HomeMy WebLinkAboutAgenda Police Pension 012909Agenda
City of Palm Beach Gardens Police Officers’
Pension Fund
MEETING OF JANUARY 29, 2009
LOCATION: City Council Chambers’
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 9:OOAM
1. Call Meeting To Order
2. Roll Call:
Lt. Jay Spencer, Chairman
David Pierson, Secretary
Jules Barone, Trustee
Brad Seidensticker, Trustee
Wayne Sidey, Trustee
3. Investment Consultant Report - Thistle Assets Consulting (John McCann)
12 Month Trailing Report
Investment Manager Search (Alternatives)
4. Investment Manager Report - ICC Capital (Steve Stack & Bob Ohanesian)
5. Administrator Report - TPA (Audrey Ross)
Approval of Revised TPA contract
6. Attorney Report - Hanson, Perry & lensen, P.A. (Bonni Jensen)
DROP Policy
7. Approval of Minutes
October 30, 2008
December 16, 2008 Special Meeting
January 14, 2009 Special Meeting
8. Disbursements
9. Old Business
10. Other Business
11. Adjourn
Next Meetina Date:
*Friday February 13, 2009 @I 1PM - Special Meeting
ASSIGNMENT AND ASSUMPTION
WHEREAS, the pension administrator for the Palm Beach Gardens Police Pension
Fund ("the Fund"), The Pension Resource Center, LLC, has changed its name to Tegrit Plan
Administrators, LLC; and
WHEREAS that certain agreement between The Pension Resource Center, LLC and
the Fund ("the Agreement") dated May 11, 2006, provides that the Agreement shall inure to
the benefit of the successors and assigns of each of the parties; and
WHEREAS the Agreement can be assigned only with the express written approval of
the Trustees of the Fund;
NOW, THEREFORE, in consideration of the mutual agreements herein contained, it
is covenanted and agreed as follows:
1. The Trustees of the Fund expressly consents to the assignment of its
Agreement with The Pension Resource Center, LLC to Tegrit Plan Administrators, LLC.
2. Tegrit Plan Administrators, LLC expressly assumes all rights and
responsibilities under the Agreement between The Pension Resource Center, LLC and the
Fund.
Accepted by Tegrit Plan Administrators, LLC by J. Scott Baur, its CEO
J. Scott Baur
This day of 2009
Witness:
City of Palm Beach Gardens Police Officers’
Pension Fund
Minutes of the Meeting Held
October 30th, 2008
The regular meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers’ Pension Fund was called to order at 9:09 AM by Jay Spencer in the
Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail,
Palm Beach Gardens, Florida.
TRUSTEES PRESENT OTHERSPRESENT
Jay Spencer, Chairman
David Pierson, Secretary
Jules Barone, Trustee
Brad Seidensticker, Trustee
Wayne Sidey, Trustee
Brendon Vavrica (Thistle Asset Consulting)
Steve Stack (ICC Capital Management)
Bonni Jensen (Hanson, Perry, & Jensen, P.A.)
Donna Cannon (Palm Beach Gardens Clerk’s Office)
Scott Baur (The Pension Resource Center)
Dixie Martinez (The Pension Resource Center)
MINUTES
MOTION: Mr. Seidensticker made a motion to approve the minutes from
the July 24th, 2008 meeting.
Mr. Sidey seconded the motion.
The motion carried unanimously 5-0.
SECOND:
CARRIED:
INVESTMENT MANAGER REPORT
ICC Capital - Presented by Steve Stack
Mr. Stack discussed the current market environment with the board. He commented
that the plan had about $99,000 in a SR Lehman bond as well. The plan currently
has about 16-17% in cash, as ICC is waiting for a buying opportunity when perceives
risk is not so great. Mr. Seidensticker asked if ICC could supply him with their
financial statements. Mr. Stack replied that he would have to look into that since
they are not public records.
Mr. Stack reported the returns for the fixed income fund the quarter ending
September 30, 2008. The bonds were behind the index at -3.20% versus -0.49%,
and the total fund was also down at -2.66% versus the index at -0.49%. The
beginning market value for the quarter was at $12,132,804 and at the end it was
slightly higher at $12,189,700. Mr. Stack also reviewed the asset allocation as of
September 30, 2008. They held 16.2% in cash and 83.8% in fixed income.
Lastly, Mr. Stack reported that the Large Cap Growth Fund for the quarter ending
September 30, 2008 was also down. The equities were behind at -17.59% versus
the index at -12.33% and the total fund was at -16.14% versus -12.33%. The
market value decreased from $3,704,643 to $3,015,076 for the 3‘d quarter. He
reported the asset allocation of the portfolio as of 9/30/2008 at 5.1% in cash and
94.9% in equities.
INVESTMENT CONSULTANT REPORT
Thistle Asset Consultant - Presented by Brendon Vavrica
Mr. Spencer asked Thistle to provide a more detailed report in the future. The
Trustees had a lengthy discussion on the market returns for October. The board
discussed on moving assets, and Mr. Pierson stated that he wants the performance
updated before even having an asset allocation discussion. Jay stated that the board
should consider holding a special meeting to review the allocations. The board
discussed dates to hold the special meeting, and it was agreed that it will be held on
November 12, 2008.
MOTION: Mr. Seidensticker made a motion to move $1.2M from the ICC
Fixed Income Account, and distribute $600,000 in Rhumbline
and $600,000 into the ICC Large Cap Growth Fund.
No one seconded the motion.
The motion does not carry.
SECOND:
CARRIED:
Mr. Pierson stated that they should deploy the cash until the special meeting. The
board decided that they should make some kind of small asset allocation at this
time, and will make another decision at the special meeting.
MOTION: Mr. Seidensticker made a motion to move $300,000 from ICC
Capitals Fixed Income account and split it between ICC Capitals
Large Cap Growth Fund and between Rumblines S&PSOO
account.
Mr. Pierson seconded the motion.
The motion carried unanimously 5-0
SECOND:
CARRIED:
Mr. Vavrica reported on the funds performance for the quarter ending September 30,
2008. The total fund was negative at -7.72% versus the index at -6.8lV0, and for
the fiscal year they are also behind at -13.73% versus -12.83%. The total equities
were down at -11.61% versus the index at -10.19% for the 3d quarter. The total
fixed income was way behind the index at -3.25% versus -0.48% and Mr. Vavrica
commented that there was a lot of volatility in the fixed income for the quarter as
Mr. Stack has already mentioned.
Lastly, Mr. Vavrica reported on Rhumblines S&P accounts and the international
account.
S&P500 - Slightly ahead of the index for the quarter at -8.21% versus -8.37%
S&P400 - Was very close for the quarter ending 9/30/2008, but still ahead of the
S&P600 - Had a rough quarter at -1.36% versus the index at -0.86%
International Equity - Outperformed the index for the quarter at -19.47& versus
index at -10.82% versus -10.87%
-20.50%
AlTORNEV REPORT
Hanson, Perry & Jensen, P.A. - Presented by Bonni Jensen
Ms. lensen reviewed the IRS determination memo with the board. She commented
that the IRS determination letter will indicate that this plan is tax qualified. Ms.
lensen stated that it is not mandatory for plans to file this letter.
Ms. Jensen reviewed the changes that she made to update the Summary Plan
Description. Mr. Baur commented that his office will distribute the updated SPD to
the members.
MOTION: Mr. Sidey made a motion to approve the update Summary Plan
Description.
Mr. Seidensticker seconded the motion.
The motion carried unanimously 5-0
SECOND:
CARRIED:
Ms. lensen discussed the Florida qualified public depository memo with the board.
She explained what the protection of having this means to the plan. She commented
that this will be filled by the administrator each year on behalf of the board.
Ms. Jensen reviewed the possible amendments that might take place in this plan.
She explained that right now service excludes time when members are on leave, and
they would change it to include the time in your service. Mr. Sidey asked if this
amendment does go into affect would it retro back. Ms. lensen commented that this
change would only apply to future retirements. She stated that the ordinance
changed to finally reflects that buybacks count for all purposes except for reaching
your vesting date earlier.
Lastly, Ms. Jensen explained the November newspaper article that stated that the
IRS might change the retirement ages. She commented that the IRS has delayed
any change to the retirement ages until 2011.
DISBURSEMENTS APPROVALS
MOTION: Mr. Seidensticker made a motion to approve the
disbursements.
Mr. Sidey seconded the motion.
The motion carried unanimously 5-0
SECOND:
CARRIED:
BENEFIT APPROVALS
MOTION: Mr. Sidey made a motion to approve the benefit approvals for
Jay Wilbur and Edward Vistein.
Mr. Seidensticker seconded the motion.
The motion carried unanimously 5-0
SECOND:
CARRIED:
MOTION: Mr. Seidensticker made a motion to approve the benefit
SECOND:
CARRIED:
approval for Jay Spencer.
Mr. Sidey seconded the motion.
The motion carried unanimously 4-0 (Mr. Spencer abstained
from this vote)
ADMINISTRATOR REPORT
The Pension Resource Center, LLC - Presented by Scott Baur & Dixie
Martinez
Mr. Baur commented that Mr. Pierson and Mr. Seidensticker had been reappointed by
the City to serve a 2 year additional terms.
Mr. Baur explained the management letter from the plans Auditor; Cherry, Bekaert &
Holland that noted material weaknesses in the plans controls and procedures from
last years audit.
Lastly, Mr. Baur explained the name change to the board from the Pension Resource
Center to Tegrit Plan Administers.
OLD BUSINESS
NIA
OTHER BUSINESS
Mr. Spencer reviewed the current items that need to be addressed. The City and the
pension board are still trying to get the health insurance deductions deducted from
the members pension checks so they can be eligible for the $3,000 tax deduction.
Also, Mr. Tallichet recently turned in a buyback application that needs to be
completed as soon as possible.
The board directed Ms. lensen to send a letter to Rhumbline and ICC Capital
requesting a copy of their financial statements.
Mr. Spencer commented that he spoke to Steve Palmquist in regards to getting this
plan 100% funded. He would like the board to allow Mr. Palrnquist to complete some
studies to make recommendations on this issue.
MOURN
There being no further business, and the future meetings are scheduled for the last
Thursday of the first month of the quarter. The next meeting is scheduled for
Thursday January 29, 2009 at 9AM; the Trustees officially adjourned the meeting at
11 : 52AM.
Respectfully submitted,
DAVID PIERSON, Secretary
City of Palm Beach Gardens Police Officers'
Pension Fund
Minutes of the Meeting Held
December 16th, 2008 Special Meeting
The special meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers' Pension Fund was called to order at 3:OOPM by Jay Spencer in the
Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail,
Palm Beach Gardens, Florida.
TRUSTEESPRESENT OTHERS PRESENT
Jay Spencer, Chairman
David Pierson, Secretary
Brad Seidensticker, Trustee
Jules Barone, Trustee
John McCann (Thistle Asset Consulting)
Bonni Jensen (Hanson, Perry, & lensen, P.A.)
Donna Cannon (Palm Beach Gardens Clerk's Office)
Audrey Ross (Tegrit Plan Administrators -TPA)
INVESTMENT CONSULTANT REPORT
Thistle Assets - Presented by John McCann
Mr. McCann reviewed the current market situation and stated that October was a
very bad month and in November it got a little better. He reviewed the 2 worksheets
that he handed. The worksheets reflected the fund's current assets and how they
were allocated. Mr. McCann recommended to the board to move $3.6M from ICC
Capitals fixed income fund and split it between the three S&P funds as recommended
on the worksheet.
Mr. McCann commented that he is trying to rebalance so he will be inline with the
Investment Policy Guidelines. He also stated that he does not want to touch the
International accounts as they are already down 40% for the year. The board had a
lengthy discussion on the rebalancing and the amounts that should be moved. The
board decided that they rather rebalance 20% over the next 5 months instead of
rebalancing a large lump sum at one time.
MOTION: Mr. Pierson made a motion to move $700,000 from ICC Capitals
Fixed Income account and split it between Rhumblines S&P600,
S&P500 and S&P400 accounts.
Mr. Seidensticker seconded the motion.
The motion carried unanimously 4-0
SECOND:
CARRIED:
ADMINISTRATOR REPORT
Tegrit Plan Administrators, LLC (TPA) - Presented by Audrey Ross
Ms. Ross reviewed the audit engagement letter from Cherry, Bekaert & Holland. Ms.
Jensen reviewed a few changes that she would like removed from the letter.
MOTION: Mr. Seidensticker made a motion to approve the audit
engagement letter from Cherry, Bekaert & Holland as amended
by Bonni Jensen.
Mr. Pierson seconded the motion.
The motion carried unanimously 4-0
SECOND:
CARRIED:
MOTION:
SECOND:
CARRIED:
Ms. Ross rec
Ms. Ross presented the Fiduciary Insurance Renewal quote to the board. The board
had a brief discussion on the rates and the insurance company.
Mr. Seidensticker made a motion to accept and renew the
Fiduciary Insurance.
Mr. Pierson seconded the motion.
The motion carried unanimously 4-0
rted that she had a conversation with the City and cleared up any
outstanding issues or questions in regards to the retirees' health insurance premiums
being deducted from the retiree's pension checks. Ms. Jensen explained to the board
that a retiree must have his insurance premium deducted directly from his pension
check in order for the retiree to be eligible for the $3,000 tax deductible at the end
of the year.
Ms. Ross explained that she had contacted each individual retiree to see if they
would like to participate. For the members that decided to proceed with it, their first
deduction will start January 1, 2009.
AlTORNEY REPORT
Hanson, Perry & Jensen, P.A. - Presented by Bonni Jensen
Ms. Jensen reviewed the draft DROP distribution policy with the board. She
explained that members have 3 different ways that they can withdrawal their
money; a lump sum withdrawal, 3 increments, and an annuity can be purchased.
Ms. Jensen explained the rules and stipulations for each option. She also noted that
there will be open enrollment periods for these withdrawals and explained that
members can also request a hardship withdrawal in between the open enrollment
periods. Ms. Jensen stated that she will go through and clean up the document and
will bring it back to the January meeting.
Ms. Jensen reviewed the rules and regulations regarding the normal retirement age
for governmental plans that were suppose to be effective January 1, 2009. The IRS
realized that were too many issues and they put the matter on hold until January 1,
2011.
OTHER BUSINESS
Mr. Spencer reported that the City is exploring the idea of converting the police and
fire plans over the Florida Retirement System (FRS). He explained that City had
already formed a committee to explore the cost impact, the pros and cons and etc.
Mr. Spencer commented that he and Ms. Jensen had met with the union
representative to give him some background on how this plan is ran so he would
have some information before he meet with the City.
Mr. Spencer stated that he would like this funds Actuary, Steve Palmquist do a cost
impact study. Ms. lensen commented that if the City did proceed with turning over
to the FRS, then this pension plan could potentially be terminated or closed. Mr.
Spencer stated that he would like the board to allow Mr. Palmquist to do a cost
impact study to reflect the termination of the plan.
MOTION: Mr. Barone made a motion to direct Gabriel, Roeder, Smith 81
Company to do an actuarial cost impact study on the
termination of the pension plan.
Mr. Seidensticker seconded the motion.
The motion carried unanimously 4-0
SECOND:
CARRIED:
MOURN
There being no further business, and the future meetings are scheduled for the last
Thursday of the first month of the quarter. The next meeting is scheduled for
Wednesday January 14, 2009 at 10AM; the Trustees officially adjourned the meeting
at 4:19PM.
Respectfully submitted,
DAVID PIERSON, Secretary
City of Palm Beach Gardens Police Officers'
Pension Fund
Minutes of the Meeting Held
January 14, 2009 Special Meeting
The special meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers' Pension Fund was called to order at 10:lOAM by lay Spencer in the
Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail,
Palm Beach Gardens, Florida.
TRUSTEESPRESENT OTHERSPRESENT
lay Spencer, Chairman
David Pierson, Secretary
Brad Seidensticker, Trustee
Jules Barone, Trustee
Wayne Sidey, Trustee
John McCann (Thistle Asset Consulting)
Bonni lensen (Hanson, Perry, & lensen, P.A.)
Donna Cannon (Palm Beach Gardens Clerk's Office)
Audrey Ross (Tegrit Plan Administrators -TPA)
INVESTMENT CONSULTANT REPORT
Thistle Assets - Presented by John McCann
Ms. McCann commented that the market was getting a little better, but it was still
going to take a while for it to turn around. He explained that from 2001 through
2007 the international stocks always did well, and now in 2008 they are at the
bottom.
The board had a brief discussion as when and where Rhumbline invested the last
money that they received. Mr. Spencer commented that he spoke to Steve Stack
right before the meeting and he mentioned that the 1 year and 10 year bonds were
up. Mr. McCann commented that right now there is no place to invest in, and they
have a little extra in cash at this time. Mr. Pierson asked if it would be reasonable to
consider having a cash asset class at this time instead of having ICC Capital holding
onto it. Mr. McCann commented that he does not recommend doing that and if they
did decide to, then they would have to amend the investment policy guidelines.
Mr. McCann reviewed his rebalancing recommendations with the board. The board
reminded him that they only wanted to rebalance a little at a time instead of a lump
sum. The board had a lengthy discussion on the amount that they wanted to
transfer and where. The board decided that they will move $300,000 from ICC
Capitals fixed income account and split it evenly between the 3 S&P accounts at
Rhumbline.
MOTION: Mr. Seidensticker made a motion to move $300,000 from ICC
Capitals Fixed Income account and split it evenly between
Rhumbline's 3 S&P accounts.
Mr. Sidey seconded the motion.
The motion carried unanimously 5-0
SECOND:
CARRIED:
The board asked Mr. McCann to produce a 12 month trailing report and report it back
to the board each month. Mr. McCann replied that he will have one available at the
next meeting.
Mr. Pierson asked Mr. McCann if he knows of any investment managers that invest
contrary to the market. Mr. McCann commented that he will bring in a search at the
next meeting of investment managers that invest opposite of the current market.
ADMINISTRATOR RE PORT
Tegrit Plan Administrators, LLC (TPA) - Presented by Audrey Ross
Ms. Ross explained that Mr. Barone and Mr. Spencer were the only members that
responded to the election for their open positions. Ms. Ross commented that Mr.
Spencer would like to change the Trustees' positions and Mr. Spencer explained his
purpose for doing so. He stated that he would like to be the elected 5'h Trustee and
Mr. Sidey could now be an elected Trustee if the board would allow him to do so.
MOTION:
SECOND:
CARRIED:
MOTION:
SECOND:
CARRIED:
MOTION:
SECOND:
CARRIED
Mr. Pierson made a motion to appoint lay Spencer to the 5th
Trustee position and Wayne Sidney will be an elected Trustee.
Mr. Seidensticker seconded the motion.
The motion carried unanimously 5-0
Mr. Sidey made a motion to elect lay Spencer as chairman of
the board.
Mr. Seidensticker seconded the motion.
The motion carried unanimously 5-0
Mr. Pierson made a motion to elect Dave Pierson as secretary
of the board.
Mr. Seidensticker seconded the motion.
The motion carried unanimously 5-0
ATTORNEY REPORT
Hanson, Perry & lensen, P.A. - Presented by Bonni lensen
Ms. Jensen updated that board that ICC Capital and Rhumbline have not provided
her with any financial statements as of yet. She explained that neither company
wants to release them as public information. Ms. lensen suggested that each
manager could meet with Mr. McCann one on one. The board just wanted to make
sure that they covered all aspects just in case the company's went under.
OTHER BUSINESS
Mr. Sidey asked about the situation with the City looking into the Florida Retirement
System (FRS). Mr. Barone and MS. Jensen updated Mr. Sidey on the current
discussion that the City is having about the Police Officers' and Firefighters'joining
the FRS.
Mr. Spencer explained that Mr. Palmquist will need to do another actuarial impact
study on this situation by request of the Council, in addition to the study that he is
currently doing that the board requested at the last meeting.
MOTION: Mr. Sidey made a motion to approve Gabriel, Roeder, Smith (P
Company to do an actuarial impact study by the request of the
City Council on the cost impact of switching the police pension
plan over to the Florida Retirement System.
Mr. Barone seconded the motion.
The motion carried unanimously 5-0
SECOND:
CARRIED:
AJOURN
There being no further business, and the future meetings are scheduled for the last
Thursday of the first month of the quarter. The next meeting is scheduled for
Thursday January 29, 2009 at 9AM; the Trustees officially adjourned the meeting at
ll:49AM.
Respectfully submitted,
DAVID PIERSON, Secretary
. PENSION RESOURCE CENTERS
tT
L
Accounts Payable Check Register
FOR: PALM BEACH GARDENS POLICE
[Check Numbed Date I Paw and Desctiptim I Amount
2140
2141
2142
2143
2144
2145
2146
2147
2148
2149
2150
2t51
2152
2153
2154
2155
2156
2157
2158
November 5,2008
November 6.2008
November 6,2008
November 6.2008
November 6.2008
December 2,2008
December 8.2008
January 1.2009
December 31.2008
January 6.2009
January 6.2009
January 6.2009
January 6.2009
January 7.2009
January21.2009
February 1.2009
January 28,2009
January 28,2009
January 28.2009
Tegnt Plan Administrators
November Admm Feel FedEx
Hansen. Perry 8 Jensen P.A.
Legal Services Rendered ThN 10115108
Thistle Asset Consulting, Inc.
Performance Monitor 3rd QTR 2008
Rhumline Advisors
Management Fees- 3rd QTR 2008
ICC Capital Management
Management Fees- 4th QTR 2308
Teqrit Plan Administrators
December Admin. Fee
Hanson, Perry 8 Jensen P.A.
Legal Services Rendered ThN I1115108
VOID
City of Palm Beach Gardens
Retiree Insurance 1-09
United Members Insurance, Inc.
Fiduciary Liability Insurance
FPPTA
2009 Membership dues
Thistle Asset Consulting
Performance Monitor. Spc.Mtng on 11-12-08 and 12-16-08
Hanson, Perry8 Jensen
Legal Services Rendered Thm 12/15/08
Teqnt Plan Administrators
January 09 Admin Feel Death Search
United Slates Treasury
IRS Determinalion Fee
City of Palm Beach Gardens
Retiree Insurance 2-09
ICC Capital Management
Management Fees - 1st Mr 2009
Cherry Beraeri 8 Holland
lntenm Billing far FYE 9-08
Gabnet Roeder Smith 8 Company
Actuarial Services thru 12131108
$2.308.63
$139.00
$3.313.00
$2.441.92
519.005.97
$2.275.00
$1.888.55
$2,126.82
$6.342.74
$600.00
$1,000.00
$1,061.75
$2.287.50
s1.m.00
12.092.43
$19273.18
$3,000.00
$2.799.00
Total $74.153.49
Chairman
Secretary
Date
2,306.6: 11/05/08 Check Total PO80490
I
TO THE TEGRIT PLAN ADMINISTRATORS
ORDER
OF
4360 NORTHLAKE BLVD STE 206
PALM BEACH GARDENS FL 33410
VOID ARER 180 DAYS
00002140
4360 Northlake Blvd
Suite 206
Palm Beach Gardens, FL 33410
Description
Invoice
Date Invoice #
I 114;:nos l’~lso4~nl
Tax ID Numbers
Tegrit Plan Adminislrators 80-0182332
Resource Centers 87-0800468
Pension Resource Center 364504183
Omega Recordkeeping Group 20-2301035
QtY Rate Amount
2.775.00 2275.00
3 I .6.? 3 I .A3
Total Amount Due S,,T16.63
Mail Pqments to:
Tegrit Plan Administntors. LLC at Palm Beach Gardens Address ORACH Paymellt to:
First Southeit1 Bank
Tqrit Plan Adiiiinistrators
ADA #: 067012595
Accouiit #: 806191 1606
First Soutlicrn Bank
Pension Resource Center
ABA P: 067012595
Account #: 5061093306
If you [lave any questions concernins this invoice, please contact Jim Jameso~l at Tegrit Plan Administntors. LLC
Pilow 561 -459.2960 or Email - Jim.Jameso~i~te~rit-tpa.coll~
.
HANSON, PERRY & JENSEN, P.A.
400 ExECUnvE CENTER DRIVE, SUITE 207 -WEST PALM BEACH, FLORIDA 33401-2922
JILL HANSON*
m/hanson@hpllaw.com
apeny@hpjIaw.com
bsjensen Bhpjlaw.com
.%IO Amtmo e+ N.Y.
ANN H. PERRY
BONN1 SPATARA JENSEN
October 22,2008
TELEPHWE (561) 686-6550
FACSIMILE (561) 686-zao2
Via Email
Palm Beach Gardens Police Pension Fund
Pension Resource Center
Attn: Scott Baur & Bonnie Lindberg &Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: Hanson, Perry & Jensen Invoice #62677
Dear Scott & Bonnie:
Enclosed please find the Firm's invoice for services rendered for the period that ended
1011512008. Your current balance due is $1339.00.
I
I If you have any questions, please do not hesitate to contact me.
Bonni S. Jensen 1
BSJladt
Endosure
COOV to: Jav Soencer, Chairman
Daiib Piersdn, Secretary
Via Email Only
. . 1 .
HANSON, PERRY & JENSEN, P.A
400 Executive Center Drive
Suite 207
West Palm Beach, FL 33401-2922
Invoice submitted to:
Palm Beach Gardens Police Pension Fund
Scott Baur & Bonnie Lindberg &Audrey
Ross-via email
c/o Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary
October 21, 2008
In Reference To: FOR PROFESSIONAL SERVICES RENOEREO AS FOLLOWS:
Client / File No.: 0003
Invoice #62677
Professional Services
HrslRate Amount
Auditor
10/7/2008 BSJ Telephone call
TeleDhone call with EC Blackburn re: Management Letter
Audiior
SUBTOTAL
Inv Mar - General
10/1/2008 BSJ Draft
Draft Memorandum re: Qualified Public Depositories
Research $280 F.S
Research Filing Requirements
Review Public Oeoositor Identification Acknowledgment Form . . -. ._ . . . - . - -
Review Public Depositor Annual Report
Review 1/14/08 letter from Alex Sink
Inv Mgr - General
SUBTOTAL:
0.25 50.00
200.00lhr
[ 0.25 50.00)
0.50 100.00
200.001hr
I 0.50 100.00]
Palm Beach Gardens Police Pension Fund Page 2
HrslRate Amount
Inv Mqr - ICC
10/3/2008 BSJ Telephone call
Telephone call with Steve Stack re: market turbulence
Inv Mgr - ICC
SUBTOTAL:
Misc Matters
9/26/2008 KA
BSJ
9/29/2008 BSJ
E-Mail
E-Mail Agenda and Background material with email from State with new
Date
Misc Matters
Draft
Draft Memorandum re: Effect of Termination or Transfer on Members
E-mail to Jay Spencer
Research Florida Statute
Misc Matters
Telephone call
Telephone call with Trish Shoemaker re: $185 money
Review email re: Sarah Carr
Misc Matters
Telephone call
Telephone call with Sarah Carr re: transfer to Florida Retirement System
Misc Matters
Review & revise
Review and revise spreadsheet review of 185 statutes on termination I
transfer merger
E-mail to Jay Spencer
Misc Matters
Review
Review Internal Revenue Service Notice 2008-98
Misc Matters
SUBTOTAL:
Trustee Election
9/29/2008 KA Telephone call
Teleohone call with Jav Soencer re: 3 Trustees terms expiration
0.25 50.00
200.001hr
I 0.25
0.25
75.001hr
1.50
200.00/hr
0.25
200.001hr
0.25
200.001hr
0.75
200.001hr
O.<O
200.001hr
50.00)
18.75
300.00
50.00
50.00
150.00
20.00
[ 3.10 588.75)
0.35 26.25
75.001hr -,~ ~ ~ Trustee Election
! .' . .
Palm Beach Gardens Police Pension Fund
SUBTOTAL:
For professional services rendered
Additional Charges :
Page 3
HrslRate Amount
[ 0.35 26.251
4.45 $815.00
QtvlPrice
Bill File
10/1512008 HPJ Photocopies5
Copy Charges
Bill File
16
0.25
4.00
SUBTOTAL:
Total additional charges
I 4.001
$4.00
Total amount of this bill
Previous balance
Balance due
$819.00
$520.00
$1,339.00
00002142
I INVOICE DATE INVOICE AMOUNT AMOUNT PAID 1 DISC. TAKEN INVOICE NUMBER
~000000002008157 11/06/06 3,313.00 3,313.00 .oo eck Total I I I
~
i I I i i
NET AMOUNT i 3,313 .OO
3,313.00:
! I !
i
i
i i I I
I
00002142
3,313.00 ' 1/06/08
palm Beach Gardens Police
3,313.00
C
VENDORNO
0000l
.oo
DISC. TAKEN
.eck Total
100322
NET AMOUNT
3,313.00
3,3 13 . 0 0:
. .
Thistle Asset Consulting, Inc.
1321 Piazz Delle Pallottole
Renaissance Commons
Boynton Beach
FL. 33426
(561) 737-3996
Invoice
I 10/20/2008 1 2008157 I
hAr Srntt Rmx=r 1371 Piazz Delle Pallottole ,.,,. -"-..-I-".
The Pension Resource Center, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Boynton Beach, Florida 33426
USA
Re?orts-Executlve September 30 2008
I
01 1
Total
Balance Due
$3.313.00
$3,313.00
I INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC TAKEN INVOICE NUMBER
38NP84 11/06/08 2,441.92 2,441.92 .oo
I Check Total
I I
00002143
NET AMOUNT
2,441.92
2,441.921
~ I
I I
I
I
!
I
Palm Beach Gardens POllCe
Palm Beach Gardens Police 00002143
63 amm70 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
I
i I i
I AMOUNT PAID JVOICE DATE 1 INVOICE AMOUNT
1/06/08 2,441.92 2,441.92
DISC.TAKEN 1
2,441.921
Check Total 2,441.921
.00
.
Investment Advisory Fees
3rd Qtr 2008
October 9,2008
Invoice # 38NP84
Account: Palm Beach Gardens Police Fund
S&P 500 Pooled Index Fund
S8P 400 Pooled Index Fund
S8P 600 Pooled Index Fund
Period ending
7/31/2008
8/31/2008
913012008
Total
Average Market Value
Basis Points
0.0010 x 9,767,678.26
Annual Fee:
Quarterly Fee:
Wire transfer information:
for RhumbLine Advisers
Rochland Trust
288 Union Si.
Rochland, Ma 02370
ABAU 011304478
acct bener7ciary:2970003824
Pooled
Combined
Market Values
L811,L820,L830
$9,922,657
$10,131,468
$9,248,910
$29,303,034.77
$9,767.678.26
9,767.68
$9.767.68 1 $2,441.921
Or by check, Please make payment to:
RhumbLine Advisers
30 Rowes Whaq Suite 35(
Boston, MA 02110-3326
-. * -. >->---- - 7n R-...-- Wh.d Rn.tnn~ MA 02110-3326 Tel: (617) 345-0434. Fax: (617) 345-0675
00002144 Palm Beach Garbs Police VENDORNO
000000000037
NETAMOUNT I VENDOR: Ob 0 0 0 0 0 00 0 3 7
AMOUNT PAID DISC. TAKEN 1 INVOICE DATE 1 INVOICE AMOUNT 19,005.97 I 19,005.97 .oo 19,005.97 000000000114468 111/06/08 I Check Total 19,005.971
INVOICE NUMBER
i
i
i
.,. . :. I. ... , , . ,. , ,, , , I1 , , I,.,: ., ,I
Palm Beach Gardens Police 00002144
63-837 612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY
A h NINETEEN THOUSAND FIVE 97/100 %$$@?@4
TOTHE ICC CAPITAL MANAGEMENT
ORDER
OF
390 ORANGE AVENUE 27TH FLOOR
ORLANDO FL 32801
I ,
I- Palm Beach Gardens Police
19,005.97 I .oo 19,005.97
00002144
000000000114468 11/06/08 ' 19,005.97 eck Total T 19; 005.971 I ~
.
October 1,2008
PALM BEACH GARDENS POLICE
Board of Trustees, Trustee
10500 North Military Trail
Palm Beach Gardens, FL 33410-4697
Invoice Number: 114468
ICC Capital Management, Inc.
STATEMENT OF MANAGEMENT FEES .......................................................................................................
For the Period October 1,2008 thru December 3 1,2008 Portfolio Valuation with Accrued Interest as of 09-30-08 $ 15,204,775.92
19,005.97
19,005.97
15,204,776 @ 0.500% per annum ____________________-
Quarterly Management Fee $
390 North Orange Avenue. 27th Flmr . Orlando. Florida 32801 . Pn 800-480-6445 . PH 407-839-8440. FX 407-841-2814
WE8 .e.
63 837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND OO/lOO
BANK ATLANTIC
PAY
TO THE TEGRIT PLAN ADMINISTRATORS
ORDER 4360 NORTHLAKE BLVD STE 206
OF PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS _- eom-M*mlR~ -.-___
000021 45
I
Palm Beach Gardens Police
UVOICE DATE
2/02/08
VENDOR: 000000 00 I
INVOICE NUMBER
060529
AMOUNT PAID INVOICE AMOUNT 2,275.00 I 2,275.00
VENDOR NO 000000000001
.oo
DISC. TAKEN I NET AMOUNT 1
2.275.001
ieck Total 2;275.00!
. .
A .>”- 7 . Tegrit Pian Adminrsffalws
4360 Northlake Blvd
Suite 206
Palm Beach Gardens, FL 32410
i
I i
1 BillTo I
I !
-_--__.---
Palm Beach Gardens Police Pension Fond I
I ! i
L.., ....
... 1 ~
Tax ID Numbers i ~
~ j Tegrit Plan Administrators 80-0182332
i
_i_ . ~. - -
Descriotion Amount
.. __ - . ... ..... .....
‘31m Beach Gardens Police Pension Fund - Admin Fee December ?OOR
;- 2.275 on ....
2.275.00
, I !
i 1
j Total Amount Due i
._._..l.l_l__... .l_l____l ----.--i A--.- ......... 5 .. i
52,275.00
..... L_ .... ....................
Mail Papents to:
Tegrit Plan Administrators. LLC at Palm Beach Gardens Address ORACH Payment to:
First Southern Bank First Southern Bank
Tegrit Plan Administrators Pension Resource Center
ABA#: 067012895 ABA#: 067012895
Account #: 80619 I1606 Account #: 8061093306
lfyou have my questions concerning this invoice. please contact Jim James011 at Tegrit Plan Administrators. LLC
Phone 561-459-2960 or Email - Jim.Jamcsoni~tegrit-tp~com
. YENOOR NO
VEJDOR: boo 0 0 00000 10 1 8 OOOOI
INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN INVOICE NUMBER :O I) 00 0 0 00 0 0 62 74 1 12 / 08/ 08 1 1,888.55 1,888.55 .oo
Check Total
00002146
100010
NETAMOUNT I
1,888.55/
1,888.55
Palm Beach Gardens Police 00002146
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63 837612670
ONE THOUSAND EIGHT HUNDRED EIGHTY-EIGHT AND 5511
BANK ATLANTIC
PAY
TOTHE HANSON, PERRY & JENSEN P.A.
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF WEST PALM BEACH FL 33401
VOID AFTER 180 DAYS
11'00 0 0 2 L l, 611' I: 2 L 70 8 3 7 6 3l:OO L 3 3 L 5 LO 311'
00002146
?aim Beach Gardens Pollce
VENDOR: 000 000 0 0 (
INVOICE NUMBEH
J GO 0 0 0 0 0 0 0 62 74 1 _, .- $eck Total 1,888.55'
'
f
HANSON, PERRY 8. JENSEN. P.A
400 Executive Center Drive
Suite 207 West Palm Beach. FL 33401-2922
Invoice submitted to:
Palm Beach Gardens Police Pension Fund
Scott Baur & Bonnie Lindberg 8. Audrey
Ross-via email
c/o Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman 8. Secretary
November 20,2008
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS:
Client I File No.: 0003
Invoice #62741
Professional Services
HrslRate Amount
Attendance at Trustee Meetinqs
10116/2008 KA E-Mail €-Mail to Jav Soencer to confirm 10117 meeting
Attendance at Trustee Meetings -
10/2912008 KA Prep Atty Rept Prepare Attorney Report, Handouts, and Folder for upcoming Meeting -
10/30
Attendance at Trustee Meetings
10/30/2008 BSJ Attend Attend meeting
Attendance at Trustee Meetings
11/12/2008 BSJ Attend Attend meeting
Attendance at Trustee Meetings
SUBTOTAL:
Inv Mqr - ICC
10/31/2008 BSJ Correspondence with Correspondence with Steve Stack re: financial condition: request written
statement
Inv Mgr - ICC
0.25 18.75
75.001hr
2.00 150.00
75.001hr
3.00 600.00
200.001hr
1 .oo 200.00
200.001hr
[ 6.25 968.751
0.35 70.00
200.001hr
.
Palm Beach Gardens Police Pension Fund Page 2
10/31/2008 KA E-Mail E-mail to ICC and Trustees
Inv Mgr - ICC
HrslRate Amount
0.25 16.75
75.001hr
11/5/2008 BSJ Review 0.25 50.00
Review email from Steve Stack re: financial condition statements on ICC
E-mail to Steve Stack
Inv Mgr - ICC
200.001hr
11/7/2008 BSJ Telephone call
Telephone call with Steve Stack
Inv Mgr - ICC
11/13/2008 BSJ Research Research Public Records on financial records of service Drovider
Inv~Mgr - ICC
SUBTOTAL:
Inv Mor - RhumbLine
10/31/2008 BSJ Correspondence with CorresDondence with RhumbLinerequesting statement of financial
condition
Inv Mgr - RhumbLine
SUBTOTAL:
Misc Matters
10117/2008 BSJ Conference with Conference with Jay Sp-. oqcer
Misc Matters
0.25 50.00
200.001hr
0.25 50.00 200.001hr
1 1.35 238.751
0.75 150.00
200.001hr
I 0.75 150.001
1 .oo 200.00
200.0fi”lhr
10/21/2008 BSJ Telephone call 0.35 70.00 Telephone call Martha Moneyham 200.001hr
Telephone call with Bethany in Enrollment (Florida Retirement System)
Telephone ca!! with Sarah Carr at Enrollment (Florida Retiremen! System)
Misc Matters
SUBTOTAL
Summarv Plan Description
10/29/2008 KA Review & revise Review and revise Summary Plan Description per attorney markup
Summary Plan Description
[ 1.35 270.001
0.75 56.25
75.001hr
SUBTOTAL: 0.75 56.251
Palm Beach Gardens Police Pension Fund Page 3
HrslRate Amount
Trustee Election
10/31/2008 BSJ Correspondence with Correspondence with Brad Siedensticker & David Pierson re: terms
expiring
Trustee Election
KA Review & revise
Review and revise letter to City
Trustee Election
SUBTOTAL:
For professional services rendered
Additional Charges :
Bill File
10/10/2008 HPJ UPS Delivery United Parcel Service Invoice No.: OOOF49280428
Tracking #I ZF492800397395278
to I from Wayne Sidey (Trustee Memorandum re: Qualified Public Depository rkquirement)
Bill File
11/15/2008 HPJ Postage
Postage
Bill File
HPJ Photocopies$
Copy Charges
Bill File
SUBTOTAL:
Total additional charges
Total amount of this bill
Previous balance
Total payments
Balance due
0.50 100.00 200.001hi
0.25 18.75
75.001hr
[ 0.75 118.751
11 20 $1,802.50
QtvlPrice
1 4.59
4.59
1 1.46
1.46
320 80.00
0.25
[ 86.051
$86.05
$1,339.00
($1,339.00) c.?
-1, $1.888.55
,4
Palm Beach Gardens Police Pension Fund Page 4
Wishing you a safe and Happy Thanksgiving.
Ellyse Russo
From: Audrey Ross
Sent:
To: Ellyse Russo
cc: Dixie Martinez
Subject: FW: Invoice - 11-15-08
Friday, November 21,2008 12:57 PM
Please pay the attached invoice.
. .. ,., , : .' ~ >:
Administrator
The Pension Resource Center, LLC
4360 Northlake Blvd., Suite 206
Palm Beach Gardens, FL 33410
561.624.3277 (phone)
561.459.3007 (direct dial)
561.624.3278 (fax)
AU~IY~. Ross(riIRcsulll.cc-Te;ltll.com
\\.\\'~~.I'~soLII'cecc'lll~ls.coln
From: Angela D. Tworney [mailto:angela@hpjlaw.com]
Sent: Friday, November 21, 2008 11:35 AM
TO: Bonnie Lindberg; David Pierson; Jay Spencer; I Scott Baur; Audrey Ross; Elaine Bagdan
Subject: Invoice - 11-15-08
__
To view your invoice open the attached PDF file.
You must have Acrobats Readere installed to view the attachment.
Thank you.
Accounts Receivnblc
4U0 Executivc Center Drive. Suite 207
West Palm Bench. FL 3340 1-2922
Phone: 561-686-6550
Fss. 561-680-2402
HANSON, PERRY & JENSEN, P.A.
Pagc I of I
I&NSOp\r, PERRY & $ENSEN, EA.
400 EXECWIVE CENTER DRIVE. SUITE 207 -WEST Pwn BEACH. FWNOA 33401-2922
JILL HANSON'
mjhanson@ hpilaw.com
ANN H. PERRY
aperry@hpjlaw.com
bsjensena hpjlaw.com
BONN1 SPATARA JENSEN
Ao~!mo 81 N.Y.
TELEPHONE (561) 686-6550
FACSIMILE (561) 686-2802
November 20,2008
Via Email
Palm Beach Gardens Police Pension Fund
Pension Resource Center
Altn: Scott Baur & Bonnie Lindberg &Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: Hanson, Perry & Jensen Invoice #62741
Dear Scott & Bonnie:
Enclosed please find the Firm's invoice for services rendered for the period that ended
November 15th, 2008. Thank you for your payment of $1,339.00. Your current balance due is
$1,888.55.
If you have any questions, please do not hesitate to contact me
Bonni S. Jensen
BSJiadt
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secie:a;i?
Via Email Only
VENDORNC
Palm Beach GQrdens Police i r 0) Y EC+
V;NOOR
INSURANCE JAN09 112/31/08 I 2,126.82 I 2,126.82 I .oo
0 0 0 0 00 0 0 04 58 00001
INVOICE NUMBER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC TAKEN
~i
I
I
I Check Total
00002149
00002149 palm Beach Gardens Police
Palm Beach Gardens. FI 33410
4360 Northlake Blvd Ste 206 63 837612670
CHECK NO CHECK DATE VENDORNO
BANK ATLANTIC
2149 01/06/09 000000000249
w . * * * ., <.-<...*...
AMOUNT
$6,342.14 PAY s Ix TSOUSAND THREE HUNDRED FORTY - TWO AND 7 4 / 10 0 ~:~<:h~.~. ...... n n
OF
TAMPA I W"'""' FL 33624
VOID AFTER 180 DAYS 8OROfll cw- *uop
19
UVOICE DATE i/06/09
00002149
100249
NET AMOUNT
6,342.7
6,342.7
1
A
United Members Insurance
Trans Code
w
P
6826 W. Linebaugh Avenue
Tampa, FL 33625
Telephone: (800) 940-5432
Description AmouniL' I
6.158 00 : 184.74
Basic Premium
Fionda Surcharges
Bill To:
The Pension Resource Center, LLC
4360 Northlake Blvd.
Suite # 206
Palm Beach Gardens, FL 33410
In voice
INVOICE NO 04617
REFERENCE NO: 3639
DATE 12/04/2008
PAYMENT DUE DATE: 01/05/2009
Insured:
Palm Beach Gardens Police Ofticen'
Pension Fund
4360 Northlake Boulevard
Suite 206
Palm Beach Gardens, FL 33140
Description: Fiduciary Liability Policy
I I
1 Company IPorlcy I Effectlve. I Expires , ]CuStoheP i%&&?eP{ Producer
UFL-0060678 Ullim Insurance Group
(Fiducialy)
Please pay by 01/05/2009 to ensure continuing coverage.
Thank you for your business
Please return a copy of this invoice with your payment.
THANK YOU FOR YOUR BUSINESS!
.
J.R. “JIM” SOLOMON
President
HERMAN “COCO” ARANGO
Consultant
UNITED MEMBERS INSURANCE, INC.
6826 W. Linebaugh Avenue
Tampa, Florida 33625
(813) 265-2300 (800) 940-5432 (813) 265-2323 Fax
CHARLIEHARRIS
President Emeritus
FL-Am-CIO
Labor Consultant
December 4,2008
Ms. Audrey Ross, Administrator
The Pension Resource Center, LLC
4360 Northlake Boulevard, Sui
Palm Beach Gardens, Florid
Re: Palm Beach Gardens Police Officers’ Pension Fund
Fiduciary Liaibility Policy, Binder # 200801 2004A
Ullico Insurance Group (Hudson Insurance Company)
Effective December 1,2008 to December 1,2009
33 40 Q?3
Dear Audrey:
Enclosed you will find a premium invoice for the above referenced policy. Per Ullico’s
quote, the total annual premium is $6,342.74. A postage-paid return envelope is also
enclosed, for your convenience.
In order to complete this file for the 2008-2009 policy term, we need an original
signed/dated application (signed by a trustee). Please forward a signed application,
at your earliest convenience.
As always, we at United Members appreciate your business. If you have any
questions, please don’t hesitate to call.
Account Executive (ext. 8)
AMOUNT PAID DISC TAKEN 1 INVOICE NUMBER 1 INVOICE DATE I INVOICE AMOUNT
101/06/09 I 600.00 I 600.00 .oo
eck Total PO09 DUES
-~ ~
Palm Beach Gardens Police 000021 50
63-837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY ........v....... ..%..*.%.. SIX HUNDRED AND OO/lOO :::k:e:&sk>
,,THE FPPTA
ORDER 2946 WELLINGTON CIRCLE EAST SUITE A
OF TALLAHAS EE FL 32308
VOID AFTER 180 DAYS moeRcunlm”610PRllR(F
11’000 0 2 L 5 011’ I: 2 6 70 B 3 7 6 3 1:OO 6 3 3 6 5 60 311’
NET AMOUNT
600.001
600.00/
VENDOR: 000000 00’ 1 INVOICE NUMBER
!
\ZOO9 DUES .oo ’ 600.00.
000021 50
1/06/09 600.00 ’ 600.00
ieck Total 600.001
I
~
I
i
Floridu Pub&. Peension Trustees Association Page 3
2009 Yearly Active Membership
2009 Yearly Active Members M- $600 per year payments due upon receipt CttECIc W ILL l=o~w
Board Information
Please print clearly
Address: a0 NOG”LR4yP LUD SU1-7-F 200
City, State, Zip: 1 5, FL 334/0
E-mail Address: prt\ oca. Eo55 @ T6rn-7PA. @OM
Contact Person: &DiZzcSy , PLRN fiDM\hllSTQktToR
Administrator: 67.7 &fi WE
E-mail Address: %ME 4tS fiwg
Phone Number: 5 @I .Lp2Y. a17
Please make checks payable to:
Florida Public Pension Trustees Association (FPPTA)
We accept: Visa, Mastercard, American Express
*Online registrations generate an automatic printable receipt for your records.
Account Number:
Signature: Expiration Date:
Send this form, front and back, to FPPTA.
Membership Form and Trustee List must accompany payment.
Thank you for your membership and your support of the FPPTA.
0 by FPPTA
PALM BEACH GARDENS POLICE PENSION FUND
TRUSTEES
Lt. Jay Spencer, Chairman
c/o PBG Police Department
10500 North Military Trail
Palm Beach Gardens, FL 33410
Cell: 561-248-1 185 Wk: 561-799-4525
Hm: 624-7928 Fax: 561-799-4589
E-Mail: Jspencer<fibbt?tl.com
David Pierson,
12961 North Normandy Way
Palm Beach Gardens, FL 334 I8
Email: piers1 @comcast.net
Ph: 561-627-5874
Wayne Sidey,
do Palm Beach Gardens PD
10500 North Military Trail
Palm Beach Gardens. FL 33410
E-Mail: wsidey@pbqfl.com
Jules Barone
c/o PBG Police Depamnent
10500 North Military Trail
Palm Beach Gardens, FL 33410
Ph: 56 1-799-4545
E-Mail: Jbarone($Dbqfl.com
Brad Seidensticker
1 I Glencairn Road
Palm Beach Gardens, FL 334 I8
Ph: 561-624-2077
Email: bradstickerCi3vahoo.com
u Plan Administrators
WWVJ teyrit-tpa.com
FACSIMILE TRANSMITTAL SHEET
TO I11(1M
Regisbation Audrey Ross
ni
PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND - 2009 MEMBERSHIP RENEWAL
Please find attached the 2007 membership renewal application along with the
list of Trustees' and their contact information for the Palm Beach Gardens
Police Officers' Pension Fund.
A check will follow in thc mail.
Let me know if you have any questions.
Sincerely,
Audrey Ross
Plan Administrator
561.459.3007
*
TRANSMISSION VERIFICATION REFURT
TIME : 12/31/2668 12:56 NAME : TEGRIT PLAN ADMIN FAX : 5616243278 TEL : 5616243277 5ER.M : BRM8J848651
I I I
12/31 12:49 18506688514 66: 66: 46 03
OK STANNDPRD ECM
r 7. Tegrlt Plan Administrators
legnt Plan AdminiStratOn
4360 Normae Bkd. Sulk 2D6
Palm Beach Garflens. PI. 33410
pn. 581.~:4.3277 Fax 56f.i24.~:?8
"w.tsgrlt4pa.com
- - -
FACSIMILE TRANSMITTAL SHEET - - p-
TO kRDM
Regisbation Audrey ROSS
C.OMPANY imrr
FPPTA December 30,2008
FAX NUMBER: TlTFAl, NO. OF I'hGF-5, INCI.III)IN(~ COVER:
850.668.85l.4 3
PHONE NL1MPF.R: FENIXRX 8lil:liRliNCti NUUBBR:
561-629-3278
RE
PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND - 2009 MEMBERSHIP RENEWAL
Please find attached the 2009 membership rencwd application dong with thc
list of Trustees' and their contact information for the Palm Beach Gardens
Police Officers' Pension Fund.
Pam
VENDOR 00000000 0322
AMOUNT PAID DISC TAKEN 1 INVOICE NUMBER I INVOICE DATE INVOICE AMOUNT
,oooooo002008210 101/06/09 I 1,000.00 1,000.00 .oo
I Check Total
NET AMOUNT
1,000.0l
1,000.0~
!
BANK ATLANTIC
Palm Beach Gardens Police
2151 01/06/09 000000000322
12
IVOICE DATE l/06/09 INVOICE AMOUNT
000021 51
1,000.00 ' 1.000.00 I .oo ' 1.000.0 Oi
1,000. oo/
i
C
Thistle Asset Consulting, Inc.
1321 Piazz Delle Pallottole
Renaissance Commons
Boynton Beach
FL. 33426
Invoice
I 12/23/2008 1 2008210 I
(561) 737-3996 I I I
Palm Beach Gardens Police Pension Fund
Mr Scott Baur
The Penslon Resource Center, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Thistle Asset Consulting
1321 Piazz Delle Pallottole
Boynton Beach. Florida 33426
USA
Special Meetings Nov 12 & Dec 16, 2008
I
01 1
Total
Balance Due
$1,000.00
$1,000.00
00002152
DISC. TAKEN VENDOR. 0 0 0 0000000 10
INVOICE DATE INVOICE AMOUNT AMOUNT PAID : IlvVOICi NUMBER 1,061.75 .oo
~000000000062611 01/06/09 i I
I I
I
1,061.75 Check Total
i I
!
! i
I
1
~
i I I
Palm Beach Gardens Police 000021 52 1
63 8376i2670 4360 Northlake Blvd Ste 206
Palm Beach Gardens. FI 33410
CHECK DATE YENDORNO CHECK NO BANK ATLANTIC
2152 01/06/09 000000000010
AMOUNT PAY $1,061.75 ONE THOUSAND SIXTY-ONE AND 75/100 $$$$$$$@$$
TOTHE HANSON, PERRY & JENSEN P.A.
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF WEST PALM BEACH FL 33401
B~~n~~~ VOID AFTER 180 DAYS
11'00002 L5211' 1:26706376~1:006336560311'
000021 52
NET AMOUNT
1,061.75
1,061.75
.
]HANSON, PERRY & JENSEN, PA.
400 EXECMYE CEmR DRIVE. Sum 207 -WEST PALM BEACli, FLCRIDA 33401-2922
TELEPWE (561) 6868550
mjhanson G3 hpjlaw.wm FACSIMILE (561) 666-2802
aperryO hpjlaw.com
bsjensenG3 hpjlaw.com
JILL HANSON’
ANN H. PERRY
BONN1 SPATARA JENSEN
December 22,2008
*WO Ao~mrO !I N.Y.
Via Email
Palm Beach Gardens Police Pension Fund
Pension Resource Center
Attn: Scott Baur & Bonnie Lindberg & Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: Hanson, Perry & Jensen Invoice #62811
Dear Scott &Bonnie:
Enclosed please find the Firm’s invoice for services rendered for the period that ended
12/15/2008. Thank you for your payment of $1,888.55. Your current balance due is $1,061.75.
If you have any questions, please do not hesitate to contact me.
BSJladt
Endosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
I
a
HANSON. PERRY B JENSEN, P.A
400 Executive Center Drive
Suite 207
West Palm Beach, FL 33401-2922
Invoice submitted to:
Palm Beach Gardens Police Pension Fund
Scott Baur 8 Bonnie Lindberg &Audrey
Ross-via email
c/o Pension Resource Center
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
December 19,2008
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS:
Client I File No.: 0003
Invoice #62811
Professional Services
HrslRate Amount
Attendance at Trustee Meetinqs
1211 912008 KA Prep Atty Rept
Prepare Attorney Report, Handouts, and Folder for upcoming Meeting
Attendance at Trustee Meetings
SUBTOTAL:
DROP
12/14/2008 BSJ
12/15/2008 KA
Review
Review Ordinance and file re: DROP distribution
DROP
Draft
Draft DROP and Share Distribution Policy
DROP
SUBTOTAL:
Domestic Relations Order Procedure
12/15/2008 KA Telephone Call
Teleohone call from Attorney Rosanna Ferrari re: QDRO
Domestic Relations Order Procedure
1 .oo 75.00
75.00/hr
[ i .OO 75.001
0.75 150.00
200.00lhr
1 .oo 75.00
75.00lhr
[ 1.75 225.00]
0.25 18.75
75.001hr
Palm Beach Gardens Police Pension Fund Page 2
SUBTOTAL:
Inv Mqr - RhumbLine
11/19/2008 BSJ Review
Review email from Denise DEntremont and audit letter
Inv Mgr - RhumbLine
SUBTOTAL:
Misc Matters
11/20/2008 BSJ Telephone Call
Telephone call with Trish Shoemaker
Misc Matters
12/15/2008 KA E-Mail
E-mail Memorandum re: Normal Retirement Age to Trustees
Misc Matters
BSJ Draft
Draft memorandum re: Normal Retirement Age
Misc Matters
SUBTOTAL:
Plan Document
121i512008 KA Review and Revise
Review and revise Palm Beach Gardens proposed Amendment per
attorney markup
Plan Document
SUBTOTAL:
Transfer to FRS
1111812008 KA E-Mail &Mail and Telephone call with Jay Spencer re: Florida Retirement
System v. Defined Benefit meeting
Transfer to FRS
11/1g/~oo8 BSJ Conference with
Conference with Jay Spencer and Bob Ode11
Amount HrslRate
I 0.25 18.751
0.25 50.00
200.001hr
[ 0.25 50.001
0.25 50.00
200.001hr
0.35 26.25
75.00lhr
0.75 150.00
200.00lhr
[ 1.35 226.251
0.50 37.50
75.001hr
I 0.50 37.501
0.50 37.50
75.00lhr
1.25 250.00
200.00lhr _. ~
E-mail to Trish Shoemaker
E-mail to Steve PalmqUiSt
Transfer to FRS
Palm Beach Gardens Police Pension Fund
11/21/2008 BSJ Review
Review email from Trish Shoemaker and Sarah Carr re: Florida
Retirement System
Transfer to FRS
SUBTOTAL:
9 1751185 CornDliance
12/11/2008 BSJ Draft
Draft Memorandum re: letter to Governor, Speaker of the House and
President of the Senate
Draft Sample Letter 5 1751185 Compliance
SUBTOTAL:
For professional services rendered
Page 3
HrdRate Amount
0.35 70.00
200.001hr
I 2.10 357.501
0.35 70.00
200.001hr
[ 0.35 70.001
7.55 $1,060.00
Additional Charges i
QtvlPrice
Bill File
12/15/2008 HPJ Photocopies$
Copy Charges
Bill File
7 1.75
0.25
SUBTOTAL: [ 1.751
Total additional charges $1.75
Total amount of this bill
Previous balance
Total payments
Balance due
Wishing you a safe and happy Holiday Season and a bright and prosperous New Year.
$1,061.75
$1.888.55
($1.888.55)
$1,061.75
101/07/09 I
.I I ,.. ,I, ... ,I ,I a,,.,. .I to
Palm Beach Gardens Police 000021 53
63 837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY
TO THE TEGRIT PLAN ADMINISTRATORS
ORDER 4360 NORTHLAKE BLVD STE 206
OF PALM BEACH GARDENS FL 33410
mD€n mm YlClDI KIe.5 VOID AFTER 180 DAYS -
i1.0 0 00 2 L 5 311' I: 2 6 708 3 7 6 31:OO 6 3 3 6 5 60 3 11'
2,287.5( c eck Total
__
palm Beach Gardens Police
VENDOR: 00 0 ooooo(
INVOICE NUMBER
030028
01
NVOICE DATE I INVOICE AMOUNT
1/07/09 2,287.50
AMOUNT PAID
2,287.50
r c
000021 53
VENDORNO 000000000001
.oo
DISC. TAKEN I NETAMOUNT
2,2 8 7 .5 oj
.eck Total 2,287.501
SXO Northlake Blvd
Suite 206
Palm Beach Gardens, FL 33410
Invoice
Date Invoice #
I (1 11109 111"1112S
Tax ID Numbers
Tegrit Plan Administrators 80-0182332
Resource Centers 87-0800468
Pension Resource Center 364504183
Omega Recordkeeping Group 20-2901035
Description Qty Rate Amount
I1:ili;i ikncli (;:idin.\ l'irli~c I'cii<i<iii I-iiiiil - .\&I>II Fcc for lllc 111oiitli ofJ:inu:ii-! 2llil'l. ?.??5.llll 2.27s.no
I)i:llll SCd! ll'lll I -5 .. ll.ilJ i2.m
Total Amount Due
blail Paynicnts to:
Tegrit PIm Administrators. LLC at Palin Bcacli Gardens Addrcss OR ACH Paylnent lo:
First Soulhcm Bank
lept Plan Adniiiiislratws
/\ccuuni 2: SO6l')l 1006
First Southern Bank
Pcnrioii Ilesourcc Crnter
Accoiiiil t: YO6I093?06
AD,\ :: Ilf~:ollS9s ,413~ ti: n67012m5
Ifyou iwc any qiicstioiis conccriiing tliis invoice. please contact Jiin Jainccon at Tcgrit Plan AdininisIrators. LLC
Phone 56 1-359-2960 ur Email - Jini.Jaiiieson~,lr~ril-t~a.coiii
~ INVOICE NUMBER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID
{IRS DETERM FEE 101/21/09 1 1,000.00 I 1,000.00
I j
!
DISC. TAKEN NETAMOUNT I .oo 1,000.00; Check Total 1,000.00:
Palm Beach Gardens Police 000021 54
4360 Nonhlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63 837612670
BANK ATLANTIC CHECK NO CHECK DATE VENDORNO
2154 01/21/09 000000000327
&MOUNT
$1,000.00 ................ PAY
ONE THOUSAND AND 0 0 / 10 0 $>::EEx::Z>:;
TO THE UNITED STATES TREASURY
ORDER
OF
BCaIXR CoUTIms W>%PL”rnT VOID AFTER 180 DAYS
11~~000 2 LSLii’ I: 2670837631:006336560311’
Palm Beach Gardens Police
VENDOR oooooooo( , INVOICE NUMBER
IIRS DETERM FEE
27
NVOICE DATE T7z7m INVOICE AMOUNT
1,000.00
000021 54
VENDOR NO 000000000327
NETAMOUNT ~ AMOUNT PAID I DISC. TAKEN I .oo 1,000.00~ 1,000.00 I
1,000.00~
Y
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2x avo E .3 m
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uum
Palm Beach Gardens Police .
VENDOR: oooooooo(
INVOICE AMOUNT
000021 56
VENDORNO 37 000000000037
NVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN I NET AMOUNT
1/26/09 I 19.273.18 I 19,273.18 I .oo I 19,273.1
AMOUNT PAID
deck Total 19,273.1
19.273.18
Palm Beach Gardens Police 000021 56
4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63-837612670
THOUSAND TWO HUNDRED SEVENTY-THRE
!
i BANK ATLANTIC
I PAY
I TOTHE ICC CAPITAL MANAGEMENT
! ORDER 390 ORANGE AVENUE 27TH FLOOR
j OF
~ ORLANDO FL 32801 :
~ : . , . ._ .. . ,.. .. .- . . . . . . .. . . ., . - - .. .. . .. . .-. ..
11'00002 L~&II' 1:2670837631:006336560311'
19,273.18
Palm Beach Gardens Police
VENDOR: 00000000
INVOICE NUMBER
000000057528979 i 37
UVOICE DATE l/zs/os
000021 56
VENDOR NO. 000000000037
.oo 19.273 .Id
DISC. TAKEN I NET AMOUNT I
eck Total 19 ; 273.181
CAPITAL MANAGEMENT
Jan 8,2009
PALM BEACH GARDENS POLICE PENSION FUND
Bonnie Lindberg
The Pension Resource Center
4360 Northlake Blvd. Suite 206
Palm Beach Gardens, FL 334 IO
Invoice Number: 57528979
ICC Capital Management, Inc.
STATEMENT OF MANAGEMENT FEES
For the Period January I, 2009 to March 3 I, 2009
Portfolio Valueation with Accrued Interest As of I U3 I /ZOO8
I5,4 18,548 @ 0.50% per annum
$ I 5.4 18.547.85
19,273. I8
Quarterly Management Fee $ 19.273. I8
. ~ ~~ ~ ~~~
PastDuelCredit
TOTAL DUE AND PAYABLE
0.00
$ 19.273. I8
390 North Orange Avenue, 27th Roar . Orlando, Florida 32801 . Fw 800-480-6445. Pn 407-839-8440 FX 407-841-2814
WEB
000021 57 Palm Beach Gardens Police VENDOR NO 000000000029 ;ENDOR: 0000 00 0 0 002 9 I INVOICE DATE INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN [ NET AMOUNT INVOICE NUMBER 000000000425747 101/28/09 3,000.00 I 3,000.00 .oo 3,000.0(
eck Total 3,000.0(
000021 57 Palm Beach Gardens Police VENDOR NO 000000000029 ;ENDOR: 0000 00 0 0 002 9 I INVOICE DATE INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN [ NET AMOUNT INVOICE NUMBER 000000000425747 101/28/09 3,000.00 I 3,000.00 .oo 3,000.0(
eck Total 3,000.0(
Palm Beach Gardens Polica
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63~037612810
THREE THOUSAND AND OO/lOO
i TOTHE 1 ORDER ONE CLEARLAKE CENTER I OF
CHERRY, BEKAERT & HOLLAND
250 AUSTRALIAN AVE SOUTH SUITE 1201
WEST PALM BEACH FL 33401
VOID AFTER 180 DAYS
11~000 0 2 L 5 711' I: 2 6 7 0 B 3 7 6 3 CO 0 6 3 3 6 5 60 311'
000021 57
Palm Beach Gardens Police
VENDOR: 0 0 00 0 0000 02 9
00000000425747 lOl/28/09
INVOICE NUMBER 1 INVOICE QAT1
VENDOR NO 0 l"76 9 000000000029
AMOUNT PAID DISC. TAKEN I NET AMOUNT INVOICE AMOUNT 3,000.00 ' 3,000.00 .oo 3,000.00
Check Total 3,000.00
CHERRY BEKAERT 6 HOLLAND, L.L.P.
ONE CLEARLAKE CENTRE
250 S. AUSTRALIAN AVE. STE. 1201
WEST PALM BEACH, FL 33401 (561)835-8352
PALM BWCH GARDENS POLICEPENSION FUND
do PENSION RESOURCE CENTER, INC.
4360 NORTHLAKE BLVD.. SUITE 206
PALM BEACH GARDENS, FL 33410
Invoice No. 425747
Date 12/30/2008
Client No. 4253650.0
FOR PROFESSIONAL SERVICES RENDERED:
Interim billing on audit of financial statements for the year ended September 30, 2008.
TERMS: InwiCeS papble within 15 days from i-ce date. A service chage kill be added to past due mnk equal to 1 1R% PB
month (1 8% annually) m the pre\n’urs mmths balances less payments received during Lhe mmth MUl a minimum chqe d $2.00 per
month.
. . 000021 58 . VENOM NO
INVOICE NUMBER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN
Palm Beach Gardens Police
VENDOR: 0000 0 0 0 0 0 012 000000000012
I I NET AMOUNT
000000000107111 lOl/28/09 2,799.00 I 2,799.00 .oo 2,799 .OO
eck Total 2,799.00
Palm Beach Gardens Poke
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 83a37e12870
~ BANK ATLANTIC
: PAY
! ORDER P.O. BOX 78000
DETROIT MI 48278
. .. VOID AFTER 180 DAYS
L . __ .- __ - . ~... __ ~ _.___.I___I ~. _I ~ ...
11'00002L5811' 1:2670837631:006336560311'
Palm Beach Gardens Police
VENDOR: 0 000 0 OOO(
INVOICE NUMBER
)00000000107111
'.
.. ,.. .
12
1/28/09 ' 2,799.00
VVOICE DATE I INVOICE AMOUNT
VENOOR NI 0000 ....
AMOUNT PAID I DISC. TAKEN
2,799.00 I .oo
000021 58
000012
NET AMOUNT
2,799.0
2,799.0
. . .
Gabriel Roeder Smith & Company
Suite 505 - Invoice
Consultants & Actuaries
One East Broward Blvd.
Ft. Laudedale, Florida 33301-1872
(954) 527-1616 12/31/2008 I071 11
GRS
BOARD OF TRUSTEES, CITY OF PALM BEACH
GARDENS POLICE OFFICERS PENSION FUND
Mr. J. Scott Baur, Administrator
The Pension Resource Center, Inc.
4360 Northlake Blvd., Suite 206
Palm Beach Gardens, FL 33410
Dept. # 78009
Gabriel Roeder Smith & Company
PO Box 78000
Detroit. Michigan 48278-0009
or
ACH Payment to:
Gabriel Roeder Smith & Company
JPMorgan Chase, ABA #: 072000326
Account #: 0486723
~~
:or services rendered through 1213 1/08
I. Preparation of page 6a for inclusion in the 2008
State Report
!. Charges to date for preparation of the 10/1/08 Actuarial
Valuation Report
!. 9/30/08 DROP Statements
1. Retirement Benefit Calculation for: Spencer
~ 3lient No. 100360
PLEASE INDICATE THE INVOICE NUMBER ON YOU1
100360-1 08
100360- I 08
100360-308
100360408
Invoice Total
Paid to Date
Amount Due
EMITTANCE. TI-
$550
$1,349
$600
$300
$2,799
$2,799
NK YOU.
I--, I heck Total I 2'281.51
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens. FI 33410
000021 53
63 837612670
BANK ATLANTIC
PAY
TKO THOUSMJD TWO HUNDRED EIGHTY-SEVEN AND 5
TO THE TEGRIT PLAN ADMINISTRATORS
ORDER 4360 NORTHLAKE BLVD STE 206
OF PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS I
%?E-
11'0000 2 L5311' I: 2~70a37~31:00~336560311'
__
palm Eeach Gardens Policc
VENDOR. 00 000000~
INVOICE NUMGER 4 5090028
000021 53
~~~
Check Total I 2,287.5(
c
.:. .. - < ><)‘-::; ... < - I I t
_I :.~,. ... .... ~
4XO Northlake Blvd
Suite 206
Palin Beach Gardens, FL 33410
Bill To
Invoice
Date Invoice #
1.11 1011‘l I~IIVt102S
Tax ID Numbers
I’iihii I;c.;ch (iiirtlciir I’i3iicc I’ciicioii Ibiitid
Tegrit Plan Administrators 80-0182332
Resource Centers 87-0800468
Pension Resource Center 364504183
Omega Recordkeeping Group 20-2901035
Total Amount Due
Mail Pa)iiientr to:
Tqrit PI:m Atliiiiiiktrators. LLC 31 Palin Bcncli Gardens Addrcss OR ACH Payment to:
First Soutlicrn Bwh First Soutliern Batik
Tcgrit l’lw Adm~n~slratorc Pciisiuii Resource Center
AUA Oh;lll?S95 ADA #: Oh70 I2595
Accuiiii 6: SObl‘)l 1606 Account 4: SO61093306
H‘you have any qucstioils canccriiinf this invoice, please contact Jinr Jnmeson 31 Tegrit Plan Adininistralors. LLC
I’lwne 56 I-459-2960 or Email - Jiiii.Jaii:esoii~tc~rit-t~a,~o~~i
~~ YL,IUY?#”’L GO0000000327 A n nn o n oc~ 032 7
4MOUNT PAID DISC. TAKEN NETAMOUNT ~
1,000 .oo .oo 1,ooo.ooi
1,000.00: eck Total
I
000021 54 Palm Beach Gardens Police
4360 Northlake 81vd Ste 206
palm Beach Gardens. FI 33410 63 837612670
CHECK NO CHECK DATE VENDORNO BANK ATLANTIC
2154 01/21/09 000000000327
AMOUNT
PAY .... ..,.......~.........~5~ $1,000 .oo ONE THOUSAND AND OO/lOO :?:=$$::$$*::.:
TO THE UNITED STATES TREASURY
ORDER
I
Palm Beach Gardens Police
VENDOR. 00000000~ , INVOICE NUMBER
ERS DETERM FEE
I
000021 54
VENDORNO OOOO(
.oo DISC. TAKEN
zck Total
300327
NETAMOUNT ~
1,o 00 . 0 o\
1,000.00’
i
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0
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(1 -? N 0 N m 0 0
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9.
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u
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~)mrmmo om~m WP) 3 -3 0
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mmrmmrl om~m
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0
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4
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0
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2
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Y
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4
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00 m
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0333
0000 mmmm
0000
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0000
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uxu 00 hWCI WL: uuffl >X am u E -3 W 0 052 u>u
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303
il
aexn baroens roiice VENDORNO 000000000037 NDOQ: 0000000 0003 7
)000057528979 01/28/09 1
INVOICE NUMBER 1 INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN NET AMOUNT
19,273.18 I 19,273.18 .oo 19,273.18
eck Total 19,273.18
I
NET AMOUNT I DISC. TAKEN I AMOUNT PAID 1 INVOICE DATE INVOICE AMOUNT I 1
19,273.18 1 19,273.18 .oo 19,273.18
,000000057528979 lOl/28/09 eck Total 19,273.18
INVOICE NUMBER
.,. . ,, I. ,,. , ,, ... I,..
Palm Beach Gardent Poke 000021 56
63-837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 i
I ; BANK ATLANTIC
THOUSAND TWO HUNDRED SEVENTY-THRE
'j PAY
i j TOTHE ICC CAPITAL MANAGEMENT
i ORDER 390 ORANGE AVENUE 27TH FLOOR
j OF
i
!
ORLANDO FL 32801
soaoq- VOID AFTER 180 DAYS . - -- .- ~ , .. .. . .
11~0000 2 h5611* I: 2670837631:006336560311*
000021 56
Jan 8,2009
PALM BEACH GARDENS POLICE PENSION FUND
Bonnie Lindberg
The Pension Resource Center
4360 Northlake Blvd, Suite 206
Palm Beach Gardens, FL 334 IO
Invoice Number: 57528979
ICC Capital Management, Inc.
STATEMENT OF MANAGEMENT FEES
For the Period January I, 2009 to March 3 I, 2009
Portfolio Valueation with Accrued Interest As of 12/3 112008
-~
$ l5,4 18,547.85
I5,4 18,548 @ 0.50% per annum
Quarterly Management Fee
PastDudCredit:
TOTAL DUE AND PAYABLE
19,273. I8
$ 19,273.18
0.00
.
__ .~
$ 19,273. I8w
39D Norlh Orange Avenue 27th Floor Orlando. Florida 3280I Pn 800-480-6445 pH407-839-8440 FI 407-841-2814
WEB
*-E+
....a I . :,,.:~ ,,, I ... . ;, I , i'-)'. I 'I1 I I ,' 1:. .o ,I
Palm Beach Gardens Police 000021 57
83-837611870 j
i
j BANK ATLANTIC
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
i PAY
1, :'THREE THOUSAND AND OO/lOO
?,
!
I TOTHE CHERRY, BEKAERT & HOLLAND i ORDER ONE CLEARLAKE CENTER
~ OF 250 AUSTRALIAN AVE SOUTH SUITE 1201 WEST PALM BEACH FL 33401
VOID AFTER 180 DAYS mnqERm.A -v=c+m!3 ,. ~ ..__.I I ~ ~ ~ ~ . ....
VENDORNO OOOO(
.oo
Palm Beach Gardens Police
VENDOR 0000 0 0 0 0 002 9 I AMOUNT PAID I DISC, TAKEN I INVOICE DATE I INVOICE AMOUNT INVOICE NUMBER 3,000.00 I 3,000.00
eck Total 00000000425747 lOl/Z8/09 I
000021 57
CHERRY BEKAERT & HOLLAND, L.L.P.
ONE CLEARLAKE CENTRE
250 S. AUSTRALIANAVE. STE. I201
WEST PALM BEACH, FL 33401 (561)835-8352
PALM BEACH GARDENS POLICE PENSION FUND
do PENSION RESOURCE CENTER, INC.
4360 NORTHLAKE BLVD., SUlTE 206
PALM BEACH GARDENS, FL 33410
lnvoice No. 425747
Date 12/30/2008
Client No. 4253650.0
FOR PROFESSIONAL SERVICES RENDERED:
Interim billing on audit of financial statementsfor the year ended September 30,2008.
$3.000.00
I ..i I
JAN 1 3 ?FW
TERMS: lnwices payble Mlhin 15 days from irwoice dale. A senice charge vill be added to past due acmunts qual to 1 1/2% PS
monm (18% annudly) on the previous month’s balinces less payments received during me month. viim a miflmum chage d s2.W per
month.
ICC Capi*al Maria, cement
PORTFOLIO APPRAISAL
PALM BEACH GAXDENS POLICE PENSION FUND FmD INCOME
Jammy 23,2009
hit Totli Market PCt Cur.
Assets lieid -- Quantip securip cos1 Cart Price Value
CkSH .4ND EQUIVALENTS
CASH & CASH EQUN.ALENTS 1.055:028.89
1,055,028.89
1,055.028.89 9.0 0.1
1,055,028.89 9 G
CORPORATE BONDS
80,000.000 GEMRAL ELEmC
CAP CROP
8.300% Due 09-20-09
235,000.000 FLEETBOSTON FEVL cow
7.375%Duc 12.0149
280.000.000 JPMORGAX CHASE & co
7.875% Due 06-15-10
200.000.000 LE" BROTHERS
HLDG
7.875YoDw 08-15-10
200,000.000 GOLDMAN SAC%
6.875% 1-15-11
6.875%Due 01-15-11
6.500% Due 01-18-11
255,000.000 CITIGROUP INC
135,000.000 MORGAN STANLEY
2.000% Due 09-22-11
240.000.000 HARTFORD FWL
SVCS GW
5.250% Duc 10.15-1 1
125,000.000 NEW YORK
COMMUNITY BANK
3.OOO%Due 12-1611
3.200% Due Obl5-12
125,000.000 KEY BANKNA
125,000.000 PNC FUNDlNGCOW
200.000.000 GOLDEh' WST FINL
2.300% Duc 06-22-12
4.750%Duc 10-01-12
GROUP NC
5.450% Due 11-01-12
4.950% Due 01-15-13
200,000.000 GOLDW SACHS
200,000.000 AT&T lNC
135,000.000 NATIONAL RURAL m COOP
5.5OO%Due G7-G1.13
8I,OOO.000 GOLDMAN SACHS
5.250% Due 10-15-13
135.000.000 IBM COED
6.500% 3uc 10-15-13
6.500%Duc 11-15-13
125,000.000 BAKERHUGHES INC
155,OOO.OW E.I. DU PONT DE
NEMOURS
5.875% Due 01-15-34
125,000.000 PROCTER& GAM3LS co
4.600% Due 01-15-14
110.79
106.28
108.76
98.97
104.05
104.86
99.91
98.47
99.95
99.90
99.88
97.82
99.97
100.30
99.84
98.44
99.24
99.76
99.84
09.98
88,629.60
249,762.70
304,525.20
197,938.00
208,096.00
267,383.25
134,879.85
236,323.20
124.936.25
124,881.25
124,853.75
195,640.00
199,946.00
200,592.00
134,789.40
83,674.00
133,971.30
124,702.50
154.752.00
124,972.50
1
103.15
101.93
102.83
12.00
101.03
99.04
100.34
93.12
102.88
103.55
100.43
97.96
96.19
102.41
100.65
94.32
111.64
106.84
107.05
10728
82,520.00
239,53080
287.915.60
24,000.00
202,062.00
252,549.45
135,460.35
723,483.20
128,606.25
129,442.50
125,538.75
195,914.00
192,380.00
204,820.00
135,877.50
80.174.55
150,709.95
133,551.25
165,932.15
134,105.00
0.7
2.0
2.4
0.2
1.7
2.1
1.2
1 .9
1.1
1.1
1.1
1.7
1.6
1.7
I .2
0.7
1.3
1.1
1.4
1.1
G. 1
8.0
7.2
7.7
65.6
6.8
6.6
2.0
5.6
2.9
3.1
2.2
4.8
5.7
d.8
5.5
5.6
5.8
6.1
5.5
4.3
ICC Capital Mana, uement
PORTFOLIO APPRAISAL
PALM BE4 CH GARDENS POLICE PEhSION FUhD FED lNC0ME
Quantity SeC"ri?.
125,000.000 GENERAL
DYNMCS COW
5.25W0 Due 02-01-14
100,000.000 JF MORGAN CHASE
4.875% Due 03-15-34
2?5.000.000 GLAXOSMITHKLJNE
CAP NC
4.375%Duc 04-15-14
100.000.000 GENERAL ELEC CAP cow
5.500% Duc 06-04-14
45,000.000 BEAR STEARNS
65.000.000 GOLDMAN SACKS
5.700%Duc 11-15-14
5.125% Duc 01-15-15
50,000.000 JF MORGAN CHASE
5.250% Due 05-01-15
170,000.000 MEXRLL LYNOI &
CO
6.050% Due 05-16-16
5.625% Due 06-15-16
225,000.000 AT&T NC
150,000.000 MCWNALD'S COW
5.300% Due 03-15-17
200.000.000 VERaON
COMMUNICATlONS
5.500% Due 04-01-17
300,000.000 NATIONAL RURAL
UTIL COOP
5.450%Due 04-10-17
225,000.000 MCDONALD'S COW
115.000.000 CONS EDISON CO OF
5.80Ooi.Duc 10-15-17
5.85O%Duc 04-01-18
5.700%Duc 02-01-19
Accrucd Interest
120,000 000 AMGEN WC
GO\'ERNMEhT BONDS
630,000.000 US TREAS'JRY
4.500% Duc C5-15-38
Accrued Interest
MORTGAGE POOLS
32,121.570 GNJOM#7E1313
84,628.390 FNCIM #254371
6.000% Due 07-15-16
5.500% Due 07-01-17
4.500% Due 04-01-19
4 500% Duc 05-01-19
5.119 E30 FGCINPB13455
94,771.30 €?KIN #7?5645
January 23, 2009
Unit Total Markt Pct Cur.
Assets Yicid cost cost price Yduc ~-
99.53 124.410.00
99.68 99,682.00
99.85 23,669.25
99.86 99.856.00
97.40 43,829.55
99.74 64,829.10
101.59 50,797.00
103.52 175.989.10
101.36 228,071.25
98.90 148248.50
102.45 204,892.00
99.68 99.680.00
102.47 230.555.25
99.96 114.949.40
99.78 119.732.40
5,445,539.55
125.24 789,041.75
789.041.75
103.12 53,12537
99.56 84258 14
99.71 5.104.74
96.09 91.067.96
105.00 131,255.00
95.90 95,896.00
103.23 23227115
98.80 98,798.00
98.73 44,:28.95
90.46 58,799.00
93.74 46,868.00
89.38 151,942.60
101.82 229,101.75
99.86 149,794.50
96.97 193,946.00
93.87 93,868.00
106.53 239,697.00
100.89 116.029.25
101.75 1?2,098.80
56.332.85
5,285,703.25
121.69 766,634.40
2.401.66
769,036.06
104.41 33,539 42
103.68 87,739.33
102.36 5240.8 1
102.46 97,099 76
1.1 5.0
0.8 5 1
2.0 4.2
0.8 5.6
0.4 5.8
0.5 5.7
0.1 5.6
1.3 6.8
1.9 5.5
1.3 5.3
1.6 5.7
0.8 5.8
2.0 5.4
1.0 5.8
1.0 5.6
0.5 __-
M.9 5.8
6.5 3.7
0.0
6.5 3.7
~-
6.3 5.7
C.7 5.3
c.0 4.4
0.8 4.4
2
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUNI) FIXED INCOME
January 23.2009
Enit Total
Quantity SCCUrity Cost cost
51.127.970 FNCIN #825335
4.000% Duc 05-01-20
54,681.770 FNCINK255888
47,606.190 FNCIN#829053
4.000% Due 08-01-20
4.000%Due 08-01-20
121,436.770 FGCI#Gl2205
4.500% Duc 06-01-21
4.500% Due 08-01-21
6,765.682 FGCI N #GI2323
139.j64.770 GNS? M #5525W ~ ~~
6.000% Due 04-15-32
36,652.130 GNSFM#582153
6.000% Due 06-15-32
6.500% Due 08-01-36
739,542.632 FGLMC #GO2258
643,942.740 FNCL# 256394
237.858.692 G2 POOL# 4195
6.500% Due 09-01-36
91.31 49,753.90
97.31 53212.20
97.00 46,178.00
96.48 117,167.51
95.88 6,486.60
98.77 137,842.02
99.83 36,589.13
102.08 754,911.79
102.00 656,821.82
99.89 237.598.25 6.000% Due 07-20-38
Accrued Intorn
2.3 10,117.4~
4.250% Due 06-24-11
4.375% Due 05-13-13
6.000%Due 07-Ob17
225,000.000 FREDDIE MAC
3W.WO.000 FREDDIE MAC
300,WO.OOO FREDDIE MAC
200,CO0.000 F.4NNIE MAE
5.000% Due 04-30-18
6.000%Duc 04-28-21
5.625%Due 11-15-21
265,000.000 FANNIE MAE
300,000.000 FREDDIE MAC
255,000,000 ?AN?G MAE
5.900% Due 06-15-22
5.500%Duc 12-14-22
Accrued htmst
TOT& PORTFOLIO
99.65 348,775.00
100.00 225,000.00
99.83 299,490.00
99.70 299,100.00
9910 198,394.00
99.32 263,198.00
98.63 295,890.00
99 45 253,597.50
2,183,444.50
11,783,172.12
Price __
101.20
10120
101.20
102.24
102.24
103.68
103.68
104.52
104.50
103.24
101.37
100.17
101.84
100.35
104.87
104.75
105.72
101.12
Market
Valuc
51,742.53
55339.04
48,178.42
124.154.52
6,917.10
144,703.54
38,001.66
772,940.38
672,939.48
245,574.83
Pct
Asscu
0.4
0.5
0.4
1.1
0.1
1.2
0.3
6.6
5.7
2.1
~
Cur.
- Yield
4.0
4.0
4.0
4.4
4.4
5.8
5.8
6.2
6.2
5.8
8.418.29 0.1
2,392,529.11 20.3 5.8
;54,811.50
225j73.50
305,:35.00
301,056.00
209,750.00
277.587.50
317,151.00
257,868.75
3.0 A.2
1.9 4.4
2.6 5.9
2.6 5.0
1.8 5.7
2.4 5 4
2.7 5.6
2.2 5.4
16,451.33 0 1 ~-
2,265,591.58 19.3 j.2
11,763,888.88 100.0 5.0
3
ICC Fixed Income Review 8s Outlook
As we turn the page on 2008 and look ahead through 2009 we are confronted with two
powerful forces, the effects of massive expansion in fiscal policy and rapidly deteriorating economic
conditions. The hope is that neither of these two forces will overpower the other. Clearly we are
situated somewhere in the middle of the most difficult financial and economic period this country has
seen in the post WWII era. Two fundamental questions must be grappled with in order to successfully
navigate this challenging environment. (1) With Treasury yields at historic lows at what point will
investors no longer be satisfied with such low returns on their investments? (2) With corporate risk
premiums at such wide levels is now the time to deploy capital in a significant way, specifically in the
lower quality and financial sectors?
The first question is arguably the most challenging. A major worry is that at some point
foreign investors may not be willing to come to the table to buy our national debt. This past fall China
overtook Japan as the largest holder of U.S. debt. As U.S. consumers retrench from their free
spending ways China’s manufacturing based economy feels the pinch. In order to combat this sudden
slowdown in economic growth China has pledged to spend over $500 billion on infrastructure
projects. Certainly as China’s tax revenues decline and its domestic spending accelerates there will be
less money available to ship back to the U.S. to buy up our debt securities. On the other side of this
coin sits the U.S. Federal reserve. The Fed seems to be very concerned, and rightly so, about deflation
and a contracting economy. The Federal Reserve has hinted that it may buy Treasuries in an effort to
keep mortgage and other borrowing rates low. This fact should put a cap on rates in the immediate
term. However, long-maturity Treasury yields have been in a declining trend for almost 30 years now.
In just the final weeks of 2008 the 30 year yield sharply dropped from 4.30% in mid November to
2.68% on December 31st. This does not bode well for the long-run value of Treasuries. Another
force at play will be the new administration’s fiscal stimulus plan. How large should it be? How
much will be in the form of tax cuts and will they be permanent? What types of expenditures will
result in the largest number of jobs being created? All of these questions are relevant within the
context of future US. Treasury rates and the financial health of this nation. The chart below shows
the precipitous drop in yields which took place in the final weeks of the year. This move clearly
represents a tremendous level of fear that still exists in the marketplace given the fact that it comes
concurrent with record budget deficits. We expect that if just a bit of optimism can return to
investors’ psychology we may see a sharp reversal in the direction of the yield curve sometime during
the second half of 2009.
Yield Curve Changes 2008
3month 2year 5year 10year joyeat
.. -5..
. . . . . . . . . .. ,. .,
ICC Fixed Income Review ik Outlook
The debate regarding Treasury rates in this economic environment brings us to an important
philosophical principal. At ICC Capital Management we strongly believe that a fundamental rationale
for investing in high quality fixed income assets is to help protect one's overall portfolio from
deflationary consequences associated with dramatic declines in equity values. Never was this
principal more in our minds than at the end of 2008. As of October 31", both the Lehman Aggregate
and Government Credit indexes were negative, -1.74% and -3.16% respectively. As rates began to
fall sharply in November and fixed income results began to turn positive on an absolute basis for the
year we opted to protect the absolute gain rather than chase Treasury yields towards zero. Given the
unusual forces at play in the Treasury market we expect the extreme volatility in the long end of the
curve to continue. We will seek to capture positive performance in a prudent but overall defensive
manner as rates back up off their historic low yields as they have in the early days of 2009.
In regards to the question of corporate risk premiums and the opportune time to deploy capital
in lower quality and financial sectors we run up against another key principal when investing in fixed
income assets. Maximizing in a prudent fashion the income we receive while minimizing the impacts
to protection is crucial for successful fixed income management. We are fortunate that in the high
quality fixed income universe there exists many opportunities to enhance portfolio income generation.
Income is not just a key component of return but also serves to reduce overall portfolio risk.
Supplementing Treasury exposure with high grade corporate and mortgage debt in a disciplined
fashion serves an important function in assuring that the sacrifices we make for protection do not
erode the opportunities to capture return. At this juncture we see that the high grade corporate bond
market has healed significantly off its worst levels in September. We have taken this opportunity to
shed some of our financial exposure in favor of FDIC backed bank paper and non-financial corporate
names such as IBM, DuPont, General Dynamics and Amgen while maintaining our defensive duration
bias.
GLOBALIZATION
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Investment Review
Quarter Ending
December 31,2008
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PALM BEACH GARDENS POLICE PENSION FUND
Table of Contents
Quarter Ending
December 31,2008
Palm Beach Gardens Police Pension Fund Fixed Income 1
~
Palm Beach Gardens Police Pension Fund Growth 1
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PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Investment Review
Quarter Ending
December 31,2008
ICC Cnpitul Management, lnc.
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0 Quarter Ending
0 December 31,2008
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
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1CC Capltal Management, Inc.
Total Return Summary
Portfolio Allocation
Investment Performance by Asset Category
Fixed-Income Analysis
Purchases & Sales
Realized Gains/Losses
Portfolio Summary
Portfolio Appraisal
Page ......
Page ... .. .
Page ...... 10
Page ...... 13
Pa e...... 14
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Total Return Summa y
Quarter Ending
December 31,2008
Starting Value
Ending Value
Difference
Net Contributions/ (Withdrawals)
Gairl/(Loss)j?om Investments
I Ciirrerzf Qtr Oire Year Five Years
$lZ,18Y,7W
$11,965306
($224,194)
($661,622)
w7m3
311,518,bLI
$11,WW
wm
$180,089
$266,794
1 1 TOTAL RETURN I 3.62% 227% 20.13%
~ A"ZED TOTAL RETURN 3.74%
I
e e e e e e e e e e
e e e e e e e e
0 e e
e e
e e e e e e e
0
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Portfolio Allocation at Market
Quarter Ending
December 31,2008
Asset Allocation:
MOO (Mkt)
Market Value CASH/EQUIVS
as of 09/30/08 16.2%
Market Value CASH/EQUIVS
as of 12/31/08
FIXED INCOME
82.4%
ICC Capital Management, Inc.
2
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Investment Performance by Asset Category
Quarter Ending
December 31,2008
Quarter
10.00,
' W ACCOUNT H BCAG
8.00/ 4.98 4.58 4.58
6.00 3l!!!L- 4.00-
0.00 BONDS TOTAL
"oo'a
W ACCOUNT H BCAG One Year
10.00.
8.00
6.00
4.00
2.00
0.00
5.24 5.24
BONDS TOTAL
Five Years Annualized
10.00,
1 .ACCOUNT HBCAG
8.00-
4.65
6.00 .,.:&a, tZ'
2.00
0.00 BONDS TOTAL
The red total bar represents the Barclays Capital Aggregate Index.
0
0
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PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 1 of 2)
Quarter Ending
December 31,2008
Average Quality - AA - Average Duration - 2.39 Cuwent Yield - 5.69
Federal Agencies Mortgage Pools
24 9%
Corporate Bonds
52.3%
ICC Capital Management, lnc.
4
e e e PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 2 of 2)
1.4% --
1.0%
0.6%
e e e e e e e
e e e e e e e e e
e e e e e e e e e
0
0 e e e e e e e
0
0
I NEUTRAL I - -
I DEFENSIVE 1 --
I
Quarter Ending
December 31,2008
ICC Capital Management, lnc.
5
e e e e
0 e
e
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND FmD INCOME
From 09-30-08 To 12-31-08
Trade Settle Unit
Date Date Quantity Security Price Amount
PURCHASES
10-24-08 10-28-08
12-10-08 12-15-08
12-09-08 12-15-08
10- 10-08 10- 16-08
12-10-08 12-15-08
12-17-08 12-22-08
12-12-08 12-17-08
12-17-08 12-22-08
12-15-08 12-18-08
SALES
11-05-08 11-10-08
11-06-08 11-12-08
11-06-08 11-12-08
11-06-08 11-12-08
11-06-08 11-12-08
10-06-08 10-07-08
10- 10-08 10-14-08
10-10-08 10- 14-08
10-10-08 10-14-08
10-31-08 11-05-08
125,000.000 BAKER HUGHES INC
6.500% Due 11-15-13
155,000.000 E.I. DU PONT DE NEMOURS
5.875% Due 01-15-14
125,000.000 GENERAL DYNAMICS CORP
5.250%Due 02-01-14
135,000.000 BM COW
6.500% Due 10-15-13
125,000.000 KEY BANKNA
3.200% Due 06-15-12
135,000.000 MORGAN STANLEY
2.000% Due 09-22-1 1
125,000.000 NEW YORK COMMUNITY BANK
3.000% Due 12-16-1 1
125,000.000 PNC FUNDING CORP
2.300% Due 06-22-12
125,000.000 PROC'IER & GAMBLE CO
4.600% Due 01-15-14
55,000.000 ARCHERDANIELS
5.375% Due 09-15-35
6.950% Due 04-15-29
6.950% Due 04-15-29
6.950% Due 04-15-29
6.950% Due 04-15-29
5.050% Due 09-29-23
6.000% Due 06-15-1 1
6.000% Due 06-15-11
6.000% Due 06-15-11
80,000.000 FIFTH THIRD BANK NW-OHIO
6.250% Due 05-01-13
100,000.000 CONOCO INC
30,000.000 CONOCO INC
30,000.000 CONOCO INC
145,000.000 CONOCO INC
135,000.000 FANNIE MAE
120,000.000 FHLMC
30,000.000 FHLMC
310,000.000 FHLMC
99.76 124,702.50
99.84 154,752.00
99.53 124,4 10.00
99.24 l33,97 1.30
99.90 124,881.25
99.91 134,879.85
99.95 124,936.25
99.88 124,853.75
99.98 124,972.50
72.50
91.02
9 1.02
91.02
91.02
96.62
107.19
107.19
107.19
88.00
1,172,359.40
39,875.00
9 1,020.00
27,306.00
27,306.00
131,979.00
130,443.75
128,632.80
32,158.20
332,301.40
70,400.00
0
0
0
0
0 e e e e e a e e a e e e a e e e e e a e e e e e e e a e e e
e a
0 e e a -
ICC Capital Management
PURCHASE AND SALE
PALMBEACH GARDENS POLICE PENSION FUh'D FIXED INCOME
From 09-30-08 To 12-31-08
Trade Settle Unit
Date Date Quantity Security Price Amount
11-03-08 11-06-08 120,000.000 FIFTH THIRD BANK NW-OHIO 88.50 106,200.00
10-02-08 10-03-08 530,000.000 US TREASURY 105.75 560,475.00
1,678,097.15
6.250% Due 05-01-13
4.500% Due 05-15-38
10-01-08 10-15-08
11-01-08 11-15-08
12-01-08 12-15-08
10-01-08 10-15-08
11-01-08 11-15-08
12-01-08 12-15-08
10-01-08 10-15-08
11-01-08 11-15-08
12-01-08 12-15-08
10-01-08 10-1 5-08
10-0 1-08 10-1 5-08
11-01-08 11-15-08
11-0 1-08 1 1-1 5-08
12-01-08 12-15-08
12-01-08 12-15-08
10-01-08 10-1 5-08
11-01-08 11-15-08
12-01-08 12-15-08
PRINCIPAL PAYDOWNS
1,079.280 FGCI #Gl2205
4.500% Due 06-01-21
4.500% Due 06-01-21
4.500% Due 06-01-21
4.500% Due 04-01-19
4.500% Due 04-01-19
4.500% Due 04-01-19
4.500% Due 08-01-21
4.500% Due08-01-21
4.500% Due 08-01-21
6.500% Due 08-01-36
6.500% Due 08-01-36
6.500% Due 08-01-36
6.500% Due 08-01-36
6.500?? Due 08-01-36
6.500% Due 08-01-36
5.500% Due 07-01-17
5.500% Due 07-01-17
5.500% Due 07-01-17
1,685.490 FGCI #GI2205
1,249570 FGCI #GI2205
50.880 FGCI N #B13455
71.730 FGCI N#B13455
49.820 FGCI N #BE455
78.350 FGCI N #GI2323
120.150 FGCIN#G12323
66.080 FGCI N #G12323
2,004.951 FGLMC #GO2268
6,841.540 FGLMC #GO2268
2,494.080 FGLMC #GO2268
8,510.630 FGLMC #GO2268
2,177.623 FGLMC #GO2268
7,430.737 FGLMC #GO2268
2,111.770 FNCIM #254371
2,170.260 FNCI M #254371
1,689.000 FNCI M #254371
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
1,079.28
1,685.49
1,249.57
50.88
71.73
49.82
78.35
120.15
66.08
2,004.95
6,841.54
2,494.08
8,510.63
2,177.62
7,430.74
2,111.77
2,170.26
1,689.00
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUhD FIXED INCOME
From 09-30-08 To 12-31-08
Trade Settle
Date Date Quantity Security
10-01-08 10-15-08
11-01-08 11-15-08
12-0 1-08 12-1 5-08
10-0 1-08 10-15-08
10-0 1-08 10- 15-08
11-01-08 11-15-08
11-01-08 11-15-08
12-0 1-08 12- 15-08
12-01-08 12-15-08
10-0 1-08 10- 15-08
11-01-08 11-15-08
12-0 1-08 12- 15-08
10-01-08 10-15-08
11-01-08 11-15-08
12-01-08 12-15-08
10-01-08 10-15-08
11-01-08 11-15-08
12-0 1-08 12- 15-08
10-0 1-08 10-0 1-08
11-01-08 11-01-08
12-01-08 12-01-08
10-01-08 10-15-08
322.980 FNCI N #255888
329.640 FNCI N #255888
330.000 FNCI N #255888
36.494 FNCI N #725445
1,175.646 FNCIN #725445
39.181 FNCIN#725445
1,262.219 FNCIN#725445
33.082 FNCI N #725445
1,065.738 FNCI N #725445
368.190 FNCIN#825335
348.960 FNCI N #825335
330.940 FNCI N #825335
646.120 FNCI N #I829053
690.890 FhiCI N#829053
306.100 FNCI N #829053
4.000% Due 08-01-20
4.000% Due 08-01-20
4.000% Due 08-01-20
4.500%Due 05-01-19
4.500% Due 05-01-19
4.500% Due 05-01-19
4.500% Due 05-01-19
4.500% Due 05-01-19
4.500% Due 05-01-19
4.000% Due 05-01-20
4.000% Dm 05-01-20
4.000% Due 05-01-20
4.000% Due 08-01-20
4.000% Due 08-01-20
4.000% Due 08-01-20
6.500% Due 09-01-36
6.500% Due 09-01-36
6.500% Due 09-01-36
6.000% Due 07-20-38
6.000% Due 07-20-38
6.000% Due 07-20-38
6.000% Due 07-15-16
4,493.010 FNCL # 256394
6,628.660 FNCL # 256394
6,391.650 FNCL # 256394
1,137.450 G2 POOL# 4195
2,125.820 G2 POOL# 4195
1,238.580 G2 POOL# 4195
367.290 GNJO M #781313
8
Unit
Price Amount -
100.00
100.00
100.00
99.99
100.00
100.00
100.00
99.99
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
322.98
39.64
330.00
36.49
1,175.65
39,18
1,262.22
33.08
1,065.74
;68.19
348.96
330.94
646.12
690.89
306.10
4,493.01
6,628.66
6,391.65
1,137.4.5
2,125.82
1,238.58
367.29
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
From 09-30-08 To 12-31-08
Trade
Date
11-01-08
12-01 -08
10-01-08
11-01-08
12-01-08
10-01-08
1 1-0 1-08
12-0 1-08
Settle
Date
11-15-08
12-15-08
10-15-08
11-15-08
12-15-08
10-15-08
11-15-08
12-15-08
Quantity Security
679.520 GNJO M #781313
675.710 GNJO M #781313
279.970 GNSF M #552509
320.180 GNSF M #552509
296.250 GNSF M #552509
1,098.340 GNSF M #582153
1,045.650 GNSF M #582153
72.210 GNSF M #582153
6.000% Due 07-15-16
6.000% Due 07-15-16
6.000% Due 04-15-32
6.000% Due 04-15-32
6.000% DIE 04-15-32
6.000% Due 06-15-32
6.000% Due 06-15-32
6.000% Due 06-15-32
Unit
Price Amount -
100.00 679.52
100.00 675.71
100.00 279.97
100.00 320.18
100.00 296.25
100.00 1,098.34
100.00 1,045.65
100.00 72.21
74,O 18.41
0
0
0
0 e
0 e e
0
0
0
0
0
0 e e e e e e e e
e e e e e e e e e
e e e e e e e
e
e
e
e
-
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
From 09-30-08 Through 12-31-08
Gain Or Loss
Open Close Cost
Date Quantity security Basis Proceeds Short Term Long Term Date
~~
12-15-06
01-08-07
02-21-07
08-24-06
09-0864
05-23-02
09-08-05
01-08-07
09-15-04
01-29-07
09-08-05
08-23-05
06-13-02
07-22-08
04-15-02
07-02-02
08-1 1-08
09-1 148
01-12-07
02-2 1-07
01-09-07
04-23-08
12-15-06
01-08-07
02-21-07
08-24-06
09-08-04
IWl-08
10-01-0s
10-01-08
lO-01.08
10.01 -08
10-01-08
10.0 1-08
10-01-08
10-01-08
10-01-08
10-01-08
1061-08
10-01-08
10-01-08
10-01-08
10-01-08
10-02-08
10-06-08
10- 10.08
10-10-08
10-10-08
10-3 1-08
11-01-08
11-01-08
11-01-08
11-01-08
11-01-08
2,004.951 FGLMC #GO2268
6,841.540 FGLMC #GO2268
1,079.280 FGCI #G12205
6.500%Due 08-01-36
6.500%Due 08-01-36
4.50PhDuc 06-01-21
4.500% Due 08-01-21
4.500%Due 04-01-19
78.350 FGCI N #G12323
50.880 FGCIN#B13455
2~111.770 FNCIM #254371 .~ ~ ~
5.500%Due 07-01-17
322.980 FNCIN #255888
4.000% Due 08-01-20
6.5W% Due 09-01-36
4.500%Due 05-01-19
4.500%Due 05-01-19
4.000%Due 05-01-20
4.OOVhDue 08-01-20
4,493.010 FNCL# 256394
36.494 FNCIN#725445
1,175.646 FNCIN#725445
368.190 FNCIN#825335
646.120 FNCI N #a29053
1,098340 GNSF M#582153
1.137.450 G2POOL#4195
6.000% Due 06-15-32
6.000% Due 07-20-38
6.000% Due 04-15-32
6.000%Due 07-15-16
4.500% Due 05-15-38
5.050% Due 09-29-23
6.000% Due 06-15-1 1
6.OM)%Duc 06-15-11
6.000%Due 06-15-11
279.970 GNSF M #552509
367.290 GNJO M #781313
530,000.0W US TREASURY
135,000.000 FANNE MAE
120,000.000 FHLMC
30,000.000 FHLMC
310,000.000 RILMC
80,000.000 FIFTH THIRD BANK
Nw-OHIO
6.250%Due 05-01-13
2,494.080 FGLMC #GO2268
8,510.630 FGLMC #GO2268
1,685.490 FGCI #G12205
6.500% Duc 08-01-36
6.500% Duc 08-01-36
4.50PhDue 06-01-21
120.150 FGClN#G12323
71.730 FGClN#Bl3455
4.500% Due 08-01-21
4.500% Due 04-01-19
2,046.62
6,983.72
1,041.34
75.12
50.73
2,102.53
314.30
4,582.87
36.52
1,128.25
358.29
626.74
1,096.45
1,136.20
276.51
378.77
521,422.32
135,000.00
124,640.40
31.205.40
323,587.30
79,908.00
2.545.91
8,687.50
1,626.23
115 19
71.52
2,004.95
6P1.54
1,079.28
78.35
50.88
2,111.77
322.98
4,493.01
36.49
1.175.65
368.19
646.12
1,098.34
1,137.45
279.97
367.29
560,475.00
130,443.75
128,632.80
32,158.20
332,301.40
70,400.W
2,494.08
8,510.63
1,685.49
120.15
71.73
41.67
-142.18
37.94
3.23
0.15
9.24
8.68
-89.86
-0.03
47.40
9.90
19.38
1.89
3.46
-11.48
39,052.68
4,556.25
3,992.40
952.80
8,714.10
-9.508.00
-51.83
-176.87
59.26
4.96
0.21
Open
Dah
05-23-02
09-08-05
01-08-07
09-15-04
01-29-07
09-08-05
08-23-05
06-13-02
07-22-08
04-15-02
07-02-02
04-23-08
__
01-29-07
08-24-06
10-17-06
11-15-06
10-19-04
12-15-06
01-08-07
02-21-07
08-24-06
09-08-04
05-23-02
09-08-05
01-08-07
09-15-04
01-29-07
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARIlENS POLICE PENSION FUND FIXED INCOME
From 09-30-08 Through 12-31-08
Close
Date
11-01-08
11-01-08
11-01-08
11-01-08
11-01-08
31-01-08
31-01-08
11-01-08
11-01-08
11-01-08
11-01-08
11-03-08
~
11-05-08
11-06-08
ll-0648
11-06-08
11-06-08
12-01-08
12-01-08
12-01-08
12-01-08
12-01-08
12-01-08
12-01-08
12-01-08
12-01-08
12-01-08
Quantity Security
2,170.2bC FNCIM #254371
329.640 FNCIN#255888
5.500%Due 07-01-17
4.000% Due 08-01-20
6.500% Due 09-01-36
4.500% Due 05-01-19
4.500% Due 05-01-19
4.000% Due 05-01-20
4.000%Duc 08-01-20
6.000% Due 06-15-32
6.000% Due 07-20-38
320.180 GNSFM#552509
6.000% Due 04-15-32
679.520 GNJOM#781313
6.000%Due 07-15-16
120,W0.000 FIFTH THIRD BANK
NW-OHIO
6.250%Due 05-01-13
6,628.660 FNCL # 256394
39.181 FNCIN #725445
1262.219 FNCIN#725445
348.960 FNCI N #a25335
690.890 FNCIN #a29053
1,045.650 GNSF M#582153
2,125.820 G2POOL# 4195
55,000.0W ARCHER DANIELS
5.375%Due 09-15-35
lW,OOO.OW CONOCO INC
30.000.000 CONOCO INC
6.950% Due 04-15-29
6.950% Due 04-15-29
6.950% Due 04-15-29
6.950% Due 04-15-29
6.500% Due 08-01-36
6.500%Due 08-01-36
4.500%Due 06-01-21
4.500%Due 08-01-21
4.500%Due 04-01-19
5.500%Due 07-01-17
4.000% Due 08-01-20
6,5OO%Due 09-01-36
4,5OO%Due 05-01-19
4.500%Due 05-01-19
30,000.000 CONOCO INC
145,000.000 CONOCO INC
2,177.623 FGLMC #GO2268
7,430.737 FGLMC #GO2268
1249.570 FGCI#G12205
66.080 FGClN #G12323
49.820 FGCIN #B13455
1,689.000 FNCIM #254371
330.000 FNCI N #255888
6391.650 FNCL# 256394
33.082 FNCIN #725445
1,065.738 FNCIN #725445
Gain Or Loss
Cost
Basis Proceeds Short Term Loug Term
2,160.77
320.78
6,761.24
39.21
1,211.34
339.58
670.16
1,043.85
2.1 23.49
316.23
700.75
119.862.00
50,729.80
113.871.00
34286.70
34,876.80
170,153.15
2,222.88
7,585.16
1,205.64
63.35
49.67
1,681.61
321.13
6,519.49
33.11
1,022.78
2,170.26
329.64
6,628.66
39.18
1,262.22
348.96
690.89
1.045.65
2,125.82
320.18
679.52
106200.00
39,875.M)
9 1,020.00
27,306.00
27,306.00
131,979.00
2,177.62
7,430.74
1,249.57
66.08
49.82
1,689.00
330.00
6,391.65
33.08
1,065.74
9.49
8.86
-132.58
-0.03
50.88
9.38
20.73
1.80
3.95
-21.23
-13,662.00
-10,854.80
-22,85 1.00
-6,980.70
-7,570.80
-38,174.15
45.26
-154.42
43.93
2.73
0.15
7.39
8.87
-127.84
-0.03
42.96
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FLWD FEED INCOME
From 09-30-08 Through 12-31-08
Gain Or Loss
Open Close cost
DI* Date Quantity Security Basis Proceeds Short Term Long Term
~~
09-08-05 12-0148 330.940 FNCI NM25335 32205
08-23-05 12-01-08 306.100 MClN#829053 296.92
4.000% Due 05-01-20
4.000% Due 0841-20
06-13-02 124148 72.210 GNSF M #582153
07-22-08 12-01-08 1238.580 G2 POOL# 4195
6.000% Due 06-15-32
6.000% Due 07-20-38
04-15-02 12-01-08 2%.250 GNSF M #552509
6.000% Due 04-15-32
6.OW%Duc 07-15-16
07-02-02 12-01-08 675.710 GNJOM#781313
TOTAL GAINS
TOTAL LOSSES
TOTAL REALIZED GAINLOSS 62,018.54
72.09
1,237.22
292.59
696.83
1,814,134.10
330.94 8.89
306.10
72.21
1,238.58
296.25
1.36
9.1
3.66
675.71 -21.12
39.057.61 14.097.96 .
-27i726.25 -87,447.87
1,752,11556 1133136 -73349.91
0
0
0
0
0 a
0 a
0 a a a a a a a a a a a a a a a a a a a a a a a a a a a a
0
0
a a
a
-
ICC Capital Management
PORTFOLIO SUMMARY
PALM BEACH GARDENS POLICE PENSION FlJh'D FED LNCOME
December 31, 2008
Security Type
Cash & Eauivalents ~~
CASH AN6
EQUIVALENTS
FBed Income
CORPORATE BONDS
MORTGAGE POOLS
GOVERNMENT
SPONSORED BOND
Accrued Interest
TOTAL PORTFOLIO
Pet. Cur. Est Annual
Market Value Assets Yield Income ~__ Total Cost
2,103,067.96 2,103,067.96 17.6 0 1,703.49
2,103,067.96 2,103,067.96 17.6 0.1 1,703.49
~~
5,404,427.95 5,104,143.35 42.7 5.8 298,186.25
2,361,334.36 2,429,543.01 20.3 5.8 140,790.19
116,350.00 2,183,444.50 2,234,043.15 18.7 5.2
94,708.73 0.8
~~
9,949,206.81 9,862,438.24 82.4 5.7 555,326.44
12,052,274.77 11,965,506.20 100.0 4 557,029.92
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
December 31, 2008
Unit Total Market Pct Cur.
Assets Yield ~- Quantity Security Cost cast Price Value
CASH AND EQUIVALENTS
CASH &CASH EOUNALENTS
CORPORATE BONDS
8O.OW.000 GENERAL ELECTRIC
CAP CROP
8.300% Due 09-20-09
235,000.000 FLEETBOSTON FINL cow
7.375% Duc 12-01-09
co
7.875%Due 06-15-10
280,000.000 JPMORGAN CHASE Br
200,000.000 LEHMAN BROTERS
HLDG
7.875% DueO8-15-10
6.875% 1-15-11
200,000.000 GOLDMAN SACHS
6.875%Due 01-15-11
255,000.000 ClTIGROUP INC
6.500% Duc01-18-11
135,000.000 MORGAN STANLEY
2.000% Due 09-22-1 1
240,000.000 HARTFORD F'INL
SVCS GRP
5.25PADue 10-15-11
125,000.000 NEWYORK
COMMUNlTY BANK
3.000%Due 12-16-11
3.200%Due 06-15-12
125,000.000 KEY BANKNA
125,000.000 PNC FUNDINGCOW
200.000.000 GOLDEN WEST FINL
2.300% Due 06-22-12
4.750% Due 10-01-12
200,000.000 GOLD& SACHS
GROUP INC
5.450%Duc 11-01-12
4.950% Due 01-15-13
2W,000.000 AT&T INC
135,000.000 NATIONAL RURAL
u?IL COOP
5.500%Due 07-01-13
85,000.000 GOLDMAN SACHS
5.250%Due 10-15-13
135.wo.000 mM COW
6.500% Due 10-15-13
6.50PA Due 11-15-13
125,000.000 BAKER HUGHES INC
155,OOO.OW E.1. DE PONTDE
NEMOLIRS
5.875%Due 01-15-14
125,000.000 PROCTER & GAMBLE co
4.6W%Due 01-15-14
110.79
106.28
108.76
98.97
104.05
104.86
95.91
98.47
99.95
99.90
99.88
97.82
99.97
100.30
99.84
98.44
99.24
99.76
99.84
99.98
2,103,067.96
2,103,067.96
88,629.60
249,762.70
304,525.20
197,938.00
208,096.00
267,383.25
134,879.85
236,323.20
124,936.25
124,881.25
124,853.75
195,640.00
199,946.00
200,592.00
134,789.40
83,674.00
133,971.30
124,702.50
154,752.00
124,972.50
101.92
101.95
103.09
9.50
100.73
100.44
100.63
86.25
102.68
103.90
101.00
93.03
95.39
100.55
96.93
91.86
109.62
105.50
102.96
104.79
2,103,067.96 17.6 0.1
2,103,067.96 17.6 0.1
81,539.20
239,580.15
288,643.60
19,000.00
201,462.00
256,119.4s
135,851.85
207,012.00
128,351.25
129,870.00
126,248.75
186,056.00
190,782.00
201,106.00
130,850.10
78,085.25
147,991.05
131,880.00
159,583.35
130,987.50
L.*
0.2
1.7
2.1
1.1
1.1
1.6
1.6
1.7
82.9
6.8
6.5
2.0
3.1
2.3
5.1
5.7
4.9
5.7
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUM) FLXED INCOME
December 31, 2008
Quantity Security
125.000.000 GENERAL
DYNAMICS COW
5.25045 Duc 02-01-14
100,000.000 I€' MORGAN CHASE
4.875% Due 03-15-14
80,000.000 MORGAN STANLEY
4.750% Due 04-01-14
225,000.000 GLAXOSMIITXLINE
CAP rNc ~~~ ~
4.375% DueC4-15-14
100.000.000 GENERAL ELEC CAP cow
5.500% Due 06-04-14
45,000.000 BEARSTEARNS
65.000.000 GOLDMANSACHS
5.70WbDue 11-15-14
5.125%Due01-15-15
50,000.000 I€' MORGAN CHASE
5.250%Duc 05-01-15
170,000.000 MERRIU LYNCH 8r co
6.050% Due 05-16-16
5.625% Due 06-15-16
225,000.000 AT&T INC
150,000.000 MCWNALD'S COW
5.300% Due 03-15-17
200.000.000 VERIZON
COMMUNICATIONS
5.500%Duc 04-01-17
lW,w0.000 NATIONAL RURAL
UTIL COOP
5.450%Due 04-10-17
225,000.000 MCWNALD'S COW
5.800%Due 10-15-17
115,000.000 CONS EDEON CO OF
NY
5.850%Due 04-01-18
Accrued Interest
MORTGAGE POOLS
33,524.700 GNlOM#781313
87,724.340 FNCIM E54371
6.000%Due 07-15-16
5.500% Due 07-01-17
5,275.010 FGCI N #B13455
96.980.030 FNCINb'725445
4.500% Due 04-01-19
4.500% Due 05-01-19
4.000% Due 05-01-20
4.000%Due 08-01-20
4.000% Due 08-01-20
51,806.750 FNClNM25335
56,.700.620 FNCIN #255888
48,483.220 FNCI N #829053
Unit
Cost __
99.53
99.68
98.28
99.85
99.86
97.40
99.14
101.59
103.52
101.36
98.90
102.45
99.68
102.47
9996
103.12
99.56
99.71
96.09
97.31
97.31
97.00
rotll
cost
124.410.00
99,682.00
78,620.80
224,669.25
99,856.00
43,829.55
64,829.10
50,797.00
175,989.10
228,071.25
148348.50
204,892.W
99,680.00
230,555.25
114,949.40
5,404,427.95
Prict
~
102.48
95.88
76.19
98.07
98.51
97.63
91.75
94.29
93.55
100.45
102.53
96.78
89.52
106.94
100.70
34,572.35 104.74
87,340.55 103.53
5259.46 102.64
93,190.44 102.61
50,414.44 101.33
55,176.79 101.33
47,028.72 101.33
15
Market Pct Cur.
Assets Yield Value __-
128,102.50 1.1 5.1
95,880.00 0.8 5.1
60,951.20 0.5
220,664.25 1.8
98,513.00 0 8 5.6
43,933.50 0.4
59,634.90 0.5 5.6
47,146.00 0.4 5.6
159.029.90 6.5
226.008.00
153,793.50
193,556.00
89,519.00
240,608.25 2.0
115,803.85 1.0 5.8
64,670.83 0.5
5,168,814.18 43.2 5.8
35,113.44 0.3 5 7
90,821.01 0 8 5.3
5,414.16 0.0 4.4
99,508.30 0 8 4.4
52;493.71 04 3.9
57,452 47 0.5 3.9
49,126.1 1
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
December 31,2008
Unit Total Market Pct Cur.
Assets Yield ~- Quantity SCCUrity cost cost Price Value
124,183.770 FGCl #G12205
4.500%Due 06-01-21
4.500%Due 08-01-21
6.000% Duc 04-15-32
6,900.152 FGCIN #GI2323
140,160.540 GNSFM#552509
36,793.750 GNSF M #582153
757.225.442 FGLMC #GO2268
6.000%Duc 06-15-32
6.500% Due 08-01-36
6.500% Due 09-01-36
656,131.770 FNCL#256394
244,808.542 G2 POOL# 4195
6.000.h Due 07-20-38
96.48
95.88
98.77
99.83
102.08
102.00
99.89
119,817.93
6,615.52
138,430.43
36,730.51
772,962.08
669.254.63
244.540.49
Accrued lntercst
2361234.36
GOVERNMENT SPONSORED BOND
350,000.000 FANNIE MAE
225.000.000 FREDDIE MAC
4.250% Due 06-24-11
4.375%Due 05-13-13
6.000%Due 0746-17
5.000%Duc 04-30-18
300,000.000 FREDDIE MAC
300,000.000 FREDDIE MAC
200,000.000 FANNIE MAE
265.000.000 FANNlE MAE
6.000% Duc 04-28-21
5.625% Due 11-15-21
5.900% Due 06-15-22
300,000.000 FREDDIE MAC
255,000.000 FANNIE MAE
5.500%Due 12-14-22
Accrued Intmcst
TOTAL PORTFOLIO
99.65
100.00
99.83
99.70
99.20
99.32
98.63
99.45
348,775.00
225,000.00
299,490.00
299,100.00
198,394.00
263,198.00
295,890.00
253,597.50
2,183,44450
102.51
102.51
103.55
103.55
103.98
103.98
103.08
101.66
100.35
102.19
99.52
106.94
101.72
103.05
99.91
127,304.5 1 1.1 4.4
7,073.55 0.1 4.4
145,130.63 1.2 5.8
38,098.46 0.3 5.8
787393.30 6.6 6.3
682,272.06 5.7 6.3
252,341.30 2.1 5.8
11,732.52 0.1
2,441,275.52 20.4 5.8
355,796.00 3.0 4.2
225,796.50 1.9 4.4
306,561.00 2.6 5.9
298,551.00 2.5 5.0
213,876.00 1.8 5.6
269.555.35 2.3 5.5
309,147.00 2.6 5.7
254,760.30 2.1 5.5
18,305.38 0.2
2,252,348.53 18.8 5.2
11,965506.20 100.0 4.7
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Review
Quarter Ending
December 31,2008
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
lnvestment Performance Report
Quarter Ending
December 31,2008
rvestiizent Results I
Total Return Summary
Portfolio Allocation
Investment Performance by Asset Category
Portfolio Sector Diversification
Investment Performance by Sectors
Portfolio Attributes
Brokers Commission
Purchases & Sales
Realized Gains/Losses
Portfolio Summary
Portfolio Appraisal
Appendix:
Page ...... 1
Page ...... 2
Page ...... 3
Page ...... 4
Page ...... 5
Page ...... 6
Page ...... 7
Page ...... 8
Page ...... 9
Page ...... 10
Page ...... 11
Proxy Votes
ICC Capital Management, Inc.
e e e e e e e e e e e e e e e e e e e e
0 e e e e e e e a e e e e
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PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Total Return Summary
Quarter Ending
December 31,2008
Cirr.r.erit Qtr.
Starting Value
Ending Value $3,453p42
Difference $437,966
Net Contributions/ (Withdrawals) $935,486
I Gaitd(Loss) from Znvestments ($497,520)
TOTAL RETURN I -13.76% -33.58%
ICC Capital Managenrent, hc.
1
e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Portfolio Allocation at Markef
Quarter Ending
December 31,2008
Asset Allocation:
100/0 (Mkt)
Market Value
as of 09/3WO8
CASH/EQUIVS
5.1%
EQUITY
94.9%
Market Value
as of 1y3V2008 CASH/EQUIVS
24.7%
ICC @tal Management, Inc.
" L
e e e e e e e e e e e e e e
e e e e e e e e e e e e e e e e e e e e e e e e e e e
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance by Asset Category
Quarter Ending
December 31,2008
H ACCOUNT H INDEX Quarter
0.00
-10.00
-20.00
-30.00
-40.00
-50.00
1
-22.79
-13.76 I
1
-22.79
EQUITY TOTAL
~
' HACCOUNT HINDEX 1 One Year
0.00
-10.00
-20.00
-30.00
-40.00 -37.83 -38.44
.., I -33.58
-38.44
-5O.OOv
EQUITY TOTAL
% red total bar represents the Russell 1000 Growth Index.
ICC Cnpital Management, lnc.
3
0
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PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Portfolio Sector Diversification
Quarter Ending
December 31,2008
Top - Ten Holding
Security % of equities Return for Quarter
EXXON MOBILE CORP. 4.61 % 9.50%
TARGET CORE'. 4.52% -29.32%
TAIWAN SEMICONDUCTOR MFG. 4.49% -15.69%
MICROSOFT cow. 4.49% -26.74%
BRISTOL MYERS SQUIBB COMFANY 4.29% 14.71%
NUCOR CORP. 4.09% 28.96%
EMC CORP. 4.03% -12.46%
CALIFORNIA WATER SERVICE GRP. 3.67% 21.47%
SOUTHWEST AIRLINES CO. 3.48% 55.73%
PEPSICO INC. 3.37% -22.60%
Sector Contribution
Sector % of Portfolio Return for Quarter
Materials 9.42% -8.53%
Industrials 13.62% -19.75%
Telecommunica tions 4.98% -21.60 %
Consumer Discretionary 8.53% -27.91 %
Consumer Staples 7.24% -12.11%
Energy 6.26% -17.67%
Financials 4.27% -12.62%
Healthcare 14.08% 0.55%
Information Technology 27.25% -24.59%
Utilities 4.34% 18.59%
ICC Capital Maiiagemeiii, lnc.
4
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance by Sectors
Quarter Ending
December 31,2008
Index Sector Returns for 4008
-12.6
0.0
-10.0-
-20.0-
-30.0 -25.1 -26.3 -27.2
1
-40.0 -35.1 -35.8
-50.0 ,
Sector Diversification Relative to the Russell 1000 Growth Index
15.0-
10.0- 5.7 4.3
5.0-
0.0-
-5 0-
-10 0-
-15 O-,
-7.2 UNDERWEIGHT
ICC Capital Management, lnc.
5
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CAPITALIZATlON
ICC -
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ICC -
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YIELD @ET- @ RlWOG- e e e
ICC - a R1--
8
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12 MONTH EPS GROWTH 8
I) ICC -
I) RlOOOG-
I)
8
I)
I) ICC -
I) RIOOOG-
I)
I)
5 YEAR EPS GROW
Quarter Ending
December 31,2008
9/32/2008 12/31/2008 6/30/2008 3/31/2008
49.4 48.6 49.9 49.0
76.5 7i.8 80.8 92.7
MARKET CAPITALIZAllON
100.0
75.0
50.0
25.0
0.0
12/31/2008 9/30/2008 6/30/2W8 3/31/2008
Growth Portfolio Attributes
BETA 12/31/2008 9/30/2006 6/30/2008 3/31/2008
115 1 Ih 12" 101 115 116 120 1 50
1.00 1.01 1.00 1.00
0.50
0.00
1.W 1.00 1.00
12/31/20OS 9/30/2008 6/30/ZW8 3/31/2008
__ 12/3l/ZOO8 9/32/2008 6/3W?008 3/31/2008
2.5 T 1.72 1.47 1.05 1.26
1.99 1.61 1.37 1.46
9/32/2008 12/31/2008 6/30/2008 3/31/2006
15.2 15.3 20.5 21.1
13.7 14.4 16.2 16.7
9/30/2008 12/31/2008 6/30/2008 3/31/2008
12.0 18.9 27.6 17.4
24.0 27.3 29.6 25.8
12/31/2008 9/32/2006 6/30/2006 3/31/2008
229 25 4 30 7 21 9
21 7 23 1 24 8 233
1.5
1.0
0.5
0.0
12/31/2008 9/30/2008 6IMIZ008 3/31/20W
PRICUEARNINGS 1 30.0
20.0 15.2 13.7 15.3 m;h 14.4
10.0 b 0.0
12/31/2W8 9/30/2008 6/30/2008 3/31/2wS I
12 MONTH EPS GROW
40.0
12/31/2008 9/30/2W8 6/30/2008 3/31/2028
40'0 T
5 YR EPS CROW
3" 7
229 21.7
20.0
10.0
0.0
l2/31/2w8 9/30/2008 6/30/2008 3/31/2008
L
6
0 a a
0
0
0 a
0
0
0
0 a a a a a a a a a a
0
0 a
0
0
0
0
0
D
m
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Broker Commission Summary Report
Quarter Ending
December 31,2008
Date Trnns Ticker Security $Amount Shares Price Comm PerSh
The Griswold Company - 10/23/2008 Buy NUE NucorCorp $45,995.82 1300 $35.36 $26.00 $0.02
Total: The Griswold Company $45,995.82 1,300 $26.00 $0.02
Kellogg Securities
10/3/2008 Buy GE General Electric Co. $17,797.60 800 $22.23 $16.00 $0.02
10/23/2008 Buy XOM Exxon Mobile Corp. $55,062.80 800 $68.81 $16.00 $0.02
12/16/2008 Buy LUV Southwest Airlines Co. $82,513.20 10500 $7.84 $210.00 $0.02
Total: Kellogg Securities $155,373.60 12,100 $24200 $0.02
Edgetrade 2 -
10/3/2008
10/28/2008
10/28/2008
12/15/2008
12/15/2008
12/17/2008
12/19/2008
12/26/2008
12/26/2008
12/26/2008
12/26/2008
12/26/2008
BUY
sell
sell
sell
sell
BUY
BUY sell
sell sell
sell
sell
XOM
ABT
ABT
ECL
ECL
AMP
TNB
TXN
TXN
TXN
TXN
TXN
Exxon Mobile Corp.
Abbott Lab Corn
Abbott Lab Corn
Ecolab Inc
Ecolab Inc
Ameriprise Inc.
Thomas & Be& Corp
Texas Instrs Inc
Texas Instrs Inc
Texas Instrs Inc
Texas Instrs Inc
Texas Instrs Inc
$56,117.32
$15,774.09
$26,290.15
$17,358.95
$20,830.74
$70,524.96
$42,494.58
$12,879.91
$10,017.71
$5,724.41
$4,293.31
$7,155.51
700
300
500
500
600
3300
1800
900
700
400
300
500
$80.16
$52.59
$52.59
$34.73
$34.73
$21.36
$23.60
$14.32
$14.32
$14.32
$14.32
$14.32
$7.00
$3.00
$5.00
$5.00
$6.00
$33.00
$18.00
$9.00
$7.00
$4.00
$3.00
$5.00
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
12/26/2008 Sell TXN Texas Instrs Inc $1,431.10 100 $14.32 $1.00 $0.01
12/26/2008 Sell TXN TexasInstrsInc $1,431.10 100 $14.32 $1.00 $0.01
Total: Edgetrade 2 $292,323.84 10,700 $107.00 $0.01
ICC Cam'tal Manaaement, Inc.
7
e e
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
B
B
B
B
B
B
B
D
D
B
B -
ICC Capital Management
PURCHASE AND SALE
PALMBEACH GARDENS POLICE PENSION FUM) GROWTH
From 09-30-08 To 12-31-08
Trade Settle Unit
Date Date Quantity Security Price Amount
PURCHASES
12-17-08 12-22-08
10-03-08 10-08-08
10-23-08 10-28-08
10-03-08 10-08-08
10-23-08 10-28-08
12-16-08 12-19-08
12-19-08 12-24-08
SALES
10-28-08 10-31-08
10-28-08 10-31-08
12-15-08 12-18-08
12-15-08 12-18-08
12-26-08 12-31-08
12-26-08 12-31-08
12-26-08 12-31-08
12-26-08 12-31-08
12-26-08 12-31-08
12-26-08 12-31-08
12-26-08 12-31-08
3,300.00 AMEIUPRISE INC.
700.00 EXXON MOBILE COW.
800.00 EXXON MOBILE CORP.
800.00 GENERAL ELECTRIC CO.
10,500.00 SOUTHWEST AIRLINES CO.
1,300.00 NUCOR CORP
1,800.00 THOMAS & BETTS CORP
500.00 ABBOTT LAB COM
300.00 ABBOTT LAB COM
600.00 ECOLAB INC
500.00 ECOLAB INC
900.00 TEXAS INSTRS INC
700.00 TEXAS INSTRS WC
400.00 TEXAS INSTRS INC
300.00 TEXAS WSTRS INC
500.00 TEXAS INSTRS INC
100.00 TEXAS INSTRS INC
100.00 TEXAS INSTRS INC
21.37 70,524.96
80.17 56,117.32
68.83 55,062.80
22.25 17,797.60
35.38 45,995.82
7.86 82,513.20
23.61 42,494.58
370,506.28
52.58 26,290.15
52.58 15,774.09
34.72 20,830.74
34.72 17,358.95
14.31 12,879.91
14.31 10,017.71
14.31 5,724.41
14.31 4,293.31
14.31 7,155.51
14.31 1,43 1.10
14.3 1 1,43 1.10
123,186.98
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
B
B
B
B
B
D
B
L
ICC Capital Management
REALIZED GANS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
From 09-30-08 Through 12-31-08
Open Close
Date Dan Quantity Seeoriry
03-01-07 10-28-08 500.00 ABBOIT LAB COM
~~
07-26-07 10-28-08
06-21-07 12-15-08
07-26-07 12-15-08
03-01-07 12-26-08
07-26-07 12-26-08
10-12-07 12-26-08
10-3C-07 12-26-08
01-28-08 12-26-08
04-22-08 12-26-08
08-1348 12-26-08
300.00 ABBOTT LAB COM
600.00 ECOLAB INC
500.00 ECOLAB INC
900 00 TEXAS NSTRS IhC
700 00 TEXAS ISSTRS &C
400 00 TEXAS NSTRS NC
300 00 TEXAS DlsTRs NC
500 00 TEXAS NSTRS NC
IW 00 ~LAS msra NC
I00 00 TEXAS msIXS INC
TOTAL GAINS
TOTAL LOSSES
TOTAL REALIZED GAINnOSS -63.986.24
Cost
Basis
27,060.00
15,435.00
25,871.22
21,300.00
27,720.00
25,3 12.00
14,136.00
9,723.00
15,115.00
2,867.00
2,634.00
187,17332
9
Gain Or Loss
Procceds Short Term Long Term
26,290.15
15,774.W
20,830.74
17,358.95
12,879.91
10,017.71
5,724.41
4,293.31
7.155.51
-769.85
339.09
-5,040.48
-3,941 .OS
-14,840.09
-15.29429
-8.41 1 .59
-5,429.69
-7.959.49
1143 1.10 -1,435 90
1,431.10 -1,202 90
0.00 339 09
-10,598.29 -53,727.04
123,186.98 -10,59839 -53587.95
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0 -
ICC Capital Management
PORTFOLIO SUMMARY
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
December 31. 2008
Pct Cur. Est. Annual
Security Type Total Cost Market Value Assets Yield Income
~~
Cash & Equivalents
CASH AND
EQUIVALENTS
854,140.45 854,140.45 24.7 0.1
854,140.45 854,140.45 24.7 a ~ ~-
Equities
COMMON STOCK
MATERIALS 31 1,427.75
INDUSTRIALS 446,287.48
TELECOMMUNICATIONS 175,062.37
CONSUMER
DISCRETIONARY
CONSUMER
STAPLES
ENERGY
FWANCIALS
HEALTH CARE
INFORMATION
TECHNOLOGY
UTILITIES
COMMON STOCK
TOTAL PORTFOLIO
357,660.21
241,165.78
207,162.82
170,330.84
473,359.21
1,364,752.71
244,676.50 7.1 1.4
353,900.00 10.2 2.4
129,629.00 3.8 0.0
221,580.00 6.4 0.9
188,348.00 5.5 1.2
162,756.00 4.7 1 .o
110,772.00 3.2 3.8
366,116.50 10.6 2.1
708,378.70 20.5 1.1
687.93
687.93
3,416.51
8,433.00
0.00
1,904.00
2,256.00
1,620.00
4,248.00
7,680.00
8,025.91
112,744.50 3.3 2.8 3,196.50
3,878,863.29 2,598,901.20 75.3 1.6 40,779.92
3,878,863.29 2,598,901.20 75.3 76 40,779.9?
~~
131,654.12
~~
4,733,003.74 3,453,041.65 100.0 1
lo
41,467.85
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
December 31, 2008
Unit Total Market Pet cur.
Assee Yield ~- Quantity security cost cost PriCC Vdur
CASH AND EQUIVALENTS
CASH &CASH EQUIVALENTS 849299.20 0 DN CASH ACCRUAL ACCT 4,841.25
849,299.20 24.6 0.1
4,841.25 0.1 ?
854.140.45 24.7 0.1
~-
854,140.45
COMMON STOCK
MATERlALS
3,150.00 COMPANHlAVALE
Do RIO DOCE ADR
30.77
47.00
43.04
96,924.19
47.00 1 .OO
68,867.84
12.11 38,146.50 1
1,000.00 ECOLAB WC
1.600.00 NEWMONT MINING
35.15
40.70
35,150.00 1
65,120.00 1.9 1.0 cow
2,300.00 NUCOR COW 42.88 98,634.72
31 1,427.75
46.20 106,260.00 3 1 1.8
244,676.50 7.1 1.4
INDUSTIUALS
4,000.00 GENERAL ELECTFX 25.03
7.86
33.01
73.29
68.28
100.112.48
82,513.20
108,943.74
65,960.39
88,757.67
16.20
8.62
24.02
55.16
53.60
64,800.00 1.9 7.7
90,510.00 2.6 0.2
79,266.00 0.0
49,64400 I
69,680.00 2.0 2.4
co.
10,500.00 SOUTHWEST
AIRLINES co.
3300.00 THOMAS & BETS cow
900.00 UNlTED PARCEL SVC
WC
E c "0 LOGES cow.
1300.00 UNlTED
~-
353,900.00 10.2 2.4 446287.48
ELECOhGWJNICATIONS
1.700.00 AMERlCAN TOWER
1,500.00 EQUINIX WC
CORPORATION
41.48 70,522.00
69.69 104,540.37
175.062.37
29.32 49,844.00 1.4 ?
53.19 79,785.00 2.3 ?
129,629.00 3.8 0.0
CONSUMER DISCREl'IONARY
1300.00 GAMESTOPCOWCL 45.72 21.66 59,442.27 28,158.00 0.8 ?
A
2,100.00 KOHLS COW
3.400.00 TARGET
45.72
59.47
96,005.92
202212.02
36.20
34.53
76,020.00 2.2 0.0
117,402.00 3.4 1.6
CORPORATION
~~
221,580.00 6.4 0.9 357,660.21
CONSUMER STAPLES
1.400.00 ARCHER DANIELS
2.100.00 cvs CAREMARK
MlDL4ND co 39.76
36.00
55,664.00
75,604.00
28.83
28.74
40,362.00 1.2 1.8
60,354.00 1.7 0.8 cow
1,600.00 PEPSICO INC 68.69 109,897.78
241.165.78
54.17 87,632.00 2.5 1.2
188,348.00 5.5 1.2
ENERGY
1,500.00 EXXON MOBILE 74.12 111,180.12 79.83 119,745.00 I cow.
11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
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B
B
B
B
B
B
B
B m
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FLI?VD GROWTH
December 31,2008
Unit Total Market Pct Cur.
Assets Yield ~- Quantity Security cost Cost Price Value
2,700.00 SUPERIOR ENERGY 35.55 95,982.70 15.93 43.01 1.00 1.2 ?
-- SERVICES INC
207,162.82 162,756.00 4.7 1.0
FINANCLALS
3,300.00 AMERJPRISE INC. 21.37 70,524.96 23.36 77,088.00 2.2 2.6
2,100.00 MORGAN STANLEY 47.53 99,805.88 16.04 33,684.00 1.0 6.7
170,330.84 110,712.00 3.2 3.8
m.cm CARE
54.70 65.636.00 53.37 64.04400 1.9 2.7 1200.00 ABBOTT LAB COM
1,400.00 BICGEN INC
4.800.00 BRISTOL MYERS
62.92
23.45
881091.97
112,539.48
47.63
23.25
661682.00 1.9 0.0
111,600.00 3.2 5.3
SQUIBB COMPANY
2,000.00 CERNER COW
24,550.00 SUF'ERGEN INC
38.45
1.91
54.42 108,840.99
4.00 98250.77
473,359.21
76,900.00 2.2 0.0
46,890.50 1.4 1
366,116.50 10.6 2.1
lNFORMATlON TECHNOLOGY
850.00 APPLE COMPVTER
4.800.00 BROADCOM COW
INC
145.44
31.75
18.65
14.49
13.47
123.627.01
152.406.23
85.35
16.97
10.47
3.65
6.67
72,547.50 2.1 0.0
81.456.00 2.4 0.0
1O;OW.OO EMCCORP
8.800.00 IDS UNIPHASE COW
186,492.12
127,547.71
104,700.00 3.0 0.0
32,120.00 0.9 0.0
68.701.00 2.0 0.0 10300.00 MARVELL
TECHNOLCGI
GROUP
138.720.20
19,300.W MICRON
TECHNOLCGY INC
6,000.00 MICROSOFT COW.
2,750.00 NETAPP INC
14,783.00 TANAN
SEMICONDUCTOR
MFG
A
1,100.00 WARE INCCLASS
728
31.96
28.77
10.14
140,535.88
191.760.26
2.64
19.44
50,952.00 1.5 0.0
116.640.00 3.4 2.3
79:105.07
149.885.39
13.97
7.90
38,417.50 1.1 ?
116,785.70 3.4 4.6
23.69 67.88 74,672.84
1,364,752.71
26,059.00 0.8 ?
___-
708378.70 20.5 1.1
46.43
25.09
2,0?0.00 CALIFORNIA WATER
SERVICE GRP
38.99 79.921.60
73.90 5 1,732.52
131,654.12
3,878,863.29
95.181.50 2.8 2.5
17,563.00 0.5 4.5
112,744.50 3.3 2.8
2,598,901.20 75.3 1.6
__-
--
700.00 CONSTELLATION
ENERGY GROUP INC.
COMMON STOCK Totai
TOTAL PORTFOLIO 4,733,003.74 3,453,041.65 100.0 1.2
12
0
0
0
0
0
0 Mtg Company/ Mgmt 0 DatelType Ballot Issues Security Rec
Palm Beach Gardens Police Fund
11/06/08 - A 0
0
0 e
0
0 e e e e
e
0
0
0 e
0
0
0
0 e e
0 e e e e e
0 e e e
0
0
0 12/29/08 - S
Vote Summary Report
Oct 01,2008 - Dec 31, 2008
Archer-Daniels-Midland 039483102
Company *ADM*
1 Elect Director George W. Buckley For
2 Elect Director Mollie Hale Carter For
3 Elect Director Victoria F. Haynes For
4 Elect Director Antonio Maciel Net0 For
5 Elect Director Patrick J. Moore For
6 Elect Director M. Brian Mulroney For
7 Elect Director Thomas F. 0 Neil1 For
8 Elect Director Kelvin R. Westbrook For
9 Elect Director Patricia A. Woe& For
10 Ratify Auditors For
11 Adopt ILO Based Code of Conduct Against
Companhia Vale Do Rio
Doce
Meeting for ADR Holders
1 THE APPROVAL FOR THE For
PROTOCOL AND JUSTIFICATION OF
THE CONSOLIDARION OF
MINERACAO ONCA PUMA S.A. INTO
VALE PURSUANT TO ARTICLES 224
AND 225 OF THE BRAZILIAN
CORPORATE LAW.
20441 2209
2 Ratify Auditors For
3 TO DECIDE ON THE APPRAISAL For
REPORT, PREPARED BY THE
EXPERT APPRAISERS.
THE APPROVAL FOR THE For
CONSOLIDATION OF MINERACAO
ONCA PUMA S.A. INTO VALE,
WITHOUT A CAPITAL INCREASE OR
THE ISSUANCE OF NEW VALE
SHARES.
TO RATIFY THE APPOINTMENT OF A
MEMBER AND AN ALTERNATE OF
THE BOARD OF DIRECTORS, DULY
NOMINATED DURING THE BOARD
OF DIRECTORS MEETINGS HELD
ON APRIL 17, 2008 AND MAY 21,
2008 IN ACCORDANCE WlTH
SECTION 10 OF ARTICLE 11 OF
For
VALE S BY-LAWS.
6 TO AMEND ARTICLE 1 OF VALE S For
BY-LAWS IN ORDER TO REPLACE
THE ACRONYM CVRD FOR VALE IN
ACCORDANCE WITH THE NEW
GLOBAL BRAND UNIFICATION.
7 TO ADJUST ARTICLES 5 AND 6 OF For
VALE S BY-LAWS TO REFLECT THE
Vote Record Shares
Cast Date Prpnent Voted
0911 2/08 2,800
For
Against
Against
Against
For
For
Against
Against
Against
Against
For
For
For
For
-
For
For
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgrnt
Mgmt
Mgmt
ShrHoldr
12/05/08
Mgrnt
Mgrnt
Mgmt
Mgmt
Mgmt
Mgrnt
Mgmt
3,150
0 Mgmt Rec - Company Management Recommended Vote Page 1
I)
0
I)
I)
I)
I)
I)
I)
I)
I)
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I)
0
I)
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Vote Summary Report
Oct 01,2008 - Dec 31, 2008
Palm Beach Gardens Police Fund
Mtg Company/ Mgmt
Datmype Ballot Issues Security Rec
11 Amend Non-Employee Director For
12 Ratify Auditors For
13 Adopt Policies to Protect Freedom of Against
14 Amend Bylaws to Establish a Board Against
15 Report on Charitable Contributions Against
Omnibus Stock Plan
Access to the Internet
Committee on Human Rights
Mgmt Rec - Company Management Recommended Vote
L
Vote Record Shares
Cast Date Prpnent Voted
Against Mgmt
Against Mgmt
For ShrHoldr
For ShrHoldr
For ShrHoldr
Page 3
E il