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HomeMy WebLinkAboutAgenda Pollice Pension 102110Agenda City of Palm Beach Gardens Police Officers' Pension Fund MEETING OF OCTOBER 21, 2010 LOCATION: City Council Chambers' 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9AM 1. Call Meeting To Order 2. Roll Call: • Lt. Jay Spencer, Chairman • David Pierson, Secretary • Jules Barone, Trustee • Brad Seidensticker, Trustee • Wayne Sidey, Trustee 3. Investment Manager Report - ICC Capital (Steve Stack) 4. Investment Consultant Report - Thistle Asset Consulting (John McCann) • International Bond Manager Search 5. Attorney Report - Law Offices of Perry & Jensen (Bonni Jensen) • Revised Summary Plan Description • Revised DROP Distribution Policy • Federal Updates Memo • Discussion about Future Purchases of Mutual Funds and Security Class Action Monitoring 6. Administrator Report - Resource Centers (Audrey Ross) • September 30, 2010 Audit Engagement Letter • Discussion About Buyback Time Frames • 2011 Meeting Dates 7. Approval of Minutes • July 29, 2010 Regular Meeting 8. Disbursements 9. Benefit Approvals 10. Financial Statements 11. Old Business 12. Other Business 13. Adjourn Next Meeting Date: scheduled for Thursday January 27, 2011 @ 9AM PLEASE NOTE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s /he will need a record of the proceedings and for such purpose may need to ensure 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 The Pension Resource Center, LLC no later than four days prior to the meeting. City of Palm Beach Gardens Police Officers' Pension Fund Minutes of the Meeting Held JULY 29, 2010 The regular meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers' Pension Fund was called to order at 8:56 AM by Wayne Sidey in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT OTHERS PRESENT Jay Spencer, Chair Audrey Ross (Resource Centers) David Pierson, Secretary Bonni Jensen (Law Offices of Perry & Jensen) Brad Seidensticker, Trustee Steve Stack (ICC Capital Management) Jules Barone, Trustee Donna Cannon (PBG Clerk's Office) John McCann (Thistle Asset Consulting) INVESTMENT MANAGER REPORT ICC Capital — Presented by Steve Stack Mr. Stack reviewed the fixed income side and commented that there was a Treasury rally within the last quarter, which did not benefit this fund because this portfolio has very little exposure to Treasuries. For the quarter ending June 30, 2010 the total fixed income fund was up at 3.06 %, but not as much as the market at 3.49 %. Mr. Stack stated that he thinks the portfolio is in a good position right now. He still likes the build America Bonds because of their yield spread, and they also sold off some Kentucky Bonds for 10% more than what they bought them for. Mr. Stack commented that he thinks moving forward with international equity bonds as talked about at the last meeting is a great idea. On the growth side of the portfolio, it was a negative quarter but the portfolio was ahead of the benchmark at - 11.44% versus - 11.75 %. Mr. Stack stated that he likes the technology and materials sector and that he might buy back into some more financials soon. Lastly, Mr. Stack commented that he believes there will be some stabilization with unemployment and housing within the near future, and that this portfolio is in a good position and has down sized some of the bad. INVESTMENT CONSULTANT REPORT Thistle Asset Consulting — Presented by Brendon Vavrica Mr. McCann reviewed the compliance checklist and stated that we are in a good position and inline with the policy, except that the Equities are 9% below target. He suggests taking 5% from fixed income and distributing it equally between the three Rhumbline accounts. For the quarter ending June 30, 2010 there was 55% in equities, 40% in fixed income and 5% in cash. Mr. McCann reported that we ended the quarter with $35M which is up from last quarter. The total fund was negative but ahead of the benchmark for the quarter at -5.38% versus - 6.16 %. The total equities were in the same position at -9.99% versus the benchmark at - 11.35 %, and the total fixed income was positive but behind at 1.57% versus 3.49 %. Mr. McCann then reviewed each Manager's performance for the quarter: Minutes 7 -29 -10 - Palm Beach Gardens Police.doc Page 1 of 4 Rhumbline S &P 500 - They were almost inline with the index at - 11.39% versus - 11.43 %. Rhumbline S &P 400 - Outperformed the index, but still negative at -9.55% versus - 9.59 %. Rhumbline S &P 600 - Also outperformed at -8.64% versus the index at - 9.92 %. ICC Large Cap Growth - Had a great quarter and outperformed at -6.90% versus - 11.75 %, but still negative. International Equity - Came pretty close to the benchmark at - 13.39% versus - 13.97 %. Mr. McCann commented that he does not think the Plan will meet their assumed rate of return of 7.5% for the fiscal year ending September 30, 2010. He then reviewed the risk versus return chart and reported that the Plan is lying in the good quadrant which means we are taking less risk and getting a better return. Mr. Spencer talked about lowering the assumption rate by a whole percent, but doing it by little increments at a time. He stated that he would like the Board to consider moving that direction with the next valuation that is done. INTERNATIONAL EQUITY AND BONDS SEARCH /PRESENTAITON Mr. McCann reviewed the International Equity and Bond Funds that he did some research on. He explained that all the funds were highly diversified and are doing great. He reported on some of the Managers that he found would be a good fit for this fund, and commented that we would either buy into ETF's or Mutual Funds. Mr. McCann explained that as part of a Mutual Fund they are allowed to buy under quality bonds. He reviewed Blackrock, Evergreen, Dreyfus, Oppenheimer and T. Rowe. Mr. McCann is recommending taking 10 %, which is about $3.5 M, and allocating it to a couple different managers in the International Equity and Bond accounts. The Board discussed what managers they would want to go with, and also gave some names of other Mangers that they would like Mr. McCann to do some research on. Mr. McCann stated that he will do some additional research, but in the meantime the Board can go ahead and fund two of three managers that they like. The Board agreed to move $1.4M from fixed income to fund Oppenheimer and Dreyfus, and then will decide on another manager to fund at the next meeting. MOTION: Mr. Seidensticker made a motion to move $1.4M from ICC Capital's fixed income account to fund Oppenheimer Capital and Dreyfus International accounts(splitting the funds equally between the two accounts). SECOND: Mr. Barone seconded the motion. CARRIED: The motion carried unanimously 4 -0. ADMINISTRATOR REPORT Resource Centers - Presented by Audrey Ross N/A ATTORNEY REPORT Law Offices of Perry & Jensen - Presented by Bonni Jensen Ms. Jensen reviewed the Gilbert presentation that was presented at the FPPTA conference. She explained that they are trying to get a 10 year annualized return on gold and show different ways of getting it. Mr. Pierson gave his opinion on adding gold into the portfolio and commented that when he worked at Merrill Lynch there Minutes 7 -29 -10 - Palm Beach Gardens Police.doc Page 2 of 4 first rule was to never buy any metals into retirement accounts. Mr. Stack reported that the gold run was only recently and that there is tremendous amount of volatility with commodities. Mr. McCann commented that you can always buy into I- shares which hold gold, but doesn't buy it directly. Ms. Jensen stated that her office has filed for a tax exempt certificate for the pension fund itself. Ms. Jensen announced that the House Bill 5607 was vetoed by the Governor and that next years Legislative session will be interesting. Ms. Jensen reported to the Board the State Annual Report has been approved and we should be receiving the money shortly. Lastly, Mr. Spencer wanted to update the Board as to what is going on in the City. He explained that they are eliminating the Lieutenant and Captain positions effective September 30, 2010. Mr. Spencer's position will no longer exists so therefore he will apply for the Commander position, but it's not guaranteed that he will get it. If he does not get the position then he will take up the City's offer with the buyout package. Although, he would like the City to pay him his buyout over a period of time instead of one lump sum so that he can still participate in the DROP and not get hit so hard on the taxes. Mr. Spencer stated that the next bargaining session is scheduled for August 10, and that he would like Ms. Jensen to be present at the session so that she can represent the Board in case they had any questions in regards to the impact on the pension fund. Ms. Jensen noted that we would have to make sure that they don't consider it a leave of absence because then you can't participate in the pension plan. Mr. Spencer commented that he is asking for the pension board's permission to have Ms. Jensen present with him at the bargaining session on August 10, 2010. The Board agreed and stated that they had no problem with Ms. Jensen being present. MINUTES MOTION: Mr. Pierson made a motion to approve the minutes from the April 29, 2010 regular meeting. SECOND: Mr. Seidensticker seconded the motion. CARRIED: The motion carried unanimously 4 -0. DISBURSEMENTS APPROVALS MOTION: Mr. Pierson made a motion to approve the disbursements. SECOND: Mr. Seidensticker seconded the motion. CARRIED: The motion carried unanimously 4 -0 BENEFIT APPROVALS MOTION: Mr. Barone made a motion to approve the applications to enter the DROP for Gwendolyn Fleming, Jack Segreto and Joseph Corrao. SECOND: Mr. Seidensticker seconded the motion. Minutes 7 -29 -10 - Palm Beach Gardens Police.doc Page 3 of 4 CARRIED: The motion carried unanimously 4 -0 FINANCIAL STATEMENTS The board reviewed and discussed the financial statements that were provided through June 2010. The board received and filed the financial statements through June 2010. OLD BUSINESS N/A OTHER BUSINESS N/A AJOURN There being no further business, and the future meetings are scheduled for the last Thursday of the first month of the quarter. The next regular meeting was rescheduled for Thursday October 21, 2010 at 9AM; the Trustees officially adjourned the meeting at 10:42AM. Respectfully submitted, DAVID PIERSON, Secretary Minutes 7 -29 -10 - Palm Beach Gardens Police.doc Page 4 of 4 CITY OF PALM BEACH GARDENS Police Officer's Pension Fund Summary Plan Description OCTOBER 2010 Introduction As a participant in the Palm Beach Gardens Police Officer's Pension Fund, you are included in a program of benefits to help you meet your financial needs in retirement, or in the event of disability or death. The purpose of this booklet is to give you a brief description of benefits available to you under your pension plan. Planning for retirement begins now. This booklet can be a valuable tool in preparing for your retirement and financial future. If you need any further information on any of the topics presented in this booklet, please contact the Fund Administrator, Tog it Plart Administrators Resource Centers, LLC, or the Board of Trustees. They will answer any questions to help you better understand your benefits. The information presented is a summary of the pension plan as provided in the City of Palm Beach Gardens Code of Ordinances which governs your Pension Fund. The legal citation for your Plan is Chapter 50, Article III, Section 50 -61 et seq., as amended through February 18, 2010 ju. ie I b, 20 City of Palm Beach Gardens Code. Any discrepancies between information in this booklet and the Plan will be governed by the Plan. A copy of the Plan can be obtained from the Fund Administrator, Resource Centers, LLC. Their address is: Resource Centers, LLC 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, FL 33410 (561) 624 -3277 - Telephone (561) 624 -3278 - Facsimile www.resourcecenters.com Board of Trustees Palm Beach Gardens Police Pension Fund Jay Spencer, Chairman David Pierson, Secretary Jules Barone, Trustee Brad Seidensticker, Trustee Wayne Sidey, Trustee TABLE OF CONTENTS DEFINITIONS .......................... ............................... Page PARTICIPATION IN THE PENSION FUND ... ............................... Page 2 ELIGIBILITY FOR NORMAL RETIREMENT ... ............................... Page 2 AMOUNT OF A NORMAL RETIREMENT PENSION ........................... Page 2 EARLY RETIREMENT PENSION ........... ............................... Page 4 MONTHLY SUPPLEMENTAL BENEFITS ..... ............................... Page 4 FORMS OF PAYMENT OF A PENSION ...... ............................... Page 4 Normal Form ..................... ............................... Page 4 Optional Forms of Payment .......... ............................... Page 5 SURVIVOR BENEFITS - DEATH BEFORE RETIREMENT ...................... Page 6 Duty Related Deaths ............... ............................... Page 6 Non -Duty Related Deaths ........... ............................... Page 6 DISABILITY RETIREMENT ................ ............................... Page 7 Duty Disability Retirement ........... ............................... Page 7 Non -Duty Disability Retirement ....... ............................... Page 8 ENDING EMPLOYMENT BEFORE RETIREMENT ............................. Page 8 ANNUAL PENSION ADJUSTMENTS (non - guaranteed) ......................... Page g FILING FOR RETIREMENT ............... ............................... Page g DEFERRED RETIREMENT OPTION PLAN (DROP) .......................... Page 10 TRUSTEE TO TRUSTEE TRANSFER ...... ............................... Page 10 COST OF THE PENSION FUND .......... ............................... Page 11 ADMINISTRATION OF THE PENSION FUND ............................... Page 11 INVESTMENTS ....................... ............................... Page 11 ACTUARIAL SOUNDNESS .............. ............................... Page 11 FORFEITURE OF PENSION ............. ............................... Page 12 REVIEW PROCEDURE ................. ............................... Page 13 AGENT FOR SERVICE OF LEGAL PROCESS ............................. Page 13 PLAN YEAR .......................... ............................... Page 13 PERTINENT ACTUARIAL DATA .......... ............................... Page 14 DEFINITIONS Accumulated contributions - the total of all amounts contributed by a participant to the Palm Beach Gardens Officer's Police Pension Fund. Average Monthly Earnings - the monthly average of salary during the last five years of employment. Beneficiary - an individual who is receiving a survivor benefit from the Pension Fund following the death of a participant. Board - the Board of Trustees which administers, manages and operates the Pension Fund. Credited service -A participant's years of service as a police officer in Palm Beach Gardens Police Department. Also includes those years which a participant has purchased by making a contribution to the plan. Years of service can be purchased for years or fractional parts of years that a police officer served in the United States Military service, or service with another municipal, county, state, or federal law enforcement agency. Participant - a Palm Beach Gardens police officer participating in the Pension Fund. Salary - Average monthly earnings as reported to Internal Revenue Service for income tax purposes, plus deferred compensation. Palm Beach Gardens October, 2010 Police Pension Fund Page 1 PARTICIPATION IN THE PENSION FUND Each police officer employed in the City of Palm Beach Gardens Police Department is a Pension Fund participant. A police officer is an a full -time employee who is certified as a law enforcement officer as a condition of employment in accordance with the provisions of 9 §943.1395, Florida Statutes. The Police Chief may elect not to participate in the Plan. ELIGIBILITY FOR NORMAL RETIREMENT A police officer who either has 20 or more years of credited service or is age 52 or older and has 10 or more years of credited service is eligible for normal retirement. An application for normal retirement must be filed with the Fund Administrator and approved by the Board of Trustees. AMOUNT OF A NORMAL RETIREMENT PENSION The amount of a normal retirement pension is based on a participant's credited service, average monthly earnings and pension multiplier. Average Monthly Earnings is the monthly average of salary during the last five years of employment producing the highest average. Salary includes base salary, overtime, longevity pay and may include other types of pay. Credited service is generally a participant's period of employment as a police officer in the Police Department of the City of Palm Beach Gardens, measured in years and completed months of a year. Special conditions apply if a participant has a break in service as a police officer. In certain circumstances, limited periods of military service and police service with another Florida municipality may be recognized as credited service. Promptly contact the Fund Administrator if any of these situations apply and you have not already resolved the question. The pension multiplier is 3.5 %. Palm Beach Gardens October, 2010 Police Pension Fund Page 2 Sample Benefit Calculation The following example illustrates how average monthly earnings are calculated. This is an example for planning purposes only and does not indicate the actual benefit for any participant. Year Before Sample Salary Retirement for Year 5th 25,000 4th 26,000 3rd 27,000 2nd 28,000 1 st 29,000 To calculate final average salary, total the last five years salary and divide by 60: $25,000 + $26,000 + $27,000 + $28,000 + $29,000 = $2,250 60 The monthly normal retirement pension is calculated as follows: 3.50% of average monthly earnings multiplied by credited service up to a maximum of 100 %. The following is an illustration of a normal retirement pension calculation. This is an example for planning purposes only and does not indicate the actual benefit for any participant. (1) Total credited service 20.0 yrs. (2) Average monthly earnings $2,250 (3) 3.50% of line (1) .035 x 20 70% (4) Line (3) times line (2) 70% x 2,250 $1,575.00 Palm Beach Gardens October, 2010 Police Pension Fund Page 3 EARLY RETIREMENT PENSION A police officer who is age 50 and has 10 years of service is eligible for early retirement. The early retirement benefits that are payable to a police officer are determined in the same manner as the normal retirement benefit but are reduced by 3% for each year by which the member's age at retirement preceded the member's normal retirement age to take into account the police officer's younger age and the earlier commencement of retirement income payments. MONTHLY SUPPLEMENTAL BENEFITS Beginning October 1, 2004, all retirees in payment status are entitled to a monthly supplemental pension benefit equal to $12.50 per year of service. This benefit is payable monthly for the life of the retiree. This benefit is payable to a surviving beneficiary of a retiree on a monthly basis for the period of time that the surviving beneficiary is in receipt of a pension in accordance with the form of benefit chosen at the time that benefits begin. FORMS OF PAYMENT OF A PENSION Normal Form The standard form of payment for the pension described above is a benefit payable for 10 years certain, in other words, you are guaranteed 120 monthly payments. The retiree will receive a benefit for life. However, if the retiree dies prior to receiving 120 payments, then pension payments will continue until a total of 120 payments have been made. A participant may designate a beneficiary to receive the benefit payable, if any, upon the death of the retired participant. When there is no beneficiary named, the benefit will be paid to the spouse, dependent children, or dependent living parents of the police officer, or if there is no such survivor, then to the deceased police officer's estate. IT IS IMPORTANT TO KEEP YOUR BENEFICIARY DESIGNATION UP TO DATE Palm Beach Gardens October, 2010 Police Pension Fund Page 4 Optional Forms of Payment Optional forms of payment are available in lieu of the normal form described above. The amount of pension under each optional form has the same actuarial value as the normal form of payment. The normal form of payment is a lifetime benefit payable to the retiree, with 120 payments guaranteed (in the event that the retiree dies after receiving only 100 payments, the remaining 20 payments will be paid to the named beneficiary or to the estate of the retiree). • Option I - Joint and 100% Survivor - The joint and 100% survivor form of payment pays the retired participant a reduced monthly pension for life. Upon the retired participant's death, the beneficiary (a spouse or relative) designated when the form of payment was elected will be paid 100% of the reduced monthly pension for life. • Option II - Joint and 75% Survivor - The joint and 75% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option I. Upon the retired participant's death, the beneficiary (a spouse or relative) will be paid 75% of the reduced monthly pension for life. • Option III - Joint and 66 -2/3% Survivor - The joint and 66 -2/3% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option II. Upon the retired participant's death the beneficiary (a spouse or relative) will be paid 66 -2/3% of the reduced monthly pension for life. • Option IV - Joint and 50% Survivor - The joint and 50% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option III. Upon the retired participant's death, the beneficiary (a spouse or relative) will be paid 50% of the reduced monthly pension for life. • Option V - Life Annuity - The straight life form of payment pays the retired participant an increased monthly pension for life. The amount of this benefit is more than the normal form and other optional forms. No monthly pension is ever paid a spouse, child, dependent parent or other beneficiary under this form of payment. Palm Beach Gardens October, 2010 Police Pension Fund Page 5 • Option VI - Other - In lieu of the other optional forms, benefits may be paid in any form approved by the Board so long as it is the actuarial equivalent of the benefits otherwise payable. The Fund Administrator can give you an estimate of the amount of your pension under any of the optional forms of payment. A request for an optional form of payment must be submitted in writing to the Board before the effective date of retirement. An optional form of payment cannot be changed after the first pension check is cashed. The election of Options I, II, III and IV shall be null and void if the designated beneficiary dies before the member's payments commence. SURVIVOR BENEFITS - DEATH BEFORE RETIREMENT Duty Related Deaths The surviving spouse, or in certain circumstances surviving children, of a participant who dies while employed in the Police Department as a police officer will be paid a duty death pension if the Board finds the death to be the result of causes arising out of and in the course of the participant's performance of duty as a police officer. A surviving spouse is paid a monthly pension, for life, of 50% of the participant's average monthly earnings. An unmarried child under the age of 18, or age 24 if a full time student, is paid a monthly pension in the amount of an equal share of 50% of the participant's average monthly earnings if a surviving spouse is not being paid a pension. Payment terminates upon the earlier of adoption, marriage, attainment of age 18 (age 24, if a full time student, or loss of full time student status) or death. The death benefit is paid to the estate if the participant leaves neither a surviving spouse nor an eligible surviving child. In any of these cases, the board may, in its sole discretion, direct that the actuarial value of the monthly payment be paid as a lump sum. Non -Duty Related Deaths If a participant who has 5 or more years of credited service dies while employed in the Police Department as a police officer and the death is not in the line of Palm Beach Gardens October, 2010 Police Pension Fund Page 6 duty, the beneficiary is paid a pension equal to the benefits otherwise payable at early or normal retirement age. If no pension is paid or will become payable on account of the death of a participant, the participant's accumulated contributions are paid to the parti- cipant's designated beneficiary or to the participant's estate if there is no designated beneficiary. DISABILITY RETIREMENT A pension may be payable to a participant who becomes disabled while employed in the police department as a police officer. Eligibility and the amount of the pension are dependent on whether or not the disability occurred in the line of duty. The disability must arise from a mental or physical illness, disease or injury which totally and permanently prevents the participant from performing useful and efficient service as a police officer in the Palm Beach Gardens Police Department. No police officer shall be permitted to retire under a disability retirement until examined by a duly qualified physician or surgeon to be selected by the Board of Trustees and the physician or surgeon finds the participant to be disabled from performing the functions of a police officer. The final determination of disability is made by the Board. If disability results from excessive and habitual use of drugs, intoxicants or narcotics, willful and illegal participation in fights, riots or civil insurrection, or while committing a crime, or injury or disease sustained while serving in an armed force, no disability pension can be awarded. This exclusion does not affect members who have become disabled as a result of intervening military service under the federal Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081; P.L. 100 -245). A participant who is retired for disability may be required to undergo periodic medical examination under the direction of the Board of Trustees to determine if the retired participant is capable of performing the duties of a police officer in the Department. Duty Disability Retirement If the Board finds the disability to have arisen out of and in the course of the participant's performance of duty as a Palm Beach Gardens police officer, the Palm Beach Gardens October, 2010 Police Pension Fund Page 7 amount of pension is equal to 60% of the participant's rate of pay at the time of disability or the accrued pension benefit, whichever is greater provided the disability has continued for a period of six months. Non -Duty Disabilitv Retirement There is a 10 year credited service requirement for disability retirement if the disability is not the result of performing duty as a Palm Beach Gardens police officer. Additionally, there is no non -line of duty disability for a member who has reached or passed normal retirement eligibility. The amount of pension is calculated the same as a normal retirement pension based on average monthly earnings and credited service at the time of disability. The minimum pension is 25% of average monthly earnings or the accrued pension benefit, whichever is greater. There is no non -duty disability pension if a police officer's credited service is less than 10 years. In that event, accumulated contributions are refunded. ��1�7P►[rl�►�i17��]'1►�il���i ��7�7:7�:7��1:7�►�if���� If a participant with less than 10 years of credited service quits or is fired from employment as a Palm Beach Gardens police officer, the participant shall be entitled to a retirement benefit subject to the vested percentages below: Years of credited Service Vested % Under 5 0% 5 25 6 40 7 55 8 70 9 85 10 or more 100 A participant may elect to receive the return of all contributions in lieu of all other benefits under the plan. If a participant has at least 10 years of credited service when employment as a police officer terminates, the right to a deferred normal retirement is retained so long as accumulated contributions are left on deposit in the Pension Fund. Palm Beach Gardens October, 2010 Police Pension Fund Page 8 The amount of deferred normal retirement pension is calculated using average monthly earnings and credited service at the time of termination of employment as a police officer. Normal retirement and payment of a pension is available upon application on or after age 52. The amount of pension may be subject to early retirement reduction in accordance with the chart on page 4. Credited service will be reinstated if re- employment as a Palm Beach Gardens police officer occurs and any withdrawn accumulated contributions are repaid within 5 years of re- employment. The repayment must include interest from the date of withdrawal to the date of repayment. The election to purchase such time must be made within six months of date of hire. Additionally, service time with the military, another federal, state, county or municipal police department may be purchased. ANNUAL PENSION ADJUSTMENTS (non - guaranteed) Retired participants (including DROP members) and beneficiaries who have been in receipt of a pension benefit for at least one year on the distribution date may receive an adjustment to their pension benefit amount as of July Vt of each year if the pension fund assets have earned more than 8.5% as of September 30th and the pension fund has positive actuarial experience. The potential total distribution is based upon an actuarial formula which is contained in the pension plan document. Essentially, the retirees and beneficiaries share in the positive investment experience of the retiree portion of the pension fund over 8.5 %. All pension recipients monthly pension benefits will be increased on a percentage basis and the percentage will be the same for all pension recipients. The percentage increase will be determined by the actuary and will equal the earnings above 8.5% on the assets reserved to pay pension recipients. The distribution is limited to a 4% increase in any one year. A retiree must be in receipt of a pension for at least one year on July 1 to be entitled to an adjustment. Conversely, if the Fund does not earn more than 8.5 %, there will be no pension adjustment. FILING FOR RETIREMENT In order to ensure that you receive your pension on time, you should file your application with the Fund Administrator at least 30 days before retirement. All Palm Beach Gardens October, 2010 Police Pension Fund Page 9 forms can be obtained from the Fund Administrator at the address on the Introduction page. Penalties will be imposed for making a false or misleading statement to obtain a pension benefit. It can take up to 60 days after your date of retirement to receive your first pension check. DEFERRED RETIREMENT OPTION PLAN (DROP) A participant may elect DROP participation prior to completing 25 years of credited service if the participant is eligible for normal retirement. DROP participation ends at the first to occur of: 1) termination of employment, 2) 30 years of credited service, or 3) 5 years of participation. Upon the effective date of DROP participation a participant's pension amount is calculated based on credited service and final average salary at that time and the amount remains permanently frozen. The participant's DROP account is credited with monthly amounts equal to the frozen pension during the period of DROP participation. DROP accounts are credited with investment earnings each September 30 during the DROP period. Members may choose between the rate of return on the pension fund or a fixed rate of 6.5% as the investment earnings credit. No investment earnings or monthly credits are made after the end of the DROP period, if the member remains employed. Participant DROP accounts are subject to administrative charges. A participant may elect payment of the DROP account at any time following termination of employment but not later than age 70 '/2. Payment is available under several options. Detailed information is available from the administrator. TRUSTEE TO TRUSTEE TRANSFER To minimize the tax consequences of rolling DROP accounts over to an IRA or another qualified plan, direct trustee -to- trustee transfers are available. Please see the administrator for the appropriate forms. Palm Beach Gardens October, 2010 Police Pension Fund Page 10 COST OF THE PENSION FUND Participants are required to contribute 8.60% of covered salary. Contributions are deducted from each paycheck and credited to the participant's Pension Fund account. The City of Palm Beach Gardens also contributes to the Pension Fund. The amount of City contribution is mathematically determined in accordance with State statutes to finance Pension Fund benefits as they are earned. ADMINISTRATION OF THE PENSION FUND The Pension Fund is administered by a Board of Trustees which is responsible for overseeing the investment of Pension Fund assets and application of the provisions of the Palm Beach Gardens Code. The Board has authority over distribution of all pensions and makes final decisions on claims and appeals. Five trustees comprise the Board: two legal residents of the City appointed by the City Commission, two full -time police officers elected by Pension Fund participants and a trustee chosen by the majority of the other four trustees. Pension Fund assets are maintained and invested entirely separate from City assets and cannot be used for any purpose other than those specified in the Plan. INVESTMENTS The assets of the Plan are presently invested by Investment Counsel Company and Rhumbline under investment guidelines adopted by the Board of Trustees in consultation with their investment advisors. ACTUARIAL SOUNDNESS The actuary for the Plan has determined that the Plan is actuarially sound and can adequately fund the benefits based upon projected contributions to the Plan and investment earnings. Palm Beach Gardens October, 2010 Police Pension Fund Page 11 FORFEITURE OF PENSION Any Member who is convicted of any of the below offenses committed prior to retirement shall forfeit all rights and benefits under this Fund, except for a refund of accumulated contributions. The specified offenses are: (1) Committing, aiding or abetting of an embezzlement of public funds; (2) Committing, aiding or abetting of any theft by a public officer or employee from employer; (3) Bribery in connection with the employment of a public officer or employee; (4) Any felony specified in Chapter 838, Florida Statutes; (5) The committing of impeachable offense (6) The committing of any felony by a public officer or employee who, willfully and with intent to defraud the public or the public agency for which the public officer or employee acts or in which he or she is employed of the right to receive the faithful performance of his or her duty as a public officer or employee, realizes or obtains, or attempts to realize or obtain, a profit, gain, or advantage for himself or herself or for some other person through the use or attempted use of the power, rights, privileges, duties, or position of his or her public office or employment position. (7) The committing on or after October 1, 2008, of any felony defined in §800.04, Florida Statutes, against a victim younger than 16 years of age, or any felony defined in Chapter 794, Florida Statutes against a victim younger than 18 years of age, by a public officer or employee through the use or attempted use of power, rights, privileges, duties, or position of his or her public office or employment position. Any Member who has received benefits from the Plan in excess of his accumulated contributions shall be required to repay the Fund. The Board may implement legal action necessary to recover such funds. Additionally, a Member who makes a false or misleading statement to obtain retirement benefits shall commit a misdemeanor of the first degree and if convicted, the Member shall forfeit his /her benefit. Palm Beach Gardens October, 2010 Police Pension Fund Page 12 REVIEW PROCEDURE Any member, former member, or beneficiary who has been denied a benefit by a decision of the Board shall be entitled to request in writing that the Board give further consideration to the claim. This request, together with a written statement of the reasons why the applicant believes his claim should be allowed, shall be filed with the Board no later than 20 days after receipt of the written notification of the denial. If no appeal is filed within this time period, the proposed order shall be final. The Board shall then conduct a hearing within 45 days of the receipt of the appeal. Written notice of the hearing will be sent by certified mail to the applicant 10 days prior to the hearing. The applicant may be represented at the hearing by an attorney or other representative of his /her choosing. During the hearing the applicant shall have the opportunity to submit written and oral evidence and arguments in support of his /her claim. The applicant shall also have the opportunity to review the Board's file at or prior to the hearing. Either the applicant of the Board may request that a court reporter record the proceedings. In this event a complete written transcript of the proceedings shall be furnished to both parties at the expense of the party requesting the attendance of the court reporter. Within 20 days after rendering its order, the Board will send by a method providing proof of delivery, a copy of the order to the applicant. AGENT FOR SERVICE OF LEGAL PROCESS Board of Trustees Resource Centers, LLC "t Plan Adm6nostra 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, Florida 33410 PLAN YEAR The plan year is the twelve month period beginning each October 1. Records are kept on a fiscal year basis. Palm Beach Gardens October, 2010 Police Pension Fund Page 13 PERTINENT ACTUARIAL INFORMATION As of October 1st 2009 2008 Number of Members of the Plan Active Employees _ 104 106 Those Receiving or Due to Receive Benefits 35 30 Annual Payroll of Active Members $ 9,290,829 $ 9,842,874 Annual Rate of Benefits in Pay Status 1,662,915 1,186,391 Actuarial Accrued Liability* 65,550,027 60,450,441 Actuarial Value of Assets* 36,834,622 32,261,274 Unfunded Accrued Liability (Credit)* 28,715,405 28,189,167 Required Contribution to be Made to the Plan Over and Above Contributions by Members of the Plan 4,298,216 4,368,612 Required Contribution as % of Payroll of Active Members 44.06% 42.27% Required Contribution to be Paid During Year Ending 1 9/30/2011 9/302010 * Per Statement No. 25 of the Govermnent Accounting Standards Board. Palm Beach Gardens October, 2010 Police Pension Fund Page 14 Reconciliation of Plan Assets Item A. Market Value of Assets at Beginning of Year B. Revenues and Expenditures 1. Contributions a. Member Contributions b. Employer Contributions c. State Contributions d. Purchased Service Credit e. Total 2. Investment Income a. Interest, Dividends, and Other Income b. Net Realized/Unrealized Gains /(Losses) c. Investment Expenses d. Net Investment Income 3. Benefits and Refunds a. Regular Monthly Benefits b. Refunds c. Lump Sum Benefits d. DROP Distributions e. Total 4. Administrative and Miscellaneous Expenses 5. Transfers C. Market Value of Assets at End of Year D. Reserves 1. State Contribution Reserve 2. DROP Accounts 3. Total Reserves E. Market Value Net of Reserves Palm Beach Gardens Police Pension Fund September 30 2009 2008 $ 28,344,073 $ 29,219,477 $ 870,581 $ 939,124 3,349,679 3,143,904 446,982 440,115 $ 4,667,242 $ 4,523,143 $ 525,578 $ 641,071 1,610,712 (4,830,510) (115,708) (97,599) $ 2,020,582 $ (4,287,038) $ (895,008) $ (782,979) - (23,371) - (215,043) $ (895,008) $ (1,021,393) $ (104,636) $ (90,116) $ 34,032,253 $ 28,344,073 $ (459,331) $ (424,993) (1,055,498) (451,981) $ (1,514,829) $ (876,974) $ 32,517,424 $ 27,467,099 October, 2010 Page 15 Palm Beach Gardens October, 2010 Police Pension Fund PALM BEACH GARDENS POLICE PENSION FUND STATEMENT OF POLICY REGARDING DROP DISTRIBUTIONS WHEREAS, the Palm Beach Gardens Police Pension Plan ( "Plan ") provides for Deferred Retirement Option Plan ( "DROP ") benefits; WHEREAS, the Board of Trustees of the Plan ( "Trustees ") desire to adopt a Statement of Policy regarding the distributions of these benefits; NOW, THEREFORE, it is hereby resolved that the following Statement of Policy Regarding DROP and Share Account Distributions is hereby adopted. I. DISTRIBUTION METHODS A. Lump sum - If the lump sum method of distribution is selected then the entire account balance will be paid. The full amount, or a portion thereof, will be paid to the Retiree or can be rolled over to another qualified plan, at the discretion of the Retiree. The payout /rollover can be made in any amount of the Retiree's choosing but the full amount must be taken from the plan. Any amounts paid directly to a Retiree will have a 20% withholding deduction and may be subject to other taxes and /or penalties. B. Annuity - If a Retiree chooses monthly installments, then the account balance will be paid out on a monthly basis. The following rules will apply to this method of distribution: 1. For retirees who are aqe under 50 upon separation from service - The Retiree may choose any amount provided the amount of thre payment Page 1 of 5 " �iiuiuiin�iiru► i�ii�raii► ��iir. �l: Zi��a�ii�u ►�G��ir.�1�1��ii.��i ■Gi with the attached annuity tables made in substantially equal periodic avments over at least 5 nears or, if later, until aqe 59 '/2 and is in compliance with Revenue Ruling 2002 -62. This amount will not be calculated by the Fund. The amount chosen cannot be modified before the Retiree attains age 59'/2 or within 5 years from the date of the first payment, whichever occurs last. If the amount of the payment is above the maximunt, The Retiree can be subject to additional taxes and /or penalties if the amount is not correctly calculated. At age 70'/2, the monthly installment shall be paid at a rate which meets the minimum distribution rules of Internal Revenue Code §401(a)(9). 2. For Retirees who are age 50 and older upon separation from service when the monthly installments begin - The monthly amounts may be determined by the Retiree according to his or her need. The amount of the monthly benefit or the method of payment (for example, from monthly to lump sum) can be changed on a quarterly basis and will be made on the 15th of the month (February 15, May 15, August 15, and November 15) and 30 days from the date a member exits the DROP. Members must provide at least 30 days notice. The amount of the monthly payment can be reduced to zero unless the payee has reached age 70'/2. Additionally, during these payment periods only, Page 2 of 5 a member may request a partial lump sum withdrawal and still continue to receive the monthly payments. 3. A 20% withholding tax applies to all payments paid directly to a Retiree. 4. If there are less than 15 times the monthly installment at the start of the fiscal year, then the remaining balance will be paid in a lump sum. 5. Between open enrollment periods, there will be no changes in the method or amount of the payment unless a Retiree has a hardship. Hardship withdrawals are permitted if both a and b below are met. a. The Retiree has an immediate and heavy financial need - A need may be immediate and heavy even though it was foreseeable or voluntarily incurred. A need is deemed to be immediate and heavy if it is: 1) medical expenses previously incurred by the Retiree, the Retiree's spouse or dependents, or amounts necessary for these persons to obtain medical care; 2) costs related to the Retiree's purchase of a principal residence (not including mortgage payments); 3) payment of tuition and related educational fees and room and board expenses for the next 12 months of post- secondary education for the Retiree, the Retiree's spouse, children or dependents; or Page 3 of 5 4) payments necessary to prevent the eviction of the employee from the principal residence or to avoid foreclosure on the mortgage on that residence. b. the distribution is necessary to satisfy the Retiree's financial need - A distribution generally may be treated as necessary to satisfy a financial need if the need cannot be relieved: 1) through reimbursement or compensation by insurance or otherwise; 2) by reasonable liquidation of the participants's assets (to the extent that such liquidation would not itself cause an immediate and heavy financial need); 3) by other distributions or nontaxable (at the time of the loan) loans from the plans of the employer or by borrowing from commercial sources at reasonable terms; or 4) by cessation of elective contributions to other plans. II. GENERAL CONSIDERATIONS A. A Retiree may defer election of payment until age 701/2. Any account balances participate in earnings according to the Retiree's election of earnings method. B. Final distributions from the DROP account will be subject to a 10% hold back to account for the crediting of earnings /losses and administrative fees. Final Page 4 of 5 disbursements of DROP accounts will be made once the DROP statements for the prior quarter have been distributed. C. Participants and Retirees may designate beneficiaries to receive any balances in the DROP accounts upon their death. In the absence of such designation, the benefit will be paid to the Retiree's estate. D. Lump sum payments in excess of $50,000.00 will be paid as soon as administratively possible but no later than 60 days after the date of approval by the Board of Trustees. E. No amount or number of payments from the DROP accounts are guaranteed. No member is entitled to payments greater than the balance in the account, as maybe reduced by losses and /or expenses. IN WITNESS WHEREOF the Board of Trustees of the Palm Beach Gardens Police Pension Fund has adopted this STATEMENT OF POLICY REGARDING DROP AND SHARE ACCOUNT DISTRIBUTIONS this day of )2010. TRUSTEES Witnessed by: HAPBG 0003TOLICYOROP & Share PMTMETH.2010.wpd BSJ /ka - December 15, 2008 January 22, 2009 February 4, 2009 February 12, 2009 February 13, 2009 January 22, 2010 July 2, 2010 Page 5 of 5 THE LAW OFFICES OF PERRY &JENSEN, LLC ANN H. PERRY BONN[ SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com MEMORANDUM To: Board of Trustees Palm Beach Gardens Police Officers' Pension Fund From: Bonni S. Jensen ldn The Law Offices of Perry & Jensen, LLC Subject: Federal Updates Date: September, 2010 This summer, both the Securities and Exchange Commission ( "SEC ") and the Governmental Accounting Standards Board ( "GASB ") have taken some actions which could impact your pension plan. A. SEC The SEC, after many years of study, issued final rules regarding "pay to play." The main action of the SEC was to make it unlawful for an investment adviser to provide investment advice /services to a governmental entity (including a pension plan) for compensation for two years after making a contribution to an official or candidate for political office of the governmental entity. This rule is effective September 13, 2010. There are five things that you need to know about the rule. The rule applies to restrict the activity of the investment adviser only. Investment advisers includes all investment professionals who are registered, or required to be registered with, the SEC or who are unregistered in reliance on the 203(b)(3) exemptions available under the Act (this includes State registered investment advisers, charitable organizations, governmental entities, or investment adviser registered with the Commodity Futures Trading Commission). 2. The rule does not prohibit the investment adviser from working with the pension plan but prohibits them from receiving compensation for their services. This section could prove important in the case where a new adviser cannot be selected immediately. 400 EXECUTIVE CENTER DRIVE, SUITE 207❖ WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:- Fx: 561.686.2802 3 @ER.M1IIVidv3. fi� Federal Updates September, 2010 Page 2 of 3 3. The SEC defined "Official of a governmental entity" very broadly. The definition is any person (including any election committee for the person) who is a candidate or an incumbent if the office is directly or indirectly responsible for or can influence the hiring of an investment adviser OR has authority to appoint a person who is directly or indirectly responsible for or can influence the hiring of an investment adviser. This means that Investment advisers may not contribute to local elections where they act as investment adviser for the pension fund, unless the contribution is de minimus. Additionally, the adviser may not solicit contribution on behalf of a candidate or a political party for a governmental entity where the adviser is providing or is seeking to provide services. 4. The de minimus contributions are as follows: a. $350 per candidate per election if the natural person making the contribution is eligible to vote for the candidate; or b. $150 per candidate per election if the natural person making the contribution is not eligible to vote for the candidate. 5. It is unlawful for an Investment Adviser to provide payment to a third party to solicit a governmental entity unless that third party is also a registered broker dealer or registered investment adviser who is also subject to the pay to play rules. PLAN OF ACTION: New and current investment advisers should be screened for contributions (which are more than de minimus) to any candidates /incumbents who are members of the Board of Trustees or can appoint members to the Board of Trustees. Current advisers could report such contributions in their quarterly books. New advisers should be questioned as a part of the request for proposal process. B. GASB Preliminary Views These suggested changes impact the governmental employer and do not make any changes to the funding of the governmental pension plans. The views are not yet in effect; the time line suggests that GASB is looking to make these standards effective by the second calendar quarter of 2012. Unfunded pension obligation is considered a liability to be booked on the governmental sponsor's balance sheet. Federal Updates September, 2010 Page 3 of 3 Discount rate that is proposed to be used is the high quality bond index rate. 2. Discount for project benefit will be used based on "entry age method." Entry age method is essentially the remaining working life of the members. 3. Pension Expense calculated each year according to total of the following: • Normal cost • Interest on Liability • Amortization of gains /losses, changes in assumptions, changes in benefits • Immediate recognition of asset gains /losses outside of a 15% corridor Plan of Action: Keep updated on GASB changes. IRS CIRCULAR 230 NOTICE: To the extent that this memorandum or any attachment concerns tax matters, it is not intended or written to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law or marketing or recommending to another party any tax - related matter addressed. Each taxpayer should seek advice based on the individual's circumstances from an independent tax advisor. 2010 - 09 SEC & GASB .wpd Cherry, Bekaert & Holland, L.L.P. The Firm of Choice. www.cbh.com 800 North Magnolia Avenue — Suite 1300 Orlando, Florida 32803 phone 407.423.7911 fax 407.841.4887 October 4, 2010 Board of Trustees Palm Beach Gardens Police Officers' Pension Fund Palm Beach Gardens, Florida Board of Trustees: This letter of arrangement between the Palm Beach Gardens Police Officers' Pension Fund (the "Plan ") and Cherry, Bekaert & Holland, L.L.P. sets forth the nature and scope of the services we will provide, the Plan's required involvement and assistance in support of our services, the related fee arrangements and other terms and conditions designed to assure that our professional services are performed to achieve the mutually agreed upon objectives of the Plan. SUMMARY OF SERVICES Financial Audit We will audit the financial statements of the Palm Beach Gardens Police Officers' Pension Fund as of and for the year ended September 30, 2010. Accounting standards generally accepted in the United States provide for certain required supplementary information (RSI), such as management's discussion and analysis (MD &A) and schedules of funding progress and employer contributions, to accompany the Plan's basic financial statements. As part of our engagement, we will apply certain limited procedures to the Plan's RSI. These limited procedures will consist principally of inquiries of management regarding the methods of measurement and presentation, which management is responsible for affirming to us in its representation letter. Unless we encounter problems with the presentation of the RSI, we will disclaim an opinion on it. Supplementary information other than RSI also accompanies the Plan's basic financial statements. We will subject such supplementary information to the auditing procedures applied in our audit of the basic financial statements and will provide an opinion on it in relation to the basic financial statements. Accounting and other services Financial Statements We will assist in the preparation of the Plan's financial statements and footnotes, based on information in the Plan's accounting records. Palm Beach Gardens Police Officers' Pension Fund October 4, 2010 Page 2 State Annual Report We will also assist you with the State Annual Report for the period ended September 30, 2010. Management has the final responsibility for the State Annual Report, and therefore, should review the report carefully before signing and filing it. Your responsibility includes making all final decisions and evaluating the adequacy and results of the other services performed, as well as accepting responsibility for the results of services. You also agree to designate a qualified management -level individual to be responsible and accountable for overseeing these services. By undertaking this engagement, we assume no responsibility for the filling the report with the Division of Retirement. YOUR EXPECTATIONS As part of our planning process, we will discuss with you your expectations of CBH, concerns about and changes in the benefit plan arena, views on risks facing the Plan, any relationship issues with CBH, and specific engagement arrangements and timing. Our service plan, which includes our audit plan, is designed to provide a foundation for an effective, efficient, and quality- focused approach to accomplish the engagement objectives and meet or exceed your expectations. Our service plan will be reviewed with you periodically and will serve as a benchmark against which they will be able to measure our performance. Any additional services that you may request, and that we agree to provide, will be the subject of separate written arrangements. The engagement will be led by James L. Burdick, who will be responsible for assuring the overall quality, value, and timeliness of our services to you. AUDIT OBJECTIVES The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the additional information referred to in the first paragraph when considered in relation to the basic financial statements taken as a whole. The objective also includes reporting on: Internal control related to the financial statements and compliance with the provisions of applicable laws, regulations, contracts, agreements and grants, noncompliance with which could have a material effect on the financial statements in accordance with Government Auditing Standards. The reports on internal control and compliance will each include a statement that the report is intended solely for the information and use of the audit committee, management, specific legislative or regulatory bodies and if applicable, pass- through entities and is not intended to be and should not be used by anyone other than these specified parties. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America; Government Auditing Standards, issued by the Comptroller General of the United States; and will include test of accounting records, and other procedures as deemed necessary to enable us to express such an opinion and to render the required reports. If any of our opinions Palm Beach Gardens Police Officers' Pension Fund October 4, 2010 Page 3 resulting from the procedures described above are other than unqualified, we will fully discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed opinions, we may decline to express opinions or issue a report as a result of this engagement. YOUR EXPECTATIONS As part of our planning process, we will discuss with you your expectations of Cherry, Bekaert & Holland, L.L.P., changes that occurred during the year, your views on risks facing you, any relationship issues with Cherry, Bekaert & Holland, L.L.P., and specific engagement arrangements and timing. Our service plan, which includes our audit plan, is designed to provide a foundation for an effective, efficient, and quality- focused approach to accomplish the engagement objectives and to meet or exceed your expectations. Our service plan will be reviewed with you periodically and will serve as a benchmark against which you will be able to measure our performance. MANAGEMENT RESPONSIBILITIES Management is responsible for establishing and maintaining internal controls, including monitoring ongoing activities; for the selection and application of accounting principles; for the fair presentation of the financial statements in conformity with U.S. generally accepted accounting principles; and for federal award program compliance with applicable laws and regulations and the provisions of contracts and grant agreements. Management is responsible for the basic financial statements and all accompanying information as well as all representations contained therein. As part of our engagement, we will prepare the financial statements and note disclosures based on information in the Plan's accounting records. However, management is responsible for the financial statements and note disclosures. In your representation to us, you will be asked to acknowledge our role in this regard, and your review, approval, and responsibility for the financial statements and note disclosures. Further, you are responsible for designating a qualified management -level individual to be responsible and accountable for overseeing these services. Management is responsible for making all financial records and related information available to us, including identifying significant vendor relationships in which the vendor has the responsibility for program compliance and for the accuracy and completeness of that information. Management's responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the representation letter that the effects of any uncorrected misstatements aggregated by us 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 the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the Plan involving (a) management, (b) employees who have significant roles in internal control, and (c) others where the fraud could have a material effect on the financial statements. You are also responsible for informing us of your knowledge of any allegations of fraud or suspected fraud affecting the Plan received in communications from employees, former employees, regulators, or others. In addition, you are responsible for identifying and ensuring that the entity complies with applicable laws, regulations, contracts, agreements, and grants. Palm Beach Gardens Police Officers' Pension Fund October 4, 2010 Page 4 Management is responsible for establishment and maintenance of a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying for us previous audits or other engagements or studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits or other engagements or studies. You are also responsible for providing management's views on our current findings, conclusions and recommendations, as well as your planned corrective actions, and the timing and format related thereto. At the conclusion of the engagement, the Plan's management will provide to us a representation letter that, among other things, (1) addresses management's responsibilities related to the audit and confirms certain representations made during the audit, including, management's acknowledgement of its responsibility for the design and implementation of programs and controls to prevent and detect fraud; (2) management's knowledge of fraud or suspected fraud affecting the entity involving management, employees who have significant roles in internal control or others where fraud could have a material effect on the financial statements; and (3) management's knowledge of any allegations of fraud or suspected fraud affecting the entity, received in communications from employees or others. The representation letter will also affirm to us that management believes that the effects of any uncorrected misstatements aggregated pertaining to the current year financial statements are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. Cherry, Bekaert & Holland, L.L.P. will rely on the Plan's management providing these representations to us, both in the planning and performance of the audit, and in considering the fees that we will charge to perform the audit. AUDIT PROCEDURES - GENERAL An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the entity or to acts by management or employees acting on behalf of the entity. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse. Because an audit is designed to provide reasonable, but not absolute assurance and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements or noncompliance may exist and not be detected by us. 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 or major programs. However, we will inform you of any material errors and fraud, or illegal acts that come to our attention during the course of our audit. We will also inform you of any violations of laws or governmental regulations that come to our attention, unless clearly inconsequential. Our responsibility as auditors is limited to the period covered by our audit and does not extend to any later periods for which we are not engaged as auditors. Palm Beach Gardens Police Officers' Pension Fund October 4, 2010 Page 5 Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, creditors and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will also require certain written representations from you about the financial statements and related matters. AUDIT PROCEDURES - INTERNAL CONTROLS Our audit will include obtaining an understanding of the entity and its environment, including internal controls, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards. An audit is not designed to provide assurance on internal control or to identify significant deficiencies. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under professional standards, and Government Auditing Standards. AUDIT PROCEDURES - COMPLIANCE As part of obtaining reasonable assurance about whether the basic financial statements are free of material misstatement, we will perform tests of the Plan's compliance with applicable laws and regulations and the provisions of contracts and agreements, including grant agreements. However, the objective of those procedures will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards. COMMUNICATIONS At the conclusion of the audit engagement, we will provide Management and those charged with governance our recommendations designed to help the Plan make improvements in its internal control structure and operations, and other matters that may come to our attention. As part of this engagement we will ensure that certain additional matters are communicated to the appropriate members of management and the Plan's governing body. Such matters include (1) our responsibility under auditing standards generally accepted in the United States of America; (2) the initial selection of and changes in significant accounting policies and their application; (3) our independence with respect to the entity; (4) the process used by management in formulating particularly sensitive accounting estimates and the basis for our conclusion regarding the reasonableness of those estimates; (5) audit adjustments that could, in our judgment, either Palm Beach Gardens Police Officers' Pension Fund October 4, 2010 Page 6 individually or in the aggregate be significant to the financial statements or our report; (6) any disagreements with management concerning a financial accounting, reporting or auditing matter that could be significant to the financial statements; (7) our views about matters that were the subject of management's consultation with other accountants about auditing and accounting matters; (8) major issues that were discussed with management in connection with the retention of our services, including, among other matters, any discussions regarding the application of accounting principles and auditing standards; and (9) serious difficulties that we encountered in dealing with management related to the performance of the audit. Government Auditing Standards require that we provide you with a copy of our most recent quality control review report. Our most recent peer review report, letter of comment and our response was provided in a prior years engagement letter. ACCESS TO WORKING PAPERS The working papers for the engagement are the property of Cherry, Bekaert & Holland, L.L.P. and constitute confidential information. We have a responsibility to retain the documentation for a period of time to satisfy legal or regulatory requirements for retention. Except as discussed below, any requests for access to our working papers will be discussed with you prior to making them available to requesting parties. The workpapers for this engagement will be retained for a minimum of three years after the date the auditors' report is issued or for any additional period requested by the Plan. If we are aware that a federal awarding agency, pass- through entity, or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the workpapers. We may be requested to make certain documentation available to regulators, state or federal governmental agencies or their representatives pursuant to laws or regulations. Further, these regulators or agencies may intend to distribute to others, including other governmental agencies, without our knowledge or express permissions. You hereby acknowledge and authorize us to allow regulators access to and copies of documentation as requested. Our Firm, as well as all other major accounting firms, participates in a "peer review" program, covering our audit and accounting practices. This program requires that once every three years we subject our quality assurance practices to an examination by another accounting firm. As part of the process, the other firm will review a sample of our work. It is possible that the work we perform for you may be selected by the other firm for their review. If it is, they are bound by professional standards to keep all information confidential. If you object to having the work we do for you reviewed by our peer reviewer, please notify us in writing. ELECTRONIC TRANSMITTALS During the course of our engagement, we may need to electronically transmit confidential information to each other, within the Firm, and to other entities engaged by either party. Although email is an efficient way to communicate, it is not always a secure means of communication and thus, confidentiality may be compromised. You agree to the use of email and other electronic methods to Palm Beach Gardens Police Officers' Pension Fund October 4, 2010 Page 7 transmit and receive information, including confidential information between the Firm, the Plan and other third party providers utilized by either party in connection with the engagement. SUBPOENAS In the event we are requested or authorized by you or required by government regulation, subpoena, or other legal process to produce our working papers or our personnel as witnesses with respect to our engagement for you, you will, so long as we are not a party to the proceeding in which the information is sought, reimburse us for our professional time and expense, as well as the fees and expenses of our counsel, incurred in responding to such a request. TERMS AND CONDITIONS SUPPORTING FEE As a result of our planning process, the Plan and Cherry, Bekaert & Holland, L.L.P. have agreed to a fee, subject to the following conditions: The estimated fees set forth below are based on anticipated full cooperation from your personnel, timely delivery of requested audit schedules and supporting information, timely communication of all significant accounting and financial reporting matters, the assumption that unexpected circumstances will not be encountered during the audit, as well as working space and clerical assistance as mutually agreed upon and as is normal and reasonable in the circumstances. We strive to ensure that we have the right professionals scheduled on each engagement. As a result, sudden Plan requested scheduling changes or scheduling changes necessitated by the agreed information not being ready on the agreed upon dates can result in expensive downtime for our professionals. Any last minute schedule changes that result in downtime for our professionals could result in additional fees. Our estimated fee also does not include assistance in bookkeeping or other accounting services not previously described. If any such additional accounting or bookkeeping assistance is necessary to complete the accounting for the year under audit, we will discuss this with you and arrive at a new fee estimate before we incur the additional costs. Any modification to the fee shall be in writing and signed by both parties. In providing our services, we will consult with the Plan with respect to matters of accounting, financial reporting, or other significant business issues. Accordingly, time necessary to affect a reasonable amount of such consultation is reflected in our fee. However, should a matter require research, consultation, or audit work beyond that amount, Cherry, Bekaert & Holland, L.L.P. and the Plan will agree to an appropriate revision in services and fee. Except for any changes in fees, which may result from the circumstances described above, our fees will be limited to those set forth below. FEE Financial Audit and Other Services- Our fees for these services will be based upon our customary billing practices at the time of the engagement. Bills for services will be rendered as work progresses and are due within 15 days from invoice date. A service charge will be added to past due accounts equal to 1 1/2% per month (18% annual rate) on the previous month's balance less payments received during the month, with a minimum charge of $2.00 per month. The fee for our audit and other services described in this letter will be $14,500. Palm Beach Gardens Police Officers' Pension Fund October 4, 2010 Page 8 Except for any changes in fees, which may result from the circumstances described above, our fees will be limited to those set forth below. You agree to pay all costs of collection (including reasonable attorneys' fees) that we may incur in connection with the collection of unpaid invoices. DISPUTE RESOLUTION PROCEDURES If any dispute, controversy or claim arises in connection with the performance or breach of this agreement, either party may, on written notice to the other party, request that the matter be mediated. Both parties would exert their best efforts to discuss with each other in good faith their respective positions in an attempt to finally resolve such dispute, controversy, or claim. This engagement letter sets forth the entire understanding between the Plan and CBH regarding the services described herein and supersedes any previous proposals, correspondence, and understandings whether written or oral. Any subsequent changes to the terms of this letter, other than additional billings, will be rendered in writing and shall be executed by both parties. Should any portion of this engagement letter be ruled invalid, it is agreed that such invalidity will not affect any of the remaining portions. If the foregoing is in accordance with your understanding, please sign a copy of this letter in the space provided and return it to us. If you have any questions, please call Jim Burdick at (407) 423 -7911. Very truly yours, CHERRY, BEKAERT & HOLLAND, L.L.P. C�,urg,iG�+�t`t ,Vr�4,I,44P. Response: This letter correctly sets forth the understanding of the Palm Beach Gardens Police Officers' Pension Plan. ACCEPTED BY: TITLE: DATE: THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖Fax (561) 624.3278 -.- vVWW.RESOVRCECENTERS.COM PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND 2011 MEETING DATES THE BOARD MEETS ON THE LAST THURSDAY OF THE 1ST MONTH FOLLOWING THE END OF THE QUARTER g 9AM January 27, 2011 April 28, 2011 July 28, 2011 October 27, 2011 Resource Centers LLC — Omega Recordkeeping Group LLC Pension Resource Center LLC — Financial Resource Center LLC PALM BEACH GARDENS POLICE PENSION FUND I Benefit Approvals I Meeting of October 21, 2010 APPLICATION TO ENTER THE DROP RICHARD FACCHINE DATE OF BIRTH 10/04/1963 DATE OF HIRE 05/01/1986 DATE OF TERMINATION 050/01/2010 AGE AT RETIREMENT 46 YEARS YEARS AT SERVICE 24 YEARS FORM OF BENEFIT CASH ANNUITY MONTHLY BENEFIT AMOUNT $10,686.89 SUPPLEMENTAL BENEFIT $ 300.00 APPLICATION TO EXIT THE DROP GLENN BROWN DATE OF BIRTH 11/21/1950 DATE OF HIRE 05/12/1992 DROP ENTRY DATE 07/01/2009 DATE OF TERMINATION 08/27/2010 FORM OF BENEFIT 66 2/3% J &S MONTHLY BENEFIT AMOUNT $5,134.45 SUPPLEMENTAL BENEFIT $ 212.50 JAY SPENCER DATE OF BIRTH 01/07/1964 DATE OF HIRE 08/27/1984 DROP ENTRY DATE 08/01/2008 DATE OF TERMINATION 09/03/2010 FORM OF BENEFIT 1000/0 J &S MONTHLY BENEFIT AMOUNT $8,033.72 SUPPLEMENTAL BENEFIT $ 287.50 MICHAEL RISPOLI DATE OF BIRTH 05/04/1963 DATE OF HIRE 12/02/1985 DROP ENTRY DATE 02/01/2010 DATE OF TERMINATION 09/03/2010 FORM OF BENEFIT CASH ANNUITY MONTHLY BENEFIT AMOUNT $8,912.71 SUPPLEMENTAL BENEFIT $ 300.00 PAUL LEFFLER DATE OF BIRTH DATE OF HIRE DROP ENTRY DATE DATE OF TERMINATION FORM OF BENEFIT MONTHLY BENEFIT AMOUNT SUPPLEMENTAL BENEFIT 07/26/1960 04/03/1986 12/01/2009 09/17/2010 100% J &S $8,446.67 $ 287.50 APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT (CLOSEOUT DUE TO RETIRMENT) GLENN BROWN DATE OF RETIREMENT 08/27/2010 DATE OF BIRTH 011/21/1950 AMOUNT REQUESTED $75,178.17 TYPE OF DISTRIBUTION CLOSEOUT (TAXABLE AMOUNT) $75,178.17 TAX WITHHOLDING $14,966.47 TOTAL NET DISTRIBUTION $60,211.70 APPROVED: , CHAIRMAN SECRETARY DATE PALM BEACH GARDENS POLICE PENSION FUND STATEMENT OF POLICY REGARDING DROP DISTRIBUTIONS WHEREAS, the Palm Beach Gardens Police Pension Plan ( "Plan ") provides for Deferred Retirement Option Plan ( "DROP ") benefits; WHEREAS, the Board of Trustees of the Plan ( "Trustees ") desire to adopt a Statement of Policy regarding the distributions of these benefits; NOW, THEREFORE, it is hereby resolved that the following Statement of Policy Regarding DROP and Share Account Distributions is hereby adopted. I. DISTRIBUTION METHODS A. Lump sum - If the lump sum method of distribution is selected then the entire account balance will be paid. The full amount, or a portion thereof, will be paid to the Retiree or can be rolled over to another qualified plan, at the discretion of the Retiree. The payout/rollover can be made in any amount of the Retiree's choosing but the full amount must be taken from the plan. Any amounts paid directly to a Retiree will have a 20% withholding deduction and may be subject to other taxes and /or penalties. B. Annuity - If a Retiree chooses monthly installments, then the account balance will be paid out on a monthly basis. The following rules will apply to this method of distribution: 1. For retirees who are aqe under 50 upon separation from service - The Retiree may choose any amount provided the amount of t payment Page 1 of 5 w0th the attached amnttity tables made in substantially equal periodic payments over at least 5 years or, if later, until age 59 1/2 and is in compliance with Revenue Ruling 2002 -62. This amount will not be calculated by the Fund. The amount chosen cannot be modified before the Retiree attains age 591/2 or within 5 years from the date of the first payment, whichever occurs last. if the arnotint of the The Retiree can be subject to additional taxes and /or penalties if the amount is not correctly calculated. At age 701/2, the monthly installment shall be paid at a rate which meets the minimum distribution rules of Internal Revenue Code §401(a)(9). 2. For Retirees who are age 50 and older upon separation from service when the monthly installments begin - The monthly amounts may be determined by the Retiree according to his or her need. The amount of the monthly benefit or the method of payment (for example, from monthly to lump sum) can be changed on a quarterly basis and will be made on the 15" of the month (February 15, May 15, August 15, and November 15) and 30 days from the date a member exits the DROP. Members must provide at least 30 days notice. The amount of the monthly payment can be reduced to zero unless the payee has reached age 701/2. Additionally, during these payment periods only, Page 2 of 5 a member may request a partial lump sum withdrawal and still continue to receive the monthly payments. 3. A 20% withholding tax applies to all payments paid directly to a Retiree. 4. if there are less than 15 times the monthly installment at the start of the fiscal year, then the remaining balance will be paid in a lump sum. 5. Between open enrollment periods, there will be no changes in the method or amount of the payment unless a Retiree has a hardship. Hardship withdrawals are permitted if both a and b below are met. a. The Retiree has an immediate and heavy financial need - A need may be immediate and heavy even though it was foreseeable or voluntarily incurred. A need is deemed to be immediate and heavy if it is: 1) medical expenses previously incurred by the Retiree, the Retiree's spouse or dependents, or amounts necessary for these persons to obtain medical care; 2) costs related to the Retiree's purchase of a principal residence (not including mortgage payments); 3) payment of tuition and related educational fees and room and board expenses for the next 12 months of post- secondary education for the Retiree, the Retiree's spouse, children or dependents; or Page 3 of 5 4) payments necessary to prevent the eviction of the employee from the principal residence or to avoid foreclosure on the mortgage on that residence, b. the distribution is necessary to satisfy the Retiree's financial need - A distribution generally may be treated as necessary to satisfy a financial need if the need cannot be relieved: 1) through reimbursement or compensation by insurance or otherwise; 2) by reasonable liquidation of the participants's assets (to the extent that such liquidation would not itself cause an immediate and heavy financial need); 3) by other distributions or nontaxable (at the time of the loan) loans from the plans of the employer or by borrowing from commercial sources at reasonable terms; or 4) by cessation of elective contributions to other plans. II. GENERAL CONSIDERATIONS A. A Retiree may defer election of payment until age 70'/2. Any account balances participate in earnings according to the Retiree's election of earnings method. B. Final distributions from the DROP account will be subject to a 10% hold back to account for the crediting of earnings /losses and administrative fees. Final Page 4 of 5 disbursements of DROP accounts will be made once the DROP statements for the prior quarter have been distributed. C. Participants and Retirees may designate beneficiaries to receive any balances in the DROP accounts upon their death. In the absence of such designation, the benefit will be paid to the Retiree's estate. D. Lump sum payments in excess of $50,000.00 will be paid as soon as administratively possible but no later than 60 days after the date of approval by the Board of Trustees. E. No amount or number of payments from the DROP accounts are guaranteed. No member is entitled to payments greater than the balance in the account, as maybe reduced by losses and /or expenses. IN WITNESS WHEREOF the Board of Trustees of the Palm Beach Gardens Police Pension Fund has adopted this STATEMENT OF POLICY REGARDING DROP AND SHARE ACCOUNT DISTRIBUTIONS this day of 2010. Witnessed by: TRUSTEES H.TBG 0003TOLICYOROP 8 Share PMTMETH.2010.wpd 6SJ/ka - December 15, 2008 January 22, 2009 February 4, 2009 February 12, 2009 February 13, 2009 January 22, 2010 July 2, 2010 Page 5 of 5 Resource Centers Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE Check Numbe Date Payee and Description Amount 2276 August 2, 2010 Pension Resource Centers $2,289.50 2785 October 8, 2010 Administration Fees - August 2010 $609.70 2277 September 1, 2010 City of Palm Beach Gardens $4,288.80 2786 October 19, 2010 Retiree Insurance $600.00 2778 September 1, 2010 Pension Resource Centers $2,275.00 2787 October 19, 2010 Administration Fees - September 2010 $27,808.66 2779 September 7, 2010 Perry & Jensen, LLC $1,267.60 2788 October 19, 2010 Legal Services rendered thru 8/15/10 $1,657.00 2780 September 13, 2010 FPPTA $400.00 2789 October 19, 2010 Conference Registration- Jay Spencer $3,087.07 2781 October 1, 2010 City of Palm Beach Gardens $5,994.71 2790 October 19, 2010 Retiree Insurance $3,651.00 2782 October 1, 2010 City of Palm Beach Gardens $3,323.50 Retiree Insurance Total $61,213.12 2783 October 1, 2010 Pension Resource Centers $2,310.58 Administration Fees - October 2010 2784 October 8, 2010 Gabriel Roeder Smith & Company $1,650.00 Consulting Services thru 08/31/10 2785 October 8, 2010 Perry & Jensen, LLC $609.70 Legal Services rendered thru 9/15/10 2786 October 19, 2010 FPPTA $600.00 Yearly Membership Renewal -2011 2787 October 19, 2010 ICC Capital Management $27,808.66 Management Fee- 3rd Qtr 2010 2788 October 19, 2010 Gabriel Roeder Smith & Company $1,657.00 Consulting Services thru 09/30/10 2789 October 19, 2010 Rhumbline Advisers $3,087.07 Investment Advisory Fees- 3rd Qtr 2010 2790 October 19, 2010 Thistle Asset Consulting, Inc $3,651.00 Performance Monitor- 3rd Qtr 2010 Total $61,213.12 Chairman Secretary Date Palm Beach Gardens Police VENDOR: 000000000001 DATE VENDOR NO 00002276 08/10 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000010785 08/02/10 2,289.50 2,289.50 Check .00 Total 2,289.501 2,289 501 i I 1 I i 1 I I I I i I Palm Beach Gardens Police 00002276 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2276 08/02/10 1000000000001 PAY AMOUNT TWO THOUSAND TWO HUNDRED EIGHTY -NINE AND 50/100 ` - $2,289.50 TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD STE 206 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 1180000 2 2 7 611• 1:2670837631:006336560311' Palm Beach Gardens Police DATE wrru,no- nnnnnnnnnnni 08/10 00002276 VENDOR NO. 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000010785 08 02 10 2,289.50 2,289.50 Check .00 Total 2,289.50; 2,289.50! i i Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Ship To Invoice Date Invoice # 7/30/2010 10785 P.O. Number Terms Rep Ship Via F.O.B. Project 7/30/2010 Quantity Item Code Description Price Each Amount 29 Palm Beach Garde... Death Search Palm Beach Gardens Police Pension Fund - Admin Fee for the month of August 2010 Death Search (PBI) 2,275.00 0.50 2,275.00 14.50 Total $2,289.50 Palm Beach Gardens Police VENDOR: 000000000458 UUUU1l / / DATE VENDOR NO. 09/10 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 005111 09/01/10 2,055.78 2,055.78 .00 2,055.78; 005112 09/01/10 1,526.61 1,526.61 .00 1,526.611 005113 09/01/10 180.42 180.42 .00 180.42 005114 09/01/10 7.50 7.50 .00 7.50 005115 09/01/10 518.49 518.49 .00 518.49; Check Total 4,288.80 i i i i i i Palm Beach Gardens Police 00002277 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63.8376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2277 09/01/10 000000000458 PAY AMOUNT FOUR THOUSAND TWO HUNDRED EIGHTY -EIGHT AND 80/100 $4,288.80 TO THE CITY OF PALM BEACH GARDENS ORDER 10500 N MILITARY TRAIL OF ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 118000022 ?7`118 1:26 ?083 ?63':006336560311' Palm Beach Gardens Police vriun 1R- nnnnnnn00458 00002277 DATE VENDOR NO. 09/10 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 005111 09/01/10 2,055.78 2,055.78 .00 2,055.78 005112 09101110 1,526.61 1,526.61 .00 1,526.61 005113 09/01/10 180.42 180.42 .00 180.42; 005114 09101110 7.50 7.50 .00 7.501 005115 09/01/10 518.49 518.49 .00 518.49 Check Total 4,288.80! I I I I Palm Beach Gardens Police 00002278 VENDOR: 000000000001 DATE 09/10 VENDOR NO. 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN INVOICE DATE NET AMOUNT 0000000.00010825 09/01/10 .. ..... :. 2,275.00:. ::; ..;:: '2:;;2;7'5 :.::0..0':;:; .00 000000000010825 2,275.00 2.,.275.00 2,275.'00.:. Check Total 2,.275:00 2,275.:0; Palm Beach Gardens Police •- ,. 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 00002278 BANK`ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2278 09/01/10 1000000000001 .PAY..: %':..�� AMOUNT TWO THOUSAND TWO HUNDRED SEVENTY -FIVE AND 00 /100 $2,275.00.. A, TO THE PENSION RESOURCE `CENTER ORDE( 4360 NORTHLAKE BLVD S TE 206 OF: %. I PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS .... 11'0000 2 2 7811' 1:2670837631:006336560311' 00002278 Palm Beach Gardens Police VENDOR: 000000000001 DATE 09/10 VENDOR ND. 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000010825 09 01 1;0::. 2.,.275.00 2,275.'00.:. ..00 2,.275:00 -Check Total 2,2750 Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Ship To Invoice Date Invoice # 8/31/2010 10825 P.O. Number Terms Rep Ship Via F.O.B. Project 8/31/2010 Quantity Item Code Description Price Each Amount Palm teach Garde... Palm Beach Gardens Police Pension Fund - Admin Fee for the month of September 2010 2,275.00 2,275.00 Total $2.275.00; Palm Beach Gardens Police VENDOR: 000000000010 00002279 DATE VENDOR NO. 09/10 000000000010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 00000000063864 09/r0_7_/_10 1,267.60 1,267.60 Check .00 Total 1,267.6C 1,267.6C Palm Beach Gardens Police 00002279 4360 Northlake Blvd Ste 206 Palm Beach Gardens, F1 33410 63- 837612670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2279 09/07/10 000000000010 PAY AMOUNT ONE THOUSAND TWO HUNDRED SIXTY -SEVEN AND 60/100 $1,267.60 TO THE ORDER OF WEST PALM BEACH PERRY & JENSEN, LLC 400 EXECUTIVE CENTER DRIVE SUITE 207 FL 33401 VOID AFTER 180 DAYS IMADM rOWAlpi U eROMW 115000022790 1:2670837631:0063365r.03,18 Palm Beach Gardens Police vctir,r n- nnnnnnnnnni n 00002279 DATE VENDOR NO. 09/10 000000000010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 0000000000638.64 09/07/10 1,267.60 1,267.60 Check .00 Total 1,267.60 1,267.60 ANN H. PERRY aperry@perryjensenlaw.com THE LAW OFFICES OF PERRY & JENSEN, LLC August 26, 2010 Via Email Palm Beach Gardens Police Pension Fund Resource Centers, LLC Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Scott & Bonnie: BONNI SPATARA JENSEN bsjensen @perryjensenlaw.com Re: Legal Services Provided Invoice #63864 Enclosed please find the Firm's invoice for services rendered for the period that ended 8/15/2010. Thank you for your payment of $529.75. Your current balance due is $1,267.60. If you have any questions, please do not hesitate to contact me. Sincerely, Bonni S. Jensen BSJ /adt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207•: WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 :• FX: 561.686.2802 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Palm Beach Gardens Police Pension Fund Audrey Ross & Scott Baur & Bonnie Lindberg -via email c/o The Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary August 26, 2010 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0003 Invoice #63864 Professional Services Hrs /Rate Amount Attendance at Trustee Meetings 7/26/2010 ADT Prep Atty Rept 0.50 37.50 Prepare Attorney Report, Handouts, and Folder for upcoming Meeting - 75.00/hr 7/29/10 Attendance at Trustee Meetings 7/29/2010 BSJ Attend 2.25 450.00 Attend meeting 200.00 /hr Attendance at Trustee Meetings SUBTOTAL: [ 2.75 487.50] Class Action Litigation 7/23/2010 BSJ Draft 0.25 50.00 Draft memorandum to Custodian re: Class Action Reporting 200.00 /hr Class Action Litigation 7/3012010 LB Research 0.10 7.50 Research information re: contact person with regard to Class Action 75.00 /hr Report Request letter and updated letter Finalized and printed letter and had them signed Class Action Litigation SUBTOTAL: [ 0.35 57.50] Palm Beach Gardens Police Pension Fund Page 2 Hrs /Rate Amount Errors and Omissions Insurance 8/13/2010 BSJ Review 0.25 50.00 Review email re: Fiduciary Liability Insurance 200.00 /hr E -mail to Jay Spencer re: quote on $3 million of insurance Errors and Omissions Insurance SUBTOTAL: [ 0.25 50.001 Inv Mqr - General 8/412010 BSJ Review 0.25 50.00 Review email from John McCann re: Global Bond Mutual Funds 200.00 /hr Telephone call with John McCann Inv Mgr - General 8/6/2010 BSJ Review 0.10 20.00 Review email from John McCann for investment in Global Bond Funds 200.00 /hr Inv Mgr - General 8/13/2010 BSJ Review 0.35 70.00 Review email re: need approval from attorney re: investments re: foreign 200.00 /hr mutual funds Telephone call with Audrey Ross E -mail to Audrey Ross Inv Mgr - General SUBTOTAL: [ 0.70 140.001 Minutes of Trustees Meetings 7/29/2010 BSJ Review 0.25 50.00 Review minutes of 4/29/10 200.00 /hr Minutes of Trustees Meetings SUBTOTAL: [ 0.25 50.001 Misc Matters 7/16/2010 BSJ E -Mail 0.25 50.00 E -Mail to Jay Spencer 200.00 /hr E -mail to Gilbert Garciaq Misc Matters BSJ Research 0.25 50.00 Research Health Insurance after retirement 200.00 /hr Misc Matters 7/2012010 BSJ Telephone Call 0.35 70.00 Telephone call with Jay Spencer 200.00 /hr E -mail to Trustees re: PowerPoint Misc Matters Palm Beach Gardens Police Pension Fund Page 3 Hrs /Rate Amount 7/28/2010 BSJ Telephone Call 0.25 50.00 Telephone call with Jay Spencer 200.00 /hr E -mail to Gary Lippman re: Speciale Misc Matters 7/29/2010 BSJ Telephone Call 0.10 20.00 Telephone call with Gary Lippman re: transition benefits 200.00 /hr Misc Matters 8/1/2010 BSJ E -Mail 0.10 20.00 E -Mail to John McCann re: Global Bond fund 200.00 1hr Misc Matters 8/6/2010 BSJ Conference with 0.50 100.00 Conference with Gary Lippman re: Lieutenant layoffs 200.00 /hr Misc Matters SUBTOTAL: [ 1.80 360.00] Participant - Krancheck 7/22/2010 BSJ Conference with 0.10 20.00 Conference with Audrey Ross re: status of Krancheck matter and factual 200.00 /hr review Participant - Krancheck SUBTOTAL: [ 0.10 20.001 Summary Plan Description 7/27/2010 ADT Review and Revise 1.00 75.00 Review and revise Summary Plan Description to include actuarial data 75.00/hr and correct Administrator name Review and revise Table of Contents to correct Review Ordinance to include changes Summary Plan Description SUBTOTAL: [ 1.00 75.00] For professional services rendered 7.20 $1,240.00 Additional Charges Qty /Price Bill File 8/15/2010 PJ Photocopies$ 184 27.60 Copy Charges 0.15 Bill File Palm Beach Gardens Police Pension Fund SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments Balance due Page 4 Qtv /Price Amount [ 27.60] $27.60 $1,267.60 $529.75 ($529.75) $1,267.60 Palm Beach Gardens Police VENDOR: 000000000015 00002280 DATE VENDOR NO, 09/10 000000000015 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT EG SPENCER 09/113/10 400.00 400.00 .00 400.00 Check Total 400.00 `. aim Beach Gardens Police 00002280 - `4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 6376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2280 109/13/10 000000000015 AMOUNT PAY. iY7tTR HTTNDRED AND 00 /100 $400.00 VOID AFTER 180 DAYS RORDER CONTAINS MICROPFIMF 11'0000228011' 1: 26 708 3 7 6 31:006336560311' Palm Beach Gardens Police 111"Ino. nnnnnnnnnn1 C; 00002280 DATE VENDOR NO. 09/10 000000000015 Florida Public Pension Trustees Association TRA���T, °�• Trustees School September 26 -29, 2010 P , �oN Fr.onrnA Please see the reverse side for important registration information , Attendee Information (Please print or type J� Pe- Y, c e- r CPPT ❑ Yes ❑ No First Name Last Name � (m C�ich lao rd�3 PCOU � cc,�S F-)e_�5 ion Fu N rJ Organization Name C TYI� SOU 1' C� Pr )►'S rUo ✓rn lade Olvd. 9-t 26U FL 33q 10 Preferred Mailing Address City State Zip Code U 7 5 r @ 1'�SOUrC PC�i�rS . CoM Phone Fax Email Add ress Registration Fees: Add $50 for On -site Registrations Active Members: $400 (Pension Trustees and Administrators) Associate Members: $650 (Service Providers) You must be an FPPTA Member to attend. Certified Public Pension Trustee - CPPT Are you Certified? ❑ Yes ❑ No Are you currently going through the CPPT program? ❑ Yes ❑ No If you are in the CPPT program, what course are you attending? ❑ Basic ❑ Intermediate ❑ Advanced Registration Fee Includes: • Welcome Gathering • Four Consecutive Educational Sessions, Monday & Tuesday • Educational Sessions, Wednesday Morning • Continental Breakfast, Morning & Afternoon Refreshments • Plated Lunch, Monday & Tuesday Method of Payment Registration Fee Registration Fee ,before September 26 on September 26 or on -site Active Member Registration $400.00 per person $450.00 per person (Pension Trustee /Administrator) y Associate Member Registration $650.00 per person $700.00 per person (Service Providers) Check Enclosed ❑ Check to Follow ❑ American Express ❑ Master Card ❑ Visa ccount Number: Name on Card: Expiration Date: Billing Zip Code: Checks: • Checks should be made payable to FPPTA and should accompany the registration form • Please do not send duplicate forms FPPTA: Please mail all payments and registration forms to: 2946 Wellington Circle East, Tallahassee, FL 32309 . . f -- - -- r--- - - - - '- Refund Policy There will be a $50 charge for each approved refund. You must notify our office in writing by September 25, 2010. Refund request forms are on the FPPTA website under Events, Current Event. Palm Beach Gardens Police VENDOR: 000000000458 00002281 DATE VENDOR NO. 10 /10 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 005116 10/01/10 1,459.55 1: :11,1459.55 .00 1,459.55 005117 10/01/10: 1,493.16 1,493.16 .00 1,493:16 00511:8 10:/01/10::, 1,673 .25 1,.6..73:25:.. .00 1, 673:.25 00511:9. 005119 208.;18 208 :18. 00 20.8. :>1:8 005120. 10/:0;1: : /:1.0 94.60` :94 :::..6:0 ::' .00 .00 05121..... .: 10 /.O1 /10.:.: 10.50 1 :0;:; 50:.. :. .00 1 :0: :: :5'0 00512.2 10/.01.:10' 563:83: 563:83' .00 553.83 005123..: 1:0.;;0:1:;;,10 491.64 . 49:b4. .00 491 64 4:91::..6.4 eck Total. 5; 994.7 ...,....... f BANK ATLANTIC Palm Beach Gardens Police 00002281 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 837612670 I CHECK NO. CHECK DATE VENDOR NO. 2281 10 /Ol /10 I 000000000458 PAY AMOUNT I FIVE THOUSAND NINE HUNDRED NINETY -FOUR AND 71/10 f TO THE CITY OF PALM BEACH GARDENS ORDER 10500 N MILITARY TRAIL OF ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS BORDER CONTAINS MICp OPRIt(TIPN 11'0000 2 28 111' 1: 26 708 3 76 31:006 3 36 560 311' Palm Beach Gardens Police 00002281 DATE VENDOR NO. VENDOR: 000000000458 10 /10 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 005116 10;01 10 ...1,459.55 1,45:9.55 .00 1,459.55 005117 10 /01/10 1,:4:93..1 :6 :1,:493. 16. . .00 1,493.16 005118 1001/10 1,673.25 1;673...25 .00 1,673.25 005119 10 1.0 208.18 2'08..;18..: .00 208.18 005120 10 /0:1 /:1:0: 94.60 94..60.. .00 94.60 005121 10 /:01 /?1.0: 10 :.:50:: .::.: 10.:;:.5.0::;. 00 10.50 005122 :00:1./10 563:.83 563..83 .00 563.83 005123 10./61.:/.7.0:::::... 49:1.64. .....: :4.91.::6.4 .00 4:91::..6.4 Check Total 5,994. 7.1 'alrri Beach Gardens Police INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID VUVULL25L VENDOR: 000000000458 005124 DATE 10 /10 VENDOR NO. 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC, TAKEN 1Q /Ol /IO NET AMOUNT 005124 10 0:1 10 1,459.55 1;;;4::5;9::55: .00 ib /Oi. /7'0 1, 459..5E 00512`5 10/01/10 1, 671.25 1,'673 .:2;5 .00 ]0 :/,1.10 1, 673.2 005126 1.0/.O1f;1 :0 ; 189.20 1:$:9::2;0. .00 189. 2.0 005.127 0: / D :1.: 10.; :.. 1x;50 ::: .:: 1:.50. >: .00 1:.....:.. Check Total 3,323. :5G Palm Beach Gardens Police 00002282 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2282 10 /01 /10 000000000458 AMOUNT PAY THREE THOUSAND THREE HUNDRED TWENTY -THREE AND 50/100 $3,323.50 TO THE ORDER OF CITY OF PALM BEACH GARDENS 10500 N MILITARY TRAIL ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410 111000022132110 1: 26 708 3 76 31:006 336 560 311' Palm Beach Gardens Police 000022$2 DATE VENDOR NO. VENDOR: 000000000458 10 /10 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 005124 10./01/10:. 1,459.55 1,459..55 .00 1,459.55 005125 1Q /Ol /IO 1,.673.25 1673'.25 .00 1,673.25 005 :12 ib /Oi. /7'0 189..20 18920 00 189.20 005.127 ]0 :/,1.10 1..50 1...50 00 1.5 Check ec Total 3:., 323..50 Palm Beach Gardens Police VVVVGLOJ DATE VENDOR NO. VENDOR: 000000000001 10 /10 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000010867 10;/01/10. 2,310.58 2::,.310;.:5;8.::. .00 .2 3.10.58 Check Total 2 310 58 •1 ....:. .... -- -. Palm Beach Gardens Police I 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 i BANK;.ATLANTIC CHECK NO. CHECK DATE I VENDOR NO. 2283 110/01/10 1 000000000001 .: ' AMOUNT MOUNT s TWO THOUSAND THREE HUNDRED TEN AND 58/100 $2,310.58 TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD STE 206 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 1150000 2 28 311' 1: 26 708 3 ?P3 31:006 3 36 560 311' Palm Beach Gardens Police 00002283 DATE VENDOR NO. VENDOR: 000000000001 10/10 UODUUUUUUUUl INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 00000000001086.7:10-01T1 0 ;. 2,310.58 2;,:310.58 .00 2,310.58 Check Total 2,310.58 1' .. Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 JEWS Palm Beach Gardens Police Pension Fund Ship To Invoice Date Invoice # 9/30/2010 10867 P.O. Number Terms Rep Ship Via F.O.B. Project 9/30/2010 Quantity Item Code Description Price Each Amount Palm Beach Garde... FED -EX Palm Beach Gardens Police Pension Fund - Admin Fee for the month of October 2010 FED -EX Overnight Shipping 2,275.00 35.58 2,275.00 35.58 Total $2,310.58 ' -- Palm Beach Gardens Police VENDOR: 000000000012 00002284 DATE VENDOR NO 10 /10 000000000012 VOID AFTER 180 DAYS 11800002213L.111 1:2F.7013376 31:006336560311' Palm Beach Gardens Police 00002284 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 63- 8376/2670 SAM. K ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2284 10/08/10 1000000000012 PAY AMOUNT ONE THOUSAND SIX HUNDRED FIFTY AND 00 /100 $1,650.00 TO THE GABRIE, ROEDER SMITH & COMPANY i P `: O. BOX 78000 OF:.:: DEPT #78009 T TUFT� ., DETROIT MI 48278 i VOID AFTER 180 DAYS 11800002213L.111 1:2F.7013376 31:006336560311' SGabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 -� Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 9/13/2010 Please Remit To: c BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Dept. # 78009 Gabriel Roeder Smith & Company Mr. J. Scott Baur. Administrator i PO Box 78000 Resource Centers, LLC `, ` ' Detroit, Michigan 48278 -0009 4360 Northlake Blvd., Suite 206 or Palm Beach Gardens, FL 33410 ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Palm Beach Gardens Police 00002285 DATE VENDOR VENDOR: 000000000010 10 /10 000000000010 VOID AFTER 180 DAYS 11'0000 2 28 511' I: 2 6 708 3 76 31:0063365603110 Palm Beach Gardens Police VENDOR: 000000000010 00002285 DATE VENDOR NO. 10 /10 000000000010 "Palm Beach Gardens Police 00002285 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2870 BANK.ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2285 10/08/10 000000000010 PAY AMOUNT SX'HUNDRED NINE AND 70/100 $609.70 TO. N E PERRY & JENSEN, LLC i 400 EXECUTIVE CENTER DRIVE SUITE 207 SRE OF T G WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS 11'0000 2 28 511' I: 2 6 708 3 76 31:0063365603110 Palm Beach Gardens Police VENDOR: 000000000010 00002285 DATE VENDOR NO. 10 /10 000000000010 THE LAW OFFICES OF PERRY ESL JENSEN, LLC ANN H. PERRY aperry@perryjensenlaw.com September 23, 2010 Via Email Palm Beach Gardens Police Pension Fund Resource Centers, LLC Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Scott & Bonnie: BONNI SPATARA JENSEN bsjensen @perryjensenlaw.com Re: Legal Services Provided Invoice #70038 Enclosed please find the Firm's invoice for services rendered for the period that ended 911512010. Thank you for your payment of $1,267.60. Your current balance due is $609.70. If you have any questions, please do not hesitate to contact me. Sincerely, if Bonni S. Jensen BSJ /adt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 2074• WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •:• Fx: 561.686.2802 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Palm Beach Gardens Police Pension Fund Audrey Ross & Scott Baur & Bonnie Lindberg -via email c/o The Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Copy to: Chairman & Secretary September 23, 2010 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0003 Invoice #70038 Professional Services DROP 8/30/2010 Review and revise Statement of Policy Regarding DROP Distributions 8/31/2010 E -mail to Trustees and Administrator reformatted version of the Statement of Policy re: DROP Distribution for review and discussion at the meeting 9/1/2010 Review and respond to email from Jules Barone re: DROP policy SUBTOTAL: Misc Matters 6/16/2010 Telephone call with Steve Palmquist E -mail to Jay Spencer Research cases - Specia/e 9/13/2010 Research SEC Rules Review NAPPA Overview Draft Memorandum to Board 9/14/2010 Prepare in final memorandum to Board of Trustees re: SEC & GASB E -mail to client Hrs /Rate Amount 0.50 100.00 200.00 /hr 0.25 18.75 75.00 /hr 0.35 70.00 200.00 /hr [ 1.10 188.75] 0.75 150.00 200.00 /hr 0.75 150.00 200.00 /hr 0.20 15.00 75.00 /hr Palm Beach Gardens Police Pension Fund SUBTOTAL: Summary Plan Description 9/1/2010 Review and revise Summary Plan Description per attorney markup E -mail to Board of Trustees for review at next regular meeting SUBTOTAL: Tax Exempt Certificate 8/31/2010 Telephone call with Department of Revenue re: Tax Exempt Certificate E -mail to Audrey re: copy of Certificate for our files 9/8/2010 E -Mail to Audrey at Resource Centers, LLC to follow up on Tax Exempt Certificate SUBTOTAL: Trustee Form 1 9/13/2010 Review Commission on Ethics website for full board filing SUBTOTAL: Trustee Information 8/30/2010 Review and respond to emails from Jules Barone SUBTOTAL: For professional services rendered Additional Charges Bill File 9/15/2010 Copy Charges SUBTOTAL: Total additional charges Page 2 Hrs /Rate Amount [ 1.70 315.00] 0.30 22.50 75.00 /hr [ 0.30 22.50] 0.25 18.75 75.00 /hr 0.10 7.50 75.00 /hr 0.35 26.25] 0.05 3.75 75.00 /hr [ 0.05 3.75] 0.25 50.00 200.00 /hr [ 0.25 50.00] 3.75 $606.25 3.45 3.45] $3.45 Palm Beach Gardens Police Pension Fund Page Amount Total amount of this bill $609.70 Previous balance $1,267.60 Accounts receivable transactions 9/1012010 Payment - Thank You!. Check No. 00002279 ($1,267.60) Total payments and adjustments ($1,267.60) Balance due $609.70 Palm Beach Gardens Police VFNnnR- 000000000015 00002286 DATE VENDOR NO. 10/10 000000000015 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 011 RENEWAL 10/19/10 600.00 600.00 Check .00 Total 600.0 600.00 ! - BANK ATLANTIC PAY SIX HUNDRED AND 00 /100 Palm Beach Gardens Police 00002286 4360 Northlake Blvd Ste 206 AMOUNT PAID Palm Beach Gardens, A 33410 63- 8376/2670 CHECK NO. 10/19/10 CHECK DATE VENDOR NO. .00 Total 600.0 600.00 2286 10/19/10 000000000015 AMOUNT $600.00 TO THE FPPTA E ORDER 2946 WELLINGTON CIRCLE EAST SUITE A i OF TALLAHASEE FL 32308 VOID AFTER 180 DAYS r. �., SORDER CONTAM "MOMM 11'00002286!1' i:26?083 ?631:006336560311' Palm Beach Gardens Police nnnnnnnnnn1r, 00002286 DATE VENDOR NO. 10/10 000000000015 ` INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 011 RENEWAL 10/19/10 600.00 600.00 Check .00 Total 600.0 600.00 ► 2011 Yearly Active Membership Membership renewal is also available online at fppta.org. For personal user activation instructions and help with renewing membership, please see the FPPTA website brochure included in the membership packet or available on our website. 2011 Yearly Active Membership $600 per year payment due upon receipt Board Information (Please print clearly) Board Name: C/o Address: City, State, Zip: > Contact Person: -rU 0 &� eaC n Gt *'� L E -mail Address: Aud Y � r Administrator: i?r %S, ` Sy10 E -mail Address: r Phone Number: 5�-t" � r ! ` 59 - 30 0 -�- 15W, Fax Number: 5U 1 - tj �z (1 '1-02 -21-7p Total fund assets as of I (date) cc p� Payment Information T� US i a' (- i _> j i1� )q (H O Check Enclosed O Check to Follow Please make checks payable to: Florida Public Pension Trustees Association (FPPTA) O American Express O Master Card O Visa Account Number: Name on Card: Expiration Date: Billing Zip Code: Signature: Send this completed form, front and back, to FPPTA. Membership Form and Trustee List must accom- pany payment. Thank you for your membership and your support of the FPPTA. Palm Beach Gardens Police VENDOR: 000000000037 VVUVZZU / DATE VENDOR NO. 10 /10 000000000037 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000057530854 10 19 10 27,808.66 27,808.66 Check .00 Total 27,808.66 27,80.8.6 Palm Beach Gardens Police 00002287 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC CHECK NO - CHECK DATE VENDOR NO. 2287 10/19/10 000000000037 PAY AMOUNT TWENTY -SEVEN THOUSAND EIGHT HUNDRED EIGHT AND 661100 $27,808.66 TO THE I CC CAPITAL MANAGEMENT ORDER 390 ORANGE AVENUE 27TH FLOOR OF X r• FL 32801 VOID AFTER 180 DAYS 113000022870 i:26 ?083 ?63i:00633656031I§ Palm Beach Gardens Police .,ekinnc. nnnnnnnnnn'27 00002287 DATE VENDOR NO. 10 /10 000000000037 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000057530854 10/19/10 27,808.66 27,808.66 Check .00 Total 27,808.66 27,808.66 1 1 CAPITAL MANAGEMENT PALM BEACH GARDENS POLICE PENSION FUND Invoice Date: Sep 30, 2010 The Pension Resource Center c/o Bonnie Lindberg 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Invoice Number: 57530854 ICC Capital Management, Inc. STATEMENT OF MANAGEMENT FEES For the period July 01, 2010 to September 30, 2010 Portfolio Valuation with Accrued Interest as of 9/30/2010 22,246,929 @ 0.50% per annum Quarterly Management Fee PastDue /Credit: TOTAL DUE AND PAYABLE Please use these Wire Instructions below: Bank: Fifth Third Bank Routing #: 042 000 314 Account# 11- 1060872 Report Date: Oct 5, 2010 $ 22,246,929.20 27,808.66 $ _— — - 27,808.66 0.00 $ 27,808.66 } Please make checks payable to: ICC Capital Management, Inc. And remit payment to: OR ICC Capital Management, Inc. c/o Lini Mohabir 390 N. Orange Ave. Suite 2700 Orlando, FL 32801 390 North Orange Avenue . 27th Floor . Orlando, Florida 32801 . PH 800 - 480 -6445 . PH 407- 839 -8440 . Fx 407 - 841 -2814 WEB Palm Beach Gardens Police VFNDOR- 000000000012 00002288 DATE VENDOR NO. 10/10 000000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000113105 1071971-0 1,657.00 1,657.00 Check .00 Total 1,657.00 1,657.00 BANK ATLANTIC I Palm Beach Gardens Police 00002288 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63.8376/2670 CHECK NO. I CHECK DATE I VENDOR NO. 2288 10/19/10 000000000012 PAY AMOUNT ONE THOUSAND SIX HUNDRED FIFTY -SEVEN AND 00/100 $1,657.00 TO THE GABRIEL ROEDER SMITH & COMPANY ORDER P.O. BOX 78000 OF DEPT #78009 DETROIT MI 48278 VOID AFTER 180 DAYS �,...,_...._.,.. -.... _.-.— ..-_•- am—CONTAINS IMCflOVHINSiNi 1160000 2 28811' 1:267083?631:006336S60311' Palm Beach Gardens Police ..�.��n. nnnnnnnnnni � 00002288 DATE VENDOR NO. 10110 000000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000113105 16 19 10 1,657.00 1,657.00 Check .00 Total 1,657.00 1,657.00 I I 1 Gabriel Roeder Smith & Company'/ Invoice R Consultants & Actuaries One East Broward Blvd. Suite 505 I Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 10/13/2010 113105 MEN t BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND " Dept. # 78009 Mr. J. Scott Baur, Administrator Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Gabriel Roeder Smith & Company V PO Box 78000 Detroit, Michigan 48278 -0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Palm Beach Gardens Police VFNDOR: 000000000216 uvuuzzou DATE VENDOR NO. 10/10 000000000216 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 54BG77 10/19/10 3,087.07 3,087.07 Check .00 Total 3,087.07 3,087.07 THE FACE OF THIS DOCUMENT HAS A COLORED BACKGROUND ON WHITE PAPER - THE BACK CONTAINS AN ARTIFICIAL WATERMARK - HOLD AT AN ANGLE TO VIEW Palm Beach Gardens Police 00002289 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 e3- 8376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2289 10/19/10 000000000216 PAY AMOUNT THREE THOUSAND EIGHTY -SEVEN AND 07/100 MOM $3,087.07 TO THE RHUMBLINE ADVISERS ORDER 30 ROWES WHARF OF STE 420 BOSTON MA 02110 VOID AFTER 180 DAYS 1180000 2 28 911' 42670837634006336S603116 Palm Beach Gardens Police 00002289 DATE VENDOR NO. 10/10 000000000216 ` INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 4BG77 10 19 10 3,087.07 3,087.07 Check .00 Total 3,087.07 3,087.07 0 A111-0 Investment Advisory Fees KnumbUne October 6, 2010 / 3rd Qtr 2010 Invoice # 54BG77 v �� Account: Palm Beach Gardens Police Fund S&P 500 Pooled Index Fund S&P 400 Pooled Index Fund S&P 600 Pooled Index Fund Period ending 7/3112010 8/31 /2010 913012010 Total Average Market Value Basis Points 0.0010 X 0.0007 X Annual Fee: Quarterly Fee: Eire transferlrrformation: for RhumbUne Advisers Rockland Trust 288 Union St. Rockland, Ma 02370 ABA# 011304478 acct beneficiary.-2970003824 Pooled Combined Market Values 1-811,1_820,1_830 $13,404,452 $12,689,823 $13,909,719 $40,063,994.54 $13,354,664.85 10,000,000.00 10,000.00 3,354,664.85 2,348.27 $12,348.27,/ $3,087,07 Or by check Please make payment to: RhumbLne Advisers 30 Rowes Wharf, Sufte 420 Boston, MA 02110 -3328 RhnmbLine Advisers • 30 Rowes Wharf, Boston, MA 02110 -3326 • Tel: (617) 345 -0434, Fax: (617) 345 -0675 {' 11op Palm Beach Gardens Police -- _ -- nnnnnnnnn9^f "f 00002290 DATE VENDOR NO. 10/10 000000000322 v C I V V vn. v v v v v v v v- INVOICE NUMBER r .- - INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000020101025 10/19/10 3,651.00 3,651.00 .00 3,651.00 Check Total 3,651.00 Palm Beach Gardens Police 00002290 4360 Northlake Blvd Ste 206 Palm Beach Gardens, F1 33410 63.837612670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2290 10/19/10 1000000000322 AMOUNT PAY THREE THOUSAND SIX HUNDRED FIFTY -ONE AND 00 /100 own= $3,651.00 TO THE THISTLE ASSET CONSULTING, INC. ORDER 1321 PIAZZ DELLE PALLOTTOLE OF BOYNTON BEACH FL 33426 VOID AFTER 180 DAYS . ..,_�.._..._.........�_.___..__ _.._..�- _.___BORDERCftL" WCR0MR_# jfl 11900002290t1' 1:26 ?083 ?634006336560311' Palm Beach Gardens Police 00002290 DATE VENDOR NO. in /in nnnnnnnnnigg VENDOR: UUUUUUV V V INVOICE NUMBER -3a4 INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 00000020101025 10 19 10 3,651.00 3,651.00 .00 3,651.00 Check Total 3,651.0 Thistle Asset Consulting, Inc. 1321 Piazz Delle Pallottole Renaissance Commons Boynton Beach FL. 33426 (561) 737 -3996 Palm Beach Gardens Police Pension Fund Mr. Scott Baur The Pension Resource Center, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Invoice Date Invoice # 10/11/2010 20101025 Thistle Asset Consulting 1321 Piazza Delle Pallottole Boynton Beach, Florida 33426 USA Palm Beach Gardens Police Statement of Income and Expense FY 2010 nd October , End November ; '- End December' End-'-3anua " ":;, n Februa . c ... End Marcls 1 End A rff End Ma End 7une . 1 End July, End.Au t# , Year-T"atet 47 237.99 51 349.64 55 465.60 51 441.50 61 188.98 57 092.34 53 342.58 60 805.26 58 875.42 63 281.23 60 870.14 620 950.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 435 831.58 435 831.58 0.00 0.00 0.00 988 992.00 0.00 0.00 988 992.00 0.00 0.00 0.00 988 992.00 2,966,976.00 66 884.53 70 590.80 69 776.47 62 986.29 58 369.74 64,661 90 248.71 55 122.19 57 336.46 S7 302.93 56 312.20 709 591.62 0.00 0.00 6,040.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,040.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,916.07 0.00 0.00 2,916.07 5,342.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,342.48 401.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 401.23 318.03 94 010.04 15 9,025.70 369.79 109 12 035.83 374.16 (2,028.241 0.00 (8,720.661 2,593.33 23 14 361.56 343.74 (7,082.S31 40 879.72 (2,630.341 26 148.57 33 776.52 0.00 2,847.26 49,7S4.96- 16 415.18 23 743.30 135 701.88 272 873.52 17 982.63 99,8 7.16 (154,034.541 148 304.00 11 065.13 71 649.35 82 433.22 73 273.19 190 828.70 90 761.27 174 499.48 627 305.63 217 850.29 135 509.46 262 116 017.72 127.89 223 186 564.36 444.71 288 102.42 101 586.89 207 159 320.25 143.29 307 227,800. 087.00 9 66 146 590.72 248.86 391 397.82 1 257 715.15 1 (354,688.501 (218,051.631 266 733.11 218 813.99 251 302.44 (164,268.392 170 028.31 174 447.91 116 416.98 375 440.62 128 864.70 242 887.03 202 684.83 405-044.59 112 582.72 577 784.23 1 (347,960.731 442 092.96 304 590.58 77 070.87 169 386.34 73,258.42 247 595.19 106 478.65 128 662.02 244 485.81 198 319.62 256 252.31 235 823.03 195 616.62 (245,769.261 74 228.09 0.00 0.00 29 478.44 0.00 0.00 47 237.96 0.00 0.00 131 068.70 0.00 0.00 54 352.30 0.00 0.00 37 468.75 0.00 0.00 29 140.93 0.00 0.00 142 325.98 0.00 0.00 75 716.30 0.00 0.00-r 13 520.70 0.00 0.00 16 763.24 0.00 0.00 180 751.43 0.00 0.00 150 467.49 (443,753.86) 1,042,248.16 747,523.29 510,640.56 822,306.91 1,365,369.81 1,772,555.62 (1,270,430.64) (1,334,489.87) 1,384,204.33 790,733.21 5,386,907.52 tnd October - ".. ,: end November End December End >'January End FebruarV, End March .' s „_ rit - 7MCFR ..I M End ]utter. <" : '4W. End Juk Au usE z :'Yearzio Date 0.00 0.00 25,T39.18 0.00 0.00 27 874.30 0.00 0.00 28 682.67 0.00 0.00 82 296.15 0.00 0.00 2,684.07 0.00 0.00 2,902.59 0.00 0.00 2,991.51 0.00 0.00 8,578.17- 0.00 0.00 3,478.00 0.00 0.00 3,478.00 0.00 0.00 3,651.00 0.00 0.00 10 607.00 210 528.27 78 664.72 78 664.72 89 314.28 88 523.44 88 523.44 96 215.40 100 248.50 100 248.50 100 248.50 100,248 .50 1,131,428.27 75 178.17 25 000.00 0.00 0.00 0.00 0.00 66 ,000.00 0.00 0.00 0.00 0.00 166 178.17 0.00 0.00 0.00 0.00 0.00 27141.97 0.00 0.00 0.00 0.00 0.00 27141.97 0.00 1,650.00 0.00 0.00 10 0.00 998.00 4,000.00 2,485.00 0.00 0.00 3,000.00 1,946.00 2,177.00 0.00 0.00 1,819.00 0.00 7,086.00 0.00 3,836.00 0.00 0.00 7,000.00 31 997.00 609.70 230.50 2,293.25 1,326.75 218.75 1,999.25_ 60.00 492.30 1,309.74 1,198.23 0.00 9,738.47- 4,750.00 2,2 8.00 2 275.00 2,275.00 2,299.90 2,675.00 2,275.00 2,289.00 2,575.00 2,375.00 2,289.50 28 366.40 1,057.14 6,384.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,442.11- 1,063.12 0.00 1 0.00 0.00 1 0.00 1 0.00 0.00 0.00 0.00 0.00 0.00 1,063.12- 0.00 0.00 600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 600.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 2,395.00 210.35 0.00 2,705.35- 52.15 0.00 0.00 10.62 12.32 0.74 0.00 0.00 0.00 0.00 0.00 75.83 131.35 138.59 153.73 13 7.64 118.09 128.17 130.71 170.73 149.09 147.24 162.78 1,S68.12 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69.44 0.00 68.77 295 019.23 112 706.78 126F885.95 99,549.29 91,172.50 159,669.46 166,958.11 105,019.53 149,088.51 108,084.76 102,700.78 1,516,854.90 34 032 252.79 33,293,4 9.70 34 223 021.08 34 843 658.42 35 254 749.69 1 35 985 884.10 37 191 584.45 38 797 181.96 37,421,73 1.79 35 938 153.41 37 214 272.98 1 34 032 252.79 738 773.09 929 541.36 1 620 637.34 1 411 091.27 1 731 134.41 1 1,205,700.3 5 1 605 597.51 (1,375,450.17)1 (1 483 578.38 1 276 119.57 688 032.43 1 3,870,052.62 33 293 479.70 34 223,021.08 1 34 843 658.42 1 75,-254,749.69 1 35,985,884.10 1 37 191 584.45 38,797 181.96 37,421,731.79 35,938,153.41 37,214,272-98 1 37,902,305.41 1 37,902,305.41 Palm Beach Gardens Police Balance Sheet FY 2010 r "F'� r�llOVtmb6`, .. OdCelltbeC .> .:•..;�a�nus : "- �Eebntp A ,,, _ g�z c 125 261.92 � .�. 118 829.96 92 763.92 111 ' 990 53 47 733.89 16 812.73 14 957.94 77 597.79 146 128.07 108 107.39 91 932.03 58 723.76 58 723.76 58 723.76 58 723.76 58 723.76 58 723.76 58 723.76 S8,723.76 58 723.76 58 723.76 58 723.76 68 180.05 61 807.43 78 093.16 383 ;0 00. 73.921-07 79 423.08 86 967.67 86 967.67 87 156.89 86 967.67 89 513.05 2 674 509.77 ","2,632,011,92 1 905,880.49 930'943.98 1'980 178:34 -1,065,687.03 k 854 069.14 1,316,62a.33 1647 713.08 �t 1,074,366.02 2700 577.45' 11 616 671:37- 11,058, '01 11504 585.13 13"57&556.21 12 530 645.12' 13 456 267.14 '; 13 897886.38 14 336 240.97 14,227,769 46 14 830 685.41 14,696,667-80 4 ^A37 92550 4,60%,691-.00-, - "'' 4 820 477.08 °' 4622 SSS,SQ 4 87$866:58 180194:50 5 850 606.99. aM - 4,817,546 .513° :: 4 462' 85$.00' 4 806 667.50 4,470,314.0 ::123 R74<R3 123'776:46 ;.---"121-304 52 135 814.22 -131' 926c98 '.. 149 703':56 151 542.92 ._ 149 988.41 f 21 118:87 133,03 7.33 15k 26fi:25?. ,-18,852,180,67 18,423,913,39 18'352 247.14 19, :169.91 19 521 616:94: 19 85k 852.23 20,954 105,35 20 620`304:21 20 459'459.38 2g&844,776,26,, 227i :825:50 --2,860;796,85- Z976,924.74 3163 369.45 .> .. .3'061'782.56 t3 925:85 344$ 726.54 3,594 975:40 3 337 260:25 3 119 208.62 '335 022.61. 3,170,7S4.2 175.81 6,646,61&A3 6 ' 775,481.13 . 4.532.594 I 6`735 Z78.S3 - .7 140323.52 7,252,906.24 .,•';:. WS, 122.Ok 6327'161.28 ': 6769 254:24. 6464663.66 �6'271 -,`2 810 791"12 2 884' 049.54 -3 131 644.73 025 16fi. " :. ' 3153 828.10 -' 3,398,31191 3 596 633:53, .. ''. 3 340 381.22- 3"104 558.19 ..: c 3,300,174,81 3 054 405.55 #?: 11 942 753:78 12 507 596.71 13,070,495.31 '` , 542:34• M, , `10 032.88 13 987 363.97 x14 44442KT7 ' 13 352 763.48 12, 550 928:: ' ... A04 451.66 12'6 68 050.611 , "1 013 083.23 1 042 561.67 .:� "* 042 S61.67 =`1 042 561.67 '1 084799.63 h #+ f 0$9'794 63 958 730.93 95$ 730.93 958730.93 58 640.50` ;: ;103'$73.07 1 141 141.82.:. 141 141.82 ;' 1 141 241:82 1' 170' 282.75 `:t <� ' 1<70 2$2. � ' ' 1 I70 282.7s' -'; ` 1' 2T' 956.77 � 27 956.77. 102T 956.77 $56 930:8k `. 963:38 1 115 484.08:, 2 -iS 484.0$` : 1 115484:08 132 247.32 r• � 2 247.3 ' ' A,132,247.3 2. ' .: t 951 445.89 �Si 495.89 '. 45149589 '463 621:97 381719.68 3 299 187 5 3.299.187-1W ;' 3 294 187.57 3 392 329.7Q 392 329 70 3,392,U-9.70, , : ` =3 938 "183:59 2 938,183.596 2938 183.54 0.00 0.00 (31,901!2511 29 217.18 0.00 31 979.89 31 352.30 2 575.00 (31,03 0.00 0.00 0.00 0.00 0.00 0.00 0.33 0.33 0.00 0.00 0.00 0.00 0.00 33 293,479.70 34,223,021.08 34,843,658.42 1 35 254,749.69 35,985-884 10 '47,1 - I- 38 7,181.96 1 37,421 731.79 35,938,153.41 1 37 214,272.98 1 N-7-,-902,305.41 ur:m CAN t77! 4,1 PALM BEACH GARDENS POLICE PENSION FUND EXECUTIVE SUMMARY SEPTEMBER 30, 2OZ O SW L71 41-stile asset Tansulting 4_L'J Major Economic Indicators AR.......... 3RD QUARTER 2010 INDEX RETURNS MSCI EAFE Barclays Aggregate ♦ The CPI- Urban/1982 -84 =100 (unadjusted) for the 12 -month period ended September 2010 increased 1.1%. The seasonally adjusted annual rate for the third quarter is 2.7 %. ♦ The Producer Price Index (PPI) for Finished Goods (seasonally adjusted) increased 0.2% in July, increased 0.4% in August and increased 0.4% in September. For the 12 -month period ended in September the PPI (unadjusted) advanced 4.0. ♦ Real Gross Domestic Product (GDP) increased at an annual rate of 1.7% for the second quarter of 2010. In the first quarter, real GDP increased 3.7 %. ♦ The seasonally adjusted unemployment rate is 9.6% in September compared to 9.5% in June. THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561- 737 -3996 Facsimile: 561- 737 -6119 16.53% 3.71% 2.49% 8.17% Federal Reserve News ♦ During the first quarter, the Federal Reserve Board kept the primary discount rate to 0.75 %. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Open Market Committee kept the target range for the federal funds rate of 0.00% to 0.25 %. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ Best Performing Sector: Telecommunication Services increased 19.10% in the third quarter. ♦ Worst Performing Sector: Financials increased 4.06% in the third quarter. Source: Standard & Poors (Performance reflects Price Returns Only) QTR 1 -YEAR S &P 500 11.29% 10.16% Russell 1000 11.55% 10.76% Russell 1000 Growth 13.00% 12.65% Russell 1000 Value 10.13% 8.90% S &P Mid -cap 400 13.12% 17.78% MSCI EAFE Barclays Aggregate ♦ The CPI- Urban/1982 -84 =100 (unadjusted) for the 12 -month period ended September 2010 increased 1.1%. The seasonally adjusted annual rate for the third quarter is 2.7 %. ♦ The Producer Price Index (PPI) for Finished Goods (seasonally adjusted) increased 0.2% in July, increased 0.4% in August and increased 0.4% in September. For the 12 -month period ended in September the PPI (unadjusted) advanced 4.0. ♦ Real Gross Domestic Product (GDP) increased at an annual rate of 1.7% for the second quarter of 2010. In the first quarter, real GDP increased 3.7 %. ♦ The seasonally adjusted unemployment rate is 9.6% in September compared to 9.5% in June. THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561- 737 -3996 Facsimile: 561- 737 -6119 16.53% 3.71% 2.49% 8.17% Federal Reserve News ♦ During the first quarter, the Federal Reserve Board kept the primary discount rate to 0.75 %. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Open Market Committee kept the target range for the federal funds rate of 0.00% to 0.25 %. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ Best Performing Sector: Telecommunication Services increased 19.10% in the third quarter. ♦ Worst Performing Sector: Financials increased 4.06% in the third quarter. Source: Standard & Poors (Performance reflects Price Returns Only) Palm Beach Gardens Police Pension Fund Executive Summary Report Table of Contents SECTION PAGE Market Snapshot 1 Index Comparisons 2 Compliance Report 3 Total Portfolio Pie Chart 4 Manager Pie Chart 5 Asset Allocation Table 6 Total Ranks Table 7 Manager Ranks 8 Scatterplot Graphs: Total Fund Graph 9 Rhumbline Equities Graph 10 ICC Fixed income Graph 11 Beta Graph 12 Alpha Graph 13 Beta/ Alpha Table 14 Batting Average Graph 15 Batting Average/ R- Squared Table 16 Other Managers' Page 17 T MCI 11isfir A660 Crousllltillp 30.00 20.00 10.00 e o. a; 0.00 -10.00 -20.00 -Index Comparison — September 30, 2010 3 Months Last 12 Months Last 3 Years (Annualized) ■Barclays Gov /Credit Bond ■Barclays Gov/Credit- Intermediate OS &P 500 • Russell 1000 Growth ■ Russell 1000 Value ■ Russell 2000 Growth ■Russell 2000 Value ■Russell 3000 OMSCI EAFE m Cfiistte Asset CrvnSniting w Page 2 Palm Beach Gardens Police Pension Fund Compliance Report September 30, 2010 YES dQ TOTAL FUND 1. Did the total return, over the trailing 3-year period, exceed the policy, which is comprised of 25% S&P500,10% S&P400, i,7 r 10% S&P600,10% R1000G,10% EAFE and 35% BCGC? [0.11 vs. -0.61] 2. Did the total return, over the trailing 3-year period, rank in the top 50% of the Universe comprised of 25% Mobius Broad p r Large Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Cap Growth, 10% International and 35% Broad Fixed? [2nd] 3. Did the total return of the fund over the trailing 3-year period equal or exceed 7.5% (actuarial assumption rate of return)? r p [0.11 vs. 7.501 TOTAL EQUITY 1. Did the equity return, over the trailing 3-year period, exceed the 38.4% S&P 500,15.4% S&P 400,15.4% S&P 600,15.4% p r R1000G index and 15.4% EAFE? [ -5.06 vs. -5.591 2. Did the equity return, over the trailing 5 -year period, exceed the 38.4% S&P 500 ,15.4% S&P 400,15.4% S&P 600,15.4% p r R1000G index and 15.4% EAFE? [2.04 vs. 1.48] 3. Did the equity return, over the trailing 3-year period, rank in the top 50% of the Mobius 38.4% Broad Large Cap, 15.4% Mid p r Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [42nd] 4. Did the equity return, over the trailing 5-year period, rank in the top 50% of the Mobius 38.4% Broad Large Cap, 15.4% Mid p r Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [14th] 5. Is the amount invested in any single security less than or equal to 5% of the market value of the total equity portfolio? p r- 6. Is the amount invested in any single industry less than or equal to 20% of the market value of the total equity portfolio? p r FIXED INCOME - ICC CAPITAL 1. Did the fixed income return, over the trailing 3-year period, exceed the BCGC? [7.00 vs. 7.43] r p 2. Did the fixed income return, over the trailing 3-year period, rank in the top 50% of the Mobius Broad Fixed Income p r Universe? [22nd] 3. Did the fixed income return, over the trailing 5 -year period, exceed the BCGC? [5.90 vs. 6.20] r p 4. Did the fixed income return over the trailing 5-year period, rank in the top 50% of the Mobius Broad Fixed Income p r Universe? [25th] 5. Is the amount invested in any single security (with exception of U.S. Government and its agencies) less than or equal to 5% p r of the market value of the total fixed income portfolio? 6. Is the minimum quality rating of the bond investments BBB from Standard & Poor's or BAA from Moody's? p r WCti[Stte asset consi]ltjrig W Page 3 Manager Com hance Questionnare — September 30, 2010 - -- — 1. Have there been any changes in your organization? Have you undergone any change in ownership or control? No 2. Have there been any changes in your investment philosophy? No 3. Have there been any changes in your staff of investment professionals? No 4. Have you lost a substantial amount of business (amount of percentage of assets under management)? No 5. Have you gained a substantial amount of business (amount of percentage of assets under management)? No 6. Have there been any new investigations begun by any stare or federal government or their agencies, or any charges filed, with regard to any division or unit of your company, and in particular anyone who directly or indirectly performs services for this client? Please provide details (if there is any doubt, please err on the side of providing too much information). No 7. For managers, with fixed income portfolios that we monitor, are you currently invested in commercial mortgage backed securities (CMBS)? (If yes, please give % of fixed portfoho) No & Are you invested to any unhedged and /or levereged derivatives? No 9. What percentage of equity is international? The manager must immediately notify the Board and the Consultant when the international exposure reaches ten percent (10 %). An explanation will be needed as to why the manager is changing their discipline. (This does not apply to managers that are 100% international equity and to those that have been previously given permission by the board and the consultant) 0.00% 10. Are you invested in any companies on the SBA's website? (Please review list of scrutinized companies on the following website: httn'J /www shafla com/ fsh/ Protectin¢ investmentsActAahid/401JDefaull acpx N/A 11. Name of person completing this form (please include company name)? Steven Stack, Chief Compliance Officer �histlr �srt (�unstilfinu� Fixed Income 39% Palm Beach Gardens Police Pension Fund Total Assets September 30, 2010 Cash 6% •Equities ■Fixed Income ■Cash �II1BfI¢ �8S¢f cronutting� ities Page 4 ICC Fixed 42% Intl. Bonds 4% Palm Beach Gardens Police Pension Fund Total Assets September 30, 2010 Rhmnhlinv.Fepsnn 12% g% ✓ S&P400 nbline S&P600 8% ■Rhumbline S&P500 ■Rhumbline S£>P400 ■Rhumbline S &P600 DIntI.Equity ■ICC Lg. Growth Olntl. Bonds ■ICC Fixed W C, histle Asset iunsultinnus, Page 5 Manager Rhumbline S &P500 Rhumbline S &P400 Rhumbline S &P600 Intl. Equity ICC Lg. Growth Intl. Bonds ICC Fixed Total % of Total Target % kit �hiSt�P .55Pt LDIi�UItlltl� Palm Beach Gardens Police Pension Fund Performance Evaluation Summary September 30, 2010 Equities Fixed Income Cash Total % of Total $7,040,000 $0 $0 $7,040,000 17.1% 25. 0% $3,529,000 $0 $0 $3,529,000 8.6% 10.0 °'u $3,401,000 $0 $0 $3,401,000 8.3% 10.0",, $3,469,000 $0 $0 $3,469,000 8.4% 10.0% $5,041,000 $0 $0 $5,041,000 12.3% 10.0-o $0 $1,428,000 $0 $1,428,000 3.5% 0.0 ";, $0 $14,825,000 $2,389,000 $17,214,000 41.9% 35.0% $22,480,000 $16,253,000 $2,389,000 $41,122,000 100.0% ------------------------------------------------------------------------------------------------------------------ 10000", 54.7% 39.5% 5.8% 100.0% 65.0% 35.0% 0.0% 100.0% Page 6 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary September 30, 2010 jai Ljtist� asset crousU1ting Page 7 Current Fiscal Year Quarter FYTD One Year Three Years Five Years 2009 2008 2007 2006 2005 TOTAL FUND (Net of Fees) Return 8.17% 10.09% 10.09% 0.11 % 3.68010 5.62016 -13.73% 11.90% 6.71% 9.78% Ranking ( *) 93 41 41 2 4 t, 22 31) 41 36 Policy Return ( * *) 9.02% 10.82% 10.82% -0.61% 3.53% 1.64% -12.83% 12.98% 7.22% 10.33% TOTAL EQUITIES Rehrrn 12.78No 12.48", 12,-1 "o - 53.06q/0 2.04% - 0.914%o - 23.23% 17.99% 9.59% 15.33% Ranking ( * * *) 1 2 2 42 14 19 99 9 20 15 Policy Return (38.4 %S &P500, 15.4% S&P400,15.4% S &P600, 15.4% R1000G, 15.4% SAFE) 12.39% 11.44% 11.44% -5.59% 1.48% -4.36% - 21.04% 17.05% 9.27% 16.00% TOTAL FIXED INCOME Return 8.10% 8.10% 7.00% 5.90% 1 1.22% 4.98% 3.56% 3.36010 Ranking (Broad Fixed) 59 42 42 22 2> 46 '.> 27 59 28 Policy Return (BCAB) 2.49% 8.17% 8.17% 7.43% 6.20% 10.56% 3.66% 5.13% 3.67% 2.80% * 25% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Growth, 10% International, 35% Broad Fixed * *25% S &P500, 10% S &P400, 10% S &P600, 10% R1000G, 10% SAFE, 35% BCAB * ** 38.4% Broad Large Cap Core, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth, 15.4% International Gold indicates equal to or begat the index, or in upper 4001', of universe Red indicates bottom 40% of universe jai Ljtist� asset crousU1ting Page 7 Pahn Beach Gardens Police Pension Fund Performance Evaluation Summary September 30, 2010 Current Fiscal Year uarter FYTD One Year Three Years Five Years 2009 2008 2007 2006 2005 RHUMBLINE S&P 500 EQUITY PORTFOLIO Return 11.26% 10.21'! %, 10?1%1 - 6.91 "„ 0.85'!'0 - 6.49 °10 - 21.72 "5, 16.6340 10.881!19 12.22% Ranking (Br. Large Cap Core) 44 29 29 47 45 55 36 39 27 57 Policy(S &P500) 11.29% 10.16% 10.16% -7.16% 0.64% -6.91% - 21.98% 16.44% 10.79% 12.25% RHUMBLINE S &P 400 EQUITY PORTFOLIO Return 1 ;.1 1 ' , 17.77% 17.77% - 1.501% 3.88 "% - 2.77"/r, 1i,, ,1" . 18.74% 6.6006 22.37% Ranking (Broad Mid Cap) 20 1 ' 12 18 17 100 9 1 85 1 Policy (S &P 400) 13.12% 17.78% 17.78% -1.66% 3.77% -3.10% -16.68% 18.76% 6.56% 22.16% RHUMBLINE S &P 600 EQUITY PORTFOLIO Return 9.56% 14.14% 14.14% - 4.103„ 1.7930 - 10.5430 - 13.6430 15.17 %) 7.67 ". 10 21.16% Ranking (Broad Small Cap) 76 37 37 55 58 86 22 51 52 32 Policy (S &P 600) 9.62% 14.21% 14.21% -4.18% 1.62% -10.61% -13.83% 14.93% 7.16% 21.22% ICC LARGE CAP GROWTH EQUITY PORTFOLIO 2 -Years 3 -Years Return 13.4530 14.62 "51 14.6221 14.9645, - 2.9345, 15.30 "44 - 30.79% n/a n/a n/a Ranking (Broad Large Cap Growth) 26 S 8 1 14 1 100 n/a n/a n/a Policy (R1000G) 13.00% 12.65% 12.65% 5.15% -4.36% -1.85% - 20.88% n/a n/a n/a INTERNATIONAL EQUITY 4 -Years Return 18.06 ",0 9.09% 9.090%9 -7.51 "lo 0.221N9 2.30% - 29.10% 27.48010 n/a n/a Ranking (International Equity) 30 32 32 34 .35 48 36 43 n/a n/a Policy (MSCI SAFE) 16.53% 3.71% 3.71% -9.06% -1.45% 3.79% -30.12% 25.38% n/a n/a Gold mdir,,tcs equal to or best the index. or in uPper 40% of unwerse Red indicates bottom 40% of universe (� 11I5t�F ,�55Ff �D1I51Ilflllu Page 8 September 30, 2010 EXPLANATION OF RISK/REWARD SCATTERPLOT GRAPHS The crossing lines represent the 5 -year return (horizontal line) and 5 -year standard deviation or volatility or risk (vertical line) of the index against which the Fund is being measured. Each point represents the Fund's 5 -year return (vertically) and standard deviation or volatility (horizontally), relative to the index. If a point is in the southwest quadrant, for example, the 5 -year return of the Fund has been less than (below) the index line, and the 5 -year standard deviation (volatility) has also been less than (to the left of) the index line. There are four points, one for each of the last four quarters. The earliest one is the smallest and the quarter just ended being the largest. Each point shows the 5 -year relative position of the Fund versus the index for that quarter. The movement of the points shows the trend, or direction, over time. As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher return); the worst place to be is the southeast quadrant (more risk and a lower return). W l,,i istk Awt CrOH5111f llp W kh Palm Beach Gardens Police Pension Fund Total Fund Trailing 5 -Years (versus 25% S &P500, 10% S &P400, 10% S &P600, 10% RIOOOG, 10% SAFE, 35% BCGC) -- -_ -- - - September 30, 2010 3 Good Aggressive 0 AOL- 'M v Conservative A Bad -3 -3 0 Risk (Difference in Standard Deviations) • 9/30/2010 ♦ 6/30/2010 E33/31/2010 ♦ 12/31/2009 �l�,hi5tl¢ get � � 3 Page 9 o� N v A Palm Beach Gardens Police Pension Fund Total Equity Trailing 5 -Years (versus 38.4% S &P 500,15.4% S &P 400,15.4% S &P 600,15.4% R1000G & 15.4% Intl.) September 30, 2010 3 - Good Aggressive 0 - - I Conservative Bad -3 - - -3 0 3 Risk (Difference in Standard Deviations) • 9/30/2010 ♦ 6/30/1010 03/31/2010 ♦ 101/1009 l;histle Assct 6111511ttilig Page 10 3 Good q Conservative -3 - -3 tit l�,l�ixtle �5set CunSUltingtit Palm Beach Gardens Police Pension Fund ICC Fixed Income 5 -Year Trailing (versus BCGQ September 30, 2010 c 0 Risk (Difference in Standard Deviations) • 9/30/2010 ♦ 6/30/2010 ❑ 3/31/2010 •12/3112009 Aggressive RM 3 Page 11 � 0 o� o� U q Conservative -3 - -3 tit l�,l�ixtle �5set CunSUltingtit Palm Beach Gardens Police Pension Fund ICC Fixed Income 5 -Year Trailing (versus BCGQ September 30, 2010 c 0 Risk (Difference in Standard Deviations) • 9/30/2010 ♦ 6/30/2010 ❑ 3/31/2010 •12/3112009 Aggressive RM 3 Page 11 Sep -10 Jun-10 Mar -10 Dec -09 Palm Beach Gardens Police Pension Fund Beta: Trailing 5 -Year Risk (or Inception if Less) September 30, 2010 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 ■Total Fund ©Large Cap E3 Mid Cap 0Small Cap N CC Fixed Olnternational ■Large Growth 9 I f 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 ■Total Fund ©Large Cap E3 Mid Cap 0Small Cap N CC Fixed Olnternational ■Large Growth thistle asset TOR6111fing Page 12 I' 1' Palm Beach Gardens Police Pension Fund Alpha: Trailing 5 -Year Reward (or Inception ifLess) September 30, 2010 TOTAL FUND & INDIVIDUAL MANAGERS Sep -10 Jun -10 ■Total Fund OLarge Cap 0Mid Cap DSmall Cap itil�,hi5tle asset Cronutting�i Mar -10 Dec -09 ■ICCFixed Olnternational ■Large Growth Page 13 Palm Beach Gardens Police Pension Fund Alpha & Beta: 5 -Years Trailing (or Inception ifLess) September 30, 2010 Large Cap S &P500 BETA 0.17% 0.22% Mid Cap S &P400 Current 0.15% 0.16% Small Cap S &P600 0.19% Policu Lep-10 un-10 Mar -10 Dec -09 Total Fund * 0.76 0.75 0.76 0.76 Managers, Fixed Income * 25% S &P 500, 10% S &P400, 10% S &P600, 10% R1000G, 10% EAFE, 35% BCAB ICC Fixed BCAB 0.96 0.82 0.98 0.98 Managers, Equities Large Cap S &P500 0.99 0.94 0.99 0.99 Mid Cap S &P400 0.99 0.98 0.99 0.99 Small Cap S &P600 0.99 0.98 0.99 0.99 International EAFE 0.43 0.41 0.42 0.43 Large Growth R1000G 1.09 1.01 1.10 1.09 ALPHA Total Fund 0.98% 0.83% 1.05% 0.92% Managers, Fixed Income ICC Fixed BCAB -0.06% 0.18% -0.24% -0.07% Managers, Equities Large Cap S &P500 0.22% 0.17% 0.22% Mid Cap S &P400 0.13% 0.15% 0.16% Small Cap S &P600 0.19% 0.45% 0.18% International EAFE 0.84% -1.82% 0.37% Large Growth R1000G 1.82% 3.26% 2.10% * 25% S &P 500, 10% S &P400, 10% S &P600, 10% R1000G, 10% EAFE, 35% BCAB kit kit C, I118t1p A55ff Tonuffing 0.22% 0.17% 0.22% -0.30% 2.25% Page 14 100 75 50 25 Palm Beach Gardens Police Pension Fund Batting Average: 5 -Years Trailing (or Inception if'Less) September 30, 2010 TOTAL FUND & INDIVIDUAL MANAGERS Sep -10 Jun -10 h lar -10 Dec -09 ■Total Fund E3 Large Cap DWI Cap OSnuall Cap ■1CC Fixed Olnternational ■Large Grourth kit kit Page 15 Palm Beach Gardens Police Pension Fund Batting Average: 5 -Years Trailing (or Inception if Less) September 30, 2010 BATTING A VERAGE Total Fund Current 0.96 0.92 0.96 0.96 Managers, Fixed Income Po ini jep-10 Jun-10 Mar -10 Dec -09 Total Fund BCAB 35.00 35.00 30.00 35.00 Managers, Fixed Income ICC Fixed BCAB 65.00 60.00 65.00 65.00 Managers, Equities S&P400 1.00 0.96 1.00 1.00 Large Cap S&P500 70.00 70.00 65.00 70.00 Mid Cap S&P400 60.00 55.00 55.00 60.00 Small Cap S&P600 60.00 60.00 55.00 60.00 International EAFE 62.50 60.00 57.14 53.85 Large Growth R1000G 58.33 63.64 60.00 55.56 Total Fund 0.96 0.92 0.96 0.96 Managers, Fixed Income ICC Fixed BCAB 0.82 0.66 0.83 0.82 Managers, Equities Large Cap S&P500 1.00 0.93 1.00 1.00 Mid Cap S&P400 1.00 0.96 1.00 1.00 Small Cap S&P600 1.00 0.96 1.00 1.00 International EAFE 0.26 0.24 0.23 0.24 Large Growth R1000G 0.90 0.80 0.89 0.88 * 25% S &P 500, 10% S &P400, 10% S &P600, 10% R1000G, 10% EAFE, 35% BCAB C, 4istk asset 6115111tiiig Page 16 Performance of Other Managers September 30, 2010 Qtr YTD IYr 3Yr 5Yr IOYr CORE EQUITY Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size Eagle Asset Management - Conservative Large Cap Equity - Gross Size ICC Capital Management, Inc - Core Value - Gross Size Inverness Counsel - Miami Beach Fire & Police - Gross Size (Equity Only) INVESCO - Structured Core Equity - Gross Size IronOak Advisors - Large Cap Core - Gross Size Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size Rhumbline Advisers Corporation - S &P 500 Index Fund - Gross Size Robeco Investment Management, Inc. - WPG Disc Equity Large Cap - Gross Size RBC Global Asset Management - Large Cap Core Russell 1000 S &P SM GROWTH EQUITY Denver Investment Advisors, LLC - Grozvth - Gross Size 13.74 8.93 8.93 -3.77 2.60 8.84 4.14 4.14 -7.30 0.40 7.95 7.87 7.87 -6.28 1.55 9.76 6.62 6.62 -7.24 1.70 -0.18 2.96 3.09 0.35 10.83 7.99 7.99 -2.94 1.96 2.94 11.51 10.68 10.68 -6.48 1.06 -0.08 11.23 11.06 11.06 -6.84 0.88 -0.22 9.31 8.54 8.54 -7.27 0.69 1.02 11.55 10.75 10.75 -6.79 0.86 -0.21 11.29 10.16 10.16 -7.16 0.64 -0.43 Garcia Hamilton & Associates - Quality Growth - Gross Size 13.06 11.69 11.69 -3.85 1.90 -1.35 ICC Capital Management, Inc - Large Cap Grozvth Equity - Gross Size 12.74 13.41 13.41 -2.03 3.09 -1.45 Logan Capital Management - Large Cap Growth - Gross Size Montag & Caldwell, Inc. - Large Cap Growth - Gross Size 10.38 736 7.36 -2.73 3.48 1.06 OakBrook Investments, LLC - OakBrook Select Equity - Gross Size 8.98 12.62 12.62 -1.28 3.77 6.57 Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size Silvant Capital - Select LCG Stock - Grosss Size SIPCO - U.S. Growth Leaders - Gross Size 10.45 5.50 5.50 -1.22 5.96 State Street Global Advisors - Active U.S. Large Cap Growth Strategy - Gross Size Russell 1000 Growth 13.00 12.65 12.65 4.36 2.06 -3.44 S &P 5WCitigroup Growth 12.63 11.67 11.67 4.32 1.85 -1.87 Rhumbline Large Cap(FYE) 11.26 10.21 10.21 -6.91 0.85 -0.24 Rhumbline Mid Cap(FYE) 13.13 17.77 17.77 -1.50 3.88 n1a Rhumbline Small Cap(FYE) 9.56 14.14 14.14 4.10 1.79 n/a International Equity(FYE) 18.06 9.09 9.09 -7.51 n/a n/a ICC Large Grozoth(FYE) 13.45 14.62 14.62 -2.93 n/a n/a �'Q�li�f �i5d�01151��11Q� Page 17 VALUE EQUITY BRC Investment Management Large Cap Value - Gross Size Buckhead Capital Management - Value Equity - Low PIE - Gross Size Cascade Investment Counsel, LLC - Large Cap Value - Gross Size Cohen & Steers Capital Mgmt., Inc. - Cohen & Steers Large Cap Value - Gross Size Crawford Investment Counsel, Inc. - Dividend Growth - Gross Size DePrince, Race, Zollo, Inc. - Large Cap Value Equity - Gross Size Eagle Asset Management - Value - Institutional - Gross Size ICC Capital Management, Inc - Core Value - Gross Size Loomis, Sayles & Company, L.P. - Large Cap Value - Gross Size Missouri Valley Partners - Large Cap Value - Gross Size Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size State Street Global Advisors - Active U.S. Large Cap Value Strategy - Gross Size The Boston Company Asset Mgmt., LLC - US Large Cap Value Equity Management Ceredex Value Ad Large Cap Value RBC Global Asset Management, Inc. - Large Cap Value - Gross Size Westwood Management Corporation - LargeCap Equity - Gross Size Russell 1000 Value S &P 5001/Citigroup Value MID -CAP EQUITY 8.54 12.00 12.00 -2.95 4.29 8.33 10.52 13.49 13.49 4.56 3.06 7.88 11.24 7.00 7.00 -6.99 0.96 3.52 7.95 7.87 7.87 -6.28 1.55 3.09 9.71 3.85 3.85 - 7.55 2.31 4.46 9.60 4.90 4.90 -9.40 -0.65 2.56 10.11 8.92 8.92 -9.13 -0.31 2.69 9.52 5.43 5.43 -8.67 0.56 1.78 10.06 5.11 5.11 -8.58 0.30 3.60 11.53 8.69 8.69 -7.42 2.02 3.68 10.13 8.90 8.90 -9.39 -0.48 2.59 9.98 8.54 8.54 -10.13 -0.74 0.78 Amalgamated Bank - LongVieuv 400 MidCap Index Fund - Gross Size 13.12 17.73 17.73 -1.66 3.79 5.39 Batterymarch Financial Mgmt., Inc. - US Mid Cap Russell - Gross Size Chicago Equity Partners, LLC - Mid Cap Care Equity - Gross Size 15.38 19.28 19.28 -4.84 0.95 4.58 Mutual of America - Mid -Cap Equity Index - Gross Size OakBrook Investments, LLC - Enhanced MidCap Strategy - Gross Size 13.76 16.32 16.32 -2.11 3.92 Rhumbline Advisers Corporation - S&P 400 Index Fund - Gross Size Robeco Investment Management, Inc. - BPAM Mid Cap Value Equity - Gross Size 12.55 16.06 16.06 0.34 6.55 9.43 State Street Global Advisors - Mid Cap Core Strategy - Gross Size Russell Midcap 13.31 17.54 17.54 4.16 2.60 4.86 S &P Midcap 400 13.12 17.78 17.78 -1.67 3.77 5.40 Rhumbline Large Cap(FYE) 11.26 10.21 10.21 -6.91 0.85 -0.24 Rhumbline Mid Cap(FYE) 13.13 17.77 17.77 -1.50 3.88 n/a _ Rhumbline Small Cap(FYE) 9.56 14.14 14.14 -4.10 1.79 International Equity(FYE) 18.06 9.09 9.09 -7.51 n/a n/a ICC Large Growth(FYE) 13.45 14.62 14.62 -2.93 n/a n/a ��IASfIF55[1C.0115UIf0IQ� Pa a 18 g September 30, 2010 Qtr YTD 1Yr 3Yr 5Yr 10Yr ALL CAP EQUITY Advanced Investment Partners - All Cap - Gross Size BuckheadCaptial Management - All Cap - Gross Size Diamond Hill Capital Management, Inc. - Diamond Hill Select Equity - Gross Size HGK Asset Management - All Cap - Gross Size ICC Capital Management, Inc - Multi-Cap Eq. - Gross Size Intrepid Capital Management, Inc. - Intrepid Multi -Cap Equity - Gross Size Oak Ridge Investments, LLC - All -Cap - Gross Size Rockwood Capital - Strategic Equity Russell 3000 Dow Jones Wilshire 5000 (Full Cap) _- SMALL CAP EQUITY Atlanta Capital Management Co., LLC - High Quality Small Cap - Gross Size BuckheadCaptial Management - Small Cap Value - Gross Size Ceredex - Value Ad Small Cap Value - Gross Size DePrince, Race, Zollo, Inc. - Small Cap Value - Gross Size Eagle Asset Management - Small Cap Core - Institutional - Gross Size GW Capital, Inc. - Small Cap Value Equity - Gross Size Intrepid Capital Management Inc. - Intrepid Small Cap - Gross Size Kayne Anderson Rudnick Invst. - Small Cap - Gross Size Pzena Investment Management LLC - Pzena Small Cap Value Service - Gross Size Missouri Valley Partners Rhumbline Advisers Corporation - S &P 600 Index Fund - Gross Size Sawgrass Asset Management, LLC - Small Cap Growth Equity - Gross Size State Street Global Advisors - Small Cap Equity Strategy - Gross Size Silvant Capital - Small Cap Growth - Gross Size Russell 2000 S &P SmallCap 600 REAL ESTATE (06,99010) American Realty Advisors - Core Equity Real Estate -Sep. Accts. - Gross Size ASB Capital Management, Inc. - EB Real Estate Fund - Gross Size Intercontinental - US REIF - Gross Size JPMorgan Asset Management - Strategic Property Fund - Gross Size Principal Global Investors - Real Estate Core Property - Gross Size Dow Jones Wilshire REIT Index NCREIF Property Index INTERNATIONAL EQUITY Altrinsic Global Advisors - International Equity - Gross Size 10.06 10.49 10.49 -6.32 -0.30 -0.21 9.17 9.79 9.79 -3.87 2.75 8.14 10.32 6.62 6.62 -7.18 2.03 8.51 10.97 11.53 11.53 -5.05 1.39 12.25 11.53 10.% 10.% -659 0.92 0.09 11.49 11.07 11.07 -0.47 1.11 0.29 10.81 14.84 14.84 3.08 6.79 9.77 9.72 12.34 12.34 -4.13 3.74 8.26 10.45 16.57 16.57 -3.53 3.30 14.75 8.16 15.98 15.98 0.41 4.15 8.51 7.64 14.25 14.25 0.35 3.80 12.25 9.56 14.13 14.13 -4.12 1.79 11.29 13.35 13.35 -4.29 1.60 4.00 9.62 14.22 14.22 -4.18 1.62 6.18 3.25 -1.77 -11.22 -9.90 -0.63 -0.07 3.89 -3.95 -8.35 -8.89 0.90 5.75 4.03 1.74 -5.68 -8.78 1.31 6.09 3.05 0.78 -5.22 -7.54 1.37 5.98 -4.23 14.81 55.47 -10.32 -0.33 9.75 - _ _331 _ 1.90 _ - 1.48 - -- .-4.71 - -- 3.78 7.15 DePrince, Race, Zollo, Inc. - International Equity - Gross Size 15.43 11.67 11.67 -3.74 5.19 6.32 HGK Asset Management - International Equity - Gross Size ICC Capital Management, Inc - International ADR Equity - Gross Size 13.79 3.53 3.53 -6.53 2.93 1.76 INVESCO - International Equity - Gross Size KBC Asset Mgmt. - Dividend Plus SAFE Equity - Gross Size State Street Global Advisors - MSCI EAFE Index Strategy - Gross Equal The Boston Company Asset Mgmt., LLC - International Core Equity Management 16.36 3.27 3.27 -12.76 -0.07 5.88 Thornburg Investment Mgmt. - International Equity - Gross Size Wentworth, Hauser and Violich - WHV International Equity - Gross Size 19.35 12.44 12.44 -4.73 8.93 10.17 MSCI EAFE 1653 3.71 3.71 - 9.06 2.45 3.00 Rhumbline Large Cap(FYE) 11.26 10.21 10.21 -6.91 0.85 -0.24 Rhumbline Mid Cap(FYE) 13.13 17.77 17.77 -1.50 3.88 n/a Rhumbline Small Cap(FYE) 9.56 14.14 14.14 -4.10 1.79 n/a _ International Equity(FYE) 18.06 9.09 9.09 -7.51 ?Va n/a ICC Large Growth(FYE) 13.45 14.62 14.62 -2.93 n/a n/a Wb5tk A65dQun5dtgW Page 19 September 30, 2010 Qtr YTD 1Yr 3Yr 5Yr 10Yr CORE FIXED INCOME Atlanta Capital Management Co., LLC - High Quality Broad Market - Gross Size Denver Investment Advisors - Care Bond Gov't /Corp. - Gross Size Eagle Asset Management - Core Fixed Institutional - Gross Size ICC Capital Management, Inc - Core Fixed Income - Gross Size Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size RBC Global Asset Management, Inc. - Broad Market Care - Gross Size Barclays Aggregate Bond Barclays Gov /Credit Bond Barclays High Yield US Corporate Bond INTERMEDIATE FIXED INCOME_ Buckhead Capital Management - Intermediate Fixed - Gross Size Denver Investment Advisors - Intermediate Fixed - Gross Size 1.88 6.99 6.99 7.15 6.14 6.25 2.62 9.48 9.48 8.02 6.67 6.50 2.93 8.06 8.06 6.62 5.63 5.95 2.98 10.26 10.26 6.47 5.62 6.10 2.48 8.16 8.16 7.42 6.20 6.41 3.28 8.73 8.73 7.74 6.15 6.52 6.71 18.44 18.44 8.75 8.38 7.% Eagle Asset Management - Institutional Conservative - Gross Size 2.77 8.21 8.21 8.09 6.72 6.26 Garcia Hamilton & Associates - Intermediate Fixed Income - Gross Size 3.38 9.16 9.16 9.15 7.41 6.97 Missouri Valley Partners - Intermediate Government/Credit Fixed Income - Gross Size 2.83 8.36 8.36 8.30 6.89 6.58 Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size Sit Investment Associates, Inc. - Intermediate Govt/Corp - Gross Size 2.75 11.74 11.74 7.96 6.87 6.54 RBC Global Asset Management, Inc. - Intermediate Core - Gross Size 3.01 8.90 8.90 5.35 4.98 5.74 Barclays Gov /Credit - Intermediate 276 7.76 7.76 6.93 5.95 6.05 ICC Fixed Income (FYE) 3.07 8.10 8.10 7.00 5.90 5.92 +� i�histlr'�srt aoneultinq Page 20 PALM BEACH GARDENS POLICE PENSION FUND REVIEW OF INTERNATIONAL EQUITY FUNDS & INTERNATIONAL BONDS SEPTEMBER 30, 2010 Palm Beach Gardens Police Review of International Equity & Bond Funds September 30th, 2010 1. Dreyfus International Bond I (DIBRX) [0.89 %] September 30, 2010 MorningStar Rating: (out of 185 funds over 3- years) Comparative Index: Citi Non US & World Government Excellent rating and review from Morningstar. The fund seeks maximize total return through capital appreciation and income. No change recommended. www.Dreyfus.com Quarter 1 Year 3 Year 5 Year Fund 10.56% 10.52% 13.93% N/A Policy 10.45% 4.47% 8.44% N/A Differences 0.11% 6.05% 5.49% N/A Universe n/a Excellent rating and review from Morningstar. The fund seeks maximize total return through capital appreciation and income. No change recommended. www.Dreyfus.com 2. Oppenheimer International Bond Y (OIBYX) [0.63 %] September 30, 2010 MorningStar Rating: (out of 153 funds over 5- years) Comparative Index: Citi Non US & World Government Excellent rating and review from Morningstar. This world -bond fund splits its portfolio into seperately managed sleeves: non -U.S. developed- and emerging markets debt. The fund's five - and 10 -year record lands in its category's top decile, while volatility has been above average for the group but not excessive. No change recommended. WWW.opoenheimerfunds.com Quarter 1 Year 3 Year 5 Year Fund 10.68% 9.38% 8.79% 9.06% Policy 10.45% 4.47% 8.44% 7.33% Differences 0.23% 4.91% 0.35% 1.73% Universe n/a 34 29 Excellent rating and review from Morningstar. This world -bond fund splits its portfolio into seperately managed sleeves: non -U.S. developed- and emerging markets debt. The fund's five - and 10 -year record lands in its category's top decile, while volatility has been above average for the group but not excessive. No change recommended. WWW.opoenheimerfunds.com 3. Vanguard Global Equity (VHGEX) [0.47 %] September 30, 2010 MorningStar Rating: (out of 264 funds over 10- years) Comparative Index: World Stock ie. MSCI World June 30, 2010 MorningStar Rating: y out of 471 funds over 5- years) Comparative Index: World Stock ie. MSCI World Quarter 1 Year 3 Year 5 Year Fund 16.17% 10.51% -9.89% 1.37% Policy 13.78% 6.76% -8.29% 1.30% Differences 2.39% 3.75% -1.60% 0.07% Universe n/a 76 61 June 30, 2010 MorningStar Rating: y out of 471 funds over 5- years) Comparative Index: World Stock ie. MSCI World Received an average rating but a very good review from Morningstar. There is long -term optimism due to good 10 -year and since - inception returns. No change recommended. www.vanguard.com Quarter 1 Year 3 Year 5 Year Fund - 12.03% 14.50% - 13.64% 0.20% Policy - 12.67% 10.20% - 11.46% 0.06% Differences 0.64% 4.30% -2.18% 0.14% Universe n/a 81 62 Received an average rating but a very good review from Morningstar. There is long -term optimism due to good 10 -year and since - inception returns. No change recommended. www.vanguard.com 4. Vanguard International Growth Admiral Shares (VWILX) [0.34 %) September 30, 2010 MorningStar Rating: (out of 665 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE June 30, 2010 MorningStar Rating: � (out of 655 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE 5 Year 5.37% 1.97% 3.40% Quarter 1 Year 3 Year Fund 19.86% 12.59% -5.57% Policy 16.48% 3.27% -9.51% Differences 3.38% 9.32% 3.94% Universe n/a 3.47% 3.00% June 30, 2010 MorningStar Rating: � (out of 655 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE 5 Year 5.37% 1.97% 3.40% Received a good rating and review from Morningstar. The managers Vanguard has assembled here have worked well together. This fund's 2008 performance was on par with the typical peer and 10 percentage points better than the category norm last year. Over trailing periods of one year and longer, the fund is squarely top - quartile. www.vanguard.com Quarter 1 Year 3 Year 5 Year Fund - 12.16% 12.01% -9.91% 3.88% Policy - 13.97% 5.92% - 13.38% 0.88% Differences 1.81% 6.09% 3.47% 3.00% Universe n/a Received a good rating and review from Morningstar. The managers Vanguard has assembled here have worked well together. This fund's 2008 performance was on par with the typical peer and 10 percentage points better than the category norm last year. Over trailing periods of one year and longer, the fund is squarely top - quartile. www.vanguard.com 5. Vanguard International Value (VTRIX) [0.45 %] September 30, 2010 MorningStar Rating: -j�?** (out of 287 funds over 3- years) Comparative Index: Foreign Large Value ie. MSCI EAFE Value June 30, 2010 MorningStar Rating: (out of 293 funds over 3- years) Comparative Index: Foreign Large Value ie. MSCI EAFE Value 5 Year 3.47% 1.09% 2.38% Quarter 1 Year 3 Year Fund 18.00% 2.46% -8.37% Policy 16.36% -1.67% - 10.72% Differences 1.64% 4.13% 2.35% Universe n/a 47 1.50% June 30, 2010 MorningStar Rating: (out of 293 funds over 3- years) Comparative Index: Foreign Large Value ie. MSCI EAFE Value 5 Year 3.47% 1.09% 2.38% Average rating but good review from Morningstar. Consists of four subadvisors that employ sound, value oriented styles that complement each other.This fund has beaten a healthy majority of its peers over the past three years, the past five years, and since the Hansberger team, the longest- serving of the four squads, arrived at the end of 2000. No change recommended. www.vanguard.com Quarter 1 Year 3 Year 5 Year Fund - 15.96% 4.84% - 12.52% 2.38% Policy - 13.97% 5.92% - 13.38% 0.88% Differences -1.99% -1.08% 0.86% 1.50% Universe n/a Average rating but good review from Morningstar. Consists of four subadvisors that employ sound, value oriented styles that complement each other.This fund has beaten a healthy majority of its peers over the past three years, the past five years, and since the Hansberger team, the longest- serving of the four squads, arrived at the end of 2000. No change recommended. www.vanguard.com 6. Aberdeen Asia Bond Institutional (CSABX) [0.61 %] September 30, 2010 MorningStar Rating: (out of 185 funds over 3- years) Comparative Index: Citi Non -US $ World Government Bond Index Poor rating and average review from Morningstar. The fund may invest without limit in high yield (junk) bonds. It maintains active management of duration, credits, and currency exposure and country allocation. The fund is non - diversified. NOT RECOMMENDED. Quarter 1 Year 3 Year 5 Year Fund 9.06% 15.95% 7.03% n/a Policy 10.45% 4.47% 8.44% n/a Differences -1.39% 11.48% -1.41% n/a Universe n/a Poor rating and average review from Morningstar. The fund may invest without limit in high yield (junk) bonds. It maintains active management of duration, credits, and currency exposure and country allocation. The fund is non - diversified. NOT RECOMMENDED. 7. Blackrock Institutional International Bond (CINSX) [0.90°/x] September 30, 2010 MorningStar Rating: (out of 185 funds over 3- years) Comparative Index: Citi Non -US $ World Government Bond Index Minimum Initial Purchase $2,000,000 Average rating and average review from Morningstar. This fund's management focuses on investment -grade debt in developed countries, setting it apart from world -bond funds that have greater leeway to take advantage of opportunities in emerging markets and nongovernment bonds. High fee and high initial minimum purchase. NOT RECOMMENDED. Quarter 1 Year 3 Year 5 Year Fund 10.75% 5.16% 6.37% 5.79% Policy 10.45% 4.47% 8.44% 7.33% Differences 0.30% 0.69% -2.07% -1.54% Universe n/a 80 67 63 Minimum Initial Purchase $2,000,000 Average rating and average review from Morningstar. This fund's management focuses on investment -grade debt in developed countries, setting it apart from world -bond funds that have greater leeway to take advantage of opportunities in emerging markets and nongovernment bonds. High fee and high initial minimum purchase. NOT RECOMMENDED. 8. T. Rowe Price Institutional (RPIIX) [0.55 %] September 30, 2010 MorningStar Rating: (out of 185 funds over 3- years) Comparative Index: Citi Non -US $ World Government Bond Index Minimum Initial Purchase $1,000,000 Poor rating and average review from Morningstar. The fund may invest up to 25% of assets in below investment - grade, high -risk bonds, including those in default or with the lowest rating. The fund is non - diversified. NOT RECOMMENDED. Quarter 1 Year 3 Year 5 Year Fund 11.06% 5.32% 6.48% n/a Policy 10.45% 4.47% 8.44% n/a Differences 0.61% 0.85% -1.96% n/a Universe n/a 77 62 Minimum Initial Purchase $1,000,000 Poor rating and average review from Morningstar. The fund may invest up to 25% of assets in below investment - grade, high -risk bonds, including those in default or with the lowest rating. The fund is non - diversified. NOT RECOMMENDED. 9. Templeton Global Bond A (TPINX) [0.96% +4.25% Front Load] September 30, 2010 MorningStar Rating: � ;out of 185 funds over 3- years) Comparative Index: Citi Non -US $ World Government Bond Index Excellent rating and review from Morningstar. Other than the 4.25% front -end load fee this would be an excellent choice. Well- diversified bets by the manager are customary here. Quarter 1 Year 3 Year 5 Year Fund 7.40% 14.33% 12.54% 12.25% Policy 10.45% 4.47% 8.44% 7.33% Differences -3.05% 9.86% 4.10% 4.92% Universe n/a Excellent rating and review from Morningstar. Other than the 4.25% front -end load fee this would be an excellent choice. Well- diversified bets by the manager are customary here. 10. Wells Fargo Advantage Institutional Bond (ESICX) [0.74°/x] September 30, 2010 MorningStar Rating: ;out of 105 funds over 10- years) Comparative Index: Citi Non -US $ World Government Bond Index Minimum Initial Purchase $5,000,000 Excellent rating and review from Morningstar. Other than the $5M minimum initial purchase this would be an excellent choice. The managers' long tenure provides confidence they can keep up the good performance. Quarter 1 Year 3 Year 5 Year Fund 11.56% 8.22% 10.28% 7.94% Policy 10.45% 4.47% 8.44% 7.33% Differences 1.11% 3.75% 1.84% 0.61% Universe n/a 41 11 13 Minimum Initial Purchase $5,000,000 Excellent rating and review from Morningstar. Other than the $5M minimum initial purchase this would be an excellent choice. The managers' long tenure provides confidence they can keep up the good performance. PALM BEACH GARDENS POLICE PENSION FUND AGGREGATE EQUITYANALYSIS SEPTEMBER 30, 2010 Portfolio Fact Sheet: Client Summary For internal and /or client reporting purposes only PB Gardens Police Benchmark: S&P 500 TR is --• Composition % • Cash • US Stocks • Non -US Stocks 0 Bonds 0 Other Portfolio Bmark 0.04 0.00 83.78 100.00 16.16 0.00 0.00 0.00 0.02 0.00 Page 1 of 1 Aggregate 9 -30 -2010 Data Updated Through: 09 -30 -2010 Current Investment Style Style Value Core Growth 17 17 21 Large Site 7 9 8 Medium 6 7 8 Small O Portfolio Value $ 22,477,016.23 Fixed - Income Investment Style % Maturity Short Interm Long High Quality Medium Low Sector Weightings Type Holding Value $ iShares S&P 500 Index Regional Exposure 7039580.23 iShares S&P MidCap 400 Index % of Stocks M Portfolio J Bmark iShares MSCI EAFE Index % of Stocks Portfolio Bmark Info Economy 20.30 23.70 'a` Americas 84.59 100.00 Software 4.43 4.40 ® North America 83.83 100.00 Hardware 9.51 10.90 Q Latin America 0.76 0.00 Media 1.90 3.10 U EU Greater Europe 9.99 0.00 Telecommunication 4.46 5.30 0 �] United Kingdom 3.27 0.00 Service Economy 41.94 39.00 C Europe dep 6.56 0.00 Healthcare 10.37 11.40 0 ��U Europe emrg 0.00 0.00 Consumer Services 8.92 8.50 ® �=l Africa/Middle East 0.15 0.00 Business Services 5.97 3.10 Greater Asia 5.42 0.00 Financial Services 16.68 16.00 Japan 3.44 0.00 Mfg Economy 37.85 37.30 Australasia 1.28 0.00 Consumer Goods 11.11 11.40 Asia dev 0.65 0.00 Industrial Materials 14.93 11.40 ��01111111111111 Asia emrg 0.05 0.00 Energy 7.87 11.00 Q �EILA Not Available -0.00 0.00 Utilities 3.95 3.60 r % 0 5 10 15 20 25 30 35 40 45 50 Trailing Returns Returns Through 09 -30 -2010 Investment Activity Graph 3 M 1V. 3Y, hYr 10 Yi Pre -Tax Portfolio Return 12.85 12.49 -4.17 3.29 4.64 Total Market Value: $22,477,016 $ 000 +/- Benchmark Return 1.56 2.33 2.99 2.65 5.07 30000.0 Best7Vllorst Time Periods 3 Months Return% Best 03- 09/05 -09 31.09 Worst 09- 08/11 -08 -33.80 Risk/Returns Against MF Universe 3Y. 'Yr 120110 tuodsl 1160501undsll I:3 1 Year Return% 3 Years Return% 03- 09/02 -10 64.52 04- 03/03 -06 27.46 03- 08/02 -09 -43.04 03- 06/02 -09 -15.06 Average Star Rating 10 Yr 146 r, Portfolio 3.2 * (98 %)* Return 53 45 41 Mgd Products 3.2 * (78 %)* Risk 71 69 69 Stocks 3.3 * (21 %)* iI - Besr_ loo = Wnr sp 'pear ^I of pni l Inhn used m we­ge Top 10 holdings out of 53 Type Holding Value $ iShares S&P 500 Index ETF 7039580.23 iShares S&P MidCap 400 Index ETF 3528681.16 iShares MSCI EAFE Index ETF 3468678.00 iShares S&P SmallCap 600 Index ETF 3401457.35 Target Corporation ST 224448.00 Apple, Inc. ST 184437.50 Microsoft Corporation ST 181226.00 Marvell Technology Group, Ltd. ST 169847.00 Thomas 6 Betts Corporation ST 168182.00 NetApp, Inc. ST 166796.50 � 2010 Morningstar Inc All rights reserved The mrormahen, data, analyses and opmons contained herem 111 include the confider i and proprielary information of Mornngstar. 171 may mciude, or be derived from, account ntormahon provided by Vour financial admsa which cannot be venhed by Morningstar. 131 may not be coµed or redistributed. 141 de net constitute mvestmem adwce offered M Mmmngstar. 151 are provided solely fa informational purposes and therefore are no an offer to buy or sell a security, and (6) are not warranted to be correct, compete at accaale Except as otherwise requited by law, Morningstar shall net be responsible la any trading decisions. damages or other losses resulting ban, or related % Assets 31.32 15.70 15.43 15.13 1.00 0.82 0.81 0.76 0.75 0.74 MnRNINGRAR 0 0 0 0 0 Portfolio Fact Sheet: Client Summary For internal and /or client reporting purposes only PB Gardens Police Benchmark: S&P 500 TR Page 1 of 1 ICC 9 -30 -10 Data Updated Through: 09 -30 -2010 ° O Portfolio Value $ 5,038,619.50 A=I8k Composition % Portfolio Bmark Current Investment Style Fixed- Income Investment Style % 224448.00 0 Cash 0.00 0.00 Style Value Core Growth Maturity Short Interm Long 181226.00 Marvell Technology Group, Ltd. • US Stocks 96.63 100.00 ST 168182.00 NetApp, Inc. ST 166796.50 Southwest Airlines, Co. ST 163375.00 ExxonMobil Corporation ST 142117.00 Non -US Stocks 3.37 0.00 Toro Company 10 18 35 Large Size High duality • Bonds 0.00 0.00 2 12 y Medium Medium Other 0.00 0.00 2 B Small Low Sector Weightings Regional Exposure %of Stocks WRPortfolio _j Bmark %of Stocks Portfolio Bmark Info Economy 28.60 23.70 '0` Americas 100.00 100.00 Software 5.60 4.40 North America 96.63 100.00 Hardware 16.35 10.90® Latin America 3.37 0.00 Media 2.07 3.10 0 WJ Greater Europe 0.00 0.00 Telecommunication 4.58 5.30 United Kingdom 0.00 0.00 Service Economy 35.99 39.00 Europe dep 0.00 0.00 Healthcare 9.07 11.40 Europe emrg 0.00 0.00 Consumer Services 10.66 8.50 Africa/Middle East 0.00 0.00 Business Services 9.04 3.10 mil Greater Asia 0.00 0.00 Financial Services 7.20 16.00 Japan 0.00 0.00 Mfg Economy 35.42 37.30 r9 Australasia 0.00 0.00 Consumer Goods 7.89 11.40 Asia dev 0.00 0.00 Industrial Materials 17.88 11.40 Asia emrg 0.00 0.00 Energy 7.53 11.00 Not Available -0.00 0.00 Utilities 2.11 3.60 ® ELI 0 5 10 15 20 25 30 36 40 45 50 e Trailing Returns Returns Through 09 -30 -2010 Investment Activity Graph 3 Mn 1 Yr 3 Yr 5 Y, 10 Yr Pre -Tax Portfolio Return 13.70 17.12 1.76 8.71 10.70 Total Market Value: $5,038,620 $ 000 +/ Benchmark Return 2.41 6.96 8.92 8.07 11.13 6000.0 000.0 Best/Worst Time Periods 3 Months Return% 1 Year Return% 3 Years Return% 000.0 Best 03- 09/05 -09 37.85 03- 09/02 -10 86.84 04- 03/03 -06 39.61 Worst 09- 08/11 -08 -37.02 12- 07/11 -08 -42.48 03- 06/02 -09 -13.47 000.0 Risk/Returns Against MF Universe Average Star Rating - 2000.0 3 Yr 120110 funds) 5 Yr 110050 fu nds1113448fundsl 10 Yr Portfolio 3.3 * (93 %)- Return 29 5 6 Mgd Products 0.0 * (0 %)' 1000.0 Risk 86 84 91 Stocks 3.3 * (93 %)' 0 =13est. 100 - Wcrstl of ponlnhn useJ awrn0n Top 10 holdings out of 49 Type Holding Value S Target Corporation ST 224448.00 Apple, Inc. ST 184437.50 Microsoft Corporation ST 181226.00 Marvell Technology Group, Ltd. ST 169847.00 Thomas 5 Betts Corporation ST 168182.00 NetApp, Inc. ST 166796.50 Southwest Airlines, Co. ST 163375.00 ExxonMobil Corporation ST 142117.00 Kohl's Corporation ST 136968.00 Toro Company ST 134952.00 c 2010 Mmmngsta Inc All rights reserved The mfamaion, data, analyses and opinions comaned herem Ill include the confidential and proprietary norm ma ion of Morningstar. (?)may include, or be derived from, arcouni nfm matron provided by ymn financial adnsor which carrot be vadred by Mmnmgstar. 131 may nor be copied m redistributed. 141 do not constdme investment adnce offered by Mormngsra. 151 are provided solely for informational purposes and Iherefore are r an offer to buy or sell a security, and 161 are not waira ted to be correct. complete or accurate Except as otherwise teguned by law, Morningstar shall not be responsible lot any pacing de twos, damages in other losses resulting Iron, or related % Assets 4.45 3.66 3.60 3.37 3.34 3.31 3.24 2.82 2.72 2.68 mnRNINGRAR Portfolio Summary Report Page 1 of 2 For internal and /or client reporting purposes only. Release Date: 09 -30 -2010 0 ICC 9 -30 -10 Security Name Abbott Laboratories Albemarle Corporation American Tower Corporation AMR Corporation Apple, Inc. Atwood Oceanics, Inc. Avon Products Becton, Dickinson and Company Broadcom Corporation (BRCM) Cerner Corporation Cigna Corporation Clearwire Corporation Concho Resources, Inc. CVS Caremark Corporation Eaton Corporation EMC Corporation Energizer Holdings, Inc. Expeditors International of Washington, Inc ExxonMobil Corporation Federated Investors, Inc. Franklin Resources General Cable Corporation General Dynamics General Electric Company Goldman Sachs Group, Inc. Interpublic Group of Companies JOS Uniphase Corporation Kohl's Corporation Marvell Technology Group, Ltd. Micron Technology, Inc. Microsoft Corporation Morgan Stanley Mylan, Inc. NetApp, Inc. Newmont Mining Corporation NV Energy Inc PepsiCo, Inc. PulteGroup Inc Southwest Airlines, Co. Stryker Corporation SuperGen,Inc. Superior Energy Services, Inc. Sysco Corporation Target Corporation Primary Rank: ♦ Security Name Ticker Equity Industry Tot Ret Style Box ABT ■ Drug Manufacturers - Major ALB • Synthetics AMT Diversified Communication Set AMR Major Airlines AAPL ' Personal Computers ATW .Oil Gas Drilling Exploration AVP Personal Products BOX Medical Instruments Supplies BRCM Semiconductor - Integrated Cir CERN ■ Health Information Services Cl Health Care Plans CLWR ■ Wireless Communications CXO ■Oil Gas Drilling Exploration CVS Drug Stores ETN Industrial Electrical Equipment EMC Data Storage Devices ENR ■ Personal Products EXPD ' Air Delivery Freight Services XOM Major Integrated Oil Gas FII Asset Management BEN ' Asset Management BGC .Industrial Electrical Equipment GO Aerospace Defense Products GE Diversified GS Investment Brokerage - Nation IPG ■ Advertising Agencies JDSU ■ Communication Equipment KSS Department Stores MRVL ' Semiconductor - Integrated Cir MU Semiconductor - Memory Chip MSFT ' Application Software MS Investment Brokerage - Nation MYL • Drugs - Generic NTAP ' Data Storage Devices NEM ' Gold NVE Diversified Utilities PEP ' Process Packaged Goods PHM ■ Residential Construction LUV ' Regional Airlines SYK ' Medical Appliances Equipmen SUPG . Drug Manufacturers - Other SPN ■ Oil Gas Equipment Services SYY Food Wholesale TGT Discount Stores n 1996 -2010 Morningstar, Inc. All rights reserved. 22 W. Washington Street, Chicago. IL. 60602. 312696 -6000 U /-\pUIU PC!TAD Principia" Tot Ret Tot Ret Tot Ret 3 Mo 12 Mo Annlzd 3 Yr 12.61 9.00 1.95 18.23 36.86 3.01 15.19 40.82 5.59 -7.52 -21.13 -34.48 12.81 53.09 22.74 19.32 -1167 -7.34 22.00 -2.89 -2.68 10.13 8.36 -1.66 7.58 16.10 -0.75 10.67 12.29 11.98 15.20 27.52 -12.33 11.13 -0.49 -30.83 19.59 82.19 64.70 7.63 -11.00 -6.54 26.94 49.44 -3.68 10.98 19.19 -0.79 33.71 1.34 -15.35 33.96 32.63 0.09 9.04 -7.43 -10.37 11.06 -5.27 -9.32 24.28 10.33 -4.07 1.76 -30.73 -26.07 7.26 -0.29 -7.36 13.52 1.52 -23.23 10.41 -20.81 -11.76 40.67 33.38 -1.14 25.91 74.26 -6.09 10.91 -7.66 -2.78 11.10 8.15 2.27 -15.08 -12.07 -13.40 7.00 -2.76 -4.12 6.55 -19.43 -24.96 10.39 17.49 5.63 33.45 86.62 22.77 1.98 43.71 12.72 12.28 17.26 -3.10 9.79 16.43 -0.74 5.80 -20.29 -13.01 17.68 36.33 -3.93 0.28 11.71 -9.20 3.47 -21.72 -21.62 42.96 18.52 -9.02 0.70 19.76 -3.94 9.19 16.11 -4.46 Portfolio Summary Report Page 2 of 2 For internal and /or client reporting purposes only. Release Date: 09 -30 -2010 0 ICC 9 -30 -10 Security Name Thomas B Betts Corporation Toro Company United Parcel Service, Inc. VF Corporation Wells Fargo Company Primary Rank: ♦ Security Name Ticker Equity Industry Style Box TNB • Diversified Machinery TTC Small Tools Accessories UPS 'Air Delivery Freight Services VFC ■ Textile - Apparel Clothing WFC ' Money Center Banks (c) 1996 -2010 Morningstar. Inc All rights reserved. 22 W. Washington Street, Chicago, IL 60602, 312696 -6000 IAr'Q11111f.MAQ Principia- Tot Ret Tot Ret Tot Ret 3 Mo 12 Mo Annlzd 3 Yr 18.21 36.37 -11.23 14.84 43.58 -0.32 18.05 21.39 -1.34 14.67 15.17 2.95 -1.70 -10.17 -8.41 Portfolio Fact Sheet- Client Summary For Internal and /or client reporting purposes only PB Gardens Police Benchmark: S &P 500 TR Composition % • Cash • US Stocks • Non -US Stocks Bonds • Other Sector Weightings % of Stocks Info Economy Software Hardware Media Telecommunicatio Service Economy Healthcare Consumer Service Business Services Financial Services Mfg Economy Consumer Goods Industrial Material Energy Utilities Portfolio 0.06 80.07 19.85 0.00 0.02 Bmark 0.00 100.00 0.00 0.00 0.00 Page 1 of 1 Data Updated Through: 09 -30 -2010 i- shares Rhumbline and In... Current Investment Style Style Value Core Growth 19 17 17 Large Size 7 9 9 Medium 7 9 B Small Ri Portfolio - -I Bmark 17.90 2 23.70 a a 4.10 4 4.40 m m 7.53 1 10.90 � � 1.85 3 3.10 0 0 EJ n 4.43 5 5.30 � � �] 43.67 3 39.00 C C= 10.74 1 11.40 0 0 ��IJ Trailing Returns Returns Through 09 -30 -2010 3 Mn I Yi 3 Y, 5 Yr Pre -Tax Portfolio Return 12.60 11.14 -5.89 1.74 +/- Benchmark Return 1.31 0.98 1.27 1.10 10 Yr 2.87 3.30 east/Worst Time Periods 3 Months Return% 1 Year Return% 3 Years Return% Best 03- 09/05 -09 29.15 03- 09/02 -10 58.47 04- 03/03 -06 24.20 Worst 09- 08/11 -08 -32.85 03- 08/02 -09 -44.05 03- 06/02 -09 -15.56 Risk/Returns Against MF Universe 3 Yr 5 Yr 10 Yr 120710 Iuodsi (180501unds (13448 funds) Return 66 64 61 Risk 68 66 62 i1 =Res, 100 Worst) Top 4 holdings out of 4 iShares S &P 500 Index iShares S &P MidCap 400 Index iShares MSCI EAFE Index iShares S &P SmallCap 600 Index Average Star Rating Portfolio 3.2 *(100 %)* Mgd Products 3.2 *(100 %)* Stocks 0.0 * (0 %)` ,.c „am m ronn,io isr.r. av,aaF Investment Activity Graph O Portfolio Value $ 17,438,396.73 Fixed - Income Investment Style % Maturity Short Interm Long High Quality Medium Low Regional Exposure °i of Stocks Americas North America Latin America Greater Europe United Kingdom Europe dep Europe emrg Africa/Middle East Greater Asia Japan Australasia Asia dev Asia emrg Not Available Portfolio 80.13 80.13 0.00 12.88 4.22 8.46 0.00 0.20 6.99 4.44 1.65 0.84 0.06 -0.00 Bmark 100.00 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Market Value: $17,438,397 $ 000 22000.0 Type Holding Value $ % Assets ETF 7039580.23 40.37 ETF 3528681.16 20.24 ETF 3468678.00 19.89 ETF 3401457.35 19.51 <c'2010 Morningstar Inc All nghts reserved The mtormatme, data, analyses and opmmns coniamed heron (1) include the conhdenbal and propuetary mformatmn of Morningstat. (2) may include, a be derived from, account intormat,on M\ /RNIN6 N1 " prondad by your hnanoal adnsor which cannot be venhed by Mornngstar. 13) may net be coped or redistributed. (4) do not constitute mvestment adnce o0ered by Morningstar, (5) are pronded sotoy for informatmeal purposes and thoefae oe not an offer to buy or sell a secuniy, and (6) are net warranted to be correct. complete or accurate Except as athervnse required by taw, Mo mogstar shall not be responsible for any trading deosons, damages m other losses resulting from. or related Top 4 holdings out of 4 iShares S &P 500 Index iShares S &P MidCap 400 Index iShares MSCI EAFE Index iShares S &P SmallCap 600 Index Average Star Rating Portfolio 3.2 *(100 %)* Mgd Products 3.2 *(100 %)* Stocks 0.0 * (0 %)` ,.c „am m ronn,io isr.r. av,aaF Investment Activity Graph O Portfolio Value $ 17,438,396.73 Fixed - Income Investment Style % Maturity Short Interm Long High Quality Medium Low Regional Exposure °i of Stocks Americas North America Latin America Greater Europe United Kingdom Europe dep Europe emrg Africa/Middle East Greater Asia Japan Australasia Asia dev Asia emrg Not Available Portfolio 80.13 80.13 0.00 12.88 4.22 8.46 0.00 0.20 6.99 4.44 1.65 0.84 0.06 -0.00 Bmark 100.00 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Market Value: $17,438,397 $ 000 22000.0 Type Holding Value $ % Assets ETF 7039580.23 40.37 ETF 3528681.16 20.24 ETF 3468678.00 19.89 ETF 3401457.35 19.51 <c'2010 Morningstar Inc All nghts reserved The mtormatme, data, analyses and opmmns coniamed heron (1) include the conhdenbal and propuetary mformatmn of Morningstat. (2) may include, a be derived from, account intormat,on M\ /RNIN6 N1 " prondad by your hnanoal adnsor which cannot be venhed by Mornngstar. 13) may net be coped or redistributed. (4) do not constitute mvestment adnce o0ered by Morningstar, (5) are pronded sotoy for informatmeal purposes and thoefae oe not an offer to buy or sell a secuniy, and (6) are net warranted to be correct. complete or accurate Except as athervnse required by taw, Mo mogstar shall not be responsible for any trading deosons, damages m other losses resulting from. or related <c'2010 Morningstar Inc All nghts reserved The mtormatme, data, analyses and opmmns coniamed heron (1) include the conhdenbal and propuetary mformatmn of Morningstat. (2) may include, a be derived from, account intormat,on M\ /RNIN6 N1 " prondad by your hnanoal adnsor which cannot be venhed by Mornngstar. 13) may net be coped or redistributed. (4) do not constitute mvestment adnce o0ered by Morningstar, (5) are pronded sotoy for informatmeal purposes and thoefae oe not an offer to buy or sell a secuniy, and (6) are net warranted to be correct. complete or accurate Except as athervnse required by taw, Mo mogstar shall not be responsible for any trading deosons, damages m other losses resulting from. or related COMPLEXITY DEFENSIVE CONSISTENT DIVERSIFICATION QUANTITATIVE VOLATILITY DURATION GROWTH ACTIVE ROTATION STRATEGY INNOVATION DISCIPLINE RISK CONTROL YIELD BENCHMARKS P/E RATIO I C C CAPITAL MANAGEMENT GLOBALIZATION ASSET ALLOCATION PERFORMANCE STABILITY INTEGRITY SECTOR MARKETS PALM BEACH GARDENS POLICE PENSION FUND Investment Review Quarter Ending September 30, 2010 PALM BEACH GARDENS POLICE PENSION FUND Table of Contents Quarter Ending September 30, 2010 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Review Quarter Ending September 30, 2010 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance Report Quarter Ending September 30, 2010 Total Return Summary Page...... 1 Portfolio Allocation Page...... 2 Investment Performance by Asset Category Page...... 3 Fixed - Income Analysis Page...... 4 Purchases & Sales Page...... 8 Realized Gains/ Losses Page...... 13 Portfolio Summary Page...... 16 Portfolio Appraisal Page...... 17 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Total Return Summary Quarter Ending September 30, 2010 Starting Value 1 $15,766,535 Ending Value 1 $17,049,638 Difference 1 $1,283,103 Net Contributions/ (Withdrawals) 1 $852,982 Gainl(Loss) from Investments 1 $430,121 $12,695,048 1 $1,625,387 $17,049,638 1 $17,049,638 $4,354,590 1 $15,424,251 $3,251,172 1 $9,222,227 $1,103,418 1 $6,202,024 TOTAL RETURN 1 2.71%-7 7.38% 1 181.75% ANNUALIZED TOTAL RETURN 1 6.52% ICC Capital Management, Inc. 1 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Allocation at Market Quarter Ending September 30, 2010 Asset Allocation: 0/100 (Mk t) Market Value CASH /EQUIVS as of 06130110 9.0% 4 FIXED INCOME 91.0% Market Value CASH /EQUIVS 7.6% as of 09/30/10 FIXED INCOME 4 92.4% Mkt Value Mkt Value % Mkt Value Mkt Value as of 06/30/10 as of 06/30/10 as of 09/30/10 as of 09/30/10 Cash/E uivs $1,423,953 9.0% $1,299,889 7.6% Fixed $14,342,583 91.0% $15,749,749 92.4% Total $15,766,535 100.0% $17,049,638 100.0% ICC Capital Management, Inc. 2 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance by Asset Category Quarter Ending September 30, 2010 Quarter Q nn ■ACCOUNT ■BCAG One Year 9 L AA 1 BONDS TOTAL GROSS OF FEES TOTAL NET OF FEES ■ ACCOUNT ■ BCAG BONDS TOTAL GROSS OF FEES TOTAL NET OF FEES Since Inception Annualized (04130194 - 09/30/10) 16.00 12.00 8.00 4.00 0.00 ■ ACCOUNT ■ BCAG BONDS TOTAL GROSS OF FEES TOTAL NET OF FEES 1'he red total bar represents the Barclays Capital Aggregate Index. ICC Capital Management, Inc. 3 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 1 of 4) Quarter Ending September 30, 2010 Average Quality — AA- Average Duration — 4.07 Current Yield — 4.21 ICC Core Fixed Income Por, olio Mortgage Pools Municipal Bonds 19.4% 3.7% Government Sponsored 13.5% US Treasuries 13.2% Corporate Bonds 50.2% Average Quality — AA Average Duration — 5.59 Current Yield — 3.59 Barclays Capital GovernmenVCredit Index Government sponsored Corporate Bonds 18.8% 29.2% US Treasuries 52.0% Average Quality — AA Average Duration — 4.67 Current Yield — 4.02 Barclays Capita Aggregate Index US Treasuries US MBS 33.4% 32.5% 10 Government Sponsored 12.1% ABS 0.3% CMBS Corporate Bonds 3.0% 18.7% ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 2 of 4) Quarter Ending September 30, 2010 Sectors and Market Indices Performance VS. Core Fixed Income Portfolio 3Q10 10.00 8.00 6.41 6.00 4.71 4.00 2.73 2.64 2.51 2.48 3.28 2.71 2.00 0.63 Mr M-3ral 0.00 &I Co dsG r,PS 'do Aso fP Municipal Bonds Coupon Maturity S&P Rating Mood 's Rating University Va Univ Revs 5.000% 9/1/2040 AAA AAA Commonwealth Fing Auth Pa Rev 5.653% 6/1/2024 AA- AA3 Chicago Ill Brd Ed 6.138% 12/1/2039 AA- AA2 Utah St 4.554% 7/1/2024 AAA AAA Mortgage Backed Securities Coupon Maturity S&P Rating Mood 's Rating Gnsf 5.5% Pool #714005 5.500% 10/15/2039 AAA Aaa F 1mc #g02268 6.500% 8/1/2036 AAA Aaa Fncl # 256394 6.500% 9/1/2036 AAA Aaa G2 Pool # 4447 5.000% 5/20/2039 AAA Aaa Gn Pool # 782119 6.000% 8/15/2036 AAA Aaa G2 Pool # 4194 5.500% 7/20/2038 AAA Aaa G2 Pool # 4195 6.000% 7/20/2038 AAA Aaa Gnsf M #552509 6.000% 4/15/2032 AAA Aaa F ci # 12205 4.500% 6/1/2021 AAA Aaa Fnci N #725445 4.500% 5/1/2019 AAA Aaa Fnci M #254371 5.500% 7/1/2017 AAA Aaa Fnci N #255888 4.000% 8/1/2020 AAA Aaa Fnci N #825335 4.000% 5/1/2020 AAA Aaa Gn'o M #781313 6.000% 7/15/2016 AAA Aaa Fnci N #829053 4.000% 8/1/2020 AAA Aaa Gnsf M #582153 6.000% 6/15/2032 AAA Aaa F ci N 013455 4.500% 4/1/2019 AAA Aaa F ci N #g12323 4.500% 8/1/2021 AAA Aaa ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 3 of 4) Quarter Ending September 30, 2010 Government/A enc Bonds Coupon Maturity S&P Rating Mood 's Rating Fannie Mae 1.750% 10/2 2015 AAA AAA Fannie Mae 1.000% 10/18/2013 AAA Aaa Fannie Mae 2.000% 1/13/2017 AAA AAA Freddie Mac 5.900% 6/15/2022 AAA AAA Federal Farm Credit Bank 1.350% 7/22/2013 AAA AAA Fannie Mae 5.625% 11/15/2021 AAA AAA Fannie Mae 6.000% 4/28/2021 AAA AAA Us Treasury 1.875% 8/31/2017 AAA AAA Us Treasury 3.375% 11/15/2019 AAA AAA Us Treasury 3.500% 5/15/2020 AAA AAA Us Treasury 4.625% 2/15/2040 AAA AAA Us Treasury 1.375% 3/15/2013 AAA AAA Corporate Bonds Coupon Maturity S&P Rating Mood 's Rating Bank Of Ney York Mellon 2.950% 6/18/2015 AA- AA2 jp Moran 5.700% 11/15/2014 A+ AA3 San Diego Gas & Electric 5.300% 11/15/2015 A+ Aa3 Goldman Sachs Group Inc 5.375% 3/15/2020 A Al McDonald's Corp 5.800% 10/15/2017 A A3 At &T Inc 5.625% 6/15/2016 A A2 Merck & Co Inc 6.000% 9/15/2017 AA- Aa3 University Of Chicago 5.420% 10/1/2030 AA AA1 Ei Du Pont De Nemour & Co 1.950% 1/15/2016 A A2 At &T Inc 4.950% 1/15/2013 A A2 Golden West Finl 4.750% 10/1/2012 AA- Al General Elec Cap Corp 3.500% 6/29/2015 AA+ AA2 Blackrock Inc 5.000% 12/10/2019 A+ Al Cifigroup Inc 6.010% 1/15/2015 A A3 Cifigroup Inc 5.300% 10/17/2012 A A3 Bank Of America Corp 5.650% 5/1/2018 A Al Microsoft Corp 1.625% 9/25/2015 AAA AAA George Washington University 4.896% 9/15/2020 A+ Al Novant Health Inc 5.850% 11/1/2019 A+ Al Morgan Stanley 4.000% 7/24/2015 A A2 McDonald's Corp 5.300% 3/15/2017 A A3 Baxter International Inc 4.250% 3/15/2020 A+ A3 Goldman Sachs Group Inc 6.000% 5/1/2014 A Al National Rural Util Coop 5.500% 7/1/2013 A+ Al IBM Corp 6.500% 10/15/2013 A+ Al Pe sico Inc 3.100% 1/15/2015 A- AA3 Baker Hughes Inc 6.500% 11/15/2013 A A2 Honeywell International 3.875% 2/15/2014 A A2 General Dynamics Corp 5.250% 2/1/2014 A A2 Johns Hopkins University 5.250% 7/1/2019 AA AA2 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 4 of 4) Quarter Ending September 30, 2010 Corporate Bonds Coupon Maturity S&P Rating Mood 's Rating Cisco Sys ms Inc 4.950% 2/15/2019 A+ Al Conoco hilli s 6.000% 1/15/2020 A Al Hewlett- Packard Co 4.250% 2/24/2012 A A2 Amgen Inc 5.700% 2/1/2019 A+ A3 Morgan Stanley 6.000% 5/13/2014 A A2 Coca -Cola Co 3.625% 3/15/2014 A+ AA3 Verizon Communications 5.500% 4/1/2017 A A3 Chevron Corp 4.950% 3/3/2019 AA AA1 Cons Edison Co Of Ny 5.850% 4/1/2018 A- A3 Boeing Co 4.875% 2/15/2020 A A2 National Rural Util Coop 5.450% 4/10/2017 A+ Al Goldman Sachs 5.250% 10/15/2013 A Al Goldman Sachs 5.125% 1/15/2015 A Al Portfolio Duration vs. Index Duration (Ratio) 1.8% -r 1.4% NEUTRAL 1.0% 0.6% 0.2% 1 9/30/2008 F—�- INDEX f ACCT AGGRESSIVE DEFENSIVE 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 ICC Capital Management, Inc. ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 To 09 -30 -10 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 08 -10 -10 08 -13 -10 160,000.000 BANK OF AMERICA CORP 104.88 167,809.60 5.650% Due 05 -01 -18 09 -22 -10 09 -27 -10 215,000.000 EI DU PONT DE NEMOUR & CO 99.86 214,690.40 1.950% Due 01 -15 -16 09 -27 -10 10 -18 -10 320,000.000 FANNIE MAE 100.00 320,000.00 1.000% Due 10 -18 -13 09 -30 -10 10 -21 -10 400,000.000 FANNIE MAE 100.00 400,000.00 1.750% Due 10 -21 -15 07 -15 -10 07 -22 -10 275,000.000 FEDERAL FARM CREDIT BANK 100.00 275,000.00 1.350% Due 07 -22 -13 07 -02 -10 07 -28 -10 110,000.000 FREDDIE MAC 100.00 110,000.00 4.000% Due 07 -28 -25 08 -11 -10 08 -16 -10 315,000.000 JP MORGAN 112.13 353,203.20 5.700% Due 11 -15 -14 09 -22 -10 09 -27 -10 165,000.000 MICROSOFT CORP 99.56 164,275.65 1.625% Due 09 -25 -15 07 -21 -10 07 -26 -10 155,000.000 MORGAN STANLEY 99.65 154,465.25 4.000% Due 07 -24 -15 09 -07 -10 09 -10 -10 500,000.000 PARKER - HANNIFIN 98.85 494,240.00 3.500% Due 09 -15 -22 07 -22 -10 07 -28 -10 160,000 UNIVERSITY VA UNIV REVS 101.56 162,496.00 5.000% Due 09 -01 -40 07 -08 -10 07 -12 -10 200,000.000 US TREASURY NB 110.55 221,093.75 4.625% Due 02 -15 -40 07 -14 -10 07 -16 -10 200,000.000 US TREASURY NB 103.83 207,656.24 3.500% Due 05 -15 -20 08 -13 -10 08 -16 -10 160,000.000 US TREASURY NB 107.09 171,350.00 3.500% Due 05 -15 -20 08 -30 -10 09 -01 -10 500,000.000 US TREASURY NB 99.19 495,937.50 1.875% Due 08 -31 -17 09 -30 -10 10 -04 -10 200,000.000 US TREASURY NB 108.20 216,406.25 3.500% Due 05 -15 -20 SALES 07 -29 -10 07 -29 -10 360,000.000 FANNIE MAE 100.00 360,000.00 3.500% Due 01 -29 -20 08 -05 -10 08 -05 -10 110,000.000 FANNIE MAE 100.00 110,000.00 3.200% Due 08 -05 -14 08 -09 -10 08 -11 -10 110,000.000 FREDDIE MAC 100.19 110,206.25 4.000% Due 07 -28 -25 8 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 To 09 -30 -10 Trade Date Settle Date Quantity Security Unit Price Amount 08 -18 -10 08 -18 -1-0 135,000.000 FREDDIE MAC 100.00 135,000.00 08 -01 -10 08 -15 -10 3.375% Due 08 -18 -14 100.00 2,453.10 09 -29 -10 09 -29 -10 375,000.000 FREDDIE MAC 100.00 375,000.00 09 -01 -10 09 -15 -10 1.350% Due 06 -29 -12 100.00 3,165.95 07 -08 -10 07 -13 -10 150,000.000 MORGAN STANLEY 97.92 146,881.50 07 -01 -10 07 -15 -10 5.625% Due 09 -23 -19 100.00 72.43 09 -28 -10 10 -01 -10 185,000.000 NEW YORK UNIVERSITY 108.00 199,800.00 08 -01 -10 08 -15 -10 5.236% Due 07 -01 -32 100.00 48.00 09 -07 -10 09 -10 -10 500,000.000 PARKER - HANNIFIN 99.33 496,650.00 09 -01 -10 09 -15 -10 3.500% Due 09 -15 -22 100.00 90.44 08 -13 -10 08 -18 -10 160,000 UNIVERSITY N C UNIV REVS 103.46 165,542.40 07 -01 -10 07 -15 -10 5.757% Due 12 -01 -39 100.00 100.42 07 -30 -10 08 -03 -10 100,000.000 US TREASURY NB 110.78 110,781.25 08 -01 -10 08 -15 -10 4.625% Due 02 -15 -40 100.00 129.51 07 -30 -10 08 -03 -10 100,000.000 US TREASURY NB 110.78 110,781.25 09 -01 -10 09 -15 -10 4.625% Due 02 -15 -40 100.00 142.99 09 -22 -10 09 -24 -10 225,000.000 US TREASURY NB 107.69 242,296.88 3.375% Due 11 -15 -19 09 -22 -10 09 -24 -10 20,000.000 US TREASURY NB 107.69 21,537.50 3.375% Due 11 -15 -19 09 -22 -10 09 -24 -10 165,000.000 US TREASURY NB 108.16 178,457.81 3.500% Due 05 -15 -20 2,762,934.84 PRINCIPAL PAYDOWNS 07 -01 -10 07 -15 -10 2,582.590 FGCI 4G12205 100.00 2,582.59 4.500% Due 06 -01 -21 08 -01 -10 08 -15 -10 2,453.100 FGCI 4G12205 100.00 2,453.10 4.500% Due 06 -01 -21 09 -01 -10 09 -15 -10 3,165.950 FGCI #G 12205 100.00 3,165.95 4.500% Due 06 -01 -21 07 -01 -10 07 -15 -10 72.430 FGCI N #13 13455 100.00 72.43 4.500% Due 04 -01 -19 08 -01 -10 08 -15 -10 48.000 FGCI N #B13455 100.00 48.00 4.500% Due 04 -01 -19 09 -01 -10 09 -15 -10 90.440 FGCI N 913 13455 100.00 90.44 4.500% Due 04 -01 -19 07 -01 -10 07 -15 -10 100.420 FGCI N #G12323 100.00 100.42 4.500% Due 08 -01 -21 08 -01 -10 08 -15 -10 129.510 FGCI N 9G 12323 100.00 129.51 4.500% Due 08 -01 -21 09 -01 -10 09 -15 -10 142.990 FGCI N #G 12323 100.00 142.99 4.500% Due 08 -01 -21 9 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 To 09 -30 -10 Trade Date Settle Date Quantity Security Unit Price Amount 07 -01 -10 07 -15 -10 2,704.850 FGLMC #G02268 100.00 2,704.85 6.500% Due 08 -01 -36 07 -01 -10 07 -15 -10 9,229.810 FGLMC #G02268 100.00 9,229.81 6.500% Due 08 -01 -36 08 -01 -10 08 -15 -10 2,794.920 FGLMC #G02268 100.00 2,794.92 6.500% Due 08 -01 -36 08 -01 -10 08 -15 -10 9,537.160 FGLMC #G02268 100.00 9,537.16 6.500% Due 08 -01 -36 09 -01 -10 09 -15 -10 2,678.007 FGLMC 9G02268 100.00 2,678.01 6.500% Due 08 -01 -36 09 -01 -10 09 -15 -10 9,138.193 FGLMC 4G02268 100.00 9,138.19 6.500% Due 08 -01 -36 07 -01 -10 07 -15 -10 2,964.780 FNCI M #254371 100.00 2,964.78 5.500% Due 07 -01 -17 08 -01 -10 08 -15 -10 1,063.170 FNCI M 4254371 100.00 1,063.17 5.500% Due 07 -01 -17 09 -01 -10 09 -15 -10 1,074.960 FNCI M 9254371 100.00 1,074.96 5.500% Due 07 -01 -17 07 -01 -10 07 -15 -10 1,980.790 FNCI N #255888 100.00 1,980.79 4.000% Due 08 -01 -20 08 -01 -10 08 -15 -10 1,452.370 FNCI N #255888 100.00 1,452.37 4.000% Due 08 -01 -20 09 -01 -10 09 -15 -10 1,565.630 FNCI N #255888 100.00 1,565.63 4.000% Due 08 -01 -20 07 -01 -10 07 -15 -10 58.146 FNCI N #725445 100.01 58.15 4.500% Due 05 -01 -19 07 -01 -10 07 -15 -10 1,873.164 FNCI N 9725445 100.00 1,873.16 4.500% Due 05 -01 -19 08 -01 -10 08 -15 -10 45.651 FNCI N #725445 100.00 45.65 4.500% Due 05 -01 -19 08 -01 -10 08 -15 -10 1,470.639 FNCI N #725445 100.00 1,470.64 4.500% Due 05 -01 -19 09 -01 -10 09 -15 -10 50.287 FNCI N #725445 100.01 50.29 4.500% Due 05 -01 -19 09 -01 -10 09 -15 -10 1,620.003 FNCI N #725445 100.00 1,620.00 4.500% Due 05 -01 -19 07 -01 -10 07 -15 -10 339.970 FNCI N #825335 100.00 339.97 4.000% Due 05 -01 -20 08 -01 -10 08 -15 -10 352.810 FNCI N #825335 100.00 352.81 4.000% Due 05 -01 -20 09 -01 -10 09 -15 -10 377.630 FNCI N #825335 100.00 377.63 4.000% Due 05 -01 -20 07 -01 -10 07 -15 -10 1,043.780 FNCI N #829053 100.00 1,043.78 4.000% Due 08 -01 -20 10 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 To 09 -30 -10 Trade Date Settle Date Quantity Security Unit Price Amount 08 -01 -10 08 -15 -10 1,108.780 FNCI N #829053 100.00 1,108.78. 4.000% Due 08 -01 -20 09 -01 -10 09 -15 -10 1,078.940 FNCI N #829053 100.00 1,078.94 4.000% Due 08 -01 -20 07 -01 -10 07 -15 -10 9,545.240 FNCL 9 256394 100.00 9,545.24 6.500% Due 09 -01 -36 08 -01 -10 08 -15 -10 10,125.800 FNCL 9 256394 100.00 10,125.80 6.500% Due 09 -01 -36 09 -01 -10 09 -15 -10 6,363.400 FNCL # 256394 100.00 6,363.40 6.500% Due 09 -01 -36 07 -01 -10 07 -01 -10 6,528.700 G2 POOL 4 4194 100.00 6,528.70 5.500% Due 07 -20 -38 08 -01 -10 08 -01 -10 7,482.940 G2 POOL # 4194 100.00 7,482.94 5.500% Due 07 -20 -38 09 -01 -10 09 -01 -10 10,002.580 G2 POOL # 4194 100.00 10,002.58 5.500% Due 07 -20 -38 07 -01 -10 07 -20 -10 3,271.990 G2 POOL 9 4195 100.00 3,271.99 6.000% Due 07 -20 -38 08 -01 -10 08 -20 -10 4,658.520 G2 POOL # 4195 100.00 4,658.52 6.000% Due 07 -20 -38 09 -01 -10 09 -20 -10 4,130.820 G2 POOL # 4195 100.00 4,130.82 6.000% Due 07 -20 -38 07 -01 -10 07 -20 -10 4,720.990 G2 POOL # 4447 100.00 4,720.99 5.000% Due 05 -20 -39 08 -01 -10 08 -20 -10 10,363.630 G2 POOL # 4447 100.00 10,363.63 5.000% Due 05 -20 -39 09 -01 -10 09 -20 -10 9,389.600 G2 POOL # 4447 100.00 9,389.60 5.000% Due 05 -20 -39 07 -15 -10 07 -29 -10 7,275.770 GN POOL # 782119 100.00 7,275.77 6.000% Due 08 -15 -36 08 -15 -10 08 -29 -10 13,633.240 GN POOL # 782119 100.00 13,633.24 6.000% Due 08 -15 -36 09 -15 -10 09 -29 -10 8,689.420 GN POOL 9 782119 100.00 8,689.42 6.000% Due 08 -15 -36 07 -01 -10 07 -14 -10 525.370 GNJO M #781313 100.00 525.37 6.000% Due 07 -15 -16 08 -01 -10 08 -14 -10 718.030 GNJO M #781313 100.00 718.03 6.000% Due 07 -15 -16 09 -01 -10 09 -14 -10 505.250 GNJO M #781313 100.00 505.25 6.000% Due 07 -15 -16 07 -01 -10 07 -15 -10 47,158.330 GNSF 5.5% POOL #714005 100.00 47,158.33 5.500% Due 10 -15 -39 08 -01 -10 08 -15 -10 7,211.210 GNSF 5.5% POOL #714005 100.00 7,211.21 5.500% Due 10 -15 -39 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 To 09 -30 -10 Trade Date Settle Date Quantity Security Unit Price Amount 09 -01 -10 09 -15 -10 624.670 GNSF 5.5% POOL #714005 100.00 624.67 5.500% Due 10 -15 -39 07 -01 -10 07 -15 -10 270.170 GNSF M 9552509 100.00 270.17 6.000% Due 04 -15 -32 08 -01 -10 08 -15 -10 272.710 GNSF M #552509 100.00 272.71 6.000% Due 04 -15 -32 09 -01 -10 09 -15 -10 2,206.460 GNSF M 9552509 100.00 2,206.46 6.000% Due 04 -15 -32 07 -01 -10 07 -15 -10 778.670 GNSF M 9582153 100.00 778.67 6.000% Due 06 -15 -32 08 -01 -10 08 -15 -10 61.740 GNSF M #582153 100.00 61.74 6.000% Due 06 -15 -32 09 -01 -10 09 -15 -10 1,353.840 GNSF M 4582153 100.00 1,353.84 6.000% Due 06 -15 -32 12 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 Through 09 -30 -10 Gain Or Loss Open Date Close Date Quantity Security Cost Basis Proceeds Short Term Long Term 12 -15 -06 07 -01 -10 2,704.850 FGLMC #G02268 2,761.06 2,704.85 -56.21 6.500% Due 08 -01 -36 01 -08 -07 07 -01 -10 9,229.810 FGLMC #G02268 9,421.62 9,229.81 - 191.81 6.500% Due 08 -01 -36 02 -21 -07 07 -01 -10 2,582.590 FGCI #G12205 2,491.80 2,582.59 90.79 4.500% Due 06 -01 -21 08 -24 -06 07 -01 -10 100.420 FGCI N #G12323 96.28 100.42 4.14 4.500% Due 08 -01 -21 09 -08 -04 07 -01 -10 72.430 FGCI N #13 13455 72.22 72.43 0.21 4.500% Due 04 -01 -19 05 -23 -02 07 -01 -10 2,964.780 FNCI M #254371 2,951.81 2,964.78 12.97 5.500% Due 07 -01 -17 09 -08 -05 07 -01 -10 1,980.790 FNCI N #255888 1,927.56 1,980.79 53.23 4.000% Due 08 -01 -20 01 -08 -07 07 -01 -10 9,545.240 FNCL # 256394 9,736.15 9,545.24 - 190.91 6.500% Due 09 -01 -36 09 -15 -04 07 -01 -10 58.146 FNCI N #725445 58.19 58.15 -0.04 4.500% Due 05 -01 -19 01 -29 -07 07 -01 -10 1,873.164 FNCI N #725445 1,797.65 1,873.16 75.51 4.500% Due 05 -01 -19 09 -08 -05 07 -01 -10 339.970 FNCI N #825335 330.83 339.97 9.14 4.000% Due 05 -01 -20 08 -23 -05 07 -01 -10 1,043.780 FNCI N #829053 1,012.47 1,043.78 31.31 4.000% Due 08 -01 -20 06 -13 -02 07 -01 -10 778.670 GNSF M #582153 777.33 778.67 1.34 6.000% Due 06 -I5 -32 03 -10 -10 07 -01 -10 4,720.990 G2 POOL # 4447 4,948.19 4,720.99 - 227.20 5.000% Due 05 -20 -39 12 -18 -09 07 -01 -10 6,528.700 G2 POOL # 4194 6,928.58 6,528.70 - 399.88 5.500% Due 07 -20 -38 07 -22 -08 07 -01 -10 3,271.990 G2 POOL # 4195 3,268.41 3,271.99 3.58 6.000% Due 07 -20 -38 04 -15 -02 07 -01 -10 270.170 GNSF M #552509 266.84 270.17 3.33 6.000% Due 04 -15 -32 07 -02 -02 07 -01 -10 525.370 GNJO M #781313 541.79 525.37 -16.42 6.000% Due 07 -15 -16 12 -03 -09 07 -01 -10 47,158.330 GNSF 5.5% POOL #714005 50,061.51 47,158.33 - 2,903.18 5.500% Due 10 -15 -39 11 -25 -09 07 -08 -10 150,000.000 MORGAN STANLEY 151,495.50 146,881.50 - 4,614.00 5.625% Due 09 -23 -19 02 -22 -10 07 -15 -10 7,275.770 GN POOL # 782119 7,790.76 7,275.77 - 514.99 6.000% Due 08 -15 -36 01 -20 -10 07 -29 -10 360,000.000 FANNIE MAE 359,820.00 360,000.00 180.00 3.500% Due 0 1 -29-20 04 -20 -10 07 -30 -10 100,000.000 US TREASURY NB 99,109.38 110,781.25 11,671.87 4.625% Due 02 -15-40 04 -28 -10 07 -30 -10 100,000.000 US TREASURY NB 100,062.50 110,781.25 10,718.75 4.625% Due 02 -15-40 12 -15 -06 08 -01 -10 2,794.920 FGLMC #G02268 2,853.01 2,794.92 -58.09 6.500% Due 08 -01 -36 01 -08 -07 08 -01 -10 9,537.160 FGLMC #G02268 9,735.36 9,537.16 - 198.20 6.500% Due 08 -01 -36 02 -21 -07 08 -01 -10 2,453.100 FGCI #G12205 2,366.86 2,453.10 86.24 4.500% Due 06 -01 -21 13 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 Through 09 -30 -10 Gain Or Loss Open Date Close Date Quantity Security Cost Basis Proceeds Short Term Long Term 08 -24 -06 08 -01 -10 129.510 FGCI N #G12323 124.17 129.51 5.34 4.500% Due 08 -01 -21 09 -08 -04 08 -01 -10 48.000 FGCI N #B 13455 47.86 48.00 0.14 4.500% Due 04 -01 =19 05 -23 -02 08 -01 -10 1,063.170 FNCI M #254371 1,058.52 1,063.17 4.65 5.500% Due 07 -01 -17 09 -08 -05 08 -01 -10 1,452.370 FNC1 N #255888 1,413.34 1,452.37 39.03 4.000% Due 08 -01 -20 01 -08 -07 08 -01 -10 10,125.800 FNCL # 256394 10,328.32 10,125.80 - 202.52 6.500% Due 09 -01 -36 09 -15 -04 08 -01 -10 45.651 FNCI N #725445 45.69 45.65 -0.04 4.500% Due 05 -01 -19 01 -29 -07 08 -01 -10 1,470.639 FNCI N #725445 1,411.35 1,470.64 59.29 4.500% Due 05 -01 -19 09 -08 -05 08 -01 -10 352.810 FNCI N # 82533 5 343.33 352.81 9.48 4.000% Due 05 -01 -20 08 -23 -05 08 -01 -10 1,108.780 FNCI N #829053 1,075.52 1,108.78 33.26 4.000% Due 08 -01 -20 06 -13 -02 08 -01 -10 61.740 GNSF M 4582153 61.63 61.74 0.11 6.000% Due 06 -15 -32 03 -10 -10 08 -01 -10 10,363.630 G2 POOL # 4447 10,862.38 10,363.63 - 498.75 5.000% Due 05 -20 -39 12 -18 -09 08 -01 -10 7,482.940 G2 POOL # 4194 7,941.27 7,482.94 - 458.33 5.500% Due 07 -20 -38 07 -22 -08 08 -01 -10 4,658.520 G2 POOL # 4195 4,653.42 4,658.52 5.10 6.000% Due 07 -20 -38 04 -15 -02 08 -01 -10 272.710 GNSF M #552509 269.34 272.71 3.37 6.000% Due 04 -15 -32 07 -02 -02 08 -01 -10 718.030 GNJO M #781313 740.47 718.03 -22.44 6.000% Due 07 -15 -16 12 -03 -09 08 -01 -10 7,211.210 GNSF 5.5% POOL #714005 7,655.15 7,211.21 - 443.94 5.500% Due 10 -15 -39 07 -16 -09 08 -05 -10 110,000.000 FANNIE MAE 110,000.00 110,000.00 0.00 3.200% Due 08 -05 -14 07 -02 -10 08 -09 -10 110,000.000 FREDDIE MAC 110,000.00 110,206.25 206.25 4.000% Due 07 -28 -25 11 -18 -09 08 -13 -10 160,000 UNIVERSITY N C UNIV 160,000.00 165,542.40 5,542.40 REVS 5.757% Due 12 -01 -39 02 -22 -10 08 -15 -10 13,633.240 GN POOL # 782119 14,598.22 13,633.24 - 964.98 6.000% Due 08 -15 -36 08 -04 -09 08 -18 -10 135,000.000 FREDDIE MAC 135,000.00 135,000.00 0.00 3.375% Due 08 -18 -14 12 -15 -06 09 -01 -10 2,678.007 FGLMC #G02268 2,733.66 2,678.01 -55.65 6.500% Due 08 -01 -36 01 -08 -07 09 -01 -10 9,138.193 FGLMC #G02268 9,328.10 9,138.19 - 189.91 6.500% Due 08 -01 -36 02 -21 -07 09 -01 -10 3,165.950 FGCI #G12205 3,054.65 3,165.95 111.30 4.500% Due 06 -01 -21 08 -24 -06 09 -01 -10 142.990 FGCIN #G 12323 137.09 142.99 5,90 4.500% Due 08 -01 -21 09 -08 -04 09 -01 -10 90.440 FGCI N #13 13455 90.17 90.44 0.27 4.500% Due 04 -01 -19 05 -23 -02 09 -01 -10 1,074.960 FNCI M #254371 1,070.26 1,074.96 4.70 5.500% Due 07 -01 -17 14 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -10 Through 09 -30 -10 Open Close Date Date Quantity Security 1,523.55 09 -08 -05 09 -01 -10 1,565.630 FNCI N #255888 42.08 4.000% Due 08 -01 -20 01 -08 -07 09 -01 -10 6,363.400 FNCL # 256394 - 127.27 6.500 %Due 09 -01 -36 09 -15 -04 09 -01 -10 50.287 FNCI N #725445 -0.04 4.500% Due 05 -01 -19 01 -29 -07 09 -01 -10 1,620.003 FNCI N #725445 65.30 4.500% Due 05 -01 -19 09 -08 -05 09 -01 -10 377.630 FNCI N #825335 10.15 4.000% Due 05 -01 -20 08 -23 -05 09 -01 -10 1,078.940 FNCI N #829053 32.37 4.000% Due 08 -01 -20 06 -13 -02 09 -01 -10 1,353.840 GNSF M #582153 2.33 6.000% Due 06 -15 -32 03 -10 -10 09 -01 -10 9,389.600 G2 POOL # 4447 5.000% Due 05 -20 -39 12 -18 -09 09 -01 -10 10,002.580 G2 POOL # 4194 5.500% Due 07 -20 -38 07 -22 -08 09 -01 -10 4,130.820 G2 POOL # 4195 4.52 6.000% Due 07 -20 -38 04 -15 -02 09 -01 -10 2,206.460 GNSF M #552509 27.24 6.000% Due 04 -15 -32 12 -03 -09 09 -01 -10 624.670 GNSF 5.5% POOL #714005 5.500% Due 10 -15 -39 07 -02 -02 09 -01 -10 505.250 GNJO M #781313 -15.79 6.000% Due 07 -15 -16 09 -07 -10 09 -07 -10 500,000.000 PARKER-HANNIFIN 3.500% Due 09 -15 -22 02 -22 -10 09 -15 -10 8,689.420 GN POOL # 782119 6.000% Due 08 -15 -36 03 -10 -10 09 -22 -10 225,000.000 US TREASURY NB 3.375% Due 11 -15 -19 02 -23 -10 09 -22 -10 20,000.000 US TREASURY NB 3.375% Due 11 -15 -19 07 -14 -10 09 -22 -10 165,000.000 US TREASURY NB 3.500% Due 05 -15 -20 04 -22 -10 09 -28 -10 185,000.000 NEW YORK UNIVERSITY 5.236% Due 07 -01 -32 03 -26 -10 09 -29 -10 375,000.000 FREDDIE MAC 1.350% Dud 06 -29 -12 TOTAL GAINS TOTAL LOSSES TOTAL REALIZED GA1NILOSS 63,497.50 15 Gain Or Loss Cost Basis Proceeds Short Term Long Term 1,523.55 1,565.63 42.08 6,490.67 6,363.40 - 127.27 50.33 50.29 -0.04 1,554.70 1,620.00 65.30 367.48 377.63 10.15 1,046.57 1,078.94 32.37 1,351.51 1,353.84 2.33 9,841.47 9,389.60 - 451.87 10,615.24 10,002.58 - 612.66 4,126.30 4,130.82 4.52 2,179.22 2,206.46 27.24 663.13 624.67 -38.46 521.04 505.25 -15.79 494,240.00 496,650.00 2,410.00 9,304.47 8,689.42 - 615.05 218,671.88 242,296.88 23,625.00 19,456.25 21,537.50 2,081.25 171,316.40 178,457.81 7,141.41 186,911.05 199, 800.00 12, 888.95 374,737.50 375,000.00 262.50 76,728.38 837.74 - 12,743.29 - 1,325.33 2,941,696.30 3,005,193.80 63,985.09 48759 ICC Capital Management PORTFOLIO SUMMARY PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2010 Pct. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income Cash & Equivalents CASH AND 1,299,889.05 EQUIVALENTS 1,299,889.05 Fixed Income CORPORATE BONDS 7,189,730.35 MUNICIPAL BONDS 552,496.00 GOVERNMENT 1,959,584.38 BONDS MORTGAGE POOLS 2,894,946.57 GOVERNMENT 2,051,732.00 SPONSORED BOND 582,660.45 Accrued Interest 5.0 14,648,489.30 1,299,889.05 7.6 0.2 2,378.80 1,299,889.05 7.6 0.2 2,378.80 7,836,320.59 46.0 4.4 347,970.05 582,660.45 3.4 5.0 29,279.20 2,048,758.26 12.0 2.7 56,087.50 3,027,330.59 17.8 5.3 159,645.00 2,107,519.14 12.4 3.1 64,518.75 147,159.85 0.9 15,749,748.88 92.4 4.2 657,500.50 TOTAL PORTFOLIO 15,948,378.35 17,049,637.93 100.0 3.9 659,879.30 16 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOYtiIE September 30, 2010 Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS 1,299,889.05 1,299,889.05 7.6 0.2 17 1,299,889.05 1,299,889.05 7.6 02 CORPORATE BONDS 120,000.000 HEWLE77- PACKARD 99.96 119,947.20 104.85 125,820.12 0.7 4.1 CO 4.250% Due 02 -24 -12 200,000.000 GOLDEN WEST FINL 97.82 195,640.00 106.30 212,603.00 1.2 4.5 4.750% Due 10 -01 -12 165,000.000 CITIGROUP INC 104.77 172,875.45 106.57 175,840.50 1.0 5.0 5.300% Due 10 -17 -12 200,000.000 AT &T INC 100.30 200,592.00 108.66 217,327.60 1.3 4.6 4.950% Due 01 -15 -13 135,000.000 NATIONAL RURAL 99.84 134,789.40 111.96 151,144.11 0.9 4.9 UTIL COOP 5.500% Due 07 -01 -13 85,000.000 GOLDMAN SACHS 98.44 83,674.00 108.69 92,385.82 0.5 4.8 5.250% Due 10 -15 -13 135,000.000 IBM CORP 99.24 133,971.30 116.24 156,927.91 0.9 5.6 6.500 %Due 10 -15 -13 125,000.000 BAKER HUGHES INC 99.76 124,702.50 115.83 144,792.50 0.8 5.6 6.500% Due 11 -15 -13 125,000.000 GENERAL 99.53 124,410.00 112.88 141,105.25 0.8 4.7 DYNAMICS CORP 5.250% Due 02 -01 -14 125,000.000 HONEYWELL 99.56 124,452.50 108.99 136,234.62 0.8 3.6 INTERNATIONAL 3.875% Due 02 -15 -14 120,000.000 COCA -COLA CO 99.54 119,454.00 108.08 129,696.36 0.8 3.4 3.625% Due 03 -15 -14 130,000.000 GOLDMAN SACHS 103.81 134,958.20 111.57 145,034.89 0.9 5.4 GROUP INC 6.000% Due 05 -01 -14 120,000.000 MORGAN STANLEY 99.65 119,581.20 109.78 131,742.00 0.8 5.5 6.000% Due 05 -13 -14 360,000.000 JP MORGAN 110.29 397,032.75 112.75 405,914.04 2.4 5.1 5.700% Due 11 -15 -14 170,000.000 CITIGROUP INC 101.78 173,031.10 109.94 186,897.83 1.1 5.5 6.010% Due 01 -15 -15 65,000.000 GOLDMAN SACHS 99.74 64,829.10 108.26 70,366.40 0.4 4.7 5.125% Due 01 -15 -15 130,000.000 PEPSICO INC 99.90 129,868.70 106.56 138,529.69 0.8 2.9 3.100% Due 01 -15 -15 400,000.000 BANK OF NEY YORK 99.87 399,484.00 105.16 420,646.80 2.5 2.8 MELLON 2.950% Due 06 -18 -15 185,000.000 GENERAL ELEC CAP 99.86 184,739.15 104.62 193,552.92 1.1 3.3 CORP 3.500% Due 06 -29 -15 155,000.000 MORGAN STANLEY 99.65 154,465.25 101.91 157,966.85 0.9 3.9 4.000% Due 07 -24 -15 165,000.000 MICROSOFT CORP 99.56 164,275.65 100.07 165,117.64 1.0 1.6 1.625% Due 09 -25 -15 17 ICC Capital Management tD PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2010 Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield 300,000.000 SAN DIEGO GAS & 111.89 335,658.00 116.71 350,136.90 2.1 4.5 ELECTRIC 5.300% Due 11 -15 -15 215,000.000 EI DU PONT DE 99.86 214,690.40 100.00 215,008.60 1.3 1.9 NEMOUR & CO 1.950% Due 01 -15 -16 225,000.000 AT &T INC 101.36 228,071.25 116.16 261,355.95 1.5 4.8 5.625% Due 06 -15 -16 150,000.000 MCDONALD'S CORP 98.90 148,348.50 115.89 173,829.15 1.0 4.6 5.300% Due 03 -15 -17 115,000.000 VERIZON 102.45 117,812.90 114.53 131,713.41 0.8 4.8 COMMUNICATIONS 5.500% Due 04 -01 -17 100,000.000 NATIONAL RURAL 99.68 99,680.00 115.25 115,248.00 0.7 4.7 UTIL COOP 5.450% Due 04 -10 -17 195,000.000 MERCK & CO INC 115.26 224,757.00 121.49 236,914.27 1.4 4.9 6.000% Due 09 -15 -17 225,000.000 MCDONALD'S CORD 102.47 230,555.25 121.05 272,351.47 1.6 4.8 5.800% Due 10 -15 -17 115,000.000 CONS EDISON CO OF 99.96 114,949.40 118.49 136,269.25 0.8 4.9 NY 5.850% Due 04 -01 -18 160,000.000 BANK OF AMERICA 104.88 167,809.60 105.95 169,520.80 1.0 5.3 CORP 5.650% Due 05 -01 -18 120,000.000 AMGEN INC 99.78 119,732.40 119.51 143,406.72 0.8 4.8 5.700% Due 02 -01 -19 125,000.000 CISCO SYSTEMS INC 98.81 123,518.75 114.40 143,002.00 0.8 4.3 4.950% Due 02 -15 -19 115,000.000 CHEVRON CORP 99.97 114,964.35 116.25 133,692.79 0.8 4.3 4.950% Due 03 -03 -19 125,000.000 JOHNS HOPKINS 98.99 123,741.25 116.59 145,741.25 0.9 4.5 UNIVERSITY 5.250% Due 07 -01 -19 155,000.000 NOVANT HEALTH 99.98 154,975.20 111.78 173,255.28 1.0 5.2 INC 5.850% Due 11 -01 -19 180,000.000 BLACKROCK INC 99.61 179,298.00 110.24 198,425.70 1.2 4.5 5.000% Due 12 -10 -19 120,000.000 CONOCOPHILLIPS 101.29 121,544.40 123.04 147,648.00 0.9 4.9 6.000% Due 01 -15 -20 115,000.000 BOEING CO 98.96 113,801.70 114.24 131,371.05 0.8 4.3 4.875% Due 02 -15 -20 140,000.000 BAXTER 99.61 139,456.80 109.01 152,613.44 0.9 3.9 INTERNATIONAL INC 4.250% Due 03 -15 -20 290,000.000 GOLDMAN SACHS 99.94 289,813.20 105.40 305,663.48 1.8 5.1 GROUP INC 5.375% Due 03 -15 -20 155,000.000 GEORGE 100.00 155,000.00 108.40 168,020.00 1.0 4.5 WASHINGTON UNIVERSITY 4.896% Due 09 -15 -20 18 ICC Capital Management PORTFOLIO APPRAISAL PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2010 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield 215,000.000 UNIVERSITY OF 99.90 214,778.55 107.67 231,486.20 1.4 5.0 19 CHICAGO 5.420% Due 10 -01 -30 0.000 NEW YORK 0.00 0.00 108.14 0.00 0.0 4.8 UNIVERSITY 5.236% Due 07 -01 -32 Accrued Interest 98,297.07 0.6 7,189,730.35 7,934,617.66 46.5 4.4 MUNICIPAL BONDS 140,000 COMMONWEALTH 100.00 140,000.00 108.69 152,166.00 0.9 5.2 FING AUTH PA REV 5.653% Due 06 -01 -24 125,000 UTAH ST 100.00 125,000.00 107.35 134,185.00 0.8 4.2 4.554% Due 07 -01 -24 125,000 CHICAGO ILL BRD ED 100.00 125,000.00 102.20 127,746.25 0.7 6.0 6.138% Due 12 -01 -39 160,000 UNIVERSITY VA 101.56 162,496.00 105.35 168,563.20 1.0 4.7 UNFV REVS 5.000% Due 09 -01-40 Accrued Interest 7,937.36 0.0 552,496.00 590,597.81 3.5 5.0 GOVERNMENT BONDS 275,000.000 US TREASURY NB 99.20 272,808.60 102.06 280,651.27 1.6 1.3 1.375% Due 03 -15 -13 500,000.000 US TREASURY NB 99.19 495,937.50 99.91 499,570.53 2.9 1.9 1.875% Due 08 -31 -17 465,000.000 US TREASURY NB 97.98 455,592.19 107.73 500,928.72 2.9 3.1 3.375% Due 11 -15 -19 395,000.000 US TREASURY NB 107.37 424,096.09 108.55 428,760.69 2.5 3.2 3.500% Due 05 -15 -20 290,000.000 US TREASURY NB 107.29 311,150.00 116.84 338,847.05 2.0 4.0 4.625% Due 02 -15-40 Accrued Interest 11,054.71 0.1 1,959,584.38 2,059,812.97 12.1 2.7 MORTGAGE POOLS 19,879.400 GNJO M #781313 103.12 20,500.63 107.91 21,45160 0.1 5.6 6.000% Due 07 -15 -16 50,187.800 FNCI M #254371 99.56 49,968.23 108.44 54,424.05 0.3 5.1 5.500% Due 07 -01 -17 3,599.070 FGCI N #1313455 99.71 3,588.46 106.25 3,823.93 0.0 4.2 4.500% Due 04 -01 -19 64,159.520 FNCI N #725445 96.09 61,652.43 106.22 68,148.00 0.4 4.2 4.500% Due 05 -01 -19 38,726.570 FNCI N 4825335 9731 37,685.79 105.50 40,858.27 0.2 3.8 4.000% Due 05 -01 -20 38,997.250 FNCI N #255888 97.31 37,949.20 105.50 41,143.85 0.2 3.8 4.000% Due 08 -01 -20 30,811.130 FNCI N #829053 97.00 29,886.80 105.50 32,507.13 0.2 3.8 4.000% Due 08 -01 -20 77,311.450 FGCI #G12205 96.48 74,593.47 106.03 81,972.56 0.5 4.2 4.500% Due 06 -01 -21 4,205.402 FGCI N #G12323 95.88 4,031.93 106.03 4,458.95 0.0 4.2 4.500% Due 08 -01 -21 19 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2010 Unit Total Market Pet. Cur. Quantity Security 96,872.060 GNSF M #552509 CREDIT BANK 6.000% Due 04 -15 -32 25,839.890 GNSF M #582153 FANNIE MAE 6.000% Due 06 -15 -32 389,322.612 FGLMC #G02268 FANNIE MAE 6.500% Due 08 -01 -36 339,931.432 GN POOL 9 782119 FANNIE MAE 6.000% Due 08 -15 -36 368,812.420 FNCL # 256394 FANNIE MAE 6.500% Due 09 -01 -36 292,807.620 G2 POOL # 4194 FANNIE MAE 5.500% Due 07 -20 -38 113,731.672 G2 POOL # 4195 FREDDIE MAC 6.000% Due 07 -20 -38 355,638.824 G2 POOL # 4447 Accrued Interest 5.000% Due 05 -20 -39 488,826.781 GNSF 5.5% POOL 106.12 #714005 107.53 5.500% Due 10 -15 -39 1.8 Accrued Interest GOVERNMENT SPONSORED BOND 275,000.000 FEDERAL FARM Value CREDIT BANK Yield 1.350% Due 07 -22 -13 320,000.000 FANNIE MAE 106,302.46 1.000 %Due 10 -18 -13 400,000.000 FANNIE MAE 25,795.48 1.750% Due 10 -21 -15 300,000.000 FANNIE MAE 5.5 2.000% Due 01 -13 -17 200,000.000 FANNIE MAE 425,162.87 6.000% Due 04 -28 -21 265,000.000 FANNIE MAE 363,992.21 5.625% Due 11 -15 -21 300,000.000 FREDDIE MAC 5.5 5.900% Due 06 -15 -22 376,188.80 Accrued Interest TOTAL PORTFOLIO Cost Cost Price Value Assets Yield 98.77 95,676.30 109.73 106,302.46 0.6 5.5 99.83 25,795.48 109.73 28,355.38 0.2 5.5 102.08 397,413.50 109.21 425,162.87 2.5 6.0 107.08 363,992.21 108.91 370,230.20 2.2 5.5 102.00 376,188.80 109.52 403,917.09 2.4 5.9 106.12 310,742.09 107.53 314,852.52 1.8 5.1 99.89 113,607.14 108.66 123,577.08 0.7 5.5 104.81 372,753.94 106.83 379,917.22 2.2 4.7 106.16 518,920.18 107.65 526,226.43 3.1 5.1 12,067.12 0.1 2,894,946.57 3,039,397.71 17.8 5.3 100.00 275,000.00 100.06 275,171.87 1.6 1.3 100.00 320,000.00 100.00 320,000.00 1.9 1.0 100.00 400,000.00 100.00 400,000.00 2.3 1.7 99.75 299,250.00 101.59 304,781.25 1.8 2.0 99.20 198,394.00 102.91 205,812.50 1.2 5.8 99.32 263,198.00 105.03 278,332.81 1.6 5.4 98.63 295,890.00 107.81 323,420.70 1.9 5.5 17,803.59 0.1 2,051,732.00 2,125,322.73 12.5 3.1 15,948,378.35 17,049,637.93 100.0 3.9 20 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Review Quarter Ending September 30, 2010 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance Report Quarter Ending September 30, 2010 Total Return Summary Portfolio Allocation Investment Performance by Asset Category Portfolio Sector Diversification Investment Performance by Sectors Portfolio Attributes Brokers Commission Purchases & Sales Realized Gains/ Losses Portfolio Summary Portfolio Appraisal Appendix: Proxv Votes ICC Capital Management, Inc. Page...... Page...... Page...... Page...... Page...... Page...... Page...... Page...... Page...... Page...... Page...... 1 2 3 4 5 6 7 8 9 10 11 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Total Return Summary Quarter Ending September 30, 2010 Starting Value Ending Value Difference Net Contributions/ (Withdrawals) Gai4l(Loss) from Investments $4,697,359 $4,957,615 $1,200,000 $5,193,777 $5,193,777 $5,193,777 $496,418 $236,162 $3,993,777 ($102,158) ($423,314) $3,517,786 $598,576 1 $659,476 1 $475,991 TOTAL RETURN F 12.91% 13.66% 1.44% ANNUALIZED RETURN 0.40% ICC Capital Management, Inc. 1 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Allocation at Market Quarter Ending September 30, 2010 Asset Allocation: 100/0 (Mkt) Market Value CASH /EQUIVS as of 06130110 5.0% EQUITY 95.0% Market Value as o 09130110 f CASH /EQUIVS 3.0% EQUITY 97.0% Mkt Value Mkt Value % Mkt Value Mkt Value % as of 06/30/10 as of 06/30/10 as of 09/30/10 as of 09/30/10 Cash/E uivs $234,501 5.0% $155,179 3.0% Equity $4,462,858 95.0% $5,038,599 97.0% Total $4,697,359 100.0% $5,193,777 100.0% ICC Capital Management, Inc. Quarter ,in nn PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Asset Category Quarter Ending September 30, 2010 ■ ACCOUNT ■ INDEX EQUITY TOTAL GROSS OF FEES TOTAL NET OF FEES One Year ■ ACCOUNT ■ INDEX 20.00 14.64 13. 15.00 12 66 .65 12.65 13.16 12.65 10.00 5.00 0.00 EQUITY TOTAL GROSS OF FEES TOTAL NET OF FEES Since Inception Annualized (02,%28/07 - 09130110) 4.00 2.00 0.00 90*111 -4.00 ■ ACCOUNT ■ INDEX EQUITY TOTAL GROSS OF FEES TOTAL NET OF FEES ICC Capital Management, Inc. The red total bar represents the Russell 1000 Growth Index. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Sector Diversification Quarter Ending September 30, 2010 Secure Top Ten Holdings % of equities Return for Quarter TARGET CORPORATION 4.45% 9.22% APPLE COMPUTER INC. 3.66% 12.81% MICROSOFT CORP. 3.60% 7.02% MARVELL TECHNOLOGY GROUP 3.37% 11.10% THOMAS & BETTS CORP. 3.34% 18.21% NETAPP INC. 3.31% 33.45% SOUTHWEST AIRLINES CO. 3.25% 17.69% EXXON MOBILE CORP. 2.82% 9.08% KOHLS CORP. 2.72% 10.91% TORO CO. 2.68% 14.47% Sector Sector Contribution % of Portfolio Return for Quarter Materials 3.33% 2.38% Industrials 19.89% 13.96% Telecommunications 5.21% 25.59% Consumer Discretionary 15.70% 12.63% Consumer Staples 6.42% 15.66% Energy 7.54% 22.30% Financials 7.21% 7.68% Health Care 11.07% 11.00% Information Technology 21.52% 14.79% Utilities 2.11% 12.31% ICC Capital Management, Inc. 4 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Sectors Quarter Ending September 30, 2010 Index Sector Returns for 3Q10 30.0 19.0 17.8 20.0 15.5 16.7 13.2 9.9 11.6 12.2 10.0 6.8 1.9 0.0 10 A�P� r °4� 4s�r Pc °r�, �dje s0�j� oy �'r�ofd f 43 ,0 Sector Diversification Relative to the Russell 1000 Growth Index 20.0- 10.0 6.7 4.3 0.0 -10.0 -20.0 4� r�a�tlj . PLO ° G ° 4 d°y �d�� �Pdf�i f o �1P 41 J f �Pr djPf fd� d�fo s e NNell �fN s O!� ¢ ' vj O%O� ICC Capital Management, Inc. 5 OVERWEIGHT PALM BEACH GARDENS POLICE PENSION FUND GROWTH Growth Portfolio Attributes Quarter Ending September 30, 2010 CAPITALIZATION ICC R1000G BETA ICC R1000G YIELD ICC R1000G PIE ICC R1000G 3 YEAR EPS GROWTH ICC R1000G 5 YEAR EPS GROWTH ICC R1000G ICC Capital Management, Inc. 9/30/2010 45.6 76.0 9/30/2010 1.01 1.00 9/3012010 1.00 1.50 9/3012010 15.3 14.4 9130/2010 3.0 4.0 9/30/2010 20.0 13.0 6/30/2010 3 3 2010 12/31/2009 43.4 50.1 48.5 69.5 77.9 79.4 6/30/2010 1.01 1.00 6/30/201 1.50 1.70 6/30/2010 12.4 13.3 6/3012010 5.0 5.0 6/30/201 14.0 13.0 3/311201 12/31/2009 1.02 1.01 1.00 1.00 3/31/2010 1 3 200 1.00 1.02 1.50 1.56 3/31/2010 15.8 15.6 3131/2010 12.0 9.0 313112010 18.0 15.0 K 1Z/3112009 17.7 16.9 12/31/2009 7.7 7.5 12/31/2009 16.9 15.0 MARKET CAPITALIZATION 100.0 76.0 69.5 77.9 79.4 75.0 50.1 98.5 45.6 43.4 50.0 25.0 0.0 9/30/2010 6/30/2010 3/31/2010 12/31/2009 1.50 BETA 1.01 1.00 1.01 1.00 1.02 1.00 1.01 1.00 1.00 0.50 0.0,1.0 0.00 9/30/2010 6/30/2010 3/31/2010 12/31/2009 3.0 YIELD 2.0 1.50 1.50 1.70 1.50 1.56 1.00 1•� 1.02 1.0-- 0.0 9/30/2010 6/30/2010 3/31/2010 12/31/2009 30.0 PRICE/EARNINGS 20.0 15.3 14.4 15.8 15.6 17.7 16.9 124 13.3 10.0 0.0 9/30/2010 6/30/2010 3/31/2010 12/31/2009 15.0 3 YR EPS GROWTH 12.0 10.0 7.7 7.5 5.0 4.0 5.0 5.0 0 0.0 A3"E_l --1 1 9/30/2010 6/30/2010 3/31/2010 12/31/2009 30.0 5 YR EPS GROWTH 20.0 20.0 18.0 15 0 16.9 15.0 14.0 13.0 10.0 k a 0.0 . . . 9/30/2010 6/30/2010 3/31/2010 12/31/2009 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report Quarter Ending September 30, 2010 Date Trans Ticker Security $Amount Shares Price Comm PerSh Morgan Stanley Smith Barney 7/12/2010 Sell HEW Hewitt Associates Inc -Cl A $93,833.61 2000 $46.94 $40.00 $0.02 7/12/2010 Sell HEW Hewitt Associates Inc -Cl A $32,841.76 700 $46.94 $14.00 $0.02 9/13/2010 Buy IPG Inter public Group Companies Ir $61,592.32 6400 $9.60 $128.00 $0.02 Total: Morgan Stanley Smith Barney $188,267.69 9,100 $182.00 $0.02 The Griswold Company 7/13/2010 Buy SYY Sysco Corp $98,945.88 3300 $29.94 $132.00 $0.04 8/23/2010 Sell NEM Newmont Mining Corp $5,744.94 100 $57.49 $4.00 $0.04 8/23/2010 Sell NEM Newmont Mining Corp $40,214.60 700 $57.49 $28.00 $0.04 8/23/2010 Sell NEM Newmont Mining Corp $40,214.60 700 $57.49 $28.00 $0.04 9/9/2010 Sell BIIB Biogen Inc $73,787.79 1300 $56.78 $26.00 $0.02 9/9/2010 Sell BIIB Biogen Inc $5,675.98 100 $56.78 $2.00 $0.02 9/9/2010 Sell BIIB Biogen Inc $17,027.95 300 $56.78 $6.00 $0.02 9/17/2010 Sell ADM Archer Daniels Midland Co $3,252.65 100 $32.57 $4.00 $0.04 9/17/2010 Sell ADM Archer Daniels Midland Co $74,811.06 2300 $32.57 $92.00 $0.04 Total: The Griswold Company $359,675.45 8,900 $322.00 $0.04 Edgetrade 2 7/13/2010 Buy CLWR Clearwire Corp -Class A $49,667.34 7100 $6.99 $71.00 $0.01 7/15/2010 Buy MYL Mylan Laboratories $25,520.04 1400 $18.22 $14.00 $0.01 7/15/2010 Sell BMY Bristol Myers Squibb Company $20,136.46 800 $25.18 $8.00 $0.01 8/23/2010 Sell ADM Archer Daniels Midland Co $3,045.09 100 $30.46 $1.00 $0.01 8/23/2010 Sell ADM Archer Daniels Midland Co $6,090.18 200 $30.46 $2.00 $0.01 8/23/2010 Buy CLWR Clearwire Corp -Class A $26,101.20 4000 $6.52 $40.00 $0.01 8/23/2010 Sell ADM Archer Daniels Midland Co $15,225.44 500 $30.46 $5.00 $0.01 8/23/2010 Sell ADM Archer Daniels Midland Co $21,315.62 700 $30.46 $7.00 $0.01 8/23/2010 Sell ADM Archer Daniels Midland Co $3,045.09 100 $30.46 $1.00 $0.01 9/1/2010 Buy ATW Atwood Oceanics Inc $60,779.57 2300 $26.42 $23.00 $0.01 9/3/2010 Buy ETN Eaton Corp. $76,266.90 1000 $76.26 $10.00 $0.01 9/7/2010 Sell PEP Pepsico Inc. $92,321.16 1400 $65.95 $14.00 $0.01 9/9/2010 Buy BGC General Cable Corp Del New $99,682.07 4100 $24.30 $41.00 $0.01 9/13/2010 Buy IPG Interpublic Group Companies Ir $38,410.00 4000 $9.59 $40.00 $0.01 9/14/2010 Sell EQIX Equinix Inc $38,292.67 400 $95.74 $4.00 $0.01 9/14/2010 Sell EQIX Equinix Inc $9,573.17 100 $95.74 $1.00 $0.01 9/14/2010 Sell EQIX Equinix Inc $9,573.17 100 $95.74 $1.00 $0.01 9/14/2010 Sell EQIX Equinix Inc $19,146.34 200 $95.74 $2.00 $0.01 9/20/2010 Buy CXO Concho Resources Inc $77,624.28 1200 $64.68 $12.00 $0.01 Total: Edgetrade 2 $691,815.79 29,700 $297.00 $0.01 ICC Capital Management, Inc. ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 06 -30 -10 To 09 -30 -10 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 09 -01 -10 09 -07 -10 2,300.00 ATWOOD OCEANICS INC 26.43 60,779.57 07 -13 -10 07 -16 -10 7,100.00 CLEARWIRE CORP -CLASS A 7.00 49,667.34 08 -23 -10 08 -26 -10 4,000.00 CLEARWIRE CORP -CLASS A 6.53 26,101.20 09 -20 -10 09 -23 -10 1,200.00 CONCHO RESOURCES INC 64.69 77,624.28 09 -03 -10 09 -09 -10 1,000.00 EATON CORP. 76.27 76,266.90 09 -09 -10 09 -14 -10 4,100.00 GENERAL CABLE CORP DEL NEW 24.31 99,682.07 09 -13 -10 09 -16 -10 4,000.00 INTERPUBLIC GROUP 9.60 38,410.00 09 -09 -10 09 -14 -10 COMPANIES INC. 56.76 73,787.79 09 -13 -10 09 -16 -10 6,400.00 INTERPUBLIC GROUP 9.62 61,592.32 09 -09 -10 09 -14 -10 COMPANIES INC. 56.76 17,027.95 07 -15 -10 07 -20 -10 1,400.00 MYLAN LABORATORIES 18.23 25,520.04 07 -13 -10 07 -16 -10 3,300.00 SYSCO CORP 29.98 98,945.88 614,589.60 SALES 08 -23 -10 08 -26 -10 500.00 ARCHER DANIELS MIDLAND CO 30.45 15,225.44 08 -23 -10 08 -26 -10 700.00 ARCHER DANIELS MIDLAND CO 30.45 21,315.62 08 -23 -10 08 -26 -10 100.00 ARCHER DANIELS MIDLAND CO 30.45 3,045.09 08 -23 -10 08 -26 -10 100.00 ARCHER DANIELS MIDLAND CO 30.45 3,045.09 08 -23 -10 08 -26 -10 200.00 ARCHER DANIELS MIDLAND CO 30.45 6,090.18 09 -17 -10 09 -22 -10 100.00 ARCHER DANIELS MIDLAND CO 32.53 3,252.65 09 -17 -10 09 -22 -10 2,300.00 ARCHER DANIELS MIDLAND CO 32.53 74,811.06 09 -09 -10 09 -14 -10 1,300.00 BIOGEN INC 56.76 73,787.79 09 -09 -10 09 -14 -10 100.00 BIOGEN INC 56.76 5,675.98 09 -09 -10 09 -14 -10 300.00 BIOGEN INC 56.76 17,027.95 07 -15 -10 07 -20 -10 800.00 BRISTOL MYERS SQUIBB 25.17 20,136.46 COMPANY 09 -14 -10 09 -17 -10 200.00 EQUINIX INC 95.73 19,146.34 09 -14 -10 09 -17 -10 100.00 EQUD41X INC 95.73 9,573.17 09 -14 -10 09 -17 -10 100.00 EQUINIX INC 95.73 9,573.17 09 -14 -10 09 -17 -10 400.00 EQUINIX INC 95.73 38,292.67 07 -12 -10 07 -15 -10 2,000.00 HEWITT ASSOCIATES INC -CL A 46.92 93,833.61 07 -12 -10 07 -15 -10 700.00 HEWITT ASSOCIATES INC -CL A 46.92 32,841.76 08 -23 -10 08 -26 -10 100.00 NEWMONT MINING CORP 57.45 5,744.94 08 -23 -10 08 -26 -10 700.00 NEWMONT MINING CORP 57.45 40,214.60 08 -23 -10 08 -26 -10 700.00 NEWMONT MINING CORP 57.45 40,214.60 09 -07 -10 09 -10 -10 1,400.00 PEPSICO INC. 65.94 92,321.16 625,169.33 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 06 -30 -10 Through 09 -30 -10 Open Date Close Date Quantity Security Cost Basis Proceeds Gain Or Loss Short Term Long Term 06 -03 -09 07 -12 -10 2,000.00 HEWITI' ASSOCIATES 58,405.20 93,833.61 35,428.41 INC-CL A 06 -23 -09 07 -12 -10 700.00 HEWITT ASSOCIATES 20,338.43 32,841.76 12,503.33 INC -CL A 04 -07 -09 07 -15 -10 800.00 BRISTOL MYERS SQUIBB 16,240.00 20,136.46 3,896.46 COMPANY 04 -23 -09 08 -23 -10 100.00 NEWMONT MINING CORP 3,902.26 5,744.94 1,842.68 08 -18 -09 08 -23 -10 700.00 NEWMONT MINING CORP 27,445.11 40,214.60 12,769.49 10 -27 -09 08 -23 -10 700.00 NEWMONT MINING CORP 30,354.59 40,214.60 9,860.01 10 -30 -07 08 -23 -10 500.00 ARCHER DANIELS 17,780.00 15,225.44 - 2,554.56 MIDLAND CO 01 -28-08 08 -23 -10 700.00 ARCHER DANIELS 30,422.00 21,315.62 - 9,106.38 MIDLAND CO 04 -22 -08 08 -23 -10 100.00 ARCHER DANIELS 4,769.00 3,045.09 - 1,723.91 MIDLAND CO 08 -13 -08 08 -23 -10 100.00 ARCHER DANIELS 2,693.00 3,045.09 352.09 MIDLAND CO 04 -07 -09 08 -23 -10 200.00 ARCHER DANIELS 5,174.00 6,090.18 916.18 MIDLAND CO 04 -28 -08 09 -07 -10 1,400.00 PEPSICO INC. 96,015.78 92,321.16 - 3,694.62 02 -14 -08 09 -09 -10 1,300.00 BIOGEN INC 81,674.97 73,787.79 - 7,887.18 04 -22 -08 09 -09 -10 100.00 BIOGEN INC 6,417.00 5,675.98 - 741.02 04 -07 -09 09 -09 -10 300.00 BIOGEN INC 15,534.00 17,027.95 1,493.95 03 -26 -08 09 -14 -10 200.00 EQUINDCINC 13,672.98 19,146.34 5,473.36 04 -22 -08 09 -14 -10 100.00 EQUINIX INC 8,044.00 9,573.17 1,529.17 08 -13 -08 09 -14 -10 100.00 EQU]NIX INC 7,622.00 9,573.17 1,951.17 04 -07 -09 09 -14 -10 400.00 EQUINIX INC 23,801.92 38,292.67 14,490.75 04 -07 -09 09 -17 -10 100.00 ARCHER DANIELS 2,587.00 3,252.65 665.65 MIDLAND CO 05 -07 -10 09 -17 -10 2,300.00 ARCHER DANIELS 59,912.93 74,811.06 14,898.13 MIDLAND CO TOTAL GAINS 24,758.14 93,312.69 TOTAL LOSSES 0.00 - 25,707.67 532,806.17 625,16933 24,758.14 67,605.02 TOTAL REALIZED GAINILOSS 92,363.16 9 ICC Capital Management PORTFOLIO SUMMARY PALM BEACH GARDENS POLICE PENSION FUND GROWTH September 30, 2010 Security Type Casio & Equivalents CASH AND EQUIVALENTS Equities COMMON STOCK MATERIALS INDUSTRIALS TELECOMMUNICATIONS CONSUMER DISCRETIONARY CONSUMER STAPLES ENERGY FINANCIALS HEALTH CARE INFORMATION TECHNOLOGY UTILITIES COMMON STOCK TOTAL PORTFOLIO Total Cost Pct. Cur. Est.Annual Market Value Assets Yield Income 155,178.81 155,178.81 3.0 0.2 281.06 155,178.81 155,178.81 3.0 0.2 281.06 127,671.44 167,630.00 3.2 886, 823.56 1,002,591.00 19.3 220,357.61 262,503.00 5.1 798,976.43 791,034.00 15.2 329,601.72 323,370.00 6.2 407,266.99 379,633.00 7.3 440,828.57 362,999.00 7.0 503,277.32 557,884.50 10.7 800,250.65 1,084,439.00 20.9 82,769.25 106,515.00 11 4,597,823.54 5,038,598.50 97.0 4,597,823.54 5,038,598.50 97.0 1.0 1,748.00 1.0 10,117.00 0.0 0.00 1.2 9,496.00 1.4 4,381.00 1.0 3,864.00 3.1 11,112.00 0.8 4,378.00 0.4 3,848.00 3.0 3,240.00 1.0 52,184.00 1.0 52,184.00 4,753,002.35 5,193,777.31 100.0 1.0 10 52,465.06 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND GROWTH September 30, 2010 w Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS 153,583.81 153,583.81 3.0 0.2 DIV CASH ACCRUAL ACCT 1,595.00 1,595.00 0.0 0.0 155,178.81 155,178.81 3.0 0.2 COMMON STOCK MATERIALS 1,300.00 ALBEMARLE CORP 40.36 52,469.69 46.81 60,853.00 1.2 1.2 1,700.00 NEWMONT MINING 44.24 75,201.75 62.81 106,777.00 2.1 1.0 CORP 127,671.44 167,630.00 3.2 1.0 INDUSTRIALS 18,700.00 AMR CORP 7.66 143,300.38 6.27 117,249.00 2.3 0.0 1,000.00 EATON CORP. 76.27 76,266.90 82.49 82,490.00 1.6 1.3 2,200.00 EXPEDITORS INTL 36.61 80,550.58 46.23 101,706.00 2.0 0.9 WASH INC 1,300.00 GENERAL 67.90 88,273.64 62.81 81,653.00 1.6 2.3 DYNAMICS CORP 4,900.00 GENERAL ELECTRIC 22.40 109,778.48 16.25 79,625.00 1.5 3.0 CO. 12,500.00 SOUTHWEST 7.84 98,061.25 13.07 163,375.00 3.1 0.1 AIRLINES CO. 4,100.00 THOMAS & BETTS 25.86 106,028.98 41.02 168,182.00 3.2 0.0 CORP 2,400.00 TORO CO 45.10 108,246.96 56.23 134,952.00 2.6 1.3 1,100.00 UNITED PARCEL SVC 69.38 76,316.39 66.69 73,359.00 1.4 2.7 INC 886,823.56 1,002,591.00 19.3 1.0 TELECOMMUNICATIONS 1,200.00 AMERICAN TOWER 37.42 44,907.00 51.26 61,512.00 1.2 0.0 CORPORATION 11,100.00 CLEARWIRE 6.83 75,768.54 8.09 89,799.00 1.7 ? CORP -CLASS A 4,100.00 GENERAL CABLE 24.31 99,682.07 27.12 111,192.00 2.1 ? CORP DEL NEW 220,357.61 262,503.00 5.1 0.0 CONSUMER DISCRETIONARY 4,000.00 AVON PRODUCTS 33.75 135,019.45 32.11 128,440.00 2.5 2.6 INC. 10,400.00 INTERPUBLIC 9.62 100,002.32 10.03 104,312.00 2.0 0.0 GROUP COMPANIES INC. 2,600.00 KOHLS COPP 45.28 117,720.92 52.68 136,968.00 2.6 0.0 8,600.00 PULTE CORP 11.68 100,436.82 8.76 75,336.00 1.5 2.3 4,200.00 TARGET 54.79 230,116.02 53.44 224,448.00 4.3 1.3 CORPORATION 1,500.00 VF CORP. 77.12 115,680.90 81.02 121,530.00 2.3 1.3 798,976.43 791,034.00 15.2 1.2 w ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND GROWTH September 30, 2010 Unit Total Market Pet. Cur. Quantity Securitv Cost Cost Price Value Assets Yield CONSUMER STAPLES 2,600.00 CVS CAREMARK 34.61 89,974.00 31.47 81,822.00 1.6 1.0 CORP 1,600.00 ENERGIZER 66.11 105,783.84 67.23 107,568.00 2.1 0.0 HOLDINGS INC 600.00 PEPSICO INC. 58.16 34,898.00 66.44 39,864.00 0.8 2.7 3,300.00 SYSCO CORD 29.98 98,945.88 28.52 94,116.00 1.8 2.7 3,300.00 SUPERIOR ENERGY 31.65 329,601.72 26.69 323,370.00 6.2 1.4 ENERGY 2,300.00 ATWOOD OCEANICS 26.43 60,779.57 30.45 70,035.00 1.3 ? INC 1,200.00 CONCHO 64.69 77,624.28 66.17 79,404.00 1.5 ? RESOURCES INC 2,300.00 EXXON MOBILE 71.49 164,426.44 61.79 142,117.00 2.7 2.7 CORP. 3,300.00 SUPERIOR ENERGY 31.65 104,436.70 26.69 88,077.00 1.7 0.0 SERVICES INC 407,266.99 379,633.00 7.3 1.0 FINANCIALS 1,700.00 FEDERATED 21.19 36,025.96 22.76 38,692.00 0.7 4.2 INVESTORS INC -CL B 500.00 FRANKLIN RES INC 102.36 51,180.60 106.90 53,450.00 1.0 0.8 700.00 GOLDMAN SACHS 149.55 104,684.31 144.58 101,206.00 1.9 1.0 GROUP INC. 2,600.00 MORGAN STANLEY 43.02 111,840.88 24.68 64,168.00 1.2 0.8 4,200.00 WELLS FARGO AND 32.64 137,096.82 25.11 105,483.00 2.0 7.2 CO. 440,828.57 362,999.00 7.0 3.1 HEALTH CARE 1,500.00 ABBOTT LAB COM 52.35 78,521.00 52.24 78,360.00 1.5 3.1 1,100.00 BECTON DICKINSON 64.29 70,720.77 74.10 81,510.00 1.6 1.8 & CO 1,200.00 CERNER CORP 49.24 59,088.16 83.99 100,788.00 1.9 0.0 3,700.00 CIGNA CORP 21.95 81,228.98 35.78 132,386.00 2.5 0.1 1,400.00 MYLAN 18.23 25,520.04 18.81 26,334.00 0.5 0.6 LABORATORIES 1,500.00 STRYKER CORP 53.08 79,623.60 50.05 75,075.00 1.4 0.3 30,350.00 SUPERGEN INC 3.58 108,574.77 2.09 63,431.50 1.2 0.0 503,277.32 557,884.50 10.7 0.8 INFORMATION TECHNOLOGY 650.00 APPLE COMPUTER 126.32 82,107.55 283.75 184,437.50 3.6 0.0 INC 3,300.00 BROADCOM CORP 26.68 88,029.30 35.39 116,787.00 2.2 0.0 3,800.00 EMC CORP 15.32 58,202.97 20.31 77,178.00 1.5 0.0 6,400.00 JDS UNIPHASE CORD 10.44 66,815.23 12.39 79,296.00 1.5 0.0 9,700.00 MARVELL 11.53 111,850.07 17.51 169,847.00 3.3 0.0 TECHNOLOGY GROUP 15,100.00 MICRON 5.76 87,008.20 7.21 108,871.00 2.1 0.0 TECHNOLOGY INC 7,400.00 MICROSOFT CORP. 29.49 218,234.26 24.49 181,226.00 3.5 2.1 12 ICC Capital Management PORTFOLIO APPRAISAL PALM BEA CH GARDENS POLICE PENSION FUND GROWTH September 30, 2010 Unit Total Market Pct. "Cai. Quantity Security Cost Cost Price Value Assets Yield 3,350.00 NETAPP INC 26.27 88,003.07 49.79 166,796.50 3.2 0.0 800,250.65 1,084,439.00 20.9 0.4 UTILITIES 8,100.00 NV ENERGY INC COMMON STOCK Total TOTAL PORTFOLIO 10.22 82,769.25 82, 769.25 4,753,00235 13 13.15 106,515.00 2.1 3.0 106,515.00 2.1 3.0 5,038,598.50 97.0 1.0 5,193,777.31 100.0 1.0 (ete Summary Report )ate range covered: 07/01/2010 to 09/30/2010 xation(s): ICC Capital Istitution Account(s): Palm Beach Gardens Police Fund Marvell Technology Group Ltd cker Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan IRVL 08- Jul -10 Bermuda G58761-1105 Annual 20- May -10 9,700 9,700 9,700 0 For CUSIP: G58761-1105 ISIN: BMG5876H1051 ........ ......... .................. SEDOL: 2594653 Elect Director Thomas Georgens Mgmt For For 1.4 Elect Director Gerald Held Vote For For Proponent Mgmt Rec Instruction 1a Elect Ta -lin Hsu as Director Mgmt For For 1b Elect John G. Kassakian as Director Mgmt For For 2 Declassify the Board of Directors Mgmt For For 3 Adopt Simple Majority Vote for Election of Directors Mgmt For For 4 Approve Executive Incentive Bonus Plan Mgmt For Against 5 Amend Omnibus Stock Plan Mgmt For For 6 Approve Auditors and Authorize Board to Fix Their Remuneration Mgmt For Against NetApp, Inc. cter Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan TAP 31- Aug -10 USA 6411OD104 Annual 06- Jul -10 3,350 3,350 3,350 0 CUSIP: 6411OD104 ISIN: US6411OD1046 SEDOL: 2630643 Proponent Mgmt Rec Vote Instruction 1.1 Elect Director Jeffry R. Allen Mgmt For For 1.2 Elect Director Alan L. Earhart Mgmt For For 1.3 Elect Director Thomas Georgens Mgmt For For 1.4 Elect Director Gerald Held Mgmt For For 1.5 Elect Director Nicholas G. Moore Mgmt For For 1.6 Elect Director T. Michael Nevens Mgmt For For 1.7 Elect Director George T. Shaheen Mgmt For For 1.8 Elect Director Robert T. Wall Mgmt For Withhold 1.9 Elect Director Daniel J. Warmenhoven Mgmt For Withhold 2 Amend Omnibus Stock Plan Mgmt For Against 3 Amend Qualified Employee Stock Purchase Plan Mgmt For For 4 Ratify Auditors Mgmt For Against