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Home My WebLink AboutDocumentation_Pension Public Safety_Tab 04_08/07/2006No Text i i• Performance Evaluation for Village of Tequesta Public Safety Officers' Pension Trust Fund Rockwood Capital Advisors • For the Period Ending June 30, 2006 Presented by: Bogdahn Consulting, LLC i ~• ~ 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 val ueasofth e 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 1 for risk. Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up ' rough 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded e 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 eriods. Each calendar P 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 Public Safety Officers' • Pension Trust Fund Executive Summary Account Reconciliation 06/30/2006 2006 10/31 /2000 Qtr . YTD Incept 8e~intirig: Valuiw ::: ::::: <::3U27!: ? : : 2;91 : ` :: 1;~? 9 .1`slet:~l~ws:: ':::::::: < : ' :::: :: 4:~: ' ::. ::84 %: 1 283 ,..... ir~restrri:e~ii:G/L.< .: :: :::::::: =29:: 4:~:: ::::::: ::177 Endtng~yalU~ : ~ 3r{~3~ 3;039: 3 039:: 1..... Trailing Returns through June 30, 2006 n rvGau i iCi ~~ rvn Index Weight 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10/31 /2000 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept U;'?d..... .....4_Q7... ..... 3.1.9... ... 5: G1.... ....3.62;. , ....1;.g6;........ ,...~ ...............:.:.:.:.:.:. . . :.:. (3 6~ olicy :.. 4.5$.. .., 5.45... ... 6:88 .. ... G.~B~ 3.5,8.. ........ ~:3 i i'f ::. -0 51 ~~.26... ~a...37. -2.9~ >1.82 .::. ' " . :.::.: :: ' : > `:. <: ~_ .: ~: >.:: ..:...1.73.. Calendar Year Retums ~ 06/30/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ~?nd 0,94.... .:..1.53: .:.; 1 fiQ .. 10:$9 10 73 10.75 3.65 o !~Y .................-D.72 .. ....'1,32... ..._..3.f~'t... .. ,.x_61:.:.. ..1;7;13.. ... -8;.74... ...-3:Q7`;:::::::::~>::::::: <? : ;::: -0.22._.. ... {3.~1.. ...-x.5.1 . ...;.3,28.;;. ;.;.;-6:40..; ... -2:Q1::: :::-b:~8 ::::::::::< ::::::::::::::::: :::::::: ; ;: Ketums m Up Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept s1d......, ...._...10.4_.... ..., ..9:5.........;9:{3.. .........9:& . Pot' !~Y.. ... ; :: .......'~U.`~._.._. :: ~ ~'~ > :: ....~4,~;.;....;...#4..~ ...:........14.1.. ~tw 99.E .. . ....86.2. . .. 83.7...:: 67.8.; Inception date is October 31, 2000 All dollar values are shown in thousands. eturns for periods exceeding one year are annualized. eturns are net of fees. Retums in Down Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept fiuttcl. ~~:8`:..: ~$:3 ::: : <-10:1<:.~ .. -9.2:3 : P` i ~ of cJ! .. :::::: ; ;;.... Y.... ::::::::::::.::: 2.~.. 8.g , .... 413.E ... .. . -1.x.1 f~atio:...:. .: ::261:8. .: :. 94:2::::.. ~ ~ ::..:..: X8,9 .......... $7.,Q. Rockwood assumed acxount on April 4th 2005 ~ Village of Tequesta Public Safety Officers' • Pension Trust Fund Executive Summary i~ ii i Account Reconciliation 06/30/2006 2006 10/31 /2000 -a_m., ~..„.Qtr , YTD Incept Begiirnirig \lalw~: ::: ::::::3U27 ::: : ~9:1#i:: 1:~i'9: ::ftiiet:Fliyus ::::::::: :::: :: ~:~:: :::::::84: ;:::: 1: 283 ... , 3r3vestmerit G/L :.:. ` . ... . : :: '.: 29.. , ..:....4.?~. .:. .:.::~7Z ~ridtriS Value ::::% :::' : x;439 : ::::3;09:: 3 039 Trailing Returns through June 30, 2006 111 VGAU 1 IGI Il rvi Index Weight 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10/31 /2000 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept F: und..... :...:~ :: .....4,OZ... .::::: ::::: .... 3.3.9... ::.:: ... 5: G1... T: .., .3.62,.. ,: :::::::::::::::::_: ::::::: ...1;.86:..... , ........................... :::::::::::: ::::::::::::::::.........: ..............:::< :> : ::::::.:::::::0:64 I~ `li ` o. cy . ~: : : : 4.~$. 5~6 688: $:~8 68 ...... 2 ~0.~1:.. . . .._~:~6 .: : ~:1;37::: ::::Y2:90 : :::1:82 ::: :: :::::::::::: ~.::.:: Calendar Year Retums 06/30/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 grad..... :,...9,~t. ; . ~: ..1..53... : ...;1.fiU. 1x..89.. 1.0,73. ::-~0;~5::: :::-3.rri5::: ; :.:::::::::: ::::::::::: .. Polie)r; : ~: :.. :.-0.7~.` : .. : ..:1:32.:. . `. 3:~'{ . 7_.67 1:7'l3 =8.74.:: _..... .. =3:0~. ..:::. ~~ . -022 13.21 5 5~ 3,28 . . -6.40 . -2:{31 b.58 Retums in Up Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept ~: 1'n icY .. :: ... 'L0 ~ 14.E X4..1 14.1::: Rattti . `~; 9$:~. :: : 66.2: ;::83.~ . 6~:8 Inception date is October 31, 2000 All dollar values are shown in thousands. eturns for periods exceeding one year are annualized. eturns are net of fees. Rockwood assumed acxount on April 4th 2005 Retums in Down Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept ~vi~d :: ::: =S:$: :: : =$:3: `:~: :: -:301 _ ' .::::_' .._..._1.2.3.. Pofica! ~2:~:' .. :: ..<8:8 . ~~43:~: -14:1 f!~atio.. ;:261,8. 912 '6.g.: :. , .. .g7;p:. 2 ~ Village of Tequesta Public Safety Officers' Pension Trust Fund t 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 t different time periods. Trailing Returns: This section focuses on longer term returns. It shows the cumulative time weighted returns and percentile rankings for the last 1 year, 2 years, 3 years, and so on up through 10 years if available. The returns for the fund, the policy and the universe percentiles are displayed. A percentile ranking of 1 is the best, and 100 is the worst. For example, a ranking of 50 means that the fund outperformed half of the universe. A ranking of 25 means the fund was in the top 25% of the universe, outperforming 75%. Above 50 is acceptable. Above 25 is excellent. High rankings over all time periods are ideal; however, it is more important to rank highly over the longer periods rather than the shorter periods. Calendar Year Returns: This section focuses on shorter periods and gauges the consistency of performance over time. ' It shows the calendar year returns for the fund, the investment policy and the universe percentiles. Each full year of performance represents the return from January 1st through December 31st. Ideally the fund has performed well in the earlier years and in the most recent years. Watch out for a trend toward underperformance in recent periods. Note the performance in different market environments. A high policy return indicates a bull market, and a low policy return indicates a bear market. I' ~II rates of return are annualized if the period for which theyare calculated exceeds one year. 1~ 4 i~ Village of Tequesta Public Safety Officers' Pension Trust Fund i Universe Comparisons 55% Lg Cap Core, 35% Hg Quality Bd, 10% Cash Trailing Returns through June 30, 2006 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr .Mind .:..:. . Return 1.53 0.64 4.07 3.19 5.61 3.62 1.86 -tile -~ 45 94 72 89 80 96 76 Q ICy ....................................~......................... .......................................::::::::::::::::::::::::::::::: Return 1.32 2.80 4.58 5.45 6.98 6.58 3.68 -tile 56 54 61 38 40 21 24 n:. . .ers #J I~ . ........................ o 5th /o-tile 3.56 4.95 7.87 7.82 9.12 7.40 4.97 5.99 5.05 ........ 5.46 25th %-tile 2.25 3.86 6.30 6.15 7.76 6.25 3.54 3.34 3.22 4.08 50th %-tile 1.43 2.90 4.93 5.10 6.74 5.58 2.71 1.60 2.18 3.39 a 75th %-tile 0.49 2.04 3.94 4.28 5.87 4.79 1.88 0.47 1.48 2.76 95th %-tile -1.60 0.47 1.82 2.46 4.22 3.65 0.51 -1.87 0.25 1.69 Calendar Year Returns J Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 ...................... ...................... Return -0.94 1.53 -1.60 10.89 10.73 -10.75 -3.65 -tile 56 45 100 1 100 75 53 .. #?tifiCy .. ' ... ......................... . Return -0.72 1.32 3.91 7.61 17.13 -8.74 -3.07 . -tile 42 56 47 31 38 34 39 1. ..... `> :: ::::: :: ::::: ':% :: ::::::: ; ::` ::::::::::::::::::::::':::::::` ::::::::::::::::: '::::::::' :::::::::::::::::::::: tJn verse . ............................. . 5th %-tile 0.41 3.56 6.84 9.50 19.96 -5.88 1.24 9.38 17.94 . .... 21.50 25th %-tile -0.33 2.25 5.00 7.88 17.96 -8.23 -2.00 3.89 13.36 18.86 50th %-tile -0.83 1.43 3.80 6.87 16.66 -9.43 -3.55 -0.37 11.33 16.76 75th %-tile -1.71 0.49 3.12 5.58 15.03 -10.82 -4.83 -2.04 8.70 12.99 95th %-tile -3.04 -1.60 1.45 4 07 12 75 -12 30 -7 55 -4 27 3 68 10 •Retums are in percent. "%-tile" is the percentile ranking within the universe. .11 Retums for periods exceeding one year are annualized. Incept is October 31, 2000 to June 30, 2006 Rockwood assumed account on April 4th 2005 5 ~ Village of Tequesta Public Safety Officers' • Fixed Income Executive Summary -~~ :~. Account Reconciliation 06/30/2006 2006 10/31 /2000 Qtr YTD Incept ....................... ...................... 8egii?ritng: Value :.:: ................... ................... ~ :::: :::12Q4:::: ........... ........... : :11f4 : ............... ................ ::::::: :466: Net Flows ::::: ;: ....................... ...................... ....................... :::: ::::::: =25 ::: ................... ................... ................... :::::: 18 : ........... ........... ........... :::: :: :: a37:: ............... ................ ............... ...................... ....................... ii~iiestrii erii: G%L :::: ................... ................... ::::::::::::::=:1::: ........... ........... ::::::::;~5 : ................ ............... :::::::::::175 irtdrig: Value ::::: > ::::: ::~;1 Tl :: ::: a1 ~7 :: ::1 ~'7~` Investment Policy Trailing Returns through June 30, 2006 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept u..d..... .... D.06 .~. ..~..1..87... ..~..'k.1$... ...2,.92.:. :.:. 4.3~ .:::.:::.. : .:::::.:.::::...:::.: :.. ::........:::.~..:. .:.:...:.::5::1;1: bLCy . , 3.5$ 2'~7 . .:.. ; ~, 6~ : :.:4:3y . 5:9 3 .: >... ;: '::.:..:~ :.. >.:. < . ::.: 5:$3 . #~i~f. 3;9:.. ...1..1.0 . ~Q,44 .. .... 1.x#5.. ....0.82 .. :....:.. ...... : ..... ....:. ...........:............. .:......-0.72; Calendar Year Returns 06/30/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 F ~ : t~t~d _ .11 A. - .. :: .41 ~ ...... 0.4 ; ...... .6... : 3,..3:: .. 4.... .. .5 .. . . 3.6.... .... .::: ...x. 41.... ::.0.. :.:::: : ::: ::: ;:::::: ..1.. 20.. ..................... . ohcy ........ .........0,14.... ...1.•1.x... ... x.84... ... 4,21,..... ,...,..4.68..._. ..,. ~.'t,.i32... ....S.b1.......... .................... . . ~.... O:fl3.... ... {3.74... ....7..88... ....1.._1.8... ...1..03..... ,..... 2:{~'L .. .....'1.~9 ...:.......................:..................... Retums in Up Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept ~s1d ..,..... 5 5 ... . 5.7 .. .... 8,.4._. 9,0 . ~~ ~: Pc? ioy . ,.. ... 9 x... ....11..1 # 1 3.. .......,..1.1 3 . Rettii :::::::::: ...57.8.... ....BU.$ ::: ::': 73:a :::: ::::::::::::::t5:7:: Retums in Down Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept 14ursd -1 :8 : >: :-1;$ i .f : ... ~1:6 Poficjr X3.7.. . : r3:7 ~;:~3:5.: :...: X3:5: Ra ... :. tro 4 4i3:$ :::: ::: 4... . 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. 6 ~I~ Village of Tequesta Public Safety Officers' Fixed Income Universe Comparisons High Quality Bond Trailing Returns through June 30, 2006 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr Fund Return -0.41 0.36 0.06 1.67 1.16 2.92 4.31 -tile 53 43 42 88 82 66 43 .......................... .. ..... ........................................................................................................ Policy . Return -1.15 -0.57 -1.53 2.77 1.60 4.37 5.13 -tile 91 87 92 35 63 17 11 ............................................................................................................................................ Uni~~rse.` . 5th %-tile 2.02 2.80 3.52 3.46 2.88 4.94 5.37 6.33 6.01 5.47 25th %-tile 0.91 1.31 1.40 2.93 2.21 4.12 4.72 5.73 5.49 5.03 50th %-tile -0.35 0.18 -0.31 2.51 1.75 3.49 4.04 4.98 4.84 4.53 75th %-tile -0.83 -0.34 -1.01 2.09 1.33 2.52 3.07 3.98 4.07 4.00 95th %-tile -1.34 -0.94 -1.81 1.00 0.30 0.87 0.99 1.81 2.51 2.77 Calendar Year Retums Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1=t~>id . Return -0.11 -0.41 0.46 3.03 3.65 9.01 10.20 -tile 61 53 100 62 61 32 3 _.. ;. i) iGy Return -0.14 -1.15 2.34 4.21 4.68 11.02 8.51 -tile 65 91 29 34 35 4 21 .............................................................. .. ......................... ................................................ nlverse:. 5th %-tile 1.01 2.02 3.37 6.19 11.51 10.87 9.85 12.37 4.61 9.45 25th %-tile 0.49 0.91 2.41 4.54 5.34 9.37 8.40 10.90 1.75 8.34 50th %-tile 0.03 -0.35 2.00 3.69 4.04 7.98 7.81 9.56 -0.45 7.26 75th %-tile -0.22 -0.83 1.57 2.13 2.90 5.51 7.00 7.70 -1.46 6.33 95th %-tile -0.54 -1.34 1.09 0.98 1.63 1.50 4.93 5.78 -3.67 4.50 ~etums 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 June 30, 2006 7 i• n Village of Tequesta Public Safety Officers' Equity Executive Summary Investment ro Index 06/30/2006 2006 10/31 /2000 Qtr YTD Incept t r~ 1 1 Weight Account Reconciliation i~egii~iri~ value 'i~~5 : > ::: ~a~~:::: :' :: 858 filet:Flows::: :::: .1~:::: ::::: `:: 7:7::::: :: :: 87 ..9. ir~iiestrrierii:G/L: : : =~8 :::47: ='#2 ~iidiiig Value :::: <' :::~7~5 ~;7~5:::: ::::1 ~~5 Trailing Retums through June 30, 2006 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept ~~d......... 6..7fi .. ... x.1.4... ... 8.9~... ...,x.46... ...-0.g4;....;....; ...... ...:.:........:... ,.::::: ;:::::::::::::: -3:48 I ofi ... ..... . I~ ' ' ' .'.'.'.'.'.'.'.'.r. Iff 1.$7 . ...~:~3... .'. ...2,29.. ':'.'N~ ~'~~~'~".'~'~ . ..?x.91. _. '~'~'~~~~~'~~ .. X3.3.3 ::.. .:::: ...3. Calendar Year Returns 06/30/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ~~d 1 ~2 ~. . 2 89 3'99. 17,.$8 1$,33 ; . -2.7.2$ .. :. -1.$.$7 ;. . of icy ...:: ..: .:... 2.71... _.491.: 1f1:88 . .:~8.8$ 221TT.. ...1 x..88.::.:.:::::..:.:::::::::. ::::::< :.::....:_: ~........... ,. ,......0.18.... ... {3.'1.8.. ...-$.~0 ,. ....~'..0(~. ..-7 Q:~S . ....-x:18... , .;.-~ .1~9::: ;;::::::: ;::::: ::::::: ;:::: ; ::::::::: :::::: rcetums in Up Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept ~'ii ` :: ~,d ::: _ :::: :::: 1z.~ ::::: :: :::.:: ~~.~... ::.: .. ~4:.~ . X6:2. j' :: PoICY. . ::: :::: ~ 'It~,'f.... ..24..3... ' : > 24..1..... :::::~ :: ... 4.. 2. 2 . Ratui.... ~~.~::: .84.t) ;:.: 8;1:4 ~ $6.7 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. Retums in Down Markets 10/31 /2000 3 Yr 4 Yr 5 Yr Incept fiu~td:. ~:, ,. ~ ::.:~~~=1~0.4.~. ~: ..~.~-1:8.9:':':;. ~~~ :;~-24:~ ~~ ;-2>3~:~~. } '.~I~ ~~.'.'.'.'.'.' ~Y...... :':". ".':'.'.'.' ~~4~.'.'.' .. 5 ........ .'.':'.4'1.. .........9;9... . .. ... .':':'.4'~ ~~~'~~~ ..... 28.E ::::: ............ :::: ~~0:3: Ratio....... :. ...193,5.... :....95:D.... ...: $Q.B.::.. ..:. ;:.9.3:8.. 8 ~ Village of Tequesta Public Safety Officers' • Equity Universe Comparisons Broad Large Cap Growth Trailing Returns through June 30, 2006 '~, 12 Qtrs 13 Qtrs I 1 Yr I 2 Yr 3 Yr I 4 Yr~ 5 Yr J 6 Yr L 7 Yr I 8 Yr Ft:ind Return 2.89 0.69 6.76 4.14 8.93 3.46 -0.84 -tile 15 77 55 71 60 95 66 Policy; : , Return 2.71 4.85 8.63 7.47 11.22 8.37 2.49 -tile 17 29 39 36 34 35 27 tJrii~iers~ 5th %-tile 4.72 8.35 15.62 13.17 17.01 13.71 7.40 6.70 7.89 8.98 25th %-tile 1.85 5.14 10.91 8.61 12.21 9.33 2.70 -0.37 1.76 4.23 50th %-tile -0.01 2.82 7.13 5.96 9.62 7.04 0.35 -3.88 -0.72 2.12 75th %-tile i -1.83 0.96 4.99 3.61 7.78 5.44 -1.56 -6.68 -2.48 0.48 95th %-tile -6.13 -2.15 1.54 0.79 5.32 3.36 -3.54 -10.20 -5.47 -2.23 Calendar Year Retums Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1 1998 ~itfld. Return -1.62 2.89 -3.99 17.88 18.33 -27.28 -13.87 -tile 6 15 100 4 100 59 21 f?oiicy Return -1.44 2.71 4.91 10.88 28.68 -22.10 -11.88 -tile 4 17 73 27 39 22 10 Universe 5th %-tile -1.54 4.72 15.98 17.21 40.85 -15.79 -9.94 -0.22 66.15 50.95 25th %-tile -3.06 1.85 10.65 11.08 31.14 -22.77 -14.91 -7.14 43.89 37.77 50th %-tile -4.20 -0.01 7.27 8.09 27.09 -25.90 -19.23 -11.77 32.72 31.70 75th %-tile -5.53 -1.83 4.64 5.59 24.31 -29.82 -23.97 -17.62 24.68 25.56 95th %-tile -7.79 -6.13 1.30 2.15 20.51 -34.42 -32.11 -26.13 15.29 14.10 Retums 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 June 30, 2006 9 i Village of Tequesta Public Safety Officers' Pension Trust Fund M rket Retur 20.00°~° Up a ns 15.00% ------------------------------------- 10.00% ----- ---- ----- - 5.00% --- -- --- - 0.00% 3 Yr 4 Yr Fund (%) 10.43 9.53 Policy (%) 10.50 14.39 Difference (%) -0.07 -4.86 Ratio 99.33 66.23 # Up Qtrs 9.00 11.00 ' r. Down Market Returns t o.oo°i° t -5 00% ----- -- . ' -10.00% -------------- -- ' -15.00% 3 Yr 4 Yr Fund (%) -5.76 -8.27 Policy (%) -2.20 -8.78 Difference (%) -3.56 0.51 t Ratio 261.82 94.19 # Down Qtrs 3.00 5.00 • ^ Fund (%) ~ Policy (%) Rockwood assumed account on April 4th 2005 10 5 Yr 8.97 14.08 -5.11 63.71 13.00 5 Yr -10.14 -13.18 3.04 76.93 7.00 Incept 9.58 14.13 -4.55 67.80 14.00 Incept -12.29 -14.12 1.83 87.04 8.66 ~• ~ ,. ~ ,. i ,. i s. 1 $; v a rU e $; $' Village of Tequesta Public Safety Officers' Pension Trust Fund Objective Comparison '. JUi JV~ vvi mv[ Ju[ w[ uv[ MVJ JVJ JUJ VUJ MU4 JV4 JU4 UU4 MUb JUb SUb UVb MUIi JUO Quarter Ending ' ^ Fund ~ Policy - {}-- Nominal 8% ^ CPI + 3% .Inception date is October 31, 2000 sc1 All dollar values are shown in thousands. ` : ~;~.~ '`; -~ ,~ Rockwood assumed account on April 4th 2005 '~' j "` {\ 11 ., •3 Village of Tequesta Public Safet Officers' v '~ r • 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 II 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 I' ~ 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. i~ ~~ ~ „ Village of Tequesta Public Safety Officers' Pension Trust Fund Attribution of Returns Attribution of Performance to show Manager Contribution Policy Manages Cantnlirtion : Fund Current Quarter -0.72 0,22 . -0.94 Year to Date 1.32 :::: .... .... ... ::::: :Oi2:1:: ............................... ............................... ............................... 1.53 Years .98 ... .... ... .... ... ............................... ............................... ............................... ............................... ............................... X1:37' : .61 4 Years 6.58 =2.9f . 3.62 5 Years 3.68 : :: ... .... .... : ::: =1:82: ............................... ............................... .............................. 1.86 Incept 2.37 :':: :: :::::::: ::::::: =x::73: 0.64 t. Policy + Manager Contribution =Fund t Attribution of Manager Contribution between Asset Allocation and Security Selection 1 1 1 '1 ___ Asset Allocation Security Selection ... ............................... l~lan~get Ci~nthi~utibn: Current Quarter 0.26 -0.48 :: 'Q:2~ Year to Date -0.63 0.84 l12'f 3 Years -3.26 1.89 1,37 4 Years -3.15 0 19 2 96 5 Years -1.75 -0.07 .: -1.8~ Incept -1.23 -0.50 :: -1:73 . .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 0 15.00 /o ~, ~ p 10.00% e r e 5.00% n i t E 0.00% f ' e ~ -5.00% t -10.00% • w ~ uvi mv~ uuz auz uuz Mu3 Uu3 Su3 D03 M04 J04 S04 D04 M05 J05 S05 D05 MO6 J06 Quarter Ending ' Security Selection Effect 0 15.00 /° p 10.00% e ' r c e 5.00% ' n t E 0.00% ' f e 0 -5.00% ' t -10.00% .~~~ ~~~ rviv~ we ovc vvc mus ~u3 ou3 uu3 MU4 JU4 504 D04 M05 J05 S05 D05 MO6 J06 • 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 7o ° .oo i 60 00% -- . ---- ------------------------------------------------------------------- 50.00°/ 40 00°/ ------ - ----- --------------------------------------------------------------------------------- ---------------------------- ---------------- ----- - - ------ --- - --------------------------------------------------- . - ---------- - - - -- - - - ------------------------------------------------------------- ---------------------------------------------_-- 30.00°/ 20 00°/ -------------- ------------- -------------------------------------------------------------------------------- --------------------------------- ------------- -------------------------------------------------- . - 10.00°/ 0 00% -- -- . S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 Quarter Ending ~ Cash & Equiv ~ Target 70 60 50 ' • 40 30 20 10 o SU'I UU1 MU1 JU1 SU1 UU1 MU3 J03 503 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 Quarter Ending ®Equity -~- Target 70 00°/ . 60.00°/ ------ ------------- -------------------------------------------- --------- --- ------------------------------------------- --------------------------------------------------- 50.00°/ ------ ------------------------------ -------------------------- ---------------------------------------------- ----- ------- -- ---------- --------------------- ------ 40.00°/ - - --------------- - -- ----------- ------------------ ------------------------------------ -------------------------------------------- ------ 30.00°/ -- - -- -- -- -- - -- -- -- -- -- - -- -- -- - - -- - 20.00°/ -- -- - - -- -- 10.00°/ - - -- -- - -- - -- -- -- - -- -- -- -- -- -- - 0 00% . S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M 4 0 J04 S04 D04 M05 J05 S05 D05 M06 J06 • Quarter Ending I ^ Fixed Income ~ Target Rockwood assumed account on April 4th 2005 15 ~ Village of Tequesta Public Safety Officers' Pension Trust Fund ' Manager Contribution 0 ' 10.00 /° ' 5.00% ' R e t 0.00% ' u r n ' -5.00% ' o -10 00 /o ~I ~, ~ ~ ~ , _ ~ i ~~ ~. S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 MO6 J( ' • Quarter Ending ~ Quarterly Cumulative ' Growth of $100 Fund vs Policy ' v $ a I $ ' u e i • Rockwood assumed account on April 4th 2005 16 vvi w i vui mvc Luc av[ Uv[ mvs wa JUS UU3 MV4 JU4 SU4 UU4 MU5 JU5 505 D05 MO6 JO6 Quarter Ending Fund ^ Policy Village of Tequesta Public Safety Officers' Pension Trust Fund Quarterly Comparison Analysis ($) i i i i~ Period Ending Fund Policy Diff Nominal 8% Diff CPI + 3% Diff 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 All dollar values are shown in thousands. i i• Rockwood assumed account on April 4th 2005 17 ~ Village of Tequesta Public Safety Officers' Pension Trust Fund Quarterly Comparison Analysis (%) ii i 7 i i~ 1 i i~ Period Ending Fund Policy Diff Nominal 8% Diff CPI + 3% Diff 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 Incept. 0.64 2.37 -1.73 8.00 -7.36 5.80 -5.16 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 Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low, and indicates dispersion. Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher '.standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk. ' Alpha/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. 1 • 19 Village of Tequesta Public Safety Officers' • Pension Trust Fund Risk Measures ii 3 Yr Fund . f*vlicq Qiff # of Negative Qtrs 3.00 3.00 0.00 # of Positive Qtrs 9.00 9.00 0.00 Batting Average 58.33 41.67 16.66 Worst Qtr -5.01 -1.34 -3.67 Best Qtr 6.19 6.62 -0.43 Range 11.20 7.96 3.24 Worst 4 Qtrs,, _,,,_ -- - -1.60 3.91 -5.51 - Standard Deviation l ,._ _.. 6.46 ' . 4.32 2.14 Be ' ~- _ 1.21` 1.00 0.21 Annualized Alpha -2.11 0.00 -2.11 R-Squared 0.67 1.00 -0.33 Sharpe Ratio 0.51 1.08 -0.57 Treynor Ratio 2.73 4.67 -1.94 Tracking Error 3.88 0.00 3.88 Information Ratio -0.35 i~ i• 5 Yc::: : ::::: ~tx1~1 :::::: • :: .... R~)2c . :::: . .. ...Drf€ # of Negative Qtrs 9.00 7.00 2.00 # of Positive Qtrs 11.00 13.00 -2.00 Batting Average 60.00 40.00 20.00 Worst Qtr -5.55 -7.81 2.26 Best Qtr 6.19 9.63 -3.44 Range 11.74 17.44 -5.70 Worst 4 Qtrs -10.75 -9.84 -0.91 Standard Deviation fi.43 ~ 7.09 -0.66 _ .~ Beta 0.67 1.00 -0.33 Annualized Alpha -1.25 0.00 -1.25 R-Squared 0.55 1.00 -0.45 Sharpe Ratio -0.05 0.21 -0.26 Treynor Ratio -0.45 1.52 -1.97 Tracking Error 4.94 0.00 4.94 Information Ratio -0.37 4 Yr :.: ..... ~tsrid . . . pa:-cy Riff # of Negative Qtrs 6.00 5.00 1.00 # of Positive Qtrs 10.00 11.00 -1.00 Batting Average 56.25 43.75 12.50 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 -2.12 3.91 -6.03 Standard Deviation 6.33 6.65 -0.32 Beta 0.67 1.00 -0.33 Annualized Alpha -1.31 0.00 -1.31 R-Squared 0.49 1.00 -0.51 Sharpe Ratio 0.24 0.68 -0.44 Treynor Ratio 2.30 4.50 -2.20 Tracking Error 5.07 0.00 5.07 Information Ratio -0.58 accept...::... . , ::.:.:.: .: ...:. Fier;d:: :..::Pd'ficy:. :;.....::..::.~iff:. # of Negative Qtrs 10.66 8.66 2.00 # of Positive Qtrs 12.00 14.00 -2.00 Batting Average 60.29 39.71 20.58 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 6.92 7.59 -0.67 Beta 0.71 1.00 -0.29 Annualized Alpha -1.71 0.00 -1.71 R-Squared 0.61 1.00 -0.39 Sharpe Ratio -0.27 -0.02 -0.25 Treynor Ratio -2.66 -0.16 -2.50 Tracking Error 4.89 0.00 4.89 Information Ratio -0.35 Rockwood assumed account on April 4th 2005 ' 20 1 • ' ~.oo°io 1 s.oo°io 1 ' 5.00% t A n 4.00% n u a I i z 3.00% e d R e t 2.00% u r n 1.00% 0.00% • -1.00°~n U.OV% Village of Tequesta Public Safety Officers' Pension Trust Fund Return vs Risk through June 30, 2006 Rockwood assumed account on April 4th 2005 21 b.UU% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) - -{-- Policy Village of Tequesta Public Safety Officers' Pension Trust Fund Return vs Risk through June 30, 2006 20.00% 15.00% R e t 10.00% u r n s 5.00% 0 00°/ 3 Years ~ S&P Fund ~E 3 Mo TBill ~ LB Gov/Corp 500 10.00% 9.00% 8.00% R 7.00% e t 6.00% u r n 5.00% s 4.00% 3.00% 2.00°/8 4 Years ° 1.00% 3.00% 5.00% 7.00% 9.00% 0.00% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) 5 Years 6.00% 5.50% 5.00% 4.50% R e 4.00% t ~ 3.50% s 3.00% 2.50% 2.00% 1.50°0 .00% 5.00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) Rockwood assumed account on April 4th 2005 0% Risk (Annualized Std Dev) Inception 7 00% . 6.00% 5.00% R 4.00% e t 3.00% u r n 2.00% s 1.00% 0.00% 1 00° - . .00% 5.00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) -}--Policy 22 Village of Tequesta Public Safety Officers' Pension Trust Fund Policy: 10/31/2000-06/30/2006 55.00 S&P 500 35.00 Lehman Gov/Credit Bond 10.00 Citigroup Treasury Bill - 3 Month First Objective: 10/31/2000-06/30/2006 Annual Return of 8.00% Second Objective: 10/31/2000-06/30/2006 100.00 US Consumer Price Index + 3.00 annual adder Universe Data: 55% Lg Cap Core, 35% Hg Quality Bd, 10% Cash 10/31/2000-06/30/2006 35.00 High Quality Bond 55.00 Pure Large Cap Core 10.00 Government Money Market 23 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta PSO Custodian- Salem Trust Rockwood Capital Advisors From 04-01-06 To 06-30-06 Tran Trade Settle Code Date Date Security Amount Quantity CONTRIBUTIONS li 04-10-06 04-]0-06 Cash 16,756.21 ER li 04-]0-06 04-10-06 Cash 3,473.40 EE li 04-21-06 04-21-06 Cash 6,041.36 ER li 04-21-06 04-21-06 Cash 3,360.77 EE li OS-05-06 OS-05-06 Cash 6,718.64 ER li OS-05-06 OS-05-06 Cash 3,722.45 EE li OS-19-06 OS-19-06 Cash 6,283.13 ER li OS-19-06 OS-19-06 Cash 3,508.57 EE li 06-OS-06 06-OS-06 Cash 6,199.57 ER li 06-05-06 06-05-06 Cash 3,434.12 EE ]i 06-19-06 06-19-06 Cash 6,702.65 ER li 06-19-06 06-19-06 Cash 3,745.25 EE 69,946.12 WITHDRAWALS l0 04-10-06 04-10-06 Cash 302.00 Quarterly periodic fee l0 04-10-06 04-10-06 Cash 370.00 Custodial activity fee l0 04-10-06 04-10-06 Cash 30.00 Custodial disbursement fee l0 04-10-06 04-10-06 Cash 750.00 Custodial Mazket Value Fee l0 04-11-06 04-11-06 Cash 14,358.54 Lump sum distribution to Alex Nathanson l0 04-11-06 04-11-06 Cash 3,589.63 W/H tax on distribution to Alex Nathanson l0 04-19-06 04-19-06 Cash 2,000.00 BC for period ending 3/31/06 l0 04-19-06 04-19-06 Cash 306.09 Business Services Connection for preparation of minutes l0 04-19-06 04-19-06 Cash 780.98 Attorney fees to Hanson Perry & Jensen l0 04-25-06 04-25-06 Cash 23.06 Foreign tax on Canadian PaciSc Railway to OS-02-06 OS-02-06 Cash 277.23 Foreign tax paid on Volvo Broker Code Commission 1 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors From 04-O1-06 To 06-30-06 Tran Trade Settle Code Date Date Security to OS-02-06 OS-02-06 Cash ADR fee on Volvo dividend to OS-16-06 OS-16-06 Cash Paid to Gabriel, Roeder, Smith & Co ]o OS-16-06 OS-16-06 Cash Payment due to general fund -city of Tequesta EXPENSE ACCOUNTS Broker Amount Quantity Code Commission 2.56 6,290.00 300.00 29,380.09 0.00 AFTER FEE PERFORMANCE EXPENSE ACCOUNTS dp 04-19-06 04-19-06 Adminishation Fee 4,038.09 Quarterly management fee to Rockwood Capital Advisors dp 04-19-06 04-19-06 Administration Fee 3,821.63 Quarterly management fee to Rockwood Capital - 7/01/05 thru 9/30/05 7,859.72 PORTFOLIO NET TOTAL 32,706.31 EXPENSE ACCOUNTS PAID BY CLIENT 0.00 AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PAID BY CLIENT GRAND TOTAL 32,706.31 2 I~ • Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta PSO Custodian- Salem Trust Rockwood Capital Advisors June 30, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets DOMESTIC EQUITIES Common Stock Large Cap 815.000 Aflac Inc. 45.28 36,901.41 46.35 37,775.25 873.84 1.2 620.000 BOEING CO COM 58.58 36,317.99 81.91 50,784.20 14,466.21 1.7 855.000 C1T Group 54.92 46,955.83 52.29 44,707.95 -2,247.88 1.5 800.000 Caterpillaz Inc 44.77 35,812.00 74.48 59,584.00 23,772.00 2.0 840.000 Hailiburton Co. 43.97 36,936.82 74.21 62,336.40 25,399.58 2.1 1,385.000 Hewlett Packard Co 32.33 44,770.40 31.68 43,876.80 -893.60 1.4 610.000 Lockheed Martin Corp. 59.24 36,136.40 71.74 43,761.40 7,625.00 1.4 t 1,530.000 Loews Corp. 23.82 36,448.68 35.45 54,238.50 17,789.82 1.8 1,185.000 MEDIMMUNE INC 35.32 41,854.20 27.10 32,113.50 -9,740.70 1.1 COM 1,050.000 PG & E Corp. 34.97 36,721.55 39.28 41,244.00 4,522.45 1.4 585.000 Prudential Financial Inc 78.05 45,656.50 77.70 45,454.50 -202.00 1.5 1,720.000 Safeway Inc. COM 22.29 38,341.72 26.00 44,720.00 6,378.28 1.5 1,265.000 Texas Instruments 33.58 42,483.38 30.29 38,316.85 -4,166.53 1.3 515,336.88 598,913.35 83,576.47 19.7 • Mid Cap 970.000 Apartment Inventory & 38.98 37,805.94 43.45 42,146.50 4,340.56 1.4 Management Co - Reit 610.000 Brown Forman Corp. 74.52 45,457.69 71.45 43,584.50 -1,873.19 1.4 Class B 1,790.000 Chesapeake Energy 20.50 36,695.00 30.25 54,147.50 17,452.50 1.8 Corp. 3,540.000 El Paso Corp 10.38 36,744.85 15.00 53,100.00 16,355.15 1.7 ' 960.000 FISERV INC COM 43.76 42,009.98 45.36 43,545.60 1,535.62 1.4 1,305.000 HCC Insurance 28.05 36,603.42 29.44 38,419.20 1,815.78 1.3 Holdings Inc Com 985.000 Henry Schein Inc. 45.52 44,840.94 46.73 46,029.05 1,188.11 l.5 1,020.000 Indymac Bancorp Inc 36.12 36,842.40 45.85 46,767.00 9,924.60 1.5 860.000 MCKESSON HBOC 45.92 39,488.79 47.28 40,660.80 1,172.01 1.3 INC COM 1,150.000 Price T Rowe Assoc Inc 33.76 38,819.00 37.81 43,481.50 4,662.50 1.4 Com 960.000 Protective Life Corp. 38.56 37,022.21 46.62 44,755.20 7,732.99 1.5 2,165.000 Seagate Technology 18.81 40,723.65 22.64 49,015.60 8,291.95 1.6 Holdings 590.000 Simoa PPTY Group Inc. 62.30 36,757.00 82.94 48,934.60 12,177.60 1.6 670.000 Stericycle Inc 63.44 42,506.07 65.10 43,617.00 1,110.93 1.4 1,885.000 TD Ameritrade H1dg 21.46 40,459.07 14.81 27,916.85 -12,542.22 0.9 Corp/was Ameritrade Hld 592,776.01 666,120.90 73,344.89 21.9 Small Cap 990.000 Fair Isaac and Company 44.36 43,919.17 36.31 35,946.90 -7,972.27 1.2 ' Inc. 2,010.000 J2 Global 23.18 46,583.06 31.22 62,752.20 16,169.14 2.] Communications Inc. • 1,100.000 Landstaz Systems Inc. 32.79 36,069.00 47.23 51,953.00 15,884.00 1.7 1 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Vllage of Tequesta PSO Custodian- Salem Trust Rockwood Capital Advisors June 30, 2006 (Excluding Reinvested Divs.) Quantity Security 960.000 Precision Castparts Corp. 1,300.000 Sunrise Senior Living Inc. ],645.000 T-HQ Inc. 1,470.000 VCA Antech Inc INTERNATIONAL EQUITIES Foreign Stock Foreign 935.000 Canadian Paci&c Railway Ltd. NEW 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 08-15-14 10,000 SBC Communications Inc. 5.100% Due 09-15-14 15,000 Midamerican Energy Co 4.650%Due 10-01-14 11,000 Cisco Systems 5.500% Due 02-22-16 15,000 Lehman Bros Holdings Inc Series MTN 5.500% Due 04-04-16 Accrued Interest Government Bonds 120,000 FHLMC Float 4.406% Due 07-06-07 50,000 FNMA Preassign 4.250% Due 09-28-07 60,000 FNMA 5.000% Due 01-23-09 25,000 FHLB 5.250% Due 02-13-09 Unit Total Market Pct. Cost Cost Price Value Gain/Loss Assets 37.69 36,181.58 59.76 57,369.60 21,188.02 1.9 34.46 44,800.99 27.65 35,945.00 -8,855.99 1.2 27.20 44,749.26 21.60 35,532.00 -9,217.26 1.2 28.86 42,428.61 31.93 46,937.10 4,508.49 1.5 294,731.67 326,435.80 31,704.13 10.7 1,402,844.56 1,591,470.05 188,625.49 52.4 1,402,844.56 1,591,470.05 188,625.49 52.4 44.44 41,555.89 51.14 47,815.90 6,260.0] 1.6 55.22 46,663.60 52.72 44,548.40 -2,115.20 1.5 43.66 37,111.00 49.01 41,658.50 4,547.50 1.4 125,330.49 134,022.80 8,692.31 4.4 125,330.49 134,022.80 8,692.31 4.4 125,330.49 134,022.80 8,692.31 4.4 97.92 9,792.00 95.11 9,510.81 -281.19 0.3 96.21 9,621.10 92.77 9,277.14 -343.96 0.3 93.82 14,072.85 91.39 13,707.80 -365.06 0.5 100.14 11,015.07 96.02 10,562.50 -452.57 0.3 99.53 14,930.10 95.55 14,333.24 -596.87 0.5 59,431.12 57,391.48 -2,039.64 1.9 927.71 0.0 59,431.12 58,319.19 -2,039.64 1.9 99.97 119,967.60 100.01 120,015.00 47.40 3.9 99.38 49,687.50 98.41 49,203.13 -484.38 1.6 99.38 59,628.60 98.84 59,306.25 -322.35 2.0 99.20 24,799.78 99.44 24,859.38 59.60 0.8 2 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta-PSD Custodian- Salem Trust Rockwood Capital Advisors June 30, 2006 (Excluding Reinvested Divs.) Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets 20,000 FEDERAL HOME LN 104.33 20,866.06 100.78 20,156.25 -709.81 0.7 MTG CORP 5.750% Due 03-15-09 50,000 FHLB 100.00 50,000.00 96.63 48,312.50 -1,687.50 1.6 4.100% Due 03-30-09 70,000 US Treasury Note 108.31 75,818.75 ]02.50 71,747.27 -4,071.48 2.4 6.000% Due 08-15-09 80,000 US Treasury Note 95.30 76,237.50 94.79 75,834.40 -403.10 2.5 3.625% Due 06-15-10 105,000 FEDERAL NATL MTG 105.68 110,958.75 100.06 105,065.63 -5,893.13 3.5 ASSN 5.500% Due 03-15-11 50,000 Federal Home Loan 100.00 50,000.00 95.94 47,968.75 -2,031.25 1.6 Bank Bond 4.700% Due 10-04-1 I 50,000 US Treasury Note 94.6] 47,306.64 93.99 46,996.10 -310.54 1.5 4.000% Due 11-15-12 685,271.18 669,464.64 -15,806.54 22.0 Accrued Interest 10,035.17 0.3 685,271.18 679,499.81 -15,806.54 22.4 FNMA 27,731 FNMA Pool #725773 99.51 27,595.90 96.31 26,706.70 -889.20 0.9 5.500% Due 09-01-34 44,418 Federal National ]02.24 45,414.44 98.73 43,854.92 -1,559.52 1.4 Mortgage Assn. Pool# 735503 6.000% Due 04-01-35 67,622 FNMA Pool #835760 94.19 63,691.47 90.66 61,304.99 -2,386.49 2.0 4.500% Due 09-01-35 89,117 FNMA Pool #735897 99.39 88,574.01 96.12 85,656.87 -2,917.15 2.8 5.500% Due 10-01-35 225,275.82 217,523.48 -7,752.35 7.2 Accrued Interest 1,011.23 0.0 225,275.82 218,534.71 -7,752.35 7.2 GNMA 53,663 GNSF Pool #599190 103.87 55,742.93 99.22 53,244.54 -2,498.39 1.8 6.000% Due 03-15-35 92,347 GNSF Pool #640896 107.47 99,244.66 103.13 95,236.84 -4,007.82 3.1 7.000% Due 04-15-35 78,402 GNSF Pool #641273 97.81 76,686.59 91.84 72,000.98 -4,685.62 2.4 4.500% Due 04-15-35 231,674.18 220,482.37 -11,191.82 7.3 Accrued Interest 587.21 0.0 231,674.18 221,069.58 -11,191.82 7.3 1,201,652.31 1,177,423.27 -36,790.35 38.7 3 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Village of Tequesta-PSO Custodian- Salem Trust Rockwood Capital Advisors June 30, 2006 (Excluding Reinvested Divs.) Unit Total Quantity Security Cost Cost Price CASH & EQUIV. Money Markets ]35,965 Goldman Sachs 1.00 135,964.52 Fin.Sq.Treasury Oblib. Admin TOTAL PORTFOLIO 135,964.52 2,865,797.88 4 Market Pct. Value Gain/Loss Assets 1.00 135,964.52 0.00 4.5 135,964.52 0.00 4.5 135,964.52 0.00 4.5 3,038,880.64 160,527.45 100.0