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Home My WebLink About2008 01 29 Regular 602 Other - Defined Benefit Plan and Trust for Employees PacketDate: January 29, 2008 DEFINED BENEFIT PLAN AND TRUST FOR EMPLOYEES OF THE CITY OF WINTER SPRINGS PACKET GIVEN BY DAVE WEST, BOGDAHN CONSULTING UNDER REGULAR 602 JANUARY 2 9, MEETING. DURING THE 2008 REGULAR .- .- ~- DEFINED BENEFIT PLAN AND TRUST FOR EMPLOYEES OF THE CITY OF WINTER SPRINGS ~- December 2007 .~ ,~, ~(J BOGDAHN ` GROUP simplifying your investment ~ fiduciary decisions ~- Performance Evaluation rr- for Defined Benefit Plan & Trust for Employees of the City of Winter Springs Lateef, Snow, Voyageur, Galliard & American Reality For the Period Ending December 31, 2007 Presented by: °`~ Bogdahn Consulting, LLC ~~ 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 UplDown 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 12/31/2007 2007 10/31/2000 Qtr YTD Incept .~. B~gitriir~g u~lue:: ...: .::16.98fi .: .:::14.,.538:. .::... :.1;92. Net. Flo~s+s>:. ::. 468 1:;7p~: 11,413: ,~ arivestrraent;G/L.. -389.. :....::.825 ..::4;359: Enctirzg.V~aue .::..:.. ..: :...17;065 ; : :1:T,Q6~5 ::.:.::..1:7;065 Investment Policy Index Weight ;5&~ 5430: 60:00: l;ehrtaa~rt.U ~ Aggrega€e Intermediate ~0 flfl Totaa.:: 'E00.43n; i rauing rcetums inr~uyn uCC~~nu~i ~ ~, cwr 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept .. Rand .:.. 5:61 8:07:: : . .$,8~:: $ 00 :.4:0,#0:: . : 6.i3~9 .:: . x.42. .. `. 5:.35. Policy: 7.:`43, 10.:18 ;8.:48. &83: :::1:1.:30: 6.~0.. .4:.91:::. : 4.2~: <QafF `: ....."i .52 . .:: -Z;1.1 :: -1.61 .. .. .. : Oa3~ .. . .. 1 ~ 1:: .. -0.:81. 0.51: > 1.13: Calendar Year Returns 12/31/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 F :ri ::< : ::::::::::::; ~.d............222... 5:.1>: ; ....~z... :::10 ......5$.: :0::: ;>~.5.... ::1.:;46::: ....1...... :::1: :4:1:: ....9,.... :: ;:1: :1:::: .....2,2.... ::::x:4 : ;::::::::::::::::::::::::: ;:: .....,.x ..... ................ ... . folic :: :::: : ::~ =0:84 y. 7::1:3: ~: .. :::~333: ......... :: :5:14: .... 9:89:: ::21::7.4>: :=12:62: : ......... :::=6.28 ::: :::::::::::: > : :: ;:::::::: ........... Dl~f 1:38 -152: 2:75 .. ;-0~64 .:1;57 -2:33. 0!.49 7.:76 Returns in Up Markets 10/31 /2000 3 Yr 5 Yr 7 Yr Incept .............................. ~: ;:::::: ;::.:1; ::::: t~ttd 1..5.. ............. : ::. ;1::::::: 16..... .......... :::: ....16.8:: ............... 1 : : ::::... 6.6. Poi'` ::: :::: ;:::1: . ~ :::: I~;y ........ ...... 3.0 .... :::< 1:7:0: : _ ........... . ::::'4:7;4 .......... ::::: :'::1 ~: q. ............. , . . :;Ratio:: :'::::.:::;58;:6::... ::::94::9: :: ... ::::95::1 ::. :.:.:::.:.:::.:::::95:;1:,: ..m 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. New IM's inception date 10-01-2007 Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 7 Yr Incept ............................ fuii~::::::::: ::~4;5:::.: ............. :::::-5:9::: ........... ::.::14:7:: ............... <::::::~13:6: Polic..:.::.:"%> ...~3;~::: ;:::::~~;~:::: :: X17:;3:: ::::::::=.1:7:~i:: E2atiio ::::::::::::'f48.:Z ~:: ::: 1:41:::1:::: :::::8:'1:: :::: ::::7'7:7: 2 City of Winter Springs General Employees' Defined Benefit Plan & Trust - Asset Allocation as of December 31, 2007 Cash &Equiv ~% Equi 36°~ red Income 29% Cash &Equiv /° Eqi 38 xed Income 27% 3-1 At Market Re Int'I 1%~ At Cost Re Int'I 1% City of Winter Springs General Employees' Defined Benefit Plan & Trust Asset Allocation as of December 31, 2007 At Market R&D account Voyageur \ Lateef 14% ~26% American `~~ Reality '. 1% Galliard Tips 5% ~.~ - x~._~~~ Galliard Snow 24% 23% R&D At cost account 7% Lateef Voyageur ~ 24% 15% `~,~ American ' Reality ~ `~~ ._ 1 °i° 1 Galliard Tips 5% ._,, f ... . ~ u._~~_,._ Snow Galliard 25% 23% 3-2 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. Trailing Returns: This section focuses on longer term returns. It shows the cumulative time weighted returns and percentile rankings for the last 1 year, 2 years, 3 years, and so on up through 10 years if available. The returns for the -- fund, the policy and the universe percentiles are displayed. A percentile ranking of 1 is the best, and 100 is the worst. For example, a ranking of 50 means that the fund outperformed half of the universe. A ranking of 25 means the fund was in the top 25% of the universe, outperforming 75%. Above 50 is acceptable. Above 25 is excellent. High rankings ~, over all time periods are ideal; however, it is more important to rank highly over the longer periods rather than the shorter periods. .,~ Calendar Year Returns: This section focuses on shorter periods and gauges the consistency of performance over time. It shows the calendar year returns for the fund, the investment policy and the universe percentiles. Each full year of performance represents the return from January 1st through December 31st. Ideally the fund has performed well in the «_ earlier years and in the most recent years. Watch out for a trend toward underperformance in recent periods. Note the performance in different market environments. A high policy return indicates a bull market, and a low policy return indicates a bear market. All rates of return are annualized if the period for which theyare calculated exceeds one year. 4 .w Defined Benefit Plan & Trust for Employees of the City of Winter Springs ._. Universe Comparisons 60% Pure large Cap Core & 40% HQB -- Trailing Returns through December 31, 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr .......................................................................................................................................... ........................................................................................................................................... Return -0.37 4.10 5.61 8.07 6.87 8.00 10.19 6.09 5.42 -tile 79 77 76 93 94 87 95 85 29 o.. . Return 1.46 5.79 7.13 10.18 8.48 8.83 11.30 6.90 4.91 -tile 27 34 35 40 45 41 44 48 51 5th %-tile 4.23 9.37 10.99 12.37 10.74 10.87 12.98 8.62 7,20 7.62 25th %-tile 1.51 6.12 7.60 10.53 8.98 9.36 11.87 7.63 5.65 5.29 50th %-tile 0.82 5.23 6.63 9.98 8.40 8.65 11.18 6.83 4.91 4.01 75th %-tile -0.16 4.19 5.63 9.45 7.99 8.26 10.75 6.37 4.44 3.56 95th %-tile -2.38 1.41 2.93 7.37 6.51 7.29 10.07 5.48 3.61 2.73 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 u d .................. ............................................................ ~ Return -2.22 5.61 10.58 4.50 11.46 19.41 -12.21 1.48 -tile 89 76 92 84 15 93 55 5 :.Palley. , :... Return -0.84 7.13 13.33 5.14 9.89 21.74 -12.62 -6.28 -tile 34 35 45 60 41 43 66 64 aJnivers 5th %-tile ~ 0.13 10.99 17.23 8.61 12.68 24.72 -6.68 1.05 13.32 27.21 25th %-tile -0.73 7.60 14.45 6.38 10.80 22.81 -10.23 -3.84 4.19 16.68 50th %-tile -1.10 6.63 13.22 5.39 9.49 21.45 -12.03 -5.96 -2.66 14.72 75th %-tile -1.55 5.63 12.55 4.74 8.81 20.57 -13.11 -6.60 -3.88 9.89 95th %-tile -2.74 2.93 9.52 3.79 6.71 18.98 -15.21 -8.85 -5.54 2.59 Returns are in percent. "%-tile" is the percentile ranking within the universe. "m" Retums for periods exceeding one year are annualized. Incept is October 31, 2000 to December 31, 2007 New IM's inception date 10-01-2007 5 _._ City of Winter Springs General Employees Total Fixed Executive Summary Account Reconciliation 12/31 /2007 2007 10/31 /2000 Qtr YTD Incept $ei,~irr~ir~~: u~lue .: ... 0 4,40a . 336 Net:/=lows :::::. :.: :.: 4$~3.: .:..: 27:7 . .:::::g,6$~:: Investi:ne~t G/L ...: 11.3: 279 937 :Evicting >lalue ;.:: 4 956 4,96 < :4;95fi Investment rollcy Trailing Returns through December 31, 2007 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept Faarid :::::::::6:12 :: :: >:448::: :::3:;59::: >:: 3:45: >: :::3:32::: : >: 4.:47:: >:: 4.g3: »: :~:: ;:::::: ;:::::::::::: x.:4:5:: ~........ 7.15... ... 5-73.. .....6.... ......55.:. .... , . 6 ... ...5.4'4 ... ...~.83 .... ........................................... X21.. ff ..........:...~ .~~ .. .... ~.2Z... .......1..0~ .: : ; ;;1:;:1:0:, : :. :1.i4 ::: .: X0.94 -O.SE} . =0..7E. Calendar Year Returns 12/31/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 2:..... Futi :< . ': 3 d .. . , . s .. 6:~2 :::: .. :.::: :: ...: ~ .~.. 1 ~::' ~.... ::: ...~.oz . ::.. ...2.~~ .. ..... . ,.o,a~ .. ~.~3 .. ....alley, , _ , 3.19 ...7.45. 4.33. 2..4.3 4..34 . .....4.,1,1. ,...1.0,27.:. .8,..42.,. . DiiF =0.83 _.1..n3 .. .: -3;50`:: : :-0.56.:: 1 ~~.: 1.3~.. ... . .::Ll..a:6 : .::-0;.fi9 Returns in Up Markets 10131 /2000 3 Yr 5 Yr 7 Yr Incept .~.. ut~d $2 ~4 ... . $4 86 R'" ::::::::::::::....: at~o 85.$:::: ::::8:5:4:: ? ::::9 :'I . ~... _ 92.7. ..~ Inception date is October 31, 2000 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. .~ Returns are net of fees. Galliards' Inception date 10-01-2007 Returns in Down Markets 10/31/2000 3 Yr 5 Yr 7 Yr Incept fund ~~.5:. X3.8:: -~:8: ~:8I Polio :.::....:.:: X1:.9 ... . 2:$ =2;$.: ::::.:::. ~c.8.: Ratio::: >:::::::::'k~2:.6: : :::::1:3~:D ::: :1:34:0 ; :::? 434:a 6 City of Winter Springs General Employees Fixed - Galliard Fund Executive Summary Account Reconciliation 12/31 /2007 2007 10/01 /2007 Qtr YTD Incept B~gir4rlai~g :ualue ::::: ::::::::3:Q74 :::::::: a}:::::::::3;8~0: ....... ........................ ........................ Net.:Flouus : :::::: ::: ........................ ........................ ................. ................. :::: :~>;:::1:08::::> ................. ................. . ..... .............. ............... ::::397$::::: ............... .............. ............... ............ ............ `::::::~:0$: ............ ............ ............ ........................ Invxstri'ient GFL :::: ........ ... ::::: ::: ;: 71::: ::::: >: 7:1 »::: ~::::::::71: :;Enefirxg::~lal~ie ::::::::: ::::::::::4;049::: ::::4;Q4:9;:::::: :::::: 4:;04 Investment Policy Index Weight 1 IClllll ll.~ r~CLUI115 LIIIUUI.JII UCl.GI11VGl J 1, LVV! 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10/01/2007 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept ', ................................................................ ................................................................. ~F:iatid<::~:~::::::::' :::: ::::::::::::'::::::::::::::::::::::::::: U ff ........................................................................ ;::1:.81: 2.:87>, ~~ fly. Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 .. Fund::.. .. :. 1.$1 .. . 'Ra6c ~:...: ~... :.,.. .:: :.::x:87 .. .: Returns in Up Markets 10/01 /2007 Incept t~s1d ... , . 1.8. o .cy...... ... 2,9. ::R €i ::::::::: > :::: a.o .......... ......... :::::: :: :::::::::::::::::: .53.;1:: Inception date is October 1, 2007 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Inception date 10-01-2007 $3,870,300.00 Returns in Down Markets 10/01 /2007 Incept Fund : ::::' ::::::::: ::::> :::::: :::::::::> ::::: ; ::::: : 0. .~.......... Ratio ::~::::::: ::: ::::::: :::::::::::::::::::::~:: :::: >.::::::: : i 7 City of Winter Springs General Employees Fixed - Galliard TIPS Executive Summary 12/31/2007 2007 10/02/2007 Qtr YTD Incept B~~ir4r;13ra~:~;~li`ie::: : :::: :: $~1::~ : >::::::: ::$ : ;: ::' $~1 Net Flouvs: ': 24 :::::::: ::::::::.:BFi5 ::24: ... Investment G/L< .. ...: ..: 42 42:~: :. ;:..: 42 . `Enctirtg Value:::: ; : ~:<::?::<::9Q7::: . _ 90Z:: ::: ::: : 9Q7 Account Reconciliation Investment Policy Trailing Returns th ~~ UC(.GCIIIUCI J I ~ GVV! Calendar Year Returns 12/31/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 Ftat~d ...: .. ~4:9A~ ;: ... > ::: ... . I?alicy :.:. ~: 4:80:::: ~: .: Di~f. ::.. 0.14. .. Returns in Up Markets 1 010 2/2 0 0 7 Incept Ftgrid: < :::::::< ::: ::: :: ::: ~:::::: `::':: :4:9: hY .................. ,....... ...................... ...... ~,$. atto ........................... ......................................1.42,9,. -- Inception date is October 2, 2007 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. ,.~ Returns are net of fees. Inception date 10-01-2007, $841,400.00 Returns in Down Markets 10/02/2007 Incept Folic ..::: . ::::::::::~:::::::: :::'::::::~::: :::::::::;: ::::::::::: Rafio :::::::::::::: >: ~....:: 8 r City of Winter Springs General Employees Total Equity- Common and International Executive Summary Account Reconciliation 12/31 /2007 2007 10/31 /2000 Qtr YTD Incept ~egcr}ra:Eilg val~ie::: : : ' p .1 1#1., .15 . .: 7. ... 9 Net Floi±vs::::::::: ...................... :: 11:~~A~B : .................. .............. :: 3$ ............ ............ 6;37'9: ............... ............... ....................... ....................... Iiiv~stiri~nt GfL :: >: .... .................. :: >:::::::=540:: ............ ::::::551:: ............... ::::: : 3 407 ,..... Eric;Eir~g :ual~ae :::::::: ::::::::::1:0; 7Q3:.:: :::1 fl ~(?3:: : ~:......0, X03. Investment Policy Index Weight S&~. ~t3D . $0.00 M~..( .................... ..... .................................... ............... 2.,.... ... ............................... Total ::: ::::::::::::: >:: >':: >:::~:: ::::~::::::::::: `:::::::1nQ:d0: Trailing Returns through December 31, 2007 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept ....................... F:~atid :::: ::::5:75 ;: ....................... ............ ::::J7:4::: ............ .......... ::: 8:;43:: .......... ............ :::: 9:98::: ............ ........... ::1~3:3i3:::~ ........... ............ ::: 6::44:::: ............ ........... :: 5.14 ::: ........... ............................................... ::::: ::::::::::::~:: ;::: ;: :::~:::::::::~::~: ?t.90:: ............................................... a? li ~ :::: : >: >: o .4y...... . 6.5... ::: : ..1 `x.83... ;9 :: ... 9.. 5 .. >::10:5 ':: ....... $ .. ;:14::1 ::. .......8... :::: ...7,28 ..:: :: ?4::'f:5 :::: ::::: :::::::::::::: ::::::::::< : :::::::3;434:: b ff ...........0.76 .. ....2.0.9 ... ...1..52.. .... 0.55... ... 0.88... ...0..8.4.... ..4.99 ... ........... ........... ..................1...88. Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 Hind -4::6$ , ::::5:7~ :. :13.:89: 5..86< ...14.6 > 27,59 ~ ~~~~0~ : .... . -2,81. Panic :.: >::.: Y .......... :~:..:.:.-3:00.: ................. : ;::6:51:.. .. ........ :.:17:42:.: ........, ... :..8::27:. ............ ..:12..82.: ............. :: 3Q.0~.: ..... ...... :.=21::: 4:. ........~.... ..-. .. 42.84: ;.:...:::;:,:::....;:;.:.::....::.......:.... 1.58.... ....0.76..,.. .......3.5.3,..... .._. -0.4.1.. .... x,4.4.. .... 2.41...., .......0.65.... ..... ~0,.5~ ......... ...................... . Returns in Up Markets 10/31 /2000 3 Yr 5 Yr 7 Yr Incept ta.r-d. _.. .. .. ._ .18...4.. .22..6... ....24.1 .... .............24.1. P '::::::::.. oflt;y . 1 &.5 . ~~ 2~..0:: : : ..23.;6: .::: .. :2:3;8: R .t~.. ::: '.: a . o ............ 9i3.~..... :::: .... g8,3:::: :::~02:.:1 :::: :::::::::::::::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. New IM's Inception date 10-01-2007 Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 7 Yr Incept 1=ui~::::::::::::~7;E::: : : ~~:0:~:::: .::~5:..:: .9.. : ::::: ~: ..........~4.... P;~lit{.. ::.:. .:..:=5.8::.: ::: .~8;7:::. .:: -27.:5:: :.:..:... -28.4:: R #i ::: ::::: :: ::.::: a .o.. .. ... ..131.7.... : :::... ...1..2.2.4 ........ ........94.,4.., :...... ....._._.,...:... 88. ~:: 9 .~ City of Winter Springs General Employees Total Equity- Common and International ~. Universe Comparisons 80% Pure Large Cap Core & 20% International M-- Trailing Returns through December 31, 2007 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr Fund: ~:>< :: .. . . Return -2.48 4.11 5.75 9.74 8.43 9.98 13.30 6.44 5.14 -tile 70 64 57 90 93 72 83 86 28 ....... ~Y ............. ............ ........................... ........................ . Return -0.99 5.28 6.51 11.83 9.95 10.53 14.18 7.28 4.15 -tile 36 39 40 41 47 48 42 52 55 ~~.:. r .:::: . ;:::::: :: > :::: ::::: ::: .> :::::: :::::::::: >::..:.: O.IV~~e.. .......... .... 5th %-tile 3.43 10.63 12.91 15.02 13.00 13.19 16.55 9.92 7.61 7.97 25th %-tile -0.37 6.19 7.59 12.53 10.72 11.36 14.80 8.30 5.37 4.68 50th %-tile -1.46 4.82 6.02 11.55 9.86 10.48 14.01 7.31 4.31 2.70 75th %-tile -2.82 3.43 4.67 10.84 9.31 9.89 13.52 6.76 3.69 2.04 95th %-tile -5.73 0.41 1.43 8.07 7.79 8.43 12.49 5.57 2.44 0.65 Calendar Year Returns Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 :Fund.. Return -4.58 5.75 13.89 5.86 14.76 27.59 -22.09 -2.31 -tile 88 57 91 74 13 82 75 9 #~alicy:;:. .. :.. . Return -3.00 6.51 17.42 6 27 12 32 30 00 -21 44 -12 84 . . . . . -tile 44 40 42 63 43 41 56 63 e ................. ..... 5th %-tile -1.15 12.91 22.06 10.99 16.01 33.34 -14.04 -0.90 11.81 41.73 25th %-tile -2.57 7.59 18.68 8.21 13.47 30.93 -19.43 -7.97 0.88 24.45 50th %-tile -3.12 6.02 17.13 6.83 11.92 29.55 -21.14 -12.23 -8.32 21.30 75th %-tile -3.75 4.67 16.10 5.81 11.14 28.21 -22.12 -13.17 -10.17 12.52 95th %-tile -5.37 1.43 11.65 4.52 7.62 25.95 -25.11 -16.41 -12.29 3.30 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 December 31, 2007 New IM's Inception date 10-01-2007 10 _n City of Winter Springs General Employees Value Equity -Snow Executive Summary Account Reconciliation 12/31 /2007 2007 10/02/2007 Qtr YTD Incept ~e~ir~i?in~ :V;~lue:::: :::::: 4:;207::: :::: E} : :::::::::4;~Q7: 'lVef:Flows: ~:: 1:1x :::~F:,~24: ` ::::1_:17: [ravestirie~it GfL :: : : =355::: ::: :=35s: :..: :::::-356 ~ric#irtg:Value< :::::::: :::::::::3;96$ :': :::::3;~f8 ; :::: :::3;968 Trailing Returns through December 31, 2007 Calendar Year Returns 12/31/2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 Find ~~.~5 ~~allcy :.: .... < =5:92, >... ,. .. Di~f -2:43 Returns in Up Markets 10/02/2007 Incept l=u:rid::.. ...................:................. R a::: a to ~.. Inception date is October 2, 2007 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. ,,~ Returns are net of fees. Snow Inception 10-01-07 $4,206,800.00 Returns in Down Markets 10/02/2007 Incept ~urtd" . ,...... > . ..::..: >.. '~~~: 0.cq .......... ..... ...._... .............:.:....:......:.....5.9.. Ratiio .. X41.0: 11 ,~ City of Winter Springs General Employees Growth Equity - Lateef Executive Summary Account Reconciliation Investment Policy 12/31 /2007 Qtr 2007 10/02/2007 YTD Incept ~i?girtirting :~%~liue :.:::: ......................... ....'.42Q7 ................ E}: .............. :4;~g7: _. . ............ .......................... ~Vef Flows :.. : ;: ..... .......... 1,~ ~.... . .. .............. ..:4:, . ............ Irayestrr~ent;GfC:... .... ,: 77 ... :..... 7:7:..:. ...~:.:: ,:77.. 'Eridirtg:Val~ie'':::. <:: : 4;4Q~::: ::::x;402':::: :::::4:,#02: Index Weight Trailing Returns through December 31, 2007 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 10/02/2007 7 Yr 8 Yr 9 Yr 10 Yr Incept Ftatirl:>::::>:::::>:::' :::::::::::::::::::::::::::::::::::::::::::::: :::::::::::::::` ::::::::::: ::::::::: 1::87: ........ .P..li > ::::::::::::::::: 0 ...... :=0.98: Difi:. ...: :: ;:.::.:. 2.:85: Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 __ tad ... _ __ ___ .. Ralie :::::::: ... ::::::::=... 0.98 .:::::::::::::::::::::::::::::::::::>:::::::::::::::>::::::::>:::::::>::: ::::::::: ::::::':::::::: Diff .. .. . . .... . 2 85 :.:.:. .. Returns in Up Markets 10/02/2007 Incept a=u~itl :. PofiC~r `?: a co ... Returns in Down Markets 10/02/2007 Incept 1=uri ~ :... t3... ;:: a ::::::::::::::::. : i 1..9 . :. Pglacj~' .::.:....:.:.::. : >. . .. . 1 0.: :Ratio .::. ; ... ~~90.$ Inception date is October 2, 2007 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. ~.. Returns are net of fees. 12 City of Winter Springs General Employees Total International Equity Executive Summary Account Reconciliation 12/31/2007 2007 10/31/2000 Qtr YTD Incept .......................... Be~ir~rr'tng :Value :::::: .......................... ............... :::::::::::: 0::: .... ................ ........ . ............... ::;::1:,682:::: .............. ............... ............ :::::::: 35: ............ ............ .......................... .......................... Nef:Flouvs :::::::::::: .... .. ................ :::::: 2:;'595 ::: .............. ::::: x'85 ::: ............ ::::1;6n0: Inii~strrieti~4 GFE ::::::: :::::::=261` :: ::: :: =34::::: :::::: i99 >Endirtg:ualie: ` : : ;: ` ::~::Z;334:: : 2;34: > '2;334 Investment Policy Trailing Returns through December 31, 2007 10/31 /2000 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Incept Faafid ::::::::;0:34 :: . :::'12:26 :: ........... :::12:?a 3:: ........... :::14::63::: ........ . ::18:48::: ........... ::11:::74::: . .......... ::::7:05 ::: ......... . :::::::::::::: ;:::::::::::::::::::::::::: :.: .........................................7,4~. ....................... 1`? li 0 11.63: ~y ...... ......... ........... :: 1 f1Q: ; ... 9...... ........... :::17::37:: ........... ............ :::18::1: ::: ....... 5 .. ........... ::2... . ....2:Q8...: ........... : 9:4:79:::: ............ ::::::8:.78<::: ............................................... ':::::::::::::::::::::::::::::::'::::::::::: ;::::;8;.:52:: i:`...:.:::.::;;.. O ff ....1.'1.97.. ..-6.7.4.. ~:.; ... -.4..89. 3.52: -3 60 : >::-3.435 ` .. -:'t,Z3::: .:.. .. ,.. . ::..:... _1..{36 Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 Ftr ........ . ~a.~.~.. .. o,~a... ..~5.~5.. ..1.2.78. 2.1.,51?.. .~5,'19.. x.6,64 ...47;19....... ..; ...... oc S!... 1.71 11. ~: 63 : :: 23:$6': :::14 ,02 2f},70 9'1:7 - 1:5 B6 1 21.: ...8.46 .1.197 . ......0.41, 1.24 ~,BQ... 3,98 Q.98 ...... 4.{32.,. Returns in Up Markets 10/31 /2000 3 Yr 5 Yr 7 Yr Incept .............. ~:Ff~`i~1 ::: ............... 24::9 :::: ............. :::33:.X ::: ............... ::::3t.:4:::::: ........... : `:::: 3:1:x: P li ~~ ~:::::: o .Ly...... ::::~: ...... 25.~ :::::::: ::::::::34::5:::::::: :::::::3:~::.1~:::::: ::::: 31:;9: .R:::: at~o . ? : ~:,: 95.5 .... .. : ..9:7:.9 ;98:.6. : : ; ..98:.6.: .~. 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. Voyageur Funded 10-31-07 $2,557,100.00 Returns in Down Markets 10/31 /2000 3 Yr 5 Yr 7 Yr Incept nr~.::: ::: 2.4 1?.6 ~: X6.0.:: ~3.'a. q. gip ......... ........2.x... .......$,6.... .... ~3,'1.......... ............21..:9.. Ratio::.::. >:.::.4~9~:.. .' :X13:8..:. . :1'1:2;5,.: :~Q7:2.. 13 ~_ City of Winter Springs General Employees Total International Equity .~ Universe Comparisons International Equity i rauiny rce~urns tnr~uyi i ~CCC~ ~ iuC~ ~ ~ , ~~~ 2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr i`i;~a: :::: '::::::: ` :: < ~: ~:::: Return -10.40 -4.41 -0.34 12.26 12.43 14.63 18.48 11.74 7.05 -tile 100 100 100 97 96 I 92 ~ 86 89 76 .o.cy. .. Return 0.48 7.19 11.63 19.00 17.32 18.15 22.08 14.79 8.78 -tile 51 54 51 43 51 47 46 47 54 .. Glriver~e 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 Fa~tid ..: ,.....:.~:.....:~.::~...:. Return -10.17 -0.34 26.45 12.78 21.50 35.19 -16.64 -17.19 -tile 100 100 43 79 35 67 65 46 f~aNcy .: . Return -1.71 11.63 26.86 14.02 20.70 39.17 -15.66 -21.21 -tile 47 51 39 67 39 50 ~ 59 63 ... -v tJn ..arse :: ::::::::: :.:: :: ;:::::: :: :: :: ~:::::::: ~:::::: ~:: :: ::: :::::::::::::::::::: >:::: >:::: : ~ :::::::::::: :: 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 October 31, 2000 to December 31, 2007 Voyageur Funded 10-31-07 $2,557,100.00 14 Winter Springs General International -Voyageur Executive Summary Account Reconciliation 12/31/2007 2007 10/31/2007 Qtr YTD Incept Be~it~riira:g:~~lue::: :::: ::2~5~:::~: 4} :~ ::: ::~;5"a?< Net~l=lows : ::::::: :::::::::::::::38:::: :::~5~5 : ::::::::: <: 38 lrvestm edit: GEL ::::: ::::::::::::=261;:::: ::::::=~&1::: :: :::::-261:::' ~ndErtg.uaiue..:: 2 334 2,334 2,334 :I, Trailing Returns through December 31, 2007 Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 ;:Fend >. .. .-10.:1:7> ,:: .. .. .. . Rafic .::::::: Y ......... ::::::::=5:43:: :::::::::::::::::::::.: >::::::::::::::::::::::::: >::::::: >:::::::::::::: :::::::::::: ::::::::::::::::::::::::: ...............................,..... ..... ................................................ ................................ fli#f... .. ..... -4:74 . Returns in Up Markets 10/31 /2007 Incept .................................................................... f=.~ ~~ :: :::::::::::::.:: :::::::::::::::::::::::::::::::::: ::::::::::::: t~~d . ................ ............ .... . .................................................................... ................................................................... ....... Pofi ::::::::::::::: ::::::::::~::`::::: ::::::::::::::::':::::::: Rafiii :::::::::::::::::::::::::::::::~ :::::::::::::::::::::::.:::::: ................................................................... .................................................................... ,a.. Inception date is October 31, 2007 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. Returns are net of fees. Returns in Down Markets 10/31 /2007 Incept ................................... ................................. .................................. .................................. Rafio ;;::: ;:: ;:::::::> ::::::::.:::: ................................... .................................. : < :: ;::::::::::::::::::: ,x..7:3: 8 ................................. .................................. 15 City of Winter Springs General Employees American Stable Value Fund- Real Estate Executive Summary Account Reconciliation 12/31/2007 2007 10/02/2007 Qtr YTD Incept $i? jir~r+art~ :~~I~ie:' :: : :::::::::.:254 ::: : ::::::E} : ::::::::::::~;~0: Net::Flovcts :::::::: ....................... ...................... ::::::.::» a :: ................... ................... :::::2~4 ........... ........... :::: 4` ............... ............... Inv>rstme~:t GfL::::: : :::::::::::::::3:::: ::::::::::3::: :::::::::::::: 3 ....................... Erictlrg::Vaa~ie :::::::::: ................... :::::::::::253::::: ........... :::::53::: ............... ::::::::::: 253 Investment Policy I raning Keturns tnrougn uecemper 3~, ~uur Calendar Year Returns 12/31 /2007 2007 Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998 Ftiri :>::::::: d ......... .. ... ;::::::::1:3 :::::::::::::::::::::::::::::::::::::%:>::::::::::::::::::::::%:::::::~::::::::::: :::::::::::::::::::>::: ::: ........2....... .............................. ...... ..................... ..... ...... #?alic :::::::: y . ...... ................ ::::::::: :T~ ::::::~::~::>::::::::::::::::::::~::~::::::::::::::::::::::::>:::~::::::::::: ::~::::::::::: :::::: .......3................................................................................................................. .......................................................................................................................... Di~F ::::: :::: ::::::::=1 ~ 2 ::::::::::::::::::: >:: >:::::::::::::::: >:::::::::::: ::::::::_ :::: :::::::_ :: _: .8 Returns in Up Markets Returns in Down Markets 10/02/2007 Incept ..~, Inception date is October 2, 2007 All dollar values are shown in thousands. Returns for periods exceeding one year are annualized. ,~ Returns are net of fees. .................................................................... ~unr~ :: ::::: ::: ::: :: :: :::: :: ::::::; :: :::::::::::: ::::: .................................................................... .................................................................... Polio :: :::::::::::::::::::::::::: : :: >::::::: ::: ;:>::::::::`::: ;:::::::::: .................................................................... Ratio :< >: > ::::::::::::::::::::::::::::: >:: ;::::::::::::::::::::: 16 Defined Benefit Plan & Trust for Employees of the City of Winter Springs Up Market Returns 25.00% 20.00% ----------- ------------------- 15.00% ~--- ----' -- ---i i 10.00% --- -- -- 5.00% ---i -- ---i 0 00°/ i ° 3 Yr 5 Yr 7 Yr ' Incept Fund (%) 11.51 16.13 16.56 'I 16.56 Policy (%) 12.99 16.99 17.42 17.42 Difference (%) -1.48 -0.86 -0.86 -0.86 Ratio 88.61 94.94 95.06 95.06 # Up Qtrs 9.00 15.00 19.00 19.00 ', Down Market Returns o.oo°i° -----~ -- -5.00% ---------- i -10.00% ~ - - -15.00% ------------------- -20.00% 3 Yr 5 Yr 7 Yr Incept ~, Fund (%) -4.49 -5.87 -14.72 -13.63 Policy (%) -3.02 -4.16 -17.30 -17.55 Difference (%) -1.47 -1.71 2.58 3.92 .- Ratio 148.68 ! 141.11 85.09 77.66 # Down Qtrs 3.00 5.00 9.00 9.66 .- New IM's inception date 10-01-2007 ^ Fund (%) ~ Policy (%) 17 ~_ Defined Benefit Plan & Trust for Employees of the City of Winter Springs Objective Comparison $ $ $ $ $ v a I -.. u e $ Inception date is October 31, 2000 All dollar values are shown in thousands. New IM's inception date 10-01-2007 18 Quarter Ending ^ Fund -~ Policy -Q BVominal 9% -^ CPI + 4% ,~. Defined Benefit Plan & Trust for Employees of the City of Winter Springs Attributions of Returns Report Explanation ~w- 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 r~ 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. 19 Defined Benefit Plan & Trust for Employees of the City of Winter Springs ~~ Attribution of Returns Attribution of Performance to show Manager Contribution Policy ::: : M:an~ger: Ci~ritrik~t~#ior1:: Fund Current Quarter -0.84 : .... .... .... ::.: >>::::::::::: >; ='1::38: ............................... .... ............................... ................... ........... -2.22 Year to Date 7.13 -1::52:: . 5.61 3 Years 8.48 :::: .... :::: >::: -1:6:1 .... . ............................... 6.87 5 Years 11.30 :::: .... .... :::::::: ::.:: ::.::::: :='f::T'I:: ............................... .. .. ............................... 10.19 7 Years 4.91 f1:6'1: 5.42 Incept 4.22 :: ' :: ::::::: :::::: ;: ;::'1:::1:3:: 5.35 Policy + Manager Contribution =Fund Attribution of Manager Contribution between Asset Allocation and Security Selection Asset Allocation Security Selection .... ... :: .............................. ............................... Martag~r.:~oritrifjiattori: Current Quarter 1.03 -2.41 :: =:1:;~8:: Year to Date -3.76 2.24 < .... ... .... ... .... ... : :::: ::=3;52: .............................. ............................... .............................. ............................... .............................. ............................... 3 Years -4.71 3.10 .... .... `::::: ;:: ~:: ;:~:::::::=~ `~:'f .............................. .............................. 5 Years -5.97 4.86 ... .... :: ............................... ........... .................. x:1:.11: 7 Years -2.97 3.48 ... ... ... .... iJ.:S'l ............................... ............................... ............................... .............................. Incept -2.74 3.87 .. ;..1.13: Asset Allocation + Security Selection = Manager Contribution New IM's inception date 10-01-2007 20 .~_ Defined Benefit Plan & Trust for Employees of the City of Winter Springs Asset Allocation Effect ~-~ 15.00% u~- 10.00% P e r 5.00% "`~ c e n t 0.00% E f ,~, f -5.00% e c t -10.00% 15 00°/ ' ° M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 MOfi J06 S06 D06 M07 J07 S07 D07 "" Quarter Ending Security Selection Effect ~.~~ ~° 10.00% P ,~, e r 5.00% C e ~-- n t 0.00% E f f -5.00% e c t -10.00% 15 00°/ ' ° M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D Quarter Ending °"° ~ Quarterly Effect Cumulative Effect New IM's inception date 10-01-2007 21 Defined Benefit Plan & Trust for Employees of the City of Winter Springs --~ Asset Allocation vs Targets 8o.oo°io ~.. 7o.oo°i° --- ------- -------------- -------------------- ----- - --------------- ------------------------- --------- 60.00% - -------------------- ---- --- ~- 50.00% ---- ---------------------- --------- --------------------------- ---------------- ---------- - 40.00%~ -------- ------- -- - --------- ----------- --------- ---------------------------------------------- --------- 30.00% ------------------------- ------- --------- - ----------- -- -------- --------------- -------------------- 20.00% -- -- - ----- ----------------------- ------------ ----------- - -------------------------------- ---- - 10A0% ---- ------- - ----------------------------------------------------- ---------- ------------------------------------- ~s 0.00% 3 J3 S3 D3 4 J4 S4 D4 5 J5 S5 5 6 J6 S6 D6 7 J S7 Quarter Ending ~ Cash & Equiv ~ Target MU:S JU:3 JUJ UUS MU4 JU4 AV4 UV4 IVIVU JU.7 JUU UU.7 IVIVV JVO JVO UVO IVIU! JV/ JV! UV! Quarter Ending ~- ~ Equity ~ Target 80.00% a..' 70.00% ------------------------------------------------------------------------------------------------------------------------------ 60.00% ----------------- --------------------------- ------------------------------------------------ -~ 50.00% --------------------------------------- --- --------- ------------------------------------- ------------------- ----------- --------------------------------------------------------- 30.00% ----------- ..... 20.00% -- -- - - - -- -- -- 1 -a -- -- -- - -- -, -- ~-- --~-- - 10.00% - -- - -- -- - 0.00% M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 MO6 J06 S06 D06 M07 J07 S07 D07 Quarter Ending ~`~' ^ Fixed Income ~ Target New IM's inception date 10-01-2007 22 .~. Defined Benefit Plan & Trust for Employees of the City of Winter Springs ~~ Asset Allocation vs Targets so.oo°io ~. 7o.oo°io --------------- --------------------------- ----------- ----------------- ------------ ------------------------------------------------------ 60.00% ------------------------------------------- ---------------- -- ------------------------------------- ------- ---------------------- °- 50.00% ------------------------------------------ -------------------------------------------------------------------- ----------------- --------------------- 40.00% --- ------- ------------- ------------------------------------------------------------------------- ------- ------------- 30.00% -- ----------------------------- -------------------------- --------------------- ---------------- -------------- ---------------- 20.00% - --------------------------- - -------------- ---------------------- --------------------------------------------------------------- 10.00% - --------------- - ~~ 0.00% M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 D07 Quarter Ending ~~ ~ Int'I ~ Target 80.00% 70.00% ---------------------- - ------------------------------------ ----------- ------ 60.00°/ ------------------------------------------- --------------------------------------------------------------------------------- ---------------------------------------------- °,a. 50.00% ----------------------- ------------------------------------------------------------------------ 40.00% ----- --- ------------------------------------------------------------------------------------------------------------------ 30.00% ------------------------------- ----------- -------------------------- -------- ----------------------- ---------- ----------------------------------------------------- 20.00% ------------------------------------------- -------------------------------------------------------------------- ----------------------------------------------------------- 10.00% ------------------------------------------- --------------------------- --------------------------------------------------------------------------------------------- 0.00% 3 J3 S3 D3 4 J4 S4 D4 5 J5 S5 D5 6 J6 S6 D6 7 J S7 D7 Quarter Ending ~'" ~ REF -~ Target New IM's inception date 10-01-2007 23 .~ Defined Benefit Plan & Trust for Employees of the City of Winter Springs ~. Manager Contribution z.oo°r° 1.50% ~'- 1.00% 0.50% ,~ R 0.00% e t -0.50% u r -1.00% n -1.50% -2.00% -2.50% 3 00°/ ' ° M03 J03 S03 D03 M04 J04 S04 D04 M05 J05 S05 D05 M06 J06 S06 D06 M07 J07 S07 DC Quarter Ending ~ Quarterly Cumulative `~ Growth of $100 Fund vs Policy `~ v $ a $ I „~, u $ e ~.. $ New IM's inception date 10-01-2007 24 UVL IVIVJ JUJ JUJ UUJ IVIV4 JU4 JU4 UU4 IVIUU JV~ JU7 UU.7 IVIVO JVq JUO UUq IVIU! JU/ JU/ UU/ Quarter Ending ^ Fund -^- Policy Defined Benefit Plan & Trust for Employees of the City of Winter Springs Quarterly Comparison Analysis ($) Fund Policy Diff Nominal 9% Diff CPI + 4% Diff End ng Oct 2000 1,292 1,292 0 1,292 0 1,292 0 Dec 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 Dec 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 Dec 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 Dec 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 Dec 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 Dec 2005 11,810 11,172 638 13,334 -1,524 12,223 -413 Mar 2006 12,507 11,892 614 13,980 -1,473 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 Dec 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 I~, Sep 2007 16,986 16,585 401 18,327 -1,341 16,691 294'. Dec 2007 17,065 16,909 156 19,205 -2,140 17,449 -385 ~I All dollar values are shown in thousands. New IM's inception date 10-01-2007 25 Defined Benefit Plan & Trust for Employees of the City of Winter Springs Quarterly Comparison Analysis.(%) Fund Policy Diff Nominal 9% Diff CPI + 4% Diff End ng 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 Dec 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 Dec 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 Dec 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 Dec 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 Dec 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 Dec 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 1.28 0.61 Dec 2007 -2.22 -0.84 -1.38 2.18 -4.40 1.69 -3.91 Incept. 5.35 4.22 1.13 9.00 -3.65 6.72 -1.37 -. Returns for periods exceeding one year are annualized. New IM's inception date 10-01-2007 26 .~. 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/BetalR-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r-squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusting for beta. The higher the alpha, the better. R-squared measures the relationship between the policy and the fund. A high r-squared means the returns of the fund can largely be explained by movements of the policy. The r 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 a„ 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 Defined Benefit Plan & Trust for Employees of the City of Winter Springs ~- Risk Measures 3:'~r :::::::::: > :::: :::::: ::::::Eurd:: :::: Poi~e~: :: :::::Diff? # of Negative Qtrs 3.00 3.00 0.00 # of Positive Qtrs 9.00 9.00 0.00 j Batting Average 33.33 66.67 -33.34 Worst Qtr -2.22 -1.42 -0.80 Best Qtr 4.64 5.40 -0.76 Range 6.86 6.82 0.04 Worst 4 Qtrs 4.50 5.14 -0.64 Standard Deviation 4.54 4.52 0.02 Beta 0.98 1.00 -0.02 Annualized Alpha -1.42 0.00 -1.42 R-Squared 0.94 1.00 -0.06 Sharpe Ratio 0.60 0.96 -0.36 Treynor Ratio 2.77 4.32 -1.55 Tracking Error 1.09 0.00 1.09 Information Ratio -1.48 5:1'r : :: <::~:::::< . .. .. : :: :Fu:~id: ............ F oNc ... Y. Di~f:: ............ # of Negative Qtrs 5.00 5.00 0.00 # of Positive Qtrs 15.00 15.00 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 6.97 7.09 -0.12 Beta 0.96 1.00 -0.04 Annualized Alpha -0.73 0.00 -0.73 ', R-Squared 0.95 1.00 -0.05 Sharpe Ratio 1.04 1.18 -0.14 Iii Treynor Ratio 7.54 8.35 -0.81 Tracking Error 1.61 0.00 1.61 Information Ratio -0.69 7 ............ ............... ....... u...... ......~.r~~. ...... ...off . # of Negative Qtrs 9.00 9.00 0.00 # of Positive Qtrs 19.00 19.00 0.00 Batting Average 50.00 50.00 0.00 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 9.54 10.73 -1.19 Beta 0.86 1.00 -0.14 ~, Annualized Alpha 0.72 0.00 0.72 R-Squared 0.94 1.00 -0.06 Sharpe Ratio 0.26 0.18 0.08 Treynor Ratio 2.90 1.98 0.92 Tracking Error 2.78 0.00 2.78 Information Ratio 0.18 New IM's inception date 10-01-2007 i:ri~e~t ~ .: ~:~atid : :Prslicy: .: Riff: # of Negative Qtrs 9.00 9.66 -0.66 # of Positive Qtrs 19.66 19.00 0.66 Batting Average 51.16 48.84 2.32 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 9.38 10.71 -1.33 Beta 0.84 1.00 -0.16 Annualized Alpha 1.22 0.00 1.22 R-Squared 0.92 1.00 -0.08 Sharpe Ratio 0.25 0.11 0.14 Treynor Ratio 2.79 1.21 1.58 Tracking Error 3.13 0.00 3.13 Information Ratio 0.36 28 ,~ Defined Benefit Plan & Trust for Employees of the City of Winter Springs Return vs Risk through December 31, 2007 9.00% u 8.00% A n 7.00% ~- n u a I ~"" i z 6.00% e d R e `~'°` t 5.00% u r n 4.00% 3.00% 2 00°/ I ~MSCI EAFE ALB Aggr Fun I ~3 Mo TBill °` 8.00% New IM's inception date 10-01-2007 5.00% 10.00% 15.00% Risk (Annualized Std Dev) --f-Policy 20.00% 25.00% 29 .,. Defined Benefit Plan & Trust for Employees of the City of Winter Springs -~° Return vs Risk through December 31, 2007 3 Years 5 Years ~~ 25.00% ._. 20.00% ~~ R 15.00% e t _. r 10.00% n s 5.00% 0 30.UU"/o 25.00% EAFE 20.00% R e t 15.00% u r n 10.00% s 5.00% 0 00°/ 0.00 /0 1.00% 3.00% 5.00% 7.00% 9.00% ~ ° 5.00% 15.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 0.00% 10.00% 20.00% Risk (Annualized Std Dev) Risk (Annualized Std Dev} 7 Years 10.00% '""` 9.00% 8.00% 7.00% R e m~-- t 6.00% u r 5.00% n ~~ S 4.00% ,._, 3.00% 2 00°/ ~ MS S&P 500 Fund ~3 Mo TBiII~L6 ggr ~ MSCI EAF A LB Aggro and ~ ~ S&P 500 3 Mo TBill ° 5.00% 15.00% 25.00% `°" 0.00% 10.00% 20.00% Risk (Annualized Std ®ev) New IM's inception date 10-01-2007 Inception 10.00% 9.00% 8.00% R 7.00% e t 6.00% u r 5.00% n s 4.00% 3.00% 2 00 °/ ~ MSCI EAF i A LB Aggr and ~ 3 Mo TBill ° 5.00% 15.00 25.00% 0.00% 10.00% 20.00% Risk (Annualized Std Dev) -~-Policy 30 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 .~ 10/01/2003-09/30/2007 60.00 S&P 500 . 30.00 Lehman Aggregate Bond 10.00 MSCI SAFE ~°- 10/01 /2007-12/31 /2007 60.00 S&P 500 40.00 Lehman U.S. Aggregate Intermediate First Objective: 10/31/2000-12/31/2007 Annual Return of 9.00% ~- Second Objective: 10/31/2000-12/31/2007 100.00 US Consumer Price Index + 4.00 annual adder -" Universe Data: 60% Pure large Cap Core & 40% H QB ].0/31/2000-09/30/2003 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 --~ 10/01/2007-12/31/2007 40.00 High Quality Bond 60.00 Pure Large Cap Core 31 The Market Environment Asset Class Performance -- Period Ended= December 31, 2007 *" Quarter Performance MSCI EAFE u MSCI Emerg. Mkts. S&P 500 Russell 3000 Russell 1000 Russell 2000 -1.a°i° -3.3% -3.3% -3.2% -a.6% a Lehman US Agg. Lehman US Gov. Lehman MBS Fixed Lehman US Credit 3mos. T-Bill -6.0% -3.0% 0.0% 3 .0% 6.0% Source: MSCI Capital Markets, Russell Co., HFR, Lehman, &Bogdahn Consulfing, LLC. Year-to-Date Market Performance I _ _ - _. MSCI EAFE j »~ 11.2% , , MSCI Emerg. Mkts. Y 36.5° S&P 500 5.5% i Ruase113000 ~ S~1% ~ I Russell 1000 W =.s% ', ' Russe112000 ~-1•s% r j 1 I ~ ' i Lehman US Agg. ~•o% ~ ~ 1 ~ ~ i ~ Lehman US Gov. $•7% ' I Lehman MBS Fixed 7.0% . ', Lehman US Credit S.1% 3mos. T-Bill ~ a.a% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Bogdahn Consulting, LLC. The Market Environment Asset Class Performance Period Ended= December 31, 2007 Five Year Annualized Performance I MSCI EAFE MSCI Emerg. Mkta. 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% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Rnnrra~ MRC:1 C)anital Markalc Ru.c.call C;n HFR 1 ahman Citirnrn R Rnnrfahn (',nnc~~ltinn 11 C Ten Year Annualized Performance MSCI SAFE MSCI Emerg. Mkts. S&P 600 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% Bogdahn Consulting, LLC. `~' 15.0% The Market Environment Equity Sector Performance - Period Ended December 31, 2007 ENERGY MATERIALS INDUSTRIALS CONSUMER DISCR CONSUM ER STAPLES HEALTH CARE FINANCIALS INFORMATION TECH TELECOM SVC UTILITIES ~- Source: MSC/Barra &Bogdahn Consulting, LLC. Bogdahn Consulting, LLC. Sector Performance as of 12/31/2007 The Market Environment Equity Style Performance Period Ended December 31, 2007 Source: Frank Russell Co. Russell All Cap Style Performance 25 20 15 10 5 0 -5 -10 -15 .- I 25 20 15 10 5 0 -5 -10 -15 i 25 20 15 10 b 0 -5 ~` -10 -15 I _ _ 12.413.6 14.7 - - ~~ - 11:4 11:4. .. - _: 8 6 8.9 9.0 - - _ - - -------- ------6.-2?.7-- ___ 5--1--- 5T-__ 3.8 ~ _ __ _ - . i Qtr -1.0 - __ _ __. _ _. q ^ 3000 Growth ^ 3000 Iadea ^ 3000 Value Russell Large Cap Style Performance l0yr - 13.4 14.6 - --- __ - 11:8 -_ 1~:~ - _ _ - _-12.1 ----- - - 8.7 9.1 9.3 „, ___ .. - 5.8 5.8 r.~ '.7 3.& - - - __ - - - -0.8_ =3-2 -__ - - - -5.8 - Qtr YTD lyr Syr Syr l0yr ^ 1000 Growth ^ 1000 Indea ^ 1000 Value Russell Small Cap Style Performance Qtr YTD lyr Syr Syr ^ 2000 Growth ^ 2000 Index ^ 2000 Value Bogdahn Consulting, LLC. `' l0yr The Market Environment Trends for Stocks and Bonds Period Ended December 31, 2007 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% Of O N M V N O r O O O N M ~ N O n O m O N M < u1 (O f~ rn rn rn rn m rn m m m m m m m rn m m rn m rn m rn °o °o °o °o °o °o °o °o _ N N N N N N N N (~ N N (~ N N f~ N (~ N N N N N N N fV N a a a a N (~ f~ N N N fV r r r r r r '- r r r ~ r r r r r r r r r ~- ~-- '- ~- ~- r r r ~- -Value ----Growth Source: Frank Russell Co. &Bogdahn Consulting, LLC. 7 6 5 4 3 2 1 0 Treasury Yield Curve 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 --~-- 12/31/2007 -,~ 12/29/2006 ^' Source: Federal Reserve Bogdahn Consulting, LLC. `~~ Growth vs. Value Russell 1000 Excess Return Rolling 12 Month Periods