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HomeMy WebLinkAboutAgenda GEPB 080706City of Palm Beach Gardens 10500 N. Military Trail Palm Beach Gardens, FL 33410 GENERAL EMPLOYEES PENSION FUND NOTICE OF MEETING AND AGENDA Please take notice that the Board of Trustees of the City of Palm Beach Gardens will conduct a meeting of the board at the above location on August 7, 2006 at 2:OOPM in Council Chambers. Old Business: Approval of 5/08/06 minutes New Business: Adjournment Report from Bogdahn Consulting Kenneth Steele Discussion Regarding Investments Approval of Bills DISABILITY INFORMATION In accordance with the Disabilities Act and F.S.S.286.26, persons with disabilities needing special accommodation to participate in this proceeding should contact the Human Resource Department no later then seven days subsequent to the proceeding at (561) 799 — 4223 for assistance, if hearing impaired, telephone the Florida Relay Service Number at 800 — 955 — 8770 (VOICE) for assistance. APPEAL NOTICE If a person decides to appeal any decision made by the Board, with respect to any matter considered at such meeting or hearing, he will need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. Palm Beach Gardens General Employees' Pension Plan Second Quarter 2006 ROCKW OOD CAPITAL ADVISORS 1401 S. Brentwood Blvd. Suite 400 • St. Louis, Missouri 63144 • (888) 962 -8336 (toll -free) (314) 962 -1254 (fax) INew Fed Captain TNIS is C*T. MY EXPEWING AIEEEEEE! - :f w�'RE ALL ANA NE ;!I u R 0 C K W 0 0 D CAPITAL ADVI SORS 1 Palm Beach Gardens General Emplo Second Quarter 2006 Total Fund Portfolio Summary Pension Plan Change in Market Value Net Dividends /Interest Contributions Disbursements Net Realized & Unrealized (G /L) Portfolio Summary Short -Term Funds 1% Equf 99% R 0 C K W 0 0 D CAPITAL ADVISORS $6,697 $25,849 ($39,033) ($35,441) Total Fund Performance • 10/25/05 Inception 2 I Palm Beach Gardens General Emal Equity - Second Quarter 2006 Market Environment Pension Plan • The U.S. equity markets were turbulent in the second quarter leading into the heat of the summer. While the quarter got off to a nice start in April (S &P 500 +1.2 %), we saw investors recoil in May as market breadth deteriorated (S &P 500 -3.1%), and while most of June was ugly (S &P 500 0.0 %), a few strong days toward the end of the month left investors with renewed optimism. For the quarter the S &P 500 fell 1.4% while the Russell 3000 was down 2 %. i• Though the dominant market trend is still positive, a true "stock pickers" environment has finally emerged as breadth has deteriorated. ' • Leadership within our portfolio continues to be concentrated in the cyclical groups: aerospace /defense, machinery and financials, where we are impressed with the resilience of the uptrends through this market pullback. • Laggards came mostly from our exposure to the technology sector, select energy holdings and healthcare. Information Technology is downgraded further from neutral to ' negative as the sector is unable to follow through on earlier positive development as weakness has spread across all industries. The energy sector rebounded in June; however, the sector continues to flash early warning signals as more downgrades occur. The managed health care group has finally rallied within a downtrend and is our group focus sell for July. ' Looking forward, we have reduced our technology and energy exposure. We continue to remain bullish on industrials and financials. Large cap stocks are showing signs of improvement which we may be adding to in the coming months. 12% R 0 C K W 0 0 D Performance 4.5% 4.2% NEI 2.6% 2.7% 1st Qtr. YTD 2006 Palm Beach Gardens GE S &P 500 CAPITAL ADVISORS 9.4 8.0% Since Inception (10/25/05) 8% " 4% 0% -1.8% - o ' -4% 2nd Qtr. 1 2006 R 0 C K W 0 0 D Performance 4.5% 4.2% NEI 2.6% 2.7% 1st Qtr. YTD 2006 Palm Beach Gardens GE S &P 500 CAPITAL ADVISORS 9.4 8.0% Since Inception (10/25/05) Equity Characteristics Second Quarter 2006 Characteristics Sector Weighting R 0 C K W 0 0 D CAPITAL ADVISORS Top 10 Holdings 1. Seagate Technology 3.6% 2. J2 Global Communications 3.5% 3. Caterpillar 3.3% 4. Boeing Co. 3.1% 5. Canadian Pacific Railway Ltd. 3.1% 6. Landstar System Inc. 3.0% 7. Halliburton Co. 2.9% 8. Indymac Bancorp Inc. 2.9% 9. Precision Castparts 2.8% 10. El Paso Corp. 2.8% 4 Equity Transactions Second Quarter 2006 Sold April Goodyear Tire & Rubber Corp. April Walgreen Co. May Swift Energy Co. May Performance Food Group June Apache Corp. June Adtran Inc. ' Bought April J2 Global Communications April Ryanair Holdings Plc. May Prudential Financial May CIT Group Inc. June Brown- Forman Corp. June Hewlett- Packard Co. R 0 C K W 0 0 D CAPITAL A D V I S 0 R S Equity Holdings - Second Quarter 2006 ISSUE SHARES COSTPER ISS .. , ANNUAL CURRENT SHARE CGO COST PRICE VALUE MARKET INCOME .. CASH 23 1.00 NA 23,412.67 1.00 23,412.67 1.367 945.87 4.04 AFLAC INC 925 47.23 0.32 43,690.99 46.35 42,873.75 2.503 493.05 1.15 APARTMENT INVT & MGMT 1,040 36.91 0.53 38,390.98 43.45 45,188.00 2.638 2349.78 5.20 BOEING CO 650 64.47 0.91 41,906.02 81.91 53,241.50 3.108 793.30 1.49 BROWN-FORMAN CORP 590 74.52 0.04 43,966.98 71.45 42,155.50 2.461 670.27 1.59 CANADIAN PACIFIC RAILW 1,040 44.05 NA 45,815.02 51.14 53,185.60 3.105 739.28 1.39 CATERPILLAR INC 760 49.83 0.89 37,871.03 74.48 56,604.80 3.304 962.28 1.70 CHESAPEAKE ENERGY CORP 1,195 31.29 0.97 37,392.03 30.25 36,148.75 2.110 292.80 0.81 CIT GROUP INC 825 54.92 0.90 45,308.01 52.29 43,139.25 2.518 677.29 1.57 EL PASO CORP 3,240 11.72 0.78 37,973.12 15.00 48,600.00 2.837 510.30 1.05 FAIR ISAAC CORP 970 44.36 0.68 43,032.01 36.31 35,220.70 2.056 81.01 0.23 FISERV INC 920 43.76 0.41 40,260.03 45.36 41,731.20 2.436 0.00 0.00 HALLIBURTON CO 660 55.46 0.62 36,602.02 74.21 48,978.60 2.859 391.83 0.80 HCC INSURANCE HOLDINGS 1,355 28.00 0.84 37,945.96 29.44 39,891.20 2.329 542.52 1.36 HENRY SCHEIN INC 970 45.52 0.84 44,157.99 46.73 45,328.10 2.646 0.00 0.00 HEWLETT- PACKARD CO 1,345 32.32 0.84 43,476.99 31.68 42,609.60 2.487 434.62 1.02 INDYMAC BANCORP INC 1,065 35.78 0.89 38,106.02 45.85 48,830.25 2.850 2031,34 4.16 LANDSTAR SYSTEM INC 1,105 37.15 0.38 41,046.00 47.23 52,189.15 3.046 120.04 0.23 LOCKHEED MARTIN CORP 640 60.12 0.54 38,478.98 71.74 45,913.60 2.680 734.62 1.60 LOEWS CORP 1,275 29.94 0.22 38,171.97 35.45 45,198.75 2.638 316.39 0.70 MCKESSON CORP 860 45.92 0.66 39,488.96 47.28 40,660.80 2.373 207.37 0.51 MEDIMMUNE INC 1,165 35.32 0.05 41,148.03 27.10 31,571.50 1.843 0.00 0.00 P G & E CORP 1,075 35.89 0.87 38,584.01 39.28 42,226.00 2.465 1393.46 3.30 PRECISION CASTPARTS CO 815 46.02 0.52 37,509.97 59.76 48,704.40 2.843 102.28 0.21 PROTECTIVE LIFE CORP 935 41.74 0.96 39,022.97 46.62 43,589.70 2.544 810.77 1.86 PRUDENTIAL FINANCIAL 1 565 78.05 0.74 44,095.99 77.70 43,900.50 2.563 439.01 1.00 RYANAIR HOLDINGS PLC 815 55.22 NA 45,006.99 52.72 42,966.80 2.508 0.00 0.00 SAFEWAY INC 1,720 22.29 0.83 38,342.07 26.00 44,720.00 2.610 415.90 0.93 SEAGATE TECHNOLOGY 2,705 13.97 NA 37,789.12 22.64 61,241.20 3.575 0.00 0.00 SIMON PROPERTY GROUP 1 560 68.08 0.14 38,125.02 82.94 46,446.40 2.711 1662.78 3.58 STERICYCLE INC 655 63.44 0.21 41,553.99 65.10 42,640.50 2.489 0.00 0.00 SUNRISE SENIOR LIVING 1,300 34.46 0.26 44,800.99 27.65 35,945.00 2.098 0.00 0.00 T ROWE PRICE GROUP INC 1,150 33.76 0.06 38,819.06 37.81 43,481.50 2.538 334.81 0.77 TD AMERITRADE HOLDING 1,855 21.46 0.20 39,814.98 14.81 27,472.55 1.604 0.00 0.00 TEXAS INSTRUMENTS INC 1,340 33.48 0.55 44,859.98 30.29 40,588.60 2.369 170.47 0.42 THOINC 1.620 27.20 0.33 44,069.02 21.60 34,992.00 2.043 0.00 0.00 VCA ANTECH INC 1,445 28.86 0.07 41,707.04 31.93 46,138.85 2.693 0.00 0.00 VOLVO AB- SPONSORED ADR 915 40.65 NA 37,194.02 49.01 44,644.15 2.618 1901.39 4.24 J2 GLOBAL COMMUNICATIO 1,940 23.18 0.23 44,961.05 31.22 60,566.80 3.535 0.00 0.00 44,028 i, 100.000 R 0 C K W 0 0 D CAPITAL ADVISORS I ' Economic Environment & Outlook Second Quarter 2006 A In the second quarter, the Federal Reserve raised the federal funds rate an additional 50 basis points to 5.25 %. The fed funds futures contract, the best predictor of Fed policy moves, indicates that another increase in August is a strong possibility. Most analysts believe the Fed would like to pause, however, the Fed recently stated that future action is data dependent. A The Fed must remain on guard against the prospect of rising inflation expectations. CPI has risen 4.2% over the past 12 months. A tightening labor market has put upward pressure on wages. In September 2005, average hourly earnings were rising at a modest 2.7% year- over -year rate; but by June 2006 the rate had climbed to 3.9 %. Labor costs are clearly on the upswing. A Employment growth has slowed from an average of 176,000 jobs per month in ' the first quarter of 2006 to 108,000 in Q2. However, other labor market indicators are painting a different picture. The unemployment rate dropped to 4.6% in June, a level not seen since mid -2001. High employment coupled with ' strong wage growth should maintain the economy's momentum. A Housing has been a significant source of growth in the U.S. economy. Not only have the direct effects of housing construction provided a major boost, but consumer spending has also been elevated due to the high level of cash -out ' refinancings and home equity lending. An increase in long -term interest rates is likely to put the brakes on housing and could slow consumer spending. A The Bank of Japan has pursued a zero interest rate policy for years to stimulate their moribund economy. Recently, with their economy showing signs of life, the BOJ decided to abandon their easy money policy and withdrew the equivalent of $188 billion from the banking system. This move delivered a powerful monetary shock and contributed to higher rates across the globe. A We have become less defensive from a duration standpoint, and our portfolios maintain durations near their respective benchmarks. While another Fed rate hike to 5.5% is likely, the end of this tightening cycle is in sight. However, the interest rate outlook will be driven by the economic data releases over the next ' several months. t 1 R 0 C K W 0 0 D CAPITAL ADVISORS ' Proxy Voting Record 1 Company: AFLAC Incorporated Company: Apartment Investment & M 1 Company Fiserv, Inc. R 0 C K W 0 0 D CAPITAL ADVISORS ADTRAN, Inc. ADTN AFL Co. AN FISV Proxy Voting Record — (continued) HCC Insurance Holdings, Inc. ' Company: Henry Schein, Inc. 1 1 Company. Medlmmune, Inc. ' • •. R0CKW00D CAPITAL ADVISORS HCC HSIC MEDI Performance Food Group Co. PFGC 0 Proxy Voting Record — (continued) Elect Directors Approve Executive Incentive Bonus Pln Ratify Auditors Provide for Cumulative Voting Eliminate or Restrict Severance Company - Specific- Establishment of an Office of the Board Adopt Policy to Identify and Label Food Products that Contain Genetically Engineered Ingredients Issue Sustainability Report For For 1720 5/25/06 For For 1720 5/25/06 For For 1720 5/25/06 Against For 1720 5/25/06 Against For 1720 5/25/06 Against Against 1720 5/25/06 Against Against 1720 1 5125/06 Aoainst I For 1 1720 5/25/06 Seagate Technology STX I Company: ' T. Rowe Price Group Inc. 1 1 R 0 C K W 0 0 D CAPITAL ADVISORS 1 TROW 10 Proxy Voting Record — (continued) Texas Instruments, Inc. TXN I VCA Antech, Inc. WOOF 1 1 r R 0 C K W 0 0 D CAPITAL ADVISORS 11 BOGDAHN CONSULTING LLC, simplifying your investment decisions City of Palm Beach Gardens GENERAL EMPLOYEES RETIREMENT SYSTEM June, 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 Palm Beach Garden ' General Employees Pension Plan Rockwood & Sawgrass For the Period Ending June 30, 2006 Presented by: Bogdahn Consulting, LLC Palm Beach Gardens General Employees' General Employees Pension Plan 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 1 st through December 31 st. 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. Palm Beach Gardens General Employees' General Employees Pension Plan Executive Summary Account Reconciliation 06/30/2006 2006 09/30/1994 Qtr YTD Incept ... .... .......... .. ..................................................................... 8e�#i...... ......... ...... .... 812 - - - --- ?9 :.....::.... .... ........ 7.42 i?et Flows :::: ..................... ...................... _17 =5$ ::::::: ................... ... ................ .............. ::::: =333: ................... .............................. at7iiestrr4eiit: /L: >`:::: .... ... : =30 _ ............... 44 .. ...... 8 :48 _ . £i dfrig Value :_ := ':::.::..:-2 7b6 ;2;7. G. ,:7. a:: Traili Returns through June 30, 2006 Investment Policy Index Weight 09/30/1994 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept :FUbd 5:51 5.70 .... ........ 7.42 ................... 5:8Q:?::::` .. ............ :3.3'# > ............................... 8:77 ::::: ....................._ .................... ................... 3a35:: "> :4:11" ._ _ 5.76 ...... 7.0& >:: ...... ......... ........... .. ...... 8 :48 _ . .P.61lGy..:...: 4.71 5:75 7.45 .. ............ 7:Of 3:$9 _ .................. .................... 2194 2:94 4,38 6.26 ......... 7 86 5?' ». 41:55: Qi#P. 0;8{3 x.05 -0.03 X1:26 -0.68 1.38 0.71 0.03 -0.50 '0,78 ::-1:0)! Calendar Year Returns 06/30/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ................................... .................................... l` sid : : .............................. ............................ :::::::=# ....................... ............................... 1:59 `: ... 3:'9$ ........ ::•::1:$c$ ........................ _.................... ............. ................ :::::: ............................... ............................... =9 ::::::0:8 ............................... ............................... ::::. 3: A::: _ .............. .- -- 7:$1' ... ..... X1;27 ...... ....... 21J ..... ............ ................. ......... y ;: .......... _ -0 83 .... 1.35 :: 3.'97: ... ....................... ......................... .... :. 8 25: ' .......... . ............................... ........ ::::1:8:76::..::: ............................... ............................... ............................... .. ..... -g:59: .::. .... - 3:67 :::.: .... ..... -0:92: ..........I....... .. ::'1:1:40 2 4 :35: ..... ...... 23 :66: #�I : .............. ............................... ...... a0 2fk . ... ::0:24 _ 0.01 :. ... ... ... ................................. .. ............................... ... ............................... ............................... : 3:89>....: -0:3 ' ...... - - 4.51 ................ ....... 6:$s ........ .............. ....... x:58 ........ -10 :� _.... =194 Returns in Up Markets 09/30/1994 3 Yr 5 Yr 10 Yr Incept Inception date is September 30, 1994 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 2 Returns in Down Markets 09/30/1994 3 Yr 5 Yr 10 Yr Incept 1tl : � .2 5 �.: 13:� . ... : 3 ..obey . 1:14 .:ik ..3 . #$ a ...... .. ............................................................ .;.6 91:3 $8::::: Inception date is September 30, 1994 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 2 Returns in Down Markets 09/30/1994 3 Yr 5 Yr 10 Yr Incept 1tl : � .2 5 �.: 13:� . ... : 3 POfiiy :< . •2.7 -1 d :4 >43.9 .. X13:9 :.I f�tio ..: .............9.3. .;.6 91:3 :8$ 0 Palm Beach Gardens General Employees Pension Plan Asset Allocation Through June 30, 2006 Equiv 61% At Market Cash & Equi 2% Equity 59% At Cost Cash & Equiv 2% Fixed Income 37% M Fixed Income 39% Palm Beach Gardens General Employees' General Employees Pension Plan 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 31 st. 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. 2 Palm Beach Gardens General Employees' General Employees Pension Plan Universe Comparisons 60% Pure Lg Cap Core & 40% High Quality Bond i railing Ketums through June :ju, zuub Calendar Year Returns 1 Yr I 2 Yr 3 Yr I 4 Yr 1 5 Yr I 6 Yr I 7 Yr I 8 Yr I 9 Yr I 10 Yr ............................................................................................................. ............................... .......... ............................... .... ....... ......... ................. Fui1d Return 5.51 5.70 7.42 5.80 3.31 3.77 3.65 4.41 5.76 7.08 % -tile 40 39 43 59 36 21 20 20 24 30 ............................................................................................................. ............................... ............................................................................................................. ............................... . .... ... .... ...... ... .. PQliey .. ..............:.:: : Return 4.71 5.75 7.45 7.06 3.89 2.39 2.94 4.38 6.26 7.86 % -tile 60 37 42 19 23 34 30 21 15 13 . ................ ... ...................... ..........._....._............. .. . ...... :.... ..:..:............ . ..... .. nl� r.9. . .................... :::::::::..........: ... .. 5th % -tile 8.56 8.64 10.13 8.14 5.53 6.83 5.72 6.01 7.61 8.88 25th % -tile 6.38 6.34 8.12 6.76 3.73 3.09 3.21 4.14 5.70 7.21 50th % -tile 5.06 5.38 7.23 6.02 2.91 1.68 2.26 3.50 5.13 6.65 75th % -tile 4.10 4.65 6.41 5.20 2.08 0.62 1.53 2.90 4.50 6.00 95th % -tile 1.85 2.53 4.49 3.92 0.59 -1.94 0.16 1.70 3.40 4.75 Calendar Year Returns Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is September 30, 1994 to June 30, 2006 Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate ' 5 Qtr YTD 1 2005 2004 2003 2002 2001 1 2000 1999 1998 .......................... ....................... .:.:.:..:.:.................. . >::: ;....:..: t�ftd ........ .. ..: .::: Return -1.09 1.59 3.98 8.33 14.87 -9.90 0.84 5.74 7.81 11.27 % -tile 55 42 49 28 90 45 9 16 84 92 ......:::::.:..::: .... . .......... ........... I Poi . ................ .......... .::::::::.:::.:.::.: Return -0.89 1.35 3.97 8.25 18.76 -9.53 -3.67 -0.92 11.40 21.35 % -tile 42 52 49 30 38 36 38 53 57 14 ................... .. . .. Unlxers ....... ......... ............................... ............... ........ ............................... 5th % -tile 0.41 3.95 7.78 10.61 22.15 -6.02 2.49 12.89 21.77 23.85 25th % -tile -0.52 2.21 5.07 8.43 19.57 -8.97 -2.72 3.21 13.94 20.05 50th % -tile -1.02 1.38 3.95 7.53 18.17 -10.15 -4.10 -0.70 11.87 18.01 75th % -tile -1.78 0.59 3.31 6.43 16.73 -11.58 -5.12 -2.41 9.72 14.49 95th % -tile -3.27 -1.78 1.46 4.31 13.99 -13.58 -8.55 -5.23 3.84 10.59 Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is September 30, 1994 to June 30, 2006 Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate ' 5 ' Palm Beach Gardens General Employees' Total Fixed Income Executive Summary Account Reconciliation 06/30/2006 2006 09/30/1994 Qtr YTD Incept ........................... ...................................... 8e ii ..... Value ::::::::::::::. ............................... ............................... i)5.....:::::::# Q7 ::::::::::::::::::::.4$3: : ::.I..49::::::::::':3. let. lMlgws ..::.:.: .:.:.:.:..:.:.::::::.:.:.:.:.:. ... ................................. ................ = .:::::::::::::::- ............................... ............................... ...:.:::.:::.:.:::::::::... . ................ ... _ _ ............... iri�restrtieiit GlL ............................... ............................... "::: »":- 3;: X83 :1 ilr�diru� Value .:: ''::: ir{i<5 :..:::.:_:1;(351: -- ....... ...:..:i Trailing Returns through June 30, 2006 Investment Policy Index Weight 09/30/1994 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept F tid 0.18 2:90 : ::.I..49::::::::::':3. 79 4.19~ 5.44. 4.76 r . _ 4.51 T 5.15 5.31 :5 81. i?titicy -1,11 .. 2.99 :...:..: :::x:74:::....4 ................... 48 . 5 22 .: 6:19 5:91 5 5f} : :6:13 6.29 6.78 > itf 1.29 ............................ X43,439 . ............................... . ............................... .......................... :}4 2 .:::.. 3:6 :: ... ... ?:�1 A3 _ ;0:75 _ _ -1,15 _ _ ............... �t?;9 . .......0,98 .................. ...............__ .0:�8 -0:91 Calendar Year Returns r--- Keturns in Up Markets 09/30/1994 3 Yr 5 Yr 10 Yr Incept t=i�sid ..... 06/30/2006 2006 : ` 9.1 : > ... 9: Y Policy : > `::::: `Sa : ? >: # 1:.3 30.7 :::::::: :1:1: <1: .... Rr�tiQ ... .. .... .. ......$7:0:..'... $3. Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 ...... ....... d ...., D.10 -43:32 x^.85 3;16 ' 2,$3 9,23 9.24 t'i 50 1 i37 8.�9:... 3: 8 . Policy . ::::: -0.08 X . 2.34 4:21 4.68 11.02 8.51 31.84 -2:15 9.47 9:75 . . 0.18 a#:4Q 0.31 -1.05 -1:85 -1.79 0.73 -5.34 { .18 -0:48.. =0:97 . Keturns in Up Markets 09/30/1994 3 Yr 5 Yr 10 Yr Incept t=i�sid ..... ............. ........ $ 2 :::::'.' ............................... 9:4 : ` 9.1 : > ... 9: Y Policy : > `::::: `Sa : ? >: # 1:.3 30.7 :::::::: :1:1: <1: .... Rr�tiQ ... .. .... .. ......$7:0:..'... $3. .:.:....:......: Sb.2 . 8::1:` Inception date is September 30, 1994 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 09/30/1994 3 Yr 5 Yr 10 Yr Incept ..................................... ............................... 3:2 . 31 3:5 PO icy ?�3 *4: :. : ..... :: >3:2 -3.3 ?3.8 fatio 8.Q . .... . ::9$ 8 91.9. 91.8 Sawgrass assumed fixed- 10 -26 -05 $1,043,932.60 - Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate m Palm Beach Gardens General Employees' Total Fixed Income Universe Comparisons High Quality Bond r__ ec_ _ � _ 1 141111 lu r\CLUI I IJ 1111 VUY! I JUI IC Jug auuv Calendar Year Returns 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Nbd .. . Return 0.18 2.90 1.49 3.79 4.19 5.44 4.76 4.51 5.15 5.31 % -tile 40 27 68 38 46 36 54 53 45 49 ..PpIC ...................... ::: :::::.::.......:::::::::::::::: ..... . ....................................................................................................... ............................... Return -1.11 2.99 1.74 4.48 5.22 6.19 5.91 5.50 6.13 6.29 % -tile 80 23 51 14 9 9 8 5 3 6 ...........:.:.: . ........... .. 5th % -tile 3.52 3.46 2.88 4.94 5.37 6.33 6.01 5.47 6.04 6.30 25th % -tile 1.40 2.93 2.21 4.12 4.72 5.73 5.49 5.03 5.59 5.84 50th % -tile -0.31 2.51 1.75 3.49 4.04 4.98 4.84 4.53 5.02 5.27 75th % -tile -1.01 2.09 1.33 2.52 3.07 3.98 4.07 4.00 4.33 4.57 95th % -tile -1.81 1.00 0.30 0.87 0.99 1.81 2.51 2.77 3.06 3.77 Calendar Year Returns Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is September 30, 1994 to June 30, 2006 Sawgrass assumed fixed- 10 -26-05 $1,043,932.60 - Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 7 Qtr YTD 1 2005 2004 2003 2002 2001 2000 1999 1998 1=i�td Return 0.10 -0.32 2.65 3.16 2.83 9.23 9.24 6.50 -1.37 8.99 % -tile 45 49 17 61 77 28 10 92 73 13 RAO Return -0.08 -0.72 2.34 4.21 4.68 11.02 8.51 11.84 -2.15 9.47 % -tile 59 68 29 34 35 4 21 10 84 5 5th %4ile 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 Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is September 30, 1994 to June 30, 2006 Sawgrass assumed fixed- 10 -26-05 $1,043,932.60 - Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 7 ' Palm Beach Gardens General Employees' Fixed Income & Cash - Sawgrass ' Executive Summary Account Reconciliation Investment Policy 06/30/2006 2006 10/26/2005 Qtr YTD Incept .......................... .................................... Wii.*nm.' Valve, :::: >:: : ............................... ::: :: :: :I 05% 1 s078 : 1 U4 : filet: Flews: `::: <? > : <;::: ...: -7 -21 5. it ie5tr11eiit: fL::: .....:. ....... :: -3 ::::: :::::.1 £hdirigalalta ::::::::::::::::: .................................. ;{ 5 ............................... :; :x;05 (::::. >::::::::1,ttf I railing Keturns tnrougn June :30, Zow 10/26/2005 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept ..... . .................................................................................................... ... . .......... ............................................................................................ Fund > :::::::::......: ............................... ............................... :..:.:.:.:.:...:.:........ ..: 1.46.... . ...... ... .. ...... . . #?Ofic;y ......................... ... ... ..... , .................. . :. .... ........ ............................... ....... :b:59 atlf ?:: a3:5T Calendar Year Returns 06/30/2006 2006 Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 Fund 0.10 ........................... ....... .... _ ........... . ........................ � 32 : > < >: >::::: :: : Policy ;: .. .. -0.08 .:..:. ......:..:...........:... . . .. -0 72 :. ;: ': > tiff 0.18 0.40::= :.:. >: :: >:: >. : . > Returns in Up Markets 10/26/2005 Incept .::.:.:.:.:.:>.:::::.:.:. :::::::..:I:.:.:.:: >:::::.... ::::: .............. ... .... ... . ............. .............. ............. Retro ..:.. : <y T1 .1:. : Inception date is October 26, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Index change effective 1/1/2006 from LB Gov /Credit to LB Aggregate 1.1 Returns in Down Markets 10/26/2005 Incept .............. ... :6irrd ........ .................. Poli ............. ... .......................... x o ... . ... . ........... ..... .".. *. .......... .. .. 4t:4 Palm Beach Gardens General Employees' Fixed Income & Cash - Sawgrass Universe Comparisons High Quality Bond i ranlny returns trttvuyn June OU, cUw Return % -tile -0.72 68 YTD 1 2005 2004 2003 2002 2001 1 2000 1999 1998 #Jli�+erse. 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 Returns Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is October 26, 2005 to June 30, 2006 Index change effective 1/1/2006 from LB Gov /Credit to LB Aggregate 9 Qtr YTD 1 2005 2004 2003 2002 2001 1 2000 1999 1998 .............. ... ... :: ,.. ,. Fund . .. . . ....... ........ . Return 0.10 -0.32 % -tile 45 49 ......... ........ ... ,. F?tiflcx Return -0.08 -0.72 % -tile 59 68 Univei� :. 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 Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is October 26, 2005 to June 30, 2006 Index change effective 1/1/2006 from LB Gov /Credit to LB Aggregate 9 Palm Beach Gardens General Employees' Total Equity Executive Summary Account Reconciliation 06/30/2006 2006 09/30/1994 Traili 1 Returns throw June 30, 2006 Investment Policy 09/30/1994 1 Yr Qtr YTD Incept :SeiiMimg Value :: 1,755 1,696 $22:. Net Flows -10 -31 -350:: :iixVeStif:f3iL::: ? -31 48 230:? >: : :V l.... 1,71: 1 T :3......:.:.; 3.: Traili 1 Returns throw June 30, 2006 Investment Policy 09/30/1994 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept 8.80: :: :: :::: >7:34::::: :: ::10.97 6.53. 230:? >: 2.37 2 :i64. :4:fl7'` :: :5 :85 ::7.79 ::::9:79: $.63 ............................ ........................... , ............. X :47 .... >9 �2 :' ..::8.37 2: :::: ........ -0.62 :: ............ _............ .................... :::::0 :47::: :::.: 3_fl2 .... 5.73 .......................... $. ...: .................. ...... :1:0:$$ ............. ........................... ... ........................... >:. D.17 12:39 ....:1.84 .......................................... ...: ...... <0. *? ............ ............................... :.::::1:{%s 10:88 28.68 ............... -0:3.' . .................. ............. Calendar Year Returns Returns in Up Markets 06/30/2006 2006 09/30/1994 3 Yr 5 Yr 10 Yr Incept Fund "�r;i�:: ��a1 `. 26.© 26:5: #'•obey : ;:::1'I: :::?.: Qtr YTD 2005 2004 2003 2002 2001 2000 1999 1998 1997 -1;80 481 4 52 : . i 1;44 22 $3' =2# ;{3$ ........................ _ ....................... : : x:42 :: >:::6:9 :.: 1:26 12:39 29:0$ :Policy -1.44 2.71 4.91 10:88 28.68 ....................... _ ....................... - 22.112 ..:::= ...................... 1:1::88:':::: = 9;11::::.::21;04 28:58 33:3fi :..•... : .......... -0:36 0.10 -0.39. ....... . _ 0:56 _5:85. - - , ..:............ 1 _fl7: ............. ............................... ......:..... 7$...:16:99 ..... -4.28 ... Returns in Up Markets ' Inception date is September 30, 1994 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. ' Returns are net of fees. Rockwood assumed account 10 -26-05 $ 1,565,898.88 10 Returns in Down Markets 09/30/1994 3 Yr 5 5 Yr 1 10 Yr I 09/30/1994 3 Yr 5 Yr 10 Yr Incept Fund "�r;i�:: ��a1 `. 26.© 26:5: #'•obey : ;:::1'I: :::?.: < ;4:1 30.4 3D: ;tgtio .: 85.5.: = :86:b: ' Inception date is September 30, 1994 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. ' Returns are net of fees. Rockwood assumed account 10 -26-05 $ 1,565,898.88 10 Returns in Down Markets 09/30/1994 3 Yr 5 5 Yr 1 10 Yr I Incept .Policy "5.4 - -28.2 Y Y26' .. ' Palm Beach Gardens General Employees' Total Equity ' Universe Comparisons Pure Large Cap Core ■ 1 C311111y rxutulllb 1111VU91I Jullt7 JV, LVVu Calendar Year Returns 1 Yr 2 Yr I 3 Yr I 4 Yr 1 5 Yr 1 6 Yr 1 7 Yr 1 8 Yr L 9 Yr 1 10 Yr ............................................................................................................. ............................... ............................................................................................................. ............................... Futd Return 8.80 7.34 10.97 6.53 2.30 2.37 2.64 4.07 5.85 7.79 % -tile 40 50 49 76 50 27 23 25 32 48 ............................................................................................................. ............................... ............................................................................................................. ............................... PQtic.. Return 8.63 7.47 11.22 8.37 2.49 -0.62 0.47 3.02 5.73 8.32 % -tile 43 47 40 36 45 50 49 43 35 28 ............................................................................................................. ............................... ............................................. ............................... .... .............................. ........................... .. .. .. ..... .. s ;:. ::::::.... . 5th % -tile 13.98 12.63 15.57 11.26 6.53 7.99 6.23 6.95 9.27 11.21 25th % -tile 10.46 9.21 12.69 9.03 3.75 2.82 2.32 3.96 6.16 8.39 50th % -tile 8.40 7.30 10.94 7.91 2.27 -0.64 0.39 2.84 5.39 7.70 75th % -tile 6.83 6.15 9.46 6.60 1.14 -1.99 -0.37 1.96 4.31 6.64 95th % -tile 2.83 2.58 6.37 4.46 -1.57 -6.49 -2.83 -0.15 2.45 4.47 Calendar Year Returns ' Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is September 30, 1994 to June 30, 2006 Rockwood assumed account 10 -26-05 $ 1,565,898.88 ■ 11 Qtr I YTD 1 2005 2004 2003 2002 2001 1 2000 1999 1998 ............................................................................................................. ............................... ............................................ ........... ...................................................... ............................... illstid Return -1.80 2.81 4.52 11.44 22.83 -21.03 -4.42 5.29 14.26 12.39 % -tile 55 36 67 26 87 34 9 12 81 97 ........................... ............ _ . .... ... .. .... ... Pbflcy Return -1.44 2.71 4.91 10.88 28.68 -22.10 -11.88 -9.11 21.04 28.58 % -tile 38 39 55 34 29 46 48 60 38 24 .......................................................................... ............................... ... ............................... ........................ _ _ ....... _ ................ 3Jiilvef 5th %4ile 0.56 6.43 11.33 15.14 33.34 -15.55 -1.49 13.61 35.03 34.74 25th % -tile -0.92 3.36 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 28.47 50th % -tile -1.60 2.53 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 25.44 75th % -tile -3.17 1.05 4.22 8.38 24.97 -23.39 -13.51 -9.63 16.39 18.85 95th % -tile -5.59 -3.06 1.07 5.14 20.58 -26.60 -19.10 -14.67 6.13 13.04 ' Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is September 30, 1994 to June 30, 2006 Rockwood assumed account 10 -26-05 $ 1,565,898.88 ■ 11 Palm Beach Gardens General Employees' Equity & Cash - Rockwood Executive Summary Account Reconciliation Investment 06/30/2006 2006 10/26/2005 Qtr YTD Incept Index _ ....... ............................... ............................. :: Value : ........:# ....... ............................... 55:...... G98 ....... ....... 1;566: ... ......... . . .......:...........:.... Nat:Flgws:::::.:.: ::. <::.: . ..... .... `:...:�1fl:...... -31 6: Vestiti ii :f3fL..... : : 48 154 :£"t..g:Valua. ` ....... ................. ....:..::..... ..atio:::: _ "::: ' .::::: ': ` <:.::...:. ..:.............. ::::: :: .: < ` ` .... < >::1: . Trailing Returns through June 30, 2006 Weight 10/26/2005 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept i id ;: ::: ; <: I . _... - 11:y .....:............ ...... Poli c' >:.. ,....< ....:,.. .................•...... ............................... ............. ................ .. ................ . ....., . ........ ...... .:. .. `. 6:34 QtF:: ,....... .:.........:.... 3 3� Calendar Year Returns Returns in Up Markets 10/26/2005 Incept Returns in Down Markets 10/26/2005 Incept tMd _... - 11:y _ ...... - fiurtd ............................... .......... . : .:.:. .. Policy : .:..... 7 9 : ......... Pvfi ':: `::: > < :: `::: ...t%Y ............... .... %' 1: ........ Raf to ::::::` . ... ...........::::::::::: 1.+ 8.5:: ................. ....:..::..... ..atio:::: _ "::: ' .::::: ': ` <:.::...:. ..:.............. ::::: :: .: < ` ` .... < >::1: . Inception date is October 26, 2005 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. 12 Palm Beach Gardens General Employees' Equity & Cash - Rockwood Universe Comparisons Pure Large Cap Core Trailing Returns through June 30, 2006 Calendar Year Returns _r_Qtr1 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr ............................................................................................................. ................... Fun .......... _t . .. ...... ............................... 11 2.81 ............ . ...................... ........I...................... ............................... .. Return 2.81 55 36 % -tile 36 Return -1.44 2.71 �p IGy. % -tile 38 39 Return 2.71 . .. . ......... ................ .......... .......... Unfyers� 5th % -tile 0.56 6.43 11.33 15.14 33.34 -15.55 -1.49 % -tile 39 34.74 25th % -tile -0.92 3.36 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 28.47 50th % -tile .........I ................... .......... . 10.39 27.83 -22.23 -12.08 5th % -tile 6.43 8.42 13.98 12.63 15.57 11.26 6.53 7.99 6.23 6.95 25th % -tile 3.36 5.96 10.46 9.21 12.69 9.03 3.75 2.82 2.32 3.96 50th % -tile 2.53 4.63 8.40 7.30 10.94 7.91 2.27 -0.64 0.39 2.84 75th % -tile 1.05 3.24 6.83 6.15 9.46 6.60 1.14 -1.99 -0.37 1.96 95th % -tile -3.06 0.18 2.83 2.58 6.37 4.46 -1.57 -6.49 -2.83 -0.15 Calendar Year Returns _r_Qtr1 YTD I 20051 20041 2003 2002 2001 I 2000 1999 1998 . .. ittid ... ..... . Return -1.80 2.81 % -tile 55 36 .... . ........... ..... PoflCy :.......... . Return -1.44 2.71 % -tile 38 39 . .. . ......... ................ .......... .......... Unfyers� 5th % -tile 0.56 6.43 11.33 15.14 33.34 -15.55 -1.49 13.61 35.03 34.74 25th % -tile -0.92 3.36 7.20 11.51 28.99 -20.13 -9.35 -0.20 22.80 28.47 50th % -tile -1.60 2.53 5.09 10.39 27.83 -22.23 -12.08 -7.39 20.27 25.44 75th % -tile -3.17 1.05 4.22 8.38 24.97 -23.39 -13.51 -9.63 16.39 18.85 95th % -tile -5.59 -3.06 1.07 5.14 20.58 -26.60 -19.10 -14.67 6.13 13.04 Returns are in percent. "% -tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is October 26, 2005 to June 30, 2006 13 Palm Beach Gardens General Employees' General Employees Pension Plan 25.00% Up Market Returns ' - -- - - - 20.00% - - - - -- ' 15.00% ----- - - - - -- [71 - 10.00% - ' 5.00% - t0.00% -ij _ 3 Yr Incept 13.44 Fund ( %) 11.26 15.32 18.82 Policy ( %) 11.38 -2.19 ' Difference ( %) -0.12 87.78 13.00 Ratio 98.95 ' # Up Qtrs 9.00 1 Down Market Returns ' 0.00% -5.00% ' - 10.00% - - - - - - 15.00% 3 Yr I Fund ( %) -2.49 Policy ( %) -2.66 Difference ( %) 0.17 I Ratio 93.61 # Down Qtrs 3.00 5 Yr 10 Yr Incept 13.44 16.63 16.67 15.32 18.82 18.99 -1.88 -2.19 -2.32 87.73 88.36 87.78 13.00 28.00 35.00 5 Yr -13.15 -14.41 1.26 91.26 7.00 I ❑ Fund ( %) Policy ( %) Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate I 14 10 Yr -12.27 -13.94 1.67 88.02 12.00 -12.27 -13.94 1.67 88.02 12.00 Palm Beach Gardens General Employees' General Employees Pension Plan Objective Comparison ' $4,00 -- - -- -- ' $3,500 ' $3,00 - - - -- - -- -- ------- --------------------------------- $2,50 - ----------------- ' 9 0 -0-- 9 4. V a $2,00 ❑ ❑ ❑ - ❑ ❑ ❑ ❑ ❑ ' I u e $1,50 ' $1,00 $50 7� - n $ J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 JO ' Quarter Ending Fund Policy ' Q Nominal 8% © CPI + 4% ' Inception date is September 30, 1994 All dollar values are shown in thousands. Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 15 Palm Beach Gardens General Employees' General Employees Pension Plan 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. 16 Palm Beach Gardens General Employees' General Employees Pension Plan Attribution of Returns Attribution of Performance to show Manager Contribution Policy :Manage Car}#iibition Current Quarter -0.89 0:20 Year to Date 1.35 :Q;24:: Policy + Manager Contribution = Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Current Quarter 0.38 Year to Date :: -0.46 3 Years 7.45 :: ............. . -1.87 5 Years 3.89 Incept -0:68 -4.24 10 Years Manager Contribution 7.86 -0:78 Incept 9.55 -1.07 Policy + Manager Contribution = Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Current Quarter 0.38 Year to Date :: -0.46 3 Years -3.02 5 Years -1.87 10 Years -3.46 Incept -4.24 Asset Allocation + Security Selection = Manager Contribution Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 17 Fund FAIR 1.59 7.42 3.31 M11Z: 8.48 Security Selection M t2ger Cdtftrlbuti6K -0.58 :: ::? =0.20 0.70 0:24 2.99 a:U 0 1.29 :0{: 2.68 3.17 =1.07 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 10.00% P e r 5.00% c e n t E f 0.00% e c t - 5.00% S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 Quarter Ending Security Selection Effect Palm Beach Gardens General Employees' General Employees Pension Plan Asset Allocation Effect 10.00°x° ;r e r 5.00% c e n t E f 0.00% e c t -5.00% '' —I_ i i i i i i i i S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 Quarter Ending Quarterly Effect Cumulative Effect Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 18 Palm Beach Gardens General Employees' General Employees Pension Plan Asset Allocation vs Targets Quarter Ending 0 Cash & Equiv -X- Target 80 70 60 50 40 30 20 10 0 JVI UUl MUZ JUZ JUZ UUZ MUJ JUJ JUJ UUJ MU4 JU4 Jv4 VU4 muo JUU OVU VUU MVO JUV Quarter Ending Fixed Income - Target Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate JUl UUl MUZ JUZ JUZ UUL MUJ JUJ JUJ UU3 MU4 JU4 JV4 UV4 MUU JUO QUO VUU muo JVo Quarter Ending Equity —X- Target 19 1 Palm Beach Gardens General Employees' General Employees Pension Plan tManager Contribution ° S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 Quarter Ending Quarterly Cumulative ' Growth of $100 Fund VS Policy ' $13 $12 _ _ - - - -- - -- ..... ' $12 - - - - - - -- - - - - -- $11 - - ------ - - - - -- ' V $11 - .... --------- - - - - -- ----------- --------- - - - - -- a $10 - I ' u $10 - -- - - - - - -- -- - - - - -- ----- - - - - -- e a $9 -- -- -'= - -------- - - - - -- - $9 $8 ' $a J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 Quarter Ending ' Fund ❑ Polio Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 1 20 4.00% ' 3.00% 2.00% tR 1.00% e It ' u 0.00% r n ' - 1.00% - 2.00% t-3 00°/ ° S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 Quarter Ending Quarterly Cumulative ' Growth of $100 Fund VS Policy ' $13 $12 _ _ - - - -- - -- ..... ' $12 - - - - - - -- - - - - -- $11 - - ------ - - - - -- ' V $11 - .... --------- - - - - -- ----------- --------- - - - - -- a $10 - I ' u $10 - -- - - - - - -- -- - - - - -- ----- - - - - -- e a $9 -- -- -'= - -------- - - - - -- - $9 $8 ' $a J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 Quarter Ending ' Fund ❑ Polio Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 1 20 Palm Beach Gardens General Employees' General Employees Pension Plan Quarterly Comparison Analysis ($) Period Ending Fund Policy Diff Nominal 8% Diff CPI + 4% Diff Sep 1994 1,079 1,079 0 1,079 0 1,079 0 Dec 1994 1,059 1,078 -20 1,098 -39 1,090 -31 Mar 1995 1,211 1,240 -29 1,194 17 1,188 23 Jun 1995 1,369 1,421 -51 1,294 75 1,286 84 Sep 1995 1,432 1,495 -63 1,316 116 1,301 131 Dec 1995 1,533 1,600 -67 1,365 168 1,338 195 Mar 1996 1,634 1,697 -62 1,452 182 1,431 203 Jun 1996 1,688 1,752 -64 1,486 202 1,461 227 Sep 1996 1,728 1,800 -72 1,518 210 1,488 240 Dec 1996 1,820 1,916 -96 1,551 270 1,514 306 Mar 1997 1,927 2,045 -118 1,685 242 1,647 280 Jun 1997 2,141 2,284 -144 1,717 424 1,664 477 Sep 1997 2,328 2,423 -94 1,752 576 1,691 637 Dec 1997 2,375 2,530 -155 1,820 556 1,741 635 Mar 1998 2,568 2,756 -188 1,856 712 1,769 799 Jun 1998 2,550 2,842 -291 1,893 657 1,797 753 Sep 1998 2,385 2,730 -345 1,928 456 1,818 566 Dec 1998 2,679 3,106 -427 2,001 678 1,874 805 Mar 1999 2,642 3,168 -526 2,025 617 1,888 753 Jun 1999 2,790 3,256 -466 2,033 757 1,890 900 Sep 1999 2,647 3,131 -484 2,063 584 1,917 730 Dec 1999 2,821 3,391 -570 2,095 726 1,934 887 Mar 2000 2,907 3,490 -583 2,149 758 1,999 907 Jun 2000 2,843 3,432 -589 2,167 675 2,010 833 Sep 2000 2,926 3,436 -510 2,192 734 2,027 899 Dec 2000 2,945 3,324 -380 2,225 719 2,042 903 Mar 2001 2,846 3,104 -258 2,243 603 2,061 785 Jun 2001 2,927 3,183 -256 2,251 676 2,068 859 Sep 2001 2,675 2,893 -218 2,229 446 2,028 648 Dec 2001 2,827 3,062 -234 2,256 571 2,013 814 Mar 2002 2,824 3,046 -222 2,283 541 2,040 783 Jun 2002 2,621 2,805 -184 2,290 331 2,038 583 Sep 2002 2,397 2,540 -144 2,305 92 2,041 356 Dec 2002 2,434 2,655 -221 2,313 121 2,024 410 Mar 2003 2,385 2,609 -224 2,345 41 2,068 318 Jun 2003 2,534 2,852 -317 2,358 176 2,050 484 Sep 2003 2,533 t 2,861 -329 2,373 160 2,056 477 IAll dollar values are shown in thousands. Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 21 Palm Beach Gardens General Employees' General Employees Pension Plan Quarterly Comparison Analysis ($) Period Fund Policy Diff Nominal 8% Diff CPI + 4% Diff Ending Dec 2003 2,680 3,036 -356 2,388 292 2,035 645 Mar 2004 2,741 3,094 -352 2,424 317 2,077 664 Jun 2004 2,717 3,068 -351 2,453 263 2,105 611 Sep 2004 2,674 3,045 -371 2,469 205 2,096 578 Dec 2004 2,805 3,188 -383 2,483 321 2,088 717 Mar 2005 2,745 3,112 -367 2,504 240 2,115 630 Jun 2005 2,717 3,117 -400 2,490 228 2,087 630 Sep 2005 2,740 3,148 -408 2,513 227 2,129 611 Dec 2005 2,779 3,177 -398 2,541 238 2,109 671 Mar 2006 2,812 3,206 -394 2,549 264 2,121 691 Jun 2006 2,765 3,162 -396 2,581 184 2,159 606 IAll dollar values are shown in thousands. II � I Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 22 Palm Beach Gardens General Employees' General Employees Pension Plan Quarterly Comparison Analysis ( %) Period Fund Policy Diff Nominal 8% Diff CPI + 4% Diff Ending Dec 1994 -1.67 0.16 -1.83 1.94 -3.61 1.22 -2.89 Mar 1995 7.15 7.82 -0.67 1.94 5.21 2.12 5.03 Jun 1995 6.68 8.32 -1.64 1.94 4.74 1.71 4.97 Sep 1995 4.85 5.52 -0.67 1.94 2.91 1.45 3.40 Dec 1995 5.46 5.49 -0.03 1.94 3.52 1.08 4.38 Mar 1996 2.64 2.24 0.40 1.94 0.70 2.39 0.25 Jun 1996 2.91 2.88 0.03 1.94 0.97 1.69 1.22 Sep 1996 2.22 2.61 -0.39 1.94 0.28 1.69 0.53 Dec 1996 5.12 6.23 -1.11 1.94 3.18 1.49 3.63 Mar 1997 0.17 1.30 -1.13 1.94 -1.77 1.89 -1.72 Jun 1997 11.16 11.79 -0.63 1.94 9.22 1.09 10.07 Sep 1997 8.66 5.95 2.71 1.94 6.72 1.49 7.17 Dec 1997 0.59 3.06 -2.47 1.94 -1.35 0.99 -0.40 Mar 1998 8.07 8.90 -0.83 1.94 6.13 1.59 6.48 Jun 1998 -0.75 3.05 -3.80 1.94 -2.69 1.49 -2.24 Sep 1998 -6.44 -3.89 -2.55 1.94 -8.38 1.29 -7.73 Dec 1998 10.89 12.51 -1.62 1.94 8.95 _ 1.09 9.80 Mar 1999 -0.83 2.50 -3.33 1.94 -2.77 1.59 -2.42 Jun 1999 6.80 3.77 3.03 1.94 4.86 1.69 5.11 Sep 1999 -4.78 -3.56 -1.22 1.94 -6.72 1.99 -6.77 Dec 1999 6.89 8.60 -1.71 1.94 4.95 1.29 5.60 Mar 2000 2.62 2.57 0.05 1.94 0.68 2.69 -0.07 Jun 2000 -1.42 -1.02 -0.40 1.94 -3.36 1.69 -3.11 Sep 2000 3.54 0.63 2.91 1.60 1.69 1.85 Dec 2000 0.95 -3.01 3.96 ----1.94 1.94 -0.99 _ 1.19 -0.24 Mar 2001 -2.54 -5.93 3.39 1.94 -4.48 2.19 -4.73 Jun 2001 4.11 3.69 0.42 1.94 2.17 2.09 2.02 Sep 2001 -6.53 -7.20 0.67 1.94 -8.47 1.18 -7.71 Dec 2001 6.32 6.41 -0.09 _ _ 1.94 4.38 0.09 6.23 Mar 2002 0.47 0.03 0.44 1.94 -1.47 2.19 -1.72 Jun 2002 -5.93 -6.75 0.82 1.94 -7.87 1.69 -7.62 Sep 2002 -7.51 -8.45 0.94 1.94 -9.45 1.59 -9.10 Dec 2002 3.08 5.95 -2.87 1.94 1.14 0.98 2.10 Mar 2003 -1.47 -1.24 -0.23 1.94 -3.41 2.80 4.27 Jun 2003 7.62 10.56 -2.94 1.94 5.68 0.69 6.93 Sep 2003 1 1.161 1.44 -0.28 1.94 1.94 -0.78 1.79 -0.63 Dec 2003 1 7.081 7.21 -0.13 5.14 0.49 6.59 Returns for periods exceeding one year are annualized. Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 23 Palm Beach Gardens General Employees' General Employees Pension Plan Quarterly Comparison Analysis ( %) Period Fund Policy Diff Nominal 8% Diff CPI + 4% Diff Ending Mar 2004 2.67 2.25 0.42 1.94 0.73 2.59 0.08 Jun 2004 -0.24 -0.25 0.01 1.94 -2.18 2.19 -2.43 Sep 2004 -0.38 0.30 -0.68 1.94 -2.32 1.08 -1.46 Dec 2004 6.17 5.82 0.35 1.94 4.23 1.18 4.99 Mar 2005 -1.19 -1.54 0.35 1.94 -3.13 2.59 -3.78 Jun 2005 1.32 2.21 -0.89 1.94 -0.62 1.69 -0.37 Sep 2005 1.75 1.79 -0.04 1.94 -0.19 3.20 -1.45 Dec 2005 2.07 1.50 0.57 1.94 0.13 -0.01 2.08 Mar 2006 2.71 2.25 0.46 1.94 0.77 2.59 0.12 Jun 2006 -1.09 -0.89 -0.20 1.94 -3.03 2.59 -3.68 Incept. 8.48 9.55 -1.07 8.00 0.48 6.631 1.85 IReturns for periods exceeding one year are annualized. Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 24 Palm Beach Gardens General Employees' General Employees Pension Plan Risk Measures Report Explanation The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two pages are used to determine the level of risk to which the fund has been exposed, and whether the return has been commensurate with the risk taken. All measures are calculated for both the fund and the policy as well as the difference between the two. Up to four time periods are evaluated depending on the age of the fund. # Of Negative Qtrs /# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return was less than zero, and the number of positive quarters is the number of quarterly returns which were greater or equal to zero. Batting Average: The batting average is a measure of consistency. It shows the percent of the quarters the fund has beaten the policy and the percent of the quarters the policy has beat the fund. A high average for the fund (e.g. over 50) is desirable, indicating the fund has beaten the policy frequently. Worst Quarter /Best Quarter /Range: The worst quarter is the lowest quarterly return experienced during the period, a measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low, and indicates dispersion. Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk. Alpha/Beta/R- Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r- squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. ' Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusting for beta. The higher the alpha, the better. R- squared measures the relationship between the policy and the fund. A high r- squared means the returns of the fund can largely be explained by movements of the policy. The higher the r- squared, the more reliable the alpha and the beta. R- squared may range from 0 to 100. Beta, alpha and r- squared are derived from regression analysis using the fund and policy returns as the dependent and independent variables respectively. Roughly, one would expect the fund's performance to equal the return of the policy multiplied by ' the beta plus the alpha. ' Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as measured by beta. Both of these should be compared against the corresponding value for the policy. Higher numbers are better, indicating more return for the level of risk that was experienced. 25 Palm Beach Gardens General Employees' General Employees Pension Plan Risk Measures ................ I ... ..... ....... . ...... ........ ........... # of Negative Qtrs 4.00 3.00 1.00 # of Positive Qtrs 8.00 9.00 -1.00 Batting Average 50.00 50.00 0.00 Worst Qtr -1.19 -1.54 0.35 Best Qtr 7.08 7.21 -0.13 Range 8.27 8.75 -0.48 Worst 4 Qtrs 3.98 3.97 0.01 Standard Deviation 5.40 4.75 0.65 Beta 1.08 1.00 0.08 Annualized Alpha -0.38 0.00 -0.38 R-Squared 0.90 1.00 -0.10 Sharpe Ratio 0.95 1.08 -0.13 Treynor Ratio 4.73 5.14 -0.41 Tracking Error 1.73 0.00 1.73 Information Ratio -0.02 IIndex change effective 1/1106 from LB Gov/Credit to LB Aggregate 26 ................ 5.,W, *,. * *. *.. -* ... .. . ........ .................. : . : ...... ........ ........... # of Negative Qtrs 14.00 12.00 2.00 # of Positive Qtrs 26.00 28.00 -2.00 Batting Average 42.50 57.50 -15.00 Worst Qtr -7.51 -8.45 0.94 Best Qtr 11.16 12.51 -1.35 Range 18.67 20.96 -2.29 Worst 4 Qtrs -11.63 -12.21 0.58 Standard Deviation 8.31 9.42 -1.11 Beta 0.81 1.00 -0.19 Annualized Alpha -0.01 0.00 -0.01 R-Squared 0.85 1.00 -0.15 Sharpe Ratio 0.41 0.44 -0.03 Treynor Ratio 4.20 4.18 0.02 Tracking Error 3.65 0.00 3.65 Information Ratio -0.21 IIndex change effective 1/1106 from LB Gov/Credit to LB Aggregate 26 ................ 5.,W, *,. * *. *.. -* ... .. . ........ .................. : . : ...... . Poky .......... ........ CJiff # of Negative Qtrs 8.00 7.00 1.00 # of Positive Qtrs 12.00 13.00 -1.00 Batting Average 50.00 50.00 0.00 Worst Qtr -7.51 -8.45 0.94 Best Qtr 7.62 10.56 -2.94 Range 15.13 19.01 -3.88 Worst 4 Qtrs -11.63 -10.68 -0.95 Standard Deviation 6.84 7.74 -0.90 Beta 0.83 1.00 -0.17 Annualized Alpha -0.29 0.00 -0.29 R-Squared 0.89 1.00 -0.11 Sharpe Ratio 0.17 0.22 -0.05 Treynor Ratio 1.39 1.73 -0.34 Tracking Error 2.62 0.00 2.62 Information Ratio -0.22 ............. # of Negative Qtrs 15.00 12.00 3.00 # of Positive Qtrs 32.00 35.00 -3.00 Batting Average 40.43 59.57 -19.14 Worst Qtr -7.51 -8.45 0.94 Best Qtr 11.16 12.51 -1.35 Range 18.67 20.96 -2.29 Worst 4 Qtrs -11.63 -12.21 0.58 Standard Deviation 7.94 8.94 -1.00 Beta 0.81 1.00 -0.19 Annualized Alpha 0.03 0.00 0.03 R-Squared 0.83 1.00 -0.17 Sharpe Ratio 0.57 0.63 -0.06 Treynor Ratio 5.59 5.60 -0.01 Tracking Error 3.72 0.00 3.72 Information Ratio -0.29 Palm Beach Gardens General Employees' General Employees Pension Plan Return vs Risk through June 30, 2006 12.00% 11.00% 10.00% A 9.00% n n u a I 8.00% z e d 7.00% R e t u r 6.00% n 5.00% 4.00% I 3 Mo TBill 3.000/ [ - -- �.00% i Fund * LB Gov /Corp -- I -- - - -- 5.00% 10.00% Risk (Annualized Std Dev) Policy Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate 27 * S&P 500 15.00% 20.00% 20.00% 15.00% e t 10.00% u r n s 5.00% 0.00% 1.00% 3.00% 5.00% 7.00% 9.00% 0.00% 2.00% 4.00% 6.00% 8.00% Risk (Annualized Std Dev) Palm Beach Gardens General Employees' General Employees Pension Plan Return vs Risk through June 30, 2006 3 Years 10.00% 9.00% 8.00% R 7.00% e t u 6.00% r n s 5.00% 4.00% 6.00% 5.50% 5.00% R 4.50% e t 4.00% u r n 3.50% s 3.00% 2.50% %i W LB 5 Years and S&P 500 Bill I- i .00% 10.00% 15.00% 20.00% Risk (Annualized Std Dev) 10 Years Inception 3.00% '- 1 11 1 1 - j 5.00% 15.00% 25.00% 0.00% 10.00% 20.00% Risk (Annualized Std Dev) 12.00% 11.00% 10.00% 9.00% R e 8.00% t u 7.00% r n s 6.00% 5.00% 4.00% 3 00 °/ 6.00% 5.00% 10.00% 15.00% 20.000/, Risk (Annualized Std Dev) Policy Index change effective 1/1/06 from LB Gov /Credit to LB Aggregate Palm Beach Gardens General Employees' General Employees Pension Plan Policy: First Objective: Second Objective Universe Data: 09/30/1994-12/31/2005 01 /01 /2006- 06/30/2006 09/30/1994-06/30/2006 09/30/1994-06/30/2006 60.00 S &P 500 40.00 Lehman Gov /Credit Bond 60.00 S &P 500 40.00 Lehman Aggregate Bond Annual Return of 8.00% 100.00 US Consumer Price Index + 4.00 annual adder 60% Pure Lg Cap Core & 40% High Quality Bond 09/30/1994 - 06/30/2006 40.00 High Quality Bond 60.00 Pure Large Cap Core 29 1 Bogdalui Consulting, LLC. ' CONTRIBUTIONS /WITHDRAWALS Palm Beach Garden General Employees' ' Combined Account From 04 -01 -06 To 06 -30 -06 Tran Trade Settle Code Date Date Security CONTRIBUTIONS li 04 -03 -06 04 -03 -06 Cash Transfer in h 04 -03 -06 04 -03 -06 Cash Transfer in li 04 -03 -06 04 -03 -06 Cash ER li 04 -04 -06 04 -04 -06 Cash Transfer from R/D account li 04 -04 -06 04 -04 -06 Cash Transfer from R/D account Ii 04 -07 -06 04 -07 -06 Cash EE h 04 -11 -06 04 -11 -06 Cash Transfer in li 04 -11 -06 04 -11 -06 Cash Transfer in li 04 -19 -06 04 -19 -06 Cash Transfer in li 04 -19 -06 04 -19 -06 Cash Transfer in Ii 04 -21 -06 04 -21 -06 Cash EE li 04 -21 -06 04 -21 -06 Cash Transfer from R/D account li 04 -21 -06 04 -21 -06 Cash Transfer from R/D account li 05 -01 -06 05 -01 -06 Cash Transfer from equtiy account li 05 -01 -06 05 -01 -06 Cash Transfer from fixed income acct li 05 -05 -06 05 -05 -06 Cash EE li 05 -05 -06 0"5 -06 Cash Transfer for investment li 05 -05 -06 05 -05 -06 Cash Transfer for investment li 05 -19 -06 05 -19 -06 Cash EE 1i 05 -19 -06 05 -19 -06 Cash Transfer for investment li 05 -19 -06 05 -19 -06 Cash Transfer for investment li 05 -26 -06 05 -26 -06 Cash Transfer to pay invoices li 05 -26 -06 05 -26 -06 Cash Transfer to pay invoices 1i 06 -01 -06 06 -01 -06 Cash Transfer in li 06 -01 -06 06 -01 -06 Cash Transfer in li 06 -01 -06 06 -01 -06 Cash EE Broker Amount Quantity Code Commission 11,258.15 7,505.44 19,848.00 11,908.80 7,939.20 567.51 716.24 716.25 549.48 549.48 712.37 427.42 284.95 11,259.11 7,506.07 568.31 340.99 227.32 583.03 349.82 233.21 119.86 119.86 11,259.11 7,506.07 580.55 Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Palm Beach Garden General Employees' Combined Account From 04 -01 -06 To 06 -30 -06 Tran Trade Settle Code Date Date Security Amount Quantity li 06 -02 -06 06 -02 -06 Cash 348.33 Received for investment li 06 -02 -06 06 -02 -06 Cash 232.22 Transfer for investment li 06 -16 -06 06 -16 -06 Cash 580.55 EE li 06 -19 -06 06 -19 -06 Cash 348.33 Received for investment li 06 -19 -06 06 -19 -06 Cash 232.22 Transfer for investment li 06 -23 -06 06 -23 -06 Cash 19,848.00 ER li 06 -23 -06 06 -23 -06 Cash 647.58 EE li 06 -23 -06 06 -23 -06 Cash 11,908.80 Received for investment li 06 -23 -06 06 -23 -06 Cash 7,939.20 Transfer for investment 145,721.83 WITHDRAWALS to 04 -03 -06 04 -03 -06 Cash 16,971.88 Benefit payments to 04 -03 -06 04 -03 -06 Cash 1,793.30 W/H tax on benefit payments to 04 -03 -06 04 -03 -06 Cash 11,258.15 Transfer to R/D account to 04 -03 -06 04 -03 -06 Cash 7,505.44 Transfer to R/D account to 04 -04 -06 04 -04 -06 Cash 11,908.80 Transfer to Rockwood account to 04 -04 -06 04 -04 -06 Cash 7,939.20 Transfer to Sawgrass account to 04 -10 -06 04 -10 -06 Cash 470.40 Custodial market value fee to 04 -10 -06 04 -10 -06 Cash 279.60 Custodial market value fee to 04 -II -06 04 -I1 -06 Cash 2,000.00 BC for period ending 3/31/06 to 04 -11 -06 04 -11 -06 Cash 716.24 Transfer to R/D account to 04 -11 -06 04 -11 -06 Cash 716.25 Transfer to R/D account to 04 -19 -06 04 -19 -06 Cash 1,098.96 C &D to 04 -19 -06 04 -19 -06 Cash 549.48 Transfer to R/D account to 04 -19 -06 04 -19 -06 Cash 549.48 Transfer to R/D account to 04 -21 -06 04 -21 -06 Cash 427.42 Transfer to Rockwood account to 04 -21 -06 04 -21 -06 Cash 284.95 Transfer to Sawgrass account 2 Broker Code Commission Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Palm Beach Garden General Employees' Combined Account From 04 -01 -06 To 06 -30 -06 Tran Trade Settle Code Date Date Security Amount 10 04 -25 -06 04 -25 -06 Cash 25.65 Foreign tax on Canadian Pacific Railway 10 05 -01 -06 05 -01 -06 Cash 16,971.88 Benefit payments to 05 -01 -06 05 -01 -06 Cash 1,793.30 W/H tax on benefit payments 10 05 -01 -06 05 -01 -06 Cash 11,259.11 Transfer to r/d account to 05 -01 -06 05 -01 -06 Cash 7,506.07 Transfer to R/D account In 05 -02 -06 05 -02 -06 Cash 298.43 Foreign tax on Volvo AB to 0"2 -06 05 -02 -06 Cash 2.76 ADR fee on Volvo dividend 10 05 -05 -06 05 -05 -06 Cash 340.99 Transfer to equity acct to 05 -05 -06 05 -05 -06 Cash 227.32 Transfix to fixed income acct 10 05 -19 -06 05 -19 -06 Cash 349.82 Transfer to equity acct to 05 -19 -06 05 -19 -06 Cash 233.21 Transfer to fixed income acct 10 05 -26 -06 05 -26 -06 Cash 242.13 C &D 10 05 -26 -06 05 -26 -06 Cash 119.86 Transfer to R/D account to 05 -26 -06 05 -26 -06 Cash 119.86 Transfer to R/D account to 06 -01 -06 06 -01 -06 Cash 16,971.88 Benefit payments In 06 -01 -06 06 -01 -06 Cash 1,793.30 W/H tax on benefit payments to 06 -01 -06 06 -01 -06 Cash 11,259.11 Transfer to R/D account to 06 -01 -06 06 -01 -06 Cash 7,506.07 Transfer to R/D accoount In 06 -02 -06 06 -02 -06 Cash 348.33 Transfer to Rockwood account to 06 -02 -06 06 -02 -06 Cash 232.22 Transfer to Sawgrass account 10 06 -19 -06 06 -19 -06 Cash 348.33 Transfer to Rockwood account to 06 -19 -06 06 -19 -06 Cash 232.22 Transfer to Sawgrass account to 06 -23 -06 06 -23 -06 Cash 11,908.80 Transfer to Rockwood account to 06 -23 -06 06 -23 -06 Cash 7,939.20 Transfer to Sawgrass account 162,499.40 EXPENSE ACCOUNTS 3 0.00 Broker Quantity Code Commission Bogdahn Consulting, LLC. CONTRIBUTIONS/WITHDRAWALS Palm Beach Garden General Employees' Combined Account From 04 -01 -06 To 06 -30 -06 Tran Trade Settle Broker Code Date Date Security Amount Quantity Code Commission AFTER FEE PERFORMANCE EXPENSE ACCOUNTS dp 04 -07 -06 04 -07 -06 Administration Fee 930.00 Quarterly management fee to Sawgrass Asset Management dp 04 -17 -06 04 -17 -06 Administration Fee 3,073.62 Quarterly management fee to Rockwood Capital Advisors 4,003.62 PORTFOLIO NET TOTAL - 20,781.19 EXPENSE ACCOUNTS PAID BY CLIENT AFTER FEE PERFORMANCE EXPENSE ACCOUNTS PAID BY CLIENT GRAND TOTAL 4 0.00 0.00 - 20,781.19 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Palm Beach Garden General Employees' Combined Account June 30, 2006 (Excluding Reinvested Divs.) Unit Total Market Pet. Quantity Security Cost Cost Price Value Gain/Loss Assets DOMESTIC EQUITIES Common Stock Large Cap 925.000 Aflac Inc. 47.23 43,690.71 46.35 42,873.75 - 816.96 1.6 650.000 BOEING CO COM 64.47 41,906.41 81.91 53,241.50 11,335.09 1.9 825.000 CIT Group 54.92 45,308.26 52.29 43,139.25 - 2,169.01 1.6 140.000 Canadian Pacific Ltd 41.53 5,814.20 51.14 7,159.60 1,345.40 0.3 760.000 Caterpillar Inc 49.83 37,871.18 74.48 56,604.80 18,733.62 2.0 660.000 Halliburton Co. 55.46 36,602.41 74.21 48,978.60 12,376.19 1.8 1,345.000 Hewlett Packard Co 32.33 43,477.39 31.68 42,609.60 - 867.79 1.5 640.000 Lockheed Martin Corp. 60.12 38,478.59 71.74 45,913.60 7,435.01 1.7 1,275.000 Loews Corp. 29.94 38,172.27 35.45 45,198.75 7,026.48 1.6 1,165.000 MEDIMMUNE INC 35.32 41,147.80 27.10 31,571.50 - 9,576.30 1.1 COM 1,075.000 PG & E Corp. 35.89 38,583.79 39.28 42,226.00 3,642.21 1.5 565.000 Prudential Financial Inc 78.05 44,095.59 77.70 43,900.50 - 195.09 1.6 1,720.000 Safeway Inc. COM 22.29 38,341.72 26.00 44,720.00 6,378.28 1.6 1,340.000 Texas Instruments 33.48 44,859.98 30.29 40,588.60 4,271.38 1.5 538,350.30 588,726.05 50,375.75 21.3 Mid Cap 1,040.000 Apartment Inventory & 36.91 38,390.98 43.45 45,188.00 6,797.02 1.6 Management Co - Reit 590.000 Brown Forman Corp. 74.52 43,967.27 71.45 42,155.50 - 1,811.77 1.5 Class B 1,195.000 Chesapeake Energy 31.29 37,391.67 30.25 36,148.75 - 1,242.92 1.3 Corp. 3,240.000 El Paso Corp 11.72 37,972.80 15.00 48,600.00 10,627.20 1.8 920.000 FISERV INC COM 43.76 40,259.57 45.36 41,731.20 1,471.63 1.5 1,355.000 HCC Insurance 28.00 37,945.69 29.44 39,891.20 1,945.51 1.4 Holdings Inc Com 970.000 Henry Schein Inc. 45.52 44,158.09 46.73 45,328.10 1,170.01 1.6 1,065.000 Indymac Bancorp Inc 35.78 38,105.70 45.85 48,830.25 10,724.55 1.8 860.000 MCKESSON HBOC 45.92 39,488.79 47.28 40,660.80 1,172.01 1.5 INC Com 1,150.000 Price T Rowe Assoc Inc 33.76 38,819.00 37.81 43,481.50 4,662.50 1.6 Com 935.000 Protective Life Corp. 41.74 39,022.51 46.62 43,589.70 4,567.19 1.6 2,705.000 Seagate Technology 13.73 37,139.65 22.64 61,241.20 24,101.55 2.2 Holdings 560.000 Simon PPTY Group Inc. 68.08 38,124.80 82.94 46,446.40 8,321.60 1.7 655.000 Stericycle Inc 63.44 41,554.44 65.10 42,640.50 1,086.06 1.5 1,855.000 TD Ameritrade Hldg 21.46 39,815.16 14.81 27,472.55 12,342.61 1.0 Corp /was Amerit ade Hid _ 592,156.12 653,405.65 61,249.53 23.6 Small Cap 970.000 Fair Isaac and Company 44.36 43,031.92 36.31 35,220.70 -7,811.22 1.3 Inc. 1,940.000 12 Global 23.18 44,960.76 31.22 60,566.80 15,606.04 2.2 Communications Inc. 1,105.000 Landstar Systems Inc. 37.15 41,046.43 47.23 52,189.15 11,142.72 1.9 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Palm Beach Garden General Employees' Combined Account June 30, 2006 (Excluding Reinvested Divs.) FA Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets 815.000 Precision Castparts 46.02 37,510.29 59.76 48,704.40 11,194.11 1.8 Corp. 1,300.000 Sunrise Senior Living 34.46 44,800.99 27.65 35,945.00 - 8,855.99 1.3 Inc. 1,620.000 T -HQ Inc. 27.20 44,069.18 21.60 34,992.00 - 9,077.18 1.3 1,445.000 VCA Antech Inc 28.86 41,707.04 31.93 46,138.85 4,431.81 1.7 297,126.61 313,756.90 16,630.29 11.3 11427,633.03 1,555,888.60 128,255.57 56.3 1,427,633.03 1,555,888.60 128,255.57 56.3 INTERNATIONAL EQUITIES Foreign Stock Foreign 900.000 Canadian Pacific 44.44 40,000.32 51.14 46,026.00 6,025.68 1.7 Railway Ltd. NEW 815.000 Ryanair Holdings 55.22 45,006.91 52.72 42,966.80 - 2,040.11 1.6 PLC -SP ADR 915.000 Volvo Aktiebolaget 40.65 37,194.02 49.01 44,844.15 7,650.13 1.6 ADR CL B 122,201.25 133,836.95 11,635.70 4.8 122,201.25 133,836.95 11,635.70 4.8 122,201.25 133,836.95 11,635.70 4.8 FIXED INCOME Corporate Bonds 25,000 Chase Manhattan Corp 102.76 25,688.75 100.81 25,202.20 - 486.55 0.9 7.125% Due 02 -01 -07 50,000 Caterpillar Financial 99.99 49,99150 99.25 49,622.95 - 369.55 1.8 Services 4.875% Due 06 -15 -07 45,000 Merrill Lynch & Co. 103.41 46,536.30 101.69 45,761.04 - 775.26 1.7 6.560% Due 12 -16 -07 25,000 Wells Fargo & Co 97.50 24,375.25 96.69 24,172.70 - 202.55 0.9 4.000% Due 08 -15 -08 50,000 Merill Lynch & Co 103.86 51,928.00 101.43 50,717.05 - 1,210.95 1.8 6.375% Due 10 -15 -08 25,000 IBM 96.51 24,126.50 96.30 24,075.83 -50.68 0.9 4.250% Due 09 -15 -09 35,000 John Deere Capital Ser 99.81 34,931.75 98.78 34,573.32 - 358.44 1.3 MTN 5.400% Due 04 -07 -10 25,000 Lerman Brothers 105.39 26,348.25 103.53 25,881.50 -466.75 0.9 Holdings 6.625% Due 01 -18 -12 40,000 Morgan Stanley 94.42 37,769.60 91.68 36,672.80 - 1,096.80 1.3 4.750% Due 04 -04 -14 25,000 Goldman Sachs Group 94.23 23,558.50 93.49 23,371.98 - 186.53 0.8 Inc 5.125% Due 01 -15 -15 20,000 Anheuser Busch Cos Inc. 95.58 19,115.80 91.52 18,303.10 - 812.70 0.7 4.625% Due 02 -01 -15 FA Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Palm Beach Garden General Employees' Combined Account June 30, 2006 (Excluding Reinvested Divs.) 3 Unit Total Market Pct. Quantity Security Cost Cost Price Value Gain/Loss Assets 501000 BellSouth Capital 102.25 51,125.00 100.09 50,046.50 - 1,078.50 1.8 Funding 6.040% Due 11 -15 -26 40,000 First Union Corp 107.09 42,834.40 101.74 40,695.08 - 2,139.32 1.5 6.180% Due 02 -15 -36 458,330.60 449,096.04 - 9,234.57 16.2 Accrued Interest 6,283.11 0.2 458,330.60 455,379.15 - 9,234.57 16.5 Government Bonds 0 FNMA 0.00 0.00 97.41 0.00 0.00 0.0 3.800% Due 01 -18 -08 50,000 FNMA 99.16 49,579.00 98.13 49,062.50 - 516.50 1 K 4.500% Due 08 -04 -08 40,000 FNMA 96.95 38,780.80 96.84 38,737.50 43.30 l a 3.875% Due 08 -15 -08 150,000 FNMA 97.88 146,826.50 96.38 144,562.50 - 2,264.00 52 6.500% Due 06 -01 -l0 100,000 FHLLMC Series WIN 98.86 98,862.00 98.41 98,412.90 -449.10 3 0 5.250% Due 02 -24 -11 50,000 US Treasury Note 96.59 48,293.95 93.57 46,783.20 - 1,510.75 1 7 4.250% Due 08 -15 -15 25,000 UNITED STATES 114.72 28,679.69 108.32 27,080.08 - 1,599.62 1.0 TREAS BDS 6.000% Due 02 -15 -26 50,000 Tennessee Valley 111.11 55,556.00 103.61 51,807.20 - 3,748.80 1 L) Authority 5.880% Due 04 -01 -36 466,577.94 456,445.88 - 10,132.06 16.5 Accrued Interest 7,130.48 0.3 466,577.94 463,576.36 - 10,132.06 16.8 FHLMC 55,979 FHLMC Pool #102621 98.86 55,340.01 96.28 53,895.29 - 1,444.72 1 9 5.000% Due 10 -0 1 -20 Accrued Interest 233.24 0.0 55,340.01 54,128.54 - 1,444.72 2.0 FNMA 47,373 FNMA Pool #256060 101.39 48,031.73 98.50 46,663.55 - 1,368.18 1.7 6.000% Due 01 -0 1 -36 Accrued Interest 236.86 0.0 48,031.73 46,900.42 - 1,368.18 1.7 1,028,280.28 1,019,984.46 - 22,179.53 36.9 CASH & EQUIV. Cash Accounts Cash & Equiv. Cash 647.58 647.58 0.00 0.0 647.58 647.58 0.00 0.0 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Bogdahn Consulting, LLC. PORTFOLIO APPRAISAL Palm Beach Garden General Employees' Combined Account June 30, 2006 (Excluding Reinvested Divs.) Unit Total Quantity Security Cost Cost Price Money Markets 54,891 Goldman Sachs 1.00 54,891.48 1.00 Fin.Sq.Treasury Oblib. Admin Market Value 54,891.48 Pct. Gain/Loss Assets 0.00 2.0 54,891.48 54,891.48 0.00 2.0 55,539.06 55,539.06 0.00 2.0 TOTAL PORTFOLIO 2,633,653.62 2,765,249.07 117,711.74 100.0 4 0 t!1 LI1 ; r r le% CA 'J1 O O CL., v Z CLI b A w O U O ^O O 4-b 16, .P., U °o N ti to Z2 Ol M U � � 0 ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ N • .v 4J c� 1 •� o� o� a� o o 0.4 ►� ' cn 4� c� -- � � � O ►r � � � c N u N p � w U a a H z w w z w vi x 1�1 V w U O 11 r.+ r v 'N �i 'N tL a4 •N o CIO , _0��W.' too cu bo Qj P- lu a� -• .-- GCa v p v V v .� �, �. 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O X�XwXaa\a 7 d • N N b N M N M M m M M O M M M M M M N N O O V F" O, M M ~ 0(71 M M M M M Ki M cr) M M M M M p p 00 W d O kn U a a F z W rW V Q z F W 7) a c7 r 4� C� 4� 4� U W O ct � L z 4� O c s .� ct g bA ct 4� ct y--i � .; w ct > 0 c ,-� ct w cn a ct Ct Ct ''"' U t�t � rl 4� V 'r 0� y ti 0� N 0 � o 4� C v N `N C3 � Q con S� M M O � � M d N N N r- U F z w �W V z W con Q c7 i 00 -t C� r- U F z w �W V z W con Q c7 i SAWGRASS Asset Management, L.L.C. Decision Process ■ We begin by identifying a universe of ■securities consistent with our client's objectives and policies. For corporate ■issues, we further screen based on measures of credit worthiness. Our next step focuses on the maturity structure decision. We base this decision on our interest rate forecast, the resulting yield curve configuration, and our confidence in these two predictions. In forecasting the direction of interest rates, we evaluate five distinct factors: economic growth rates, fiscal policy, monetary policy, inflation and international events. With this interest rate forecast, we then analyze the current yield curve configuration, which tells us which maturities, relative to the benchmark, are most likely to provide additional returns. We will then structure the portfolio's effective duration within a range of `1 -20% from the appropriate benchmark. Sawgrass also seeks to add value for clients through our evaluation of the relative attractiveness of market sectors. We evaluate sectors according to the stage of the economic cycle, yield relationships and performance simulations. Having established a maturity, sector, and quality framework, we analyze the structure of specific fixed income securities. The process considers such items as redemption features and uses rich /cheap analysis to find undervalued issues. Before the final selection of a security, we run a performance scenario analysis to better understand how the specific issue will perform given various changes in the market. Our sell discipline considers market conditions, portfolio rebalancing and specific issue fundamentals. When a portfolio change in duration or sector allocation is implemented, sell candidates are evaluated so as to accomplish the portfolio adjustment as efficientlu as possible. Intermediate Fixed Income Investing Andrew M. Cantor, CFA, Christopher J. Greco, Principal, F Senior Institntiofal Sales Exeautive Director of Fixed Income Investing Phone: (904) 493 -5504 Phone: (904) 493 -5500 Fax: (904) 493 -5522 INVESTMENT PHILOSOPHY Sawgrass Asset Management's active Intermediate Fixed Income product has incorporated a defined investment philosophy whose effectiveness has been proven since its inception in 1991. This strategy focuses primarily on controlled duration management of investment grade securities and secondarily on strategic sector valuations and specific security analysis. This portfolio has an effective duration that ranges from 3 -5 years and an average maturity that ranges from 4- 8 years. There currently are no sector constraints. The investable universe consists of U.S. dollar - denominated government, corporate and mortgage- backed securities. The investment approach is managed to the Lehman Intermediate Government/Corporate Index. PERFORMANCE 7% 6% 5% 4% 3% 2% 1% 0% ❑ ,Sawgrass ■ Lehman Int. G/C 6130105 - Gross ofPees ATTRIBUTES (qtr 1 Yr 3 Yrs 5 Yrs 10 Yrs 2.2% 4.5% 4.6% 6.5% 6.3% 2.5% 4.8% 5.1°', 6.90'„ 6.3% 1/30/05 Note: Performance results shown above do not reflect investment management fees. After deduction of such fees, performance ■ results for the quarter, one year, three years, five years, and 10 years would be 2.1 %, 4.1 %, 4.1 %, 6.1 %, and 5.8 %, respectively. Lehman Intermediate Sawgrass Gov'tXorp. Yield to Maturity ( %) 4.1 4.0 Effective Maturity (Years) 4.1 4.4 Effective Duration (Years) 3.1 3.7 Convexity 0.07 0.07 Average Quality AA I AA 1 Note: Performance results shown above do not reflect investment management fees. After deduction of such fees, performance ■ results for the quarter, one year, three years, five years, and 10 years would be 2.1 %, 4.1 %, 4.1 %, 6.1 %, and 5.8 %, respectively. SAWGRASS Asset Management, L.L.C. Intermediate Fixed Income Investing PERFORMANCE DISCLOSURES Sawgrass Asset Management, LLC. (Sawgrass) has prepared and presented this report in compliance with the Perfor- mance Presentation Standards of the The CFA Institute (AIMR- PPSTI), the U.S. and Canadian version of the Global Investment Performance Standards (GIPSTM). The CFA Institute has not been involved in the preparation or review of this report. Sawgrass is a Registered Investment Advisor whose primary focus is to provide institutional investment management services. Performance up to March 31, 1998 consists of accounts managed at Barnett Capital Advisors, Inc., where the entire Sawgrass team was previously employed. The entire team that produced and were responsible for these results is currently at Sawgrass, managing these products under the same investment philosophy and process. All fee paying, fully discretionary, tax - exempt accounts managed by Sawgrass are included in at least one composite and do not include simulated, modeled, or back - tested performance. Returns do not reflect the deduction of investment advisory fees and include cash. Client returns will be reduced by these advisory fees and any other expenses it may incur in the management of its investment advisory account. The Firm's official performance record is maintained in Advent Axys, a PC -based portfolio management and accounting system. Barnett Capital Advisors, Inc. utilized Super4, a mainframe performance measurement application. Performance is on a trade date dollar - weighted monthly basis in U.S. dollars. The dollar - weighted monthly results are geometrically linked (time- weighted) to produce quarterly and annualized results. New accounts are added to the composite beginning with their first month of fully discretionary performance. Terminated accounts remain in composites through their last full month of discretionary performance. A comprehensive list and description of the firm's composites is available upon request. Past performance does not guarantee future results. Investments are subject to risk and may lose value. Information Speck to the Intermediate Fixed Income Composite: As of 6/30/05, this composite was comprised Of 12 accounts valued at $65 million. Assets in this composite represent 6% of the firm's total assets under management. This composite's creation date was 1 /1/93 and it's minimum account size is currently $i million. The investment management fee schedule is available in Part II of Form ADV as follows: 0.45% on the first $10 million, 0.35% on the next $20 million and 0.25% on the balance. As an example, the effect of investment management fees on the total value of a client's portfolio assuming (a) $1,000,000 investment, (b) portfolio return of 6% a year, and (c) 0.45% annual investment advisory fee would be $4,66o in the first year, and cumulative effects of $26,o18 over five years. Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 . \nnual "Total Return 15.600 4.40 o 8.1' o 7.90o 1.30o 9.8'o 8.70 o 9.800 3.40 o 3.Oo o Lehman Intermediate Gov / Corp Index 15.3'o 4.10 o 7.900 8.40 o 0.4o 0 10.200 9.0o o 9.80 0 4.3o o 3.00 o Valuc \dded 0.300 0.30o 0.200 -0.60o 0.900 -0.40'o -0.30o 0.00o -0.900 0.000 Intermediate Comp.. \.sets - Year End (MI.1) S74.4 5102.1 S102.6 S16.5 523.4 5362 $24.5 564.3 S69.5 568.1 Total Firm ;kssets - Year land (1INI) 5215010 $1,947.0 52,000.0 $189.5 S629.1 51,177.2 51,070.3 S940.6 $863.6 51,006.8 Percent of Firm's. \sets 3.50o 5.200 5.100 8.700 3.70'o 3.10o 2.300 6.800 8.00'0 6.800 Number of Account. 5 7 8 2 3 11 8 10 12 12 Dispersion 1.650'0 0.2600 0.120. n /a* n /a* 0.1000 0.290o 0.3700 0.4200 0.330o *When there arc two or fewer accounts represented for the entire year, the calculation of standard deviation w a form of dispersion is not meaningful. 1994: 1ligh was - 1.9700; law was - 2.9800. 1999: l Iigh was 1.610o; low was 1.220 o. ■ ■ i 4� 4-J C� i•� Cn I� M d d U qQ f�4 't4 U � � d � y � a z Q 3M v �� 'u d � N 0 U cz y w v U �0v: cc ° c U- 0) > ° v 0 v 0 v v w m 0 X".V m U v .v v 'UZI� C84 u >, v v M c °: w x ° Q) o � :5. -,4 >U m bo o v 3�E4 m +� w CZ o '� v U ° o b G a v a o o o o � cn w C7 ° ° ° v' ' a o ° v tea, � w u wi. 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