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Home My WebLink AboutDocumentation_Pension Public Safety_Tab 02_02/05/2007BOGDAHN CONSULTING LLC. simplifying your investment decisions ii i~ Village of Tequesta PUBLIC SAFETY OFFICERS' PENSION PLAN i~ i~ i~ i~ i~ i~ i~ December, 2006 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 Public Safety Officers' Pension Trust Fund Rockwood Capital Advisors For the Period Ending December 31, 2006 Presented by: Bogdahn Consulting, LLC Village of Tequesta Public Safety Officers' Pension Trust Fund 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 UplDown Markets: This section shows how the fund performed in both up and down markets. The methodology is to segregate the performance for each time period into the quarters in which the market, as defined by the policy, was positive and negative. Quarters with negative policy returns are treated as down markets, and quarters with positive policy returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there might be 4 down quarters and 8 up quarters. Up market returns are calculated for the fund and the policy based on the up quarters. Down market returns are calculated for the fund and the policy based on the down quarters. The ratio of the fund's return in up markets to the policy's is the up market capture ratio. The ratio of the fund's return in down markets to the policy's is the down market capture ratio. Ideally, the fund would have a greater up market capture ratio than down market capture ratio. Village of Tequesta Public Safety Officers' Pension Trust Fund Executive Summary Investment I railing Keturns through December 31, 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 ~::: :: ~ d 8 fi3 ....................... ........................ ............. . . .... ~ ~ ~ 3.39 ............ ............ 5.83. ............ ............ ............ 7:U4 :: ......... ......... ......... ::::3:22: ............ ........... ............ ~:Oi4 :::: ............ ............. ............ :::::::::::::::::::::::::::::::::::::::::::::::x::::::1:70 ........................................................... ........................................................... ........................................................... . . . . ........................ ....................... F?oliCy . 1n ~8 ............ ............ ............ 710 ............ ............ :fi:27 ......... ......... S:f5 ........... ............ 5 70 ............. ............ 4.~:$:> : ........................................................... ........................................................... ::: ~ .::: :. :... 3:~1. #~ifiF: -.1,75 ~3 ~1 ,. ~~;44: X2:61 2.4;~ :. . ~2..1:?~:... ........... .. . 1:91.. :.::: >..: Calendar Year Returns 12/31/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ................................ ................................ Fk~~d . 3;46.. .......... ........... .. :8 63 : ............ ........... : 1.6D: ........... ........... 1a.;$~~ ........... ........... 10;73' ........... ........... 1p.~5 . .................................................... ..................................................... '`3:65 olicy :: 4:.15: :U:38 . .~. . 3.~4 . :;fi't: .. ~ ~ . .17..43 . ..... -8::74::. ...... .. -3 07 ::: Diff 0.69 =1.75 -5.51 3.28 -6.40 -2:41 -0.58 Returns in Up Markets 10/31 /2000 3 Yr 5 Yr fi Yr Incept ............................. ~ii~id . 1l1:7 ............. 8.fi ........... '~0:2: ............... 10:2. Policy `'.:: 1~0:~.. 1 J:9 ... . . x#4:7. ' 14::7 Ratio .::9$:4 81:7 gg:3. 89.3:: Inception date is October 31, 2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Rockwood assumed account on April 4th 2005 Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 6 Yr Incept ............................. ............................. %fiund .5.$ :: .............. .............. ~$:3: ........... ........... -i2:5 .............. ............... -1:2:3 .. I?o~~cy _ . .. .. . . 2 ~ ::: ~.. .. :..;:1.1:3 -14 Q' _. ,141 f~atici:... ,:.~.:.~..261::8.... .... X3:8..... ... 89:D.:. ....::. g7;t):. 2 Account Reconciliation village of Tequesta Public Safety Officers' Pension Plan Asset Allocation Through December 31, 2006 Equity 57% At Cost Equity 53% Fixed Income 37% Fixed Income 41% 3 At Market Cash &Equiv 6% Cash ~ Equiv 6% Village of Tequesta Public Safety Officers' Pension Trust Fund Universe Comparison Report Explanation The universe compares the fund's returns to a group of other investment portfolios, called a universe. Ideally the universe is comprised of many other investment funds with similar investment profiles. Comparisons are provided over many different time periods. Trailing Returns: This section focuses on longer term returns. It shows the cumulative time weighted returns and percentile rankings for the last 1 year, 2 years, 3 years, and so on up through 10 years if available. The returns for the fund, the policy and the universe percentiles are displayed. A percentile ranking of 1 is the best, and 100 is the worst. For example, a ranking of 50 means that the fund outperformed half of the universe. A ranking of 25 means the fund was in the top 25% of the universe, outperforming 75%. Above 50 is acceptable. Above 25 is excellent. High rankings over all time periods are ideal; however, it is more important to rank highly over the longer periods rather than the shorter periods. Calendar Year Returns: This section focuses on shorter periods and gauges the consistency of performance over time. It shows the calendar year returns for the fund, the investment policy and the universe percentiles. Each full year of performance represents the return from January 1st through December 31st. Ideally the fund has performed well in the earlier years and in the most recent years. Watch out for a trend toward underperformance in recent periods. Note the ' performance in different market environments. A high policy return indicates a bull market, and a low policy return indicates a bear market. All rates of return are annualized if the period for which theyare calculated exceeds one year. Village of Tequesta Public Safety Officers' Pension Trust Fund Universe Comparisons 55% Lg Cap Core, 35% Hg Quality Bd, 10% Cash i raping Keturns through December ~~, 1UUti 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr .._..... t=rind .. ; Return 6.99 5.99 8.63 3.39 5.83 7.04 3.22 2.04 -tile 91 79 81 100 86 100 90 72 ................... ................... oti P...cy ................... ................... ................ ............... ............... ................ ............ ............ ' :: ............ ............ ............ ............. :::::::::::: ............. ............ ............ ............ :::::::::::: ............ ............ ............ ............ :::::::::::: ............ ............ ............ ............ :::~::::::::: ............ ............ ............ ........... :::::::::::: ............ ............ ................................. .................................. : ::: ::::::: ................................. ................................. Return 8.95 8.17 10.38 7.10 7.27 9.65 5.70 4.18 -tile 57 43 69 78 63 76 51 16 ... ~Jni~ferse 5th %-tile 10.64 10.40 14.53 10.09 10.72 12.89 8.23 5.22 5.54 6.00 25th %-tile 9.78 8.70 12.40 9.01 9.39 11.86 6.77 3.61 3.46 4.89 50th %-tile 9.12 7.97 11.33 8.06 7.92 10.80 5.71 2.65 2.03 3.95 75th %-tile 8.22 6.62 9.66 7.20 6.50 9.67 4.35 1.83 1.31 3.36 95th %-tile 6.33 3.24 5.43 5.27 4.14 7.87 2.33 -0.76 -0.54 2.00 Calendar Year Returns Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 ............................................................................................................................................ ~i~s1d . Return 3.46 8.63 -1.60 10.89 10.73 -10.75 -3.65 -tile 97 81 100 1 100 75 53 ............................................................................................................................................ .... of ~Y . Return 4.15 10.38 3.91 7.61 17.13 -8.74 -3.07 -tile 87 69 47 31 38 34 39 .. Unlvers~ 5th %-tile 6.05 14.53 6.84 9.51 19.97 -5.87 1.25 9.41 17.93 21.51 25th %-tile 5.48 12.40 5.01 7.89 17.97 -8.22 -1.99 3.92 13.35 18.87 50th %-tile 5.06 11.33 3.82 6.88 16.67 -9.42 -3.54 -0.35 11.32 16.76 75th %-tile 4.61 9.66 3.14 5.59 15.04 -10.81 -4.81 -2.02 8.69 13.00 95th %-tile 3.73 5.43 1.46 4.08 12.76 -12.29 -7.54 -4.26 3.67 10.12 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 December 31, 2006 Rockwood assumed account on April 4th 2005 5 Village of Tequesta Public Safety Officers' Fixed Income Executive Summary Account Reconciliation 12/31 /2006 2006 10/31 /2000 Qtr YTD Incept ....................... ....................... Be~irirjirig: Value :: ....................... ................. ................... ................... :::::::::: ~~13:::: .. ................... .... . .......... ........... ::: ~1f4 : .. .......... ........... ................ ................ ::::::::::::~466: ................ ................ ...... ....................... ~i~let Flows : :::::::: ....................... ....................... ....................... .... .......... ................... :::::::: :::92::: ................... ................... ................... .......... : ::::1'12: .......... ........... .......... ................ :::::::::: $30 ................ ................ ................ ....................... ....................... ii~iesti~:en~:~fL :::: ................... ................... :::::::::::: 't:3: ........... .......... 42: ................ ................ ::::::::::222 Ertdfrig Value 1;31$ 'f,31~8 1,31,8 Investment Policy I railing Ketums through December 31, 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 ~~rid. ~ 3;6fl : ...:2:02.. 2.35. .. 2:68 3:~~. . .4;04.. ;: , :::..:... ...:..::. ..: ...::..:...........:....::.::5.36. f?oli~y 3 7T 3 Q6 3 ?#4: 3:75 5.16 : 5 y1 . ~. 618 pi~f ::.: ; .:--0::17.:: .~ :~1 04 : ... : ~1.{~9. . .. ~1:0T '1.~5. :. ~#}:77..: . ... ': ':.....:::..: <4.8~ Calendar Year Returns 12/31 /2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ................................. ................................ ~t~ ; . :. 1 _:08 ........... ........... :::3.60 ........... ........... ............ ............ 3::03 .......... ........... 3;4~~ :: ........... ........... x.(11%':: .................................................... .................................................... :::1:0:20': ` . : Pohcy > 't (}3 3.77 234 4:,21 4:68: 11.02: . .. ... 8:51: :: > : :::: . jiff :. U:fl5 017 4 88 1:.18 =1::fl3, 2:_01 1.69.: : . Returns in Up Markets 10/31 /2000 3 Yr 5 Yr 6 Yr Incept i=iisid ..:.. fi:2 7.8 8::~ 8:9 ,.... Policy ; ~:: 0:7 #:1 3 X0:6 ~ . . :.. 'I 1.1 Rat{o. :: 84.4 ' 68.6 78:8. ~9 ? Inception date is October 31, 2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 6 Yr Incept ........... ., Ratio.. , :.. ,. 60 3 .: ............................. .: 48:8 ............. 48,8:: .......... ; 46:8 ................ 6 ~ Village of Tequesta Public Safety Officers' Fixed Income ' Universe Comparisons High Quality Bond ' Trailing Returns through December 31, 2006 Return -tile 4.98 51 4.84 24 3.77 97 3.06 94 3.44 72 3.75 73 5.16 42 5.71 64 ............................................................................................................................................ ............................................................................................................................................ ..... .. nla~ers~ :: ::. 5th %-tile 7.11 5.61 7.76 6.18 6.45 7.54 7.47 8.13 8.24 6.94 25th %-tile 5.94 4.81 6.25 4.59 4.71 5.10 5.52 6.54 6.85 5.98 50th %-tile 5.00 4.53 5.64 4.14 4.12 4.45 4.99 6.03 6.38 5.59 75th %-tile 3.61 4.00 4.98 3.57 3.35 3.63 4.36 5.34 5.62 5.03 95th %-tile 2.72 3.12 3.85 2.96 2.68 2.65 3.19 4.15 4.57 4.17 Calendar Year Returns Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 ~i~ttici Return 1.08 3.60 0.46 3.03 3.65 9.01 10.20 -tile 100 99 100 62 61 32 3 ............................................................................................................................................ b icy: . Return 1.03 3.77 2.34 4.21 4.68 11.02 8.51 -tile 100 97 29 34 35 4 21 ... Uiilver~e 5th %-tile 3.71 7.76 3.37 6.19 11.51 10.87 9.85 12.37 4.61 9.45 25th %-tile 2.83 6.25 2.41 4.54 5.34 9.37 8.40 10.90 1.75 8.34 50th %-tile 2.46 5.64 2.00 3.69 4.04 7.98 7.81 9.56 -0.45 7.26 75th %-tile 1.86 4.98 1.57 2.13 2.90 5.51 7.00 7.70 -1.46 6.33 95th %-tile 1.32 3.85 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. Retums for periods exceeding one year are annualized. Incept is October 31, 2000 to December 31, 2006 7 r ' Village of Tequesta Public Safety Officers' Equity ~ Executive Summary Account Reconciliation 12/31 /2006 2006 10/31 /2000 Qtr YTD Incept ...................... ....................... ~egirrrirrigV~lue :: ...................... ....................... .................... .................... ::::::::::1;829:: .................... ...... ... ........... ........... :: a;6(#t : ........... ........... ............... ............... :::: :::':$~$: .... ............... ............... ...................... ....................... ~Iet Fl+ows::: ...................... ...................... .............. . . ........... .................... .................... 83 .................... .................... ........... ........... 193:: ........... ........... ...... ............... ............... :::~::::: 994 ............... ............... ......... . .. .. .. .. ....................... irmrestrrient:~GfL: `:: .................... .................... :: ":: :::::10~ ..... ........... ~19:: . .. ............... ::::::::::~61: £rid:i ag Valui~ 2;013 2,{31:3 : ::::::: ~a Investment Policy Trailing Returns through December 31, 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 iET: ~ ::::::::..:::... ~ d 12.87.: :: ~:'l: :::: 0 ... : 8:5U :: . ......... ::1:(3:88: ........... 9:9~ :: .......... :: -0::91 :::::::::::::: ....................... ::::: `:::::::::::: :~:: :::::::::::::::::::~ ~ : - ....... ..................................x..74. Pofi~ji 15:8{3 10:22 ` 1044:: : ;:.14:74 619: 2:94 `::::: '1.58 :': #~iff ;:: -2:93:. ':':'~M :~~' .':':':' .... 8.1.2.... .'.'r :~ ~ ':':'. .. 't.9~4... ':'.'Y :~~' . ..3.88 ~:2t3 . ~ 85 ` .::: ~ . :::. > :< ..:::: 3:3 Calendar Year Returns 12/31 /2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ............. Fold ............. ................... 5.:4.1. ................... ........... 1:2 87 . ............ .......... 3:99: ......... ............ 17:;$8 ............. ........... 1$:33 .......... ............ .-2T-28 ' ............ .................................................... -1:3.87: .................................................... ............. ............. Pohcy ................... ................... . . . ~6::7a:: ........... ............ 1:580 .......... ......... 9~: ............ ............. 0;88 ........... ........... . ............ ........... .................................................... .................................................... ........ <:: Qit~ . . ;:. =x::29 =2 93:. . =$.9U' . ?:00 ='10..35; . : -5.18 =1.99 ; ,..:. . Returns in Up Markets 10/31 /2000 3 Yr 5 Yr 6 Yr Incept ............. ~t~t1d ................. ~ . 17.:1 :: ............ '#3:2 .............. 36.:7` ............ 16:7:: $?QtICy 17,0 22 9 24. ~ 24;6 I Ratio:. ~ 00:4 57 9 67 8 67.8 II Inception date is October 31, 2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 6 Yr Incept ........................... ............................ 1=iiild ,:10:4 ............... .............. : 20:3 : ............ ............ -2$.5 .............. ............... ,28.$: t?'41'i~i -5 4 ~2~:~ 4Z9.7:.. >3Q.3. f~atio '193 5 83.:1 98 4.: ' g3,8. 8 ~ Village of Tequesta Public Safety Officers' Equity Universe Comparisons ~ Broad Large Cap Growth i raping rceturns tnrougn uecemder ~~ , luuti ............................................................................................................................................ ............................................................................................................................................ R ICy ........................................................... .. Return 12.74 11.12 15.80 10.22 10.44 14.74 6.19 2.94 -tile 10 3 1 14 13 13 6 3 aJriu~rse. :. :... . 5th %-tile 13.29 10.70 14.93 11.59 11.71 15.86 6.32 2.84 4.04 6.22 25th %-tile 11.05 8.25 12.57 9.34 9.33 13.59 4.54 1.37 0.35 3.03 50th %-tile 9.54 4.60 8.05 7.45 7.55 11.85 3.02 -0.52 -2.12 1.59 75th %-tile 7.56 2.22 4.95 5.96 6.19 10.73 1.69 -2.84 -4.06 0.07 95th %-tile 4.95 -0.34 0.00 3.93 3.98 8.30 0.30 -6.38 -7.11 -5.17 Calendar Year Returns .... .:.:.:........ . 0 ... Return 6.70 15.80 4.91 10.88 28.68 -22.10 -11.88 -tile 25 1 73 27 39 22 10 ~. . Urilverse 5th %-tile 8.52 14.93 15.98 17.21 40.85 -15.79 -9.94 -0.22 66.15 50.95 25th %-tile 6.67 12.57 10.65 11.08 31.14 -22.77 -14.91 -7.14 43.89 37.77 50th %-tile 5.75 8.05 7.27 8.09 27.09 -25.90 -19.23 -11.77 32.72 31.70 75th %-tile 4.82 4.95 4.64 5.59 24.31 -29.82 -23.97 -17.62 24.68 25.56 95th %-tile 3.81 0.00 1.30 2.15 20.51 -34.42 -32.11 -26.13 15.29 14.10 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 December 31, 2006 9 ~ Village of Tequesta Public Safety Officers' Pension Trust Fund ~' U Market Returns 20.00% P 15.00% - ----- 10.00% ----- -- --- 5.00% ------ --- --- t 0.00% Fund (%) ' Policy (%) Difference (%) Ratio ' # Up Qtrs t 3 Yr 5 Yr 6 Yr 10.73 8.59 10.18 10.90 13.92 14.69 -0.17 -5.33 -4.51 98.44 61.71 69.30 9.00 14.00 16.00 Down Market Returns 0.00% ' -5.00% 10.00% ------------ ' -15.00% ' Fund (%) Policy (%) Difference (%) ' Ratio # Down Qtrs r 3 Yr -5.76 -2.20 -3.56 261.82 3.00 5 Yr 6 Yr -8.30 -12.48 -11.25 -14.03 2.95 1.55 73.78 88.95 6.00 8.00 ' ^ Fund (%) ~ Policy (%) Rockwood assumed account on April 4th 2005 10.18 14.69 -4.51 69.30 16.00 -12.29 -14.12 1.83 87.04 8.66 10 Village of Tequesta Public Safety Officers' Pension Trust Fund Objective Comparison v a I u e Inception date is October 31, 2000 All dollar values are shown in thousands. Rockwood assumed account on April 4th 2005 11 VVI IVIVL JUL JVL VVL IVIVJ JVJ JVJ VVJ MV4 JU4 JV4 VV4 MUD JVD JVD UUD MUD JUd JUD UUD Quarter Ending ^ Fund ,~ Policy ~ Nominal 8% [J CPI ~ 3% Village of Tequesta Public Safety Officers' Pension Trust Fund ' Attributions of Returns Report Explanation Performance attribution concentrates on evaluating the effect of the manager's decisions on asset allocation and security selection. This allows the investor to see whether the manager is adding value by adjusting the actual asset allocation or by picking individual securities. This information is valuable in helping determine the amount of freedom that might be ' given to the manager in regard to asset allocation ranges. The result of these skills are shown for multiple time periods. The top section shows the returns for both the account and the investment policy and the results of the manager's contribution. The fund's return is thus attributed to the policy and the manager. The bottom section divides the manager's contribution into two components: asset allocation and security selection. The asset allocation effect measures the value that was added by varying the actual asset allocation from the target allocation. This is done by assuming investments, in amounts equal to the actual asset allocation weights, were made in the policy's indices so that security selection has no effect. The difference between this return and the policy's return is the asset ' allocation effect. The security selection is the remainder of the manager's contribution that is not explained by asset allocation. 12 Village of Tequesta Public Safety Officers' Pension Trust Fund Attribution of Returns Attribution of Performance to show Manager Contribution Policy :: :::11~Ianager:Car}friti~tioi:: Fund Current Quarter 4.15 : . . . . :: ':::::::::: =4;89 ................................. .................................. ................................. .................................. 3.46 ear to Date 0.38 . . . . . : . . . . . ................................. .................................. ................................. .................................. ................................. :::::::::::::::::::::::::::~1:7~ : ................................. .................................. ................................. .................................. ................................. .63 3 Years 7.27 : : X1::44 5.83 5 Years 5.70 . . . ;: ;: ::::::: ::=2:48: .. .................................. .................................. ................................. 3.22 6 Years 4.18 : : =2:7:x:: 2.04 Incept 3.61 =1::91::: 1.70 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Security Selection .. ... :: ................................ ................................ 111ia~i~g~t Cbrteibiuti~bti: Current Quarter -2.00 1.31 =Q:!69: Year to Date -5.19 3.44 =1::7'5:: 3 Years -3.58 2.14 1:;~t4:: 5 Years -2.72 0.24 : ': .. ... .. ... .. ::< : ::::: :::~2:4$ ................................ ................................ ................................ ................................ ................................ 6 Years -2.06 -0.08 x$:'34 Incept -1.85 -0.06 ::: :::::::::: =1::91::: Asset Allocation + Security Selection =Manager Contribution Rockwood assumed account on April 4th 2005 13 ~ Village of Tequesta Public Safety Officers' Pension Trust Fund ' Asset Allocation Effect ' 15.00% p 10.00% e r ' c e 5.00% n t E 0.00% f e C -5.00% t 10 00°/ ° M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 [ Quarter Ending Security Selection Effect ° 15.00 /o p 10.00% e ' r c e 5.00% n ' t E 0.00% ' f f e c -5.00% ' t -10 00°/ ' ° M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 JO6 S06 C Quarter Ending ' ~ Quarterly Effect - Cumulative Effect Rockwood assumed account on April 4th 2005 ' 14 Village of Tequesta Public Safety Officers' Pension Trust Fund Asset Allocation vs Targets 70. 50. 30. 20. 10. M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 Quarter Ending ~ Cash & Equiv ~ Target 1 Rockwood assumed account on April 4th 2005 15 MUZ JVZ JUZ UVL MU3 JV3 JVJ VVJ rvIV9 JV9 Jvv vvr mv.~ av.i vv.' vv..r mvv ovv .+vv vvv Quarter Ending ~ Equity ~ Target MUZ JU"L JU"L UUL MU3 JU3 JV3 UU3 MU4 JU4 JU4 UV4 MVO JvO avO uvO MuO JuO avo vuO Quarter Ending ^ Fixed Income ~ Target ' 10.00% 5.00% ' R e t 0.00% u r n ' -5.00% 10 00°/ Village of Tequesta Public Safety Officers' Pension Trust Fund Manager Contribution ° M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 SO6 DO6 Quarter Ending ~ Quarterly Cumulative Growth of $100 Fund vs Policy $15 -- $14 - - - _ -- - _ ---- - - - _ - - v -~ __ t $12 - - - - - -- - - p - - - - - t~`- --- - -- - -- - a o ~_ u $11 ^ - -~ ~- -- - ' e ~° $9 ~ . ~ Q' ' $$ D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 Quarter Ending ' ^ Fund ^ Policy Rockwood assumed account on April 4th 2005 ' 16 ~ Village of Tequesta Public Safety Officers' Pension Trust Fund Quarterly Comparison Analysis ($) Fund Policy Diff Nominal 8% Diff CPI + 3% Diff End ng Oct 2000 1, 579 1, 579 0 1, 579 0 1, 579 0 Dec 2000 1,555 1,540 16 1,603 -48 1,590 -35 Mar 2001 1,459 1,480 -21 1,658 -199 1,645 -186 Jun 2001 1,527 1,539 -12 1,697 -170 1,682 -156 Sep 2001 1,466 1,461 5 1,755 -289 1, 723 -257 Dec 2001 1, 579 1, 573 6 1,813 -234 1, 745 -165 Mar 2002 1,573 1,614 -42 1,889 -316 1,819 -247 Jun 2002 1,624 1,597 27 2,014 -390 1,934 -310 Sep 2002 1,636 1,559 77 2,145 -509 2,051 -415 Dec 2002 1,629 1,659 -30 2,202 -573 2,081 -453 Mar 2003 1,672 1,683 -11 2,288 -616 2,178 -506 Jun 2003 1,776 1,881 -105 2,366 -591 2,222 -446 Sep 2003 1,972 2,055 -84 2,562 -590 2,405 -433 Dec 2003 2,086 2,235 -150 2,654 -568 2,453 -368 Mar 2004 2,202 2,316 -114 2,741 -539 2,546 -344 Jun 2004 2,225 2,332 -107 2,814 -589 2,616 -391 Sep 2004 2,407 2,508 -102 3,039 -632 2,808 -401 Dec 2004 2,600 2,686 -87 3,141 -541 2,877 -277 Mar 2005 2,507 2,689 -182 3,241 -734 2,984 -477 Jun 2005 2,587 2,797 -210 3,357 -770 3,080 -492 Sep 2005 2,864 3,034 -169 3,611 -747 3,360 -496 Dec 2005 2,910 3,149 -239 3,752 -842 3,422 -512 Mar 2006 3,027 3,258 -231 3,869 -843 3,547 -520 Jun 2006 3,039 3,275 -236 3,985 -947 3,671 -632 Sep 2006 3,345 3,628 -284 4,263 -919 3,897 -553 Dec 2006 3,540 3,859 -318 4,425 -885 3,977 -437 All dollar values are shown in thousands. Rockwood assumed account on April 4th 2005 17 iil , ~ Village of Tequesta Public Safety 4fFicers' Pension Trust Fund Quarterly Comparison Analysis (%) Fund Policy Diff Nominal 8% Diff CPI + 3% Diff End ng Mar 2001 -7.63 -5.35 -2.28 1.94 -9.57 1.95 -9.58 Jun 2001 4.16 3.49 0.67 1.94 2.22 1.85 2.31 Sep 2001 -5.55 -6.60 1.05 1.94 -7.49 0.94 -6.49 Dec 2001 6.03 5.94 0.09 1.94 4.09 -0.16 6.19 Mar 2002 -2.92 0.08 -3.00 1.94 -4.86 1.95 -4.87 Jun 2002 -2.19 -6.22 4.03 1.94 -4.13 1.44 -3.63 Sep 2002 -4.74 -7.81 3.07 1.94 -6.68 1.34 -6.08 Dec 2002 -1.33 5.46 -6.79 1.94 -3.27 0.74 -2.07 Mar 2003 -0.00 -1.13 1.13 1.94 -1.94 2.55 -2.55 Jun 2003 4.15 9.63 -5.48 1.94 2.21 0.44 3.71 Sep 2003 2.61 1.35 1.26 1.94 0.67 1.54 1.07 Dec 2003 3.62 6.62 -3.00 1.94 1.68 0.24 3.38 Mar 2004 3.89 2.04 1.85 1.94 1.95 2.35 1.54 Jun 2004 0.15 -0.15 0.30 1.94 -1.79 1.95 -1.80 Sep 2004 0.36 0.25 0.11 1.94 -1.58 0.84 -0.48 Dec 2004 6.19 5.36 0.83 1.94 4.25 0.94 5.25 Mar 2005 -5.01 -1.34 -3.67 1.94 -6.95 2.35 -7.36 Jun 2005 1.07 2.04 -0.97 1.94 -0.87 1.44 -0.37 Sep 2005 3.41 1.74 1.67 1.94 1.47 2.96 0.45 Dec 2005 -0.88 1.46 -2.34 1.94 -2.82 -0.26 -0.62 Mar 2006 2.49 2.05 0.44 1.94 0.55 2.35 0.14 Jun 2006 -0.94 -0.72 -0.22 1.94 -2.88 2.35 -3.29 Sep 2006 3.41 4.61 -1.20 1.94 1.47 0.74 2.67 Dec 2006 3.46 4.15 -0.69 1.94 1.52 0.04 3.42 Incept. 1.70 3.61 -1.91 8.00 -6.30 5.45 -3.75 Returns for periods exceeding one year are annualized. Rockwood assumed account on April 4th 2005 18 Village of Tequesta Public Safety Officers' Pension Trust Fund 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 QuarterlRange: 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. AlphalBeta/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. 19 ~ Village of Tequesta Public Safety Officers' Pension Trust Fund Risk Measures ............................ ~ Yr:: : ............ >:: ::Fu iii: . ............ :: po~c~r: .. ............ :: ::::Dif€ .. # of Negative Qtrs 3.00 3.00 0.00 # of Positive Qtrs 9.00 9.00 0.00 Batting Average 50.00 50.00 0.00 Worst Qtr -5.01 -1.34 -3.67 Best Qtr 6.19 5.36 0.83 Range 11.20 6.70 4.50 Worst 4 Qtrs -1.60 3.91 -5.51 Standard Deviation 6.44 4.04 2.40 Beta 1.38 1.00 0.38 Annualized Alpha -2.76 0.00 -2.76 R-Squared 0.73 1.00 -0.27 Sharpe Ratio 0.44 1.06 -0.62 Treynor Ratio 2.06 4.28 -2.22 Tracking Error 3.67 0.00 3.67 Information Ratio -0.39 ............................ .... 5 ~'r ::::::: ::::::::::: ............ ~:::~~tsr~:d: :......... ............ ::::Ptilic:: .y. ............. Dif# .......... . # of Negative Qtrs 8.00 6.00 2.00 # of Positive Qtrs 12.00 14.00 -2.00 Batting Average 50.00 50.00 0.00 Worst Qtr -5.01 -7.81 2.80 Best Qtr 6.19 9.63 -3.44 Range 11.20 17.44 -6.24 Worst 4 Qtrs -10.75 -9.84 -0.91 Standard Deviation 5.94 6.55 -0.61 Beta 0.63 1.00 -0.37 Annualized Alpha -1.14 0.00 -1.14 R-Squared 0.48 1.00 -0.52 Sharpe Ratio 0.15 0.51 -0.36 Treynor Ratio 1.38 3.35 -1.97 Tracking Error 4.90 0.00 4.90 Information Ratio -0.51 ............................ 6:Yr ............ Fund:. ............ : Policy ............ Diff: # of Negative Qtrs 10.00 8.00 2.00 # of Positive Qtrs 14.00 16.00 -2.00 Batting Average 54.17 45.83 8.34 Worst Qtr -7.63 -7.81 0.18 Best Qtr 6.19 9.63 -3.44 Range 13.82 17.44 -3.62 Worst 4 Qtrs -10.75 -9.84 -0.91 Standard Deviation 6.56 7.30 -0.74 Beta 0.69 1.00 -0.31 Annualized Alpha -1.59 0.00 -1.59 R-Squared 0.59 1.00 -0.41 Sharpe Ratio -0.09 0.21 -0.30 Treynor Ratio -0.87 1.54 -2.41 Tracking Error 4.76 0.00 4.76 Information Ratio -0.45 ............................ Irce}it :: ............ ftsnii: ............ Policy ............. pif#: # of Negative Qtrs 10.66 8.66 2.00 # of Positive Qtrs 14.00 16.00 -2.00 Batting Average 55.40 44.60 10.80 Worst Qtr -7.63 -7.81 0.18 Best Qtr 6.19 9.63 -3.44 Range 13.82 17.44 -3.62 Worst 4 Qtrs -10.75 -9.84 -0.91 Standard Deviation 6.73 7.39 -0.66 Beta 0.71 1.00 -0.29 Annualized Alpha -1.58 0.00 -1.58 R-Squared 0.61 1.00 -0.39 Sharpe Ratio -0.15 0.12 -0.27 Treynor Ratio -1.46 0.87 -2.33 Tracking Error 4.73 0.00 4.73 Information Ratio -0.40 ' Rockwood assumed account on April 4th 2005 20 Village of Tequesta Public Safety Officers' Pension Trust Fund Return vs Risk through December 31, 2006 s.oo°i° 7.oo°i° s.oo°r° A n n u a 5.00% z e d R 4.00% e t u r n 3.00% 2.00% 1.00%00% 5.00% 10.00% Risk (Annualized Std Dev) Policy 15.00% Rockwood assumed account on April 4th 2005 20.00% 21 Village of Tequesta Public Safety Officers' Pension Trust Fund 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% 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 ov/Corp 5.00% R e 4.50% t r 4.00% n s 3.50% 3.00% ~ S&P 500 2.50% ~ 3 Mo TBill 2 00° . 0 6.00% 5.00% FuR~.00% 15.00% 20.00% Risk (Annualized Std Dev) 7.00% 6.50% 6.00% 5.50% R 5.00% e t 4.50% u r 4.00% n s 3.50% 3.00% 2.50% 2.00%00% 8.00% 7.00% 6.00% R e 5.00% t u r 4.00% n s 3.00% 2.00% 1.00° o .00% 5.00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) 5 Years 5.00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) Inception Policy Rockwood assumed account on April 4th 2005 22 Village of Tequesta Public Safety Officers' Pension Trust Fund Policy: 10/31/2000-12/31/2006 55.00 S&P 500 35.00 Lehman Gov/Credit Bond 10.00 Citigroup Treasury Bill - 3 Month 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: 55% Lg Cap Core, 35% Hg Quality Bd, 10% Cash 10/31/2000-12/31/2006 35.00 High Quality Bond 55.00 Pure Large Cap Core 10.00 Taxable Money Market 23 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors From 10-O1-06 To 12-31-06 Tran Trade Settle Code Date Date Security Amount Quantity CONTRIBUTIONS li 10-06-06 10-06-06 Cash 6,394.57 ER li 10-06-06 10-06-Ob Cash 3,451.77 EE L 10-06-06 10-06-06 Cash 296.11 ER li 10-06-06 10-06-06 Cash 179.80 EE li 10-12-06 10-12-06 Cash 18,971.37 State of Florida contribution for 2005 li 10-23-06 10-23-06 Cash 6,760.47 ER L 10-23-06 10-23-06 Cash 3,673.90 EE L 11-03-06 I1-03-06 Cash 7,457.05 ER li I1-03-06 11-03-06 Cash 4,082.35 EE L 11-20-06 11-20-06 Cash 7,906.86 ER li 11-20-06 11-20-06 Cash 4,270.12 EE L 12-07-06 12-07-06 Cash 8,615.52 ER li 12-07-06 12-07-06 Cash 4,709.66 EE li 12-11-06 12-I1-06 Cash 67.67 Reversal of cash disbursement L 12-19-06 12-19-06 Cash 6,809.99 ER li 12-19-06 12-19-06 Cash 3,773.10 EE 87,420.31 WTI'HDRAWALS l0 10-11-06 10-11-06 Cash 520.37 Custodial fee to ]0-11-06 10-11-06 Cash 300.00 Custodial activity fee l0 10-19-06 10-19-06 Cash 3,356.80 Fiduciary Lability insurance l0 10-31-06 10-31-06 Cash 23.41 Foreign tax on Canadian Pacific Railway dividend l0 11-17-06 11-17-06 Cash 2,000.00 BC for period ending 9/30/06 to ] I-17-06 11-17-06 Cash 67.67 Reimbursement to Village of Tequesta for shipping pension documents l0 12-11-06 12-11-Ob Cash 67.67 Disbursement replacement to Village of Tequesta Broker Code Commission Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta PSO Custodian- Salem Trust Rockwood Capital Advisors From 10-01-06 To 12-31-06 Tran Trade Settle Code Date Date Security Amount Quantity l0 12-18-06 12-18-06 Cash 1,639.02 Lump sum distribution to Robert Neier l0 12-18-06 12-18-06 Cash 409.76 W/I-I tax on lump sum distribution to Robert Neier l0 12-26-06 12-26-06 Cash 787.00 Attorney fees to Hanson, Perry & Jensen 9,171.70 EXPENSE ACCOUNTS 0.00 AFTER FEE PERFORMANCE EXPENSE ACCOUNTS dp I 1-17-06 11-17-06 Administration Fee 4,436.94 Quarterly management fee to Rockwood Capita] 4,436.94 PORTFOLIO NET TOTAL 73,811.67 EXPENSE ACCOUNTS PAID BY CLIENT AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PAID BY CLIENT 0.00 0.00 GRAND TOTAL 73,811.67 Broker Code Commission 2 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL ' Vllage of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors ' 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 ' 1,100.000 Anheuser-Busch Cos. 46.99 51,693.95 49.20 54,120.00 2,426.05 1.5 Inc. 570.000 BOEING CO COM 58.58 33,389.12 88.84 50,638.80 17,249.68 1.4 800.000 Colgate Palmolive 64.86 51,886.96 65.24 52,192.00 305.04 1.5 ' 1,400.000 ECHOSTAR 36.37 50,921.22 38.03 53,242.00 2,320.78 1.5 COMMNTNS NEW CL A 1,300.000 Federated Dept. Stores 41.34 53,737.71 38.13 49,569.00 -4,168.71 1.4 1,060.000 Heinz H J Company 42.21 44,741.75 45.01 47,710.60 2,968.85 1.3 1,385.000 Hewlett Packard Co 32.33 44,770.40 41.19 57,048.15 12,277.75 1.6 1,100.000 J.P. Morgan & Co. 46.98 51,672.83 48.30 53,130.00 1,457.17 I.5 1,350.000 Kraft Foods 32.61 44,020.40 35.70 48,195.00 4,174.60 1.4 610.000 Lockheed Martin Corp. 59.24 36,136.40 92.07 56,162.70 20,026.30 l.b ' 1,530.000 Loews Corp. 23.82 36,448.68 41.47 63,449.10 27,000.42 1.8 1,050.000 PG & E Corp. 34.97 36,721.55 47.33 49,696.50 12,974.95 1.4 900.000 Praxair Inc. 62.52 56,267.73 59.33 53,397.00 -2,870.73 t.5 1,720.000 Safeway Inc. COM 22.29 38,341.72 34.56 59,443.20 21,101.48 1.7 1,265.000 Texas Instruments 33.58 42,483.38 28.80 36,432.00 -6,051.38 1.0 673,233.80 784,426.05 111,192.25 22.2 Mid Cap ' 1,300.000 Alliant Energy Corp 38.94 50,616.67 37.77 49,101.00 -1,515.67 1.4 970.000 Apartment Inventory & 38.98 37,805.94 56.02 54,339.40 16,533.46 1.5 Management Co - Reit 795.000 BRE Properties 57.15 45,433.53 65.02 51,690.90 6,257.37 1.5 610.000 Brown Forman Corp. 74.52 45,457.69 66.24 40,406.40 -5,051.29 l .l ' Class B 3,540.000 El Paso Corp 10.38 36,744.85 15.28 54,091.20 17,346.35 1.5 960.000 F[SERV INC COM 43.76 42,009.98 52.42 50,323.20 8,313.22 1.4 1,305.000 HCC Insurance 28.05 36,603.42 32.09 41,877.45 5,274.03 1.2 ' Holdings Inc Com 985.000 Henry Schein Inc. 45.52 44,840.94 48.98 48,245.30 3,404.36 1.4 1,300.000 INTERNATIONAL 42.28 54,961.14 46.20 60,060.00 5,098.86 1.7 GAME TEC COM 1,250.000 McCormick & Co Inc 35.29 44,115.50 38.56 48,200.00 4,084.50 1.4 680.000 NYSE Group Inc. 66.09 44,941.61 97.20 66,096.00 21,154.39 1.9 1,400.000 P P & L RES INC COM 33.44 46,812.64 35.84 50,176.00 3,363.36 1.4 1,150.000 Price T Rowe Assoc Inc 33.76 38,819.00 43.77 50,335.50 11,516.50 1.4 1 Com 300.000 Sears Holdings Corp 151.84 45,552.30 167.93 50,379.00 4,826.70 1.4 590.000 Simon PPTY Group Inc. 62.30 36,757.00 101.29 59,761.10 23,004.10 1.7 670.000 Stericycle Inc 63.44 42,506.07 75.50 50,585.00 8,078.93 1.4 ' 1,600.000 Wendys Intl, Inc COM 34.02 54,436.32 33.09 52,944.00 -1,492.32 1.5 748,414.60 878,611.45 130,196.85 24.8 Small Cap 2,010.000 J2 Global 23.18 46,583.06 27.25 54,772.50 8,189.44 1.5 ' Communications [nc. 760.000 Precision Castparts 37.69 28,643.75 78.28 59,492.80 30,849.05 1.7 Corp. 1 Quantity Security 1,470.000 VCA Antech Inc INTERNATIONAL EQUITIES Foreign Stock Foreign 1,150.000 Bayer AG SA ADR 845.000 Ryanair Holdings PLC-SP ADR 850.000 Volvo Aktiebolaget ADR CL B FIXED INCOME Corporate Bonds 10,000 Proctor & Gamble Co. 4.950% Due 08-I 5-14 10,000 SBC Communications Inc. 5.100% Due 09-15-14 15,000 Midamerican Energy Co 4.650%Due ]0-01-14 11,000 Cisco Systems 5.500% Due 02-22-16 15,000 Lehman Bros Holdings Inc Series MTN 5.500% Due 04-04-16 Accmed Interest Government Bonds 50,000 FNMA Preassign 4.250% Due 09-28-07 60,000 FNMA 5.000% Due O 1-23-09 25,000 FHLB 5.250% Due 02-13-09 20,000 FEDERAL HOME LN MTG CORP 5.750% Due 03-15-09 50,000 FHLB 4.100% Due 03-30-09 70,000 US Treasury Note 6.000% Due 08- 15-09 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors December 31, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Cost Cost Price Value Gain/Loss Assets 28.86 42,428.61 32.19 47,319.30 4,890.69 1.3 117,655.42 161,584.60 43,929.18 4.6 1,539,303.82 1,824,622.10 285,318.28 51.5 1,539,303.82 1,824,622.10 285,318.28 51.5 52.86 60,784.52 53.36 61,364.00 579.48 1.7 55.22 46,663.60 81.50 68,867.50 22,203.90 1.9 43.66 37,111.00 68.75 58,437.50 21,326.50 1.7 144,559.12 188,669.00 44,109.88 5.3 144,559.12 188,669.00 44,109.88 5.3 144,559.12 188,669.00 44,109.88 5.3 97.92 9,792.00 97.66 9,766.15 -25.85 0.3 96.21 9,621.10 97.09 9,709.49 88.39 0.3 93.82 14,072.85 94.64 14,196.72 123.87 0.4 100.14 11,015.07 100.06 11,007.02 -8.05 0.3 99.53 14,930.10 99.99 14,997.96 67.86 0.4 59,431.12 59,677.34 246.22 1.7 927.71 0.0 59,431.12 60,605.05 246.22 1.7 99.38 49,687.50 99.22 49,609.38 -78.13 1.4 99.38 59,628.60 99.94 59,962.50 333.90 1.7 99.20 24,799.78 100.44 25,109.38 309.60 0.7 104.33 20,866.06 l O 1.53 20,306.25 -559.8 ] 0.6 100.00 50,000.00 98.09 49,046.88 -953.13 1.4 108.31 75,818.75 103.02 72,113.65 -3,705.10 2.0 2 Quantity Security 80,000 US Treasury Note 3.625% Due 06-15-10 105,000 FEDERAL NATL MTG ASSN 5.500% Due 03-15-11 30,000 U.S. Treasury Note 4.875% Due OS-31- I 1 100,000 US Treasury Note 4.875% Due 07-31-11 50,000 Federal Home Loan Bank Bond 4.700% Due 10-04-11 50,000 US Treasury Note 4.000% Due 11-15-12 20,000 US Treasury Note 5.125% Due OS-15-16 115,000 U S Treasury Note 4.625%Due 11-IS-16 Accrued Interest FNMA 25,759 FNMA Pool #725773 5.500% Due 09-01-34 40,244 FNMA Pool #735503 6.000% Due 04-01-35 65,248 FNMA Pool #835760 4.500% Due 09-01-35 84,154 FNMA Pool #735897 5.500% Due 10-0 l -35 Accrued Interest GNMA 53,338 GNSF Pool #599190 6.000% Due 03-] 5-35 86,4 ] 4 GNSF Pool #640896 7.000% Due 04-15-35 72,297 GNSF Pool #641273 4.500% Due 04-15-35 Accrued Interest Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL i~llage of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors December 31, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Cost Cost Price Value Gain/Loss Assets 95.30 76,237.50 96.59 77,275.04 1,037.54 2.2 105.68 110,958.75 102.13 107,231.25 -3,727.50 3.0 100.55 30,165.23 100.69 30,206.25 41.02 0.9 100.06 100,057.81 100.70 100,703.10 645.29 2.8 100.00 50,000.00 97.78 48,890.63 -1,109.38 1.4 94.61 47,306.64 96.55 48,275.40 968.76 1.4 102.50 20,500.00 103.00 20,600.78 100.78 0.6 101.26 116,446.09 99.34 114,245.37 -2,200.72 3.2 832,472.71 823,575.84 -8,896.87 23.3 10,446.32 0.3 832,472.71 834,022.16 -8,896.87 23.6 99.51 25,632.91 98.93 25,482.54 -150.37 0.7 102.24 41,146.61 100.84 40,583.57 -563.04 1.1 94.]9 61,455.05 93.74 61,]61.49 -293.56 1.7 99.39 83,640.90 98.86 83,192.54 -448.35 2.3 211,875.47 210,420.15 -1,455.33 5.9 949.66 0.0 21 ],875.47 211,369.81 -1,455.33 6.0 103.87 55,404.71 101.40 54,086.86 -1,317.85 1.5 107.47 92,868.03 103.30 89,267.47 -3,600.57 2.5 97.81 70,715.64 94.47 68,301.26 -2,414.38 ] .9 218,988.39 211,655.58 -7,332.80 6.0 555.67 0.0 218,988.39 212,211.26 -7,332.80 6.0 1,322,767.69 1,318,208.27 -17,438.78 37.2 3 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta PSO Custodian- Salem Trust Rockwood Capital Advisors December 31, 2006 (Excluding Reinvested Divs.) Unit Total Quantity Securit Cost Cost Price Y CASH & EQUIV. Money Markets 208,883 Goldman Sachs 1.00 208,882.57 Fin.Sq.Treasury Oblib. Admin TOTAL PORTFOLIO 208,882.57 3,215,513.20 4 Market Pct. Value Gain/Loss Assets 1.00 208,882.57 0.00 5.9 208,882.57 0.00 5.9 208,882.57 0.00 5.9 3,540,381.94 311,989.38 100.0