HomeMy WebLinkAboutAgenda Fire Pension 021108THE PENSION RESOURCE CENTER, INC.
4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410
Phone (561) 624 -3277 ❖ Fax (561) 624 -3278 ❖ WWW.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS'
PENSION FUND
Meeting of Monday, February 11, 2008
Location: Council Chambers, Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 10:00 A.M.
AGENDA
1. Call Meeting to Order
2. Minutes of Meeting Held November 26, 2007
3. Annual Audit: Steve Gordon
4. Investment Monitor Report: Bogdahn Consulting
• Quarterly Report
• Revised Investment Policy Statement
5. Attorney Report: Bob Sugarman
Fee Agreement for Legal Services
6. Administrative Report: Margie Adcock
7. Disbursements
8. Other Business
9. Schedule Next Meeting: Monday, April 21, 2008 at 10:00 A.M.
10.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
MINUTES OF MEETING HELD
November 26, 2007
A meeting of the Board of Trustees was called to order at 9:30 A.M. at Station 3, Palm
Beach Gardens, Florida. Those persons present were:
TRUSTEES
Ed Morejon
Rick Rhodes
Tom Murphy
Steve Rogers
Richard Hitchins
MINUTES
OTHERS
Margie Adcock, Administrator
Ken Harrison, Attorney
Dave West, Investment Monitor
Mike Dana, Investment Manager
The Board reviewed the minutes of the meeting held September 24, 2007. A motion was
made, seconded and carried 5 -0 to accept the minutes of the meeting held September 24,
2007.
INVESTMENT MANAGER REPORT: DANA INVESTMENT ADVISORS
Mike Dana appeared before the Board. He discussed the market environment, including
the sub prime issues. The positive aspects of the market right now are that consumers are
still spending; the international economy is where everyone is invested in; and the
unemployment levels are low. He stated that this is a down market, but not a recession.
He stated that there is a concern about inflation down the road. He stated that he thinks
equities will do pretty well relative to the bond market. He stated that they need to be
careful where they go in the bond market right now. Mr. Dana stated that they had a
horrible 3`d Quarter. They have since turned that around and are ahead of the benchmark
right now. He stated that they usually shine in a down market and that is what they are
doing right now.
Mr. Dana reviewed the performance of the portfolio. The total market value of the
portfolio as of September 30, 2007 was $16,517,799. The total portfolio was down .08%
for the quarter while the benchmark was up 1.97 %. Since inception, the portfolio was up
7.88% while the benchmark was up 7.61 %. The equity portion of the portfolio was down
.84% for the quarter while the benchmark was up 1.55 %. The fixed income portion of the
portfolio was up 2.27% for the quarter while the benchmark was up 2.87 %. The asset
allocation as of September 30, 2007 was 65% in equities; 19% in bonds; and 16% in
cash. Mr. Dana reviewed the treasury yield curve. The Board asked if there were any
securities in the portfolio that the Board should be concerned about. Mr. Dana responded
in the negative. It was noted that Dana had investments in Merrill Lynch as of September
30, 2007. Mr. Dana stated that he thought they sold out of that investment. Mr. Harrison
stated that there is a class action against Merrill Lynch. Mr. West stated that they do not
want to micro - manage or direct the Manager on what to invest in. He stated that Dana
could continue to invest in Merrill Lynch if Dana thinks that is the best investment. The
Board could still continue to participate in the class action as well.
2
Mr. Dana reviewed the asset allocation. As of September 30, 2007 the asset allocation
was 54% in large cap equities; 12% in small cap equities; 17% bonds; 2% in ARMS; and
15% in cash. He reviewed the large cap and small cap sector distribution as of
September 30, 2007.
INVESTMENT MONITOR REPORT
Dave West appeared before the Board. He discussed the investment performance for the
quarter ending September 30, 2007. The Fund was up .43% for the quarter while the
benchmark was up 2.04 %. For the fiscal year the Fund was up 10.88% and beat the
actuarial assumption. The benchmark for that same time period was 13.45% and that was
the first time that the performance of the Fund fell below the benchmark. The total
market value of the Fund as of September 30, 2007 was $22,444,000. The asset
allocation at market was 48% in equities; 28% in fixed income; 5% in REIT; 8% in
international; and 11% in cash.
The total market value of the equity portfolio was $12,555,000. Equities for the quarter
were down .96% while the benchmark was up 1.66 %. The equity portfolio managed by
Dana was down .94% for the quarter while the benchmark was up 1.55 %. The total
market value of the equity portfolio managed by Dana was $10,803,000. The fixed
income portfolio managed by Dana was up 2.22% for the quarter while the benchmark
was up 2.88 %. The total market value of the fixed income portfolio managed by Dana
was $3,158,000. There was a very lengthy discussion on the performance of Dana with
respect to the fixed income portion of the portfolio. Mr. West stated that he would
monitor Dana very closely. He recommended elevating the level of probation. He needs
to see the strategy work out at least hopefully within the next quarter, but certainly within
the next two quarters. Mr. West reviewed the history and philosophy of Board when they
originally hired Dana fixed income in June 2002. He stated that the Board has to decide
if the bond product is still consistent with the overall philosophy of the Board given that
other strategies are now available, as the Fund has grown in size. Mr. West stated that
there appears to be a philosophical shift on the part of the Board to maybe not stay with a
preservation process but rather focus on the total return. Additionally, there seems to be
a re- emerging dependence on duration when Mr. West thought there was going to be a
movement away from that.
The fixed income portfolio managed by Galliard was up 2.94% for the quarter while the
benchmark was up 2.79 %. The total market value of the fixed income portfolio managed
by Galliard was $3,088,000. The international equities managed by Voyageur Asset
Management were down 1.13% for the quarter while the benchmark was up 2.23 %. The
total market value of the international equity portfolio was $1,752,000. The REIT
portfolio was up 4.42% for the quarter while the benchmark was up 3.00 %. The total
market value of the REIT portfolio was $1,086,000.
Mr. West discussed the Investment Policy Statement. The only thing that is changing is
Schedule A.
Mike Dana departed the meeting.
Richard Hitchins departed the meeting.
3
ATTORNEY REPORT
Mr. Harrison discussed again the law that was passed that required the State, not
municipalities, to divest security holdings in Iran and Sudan. He stated that they sent a
letter to the investment managers asking them to identify any companies that the
managers are invested in with regard to security holdings in Iran and Sudan. He advised
that they received confirmation from all of the managers that they do not have any
holdings as set forth in the report where the State identified certain prohibited securities
in Iran and Sudan.
Mr. Harrison stated that he was willing to discuss their proposal for increasing the fee for
legal services. Ms. Adcock provided the Board with a list of five pension attorneys and
the hourly rates that each would charge the Fund as was requested at the last meeting.
There was a lengthy discussion. A motion was made and seconded for discussion to
approve an hourly rate with the law firm of Sugarman & Susskind of $285 for three
years. There was discussion of a retainer. Mr. Harrison stated that they do not really
compete with three of the firms on the list. He stated that they really only compare
themselves to Klausner & Kaufman. The motion was withdrawn. A motion was made
and seconded for discussion to enter into a retainer with Sugarman & Susskind if the
Board can negotiate a better retainer fee and hourly rates outside of the retainer for three
years. There was further discussion. The motion was withdrawn. A motion was made,
seconded and carried 4 -0 to approve an hourly rate with the law firm of Sugarman &
Susskind of $285 for three years. The Board requested that Mr. Harrison discuss with
Mr. Sugarman the possibility of a retainer of $2,500 a month with a two -year guarantee.
ADMINISTRATIVE REPORT
Ms. Adcock presented the list of disbursements to be made. She noted that there was an
additional disbursement for the Attorney for October in the amount of $450.00. A
motion was made, seconded and carried 4 -0 to approve the disbursements listed and
include the disbursement for the Attorney for October.
OTHER BUSINESS
It was noted that at the last meeting the Board decided to change from monthly meetings
to bi- monthly meetings. The Board scheduled the meetings for 2008 as follows:
February 11; April 21; June 16; August 18; October 20; and November 17. The meetings
would start at 10:00 A.M. and be held in the City Council Chambers.
There being no further business, the meeting adjourned.
Respectfully submitted,
Tom Murphy, Secretary
f
BOGDAHN CONSULTING LLC,
simplifying your investment decisions
January 14, 2008
Mr. Charles Slavin, Actuary
Division of Retirement
Municipal Police Officers' and
Firefighters' Retirement Trust Fund
P.O. Box 3010
Tallahassee, FL 32315 -3010
Dear Mr. Slavin:
The Board of Trustees of the Palm Beach Gardens Firefighters' Pension
Trust Fund recently revised their Investment Policy Statement. Attached
please find a copy for your files.
Sincerely,
Dave West
Consultant
cc: Margie Adcock, Trust Fund Administrator
Sugarman & Suskin, Attorney
Gabriel, Roeder & Smith, Actuary
340 West Central Avenue • Suite 300 • Winter Haven, Florida 33880
Telephone (863) 293 -8289 • Facsimile (863) 292 -8717
s-
City of Palm Beach Gardens
(Plan Sponsor)
Firefighters' Pension Trust Fund
Investment Policy Statement
1. PURPOSE OF INVESTMF,NT POLICY" STATEMENT
The Pension Board of Trustees. as named fiduciaries maintains that an important
determinant of future investment returns is the expression and periodic review of the Fund's
investment objectives. To that end. the Trustees have adopted this statement of Investment
Policy and direct that it apply to all assets under their control. .
In fulfilling their fiduciary responsibility, the Trustees recognize that the Pension Plan is
an essential vehicle for providing income benefits to retired participants or their beneficiaries.
The Board also recognizes that the obligations of the Fund are long -term and that investment
policy should be made with a view toward performance and return over a number of years. The
general investment obiective, then, is to obtain a reasonable total rate of return - defined as
interest and dividend income plus realized and unrealized capital gains or losses - commensurate
with the Prudent Investor Rule and any other applicable statute.
Reasonable consistency of return and protection of assets against the inroads of inflation
are paramount. However. the volatility of interest rates and securities markets make it necessary
to judge results within the context of several years rather than over short periods of two years or
less.
The Pension Board of' "trustees will employ professional Investment Management firms
to invest the assets of the fund. Within the parameters allowed in this IPS, the Investment
Managers have full discretion. including security selection, sector weightings and investment
style.
The Trustees. in performing their investment duties shall comply with the fiduciary
standards set forth in Employee Retirement Income Security Act of' 1 Q74 (ERISA) at 29 U.S.C.
s. 1104(a) (1) (A) -- (C). In case of conflict xvith other provisions of law authorizing investments,
the investment and fiduciary standards set forth in this section shall prevail.
ADOPTED: 8-20-200-7
IL TARGET ALLOCATIONS
In order to provide for a diversified portfolio. the Board has engaged investment Management
firms with target investment allocations as provided for on Schedule A. attached hereto. The
manager's are solely responsible for the assets and allocation of their mandate only and shall
abide by any subordinate investment policy assigned to the manager attached hereto.
On a regular bias (at least quarterly) the investment Consultant will review the investment
portfolio for the purpose of rebalancing assets within the target investment allocations prescribed
on Schedule A, and shall coordinate the overall asset allocation and affect rebalancing of the
portfolio when necessary. The consultant shall also periodically review the investment portfolio
and'report to the Board the style and capitalization of the individual and total portfolios.
III. INVESTMENT PERFORMANCE OBJECTIVES
The following performance measures will he used as objective criteria for evaluating
effectiveness of the investment managers.
A. Total Fund Performance
I . The performance of the total Fund will be measured for rolling three and five year
periods. These periods are considered sufficient to accommodate the market cycles
experienced with investments. The performance of this portfolio will be compared to the
return of a portfolio comprised of 551111'0 Russell 3000. 10`%0 MSCI SAFE, and 30%
Lehman Brothers intermediate Aggregate Bond Index, and 5% of the 90 day U.S.
Treasury Bill Index.
2. On a relative basis, it is expected that the total fund performance will be in the top 40%
of the Appropriate peer Universe over three to five -year periods.
3. On an absolute basis, it is expected that total return of the combined equity, fixed
income, and cash portfolio, will equal or exceed the actuarial earnings assumption (8.25
and equal or exceed the Consumer Price Index plus 1 0 over three to five year
periods.
B. Equity Performance
The combined equity portion of the portfolio, defined as common stocks and convertible
bonds, is expected to perform at a rate at least equal to the S &P 500 Index. Individual
components of the equity portfolio will be compared as outlined in Schedule A. All
portfolios are expected to perform in the top 401/o of an appropriate peer universe.
C. Fixed Income Performance
The overall objective of the fixed income portion of the portfolio is to add stability,
consistency and safety to the total find. The fixed income portion of the portfolio,
defined as fixed income and preferred stocks, is expected to perform at a rate at least
equal to the Lehman Brothers Intermediate Aggregate Bond Index. and in the top 40% of
the appropriate peer universe.
D. Alternatives (Real Estate / Timber)
ADOPTED: 8-20-2007'
The overall objective of the alternative portion of the portfolio is to provide an attractive
level of income with minimal volatility to the fund. This portion of the fund is expected
to provide an absolute rate of return as benchmarked in Schedule A attached hereto.
1V. INVESTMENT GUIDELINES
A. Authorized Investments
Other than with commingled finds as ma\
made or held in the fund shall be limited to:
be approved by the board. all investments
Time or savings accounts of a national bank, a state bank insured by the Bank Insurance
Fund, or a savings and loan association insured by the Savings Association Insurance
Fund which is administered by the Federal Deposit Insurance Corporation or a state or
federal chartered credit union whose share accounts are insured by the National Credit
Union Share Insurance Fund.
2. Bonds issued by the Sate of Israel.
Obligations issued by the United States Government or obligations guaranteed as to
principal and interest by the United States Government or by an agency of the United
States Government.
4. Stocks, commingled funds administered by national or state banks. mutual funds and
bonds or other evidences of indebtedness. issued or guaranteed by a corporation
organized under the laws of the United States. any state or organized territory of the
United States or the District of Columbia.
J. Commingled fixed income vehicles which may include Asset- backed securities, caps,
floors, options, collective funds, corporate notes, bonds, debentures, and bank credit or
loan participation agreements. federal apency securities /or other debts or loans backed by
U.S. Govt. Agencies, federal funds. forward agreements /dollar rolls, financial futures,
swaps, money market instruments, mortgage- backed securities, mortgage pass - throughs,
mutual funds (which incorporate investments listed above), municipal securities, private
placements /144A, repurchase agreements, treasury notes, bonds and bills /or other debts
or loans guaranteed by the U.S. Treasury, fixed & variable preferreds /hybrids, other
illiquid securities with exposure not to exceed 2% of the Fund assets; provided that:
a. The securities when purchased meet the follovying ranking criteria:
i. Fixed Income:
a. Investment Grade as measured by Standard & Poor's or Moody's.
b. Portfolio duration shall not exceed + or — 25 of the manager benchmark
assignment per schedule A accompanying this Policy Statement.
ii. Equities: Traded on a national exchange.
iii. Money Market: Standard & Poor's A 1 or Moody's P 1.
iv. Real Estate: Commingled private placements and direct investments must be
independently appraised annually.
AT)OPTF,D: X -20 -200' 3
b. Not more than Y °1� of the Fund's assets shall be invested in the common stock or capital
stock of any one issuing company, nor shall the aggregate investment in any one
issuing company exceed 3" 40 of the outstanding capital stock of the company.
c. The value of bonds issued by an% single corporation shall not exceed 3`''o of the total
fund.
6. Real Estate
7. Foreign Securities. to include fixed income and equity securities.
B. Limitations
1. Investments in corporate common stock and convertible bonds shall not exceed 65% of
the Fund assets at cost or 75% of the fund assets at market value.
2. Foreign securities shall not exceed 1 f ► "'o of the value at cost of the fund.
3. Real estate investments shall not exceed 10 "0 of the value at cost of the fund.
4. No investment may be made unless provided for as part of this policy
U. Tradine Parameters
When feasible and appropriate, all securities shall be competitively bid. Except as
otherwise required by law, the most economically advantageous bid shall be selected.
Commissions paid for purchase of' securities must meet the prevailing best- execution
rates. The responsibility of monitoring best price and execution of trades placed by each
manager on behalf of the Plan will he governed by the Portfolio Management Agreement
between the Plan and the Investment Managers.
V. COMMUNICATIONS
A. On a monthly basis, the custodian shall supply an accounting statement that will include a
summary of all receipts and disbursements and the cost and the market value of all assets.
On a quarterly basis, the managers shall provide a written report affirming compliance
with the security restrictions of' Section iV above and a summary of common stock
diversification and attendant schedules. In addition. the manager shall deliver each
quarter a report detailing the F'und's perfonnance. adherence to the investment policy,
forecast of the market and economy. portfolio analysis and current assets of the Trust.
Written reports shall be delivered to the `trustees within 60 days of the end of the quarter.
A copy of the written report shall be submitted to the person designated by the City, and
shall be available for public inspection. The Investment Managers will provide
immediate written and telephone notice to the Trustees of any significant market related
or non - market related event. specifically including. but not limited to, any deviation from
the standards set forth in Section 1V above.
B. The Investment Managers will disclose any securities that do not comply with section IV
in each quarterly report.
C. If the Fund owns investments, that complied with section IV at the time of purchase,
which subsequently exceed the applicable limit or do not satisfy the applicable
investment standard, such excess shall result in rebalancing within 30 days; noncompliant
investments shall be disposed of at the earliest economically feasible opportunity in
ADOPTED: 8 -20 -2007 4
accordance with the prudent man standard of care. but shall not exceed two (2) fiscal
quarters and no additional investment may be made. Assets for which a fair market value
is not provided shall he excluded from the assets used in the determination of annual
funding cost. For each actuarial valuation, the board must verif}- the determination of the
fair market value for those investments and ascertain that the determination complies
with all applicable state and federal requirements. The board shall disclose to the
Department of Management Services and the Plan's sponsor each such investment for
which the fair market value is not provided.
D. The Trustees shall retain a monitoring service to evaluate and report on a quarterly basis
the rate of return and relative performance of the Fund. The Trustees will meet quarterly
to review the monitoring service's Performance Report. The Trustees will meet with the
investment manager and appropriate outside consultants to discuss performance results,
economic outlook. investment strategy and tactics and other pertinent matters affecting
the Fund on a periodic basis.
E. At least annually, the Trustees shall provide the investment Managers with projected
disbursement needs of the plan, so that the investment portfolio can be structured in such
manner as to provide sufficient liquidity to pay obligations as they come due. To this
end, the Investment Managers should, to the extent possible, attempt to match investment
maturities with known cash needs and anticipated cash -flow requirements.
Vl. COMPLIANCE
A. It is the direction of the Trustees that the plan assets are held by a third party custodian,
and that all securities purchased by, and all collateral obtained by, the plan shall be
properly designated as plan assets. No withdrawal of assets, in whole or in part, shall be
made from safekeeping except by an authorized member of the board of Trustees or their
designee. Securities transactions between a broker - dealer and the custodian involving
purchase or sale of securities by transfer of money or securities must be made on a
"delivery vs. payment" basis to insure that the custodian will have the security or money
in hand at conclusion of the transaction. Provided that all approved vendors transacting
repurchase agreements perform as stated in any feaster Repurchase Agreement
B. At the direction of the Trustees, operations of the fund shall he reviewed by independent
certified public accountants, as part of any financial audit periodically required.
Compliance with the Trustees" internal controls shall be verified. "These controls have
been designed to prevent losses of funds that might arise from fraud, error, or
misrepresentation by third parties or imprudent actions by the Board or employees of the
plan sponsor, to the extent possible.
C. Each member of the Board of' Trustees shall participate in a continuing education
program relating to investments and the Trustee's responsibilities to the fund. It is highly
suggested that this education process begin during the Trustees first term.
D. With each actuarial valuation, the Board of Trustees shall determine the total expected
annual rate of return for the current year. for each of' the next several years and for the
long term thereafter. This determination shall he tiled promptly xvith the Department of
Management Services. the plan's sponsor and the consulting actuary.
ADOPTED: 8 -10 -200' 5
F.. The proxy votes must be exercised for the exclusive benefit of the participants of the
Fund. Each manager shall provide the Board \vith a cope of their proxy voting policy for
approval. On a regular basis, at least allnuady. each manager shall report a record of their
proxy vote.
VIi. CRITERIA FOR INVESTMENT MANAGER REVIEW
The Board wishes to adopt standards by which iudgments of the ongoing performance of
a portfolio manager may be made. fly. at ,111 \" llllle. iall�' one of the following, is breached.
the portfolio manager will be warned of t:hc hoard's serious concern:
A. lour consecutive quarters of total l''1 :nd pertOrnlancc below the 50th percentile in
manager performance rankings.
13. Standard deviation for a fund component in excess of 150°10 of the assigned benchmark"
C. !.oss by the nlanager of any senior investnlenl personnel.
D) Any change in basic investment philosophy hN the manager.
1.. Failure to attain a 60(1,x, vote of confidence h\- the 13oa1•d of "I "rustees.
l". Failure to Observe the security duality restrictions of, section f�'.
Nothing in this section shall limit or dilmnish the "I'rustees' right to terminate the manager
at any time for any reason.
VIII. FLORIDA STATUTES 112,175 AND APPLICABLE CiTY ORDINANCES
If. at any time, this document is found to be in conflict with Chapter 112 or 175 Florida
Statutes. or the applicable City Ordinances, the Statutes and Ordinances shall prevail.
IX. REVIEW AND AMENDMENTS
it is the T- rustces intention to review this document at least annually subsequent to the
actuarial report and to amend this statement to reflect ally changes in philosophy.
objectives. or guidelines. Any investment not specifically allowed as part of this policy is
prohibited. If; at any time, the hivestnicllt Manager tccts that the specific objectives
defined herein cannot be met, or the guidelines constrict performance, the Trustees
Should be notified in \vriting. By iniflai and continuing acceptance of this Investment
Policy Statement, the investment Managers concur With the provisions of this document.
CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION PLAN
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ADOPTED: 8-20-200- 6
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Robert A. Sugarman*
Howard S. Susskind
Kenneth R. Harrison, Sr.
Noah S. Warman
D. Marcus Braswell, Jr.
Pedro A. Herrera
Ivelisse Berio LeBeau
*Board Certified labor
& Employment Lawyer
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
December 10, 2007
Board of Trustees
City of Palm Beach Gardens Firefighters' Pension Fund
c/o Margaret M. Adcock, Administrator
The Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: City of Palm Beach Gardens Firefighters' Pension Trust Fund
Dear Trustees:
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305) 529 -2801
Broward 327 -2878
Toll Free 1- 800 - 329 -2122
Facsimile (305) 447 -8115
Thank you for continuing to retain our firm. We look forward to continuing to work with
you for the benefit of the Pension Fund, the trustees, the participants and their beneficiaries.
This is to confirm the terms of our Fee Agreement. Our services will be provided at the
hourly fee of $285.00, commencing January 1, 2008. This fee arrangement shall remain in effect
through December 31 2010, at which time our fees may be reviewed and the fee adjusted,
although you have the right to discharge us as your attorneys at any time.
We also bill for out -of- pocket costs, such as computerized legal research; special postage
(such as certified mail); long distance telephone calls, (we have a 800 number so there will be no
cost for calling us); travel expenses; filing fees, and court reporter's fees. Travel time will be
prorated among other clients meeting on the same date in the area.
Board of Trustees
City of Palm Beach Gardens Firefighters' Pension Fund
December 10, 2007
Page 2
To indicate your agreement to this agreement, please sign the two original copies of this
letter as indicated and return one copy to our office.
RAS /jd
Enclosure
Yours truly,
ROBERT A. SUGARMAN
WE HEREBY AGREE to the terms and conditions set forth in the aforementioned fee
arrangement.
LIM
ACCEPTED ON BEHALF OF THE CITY OF PALM BEACH GARDENS
FIREFIGHTERS' PENSION FUND
Chairperson
Print Name:
Date:
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
Robert A. Sugarman
Howard S. Susskind
Kenneth R. Harrison, Sr.
Noah S. Warman
D. Marcus Braswell, Jr.
Pedro A. Herrera
Ivelisse Berio LeBeau
♦ Board Certified Labor
& Employment Lawyer
December 10, 2007
Board of Trustees
City of Palm Beach Gardens Firefighters' Pension Fund
c/o Margaret M. Adcock, Administrator
The Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: City of Palm Beach Gardens Firefighters' Pension Trust Fund
Dear Trustees:
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305) 529 -2801
Broward 327 -2878
Toll Free 1- 800 -329 -2122
Facsimile (305) 447 -8115
Thank you for continuing to retain our firm. We look forward to continuing to work with
you for the benefit of the Pension Fund, the trustees, the participants and their beneficiaries.
This is to confirm the terms of our Fee Agreement. Our services will be provided at the
hourly fee of $285.00, commencing January 1, 2008. This fee arrangement shall remain in effect
through December 31 2010, at which time our fees may be reviewed and the fee adjusted,
although you have the right to discharge us as your attorneys at any tim.
We also bill for out -of- pocket costs, such as computerized legal research; special postage
(such as certified mail); long distance telephone calls, (we have a 800 number so there will be no
cost for calling us); travel expenses; filing fees, and court reporter's fees. Travel time will be
prorated among other clients meeting on the same date in the area.
Board of Trustees
City of Palm Beach Gardens Firefighters' Pension Fund
December 10, 2007
Page 2
To indicate your agreement to this agreement, please sign the two original copies of this
letter as indicated and return one copy to our office.
RAS /jd
Enclosure
Yours truly,
ROBERT A. SUGARMAN
* * * * * * * * * * **
WE HEREBY AGREE to the terms and conditions set forth in the aforementioned fee
arrangement.
ACCEPTED ON BEHALF OF THE CITY OF PALM BEACH GARDENS
FIREFIGHTERS' PENSION FUND
Chairperson
Print Name:
Date:
u
PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
DISBURSEMENTS
February 11, 2008
• PENSION RESOURCE CENTER, LLC.
$
1,600.00
(Bill for services for January and February 2008)
• REGIONS MORGAN KEEGAN TRUST
$
1,837.90
(Custodial Fees for October, November and
December 2007)
• SUGARMAN & SUSSKIND
$
1,300.00
(Fees for legal services for November and
December 2007)
• VOYAGEUR ASSET MANAGEMETN INC.
$
3,791.77
(41h Quarter 2007 Management Fee)
• BOGDAHN CONSULTING, LLC.
$
3,875.00
(4th Quarter 2007 Monitoring Fee)
• STEVEN I. GORDON
$
1,570.00
(Progress bill for audit for year ended
September 30, 2007)
• SHANNON J. FREDERICK
$
2,180.88
(Refund of Contributions)
Total Disbursements for Approval
$
16,155.55
(Trustee)
(Trustee)
PENSION RESOURCE CENTER
4360 Northlake Boulevard, Suite 206
West Palm Beach, FL 33410
Bill To
Palm Beach Gardens Firefighters'
Invoice
Date gP08]
1/l/2008
P.O. Number Terms Rep Ship Via F.O.B. Project
I / I /2008
Quantity Item Code Description Price Each Amount
Admin Fee- PBGFF... Palm Beach Gardens Firefighters' Pension Fund - January 2008 800.00 800.00
Total s800.00
Resource Centers, LLC
4360 Northlake Blvd
Suite 206
Palm Beach Gardens, FL 33410
Bill To
Palm Beach Gardens Firefighters'
Invoice
Date Invoice #
2/1/2008 P080050
Description
Qty
Rate
Class
Amount
Palm Beach Gardens Firefighters' Pension Find
800.00
PRC - FL
800.00
Total x800.00
If you have any questions concerning this invoice, please contact Jim Jameson at Resource
Centers. LLC. Phone 561 -459 -2960 or Email - Jim.Jameson(rPResource- Team.cw
Balance Due
ue 5800.00
REGIONS MORGAN KEEGAN
STATEMENT OF TRUSTEES FEES
INVOICE DATE 01/11/2008
ACCOUNT # ACCOUNT NAME ;;'� h', I i)
3320005077 PB GARDENS FIRE
I3i:_.
J. SCOTT BAUR
THE PENSION RESOURCE CENTER, INC
4360 NORTHLAICB BLVD, SUITE 206
PALM BEACH GARDEN FL 33410
INVOICE NUMBER 37285 $ 1,837.90
SUMMARY OF ACCOUNT
PREVIOUS BALANCE 1,227.87
CURRENT FEE: 610.03
BALANCE DUE $ 1,837.90
FEE CALCULATION DETAIL 12/01/2007 - 12/31/2007
DESCRIPTION / RATE FEE TOTAL
BASIS
MARKET VALUE PERIOD ENDING 12/31/2007
18,300,851.23 0.0000083333 15,250.65 15,250.65
$ 15,250.65
FEE CALCULATION DETAIL 12/01/2007 - 12/31/2007
ITEM AMOUNT
------------ -------------- - - - - -- ------ - - - - --
DISCOUNT:
PERIOD ENDING 12/31/2007 14,640.62 -
TOTAL $ 14,640.62-
SUMMARY OF FEE CALCULATION DETAIL
ITEM AMOUNT
-------------------------- - -- - -- ------ - - - - --
MARKET VALUE 15,250.65
DISCOUNT 14,640.62 -
TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 610.03
FOR FEE CALCULATION PERIOD 1210112007 - 12/31/2007
CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS
ACCOUNT
NAME
PERCENTAGE
AMOUNT CHARGE /BILL FEE
3320005077
PB
GARDENS FIRE
90.47438030%
551.92 BILL
3320010132
PB
GARDENS FREED
9.52561970%
58.11 BILL TO A/C 3320005077
ACCOUNT
NAME
PERCENTAGE
MARKET VALUE
3320005077
PB
GARDENS FIRE
90.47438030%
16,557,581.74
3320010132
PB
GARDENS FREED
9.52561970%
1,743,269.49
REGIONS MORGAN KEEGAN
STATEMENT OF TRUSTEES FEES T
INVOICE DATE 12/11/2007 ` X007
C
ACCOUNT # ACCOUNT NAME
3320005077 PB GARDENS FIRE
J. SCOTT BAUR
THE PENSION RESOURCE CENTER, INC
4360 NORTHLAKE BLVD, SUITE 206
PALM BEACH GARDEN FL 33410
MARKET VALUE PERIOD ENDING 11/30/2007
18,272,662.75 0.0000083333 15,227.16 15,227.16
$ 15,227.16
FEE CALCULATION DETAIL 11/01/2007 - 11/30/2007
ITEM AMOUNT
-------------------------- - - - - -- ------ - - - - --
DISCOUNT:
PERIOD ENDING 11/30/2007 14,618.07 -
TOTAL $ 14,618.07-
SUMMARY OF FEE CALCULATION DETAIL
ITEM AMOUNT
------------------------ -- - - - - -- ------ - - - - --
MARKET VALUE 15,227.16
DISCOUNT 14,618.07 -
TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 609.09
FOR FEE CALCULATION PERIOD 11/01/2007 - 11/30/2007
CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS
ACCOUNT
INVOICE NUMBER 35709
$ 1,227,87
PERCENTAGE
SUMMARY OF ACCOUNT
3320005077
PB
GARDENS FIRE
90.45968552%
550.98 BILL
PREVIOUS BALANCE
1,801.06
GARDENS FREED
PAYMENTS RECEIVED:
1,182.28 -
ACCOUNT
CURRENT FEE:
609.09
PERCENTAGE
BALANCE DUE
$ 1,227.87
PB
FEE CALCULATION DETAIL
11/01/2007 - 11/30/2007
+ + + + + + + + + + + + + + + ++
+ + + + + + + + + + + + + + + + + + + + + ++
+ + + + + + + + + + + ++ + + + + + + + + + + + ++
DESCRIPTION /
RATE
FEE TOTAL
BASIS
MARKET VALUE PERIOD ENDING 11/30/2007
18,272,662.75 0.0000083333 15,227.16 15,227.16
$ 15,227.16
FEE CALCULATION DETAIL 11/01/2007 - 11/30/2007
ITEM AMOUNT
-------------------------- - - - - -- ------ - - - - --
DISCOUNT:
PERIOD ENDING 11/30/2007 14,618.07 -
TOTAL $ 14,618.07-
SUMMARY OF FEE CALCULATION DETAIL
ITEM AMOUNT
------------------------ -- - - - - -- ------ - - - - --
MARKET VALUE 15,227.16
DISCOUNT 14,618.07 -
TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 609.09
FOR FEE CALCULATION PERIOD 11/01/2007 - 11/30/2007
CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS
ACCOUNT
NAME
PERCENTAGE
AMOUNT CHARGE /BILL FEE
3320005077
PB
GARDENS FIRE
90.45968552%
550.98 BILL
3320010132
PB
GARDENS FREED
9.54031448%
58.11 BILL TO A/C 3320005077
ACCOUNT
NAME
PERCENTAGE
MARKET VALUE
3320005077
PB
GARDENS FIRE
90.45968552%
16,529,393.26
3320010132
PB
GARDENS FREED
9.54031448%
1,743,269.49
REGIONS MORGAN KEEGAN
STATEMENT OF TRUSTEES FEES
INVOICE DATE 11/13/2007
ACCOUNT # ACCOUNT NAME
3320005077 PB GARDENS FIRE
J. SCOTT BAUR
THE PENSION RESOURCE CENTER, INC
4360 NORTHLAKE BLVD, SUITE 206
PALM BEACH GARDEN FL 33410
INVOICE NUMBER 34885 $ 1,801.06
SUMMARY OF ACCOUNT
PREVIOUS BALANCE 1,182.28
CURRENT FEE: 618.78
BALANCE DUE $ 1,801.06
FEE CALCULATION DETAIL 10/01/2007 - 10/31/2007
DESCRIPTION / RATE FEE TOTAL
BASIS
MARKET VALUE PERIOD ENDING 10!31/2007
18,563,600.08 0.0000083333 15,469.60 15,469.60
$ 15,469.60
FEE CALCULATION DETAIL 10/01/2007 - 10/31/2007
ITEM AMOUNT
---- ---------------------- - - - - -- ------ - - -- --
DISCOUNT:
PERIOD ENDING 10/31/2007 14,850.82 -
TOTAL $ 14,850.82-
SUMMARY OF FEE CALCULATION DETAIL
ITEM AMOUNT
-------------------------- -- - - -- ------ - - - - --
MARKET VALUE 15,469.60
DISCOUNT 14,850.82 -
TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 618.78
FOR FEE CALCULATION PERIOD 1010112007 - 10/31/2007
CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS
ACCOUNT
NAME
PERCENTAGE
AMOUNT CHARGE /BILL FEE
3320005077
PB
GARDENS FIRE
90.60920574%
560.67 BILL
3320010132
PB
GARDENS FREED
9.39079426%
58.11 BILL TO A/C 3320005077
ACCOUNT
NAME
PERCENTAGE
MARKET VALUE
3320005077
PB
GARDENS FIRE
90.60920574%
16,820,330.59
3320010132
PB
GARDENS FREED
9.39079426%
1,743,269.49
T�7ED
10V 2 6 2007
Robert A. Sugarman
Howard S. Susskind
David E. Robinson
Kenneth R. Harrison, Sr.
D. Marcus Braswell, Jr.
Pedro A. Herrera
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
January 9, 2008
City df Palm Beach Gardens Firefighters' Pension Fund
c/o Margaret M. Adcock, Administrator
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, Florida 33410
CURRENT FEES:
CURRENT COSTS:
PREVIOUS BALANCE:
PAYMENTS RECEIVED:
TOTAL AMOUNT DUE
0.00
0.00
3,960.00
2,660.00 -ck #8688530
1,300.00
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305) 529 -2801
Broward 763 -2566
Toll Free 1- 800 -329 -2122
Facsimile (305) 447 -8115
SUGARMAN & SUSSKIND
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
Telephone: 305 -529 -2801
Fax: 305 -447 -8115
www.sugarmansusskind.net
City of Palm Beach Gardens Firefighters' Pension Fund January 09, 2008
c/o Margaret M. Adcock, Administrator
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Client:Matter PBGF :INVM
In Reference To: Investment Manager
Amount
Previous balance $100.00
12/11/2007 Payment - Thank You. Check No. 8688530 ($100.00)
Total payments and adjustments ($100.00)
Balance due $0.00
Client:Matter PBGF:MEET
In Reference To: Meeting
Amount
Previous balance $1,300.00
Balance due $1,300.00
Client:Matter PBGF:MISC
In Reference To: Miscellaneous
Amount
Previous balance $50.00
City of Palm Beach Gardens Firefighters' Pension Fund Page 2
Amount
12/11/2007 Payment - Thank You. Check No. 8688530 ($50.00)
Total payments and adjustments ($50.00)
Balance due $0.00
Client:Matter PBGF:SIPO
In Reference To: Statement of Investment Policy
Amount
Previous balance $300.00
12/11/2007 Payment - Thank You. Check No. 8688530 ($300.00)
Total payments and adjustments ($300.00)
Balance due $0.00
Robert A. Sugarman
Howard S. Susskind
David E. Robinson
Kenneth R. Harrison, Sr.
D. Marcus Braswell, Jr.
Pedro A. Herrera
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
December 10, 2007
City 6f Palm Beach Gardens Firefighters' Pension Fund
c/o Margaret M. Adcock, Administrator
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, Florida 33410
CURRENT FEES:
CURRENT COSTS:
PREVIOUS BALANCE:
PAYMENTS RECEIVED:
TOTAL AMOUNT DUE:
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305 ) 529 -2801
Broward 763 -2566
Toll Free 1- 800 -329 -2122
Facsimile (305 ) 447 -8115
1,300.00
0.00
2,660.00
0.00
3,960.00
R-r >.
SUGARMAN & SUSSKIND
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
Telephone: 305 -529 -2801
Fax: 305 -447 -8115
www.sugarmansusskind.net
City of Palm Beach Gardens Firefighters' Pension Fund December 05, 2007
c/o Margaret M. Adcock, Administrator
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Client:Matter PBGF:INVM
In Reference To: Investment Manager
Amount
Previous balance $100.00
Balance due $100.00
Client:Matter PBGF:MEET
In Reference To: Meeting
Professional Services
Hrs /Rate Amount
11/26/2007 Prepare for meeting 0.50 100.00
200.00 /hr
Attend meeting and travel 6.00 1,200.00
200.00 /hr
For professional services rendered
Balance due
Client:Matter PBGF:MISC
6.50 $1,300.00
$1,300.00
City of Palm Beach Gardens Firefighters' Pension Fund Page 2
In Reference To: Miscellaneous
Amount
Previous balance $50.00
Balance due $50.00
Client:Matter PBGF:SIPO
In Reference To: Statement of Investment Policy
Amount
Previous balance $300.00
Balance due $300.00
VOY(-i,get1 ASSET MANAGEMENT INC..
Margaret M. Adcock
The Pension Resource Center, LLC
4360 Northlake Blvd., Suite 206
Palm Beach Gardens FL 33410
83J
Invoice Number
7046
Invoice Date:
01/17/2008
Billing Period:
10/01/2007 - 12/31/2007
Custodian Account Number:
CF -RSY8
Account Number:
P703000
INVESTMENT MANAGEMENT FEE
For the Arrears Period of 10/01/2007 to 12/31/2007
Account Name:
City of Palm Beach Gardens Firefighters' Pension Trust Fund
Ending Market Value for Account P703000:
October 2007: 1,826,403.49 USD
November 2007: 1,703,545.67 USD
December 2007: 1,640,641.50 USD
Average Market Value 1,723,530.22 USD
Market Value Based Fees
1,723,530.22 @ 0.8800% x 90 / 360 3,791.77
Total Current Period Fees 3,791.77 USD
Total Amount Due Upon Receipt 3,791.77 USD
If you have any questions. please call Portfolio Administration at 612- 376 -7151 or 1 -866- 759 -9083 or send an email to vambiI]ing @voyageur.nct
[Keep this portion tur your ti:;ancial recordsl
Invoice Number: 7046
Invoice Date: 01/17/2008
Billing Period: 10/01/2007 - 12/31,'2007
Custodian Account Number: CF -RSY8
Account Number: P703000
Account Name: City of Palm Beach Gardens Firefighters' Pension Trust Fund
Wire Instructions:
Bank: US Bank
ABA: 091000022
Account: 1- 602 -3318 -3526
RBC Dain Rauscher Inc.
Reference: Invoice 7046
Amount Due 3,791.77 USD
Payment Mailing Address:
Voyageur ASSET MANAGEMENT INC
PO Box 9195
Minneapolis, MN 55480 -9934
Remittance Amount USD
Mail this portion with your puyrnenl. Thank you for your business.
Bogdahn Consulting, I.I.C.
340 West Central Ave
Suite 300
Winter Haven, Fl 33880
Palm Beach Gardens Firefighters' Pension
C/O Pension Resource Center
4360 NorthLake Boulevard
Palm Beach Gardens, Fl 33410
Invoice
Date
Invoice #
12/31/2007
2850
Description
Amount
Performance Evaluation and Consulting Services
2,000.00
10/01/07 - 12/31/07
additional portfolio evaluation - international equity
625.00
additional portfolio evaluation - real estate
625.00
additional portfolio evaluation - Bond
625.00
Balance Due $3,875.00
Steven I. Gordon
Certified Public Accountant
4600 W. Commercial Blvd., Ste. 5
Tamarac, FL 33319
Phone (954) 485 -5788
Palm Beach Gardens Firefighters Pension
c/o Pension Resources Inc.
4360 N. Lake Blvd., # 206
Palm Beach Gardens, FL 33410
Invoice #: 4796
Date: 12/12/2007
Progress billing in connection with certified audit as of and for the year ended $1,570.00
September 30, 2007
Total Charges: 1,570.00
Prior Balance (Credit) Before this Invoice: 0.00
Total Balance Due: $1,570.00
THE PENSION RESOURCE CENTER, LLC
4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410
Phone (561) 624 -3277 -e Fax (561) 624 -3278 • :• www.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS'
PENSION FUND
Meeting Dates for 2008
Monday, February 11, 2008 at 10:00 A.M.
(Bogdahn Consulting)
Monday, April 21, 2008 at 10:00 A.M.
Monday, June 16, 2008 at 10:00 A.M.
(Bogdahn Consulting and Dana Investment Advisors)
Monday, August 18, 2008 at 10:00 A.M.
(Bogdahn Consulting)
Monday, October 20, 2008 at 10:00 A.M.
Monday, November 17, 2008 at 10:00 A.M.
(Bogdahn Consulting and Dana Investment Advisors)
The meetings will be held in the Council Chambers at City Hall
located at 10500 North Military Trail, Palm Beach Gardens
Performance Evaluation
for
Palm Beach Gardens Firefighters'
Pension Plan
Dana, Voyageur, American Realty, & Galliard
For the Period Ending
December 31, 2007
Presented
by:
Bogdahn Consulting, LLC
Palm Beach Gardens Firefighters'
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 Firefighters'
Pension Plan
Executive Summary
Account Reconciliation
Investment Policy
12/31/2007
2007
04/30/1998
Qtr
YTD
Incept
Index
Weight
Beginning Value 22,444
18,826
2,994
Russell 3000
55.00
Net Flows
441
2,913
14,232
Lehman U.S. Aggregate Intermediate
30.00
Investment G/L
-262
885
5,398
MSCI EAFE
10.00
Ending Value 22,624
22,624
22,624
Citigroup Treasury Bill - 3
Month
5.00
Trailing Returns through December 31, 2007
04/30/1998
1 Yr 2 Yr
3 Yr
4 Yr
5 Yr
6 Yr 7 Yr 8 Yr
9 Yr
10 Yr
Incept
Fund 4.74 8.30
8.36
8.40
10.57
6.18 4.11 3.70
4.31
5.08
Policy 6.57 9.57
8.02
8.03
10.26
6.28 4.60 3.86
4.71
5.45
Diff -1.83 -1.27
0.34
0.37
0.31
-0.10 -0.49 -0.16
-0.40
-0.37
Calendar Year Returns
12/31/2007
2007
Qtr
YTD
2006
2005
2004 2003 2002
2001
2000
1999 1998
Fund -1.15
4.74
11.99
8.49
8.52 19.66 -13.30
-7.49
0.88
9.33
Policy -1.08
6.57
12.65
4.98
8.05 19.66 -11.57
-4.91
-1.19
11.78
Diff -0.07
-1.83
-0.66
3.51
0.47 0.00 -1.73
-2.58
2.07
-2.45
Returns in Up Markets
Returns in Down Markets
04/30/1998
04/30/1998
3 Yr
5 Yr
9 Yr
Incept
3 Yr
5 Yr
9 Yr
Incept
Fund 11.8
15.0
13.6
15.2
Fund -1.1
-1.6
-12.1
-12.3
Policy 12.6
15.6
16.0
17.4
Policy -3.5
-4.3
-14.6
-14.7
Ratio 94.0
95.9
85.4
87.2
Ratio 31.0
38.2
82.9
83.9
Inception date is April 30, 1998
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized
Returns are net of fees.
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 712!07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
2
Palm Beach Gardens
Firefighters' Pension Plan
Asset Allocation as of December 31, 2007
Equi,
50%
Equi
490/
At Market Int'L
REIT
5%
Cash &
Equiv
0%
sd
Income
38%
At Cost Int'I
3 -1
REIT
5%
Income
40%
Cash &
Equiv
0%
Palm Beach Gardens
Firefighters' Pension Plan
Asset Allocation as of December 31, 2007
Equity Breakdown- Cost
Voyageur
11%
Dana
89%
Equity Breakdown - Market
Voyageur
13%
uana
87%
3 -2
Palm Beach Gardens Firefighters'
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
4
Palm Beach Gardens Firefighters'
Pension Plan
Universe Comparisons
55% PLCC,30% Hg Quality Bd,10% Int'I, 5% Cash
Trailing Returns through December 31, 2007
3 Qtrs 1 Yr 2 Yr 1 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr
Fund
Return
2.06
4.74
8.30
8.36
8.40
10.57
6.18
4.11
3.70
4.31
% -tile
93
81
I
88
34
36
38
48
76
57
75
Policy
Return
4.83
6.57
9.57
8.02
8.03
10.26
6.28
4.60
3.86
4.71
% -tile
51
40
44
52
55
55
43
47I
49
49
Universe
5th % -tile
8.75
10.45
11.50
10.14
9.85
11.93
7.77
6.74
7.30
6.89
25th % -tile
5.93
7.38
10.08
8.60
8.74
10.84
6.74
5.24
5.12
5.65
50th % -tile
4.84
6.19
9.45
8.04
8.10
10.33
6.11
4.49
3.81
4.66
75th % -tile
3.79
5.11
8.92
7.66
7.76
9.96
5.71
4.12
3.36
4.30
95th % -tile
1.44
2.79
7.34
6.67
6.77
8.94
4.97
3.04
2.64
3.75
Calendar Year
Returns
Qtr
YTD
2006
2005
2004
2003
2002
2001
2000
1999
Fund
Return
-1.15
4.74
11.99
8.49
8.52
19.66
-13.30
-7.49
0.88
9.33
% -tile
47
81
77
3
38
55
86
96
39
71
Policy
Return
-1.08
6.57
12.65
4.98
8.05
19.66
-11.57
-4.91
-1.19
11.78
% -tile
40
40
58
63
54
55
57
53
61
60
Universe
5th % -tile
0.01
10.45
15.81
7.92
11.19
22.97
-6.23
3.50
14.78
25.47
25th % -tile
-0.79
7.38
13.90
6.14
9.35
20.94
-10.12
-1.28
5.69
13.43
50th % -tile
-1.21
6.19
12.82
5.24
8.15
19.78
-11.39
-4.80
-0.77
12.16
75th % -tile
-1.66
5.11
12.08
4.75
7.54
18.95
-12.46
-5.34
-1.76
7.56
95th % -tile
-2.68
2.79
9.59
3.99
5.24
17.10
-14.42
-7.42
-3.42
0.34
Returns are in percent.
" %- tile" is the percentile
ranking
within the universe.
Returns for periods exceeding one year
are annualized.
Incept is April 30, 1998
to December 31,
2007
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt.
Aggregate
5
Palm Beach Gardens Firefighters'
Fixed Income - Dana
Executive Summary
Account Reconciliation
12/31/2007 2007 04/30/1998
Qtr YTD Incept
Beginning Value
3,158
6,027
1,040:
Net Flows
2,157
-862
3,036
InvestmentG /L
84
234
1,323
Ending Value
5,399
5,399
5,399
Trailing Returns through December 31, 2007
Investment Policy
Index
Weight
Calendar Year Returns
12/31/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Fund
2:40
6.01
4.49
1.72
128
3.78
10,02
7.76
04/30/1998
1 Yr
2 Yr
3 Yr
4 Yr
5 Yr
6 Yr
7 Yr
8 Yr
9 Yr
10 Yr Incept
Fund. :: 6 -.O
.............
5 24
.
4.05
3.86
3.84
4.85 ..
5:26.
28 ::
5.26
5:66
Policy 7.38
5.71
4.31
3.99
4.08:
5.21
5 -67 :::643::
5.44
5:82:
Diff -1.37
70.47
-0.26
-0.13
;0 24 .
0.3>;:
0:41
fl.15
0:18
:-016
Calendar Year Returns
12/31/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Fund
2:40
6.01
4.49
1.72
128
3.78
10,02
7.76
13:75
-2.55
.Policy:.
2.89
7.38
4.07
1.57
3.04:::
4.45
1:1,02
8 51:
11.84
-2:15 ...:
DO:.:
-0.49
-1.37
0.42
0:.15
0.24
-0.67
-1.00
.-0.75
1.91
- 0.40.
MULLIF115 In UL) IVIarK6l5
04/30/1998
3 Yr 5 Yr 9 Yr Incept
Fund
_ 7.1
-2:9
-3:3
::..3:3.
Policy
7.6
7.3
$.9:
91:.
Ratio
93.3
94.9
.98.4
98.1
Inception date is April 30, 1998
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are gross of fees.
Returns in Down Markets
04/30/1998
3 Yr 5 Yr 9 Yr Incept
Fundy
:7
-2:9
-3:3
::..3:3.
Policy
-1.9
-3.0 :
-3A
-3.0.
Ratio
89.6:::
.99.0 ..:
108.3 :::
108:3:
Bond Index change effective 4/1/2003 from LB Gov /Credit to LB Intermediate Gov /Credit, update to LB Int. aggregate effective 10 -01 -2007
N
Palm Beach Gardens Firefighters'
Fixed Income- Galliard Fund
Executive Summary
Account Reconciliation
12/31/2007 2007 07/02/2007
Qtr YTD Incept
Beginning Ualue:
3;088
0
3100.0
..Net, FIQVv
85
3,085
In vestm6nt G/L ..........
..................................
`.:. 78
. .. .........
...............................
... 16Fi:
166 ..
...............................
....................................
.....................................
ndirxg Value .:::.
..... ...............................
...............................
...............................
3;251:
:31251
Trailing Returns through December 31, 2007
investment rol
Index
Weight
Calendar Year Returns
12/31/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Fund:
2:5
FQ py
3:00
Di f
-0.48 .
Returns in Up Markets Returns in Down Markets
07/02/2007
Incept
Fund
5:5
Pollcy
5:9
Ratio .:
94.0
Inception date is July 2, 2007
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees.
Account funded 7/2/2007 $3 Million
7
Fund
PQlicy
Ratio
07/02/2007
Incept
Palm Beach Gardens Firefighters'
Total Equity
Executive Summary
Account Reconciliation
12/31/2007 2007 04/30/1998
Qtr YTD Incept
$ag.......1/alwe
.......................... . ..
. . 12;555
..
1,073:
1,784.
filet Flows : `:: ;. ;;>'::.'
160.00:
30,45
hvostmenf fL`:'::??
::' =475
354
3,821:
i,idirto:Val id` "`:':* .::
:12 78Z ::
12:;782
12,782
I railing Keturns tnrougn Uecemoer ,il, zuu/
Investment Policy
Index
Weight
S&P :506
8500
MSC( I ,AFE
15.00::
Totat
160.00:
Calendar Year Returns
12/31/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Fund
=3:61
:3,31
17..0$
1:2.:68
11,74.:..
30,45
:: -2$191
:14.9$ .
04/30/1998
1 Yr
2 Yr
3 Yr
4 Yr
5 Yr
6 Yr
7 Yr
8 Yr
9 Yr
10 Yr Incept
Rand 3;31.
9.98
1038:
11.09
14.72
5792
2.65
1.45
3.19
4.31
::Policy::::: 6:13
1 11
9.90
10.14
1:3.62
6.70
3.82
2.11
4.06
.4.97
Riff -2:82
-1.62
0.9$
0:95.
1.10
0.7$
-:1.17
-43.66
-0.87
-0.66
Calendar Year Returns
12/31/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Fund
=3:61
:3,31
17..0$
1:2.:68
11,74.:..
30,45
:: -2$191
:14.9$ .
-$:58
18.20
Policy
73.08
6.113
17.35
6::58
10 88
28.68
-22.10
- 11:88 :
-9.11
21.04
Diff
-0:53
72.82
-0.27
61fl
{J.86.
1::77
-3.10:
2.53
-2:84
Returns in Up Markets Returns in Down Markets
04/30/1998
3 Yr 5 Yr 9 Yr Incept
Fund
165
22.4
22,0
25:9
Policy
:16.9
22.4
24.9
27.4
Ratio ::
97:3:.
62:0
92.0
9.4 .6.
Inception date is April 30, 1998
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees.
Index for Total Equity changed to S &P 500 effective 10 -01 -2007
14
04/30/1998
3 Yr 5 Yr 9 Yr Incept
Fund
X3.3
�5:7
-24.3
-25.2
Policy... ..
- 6.6:.:.
41
724,T :
-25.4
Ratio.:.
49A
62:0
98.4 .:
991
Palm Beach Gardens Firefighters'
Total Equity
Universe Comparisons
85% Pure Lge Cap Core & 15% International
i raumg Keturns through uecemner ,31, 2uu 1
Calendar Year Returns
3 Qtrs
1 Yr
2 Yr
3 Yr
4 Yr
5 Yr
6 Yr
7 Yr
8 Yr
9 Yr
Fund:.
Return
-0.06
3.31
9.98
10.88
11.09
14.72
5.92
2.65
1.45
3.19
% -tile
95
88
87
22
23
18
84
92
89
92
y: >.
Return
4.35
6.13
11.60
9.90
10.14
13.62
6.70
3.82
2.11
4.06
% -tile
59
50
49
51
49
49
48
51
59
53
(Jnwerse
5th % -tile
10.61
13.28
15.00
13.36
12.87
15.83
9.14
7.51
8.35
7.64
25th % -tile
6.23
7.46
12.40
10.66
10.93
14.29
7.69
5.06
5.01
5.43
50th % -tile
4.80
6.13
11.57
9.91
10.09
13.60
6.63
3.83
2.43
4.10
75th % -tile
3.28
4.87
10.95
9.37
9.58
13.10
6.17
3.39
1.82
3.67
95th % -tile
-0.15
0.85
8.21
7.45
8.03
11.97
5.04
1.56
0.82
2.97
Calendar Year Returns
95th % -tile I -5.311 0.851 12.001 4.911 5.52 I 24.94 I -26.72 I -19.45 1 -11.00 1 -0.72
Returns are in percent. " %- tile" is the percentile ranking within the universe.
Returns for periods exceeding one year are annualized.
Incept is April 30, 1998 to December 31, 2007
Index for Total Equity changed to S &P 500 effective 10 -01 -2007
s
Qtr
YTD
1 2006
2005
2004
2003
2002
2001
2000
1999
:Fund::. _ .
Return
-3.61
3.31
17.08
12.68
11.74
30.45
-28.91
-14.98
-6.58
18.20
% -tile
71
88
52
2
30
19
100
93
46
66
Palley
Return
-3.08
6.13
17.35
6.58
10.88
28.68
-22.10
-11.88
-9.11
21.04
% -tile
44
50
45
52
38
34
47
47
57
2311
Universe
5th % -tile
-1.32
13.28
22.47
10.83
14.89
31.71
-14.19
1.29
18.77
36.89
25th % -tile
-2.68
7.46
18.63
7.90
12.14
29.67
-20.21
-6.82
4.23
20.82
50th % -tile
-3.17
6.13
17.16
6.67
10.68
28.26
-22.19
-11.93
-8.21
20.13
75th % -tile
-3.72
4.87
16.18
5.92
10.04
26.79
-22.80
-12.37
-9.39
12.73
95th % -tile I -5.311 0.851 12.001 4.911 5.52 I 24.94 I -26.72 I -19.45 1 -11.00 1 -0.72
Returns are in percent. " %- tile" is the percentile ranking within the universe.
Returns for periods exceeding one year are annualized.
Incept is April 30, 1998 to December 31, 2007
Index for Total Equity changed to S &P 500 effective 10 -01 -2007
s
Palm Beach Gardens Firefighters'
Equity- Dana
Executive Summary
Account Reconciliation
12/31/2007 2007 04/30/1998
Qtr YTD Incept
..... .............. ......
$ gir}ri3rig:Value
10,803
9,460
1,784
tVet FIQws....
701
1,355
5,977
:enviert i e i. .......... ...:::..:.....63.......:
...........................
....................................
...............................
...............................
.......
3;380
.
.....................................
. ...............................
.............................
1= ndirtg ual . ..
...............................
.....
...............................
....... ...._
......
Trailing Returns through December 31, 2007
Investment Policy
Index
Weight
Calendar Year Returns
12/31/2007
2007
21:6
22,4:.
25:4::
PohCy
15.4
21,5
24:3
04/30/1998
1 Yr
2 Yr
3 Yr
4 Yr
5 Yr
6 Yr
7 Yr
8 Yr
9 Yr
10 Yr Incept
:Ft nrl. 3.53
8:89
10.14
10.54
14.26
5.57
236
1.19
2.96
4.10
:Policy 5;15
10 31
8.60
9:17
12.82
6.06:
3.29
1.65
3.65
4.58.
tiff -1.62
-1.42
1.54
137
1.44
-049
-0.93
-0.46:
-0.69
-0.48
Calendar Year Returns
12/31/2007
2007
21:6
22,4:.
25:4::
PohCy
15.4
21,5
24:3
26;8.
Qtr
YTD
2006
2005
2004
2003
2002
2001
2000
1999 1998
Fund -3:21
3.53
14.52.
12;68
11.74
30,45
- 28:91
-14.98 :
-6.58
18.20
Policy 3.:3.4
51.16
15172
5:27
10.88
28:68
-22.10
- 11.8$
-911
21 :04
Diff 0.13
=1.62:
1.20
7.41
0.86.
177
-6.81
- 3.:10:
2.53
-2:84
Returns in Up Markets
04/30/1998
3 Yr 5 Yr 9 Yr Incept
fund
15.2
21:6
22,4:.
25:4::
PohCy
15.4
21,5
24:3
26;8.
Ratio :
981.:
1 N-7
92:1:
9418
Inception date is April 30, 1998
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees.
10
Returns in Down Markets
04/30/1998
3 Yr 5 Yr 9 Yr Incept
Fund
-2.8:
-5:3:
-24:2
-251
Polio
Ratio
37,7
54.7.
97;3 :.
98.1
Palm Beach Gardens Firefighters'
Equity- Dana
Universe Comparisons
100% Pure Large Cap Core
Trailing Returns through December 31, 2007
Calendar Year Returns
3 Qtrs
1 Yr
2 Yr
3 Yr
4 Yr
5 Yr
6 Yr
7 Yr
8 Yr
9 Yr
Fufld .
Return
0.52
3.53
8.89
10.14
10.54
14.26
5.57
2.36
1.19
2.96
% -tile
91
77
84
10
14
9
74
85
84
95
:Policy
Return
3.82
5.15
10.31
8.60
9.17
12.82
6.06
3.29
1.65
3.65
% -tile
64
54
51
40
40
39
41
43
53
50
Unlvere
5th % -tile
10.56
12.81
13.80
11.68
11.71
14.85
8.41
7.08
7.71
7.45
25th % -tile
4.82
5.64
10.83
9.15
9.83
13.24
6.97
4.30
4.33
5.71
50th % -tile
4.52
5.22
10.32
8.52
9.05
12.65
5.90
3.18
1.69
3.64
75th % -tile
2.62
3.76
9.76
8.02
8.52
12.16
5.54
2.80
1.38
3.38
95th % -tile
-3.38
-2.63
5.53
5.05
6.23
10.03
4.27
0.26
0.91
2.94
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 April 30, 1998 to December 31, 2007
11
Qtr
YTD
2006
2005
2004
2003
2002
2001
2000
1999
Fund
Return
-3.21
3.53
14.52
12.68
11.74
30.45
-28.91
-14.98
-6.58
18.20
% -tile
30
77
65
1
23
16
100
82
47
65
fi'nlicy
Return
-3.34
5.15
15.72
5.27
10.88
28.68
-22.10
-11.88
-9.11
21.04
% -tile
45
54
33
49
34
29
46
48
60
38
'Universe
5th % -tile
-1.66
12.81
20.97
11.33
15.14
33.34
-15.55
-1.49
13.61
35.03
25th % -tile
-3.09
5.64
16.19
7.20
11.51
28.99
-20.13
-9.35
-0.20
22.80
50th % -tile
-3.36
5.22
15.48
5.09
10.39
27.83
-22.23
-12.08
-7.39
20.27
75th % -tile
-3.72
3.76
12.74
4.22
8.38
24.97
-23.39
-13.51
-9.63
16.39
95th % -tile
-6.49
-2.63
4.79
1.07
5.14
20.58
-26.60
-19.10
-14.67
6.13
Returns are in percent. " %- tile" is the percentile ranking within the universe.
Returns for periods exceeding one year are annualized.
Incept is April 30, 1998 to December 31, 2007
11
Palm Beach Garden Firefighters'
International Equity
Executive Summary
Account Reconciliation
12/31/2007 2007 12/31/2005
Qtr YTD Incept
.....................................
Birii?i Vali: ::::
...............................
:.:.`:::,XS.: :.
>if
.... ...............................
.............................
.... :.:.:.::
.... icy ..
:Vet FIQws.�::..::.
.:1.3
.. .........
.. .a..... .
:: . .
. ........ .
.... ......
.............. ...............................
rivesfrner�t Q/L
.......... ...............................
;:11:1: >:::
...... ......
27
......
441
Trailing Returns through December 31, 2007
Investment Policy
Index
Weight
Calendar Year Returns
Returns in Up Markets Returns in Down Markets
1 Yr
12/31/2005
Incept
fund.
........ ...........................
..........................
. , .:..< :
...............................
......: .. :. ;
............
.... ...............................
.............................
.... :.:.:.::
.... icy ..
............................
...............................
................
:.:. :.5.: ::::::;>:: :::::::::::.::::::::::.:.:....:
...13....
.....................
...?3... :.
.. .........
.. .a..... .
:: . .
. ........ .
.... ......
1: .. 1 04:
. . . ................ .
.. ............ .
Inception date is December 31, 2005
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees.
12
1 Yr
12/31/2005
Incept
fund
.............
.......... ......
................
........... ........
....
............ ... ....
........ ....
............... . ..
.. ..........
.... ......:. -6.:4:
. ......
.. ... .......
....
...............................
F'olic�r .
...............................
.....
.......... .....
17.
Ratio ::::::
.................
......................
>::: 371:. ::: ::::.:.:
................ ...I.....
...............................
1
... ...... .. 37.. ..
.............
Palm Beach Garden Firefighters'
International Equity
Universe Comparisons
International Equity
Trailing Returns through December 31, 2007
Calendar Year Returns
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999
Return
2 Qtrs
3 Qtrs
1 Yr
2 Yr
3 Yr
4 Yr
5 Yr
6 Yr 7 Yr
8 Yr
fund::
Return
-7.41
-3.90
1.66
16.93
% -tile
95
100
100
71
Poli cy: . .... .
Return
0.48
7.19
11.63
19.00
% -tile
% -tile
51
54
51
43
Universe
(�nIVrSe . ... .
5th % -tile
11.62
21.83
25.16
28.17
29.25
29.10
32.20
27.09
20.79
14.37
25th % -tile
3.76
11.96
16.56
21.03
19.68
19.90
24.01
17.08
11.67
8.94
50th % -tile
0.53
7.74
11.69
18.42
17.38
17.89
21.68
14.47
9.05
5.86
75th % -tile
-2.54
4.10
8.26
16.34
15.50
16.38
19.74
12.98
7.08
3.47
95th % -tile
-7.61
-0.88
3.34
12.68
12.63
14.22
17.46
10.85
3.53
-0.43
Calendar Year Returns
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999
Return
-6.36
1.66
34.48
.............
% -tile
94
100
7
pOidy
.
Return
-1.71
11.63
26.86
% -tile
47
51
39
Universe
.. :
5th % -tile
2.30
25.16
35.29
38.92
32.32
65.72
1.26
2.71
2.11
117.71
25th % -tile
-0.21
16.56
28.37
23.76
23.60
48.59
-8.48
-10.53
-8.63
67.62
50th % -tile
-1.89
11.69
25.65
16.31
19.34
38.92
-14.41
-18.53
-15.84
47.72
75th % -tile
-3.67
8.26
22.79
13.13
16.57
33.20
-18.10
-23.29
-24.08
29.01
95th % -tile
-6.79
3.34
18.65
9.40
12.66
27.55
-23.32
-29.32
-34.43
17.12
Returns are in percent. "% -tile" is the percentile ranking within the universe.
Returns for periods exceeding one year are annualized.
Incept is December 31, 2005 to December 31, 2007
13
Palm Beach Gardens Firefighters'
REIT- American Realty Advisors
Executive Summary
Account Reconciliation
12/31/2007 2007 07/31/2006
Qtr YTD Incept
$egirr�arlg :alias .::: ...:6 216
I railing Returns through December 31, 2007
Investment Policy
Index
Weight
Calendar Year Returns
Returns in Up Markets
1 Yr
07/31/2006
Incept
Fund
17 3
1
4.7 .
21:0*:
.filet Flows
16 $ .
X82
7t31
InviesthMt. G/L 11
34 . ..
115
122::
:.ndir rg:value ::
1; t 14
1 11:
I railing Returns through December 31, 2007
Investment Policy
Index
Weight
Calendar Year Returns
Returns in Up Markets
1 Yr
07/31/2006
Incept
Fund
17 3
1
4.7 .
Polirrjr
1 8 .:
16 $ .
}�atto
16g: 3
9f):3
Inception date is July 31, 2006
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are gross of fees.
14
Returns in Down Markets
fund .::.
Pvli�y:: ;::
Ratio
1 Yr
07/31/2006
Incept
Palm Beach Gardens Firefighters`
Pension Plan
25.00%
Up Market Returns
- - - - -- ----- - - - - --
20.00% - - -- - - - -- - - - - --
15.00% - - - - --
10.00% - -- -- - - - -
5.00% - - -- -- -
000%
Down Market Returns
0.00%
-5.00% � --------------- - - - - --
- 10.00% f----------- - - - - --
- 15.00%
3 Yr
5 Yr
9 Yr
Incept
Fund ( %)
11.85
14.96
13.64
15.17
Policy ( %)
12.61
15.60
15.97
17.39
Difference ( %)
-0.76
-0.64
-2.33
-2.22
Ratio
93.97
95.90
85.41
87.23
# Up Qtrs
9.00
15.00
24.00
25.67
Down Market Returns
0.00%
-5.00% � --------------- - - - - --
- 10.00% f----------- - - - - --
- 15.00%
3 Yr
5 Yr
9 Yr
Incept
Fund ( %)
-1.09
-1.65
-12.13
-12.32
Policy ( %)
-3.52
-4.32
-14.63
-14.68
Difference ( %)
2.43
2.67
2.50
2.36
Ratio
30.97
38.19
82.91
83.92
# Down Qtrs
3.00
5.00
12.00
13.00
❑ Fund ( %) a Policy L-Li
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
15
V
a ,
I
u
e
c
Palm Beach Gardens Firefighters'
Pension Plan
Objective Comparison
UUZ MUJ JUS SUJ Dui MU4 ,104 504 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07
Quarter Ending
❑ Fund Policy
-e Nominal 8% ❑ CPI + 3%
Inception date is April 30, 1998
All dollar values are shown in thousands.
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
16
Palm Beach Gardens Firefighters'
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.
17
Palm Beach Gardens Firefighters`
Pension Plan
Attribution of Returns
Attribution of Performance to show Manager Contribution
Policy + Manager Contribution = Fund
Attribution of Manager Contribution between Asset Allocation and Security Selection
Asset Allocation
Security Selection
Manager Contribution:
Current Quarter
Policy
:
i lanager:Gon ib 4tion.:
Fund
Current Quarter
-1.08
:?
....
....................
....
...
....
...
>. >:.':::':.:: _0:07:
...............................
.............
...............................
...............................
...............................
...............................
-1.15
Year to Date
6.57
...
..............
.. ...
............
...
....
.................
...............................
....................
................ ..........
.....................
:: :::::: :: = 1:;$3:
......................
..............................
.......... ............... .
.......... ... .
................
.
4.74
3 Years
8.02
:.:
.
......................
. ... ...............................
... ...............................
.........
:.:..:..:...;..: .:.:.b:3.
.... . ........ . .. ........
............
...... ......... ...........
............. ... ......
8.36
5 Years
10.26
:.:......:.....::
0:31
10.57
9 Years
4.71
:...:::...
. ..
.............................
............................
... ...............................
. ..
<....... - 0:40.
...............................
....
......
...............................
:.::
4.31
Incept
5.45
:..::.:..:..:::
:: ;= 0:37.
5.08
Policy + Manager Contribution = Fund
Attribution of Manager Contribution between Asset Allocation and Security Selection
Asset Allocation + Security Selection = Manager Contribution
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
18
Asset Allocation
Security Selection
Manager Contribution:
Current Quarter
-0.41
0.34
Year to Date
-3.50
1.67
3 Years
-3.11
3.45
.
0:34
5 Years
-4.06
4.37
g::
9 Years
-2.11
1.71
=0:4n:
Incept
-2.49
2.12
:.::
:::: -: :::.: r0:3::
Asset Allocation + Security Selection = Manager Contribution
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
18
15.00%
p 10.00%
e
r
c
e 5.00%
n
t
E 0.00%
f
f
e
c - 5.00%
t
- 10.00%
15.00%
p 10.00%
e
r
c
e 5.00%
n
t
E 0.00%
f
f
e
t -5.00%
- 10.00%
Palm Beach Gardens Firefighters'
Pension Plan
Asset Allocation Effect
I I I I I I I I I I I I
RAM In'l Cn9 nnQ RAnn in• cn I
- -- - -- -• - -• t J ovu vuO MUD Jut) bub UOb M07 J07 S07 D07
Quarter Ending
Security Selection Effect
I I I I I I I I I
M03 Ina sns nn4 RAnA MA enn nn• .1—
-- • -- • w, rviuu quo OVO Uub MU/ J07 S07 I
Quarter Ending
Quarterly Effect Cumulative Effect
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
19
Palm Beach Gardens Firefighters'
Pension Plan
Asset Allocation vs Targets
80.00%-------
70.00% - - ------------ ---- -------- - -- -- - ---- -- ------ --- -- ------------ ------------------ - I
--
-----------
60.00°/ ------------ - -- - -------- - - - - -- --- - ---------
11 --- - ------ ------------------- -
50.00% ------------- ---- ----- ------------ -- ---------- -- -------- - ----- ---------- ----- - - - - -- --
- -- -
40.00% ----------------------- ----------- - - ------------------- --- -- --- ------ --- ------
0
30.00% -------------------- -------- ------ --- ------------------------------------ -- ------------------------ -------- --
20.00°/ ----------- --- - ---------- - - ---------------- - - - -- ---------------------------- ---------- 10.00% ------------ ----------- -- ---- - ------------------ -- ---------- ---------------- ---0.000 va�
M03 J03 S03 D03 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07
Quarter Ending
Cash& Equiv Target
80.00OX
/1
70.00 %--- - - - - -- - -------------------------------
60.00%-
50.00%-
40.00%
30.00%--
20.00% -
10.00% -
0.00% M03 J03 S03 D03 M04 J04 SO4
L"4 MUO JU!) 605 U05 M06 J06 S06 D06 M07 J07 S07 D07
Quarter Ending
FE Equi�ty—)K—�-Target
80.00%
70.00%---------------------- - - - - -- ---- ------------------------------------ ----- -------------------------------------------- ----- --- ---------------------------------------
60.00% --------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------
50.00% ------------------------------------------------------------------------------------------------------------------
40.00% - -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
30.00%-
20.00%-
7
10.00%-
0.00%-
M03 J03 S83 D103 M04 J04 SO4 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07
Quarter Ending
❑ Fixed Income —X— Target
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10-01-2007 From LB G/C Int, to LB INt. Aggregate
2n
80.
70.
60.
50.
40.
30.
20.
10.
0.
70
30.
10.
0.
Palm Beach Gardens Firefighters'
Pension Plan
Asset Allocation vs Targets
/o - - -- -------------- - - - - -- - -- -------------------- - - - - -- _- - - -- -- - -- ---------- - - - - -- -- - - -- - -- - - - - -- - - - - -
/a ---------------------- - - - - -- ---------------------- - - - - -- -- - - - - - - - - - --
/o ------------------- - - - - -- ------ - - - - -- _ - - - -- - -- - -- I -- -------- - - -- - - -- - - - -- - --
I
------------------------------------------------------- - - - - -- ---- - - - - -- - {
/ --------------------------------------------- - - - - -- --- - - - - -- -- - - -- - - - - - -- ------------------ - --- ------- -
/ ----------------------------------------------------- - - - - -- - -- - - - -- -- - - - - - -- ------- - - - - -- - - .. - ...
/ ------------------------------------------------- - - - - -- -------- - - - - -- -------------- - - - - -- X A---
/o
3 J 3 S 3 D 3 4 J 4 S 4 D 4 5 J 5 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07
Quarter Ending
InYI —Y, Target
Quarter Ending
FM REF —)K— Target
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
21
Palm Beach Gardens Firefighters`
Pension Plan
Manager Contribution
2.50% -- - - - -- — -- - -
2.00% i----- - - - - --
1.50%
1.00%
R
e 0.50%
t
U 0.00%
r
n -0.50%
-1.00%
-1.50%
-2.00%
MUJ JUJ SUJ UUJ MU4 JU4 5U4 DU4 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07
Quarter Ending
Quarterly Cumulative
Growth of $100 Fund Vs Policy
V $
a
u $
e
UU[ MUJ JU3 SUJ UUJ MU4 JU4 SU4 DU4 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07
Quarter Ending
❑ Fund ❑ Policy
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
22
Palm Beach Gardens Firefighters'
Pension Plan
Quarterly Comparison Analysis ($)
Period
Ending
Fund
Policy
Diff
Nominal 8%
Diff
CPI + 3%
Diff
Apr 1998
2,994
2,994
0
2,994
0
2,9941
0
Jun 1998
3,120
3,092
28
3,066
54
3,051
69
Sep 1998
3,209
3,177
32
3,346
-137
3,302
-93
Dec 1998
3,677
3,676
1
3,507
171
3,425
252
Mar 1999
3,729
3,755
-25
3,558
172
3,454
275
Jun 1999
3,854
3,911
-58
3,638
216
3,515
339
Sep 1999
3,968
3,987
-19
3,934
34
3,801
167
Dec 1999
4,329
4,421
-92
4,095
234
3,926
403
Mar 2000
4,745
4,833
-88
4,471
274
4,320
425
Jun 2000
4,808
4,861
-54
4,635
172
4,459
348
Sep 2000
5,058
5,119
-61
4,958
101
4,756
303
Dec 2000
5,171
_ 5,161
10
5,263
-92
5,008
163
Mar 2001
4,929
4,989
-61
5,544
-616
5,285
-356
Jun 2001
5,243
5,330
-87
5,794
-551
5,524
-281
Sep 2001
5,168
5,237
-70
6,282
-1,115
5,951
-783
Dec 2001
5,548
5,678
-130
6,478
-930
6,014
-466
Mar 2002
5,885
6,008
-123
6,927
-1,042
6,455
-570
Jun 2002
5,468
5,572
-104
7,092
-1,624
6,579
-1,111
Sep 2002
5,686
5,607
80
7,843
-2,157
7,280
-1,593
Dec 2002
5,798
6,045
-246
8,086
-2,287
7,423
-1,624
Mar 2003
6,111
6,345
-233
8,636
-2,525
8,007
-1,896
Jun 2003
6,976
7,265
-290
9,042
-2,066
8,280
-1,305
Sep 2003
7,723
7,996
-273
9,821
-2,098
9,012
-1,289
Dec 2003
8,545
8,841
-296
10,222
-1,676
9,240
-695
Mar 2004
9,060
9,251
-191
10,668
-1,608
9,706
-646
Jun 2004
9,337
9,654
-317
11,247
-1,910
10,268
-931
Sep 2004
10,055
10,296
-241
12,144
-2,089
11,032
-977
Dec 2004
10,833
11,109
-276
12,560
-1,727
11,314
-481
Mar 2005
11,514
11,586
-71
13,471
-1,956
12,250
-735
Jun 2005
11,868
11,851
17
13,803
-1,934
12,497
-628
Sep 2005
13,656
13,449
207
15,297
-1,641
14,103
-447
Dec 2005
13,923
13,825
98
15,733
-1,810
14,204
-281
Mar 2006
14,962
14,780
181
16,470
-1,508
14,970
-8
Jun 2006
15,787
15,501
286
17,650
-1,863
16,184
-397
Sep 2006
17,227
17,141
86
19,006
-1,779
17,312
-85
Dec 2006
18,826 1
18,835
-9
20,155
-1,329
18,131
695
Mar 2007
19,3751
19,203
172
20,601
-1,226
18,629
746
All dollar values are shown in thousands.
ASVF- Investment 71512006 $210 000., Galliard $3 M 7/2107, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
23
Palm Beach Gardens Firefighters'
Pension Plan
Quarterly Comparison Analysis ($)
Period
Ending
Fund
Policy
Diff
Nominal 8%
Diff
CPI + 3%
Diff
Jun 2007
21,166
21,197
-32
22,244
-1,078
20,274
892
Sep 2007
22,444
22,822
-377
23,869
-1,424
21,674
770
Dec 2007
22,624
23,012
-389
24,780
-2,156
22,433
191
All dollar values are shown in thousands.
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
24
Palm Beach Gardens Firefighters'
Pension Plan
Quarterly Comparison Analysis ( %)
Period
Fund
Policy
Diff
Nominal 8%
Diff
CPI + 3% Diff
Ending
I
Sep 1998
-3.86
-4.06
0.20
1.94
-5.80
1.04
-4.90
Dec 1998
11.46
12.57
-1.11
1.94
9.52
0.84
10.62
Mar 1999
1.91
2.62
-0.71
1.94
-0.03
1.34
0.57
Jun 1999
3.05
3.89
-0.84
1.94
1.11
1.44
1.61
Sep 1999
-2.63
-3.53
0.90
1.94
-4.57
1.74
-4.37
Dec 1999
6.91
8.69
-1.78
1.94
4.97
1.04
5.87
Mar 2000
2.64
2.50
0.14
1.94
0.70
2.45
0.19
Jun 2000
-0.32
-1.02
0.70
1.94
-2.26
1.44
-1.76
Sep 2000
0.43
0.56
-0.13
1.94
-1.51
1.44
-1.01
Dec 2000
-1.82
-3.15
1.33
1.94
-3.76
0.94
-2.76
Mar 2001
-8.12
-6.76
-1.36
1.94
-10.06
1.95
-10.07
Jun 2001
3.51
4.00
-0.49
1.94
1.57
1.85
1.66
Sep 2001
-8.16
-8.33
0.17
1.94
-10.10
0.94
-9.10
Dec 2001
5.90
6.97
-1.07
1.94
3.96
-0.16
6.06
Mar 2002
0.24
0.11
0.13
1.94
-1.70
1.95
-1.71
Jun 2002
-7.59
-7.75
0.16
1.94
-9.53
1.44
-9.03
Sep 2002
-6.79
-9.82
3.03
1.94
-8.73
1.34
-8.13
Dec 2002
0.41
6.20
-5.79
1.94
-1.53
0.74
-0.33
Mar 2003
-1.35
-1.54
0.19
1.94
-3.29
2.55
-3.90
Jun 2003
10.22
10.74
-0.52
1.94
8.28
0.44
9.78
Sep 2003
2.05
1.76
0.29
1.94
0.11
1.54
0.51
Dec 2003
7.84
7.86
-0.02
1.94
5.90
0.24
7.60
Mar 2004
3.12
1.86
1.26
1.94
1.18
2.35
0.77
Jun 2004
-1.00
0.36
-1.36
1.94
-2.94
1.95
-2.95
Sep 2004
0.38
-0.39
0.77
1.94
-1.56
0.84
-0.46
Dec 2004
5.90
6.10
-0.20
1.94
3.96
0.94
4.96
Mar 2005
0.23
-1.62
1.85
1.94
-1.71
2.35
-2.12
Jun 2005
2.46
1.68
0.78
1.94
0.52
1.44
1.02
Sep 2005
4.67
3.13
1.54
1.94
2.73
2.96
1.71
Dec 2005
0.93
1.75
-0.82
1.94
-1.01
-0.26
1.19
Mar 2006
4.35
3.78
0.57
1.94
2.41
2.35
2.00
Jun 2006
-0.17
-0.86
0.69
1.94
-2.11
2.35
-2.52
Sep 2006
2.64
3.97
-1.33
1.94
0.70
0.74
1.90
Dec 2006
4.73
5.30
-0.57
1.94
2.79
0.24
4.49
Mar 2007
2.63
1.67
0.96
1.94
0.69
2.45
0.18
Jun 2007
2.80
3.86
-1.06
1.94
0.86
2.15
0.65
Sep 2007
0.43
2.04
-1.61
1.94
-1.51
1.04
-0.61
Returns for periods exceeding one year are annualized.
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
1) rZ
Palm Beach Gardens Firefighters`
Pension Plan
Quarterly Comparison Analysis ( %)
Period
Fund
Policy
Diff
Nominal 8%
Diff
CPI + 3%
Diff
Ending
Dec 2007
-1.15
-1.08
-0.07
1.94
-3.09
1.44
-2.59
Incept.
5.08
5.45
-0.37
8.00
-2.92
5.71
-0.63
Returns for periods exceeding one year are annualized.
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
9 F
Palm Beach Gardens Firefighters`
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.
27
Palm Beach Gardens Firefighters'
Pension Plan
Risk Measures
3 Yr
Fund
Policy
D ff
# of Negative Qtrs
2.00
3.00
1.00
# of Positive Qtrs
10.00
9.00
1.00
Batting Average
50.00
50.00
0.00
Worst Qtr
-8.16
-9.82
1.66
Worst Qtr
-1.15
-1.62
0.47
Best Qtr
4.73
5.30
-0.57
Range
5.88
6.92
-1.04
Worst 4 Qtrs
4.74
4.98
-0.24
Standard Deviation
3.96
4.42
-0.46
Beta
0.78
1.00
-0.22
Annualized Alpha
1.13
0.00
1.13
R- Squared
0.71
1.00
-0.29
Sharpe Ratio
1.06
0.87
0.19
Treynor Ratio
5.38
3.86
1.52
Tracking Error
2.30
0.00
2.30
Information Ratio
0.15
................... .......
9: yr
............
Fur3d
...........
Policy.
...... ... .
Diff:.
# of Negative Qtrs
11.00
12.00
-1.00
# of Positive Qtrs
25.00
24.00
1.00
Batting Average
50.00
50.00
0.00
Worst Qtr
-8.16
-9.82
1.66
Best Qtr
10.22
10.74
-0.52
Range
18.38
20.56
-2.18
Worst 4 Qtrs
-14.67
-13.91
-0.76
Standard Deviation
8.45
9.37
-0.92
Beta
0.86
1.00
-0.14
Annualized Alpha
-0.25
0.00
-0.25
R- Squared
0.91
1.00
-0.09
Sharpe Ratio
0.10
0.13
-0.03
Treynor Ratio
0.99
1.25
-0.26
Tracking Error
2.87
0.00
2.87
Information Ratio
-0.14
51 Yr
Fund
Policy
DO l
# of Negative Qtrs
4.00
5.00
-1.00
# of Positive Qtrs
16.00
15.00
1.00
Batting Average
50.00
50.00
0.00
Worst Qtr
-1.35
-1.62
0.27
Best Qtr
10.22
, 10.74
-0.52
Range
11.57
12.36
-0.79
Worst 4 Qtrs
4.74
4.36
0.38
Standard Deviation
6.11
6.44
-0.33
Beta
0.91
1.00
-0.09
Annualized Alpha
0.88
0.00
0.88
R- Squared
0.91
1.00
-0.09
Sharpe Ratio
1.25
1.14
0.11
Treynor Ratio
8.37
7.31
1.06
Tracking Error
2.00
0.00
2.00
Information Ratio
0.16
.......... ... .....
an�ept
Fund
policy
Diff:
# of Negative Qtrs
12.00
13.00
1.00
# of Positive Qtrs
26.67
25.67
1.00
Batting Average
50.87
49.13
1.74
Worst Qtr
-8.16
-9.82
1.66
Best Qtr
11.46
12.57
-1.11
Range
19.62
22.39
-2.77
Worst 4 Qtrs
-14.67
-13.91
-0.76
Standard Deviation
8.94
9.86
-0.92
Beta
0.87
1.00
-0.13
Annualized Alpha
-0.15
0.00
-0.15
R- Squared
0.92
1.00
-0.08
Sharpe Ratio
0.17
0.19
-0.02
Treynor Ratio
1.74
1.88
-0.14
Tracking Error
2.79
0.00
2.79
Information Ratio
-0.13
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
28
8.50%
8.00%
7.50%
7.00%
A
n
u 6.50%
a
I
i
z 6.00%
e
d
R
e 5.50%
t
u
r
n
5.00%
4.50%
4.00%
3.50°0
6.Ou ro
Palm Beach Gardens Firefighters'
Pension Plan
Return vs Risk through December 31, 2007
0.uu1/0 10.00% 15.00% 20.00% 25.00%
Risk (Annualized Std Dev)
Policy
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
Vel
25.00%
20.00%
R 15.00%
e
t
r 10.00%
n
s
5.00%
Pala Beach Gardens Firefighters'
Pension Plan
Return vs Risk through December 31, 2007
3 Years
X
I
Ound -.- (&0 -- I
W3 Mo Mill ALB Gov /Corp
EAFE
0.00% 1 1 1 1 1 1 1 1 1 1 1 1
1.00% 3.00% 5.00% 7.00% 9.00%
0.00% 2.00% 4.00% 6.00% 8.00% 10.00%
Risk (Annualized Std Dev)
9 Years
8.50% -
8.00%
7.50% MSCI EAFE
7.00%
6.50%
R
e 6.00%
u 5.50% LB Gov /Corp
r 5.00%
n
s 4.50% X
4.00% Fund R3000
3.50% XS &P 500
3 Mo TBill
3.00%
5.00% 15.00% 25.00%
0.00% 10.00% 20.00%
Risk (Annualized Std Dev)
30.00%
25.00%
20.00%
R
e
t 15.00%
u
r
n 10.00%
S
5.00% f
5 Years
Fund
X X LB Gov /Corp
3 Mo TBill
0.00% L - I - L- 1 --
5.00% 15.00%
0.00% 10.00% 20.00%
Risk (Annualized Std Dev)
X
MSCI
8.50%
8.00%
7.50%
7.00%
R 6.50%
e
t 6.00%
r 5.50%
s 5.00%
4.50%
4.00%
3.50%
Inception
XLB Gov /�orp
CIE
and
i
%,
MSCI
R3000
S &P 500
0.00% 10.00% 20.00%
Risk (Annualized Std Dev)
Policy
ASVF- Investment 7/5/2006 $210 000., Galliard $3 M 7/2/07, Index change effective 10 -01 -2007 From LB G/C Int, to LB INt. Aggregate
30
Palm Beach Gardens Firefighters'
Pension Plan
Policy: 04/30/1998- 12/31/2000 60.00 S &P 500
35.00 Lehman Gov /Credit Bond
5.00 Citigroup Treasury Bill - 3 Month
01 /0 1/2001-03/3 1 /2003 65.00 S &P 500
30.00 Lehman Gov /Credit Bond
5.00 Citigroup Treasury Bill - 3 Month
04/01/2003-06/30/2005 65.00 S &P 500
30.00 Lehman Gov /Credit - Intermediate
5.00 Citigroup Treasury Bill - 3 Month
07/01/2005- 09/30/2007 55.00 Russell 3000
30.00 Lehman Gov /Credit - Intermediate
10.00 MSCI EAFE
5.00 Citigroup Treasury Bill - 3 Month
10/01/2007 - 12/31/2007 55.00 Russell 3000
30.00 Lehman U.S. Aggregate Intermediate
10.00 MSCI EAFE
5.00 Citigroup Treasury Bill - 3 Month
First Objective: 04/30/1998 - 12/31/2007
Annual Return of 8.00%
Second Objective: 04/30/1998- 12/31/2007
100.00 US Consumer Price Index
+ 3.00 annual adder
Universe Data: 55% PLCC,30% Hg Quality
Bd,10% Int'l, 5% Cash
04/30/1998 - 12/31/2000
35.00 High Quality Bond
60.00 Pure Large Cap Core
5.00 Taxable Money Market
01 /01 /2001- 06/30/2005
30.00 High Quality Bond
65.00 Pure Large Cap Core
5.00 Taxable Money Market
07/01/2005- 12/31/2007
30.00 High Quality Bond
55.00 Pure Large Cap Core
10.00 International Equity
5.00 Taxable Money Market
31
MSCI EAFE
MSCI Emerg. Mkts.
S&P 500
Russell 3000
Russell 1000
Russell 2000
Lehman US Agg.
Lehman US Gov.
Lehman MBS Fixed
Lehman US Credit
3mos. T-Bill
The Market Environment
Asset Class Performance
Period Ended: December 31, 2007
FQ—Uarter Performance
-6.0% -3.0% 0.0% 3.0% 6.0%
Source: MSCI Capital Markets, Russell Co., HFR, Lehman, & Bogdahn Consulting, LLC.
MSCI EAFE
MSCI Emerg. Mkts.
S &P 500
Russell 3000
Russell 1000
Russell 2000
Lehman US Agg.
Lehman US Gov.
Lehman MBS Fixed
Lehman US Credit
3mos. T-Bill
Year-to-Date Market Performance
-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
-IN �
MSCI EAFE
MSCI Emerg. Mkts.
S &P 500
Russell 3000
Russell 1000
Russell 2000
Lehman US Agg.
Lehman US Gov.
Lehman MBS Fixed
Lehman US Credit
The Market Environment
Asset Class Performance
Period Ended: December 31, 2007
( Pive Year Annualized Performance
3mos. T-Bill _ 3.0y6 i
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
.Cnitrra• MRri ranifial AAarkatc Ru"o-1 (n HFR 1 ahman ritirnrn R Rnnrlahn rnn.,zidtinn I I r
Ten Year Annualized Performance
MSCI EAFE
MSCI Emerg. Mkts.
S&P 500
Russell 3000
Russell 1000
Russell 2000
Lehman US Agg.
Lehman US Gov.
Lehman MBS Fixed
Lehman US Credit
3mos. T-Bill
0.0%
3.0% 6.0% 9.0% 12.0%
15.0%
ENERGY
MATERIALS
INDUSTRIALS
CONSUM FR DISCR
CONSUM ER STAPLES
HEALTH CARE
FINANCIALS
INFORMATION TECH
TELECOM SVC
UTILITIES
The Market Environment
Equity Sector Performance
Period Ended: December 31, 2007
Sector Performance
as of 12/31/2007
5.0%
34.4%
1.4
2t 6.5%
-3.8%
%
13.4%
-10.4%
-11.4%
"3.4%
13.9%
8.0%
-13.0%
- 17.3%
-0.5%
15.1%
-6.0%
10.5%
�� 6.5% O QTD n I KTD]
17.5%
Source: MSCIBarra & Bogdahn Consulting, LLC.
The Market Environment
Equity Style Performance
Period Ended: December 31, 2007
Source: Frank Russell Co.
Russell All Cap Style Performance
25
- -- - - -
- --
-
- -
20
12.413.6 14.7
lb
- _ _ _
11:4
11.4
10
5.1
8.6 8.9 9.0
5.1
6.2 7.7
5
3.8
0
6
-0.9 -:3.3
-
-1.0 -1.0
-10 -
-5.9
-
- - -
Qtr
YTD
lyr Syr
Syr
10yr
❑ 3000 Growth a 3000 Index ■ 3000 Value
Russell Large Cap Style Performance
25
-- --
- -- - - -- - - -- -- -
-- -- --
- - -- - -- -- ,
20
14.6
15
11.8
11.8
12.1 - - -13.4
-
10
b.8
8.7 9.1 9.3
5.8
6 -2 7.7
5
3.8
- -
0.2
-0.2
0
6
0.8__3.2
-
- -
-10
-6.8
-
-16
- -
- -
- --
Qtr
YTD
lyr 3yr
5yr
I
10yr
❑ 1000 Growth B 1000 Index ■ 1000 Value
Russell Small Cap Style Performance
26
-- - - - -- - - - - - -- -
-- -
-
-
20
16.5 16.3 1b.8
15
10
7.1
7.1 8.1 6.8 b.3
7.1 9.1
4.3
5
F
M
I
0 -
L-
•b
2.1
1.6
•1.6
10
4.6 7.3
-lb
-
9.8 -9.8
-
- - - - -- -
Qtr
YTD
lyr 3yr
5yr
10yr
❑ 2000 Growth 0 2000 Index 02000 Value
30.0%
20.0%
10.0%
0.0%
-10.0%
- 20.0%
-30.0%
r 00 00 ro m CO ao 00 m 00 00 rn rn rn m rn rn rn rn rn rn o 0 0 0 0 0 0 0
rn rn rn rn rn rn rn m rn rn rn rn rn rn rn rn rn rn rn rn rn o 0 0 0 0 0 0 0
—Value Growth
Source: Frank Russell Co. & Bogdahn Consulting, LLC.
The Market Environment
Trends for Stocks and Bonds
Period Ended: December 31, 2007
Growth vs. Value
Russell 1000 Excess Return Rolling 12 Month Periods
7
6
5
4
3
2
1
0
Treasury Yield Curve
O
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
Source: US Dept. of Treasury -L', 12/31/2007 -�- 12/29/2006
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Worldwide equity markets started the fourth quarter of 2007 with
positive momentum, but by late November, most domestic equity
indices had corrected 5 -7% from their starting points. Foreign mar-
kets fared slightly better, but also fell 1 -2% during the same time
frame. The markets experienced a modest rebound in late December,
but this was not enough to prevent most U.S. and foreign equity indi-
ces from showing negative returns in Q4.
The news is more positive when looking at annual returns for 2007, as
the S &P 500 provided a positive total return (including dividends) of
roughly 5.5 %. Small cap stocks did not fare as well, as the Russell
2000 finished the year down almost 2 %.
From a style perspective, 2007 marked a significant inflection point in
the performance of growth vs. value oriented shares. Growth indices
such as the Russell 1000 Growth and Russell 2000 Growth returned
+11.8% and +7.0% respectively in 2007. Meanwhile, value indices
struggled, as the Russell 1000 Value and Russell 2000 Value had nega-
tive returns of (.2 %) and (9.8 %) in 2007.
S&P 500 Laggards in 2007
Home Builders
-59.6%
Thrifts & Mortgage Finance
-51.2%
Real Estate Management
-36.4%
Department Stores
-352%
Motorcycle Manufacturers
-33.7%
Regional Banks
-31.5%
Apparel & Accessories
-31.0%
Home Improvement Retail
-29.7%
Consumer Finance
-29.6%
Diversified Financials
-29.5%
within in the growth indices.
The table at left helps illus-
trate why there was such a
dramatic divergence in per-
formance of growth vs. value
shares. Almost all of the
worst performing industry
groups in 2007 have a higher
representation within value -
oriented vs. growth portfolios.
Meanwhile, the best perform-
ing stocks were clustered
within the Aerospace/
Defense, Oilfield Service,
Computer Software & Inter-
net industries, all of which
have higher representation
Consumer Discretionary and Financials were the only sectors within
the S&P 500 that experienced negative returns in 2007. Energy led
the S &P 500 last year, up over 32 %, and four other sectors produced
positive returns of 15% or snore.
The divergence in the performance of the sectors within the S &P had
a material impact on the overall composition of the index. Financials
representation within the index has fallen by 5% in just one year.
Meanwhile, Energy has risen by almost 3 %, and the Technology and
Consumer Staples also grew their representation by 1% or more in
2007. .
Investors should be aware that the S &P 500 has clearly become a
"growthier" index in a rather short period of time. This will probably
have positive implications for the near -term performance of the S &P
500, as the index now has higher weighting towards some of the sec-
tors that are likely to post the strongest and most consistent earnings
growth in 2008.
Dana Equity Strategies
Total Return through 12- 31.07*
S&P 500 Sector Breakdown
Comparison of Beginning
vs. End of Year 2007
3 Yrs
5 Yrs
Sector
- 3.21`Yo
Sector
Change
14.93%
Weight %
2007
Weight %
in Sector
17.13%
12/31/06
Performance
12/31/07
Weight %
Energy
9.8%
32.38%
12.9%
3.1%
Materials
3.0%
19.99%
3.3%
0.4%
Utilities
3.4%
15.81%
3.4%
0.0%
Information Technology
15.1%
15.53%
16.8%
1.6%
Consumer Staples
9.3%
11.60%
10.3%
1.0%
Industrials
10.9%
9.83%
11.5%
0.6%
Teleoommuniations
3.5%
8.45%
3.6%
0.1%
Health Care
12.0%
5.90%
12.0%
010%
Consumer Discretionary
10.6%
14.32%
8.5%
-2.1%
Financials
22.3%
10.84%
17.7%
4.6%
Total
100.0%
5.49%
100.0%
Dana Equity Strategies
Total Return through 12- 31.07*
Q44,
YTD
3 Yrs
5 Yrs
Dana Large Cap
- 3.21`Yo
5.71%
11.06%
14.93%
Dana Large Growth
0.87%
15.40%
13.12%
17.13%
Dana Large Value
4.10%
4.87%
11.19%
16.51%
Dana All Cap
4.22%
3.68%
9.55%
15.32%
Dana Small Cap
- 10.59%
-8.42%
3.93%
14.23%
Dana Socially Responsible
4.47%
7.62%
10.97%
18.15%
Dana lnt'l ADR
2.04%
10.70%
N/A
N/A
Preliminary as of 1 -21 -08
Most of Dana's equity strategies navigated the volatile markets of
2007 fairly well, while a few had a more difficult time. Small caps
did not join the party in 2007, and the small cap market also experi-
enced an escalation in volatility. Dana's Small Cap strategy mirrored
these trends. The Small Cap portfolio's tilt towards value stocks also
weighed on performance. The Russell 2000 Value index returned -
9.8% in 2007, while the Russell 2000 Growth index was up over 7 %.
Our team is presently focusing on companies with international ex-
posure, attractive growth characteristics and a history of positive
earnings surprises along with appealing valuations and improving
fundamentals.
Dana's Large Value, Large Growth and Socially Responsible strate-
gies generated strong absolute and relative returns for the year.
r—
The Large Value and Social strategies derived their strongest relative
performance contribution from holdings within the Financial sector.
Our team's quantitative and fundamental models began to flash cau-
tion signs on many financial stocks last summer. We responded by
reducing our portfolios' exposure to those stocks deemed most vul-
nerable if the U.S. residential housing market continued to deterio-
rate. For example, State Street Bank (STR which derives most of its
earnings from asset management and investment custody services,
was added to a number of our equity strategies during the year. State
Street appreciated over 20% in the fourth quarter of 2007. Several
other financials added to portfolios in the latter half of the year also
generated positive returns. As a result, Dana's equity portfolios we
were largely able to avoid the collapse in many of the financials that
fared the worst from the collapse of the sub -prime mortgage market.
Another factor that was accretive to the performance of many strate-
gies was the recognition of the market's shift in preference from
value towards growth- oriented companies. We were able to "tilt"
many of the portfolios towards growth while still maintaining our
strict relative valuation discipline. It also became clear that the con-
tinuation of the weak dollar would likely have a positive impact for
many large U.S. multi- nationals and other export- related companies.
As a result, we placed a higher priority on investing in companies
with strong or rapidly growing foreign revenue streams. Companies
with a high percentage of foreign sales, such as Halliburton, Intel,
IBM, Johnson Controls, Lockheed Martin, National Odwell, Nike,
Textron and United Technologies, all had a strong positive impact
on overall portfolio performance for those equity strategies that held
them in 2007.
Global
S&P 500 fans rely more on foreign sales to offset sluggish U.S. growth
a4iP508Iarela.Yp�1 mreaaeP
A° ° Vm pr Wlrnm.p
2001 2002 21013 2004 2005 2(Nw
1.t.— d— l..k., by Bator
E-W
5G4%
Teehwbgy
55.8%
Comlmeeetopre.
48.0%
Newth Cue
M.W i.b
43A%
White.
42A•/.
I.d. tdah
41.0%
fnrr Ji.cJelunnn
40.0%
F
30.0%
was up over 32 %.
Our Allcap strategy exceeded the returns for its benchmark, the S &P
1500 Composite, by roughly one percentage point. The strongest
relative performance was generated from Industrial and Financial
sectors. Energy holdings within the Allcap strategy also returned
35.7% for the year.
Investment Outlook
Many of the problems that fueled the past year's worries have not sub.
sided, especially weakness in the housing market, subprime mortgages,
uncertainty over the direction of the economy, inflation and corporate
earnings growth.
It is hard to handicap whether the U.S. economy will enter a recession
in 2008. We can say with more certainty, however, that corporate
earnings growth is facing a number of escalating pressures. Corporate
profit margins are being squeezed by a combination of lower revenue
growth coupled with rising costs across a number of fronts, including
raw materials, energy & utilities, wages & employee benefits and ship-
ping costs.
Uncertainty tends to fuel volatility, so it is likely equity investors will
be forced to endure another volatile year. The good news is that
worldwide growth remains solid, which should continue to help U.S.
companies doing business overseas. The Federal Reserve has also sig-
naled their resolve to support domestic economic growth, which
bodes well for an eventual acceleration in economic activity sometime
later this year.
Dana Large Cap Portfolio Characteristics
I- NEI
)n. LC S&P 500 U..w sap too 0— Le S&P 5W
EPS (b Mh vale F=e UwemN Yiie M.fke1 C.p (Avpoam'Mpdi..)
20°• J%
120
5'• 1.n%
12.4 °: 2% I4.%
it" 5% .
_.. _._.. � Large Core, our largest strategy in terms of assets under manage-
ment, delivered returns slightly above the S &P 500 in 2007. IN.. LC S &P Sim . [Xp 11 1AP50f1
,.,n.l ('nmpa,i,r t'N••.rierlr l r. .a of 1)ece tuber J1, i0n'
Energy, Materials, Telecom & Utilities returned in excess of 20% for
the year. Energy holdings were up almost 27 %, but this was actually
a slight drag on relative performance as the S &P 500 Energy sector
Dana Investment Advisors, Inc. is an independent federally registered investment adviser providing equity and fixed income investment management services to a broad range of clients. The returns pre-
sented have been prepared and presented in accordance with the AIMR PPS Standards. AIMR has neither endorsed the presented performance, nor is AIMR affiliated with Dana Investment Advisors, Inc. in
any way. All lee- paying accounts utilizing similar investment strategies to these discussed herein were included in the composite performance returns presented. Total firm assets for the period ending 12 -31-
06 were $2,814,940,000. The number of portfolios contained in the Dana Large Cap Equity and Small Cap Equity Strategies were 296 and 51 respectively. The percentage of firm assets in 2006 represented in
the Dana Large Cap Equity Strategy was 21.7%; with an annual 2006 return dispersion of 012 %. The percentage of firm assets in 2006 represented in the Dana Small Cap Equity Strategy was 2.2 %; with an
annual 20D6 return dispersion of 0.75 %. To receive a complete list and description of Dana Investment Advisor, Inc.'s composites and/or a presentation that adheres to the AIMR -PPS standards, contact Nick
Berich at Tel. (262) 782.3631. All data is presented in U.S. Dollars. Portfolio characteristics reflect Dana equity strategy holdings as of market close on the date indicated. Returns presented are exclusive of
Investment management and custodial tees, and net of transaction costs. Investment management fees would reduce the returns presented, for examplei an a one - million dollar portfolio with an advisory fee
of .75% earning a 10% return, the total compounded advisory fee over a five year period would be $50,368. The resulting average annual return for the period would therefore be 9.17%. All returns were
calculated on a time weighted total return basis. Performance does include the accrual of income and the reinvestment of dividends and interest received. Indexes shown were selected because they demon-
strated similar characteristics to the Dana strategy to which they were compared. During various market cycles, the strategies discussed herein have demonstrated portfolio characteristics and returns that
have been both more and less volatile than that of the comparable index. While data contained herein was gathered from sources deemed reliable, the accuracy of the data presented cannot be guaranteed.
Past performance is not indicative of future returns.
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