HomeMy WebLinkAboutAgenda Fire Pension 111609�I�
THE RESOURCE CENTERS, LLC
4360 Northlake Boulevard, Suite 206 �:� Palm Beach Gardens, FL 33410
Phone (561) 624-3277 ❖ F� (561) 624-3278 ❖ WvWU.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS'
PENSION FUND
Meeting of Monday, November 16, 2009
Location: Council Chambers, Palm Beach Gardens City Hall
10500 North Military Trail
Palm Beach Gardens, FL 33410
Time: 9:00 A.M.
AGENDA
1. Call Meeting to Order
2. Minutes of Meeting Held September 21, 2009
3. Investment Manager Report: Dana Investment Advisors
4. Investment Monitor Report: Bogdahn Consulting
• Quarterly Performance Report
• Revised Investment Policy Statement
• Consulting Services Fee Increase
5. Attorney Report: Bob Sugarman
• Status of Proposed Ordinance
6. Administrative Report: Margie Adcock
• Audit Engagement Letter
• Disbursements
7. Other Business
• 2010 Meeting Dates
8. Schedule Next Meeting: Monday, January 25, 2009 at 9:00 A.M.
9. Adjourn
PLEASE NOTE:
Should any interested party seek to appeal any decision made by the Board with respect to any matter
considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he
may need to insure that a verbatim record of the proceedings is made, which record includes the testimony
and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act
of 1990, persons needing a special accommodation to participate in this meeting should contact The
Resource Centers, LLC no later than four days prior to the meeting.
City of Palm Beach Gardens
Firefighters'
Retirement System
As of September 30, 2009
Table of Contents
3 Client Performance & Allocation
5 3rd Quarter Market Review
33 Holdings Report with Compliance Review
38 Fiscal Year 2009 Proxy Votes
City of Palm Beach Gardens Firefighters'
System Retirement System
The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy.
City of Palm Beach Gardens Firefighters'
System Retirement System
count Prof
Achieve a return over 3-5 years in excess of target index. Ranl< in top 40`% of representative }�ortfolios 3-5
Investinent Objectives:
years. Volatility of fund's total return is e�ected to be similar to target index
Comparative Indices: Russell 3000
investment Restrictions: No more than 3% of assets in any one issuing company.
xformance vs Comparables �c�-oss of
Firefighters Large Growth
Russell 1000 Growth
Firefighters Small Cap / Large Value
Russell 3000
Fiscal9-30 * Unannualized
Dana Largc Cap Val�ic
44.3%
12.05%
13.97%
14.76%
16.31%
nchmark w�as
-8.23 %
-1.86%
-10.30%
-6.41 %
02 to 7-1-05;
Money Marlcet
.� ,. .. ,-, �'g% l�ivitlencls Receivahle
2000 7-1-OS to current
Dana L.arge Cap Growth
44.8%
Q3 2009 Equity Market Summary
■ Earnings reports provide upside surprises and revisions move higher
■ Economic indicators hitting possible inflection point
— Case/Shiller Index, Monthly Unemployment Claims
■ Appetite for risk returns, driving a global equity market rally
■ S&P 500 +15.6%, second best quarter since 1998
■ Cyclical sectors (Financials, Industrials & Materials) lead the market
up 20%+ in Q309
■ Small cap stocks (+19.3%) outperform large caps in Q3
■ Large value stocks continue outperFormance trend that began in Q2,
growth stocks still have a significant lead over value for the full year
■ Low quality stocks continue to lead the market
S&P 500
NASDAQ
Russell 1000 Growth
I:�a l �i [ � I � I� 1�F_ 1[ R'
I:�If��iI�I��
■ Q3 2009 ■ 12/31 /2008 - 9/30/2009
�
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
Low Quality Equity Rally
From March 9t" to September 30, 2009, the S&P 500 has a total
return of 58%. Look at some groups that have done much
better:
■ Unprofitable companies: +107%
■ Negative free cash flow companies: +87%
■ Negative ROE companies: +106%
■ Top quartile leverage (debt/EBITDA): +83%
■ Top quartile short interest: +86%
■ Small cap stocks: +178%
■ Stocks priced <$5: +229%
c
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Q, N
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i 3
3 �
a �
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0
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Total Return Since Market Bottom by S&P Quality Rating
180
150
120
90
60
30
0
70.3 73.2
52.7
�
A+ A A-
100.5
84.6
124.6
B+ B B-
5&P Quality Ranking
�62.7 142.8
C NR
Asset Allocation Matrix
U.S. Equity Market Statistics by Investment Style
Market Statistics Per Russell Indices as of 9-30-09
Value Core Growth
Quarterly Performance 18.24% 15.61% I 16.07% 13.97%
Ytd Performance 14.85% 19.26% I 21.08% 27.11%
Trailing PIE: 15.2 16.8116.7 18.3
Fwd PIE : 15.1 15.9 I 15.9 16.7
Dividend Yield: 3.1% 2.5% I 2.3% 1.6%
Est. LT Growth I PEG: 7.8% 11.95x 9.7% I 1.73x 12.1% 11.51x
Quarterly Performance 23.62% 20.62% 17.58%
Ytd Performance 27.57% 32.63% 37.12%
Trailing PIE: 14.8 16.8 18.9
Fwd PIE : 14.8 16.1 17.6
Dividend Yield: 2.8% 2.0% 1.1%
Est. LT Growth I PEG: 7.4% I 2.Ox 10.3% I 1.63x 13.2% I 1.43x
Quarterly Performance 22.70% 19.28% 15.95%
Ytd Performance 16.36% 22.43% 29.12%
Trailing PIE: 12.6 15.3 18.8
Fwd PIE : 14.3 16.3 18.8
Dividend Yield: 2.6% 1.6% 60.0%
Est. LT Growth I PEG: 8.5% I 1.48x 13.0% I 1.18x 17.4% I 1.08x
• Large Core Data includes S&P 500 / Russell 1000: Sources: Russell / FactSet / Standard & Poors
GaQ
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Dana Large Growth
Portfolio Characteristics
The Dana "Triple Play"
Lower Valuation + Higher Growth + Higher Profitability
= Better Returns With Less Risk
20A - 17 5 18.3
15.0
10.0
Dana Large Russe111000
Growth Growth
20.0 - 17.9
16.1
15.0 �
10.0 �
Dana Large Russe111000
Growth Growth
15.00 -
10.00 s.�5 s.�s
5.00
Dana Large Russe111000
Growth Growth
20.0
15.9 16.7
15.0
10A
Dana Large Russe111000
Growth Growth
30.0
21.5 19.1
20.0
10.0
Dana Large Russe111000
Growth Growth
100.0 70 $
75.0 - 54.1
50.0 30.3
25A 4.2
0.0
Dana Large Russe111000
C�owth Growth
Actual Composite Holdings as of September 30, 2009
Strong Fundamentals
Dana Large Growth
The table below shows Dana Large Growth holdings that
have raised their dividend payments since October 1, 2008.
Company
Accenture
Hudson City Bancorp Inc.
AmerisourceBergen Corp
CVS Caremark Corp.
Union Pacific Corp
United Technologies Corp
Baxter International Inc.
Microsoft Corp
Philip Morris Internationa Inc.
AFLAC Inc.
Comcast Corp. (CI A)
Wal-Mart Stores Inc.
Abbott Laboratories
International Business Machines
Texas I nstruments I nc.
Flowserve Corp
Family Dollar Stores Inc.
Johnson&Johnson
C.R. Bard Inc.
FPL Group Inc.
PepsiCo Inc.
Occidental Petroleum Corp.
Microchip Technology Inc.
AT&T I nc.
3M Co.
Mead Johnson Nutrition Co.
Oracle Corp.
Yield
1.90%
4.50%
1.10%
0.80%
1.80%
2.50%
1.80%
2.00%
4.60%
2.50%
1.80%
2.20%
3.20%
1.70%
2.00%
1.10%
1.90%
3.10%
0.90%
3.50%
3.00%
1.60%
5.10%
6.40%
2.70%
1.80%
1.00%
Increase
50.00%
36.40°/a
33.30%
27.10%
22.70%
21.90%
19.50%
18.20%
17.40°/a
16.70%
16.70%
14.70%
11.10%
10.00%
10.00%
8.00%
8.00°/a
6.50%
6.30%
6.20%
5.90%
3.10%
2.70%
2.50%
2.00%
I nitiated
I nitiated
Dana Large Cap Value
Portfolio Characteristics
The Dana "Triple Play"
Lower Valuation + Higher Growth + Higher Profitability
= Better Returns With Less Risk
20
14.4 15.2
15
10
Dana Lg Val Russ 1000 Val
15 14.48
11.74
10
Dana Lg Val Russ 1000 Val
15
12.1
10
7.2
5
Dana Lg Val Russ 1000 Val
Zo
15
10
15.1
Dana Lg Val Russ 1000 Val
100
75 54.5 65.6
50 - 2g,g
25 3.6
0 i
Dana Lg Val Russ 1000 Val
Actual Composite Holdings as of September 30, 2009
Strong Fundamentals
Dana Large Value
The table below shows Dana Large Value holdings that
have raised their dividend payments since the 3rd quarter
2008.
Company
Tyco International Ltd.
AmerisourceBergen Corp.
McDonald's Corp.
Murphy Oil Corp
CVS Caremark Corp
Union Pacific Corp
Philip Morris International Inc.
AFLAC Inc.
Ameriprise Financial Inc.
Sempra Energy
Abbott Laboratories
Dominion Resources Inc. (Virginia)
International Busmess Machine
Procter & Gamble Co.
Texas Instruments Inc.
General Mills Inc.
General Dynamics Corp.
Flowserve Corp.
Verizon Communications Inc.
Johnson & Johnson
Chubb Corp.
ONEOK Inc.
E�on Mobil Corp
Occidental Petroleum Corp.
AT&T Inc.
Edison International
Yield
2.30%
1.10%
3.90%
1.60%
0.80%
1.80%
4.60%
2.50%
1.80%
3.00%
3.20%
5.00%
1.70%
3.10%
2.00%
2.90%
2.30%
1.10%
6.60%
3.10%
2.70%
4.50%
2.40%
1.60%
6.40%
3.70%
Dividend Change
33.30%
33.30%
33.30%
33.30%
27.10%
22.70%
17.40%
16.70%
13.30%
11.40%
11.10%
10.80%
10.00%
10.00%
10.00%
9.30%
8.60%
8.00%
7.00%
6.50%
6.10%
5.30%
5.00%
3.10%
2.50%
1.60%
Dana Small Cap Portfolio Characteristics
The Dana "Triple Play"
Lower Valuation + Higher Growth + Higher Profitability
= Better Returns With Less Risk
20.0 13.9 15.2
15.0
10.0 -
5.0
0.0
Dana SC R2000
20.0 - 15.2
15.0
10.0
5.0
0.0
Dana SC R2000
30.00
20.00 - 16.00
10.00 1.40
0.00
Dana SC R2000
20.0 -i
14.9
15.0 - 12.2
10.0 -
5.0
0.0
Dana SC R2000
30.0 , 23.6
20.0 - 14.4
10.0
OA
Dana SC R2000
1275. 1122.
1200 - g 903.7 g31.0
800 -
400 -
0 '
Dana SC R2000
Actual Composite Holdings as of June 30, 200�
What's the Next Market Catalyst?
■ The equity markets experienced a violent move down off its
2007 high followed by a massive 60% rally off the March 2009
low
■ Valuations appear closer to "fair"
■ What can push the US equity markets higher?
1,600 I
1,400 �
1,200 �
1,000 �
800
' 600
'05 'O6 '07 '08 '09
���x�,���,�„
What's the Next Market Catalyst?
Economic Recovery
■ Alphabet Soup....will this economic recovery look like a U, W, V,
L?
■ Pessimists have gone from concerns over a repeat of the Great
Depression, to worries about a"double dip" recession
■ As a double dip recession looks less likely, the equity markets
could respond positively
9
7
5
3
1
-1
-3
-5
-7
Real Gross Domestic Product
(Percer-,t c�ar�ge. seasor•�a11y adr�sted annua� rateJ
Skeptics still believe a W is possible....
I II III IV I II III IV I II III IV I II IIIIV I II III IV I II IIIIV I II III IV I II III IV I II III IV I II
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
U.S. Bureau of Economic Anaysis
S&P 500 Earnings History
■ Stock prices follow earnings, the equity market responded to
a dramatic drop in corporate profits
■ S&P 500 earnings peaked in 2006 at nearly $90 and fell to
$49.50 i n 2008
■ Q4 2008 marked the first time in history the S&P 500
recorded a negative earnings quarter
■ Earnings expected to stabilize in Q3 2009 and grow in Q4
■ 10% year over year growth forecasted for 2009, +34% for
2010
100
90
80
70
60
a 50
w
40
30
20
10
0
� � � � � � � � � � � � � � � � � � � � N N N N N N
(D CD C9 C9 C9 �O CO Cfl �O Cfl C9 Cfl Cfl CD C9 C9 C9 CD C9 CD O O O O O O
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O N�A 6) OO O N�P � O� O N-P � O� O N�A 6� OO O N�P 6) 00 O
�
Historical S&P Operating Earnings By Sector
• Fluctuations in S&P Operating Earnings from 2007-2009 can be
largely attributed to four key sectors
• Consumer Discretionary's contribution dropped 60% in
2008
• Energy peaked in '08 at $51 but down 67% in '09
• Financials = 28% of overall S&P in 2007, but swung to big
loss in 2008
• Materials sector earnings down 67% from '07 to '09
• Earnings in most other sectors held up very well despite the
severity of the recession
E�
75
C:�
�, 55
a
w
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.�
Q 35
0
� 25
�
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�
= 5
0
U
`� -5
-15
-25
-35
Historical S&P Operating Earnings By Sector
■ 2007 A ■ 2008 A
❑ 2009 E ■ 2010 E
1 ■ I' ■ 1 � 1
Q��p \�� �\�5
5� ��� 5 �a
G� Go�
��o'� G`�5 G���
�� �\��.� ���,r
�
��\�� \o�� ���\�,�� \�GO�
��a� �r�o �� ��
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Source: Standard & Poors 10/09
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J
What's the Next Market Catalyst?
Earnings
■ Corporate earnings continue to improve
■ Q1 and Q2 earnings reports provided upside surprises, nearly
80% of S&P 500 companies beat or met analyst estimates
■ 3-month S&P 500 EPS revisions have been steadily improving
since the beginning of 2009
■ The upside / downside EPS revision ratio is above average for
the first time in nearly two years
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'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 'O7 '08 '09
Saurce: iRrErs, BAS-ML US Quantitative Strategy
■ Stock prices tend to follow expected earnings growth
■ Should earnings expectations continue to improve, we would
expect stock prices to have an upward bias
What About Valuations?
■ Market was exceptionally cheap at the March 2009 trough
■ The March — September 2009 rally is partially due to improved
earnings expectations, P/E multiples expanded
■ Assuming S&P 500 EPS of $75 in 2010, market is still trading at
only 14x earnings
■ Chart below reflects an equity market that remains undervalued
by historical standards
w
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7
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Q
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A
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A
U
a�
� Cyclically Adjusted �
S&P 540 PIE Ratio
� ;
(1U-year average trailing EPS) �
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i
20
15
10 11
5 �
1932
5.1x
0
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V V V V
N N N N
� 0 0 �
80 year
avg =.16.7x .,
� q � � �
V V V V V
❑ ❑ � 0 0
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0 0 0
�.
Current
............. .................�,�17-Sep}
15.6x
�
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1 kl' I
�`°, � 9-Mar�9
' 9.9x
16-Aug�2
6.2x
� � � � � � � � � � � �
V V V V V V U V V V V V
N N d N N N N d N N N N
� ❑ ❑ 0 0 � � ❑ 0 0 � �
What's the Next Market Catalyst?
Reve n u e G rowt h
■ Improved earnings have been mostly due to cost cuts
■ Investors are now anxious to see revenue growth
■ Recent news has been encouraging
— P&G expects organic revenue growth
— General Mills revenue growth guidance higher than analyst
estimates
— A number of semiconductor companies have given recent
guidance suggesting revenue growth
■ Global GDP growth will likely be greater than domestic growth
— S&P companies generate nearly 50% of their revenue
overseas
— Many blue chips now generate 10% or more of their
revenue from fast growing BRIC (Brazil, Russia, India,
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Procter & Gamble Global Sales Breakdown (%)
■ International ❑ United States
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
What's the Next Market Catalyst?
Dividends
■ Expect interest rates to remain low in the near term
■ Equity market yields are at competitive levels vs. short term
interest rates
■ Payout ratios are only 35%, dividend growth could surprise to
the upside as the economy continues to mend
S&P 500 dividend yield vs. 90-day Treasury Yields:
� s�io
� ��io
� 2�io
s�io
s�io
s�io
o�io
60 64 68 72 76 80 84 88 92 96 00 04 08
—S&P 500 Dividend yield �US 90-day Treasury yield
Sou�e: S&P, Federal Resenre and Banc of America Securifies-Merrill Lynch US Equify Sfrafegy
Market History - We've Been Through This
Before
■ Through March 6, 2009, annualized 10-year total returns on
equities were -4.4%
• The worst 10-year performance in U.S. stock market history,
including the Great Depression
■ Historically, when 10-year annual total returns in equities fall to
1 % or less...
• Cumulative returns for the next 10-years have averaged
+183%
• The worst subsequent 10-year cumulative return was +101 %
(Q4 1938 — Q4 1948)
• The best 10-year cumulative return was +325% (Q3 1974 —
Q3 1984)
DJIA log scale
100,000
10,000
1,000
l00
�o
DJIA — DJIA @ 12 Year Lows
f-'`��`�,
, 1962-1974
.� � �'� •' ,
� �� � '��
��� �
� 1921-1932
..., �.
. _"_ ' .
�'.
.�
1900 1920 1940 ]960 1980 2000
Stock / Bond Performance Differential
■ Over a 20-year rolling annual period, stocks have outperFormed
bonds by a median level of +3.7% since 1926
■ Chart below shows that there are rare instances where bonds
outperform stocks
■ Following the first quarter of 2009, we experienced a negative
differential of -1.1 % (bonds outperFormed stocks)
■ When the 20-year performance differential falls to the lowest
10% of the long term distribution (as we are today), median
equity returns were...
30%
25%
20%
15%
10%
5%
0%
•+18.3% over the next 3 years
•+16.0% over the next 5 years
•+17.1 % over the next 10 years
Stock/Bond Performance Differential '`
20 Year Trailing Total Return ACR
' S8P 50C �'s. i0 Year Treasurfes
�,��,,,�----�
y
S8P 500
Composite
Pricelndex
�jr11�1
/
1����\ r
>0% Stocks Outperform Bdn'ds '�,��y� �'�J��
�
<0% Bonds Outperform Stocks OO The Leuthold Group 2009
_h% �
aNi o�i rn rn a`�'i gi �� 7ii 3S o�i rn`�i ��'i rn rn rn�S �i �S d°3 �'i � � g� g o
.- � � � � � � � � � � � � � � � � � � � � � � � � N N N N
1500
i000
500
250
100
50
25
10
10-Year Asset Class Returns
■ Risk aversion went to extreme lengths over the past 10 years
■ Gold was the best perForming asset class!
— An inflation hedge
— Safe Haven asset
— Trendy
— Easy to buy without taking physical possession� GLD
■ Mean reversion (and a return to risk taking) points to a bullish
stance for equity market returns going forward
United States
{1(}year returns 6y asset class= August 1999 to Augctst 2009= percent cftange)
3i:0
2�0
2C0
150
1C0
Gp
0
�0
S�P 5C1Q 3-monthT�ills Real Estate Commodities liigh Gra�Corp. Lon�lerm Treasuries Go6d
No+e:
Source: Narer Anafytirs, GfuskinSheff
Long Term Wildcard:
Inflation
■ Currently in a deflationary environment
■ Growth in money supply increases possibility of inflationary
pressure
■ Should global demand for energy accelerate and outpace
supply, energy prices will move higher
■ Inflation likely to remain low in the near term
— Consumer and commercial deleveraging
— High unemployment, lack of wage growth
■ Equities represent "real" assets and should offer inflation
protection
Long Term Wildcard:
The Dollar
■ Increasing risk appetite has led to a weaker dollar
■ Investors turning to higher yielding foreign currencies
■ Trillion dollar deficits, the Fed printing press and the risk of
dollar debasement
■ If Fed stimulus slows, the U.S. economy rebounds and deficits
shrink; the dollar will have long term support
■ Since the March low, equity market movement has been
almost perfectly (-0.90) negatively correlated to dollar moves
— FX Rate - Spot Mid - Euro per US Dollar (Right)
1,100 — S&P 500 - Price Indez (Left)
1,050
1,000
950
900
850
800
750
700
650 ��a
Correlation: -0.90
0.8
0.78
0.76
0.74
0.72
0.7
0.68
,�� ��� ,�9 Se� 0.66
a��
Market Bull and Bear Arguments
Bull Case:
■ Sidelined cash levels are high
■ Economic indicators are improving
■ Credit markets have thawed
■ Cyclical sectors have led the recent rally, signaling improving
economy
■ EPS revisions are moving higher
Bear Case:
■ 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
g rowth
— MZM ! Russell 3000 Market Value
Recession Periods
�:
Ratio of Liquid Money Supply / Total Stock Market
� Value Rose Above 1 x
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DANA INVESTMENT ADVISORS, INC.
Dana Large Cap
�����Y'C�
Growth
.
y�.,==1,1�.�'t��' ��Vl��
��
Dana's Large Growth composite returned +12.0% in Q3 and +20.7% YTD. Earnings reports came in better than expected,
helping to fuel strong absolute returns. Nearly 80% of Dana's Large Growth holdings met or beat Wall Street expectations.
Technology stocks continue their strong rally from the March lows, and our technology holdings have performed better than
the sector average. Low quality stocks, which continue to exhibit market leadership, negatively impacted our relative
performance this year. We remain enthusiastic about the prospects for future relative outperformance for our Large Growth
portfolios. Our holdings, in aggregate, are growing their sales and earnings faster, and are more profitable, than the
overall market, yet still trade at a valuation discount in comparison to the Russell 1000 Growth Index.
priceline.com (PGLN)
American Express (AXP)
Flowserve Corp. (FLS)
Precision Castparts (PCP)
EMC Gorp. (EMC)
Family llollar Stores (Fll0)
FPL Group (FPL)
Lockheed Martin (LMT)
Becton Dickinson (BDX)
Gilead Sciences (GILD)
Selected Additions
Q3 Sector Contributors
■ Information Technology — eBay, EMC, Broadcom, Microchip Technology strong
relative performers vs. tech sector. Holdings Hewlett Packard, Cisco & Apple also
up 22-30% in the quarter
■ Telecom — AT&T up 10.6% vs. 9% sector average
■ Materials — Pactiv, FMC strong relative performers up 19-20% vs. 16% sector avg.
Q3 Sector Dctractors
■ Health Care — Biotech holdings Genzyme, Gilead Sciences weak performers,
ABT, BAX, BCR, BDX also underperformed
■ Consumer Staples — WMT, MKC, PEP, CL up mid single digit % vs. sector avg.
of 11.4%
■ Financials — CME, Bank of NY down vs. +17% sector average
■ Coach Inc. (COH) — gross margins trending upwards, strong returns on
capital with no debt, $800mm in cash on hand ($2.50/sh), strong growth
prospects in China, other emerging markets
■DaVita Inc. (DVA) — Leading kidney dialysis service provider has strong "�� '�'
recurring revenue stream with attractive free cash flow, attractive top & bottom line Avg. Market Cap ($billions) 54.1 70.8
growth with improving margin trend, solid estimate revision and positive surprise history
Median Market Cap ($billions) 30.3 4.2
■ Mead Johnson Nutrition Co. (MJN) — leading pediatric nutrition company
recently spun out from BMY. Solid top and bottom line growth prospects, Dividend Yield 1.33% 1.58%
consistent free cash flow, strong upward earnings revision & surprise trends 3 Year Return on Equity 18.8% 21.4%
Price/Earnings (12month trailing) 17.5 18.3
S C 1 C C l C C� D C 1 C l l O ll S Trailing 3 Years Earnings Growth 21.5% 19.1 %
■ Becton Dickinson & Co. (BDX) — surprisingly negative earnings guidance, Trailing 3 Years Sales Growth 17.3% 16.5%
lack of confidence in managements' stated 2010 growth objectives, possibility
of aggressive M&A _ _ _ _
■ Family Dollar Stores Inc. (FDO) — strong performer in prior quarter experiencing
decelerating earnings growth, negative surprise in same-store sales, mediocre
relative valuation, risk/reward proposition prompted upgrade to stock (NWL) with
more potential upside
■ McGraw-Hill Companies (MHP) — regulatory pressure, allegations of pressure on
Company analysts to inflate bond ratings, credit rating agencies' business models at risk
Alpha (1.07) 1.86 3.23
Beta 0.89 0.89 0.88
Batting Average .500 .650 .618
Info Ratio (0.09) 0.47 0.57
Dana Investment Advisors, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005
1-800-'765-015'7 I www.danainvestmentcom I info�danainvestmentcom
Cisco Systems Inc.
Meatl Johnson Nutrition Company
Google Inc.-CI A
Hewlett-Packard Company
Microsoft Corp.
Ebay Inc.
Coca-Cola Enterprises Inc.
International Business Machines
Microchip Technology Inc.
Atlobe Systems Inc.
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Telecommunication
Utilities
Large
Growth
10.5
15.9
4.4
5.8
16.5
10.3
31.3
3.9
0.5
0.9
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2.2
2.2
2.2
Russell
1000 Growth
10.5
16.1
4.3
5.7
16.5
10.1
31.3
3.9
0.6
1.0
Pcrformancc
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IMPORTANT INFORMATION
3I31/01-12I31/01
Total Return (Gross of Fees) 6.47%
Benchmark Return -12.63%
Number of Portfolios in Composite 1
Composite Assets at End of Period (US $ millions) 21.9
Percent of Firm Assets 1.2%
Composite Dispersion (%) N/A
Total Firm Assets (US $ millions) 1,883.7
27.11
_20.66I
11.98 13.97 I
I I 1 I
I I 1 I
-1.85 .2:91 -2.50 -1.86
-6.56
3Q2009
2002
-28.37%
-27.88%
1
18.2
0.9%
N/A
2.099.9
YTD
2003
34.91 %
29.75%
1
21.4
1.0%
N/A
2,064.8
1 year 3 year 5 year Since Inception
Dana Large Cap Growth ■ Russell 1000 Growth
2004
12.92%
6.30°/a
1
21.5
0.9%
N/A
2,307.6
2005
11.26%
5.36%
1
21.0
0.7%
N/A
2,810.7
2006
12.50%
9.07%
1
22.5
0.8%
N/A
2,814.9
2007
15.82%
11.81 %
22
47.7
1 .7%
N/A"
2,794.3
2008
-36.72%
-38.44%
66
66.1
2.8
0.53%
2,327.2
`Only one account was in the composite for the entire year
Dana Investment Advisors, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards
(GIPST""). The CFA Institute has not been involved with 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 1000 Growth Index. (Market Capitalization Weighted).
The composite was created February 23, 2001. 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 portfolios within the composite. Trade date valuation is used.
The Dana Large Cap Growth composite does not have a minimum size criterion for composite 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 dispersion of annual returns is measured by the standard deviation of asset-weighted portfolio returns represented within the composite for the full year.
The standard deviation presented is based upon annualized quarterly standard deviation of returns. The standard deviation of the annual returns 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 after all applicable trading costs. 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 commission rate charged by our preferred list of non-directed institutional brokers. Bundled fee portfolios comprise 10.4% of composite
assets as of 12/31/08. Dana investment management fees may vary based upon the differences in size, composition and servicing needs of client accounts.
Investment management fees would reduce the returns presented, for example: a$1,000,000 portfolio 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 five 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 II, a copy of which is available upon request.
Dana InvesCment Advisors, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookf'ield, WI 53005
1-800-765-0157 I www.danainvestment.com I info@danainvestmentcom
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DANA INVESTMENT ADVISORS, INC.
�����rc� �u�.�te� l��vie�
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Dana Large Cap Value
Dana's Large Value composite returned +14.33% for the quarter. Earnings reports were better than expected, helping to fuel
strong absolute returns, and nearly 80% of Dana's Large Value holdings beat or met analyst estimates. Value stocks
outperformed growth names during the quarter by more than 4% and are up 66% since the equity market's March low. The
rally in economically sensitive sectors continued in the third quarter, with the Financials, Industrials and Consumer
Discretionary sectors leading the Russell 1000 Value higher. Low quality stocks continue to exhibit leadership, negatively
impacting our relative performance during the third quarter. The Russell 1000 Value is heavily weighted towards cyclical
sectors, positioning our sector neutral strategy well for an improving economy.
NII Holdings Inc. (NIHD)
Flowserve Corp. (FLS)
AFLAC Inc. (AFL)
Unum Group (UNM)
National Oilwell Varco (NOV)
McGraw-Hill Cos. (MHP)
Becton llickinson & Co. (BllX)
Lockheed Martin Gorp. (LMT)
Bank oF NY Mellon Corp (BK)
Mcllonald's Gorp. (MCll)
Selected Additions
Q3 Sector Contributors
■ Telecom — strong results from wireless telecom provider NIHD
■ Energy — outperformance from E&P and service holdings
■ Utilities — 26% return in gas utility holding OKE
Q3 Sector Detractors
■ Financials — underexposed to diversified financial service names, poor
performance from CME
■ Consumer Discretionary — defensive media and leisure holdings lagged peers
■ Industrials — poor performance within Aerospace & Defense, underweight GE
■ Pfizer Inc. (PFE) — WYE acquisition stabilizes near term earnings stream,
cash flow supports probable dividend increase and debt retirement, ten key
products in Phase III development, stock trading at wide discount to peer group
■ Noble Corp. (NE) — valuation reflects trough day rates and utilization, $9.6B
backlog provides earnings visibility, strong balance sheet
■ Target Corp. (TGT) — comp store sales trends improving, gross margins
expanding, credit card division showing improving delinquency trends
Selected Deletions
■ Becton Dickenson & Co. (BDX) — surprisingly negative earnings guidance,
lack of confidence in managements' stated 2010 growth objectives, possibility
of aggressive M&A
■ Transocean Inc. (RIG) — significant earnings miss, trading at a premium to
peers, balance sheet highly leveraged
■ McGraw-Hill Companies (MHP) — regulatory pressure, allegations of
pressure on Company analysts to inflate bond ratings, credit rating agencies'
business models at risk
Avg. Market Cap ($billions) 54.5 65.6
Median Market Cap ($billions) 28.8 3.6
Dividend Yield 2.55% 3.09%
3 Year Return on Equity 12.1% 7.2%
Price/Earnings (12month trailing) 14.4 15.2
Trailing 3 Years Earnings Growth 16.9% 5.8%
PEG Ratio 0.8 2.6
Alpha 0.41 0.85 0.94
Beta 0.87 0.86 0.88
Batting Average .667 .500 .594
Info Ratio 0.41 0.32 0.29
Dana Investment Advisors, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005
1-800-'765-015'7 I www.danainvestmentcom I info�danainvestmentcom
JP Morgan Chase & Company
PNC Financial Services Group Inc
Unum Group
Goldman Sachs Group Inc.
Flowserve Corp
CME Group Inc.
Aflac Inc.
Chubb Corp.
Morgan Stanley
National Oilwell Varco Inc.
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Telecomm Services
Utilities
Large
Value
8.8
5.7
19.0
25.1
9.6
10.2
4.9
4.0
5.9
6.8
2.4
2.4
2.3
2.3
2.2
2.2
2.2
2.1
2.0
2.0
Russell
1000 Value
9.4
5.5
18.4
25.5
9.1
10.6
5.0
4.0
5.6
6.9
Pcrformance
20
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3Q2009 YTD 1 year 3 year 5 year Since Inception
Dana Large Cap Value � Russell 1000 Value
IMPORTANT INFORMATION 6/30/01-12/31/01 zooz 2oos 2ooa 2005 zoos
Total Return (Gross of Fees) -4.72% -16.12% 33.04% 17.37% 11.07% 18.02%
Benchmark Return -4.39% -16.11 % 30.28% 16.63% 6.97% 20.90%
Number of Portfolios in Composite 2 5 5 13 22 13
Composite Assets at Period End (US $ millions) 18.0 23.3 34.9 51.7 78.7 112.1
Percent of Firm Assets 1.0% 1.1 % 1.7% 2.2% 2.8% 4.0%
Composite Dispersion (%) N/A 0.05% 0.45% 0.43% 0.28% 0.42%
Total Firm Assets (US $ millions) 1,883.7 2,099.9 2,064.8 2,307.6 2,810.7 2,814.9
2oa�
4.s��ro
-0.17%
18
85.4
3.1 %
1.21 %
2,794.3
2oos
-34.13%
-36.85%
52
64.9
2.8%
1.8%
2, 327.2
Dana Investment Advisors, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPST""). The
CFA Institute has not been involved with 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 Value composite is the Russell 1000 Value Index (market capitalizatio weighted). The composite was created June 30, 2001.
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 portfolios within the composite. Trade date valuation is used.
The Large Cap Value composite does not have a minimum size criterion for composite membership. All fee-paying, discretionary accounts with similar investment
objectives are included. The composite includes the equity segment of balanced accounts. Cash is allocated to these segments based on the average cash
position of the "equity only" portfolios in the composite. Leverage is not used in this composite as a means to generate higher returns. The composite does not
contain any non-fee paying portfolios.
The dispersion of annual returns is measured by the standard deviation of equal-weighted porlfolio returns represented within the composite for the full year. The
standard deviation presented is based upon annualized quarterly standard deviation of returns. The standard deviation of the annual returns presented for the time
period 2002 to 2008 is 21.12% for the composite and 21.48% for the Russell 1000 Value Index.
Effective July 1, 2007, three portfolio manager/analysts transitioned from being Dana employees to being sub-advisors assisting in the management of some
composite portfolios. In addition, a lead portfolio manager rejoined Dana as an employee in February of 2008.
Performance results are calculated and presented before investment management and custodial fees, but after all applicable trading costs. 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
commission rate charged by our preferred list of non-directed institutional brokers. Bundled fee portfolios comprise 12.4% of composite assets as of 12/31/08. Dana
investment management fees may vary based upon the differences in size, composition and servicing needs of client accounts. Investment management fees would
reduce the returns presented, for example: a$1,000,000 portfolio 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 five 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 II, a copy of which is
available upon request.
Dana Investment Advisors, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookf'ield, WI 53005
1-800-765-0157 I www.danainvestment.com I info@danainvestmentcom
_ -::
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DANA INVESTMENT ADVISORS, INC.
Dana Small Cap
�����rc� �u�.�te� l��vie�
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Dana's Small Cap composite returned +17.1 % in the third quarter. Earnings reports were better than expected during the
quarter, and we were pleased with the majority of our company reports as 70% of our holdings beat their 2Q09 earnings
estimates by a median level of 5%. Cyclical sectors, such as Materials, Energy and Consumer Discretionary led small caps
higher during Q3, and low quality and micro cap stocks continued to outperform. Since the markeYs low in March 2009, small
cap stocks have risen nearly 74°/o and now lead large cap stocks for the year-to-date period. While small cap stocks are
currently trading at a valuation premium to large caps, smaller companies may continue to outperform as investors position
for continued economic recovery and an improved earnings landscape.
Entertainment Prop Trust (EPR)
SPSS Inc. (SPSS)
Phillips-Van Heusen (PVH)
priceline.com Inc. (PGLN)
StanCorp Tinancial Group (SFG)
Synaptics Inc. (SYNA)
Premiere Global Services (PGI)
Jack in the Box Inc. QBX)
PAREXEL Intl Corp. (PRXL)
Knightsbridge Tankers (VLCCF)
Selected Additions
Q3Sector Contributors
■ Financials — strong returns within REITs (EPR) and Banks (NPBC)
■ Industrials — outperformance within Aerospace & Defense (TGI) and Construction
& Engineering (EME) holdings
■ Consumer Staples — DLM executing well and outperforming peers
Q3 Sector Detractors
■ Info Tech — disappointing earnings news from SYNA
■ Materials — KOP underperformed Chemical peers, lack of Paper Products exposure
■ Consumer Discretionary — conservative Hotels, Restaurants & Leisure
holdings underperformed
■ EnerSys Inc. (ENS) — inflection point for industrial battery demand,
restructuring program expected to save company $0.46 per share annually,
significant cash flow despite dramatic drop in sales
■ Consolidated Communications Holdings (CNSL) — bundled video strategy
adding to customer base, strong cash flow coverage supporting 9% dividend
yield, positive earnings revisions
■ Big 5 Sporting Goods Corp. (BGFV) — positive comp store sales trends
driven by value-based strategy, cost controls driving margin improvement,
history of solid execution and positive earnings surprises
Sciccted Dcictions
■ Integra LifeSciences (IART) — expensive relative valuation, highly leveraged
balance sheet, history of aggressive acquisitions, below average returns
■ Premiere Global Services (PGI) — challenging pricing environment, negative
organic growth, negative earnings surprise and guidance likely to weigh on shares
■ SPSS Inc. (SPSS) — acquired by IBM at a 40% premium priceline.com Inc.
■ priceline.com (PCLN) — market cap well above small cap threshold after
returning 43% during the quarter and 125% YTD
Avg. Market Cap ($millions) 1,299 886
Median Market Cap ($millions) 1,160 370
Dividend Yield 1.93% 1.64%
3 Year Return on Equity 16.73% 2.32%
Price/Earnings (12month trailing) 13.6 15.3
Trailing 3 Years Earnings Growth 23.9% 14.3%
PEG Ratio 0.6 1.1
Alpha (3.80)
Beta 0.91
Batting Average .417
Info Ratio (0.55)
(2.14) 2.89
0.92 0.79
.450 .500
(0.42) 0.25
Dana Investment Advisors, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005
1-800-'765-015'7 I www.danainvestmentcom I info�danainvestmentcom
Atheros Communications Inc.
Skyworks Solutions Inc.
Parexel International Corp.
Entertainment Properties Trust
Buckle Inc.
Phillips-Van Heusen
Big 5 Sporting Goods Corp.
Gymboree Corp.
Jack In The Box Inc3
Greif Inc. - CI A
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Telecomm Services
Utilities
Dana
Small Cap
14.6
3.3
4.2
20.3
15.0
15.6
17.7
4.5
1.5
3.3
2.3
2.2
2.2
2.2
2.2
2.1
2.1
2.1
2.0
2.0
Russell
2000
14.3
3.3
4.4
20.2
14.3
15.4
18.4
4.9
1.5
3.3
Performance
25
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3Q2009 YTD 1 year 3 year 5 year 10 year
IMPORTANT INFORMATION
7/31/99 to 12/31/99 2000
Dana Small Cap Equity ■ Russell 2000
2001 2002 2003 2004 2005 2006 2007 2008
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°/o -20.48°/o 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 $ 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°/a 0.4°/a 1.2% 1.7°/a 1.8% 2.2°/a 1.7% 1.1 %
Composite Dispersion (°/a) N/A 0.85% 0.05°/a 0.92% 2.12% 1.71 % 1.11 % 0.75% 0.65% 1.51 %
Total FirmAssets (US $ millions) 1,186.3 1,528.0 1,883.7 2,099.9 2,064.8 2,307.6 2,810.7 2,814.9 2,794.3 2,327.2
Dana Investment Advisors, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards
(GIPST""). The CFA Institute has not been involved with the preparation or review of this report.
NOTE� 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 Small Cap Equity composite is the Russell 2000 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 portfolios 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 accounts with similar
investment objectives are included. The composite includes the equity segment of balanced accounts. Cash is allocated to these segments based on the
average cash position of the "equity only" portfolios in the composite. Leverage is not used in this composite as a means to generate higher returns.
The composite does not contain any non-fee paying portfolios.
The dispersion of annual returns is measured by the standard deviation of equal-weighted portfolio returns represented within the composite for the full
year. The standard deviation presented is based upon annualized quarterly standard deviation of returns. The standard deviation of the annual returns
presented for the time period 2000 to 2008 is 21.90% for the composite and 22.10% for the Russell 2000 Index.
In June of 2006, Dana added a portfolio manager to the strategy's lead portfolio management team. Effective Juiy 1, 2007, three portfolio manager/analysts
transitioned from being Dana employees to being sub-advisors assisting in the management of some composite portfolios. In addition, a lead portfolio
manager rejoined Dana as an employee in February of 2008.
Performance results are calculated and presented before investment management and custodial fees, but after all applicable trading costs. 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 commission rate charged by our preferred list of non-directed institutional brokers. Bundled fee portfolios comprise 18.8% of
composite assets as of 12/31/07. Dana investment management fees may vary based upon the differences in size, composition and servicing needs
of client accounts. Investment management fees would reduce the returns presented, for example: a$1,000,000 portfolio 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 five 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 II, a copy of which is available upon request.
llana Investment Advisors, Inc. I 15800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005
1-800-765-015'7 I www.danainvestment.com I info�danainvestment.com
COMPLIANCE APPRAISAL
As of 09/30/2009
Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp
value Iss
Identifier Description Shares/PAR Current Cost Market Value S& P Moody Line CGQ
Cash
Cash Equivalents
000009 Cash - Money Fund 98,596.75 98,596.75
Common Stocks
Consumer Discretionary
ANF Abercrombie & Fitch Co-CI A 2,995 96,778.94 98,475.60 3 15.9
BGFV Big 5 Sporting Goods Corp 1,603 22,912.33 24,205.30 3.7
BKE Buckle Inc 732 20,581.29 24,990.48 3 56.8
CAB Cabela's Inc 1,750 23,015.12 23,345.00 3 84.7
CMCSA Comcast Corp (A) 5,799 99,763.68 97,887.12 13.4
COH Coach Inc 3,191 97,316.57 105,047J2 3 24.2
DTV DirecTV Group Inc/The 4,197 99,962.57 115,753.26 3 20.6
FDO Family Dollar Stores Inc .00 .00 3 95.9
GME Gamestop Corp-Class A 3,985 99,902.35 105,482.95 3 6.7
GYMB Gymboree Corp 513 14,690.62 24,818.94 3 48.1
JACK Jack In The Box Inc 1,145 27,805.84 23,461.05 3 97
MCD McDonald'S Corp 1,869 109,192.01 106,663.83 1 47.7
NWL Newell Rubbermaid Inc 7,009 97,397.77 109,971.21 3 74.9
PCLN Priceline Com Inc 630 60,559.01 104,466.60 3 67.9
PNRA Panera Bread Co (CL A) 1,734 77,555.36 95,370.00 3 21.7
PVH Phillips-Van Heusen 636 23,055.99 27,214.44 3 99.7
RRGB Red Robin Gourmet Burgers Inc. 1,135 20,478.50 23,176.70 3 76.1
TGT Target Corp 4,261 203,857.88 198,903.48 2 66.6
WWW Wolverine World Wide Inc 946 22,283.91 23,498.64 2 65.3
Total Consumer Discretionary 1,217,109.74 1,332,732.32
Consumer Staples
CCE Coca-Cola Enterprises Inc
CL Colgate-Palmolive Co
CVS CVS Caremark Corp
DLM Del Monte Foods Co
ENR Energizer Holdings Inc.
GIS General Mills Inc
HLF Herbalife Ltd
MJN Mead Johnson Nutrition Co
PEP Pepsico Inc
PG Procter & Gamble Co
PM Philip Morris International
WMT Wal-Mart Stores Inc
Total Consumer Staples
Energy
APA Apache Corp
ATW Atwood Oceanics Inc
5, 598
1, 539
5,453
1,801
1, 636
1,095
661
2,620
1, 876
1,416
3,856
2,213
1, 855
638
114,565.31
101,418.86
196,072.20
14,843.95
110,382.88
63,842.67
19, 782.67
102,129.44
105,002.72
84,745.83
169,996.94
120,178.77
1,202,962.24
166,961.94
17,209.36
119,853.18
117, 394.92
194,890.22
20,855.58
108,532.24
70,496.10
21,641.14
118,188.20
110,046.16
82,014.72
187,941.44
108, 636.17
1,260,490.07
170,344.65
22,502.26
3
1
1
3
3
1
3
1
1
3
1
52.3
97.4
96.5
98.5
35.4
43.4
29.7
61.9
23.6
34.2
3 29.5
57
Page 1 of 5
COMPLIANCE APPRAISAL
As of 09/30/2009
Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp
value Iss
Identifier Description Shares/PAR Current Cost Market Value S& P Moody Line CGQ
Common Stocks
Energy
CLB Core Laboratories N.V. 110 12,318.73 11,339.90 3
COP Conocophillips 2,396 98,746.68 108,203.36 1 53
CVX Chevron Corp 1,671 127,191.47 117,688.53 1 53.6
MRO Marathon Oil Corp 3,653 110,918.97 116,530.70 3 62.9
MUR Murphy Oil Corp 1,861 101,117.25 107,137.77 2 56.6
NE Noble Corp 5,082 187,729.57 192,912.72 3
NOV National OiIweIl Varco lnc 2,428 91,245.31 104,719.64 3 37.5
OIS Oil States International Inc 293 13,393.93 10,293.09 80.6
OXY Occidental Petroleum Corp 1,401 97,538.19 109,838.40 2 78
PXP Plains Exploration and Product 298 6,175.69 8,242.68 51
WMB Williams Cos Inc 10,955 190,307.98 195,765.85 3 48.1
XOM Exxon Mobil Corp 1,579 123,174.77 108,335.19 1 67.2
Financials
AFL
AFSI
AXP
BAC
BK
CB
CHCO
CME
EPR
FMER
FPIC
FPO
GBCI
GS
HCBK
IBKR
JPM
MS
NAVG
NPBC
OHI
PNC
SFG
STT
TAL
UNM
Total Energy
Aflac Inc
Amtrust Financial Services
American Express Co
Bank Of America Corp
Bank Of New York Mellon Corp
Chubb Corp
City Holding Company
CME Group Inc
Entertainment Properties Trust
Firstmerit Corp
FPIC Insurance Group Inc
First Potomac Realty Trust
Glacier Bancorp Inc
Goldman Sachs Group Inc
Hudson City Bancorp Inc
Interactive Brokers Gro-CI A
JP Morgan Chase
Morgan Stanley
Navigators Group Inc
Natl Penn Bcshs Inc
Omega Healthcare Investors Inc
PNC Financial Services Group I
Stancorp Financial Group
State Street Corp
TAL International Group Inc
Unum Group
5, 024
1, 732
2,497
6, 722
4,019
2,688
708
402
814
1, 028.39
612
1, 643
1, 088
679
6,165
1,168
5,097
3,819
394
2,839
1, 060
2,609
553
1,816
1, 646
6, 302
1,344,029.84
166,822.36
17, 722.02
61,228.23
113,266.37
106,624.36
108,394.86
22,891.18
94,776.37
27,252.41
18, 963.77
22,349.35
17,591.11
19,452.08
85,254.70
82,049.37
26, 771.96
201,375.40
102,683.69
22,787.58
24,105.99
17,808.36
124,774.07
20,633.09
88,740.31
27,767.45
103,701.14
1,383,854.74
214,725.76
19,762.12
84,648.30
113, 736.24
116, 510.81
135, 502.08
21,105.48
123,892.38
27,789.96
19, 570.18
20, 532.60
18, 993.08
16,254.72
125,173.65
81, 069.75
23,208.16
223,350.54
117,930J2
21, 670.00
17, 346.29
16, 981.20
126,771.31
22,324.61
95,521.60
23,406.12
135,114.88
3
3
4
3
1
3
3
3
3
3
3
3
3
3
Page 2 of 5
39.7
12.5
93.9
54.6
76.8
38.5
51.3
13
93.4
82.3
60.4
93
45.5
44.8
65.4
0.9
83.9
19.1
43.7
64.4
39.6
35.6
72.5
69
29.3
78.2
COMPLIANCE APPRAISAL
As of 09/30/2009
Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp
value Iss
Identifier Description Shares/PAR Current Cost Market Value S& P Moody Line CGQ
Common Stocks
Financials
USB US Bancorp 4,992 112,704.38 109,125.12 3 54.4
Total Financials 1,83$,491.96 2,072,017.66
Health Care
ABC
ABT
BAX
BCR
BLUD
BMY
CBST
DVA
GILD
HGR
HUM
IART
JNJ
MATK
MHS
MYL
OSIP
PDLI
PFE
PRXL
STE
TECH
TEVA
WST
Industrials
ATU
AZZ
DCP
EME
ENS
FLS
GD
GE
GTLS
KEX
MDR
AmerisourceBergen Corp
Abbott Laboratories
Baxter International
CR Bard Inc
Immucor Inc
Bristol-Myers Squibb Co
Cubist Pharamceuticals
Davita Inc
Gilead Sciences Inc
Hanger Orthopedic Group Inc
Humana Inc
Integra Lifesciences Holding
Johnson & Johnson
Martek Biosciences Corp
Medco Health Solutions Inc
Mylan Laboratories Inc
OSI Pharmaceuticals Inc
PDL BioPharma Inc
Pfizer Inc
Parexel International Corp
Steris Corp
Techne Corp
Teva Pharmaceutical -SP ADR
West Pharmaceutical Services
Total Health Care
Actuant Corp-CI A
AZZ Inc.
DynCorp International Inc (CI
Emcor Group Inc
EnerSyslnc
Flowserve Corp
General Dynamics Corp.
General Electric Co
Chart Industries Inc
Kirby Corp
McDermott International Inc
8, 790
3, 799
1,810
1,161
1,101
4,172
1, 003
1, 653
1, 945
1,285
2,579
288
3,035
859
1, 924
5, 941
285
2,254
5, 285
1, 648
718
277
1, 764
300
610
579
1, 045
736
971
2,180
1, 584
7,654
974
531
3, 709
175,866.15
196,761.97
92,182.65
92,569.38
24,416.46
89, 591.61
20,573.09
85,605.40
102,860.85
18,509.53
72,187.39
11,902.92
173,506.31
23,653.07
84,878.23
95, 821.21
14,384.01
17,933.27
86, 931.38
27,419.78
19,250.80
18, 608.77
91,312.93
10,831.50
1,647,558.66
18,993.27
16,271.53
14,977.40
19, 325.41
20,882.04
148,013.15
92,664.35
153,984.22
16,561.12
24,209.71
93,106.29
196,720.20
187, 936.53
103,188.10
91,266.21
19,487.70
93,953.44
20,260.60
93, 625.92
90,442.50
17,822.95
96,196.70
9,835.20
184,801.15
19,404.81
106,416.44
95,115.41
10,060.50
17,761.52
87,466.75
22,396.32
21, 863.10
17, 329.12
89,187.84
12,183.00
1,704,722.01
9,796.60
23,258.43
18, 810.00
18,635.52
21,478.52
214, 817.20
102,326.40
125, 678.68
21,028.66
19,551.42
93,726.43
2
1
1
1
3
1
3
3
2
3
3
1
3
1
3
3
3
1
3
3
2
1
3
46.6
42
42.8
36
24.7
77.6
77.2
51.7
64.4
96.8
87.2
84
37.9
91.7
79.2
30.8
19.4
72.8
70.5
50.1
74
23.5
94.8
3 79.9
73.4
17.6
3 72.5
78.4
3 86.8
1 99
3 60.1
97.8
3 15.2
3
Page 3 of 5
COMPLIANCE APPRAISAL
As of 09/30/2009
Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp
value Iss
Identifier Description Shares/PAR Current Cost Market Value S& P Moody Line CGQ
Common Stocks
Industrials
MMM 3M Co 1,572 114,758.20 116,013.60 1 80.4
PCP Precision Castparts Corp 1,090 71,315.33 111,038.30 3 17.7
TGI Triumph Group Inc 367 18,006.73 17,612.33 3 87.5
TYC Tyco International Ltd 3,382 115,741.46 116,611.36 3
UNP Union Pacific Corp 3,373 188,187.20 196,814.55 2 88.6
UTX United Technologies Corp 1,576 97,337.07 96,025.68 1 73.9
VLCCF Knightsbridge Tankers Ltd 1,489 20,605.92 19,416.56
VMI Valmont Industries Inc 202 12,825.22 17,206.36 3 93.2
WAB Wabtec Corp 483 15,740.68 18,126.99 3 59.8
Total Industrials 1,273,506.30 1,377,573.59
Information Technology
AAPL Apple Inc
ACN Accenture PLC
ADBE Adobe Systems Inc
ATHR Atheros Communications
AVCT Avocent Corp
AXE Anixter International Inc
BRCM Broadcom Corp - Class A
CSCO Cisco Systems Inc
EBAY Ebay Inc
EMC EMC Corp
FDS Factset Research Systems Inc
GOOG Google Inc-CI A
HPQ Hewlett-Packard Co
IBM International Business Machine
MANT Mantech International Corp-A
MCHP Microchip Technology Inc
MCRS Micros Systems Inc
MSFT Microsoft Corp
ORCL Oracle Corp
PMTC Parametric Technology Corp
QCOM Qualcomm Inc.
SMTC Semtech Corp
SWKS Skyworks Solutions Inc
SYNA Synaptics Inc
TTEC Teletech Holdings Inc
TXN Texas Instruments Inc
Total Information Technology
Materials
CCK Crown Holdings Inc
737
3,086
3,665
1,191
1,017
365
4,339
5,585
5, 051
7,520
196
251
4,709
1, 823
440
4,371
707
4, 960
5,253
1,492
2,404
1,145
1,844
773
1,156
8,533
2,839
110,608.05
117,159.45
96,076.37
25,602.14
22,725.85
23,167.21
98,995.59
132,019.98
91,085.14
88,815.66
8,270.93
144,599.46
208,420.63
186,384.04
20,167.53
137,863.08
23,872.19
144,024.90
108,979.73
17,998.80
104,474.83
19,246.84
15,793.86
21,700.38
13,012.96
198,678.24
2,179,743.84
74, 991.05
136,602.95
115, 015.22
121, 091.60
31, 597.23
20,614.59
14, 640.15
133,163.91
131,470.90
119,203.60
128,140.80
12,983.04
124,458.35
222,311.89
218,049.03
20,724.00
115, 831.50
21, 344.33
127, 571.20
109,472.52
20,619.44
108,131.92
19,476.45
24,414.56
19,479.60
19, 721.36
202,146.77
2,338,276.91
77,220.80
3
2
3
3
3
1
3
2
2
3
1
1
3
3
3
1
1
3
2
3
3
3
3
36.3
33.4
24.1
49.5
73.7
30.3
37.9
85.5
74.1
5.1
7.1
46
21.4
7.6
17.3
19.9
97.6
33.8
34.1
65.4
97.7
55.5
7.4
17.7
60.5
3 82.8
Page 4 of 5
COMPLIANCE APPRAISAL
As of 09/30/2009
Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp
value Iss
Identifier Description Shares/PAR Current Cost Market Value S& P Moody Line CGQ
Common Stocks
Materials
CMP Compass Minerals Intl Inc 303 17,105.74 18,670.86 3 92.5
FCX Freeport-Mcmoran Copper 2,183 150,080.20 149,775.63 3 19.6
FMC FMC Corp 1,338 58,617.10 75,262.50 3 23.8
GEF Greif Inc-CI A 359 17,917.37 19,762.95 3 45.2
KOP Koppers Holdings Inc 628 16,056.69 18,620.20 85.7
LZ Lubrizol Corp 2,134 150,826.58 152,495.64 3 79
Total Materials 485,594.73 511,808.58
Telecommunication Services
CNSL Consolidated Communications Ho
NIHD NII Holdings Inc
T AT&T Inc
VZ Verizon Communications Inc
WIN Windstream Corp
Total Telecommunication Services
Utilities
AVA
D
EIX
FPL
OKE
SRE
UGI
UIL
Avista Corp
Dominion Resources Inc/Va
Edison International
FPL Group Inc
Oneok Inc
Sempra Energy
UGI Corp
UIL Holdings Corp
Total Utilities
Total Domestic Equity Strategy
1,248
2,675
3, 709
2,573
8, 796
953
2,569
2,780
897
2,801
1, 794
812
19,607.70
50,580.78
97,101.66
80,841.10
74,196.15
322,327.39
15,057.99
84,046.38
110,565.07
56,749.63
76,608.40
77,245.95
.00
21,487.39
441, 760.81
11,953,085.51
Total Portfolio 12,051,682.26
Accruals
Dividends owed
Total Portfolio with Accruals & Dividends
19, 980.48
80,410.50
100,180.09
77,884.71
89,103.48
367,559.26
19,269.66
88,630.50
93, 352.40
49, 541.31
102,572.62
89, 359.14
.00
21,428.68
464,154.31
12,813,589.45
12,912,186.20
.00
15,938.76
12, 928,124.96
3
3
1
1
3
3
2
3
1
3
2
2
2
Dana Investment Advisors, Inc. confirms that to the best of our knowledge this portfolio is in compliance with the Investment Policy and Guidelines
most recently provided by the client or its representatives.
Page 5 of 5
76.1
68.5
65.6
66.8
88.8
78.4
77.2
58.9
55.2
77.3
78.4
89.6
92.7
Vote Summary Report (Short)
10/01 /08 to 09/30/09
Sorted by Company Name.
In All Markets, for all statuses, for Palm Beach Gardens Firefighters Pension, Palm Beach Gardens Firefighters
Pension, Palm Beach Gardens Firefighters Pension, Palm Beach Gardens Firefighters Pension, Palm Beach
Gardens Firefighters Pension, Palm Beach Gardens Firefighters Pension, ....
Mtg Company
Date
/Type /Ballot Issues
04/24/09 Abbott Laboratories
Elect Director R.J. Alpern
Elect Director R.S. Austin
Elect Director W.M. Daley
Elect Director W.J. Farrell
Elect Director H.L. Fuller
Elect Director W.A. Osborn
Elect Director D.A.L. Owen
Elect Director W.A. Reynolds
Elect Director R.S. Roberts
Elect Director S.C. Scott, III
Elect Director W.D. Smithburg
Elect Director G.F. Tilton
Elect Director M.D. White
Approve Omnibus Stock Plan
Approve Nonqualified Employee Stock Purchase Plan
Ratify Auditors
Report on Animal Testing
Adopt Principles for Health Care Reform
Advisory Vote to Ratify Named Executive Officers' Compensation
02/12/09 ACCENTURE LTD
This is a duplicate meeting for ballots received via the Broadridge North American
Ballot distribution system.
RE-APPOINTMENT TO THE BOARD OF DIRECTORS: CHARLES H. GIANCARLO
RE-APPOINTMENT TO THE BOARD OF DIRECTORS: DINA DUBLON
RE-APPOINTMENT TO THE BOARD OF DIRECTORS: WILLIAM D. GREEN
RE-APPOINTMENT TO THE BOARD OF DIRECTORS: NOBUYUKI IDEI
RE-APPOINTMENT TO THE BOARD OF DIRECTORS: MARJORIE MAGNER
RATIFY AUDITORS
08/05/09 ACCENTURE LTD
Accenture Ltd Class A Common Shareholder Class Meeting Proposals
Approve Reincorporation from Bermuda to Ireland through Scheme of
Arrangement
Adjourn Meeting
Accenture Ltd Class X Common Shareholder Class Meeting Proposals
Approve Reincorporation from Bermuda to Ireland through Scheme of
Arrangement
Adjourn Meeting
Accenture Ltd Special General Meeting Proposals
Approve the Creation of Distributable Reserves for Accenture plc
Adjourn Meeting
04/O1/09 Adobe Systems Inc.
Security/ Vote Shares
Proponent Cast Voted
002824100 2,392
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
Against
Against
For
G1150G111 3,805
For
For
For
Against
For
For
G1150G111 7,558
For
For
For
For
For
For
00724F101 1,355
https://votex.issproxy.com/pdffiles/ 10292_rpt_431159Pon 1257370561.html
Elect Director Robert K. Burgess
Elect Director Carol Mills
Elect Director Daniel Rosensweig
Elect Director Robert Sedgewick
Elect Director John E. Warnock
Amend Omnibus Stock Plan
Ratify Auditors
04/22/09 Aegon NV
Meeting for ADR Holders
Open Meeting
Presentation on the Course of Business and Significant Events in 2008
Approve Financial Statements and Statutory Reports
Approve Dividends of EUR 0.30 Per Share
Approve Discharge of Management Board
Approve Discharge of Supervisory Board
Ratify Ernst & Young as Auditors
Elect J.J. Nooitgedacht to Executive Board
Reelect D.G. Eustace to Supervisory Board
Reelect S. Levy to Supervisory Board
Elect A.W.H. Doctors van Leeuwen to Supervisory Board
Grant Board Authority to Issue Shares Up To 10 Percent of Issued Capital Plus
Additional 10 Percent in Case of Takeover/Merger
Authorize Board to Exclude Preemptive Rights from Issuance under Item 12
Authorize Repurchase of Up to Ten Percent of Issued Share Capital
Retirement of W.F.C. Stevens as a Supervisory Board Member
Retirement of J.B.M. Streppel as a Executive Board Member
Other Business (Non-Voting)
Close Meeting
08/18/09 Airgas, Inc.
Elect Director James W. Hovey
Elect Director Paula A. Sneed
Elect Director David M. Stout
Elect Director Ellen C. Wolf
Ratify Auditors
Amend Omnibus Stock Plan
04/29/09 Allianz SE (formerly Allianz AG)
Meeting for ADR Holders
RECEIVE FINANCIAL STATEMENTS AND STATUTORY REPORTS FOR FISCAL 2008
(NON-VOTING)
APPROPRIATION OF NET EARNINGS
APPROVAL OF THE ACTIONS OF THE MEMBERS OF THE MANAGEMENT BOARD
APPROVAL OF THE ACTIONS OF THE MEMBERS OF THE SUPERVISORY BOARD
BY-ELECTION TO THE SUPERVISORY BOARD
AUTHORIZATION TO ACQUIRE TREASURY SHARES FOR TRADING PURPOSES
AUTHORIZATION TO ACQUIRE AND UTILIZE TREASURY SHARES FOR OTHER
PURPOSES
AUTHORIZATION TO USE DERIVATIVES IN CONNECTION WITH THE
ACQUISITION OF TREASURY SHARES PURSUANT TO 71 (1) N0.8 OF THE
GERMAN STOCK CORPORATION ACT (AKTIENGESETZ)
AMENDMENT TO THE STATUTES IN ACCORDANCE WITH 67 GERMAN STOCK
CORPORATION ACT (AKTIENGESETZ)
OTHER AMENDMENTS TO THE STATUTES: CANCELLATION OF PROVISIONS
REGARDING THE FIRST SUPERVISORY BOARD
OTHER AMENDMENTS TO THE STATUTES: ANTICIPATORY RESOLUTIONS ON
PLANNED LAW ON IMPLEMENTATION OF SHAREHOLDER RIGHTS DIRECTIVE
APPROVAL OF CONTROL AND PROFIT TRANSFER AGREEMENT BETWEEN
007924103
009363102
018805101
https://votex.issproxy.com/pdffiles/ 10292_rpt_431159Pon 1257370561.html
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
Against
For
For
For
For
For
For
For
For
For
For
For
5,645
1,810
3,655
ALLIANZ SE AND ALLIANZ SHARED INFRASTRUCTURE SERVICES SE
05/06/09 Amgen, Inc.
Elect Director David Baltimore
Elect Director Frank ]. Biondi, Jr.
Elect Director Francois de Carbonnel
Elect Director Jerry D. Choate
Elect Director Vance D. Coffman
Elect Director Frederick W. Gluck
Elect Director Frank C. Herringer
Elect Director Gilbert S. Omenn
Elect Director ]udith C. Pelham
Elect Director J. Paul Reason
Elect Director Leonard D. Schaeffer
Elect Director Kevin W. Sharer
Ratify Auditors
Approve Omnibus Stock Plan
Reduce Supermajority Vote Requirement
Amend Articles/Bylaws/Charter -- Call Special Meetings
Reincorporate in Another State [from Delaware to North Dakota ]
05/07/09 Apache Corp.
Elect Director Frederick M. Bohen
Elect Director George D. Lawrence
Elect Director Rodman D. Patton
Elect Director Charles J. Pitman
02/25/09 Apple, Inc.
Elect Director William V. Campbell
Elect Director Millard S. Drexler
Elect Director Albert A. Gore, Jr.
Elect Director Steven P. Jobs
Elect Director Andrea Jung
Elect Director A.D. Levinson
Elect Director Eric E. Schmidt
Elect Director Jerome B. York
Report on Political Contributions
Adopt Principles for Health Care Reform
Prepare Sustainability Report
Advisory Vote to Ratify Named Executive Officers' Compensation
04/24/09 AT&T Inc
Elect Director Randall L. Stephenson
Elect Director William F. Aldinger III
Elect Director Gilbert F. Amelio
Elect Director Reuben V. Anderson
Elect Director James H. Blanchard
Elect Director August A. Busch III
Elect Director Jaime Chico Pardo
Elect Director James P. Kelly
Elect Director Jon C. Madonna
Elect Director Lynn M. Martin
Elect Director )ohn B. McCoy
Elect Director Mary S. Metz
Elect Director Joyce M. Roche
031162100 1,640
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
Against
037411105 1,406
For
For
For
For
037833100 301
For
For
For
For
For
For
For
For
Against
Against
Against
For
00206R102 3,849
https://votex.issproxy.com/pdffiles/ 10292_rpt_431159Pon 1257370561.html
For
Against
Against
For
Against
For
For
For
For
For
For
For
For
Elect Director Laura D Andrea Tyson
Elect Director Patricia P. Upton
Ratify Auditors
Increase Authorized Common Stock
Report on Political Contributions
Amend Articles/Bylaws/Charter -- Call Special Meetings
Provide for Cumulative Voting
Require Independent Board Chairman
Advisory Vote to Ratify Named Executive OfFicers' Compensation
Exclude Pension Credits ftom Earnings Performance Measure
12/05/08 Bank of America Corp.
Issue Shares in Connection with Acquisition
Amend Omnibus Stock Plan
Increase Authorized Common Stock
Adjourn Meeting
04/30/09 BASF SE (formerly BASF AG)
Meeting for ADR Holders
Receive Financial Statements and Statutory Reports for Fiscal 2008 (Non-Voting)
Approve Allocation of Income and Dividends of EUR 1.95 per Share
Approve Discharge of Supervisory Board for Fiscal 2008
Approve Discharge of Management Board for Fiscal 2008
Ratify KPMG AG as Auditors for Fiscal 2009
Reelect Francois Diedrich to the Supervisory Board
Reelect Michael Diekmann to the Supervisory Board
Reelect Franz Ferenbach to the Supervisory Board
Elect Stephen Green to the Supervisory Board
Reelect Max Kley to the Supervisory Board
Elect Eggert Vosherau to the Supervisory Board
Approve Creation of EUR 500 Miliion Pool of Capital without Preemptive Rights
Amend Articles Re: First Supervisory Board of BASF SE
Approve Remuneration of Supervisory Board
02/03/09 Becton, Dickinson and Company
Elect Director Claire M. Fraser-Liggett
Elect Director Edward J. Ludwig
Elect Director Willard J. Overlock, Jr.
Elect Director Bertram L. Scott
Ratify Auditors
Declassify the Board of Directors
Amend Omnibus Stock Plan
Amend Omnibus Stock Plan
Amend Bylaws -- Call Special Meetings
Provide for Cumulative Voting
07/28/09 BMC Software, Inc.
Elect Director Robert E. Beauchamp
Elect Director B. Garland Cupp
Elect Director Jon E. Barfield
Elect Director Gary L. Bloom
Elect Director Meldon K. Gafner
Elect Director P. Thomas Jenkins
Elect Director Louis J. Lavigne, Jr.
Elect Director Kathleen A. 0'Neil
For
Against
For
For
For
For
For
For
For
For
060505104 4,006
For
For
For
For
055262505 1,665
075887109
055921100
https://votex.issproxy.com/pdffiles/ 10292_rpt_431159Pon 1257370561.html
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
Withhold
Withhold
Withhold
For
For
2,014
932
Elect Director Tom C. Tinsley
Ratify Auditors
Amend Omnibus Stock Plan
05/05/09 Bristol-Myers Squibb Co.
Elect Director L. Andreotti
Elect Director L. B. Campbell
Elect Director J. M. Cornelius
Elect Director L. J. Freeh
Elect Director L. H. Glimcher
Elect Director M. Grobstein
Elect Director L. Johansson
Elect Director A. J. Lacy
Elect Director V. L. Sato
Elect Director T. D. West, Jr.
Elect Director R. S. Williams
Ratify Auditors
Increase Disclosure of Executive Compensation
Reduce Supermajority Vote Requirement
Amend Articles/Bylaws/Charter -- Call Special Meetings
Advisory Vote to Ratify Named Executive Officers' Compensation
03/27/09 Canon Inc.
Meeting for ADR Holders
DIVIDEND FROM SURPLUS
PARTIAL AMENDMENT TO THE ARTICLES OF INCORPORATION
DIRECTOR FUJIO MITARAI
DIRECTOR TSUNEJI UCHIDA
DIRECTOR TOSHIZO TANAKA
DIRECTOR NOBUYOSHITANAKA
DIRECTOR JUN]I ICHIKAWA
DIRECTOR AKIYOSHI MOROE
DIRECTOR KUNIO WATANABE
DIRECTOR YOROKU ADACHI
DIRECTOR YASUO MITSUHASHI
DIRECTOR TOMONORI IWASHITA
DIRECTOR MASAHIRO OSAWA
DIRECTOR SHIGEYUKI MATSUMOTO
DIRECTOR KATSUICHISHIMIZU
DIRECTOR RYOICHI BAMBA
DIRECTOR TOSHIO HOMMA
DIRECTOR MASAKI NAKAOKA
DIRECTOR HARUHISA HONDA
DIRECTOR TOSHIYUKI KOMATSU
DIRECTOR TETSURO TAHARA
DIRECTOR SEIJIRO SEKINE
DIRECTOR SHUNJI ONDA
DIRECTOR KAZUNORI FUKUMA
DIRECTOR HIDEKI OZAWA
DIRECTOR MASAYA MAEDA
DIRECTOR TOSHIAKI IKOMA
GRANT OF RETIREMENT ALLOWANCE TO A DIRECTOR TO RETIRE
GRANT OF BONUS TO DIRECTORS
110122108
138006309
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3,880
1,862
ISSUANCE OF SHARE OPTIONS AS STOCK OPTIONS WITHOUT COMPENSATION
04/23/09 CEMEX S.A.B. de C.V.
Meeting for ADR Holders
Each CPO is Composed of 2 Class A Shares and 1 Class B Shares; Only Mexican
Nationals Who Own Class A Shares Are Entitled to Vote
Accept Financial Statements and Statutory Reports for the Year Ended December
31, 2008 in Accordance with Stock Market Law
Approve Allocation of Income
Authorize Increase in Variable Portion of Capital via Capitalization of Retained
Profits Account
Renegotiate Debt with Financial Institutions
Elect Members of the Board, Members and Chairs to Audit and Corporate Practices
Committees
Approve Remuneration of Directors and Members of the Audit and Corporate
Practices Committees
Designate Inspector or Shareholder Representative(s) of Minutes of Meeting
09/04/09 CEMEX S.A.B. de C.V.
Meeting for ADR Holders
Approve Increase in Variable Portion of Share Capital Represented by CPOs and
Issuance of Convertible Bonds by Up to 4.8 Billion Shares Withouth Preemptive
Rights; Issuance of Convertible Instruments will be Carried Out within 24 Months
04/23/09 Centerpoint Energy Inc.
Elect Director Derrill Cody
Elect Director Michael P. Johnson
Elect Director David M. McClanahan
Elect Director Robert T. O'Connell
Elect Director Susan O. Rheney
Elect Director Michael E. Shannon
Ratify Auditors
Approve Omnibus Stock Plan
05/27/09 Chevron Corporation
Elect Director S. H. Armacost
Elect Director L. F. Deily
Elect Director R. E. Denham
Elect Director R. ]. Eaton
Elect Director E. Hernandez
Elect Director F. G. Jenifer
Elect Director S. Nunn
Elect Director D. J. 0'Reilly
Elect Director D. B. Rice
Elect Director K. W. Sharer
Elect Director C. R. Shoemate
Elect Director R. D. Sugar
Elect Director C. Ware
Elect Director J. S. Watson
Ratify Auditors
Amend Executive Incentive Bonus Plan
Amend Omnibus Stock Plan
Amend Articles/Bylaws/Charter -- Call Special Meetings
Advisory Vote to Ratify Named Executive Officers' Compensation
Adopt Quantitative GHG Goais for Products and Operations
Adopt Guidelines for Country Selection
Adopt Human Rights Policy
Report on Market Specific Environmental Laws
il/13/08 Cisco Systems, Inc.
151290889
For
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6,170
151290889 6,416
For
15189T107 9,435
166764100
17275R102
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1,350
7,679
Elect Director Carol A. Bartz
Elect Director M. Michele Burns
Elect Director Michael D. Capellas
Elect Director Larry R. Carter
Elect Director John T. Chambers
Elect Director Brian L. Halla
Elect Director John L. Hennessy
Elect Director Richard M. Kovacevich
Elect Director Roderick C. McGeary
Elect Director Michael K. Powell
Elect Director Steven M. West
Elect Director Jerry Yang
Ratify Auditors
Amend Bylaws to Establish a Board Committee on Human Rights
Report on Internet Fragmentation
05/13/09 CME Group Inc.
Elect Director Dennis H. Chookaszian
Elect Director Robert F. Corvino
Elect Director Larry G. Gerdes
Elect Director Daniel R. Glickman
Elect Director James E. Oliff
Elect Director John L. Pietrzak
Elect Director Alex J. Pollock
Elect Director William R. Shepard
Amend Omnibus Stock Plan
Amend Non-Employee Director Omnibus Stock Plan
Amend Executive Incentive Bonus Plan
Ratify Auditors
05/08/09 Colgate-Palmolive Co.
Elect Director John T. Cahill
Elect Director ]ill K. Conway
Elect Director Ian Cook
Elect Director Ellen M. Hancock
Elect Director David W. Johnson
Elect Director Richard J. Kogan
Elect Director Delano E. Lewis
Elect Director J. Pedro Reinhard
E�ect Director Stephen I. Sadove
Ratify Auditors
Approve Omnibus Stock Plan
Advisory Vote to Ratify Named Executive Officers' Compensation
05/13/09 ConocoPhillips
Elect Director Richard L. Armitage
Elect Director Richard H. Auchinleck
Elect Director James E. Copeland, Jr.
Elect Director Kenneth M. Duberstein
Elect Director Ruth R. Harkin
Elect Director Harold W. McGraw III
Elect Director James J. Mulva
Elect Director Harald J. Norvik
Elect Director William K. Reiliy
12572Q105
194162103
20825C104
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101
442
1,900
Elect Director Bobby S. Shackouls
Elect Director Victoria J. Tschinkel
Elect Director Kathryn C. Turner
Elect Director William E. Wade, Jr.
Ratify Auditors
Approve Omnibus Stock Plan
Adopt Principles for Health Care Reform
Advisory Vote to Ratify Named Executive Officers' Compensation
Report on Political Contributions
Adopt Quantitative GHG Goals for Products and Operations
Report on Environmental Impact of Oil Sands Operations in Canada
Require Director Nominee Qualifications
05/06/09 CVS Caremark Corp
Elect Director Edwin M. Banks
Elect Director C. David Brown II
Elect Director David W. Dorman
Elect Director Kristen E. Gibney Williams
Elect Director Marian L. Heard
Elect Director William H. Joyce
Elect Director Jean-Pierre Million
Elect Director Terrence Murray
Elect Director C.A. Lance Piccolo
Elect Director Sheli Z. Rosenberg
Elect Director Thomas M. Ryan
Elect Director Richard J. Swift
Ratify Auditors
Amend Articles/Bylaws/Charter -- Call Special Meetings
Require Independent Board Chairman
Report on Political Contributions
Advisory Vote to Ratify Named Executive Officers' Compensation
06/15/09 DaVita Inc.
Elect Director Charles G. Berg
Elect Director Willard W. Brittain, Jr.
Elect Director Paul J. Diaz
Elect Director Peter T. Grauer
Elect Diredor John M. Nehra
Elect Director William L. Roper
Elect Director Kent J. Thiry
Elect Director Roger ). Valine
Elect Director Richard C. Vaughan
Amend Executive Incentive Bonus Plan
Ratify Auditors
09/24/09 Del Monte Foods Co.
Elect Director Samuel H. Armacost
Elect Director Terence D. Martin
Elect Director Richard G. Wolford
Declassify the Board of Directors
Amend Omnibus Stock Plan
Amend Executive Incentive Bonus Plan
Ratify Auditors
05/12/09 Dentsply International, Inc.
126650100
23918K108
24522P103
249030107
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1,204
1,960
1,801
1,050
Elect Director Wendy L Dixon
Elect Director Leslie A. Jones
Elect Director Bret W. Wise
Ratify Auditors
10/15/08 Diageo plc
Meeting for ADR Holders
REPORT AND ACCOUNTS 2008
DIRECTORS REMUNERATION REPORT 2008
DECLARATION OF FINAL DIVIDEND
TO RE-ELECT DR FB HUMER (MEMBER OF NOMINATION COMMITTEE, CHAIRMAN
OF COMMITTEE) AS A DIRECTOR
TO RE-ELECT M LIUA (MEMBER OF AUDIT, NOMINATION, REMUNERATION
COMMITTEE) AS A DIRECTOR
TO RE-ELECT WS SHANAHAN (MEMBER OF AUDIT, NOMINATION,
REMUNERATION COMMIITEE) AS A DIRECTOR
TO RE-ELECT HT STITZER (MEMBER OF AUDIT, NOMINATION, REMUNERATION
COMMITTEE) AS A DIRECTOR
ELECTION OF PG SCOTT (MEMBER OF AUDIT, CHAIRMAN OF COMMITTEE,
NOMINATION, REMUNERATION) AS A DIRECTOR
RATIFY AUDITORS
AUTHORITY TO ALLOT RELEVANT SECURITIES
DISAPPLICATION OF PRE-EMPTION RIGHTS
AUTHORITY TO PURCHASE OWN ORDINARY SHARES
AUTHORITY TO MAKE POLITICAL DONATIONS AND/OR TO INCUR POLITICAL
EXPENDITURE
ADOPTION OF THE DIAGEO PLC 2008 PERFORMANCE SHARE PLAN
ADOPTION OF THE DIAGEO PLC 2008 SENIOR EXECUTIVE SHARE OPTION PLAN
AUTHORITY TO ESTABLISH INTERNATIONAL SHARE PLANS
AMENDMENTS TO THE ARTICLES OF ASSOCIATION
05/06/09 E.ON AG (formerly Veba AG)
Meeting for ADR Holders
RECEIVE FINANCIAL STATEMENTS AND STATUTORY REPORTS FOR FISCAL 2008
(NON-VOTING)
APPROPRIATION OF BALANCE SHEET PROFITS FROM THE 2008 FINANCIAL YEAR
DISCHARGE OF THE BOARD OF MANAGEMENT FOR THE 2008 FINANCIAL YEAR
DISCHARGE OF THE SUPERVISORY BOARD FOR THE 2008 FINANCIAL YEAR
ELECTION OF JENS P. HEYERDAHL AS A MEMBER OF THE SUPERVISORYBOARD
ELECTION OF PRICEWATERHOUSECOOPERS AKTIENGESELLSCHAFf AS
THEAUDITOR FOR THE ANNUAL AS WELL AS THE CONSOLIDATED FINANCIAL
STATEMENTS FOR THE 2009 FINANCIAL YEAR
ELECTION OF PRICEWATERHOUSECOOPERS AKTIENGESELLSCHAFT AS THE
AUDITOR FOR THE INSPECTION OF THE ABBREVIATED FINANCIAL STATEMENTS
AND THE INTERIM MANAGEMENT REPORT FOR THE FIRST HALFOF THE 2009
FINANCIAL YEAR
AUTHORIZATION FOR THE ACQUISITION AND USE OF TREASURY SHARES
CREATION OF A NEW AUTHORIZED CAPITAL AND RELATED AMENDMENTS
TOTHE ARTICLES OF ASSOCIATION
AUTHORIZATION I FOR THE ISSUE OF OPTION OR CONVERTIBLE
BONDS,PROFIT PARTICIPATION RIGHTS OR PARTICIPATING BONDS AND THE
EXCLUSION OF THE SHAREHOLDERS SUBSCRIPTION RIGHT; CREATION OF
ACONDITIONAL CAPITAL I
AUTHORIZATION II FOR THE ISSUE OF OPTION OR CONVERTIBLE
BONDS,PROFIT PARTICIPATION RIGHTS OR PARTICIPATING BONDS AND THE
EXCLUSION OF THE SHAREHOLDERS SUBSCRIPTION RIGHT; CREATION OF
ACONDITIONAL CAPITAL II
ALTERATION OF THE CORPORATE PURPOSE (AMENDMENT TO THE ARTICLESOF
ASSOCIATION)
AMENDMENT OF SECTION 19 PARA. 2 SENT. 2 OF THE ARTICLES OF
ASSOCIATION (AUTHORIZATION TO PERMIT THE BROADCASTING OF VIDEO
AND AUDIO MATERIAL)
AMENDMENT OF SECTION 20 PARA. 1 OF THE ARTICLES OF ASSOCIATION
(EXERCISING OF THE VOTING RIGHT THROUGH PROXIES)
AMENDMENT OF SECTION 18 PARA. 2 OF THE ARTICLES OF ASSOCIATION(DATE
25243Q205
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OF THE REGISTRATION FOR PARTICIPATION IN GENERAL MEETINGS)
APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER
AGREEMENTBETWEEN THE COMPANY AND E.ON EINUNDZWANZIGSTE
VERWALTUNGS GMBH
APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER
AGREEMENTBETWEEN THE COMPANY AND E.ON ZWEIUNDZWANZIGSTE
VERWALTUNGS GMBH
05/14/09 ENDURANCE SPECIALTY HOLDINGS Ltd
Elect Steven W. Carlsen as Director of Endurance Specialty Holdings Ltd.
Elect Kenneth J. LeStrange as Director of Endurance Specialty Holdings Ltd.
Elect William J. Raver as Director of Endurance Specialty Holdings Ltd.
Elect Steven W. Carlsen as Director of Endurance Specialty Insurance Ltd.
Elect David S. Cash as Director of Endurance Specialty Insurance Ltd.
Elect Kenneth J. LeStrange as Director of Endurance Specialty Insurance Ltd.
Elect Alan Barlow as Director of Endurance Worldwide Holdings Limited
Elect William H. Bolinder as Director of Endurance Worldwide Holdings Limited
Elect Steven W. Carlsen as Director of Endurance Worldwide Holdings Limited
Elect Kenneth J. Lestrange as Director of Endurance Worldwide Holdings Limited
Elect Simon Minshall as Director of Endurance Worldwide Holdings Limited
Elect Brendan R. O'Neill as Director of Endurance Worldwide Holdings Limited
Elect Alan Barlow as Director of Endurance Worldwide Insurance Limited
Elect William H. Bolinder as Director of Endurance Worldwide Insurance Limited
Elect Steven W. Carlsen as Director of Endurance Worldwide Insurance Limited
Elect Kenneth J. Lestrange as Director of Endurance Worldwide Insurance Limited
Elect Simon Minshall as Director of Endurance Worldwide Insurance Limited
Elect Brendan R. 0'Neill as Director of Endurance Worldwide Insurance Limited
Approve Ernst & Young as Auditors and Authorize Board to Fix Their
Remuneration
05/27/09 Express Scripts, Inc.
Elect Director Gary G. Benanav
Elect Director Frank J. Borelli
Elect Director Maura C. Breen
Elect Director Nicholas J. LaHowchic
Elect Director Thomas P. Mac Mahon
Elect Director Frank Mergenthaler
Elect Director Woodrow A Myers, Jr, MD
Elect Director John 0. Parker, Jr.
Elect Director George Paz
Elect Director Samuel K. Skinner
Elect Director Seymour Sternberg
Elect Director Barrett A. Toan
Ratify Auditors
05/27/09 Exxon Mobil Corp.
Elect Director M.J. Boskin
Elect Director L.R. Faulkner
Elect Director K.C. Frazier
Elect Director .W. George
Elect Director R.C. King
Elect Director M.C. Nelson
Elect Director S.J. Palmisano
Elect Director S.S Reinemund
Elect Director R.W. Tillerson
Elect Director E.E. Whitacre, ]r.
Ratify Auditors
For
For
G30397106 1,261
302182100
30231G102
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481
1,272
Provide for Cumulative Voting
Amend Articles/Bylaws/Charter -- Call Special Meetings
Reincorporate in Another State [from New Jersey to North Dakota]
Require Independent Board Chairman
Advisory Vote to Ratify Named Executive Officers' Compensation
Compare CEO Compensation to Average U.S. per Capita Income
Review Anti-discrimination Policy on Corporate Sponsorships and Executive Perks
Amend EEO Policy to Prohibit Discrimination based on Sexual Orientation and
Gender ldentity
Adopt Quantitative GHG Goals for Products and Operations
Report on Climate Change Impacts on Emerging Countries
Adopt Policy to Increase Renewable Energy
05/19/09 FirstEnergy Corp
Elect Director Paul T. Addison
Elect Director Anthony J. Alexander
Elect Director Michael J. Anderson
Elect Director Dr. Carol A. Cartwright
Elect Director William T. Cottle
Elect Director Robert B. Heisler, Jr.
Elect Director Ernest J. Novak, Jr.
Elect Director Catherine A. Rein
Elect Director George M. Smart
Elect Director Wes M. Taylor
Elect Director Jesse T. Williams, Sr.
Ratify Auditors
Adopt Simple Majority Vote
Amend Bylaws to Reduce the Percentage of Shares Required to Call Special
Shareholder Meeting
Establish Shareholder Proponent Engagement Process
Require a Majority Vote for the Election of Directors
04/28/09 FMC Corp.
Elect Director Patricia A. Buffler
Elect Director G. Peter D'Aloia
Elect Director C. Scott Greer
Elect Director Paul ]. Norris
Elect Director Dirk A. Kempthorne
Ratify Auditors
05/22/09 FPL Group, Inc.
Elect Director Sherry S. Barrat
Elect Director Robert M. Beall, II
Elect Director J. Hyatt Brown
Elect Director James L. Camaren
Elect Director J. Brian Ferguson
Elect Director Lewis Hay, III
Elect Director Toni Jennings
Elect Director Oliver D. Kingsley, Jr.
Elect Director Rudy E. Schupp
Elect Director Michael H. Thaman
Elect Director Hansel E. Tookes, II
Elect Director Paul R. Tregurtha
Ratify Auditors
Amend Omnibus Stock Plan
337932107
302491303
302571104
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For
1,845
1,656
585
06/23/09 GameStop Corp.
Elect Director Daniel A. DeMatteo
Elect Director Michael N. Rosen
Elect Director Edward A. Volkwein
Amend Omnibus Stock Plan
Ratify Auditors
05/06/09 General Dynamics Corp.
Elect Director Nicholas D. Chabraja
Elect Director James S. Crown
Elect Director William P. Fricks
Elect Director Jay L. Johnson
Elect Director George A. Joulwan
Elect Director Paul G. Kaminski
Elect Director John M. Keane
Elect Director Deborah ). Lucas
Elect Director Lester L. Lyles
Elect Director J. Christopher Reyes
Elect Director Robert Walmsiey
Approve Omnibus Stock Plan
Approve Nonqualified Employee Stock Purchase Plan
Ratify Auditors
Report on Space-based Weapons Program
Adopt a Policy in which the Company will not Make or Promise to Make Any Death
Benefit Payments to Senior Executives
04/22/09 General Electric Co.
Elect Director ]ames I. Cash, Jr.
Elect Director William M. Castell
Elect Director Ann M. Fudge
Elect Director Susan Hockfield
Elect Director Jeffrey R. Immelt
Elect Director Andrea Jung
Elect Director Alan G. (A.G.) Lafley
Elect Director Robert W. Lane
Elect Director Ralph S. Larsen
Elect Director Rochelle B. Lazarus
Elect Director James J. Mulva
Elect Director Sam Nunn
Elect Director Roger S. Penske
Elect Director Robert J. Swieringa
Elect Director pouglas A. Warner III
Ratify Auditors
Provide for Cumulative Voting
Advisory Vote to Ratify Named Executive Officers' Compensation
Evaluate the Potential Conversion of the Corporation's Business Units into Four or
More Public Corporations and Distribute New Shares
Adopt Policy to Cease the Payments of Dividends or Equivalent Payments to Senior
Executives for Shares Not Owned
Submit Severance Agreement (Change in Control) to shareholder Vote
09/21/09 General Mills, Inc.
Elect Director Bradbury H. Anderson
Elect Director R. Kerry Clark
Elect Director Paul Danos
Elect Director William T. Esrey
36467W 109 3,693
For
For
For
For
For
369550108 2,085
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369604103 4,450
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370334104 2,851
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Elect Director Raymond V. Gilmartin
Elect Director Judith Richards Hope
Elect Director Heidi G. Miller
Elect Director Hilda Ochoa-Brillembourg
Elect Director Steve Odland
Elect Director Kendall J. Powell
Elect Director Lois E. Quam
Elect Director Michael D. Rose
Elect Director Robert L. Ryan
Elect Director porothy A. Terrell
Approve Omnibus Stock Plan
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
05/21/09 Genzyme Corp.
Elect Director pouglas A. Berthiaume
Elect Director Gail K. Boudreaux
Elect Director Robert J. Carpenter
Elect Director Charles L. Cooney
Elect Director Victor J. Dzau
Elect Director Connie Mack III
Elect Director Richard F. Syron
Elect Director Henri A. Termeer
Amend Omnibus Stock Plan
Approve Qualified Employee Stock Purchase Plan
Ratify Auditors
05/06/09 Gilead Sciences, Inc.
Elect Director Paul Berg
Elect Director John F. Cogan
Elect Director Etienne F. Davignon
Elect Director James M. Denny
Elect Director Carla A. Hills
Elect Director John W. Madigan
Elect Director John C. Martin
Elect Director Gordon E. Moore
Elect Director Nicholas G. Moore
Elect Director Richard J. Whitiey
Elect Director Gayle E. Wilson
Ratify Auditors
Amend Omnibus Stock Plan
05/07/09 Google Inc
Elect Director Eric Schmidt
Elect Director Sergey Brin
Elect Director Larry Page
Elect Director L. John Doerr
Elect Director John L. Hennessy
Elect Director Arthur D. Levinson
Elect Director Ann Mather
Elect Director Paul S. Otellini
Elect Director K. Ram Shriram
Elect Director Shirley M. Tilghman
Ratify Auditors
372917104
375558103
38259P508
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For
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For
Withhold
Withhold
Withhold
Withhold
Withhold
Withhold
Withhold
Withhold
Withhold
Withhold
For
466
566
90
Amend Omnibus Stock Plan
Report on Political Contributions
Adopt Policies to Protect Freedom of Access to the Internet
Adopt Principles for Health Care Reform
08/12/09 H. J. Heinz Co.
Elect Director W.R. Johnson
Elect Director C.E. Bunch
Elect Director L.S. Coleman, Jr.
Elect Director J.G. Drosdick
Elect Director E.E. Holiday
Elect Director C. Kendle
Elect Director D.R. 0 Hare
Elect Director N. Peltz
Elect Director D.H. Reilley
Elect Director L.C. Swann
Elect Director T.J. Usher
Elect Director M.F. Weinstein
Ratify Auditors
Provide Right to Call Special Meeting
03/18/09 Hewlett-Packard Co.
Elect Director Lawrence T. Babbio, Jr.
Elect Director Sari M. Baldauf
Elect Director Rajiv L. Gupta
Elect Director John H. Hammergren
Elect Director Mark V. H urd
Elect Director Joel Z. Hyatt
Elect Director John R. )oyce
Elect Director Robert L. Ryan
Elect Director Lucille S. Salhany
Elect Director G. Kennedy Thompson
Ratify Auditors
04/27/09 Honeywell International, Inc.
Elect Director Gordon M. Bethune
Elect Director Jaime Chico Pardo
Elect Director David M. Cote
Elect Director D. Scott Davis
Elect Director Linnet F. Deily
Elect Director Clive R. Hollick
Elect Director George Paz
Elect Director Bradley T. Sheares
Elect Director John R. Stafford
Elect Director Michael W. Wright
Ratify Auditors
Provide for Cumulative Voting
Adopt Principles for Health Care Reform
Advisory Vote to Ratify Named Executive Officers' Compensation
Adopt Anti Gross-up Policy
Amend Bylaws-- Call Special Meetings
06/20/09Infosys Technologies Ltd
Meeting for ADR Holders
Receive, Consider And Adopt The Balance Sheet As Atmarch 31, 2009 And The
Profit And Loss Account For The Yearended On That Date And The Report Of The
423074103
428236103
438516106
456788108
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4,178
3,577
2,990
1,121
Directors And Auditors
Declare A Final Dividend For The Financial Year Endedmarch 31, 2009.
Appoint A Director In Place Of Deepak M. Satwalekar, Who retires By Rotation
And, Being Eligible, Seeks Re-appointment.
Appoint A Director In Place Of Dr. Omkar Goswami, Who Retires by Rotation And,
Being Eligible, Seeks Re-appointment.
Appoint A Director In Place Of Rama Bijapurkar, Who Retires by Rotation And,
Being Eligible, Seeks Re-appointment.
Appoint A Director In Place Of David L. Boyles, Who Retires by Rotation And,
Being Eligible, Seeks Re-appointment.
Appoint A Director In Place Of Prof. Jeffrey S. Lehman, Who retires By Rotation
And, Being Eligible, Seeks Re-appointment.
Appoint Auditors To Hold Office From The Conclusion Of The Annual General
Meeting Held On June 20, 2009, Until Theconclusion Of The Next Annual General
Meeting, And To Fix Their Remuneration.
Appoint K.v. Kamath As Director, Liable To Retire By rotation.
04/28/09 International Business Machines Corp.
Elect Director A. ]. P. Belda
Elect Director C. Black
Elect Director W. R. Brody
Elect Director K. I. Chenault
Elect Director M. L. Eskew
Elect Director S. A. Jackson
Elect Director T. Nishimuro
Elect Director J. W. Owens
Elect Director S. J. Palmisano
Elect Director J. E. Spero
Elect Director S. Taurel
Elect Director L. H. Zambrano
Ratify Auditors
Approve Executive Incentive Bonus Plan
Provide for Cumulative Voting
Review Executive Compensation
Advisory Vote to Ratify Named Executive Officers' Compensation
04/23/09 ]ohnson & Johnson
Elect Director Mary Sue Coleman
Elect Director James G. Cullen
Elect Director Michael M.E. Johns
Elect Director Arnold G. Langbo
Elect Director Susan L. Lindquist
Elect Director Leo F. Mullin
Elect Director Wiliam D. Perez
Elect Director Charles Prince
Elect Director David Satcher
Elect Director William C. Weldon
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
O1/21/09 ]ohnson Controls, Inc.
Elect Director Dennis W. Archer
Elect Director Richard Goodman
Elect Director Southwood J. Morcott
Ratify Auditors
Adopt Policy to Obtain Shareholder Approval of Survivor Benefits
05/19/09 ]PMorgan Chase & Co.
Elect Director Crandall C. Bowles
459200101
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Elect Director Stephen B. Burke
Elect Director David M. Cote
Elect Director James S. Crown
Elect Director James Dimon
Elect Director Ellen V. Futter
Elect Director William H. Gray, III
Elect Director Laban P. Jackson, Jr.
Elect Director David C. Novak
Elect Director Lee R. Raymond
Elect Director William C. Weldon
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
Disclose Prior Government Service
Provide for Cumulative Voting
Amend Articles/Bylaws/Charter -- Call Special Meetings
Report on Predatory Lending Policies
Amend Key Executive Performance Plan
Stock Retention/H olding Period
Prepare Carbon Principles Report
09/25/09 Knightsbridge Tankers Ltd
This is a duplicate meeting for ballots received via the Broadridge North American
Ballot distribution system.
Election Of Director: Ola Lorentzon
Election Of Director: Douglas C. Wolcott
Election Of Director: David M. White
Election Of Director: Hans Petter Aas
Proposal To Appoint Moore Stephens P.C. As The Company's Independent
Auditors And To Authorize The Board Of Directors To fix The Auditor's
Remuneration
Proposal To Approve The Remuneration Of The Company's Board Of directors Of
A Total Amount Of Fees Not To Exceed US $500,000.00 for The Year Ended
December 31, 2009
Approve The Increase Of The Company's Authorised Share
O1/14/09 KT Corp (formerly Korea Telecom Corporation)
Meeting for ADR Holders
Amend Articles of Incorporation Regarding President Qualification Requirements
Elect Lee Suk-Chae as President
Elect Kang Si-Chin as Outside Director and as Audit Committee Member
Elect Song In-Man as Outside Director and as Audit Committee Member
Elect Park Joon as Outside Director and as Audit Committee Member
Approve Employment Contract with President
03/06/09 KT Corp (formerly Korea Telecom Corporation)
Meeting for ADR Holders
Approve Appropriation of Income and Dividend of KRW 1,120 per Share
Elect Lee Sang-Hoon as Inside Director
Elect Pyo Hyun-Myung as Inside Director
Elect Lee Choon-Ho as Outside Director
Elect Kim Eung-Han as Outside Director
Elect Huh Jeung-Soo as Outside Director
Elect Kim Eung-Han as Member of Audit Committee
Approve Total Remuneration of Inside Directors and Outside Directors
03/27/09 KT Corp (formerly Korea Telecom Corporation)
Meeting for ADR Holders
Approve Merger Agreement with KT Freetel Co., Ltd.
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3,017
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Amend Articles of Incorporation regarding Expansion of Business Objectives,
Changes to Executives' Title, Board's Quorum Requirements, and Other Legislative
Changes
04/23/09 Lockheed Martin Corp.
Elect Director E. C. "Pete" Aldrige, Jr.
Elect Director Nolan D. Archibald
Elect Director David 6. Burritt
Elect Director James 0. Ellis, Jr.
Elect Director Gwendolyn S. King
Elect Director James M. Loy
Elect Director pouglas H. McCorkindale
Elect Director Joseph W. Ralston
Elect Director Frank Savage
Elect Director James Schneider
Elect Director Anne Stevens
Elect Director Robert ]. Stevens
Elect Director James R. Ukropina
Ratify Auditors
Reduce Supermajority Vote Requirement
Report on Space-based Weapons Program
Adopt a Policy in which the Company will not Make or Promise to Make Any Death
Benefit Payments to Senior Executives
Advisory Vote to Ratify Named Executive Officers' Compensation
06/09/09 MasterCard Incorporated
Elect Director Richard Haythornthwaite
Elect Director David R. Carlucci
Elect Director Robert W. Selander
Amend Certificate of Incorporation to Increase Size of Board and Amend Director
Qualifications
Ratify Auditors
05/27/09 McDonald's Corp.
Elect Director Robert A. Eckert
Elect Director Enrique Hernandez, Jr.
Elect Director Jeanne P. Jackson
Elect Director Andrew J. McKenna
Ratify Auditors
Amend Omnibus Stock Plan
Approve Executive Incentive Bonus Plan
Advisory Vote to Ratify Named Executive Officers' Compensation
Phase out Sales of Eggs from Battery Cage Hens
07/22/09 McKesson Corporation
Elect Director Andy D. Bryant
Elect Director Wayne A. Budd
Elect Director John H. Hammergren
Elect Director Alton F. Irby, III
Elect Director M. Christine Jacobs
Elect Director Marie L. Knowles
Elect Director David M. Lawrence
Elect Director Edward A. Mueller
Elect Director Jane E. Shaw
Amend Omnibus Stock Plan
Ratify Auditors
Stock Retention/H olding Period
539830109
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Adopt a Policy in which the Company will not Make or Promise to Make Any Death
Benefit Payments to Senior Executives
08/27/09 Medtronic, Inc.
Elect Director Richard H. Anderson
Elect Director Victor J. Dzau
Elect Director William A. Hawkins
Elect Director S. Ann Jackson
Elect Director Denise M. 0'Leary
Elect Director Robert C. Pozen
Elect DirectorJean-pierre Rosso
Elect Director Jack W. Schuler
Ratify Auditors
Amend Qualified Employee Stock Purchase Plan
Amend Omnibus Stock Plan
04/28/09 MetLife, Inc
Elect Director C. Robert Henrikson
Elect Director John M. Keane
Elect Director Catherine R. Kinney
Elect Director Hugh B. Price
Elect Director Kenton J. Sicchitano
Amend Omnibus Stock Plan
Ratify Auditors
08/14/09 Microchip TechnologyIncorporated
Elect Director Steve Sanghi
Elect Director Albert J. Hugo-martinez
Elect Director L.b. Day
Elect Director Matthew W. Chapman
Elect Director Wade F. Meyercord
Amend Omnibus Stock Plan
Ratify Auditors
il/19/08 Microsoft Corp.
Elect Director Steven A. Ballmer
Elect Director James I. Cash, Jr.
Elect Director Dina Dublon
Elect Director William H. Gates, III
Elect Director Raymond V. Gilmartin
Elect Director Reed Hastings
Elect Director David F. Marquardt
Elect Director Charles H. Noski
Elect Director Helmut Panke
Approve Executive Incentive Bonus Plan
Amend Non-Employee Director Omnibus Stock Plan
Ratify Auditors
Adopt Policies to Protect Freedom of Access to the Internet
Amend Bylaws to Establish a Board Committee on Human Rights
Report on Charitable Contributions
O1/14/09 Monsanto Co.
Elect Director Janice L. Fields
Elect Director Hugh Grant
Elect Director C. Steven McMillan
Elect Director Robert J. Stevens
Ratify Auditors
585055106
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4,751
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05/13/09 National Oilwell Varco, Inc.
Elect Director Merrill A. Miller, Jr.
Elect Director Greg L. Armstrong
Elect Diredor David D. Harrison
Ratify Auditors
Amend Omnibus Stock Plan
04/28/09 Noble Energy, Inc.
Elect Director Jeffrey L. Berenson
Elect Director Michael A. Cawley
Elect Director Edward F. Cox
Elect Director Charles D. Davidson
Elect Director Thomas J. Edelman
Elect Director Eric P. Grubman
Elect Director Kirby L. Hedrick
Elect Director Scott D. Urban
Elect Director William T. Van Kleef
Ratify Auditors
Amend Omnibus Stock Plan
06/19/09 NTT DoCoMo Inc.
Meeting for ADR Holders
Approve Allocation of Income, with a Final Dividend of JPY 2400
Amend Articles To Reflect Digitalization of Share Certificates
Appoint Statutory Auditor
05/14/09 Nucor Corp.
Elect Director Clayton C. Daley, Jr.
Elect Director Harvey B. Gantt
Elect Director Bernard L. Kasriel
Elect Director Christopher J. Kearney
Ratify Auditors
Require a Majority Vote for the Election of Directors
Declassify the Board of Directors
Review and Assess Human Rights Policies
Adopt Principles for Health Care Reform
05/01/09 Occidental Petroleum Corp.
Elect Director Spencer Abraham
Elect Director Ronald W. Burkle
Elect Director John S. Chalsty
Elect Director Edward P. Djerejian
Elect Director John E. Feick
Elect Director Ray R. Irani
Elect Director Irvin W. Maloney
Elect Director Avedick B. Poladian
Elect Director Rodolfo Segovia
Elect Director Aziz D. Syriani
Elect Director Rosemary Tomich
Elect Director Walter L. Weisman
Ratify Auditors
Provide Right to Call Special Meeting
Report on Host Country Social and Environmental Laws
10/10/08 Oracle Corp.
Elect Diredor Jeffrey 0. Henley
637071101 880
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1,735
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Elect Director Lawrence ]. Ellison
Elect Director ponald L. Lucas
Elect Director Michael J. Boskin
Elect Director Jack F. Kemp
Elect Director Jeffrey S. Berg
Elect Director Safra A. Catz
Elect Director Hector Garcia-Molina
Elect Director H. Raymond Bingham
Elect Director Charles E. Phillips, Jr.
Elect Director Naomi 0. Seligman
Elect Director George H. Conrades
Elect Director Bruce R. Chizen
Approve Executive Incentive Bonus Plan
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
05/21/09 Panera Bread Company
Elect Director pomenic Colasacco
Elect Director W. Austin Ligon
Ratify Auditors
10/22/08 Parker-Hannifin Corp.
Elect Director William E. Kassling
Elect Director Joseph M. Scaminace
Elect Director Wolfgang R. Schmitt
Ratify Auditors
05/07/09 Peabody Energy Corp.
Elect Director Gregory H. Boyce
Elect Director William E. James
Elect Director Robert B. Karn III
Elect Director M. Frances Keeth
Elect Director Henry E. Lentz
Ratify Auditors
Amend Omnibus Stock Plan
05/05/09 Philip Morris International Inc.
Elect Director Harold Brown
Elect Director Mathis Cabiallavetta
Elect Director Louis C. Camilleri
Elect Director J. Dudley Fishburn
Elect Director Graham Mackay
Elect Director Sergio Marchionne
Elect Director Lucio A. Noto
Elect Director Carlos Siim Helu
Elect Director Stephen M. Woif
Ratify Auditors
Amend Omnibus Stock Plan
12/23/08 PNC Financial Services Group, Inc.
Approve Acquisition
Adjourn Meeting
04/28/09 PNC Financial Services Group, Inc.
Elect Director Richard 0. Berndt
Elect Director Charles E. Bunch
Elect Director Paul W. Chellgren
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Elect Director Robert N. Clay
Elect Director Kay Coles James
Elect Director Richard B. Kelson
Elect Director Bruce C. Lindsay
Elect Director Anthony A. Massaro
Elect Director Jane G. Pepper
Elect Director )ames E. Rohr
Elect Director ponald ]. Shepard
Elect Director Lorene K. Steffes
Elect Director Dennis F. Strigl
Elect Director Stephen G. Thieke
Elect Director Thomas J. Usher
Elect Director George H. Walls, Jr.
Elect Director Helge H. Wehmeier
Approve Qualified Employee Stock Purchase Plan
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
Stock Retention/H olding Period
08/11/09 Precision Castparts Corp.
Elect Director Mark Donegan
Elect Director Vernon E. Oechsle
Elect Director Rick Schmidt
Ratify Auditors
05/20/09 Ross Stores, Inc.
Elect Director Michael Balmuth
Elect Director K. Gunnar Bjorklund
Elect Director Sharon D. Garrett
Ratify Auditors
04/17/09 Sanofi Aventis
Meeting for ADR Holders
Ordinary Business
Approve Financial Statements and Statutory Reports
Accept Consolidated Financial Statements and Statutory Reports
Approve Allocation of Income and Dividends of EUR 2.20 per Share
Ratify Appointment of Chris Viehbacher as Director
Approve Auditors' Special Report Regarding Related-Party Transactions
Approve Transaction with Chris Viehbacher Re: Severance Payments
Authorize Repurchase of Up to 10 Percent of Issued Share Capital
Special Business
Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up
to Aggregate Nominal Amount of EUR 1.3 Billion
Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights
up to Aggregate Nominal Amount of EUR 500 Million
Authorize Capital Increase of up to 10 Percent of Issued Capital for Future
Acquisitions
Authorize Board to Increase Capital in the Event of Additional Demand Related to
Delegation Submitted to Shareholder Vote Above
Authorize Capitalization of Reserves of Up to EUR 500 Million for Bonus Issue or
Increase in Par Value
Approve Employee Stock Purchase Plan
Authorize up to 2.5 Percent of Issued Capital for Use in Stock Option Plan
Authorize up to 1.0 Percent of Issued Capital for Use in Restricted Stock Plan
Approve Reduction in Share Capital via Cancellation of Repurchased Shares
Amend Article 15 of the Bylaws Re: Audit Committee
For
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Authorize Filing of Required Documents/Other Formalities
05/O8/09 St. Jude Medical, Inc.
Elect Director John W. Brown
Elect Director Daniel J. Starks
Approve Executive Incentive Bonus Plan
Ratify Auditors
05/20/09 State Street Corp. (Boston)
Elect Director K. Burnes
Elect Director P. Coym
Elect Director P. de Saint-Aignan
Elect Director A. Fawcett
Elect Director D. Gruber
Elect Director L. Hill
Elect Director R. Kaplan
Elect Director C. LaMantia
Elect Director R. Logue
Elect Director R. Sergel
Elect Director R. Skates
Elect Director G. Summe
Elect Director R. Weissman
Adopt Majority Voting for Uncontested Election of Directors
Amend Omnibus Stock Plan
Advisory Vote to Ratify Named Executive Officers' Compensation
Ratify Auditors
Limit Auditor from Providing Non-Audit Services
04/22/09 The Coca-Cola Company
Elect Director Herbert A. Allen
Elect Director Ronald W. Allen
Elect Director Cathleen P. Black
Elect Director Barry Diller
Elect Director Alexis M. Herman
Elect Director M uhtar Kent
Elect Director ponald R. Keough
Elect Director Maria Elena Lagomsino
Elect Director ponald F. McHenry
Elect Director Sam Nunn
Elect Director James D. Robinson III
Elect Director Peter V. Ueberroth
Elect Director Jacob Wallenberg
Elect Director James B. Williams
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
Require Independent Board Chairman
Amend Bylaws to Establish a Board Committee on Human Rights
Performance-Based Awards
06/02/09 The DirecTV Group, Inc
Elect Director Chase Carey
Elect Director Mark Carleton
Elect Director Peter Lund
Elect Director Haim Saban
Ratify Auditors
For
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2,020
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Adopt Principles for Health Care Reform
Declassify the Board of Directors
05/05/09 The Dun & Bradstreet Corp
Elect Director Austin A. Adams
Elect Director James N. Fernandez
Elect Director Sandra E. Peterson
Elect Director Michael R. Quinlan
Ratify Auditors
Approve Omnibus Stock Plan
05/08/09 The Goldman Sachs Group, Inc.
Elect Director Lloyd C. Blankfein
Elect Director John H. Bryan
Elect Director Gary D. Cohn
Elect Director Claes Dahlback
Elect Director Stephen Friedman
Elect Director William W. George
Elect Director Rajat K. Gupta
Elect Director James A. Johnson
Elect Director Lois D. Juliber
Elect Director Lakshmi N. Mittal
Elect Director James J. Schiro
Elect Director Ruth J. Simmons
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
Provide for Cumulative Voting
Reduce Supermajority Vote Requirement
Amend By-Laws to Establish Board U.S. Economic Security Committee
Report on Political Contributions
06/25/09 The Kroger Co.
Elect Director Reuben V. Anderson
Elect Director Robert D. Beyer
Elect Director David B. Dillon
Elect Director Susan J. Kropf
Elect Director John T. Lamacchia
Elect Director David B. Lewis
Elect Director pon W. Mcgeorge
Elect Director W. Rodney Mcmullen
Elect Director Jorge P. Montoya
Elect Director Clyde R. Moore
Elect Director Susan M. Phillips
Elect Director Steven R. Rogel
Elect Director James A. Runde
Elect Director Ronald L. Sargent
Elect Director Bobby S. Shackouls
Ratify Auditors
Increase Purchasing of Cage Free Eggs
Require a Majority Vote for the Election of Directors
05/20/09 The NASDAQ OMX Group, Inc.
Elect Director Soud Ba'alawy
Elect Director Urban Backstrom
Elect Director H. Furlong Baldwin
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369
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4,365
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Elect Director Michael Casey
Elect Director Lon Gorman
Elect Director Robert Greifeld
Elect Director Glenn H. H utchins
Elect Director Birgitta Kantola
Elect Director Essa Kazim
Elect Director John D. Markese
Elect Director Hans Munk Nielsen
Elect Director Thomas F. 0'Neill
Elect Director James S. Riepe
Elect Director Michael R. Splinter
Elect Director Lars Wedenborn
Elect Director Deborah L. Wince-Smith
Ratify Auditors
10/14/08 7he Procter & Gamble Company
Elect Director Kenneth I. Chenault
Elect Director Scott D. Cook
Elect Director Rajat K. Gupta
Elect Director A.G. Lafley
Elect Director Charles R. Lee
Elect Director Lynn M. Martin
Elect Director W. James McNerney, Jr.
Elect Director Johnathan A. Rodgers
Elect Director Ralph Snyderman
Elect Director Margaret C. Whitman
Elect Director Patricia A. Woertz
Elect Director Ernesto Zedillo
Ratify Auditors
Adopt Majority Voting for Uncontested Election of Directors
Rotate Annual Meeting Location
Advisory Vote to Ratify Named Executive Officers' Compensation
11/20/08 The Royal Bank of Scotland Group plc
Meeting for ADR Holders
THAT THE AUTHORISED SHARE CAPITAL OF THE COMPANY BE INCREASED BY
CREATION OF ADDITIONAL ORDINARY SHARES IN THE CAPITAL OF THE
COMPANY, SUCH SHARES FORMING ONE CLASS WITH EXISTING ORDINARY
SHARES AND HAVING ATTACHED THE RESPECTIVE RIGHTS AND PRIVILEGES AN
THAT THE AUTHORITY TO ALLOT RELEVANT SECURITIES CONFERRED ON THE
DIRECTORS OF THE COMPANY BY ARTICLE 13(B) OF THE ARTICLES OF
ASSOCIATION FOR THE PRESCRIBED PERIOD ENDING ON THE DATE OF THE
ANNUAL GENERAL MEETING IN 2009 BE VARIED BY INCREASING THE SECT
THAT SUBJECT TO THE PLACING AND OPEN OFFER OF 22,909,776,276 NEW
SHARES IN THE COMPANY, AS DESCRIBED IN THE COMPANY S CIRCULAR TO
SHAREHOLDERS. THE WAIVER BY THE PANEL ON TAKEOVERS AND MERGERS
ARISE FOR HM TREASURY TO MAKE A GENERAL CASH OFFER TO THE REM
03/10/09 The Walt Disney Company
Elect Director Susan E. Arnold
Elect Director John E. Bryson
Elect Director ]ohn S. Chen
Elect Director Judith L. Estrin
Elect Director Robert A. Iger
Elect Director Steven P. Jobs
Elect Director Fred H. Langhammer
Elect Director Aylwin B. Lewis
Elect Director Monica C. Lozano
742718109
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Elect Director Robert W. Matschullat
Elect Director )ohn E. Pepper , Jr.
Elect Director Orin C. Smith
Ratify Auditors
Amend Omnibus Stock Plan
Amend Executive Incentive Bonus Plan
Report on Political Contributions
Adopt a Policy in which the Company will not Make or Promise to Make Any Death
Benefit Payments to Senior Executives
Advisory Vote to Ratify Named Executive Officers' Compensation
06/23/09 Toyota Motor Corp.
Meeting for ADR Holders
Approve Allocation of Income, with a Final Dividend of JPY 35
Amend Articles To Reflect Digitalization of Share Certi�cates - Authorize Pubiic
Announcements in Electronic Format
Elect 29 Directors
Approve Stock Option Plan
12/08/08 Transocean Inc.
This is a duplicate meeting for ballots received via the Broadridge North American
ballot distribution system
APPROVAL OF THE MERGER TRANSACTION TO BE EFFECTED BY THE SCHEMES
OF ARRANGEMENT, ATTACHED TO THE ACCOMPANYING PROXY STATEMENT AS
ANNEX B.
APPROVAL OF THE MOTION TO ADJOURN THE MEETING TO A LATER DATE TO
SOLICIT ADDITIONAL PROXIES IF THERE ARE INSUFFICIENT VOTES AT THE
TIME OF THE MEETING TO APPROVE THE MERGER TRANSACTION.
05/15/09 Transocean Ltd.
This is a duplicate meeting for ballots received via the Broadridge North American
Ballot Distribution System
APPROVAL OF THE 2008 ANNUAL REPORT, THE CONSOLIDATED
FINANCIALSTATEMENTS OF TRANSOCEAN LTD. FOR FISCAL YEAR 2008 AND
THESTATUTORY FINANCIAL STATEMENTS OF TRANSOCEAN LTD.
DISCHARGE OF THE MEMBERS OF THE BOARD OF DIRECTORS AND
THEEXECUTIVE OFFICERS FOR FISCAL YEAR Z008
APPROPRIATION OF THE AVAILABLE RETAINED EARNINGS WITHOUT
PAYMENTOF A DIVIDEND TO SHAREHOLDERS FOR FISCAL YEAR 2008 AND
RELEASEOF CHF 3.5 BILLION OF LEGAL RESERVES TO OTHER RESERVES.
AUTHORIZATION OF A SHARE REPURCHASE PROGRAM
APPROVAL OF THE LONG-TERM INCENTIVE PLAN OF TRANSOCEAN LTD. INTHE
FORM AS AMENDED AND RESTATED EFFECTIVE AS OF 2/12/09
REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:W. RICHARD
ANDERSON
REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:RICHARD L.
GEORGE
REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:ROBERT L. LONG
REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:EDWARD R.
MULLER
REELECTION OF CLASS III DIRECTOR FOR A TWO-YEAR TERM:VICTOR E.
GRIJALVA
APPOINTMENT OF ERNST & YOUNG LLP AS TRANSOCEAN LTD. SINDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR2009 AND
REELECTION OF ERNST & YOUNG LTD., ZURICH, AS TRANSOCEANLTD. S
AUDITOR PURSUANT TO THE SWISS CODE OF OBLIGATIONS FOR AFURTHER
ONE-YEA
05/14/09 Union Pacific Corp.
Elect Director Andrew H. Card, Jr.
Elect Director Erroll B. Davis, Jr.
Elect Director Thomas J. Donohue
Elect Director Archie W. Dunham
Elect Director Judith Richards Hope
Elect Director Charles C. Krulak
Elect Director Michael R. McCarthy
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Elect Director Michael W. McConnell
Elect Director Thomas F. McLarty III
Elect Director Steven R. Rogel
Elect Director Jose H. Villarreal
Elect Director James R. Young
Ratify Auditors
Report on Political Contributions
04/08/09 United Technologies Corp.
Elect Director Louis R. Chenevert
Elect Director George David
Elect Director John V. Faraci
Elect Director Jean-Pierre Garnier
Elect Director ]amie S. Gorelick
Elect Director Carlos M. Gutierrez
Elect Director Edward A. Kangas
Elect Director Charles R. Lee
Elect Director Richard D. McCormick
Elect Director Harold McGraw III
Elect Director Richard B. Myers
Elect Director H. Patrick Swygert
Elect Director Andre Villeneuve
Elect Director Christine Todd Whitman
Ratify Auditors
Report on Foreign Military Sales Offsets
05/22/09 Unum Group
Elect Director Pamela H. Godwin
Elect Director Thomas Kinser
Elect Director A.S. MacMillan, Jr.
Elect Director Edward J. Muhl
Ratify Auditors
04/27/09 Valmont Industries, Inc.
Elect Director Glen A. Barton
Elect Director Daniel P. Neary
Elect Director Kenneth E. Stinson
Ratify Auditors
05/07/09 Verizon Communications
Elect Director Richard L. Carrion
Elect Director M. Frances Keeth
Elect Director Robert W. Lane
Elect Director Sandra 0. Moose
Elect Director Joseph Neubauer
Elect Director ponald T. Nicolaisen
Elect Director Thomas H. 0'Brien
Elect Director Clarence Otis, Jr.
Elect Director Hugh B. Price
Elect Director Ivan G. Seidenberg
Elect Director John W. Snow
Elect Director John R. Stafford
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
Approve Omnibus Stock Plan
913017109
For
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Approve Executive Incentive Bonus Plan
Prohibit Executive Stock-Based Awards
Amend Articles/Bylaws/Charter -- Call Special Meetings
Require Independent Board Chairman
Provide for Cumulative Voting
Adopt a Policy in which the Company will not Make or Promise to Make Any Death
Benefit Payments to Senior Executives
04/28/09 VF Corp.
Elect Director Robert J. Hurst
Elect Director W. Alan McCollough
Elect Director M. Rust Sharp
Elect Director Raymond G. Viault
Ratify Auditors
06/05/09 Wal-Mart Stores, Inc.
Elect Director Aida M. Alvarez
Elect Director James W. Breyer
Elect Director M. Michele Burns
Elect Director James I. Cash, Jr.
Elect Director Roger C. Corbett
Elect Director pouglas N. Daft
Elect Director Michael T. Duke
Elect Director Gregory B. Penner
Elect Director Allen I. Questrom
Elect Director H. Lee Scott, Jr.
Elect Director Arne M. Sorenson
Elect Director Jim C. Walton
Elect Director S. Robson Walton
Elect Director Christopher J. Williams
Elect Director Linda S. Wolf
Ratify Auditors
Amend EEO Policy to Prohibit Discrimination based on Sexual Orientation and
Gender ldentity
Pay For Superior Performance
Advisory Vote to Ratify Named Executive Officers' Compensation
Report on Political Contributions
Amend Articles/Bylaws/Charter -- Call Special Meetings
Stock Retention/H olding Period
05/19/09 XTO Energy Inc
Declassify the Board of Directors
Elect Director Phillip R. Kevil
Elect Director Herbert D. Simons
Elect Director Vaughn 0. Vennerberg II
Approve Executive Incentive Bonus Plan
Ratify Auditors
Advisory Vote to Ratify Named Executive Officers' Compensation
Adopt a Policy in which the Company will not Make or Promise to Make Any Death
Benefit Payments to Senior Executives
Questions? Contact Account Manaqement +1 (301) 556-0540
OO 2007 RiskMetrics Group.All rights reserved.
For more information please refer to Leaal Notices
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City of Palm Beach Gardens
Firefighters'
Pension Trust Fund
Quarterly Review
3rd Quarter 2009
Vi'VI`Vi'.[3OGU;\t1NC;ROL P.CC��f
THE
�o��aA�N
.� ��ouP
sinrpli,%yibg your int�etnatnt nni! fiduciary derisronf
3�d Quarter 2009 Market Environment
.� ,-��F
� BOGDAHN
The Market Environment
Major Market Index Performance
Period Ended: September 30, 2009
■ Both equity and fixed income markets posted strong
results for the quarter ended September 30, 2009.
However, evidence of the recent financial crisis is still
very visible in the 1-year performance of the domestic
equity indices.
■ Outside of the United States, emerging markets once
again outpaced developed markets during the quarter.
While the performance differential for the quarter is small
(+1.5°/a), the 1-year differential of +15.6% is substantial.
■ Domestic smaller capitalization issues, represented by
the Russell 2000 (+19.3%) and Russell MidCap
(+20.6%) indices, respectively, exceeded large cap
issues for the quarter. However, the dominance of small
and midcap indices reflected in the 3�d quarter
performance diverges over the 1-year period. During this
timeframe, the Russell 2000 posted the weakest
domestic equity index performance (-9.5%) while the
Russell MidCap index posted the strongest (-3.5°/a)
relative result.
■ The Barclays aggregate return of +3.7% for the quarter
was dominated by the continued recovery in credit as the
Barclays Corporate Investment Grade index returned an
impressive +8.1%. For the trailing 1-year period, the
Barclays Aggregate posted a strong +10.6°/o return,
which easily outpaced the majority of both domestic and
international equity indices.
MSCI ACWxUS
MSCI EAFE
MSCI Emerg. Mkts.
S8P 500
Russell 3000
Russell 1000
Russell MidCap
Russe112000
Barclays USAgg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
Quarter Performance
0.0% 5.0% 10.0% 15.0°/ 20.0°/ 25.0 %o
MSCI ACWxUS
MSCI EAFE
MSCI Emerg. Mkts.
S8P 500
Russell 3000
Russell 1000
Russell MidCap
Russel I 2000
Barclays US Agg.
Barclays US Gov.
Barclays MBS Fixed
Barclays Corp IG
3mos. T-Bill
One Year Performance �
-20.0% -10.0°/ 0.0°,'0 10.0% 20.0% 30.0%
Source: Barclays Capitaf. MSCI Capdal Markets. Russell Investments �� THE
2 `� BOGDAHN
GROUP
The Market Environment
Domestic Equity Style Index Performance
Period Ended: September 30, 2009
■ Led by the continued recovery in financial issues, value
indices outpaced their growth counterparts by 5.4% on
average for the 3�d quarter. The financial sector, which
represented more than 25% of each of the Russell value
indices at the end of the quarter, was the largest
contributor to value index outperformance.
■ The 5.4% average differential between value and growth
index results for the 3�d quarter were much larger than
the 1.5% average expe�ienced between the style indices
during the 2"d quarter. However, regardless of a
portfolio's particular style allocation, much like last
quarter, the 3�d quarter's domestic equity performance
represented a welcome relief to portfolios that continue
to rebuild from a historically difficult period for long-term
investors.
■ The strength of value indices that is evident in the 3�d
quarter's results disappears and reverses in the 1-year
performance of the value benchmarks. This weakness in
the 1-year results is the impact of the market crisis,
particularly in the financial sector, and is visible across
the capitalization spectrum in the value index returns.
3000 Value
30UOIndex
3000 Growth
,000 vai�
10001ndez
1000 Growth
MidCap Value
MidCapindex
MidCap Growth
2000 Value
z000indeX
2000 Growth
QuarterPerformance�
0.0% 5.0°:0 10.0°/ 15.0°/ 20.0% 25.0% 30A%
3000 Value
30001ndex
3000 Growth
1000 Value
1000 Index
1000 Growth
MidCap Value
MidCap Index
MidCap Growth
2000 Value
2000 Index
2000 Growth
One Year Performance �
-20.0% -15.0°./0 -10.0°-0 -5.0% 0.0%
Source: Russell Investments �� THF
3 ` BOGDAHN
The Market Environment
GICS Sector Performance &(Quarter-End Sector Weight)
Period Ended: September 30, 2009
• Large cap stock performance was positive across all ten
GICS (global industry classification standard) sectors
with five of the index's ten sectors outpacing the +16.1 %
return of the Russell 1000.
■ The financial sector returned of +24.9°/a for the quarter,
which was the strongest sector of the Russell 1000
index. This was the second consecutive quarter of top
performance for the financial sector, which is now up
more than 50% over the last 6-months. However, the
financial sector's steep decline is still evident in the 1-
year sector performance of -22.3%.
■ The strength of 3�d quarter returns in the consumer
discretionary (+20.5%) and information technology
(+17.2%) sectors were enough to push the trailing 1-year
results of both sectors into positive territory.
■ Small cap stock performance was also positive across all
ten GICS sectors with the energy (+27.9%), materials
(+36.1 %) and consumer discretionary (+26.4%) sectors
finishing well ahead of the +19.3% return of the Russell
2000 index.
■ The combination of a strong 3�d quarter of 2009 being
added and a weak 3�d quarter of 2008 falling off resulted
in the performance of the materials (+5.0%) and
information technology (+9.1 %) sectors of the Russell
2000 index turning positive for the 1-year period.
Source Thompson Financia!
■QTR Russe117000
o�-vear
Energy (11.3%)
Materials (4.0%)
Industrials (10.4°/a)
Consumer Disc (10.0°/ )
Consumer Staples (10.7%)
Health Care (12.9°�}
Financials (15.3%)
InfoTechnology (18.4°/a)
Telecom Services (3.1%)
Utilities (3.9%)
-30.0% -20.0% -10.0% 0.0`/0 10.0°.�0 20.0% 30.0%.
■pTR
G�-Y9ar
Energy (4.9%)
Materials (4.4%)
Industrials (15.8%)
Consumer Disc (13.8%)
Consumer Staples (3.3%)
Heakh Care (14.3%)
Financials (19.8%)
Info Technology (19.3%)
Telecom Services (1.2%)
utilities (3.2%)
4
Russell 2000
-50.0% -30.0% -10.0% 10.0% 30.0%
�� TtiF.
`� BOGDAHN
GROUP
The Market Environment
Quality Rankings* Breakdown by Weight and Quarterly Performance
Period Ended: September 30, 2009
■ Within the Russell 1000 index, the performance by each
of the quality segments was more equally distributed
than the 2�d quarter where lower quality issues
dominated performance. The only rating segment of the
index to show noticeably weaker results than the broad
index return of +16.1 % during the current quarter was
stocks in the "A-" category, which returned +9.2% .
■ Unlike the large cap index, the "performance by quality"
of the small cap Russefl 2000 index continued to be led
by lower quality issues. Stocks rated "C" and "D" within
the index returned +30.7% and +75.7% ,respectively, for
the 3�d quarter.
Quality Rankings Table
I Highest I High I Above Average I Average I Below Average I Lower I Lowest I In Reorganization I
'Standard and Poor's rankings are generated by a computerized system and are based on per-share eamings and di�dend records of the most recent 10 years. -October 2005 repoR
Source Thompson Financial �� T�fiF
5 BOGDAHN
` GROUP
The Market Environment
International and Regional Market Index Performance (# Countries)
Period Ended: September 30, 2009
■ As the United States tries to bolster the domestic
economy through its various stimulus programs, the
value of the USD (U.S. dollars) continues to weaken
across the globe. This USD depreciation is evident in
the performance differentials of both the broad (EAFE:
4.6%) and regional segments (Pacific: 7.8%) of the
international indices.
■ International Markets posted strong results for the 3�d
quarter, 2009 in both local currency and USD. The
MSCI-EAFE (Europe, Australasia & Far East), which
represents the world's 21 developed markets (excluding
Canada), returned +19.5% in USD (+14.9% Iocal). The
MSCI-EM (22 emerging market countries) returned a
stronger +21.0% in USD (+16.9% local). As a result, 3�d
quarter results of international portfolios with emerging
market holdings should benefit relative to those with
holdings limited to developed market countries.
■ The "one-sided" currency effect that is clearly visible in
the 3�d quarter's results is not as linear when reviewing
the 1-year performance. In fact, the European region of
the developed markets actually show dollar strength in
the 1-year period with a return of +2.3% in USD vs.
+2.7% in local currency.
Source MSCI Capda! Markets
■OTR (USD) Quarter Performance
oOTR (Local)
AC World x US (44)
woR� X us (22�
EAFE �21)
Europe (16)
Pac'rfic �5)
Emerging Mkt (22)
EM Europe (5)
EM Asia (8)
EM Latin A mer (7)
Frontier(25)
■ 1-Year (USD)
❑ 1- Year ( Local )
AC World x US (44)
WORLD x US (22)
EAFE (21)
Europe(16)
Pacific (5)
Emerging Mkt (22)
EM Europe (5)
EM Asia (8)
EM Latin Amer (�
Frontier(25)
s
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
One-Year Performance
-40.0% -30.0% -20.0% -10.0% 0.0% 10.0°./0 20.0% 30.0% 40.0%
��.. BOGDAHN
` GROUP
The Market Environment
Country Index Performance in U.S. Dollars
Period Ended: September 30, 2009
� Quarter j�■ `Quarter
Q f-Year Developed MarketCountries I Developing MarketCountries
� t-Year
USA � 5 6��° South Africa i4.4%
$.7%
Canada 18.5°/ I 6 so� 2D•B��O '
0.3% MototCO ��9,�a
Singapore � 90 '�° 22.6 i�
16.9 /o E9YPt 1.1%
New Zealand 25 g°�a
i 15.4°� Turkey I 32.3%
Japan 6.6 % i 13,8 �;
-0.4/ Russia 27 �°�
Hong Kong ' �9 � �
25.6% Poland 34.4 i
A ustralia 3 3. 2% -23.1 %
23.6% IsfONI 10.4%
United Kingdom 18 5�� 5���°
-1.3°/, Hungary a2.0% '
Swltrerland 22J°/a -8.5°i
5.7 � Czech Republic o 23.0 /
Sweden
25.4 �/, -5.6 /� '
19.9°/, Pe� 44.0°/
Spain 27.5% a4.2°/,
19.0%o Mex1C0 a 181�6 � i
PO�Ill981 202 /e -3.6 /o
11.0% 3 9�
Norwa Z so�0 �.5% Colombia 53�5°Jo
Y
Netherlands o 31.3%a Chile i 20 1� �
6.2 /o I
Italy 27.1% 8razil � 27.1°0�l
1.3 % I
Ireland 19.3% Thailand 20.0 /o I
-30.7 °/ 28.4°/!
32.8% Taiwan 3•2'�° �
Greece I
-C.7 •6 27.1 %
Germany 23.2 /o Phitippines � �' 2°�
-2.0% 13i7%
France 26•7% Malaysia � �
3_8% 23.8°,0
Finland � 2 8% Korea 34.5%
-6J% � 23.6%
Denmark � 4� T8 o`�0 Indonesia 38. 4°0 0
43J /o
Belgium � 2s.8°io Indfa 19.6°
-l.7 /0 32.0%
Austrfa -B.9% 29.2°/, China 7.9°/,
32.5%
-50.0% -30.0% -10.0% 10.0% 30.0% 50.0% -40.0% -20.0% 0.0% 20.0°/ 40.0% 60.0%
Source: MSCI Capda! Markets
�
� l HF
` BOGGDAHN
ROUP
The Market Environment
Domestic Credit Sector & Broad Market Maturity Performance
Period Ended: September 30, 2009
■ Much like the 2"d quarter, the broad market index results,
which consist of government, mortgage-backed and
corporate securities, mask a much wider performance
disparity within the fixed income markeYs three
segments.
■ Government (+2.0%) and mortgage-backed (+2.3%)
results were relatively mild, but positive for the quarter. In
contrast, corporate issues in all quality segments posted
stronger results that were more than double the
performance of the government or mortgage-backed
sectors for the quarter. The outsized 1-year performance
of the corporate indices, particularly high yield, are a
function of the strong 3�d quarter 2009 results that were
added (+14.8%) and weak 3�d quarter 2008 results (-
9.5°/o) that were dropped from the trailing calculation.
■ Although the 1-year performance of the fixed income
indices in the graph appear to make a strong argument
for both lower quality (+22.4°/o) and longer maturity
(+17.4%) issues within a fixed income portfolio, one must
consider where we were just 1-year ago. Memories of
the volatility and fear associated with the recent crisis
should remind investors that such "black and white"
conclusions are rarely beneficial to long-term investors.
While it is clear that fixed income investors with an
appetite for risk have benefited over the last year, the
performance of lower quality issues tends to be very
cyclical.
naa
Aa
A
sss
<BSg
Govt
MoR
�-sy. srM�c
�-syr crnnrc
1-10yr G/M/C
10+yr GIMlC
AAA
AA
A
eaB
<sss
Govt
Mort
Quarter Performance
0.0°,0 5.0% 10.0°k 15.0% 20.0`/0
1-3yr..
1-5yr..
�-�oyr..
1o+yr..
One Year Performance �
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Source: Merrill Lynch Index System �"� THE
s �. BOGDAHN
`� GROUP
The Market Environment
Market Rate & Yield Curve Comparison
Period Ended: September 30, 2009
• The Fed left rates unchanged during the quarter as
economic conditions, although still quite weak, continued
to improve. The Fed also continued to reassure market
pa�ticipants that economic conditions would likely
warrant exceptionally low rates for an extended period of
time.
■ As a result of the general stability of the financial markets
during the quarter, many of the markeYs spread levels
and "fear" gauges continued to contract from historically
wide levels.
■ The Treasury yield curve declined moderately across the
maturity spectrum during the third quarter. The
benchmark 10-year Treasury finished the quarter with a
yield of 3.31 %. This yield represented a decline of 22
basis points from the yield at the end of the 2"d quarter
(3.53%).
■ The last day of the 3�d quarter marked the start of the
much anticipated PPIP (Pubic-Private Investment
Program). The program to purchase the legacy
(troubled) mortgage-backed assets of banks started with
an initial value of $4.5 billion, 25°/o of which came from
private investors.
Source: MoRgage-X com , US OepaKment of Treasury & SL l.ouis Fed
�.00
s.00
s.00
a.00
3.00
2. o0
,.00
o.00
Jan-0° Feb-09 Mar-09 Apr-09 h9ay-09 Jun-09 Jul-09 Aug-09 Sep-09
' Treasury Yield Curve
��2009 Market Rates
6.00
s. o0
a o0
3.00
2.00
i.00
o. ao
s
t 12!31/2008 �- 3J31/2009 6/30l2009 —�-9130/2009
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
� TH�-
` - BOGDAHN
GROUP
The Market Environment
Assessing the impact of the S8�P 500 Decline & the "Cruelty of Math"
Period Ended: September 30, 2009
SPX (S8P 5D0) Index Level VIX Index Level
1 600 - 100
■ The SPX Index measures the daily price change in the
S8�P 500 (excluding dividends). The CBOE Volatility
Index (VIX) is a measure of market expectations of near-
term volatility conveyed by S&P 500 stock index option
prices. It acts as a barometer of investor sentiment and
market volatility.
■ After reaching a peak of 1,565.15 on 10/9/07, the SPX
fell to a low of 676.53 on 3/9/09. This drop of 888 points
on the index represented a loss of 56.8% from its peak.
This decline, particularly as the financial crisis reached
its crescendo, included a significant increase in market
volatility as measured by the VIX.
■ From the 676.53 low on 3/9/09, the SPX index rose to
1,057.08 by the close of the 3�d quarter. This 380 point
gain from the low represented a return of 56.3%. As
would be expected, this equity market gain was coupled
with a reduction in investor pessimism as the VIX
decreased to a more historical level.
1.500
1,400
1.300
�.200
1.100
1.000
900
soo
�oo
600
O�
1c�;•.
5fl°'o
50%
40`:%
■ Despite a more than 50% gain since its low, the index
remains 580 points or 48.1 % below its peak level. We 30�<,
call this phenomenon the "cruelty of math" in that a drop
of 50% in value requires a gain of 100% to reach its 20e"°
original level.
, o^��
■ In order to put the magnitude of the market's decline in
perspective, the lower table illustrates the annualized °��'
return that the SPX will be required to post from its
9/30/09 level to the previous peak of 1,565.15.
O�
,,\°i
Annualized SPX return required to reach 10/9/07 index peak
90
80
�o
so
50
1,057.08
40
30
zo
,o
0
O�0
���
y�a` e��5 �aH G�.S ea�y ���e ca�e ea�5 �ae= ex�5
� ti '� A 5 � '1'l � 0 � J
Source: Yahoo Finance CBOE � TNE
�o ! BOGDAHN
` � GROUP
The Market Environment
How Quickly Can the Economy Recover from a Recession?
Period Ended: September 30, 2009
■ The Gross Domestic Product (GDP) of the United States
is measured by the combination of personal consumption
expenditures, gross private (business) investment,
government consumption expenditures & investment
and net exports. While the National Bureau of Economic
Research (NBER) defines the official beginning and end
of an economic recession* based on several factors, a
recessionary period is commonly defined as two
consecutive quarters of negative GDP growth.
16.000
ia.000
,z.000
,o.000
B, 000
6, 000
a.000
2.000
■ The decline in housing values, the tightening of °
consumer credit conditions, the reduction in household -� o00
wealth, and a deterio�ating employment outlook have all
combined to cause a reduction in personal consumption.
■ While the Government can provide temporary boost to ,o 0
GDP through various relief programs or direct stimulus, it
is clear than personal consumption (70.7%) is the main 8°
driver of economic growth. 6 0
■ Although the NBER has not declared the recession
officially over, many experts, including Fed chairman
Bernanke, have stated that the current recession has
passed. However, given the length and magnitude of this
recession, combined with high unemployment, low
capacity utilization and various other factors, it is likely
that the ultimate recovery in economic growth will be
measured.
'In December of 20o8. the NBER officially declared that
the current recession began in December of 2007.
ao
zo
00
-z o
-a o
-� o
-8.0
Q2-2009- Total GDP and its components (SBillions)
f14,157.2
59,999.3
70.7%
f 7 ,561.5
_
11.0%
-2.4%
�
-f 339.1
Gross domesUC Personal Gross pnvate Net e�orts of
product (GDP) consumption domestic goods and
expenditures mvestment sennces
Quarterly GDP percent change
52,929.d
.
2o.7°ia
Government
consumption
e�enditures and
9rossinvestment
��� 1 l �_� �
1 '
2000 2001 2002 2003 2004 2005 2006 2007 2006 2009
Source. Bureau of Economic Analysis �"� TfiF.
�� ` BOGDAHN
GROUP
City of Palm Beach Gardens Firefighters' Pension Trust
Compliance Checklist as of 09/30/2009
1. The Total Plan return equaled or exceeded the 8.25% actuarial earnings assumption over the trailing three and five year periods.
2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period.
3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period.
4. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year and five year periods.
5 The Total Plan standard deviation was equal to or less than 120% of the total plan benchmark over the trailing three and five year periods
1
2
3
4
5
6
Total domestic equity returns meet or exceed the benchmark over the trailing three year period.
Total domestic equity returns meet or exceed the benchmark over the trailing five year period.
Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.
The total equity allocation was less than 75% of the total plan assets at market.
The total equity allocation was less than 65% of the total plan assets at cost.
Total foreign equity was less than 10% of the total plan assets at cost.
1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.
2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.
3. The average quality of the fixed portfolio was investment grade or better.
1
2
3
4
5
6
Manager outperformed the index over the trailing three year period.
Manager outperformed the index over the trailing five year period.
Manager ranked within the top 40th percentile over trailing three and five year periods.
Less than four consecutive quarters of under performance relative to the benchmark.
Three-year down-market capture ratio less than the index.
Standard deviation <= 150% of the index over the trailing three and five year periods.
,z
✓ ✓ ✓ ✓
✓ ✓ ✓ ✓
✓ ✓ ✓ ✓
✓
✓
✓
✓
✓
✓
✓ ✓
✓ ✓
✓ ✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
�� �TNL
` � BOGDAHN
GROUP
Total Fund Portfolio
September 30, 2009
Asset Allocation By Style as of Jun - 2009 Asset Allocation By Style - Current Quarter
Jwie 30. 2009 : 523,33�1.022
Segments
■ Dnmestic Gquity
0 International 6quity
■ Domestic Fixed Income
■ Real Estate
■ ( ash Equivalent
�tarket �'aluc
($1
1 1.200.? 94
I .978.405
7.9G2.167
g39,567
1.3ii,5$9
Allocation
("/e)
48A
8.5
34.1
3.G
j.8
September 30, 2009 : 527.009,334
Segments
■ Domestic Equity
� lnternational Equity
■ Domestic Fixed Income
■ Real Estate
■ Cash Equi��alent
'�tarket Value
($)
12.813.G6±
?.499.693
8,Q80.864
756.7i3
2.858. ±G 1
Allocation
( %)
47.4
9.3
299
2.8
10.G
�� Tt�e
14 `�� BOGDAHN
GROUP
June 3�, 2009 : $23,334,022
■ Dana Equity Portfolio
� Dana Growth (Equity)
■ Davis,Hamilton.lackson & Assoc. Fixed
� .�lgincourt Capital Management
� Vo��ageur International Portti�lio
❑ h9annin� &.1`apier Overseas ( EXOSX)
� :american Real Estate Fund
■ Receipt & Disbursement
�larket �'alue
(�)
G.l 88.958
5. I 9R.908
4.214.259
3.999.8G2
1.G�?.4G0
1.006.05 7
839,5G7
2;3.951
Total Fund Portfolio
September 30, 2009
Allocation
("/�)
2G.�
„ ;
1 S. I
17.1
7.1
4.�
3.6
1.0
15
September 30, 2009 : $2?,009,334
■ [)ana Equit�- Porttolio
� [)ana Growth fEquity)
� Ua�is.Hamilton,Jackson & .Assoc. Fised
� ;�gincourt Capital Management
■ Vo��aeeur Inrernational Portfolio
� Receipt & Disbursement
❑ �lanning & '�lapier Overseas lEXOSX )
❑ American Real Estate Fund
1larket Value
fS)
7.102.�80
�.8'4.742
4.4G9.977
4.1 G0.859
1.915.1-10
1.�1�1.481
I ,264,803
756.75;
Allocation
(%)
26.3
21.G
1G.�
1 �.4
7.1
5.6
�1.7
�.S
� "tlir
` BOGDAHN
GROUP
���cl .Ulac;itiun Ilistur� h� Purtfuliu
U.in.i f,yuil� Pnrtli�liu
U,in�i (iro�vth ll�.quit} )
Voy�agcur Intcrnational 1'urtlbiiu
R4arTrzrng & NA{�icr ( )� crscas ! 1: �i( )S\ )
;1mcrican Rcal I:statr I�und
:lgincouri Capital '�1anagcmcnt Fixcd
Uavis.11amilton.Jackson & Assoc. Fixed
Rccript Ik Uishurscmcnl
Total FunJ Purtfolio
Historical ;�sset :111ocation
i�x�.o
xo.�� �
�
�
� «�.«
�
R
N
� -��).�)
i
?0.0
U.11 �
9. (18
I)nnx�stic Isyuit�
I �.X-Jb.'�till >1�.7�h
1.777,9i; 7.R7
1.131.89b 5.fll
3.I6G.75R 1�1.02
3.671,-136 16.25
22,595,024 100.00
ent
Palm Beach Gardens Firefihhters'
Asset Allocation
As of September 30, 2009
I I.J;;,'S9 �3 q;i
I.�19d.U77 7.11�
I.04i.8id d.92
3.d(10.215 I G.O;
3.R42.664 I R.1 1
21,21J.S4R 100.011
,.i�.;,�)'7 ,�.�9
1.� 17.Gd7 6.68
907.077 4.27
3.d22.759 1 G.12
?.R91.569 I R. 33
d.080.557 I9.22
21,233,535 100.00
h.IXB.�)SR _'b.�,
5.198.90R �Z.?8
I.G52.�3G0 7.08
I A06.057 4.3I
839.�67 3.G0
3.999.862 17. I d
4.214.259 IR.06
23395 � LOfI
23,33�3,022 100.00
". I U�.580 26. �U
�.h��.id2 21.57
1.915.14O 7.09
L2Gd.R03 d.G8
756.753 2.R0
4.IGO.RS9 15.41
-1.�169.977 16.5;
1.514.4R1 5.G1
27,009,334 100.00
1 p. 08
11!(IR I_'iUR I!(K) '-(K) 3i(X)
Intcrnatiunal {:yuily � Uomcstic f�i!�cd Inconx
m
�l!(19 j%(K) (z/f19 7�(19
� Rral l:statc �
Ri119 9r'fri)
Cash I�ui� alcnt
�� TtiF
BOGDAHN
` �' GROUP
Financial Reconciliation Quarter
Dana Equity Portfolio G,18F,.9�8
Dana Growth (Equity) 5,19R.40R
Voyageur International Portfolio I,GS'_,�#60
Manning R Napier Overseas (EXOSY 1 1,00G.057
.American Real Estate Fund 8 �9.�G7
Agincourt Capital ;�1anagement +,999,862
Davis.Hamilton,Jackson & .��ssoc. Fixed 4,214.?59
Receipt Rc Disbursement �??.9S 1
Total Fund Portfolio 23,33�3,022
Financial Reconciliation F1'TD
Palm Beach Gardens Firefighters'
Financial Reconciliation
As of September 30, 2009
I 9.3�9
2.06 I
2.?75
?,G34
-2G. �99
GGO
1.537.3j5
1,538,015
Dana Equity Portfolio 1�.84G.9R0 -6?95.44i Z0;;,91G
Dana Grow�th (Equityl - 5.20G.487 -
Voyageur International Portfolio 1,777,95; 8,2.d -
Manning & Napier Overseas (EXOS7k ) - 1,OOOA00 -
American Real Estate Fund 1,1 � t,89G - -
AgincourtCapital',Nanagement 3.1G6,758 50G,8G3 G60
Davis,Hamilton.Jackson & .-�ssoc. Fixed �.C71.43G 209J6'? -
Receipt & Disbursement - -�i3�.90? ?.�89.�34i
Total Fund Portfolio 22,595,024 -1 4,626,020
,�
-�09,964
-209,964
-93.897
-;6;.�?S
-457,323
-19.i�9
-'_.061
-2.015
-'_.375
-2.G34
-28,414
-?3.ii(1(i
-8.? ;-1
-2,015
-G,8G �
-9.7( 2
-105,67�1
-20.5? I
-20,521
- l I ,?�-1
-e(i,?OG
-97,961
�G.�`1 3i?.��1 ?.10�',�80
17.4;0 608.404 5.824.74'
16 � 262,� 16 1.915.14Q
-�G �58.772 I.?G4.80 �
8.39G -89.19i 75G.7i ±
47.25> 1 I �.08� 4.160.8i9
57.2�: 198.�16G 4.�3G9.977
59 - 1.514.-�81
166,881 2,229,316 27,009,334
� •�� ��
1 � ' I II'
184,jiQ -1.-38-3,9�39 7.10�.>80
2G.876 i91. �79 5.8?4.74?
G.267 I �0.920 1,915.140
- 26�3.803 I .264.80 ;
8.;9G -?81.524 75G.7>>
172.79G ;20.G-15 4.160.8�9
? I 1.�378 �87.0G4 �1.4C9.977
1Q.iG9 - 1.51a.-381
620.911 -171,663 27.009.334
� l r+�
� BOGDAHN
GROUP
Palm Beach Gardens Firefighters'
Comparative Performance
As of September 30, 2009
Total Fund Portfolio (Net) 10.01 (75) -0.46 (74) -0.46 (74)
1 utal I un�l I'nl ic� I I. J(1 (�� I - I.8(, 13? i - I 86 l 8?)
Difterence -1.�9 1.4Q 1.40
All Public Plans-Total Fund Median I I.�0 1.34 1.3=�
Total Fund Portfolio (Gross) 10.13 0.00 0.00
I�,t;il I�un�l Puli�� I I��l -I �r� -I_86
Dii%rence -I.27 1.86 I.86
Total Equity 14.67 -1.59 -1.59
1��I��.i� I.��tnl� I'i��ii� I lr '�) -� �)(1 --! 90
Difference -'.12 3.3 I 3.3 (
Total Domestic Equity 13.52 (83) -3.95 (24) -3.95 (24)
Kus,cll ;II(111 I(�_;I I�li) -i,.-!_' (-151 -c,.-I� (a4i
Difference -�•79 '•�� 2•��
l'S Core�'Largc Cap E'.quit�- (S;�iC'F)'�1edian I�.25 -G.�3 -6.5;
Dana Core Equit,y 1�.13 (53) -10.07 (92) -10.07 (92)
��ll' illfl I�.bl (�bl -�!.')I 1`��I -G.�)I I��)1
i)ifference -0.48 -3.16 -3.16
US Core: Large Cap Equity (SA+CF) N1edian 15.25 -6.53 -6.53
Dana Growth Equity 12.04 (83) N/A N/A
Rii..cll lU(I�) (;i„��th Incic� I?.9; I��I -1.8� 1?-1� -1.35 I�-31
Difference -1.93 N/A N/A
lJS Growth!Large Cap Equity �SA+CF) �1edian 14.04 -3.29 -3.29
Total International Equity 19.61 (42) 11.28 (24) 11.28 (24)
\�ti(�� {'.:�����. �I1C�C\ ���.�_' I��1 � hU I�� 1 � til) I�� 1
Uifference ���9 ���g �•�g
International E uitv (SA+('F+MF) 141edian 19.12 ±.9; 3.93
Rclurns lix pcnods gmatcr than I} r are annualvcd. Rcwrns are cxpressed a. perccntaee;
fotal Pund Pohc}=�5"a Russ�ll 300D. 2i^.a [iarclays ]ntcnncdiatc Aggrc�atc. 10".% AiSCI I�:�\FI:. & IOr NCRf�IP
Total Lyuity Police=RS"a k���.�u 3onn: is^� MS(�I f:Al�f? 18
Pi�cd usscls 1ran�tcrrc�l Gnm �)ana ta f)I I I>_31_21�08. li�cd �crlixnianrc in t��tal �lan
-1.06 (80)
- I .-I(� I 3(� 1
o.�tn
0.07
-0.56
-I J(�
0.90
N!A
� 1
NiA
-3.52 (30)
-�.116 (�(�1
I .54
-4.86
-6.17 (8d)
-�.-I.; Ili�1)
-0.74
-4.8G
N/A
-?.�O IJYI
N,'A
-2.G8
-1.33 (38)
-; � ` �;h)
1.79
-?.GO
3.54 (66)
�.f'i i 1 ti�) I
0.87
a.00
4.08
�.t>?
1.41
N/A
� :�
NrA
3.76 (16)
� ,; i-„�
'?.5 �
1.94
2.04 (�38)
I.11� lR'1
� .�2
1.94
N/A
I.�i(, ((��I
NIA
'.4G
N/A
(,..` I `' 1
N; A
G.97
3.15 N/A 05/O1/1998
�.I � ` 1
OAO
�v ,a
3.74 OSlO1/1998
; 1�
0.59
N!A 07/31/20a8
\ �
�+: A
2.95 N/A 06/O1/2002
�.�� I \ \
0.9�
N'.=1
1.79 ti/A 06/01/2002
I.8h \ 1
-0.07
N-'A
11.07 ti/A 06/01/2009
1 �.'` \' ,\
-4.18
N�A
3.29 N/.4 Ol/O1/2006
I I � \ :1
2.1 1
NI.A
� i H E"
` _.- BOGDAHN
GROUP
�'oyageur International Portfolio
\1ti('I I \F1 In�f��
Difference
International Active Value Equity (SA�CF) �1edian
Manning & Napier Overseas (E�OS�i)
\1S('I 1:.1FI: Inci��
Difference
International Equity'�lulti-Cap Care Funds f�1F) Rtedian
Total Fixed Income
Rarcla�. C'a�iital Intcrm��li�ite \c,rrc.�tr
Difference
US [nterniediate Duration Fixed Income Accounts (S.A1 htedian
Agincourt Capital 1�9anagement
Rarcla�; ( apital 1��er�,�atr
Difference
US Intermediate Duration Fixed Income Accounts (S.A) htedian
Da��is,Hamilton,Jackson & Assoc. Fized
f�,�rcl,��: ( :i4,i�:il Intrrmccli,i��� 1_,�r����;itr
Difference
US Broad 1�4arket Core Fixed Income (SA+CF) hledian
,merican Real Estate Fund
I( R1:1f Pr;,�,�rt� In�ie�
�ifference
�S Private Real Estate-Open End (SA+CFI Median
Palm Beach Gardens Firefighters'
Comparative Performance
As of September 30, 2009
15.90 (SS)
I'� �' i-lli
-3.62
19.19
25.72 (7)
IV;� i;�i
G.20
18.68
5,06 (22)
�I �'i�)
1.8�
3.74
d.01 (�t 1)
�-� I �(1 )
0.?7
>.7-3
6.0� (20)
' I I')� 1
2.8G
4.71
7.72 (33)
,l'ii i��i
; .9?
�#.8�
N/A
;�U i.��/)
N�A
I .90
15.33 (11)
`).(,9 I R I 1
5.64
I 1.�0
14.76 (14)
I11.�6 1(��il
�t.?0
I 1.40
15.91 (12)
') f�V I X�11
G.?2
I �.53
7.72 (33)
�� SII i �?1
3.92
4.82
N/A
;.3n i.�'�1
v/A
1.90
15.33 (11)
�) (>') � 8 I 1
5,64
I 1.40
14.76 (14)
�11_�(� ((�11
4.20
I 1.40
15.91 (12)
`) (��) ( 8'> I
GZ2
�?.53
-2.1O (57)
_: �' �?�,j
I .02
-1.�=1
�vi.a
- .I� i� 1
�l ,1
-�96
6.68 (51)
r> �- I(,�)
0.:1
6.G9
:V/A
h.-31 1��_' 1
1�/,1
6.G9
1 /.�
(, �� �r,l i
1` /.q
6.73
V/A
f�_`� �?�1
N-A
7.fi�
�vi�
(�.`! 1�1(,�
�l: .-�
G.�S
_5.U7 (60)
� 11' l h.i �
Q.QS
�.19
V/A
`.I� (`�I
��: ,a
i.19
l�/A
� 11' i %U I
N:'.A
5.4Q
-9.62 (63) -32.96 (52) -32.96 (52) -6.a6 (45) N/A
-.. _ 1 Illl -.'_�.11�) 11 I I -'�.(1�) 11 I I -I �� 1`)I l� 1l� 111
-6.;0 -10.87 -10.87 -5.18 N-'.�
-7. ±0 -3 I .00 - � I .00 -8.85 3.90
2.65 ti/A IlliIlU2U06
� � ` � �
I .�7
v, .a
37.90 ��,a osrov2oo9
� �.Il, \ 1
�1.7-3
V :1
5.27 N/A 06/O 1 /2002
� 'I \ 1
0.06
1� A
IO.�tI N/A 09/O1/2008
1 �� \ �
�.o��
N,A
9.18 V/A 06/O1/2008
fi �)l, A� \
� „
N�A
-5.65 V/A 08/O1/2006
\ \
N,�:1
N:;1
Retums flr penods greatcr than I}r are annualved. Retums are expre,sed as percenta��cs ^ I.�{E
Total Pund Policr=i>"%� Kusscll 300f1, �i^;, Barcl:��'; Intenncdiatc .4gerc�atc. 10"a �iSCI [?;1l�li. & I(1"/� NCRfiIF �\
Total F,quih� Policc=8i°;, Russcll ±IIOq: IS".� �9SC'I Ii�11�1: 19 ` BOGDAHN
Fired asscts transfcrred from Dana to DFLf �-; I-2Qp8. lixcd �rfbmiancc in total plan �RQUP
1'otal Pund Portfolio (tict)
I,�t;il I un�l I'nlir�
1)it7ercncc
�Il Puhlic Plans-1`atal I�und hlcdian
7'otAl Fund Portfolio (Gross)
I,i�;il I iin�l I'��lic�
Uillcrcncc
"1'otal Equih
l i,���.il I ��uil� I'�,lic�
f)itlorcetcc
'1'otal Domestic Equity
�tU><i�� �I11111
u����«�«
1 iti ('�,rr!Lar�,c ('ap f�;quit� (S,�+C'FI �1cdian
Uana F.quity Portfolio
��\ I' <i�1�
Uiflcrcncc
l iti ('�ircrl.argc ('ap I:yuit� (Sn+Ci�l Rtcdian
1)ana Gro�rih IF.yuih�)
Ku..rll I nnn � hi,�� Ih InJ� �
I)il7crcncc
liS (ir��cth�l.argc: Cap I:yuit�� (SA+('�=) A9cdian
Total International F.quity
\Iti!lI \tI lii,l:�.
t)ii7errncc
Imcrnational liquit.� ISA+CF�V1I�1 Mcdian
Palm Beach Gardens Firefighters'
Comparativc Performancc
As of September 30, 2009
-0.4G (7�)
-I �i� r\-�
1.40
i.�a
0.00
-I �n
i.s��
-1.59
-4 �Ju
3, ± 1
-3.95 �Za�
-r� !' t J3�1
2.47
-�. $ i
-10.07 (92)
-!, �> I i �'� i
-;. I G
-6.53
�/:�
-I.S� � ;al
N!A
-3.29
I1.28 (24)
: �n ��I I
7.38
3.93
-12.30 (39)
-i ! n' �ni��
1.72
-i�.oz
-11.96
_ � � n?
2.OG
N/A
\ :\
N�A
-18.11 (22)
-_'1.5` ��1�
�.41
-21.33
-19.Sd (33)
_? � �it� 1 �� 4 �
2.4�3
-21.33
\/:�
-_'ll.;i� i � I I
N!A
-20.82
-30.51 (4S)
-�i'1� 1IIi
-f), i R
-31.19
10.96 �94)
1 ;_;'I �n=i
-?.43
I �.i i
l 1.fi7
i ' � `?
-1.72
N/A
� �
;�!:1
14.18 (85)
Ir, �' i`li
-2.i4
I G.64
I�.IR (RS)
li,-ll (�tii
-2.26
1 h.(;d
v�:�
)�:1,;i �;:�
N?A
19.88
24.22 (7l)
'` �S 1!,?I
-JJ6
27.59
7.92 (86)
�� �n �nli
-1.2�3
9.SR
R.6S
`�,Ie
-O.5 I
Y!A
\ 1
N!n
10.21 (63)
I�t_'_' �t,�l
-0.0 I
I0.7A
10.21 (63)
Ili ,v i;ni
-Q.�R
I OJS
vi:�
l,.IN ��Xl
N�A
fi.AO
N/A
� �� f,; �.} ; i
NiA
I 8.93
13.82 (SS)
`� ' i'1 ! i
-1.59
I-3.1t1
14.35
'�i
5.j2
N/A
V ;\
N/A
21,50 (9)
I'r,v i-1�
8.R1
l4.;9
21.50 (9)
1'..'_� (hl i
9.?5
i�.i9
��:�
I I _nli 1"I i
NlA
14.0�3
N/A
�6.±_ �j�)
N; A
2(,.57
10,51 (AO)
`� � 1 I �6 �
U.67
i �.�„
11.19
�i�t
�,j5
V/A
� :\
N/n
15.99 (27)
I S I „�I
2.12
I �.27
15.99 (27)
I � `� i„�'�
, ��
Id.Z7
�i:�
' �I 1?li
N%n
10.06
V/A
,, s? 1111
NiA
21.25
11.42 (96)
1-ti.'. �``i
-6.d(I
1 R.2�
12.28
I��'
-s.�a
N/A
\ :\
�i r r�
20.02 �ga�
?�.•�fl (-1 � I
.a. ;x
24.01
20.02 (8d)
?.� .4ii i I' �
-�3.38
24.Q1
�r:�
,i �l, f,�l
Nr'A
'2.40
N/A
'r, <a i t'� i
N!A
26.;0
Rcturns �br pcnoJs ercatcr than I yr are annualized Rcwrns are ezpre�scd as percentages THE
�Iotal fund Policv=i$"-o Russcll 300D, 2�"a liarcla}s Intcrnicdiatc :lgercaa[c. 10"� �1SCf f:AFF;. & f0°io rICRF.fF �� BOGDAHN
'l ot�tl L•yuih Pol�cv=85°o Kussell 3(lpp. 1 i".;, MSCI GAPG � 20
fixed :'1s,cts trantitcrrcd from [)ana to I)I I I. 5-31-ZOOR, fi�cd perfi�miancc in total plan, �� GROUP
� o�a�eur International Portfolio
Vti� l 1.:\Ft_ InJ��
Ditlercncc
International Active Value P.yuit} (5,���CPI �4cdian
�Iannin� & Vapier Ovcrseas (E\OS\)
\1tit l I(:\I I In�lr�
f)illcrcnce
International Fiquih Multi-Cap Core Funds 1 R11� 1?�4edian
"Cotal Fixed Incomc
l;,ir�l;i�..l'.i��ii.il Inirrn���li,i�r \_��r_.u�
Uiflcrcncc
t�S Intermediatc [)uration Fixed lncome nccounts (S/�) MeJian
�gincourt ('apital �1ana�ement
13:uel;n, l'.i��ilnl Inl.rm��ii.ilc \���rr���u�
Diticrcncc
lIti Intermediate [)uration I�ixed Income rlccounts (SA1 Median
Davis,l(amilton,Jackson & :lssoc. Fized
I�;ucl:��.• �. ;i�,it,il 1�_=r�_,t�
Uif�fcrcncc
C�S Broad Market Corc Pixed Income ISA+C1�) Median
,mcrican RcAI Estate Fund
�l I�I II I'rr�i�,rt� Ind��
�iftercnce
!S Privare Real Estate-Onen End (SA-�CF) �ledian
Palm Beach Gardens Firefighters'
Comparative Perfc►rmance
As of September 3Q, 2009
7.72 (331
till 1� i
3.92
4.R2
\ /:1
-�.kn i �'�i
N: .A
1.9f1
1,5.33 (11)
�I r,�i � A I �
5,6�
I 1.-10
ia.�� iia�
�� �,�� i 1 I i
5.07
i � .ao
15.91 (12)
I�1��, iSli
5.35
12.53
-32.9G (52)
-_'.'_ ii`i i I I 1
-io.x�
- i I .00
-29.R7 (72)
-:il � � �,���
0.2G
-?�.?z
\/.�
_:�i I � i�'i
Ni:1
-29.92
0.03 (86)
! I�� i;;�
-4.1 i
�.Z�
vi:►
! Ir� I?�i
Nr'.�
�.zr,
V/:�
; n; r;•i
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�,i$
4.9R 13G)
: ,- �,,ii
-0.29
i.?.i
2a.22 (S31
__ .'S 1��`i
-1.16
za.�t
\/:�
_ <� �nli
'�1-A
?7.I;
5.24 (73)
- � ioll
-0.09
s.a�,
\IA
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T��,A
s.a�,
N/;�
� la I��I
�; .�
S.IG
1G.31 (79)
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- I .f)O
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\/.�
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1�!A
?n.��z
\/:�
Iv n� � 1,
N I.^
1 R.27
3.64 (R2)
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-0.?0
i90
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;.no
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? r,? �'.! i
N:A
3.A6
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NrA
17.77
`�:�
'h i (:,11
:�1i1
27.00
\/.�
'n _ i il;
N;A
)S S�
1.77 (76)
� 111!
-0.�3(i
?.(18
\/:�
_ ill�
T�: :1
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NrA
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N�:1
19.75
�i:�
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N-A
Zi.�;
\/:�
_._ �_ il�i
V%A
19.'_7
2.56 (73)
. :�i � ��,�
-0.8 �
z.sx
\/:�
• :Y I'fil
V,A
? xx
\/.�
=i,h i����
N: A
3.79
\/:1
I' 11 �����
T� :1
I �.3�
�r.�
'<� � I i-�J
� ;�
;n.ns
\/:t
'r� � t � i
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» q�
2.77 (99)
l ��I ic,i,i
-?.17
5.{0
\ /:1
a �l.i I!,(,�
VA
�.50
\/A
�-In ir,,�
N-A
5.79
� �r�
_ �; i�_'1
Nir�
9.60
Retum, tiir �xnc,ds ereater than I} r. are anmr<ilved. Rcturn: arc expre,sed a> perc�nta�,c� �IIiF
Tutal I�und Pol�c}=5>"'� Russcll 300D. ��°� B:ucla�; Intcnncdiate Aeere�ale. IU"-a �1S('I 1i:11=1:. & 10"% NCRf-:IF �� . BOGDAHN
�otal (:yurtv Polic�=8;qo Russcll 30(10. I>°o MSCI I:AfI: 2� l
Fi�ed Assets transferrcd from Uana to 1)I1J. �-±1-'O(IR. tisccl perli�rmance m total plan � GROUP
Palm Beach Garclens Firefighters'
Total Funci Portfolio
Septemt►er 30, 2009
�larkct ��aluc �.�� Capital ���rke� Valuc
�`� ��f l�rans(ers � nntribufions Dictrihutions Fees F,zpenses Income ;�r�rrc✓ Deprec. -�� ��
913 11/2 0 0R 9l31V21NI9
Tntal PunJ Pn��foli�� '3.5')5 - 1 G26 -J>T -IUG �)R G21 -1?2 _-liriv
,11�rket ��alue `e1 ('apiml �larkel �'Hlue
',� ��� ��rans(crs ���Mributionr Uixtributions N'ecs E�pensea Income ;�rPrec.f Deprec `�` °f
a/30/199R ��3 11/2 110 9
I-n�al Fund Porllidn� _'.99.1 - 22.SG1 -4.R4? -Z17 -la'Y L�9R �.?ba '^.fm7
Pcer Group :�nalysis - All Public Pl�ns=Tcrtal Fund Cumn
�
�
���
L� � � � - — _
� � ■ � _ _
�� �� — � �
�
�
-?0 no .
-:0 (1(1 � I
Quarter
■ fnl:J Fund Parlfolio IU I� 1741
• InlalfundPolie� 11111 15'_i
i i i i
Oct-2011N 1 2 3 � �
To 1'ear 1'ears 1'ears 1'earc Yean
tiep-201M
0.01) 16'1) S�UO ih!>l -t�17 ��I-i -u5(, IG9) IbG l6Q1 aOS f47�
l.Rb 187) -I R6 IR?l -R L! lRl i -1 J6 IRG) I(19 1R?1 '_.n7 1391
\li•i11;111 1 1 5(I I `�1 I. ;.� -1, it� II I1^, '(I!. � I1()
S 16U 0
SIJSo
51300
SIlSA
SI000
I a?.J
1 :9.J
SRS 0 ��r - r - --1— -� r� I l�
(.�9R 9r00 12;02 3-05 G�O� n„-09
�Total I�'und Pohkil�o —'fntal Pund Polic��
I I I I I I
Qurr�er Quxrter 1)uxrter Qnxrter Quarter Quxrtcr
F:ndinP Endin¢ F.ndin� F.ndinR F.ndin� Endine
.lun-2009 �1erv2009 ber21NIR tiep-2MIR Juo-2(IIIR U»r-200R
Totnl P�und Porffnlio 5.76 (931 -�.�0 120� -10.57 (22) -6.3: 127� -1.33 f�9) -3.7t �121
'futnl Pund Polie� I IJi 1�21 -' X; f9}1 -1315 i''ii �6'�(i r:h� _I ?' �''i -S 1�J 167�
:UI Puhhc Plan,=loial Pund \Icdinn 10.5R _t �,' -12.JG -' st -p'i, -t ill
`xa
� THF
`� - BOGDAHN
GROUP
Palm Beach Gardens Firefighters'
Total Funcl Portfolio
September 30, 2009
, � � ��
;�,��
� ;� ��;�
zo.o
: io,�
�
.`
� fl ll
7
e -101i
�
O '-1111
-.' 0 0
-lOp UO I(I.0 20p :!Ifl
Tolal Fimd Pnlicy I% 1
Peer Gruup Scatterrram - 3 1'ears
Risk�titandxrdik.ia�ion %�)
Return Standard Deci�tion
� Total Fund Pon(oho -0 5<, 10 9'
� l�otal Fund Pol�c� -I ar, 14 92
\1cdl.ln U 117 I :.f�R
_-s u�i � . ■ ■ � ■ ■
_ ■ . ■
= ■ �
j 5(I 11(I .
L .. • • � • • � � • • • � ,
` ^, S (111 . � -' -
y� � �� - . `
100 qfi - r � r i
�? I1J I��fIS ��.Ili. I? ll'
Totnl Period �-2S 25_\tedian �tedian-75
� Total Fund Ynrtli�ho
• fot;d Fund P�,h.�
� on
' S(1
G 00 -.
— j 5Q
� 3 00 -
�
Y � SU -
n nn
n i)0
('ount ('ount C�ount
?n r� ip°�i li ('�"�I a i1o^��
'11 n �Y�^�i I r5^o! I? il,z°�I
i
5 fl(I
■ Total Fund Ponf�li�,
A Tatnl Fund P�+L��
Vedian
■
�
r
�(I (Ill � � (ll)
Risk (�tsndard Ik�intion "/. )
Remrn titandard De�•iation
a pR 7 �9
?t.' 12IS
7u!i II?.
■ ■
■ ■
� � � . �I
r I '
I� IlX �1�1)9
�c-9�
Count
I �5°�I
r. 1?U^el
TrACkinR l-p Dnw n Shnrpc Downaidc
Errur �larkel \larkct 41pha IR k:�h� H�t:� Risk
Caph�rc (�apture
Twal Fun:l Ponf,li�. s ns :.�s : i�� n?n i� ux �n � �� - 8A
:i
Total Fund Puhc�� u u(i I(�n pq � un ni� n nu ,A _A -n ' I I pn � p gi�
'Pracking � r ���N�n tiharpc DnN�naide
F:rror �larket 1lxrket :\Ipha IR Ratiu Rew NisN
f�aplure ('ap�urr
Tn�al Pund Prntti,hn .7 2� 3? _' I �,S uS 1'�i- u?s u �a n'i n nv
l olal P�md PnGc� �� �.�n I OU rn? �aU.Oi) n 01) V 1 U U� � in
�If�
�
"� 7 hl F
23 ` BOGDAHN
�R(li iP
Palm Beach Garclens Firefighters'
Total Domestic Equitr�
September 30, 2009
.
�larket �'alue �1arke� �'alue
nrc cxpita�
:�s nf (�ontributions D�ctributinns Fees Expenses Income � recJ De rec. ,s ��
6/30l21N19 ���r:msfrrs ' �� r 9(30f1009
�I�nud Dorncsuc f.ywi� I I.�RR 19 - - -�'> - �4 I,SX(. 1"�'"
�� � i 1 1: i '� ' � I I'
�ILfIIl� � AIUf \�t ('�pilal �IBfI(!� ��AIUt
Ay nf (�nntriFution+ Distributions F'ecs F.apenses Income ��rec./ De iree ',s �t
9/J0l20UA I r:�nsferc PI 1 9l30/2009
I�utal Dnmcsuc h:qmh 12.347 -L03�> 2.03(� -1q -79 -12 211 •A�J 12.�2'
Pcer Groiip :�nah�sis - l'S Core/l,�r�e Cap Equit}• (SA+('}) Cwn
!�.
`-
r�
� ��
� ��
� � �:
� � i'
��
�
<k�-zaos
Tn
�ep-2009
39' i24i
-b4' IaRI
� � � � --1
i z 3 � �
1'ear 1'ean 1'earc 1'ears 1'enrs
-3 95 1241 -I I±I i 19� _3-5? 1301 -0 2G (?41 3J6 f 161
-G 42 1481 -IJ :0 ISdi •S �G 1561 -I a5 IG01 I?? i'?1
Sic�oo
s i ao.o -
Si�nn-
Si000-
S80 0 -r r
6; 02 I L03
iao?
124 c
— -r- � -- t - -r-
(>�0� I'_�OG G�OA 9'0�
Vcd�an �� '< -6 S? _<,S? -IdJD -! R6 •12p I 94 —Total Domestic Fyulir� -- I>onr;nc �quirv Pulicr
� � '
I I I I I I
Quarter Querter Quarter (Juartrr Quarfer Quarter
Endin� Endin� F.ndinQ Endin� Endin� t:ndinp
.lun-20119 �1xr-2009 Dro200R Scrr10DN Jun-2fN)% Mar-200S
Total Dmmes�ic F.quih 12.19 �A41 -7.61 119� -18.37 (121 -'..13 (211 0.3" 12J1 -9.3J (J)1
Domcs��cFqwtVPu6c� 1682 f241 -If180 �Sg� -22.7R 1751 -R': !i'i -IG9 �4Ri -95_' ISa)
US Cnrc'l.ar�c ('ap Eqwiv IS:\'CF1 Mcdian IS SI -IO.�t? -21 6' -8 9' -I 19 -9 dG
�� THE
za BOGDAHN
`� GROUP
Palm Beach Gardens Firefighters'
Total Domestic Equit��
September 30, 2009
� � �, �.
as �� . 1 <� ����
:o 0
_ ISn
L'
�
= nn
.I�U
� _�Ilu
r -? 0 0
-L.0 nti ISO 3qii J�n
Ibmeslic F:quih Policcl � 1
f-I'ndcrPcrli�rnnn.c f-(>�c�PciA,incm.� -�hm.;nn�
�Illlll -
U 1)U
-10.00
e
� -'_000 ��
Y
� I
.o- ticp-�oun
-;0.00 �.- - - i � --- — r - - - '
11 UI� I u nu �11 OIl �0 (10 d0 rlfl
Risk�titandnrd Ik�iatinn'%.�
Rehirn Stand:�rd Drcialiun
■ lntal I)nmrsuc P.qwt� . __ I".G
� Unm��cfi� FquiK Poli.� -` �i6 -' � y'
�Icdia» -J.�b �'_I '_fl
1
C ?C 0!1
5 ■
`c 5l1 (1U
i
a 75 OCI . � • �
�
z
100 U(I �
1� UJ
1'otal Perio
■ I atal Domtcuc 1`.qwtt 1 R
s I>omcsnc fiymiv Poh.� ?���
� c ilU
j (I ll(I
c OU
O OU
c
�
� -C U(1 -.
z
■ � � ■ ■ ■ ■
� � ■
� � .
� • • • • • ` �
� • � � '
■ ■ ■
�
� �
�
�
i i i '
I� us 12;nr; 12 a' 12 nR 9-n�)
5-25 2�-�lcdian �ledian-7e 7�9:
foum ('uuni Count ('�ant
II tn�^�� ' i;q,..�� t� �i�'6� n f!i^ol
i� �U^�.� n��i^�� IS i'�^.�i i i_'S"�i
■ � .
-io��o —�— , � �
5 pD In nu 15 nu �n nn 25 nn
Risk (tiLnclard Ik•oiati��n "rb �
Return titandyrd Decialion
� I�ntal Uomcsu. I:qune ;'n 1:81
� Unmr;uc Eqwh Puh��� I 2� �7 qq
\1cJi,n i vJ I' +'
1
1 p Dow n
Trackin� tiharpc Dnwnsidc
F.rror �larkcl \larket :Vpha �k Ratio �;Q�� Risk
(�apturc ('s�Plurc
Totxl Domcstic I:yuu� a a'� Kr, 16 Y.S fin 0 Si li '_: .i� 'S n F1 I:'.'�
f)omr:u.fqwlrl`olic� ��Un Ii10f1n luunp 0(in \:A -ii'!, lun In�'
� p Ua�rn
lrackinR �tarkel 11ar6et :Uphr �K tiharpc �etA Dnwnside
Error Ratio Ri k
('apture (�apturc
"�ntal Domrcuc liywh J ii' 9`) nc R' "i� 2 S' �� Sd I) 12 U R' I I il I
I)omrsU: Equih� Puhc} n�in �ifU u�i �nu n�.i i� Un A,1 -0 fr � ii!i I'_ Fr.
iq 0(�
�� BOGDAHN
25 �
GROUP
Palm Beach Gardens Firefighters'
Dana Equitti• Portfolio
Septemher 30, 2009
� ,
�ixrket �'xtur \P� CNpilel ��arket �"atue
'�� ��� l�ransfers � a^�rihunons Uistributions Fees Ezpenses Income prPrrc_% Deprec. ',� ��
6/J0/2009 9i30J2009
I)an:�l�qm��-PniiG,hn 6,IR9 19 . � _�9 - 7� .4'- ?Jfi?
' � i I '
Slarket V��lue Ket Cnpital �Ixrket ��alue
`,� °f �frons(ers ��antributioos Distributians Fees Expenses Inrnme .���Pret.! Ueprec. ��� °f
9!)0/200N 9l31)lID117
I).ma f`ywt� Portli�lin I_'.Rd' -6_"J� _,O:G <�.1 -?9 -I'_ IR� -I.JXS '.lil:
Pecr Group :1nal�•sis - t'S Cnrc/I.argc Cap Equit�• (SA+CF) Cumu
?n nn
�r�ni, �
°� ODO I
c
2
z -InOn .
-20 On ,
-iO.DD �
Quarter
■ hana Equih� PartGd��� I S I? f5?j
� UanoGqwh Pohcv Ih;l f201
� �
�
�
Ocb2011R 1 :
Tn l�car 1'eara
tiep-20119
-IQ07 192) -I(I (17 l921 -IA 9a (721
-6 3'_ IJ81 -G J� (J81 -1430 t?1)
3 J
1'ears ti'ears
-61' fR41 •'_?2 I:�ar
-SOG f$GI -1.45 �GO)
c
1'ears
2 i14 14R)
1.2± �721
SIG00
SUOo
51200-.
SI000-
S80 0
129.1
I'4.G
6'02 12;03 G�Oc 12 OG 6.'OR 9'09
�ledian I S]� fi SJ -n j: •14 10 -4 AG -1 _'(� I 94 � Ilane Equi�y Ponfolio -- Dana Equity Policy�
I I 1 I I 1
Quarter Quarter Quxrter Quar�er Quartrr Querter
Endin� Endin� Ending F.ndine Endine F.ndinp
J uo-21109 11n r-21N19 Dec-21N1% ticp-200% Jurt-200% �1 a r-200R
Dana F,quih� PorKolio 11.07 (90) -7.62 (19) -23.AN �R7� J3.7c (qgl (I.J'% 1241 -9.33 (4D1
I)anaEqul�)'Pollt)' IG%_' 1_'dl -IDS(I fSRI "?% 1?S� -S'i I�l?I -167 ISAI ')5' 159)
1�ti Corc'i_ar�;c ('ap P �w�� � S,1 �('P IAfedinn 15 � � - I U a'. •Z I�,' _S 97 -I I'� !)_46
26 �� n BOGDAHN
` GROUP
Palm Beach Gardens Firefightcrs'
Dana Equity Portfolio
September 30, 2009
� ��
ssu — — � a(w
30 0
° 15.0
0
= 00
.� _�«
T
C _i(1(1
_ -:nu
I�
-I5.0 ��n I50 :DO 1;f�
fYnn�i F:quih�Policsl% 1
-�OvcrPcr(mm�ncc f � ndci Pciknnv�n.c �hm-'ne9 �Srp-'na'+
�
e� - I 0 OU �
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p '20 00 �
z`
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t *too ■ � ■
z � � �
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� � � �
c 75 flfl . � .• � � • � S • � + � . � � V � �
z � �i
innnn , � , � � ,
12'aJ 12�ua �? n�, 12 0' I'_ ns ��-n9
Tntal Period �-.� 25->lc.lian Vedian-79 7�95
(�uun� ('nunt ('nunl Counl
� 1).m.i I�qwl� Port�i,h�• IR 9 �?��".,,i �1 i'�"„i � 117,':nl '� 11"���i
Ii.in.if�qmn�Pnli.� _'o ii �n^,�� u in^„i I� I'`"��i ` i_5"�r,i
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5
-;o 00 -- T - r ! � -i o un � T - , �— T
0 00 lo 00 _o 00 3n no �n un c nn in oo i 5 nn 20 00 25.on 3a oa
Risk (Standard De.iation "/. ) Nisk IStandard Dc»alion % �
Rth�rn St�ndxrd Decinlion Return Standard De��iation
� U:mo Fqwty Poitfoho -!> I' ?u I; ■ Dana I�qmt� Pnntbhn ' UJ In'1
0 Uan� li�mh Pohc� -� n!, '1 9? � Uana Pyum Pol�c�� I�� 1">�1
\IcJian --� 36 21 _'(1 Vcdrm I 9J I' �'
�
I' Uo.rn
'�rncAinR �1a kct \tarket :Vpha IR tihnrpc Reta Downside
Error ('���turc Capture �a���� ��s�
Dana Fquhy-Pottt'olin ; ti9 %7'� qi y� .I Sa -o :5 -U 3' !� p�! 1f� n;
Dana Pqmtv Po6cv D Ub Inl� n1i IOU nD ri (rt� V' ,A -li �v I(in 1G ?-
l � Down
Tracking � �harpe Downcide
�larket �larket :�Ipha IR Beta
Error ('Apture (�aph�re Rxtio Rirk
Dana f.qunv Ponfoho ? 71 IUn I] 1!, ?4 11 ft' 'i ��� 0 0? 0 9(. I: "0
Uana Eqwry Polic�� OA(i I��ii i�u 100 01> D 00 A�1 -0-0? I O(� I� 86
2�
� T�iF:
` BOGDAHN
GROUP
Palm Beach Gardens Firefighters'
Total International Equity
September 30, 2009
�h�rkc� \'aluc Vet (�a ital �TrrAet ��aluc
:\� nf Contributions Distributionc Fees E�pcnse. Income " r :�s o(
M1/31121109 �fr•ans(ers :�pprecJ Deprec. q�3Dl2009
�fol:J In�cma�liou,�l fqwh 2.bi9 � ' ' '_ ' ' i?I :,IR(i
�lxrkel \'oJuc
\s nf
9/3012�10R
7ntallntrrnatinnalFqun} I.''R
��
?o 00 -,
�5an �
° �
� �
n nn
z
-'`pn �
i i i
2 3 � �
1"ears 1'ears 1'ears }'ears
-iza�, r2:?1 -133 �;s) tv:.a ��.a
-14.Rd fJ?l -i 12 (iG) 2 13 ��GI G 57 �57�
-ISAA -?l,p _.�1 r,9v
Vet
Trans(crc <�ontrihutinn.
I O�i3 -
1)istributions
F'ees E�pensea Incomc
-R - r,
—
$lr,nn .
I I
Stdnu ;
-70 00 '
I
Quarter
■ Toial Inicmniional C-qwh� 19G1 (4?)
• 11S('I I-:AI 1: Indc� 19 5? 14i1
\Icdian 19 12
i
Oct-1MIR
�.�
Sc�2009
I12R (?4)
iRp (i��
:9:
\'ear
i i.za rza�
±.RO 151 �
7 9;
�
SI000
sao n �
�
fapital
:�pprec.l Deprec.
;��r,
'Nerket �'aluc
Ai of
9/311/211119
�. I e(1
S60 0 �—T-- —
I2:05 4'Or, r,:n7 3;08 12 OR
� folal Inicmnuonal I?quth — 1fS('I P:\FE Inde�
1129
Iu�3 �
�
1 ] I I 1 I
Quarter Quarter C1nurler Quarter Quxr�er QuNrter
t:ndin� F:nding F:ndin^ F.ndinQ F,ndin� F.ndin�
.lun-2009 �lar-2009 Der200% tie�211(IA .lun-2008 �1ar-N10R
"fotallntcrnytional F.quih 16.6N �79� -5.12 I?21 -15.9' (10) -16.50 (I1) -10.9a �99� -0.22 I11
VtCIP,1Pl�lndc� 2c3: �:(�i _I;.R> �-ui -I�)�)n i;;i -2050 l�91 _�q: (5;� -aR? id21
Intcrnation:d I`.qurt�- Iti:\ �('P � AdP ) A1cd�an 25.?i -I I oH -21 'S -_' 1.6R -I '9 '� 2n
2a
`,: BOGDAHN
GROUP
so
no
:
�• -t ��
.�
�
_��, �,
c -� �.0
— -'0 �l
� -�0
Palm Beach Gardens Firefighters'
Total International Equit,y
September 30, 2009
U .�Sn -liili _:n nii c�.i
>IS("1 E:\FE Index l % 1
� I�ndc� Pcrforntmcc f I)��c� I'cik�im�ncc �- I)��c-���n\ -o- tirp-`nn���
:(1 (It+
� 5 UII
_ D00-
L -I500-
�
-:OAO -.
z
-f500 �
0 00
�. -�
r
?n iio
■ T��inl In�rrnaunnal I{qum
A \1ti('1 F::\FE�. Indc�
\Icdian
� i i
4O f)ll h0 00 81i Uq
Risk(StxnJxrd Ik�iation % )
Rtturn titandHrd Uc�i:rtion
_� :t _ _
; �� _ -��
_` r,p `v n:
�
` 1� uo . � ■
�
z . ■
= sn oo . � '� �AS c9! � � � �' � 4i� d!► •
�•�•�s se
= ,:��: _ - . -
; _ . , _ ',
Y
� ilfl 00 - � � � � � � �
�� n7 I' ii: �� �.i6 I'�0' 12 0% <��r.i9
1'otal Pcriod S-.5 2«ledian �Icdian-'c 749c
Count ('nunt ('oun� (�oun�
� I�,i,�IlmcmahonalLqwh� J I �';^�i :�?5,,.�1 n(11^,i U iil^,)
V��('l l_:AFI`.Indcs 2U u�ii"„1 � ^,i I? rbp,�l li r�1^a!
1(1 011
?fl IIU -
?(1 ��
� � �.�0 �
� OOp-
0
� -inno
- -20 00 - r � �� i �— -- -T
IpU.pU p0(1 1f1.00 �i1f1(I :O.OI'� 5000 SOPO
Riskl�tandnrd[k�ia�inn % �
Rchirn titandard Dcviation
� I �,tal Imcmat�onal I?auity � \ \' ,\
� �Iti�'I Ii:\Ff Indr� �� t- 2: 16
\lcdian �� `7- 2J fll
Tracking � � DnNn tiharpc Uuwnside
Slarket �1arl.et Upha IR Rcta
l:rror Ratio Ri+k
<'apturc ('aplurc
Totel Intemat�onnl 1{qm�} I�i �� 1 x� u� Rn ;v n R I n���q -� I I �i 'S � c J,
VIS('I E:AI'P. Indct n un Iw� iu� InU o�i n nu �' .A = i I: I �i�� ls GS
T�rwckin� � � Down
�larkr� \lxrket :\Iphx �R Sharpc �;i�A Downside
Error t':�pt�ve (�Hpturc Ratio Riak
Total INCmal�nnal Eywt� \.'.1 \ -\ \ .1 \ 1 \ :\ `: :\ \ :\ \ ,1
VISC'I f_:V�F Indrs Il �0 ���n nn lu�i riu o fiU A A n„ � ni� �a -n
GO 00
29 ` BOG�1DAHN
I ' T 11 i 1 T
Palm Beach Gardens Firefighters'
Voyageur lnternational Portfolio
September 30, 2009
� � �
�larkct ��alue \Inrkct \'aluc
\�� ('npital
'�� ��� �I�rxnsfers <bnlributions Distributionx Ftes F,zpenses Income ,�rrrec.( Deprcc. ��s of
6/3012009 `1i30120119
\�n��a�cm Imcinauon:d Pon�i�lin I.r.S' _ - - -= - - '_G: �.9�i
� , II�
Slxrket \�ulue >larket ��xluc
�fl C�APIIAI
`,� °� Trans(ers Confnbutiom Distributiom Fees F,tpenses Income ,�P�rec.! Depree A� nf
9f311/2068 9IJ0/2009
\�o��a¢cw ln�cmat�onal Punli�lio I.?7g g - - '� - 6 lil L9�5
Peer Group :1nah•sis - Internalional :1cti�•e Value Equity (S:�+CF) C►unu
� 5 1111 �
■ ■
- 0
° u ��U
c
`e
x
-I 5.00
-:n on '
Qu•arler
■ \'ovagcur Intcmal�onal Ponfoho 1�9U 185)
•\1ti('I Ii:1FF Indc� 19 i2 Idd)
Oca2008
To
�ep-2009
' 72 1?1)
; RO I5�1
�'ear
�
�
2 3 J
1'eara ti'ears 1'carc
7.7? �}i) -Ii09 ISLI --'_ 1D �i7) A�A
?.RO 157� -la RJ iRl i -'.l'_ 1?6) 2 I? I��i
c
\ earc
\' : \
/� S' I �? 1
S 110 0
S1=U0
CIr�On-
SRO r.i
Sn0 d � r
12�i1c q:06
i i r
c�o, :ax i�ox
—Vo�a¢eurint.mahonal Ponk�lie
\1cJian 19 19 d R2 4 R: -I_' R? _� s y ::n '!,5 --�fti('I E:\FE Indc�
iin:
I 04.5
i-
'1 0��
I 1 I I 1 1
Quarlcr Quarler Quarter Quxrtcr Quxrter Qu�irter
Endine P:ndin� F.ndin� F.ndin� F.nAin¢ t:ndin�
.I un-2009 �1 a r-20(19 Uer2008 Scp-2011R J un-TIIII% �1 H r-2008
��oyagcur Infernntional Pnrffolio 16.56 (97) -SJ: 12) -15.97 (34) -16.50 (411 -10.12 1��1 -012 1�)
AIS('1 PAI�P. Indc� 2` SS ('_�I -I ; NS i61 � -I? 90 IS?I -20.S11 IS(1� -I 2; (;91 -H 3_' IG6)
IntemaLnnal -�cuve l'aluc fiquip� IS:\� (�1� i\tedian '_? s'. -12 75 -19 34 -I i 03 -2.R0 -X.UR
30 �� � BOGDAHN
`� GROUP
Palm Beach Gardens Firefighters'
Voyageur International Portfolio
September 30, 2009
. ,
s o� � �� �,��
— «�u������«
oo-• _
�5 nu
? z � i
� -s.o , �i = so 00 , � � i ■ �
y I � �
a -iao- ■ r
_ _ -�nn. � �-!•��� l����
_ _ � •
` ��Sa i ���i,� z � � �
� Prrknmancc I Orl UO - � � , � �-'
�_'00 r -r � t . �' n.1 I� 05 12 0,, I_ u' 12'OR 9%09
�t -?(1(I .�{fl -100 -�U QO 50
Tntnl Period �-2� 2S-�ledian �ledian-75 7t-95
' >1SC1 F.:\FF,Indezl"/•)
(�ount Cn�mt C'ount Counl
� ■\�a.n�cur Imernaunnol Pnnfnhu 1 i) �0"�l � i'S"��� 1 i�5°�i 0 iD°o�
�l�ndr�Pe�li��nnn.c fU�eiPe�i,irmn�c �De.•�DPS �tieP-'(�Ir� �AI��(-I1�.:11�l�lndr� ��� n�(1"�1 li<^�i I_'rr��l°„I 71;'q.ai
1
�nno - i � �;�in
qp�_, � 125u
09U 10 00 -
a° .— _ . . _ . ■ I� °� - -
-5 p0 L
7 5(I �
e =
-Ib Ofi - �
? (1(1
� � � z _
-I 5 U(1 �.. � ' 1 I - ' Sp _ .. I I 1
tsoo 2000 �5on ;aua ?<nn �ono innn �sau ���n�� 25nn zuoo
Ri+k ItitandarJ lk�ialion "/. � Ri.6 �Standard Ik.ia�ion °/ �
Return 5landard Ue�iation Rehirn Standerd De��iation
■\�n�:iecu� hrtemalwiwl PnrUhlin -_' In __ 'I �\�n��.{gew In�emanuu;J P,�itt„In� S,\ X 4
•\Itii'I P:\PE Inde� -; I' _- � � V�['I E:\FF: Indc� �, c' Z? Ir,
�lcdian -I 5q _'61
� �Icdc�n ' b; �' n�,
�
1'p Dnwn
Treckin� tiharpc Dow�nsidc
>farket \larkrt Upha Ik Reta
F.rror Ratio Ri k
('apturc ('apturc _
V"rn�autur Im�•ma�ional Portl�,ho �� 5.1 "t ��9 7p I' -0 U" li (ui -n I� 0 74 I5 '�
V(SCI [,AFG hidee u nu Inu nn IUii rin il pn A.A -�, I_' I���� IS G>
'i'rackin� � P Dnwn Sharpe Uowneide
>lxrket Verket Upha IR Rpho Retn Ri�k
Error ('yp�ure (��pturr
Vrna¢c�a International PonfoLo \r,\ \:;1 \ :1 `::\ \ � \ \ :1 \ .\ N':\
�tsci F:�r•[ i�d�. n un ion no iiw or� o 00 �:� n�� i n�� ia �o
� �rF�E�
3, ` BOGDAHN
GROUP
Palm Beach Gardens Firefighters'
Total Fixecl Income
September 30, 2009
�larkct �'ahic Vet ('a ital >lrrkct \'aluc
��� �� ��ronsfrn Contributions Distributions Fecs Fapenses Incomc � recJ De rcc. �`` °�
6l301:(109 ` PP � 9l30121109
I��talPrneJlneomr %.'Id 1 • _ • 10> ?�, s,r,;l
�lxrkcl �'aluc 1larkel �'alue
Net ('apital
'�� °� Traeskrs < ontributions Distributions Fees E�penses Income :�rrrec.! peprec. �`� �f
9l30l21N1A 9/;O21NM
folal Pncd Incomc I,.Stp 7�7 � _ _�� _ }g.� 7U8 R.G±I
Sl�n(i_.
20 U0 � i
IGf10 � SI�i00
I � �
�zni� i
$1700
- s ni� .
Y
.. � SI:O.D
� nn .
nnn , i � � � � ,
I Ocb2lN18 I 2 3 1 S
Quarter To 1'ear l'errs 1'cars \'ears 1'cars
tiep-20R9
■ Tolal Fired Incomt S.OG 14q) IS i3 ( IGl I?.il 1161 ? 41 IS?I G(,8 1521 5 91 (54) S 07 (G91
� Barcla}�s('apuallnternicdiatcAggrcgatr 3.21 19a1 9b9 (R9) 9G9 iR91 (>R9 (l�tl G.37 IGII 57i f61! 5.�'- (��)
�kd�an 4-1 I_'�: �?5: ?<v r,'z (,00 540
SI I00
tinoo
G 0: I2iO3 G.�OS 12 OG
—Tutal Prced Inconr
— Rarla��: ('apital fntcrnxdia�c:\ggrcga�c
Id4 d
6 08 9'09
I I 1 I I I
Qu:�rter Quarter Quarler Qaarter Quartcr Quarter
Endin� F.ndin� Endint F,ndin� Endin� Endin�
.lun-20(19 �Isr-2D09 Dec-2008 tiep-2008 Jun-IODA V nr-200R
Tolal Fi�evl Income 2.62 (6G� 0.99 12a1 5.92 117) -2.�2 177� -1.�3 (93� L92 (S�1
BarclaysC�apital Inrermcdiatc Aggregate I GR f6)1 i�')I I'%� ? iR I55) -n I� l lk) -0.96 IS?i '_ ;� I��1
I:S Rroad �darAci ('ore Pi�cd Incomr Iti�\•('PI Med�nn i;: n 1X ;%U -I a2 -0 95 L99
�� THE
32 `� BOGDAHN
GROUP
��� �
so
� 60
c
° do
�
Q 20
- 00
(I
Palm Beach Gardens Firefighters'
Tota) Fixed Income
September 30, 2009
Q = 0 J�D 6 0 h i� I P.0
Rwrclx�s Crpital Intcrmediate AQ�re�ate (%, I
�I'�nJciPnfi,mnnce -�Jun-'OOS �SeP-21i0<�
I 11 f 111
x un
e oo ' -- -�— �
4.0(1 -�
L
= '_DO-
Y �� Il� 1 I 1
CI (111 _' S1) S (Irl 7 <Il
RisklS�nndard Uc.iation % �
Rcturn
� lntal I�tvcd In:nmc !. bx
O Ita�:l�� s ('apual IutermcJiaic :\igrcpaic �, °'
\lcdian !,'':
I
Innn
tiland9rd Dc.�iation
3 a-
�h:
J I !�
12 SO
�
` _: uu . �
= •
z • •
- SDPU ; �
� ■ ■ : A ,.
� � � � � �
- -c Pn .
'�S � � � � « d �
ID�Oq � � � � � � � � � �• ►� � i . �
I? UJ I� ��: I�r�)o I_' u? l� ��ri 9�0?
l�otxl Perimi �-2� 2F->ledian ?ledian-76 7�-9,5
Cnunt ('naM ('nunt Cnunt
� 1�,tal hrned Incnmc Ih I� �0°0l •l �li?��i ' i�!i�„i I I I( I"o)
• li.n,l,i�s<'apuallnir�mcdia�r:l�gicgatc 1U I(S"�1 J l��i"�i J i?l��'„� I1 iii9oi
' il)
<,.00 ,
— J $0 I � ■
�
� ; no !
5
I 511 � .T �-- �
� Sp i t)� 4�fl (�llfl
Ri�klStandarAlk�iation % 1
Rcturn
� f�,tal l�ncd lu<omc ` i�?
O R:uJa�s ('apital Iniermrdrnr .1r�rceatc � ��_'
\Ic:6an S ap
? jfl 9 (I(I IU S(I
Standard Ucviation
1 11�
' VX
: 9fi
l'p Dnwn
TrwckinR \IarkN Rlarket ,�Ipha �R Sharpe ���, Downside
F,rrnr �'��n�re CiaPture Rxtio Risk
ToIAI Pi�ed Incomc _' IU 1�7 35 98 34 -f1 :R 11 Ih 0 q{I I 11 I'�°
Bardm.; ('nprtal Intennediatr A¢gregatc D Ori Inn lir� IOi� nn U lin A;1 I i�' I nu I?.,
Prac6in� � r D����n tiharpc Downxide
�farket �larket 11pha IR Fkta
Ermr ('xpture Cepture Ratio Rick
Taal Fiscd Incomc I 65 �nu nZ 96 G? -D.zl 0 i1.3 n<b I nF I 6'7
Barclay�s Capnal Intrrmcdiatr A,�grcgaic u UO IOn Do IUn r�0 0(�U ♦,� u t,� � np � zS
��"� 1 1 I E
33 ` BOGDAHN
GROUP
Palm Beach Gardens Firefighters'
Agincourt Capital Management
September 30, 2009
�
�larkcl �'aluc �larkct F'aluc
Vcl Crpitxl
..�. o( (bntrihutinns Distributions F'ces Ezpenses Income q rec.! De rec. '`� ��
6/30/2009 �ironsfers ' �P P 9l30/20(19
:1�;mcoun ('apilal �fanaccmcnt a.ou� _ i � __ . a' 113 a.IGI
1 ��
1lurket ��nlue �larket ��alue
`` �� Vet (��ntriFufimm ��.e�n���;��. F'ees F.z�nse� Income � ar���� As of
9130l1(IIIA Trons(ers :\pprec.` Deprec. 9/30/2009
:\gmeoun('apilal\lan:�ecment ?J6' SM � _ _. - �-; :ZI a.lhl
Peer Group :�n�lysis - l'S Intermediate Din•ation Fixed Income :�ccounts (S:�) Cuma
I
i 7.5 n
I S pil
■ ■
�Il,�ll .
C
�
z - nu _ � �
. zn �
fl fl(1
Quancr
■ 1�;ineourl ('npnal \lana}ctncnl 4.01 �41 )
� liarda�s (�apnal :\ggregate ? T4 150)
Ocf-200R
'f n
Se�2009
IJ 76 r l41
I1156 iGRI
1'car
1
z 3 a �
1'ean 1'ears ti'ears Y'cars
SIIDO I
II�ISiI .
14't, t141 4�A K�A �;:A ��A
III�G (6S1 '0:. �SR� 6J1 ((31 57-' I661 �I� (S?) $1000 -
9�OR ILOA 3M9
6!09
9/09
ias
106
11cd�an ?'J IIJ(i II.aD .. 669 `.7' S19 —A�incourl('apiial\lanagcmcnt —BarelaysCapital:�gcrrgate
I I I 1 I 1
Quarler Quarter Quarfer Quarter Qonrtcr Quarter
F,ndin� f:ndin� F.ndine Eadin� F.ndinp F:ndin�
Juo-20D9 �1ar-21M9 Dco200R tiep-2008 ,lun-200A >1ar200A
:�Rincourt ('apilal �1Hna�ement '..09 169� 0.66 (Sy) ?.37 �JI \1:� \l:� \1.��
Barcla�s C�A�HI:II A�l'�QfC},01C I'3 f?'_1 0 12 (�ai 4�R I l;) -ll i�! (��t) -I D' 15(�) 2 17 i'l l
I;S Imcmicdiatc 1)ur�tion F�scd Incomc:\ccountslti:\i �trdian ?'? (�'? 1_'_' -1 17 -I 0? <' 62
�� � BOGDAHN
34 �
GROUP
Palm Beach Gardens Firefighters'
Davis,Hamilton,Jackson & Assoc. Fixed
September 30, 2009
. , .
\larkcl \'alue �1arAet �'alue
:`¢ of Vet ('onlriAutions Distrihutinns Fec� t;zpense< Incume <'apitxl :1s of
6/30121N19 �f ranskrs :�pprec.. Ueprrc. 9/}0/20114
Da.��s.Hnmiltrni Jnck.on & ,lssoc Fi�cd �1_' I-1 . - - -' - - " 19� :1,J7n
\INrkct \';Jue \et (�apifal �larkel ��slue
:\s nf .�ransferc (�onlributions UistriFutionc Feec f:�penxec Incnme �F���ree! Deprec. As o(
9/30/21N�R '1� 314'2 nu9
Da���s.flannl�on.lacl.sonKAcs��cFiscd ?.�,71 'IU - - .��.� - 'll ;�c- d,a'n
Peer Group .�n:ih•sis - l'S Broad �larket Care Fixed Incomc (S:�+CN) Cum
IG(I(1 - � �
12 00
e
= • •
X nli .
Y �
J u0 �
n iip �
1 Ocb2011H
Quarter Tn
Sep-2n09
■ DavisJiamiltonJackwn � Ac;uc. P��ed G U7 1201 I S 91 1 121
� BardaysC�prtallntcrniediatr:l�gmgatc ?_'I (941 9G9 (R9)
\lcdian
\'car
I I I
: 3 a t
Y'ears 1'ears 1'earc 1'tars
1591 U�I \;1 N:1 ti,\ V:\
9G9 (891 6R9 �G41 Gi� �GI� 5.73 IGI) SAZ i?D�
a"I I,5? �];_ 'SV 67i �,nn 5an
SII(i�.1
S I 115 (i
6�
�
�096
595 Q — i -r - —r— -- ���
6���% �) UY 12 �R :�09 G-09 9rp9
—Ilacis.flamlton.Jackson fc Assoc fircd
— - Barclac. ('apnal Intcrmcdiatc Acgre�aic
I 1 I I 1 I
Quarfer Quxrter V���rter Quarter Quartcr Quarter
F.ndin� F.ndin� F:ndin� t:nding Endin�, Endin�
.lun-21109 \Iar2fH19 Drc-200R ticp-2ROR .lun-21�OA 11ar-200R
Davis.11amilton,.lackson&:�ssoc.Fiaed 3.10 Ieel 1.27 f16� .7.66 (3A) -2.%R (RI1 ♦�.� \L�
BarclavsCaprtellntcrniedialcAggregare IbR f%'�� i�')I i_'�+� ;iR ic�i -iil? il8i -u9r, ii'� ?:i �i5)
I:S firoad �1arket Con ficed Inmme Iti:1 •('PI �fcdian 3:> li;g : SU -I J_ -U 75 I 99
�� r�,�
35 ` BOGDAHN
GROUP
Palm Beach Gardens Firefighters'
American Real Estate Fund
September 30, 2009
�
�larkc� �'nluc �tarke� \'aluc
.�s o( 1e1 <'ontrihations DistriFations Fees Ezpentes Income � Ar��'�� :�s of
6/JO/2009 7'rxnsfers :�pprec.! Ueprec q/30/21109
.\mcncm Rcal Fs�aic PunJ ¢Jl� - - - _ - F -R9 ?i-
� � 1 i '1 �
!11arket ��alue `�� Capital �1arl.et �'alue
:�s of 7?ansters (-nntrilrutions Uictributians F'eec FcpenaM Income :���prec.! Deprcc. :\s of
9lJII/:OIIN 9; 311/21N19
\mrur:m Rral I�stat� Fmul I.I?' - ' ' '- ' R .:R? ?S'
Pcer Group :1n:�lysis - l'S Pri�ate Re�l Estate-Open End (S:1+CH) Cum
�� ���� � �
. ��
` � .
e
�
-iOIIU �
Y � ■ ■
_as nn ,
�
Qu�rter
■ Amcncan Rcal I;s�aic Fund -'> 62 U>3)
� N('RfIFPropert} Indc� -i?? 11(1)
Oct-2�N18
T�
Sep-2(1t19
.i:! 96 (SJl
-_'_'09 (III
,_ � � ,
1 2 3 a �
1'ear \'rars \"ears �'ear. }'ears
3izoo.
51 I n.p
Sioou
So0 0
-32 96 f?Z) -I6 I I (4l,) -6 �6 145 � ti�:A �' :A
_?�<i9 �11) �)da 1101 -I _'R f9) ; la 19� r, 16 II � Ssnn '
i � r r -- - r � -
9.nG r;.n7 iIDR 12�08 9�U9
�ted�an ':0 -� � O(1 -:� fiD •�G 94 -R R5 _I� I; } 91r �:\ntncan Rral E>lale Pund — V('RLIP Propert�' Inde�
I 1 1 I 1 I
QuNrtcr Qw�rter Quarter Quarter (ju�+rtcr Quarter
F.nJing F.ndin� Entlin� F.ndin� F;ndinQ F.ndin�
.lun-2009 �txr-2009 Dcc-200A Se�r2008 .lun-2UOR �tar-ZOOA
:lmericen Real F.+talo Fund -7.54 IS41 -13J0 (381 -7.7R (26) -(1.56 (Sq) I.5? 123) 1.18 (S9)
NCRIiIF Propcin InJcx -5 20 f 14i ,„ (I?) -R 29 f271 -U 1% i381 �� ?�; 159) l ti0 f3?I
l;S Pri�me Real F:statc f�rn EnJ IS,\•CI� �;�ledian -' 19 -14 I 1 -9 9�1 -0.3G 0?4 L24
� �ri�r.
36 �1 � BOGDAH N
\- �._ ��
Historical Hybrid Composition 'Total Fund
Effective Date: �tav-1998
S&P 500 lndex
Barclays Capital l'.S. Government�Credit
Citigroup 3 Month T-Bill
Effective Date: Jan-2001
S&P 500 Index
Barclays Capital L!.S. Government/Credit
Citieroup � Month T-Bill
Effective Date: rlpr-2003
S&P 500 Index
Barclays Capital Intennediate U.S. Government�Credit
Citigroup ± Month T-Bill
Effective Date: Ju1-2005
S&P S00 Inder
Barclays Capital Intermediate l!.S. Government�Credit
MSCI EAFE
Citiemup 3 Month T-Bill
Effective Date: Oct-2007
Russell 3000 Index
Barcla��s Capital Intermediate .Aggregate
MSCI E.4FE
('itigroup 3 Month T-Bill
Effective Date: Ju1-21108
Russell 3000 Index
Barclays Capital Intermediate Aggregate
MSCI E.-\FE
N(�REIF Prc�perty Indez
Palm Beach Gardens Firefighters'
Benchmark Histon�
As of September 30, 2009
GOAO
±5.00
� .00
G>.00
i0.00
�.()0
G�.00
;0.00
�.QO
S�.pO
;0.00
10.00
�.00
5�.00
30.00
I 0.00
�.00
S 5.00
25.00
I 0.00
I �.00
Historical livbrid Compusition Dana Fixed Polic�
Effecti��e Date: :�1a�-1998
[3arcla� s Capital l..S' Go� ernmentiCredit
Effective Date: .4pr-2003
Barclays Capital Intermediate l.S. GovernmenuCredit
Effective Date: Oct-2007
Barclaps Capital lntermediate .A���regate
I �0.00
I 00.00
100 AO
� l ll�
37 ` BOGDAHN
GROUP
Statistics
Return
Standard Deviation
Sharpe Ratio
,Alpfia
Beta
R-Squared
Trey�nor Ratio
[)o�vnside Risk
Tracking Err�r
Information Ratio
C'onsistency
E�cess Return
Active Return
E�cess Risk
l;p �larket ('apture
Statistics Definitions
Description
— Compounded rate of return for the period.
— A statistical measure of the range of a porttblio s performance, the variability of a return around its average return over a
specitied 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 hi�her the value, the better the product's hismrical risk-adjusted performance.
— A measure of the difference between a portfolio's actual returns and its expected performance, �iven its level of risk as measured
by' beta. It is a measure of the portfolio's historical perforn�ance not explained by movements of the market, or a portfolio's
non-svstematic return.
— A measure of the sensitivity �f a portfolio to the move►nents in the market It is a measure of a portfolio's non-diversifiable or
svstematic risk.
— The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means a
hi�her correlation of the portfolio's perf'ormance to the appropriate benchmark.
— Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return over
the risk free rate divided by the beta. The result is the absolute rate of return per unit of risk. The hiQher the value, the better the
product's historical risk-adjusted performance.
—.� measure similar to standard deviation. but focuses only on the negative mo��ements of the return series. It is calculated by
taking the standard deviation of the negative quarterly set of retums. 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.
— h9easured b}� dividing the active rate of return by the tracking errnr. The higher the Infi�rmation Ratio, the more valtie-added
contribution by the mana�;er.
— T'he percenta�e of quarters that a product achieved a rate of return higher than that of its benchmark. The hi�her the consistene�
fi�ure. the more value a manacer has contributed to the product's perforniance.
—.�rithmetic difference behveen the managers retum and the risk-free return over a specified time period.
—.Arithmetic difterence behveen the managers retum and the benchmark return over a specified time period.
-- r1 measure of the standard deviation of a portfolio's performance relative to the risk free return.
— The ratio of a�era�e portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate
better product perforniance.
>o�vn Market Capture — The ratio of average portfolio retum over the b�nchmark during periods of negative benchmark return. Lo�cer values indicate I
better product performance.
�'alculatmn hasrd ��n m�mthl) �icnc>dicrt}'. �� �fHF.
ss BOGDAHN
` � GROUP
Chicago
4320 Winficld Road Suitc 2p0
Warreuvilte, Illinois bO55S
�_
�
�..I
�
THE
BOGDAHN
�
� GROUP
sim isfyin oar i' vestmeat and f�ducia decisioru
P 8.Y �Y
Orlando
49(1l Vincland Road, Suitc h00
Orlando, Florida 33811
Rfi6 2�0 7932
Milwaukee
250 E. Wisconsin flve Suitc 18O4
Milwaukce, Wisconsin 532Q2
PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
MINUTES OF MEETING HELD
September 21, 2009
A meeting of the Board of Trustees was called to order at 9:20 A.M. at Council
Chambers, Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES
Tom Murphy
Rick Rhodes
Ed Morejon
Roy 011iff (9:58 A.M.)
MINUTES
OTHERS
Margie Adcock, Administrator
Pedro Herrera, Attorney
Joe Bogdahn, Investment Monitor
The Board reviewed the minutes of the meeting held July 20, 2009. A motion was made,
seconded and carried 3-0 to accept the minutes of the meeting held July 20, 2009.
INVESTMENT MONITOR REPORT
Joe Bogdahn appeared before the Board. He reviewed the market environment for the
period ending June 30, 2009. He noted that small cap and mid cap did a little better than
large cap, and low quality did a little better than high quality. Mr. Bogdahn reviewed the
investment performance for the quarter ending June 30, 2009. The total market value of
the Fund as of June 30, 2009 was $23,334,022. The asset allocation was 48% in
domestic equities; 8.5% in international; 34.1% in fixed income; 3.6% in real estate; and
5.8% in cash. The Fund was up 5.68% net of fees for the quarter while the benchmark
was up 11.73%. Mr. Bogdahn noted that it was a tough quarter, although there were
positive numbers. The total domestic equity portfolio was up 11.82% while the
benchmark was up 16.82%. The equity portfolio managed by Dana was up ll.07% for
the quarter while the S&P 500 was up 15.93%. The international portfolio managed by
Voyageur was up 16.56% for the quarter while the EAFE was up 25.85%. The real estate
portfolio managed by American Realty was down 7.44% for the quarter while the
NCREIF was down 5.20%. The total fixed income portfolio was up 2.62% for the
quarter while the benchmark was up 1.68%. Agincourt was up 2.09% for the quarter
while the benchmark was up 1.78%. DHJ fixed income was up 3.10% for the quarter
while the benchmark was up 1.68%. There was a lengthy discussion on performance and
meeting expectations. There was a lengthy discussion on the assumed rate of return of
8.25%. Mr. Bogdahn stated that in general terms he would like to see a lower number as
it would be easier to reach the return but would require the City to contribute more
money. He stated that he thinks long term this is a good number. The difficult challenge
in going forward it how to achieve it, but they have some things in progress to help such
as increasing the international exposure. Mr. Bogdahn stated that he was not
recommending any change at this time. Mr. Bogdahn reviewed the compliance checklist.
2
Roy 011iff entered the meeting.
Mr. Bogdahn stated that the only thing he would do is add some things, some of which
cannot be done until the Ordinance is amended. However, one thing the Board could do
now is add to emerging markets. There was a lengthy discussion on emerging markets.
When the interest rates start to go up, it will be a bad time for bonds. He does not think
that will happen for at least twelve to eighteen months, so there is time to look into that.
There was a lengthy discussion on increasing the international limit to 25% and whether
an Ordinance change is necessary. It was noted that this issue should be discussed at the
upcoming Division of Retirement Conference.
REAPPOINTMENT OF RICHARD RHODES
It was noted that the term for Richard Rhodes as the Sth Trustee was due to expire on
September 30, 2009. A motion was made, seconded and carried 3-0 to reappoint Richard
Rhodes for another term as the St" Trustee. Richard Rhodes did not vote on the motion.
Tom Murphy departed the meeting.
ATTORNEY REPORT
Mr. Herrera stated that they forwarded the proposed Ordinance to the Actuary for an
impact statement. They received a letter from the Actuary dated September 8, 2009
regarding the impact of allowing retirees to change their joint annuitants. Mr. Herrera
replied to the Actuary regarding his letter asking if a recalculation would take into
account the anti-selection. He has not yet heard back from Mr. Armstrong. Currently the
language is that a recalculation will take place. They may need to include language that
any cost will be passed on to the member requesting the calculation. There are two
issues. One is the cost of the recalculation. The other is the actuarial funding cost and he
is waiting to hear back from the Actuary on this. A motion was made, seconded and
carried 3-0 that any cost from anti-selection and a recalculation associated with that
would be borne by the Participant requesting the recalculation. Mr. Herrera reviewed
the Ordinance and noted that the Ordinance provides that the cost of any recalculation
would be borne by the Participant.
ADMINISTRATIVE REPORT
Ms. Adcock presented the Board with the benefit calculation and election for Evan
Bestland. A motion was made, seconded and carried 3-0 to approve the benefit election.
Ms. Adcock presented the list of disbursements to be made. It was noted that on the
invoice for the Attorney there were two entries for the same item on August 3, 2009. Mr.
Herrera noted that they do not double bill for two attorneys and therefore would remove
one of the entries. It was noted that $142.50 would be deducted from their invoice. A
3
motion was made, seconded and carried 3-0 to approve the disbursements listed with the
exception that $142.50 would be deducted from the invoice for the Attorney.
OTHER BUSINESS
It was noted that Richard Hitchins resigned form the Board. The City Clerk has advised
that there are two applicants for the vacant position. The City will appoint someone to
the position in October.
Mr. Bogdahn provided a revised Investment Policy Statement. He stated that it added
language regarding scrutinized companies and incorporated an increase in the maximum
for international securities to 25%. Mr. Herrera stated that he did not want the Board to
include the 25% maximum when the Ordinance had not yet passed. The Board decided
to review the matter at the next meeting after they had a revised Statement and an impact
statement from the Actuary.
There being no further business, the meeting adjourned.
Respectfully submitted,
Tom Murphy, Secretary
Steven I. Gordon
Certified Pziblic Accountant
�L►urican Inscuuce of
Cenified Public Accouncanu
Flarida Iastiruu of
Crniiud I'uhlic Aaounraau
September 25, 2009
Board of Trustees
City of Paim Beach Gardens Firefighters' Pension Trust Fund
Palm Beach Gardens, Florida
I am pleased to confirm my understanding of the services I am to provide for City of
Palm Beach Gardens FireTighters' Pension Trust Fund for the year ended
September 30, 2009. I will audit the net assets available for benefits of Financial
Statements of City af Palm Beach Gardens Firefighters' Pension Trust Fund as of
September 30, 2009 and the related statements of changes in net assets for the year then
ended. Also, the document I will submit to you will include the Schedule of
Contributions from Employer and Other Contributors and the Schedule of Funding
Progress.
These financial statements and supplemental schedules are required by Generally
Accepted Government Accounting Standards.
Audit Objectives
The objective of my audit is the expression of an opinion as to whether your financial
statements are fairly presented, in all materiai respects, in conformity with U.S.
generally accepted accounting principles and whether the supplemental schedules are
fairly stated in all material respects in relation to the basic financial statements taken as
a whole. My audit will be conducted in accordance with U.S. generally accepted
auditing standards and will include tests of the accounting records of City of Palm
Beach Gardens Firefighters' Pension Trust Fund and other procedures I consider
necessary to enable me to express such an opinion.
If my opinion is other than unqualified, I will discuss the reasons with you in advance.
If, for any reason, I am unable to complete the audit or am unable to form or have not
formed an opinion, I may decline to express an opinion or to issue a report as a result of
this engagement.
Audit Procedures
Our procedures will include tests of documentary evidence supporting the transactions
recorded in the accounts and direct confirmation of investments, beneft obligations,
and certain other assets and liabilities by correspondence with financial institutions, and
other third parties. I will also request written representations from your attorneys as part
of the engagement, and they may bill you for responding to this inquiry. At the
conclusian of my audit, I will require certain written representations from you about the
financial statements and related matters.
4600 W. Commet+eial Blvd. Suitc 5 Tamarrc, FL 33319
Voice (954) 485-5788 Fax (95�1) 4858988
sgo�don�stevengordoncpa.com
An audit includes examining, on a test basis, evidence supporting the amounts and
disclasures in the financial statements; therefore, my audit will involve judgment about
the number of transactions to be examined and the areas to be tested. Also, I will plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether from errors, fraudulent financial
reporting, misappropriation of assets, or violations of laws or governmental regulations,
that are attributable to the plan or to acts by management or employees acting on behalf
of the plan. Because an audit is designed to provide reasonable, but not absolute,
assurance and because I will not perform a detailed examination of all transactions,
there is a risk that material misstatements may exist and not be detected by me. In
addition, an audit is not designed to detect immaterial misstatements or violations of
laws or governmental regulations that do not have a direct and material effect on the
financial statements. However, I will inform you of any material errors that come to my
attention, and I will inform you of any fraudulent financial reporting or
misappropriation of assets that comes to my attention. I will also inform you of any
violations of laws or governmental regulations that come to my attention, unless clearly
inconsequential. My responsibility as auditor is limited to the period covered by my
audit and does not extend to any later periods for wliich I am not engaged as auditor.
My audit will include obtaining an understanding of internal control sufficient to plan
the audit and to determine the nature, timing, and extent of audit procedures to be
performed. An audit is not designed to provide assurance on internal control or to
identify reportable conditions, that is, signiftcant deficiencies in the design or operation
of internal control. Hawever, during the audit, if I become aware of such reportable
conditions, I will communicate them to the board of trustees in a separate letter.
In addition, I will perform certain procedures directed at considering the Plan's
compliance with applicable Internal Revenue Service (IRS) requirements for tax-
exempt status. However, you should understand that my audit is not specifically
designed for and should not be relied upon to disclose matters affecting plan
qualifications or compliance with IRS requirements. If during the audit I become aware
of any instances of any such matters or ways in which management practices can be
improved, I will communicate them to you.
Management Responsibilities
You are responsible for making ail financial records and related information available to
me and for the accuracy and completeness of that information. I will advise you about
appropriate accounting principles and their application and will assist in the preparation
of your financial statements, but the responsibility for the financial statements remains
with you. This responsibility includes the establishment and maintenance of adequate
records and effective internal controls over fnancial reporting, the selection and
application of accounting principles, and the safeguarding of assets. You are responsible
for adjusting the financial statements to correct material misstatements and for
coniirming to me in the management representation letter that the effects of any
uncorrected misstatements aggregated by me during the current engagement and
pertaining to the latest period presented are immaterial, both individually and in the
aggregate, to the financial statements taken as a whole. You are also responsible for
identifying and ensuring that the plan complies with applicable laws and regulations.
�
Fees and Other
My fees for these services will be $5,150. You will also be billed for travel and other
out-of-pocket costs, if any. Should you request me to prepare the state annual report I
would charge $1,000 for the service. The fee estimate is based on anticipated
cooperation from your personnel and the assumption that unexpected circumstances will
not he encountered during the audit. If significant additional time is necessaty, I will
discuss it with you and arrive at a new fee estimate before I incur the additional costs.
My invoices for these fees will be rendered each month as work progesses and are
payable on presentation. In accordance with my firm policies, work may be suspended
if your account is overdue and will not be resumed until your account is paid in full. If I
elect to terntinate my services for nonpayment, my engagement will be deemed to have
been completed upon written notification of termination, even if I have not completed
my report. You will be obligated to compensate me for all time expended and to
reimburse me for all out-of-pocket expenditures through the date of termination.
I appreciate the opportunity to be of service to the City of Palm Beach Gardens
Firefighters' Pension Trust Fund and belicve this letter accurately summarizes the
significant terms of my engagement. If you have any questions, please let me know. If
you agree with the terms of my engagement as described in this letter, please sign the
enclosed copy and return it to me.
Very truly
I. Gordon, CPA
RESPONSE:
This letter correctly sets forth the understanding of City of Palm Beach Gardens
Firefighters' Pension Trust Fund.
For the Plan:
Title:
Date:
�THE
BOGDAHN
GRO UP
�implifi'i�tx �•our in�•rsuiieiu nnd firlurinq' dreisionc
(��lEn�lO1tANDUM
/'I r �
�^ � � �
� L�_= ,
,
"f0: I3oard of�Trusteeti
FROM: .Iill Lukas / .loe I3o�dahn
Rl;: Consulting Services Fee Increase
D���l�l:: Octc�bcr ?0. ?O09
OUl' fli'lll ���as fi�r»led �t�ith the lllltitil(lil of prc�viciin`� th� hi��h�st lc:��el of
111tilIlUl1011a� lll\'(;',Sllllt;lll COIItiUlilll`� at a very campetitiv� (ee. Ati �vc have `�rc����i� in
Illlllll)t',l' Of C�lelllti, we ]lave cione our best tc� prudently build a liri» that is ready (o
mcct the chall�n`_;t',S �1SSOCIilI�C� \\'li�l IOC��l1'�S Ill�ll'�t',l, illl(I I ��1117i� �i't' �ll'l; OIl i�ll; I'I`.!�ll
II'aCi�. rOC�a)' \t'� are a�(',ti�'I', Sil'OIl`�el' �ill(� I1101'e t'.X}�1:���C'.I1C�C� �II'lll l�lall \1'C \1'c:l'c;
�vhc» initially ei�`�a`�ed by your I3oard. �l�he Florida mui�icipal ��ension marketE�lace
has cha���ed dramatically c�vcr thc years, ��ncl true ii�ci���endencc is no��� reco�nired
as the prude»t aE�proach. Wc are plcati�d to hav� bcen at thc lorefront o1� thiti
IllO�'CIllClll.
We are challen�cd in bala»cin`� the requircmcnt to �ci�crate the rcvcnues iiecc�sary
to tiu��port an /�-+- team ���ith the desirc tc� providc cc��t-el�fc�tivc se�•vice tc� ��lans
such as youi-s that have ser���cl as the (��und�li1011 O1 OUI' tll'ill. ���C have ezp��ncl�d
our outstandin`� o���rations `�raup a��d con�ultin�� team, �vith credcntial, that include
sevei� CFA Charterholdc��s, t�v0 Illl',Ill�)t;l'S �vhc� have cari�ed the Cl��lf��`
desi�nation, t���c� CI'A's ancl an attorncy. We havic expandcci our analytical
V1'nl'I��)t',IICIl. ��-c i�o�v have �l C��C�IC�itt',C� Il\'�-�)LI'SOII 1'LtiC;�li'C�1 ie�llll �VIlO llleel / I'CVicw
in��e:stment mai�ay�crs. ���e co»tinue to ���urk to improvc: our c�uart�rly reports.
As a iirm, ���e strivc to run an �i�ficient tihc�p to keep ���u• expen�es la�v. Althc�u�h
efCcici�t travel, autc>»>ation, ai�ci ��ood c�lcl-1i1tiI11011(;(I IlilfCl ��-ork hcl��s keep cc�sts i��
li»c, in order to rc:main com���titive ancl ��iahle �ve must i»akc aciju�t»>ents.
���� 1't',CO`.:1117_� that this �1ati i�c�t been ZIl icleal Ill�ll'i��l l'Il�'1C011lll�ill �OI' 1I1C1'C�ltilll`.?
expenses. Ho���ever, our threc-year fee �uarantee has cx��ii•ed, and ���c ask that yc�u
pI�1CC COIlS1C�Cl'�ill(�Il Of aIl �CjjUtillll�lll l0 OUI' Il',t', 011 j�0U1' Ill:Xl Il1CCll11`� a�CIIC�a.
4901 Vinoland Road'1 Suito G00'� Orlando, Florida 32811
Telephone (86G) 240-7932'� Facsimile (863) 292-8717
www.bogdalingroup.com
PALM BEACH GARDENS FIREFIGHTERS' PENSI�N FUND
DISBURSEMENTS
November 9, 2009
• THE RESOURCE CENTERS, LLC.
(Bill for services for October and November 2009)
• REGIONS MORGAN KEEGAN TRUST
(Custodial Fees for August and September 2009)
• SUGARMAN 8� SUSSKIND
(Fees for legal services for September and
October 2QQ9)
• VOYAGEUR ASSET MANAGEMENT INC.
(3"� Quarter 2009 Management Fee)
• DAVIS HAMILTON JACKSON & ASSOCIATES
(3`� Quarter 2009 Management Fee)
• AGINC4URT CAPITAL MANAGEMENT
(3`� Quarter 2009 Management Fee}
• DANA INVESTMENT ADVISORS INC.
(3`� Quarter 2009 Management Fee)
• BOGDAHN CONSULTING, LLC.
(3rd Quarter 2009 Monitoring Fee)
• ED MOREJON
(Reimbursement for expenses for FPPTA
School in October 2009)
• FPPTA
(Re-Certification of CPPT for Richard Rhodes}
Total Disbursements for Approval
$ 3,250.00
$ 1,687.45
$ 555.75
$ 2,582.76
$ 2,793.46
$ 2,573.38
$ 21,642.19
$ 5,125.00
$ 104.80
$ 100.00
�
(Trustee) (Trustee)
40,414.79
Resource Centers, LLC
4360 Northlake Blvd Ste 206
Palm Beach Gardens, FL 33410
Invoice
Oate Invoice #
11/2/2009 B090433
Tax ID Numbers
Resource Centers, LLC 87-0800468
Pension Resource Center, LLC 36-4504183
Financial Resource Center, LLC 87-0800465
Mail Paymcn�s w:
Resource Centers, LLC at Palm Beach Gardens Address OR ACN Payment to:
First Southern Bank
Financial Resource Center
ABA H:Q67012895
Account #: 80610968Q6
Ficst Southern Bank
Pension Resource Center
ABA !f: 067012895
Account �!: 8061093306
First Southem Bank
Resource Centers, LLC
ABA q 067012895
Account # 8063659206
if yau have any questions concerning this invoice, please contact Denise McNeill at Resource Centers, LLC
Phone 561-459-2966 or Email - Denise(a�resourcecenters.com
Resource Centers, LLC
4360 Northlake Bivd Ste 206
Palm Beach Gardens, FL 33410
Invoice
Date Invaice #
9/30/2009 B09U394 '
Tax ID Numbers
Resource Centers, LLC 87-08004fi8
Pension Resource Center, LLC 36-4504183
Financial Resau�ce Center, LLC 87-0800465
Mail Paymenis co:
Resource Ceaters, LLC at Palm Beach Gardens Address OR ACN Payment to:
First Southern Bank
Finaneial Resource Center
ABA N:067012895
Account #: 8061096806
First Southern Bank
Pensian Resource Cente�
ABA t!: 067012895
Account #: 8061093306
First Southem Bank
Resource Centers, LLC
ABA # 067012895
Account # 80G3659206
If yau have uny questions concerning this invoice, please contact Denisc McNeill ut Resaurce Centcrs, LLC
Phone 561-459-2966 or Email - DeniseQresourcecenters.com
REGIONS MORGAN KEEGAN
Post Office Box 12385
Birmingham, Alabama 35202-2385
STi�TEi•SENT OF '=RliS':EES ....ES
INVOICE DATE 10i09/2009F
ACCOUNT x 3320005077 ACCOUNT NA2dE: PB GARDENS FIRE
.,...�...+��..�.>
...+......��....*
DESCRIPTION/
SySZS
J. SCOTT BAUR
TEGRIT PI.AN ADMINISTRATORS
4360 NORTHLAFCE SLVD, SUITE 206
PALM HEACH GARDEN FL 33410
Ii�7VOIC^ i�JUI•IB�R 54852
SUi�II�LyRY O� ACCOUNT
*'k i 4# t ir * �♦ Y*#*** 1t # y • i k i'
PREVIOUS BAL]\NCE
?i........:c �ECE�.ED:
CURRENT FEE:
1 � L x'4 *♦- �� 1� 1� M*
�
1,687.45
t t'��:F Y# t# k* t t f
1,601.23
7�9.59-
865.81
BALANCE DUE $ 1,687.45
rEE Cr:LCULATION DETieIL 09/O1/2009 - 09/30/2009
•:a**+*,t+�rr,rvt+:*+++�+• r�*+**a+,rr+a* +++*+++..++�*
RATE FEE TOTRL
i•1ARKET VALUE PERIOD ENDING 09/30/2009
25,974,422.24 0.0000083333 21,645.27 21,645.27
$ 21,6,5.27
FEE CALCULATION DETAIL 09/O1/2009 - 09/30/2009
ITEid �;tdOUNT
---------- --------------------- ------------
DZSCOUNT:
PERIOD ENDING 09/30/2009
TOTAL
SLR,'RdARY OF FEE CALCULATION DETAIL
�+++..+++*+++..++ ++**.+:r*.i..++*.++.++:* .+.+**+,r++t++
ITEI�S
--------------------------------
i•1ARKET VALUE
DISCOUNT
TOTAL AMOUNT DUE FOR CURRENT PERIOD
20,779.46-
S 20,779.96-
*+*+++a,r++�rr,t
n2d0UNT
21,6A5.27
20,779.46-
$ 865.81
..��,.,� � .. w ;',i�
;_) l . i 1 6 %QQ�
FOR FEE CALCULATION PERIOD 09/O1/2009 - 09/30/2009
CONSOLIDATED ACCOUNT PRORATION FOR 2•SASTER ACCOUNT td21985 PALid BCH GARDENS
i�CCOUNT Nr1idE PERCENTi�GE AI�fOUNT CHARGE/BILL FEE
2850000097 PB GARDENS DROP 0.30994372� 2.68 BILL TO A/C 3320005077
3320005077 PB GARDENS FIRE 10.70002826$ 92.69 BILL
3320010132 PB GF:RDENS FREED 6.36332310% 55.09 BILL TO A/C 33200050'I7
3350000088 PB Gi�RD FIRE EQ 27.29972695% 236.36 IIILL TO A/C 3320005077
3350000097 PB GARD FIRE FXD 17.04128565$ 197.55 BILL TO A/C 3320005077
3350000104 PB GARD FIRE AGN 15.875499�11$ 137.45 BILL TO A/C 3320005077
3350000113 PB GAR DANA GRTH 22.41019341% 194.04 BILL TO �/C 3320005077
�����3�'%�.. REGIONS M4RGAN KEEGAN
Post Office Box 12385
Birmingham, Alabama 35202-2385
STATEMENT OF TRUSTEES FEES
INVOICE DATE 10/09/2009 2
ACCOUNT NAME PERCENTAGE MARKET VALUE
2850000097 PB GARDENS DROP 0.30994372$ 80,506.09
3320005077 PB GARDENS FIRE 10.70002826$ 2,779,270.52
3320010132 PB GARDENS FREED 6.36332310$ 1,652,836.41
3350000088 PB GARD FIRE EQ 27.29972645$ 7,090,946.22
3350000097 PB GARD FIRE FXD 17.04128565$ 4,426,375.49
3350000104 PB GARD FIRE AGN 15.87549941$ 4,123,569.25
3350000113 PS GAR DANA GRTH 22.41019341$ 5,820,918.26
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
BRANDON D. DAVIS AT 813-639-3341
REGIONS MORGAN KEEGAN
Post Office Box 12385
Birmingham, Alabama 35202-2385
STATEMENT OF TRUSTEES FEES
INVOICE DATE 09/11/2009
ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE
,..****�..+.**++�
...:*+..*+�t*+.*+
DESCRIPTZON/
BASZS
J. SCOTT BAUR
TEGRIT PI.I�T ADMINISTRATORS
4360 NORTHLAICE BLVD, SUITE 206
PALM BEACH GARDEN FL 33410
`^'�`F i' ': . : �
,`� 1 8 2009
t�?.
�--�------� _
INVOZCE NLR•1BER 53975 $ 1, 601.23
SU2•II•irlRY OF ACCOUNT
* * * * * * * * * # * * * * * # + # * * ir * * k k t k * # * * * * 4 * A� * ir * * A * * * * �F * #� *
PREVIOUS BALANCE ��g,59
CURRENT rEE: g21.64
SALANCE DUE $ 1,601.23
FEE CALCULATION DETAIL 08/O1/2009 - Of3/31/2009
t�k * 1c * t 4 i+ f f#*** 4 t+ 4 f * i 4 t* Y+ t*#*** 4 t t +# i i t## t} t***
RATE FEE TOTAL
MARKET VALUE PERIOD ENDING 08/31/2009
24,6�39,360.66 0.0000083333 20,541.05 20,541.05
$ 20,541.05
FEE CALCULATION DETRIL 08/O1/2009 - 08/31/2009
ZTEM AI�IOUNT
-------------------------------- ------------
DISCOUNT:
PERIOD ENDING 08/31/2009 19,719.41-
TOTAL $ 19,719.41-
SUhII�L�RY OF FEE CALCULATION DETAIL
.+.++��++��.�+*+. .#+*.+++.++#t+++...++++ ++.***++t....
ITED1
--------------------------------
MnRKET VALUE
DISCOUNT
TOTAL AMOUN'P DUE FOR CURRENT PERIOD
�.+.*..+**+..
AMOUNT
20,542.05
19,719.,1-
$ 821.64
FGR rEE CALCULATION PERIOD 08/O1/2009 - 08/31/2009
CONSOLIDATED ACCOUNT PRORATION FOR t�SaSTER ACCOUAIT :d21487 PiiL'.d BCH Gi�RD�?QS
ACCOUNT NAME PERCENTAGE A2dOUNT CHARGE/BILL FEE
2850000097 PB GARDENS DROP 0.28576705� 2.35 BILL TO A/C 3320005077
3320005077 PB GARDENS FZRE 8.54708363$ 70.23 BZLL
3320010132 PB GARDENS FREED 6.705332292 55.09 BILL TO A/C 3320005077
3350000088 PB GARD FIRE EQ 27.57566845$ 226.57 BILL TO A/C 3320005077
3350000097 PB GARD FIRE FXD 17.67095415$ 145.19 BILL TO A/C 3320005077
335000010A PB GARD FIRE AGN 16.55613928$ 136.03 BILL TO A/C 3320005077
3350000113 PB GAR DANA GRTH 22.659060153 186.18 BILL TO A/C 3320005077
- REGI�NS 1VIQRGAN KEEGAN
Post Office Box 12385
Birmingham, Alabama 35202•2385
STATEMENT OF TRUSTEES FEES
INVOICE DATE 09/11/2009 2
ACCOUNT NAME PERCENTAGE MARKET VALUE
2850000097 PB GARDENS DROP 0.285767058 70,439.75
3320005077 PB GARDENS FIRE 8.54708363$ 2,106,801.47
3320010132 PB GARDENS FREED 6.705332298 1,652,821.54
3350000088 PB GARD FIRE EQ 27.57566845� 6,797,225.97
335�000097 PB GARD FIRE FXD 17.670954158 4,355,777.22
3354000104 PB GARD FIRE AGN 16.55613428$ 4,080,981.25
3350000113 PB GAR DAI3A GRTIi 22.65906015� 5,585,313.46
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
BRANDON D. DAVIS AT 813-639-3341
Robert �. Sugarman
Howard S. Susskind
Kenneth R. Flarrison, Sr.
D. Marcus Braswelt, Jr.
Pedro A. Herrera
Ivelisse Berio•LeBeau
Noah S. Warman
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
November 4, 2009
City of Palm Bcach Gardcns I�ircfightcrs' Pcnsion Pund
c/o Margarct M. Adcock, Administrator
'I�he Pension Resource Center, II1C.
4360 Northlakc I3oulevard, Suitc 206
Palm Bcach Gardens, i� lorida 33410
�3'�'
100 Miracie Mile
Suite 300
Coral Gables, f lorida 33134
(305�529-2801
Broward 763-2566
Toll Free 1-800-329-2122
Facsimile (305) 447-81 15
^���'�:��t'�:11�
�;�� t) � 2009
CURRLN"I' FE[:S:
CURRI;N"I' COS"I'S:
PIZCVIOUS BALANCI�:
Pf1YMI;NTS R[:CEIVI:D:
TOTAL f1MOUNT Dl1L
427.50
0.00
270.75
0.00
698.25
SUGARMAN & SUSSKIND
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
- Telephone: 305-529-2801
Fax: 305-447-8115
www.sugarmansusskind.com
City of Palm Beach Gardens Fireflghters' Pension Fund
c/o Margaret M. Adcock, Administrator
The Pensian Resource Cente�, Inc.
4360 No�thlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
November 03, 2009
Client:Matter PBGF:ACTU
In Reference To: Actuarial Services
Amount
Previous balance
Balance due
$128.25
$128.25
Client:Matter PBGF:ORDN
In Reference To: Ordinances
Previous balance
Balance due
Client:Matter PBGF:SIPO
In Reference To: Statement of Investment Policy
Amount
$142.50
$142.50
�
City_af Palm Beach Gardens Fi�efighters' Pe�sion Fund
Professional Services
10/16/2009 Draft e-mail consultant reference revised investment policy, receive e-mail
consultant investment policy and review proposed policy reference chapter
112 requirements
For professional services rendered
Balance due
Page 2
Hrs/Rate Amount
1.50 427.50
285.00/hr
1.50 $427.50
$427.50
Robert �. Sugarman
- _ -. 4ir�watd S. Susskind
I;ennefti R. Harrison, Sr.
D. Marcus f3raswell, Jr.
Pedro A. Herrera
Ivelisse Berio-LeBeau
Noah S. Warman
SUGARMAN & SUSSKIND
f'ROFESSIONAL nSSOCIATION
ATTORNEYS AT LAW
October 27, 2009
City ol� Palm I3each Garcicns I� ircGghtcrs' Pcnsion Tund
c/o �targaret i�i. Adcocl:, Administrator
1�he Pcnsion Resotirce Ccnter, lilc.
4360 Northlake I3oule��ard, Suite 206
Palm I3each Gardcns, l� lorida 33=� 10
CURRI;NT rLLS:
CUIZRI;NT COS"1'S:
PRLVIOt1S I3��LA1�'CE:
PAYMI�N"I'S Ri:CI:IVED:
'I'O"I'AL AMOUN"I' DUE:
100 Miracle Mile
Suite 300
Coral Gabies, Florido 33134
(305) 5?.9-2801
Broward /63-2566
Toll Free 1-800-329-2122
Facsimile (305) 447-8115
128.2�
0.00
3,4�18.�0
3,306.000-ck(�8870169
270.75
It�(;�:1�� �:li�
p � �. � :� n 2009
BY:
,, . .
SUGARMAN & SUSSKIND
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
Te I e p h o n e: 305- 529-2801
Fax: 305-447-8115
www.sugarmansusskind.com
City of Palm Beach Gardens Firefighters' Pension Fund
c/o Margaret M. Adcack, Administrator
The Pension Resource Center, Inc.
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens FL 33410
Client:Matter PBGF:ACTU
In Reference To: Actuarial Services
October 27, 2009
Invoice # 63375
Professional Sen►Ices
09/29/2009 Telephone conference with Actuary regarding cost-impact to Plan based on
"anti-selection" issue raised when changing joint annuitants.
For professional services rendered
Balance due
Client:Matter PBGF:MEET
In Reference To: Meeting
Previous balance
10/01/2009 Payment - Thank You. Check No. 8870169
Total payments and adjustments
Balance due
Client:Matter PBGF:MISC
Hrs/Rate Amount
0.45 128.25
285.00/hr
0.45 $128.25
$128.25
Amount
$1,425.00
($1,425.00)
($1,425.00)
$0.00
__ ___ City of.Palm Beach_Gardens Firefighters' Pension Fund
Page 2
In Reference To: Miscellaneous
Amount
Previous balance $256.50
10/01/2009 Payment - Thank You. Check No. 8870169
Total payments and adjustments
Balance due
_ f$256.50)
($256.50}
$0.00
Client:Matter PBGF:ORDN
In Reference To: Ordinances _
Amount
Previous balance $142.50
Balance due $142.50
Client:Matter PBGF:PLAN
In Reference To: Plan
Amount
Previous balance $769.50
10/0112009 Payment - Thank You. Check No. 8870169 ($769.50)
Total payments and adjustments ($769.50)
Balance due $0.00
Client:Matter PBGF:SIPO
In Reference To: Statement of Investment Policy
f
-. Ci� oi-P_alm_Beach_Ga�dens Firefighters' Pension Fund- - _
Previous balance
10/0112D09 Payment - Thank You. Check No. 8870169
Total payments and adjustments
- _ - _ _— - -PaSQ--=- 3-==---
Amount
$855.00
($855.00)
($855.00)
Balance due $0.00
VO�1c%. �eLll ASSET MANAGEMENT INC.
�largarrt \4. ;lilcack
Tc�rit I'lan �lciministr.uur,
-1i60 Nunhlakc f31�•d.. Suitr 3116
f'alm (3rach Ciardcns FL 33410
In�•oicc \umbcr 122i3
In��oicr I),Ur: 10!12/2009
liillin�� f'criud: 07/01/2009 - 09;30'2009
Custodi;sn Account Numbcr: CF-RS1'8
Accuunt Numbcr: I'703O00
INVI:S"1'�ll�.\'I' i�i��\:�CI:��1[:NT 1�1?E
F�r thc :Arr�:ir, ('�rio�! �,t�n7 pL�?(It)9 tu 0�)� ;U�2�Q9
:�ccount \amc:
City of Palm 13cach Garclrns Pircli�htrrs' Pcnsi��n'I'rust I�und
I•:ndin�; \larkct 1'aluc for :lccount P703UUU:
July ?U0�): l.Oh�),R3�.�10 USD
l�U��UtiI ?Ob9. 1. � �)7,��j.0(1 11SU
Scptrmh�r 3009: 1.2 �•1.5�)0.3ti USU
A�•cragr �1arkct \'aluc 1.173,983.(,I USD
�larkrt Valuc 13ascd Fccs
1.173,9R3.(� I ci O.S800"o x 90 / 360
7�c�tal Current Pcriod Pccs
Tot:il :�mount Uuc L'pon 12cccipt
;��:c;El�',�ii
�;�v n 2 2009
� E K�.
2,jS2.76
�.582.76 USD
2,>82.76 USU
li ��ru h;n r:mc yuc,tiuiu, plca�r c:iU Portfuliu ,\d:ninistr:diun at G12.�76-', I i I or I•tiG6•759•9081 or,c�id an cmail ta �:unbiliine!n?�oyai;cur.nct
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ln�oirc \umbcr:
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Custodian :�ccount \umbcr
��ccount \umbcr:
:�ccount \amc:
►f'ire /u.clrurtiuu.c:
Bank: l!S [3ank
:\E3:1 : U�I100002'
��ccuunt: 1-602-3 ; I R-3�2h
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IZ2i3
1 O/ l 2/200�)
07: U I %2009 - 09/30'?009
Cl�-ItSYS
P703000
Cit�• uf Palm li�ach Garclrn; PirrtiLht�rs' Pcn>ion Tru,t Fund
:lmuunt Uuc 2,�R?.76 USU
Remittance Aniount
.1/uil !l�i.c purliun �ri!lr t'rurr put'��tcn�. %�Gunk }'uu fur �'uur hr�sin�.cs.
1'ut•���ru� ;11uilin�,� : I ddress:
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PO [3ox �)l�J�
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USU
INVOICE# 21641
Octobcr 12, 21109
DAVIS HAMILTON �ACKSON ASSOCIATES,L.P
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I'ortfi�lio Valuatiun ���ith �1cc:ruccl Intcrest as ��f 09-30-09
-1.-169.i-IU u 0?i0°o prr annum
QUill'Ic:l'�)' ��ilil�l�t',CIllClli FCl'
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HousTOt�, TX 77010-4035
TE:�: � 713 i 853-2322
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Cit�� of I',�Im l3cach G,�rdrns Fircfi��htcrs' Retiremrnt
Svstem �
"fhc Pcnsion Rcsow�cc Cw�tcr. Inc.
•�3G0 �orthlakc Rl��d.. Str. ?O6
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n��a��„� :.: ;�>0000 ic�-�
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srr� ices rcndcr«1 fi�ont 7'Ii3009 - 9/30r2009:
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S10,2q3.i0
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DANA INVESTMENT ADVISORS, INC.
STATEMENT OF MANAGEMENT FEES
Margie Adcack
Administratar
Pension Resau�ce Centers
4360 NoAhlake Blvd
S�1te 208
Palm Beach Gardens, FL 33410 United States
Billireg Perlod: FROM 07l01f2009 TO 0913012009
Custodian Accaunt �: 3350000088
Acco�nt #: 715ma - City of Palm Beach Gardens Firefighte�s' Retirertsent System - SC
Combined (Blend) Portfolio Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the Accounts: City oi Pslm Beach Gardens Firefighters' Retlrement
System - SC (715ma)
City at Patm Beach Gardens Firehghters' Retirement
System - LV (715mc�
Amount Due, PAYABLE UPON RECEIPT : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Please sign & forwa�d as Recessary to custodian for payment
Signature Dated
FEE CALCULATION
Amount Based
Rate Aoolled: For Assets Under Manaaement on Rata Aaplted
0.7500 X On the first: 3,000,000 22,500.00
0.6000 S6 On the remainder: 4,1U2,6B6 24,615.99
Total Fee: 47,115.89
°�6 of Rate
PeNod
0.25
19-Oct-09
Invotce No: 12344
Account: 715ma
$7.102,666
511,778.00
Amount Dua
(incl. adjustm.l
5,625.U0
B.154.00
11.779.00
Ii yau have arry questions or need further iniarmaUon please contact me - Jennifer �(262)782-3631 - Jennifer�Danalnvestment.com
Make Checks Payable to:
Dana Irnrestment Advisars, Inc.
Atin: Jennifer
P.O. Box 1087
BrookReld, WI 53008-1067
DANA INVESTMENT ADVISORS, INC.
STATEMENT OF MANAGEMENT FEES
Margie Adcock
Administratar
Pension Resaurce Centers
4360 Northlake Blvd
3uite 2Q8
Palm Beach Gardens, FL 33410 United States
Billing Pallod: FROM OTl0112009 TO 09130l20d9
Cuslodian Account #: 3350000113
Accaunt #: 715ca • City ot Pa�m Beach Gardens Firefighters' Retirement System - LCi
18-Oct-09
Involce No: 12274
Account: T15ca
PartfalfoValue ........................................................... $5,825,459
Amount Due, PAYABLE UPON RECEIPT : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,863.18
Please sign & farward as necessary to custodian for payment
Signature Dated
FEE CALCULATION
Amount Based % of Rate Amount Due
Rate A lep led: For Assets Under Managemant an Rate p I� led Period (Incl. a ustm.l
0.7500 �o On the first: 3,U00,000 22,500.00 5,625.00
O.60W % On the remainder: 2,825,459 16,952.75 4,238.19
Total Fee: 39,452.75 0.25 9,863.19
If you ha�e any quesNons or need further information please contact me - Jennifer �(262)782-3631 - Jennifer(c�DanalnvestmenLcom
Make Checka Payable to:
Dana InvesUnent Advisars, Inc.
Attn: Jenrtifer
P.O. Box 1067
Brookfleld, WI 5300&1067
� Tx�
.: Bo�r�AHN
�
�ROUP
340 West Central Avenue Suite 300 Winter Haven, FL 33880
: •
Palm Beach Gardens Firefighters' Pension
C/O Pension Resource Center
4360 NorthLake Boulevard
Palm Beach Gardens, Fl 33410
Description
Performance Evaluation and Consulting Services
7/1/2009-9/30/2009
additional portfolio evaluation - domestic equity
additional portfolio evaluation - international equity
additional portfolio evaluation - international equity
additional portfolio evaluation - fixed income
additional portfolio evaluation - real estate
Balance Due
Invoice
Date Invoice #
9/30/2009 4479
Amount
2,000.00
625.00
625.00
625.00
625.00
625.00
$5,125.00
THE RESOURCE CENTERS, LLC
'�� 4360 Northlake Boulevard, Suite 206 �:� Palm Beach Gardens, FL 33410
Phone (561) 624-3277 ❖ F� (561) 624-3278 ❖ WvWV.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS'
PENSION FUND
Meeting Dates for 2010
Monday, January 25, 2009 at 9:00 A.M.
Monday, March 15, 2009 at 9:00 A.M.
Monday, May 10, 2009 at 9:00 A.M.
(Dana Investment Advisors)
Monday, July 26, 2009 at 9:00 A.M.
Monday, September 20, 2009 at 9:00 A.M.
Monday, November 8, 2009 at 9:00 A.M.
(Dana Investment Advisors)
The meetings will be held in the Council Chambers at City Hall
located at 10500 North Military Trail, Palm Beach Gardens