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2007 10 30 Handout Passed out to the Board - Bogdahn Report September 2007
October 30, 2007 HANDED OUT TO THE BOARD OF TRUSTEES MEMBERS AT THE OCTOBER 30, 2007 REGULAR MEETING. r ~ l r r r r r r l BOGDAHN CONSULTING, LLC~ simplifying your investment decisions r l DEFINED BENEFIT PLAN & TRUST FOR EMPLOYEES OF THE CITY OF WINTER SPRINGS r .. r r r r r ~September, 2007~ r"'" l www.bogdahnconsulting.com r r 340 W. Central Ave. St~ 300 . Winter Haven, Florida 33880 Telephone (863) 293-8289 . Facsimile (863) 292-8717 r- l ,... ,... I r ,... r" ,... ,.... Performance Evaluation for Defined Benefit Plan & Trust for the Employees of the City of Winter Springs Trusco Capital Management ,... ,.... r- I For the Period Ending September 30,2007 r- I r ,... I r r Presented by: Bogdahn Consulting, LLC r r' r- ,..... ..- - ,... - I r r r ,... r ,.. ,.. r ,... r ,... r - r - . 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: September 30, 2007 . Quarter Performance I -3.1% ,. 13.7 Yo 1.2% : -6.0% -3.0% 12.0% 15.0% 0.0% 3.0% 6.0% 9.0% 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 I Year-to-Date Market Performance I 32.0% I 3mos. T-Bill 3.r% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Bogdahn Consulting, LLC. + r r ,.... I - r- r ,.... I - I r I r r r- r I r r r ,..... r ,.... . 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: September 30, 2007 . I Five Year Annualized Performance I 35.3% I 2.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% .<:;(')lIrr-.A' M.<:;(":I (":;>(')if;>1 M;>rkAf.<: RII.<:.<:A" r.n J../FR I Ahm;>n (":ifir-.(')rn /?, R(')(1r/;>hn (":(')n.<:lIlfi(')(1 II (": 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 I Ten Year Ann ualized Performance I 9.2% 3.7% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% Bogdahn Consulting, LLC. + ,.. ,.. ,... . ,... r- - ,... ENffiGY MAT~ALS l' INDUSTRIALS r CONSUM ER D1SCR r CONSUMER STAPLES HEALTH CARE ,... RNANCIALS ,.... INFORMATION TECH ,... TB..ECOM SVC lITlLlTIES ,... The Market Environment Equity Sector Performance Period Ended: September 30, 2007 . Sector Performance as of 9/30/2007 24.8% -5.5% loam .yml r Source: MSCI Barra & Bogdahn Consulting, LLC. ,.. ,.... ,.... r- I Bogdahn Consulting, LLC. + ,... ,.. - r- ,.... r- ,.. - ,... ,... ,.... ,... r- ,... ,... r r ,.... ,... The Market Environment Equity Style Performance Period Ended: September 30,2007 . . Source: Russell Co. I Russell All Cap Style Performance I 25 20 15 10 19.3 16.1) 13.7 13.7 15.0 -----12:4-- --- o -5 -0.8 Qtr YTD lOyr lyr 5yr 3yr 103000 Growth liI3000 Index 113000 Value I I Russell Large Cap Style Performance I 25 20 15 10 o -5 Qtr YTD lyr 3yr 5yr lOyr 10 1000 Growth 1iil1000 Index 111000 Value I I Russell Small Cap Style Performance I 24 20 16 12 --._-- - 8 4 o -4 -8 _n_ _ _ _ _.-1ll_-1J~~_8. 7 lrJ-----U..48-;4-IZ:O- ---0-:-0 Qtr YTD lyr 3yr 5yr lOyr 102000 Growth 1iI2000 Index 1!12000 Value I Bogdahn Consulting, LLC. + r- r- ,.... I r- r- ,.... .- r- I .- ,.. - ,.. ,-. I r- ,... ,... ,... r- ,.... . 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 4.00 0.00 The Market Environment Trends for Stocks and Bonds Period Ended: September 30,2007 . Growth vs. Value Russell 1 000 Excess Return Rolling 12 Month Periods Style is In- Favor Style is Out-of- Favor ~~g~oo~~~~~~~~~~~~~~~~ggmm~~~~~~~~~~~~m~m~ggoo~~aa~~~~~8~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ g ~ O~Q~O#O#O#o~o#o#o#o~o#o~o#a#O#O#OIO#OIOlaIOIOIOIOIOI0101 I-Value -Growth I Source: Frank Russell Co. & Bogdahn Consulting, LLC. Treasury Yield Curve 7.00 6.00 5.00 ~~ -~ ~ ~~. 3.00 2.00 1.00 , 1 Mo 3Mo 6 Mo 1 Yr 2 Yr 3Yr 5 Yr 10Yr 30 Yr 1-0-0907 -+-03071 Bogdahn Consulting, LLC. + Source: Federal Reserve ,... ,.... r- ,... r- r- r"" ,... r"" ,... r- I r ,... I ,... ,... r ,.- r- ,... Defined Benefit Plan & Trust for Employees of the City of Winter Springs Executive Summary Report Explanation The Executive Summary provides an overview of the fund's performance. It shows the performance in dollars, percent, and relative to the investment policy. These are provided over different time periods including up and down markets. All rates of return are annualized if the period for which they are calculated exceeds one year. Account Reconciliation: This section shows the performance of the account in dollars, during the most recent quarter, the calendar year, and since the inception date. The Beginning Value is the value at the start of each period. The Ending Value shows the value as of the date of the report. Net contributions are the total contributions less the total withdrawals during the period. The Investment G/L is the gain or loss resulting from the investments. It is the difference between the beginning and ending values that cannot be explained by the net contributions. Positive investment G/L figures represent a profit, and negative values represent a loss. Investment Policy: This section defines the benchmark against which the fund is being compared. Generally, this is the most important objective for a fund to achieve. The performance of the fund relative to this measure over longer periods of time, such as market cycles, is the strongest indicator of the success or failure of the investment strategy. This objective should be reasonable, and the performance of the fund should be measured against the investment policy after adjusting for risk. Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up through 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded the policy's returns. The investor would prefer that this difference be positive for all time periods; however, it is more important for it to be positive for the longer periods rather than the shorter periods. Calendar Year Returns: This section gauges the consistency of performance over one year time periods. Each calendar year of performance represents the return from January 1st through December 31st. Watch out for a trend of declining relative performance in recent periods. Returns In 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. - ,.... Defined Benefit Plan & Trust for Employees of the City of Winter Springs Executive Summary ,... Account Reconciliation I nvestment Policy ,... 09/30/2007 Qtr 2007 10/31/2000 YTD Incept Index Weight . . . . . . ., ........... :.B..:.::;.:::.:;:.:.::\j : r.:.:::::::::::::::.:.:... .1:6: 290:.:.:.:.: .14..538"..:.:.............1".292.. N:tW':W!j]e'~8dJ:i~)JO:~~ . i..........t........ f GiL.............................. 31.6......:.:.:- t :21:4:.:.:.:.:.:.:.:.:.4.748.: : ::'X.:i:[0:IJ~:.. :;:::::::::::;;;:::: :;::: 1;~,~~~ ;:::::: :\:6:)~8:K::::::::: :;::: 1:~;$~~:: .. .......... ........... ........,. .... : :s~p :509:::::::::::::::::::::::..::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: $Ci:()9: ,.... ,.... +~~M~?:~gAi~~~t~::S:??f/.)::)))))))))//)?:8:.o.R: ::MSC:I:EAFE:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::10.00: ............... ................... ............... ........ ..... ,,_.. :Totai:::::::::<:. .... . . . . . . .100.00 :-:::::::::::::: "'-::'" .'.: ,.... Trailing Returns through September 30, 2007 ,.... 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10/31/2000 9 Yr 10 Yr Incept ......... ....... ... .... . . . .......... ..-. ..... ......... . ...... ... ..........." ;;~~:!tl:~(~:;[1]:~i~:~.:~!!! ,... ,.... Calendar Year Returns 09/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 ,..... 2000 1999 1998 ~~;~':~:~~;~~~:;1)~::~~{.~1:j~:~~c~k:> :Di~:::::: ::::::::::::::::::..:::::::: ::~O;44::::::::: :~O:Q~::: ::::::: ~fl:~:::::::::: :~~:~4:::::::::: ::1 :;~i::::::::: >2;$~::::::::::::0 ;4:1:::::::::::: (i~:::::::::::::::::::::::::: :::::::::::::::: ::::: ::::: :::::::::: ,... Returns in Up Markets Returns in Down Markets ,... I 3 Yr 5 Yr 10/31/2000 6 Yr Incept 3 Yr 5 Yr 10/31/2000 6 Yr Incept :furi~::.:::::::::::::: ::::: ::::14::0::::::::::::::::1 ~.:9::::::::: ::: ::::1 ~;)::::::::::::::::::::: :1~;~:: F.~n~< p?I~GY:: : Ra:tio: ::: ::::.:.))~~i :::: H'>~:~.)):::::~~.~.~:::: ::::.HHHW;~: H~8~:~ ....1;:::'W;:~,;~:~ ,.... .:P:A'i~(.:)/:>>)fW..>>:)FmHHH)t-.t//)/}tf :8~~k~:::::::::::::::::::::::: ::~*;P::::::::::::::: :8~t$:::::::::::::: :~~)4;::::::::::::::::::: ::$5:; \:: ,- ,... Inception date is October 31,2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. ,... I ,.... 2 ,.... ,... City of Winter Springs General Employees' Defined Benefit Plan & Trust Asset Allocation as of September 30, 2007 r ,... ,..... At Market Fixed Income 0% Equity 0% r- . ,... ,... ,... ,... ,... I At Cost ,... Fixed Income 0% Equity 0% ,.- ,... ,... I ,.... ,... ,... I ,... 3 Cash & Equiv 100% Cash & Equiv 100% ,..... r- Defined Benefit Plan & Trust for Employees of the City of Winter Springs ,... 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. ,.... I r I 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 ran kings over all time periods are ideal; however, it is more important to rank highly over the longer periods rather than the shorter periods. r- ,.... 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. ,.... ,... ,.... I""" r ,.-- ,.... ,... ,... 4 Defined Benefit Plan & Trust for Employees of the City of Winter Springs Universe Comparisons 60% Lg Cap Core, 30% Hg Quality Bd, 100/0 Int'I Trailing Returns through September 30, 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 7 Yr ,.... ,... ,.... ,.... r- Return 6.46 54 %-tile ,.... :p;oii(iY::::: .... Return 6.69 44 ,.... %-tile 8.02 45 ........ .... .. .... ...... " 8.04 44 13.03 78 13.88 52 10.43 93 10.64 90 ... ........ ..... ......... .... ..... 11.68 55 ,... . . ::yriive.rse:::::) :.:.:.:<;.::;::;:;>> : : . . . :.>>;.:.:.>..:.:::::::::::::::>:..... .. ..... .. ........ .. 5th %-tiIe 10.04 7.25 6.54 5.83 4.00 ,.... 25th %-tile 50th %-tile 75th %-tile ,... 95th %-tile ,... Calendar Year Returns 12.41 8.68 7.91 7.22 4.99 17.67 14.98 13.91 13.14 10.86 r- Return 1.89 58 %-tile ,.... : :P(j!IQY::::::::::::::::::::::: ..... '. ... Return 2.33 33 ,.... %-tile 8.02 45 8.04 44 10.58 91 13.33 52 ......... .. :Wniv~(se.>:.:: ...... :.:....::::.>>:.:::.....:: : :::.;:::::::::::::::.:.:.::.::::::::::::::.. r- 5th %-tile 4.76 2.51 2.01 1.18 -0.09 25th %-tile ,.... 50th %-tile ... 75th %-tile 95th %-tile 12.41 8.68 7.91 7.22 4.99 17.41 14.71 13.39 12.56 8.73 13.76 12.37 11.77 11.29 10.25 2005 4.50 89 ........ ..... ... -.' ...... 11.37 59 13.58 12.19 11.55 11.07 10.24 11 .46 15 2004 11.03 75 11 .44 54 13.66 12.26 11.54 11.00 10.19 2003 11.32 96 12.88 53 14.61 13.56 12.93 12.41 11 .45 2002 7.98 62 8.31 46 9.96 8.90 8.21 7.74 6.94 2001 .. ... ... .. ........ 8.31 6.15 4.45 3.95 2.89 2000 8.21 6.57 5.41 4.83 4.06 1999 19.41 -12.21 91 53 ... ..... ........., '........ . .................. ....'... 5.14 67 8.79 6.72 5.66 4.93 4.08 ,.... I Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is October 31, 2000 to September 30, 2007 ,.... 9.89 47 21.74 -12.62 48 -..... ....... ,-.......... . .. '.... '... .. 12.65 10.81 9.79 8.93 6.40 5 24.79 -6.61 22.84 -10.78 21.68 -12.14 20.73 -13.17 1.48 5 ....... ......... ....... .......... .......', ..... 65 -6.28 61 1.47 -2.76 -5.91 -6.77 18.67 -15.17 -11.01 14.71 5.78 -2.43 -3.74 -6.58 29.10 17.05 14.97 8.91 1.91 ,.... r ,... ,... ,.... ,... ,.... f""" I r ,... ,.... ,... ,.... ,.... ,.... ,... ,... ,... ,... City of Winter Springs General Employees Fixed Income Executive Summary Account Reconciliation 09/30/2007 Qtr I nvestment Policy 2007 10/31/2000 YTD Incept Index Weight .:@h:fu~~ :A~gr~~~t~. :~8~W::': /::'::::.::::':::::' H ::: <'j)) A(j~()(( ....... .. ::~~$i@:i~'y~'~~.))//):ji~!t):,'d;1:8?):)Y:)')~f ~~:~~~!~8'[~W}~,~~,1'~:; :~~(Mg :\I~I@:::::::::::::: ::::::::::::::::::::::::: '0::::::::::::::::::::: ::0:: ::::: :::::::::::::::::::::~:: .,. . .. ..... . .. ............... ......... ......... . ........ .. .............. .........'. ..,.. .... . .. . .... ......... .. . . ..'........ .. J:9faJ:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::: :::::::::::::::::::::1 QCLOQ:: Trailing Returns through September 30,2007 1 Yr 2 Yr 3 Yr 4 Yr 6 Yr 8 Yr 10/31/2000 9 Yr 10 Yr Incept 5 Yr 7 Yr ........... ......... .. .... .......... ..... .........,'. .....-. : Funrj: ::::::::: ...... 4 .96............ 4'1 :1.:.:.....:. :3' '68 :':':':':':3' 43:':':':.:':':3' 79:':':':':':' 4' 71:':':':':':':':':':':':':':':':':':':':':':':':':':' :::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 6;00:: ~~OY]::;~:k:W,;:U_~::~_ili::i_ili~:<:~: Calendar Year Returns 09/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 : FU~d::.:.'.':': ;.:.::::::.:.:: :::::: :3?~::: .::: ::.:~ :R~.':::':::::: 3~:?2:::::: ::::: :?j)1:':::: .:::: :ir~:::.:::.::: :~:~6::::::::: :11::~9:::':::::::: $~4~:::::::::::::':::::':::':::::::.:::::::::: :::::::.:: :::::: :.::: : ?9!i8Y:::::::::::::::::::: ::::::: ::::: :Z:~~:::: :::::: ::8~M:::::::: ::: :~f~~:::::::::::: :?:A.3::::::::::: 4:;~4.::::: :::: ::Aj:{::::::::: :1:9~~7:::::::::::: ~:.:42:::::::::::::::::::::::::::::::: :::::::::: ::::: ::::: ::::::::::: . ...............................................................................................................................................................,.,.,'............................................................................................................. : Diff.::::::::::::..:.::::::::::::::::::::::O :28:::::::::::: 0::1 i{::::::::: ~(i81:::::::::::: &: 1:8::::::::: :j};60::::::::: :~o; 55:::::::::::: i ;02:::::::::::: (f.o~5::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ............... .... ... . ............... ....................... ......................... ......,' .......................... ........ .............. ............ .................. Returns in Up Markets Returns in Down Markets 3 Yr 5 Yr 10/31/2000 6 Yr Incept 10/31/2000 6 Yr Incept 3 Yr 5 Yr pb~>;1,:;k,l;k:~H;:k R~fio:::::::::::::::::::::::::: ~1:+::::::::::: ~:O~;$:::::: :::::1:0$:$:::::::::: : >::} 9~:~: ::fuh~:::::: :':' :.. ..::::.: >{;~:::.:::.::::::::: /(7::::::::::: ::::: ~~) >::::::::::::::::::::: ::~;~:: : :p:oi i~Y:. :::::::::::::::::.:::':: :8}.::::::::.:::':::: ~.; ~::.:::::::::::::::. 8.2::'::::::::::::::::::: :!i: 1::: :Rah6:>> . .:>>95;6<<<<:::: ::~5:;3::::::::::::98.9:::::::::::::::::::1:6U3:: ....... ...... ... .....,.... ..,..,.". .. ......... . Inception date is October 31,2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are gross of fees. 6 ,... r- I r- ,... r r- r' I ,..... ..... ..... ,.... r ,... I ,.... ,... r- ,.... r- ,... City of Winter Springs General Employees Total Equity Executive Summary Account Reconciliation Investment Policy 09/30/2007 Qtr 2007 10/31/2000 YTD Incept Index Weight ...."......... . ::~1~:'5{)()'::) :-:::':>::::::> ... ::M~P{~t:F.t:))?<:: ... .' .' ... Begirining.:Value:... .:...... 11 ;32~.:<.:::1'O;11? :.:::. ::". >9rT:, ::N~~:F,?f~>:/>:>::-1f,A#~/>-1f;~?5:>:::::.<d,~~+: : .Inve~t~ent ?fL:::::-.:::::.:::::::::: :::: :2t~::::::'::::::~ ::A$:~::':':':::':'.::-' :~'~4:!::: :-E:hciir:tgY~!wt . :::':': : : :':-:- . . . : ()::::::>>>>:o:::>:::::::::>:::::>::-o:: . . H))) ::).8~8g :::::::::::::::: <:)~;:oo: ....... .. . ,.....-, ...... ... . . .. ......... ....... .. ........ . ....... .-, . ..... ........ .. -,.',.,. .. . ............. . -,.......... . ............ . . . . . :::::<:::>:: :<1()Q~9(): : :Total::::::::::::: ,........... . . . . . . . . . . . . ..... -.. ... .... ... . -,.... Trailing Returns through September 30, 2007 1 Yr 2 Yr 3 Yr 4 Yr 7 Yr 10/31/2000 9 Yr 10 Yr Incept 5 Yr 6 Yr 8 Yr ....... .................. .. .. ........... ..... ..... : :F.ur~.:.:.:.:.:..:.? I ~.~~.:.:.:::::~ ~~.~~:::::::::~ ;:: 1:~:.:::.:.: m4~~A:'::::::: m ~ ~1R:::::.:::::' ~:.:5:9::::.:::::::'::::::::::"::::::::::.'::':::::::::::::::'::::::'::,:,:::::::.:,::::::::::'.::::::::::.:::.:::':.: ~.t~i . p.' r................. :1':7' 7t........ .14.91.......... i 410......... 14" 8 i........ '16' '11...........9 61........................:...:...... -: -:.:.:....:.:...:.:.: -:.:.:.:.:.:.........:.:.............................:3 61' ::9~;r:::/:::/:8[:1ili:::::::::::~~::~~::::Y<~]~{:::::::U~]q1:::::::::::H:[:3:n:::::::::-b[~~:::::::::::::::::::::::::::::::::::/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~J1~: Calendar Year Returns 09/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 .. ............. .. ... ... ........ .... ..... .. .... ............ ........." ..,.. =:;!~:1;::tI!t~~~;i:~~:!~;~[:~):~~? Returns in Up Markets Returns in Down Markets 3 Yr 1 0/31/2000 6 Yr Incept 5 Yr 10/31/2000 6 Yr Incept 5 Yr 3 Yr :Fiirid: ....................................... . . .. ::18;8:: <:::::::.2~+<::::::::::23.W:::/)</.3ff: :::::::: 1:~;3:::::::::.::::: :23;9:: :::: ::::::::: 23:;-1:::::::::.:::::.::::: .2.3:;~:: . . . . '8'0 . . . ........23.j..............2lfi ::::1 :;{1::::::::':': :)~~j~::::::: :::::.: : .:- ~{9: ............................ .. -,... ...,... ...... ............... .. .,... ::::::: ~~;~:::::::::::: ::~2~;q:::::::::::::: :: ~~5~5: :F.~8~:::: ::::::::::~~;:2: ......... . ......... . '>::;2;9 :;:::::1 JcLt ::p:oiie;)(:> :P91~G)<: :> .......... .. :~atI6:.:.:::::.:::: .::::::::::~t::~::: :::::::::::~4::o:::::.:. .:::::.~~:;~:::::::::: :::::::1:02:1:. ........ . ......... . Inception date is October 31, 2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. 7 City of Winter Springs General Employees Total Equity Universe Comparisons 85% Pure Large Cap Core & 15% International Trailing Returns through September 30,2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr ,... ,... .... ,... ,... Return %-tile ,... Return ,... %-tile . . . . . . . . . :Univer~e:<:<:::>>>:. : . . . .. :::: ,... 5th %-tile 25th %-tile 13.59 9.18 8.44 7.28 4.76 .... 50th %-tile 75th %-tile ..... 95th %-tiIe Calendar Year Returns 9.11 26 8.54 46 9.81 47 15.71 10.90 9.72 8.64 5.73 17.77 50 .. ...... ... . ............ . ............ . 23.68 19.16 17.71 16.36 13.54 14.91 43 17.82 15.55 14.71 14.05 12.49 14.17 72 14.70 52 ........ . ...... .... 17.79 15.59 14.74 14.12 12.70 14.80 50 15.40 90 9.59 54 9.61 53 11.90 10.64 9.69 8.99 7.67 7 Yr 8 Yr 14.81 49 16.71 46 9.06 5.91 3.58 2.92 0.87 8.84 6.53 4.96 4.21 2.99 17.94 15.76 14.78 14.15 12.60 18.66 17.31 16.60 16.00 14.56 - ,... - Return ,.... %-tile 2.07 37 9.81 47 17.42 42 6.27 66 12.32 46 38 56 30.00 -21.44 -12.84 60 - 5th %-tile ... ......... ... ... ... ..... ... ... .......... ,-, ..' .... ...... :UriiY~rs~:>>>>::::::::::::<:>::::::::<:::>>>>><<<<:::>>>: . :.:.: : : :)::>::::::::..... .... : :.:.::.:::::<<<<<<:::.:... . . 25th %-tile 5.82 2.30 1.81 0.76 -1.15 ,... 50th %-tile - 75th %-tile 95th %-tile 15.71 10.90 9.72 8.64 5.73 22.14 18.81 17.13 16.03 11 .45 10.87 8.48 6.98 5.93 4.59 Returns are in percent. "%-tile" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. .... Incept is October 31, 2000 to September 30. 2007 16.06 13.81 12.06 11.20 7.98 8 33.13 -13.26 30.78 -19.33 -1.51 -7.28 29.37 -21.15 -12.21 1999 14.68 3.61 -8.13 40.81 24.66 21.53 13.46 2.58 28.17 -22.08 -13.51 -10.01 25.21 -25.21 -19.28 -14.18 ,... ~ City of Winter Springs General Employees Domestic Equity Executive Summary ,..... Account Reconciliation Investment Policy ,... 09/30/2007 Qtr 2007 10/31/2000 YTD Incept Index Weight . :~e:g.f?n:lnR :V.~'H~.::::::::::;<:::;:: ::~'~~6:::::::::;:;: ~:'4:~3/::;: < >:;:; t~~~;: : Net :Flows.:.:.:............................. .~9 722.......... ..S 397-............. ..3 .870.. )~4~t~~n:r$./~;>:>)!:?:>::'~~~::::::::::;::<~1:+::::::.:.:::;:::2;~~~: : .E:r.\<iir:t9 :V~I~El ::::::::..::::::: .:::::. : .::::::::::9:::::::::::::::::::::::~::::::::::::::::::::::::::.0:: .. ...... ::S&F(SOO::::::::::::::::::::::::::: ':.. .. ... ................ ..... ............. ......... ..............0...0...... :::<:: <:<::10...;: .0:: ....... " . ..."... ",'... ,..". ........... . ,... . ,.. ...... . .., ...... . ,'. ". ......... .,'...... '.... ... .... ... ........ .... .... ... .............. ..' -,.... ...... ......' '..... ........ .. ..... ..... ...,'. '... ... . . . : :Total:::::::::::::::::::::::::::::::.:: ............ '............ . . . . . . . . . . . . . . . ... . . .. :::::::Y~9~WY ,.... - Trailing Returns through September 30, 2007 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10/31/2000 9 Yr 10 Yr Incept ,... .. ...,...... ..... .................. ....... . : :~:@~;::.:;:.:;:.:.: 1. !;Q~::.::::::) ~.:n;;:.:.::::~ :2:;~1::::::;:. .1:~;~8::::...;; m1:~~::;:::.;;:: :~~n.:::;;;:::::;:;:;:..::;:::::.:::.;:::.:::::::..:::;:::.:::::::::::::: :::::::::::::::;:;:.. :.:.::;::::..::; :;: ?~~9:: ~::r}:[~~[~f]'~k1~:k:t;:iliiliili$>:~ ,... Calendar Year Returns 09/30/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 ,.. ... ... ..... .. .. ..... ................. ....... ..,. .. Fu~~>>..::::::::.2.'~~:::>}6.:~8:))frj.4:::>>4~:~O?: )~;n>>:2?f\:\~~~;~t< ..>t.6f<< :::.:: :.:-:-:::.:.:::;.:.:::::::::::::<::: ::;<~'~~;.:;~[~][~;);:::jk::;-j~[!;-ljg>i r- ,.. Returns in Up Markets Returns in Down Markets ,.... 3 Yr 5 Yr 10/31/2000 6 Yr Incept 3 Yr 5 Yr 10/31/2000 6 Yr Incept : Fi.irid::::::. ..... '............................................ . .. ::::: }i:;3.:::::::::::::: :2:~ ::0::::::::::::::: 2~;:j:::::::::::::: ::::: :::2~; 1:: . '.....'. ....... }~n~:: >>:::<:>: ::\~;6 .. .. ..........9. ...2..... ...........3. ..2. ....... .......... .... ... .J. . ;::::::{~[~::;: :::i:.;Jk4;~:::::. ::;:;::::: :1~8[i3: .........,......... ......... ................ .......... ....... . .. .......... ... - ;f~iiC;y::.:::::: ::::::::::.:;V:t:::.:.:;:.:.:;::~:~:::: J~~~lp. . . . . ::::::::!1tQ::::::<:>::94U:::: :: 22.:4:::::::::::::::::::: :22;6: ..... ..... ............ t~l~y: ;;).;.;t< ./:~~~; ::f~a:fi6:: >:::<>:>:j02;0: >tW;:1< :<<~4~~<:: :<<: ::-~,(~: . .. :9fL4/ :>::::>:1:02;2: ..... ...... .... ............. .......... ............... ,... ,... Inception date is October 31, 2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. ,... 9 .- ,.... City o.f Winter Springs General Employees Domestic Equity Universe Comparisons Pure Large Cap Core Trailing Returns through September 30, 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr ..... ,... ,... 14.23 84 8.71 36 12.81 63 13.57 36 12.71 77 17.03 25 10.80 17 9.63 16 Return ..... %-tile ........... . :P:?lio/ ............ . . ....:.:.... . ... . ... ... ,... ..... ...... '.... .......... ...... 8.50 40 15.45 39 13.32 40 13.58 31 13.14 46 16.44 38 9.13 32 8.44 28 Return %-tile :'Univer$~< 5th %-tile ,... .. ..... . ....... ........ ....... '..- .... .... ............. ... .......... ...... ... ...... ..... .',... ... ....... .......... . ........... . ... ........,.. 10.52 9.42 8.31 7.89 6.56 8.91 5.02 2.46 2.11 0.30 8.65 5.91 3.94 3.43 1.10 16.16 14.15 13.16 12.70 10.39 17.34 15.98 15.24 14.74 12.66 16.25 13.65 13.37 12.82 10.85 16.11 13.81 13.04 12.55 10.57 21.93 17.01 16.16 15.17 10.34 15.22 9.36 8.93 7.95 3.98 13.67 8.45 8.19 7.04 3.88 ,..... 25th %-tiIe 50th %-tile 75th %-tile - 95th %-tile -- Calendar Year Returns Qtr 2003 2006 YTD - 26.11 68 - ,... 15.80 30 4.91 55 10.88 34 28.68 -22.10 -11.88 9.13 32 2.03 25 Return 29 46 48 %-tile - ... ...... . ..,..... ....... :Wniv~r~eC< ... ........ . ......... . ........ -... . ..... ... .... .....".. ....... .. ...... ... 20.97 16.19 15.48 12.74 4.79 11.33 7.20 5.09 4.22 1.07 33.34 -15.55 28.99 -20.13 -1 .49 -9.35 13.61 -0.20 35.03 22.80 20.27 16.39 6.13 15.22 9.36 8.93 7.95 3.98 15.14 11.51 10.39 8.38 5.14 5th %-tile 5.55 2.03 1.88 0.55 -1.82 ,.... 25th %-tiIe 27.83 -22.23 -12.08 24.97 -23.39 -13.51 50th %-tiIe -7.39 -9.63 - 75th %-tiIe 20.58 -26.60 -19.10 -14.67 95th %-tile ,.... Returns are in percent. n%_tiIen is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. .-- Incept is October 31,2000 to September 30,2007 10 ,- City of Winter Springs General Employees International Equity Executive Su mmary - ,.... Account Reconciliation 09/30/2007 Qtr I nvestment Policy ,.... 2007 10/31/2000 YTO Incept Index Weight ~~~lnJ.<';':~~.;;~~j::~ Ending Value :..' : '.:-. .. ::: ':"-::.> '.0" '.' '.:-' .-:-: O' ..... .. . :':0:- . .... .,... .......... . ::t\iiSC.(E.AFE.::>>>::: ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .........:.:..:::::::::: ::::::::: :::::: ::::i Q9;:OO: r- ... ... ....... ....."... ......' ........ .. ........ .. . . . . . .............. " . ..........". ..... .................. ........ ..."". ,- ::TotaC::- .... :::::::::::::::::::::::: :::::: ::::1 octao: .......',... ........ ..... . . . . ......... . roo Trailing Returns through September 30, 2007 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10/31/2000 9 Yr 10 Yr Incept roo .......... . ..... .......". . ......... :i='(iiid:>' :::<:~~:Q4:: .>:21j)Z::: :>22~66:::::::2~A9:<<23~~3::::>}4.~A.9::::>??<<:: ...... . :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~L43:: . ....... ..-........ ..... ..... ,,- '.......... - .. . . '. .. .......... ... ......... . .... .............. ........... ...... .......... ..... . ......... ,.... g~jt::1!j;'1:t;::jd'::j~::1;1~~(:d; ,.... Calendar Year Returns 09/30/2007 2007 Qtr yrO 2006 2005 2004 2003 2002 2001 2000 1999 1998 ...... ... .. ....... ............ ..................... .... ........ ...... ::F'@W')":':<<<./>9.~%/:.tP:R~)).fm}~.)/:~~:.:t8./..:.:~~:'~9/.)MJ~)>m~:~~):.:~}!{f ....:.:.::...>:::::./>:::.::::::.-::::::::-:f. :.P9!10Y':.:::::::: .:.::::::::::::::.:. .~:~~::::::::. H::S!::::::::: ~~:~~:::::: :::A ~'02.:'::::: ::46.;1:~.::::::: :~~~1:7:::::::: ~.l~;~~':::::: ~~1. :.~:1::: ::::'::.:.:::.:::':.:: :::::: :::::::::: ::::::::::: :::::.::::: [Jjff.:::<<<<>::::>:>ZA9:::::':>Z:{)2:::::::<~()Ar:::::::>;t24:<:>:::::O:;8p: ':::::~3:98>:::}~d;98:::::::::::::4~:02::<: ... ..........:::::::::::: - ,.... Returns in Up Markets Returns in Down Markets ,.... 3 Yr 5 Yr 10/31/2000 6 Yr Incept 3 Yr 5 Yr 10/31/2000 6 Yr Incept .fU~~.:.::.:::::. :::::..: .::: :2:~; 1.::: ::::: ::: ::3-4:.:3::.'::.::::::': :3:1 ;~::::::::::: :.::::::: .~1 A:. : :~~?~::: :.:.:::::.:..:':':::.:: }~;~.::::':.::::': ~m~;M:: :::::::: :~~f~::::: <::::::':: ::: ~~2~2:: - ................... ...... : RoiiC;Y:::::::::':.:.':::.:::.' :~~;~::'::::'::...:: .3:f 1:::::'::":::::: .3'l.:~'..::.:::':::::::::::~ 1';~.: :' p?:l~~y::::::::.:::::::::.:::.:.: :~8;~:::::.::::::::::: ~~ ;:1.:::::.::::::: ~g8;8::::::::...:::::::: :~~~~1:: : :~~ti6.::: ::::: ::::::..:::::: :~~:4: ::::::::::. :100:6::.::::.::::::: 9~:;~::::::.:::.::::::::: :~?:~~:: ::R~tio':::..::::':::':::: :::: ~~7::~'::::::::::: ':tM;~':::::::': .:: 1.* 1:;~':::: :,:'.':::::::::: $~j :: .... - Inception date is October 31,2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. ,.... 11 ,.... ,.... - -- City of Winter Springs General Employees International Equity Universe Comparisons International Equity Trailing Returns through September 30, 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 8 Yr ,.. ,... - - .... .... Return 9.05 61 10.95 13.57 57 26.10 17.38 14.17 11.64 8.54 23.04 25.38 57 .......". . ........ .. .. ..,..',.,.. ...... . 45.57 31.15 26.18 23.56 18.63 21.02 22.48 51 34.68 24.72 22.54 20.36 17.23 22.66 23.75 48 37.37 25.88 23.49 21.48 18.84 22.49 23.44 42 34.28 24.86 22.87 21.09 18.86 23.23 24.05 44 33.32 25.91 23.61 21.34 18.86 14.49 16.42 50 31.28 19.82 16.40 14.71 12.40 - ....... .... - .... - ... - %-tile :UniverSE(::) . . 5th %-tile 19.39 13.13 10.06 7.75 4.41 25th %-tiIe 50th %-tile 75th %-tile 95th %-tiIe Calendar Year Returns Return -0.26 89 %-tile :p.6ii~y<<: Return 2.23 54 %-tiIe 10.95 80 13.57 57 26.45 43 ........... . . . 26.86 39 12.78 79 .... ...... ......... . 14.02 67 21.50 35 20.70 39 : Un iv.er$~:::::::::::.:.:::.:.:..:........:::::.:::::::::::::::::::::::::::::::::.::::::::::::::::::......:..::.:.:.::..:.:::::::: ::::::::::::::::. . . ............. ...,.. ........,.. . .. '.,'.',. 1.26 -8.48 -10.53 2.71 5th %-tile 25th %-tiIe 9.77 4.50 50th %-tile 2.45 1.09 -1.14 75th %-tiIe 95th %-tile 26.10 17.38 14.17 11.64 8.54 35.29 28.37 25.65 22.79 18.65 38.92 23.76 16.31 13.13 9.40 32.32 23.60 19.34 16.57 12.66 Returns are in percent. "%-tiIe" is the percentile ranking within the universe. Returns for periods exceeding one year are annualized. Incept is October 31, 2000 to September 30, 2007 12 35.19 -16.64 -17.19 67 65 39.17 -15.66 -21.21 65.72 48.59 50 59 . ..... ..... ...... .. ........ ...... ......... .., '...... ...............' .. 20.05 11.27 8.60 6.26 3.24 2000 46 .. ........ ... ..,. ..... ....... 63 18.36 12.37 8.86 7.16 4.81 1999 .. ........ ... ........ -8.63 2.11 117.71 67.62 38.92 -14.41 -18.53 -15.84 47.72 33.20 -18.10 -23.29 -24.08 27.55 -23.32 -29.32 -34.43 29.01 17.12 ,... Defined Benefit Plan & Trust for Employees of the City of Winter Springs ,... ,... Up Market Returns 25.00% ,... 20.00% -- - --- - - - - -- - - - - -- - - -- - - - - -- - - - - - - -- 15.00% r- 10.00% 5.00% ,... 0.00% ,... Fund (%) Policy (%) Difference (%) Ratio # Up Qtrs ,... ,... ,.... 0.00% - -5.00% ..... 3 Yr 13.97 14.81 -0.84 94.33 10.00 Down Market Returns 5 Yr 15.87 17.66 -1.79 89.86 16.00 6 Yr 16.12 1 7.45 -1.33 92.38 18.00 Incept 16.56 17.42 -0.86 95.06 19.00 -10.00% ------------------- .... -15.00% --------------------- ,... -20.00% ,... Fund (%) Policy (%) Difference (%) Ratio # Down Qtrs ,... .- r- - 3 Yr -2.32 -2.19 -0.13 105.94 2.00 5 Yr -5.17 -4.37 -0.80 118.31 4.00 6 Yr -13.19 -15.06 1.87 87.58 6.00 Incept -14.19 -19.05 4.86 74.49 8.66 I D Fund (%) . Policy (%) 13 ,.... ,.... Defined Benefit Plan & Trust for Employees of the City of Winter Springs Objective Comparison ,.... $22,500 ,.... $20 ,000 - - - - - - - - - - - - - - - n - - - - - - - - - - - - - - n - - - - - - - - - - - - n -- - - n - - - - - - n - __ - - - - - - - - - - - - - - - - - - - n - - - - - - - - - - - - - - n - - - - - - - n - - - - - - - - n - - - - - - - - n - - - - - - - n - - n _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ ,.... ,.... $1 7,50 nnnn_nnnnn - nn - nn - _n_ n nnn____nn_ _n n_n n_ _n__nn_ _nn_ _n____ ___ n _ __ _ _ _n_ n _ _ _ n n _n _ nn n_ _nn __ __n nnnn__n_ nn__ n nnn_ __ n *' ,.... $1 5,000 n_ - _n_ _n - _nnn - n__ - n n_ ____ n n __n_n___ - _ _n nn __ __ _ _n_ _n n___nn_ _n__n nn nnnn_n_ _n_ _ n ___ n_ _ _ _ n_nn nn __ _n____ n ,.... $12,50 ,.... V a I u e $10,000 n_nn__nnnnnn_n_nn___n___n___n_n__n_nnn - nn___n ,.... ,.... ,..... * -* -*' $5,000 *- n .... -- $2,500 ,.... S06 006 MO? JO? SO? - o Fund * Policy -~ Nominal 9% -B- CPI + 4% .... Inception date is October 31, 2000 All dollar values are shown in thousands. .... 14 ,... Defined Benefit Plan & Trust for Employees of the City of Winter Springs 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. ,..... ,..... ,... ,.... ,..... - ,.... - ,... - ,.... - 15 - ,-- ,... ,... ,... ,- ,.... ,- ,- ,.... ,.... ,-- ,... ,... ,... ,... ,... ,... - Defined Benefit Plan & Trust for Employees of the City of Winter Springs Attribution of Returns Attribution of Performance to show Manager Contribution Pol icy Ma~ager (jo~trlblrtjo~ Fu n d ..',...... . C urrent Quarter 2 .33 :~d ,44 1 .89 Year to Date 8 .04 ~O:O? 8.02 3 Years 1 1 .37 :~();13 1 O. 64 5 Years 1 2 .88 i ::$6 1 1 .32 6 Years 8 .3 1 >0:33 7.98 I ncept 4 5 1 1 :;3~ 5 .90 Policy + Manager Contribution = Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Security Selection :::::::::::::::: :r\tiMc3g~f: ~~ntijt)Y~oq: Current Quarter -1 .83 1 .39 :::::::::::::::::::::::::::::::::::::::::::::::::::::: :~9)i4:: Year to Date -4.87 4.85 :::::::::::::::::::::::::::::::::::::::::::::::::::::::':0:0:2:: ..... ,.... .-,............. ........ 3 Years -6 .40 5.67 ::::::::::::::::::::::::::::::::::::::::::::::::::::::~O:73:: ..... .... ......., '.-........ ..... 5 Years -6 .89 5.33 .............................................................56. :::::::::::::::::::::::::::::::::::::::::::::::::::::::~:1:.. . .:: 6 Years -4.70 4.37 :::~O:.33:: Incept -3.00 4.39 :::{3~f Asset Allocation + Security Selection = Manager Contribution 16 ,.... Defined Benefit Plan & Trust for Employees of the City of Winter Springs r- ,.... 15.00% ,... Asset Allocation Effect 1 0.00 % - 00 00 - - - - - - - - - - - - - __ - - n - - - - - - - - - - - - - - - - - - - __ - - - - - - - - - - - - - - 00- 00- - - -- - - - - - - - - - - - - - - - nnn - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - 00 - n - -.. - - 00 -. - -. - - - - - - -00 - - - -- E ~ -5.00% e c t -1 0.000/0 nnn._ -.--00-00-. nn_ _. .-00 - - - ---00 -0000 - .__ --00- 00 __. __n _nun___ -00- ._. - ___ ----00 0000 _______nnnn_ n -00 -000000000000- __ _. - n__.nn_ 00-00- n _n -00- 00 00 ,.... p e r c e n t 0.00% 5.00% ,.... ,.... ,.... - -15.00% ,.... ,..... 15.00% - 10.00% P e r 5.00% - c e n t 0.00% - E f -5.00% .- f e c t -10.00% - -15.00% ..... - - - - - - -- - - - -- - - - - -- - - - - - -- - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - -- - - - - -- - - - - - - - - - - - - -- - --- - - - - - - -- - -- - - - - - - - - - - - - - - - - -- - - - - - - - - - - - -- - -- --- - - - - - - - - - - - - - - - - - - - - - - -- 005 M06 J06 S06 006 M07 J07 S07 Security Selection Effect S04 004 M05 J05 S05 005 M06 Quarter Ending I . Quarterly Effect - Cumulative Effect 17 ,.... ,... ,... Defined Benefit Plan & Trust for Employees of the City of Winter Springs Asset Allocation vs Targets 80.00% _ 70.000/0 _ n _n uu_ 000000__ uu_ _00_ ____ 00 __U_n _u_u_ _ _00_00_ __ _ 00 _ ___uu_ n__ __00_ _00 _ 00_00__ ___u_u - 00______ - __ - _uuu_u___ --- - 00- - 00000000- ____u - - ___uu --00 -00 _0000__ 60.00 % - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - -- - - - - - - 00 - - - - - - 00 - - - - - - - - - - - - - - - - - - - 00 - 00 - - - - - - __ - - - __ - - - - - - - - - - - 00 - 00 - - - - - - - - - - - - - - - - - -- - - 00- - - - -- - - - - - - -- - - - - - - - - --- 50 . 000/0 _ __ _ - - - - - - - - - - - - - - - - -- -- - -- _ _ _ _ _ - 00 _ _ _ _ _ _ _ _ _ _ - - - - - - - - - - - - - - - - - 00 - - - - - - - - - - - 00 - - - - - - 00 - - - - - - U - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - -- - - - 00 - - - 00 - - - - - - - - - - - - - - 00 - - - - - - -- - -- ,.... r- ,.... ,... 40 .00 % - __ - - - _n_ - - - - - - - - - - - - __ - - - - - - - - - - - - - - 00 - - - __ - - - - - - - - - -- - - - U - 00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 00 - n - - - - - - - - - - - 00 - - - - - - - - - - - - - - - - - -- 30.00010 _ _ _ _ _ _ _ _ _ _ _ - - - 00 _ _ _ _ _ _ _ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - U - - - - - - __ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- - - - - - - - - - - - - 00 - - - - - - - - - - - - - - - - - - - 00 - - - - 00 - - - -- 20 . 00 % _ _ _ _ _ _ _ _ _ _ _ _ _ - 00 _ _ _ __ _ _ - - - - - - - __ _ _ _ _ _ _ _ _ _ _ _ _ - - U _ _ _ -- _ _ _ _ _ _ - - - 00 _ _ _ _ _ _ - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - 00 - - - - - - - - - - - - - - - n - - - - - - - -- - - - - - - - - - - - - - - U - - - - - - - -- 1 0.00 % - -- - 00 - - - - - - - - - - - __ - - - -- - - - - - - - - - - - - -- - - - - - - - - - - - - - n - n - - - 00 - - - - - - -- - 00 - - - - - - - - - - - - - - - - - - - - - - - - - - - 00 - - - - - - - - - - - - - - --- n - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - -- "* Target 80.00% ,.. 70 .00010 - - - - - - - 00 - - - - - 00 - - - - - - - - - - - - - - n - - - - - - - - - - 00 - - - - - - - - - - - - - - - - n - - - __ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - --- - -- - - - - - - - - - - - -- - - - - - - n - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- ,... I ,... ,... ,... 0.00% D02 M03 J03 803 D03 M04 J04 804 D04 M05 J05 805 D05 M06 J06 806 D06 M07 J07 S07 Quarter Ending [ . Equity "* Target I - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ....- ,,, r-- ~ ." " ... '" ." '" , ...:.:.:.... '" ~ - - - ~ ..-- - - - - - - - - - - -.-----; - - - - - - - , - - - - , - - - - - - - - - - - - - - - - - - - - - - - - - - - - - I I I I I I I I I I I 80.00% ,.... 70.00% 60.00% ,... r- ,.... ,.. ,.... 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% D02 M03 J03 S03 D03 M04 J04 804 D04 M05 J05 805 Quarter Ending 10 Fixed Income "* DOS M06 J06 S06 D06 MO? J07 SO? Target 18 ,... r- Defined Benefit Plan & Trust for Employees of the City of Winter Springs Asset Allocation vs Targets ,... ,... 80.00% 70.00 % - - - - - - - - - - - - - - - - - - - - - - - n __ - - - - - - - - - - - - - - - - - - - - - - - - - n - - - - - - - - - - - -- - - - - - - - - - - - - -- - - - - - - - - - - n - - - - - - n - - - - - - - - - - - u - - - - - - - - - - - - - - - - - - - - n - - - - - - - - - - - - - - -- - - - - - -- - - - - - - - - --- 60.00 % - n - - - - - - - - - - - - - - n_ _ _ _ _ - _ - - - - - - - n n _ _ _ _ _ _ h _n - - - __ - __ - - - - - __ - - - - __ - - - - - - u - - - - - - - n_ - n u_ - u - - - - - - - - n - - - - - - - - - - - - - - - - - - - - - - n - - - - - - - - - - - n - - - - - - - - - - - - - - u - - - - - - - - - -- 50.00 % - n - - - - - - - - - - - - n - - - - - - - - - - - - - - - - n - - - - __ - - u - - - - - - - - - - - - - - u - - - - - - - - n - - - n_ - - - - - - - - - n - __ u - - - - - n - - - - u - u - - - - - - - - - - - - - - - - - - - n - - - - n - - - - - __ - n - - - n - - n n u - u - u n _ __ 40.00 % - n - - - - - - - - - - - - - - - - - - n - - - - - - - - - - - - - - - -- - - - u_ - - - - nn - - - - - - - - - - - - - __ - - - - - - - - - - - - - - - n_ - u - __ - - - - - - u - - - __ - - - - - - u - - - - - - n - - - - - - - - - - __ - - - - - - - u - n - - - - - - - - - -_ - - - - - - - -- - - -_ 30.00 % - -- - - - - - - - - - - - - - - u _ n __ _ _ _ _ _ _ _ _ _ _ _ _ - - _ __ - - - - u _ _ _ _ n _ u _ _ _ _ _ _ _ _ _ __ __ _ _ _ _ _ _ u _ _ _ _ _ _ _ _ _ _ _ n_ __ _ _ _ _ _ _ _ _ n _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ n _ _ _ n _ _ _ _ _ _ ___ __ _ _ _ _ _ _ h - - - n - - - - - - - - - - - - - - - - ___ 20 .00 % - - - - - - - - - - - - - - - - - -- - - - u - - - - - - - - - - - - - - n - - - -- - - - - - - - - - - - - - - - - - - n - - n - - - - - - u - - n n u - - - n - n - - - __ - ___ - - - - - - - - - - - - - - - - - - n - - - - - - - - - - __ __ - - - - - n - n - - - u - - - - - - u - u - _ u - u_ ,... ,... ,... 804 D04 M05 J05 805 D05 Quarter Ending I . Int'l -*- Target I - ,... ,... r ,... ,... r r- ,.... ,... ,... r- 19 ,.. ,...... Defined Benefit Plan & Trust for Employees of the City of Winter Springs ,... - 3.00% 2.00% 1.00% 0.00% R -1 .00% e t -2.00% u r -3.00% n -4.00% -5.00% -6.00% ,... - ,... - ,.. -7.00% ,... ,.. Manager Contribution 002 M03 J03 S03 003 M04 J04 S04 004 M05 J05 S05 005 M06 J06 S06 006 M07 J07 S07 Quarter Ending I. Quarterly - Cumulative Growth of $100 Fund vs Policy $200 ,... $190 --- --- 00_ 0.___ -- ---- - ---- ---- ______________00 ----- _ 00_ __00___________ _ ____00_ _ __ _0000___00_____00__________ _____ 00_ 00_____ ___ _ __ ________ __ _________ _00_ __0._________ _ _00__00_ $18 - 00__ - __00_ - 0000 _00 - -00- __ - - ____ -_ 00 -- 00 - 00 _00000000_ 0000 _ 00__00 _ _ _ 0000___ _ __0000_ _ __ _0000 00000._ __ 00 _ _noon _ _ __00_0000 00 _00 00_00 noon 0.00 0000 _0.0000 0000____ _ _00_ _ ____ ,... $1 70 _00 _0000 - _00_00000000 0000 U --- 0.___ - 00-00 00-00 0000_000._ ---00_ _00_000. 0000 _00_ 000000_ __ _ 00 _ 00___ ____00 _ _00_0. __00_ __00000._ 00_000000 _0. ___0000_ _00_ 00 __ 00 _ 00_ 00___ $16 ------00- _____00______00___ - ____ ----____ _ ____ _00______ __ __ ____00__ ____ _ ___ _00__________________ 00__ 0.___ _____ ________ _____ __ 00 __ __ ____ ~ $150 - -0000 00 ___ 00_ 0000__000.00 _ _ __ _00 00 00 noon 00 00_ _ _ _ __00_ _ 00 00 _00000000_00000. _ _ _ _ _00__ __ 00_ 00 _ un_ _____00_00_ I u e ,... ,.. $14 -_nnnh__n___n__n__nn_____nn____nnnh_____n_nnn_nnn_n_ 00000000 ,.... $11 r- ,... ,... I J04 804 004 M05 J05 S05 005 M06 J06 S06 006 M07 J07 S07 Quarter Ending I 0 Fund -B- Policy I 20 ,... ,.... ,.... ,... . r r ,... ,... .- ,.... ,... ,... r r ,... r- r- ,.. ,.. Defined Benefit Plan & Trust for Employees of the City of Winter Springs Quarterly Comparison Analysis ($) Period Fund Poliey Diff Nominal 9% Diff CPI + 4% Diff Ending Oet 2000 1,292 1,292 0 1,292 0 1,292 0 Dee 2000 5,231 5,074 157 5,135 96 5,111 120 Mar 2001 5,115 4,781 335 5,340 -224 5,317 -201 Jun 2001 5,551 5,115 436 5,603 -52 5,575 -24 Sep 2001 5,267 4,807 460 5,894 -627 5,810 -543 Dee 2001 5,899 5,331 568 6,193 -294 5,983 -85 Mar 2002 6,099 5,545 554 6,527 -428 6,314 -216 Jun 2002 5,877 5,263 614 6,833 -956 6,584 -707 Sep 2002 5,534 4,865 669 7,183 -1,649 6,890 -1,356 Dee 2002 5,875 5,359 516 7,524 -1,649 7,141 -1,265 Mar 2003 5,927 5,445 482 7,886 -1,959 7,540 -1,613 Jun 2003 6,647 6,253 394 8,228 -1,580 7,761 -1,113 Sep 2003 7,040 6,606 434 8,628 -1,588 8,120 -1 ,080 Dee 2003 7,884 7,398 486 9,005 -1,120 8,347 -463 Mar 2004 8,355 7,789 566 9,426 -1,071 8,790 -435 Jun 2004 8,574 8,025 549 9,840 -1 ,266 9,192 -618 Sep 2004 8,942 8,418 525 10,462 -1,520 9,699 -756 Dee 2004 10,039 9,366 673 11,015 -977 10,137 -98 Mar 2005 10,187 9,479 708 11 ,505 -1,318 10,651 -464 Jun 2005 10,551 9,898 654 12,016 -1 ,465 11,090 -539 Sep 2005 11,251 10,651 600 12,735 -1 ,484 11,908 -657 Dee 2005 11,810 11,172 638 13,334 -1,524 12,223 -413 Mar 2006 12,507 11,892 614 13,980 -1,4 73 12,897 -391 Jun 2006 12,701 12,164 537 14,654 -1,954 13,603 -902 Sep 2006 13,527 13,069 458 15,273 -1 ,746 14,034 -507 Dee 2006 14,538 14,159 379 15,985 -1 ,447 14,478 59 Mar 2007 15,178 14,765 412 16,763 -1,585 15,302 -124 Jun 2007 16,290 15,827 464 17,561 -1,271 16,103 188 Sep 2007 16,986 16,585 401 18,327 -1,341 16,625 360 All dollar values are shown in thousands. 21 ,... ,.... ,.. ,... ..... ,... ,.... ,... ,.... ,.... ,... ,.... ..... r- ,... I ,.... ,... ,... ,... Defined Benefit Plan & Trust for Employees of the City of Winter Springs Quarterly Comparison Analysis (0/0) Period Fund Policy Diff Nominal 9% Diff CPI + 4% Diff Ending Mar 2001 -3.96 -7.57 3.61 2.18 -6.14 2.19 -6.15 Jun 2001 5.65 3.98 1.67 2.18 3.47 2.09 3.56 Sep 2001 -7.97 -9.10 1.13 2.18 -10.15 1.18 -9.15 Dee 2001 8.68 7.28 1.40 2.18 6.50 0.09 8.59 Mar 2002 0.03 0.29 -0.26 2.18 -2.15 2.19 -2.16 Jun 2002 -6.20 -7.88 1.68 2.18 -8.38 1.69 -7.89 Sep 2002 -9.07 -11.13 2.06 2.18 -11.25 1.59 -10.66 Dee 2002 2.90 6.43 -3.53 2.18 0.72 0.98 1.92 Mar 2003 -2.44 -2.05 -0.39 2.18 -4.62 2.80 -5.24 Jun 2003 9.23 11.64 -2.41 2.18 7.05 0.69 8.54 Sep 2003 2.59 2.12 0.47 2.18 0.41 1.79 0.80 Dee 2003 9.22 9.02 0.20 2.18 7.04 0.49 8.73 Mar 2004 3.11 2.26 0.85 2.18 0.93 2.59 0.52 Jun 2004 0.10 0.33 -0.23 2.18 -2.08 2.19 -2.09 Sep 2004 -0.49 -0.19 -0.30 2.18 -2.67 1.08 -1.57 Dee 2004 8.52 7.31 1.21 2.18 6.34 1.18 7.34 Mar 2005 -0.98 -1.42 0.44 2.18 -3.16 2.59 -3.57 Jun 2005 1.01 1.66 -0.65 2.18 -1.17 1.69 -0.68 Sep 2005 2.33 3.00 -0.67 2.18 0.15 3.20 -0.87 Dee 2005 2.09 1.86 0.23 2.18 -0.09 -0.01 2.10 Mar 2006 2.89 3.26 -0.37 2.18 0.71 2.59 0.30 Jun 2006 -1.35 -0.78 -0.57 2.18 -3.53 2.59 -3.94 Sep 2006 4.12 4.94 -0.82 2.18 1.94 0.98 3.14 Dee 2006 4.64 5.40 -0.76 2.18 2.46 0.49 4.15 Mar 2007 1.46 1.26 0.20 2.18 -0.72 2.69 -1.23 Jun 2007 4.48 4.27 0.21 2.18 2.30 2.39 2.09 Sep 2007 1.89 2.33 -0.44 2.18 -0.29 0.88 1.01 Incept. 5.90 4.51 1.39 9.00 -3.10 6.65 -0.75 Returns for periods exceeding one year are annualized. 22 - ,.... Defined Benefit Plan & Trust for Employees of the City of Winter Springs 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 RatiolTreynor 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. ,... ,... - 23 ,... Defined Benefit Plan & Trust for Employees of the City of Winter Springs Risk Measures ,-. II"'" II"'" ........... .. ::>Fund: ::<:>:p()Hcy: : >:<::Diff. :3:;Yr:::::- . . . . . . . . .' .. ............ . ... .. ......... . ......... . # of Negative Qtrs 2.00 2.00 0.00 # of Positive Qtrs 10.00 10.00 0.00 Batting Average 41.67 58.33 -16.66 Worst Qtr -1.35 -1.42 0.07 Best Qtr 8.52 7.31 1.21 Range 9.87 8.73 1.14 Worst 4 Qtrs 4.50 5.14 -0.64 Standard Deviation 5.07 5.21 -0.14 Beta 0.95 1.00 -0.05 Annualized Alpha -0.31 0.00 -0.31 R-Squared 0.94 1.00 -0.06 Sharpe Ratio 1.32 1.42 -0.10 Treynor Ratio 7.02 7.40 -0.38 Tracking Error 1.25 0.00 1.25 Information Ratio -0.58 r- r- r- ,-. .- ,... II"'" :6\({ ........ . .......... . ::<:Pund: :< ......... . ......... . . . . . . , . . . . . . , . . . . . . . ::: poney: : ::::::::::Uiff:- . . . . . . . . . . . . . . . . . . . .......... . ........ . .......... . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . # of Negative Qtrs 6.00 6.00 0.00 # of Positive Qtrs 18.00 18.00 0.00 Batting Average 45.83 54.17 -8.34 Worst Qtr -9.07 -11.13 2.06 Best Qtr 9.23 11.64 -2.41 Range 18.30 22.77 -4.4 7 Worst 4 Qtrs -14.38 -14.65 0.27 Standard Deviation 6.96 8.15 -1.19 Beta 0.81 1.00 -0.19 Annualized Alpha 0.70 0.00 0.70 R-Squared 0.89 1.00 -0.11 Sharpe Ratio 0.76 0.69 0.07 Treynor Ratio 6.54 5.63 0.91 Tracking Error 2.76 0.00 2.76 Information Ratio -0.12 ,... ,... ,... ,... ,.... ,... II"'" - ::q:Y:r<:>::. . . .......F.d. :P(jlic~/ . . :::blff: . . . . '::-:::':-:::.un :- ..... . .... . .. . . . . ......... . . . # of Negative Qtrs 4.00 4.00 0.00 # of Positive Qtrs 16.00 16.00 0.00 Batting Average 40.00 60.00 -20.00 Worst Qtr -2.44 -2.05 -0.39 Best Qtr 9.23 11.64 -2.41 Range 11.67 13.69 -2.02 Worst 4 Qtrs 4.50 5.14 -0.64 Standard Deviation 6.05 6.69 -0.64 Beta 0.85 1.00 -0.15 Annualized Alpha -0.03 0.00 -0.03 R-Squared 0.89 1.00 -0.11 Sharpe Ratio 1.40 1.50 -0.10 Treynor Ratio 9.99 10.05 -0.06 Tracking Error 2.28 0.00 2.28 Information Ratio -0.68 ::in~gpt::::::: Fu'nd .. ........ . . . .. . ... . . . . . ::PoliCY: ::Ojff:: .. . .. .. . ... . ... . .. . # of Negative Qtrs 8.00 8.66 -0.66 # of Positive Qtrs 19.66 19.00 0.66 Batting Average 53.01 46.99 6.02 Worst Qtr -9.07 -11.13 2.06 Best Qtr 9.23 11.64 -2.41 Range 18.30 22.77 -4.47 Worst 4 Qtrs -14.38 -14.65 0.27 Standard Deviation 7.80 9.18 -1.38 Beta 0.79 1.00 -0.21 Annualized Alpha 1.62 0.00 1.62 R-Squared 0.87 1.00 -0.13 Sharpe Ratio 0.37 0.17 0.20 Treynor Ratio 3.70 1.53 2.17 Tracking Error 3.42 0.00 3.42 Information Ratio 0.41 24 r" Defined Benefit Plan & Trust for Employees of the City of Winter Springs Return vs Risk through September 30, 2007 ,... I- r- 11 .00% ,.... 10.00% ,... 9.00% ,..... .... A 8.00% n ,... n u a I 7.00% l- i z e d r- 6.00% R e t ,-- u r 5.00% n ,.... ,.... 4.00% I "" 3.00% I- r- 2.000/5.00% ,.... ,... '*lnt'l '* '* LB Agg. Fund '* 3 Mo TBill '* S&P 500 I I I 5.00% 20.00% 10.00% Risk (Annualized Std Dev) I-+- Policy l 15.00% 25 ,..... Defined Benefit Plan & Trust for Employees of the City of Winter Springs Return vs Risk through September 30, 2007 ,.... ,... ,... 30.00% 25.00% ,.... 20.00% ,.... R e t 15.00% u ,... r n s 10.00% ,... 5.00% ,.... 0.000/5.00% r- ,.... 25.00% ,.... 20.00% ,.... R 15.00% e ,... t u 10.00% r n ,... s 5.00% ,... 0.00% ,... ,.... ,... 3 Years * Int'I * S&P 500 * Fund *3 MO~IA~ g. I I 30.00% 25.00% 20.00% R e t 15.00% u r n 10.00% s 5.00% 0.00% 5.00% 10.00% Risk (Annualized Std Dev) 15.00% 6 Years * Int'l ~ *F Jnd S&P 500 * LB Agg. *3 Mo TBiII I I I 11.00% 10.00% 9.00% 8.00% R e 7.00% t u 6.00% r n 5.00% s 4.00% 3.00% 2.00% 5.00% 15.00% 0.00% 10.00% 20.00% Risk (Annualized Std Dev) !-t-POlicy I 26 5 Years * Int'I * S&P 500 * und * * LB Agg 3 Mo TBill I . I I 5.00% 15.00% 0.00% 10.00% Risk (Annualized Std Dev) 20.00% Inception * Int'l * * LB Agg. Fumd *3 Mo TBiII * I I S~P 500 5.00% 15.00% 0.00% 10.00% 20.00% Risk (Annualized Std Dev) ~ ,... Defined Benefit Plan & Trust for Employees of the City of Winter Springs ,... Policy: 10/31/2000-09/30/2003 65.00 S&P 500 ,..... 30.00 Lehman Aggregate Bond 5.00 MSCI EAFE 1 % 1/2003-09/30/2007 60.00 S&P 500 ,... 30.00 Lehman Aggregate Bond 10.00 MSCI EAFE ,.... First Objective: 10/31/2000-09/30/2007 Annual Return of9.00% - Second Objective: 10/31/2000-09/30/2007 100.00 US Consumer Price Index + 4.00 annual adder ,... Universe Data: 60% Lg Cap Core, 30% Hg Quality Bd, 10% Int'l 10/31/2000-09/30/2003 30.00 High Quality Bond 65.00 Pure Large Cap Core 5.00 International Equity 10/01/2003-09/30/2007 30.00 High Quality Bond 60.00 Pure Large Cap Core 10.00 International Equity ,... ,... ,... ,...... - I ,... ,... ,.... ,... r- - 27