Cumulative Performance Comparisons Period Ending: March 31, 2007 Equity Style - Large Value Last Quarter Two Quarters Three Quarters One Year Two Years Three Years Four Years Five Years Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile 2.9 11.2 17.5 18.3 17.9 16.9 24.4 14.1 25th Percentile 1.9 9.7 16.1 16.4 16.1 15.2 22.4 12.0 50th Percentile 1.4 8.9 15.1 15.2 15.3 14.4 20.6 10.2 75th Percentile 0.5 8.3 14.1 14.4 14.3 13.4 19.2 8.9 95th Percentile -0.6 5.3 12.3 11.9 12.3 10.7 17.0 7.4 WELLINGTON 0.9 62 8.6 60 13.3 83 14.0 78 13.9 79 13.9 61 20.0 61 10.2 51 RUSSELL 1000 VALUE 1.2 53 9.3 35 16.1 24 16.8 21 15.0 57 14.4 50 20.5 51 10.2 50 1
Consecutive Performance Comparisons Period Ending: March 31, 2007 Equity Style - Large Value March 2007 March 2006 March 2005 March 2004 March 2003 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile 18.3 19.4 17.1 53.9-18.0 25th Percentile 16.4 16.3 14.3 47.4-19.8 50th Percentile 15.2 14.9 12.7 42.3-22.4 75th Percentile 14.4 12.3 9.5 38.1-24.4 95th Percentile 11.9 8.7 7.0 33.1-27.0 WELLINGTON 14.0 78 13.7 61 14.1 29 40.1 63-21.6 43 RUSSELL 1000 VALUE 16.8 21 13.3 65 13.2 42 40.8 59-22.8 55 2
Fbox Annual - Five Year Period Ending: March 31, 2007 Equity Style - Large Value December 2006 December 2005 December 2004 December 2003 December 2002 Return Rank Return Rank Return Rank Return Rank Return Rank 5th Percentile 23.4 13.4 21.4 38.8-7.9 25th Percentile 21.4 10.6 19.5 33.1-12.4 50th Percentile 19.4 9.0 15.7 30.4-15.8 75th Percentile 17.7 6.0 12.2 28.1-19.3 95th Percentile 14.1 2.5 9.3 23.8-25.0 WELLINGTON 17.4 77 10.3 29 16.1 47 30.0 54-15.0 44 RUSSELL 1000 VALUE 22.2 17 7.1 66 16.5 45 30.0 54-15.5 48 3
Performance Review Summary Period Ending: March 31, 2007 Performance & Risk Measures Quarter One Year Three Years Five Years Standard Deviation Sharpe Ratio Beta Return Rank Return Rank Return Rank Return Rank 3-Years 5-Years 3-Years 5-Years 3-Years 5-Years WELLINGTON 0.9 62 14.0 78 13.9 61 10.2 51 7.6 15.8 1.4 0.5 1.1 1.0 RUSSELL 1000 VALUE 1.2 53 16.8 21 14.4 50 10.2 50 6.7 15.7 1.6 0.5 Equity Style - Large Value 1.4 15.2 14.4 10.2 6.7 14.8 1.6 0.5 Security Ten Largest Holdings Market Value Weight BANK OF AMERICA 11,652,968 6.21 CITIGROUP INC 10,338,130 5.51 AT&T INCORPORATED 9,901,307 5.27 EXXON MOBIL 6,458,520 3.44 CONOCO PHILLIPS COMMON STOCK 5,194,327 2.77 EXELON CORPORATION 4,617,312 2.46 AMERICAN INTERNATIONAL GROUP, INC. 4,285,275 2.28 MURPHYS OIL COMPANY 4,053,060 2.16 STANDARD & POOR'S DEPOSITORY RECEIPT TRU4,013,528 2.14 OCCIDENTAL PETROLEUM 3,898,558 2.08 Sector Sector Weights Portfolio Benchmark Materials 4.8 3.9 Industrials 6.8 7.1 Telecommunications Services 6.8 6.6 Consumer Discretionary 8.5 8.4 Consumer Staples 8.4 7.8 Energy 13.7 14.1 Financials 34.2 35.0 Health Care 5.8 6.9 Information Technology 3.9 3.3 Other 2.1 Utilities 5.0 6.8 Average Market Cap P/E P/B Dividend Yield Earnings Growth Total Assets Portfolio Characteristics Portfolio Benchmark $ 92,042 $ 107,220 Median Market Cap $ 21,860 $ 5,410 Benchmark: RUSSELL 1000 VALUE 16.7 13.3 2.9 2.5 2.2 2.4 18.1 17.7 % of Total Fund $ 188,013 6.7% 4
Rolling Return: 3 year Annualized Period Ending: March 31, 2007 03/31/00 03/31/01 03/31/02 03/31/03 03/31/04 03/31/05 03/31/06 03/31/07 WELLINGTON -5.2 3.9 7.8 22.0 13.9 RUSSELL 1000 VALUE 18.0 3.9 3.6-6.9 4.3 7.2 21.8 14.4 Equity Style - Large Value 13.9 5.0 8.0-2.7 5.1 6.4 21.7 14.4 5
Three & Five Year Return vs. Risk Period Ending: March 31, 2007 Three-Year Five-Year Annualized Return % Three Year Return vs Risk Standard Deviation % Sharpe Ratio 13.9 7.6 1.4 14.4 6.7 1.6 14.4 6.7 1.6 Category Annualized Return % Five Year Return vs Risk Standard Deviation % Sharpe Ratio WELLINGTON 10.2 15.8 0.5 Equity Style - Large Value Universe Median 10.2 14.8 0.5 RUSSELL 1000 VALUE 10.2 15.7 0.5 6
Equity Only Summary Statistics Period Ending: March 31, 2007 WELLINGTON Portfolio RUSSELL 1000 VALUE Total Number of Securities Total Market Value Average Market Capitalization (000's) Equity Segment Yield Equity Segment Price/Earnings Ratio Equity Segment Beta Price/Book Ratio 5 Year Earnings Growth 99 604 187,749,338 92,042,313 107,220,000 2.43 2.44 17.29 13.30 0.99 0.94 3.18 2.54 18.1% 17.7% Ten Largest Holdings Security Market Value Weight BANK OF AMERICA 11,652,968 6.21 CITIGROUP INC 10,338,130 5.51 AT&T INCORPORATED 9,901,307 5.27 EXXON MOBIL 6,458,520 3.44 CONOCO PHILLIPS COMMON STOCK 5,194,327 2.77 EXELON CORPORATION 4,617,312 2.46 AMERICAN INTERNATIONAL GROUP, INC. 4,285,275 2.28 MURPHYS OIL COMPANY 4,053,060 2.16 STANDARD & POOR'S DEPOSITORY RECEIPT TRU4,013,528 2.14 OCCIDENTAL PETROLEUM 3,898,558 2.08 Ten Best Performers Security Return Weight OWENS ILLINOIS INCORPORATED 39.7 0.59 TRW AUTOMOTIVE HOLDINGS CORPORATION 34.6 0.59 GENERAL GROWTH PROPERTIES 24.6 1.65 NOBLE ENERGY INCORPORATED 21.7 0.26 AGRIUM, INCORPORATED 21.7 0.53 LANDSTAR SYSTEM, INCORPORATED 20.1 0.85 FREEPORT - MCMORAN COPPER - B 19.5 0.65 TXU CORPORATION 19.0 0.63 CH ROBINSON WORLDWIDE 17.9 0.70 NORTHEAST UTILITIES 17.1 0.42 Ten Worst Performers Security Return Weight COUNTRYWIDE FINANCIAL CORP. -20.5 0.62 MERRILL LYNCH & CO., INC. -12.0 1.64 GAP, INCORPORATED -11.7 0.98 FREDDIE MAC -11.7 0.80 BISYS GROUP INCORPORATED -11.2 0.32 KRAFT FOODS INC. -10.6 0.44 MBIA INC -9.9 1.51 TIME WARNER -9.2 0.62 COMCAST CORP. -SPECIAL CLASS A -8.8 0.65 HOME DEPOT, INC. -8.0 0.55 7
Portfolio Characteristics - Equity Period Ending: March 31, 2007 Equity Funds - Equity Only 5th Percentile 25th Percentile 50th Percentile 75th Percentile 95th Percentile Price/Earnings Ratio Dividend Yield Capitalization 5 Year Earnings Beta Price/Book Ratio Value Rank Value Rank Value Rank Value Rank Value Rank Value Rank 24.64 20.35 17.04 15.09 12.89 2.42 1.85 1.20 0.75 0.25 107.03 79.40 45.11 2.74 1.21 WELLINGTON 17.29 48 2.43 5 92.04 16 18.12 79 0.99 83 3.18 64 RUSSELL 1000 VALUE 13.30 91 2.44 5 107.22 5 17.67 80 0.94 93 2.54 86 39.67 28.42 22.63 19.35 12.39 1.55 1.29 1.11 1.03 0.93 5.59 4.34 3.55 2.88 2.27 8
Top Ten Holding Period Ending: March 31, 2007 As Of 6/30/05 As Of 9/30/05 As Of 12/31/05 As Of 3/31/06 CITIGROUP INC 6.0% CITIGROUP INC 5.7% BANK OF AMERICA 6.1% BANK OF AMERICA 6.2% BANK OF AMERICA 4.9% BANK OF AMERICA 4.7% CITIGROUP INC 5.9% CITIGROUP INC 5.8% EXXON MOBIL CORP. 3.9% CONOCO PHILLIPS COMMON STOCK 2.5% EXXON MOBIL CORP. 5.6% EXXON MOBIL CORP. 4.2% PFIZER,INC. 2.3% PETRO-CANADA 2.5% CHEVRONTEXACO CORP. 3.4% CHEVRONTEXACO CORP. 4.0% CONOCO PHILLIPS COMMON STOCK 2.2% EXELON CORPORATION 2.5% EXELON CORPORATION 2.4% CONOCO PHILLIPS COMMON STOCK 2.9% UNION BANC CORPORATION 2.2% ALTRIA GROUP INCORPORATED 2.4% ALTRIA GROUP INCORPORATED 2.4% EXELON CORPORATION 2.3% PETRO-CANADA 2.0% VALERO ENERGY CORPORATION 2.4% CONOCO PHILLIPS COMMON STOCK 2.0% MERRILL LYNCH & CO., INC. 2.1% ALTRIA GROUP INCORPORATED 2.0% OCCIDENTAL PETROLEUM 2.2% DEUTSCHE TELECOM AG ADR 2.0% HEWLETT PACKARD 2.0% OCCIDENTAL PETROLEUM 1.9% UNION BANC CORPORATION 2.2% MERRILL LYNCH & CO., INC. 1.8% DEUTSCHE TELECOM AG ADR 1.9% DEUTSCHE TELECOM AG ADR 1.9% HALLIBURTON COMPANY 2.0% HALLIBURTON COMPANY 1.8% GOLDMAN SACHS GROUP 1.9% Top Ten Total: 29.3% Top Ten Total: 29.0% Top Ten Total: 33.3% Top Ten Total: 33.3% As Of 6/30/06 As Of 9/30/06 As Of 12/31/06 As Of 3/31/07 BANK OF AMERICA 6.6% BANK OF AMERICA 7.0% BANK OF AMERICA 6.6% BANK OF AMERICA 6.2% CITIGROUP INC 5.9% CITIGROUP INC 5.8% CITIGROUP INC 6.1% CITIGROUP INC 5.5% CHEVRONTEXACO CORP. 3.3% CHEVRONTEXACO CORP. 3.3% EXXON MOBIL 4.1% AT&T INCORPORATED 5.3% OCCIDENTAL PETROLEUM 3.2% OCCIDENTAL PETROLEUM 2.9% CONOCO PHILLIPS COMMON STOCK 3.1% EXXON MOBIL 3.4% CONOCO PHILLIPS COMMON STOCK 3.2% CONOCO PHILLIPS COMMON STOCK 2.8% OCCIDENTAL PETROLEUM 2.8% CONOCO PHILLIPS COMMON STOCK 2.8% EXXON MOBIL CORP. EXELON CORPORATION DEUTSCHE TELECOM AG ADR 2.6% 2.4% 1.8% EXXON MOBIL CORP. AMERICAN INTERNATIONAL GROUP, EXELON CORPORATION 2.7% 2.6% 2.5% AMERICAN INTERNATIONAL GROUP, EXELON CORPORATION MURPHYS OIL COMPANY 2.6% 2.4% 2.2% EXELON CORPORATION AMERICAN INTERNATIONAL GROUP, MURPHYS OIL COMPANY 2.5% 2.3% 2.2% MERRILL LYNCH & CO., INC. GOLDEN WEST FINANCIAL CORP. 1.8% 1.8% GOLDEN WEST FINANCIAL CORP. DEUTSCHE TELECOM AG ADR 1.8% 1.7% MERRILL LYNCH & CO., INC. DEUTSCHE TELECOM AG ADR 2.0% 1.9% STANDARD & POOR'S DEPOSITORY OCCIDENTAL PETROLEUM 2.1% 2.1% Top Ten Total: 32.6% Top Ten Total: 33.1% Top Ten Total: 33.7% Top Ten Total: 34.3% 9
Equity Only Summary Statistics Charts Period Ending: March 31, 2007 Total Number of Securities Average Market Capitalization ($Bill) Price/Earnings Ratio Dividend Yield Price/Book Ratio Five Year Earnings Growth Return on Equity WELLINGTON RUSSELL 1000 VALUE 10
Equity Only Sector Analysis Quarterly Period Ending: March 31, 2007 Consumer Discretionary - Weightings Consumer Discretionary - Returns Consumer Staples - Weightings Consumer Staples - Returns Energy - Weightings Energy - Returns WELLINGTON RUSSELL 1000 VALUE 11
Equity Only Sector Analysis Quarterly Period Ending: March 31, 2007 Financials - Weightings Financials - Returns Health Care - Weightings Health Care - Returns Industrials - Weightings Industrials - Returns WELLINGTON RUSSELL 1000 VALUE 12
Equity Only Sector Analysis Quarterly Period Ending: March 31, 2007 Information Technology - Weightings Information Technology - Returns Materials - Weightings Materials - Returns Miscellaneous - Weightings Miscellaneous - Returns WELLINGTON RUSSELL 1000 VALUE 13
Equity Only Sector Analysis Quarterly Period Ending: March 31, 2007 Telecommunications Services - Weightings Telecommunications Services - Returns Utilities - Weightings Utilities - Returns WELLINGTON RUSSELL 1000 VALUE 14
Performance Attribution Geometric Period Ending: March 31, 2007 Portfolio Market Value Return A B WELLINGTON RUSSELL 1000 VALUE Selection Market Value Return Stock Industry Total Consumer Discretionary 9.9 0.4 8.0 0.9-0.1 0.0-0.1 Consumer Staples 9.1-2.8 8.8 2.3-0.5 0.0-0.5 Energy 14.2 0.2 15.9 1.1-0.1 0.0-0.1 Financials 36.7-2.8 35.6-2.5-0.1 0.0-0.2 Health Care 6.0 3.6 7.0 2.5 0.1 0.0 0.1 Industrials 5.6 6.4 7.5 2.0 0.2 0.0 0.2 Information Technology 3.5 0.5 3.0 0.0 0.0 0.0 0.0 Materials 3.8 13.2 3.8 10.3 0.1 0.0 0.1 Telecommunications Services 6.2 0.6 3.3 8.3-0.5 0.2-0.3 Utilities 5.0 12.0 7.2 9.5 0.1-0.2-0.1 C D 100.0 0.5 100.0 1.2-0.7 0.0-0.7 E F G Contribution Detractors Stock Industrials Stock Telecommunications Services Utilities Consumer Staples Industry Telecommunications Services Industry Utilities Consumer Staples Financials 15
Value Added Analysis 3 Yr Rolling for WELLINGTON Period Ending: March 31, 2007 16
Rolling Return Ranking 3 & 5 Years Period Ending: March 31, 2007 17
Up vs. Down Market Performance Period Ending: March 31, 2007 Last 20 Quarters Ending 3/31/2007 18
Portfolio Holdings And Characteristics - Equity Period Ending: March 31, 2007 WELLINGTON Consumer Discretionary ACCENTURE LTD BISYS GROUP INCORPORATED COMCAST CORP. -SPECIAL CLASS A FORD MOTOR COMPANY GAP, INCORPORATED HOME DEPOT, INC. R.H. DONNELLEY CORP STAPLES INCORPORATED STARWOOD HOTELS & RESORTS WORLDWIDE THE WALT DISNEY COMPANY TIME WARNER TJX COMPANIES, INCORPORATED TRW AUTOMOTIVE HOLDINGS CORPORATION VIACOM CLASS B Consumer Staples ALTRIA GROUP INCORPORATED CLOROX COMPANY KIMBERLY-CLARK CORP. KRAFT FOODS INC. MCKESSON HBOC, INCORPORATED OMNICOM GROUP, INC. REYNOLDS AMERICAN INCORPORATED SYSCO UNILEVER NV NY SHARES Energy CONOCO PHILLIPS COMMON STOCK EXXON MOBIL HALLIBURTON COMPANY MURPHYS OIL COMPANY NOBLE ENERGY INCORPORATED OCCIDENTAL PETROLEUM PRIDE INTERNATIONAL, INC. QUESTAR CORPORATION SUNOCO INCORPORATED UGI CORPORATION Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 17,400 38.54 0.4 22.88 0.9 22.8 1.55 4.4 52,900 11.46 0.3 1.39 1.5 1.71-11.2 47,900 25.47 0.6 26.87 34.7 2.0 0.99-8.8 113,900 7.89 0.5 14.37 1.52 5.1 106,461 17.21 1.0 13.95 1.9 18.5 2.7 1.41-11.7 28,000 36.74 0.5 72.36 2.5 13.2 2.9 1.57-8.0 10,800 70.89 0.4 5.01 2.7 0.69 13.0 78,100 25.84 1.1 18.53 1.1 19.6 3.7 1.16-2.1 14,200 64.85 0.5 13.93 2.6 12.9 4.6 1.36 3.8 46,400 34.43 0.9 70.53 0.9 16.8 2.2 1.12 0.5 59,300 19.72 0.6 75.24 1.1 16.3 1.3 2.09-9.2 22,900 26.96 0.3 12.23 1.0 16.5 6.6 0.97-5.2 32,000 34.82 0.6 3.42 20.4 1.4 0.63 34.6 34,450 41.11 0.8 26.02 18.5 4.0 0.92 0.2 8.5 29.26 1.5 19.2 2.9 1.25-0.32 35,600 87.81 1.7 138.30 3.9 15.4 4.6 1.02 3.4 19,900 63.69 0.7 9.63 1.9 21.5 0.49-0.2 29,100 68.49 1.1 31.26 3.1 21.1 5.1 0.54 1.6 25,882 31.66 0.4 14.56 3.2 17.1 1.8 0.65-10.6 34,500 58.54 1.1 17.29 0.4 19.4 3.0 0.72 15.6 7,700 102.38 0.4 17.11 1.0 20.5 4.5 0.87-1.8 39,800 62.41 1.3 18.45 4.8 16.2 2.6 1.04-3.5 55,100 33.83 1.0 20.87 2.2 23.3 6.9 0.62-7.5 42,700 29.22 0.7 50.10 2.9 13.5 8.6 0.36 7.2 8.4 45.88 2.9 18.4 4.6 0.75 1.35 75,996 68.35 2.8 112.37 2.4 7.1 1.4 0.74-4.4 85,600 75.45 3.4 429.57 1.7 11.4 3.8 0.78-1.1 37,900 31.74 0.6 31.71 0.9 14.7 4.3 1.48 2.5 75,900 53.40 2.2 10.02 1.1 15.8 2.5 0.72 5.3 8,200 59.65 0.3 10.16 0.5 15.7 2.5 0.89 21.7 78,600 49.31 2.1 41.33 1.8 10.1 2.2 0.69 1.5 35,300 30.10 0.6 4.98 17.5 1.9 1.12 0.3 7,000 89.21 0.3 7.67 1.1 17.6 3.5 0.62 7.7 26,000 70.44 1.0 8.55 1.6 9.3 4.1 0.77 13.4 35,400 26.71 0.5 2.83 2.6 15.7 2.6 0.42-1.4 13.7 140.93 1.7 11.7 2.8 0.78 1.52 19
Portfolio Holdings And Characteristics - Equity Period Ending: March 31, 2007 WELLINGTON Financials ALLEGHANY CORP AMERICAN INTERNATIONAL GROUP, INC. BANK OF AMERICA BANK OF MONTREAL CAPITAL ONE FINANCIAL CORP CITIGROUP INC COMERICA, INCORPORATED COUNTRYWIDE FINANCIAL CORP. E*TRADE GROUP, INCORPORATED FIRST DATA CORP FREDDIE MAC GENERAL GROWTH PROPERTIES GOLDMAN SACHS GROUP INCORPORATED ING GROEP N.V. - SPON ADR KIMCO REALTY REIT MBIA INC MERRILL LYNCH & CO., INC. PNC FINANCIAL SERVICES GROUP REINSURANCE GROUP OF AMERICA STATE STREET CORPORATION UBS AG UNUMPROVIDENT CORP US BANCORP WACHOVIA CORP WEBSTER FINANCIAL CORPORATION WESTERN UNION CO Health Care BRISTOL-MYERS SQUIBB CO. LILLY ELI & CO. MERCK & COMPANY, INCORPORATED SANOFI-SYNTHELABO SA ADR SCHERING-PLOUGH CORP. WELLPOINT INCORPORATED WYETH Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 2,550 373.60 0.5 3.03 12.6 1.6 0.25 4.8 63,750 67.22 2.3 174.88 1.0 12.6 1.9 0.94-6.0 228,400 51.02 6.2 228.18 4.4 11.1 1.7 0.46-3.4 25,200 60.58 0.8 30.34 3.8 13.7 0.51 3.3 22,300 75.46 0.9 30.98 0.1 9.9 1.2 1.87-1.7 201,366 51.34 5.5 251.69 4.2 12.1 2.1 1.23-6.9 19,300 59.12 0.6 9.32 4.3 12.3 1.8 0.68 1.9 34,800 33.64 0.6 19.84 1.8 7.8 1.4 0.81-20.5 56,800 21.22 0.6 9.06 14.7 2.2 2.38-5.4 22,700 26.90 0.3 20.26 0.4 24.7 2.0 1.07 5.5 25,400 59.49 0.8 41.28 3.4 20.9 1.8 0.54-11.7 48,090 64.57 1.7 15.74 2.8 0.68 24.6 10,400 206.63 1.1 85.00 0.7 9.7 2.6 1.21 3.8 62,600 42.33 1.4 93.33 3.7 10.8 2.1 1.87-4.2 52,300 48.74 1.4 12.24 3.0 35.8 0.62 8.4 43,150 65.49 1.5 8.82 2.1 11.0 1.2 1.17-9.9 37,700 81.67 1.6 72.01 1.7 10.8 2.0 1.52-12.0 11,300 71.97 0.4 24.92 3.1 8.2 2.0 0.87-2.1 26,300 57.72 0.8 3.54 0.6 12.6 1.4 0.56 3.8 24,100 64.75 0.8 21.62 1.3 19.9 3.0 1.12-3.7 50,790 59.43 1.6 125.10 3.0 12.4 1.32-1.5 58,600 23.03 0.7 7.89 1.3 18.7 1.1 1.08 11.2 36,300 34.97 0.7 61.55 4.6 13.4 3.1 0.85-2.3 21,901 55.05 0.6 104.91 4.1 11.9 1.5 0.62-2.4 6,700 48.01 0.2 2.71 2.3 19.4 1.4 0.51-0.9 33,600 21.95 0.4 16.80 0.2 18.4-2.1 34.2 119.09 3.0 13.4 1.9 0.98-2.19 49,000 27.76 0.7 56.06 4.0 34.3 5.5 1.16 6.6 28,000 53.71 0.8 60.91 3.2 21.9 5.5 0.81 3.9 45,000 44.17 1.1 95.69 3.4 21.8 5.5 0.66 2.2 19,400 43.51 0.4 118.30 1.9 23.2 2.1 0.57-5.8 116,600 25.51 1.6 37.95 1.0 37.0 5.9 0.62 8.2 10,450 81.10 0.5 49.67 16.8 2.0 0.27 3.1 25,800 50.03 0.7 67.35 2.1 16.2 4.6 1.17-1.2 5.8 64.80 2.5 26.6 4.9 0.76 3.66 20
Portfolio Holdings And Characteristics - Equity Period Ending: March 31, 2007 WELLINGTON Industrials CH ROBINSON WORLDWIDE DEERE & COMPANY EXPEDITORS INTERNATIONAL WASH INC GENERAL DYNAMICS CORPORATION KONINKLIJKE PHILIPS ELECTRONIC ADR LANDSTAR SYSTEM, INCORPORATED RAYTHEON CO. ROLLS-ROYCE PLC - SPON ADR UNITED TECHNOLOGIES CORP. WILLIAMS COMPANIES, INCORPORATED Information Technology EMC CORP. HEWLETT PACKARD KLA INSTRUMENTS CORPORATIONS PITNEY-BOWES INC. SIEMENS AG ADR XEROX CORPORATION Materials AGRIUM, INCORPORATED AIR PRODUCTS & CHEMICALS ALCOA, INC. DOW CHEMICAL COMPANY DUPONT DE NEMOURS AND CO. FREEPORT - MCMORAN COPPER - B INTERNATIONAL FLAVORS FRAGRANCE OWENS ILLINOIS INCORPORATED POTASH Other STANDARD & POOR'S DEPOSITORY RECEIPT TRU Telecommunications Services AT&T INCORPORATED LEAP WIRELESS INTERNATIONAL Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 27,400 47.75 0.7 8.32 1.5 31.4 8.8 0.92 17.9 9,600 108.64 0.6 24.65 1.6 17.4 3.3 1.15 14.8 35,900 41.32 0.8 8.85 0.5 39.0 8.2 0.51 2.0 18,200 76.40 0.7 31.00 1.5 18.2 3.2 0.80 3.1 26,700 38.10 0.6 43.54 1.4 6.4 1.4 2.21 3.5 34,900 45.84 0.9 2.57 0.3 23.8 11.1 0.65 20.1 18,800 52.46 0.5 23.41 1.9 18.4 2.1 0.90-0.2 20,700 48.47 0.5 17.84 1.4 9.4 6.7 1.99 12.1 12,800 65.00 0.4 64.73 1.6 17.5 3.7 0.61 4.4 69,500 28.46 1.1 17.02 1.3 55.8 2.8 2.30 9.3 6.8 21.36 1.2 26.8 5.4 1.23 9.16 74,000 13.85 0.5 29.20 25.6 2.8 1.77 4.9 76,400 40.14 1.6 107.43 0.8 17.5 2.9 1.59-2.4 19,400 53.32 0.6 10.65 0.9 23.9 3.0 2.07 7.4 11,400 45.39 0.3 10.00 2.9 18.1 14.3 0.78-1.1 9,400 107.20 0.5 95.66 1.4 22.5 2.6 2.05 10.4 41,000 16.89 0.4 16.02 13.8 2.3 1.85-0.4 3.9 65.82 1.1 19.9 3.6 1.71 2.07 26,000 38.33 0.5 5.11 0.3 1.14 21.7 11,800 73.89 0.5 16.01 2.1 21.0 3.3 0.73 5.8 26,500 33.90 0.5 29.48 2.0 13.7 2.0 1.61 13.6 27,900 45.86 0.7 43.99 3.3 12.0 2.6 0.85 15.9 30,400 49.43 0.8 45.68 3.0 14.6 5.0 0.73 2.2 18,300 66.19 0.6 22.10 1.9 10.0 9.7 1.41 19.5 5,800 47.22 0.1 4.24 1.8 19.0 4.7 0.57-3.5 43,200 25.77 0.6 3.98 1.42 39.7 5,700 159.93 0.5 16.77 0.4 27.1 0.84 11.6 4.8 24.09 2.0 15.8 4.7 1.06 15.43 28,200 142.05 2.1 2.1 0.00 251,111 39.43 5.3 246.21 3.6 20.9 2.1 1.23 11.5 42,400 65.98 1.5 4.48 2.5 1.72 11.0 6.8 192.95 3.6 20.9 2.2 1.34 11.34 21
Portfolio Holdings And Characteristics - Equity Period Ending: March 31, 2007 WELLINGTON Utilities EXELON CORPORATION FPL GROUP, INCORPORATED NORTHEAST UTILITIES PG&E CORPORATION TXU CORPORATION WELLINGTON Shares Price Portfolio Weight Market Cap Dividend Yield Price / Earnings Price / Book Beta Quarterly Return 67,200 68.71 2.5 46.05 2.6 29.2 4.6 0.26 11.8 30,800 61.17 1.0 24.81 2.7 18.9 2.5 0.47 13.2 24,000 32.77 0.4 5.06 2.3 40.0 1.8 0.49 17.1 20,600 48.27 0.5 16.93 3.0 17.5 2.2 1.59 2.7 18,200 64.10 0.6 29.44 2.7 11.7 13.8 0.81 19.0 5.0 33.27 2.6 24.6 4.8 0.53 12.45 100.0 92.04 2.4 17.3 3.2 0.99 2.59 22
Equity Activity Period Ending: March 31, 2007 Start from Dec 31, 2006 WELLINGTON Additions Security Name Shares Market Value New AGRIUM (NYS) 2,900 100,523 * AGRIUM, INCORPORATED 23,100 790,890 * AGRIUM, INCORPORATED 2,900 100,523 * AIR PRDS.& CHEMS. 900 66,562 * AIR PRODUCTS & CHEMICALS 10,900 817,347 * AIR PRODUCTS & CHEMICALS 900 66,562 * AT&T 22,900 861,019 * AT&T INCORPORATED 22,900 861,019 * AT&T INCORPORATED 67,600 2,498,955 BANK OF MONTREAL 6,000 371,747 BISYS GROUP INCORPORATED 300 3,913 CAPITAL ONE FINANCIAL CORP 8,300 656,798 CH ROBINSON WORLDWIDE 23,900 1,226,781 * CH ROBINSON WORLDWIDE 1,600 82,926 * CH ROBINSON WWD. 1,600 82,926 * DU PONT E I DE NEMOURS 1,200 59,306 * DUPONT DE NEMOURS AND CO. 11,600 585,075 DUPONT DE NEMOURS AND CO. 1,200 59,306 * EXPEDITORS INTERNATIONAL WASH INC 1,700 76,614 * EXPEDITORS INTERNATIONAL WASH INC 31,600 1,389,113 * FREEPORT - MCMORAN COPPER - B 18,300 952,634 * GAP, INCORPORATED 72,100 1,350,552 HOME DEPOT 100 4,041 * HOME DEPOT, INC. 29,500 1,203,586 * HOME DEPOT, INC. 100 4,041 * ING GROEP N.V. - SPON ADR 23,000 933,607 KONINKLIJKE PHILIPS ELECTRONIC ADR 26,700 1,038,432 * LEAP WIRELESS INTERNATIONAL 600 39,364 * LEAP WIRELESS INTERNATIONAL 43,100 2,836,388 * LEAP WRLS.INTL. 600 39,364 * MURPHYS OIL COMPANY 1,500 76,647 POTASH 4,400 695,136 * Security Name Deletions Shares Market Value Eliminated ALCOA, INC. 34,900 993,653 AT&T INCORPORATED 1 18 BISYS GROUP INCORPORATED 200 2,633 * BISYS GROUP INCORPORATED 1,500 19,685 BOWATER 1,700 47,004 * BOWATER INCORPORATED 27,300 754,000 * BOWATER INCORPORATED 1,700 47,004 * BRISTOL-MYERS SQUIBB CO. 6,600 184,421 CHEVRONTEXACO CORP. 900 66,370 * CONSECO, INC. 33,000 643,264 * CONSTELLATION BRANDS INCORPORATED-A 84,900 1,771,525 * DEUTSCHE TELECOM AG ADR 169,500 3,040,248 * DEUTSCHE TELECOM AG ADR 17,900 313,424 * DEUTSCHE TELEKOM SPN.ADR 1:1 17,900 313,424 * DOMINION RESOURCES INCORPORATED 6,100 516,710 * DOW CHEMICAL COMPANY 17,300 720,495 DOW CHEMICAL COMPANY 2,000 82,403 * DOW CHEMICALS 2,000 82,403 * EXXON MOBIL CORP. 10,500 748,436 * FIRST DATA CORP 4,900 129,405 FREDDIE MAC 5,900 357,882 GENERAL ELECTRIC 14,400 518,331 * GENERAL ELECTRIC CO. 65,300 2,326,741 * GENERAL ELECTRIC CO. 15,800 566,963 * GENERAL GROWTH PROPERTIES 5,200 337,267 KIMCO REALTY REIT 6,100 318,993 OCCIDENTAL PETROLEUM 22,400 1,037,038 OMNICOM GROUP, INC. 1,900 198,861 SOUTHWEST AIRLINES CO. 44,300 697,864 * SPRINT NEXTEL CORPORATION 92,148 1,618,969 * STANDARD & POOR'S DEPOSITORY RECEIPT TRU 19,000 2,730,132 TALBOTS INCORPORATED 7,000 167,868 * 23
Equity Activity Period Ending: March 31, 2007 POTASH 1,300 204,498 * POTASH SASK (NYS) 1,300 204,498 * QUESTAR CORPORATION 7,000 583,202 * SIEMENS AG ADR 9,400 1,039,199 * STANDARD & POOR'S DEPOSITORY RECEIPT TRU 26,200 3,708,050 * SUNOCO INCORPORATED 23,700 1,586,969 * SYSCO 25,100 866,322 VIACOM CLASS B 8,600 353,070 WESTERN UNION CO 6,000 131,513 TIME WARNER INCORPORATED 34,300 672,108 * TRW AUTOMOTIVE HOLDINGS CORPORATION 31,100 1,078,728 UNITED PARCEL SER. 1,700 122,237 * UNITED PARCEL SERVICE CLASS B 17,100 1,260,144 * UNITED PARCEL SERVICE CLASS B 1,700 122,237 * VALSPAR 3,600 100,909 * VALSPAR CORPORATION 20,800 583,365 * VALSPAR CORPORATION 3,600 100,909 * WORLDCOM, INC.-WORLDCOM GROUP 95,102 * YUM! BRANDS INC. 12,200 716,619 * 24