Performance Evaluation

Sample Report
Consolidated Portfolio

For the Period Ending

March 31, 2004

Presented
by:
iNFiNi-t Wealth Management Advisers Inc.

Sample Report
Consolidated Portfolio
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.

Sample Report
Consolidated Portfolio
Executive Summary
Account Reconciliation

Investment Policy

03/31/2004
Qtr

2004
YTD

12/31/1995
Incept

100,915

100,915

56,271

-4,429

-4,429

-30,406

4,151

4,151

74,773

100,637

100,637

100,637

Beginning Value
Net Flows
Investment G/L
Ending Value

Index

Weight

SM Cdn Bond Universe

30.00

S&P/TSX Composite

25.00

S&P500 ($cdn)

25.00

Europe, Australia & Far East ($cdn)

20.00

Trailing Returns through March 31, 2004

2 Yr

3 Yr

4 Yr

5 Yr

6 Yr

7 Yr

8 Yr

Fund

28.93

-0.08

2.63

6.84

6.48

6.02

8.21

9.22

9.09

Policy

25.63

2.60

2.30

-0.91

2.69

3.54

6.13

7.23

7.19

3.30

-2.68

0.33

7.75

3.79

2.48

2.08

1.99

1.90

Diff

9 Yr

12/31/1995
Incept

1 Yr

10 Yr

Calendar Year Returns

03/31/2004
Qtr

2004
YTD

2003

2002

2001

2000

1999

1998

1997

1996

Fund

4.12

4.12

12.08

-13.55

7.72

21.56

3.34

8.88

17.51

17.37

Policy

4.13

4.13

12.76

-9.96

-5.60

1.56

14.52

12.84

16.23

16.48

-0.01

-0.01

-0.68

-3.59

13.32

20.00

-11.18

-3.96

1.28

0.89

Diff

Returns in Up Markets

1995

Returns in Down Markets

3 Yr

5 Yr

8 Yr

12/31/1995
Incept

Fund

26.8

24.7

22.0

21.2

Policy

23.5

20.9

20.9

Ratio

113.9

118.6

105.4

Inception date is December 31, 1995

All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees.

3 Yr

5 Yr

8 Yr

12/31/1995
Incept

Fund

-23.6

-16.0

-17.6

-17.6

20.2

Policy

-21.4

-19.6

-21.0

-21.0

105.0

Ratio

110.3

81.8

83.9

83.9

Sample Report
Consolidated Portfolio
Asset Allocation Through March 31, 2004

Current Quarter

Cdn Fixed Income 27.14%

$27,312

Cash & Equivalents 0.91%

$915

Global Equities 50.72%

$51,040

Canadian Equities 21.23%

$21,370

Previous Quarter

Cdn Fixed Income 26.73%

$26,974

Global Equities 49.66%

$50,117

Cash & Equivalents 2.39%

$2,412

Canadian Equities 21.22%

$21,411

All dollar values are shown in thousands.

Sample Report
Consolidated Portfolio
Manager Contribution
15.00%

10.00%

5.00%
R
e
t
u
r
n

0.00%

-5.00%

-10.00%

-15.00%

J99

S99

D99

M00

J00

S00

D00

M01

J01

S01

D01

M02

J02

S02

D02

M03

J03

S03

D03

M04

D02

M03

J03

S03

D03

M04

Quarter Ending
Quarterly

Cumulative

Growth of $100 Fund vs Policy

$150

$140

$130
V
a
$120
l
u
e
$110

$100

$90 M99

J99

S99

D99

M00

J00

S00

D00

M01

J01

S01

D01

M02

Quarter Ending
Fund

Policy

J02

S02

Sample Report
Consolidated Portfolio
Asset Allocation Effect
20.00%

15.00%
P
e
r
c
e
n
t
E
f
f
e
c
t

10.00%

5.00%

0.00%

-5.00%

-10.00%

-15.00%

J99

S99

D99

M00

J00

S00

D00

M01

J01

S01

D01

M02

J02

S02

D02

M03

J03

S03

D03

M04

J02

S02

D02

M03

J03

S03

D03

M04

Quarter Ending

Security Selection Effect

20.00%

15.00%
P
e
r
c
e
n
t
E
f
f
e
c
t

10.00%

5.00%

0.00%

-5.00%

-10.00%

-15.00%

J99

S99

D99

M00

J00

S00

D00

M01

J01

S01

D01

M02

Quarter Ending
Quarterly Effect

Cumulative Effect

Sample Report
Consolidated Portfolio
Objective Comparison
$150,000

$125,000

$100,000

V
a
l
u
e

$75,000

$50,000

$25,000

$0 M99 J99 S99 D99 M00 J00 S00 D00 M01 J01 S01 D01 M02 J02 S02 D02 M03 J03 S03 D03 M04
Quarter Ending

Inception date is December 31, 1995

All dollar values are shown in thousands.

Fund

Policy

1st Objective-10%

2nd Objective-CPI

Sample Report
Consolidated Portfolio

35.00%

Trailing Returns through March 31, 2004

30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
Fund (%)
Policy (%)
Difference (%)

30.00%

1 Yr
28.93
25.63
3.30

2 Yr
-0.08
2.60
-2.68

3 Yr
2.63
2.30
0.33

4 Yr
6.84
-0.91
7.75

5 Yr
6.48
2.69
3.79

6 Yr
6.02
3.54
2.48

7 Yr
8.21
6.13
2.08

8 Yr
9.22
7.23
1.99

9 Yr

10 Yr

Incept
9.09
7.19
1.90

2002
-13.55
-9.96
-3.59

2001
7.72
-5.60
13.32

2000
21.56
1.56
20.00

1999
3.34
14.52
-11.18

1998
8.88
12.84
-3.96

1997
17.51
16.23
1.28

1996
17.37
16.48
0.89

1995

Calendar Year Returns

25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
Fund (%)
Policy (%)
Difference (%)

Qtr
4.12
4.13
-0.01

YTD
4.12
4.13
-0.01

2003
12.08
12.76
-0.68

Fund (%)

Policy (%)

Sample Report
Consolidated Portfolio

35.00%

Up Market Returns

30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Fund (%)
Policy (%)
Difference (%)
Ratio
# Up Qtrs

0.00%

3 Yr
26.76
23.50
3.26
113.87
7.00

5 Yr
24.73
20.85
3.88
118.61
12.00

8 Yr
21.97
20.85
1.12
105.37
23.00

Incept
21.22
20.20
1.02
105.05
24.00

5 Yr
-16.01
-19.57
3.56
81.81
8.00

8 Yr
-17.64
-21.02
3.38
83.92
9.00

Incept
-17.64
-21.02
3.38
83.92
9.00

Down Market Returns

-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
Fund (%)
Policy (%)
Difference (%)
Ratio
# Down Qtrs

3 Yr
-23.63
-21.42
-2.21
110.32
5.00

Fund (%)

Policy (%)

Sample Report
Consolidated Portfolio
Return vs Risk through March 31, 2004
11.00%

10.00%

9.00%

Fund
S&P 500 $C

8.00%
A
n
n
u
a
l 7.00%
i
z
e
d
6.00%
R
e
t
u
r
n 5.00%

SM Bond Univ

4.00%

EAFE C$

3.00%

CPI
2.00%
0.00%

5.00%

10.00%
15.00%
Risk (Annualized Std Dev)
Policy

20.00%

25.00%

Sample Report
Consolidated Portfolio
Risk Measures Report Explanation
The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two pages are
used to determine the level of risk to which the fund has been exposed, and whether the return has been commensurate with
the risk taken. All measures are calculated for both the fund and the policy as well as the difference between the two. Up to
four time periods are evaluated depending on the age of the fund.
# Of Negative Qtrs/# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return was
less than zero, and the number of positive quarters is the number of quarterly returns which were greater or equal to zero.
Batting Average: The batting average is a measure of consistency. It shows the percent of the quarters the fund has beaten
the policy and the percent of the quarters the policy has beat the fund. A high average for the fund (e.g. over 50) is desirable,
indicating the fund has beaten the policy frequently.
Worst Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a
measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low,
and indicates dispersion.
Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher standard
deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be zero. The
more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk.
Alpha/Beta/R-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r-squared
should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. Higher betas
indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusting for
beta. The higher the alpha, the better. R-squared measures the relationship between the policy and the fund. A high
r-squared means the returns of the fund can largely be explained by movements of the policy. The higher the r-squared, the
more reliable the alpha and the beta. R-squared may range from 0 to 100. Beta, alpha and r-squared are derived from
regression analysis using the fund and policy returns as the dependent and independent variables respectively. Roughly, one
would expect the fund's performance to equal the return of the policy multiplied by the beta plus the alpha.

Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit of total
risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as measured by beta.
Both of these should be compared against the corresponding value for the policy. Higher numbers are better, indicating more
return for the level of risk that was experienced.

Sample Report
Consolidated Portfolio
Risk Measures
3 Yr

Fund

Policy

Diff

# of Negative Qtrs
# of Positive Qtrs
Batting Average
Worst Qtr
Best Qtr
Range
Worst 4 Qtrs
Standard Deviation
Beta
Annualized Alpha
R-Squared
Sharpe Ratio
Treynor Ratio
Tracking Error
Information Ratio

4.00
8.00
58.33
-11.76
11.22
22.98
-22.56
11.26
1.03
0.26
0.74
-0.05
-0.50
5.70
0.06

5.00
7.00
41.67
-8.84
8.33
17.17
-16.21
9.39
1.00
0.00
1.00
-0.09
-0.84
0.00

-1.00
1.00
16.66
-2.92
2.89
5.81
-6.35
1.87
0.03
0.26
-0.26
0.04
0.34
5.70

8 Yr

Fund

Policy

Diff

# of Negative Qtrs
# of Positive Qtrs
Batting Average
Worst Qtr
Best Qtr
Range
Worst 4 Qtrs
Standard Deviation
Beta
Annualized Alpha
R-Squared
Sharpe Ratio
Treynor Ratio
Tracking Error
Information Ratio

7.00
25.00
56.25
-11.76
11.63
23.39
-22.56
11.91
0.84
3.17
0.66
0.43
6.12
7.15
0.28

9.00
23.00
43.75
-9.10
14.11
23.21
-17.46
11.61
1.00
0.00
1.00
0.27
3.15
0.00

-2.00
2.00
12.50
-2.66
-2.48
0.18
-5.10
0.30
-0.16
3.17
-0.34
0.16
2.97
7.15

5 Yr

Fund

Policy

Diff

# of Negative Qtrs
# of Positive Qtrs
Batting Average
Worst Qtr
Best Qtr
Range
Worst 4 Qtrs
Standard Deviation
Beta
Annualized Alpha
R-Squared
Sharpe Ratio
Treynor Ratio
Tracking Error
Information Ratio

5.00
15.00
60.00
-11.76
11.22
22.98
-22.56
12.86
0.82
4.27
0.56
0.20
3.07
8.73
0.43

8.00
12.00
40.00
-8.84
11.06
19.90
-17.46
11.71
1.00
0.00
1.00
-0.11
-1.27
0.00

-3.00
3.00
20.00
-2.92
0.16
3.08
-5.10
1.15
-0.18
4.27
-0.44
0.31
4.34
8.73

Incept

Fund

Policy

Diff

# of Negative Qtrs
# of Positive Qtrs
Batting Average
Worst Qtr
Best Qtr
Range
Worst 4 Qtrs
Standard Deviation
Beta
Annualized Alpha
R-Squared
Sharpe Ratio
Treynor Ratio
Tracking Error
Information Ratio

7.00
26.00
54.55
-11.76
11.63
23.39
-22.56
11.73
0.84
3.08
0.66
0.42
5.90
7.05
0.27

9.00
24.00
45.45
-9.10
14.11
23.21
-17.46
11.44
1.00
0.00
1.00
0.27
3.06
0.00

-2.00
2.00
9.10
-2.66
-2.48
0.18
-5.10
0.29
-0.16
3.08
-0.34
0.15
2.84
7.05

Sample Report
Consolidated Portfolio
Since Inception
20%

15%

Annualized Alpha
Beta
R-Squared

3.08
0.84
0.66

10%

F
u 5%
n
d
R
e
t
u 0%
r
n

-5%

-10%

-15%
-15%

-10%

-5%

0%

5%
Policy Return

Best Fit

Policy

10%

15%

20%

Sample Report
Consolidated Portfolio
Quarterly Comparison Analysis (%) Report Explanation
This page compares the returns of the fund to the returns of the investment policy and to the other investment objectives
quarter by quarter for the last five years. The last row shows the returns since inception.
The purpose of this page is to indicate how closely the fund has tracked its objectives, particularly the investment policy. If the
quarterly difference are small, then the fund has tracked the objectives closely. Wide discrepancies suggest that the fund is
being invested in a fashion which does not resemble the underlying objective. It is not likely a fund invested in stocks and/or
bonds will track a fixed (e.g. 10%) rate of return, or inflation very closely. However, a fund invested in securities should be able
to track an index comprised of similar securities.
This page also provides a measure of the fund's ability to meet its objectives frequently. If the fund often outperforms the
objective, then the difference column will have a preponderance of positive values.
If the investment policy or the objectives have changed over time, the heading at the top of each column will only reflect the
current policy and objectives, even though the quarterly returns include the alterations.

Sample Report
Consolidated Portfolio
Quarterly Comparison Analysis (%)
Period
Ending
Mar 1996
Jun 1996
Sep 1996
Dec 1996
Mar 1997
Jun 1997
Sep 1997
Dec 1997
Mar 1998
Jun 1998
Sep 1998
Dec 1998
Mar 1999
Jun 1999
Sep 1999
Dec 1999
Mar 2000
Jun 2000
Sep 2000
Dec 2000
Mar 2001
Jun 2001
Sep 2001
Dec 2001
Mar 2002
Jun 2002
Sep 2002
Dec 2002
Mar 2003
Jun 2003
Sep 2003
Dec 2003
Mar 2004
Incept.

Fund
1.26
3.65
4.02
7.50
0.52
8.60
5.98
1.56
4.66
1.75
-8.41
11.63
-0.29
6.66
-6.02
3.39
1.36
5.63
8.54
4.60
0.51
1.64
-3.57
9.34
1.04
-8.78
-11.76
6.30
-9.49
11.22
2.65
8.46
4.12
9.09

Policy
1.47
2.60
4.52
7.04
0.39
7.40
5.76
1.93
6.31
2.33
-9.10
14.11
1.64
2.44
-0.97
11.06
5.11
1.87
0.15
-5.28
-6.78
-0.09
-6.45
8.33
0.44
-7.09
-8.84
5.85
-6.54
7.86
4.25
7.29
4.13
7.19

Returns for periods exceeding one year are annualized.

Diff
-0.21
1.05
-0.50
0.46
0.13
1.20
0.22
-0.37
-1.65
-0.58
0.69
-2.48
-1.93
4.22
-5.05
-7.67
-3.75
3.76
8.39
9.88
7.29
1.73
2.88
1.01
0.60
-1.69
-2.92
0.45
-2.95
3.36
-1.60
1.17
-0.01
1.90

1st
Objective-10%
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
2.41
10.00

Diff
-1.15
1.24
1.61
5.09
-1.89
6.19
3.57
-0.85
2.25
-0.66
-10.82
9.22
-2.70
4.25
-8.43
0.98
-1.05
3.22
6.13
2.19
-1.90
-0.77
-5.98
6.93
-1.37
-11.19
-14.17
3.89
-11.90
8.81
0.24
6.05
1.71
-0.91

2nd
Objective-CPI
0.75
0.53
0.22
0.68
0.30
0.20
0.20
0.08
0.50
0.80
0.18
0.20
0.18
0.80
1.98
0.27
1.17
0.80
0.61
0.62
0.43
1.65
-0.08
-1.28
1.55
1.10
0.92
-0.05
1.99
-0.57
0.49
1.49
-0.15
2.26

Diff
0.51
3.12
3.80
6.82
0.22
8.40
5.78
1.48
4.16
0.95
-8.59
11.43
-0.47
5.86
-8.00
3.12
0.19
4.83
7.93
3.98
0.08
-0.01
-3.49
10.62
-0.51
-9.88
-12.68
6.35
-11.48
11.79
2.16
6.97
4.27
6.83

Sample Report
Consolidated Portfolio
Quarterly Comparison Analysis ($) Report Explanation
This report shows the performance, in dollars, of the fund relative to the objectives. The idea is to show a hypothetical value
that reflects what the account would be worth if it had instead invested in each objective.

The column titled "Fund" shows the actual values in the fund at the end of the quarter. The amount shown for the first date is
the same for each objective as that of the fund. This is the amount assumed to be invested in each objective. All other values
for the objectives are based on reinvesting the preceding amount, earning the return of the objective, and adjusting for
contributions or withdrawals to the fund.
A positive difference between the fund and an objective represents the additional dollars that are in the fund that would not be
available if the fund had actually experienced the return of the objective. A negative difference may be thought of as the cost
incurred in experiencing the actual performance instead of the objective performance.
The report will show results since the inception of the fund, or quarterly results over the last five years, whichever is less.

Sample Report
Consolidated Portfolio
Quarterly Comparison Analysis ($)
Period
Ending
Dec 1995
Mar 1996
Jun 1996
Sep 1996
Dec 1996
Mar 1997
Jun 1997
Sep 1997
Dec 1997
Mar 1998
Jun 1998
Sep 1998
Dec 1998
Mar 1999
Jun 1999
Sep 1999
Dec 1999
Mar 2000
Jun 2000
Sep 2000
Dec 2000
Mar 2001
Jun 2001
Sep 2001
Dec 2001
Mar 2002
Jun 2002
Sep 2002
Dec 2002
Mar 2003
Jun 2003
Sep 2003
Dec 2003
Mar 2004

Fund

Policy

56,271
92,109
94,445
97,474
102,189
99,206
105,891
110,095
110,740
112,882
110,220
99,898
110,071
106,968
111,946
101,619
103,240
102,947
108,621
117,091
121,142
113,562
112,493
107,061
113,893
124,698
111,352
95,260
99,077
85,969
95,092
95,411
100,915
100,637

All dollar values are shown in thousands.

56,271
92,290
93,659
97,126
101,371
98,248
103,667
107,515
108,517
112,327
110,289
99,185
111,728
110,762
111,351
106,562
116,485
120,713
122,877
122,289
114,540
99,015
96,112
88,520
92,772
102,643
92,916
81,637
84,219
74,966
80,322
81,512
84,921
83,999

Diff
0
-181
786
349
818
958
2,223
2,581
2,223
555
-69
713
-1,657
-3,794
595
-4,943
-13,244
-17,766
-14,256
-5,198
6,601
14,548
16,381
18,540
21,122
22,056
18,437
13,623
14,858
11,004
14,770
13,898
15,994
16,638

1st
Objective-10%
56,271
93,112
94,332
95,837
95,551
94,336
94,761
94,920
96,134
95,454
93,103
94,505
95,380
94,871
95,044
93,551
93,993
94,552
96,736
98,284
99,331
93,294
92,635
93,404
92,619
104,389
104,304
103,566
103,861
102,524
104,425
104,720
104,780
102,843

Diff
0
-1,003
113
1,637
6,637
4,870
11,130
15,176
14,606
17,428
17,117
5,393
14,690
12,097
16,902
8,068
9,247
8,395
11,885
18,807
21,811
20,268
19,858
13,657
21,275
20,309
7,048
-8,306
-4,784
-16,555
-9,333
-9,309
-3,866
-2,206

2nd
Objective-CPI
56,271
91,657
91,118
90,549
88,571
85,317
83,638
81,679
80,670
78,096
74,111
73,357
72,111
69,452
67,905
65,477
63,852
62,896
63,315
62,919
61,997
53,931
51,928
50,430
46,796
56,912
54,959
52,239
50,036
47,200
46,347
44,372
42,579
38,088

Diff
0
451
3,327
6,925
13,618
13,888
22,253
28,416
30,070
34,786
36,109
26,540
37,960
37,517
44,041
36,142
39,388
40,051
45,306
54,172
59,144
59,631
60,565
56,630
67,097
67,786
56,393
43,020
49,041
38,770
48,746
51,038
58,336
62,549

Sample Report
Consolidated Portfolio
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.

Sample Report
Consolidated Portfolio
Attribution of Returns
Attribution of Performance to show Manager Contribution
Policy

Manager Contribution

Fund

Current Quarter

4.13

-0.01

4.12

Year to Date

4.13

-0.01

4.12

3 Years

2.30

0.33

2.63

5 Years

2.69

3.79

6.48

8 Years

7.23

1.99

9.22

Incept

7.19

1.90

9.09

Policy + Manager Contribution = Fund

Attribution of Manager Contribution between Asset Allocation and Security Selection

Asset Allocation

Security Selection

Manager Contribution

Current Quarter

-0.12

0.11

-0.01

Year to Date

-0.12

0.11

-0.01

3 Years

-1.10

1.43

0.33

5 Years

-1.05

4.84

3.79

8 Years

-0.10

2.09

1.99

Incept

-0.09

1.99

1.90

Asset Allocation + Security Selection = Manager Contribution

Sample Report
Consolidated Portfolio
Market Values and Cash Flows Report Explanation
This page summarizes the market values, flows, net gain or loss and returns for the fund for the last five years. Net flows refer
to the contributions less the withdrawals from the fund. This page illustrates the change in market value through time, and
suggests whether changes were due to contributions, withdrawals, or investment profits.

Sample Report
Consolidated Portfolio

Market Values and Cash Flows

Period Ending
Mar 1996
Jun 1996
Sep 1996
Dec 1996
Mar 1997
Jun 1997
Sep 1997
Dec 1997
Mar 1998
Jun 1998
Sep 1998
Dec 1998
Mar 1999
Jun 1999
Sep 1999
Dec 1999
Mar 2000
Jun 2000
Sep 2000
Dec 2000
Mar 2001
Jun 2001
Sep 2001
Dec 2001
Mar 2002
Jun 2002
Sep 2002
Dec 2002
Mar 2003
Jun 2003
Sep 2003
Dec 2003
Mar 2004

Beginning Value

Net Flows

Investment
Gain/Loss

Ending Value

Return (%)

56,271
92,109
94,445
97,474
102,189
99,206
105,891
110,095
110,740
112,882
110,220
99,898
110,071
106,968
111,946
101,619
103,240
102,947
108,621
117,091
121,142
113,562
112,493
107,061
113,893
124,698
111,352
95,260
99,077
85,969
95,092
95,411
100,915

34,734
-1,025
-770
-2,596
-3,520
-1,850
-2,126
-1,075
-2,973
-4,589
-891
-1,392
-2,788
-2,095
-3,730
-1,800
-1,694
-76
-777
-1,308
-8,292
-2,868
-1,453
-3,003
8,968
-2,568
-3,218
-2,181
-3,812
-579
-2,196
-2,436
-4,429

1,104
3,362
3,799
7,311
536
8,535
6,331
1,719
5,115
1,927
-9,431
11,565
-315
7,072
-6,597
3,421
1,401
5,750
9,247
5,359
713
1,798
-3,980
9,836
1,837
-10,778
-12,875
5,998
-9,295
9,702
2,514
7,940
4,151

92,109
94,445
97,474
102,189
99,206
105,891
110,095
110,740
112,882
110,220
99,898
110,071
106,968
111,946
101,619
103,240
102,947
108,621
117,091
121,142
113,562
112,493
107,061
113,893
124,698
111,352
95,260
99,077
85,969
95,092
95,411
100,915
100,637

1.26
3.65
4.02
7.50
0.52
8.60
5.98
1.56
4.66
1.75
-8.41
11.63
-0.29
6.66
-6.02
3.39
1.36
5.63
8.54
4.60
0.51
1.64
-3.57
9.34
1.04
-8.78
-11.76
6.30
-9.49
11.22
2.65
8.46
4.12

All dollar values are shown in thousands.