - - Q u I e $11 -- -' ___- - d $10 -- -- - n----- I $95 Mot J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 Quarter Ending I ^ Fund ^ Policy Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 ' 16 1 ~ 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 ~i Mar 2004 394 395 -0 431 -37 414 -20 Jun 2004 415 419 -4 462 -47 _ 445 __ ___-30 1~ 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 -22 689 15 All dollar values are shown in thousands. ~~ ii i~ i~ 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 Quarterly Comparison Analysis (%) Period Fund Policy Diff Nominal 8% Diff CPI + 3% Diff Ending - Mar 2001 - 1.16 -- 1.40 -0.24 1.94 -0.78 1.95 -0.79 Jun 2001 1.09 1.07 0.02 1.94 -0.85 1.85 -0.76 Sep 2001 0.79 0.91 -0.12 1.94 -1.15 0.94 -0.15 Dec 2001 0.56 0.65 -0.09 1.94 _ -1.38 _ -0.16 0.72 Mar 2002 _ _ _ 0.33 _ 0.44 -0.11 1.94 -1.61 1.95 -1.62 Jun 2002 0.34 0.44 -0.10 1.94 -1.60 1.44 -1.10 Sep 2002 0.34 0.43 -0.09 1.94 -1.60 1.34 -1.00 Dec 2002 0.32 0.39 -0.07 1.94 -1.62 0.74 -0.42 Mar 2003 _ 0.20 0.30 -0.10 1.94 -1.74 2.55 -2.35 Jun 2003 0.19 0.28 -0.09 1.94 -1.75 0.44 -0.25 Sep 2003 0.12 0.25 -0.13 1.94 -1.82 1.54 -1.42 Dec 2003 0.16 0.24 -0.08 1.94 -1.78 ___ _ 0.24 -0.08 Mar 2004 2.08 1.68 0.40 1.94 0.14 2.35 -0.27 Jun 2004 -0.41 0.44 -0.85 1.94 -2.35 1.95 -2.36 Sep 2004 0.26 -0.34 0.60 1.94 -1.68 0.84 -0.58 Dec 2004 5.54 5.74 -0.20 1.94 3.60 0.94 4.60 Mar 2005 -0.40 -1.30 0.90 1.94 -2.34 __ __ 2.35 -2.75 Jun 2005 2.71 1.66 1.05 1.94 0.77 1.44 1.27 Sep 2005 2.89 2.14 0.75 1.94 0.95 2.96 -0.07 Dec 2005 4.54 1.47 3.07 1.94 2.60 -0.26 4.80 Mar 2006 _ ___ 3.18 __ 2.36 0.82 1.94 1.24 2.15 1.03 Incept. 5.04 4.03 1.01 8.00 -2.96 5.59 -0.55 Returns for periods exceeding one year are annualized. i~ i~ i~ i~ i~ Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 18 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 wilt 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. i~ ii i ~ ,a 1 Village of Tequesta General Employees' Pension Trust Risk Measures Yr Fund policy ©If# # of Negative Qtrs 2.00 2.00 0.00 # of Positive Qtrs 10.00 10.00 0.00 Batting Average 58.33 41.67 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 1.94 2.02 -0.08 Standard Deviation 4.54 3.81 0.73 Beta 0.89 1.00 -0.11 Annualized Alpha 2.41 0.00 2.41 R-Squared 0.57 1.00 -0.43 Sharpe Ratio 1.11 0.76 0.35 Treynor Ratio 5.67 2.89 2.78 Tracking Error 2.94 0.00 2.94 Information Ratio 0.73 4 Yr ptand : : Ptii:iGy Diff # of Negative Qtrs 2.00 2.00 0.00 # of Positive Qtrs 14.00 14.00 0.00 Batting Average 43.75 56.25 -12.50 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 3.99 3.31 0.68 Beta 0.90 1.00 -0.10 Annualized Alpha 1.68 0.00 1.68 R-Squared 0.58 1.00 -0.42 Sharpe Ratio 0.92 0.65 0.27 Treynor Ratio 4.07 2.16 1.91 Tracking Error 2.56 0.00 2.56 Information Ratio 0.59 5 Yr ~F:cand Folic. Diff # of Negative Qtrs 2.00 2.00 0.00 # of Positive Qtrs 18.00 18.00 0.00 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 3.57 2.96 0.61 Beta 0.91 1.00 -0.09 Annualized Alpha 1.27 0.00 1.27 R-Squared 0.58 1.00 -0.42 Sharpe Ratio 0.80 0.58 0.22 Treynor Ratio 3.15 1.73 1.42 Tracking Error 2.29 0.00 2.29 Information Ratio 0.50 .:Incept Fund. :: Poi:icy Dlff: # of Negative Qtrs 2.00 2.00 0.00 # of Positive Qtrs 19.66 19.66 0.00 Batting Average 39.99 60.01 -20.02 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 3.43 2.85 0.58 Beta 0.91 1.00 -0.09 Annualized Alpha 1.13 0.00 1.13 R-Squared 0.58 1.00 -0.42 Sharpe Ratio 0.76 0.56 0.20 Treynor Ratio 2.87 1.60 1.27 Tracking Error 2.21 0.00 2.21 Information Ratio 0.46 Asset Allocation 100% MM until) 1/31/2004 -Dana started trading on 10/13105- $ 573,084.60 20 Village of Tequesta General Employees' Pension Trust Return vs Risk through March 31, 2006 s.oo°i° ~ ~.oo°i° 6.00% A 5.00% n n u a I 4.00% Z e d 3.00% R e u r 2.00% n 1.00% 0.00% ~ LB Gov/Corp Fund ~ 3 Mo TBill -1.00°/ ` ---' ' -- - ~.00% 5.00% 10.00% Risk (Annualized Std Dev) { Policy Asset Allocation 100% MM untill 1/31/2004 -Dana started trading on 10/13/05- $ 573,084.60 21 S&P 500 15.00% 20.00% Village of Tequesta General Employees' Pension Trust Return vs Risk through March 31, 2006 25.00% 20.00% R 15.00% e t r 10.00% n s 5.00% 500 0.00% 1.00% 3.00% 5.00% 7.00% 9.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% Risk (Annualized Std Dev) 6.50% 6.00% 5.50% 5.00% R 4.50% e t 4.00% u r 3.50% n s 3.00% 2.50% 2.00% 1.50000% 4 Years 5.00% 10.00% 15.00% 20.00° Risk (Annualized Std Dev) 5 Years Inception 6.00% 8.00% 5.50% 7.00% 5.00% ~ Ft 6.00% ~ LB Gov/Corp 5.00% ~ Fund R 4.50% R e e 4.00% t 4.00% t u - u 3.00% r n 3.50% r n 0 2 00 /o ~ 3 M TBill s s . 3.00% 1.00% 2.50% 0.00% S&P 500 ° ~ ° L ~ ~ 2.00 o 0.0 0% 5.00% 10.00% 15.00% 20.00% -1.00 / ~.00% - - ---- - --- - 5.00% 10.00% 15.00% 20.00° 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 22 3 Years Village of Tequesta General Employees' Pension Trust Policy: 10/31 /2000-12/31 /2003 100.00 Citigroup Treasury Bill - 3 Month O I /O1 /2004-09/30/2005 60.00 S&P 500 20.00 Citigroup Treasury Bill - 3 Month 20.00 Lehman Gov/Credit Bond 0/O1 /2005-03/3 l /2006 60.00 S&P 500 40.00 Lehman Gov/Credit-Intermediate First Objective: 10/31/2000-03/31/2006 Annual Return of 8.00% Second Objective: 10/31/2000-03/3]/2006 ]00.00 US Consumer Price Index + 3.00 annual adder Universe Data: 60% Pure Lg Cap Core 10/31 /2000-12/31 /2003 O l /Ol /2004-09/30/2005 10/0l /2005-03/31 /2006 & 40% Hg Quality Bond 100.00 Government Money Market 20.00 High Quality Bond 60.00 Pure Large Cap Core 20.00 Government Money Market 40.00 High Quality Bond 60.00 Pure Large Cap Core 23 Quantity DOMESTIC EQUITIE Common Stock Large Cap 156.000 76.000 290.000 134.000 50.000 70.000 90.000 130.000 94.000 l 12.000 126.000 55.000 118.000 74.000 240.000 81.000 150.000 109.000 95.000 109.000 149.000 280.000 92.000 135.000 158.000 117.000 150.000 149.000 Security S AT&T Inc. /formally AT&T Corp Altria Group Inc/Philip Morris Applied Materials BANK OF AMERICA CORP Bear Stearns Co. Becton Dickinson & Co. Burlington Northern Santa Fe Corp. Cfr Group Caterpillar [nc ChevronTexaco Corp Citigroup Inc. Conocophillips Dow Chemical Co.Com Hartford Finl Services Intel Corp. [ntemational Business Machine`s J.P. Morgan & Co. Johnson & Johnson Kimberly Clark Corp. Marathon Oil Corporation Met Life Inc. Motorola, Inc COM PPG Industries United Technologies Corp. Verizon Communications WACHOVIA CORP COM Washington Mutual, Inc. Wyeth Com Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Tequesta General Combined Account March 31, 2006 (Excluding Reinvested Divs.) Unit Total Cost Cost Market Pct. Price Value Gain/Loss Assets 24.89 3,882.84 69.60 5,289.89 17.91 5,193.90 41.75 5,594.50 100.93 5,046.50 58.47 4,093.17 56.42 5,077.80 43.53 5,659.12 54.20 5,094.82 59.09 6,618.08 44.56 5,614.56 61.27 3,369.85 42.54 5,020.13 74.83 5,537.44 23.16 5,558.40 82.15 6,654.18 42.33 6,350.07 63.53 6,924.86 56.95 5,4(0.31 59.16 6,448.44 46.77 6,968.94 20.02 5,606.30 56.35 5,183.84 50.41 6,805.36 29.88 4,720.63 46.87 5,484.26 37.19 5,578.50 45.73 6,813.58 155,600.27 Mid Cap 27.04 4,218.24 70.86 5,385.36 335.4() 95.47 0.6 0.8 17.51 5,077.90 45.54 6,102.36 138.70 6,935.00 61.58 4,310.60 83.33 7,499.70 53.52 6,957.60 71.81 6,750.14 57.97 6,492.64 47.23 5,950.98 63.15 3,473.25 40.60 4,790.80 80.55 5,960.70 19.46 4,670.40 82.47 6,680.07 41.64 6,246.00 59.22 6,454.98 57.80 5,491.00 76.17 8,302.53 48.37 7,207.13 22.91 6,414.80 63.35 5,828.20 57.97 7,825.95 34.06 5,381.48 56.05 6,557.85 42.62 6,393.00 48.52 7,229.48 170,588.14 -116.00 507.86 1,888.5(1 217.43 2,421.90 I ,298.48 I ,655.32 -125.44 336.42 I (13.4(1 -229.33 423.26 -8R8.00 25.89 -104.07 -469.88 80.69 1,854.09 238.19 808.50 644.36 1,020.59 660.85 1,073.59 814.50 0.7 0.9 1.0 0.6 I.I 1.0 1.0 0.9 0.8 0,5 0.7 0.8 0.7 0.9 0.9 0.9 0.8 l .2 1.0 0.9 0.8 1.1 0.8 0.9 0.9 1.0 24.2 210.000 AMDOCS LTD ORD 25.89 5,436.54 36.06 7,572.60 2,136.06 1.1 104.000 APACHE CORP COM 62.94 6,545.65 65.51 6,813.04 267.39 1.0 206.000 D.R. Horton Inc. 31.25 6,436.61 33.22 6,843.32 406.71 1.0 100.000 Eaton Corp. 59.33 5,933.02 72.97 7,297.00 1,363.98 1.0 149.000 FISERV [NC COM 44.75 6,667.29 42.55 6,339.95 -327.34 0.9 102.000 Johnson Controls Inc. 65.49 6,680.48 75.93 7,744.86 1,064.38 I.1 Com 120.000 MCKESSON HBOC 43.74 5,248.87 52.13 6,255.60 ],006.73 0.9 INC COM 160.000 Nordstrom Inc. 31.55 5,048.02 39.18 6,268.80 1,220.78 0.9 207.000 P P & L RES INC COM 29.85 6,178.17 29.40 6,085.80 -92.37 0.9 194.000 Pepsi Bottling Group Inc 27.48 5,331.08 1 30.39 5,895.66 564.58 0.8 Quantity Security 135.000 Sempra Energy 175.000 Supervalu Inc. 117.000 VF Corporation 130.000 Valero Energy Corp. 94.000 Wellpoint Health Networks Inc. NEW Small Cap 140.000 Capitol Bancorp 180.000 Diodes [nc 64.000 Gardner Denver Machy Inc. 220.000 Hummingbird Communications 188.000 Jarden Corp. 309.000 Iabor Ready Inc 66.000 Mens Wearhouse Inc. 1 17.000 Pantry Inc 172.000 Portalplayer Inc 139.000 Quest Diagnostics 1 15.000 Selective Insumace Group Inc 125.000 Sierra Health Services Inc. Dividend Receivable Dividend Receivable- Equities INTERNATIONAL EQUITIES Global Funds Foreign 95.000 Central Europe & Russia Fd Inc 305.000 IShares Japan Index 150.000 IShares MSCI Austria Index FD 60.000 IShares MSCI Brazil Index FD 85.000 !Shares MSCI Mexico Index FD 100.000 IShares MSCI Netherlands Index FD 135.000 Ishares Inc. MSCI Sweden Index Fund 75.000 Morgan Stanley India Investments 90.000 Turkish Investment Fund Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Tequesta General Combined Account March 31, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Cost Cost Price Value Gain/Loss Assets 43.30 5,845.24 46.46 6,272.10 426.86 0.9 29.85 5,223.15 30.82 5,393.50 170.35 0.8 55.34 6,475.29 56.90 6,657.30 182.01 0.9 49.43 6,425.90 59.78 7,771.40 1,345.50 1.1 71.00 6,674.14 77.43 7,278.42 604.28 1.0 90,149.44 100,489.35 10,339.91 14.3 45.46 6,364.19 46.75 6,545.00 180.81 0.9 23.16 4,168.88 4L_50 7,470.00 3,301.12 1.1 62.94 4,028.41 65.20 4,172.80 144.39 0.6 24.09 5,299.71 23.74 5,222.80 -76.91 0.7 33.62 6,321.12 32.85 6,175.8() -145.32 0.9 21.92 6,772.88 23.95 7,400.55 627.67 1.1 36.37 2,400.35 35.94 2,372.04 -28.31 0.3 33.25 3,890.60 62.39 7,299.63 3,409.03 I.0 27.07 4,655.64 22.23 3,823.56 -832.08 0.5 48.28 6,710.93 51.30 7,130.70 419.77 I.0 47.53 5,466.17 53.00 6,095.00 628.83 0.9 40.59 5,073.13 40.70 5,087.50 14.37 0.7 61,152.01 _ 68,795.38 7,643.37 9.8 306,901.72 339,872.87 32,971.15 48.3 195.51 195.51 0.00 0.0 307,097.23 340,068.38 32,971.15 48.3 42.69 4,055.34 48.63 4,619.85 564.51 0.7 3.67 4,169.35 14.40 4,392.00 222.65 0.6 27.44 4,116.41 31.11 4,666.50 550.09 0.7 33.26 1,995.60 39.95 2,397.00 401.4(1 0.3 35.97 3,057.45 38.34 3,258.90 201.45 0.5 20.49 2,049.00 22.63 2,263.0(1 214.00 0.3 22.54 3,042.90 25.76 3,477.60 434.70 0.5 37.40 2,804.66 50.00 3,750.00 945.34 0.5 23.80 2,142.14 25.45 2,290.50 148.36 0.3 27,432.85 31,115.35 3,682.50 4.4 2 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Tequesta General Combined Account March 31, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets 70.000 IShares Inc MSCI South 44.40 3,108.00 46.65 3,265.50 157.50 0.5 Korea Index Fund 160.000 IShares Inc MSCI 18.70 2,992.00 20.16 3,225.60 233.60 0.5 United Kingdom Index Fund 160.000 IShares MSCI Australia 18.67 2,987.20 20.02 3,203.20 216.00 0.5 Index FD 70.000 (shares MSCI EAFE 59.66 4,176.20 64.92 4,544.40 368.20 0.6 Index Fund 13,263.40 14,238.70 975.30 2.0 40,696.25 45,354.05 4,657.80 6.4 40,696.25 45,354.05 4,657.80 6.4 FIXED INCOME Corporate Bonds 5,000 Nations Bank Corp. 102.61 5,130.45 101.02 5,051.23 -79.23 0.7 7.500% Due 09-15-06 5,000 Hewlett Packard Co. 101.36 5,067.80 100.32 5,016.05 -51.76 0.7 5.750%Due 12-15-06 5,000 Carolina Power & Light 103.66 5,183.05 101.74 5,087.22 -95.84 0.7 6.800% Due 08-15-07 5,000 Merrill Lynch & Co. 99.31 4,965.49 98.52 4,926.17 -39.33 0.7 4.250% Due 09-14-07 5,000 CIT Group Inc Series 100.02 5,001.24 98.70 4,934.79 -66.46 0.7 MTN 4.750% Due 08-15-08 5,000 CSX Corp 103.98 5,199.00 102.12 5,106.16 -92.84 0.7 6.250% Due 10- 15-08 6,000 Deutsche Bank Financial 106.18 6,370.50 105.88 6,352.79 -17.71 0.9 7.500% Due 04-25-09 5,000 Target Corp. 102.15 5,107.25 100.37 5,018.47 -88.78 0.7 5.375% Due 06-15-09 5,000 Countrywide Home 101.91 5,095.25 100.26 5,012.97 -82.28 0.7 Loans Inc. 5.625% Due 07-I 5-09 5,000 Capital One Bank Notes 102.76 5,137.75 100.87 5,043.57 -94.18 0.7 5.750% Due 09-15-10 5,000 Lehman Brothers 99.07 4,953.60 97.97 4,898.53 -55.07 0.7 Holdings Ser MTN 5.000% Due 01-14-11 5,000 KohlsCorp 106.08 5,304.10 103.00 5,150.16 -153.95 0.7 6.300% Due 03-0 l - I 1 5,000 Bristol Myers Squibb 103.21 5,160.65 101.10 5,054.95 -105.70 0.7 Co. 5.750% Due ] 0-01-11 5,000 Bank One Cotp. 104.10 5,205.05 101.63 5,081.54 -123.52 0.7 5.900%Due 11-15-I l 5,000 Gannett Co 107.26 5,363.00 102.87 5,143.67 -219.34 0.7 6.375% Due 04-01-12 5,000 SLM Corporation 100.07 5,003.65 97.23 4,861.39 -142.27 0.7 5.125% Due 08-27-12 3 Quantity Security 5,000 Avon Products 4.625% Due OS-15-13 5,000 Goldman Sachs 5.250% Due 10-15-13 5,000 HSBC Finance Corp 5.250% Due 04-15-15 5,000 Lowes Companies Inc 5.000% Due 10-15-] 5 5,000 Wachovia Bank 5.600% Due 03-15-16 Accrued Interest Government Bonds 7,000 US Treasury Bill 0.000% Due 04-13-06 10,000 Federal Home Loan Bank 4.875% Due I 1-15-06 15,000 United States Treasury Notes 3.500%Due 11-15-06 15,000 United States Treasury 4.000% Due 09-30-07 10,000 FHLB Series 580 4.125% Due 10-19-07 20,000 US Treasury Notes 4.125% Due 08-15-08 5,000 Federal Home Loan Mortgage Corp 5.125% Due 10-15-08 10,000 FEDERAL NATL MTG ASSN 5.250% Due OI-15-09 15,000 US treasury Note 4.250% Due 10-15-10 5,000 FNMA 4.750% Due 12-15-10 7,000 FEDERAL NATL MTG ASSN 5.500% Due 03-15-1 1 3,000 FHLMC 4.500% Due OI-IS-13 10,000 United States Treasury Notes 4.250% Due 08-15-13 3,000 FNMA 5.000% Due 04-15-15 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Tequesta General Combined Account March 31, 2006 (Excluding Reinvested Divs.) Unit Total Cost Cost Price 96.70 4,834.80 93.90 99.78 4,989.15 97.35 99.26 4,962.75 96.30 99.85 4,992.25 96.29 99.67 4,983.25 99.02 108,010.03 Market Pct. Value Gain/Loss Assets 4,694.96 -139.84 0.7 4,867.73 -121.43 0.7 4,814.84 -147.91 0.7 4,814.48 -177.78 0.7 4,951.0() -32.25 0.7 105,882.61 -2,127.42 15.0 1,773.08 0.3 107,655.69 -2,127.42 15.3 99.71 6,979.96 99.87 6,991.24 11.28 LO 100.45 10,044.90 99.84 9,984.38 -60.53 1.4 99.21 14,880.82 99.16 14,873.43 -7.39 2.1 99.42 14,912.39 98.77 14,816.01 -96.38 2.1 99.27 9,926.50 98.56 9,856.25 -70.25 1.4 99.44 19,888.90 98.57 19,714.06 -174.84 2.8 101.57 5,078.55 100.16 5,007.81 -70.74 0.7 101.51 10,150.60 100.41 10,040.63 -109.98 1.4 99.39 14,909.18 97.66 14,649.62 -259.57 2.l 100.07 5,003.70 98.28 4,914A6 -89.64 0.7 103.76 7,263.36 101.44 7,100.63 -162.74 1.0 98.59 2,957.65 96.09 2,882.81 -74.84 0.4 98.51 9,850.78 96.18 9,617.97 -232.81 1.4 101.38 3,041.42 98.97 2,969.06 -72.36 0.4 4 Quantity Security 5,000 US Treasury Note 4.250% Due 08-15-15 Accrued Interest ('ASH & EQUIV. Cash Accounts Cash & Equiv. Cash Money Markets 70,637 Goldman Sachs Fin.Sq.Treasury Oblib. Admin TOTAL PORTFOLIO Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Tequesta General Combined Account March 31, 2006 (Excluding Reinvested Divs.) Unit Total Cost Cost _ 98.01 4,900.63 139,789.34 247,799.37 1,010.45 1,010.45 L00 70,636.62 70,636.62 71,647.07 667,239.92 Market Pct. Price Value Gain/Loss Assets 95.26 4,763.09 -137.55 0.7 138,181.04 -],608.30 19.6 1,464.33 0.2 139,645.36 -1,608.30 19.8 247,301.06 -3,735.72 35.1 1,010.45 0.00 0.1 1,010.45 0.00 0.1 1.00 70,636.62 0.00 10.0 70,636.62 0.00 IOA 7],647.07 0.00 10.2 704,370.56 33,893.23 100.0 5 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Tequesta General Combined Account Fron7 01-01-06 To 03-31-06 Tran Trade Settle Code Date Date Security CONTRIBUTIONS li 01-12-06 01-12-06 Cash Funds received li O l -26-06 O 1-26-06 Cash Funds received li 02-10-06 02-10-06 Cash ER G 02-10-06 02-10-06 Cash EE li 02-24-06 02-24-06 Cash ER li 02-24-06 02-24-06 Cash EE li 03-07-06 03-07-06 Cash EE G 03-07-06 03-07-06 Cash ER li 03-09-06 03-09-06 Cash Reimburse expenses for FPPTa membership dues li 03-13-06 03-13-06 Cash ER li 03-13-06 03-13-06 Cash EE li 03-24-06 03-24-06 Cash ER li 03-24-06 03-24-06 Cash EE WIT HDRAWALS to OI-OS-O6 O1-OS-06 Cash Check 1017 to OI-13-06 01-13-06 Cash Activity fee for the quarter ending 12/31 /OS l0 01-18-06 01-18-06 Cash Foreign tax withheld on BCE Inc l0 02-17-06 02-17-06 Cash Check # 1023 to Business Services Connection l0 02-21-06 02-21-06 Cash Check #1025 to Hanson, Perry & Jenzen l0 03-O1-06 03-01-06 Cash Check 1024 to Bognahn Consulting ' l0 03-06-06 03-06-06 Cash Check 1026 to FPPTA l0 03-08-06 03-08-06 Cash Check 1027 sent to Salem Trust EXPENSE ACCOUNTS i~ Broker Amount Quantity Code Commission 6,879.81 6,912.48 4,381.20 2,509.28 4,401.50 2,520.91 20,036.39 34,983.6] 225.00 4,343.25 2,487.54 4,292.53 2,458.49 96,431.99 2,558.00 1,310.00 7.65 225.54 725.39 500.00 450.00 55,020.00 60,796.58 II Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Tequesta General Combined Account From UI-Ol-06 To 03-31-06 7'ran Trade Settle Code Date Date Security AFTER FEE PERFORMANCE EXPENSE ACCOUNTS dp 01-09-06 01-09-06 Administration Fee Market value fee dp 02-27-06 02-27-Ob Administration Fee Check #1022 to Dana Investment Advisors Broker Amount Quantity Code Commission 60.23 945.89 1,006.12 PORTFOLIO NET TOTAL EXPENSE ACCOUNTS PAID Bl' CLIENT AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PAID BY CLIENT 34,629.29 0.00 0.00 GRAND TOTAL 34,629.29 2