HomeMy WebLinkAboutAgenda Police Pension 090309~
Agenda
City of Palm Beach Gardens Police Officers'
Pension Fund
MEETING OF SEPTEMBER 3, 2009
LOCATION: City Council Chambers'
10500 North Military Trail
Palm Beach Gardens, FL 33410
TIME: 3:OOPM
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 Manager Report - ICC Capital (Steve Stack)
4. Investment Consultant Report - Thistle Asset Consulting (John McCann)
Israel Bonds
IPG
:.'@ ,,t- ,,.$ ,, f.,
5. Administrator Report - Resource Centers (Audrey Ross)
6. Attorney Report - Law Offices of Perry & Jensen (Bonni Jensen)
New Withholding Tables - Memo 7/24/09
Administrative Manager Agreement - 9- I *'.' Jf L &A*., ,,c Ij/SCclt 5 y,Ye dl ;iac.., - L-
- J,./..,f .,,... d tr*d 7. Approval of Minutes
April 30, 2009 Regular Meeting
8. Disbursements
9. Benefit Approvals
10. Financial Statements
11. Old Business
12. Other Business Letter From Division of Retirement Regarding the 9/30/07 & 9/30/08 Actuarial
Valuation Reports E? the 8/16/06 Impact Statement
13. Adjourn permits
Next Meetinq Date:
*Thursday October 29, 2009 @ 9AM
3 THE LAW OFFICES OF
PERRY & JENSEN, LLC
ANN H. PERRY aperry@perryjensenlaw.com
MEMORANDUM
To: Administrators
QL From: Bonni S. Jensen
The Law Offices’of rry & Jensen, LLC
Subject: New Withholding Tables
Date: July 24, 2009
BONNI SPATARA JENSEN
bsjenSen@perryjensenlaw.com
In May, 2009, the IRS once again revised the income tax withholding tables. See
attached Notice 1036-P. This new table is not mandatary for pension plans. As you may
recall, the IRS changed the tables by Publication 15T but warned that using the new
withholding tables could result in under withholding for retirees.
The table is attached and can also be found at httD://www.irs.qov/pub/irs-
pdf/nl036~.~df.
I am not recommending that you change to the new table, but do strongly suggest
that you continue to send the Notice to Retirees (enclosed) to the retirees monthly to
remind them ofthe possibility that they will not have enough taxes withheld during the year.
If you have ay questions, please contact me.
BSJladl
July 24. 2009
H:WI MiscellaneousU R S\Tax withholdingWotice 1036-P.wpd
400 EXECUTiVE CENTER DRIVE, SUITE 207.:. WEST PALM BEACH. FLORIDA 33401-2922
PH: 561.686.6550 e:. FX: 561.686.2802
&%%n I,
Department of the Treasury
Internal Revenue Service Notice 1036-P
(May 2m1
Additional Withholding for Pensions
for 2009
(Optional Procedure for Those Making
Pension Payments To Offset Withholding
Reductions for the Making Work Pay Credit)
The tables on the next page explain how to calculate
additional withholding amounts for pension payments.
The withholding amounts may be added to the amount
of withholding determined from the percentage method,
the wage bracket method, or any other allowable
method. The percentage method, the wage bracket
method, or other allowable method when combined with
this procedure constitutes an allowable alternative
withholding method for pensions and annuities.
This procedure is optional for those making pension
payments subject to withholding under section 3405 of
the Internal Revenue Code. The procedure is an
approximate offset for the withholding reduction included
in the February 2009 withholding tables found in the
Publication 15-T, New Wage Withholding and Advance
Earned Income Credit Payment Tables, which reflect the
Making Work Pay credit. Eligibility for the credA requires
earned income, which does not include pension
payments.
Pension payors are not required to use this procedure
but may instead continue to use only the February 2009
withholding tables to determine the amount of
withholding.
The procedure is shown on the next page for Monthly,
Semimonthly, Biweekly. and Weekly pension payments.
If pension payors decide to use this optional
procedure, they should begin using it as soon as
possible.
Note. If a pension payee submitted a Form W-4P,
Withholding Certificate for Pension or Annuity Payments,
after issuance of the revised withholding tables
contained in Publication 15-T to request additional
withholding on line 3, pension payors using this optional
procedure may want to contact the payee to determine if
the additional withholding requested on line 3 is still
desired or whether the payee wants topsubmit a new
Form W-4P.
www.irs.gov Catalog No. 53255V
Additional Withholding for Pensions for 2009
Approximate Offset To Withholding Reductions for the Making Work Pay Credit.
To be used only in conjunction with the withholding tables found in Publication 15-T.
(a) For payees using the SINGLE withholdlng rate scheduie-
If the pension payment
(before sublracting
withholding allowances) is: Then, the additional withholding amaunt is:
Not oyer $029.00 ...... $0.00
Over- But not over-
$829.0 -$1,273.00 $0.00 plus 10% of the excess over $829.0
$6.153.00 47,633.00 $44.40 le- 3% of the excess over $6,153.00
$7,633.00 .......... $0.00
51,273.W -$6,153.00 $44.40
(b) For payees uslng the MARRIED withholding rate schedule-
If the pension payment
(before subtracting
Withholding allowances) is: Then, the addilional withholding amount is:
Not aver $666.0 ....... $0.00
Over- But not over-
$666.00 -$1.333.00 $0.00 plus 10% allhe excessover$m.OO
$1,333.00 -$9.844.00 $66.70
$9,844.00 -$12.067.00 $66.70 less 3% 01 Ihe excess over$9,844.0
$12,067.00 ........... $0.00
(a) For payees uslng the SiNGLE withholding rate schedule-
If lhe pension payment
(before sublracting
withholding allowances) is: Then, the additional withholding amaunt is:
Notover$191.00. ..... $0.00
Over- But not over-
$191.00 -$294.00 $O.OOplus 10%0llhe excesSover$l9i.O0
$294.00 -51,420.W $10.30
$1,420.00 -$I ,763.00 $1 0.30 less 3% of the excess over $i,420.00
$1,763.00 .......... $0.00
(a) For payees using the SINGLE wlthholdlng rate schedule-
if Ihe pension payment
(before subtractmg
withholding allowances) is: Then, Ihe addilianal wilhhalding arnaunl is:
Over- But not over-
Not Over $383.00 ...... $0.00
$383.00 --$5ea.00 $0.00 plus 10% af the excess aver 5383.W
$586.00 --8.840.00 $20.50
$2,84o.M) -$3,523.00 $20.50 less 3% af the excess over $2,840.00
$3,523.00 .......... $0.00
(b) For payees using the MARRIED withholding rate schedule-
If Ihe pensian payment
(before sublracling
withholding allowances) is: Then, Ihe additional withholding arnaunl is:
Natover$1,066.00 ..... $0.00
Over- But no1 over-
$1,066.00 -$1,220.00 $0.00 plus 10% 01 Ihe excess over $1.066.0
$1.220.00 -$3,184.M) $15.40
$3.184.00 -$3.697.00 $15.40 less 3% af Ihe excess aver 53.184.00
$3.697.00.. ......... $0.00
(b) For payees uslng the MARRIED wlthholdlng rate schedule-
If Ihe pension payment
(before subtracling
wilhhalding allowances) is: Then, Ihe additional Withholding amaunt is:
Over- But not over-
$1,220.00 -$1.528.00 $0.00 plus 10% of Ihe excess over$1.220.0
$1,528.00 -$5,455.00 $30.60
$5,455.00 -$6,482.00 $30.80 less 3% of Ihe excess aver $5,455.00
$6,482.00.. ......... $0.00
Catalog Na. 53255V www.irs.gov
NOTICE TO RETIREES
Changes in Income Tax Withholding
New withholding tables may reduce the amount of income
tax withheld from your pensions.
The new tables, prescribed by the Department of the
Treasury, reflect the Making work Pay credit and other
changes resulting from the American Recovery and
Reinvestment Act of 2009.
You do not have to submit a Form W-4P, Employee’s
Withholding Allowance Certificate, to get the automatic
withholding change. If you do not want to have your
withholding reduced (because, for example, you have more
than one job or you are married and your combined income
puts you in a higher tax bracket), you should file a new Form
W-4P with the Plan. You may claim fewer withholding
allowances on line 5 or request additional amounts to be
withheld on line 6. For additional help, get IRS Publication
919, How Do I Adjust My Tax Withholding? or visit the IRS
website at www.irs.govand use the “Withholding Calculator.”
BSJ/ka (March 24, 2009)
H:WI Miscellaneous\l R S\Tax withholding\Notice to Retirees.wpd
PALM BEACH GARDENS POLICE OFFICERS PENSION FUND
FIRST ADDENDUM TO
ADMINISTRATIVE MANAGER AGREEMENT
This is the First Addendum to the Agreement dated May 11, 2006 (as assigned by
Assignment and Assumption dated February 3,2009) by and between the PALM BEACH
GARDENS POLICE OFFICERS PENSION FUND, hereinafter referred to as the
“Trustees,” and PENSION RESOURCE CENTER, LLC. now known as RESOURCE
CENTERS, LLC., hereinafter referred to as the “Administrative Manager,” was effective as
of May 1, 2006.
In consideration of the agreements, covenants and conditions hereinafter set forth,
the Trustees and Administrative Manager agree to the original agreement, as follows:
Section 1 .:
The Pension Resource Center, LLC changed its name toTegrit Plan Administrators,
LLC and assigned the Agreement by Assignment and Assumption dated February 3,2009.
Tegrit Plan Administrators, LLC has changed its name back to Resource Centers, LLC and
therefore the parties hereby dissolve the Assignment and Assumption executed and re-
assign the Agreement back to Resource Centers, LLC. Tegrit Plan Administrators, LLC
hereby releases the Fund from any responsibilities under the assignment and assumption
and Tegrit Plan Administrators, LLC agrees to dissolve the Assignment and Assumption
Agreement.
Section 2.:
All other terms and conditions of the original Agreement dated May 1,2006 hereby
Page 1 of 2
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Addendum to the
Agreement to be executed on this day of ,2009
BOARD OF TRUSTEES OF THE PALM
BEACH GARDENS POLICE OFFICER
PENSION FUND
RESOURCE CENTERS, LLC.
By:
By: J. Scott, Baur, CEO
Chairman
WITNESS:
By:
WITNESS: As to Administrative Manager
Secretary
TEGRIT PLAN ADMINISTRATORS,
As to Trustees LLC.
By:
J. Scott, Baur
WITNESS:
As to Tegrit Plan Administrators, LLC
BSJladt
September 1. 2009
H:\PBG 0003\Vendor\Admin mgr\PRC\lst add to Admin Mgr Agt (2009).wpd
Page 2 of 2
PALM BEACH GARDENS POLICE PENSION FUND
BOARD OF TRUSTEES
COMBINED INVESTMENT POLICY STATEMENT
FOR ICC CAPITAL MANAGEMENT &
RH U MBLl N E GLOBAL ADVlSO RS
Amended September 2009
1.
The Pension Board Trustees maintain that an important determinant of future investment returns is the
expression and periodic review of the Fund's investment objectives. To that end, the Trustees have
adopted this statement of Investment Policy.
In fulfilling their fiduciary responsibility, the Trustees recognize that the retirement system is an essential
vehicle for providing income benefits to retired participants or their beneficiaries. The Board also
recognizes that the obligations of the Fund are long-term and that investment policy should be made with
a view toward performance and return over a number of years. The general investment objective, then, is
to obtain a reasonable total rate of return - defined as interest and dividend income plus realized and
unrealized capital gains or losses - commensurate with the Prudent Investor Rule and any other
applicable statute or requirement.
A reasonably consistent and adequate return, protection of the assets against the inroads of inflation and
safety of the assets are paramount. However, the volatility of interest rates and securities markets make it
necessary to judge results within the context of several years rather than over short periods of one or two
years or less. Performance will be measured quarterly.
PURPOSE OF INVESTMENT POLICY STATEMENT
It. INVESTMENT PERFORMANCE OBJECTIVES - QUARTERLY EVALUATION MECHANISMS
The below listed performance measures will be used as objective criteria for evaluating effectiveness of
the Investment Managers:
A. Total Return of the Combined Managers:
1. The performance of the total fund will be measured each quarter for rolling three and five year
periods. These periods are considered sufficient to accommodate the different market cycles
commonly experienced with investments. The return of this portfolio is expected to exceed the
return of a portfolio comprising:
Since Inception (3/31/92) until 11/30/95-
25% S&P500,60% Barclays Capital Aggregate Bond (BCAB), and
15% Citigroup Treasury Bill - 3 month (TBill);
From 12/1/95 until 11/30/96 -
30% S&P500,60% BCAB and 10% TBill;
1
From 12/1/96 until 11/30/97 -
40% S&P500,50% BCAB, and 10% TBill;
From 12/1/97 until 12/31/98 -
60% S&P500 and 40% BCAB;
From 1/1/99 until 6/30/00 -
30% Russell 1000 Growth, 30% Russell 1000 Value, and 40% BCAB;
From 7/01/2000 until 12/31/2002 the combined performance is expected to exceed the
return of a portfolio comprising:
60% SBP500 and 40% BCAB.
From 01/01/2003 until 12/31/2003 the combined performance is expected to exceed the
return of a portfolio comprising:
50% S&P500, 10% S&P MidCap 400 and 40% BCAB.
From 01/01/2004 until 09/30/2006 onwards the combined performance is expected to
exceed the return of a portfolio comprising:
40% S&P500, 10% S&P MidCap 400, 10% S&P SmallCap 600 and 40% BCAB.
From 10/01/2006 until 09/30/2007 the combined performance is expected to exceed the
return of a portfolio comprising:
35% S&P500, 10% S&P MidCap 400, 10% S&P SmallCap 600, 5% MSCl EAFE and
40% BCAB.
From 10/01/2007 until 9/30/2008 the combined performance is expected to exceed the
return of a portfolio comprising:
25% S&P500, 10% S&P MidCap 400, 10% S&P SmallCap 600,10% Russell 1000
Growth, 5% MSCl EAFE and 40% BCAB.
From 10/01/2008 onwards the combined performance is expected to exceed the return of a
portfolio comprising:
25% S&P500, 10% S&P MidCap 400, 10% S&P SmallCap 600, 10% Russell 1000
Growth, 10% MSCl EAFE and 35% BCAB.
B. For ICC Capital Management:
The performance of the total fund will be measured each quarter for rolling three and five year periods.
These periods are considered sufficient to accommodate the market cycles commonly experienced with
investments. After July 1, 2000 the return of this portfolio is expected to exceed the return of the BCAB.
After October 1, 2008 the return of this portfolio is expected to exceed the return of 78% of the BCAB Index
and 22% of the Russell 1000 Growth Index.
2
C. For Rhumbline Global Advisors
The performance of the total fund will be measured each quarter for rolling three and five year periods.
These periods are considered sufficient to accommodate the market cycles commonly experienced with
investments. After July 1, 2000 until December 31, 2002 the return of this portfolio is expected to match
the return of the S&P500 Index. From January 1, 2003 until December 31, 2003 the return of this portfolio
is expected to match the return of an 80% S&P500 and 20% S&P MidCap 400 policy. After January 1,
2004 the return of this portfolio is expected to match the return of a 60% S&P500, 20% S&P MidCap 400
and 20% S&P SmallCap 600 policy. After October 1, 2007 the return of this portfolio is expected to match
the return of a 56% S&P500,22% S&P MidCap 400 and 22% S&P SmallCap 600 policy.
D. For International Equity Mutual Funds
After October 1, 2006 the return of this portfolio, which is made up of three (3) Vanguard Mutual
Funds, is expected to exceed the return of the MSCl EAFE Index Fund.
E. For Each Investment Manager:
1. Relative to other similar investment managers, it is expected the manager's performance with
regard to the total return of the fund will be in the top forty percent (40%) of the appropriate
Performa Universe over three to five year periods. When performance is below the standard,
the manager will report to the Trustees the reasons for the occurrence and the steps taken to
avoid reoccurrence.
a. On an absolute basis, it is expected that the total return of the fund will equal or exceed the
actuarial earnings assumption, and equal or exceed the Consumer Price Index, plus 3% over
three to five year periods. When performance is below these standards, the manager will
report to the Trustees the reasons for occurrence and the steps taken to avoid reoccurrence.
b. From time to time the performance monitor may adjust or change the evaluation indices and/or
universes so as to more adequately measure and evaluate the investment manager's particular
equity and fixed income investment style. Any such adjustment or change would be
communicated to both the Investment Manager and the Pension Board Trustees at the time of
said adjustment or change.
111. INVESTMENT GUIDELINES
A. Authorized Investments
1. To include Certificates of Deposit up to a $100,000 maximum value and money market deposit
accounts of a national bank, a state bank or a savings and loan association insured by the
Federal Deposit Insurance Corporation.
2. Obligations issued by the United States Government or obligations guaranteed as to principal
and interest by the United States Government.
n
3. Stocks, bonds or other evidences of indebtedness issued or guaranteed by a corporation
organized under the laws of the United States, any state or organized territory of the United
States, or the District of Columbia, provided:
i. Equities will be traded on one or more of the following recognized national exchanges:
1. New York Stock Exchange
2. American Stock Exchange
3. The NASDAQ Stock Market
b. The individual issue meets the following rating criteria:
1. Fixed income: Standard & Poor's, AAA, AA, A or Moody's Aaa, Aa, A
2. Equities: Value Line Investment Survey Rank for Safety, 1, 2, and 3 or Standard &
Poor's A+, A or A-
3. Money Market: Standard & Poor's AI or Moody's PI
Not more than five percent of the Fund's assets shall be invested in the common
stock or capital stock of any one issuing company, nor shall the aggregate
investment in any one issuing company exceed five percent (5%) of the outstanding
capital stock of the company.
Fixed income investments shall mean publicly traded debt securities issued by the
United States Government or agencies of the United States Government, sovereign
and supranational debt, domestic corporations and domestic banks and other
United States financial institutions or mortgagelasset backed securities. "Yankee
bonds" (debt securities issued by foreign entities denominated in U.S. dollars which
are traded domestically) are also available for investment.
Use of To Be Announced (TBA) Securities.
All investments in TBA securities shall be issued by a Federal Agency or be of
investment grade. Cash equivalent balances to satisfy the transaction must be
available at the time of purchase and held until final settlement.
Prohibited Securities.
The following types of asset backed securities and collaterized mortgage obligations
are not permissible for investment using the Fund's assets without the Trustees'
prior written approval:
1. Securities paying Interest Only (ID'S).
2. Securities representing Principal Only (Po's).
3. Accrual Bonds (z-tranches).
4. Inverse or Reverse Floaters with a multiplier greater than 1 .OO or less than
5. Asset pools not domiciled in the United States.
6. Collateralized Bond Obligations (CBO's)
7. Collateralized Debt Obligations (CDO's)
8. Collateralized Loan Obligations (CLO's)
C.
-1 .oo.
4
9. Companion bonds.
4. Mutual Funds, commingled stock, bond or money market funds whose individual investments
are restricted to securities meeting the criteria expressed in 111.
5. Bonds issued by the State of Israel.
6. The use of unhedged and/or leveraged derivatives will not be allowed in any form
7. International Equity Stocks or Mutual Funds may be purchased.
B. Limitations
Investments in corporate common stock, international equities, convertible bonds and convertible
preferred issues should be targeted at sixty percent (60%) of the fund at market value and shall not
exceed seventy percent (70%) of the fund assets at cost. No restriction is placed on the Fund's
percentage holdings of bonds or cash.
Not more than twenty-five percent (25%) of any manager's Total Fund portfolio, at market value,
shall be invested in foreign stocks or bonds. The manager must immediately notify the Board and
the Consultant when the foreign exposure reaches ten-percent (10%). An explanation will be
needed as to why the manager is changing their discipline (this excludes the investment in foreign
mutual funds).
In accordance with the Protecting Florida's Investment Act (Fla. Stat. 215.473), the Board is
prohibited from directly investing in any companies, identified by the State Board of
Administration (SBA) on its website each quarter, as a scrutinized company. The investment
Consultant and each investment manager shall review its investments each quarter to determine
whether it is required to sell, redeem, divest or withdraw any publicly traded security of a company
identified by the SBA as a scrutinized company and shall notify the Board each quarter, in writing,
of the results of its review. Beginning no later than January 1, 2010, the Board shall sell, redeem,
divest or withdraw all publicly traded securities it holds in any scrutinized company by no later
than September IO, 2010 for Chapter 185 plans. Mutual and Commingled Funds may be excluded
from this restriction as long as a similar fund, that is in compliance with the above restriction, is
NOT available.
IV. COMMUNICATIONS AFFECTING BOTH MANAGERS
A. The custodian shall apprise the Trustees of all transactions and shall forward all proxies to the
Managers within five calendar days. On a monthly basis, the custodian shall supply an accounting
statement which will include a summary of all receipts and disbursements and the cost and the
market value of all assets. On a quarterly basis, the Managers shall provide a written report
affirming compliance with the security restrictions of Section 111 above and a summary of common
stock diversification and attendant schedules. In addition, the Managers shall provide each quarter a
report detailing the fund's performance, adherence to the investment policy, forecast of the market
and economy, portfolio analysis and current assets of the Trust. Written reports shall be mailed to
the Trustees within 60 days of the end of the quarter. The Managers will provide immediate written
5
3. Stocks, bonds or other evidences of indebtedness issued or guaranteed by a corporation
organized under the laws of the United States, any state or organized territory of the United
States, or the District of Columbia, provided:
i. Equities will be traded on one or more of the following recognized national exchanges:
1, New York Stock Exchange
2. American Stock Exchange
3. The NASDAQ Stock Market
b. The individual issue meets the following rating criteria:
1. Fixed income: Standard & Poor's, AAA, AA, A, BBB or Moody's Aaa, Aa, A, Baa
2. Equities: Value Line Investment Survey Rank for Safety, 1, 2, and 3 or Standard &
Poor's A+, A or A-
3. Money Market: Standard & Poor's AI or Moody's PI
Not more than five percent of the Fund's assets shall be invested in the common
stock or capital stock of any one issuing company, nor shall the aggregate
investment in any one issuing company exceed five percent (5%) of the outstanding
capital stock of the company.
Fixed income investments shall mean publicly traded debt securities issued by the
United States Government or agencies of the United States Government, sovereign
and supranational debt, domestic corporations and domestic banks and other
United States financial institutions or mortgagelasset backed securities. "Yankee
bonds" (debt securities issued by foreign entities denominated in US. dollars which
are traded domestically) are also available for investment.
Use of To Be Announced (TBAI Securities.
All investments in TBA securities shall be issued by a Federal Agency or be of
investment grade. Cash equivalent balances to satisfy the transaction must be
available at the time of purchase and held until final settlement.
Prohibited Securities.
The following types of asset backed securities and collaterized mortgage obligations
are not permissible for investment using the Fund's assets without the Trustees'
prior written approval:
1. Securities paying Interest Only (IDS).
2. Securities representing Principal Only (Po's).
3. Accrual Bonds (z-tranches).
4. Inverse or Reverse Floaters with a multiplier greater than 1 .OO or less than
5. Asset pools not domiciled in the United States.
6. Collateralized Bond Obligations (CBO's)
7. Collateralized Debt Obligations (CDO's)
8. Collateralized Loan Obligations (CLO's)
C.
-1 .oo.
A
L
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r c c
~5
FREQUENTLY ASKED QUESTIONS ABOUT ISRAEL BONDS
WHAT ARE ISRAEL BONDS?
Israel Bonds are securities issued by the State of Israel to help build and strengthen the nation’s
economy and infrastructure. They are available in the United States through the Development
Corporation for Israel, a New York corporation which is a FINRA member and a registered
broker/dealer.
ARE ISRAEL BONDS A SAFE INVESTMENT?
Israel Bonds are backed by the full faith and credit of the Government of Israel, which has maintained a
perfect record of repayment of interest and principal since the first bond was issued over 57 years ago.
HOW DO I INVEST IN ISRAEL BONDS?
Contact should be made with the Israel Bonds office in your area. A registered representative in your
area will provide you with a prospectus and assist you through the investment process.
HOW DO I PAY FOR AN ISRAEL BOND?
You can pay by check payable to “The State of Israel” or wire transfer.
HOW IS AN ISRAEL BOND REPORTED TO ME?
Bank of New York, who currently serves as the fiscal agent, sends holders annual statements of
holdings for book-entry bonds as well as semi-annual interest payments, either by check or dire(
deposit.
WHERE IS THE INTEREST SENT?
Interest is sent to wherever the purchaser designates.
HOW DO I MEASURE THE VALUE OF AN ISRAEL BOND?
Although DCI does not provide valuations of outstanding bonds, we understand that Israel Bonds that
are purchased by Pension Plans and Labor Unions are generally valued at par value.
IS THERE A SECONDARY MARKET FOR ISRAEL BONDS?
There is no secondary market.
HOW ARE ISRAEL BONDS RATED?
Israel Bonds are rated “investment grade” by both Moody’s (Al) and Standard and Poor’s (A).
ISRAEL BONDS: STRENGTHENING ISRAEL’S ECONOMY
The Israel Bonds organization provides essential funding for Israel’s economy, including its
inftastructure development - a key prescription for continued economic health.
Development Corporation for Israel
12000 Biscayne Boulevard; Suite 700
No& Miami, FL 33181
301895-4700 .800-704-2663 miami@israelbonds.com
12600 South Belcher Road Suite 101A
Laroo. FL 33773
@IsRAEL
Member FIHI1.6. SIPC .,. ~ 727-539-6445 . 800-622-801 7 tampa@israelbonds.com
SnarmD
Resource Centers - -r- i
Accounts Payable Check Register
FOR PALM BEACH GARDENS POLICE
Check Number1 Date I Payee and Description i Amount
2181 May 1,2009 Tegrit Plan Administrators $2.29125
May 2009 Admin Fees
2182
2183
2184
2185
2186
2187
2188
2189
2190
2191
2192
2193
2194
2195
2196
21 97
2198
2199
2200
May 11,2009
June 1,2009
May 29.2009
June 9, 2009
June 9,2009
June 9,2009
June 9,2009
June 9,2009
July 1, 2009
July 1,2009
June 30,2009
July 6, 2009
July 6, 2009
July 6. 2009
July 6.2009
August 1.2009
July 31,2009
August 4, 2009
August 4,2009
Cherry Bekaert 8 Holland
Progress Billing-audit Y/E 9/30/08
City of Palm Beach Gardens
Retirees Insurance
Resource Centers
June 2009 Admin Fees
FPPTA
June Registration for Jules Barone
FPPTA
June Registration for Jay Spencer
Boca Raton Resort & Club
FPPTA Conference Hotel Reservation- Barone and Spencer
Perry 8 Jensen. LLC
Legal Services Rendered Thru 5/28/09
Gerald J Wilkoff Inc
Renewal of Bond- ERISA
Void-Printing error
City of Palm Beach Gardens
Retiree Health Insurance Premiums
Pension Resource Center
July 2009 Admin Fees
Jules Barone
Trustee Travel Reimbursement- 6/29/09-7/01/09
Jay Spencer
Trustee Travel Reimbursement 6/28/09-7/1/09
Gabriel Roeder Smith & Company
Actuaries services rendered thru 5/31/09
Perry 8 Jensen LLC
Legal Services Rendered 6/22/09
City of Palm Beach Gardens
Retiree Health Insurance Premiums
Pension Resource Center
August 2009 Admin Fees
Perry 8 Jensen, LLC
Legal Services Rendered 7/15/09
Gabriel Rodeder Smith 8 Company
For Actuarial services through 06/30109
$2,000.00
$2,500.14
$2.275.00
$500.00
$500.00
$350.00
$1,136.43
$1,196.00
$2,500.14
$2.275.00
$110.17
$37.65
$4.068.00
$275.00
$2,500.14
$2,287.50
$72.00
$2.386.00
2201 August 4,2009 Rhumline Advisers
I Investment Advisory fee for the second Quarter 2009
$2,369.56
2202 August 4,2009 ICC Capital Management $19,571.32
Investment Management Fees for the period 04/01/09-06/30/09
2203 September 1, 2009 City of Palm Beach Gardens
Retiree Health Insurance Premiums
2204 August 31,2009 Perry 8 Jensen LLC
Legal Services Rendered 8/15/09
2205 August 31,2009 Thistle Asset Consulting, Inc
Performance Monitor Reports June 30,2009
$2,500.14
$235.50
$3.478.00
Total $57,414.94
Chairman
Secretary
Date
ro8 I DrdLll ud'"en5 rdlIL 'ItY03F PI'
I
pP30202. 105/01/09 I 2,291.25 2,291.25 .oo
VENDOR 000000000001 0000(
INVOICE NUMBER 1 INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC TAKEN
I eck Total I
UUUUL IO ,
3000001
NET AMOUNT
2,291.25
2,291.25
000021 81 Palm Beach Gardens Police
4360 Northlake Blvd Sre 206
Palm Beach Gardens, FI 33410 63-8376!2670 j
! BANK ATLANTIC
: PAY
j TWO THOUSAND TWO HUNDRED NINETY-ONE AND 25/
~ luTHE TEGRIT PLAN ADMINISTRATORS
: ORDER 4360 NORTHLAKE BLVD STE 206
j OF
PALM BEACH GARDENS FL 33410
VENDOR: 0 00 0 00000 00 1
I INVOICE NUMBER 1 INVOICE DATE
$090202 105/0 1/09
051
INVOICE AMOUNT AMOUNT PAID
2,291.25 2,291.25 '
000021 81
VENDORNO
000000000001
.oo 2.291.25
DISC. TAKEN 1 NET AMOUNT
zck Total 2,291.25
I
’I‘
: I_. ,,., ..::. ... .
4360 Northlake Blvd
Suite 206
Palm Beach Gardens, FL 33410
Invoice
Date Invoice #
1 :~1’2111,~) llllur12112
Tax ID Numbers
Tegrit Plan Administrators 80-0182332
Resource Centers 87-0800468
Pension Resource Center 36-4504183
Omega Recordkeeping Group 20-2901035
\?.:w25 li ~.c Total Amount Due
Mail Payments to:
Tegit Plan Administrators. LLC at Palm Beach Gardens Address OR ACH Payment to:
First Soutlieni Bank
Tcsrit Plan Administrators
ABA #: 06701?895
ACCoUllt #: 8mii‘)i 1606
First Southern Bank
Pension Resource Cenfcr
ABA U: 067012895
Acco:~~:: ;i. X61093306
If you liave any questions coiicerning tliis illvoice. please contact Jim Jameson at Tegrit Plan Administralors. LL(
Plioiic 561 -45CJ-?‘J60 or Eiiiail - Jiin.Jameson~rjl~~~it-fpacoln
Palm Beach Gardens Police 00002182
VENDOR NO
VENDOR 00 0 00000002 9 ' 000000000029
NET AMOUNT fNVOlCE PUMBER INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN
000000000457285 05/11/09 I 2,000.00 I 2,000.00 .oo 2,000.00,
Check Total 2,000.00l
~ ~~~~
Palm Beach Gardens Police 00002182
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63437612670
BANK ATLANTIC
PAY
TWO THOUSAND AND OO/lOO $m$$$$$$$$$
TOTHE CHERRY, BEKAERT & HOLLAND
ORDER ONE CLEARLAKE CENTER
OF 250 AUSTRALIAN AVE SOUTH SUITE 1201
WEST PALM BEACH FL 33401
VOID AFTER 180 DAYS _____________.I_I_ _____l___ll__ .- .- - %mEs~.Nm~~cS~
Palm Beach Gardens Police
VENDOR: 00 0 00000 0 02 9 0 507;
INVOICE NUMBER INVOICE DATE I INVOICE AMOUNT AMOUNT PAID
000000000457285 05/11/09 ' 2,000.00 ' 2,000.00
00002182
VENDOR NO.
000000000029
DISC. TAKEN 1 NET AMOUNT .oo ' 2,000.0(
eck Total 2,000. OI
CHERRY BEKAERT & HOLLAND, LLP.
600 N. MAGNOLIA AVENUE
SUITE 1300
ORLANDO, FL 32603-3255 (407)423-7911
PALM BEACH GARDENS POLICE PENSION FUND
do PENSION RESOURCE CENTER, INC.
4360 NORTHLAKE BLVD., SUITE 206
PALM BEACH GARDENS, FL 33410
lnvoice No. 457285
Date 04/30/2009
Client No. 4253650.0
FOR PROFESSIONAL SERVICES RENDERED:
Final billing on audit of financial statements for the year ended September 30, 2008.
TERMS: lnvdces payable within 15 days horn invoice date. A service charge win be added to past due accounts equal io 1 l/Z%
per month (18% annually) on me previous montn’s balances less payments re&ved dullng the monm, wim a minimum charge of
52.00 per month.
Palm Beach Gardens Police
INVOICE NUMBER
005032
005033
005034
005035
005036
I
VENDOR. oooooooo(
005033
005034
005035
005036
INVOICE DATE
06/01/09
06/01/09
06/01/09
06/01/09
0 6 / 0 1 / 0 9
58 06/09 00001
NVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC TAKEN
6/01/09 I 1,185.31 I 1,185.31 I .oo
6joljog I 1i219.16 I 1.219.16 I .oo
6/01/09
6/01/09
6/01/09
59.78
29.89
6.00
59.78 .oo
29.89 .oo
.OO 6.00 1 eck Total
i
VVVVL I".J
300458
1,219.16
59.781
29.891
6.001
2,500.14,
Palm Beach Gardens Police 00002183
63 837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY
TWO THOUSAND FIVE HUNDRED AND 14/100 g=
TOTHE CITY OF PALM BEACH GARDENS
ORDER 10500 N MILITARY TRAIL
OF ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS . .. .
Palm Beach Gardens Police
INVOICE AMOUNT
1,185.31
1,219.16
59.78
29.89
6.00
YENDORNO 0 9 00001
AMOUNT PAID DISC. TAKEN
1,185.31
1,219.16
59.78 .oo
29.89 .oo
6.00 4 .OO
eck Total
000021 83
300458
NETAMOUNT ~
1,185.31,
1,219.16
59.78
29.89
6.00,
2,500.14j
VUUUL I04
n"Tc \,Ch,""Q N" Palm Beach Gardens Police .. ""
VENDOR. 0000000 0 0 0 01 oC769 0 0 0 ob 0 0 0 0 0 0 1
I INVOICE YUMBER 1 INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN 1 NETAMOUNT 7
090242 105/29/09 I 2,275.00 I 2.275.00 I .oo 2,275.001
deck Total 2,275.001
I i
~
i
I
Palm Beach Gardens Police 00002184
4360 Northlake Blvd Ste 206 Palm Beach Gardens. FI 33410 53.837612670
:ANK ATLANTIC CHECK NO. CHECK D&TE VENDOR NO.
2184 05/29/09 000000000001
AMOUNT
$2,275.00
PAY
TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND OO/lOO
TO THE RESOURCE CENTERS
ORDER 4360 NORTHLAKE BLVD STE 206
OF
PALM BEACH GARDENS FL 33410
VOID AFTER 180 DAYS
. ,l_l___.__._._. ~ ...~ Boau€a~ori~~~~M!c~~~~~~
VOOOO 2 Law I: 2670a37631:006336~60311'
00002184 Palm Beach Gardens Police
VENDOR: 00 0 0 0 0 OoI
!
VENDOR NO. ooooc
.oo DISC. TAKEN
01
05,
AMOUNT PAID
2,275.00
000001
NET AMOUNT
2,275.0
INVOICE AMOUNT
2,275.00
leck Total 2.275.0
i a'
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FL 33410
Bill To
P:tl~u BT:ICJI Gmlcnc I'olicc I'cnsintt Fiind
Mail Pqtnents to:
Tcgrit Plan Administrators. LLC at Palm Bcxh Gardens Address ORACH Payincnt to:
First Soutlirm Bank
Tegrit Plan Administrators
ABA #: 067012395
Account #: 806191 I606
First Southern Bank
Pension Resourcc Center
ABA i: 067012895
Account #: 8061093306
Invoice
Date Invoice #
i/?Si2lltl') 11OOll21? J
Tax ID Numbers
Tegrit Plan Administrators 80-0182332
Resource Centers 87-0800468
Pension Resource Center 364504183
Omega Recordkeeping Group 20-2901035
Qty Rate Amount
2.275 on ?.2iiOll
Total Amount Due
If you have any questions concerning this invoice. please contact Jim Jameson at Tcgit Plan Administrators. LLC
Plione 561-459-2960 or Eillail - Jiin.Jaiiteson~tegrIt-fpa.con1
VUUUL IO3
VENDOR NO Pair Seach Gardens Police
VENDOR 000 00 0 000015 0 9 000000000015
UNE REG BARONE 106/09/09 I 500.00 I 500.00 .oo 500.0(
eck Total 500.0(
INVOICE NUMBER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC TAKEN NET AMOUNT
.oo '
Palm Beach Gardens Police 00002185 1
63 837612670 1 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY
FIVE HUNDRED AND OO/lOo ?<$$$<Em
TOTHE FPPTA
ORDER 2946 WELLINGTON CIRCLE EAST SUITE A
OF
TALLAHASEE FL 32308 I
500.01
Palm Beach Gardens Police
VENDOR: 00 0 0 0 0 0 o1
/JUNE REG BARONE
INVOICE NUMBER
15
WOICE DATl 6/09/09 INVOICE AMOUNT
500.00
DP
061
AMOUNT PAID
500.00
eck Total 500.01
I
'
FPPTA
25th Annual Conference
Registration
Active Member Registration $500.00 per person $550.00 per person
(Pension Trusteel \i
.....
Refund Policy
One Form Fer Registrant
Associate Member Registration
(Service Providers)
each approved refund. You
must notify our office in writing
by June 26. 2009
$700.00 per person $750.00 per person
Administrator) i',
Account Number Expiration
Checks
Check should accompany fhe regfstratfon form Please do not send duplicate forms
Send registration forms and check made payable to FPPTA to
FPPTA. 2946 Welltngton Circle East, Suite A. Tallahassee, FI 32309
There will be a 550 charge for
$$%&%QBe%&9QO
Children's Activities Parents may accompany child Supervised actlvltles provided
Monday, June 29 __ Children __ Adults
Tuesday, June 30 - Children __ Adults
g;
Hotel
Boca Raton Resort & Club
FPPTA has provided a link for reservations on our website FPPTA org under 'Events' and Annual Conference
If you prefer you can call 800-327-0101 888 503 2622 or 877-597-9696
See feverse side for more information
@ @ CT; *& 'jt @ t& G- 5-
&heck Enclosed American Express Master Card Visa Refund request forms are on the
FPPTA website under events.
----- ._" Palm Beach Garoens Police "EhDOR YO 0 9 000000000015 VENDOR. 0000000000 15
UN~REG SPENCER 106/09/09 I 500.00 I 500.00 I .oo I 500.01
INVOICE NUVEER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN I NET AMOUNT
I
00002186 I Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63-837612670
BANK ATLANTIC
,,w*..w.-.*. PAY
FIVE HUNDRED AND OO/lOO ~c~~y$$~~~
TOTHE FPPTA
ORDER 2946 WELLINGTON CIRCLE EAST SUITE A
OF
FL 32308 TALLAHASEE
BORCLR COHTI\INL UF~OPE!~.EG VOID AFTER 180 DAYS - - ~,.. ~- .- .. ~- -. .. . ....
11'0000 2 La LII' I: 2 L 708 3 7 L 31:oo L 3 3 L 5 LO 311'
000021 86 Palm Beach Gardens Police
,. ': A.
FPPTA
25th Annual Conference
Registration
One Form Per Registrant
~
P f.= #F d4-d
Method of Payment
&- 5; 6- 3 5- & 5 5.
Registration Fee Registration Fee
before June 28 on June 28 or onsite
Active Member Registration $550 00 per person Refund Policy
(Pension Trusteel
Administrator) There will be a S50 charae foi ~,
each approved refund 70" Associate Member Registration $700.00 per person $750.00 per person must notify our office in writing
by June 26,2009 (Service Providers)
Refund request forms are on the
&heck Enclosed 0 American Express 0 Master Card 0 Visa FPPTA website under events.
Account Number Expiration
Checks
Check should accompany the regislratfon form Please do not send duplicate forms
Send registration forms and check made payable to FPPTA" to
FPPTA. 2946 Wellington Circle East, Suite A, Tallahassee, FI 32309
_-__ @ $9 @ 5 @ 3 &- J&
Children's Activities Parents may accompany child Supervised activities provided
Monday, June 29 __ Children I_ Adults
Tuesday, June 30 __ Children __ Adults
@3@&$5C&3&0@*
I Hotel ~__ ~
Boca Raton Resort & Club
FPPTA has provided a link for reservations on our website FPPTA org under "Events" and "Annual Conference"
If you prefer you can call 800-327-0101, 888-503-2622 or 877-597-9696
See teverse side for more information
VENSOR NO Palm Beach Gardens Police
000000000121 VENDOR 00 0 00 0 00 012 1
NETAMOUNT INWICE NUMBER tNVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC TAKEN
ONF#3352932672 06/09/09 I 350.00 I 350.00 .oo 350,001
Check Total 350.001
I
Palm Beach Gardens Police 00002187 ~
Palm Beach Gardens, FI 33410 4360 Northlake Blvd Ste 206 63-637612670
BANK ATLANTIC
PAY
THREE HUNDRED FIFTY AND OO/lOO Ym$$$$$$?
TOTHE BOCA RATON RESORT & CLUB
ORDER 900 S OCEAN BLVD
OF FL 33432 BOCA RATON
PWDW cwpNr.!.!!Ca.9 VOID AFTER 180 DAYS
-. ~~ ~ ~~ ~. .~
11~0000 2 k8 711' I: 26 708 3 76 3COO6 3 36 560 311'
Palm Beach Gardens Police
JENDOR: 0000 0 0000121
000021 87
INVOICE AMOUNT
350.00
,A' Audrey Ross
From:
Sent:
To: Audrey Ross
Waldorf Astoria Collection Confirmed [waldorfastoriacollection@res.hilton.com]
Monday, June 01, 2009 1.46 PM
Subject: The Beach Club at Boca Raton Resort & Club Confirmation
Sender ALLOWED [ Rernovc ] [ Block ] iieti3:iS
iti-Sparri T'viitrol Pr)ixI
,
\
900 S Ocean Blvd, Boca Raton FL. United States 33432
Tel 561-447-3000
Fax 561-394-3961
DISCOVERY SPA GOLF
PREPARE FOR YOUR
ARRIVAL.
Itwould be our pleasure!o
help you set UP any spa
appointments or dining
reservations prior to your
arrival For assistance.
please dick here 13 contact
US
RECEIVE INFORMATION
Confirmation Number: 3352932672
, Ci,& !leie kj view 31 ed!! 'yci:r ieserva:ion
Name
Hilton HHonors' Number'
Airival Date
Departure Oaki
Chec%-in lime
Ct;eck,-ci:: n!'Z
Jay Spencer
2273827iG
29 Jun 2000
01 Jul2009
4 00 PM
1 ; 00 AP.4
.I I' AND NEWS ON
EXCLUSIVES AND
MORE
If you would like to receive
information and news on
The Waldorf Astoria
Collection hotels via
quarterly email
communication please
provide LIS with your
communication preference
information here
HHONORS ACCOUNT
PREFERENCES
Blue Member
Manage My Account
Earnings Style:
HHonors Points and
HHonors Points
THE WALWRF ASTORIA
COLLECTION'
RATE INFORMATION:
Rate Type
FLORIDA PUBLIC PENS1 ~
Rate per night 17500 USD
Total for Stay per Room
Rate 350 00 USD
Taxes 40 25 USD
1 otal 390 25 USD
Total for Stay: 390.25 USD
Includes estimated taxes and service charges. (Gratuilies not
included )
TAX 8 RESORT CHARGES: . There is a 6 004. Per Room Per Night tax and a 5 50% Per
Room Per Night secondary lax
A daily resort charge of 522 30 is added to your room account -
includes Rellman gratuities (arrivalldeparture), Key Lime cooler.
trans within the resort. unlimited local and toll-free calls in-room
high speed internet newspaper, fitness center. and BoardEZ.
ADDITIONAL CHARGES:
Vale! parking: 25.23!night
RATE RULESAND CANCELLATION POLICY:
Adeposit of 195.13 US0 lias been charged to your credit card
* Your reservation is guaranteed for late arrival. . Should you need to cancel please contacl us before 11.59 PM on
22 Jun 2009 local properly time to avoid cancellation penalties
ROOM INFORMATION:
Rooms 1
Clients. 2 Adults
Room Type
Preierences Two Beds. Noli-Smoking
Your room ;ype pre!ermces have bee!, siibmitled wth your
:eserva:ion and are subj~ct to ho!el availability
BEPCH CLUB OCEAN VISTA
ABOUT THE BEACH CLUB AT BOCA RATON RESORT &
CLUB:
GENERAL INFORMATION
ACCOMMODATIONS
SPA
GOLF
RESORT DINING
WELCOME TO THE WALDORF ASTORIA COLLECTION
Where magnihiei;t surroundings and ~nvue d'sccveries await you
Or!glnai iii design and architecture each thole! 11% IThe Waldoii Astoria
Col!eilion has its own distinct personality anti allure
If you need to MOCIFY or CANCEL your reservation. click here
Any change to the arrival date. departure date or room type of lhis reservation is subject to the hotel's
availability at the lime the change IS requested and may result in a possible rate change or an additional
fee For example. shortening or lengthening your reservation !s siibject to availability and may not be
possible at a later date For more information. please click here to see all the rules and restrictions
applicable to !Ills reservation.
. - - - - . - -
"LNOOR PIC Fa m Etach Gardens Police
000000000010 VENDOR. 0000000000~0
INVPICE NUMBER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT
000000000063122 106/09/09 I 1,136.43 I 1,136.43 .oo 1,136.4:
Check Total 1,136.4:
Palm Beach Gardens Police 000021 88
63 837612670 4360 Northlake Elvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY
ONE THOUSAND ONE HUNDRED THIRTY-SIX AND 43/
TOTHE PERRY & JENSEN, LLC
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF
FL 33401 WEST PALM BEACH
Palm Beach Gardens Police
VENDOR: 000 0000 0
INVOICE NUMBER
00000000063122
LO
JVOICE DATE
j/09/09
INVOICE AMOUNT
1,136.43
AMOUNT PAID
1,136.43
VENDORNC nnnn -""-
DISC. TAKEN .oo
:ck Total
00002188
)00010
NETAMOUNT ~
1,136.431 I 1,136.431
.' .' THE LAW OFFICES OF
PERRY & JENSEN, LLC
ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen@penyjensenlaw.com
May 28,2009
,./'' 7 i/ Palm Beach Gardens Police Pension Fund ' '\. ,/
.; \' Via Email
The Resource Centers, LLC
Attn: Scott Baur & Bonnie Lindberg & Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
._,
Re: Leqal Services Provided Invoice #63122
Dear Scott & Bonnie:
Enclosed please find the Firm's invoice for services rendered for the period that ended
5/15/2009. Thank you for your payment of $301.50. Your current balance due is $1,136.43.w
If you have any questions, please do not hesitate to contact me.
Sincerely, , ~
J++
Bonni S. Jensen
BSJladl
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
400 EXECUTIVE CENTER DRIVE, SUITE 207+ WEST PALM BEACH, FLORIDA 33401-2922
PH: 561.686.6550 .:e FX: 561.686.2802
4%
THE LAW OFFICES OF PERRY & JENSEN, LLC
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 8 Audrey
Ross-via email
c/o The Resource Centers, LLC
4360 Northlake Boulevard. Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
May 28,2009
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS:
Client / File No.: 0003
Invoice #63122
Professional Services
HrslRate Amount
Administrator - Teqrit Plan Administrators. LLC
5/1/2009 BSJ Review Review Financial Statements revisions
Administrator - Tegrit Plan Administrators. LLC
SUBTOTAL:
Attendance at Trustee Meetincis
4/27/2009 ADT Prep Atty Rept
Reain review to oreoare Attornev ReDOrt. Handouts, and Folder for
ipzoming Meetikg 4/30/09 '
Attendance at Trustee Meetings
Complete Attorney Report, Handouts, and Folder for upcoming
Meeting - 4/30/09
Attendance at Trustee Meetings
4/28/2009 ADT Prep Atty Rept
0.10 20.00
200.001hr
I 0.10 20.00]
0.25 18.75
75.001hr
0.25 78.75
75.001hr
4/29/2009 KA Prep Atty Rept 1 .oo 75.00
Preoare Attornev Report. Handouts. and Folder for upcoming Meeting - 75.001hr
-.-I- 4/30/09 meeting
Attendance at Trustee Meetings
.I .l*
Palm Beach Gardens Police Pension Fund
413012009 BSJ Attend
Attend meeting
Attendance at Trustee Meetings
Review Documents and Notes from meeting
Attendance at Trustee Meetings
5/1/2009 ADT Review Documents
SUBTOTAL:
Attorney Enqaqement Aqreement
4/24/2009 ADT Draft Draft new The Law Offices of Perry & Jensen, LLC Attorney
Agreement
E-mail to Board of Trustees
Attorney Engagement Agreement
SU ETOTAL:
Minutes of Trustees Meetinos
4/28/2009 ADT Review Review minutes of 1/29/09 meeting and 2/13/09 special meeting
Minutes of Trustees Meetings
E-Mail to Audrey re: typo in minutes to correct
Minutes of Trustees Meetings
ADT E-Mail
SUBTOTAL:
Misc Matters
4/20/2009 ADT E-Mail
F-Mail to Board of Trustees memorandum re: Worker, Retiree and ~ ~ ~
Employer Recovery Act of 2008.
Misc Matters
SUBTOTAL:
Plan Document
4/27/2009 BSJ Telephone Cali Telephone call with Jay Spencer
Plan Document
Page 2
HrslRate Amount
2.00 400.00
200.001hr
0.50 37.50 75.001hr
[ 4.00 550.00]
0.70 NO CHARGE
75.001hr
I 0.70 0.001
0.70 52.50
75.001hr
0.05 3.75
75.001hr
[ 0.75 56.251
0.20 15.00
75.001hr
I 0.20 15.001
0.20 40.00
200.00lhr
Palm Beach Gardens Police Pension Fund Page 3
HffilRate Amount
4/29/2009 KA E-Mail 0.40 30.00
E-Mail to Sarah Carr - additional follow up to inquiry re: Palm Beach
Gardens DROP and Florida Retirement System
Plan Document
75.00/hr
SUBTOTAL: I 0.60 70.001
Summary Plan Description
4/28/2009 BSJ Review 0.50 100.00
Review email from Audrey Ross re: status of Summary Plan
Description
E-mail to Audrey Ross re: distribution list for Summary Plan Description
Review Summary Plan Description for final version
Summary Plan Description
200.001hr
ADT E-mails 0.25 18.75
E-mails to and from Audrey re: Summary Plan Description distribution 75.00hr
Summary Plan Description
4/29/2009 ADT Review 0.10 7.50
Review email from Audrey re: Summary Plan Description distribution 75.001hr
Summary Plan Description
SUBTOTAL:
Trustee Expense Policv
4/20/2009 BSJ Draft Draft Memorandum re: Internal Revenue Service Mileage Rate
Trustee Expense Policy
SUBTOTAL:
Trustee Form 1
4/29/2009 BSJ Draft Draft Memorandum re: Form 1 filing
Trustee Form 1
4/30/2009 ADT Scan Scan and email memorandum and Form 1 to Board of Trustees
Trustee Form 1
KA Review and Revise Review and revise Cover Memorandum for Form 1
[ 0.85 126.251
0.25 50.00
200.001hr
[ 0.25 50.001
0.25 50.00
200.001hr
0.15 11.25
75.001hr
0.50 37.50
75.001hr
Trustee Form 1
Palm Beach Gardens Police Pension Fund
5/8/2009 BSJ Draft Draft cover letter to Palm Beach County Supervisor of Elections re:
Brad Seidensticker
Trustee Form 1
Scan Form 1 and cover letter
E-mail to Brad Seidensticker
Ship via UPS Ground signature required
Trustee Form 1
KS Scan
SUBTOTAL:
For professional services rendered
Additional Charges :
HrslRate Amount
0.25 50.00 200.001hr
0.75 18.75
25.001hr
[ 1.90 167.501
9.35 $1,055.00
5/5/2009 ADT UPS Delivery United Parcel Service Invoice No.: OOOF49280199
Tracking #I ZF492804392168000
to / from Supervisor of Elections - Barone 8 Spencer
Bill File
5/8/2009 PJ UPS Delivery United Parcel Service Invoice No.: OOOF49280209
Tracking #I ZF492804295908144
to / from Supervisor of Elections - Seidensticker Form 1
Page 4
Bill File
Bill File
5/15/2009 PJ Photocopies$
Copy Charges
Bill File
1 10.51
10.51
1 7.42
7.42
254
0.25
63.50
SUBTOTAL: [ 81.431
Total additional charges
Total amount of this bill
Previous balance
Total payments
$81.43
$1,136.43
$301.50
($301.50)
.' .*
Palm Beach Gardens Police Pension Fund Page 5
Amount
Balance due $1,136.43
Palm Beach Gardens Police 00002189
i 63 8376/2670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
ONE THOUSAND ONE HUNDRED NINETY-SIX AND OO/lOO ?BE$$$$!$$
BANK ATLANTIC
PAY
i
i
OF P.O. BOX 142 1
I I
TOTHE GERALD J. WILKOFF, INC.
ORDER 95 MAIN STREET
MINEOLA NY 11501-0142 i
Gerald J. Wilkoff, Inc. .* L'
95 Main Street - PO Box 142
Mineola, New York 11501-0142
Phone: (516) 747-0200
Fax: (516) 747-2021
'~ '3 i ;;I-$Gl ,/'
,' i
\ \.-. /'
Palm Beach Gardens Police Officers Pension Fund Client Number 22182
Pension Resource Center Invoice Number 22225
Invoice Date April 13, 2009 4360 Northlake Boulevard, Suite 206
Payment Due Date Junel, 2009 Palm Beach Gardens, FL 33410
Company Bond Number Premium Term
Zurich North America - FgD CCP 2F5102422 03 JUN109-JUN1 12
~- . ~-
(Md) I
Description
Obligee:
Penalty: $500,000.00
Type: ERISA - Employee DishonestylFidelity
Palm Beach Gardens Police Officers Pension Fund
Premium
$1.1 96.00
Federal law requires a bond of no! less than 10% of total plan assets, up to $500,000. Please check
with the plan administrator as to sufficiency.
ATTACHED PLEASE FIND THE ORIGINAL AND YOUR AGENCY COPY OF THE ABOVE NOTED
RENEWAL BOND, ISSUED AS REQUESTED.
Gerald J
addition
Thank you for your business, it is appreciated
www.wilkoffbonds.com - info@wilkoffbonds.com . Wilkoff, Inc. may receive additional compensation from the above Insurance Company, in
to standard commission based on specific agreements in place with Insurance Company.
"YOUR BOND SOURCE" sM
Member:
National Association of Surety Bond Producers
Professional Insurance Agents Association Independent Insurance Agents Association
1041 .' EMPLOYEE THEFT AND FORGERY POLICY
DECLARATIONS
Adm;nW:&:. Ollie.
1.00 &,".rll.n L.".
Srh.umburs. I 60196
Companies
This policy issued by
Named Insured and Mailing Address
PALM BEACH GARDENS POLICE OFFICERS PENSION
FUND GERALD J. WILKOFF. INC.
P.O. BOX 839000 PO BOX 142
MIAMI FL 33283 MINEOLA NY 1 150 1-0 142
FIDELITY AND DEPOSIT COMPANY OF MARYLAND policy No.
Producer Name and Address:
CCP ZF5 102422 03
0937344
Policy Period From 06/01/2009 to 06/01/2012 at 120 1 AM at your mailing address shown above.
IN RETURN FOR THE PAYMENT OF THE PREMIUM, AND SUBJECT TO ALL THE TERMS AND CONDITIONS OF THIS POLICY. WE AGREE
WITH YOU TO PROVIDE ME INSURANCE AS STATED IN THIS POLICY.
INSURING AGREEMENTS, LIMITS OF INSURANCE AND DEDUCTIBLE
LlMK OF INSURANCE DEDUCTIBLE AMOUNT
Per Occurrence Per Occurrence INSURMG AGREEMENTS
1. bnployee Theft
2 Forgery Or Alteration $5500.000$SO
NOT COVERED
If Added Ey Endorsement lmuing Ageement(s)
See Supplemental Declratiom
If "Not Covered is inserted above opposite any specified Insuring Agreement, such Insuring Agreement and my other reference
thereto in this policy is deleted
Xpolicy Premium IS Payable $1.196 at inception: $ 1 st Anniversary: 2nd Anniversary
*Includes Taxes andlor Surcharges -
MDORSEMENTS FORMING PART OF MIS POLICY WHEN ISWED
See Forms Applicdle List
CANCELLATION OF PRIOR INSURANCE ISSUED BY US By acceptance of this Policy you give us notice canceling prior policy or bond
NOS. CCP 2F5102422 02
The cancellation to be effective at the time thls Pollcy becomes effective.
COUNTERSIGNED: By:
Date Authorized Represaative u
IN WITNESS WHEREOF the Company has caused this policy to be signed by its president and secretary but this policy shall
not be valid unless completed by the attachment hereto of a declarations page countersigned by a duly authorized repreren-
tative of the Company.
Attest BY
03/25/2009
Adminstrative office
1400 American Ln FIDELITY AND DEPOSIT COMPANY OF MARYLAND - COLONIAL AMERICAN CASUALTY AND SURETY COMPANY Schaumburg. IL 601%
Name of Sponsor
Premium payable: NThree years prepaid 0 Three years in equal annual installments u Annually
GENERAL INFORMATION
1. Date Established : ,I,P'q '3r- 4M
2. Amount of funds currently ha dled $
3. Has any insurer declined or canceled your fidelity coverage in the last six years? ...........................
(not applicable in the state of Missouri) (If "Yes", explain fully on a separate sheet.)
4. Have you sustained any dishonesty losses in the last six years? ..................................................... Yeso No$,
(If "Yes", briefly describe each loss, including date. amount and corrective actions taken on a separate sheet.)
5. Total number of fiduciaries (other than independent administrators, financial advisors and investment counselors)
Anticipated amount of funds handled in three (3) years $
to be bonded
than the fiduciaries? .................................................................. Yeso Nod
/\I (b) If 'Yes", complete the following:
Number of such other employees handling funds or property
Number of all other employees
(c) Is your Plan self administered?
6. Is coverage requested for any party with whom you have contracted or appointed to act in the capacity of
Independent Administrator, Financial Advisor or Investment Counselor? ..................... Yeso
(If "Yes", complete section 'Independent Administrator, Financial Advisor, Investment Counselor" below.) No$l
INTERNAL CONTROLS: NOTE: All "No" answers must be explained on a separate sheet.
1. Do you have a CPA Audit, at least annually, made in accordance with generally accepted auditing
standards and so ........................................................................................................... Yesm NO^
2. Are bank accounts recon monthly by someone not authorized to deposit or withdraw
therefrom? ........ ........................................................................................................... Yes[$. NOO
3.
4.
Is countersignature of checks required? ........................................................................................
Are incoming checks immediately stamped "For Deposit Only" to the credit of applicant? ..........
INDEPENDENT ADMINISTRATOR, FINANCIAL ADVISOR, INVESTMENT COUNSELOR:
If question 6 under "General Information" is answered "Yes", complete the following:
1. List names below:
Independent Administrator
Financial Advisor
Investment Counselor
Describe the extent of your investigation into the qualifications of these parties to act in the capacity represented
above
What specific duties will they perform?
5. Are securities subject to joint control? ....... .....
2.
3.
CCR129q (Ed. 02-06) Page 1 of 3
Gerald J. Wilkoff, Inc.
95 Main Street - PO Box 142
Mineola, New York 11501-0142
Phone: (516) 747-0200
Fax: (516) 747-2021
April 2, 2009
Margie Adcock
Pension Resource Center
4360 Northlake Blvd., Suite 206
Palm Beach Gardens FL 33410
Re: Palm Beach Gardens Police Officers Pension Fund, Pol# CCP ZF5102422 02
Dear Margie Adcock:
The above referenced policy will expire on June 1, 2009. The policy does not renew
automatically. Please provide us with current information to update our files (as indicated):
Commercial Crime Application - attached
After receipt and review of the above requested information, the Insurance Company may
find it necessary to increase the premium. Upon written request we will provide any
information regarding this policy and its premium and loss history, to the extent required by
applicable insurance laws and regulations. Also, if the policy is not renewed, the Insured
may be entitled to purchase an Extended Reporting Period under the policy. Please review
the policy carefully with respect to how and when to elect the Extended Reporting Period.
Thank you for your business. We look forward to working with you.
Sincerely,
"YOUR BOND SOURCE" SM
Professional Insurance Agents Association Independent Insurance Agents Association
Member:
National Association of Surety Bond Producers
00000 0 3 3 c 1'5 c
005Q37 . I 07 I o:t/o 9 1,185.31
005038 0 i I 0 1 / 0 9 1,219.16
005039 07 / O:t/O 9 59.75
005040 07/0:t/09 29.89
GO5041 07/01/09 G.00
07/09 000000000458
TWO THOUSNJD FIVE HUNDRED AND 14/100
CITY OF P.3.LiY BEACH GARDENS
10500 N Y ILITARY TRAIL
ATTN; LP.UliEPJ FERREIRA
PALM BEP.CIE GARDENS r:L 33410
1,185.31 .oo 1,185.31
1,219.16 .oo 1,219.16
59.78 .oo 59.78
29.89 .oo 29.89
6.00 .00 6.00
Check Total 2,500.14
I I COMPANYID:=1?4Llv LEACH GARDENS POLICE DENS I I ~CH~CI~T=OOOO~O~:~;!.L~OO. 11 I 1
0 0 0 0 I1 0 00 c 4 5 f
0'7 I 0:t / 0 9
0 '7 / 0:t / 0 9
1,185.31
1,219.16
59.78
29.89
6.00
O'i / 0:t / 09
0 5 / 0:t / 0 9
0 '7 / 0 :t / 0 9
2190 07/01/09 000000000458
$2,500.14
FORMID=APCFMT61 ICHECKNO=O00021901 1
07/09 000000000458
1,185.31 .oo 1,185.31
1,219.16 .oo 1,219.16
59.78 .oo 59.78
29.89 .oo 29.89
6.00 .oo 6.00
Check Total 2,500.14
,;:.,?aG>!c 52 00001
IdVOICE DATE INVOICE AMOUNT AMOUNT PA10 I DISC, TAKEN
7/01/09 1,185.31 1,185.31 .oo
7/01/09 1,219.16 1,219.16 .oo
7/01/09
7/01/09
7jo1 jog
59.78
29.89
6.00
59.18 .OO
29.89 .oo .oo
eck Total
000453
NET AMOUNT
1,185.31
1,219.161
59.76
29.89
6.00
21500.1.1.i
Palm Beach Gardens Police 00002191 4360 Norlhlake Blvd Ste 206
Palm Beach Gardens. FI 33410 63-83761~670
8ANK ATLANTIC CHECI\ NO CHECk DATE VENDOR NO
2191 07/01/09 000000000458
PAY AUOUNT ................ TIKO THOUSAND FIVE HUNDRED AND 14 / 10 0 :i:::::m::::j::::::::::j:::: ................ $2,500.14
TOTHE CITY OF PALM BEACH GARDENS
OF(DER 10500 N MILITARY TRAIL
OF ATTN: LAUREN FERREIRA
PALM BEACH GARDENS FL 33410
Fzlm Geach Gardens Policr
VENDOR: 000000 OOOLl 56
INIVOICE NUMCER INVOICE DATl
?> 0 5 2 3 7 E7E7-65
DfiT
07 I
L. I,
INVOICE AMOUNT AMOUNT PAID
1,185.31 ’ 1,185.31
1,219.16
59.78
29.89
6.00
1,219.16
59.76
29.89
6.00
00002191
YEN@On110 000000000458
.oo I 1,185.31
I
NET AMOUNT DISC TAKEN I
.oo
.OO .oo .oo
ieck Total
1,219.16
59.16
29.85
6.00
2,500.14
I I
!
I
"FNDDRNO
I
Palm Beach Gardens Police !
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND
!
TOTHE PENSION RESOURCE CENTER
ORDER
OF
4360 NORTHLAKE BLVD STE 206
PALM BEACH GARDENS FL 33410
.O..L.G VOID AFTER 180 DAYS
____(.I______I_~_____I---_c-----
11'00002 hq211' 1:2670837631:006336S60311'
00002192
Palm Beach Gardens Police
~ INVOICE NUMBER .oo 2,275.00 2,275.00 $090263 06/30/09
I !
i
~
"ENOOR NO 0 q6 9 000000000001
NET AMOUNT VENDOR: 00 0000 0 0 0001 DISC. TAKEN INVOICE DATE INVOICE AMOUNT AMOUNT PAID
2,275.00'
Check Total 2,275.00
i
!
i i
,
i
i
i
i
tlueO'll" l_l" ___ - I I"
VENDOR 0000000002 60 0 ;yo 9 000300000260
] NETAMOUNT ~ INVOICE NUMBER I INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC TAKEN I
6/2 9-'?/ 1/09TRVL )07/0 6 /09 110.17 I 110.17 I .oo I 110.171
heck Total I 110.171
Palm Beach Gardens Police 000021 93
63.837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
PAY
ONE HUNDRED TEN AND 17/100 @$$$$$$$B$
TOTHE JULES BARONE
ORDER
OF
VOID AFTER 180 DAYS - ~. ~ ..-. . - ~ ~ . . ... - . . BoqyacoN_rplHsulcnoPRm*
Il'~~0~ 2 L 9 311' I: 2 6 708 3 7 L 31:oo L 3 3 6 5 LO 311'
Palm Beach Gardens Police OAT!
50 07/1
JVOICE DATE I INVOICE AMOUNT I AMOUNT PAID 7/06/09 I 110.17 1 110.17
(
VENDOR NO ooooi
.oo DISC. TAKEN
?ck Total
000021 93
0260
NET AMOUNT
110.17;
110.17'
Palm Beach Gardenholice Ofticers Pension Plan
Travel and Expense Report -.
Meeting Location: 'A-tf37
A) Per Diem , if applicable (please use reverse side if additional s ace is needed)
FROM TO TIME AMOUNT
Dale Time Date Time Hours Minutes Rate Due
I I I I I I I I I I I
I I I I I
Total Expenses (A) + (B) + (C):
I hereby certify oraffirm that this travel expense report is true and correct in every material matter; that the expenses were actually
incurredby me Fsqecessary expenses; that no expenses shown were for personal use; and that I have not previously received
H (PEG ~~O~IPOLICVIEXPIEI~ Vourhsrwd
HPJ LAW . OSR0021Revlred Derembel 2.2005
.,
Phone (561) 447-3000 * Fax (561) 447-3181
Resermtionr
BOCA RATON RESORT&CLUB .* .I
Name & Address THE WALDORFASlORlACOLLECllON"
SPENCER, JAY
6310 LAUDERDALE STREEl
JUPITER, FL 33458 us
CONFIRMATION NUMBER : 3352932672
40415/RBB Room
Arrival Date 6/29/2009 2:OZ:OOPM
Departure Date 7/1/2009 7:49:0OAM
AdultlChild 2/0
Room Rate 175.00
RATE PLAN C-UEPMP
HH# 227382716BLUE
AL:
BONUS AL: CAR:
@ The Hillon Wily
6/17/2009 CHECK -ADVANCE DEPOSI
6/29/2009 BEACHES # 8244
6/30/2009 GUEST ROOM EXEMPT
6/30/2009 PARKING BBC # 1533
6/30/2009 GUEST ROOM EXEMPT
7/1/2009 AX '4007
(NUMBER 2187)
BALANCE
BH3
LINTR
TCS
LINTR
RR2
EJI
17850
22117,
22799
228721
22927
22992,
4CCOUNT KO
AX'4007 '4007
- - -Cr;Y&&GL
$43.11
$175.00
$19.17
$175.00
s of checkout. Tc
in 3,OCO Hilton Fi
CARD MEMBER NAME I r
.- CREDITS I BALANCE I
$350 00
.
' $62.28 I
$0.00
7/1/2009 47228 A
AUTHORlZATlON
F==== TIPS di MlSC.
TOTAL AMOUNT
PAYMENT DL'E UPON RECEIPT
Tliank you for clroosing the Boca Ra!on Resort & Club
We look forward to serving you again !
J
c m , --N
.. .
----- ."? r ", ., lil.Y", ,c , ",.;_- VEhOOR YO
VENDOR: 0 0000 00 002 2 9 000000000229
INVOICE NUMBER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT
6/28 17 / l'/ 69TRVL 107 / 0 6 / 0 9 I 37.65 I 37.65 .oo 37.61
Check Total 31.61
Palm Beach Gardens Police 00002194
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63 831612670
BANK ATLANTIC CHECK NO CHECK D*TE VENDOR NO I 2194 07/06/09 000000000229
AMOUNT PAY
THIRTY-SEVEN AND 65/100 pJm$# $37.65
TOTHE JAY SPENCER
ORDER 6310 LAUDERDALE ST.
OF
JUPITER FL 33458
11'0000 2 L 9 bll' 1: 2 6 708 3 7 L 31:oo L 3 3 L 5 LO 311'
Palm Beach Gardens Police
/ENDOR: 00000 ooo(
INVOICE NUMBER
12 8 - ?/I/ 0 9TRUL
79 I_
NVOICE DATE I INVOICE AMOUNT
7/06/09 37.65
000021 94 ~~~~ .
VENDOR NO
000000000229
NET AMOUNT , I DISC TAKEN 1 AMOUNT PAID
37.65 I .oo 37.65;
37.651
, ,/'
b , q , . ,n.~. ,
Palm Beach Gardens Pqli&'Officers Pension Plan
.' ., L TiavekdExpense Report
\&A I( I' ' ..\ irtl , *
Name: Date Begin:
Position:
Meeting Purpose: j I. j~ [I-\ ftl !r!t'l i 1 ,, .d I I , !Y
Meeting Location:
. ~,. . r\q$;: ... 7 fl c 1 Date Ended:
I,
Total Expenses (A) + (B) + (C):
I hereby certify or affirm that this travel expense report is true and correct in every material matter; that the expenses were actually
incurred by me as necessary expenses; that no expenses shown were for personal use: and that I have not previouslyreceiyed
1 !j
":NCC?I:I , "... IrYI,, YY1.,~...I. ~,.~~
VENDOR: 0 0 0 0 0 0 0000 12 0 9 000000000012 I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN I NET AMOUNT INVOICE NUMBER 000QOU0061~8409 107/06/09 I 4,068.00 I 4,068.00 I .oo I 4,068.0(
deck Total I 4,068.0(
~ ~
I
!
Palm Beach Gardens Police 00002195 i i
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63~837612670
I
BANK ATLANTIC
PAY
FOUR THOUSAND SIXTY-EIGHT AND OO/lOO mm
TOTHE GABRIEL ROEDER SMITH & COMP?ANY
ORDER P.O. BOX 78000
OF
DETROIT i MI 48278
VOID AFTER 180 DAYS ! 8owam ccNia,NswcaaPa~ - ~- .- ~- .. ..
11~~0~0 2 b9511' I: 2670837631:006336560311'
000021 95 Palm Beach Gardens Police
VENDOR: 0000000000~2
INVOICE NUMBER \ INVOICE DATE
30000000108409 107/06/09
VENDOR NO
0 9 000000000012
INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN 1 NET AMOUNT
4,068.00 I 4.068.00 I .oo 4,068.00,
eck Total I~~ 4,068. OOi i
!
i
Gabriel Roeder Smith SC Company
Consultants & Actuaries
One East Broward Blvd. .GRS Invoice
Suitc 505
Ft. Lauderdalc, Florida 33301.1 872
(954) 527-1616 513 1i2009 1 OS409
GARDENS POLICI: OFFICERS PENSION FUND Dept. # 78009
Mr. J. Scott Baur. Administrator
Resource Centers, LLC
4360 Northlakc Blvd., Suitc 206
Palm Beach Gardcns, FL 33410
,/
Gabriel Roedcr Smith & Company
PO Box 7,9000
Detroit, Michigan 4S27S-0009
or
ACFl Payrncnt to:
Gabriel Rocdcr Smith & Co:r,pally
JPMorgan Cliasc. A13A #: 072000326
Account #: 046723
-1 . ., \ ;:
I. Final charge for the IOiliOS Actuarial Valuation Report.
2. Retiremcnt Benefit Calculatlon for: Artola. Sidey.
3. DROP ACCoUnllng sincc 2/28/09.
Client No. 100360
PLEASE INDICATE 'IIIE INVOICE NUh1BI:R ON YOUR
100360- I OS
1003604OS
100360-30s
Invoice Total
Paid to Dak
Anlolint Dire
52,776
SO~O
$302
s4.06S
/'
Palm Beach Gardens Police 00002196 1
Palm Beach Gardens. FI 33410 63-8316:2670 ! !
4360 Northlake Elvd Ste 206
BANK ATLANTIC
PAY
TWO HUNDRED SEVENTY-FIVE AND OO/lOO =@=$
TOTHE PERRY & JENSEN, LLC
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF
WEST PALM BEACH FL 33401
THE LAW OFFICES OF
ANN H. PERRY
aperry@perryjensenIaw.com
BONN[ SPATAW JENSEN
bsjensen@perryjensenlaw.com
June 22,2009
" .-?',
Via Email
Palm Beach Gardens Police Pension Fund
The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
i \,
; \,
Attn: Scott Baur & Bonnie Lindberg &Audrey Ross '1
Re: Leqal Services Provided Invoice #63173
Dear Scott & Bonnie:
Enclosed please find the Firm's invoice for services rendered for the period that ended-.
6/15/2009. Thank you for your payment of $1,136.43. Your current balance due is $275.00.@>
If you have any questions, please do not hesitate to contact me.
, TL/Jk
Bonni S. Jensen
BSlladl
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
400 EXECUTIVE CENTER DRIVE, SUITE 207.:. WEST PALM BEACH, FLORIDA 33401-2922
PH: 561.686.6550 :. FX: 561.686.2802
.* .I
THE LAW OFFICES OF PERRY & JENSEN. LLC
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 The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman & Secretary
June 22,2009
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS.
Client / File No: 0003
Invoice ?E3173
Professional Services
HrslRate Amount
DROP
5/26/2009 BSJ Review Review email from Audrey Ross re: DROP members and 401(a)(9)
Research Pension Plan Document
E-mail to Audrey Ross
DROP
SUBTOTAL:
Trustee Form 1
6/15/2009 KA Research
Research Commission on Ethics website for Form 1 Filing
Trustee Form 1
SUBTOTAL:
,F 175/185 Compliance
6/2/2009 KA E-Mail E-Mail to Trustees link for HB538 (passed)
0.35 70.00 200.00/hr
I 0.35 70.001
0.10 7.50
75.001hr
[ 0.10 7.501
0.10 7.50
75.001hr
§ 175/185 Compliance
.I .<
Palm Beach Gardens Police Pension Fund
6/8/2009 BSJ
6/9/2009 KA
6/11/2009 AD1
Draft
Draft Memorandum re: 33538
Research 58538
Research Florida Statutes §518.11
Research Florida Statutes s215.473 5 1751185 Compliance
Page 2
HrslRate Amount
0.75 150.00 200.001hr
Review and Revise 0.25 18.75 Review and revise Memorandum re: State Legal Updates per attorney
markup and E-mail to Trustees 5 1751185 Compliance
Review 0.25 18.75 Review Pension Plan Document and pull Investment and Beneficiary
Provisions for discussion regarding SB538
§ 175/185 Compliance
75.00/hr
75.001hr
SUBTOTAL:
For professional services rendered
Additional Charges :
Bill File
6/15/2009 PJ Photocopies$
Copy Charges
Bill File
~~
[ 1.35 195.001
1.80 $272.50
Qtv1Price
10 2.50 0.25
SUBTOTAL:
Total additional charges
[ 2.501
$2.50
Total amount of this bill
Previous balance
$275.00
$1,136.43
Total payments ($1 ,I 36.43) -7%
Balance due $275.00 (4
VENDOR 000000 0 0 (
I
005043
005044
005045
,O 05 04 6
'VENZOR NO 58 000000000458
I NETAMOUNT ~
INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC.TAKEN I
18/01/09 I 1,185.31 I 1,185.31 1 .oo 1,185.311 .oo
59.78 .oo 18/01/09 I 1,219.16 I
18/01/09 59.78
18/01/09
18/01/09
29.89
6.00
29.89 .oo .oo
eck Total
I
21 500.141 I
1,219.16
59.78
29.89
6.001
I I
Palm Beach Gardens Police
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
I 00002197 I I i 63-831612670
BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO I 1
i
i I
2197 08/01/09 000000000458
AMOUNT PAY
$2,500.14~ i ............................ TWO THOUSAND FIVE HUNDRED AND 14/100 :s*:::%\:f<
I
TOTHE CITY OF PALM BEACH GARDENS
ORDER 10500 N MILITARY TRAIL
OF ATTN: LAUREN FERREIRA
PALM BEACH GARDENS FL 33410
21 97
10% 0 0 0 04 56 I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN I NETAMOUNT 1 1 INVOICE NUMBER 1,185.31 .~. .. 1005042 106/01/09 1.185.31 1,185.31 I .oo '
00002197 Palm Beach Gardens Pollce VENDOR NO 0 9 000000000456 VENDOR: 00 0 00 0 000458 I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN I NETAMOUNT 1 .oo ' 1,185.31
1,219.161
1 INVOICE NUMBER
005042 06/01/09 1.185.31 1,185.31 I
,0 05043 06/01/09
1005044 08/01/09
130 504 5 06/01/09
I ,3 0 504 6 08/01/03
1 1
j
I 1
~
! I
I, 219.16
59.78
29.89
6.00
1,219.16 .oo
59.78 .oo
29.89 .oo
.00
eck Total
59.781
29.89
6.00
2,500.14
Palm Beach Gardens Police 000021 98
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410 63.837612670
BANK ATLANTIC CHECK NO
AMOUNT PAY
TWO THOlJSPJID TWO HUNDRED EIGHTY-SEVEN AND 50/100 $2,207.50
TO THE PENSION RESOURCE CENTER
ORDER 4360 NORTHLAKE BLVD STE 206
OF
PALM BEACH GARDENS FL 33410
.I .I
JResource Centers, LLC
4360 Northlake Blvd Ste 206
Palm Beach Gardens. FL 33410
I i
Invoice
--_.___._I._.____. .... ..........
DescriDtion r !
~ Date j Invoice# 1
I 712YI2l)OY I3090319 ! t----t---j
Tax ID Numbers
I
87-0800468 j
! Pension Resource Center. LLC 364504183 ~
I---
i
/ Resource Centers. LLC
!
~
1 I Financial Resource Center, LLC 874800465
Qty ...
25
....
....
.... -. ........ i Rate !
2.275.00 ~
I
. .
0.50 j
I i i
~
!
!
1 Total Amount Due! I I
2.275.00
12.50
---1---
‘’ $2,287.50
Mail Payments to:
Resow- Centers, LLC at Palm Beach Gardens Address ORACH Payment to:
First Southern Bank First Southern Bank First Souther11 Bank
Financial Resource Center Pension Resource Center Resource Centers. LLC
ABA #:067012895 ABA #: 067012895 ABA # 067012895
Account #: 8W1096806 Accuunl #: 8061093306 Account # 8063659206
If you have any questions concerning this invoice. please contact Denise McNeill at Resource Centers. LLC
Phone 561-459-2966 or Email - ~nise(,~resourcecente~s.com
Palm Beach Gardens Police 00002199
63-837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
. . . . . , . .,.,.,. > .,.,., PAY
SEVENTY -TWO AND 0 0 / 10 0 :::$$i$::c$z
TOTHE PERRY & JENSEN, LLC
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF
WEST PALM BEACH FL 33401
BCuDErn COWT(LIYS wnCmmPE3 VOID AFTER 180 DAYS .
11~0000 2L9911' I: 2670637631:006336560~11'
-,IY05FNC , ,.,,, IU."".,-. , ",."I
VENDOR: OOOOOOOOGO 12 GOGOGOGG@@12
NET AMOUNT I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC.TAKEN 1 I INVOICE NUMBER oooo~ooooio8929 108/04/09 I 2.386.00 I 2,386.00 I .oo I 2,386.0
INVOICE AMOUNT
dheck Total I 2,386.001
AMOUNT PAID
I
Palm Beach Gardens Police 00002200 I i
I 63 837612670 4360 Northlake 81vd Ste 206
Palm Beach Gardens. FI 33410
BANK ATLANTIC
PAY
TWO THOUSAND THREE HUNDRED EIGHTY-SIX AND 0
TOTHE GABRIEL ROEDER SMITH & COMPANY
ORDER P.O. BOX 78000
OF
DETROIT MI 48278
2,386.00
00002200
.oo ' 2,386.001 2,386.00
Palm Beach Gardens Police
12
UVOICE DATE m 2,386.001
Gabriel Roeder Smith & Company Invoice
Consultants & Actuaries
One East Broward Blvd.
Suite 505
Ft. Lauderdale, Florida 33301-1872
(954) 527- I61 6 7/10/2009 108929
.*GRS
BOARD 01; TRUSTEES. CITY OF PALM HEACII
GARDENS POLICE OFFICERS PENSION FUND
Mr. J. Scott Baur. Administrator
Resource Centers, LLC
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
. Completion of lOili08 Employee Benefit Statements
. Buy Back Calculations for Lawrence. Stiggle
. Retirement Benefit Calculation for: Brown
. DROP Accounting since 513 1/08
'lient No. 100360
PLEASE 1NI)IChTE THE INVOICE NUMBER ON YOU6
JPMorgan Chase, ABA #: 0720003-_
Account #: 0486723
100360-108
100360-608
100360-408
100360-308
Invoice Total
Paid to Date
Amount Due
:EMITTANCE. T€
$982
$800
$300
$304
$2,386
-?TE+*
NK YOU.
VFhOR N3 ro,,,, YTOL,, ua#"c,a, ",lis 000003000215 VENDOR: 0000000002 16
INVOICE PUMEER I INVOICE DATE I INVOICE AMOUNT AMOUNT PAID I DISC. TAKEN 1 NET AMOUNT
520575 )08/04/09 I 2,369.56 1 2,369.56 .oo 2,369.51
eck Total 2,369 .S(
63-837612670 4360 Nonhlake Blvd Ste 206 Palm Beach Gardens, FI 33410
~
TO THE RHUMLINE ADVISERS
ORDER 30 ROWES WHARF
OF
BOSTON
I i i
I MA 02110
00002201
Palm Beach Gardens Police
VENDOR: 0000000002 16
INVOICE NUMBER INVOICE DATE
DI
081
2.369.56
AMOUNT PAID
VENDORNO 000000000216
.oo 2,369.5 61
2,369.561
DISC. TAKEN 1 NET AMOUNT I
eck Total
Investment Advisoty Fees
2nd Qtr 2009
July 13,2009
Invoice # 52DS75
Account: Palm Beach Gardens Police Fund
SBP 500 Pooled Index Fund
SBP 400 Pooled Index Fund
SBP 600 Pooled Index Fund
Period ending
4/30/2009
5/31/2009
6/30/2009
Total
Average Market Value
Basis Points
0.0010 x 9,478,249.08
Annual Fee:
Quarterly Fee:
WE transfer information:
for RhumbLine Advisers
Rockland TNSt
288 Union St.
Rockland, Ma 02370
ABA# 011304478
ecct beneficiary:2970003824
Pooled
Combined
Market Values
L811 ,L820,L830
$8,896,809
$9,582,078
$9.955.861
$28,434,747.24
$9,478,249.08
$9,478.25 I $2,369.561 fi
Or by check, Please make payment to:
Rhumbfine Advisers
30 Rows Warf, Suite 351
Boston, MA 02110-3326
RhumbLine Adviisera 30 Row~s Wharf. norton. MA 02110-3326 Td: (hl7) 345-0434. Fax: (61i) 345-0675
,LId.yI I*_ VENDOR 000000000 03 7 00000000C037 1 INVOICE DATE 1 INVOICE AMOUNT AMOUNT PAID DISC TAKEN NET AMOUNT j INVOICE NUMBER 100 009 0 05752 9 8 6 3 IO 8 / 04 /O 9 I 19,571.32 19,571.32 .oo 19,571.3:
Check Total 19,571.3:
Palm Beach Gardens Police 00002202 2
I 63-831612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
DAY
NINETEEN THOUSAND FIVE HUNDRED SEVENTY-ONE .:.:.:.:.:..,;:.:,:.:c.:.:.:.:.: ................ ............... ................
TOTHE ICC CAPITAL MANAGEMENT
ORDER 390 ORANGE AVENUE 27TH FLOOR
OF
ORLANDO FL 32801
CHECK NO
AND 32/100 $19,571.32
Palm Beach Gardens Police
VENDOR: 00 0 0000 0 c
INVOICE NUMBER
b00000057529863
nn7
37 0 ;7
UVOICE DATE 1 INVOICE AMOUNT AMOUNT PAID
8/04/09 I 19.571.32 I 19,571.32
00002202
VENDOR NO. 000000000037
.oo 19. 571.32
DISC. TAKEN I NET AMOUNT
eck Total
~~
19,571.32
.. ..
PALM BEACH GARDENS POLICE PENSION FUND
Invoice Date: Jun 30,2009
Board of Trustees
10500 North Military Trail
Palm Beach Gardens, FL 334104697
Invoice Number: 57529963
ICC Capital Management Inc.
STATEMENT OF MANAGEMENT FEES
For the Period April I, 2009 to June 30. 2009
Portfolio Valuation with Accrued Interest as of 613012009
,. ~ . ~~~~ ~~ ~ ~~~~~~~ ~~. . . ~~~ ~~~~~~~ ~ ~ ~~ .
15.657.059 @ 0.50% per annum
Quarterly Management Fee
PastDueKredit:
TOTAL DUE AND PAYABLE
Report Date: Jul 7, 2009
$ I 5.657.05a.61
19.57 I .32
$ 19.57 I .32
0.00
$ 19.571.32
~~~~ ~ ~
Please make checks payable to:
ICC Capital Management, Inc.
Please remit payment to:
ICC Capital Management, Inc.
clo Lini Mohabir
390 N. Orange Ave.
Suite 2700
Orlando, FL 3280 I
390 North Orange Avenue 27th Flwr Orlando, Florida 32801 PH 800-480-6445 PH 407-839-8440 FX 407-841-2814
WEB
VENDOR. 00000 0001
i INVOICE NUMBER
/005047
BANK ATLANTIC
/3 0 5 04 8
005049
005050
305051
i
I
VENDORNO I CHECK NO CHECK DATE
I_. - L 1.0- YI 56 00001 COO456
9/01/09 1,185.31 1,185.31 .oo 1,185.3 11
NVOICE DATE INVOICE AMOUNT 1 AMOUNT PAID 1 DISC TAKEN NETAMOUNT !
9/01/09 1,219.16 1,219.16 .oo
2203 09/01/09 000000000458
AMOUNT PAY
$2,500.14 y...))~ .yyAv>>. TWO THOUSAND FIVE HUNDRED AND 14/100 ?<>,:<.:<\r.x:M
9/01/09
9/01/09
9/01/09
i j I I
59.78
29.89
6.00
59.78 .oo
29.89 .oo .oo
eck Tota
1,219.161
59.781
6.001
2,500.14'
29.84
1 I
Palm Beach Gardens Po.ice
4360 North are Rlvo Sle 206
Pam Beach Gardens. FI 33410
! 00002203
63-837612670 i
?ah Geacl, Gardens Police
VENDOR 0 00000 oo(
INVOICE NUMBER
005047
100504 9
,305050
,rJ 05051
58
NVOICE DATE 9/01/09
9/01/09
9/01/09
9/01/09
9/01/09
INVOICE AMOUNT
I, 185.31
1,219.16
59.78
29.89
6.00
AMOUNT PAID
1,185.31
1,219.16
59.78
29.89
6.00
[
.00 .oo .oo .oo
eck Total
1,2 19.16i
59.781
29.89
2,500.14.
6.00)
Palm Beach Gardens Police 00002204 1
I i 63-837612670 4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
BANK ATLANTIC
.p..,.....v.. ......-. TWO HUNDRED THIRTY-FIVE AND 50/100 .sws$>fi{A PAY
TOTHE PERRY & JENSEN, LLC
ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207
OF
j WEST PALM BEACH FL 33401
30"OER CONTU*IS_ls~r2y.wJ
VOID AFTER 180 DAYS
~ ,.____l__
INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN
~ INVOICE NUMBER
~:3OOGOCOOO063267 08/31/09
I
235.50 235.50 .oo
Check Total
ll'oooo 2 20411' 1: 26 708 3 76 31:006 3 36 560 311'
NETAMOUNT '
235.50!
235.50' I
INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN
~ INVOICE NUMBER
~:3OOGOCOOO063267 08/31/09
I
235.50 235.50 .oo
Check Total
NETAMOUNT '
235.50!
235.50' I
VENDOR: 0000~~0000 10
~ I
I i
I
j
i I ,
i
I 1
i
~
I
I
I
1
~ !
THE LAW OFFICES OF
PERRY & JENSEN, LLC'
ANN H. PERRY
aperry@penyjensenlaw.com
August 25,2009
J Via Ernail
Palm Beach Gardens Police Pension Fund
Resource Centers, LLC
Attn: Scott Baur & Bonnie Lindberg &Audrey Ross
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
BONN1 SPATARA JENSEN
bsjensen@penyjensenlaw.com
Re: Leqal Services Provided Invoice #63267'
Dear Scott & Bonnie:
Enclosed please find the Firm's invoice for services rendered for the period that en ed 8/15/2009. Thank you for your payment of $72.00. Your current balance due is $235.50. 4
If you have any questions, please do not hesitate to contact me.
11 Bonni S. Jensen
BSJladf
Enclosure
Copy to: Jay Spencer, Chairman
David Pierson, Secretary
Via Email Only
400 EXECUTIVE CENTER DRIVE, SUITE 2075. WEST PALM BEACH, FLORIOA 33401-2922
PH: 561 586.6550 .:e Fx: 561.686.2802
I-"*._ 4s'.
THE LAW OFFICES OF PERRY 8 JENSEN, LLC
400 Executive Center Drie
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 The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Copy to: Chairman 8 Secretary
August 24,2009
In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS:
Client / File No.: 0003
Invoice #63267
Professional Services
HrslRate Amount
Administrator - PRC
7/21/2009 ADT Research Research current Agreement for name
Draft Addendum to Agreement
Administrator - PRC
Review Addendum to Agreement
Administrator - PRC
BSJ Review
7/22/2009 ADT E-Mail E-Mail to Audrey Ross for execution - 1st Addendum to Administrator
Agreement
Administrator - PRC
SUBTOTAL
7/20/2009 BSJ Review Review email from Melissa Algayer re: Buyback
1.00 75.00
75.001hr
0.25 50.00
200.001hr
0.10 7.50
75.00/hr
[ 1.35 132.50]
0.25 50.00
200.001hr
E-mail to Melissa Algayer
Buyback
Palm Beach Gardens Police Pension Fund Page 2
HrslRate Amount
SUBTOTAL: [ 0.25 50.001
IRS Matters - General
7/24/2009 BSJ Correspondence with 0.25 50.00 Correspondence Memorandum to Administrator re: Notice 1036-P - new
withholding tables
IRS Matters - General
200.001hr
SUBTOTAL:
For professional services rendered
[ 0.25 50.001
1.85 $232.50
Additional Charges :
QhdPrice
Bill File
8/15/2009 PJ Photocopies$
Copy Charges
Bill File
12 3.00
0.25
SUBTOTAL: [ 3.001
Total additional charges $3.00
Total amount of this bill
Previous balance
Total payments
$235.50
$72.00
($72.00)
Balance due
lli ." VENDOR 0 00000000322 os'ii9 030000000322
~ INVOICE NUMBER j INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC TAKEN NET AMOUNT
i) Oh33 0 0 020 0 9 063 0 8 / 3 1 / 0 9 I 3,478.00 I 3,478.00 .oo 3,478.0(
eck Total 3,478.0(
,,I( .,:. .)I(. .,.. :, (, ,.. I , . ,. I,, , , ,I ,I
!
Palm Beach Gardens Police 00002205 i
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FI 33410
I : 63-837612670 I
BANK ATLANTIC
PAY
THREE THOUSAND FOUR HUNDRED SEVENTY-EIGHT
TO THE THISTLE ASSET CONSULTING, INC.
ORDER 1321 PIA22 DELLE PALLOTTOLE
OF
i BOYNTON BEACH FL 33426
VOID AFTER 180 DAYS i l___l.___ ~ ~ ~ ~. ... !O~?%RLO.VXW.E%.E!!!~ ____-I.
11~~000 2 20511' I: 2670E37631:006336560311'
palm Beach Gardens Police
VENDOR 00 0 0 0 0 0 0 (
' INVOICE NUMBER
LI 0 0 0 0 0 002 0 0 90 63
i
i' -' ' thistle Asset Consulting, Inc.
1321 Piazz Delle Pallottole Invoice
Renaissance Commons
Boynton Beach
FL 33426
(561) 737-3996
\ Pa T Beacr Gardens Pc ce Pens on F JPA . n SI c Asse! Con% I no Mr. Scott Baur
The Pension Resource Center, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
.
1321 Piazz Delle Pallottole
Boynton Beach, Florida 33426
USA
3 313 on Cost of Living Increase = MAXICOL. 5%) =$3,313'0 05 =$I65 65 ~..
01 1 I 165.00
Total I-- Balance Due
$3,478.00,
$3,478.00
PALM BEACH GARDENS POLICE
PENSION FUND
Benefit Approvals
Meeting of September 3, 2009
APPLICATION TO ENTER THE DROP
DAVID O'NEILL
DIEGO ARTOLA
GLENN BROWN
ROBERT WUMMER
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
DATE OF BIRTH
DATE OF HIRE
DATE OF TERMINATION
AGE AT RETIREMENT
YEARS AT SERVICE
FORM OF BENEFIT
MONTHLY BENEFIT AMOUNT
SUPPLEMENTAL BENEFIT
11/19/1954
051 13/1989
05/31/2009
54 YEARS
20 YEARS
50% J&S
$7,441.96
$ 250.00
01/13/1962
10/12/1983
10/12/2008
46 YEARS
25 YEARS
50% j&s
$10,337.06
$ 312.50
11/21/1950
05/12/1992
06/30/2009
58 YEARS
17 YEARS
66 2/3% J&S
$5,134.45
$ 212.50
11/14/1963
04/02/2009
45 YEARS
25 YEARS
MODIFIED CASH
$6,409.02
$ 312.50
04/02/iga4
ANNUITY
APPROVED: , CHAIRMAN
, SECRETARY
, DATE
Division of Rctircincnr
Burcau of Local Rcrircmcnr Sysrcms
PO Box 9000
Tallahasscc. Florida 323 IS-9000
Toll Free: 877.738.5622
DEPARTMENT OF MANAGEMENT ervice s www.dms.MyFIorida.com
T~I: 8~0.488.2784
~a~: 850.92 I .2 I 6 I
Governor Charlic Crisr Secrcwi-y Linda H. South
August 26,2009
Mr. Jay Spencer, Chairman
Palm Beach Gardens Police Officers’ Pension Fund
10500 N. Military Trail
Palm Beach Gardens, FL 33410-4628
RE: City of Palm Beach Gardens Police Officers’ Pension Fund
Actuarial Valuations: September 30,2007 and September 30,2008
Actuarial Impact Statement: August 16,2006 (Ord. 8,2006)
Dear Mr. Spencer:
The above-referenced reports and impact statement have been determined to be state-accepted pursuant
to Part VI1 of Chapter 112, F.S. By this determination, all prior actuarial reports and impact
statements may be considered to be state-accepted.
As noted on page 1 of the September 30,2008 actuarial valuation, contributions are shown as a dollar
amount and as a percent of covered payroll. City contributions are required to be at least the required
percent of payroll (38.28%) to avoid actuarial losses due to actual payroll increases exceeding assumed
payroll increases. In general, annual payroll increases have varied substantially over recent years. Our
experience is that contributions determined as a fixed-dollar amount for the plan year generally result in
actuarial losses since such contributions fail to take into account the payroll increase during the
applicable year. You are requested to consider the use of either of the following methods for
determining such prospective contributions:
a. Using the city valuation percentage-contribution rate applied to the emerging payroll.
Example: The October 1,2008 report recommends a total contribution of $3,985,968 for the plan
year beginning October 1,2009. This is based on, among other things, the $10,335,018 projected
covered payroll as of October 1,2009. This produces a 38.28% contribution rate
($3,955,968/$10,335,018). Apply this percentage to the emerging payroll for the year beginning
October 1, 2009.
b. Using the ratio that the city contribution rate bears to the members’ contribution rate.
Example: The ratio that the 38.28% rate bears to the members’ 8.6% rate is 4.45, thus, for each
dollar of member contribution, the city would contribute $4.45 for the year beginning 2009.
The above results would, of course, be adjusted to reflect allowable state contribution dollars
received.
Mr. Jay Spencer
August 26,2009
Page 2 of 2
You may continue with your current projection procedure for determining the required contributions,
however, for this purpose, commencing with the pladfiscal year beginning October 1,2009, please be
advised that this agency will not accept results that are less than the amount that would have been
contributed using either of the alternatives a. or b. This removes the chance of an actuarial loss
attributable to this source, i.e., the use of no or an inadequate payroll-growth assumption during the
pladfiscal year, or other determination procedure resulting in an understatement of required
contributions.
This review relied upon the actuarial costs and asset amounts as determined by the Plan actuary in the
referenced actuarial reports. Although I reviewed the results of the reports for compliance, consistency
and reasonableness, I did not audit the asset information or employee data information for accuracy.
Accordingly, I express no opinion on the reasonableness of the estimates of the financial status of the
plan. An audit may or may not uncover additional material issues in the actuarial work performed.
Please send a copy of the Summary Plan Description (SPD) per ss. 112.66(1) and (2), F.S.
Should you have any questions, please do not hesitate to call us.
Sincerely,
c__ yfi E.Z+
Doug s E. Beckendorf
Actuaky,) II
DEBllcs v
cc: J. Stephen Palmquist, Consulting Actuary
Audrey Ross, Plan Administrator
Allan Owens, Finance Administrator
Bonni S. Jensen, Plan Attorney
Patricia Shoemaker, Division of Retirement
We serve those who serve Florida.
A
A
PALM BEACH GARDENS POLICE PENSION FUND
Investment Review
Quarter Ending
June 30,2009
PALM BEACH GARDENS POLICE PENSION FUND
Table of Contents
Quarter Ending
June 30,2009
Palm Beach Gardens Police Pension Fund Growth
1CC Caaital Manapement. Inc.
0 e a e
0 e e e
0 e e
0 e
0 e e e e e e e e a
0
0 e e a e
0
0
0
0 e
e
0 a
0
0
a
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Investment Review
Quarter Ending
June 30,2009
ICC Capital Management, Inc. a
0
0
0 Investment Performance Report
0 Quarter Ending
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
June 30,2009 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0 e
0
0
0
0
0
0
0
0
0
0 a
0
0
0
0
0
0
0
0
e
ICC Capital Management, Inc.
Total Return Summary Page ...... 1
Portfolio Allocation Page ...... 2
Investment Performance by Asset Category Page ...... 3
Fixed-Income Analysis Page ...... 4
Purchases & Sales Page ...... 7
Realized Gains/ Losses Page ...... 11
Portfolio Summary Page ...... 14
Portfolio Appraisal Page ...... 15
PALM BEACH GARDENS POLICE PENSION FUND FIXED
Total Return Summa y
Quarter Ending
June 30,2009
NCOME
Starting Value bll,mYY/ Sb,l4U,ZY6
$11,785,265
$5,644,967
$3,602,198
$2,042,769
Ending Value $11,785,265
($402,467)
($1,129,291)
$726,824
Difference $130,268
Net Contributions/ (Withdrawals) ($64,329)
GaitJ(Loss) from Investments I $194,597
TOTAL RETURN I 1.aQ% 6.18% 2.58%
AMVWLLIZED TOTAL RETURN 4.16O/o
0
0
0
0
0
0
0
0 1
ICC Capital Management, Inc.
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Portfolio Allocation at Market
Quarter Ending
June 30,2009
Asset Allocation:
WOO (Mkt)
Market Value CASH/EQUIVS
as of 03/32/09 9.1 %
Market Value CASH/EQUIVS
15 0% as of 06/30/09
A
FIXED INCOME
85.0%
d
Mkt Value Mkt Value % Mkt Value Mkt Value YO
as of 03/3l/O9 as of 03/3lJl9 as of 06/30/09 as of o6/30/09
ksmquivs $1,060,642 9.1% $1,763,806 15.0%
'M $10,594,355 90.9% $10,021,459 85.0%
btal $11,654,997 100.0% $11,785,265 100.0%
ICC Capital Mnnngement, Inc.
0 2
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 FIXED INCOME
Investment Performance by Asset Category
Quarter Ending
June 30,2009
Quarter
10.00
8.00
6.00
4.00
~ WACCOUNT W BCAG
1.91 1.78 1.64 1.78
7
BONDS TOTAL
~ ~. ~~~~
Fiscal Year to Date ACCOL\T W BCAC
~
10.00 7.95
I
8 00
6 00
4 00
2 00
n nn--
BONDS TOTAL
Five Years Annualized
io.on~
~~~
ACCOUhT W BCAG
8.00 5.02 4.50 6.00
2.00
0.00 - ~
I - 5.02
I I
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 1 of31
Quarter Ending
June 30,2009
Average Quality - AA - Average Duration - 3.94 Current Yield - 5.05
rcc Core Fixed Income Portfolio Sponsored
17.6% Mortgage Backed
71 4%
US Treasuries
Municipal Bonds
1.1%
Corporate Bonds
52.1%
Average Quality - AA Average Duration - 5.21 Current Yield - 4.46
Barclays Capital GovernmenVCredit Index
Corporate Bonds
32.2%
Government Soonsored --
23.7%
I
US Treasuries
44.1%
Averaae Qualiw - AA Averaae Duration - 4.30 Current Yield - 4.83
Barclaus Capital Amexate Index
US MBS
38.1%
US Treasuries
25.6%
I Government Sponsored
13.8%
ABS CMBS Corporate Bonds
0.5% 3,3% 18.7%
ICC Capital Management, Inc.
0 4
0
0
0
0 Quarter Ending
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 2 of 3)
June 30,2009 0
0
0
0
0 Sectors and Market Indices Performance VS. Core Fixed Income Portfolio 2009
1246 15 w-
1.78 1.85 1.64
OW-
PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME
Fixed Income Analysis (Page 3 of 3)
Quarter Ending
June 30,2009
1.0% I.,,,
6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009
ICC Capital Management, Inc.
6
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 a a a a a
ICC Capital Management
PURCHASE AND SALE
PALMBEACH GARDENS POLICE PENSION FUND FlXED INCOME
From 03-31-09 To 06-30-09
Trade Settle
Date Date Quantity Security
PURCHASES
05-19-09 05-22-09
04-24-09 05-1 1-09
06-08-09 06-25-09
06-24-09 06-29-09
06-25-09 07-09-09
06-15-09 06-18-09
05-08-09 05-13-09
04-24-09 04-28-09
05-21-09 05-26-09
SALES
06-24-09 06-24-09
04-24-09 04-29-09
04-30-09 04-30-09
06-24-09 06-29-09
04-17-09 04-22-09
04-07-09 04-13-09
05-20-09 05-26-09
05-29-09 06-02-09
05-29-09 06-02-09
120,000.000 CONOCOPHILLIPS
6.000% Due 01-15-20
270,000.000 FANNIE MAE
1.650% Due 05- 1 1- 1 1
120,000.000 FHLMC
3.000% Due 06-25-13
130,000.000 GOLDMAN SACHS GROUP INC
6.000% Due 05-01-14
110,000 KENTUCKY ST PPTY & BLDGS
COMMN REVS
6.164% Due 08-01-23
115,000.000 MICROSOFT COW
4.200% Due 06-01-19
120,000.000 MORGAN STANLEY
6.O0O0/Due 05-13-14
125,000.000 US TREASURY NB
2.750%Due 02-15-19
120,000.000 US TREASURY NIB
4.250% Due 05-15-39
350,000.000 FANNIE MAE
4.250% Due 06-24-1 1
235,000.000 FLEETBOSTON FWL COW
7.375% he 12-01-09
300,000.000 FREDDIE MAC
5.000%Due 04-30-18
200,000.000 GOLDMAN SACHS 6.875% 1-15-1 1
6.875%Due 01-15-11
100,000.000 JP MORGAN CHASE
4.875% Due 03-15-14
170,000.000 MERRILL LYNCH & CO
6.050% Due 05-16-16
120,000.000 NEW YORK LIFE 4.65
4.650% Due 05-09-13
125,000.000 US TREASURY NIB
2.750% Due 02-15-19
115,000.000 US TREASURY NIB
2.750%Due 02-15-19
Unit
Price Amount -
101.29 121,544.40
100.00 270,000.00
100.00 120,000.00
103.81 134,958.20
100.00 110,000.00
97.27 111,863.95
99.65 119,581.20
98.12 122,656.25
99.06 118,875.00
1,229,479.00
100.00 350,000.00
100.00 235,000.00
100.00 300,000.00
211,608.00 105.80
95.68 95,685.00
62.00 105,400.00
99.92 119,89920
93.91 117,382.81
93.91 107,992.19
1,642,967.20
ICC Capital Mana, oement
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSIONFZD FIXED INCOME
From 03-31-09 To 06-30-09
Trade Settle
Date Date Quantity Security
PRINCIPAL PAYWWNS
2,678.610 FGCI #GI2205
4.500% Due 06-01-21
04-01-09 04-15-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-15-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-15-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-15-09
04-01-09 04-15-09
05-01-09 05-15-09
05-01-09 05-15-09
06-01-09 06-15-09
06-01-09 06-15-09
04-01-09 04-15-09
05-01-09 05-15-09
06-01-09 06-1 5-09
04-0 1-09 04-15-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-15-09
2,697.900 FGCI #GI2205
2,743.680 FGCI #G12205
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% Due 08-01-21
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
5.50O%DueO7-01-17
5.500% Due 07-01-17
5.500% Due 07-01-17
4.000% Due 08-01-20
4.000% Due 08-01-20
4.000% Due 08-01-20
4.500%Due 05-01-19
89.490 FGCI N #B 13455
137.370 FGCIN #B13455
78.910 FGCIN#B13455
132.790 FGCI N #G12323
150.250 FGCI N #G12323
167.680 FGCI N #GI2323
4,747.390 FGLMC #GO2268
16,199.640 FGLMC #GO2268
4,416.150 FGLMC #GO2268
15,069.320 FGLMC #GO2268
3,734.350 FGLMC #GO2268
12,742.820 FGLMC #GO2268
2,730.320 FNCI M #254371
1,671.910 FNCIM #254371
1,804.320 FNCI M #254371
787.960 FNCI N #255888
997.500 FNCI N #255888
314.050 FNCIN #255888
53.821 FNCI N #725445
8
Unit
Price Amount -
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
100.00
100.00
100.00
100.00
2,678.61
2,697.90
2,743.68
89.49
137.37
78.91
132.79
150.25
167.68
4,747.39
16,199.64
4,4 16.15
15,069.32
3,734.35
12,742.82
2,730.32
1,671.91
1,804.32
787.96
997.50
314.05
53.82
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUm FEED INCOME
From 03-31-09 To 06-30-09
Trade Settle
Date Date Quantity Security
04-01-09 04-15-09
05-01-09 05-15-09
05-01-09 05-15-09
06-01-09 06-15-09
06-01-09 06-15-09
04-0 1-09 04-15-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-1 5-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-1 5-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-01-09
05-01-09 05-01-09
06-0 1-09 06-0 1-09
04-01-09 04-15-09
05-01-09 05-15-09
06-01-09 06-15-09
04-01-09 04-15-09
05-01-09 05-15-09
1,733.849 FNCI N #725445
54.600 FNCI N #725445
1,758.950 FNCI N #725445
58.213 FNCI N #725445
1,875.327 FNCI N #725445
343.830 FNCIN #825335
351.610 FNCIN#825335
354.540 FNCI N #825335
724.140 FNCI N #829053
1,516.080 FNCIN M7.9053
741.250 FNCIN #829053
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% Due 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
6.000% Due 07-15-16
6.000% Due 07-15-16
6.000% he 04-15-32
6.000% Due 04-15-32
18,355.730 FNCL # 256394
13,998.900 FNCL # 256394
17,000.210 FNCL # 256394
8,106.660 G2 POOL# 4 195
8,706.270 GZ POOL# 4195
9,542.230 G2 POOL#4195
630.610 GNJO M #781313
535.960 GNJOM#781313
673.980 GNJO M #781313
5,335.080 GNSF M #552509
329.540 GNSF M #552509
Unit
Price Amount -
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
100.00
100.00
100.00
100.00
1,733.85
54.60
1,758.95
58.21
1,875.33
343.83
351.61
354.54
724.14
1,5 16.08
741.25
18,355.73
13,998.90
17,000.2 1
8,106.66
8,706.27
9,542.23
630.61
535.96
673.98
5,335.08
329.54
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ICC Capital Management
PURCHASE AND SALE
PALMBEACH GARDENS POLICE PENSIONFUW FLYED INCOME
From 03-31-09 To 06-30-09
Trade Settle Unit
Date Date Quantity Security Price Amount
06-0 1-09 06- 15-09
04-01-09 04-15-09
05-01-09 05-15-09
06-01-09 06-15-09
7,090.400 GNSF M #I552509
616.270 GNSF M #582153
66.110 GNSFM#582153
1,122.960 GNSF M #582153
6.000% Due 04-15-32
6.000% Due 06-15-32
6.000% Due 06-15-32
6.000% Due 06-15-32
100.00 7,090.40
100.00 616.27
100.00 66.11
100.00 1,122.96
175,769.53
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open
Date
12- 15-06
01-08-07
02-21-07
08-24-06
09.0844
05-23-02
09-08-05
01-08-07
09-15-04
01-29-07
09-08-05
08-23-05
0613-02
07-22-08
04-1542
07-02-02
01-17-07
09-07-05
08-2566
04-25-08
12-15-06
01-08-07
02-21-07
08-24-06
09-08-04
05-23-02
09-08-05
-
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH WENS POLICE PENSION FUND FIXED INCOME
From 03-31-09 Through 06-30-09
Gdn Or Loss
ClWt Cost
Date Quantity Security Basis Proceeds Short Tcrm Long Term
04-0169 4,747.390 FGLMC #Go2268
04-01-09 16,199.640 FGLMC #Go2268
6.500% Due 08-01-36
6.500% Due 08-01-36
04-01-09 2,678.610 FGCI #GI2205
04-01-09 132.790 FGClN#G12323
4.50PhDue 06-01-21
4.500% Due 08-01-21
4.500%Due0461-19
5.5OIYhDue 07-01-17
4.000% Due 08-01-20
6.500% Due 09-01-36
4.504%Duc 05-01-19
04-01-09 89.490 FGCIN#B13455
04-0169 2,730.320 FNCIM #254371
04-01-09 787.960 FNCIN #255888
0461-09 18,355.730 FNCL # 256394
04-01-09 53.821 FNClN #725445
04-01-09 1,733.849 FNCIN#725445
4.500%Due05-01-19
04-01-09 343.830 FNCIN #825335
04-01-09 724,.140 FNCIN#829053
04-01-09 616.270 GNSF M#582153
4.040% Due 05-01-20
4.000% Due 08-01-20
6.000% Due 06-15-32
04-01-09 8,106.660 G2 poOL#4195
6.0W% Due 07-20-38
04-01-09 s33s.080 GNSF M #s52sw ~. . ~. ~~
6.000% Due 04-15-32
6.0W%Duc07-15-16
6.050%Due 05-16-16
04-01-09 630.610 GNJOM#781313
04-07-09
04-17-09 IM),WO.WO JP MORGANCHASE
4.875% Duc 03-15-14
w-24-09 235,000.000 FLEETBOSTON FWL COW
7.375%DuC 12-01-09
04-30-09 300,000.000 FREDDIE MAC
5.0M)%Due04-30-18
05-01-09 4.416.150 FGLMC #GO2268
6.500% Due 08-01-36
05-0169 15,069.320 FGLMC#GO2268
6.504% Due 08-01-36
05-01-09 2.697.900 FGCI#G12205
4.50Ph Due 06-01-21
05-0169 150.250 FGCIN #GI2323
4.500%Due 08-01-21
05-01-09 137.370 FGCIN UBI3455
4.500%Due 04-01-19
170,000.000 MERRaL LYNCH & CO
4,846.05
16,536.30
2,58444
127.31
89.23
2,718.31
766.78
18,722.85
53.86
1,663.95
334.59
702.42
615.21
8,097.78
5269.23
650.32
175,989.10
99,682.00
249,762.70
4,747.39
16,199.64
2,678.61
132.79
89.49
2.730.32
787.96
18,355.73
53.82
1,733.85
343.83
724.14
616.27
8,106.66
5,335.08
630.61
105,400.M)
95,685.00
235,WO.M)
299,100.00 300,000.00
4,507.93 4,416.15
15382.49 15,069.32
2,603.05
'.^ 144.05
136.97
05-01-09 1,671.910 FNCIM #254371 1,664.60
5.500% Due 07-01 -1 7
ns-01-09 997.500 ENCIN#2J5888 970.69
4.000% Due 08-01-20
2,697.90
150.25
137.37
1,671.91
997.50
-98.66
-336.66
94.17
5.48
16
21.18
-367.12
-0.04
69.90
9.24
12
1.06
8.88
65.85
-19.71
-70,589.10
-3,997.00
- 14,762.70
900.00
-91.78
-313.17
94.85
6.20
0.40
7.3 I
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ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSlONFUh'D FLWZD INCOME
From 03-31-09 Through 06-30-09
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term --
01-08-07 05-01-09 13.998.900 FNCL# 256394 14278.88 13,998.90
09-15-04 05-01-09 54.600 FNCIN #725445 54.64 54.60
6.500%Due 09-01-36
4.500%Due 05-01-19
01-29-07 05-01-09 1,758.950 FNCIN #725445
09-08-05 05-0ld9 351.610 FNCIN#825335
4.5W%Due 05-01-19
4.000% Due 05-01-20
4.000% Due 08-01-20
6.000% Due 06-15-32
6.000% Due 07-20-38
6.000% Due 04-15-32
08-23-05 05-01-09 1,516.080 FNCIN#829053
06-13-02 05-01-09 66.1 10 GNSF M #582153
07-22-08 05-01-09 8,706.270 G2 POOL# 4195
04-15-02 05-01-09 329.540 GNSFM#552509
07-02-07. 05-01-09 535.960 GNJOM#781313
6.000% Due 07-15-16
02-23-09 05-20-09 120.000.0~1 NEW YOU m 4.65
4.650% Due 05-09-13
04-24-09 05-29-09 125,000.0M) US TREASURY NE3
2.75Vh Due 02-15-19
03-2669
12-15-06
01-08-07
07.-21-07
08-24-06
09-08-04
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
05-29-09
0641-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
06-01-09
0601-09
06-01-09
115,000.0M) US TREASURY N/B
2.750%Due 02-15-19
3,734.350 FGLMC#GM268
12,742.820 FGLMC #GO2268
6.5M)% Due 08-01-36
6.500% Due 08-01-36
4.500% Due 06-01-21
2,743.680 FGCI #G12205
167.680 FGCI N #G12323
78.910 FGCIN#B13455
4.50G% Due 08-01-21
4.500%Due 04-01-19
5.5W%Due 07-01-17
1,804.320 FNCIM #254371
314.050 FNClN#255888
4.0Wh Due 08-01-20
17.000.210 FNCL # 256394
6.500%Duc 09-01-36
4.500%Due 05-01-19
58.213 FNCIN #725445
1,875.327 FNCIN #725445
354.540 FNCI N #E25335
4.5WhDue 05-01-19
4.000% Due 05-01-20
4.000% Due 08-01-20
6.000% Due 06-15-32
6.000% Due 07-20-38
6.000% Due 04-15-32
741.250 FNClN U829053
1.122.960 GNSF M #582153
9.542.230 G2 POOL# 4195
7,090.400 GNSF M #552509
1,688.04 1,758.95
342.16 351.61
1,470.60 1,516.08
66.00 66.11
8,696.74 8,706.27
325.47 329.54
9.53
552.71 535.96
118,986.00 119,89920 913.20
122,656.2s 117,382.81 -5,273.44
115269.53
3,811.96
13,007.64
2,647.22
160.76
78.68
1,796.43
305.61
17340.22
58.26
1,799.73
345.01
719.01
1,121.03
9,531.78
7,002.88
107,992.19 -7.277.34
3,734.35
12,742.82
2,743.68
167.68
78.91
1,804.32
314.05
17,000.21
58.21
1,875.33
354.54
741.25
1,122.96
9.542.23 10.45
7,090.40
-279.98
-0.04
70.91
9.45
45.48
0.1
4.0.
-16.75
-77.61
-264.82
96.46
6.92
0.23
7.89
8.44
-340.01
-0.05
75.60
9.53
22.24
1.9.
87.52
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ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUND FED LNCOME
From 03-31-09 Through 06-30-09
Gain or Loss
Open Close cost
Date Dan Quantity Security Basis Proercds Short Tcrm Long Term --
07-02-02 06-01-09 673 980 GNJO M U781313 695 04
08-07-08 06.2449 200,OW 000 GOLDMAN SACHS 6 875% 208,096 00 6 000% Duc 07- 15- I6
1-15-11
6875%Due 01-15-11
4250% Due 06-24-1 I
06-16-08 06-24-09 350.000 000 FANNIE MAE 348,775 00
TOTAL GAINS
TOTAL LOSSES
1915,40155
TOTAL REAUZED GAINLOSS -96,664 82
673.98 -21.06
211,608.00 3,512.M)
350,000 00 1.225 00
4,454 06 3,008 16
-12,550 78 -91,57626
1,818,736.73 -8,096.72 -88568.09
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ICC Capital Management
PORTFOLIO SUMMARY
PALM BEACH GARDENS POLICE PENSION FUh?) FLXED INCOME
June 30, 2009
Esthnual Pet Cur.
Security Type Total Cost Market Value Assets Yield Income -__
Cash & Equivalents
CASH AND
EQUIVALENTS
Fued Income
CORPORATE BONDS
MUNICIPAL BONDS
GOVERNMENT
BONDS
MORTGAGE POOLS
GOVERNMENT
SPONSORED BOND
Accrued Interest
1,763,805.78 1,763,805.78 15.0 0.2 3,139.5i
~~ 1,763,805.78 1,763,805.78 15.0 0.2 3,139.57
5,197,3 8 1 .SO
907,916.75
2,032,624.38
1,700,569.50
110,000.00
5,172,371.90 43.9 4.9
769,237.80 6.5 4.3
111,281.50 0.9 6.1
2,129,304.25 18.1
1,751,206.15 14.9
5.7
4.8
255,426.25
6,780.40
33,450.00
120,910.80
84,686.25
88,057.65 0.7 -__ 9,948,492.43 10,021,459.25 85.0 5.0 501,253.70
TOTAL PORTFOLIO 1 I,712,29%.21 11,785,265.03 100.0 4.3 50439328
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ICC Capital Management
PORTFOLIO APPRAISAL
PALMBEACH GARDENS POLICE PENSIONFUM) FlXED INCOME
June 30, 2009
Unit Total Market Pd Cur.
Asscb Yield -- Quantity ScCllrity Cost Cost Price Value
CASH AND EQUIVALENTS
CASH & CASH EQUIVALENTS 1,763,805.78
1,763,805.78
CORPORATE BONDS
80,000.000 GENERAL ELEmC
CAP CROP
8.300% Due 09-20-09
co
7.875%Due 06-15-10
200.000.000 LEHMAN BROTKZE
HLDG
0.000% Due 08-15-10
135,000.000 MORGAN STANLEY
2.000% Due 09-22-1 1
280,000.000 JPMORGAN CHASE &
125,000.000 "FORD FWL
SVCS GRP
5.250% Duc 10-15-11
125,000.000 NEW YORK
COMMVNlTYBAM(
3.000%Due 12.16-11
co 120,000,000 HEWLET-PACKARE
4.25096 Duc 02-24-12
3.200% Dw 06-15-12
2.300% Due 06-22-12
125,000.000 KEY BANKNA
125,000.WO PNC FUNDING COW
200,000.000 GOLDEN WEST FINL
4.750%Due 10-01-12
200,000.000 AT&T WC
4.950% he 01-15-13
135.W0.000 NATIONAL RURAL UTIL COOP
5.500% Due 07-01-13
5.25PhDUe 10-15-13
6.5WhDue 10-15-13
6.50096DUe 11-15-13
co
4.600%Due 01-15-14
DYNAMICS CORP
85.000.000 GOLDMAN SACHS
135.00o.000 mM cow
125,000.000 BAKER HUGHES WC
125.W0.000 PRm & GAMBLE
125,000.000 GENERAL
5.250% Duc 02-01-14
125.000.000 HONE-
WTERNATIONAL
3.875% Due 02-15-14
3.625% Duc 03-15-14
4375%Due 03-31-14
120,000.000 COCA-COLA CO
145.000.000 PRAXARWC
110.79
108.76
98.97
49.91
98.47
99.95
99.96
99.90
99.88
97.82
100.30
99.84
98.44
99.24
9976
99.98
99.53
99.56
99.54
99.68
88,629.60
304,525.20
197,938.00
134.879.85
123,085.00
124,936.25
119,947.20
124,881.25
124,853.75
195,640.00
200,592.00
134i789.40
83,674.00
133,971.30
124,702.50
124,972.50
124.4 10.00
~4,452.50
119.454.00
144,541.80
10128
104.17
14.75
101.24
96.65
102.79
104.37
103.38
100.81
101.31
104.00
105.63
102.06
111.77
110.91
105.17
106.85
102.18
101.14
103.54
1,763,805.78 15.0 0.2
1 1,763,805.78 15.0 0.2
81,027.20
291,678.ao
29,500.00
136,672.65
120,811.25
128,485.00
125.248.80
129.221.25
126,017.50
202,616.00
208.W2.00
142,605.90
86,751.W
150.885.45
138,642.50
131,460.00
133,558.75
117,723.73
121,364.40
150,130.10
0.7
2.5
0.3
1.2
1.0
1.1
1.1
1.7
1.8
1.2
0.7
1.3
1.2
1.1
1.1
x7
7.6
0.0
2.0
5.4
3.1
2.3
4.7
4.8
5.2
5.1
5.8
5.9
4.4
4.9
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARLIENS POLICE PENSION FUND FmD INCOME
June 30, 2009
Unit Total Market Pet
Quantity SCC"rity Cost Cost Price Value Assets
225,WO.OOO
130,000.000
120,000.000
100,000.000
45,000.000
65,000.000
225,000.000
150,000.000
1 IS,W0.000
100,000.000
225,000.000
115,OOO.OOO
120,000.000
125,000.000
115,000.000
115,000.000
125.000.000
120.000.0M)
GLAXOSMITHKRLNE
CAP INC
4.375%Due 04-15-14
GOLDMAN SACHS
GROW INC
6.000%Due 0541-14
MORGAN STANLEY
6.000%Due 05-13-14
GENERAL ELEC CAP
COW
5.500% Due 06-04-14
BEARSTEARNS
5.700OhDue 11-15-14
GOLDMAN SACHS
5.125%Due 01-15-15
AT&T INC ~~ ~
5.625%Due 06-15-16
MCWNALD'S COW
5.300%Due 03-15-17
VERIZON
COMMUNICATIONS
5.500%Due 04-01-17
NATIONAL RURAL
u1?L COOP
5.450%Due 04-10-17
MCWNALIYS COW
5.800%Due 10-15-17
CONS EDISON CO OF
NY
5.85O%Due 04.01-18
AMGEN INC
5.700%Due 02-01-19
CJSCO SYSTEMS INC
4.950% Due 02-15-19
CIIEVRON COW
4.950% Due 03-03-19
MICROSOFT cow
4.200%Due 06-01-19
JOHNS HOPKINS
UNIVERsm
5.250%Due 07-01-19
CONCCOPHILLPS
99.85
103.81
99.65
99.86
97.40
99.74
101.36
98.90
102.45
99.68
102.47
99.96
99.78
98.81
99.97
97.27
98.99
101.29
100.00
224,669.25
134,958.20
119,581.20
99,856.00
43,829.55
64,829.10
228.07 1.25
148,348.50
117,812.90
99,680.00
230,555.25
114,949.40
119,732.40
123,518.75
114,964.35
111,863.95
123,741.25
121,544.40
5,197,381.80
110,000.00
6.000%Due 01-15-20
Acmed Merest
MUNICIPAL BONDS
1lO.WO KENTJCKY ST PprY
& BLDGS COW
REVS
6.164%DueO8-01-23
Accrued Interest
110,W0.00
102.44
104.37
101.25
99.60
101.89
98.36
102.91
104.91
100.17
1M.40
109.11
105.07
105.50
99.99
103.33
97.70
103.06
107.07
101.16
230,490.00
135,675.80
121,496.40
99.60 1.00
45.849.15
63,935.95
231,547.50
157,371.00
115.197.80
102,398.00
245,493.00
120,835.10
126,601.20
124.993.75
118,828.35
112,350.40
128,820.00
128,485.20
2.0
17
1.0
0.8
0.4
0.5
2.0
1.3
1
n
2.1
1"
1
1.1
1.0
1.0
1.1
1.1
59,489.21 0.5
5231,861.11 44.4
111,281.50 c
0.00 2
111281.50 0.9
Cur.
Yield
4.3
-
5.7
5.9
5.5
5.6
5.2
5.5
5.1
5.5
5.3
5.6
5.4
5.0
4.8
4.3
5.1
4.9
6.1
-
6.1
.
I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I.
e
a
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION Fun?) FIXED INCOME
June 30, 2009
Unit TOW Mar!uI Pet Cur.
Assets Yield ~- Quantity SeeUrity cost Cast Price Value
GOVERNMENT BONDS
630,000.000 US TREASURY
4.500% Due 05-15-38
120,000.000 US TREASURY NIB
4.250% Due 05-15-39
Accrued Jntmcsl
MORTGAGE POOLS
29,177.740 GNJO M#781313
77,971.690 FNCI M U254371
4,744.070 FGCIN UB13455
87,272.100 FNCI N #I25445
49,684.370 FNCIN #825335
51.324.830 FNCINU255888
41~277 930 FNCIN #829053
6.000%Due 07-15-16
5.5000hDue 0741.17
4.500% Due 0441-19
4.500%Ihc 0541-19
4.000./. Due 0541-20
4.000% Due 08-01-20
-1-
4 OOPh Due 08-01-20
110.413 780 FGCl#GlZZOS
4.500%Due 06-01-21
6,152.962 FGCIN#G12323
4.500%Due 08-01-21
117,668.980 GNSF M #552509
6.000% Due 04-15-32
30,663.410 GNSF M ff582153
6.000%Due 06-15-32
650,448.192 FGLMC #GO2268
6.500% Duc 08-01-36
566,648.860 FNCL # 256394
6.50Ph Due 09-01-36
195,045.482 G2poOW 4195
6.00Ph Due 07-20-38
Acd lntmst
GOWRWMIW SPONSORED BOhD
2?O,MMOOO FANNIEMAE
1.650%Due05-11-11
120,000.000 FHulc
300.wO.000 FREDDIE MAC
3.000%Due 06-25-13
6.000% Due 0746-17
6.000% Due 04-28-21
200,wO.000 FANNIEMAE
265,000.000 FANNIE MAE
300.000.000 FREDDIE MAC
5.625%Due 11-15-21
5.900% DueO6-15-22
255,000.000 FANNIE MAE
5.500% Duc 12-14-22
125.24
99.06
103.12
99.56
99.71
96.09
97.31
97.31
97.00
96.48
95.88
98.71
99.83
102.08
102.00
99.89
789,041.75
118.875.00
907,916.15
30,089.54
77,630.56
4,730.08
83,861.86
48,349.10
49.945.48
41,979.59
106,532.04
5,899.15
116,216.50
30,610.71
663.965.79
571382.03
194.83 1.92
2,032,624.38
100.00 270,000.00
100.00 120,0w.00
99.83 299,490.00
99.20 198,394.00
99.32 263,198.00
98.63 295,890.00
99.45 253,597.50
106.10
105.68
102.81
103.59
100.29
100.29
100.29
103.03
103.03
105.10
105.10
106.41
106.67
104.26
103.25 650,475.00
98.97 118.762.80
4,181.25
173,419 05
30,957.87
82,401.26
4,877.28
90.405.17
49,829.45
51,474.70
43,404.30
113,756.01
6339.21
123,675.98
32,228.78
692,128.91
604.461.00
203358.32
100.09
101.23
100.07
104.69
104.66
105.87
99.97
5.5 4.4
1.0 4.3
0.0
6.6 4.3
--
0.3 5.7
0.1 5.2
0.0 4.4
0.8 4.3
0.4 4.0
0.4 4.0
0.4 4.0
1.0 4.4
0.1 4.4
1.0 5.1
0.3 5.7
5.9 6.1
5.1 6.1
1.7 5.8
9,140.04 0.1 ___
2,139,04429 18.2 5.1
270,253.80
121,482.00
300,213.00
209,376.00
117,338.40
317,622.00
241,920.95
2.3 1.6
1.0 3.0
2.5 6.0
1.8 5.7
2.4 5.4
2.7 5.6
2.2 5.5
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACB GARDENS POLICE PENSION FUh'D FIXED INCOME
June 30, 2009
Unit Total Market Pet Cur.
hrb Meld ~- Quantity Security cost Cost Price value
Accrued htetenst
TOTAL PORTFOLIO
1,700.569.50
11,712,298.21
14,647.16 0.1
1,765,853.31 15.0 4.8
11,785265.03 100.0 43
a a a a a a a a a a a a a a a a a a a a a a a a
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a
0
ICC Capital Management, lnc.
a
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Review
Quarter Ending
June 30,2009
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance Report
Quarter Ending
June 30,2009
1 westiizent Results
Total Return Summary Page ...... 1
Portfolio Allocation Page ...... 2
Investment Performance by Asset Category Page ...... 3
Portfolio Sector Diversification Page ...... 4
Investment Performance by Sectors Page ...... 5
Portfolio Attributes Page ...... 6
Brokers Commission Page ...... 7
Purchases & Sales Page ...... 9
Realized Gains/ Losses Page ...... 11
Portfolio Summary Page ...... 12
Portfolio Appraisal Page ...... 13
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Total Return Summa y
Quarter Ending
June 30,2009
Fiscal Year to Since Inception
OWWO7 - 06/30/09) Current Qtr Date
Starting Value $3,U05,531
Ending Value $4,165,952
Difference $500,601
Net Contributions/ (Withdrawals) ($493)
Gain/(Loss) from Investments $501,094
$3,UIJ,U/U
$4,165,952
$1,150,876
$1,123,497
$27,379
Sl,LUU,UUU
$4,165,952
$2,965,952
$3,941,614
($975,662)
TOTAL RETURN I 13.67% -1.42% -25.01%
ANNUALIZED RETURN I -11.60%
W e e e e e e e e e e e e e e e e e e a 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 Market
Quarter Ending
June 30,2009
Asset Allocation:
1OWO (Mkt)
Market Value
as of 03/31/09
CASH/EQUIVS
23.0%
1
EQUITY
77.0%
Market Value
as of 06/30/09
CASH/EQUIVS
4.1%
A
[- EQUITY
95.9% I
.. .. .. .. .. .. ..
.. .-:. :---
I :-.
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance by Asset Category
Quarter Ending
June 30,2009
ACCOUNT BINDEX 0 9uarter
I 15.04 16.32 13.67 16.32
. ~. ., > ...
.,,^. 7 ..,.
EQUITY TOTAL
0 0.00
0
0 -10.00
0
0
INDEX ' Fiscal Year to Date ACCOUNT
-20.00 0
0
-13.89 -13.89
0 -30.001/ I 0 EQUITY TOTAL
~ I Since Inception Annualized (02/28/07 - 06/30/09) 1 BACCOUNT BINDEX 1 0
0.00
-10.00
-20.00, -13.60 -10.96 -11.60 -10.96
-30.00-
-40.00.
-50.00
EQUITY TOTAL
The red total bar represents the Russell 1000 Grourth Jndex
ICC Capital Management, Inc.
0 3
0
0
0
0 Portfolio Sector Diversification 0 Quarter Ending
0
0
0 Top Ten Holdings
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
June 30,2009
security % of equities Return for Quarter
0 MICROSOFT CORP. 4.40% 29.86%
TARGET CORPORATION
NEWMONT MINING CORP.
CERNERCOW.
MARVELL TECHNOLOGY GROUP
BROAIXOM COW.
EQUINIX INC.
BECTON DICKINSON & CO.
EXXON MOBILE CORP.
SOUTHWESTAIRLINESCO.
0 e
e
4.15%
3.99%
3.90%
3.70%
3.66%
3.46%
3.39%
3.32%
3.22%
15.15%
-2.06%
43.28%
26.69%
23.16%
28.35%
11.85%
3.28%
4.77%
0
0
0 e
0
Sector Contribution
% of ror!folio Return for Quarter
8.80% 11.09%
-r
Materials
Industrials 9.77% 10.29%
Telecommunications 5.12% 18.75%
consumerDiscretionary 10.57% 4.67%
Consumer Staples 5.96% 8.00%
0 Energy 4.75% 10.54%
Financials 5.10% 30.80%
17.68% 11.68% Healthcare
27.73% 25.83% Information Technology
4.53% -0.88% Utilities
0
0
0
0 e
0 e
0 ICC capital Management, Inc.
0 4
e
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Investment Performance by Sectors
Quarter Ending
June 30,2009
Index Sector Returns for 2009
35.9
0
0
0 Sector Diversification Relative to the Russell 1000 Growth Index
0 20.01 OVERWEIGHT
3.5 10.0- 4.9 4.5
0.4 0.1 0.4 0
0 e e -10.0-
0
0 e
0
0
0
.:. ,: : ..i
0.0-
-3.6
-2O.OY
. . . . . . . .. , ..
e
. *. - ..
.. .. .. .. .. .. .. .. .. .. . . . . . . . . ........... .. .. .. .. .. .. .. . , ., . . . . . . .... ... .... ...... ...... ICC'Grpita7 Management, Incj-
0 5
W e e PALM BEACH GARDENS POLICE PENSION FUND GROWTH e e e
ICC -
e e e
@BETA
e
0 e e
CAPITALIZATION
e R1--
ICC -
R1-m
6/30/2009
40.5
68 0
6/30/2009
1.01
1.00
YlELD @ET- @ RlWOG- e e
0
0 ICC -
0 R1--
0 e
OB
12 MONTH EPS GROWTH 0
ICC - 0 RlWOG-
0 e
0
0 ICC - e R1-- e
0 e
SYEAREPSGROWTH
6/30/2009
1.20
1.90
6/30/2009
18.7
16.1
Li!QXE?
25.0
18.0
Growth Portfolio Attributes
Quarter Ending
June 30,2009
12/31/2008 3/31/2009 9/30/2008
38.3 49.4 48.6
66.3 76.5 T.8
12/33/2008 3/3lB009 9/30/2008
1.02 1.01 1.15
1.W 1.W 1.00
12/33/2008 3/31/2009 9/30/2008
1.66 1.72 1.47
2.14 1.99 1.61
MARKET CAPITALIZ4TION
100.0
75.0 76.5
zi.0
0.0
. .. 1.50 -
6/M/2009 3/31/2009 12/31/2w8 9/30/2W8 I
YIELD
1.47 2'
1.W
72 - 2.14
I
I
6/30/2009 3/3l/moS 12/31/2W8 9/30/2008 I
19.7 15.2 15.3
14.4 13.7 14.4
10.0
0.0
3/31/2009 12/31/2008 9/30/2008
15 8 12 0 18 9
18 6 24 0 27 3
6/3o/2009
14.3
19.2
3/33/2009 12/31/2008 9/30/2008
19 6 229 254
21 6 21 7 231
12MONnrEPS GROWTH
"00 T
6/30/2009 3/31/2009 12/31/2008 9/30/2008
5 YR EPS GROWTH
40.0 -
6/30/2w9 3/31/20OS 12/31/2008 9/30/M08
0
0
0
0
0 Quarter Ending
0 June 30,2009
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Broker Commission Summa y Report
0
0
0 klle Company
Date Trans Ticker Security $Amount Shares Price CommPerSh
4/7/2009 Buy AAPL e 4/7/2009 Buv ABT
4/7/2009 Bu; 4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy 4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy 0 4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy 0 4/7/2009 Buy
4/7/2009 Buy 4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy 4/7/2009 Buy 4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy 4/7/2009 Buy
0 4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy 0 4/7/2009 Buy
4/7/2009 Buy 4/7/2009 Buy
4/7/2009 Buy
0 4/7/2009 Buy 4/7/2009 Buy 4/7/2009 Buy
0 4/7/2009 Buy
4/7/2009 Buy 4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy
4/7/2009 Buy 0 4/7/2009 Buy
ADM
AMP
AMT
BDX
BIIB
BMY
BRCM
CEG
CERN
CI
CVS
CWT
DV
ECL
EMC
EQIX
FII
GE
GME
JDSU
KSS
LUV
MRVL
MS
MSFT
MU
NEM
NTAP
NUE
PEP
VALE
SPN
SUM;
TGT
TNB m
UTX
VMW
XOM
Apple Computer Inc
Abbott Lab Com
Archer Daniels Midland Co
Ameriprise Inc.
American Tower Corporation
Becton Dickinson & Co
Biogen Inc
Bristol Myers Squibb Company
Broadcom Corp
Constellation Energy Group Inc.
Cemer Corp
Cigna Corp
Cvs Caremark Corp
California Water Service Grp
Devry Inc.
Ecolab Inc
Emc Corp
Equinix Inc
Federated Investors Inc-C1 B
General Electric Co.
Gamestop Corp-C1 A
Jds Uniphase Corp
Kohls Corp
Southwest Airlines Co.
Marvell Technology Group
Morgan Stanley
Microsoft Corp.
Micron Technology Inc
Newmont Mining Corp
Netapp Inc
Nucor Corp
Pepsico Inc.
Vale Sa
Superior Energy Services Inc
Supergen Inc
Target Corporation
Thomas & Betts Corp
United Parcel Svc Inc
United Technologies Corp.
Vmware Inc-Class A
Exxon Mobile Corp.
$23,136.00
$12,885.00
$7,761.00
$16,801.04
$12,772.00
$13,118.00
$15,53400
$22,330.00
$23,144.00
$4,382.00
$21,169.15
$12,600.00
$14,370.00
$19,766.00
$18,724.00
$7,106.00
$8,400.00
$23,801.92
$24,077.02
$9,666 .OO
$8,844.99
$8,295.00
$21,715.00
$24,732.00
$22,656.00
$12,035.00
$26,474.00
$19,080.00
$16,984.00
$8,898.00
$20,720.00
$21,016.00
$10,178.00
$8,454.00
$10,324.00
$27,904.00
$20,319.04
$10,356.00
$13,599.00
$8,232.00
$27,308.00
200 $115.64
300 $42.93
300 $25.83
800 $20.98
400 $31.89
200 $65.57
300 $51.76
1100 $20.28
1100 $21.02
200 $21.89
500 $42.32
700 $17.98
500 $28.72
500 $39.51
400 $46.77
200 $35.51
700 $11.98
400 $59.48
1100 $21.87
900 $10.72
300 $29.46
2100 $3.93
500 $43.41
3600 $6.85
2400 $9.42
500 $24.05
1400 $18.89
4500 $4.22
400 $42.44
600 $14.81
500 $41.40
400 $52.52
700 $14.52
600 $14.05
5800 $1.76
800 $34.86
800 $25.38
200 $51.74
300 $45.31
300 $27.40
400 $68.25
$8.00 $0.04
$6.00 $0.02
$12.00 $0.04
$16.00 $0.02
$16.00 $0.04
$4.00 $0.02
$6.00 $0.02
$22.00 $0.02
$22.00 $0.02
$4.00 $0.02
$10.00 $0.02
$14.00 $0.02
$10.00 $0.02
$10.00 $0.02
$16.00 $0.04
$4.00 $0.02
$14.00 $0.02
$8.00 $0.02
$22.00 $0.02
$18.00 $0.02
$6.00 $0.02
$42.00 $0.02
$10.00 $0.02
$72.00 $0.02
$48.00 $0.02
$10.00 $0.02
$28.00 $0.02
$90.00 $0.02
$8.00 $0.02
$12.00 $0.02
$20.00 $0.04
$8.00 $0.02
$14.00 $0.02
$24.00 $0.04
$116.00 $0.02
$16.00 $0.02
$16.00 $0.02
$8.00 $0.04
$6.00 $0.02
$12.00 $0.04
$8.00 $0.02
$7,483.53 750 $10.02 $30.00 $0.04 )5/12/2009 Sei TSM Taiwan Semiconductor Mfg
0
0 7
ICC Capital Management, Inc.
A
e
0
0
0 Broker Commission Summary Report
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
Quarter Ending
June 30,2009
0
0
0
Date Trans Ticker Security $Amount Shares Price CommPerSh
5/20/2009 Buy NW NvEnergyInc $15,373.35 1500 $10.21 $60.00 $0.04
6/3/2009 Sell AMP Ameriprise Inc. 523,515.23 800 $29.43 $32.00 $0.04
p/3/2009 Sell AMP AmeripriseInc. 597,000.34 3300 $29.43 $132.00 $0.04
Total: The Griswold Company $803,039.61 44,250 $1,070.00 $0.02
Kellogg Securities
$9,051.15 900 $10.08 $18.00 $0.02
Total: Kellogg Securities $9,051.15 900 $18.00 $0.02
5/12/2009 Sell TSM Taiwan Semiconductor Mfg
Edeetrade2 u 0 14/8/2009 Sell UTX ,,
4/15/2009 Buy 4/17/2009 Sell 4/17/2009 Sell
4/17/2009 Sell
0 4/17/2009 Sell 4/17/2009 Sell
4/17/2009 Sell
14/23/2009 Buy -
4/23/2009 Sell
4/23/2009 Sell 0 4/23/2009 Sell
4/27/2009 Buy 5/11/2009 Buy
5/12/2009 Sell ,,
5/12/2009 Sell
5/20/2009 Sell
5/20/2009 Buy
5/20/2009 Sell
6/3/2009 Buy -
6/4/2009 Buy
6/23/2009 Buy 0 6/23/2009 Sell
DV
ECL
ECL
ECL
ECL
ECL
ECL
NEM
FII
FIl
FIl
BDX
BDX
EM
EM
CEG
NVE
CEG
HEW
GS
HEW
AAPL
United Technologies Corp.
Devry Inc.
Ecolab Inc
Ecolab Inc
Ecolab Inc
Ecolab Inc
Ecolab Inc
Ecolab Inc
Newmont Mining Corp
Federated Investors Inc-C1 B
Federated Investors Inc-C1 B
Federated Investors Inc-C1 B
Becton Dickinson & Co
Becton Dickinson & Co
Taiwan Semiconductor Mfg
Taiwan Semiconductor Mfg
Constellation Energy Group Inc.
Nv Energy Inc
Constellation Energy Group Inc.
Hewitt Associates Inc-C1 A
Goldman Sachs Group Inc.
Hewitt Associates Inc-CI A
Apple Computer Inc
$44,530.05
$12,855.45
$7,522.42
$7,522.43
$11,283.64
$3,761.21
$7,522.42
$7,522.43
$74,142.94
$36,815.38
$1 1,504.80
$43,718.25
$6,512.30
$43,905.26
$8,223.00
$9,406.57
517,868.64
$67,395.90
$5,105.33
$84,687.54
$89,325.24
$20,338.43
$20,168.25
1000 544.54
300 $42.84
200 $37.62
200 $37.62
300 $37.62
100 $37.62
200 $37.62
200 $37.62
1900 $39.01
1600 $23.02
500 $23.02
1900 $23.02
100 $65.11
700 $62.71
816 $10.08
934 $10.08
700 $25.54
6600 $10.20
200 525.54
2900 $29.19
600 $148.87
700 $29.04
150 $134.47
$10.00 $0.01
$3.00 $0.01
52.00 $0.01
$2.00 $0.01
53.00 $0.01
$1.00 $0.01
$2.00 $0.01
$2.00 $0.01
$19.00 $0.01
$16.00 $0.01
$5.00 $0.01
$19.00 $0.01
$1.00 $0.01
$7.00 $0.01
$8.00 $0.01
$9.00 $0.01
$7.00 $0.01
566.00 50.01
$2.00 50.01
$29.00 $0.01
$6.00 $0.01
$7.00 $0.01
52.00 $0.01 ,,
$6,722.75 50 $134.47 51.00 $0.01 0 6/23/2009 Sell AAPL Apple Computer Inc
Total: Edgehade 2 $648,360.63 22,850 $229.00 $0.01
0
9
0
0
0
e
e
ICC Capital Management, Inc.
0 8 -
ICC Capital Management
PURCHASE AND SALE
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
From 03-31-09 To 06-30-09
Trade Settle Unit
Date Date Quantity Security Price Amount
PURCHASES
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-27-09 04-30-09
05-11-09 05-14-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-15-09 04-20-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
06-04-09 06-09-09
06-03-09 06-08-09
06-23-09 06-26-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-23-09 04-28-09
04-07-09 04-13-09
300.00 ABBOTT LAB COM
400.00 AMERICAN TOWER
CORPORATION
800.00 AMERIPRISE INC.
200.00 APPLE COMPUTER INC
300.00 ARCHERDANJELS MIDLAND CO
200.00 BECTON DICKINSON 65 CO
100.00 BECTON DICKINSON & CO
700.00 BECTON DICKINSON & CO
300.00 BIOGEN INC
1,100.00 BRISTOL MYERS SQUIBB
COMPANY
1,100.00 BROADCOM COW
500.00 CALIFORNIA WATER SERVICE
500.00 CERNER CORP
700.00 CIGNA CORP
200.00 CONSTELLATION ENERGY
GROUP INC.
500.00 CVS CAREMARK CORP
400.00 DEVRY, INC.
300.00 DEVRY, INC.
200.00 ECOLAB INC
700.00 EMC COW
400.00 EQUINMINC
400.00 EXXON MOBILE CORP.
300.00 GAMESTOP CORPCL A
900.00 GENERAL ELECTRIC CO.
600.00 GOLDMAN SACHS GROUP INC.
2,900.00 HEWITT ASSOCIATES INC-CL A
700.00 HEWIlT ASSOCIATES INC-CL A
500.00 KOHLS CORP
GRP
1,100.00 FEDERATED INVESTORS INC-CL B
2,100.00 IDS UMPHASE COW
2,400.00 MARVELL TECHNOLOGY GROUP
4,500.00 MICRON TECHNOLOGY INC
1,400.00 MICROSOFT COW.
500.00 MORGAN STANLEY
600.00 NETAPP INC
400.00 NEWMONT MWING COW
1,900.00 NEWMONT MINING COW
500.00 NUCOR CORP
42.95
31.93
21.00
115.68
25.87
65.59
65.12
62.72
51.78
20.30
21.04
39.53
42.34
18.00
21.91
28.74
46.81
42.85
35.53
12.00
59.50
68.27
21.89
29.48
10.74
148.88
29.20
29.05
3.95
43.43
9.44
4.24
18.91
24.07
14.83
42.46
39.02
41.44
12,885.00
12,772.00
16,801.04
23,136.00
7,761.00
13,118.00
6,512.30
43,905.26
15,534.00
22,330.00
23,144.00
19,766.00
21,169.15
12,600.00
4,382.00
14,370.00
18,724.00
12,855.45
7,106.00
8,400.00
23,801.92
27,308.00
24,077.02
8,844.99
9,666.00
89,325.24
84,687.54
20,338.43
8,295.00
21,7 15.00
22,656.00
19,080.00
26,474.00
12,035.00
8,898.00
16,984.00
74,142.94
20.720.00
ICC Capital Management
PURCHASE AND SALE
PALMBEACH GARDENS POLICE PENSION FZND GROWTH
From 03-31-09 To 06-30-09
Trade Settle
Date Date Quantity Security
05-20-09 05-26-09
05-20-09 05-26-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
04-07-09 04-13-09
SALES
06-03-09 06-08-09
06-03-09 06-08-09
06-23-09 06-26-09
06-23-09 06-26-09
05-20-09 05-26-09
05-20-09 05-26-09
04-17-09 04-22-09
04-17-09 04-22-09
04-17-09 04-22-09
04-17-09 04-22-09
04-17-09 04-22-09
04-17-09 04-22-09
04-23-09 04-28-09
04-23-09 04-28-09
04-23-09 04-28-09
05-12-09 05-15-09
05-12-09 05-15-09
05-12-09 05-15-09
05-12-09 05-15-09
04-08-09 04-14-09
6,600.00 NV ENERGY NC
1,500.00 NV ENERGY INC
400.00 PEPSICO INC.
3,600.00 SOUTHWEST AIRLINES CO.
5,800.00 SUPERGEN INC
600.00 SUPERIOR ENERGY SERVICES lNL
800.00 TARGET CORPORATION
800.00 THOMAS & BETTS COW
200.00 TJJTED PARCEL SVC INC
300.00 UNITED TECHNOLOGIES CORP.
700.00 VALE SA
300.00 WARE INC-CLASS A
3,300.00 AMERIPIUSE INC.
800.00 AMERIPRISE INC.
50.00 APPLE COMPUTER INC
150.00 APPLE COMPUTER INC
700.00 CONSTELLATION ENERGY
200.00 CONSTELLATION ENERGY
200.00 ECOLAB INC
200.00 ECOLAB INC
300.00 ECOLAB INC
100.00 ECOLAB INC
200.00 ECOLAB INC
200.00 ECOLAB INC
GROUP INC.
GROUP INC.
1,900.00 FEDERATED INVESTORS INC-CL B
1,600.00 FEDERATED INVESTORS INC-CL B
500.00 FEDERATED INVESTORS INC-CL B
933.74 TAIWAN SEMICONDUCTOR MFG
816.26 TAIWAN SEMICONDUCTOR MFG
750.00 TAIWAN SEMICONDUCTOR MFG
900.00 TAIWAN SEMICONDUCTOR MFG
1,000.00 UNITED TECHNOLOGIES CORP.
Unit
Price Amount
10.21 67,395.90
10.25 15,373.35
52.54 21,016.00
6.87 24,732.00
1.78 10,324.00
14.09 8,454.00
34.88 27,904.00
25.40 20,; 19.04
5 1.78 10,356.00
45.33 13,599.00
14.54 10,178.00
27.44 8,232.00
29.39
29.39
134.45
134.45
25.53
25.53
37.61
37.61
37.61
37.61
37.61
37.61
23.01
23.01
23.01
10.07
10.07
9.98
10.06
44.53
1,074,203.57
97,000.34
23,5 15.23
6,722.75
20,168.25
17,868.64
5,105.33
7,522.42
7,522.43
11,283.64
3,761.2 1
7,522.42
7,522.43
43,718.25
36,815.38
11,504.80
9,406.57
8,223.00
7,483.53
9,051.15
44,530.05
386,247.82
ICC Capital Management
REALIZED GAINS AND LOSSES
PALM BEACH GARDENS POLICE PENSION FUh'D GROWTH
From 03-31-09 Through 06-30-09
Gain Or Loss
Open Close Cost
Date Date Quantity Security Basis PIWCed" Short Term Long Term -~
03-07-08 04-08-09
10-12-07 04-17-09
10-30-07 04-17-09
01-28-08 04-17-09
04-22-08 04-17-09
08-13-08 04-17-09
04-07-09 04-17-05
01-06-09 04-23-09
01-28-09 04-23-09
03-12-09 0.1-2349
06-14-07 05-12-09
07-26-07 05-12-09
07-26-07 05-12-09
07-26-07 05-12-09
08-08-08 05-20-09
04-07-09 05-20-09
12-17-oa 06-03-09
W-07-09 06-03-09
08-14-07 06-23-09
10-12-07 06-23-09
TOTAL GAINS
TUTAL LOSSES
1,000.00 LNED TECHNOLOGIES
CORP.
200 00 ECOLAB INC
200.00 ECOLAB NC
300.w ECOLAB INC
loo.w ECOLAB INC
200.00 ECOLAB INC
200.00 ECOLAB INC
1.900.00 FEDERATED INVESTORS
1.600.00 FEDERATED INVESTORS
NCCL B
INCCL B
500.00 FEDERATED I"€STOR5
NCCL B
933.74 TAIWAN
SEMICONDUCTOR kffG
816.26 TAIWAN
750.00 TAIWAN
9w.00 TAIWAN
SEMICONDUCTOR MFG
SEMCONDUCTOR MFG
SUnCONDUCTOR MFG
700.00 CONSTELLATION
ENERGY GROUP INC.
ENERGY GROW INC.
200.00 CONSTELLATION
3,300.00 AMEIUPRISE INC.
8w.w AMERIPRISE NC.
50.00 APPLE COMPUTER WC
150.00 APPLE COMPUTERINC
TOTAL REALJZED GAINLOSS -25,391 67
68,239.70
9,398.00
9,450.00
14,358.00
4,74 1.00
9,054.00
7,106.00
36,093.35
33,386.08
9.957.45
9,845.15
8,430.24
7,745.95
9295.14
51,732.52
4,382.00
70.524.96
16,801.04
6,234.91
24,864.00
411,639.49
44,530.05
7.522.42
71522.43
11,283.64
3.761.21 -919.79
71522.42 -1,531.58
7,522.43 416.43
43,718.25 7,624.90
36,815.38 3,429.30
11,504.80 1,547.35
9,406.57
8223.00
7,483.53
9,051.15
17.868.64 -33,863.88
5,105.33 723.33
97,000.34 26,475.38
23s 15.23 6,714.19
6.722.75
-23.709 65
-1,875 sa
-1,927.57
-3,074.36
438.58
-207.24
-262.42
-243.99
487.83
4,695.75
487 83
-36,435.13
-3534730
ICC Capital Management
PALM BEACH GARDENS POLICE PENSION FCWD GROWTH
PORTFOLIO SUMMAR Y
June 30, 2009
Security Type Total Cost
Cash & Equivalents
CASH AND
EQUIVALENTS
Pct Cur. EstAnnual
Assets Yield Income ____ Market Value
169,492.17 169,492.17 4.1 0 298.77
169,492.17 169,492.17 4.1 0’ 298.77
____
Equities
COMMON STOCK
MATERIALS 386,45 1.69
INDUSTRIALS 494,060.62
TELECOMMUNICATIONS 21 1,636.29
CONSUMER 519,325.50
DISCRETIONARY
CONSUMER 284,312.78
STAPLES
ENERGY 242,924.82
FINANCIALS 237,192.08
HEALTH CARE 749,521.08
INFORMATION 1,316,872.24
TECHNOLOGY
UTILITIES 182,456.85
COMMON STOCK 4,684,153.95
351,672.50
390,462.00
204,419.00
422,228.00
238,291.00
189,820.00
203,543.00
706,389.00
1,108,294.53
181,341.00
3,996,460.03
8.4 1.9 6,580.21
9.4 1.3 5,207.80
4.9 0.0 0.00
10.1 0.8 3,208.00
5.7 2.2 5,345.00
4.6 1.7 3,192.00
4.9 1.5 2,992.00
17.0 1.8 12,368.00
26.6 0.6 6,680.54
4.4 3.4 6,249.00
95.9 1.3 5 1,822.55
-~
~__
4,684,753.95 3,996,460.03 95.9 1.3 51,822.55
TOTAL PORTFOLIO 4,854246.12 4,165,952.20 100.0 1.3 52,12132
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
June 30, 2009
Unit Total Market Pct Cur.
Assets Yield ~- QllrllMy SCC"rity Cost Cost Price Value
CASH AVIl EQUIVALENTS CASH & CASH EQUIVALENTS 167,846.17
DN CASH ACCRUAL ACn I.646.00
169.492.17
167,846.17 4.0 0.2
1,646.00 0.0 0.0
169,492.17 4.1 0.2
COMMON STOCK
41.02 159,99478 40.87
44.43
159,393.00 3.8 1.0
124.404.00 3.0 3.2
MATERIALS
3.900.00 NEWMONT MWING cow
2,800.00 NUCOR COW
3,850.00 VALE SA
42.63 119,354.72
27.82 107,102.19
386.45 1.69
67,875.50 1.6 1.6
351,672.50 8.4 1.9
17.63
INDUSTRIALS
4,900.00 GENERAL ELECITUC cn 22.40
7.57
31.53
69.38
56.86
109,778.48
144,586.M)
129,262.78
76,316.39
34.116.97
11.72
6.73
28.86
49.99
51.96
57,428.00 1.4 3.4
128,543.00 3
118.326.00 2
54,989.00 1
31,176.00 0.7 3.0
19,100.00 SOUTHWEST AIRLINES co.
COW
INC
4,100.00 THOMAS & BETS
1,100.00 UNITEDPARCEL SVC
640.00 UNlTED
TEcHNoLcGIEs cow. ~-
390,462.00 9.4 1.3 494,060.62
TELECOhMLNCATIONS
2,100.00 AMENCAN TOWER
1900.00 EQUWIX INC
CORPORATION
66,213.00 1.6 0.0 31.53 39.66 83,294.00
67.55 128,342.29
211.636.29
138,206.00 3.3 0.0
204,419.00 4.9 0.0
72.74
CONSUMER DIS-ONARY 50.04
22.01
110,088.00 2.6 0.3
35,216.00 0.8 0.0 2 joo.oo DEVRY, NC.
1.600.00 GAMESTOP COWZL
46.91 103,201.30
42.68 68,287.26
45.28 117.720.92
54.79 230.1 16.02
519325.50
A
2,600.00 KOHLS COW
4200.00 TARG€T
42.75 111,150.00 2.7 0.0
165,774.00 4.0 1.7 39.47
422,228.00 10.1 0.8
__- CORPORATION
CONSUMER STAPLES 37.31
34.61
63,425.00
89,974.M)
26.77 45,509.00 1.1 2.1 1,700.00 ARCHER DANIELS
2.600.00 CVS CAREMARK
MIDLAND co 82.862.00 2.0 1.0 31.87
54.96 109,920.00 2.6 3.3
238,291.00 5.7 2.2
COW
2,000.00 PEPSIC0 INC 65.46 130.913.78
284,312.78
ENERGY
1900.W EXXONMOBlLE 69.91 132,829.00 3.2 2.4 72.89 138,488.12 cow
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FCTR?) GROWTH
June 30, 2009
Unit TON Market PEL Cur.
ASLU Yield ~- Quantity Security Cost Cost Price Value
3300.00 SUPERIOR ENERGY
SERVICES WC
17.27 56,991.00 1.4 0.0
189,820.00 4. 1.7
__- 31.65 104,436.70
242.924.82
FWANCIALS 21.19
148.85
36,025.96
89,325.24
1,700.00 FEDERATEE
INVESTORS WCCL B
600.00 GOLDMAN SACHS
24.09 40,953.00 1. 4.0
88,4&1.00 2.1 0.9 147.44
28.51 74,126.00 1.8 0.7
203,543.00 4.9 1.5
GROW lNC.
2.600.00 MORGAN STANLEY 43.02 11 1.840.88
237,192.08
HEALTHCARE
1,500.00 ABBOTT LAB COM
1.900.00 BECTON DICKJNSON
47.04
71.31
45.15
20.3 1
70,560.00 1.7 3.4
135,489.00 3.3 1.9
76,755.00 1.8 0.0
119,829.00 2.9 6.1
52.35
67.47
78,521.00
128202.45 ~- & co
1,700.00 BIOGM WC
5,900.00 BRISTOL MYERS
2300.00 CERNER COW
SQUIBB COMPANY
60.96
22.86
52.00
18.25
103,625.97
134,869.48
130,010.14
65.717.27
62.29 155,725.00 3.7 0.0
24.09 86,724.00 2.1 0.2
61,307.00 1.5 0.0 2.02 3;600.00 ClGNA COW
30350.00 SUPERGEN WC 3.58 108i574.77
749,52 1.08 706,389.00 17.0
2.9
3.5
1.2
2.6
1.5
3.5
2.9
4.2
1.6
1.8
0.9
1.8
INFORMATION TECHNOLOGY
850.00 APPLE COMPUTER 142.43
24.79
13.10
29.78
121,065.50
146.26 1.00
49,780.00
107208.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.2
0.0
3.9
0.0
136.08 115,664.10
WC
5,900.00 BROADCOM COW
3.800.00 EMC COW
29.75
15.32
29.17
175,55023
58.20297
105.025.97 3;600.00 HEWITT
ASSCCJATES WCCL
A
10,900.00 IDS UNIPHASE COW
12.700.00 MARVELL
12.46
12.71
135,842.71
161376.20
5.72
11.64
62,348.00
147,828.00
TECHNOLOGY
GROW
23.800.00 MICRON 6.71 159,615.88 5.06
23.77
19.72
9.41
120,428.00
175,898.00
66,062.00
73238.03
TECHNOLOGY WC
7,400.00 MICROSOFT COW.
33SO.W NETAPPWC
29.49
26.27
9.82
218.234.26
88,003.07
76.452.01 7583.00 TAIWAN
SEMICONDUCTOR
MFG
A
1,400.00 WARE WCCLASS 59.22 27.27 38,178.00 82,904.84
1376,872.24
~-
1.108294.53 26.6 0.6
UTILlTES
2.550.00 CALIFORNIA WATER 36.84 93,942.00 2.3 3.2 39.09 99.687.60
SERVICE GRF
8,100.00 NV ENERGY MC 10.79 87,399.00 2.1 3.7
181,341.00 4.4 3.4
10.22 82,769.25
182,456.85
~-
3,996,460.03 95.9 1.3 COMMON STOCK Total 4,684,753.95
14
ICC Capital Management
PORTFOLIO APPRAISAL
PALM BEACH GARDENS POLICE PENSION FUND GROWTH
June 30, 2009
Unit Total Market Pet Cur.
Assets Yield ~- Quantity Security Cost cost Price Value
TOTAL PORTFOLIO 4,854,246.12 4,165>5230 100.0 13
. '"'."him- !, 7 nnswlting
..
I .. -
PALM BEACH GARDENS
POLICE PENSION FUND
EXECUTIVE SUMMARY
JUNE 30,2009
Palm Beach Gardens Police Pension Fund
Executive Summay Reporr
P Table of Contents
SECTION
Market Snapshot
Index Comparisons
Compliance Report
Total Portfolio Pie Chart
Manager Pie Chart
Asset Allocation Table
Total Ranks Table
Manager Ranks
Scatterplot Graphs:
Total Fund Graph
Rhumbline Equities Graph
ICC Fixed income Graph
Beta Graph
Alpha Graph
Beta/Alpha Table
Batting Average Graph
Batting Average/R-Squared Table
Other Managers’ Page
PAGE
9
10
11
12
13
14
15
16
17
I I
2"QUARTER 2009 INDEXRETURNS
sa 500
QTR YTD
15.93% 3.16%
Major Economic Indicators
Russell IO00 Growth 16.32% 11.53%
S&P Mid-cau 400 18.75% 8.41%
Barclays Aggregate 1.79% 1.91%
Federal Reserve News
+ During the second quarter, the Federal Reserve Board kept the
primary discount rate at 0.50%. The primary discount rate is the
interest rate the Federal Reserve charges banks for short-tam loans.
+ The Federal Open Market Committee kept the target range for the
federal funds rate of 0.00% to 0.25%. The federal funds rate is the
interest rate banks charge each other for overnight loans.
+ The CPI-Urban/1982-84=100 (unadjusted) for the 12-month period
ended June 2009 decreased 1.4%. The seasonally adjusted annual
rate for the second quarter is 3.3%.
+ The Producer Price Index (PPI) for Finished Goods (seasonally
adjusted) rose 1.8% in June. For the 12-month period ended in June
the PPI (unadjusted) is 4.6%. Sector Trends
+ Real Gross Domestic Product (GDP) decreased at an annual rate of + Best Performing Sector: Financials increased 35.08% in the second
quarter. 5.5% for the first quarter of 2009. In the fourth quarter, real GDP
decreased 6.3%. + Worst Performing Sector: Telecommunications increased 1.90% in
the second quarter.
The seasonally adjusted unemployment rate is 9.5% in June compared
to 8.5% in March.
+ Source: Standard & Poors (Performance reflects Price Returns Only)
THISTLE ASSET CONSULTING
1321 Razz Delle Pallottole, Boynton Beach, Florida 33426
Phone: 561-737-3996 Facsimile: 561-737-6119
* Index Cornparikon
lune 30.2009
...... -31.35%EAFE '
-
w s
E G cy
-15.00 .............
-25.00 -. .......
Last 3 Years (Annualized) 3 Months Last 12 Months
Bardqr Gm/fmdit-lntennrdiate .ShPSW BBarclnyr Gou/Tmdil Bond
.Ruse11 IOWGmth BRurroll1WO Vdus BRurrell2WOGrmuth
BRursell 2wO Value rn Rurrell3WO BMSCI EAFE
Page 2
Palm Beach Gardens Police Pension Fund
Compliance Repon
lune 30.2009
ES N!2
15 r
TOTAL FUND
1. Did the total return over the trailing %year period, exceed the policy. which is comprised of 25%
WSW, 10% %P400,10% S&P600,10% RIOWG, 10% EAFE and 35% KGO [-1.84 vs. -2.631
2 Did the total return wer the trailing 3year period, rank in the top 50% of the Universe comprised of
25% Mobivs Broad Large Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Cap Growth 10%
International and 35% Broad Fixed? [15th]
assumption rate of return)? [-1.84 vs. 7.501
3. Did the total returnof the fund mer the trailing >year period equal or exceed 7.5% (actuarial r R
TOTAL EQUITY
1. Did the equity return over the trailing 3-year period, exceed the 38.4% s6rP 500,15.4% MrP 4W,15.4% G r S&P 600,15.4% RlWDG index and 15.4% EAFE? [-7.77 vs. -8.051
2. Did the equity return over the trailing 5-year period, exceed the 38.4% s6rP 5(x1,15.4% MrP aoO,15.4% G
MI’ 600, 15.4% RlOWG index and 15.4% EAFE? [-1.19 YS. -1.241
Did the equity return over the trailing 3year period, rank in the top 50% of the Mobius 38.4% Broad
Large Cap, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International
Universe? [SOth]
Did the equity return wer the trailing 5-year period, rank in the top 50% of the Mobius 38.4% Broad
Large Cap, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International
Universe? [54th]
Is the amount invested in any single surity less than or equal to 5% of the market value of the total
equity portfolio?
3.
4.
5.
r
6. Is the amount invested in any single industry less than or equal to 20% of the market value of the total G r equity portfolio?
FIXED INCOME - ICC CAPITAL
1. Did the fixed income return over the trailing 3-year period, exceed the BCGC? [5.77 YS. 6.431 r 15
2. Did the fixed income return over the trailing %year period, rank in the top 50% of the Mobius Broad
Fixed Income Universe? [Eth]
Did the fixed income return wer the trailing 5year period, exceed the KGC? 14.43 vs. 5.021
Did the fixed income return mer the trailing %year period, rank in the top 50% of the Mobius Broad
Fixed Income Universe? (18thI
3.
4.
P
W
5. Is the amount invested in any single security (with exception of U.S. Government and its agencies) less P than or equal to 5% of the market value of the total fixed income portfolio?
6. Is the minimum quality rating of the bond investments BBB horn Standard &Poor’s or BAA from
Mdy’s?(Lebman Brothers Bond BV $197,938; MV 530.500)
r
r
P
r
R
Palm Beach Gardens Police Pension Fund
Total Assets - June 30,2009 -
Eqrritres FucJ Iticonre Cadi
Pnge 4
Palm Beach Gardens Police Pension Fund
Total Assets
lune 30.200Y
ICC Fixed
43% \ Rhumbline SbPSOO, \ 19%
--- Rhumbline SbP400
8%
&. I
8%
Rhumbline S&P600
Intl. Equity
8% ICC Lg. Growth
14%
.Rhumbline SbP500 .Rhumbline SbP400 Rhumbline SbP600 mIntl. Equity .ICC Lg. Growth .ICC Fixed
Page 5
Palm Beach Gardens Police Pension Fund
Pedormance Evaluation Summary
June 30,2009
t
Manager Equities Fixed Income Cash Total % of Total
Rhumbline SBaP500 $5,331,000 $0 $0 $5,33 1,000 19.0%
Rhumbline SBaP400 $2,303,000 $0 $0 $2,303,000 8.2%
Rhumbline SBaP600 $2,322,000 $0 $0 $2,322,000 8.3%
Intl. Equity $2,068,000 $0 $0 $2,068,000 7.4%
ICC Lg. Growth $3,998,000 $0 $0 $3,~a,ooo 14.3%
ICC Fixed $0 $10,031,000 $1,932,000 $11,963,000 42.7%
Tobl $1 6,022,000 $10,031,000 $1,932,000 $27,9as,ooo 100.0%
.--I--------------- ---- ---- ------ --- -- ------- -----_____----_____-_________.__________--------------------------------------------------------------.
% of Total 57.3% 35.8% 6.9% 100.0%
Target % 60.0% 40.0% 0.0% 100.0%
Page 6
Palm Beach Gardens Police Pension Fund
Performance Evaluation Summary
June 30,2009
Current Fiscal Year
-r yrJ One Year Three Years Five Years - 2008 2007 - 2006 - 2005 - 2004
TOTAL FUND (Net of Fees)
Return 9.93% -5.25% -12.56% -1.84% 1.26% -13.73% 11.90% 6.71% 9.78% 8.97%
Ranking (7 96 6 25 15 20 56 32 47 31 60
Policy Return (‘9 12.71% -9.50% -15.66% -2.63% 1.10% -12.83% 12.98% 7.22% 10.33% 10.94%
TOTAL EQUlTlES
Return 17.80% -16.21% -25.94% -7.77% -1.19% -23.23% 17.99% 9.59% 15.33% 15.36%
Ranking (***) 11 83 98 80 54 100 7 21 20 15
Policy Return (38.4%S&P500,
15.4% S6P400. 15.4%S&P600,
15.4% R1000G, 15.4% EAFE) 18.79% -18.33% -26.65% -8.05% -1.24% -21.04% 17.05% 9.27% 16.00% 16.21%
TOTAL FIXED INCOME
Return 1.90% 7.91 % 4.41 % 5.77% 4.43%
Ranking (Broad Fixed) 70 9 25 15 18
Policy Return (BCAB) 1.79% 6.57% 6.06% 6.43% 5.02%
1.22% 4.98% 3.56% 3.36%
25 27 59 28
1.83%
75
3.66% 5.13% 3.67% 2.80% 3.68%
‘25% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Growth, 10% International, 35% Broad Fixed
** 25% S&P5OO,lO% S&P400,10% S&P600,10% RIOOOG, 10% EAFE, 35% BCAB
“‘38.4% Broad Large Cap Core, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth, 15.4% International
Gold iadicoles eqid te or beat the index, or in iipper40% ofuniverse
Red indicates bottom 40% of universe
Page 7
i"
Paln Beach Gardens Potice Pension Fund
Performance Evaluation Summary
June 30,2009
Cunent fiscal Year
2004 - OuartPr- One Year Three Years a - 2WR - 2W7 - 2006 - 2005
RHUMBLlNE 5bPPW EQUITY PORTFOLIO
Return 15.87% -25.32Q/o -7.92% -2.04% -21.72% 16.63% 70.88% 12.22% 13.84%
Ranking (Br.Lage Cap Core) 65 38 38 55 36 39 27 57 35
PoficY(SbP5W) 15.93% -26.22% -8.22% -2.24% -21.98% 16.44% 10.79% 12.25% 13.87%
RHUMBLINE SbP 4W EQUlTY PORTFOLIO
Return 18.66% -27.72% -7.38% 0.53% -16.54% 18.74% 6.60% 22.37% 17.62%
Ranking
15O%Bi.Lg.Cnpb5O%Br.Sm.Cq) 51 86 34 15 14 26 81 5 30
Policy (SbP 400) 18.75% -28.02% -7.54% 0.36% -16.68% 18.76% 6.56% 22.16% 17.55%
RHUMBLINE 5&F 6W EQUITY PORTFOLIO
&turn 20.81% -25.51% -9.34% -0.67% -13.M% 15.17% 7.61% 21.16% n/n
Ranking (Broad Small Chp) 51 69 60 57 22 51 52 32 rJn
Policy (SbP 600) 21.06% -25.31 % -9.57% -0.90% -13.83% 14.93% 7.16% 21.22% w/a
ICC LARGE C4P GROWTH EQUITY PORTFOLIO a a wr
Return 15.01% 15.7?% -3.84% -20.74% -30.79% n/a n/a % %
Ranking (Broad large Cq Grawth) 73 16 1 io 100 n/a n/a n/a n/a
Policy (RIOWGJ 16.32% 11.53% -13.89% -24.50% -20.88% n/n n/a n/n n/a
INTERNATlONAL EQUITY - I-Year &r
Return 25.01% -14.83% -31.41% -20.65% -29.10% 27.48% n/a n/a 40
Ranking (Intemtional Equity) 46 56 50 43 36 43 n/a n/a
Policy (MSCI EAFE) 25.85% -13.16% -30.96% -27.24% -30.12% 25.38% n/a n/a n/a
Gold iIdlnlh5 q'id lo 01 bat Ilrt iudm, or 1,) ~rppr 40% ofu,riwrw
Red indicates bottom 40% ofuniverse
Pnge 8
EXPLANATION OF RISWEWARD SCATTERPLOT GRAPHS
The crossing lines represent the 5-year return (horizontal line) and 5-year standard deviation or
volatility or risk (vertical line) of the index against which the Fund is being measured.
Each point represents the Fund's 5-year return (vertically) and standard deviation or volatility
(horizontally), relative to the index. If a point is in the southwest quadrant, for example, the 5-year
return of the Fund has been less than (below) the index line, and the 5-year standard deviation
(volatility) has also been less than (to the left on the index line.
There are fourpoints, one for each of the last four quarters. The earliest one is the smallest and the
quarterjust ended being the largest. Each point shows the 5-year relative position of the Fund
versus the index for that quarter. The movement of the points shows the trend, or direction, over
time.
As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher
return); the worst place to be is the southeast quadrant (more risk and a lower return).
Palm Beach Gardens Police Pension Fund
Total Fund Trailing 5-Years
(versus 25% S&P500,10% S&PW, 10% S&P@O, 10% RlWOG, 10% WE, 35% BCGC)
Tune 30,2009
0
-3
-3
A
Conservative
0
Risk (Difference in Standard Deviations)
I
Bad 1
3
Page 9
Palm Beach Gardens Poiice Pension Fund
Total EquityTraihng 5-Years
(versus 38.4% S&PMO, 15.4% S&P 400,15.4% S&P 600,15.4% R1W & 154% Intl.)
lune 30.2009
I I
I
0
A
Aggressiw I
!
I
I E .-
Bad
-3 0
Risk (Difference in Standard Deviations)
3
Page 10
Palm Beach Gardens Poiice Pension Fund
ICC Fixed Income Trailing Since Inception
(versus BCGC)
Good
June 30,2009
Aggressive 1
I Conservative
-3
-3
~ Bad ,
0
Risk (Difference in Standard Deviations)
3
1
Palm Beach Gardens Police Pension Fund
Beta: Trailing 5- Year Risk - ..
June 30,2009
I Jun-09 c
Mar-09
Der-08
Sep-08
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1 .oo 1.10
.Total Fund 8Large Cap OMid Cap OSmall Cap WICC Fixed 8International .Large Growth
Page 12
.. -- , . .. .. . . ... .. .. .. . ,.. ,.. . , . ,. j, +$. ... , ,.. . . . .....
PaIm Beach Gardens Police Pension Fund
Alpha: Trailing 5-Year Reward
lune 30.2009
TOTAL FUND & INDIVIDUAL MANAGERS
2.0%
0.0% /
-2.0% -/
-4.0% /
-6.0% -/
-8.0% -/
-10.0% -/
-12.0%
Jun-09 Mar-09 Dec-08 Sep-08
8 Total Fund 8 Large Cap 0 Mid Cap 0 Small Cap 8 ICC Fixed 8 International 8 Large Growth
Page 13
Palm Beach Gardens Police Pension Fund
AIpha & Beta: 5- Years Trailing (or Inception if Less)
rune 30, 2009
BETA
Current
& e hm DLY 08
Total Fund
Managers, Fixed Income
ICC Fixed
*
BCAB
0.76
q.93
0.76
0.88
0.80
".90
0.89
0.91
Managers, Equities
Large Cap S&P500 0.99 0.99 0.99 0.99
Mid Cap S&P400 0.99 0.99 0.99 0.99
Small Cap S&P600 0.99 0.99 0.99 0.99
International EAFE 0.41 0.32 0.37 0.47
Large Growth RlOOOG 1.07 1.10 1.04 1.24
ALPHA
* Total Fund 0.42% 0.45% 0.12% -0.40%
Managers, Fixed Income
ICC Fixed BCAB -0.25% 0.21% -0.27%
Managers, Equities
Large Cap S&P500 0.19% 0.17% 0.18%
Mid Cap S&P400 0.17% 0.15% 0.15%
Small Cap S&P600 0.22% 0.24% 0.24%
International EAFE -5.21 % -11.71% -9.28%
Large Growth RlOOOG 0.40% 0.02 -0.02
* 25% SbP500,10% SbP400,10% S&l'600,10% R1000G, 10% EAFE, 35% BCAB
-0.47%
0.14%
0.14%
0.23%
-1.89%
1
Palm Beach Gardens PoLice Pension Fund
Batting Average: 5-Years Trailing
lune 30,2009
100
75
50
25
1
TOTAL FUND &INDIVIDUAL MANAGERS
Jun-09 Mar-09 Dec-08 Sep-08
.Total Fund .Large Cap OMid Cap QSmall Cap mICC Fixed .International .Large Growth
Page 15
b Palm Beach Gardens Police Pension Fund
Batt%gAverage: 5-Years TraiIing (or Inception ifless)
Total Fund
Mangers, Fixed Inmtrrr
ICC Fixed
Current
polinr lun-09 Mar-09 - Dec-08 se0-08
35.00 40.00 35.00 30.00
BCAB 60.00 60.00 55.00 55.00
Mmgers, Equities
k?e Cup S&P500 70.00 75.00 75.00 70.00
Mid Cup S&P400 60.00 65.00 60.00 60.00
Small Cup W600 65.00 70.00 65.00 61.03
lntemntional EAFE 45.45 50.00 44.44 50.00
Large Growth Rl00OG 42.86 50.00 40.00 25.00
R-SQUARED
Total Fund 0.96 0.96 0.96 0.97 *
Manngm, Fixed Income
ICC Fixed BCAB
Mrmagers, €@ties
Large Cap S&P500
Small Cnp S&P600
htmtionnl EAFE
Large Growth RlOOOG
Mid Cap S&P400
0.77 0.76
1.00 1.00
1.00 1.00
1.00 1.00
0.33 0.22
0.87 0.85
0.78
1.00
1.00
1.00
0.25
0.81
* 25% S&P500,10% S&P400,10% SUP600,10% RIWOG, 10% EAFE, 35% BCAB
0.71
1.00
1.00
1.00
0.33
0.84
Pehmmce of Orher Managem
June 30,2009
CORE EQUITY
Atlanta Capital Management Co., LLC - High Quality Growth Plus -Gross Size 17.09 -16.02 -24.38 -4.31 -0.51 -1.14
Eagle Asset Management - Consematiw Large Cnp Equity - Gross Sue 21.03 -14.23 -20.01 -6.94 -1.43 1.59
1CC capltal Management, Inc - Core Value - Gross Size 17.05 -21.10 -26.27 -6.74 -0.65 0.96
Imremess Counsel - Miami Beah Fire & Police - Gross Sire (Equity Only)
INVESCO - Stnrctured Core Equity - Gross Size
1ronOnk Advisors - Large Grp Core - Gross Size 15.56 -16.86 -22.43 -8.01 -0.53 0.38
Madson Investment Advisors, Inc. - Large Grp Equity (lnstl) - Gross Sire 20.66 -15.61 -16.16 -5.12 -1.39 0.70
Rhumbline Advisers Colpmtion - RusEell 1OW Index Fund - Gross Sire
Rhumbline Advisers Corporation - S&P SW Index Fund - Gms Sire
Rokw lnmtment Management, Inc. - WPG Disc Equity Large Cap - Gross Size 15.39 -19.50 -25.94 -7.88 -1.20 -0.89
Voyageur Asset Management - Large Grp Core 12.20 -19.46 -25.35 -6.65 0.89 1.42
Russell 1000 16.50 -19.13 -26.69 -8.20 -1.65 -1.75
GROWTHEQUITY
QW MD IYr 3Yr 5Yr lOYr
13.39 -19.67 -24.06 4.36 0.50
SW 500 15.93 -19.47 -26.22 4.22 -2.24 -2.22
Allegiant Asset Management - Large Grpitaiization Growth Equih/ - Gross Size
Lk& Hamilton Jacks& & Associates - Quality Growth - Gross Sire
Dew Investment Advisors, LLC - Growth - Gross Size
ICC Capital Manapnent, Inc - Large Grp Growth Equity - Gross Siz
Montag & Caldwell, Inc. - Large Grp Growth - Gross Sire
CkkBrndi Investments, LLC - OakBrwk Select Equity - Gms Size
Rhumbline Admsen Corporation - Russell IOW Growth lndex Fund - Gross Sire
Smp Asset Management, LLC- Large Cap Growth Equity - Gross Size
Silrnnt capltal - Select LCG Stnck - Gmss Size
SIPCO - US. Gmwth Leaders - Gross Size
Stnte Street Glob01 Advisors - Active US. Large Cap Growth Strategy - Gross Size
Voyageur Asset Management, inc. -Large Grp Growth - Gross Sire
Russell 1wO Growth
14.04
14.46
14.03
15.36
11.45
12.88
19.39
10.30
15.04
16.32
-15.07
-14.34
-2.95
-13.00
-16.76
-24.11
-8.92
-19.69
-19.64
-13.89
-23.62
-29.64
-18.26
-21.00
-23.40
-22.94
-11.86
-28.11
-25.70
-24.50
-4.82
-6.49
-6.66
-0.64
-5.92
-2.94
0.45
-7.54
-8.37
-5.45
-1.29 -1.85
-1.03 1.69
-2.40
1.11 -0.86
-1.13 0.94
0.63
3.50
-1.80 -4.72
-3.87 -1.39
-1.82 -4.18
S&P soo/citigroup Growth 14.61 -14.23 -23.87 -5.05 -2.23 -3.80
Rhumbline hr,@ Cnp(FYE) 15.87 -19.08 -25.72 -7.92 -2.04 n/a
Rhumbline Mid CapfFYE) 18.66 -18.95 -27.n -7.38 0.53 n/a
Rhumbline Small Cap(FYE) 20.81 -24.48 -25.51 -9.34 -0.67 n/a
lntemntid Equily(FYE) 25.01 -14.83 -31.41 n/a n/a n/a
ICC hrp Growth(FYE) 15.01 -3.84 -20.74 n/n n/a n/a
,@WbW@ Page 17
Perfonnne of Other Mnnpgcrs
lune 30,2009
VALUE EQuITY
Qtr YTT) IYr 3Yr 5Yr 1OYr
13.84 -18.24 -24.45 -3.73 3.39 2.67 BRC InuPstment Management Large Cap Value - Gross Size
13.35 -16.60 -20.58 -7.38 -1.30 2.40 Buckhend Caprtnl Mmfagement - Value Equity - Low P/E - Gross Sire
10.04 -13.36 -34.65 -3.17 6.60 6.16 Cascade lmstment C~~nsel, LLC- Large Cap Value - Gross Size
14.70 -21.96 -26.93 -5.82 2.06 cohen & Stm Capital Mgmt., Inc. - Cohen & Steers Large Cnp Value - Gross Size
12.39 -18.44 -19.33 -5.00 -1.18 1.53 Crmufmdlmshnent Counsel, Inc. - Drmdend Gmwth - Gmss Size
26.88 -22.82 -24.05 -10.12 -23 2.86 &Prince, Race, Zollo, Inc. - Large Cnp Value Equity - Gmss Size
18.79 -22.77 -27.60 -7.66 0.53 0.50 Eagle Asset Management - Value - Institutional - Gross Size
17.05 -21.10 -26.27 -6.74 -0.65 0.96 ICC Capital Mnnngement, Inc - Core Value - Gmss Size
14.91 -19.68 -25.62 -6.14 2.31 1.48 Loomis, Sayles & Company, L.P. -Large Cap Value - Gross Size
13.15 -22.49 47.72 -9.11 -3.00 Missouri Valley Pmtnen - Lnrge Cap Value - Gross Size
24.03 -18.74 -30.20 -17.20 -7.44 -3.60 Oppenheimer Cnpital - Lnrge Cap Value - Gross Size
&mbline Admsen Cmporation - Russell IOW Value Index Fund ~ Gross Size
State Street Glotml Adviso~ -Active US. Large Cnp Value Strategy - Gmss Size 9.80 -19.17 -24.62 -9.15 -0.50 1.24
The Boston Compny Asset Mgmt,, LLC- US Large Cap Value Equity Management 16.91 -20.95 -27.98 -8.12 -1.05 0.30
ceredex Value Ad Large Cap Value 15.51 -16.24 -19.54 -5.57 0.95 1.31
Voyageur Asset Manngement, Inc. - Large Cap Value - Gross Size 13.45 -20.41 -25.64 -8.06 0.62 1.13
Westumod Mnnagement Colporation - LargeCnp Equity - Gross Size 12.68 -22.91 -29.09 -6.36 2.39 2.54
Russell 1wO Value 16.70 -24.41 -29.03 -11.11 -2.13 6.15
S%p sao/citig,roup Value 17.51 -24.90 -28.63 -11.51 -2.40 -1.27
MID-CAP EQUrry
Amnlgamnted Bank - Longview 4QO Midolp Index Fund - Gross Size 18.76 -19.23 -28.02 -7.52 0.38 4.62
Bni&mnrch Finand Mgmt., Inc. - US Mid Cnp S6P 400 - Gross Size 12.31 -20.05 -3506 -10.57 0.51 4.04
&ago Equity Pnrtxm, LLC - Mid Cap Core Equity - Gross Sire 18.86 -19.77 -31.86 -11.80 -2.38 4.01
oaksmk Investments, LLC - Enhnnced Mid* Strategy - Gross Sire
Rhumbline Advisers Cmpomtion - S&P 4W Index Fund - Gross Sire
Robew Investment Management, Inc. - BPAM Mid Cnp Value Equity- Gmss Sire 19.92 -13.19 -17.80 -2.70 3.70 5.82
Stnk Street Global Altvison - Mid Cap CoreStrnte~ ~ Gmss Size 12.26 -25.69 -35.55 -15.65 -3.49 2.80
Russell Midcap 20.80 -20.03 -30.36 -9.26 6.11 3.15
ICC large tinnuth(FYE) 15.01 -3.84 -20.74 n/a n/a n/a
@awwt-@
Performnnrr ofOtber Managen
lune 30,2w9
Qtr MD IYr 3Yr 5Yr lOYr
ALL CAP EQUITY
Adoanred Investment Partners - AllCnp - Gmss Siz 10.85 -20.52 -27.27 -9.25 -1.46 -0.50
BuckkadCnptial Management - All Cap - Gross Size 12.54 -22.38 -25.39 -7.61 -0.12
Dimnond Hill Cqitnf Mannpmt, lnc. - Dinmond Hill Select Equity - Gmss Size 19.38 -17.51 -23.83 -6.n 3.50
ICC Cnptal Management, Inc - Multi-Cap Eq. - Gross Size 20.85 -9.59 -11.89 -0.06 6.02 4.96
Intrepid Cnptal Mnnagement, Inc. - lnhppid Multi-@ Equity - Gmss 5iz 13.00 -8.10 -7.77 0.33 2.65 6.04
Oak Ridge Investments, LLC - A1 l-Clp - Gm Size 14.49 -14.89 -23.26 -5.75 0.73
Opnheimer Cnpital - Al 1 Cq Equity - Gross Size 20.40 -17.62 -28.26 -9.47 -1.52 3.29
Rockwcad cnpltd - Strategic Equity 8.51 -21.39 -31.19 -7.22 -0.08
Russell 3ooo 16.82 -19.54 -26.56 -8.35 -1.84 -1.46
Dow Jones Wilshire 5wo (Full Cap) 16111 -19.08 -26.12 -8.00 -1.47 -1.26
SMALL CAF' EQUITY
Atlanta Cnptal Management Co., LLC - High Quality Small Cnp - Gross Size 18.07 -12.13 -8.85 -0.64 4.63 7.60
ceredex - Value Ad Small Cap Value - Gross Size 14.82 -20.20 -16.24 -6.05 3.76 9.73
Eagle Asset Management - Small Cap Core. Instihrtional - Gross Sire 13.32 -22.24 -24.50 -5.93 2.06 9.96
GWCnptal, Inc. ~ Small Cap Value Equity - Gmss Size 25.08 -26.75 -29.33 -5.63 5.62 12.05
Intrepid Captal Management, Inc. - Intrepid Smafl Cap - Gmss Sire 18.11 5.43 8.75 8.15 7.36 10.18
Knyne Andmon Rudnick Invst. - Small Cap - Gmss Size 19.47 -17.04 -15.93 -4.72 0.89 5.55
Pzna InDestment Management, UC - Pzena Small Cnp Value Senrice - Gross 5,Le
Rhumbline Advisers Corporation - Russell 20W Index Fund - Gross Size
Srrmgrass Asset Mmagement, LLC- Sdl Cnp Gmwth Equity - Gross Size 9.94 -26.43 -36.90 -14.74 -5.97 -1.04
State Street Globnl Ad~isors - Small Cnp Equity Strategy - Gross Size 16.34 -31.63 -35.18 -18.68 -7.30 0.40
Sifwnt Cnptaf - Small Cnp Gmwth - Gross Size 19.09 -22.62 -29.24 -9.87 -1.83
Russell ZOO0 20.69 -24.17 -25.01 -9.89 -1.70 238
S&P SmalICap M)o 21.06 -24.67 -25.31 -9.57 4.90 4.74
REAL ESTATE (3/3#OW)
Am'm Realty Advisors - Cm Equity Red Estate-Sep. Acch. - Gmss Size
ASB Cnpital Management, lnc. - €6 Real Estate Fund - Gmss Sire -13.49 -19.02 -19.47 2.30 8.18 8.96
JPMorgm Asset Management - StraQic propertr Fund - Gmss Size -13.45 -20.96 -21.23 1.39 8.32 9.24
Principal Globaf Investors - Real Estate Core Pmpew - Gm Size -8.49 -16.30 -17.56 2.46 8.04 8-87 ~~ ..
Dow Jones Wilshire RElT Index 31.69 47.74 45.24 -19.68 -3.23 5.55
NCREIF Property Index
I"ATI0NAL EQUITY
&Prince. Race. Zollo, Inc. -International Equity- Gross Size 30.63 4.41 -22.80 -5.58 3.11 4.89
ICC Cnpital Management, Inc - Interntiad ADR Equity- Gross Size 25.45 -11.73 -24.21 -5.41 0.38 1.04
INVESCO - Intemationd Equity - Gross Size 25.62 -10.58 -24.52 -6.09 3.21 3.41 ~. oppenheimer Cnptaf - ln&ational Equity - Gmss Sire 24.08 -16.83 -36.44 -10.23 1.58 3.47
State Street Gl&l Advisors - MSCI EAFE Index Strategy - Gross Equal 25.51 -13.52 -31.26 -7.84 2.44 1.26 < :: The Boston Company Aswt Mgmt., LLC - Intemationd Core Equity Munagenrent 21.70 -18.58 -36.58 -11.52 1.63 4.47 i Wentworth, Hmcser and Violidi - WHV International Equity - Gms Size 26.70 -20.36 45.34 -1.39 14.44 13.98
, ,..- . pumbline Lnrp Cap(FYE) 15.87 -19.08 -25.72 -7.92 -2.04 n/a
Rhumbline Mid clp(FYE) 18.66 -18.95 -27.72 -7.38 0.53 n/n
20.81 -24.48 -25.51 -9.34 -0.67 Ma ' 'Rhumbline Small Cap(FYE)
.: International Equity(FYE) 25.01 -14.83 -31.41 n/a n/a n/a
ICC Lave Gmwth(FYE) 15.01 -3.84 -20.74 n/a n/a n/a
' Msamm 25.85 -13.16 -30.96 -7.51 279 1.59
Page 19
Peifonnsna of Other Mansgers
June 30,2009
Qtr YTD 1Yr 3Yr 5Yr lOYr
CORE FIXED INCOME
AtlmfUCnpt?lManapement Co, LLC-Hah GuabtvBmdMarket -GrossSzre 003 552 661 704 559 fi11
Demer Inistment Adoison - Core Bond &'t,koq~: - Gross Sire
€agk Asset Mnnngement - Core Fixed Institutional - Gross Size
Galliard orpltal Management - Broad Market Core Composite - Gross Sire
ICC C~pital Managemmt, Inc - Core Fixed Inconre - Gross Sire
Opphmer cnpltal - Fixed Income Aggregate - Gross Sire
Rockwmd Capftal - Core Bond- Gmss Size
Sawgrass Asset Management, LLC - Core Fixed Income - Gross Sire
Vqapr Asset Management, Inc. - Brwd Market Core - Gross Size
Bardays Aggregate Bond
Barclays Gov/Credit Bond
Allegiant Awt Manapment - Intermediate Gm't/Credit - Gmss Size
INTERMEDIATE FIXED INCOME
Buckad orpltal Management - Intermediate Fixed - Gross Size
Dm's Hamilton lackson & Associates - Intermediate Fixed Inconre - Gross Sire
Denver lnwstnmt Aduism - Internredate Fixed - Gross Sire
Eagk Asset Management - Institutional Conservatiue - Gross Size
Missouri Valley Partners - Intemdiate Gawnment,Credit Fixed Incm - Gross Size
Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size
Sit Inwstmmt Associates, Inc. -Intermediate coUt/Corp - Gross Size
1.13 6.03 5.90
1.35 5.97 5.35
1.91 6.73 3.94
2.03 9.38 5.88
1.74 4.67 3.59
2.42 10.05 8.60
5.77 5.09 4.20
1.79 6.57 6.06
1.86 7.01 5.26
2.16 8.04 6.65
2.63 8.14 7.50
3.56 8.80 7.05
1.60 5.32 5.38
0.95 7.20 6.93
0.49 7.33 7.89
1.50 8.85 7.21
6.60 4.17 3.95
~ . .~
6.43 5.13 6.39
6.73 5.03 5.88
5.48 4.36 5.57
7.13 5.44 6.18
5.63 4.30 5.38
7.22 5.60 6.35
4.56 4.01 5.43
6.43 5.02 5.98
6.17 4.0 5.94
6.83 5.13 5.89
7.28
7.40 5.58 6.18
6.15 5.02 6.01
7.09 5.10 5.85
7.52 5.43
6.81 5.11 5.85
4.91 4.21 5.49
4.40 3.99 2.68 3.89 3.36 5.22 Voyageur Asset Mmagement, Inc. - Intermediate Core - Gross Size
Barclays Gw/Gedit-Intermediate 1.67 6.54 5.27 6.14 4.58 5.66 Your Fixed Income 1.90 7.91 4.41 5.77 4.43 5.51
Page20
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