Manager Quarter Last 12 months 3 years BAM Morley Legal & General Median

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1 Agenda Item No. 4 Pension Fund Committee 30 th April 007 Pension Fund Investments Report of Stuart Crowe, County Treasurer Purpose of the Report 1 To provide the Committee with an overview of the transactions undertaken during the period 1 st January 007 to 31 st March 007, to show how the value of the portfolio has changed during the period, the overall performance of the Managers and to consider the allocation of additional sums to the Managers for further investment. Transactions Reports from the three appointed managers - Baring Asset Management Limited, Morley Fund Management Limited and Legal and General Investments Limited are included on the agenda and a summary is attached in the Appendix, Table. 3 As at 1 st January 007 Barings had,678,7, Morley had 38,608,086 and Legal and General had 13,33,069 available for investment. During the quarter, Barings has disinvested a net amount of,8,441, Morley has invested a net amount of 4,087,913 and Legal and General has invested a net amount of 3,0,000. Managers Performance 4 The table below shows how the Managers of the three parts of the Fund have performed over the last quarter, year and three years against agreed benchmarks: Manager Quarter Last 1 months 3 years BAM Morley Legal & General Median Allocation of New Money A summary of the cash position of the Fund and estimates/actuals of cashflow over the last four quarters is contained in Table 1 on the Appendix.

2 6 The uninvested cash balance at the end of the previous quarter, together with interest and dividend received during the quarter, is available for investment during the quarter ending 30 th June 007 subject to the need to retain money to meet the Fund s net cash outflow. Having regard to the cash balance of the Fund at 31 st March 007, it is recommended that,000,000 be added to the money available to the managers for investment. The Value of the Fund 7 The changes in the value of the Fund during the period 31 st December 006 to 31 st March 007 are shown in Table in the Appendix. Recommendation 8 Having regard to the cash balance of the Fund at 31 st March 007, it is recommended that,000,000 be added to the money available to the managers for investment. Contact: Paul Turner Ext: April 007 Superan/Supnf

3 LE Quarter Ended Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate (1) () (3) (4) () (6) (7) (8) (9) (10) Contributions - DCC 9,00,000 9,68,79 9,700,000 10,001,477 10,000,000 10,07,690 10,000,000 10,079,980 10,000,000 - Other 9,600,000 10,999,83 11,000,000 9,348,974 9,700,000 10,08,167 10,000,000 16,73,146 11,000,000 Pensions Increase 1,00,000 1,178,4 1,00,000 1,094,113 1,000,000 1,01,716 1,000,000 1,86,946 1,000,000 Transfer Values,00,000 1,681,91 1,00,000 1,6,97 1,00,000,06,6 1,00,000,679,80 1,00,000 Loans Repaid Gross Dividend & Interest,700,000 10,786,74 7,000,000 9,08,397 7,000,000 9,601,7 7,000,000 7,699,43 7,000,000 Total Income 8,00,000 34,39,466 30,409,000 31,1,918 9,09,000 3,94,39 9,00,000 38,469,087 30,00,000 Payroll Paysheets 14,000,000 13,911,00 14,100,000 14,10,918 14,00,000 14,10,08 14,300,000 14,11,000 14,300,000 Payables Paysheets (incl. Managers fees) 6,300,000,889,71 6,000,000,01,790 6,000,000 6,837,731,000,000,,9,600,000 Total Expenditure 0,300,000 19,800,73 0,100,000 19,0,708 0,00,000 1,047,816 19,300,000 19,637,9 19,900,000 Surplus / (Deficit) 7,900,000 14,8,893 10,309,000 11,93,10 9,009,000 11,906,79 10,00,000 18,831,49 10,600,000 Net Capital payments/(receipts) 3,00,000 16,00,000 16,00,000 (3,300,000) Balance at Bank (opening) 34,897,9 49,87,113 47,387,934 4,943,996 Balance at Bank (closing) 49,87,113 47,387,934 4,943,996 78,378,00 Allocated to Managers 3,01,303 38,60,016 3,113,886 7,981,300 Money paid/(recovered) to/(from Manager),000,000 9,000,000 4,000,000 8,000,000 P-nf

4 TRANSACTIONS UNDERTAKEN BY THE MANAGERS IN THE PERIOD 1 ST JANUARY 007 TO 31 ST MARCH 007 BARINGS MORLEY LEGAL AND GENERAL TOTAL TRANSACTIONS Purchases Sales Purchases Sales Purchases Sales Purchases Sales (1) () (3) (4) () (6) (7) (8) (9) Gilts 1,3,846 1,0,403 0,343,130 0,876,474 10, ,046,976 33,46,877 Other Fixed Interest UK , , , ,37 Other Fixed Interest Overseas,09,784 4,8,747 16,693,697 14,690,8 130, ,83,481 19,7,97 UK Equities 81,80,67 90,989,4 3,76,771 30,93,638,100, ,716,398 11,8,89 Overseas Equities Europe 8,177,73 33,840,940 11,314,646 11,438,486 00, ,99,381 4,79,46 USA and Canada,797,10 13,666,68,670,104,09, 1,000 0,6,06 16,17,937 Japan 3,440,68 3,373,67 0 0, ,66,68 3,373,67 Smaller Pacific Markets,06,668,3, ,000 0,766,668,3,066 Australia and New Zealand 646,06 14, ,06 14,994 Emerging Markets,600,4 107,69 14, ,614,48 107,69 Property Unit Trusts ,60,841 16,161,8 84,79,31 80,641,408 3,0, ,8,16 4,80,690

5 E 3 VALUE OF THE FUND APPENDIX BARINGS MORLEY LEGAL AND GENERAL TOTAL (Decrease) (Decrease) (Decrease) (Decrease) () (3) (4) () (6) (7) (8) (9) (10) (11) (1) (13) 19,164,903 18,33, (631,681),818,03 1,901,970 (916,06) * 8,067,48 * 8,008,868 (8,680) 70,00,486 68,444,060 (1,606,46) 3,631,899 3,60,00 (71,879) 33, ,944 99, ,964,368 3,991,964 7,96 s 1,47,834 1,774,888 7,04 10,777,171 1,808,47,031,301 * 1,67,433 * 1,944,83 69,40 3,700,438 38,8,13,87,77 74,3,796 66,64,146 (7,698,60) 1 39,91, ,484,43 7,3,843 * 76,63,07 * 86,371,401 10,108, ,67, ,10,000 9,94,387 d 8,78,003 3,800,804 (4,477,199) 48,76,4 1,136,44,370,879 * 63,06,64 * 66,196,177 3,133, ,106,11 171,133,40 1,07,93 11,09,33 6,716 (11,0,17) 0,607,164 0,937,9 330,78 * 1,874,17 *,09, ,793 3,10,914 43,13,948 (10,36,966) 6,98,780 6,831,011 (17,769) 4 0,14, ,789,880 7,093 * 19,993,48 * 0,778,79 78,331 67,466,81 68,399,470 93,6 14,0,30 1,134, ,981 4,987,018,748,1 761,134 * 34,837,948 * 37,614,136,776,188 74,04,86 78,496,89 4,41,303 14,374,071 1,984,9 1,610, ,374,071 1,984,9 1,610,18 g 17,13,64 0,897,44 3,683,881 1,818,161 1,931, , ,031,7 33,89,114 3,797,389 1,71,60 1,949,77 37,173 13,064,64 13,8,37 193, ,777,166 3,08,10 430,936 1,179,913 44,97,38 9,747,47 3,76,337 3,779,1 (3,016,788) 6,046,81 7,48,837 1,41,0 3,989,06 88,16,347 34,176,8 488,363,918 01,03,94 1,690,04 447,398, ,08,338 1,809,477 46,81,77 481,8,161 18,760,884 1,398,84,06 1,44,844,441 47,60,38 Includes 3,14,08 which is held in Managed Unit Trusts Includes 3,03,14 which is held in Managed Unit Trusts * Held in Managed Insurance Funds Held in Baring Emerging Markets Umbrella Fund 1 Includes 9,683,798 which is held in Norwich Union UK Smaller Companies Account Held in Morley Pooled Pensions South East Asia Fund 3 Includes 10,096,61 which is held in Norwich Union UK Smaller Companies Account 4 Held in Morley Pooled Pension Japan Fund Held in Aviva Portfolio Emerging A1