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HomeMy WebLinkAboutAgenda Fire Pension 031907THE PENSION RESOURCE CENTER, INC. 4360 North lake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 62+3277 ❖ Fax (561) 6243278 ❖ www.RESOURCECENTEPS.COM PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of Monday, March 19, 2007 Location: Palm Beach Gardens Fire Rescue — Station 3 5161 Northlake Blvd. Palm Beach Gardens, Florida 33410 (561) 776 -1071 Time: 10:00 A.M. AGENDA 1. Call Meeting to Order 2. Minutes of Meeting Held February 20, 2007 3. Investment Monitor Report: Bogdahn Consulting Bond Portfolio Review 4. Attorney Report: Bob Sugarman 5. Administrative Report: Margie Adcock 6. Disbursements 7. Other Business 8. Schedule Next Meeting: Monday, April 30, 2007 at 10:00 A.M. 9. Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact The Pension Resource Center, Inc. no later than four days prior to the meeting. PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS March 19, 2007 • PENSION RESOURCE CENTER, INC. $ 500.00 (Bill for services for March 2007) • SUGARMAN & SUSSKIND $ 2,300.00 (Fees for legal services for February 2007) Total Disbursements for Approval $ 2,800.00 (Trustee) (Trustee) PENSION RESOURCE CENTER 4360 Northlake Boulevard, Suite 206 West Palm Beach, FL 33410 r Bill To Palm Beach Gardens Firefighters' Ship To Invoice Date Invoice # 3/1/2007 1842 P.O. Number Terms Rep Ship Via F.O.B. Project 3/l/2007 Quantity Item Code Description Price Each Amount I Admin Fee- PBGFF... Palm Beach Gardens Firefighters' Pension Fund - March 2007 500.00 500.00 Total 5500.00 r SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A. Sugarman Two Datran Center, Suite 1129 Howard S. Susskind 9130 South Dadeland Boulevard David E. Robinson Miami, Florida 33156 Kenneth R. Harrison, Sr. (305) 529 -2801 D. Marcus Braswell, Jr. Broward 763 -2566 Pedro A. Herrera Toll Free 1- 800 -329 -2122 Facsimile (305) 447 -8115 March 5, 2007 p1:q-CE:j,V City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator 13Y. MAR 1 3 2007 The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 2U6 Palm Beach Gardens, Florida 33410 CURRENT FEES: 2,300.00 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 3,260.00 PAYMENTS RECEIVED: 0.00 TOTAL AMOUNT DUE: 5,560.00 Sugarman & Susskind Two Datran Center, Suite 1129 9130 South Dadeland Boulevard Miami, Florida 33156 Telephone: 305 -529 -2801 Fax: 305- 447 -8115 City of Palm Beach Gardens Firefighters' Pension Fund March 05, 2007 c/o Margaret M. Adcock, Administrator Invoice #47295 The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:ADMN In Reference To: Administrative Manager Professional Services Hrs /Rate Amount 2/6/2007 Review and edit Administrative contract. 0.50 100.00 200.00 /hr 2/16/2007 Receipt and review of Administrator Contract from Pension Resource. 1.25 250.00 200.00 /hr For professional services rendered 1.75 $350.00 Previous balance $400.00 Balance due Client-.Matter PBGF:BUSH In Reference To: Disability Application of Kathleen S. Bush $750.00 Amount Previous balance $110.00 Balance due $110.00 City of Palm Beach Gardens Firefighters' Pension Fund Page 2 Client:Matter PBGF:MEET In Reference To: Meeting Professional Services Hrs /Rate Amount 2/20/2007 Prepare for meeting, Attend meeting 6.00 1,200.00 200.00 /hr For professional services rendered 6.00 $1,200.00 Previous balance $1,550.00 Balance due $2,750.00 Client:Matter PBGF:MISC In Reference To: Miscellaneous Professional Services Hrs /Rate Amount 2/2/2007 Telephone conference with Ed on trustee appointment procedures 0.25 50.00 200.00 /hr 2/6/2007 Legal research regarding resign to run law. 1.25 250.00 200.00 /hr 2/13/2007 Legal research regarding "resign to run" law. Legal research regarding 2.25 450.00 Trustee serving as ER appointee and running for EE seat. 200.00 /hr For professional services rendered 3.75 $750.00 Previous balance $600.00 City of Palm Beach Gardens Firefighters' Pension Fund Balance due Client:Matter PBGF:PLAN In Reference To: Plan Previous balance Balance due Client:Matter PBGF:RSPD In Reference To: Summary Plan Description Previous balance Balance due Page 3 $1,350.00 Amount $100.00 $100.00 Amount $500.00 $500.00 [M&G]MAGER & GOLDSTEIN LLP City of Palm Beach Gardens Firefighters' Pension Fund Monitoring Report February 2007 MAGER & GOLDSTEIN LLP Attorneys at Law I. UPDATE ON NEW SECURITIES CLASS ACTIONS!! After reviewing the entire investment portfolio available to Mager & Goldstein, we have determined that the Fund has no interest in any recently filed securities class actions. However, because Mager & Goldstein only has access to the Fund's last three years of investments, we will be able provide further information if more extensive access to your investment history is afforded. II. UPDATE ON PENDING SECURITIES CLASS ACTIONS After reviewing the entire investment portfolio available to Mager & Goldstein, we have determined that the Fund has no interest in any pending securities class actions that warrant your immediate attention. However, because Mager & Goldstein only has access to the Fund's last three years of investments, we will be able provide further information if more extensive access to your investment history is afforded. III. SETTLED SECURITIES ACTIONS After reviewing the entire investment portfolio available to Mager & Goldstein, we have determined that the Fund has no interest in any recently settled securities class actions. However, because Mager & Goldstein only has access to the Fund's last three years of investments, we will be able provide further information if more extensive access to your investment history is afforded. STOCK OPTIONS BACK - DATING AND THE RESULTING LITIGATION Stock options provide recipients with the right to convert the options to shares in the company at some future point in time. While such options are a common and accepted method of rewarding high -level executives for their performance as reflected in the company's stock, companies have cleverly discovered ways to manipulate the grant dates and prices of the stock options to artificially reward targeted employees. In short, stock options do not present the recipient with a financial gain unless the stock increases from the date in which the option was granted. Of course, no stock is guaranteed to increase under any employee's tenure; thus, companies would simply backdate their stock options to dates at which the stock was at a low- point. Such protective measures artificially ensured the profitability of the option. This practice of backdating stock options is deceptive to stockholders and violative of SEC regulations. Furthermore, the practice creates additional compensation costs to the company that must be reflected in the company's accounting. However, the deceptive measures taken to conceal the stock option manipulations create not only GAAP violations, but numerous tax code implications. All of these issues have not only caught the attention of the SEC, but also of class action firms around the country. The Securities and Exchange Commission's probe to determine if companies improperly manipulated the grant dates and exercise prices of stock options given to executives has grown to over 80 different companies and has spawned 23 securities class actions as of February 1, 2007. These companies include: American Tower Corporation, Apollo Group, Inc., Apple Computer, Inc., Aspen Technology Inc., Broadcom Corporation, Brocade Communication Systems, Inc., Brooks Automation, Inc., Comverse Technology, Inc., Hansen Natural Corporation, Jabil Circuit, Inc., Juniper Networks, Inc., KLA- Tencor Corporation, Marvell Technology Group, Ltd., Meade Instruments Corporation, Mercury Interactive Corporation, Michaels Stores, Inc., Rambus, Inc., SafeNet, Inc., Sunrise Senior Living, Inc., UnitedHealth Group, Inc., Vitesse Semiconductor Corporation, Witness Systems, Inc., Zoran Corporation. ,T• +`.11:'R. t - E .#.+►4f�i7��'• Am T 99 Cents Only Stores 7/22/03 — 9/21/05 Gilardi & Co. LLC 2/26/07 $4.3 million P.O. Box 990 Corte Madera, 94976 www.gilardi.com Abbey National, PLC 1/2/02- 6/10/02 4/19/07 $525,000 Abercrombie & Fitch Co. 10/8/99 — 10/13/99 The Garden City Group, Inc. 2/26/07 $6.05 million P.O. Box 9000 #6478 Merrick, NY 11566 -9000 www.,gardencitygroup.com Ace Cash Express, Inc. 6/7/06- 10/5/06 Adelphia Communications 8/16/99 — 6/10/02 Valley Forge Administrative 3/10/07 $460 million Corporation Services P.O. Box 220 (Deloitte & Touche Villanova, PA 19085 ($210 million) Settlement) www.adelphiasettlement.com (Banks Settlement) ($250 million) Advanced 4/24/03 — 2/16/05 RSM McGladrey, Inc 3/19/07 $3 million Neuromodulation Systems, P.O. Box 1367 Inc Blue Bell, PA 19422 Amerigroup 2/16/05 — 9/28/05 The Garden City Group, Inc. 3/20/07 $5 million P.O. Box 9091 Dublin, OH 43017 www.gardeiicit.ygroLiL).com Anchor Glass Container 9/25/03 — 11/4/04 Gilardi & Co. LLC 4/30/07 $5.5 million Corporation P.O. Box 990 Corte Madera, 94976 wwwgilardi.com Bisys Group, Inc 10/23/00 — 8/11/06 A.B. Data, Ltd. 3/26/07 $65.875 P.O. Box 170200 million Milwaukee, WI 53217 www.abdatalawserve.com Catalina Marketing Corp. 10/14/99 - 8/25/03 5/21/07 $8.500 million CWW '01 xr- rAIEQ �11iMISbt4 „ °Ii? AMU.UNT Central Freight Lines, Inc 12/12/03 — 3/17/05 The Garden City Group, Inc. 4/15/07 $2.6 million P.O. Box 9000 #6450 Merrick, NY 11566 -9000 www.gardencit:�group.com Cerus Corporation 12/19/00 — 1/30/03 Gilardi & Co. LLC 3/5/07 $6 million P.O. Box 8040 San Rafael, CA 94912 www.gilardi.com Check Point Software 7/10/01— 4/4/02 $13 million Technologies CIGNA Corp 11/2/01 - 10/24/02 $93 million Concord Camera Corp 1/18/01 — 6/22/01 RSM McGladrey, Inc 2/20/07 $1.5 million P.O. Box 1367 Blue Bell, PA 19422 CV Therapeutics, Inc. 12/30/02- 12/5/03 4/10/07 $13.350 million DDi Inc. February 14, 2001 The Garden City Group, Inc. 4/6/07 $4.35 million IPO for $23.50 per P.O. Box 9000 #6465 share Merrick, NY 11566 -9000 www.gardencitkgroup.com Dobson Communications, 5/6/03 — 8/9/04 The Garden City Group, Inc. 3/26/07 $3.4 million Inc P.O. Box 9000 #6411 Merrick, NY 11566 -9000 www.gardencit,ygrouL).com Dominion Bridge Corp 4/20/95 — 5/18/96 Berdon Claims Administration 3/3/07 $750,000.00 (f /k /a Cedar Group) P.O. Box 9014 Jericho, NY 11753 www.berdonllp.com /claims Focal Communications 7/27/99 — 10/1/02 Berdon Claims Administration 5/1/07 $13 million Corp. P.O. Box 9014 Jericho, NY 11753 www.berdonilk).com /claims CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Gainsco, Inc 11/17/99 — 2/7/02 Gilardi & Co. LLC 2/19/07 $4 million P.O. Box 8040 San Rafael, CA 94912 www.gi lardi.coni Huntington Bacnshares, Inc. 1/18/02 - 7/3/03 2/28/07 $8,634,480 million Ibis Technology Corp. 7/23/03 — 12/12/03 $1.9 million Immune Response 5/17/99 — 7/6/01 $9.8 million Corporation King Pharmaceuticals, Inc 2/16/99 — 3/10/03 A.B. Data, Ltd. 2/8/07 $38.25 million P.O. Box 170200 Milwaukee, WI 53217 www.abdatalawserve.com Krispy Kreme Doughnuts, 3/8/01- 4/18/05 3/5/07 $75 million Inc. Laserscope 6/5/06 — 7/25/06 Laserscope Shareholder Litigation Fairness $275,000.00 P.O. Box 8040 Hearing San Rafael, CA 94912 2/16/07 Mamma.com Inc 3/2/04 — 2/16/05 $3.15 million Molex Incorporated 7/27/04 — 2/14/05 Gilardi & Co. LLC 2/19/07 $10.5 million P.O. Box 5100 Larkspur, CA 94977 www.gilardi.com Neoforma, Inc 10/11/05 — 3/3/06 Gilardi & Co. LLC Hearing $325,000 P.O. Box 990 set for Corte Madera, 94976 2/27/07 www.gilardi.com Parmalat Finanziaria, SPA 1/5/99 — 12/18/03 $50 million Philip Services Corporation 2/28/96 — 5/7/98 Berdon Claims Administration 5/18/07 $79.75 million P.O. Box 9014 Jericho, NY 11753 www.berdonllp.com /claims z y CAM i1±. IJNG > b ass P oop AoMtrris.riu�, b EAmiNE AmouNT Quovadx, Inc. 10/22/03 — 3/15/04 RG /2 Claims Administration 3/15/07 $9 million P.O. Box 59479 Philadelphia, PA 19102 Refco, Inc 8/5/04 — 10/17/05 $108 million Spear & Jackson Inc. 1/30/02 — 4/16/04 $775,000.00 Spiegel, Inc 2/16/99 — 6/4/02 Gilardi & Co. LLC 3/5/07 $17.5 million P.O. Box 8040 San Rafael, CA 94912 www.gilardi.com Taser International 5/29/03- 1/11/05 4/16/07 $20 million Transaction Systems 1/21/99 — 11/19/02 Complete Claims Solutions, LLC 4/24/07 $24.5 million Architects P.O. Box 24751 West Palm Beach, FL 33416 Van Der Moolen Holding 10/18/01 — 10/15/03 Strategic Claims Services 2/20/07 $8 million N.V. 2710 Concord Rd, Suite 5 Aston, PA 19014 610 - 364 -2693 www.strategicclaims.net VeriSign, Inc. 1/25/01- 1/25/01 4/3/07 $78 million Wave Systems Corp. 7/31/03 — 12/18/03 The Garden City Group, Inc. 3/8/07 $1.75 million P.O. Box 9000 #6472 Merrick, NY 11566 -9000 www.gardencitygroLip.com Willbros Group, Inc 5/6/02 — 5/16/05 The Garden City Group, Inc. 2/28/07 $10.5 million P.O. Box 9000 #6443 Merrick, NY 11566 -9000 www.garclencit)�groul2.com Williams Companies, Inc. 7/24/00- 7/22/02 2/16/07 $311 million Winstar Communications 3/10/00 — 4/2/01 Winstar Communications 6/17/07 $18.125 Securities Litigation million P.O. Box 8040 San Rafael, CA 94912 ` Page 1 of 2 Mark Mirsberger - Q — 7 - - -- o� e�i�A O-k From: Jessica Dela Torre [Jess @sugarmansusskind.com] Sent: Wednesday, March 14, 2007 10:04 AM To: Mark Mirsberger Cc: Ken Harrison; Pedro Herrera; Mike Welker Subject: [NEWSENDER - ] - City of Palm Beach Gardens Firefighters' Pension Fund - Message is from an unknown sender Dear Mr. Mirsberger: At the direction of the Board of Trustees of our mutual client, the City of Palm Beach Gardens Firefighters' Pension Fund, we are hereby enclosing the Amended Exhibit A (Fee Schedule) to the Investment Management Agreement between your firm and our client. We have confirmed the revised fees with Mike Welker of Bogdahn Consulting Group and are forwarding to you this amendment for your review and approval. ,,. If the Amended Fee Schedule meets your approval, kindly print out three originals, have them signed by a duly authorized officer of your firm and forward them to Margie Adcock, the Plan's Administrator, at The Pension Resource Center, 4360 Northlake Boulevard, Suite 206, Palm Beach Gardens, FL 33410. The Amended Fee Schedule will be presented to the Trustees for their final consideration and adoption . Upon full execution by the Chairperson of the Board an original will be mailed back to you for your files, an original will be retained by the Pension Fund, and the third original will be forwarded to our office. Please note that the trustees will next be meeting on Monday, March 19th. If it is possible for you to get it to Margie Adcock in advance of the meeting, assuming no revisions are necessary, it would be greatly appreciated. Should you have any questions with regards to the attached, please do not hesitate to contact us at any time. Please take note that effective January 29, 2007, we will be at our new temporary office space. Although the phone numbers will remain the same, our address will change. The new "temporary " address is 9130 South Dadeland Boulevard, Suite 1129, Miami, FL, 33156. Best Regards, Jessica A. De la TorreVila SUGARMAN & SUSSKIND, P.A. 9130 South Dadeland Boulevard Suite 1 129 Miami, FL 33156 Telephone: (305) 529 -2801 Facsimile: (305) 447 -8115 Email: jess@sugarmans_usskind.com I /1 A /Inn'1 AMENDMENT TO EXHIBIT "A" OF THE INVESTMENT MANAGEMENT AGREEMENT between' CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND ( "Pension Fund ") and DANA INVESTMENT ADVISORS, INC. ("Investment Manager ") EXHIBIT "A" _ (EFFECTIVE April 1, 2007) FEE SCHEDULE For services under this Agreement, the Investment Manager shall be entitled to receive from the Retirement System a fee at the annual rate as set forth below. Said fees shall not be increased during the initial term of this Agreement without the written consent of both parties. Such fee shall be computed on the total assets covered by this Agreement. Total assets shall mean the sum of the values taken at market of all the Investment Assets under management by the Investment Manager (i.e., the last quoted sales price on the principal exchange on which such assets are traded). Equity investments First three million dollars Seventy -five basis points (.0075) Over three million dollars Sixty basis points (.0060) Fixed income /cash investments Twenty -Five basis points (.0025) ACCEPTED and AGREED to by: City of Palm Beach Gardens Firefighters' Pension Fund IIn Chairman Date: Dana Investment Advisors, Inc. By: Title: Chi&.F c.&r Date: ?-f5'-c,7 Performance: Calendar Period Returns Data calculated using Quarterly returns Agincourt Blend - Gross Size Dana Agincourt - Gross Size Dana Gaillard - Gross Size Galliard Blend - Gross Size Lehman Aggregate Bond Returns 2006 2005 2004 1 2003 2002 4.72 2.17 4.06 5.01 10.25 4.61 2.43 3.66 4.28 9.35 4.56 2.75 3.83 4.85 9.41 4.71 2.85 4.46 5.54 10.11 4.33 2.43 4.34 4.11 10.27 V) (0Y L r � o c° O C N Ci 0)-o C _ � E� a> LLo Performance: Index Relative Risk Statistics Benchmark. Lehman Aggregate Bond 5 Years Trailing ending 12/31/2006 Data calculated using Quarterly returns Alpha Beta R- Squared 0.6 0.5 , 0.4 0.3 0.2 0.1 0.0 5Yr Treynor Ratio 4, 3, 2 1' 0 5Yr • Agincourt Blend - Gross Size • Dana Agincourt - Gross Size O Dana Gaillard - Gross Size a Gaillard Blend - Gross Size ♦ Lehman Aggregate Bond Timeframe: 5 Years Trailing Index: Lehman Aggregate Bond 1.0 - 0.9 0.8 I 0.7 I 0.6 i 0.5-1 0.4 1 0.3 0.2 0.1 1 0.0 ' 60 50 40.1 I 30 20 10 0 5Yr Batting Average 5Yr 100 90 80 70 60 50 40 30 20 i 10 ' 0 5Yr Information Ratio 0.8 , 0.6 0.4 0.2 0.0 ' i -0.2 -0.4 -0.6 -0.8 5Yr Alpha Beta R-Squared Traynor Ratio Batting Averse Information Ratio 0.20 0.97 98.37 2.88 55.00 0.2 0.18 0.85 99.01 2.89 55.00 -0.3 0.37 0.85 98.15 3.11 60.00 -0.0 0. 0.96 98.06 3.2 60.001 0.7 _ 0.001 1.0 100.00 2. 100.00 Performance: Market Capture Ratios Benchmark: Lehman Aggregate Bond 5 Years Trailing ending 12/31/2006 Data calculated using Quarterly returns Up-Market Ratio Down - Market Ratio 120 Up- Market Ratio 100.35 100 87.04 ■ Dana Agincourt - Gross Size 80 67.17 ❑ Dana Gaillard - Gross Size 93.34 60 ■ Gaillard Blend - Gross Size 102.29 67.49 40 ; 100.00 100.00 I 20 0 -- 5Yr 90 80 . 70 i i 60 i 50 40 I 30 20 10 i 0' 5Yr 110 108 106 2 104 102 100 - Y m 98 96 94� 92 90 ' 50 60 70 80 90 100 110 120 130 140 150 Down - Market Ratio - - -- - - - — ■ Agincourt Blend - Gross Size Up- Market Ratio 100.35 Down- Market Ratio 87.04 ■ Dana Agincourt - Gross Size 90.95 67.17 ❑ Dana Gaillard - Gross Size 93.34 59.50 ■ Gaillard Blend - Gross Size 102.29 67.49 ♦ Lehman Aggregate Bond 100.00 100.00 IndeX: Lehman Aggregate bons Timeframe: 5 Years Trailing Performance: Return vs Risk Benchmark: Lehman Aggregate Bond 3 Years Trailing and 5 Years Trailing ending 12/31/2006 Data calculated using Quarterly returns 3 Years Trailing ending 1213112006 5 Years Trailing ending 12/3112006 4.2 5.6 4.0 5.4 3.8 N 5.2 ■ c E 3.6 i ■ ■ 5.0 I 3.4 i 4.8 ■ 3.2 4.6 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 Standard Deviation Standard Deviation ■ Agincourt Blend - Gross Size ■ Dana Agincourt - Gross Size ❑ Dana Gaillard - Gross Size ■ Galliard Blend - Gross Size ♦ Lehman Aggregate Bond Returns Standard Deviation Returns Standard Deviation 3.64 3.66 5.21 3.62 3.56 3.17 4.84 3.13 3.71 3.16 5.05 3.15 4.00 3.55 1 5.51 3.54 3.70 3.83 1 5.06 3.69 Performance: Risk Analysis Benchmark: Lehman Aggregate Bond 5 Years Trailing ending 12/31/2006 Data calculated using Quarterly returns Returns 61 4 i 3j 21 I 0 5Yr Negative Quarters 5Yr Standard Deviation 4I 3� i 2 1' 0 - - 5Yr Worst Quarter 0.0 -0.5 -1.0 j -1.5 i -2.0 ' -2.5 -3.0 ' 5Yr 0.9 0.8 0.7 1 0.6 0.5 0.4 0.3-1 0.2 { 0.1 0.0 Sharpe Ratio 5Yr Worst 4 Quarters 0.2 0.0 i -0.2 -0.4 -0.6 -0.8 -1.0 5Yr Timeframe: 5 Years Trailing Returns Standard Deviation Sharpe Ratio Negative Quarters Worst Quarter Worst 4 I Quarter's ■ Agincourt Blend - Gross Size 5.21 3.62 0.7 5 -2.50 -0.09 ■ Dana Agincourt - Gross Size 4.84 3.13 0.78 5 -2.05 0.16 ❑ Dana Galliard - Gross Size 5.05 3.15 0.84 5 -1.93 0.15 ■ Gaillard Blend - Gross Size 5.51 3.54 0. 4 -2.15 -0.1 • Lehman Aggregate Bond 5.06 3.6 0.72 6 -2.44 -0.81 Timeframe: 5 Years Trailing Performance: Trailing Period Returns Benchmark: Lehman Aggregate Bond Trailing periods ending 12/31/2006 Data calculated using Quarterly returns Agincourt Blend - Gross Size Dana Agincourt - Gross Size Dana Gaillard - Gross Size Gaillard Blend - Gross Size Qtr I YTD 1Yr 3Yr I 5Yr 10Yr I 15Yr 20Yr 1.31 4.72 4.72 3.64 5.21 1.31 4.61 4.61 3.56 4.84 6.11 1.16 4.56 4.56 3.71 5.05 6.25 1.13 4.71 4.71 4.00 5.51 6.53 Lehman Aggregate Bond 1.24 4.331 4.331 3.70 5.00 6.24 6.50F 7.35 Returns