HomeMy WebLinkAboutAgenda Fire Pension 0921091 THE RESOURCE CENTERS, LLC
4360 Northlake Boulevard, Suite 206 *:* Palm Beach Gardens, FL 33410
Phone (561) 624-3277 0% Fax (561) 624-3278 *% WWW.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS’
PENSION FUND
Meeting of Monday, September 21, 2009
Location: Council Chambers, Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 3341 0
Time: 9:00 A.M.
AGENDA
1. Call Meeting to Order
2. Minutes of Meeting Held July 20,2009
3. Investment Monitor Report: Bogdahn Consulting
4. Attorney Report: Ken Harrison
5. Administrative Report: Margie Adcock
Disbursements
6. Other Business
7. Schedule Next Meeting: Monday, November 16,2009 at 9:00 A.M.
8. Adjourn
Reappointment of Rick Rhodes
PLEASE NOTE:
Should any interested paw seek to appeal any decision made by the Board WiM respect to any matter
considered ai such meeting or hearing, he Will need a record d the proceedings, and for such purpose he
may need to insure that a verbatim record of the proceedings is made, which record indudes the testimony
and evidence upon which the appeal is to he based. In accordance with the Americans Wth Disabilities Act
of 1990 persons needing a special ammmodation to partiapate in this meeting should contact The
Resource Centers, LLC no later than four days prior to the meeting.
PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND
MINUTES OF MEETING HELD
July 20,2009
A meeting of the Board of Trustees was called to order at 9:00 A.M. at Council
Chambers, Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES OTHERS
Tom Murphy
Rick Rhodes
Ed Morejon
Roy OIliff
Margie Adcock, Administrator
Bob Sugarman, Attorney
Mr. Morejon stated that Mr. Hitchins mentioned to him a couple weeks ago that he could no
longer be a part of the Board as he was having scheduling problems. It was noted that Mr.
Hitchins had not submitted a resignation letter as of yet. It was noted that his term was up
October 1.2009.
MINUTES
The Board reviewed the minutes of the meeting held May 18,2009. A motion was made,
seconded and carried 4-0 to accept the minutes of the meeting held May 18,2009.
ATTORNEY REPORT
Mr. Sugarman discussed the progress with TALF. He stated that Mr. Bogdahn did a fine
job of getting all of the pension attorneys in the State together to try and make it work.
After a long effort, they were unable to get the necessary protections in the contract with
PIMCO because PIMCO would not agree to fiduciary duty to the same extent the other
investment managers have. Mr. Sugarman stated that it seemed to him that the
attractiveness of the investments in TALF has seemed to diminish.
Mr. Sugarman provided a proposed Ordinance. He discussed the changes to the Florida
Statutes such as the divestiture in certain securities and changes related to the joint
annuitants. It was also noted that trustee terms could be increased from two years to four
years. There was discussion on the advantages and disadvantages of increasing the trustee
terms. A motion was made, seconded and carried 4-0 to seek to increase the trustee terms
from two to four years. It was noted that the law changed to increase the exposure in
international investments to 25%. It was noted that Mr. Bogdahn had recommended
increasing the allocation to international once available. It was noted that the PPA
permitted retirees who purchase health insurance from the City or Union to be able to
deduct up to $3,000 a year from taxable income. The State took out the requirement that
the insurance had to be bought from the City or Union. Mr. Sugarman stated that all of
the changes in the law are reflected in the proposed Ordinance. The proposed Ordinance
also provides for a DROP account investment option of a 3% fixed versus the variable
amount. Mr. Morejon asked if the distribution of the 50% of the Share Account upon
request had to be in the Ordinance. Mr. Sugarman stated that it did not need to be in the
Ordinance as it is a Policy of the Board. There was further discussion on the proposed
Ordinance. A motion was made, seconded and carried 4-0 to approve the proposed
Ordinance as presented.
2
Chief Bergel appeared before the Board. He discussed the issue of communication
regarding his being in the DROP. He stated that he had not received anything in writing
advising that he was actually in the DROP or what his interest earnings were. Ms.
Adcock advised that Mr. Bergel made his benefit election for the DROP and understood
he had a copy of that. It was noted that the Board had originally decided to do annual
DROP statements in conjunction with the Share Account statements. There was further
discussion. A motion was made, seconded and carried 4-0 to authorize the Actuary to
prepare quarterly DROP statements and authorize the Administrator to obtain information
from the Custodian on the money market account.
Mr. Sugarman reported on the changes in the IRS federal withholding and the effect of
that on retirees. He stated that some retirees might find that they have under withheld at
the end of the year. He stated that the Board could do nothing; take away what was
given in April; or notify the retirees of the increase.. A motion was made, seconded and
carried 4-0 to notify the retirees of the possible under withholding if the Custodian has
not done so already.
Mr. Morejon discussed the attendance of the Investment Monitor. He stated that when the
Board meetings were changed to bimonthly meetings, the Board was put in a situation
where the Investment Monitor is not always present at the meetings. He stated that he
thinks Mr. Bogdahn is an important part of the team and needs to be at all of the
meetings. It was noted that there is an extra $300 per meeting charge for meetings beyond
one in a quarter. A motion was made, seconded and carried 4-0 to have the Investment
Monitor attend all meetings and pay the additional charge if necessary.
flMINISTRATIVE. REPORT
Ms. Adcock presented the list of disbursements to be made.
seconded and carried 4-0 to approve the disbursements listed.
It was noted that Mr. Rhodes used the web to obtain a lower rate on a hotel reservation
than was available if dealing with the hotel directly using the conference discount.
However, taxes were charged through the web. Mr. Sugarman stated that it was
acceptable to pay taxes going through the web as long as the amount of the bill is lower
than booking through the hotel directly.
There was discussion on the City Trustee terms, which are due to expire on October 1,
2009. A motion was made, seconded and carried 4-0 to recommend that City Council
reappoint Tom Murphy for another two year term commencing upon expiration of his
current term.
A motion was made,
OTHER BUSINESS
There being no further business, the meeting adjourned.
Respectfully submitted,
Tom Murphy, Secretary
September 8,2009
Ms. Margaret M. Adcock
Administrator
Tegrit Plan Administrators, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Re: Actuarial Impact of Allowing Retirees to Change Joint Annuitants or Beneficiaries for
Palm Beach Gardens Firefighters Pension Fund
Dear Ms. Adcock:
Recent amendments to Chapters 175 and 185, Florida Statutes require retirement plans
covering firefighters or police officers in Florida to allow retirees to change joint annuitants or
beneficiaries up to two times after benefits have commenced. The changes must be permitted
without requiring proof of good health of the joint annuitant or beneficiary being removed, and
the joint annuitant or beneficiary need not be living.
It should be noted that, while the change of joint annuitants can be made without providing
proof of health, it appears that the calculation of the new benefit amount may reflect health.
Concern
This provision will open the door to what is referred to as “anti-selection”. For example if the
retiree’s joint annuitant becomes terminally ill, the retiree could make a change to name a
healthy joint annuitant. This change would increase the liability of the plan unless the shorter
expected lifetime of the first joint annuitant is taken into account when calculating the amount
of the new joint and survivor pension.
Alternatives
The anticipated cost of this provision can be handled at the plan level or at the retiree level. If
the cost is to be handled at the retiree level, the procedure should be described in the ordinance.
One approach would be to assume both the retiree and the joint annuitant are 5 years older than
their actual ages, unless one or both provide documentation to the board establishing good
health.
If there is no provision in the ordinance that passes the cost along to the retiree, then the cost of
the plan should be expected to increase. The actuary should include an actuarial assumption to
anticipate the cost of anti-selection. The actual cost should then be tracked if possible so the
assumption can be revised accordingly.
Ms. Margaret M. Adcock
September 8,2009
Page 2
Action
The Board should discuss this situation with legal counsel. When this plan provision is
included in an ordinance, we would expect the impact statement to show no cost if the
anticipated anti-selection cost is being passed along to the retiree through recognition of health
status. Otherwise we would expect an actuarial cost due to anti-selection to be associated with
making this change.
As indicated below, the undersigned is a Member of the Society of Actuaries (SOA) and meets the
Qualification Standards of the American Academy of Actuaries to render the actuarial opinion herein.
We welcome your questions and comments.
Sincerely,
Brad L. Armstrong, ASA, EA, MAAA
BLA:mrb
cc: Bobsugarman
PALM BEACH GARDENS FIREFIGHTERS'
PENSION FUND
Meeting of September 21,2009
Name
Evan Bestland Years Of Credited Service: 27.8556 Years
Total Monthly Benefit: $9,108.54
Effective Date: July I, 2009
Type Of Benefit: Normal Retirement
Form Of Benefit: SO'% Joint and Survivor Annuity
Action:
(Chairman) (Secretary)
ClW Of Palm Beach Gardens Finflahten' Pension Fund
ACNARTS REPORT ON MEMBER'S RETREYEN1 BENEFIT
Complete mmms 01 Crediled Service earned afler Normal Retirement eligibil ly
MaximLm Pariia Lump Sum Distnbution (PLS)
I. INFORMATION SUBMITTED TO ACTUARY
34
$319,590 82
Estimale
Memteh Name: Evan BeSlland Soc.Sec. No. - E X Final
Regular For life of member Aith 10 Year Guaranteed
For life of member
STRAIGHT LIFE
400% SURVIVOR
Benendary: Sonia M. Harms
Relationship: Spouse Soc.Sec. No. N/A
CREDITED
MEMBERS DATE OF SERVICE RETIREMENT
BIRTHDAY SEX 27 Years DATE 1 6/8/2009 1
TYPE OF RETIREMENT
[ 10110/1961 I Male I
BENEFICIARY3 ACCUMULATED AVERAGE NON-DUN DEATH
BIRTHDAY SEX CONTRIBS. FINAL COMP. DUTY DEATH
NON-DUTY DiSAElLlTY
DUTY DISABILITY
DEFERRED
9/5/1959 I Female I I S 63.964.99] I $ 134.972.83 I
MYYEHTS:
BY
CnyofPalrn BuSh~~,FinfiphOm'PmlbnFund DATE
$9.399.73 $7.070.92
9.491 76 7.140.15
. ACTUARYS REPORT
. .~~
For life of member
100% potential lo eligible (leneficiary
Benefit Rale:
Credited Service: 27.8556 years
Factor:
3.00% per year of Credited Service.
0.03 x 27.8556 = 0.8357
Annual
8.755 06 6.585.97
8,755 06 6.585.97
Pension Monlhly Pension
IFACTOR X AF.C. 0.8357 X $ 134.972.83 = I I 112.796.79 I $9.399.73 I
75% SURVIVOR
For life of member 8.928 30 6.716.29
BENEFIT OPTIONS MONTHLY PENSION
WOPLS MPLS
[STANDARD FORM I I
-- ,. . . . . - . .
For life Of member
50% potential to eligible benefidary
9,108.54 6.851.87
4.554.27 3.425.94
COMMENTS
By: GABRIEL ROEDER SMITH &COMPANY Ivu2wo
OAT€
Palm Beach Gardens Firefighters' Pension Fund
Participant: Evan Bestland
First, check if you are electing the Partial
Lump Sum Distribution Option:
-Yes /No
Second, check the form of benefit option
you want below:
STANDARD FORM OF ANNUITY: This option provides a monthly
payment to you as long as you live, with I20 monthly payments guaranteed.
If you should die before 120 monthly payments have been made, the Same
amount will continue to be paid to your beneficiary until a total of 120
monthly payments have been made in all.
OPTIONAL FORMS OF RETIREMENT INCOME
STRAIGHT LIFE ONLY ANNUITY: This option provides a monthly
payment to you as long as you live. At the time of your death all monthly
payments will cease.
100% JOINT AND SURVIVOR ANNUITY: This option provides a
monthly payment to you as long as you are living. After your death, your
beneficiary, if still living, will receive monthly payments of the Same
amount for the rest of their life.
75% JOINT AND SURVIVOR ANNUITY: This option provides a
monthly payment to you as long as you are living. After your death, your
beneficiary, if still living, will receive 75% of the monthly payment for the
rest of their life.
66 2/3% JOINT AND SURVIVOR ANNUITY: This option provides a
monthly payment to you as long as you are living. After your death, your
beneficiary, if still living, will receive 66 2/3% of the monthly payment for
the rest of their life.
50% JOINT AND SURVIVOR ANNUITY: This option provides a
monthly payment to you as long as you are living. After your death, your
beneficiary, if still living, will receive 50% of the monthly payment for the
rest of their life.
J
c-
(Name: Please Print)
Richard C. Hitchins
325 S. Olive Avenue
West Palm Beach, FL 33401
(561) 832-8833
June 30,2009
Ms. Donna Cannon
Municipal Services Coordinator
City of Palm Beach Gardens
10500 N. Military Trail
Palm Beach Gardens, Florida 33410
Re: Resignation from Palm Beach Gardens Firefighters’ Pension Board
Dear Ms. Cannon:
Please accept this letter as formal notification of my resignation from the Palm
Beach Garden’s Firefighters’ Pension Board.
With kindest regards,
Richard C. Hitchins, CPA. MBA, CFP@
President
i; 0
m m
SHEPHERD FINKELMAN MILLER & SHAH LLP
The City of Palm Beach Gardens Firefighters’
Pension Fund
Monitoring Report
September 2009
SHEPHERD FINKELMAN MILLER & SHAH LLP
Attorneys at Law
I. UPDATE ON NEW SECURITIES CLASS ACTIONS
Textron, Inc.
Class Period: July 17,2007 -January 29,2009
Lead Plaintiff Motion Due: October 13,2009
Estimated Class Period Loss: no recognizable loss (sold all during class period)
Description of Lawsuit:
A class action has been commenced on behalf of an institutional investor in the United
States District Court for the District of Mode Island on behalf of purchasers of Textron
Inc. (“Textron” or the “Company”) (NYSE:TXT) securities between July 17,2007 and
January 29,2009 (the “Class Period”).
The complaint alleges that, during the Class Period, defendants made materially false and
misleading statements concerning Textron’s stability and profitability by repeatedly
publicizing record “backlogs” of unfilled customer orders for aircraft generated primarily
by Cessna and by making positive statements about the Company’s finance segment. As
alleged in the complaint, these statements were materially false and misleading because
defendants misrepresented and/or failed to disclose the following adverse facts, among
others: (i) that Textron was accepting orders for business jets from a growing number of
customers that were mere startup andor financially distressed fleet operators who neither
intended nor possessed the financial resources to pay for or take delivery of aircraft
during 2008-09 and beyond, which materially inflated Textron’s “backlog” of unfilled
orders for the Company’s Cessna segment, which in turn materially overstated the
Company’s current financial condition and future prospects; (ii) that hundreds of orders
reported as “backlog” at Cessna for future business-jet production were subject to
deferral and cancellation causing the Company to overstate its projected fiscal 2008-09
business-jet production and to initiate costly production cutbacks and worker reduction
programs, which eroded Textron’s revenues and earnings; (iii) that the Company’s
Finance segment had incurred material losses in the fair market value of its finance
receivables and other financial assets, and these unrealized market losses were omitted
from or misrepresented in the Company’s periodic reports of earnings and income; and
(iv) that Textron’s credit ratings were deteriorating in light of its Finance segment’s
losses and the additional debt the Company would incur in connection with its Finance
segment’s distressed asset base.
On January 29,2009, the last day of the Class Period, Textron announced that an
estimated $30 million of the $65 million in “restructuring” costs would be incurred by the
Company’s Cessna segment due to production cutbacks and worker layoffs phnned for
the first quarter of 2009. After this announcement, Textron common stock traded to a
new low of $8.83 per share before closing at $9.05 per share on volume of more than 26
million shares, a one day decline of $4.19, or 31%.
Shepherd Finkelman Miller & Shah’s Recommendation: Because the fund sold all of
the shares that it purchased during the class period we recommend that you take no action
at this time.
I. UPDATE ON NEW SECURITIES CLASS ACTIONS
Immucor, Inc.
Class Period: October 19,2005 - April 23,2009
Lead Plaintiff Motion Due: October 27,2009
Estimated Class Period Loss: $6500
Description of Lawsuit:
A class action has been commenced on behalf of an institutional investor in the United
States District Court for the Northern District of Georgia on behalf of purchasers of
Immucor, Inc. (“Immucor”) (NASDAQ:BLUD) publicly traded securities during the
period between October 19,2005 and April 23,2009 (the “Class Period”).
The complaint charges Immucor and certain of its officers and directors with violations
of the Securities Exchange Act of 1934. Immucor develops, manufactures and sells a
complete line of reagents and automated systems used primarily by hospitals, clinical
laboratories and blood banks in a number of tests performed to detect and identify certain
properties of the cell and serum components of human blood prior to blood transfusion.
The complaint alleges that during the Class Period, defendants materially misrepresented
the Company’s business operations. Specifically, defendants failed to disclose that
Immucor was operating in violation of the federal antitrust laws of the United States.
The complaint further alleges that on April 24,2009, the Company issued a press release,
which stated in part: “Immucor, Inc., a global leader in providing automated instmment-
reagent systems to the blood transhsion industry, today announced that it received a
subpoena from the United States Department of Justice, Antitrust Division, requesting
documents for the period beginning September 1, 2000 through the present, pertaining to
an investigation of possible violations of the federal criminal antitrust laws in the blood
reagents industry. Immucor intends to fully cooperate with the investigation.”
As a result of this disclosure, Immucor’s closing stock price dropped from $20.98 on
April 23,2009 to $15.35 the next trading day. This decrease in Immucor’s stock price
was a result of the artificial inflation caused by defendants’ misleading statements
coming out of the stock price.
Shepherd Finkelman Miller & Shah’s Recommendation: Because the fund has
relatively small losses, we recommend that you take no action at this time.
11. UPDATE ON SETTLED CLASS ACTIONS!!
We have not identified any purchases by your plan in recently settled cases
Our records are limited to a more recent time period, so therefore we are actions.
enclosing a list of settled cases to forward to your custodial bank.
................ .. - ..... .
Proofof I Class , Class
Claim ; Period Period : Total
I .of Funds I
Stock Ticker Deadline Start End I Settlement
i
~ --/
.Align
Technology. ALGN 9/25/2009 922.2006 9:22.2006 $2,977,840
Inc.
@SG i10/21/20091 5/25/2004 2/22/2005 $2,700,000 Applied Signal
I __- ~
I_ Technology I I i Barrick con, Gold bX 110/23/20091 2/14/2002[ 9/26/2002; $24,000,000
... l~ .......... ."~ ........ . ......I ... ,.~. .................
Beazer Homes lBZA
U.S.A. ~ i ... .-
i 9/14/2009! 7/27/20061 3/27/2007; $30,500,000:
......... ... ...
$BND ~ 9/25/2009! 3/15/2007 9/28/2007, SI 1,000,000 Big Band
Networks. Inc.
112/17/200911 O/ 131 1998 5/23/200 1 $45,000 000, ConAgra Foods ,CAG
lnc
7/9/20061 $12,750,000/ - I
I
Connectics
Dura
corp. I
Pharmaceuticalshot Available/ll/l2/2009( 4/15/1997/ 2/24/199% $14,000,000' ! i I I
I I .. ...................... " ....................... " ......... I Inc.
ECtel, Ltd. IECTY .............. ! l0/17/09f 4/24/2001 ~ 4/24/2003: $750,000:
~ ~. ....
iHA 9/3/2009' 6/27/2002 6/27/2008 $2,470,47 1 Hawaiian
Airlines ISec)
! Management !
Solutions
Group, Inc. j
IPO Securities
.(Master Case):!
- ......... .........
I
- Aclara , *CLA
Biosciences, Inc
-Agency.com LTD/ ACOM
-.Agile Software AGIL I
corp. I
~
-Agilent I ANCC
Technologies Inc.
2/10/200 - -__ -
5/11/1998
3/20/2000
.. .. ...
12/6/2000 !$586,000,000!
I
12/6/2000
12/8/1999 6/28/2001
8/19/1999 j 12/6/2000
11/17/1999 12/6/2000
i ....... .- .................
. . . . . . . . . . .. .. .. . ..
-Airnet A
Communications ~
COT.
I
-Airspan ' AIRN
Networks. Inc. ~
-Akamai ' AKAM
Technologies, Inc. I
-AlamosaPCS ,
Holdings, Inc. !
-Alloy Online. Inc. ALOY
-Antigenics, Inc. ~ AGEN
-Anba, Inc. ARBA
-Ashford coin ASFD
-Asia Info Hds , ASIA
Inc
-Ask Jeeves, Inc-2
-Aspect Medical
Systems, Inc
-Audible, Inc
-Autobyte1 corn
-Autoweb corn
Inc
-Avanex COT
-Avantgo, Inc
-Avenue A, Inc.
-Avici Systems,
Inc
-Backweb
Technologies Ltd
ASKJ
ASPM
ADBL
ABTL
AWEB
AVNX
AVGO
AVEA
AVCI
BWEB
-BlueMartin1 BLUE
Software Inc. , i -BookharnTech. ~ BKHM PLC i
EPAY -Bottomllne
Technologies, Inc I
-Braun Consulting ~ BRNC
-Breakaway ~ BWAY
I
Solutions Inc 1
. . . -.-..-- -,...
! 12/6/1999 12/6/2000
711 912000 12/6/2000
' IO 2811999 6/29/2001
2/3/2000 12n6j2000
51 I4/l999
2/3/2000
6/23/1999
9/22/1999
3/2/2000
6\30; 1 999
1/28/2000
7\16/1999
3/25/1999
1216 2000
12/6/2000
3/22/2001
12/06/2000
12/06/2000
12/0682000
12/06/2000
611 112001
12/6/2000
3/22/1999 12/6/2000
2/3/2000
912712000
2/28/2000
7/27/2000
61811999
7\24/2000
411 112000
I 2/12/1999 I
I 811011999
I 101511999
12/6/2000
12/6/2000
6/14/200 I
612 11200 1
12/6/2000
7/9/2001
12/6/2000
12/6/2000
12/6/2000
12/6/2000
. . . .. ...~ . . -Bsquare ; BSQR
Corporation
-Buy.ComInc. ~ BUYX
-Cache Flow, Inc. , CFLO
-Caldera Int'l, Inc. CALD
-Calico Commerce, CLIC
Inc. ~
1 1
-Caliper CALP
Technoligies, Inc.
-Capstone Turbine ' CPST
Corp.
! -Centra Software, ' CTRA
Inc.
-Chartered Semi i CHRT
Conductor Manu.,
Ltd.
-Choice One CWON
Communications, !
Inc. i
Chordiant j CHRE
Software, Inc. :
-Click Commerce, I CKCM
Inc.
-Cobalt Networks i COBT
Inc.
I -CommerceOne, j CMRC !
Inc.
-Concur ' CNQR ~
I ~
Technologies, Inc.
-Copper Mountain ~ CMTM ! ~
Networks, 1nc.-2 I i
-Coria, Inc. i CMO ~
-Cosine i COSN j
Communications.
Inc.
-Cybersource
corp
-Daleen Systems,
Inc
-Data Return Corp
-Delano Tech
corp
CYBS
DALN
DRTN
DTEC
. ..... I'iOii9/i999 , 12/6/2000
2/7/2000
~ 11/18/1999
12/6/2000
12/6/2000
312 1,2000 12'6/2000
10/06/1999 3/23/2001
12'1 4'1999 12/6/2000
i
6/28/2000 12/6/2000
2/3/2000
j 1012911999
~
! i
~ 2/16/2000
211 412000
6/26/2000
1 11/04/1999
i j 7/1/1999
I
12/16/1998
i
12/6/2000
12/6/2000
12/6/2000
12'612000
12/6/2000
12/6/2000
611 512001
12/6/2000
1 1 5/12/1999 ' 12/6/2000 '
1 712012000
9/26/2000
12/6/2000 ,
12/6/2000
6/23/1999
9/30/1999
1012711999
2/8/2000
12/6/2000
12/6/2000
12/6/2000
12/6/2000
-Deltathree
-Digital Impact
Inc.
-Digital Insight
.._ -
DDDC
DIG1
DGIN
Corp.
-Digital River Inc.
-Digital Think, Inc.
-Digitas, Inc.
-Diversa Corp. ~
-E.Piphany Inc.
-eBenx, Inc. I
-EGain I
Communications ~
-Engage
Technologies, Inc.
-Equinix Inc.
-Evolve Software
Inc. I
-Exchange !
Applications Inc.-2i
-EXFO Electro
Optical
Engineering Inc. I
i
-Expedia. Inc.
-Extensity Inc. '
-Extreme Networks
Inc.
-F5 Networks Inc. 1
I
~
i
DRIV
DTHK
DTAS
DVSA
EPNY
EBNX
EGAN
ENGA
EQIX
EVLV
EXAP
EXFO
EXPE
EXTN
EXTR
FFIV
i -FairmarketInc. FAIM I
-FinisarCorp. ' FNSR I !
............ ..................
...... 1 . 9;l 8/200l ... IT -. Group, . - ....... Inc. ." IITXG . .~.r
Marvel1 MRVL ;12/18/200!
Technology
.. Group, Ltd. .- ....... ..__I_ .....
MBNA COT. XRB-D i 9/22/200!
1 I 22 1999 6~12 2001
11t2211999 12/6/2000
913011999 1216/2000
I
:KRB-E 1 *-- -. .-.-.-I____.___ .. ___- Memll Lynch MERPRH I 9/9/200!
& Co., Inc. MERPRI
i
i 8/11/1998
i
i 2/24/2000
3/13!2000
2/14/2000
9/21/1999
1 121911999
j 9/23/1999
I
!
I
!
~
?/I911999
8/10/2000
I 8/9/2000
i i 12/9/1998
j 6/29/2000
6/3/2000
1/26/2000
4/8/1999
6/4/1999
3/14/2000
1 111 711 999
12/6/2000
12/6/2000
6/26 2001
12/6/2000
12/6/2000
12/6/2000
12/6/2000
12/6/2000
12/6/2000
12/612000
12/6/2000
12/6/2000
12/6'2000
121612000
12/6/2000
12/6/2000
12/6/2000
12/6~2000
.................. .T ....... , 0/21/1998' 111 5~002' ij:4oO.oo$ -_ I/
!/27/2003 ~ 10/2/2006! $72,000,000
I
/20/2005T- i - 472 i-/20-o-5-; '$2-5,000, ooo'
MERPRJ
..... 7 ...... .... ... .MERPRL :
MER
MERPRK
!MERPRM ~
'MERPRD
MEWRE ~
i
!
I hERPRP i i
:MERPRF ..... ...... .. ........ __ ..........
Michael Baker 'BKR 9/11/2009' 311 912007 2/22/2008 S4,500,000
Gorp
Motive, Inc. MOTV.PK, "12/2/2009i 6/24/2004110/26/2005 $995,000
... Orbcomm, -. ... - .......... Inc iORBC ' ~11~12/2009; 1 1/3/2006; 8/14/2007, $2,450,0001
Peregrine 'PRGN 10/09/2009' 712211 999: 5/3/2002 $61,275,000
Systems, Inc. i
(Settled i
partially 2nd !
Pow&&e ,PWAV 11/4/2009 5/2/2005 i ijiiiOO6 ' $?,I 50,000
.- ... ......
1
~
! .... ...... ..................... Part)
Technologies, ~
Inc.
Presstek. Inc. .. , kRST ............... .......I ~ ............... 9/28/2009; '7/27/2006! 9/28/2006, '$1,250,O0Oi
Prestige Brands .PBH
..................... .............
,l 1/16/200$r -..2/9i2005il. i;i.5;2005~.-s.i.i.;oo~,oo~'
~
! I Holdings, Inc. ~ i i !
Raytheon ;RTN 9/24/2009/ 1/26/1998i 2/22/2000. ~14,700,000
Stone and /sw 9/1 1/2009T '4;27T1999] 4/yg/2(jo0~'- $6,50b,000'
..... .... -_--__ ~-..~ ..__.____ .
Company (Sec) ......................... _.
Corporation ~ i i
.... .- .......... ... I
TVI Pacific, ,TVPF 1/18/20101 3/30/20~~-~~8/9/2007~~ jl,846,410
! ........ Inc.
TVI Pacific, TVPF 1/18/20101 3/30/20061 8/9/2007: $1,8 18,390
Inc.
Cosmetics & i
.............................. .........
! .......
! i
! Fragrance, Inc. .................... ~. UTStarcom, VTSI jio/2mo09/ 9j4i2002I 7/24/2007! $S,soo,ooo
Inc. ! 1 I i
Valueclick, VCLK 1 ii/9/2009i '6/I3/2605i 7/27/2007' Si0,000,000
Inc. ! i ...... ..... ... i I ......
SHEPHERD FINKELMAN MILLER & SHAH LLP
The City of Palm Beach Gardens Firefighters’
Pension Fund
M o n i to r i n g Report
August 2009
SHEPHERD FINKELMAN MILLER & SHAH LLP
Attorneys at Law
I. UPDATE ON NEW SECURITIES CLASS ACTIONS!!
We have not identified any purchases by your plan in newly filed securities cases
during the putative class periods.
11. UPDATE ON SETTLED CLASS ACTIONS!!
We have not identified any purchases by your plan in recently settled cases
Our records are limited to a more recent time period, so therefore we are actions.
enclosing a list of settled cases to forward to your custodial bank.
... ........
Proof of Class Class
Claim Period ' Period Total
Stock Ticker , Deadline ! Start End , Settlement
AIl!Jl
Technology, ALGN
Inc.
Applied Signal
Technology
Basin Water,
Inc.
BeazerHomes :
U.S.A.
... ..............
APSG
DWTR
.............
! , ~- ................
iBZA
~~ .....................
$BND Big Band
Networks, Inc. ~ .. . - ......
BPPrudhoe ~
Bay Royalty bPT
Trust
Collins &
Aikman :CKC i Corporation ~
!
....
......
9/25/2009 9/22/2006 9/22/2006 $2,977,840
........................ . .
0/21/2009 5/25/2004 2/22/2005 $2,700,000
8/4/2009, 5/14/2007.11/13/2007, $7,000,000
9/14/2009 7/27/2006 3/27/2007 $30,500,000
9/25/2009 311 512007 9/28/2007 $1 1,000,000
.... ........... .
.. ......... ...
.........................................
.................. ..........
8/20/20091 3/31/2005: 2/5/2007 $43,250,000
... ..........
8/24/2009: 8/7/2001 8/5/2002 $10,800,000 i
:CNCT Connectics
.. Corp.
ECtel, Ltd. /ECTY ~ -.__ . -
_.... ............ . .~ .................. ..... 10/17/09* 4/24/2001 4/24/2003' $750,000
Greater i
southwestern
Funding Corp Not
(Serial Zero Available
Coupon Series
Hawaiian
Airlines ISec) ~
B) .............
/HA
\, ................... Hawthorne ~
Sterling Family
of Funds
HealthSouth~ ~ kLsH
Home Solutions' bSOA ofAmerica !
Not
!~ .~
i ....... corp. i
.... .. . Insurance iMG
Management
Solutions
Group, Inc. I
IPO Securities ! .________..._-. .
(Master Case):'
1
1
- Aclara 1
Biosciences, Inc 1 ACLA
1/30/20091 1/27/2004 7/9/2006 $12,750,000
8/18/2009 12/1/1987 7/26/1994 $8,500,000
9/3/2009; 6/27/2002' 6/27/2008, $2,470,471
.......... .... ...... ..........
9/28/2009, 1/1/1997; 6/30/2000' $8000,000;
8/11/20091 4/24/1997 311 8/2003 $109,000,000
9/8/2009! 5/18/2007 11/14/2007 $3,500,000
i ...... ................. 0/14/2009; 211 1/1999 9/24/2003 ~1,500,000
-___ i .______... ...... ......
211012009i 5/11/1998 . 12/6/2000 '$586,000,000
!
i 312012000 12/6/2000
I
i
. ... . . . . . . . . . . -Agency.com. LTD ACOM
-Agile Software ! AGIL i Corp.
-Agilent . ANCC
Technologies Inc. I
-Airnet A
Communications
COT.
-Airspan AIRN
i Networks, Inc.
-Akamai . A~M
Technologies, Inc.
-Alamosa PCS APCS
Holdings, Inc.
-Alloy Online, Inc. ALOY
-Antigenic& Inc. , AGEN
-Ashford.com
-Asia Info Hds., ,
Inc.
-Ask Jeeves, Inc-2
-Aspect Medical
Systems, Inc.
-Audible, Inc.
-Autobytel.com
-Autoweb.com.
Inc.
-Avanex Corp.
i
ASFD 1
ASIA i
ASKJ
ASPM
ADBL
ABTL
AWEB
AVNX
-Avantgo, Inc AVGO
-Avenue A, Inc.
-Avici Systems, I
AVEA
Inc. AVCI
BWEB I -Backweb
Technologies Ltd.
-Blue Martini I BLUE
Software Inc. I
-BookhamTech 1 BKHM
PLC
1218 199')
8/19/1999
11/17/1999
1216; 1999
6/28 2001
12/6/2000
12/6/2000
12i6~2000
7,19/2000 12/6/2000
1012811999
2/3/2000
6/29/2001
12/6/2000
5/14/1999 12'6'2000
2/3/2000
6/23/1999
912211999
3/2/2000
61301 I999
1/28/2000
, 7/16/1999
3/25/1999
3/22/1999
2/3/2000
9/27/2000
2/28/2000
121612000
3/22/2001
12/06/2000
12/06 2000
12/06/2000
12/06/2000
6/11/2001
12/6/2000
12/6/2000
12/6/2000
12/6/2000
61 141200 1
7/27/2000 ' 6/21/2001
6/8/1999
7/24/2000
j 4ii1/2000
12/6/2000
7/9/2001
12/6/2000
.. . -Bottomline- ,
Technologies, Inc. ,!
-Braun Consulting 1
-Breakaway i
Solutions Inc.
-Bsquare
Corporation
-Buy.Com Inc.
-Cache Flow, Inc. j
Caldera Int'l, Inc.
-Calico Commerce,'
EPAY
BRNC
BWAY
BSQR
BUYX
CFLO
CALD
CLIC
! I Inc.
-Caliper ~ CALP
Technoligies, Inc.
-Capstone Turbine ~ CPST
Cop.
1
-Centra Software, I CTRA
Inc.
-CharteredSemi ' CHRT
Conductor Manu.,
Ltd.
-Choiceone ' CWON
Communications. i
Software, Inc
-Click Commerce, CKCM
-Cobalt Networks COBT
-CommerceOne, CMRC
Inc. ~
i -Concur i CNQR i
! 1 Technologies, Inc. 1 i
-Copper Mountain i CMTM
Networks, Inc.-2 i
-Corio, Inc. ~ CRIO
COSN i
i
-Cosine
Communications,
I -Cybersource CYBS
rnm I
~ __ 2/12/1999 12/6/2000
811011999 12/6/2000
10/511999 12/6/2000
10 19 1999 12 6 2000
2/7/2000 12'6/2000
11/18/1999 12/6/2000
3/21/2000 12'612000
1010611999 3/23/2001
12114,1999 12/6/2000
I 6/28/2000 12/6/2000
2/3/2000 12/6/2000
10/29/1999 12/6/2000
2/16/2000 121612000
211 412000 12/6/2000
6/26/2000 12'612000
11/04 1999 1262000
7/1/1999 611512001
12/16/1998 12/6/2000
5/12/1999 12/6/2000
7/20/2000 12/6/2000
9/26/2000 1216!2000
6/23/1999 , I21612000
i
-DaleenSysterns, DALN
Inc.
-DataRetumCop' DRTN ~
!
-DelanoTech. ~ DTEC '1
Corp. i
8 -Deltathree DDDC
-Digital Impact DIG1
913013999
10127'1999
2/8/2000
1 1122,1999
11/22/1999
-Digital Insight j DGIN
corp.
-Digital River Inc. DRlV
-Digital Think, Inc.,
-Digitas, Inc.
-Diversa COT.
-E.Piphany Inc. I
-eBenx, Inc. I
-EGain j
i
!
Communications
-Engage
Technologies, Inc. ~
-Equinix Inc.
-Evolve Software
Inc.
-Exchange
Applications Inc:
-EXFO Electro
Optical
Engineering Inc.
-Expedia, Inc.
DTHK
DTAS
DVSA
EPNY
EBNX
EGAN
ENGA
EQIX
EVLV
EXAP
EXFO
EXPE
-Extensity Inc. i EXTN
-Extreme Networks; I EXTR
Inc.
-F5 Networks Inc. FFIV
-Fairmarket Inc. ~ FAIM
-FinisarCorp. ~ FNSR
I
i ----- ~ IT Group, Inc. ;ITXG ~. MBNA Corp. 'KRB-D
KRB-E
- - .. . - -
V18/2005
1/22/2005
9130/1999
811 111998
2/24/2000
3/13'2000
2/1412000
912 Ill999
12/9/1999
9/23/l 999
71 191 1999
12/6t2000
12t612000
12/6/2000
6112i2001
12/6/2000
12/6/2000
121612000
12/6/2000
61261200 I
I21612000
12/6/2000
12/6/2000
12/6/2000
12/6/2000
8/10 2000 12/6,2000
8/9/2000
12/91 1998
1216~2000
12/6/2000
612912000 121612000
6/3/2000
1/26/2000
4/8/1999
6/4/1999
3/14/2000
1216/2000
12/6/2000
12/6/2000
12/6/2000
12/6/2000
11/17/1999 12/6/2000
. . -,
012 1/1998, 1/15/2002. $3,400,000; __ .-
/20/2005 ~ 4/21/2005! $25,000.000:
MERPRF
Michael Baker BKR 9/11/2009 3/19/2007 2/22/2008 $4,500,000
SO!. .. ~-~.. .... ..~. . . ~. .~ ~.. .
Orbcomrn; . Inc ..... ...~ OkBC .... ...~~ ~i s11/12/2009 . ~.. . . 11/3/2006 8/14/2007 $2,450,000
Systems, Inc.
(Settled
partially 2nd
Part)
Presstek. Inc. ~~ PRST i 9/28/2009 7/27/2006; 9/28/2006' $1,250,000
Peregrine .PRGN ,10/09/2009 7/22/1999 -513i2002 $61,275,000
. , . . . . .
Raytheon RTN ~T I ?i24/2009' iji6/i998' 2/22/2000. $ I,ioo,ooo
.Company (Sec) ~ !
SW I
Taro TAROF . 8/28/2009 2/2o12003~ioijoi2oo6 $IO,OOO,OOO
-.-___--. .~ L _I__ -
9/11/2009 4/27/1999 4/28/2000 $6,500,000 Stone and
Webster
Pharmaceuticals, ~~
The Children's PLCE !10/29/2009 3/9/2006' 8/23/2007 $12,000,000
Place Retail
Stores, Inc.
The Mills
.~ . . ~~ ~ ..... .. .~~~ . . . .. . . . . .
I -_..-...___ - .~ .. ~ ..... . . .. ..
I
'1 1/12/2009 2/27/2001' 8/10/2006~$202.750.000 ~~ ~ . ~~. ~... .. . MLS .~..~..
Corporation i
~ . , . .. . .... ~-~
TVI Pacific, TVIPF 1/18/2010 313012006 8/9/2007 $1,846,410
Inc.
TVI Pacific, TVIPF ' 1/18/2010' 3/30/2006 8/9/2007 $1,818,390
. ...... ,.. . ~~ .~ . ~ ~ .. .. -. -. . .. ~~.. ~.~~ ~~. .. .. .. . .~
Inc.
UTStarcom, 'UTSI 10/26/2009 9/4/2002 7/24/2007 $9,500,000
Inc.
SHEPHERD FINKELMAN MILLER & SHAH LLP
The City of Palm Beach Gardens Firefighters’
Pension Fund
Monitoring Report
June 2009
SHEPHERD FINKELMAN MILLER & SHAH LLP
Attorneys at Law
I. UPDATE ON NEW SECURITIES CLASS ACTIONS!!
We have not identified any purchases by your plan in newly filed securities cases
during the putative class periods.
11. UPDATE ON SETTLED CLASS ACTIONS!!
We have not identified any purchases by your plan in recently settled cases
actions. Our records are limited to a more recent time period, so therefore we are
enclosing a list of settled cases to forward to your custodial bank.
icker
CE
Stock
ACE Limited
Proof of
Claim
Royalty Trust
Bradley
Pharmaceuticals,
Class
Period Total
Coast Financial
Holdings, Inc.
/20/2009
/20/2009
Collins &
Corporation
DVI, Inc. VI
!e-MedSoft.com MED
Exide
Aikman
3/3 1/2005 2/5/2007 $43,250,000
10/28/2004 2/25/2005 $3,500,000
I
HealthSouth
COrp.
/24/2009
Himax
Technologies
Hollinger
International,
Inc.
..____
8/7/2001 8/5/2002 $10,800,000
Home Solutions
of America
IMPAX
7/8/2009 8/13/1999 3/31/2003 $37,500,000
Technology, 1nc.J
7/8/2009 ! I 12/4/2006 11/7/2007 $3,800,000
leadline1 Start 1 End I Settlement
il6/20Oi6i%-2003'1 O/ I 3/2664-$1,')5000d
America, ~nc.
2nfoSonics
I I I I
IF0
1
/30/2009/ 8/10/1999/ 8/13/20031 $7.000.00d
/22/20091 5/5/20041 5/17/2005( $1 3,700,0001
6/4/2009] 2/6/2006] 8/9/20061 $3,800,0001
Luminent
Mortgage
Caoital. Inc.
SOURCECORP,FYII
InC.
ERPRI
ERPRJ
ERPRL
ER
ERPRK
ERPRM
ERPRP
ERPRD
ERPRE
ERPRF
11112009 3/19/2007
co.. Inc.
COrp I
7/20/2009 5/3/2001 10/27/2004 $3,000,001
SRCP
Resources COT. I I I I
Resources Corp.
Southwestern
Resources Corp.
I I
SWG 6/1/2009 12/3/2002 7/18/2007 $15,527,501
WRTE WRT Energy
corp.
7/10/2009 2/1/1995 10/27/1995' $1,800,000
City of
Palm Beach Gardens
Firefighters’
Retirement System
As of June 30,2009
sum 260
P.O. Box 1067
WW.DANA~~ENT.C~
BRWKflELD, WlscoMSlN 530W1067
1
m
Table of Contents
m
6
m rn
L Signs of Recovery
Li
IC
0
h
b Economic Outlook & Review
0
I
II
L
b
b
Po
b
rn
rn
rn
I
I
a
Performance & Allocation
Holdings as of 6-30-09
3
m
m
Signs of Recovery
9 S&P 500 is up over 50% from the March gth low.
9 Durable goods orders are growing.
9 Bank stocks have doubled from their lows.
P Existing home sales at a
two year high in July.
k Personal consumption
expenditures grew in
the lst Quarter after
contracting for 6
months.
P Volatility, a measure of
market risk, is near an
11 month low.
9 Consumer confidence
has rebounded.
1 Goldman Sack Group lnc. (GS) 31-Dr-2w8 m 31 Jd-2CC9 (Dab1 u 5. war
ne 1~6420
LOW 58 430
kl 1st 830
60
25
20
3
m
Dana Investment Advisors, Inc. is an independent federally registered investment adviser providing equity
and fixed income investment management services to a broad range of clients. All data is presented in US.
Dollars. Portfolio Characteristics, Performance Report, Portfolio Holdings, and Sector Distributions reflect
applicable investment holdings as of market close on the date indicated. Returns presented are exclusive of
investment management and custodial fees, and net of transaction costs. Investment management fees
would reduce the returns presented. for example: on a one-million dollar portfolio with an advisory fee
of .75% earning a 10% return, the total compounded advisory fee over a five year period would be $50.368.
The resulting average annual return for the period would therefore be 9.17%. All returns were calculated on
a time weighted total return basis. Performance does include the accrual of income and the reinvestment of
dividends and interest received.
During various market cycles. the strategies discussed herein have demonstrated portfolio characteristics
and returns that have been both more and less volatile than that of the comparable index. Indices shown
were selected because they demonstrated a broad range of characteristics, some of these characteristics
being deemed useful for limited comparison purposes only. Historical performance results for investment
indices and/or categories have been provided for general comparison purposes only, and generally do not
reflect the deduction of transaction and/or custodial charges, the deduction of an investment management
fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical
performance results. It should not be assumed that your account holdings do or will correspond directly to
any comparative indices.
While data contained herein was gathered from sources deemed reliable, the accuracy of the data presented
can not be guaranteed. Please remember that past performance may not be indicative of future results.
Different types of investments involve varying degrees of risk, and there can be no assurance that the future
performance of any specific investment or investment strategy made reference to directly or indirectly in this
report, will be profitable, equal any corresponding indicated historical performance level(s), or will wntinue to
be suitable for your portfolio. Due to various factors, including changing market conditions, the content of
this report may no longer be reflective of current opinions, positions, investments or account allocations.
Moreover, you should not assume that any discussion or information contained in this report serves as the
receipt of, or as a substitute for, personalized investment advice from Dana Investment Advisors, Inc.
Please remember to contact Dana Investment Advisors, Inc. at (800) 765-0157, or P.O. Box 1067 Brookfield,
WI 53008 with any questions or if there are any changes in your personal financial situation or investment
objectives for the purpose of reviewing, evaluating, and revising any previous recommendations or
investment services. Please also advise Dana if you would like to impose, add, or modify any reasonable
restrictions to your account. A copy of Dana's current Form ADV Brochure detailing a complete list of Dana's
advisory services and fees continues to remain available for your review upon request.
8 08/31/09 Assets Income Yield
191,286 1.5 38 0.02
12.211.361 98.5 212,044 1.74
Short Ten
Investments(i ,556)
~nverinlents DomesHc Equlty Strategy
mota1 Pomollo 12,402,647 100.0
Investmntlncome $33,625.81
UdW GainRoss $962,361.59 L Rediud GainRoss $l9,09S.U
$1~.01
ince nmaty-1 Wei
PortfotIo perf em la^ (%I 1
Month ToDate ToDate L
b ~otai 2.44 8.91 12.52
L
b
L
1
m
8
B
m
m
8
.. .
4 ..
Account Value (f) Over Last 12 Mo
$12,000,000
$10,000,000
$8.000,000
$6,000,000
$4,000,000
$2,000,000
$0
.4ccount Data as of 6-30-09
Achieve a return over 3-5 years in exoe~s of tar@ index Rank in top 40% of representative portfolios 3-
Ob*: I 5 years. Volatility of fund’s total return is expected to be similar to tar@ index
lInve6tment Ratridions: I No more than 3% of assets in any one issuing company. I I I I
Total Rehw
Fiscal 3rd Quata 2009 * Fiscal Ym-twDate 2009 AVtZa&SAniIlsina
inception
Palrii Ue:irh Garden\ Fireligbten‘ I Re tire me nt S\ \ten1 1 I .X2% -2 I .29%
City of Palm Beach Gardens Firefighters’ System Retirement
System
DANA UVVEbIhlENTADVISORS, INC.
Kllsseu 5YUU 1 b.&L% U.Ub% I I I
Fiscal 9-30 9 Unamldized
Money Market
1.5%
Dividends Receivable
0.2%
Dana SmU Cap
9.2%
Dana brge Cap Value
43.% c A I 45.4%
6
Second Quarter Review
L The Wise Choice
Dana Large Cap Value
Dana's Large Value composite returned +13.34% for the quarter, versus +16.70% for the Russell 1000 Value index and
maintained its benchmark outperformance for the year-todate period. Investors favored economically sensitive sectors in
the second quarter and large value stocks enjoyed strong absolute returns. Financials comprise a significant weight
within the Russell 1000 Value index, and this sector rebounded over +30%. A number of financial institutions reported
stronger than expected earnings during the quarter and strengthened their balance sheets through successful capital raises.
Consumer Discretionary stocks also had a strong quarter led by low quality companies tied to the automotive, media and
specialty retail industries. The Russell 1000 Value reconstitution in June increased weights to more cyclical sectors
positioning our sector neutral strategy well for an economic recovery.
#
AFLAC lnc. (An)
State Street Corp (STT)
XTO Energy Inc. (XTO)
PNC Financial (PNC)
ONEOK Inc. (OKE)
b
II
1
I
b
R
m
Gamestop Cop. (GME)
Bristol-Myers Squibb (BMY)
Wal-Mart Stores (WMT)
Chubb Corp. (CB)
Abbott Laboratories (ABT)
Q2 Sector Contributors
rn Energy - strong results from oil service and exploration & production holdings,
rn Utilities - gas distributor ONEOK rose +30%
rn Industrials - aerospace/defense, industrial machinery holdings outperformed
relative underweight in underperforming integrated oil segment
Q2 Sector Detractors
rn Consumer Discretionary - underweight higher beta retail and media, poor
rnMaterials - lack of exposure to large benchmark holding Dow Chemical,
performance from Gamestop
underperformance in Nucor
Selected Additions
rn DireclV (DTV) - impressive subscriber growth, strong programming lineup
including exclusive content, significant free cash flow, underlevered balance
sheet, increasing buyback program
rn McGraw-Hill (MHP) -corporate debt issuance improving, demand for S&P
market analytics, strong competitive positioning results in high margins
rn Williams Cos Inc. (WMB) - leveraged to depressed natural gas prices,
pipeline assets provide cash flow stability, trading at a wide discount to
estimated NAV
Selected Deletions
rn Nike Inc. (NKE) - valuation stretched relative to peer group, unattractive
VF Corp (VFC) - consecutive negative earnings surprises, disappointing
Coca-Cola Co (KO) - expensive relative valuation within sector, benchmark
earnings growth, margins trending lower
guidance, underperformance relative to peers
staples weighting lowered
Avg. Market Cap ($billions) 52.0 62.6
Median Market Cap ($billions) 23.7 2.9
Dividend Me!d 2.86% 3.96%
3 Year Return on Equity 20.2% 9.3%
PWEamings (12monfh bailing) 11.5 12.0
Trailing 3 Years Earnings Gmwth 14.6% 7.0%
PEG Ratio 0.8 1.7
Alpha 0.47 1.55 1.20
Beta 0.88 0.89 0.89
BaiiingAverage ,667 ,650 ,594
Info Ratio 0.50 0.62 0.43
Dana Investment Advisors, lnc. I 15800 W. Bluemound Rd., Suite 250, Brookfield, Wl53005
i~nn7fi~ni 57 I www~rrn-inuZrmenr rrrm I infnmAinainveerment rom
BOP 10 HOLDINGS
6otoman aacns woup inc L.J
Verizon Communications Inc 2.2
PNC Global Investment Servicin
JP Morgan Chase
CME Group Inc
Slate Street Corp
International Business Machine
Metlife Inc
Occidental Petroleum Corp
ATBT Inc
2.2
2.2
2.1
2.1
2.1
2.0
2.0
2.0
FECTOR ALLOCATION
Large RUSSell
Value 1000 Value
Consumer Discretionary 8.7 9.2
Energy 16.8 16.2
23.7 24.0
13.9 13.3
Financials
Health Care
Industrials 8.2 7.8
Information Technology 3.3 3.3
Materials 3.2 3.7
Telecomm Services 7.3 6.5
Utilities 5.6 6.4
Consumer Staples 9.4 9.5
Performance
20 I I
2Q22009 YTD 1 year 3 year 5 year Since Inception
Dana Large Cap Value I Russell 12000 Value
I RTA IN 6/30/01-t2/3t/01 2002 2003 2004 2M)S 2006 2007 2008
Total Return (Gross of Fees) 4.72% -16.12% 33.04% 17.37% 11.07% 18.02% 4.87% 34.13%
Benchmark Return 4.39% -16.11% 30.28% 16.63% 6.97% 20.90% 4.17% -36.85%
Number of Portfolios in Composite 2 5 5 13 22 13 18 52
Percent of Firm Assets 1 .O% 1.1% 1.7% 2.2% 2.8% 4.0% 3.1% 2.8%
Composite Dispersion (x) N/A 0.05% 0.45% 0.43% 0.28% 0.42% 1.21% 1.8%
Total Firm Asets (US I millions) 1,883.7 2,099.9 2,064.8 2.307.6 2,810.7 2.814.9 2.7943 2,327.2
Dana Investment Advisors, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS"). The
CFA Institute has not bean involved with the preparation or review of lhis rep&
NOTES Dana Investment Advisors, Inc. (Dana) is an independent investment management firm established in 1980. Dana manages a variety of equity, fixad
income and balanced porlfolios for primarily U.S. institutional dients. Dana maintains a complete list and description ofcxmpmiles, which is available upan request.
From inception thmugh 2004, the benchmark for the composite was the SaPIBARRAValue Index. During 2005 the SWIBARRAVaiue Index was discontinued. Dana
then chose the Russell 1000 Value Index as a replacement. All values repolted for benchmark return are the Russell 1000 Value Index. (Market Capitalization
Weighted).
The composite was created June 30, 2001. Performance is calwlaled in US Dollars utilizing a timeweighted total rate of return. Total return for the composite is
represented by the a-t-weighted returns ofthe portfolios within the composite. Trade Date Valuation is used.
The Large Cap Value mmposite does not have a minimum Size miterion for wmpmite membership. All feapaying, discretionary accounts wivl similar investment
objectives are included The mmposite includes the equity segment of balanced accounts. Cash is allocated to these segments based on the average cash
position of the 'equity only' pomOlios in the composite. Levwage is not used in this composite as a means to generale higher returns. The composite does not
mntain any non-fee paying portfolios.
The dispersion of annual returns is measured by the standard deviation of equal-weighted portfolio retums represented within the cxm-ite for the full year. The
standard deviation presented is based upon annualized quarferiy standard deviation of returns. The standard deviation ofthe annual returns presented for the time
period 2002 to 2w8 is 21.1 2% for the composite and 21.48% for the Russell 1000 Value Index.
ERective July 1, 2007, three portfolio managedanalysts transitioned from being Dana employees to being sub-advisors assisting in the management of some
WmpOSite portfolios. In addition, a lead poMoiio manager rejoined Dana as an employee in February of 2008.
Performance results are calculated and presented before investment management and custodil fees, but afler all applicable trading msts. The composite contains
both traditional commission paying and bundled-fee portfolios. Transaction costs are allocated to bundled-fee portfolios at the current prevailing per share
cornmission rate charged by our preferred list ofnondirected inStitutional broken. Bundled fee porlfolios comprise 12.4% of composite assets as of 12/31/08. Dana
investment management fees may vary based "con the differences in size, composition and servicing needs of client acwunls. Investment manaqement fees would
Composite Assets at Period End (US $ millions) 18.0 23.3 34.9 51.7 78.7 112.1 85.4 M.9
..
reduce the returns presented, for example: a $1,00O,OXI pomOlio with an advisory fee of 0.75% per annum earning a 10% annual raturn would have paid a total
compounded advisory fee of $50,368 over a five year period. The resulting average annual return for the period would be 9.17%. Past performance is not
indicative of future resuiis. A complete description of Dana's investment advisory fee schedule is contained in the Firm's Form ADV Part 11, a copy of which is
available umn rewest.
I a
I
Dana Investment Advisors, Inc. I 15800 W. Bluemound Rd., Suite 250, BrooWield, Wl53005
1-800-7650157 I w\rw.danainv&tment.com I info@danainvestment.com
rn
m Dana Large Cap Value Portfolio Characteristics
The Dana “Triple Play”
Lower Valuation + Higher Growth + Higher Profitability
= Better Returns With Less Risk
1.7
l5 1 13.2
I Dana Lg Val Russ 1000 Val
I 10
12.1 I
25 1 202
2o r ::
5
9.3 -
Dana Lg Val bs 1000 Val
c 7
5 I
Dana @Val Russ 1000 Val
lo 1c
Market Can (Av
100 1
75 -I c9 62.6
25
Dana LgVal Russ 1OOOVal
Actual Composite Holdings as of June 30, 2009
9
14.6
l5 II
Strong Fundamentals Dana Large Value
The table below shows Dana Large Value holdings that
have raised their dividend payments since October 1, 2008.
Company
Becton Dickinson & Co
Wal-Mart Stores Inc.
Sempra Energy
Abbott Laboratories
International Business Machine
Procter & Gamble Co.
Nucor Corp.
Nike Inc. (Cl B)
General Dynamics Corp.
XTO Energy Inc.
Occidental Petroleum Corp.
AT&T Inc
VF cop
Edison International
Dividend Change
2.00%
2.20%
3.50%
3.80%
2. lo??
3.50%
3.200?
1.80%
3.20%
1.50%
2.30%
6.40%
3.50%
4.21%
.
15.80%
14.70%
11.40%
11.10%
lO.W?
lO.W?
9.40%
8.70'33
8.60%
4.20%
3.100?
2.50%
l.,"?
1 .a%
DANA INVESTMENT ADVISOR$ INC.
10
8 n I lUl1C 2009 I
I
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Dana Large Cap Growth
Dana's Large Growth composite posted a +11.82% return in the second quarter, trailing the benchmark Russell 1000 Growth
index. Large Growth and Large Value returns were comparable in Q209, with returns of +16.3% and +16.7% respectively
for the Russell 1000 Growth and 1000 Value indices. Large Growth has outperfoned Large Value on a year-to-date basis
by over 14% through (2209. Investors are typically willing to assign higher valuations to companies with more predictable
growth characteristics, especially in recessionary environments where growth is hard to find. We retain a favorable view for
the outlook for growth stocks, as growth currently does not command a valuation premium to cyclical alternatives.
Op Contributors I Q2 Sector Contributors
Pactiv hrp. (F'TV)
Valmont Industries Inc. (VMI)
priceline.com (PCLN)
General Dynamics (GD)
Adobe Systems (ADBE)
Transocean Ltd. (RIG)
Materials - Pactiv up almost +50%, Mosaic also outperformed the rest of the . Industrials - aerospace l defense overmight, Valmont Industries strong performer . Consumer Staples - most holdings modestly outperformed their respective
Agricultural Chemicals Group
industry peers, Colgate +21%. Philip Morris lntl +24%
1 Gamestop Corp. (GME) ' Panera Bread Co. (PNRA) L C.R. Bard Inc. (BCR)
L,
Consumer Discretionary - underweight higher beta retail and media, poor
Health Care - biotech holdings down an average of -6% vs. +3% overall indus- . Financials - portfolio holdings up +lo% vs. +32% for sector, underweight in
Cephalon Inc. (CEPH) performance from Gamestop
try, medical technology holdings also lagged peers in quarter
major conglomerates, Bank of New York lagged major bank peers
Genzyme COT. (GENZ)
Bank of New York Mellon (BK)
Selected Additions
Priceline.com (PCLN) - global online travel company benefitting from
increasingly price-conscious travelers, attractive valuation with solid growth in
sales, earnings &free cash flow, positive estimate revision B surprise trends
# McCormick 8 Co. (MKC) - leading player in spiceslseasonings continues to
experience steady growth despite recession, margin expansion & solid free
cash flow trends, stock trading near low end of 10 year historical valuation range
Medco Health Solutions Inc. (MHS) - leading pharmacy benefit manager
has strong tailwind from generic drug trends, high teens EPS growth with
margin expansion &steadily rising free cash flow
Selected Deletions
Sysco (SYY) - declining consumer spending on eating out pressuring
earnings growth & margins, negative EPS revision trends
Dentsply International (XRAY) - leading makerldistributor of dental products
experiencing worse than anticipated fundamentals as dentists cut cap ex
spending, negative EPS surprise and downward estimate revision trends
.Mastercard Inc. (MA) - strong performer's valuation not as attractive
compared to original buy point, traded into BRCM which offerred superior
riskfreward oromition
Aw. Market Cap ($billions)
Median Market Cap (sbillims) 21 .O 3.6
Dividend Yeld 1.48% 1.78%
3 Year Return m Equity 25.1% 26.0%
PncelEanings(12mmth trailicg) 13.9 15.5
Trailing 3Years Earning Gmwth 26.3% 19.1%
PEG Ratio 0.5 0.8
Alpha (0.60) 3.04 3.36
Beta 0.89 0.89 0.88
BaningAvemge ,575 ,700 ,636
Info Ratio 0.08 0.74 0.61
Dana Investment Advison, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005
180&765-0157 I www.danain$ltment.com I info@danainvestment.com
I
apple Inc
Google Inc-CIA
Bmadmm Cap - ClassA
Miaochip Technology Inc
Orade Cap
Qualcomm Inc.
Hewlett-Packard CO
Adobe Systems Inc
EMC Cap
FPL Gnxlp Inc
2.4
2.4
2.2 Performance 2.1
2.1
2.1
2.1
2.1
2.0
2.0
FECTOR ALLOCATION a (oi
Growth 1000 Growth
Consumer Discretionary 10.0 10.4
Consumer Staples 16.5 17.1
Energy 4.4 4.2
Financials 4.7 5.3
Health Care 17.7 17.5
Industrials 10.0 9.1
Information Technology 31.2 30.6
Materials 3.6 3.8
Telecommunication 0.6 0.6
Utilities 1 .o 1 .o
E
3 "
$
P
N m
m a
.- -
C 2
m m
0 e
20 I I.
-15 -lot===
a
-20
-25
-30
I
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r)
5 year Since Inception 2QiUO9 MD 1 year 3 year
Dana Large Cap Growth I Russell 1000 Gmwth
3131101-12131101 2002 2003 2004 2005 2006 2007 2wa 1
ill
I
II
II
d
II
rn
IMPORTANT INFORMATION
Total Return (Gross of Fees) 6.47% -28.37% 34.91% 12.92% 11.26% 12.50% 15.82% -36.72%
Benchmark Return -12.63% -27.88% 29.75% 6.30% 5.36% 9.07% 11.81% -38.44%
Number of Portfolios in Composite 1 1 1 1 1 1 22 66
composite Assets at End of Period (US $ millions) 21.9 18.2 21.4 21.5 21.0 22.5 47.7 66.1
Percent of Firm Assets 1.2% 0.9% 1.0% 0.9% 0.7% 0.8% 1.7% 2.8
Composite Dispersion (%) NIA NIA NIA NIA NIA NIA NIA' 0.53%
Total Firm Assets (US $ millions) 1.883.7 2.099.9 2.064.8 2,307.6 2,810.7 2,814.9 2,794.3 2,327.2
'Only one account was in the composite for the entire year
Dana Investment Advisors, Inc. has prepared and presented this reporl in compliance with the Global Investment Performance Standards
(GIPS"). The CFA Institute has not been involved wlth the preparation or review of this report.
NOTES Dana Investment Advisors, Inc. (Dana) is an independent investment management firm established in 1980. Dana manages a variety of
equity, fixed income and balanced portfolios for primarily U.S. institutional clients. Dana maintains a complete list and description of composites. which is
available upon request.
The benchmark for the Large Cap Growth composite is the Russell loo0 Gmwth Index. (Market Capitalization Weighted).
The composite was created February 23, 2001. Performance is calculated in US Dollars utillzing a time-weighted total rate of return. Total return for the
composite is represented by the asset-weighted returns of the portfolios within the composite, Trade Date valuation is used.
The Dana Large Cap Gmwth composite does not have a minimum size criterion for compmite membership. All fee-paying. discretionary accounts with
similar investment objectives are included. The composite does not include the equity segment of balanced accounts. Leverage is not used in this
composite as a means to generate higher returns. There are no non-fee paying portfolios in the composite.
The standard deviation presented is based upon annualized quariedystandard deviation of relums. The standard deviation of the annual rehlrns presented
for the time period 2002 to 2008 is 23.91% for the composite and 22.13% for the Russell 1000 Growth Index.
Performance results are calculated and presented before investment management and custodial fees, but afler all applicable trading costs. The
composite contains both traditional commission paying and bundled-fee porifolios. Transaction costs are allocated to bundled-fee porifoliOS at the Current
prevailing per share Commission rate charged by our preferred list of nondirected institutional broken. Bundled fee portfolios comprise 10.4% of composite
assets as of 12/31/08. Dana investment management fees may vary based upon lhe differences in size. composition and selvicing needs of client accounts.
Investment management fees would reduce the returns presented, for example: a $1,000,000 pornolio with an advisory fee of 0.75% per annum earning
a 10% annual return would have paid a total compounded advisory fee of $50.368 over a rive year period. The resulting average annual return for the
period would be 9.17%. Past performance is not indicative of future results. A complete description of Dana's investment advisory fee schedule is
contained in the Firm's Form ADV Part 11, a copy of which is available upon request.
a
The dispersion of annual returns is measured by the standard deviation of asset-weighted pornolio returns represented within the composite forthe full year. 8
Dana Investment Advisors, Inc. I 15800 M'. Bluemound Rd., Suite 250, Brookfield, WI 53005
1400-7650157 I w.danain&ment.com I info@danainvestment.com
a Dana Large Growth Portfolio Characteristics
Consistent Portfolio Characteristics
Lower Valuation + Higher Growth + Better Profitability vs. Russell 1000G
20.0 -
15.5
. "."
Dana Large Russell 1000
Growth Grcwth
I Sales Growth Rate
20.0 1 18.6 I
16.0
15.0
Dana Large Russell 1000
Crowth rsoowth
23.7
20.0 I II
~~~ ~
Dana Large Russell 1000
Crowth Growth
20.0 1
10.0 I ""I
I Dana Large Russell1000
Growth Growth
Growth Rate
I Dana Large Russel 1000
Growth Growth
100.0
50.0
25.0
0.0
Dana Large Russell 1000
Growth Growth
Actual Composite Holdings as of June 30, 2009
Strong Fundamentals Dana Large Growth
The table below shows Dana Large Growth holdings that have raised
Abbott Jabofdtories
AT&T Jnc.
%ton Dickinson & Co.
Coca-Cola Co.
Colgate-Palmolive Co.
cvs caremark COT.
Duu & Bradstreet Corp.
General Dynamics cop.
IBM
Johnson & Johnson
Microchip Techwbg~ Inc.
Momanto Co.
Nike Inc.
Oracle Corporation
Sysco Corporation
wal-Mart stores Inc.
FPL Group Inc.
*
B DANA INVESTMENT ADWSORS, INC.
14
3.59%
6.69%
1.97%
3.47%
2.72%
1.02%
1.63%
3.44%
2.70%
2.W?
3.55%
6.28%
1.24%
1.85%
1.05%
4.07%
2.18%
11.11%
2.50%
15.79%
7.89%
lO.W?
10.51%
13.33%
6.18%
8.57%
lO.W?
6.5Wo
0.30%
10.42%
8.70%
Inithtted
9.09%
14.74%
A 17%
n
m
b
m
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L
b
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rn
Dana Small Cap
Dana’s Small Cap composite enjoyed strong absolute returns of +17.65% in the second quarter, trailing the benchmark
Russell 2000 index. Low quality, micro cap stocks outperformed during the quarter and Dana’s Small Cap portfolios are
underexposed to these areas. Risk appetite increased and the Russell 2000 posted its best quarter since 2003 led by the
cyclical, technology, consumer discretionary and industrial sectors. Small cap stocks have outperformed large caps since
the March 2009 market lows, although smaller companies are currently trading at premium valuations. Should expectations
of economic recovery persist, small caps may continue to outperform their large cap peers.
Chart Industries (GTLS)
Oil States International (01s)
Gymboree Corp. (CXMF5)
Plains Exploration (PXF’)
Intrepid Potash Inc. (IPI)
Immucor mc. (tl~uu)
OS1 Pharmaceuticals (OSIP)
National Penn (NPBC)
PIC Insurance (FPIC)
Watson Wyatt (WW)
Q2 Sector Contributors
rn Industrials - significant rebound in industrial machinery holding Chart Industries,
rn Staples - positive earnings surprise and guidance from Del Monte Fwds
rn Utilities - stock selection within electric utilities
better than expected earnings news from DynCorp, Teletech
Q2 Sector Detractors
rn Health Care - lmmucor received a Department of Justice antitrust subpoena,
rn Technology - semiconductor and communications holdings underperformed
Consumer Discretionary - lack of exposure to automotive group, underexposed
to various high beta industries
underperformance within biotech holding
Selected Additions
rn Del Monte Foods (DLM) - canned food brand leadership, raising prices
without losing volume, focus on higher margin lines
rn DynCorp International (DCP) - organic growth in revenue and earnings,
driving cost efficiencies, exceptional free cash flow with minimal
capital requirements
rn PDL BioPhanna Inc. (PDLI) - exploring ways to monetize royalty stream, low
cost structure, multiple drugs in late stage trials utilizing company patents,
large cash balance
Selected Deletions
rn John Wiley and Sons (JWIA) - publishing demand waning, defensive holding
Intrepid Potash (IPI) -expensive relative valuation, market cap breached upper
Hain Celestial Group (HAIN)) - successive earnings and guidance
that performed relatively well in downturn
bound of small cap range
disappointments, consumers trading down to private label options
Avg. Market Cap ($millions) 1,236 751
Median Market Cap(Smil1ions) 1,140 309
Dividend Yield 2.18% 2.11%
3 Year Reim on Equity 17.20% 3.40%
PnceEanings (12monh bailing) 11.1 13.7
Trailing 3 Years Earnings GroMb 24.8% 14.8?4
PEG Ratio 0.4 0.9
Alpha (4.58) (2.14) 2.72
Beta 0.90 0.92 0.79
BaltingAverage ,417 ,450 ,513
Info Ratio (0.55) (0.34) 0.27
Dana Investment Advison, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005
iAn&L’Imui RII I ..n.,..,~3m.,;m.Lon, ,._- I ;nwaA*n.l;n.,pEtmpnt
rop IO HOLDINGS yo
Parexei international Lorp
Priceline Com Inc
Steris Corp
A22 Inc.
Stancorp Financial Group
Semtech Corp
Micros Systems Inc
Gymboree Corp
Synaptics Inc
Amtrust Financial Services
2.6
2.0
2.0
2.0
2.0
1.9
1.9
1.8
1.8
1.8
SECTOR ALLOCATION
Dana Russell
Small Cap ZOO0
Consumer Discretionary 13.6 13.4
Consumer Staples 4.4 3.9
Energy 4.0 3.9
Financials 19.6 19.3
Health Care 15.5 15.4
Industrials 13.9 15.7
Information Technology 18.8 18.3
Materials 4.4 4.4
Telecomrn Services 1.5 1.6
Utilities 4.2 4.2
Performance
H Dana Small Cap Equity H Russell 2000
713119910 12/31/99 2000 2001 2002 2003 2004 2005 2006 2007 2008 IMPORTANT INFORMATION
Total Return (Gross of Fees) 3.32% 26.65% 7.92% -13.52% 44.43% 19.95% 5.57% 16.10% -8.41% -33.21%
Benchmark Return 14.23% -2.92% 2.60% -20.48% 47.30% 18.33% 4.55% 18.37% 1.56% -33.79%
Number of Portfolios in Composite 4 4 7 14 22 30 45 51 66 40
Composite Assets at Period End (US S millions) 1.9 4.8 9.5 9.1 25.3 39.2 49.5 63.0 48.4 25.6
Percent of Firm Assets 0.2% 0.3% 0.5% 0.4% 1.2% 1.7% 1.8% 2.2% 1.7% 1.1%
Composite Dispersion (%) NIA 0.85% 0.05% 0.92% 2.12% 1.71% 1.11% 0.75% 0.65% 1.51%
Dana Investment Advisors, Inc. has prepared and presented this report in compliance with the Global Investment Performame Standards
(GIPS"). The CFA Institute has not been Involved wNh the preparation or review of thls rep&
NOTES Dana Investment Advisors, Inc. (Dana) is an independent investment management firm established in 1980. Dana manages a variety of
equity, fixed income and balanced pornolios f~ primarily U.S. institutional clients. Dana maintains a complete list and desuiption ofcomposites. which k
available upon request.
The benchmark for the Small Cap Equity composite is the Russell Zoo0 Index. (Market Capitalization Weighted).
The composite was created July 31, 1999. Performance is calculated in US Dollars utilizing a time-weighted total rate of return. Total return for the
composite is represented by the asset-weighted returns of the pornolios within the composite. Trade-Date valuation is used.
The Small Cap Equity composite does not have a minimum size criterion for composite membership. All fee-paying, discretionary amounts with similar
investment objectives are included. The composite includes the equity segment of balanced amounts. Cash is allocated to these segments based on the
average cash position of the 'equity only" portfolios in the compoSte. Leverage is not used in this composite as a means to generate higher returns.
The composite does not contain any non-fee paying porlfolios.
The disoersion of annual returns is measured bv the standard deviation of equal-weighted wrtfolio returns represented within the composite for the full
Total Firm Assets (US S millions) 1,186.3 1,528.0 1.8~ 2,099.9 2.064.8 2.307.6 2,810.7 2,814.9 2.794.3 2.37.2
I
-.
year The slandam deviation presented is bas upon annLalizw quarteny stanaam deviabon of returns. The stanoard deviabon of the annual returnS
presented for the time penod Zoo0 lo 2008 is 21.90% for the mmposile and 22.10% for the Russell Zoo0 lnoex.
In June 01 2006. Dana added a ponfolo manager to the stralegy s lead portfolio management team ERedve JJ y 1,2007. three portfolw managerlanalysts
transaoned from being Dana employees to being suD-advisors ass sting in lne management 01 some composite portfolios. In addition, a lead portfolio
manager rejoined Dana as an employee n February 01 2008.
Performance results are calcu alea and presentee before investment management and cust~ial fees. but afler all app.icable trading cos&. The
composite contains both Iradihonal commission paying and bundled-fee portfolos. Transaction cosh are allocatee lo bundled-fee portlo ws a1 the unent
prevailmg per share wmrnission rate charged by our preferred I st of nondireded institutwnal brokers Bundled lee porlfolios comprse 18.8% 01
mmposile assets as 01 12/31/07. Dana investment management fees may vary based upon the dinerences in size. compostion ana selvicing needs
of client acuxlnts Investmenl management fees woJ,d reduce the returns presented, for example: a S1,OOO.oo0 portfolio mtn an adwsory fee of 0.75%
per annm earning a 10% annual return woLld have paid a total compomoed advisory fee of $50 368 over a five year penod. The resuibng average
annual reLrn for the penod would be 9.17%. Past peoformance IS not indicative 01 future results. Acomptete descnption of Dana s nvestment adnsory
lee schedule is contained in the Firms Form ADV Part II. a wpy of which is avai able upon request.
0
rn
I
I .AppIwd for oiwwiime Dana Invesune~ii Advisoh, lnc. I 15800 W. Blueinound Rd., Suite 250, Brookfreld, WI 53005
140076541 57 I www.danain&nenr.corn I inlo@danainvestrnent.com I prtstiiiidws oiilr
L
m
b
Dana Small Cap Portfolio Characteristics
The Dana “Triple Play”
Lower Valuation + Higher Growth + Higher Profitability
= Better Returns With Less Risk
10 r1, R2000
11.1
Dana SC
__ Dana SC R2000 ’
J
22 25 -
2oHl 15
2o 16.6 1-
lo
n .I- vi
Dana SC R2000
15 1 14.3
R2000 I Dana SC
25 1 22.2
Dana SC R2000
Market Cap lAveragelMediar
326.1
200
DanaSC R2OOO
Actual Composite Holdings as of June 30, 200<
17
Dana Investment Advisors, Inc. I I. 1 *a *I b . l.
PORTFOLIO HOLDINGS
Asd06/3W2009 Portfolio: 715comp - City of Palm Beach Gardens Firefighters'
Retirement System - Comp
Plica Marlretwua Pct Anus &€Yudr cu.
Owd n*d ShMWl PAR Id.nUllN -paon
C..h
shwt Tm Invrtmenia
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SMU
Dom.ltic EWW StnWy
3,799 ABT
2,995 ANF
3.567 ACN
610 AN
3.665 ADBE
3.001 AFL
3.258 Aw
4,762 ABC
1.650 AJAGN
1.732 AFSl
365 AXE
1.144 APA
847 AAPL
5.883 T
1.191 ATHR
638 ATW
953 AVA
499 AVCT
405 AZZ
6.888 BK
1,810 BAX
2.515 BDX
3.107 BMC
4.172 BMY
4.339 BRCM
625 BKE
1.489 CAB
1.402 cvx
2.688 CB
5.585 csco
524 CHCO
575 CME
676 GTLS
1.992 KO
1.354 CL
303 CMP
2,022 COP
110 CLB
554 CPO
1.161 BCR
1,003 CBST
6,252 CVS
1,801 DIN
4,191 DN
2,569 D
1,045 DCP
Cash -Money Fund
Tam1 Shm Turn InvImnh
47.04
25.39
33.46
i2.m
28.30
31.09
23.24
17.74
52.94
11.40
37.59
72.15
142.43
24.84
19.24
24.91
17.81
13.96
34.41
29.31
52.96
71.31
33.79
20.00
24.79
31.77
12.30
18.18
66.25
39.88
18.65
30.36
311.12
47.99
70.74
54.91
42.06
87.15
26.79
74.45
18.33
31.87
9.38
24.71
33.42
16.79
169,381.W
169,381.W
178.704.96
76.W.05
119.351.82
7.442.00
103.719.50
93.301.09
75.715.92
84.477.88
87.351.w
19.744.80
13.720.35
82,539.80
im.w.21
146.133.72
22.914.84
15692.58
16.97293
6.966.04
13.936.05
mi.aa7.28
95.857.60
179.344.65
104.985.53
83.44o.w
107.563.81
19.856.25
18.314.70
12.289.68
92,882.50
107.197.44
104,160.25
15,908.64
178.894.02
95.596.08
95,781.96
16.637.73
85.045.32
9,586.50
14841.66
86.435.45
18.384.99
199251.24
16893.38
103,707.87
85856.90
17545.55
1.49
1.49
1.57
.67
1.05
.07
.91
.82
.67
.74
.77
.17
.12
.73
1 .06
1.29
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.14
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.12
1.78
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1.58
.92
.73
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.17
.16
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.82
.94
.92
.14
1.57
.84
.84
.15
.75
.I8
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.76
.16
1.75
.15
.91
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586.44
.w
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103.92
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470.60
.w
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.w
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940.80
.w
.w
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1,617.04
.w
.w
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77.56
.w
.w
.w
.w
.w
.w
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-07
.07
3.40
2.76
1.49
.33
.w
3.60
3.10
1.13
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2.11
.w
.83
.w
6.60
.w
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4.72
.w
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1.23
1.96
1 .a
.w
6.20
.w
2.52
.w
.w
3.92
3.51
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4.48
1 .48
3.42
2.49
2.59
4.47
.46
2.09
.91
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.96
2.13
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5.24
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P-1 d4 18
m
W
m
U
m Dana Investment Advisors, Inc. 2
PORTFOLIO HOLDINGS
%ortfolio: 715comp - City of Palm Beach Gardens Firefighters'
Retirement System - Comp
As of W3012009
share# PAR IdentifiSr Description Price MarkaIValue pct. AIseb mals Cur. m Owed Yield
6.108 EBAY Eba~ Inc 17 13 104.630 04 92 00 w
8
I
m
m
M
M
2,780 EIX
8.622 EMC
455 EME
814 EPR
1.340 XOM
196 FDS
2,986 FDO
1,643 FFQ
1,021 FMER
2.342 FLS
2,616 FMC
289 FPlC
1.784 FPL
7.796 GME
2,389 BGC
3,179 GD
7,654 GE
1.436 GEM
1.945 GILD
1.088 GBC
m GS
282 GOOG
359 GEF
513 GYMB
503 HLF
4,151 HPO
5,303 HNZ
2,579 HUM
1,101 BLUD
288 IART
1,168 iBKR
1.823 IBM
848 JACK
1,510 JNJ
3.181 JPM
387 KEX
988 MCCF
628 KOP
1,734 LMT
440 MANT
859 MATK
3,193 MKC
3.114 MCD
5.944 MHP
2,047 MCK
1.924 MHS
2.371 MDT
3.426 MET
4.989 MCHP
477 MCRS
4.W MSFT
3.819 MS
2,509 MOS
Edison lmernational
EMC Carp
Emcor Group Inc
Enleminmenl Properlies TNS~
&an Mobil Cop
Fame1 Research Syslems Inc
Family Ddlar Stores Inc
First Potarnac Really TNS~
Firsmerit Cap
Flowss~e Carp
FMC Corp
FPlC lmurance Group Inc
FPL Group Inc
Gamestop CarpClars A
General Cable Carp
General Wnamics Corp.
General EleClfic Co
Genzyme Carp
Gilead Sciences Inc
Glacier Barrorp Inc
Gddman SaChS Group Inc
Gmgle Inc-CI A
Greif Inc-CI A
Gymbore Corp
Herhalife Lld
Hewleu-Packard Ca
HJ Heinz Co
Humam IIX:
lmmucor Inc
Integra LfBsciBnces Holding
lntedve Brokers Gm-CI A
lntematimal Business Machine
Jack In The Bax Irr
Johnson 8 Johmon
JP Morgan Chase
Mrby Carp
bighebridge Tankers Ltd
Kappers Holdings Inc
Lockheed Martln Corp
Manlech lnternadonal Cop-A
Manek Biosciences Carp
McCOmick and Co. Inc.
McDonald5 Carp
McgrawHill Companies Inc
MCkessM Carp
Medco Health Soiufions Inc
Medtronic Inc
MeUi Inc
Micrmhip Technology Irr
Micros Spms 1%
Microsdl Corp
Magan Sfanley
MmaiC
31.46
13.10
20.12
20.60
69.91
49.87
28.30
9.75
17.00
69.81
47.30
30.62
56.86
22.01
37.58
55.39
11.72
55.67
46.64
14.77
147.44
421.59
44.22
35.48
31.54
38.65
35.70
32.26
13.76
26.51
15.53
1M.42
22.45
56.80
34.06
31.79
13.64
26.37
80.65
43.04
21.15
32.29
57.49
30.11
44.w
45.61
34.89
30.01
22.55
25~32
23.77
28.51
44 30
87.458.80
112.948.20
9,15460
16,768.40
93,679.40
9,774.52
64.503.80
16.019.25
17.357.00
163,495.02
123.736.80
8,649.18
101,438.24
171.589.96
89.778.62
176.08481
89.704.88
79.942.12
91.103.80
16.069.76
114,560~88
118.888.38
15.874.98
18.201.24
15,864.62
160,436.15
189,317.10
83.198.54
15,149.76
7.634.88
18,139.04
190,357.66
19,037.60
85,768 W
108,344.86
12,302.73
13.476.32
16.560.36
139.847.10
18.937.60
18.167.85
103,101.97
179.023.86
178.973.84
90.068.W
87.753.64
82,724.19
102,814.26
112,501.95
12.077.64
117,899.20
108,879~69
111,148.70
.77
.99
.os
.15
.82
.09
.74
.14
.15
1.44
1.09
.08
.a9
1.51
.79
1.55
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.70
80
.14
1.01
1.05
.14
.16
14
1.41
1.67
.73
.13
.07
.16
1.67
17
.75
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15
1.23
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1.57
1.57
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~77
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00
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00
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327.00
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136.42
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332.08
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3.52
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2.35
2.47
6.01
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2.19
.94
.45
Page2d4 8 19
'j "F Dana Investment Advisors, Inc.
PORTFOLIO HOLDINGS
As dW30mG9 Portfolio: 715comp -City of Palm Beach Gardens Firefighters'
Retirement System - Comp
shamd PAR 1-r hcdpaon Ria MmlutVdw Pd hub AaauaIs Cur.
M
4804 NOV Na& Oilwell Vam lnc 32 66 156.89864 138 w 00
2.839 NPEC
202 NAVG
3.915 NlHD
2.532 NEL
696 NWE
1.431 NUE
1.401 OXY
293 01s
1.060 OH1
2,801 OKE
5,253 ORCL
285 OSIP
3,181 PTV
1,734 PNRA
1,492 PMTC
1,648 PRXL
2,254 PDLl
2,659 BTb
4.m PM
636 WH
298 PXP
2,609 PNC
1,090 PCP
1,568 PGI
907 PCLN
1,808 PG
2,404 QWM
1.135 RRGE
1,794 SRE
1,145 SMTC
1,844 SWKS
542 SPSS
553 SFG
2.395 srl
718 STE
535 SYNA
1,646 TAL
NaUPennBcshsInc
Navigamrs Gmup Inc
Ntl Holdings Inc
Nme Ewqq Inc
NorthWes(em Cap
N-Cap
OCadenIal Petrmeum Cap
Oil statas Inmtional Inc
omega Heaimcare IWeSlOrs In€
Omk Inc
orade cap
os1 PilarmaceuficaIs lnc
Pad" carp
Pampa Bread Co (CL A)
ParameG+ Techmlagy Cop
PDL BiaPharma Inc
Parexel 1"tsmational cap
p- Energy cw.
Philip MMs lntemationsl
PhillipVan Heusen
Plains Exploration and Pmdm
PNC GiW lmresrmenl Ssrvidn
Precisian CaslpanS Cup
Premiere Global Services
Primline Com hc
Proder 8 Gamble Ca
aus~mmminc.
Red Robin Gourmet Burgers lm.
Sempra Energy
smladl cop
skywnlks SolufianS Inc
spss lnc
Stan- Financial Grwp
SlaieStIwlcarp
steris cap
Svnapacs lnc
TAL lmemab~nsl Grwp lnc
4.61
44.43
19.07
B.97
22.76
44.43
65.81
24.21
15.52
29.49
21.42
28.23
21.70
49.86
11.69
14.38
7.90
3t.16
43.62
28.69
27.36
38.81
73.03
10.84
111.55
51.10
45.20
18.75
49.63
15.91
9.79
33.37
28.68
47.20
26.08
38.65
10.90
13.087.79
8.974.86
74,659.05
176,438.24
15,840.96
63,579.33
92,199.81
7,093.53
16,451.20
82,601.49
112.519.26
8,045.55
69.027.70
86.457.24
17.441.48
23.698.24
17.806.60
80.195.44
190.183.20
18246.84
8.153.28
101255.29
79.602.70
16.997.12
101.175.85
92.388.80
108.6ML.80
21281.25
89.036.22
18.216.95
18,052.76
18.086.54
15.860.04
113.oU.W
18.725.44
20.6T1.75
17,941.40
.12
.08
.66
1.55
.14
.i6
.81
.06
.14
.73
.99
.07
.61
.76
.15
21
.16
.71
1.67
.16
.a7
.89
.70
.15
.89
.E1
.96
.19
.78
.16
.16
.16
.14
.99
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500.85
46233
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00
00
2.35440
00
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699.66
.w
00
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23.95
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4.34
.w
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1 .P
5.89
3.15
2.01
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7.73
5.43
.93
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.w
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12.66
.80
4.95
.52
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1.03
.16
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3.44
1.50
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3.14
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2.62
.08
1.69
.w
37
Page3d4 20
1
rl
m
111
1
rn
m
m
m
m
m
Dana Investment Advisors, Inc.
PORTFOLIO HOLDINGS
%ortfolio: 715comp - City of Palm Beach Gardens Firefighters' As of 06/30/2009
Retirement System - Comp
shares/ PAR IdsnSfla DescripIjon Price Market Value Pa. Assets Accruals Cur. m Owed Yield
277 TECH lechne Cwp 63 ai 17,675 37 16 00 157
I
1.156 TTEC
2.296 RIG
367 TGI
394 UGI
1,794 UNP
6,302 UNM
1,495 VMI
3.617 M
483 WAB
3.860 WMT
3.109 WMI
381 w
300 WST
10.934 WMB
8.7% WIN
946 WWW
Teletech Holdings Inc
Transocean Inc
Triumph Group Inc
UGI Carp
Union Pacific Corp
Unum Group
Valmont lndu5tlies Inc
Venzon Communications Inc
Wablec Cam
WalkMan Stares Inc
Washington Mutual Inc
Watson Wall Worldwide Inc-A
West Pharmaceutical Services
Williams Cm Inc
Windweam Carp
Wolverine World Wide Inc
Total Domesfie Equity Straepy
Total Staka
15.15
74.29
40.00
25.49
52.06
15.86
72.08
30.73
32.17
48.44
28~16
34.85
8.36
37.53
15.61
22.06
Total portfolio
Inter061 RBCBivable
Paydown Receivable
ACC~IS
Dividends Acaued
Total PomOlio *ria Accry~ls & Receivables
17,513.40
170.569.84
i4.6ao.w
10.043.06
93,395.64
99,949.72
107.759.60
111.150.41
15.538 11
186.97a.40
87,549.44
14,298.93
10,455.00
110.679.74
73.534.56
2o.am.76
11,198,075.79
11.198.075.79
11.387.456.79
0.00
0.00
0.00
18.619.38
11.386.076.17
15
150
13
w
82
88
95
98
14
161
77
13
09
150
65
ia
98.51
98 51
w
w
w
7a a0
478 9a
00
224 25
00
00
00
00
28 57
00
w
2199W
104 06
18.619 38
18.619 38
w
w
40
3 14
2 07
1 89
a3
5 99
12
2 25
14
ao
2 a2
1 72
11 96
199
196
1.96
k ma*l prices shown on Ihese pzges represenl Ihe kt repmied sale on Ihe valuetbn dale as 10 lisledsecuri&s or Ihe bMpfiE in Ihe me of
e~lhe-cwner quorations Prices on bonds and some oIher inveslmenfs are basedon mund lot prke quotaflons and are for evalualbn purposes otzy ana s y mfreprresenl achralma&et values. Bonds sold on an cddlof basis (less than $1 millbn) my have a dollar price lower than Ihe round bt qmfe Where
M regular mafie1 exisfs, prices shown are estimles by sources consideredreliab& by Dana lnveslmenf Advisors. lnc. While the mkes are obfainedfmm
mme5 we consider reliable, we cannotguamntlee Ihm.
Page4d4 21
Q2 2009 Equity Market Summary
~
+ Earnings reports provide upside surprises and revisions move higher
+ Economic indicators begin to show signs of bottoming
+ Appetite for risk returns, driving a global equity market rally
+ S&P 500 +15.9%, best quarter since 1998
+ Cyclical sectors and low quality stocks lead the market
+ Small cap stocks (+20.7%) outperform large caps
+ Large value stocks outperformed large growth in 42, growth stocks
still have a significant lead over value for the full year
+ Technology stocks remain in favor, large cap technology +19% in Q2
and +24% YTD
+ Risk trade faded in June, utilities best performing sector in the month
S&P 500 Earnings History
S&P 500 earnings peaked in 2006 at nearly $90 and fell to $49.50 in
2008
Operating earnings decline -6% in 2007, -40% in 2008
44 2008 marked the first time in history the S&P 500 recorded a
negative earnings quarter
Possible inflection point? Earnings expected to stabilize in Q3 2009
and begin to grow in Q4
12% year over year growth forecasted for 2009, +33% for 2010
r
90
loo 1
80
70
60
0 2 50
40
30
20
10
0
in
UEN? ADV
23
.. , , .i.
m EPS Revisions Moving Higher
m ?A
Economic Indicators Improving
U
a
U
Investors focus on the “second derivative” of growth
Signs that the recession is losing steam
Seven of ten LEI indicators increased in May, employment trends
remain a drag
-
0%
6%
6%
4%
1%
0%
2%
nm
S index of Leading Indicators (YOY%)
1111 111
1 0s Db 07
1
I
I
a
I
1
I
rl
I
II
1
w
W
8
m
25
m
m
m
Inflation Expectations
Risk Taking Makes Comeback
W
m
Cyclical sectors lead S&P 500 higher in Q2
Financials +36%, Technology +20%, Industrials +19%, Consumer
Discretionary +18%
Stable telecom, health care, staple sectors lag
Junk bonds +24%, 1 0-year Treasury Bond -6%
VIX drops 40%, levels not seen since prior to Lehman collapse
CBOE WX Volatllltv index
27
I
W'
W
8
m
m Low Quality Rally
'he 40% rally in the S&P 500 from March 9th through June 12th was led
y low quality stocks
9
9
9
9
9
9
9
9
9
r
S&P 500 unprofitable companies +75%
Negative free cash flow +65%
Negative ROE +7 1 %
Top quartile leverage +66%
Top quartile short interest +63%
Stocks priced < $5/sh +166%
Small Cap (market cap under $2bln) +I 14%
Trading under BV +86%
Average return of stocks with quality rating of B or lower +78%
3/9/2009 - 6/12/2009 Returns by S8P Stock Quality Rating
1
A+ A A- B+ B B- C NIA
Quality Rating
DANA INVESTMENT ADW IhC
211
Market Bull and Bear Arguments
Business and consumer deleveraging will weigh on the economy
Equity markets ran ahead of fundamentals
Potential for higher taxes and regulation may depress market multiples
Positive EPS surprises driven by cost cutting, lack of top line growth
.4
.2
1
1.8
1.6
1.4
1.2
Credit markets have thawed
Sidelined cash levels are high
Economic indicators are improving, including consumer confidence
Cyclical sectors have led the recent rally, signaling improving economy
EPS revisions are moving higher
DANA INVESTMENT ADVISOR$ INC.
- US MZM Money Supply I Russell 3000 Market Value
A Ratio of Liquid Money Supply / Total Stock Market Value
Rose Above 1x
29
rn
rn
High Quality Lagged The McDonald's Conundrum
McDonald's reported another strong quarter on April 22nd, company has
not missed quarterly earnings estimates in the past four years
Coffee initiatives, international expansion, dollar menu driving growth
Expected to grow earnings 6% in 2009 and 10% in 2010
Comp Store Sales have remained positive throughout recession
World wide comp store sales positive since May 2003 9
Margins improving, industry leading ROE, exceptional cash flow, 3.5%
dividend yield, 3-year dividend growth of 41%
MCD trading at 14x earnings, a 13% discount to its fast food peers and
40% discount to the average consumer discretionary stock
Strong fundamentals did not necessarily lead to outperformance in
42 + Goodyear Tire & Rubber; unprofitable, highly leveraged,
burning cash but outperforms broad market and consumer discretionary
sector in Q2
Q2 Returns
I\\ I.
9
City of Palm Bead
1 Firefighters' Pension
Gardens
Trust Fund
Quarterly Review
2nd Quarter 2009
Investment Market Summary Second Quarter 2009
Dislocafion Nation
+ The equity market advanced for most of the quarter: however, as June came
to a close investors were reminded that volatility is alive and well. While the
market experienced more than a 40% recovery off its March lows, it would be
a naive assumption to expect another 40% positive spike without the market
taking a breather. Much of the dislocated valuations that caused the market
to bounce rapidly off its low are also at the core of the recent equity market
pullback. It is logical for investors to take an inventory of risks as the prospect
for near-term earnings and economic growth is weak. Although the market's
decline at the end of quarter may have caused recent talk of "green shoots" to
wither on the vine, a variety of data points indicate that the broader economy
has at least slowed its pace of decline. Sometimes we just have to consider
less negative to be a positive.
The second quarter of 2009 posted some of the strongest equity performance
numbers in years and represented a welcome relief afler more than a year of
negative results. The market rally, which began in mid-March, continued
unabated for most of the quarter despite rising unemployment and
disappointing economic statisitcs. The broad market Russell 3000 Index
posted a return of 16.8% for the quarter. While all ten economic sectors of
the Russell 3000 Index posted positive returns for the quarter. performance
was particularly strong in materials, industrials, consumer discretionary,
finanaals and information technology sectors, each of which posted returns in
excess of the broad index. While the index's other five sectors finished
behind the 16.8% return of the Russell 3000 index, only telecommunications
services (4.2%) returned less than 10% for the quarter. In the large cap
space, the S8P 500 and Russell 1000 Index posted returns of 15.9% and
16.5% respectively. Further down the capitalization spectrum, the Russell
MidCap Index returned 20.8% for the quarter and the small cap Russell 2000
Index returned a similar 20.7%. Due to the broad-based sector strength in the
various indices, particularly in financials, value style benchmarks outpaced
growth benchmarks by a narrow margin (<I%) in all but the small
capitalization space. The broad market Russell 3000 Value and Growth
indices both returned 16.8%. Large cap issues, as measured by Russell 1000
style benchmarks. returned 16.7% for value vs. 16.3% for growth. The
Russell MidCap Value Index returned 20.9% vs. 20.7% for the Russell
MidCap Growth Index. Unlike the larger capitalization ranges, growth
investments (23.4%) outpaced value investments (18.0%) by 5.4% for the
quarter within the Russell 2000 style indices. This outperformance by growth
in small cap was primarily due to performance in the growth-oriented
information technology sector (30.3%) vs. the valueoriented financials sector
(9.9%).
Equity market strength was not isolated to domestic markets during the
quarter as both developed and emerging international markets advanced.
Un-hedged international holdings got an additional boost from U.S. dollar
weakness, which was widespread during the second quarter. The developed
markets as measured by the MSCI-EAFE Index, increased in both U.S.
dollars (25.8%) and lwal currency (17.3%). Within the 21 country index, each
country posted positive results. Performance within the index was led by
Spain. Sweden, Hong Korg and Singapore, each of which returned more than
35% for the quarter in U.S. dollars. Unlike the narrow performance bands of
most of the domestic style indices. the international style distribution was
broader with the MSCI-EAFE Value Index returning 30.3% vs. the MSCI-
EAFE Growth Index return of 21.7% Emerging markets posted strongest
equity index performance for the second quarter in a row with the MSCI-EM
index returning 34.8% in U.S. dollars and 24.6% in local currency. Much like
the developed index, each of the 22 countries represented by the emerging
markets index posted positive performance for the quarter.
The "risk' trade returned to the bond market with a vengeance during the
second quarter as investors sought the yield advantage of corporate
obligations. As spreads continued to narrow during the quarter, lower quality
debt got the largest boost with the Merrill Lynch High Yield Master II index
posting an "equity-like" return of 23.2% Despite the Fed's best efforts to keep
interest rates low to fuel its numerous recovery programs and foster attractive
mortgage rates, the Held curve steepened measurably during the quarter for
maturities beyond one year. Although the Earclays Capital U.S. Aggregate
Index returned a seemingly mild 1.8% for the quarter, things were not as
smooth in the government. mortgage and credit sectors that make up the
broad index. The Earclays Government Index posted its second straight
quartedy loss with a return if -2.2%. The mortgage sector was not much
stronger but did manage to post a positive return of 0.7%. The narrowing
credit spreads previously mentioned also benefited higher-quality corporate
issues with the Barclays Corporate Investment Grade Index posting a strong
return of 10.4% for quarter.
When market dislocation causes investment "pillars" like strategic asset
allocation and prudent manager Selection to break down, it can be harmful to
investor expectations. The loss of long-tern focus can result in short-term
decision making and timing-based portfolio positioning. Unfortunately. such a
limited view toward achieving a long-term term set of objectives can further
exacerbate the frustration and uncertainty associated with adverse market
conditions. It is important to remember that the long-term nature of
institutional investors is the "foundation" of what allows them to take
advantage of the structural and motional conditions that negatively affect
investors with shorter time horizons. While we may be in a period of severe
market dislocation, the death of diversification and strategic asset allocation
as effective tools toward achieving long-term objectives is greatly
exaggerated
+
7 THE <> BOGDAHN GROUP
%OS %O'O %O'S %O'SL %OOl
I XI'O
XI'C
1118-1 'row
%Ooz %001 %O'O %O'OL- %OW %O.DE- %o'oP-
xro
I I
XDC
rsz
The Market Environment
Long-Term Major Market Index Performance -
Period Ended: June 30,2009
[FUteen Year Annualized Performance I
MSCl EWE
MSCl Emerg. MUS.
BS%
RW~I 3wo
Ruuell1000
Ruuell MidCaP
Russell 2000
61%
I
BardaysUSAQll. L _.
Barclays USGov.
Bardays MBSFlxed
Barclays Corp 10
Jmol. TBiIl .8%
4.0% 6.0% 8.0% 10.0% 0.0% 2.0%
I Twenty-Five Year Annualired Performame I
MSCl EAFE
MSCl Emerg. MMs. HI* 1
sw 5w
Russell 3000
Russell 1000
RuurelIMIdtap
Russell 2000
Barclays US Am.
Barclays US Gov.
Barclays MBS nxd
Barclays Corp IG
10.1%
10.2%
I
3mor. 1-Bill 4.8% I
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
MSCl EAFE
MSCl Emerg. Mkts. 10.7%
S&P 500
Russell 3000
RusselllOOO
Russell MidCap
Russell 2000
Bardays US Gov.
Barclays MBS Flxd
Barclays CorplG
3mos. Tail1 4.1%
Source: MSCI Capital Markets, Russell Investments, Banlays Caprtal8 Bogdahn Consuxing, LLL
5
0.0% 2.0% 4.0% 6.0% 6.0% 10.0% 12.0%
Thirtyyear Annualired Performance I
Russell MldCap
Barclays US Agg.
Barclays US Go".
Bardays MBSFixed
0.0% 2.0% 4.0% 6.0% 6.0% 10.0% 12.0% 14.0% TJ TOGDAHN GROUP
%09 %O'P %O'Z %O'O %o'z- %O'!= %0'9-
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%OO %Os- %OOk %OsI- %OOz- %o'sz- %O.OE- *OSE-
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sror
Wac
XVOC
t I 1 I xsm
1 XI
%O'OE %O'SZ %O'OZ %O'SL %O'Ol %O'S %OO
The Market Environment
Quarter & I-Year GlCS Sector Performance & (Quarter-End Sector Weight)
-
Period Ended: June 30, 2009
Industrials (10.0%)
Consumer Disc (9.7%)
cansumer Staples (11.2%)
Health Care(l3.7%)
Financlals (13.7%)
infoTechnology (18.4%)
Teiecom Services (3.4%)
Utilities (4.3%)
Materials (3.8%)
Industrials (10.4%)
Consumer Disc(9.9%)
Cmsumer Staples (10.6'4
HsalthCare (13.8%)
Financials (1 4.2%)
InfoTachnolog/ (18.5%)
Tslecom Sewices (3.2%)
Utilities(4.W
Energ~(7.2~4
Materials (6.1%)
indwlrials (12.9%)
Consumer Disc (14.8%)
Consumer Staples (7.2%)
Health Care (9.3%)
Financiais (17.8%)
Info Technology (14.4%)
Dl-YBBr
Talecom SeNIsXS(l.g%)
utilllies (8.2%)
20 0% 40.0% -60.0% -40.0% -20.0% 0.0%
1 Energy(ll.8.h)
Materlalb (3.8%)
Ol-Year
-80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0%
Source: Thompson FinancU
i = 12.0%
1
1
41.5% 1
4.7%
i
20.3%
45.0% I
-18.2% 1
9.6%
46.3% I
20.0%
-181% 1
1 1 1.9% 1
1 11.8,
dlA%
-18.5% 1
20.0% 40.0% -60.0% -40.0% -20.0% 0.0%
pGiiiZE1
Energy(4.5%) 45,0x
ml-YBar
Materials (3.8%)
Industrials (16.0%)
Consumer Disc (12.9%)
Consumer Staples (3.5%)
Health Care(15.1%)
Finsncials (19.5%)
Info Technology (19.7%)
Telecom Serfices(l.3'A)
Utilities (3.6%)
.m,oyo .6o,oy0 -40.0% -20.0% 0.0% 20.0% 40.0%
T THE qJ BOGDAHN GROUP
8
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t %6 8 L I %8 LL I 9
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The Market Environment
Domestic Credit Sector & Broad Market Maturity Performance & Rate Comparison
Period Ended: June 30,2009
~-
AAA
AA
A
BBB
CBBB
God
Mort
Quarter Performance
I 1
45%
9 3%
',
I
1 11 I
1 1 E.6.ml IJyrGIMIC
1Jyr GlMlC
l.iOyrG/MlC
I iO+yr GlMlC
:a1 1-3yrGISIC
I-SyrGlMIC
1-loyr GIMIC
lDyrGlMlC
i wwc = (jwHnment I Mortgage I -ate I& x !
6.0% 9.0% 12.0% -3.0% 0.0% 3.0% -6.0%
I !
5.0% 10.0% 15.0% 20.0% 25.0% -5.0% 0.0%
1.00 -
lmo 3mo 6mo lyr 2yr 3yr 5yr 7yr 10yr 20yr 30yr
GROUP
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.spouad ieah any pue aaiqi 6u!(!eit aqt Jan0 yiewqwaq aqi paa3xa JO )saw suiniai awmu! paxy leiol
/
/
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.spo!iad ieah ang pue aaJqi 6u!i!eij aq) iano dnoi6 iaad st! 40 ai!iUmJad qiop dol aqi u!qj!~ payueJ uqaJ ueid lei01 aql 'E
.spo!iad ieah any pue aaJqi 6u!l!eit aut Jan0 yiewqwaq ueid ieioi ayi papamxa JO paienba uintai ueid let01 aqi 'z
mouad ieah am Due aaiui 6UllleJi aui iano uoiidlunsse s6uiwea ieueni3e ~I~CTR aui DaDaa3xa io Dalenba wniaJ ueia iao I au I ' L
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Total Fund Portfolio
June 30,2009
Marcb31,2009 : S21,233,535 June 30,2009 : $23534,022
1
I ,/‘
Market Value
Dana Equity Portfolio 7.5 13,927
Receipt & Disbursement 4,080,557
Davis,Hamilton,Jackson & Assoc. Fixed 3,891,569
Agincourt Capital Management 3,422,759
Voyageur International Portfolio 1,417,647
E3 American Real Estate Fund
(S)
907,077
Allocation
(”/)
35.4
19.2
18.3
16.1
6.7
4.3
13
Dana Equity Portfolio
W Dana Growth (Equity)
H Davis,Hamilton,Jackson & Assoc. Fixed
Agincourt Capital Management
Voyageur International Portfolio
Manning & Napier Overseas (EXOSX)
W American Real Estate Fund
W Receipt & Disbursement
Market Value
6,188,958
5,198,908
4,214,259
3,999,862
1,652,460
1,006,057
839,567
233,951
6)
Allocatlon
(%)
26.5
22.3
18.1
17.1
7.1
4.3
3.6
1 .o
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GROUP
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8222 W'861'5
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Palm Beach Gardens Firefighters'
Financial Reconciliation
As of June 30,2009
Manning &Napier Overseas (EXOSX)
American Real Eslate Fund
Agincourt Capital Management
Dmis,Hamilton,Jach & Assof. Fixed 3,891,569 4.214.259
UPWS -1 w -yas -1qsSr -22634 lW UWQs ?3334im2
li0
EXOSX)
nt
IOC Fixd
-Y,.WI 4.5 14.114 AU35.Y I6
5,2~.4n7
1,717953 6,173
1.ooO.ooO
I ,I 3 1.896
3.166.75n 5M.487
3,671,436 207.12n
M19.502 I.0S2.090 -153.461 %Bsw -1 3,mw -24739
-5Y.471 .I 1.154 148,178
9,447
4.173 6.103
26
4,487 125.541
-1.12n 154,225
65.685 10.510
mtsr
-2.362.22U 6.188.958
-17.025 5.19n.m
6.03 I 1.m.n57
-131.5% l.652.4W
-292.329 839.567
201.563 3.999.862
in8.598 4.214259
233,951
-zMayrs u-
15
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\bN LL'T- ISLi 0L.i
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V,U i0'6- lLLi $1.7-
DOZ/IO/LO V/N WOZ- (LE) ZCO-
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V/N fL'I
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66UIo/Eo V/N SCZ (6) 9FI
SP'SZ- EZSI-
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(Ls) ZrII
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Palm Beach Gardens Firefighters'
Comparative Performance
As of June 30,2009
g &Napier Overseas (EXOSX)
MSCl EAFE Index
International Equity Multi-Cap Core Funds (MF) Median
US Broad Market Core Fixed Income (SAKF) Median
Agineourt Capital Management
Barclays Capital Aggregate
US Intermediate Duration Fixed Income Accounts (SA) Median
Davls,HamiltonJackson & Assoc. Fixed
Barclays Capital Intermediate Aggregate
US Broad Market Core Fixed Income (SA+CF) Median
CRElF Property Index
N/A
J
Yean Years Inception Date
N/A
XX5 (36)
N/A
24.09
2.62 (sc)
I.6X (89)
0.94
3.45
2.09 (69)
1.78 (72)
0.3 I
2.75
3.10 (56)
1.6X (XY)
1.42
3.45
-7.44 (56)
-5.20 (17)
-2.24
-13.16 (41)
NIA
-14.00
9.n 0.7)
6.28 (711
3.49
7.78
1034 (5)
6.57 (661
3.77
7.40
9.28 (23)
(G!X (711
3.00
7.78
-2s.m (36)
-19.42 (X)
-6.41
NIA NIA NIA 9.68 NIA 05/01/2009
-30.96 (431
N/A
-31.91
kos W)
6.14 (53)
1.91
6.34
NIA
(1.05 (541
NIA
6.27
6.13 (53)
6.14 (53)
-0.01
6.34
-26.24 (32)
-19.56 (8)
-6.68
-7.51 (56)
NIA
-7.33
MIA
6.43 1511
NIA
6.44
NIA
6.31 (501
NIA
6.41
N/A
0.43 (51 1
N/A
6.44
N/A
0.09 171
NIA
2.70 (301
NIA
2.39
NIA
4.92 (59)
NIA
5.11
N/A
5.02 (451
N/A
4.96
N/A
4.9: (59)
NIA
5.1 1
N/A
7.00 ( I1
NIA
-7 RT A 7n
11.41 NI.4
-1.73
NIA
1.28 UIA MMfMOI
. 551 .. N!A
1.77
N/A
7.04 N/A 09/01/200I
SI4 bA
I .90
NIA
5.51 N/A 06/01/2001
5.51 N:,A
0.00
NIA
-2.80 N/A 08/01/200(
N:A
NIA
N/A IUS Private Real Estate-Open End (SAKF) Median -7.19 -28.83 -28.52 -.-- ... "
Rehlms for periods greater than me year are annualized.
Returns are expressed as percentages.
Tom1 Fund Policy=55% Russell 3000.25% Banlays Intermediate Aggregate, 10% MSCl EAFE. & IO%lI&REIF
Fixed assets transferred fmm Dana to DIU 5-31-2008, fixed verformance in total plan.
Palm Beach Gardens Firefighten'
Comparative Performance
As of June 30,2009
Returns for periods greater than me year are annualized.
Rmms me cxpresed as pcrccnlagcp
Total Fund Poltcy-SJ% Ru%.\ell3OOO. 25% Barclay, lnlmncdiatc Aggregate 10." MSCI FAFL, & IWo?QCRtlF
Fixed Awe& mmfnred from Dm to DHJ. 5-3 1.2008. fixed Derformance in total plan
-1 <- BOGDAHN GROUP
6019 1019 s01r LOlZl 0016 81
A 028%
000lS
asiis
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0091s
D'SLIS
nnnlr
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0002
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Palm Beach Gardens Firefighters'
Total Fund Portfolio (Net)
June 30,2009
30, - ~~ ~~ ~~ 0.00 ,
*el
Pab3ltW.W a a
3 so.00 0 IOD-
E 2 2 OD- 2 E 7500 i t -10.0- 1
V -20.0
20n- e 25.00 z -
a
Undn U l00.00
9rOS 9106 9107 9.08 6inp Perbmencc Y:04
-10.0 0.0 100 20.0 30.0 Total Pdod 5-25 15.Mdi.n Md1.c-75 15.95 = -200 : cwnt Cou.1 cou.1 COW1
Total Fund Pmfolio Wctl 20 12 (6O"o) 4 (200/.1 4 (2W4 0 (0%) + lun-2n09 b Total Fund Policy 20 3 (IS%) 12 (6oQ.l 5 (25%) 0 (os.)
TOW Fmmd hllr).(%)
+UndnPcr6bmancc +OvnPdmsne -4-Sp.ZW4
~ ~ 1.50 ~~
~. ~ ~ ~ ~ ~~~ ~ ~~~ 100 ~~~~~~~
1.00
2.50 0.00 [ I
5 OonJ
5 -s.oo-
3 -5.w-
e $ -1o.w- 5 -2.10- -
II: -I1.00 -7.50 I
25.00 0 00 5.00 10.00 i5.00 20.00 son 10.00 15.00 20.00
Rlsk(St.mdad Ddatiam X) Rlsk(Shmdtrd Dnl.lIan%)
suId=rd Ikv).uan IlelUm Slmdnrd Mmtlan nuurn
9.34 Total Fund Ponfolb(Nn) 1.66 8.32 Tal Fund Pmtfdio (Ne)
- Mdim -3.01 13.13
-3.32
13.58 0 Total Fund Policy 0.40 11.1s
- Median 0.66 10.4)
0 TalFund Policy -3.s3
~~ ~
Dan.&
Rhk M.rl;rt Alpha IR SbrP Bet. Don"
R.tla
UP Marku TlxLI.I
cmmm C.pnrr
~~f.1 ~und Poitq OW lWW lWM
Em.
-I 16 4 OS 4 68 0 67 800
OM NIA -0 44 100 1080
Tal Fund Podolio (Net) 109 65 W 14 74
Don.sne
Rkk
Dmn Shsrp
68 78 I 21 n 23 4 13 071 6 19
IWM OW NIA a I8 IW 8 41
Bet. hlio MarkU Mmrket AIpb IR UP
Total Fund Portfolio (Ne4 4 I7 83 18
Tom1 Fund Pollcy OM IMM
1rrU.l
EllOI C*rr Cqlrrr
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GROUP
W08S
WOOIS
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Palm Beach Gardens Firefighters'
Dana Equity Portfolio
June 30.2009
E 25.00- d - 50.00- E b e 75.00
d
Y - -
P
3 *
m.on , I
9/04 9/05 9i0s 6/09
2 -10.00-
-15.00
000 oi in00 20 on 30.00 40.00 5 .w ion is.00 20.00 25.09 30.00
-2ow
-10.00
a
Risk(S1.ndard DOI.110n Y.)
ReNm Stmdwd Muiom
DanaEquiry Pmfolio -9.73 17.82
wnaEq"ir)- POllC? -8.35 19.80
- Median -7.92 19.28
Risk lSI.nd.rd Malion %)
SUnd.rd Ikviauan Return
Dana Equiry Pmffoolio 6.8s 15.41
Dana EquiR. Policy -2.15 16.47
- Mcdian -1.22 16.04
DolMldC
Rhk
Dana EqWV PamOIi-3 3.92 85.96 95.23 -2.12 6.43 6.63 0.93 16.05
0.w 1W.W 1W.W 0.W NIA 6.51 1 .W 16.32 DSM Equiry Policy
Bm Shrp
Rda
Do-
IR UP Mark& M.M Upbl
C.PImrn C.Pl.rn
TrnkhI
E-l
DOW.SM
Rhk Bn. Dmm Sharp
R.tb m UP TmCkhg MhI Msrket Alpha
C.PNnR C.lNW E-
3.12 102.~7 %.Ob I .26 0.35 6.17 O.% 12.77 Dm Equity Ponfolio
1W.W 1W.W 0.00 N/A 4.25 I .W 12.94 Dam Equity Policy 0.00
23 <- 7) THE BOGDAHN
GROUP
SOP IPI f65- OC61- 8OLz- LZ'ZI- Lrrz
DO OW
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Palm Beach Gardens Firefighters'
American Real Estate Fund
June 30,2009
...
As of wmw)
-292 840
C.plt.1
AppmJ Wm. Nlt Conttlbulions Dktrlboliona FCU 1"COIW Tnnskn As of 9nmm
Amrricao Real €slats Fund 1.132
15.uu - 112uu
BBB -1 OUU 5 uu tiii - s'
E -3uw
E
E
4s uu
L9U.b
---
3'08 1248 h:U9
~~ ~~~~~ ~ 6U.UU $90.0 I on-Zw8 1 2 3 4 5
Quarter TO Yc.T Van Yan Y"" YE.-
Jun-Zw)
AmcriunRcalEsetcFllnd -7.44 (56) -25.83 (36) -26.24 (32) -9.71 (24) NI'A NI'A NI'A
NCRElFPmpnty Index -5.20 (17) -19.42 (8) -19.56 (8) 4.27 (7) 0.99 (7) 5.15 (I) 7.60 (I) 18U.U
9/06 mu7
Mdh" -7.19 -28.83 -2R.52 -11.21 -2.85 2.04 4.70 -Amtican Real ErlalcFund -NCREIF Pmpeny lndcx
I I I I I I
Qr.nrr Quuter Q".HU Qusmr @.tic. Qu.mr
Mmr2.W) De4008 SCPZ~ J"ll.2008 Mnr-2008 r*r-ZW,
-13.10 (32) -1.18 (26) 6.56 (53) 1.52 (24) 1.18 (61) 2.78 (11)
-1561 -9 92 a 30 0 82 I28 154
Endlng Emdlng Ending Emdlng Endlng Endlng
Anrrhn Red EY.R Fund NCREIF Fmpaty lndn -7 33 (10) -829 (28) -0 11 (40) US6 (61) I60 04) 321 (11)
US Pnvafe Real EUalc-Open End (SAtCF) Mcdlen
7. THE <- BOGDAHN GROUP
ow0
OTL
0001
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Palm Beach Gardens Firefighters'
Davis,Hamilton,Jackson & Assoc. Fixed
June 30.2009
Mnrkd Vdur
As of
6l3012W9
C.pIl.1
ApprdDlprez. Nd CO"lrR"uorn Msmbwlonr FIIS EXpEWPr Income Market V.Im
Ai of T"".fetn minoop -2 53 h9 4,214 Dauis,HamiltonJackuln & As=. Fircd 3,892 202
12:ox 3inq h:09
V 198.0 -5.00 1
I OCMiMR I 2 3 4 5
Q".flW TO Year Ye.= Ynn Ye.= Ye.=
J"".100P
Dlns.HamiltonJackum&Asww Fired 3.10 (56) 9.28 (23) 6.13 I531 KA N:A NI'A NIA IVh.O
BarclaynCapnal lnlmnediate Ag~rcgate 1.68 (891 6.28 Ill) 6.14 153) 6.64 (501 6.43 (511 4.19 (45) 4.92 (59) 6:on 9:OR
-Danr.HamllonJackron & Arioc. Fired
4.62 5.11 -Barclays Capilal lntemdiate Aggrrgalr Mcdian 3.45 1.lR 6.34 6 hI 6.44
I I I I I
Qumcr Q"."er Qu.mr Qumrter Q".rtW Q"."*.
DU-2008 sCp2cQll .lun-2m M.r-2008 h-2W7
3.5R 1551 4.13 (1x1 4% (521 235 (351 2.R9 (52)
3.80 -1 42 -0.94 I .w 1.90
I
Endlng Endlnb Endlng Endlng Endlng hdhx
M.. -2W9
4.66 (36) -224 (81) NIA NI'A MA Dmr*H.mlltonJrk;ron & As- Flrd 1.21 (16)
Barclays capital lntomedialc Aggregate 0.91 (XI
US Bmad Markct Core Fixed Ixom ISA+CFI Mcdian 0 49
7 THE /c-l BOGDAHN GROUP
00'001
00001
WOO1
00001
WOO1
WO I
WO I
WSZ
OO'SS
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0001
WOE
0055
00s
00'0 I
WOE
00'55
00s
WOE
00'59
00 5
WOE
0059
WS
WSE
0009
Statistics Definitions
Statistics Description
Rem
Standard Deviation
Sharpe Ratio
Alpha
Beta
R-Squared
Treynor Ratio
Downside Risk
Tracking Error
Information Ratio
Consistency
Excess Return
Active Return
Excess Risk
Up Market Capture
Down Market Capture
- Compounded rate of return for the period.
- A statistical measure of the range of a portfolio's performance, the variability of a return around its average return over a
specified time period.
- Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is
the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance.
- A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measurec
by beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio's
non-systematic return.
-- A measure of the sensitivity of a ponfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or
systematic risk.
- The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means a
higher correlation of the portfolio's performance to the appropriate benchmark.
- Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return ovei
the risk free rate divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better the
product's historical risk-adjusted performance.
- A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by
taking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product.
- A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market
benchmark.
- Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added
- The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency
- Arithmetic difference between the managers return and the risk-free return over a specified time period.
- Arithmetic difference between the managers return and the benchmark return overa specified time period.
- A measure of the standard deviation of a portfolio's performance relative to the risk free return.
contribution by the manager.
figure, the more value a manager has contributed to the product's performance.
-
- The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate
- The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicate
better product performance.
better nroduct Derformance.
Calculation based on monthly periodicity.
29
\. ..
... . .
""
..
'0
Orlando
4901 Vineland Road, Suite 600
Warrcnville, Illinois 60555 Orlando, Florida 3281 1
866.240.7932
..
PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
DISBURSEMENTS
September 21,2009
THE RESOURCE CENTERS, LLC. $
(Bill for services for September 2009;
Retirement for Bestland)
REGIONS MORGAN KEEGAN TRUST $
SUGARMAN & SUSSKIND $
VOYAGEUR ASSET MANAGEMENT INC. $
DAVIS HAMILTON JACKSON &ASSOCIATES $
AGINCOURT CAPITAL MANAGEMENT $
DANA INVESTMENT ADVISORS INC. $
(Custodial Fees for July 2009)
(Fees for legal services for July and August 2009)
(2nd Quarter 2009 Management Fee)
(2nd Quarter 2009 Management Fee)
(2nd Quarter 2009 Management Fee)
(2"d Quarter 2009 Management Fee)
rn LOCAL2928 $
Reimbursement for hotel reservation for Rick Rhodes
for State Conference in October 2009, shield for plaque
for Steve Rogers; FPPTA registration for Ed Morejon for
FPPTA School in October 2009)
rn MANHATTAN TROPHY $
EDMOREJON $
(Expenses for plaque for Steve Rogers)
(Mileage for Division of Retirement Program in May 2009:
Per Diem for FPPTA Sch301 in October 2009)
Total Disbursements for Approval !3
1,725.00
779.59
3,448.50
2,060.77
2,634.05
2,375.27
19,329.11
598.80
93.81
662.00
33,706.90
(Trustee) (Trustee)
Invoice
Resource Centers, LLC
4360 Northlake Blvd Ste 206
Palm Beach Gardens. FL 33410
>- i I :Palm Beach Gardens Firefighters' I i
i I I
i 8
!
- r
Description
.- j
~
! Palm Beach Gardens Firefighters' Pension Fund for the month of Septemher 2009
i Tax ID Numbers
Resource Centers, LLC 874800468
Pension Resource Center, LLC 364504183
Financial Resource Center, LLC 87-0800465
.--~__________-.__I_
-
Rate
1,625.01
.. ~
' Total Amount Due
.- . -- -. . , .. . . . . ..
Mail Payments lo:
Resaurfe Centers, LLC at Palm Beach Gardens Address ORACH Payment to:
First Southern Bank First Southern Bank First Southern Bank
Financial Resource Center Pension Resource Center Resource Centers, LLC
ABAW67012895 ABA #: 067012895 ABA # 067012895
Account #: 8061096806 Account#: 8061093306 Account # 8063659206
- --
I --
Amount
1.625 00
~ ~ .. 4
$1,625.00
!I you haw any qucaions conccrning this invoicc. plcasc conlacl Denise McNeill a! Resource Ccnlcrc. LLC
Phone 561-459-2966 or Ernail ~ Deniseamourcccentcn corn
Invoice
I j Date ~ Invoice# Resource Centers, LLC
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FL 33410 i 8/31/2009 : BO90367
... . -
Bill To
Palm Beach Gardens Firefighters’ I 1 Resource Centers, LLC 87-0800468 I I 1 Pension Resource Center, LLC 364504183 I 1 Financial Resource Center, LLC 87-0800465 !
.....
Rate 1 Amount _- . ____ .-i - - --
in0 oo IO~ no
; Description 1- ~- : RetirementiDrop Application Fee; Bestland I
, ....... -. .... - . .,
’ Total Amount Due s100.00
........................ .- .
Mail Payments to:
Resource Centers, LLC at Palm Beach Gardens Address ORACH Payment to:
First Southern Bank First Southern Bank
Financial Resource Center Pension Resource Center Resource Centers, LLC
ABA #:067012895 ABA# 067012895 ABA #067012895
Account #: 8061096806 Account #: 8061093306 Account # 8063659206
First Southem Bank
If you have any questioqs concerning this invoice. please contact Denise McNeill at Resource Centers. LLC
Phone 561-459-2966 or Email - Denise@resourcecenters.com
REGIONS MORGAN KEEGAN
Post Office Box 12385
Birmingham, Alabama 35202-2385
STATEMENT OF TRUSTEES FEES
INVOICE DATE 08/11/2009
ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE
+t**t***tt***t*tt
DESCRIPTION/
BASIS
J. SCOTT BAUR
TECRIT PIAN ADUINISTRATORS ~~~~~~ ~
4360 NORT- BLVD, SUITE 206
PALM BEACH GARDEN FL 33410
INVOICE NUMBER 53244 $ 779.59
SUMMARY OF ACCOUNT
PREVIOUS B"CE 1,480.96
PAYMENTS RECEIVED: 1,480.96-
CURRENT FEE: 779.59
BhLmcEDw c 779.59
rr**r*rrl**i*ll*lrtt*ft ************* *****+**+***+
FEE CALCULATION DETAIL 07/01/2009 - 07/31/2009
RATE FEE TOTAL
****t**t**t**tt*t****t* ************* ***t+t*t*+**+
MARKET VALUE PERIOD ENDING 07/31/2009
23,387,729.09 0.0000083333 19,489.70 19,489.70
19,489.70
FEE CALCULATION DETAIL 07/01/2009 - 07/31/2009
ITEM AMOUNT ______________-_-_______________ ____________
DISCOUNT:
PERIOD ENDING 07/31/2009 18,710.11-
TOTAL
TOTAL MOUNT DW FOR CURRENT PERIOD 779.59
FOR FEE CALCULATION PERIOD 07/01/2009 - 07/31/2009
CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS
ACCOUNT NAME PERCENTAGE AMOUNT CHARGE/BILL FEE
2850000097 PB GARDENS DROP 0.25814922% 2.01 BILL TO A/C 3320005077
3320005077 PB GARDENS FIRE 5.30996304%
3350000104 PB GARD FIRE AGN 17.25380585%
3350000113 PB GAR DANA GRTH 23.47809040%
REGIONS MORGAN KEEGAN
Post Office Box 12385
Birmingham, Alabama 35202-2385
ACCOUNT NAME
2850000097 PB GARDENS DROP
STATEMENT OF TRUSTEES FEES
INVOICE DATE 08/11/2009
PERCENTAGE
~~~~~~~~~ ~~ ~
3320005077 PB GARDENS FIRE
3320010132 PB GARDENS FREED
3350000088 PB GARD FIRE EQ
3350000097 PB GARD FIRE FXD
3350000104 PB GARD FIRE AGN
3350000113 PB GAR DANA GRTH
0.25814922%
5.30996304%
2
MARKET VALUE
60,375.24
1.241.879.77
7.06665959% li652i731.20
28.22180839% 6,600,440.09
18.41152351% 4,306,037.24
17.25380585% 4.035.273.37
23.47809040% 5,490,992.18
FEES ARE DUE WITHIN 120 DAYS OF THE INVOICE DATE.
ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST.
IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT
BRRNDON D. DAVIS AT 813-639-3341
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
AlTORNEYS AT LAW
Robeti A. Sugormon
HWudS. Susidnd
Kennelh R. Harrison. Sr.
D. MOlCm &amell. Jr.
Pedro k Herrero
Ivelfrse WLeBeau
Noah S. WOmKln
la, Mi Mile
Svite 300
Coral Gab. Florid033134
(3051 529-2801
Broword 763-2566
ion FM 1805329-2122
Focrirnile (305) 44781 15
September 15, 2009
City of Palm Beach Gardens Firefighters' Pension i'md
do Margaret M. Adcock, Administrator
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, Florida 33410
REVISED ZWOICE
CURRENT FEES: 256.50
CURRENT cos rs: 0.00
PREVIOUS BAIANCE: 6,241.50
PAYMENTS RI!.C.CEIVED: 3,049.5O-CK#118146
TOTAJ. AMOUVT DUE: 3,448.50
SUGARMAN & SUSSKIND
IO0 Miracle Mile
Suite 300
Coral Gables, Florida 33134
Telephone: 305-529-2801
www.sugarmansusskind.com
FOX: 305-447-81 15
City of Palm Beach Gardens Firefighters' Pension Fund
c/o Margaret M. Adcock, Administrator
The Pension Resource Center, InC.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
September 15,2009
ClientMatter PBGF:FORM
In Reference To: Forms used by Pension Fund
Previous balance
07/27/2009 Payment-thank you. Check No. 118146
Total payments and adjustments
Balance due
Amount
$427.50
($427.50)
($427.50)
$0.00
Client:Matter PBGF:MEET
In Reference To: Meeting
Previous balance
07/27/2009 Payment - Thank You. Check No. 118116
Total payments and adjustments
Balance due
Amount
$3,177.75
($1.752.75)
($1.752.75)
$1,425.M)
City of Palm Beach Gardens Firefighters' Pension Fund Page 2
In Reference To: Miscellaneous
professional Services
HrslRate Amount
08/03/2009 Receipt and review of email from actuary on JBS pension, Legal research, 0.40 114.00
email to actuary and PRC 285.001hr
For professional services rendered
Previous balance
07/27/2009 Payment - Thank You. Check No. 118146
Total payrfients and adjustments
Balance due
0.40 $114.00
$655.50
($513.00)
($513.00)
$256.50
Client:Matfer PBGF:ORDN
In Reference To: Ordinances
Professional Services
08/03/2009 Review e-mail reference J&S benefits
For professional services rendered
Previous balance
07/27/2009 Payment -Thank You. Check No. 118146
Total payments and adjustments
Balance due
Hrs/Rate Amount
0.50 142.50
285.001hr
0.50 $142.50
$356.25
($356.25)
($356.25)
$142.50
ClientMatter PBGF:PLAN
City of Palm Beach Gardens Firefighters' Pension Fund
In Reference To: Plan
Page 3
Previous balance
Amount
$769.50
Balance due $769.50
C1ient:Matter PBGF:SIPO
In Reference To: Statement of Investment Policy
Amount
Previous balance $855.00
Balance due $855.00
,r '7
'SUGARMAN SUSSKIND '..
;'ROFESSiONAL ASSOCIATION
AITORNEYS A1 LAW
ROW A. Sugm
Howard S. Susrkind
Kenneth R. Harison. Sr.
D. Marcus Braswet Jr.
Pedro A. HeITera
lvelirse Be6mLeBeau
Noah S. wamn
100 Miracle Mile
Sufte 300
Card Gables, Florida 33134
13351 529-2801
Broward ?&m6 TollFree I-8(yM29-2122
Facsirnlie (305) 44741 15
August 4,2009
City of Palm Beach Gardens Firefighters' Pension hnd
do Margaret M. Adcock, Administnilor
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, Florida 73410
CURRENTFI ES: 3,192.00
PREVIOUS I3 4LANCE: 3,049.50
CURRENT COSTS: 0.00
PAYMFNTS IECEIVED: 0.00
TOTAI AMO' TNT DUE: 6,24 1.50
LJGARMAN & SUSSKIN~
-
100 Miracle Mile
Suite 300
Corcil Gables, Florida 33134
Te.ephone: 305-529-2801
Fax: 305-447-81 15
~,~,.sugarmansusskind.com
City of Palm Beach Gardens Firefighters' Pension Fund
do Margaret M. Adcock, Administrator
The Pension Resource Center, Inc.
4360 Northlake Boulevard. Suite 206
Palm Beach Gardens FL 33410
ClientMatter PBGF:FORM
August 04,2009
In Reference To Forms used by Pension Fund
Amount
Previous balance $427.50
Balance due $427.50
CIientMatter PBGF:MEEJ
In Reference To: Meeting
-
Professional Services
HrslRate Amount
5.00 1.425.00 07120/2009 Prepare for meeting, Attend meet ng, Conference with Chairman
285 OOhr
Prepare for meeting,'Attend rnee!ing
For professional services rendered
Previous balance
5.00 NO CHARGE
285.00ihr
10.00 $1,425.00
$1.752.75
Balance due $3.177.75
City of Palm Beach Gardens Firefighters’ Pension Fund Page 2
CllentMatter PBGF:MISC
In Reference To: Miscellaneous
Professional Services
HrslRate Amount
0.50 142.50 07/07/2009 Draft e-mail consultant reference revised SIP0 and proosed language for
ordinance amendment 285.00hr
For professional sewices rendered 0.50 $142.50
Previous balance $513.00
Balance due $655.50
C1ient:Matter PBGF:ORDN
In Reference TO Ordinances
Amount
Previous balance $356.25
Balance due $356.25
CliintMatter PBGF:PIAN
In Reference TO Plan
Professional Services
07/16/2009 Review and edit SB 538 and COLA increase ordinance.
HrslRate Amovnt
1 .oo 285.00
285.00/hr
1.50 427.50 07/17/2009 Review and revise proposed ordinance amendment reference SB 538 changes and investment limits 285.00hr
I I ," ! ,.
Ciiy of Palm Beach Gardens Firefighters' Pension Fund Page 3
HrsiRate Amount
07/21/2009 Receipt and review of email from Margie to GRS. email to all on 7 year DROP 0.20
285.001hr 57.00
For professional services rendered
Balance due
2.70 $769.50
$769.50
~~ ~~
CliintMatter PEGF:SIPO
In Reference To: Statement of Investment Policy
~~
Professional Services
07/15/2009 Drat? email consultant reference revised investment policy and receive
07/20/2009 Draff e-mail consultant reference :evised investment policy and propose
07/2212009 Review, research and respond e-mail consultant reference revised
07/23/2009 Draft e-mail consultant reference investment policy template
e-mail policy and review
. ordinance amendment
investment policy
For professional services rendered
Balance due
HMate Amount
1.00 285.00
285.00/hr
285.00hr
0.50 142.50
1.00 285.00
285.001hr
0.50 142.50
285.00hf
3.00 $855.00
$8 5 5.0 0
Kyageur ASSET MANAGEMENT INC.
Margaret M. Adcock
Tegrit Plan Administrators
4360 Northlake Blvd., Suite 206
Palm Beach Gardens FL 33410
Invoice Number 11532
Invoice Date: 07/13/2009
Billing Period 04/01/2009 ~ 06/30/2009
Custodian Account Number: CF-RSY8
Account Number: P703000
INVESTMENT MANAGEMENT FEE
Tai thc Arrcm Period ef 04!01/2009 to 06!30!2009
Account Name:
City of Palm Beach Gardens Firefighters' Pension Trust Fund
Ending Market Value for Account P703000:
Aoril 2009:
JUL 4 I 1009
866,638.01 USD
Mav 2009: 971:128.85 USD
June 2009:
Average Market Value
972i373.91 USD
936,713.61 USD
Market Value Based Fees
936,71351 @ 0.8800% x 901360
Total Current Period Fees
Total Amount Due Upon Receipt
2,060.77
2,060.77 USD
2,060.77 USD
liyau haw any qucsrions, please 2811 hnioiio Administration at hl?-3;6-?ijI or i-866-759-9083 or acnd an email to varnbiliin~~uuya~~eur.nc1
.~~ [KCCQ this ponion for your financial rccords] ~ ~~~ ~ ~
Invoice Number: 11532
Invoice Date: 07/13/2009
Billing Period: 04/01/2009 - 06/30/2009
Custodian Account Number: CF-RSY8
Account Number: P703000
Account Name: City of Palm Beach Gardens Firefighters' Pension Trust Fund
Wire Instructions:
Bank: US Bank
ABA : 09100002?
Account: 1-602-3318-3526
RBC Wealth Management
Reference: Invoice 11532
Payment Muiling Address: Wyageur ASSET MANAGEMENT INC
PO Box 9195
Minneapolis, MN 55480-9934
Amount Due 2,060.77 USD Remittance Amount USD
Mail this portion with your payment. Thank you for your business.
...
DAVIS HAMILTON LF!
INVOICE# 21490
July 12,2009
5 HOUSTON CENTER
1401 MCKINNEY, SUITE 1600
HOUSTON, TX 77010-4035
TEL: (713) 853-2322
FAX: (713) 853-2308
WWW.DHJA.COM CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
(3350000097) palmfi
Attn: Margie Adcock
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
DAVIS HAMILTON JACKSON & ASSOCIATES
STATEMENT OF MANAGEMENT FEES
For The Period April 1,2009 through June 30,2009
Portfolio Valuation with Accrued Interest as of 06-30-09 $ 4,214,485.83
4,214,486 @ 0.250% per annum
Quarterly Management Fee
2,634.05
$ 2,634.05
TOTAL DUE AND PAYABLE s 2,634.05
none
4
Date: 7/28/2009
Invoice: Ms. Margaret M. Adcock
City of Palm Beach Gardens Firefighters' Retirement
System
The Pension Resource Center, Inc.
4360 Northlake Blvd., Ste. 206
Palm Beach Gardens, FL 33410
City of Palm Beach Garden Firefighters' Retirem
Account #: 3350000104
Re:
AUG - 3 2009
Per our Investment Management Agreement, the fees to Agincourt Capital Management in payment for investment
services rendered from 4/1/2009 - 6/30/2009:
I MonthlrMarketValues:~~ ~~~~ ~~~~~ ~~ ~~~~ ~~~~~~~ ~~~~~~~~~~ ~ ~~~~ ~~
4/30/2009 $3,435,886.79
$3,800,424.59 X 0.2500% = $9,501.06
Agmcourl Coprrol Unnogemenl. LLC Federal Tor ID 51-1947440
cc. Joe Bogdahn
Payment Due Within 30 Days to: Agincourt Capital Management, LLC
WirdACH: Branch Banking & Trust (BE& T) Agincourt Capital Management, LLC
823 East Main Street ATTN: Laura Haynie
Richmond, VA 23219 600 East Main Street, Suite 2120
ABA# 051404260 Richmond, VA 23219
Account% 5131720132
FBO: Agincourt Capital Management, LLC
01
DANA INVESTMENT ADVISORS, INC.
STATEMENTOFMANAGEMENTFEES
Margie Adcock
Adminishator
Pension ReswrCe Centers
4360 Northlake Blvd
Suite 206
Palm Beach Gardens. FL 33410 United States
Bllllng Period: FROM 041011zOW TO 0613012009
Custodian Account #: 3350000088
Account x: 715ma - city of Palm Beach Gardens Firefighters' Retirement System - SC
Combined (Blend) Wolio Value .........................
For the Accounts: City of Palm Beach Gardens Firefighlen' Retirement
System - SC (71 5ma)
City of Palm Beach Gardens Fireiightels' Retirement
System - LV (7SmcJ
Amwnl DUB, PAYABLE UPON RECEIPT.. ..................................
FEE CALCULATION
21JUcw
Account: 715-
56,187,394
110.406.09
Based AmountDue
on Rate Ab?p!j& F!&Qdm!&=dum Amount lwQ&duP
0.7500 46 On the first: 3.W0.000 22,500.W 5.625.00
0.6000 16 On the remainder 3,187,394 19,124.37 4,781.09
Total Fee: 41.624.37 0.25 10.406.09 -
Invoice ID For the date range Total Fee Total Paid Total Still Owed
10725 wmi/200~ 06/3on009 510.406.09 $0.00 $10.406.09
Grand Total Owed: 110,406.09
Please sign &forward as necessary to custodian for payment
Signature Dated
Make Checks Payable to:
Dana Investment Advisors. Inc.
Am: Jennifer
P.O. Box 1067
BmoMeld. Vvl53008-1067
If you have any questions or need fUrther information @ea% contact me - Jennifer @ (262)782-3631 - Jennife~Danaln~$tmenI.com
15800 West Biuemwnd Road, Suite 250. Bmokfield. WI 53005.6026 - P.O. BOX 1067. Bmokfield. WI 530081067
DANA INVESTMENT ADVISORS, INC.
STATEMENT OF MANAGEMENT FEES
Margie Adcock
Administrator
Pension Resource Centers
4360 Notlhiake Blvd
Suite 206
Palm Beach Gardens, FL 33410 United Stales
Bllllng Period FROM 040112009 TO 06/30/2009
21-JUl-09
Account: 7lSca
Custodian Acmunt #: 3350000113
Amnl #: 71h - Cii of Palm Beach Gardens Firefighters' Retirement System - LG
........................................................... $5,198.682
...................................... 58,923.02 Amount Due, PAYABLE UPON RECEIPT
PorffolioValue
FEE CALCULATION
0.7500 % On the first: 3,000.WO 22,500.00 5,625.W
0.6000 % On the remainder: 2.198.682 13.192.09 3.298.02
Total Fee: 35.692.09 0.25 8.923.02
Total Paid Total Still Owed Invoice ID For the date range Total Fee
58,923.02 Jo.00 $8.923.02 10726 04/01/2009 06/30/2009
Grand Total Owed $8,923.02
Please sign & foward as necessaly Io custodian for payment
SignaNre Dated
Make Checks Payable lo:
Dana Investment Advison. Inc
Ann: Jennifer
P.O. Box 1067
Brookheld. WI 53008-1067
II you ha= any questions or need further information please conlad me -Jennifer @ (262)782-3631 - Jennifer@Danalnvestment.com
15800 West Bluemound Road, Suite 250, Brmkfield. WI 5500S6026 - P.O. BOX 1067. Brookfield. WI 530081067