HomeMy WebLinkAboutPension General_Documentation_Tab 03_02/05/2007BOGDAHN CONSULTING LLC.
simplifying your investment decisions
Village of Tequesta
GENERAL EMPLOYEES'
PENSION PLAN
December, 2006
www. bogdahnconsulting. com
340 West Central Avenue Suite 300 • Winter Haven, Florida 33880
Telephone (863) 293-8289 • Facsimile (863) 292-8717
Bogdahn Consulting, LLC.
PERFORMANCE REPORT
Discounted Cash Flow Method Net of Fees
Tequesta General
Combined Account
From 09-30-06 to 12-31-06
Portfolio Value on 09-30-06 791,712.16
Accrued Interest 3,817.16
Contributions 77,036.80
Withdrawals -50,680.81
Transfers In 15,918.76
Transfers Out -15,708.71
Realized Gains 163.09
Unrealized Gains 23,891.91
Interest 4,723.39
Dividends 2,357.95
Change in Accrued Interest 261.17
Portfolio Value on 12-31-06 849,414.54
Accrued Interest 4,078.34
Total Fees 0.00
Total Gain after Fees 31,397.51
IRR for 0.25 Years 3.85%
i~
i~
i~
~~
^ Performance Evaluation
for
~ Village of Tequesta General Employees'
Pension Trust
^ Dana Investment Advisors
~^
1 ^
1 ^
1 ^
^
I~
I~
~~
For the Period Ending
December 31, 2006
Presented
by:
Bogdahn Consulting, LLC
i
Village of Tequesta
General Employees' Pension Plan
Asset Allocation Through December 31, 2006
Equity
58%
At Cost
Equity
54%
Fixed Income
40%
Fixed Income
43%
3
At Market
Cash &Equiv
2%
Cash &Equiv
3%
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 1 st 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.
Village of Tequesta General Employees'
Pension Trust
Universe Compar"
60% Pure Lg Cap Core & 40% High Quality Bd
Trailing Keturns tnrougn uecemDer 3~1 , ~~un
2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr
Rand
............... .
...................
Return 5.76 6.28 9.65 9.84 9.08 6.91 5.77 5.42
-tile 99 82 79 8 37 100 50 1
FQhCY :..:
...............
.
.........
.....
Return 9.29 8.45 11.00 7.44 7.50 5.86 5.01 4.86
-tile 51 38 63 79 50 100 50 1
tJniaierse :.
5th %-tile 11.19 10.76 14.76 10.05 11.15 14.44 9.15 3.50 -3.18 6.42
25th %-tile 10.02 8.99 12.28 8.88 9.60 13.46 8.19 -4.00 -3.65 6.00
50th %-tile 9.32 8.21 11.42 8.25 7.44 12.91 3.10 -4.33 -3.89 5.74
75th %-tile 8.62 7.12 10.10 7.64 5.79 12.36 1.15 -4.63 -4.24 5.39
95th %-tile 6.91 3.40 6.18 5.71 4.02 10.94 0.02 -5.51 -4.94 4.68
Calendar Year Returns
Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998
~i~iid
Return 3.88 9.65 10.03 7.56 0.67 1.34 3.66
-tile 93 79 1 50 100 1 1
Poficy
Return 4.41 11.00 4.00 7.62 1.07 1.70 4.09
-tile 86 63 90 50 100 1 1
t)nlverse
5th %-tile 6.16 14.76 7.32 13.77 37.21 -8.92 -27.93 -1.03 107.33
25th %-tile 5.39 12.28 6.04 11.66 36.42 -9.26 -27.93 -1.03 107.33
50th %-tile 5.00 11.42 5.17 7.32 35.59 -34.12 -27.93 -1.03 107.33
75th %-tile 4.60 10.10 4.57 1.67 24.10 -34.47 -28.28 -1.57 106.28
95th %-tile 3.80 6.18 3.70 -0.21 23.82 -34.82 -28.28 -1.57 106.28
Returns are in percent. "%-tile" is the percentile ranking within the universe.
Retums for periods exceeding one year are annualized.
Incept is October 31, 2000 to December 31, 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
Investment Policy
I raifng Returns through December ~1, 1UU6
' Calendar Year Returns
12/31 /2006 2006
Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997
............
k~t1C1 ....... ....................
...........1,18 ...........
::
4.Q1... ................................................................................................
:::~ ::
... '1..0~................. .
ohcy ... ......... . 't:{?~. ,4.07 ~ 27.
#~iff ....`
% :. U.15 :.
0.00
-1:23......:
Returns In Up Markets
01 /31 /2004
1 Yr 2 Yr Incept
~x.iid :
4.6 :: <`
.... ;;..~ .:....:.
.. 6.t9
Po Icy........... 4.5 6.8. $.i7
Redo ...: ~ 4113 4
78:~ ,.
84:7
Inception date is January 31, 2004
Atl dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees.
Returns in Down Markets
01 /31 /2004
1 Yr 2 Yr Incept
~tiirid:: :::::::: ~ ~::~~ :::::::::
b.5. '1.5 .......... :::::::::::::::::
.......... 4.9.
P'oEi ±..~ ~ ...
~!..:... 0... 2A... _::~~:::::::::~ :::
..........5.1.
f~atio .: '130 8 7~t;8 ~~T
Dana started trading account on October 13, 2005- Index change eff. 10/1/05 form LB Gov/Credit to LB Gov/Credit Intermediate
6
Village of Tequesta General Employees'
Equity
Executive Summary
Account Reconciliation
12/31 /2006 2006 01 /31 /2004
Qtr YTD Incept
8e~rririg: llallie ::: :: : 4:'19 :::: :::: 3G4:::::::: ::::~09:
f~et.Flows : .
46
,y1
~ :.#48
irmrestnierif t3fL. 27 5:7: <:::::~3~8
~rtdtr~g V~lu~ ~Z ~2 . 492
Investment Policy
Keturns through uecemder 3~ , ~uun
01 /31 /2004
1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept
~u~d
14.44
'16:45
..... .
~:
'15 3
f?oHcy 15i~t~ 10:22 7:0:06
iff
.~6
:23 <::::::
..
.. ..
,.
,.. .
.... .
Calendar Year Returns
Retums in Up Markets
01 /31 /2004
1 Yr 2 Yr Incept
:. 2~:5
Ppticy 1 ~ ~ ~...
~6:~ .. .
1 #t<
Ratio ..: 7$ 2.. 432:$ 122 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
fitind 0.7 :: : 0:5..:: 1:1:
RQfi~r ~1 a ::. . •3i$ X8:5
f~atio ..: .. =46:5:'... ....=4~.3 -19;g:.
7
Village of Tequesta General Employees'
Equity
Universe Comparisons
Pure Large Cap Core
Trailing Returns through uecemper ~~ , ~uun
2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr
... .
fund
Return 7.24 7.96 14.44 16.45
-tile 96 78 65 1
.. ~ ~ :.
PptiCy ::.: . , ...: ...: :~:..:..' : .
Return 12.74 11.12 15.80 10.22
-tile 27 30 30 44
fJlivers~
........................ ..
....................
5th %-tile 14.83 15.10 20.97 12.97 13.41 16.91 9.70 7.73 7.67 7.21
25th %-tile 12.77 11.50 16.11 11.08 11.43 15.55 7.48 4.25 3.52 4.98
50th %-tile 12.47 10.75 15.47 10.09 10.34 14.44 5.99 2.75 1.03 3.29
75th %-tile 11.07 8.68 12.66 8.98 9.34 13.27 5.12 2.02 0.48 2.70
95th %-tile 7.26 2.18 4.79 5.22 5.38 10.43 1.42 -3.03 -3.33 -0.12
Calendar Year Returns
`Policy :.. ..... ~.... ..... ... . .
Return 6.70 15.80 4.91
-tile 39 30 55
Unlvers~ .. .
5th %-tile 8.42 20.97 11.33 15.14 33.34 -15.55 -1.49 13.61 35.03 34.74
25th %-tile 7.06 16.11 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 28.47
50th %-tile 6.63 15.47 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 25.44
75th %-tile 6.03 12.66 4.22 8.38 24.97 -23.39 -13.51 -9.63 16.39 18.85
95th %-tile 4.29 4.79 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 December 31, 2006
Dana started trading acwunt on October 13, 2005
Village of Tequesta General Employees'
Pension Trust
Up Market Returns
2o.oo°io
' 15.00% -------------------- ----------- ------
' 10.00% ---------- ----------- ------
5.00% --- - - --- -
0.00%
3 Yr 5 Yr 6 Yr Incept
Fund (%) 12.11 6.74 6.14 6.16
Policy (%) 11.32 6.53 6.06 6.07
Difference (%) 0.79 0.21 0.08 0.09
Ratio 106.98 103.22 101.32 101.48
# Up Qtrs __ 9.00 17.00 21.00 21.66
1
Down Market Returns
^ °
1
00 / .
o
0.50% ------ -- --------
0
00%
.
-0.50% -- -- ---
-1.00% - -- --- - --- -- --- -
-1.50% -- -- --- - --- -- --- -
-2.00% -- -- --- - --- -- --- -
-2
50%
. 3 Yr 5 Yr 6 Yr Incept
Fund (%) 0.35 0.35 0.35 0.35
Policy (%) -2.39 -2.39 -2.39 -2.39
Difference (%) 2.74 2.74 2.74 2.74
Ratio -14.64 -14.64 -14.64 -14.64
# Down Qtrs 3.00 3.00 3.00 3.00
' ^ Fund (%) ~ Policy (%)
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60
9
Village of Tequesta General Employees'
Pension Trust
t Objective Comparison
~ ,
1
a
' u
e
Inception date is October 31, 2000
All dollar values are shown in thousands.
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60
' 10
UUl MUL JVL JVL UUL IVIVS JVS JUS VUS MU4 JU4 JU4 UU4 MVA JVU JVO UVO VIVO JVO JUO VVO
Quarter Ending
^ Fund ~ Policy
Q 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.
11
Village of Tequesta General Employees'
Pension Trust
Attribution of Returns
Attribution of Performance to show Manager Contribution
Policy :: : i1~a~iager:Car}fcifufijn~: Fund
Current Quarter 4.41 =4;53:: 3.88
Year to Date 11.00
.......
.......
....... ; :::: ::: ::: :::::*1:c35 :
............................
...........................
........................... 9.65
3 Years 7.50
.......
.......
.......
.......
....... 1:51
...........................
............................
...........................
............................
........................... 9.08
5 Years 5.01 :. b:76 : 5.77
6 Years 4.86 :::::
.......
.......
.......
.. . .. ::. :::::::::::: a7:5fi::
............................
............................
...........................
.. .. .... ................. 5.42
Incept 4.90 :: 0:55: 5.45
Policy + Manager Contribution =Fund
Attribution of Manager Contribution between Asset Allocation and Security Selection
sset Allocation
ecurity Selection ....
....
....
....
.... ...............................
..............................
...............................
............................ .
...............................
I~la~i8ger. Cdf}trit~titi~ri
Current Quarter -1.98 1.45 :: =Q:53:
Year to Date -5.02 3.67 :: =1::36:
3 Years -3.62 5.20
....
....
....
....
.... ~ :::::: :::::: :::::1 X58
..............................
...............................
..............................
...............................
..............................
Years
2.14
.90 ....
....
....
....
....
::
....
....
....
.... ..............................
...............................
..............................
...............................
..............................
::: :: ; ::::::::::::::::::4:76
..............................
..............................
...............................
..............................
Years
1.78
.34 ....
....
....
....
....
....
....
....
....
.... ..............................
...............................
..............................
...............................
..............................
::~ ::::: :::::b:86
..............................
...............................
..............................
...............................
..............................
Incept
-1.74
2.29 ....
:: ..............................
:0:55
Asset Allocation + Security Selection =Manager Contribution
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60
12
Village of Tequesta General Employees'
Pension Trust
' Asset Allocation Effect
' 5.00%
~ 4.00%
1 P
e 3.00%
r
' c 2.00%
e
n
t 1.00%
'
E
f 0.00%
f
t
e -1.00%
c
t
' -2.00%
3 00°/
° M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 SO6 DI
' Quarter Ending
Security Selection Effect
°
5.00 /o
' 4.00%
P
e 3.00%
' r
~ 2.00%
e
n
'
t 1.00%
E
0.00%
' f
e -1.00%
c
t
-2.00%
-3.00%
' M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 DI
Quarter Ending
~~ Quarterly Effect -- Cumulative Effect
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60
' 13
I t
Village of Tequesta General Employees'
Pension Trust
' Asset Allocation vs Targets
125.00°/
t 100.00% ------------------------ ---------------------------------------------------
t 75.00°/ -- -- -- -- -- -- -- -- -- - ------ ---- - ------- -------------------------------------------------------------
50.00% - -- ------- ---------- ---- ----- --------------- --- ---------------- -
'' 25.00°/ ---- ------- ------------ ------ ----- ---- - ------ ----
~'I ' 0.00% M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 06 J 6 S 6 D 6
Quarter Ending
~ Cash & Equiv -~ Target
~'
125.00%
' 100.00% - - -- -- ---- - - - - - - -- ---------- - - -- -- ---- - -- - ----- - -- -
--------------------------------------
' 75.00°/ ---- - --- - ---- - ------ - - -----
-- -- --
-- -- --
-------------------------------- -
50.00% - -- - - --- ---- --
25.00% - ---- - - - --------------- --------- ----- -------- -- -- -- -- -- ~- - -- -- -
' 0.00% 02 J 2 S 2 D 2 M03 J 3 S 3 D 3 M04 J04 S04 D04 M05 J05 S05 D05 M06 JO6 S06 D06
Quarter Ending
' ®Equity -~ Target
125.00%
t 100.00% -- - ------ ---------- - - --- --------- -- - - - - -
--------------------------------------------------------------------------------
---------------------------------------------------------------------------------
75.00% - - - - ----------------
50.00% - - -- --- - --
- --------------------- -- -- -- -- -- -- -- -- -- -
25.00% ------ ---- ------- -- - - ---
' 0.00% 02 J 2 S 2 D 2 03 J 3 S 3 D03 M04 J04 S04 D04 M05 J05 S05 D05 MO6 J06 S06 D06
Quarter Ending
^ Fixed Income ~ Target
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60
' 14
Village of Tequesta General Employees'
Pension Trust
Manager Contribution
5.00%
4.00%
3.00%
Ft 2.00%
e
t 1.00%
u
r 0.00%
n
-1.00%
-2.00%
-3.00%
v $
a
I $
u
e
--
t
02 J02 S02 D02 M03 JU3 SU3 UU3 MU4 JU4 SU4 UU4 nnv~ wo wo uvo rvivv wv aw v~
Quarter Ending
~ Quarterly Cumulative
Growth of $100 Fund vs Policy
Quarter Ending
^ Fund ^ Policyl
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60
15
Village of Tequesta General Employees'
Pension Trust
Quarterly Comparison Analysis ($)
Fund Policy Diff Nominal 8% Diff CPI + 3% Diff
End ng
Oct 2000 109 109 0 109 0 109 0
Dec 2000 115 115 0 116 -0 115 1
Mar 2001 125 125 -0 126 -1 125 -0
Jun 2001 126 126 -0 128 -2 127 -1
Sep 2001 148 148 -0 152 -4 149 -1
Dec 2001 173 173 -1 179 -6 173 -0
Mar 2002 205 205 -1 214 -9 208 -4
Jun 2002 228 229 -1 242 -13 235 -6
Sep 2002 244 245 -1 261 -17 252 -9
Dec 2002 268 270 -1 290 -22 278 -10
Mar 2003 298 299 -2 325 -27 314 -16
Jun 2003 312 314 -2 345 -33 329 -17
Sep 2003 16 18 -2 50 -35 34 -18
Dec 2003 353 355 -2 390 -37 372 -19
Mar 2004 394 395 -0 431 -37 414 -20
Jun 2004 415 419 -4 462 -47 445 -30
Sep 2004 439 440 -1 493 -55 471 -32
Dec 2004 489 491 -2 528 -39 501 -12
Mar 2005 520 517 2 572 -52 546 -26
Jun 2005 569 561 8 617 -48 588 -19
Sep 2005 595 582 13 639 -44 615 -20
Dec 2005 648 617 31 678 -30 640 8
Mar 2006 704 668 37 727 -22 691 14
Jun 2006 733 688 46 767 -33 733 1
Sep 2006 796 770 26 830 -35 786 9
Dec 2006 853 831 23 873 -20 813 40
All dollar values are shown in thousands.
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13105, $573,084.60
16
Village of Tequesta General Employees'
~' Trust
~ Pension
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
1
95 62
1
Mar 2002 0.33 0.44 -0.11 1.94 -1.61 . .
-
Jun 2002 0.34 0.44 -0.10 1.94 -1.60 1.44 -1.10
Sep 2002 0.34 0.43 -0.09 1.94 -1.60 1.34 -1.00
Dec 2002 0.32 0.39 -0.07 1.94 -1.62 0.74 -0.42
Mar 2003 0.20 0.30 -0.10 1.94 -1.74 2.55 -2.35
Jun 2003 0.19 0.28 -0.09 1.94 -1.75 0.44 -0.25
Sep 2003 0.12 0.25 -0.13 1.94 -1.82 1.54 -1.42
Dec 2003 0.16 0.24 -0.08 1.94 -1.78 0.24 -0.08
Mar 2004 2.08 1.68 0.40 1.94 0.14 2.35 -0.27
Jun 2004 -0.41 0.44 -0.85 1.94 -2.35 1.95 -2.36
Sep 2004 0.26 -0.34 0.60 1.94 -1.68 0.84 -0.58
Dec 2004 5.54 5.74 -0.20 1.94 3.60 0.94 4.60
Mar 2005 -0.40 -1.30 0.90 1.94 -2.34 2.35 -2.75
Jun 2005 2.71 1.66 1.05 1.94 0.77 1.44 1.27
Sep 2005 2.89 2.14 0.75 1.94 0.95 2.96 -0.07
Dec 2005 4.54 1.47 3.07 1.94 2.60 -0.26 4.80
Mar 2006 3.17 2.36 0.81 1.94 1.23 2.35 0.82
Jun 2006 0.49 -0.77 1.26 1.94 -1.45 2.35 -1.86
Sep 2006 1.81 4.67 -2.86 1.94 -0.13 0.74 1.07
Dec 2006 3.88 4.41 -0.53 1.94 1.94 0.04 3.84
Incept. 5.45 4.90 0.55 8.00 -2.55 5.45 0.00
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'
1 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 QuarterlBest 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/BetalR-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the
r-squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy.
Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the
return adjusting for beta. The higher the alpha, the better. R-squared measures the relationship between the policy and
the fund. A high r-squared means the returns of the fund can largely be explained by movements of the policy. The
higher the r-squared, the more reliable the alpha and the beta. R-squared may range from 0 to 100. Beta, alpha and
r-squared are derived from regression analysis using the fund and policy returns as the dependent and independent
variables respectively. Roughly, one would expect the fund's performance to equal the return of the policy multiplied by
the beta plus the alpha.
Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit
of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as
measured by beta. Both of these should be compared against the corresponding value for the policy. Higher numbers
are better, indicating more return for the level of risk that was experienced.
18
' Village of Tequesta General Employees'
Pension Trust
Risk Measures
Yr >:::
.. :: ~ia:iid:
......... :::: Folcj~: Qif#`
# of Ne ative Qtrs
9 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 4.96 4.00 0.96
Standard Deviation 4.84 4.29 0.55
Beta 0.86 1.00 -0.14
Annualized Alpha 2.14 0.00 2.14
R-Squared 0.57 1.00 -0.43
Sharpe Ratio 1.26 1.05 0.21
Treynor Ratio 7.08 4.51 2.57
Tracking Error 3.22 0.00 3.22
Information Ratio 0.49
6:Yr >Fund. : Fnlic.. D'iff
# of Negative Qtrs 2.00 3.00 1.00
# of Positive Qtrs 22.00 21.00 1.00
Batting Average 37.50 62.50 -25.00
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 3.56 3.11 0.45
Beta 0.88 1.00 -0.12
Annualized Alpha 0.81 0.00 0.81
R-Squared 0.59 1.00 -0.41
Sharpe Ratio 0.78 0.71 0.07
Treynor Ratio 3.16 2.22 0.94
Tracking Error 2.28 0.00 2.28
Information Ratio 0.25
5~'r .:::::::::::: :::::::::
Fisrid :
:.
:~::::Ptilac.`::
........Y.
: :: Dif#:
.
# 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 3.89 3.41 0.48
Beta 0.88 1.00 -0.12
Annualized Alpha 1.07 0.00 1.07
R-Squared 0.58 1.00 -0.42
Sharpe Ratio 0.88 0.78 0.10
Treynor Ratio 3.89 2.66 1.23
Tracking Error 2.50 0.00 2.50
Information Ratio 0.30
.:Incept ~ Fond : Poi[Gy . . ` :Dill.
# of Negative Qtrs 2.00 3.00 -1.00
# of Positive Qtrs 22.66 21.66 1.00
Batting Average 39.18 60.82 -21.64
Worst Qtr -0.41 -1.30 0.89
Best Qtr 5.54 5.74 -0.20
Range 5.95 7.04 -1.09
Worst 4 Qtrs 0.67 1.07 -0.40
Standard Deviation 3.51 3.07 0.44
Beta 0.88 1.00 -0.12
Annualized Alpha 0.79 0.00 0.79
R-Squared 0.59 1.00 -0.41
. Sharpe Ratio 0.77 0.70 0.07
Treynor Ratio 3.08 2.16 0.92
Tracking Enor 2.25 0.00 2.25
Information Ratio 0.24
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13/05, $573,084.60
I I '°
Village of Tequesta General Employees'
Pension Trust
Return vs Risk through December 31, 2006
s.oo°r°
~.oo°i°
6.00%
A
n
n
u
a 5.00%
~ LB Gov/Corp
Fund
z
e
d
R 4.00%
e
t
u
r
n
3.00%
S&P 500
2.00%
1.00°0 ~
6.00% 5.00% 10.00%
Risk (Annualized Std Dev)
Policy
Asset Allocation 100% MM until 1/31/2004, Dana started trading on 10/13!05, $573,084.60
20
3 Mo TBill
15.00%
20.00% ~
Village of Tequesta General Employees'
Pension Trust
Return vs Risk through December 31, 2006
3 Years
12.00%
11.00%
10.00%
9.00%
R 8.00%
e
t 7.00%
u 6.00%
r
n 5.00%
s
4.00%
3.00%
2 00°/
500
° 1.00% 3.00% 5.00% 7.00%
0.00% 2.00% 4.00% 6.00% 8.00%
Risk (Annualized Std Dev)
6 Years
6.50%
6.00%
5.50% LB Gov/Corp
~ Fund
R 5.00%
e
t 4.50%
u
r
n 4.00%
s
3.50%
i
3.00%
S&P 500
2.50°0
0.00°0 .0 % 10.00% 15.00% 20.00%
Risk (Annualized Std Dev)
5 Years
7.00%
6.50%
6.00% S&P 500
5.50% Fund
R 5.00% ~ ~ LB Gov/Corp
e
t 4.50%
u
r 4.00%
n
s 3.50%
3.00%
2.50% ~
3 Mo YBi I
2.00°0
.00% 5.00% 10.00% 15.00% 20.00%
Risk (Annualized Std Dev)
8.00%
7.00%
6.00%
R
e 5.00%
t
u
r 4.00%
n
s 3.00%
2.00%
1 00°
Inception
~ S&P 500
_i
~ LB Gov/Corp
~ Fund
~3 Md TBill
_ !
000% 5.00% 10.00% 15.00% 20.00%
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
10/01/2005-12/31/2006 60.00 S&P 500
40.00 Lehman Gov/Credit-Intermediate
First Objective: 10/31/2000-12/31/2006 Annual Return of 8.00%
Second Objective: 10/31/2000-12/31/2006 100.00 US Consumer Price Index
+ 3.00 annual adder
Universe Data: 60% Pure Lg Cap Core
10/31 /2000-12/31 /2003
O 1 /01 /2004-09/30/2005
10/01 /2005-12/31 /2006
& 40% High Quality Bd
100.00 Taxable Money Market
20.00 High Quality Bond
60.00 Pure Large Cap Core
20.00 Taxable Money Market
40.00 High Quality Bond
60.00 Pure Large Cap Core
22
Bogdahn Consulting, LLC.
CONTRIBUTIONS/WITHDRAWALS
Tequesta General
Combined Account
From 10-01-06 To 12-31-06
Tran Trade Settle
Code Date Date Security
CONTRIBUTIONS
li 10-06-06 10-06-06 Cash 4,677.15
ER
li 10-06-06 10-06-06 Cash 2,901.46
EE
li 10-23-06 10-23-06 Cash 4,777.08
ER
li 10-23-06 10-23-06 Cash 2,963.45
ER
li 11-03-06 11-03-06 Cash 5,329.25
ER
li 11-03-06 I1-03-06 Cash 3,305.99
EE
li 11-07-06 11-07-06 Cash 4,500.00
Wire transfer in
li I1-20-06 11-20-06 Cash 5,161.01
ER
G 11-20-06 11-20-06 Cash 3,201.62
EE
li 12-07-06 12-07-06 Cash 5,022.25
ER
li 12-07-06 12-07-06 Cash 3,115.54
EE
li 12-08-06 12-08-06 Cash 6,000.00
Wire transfer
li 12-19-06 12-19-06 Cash 9,300.00
Wu•e transfer
G 12-19-06 12-19-06 Cash 4,866.23
ER
li 12-19-06 12-19-06 Cash 3,018.75
EE
li 12-21-06 12-21-06 Cash 8,000.00
Wire transfer
76,139.78
WITHDRAWALS
l0 10-03-06 10-03-06 Cash 2,256.83
Check 1050
l0 10-10-06 10-10-06 Cash 120.00
Custodial activity fees
l0 10-11-06 10-11-06 Cash 78.80
Custodial market value fee
l0 11-07-06 11-07-06 Cash 10.00
Wire transfer fee
l0 11-07-06 11-07-06 Cash 4,500.00
Transfer to htdependent Community Bk for disbursement of misc expenses
l0 11-10-06 11-10-06 Cash 193.32
check 1054
to 11-15-06 11-IS-O6 Cash 1,252.47
Check 1053
l0 11-16-06 11-16-06 Cash 11.71
Check 1057
Amount Quantity
Broker
Code Commission
Bogdahn Consulting, LLC.
CONTRIBUTIONS/WITHDRAWALS
Tequesta General
Combined Account
From 10-O1-06 To 12-31-06
Tran Trade Settle Broker
Code Date Date Security Amount Quantity Code Commission
l0 11-16-06 11-16-06 Cash 839.20
Check 1052
to I1-20-06 11-20-06 Cash 771.11
Check 1055
l0 11-29-06 11-29-06 Cash 1,125.00
Check 1056
l0 12-08-06 12-08-06 Cash 10.00
Wire transfer fee
l0 12-08-06 12-08-06 Cash 6,000.00
Disbursement to Village of Tequesta Independent Community Bank
l0 12-14-06 12-14-06 Cash 1,117.68
Check 1059
l0 12-14-06 12-14-06 Cash 248.56
Check 1060
l0 12-14-06 12-14-06 Cash 62.14
Check 1061
l0 12-18-06 12-18-06 Cash 4,470.72
Check 1058
l0 12-19-06 12-19-06 Cash 10.00
Wire transfer fee
l0 12-19-06 12-19-06 Cash 9,300.00
Disbursement to Village of Tequesta independent Community Bank
l0 12-21-06 12-21-06 Cash 10.00
Wire transfer fee
Io 12-21-06 12-21-06 Cash 8,000.00
Disbursement to Village of Tequesta Independent Community Bank
l0 12-26-06 12-26-06 Cash 1,858.17
Check 1063
l0 12-27-06 12-27-06 Cash 7,432.70
Check 1062
EXPENSE ACCOUNTS
0.00
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
0.00
PORTFOLIO NET TOTAL 26,461.37
EXPENSE ACCOUNTS PAID BY CLIENT
0.00
2
Bogdahn Consulting, LLC.
PORTFOLIO APPRAISAL
Tequesta General
Combined Account
December 31, 2006
(Excluding Reinvested Divs.)
Unit Total Market Pct.
Quantity Security Cost Cost Price Value Gain/Loss Assets
DOMESTIC EQUITIES
Common Stock
Large Cap
200.000
AT&T Inc. /formally
26.00
5,199.52
35.75
7,150.00
1,950.48
0.8
90.000 AT&T Corp
Altria Group Inc/Philip
69.88
6,289.63
85.82
7,723.80
1,434.17
0.9
420
000 Morris
Applied Materials
17.36
7,289.50
18.45
7,749.00
459.50
0.9
.
160.000 BANK OF AMERICA 43.20 6,912.04 53.39 8,542.40 1,630.36 1.0
000
56 CORP
Bear Stearns Co.
103.95
5,821.34
162.78
9,115.68
3,294.34
1.1
.
70.000 Becton Dickinson & Co. 58.47 4,093.17 70.15 4,910.50 817.33 0.6
0
8
90.000 Burlington Northern 56.42 5,077.80 73.81 6,642.90 1,565.10 .
000
180 Santa Fe Corp.
CITGmup
45.27
8,148.03
55.77
10,038.60
1,890.57
1.2
.
94
000 Caterpillar Inc 54.20 5,094.82 61.33 5,765.02 670.20 0.7
.
170
000 Citigroup Inc. 45.88 7,799.60 55.70 9,469.00 1,669.40 1.1
.
000
120 Conocophillips 62.17 7,460.95 71.95 8,634.00 1,173.05 1.0
.
50
000 General Mills, Inc. 55.73 2,786.41 57.60 2,880.00 93.59 0.3
.
000
84 Hartford Finl Services 76.54 6,429.64 93.31 7,838.04 1,408.40 0.9
.
90.000 International Business 81.60 7,343.85 97.15 8,743.50 1,399.65 1.0
170.000 Machines
J.P. Morgan & Co.
42.36
7,201.07
48.30
8,211.00
1,009.93
1.0
000
109 Johnson & Johnson 63.53 6,924.86 66.02 7,196.18 271.32 0.8
.
95.000 Kimberly Clark Corp. 56.95 5,410.31 67.95 6,455.25 1,044.94 0.8
185.000 Leggett and Platt 24.91 4,608.07 23.90 4,421.50 -186.57 0.5
109.000 Marathon Oil 59.16 6,448.44 92.50 10,082.50 3,634.06 1.2
Corporation
149.000 Met Life Inc. 46.77 6,968.94 59.01 8,792.49 1,823.55 1.0
280.000 Motorola, Inc COM 20.02 5,606.30 20.56 5,756.80 150.50 0.7
92.000 PPG Industries 56.35 5,183.84 64.21 5,907.32 723.48 0.7
100.000 United Technologies 50.41 5,041.01 62.52 6,252.00 1,210.99 0.7
Corp.
180.000 Verizon 29.54 5,317.76 37.24 6,703.20 1,385.44 0.8
Communications
150.000 WACHOVIA CORP 48.75 7,312.79 56.95 8,542.50 1,229.71 1.0
COM
149.000 Wyeth Com 45.73 6,813.58 50.92 7,587.08 773.50 0.9
158,583.26 191,110.26 32,527.00 22.4
Mid Cap
180.000 AMDOCS LTD ORD 25.89 4,659.89 38.75 6,975.00 2,315.11 0.8
104.000 APACHE CORD COM 62.94 6,545.65 66.51 6,917.04 371.39 0.8
100.000 Eaton Corp. 59.33 5,933.02 75.14 7,514.00 1,580.98 0.9
125.000 Ensco Intl. 46.61 5,826.44 50.06 6,257.50 431.06 0.7
149.000 FISERV INC COM 44.75 6,667.29 52.42 7,810.58 1,143.29 0.9
80.000 Johnson Controls Inc. 65.49 5,239.59 85.92 6,873.60 1,634.01 0.8
Corn
140.000 MCKESSON HBOC 44.17 6,183.24 50.70 7,098.00 914.76 0.8
INC COM
160.000 Nordstrom Inc. 31.55 5,048.02 49.34 7,894.40 2,846.38 0.9
250.000 P P & L RES INC COM 30.22 7,554.76 35.84 8,960.00 1,405.24 1.0
100.000 Parker Hannifen Corp 77.43 7,743.43 76.88 7,688.00 -55.43 0.9
194.000 Pepsi Bottling Group Inc 27.48 5,331.08 30.91 5,996.54 665.46 0.7
160.000 Sempra Energy 44.26 7,082.04
i 56.04 8,966.40 1,884.36 1.1
Quantity Security
210.000 Supervalu Inc.
117.000 VF Cocpotation
130.000 Valero Energy Corp.
150.000 Welipoint Health
Networks Inc. NEW
Small Cap
180.000 Capital Bancorp Ltd
175.000 Cato Corp
220.000 Complete Production
Services
180.000 Diodeslnc
220.000 FP[C INS GROUP [NC
COM
206.000 Gardner Denver Machy
Inc.
332.000 Global Imaging System
Inc.
9.000 Idearc Inc.
188.000 Jarden Corp.
160.000 Komag Inc.
160.000 Mens Wearhouse Inc.
190.000 PW Eagle Inc.
l 17.000 Pantry Inc
139.000 Quest Diagnostics
150.000 Selective Insumace
Group Inc
170.000 Sierra Health Services
Inc.
270.000 TaLx Corp.
220.000 Wabtec
Dividend Receivable
Dividend Receivable-
Equities
INTERNATIONAL EQUITIES
Global Funds
Foreign
110.000 Central Europe &
Russia Fd Inc
189.000 IShares MSCI Australia
Index Fund
174.000 IShares MSCI Austria
Index Fund
67.000 IShares MSCI Brazil
Index Fund
322.000 IShares MSCI Japan
Index Fund
Bogdahn Consulting, LLC.
PORTFOLIO APPRAISAL
Tequesta General
Combined Account
December 31, 2006
(Excluding Reinvested Divs.)
Unit Total Market Pct.
Cost Cost Price Value Gain/Loss Assets
29.85 6,267.55 35.75 7,507.50 1,239.95 0.9
55.34 6,475.29 82.08 9,603.36 3,128.07 1.1
49.43 6,425.90 51.16 6,650.80 224.90 0.8
73.77 11,065.98 78.69 11,803.50 737.52 1.4
104,049.16 124,516.22 20,467.06 14.6
44.90 8,081.33 46.20 8,3!6.00 234.67 1.0
22.22 3,888.08 22.91 4,009.25 121.17 0.5
17.96 3,950.61 21.20 4,664.00 713.39 0.5
23.16 4,168.88 35.48 6,386.40 2,217.52 0.7
39.67 8,727.03 38.97 8,573.40 -153.63 1.0
33.37 6,873.85 37.31 7,685.86 812.01 0.9
19.79 6,571.03 21.95 7,287.40 716.37 0.9
23.34 210.05 2R.65 257.85 47.80 0.0
33.62 6,321.12 34.79 6,540.52 219.40 0.8
43.30 6,927.62 37.88 6,060.80 -866.82 0.7
39.06 6,249.52 38.26 6,121.60 -127.92 0.7
30.23 5,744.17 34.50 6,555.00 810.83 0.8
33.25 3,890.60 46.84 5,480.28 1,589.68 0.6
48.28 6,710.93 53.00 7,367.00 656.07 0.9
49.02 7,352.53 57.29 8,593.50 1,240.97 1.0
40.17 6,829.63 36.04 6,126.80 -702.83 0.7
26.11 7,049.97 27.45 7,411.50 36(.53 0.9
27.39 6,026.37 30.38 6,683.60 657.23 0.8
105,573.32 114,120.76 8,547.44 13.4
368,205.74 429,747.24 61,541.50 50.4
500.96 500.96 0.00 0.1
368,706.70 430,248.20 61,541.50 50.4
44.13 4,854.77 53.80 5,918.00 1,063.23 0.7
19.36 3,658.70 23.50 4,441.50 782.80 0.5
28.33 4,928.93 36.99 6,436.26 1,507.33 0.8
34.33 2,299.79 46.85 3,138.95 839.16 0.4
13.66 4,399.27 14.21 4,575.62 176.35 0.5
2
Bogdahn Consulting, LLC.
PORTFOLIO APPRAISAL
Tequesta General
Combined Account
December 31, 2006
(Excluding Reinvested Divs.)
Unit Total Market Pct.
Quantity Security Cost Cost Price Value Gain/Loss Assets
94.000 IShares MSCI Mexico 37.02 3,479.69 51.25 4,817.50 1,337.81 0.6
Index Fund
114.000 IShares MSCI 21.1 l 2,406.91 26.31 2,999.34 592.43 0.4
Netherlands Index Fund
92.000 IShares MSCI South 45.37 4,173.79 49.40 4,544.80 371.01 0.5
Korea Index Fund
189.000 IShares MSCI United 19.40 3,667.27 23.41 4,424.49 757.22 0.5
Kingdom Index Fund
82.000 Ishazes MSCI EAFE 61.33 5,028.74 73.22 6,004.04 975.30 0.7
Index Fund
148.000 (shares MSCI Sweden 23.20 3,432.97 32.28 4,777.44 1,344.47 0.6
Index Fund
89.000 Morgan Stanley India 39.40 3,506.27 50.82 4,522.98 1,016.71 0.5
Investments
141.000 New Ireland Fund Inc. 31.46 4,435.68 36.80 5,188.66 752.98 0.6
50,272.78 61,789.58 11,516.80 7.2
50,272.78 61,789.58 11,516.80 7.2
50,272.78 61,789.58 11,516.80 7.2
FIXED INCOME
Corporate Bonds
5,000 Carolina Power & Light 103.66 5,183.05 100.72 5,035.93 -147.12 0.6
6.800% Due OS-I 5-07
5,000 CIT Group Inc Series 100.02 5,001.24 99.15 4,957.55 -43.69 0.6
MTN
4.750% Due 08-15-08
5,000 CSX Corp 103.98 5,199.00 101.40 5,070.16 -128.85 0.6
6.250% Due 10-15-08
6,000 Deutsche Bank Financial 106.18 6,370.50 104.58 6,274.83 -95.67 0.7
7.500% Due 04-25-09
5,000 Target Corp. 102.15 5,107.25 100.57 5,028.38 -78.87 0.6
5.375% Due 06-15-09
5,000 Countrywide Home 101.91 5,095.25 100.81 5,040.42 -54.84 0.6
Loans Inc.
5.625% Due 07-15-09
5,000 International Lease 99.81 4,990.34 98.90 4,944.88 -45.47 0.6
5.000% Due 04-15-10
5,000 Capital One Bank Notes 102.76 5,137.75 101.61 5,080.49 -57.27 0.6
5.750% Due 09-15-]0
5,000 Lehman Brothers 99.07 4,953.60 99.09 4,954.58 0.98 0.6
Holdings Ser MTN
5.000% Due 01-14-11
5,000 Kohls Corp 106.08 5,304.10 103.12 5,155.79 -148.32 0.6
6.300% Due 03-01-11
5,000 Washington Mutual 100.07 5,003.25 100.15 5,007.73 4.48 0.6
5.500% Due 08-24-11
5,000 Bank One Corp. 104.10 5,205.05 102.03 5,101.29 -103.76 0.6
5.900% Due 11-15-11
5,000 Gannett Co 107.26 5,363.00 102.94 5,147.14 -215.86 0.6
6.375% Due 04-O1-12
5,000 SLM Corporation 100.07 5,003.65 98.26 4,912.95 -90.70 0.6
5.125% Due 08-27-12
3
Quantity Security
5,000 Avon Products
4.625% Due OS-15-13
5,000 Goldman Sachs Group
Inc
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 10-15-15
5,000 Home Depot Inc
5.400% Due 03-O1-16
5,000 Wachovia Bank
5.600% Due 03-15-16
Accrued Interest
Government Bonds
i 5,000 United States Treasury
4.000% Due 09-30-07
10,000 FHLB Series 580
4.125% Due 10-19-07
10,000 FHLMC
5.750% Due 04-15-08
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 01-15-09
10,000 FEDERAL HOME LN
MTG CORP
5.750% Due 03-I 5-09
10,000 UNITED STATES
TREAS NTS
5.500% Due OS-15-09
10,000 FNMA
5.375% Due 08-15-09
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 03-15-11
15,000 Fannie Mae
5.000% Due 10-15-11
15,000 U.S. Treasury Note
4.625%Due 10-31-I1
3,000 FHLMC
4.500% Due 01-] 5-13
Bogdahn Consulting, LLC.
PORTFOLIO APPRAISAL
Tequesta General
Combined Account
December 31, 2006
(Excluding Reinvested Divs.)
Unit Total Market Pct.
Cost Cost Price Value Gain/Loss Assets
96.70 4,834.80 95.05 4,752.61 -82.20 0.6
99.78 4,989.15 99.26 4,963.11 -26.04 0.6
99.26 4,962.75 98.65 4,932.74 -30.01 0.6
99.85 4,992.25 96.33 4,816.51 -175.74 0.6
98.69 4,934.60 97.80 4,890.23 -44.37 0.6
99.67 4,983.25 100.98 5,048.88 65.63 0.6
102,613.83 101,116.17 -1,497.67 11.8
1,534.94 0.2
102,613.83 102,651.10 -1,497.67 12.0
99.42 14,912.39 99.23 14,883.99 -28.40 1.7
99.27 9,926.50 99.13 9,912.50 -14.00 1.2
101.12 10,112.00 100.75 10,075.00 -37.00 L2
99.44 19,888.90 98.91 19,782.82 -106.08 2.3
101.57 5,078.55 100.13 5,006.25 -72.30 0.6
101.51 10,150.60 100.44 10,043.75 -106.85 1.2
101.53 10,153.00 101.53 10,153.13 O.13 l.2
101.70 10,169.53 101.67 10,167.19 -2.34 1.2
100.93 10,092.70 100.97 10,096.88 4.18 1.2
99.39 14,909.18 98.45 14,767.97 -141.22 1.7
100.07 5,003.70 99.38 4,968.75 -34.95 0.6
103.76 7,263.36 102.13 7,148.75 -114.61 0.8
]00.96 15,144.41 100.22 15,032.81 -111.60 1.8
100.40 15,059.34 99.64 14,945.51 -113.84 1.8
98.59 2,957.65 97.53 2,925.94 -31.71 0.3
4
Bogdahn Consulting, LLC.
PORTFOLIO APPRAISAL
Tequesta General
Combined Account
December 31, 2006
(Excluding Reinvested Divs.)
Unit Total Market Pct.
Quantity Security Cost Cost Price Value Gain/Loss Assets
10,000 United States Treasury 98.51 9,850.78 97.49 9,749.22 -101.56 1.1
Notes
4.250% Due 08-15-13
5,000 FHLMC 97.20 4,860.00 99.38 4,968.75 108.75 0.6
4.875%Due 11-15-13
8,000 FNMA 99.17 7,933.42 100.19 8,015.00 81.58 0.9
5.000% Due 04-15-15
5,000 US Treasury Note 98.01 4,900.63 96.77 4,838.28 -62.35 0.6
4.250% Due 08-15-15
5,000 US Treasury Note 102.61 5,130.66 103.00 5,150.20 19.54 0.6
5.125% Due OS-15-16
193,497.30 192,632.67 -864.63 22.6
Accrued Interest 2,392.97 0.3
193,497.30 195,025.64 -864.63 22.9
FHLMC
13,771 FHLMC Pool #C90939 97.42 13,416.01 99.45 13,694.89 278.8R l .b
5.500% Due 12-01-25
14,560 FHLMC Gold pool 99.44 14,478.11 101.15 14,726.81 248.69 1.7
#C90978
6.000% Due 07-01-26
27,894.12 28,421.70 527.58 3.3
Accrued Interest 135.92 0.0
27,894.12 28,557.62 527.58 3.3
FNMA
14,506 FNMA Pool #884093 99.08 14,372.73 100.68 14,604.68 231.95 l.7
6.000% Due OS-O1-36
Accrued Interest 14.51 0.0
14,372.73 14,619.19 231.95 1.7
338,377.98 340,853.55 -1,602.77 39.9
CASH & EQUIV.
Cash Accounts
Cash & Equiv.
Cash 9,431.92 9,431.92 0.00 1.1
9,431.92 9,431.92 0.00 1.1
Money Markets
11,170 Federated Treasury 1.00 11,169.63 1.00 11,169.63 0.00 1.3
Oblib. [SS Fund
11,169.63 11,169.63 0.00 1.3
20,601.55 20,601.55 0.00 2.4
TOTAL PORTFOLIO 777,9.59.02 853,492.87 71,455.52 100.0
5