what we want to do now is look at the atbution. why did we do better then our policy in any one period and that would start on page 30 for the one year result. for the one year result, if you recall 10.37 negative. the policy index was down 9.18 which means we under-performed policy by 1.15 percent. this chart attributes that either to positioning or allocation, meaning where we over-allocated asset classes that did well and under-allocated the asset classes that did poorly, or-and or, did we have managers that out-performed their bench marks within the asset class? the allocation effect minus 14 basis points is very small. that is what you hope. we are not taking a lot of risk how we position the portfolio relative to the targets. it is negative in this case, but small. that leads the selection effect of negative 1 percent as the result of manager selection. this looks at a year. if you were to go down that excess return column, you'll see the major contributors to under-performance were public equity. those were the classs that d