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Home My WebLink AboutAgenda Fire Pension 012411�� THE RESOURCE CENTERS, LLC 4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410 Phone (561) 624-3277 ❖ FaY (561) 624-3278 ❖ WWVU.RESOURCECENTERS.COM PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of Monday, January 24, 2011 Location: Council Chambers, Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 9:00 A.M. AGENDA 1. Call Meeting to Order 2. Welcome New Trustee Mark Joyce 3. Minutes of Meetings Held November 8, 2010 4. Annual Audit: Steve Gordon 5. Investment Monitor Report: Bogdahn Consulting 6. Attorney Report: Pedro Hererra Status of Proposed Ordinance Status IRS Determination Letter Review Responses to RFP for Third Party Administrator 7. Administrative Report: Margie Adcock • Disbursements 8. Other Business • City's Request for Board Participation (Letter dated January 18, 2011) 9. Schedule Next Meeting: Monday, March 28, 2011 at 9:00 A.M. 10. Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting. PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of January 24, 2011 Name Christopher Brown Years Of Credited Service: 16.71872 Years Total Monthly Benefit: $4,394.02 Effective Date: November 1, 2010 Type Of Benefit: Normal Retirement Form Of Benefit: 100% Joint and Survivor Annuity Action: (Chairman) (Secretary) Palm Beach Gardens Firefighters' Pension Fund Participant: Christopher Brown Please designate the joint beneficiary: Sonya J. Brown Wife (Nanto) (Jceal Socurity Num6cr) (RolatioosluP) 3-2G-1964 (Addrsss) (ilefe Of Ainh) — (Phone Nwnber) {City) (State) (Zip Cady First, check if you arc electing the artial Lump Sum Distribution Option: , , Yes No Second, check the form of benefit option you want below: STANDARD F4RM OF ANNUI"I'Y: '17tis option provides a monthly payment to you as long as you live, with 120 moathly payments guaraateed. lf you should die before 120 monthly payments have been made, the same amount will cuntinue to be paid to your beneficiary until a total of l20 monthly payments have been made in all. OPTIONAL FORiVIS OF RETIREMENT INCUME STRAIGHT LIFE ONLY ANMJITY: This option provides a monthly payment to you as long as you live. At the time of your death al) monthly / payments will cease. V 100% JOINT AND SURVNOR ANNUITY: This option provides a monthly payment to you as long as you are living. After youz deadi, your beneficiary, if stilt li 'ng, will receive monthly payments of the same amount for the rest of eir life. 75% JOINT AND S VNOR ANNUITY: This option provides a monthly payment to y as long as you are living. After your death, your beaeficiary, if still liv' g, will receive 75% of the mon�.hly payment for the rest of their life. 66 2/3% JOINT AND SURVIVOR ANNiJITY: This option provides a monthly payment to you as long as you are living. After your death, your beneticiary, if still living, will receive 66 2!3% of the monthly payment for the rest of their life. 50% JOINT AND SURVIVOR ANNUITY: This option provides a monthly payment to you as long as you are living. After your death, your beneficiary, if still living, will receive 50% of the monthly payment for the rest of their life. �-�- � �,/ � ��i� (Signature) (Date) Gk•�/J �Z.. ��` � �/ � (Name: Please Print) Cit� af Palm Beach Gardans Fire�ahters' Pension Fund ACTUARY'S REPORT ON MEMBER'S RETIREMENT BBNEfiT MembePs Name: Chris Brown Soc.Sec. No. _► _ Beneficiary: Sanya Brown Relationship: Spsause Sac.Sec. No. NIA CREDITEO MEMBER'S DATE OF SERVICE RETIREMENT BIRTHDAY SEX HIRE 16 Years OATE 6/2311960 Male 1/12/1994 8 Months 1012/2010 19 Da BENEFICIARY'S ACCUMULATED AVERAGE BiRTHDAY SEX CONTRIBS. FINAL COMP. 3/2611584 Female 564.531.56 $122.4�7.58 COMIMENTS: BY: City af Palm Baaeh Gazdens Fiteflghters' Pe�Eon fund DATE Benefit Rate: 3.00% per year of Credited Seroice. Credited Service: 16.71872 years Factor: 0.03 x 16.71872 = 0.50156 Artnual Estimate X Final Camptete manths of Credited Service eamed after Nortnal ReGrement eligibility 0 Mawm�m Partial Lurn Sum Distribution RLS 50.00 BENEFI7 OPTIONS , For life af inember For life of inember For life of inember 100% patential to E For life of inember For tife of inember For life of inember COMMENTS: )UTY DEATH DEATH 3UTY DISABILITY DISABILITY 4,394.02 � � WA 4,514.02 WA 3.385.52 hl/A 4.555.49 WA 4.640.761 N!A BY: GABRIEL ROEDER SMITH & COMPANY 11110fI010� oa� GahrMl Rosdet SmiM 3 Company PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF MEETING HELD November 8, 2010 A meeting of the Board of Trustees was called to order at 9:02 A.M. at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES Tom Murphy (9:19 A.M.) Ricic Rhodes Ed Morej on Donna Wisneslci MINUTES OTHERS Margie Adcock, Administrator Pedro Herrera, Attorney (9:15 A.M.) Joe Bogdahn, Investment Monitor Milce Dana and John Hamlin, Dana Advisors The Board reviewed the minutes of the meeting held September 20, 2010. A motion was made, seconded and carried 3-0 to accept the minutes of the meeting held September 20, 2010. The Board reviewed the minutes of the meeting held October 4, 2010. A motion was made, seconded and carried 3-0 to accept the minutes of the meeting held October 4, 2010. INVESTMENT MANAGER REPORT (Dana) Mike Dana and John Hamlin appeared before the Board. Mr. Dana stated that they had a really good year. He stated that stocks are doing very well and bonds have performed great. He provided the CD and Treasury rates as of November 5, 2010. There is no real inflation in sight, but it will be coming and everyone is worried about that. He thinks stocks are a safer, better play than bonds. He thinks bonds are expensive and does not think bonds can go too much lower in yields. They are seeing good quality stocks available. Ht thinks that stocks are where most of the return will come in the foreseeable future. The total market value as of September 30, 2010 was $15,672,831.72. For the quarter ending September 30, 2010, the portfolio was up 11.15% while the Russell 3000 was up 11.53%. He noted that the large cap part of the portfolio was up 11.74% while the Russell 1000 Growth was up 13.00%. The value portion of the portfolio was up 10.62% while the S&P 500 was up 11.29%. Pedro Herrera entered the meeting. Mr. Dana stated that they are looking for companies that have strong, sustainable, free cash flow. Tom Murphy entered the meeting. Mr. Dana introduced John Hamlin. Mr. Hamlin is new to the firm today. He will be the Board's client service contact. Ms. Wisneski inquired about a few particular stocks that were sold at a loss. Mr. Dana stated that he would provide the information on those stocks to the Board. INVESTMENT MONITOR REPORT 2 Joe Bogdahn appeared before the Board. He discussed the market environment. He noted that Intercontinental has been funded and American Realty will call the money in January. He reviewed the performance of the Fund as of September 30, 2010. The total market value of the Fund as of September 30, 2010 was $34,332,303. The Fund was up 7.17% net of fees for the quarter while the benchmark was up 8.90%. The total equity portfolio was up 12.01% while the benchmark was up 12.27%. The total domestic equity portfolio was up 11.07% while the Russell 3000 was up 11.53%. The Dana core equity portfolio was up 10.55% for the quarter while the S&P 500 was up 11.29%. The Dana growth equity portfolio was up 11.68% for the quarter while the Russell 1000 Growth was up 13.00%. The total international portfolio was up 16.13% while the benchmark was up 16.53%. The international portfolio managed by RBC Global was up 17.21% and the international portfolio managed by Manning & Napier was up 15.18% for the quarter while the EAFE was up 16.53%. The total fixed income portfolio was up 2.97% for the quarter while the benchmark was up 2.07°/o. Agincourt was up 2.86% for the quarter while the benchmark was up 2.48%. DHJ fixed income was up 3.08% for the quarter while the benchmark was up 2.07%. The real estate portfolio managed by American Realty was up 4.56% while the benchmark was up 5.99%. There was a lengthy discussion on the real estate investments. It was noted that the agreement with American was ready for execution today. It was noted that the money would not be called until January. The money to be used to fund American is in the money market account. There was concern raised that the money is not working for the Fund with it being in the money market account. Mr. Bogdahn stated that he would not put the money in equities on a short-term basis. He stated that it would not be prudent to put the money at risk like that. There was discussion on the timing of the investment. The Board thought that the investment with American was going to happen right after the last meeting. Mr. Bogdahn stated that American required an additional document to be singed, but noted that such requirement did not slow down the process at all. Mr. Bogdahn stated that it was his understanding that the money was not going to be called until January all along. Mr. Herrera stated that the Board could revisit the situation if that was not the Board's understanding when the Board voted on the matter originally. Tom Murphy departed the meeting. Mr. Morejon stated that he was hoping for a return of 8.25% for the fiscal year. It was noted that the Fund returned 8.16% net of fees. Mr. Morejon asked Mr. Bogdahn to provide information on returns of his other clients and other information on risk and returns. Mike Dana and John Hamlin departed the meeting. ATTORNEY REPORT Mr. Herrera discussed an issue that arose regarding the definition of normal retirement date. He noted that the Administrator and Actuary had an issue on the normal retirement date if a person's last day falls on the first day of a month. The matter was referred to the Attorney far clarification. It was noted that if a person's last day is the first of the month, their normal retirement date is the first day of the following month Mr. Herrera discussed the status of the proposed IRS Ordinance. He stated that he forwarded it to the City Attorney and did talk to him. However, he has not heard back from the City Attorney. As such, he is not sure where the matter stands in the process. It 3 was noted that in the disbursement packet there is an invoice for $8,500 for the IRS Determination Letter process. Mr. Herrera stated that the fee is not payable until their work is completed. He stated that the $1,000 user fee should be approved today, as the fee is needed in order to file the Determination Letter. Mr. Herrera stated that the City Attorney is aware of the time frame requirements on the Board for the Ordinance to be passed and agreed the changes to the Ordinance needed to be made. Ms. Wisneski asked Mr. Herrera to put the timeframe the Board is working wi�h in writing to the City Attorney. Mr. Herrera discussed the Form 2848, which is a Power of Attorney that needs to be signed by the Chair. Also there is a Notice for Interested Parties that needs to be posted wherever usual postings go. The Board directed the Administrator to have the Notice posted accordingly. ADMINISTRATIVE REPORT Ms. Adcock presented the list of disbursements to be made. It was noted that the listing on the invoice for the Attorney for the $8,500 related to the IRS Determination Letter should be held until the work has been completed. A motion was made, seconded and carried 3-0 to approve the disbursements listed with the exception of the $8,500 related to the IRS Determination Letter. Tom Murphy re-entered the meeting. There was discussion on interest elections made by DROP applicants. Ms. Adcock advised that interest elections are part of the DROP application. Mr. Murphy stated that Scott Fetterman told him that he did not think he made an interest election. Ms. Adcock noted that Mr. Fetterman's benefit calculation and election were approved at the September meeting and such an election would have had to be made prior to approval. She advised that she would provide Mr. Fetterman and the Board with a copy of Mr. Fetterman's interest election. Ms. Adcock noted that she provided the revised Checklist for the Participants to the Chair as directed at the last meeting but had not heard anything back as of yet. Mr. Morejon stated that he forwarded the revised Checklist to Mr. Murphy for review. Mr. Murphy stated that he reviewed the revised Checklist and it was fine. Ms. Adcock stated that she would post the Checklist on the website as requested. Ed Morejon departed the meeting. OTHER BUSINESS The Board reviewed the response received to the disability review process from Kevin Mitchell's doctor. Mr. Herrera noted that the Board was provided with a letter from Dr. William Prickett. Dr. Prickett's analysis is that Mr. Mitchell remains disabled. If the Board is satisfied with this response, there is nothing further to do at this time. If the Board feels the response is inadequate or unresponsive, then the board will need to do some sort of follow up. Mr. Herrera noted that the response received is similar to the other responses received regarding other disability recipients. A motion was made, seconded and carried 3-0 to receive and file Dr. Prickett's letter regarding Kevin Mitchell. Ms. Wisneski noted that Mr. Rhodes was doing to draft a form to be used for the disability review process. Mr. Rhodes stated that he was still working on the form. Joe Bogdahn departed the meeting. 4 The Board reviewed the current agreement between the Fund and the Administrator. There was a lengthy discussion. Mr. Herrera noted that the agreement is about ten years old. He noted that his office does have a standard agreement with other plans with the Administrator and could draft a new agreement rather easily. He stated that he would coordinate with the Administrator in drafting a new agreement so as to include all of the tasks that are performed. Ed Morejon re-entered the meeting. A motion was made to authorize the Attorney to draft a new agreement for the Administer that specifically addresses the services that are provided to the Board with the stated fee. Mr. Rhodes stated that since it has been about ten years since the Board looked at any other options here, he would like to issue a RFP to make sure that the Board is getting the best option that is available. Mr. Morejon stated that he did not disagree with the motion, but since a Trustee has raised a concern and the Board has issued a RFP for other service providers, that he thinks it would be appropriate to see what else is out there to make sure they are getting the best for the members of the Plan. The motion was called to authorize the Attorney to draft a new agreement and failed 2-2, with Mr. Morejon and Mr. Rhodes voting against the motion. Mr. Rhodes stated that he was all for rewriting the agreement, but he thought the Board should do its due diligence to make sure the members of the Plan are getting what they need. He stated that he intended to request a RFP for legal services and the auditor when those come before the Board next. A motion was made, seconded and carried 3-1 to authorize the Attorney to issue a RFP for administrative services with responses to be provided at the January meeting. Ms. Wisneski opposed the motion. Ms. Adcock provided the meeting schedule for 20ll . It was noted that the term for Roy 011iff is due to expire on December 31, 2010. Ms. Adcock stated that she would start the election process in December. Mr. Murphy stated that he received an invoice in the amount of $100 to renew his certification status with the FPPTA. He provided the information to the Administrator to process. There was a lengthy discussion on the most recent FPPTA School. There being no further business, the meeting adjourned. Respectfully submitted, Tom Murphy, Secretary CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND FINANCIAL STATEMENTS SEPTEMBER 30, 2010 AND 2009 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND FINANCIAL STATEMENTS SEPTEMBER 30, 2010 AND 2009 TABLE OF CONTENTS MANAGENIENT' S DISCUSSION AND ANALYSIS INDEPENDENT AUDITOR'S REPORT FINANCI�L STATEMENTS • Statements of plan net assets • Statements of changes in plan net assets NOTE,S TO FINANCIAL STATEMENTS SUPPLEMENTAL INFORMATION • Schedules of administrative expenses • Schedule of contributions from employer and other contributors • Schedule of funding progress COMPLIANCE REPORT Pa�e No. 1-4 5-6 7 8 9-15 16 17 18 • Report of Independent Certified Public Accountant on Internal Control over financial reparting and compliance and other matters based on an audit of financial statements �erfo2-med in accordance with �overnment auditin� starndards 19-20 MANAGEMENT'S DISCUSSION AND AN�LYSIS This �c2ion of the annual financial report prESents the Managem�nt Discussion a�id Analysis (1��1D&A) of the Cityo uf Palm Beach Garden�s Firefi�,hters' Pen�sion Fund (PBUFF) financial pei-formance. This analysis provid�s an overvie�� of tlie Financial ac�ivities and fiin�ding conditions for fiscal years ended September 30, 201 U and 200�9. Please read it in conjunction with tl�� PBGFF finarncial sxatenients, which invnediately follow. F�nancial hi�hliahts: Tlie PBGFF net results fi•om operation�s for fiscal _year 201 U reflected the followin� financial activities: S= Total plan rnet assets were �34,346,6,68 which ��as 23.4°�o p•eater than 200�9 toial plan net assets. This in��rease was mainl_y due to the in��rease in the fair value of the investm��nts, current year coirtriUutians less cun•ent year deductions. ➢ Tatal contril�utions were $4,803,312, which was 8.2% greater th.an the 20d)9 contributions. S Tatal interest and dividend earnings were $754,8U0, which was 13.7% greater than the 2�09 earnings. ➢ Net investinent income was �2,356,670, which was $2,033,591 greater than the 20U'9 income. The increase reflects an improving economy in general. Tatal p�nsian benetit pa_yments were $�67,897 which was 24.2% greater than 20U9 Overvie.«� of the iui�ncial stater�ents The tinan��ial section of this annual report cc�nsists of four parts: �NID&:t�, the basic f nancial statetn��nts, nates to the financial statements an�d other required sup�plemental ii�tormation. Tlie Fnancial statements pa•ovide h�th lon� term and sl��ort-term iriformation about the PBUFF's overall finan�;,ial status. The financial statements also include notes that eYplain some of thL inforniation in th� tinan��ial stateinents and provide tnore d�tailed data. Th�� statements are followed by a section of other supplem�°ntal information that further eYplains and supports the information in the financial statements. The PBCiFF's financial statements are prepared in ca�iforniity with accounting principles generall_y accepted in the United States of America (GA.AP). Linder GAAP, revenues are reco�nized in the period in which they �re earned, eYpenses are recognized in the period in ti��hicli they are incurred an�d a��reciation (depreciation) of assets is reco�nized in the Statem��nt of Changes in Plan Net Assets. :�11 assets and liabilities associated with the operation of the PBCiFF are included in the Statement of Plan Net AssPts. The Statement of Plan Net AssPts reports net plan assets and how tliey have changed. A n�et asset is the dii�erence t�etween the asset ai��d any related liabilities. It is on�e measuremeirt of the financial health o�r current position of the PBGFF. The increase in net assets during 2010 is oue iirdicatar of improving tinan�:;ial circuinstan�ces. The PBUFF was established b_y th�e City iii accordance with a City ordinance and state staiues to provide retirement, dis,abilit_y and death benefits for the fretighters ofthe City. Financial hi�hlights 1 Emplo_yer and employee contriUutions for the year were $4,803,312 combined, which was 8.2% greater tlzan the 2009 contributions. The amo�unt of employer contributioi�s varies from year to year and is actuarially determined. 1��iemUer contriUutions wei•e 6°% of coinp�nsation. Stateinent of Plan Net Assets The following conder�_�ed comparative Statements of Plan Net AssPts are a snap shot of account balances at the fiscal year end of tl�� P1an. It reports the assets available for firture payments to retirees an�d any current liabilities that are owed as of th� financial statement date. The reCulting net assPt value, or assPts minus liabilities, repmesents tl�� value of assets held in trust for ��nsiom benefits. The PBGFF continues to be actuarially sound as determirn�d by the actuaryo uf the Fund. It is important to rem�mber that retirem�nt system funding is basPd on a long-term perCpec�ive and that temparar_y ups and downs in tlr� marl.et are to be expected. ➢ Net Plan Assets at September 3Q, 2010 were $34,346,668, a 23.4% irncrease from Net Plan Assets at Sepiember 30, 2��09. ➢ Total cash an�d short-term inv�stments at September 30, 2Q10 were $3,�74,524 a 25.7°�o in.;rease from the same ass�ts at September 3Q, 20�9. 2010 2Q�09 % Chan�e Cash & short term invesiments $3,574,�24 $2,842,499 25.7°,% Receivables 184,Q 17 964,722 (8U.9) Invcatinents, at fair value 30,R89,245 24,1 �0,974 27.9 Total assets 34,647,786 27,9�8,19� 23.9 Accounts payable �6,438 37,74U 49.5 O�th�er liabilities 244,680 80,506 203.9 Total liaUilities 301,118 118,246 1�4.6 Plan Net Assets $34,346,668 �27,839,949 23.4 State�nent of Chan�es in Plan Net Assets The Statement of Changes in Plan Net AssPts presents the eftect of pension fund transac�ions that occun•ed during the fiscal year. Qn the statem�:nt, additions to the plan minus aeductions from the plan equal net increase or decrease in Plan Net :�.�sets. The funding objective is to meet lang-term obligatio�ns and fund all pension benefits. ➢ Revenues (additions to the plan net assets) for the PBGFF were $7,163,277 which was made up of employer and employee contriUutioms of $4,803,312 plus a net investm��nt �ain of $2,356,670 plus rniscellaneous incom� of $3,295. ➢ Expenses (d�ductions from tli�� plan rnet assets) increased fi•o+m $�27,10U durinU 200�9 to $656,�58 in 2010. 2010 2Q�09 % Chan�e Total contriUutions $4,803,312 $4,437,680 8.2°% Net investment income 2,356,670 323,Q79 629.4 2 Total ad�ditions 7,163,277 4,763,257 50.4 Total deductiorr� 656,3�8 527,1a�t� 24.6 Net increase 6,�06,719 4,236,1�7 53.6 Net assets — beginnin� 27,839,949 23,b03,792 17.9 Net assets — ending 34,346,668 27,839,949 23.4 Asset .�llQ�ation The table Uelow irndicates the PBGFF investm��nt �olicy tar�at and actual asset allc�catioms as of September 30, 2010: Type of Investment Investment policy Actual allocation Ec]uit_y 0-6O°'0 41 °'o InternatiQnal 5-1 � °,% 1 � °ro Fixed income ZU-36°'0 27°�0 Real esiate 5%-15°,% 7% Cash and c�ash equivalents Pvlinimal 10°% The investment guidelines provide for the appropriate diversification of the portfolio. Investm�ents have been diversified to the ea�tznt practicable to cantrol risk of loss resulting from over-concentratiQn of a specific maturity, issuer, instrument, dealer or bank through whi�h tinancial instruments are bought and �.�ld. The B�oard recognizes that some risk must be assumed to achieve the Plan's long term investme.nt ovjectives. In E�stablishing the risk tolerances, the Plan's ability to withstand short and intermediate term variability has Ueen considered. However, the Plan's financial condition enables the Board to aclopt long term investm�ent perCpective. Investrrr�nt �ctivitie�s Investment income is vital to tlr� PB+GFF for current and future financial stability. TherefQ�e, the Trustees have a fiduciary responsibility to act prudently wl��en making plan investment d��cisions. To assist the Board of TrusteES in this area, the Board retains investm�nt managers who supervise and direct tnw investment of the assets. The Board also retains an investment monitor to evaluate arnd rep��-t on quarterly basis campliance by the investment managers with the investment policy of t11� Board and inve�iment performance of the Fun�i. The investment policy statement was last am�ended on July 26, 201 U. The B�oard and its inv�stment consultant review portfolio perfo2-tnanee in compliance with the investrrnent polioy statement quarterly, Perforniance is evaluated both individually Uy moi�ey manager style and collectively by investment type and for the aggregate portfolio. Financial �ialysis swtunar_y T�e investment activities, for the fiscal year ent��d Swpiember 30, 2010 are a functiQn of the underlying market, maney managers' performa��ce and the investtnent policy s asset allocation madel. Tl�� Fund has a consistently implemented a high quality, conseroative approaoh. 3 Contartin� the Plan's fmancial mana�e:ment This finarncial analysis is desi�rn:,d to provide the Board of Trustees, plan participants and the marketplace credit analysts with an overview of the Plan's finances and th� �rudent exercise of the Board's oversight. If you have any questions re�arding this report or you need aaditional finan�cial information, please contact the administrator of tl�� City of Palm Beach Gardens Firefighters' Pension Fund, The Resaurce Center, LLC, 4360 Northlake B��ulevard, Suite 206, Palm Beach Gardens, FL 33410. 4 Steven I. Gordon Gertified Public Accountant American Institute oE Certified Public Accountants Flocida Institute oF Certified Public Accountants INDEPENDENT ALIDITOR'S REPORT Loard of Trustees City of Palm Beacli Gardens Firefi�litei•s' Pension Fund Palm Beach Garc��ns, Florida I have audited the accompan_ying statements of plan net assPts of City of P�lm Be�ch Gardens Firefighters' Pe��.siiQn Fund ("Fur�d") as of SeptemL�r 30, 2010 and 2009, and the related statements of clianges in plan net as� �ts far the years then ended. These financial statetnents are the re��ansibility of the Trustees. My responsiUility is to express an opinion an these financial statements based an my audits. I conduc�ed m_y audits in accordance with auditing standards generally accepted in th� United States of Am��rica and the starndards applicable to financial audits containecl in Government Auditin� Standards, issued b_y th� Comptroller Gen�ral of the LJnited States of :�merica. ThosP standards require that I plan and perform the audits to oUtain reasonable assurance about whether the financial statements are free of material misstatem�nt. ��n audit includ�s examining, on a test Uasis, evidence sup�paR-tin� th�e amounts and disclosures in the financial statements. An audit also inclucies assessin� the accounting principles usPd and significant cstimates inade b�• the TnisteES, as «Tell as evaluating the overall financial statement presentation. I t��lieve that my audits provid�e a reasonaUle basis for m_y opinion. In my opinion, tl�� finanoial statements referred to above present fairly, in all material respects, the Plan's net assets as of September 30, 2010 arnd 20�09, and the changes in the Plan's net assets far tn� years then ended in coniQrmity vaith acco�unting principles generally accepted in the United States of Arr�erica. My audits ��rere conduc�ed for the puiposP of fo�-ming an opinioil on the basic financial statements taken as a ��hole. Th�� supplementaiy sch�:dules of administrative expenses are p�-esented for the purposP of additional analysis and are not a required part of the basic tinan;;ial statements. The sch��dules have been suUjected to the auditing p�-ocedures applied in the audits of the financial statements, and, in myo upinion, are fairl_y stated in all material respect in relation to th� Uasic financial statements as a whole. 4600 Z7J. Commercial Blvd. Suite 5 Tamarac, FL 33319 Voice (954) 485-5788 Fax (954) 485-8)88 In accordance with Government Auditing Standards, I have also issued my report dated December 10, 2010 on my consideration of City of Palm Beach Gardens Firefi�hters' Pension Fund internal cantrol over financial reporting and on my tests of its compliance with certain provisions of laws, regulations, contracts and grants. The puipose of that report is to d�scribe the scop� of my testing and rnot to provide an apinion an the internal control over financial rep.��-ting or on compliance. Tnat report is an integral part of an audit �erformed in accordance with Government Auditing Standards arnd shauld be considered in assessing the results of my audit. The supplemental sehedules of funding �rogress and the schedule of contril�utions from the employer and other contrib�utors, which shov�f histo2•ical pension info2-mation, are rnot a required part of the basic financial statements, but are su�plementary information required by the Government Accountin� Standards Board. I have applied certain limited procedures, which consisted principally of inquires of management regarding the metl�oda of ineasurement and presentation of the supplementary info2-mation. However, I did not audit the info2-mation and express no opinion on it. � � �ordoii, CPA 10, 2010 C CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND STATEMENTS OF PLAN NET ASSETS SEPTEMBER 30, 2010 AND 2009 ASSETS Investments, at fair value (Notes 3 and 4): Common stocks Goeernment securities Corporate bonds International funds Re.al estate funds Total investments Receivables: Employees contributions Employer contributions Chapter 175 tax contributions Accrued investment income Total recei�,�ables Cash and cash equivalents Total assets LIABILITIES Accounts payable Due to DROP account Total liabilities 2010 2009 $ 1�,222,217 $ 12,813,663 �,761,887 4,138,548 �,412,613 3,942,317 5,223,393 2,499,693 2,269,135 756,753 30,889,245 24,150,974 31,204 42, 854 109,959 184,017 3, 574, 524 27,565 795,183 45,602 96,372 964, 722 2,842,499 $ 3�,647,786 � $ 27,958,195 $ 56,438 $ 37,740 244,680 80,506 $ 301,118 $ 118,246 PLAN NET ASSETS HELD IN TRUST FOR PENSION BENEFITS Plan net assets held in trust for pension benefits $ 34,346,668 $ 27,839,949 READ THE NOTES TO THE FINANCIAL STATEMENTS 7 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND STATEMENTS OF CHANGES IN PLAN NET ASSETS FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009 Additions: Investment income - Net appreciation (depreciation) in fair value of investments Interest and dividend income Total investment income Less: Investment expenses Net investment income Contributions - Employer Florida Chapter 175 taxes Employees Total contributions Miscellaneous income Total additions Deductions: Benefits paid Administrative expenses (See Schedule) Total deductions Increase in plan net assets Plan net assets held in trust for pension benefits: Beginning of year End of year 2010 $ 1,771,610 754,800 2,526,410 169,740 2,356,670 3,550,238 658,617 594,457 4,803,312 3,295 7,163,277 567,897 88,661 656,558 6,506,719 27,839,949 2009 $ (194,895 652,069 457,174 134,095 323,079 3,180,731 453,089 803,860 4,437,680 2,498 4,763,257 457,329 69,771 527,100 4,236,157 23,603,792 $ 34,346,668 � $ 27,839,949 READ THE NOTES TO THE FINANCIAL STATEMENTS 8 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND NOTES TO FIN�INCIAL STATEMENTS AS OF AND FOR THE 1'EARS ENDED SEPTENTBER 30, 2010 �ND 2009 (1) DESCRIPTION OF THE PLAN: The following description of the City of Palm Beach Gardens Firefighters' Pensian Fund ("Plan") provides onl_y gen�°ral intormation. Participants should refer to the City's ordinance for mare complete inforn�,ation. . Gener:il - The Plan is a single-employer combit�ed defined benefit and money p�urchase plan covering all eligible firefighters. The Plan was established by th�e City in accordarnce with a City ordinance and state statutes. . Eligibility - All firefighters as of the effective date, arnd all future new firefighters, becotne members of the Plan as a condition of employinent. . BenQfits - Defined Benefit portian: The Plan provia�s retirement, d�ath and disabilit_y ben�fits. The Uen�fit provisions are established arnd may be amernd�d urna�r the authomity of City Ordinarnce. Normal retirem��nt age is a�e 52 «�ith 10 �•ears of credited service or upon completion of 2� _years of credited S��i-��ice, regardless of age. The Furnd provides a normal retirement benefit equal to 2.7�°,�0 of the participants average final compensation, for each year of credited sen�ice, provided ho��ever, that the benefit s1�a11 not exceed 7�°% of avera�e final compensation but shall, in any event, avera�:, at least 2°io foa- each year of credited seivice. The monthl_y retirement ben�tit for m�mbers retiring on or after January 1, 2��0� will be equal to 3°io of avera�e final compensation fo�r each year of credited service, proviaed, however, that the Urnetit aa�s not exceed 9'�°�0 of average final compens.ation. Early retirement age is age �0 with 10 years of credited service. Early retirement benefit shall be determined by reducing th�e normal retirement benefit by 3°ro for ea�h year by which the commencem�nt of benefits precede� age 52. The death Uenefit for a member «�h�o was partially or fully vested, Uut had not attained at least age �0, is a pa_yment to the meml�r's beneficiary for 10 vears, Ueginning on the date that the memU�r ��-ould have attained a�e 52 for a rnormal retirement Uern�fit o�r a�e 50 for an earl_y retirement benefit, at the option of the beneficiaiy. � CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND NOTES TO FIN�INCIAL STATEMENTS AS OF AND FOR THE 1'EARS ENDED SEPTENTBER 30, 2010 �ND 2009 (1) DE,SCRIPTION OF THE PLAN (CONTINL?ED): The disabilit_y Uen�tit for a service-incun•ed disability is 60°�0 of the average final compensation. The disabilit_y benefit for a non-service irncurred disaUility, fo2- participants with 10 or more years of service only, is 2.3°% of average final compens�tion multiplied by the credited sPrvice. Money purchase partion: U�on death, disability or tennination as described above, the participant is also entitled to the value of th�ir individual account in the mone_y purchasP portion of the plan. . Funding - !�11 participants are required to contribute 8.00°%0 of pretax earninUs. Pur�uant to Florida law, th�e City of Palm Beach Ciardens is ultimately responsible for the aotuarially soundnESS of the Plan. Th�refore, eac� year, tlr� City of Palm Beaeh Gard��ns must cantribute an amount detei�rnined by the Trusiees in canjunction with the Plan's actuary to be sufficient, along with the employee's contribution, to fund the d�fined benefits und�r the Plan. Purs.uant to Chapter 175, Florida Statutes, the City imposes a 1.8�°%tax on fire insurarnce premiums paid to insure real or p�rsonal property within its coiporate liinits. The proceeds of this tax are contriUuted to the Plan and allocated to th�e individual participants' acco�unts to fund the money purchase portion of the ben�tits. (2) SLTNIMARY OF SIGNIFICANT ACCOUNTING POLICIES . Inv�stment valuation an�i incomQ recognition - Investm�vnts are reported at fair value (see Note 3). Fair value is th�e p�rice that would l�e received to sell an assnt or paid to transfer a liability in an orderly trar�saction between market participants. Purchases and sales of securities are record�d on a trade-date basis. Interest income is recorded on the accrual Uasis. Divid��nds are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses an investmwnts Uought and sold as well as held during the year. . In�ome tax�s - The Plan is exempi ftom federal it��come taxes ur�d��r the Internal Revenue Cod�e and, accordingly, no provision for federal incom� taxt� has been made. 10 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND NOTES TO FIN�NCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009 (2) SUMNIARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): . Use of estimates - The preparation of financial statements in canformity with gen�rally accepted acco�unting principles requires management to ma�:e estimates and as�umptians that affect the reported amount of assets and liabilities and disclasures of contingent assets and liabilities at the date of th� financial statements and the reported amounts of revenues and exp�nses during tn�e period. Actual results cauld differ from those estimates. . Purchases and sales of secui ities - Purchases and sales of securities are recorcl�d on a tracl�-date basis. . Accauntin� principles - The Plan applies all GASB prono�uncements as well as FASB pron�ouncements issued on or b�fore November 30, 1989, unless tk�ey conflict with or contradict GASB p7onouncem��nts. (3) INVE,STMENTS: The Plan's investments are being held by Re�gions Bank. Investments at S��ptember 30, 2010 and 2009 cansisted of the following: Investm�nts at fair value as determin�d by quoted market price 2010 Cammon Sto;,ks $14,222,217 Government S�ecurities 4,761,887 Corporate Bonds 4,412,613 IVlutual Furnds 5,223,393 Real estate 2,269,13 � Total Investments �30.889,245 11 200�9 $12, 813,C�63 4,138,548 3,942,317 2,499,693 7�6,733 �24,150,974 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE I'EARS ENDED SEPTENTBER 30, 2010 AND 2009 (3) INVE,STNIENTS (CONTINUED): During the year end�d September 30, 2010 the Plan's inveszments (including gains and losses on investments bought and sold, as well as held during the year) a��reciated in value by �1,771,610 (reported as Net deprecation in fair value of invE�tments in the Statements of ChangES in Plan Net Assets) as follows: Common Sto4k Goverrunent S.ecurities Real estate Mutual Furnds Corporate Bonds $1,187,086 (114,418) (38,C�4�) 252,3�5 485,232 $1,771,610 The term "interest rate ris�" refers to the portfolio's exposure to fair value losses arising from increasing interest rates. Inter�st rate risk disclasures are required for all debt invE�tments, as well as investments in mutual funds, eYternal investm�ent pools and other pooled investtnents that do not m�eet the d�finition of a 2a7-like pool. The B�ard of Trustees d�termines the Plan's investm�nt policy. Th�� policy has been desi�rn:d by the Board to maximize the Plan's asset value, while assuming a rislc that is con;sistent ��ith the Board's risk tolerance. As is prudent, the Board has adopted a p�licy to diversif_y investment risk: amon� several institutionally acceptable asset classPS in;,luding bonds, de_benturc� and oth�r corporate obligations, equity securities and domestic real estate. The Fund's investment policy does not use litnits on investm�ent maturities as a m�eans of managing its exposure to fair value losses arising from increasing interest rates. T1�e Fund's invEStments in govenunent securities and corpo�ate boi2�ds had maturities as follows: Investm�nt tv�ae Ca2-porate h.�nds US Treasuries US Agencies Totals Investment Maturities Fair ti�alue LE�s than 1 $4,412,613 $20,845 602,4f)9 65,759 4,159,878 - $9,174,500 $86,604 1-� $1,Q35,2Q2 1,165,527 $2,20Q,729 6-10 More than 10 $2,851,950 $504,616 369,033 167,217 5,887 2,988,464 $3,226,870 $3,66Q,297 State law limits investtnents in corporate bonds and commereial pa�er to the top three ratings listed by nationally reco�iized statistical rating organizatioi�.�. The Fund's carporate h�nds and maney market fiinds were rated by Moady's Invesxors Services as follows: 12 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND NOTES TO FINANCIAL STATENZENTS AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009 (3) INVE,STNIENTS (CONTINUED): Ratin� Fair Value Aaa �2,229,493 Aa2 406,1 Q 5 Aa3 2�3,914 A1 412,680 A2 1,0�02,447 A3 772,056 Ba l 5,664 Ba2 �,104 Baa 228,50�0 Baal 291,840 Baa2 337,270 Baa3 134,�46 Government securities 3,0�94,881 Total $9.174 5Q�0 "Concentratian of credit risk" is the risk inherent with investing a significant amount of Plan assets in particular issuers. Th�e Furnd limits investm�ents that may be invested in any one is�uer to no more than 5% of Plan Net !�ssets, other than those issued by the US Governm�nt or its Agencies. More than 5% of the Fund's plan net assets are invested in debt s�curities is�ued by the United States Agen�cies. This investm�nt represented 13.87°ro of Plan Ne�t �ssets. "Cust�dial credit risk" is th�� rirk that in the event of the failure of the co�unterparty, the Plan v��ill rnot be able to recover th� value of its inv�stments or collateral securities that are in the poss�ssion of an outsic�e party. Consistent with the Plan's investment p�licy, the investments are held by the Plan's custodial Uank and registered in the Plan's narr��. "Foreign currency risk" is the risk that fluctuations in cun-ency eYChange rate that may affect transactians conducted in currencies other than L?S Dollars as well as the carrying value of fa7eign investments. The Fund's exposure to foreign c;urren�y risk d�rivES mainly from its investments in international equity funds. The Fund participates in international equity funds but da�,s not own any foreign individual seeurities. The Fun�i's exposure to fo�eign currency risk related to foreign equity furnds are as follows: RBC International Fund �2,730,740 '�Ianning & Napier Overseas Fund 2,492,653 $5,223,393 13 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE I'EARS ENDED SEPTENIBER 30, ZO10 AND 2009 (3) INVESTNIENTS (CONTINUED): The investment palicy limits the foreign invcstments to no more than 1 S° o of the Fund's investment balarnce. .As of year-end, tlie forei�n investments were 15 % of total investm�nts. (4) ACTUARIAL VALLTATION: The mosk recent ac�tuarial valuation was done as of (�Ltober 1, 2Q�09. At that date the actuaries determined that the unfiirna�d accrued actuarial liability for t�enefits was $17,873,583 while the actuarial value ofthe assets available to pay benefits was $26,4R3,794. They further dwtermined that the required City contriUution for the year ended September 30, 2Q 10 was $3,550,238, which was contributed in fiill. Additional information regarding major assumptions used by the actuari�s and funding progress is included in the attached supplemental infoR-mation. (5) RISKS AND UNCERTAINTIES: Fund contributions are made and tl�� ac�tuarial present value of accumulated plan benefits are reported based on certain assumptions pertaining to interest rates, inflatiom rates and employee deinographics, all of which are subject to change. Due to uncertainties inherent in the estimations and assumptions pmocess, it is at leasi reasonabl_y possible that chan�es in these estimates arnd assumptions in the near term would be material to tl�� financial statements. The Fund invE�ts in varia�us invE�tment securities. Investment seciiritiE�� are exrused to vario�us risks such as interest rate, mar�:et and credit risks. Due to the level of ri�k as��ciated with certain investment securities, it is at least reasonably possible that changes in the valuErs of investment securities will occur in the near term arnd that sitch chang�s could materially affect the amounts reported in th�e siatement of net assets available for Uenefits. (6) CHANGE IN ACCOUNTING TREATMENT: Purstiant to Ordinarnce 8 of 2004, an ad�ditianal rnember contriUution of 2.00° o of salary was mandated. This additional contribution was paid far by reduction of the Chapter 17� monies being allocated to the members' share accounts. From 2004 thraiigh ZOQ9 those contributions were presented as Employee contrib2rtions an the Statements of Changes in Plan Net Assets. Conunencing in 2010 those contril�utions are being presented as Employer contributions. The effeci of this change is to report Employer contributions high�er by $201,112 and Employee contriUutioms lo��er U_y t�r: same amount tllan they would have been urnc��l' t�10 pl'0V10US c'�CCOL1Tlt111t�'-, treatrri�nt. 14 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009 (7) SUBSEQUENT EVENTS: In F�Iay 2Q��9, th� Financial Accounting Standards Board (FASB) isCued a new accounting standard which establisk�ed general accountin� standards arnd disclosure for subsequent events. In accomdance with this stan�lard, we evaluated subsequent events through I?��cember 21, 2010, after the date that the financial statements were available to be issued. 1� CITY OF PALM BEACH GARDENS' FIREFIGHTERS PENSION FUND SCHEDULES OF ADMINISTRATIVE EXPENSES FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009 Accounting Actuarial fees Administrative fees Conferences Insurance Legal fees Miscellaneous Total expenses $ $ 2010 6,245 14,950 20,154 6,585 6, 629 31,588 2,510 88,661 $ $ 2009 5,075 11,750 16,690 9,13 5 6, 864 17, 077 3,180 69,771 READ THE NOTES TO THE FINANCIAL STATEMENTS 16 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND SCHEDULE OF CONTRIBUTIONS FROM EMPLOYER AND OTHER CONTRIBUTORS AS OF SEPTEMBER 3�0, 20d9 (UNAUDITED) Year Ended Annu�l Actu�l Percenta�e Se tember 30 Re uired Contribution Contribution Contributed 20�09 $3,180,731 $3,180,731 10�0.00% 20��8 3,055,991 3,055,991 10��.00 20�07 2,247,828 2,247,828 10�0.00 2Q��6 1,542,934 1,�42,934 10��.00 20�05 1,188,002 1,188,002 10�0.00 20��4 739,310 739,310 10��.00 20�03 731,241 731,241 1 a�0.00 2Q��2 594,562 594,562 1Q�0.00 20�01 423,628 423,628 10�0.OQ 20��0 227,1 �4 227,1 �4 14�.00 1g�99 200,759 200,759 10�0.00 The informatian presented in the required supplemental informatian was determined as part of the actuarial valuations at the dates in�dicated. Additional infarmation as of the latest actuarial valuation is as follows: Valuation date �Ltober 1, 2009 Mortality rates RP 2000 Mortality Table Actuarial cost method — Fundin� Projected Unit Credit Actuarial Cost Metha.� Remaining amortization periad 27 years Actuarial assumptions: Investm�:,nt rate of return 8.25% Projec�ed salary increas�s 4.�0% Postretirement l�enefit increases None Inflation 4.50% 17 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND SCHEDULE OF FUNDING PROGRESS AS OF SEPTEMBER 30, 2009 (UNAUDITED) Actuarial Acct-ued U��L As % of Actuarial V alue LiaUility (��L) Unfunded ��L Covered Actuarial of Assets - Entry Age (U��L,) Funded Ratio Covered Payroll Valuation Date (a) (b) (b-a) (a/b) Payroll (c) (b-a)/c 10/1/09 �26,484 $44,357 $17,874 59.7% $9,994 178.8% 10/1/08 22,307 39,302 16,9'95 56.8 9,853 172.5 10/1/07 18,248 33,826 15,578 53.9 9,549 163.1 10/1/06 (a) 13,974 29,846 15,872 46.8 9,205 172.4 10/1/OS 10,791 28,083 17,292 38.4 8,77� 197.1 10/O 1/04 8,146 21,254 13,108 38.33 7,568 173.21 10/O1/03 7,183 17,411 10,2�8 41.19 6,542 156.81 10/O1/02 5,754 12,577 6,823 45.75 4,840 140.99 10/OU01 5,415 6,675 1,260 81.13 4,255 29.61 10/O1/Q�fl 4,810 6,06�5 1,255 79.30 3,841 32.69 10/O1/9'� 3,943 �,313 1,371 74.20 3,194 42.91 (a) After chang�s in benefit provisions, ac�uarial asCumptions or cost methods 18 Steven I. Gordon Certified Public Accountant American Institute of Cectified Lublic Accountants Flo�ida Institute of CertiEed Publir Accountants REPORT ON COMPLIANCE AND ON INTERNAL, CONTROL OVER FINANCIAL REPORTING AND OTHER MATTERS BASED ON AN AUDIT OF FIN �NCIAL STATEI��IENTS PERFORNIED IN ACCORDANCE V��ITH GC��'ERNMENT AUDITING STANDARDS The Board of Trustees City of Palm Beacli Garden:s Firefi�hters' Pensian Fund Palm Bwach Gardens, Florida I have audited the iinancial statements of City of Palm Beach Gardens Firefi�hters' Pensa�an Fund, as of and for the _year ended Septemb��r 30, 2010, and have issued iny report thereon dated DecemUer 10, 2010. I conducted my audit in accordance «Tith generall_y accepted auditing standards and the standards applicable to tinancial audits contained in Government Auditing Stanclarcls, issued by the Comptroller General of the United States. C�m�li2nce As part of obtaining reasonable assurance about whwther CYty of Palm Bea�h Gardens Firefi�hters' Pension Fund financial statem��nts are free of material misstatement, I perfommed tests of its complian�e with certain provisions of law� and regulations, noncoinpliance «�ith ��hich could have a direct and material effect on the determination of financial statement amounts. However, providing an o�inion on compliance with those �rovisions was not an objective of iny audit and, aecordingly, I do not express such an opinion. The results of my tesxs disclosed no instances of noncompliance that are required to be reported under (�overnment Auditing Standaf°ds. Intern2l Control Over Fin2nci21 Re�-��rt�n� In planning and performing m_y audit, I considered City of Palm ��ch G�rdens Firefigliters' Pension Fund internal control over financial rep�vrting in order to determine my auditing procedures for the purpose of elpressing my opinion on the financial statements and not to provide a�surance on the internal control over tinancial reporting. My consideration of the internal control over iinancial reporting «Jould not necessaril_y ciisclose all matters in the internal control over iinancial reporting that inight b�� material weaknesses. 4G00 W. Comme�cial Blvd. Suite 5 Tamarac, FL "33319 Voice (954) 485-5788 F� (954) 485-8988 A material weakness is a corndition in which the a:,si�n om operation of one or more of the internal cantrol components does not reduce to a relatively low level the risk that misstatements in amounts that would b�� material in relation to the financial statements being audited may occur and not be detected within a timely period by the administrator in the normal caurse of performing its assigned functions. I noted no matter involving the internal control over and its operation that I consider to be material weaknesses. ' Decemb�;,r 10, 2010 untant 20 PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS January 24, 2011 • THE RESOURCE CENTERS, LLC. $ (Bill for services for December 2010 and January 2011) - • REGIDNS MORGAN KEEGAN TRUST $ (Custodial Fees for October and November 2010) • SUGARMAN & SUSSKIND $ (Fees for legal services for September 2010 and all work in connection with IRS Determination Letter) • BOGDAHN CONSULTING, LLC. (4�' Quarter 2010 Monitoring Fee) • STEVEN I. GORDON (Progress bill for audit for year ended September 30, 2010) Total Disbursements for Approval $ $ $ (Trustee) (Trustee) 3,302.00 2,113.74 13,088.50 5,625.00 2,230.00 26,359.24 Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Invoice Date Invoice # 12/30/2010 11009 Tax ID Financial Resource Center 87-0800465 Pension Resource Center 36-4504183 Resource Centers 87-0800468 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account#: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie@ResourceCenters.com Resource Centers, LLC InvoiCe 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Date Invoice # 11/30/2010 10961 Tax ID Financial Resource Center 87-0800465 Pension Resource Center 36-4504183 Resource Centers 87-0800468 Mail Payments ta: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie@ResourceCenters.com REGIONS MORGAN KEECAN Post Office Box 12385 Birmingham, Alabama 35202-2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 12/09/2010 ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE k* i i* t �# i* i Ir * i i i* .�+..**.....++++* DESCRIPTION/ BASIS �RECEivEo DEC 16 �Op J. scoa�r ss►v�e PENSION RESOIIACE CENTER 4360 I30RTHLAI� BLVD, SIIITE 206 PAIrM SEACH GARDisi FL 33410 INVOICE NiJMBER 65892 $ 2,113.74 SUNAfARY OF ACCOUNT k ** * ***iririri**** # * t* #iF** *}i *trt#*ir*M'}* ****##Rti#f hf PREVIOUS SALADICE 2.077.79 PAYMENTS RECEIVED: 1,020.61- CURRENT FEE: 1,056.56 BAL�INCE IIUE $ 2,113 .74 FEE CALCULATION DETAIL 11/O1/2010 - 11/30/2010 ratar*+*+f*t:�rrr+rrt+f t++t+f,tt*t+*+ ,rt*++++r,r+++t RATE FEE TOTAL MARKET VALUE PERIOD ENDING 11/30/2010 31,696,870.10 0.0000083333 26,413.95 26,413.45 5 26,413.95 FEE CALCULATION DETAIL 11/O1/2010 - 11/30/2010 ITEM AMOUNT -------------------------------- ------------ DISCOUNT: PERIOD ENDING 11/30/2010 25,357.39- TOTAL $ 25,357.39- SL'NII�7ARY OF FEE CALCULATIOI3 DETAIL t�tt**t*#*t*R*f *f * **# �4ik **iYk******kiF�F***** *if �'***�k***�F*♦ ITEM -------------------------------- MARKET VALUE DISCOUNT TOTAL AMODNP DUE FOR CORRENT PERIOD ****#*A***i** AMOUNT 26,413.95 25,357.39- $ 1,056.Sb FOR FEE CALCULATION PERIOD 11/O1/2010 - 11/30/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM SCH GARDENS ACCOUNP NAME PERCENTAGE AMOUNT CHARGE/SILL FEE 2850D00097 PB GAR.DENS DROP 0.89021152$ 9.41 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 13.359A34568 141.15 BILL 3320010132 PB GARDENS FREED 4.348237218 45.94 BILL TO A/C 3320005077 3350000088 PB GARD FIRE EQ 29.58941038$ 312.63 BILL TO A/C 3320005077 3350000097 PB GARD FIRE FXD 15.57675841$ 164.58 BZLL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 14.265430208 150.72 BZLL TO A/C 3320005077 3350000113 PB GAR DANA GRTH 21.970517728 232.13 BILL TO A/C 3320005077 REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202-2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 12/09/2010 2 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000097 PB GARDENS DROP 0.890211528 282,169.19 3320005077 PB GARDENS FIRE 13.359434568 4,234,522.62 3320010132 PB GARDENS FREED 9.34823721$ 1,378,255.10 3350000�88 PS GARD FIRE EQ 29.58941038$ 9,378,916.97 3350000097 PB GARD FIRE FXD 15.57675641$ 4,937,344.88 3350000104 PB GARD FIRE AGN 14.26543020� 4,521,694.88 3350000113 PB GAR DANA GRTH 21.970517728 6,963,966.46 , FEES ARE DUE WITHIN 120 DAYS OF THE INVOICE DATE. ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT DAVID R. SMELTZER AT 813-639-3359 REGIQNS 1VIORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202-2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 11/10/2010 ACCOUNT # 3320005077 ACCOUNT NAME: PB GARDENS FIRE •,rrr*r�a*�*a*w**,►* ,c+,r**,r,r,►+rrr#,r*r*,r DESCRIPTION/ BASIS J. scarr s�►m� PENSION RE$OIIitCE CENTBR 4360 DIORTHLAI� SLVD, SIIITE 306 PAI�M BBACH GARDEN FL 33410 INVOICE Nt7MBER 65222 $ 2,077.79 STTMMARY OF ACCOtiNT r,t,r*r*,t*,r,rt**a,r+++,►*,r** •*+*,r*+**,t,►*,w *,tr*,r,tr+,►*w,r• PREVIOIIS sa►r.arrcE i, oao. si CURRFNT FEE: 1,057.18 BALANCB DDE $ Z,077.79 FEE CALCULATION DETAIL 10/O1/2010 - 10/31/2010 .*•..****,r**«**+*,r..*+* .:**.*�**+*.* *,r#*+*+.*+•+,r RATE FEE TOTAL MARKET VALUE PERIOD ENDII3G 10/31/2010 31,715,640.59 0.0000083333 26,429.54 26,429.59 $ 26,429.59 FEE CALCULATION DETAIL 10/O1/2010 - 10/31/2010 ITEM AMOUNT -------------------------------- ------------ DISCOUNT: PERIOD ENDII3G 10/31/2010 25,372.41- TOTAL $ 25,372.41- SUNIIKARY OF FEE CALCULATION DETAIL +�*r+tr+t+t�ti*�t• *,r,t,►*r*+*,t,►,r,r,tr*+t++tta tt:**r*,r+tt+t• ITEM -------------------------------- MARKET VALUE DISCOUNT TOTAL AMOIINT DUE FOR CURRENT PERIOD +*,r*,r,►,r*a*t,t* AMOUNT 26,429.59 25,372.41- $ 1,057.18 1� G C 1_" i`'�; : � 1., FOR FEE CALCULATION PERIOD 10/O1/2010 - 10/31/2010 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE/BILL FEE 2850000097 PB GARDENS DROP 0.83058193$ 8.78 BILL TO A/C 3320005077 3320005077 PB GARDENS FIRE 13.815805738 1A6.06 BILL 332001�132 PB GARDENS FREED A.34566370� 95.94 BILL TO A/C 3320005077 3350000088 PB GARD FIRE EQ 29.58797472$ 312.80 BILL TO A/C 3320045077 3350000097 PB GARD FIRE FXD 15.36534627� 162.44 BILL TO A/C 3320005077 3350000104 PB GARD FIRE AGN 14.3019�2838 151.20 BILL TO A/C 3320005077 3350000113 PB GAR DANA GRTH 21.75265482$ 229.96 SILL TO A/C 3320005077 REGIONS MORGAN KEEGAN Post Office Box 12385 Birmingham, Alabama 35202-2385 STATEMENT OF TRUSTEES FEES INVOICE DATE 11/lU/2010 2 ACCOUNT NAME PERCENTAGE MARKET VALUE 2850000097 PB GARDENS DROP 0.83058193$ 263,424.38 3320Q05077 PB GARDENS FIRE 13.81580573� 4,381,771.29 3320a10132 PB GARDENS FREED 4.39566370$ 1,378,255.08 3350000088 PB GARD FIRE EQ 29.58797472$ 9,384,015.72 3350000097 PB GARD FIRE FXD 15.36534627� 4,873,218.00 3350000104 PB GARD FIRE AGN 19.30197283$ A,535,962.30 3350000113 PB GAR DANA GRTH 21.75265982$ 6,898,993.82 . FEES ARE DUE WITHIN 120 DAYS OF THE IN�IOICE DATE. ANY FEE NOT PAID WILL BE CHARGED TO THE TRUST. IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT CINDY FARROW AT 813-639-3411 Robert A. Sugarmon Howard S. Susskind Kenneih R. Hamson, Sr. D. Marcus Broswell, Jr. Pedro A. Herrera tvelisse Berio-LeBeau Noah S. Warmon SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATfORNEYS AT LAW January 5, 2011 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 100 Miracle Mile Suite 300 Caral Gables, Florida 33134 (305) 529-2801 Broward 763-2566 Toll free 1-800-329-2122 FacsimUe (305) 447-8115 #� E G �. 9 ��' � f.! laN � � �nij CURRENT FEES: CURRENT COSTS: PREVIOUS BALANCE: PAYMENTS RECEIVED: TOTAL AMOUNT DUE: 228.00 0.00 4,360.50 0.00 -------------- 4,588.50 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Te lephon e: 305-529-2801 Fax: 305-447-8115 www.suga�mansusskind.com City of Palm Beach Gardens Fire�ghters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Baulevard, Suite 2Q6 Palm Beach Gardens, FL 33410 Client:Matter PBGF:ADMN In Reference To: Administrative Manager January 05, 2011 Invoice # 71751 . Professional Services 12/13/2010 Draft RFP's for Administrataor. Fo� professional services rendered Balance due Client:Matter PBGF:CONS In Reference To: Consultant's Agreement Previous balance Balance due Client:Matter PBGF:MEET In Reference To: Meeting Hrs/Rate Amount 0.80 228.00 285.00/hr 0.80 $228.00 $228.00 � Amount $171.00 $171.00 City of Palm Beach Gardens Firefighters' Pension Fund Previous balance Balance due Page 2 Amount $3,676.80 $3,676.50 � Clien�Matter PBGF:MISC ln Reference To: Miscellaneous Previous balance Balance due Amaunt $228.00 $228.00 � City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Client:Matter PBGF:MNTS In Refe�ence To: Minutes of Meetings Previous balance Balance due Amount $171.00 $171.00 � Client:Matter PBGF:PLAN In Reference To: Plan Previous balance Balance due Amount $114.00 $114.00 � Robert A. Sugarman Howard S. Susskind Kenneih R. Harrisan, Sr. D. Marcus Braswell, Jr. Pedro A. HeRera Ivelisse Berio-LeBeou Noah S. Warmon SUGARMAN & SUSSKIND PROFESSIONAL ASSOCtATION ATfORNEYS AT LAW December 6, 2010 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 100 Miracle Mile Suite 300 Coral Gatrles, flaida 33134 (305�SZ9-2801 eroward 763-2566 Toll Free 1-800-329-2122 facsimile (305) 447-8115 CURRENT FEES: CURRENT COSTS: PREVIOUS BALANCE: PAYMENTS RECEIVED: 2,280.00 0.00 5,315.25 3,234.75-ck#200037 TOTAL AMOUNT DUE: 4,360.50 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephon e: 305-529-2801 Fax: 305-447-8115 www.sugarmonsusskind.com City of Palm Beach Gardens Firefighters' Pension Fund clo Margaret M. Adcack, Administ�ator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Client:Matter PBGF:CONS In Reference To: ConsultanYs Agreement Professional Services 11/4/2010 Receipt and �eview of Consultants performance report. For professional services �endered Balance due Client:Matter PBGF:INVM In Reference To: Investment Manager Previous balance 11/30/2010 Payment - Thank You. Check No. 200037 Total payments and adjustments Balance due Client:Matter PBGF:MEET December 06, 2010 Invaice # 71277 " Hrs/Rate Amount 0.60 171.00 285.00mr 0.60 $171.00 $171.00 Amount $1,282.50 ($1,282.50) ($1,282.50) $0.00 � City of Palm Beach Gardens Fi�efighters' Pension Fund In Reference To: Meeting Professional Services 1118/2010 Attend meeting. Prepare for meeting. Travel. For professional services rendered Pre�ious balance 11/30/2010 Payment - Thank You. Check No. 200037 Total payments and adjustments Balance due Client:Matter PBGF:MISC In Reference To: Miscellaneaus Professional Services 11/5/2010 Email to Administrator and Actuary regarding payment of pension benefits. Review Plan. For professional sen+ices rendered Balance due Page 2 Hrs/Rate Amount • 6.60 1,881.00 285.00mr 6.60 $1,881.00 $3,67fi.50 ($1,881.00) ($1,881.00) $3,676.50 Hrs/Rate Amount 0.80 228.00 285.00/hr 0.80 $228.00 $228.00 City of Palm Beach Gardens Firefighters' Pension Fund Page 3 Client:Matter PBGF:MNTS In Reference To: Minutes of Meetings Previous balance Balance due Amount $171.00 $171.00 Client:Matter PBGF:PLAN In Reference To: Plan Previous balance 11/30/2010 Payment - Thank You. Check No. 200037 Totai payments and adjustments Balance due Amount $185.25 ($71.25) ($71.25) $114.00 Roberi A. Sugarman Howard S. Susskind Kenneth R. HaRisan, Sr. D. Marcus Braswell, Jr. Pedro A. HeRera Ivelisse Berio-LeBeau Naoh 5. Warmon SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATfORNEYS AT LAW November 3, 2010 City of Palm Beach Gardens Firefghters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 20b Palm Beach Gardens, Florida 33410 100 Miracle Mile Suite 300 Coral Gobles, florida 33134 (305) 529-2801 Broward 763-2566 Toll Free 1-800-329-2122 Facsimile (305) 447-8115 CURRENT FEES: CURRENT C�STS: PREVIOUS BALANCE: PAYMENTS RECEIVED: 2,080.50 0.00 3,234.75 0.00 TOTAL AMOUNT DUE: 5,315.25 ; �- - � �= �.; �ii��; ;� 'D1� SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Corol Gables, Florida 33134 Telep ho ne: 3Q5-529-2801 Fax: 305-447-8115 www.sugarmansusskind.com City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Client:Matter PBGF:INVM In Reference To: Investment Manager Pre�ious balance 10/1/2Q10 Payment - Thank You. Check No. 188428 Total payments and adjustments Balance due Client:Matter PBGF:MEET In Reference To: Meeting Professional Seroices 10/4/2010 Attend mQeting. Prepare for meeting. Travel. For professional services rendered Pre�ious balance 10/1/2010 Payment - Thank You. Check No. 188428 Total payments and adjustments No�ember 03, 2010 HrslRate fi.30 285.00/hr 6.30 Amount $1,938.00 ($655.50) ($655.50) $1,282.50 Amount 1,795.50 $'! ,795.50 $3,021.00 ($1,140.00) ($1,140.00) City of Palm Beach Gardens Firefighters' Pension Fund Balance due Page _ -� $3,676.50 City of Palm Beach Gardens Firefighte�s' Pension Fund Client:Matter PBGF:MNTS In Reference To: Minutes of Meetings Professional Services 10/19/2010 Receipt and review of minutes from Sept and October Special meeting For professional sen+ices rendered Balance due Client:Matter PBGF:ORDN In Reference To: Ordinances Previous balance 10/1/2010 Payment - Thank You. Check No. 188428 Total payments and adjustments Balance due Client:Matter PBGF:PLAN In Reference To: Plan Professional Services 10/4/2010 Telephone conference with City Attorney regarding proposed IRC Compliance ord. Page 3 Hrs/Rate Amount 0.60 171.00 285.00/hr 0.60 $171.00 $171.00 Amount $114.00 ($114.00) ($114.00) $0.00 Hrs/Rate Amaunt 0.44 114.00 285.00lhr City of Palm Beach Gardens Firefighters' Pension Fund For professional sen►ices rendered Previous balance 10/1/2010 Payment - Thank You. Check No. 188428 Total payments and adjustments Balance due Client:Matter PBGF:SIPO In Reference To: Statement of Investment Policy Previous balance 10/1/2010 Payment - Thank You. Check No. 188428 Total payments and adjustments Balance due Page 4 Haurs Amount 0.40 $114.00 $1,553.25 ($1,482.00) ($1,482.00) $185.25 Amount $171.00 ($171.00) ($171.00) $0.00 Robert A. Sugarmon♦ Howard S. Susskind Kenneih R. Horrison, Sr. D. Marcus Braswell, Jr. Pedro A. HeRera Noah Scoti Warman Ivelisse Be�io LeBeau ♦Boord Certified Labar & Employmenf Lawyer SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW October 26, 2010 Board of Trustees City of Palm Beach Gardens Firefighters' c/o Margaret Adcock, Plan Administrator The Resource Centers, LLC 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, FL 33410 For Services Rendered: IRS DETERMINATION: Pension Fund For all work in connection with reviewing the Pension Plan and applicable IRC provisions, regulations and Revenue procedures; Preparation of Forms 5300, 2848 and 8717 and draft of Notice to Interested Parties to be posted. Also included in this fee is all follow up with the IRS during the determination process, communications with Trustees, IRS and other providers and any required residual amendments. 100 Miracle Mile Suite 300 Corol Gables, Florida 33134 (305�529-2801 Broward (954) 327-2878 Toll Free 1-800-329-2122 Facsimile (305) 447-811 S AMOUNT DUE: $8,500.00 � THE � �� Bo��aAHN �ROVP 4901 Vineland Rd Suite 600 Orlando, FL 32811 - . Palm Beach Gardens Firefighters' Pension Email: Margie Adcock Email: Payment Group Invoice Date Invoice # 12/20/2010 5856 Steven I. Gordon Certified Public Aooauntant 4600 W. Commercial Blvd., Ste. 5 Tamarac, FL 33319 Phone (954) 485-5788 Palm Beach Crardens Firefighters Pension c/o Pension Resources Inc. 4360 N. Lake Blvd., # 2Q6 Palm Beach Cr�rdens, FL 33410 Progress billing in connection with certified audit as of and for the year ended September 30, 2010 Invoice#: 6679 Date: i2/1/2010 $2,230.00 Total Charges: 2,230.00 Prior Balance (Credit) Before this Invoice: Total Balance Due 0.00 $2,230.(}0 AGREEMENT: THIS AGREEMENT, made and enterect into by and between ihe BOAR.D OF TRUSTEES OF CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND hereinafter referred to as the "Trustees" and THE PENS[ON RESOURCE CENTER, INC., a Corporation organized in the Sta#e of Florida, hereinafter refecred to as the "Administrative Manager". WITNESSETH: WHEREAS, the Trustees are the duly appointed and elected Trustees af CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND, an Emptoyee Benefit Ptan, hereinafter referred to as the "Fund", maintained and operated in accordance with Chapter 3$, Article ii, Division 2 of the Code of Ordinances of the City of Pa1m Beach Gardens, as wetl as the appropriate provisions of Chapter 112 and Chapter 175 of the Florida Statutes, the Internal Revenue Code of t986, as amended (the "Code"), and other State Statutes and the rules and regulations promulgated under these laws; and WHEREAS, the Trustees are authorized and empowered to engage an Administrative Manager to assist them in discharging their duties and responsibitities as "I'rustees and as named fiduciaries af the Fund; and WHEREAS, as a result of its investigation, the Trustees have deterrr�ined that it is in the best interests of the participants and beneficiaries of the Fund to engage the services of the Administrative Manager upon the terms and conditions hereinafter more fully set forth. NOW, T'HEREFORE, in consideration of these premises, the mutual promises of the parties and other good and valuable consideration, the receipt and suffsciency of which are hereby mutually acknowledged, it is hereby cavenanted and agreed by and between the parties hereto as follows: l} The Trustees hereby engage and hire The Pension Resource Center, Inc. who hereby accepts the engagement and hiring by the Trustees to serve as the Administrative Manager and pension coordinator of ihe Fund. Without {imiting the generatity of the foregoing, it is mutually acknowledged and agreed that the Administrative Manager is engaged to perform those duties and responsibiiities of the Trustees as the "Fund Administrator" which are delegated to it in accordance wiih the express terms of this agreement. The Administrative Manager sha11 noi a) exercise any discretionary authority or discretionary control respecting the management ar administration of the Fund, or b) exercise any independent anthority or corttro! with respect to ihe management or disposition of the assets of the Fund, or c} render investment advice far a fee or other compensation, direct or indirect, with respect to any monies or other property of the Fund. Additionalty, the Administrative Manager is not hired for the purpose of providing insurance or financiai products to the Fund or its participants. 2} Th� Agreement sha1l become effective on _8 ?ti/��° and shali continue unti( 9�� o� uniess terminated prior ta that time in accordance with provisions herein. After 9/ O t- , this Agreement may be reviewed and renegotiated. if this Agreement is not renegotiated, then this Agreement shall continue in ful( force and effect until either party requests negotiation, which may be dane at any time. � � � � ,r 1 ��C 3) This Agreement may be terminated by the Trustees upon written notice to the Administrative Manager, and this Agreement may be terminated by the Administrative Manager by giving the Trustees written natice of the intention to terrninate at Ieast sixty (6Q) days prior to the effective date of termination. If actual termination occurs, the Administrative Manager shati promptly turn over to ths successor Administrative Manager or such other pariy designated by the Trustees al! records, reports and documents belonging to the Trustees and in the possess'son of the Administrative Manager. The electronic data pracessing system of the Administrative Manager and ail specifcations, punch cards, magnetic tapes, disc packs, programs, manuals ar other documents and appurtenances hereto are and shalt remain the soie, absolute and exctusive property of the Administrative Manager to the extent not incansistent with any law or reguIation; p�avided, however, that alt of the data and information refened to in Sections 4{h}; 5(c); and 7 are and shall remain Ehe sole, absolute and exclusive property af the Trustees. Any extraardinary expenses incurred by the Administrative Manager in connection with this transaction shall be bi!!ed directIy to the Trustees as an additionaI expense, provided thaE the Administrative Manager has the prior approval of the Trustees. 4) The Administrative Manager shall be responsible for and in charge of aIl administrative services required of it by the Trustees for the proper and compiete administration af the Fund. Without limiting the generatity of the foregoing, the Administrative Manager shall perform the foltowing services: a) Establish a Ptan Administration Office known as the "Fund Office" in Paim Beach County in a building accessible ta the public. The Administrative Manager shail provide and pay the empioyees necessary so that the office shaii be properly staffed to enable the Administrative Manager to perform its services and fuifii! al! of its duties and abtigations hereunder. The office shali be apen to alt interested parties during normal business hours and at such other times as are mutuatly agreed upon by the parties. b) Attend all meetings of tlie Board of Trustees and maintain a record of proceedings. c} Properly, adequateiy and effectively respond to inquiries by participants ar their beneficiaries, by the Trustees, by the Trustees designated service providers or by the City of Palm Beach Gardens. d) Develop, estabiish and controt proper procedures for the recarding af all contributions required io be paid to the Fund from participating Employees, from tile City of Palm Beach Gardens, and all such otEier payments and disbursements consistent with the provisions of the objectives of the Trustees, including the installation of electronic and mechanical systems for such purposes. e} Maintain statistical data for the Trustees, Auditor and Fund Consultant, including vesting and accruai history and etigibility history of participants when such are needed or required. f} Assist in the design and developcnent of communication bookfets, brochures and forms, and arrange for distribation of required materials to participants and beneficiaries of the �'und. g) Maintain permanent true and accurate copies of all �'und documents, including the Plan Document, Insurance Policies, Booklets, Brochures, forms and aIl other Plan reiated 2 materiat, government reports, carrespondence, memarandums, Contracts, Minutes and alt other pert':rtent data and records of the Fund as may be required. h) If authorized by the Trustees, instalt and contral Beneftt Claim payments systems and supervise their operatian insuring grompt and accurate recording of vesting and benefit accrua! based soieiy an data provided by the City of Palm Beach Gardens, including credited service and the processing of applications and making af monthty payments to participants and beneficiaries. The Administrative Manager shall provide al( personnel for the prompt and accurate processing and payment of the claims, including, hut not limited to: i) Maintenance of Designatian of Beneficiary forms; ii} Maintenance of elections and rejections of forms of benefit payments; iii} As�ist participants in completing and filing of applications for benefits under the pension plan; iv} Pracessing a11 app(ications in accordance with the City of Palm Beach Gardens Firefighters' Pension Fund, as amended; v) Assist in preparation and filing of necessary government reports and other documentation required by (aw; vi) If cequired by the Trustees, attend meetings of participating members in the City of Pa1m Beach Gardens and adequately explain Benefit Coverage to any participant or beneficiary or group of participants and beneficiaries; vii) Provide Summary Ptan Descriptions to Plan participants, exctusive of mass mailings; viii) [f required, maintain a Benefit checking account upon which account ali Benefit checics wit! be issued; however, drafrs will be issued only when the necessary funds have been deposited in the proper bank accounts. The Trustees agree to be liable for, and to provide funds sufficient to satisfy atl Benefits payable to eligible participants and beneficiaries af the Fund while this Agreement is in force. If the Trustees fai! ta provide funds necessary to satisfy liability under the Fund, the Administrative Manager shaE! prompt[y notify the Trustees by written notice, and if not corrected within thirty (30) days thereafter, this Agreement may be terminated immediately at the option of The Pension Resource Center, Inc. by giving written notice to the Trustees; ix) If required, reconciie the Fund`s Benefit checking account each month; x) Maintain the claim fifes of al! participants and beneficiaries established by The Pension Resource Center, Inc. and provide for storage of same; xi} Process for the Trustees' review and determination a{I claims appeal requests; xii} Perform such oiher admi�2�strative and related advisory functions and services as may be requested fram time ta time by the Trustees. Such requests may be attached hereto and made a part hereof by appropriate addenda; xiii) Furnish the postage for the mailing of routine correspondence; aad xiv) Instal! and maintaia a website containing informaiion available to the participants of the Fund. S) It is mutually covenanted and Manager ta, for, or on beha(f foltowing terms and conditions: agreed that a11 services rendered by the Administrative of the Trustees shall be subject to and governed by the a} The Administrative Manager with reasonabie dispatch shal! render a!1 services. b) All services rendered by the Administrative Manager sha11 be adequate and convenient to the Trustees and the Fund's Participants and Beneficiaries. c) All information, including records and other data, which may come into the possession of the Administrative Manager shail be subject to disclosure and produciion to the extent required by the Pubfic Records Act, Chapter 1 I9, Florida Statutes, or upon compulsian of a subpoena issued by a Court af competent jurisdiction. d) The Administrative Manager shali familiarize itself with the basic documents under which the Fund is established, and thereafter render any and atl services consistent with or to further the purposes for which said Fund was established and current(y operates. e) In the performance of its obligations hereunder the Administrative Manager shal( be governed by the rules, regulations and policy determination made by the Trustees. b} The Trustees will turn over to the Administrative Manager true capies oial( records, reports, information and other data pertaining to this Fund. The Administrative Manager shatl reiy upon the campleteness and accuracy of the recocds, reports and data delivered to it by the Fund. It is further agreed that the Admi��istrative Manager shali make a diligent effort to transfer al! employee and empioyer reiated data from the computer system of the Fund to its computer system{s}. The Trustees acknowiedge that the Administrative Manager wilt noi be held responsibte for any (iabilities incurred by the Fund which may result from the inaccuracy of any data mainiained by tl�e Fund whether transferred to the Administrative Manager via computer tapes or received in the form of written andior printed infarritation. In the course of performing its administrative services hereunder, the Admirtistrative Manager shal{ notify the Trustees of any other and further information, records and/or reports which are necessary to maintain proper records and render proper reports to meet the needs of participants and beneficiaries and Trustees and maintain compliance with current legal requirements. Administrative Manager sha11 ass'sst the Trustees in ascertaining additional informaiian, and in establishing and maintaining additioaal records and reports; provided, however, the liabiiity and obiigation of the Administrative Manager in connectian herewith shali be limited to properiy maintaining and reporting on ihe informatian and records detivered to it. 7) Administrative Manager shall work with and assist the Trustees and their professional advisors in the preparation af records and repocts to he filed with governmenta! departments or agencies and/or to be disclosed and distributed to any participant or beneficiary. The Administrative Manager shall, if directed by the Trustees, be in charge of arrangements for disclosure and distribution af documents and reports to participants, beneficiaries or others as directed by the Trustees. 8) In connection with al( claims, losses and expenses, including reasonable attorneys fees, which the Administrative Manager, its shareholders, directors, officers, empioyees, successors and assigns incur as a result of its performance of the terms and conditions of this Agreement; save and excepting only acts which constitute any material breach of duty by the Administrative Manager arising �nder the terms of this Agreement or by }aw, or any dispute between the parties to this Agreement, the Trustees covenant and agree to pay the firsi $2,500.00 towards the defense of any such claim, or towards the losses in connectian with any such claim. The total the Fund can be iiable far under this paragraph is $2,SU0.40. Should the Fund become involved in any titigation that would demand an extraordinary commitment of the resources of the Pensian Resource Center, such expenses shall be re'smbursed by the Eund as mutua4iy agseed by both parties prior to any resources actuaily being provided. 9) The Pension Resource Center, [nc. agrees that 'st shall be liable to the Trustees for any damages or lasses which the Trustees or the Fund may sncur as a result af any negligence or intentional act(s) or omission(s) of The Pension Resource Center, Inc. or materiai breach of this Agreemeni by The Pension Resource Center, Inc. 10) The Trustees agree to pay to The Pension Resource Center, Inc. for al! services described in this agreement a monthiy fee in the sum of Five Hundred DolIars and No Cents ($SOO.QO). This fee is guaranteed not to increase for two {2) years. The Pension Resource Center, Inc. shall charge an additional fee of $100.00 per retirement ar disability application processed, and $25.00 per medical records request. 1 I) If the Trustees elect to have The Pension Resource Center, Inc. pay the Pension Benefits, the Pension Resource Ceater shall negotiate a separate agreement to cover the expense associated with the issue of such payments. 12) The Administrative Manager agrees to obtain and mainTain at Ieast a$1,000,000.00 Fidelity Band. Attached hereto as Exhibit "A" 'ss a copy of the Administrative Manager's current Fidelity Bond. The Administrative Manager agrees to immediately notify the Trustees, in writing, in the event of any change in its Fidelity Bond and to immediately notify the Trvstees if said bond is terminated, canceled or discontinued, in whole or in part. The Administrative Manager agrees to immediately provide the Trustees with a copy of its annual renewal of its Fidelity Bond. 13} The Administrative Manager agrees to obtain and maintain at teast $i,00fl,00Q.00 Enors and 4missions Liabiiity Policy. Attached hereto as Exhibit "B" is a copy of the Administrative Manager's current Enors and Omissions Liabiiity Policy. The Administrative Manager agrees to immediateiy notify the Trustees, in writing, in the event af any change in its Errors and Omissions Liabitity Folicy and to immediately natify the Trustees if said Policy is terminated, cancelPd or discantinued, in whole or in part. The Administrative Manager agrees co immediately pra��ide the Trustees witl� a copy of its annuaf renewal of its Errors and �missions Liability Policy. i4) A1t notices hereunder shall be deemed to have been duly given if mailed by certified or registered maii, postage prepaid to: a} The Trustees The Board of Trustees of CtTY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND c/o Mr. Ect Morejon, Secretary tO50Q North Military Trail Patm Beach Gardens, FL 334I0 Copies of atl such notices sha!! also be sent to Fund Counsel: Scott R. Christiansen 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240 b) J. Scott Baur, President The Pension Resovrce Center, Inc. 5606 PGA Boulevard Suiie 113 Palm Beach Gardens, FL 33418 [S) This Agreement has been executed in the State of Fiorida and shalt be governed and construed in accordance with the laws of that jurisdiction. 16) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and to their separate and respective successors and assigns; provided, however, this Agreement cannot he assigned by either party without prior express written approval of the other. 17) This Agreement constitutes the entire understanding and agreement by the parties hereta and shall not be modified, amended ar revoked except by the express written consent of the parties hereto. 18} In the event any provisions of this Agreement are determined to be invalid or illegal, such invaiidity or illegatity shall not affect the remaining provisions of this Agreement as presently written or subsequently amended, unless the invalidity or iilegality prevents the Trustees or the Administrative Manager from accomptishing the purposes of the Agreement. i9} IT IS UNDERSTOOD AND AGREED by the parties to this Agreement that The Pension Resource Center, Inc.'s fee does not include: a} The cost of the Fund's Fidelity Bond; or b) The cost of audits performed by Certified Public Accounis and other Auditors selected by the Trustees; or c} Legal fees for services performed by Attorney(s) se€ected by the Trustees; ar d) The Cost of the Fund's Fiduciary Liability Insurance; or e) The Cost of the current software systems used by the Fund; or � Printing af Fund Materiats, Booktets, Checks or microfilming of Fund records, if requested by the Trustees; or g) The providing of any funds whatsoever for the payment of Benefits, expenses, or premiums which are the liabiiity af the Fund as administered by the Trustees; or h) The cost for any special or butk mailings required by law or requested by the Trustees; or i) Direct expenses incurred as a result af any travel out•of-town as required by the Fund or the Trustees. 20) Any aciion under this Agreement shall be brought in Palm Beach County, Florida or the appropriate Federal Court in Florida. 21) Sectian 287.133, Flarida Statutes, provides that a person or affiliate who has been placed on the convicted vendor list foilowing a conviction for a pubtic entity crime may not subrnit a bid on a contract to provide any goods or services to a public eniity, may not submit a bid on a contract with a public entity for the canstruction or repair of a pubfic huilding or pubIic work, may not submit bids on leases of reai property ta a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consuitant under a contract with any public entity, and may not transact business with any public entity in excess of the threshotd amount provided in Section 287.133, FIorida StatuEes, for CATEGORY TWO for a period of 36 manths from the date of being placed oa the convicted vendor 4ist. 22) This Agreement is executed in two (2) counterparts, each of which shall be deemed an original, but all of which shall constitute ane and the same instrument. [N WITNESS WHEREOF, the parties have caused this Agreement to be executed in several cQUnterparts, each of which shail be deemed an origina! copy, but ati constituting one and the sarne document. DA7ED AT CITY OF PALM BEACH GARQENS FLORIDA, THIS i�7s� DAY OF �Gv�r' , 2004. BOARD OF TRUSTEES OF CITY OF PALM BEACH GARUENS FIREFiGHTERS' PENSION FUND By: t/'' ' � (Ch rman) By: ~ �� - ` � ec a y) . gy: {Witness) 7 THE PENSION RESOURCE CENTER, iNC. By, i . , � , � � ,_ _.�- (.�resident) By: {Witness) PALM BEACH GAt IENS FIREFtGHTEKS' rt }s�u� ruNu ADDENDUM TO ADMINISTRATIVE MANAGER AGREEMENT This is an Addendum to the Administrative Manager Agreement by and be#ween #he PALM BEACH GARDENS FiREFIGTHERS' PENSfON FUND ("Fund"), and THE PENSlON RESOURCE CENTER, L�C, {"'Adminis#rator"}, dated August 24, 2000. !n consideration of the agreemen#s, covenants and conditions hereinafter set forth, the Fund and Administrator agree to the following: Paragraph 10 is hereby amended as foilows: i p) The Fund agrees to pay to the Administrator for a!I services described in this agreement a monthly fee in the sum of eight hundred doliars {$ $00.00}. The Adminisirator sha!! charge an additianal fee of one hundred dollars ($1 Q0.00) per retirement or disability application processed, and fifty dollars {$50.00) per medicai records request. The Administrator shall charge an additional three hundred and fifty dollars ($350.OQ) for each additional meeting over six meetings per year. A!I other terms of the Administraiive Manager Agreement executed by the parties on August 24, 2000 remain in full force and effect excep# as modified here. IN WITNESS WHEREOF, the parties hereto have caused this Addendum to the Agreement to be executed by the Trustees on the dates indicated below to be effective on #his 1 St day af August, 2007. iN WITNESS WHEREOF, the parties who caused this Agreement to be executed in several counterpar#s, each of which shall be deemed an original copy, but all constituting one and the same document. �� D TED AT CiTY OF PALM BEACH GARDENS, FLORIDA, THlS_� DAY OF ,; L �;— , 2007. BOARD OF TRUSTEES FOR THE PALM BEACH GARDENS FIREFIGHTEI�S'-P�NSION FUND: By_ _ � .:� ` " Chai ) THE PENSION RE�OURCE CENTER, LL�: : By. % j��. .� � - _� f . �. l L_ . Z (Secre#ary) ."} ! .-� �l� , �. By: � By (Witness} ' '� � , ir;.�' -�', � , (CEO . � . .� ,_ _� � _ , i//", :? �� : �� - �/� � ( itness) ��YO ' ` � �S The following basic sef-vices are included in the proposed fee: Services Related To Meetings O,f 7'rustees: ♦ Schedule Meetings ♦ Attendance At Public Pension Fund Meetings Review Of Statements And Documents: ♦ Review AIl Statements And Documents Received Fram: � Money Managers �4 Performance Monitors � Attorneys 4 Actuaries � Accountants � Others ♦ Review Bank Statements ♦ Review Custodial Statements Public Records Custadian: ♦ Maintain Aii Plan Records As Records Custodian ♦ Maintain Curtent Beneficiary Designations ♦ Assure Compliance Vtjith The Government In The Sunshine Law ♦ Assure Campliance With The Public Records Act ♦ Provide Access ta Plan Records and Information Basic Communication: ♦ Prepare Fund Correspondence To Providers And Participants ♦ Respond To Inquires By Trustees, Participants, And Service Providers ♦ Advise And Educate Trustees On Various Pension Matters ♦ Act As Liaison For Plan To Florida Division Of Retirement ♦ Internet Access to Basic Plan Infarmation Benefit Processing: ♦ Process Retirement Benefit Applications ♦ Assist In Processing Benefit Ciaims And Appeals . Account Reconciliation And Report Preparation: ♦ Reconciliation Of Accounts ♦ Assist Auditor With Compietian Of Annual Audit Additional Routine Services: ♦ Authorize Payment Of Plan Expenses Upon Appraval ♦ Assist With Coordination Of Service Providers ♦ Prepare And Coordinate Requests �or Proposals Far Service Providers ♦ Obtain Quotes For Plan Liability Insurance And Fideiity Bond Coverage Record Keeping: ♦ Maintain Data For Benefit Eligibility Of Participants ♦ Maintain Participant Service, Payroii, and Contribution Data ♦ Preparation Of Schedules For Annual State & Actuarial Reparts ♦ Online Benefit Calculation System In addition to full plan administration, the Pension Resource Center can issue benefrt payments to include the following services: ♦ Maintain Pension Checicing Account ♦ Prepare Manthly Financial Statements ♦ Pay Invoices Upon Approval ♦ Issue Benefit Payments (As Required) 4 Check � Direct Deposit (EFT) ♦ Tax Deposits, 1049s, and IRS Reporting .�'�dministration �Vitfiout Payment a �.�.�� .. .., ..�. ...�.r- ... . ��I1C11t �: �` � a t . - , *�+ y. �:..,�� t�� s+� r *s s'�`' Full Administrative Services: PB Gardens Firefighters Pension Fund GonversiQn Fee (Systeni Frograriuning.C�iarge;-�i�1:pp��Ie�` � , ;�`�� . Additional Meetings (Above 6 per plan year) Set Up Fee.�-per Disability Or Retireme�t App��ca.�oiz ..° .�.: .�, � Fee Per Medical Records Request (Disability Application) :� - � �'P8 .,:: $1, b2S. 40 .xr {`Actual e'ostj . ' $350.00 -3 . �zo�.00 $so.ao - Rate Guarantee _ ' ; . V : : . .. r_; .:_ , •. . ° . .. j . :: . Z Fears �� ;�, Jessica De la Torre From: Margie Adcock [margie@resourcecenters.com] Sent: Friday, December 17, 201 Q 9:34 AM To: mjoyce@pbgfl.com Cc: ejmorejon@comcast.net; murphlt@aol.com; EMorejon@pbgfi.com; TMurphy@pbgfl.com; Jessica De la Torre; dmwisneski@aot.com; Pedro Herrera; rkr64@aoi.com; doitiff@pbgff.com Subject: RE: Palm Beach Gardens Fire Pension Board Attachments: Meeting dates 10-26-10 2.pdf Hi Mark . CONGRATS!!!! You are our new Trustee on the Board. Our next meeting is Manday, January 24, at 9:00 am. I have attached the 2091 meeting schedule. I send out the agenda and draft minutes from the prior meeting about one week before each meeting. You can ga ta our web site at www.resourcecenters.com to review prior minutes, investment performance and other items. i believe you wi4i need to go ta the Clerk to get sworn in and complete a Form 1- Financial Disclosure that needs to be filed with the Supervisor of Elections in the county where you reside within 60 days of your appointment. Again, thank you for stepping up and I loak forward to working with you. Margie Margaret M. Adcock The Resource Centers, LLC 4360 Northlake 81vd., Suite 206 Paim Beach Gardens, FL 33410 Phone: 561-624-3277 ext. 2962 Fax: 561-624-3278 Email: ma�gieCa�resourcecenters.com PIease visiE our website: www.resourcecenters.com City of Palm Beach Gardens Firefighters Pension Fund Comments on Agenda Items January 24, 2011 Meeting Item 4 Annual Audit Trustees, I have had an opportunity to review the draft of the annual audit which I received in the agenda package. Steven Gordon called me and asked for my thoughts on the review of the report. Friday morning through several telephone conversations we talked about my suggestions and I was able to ask questions of him on the requirements of certain items and get his professional opinion on those items as they relate to the plan. As a result the draft report he is presenting to you in addition to the Governance Letter will have the following changes or enhancements as compared to the draft report attached to the agenda received though our administrator. The cover will say "Audited" Financial Statements The table of contents page will say "Audited" Financial Statements The acronym an the MDA, the opinion letter and the notes has all been changed to be the "Plan" for consistency throughout the report On Page 7— cash and cash equivalents is the first line rather than the last Due to was changed to DROP benefit liability Page $ A suggestion was made to have contributions first followed by Investment Income "Benefits Paid" remained as the title as those also include disability payments Page 11 Instead of Real Estate (Note 3) it is real estate funds Mr. Gordon researched the reriree's opportunity to acquire an insurance product at retirement and he indicaied his research did not garner that option so therefore there is no additional note. He did enhance the note by including the number of active participants and maybe retirees and beneficiaries. Page 16 Legal Fees — Increased $14,511 or 85% as compared to 2009. The results as noted by our auditor was the work related to the Determination Letter and the fact that there was approximately $12,D00 in payables at year end. Admin fees went up $3,000. Consideration if the current administrator has a lower fee with additional transactional fees what is the difference between an all inclusive fee proposal? Item 8 Other Business City's Request for Board Participation After I read the letter, I called Alan Owen, City Finance Director and asked him how the process was going in regazds to the "Retirement Plan Evaluation Reports". He indicated that the actuarial firm of Cavanaugh & McDonald was engaged and should have a report ready the first of March. This firm was also engaged by the Town of Palm Beach. Their report for that municipality can be viewed on the Town's website by the side panel, site, services information. Pension study While the Town's report is there also, it has been updated into a FAQ sheet which was just sent to me by the Town and I have not opened it as yet. I can bring it to the next meeting. This information can be used to give us an idea of the parameters used. I am in support of participation in this process. Roberf A. Sugarman ♦ Howard S. Susskind Kenneth R. Ha�rison, Sr. D. Marcus Braswelf, Jr. Pedro A. Herrera Noah S. Warman Ivelisse Berio LeBeau ♦ 8oard Certified Labor 8� Empioyment Lawyer SUGAR1viAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW December 17, 2010 Ms. Margaret Adcock The Pension Resource Center 4360 Narthlake Boulevard, Suite 206 Paim Beach Gardens, FL 33410 : �� Re: � City of Palm Beach Gardens Firefighte e�as�on �rm Request for Proposal — Third Party Administrator Dear Ms. Adcock: 100 Mirade Mile Svi#e 30d Coral Gables, Florida 33134 (305j 529-2801 Broward 327-2878 Toll Free 1-8Q0-329-2 ! 22 Facsimile (305} 447-81 15 The City of Palm Beach Gardens Firefighters' Pension Fund is soliciiing praposals for a professionally qualified third party administratar to provide full adrninistrative services to the Pension Fund.: The City-of-Fal�rrBeach-Gardens-Firefighters'-Pension Fund is located in the City af Palm Beach Gardens (Palm Beach County), Florida. The Pension Fund covers firefighter employees employed by the City of Palm Beach Gardens. Enclosed is the most recent valuation report from the Pension Fund's actuary showing the total participants, current assets and a brief summary of the Pension Fund. The duties expected to be performed by the third party administrator include: ❖ Attendance at all meetings {currently 6 meetings calendared far 2011) of the Board of Trustees. ❖ Preparation and maintenance of ineeting agendas and minutes for all meetings. ❖ Maintain a pension administration offtce which shali be open Monday through Friday during normal business hours. ❖ Implement administrative related action by the Baard of Trustees. ❖ Maintain statistical data for the Board of Trustees, Pension Fund's auditor and actuary including vesting, benefit accrual, compensation and eligibility history of participants as required. ❖ Prepare and file all mandated reports. �n re: Request for Proposal/Third Parry �ldrninistrator December 17, 2010 Page 2 ❖ Effectively respond to inquiries from participants ar their heneficiaries, Trustees and designated service providers of the Pension Fund. ❖ I}esign and develop all communications between the Pension Fund and its participants and their beneiiciaries � ❖ Attend any special meetings of the participants, as requested by the Baard of Trustees, which shall be for the purpose of explaining beneft coverage and assisting participants or benefciaries or addressing unique matter presented to Board for administration. ❖ Develop and establish praper cantrol procedures for the recording of all contributions, benefit payments and disbursements of the Pension Fund. ❖ Process all application far benef ts �from the Pension Fund including applications for service related disability benefits, and coordinating medical appaintments and transmission of inedical reports for the Pension Fund. ❖ Perform such other administrative duties and related functions and services as may from time to time by required by the Boards of Trustees. The Board meets every other month and the meetings are held at the Council Chambers at City Hall in Palm Beach Gardens located at 14500 North Military Trail at 9:00 a.m. Please send six (6) copies of your Praposal{s) ta the Board of Trustees, clo Pedro Herrera, Sugarman Susskind, P.A., 100 Miracle Mile, Suite 300, Coral Gables, FL 33134, far distribution to the trustees. Your proposal{s) should be received by January 14, 2011. -- -- Should your firm be chosen, the contract between ya— ur �irm arid-the Pension Fund witl require your firm to acknowledge that it is a fiduciary with respect to the duties undertaken as administrator, maintain sufficient fiduciary liabitity insurance and bonding, be governed by Florida law with venue for any legal disputes in Palm Beach County, and be terminable by the Pension Fund upon thirty (30) days notice. The �'rustees look forward ta receiving your proposal(s). Yours trul , t_ PEDRO A. HERRER.A Enclosure cc: Baard of Trustees Robert A. Sugarman♦ Howard S. Susskind Kenneth R. Harrisan, Sr. D. Marcus Braswell, Jr. Pedro A. Nerrera Noah S. Warman Ivelisse Berio LeBeau • Board Ceriified Labor 8� Employment Lawyer SUGARCvtAN & SUSSKIND PROFESSIONAL ASSOCIA7lON ATTORNEYS AT LAW December 17, 2010 Karin A. Peters, President & Chief Operating Officer NEBA, Inc. 201 Q N. W. 150th Avenue, Suite 100 : Pembroke Pines, Ftorida 33Q28 Re: City o. f Palm Beach Garden� Firefighters' Pension Fund Request for �'roposal — Third Party Administrator Dear Ms. Peters: 100 Miracle Mile Su'rfe 300 Coral Gabies, Florida 33134 (305J 529-280] 8roward 327-2878 Toll Free 1-800-329-2122 Facsimife {305} 447-81 l5 The City of Palm Beach Gardens Firefighters' Pension Fund is soiiciting proposaIs for a professionally qualifed third party administrator to provide full administrative services to the Pension Fund. The City of Pa1m Beach Gardens Firefighters' Pension Fund is located in the City of — Palm Beach Gardens (Palm Beach County), Florida. The Pension Fund covers firefighter emplayees employed by the City of Palm Beach Gardens. Enclosed is the most recent valuation report from the Pension Fund's actuary showing the total participants, current assets and a brief summary of the Pension Fund. The duties expected to be performed by the third party administrator include: ❖ Attendance at all meetings {currently 6 meetings calendared for 2011) of the Board of Trustees. ❖ Preparation and maintenance of ineeting agendas and minutes for all meetings. � ❖ Maintain a pensian administration office which shali be open Monday through Friday during normal business hours. ❖ Implement administrative related action by the Board of Trustees. ❖ Maintain statistical data for the Board of Trustees, Pension Fund's auditor and actuary including vesting, benefit acerual, compensation and eligibility history of participants as required. ❖ Prepare and file ail mandated reports. In re: Request for P�oposal/Third Party,4drninzstrator December 17, 2010 Page 2 ❖ Effectiveiy respond to inquiries fram participan#s or their beneficiaries, Trustees and designated service providers of the Pension Fund. ❖ Design and develop ait communications between the Pension Fund and its participants and their beneficiaries ❖ Attend any special meetings of the participants, as requested by the Board af Trustees, which shall be for the purpose of explaining benefit coverage and assisting participants or beneficiaries or addressing unique matter presented to Board for administration. - ❖ Develop and establish proper control procedures far the recording of all contributions, benefit payments and disbursemen#s of the Pension Fund. ❖ Process all application for benefits from the Pension Fund including applicatians far service related disabiiity benefits, and � coordinating medical appointments and transmission of inedical reparts for the Pension Fund. ❖ Perform such other administrative duties and reiated functions and services as may from time to time by required by the Boards of Trustees. The Board meets every o�her month and the meetings are held at the Council Chambers at City Hall in Palm Beach Gardens located at 1O5Q0 North Military Trail at 9:00 a.m. Please send six (6} copies of your Proposal(s) to the Board of Trustees, c/o Pedro Herrera, Sugarman Susskind, P.A., 100 Miracle Miie, Suite 300, Coral Gabies, FL 33134, for distribution to the trustees. Your proposal(s) should be received by January 10, 2011. Should your firm be chosen, the contract between your �im-and-the Perision Fund will require your firm to acknowledge that it is a fiduciary with respect to the duties undertaken as administrator, maintain sufficien# fiduciary iiabiiity insurance and bonding, be governed by Florida law with venue far any legal disputes in Palm Beach County, and be terminable by the Pension Fund upon thirty (30} days notice. The Trustees look forward ta receiving your proposal(s). Enclosure cc: Board of Trustees Yours trul � 2 ` _ PEDRO A. HERRERA Robert A. Sugarman♦ Nowatd S. Susskind Kenneth R. Harrison, Sr. D. Marcus Brasweil, Jr. Pedro A. Herrera Noah S. Warman !velisse Berio LeBeau ♦ Board Cerfified Labor & Employment Lawyer SUGARMAN & SUSSKiND PROFESSIONAL ASSOCIATION ATTORNEYS AT l.AW December 17, 2010 Doug Faican, Plan Administrator Florida Health Administratars 1 FHA-TPA 6941 S.W. 19bt" Avenue, Suite 27 Fort Lauderdale, FL 33332 f'� City of Palm Beach Gardens Firefighters ' Pension Fund Request for Proposal — Third Party Administt-ator Dear Mr. Fatcon: l Od Miracie Mile Suite 300 Corai Gables, Fiorida 33i34 (305)529-2801 Broward 327-2878 Toll Free 1-800-329-2122 Facsimile (305) 447-8115 The City of Palm Beach Gardens Firefighters' Pension Fund is soliciting proposals for a professionally qualified third party administrator to provide full administrative services to the Pension Fund. The City of Pa1m Beach Gardens Firefighters' Pension Fund is located in the�ity �f --- Palm Beach Gardens (Palm Beach County), Florida. The Pension Fund covers firefighter empioyees empioyed by the City of Palm Beach Gardens. Enclosed is the most recent valuation report from the Pension Fund's actuary showing the total participants, current assets and a brief summary of the Pension Fund. The duties expected to be performed by the third party administrator include: ❖ Attendance at all meetings (currently 6 meetings calendared for 2011 } of the Board of Trustees. ❖ Preparation and maintenance of ineeting agendas and minutes for all meetings. ❖ Maintain a pension administration office which shall be open Monday through Friday during normal business hours. ❖ Implement administrative related action by ihe Board of Trustees. ❖ Maintain statistical data for the Board of Trustees, Pension Fund's auditor and actuary including vesting, benefit accrual, compensation and eligibiiity histary of participants as required. ❖ Prepare and fite ali mandated reports. In re: Request for Proposal/Third Paj•ry Adn�inistrator December 17, 2010 Page 2 ❖ Effectively respond to inquiries from participants or their beneficiaries, Trustees and designated service providers of the Pension Fund. ❖ Design and develop all communications between the Pension Fund and its participants and their beneficiaries ❖ Attend any special meetings of the participants, as requested by the Board of Trustees, which shalI be for the purpose af explaining benefit coverage and assisting participants or beneficiaries or addressing unique matter presented to Baard for administration. ❖ Develop and establish proper control procedures for the recording of all contributions, benefit payments and disbursements of the Pension Fund. ❖ Process alI application for benefits from the Pension Fund including applications far service related disability benefits, and coordinating medical a�pointments and transmission of inedical reports for the Pension Fund. ❖ Perform such other administrative duties and related functions and services as may from time to time by required by the Boards of Trustees. The Board meets every other month and the meetings are held at the Council Chambers at City Hall in Palm Beach Gardens located at 1 Q500 North Military Trail at 9:Q0 a.m. Please send six (6) copies of your Proposal(s) to the Board of Trustees, c/o Pedro Herrera, �Sugarman Susskind, P.A., 1Q0 Miracle Mile, Suite 300, Coral Gables, FL 33134, for distribution to the trustees. Your proposal(s) should be received by January 10, 2011. _ __, Should your firm be chosen, the contract between your firm and the Pension Fund will require your frm to acknowledge that it is a fiduciary with respect to the duties undertaken as administrator, maintain sufficient fiduciary liability insurance and bonding, he governed by Florida law with venue for any legal disputes in Palm Beach County, and be terminabie by the Pension Fund upon thirty (30) days notice. The Trustees look forward to receiving your proposal(s). Yours tru , /.� �- r PED O A. HERRERA Enclosure cc: Board of Trustees SUGARMAN & SUSSKIND PRQFESSIONAL ASSOCIATION Ai70RNEYS AT LAW Robert A. Sugarman♦ Howard S. Susskind Kenneth R. Harrison, Sr. D. MQrcus 8raswell, Jr. Pedro A. Herrera Noah S. Warman Ivelisse Berio LeBeau ♦ Board Certified Labor & Empioymenf Lawyer December I7, 2410 Peter K. Prior Benefits USA, Inc. 3810 Inverrary Boulevard, Suite 208 Lauderhill, FL 33319 Re: City of Palm Beach Gardens Firefighters' Pension Fund Request for Proposal — Third Party Administrator Dear Mr. Prior: 100 Miracle Mile Suife 300 Coral Gables, Florida 33134 (305} 529-2801 Browc�rd 327-2878 Toll Free 1-800-329-2122 Facsimife {305j 447-8115 The City of Paim Beach Gardens Firefighters' Pension Fund is soliciting proposais for a prafessionally qualified third party administrator to pravide fuil administrative services to the Pensian Fund. � ___ ----_._ . The City of Palm Beach Gardens Firefighters' Pension u�nc�is o�ated-iri tiie Citiy �of - Palm Beach Gardens (Palm Beach County}, Florida. The Pension Fund covers firef ghter employees employed by the City of Palm Beach Gardens. Enciosed is the most recent valuation report from the Pension Trust Fund's actuary showing the total participants, current assets and a brief summary of the Pension Fund. The duties expected to be performed by the third party administrator include: ❖ Attendance at all meetings (currently 6 meetings calendared far 20 i 1) of the Board of Trustees. ❖ Preparation and maintenance of ineeting agendas and minutes for all meetings. ❖ Maintain a pension administration office which shall be open Monday through Friday during normal business hours. ❖ Implement administrative related action by the Board af Trustees. ❖ Maintain statistical data for the Board of Trustees, Pension Fund's auditor and actuary including vesting, benefit accrual, compensation and eligibility history of participants as required. ❖ Prepare and fiie all mandated reports. In re: Request foY Proposal/Third Party Ad�rzinistrator December 17, 20I0 Page 2 ❖ Effectively respond to inquiries from participants or their beneficiaries, Trustees and designated service providers of the Pension Fund. ❖ Design and develop alI communications between the Pension Fund and its participants and their beneficiaries ❖ Attend any special meetings of the participants, as requested by the Board of Trustees, which shall be for the purpose of explaining benefit coverage and assisting participants or beneficiaries or addressing unique matter presented ta Board for administration. ❖ Deveiop and establish proper control procedures for the recarding of aIl contributions, benef t payments and disbursements of the Pensian Fund. ❖ Process all application for benefits from the Pension Fund including _ __ . applications for service reiated disability benefits, and coordinating medical appointments and transmission of inedicai reports for the Pension Fund. ❖ Perform such other administrative duties and related functions and services as may from tim� to time by required by the Boards of Trustees. The Board meets every ather month and the meetings are held at the Council Chambers at City Hall in Palm Beach Gardens located at l O5Q0 Narth Military Trail at 9:00 a.m. Please send six {6) copies of your Proposal(s) to the Board of Trustees, c/o Pedro Herrera, Sugarman Susskind, P.A., 1Q0 Miracle Mile, Suite 300; Coral Gables, FL 33I34, for distribution to the trustees. Your proposal{s) should be received by January 10, 2011. _ — --- _ _ Should your firm be chosen, the contract between your firm and the Pension Fund will require your firm to acknowledge that it is a fiduciary with respect to the duties undertaken as administrator, maintain sufficient fiduciary liability insurance and bonding, be governed by Florida law with venue for any legal disputes in Palm Beach County, and be terminable by the Pension Fund upan thirty {30) days notice. The Trustees look forward to receiving your proposal(s). Yours t , Y � - PEDRO A. HERRERA Enclosure cc: Board of Trustees SUGARMAN & SUSSK(ND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert R. Sugarman• Howard S. Susskind Kenneth R. Harrison, Sr. Q. Marcus Brasweli, Jr. Pedro A. Herrera Noah S. Warman Ivelisse Berio LeBeau ♦Board Certified tabor & Employmenf lawyer December 17, 2010 Joan Wall, Pension Administrator 2955 Myrtle Oak Circle Davie, FL 33328-6739 Re: City of Palm �each Gardens �'irefighters' Pension Fund Request for Proposal — Third Party Administrator Dear Ms. Wall: 100 Miracle Mi1e Suite 34d Coral Gabies, Florida 33134 (3QSj529-2801 Broward 327-2878 Toli Free 1-800-329-2122 Facsimile {305) 447-8115 The City of Palm Beach Gardens Firefighters' Pension Fund is soliciting proposais for a professionally qualified third party administrator to provide full administrative services to the Pension Fund. . _. _ . The City of Palm Beach Gardens Firefighters' Pension Fund is located in the City of Palm Beach Gardens {Palm Beach County),—Florida: The - Pensiari - Fun covers �re ig ter employees employed by the City of Palm Beach Gardens. Enctosed is the most recent valuation report from the Pension Fund's actuary showing the total participants, current assets and a brief summary of the Pension Fund. The duties expected to be performed by the third party administrator include: ❖ Attendance at all meetings {currently 6 meetings calendared for 2411) of the Board of Trustees. ❖ Preparation and maintenance of ineeting agendas and minutes for aIl meetings. ❖ Maintain a pension administration offtce which shall be open Monday through Friday during normal business haurs. ❖ Implement administrative related action by the Board of Trustees. ❖ Maintain statistical data for the Board of Trustees, Pension Fund's auditor and actuary inciuding vesting, benefit accrual, compensation and eligibility history of participants as required. ❖ Prepare and file all mandated reports. In re: �Zequest f'or Proposal/Third Party Administrator December 17, 2Q 10 Page 2 ❖ Effectively respond to inquiries fram participants or their beneficiaries, Trustees and designated service providers of the Pension Fund. ❖ Design and develop all communications between the Pension Fund and its participants and their beneficiaries . ❖ Attend any special meetings of the participants, as requested by the Board of Trustees, which shall be for the purpase of explaining benefit coverage and assisting participants or beneficiaries or addressing unique matter presented to Board for administration. ❖ Deveiop and establish proper control procedures for the recording of all contributions, benefit paymen#s and disbursements of the Pension Fund. ❖ Process all appiication for benefts from the Pension Fund inciuding __ applications for service reiated disability benefits, and coordinating medical appointments and transmission of inedical reports for the Pension Fund. -- - ❖ Perform stzch other administrative duties and related functions and services as may from time to time by required by the Boards of Trustees. � The Board meets every other month and the meetings are held at the Council Channbers at City Hall in Palm Beach Gardens located at 10500 North Militazy Trail at 9:04 a.m. Piease send six {6) copies of your Proposal(s) to the Baard of Trustees, c/o Pedro Herrera, Sugarman Susskind, P.A., 140 Miracle Mile, Suite 300, Coral Gables, FL 33134, for distribution to the trustees. Your praposal(s} should be received by January 10, 2011. . — Should your firrn be chosen, the contract between your firm and the Pension Fwrd�vi�l . — require your firm to acknowledge that it is a fiduciary with respect to the duties undertaken as administrator, maintain sufficient fiduciary liability insurance and bonding, be governed by Florida law with venue for any Iegal disputes in Palm Beach County, and be terminable by the Pension Fund upon thirty (30) days notice. The Trustees look forward ta receiving your proposal(s). Yours trul • � . �1 _. PEDRO A. HERRERA Enclosure cc: Board of Trustees Jessica De la Torre From Sent: To: Subject: Attachments: Margie Adcock [margie@resaurcecenters.com] Thursday, December 16, 2010 11:53 AM ejmorejon@comcast.ne#; murphlt@aol.com; rkr64@aal.com; EMorejon@pbgfi.cam; dolliff@pbgfl.com; TMurphy@pbgfl.com; }oeb@bogdahnconsulting.com; audreyc@bogdahnconsuiting.com; Jessica De {a Torre; dmwisneski@ao{.cam; Pedro Herrera FW: American Core Realty Fund, LLC - 09I03/11 Capital Contribution Request 1121_01-Q3-11 Capitai Call_Caver Letter.PDF Ni All. Piease see below and attached. P(ease be advised that I have sent instruction to the Custodian accordingly. Margie Margaret M. Adcock The Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Phone: 561-624-3277 ext. 2962 Fax: 561-624-3278 Emaii: marQieC�a.resourcecenters.com Please visit our website: www.resourcecenters.com -----Original Message----- From: Michelle Oyler [mailto:MOYLER@americanreal.com] Sent: Monday, December 13, 2014 2:36 PM ,� « To: Margaret Adcock <margie@resaurcecenters.com Cc: Jay Butte�eld; Joyce Ezaki; David West <daveW@bogdaf Subject: American Core Realty Fund, LLC - 01/03/1i Capital:t 5en�er AL�.Oi�t'�D t R move ][ ock l �� ;:�� JancaE.�i,h F�ni_i-S�r;m Conriof Fanel Dear Margie: �� `��_,. Request American Realty Advisors, as the investment manager for the American Core Realty Fund, LLC, is requesting a call of - capital from the Palm 8each Gardens Firefighters' Pensian Fund's commitment ta the Fund on Monday, )anuary 3, 2011.- Details for the capitai ca(I, including the capital contribution amount and the bank wire instructions, are included in the attached letter. A hard copy of this letter will also be sent to your attention via First Class Mai1. In addition, once the unit value for the first quarter of 2011 has been determined, a Confirmation of Receipt of Wire Trans€er detaiiing the amount of units purchased and the corresponding unit value, wilf be pravided. This wilf be sent via e-mail approximately 3-4 weeks after the quarter end. Piease cantact us should you have any questions flr require additional information. Krndly confrrm receipt of this e-mail. Best regards, Michelle R. �yler Client Service Associate American Reafty Advisors° 801 N. Brand Boulevard, Suite 80Q Glendale, Cafifornia 91203 Direct Dial: 818-409-3250 � �C�� C� �3�� , c:�wt, AMERICAN REALTY ADV190RH December 13, 2010 Via Electronic Mail & First Class Mail Ms. Margaret M. Adcock General Counsel/President Tegrit Plan Administrators 4360 Northlake Boulevard, Suite 206 Palm Beach Gaxdens, FL 33410 CORPORATE HEADQUARTERS 801 North 8rand Boulevard Suite 800 Glendale, CA 91203 8i8.545.1152 Fax: 818.545.84fi0 www.americanreal.com Institutional Real Estate Investment Management Re: Palm Beach Gardens Fixefighters' Pension Fund Amesican Core Realty Fund, LLC — Account Na 2,221 Ca�ital Contribution Re�uest Dear Margie: The American Core Realty Fund, LLC wiil �e calling capital for the Fund on Monc�ay, January 3, 2011. Under the texms of Section 3.1.1 of the Fourth Amended and Resta.ted Operating Agreement dated March 12, ' 2008, American Realty Advisors is requesting a capital cantribution from pour Plan. This letcer serves as notification of the following details for the transfer of funds: (a) Plan Name: Paim Beach Gardens Firefighters' Pension Fund {b} Total Amount of Plan Commitmenr. (c) Total Amount of Plan Commitment previously called: (d} Amount of Plan Commitment to be called on f anuary 3, 2011: $1,750,000 $l,000,aaa $321,360 The above amount should be wired in accordance with the following bank wire instructions on January 3, 2011 {please reference the account number in poux bank wire instructions): Atlanta, GA � Glendale, CA �? Chicago, !L •�°�� SUGARMAN & SUSSKIND PROfESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A. Sugarman ♦ Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus 8raswell, Jr. Pedro A. Herrera Nooh Scott Warman Ivelisse Berio LeBeau ♦ Board Cerfified Labor 8� Employment Lawyer Ed Morejon, Charrman 2657 Palm Raad West Palm Beach, FL 33406 � Dear Trustee: January 13, 2011 City of Palm Beach Gardens Firefighters' Pension Fund 100 Miracle Mi(e Suite 300 Corni Gables, Fiorida 33134 {305} 529-2801 Broward 327-2878 Toll Free 1-800-329-2122 Facsimife (305) 447-811 S As per your direction at the last regularly scheduled meeting an November 8, 2010, our office issued a Request for Proposals for Administrative Services to the Pension Fund. We received three bids for the service, one party deciined to submit and the remaining parties did not respond. Enclosed please find copies of the submitted proposals for your review. _ . --_ . .. ... ... . This matter is currently on the agenda for Baard discussian at the next meeting currently calendared for January 24, 241 i. If you have any questions, piease feet free to contact me directly. Yaur y, 1 PEDRO A. HERRERA. PAH/jd SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS A7 LAW Robert A. Sugarman ♦ Howard S. Svsskind Kenneth R. Harrison, Sr. D. Marcus Brasweil, Jr. Pedro A. HeRera Naah Scott Warman Ivelisse Berio LeBeau ♦ Board Cer#ified Labor 8� Employment Lawyer Donna Wisneski 4163 Hyacinth Circle South Paim Beach Gardens, FL 33410 Re: Dear Trustee: January 13, 2Q 11 City of Palm &each Gardens Firefighters ' Pension Fund 100 Miracle Mile Suite 300 Cora! Gables, Florida 33134 (305j 529-2801 Broward 327-2878 Tol! Free i-80Q-329-2 i 22 Facsimile {3d5} 447-8115 As per your direction at the last reguiarly scheduled meeting on November 8, 2410, our office issued a Request for ProposaIs for Administrative Services to the Pension Fund. We received three bids for the service, one party declined to submit and the remaining parties did not respond. Enclosed please find copies of the submitted proposals for your review. This matter is currently on the agenda for Board discussion at the next meeting currently ca4endared for January 24, 2011. If you have any questions, please feel free to contact me directly. Yours truiy, PEDRO A. HERRE PAHIjd SUGARNIAN & SUSSKiND PROFESSIONAL ASSOCIATlON ATfORNEYS AT LAW Robert A. Sugarman• Haward S. Susskind Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera Noah Scott Warman Ivelisse Berio LeBeau ♦ Board Certified Labor & Emplayment Lawyer January 13, 2411 Rick Rhodes 3139 SW Captiva Court Palm City, FL 3499Q Re: City of Palm Beach Gardens Fire�ghters' Pension Fund Dear Trustee: 100 Miracle Mile Suiie 300 Corq! Gables, Florida 33134 {305j529-2801 Broward 327-2818 Toll free 1-800-329-2122 Facsimile {305j 447-8115 As per your direction at the last regularly scheduled meeting on November 8, 2410, our office issued a Request for Proposals for Administrative Services to the Pension Fund. We received three bids for the service, one party declined to submit and the remaining parties did not respond. Enclosed please find copies of the submitted proposals for your review. This matter is currently on the agenda for Board discussion at the next meeting currently calendared for January 24, 2011. If you have any questions, please feel free to contact me directly. Yours truly, PEDRO . E PAH/jd SUGAR1v1AN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A. Sugarman ♦ Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus Braswelt, Jr. Pedro A. Herrera Noph Scott Warman Ivelisse Berio LeBeau ♦ Board Certified Labor 8� Employment Lawyer January 13, 2011 Tom Murphy, Secretary 4138 Jonquic Circle South Palm Beach Gardens, FL 33410 Re: City of Palm Beach Gardens Firefighters' Pension Fund Dear Trustee: iQ0 Miracle Mile Suitc: 3d0 Coral Gabies, Florida 33134 t305} 529-28Q1 Broward 327-2878 Toll Free 1-800-329-2122 Facsimile {305} 447-8115 As per your direction at the last regulaxly scheduled meeting on November 8, 2014, our office issued a Request for Proposals for Administrative Services to the Pension Fund. We received three bids for the service, one party declined to submit and the remaining parties did not respond. Enciosed please find copies of the submitted proposals for your review. '�'his matter is currently on the agenda for Board discussion at the next meeting cunently calendared for January 24, 2011. If you have any questions, please feel free to contact me directly. Yours PED A. HE RA PAH/jd SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Rabert A. Sugarman♦ Howard S. Susskind Kenneth R. Harrison, Sr. D. Marcus Brasweli, Jr. Pedro A. Herrera Noah Scott Warman iveiisse 8erio Le6eau ♦ Board Certified Labor & Employment Lawyer January 13, 2011 Mark Joyce 10173 150th Court Lane Jupiter, FL 33478 Re: City of Palm Beach Gardens Fire�ghters' Pension Fund Dear Trustee: i00 Miracle Miie Suite 300 Cora! Gables, Fiorida 33134 (305j529-2801 8roward 327-2878 Toli Free 1-800-329-2122 Facsimile (305J 447-8115 As per your direction at the iast regularly scheduled meeting on November 8, 2010, our office issued a Request far Propasals for Administrative Services to the Pension Fund. We received three bids for the service, one party declined to submit and the remaining parties did nat respond. Enclosed please find copies of the submitted proposals for your review. _This matter is currently on the agenda for Board_discussion at the next meeting currently calendared for January 24, 2Q 11. If you have any questions, please feel free to contact me directly. Yours t y PEDR . HE RA PAHIjd SHEPHERD, FINKELhiAN, MILLER & SHAH, LLP ��a� ,�ltlot'neys �z! L�au� 1640 Town Center Cirtle, Suite 216 . Weston, FL 33326 Telephone:954-515-0123 . Fax:954-515-0124 www.sfmslaw.com Jayne A. Goldsteini i eoidstei n(�a,sfmstaw.co m December 2, 2010 Bonnie Lindberg Robert A. Sugarman, Esquire Pensian Fund Administrator Sugarman & Susskin Tegrit Plan Administrators 140 Miracle Mile, Suite 300 4360 Northlake Blvd., Suite 206 Coral Gabies, Ftorida 33 I34 Palm Beach Gardens, FL 33414 Re: City of Palm Beach Gardens Firef ghters' Pension Fund Dear Bonnie and Bob: This letter accompanies yaur November 2010 securities monitoring report, prepared by the attomeys at Shepherd, Finkelman, Mi11er & Shal�, LLP. We have reviewed your portfolio and herein pravide yau with information regarding each case, whether recently filed or recently settled, that warrants your attention. In addition to your reports on new securities filings or settlements, aut of an abundance of caution we have aiso provided a comprehensive list of recent securities class action settlements. Because some class periods might predate the investment records provided to us, please forward this list to your custodian bank. Also inciuded is our quarterly newsletter for a review of recent securities' class action decisions. Finally, you can expect your next securities litigation report mid December. Please do not hesitate to contact me if you should have any questions. Sincerely, t �� ,,, � . `�{��"` V Jayne A. Goldstein JAG/dt cc: Brandan Davis Admitted to practice law in PA &FL CALIFORNIA . CONNECTICUT . FLORIOA • NEW 1ERSEY • PENNSYLVANIA • WISCONSIN . -;r 1 � i � � . , ; �_ _ �--_ - <_ .:_ -_ ,-: �, ' � - r .,�c+' S �y �;,'.� Y" .& . . ��? r �� ,_+t:..._ _ j � �.. { : i � ;' � , , { );' � i_ ;' + � �; :� ' : I; z+�..�---.�� -. �, _ ` "�- '�,�`°� � '� , :� ,. �.,. � , �., : �= �:, � � � � � _� �� `��` �� w � . ' ky �r *.. . �,+t ' . . " n . i� ^� �. !R � 4 � i �'q f'k�,+M'�' �. � . � � �` ` �';.� �'?� .�• # 4w�4t�ar y+ .„ 4!r f .��yY .� �• i� yi0 I '�.,.�,. .4. „ � f � �'� K M� .`�f� lr f' � . . i 4� +� � �+y'� ++�,� +� ��ii � *+. a � �� - s *��+* *��4� �� ;��* ��.* �. +t ' , aX! � �t .�y Mr ,�.�`,�•r ,� w .�v s �;��,,,',��t�»��w4*�#»�w,�r�y��y�°;-. . . f,.;��_.. .i� � R ��.�a'k^ i71�4p1%'��r yi�` !h�` r.�,� fr� ,yri i �r +/_.� w�. . +�� » � +1�-' � R�?' �.4�. � f! aF��i'�iy'q' �� y?r�^� ♦�� ! ♦a' ! k� eS�:'��r�•Rg��*�*��Fwi i��t+;�`��a`i-.ii-*+h��}4 _lq�� i�.�, i.� .. � � l {`'_�� g,u+��y �.k:.s�?*�"*� a�r�� y.s�'y .+,�y»«*nI:_�,>� .�';,!��`:x . ". ��c ; A�� k s*: _ » . � # o- �t # y t _ f.* ! '' +`s x�R S �: ^YF W�'� y: -,a{.'K 4 )> �� . y Mr :+ . i. .c�'.� �, � 4 . Y µ t » . 'w`s ,�Y � " . _ .. � � . . 1 - ? �� ' .... .. . . • i Y ;, <..;.. . . . . ' _ . . �, j � ��.�r �� . .� . � �., s:.. � . . . . . a, '� y-�,"^.�„�.? t + �`'.,. � upcoming �eaa riaantin ueaaunes � Conclusion � �.:�... � .. . Y,.:�;. 1; . .X- . . � ' .�,..µ 1 . � t v {' � . � � � ' . ��. . ��'�.• . �r„ �� ' � �,�i:-... ^i. � � m� y{K `� _ �.";. �5�":: 31 �` :_� � � - '.�4°�eT,.�.� {�' M� .!�xi , � ,• � ''� � .�' �� Introd.u�tion and. Summary We are pleased to present you with this monthly report regarding securities and corporate governance litigation. Within this report, we are providing you with a list of securities cases that have settled and a list of all recently filed securities class actions. We will continue to inform you and highlight if the Fund purchased stock during the C{ass Period in any of the as-filed class actions. Should you have any questions at any time, please do not hesitate to contact us. Shepherd, Finkelman, Milier & Shah, LLP Marizet Ana�.ysis Stock markets throughout the world have been shaky thus far this month, partiaUy as a resuit of the fear that treland wil! need to request a financial baifout from the European government. A coliapse in ireland's housing market forced the government to overtake three major banks. Greece was bailed out in May of this year. Traders continue to watch huge debts in Portugal, Spain and Italy and the possibility of more baiiauts in those countries. Genera! Motors ("GM") has returned to trading on the New York Stock Exchange after being delisted in June of 2009 as it entered bankruptcy protection. GM has indicated that it wili expand its initial public offering by 3 I%. GM expects the common shares of its stock to sell from $32 to $33 per share. The U.S. government, which is GM's largest shareholder, pians to setl 412 miilian shares. The remainder of the shares will be sold by the Canadian and Ontario governments and a union health care trust fund. lf the U.S. government goes through with this, its stake in GM would be reduced to 33%. Consumers' demand for GM shares is strong. According to the U.S. Labor Department, fast month, the consumer price index rose Q.2%. Excluding volatile energy and food categories, the core index was unchanged for the third straight month. This data shows that consumers are continuing ta refrain from spending, as high unemployment rates continue. The federa! government is watching this closely and trying to prevent deflation, which is a fa{{ in prices and wages. Deflation can also decrease the vatue of housing and other {arge assets, which make it more difficult for consumers to recover fram debts. Food prices rose slightty (ast month. The cost of fruits, vegetables, cereals, and bakery products declined, while dairy and egg prices increased. Target Corp. ("Target"} has posted significant gains in the third guarter, boosted large(y by its credit card segment, where profit increased to $130 miilion i'rom $b4 million a year ago. Revenue at Target's retai! segment increased by 3% to $ i 5.2 bitlion, in part due to new openings of Target retaif stores. Wal-Mart Stores fnc. ("Wal-Mart") also reported an increase in revenue of 9.3%. It is specu(ated that the increase is (argeiy from the retailer's cost controls and growing international . , business. Wal-Mart has also raised its full-year profit outlook. The following chart shows the changes in the major world financial indices during the last month. October November % larkets 1 8 15 22 29 5 12 Differenc Argentina {MERV) Austratia (AORDj Austria {ATXj Belgium (SFX) Brazil (SVSP) Canada (S&P TSXj France (FCH1} Germany (GDAXi} Hong Kang (HS!} India (BSESN) Israet (iA-100) f#aty (FTSE) Malaysia (KLSE) Mexico (1PC) Netherfands (AEX) Singapore (ST!} Spain (tGBM) Switzerland (SSM!) Taiwan (TWIIj U.S. (Daw Jonesj U.S. (NASDAC� U.S. (S&P 500) 2,652.23 2,&99.49 2.,735.47 4,634.70 A,74Q.54 4,758.20 2,562.44 2,64532 $,2Q5.3Q 2,573.39 2,b22.78 2,658.7$ 70,229.�0 70,809,fl0 71,830.04 12,363 A8 12,535.53 12,609.07 3,692.09 3,753.18 3,827.37 6,212.34 fi,291.b7 fi,492.34 zx,385 22,944.d$ 23,757.63 20,445.04 20,250.26 20,125.05 �,129 ?,�i8 1,159 5,592.9fl 5,657.b0 5,7U3.40 I,46b.32 i,481.41 1,489.86 3i,$U7.48 34.�F_i4.8e 3A.741.54 333_7$ 336.53 341.Q5 3,I30.9J 3,i5's.34 3,2G4.27 1,075.$9 1.,i,fl3,04 �,22t'i.2$ 6,"18A.20 fr,363.kJ �i,kA3.00 $,144.x8 8,24�.i9 $,205.30 1t3,829.G8 ?.i,3i!6.A8 11,052.7$ �,37fJ.75 2;n�1.91 2,46a.77 1,146.24 1,165.SS 2,176.29 2,SS1.91 3,�07.41 4,719.60 4,733.40 2,698.78 2,6b8.07 2,t�43.53 2,679.�'7 69,534.00 7fJ,673.40 12,601.18 i2,676.2A 3,868.59 3,R33.5Q 6,fi05.84 6,601.37 23,517.54 23,496.32 20,165.85 2Q,032.34 1,i73 2,171 5,7Al.dt� 5,675.24 1,490.64 1,505.66 35,i20.&& 35,5b8,22 341.07 337.23 �,1?3.5? 3,147.&� 1,i23.St+ 2,i1i.�8 6,47'I.10 6,472.20 8,158.05 8;287.6� 11,132.�F ?.1.,118.�tr 2,4?9.39 �,�Q7.�1 i,183.08 i,183.26 3,35233 3,215.48 a,sn.9a a,��s.so 2,719.89 2,676.24 2,586.09 2,624.97 72,607.00 70,367.00 12,925.11 12,744.24 3,916.73 3,831.12 6,754.28 6,734,b1 24,87fi.82 24,222.58 21,004.96 20,15b.89 1,168 1,146 5,875.40 5,796.90 1,512 1,499.81 36,317.51 36,057.39 346.9 343.2 3,240.31 3,252.00 1,d68.14 1,047.32 6,587.70 6,585.30 8,444.34 8,316.05 12,444.Q8 11,142.58 2,578.98 2,518.22 1,225.85 1,199.21 21.23 3.11 4.44 1.77 0.20 3.12 3.77 8.42 8.21 -1.41 1.51 3.65 2.28 6.66 Z.si 3.87 -2.75 3.52 Q.87 3.35 6.22 4.62 ! � Up�oming Sett�ement �laim Deadlines The fo{lowing is a chart of upcaming settlement claim deadiines. We provide you with this information first in this Report because the settlements reflected below may present an opportunity for the Fund to increase its assets with little or no expense. Although institutiona! investars such as the Fund are supposed to automaticalfy receive notice of aff securities c(ass action settfements so that ciaims can be timely submitted, statistics demonstrate that many shareholders fail to submit claims for monies to which they are entitled. fn a number of cases, it has been documented that the percentage of eligible shareholders submitting claims is less than 50%. Aithough we wilt endeavor to separately notify you if we discover that you own securities for which a claim can be submitted, since we do not have an historical record of all securities ever held by the Fund, it is best if yau provide the person responsible for overseeing the submission of claims with a copy of this Report to ensure that any claims to which the Fund is entitEed can be promptly submitted. If, at any time, the Fund's staff or others require assistance in submitting a claim or foflowing up regarding the status of a claim, please contact us and we will be p{eased to assist you. COMPANY SETTLEMENT AMOUNT CLASS PERIOD PROOF OF CLAIM DEADLINE Maxim tntegrated Products, Inc. $173M 4j29j03-ij17/08 11j24/2010 FIAG Telecam Ho{dings, Ltd. $24,4M 2/11J00-2j13%02 11%30f2010 eConnect,lnc. $987,333 2/29/00-3/10/00 11/30/2010 Gilead Sciences, Inc. $8.25M 7j14/03-10j28/03 12/6/2014 Landry`s Restaurants, lnc. $14.SM 9/17/08-TBD 12j6/2Q10 Alger Mutual Funds Ai[ianceBernstein family of Funds Aitianz Mutual Funds (f/k%a PiMCO Fundsj Excelsior Famity of Funds Cofumbia Mutual Funds Invesco Funds Janus Funds MFS Mutual Funds PSHG Mutual Funds Strong Funds Kintler Morgan, lnc. US Unwired, inc. China Organic Agricutture, Inc. New Century Financia! Corporation $4.828M $74.586M $10.612M $3.632M $12.653M $20.455M $2.604M $75.042M $31.538M $13.678M $200M $9.7M $600,000 $124.827M 11j1/98-9/3j03 IO/1j98-9J30/03 2%23/99 to 2/17j04 12/22/9$-11/16/03 11/1J98-2/25j04 7f30%99-i1j24/03 1/1/00-9/30J03 7/31j99-12/8/83 7/30/99-11/13J03 1/1/99-12%31/04 5/29/05-5%30/07 5/7/oi-�/ia/ot 7/12/07-8%14/08 5/5/OS-3%13/07 ii/sl2oio 12/8/2010 12%8/2d14 12/8/2018 12/8/241Q li/s/zaio 12/8/2010 12j8/2010 12/8/2410 12J8j2010 i2/1�/ZOio i2/i3/ZOio 12j15/2010 12/15/201Q (Contirtued on page 4j r � (ConrinueQ from page 3) GOMPANY The PMI Group, lnc. Cooper Companies, inc. Opteum, (nc. Virgin Mobite USA, Inc. Zandria Corp. Satly Total Fitness AtriCure, Inc. Allou Health & Beauty Care, lnc. Goldman Sachs Group Agria Corporation National City Corp. (a.a% con�. NOt85� Stolt-Nielsen S.A. TomaTherapy, lncorporated China Sunergy Co., ltd. Skilied Healthcare Group Merix Corpora#ion Countrywide Financial Corp. Safenet, lnc. Spectranetics Corp. RSL Communications, inc. SETTLEMENT AMOUNT CLASS PERIOD $31,25M $27M $2.35M 11/2/06-3/3/08 7%28/04-11f 21f 05 9J29jQ5-8%10/07 $19.5M 10/1Oj07-3f 12/08 $455,898 4/4/00-11%29/00 $2M 8/3/99-4/28/04 $i.75M 5/10/07-10/31/08 $1.2M 6/22i98-4/9%03 $29M 7/1/99-5/7j02 3.75M 11/6%7-6j26/U$ $22.5M $2M $5M 1/23/08-12/23j08 i/i/oi-z/za/a3 s/9/a�a/��/os Si.05M 5/17/07-8/23/07 $3M 5/14j07-6/9%Q9 $2.5M 1/29/04-Sf 13J04 $624M 3/12J04-3/7/08 $25M 3j31/03-5f18jQ6 $8.5M 3/16/47-9j4/08 $6.TSM 4%30/99-12%29/00 PROOF OF CLA1M DEADLINE 12/21/2010 12/23J2010 12i23J20I0 12/31/2010 12/31/2010 i/6/ZOii 1/�/toiz 1/12/2011 1/14/2011 2/24/2811 i12a/zoi� ij24%2011 1/18%2011 i/t�/ials 2J8/2011 2J12/2011 i/ia/ZOi� 2/14/2011 2%21/2011 i/221iaii ReCOmmend.ation We have identified the following stocks in your portfolios for which you should file a proof of c(aim form: NONE IDENTtFiED. IJpCOming I�ead Plainti�� Deadlines We continue to evaluate whether it is appropriate to recommend that the Fund participate in any securities class actions that are fiied {to the extent that the Fund purchased any of the securities at issue during the proposed cfass periods or during any alternative class periods that our investigation and evaluation determines could be appropriate) or any corporate governance litigation. For your review and informatio», a chart of the currently pending securities class actions that we are evatuating appears below: COMPANY Global5antaFe Corporation DynaVox, Inc. China Green Agricutture Solar Winds, Inc. Strayer Education, lnc. Regions Financial Corp. Meta Financiat Group, lnc. The Washington Post Co. DeVry, Inc. ITT Educational Services Capella fducation Campany Recommend.ation TICKER GSF DVOX CGA SW{ SiRA RF CASH WPO DV ESI CPLA PERCENTAGE DECLINE NjA 33% NjA 23% 18% N/A 48% 8� 8% 1490 13% LEAD PLAINTIFF DEADLINE 12%3/10 i2/i3/io 12/14/10 12/14/10 12/14j10 i2/ZO/io 12/2i1ia 12J27/14 12/31/10 1/3/11 1/4J11 An analysis of each of the above cases, as well as our recommendations, appears in the case specific summaries that appear at Exhibit "A." Based upon our review, it does not appear that the Fund purchased any of the above-referenced securities during the class period. Accordingly, at this time, we do not recommend any action. �onclusion We hope ttiat this information is informative and useful. We iook forward to continuing to work on behalf of, and to protect the interests of, the Fund. If you have any questions or would like to discuss any of these matters, please do not hesitate to contact us. Shepherd, Finkelman, Milter & Shah, LLP � 9 � Securities and Corporate Governance Litigation Report Confidential—Subject to Attorney-Client Privilege Updated Through November I 5, 2010 ._.A,. R.�.<s. a .. _ . . .: ,,.,,.:.. . :., .,.:, . . ,:,, .: ��i:...„�t� ��;:.. _. .... . ,, .:., ..,�: :.. .;,:i�;., ;�,.; ;%;,`:. � ' . ..'.&ke �.. ] �. - � '.�.: �, _�. .. ' . .�i �,y `.£-�e.� rR . . : . Exhibit A Shepherd, Finkelman, Miller & Shah, LLP G�obalsanfa�e Corporation November ! S, 20 ! 0 A securities class action was filed in the United States District Court for the Southern District of New York on behatf of a ctass consisting of all purchasers of GiobalSantaFe Corporation ("GlobaiSantaFe" or the "Gompany") securities during the time period from October 2, 2Q07 through April 20, 20 { 0(the "Class Period"). The Complaint seeks remedies under the Secur+aes Exchange Act af 1934 {"Exchange Act"}. � 1. ALLEGATIONS OF THE C4MPlA1NT Transocean Ltd. ("Transocean") is a major internationa{ provider of offshore contract drilling services for oil and gas. At the time of iu merger with GtobatSantaFe, Transocean was known as Transocean Inc. and was incorporated in the Cayman Islands. After a reorganization, Transocean became a Swiss company and is now known as Transocean Ltd. The Complaint alleges that Defendanu disseminated a proxy statement on October 2, 2007 that contained false and material statements and omissions regarding safety issues at Transocean. Specificaliy, the Comptaint aiieges that, during the Class Period, Transocean misrepresented the quality of iu drilling fleet and safety practices, and tl�at the false proxy +nduced the members of the C1ass to apprave the merger with Transocean for inadequate consideration, thereby harming the Class. The Complaint aileges that, had GfobalSantaFe shareholders been futly apprised of the extreme risk of catastrophe posed by the safety practices at Transocean, they would have demanded greater consideration 'rn exchange for their GlobalSantaFe shares. It. THE SFMS SCOREGARD I 2 3 4 5 Category Poor Fair Good Very Good Excetlent Factual Allegations X Legal C{aims X Loss Causationtlnjury X urisdictionlVenue X Overall Ranking X CUSIP {SIN G3930E101 KYG3430E I 0 ! 7 Business Location j New York, NY lntorporated Carman Islands Class Period t 0.2.0T to 4.20.10 Judge laura Taplor Swain Lead Plaintifi Deadtine Venue 12.3.10 Sauthern District' of New Yo1�k I11. RECOMMENDATlONS We betieve that, during the Ciass Period, it is fikety that we can prove violations of the Exchange Act and, since we rank this as a very good case, we recommend that our institutional clients seek lead plaintiff status in this matter if they have suffered significant losses. If you have any questions concerning this recommendation, please do not hesitate to contact us. i Bricklayers and Masons Loco! Union No. 5 Ohio Pension fund v. Transocevn Ltd., ei a1., Civi1 Action No. l0-07498 (S.D.N.Y. — filed September 30. 2010 (judge Laura Taylor Swain)}. � Dynavox, Inc. November 15, 2010 A securities class action was fiied in the United States D"+strict Court for the Western District of Pennsylvania on behalf of a class consisting of all persons wfio acquired the common stock af DynaVox, Int. ("DynaVox" or the "Company"} pursuant to the Company's fa(se and misfeading Registration Statement and Prospectus issued in connection witfi iu April 21, 2014 initial public offering("IPO") (the "Class Period"). The Compiaint seeks remedies under the Securities Exchange Act of ! 933 ("the 1933 Act").' I. ALIEGATiONS OF THf GOMPLAINT DynaVax is a Delaware corporation with iu principa! executive o�ces in Pittsburgh, Pennsytvania. DynaVox designs, manufacturers and distributes eiectronic and symboi-based augmentadve communication equipment, ' software, and services and affers speech generating technology and speciaf education software salutions for individuals with speech, (anguage, physicat, and/or learning disabitities. During the C{ass Period, Defendanu misrepresented and/or failed to disclose tha� { 1) the Company was experiencing a softening of demand for its speech generating devicss and its software products; and (2) as a result, the weak demand for the Company's products wou{d cause DynaVox's financia! results to trend adversely compared to the trends included in the Registration Statement and Prospectus issued in connection with the Company's 1P0. As the truth came out concerning the Campany's operaaons, the stock declined approximately 33�. H. THE SFMS SCORECARD I 2 3 4 5 Category Poor Fair Good Very Good Excelfent Factuat Allegat+ons X Lega! Claims X Loss Causation/tnjury X urisdictionlYanue X Overall Ranking X ftt. RECOMMENDATIO�IS We believe that, during the G{ass Period, it is like{y that we can prove violations of the Exchange Act and, since we rank this as a very good case, we recommend that our institutional clients seek Eead pla+ndff status in this matter if they have suffered sigriificant losses. If you have any questions concerning this recommendation, please do not hesitate ta contact us. Tien Le v. DynaVox, lnc., et at., Civil Action No. 10-01357 (W.D.Pa. — filed October 14, 2010 Qudge Donetta W. Ambrose)). n �... China Cireen A�riculture, Inc. November l5, 2010 A securities class action was fiied in the United Sta.tes District Court for the District of Nevada on behalf of a class consisting of alt purchasers of China Green Agriculture, Inc. ("China Green" or the "Company") securities during the time period from November f 2, 2009 through September {, 2010 (the "Class Period"). The Complaint seeks remedies under the Securities Exchange Act of 1934 ("Exchange Act").� #. ALLEGATIONS OF THE COMPLAINT China Green is a Nevada corporation with headquarters in the Shaanxi province in the People's Rep�blic of China. China Green, together with its subsidiaries, engages in the research, development, manufacture, and distribution of humic acid based compound fertitizers in China. The Complaint alleges that, after it became known that China Green's comparable 2010 financia! statemenu filed with Ghinese authorities materially differed from the financiat resutu set %rth in the Company's filings with the Seturities and Exchange Commission, the value of China Green stock declined approximately 6%. Muth of the truth came to light through a June 2010 report pubiished by the Internationa) Financial Research & Analysis Group ("IFRA"), which distussed discrepancies relating to corporate income taxes. Further, the IFRA Report hightighted the Company's suspicious reporting activities with regards to iu fand acquisition cosu in Hu Counq in China. 11. THE SFMS SGORECARD 1 2 3 � S Category Poor Fair Good Very Good Excellent Factua! Allegations X Legal Claims X l.oss Causationitnjury X urisdictionNenue X Overafl Ranking X 111. RECOMMENDATIONS Although we believe that there is a reasonable possibility that the Piaintiff and Ctass will prevail in this case, based upon the alleged vioiations of the Exchange Act, we do not recommend that our institutional clienu seek lead plaintiff status in this matter, since the loss causation and factual allegations/legal claims are simply ranked good, and our own ranking of the jurisdictionlvenue for this case is good as well. As a resulc, and since we do not rank this case overall as eitFier very good or excelient, we woufd be hesitant to recommend that our institutional c{ienu take an active role in the case at this suge. If you have any questions concerning this recommendation, please do not hesirate to contact us. CUSIP 16443W k 05 ISIN US 16943W i OS3 Shaanxi, People's Susiness Location Republic of China Incorporated Nevada Class Period ! 1.12.04 to 9.l.10 Judge , >La�rry'R. �-li,cks" . Lead Plaintiff � 2. � 4.10 Deadtine Yenue ' Disfrict ot Nevada Fredrk Etliott v. Chrno Green Agricutture, lrtc., et ot., Civi! Action No. ! 0-00648 (D. Nev. — filed October i 5, 2010 (Judge Larry R. Hicks)}. �� i ,�olar�inc�.s, Inc. Navember 15, 2010 A securities ctass action was filed in the United States Disuict Court for the Northern District of Texas on behalf of a class consisting of all purchasers of SofarWinds, (nt. ("SolarWinds" or the "Company") securities during the time period from February 8, 20! 4 through July 21, 2Q10 (the "C{ass Period"). The Camplaint seeks remedies under the Securities Exchange Act of 1934 {"F�cchange Aa").� I. ALLEGATIONS OF THE COMPLAINT SolarWinds is a Texas corporation with executive offices in Austin, Texas. The Compa�y provides powetful and affordable IT management sokware to more than 93,000 customers worldwide. The Complaint alleges that, during the Class Period, Defendants mis{ed investors by misrepresenting and failing to dis¢iose materiai problems with SolarWinds' license revenues and sales to the U.S. federal government, as well as material problems witt�in the Company's sales management team that prevented SotarWinds from accurately predicting iu abitity to make and maintain saies. As a result, Defendanu' sta.tements about the Company's expected financial perEormance during the Class Period lacked a reasanable basis when made and SolarWinds stock uaded at artificially inflated prices. in response to Defendar►ts' disclosure of the Company's true financiat condition and business praspects, the price of So{arWinds fe11 23%, causing damage to investors. tL THE SFMS SCOREGARD 1 2 3 4 5 Category Poor Fair Good Very Good Exte((ent Fattual Allegations X Legal Claims X Loss CausationlMjury X urisdictionNenue X Overalt Ranking X II1. RECOMMENDATtONS A►thougfi we believe that there is a reasonable possibility that the P{aint+ff and Class wil{ prevai{ in this case, based upon the aileged vioiations of the Exchange Act, we do not recommend that our institutiona! clients seek lead p{aintiff status in this matter, since a(though the ioss causation and factual afiegationsl legal claims are good, our own ranking of the jurisdiction/venue for this case is onty fair. As a resuit, and since we do not rank this case overal! as either very good or excellent, we would be hesitant to recommend that our +nstitutional clienu take an active role in the case at this stage. !f you have any questions concerning this recommendation, please do not hesirate to contact us. C U 51 P 83416B I 09 i51N ' U58341 bB.1098 Business Location Austin, TX lncorporated Tezcas Class Period 2.8.IO to 7.21.10 �udge ; : jo�ge:�► 5olis �. Lead Plaintitf 12.14.10 Deadline Venue Northern D�st'rict ` of Yexas Danie! Rrchardson v. SolarWinds, lnc., et at., Civil Action No. 10-02Q85 {N.D.Tex. — fiied October 15, 2010 (Judge Jorge A. Solis}). ,�trayer �c�.ucation, Inc. November ! S, 2018 A securities class action was filed in the United States District Court for the Middie District of Flarida on behaif of a class consisting of aN purchasers of Strayer Education, Inc. {"Strayer" or the "Company") securities during the ame period from November I, 2007 through August I 3, 20 i 0{the "Ciass Period"). The Complaint seeks remedies under the Securities F�cchange Act of 1934 ("Exchange Act").' 1. AL�EGATiONS OF THE COMPLAINT Strayer is a Maryland corporation w+th executive offices in Virginia. The Company is a for-profit post-secondary educadon services corporation with approximately sevenq-eight physical campuses in the United States. Strayer also maintains online programs and conducts substantia{ business in Florida. The Complaint alleges that, during the Class Period, Defendants failed to disciose that the Company had been engaging in abusive and fraudulent recruiting and financial aid lending practices, thereby increasing Strayer's student enroflment and revenues. In August 201 Q, the U.S. Department of Edutation released data on student-loan repayment rates which showed that the repayment rates at 1TT were merely 25%. When the news involving the U.S. Deparunent of Education's August 20 { 0 report came out, ITT's stack price fell near{y I 8.37% from its Ciass Period high. [L THE SFMS SCORECARD t 2 3 4 5 Category Poor Fair Good Very Good Excellent Factuat Allegations X l.ega! Claims X l.oss Causationllnjury X urisdictionlVenue X Overa!! Ranking X itl. RECOMMENDATIONS We believe tfiat, during the Class Period, it is likely that we can prave violations of the Exchange Act and, since we rank this as a very good case, we recommend that our institutional clienu seek lead plaintiff status in this matter if they have suffered significant losses. tf you have any questions concerning this recommendation, please do not hesitate to contact us. ! Margaret Jayne Kinnett v. Strayer Education, lnc., et al., Civil Action No. 10-023 ( 7(M.D.FL. — filed October 15, 20t0 Qudge Steven D. Merryday}}. CUSIP j86323b105 i51N {US863236145.6 1 Basiness Location � Virginia Inco,rporated Maryiand Class Period lu_c1,ge I 1.1.07 to 8.13.10 Steven D. . �` Merryday Lead Plaintiff � Deadline � 2. � 4. � � : Middfe C��st`rict of ; Venue � ° plorida _�� Regions �inancia� C'orporation November t 5, 20I0 A securities class action was filed in the United States Disuict Courc for the Northern Distritt of Atabama on behaff of a class consisting of a!I purchasers of Reg+ons Financial Corporation {"Regions" or the "Company") securities during the time period from February 27, 2008 through January 19, 2009 {the "Class Period"}. The Complaint seeks remedies under the Securities Exchange Act of I 934 ("Exchange Att"}.' I. ALLEGATlONS OF THE COMPLAfNT Regions is a Delaware corporation with offices througl�out the South, Midwest and Texas. Regions' principai executive offices are located in Birmingham, Alabama. Regions provides consumer and commercial ba�king, trust, securities, brokerage, mortgage and insurance producu and secvices. The Company also offers uaditionai commercial, retail and mortgage bantting services, as wel{ as other financial services in the fie{ds of investment banking, asset management, uust, mutuat funds, securities brokerage, i�surance and other specialty financing. During the Class Period, Defendanu failed to disdose, among other things: (a) that the more than $6 billion in "goodwill" Regions tarried on iu books since the November 4, 20Qb acquisition of AmSouth Corporation ("AmSouth") was grossly impaired and overstated; (b) that, subseq�ent to the AmSouth acquisition, Regions had failed to praperly test fo� and write down impaired goodwill, causing the Company's balance sheet and reported financial resulu to be artificially initated; and (c) that Regions was operating with woefuliy deficient internai conuals, resulting in inaccurate and misleading finantiat disc{asures, in violation of Generally Actepted Accounang Princip{es, including improperly reporting its goadwill. As tfie truth came out concerning the Company's operations, the stock price declined significantly at the end af the C{ass Period. !t. THE SFMS SCORECARD 1 2 3 4 5 Category Poor Fair Good Yery Good Exceilent Pactual Afiegations X legal Claims X Loss Causationtfnjury X u�isdictionlVenue X Overall Ranking X Ifl. RECOMMENDATIONS We believe that, during the Class Pe�iod, it is likely that we can prove violations of the Exchange Act and, since we rank this as a very good case, we recommend tf�at our insdtutional clients seek lead plaintiff status in this matter if they have suffered significant losses. If you have any questions concerning this recommendation, please do not hesitate to contact us. � `. eo O � ,o a o.�. avzoot ninxooe +azxzaoa vux000 I taca! 703, t 8 of 7 Grocery and Food Emptoyees Wetfo�e Fvnd v. Regions Finencial Corporotfan, et ot., Civil Action No. �0-02847 (S.D.N.Y. — filed October 20, 20t0 {judge Inge P. johnson)). �� Meta �inancial Group, Inc. November 15, 28l0 A securities class aaion was filed in the United Srates Distria Court for the District of lowa on behalf of a dass consisting oi all purchasers of Meta Financial Group, inc. ("Meta Financia(" or the "Company"} securiaes during the time period from May 14, 2009 through October (2, 2010 {the "Class Period"}. The Complaint seeks remedies under the Securities Exchange Act of 1934 {"Exchange Act"). ' t. ALLEGATIONS OF THE COMPLAtNT Meta Financial is a Delaware torporation with executive affices in Storm Lake, lowa. Meta Fina�cial operates as the holding company for Meta6ank and Meta Trust Company, providing various financial services and genes-ating various deposit producu, +ncfuding statement savings accounu, money market savings accounu, checking atcounu and certificate accounts. The Complaint alleges that on October I 2, 2010, Meta Financial filed a report with the Securities and Facchange Commission announcing that the Office of Thrift Supervision ("OTS") had advised the Company, as early as October 6, 20 i 8, tt►at it has determined that Meta Financial had engaged in u�fair or deceptive acts or practices in violation of Section 5 of the Federal Trade Commission Act and the OTS Advertising Reguiation in connection with the Bank's operation af the iAdvance program, and required the Bank to discontinue a1i iAdvance line of credit origination aaiviq by Ottober I 3, 2Q I 0. Wfien the truth came out that the Cornpany had materiafiy misrepresented iu financial and operational condition, the Company's stock collapsed over 40%. tt. THE SFMS SCORECARD t 2 3 � 5 Category Poor Fair Good Very Good Excetlent Factual Qttegations X Lega! Claims X Loss Causationttnjury X urisdictionlVenue X Overalt Ranking X 111. REGOMMENDATtONS Although we believe that there is a reasonable possibitity that the Plaintiif and Class wilt prevail in this case, based upon the alleged vioiations of the Exchange Act, we do not recommend that our institutional clienu seek lead piaintiff status i� this matter, since the loss causaaon and factual allegationst{ega! claims are simply ranked good, and our own ranking of the jurisdictionlvenue for this case is good as well. As a result, and since we do not rank this case overali as eitfier very good ar excelient, we woutd be hesitant to recommend that our institutiona! clienu take an active roie in the case at this stage. ff you have a�y questions cancerning this recommendation, please do not hesitate to contact us. CUSIP 59 I QOU l 08 ISIN US39100U 1088 Business Location Storm Lake, IA Incorpor�ted Delaware Class Period 5.14.09 to 1 d.12.10 ��Qge : �onald '�. O`$rien : Lead Plaintiff � Z 2 �. � � Deadline � �` � � � Northern Dittrict ;, Venue of Iowa I Thiramalesh 8hat v. Meia Finoncio! Group, lnc., et at., Civil Action t3o. 10-04499 (N.D.lowa — filed Occober 22. 2010 (Judge Donald E. O'Brien}). ��', The Washington Post Company Navember 15, 20 i 0 A securities class action was filed '+n the United States Distria Court for the Distria of Cotumbia on behalf of a class consisting of al! purchasers of The Washington Post Company ("Washington Post" or the "Company") securities during the time period from July 3 t, 20Q9 through August I 3, 20 t 4(the "Class Period"}. The Complaint seeks remedies under the Securities F�cchange Act of I 934 ("Exchange Act"}.' t. AiLEGATI4NS OF THE COMPLAINT Washington Post is a Delaware company and maintains offices i� Washington, D.C. Washington Post is a diversifled education and media company. The Company's Kapian, Inc. ("Kapian") subsidiary is a for-profit educational institution that provides an extensive range af education and re{ated services worldwide for studenu and professionals. The Complaint alleges that, during the Class Period, Defendants issued materialfy false and misleading statements regarding the Company's business and %nancial resulu. Specifically, the Comptaint alfeges that Defendanu failed to disclose that the Company had been e�gaging in abusive and frauduient recruiting and financia! aid lending practices, thereby increasing Washi�gton Post's student enrotlment and revenues. In August 2010, the U.S. Deparunent of Education released data on student-loan repayment rates, which showed that the repayment rates at Washington Post's Kaplan University were merely 27%. When the news involving the U.S. Department of Education's August 2d 10 report came out, Washingto� Post's stock price fell nearly 8.10% from iu Class Period high. 11. THE SFMS SCC}RECARD I 2 3 4 S Category Poor Fair Good Yery Good Excelfent Factual Atlegatioes X Legat Gaims X loss Causation/lnjury X urisdictiontVenue X Overalf Ranking X lli. RECOMMENDATiONS Atthough we believe that there is a reasonab{e possibility that the Pfaintiff and Ciass witt prevail in this case, based upon the al}eged violations of the Exchange Act, we do not recommend that our institutional clients seek lead pkaintiff status in this matter, since the loss causation and factual ailegations/1ega1 claims are simply ranked good, and our own ranking of the jurisdiction/venue for this a C � O � o0 ae o., I p.e il 0.5 a. o.s o.z o, case is good as we{I. As a result, and sinte we do not rank this case overall as � °•'• °"„°°° ,",°"°°° "'•"°,° ""'°,° ,°„"�°,° either very good or excellent, we would be hesitant to recommend that our institutionai clients take an attive role in the case at this stage. if you have any quesaons concerning this recommendation, pfease do not hesicate to contatt us. 1 Ptumbers toca! #200 Aensron Fund v. the Woshington Post Compony, et at., Civil Action No. 10-01835 (D.D.C. — filed October 28, 2010 Qudge Paul L. Friedman}). � DeVry, Inc. November i S, 20 t 0 A securities class action was filed in the United States District Court for the Northern District of Iliinois on behalf of a class consisting af att purchasers of DeVry, tnc. ("DeVry" or the "Company") securiaes during the time period from October 25, 2407 through August I 3, 201 Q{the "Class Period"}. The Complaint seeks remedies under the Securities Exchange Aa of 1934 ("Exchange Act").' l. ALLEGATfONS OF THE GOMPLAINT DeYry is a Delaware corporation with executive offices in Carmei, indiana. DeVry is a global provider of educationai services and the parent organization of Advanced Academics, Becker Professiona( Edutation, Carrington Co!(ege and Carrington Co4lege California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University. TF►rough these institutions, DeVry offers a wide array of programs in business, healthcare and technology and serves students in middle school through postsecondary education, as weil as accounting and finance professionais. The Complaint alleges that during the Class Period, defendanu failed to discbse that the Company had been engaging in abusive and fraudulent recruiting and financial aid iending practices, thereby increasing DeVry's student enrollment and revenues. In August 2010, the U.S. Department of Education released data on student-loan repayment rates and it showed that the repayment rates at DeVry were merely 3$�. When the news involving the U.S. Department of Education's August 2410 report came out, DeVry's stock price fell nearly 8.76% from iu Class Period high. ll. THE SFMS SCORECARD 1 2 3 4 5 Category Poor Fair Good Very Good Excellent Factual Atlegations X Legal Claims X Loss Causation/tnjury X urisdictiontVenue X Overaii Ranking X Ili. RECOMMENDATIONS We believe that, during the Ckass Period, it is likely that we can prove violations of the Exchange Att and, since we rank this as a very goad case, we recommend that our institutionai clients seek lead plaintiff status in this matter if they have suffered significant losses. If you have any questions concerning this recommendation, please do not hesitate to contact us. � �8 C O � ,. a o.e. uu�ooe td31f]OOt era:roo ,r�vzo�o e,rnzo+o { Boca Roton Firefighters' ond Police Aension Fund v. DeVry, Inc., ei al., Civil Action No. 10-07031 (S.D.fJ.Y. — filed November I, 2014 {Judge Blancfie M. Manning)}. � ITT �duCational ServiCeS, InC. November 15, 201 Q A securities class action was filed in the United States District Court for the Southern District of New York on behalf of a ctass consisting of all purchasers of 1Ti Educational Services, Inc. ("lTT" or the "Comparty"} securities during the time period from October 23, 2008 through August ! 3, 2010 (the "Glass Period"). The Complaint seeks remedies under the Securities E�cchange Act of I 934 ("Exchange Act"}. ` i. ALLEGATtONS OF THE COMPLAtNT ITT is a Delaware corporation with executive offices in Carmel, Indiana. The Company is a national for-profit college system focused on techno(ogy- oriented programs of study, conducts substantial business in New York The Company operates over 105 ITT Technical Institutes in 37 states whict� predaminantly provide career-focused degree programs to approximately 74,000 students. Duriag the Ciass Period, Defenda�ts fai{ed to disclose, among other things, that (i} the Company had engaged in improper and deceptive recruiting and financiai aid iending practices and, due to the gove�nment's scrutiny into ttse for-profit education sector, the Company would be unable to contiaue these practices +n the future; (ii) the Company iai{ed ta maintain proper internat controls; {iii) many of the Corr�pany's programs were in jeopardy of lasing their eligibiliq for federal financia! aid; and {iv} as a result of the foregoing, Defendants' statements regarding the Company's frnancial performance and expected earnings were faise and misleading and lacked a reasonable basis when made. tn August 2010, the U.S. Department of Education re{eased data on student-loan repayment rates, which showed that the repayment rates at ITT were merely 3 I%. When the news involving the U.S, Department of Education's August 2010 report came out, {TT's stock price fell nearfy i 4.61 % from iu Cfass Period high. It. THE SFMS SCORECARD 1 2 3 4 5 Category Poor Fair Good Very Good Exceltent Factual Aitegations X Legai Ctaims X Loss Causation/tnjury X urisdictionJVenue X Overall Ranking X lll. RECOMMENDATIONS We betieve that, during the Class Period, it is iikeiy that we can prove violations of the Exchange Act and, since we rank this as a very good case, we recommend that our institutional clienu seek lead plaintiff status in this matter if they have suffered significant losses. !f you have any questions concerning this recommendation, please do not hesitate to contact us. CUSlP ( 458688 t 04 1SIN � US4SOb8B f 09 � Business Location Carmel, fN 1ne6w�ptlrated " ' lyelaware Class Period 10.23.08 to 8.13.10 judge . , V�ctor: Mar'rero Lead Ptaintiff � t3� � � Deadline Southern Distritt ` Yenue �: �� af New York �� 1 Operating Engineers Construaion t�dustry and Misceltaneous Pension Gund v. !TT Educationat Serrices, et al., Civil Actio� No. f 0-08323 (S.D.N.Y. — fiied November 3, 20! 0(Judge Victor Marrero)}. � Cape��a �a.ucation Company November t 5, 20 t 0 A secus-ities c}ass aaion was filed in the United States District Court for the Disuict of Minnesota on behaff of a class consisting of aN purchasers of Capella Education Company ("CaQella" or the "Company") securities during the time period from February 16, 2010 through August 13, 2010 (the "Class Period"}. The Complaint seeks remedies under the Securities Exchange Act of t 934 {"F�cchange Act").' t. ALLEGATIONS OF THE COMPLAINT Capella maintains offices in Minneapolis, Minnesota. Capella is a national feader in online education and its wholty-owned subsidiary> Capefla University, is a regionatty accredited online universiq. The Complaint alleges that Defendants failed to discfose that (i) the Company had engaged in improper and deceptive recruiting and financial aid lending practices and, due to the government's scrutiny into the for-profit education seaor, the Company wauld be unable to conanue these prattites in the future; (ii) the Company faiied to maintain proper internal controls; {iii) many of the Company's programs were in jeopardy of losing their eligibiliq for federal financial aid; and (iv) as a result of the foregoing, Defendanu' statements regarding the Company's financiai performance and expected earnings were faise and misleading and tacked a reasonabie basis when made. in August 20 t 0, the U.S. Department of Education released data on stadent-loan repayment rates, which showed that the repayment rates at Capefia were merely 40%. When the news involving the U.S. Department of Education's August 2Q i 0 report came out, Capefla's stock price fell nea�ly 37.5% from its Ctass Period high. I1. THE SFMS SCORECARD t 2 3 4 5 Category Poor Fair Gooci Very Good Excellent Factuai Allegations X Legal Ciaims X Loss Causationllnjury X urisdictionNenue X Overati Ranking X li{. RECOMMENDATIONS A(thougfi we betieve that there is a reasonable possibiiity that the Plaintiff and Class will prevai{ in this case, based upon the alleged violations of the Eacchange Att, we do not recommend that our institutio�af clients seek lead ptaintiff status in this matter, si�ce the loss causation and factual allegaaons!{ega{ claims are simply ranked good, and our own ranking of the jurisdiction/venue for this case is good as well. As a result, and since we do not rank this case overall as either very good or excelfent, we would be hesitant to recommend that ou� N O .s E � � 0 o.e. uurzo�o uiuimo erwioto arsrzaro wrvm+a institutional clients take an active ro{e in the case at this stage. tf you have any questions concerning this �ecommendation, p{ease do not hesitate co contact us. I Police Pension FunC of Peoria v. Capella Education Company, et al., Civil Action No. 10-04474 (D.Minn. — fited November 5. 2d10 Qudge John R. ��`ti�• �, SHEPHERD, FINKELMAN, MILLER & SHAH, LLP .�tttt�r•ricys.tt / att� 1640 Town Center Circle, Suite 21b . Weston, FL 33326 Telephone:954-515-0123 • Fax:954-515-0124 www.s{mslaw.com Jayne A. Goldstein� jgotdsteinna sfmstaw.com December 27, 2010 Bonnie Lindberg Pension F'und Administrator Tegrit Pl�in Administrators 4360 Northlake Bivd., Suite 206 Palm Bea.ch Gardens, FL 33414 Robert A. Sugarman, Esquire Sugarman & Susskin 100 Miracle Mile, Suite 300 Coral Gables, Florida 33134 Re: City of Palm Beach Gardens Firefighters' Pensian Fund Dear Borinie and Bob: This letter accompanies your December 201Q securities monitoring repart, prepared by the attorr�eys at Shepherd, Finkeiman, Milier & Shah, LLP. We have reviewed your portfolio and herein provide you with infortnation regarding each case, whether recently filed or recently settled, t}�at warrants your attention. Iti addition to your reports on new securities filings or settlements, out of an abundance of caution �ve have also provided a camprehensive Iist of recent securities class action settlements. Because some ciass periods might predate the investment recards provided to us, please forward this tist to your custodian bank. Finally, you can expect your next securities litigation report mid January. Please do not hesitate to contact me if you should have any questions. Sincerel:y, r� �,�� , � C� �� _ _ � �� Jayne A. Goldstein JAG/dt cc: Brand��n Davis � Admitteci to practice !aw in PA &FL CALIfORNtA . �ONNKT7�UT . FLORlDA • NFW )FRSEY ■ PENNSYLVANIA ■ WKCONSIN . � �;: x ' 'i � ;:. �; :; � ��: � • , ; ,, ; � ' � ,e z •5�;: y . b: . ��-_.;: ":�.;r;' �- �: '�'<"`""�--`� �. ._ . , � ,�:::--;.�.;_ •-- R.= Df Palm B r= —�— � — ---f e ,� � : , � �.�, '��„ � �� '�` ` 4' `. f t :': i� y��k`'�� ',�.k,. C "�� f � �iE'�.. i � .3kW" ��r.#�! g ::`aY+ F . , ,�.. . � . � . �*�.��, �•� �"�y��. � �� -, .,," , . ,� �: Yt � �� #��' +`" 4wr +'� « '�o�r � � ##�� a ��'�� * �k � at� � r ,i �' � �r'" . aM - �Y � ��n# � �a7a� �r'�'� 4�� *� s`*� ��4�R�� "#'�;w� ! � {! •�, °' '< , i`, �°� �'��'�'�y�,�+k *�� M1F,�1t!�+r ��l�s, . •'k'�j,.M��y�` �7'�;k� � �: " v +;,. 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" t � �} Z � V„� ti d�� _ �� y �:k,�. �' - �,� t - ' . . �. �. . .. . - ' v .x � � �:'� � h° :. �, {�n 5. �.d` � j t f � . � . `' �,'�a' i,� � � � � -: 5� a '�� s k -< +�� G�� £vp a n i .. . r ty�sz� �„'k -.. - , . � ,. . ,� .�. . - _-� . :. r ,r�z, • *, �' � �� :. . fi��'�� 4 r� -� .. t � �� .. . .. . ��... i (�� h� , .. ��'q�tr. , , . . .. . . _ ._ u$@X .. , ,. .. „ .+� . ....✓..o _ _ 'G:7:, �� ., � �i ,., � ��?�� f � �9{yp� HY� i R 'R4'�:i �'., 1� ;� : z.t:'., '`�/ { ' +k' r_,. . .. .r',� Introduction ��larket Analysis y �:� . �'asy . __ lJpcoming Settlement Claim Deadlines IJpcoming Lead Plaintiff Deadtines iConctusion . .. . =..'aw:.. °� : . . „ . . . . . »�. x,� � . ., :,..u,.;, ,S I -2 � :a �'^ �'r 3-4 �y j:-;,��; .-. 5 ' �,� � x-. � �;,�,�;: , .. : ;�*; y; ,, 5 � '��`"�*�,:� . � ,��.,� , �,y�,�, , . � . � � �� s � y � °� � _= f� � ; � � � �� ; �* t � F � � � � � `��_ �` ` �` ��: �� } �� 3� � ' :i � ^ ! �. Y � .�'. s , y kiy kf�, � �: , : . �.... o-q�y,. � �� ,,,'�' �`"� 'h' x . �, � ��S � , � -: t �`fi. {. - . ' . . � �t6 � �� . 1 ws�% �,.. . , S�, . .,. ' .. ' �% : `.L �3c.. � ��4 . � 7�F. 7� . . 3 �+�` ,�,''� �`r�$ �� 4 4 .; t. ' � . xiJ R T y. r ; , - ' x � 5 :,� _ . . . . . + Sl r � y.. Y' �. . �. � ¢��1 .. r . .. ' h :; y Y ) ' T :' -.. . .. , . .. .. .k �yi G ip� � ' . � � u�,t � 16 '�_ �� ' _ - . . , e S� xY � _ . .. 4 ��'�` � ;4��i� � - � �� . �t �,: -,t,r �i�:.'�{.��,�y�a :. ... . - . � . 3 r; ' � r " y �,,, � � : �; � r ` �f� � � �� " L:; �r ': ��5 . . s :.f��'`!R?.>. � � � � � �� . ._ . .. . , ,y..f..,; ..t�� h� � C � f�^� : �.; � � y,.` +� Nk'=1 h l �' ;h'� . . . } �j - �� i. +% 3 A S� ii� . }' , �� k£t _�d�,� . F;t,.-. � s �� Y� . : �;2 � t�� :n�� IntroduCtion an�. Summary We are pleased to present you with this monthly report regarding securities and corporate governance litigation. Within this report, we are providing you with a{ist of securities cases that have settied and a list of all recently filed securities class actions. We wil) continue to inform you and highlight if �:he �und purchased stock during the Class Period in any of the as-filed dass actions. Should you have a��y questions at any time, piease do not hesitate to contact us. Shepherd, Finkelman, Mitler & Shah, LLP �ar�2E�t �n.alysis Srocks were higher this month in light of new employment and housing data. Unemptoyment claims dro�pped in the U.S. this month, suggesting growth in the labor market and signs of improvem+�nts in the ecanomy. A report iss�ed by the U.S. Commerce Department showed new constructiun rose 3.9%; however, permits far future home construction dropped to a one and a half year low. The Commerce Department also reported that Americans are purchasing more imported goods, reasoning that demand for clothing, faotwear and household appiiances boosted imparts. Mc►rtgage rates rose this month from record lows in previous months, and yields on Treasurie�. have risen sharpiy recently. Mortgage rates generaily track Treasury yietds. Foreclosure fitings havE; dropped by approximately 2 i% this month. It is estimated that there are five million home loans that are delinguent right now and not yet in foreclosure. tt is expected that a{arge number of these wifl fatl into foreciosure in 201 I. It is estimated that home prices wiii continue to falt in the New Year•. FedEx Carp. ("FedF�c"} reported quarterly results this month that r»issed expectations. However, FedEx raised its fuii-year outtook on stronger-than-expected holiday volume and an improved ecanomic forecast. FedEx expiained that while shipments improved 'sn ail of its units, growth m.oderated in its international priority unit, which inciudes exports of higfi-value items, such as iPods and computer parts. G�eneral Motors ("GM") repurchased the rest of the preferred shares owned by the governmE:nt for $2. i bitlion. The shares were purchased by GM for $25.50 per share, which was a 2% premium to their liquidation value. GM had an initial public offering in October for $l3.5 billion. The government stit( holds over 540 miiiion shares of GM common stock, which represents about one third of .GM's equity and is valued at $ I 6.6 bittion. GM still owes the government about $26.4 billian fo�- the baifout. 4.l�j;;�n ,. The follov+ting chart shows the changes in the major worid financiai indices during the tast month. Navember December % larkets 5 12 19 26 3 iQ Differenci Argentina (11AERVj Australia (Ai�RDj Austria (AT�;) Beigium (BFX} Brazil (BVSPj Canada (S&IP TSX} France (FCN1) Germany (G�DAXi} Hong Kang (HSl} fndia (BSESIN} Israel {TA-100) Itaty (FTSE) Malaysia (N;LSE} Mexico ({Pt:) Netherlandls (AEX) Singapore I;STi) Spain (IGBIVI) Switzertan�d {SSMt) Taiwan {TU'UIt) u.S. (Dow .tonesj U.S. {NASC►AQ) U.S. (5&P !�00) 3,352 4,873 x,�zo 2,fi86 72,6fl7 12,925 3,917 6,754 24,877 21,005 1,16$ 5,875 1,512 36,318 347 3,240 1,Q68 �i,588 8,449 11,444 2,579 1, 226 3,215 4,779 2,fi76 Z,s2� 70,367 12,749 3,831 6,735 24,223 2Q,157 1,�.46 5,797 1,5QU 36,057 343 3,252 1,047 6,5ti5 8,316 11,193 2,51$ 1,299 3,261 4,718 2,732 2,665 70,898 12,956 3,86Q 6,844 23,606 19,585 1,167 5,733 1,506 36,601 �a� 3,197 1,OS1 6,591 8,306 11,204 2,518 �,zoo 3,3Q3 3,422 3,391 a,sga a,�so a,sso 2,681 2,755 2,830 2,580 2,6i5 2,628 68,226 69,766 68,342 12,893 13,179 13,239 3,729 3,751 3,857 6,849 6,948 7,QQ6 22,877 23,321 23,163 19,137 19,967 19,509 1,164 1,165 1,198 5,669 5,745 5,813 1,492 1,581 1,507 36,905 ; 37,385 37,678 336 342 350 3,158 3,172 3,185 975 1,023 1,031 6,484 6,441 6,519 8,312 8,624 8,719 11,092 1l,382 11,410 2,535 2,591 2,638 1,189 1,225 1,240 1.15 -a.ss 4.Q5 -2.26 -5.87 2.43 . -1.52 3.73 -b.89 -7.12 2.57 -1.06 � -0.31 3.75 0.95 . -1.69 -3.50 -1.04 3.19 -0.29 2.27 I.19 � Upconzia�g Settlernent C�aim Deadlines Th�: foltowing is a chart of upcoming settiement daim deadlines. We provide you with this informatioa firsE in this Report because tiie settlements reflected below may present an apportunity for the Fur�d to increase its assets with little or no expense. Although institutional investors such as the Fund aire supposed to automatical(y receive notice of at( securities class action settlements so that ciaims can be timely submitted, statistics demonstrate that many shareholders faii to submit ciaims for monies ta which they are entitled. !n a number of cases, it has been documented that the percentage of eligible-:►harehoiders submitting claims is less than S4%. �� Aithough we wifl endeavor to separateiy notify you if we discover that you own securities for which a c!<<im can be 5ubmitted, since we do not have an historicai record of all securities ever held by the Fund, it is best if you provide the person responsible for overseeing the submission of claims with a copy of �this Report to ensure that any ciaims to which the Fund is entitted can be promptly submitted. if, at any time, the Fund's staff or others require assistance in submitting a claim or foltowing up regarding the status of a claim, please contact us and we will be pleased to assist you. COMPANY The PMI Group, Inc. G�oper Companies, {nc. � Opteum, lnc. Virgin Mobife USA, tnc. Zandria Corp. Balty Totat Fitness AtriCure, tnc. Allou Health & Beauty Care, Inc. �Gatdman Sachs Group Agria Corporatian TainoTherapy, lncarporated Natianat City Garp. (4.0% Conv. Notes) �ETTLEMENT�MOUNT $31.25M $27M $2.ssM $19.SM $455,898 $2M $2.75M $1.2M $29M 3.75M $5M $22.snn �LASS PERtOD 11/2%Q6-3/3/08 7%28/04-11/21/05 s12s/os-s/io1a7 1Oj10j07-3/12/08 4/4J00-il/29/00 8/3%99-4/28/04 5/10/07-10/31j0$ 6/22/98-4/�/a3 7/1%99-SJ7%02 si/�Io�-6/2�/as s/9/a7-713i/oa 1j23/08-12j23/08 PROOF OF CLAtM DEADLINE i2j21/2d10 12/23J2014 22/2�/2oio 12%31%201Q 12/31/2010 ljb/2Q11 i/�/2oi� 1J22/2021 1/14/2011 i/aa/2aii i/18I2oi1 i/2a/iosi (Convnued on {�oge 4) � (Cor+trnued from Page 3) �OMPANY Stalt-Nielsen S.A. Chin�i Sunergy Co., ltd. Skilleci Heaithcare Group ME�rfx Carporation Caunt�Mride Finan�ia! Corp. Safenet, Inc. Hemispherx Biopharma, lnc. Sp�=ctranetics Corp. RSL Ctsmmunicatians, �.td. Micran Technology, inc. � PROOF OF CLAlM SETTLEMENT AMOUNT CLASS PERIOD DEADLiNE $Znn 2/i/os-2i2o/a3 1/24%2011 $lASM 5J17JQ7-8/23/07 1/27/2011 $3M 5/14/07=6/9/09 2%8%2011 $2.SM 1/29j04-5j1�3/44 2%12/2Q12 $624M 3/12%04-3J7J08 2/14/2411 $25M . 3/31f03=5/18%06 2%14/2Q11 $3.6M 2/18/09-12/1/09 2%19/2013 $8.5M 3f 16jQ7-9/4%08 2/21/2411 $6.75M 4/30/99-i2/29j00 2i22/2011 $42M 2J24/01-9/18/02 2/28/2011 Giid�n Activewear, inc. $22.5M 812/a�-a/2�1a8 3j10/2011 Dendrean Corporation $16.5M 3%29/07-5/8/07 3/10J2011 Force Pratection,tnc. $24M 1J18%07-3J14j08 3/11/2011 GSI Group, lnc. NTStarcom, lnc. ' Toli Brothers, inc. Conseco,lnc. Se��rs, Roebuck & Co. $3.25M 2/27%07-6%30/09 3J11/2011 $2.9M 2/21/03-7j23J07 3/11j2011 $25M 12J9/04-i1/8/05 � 3%16j2011 $41.465M 4%24/81-8%9%42 3j23j2Q11 $55,000 9/g/04-11/25J04 4/21/2011 (sales onty) ReCO:mmend.ation V�/e have identified the fotlowing stocks in your portfolios far which you shouid fi(e a proof of ctaim for��n: NONE IDENTtF1E�. � UpCOrn�ing I,ead. Plainti�� Deadlines We�continue to evaluate whether it is appropriate to recommend that the Fund participate in any securitiies class actions that are filed (to the extent that the Fund purrhased any of the securities at issue during the proposed class periods or during any alternative class periods that our investigatian and evaluation determines could be appropriate) or any corporate governance litigation. For your r�eview and information, a chart of the currently pending securities c(ass actions that we are evatuating ,�ppears below: COMPANY PrivateBancorp, tnc. The St. Joe Company Gentuva Health Services, Inc. RINO International Corporation Wilmington Trust Corporation Green Sanksha�es, Inc. IMELA Sciences, Inc. Lender Processing Services, Inc. China Education Alliance IMecox Lane Limited SMARTTechnologies, fnc. Genoptix, lnc: National Lampoon, Inc. �2ecornzmena.ation � PVTB JOE GTIV RINO WL GRNB MELA LPS CEU MCOX SMT GXDX NlMP.pk ,PERCENTAGE DECLINE N/A N/A 1996 15°.6 41°� 43°.6 54% 14% N/A N/A N/A 23% N/A LEAD PLAINTIFF QEQDLINE 12/21/10 1/3/11 1/7/11 1/14/il 1/18/11 1/19/11 1/21/11 1/22/11 1/31/11 2/1/11 2/1/11 2/4/11 2/7/11 A�n analysis•of each of the above cases, as well as our recommendations, appears in the case specific summaries that appear at Exhibit "A." Based upon our review, it does not appear that the Fund purchased any af the above-referenced stocks during the respective class periods. �OriC�uS10ri V'Je hope that this information is informative and useful. We fook forward to continuing to work on behalf of, and to protect the interests of, the Fund. !f you have any questions or would like to discuss any of these matters, please do not hesitate to contact us. �� rb ��. �� •� � �. �. �� ,� � ; �. �� ,��. .:r 3s�, �, ,�;`�', `�' ,� :- '��,�` ,." >� � ��.. ,� � �^ � _ „„°,�:. ��'t � .. �� . _' 3., ,:f • `.it: .,N �..;;_ri i � �� . _ � �� '�' � � � j ' r ax . ` � � � a 3" � s` � { , � . �j�� - '�� S i f r i� ��X' S .. . . i�x. �, � �� . . . . l i- . . �.C'�' . '� �'��, R ,. � � � �. .. ¢: ' � n � � . '� ry ��`.:-. ( . '��. E�",' - * �� : � i Y � �3 ` .. . , �. - . . J- Y �� S ; /"� ;�� } t. c�fp✓;�� ;�. �� .N '. . . _ - . . � � - ._ , ._, ... . ?'. ?�� R �h' , �.y * 5.': - ' �. i �cai3exC� - _ - . : A �'r,� �;ti�A�y� � � - " - - . - � . � i »+ ,i��:': y- ��x� . � � . . �� f`,3��€�r ¢ . ",;�1 x ' �� ' 4 x:: � t�' .. V. .d'-' �:r . ' _ �� . ,i r - � ^'� . � '6 t'� � . . � �} � � . r�° . . _ „� „:�"`�z�Z.,�'fa.'1." ��'��„�q�_ •. . . - . - . - . . �. �� j i. l 3� � � �� : t i+; � r #u ; . ". 5 � , z :u f, .. t ��s� �Y � �P s§ 'C S� . _ _ . , . . _ . . . _ , e �, . ,� k,ak�ti aX �k en .1� �'%r� ". . .. . �y Fr . i�:� � . �l' s _ � � C� ,. � � , � %� � � �. C, , r 8 _ . . - . �� f � a�* . . . . 1'.i '44� f 3� t�.:: �� *:: -: . � . � . ,,.... .. � �; . , , . . : . ... .r _ .-. ., . _. .aa.,6 ,, ,SriY;r;. �d!�� Private.Bancorp, InC. December 15, 28l0 A securities class aaion was filed in the United States Districr. Court for the Northern Distritt of Illinois an behalf af a c(ass consisting of a�ll purchasers af Private6ancorp, tnc. {"PrivateBancorp" or the "Company") securities during the time period from November 2, 2007 thraugh Octo,ber 23, 2009 (the "Class Period"). The Complaint seeks remedies under the Securities Exchange Act of ! 934 ("Exchange Act"}.' {. AL�EGA'i�lONS OF THE COMPLAlNT PrivateBancorp is a Delaware corporation with executive o�ces in Chtcago, tllinois. Priva�teBancorp is a#inancial services company that concentrates on commecciai b�anking and private banking for high-�et worth individuals and famiiies. The Complaint alleges that, during the Class Period, Defendanu failed ta disclose t4��at the Coci�pany generated hundreds of millions of do{lars in risky commercial a.nd industrial (oans pursuant to its Strategic Growth and Transfarmation Pian anc! that the Company's residentiat toan portfotio was suffering seve:re:deterioratian. During the Ctass Period, while the Company's stock traded at actificially inflated prices as a result of Defendanu' material misrepresent�tians, the Company conducted two public stock offerings that generated hundreds of miltions of dotlars in net proceeds to the Company. On October 26, 2Q09,. Private8ancarp announced disappointing finantia! results for the third qua.rter of 2009. In addition, the Company revealed that it held approximately $400 million in non-performing loans as of the quarter, a substantial increase from prior quarters. 11. THE SFIMS SCORECARD ! 2 3 4 5 Category Poor Fair Good Very Good Excepent Factual Afl�egations X Legal Claims X l.oss Causationitnjury X urisdiction�Nenue X Overai! Rau►tcing X !1!. RECOI�IMENDATI4NS We betieve that, during the Cfass Period, it is likely that we can prove vioiations o�i the Exchange Act and, since we rank this as a very good case, we recommend that our institutiana! ctients seek lead plaintiff status in this matter if they have suffered significant tosses. If you have any questions concerning this recomrnendation, piease do not hesitate to contact us. CUSIP � 742962103 .. _ ..�.,_._ � ., Business Location � Chicago, IL Class Period Lead Plaintiff Deadline I 1.2.07 to 10.23.09 12.21.l0 1 City of New drleans Employees' Retirement System v. Arivote8oncorp, tnc., et at., Civil Action No. l0-0682b (N.D. IIi. — filed October 22, 20I0 Qudge VJi{liam T. Hart)). �_.:,�e �?�I �e st. �oe Company December I 5, :20 ( 0 A securities ctass action was fiied in the United � States Disuicx Court for the Northern District of F(orida on behalf of a tlass consisting of atl purchasers of The St. joe Company ("St )oe" or the "Company"} securities during the time pertiod from February ! 9, 2008 through Oct+�ber I 2, 20 t 0{the "Class Period"). The Comp(aint seeks remedies un<ier the Securities Exchange Act of 1934 ("Exchange Act").' I. QLLEGATlONS OF THE COMPLAtNT St Joe is a Florida corparation wit�i its principa{ executive offices in WaterSound, Florida. 5� Joe is one of the largest reaf estate development companies in Fiorida and is engaged in town and resort development, tommercial and industrial development and rurat tand sates. The Camplaint a!leges that, during the Class Period, Defendants made ialse and/or misleading statesnenu a.ndlor failed to disclose that: ( I} as the Ftorida reat estate market was in declir�e, St. joe was failing to take adequate aod required impairments and accounting write-downs an many of its Fiorida-based property developmena; (2) as a result, St Joe's financial statements materia(ty overvalued its Florida-based property developmenu; (3} the Company's financial statemenu were aot prepared in accordance with Generally Accepted A,ccounting Principtes; (4) the Company iacked adequate internaf and financial contrals; and (5} as a result of the faregoing, St. joe's f nancia! statemenu were materia4ly false and misleading at ali relevant times. On Octaber i3, 20i0, Einhorn of Greentight Capital, Inc. decai{ed the need of the Company tc� take substantia{ impairments and accaunting write dawns on many of ia properties, and that further building by the Company woutd drive the stotk p+•ice to zero. Or� this news, shares of St. )oe's declined $2.38 per sfiare, or 9:7% an Oaober l 3, 2010. il. THE SF�MS SCORECARD f 2 3 4 S Category Poor Faer Good Yery Guod Exce{teot Fattua! �►llegations X . Legai Ctaims X Lass Caus�itionllnjury X urisdictiontyeaue X Overalt R�anking X lil. RECOMMENDATiONS Although we believe that there is a reasonable poss'sbility that the P{aintiff and Class wNl prevail in this case, based upon the alleged viotations of the Exchange /\ct, we do not recommend that our institutional dients seek fead plaintiff status in this matter, s+nce the ioss causation and factuai altegatiansl lega4 claims are simply ranked good, and our own ranking of the jurisdiction/ ve�ue for �this case is good as weil. As a result, and since we do not rank this case overati as either very good or exce!lent, we would be hesitant to recommend that our institutional clients take an active role in the tase at this stage. this recommendation, please do not fiesitate to contact us. If you have any questions concerning Steveri L. Weissmann v. The St, foe Compony, et al., Civil Action No. 10-005�4 (N.D. Fla. — filed December 7, 2010 (Judge M. Casey Rodgers}). . c::r�E:�l Cientiv,a Hea�t�i services, Inc. Decerreber !!5, 2010 A securities class action was filed in the United Srates Districc Court for the Eastern District of New York on behalf of a class consisting of ;�II purchasers of Gentiva Health Services, lnc. ("Gentiva" or the "Company") securities during the ame period from Ju1y 31, 2008 through july 20, 2010 (the "Class Period"). The Gomplaint seeks remedies under the Securities Ext:hange Act of 1934 ("fxchange Att"}.' 1. ALl.EGA'ClONS OF THE COMPLAtNT Gentiva is x t�elaware eorporation witfi iu principal executive affices in Adanta; Geoirgia, Gentiva provides home health services in the United States. The Corrtplainralleges that, during the Gass Period, Defendanu reported growth in revenue and earnings that w�s, in targe part, based on material increases in t�fedicare revenues and admissions in Gentiva's Home Heatth segment, but that Defendanu faiied to disclose that the Company improperly increased ttr�: n�mber of in-home therapy visiu to patienu for the purpose of triggering hig;her reimbursement rates under the Medicare prospective payment syst:em. The Complaint further atleges that on May i 3, 20 ! 0, The Watl Street Journal reported that the Senate Finance Committee had launched an investigatuon into the practites of companies that provide in-home therapy visiu reimbuirsed by Medicare, including Gentiva. On Juty 13, 2Q10, Gentiva disciosed that it was being investigated by the Securities and Fxchange Gommission relating to Gentiva's participation in the Medicare Home Health Prospettive Payment System. On the day fallowing this news, shares declined I I%, before closing at $2l .99 per share. During the Class Period, certain of the Compar�y's officers sold approximateiy 531,279 shares for proceeds of approximate:ly $l2.8 miltion. !I. THE SFMS SCORECARD 1 2 3 4 5 Gategory Poor Fair Good Very Good Excellent Factuai Atilegations X Legaf�Ciaims X Loss Caus:ition/(njury " X urisdictionNenue X � Overall Ranking X Iti. RECOMMENDATEONS We believE: that; during the C1ass Period, ic is likefy that we can prove violations nf the Exchange Act and, since we rank this as a very good case, we recommend that our institutional clients seek lead plaintiff status in this matter if they have; suffered significant losses. !f you have any questions concerning this recommendation, please do not hesitate to contact us. � Os E` �s o.r �inanoos ensaoos i+nanoo un¢oyo ionma�u Steve �Endress v. Gentiva Heolth Services, Inc., et al., Civil Action No. 10-05064 (E.D.N.Y. — filed November 2, 2610 Qudge Arthur D. S¢att)). 1�;:�ll RINO Internationa� Corporation December I 5, 2010 A securities class action was filed in the United States Distrirt Court for the Central District of California on behalf of a class consisting of a!1 purchasers of R1N0 lnternationat Corporation ("RINO" or the "Company") securities during the time period from February 17, 2009 through November 12, 241Q (the "C(ass Periad"). The Complafnt seeks remedies under the Sec:urities Exchange Act of 1934 ("Exchange Act").' t. ALLEGA"f10NS OE THE COMPLAlNT RlNO is a Ne:vada corporation with iu principal executive offices in Dafian, Peopfe's Rep+ubtic.of China.• R4N0, through iu subsidiaries, operates as an environmenui protection•and remediation company in the Peopte's ReQublic of China. The t�omplaint alleges that, during the C1ass Period, Defendants issued materially fat:�e and misleading statemenu regarding the Company's business practices andl financial results. Specificalty, it is aifeged that Defendanu fai{ed to disctose that the Company's financial resulu were grossly inflated and were inconsistent with resuits reported by RiNO to tax authorities in Ct�ina. As a resalt of Defendanu''lalse statements, R1N0 stock traded at artificiaiiy inflated prices during; ttie Class Period, reaching a high of $34.25 per share on November 38, 2009. As a result of this inflation, RINO was abie to consummate� a registered direct offering of neariy 3.3 million shares af its common sto�ck at $30.75 per share in December 2009. . 11. THE SFIMS SCORECARD ! 2 3 4 S Category Poor Fair Good Yery Good Extellent Factuat Alllegations X Legat Ctaiims X I.oss Caus:ationflnjury X urisdictionlVenue X Overall Ranktng X iti. RECOIMMENDATIONS H c. 0 �" Although we believe that there is a reasonable possibility that the Plaintiff and Class will prevail in.tfiis case, based upon the alteged violations of the Exchange Act, we do not recommend that our institutional clienu seek 4ead ptaintiff status in thus matter, sir�ce the loss causation and factual atlegations/fega! c{aims are simply ranked good, and our own ranking of the jurisdiction/venue for this case is fair. As a resutt, and since we da not rank this case overal( as either very gaod ��r excetlent, we would be hesitant to recommend that our institutional clieau take an acave role in the case at this stage. If you have any questions c:oncerning this recommendation, please do not hesitate to contact us. v D�Y 6/13!!W9 1M/100G xa8Q010 1Q1Q010 Ati 8aig v. RINO tniernational Corporotion, et at., Civil Action No. 10-01754 (C.O. Caf. — iited November t5, 20t0 (judge Cormac f. Carneyj). _r�s� �ilmin�gton Trust Corporation December 115, 2010 A securities class action was filed in the United States District Court for the District of Delaware on behalf of a class consisting of ;�II purchasers'of Wilmington Trust Corporation ("Wiimington Trust" or the "Company") securities during the time period from October 23, 2009 through� November I, 2010 (the "Class Period"). The Complaint seeks remedies_unc'ler the Securities Exchange Act of 1934 ("Exchange Act").' 1. ALl.EGA'TIONS OF THE COMPLAINT �Imington Trust is a Delaware corporation with its principal executive offices in Wilmington, Delaware. Wilmington Trust is a relationship management company �ha�t helps clients increase and pres.erve their wealth through a variety of deposit-taking, lending, fiduciary, frustee, financial planning, investment consulting, ar;set management, insurance, broker-dealer, and administrative .. services. Th�e Complaint alleges that, during the Class Period, Defendants failed to disclose and misrepresented the following material adverse facts, which were Iknown to Defendants or recklessly disregarded by them: ( I) that Wilmington Trust was failing to take timely, adequate and required impairments and accounting write-downs; particularly in its construction-loan portfolio; (2;1 that, as a result, Wilmington Trust's financial statements materially overstated the Company's.assets; (3) thatthe Company's financial statemenu rvere not prepared in accordance with Generally Accepted Accounting IPrinciples; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's financial statements and public statements regarding its .financial results were materially false and misleading at all relevant times. II. THE SFMS SCORECARD I 2 3 4 5 Category Poor Fair Gaod Very Good Excellent Factual Al�legations X Legaf�Claims X Loss Caus•ation/lnjury X urisdicticmNenue X Overall Ptanking � X I11. RECOMMENDATIONS We believe: that, during the Class Period, it is likely that we ca� prove violations c>f the Exchange Act and, since we rank this as a very good case, we recommernd that our institutional clie�ts seek lead plaintiff status in this matter if d�ey havE: suffered significant losses. If you have any questions cancerning this recommendation, please do not hesitate to contact us. C �' O � � o.r enrzooe �rs�rsooa Trzxa000 tn:ao�o razo�o I Pipefitters Local 537 Annuity Fund v. Wilmington Trust Corporation, et al., Civil Action No. 10-00990 (D. Del. — filad November I$, 2010 (judge Leonarcf P. Stark)). :.�,�y;�„ Green :Ban%silares, InC. December ! 5, 2010 A securities class action was fiied in the United �� States Distriat fourt fc�r the Eastern District of Tennessee on behalf of a class cansisting of alt purchasers of Green Bankshares, inc. ("Green Bankshares" or the "Company"} securities during the time period from January l9, 20 I 0 through Nov+smber 9, 20 t d{the "Cfass Period"). The Complaint seeks remedies.ander the Securities Exchange Act of 1934 ("Exchange Act").� t. ALLfGAT10N5 O� THE GOMPLAlNT . . Green Banksl�ares is a Tennessee corporation with its principal executive o�ces in Gre:eneviile, Tennessee. Green Bankshares operates as a bank holding comF�any for GreenSank, which provides commercial banking services in Tennessee. The Complaint alleges that, during the C{ass Period, Defendants made fatse arid/ar misieading statements and/or �ailed ta disclose: ( I) that the Company was overvxluing the cottaterat of certain loans; (2) that, as such, the Company was faiting to amely take impairment charges to reduce the carrying values of certain loans to appropriate market vaiues; (3) that the Company }acked adequate interna! and financial controls; and {4} that, as a result, the Company's financial results were materially false and misteading at alf relevant times. On Ottober 20, 20! 0, Green Sankshares announced iu financial resutts for the 2410 fiscal third quarter and disclosed tfiat iu net charge-offs increased on a sequent:ia( basis to $3b.5 mitiion from $4.9M in the prior guarter. fl. THE SFIMS SCORECARD 1 2 3 4 5 Category Poor Fair Good Yery Good Excettent Factual Alllegations X Legal Claims X Loss Cws3tionitnjury X urisdictiontVeaue X Overall Ranking X � C �.e � !' te r. 111. REGOMMENDATiONS Although we betieve that there is a reasonable possibility that the.Plaintiff and �lass wil! pi�evail in this case, based upon the alleged violations of the Exchange Act, we do not recammend tF►at our institutionai cfients seek lead plaintiff status in this matter, since the {oss causation and factuat allegations/legai claims are simpty:r•anked good, and our own ranking of the jurisdiction/venue far this case is good as welt. � As a resuit, and since we do not rank this case overall as either very good or excetient, we wouid be hesitant to recommend that our institutionat c{ients take an active roie in the case at this stage. If yo�r have any questions c:oncerning this recommendation, p(ease do not hesitate to contact us. ,.. ,.z o. e o.e o� az 0 o.�. v�vizo+o aurzmo erw�o+o �uvzoia 8it! Burgra/J`v. Green 8ankshares, Jnt., et oL, Civil Action No. 10-40253 (E.D.Tenn. — filed November 18, 2010 Qudge J. Gurtis L. Collier}}. �� I�'I�I�A Sciences, �nc. December II 5, 2Q 10 A securities class attion was filed in the United States District Court for the Southern District of New York on behalf of a class consisting of-all purchasers of MELA Sciences> tnc. ("MEtA" or the "Campany") securities during tl�e time period from February I 3, 2QQ9 through November ( ti, 2010 (the "Ctass Period"}. The Complaint seeks remedies under the Sec:urities Exchange Act of 1934 ("Exchange Act"}.� f. AlLEGA'TlONS OF THE COMPLAINT MELA is a DE:taware corporation with its principat executive offices in lrvingto�, Ne:w York. MELA operates as a medica! device company that focuses on tF�e design and deveiopment oi a non-invasive, paint-of-care instrument t+� assist in the eariy diagnasis of ineianoma. 1'fie Complaint alleges that, during the Class Period; Defendanu conditioned investors to believe that FDA approv.tl of its flagsfiip product, Me{aFind, would be forthcoming, througfi a E►ost of ma�teria(ty fatse and misleading statements regarding t}►e status of MelaFind's angoing clinical studies, and the safeq and efficacy of the ComQany's products. O�n November 1 b, 2d i 0, it was reported, in parc, that MelaFind "could cause: harm because of the potentiat for misdiagnosis," and that the FDA staff pointed to "numerous problems with MElA's study af the device, including a significant {ack af data," and u�ged a new clinical uial. �As a resuit of this news, MELA's stock ptummeted approximately 46%, thereby causing significant ha�rm to investors. li. THE SFMS SCORECARD I 2 3 � 5 Category Poor Fair Good Very Good Excellent Factual ANegations X Legal Claims X Loss CausationJlnjury X urisdictionlVenue X Overa{t R.anking X fll. RECOMMENDATIONS Although w�e believe that there is a reasonab(e possibiiity that the Ptaintiff and Ciass wit! prevail in this case, based upon the alleged violations of the Exchange Act, we do not recommend that our institutional cfients seek lead plaintiff status in this matter, since the loss causation and factual allegationsllegal claims are simply �ranked good, and our own ranking of the jurisdiction/venue far this case is good as well. As a resu{r, and since we do not rank this case overall as either very good or excellent, we woutd be hesitant to recommend that our = za O - ,. E � a o.�. waxooa ciaor:oou vw:o�o niw:oia institutional ctienu take an active rote in the case at this stage. If yo� have any questions concerning this recommendation, please do not hesitate to contact us. Randa'I j. Pederson v. MEUi Sciences, 1nc., et a1., Ciril Aaion No. 10-08774 (S.D.N.Y. — filed November 19, 2010 (Judge J. Frederick �� DecerMber 11.5, 2810 A securities class action was filed in the United States District Court for the Middfe District of Ftorida on behatf of a ciass consisting of ;ilf purchasers of Lender Processing Services, Inc. ("Lender Processing Se:rvices" or the "Company") securides during the time period from july 29, 2009 through Ouober 4, 2010 {the "Class Period"}. The Complaint seeks �-emedies under the Securities Exchange Act of 1934 ("Exchange Act").' 1. ALLEGA'�IONS OF THE COMPLAINT Lender ProcE:ssing Services is a Deiaware company that maintains offices in }acicsonville,-rl.orida. Lender Processing Services operates in the mortgage industry and is the industry's number one provider of mortgage processing services, settlement services and default solutions, and the nation's leading provider of integ�-ated data, servicing and technolagy solutions for martgage lenders. The: Compiaint alteges that Defendants faiied to disclose: {i) that the Company ha�� engaged in improper and deteptive business practices; (ii} that the Compan;�`s subsidiary, Dotx, had been fafsifying documenu through the use of robo :;igners; {iii) that the Company had engaged in imprbper fee sharing arrangements with fo�eclosure attorneys and/or law firms, including, but not limited ta, undisciosed contractua! arrangements for impermissible legal fee splitting, which were camoufiaged as various types of fees; (iv) as a resutt of the Company's cleceptive business practices, the Company reported misieading financial resutu; and {v) further, as a resutt of the foregoing, at all relevant times, the G�mpany's financial outlook lacked a reasonabie basis. in response to the negative news, the price of Le�der Processing Services' stock fell sharpiy by $2.72 per share, or 8.69'o an October 4, 2010, to close at $28.76. The stock fell another $1.45 per share, or $5.04% on October 5, 20 i 0, to ciose at $27.3 ! per share. N. THE S�MS SCORECARD 1 2. 3 4 5 Category Poor Fair Good Very Good Excetlent Factual Allegations X Legal Claiims X loss Gau!�ationllnjury X urisdicticmlVenue X Overall Ftanlcing X �� c 0 - ,e E 1l1. RfC06NMENDATIONS A(though we betieve that there is a reasonable possibif ity that the Plaintiff and ' Ciass will pirevail in this case, based upon the alleged violations of the Exchange Act, we do nat recommend that our institutiona( c(ienu seek (ead plaintiff = status in tfiis matter, since the (oss causation and factual allegations/iegal tlaims are simpiy r�anked good, and our own ranking of the jurisdicaon/venue for this a case is good as �rveil. As a resu}t, and since we do nat rank this case overalt as °"• °""°°° ,v,�:� �:o��,o nerm�o ,a,yzo,o either very good o� excellent, we woufd be hesitant to recommend that our institutional clients take an active role in the case at this stage. If you have any questions concerning this recommendation, please do not fiesitaie to co»tact us. { Ciry o�St Gloir Shores Generot Employees Retirement System v. Lender Processing Services, lnc., eL ot., Civit Action lJo. 14-04073 (M.D. Fla. — filed Novemt>er 23, 2010 (Judge Timothy j. Corrigan)). _=�� C%ina :�ducation A.11iance December � S, 2d i 0 A securities class act+on was filed in the United States Distrirt Court for the Central District of California on behalf of a class co�sisting of silt purchasers of China Education Altiance, Inc. ("China Education" or the "Company")'securities during the time periad from March 31, 2009 through Now�mbec 29, 201.0 (the "Ctass Period"). The Complaint seeks remedies und.er the Securities Exchange Act of f 934 ("Exci�ange Act").� 1: ALLEGA'f10NS OF THE COMPLAINT � China Educatio� is headquartered in China and provides ontine education and on-site trainiigg in the People's Republic of China. The Gompany's main subsidiaries are Harbin Zhong He Li Da Education Tech�oiogy, I�c. and Heiiongiiang :Zhonghe Edutation Training Center. The Complaint alleges that, during the Class Period, contrary to the Company's annual reports filed with the Securitie:� and Exthange Commission %r fiscal 2008, which reported $24.9M af re:venue, an annua! report for the Company's main operating subsidiary fiiE:d with the Chinese authorities reported tess than $ t M of reve�ue for 240$. This distrepancy, aiong with other accounting inconsistencies and contradiaiot�s about the Company's online education and training center operating sea;menu, has raised red flags of fraud. When this adverse informataon vvas.reieased to the market on November 29, 2010, the price of China Education stock feil substantiaiiy, damaging investors. If. THE SF1MS SCORECARD I 2 3 4 5 Category Poor Fair Good Very Good Excellent Factuat A1liegations X Legal C1ai�ns X Loss Causationtlnjury X urisdictiou�tVenue X � , Overall Ranking X = i.e O � ,.. IIl. RECOlHMENDATIONS Although we believa that there is a reasonable possibility that the Plaintiff and Ctass will prevai{ ir� this �ase, based upon the alleged viofations of:the Exchangs Act, we do not recommend that our institutionaf cfients seek lead ptaintiff status in tfiis matter; since the loss causation and factua! allegations/legat claims are simply ranked good, and our own ranking of the jurisdictionlvenue for this case is goo<i�as welf. As a result, and since we do not rank this case overall as either very good or �excetient, we would be hesitant to recomme�d that our institutional c{ients take an active role in the case at this stage. 1f you have any questions concerning this recommendation, ptease do not hesitate to contact us. ,.: � o.e o. e o� o.z a o.i. vzutooa ivurz000 urz�to�o av¢mo t Vinnie Apicetla v.'Chrna Education Altiance, lnc., et al., Civi1 Action No. 10-09239 (C.D. CaL — flled December 2, 20td (Judge Christina A. Snyder)l. �,-„�=�1 Mecox I�ane I�imitec�. December � t 5, za i o A securities ctass accion was filed in the United States Distr'rcr: Court for the Southern District of New York on behalf of purchasers of Mecox Lane Limited ("Mecox" or the "Company") pursuant to its October 20 ( 0 lnitial Public Offering of 1 I,742,$57 American depositary shares. The t:omplaint seeks remedies under the Securities Exchange Act of ! 433 ("Securities Act").' 1. ALLEGA��IONS OF THE COMPLAINT Mecox is a Clhinese corporation with its executive offices in Shanghai, China. Mecox operates China's leading online piatform for apparet and accessories as measured�by revenues•in 2009, offering a wide selection of fashion praducu through its www:m i 8.com e-commerce website and physica! store network. The Complaint alteges that certain of Mecax's o�cers and directors, and others, are iiable under Sections i 1 and 15 of the Securities Actrelating to the issuance of an inaccurate registration statement in connecdon with tfie Campany's ii�itiat Pubtic Offering ("IPO"). Particularly, the Complaint allegas that, contrary to the Company's registratian statement filed with the Securities and Exthang�: Commission, the Company's gross margins had been adversely impacted.by increased costs and expenses, whith made it impossibie for Mecox to achieve th�e r�sults Defendants projected at the time of the 1P0. The Complaint alleges that, when the truth was revealed on November 29, 2414, the �value of the Company's shares droppeci, damaging investors. !1. THE SFIMS SCORECARD 1 2 3 4 5 Category Poor Fair Good Yery Good Excellent Factuat Aillegations X Legal Claiins X . Loss Caus;ationtlnjury X urisdictionlVenue X Overail Ranking X I11. RECOIMMENDATIONS A(though we believe that there is a reasonabie possibiiity that the Plaintiff and Class.will prevail �in this case, based upon the afleged violations of the Exchange Att, we do not recommend that our instituaonal clients seek (ead plaintiff status in thas matter, since the (oss causation and factuai atlegationsllegal c{aims are simply ranked good, and our own ranking of the jurisdictionlvenue for this case is goo�d as weA. As a result, and since we do not rank this case overall as either very good or excelient, we would be hesitant to recommend that our institutionai ciients take an active rote in the case at this stage. if you have any questions concerning this recommendation, please do not hesitate to contact us. Ahme�f Aifa v, Mecox Lane timited, et al., Civil Action No. 10-09053 (S.D.N.Y. — fifed December 3, 2010 (Judge Roberc W. Sweet)). 1_��`� sT�I.AR'T Tec�inologies, Inc. December I 5, 2010 A securities class action was filed in the United States Distriat Court for the Southern District of New York on behalf of purchasers of SMART Technologies, Inc. ("SMART Technologies" or the "Company") ��ursuant to its July 2010 Initial Public Offering of 38.83 million shares of common stock. The Complaint seeks remedies under the Securities Exchange Act. of 1933 ("Securities Act").' 1. ALLEGATIONS OF THE COMPLAINT SMART.Technologies is a Canadian corporation incorporated under the Business Corporations Act with chief executive offices in Alberta, Canada. SMART Tech�nologies designs, develops, and sells interactive technology products and solutions worldwide, offering a range of interactive "whiteboard:s" and complementary products, as well as interactive touch- enabled display components. The Complaint alleges that Defendants each failed to conduct an adequate due diligence investigation into the Company prior to the IPO, and they also each failed to reveal, at the time the IPO closed — which occarred almost one third of the way through the fiscal second quarter of 2A I I, the period ended September 30, 2010 — that the Company was not proceeding according to plan and that SMART Technologies' saies already had been adversely impacted by a slowdown during fiscal 2Q:1 I, which would make it impossible for SMART Technologies to achieve its projected rates of gro�Nth, earnings, revenues, and profits. On November 9, 2010, SMART Technologies revealed the truth about the Company, including the problems wlnich existed at the time with the IPO. Following this news, shares of Sh1ART Technologies fell over 30%, from $ I 3.07 per share on November �i, 2010, to close at $8.91 per share the fo!lowing day. II. THE SFMS SCORECARD I 2 3 �{ 5 Category • Poor Fair Good Very Good Excellent Factual Alllegations X Legal Claims X Loss Caus,ttion/lnjury X � urisdictionlVenue X Overall Ranking X II1. RECOMMENDATIONS We believe: that, during the Class Period, it is likely that we can prove violations nf the Exchange Act and, since we rank this as a very good case, we recommend that our institutional clients seek lead plaintiff status in this matter if they havE: suffered significant losses. If you have any questions concerning this recommendation, please do' not hesitate to contact us. v. SMART Technofo¢ies. lnc., et ul., Civil Action No. 10-09054 (S.D.N.Y. — filed December 3, 2010 (f udge_Thomas P. _-:�:�^i r, CTenoptix, Inc. December: i 5, 2010 A securities ctass action was filed in the United � States Disu-+ct: Court for the Southern Distrkt of California on behalf of a ciass consisting oi a�tl purchasers of Genoptix, Inc. ("Genoptix" or the "Company"} securities during the time period from Juty 31, 2004 through June 15, 20{8 (ehe "Ciass Period"). The Complaint seeks remedies under the Securities Exthange Aa of I 934 ("Exchange Act"}.' i. ALLEGAI�(ONS OF THE COMPLAINT Genoptix; ba:;ed in Garfsbad, California, is a specialized laboratory service provider focused on delivering diagnostit services +n the United States to community-based hematologisu and oncologists. The Comptaint alleges that, during the Class Period, Defendanu issued materially false and misteading � statements r�:garding the Company's business and financial results. Specifically, Defendants continuously hyped Genopix s approach to hematology and ancology tes�dng and diagnostics, proyecting they would easily be ab(e to double or triple the size of the Campany's market share in the next three to five years, whi4e i'ailing to disciose that Genoptix's business model was not working and was causing the Company to actually tase market share. On May b, 2010, Genoptix iss�ued a press release announcing i;s first quarcer 20 t 0 finantial results, whiclh was far below consensus. On this news, Genoptix's stock collapsed $8..37 per share to close at $27:89 per share on May .7, 20 ! 0, a one- day dedine af over 23%. U. THE SFIMS SCORECARD 1 2 3 4 5 Category Poor Fair Good Very Good Excellent Factual A{I��gatioas X l.ega! Ctaims X , Loss Causa.tion/tnjury X urisdictiordVenue X Overall R.�nking X 111. REGOINMENDAT10N5 We beEieve that; during the Ctass Period, it is likeiy that we tan prove violations of the Exchange Act and, since we rank this as a very good case, we recommenc� that our institutional ctients seek lead plaintiff status in this matter if they have suffered significant fosses.. If you have any questioc►s concerning this recomrnendation, please do not hesitate to contact us. 0 v� ,. C O � e s � z , � o.i. o�eraoou ivier:000 vwizo�o nci�oio ( Construction Wo�kers Pertsion Tru'st Fund v. Genaptix, tnc., et ot., Civil Action Na. 10-02502 {S.D. Cal. — filed December 6, 20 t 0 Qudge john A. Houston)). _` i�� Nation��.l I�ampoon, InC. December I 5; 2010 A securities class action was filed in the United States Distria Court for the Central District of California on behalf of a class consisting of all purchasers of National Lampoon, Inc. ("National Lampoon" or the "Compan;i') securides during the time period from March I, 2008 through December I 5., 2008 (the "Class Period"). The Complaint seeks remedies under the Securities Exchange Act of I 934 ("Exchange Act").' 1. ALLEGAI'IONS OF THE COMPLAINT National Lamipoon is a Delaware torporation with iu principal executive offices in We:st Hollywood, California. National Lampoon produces and distributes National Lampoon-branded comedic content in the theatrical, home entertainment and digital.:markets; licenses its name and comedic �ontent for a wide variety,�f uses, inciuding mavies, television programs, radio broadcasts, recordings, ellectronic games and live events; hosts approximately 60 internet websites thrc>ugh which it sells advertising and products; and maintains a network of approximately 200 a�liated eollege and other television stations. The Complaint alleges that National Lampoon and its former CEO, Danie! Laikin ("Laikin"), engaged in an unlawful scheme to inflate the price of Company stc>ck by paying "consultants" to purchase the stock. Aaording to the Complaint, the Company and its officers perpetrated the scheme in order to create the: illusion of an active and liquid market in the Company's shares, whi�h would drive up the price, make the stock appear attractive and the Company successful, and thereby induce the purchase of Company stock by unsuspecting; investors at an unknowingly inflated price. On 17J I 5/08, Laikin and others were charged with conspiracy and securities fraud by federal prosecutors., in connection with the market manipulation scheme. I1. THE SFMS SCORECARD l 2 3 4 5 Category . Poor Fair Good Very Good Excellent Factual Allegations X Lega! Claims X Loss Causz�tionllnjury X urisdictionlVenue X Overal( R,anking X � a.,. O � o.,, o.,x o.; n.o� o.oa II1. RECOMMENDATIONS °°• � �� A, Although we'believe that there is a reasonable possibility that the P{aintiff and ; Class will prevail in this case, based upon the alleged violations of the Exchange '`�7 0 07 Act,.we do .nat recommend that our institutional clients seek lead plaintiff � status i� this matter, since the foss causaaon and iactual allegations/legal claims � are simply ranked good, and our own ranking of the jurisdiction/venue for this , case is fair. As a result, and since we do not rank this case overall as either °.'. "'°"°°' °"°"°°° ,",,,'°°° very good or excellent, we would be hesitant to recommend that our institutional clients take an active role in the case at this stage. If you have any questions concerning this recommendation, please do not hesitate to contact us. 1 Janoh Anselt v. Nationo! Lampoon, lnc., et a1., Civil Action No. 10-09292 (C.D.Ca{. — filed December 3, 2010 (f udge Percy Anderson)). �1;i� As of December 31, 2010 .�;; �- +`. . ti . ��; D,�t��:� INVr��1�.�;T ��vl�t�u�. Iti��. Table of Contents .,�_ 3 2010 Portfolio Summary 4 Performance & Allocation 5 Dana Strategy Updates & Reviews 19 Economic Outlook & Review 25 Holdings as of 12-31-10 29 Broker Commission Report 30 Portfolio Summary Disclosure Dana Investment Advisors, Inc. ��.. Dana Investment Advisors, Inc. � \`` Portfolio Summary From: December 31, 2009 to December 31, 2010 DnNn I�vFS-rMSVr Anvisc�as, INC. TM lrS,; CI,,.�, 715comp - City of Palm Beach Gardens FirefiQhters' Retirement System - Com� Short Tertn Investments Domestic Equity Strategy Total Portfolio Portfolio Allocation Summary ��=�'F.��'�� ,�; ��`L� � _ .: �.r:_ _ Market % of Estimated Current 1?J31/10 Assets Income Yield 1,138,752 6.2 114 0.01 17,278,356 93.8 301,021 1.74 18,417,108 100.0 301,135 1.64 Domestic Equity_ Strategy(93.896) Short Term Investments(6.2%) Account Activity Summary Portfolio Value on 12/31/2009 Contributions/Withdrawals $2,300,000.00 Investment Income $279,544.33 Unrealized Gain/Loss $2,185,248.30 Realized Gain/Loss $6,783.15 Change in Accrued Income $10,295.57 Portfolio Value on 12/31/2010 Total Galn 52,481,871.35 Account Value ($) Over Last 12 Months $20,000,00( $15,000,000 $10, 000, 000 $5,000,000 $13,635,236.72 $18,417,108.07 $0 � , , � , , � � , � , ,—T 12/09 2/10 4/10 6/10 8/10 10/10 12/10 1/10 3/10 5/10 7/10 9/10 11 /10 Please refer to important disclosure information on reverse side and please feel free to call us wfth any questions at 1-500-765-0157 Palm Beach Gardens Firefighters' Retirement System Achieve a return over 3-5 years in excess of target index. Rank in top 40% of representative hvestment Objectives: Portfolios 3-5 years. Volatility of fund's total return is expected to be similar to target index. July 2005 to Current: Russell 3000 Index CorrQarative hdicesadjusredacco.drn9ty) : Inception to June 2005: S8P 500 Index Investment Restrictions: No more than 3% of assets in any one issuing company. rformance vs Comparables (c�oss of Firefighters' Large Growth 10.79% 15.17% Russell 1000 Growth Index 11.83% 16.71 % Firefighters' Core Equity 11.30% 18.77% S&P 500 Index 10.76% 15.06% Fiscal = y-:i� ■ Dana Core Equity $7, 896, 287 42.9% ` unannua��zed e Uana Sma�i Cap �" Cash was used on 1/4/11 to purchase individual stocks $2, 079, 539 0 � ° ❑ Money Market " $1,138, 752 6.2% ■ Dana Lrg Growth $7, 277,428 39.5% ❑ Dividends Accrued $25,103 0.1% The information set forth above is based upon information believed to be accurate and reliable but we do not quarantee its Dana Large Cap Core Performance Attribution Q4 Sector Contributors .- Information Technology: Tyco Electronics and Texas Instruments both returned over 20% during Q4. A majority of our holdings performed above sector average, with Oracle, Apple, EMC and Microsoft also posting double-digit returns. � Consumer Discretionary: exceptional performance from Comcast, Autoliv and Ross Stores. Industrials: returns for the majority of holdings were well above the 11.2% S&P 500 sector average, led by Deere & Company up 19.5%. Q4 Sector Detractors .- Energy: integrated oil holdings (Marathon Oil, Chevron, ConocoPhillips, Exxon Mobil) experienced strong double digit absolute performance but lagged energy sector average of +21.7%. . Consumer Staples: General Mills, Kimberly Clark and Dr. Pepper Snapple lagged, all citing commodity cost pressures. Top Individual Contributors ■ Freeport-McMoRan ■ Newfield Exploration Co. ■ Ameriprise Financial Inc. ■ Comcast Corporation ■ Autoliv Inc. ■ Tyco Electronics +41 % +26% individual Detractors • Abbc�tt Laboratories • �eneral Mills , � ,�; -�: � _2�;; +23% � ■ Kimberly Clark Corporation -2�;�, +22% +22% +21 % � Bank of Montreal ■ DaVita Inc. ■ N�wlett Pacr;.:; ��,; �::�mpar�y +1 % +1% 4 n,; : ; �o Dana Investment Advisors, Inc. 5 Dana Large Cap Core Portfolio Characteristics Consistent Portfolio Characteristics Lower Valuation + Higher Growth + Higher Profitability = Better Returns With Less Risk -:- �'..';.. ,_ . .. . .., .... " "__ . ._ _._-. -� .. . __ _� ........ ..:.: (forward 12 months) 17.10 12.98 Dana LC S&P 500 S,. ._ - �` ._ 6.46 6.32 Dana LC S�P 500 b Y. -"L,"��'��-"�';'�.�;'�� FS:.-_,:c„ �'� L �'T� x.. '. .. . -,- . �;��ti� �+.��'�;. 'S�' .�'' 21.82 20.20 - - �Y . .Q,,: �„ .�v- - - 15.28 9.26 Dana LC S&P 500 � ' (��t 3-5 Y�-��R� : row�tt ` 12.94 11.39 Dana LC S&P 500 65.60 - - --��`�� 23.20 � 87.50 11.20 � Dana LC S&P 500 Dana LC S&P 500 December 31, 2010 � `• • � Dana Large Cap Core Higher Dividend Yield and Growth � Dana's process seeks out companies with strong, sustainable, free cash flow and management teams that are shareholder friendly. . Dana Large Cap Core portfolios typically generate a higher dividend yield vs. their benchmarks. As of Dec. 31, 2010, Dana Large Core portfolios had a.45% yield advantage vs. the S&P 500 Index. � Dana holdings also tend to grow their dividends faster than the benchmark average. Large Core holdings have increased their dividends at a rate 4 times that for the overall S&P 500. Annualized 3 year dividend growth for Dana holdings was 8.9% per year vs. 2.2% for the S&P 500. _�::, , ._ , _. . . _ _ ,�. ., , . � 2. G2 1.77 Dana LCC S&P 500 ' - �n- s�, .a . . i � � 2.20 Dana LCC S&P 500 Actual Composite Holdings as of December 31, 2010 Dana Large Cap Core Execution and Sales Growth Companies held in Dana's Large Cap Core Equity strategy have executed well in 2010, with average annual sales growing at a faster pace than the S&P 500 index. 18 -- -- --- — _ . _-_ _ _. �■ Dana Large Cap Core ■ S8�P 500 15 I - _ _ 12 -� 9 6 3 0 -- Q1 2010 100 E:I�7 .� 40 Year-Over-Year Sales Growth Q2 2010 Q3 2010 Q4 2010 Percentage of Companies Beating Earnings Estimates Q 1 2010 Q2 2010 Q3 2010 Q4 2010 Source = Bloomberg as of December 31, 2010 � '• • Dana Small Cap Equity PerFormance Attribution Sector Contributors: ,- Information Technology: Outperformance led by software companies Smith Micro Software (SMSI) and Opnet Technologies (OPNT), and by semiconductor holdings Skyworks Solutions (SWKS) and Entropic Communications (ENTR). � Health Care: Strong returns from healthcare providers Hanger Orthopedic Group (HGR) and Ensign Group (ENSG), and from medical equipment maker Cantel Medical (CMN). � Consumer Discretionary: Strength from specialty retailers DSW Inc. (DSW) and Pep Boys (PBY), and from auto component maker Tenneco (TEN). Sector Detractors: � r � Industrials: Building product company A. O. Smith (AOS) lagged peers. Financials: REIT holdings underperformed REIT peer group. Telecom: Lone holding Consolidated Communications Holdings (CNSL) lagged higher beta peers in sector. Top Individual Contributors ■ Smith Micro Software Inc ■ Newport Corp. � JPNET Technologies Inc. ■ Hanger Orthopedic Group ■ Cantel Medical Corp. +58.3% +53.7% +47.5% fn��vi�ival Laggard� ■ Maidenform Brands Inc � ;Vledicis Pharmaceutical � �mmucor Inc. +45.7% ■ American Medical Sys +44.4% ■ eResearch Technology -17.6% - 9.7% - 7.5°i�; - 4.7%� " i� Dana Small Cap Equity Selected Additions / Deletions Selected Additions: � PolyOne Corp. (POL) — focus on specialized materials rather than commodity chemicals driving margin improvement; 60% of Specialty Platform's sales are outside of North America; 2011 earnings growth projected at 18%; attractive earnings and cash flow multiples with ROE over 25%. � MWI Veterinary Supply Inc. (MWIV) — market share gains have boosted 2011 guidance and estimates; value added services such as online sales driving solid sales growth; companion animal market growing steadily. � Buckeye Technologies Inc. (BKI) — specialty fibers account for 67% of sales and serve diverse end-markets; 70% of sales outside of U.S.; pricing and volume growth driving top line; strong cash flow (14% free cash flow yield) being used to aggressively pay down debt; 30%+ ROE with underleveraged balance sheet. Selected Deletions: � Schulman Inc. (SHLM) — commodity chemicals focus; more attractive risk reward in PolyOne Corp; noisy quarterly financials resulting in stock volatility. •- Immucor (BLUD) — management lowered guidance in October due to increased competition and weak industry dynamics; stock rebounded 26% after being hit on revised guidance returning to premium valuation and providing exit point. � American Medical Systems Inc. (AMMD) —missed revenue estimates and lowered full year revenue guidance on slowing surgical procedure volume; margin trends turning negative; low growth and high valuation versus peers. Dana Investment Advisors, Inc. �o Dana Small Cap Equity Portfolio Characteristics Consistent Portfolio Characteristics Lower Valuation + Higher Growth + Higher Profitability = Better Returns With Less Risk :�: -� - - - ; . . . � ., :._. _:. , , -. .. -->-a _..._� _-.�-�-r. _ � _.,��_ • . • . �- _ - _ 2C' 13. 50 13.13 Dana Small Cap � 13.10 16.50 Russell 2000 10.10 Dana Small Cap Russell 2000 - - �� -�+_ � y yy -- 2�, �� 13.54 � �' 7.42 Dana Small Cap Russell 2000 : �, Dana Small Cap 17.80 Dana Small Cap Russell 2000 5.50 Russell 2000 _ .. _ .�- v - Actual Composite 1.41 1.13 1.24 ,.�� 0.51 :�r:_ -� Dana Small Cap Russell 2000 oldinqs as of December 31, 2010 � Dana Small Cap Equity Higher Dividend Yield and Growth ' Dana's process seeks out companies with strong, sustainable, free cash flow and management teams that are shareholder friendly � Dana Small Cap portfolios offer a yield advantage of 38 basis points over the Russell 2000 Index � Despite a severe recession, Dana Small Cap holdings grew their dividends 9.9% over the past three years, this compares very favorably versus the 0.40% growth rate for the benchmark index 1.51 ��.-'�-�-�. � �. _ �''� , ':.�`"'�`'� 1.13 • ' 1� 0.40 Dana Small Cap Russell 2000 Dana Small Cap Russell 2000 Actual Composite Holdings as of December 31, 2010 Dana Small Cap Equity Execution and Sales �rowth Companies held in Dana's Small Cap Equity strategy have executed well in 2010, with average annual sales growing at a faster pace than the benchmark index. 24 20 16 12 8 4 0 E:� .� 40 Year-Over-Year Sales Growth Q1 2010 Q2 2010 Q3 2010 Q4 2010 Percentaqe of Companies Beatinq Earnings Estimates Q1 2010 Source = Bloomberg Q2 2010 Q3 2010 G3.0 Q4 2010 as of December 31, 2010 �Dana Large Cap Growth Performance Attribution I Q4 Sector Contributors � Consumer Discretionary: Coach (+29%), Tractor Supply Co. (+22%), Autoliv (+21 %) and AutoZone (+19%) in the period vs. sector average of +13%. � Information Technology: Skyworks Solutions (+38%), Oracle (+17%), Accenture (+15%), Microsoft (+15%), most other holdings also surpassed sector average of +10.6%. I Q4 Sector Detractors � Materials: Lubrizol and Newmont Mining lagged the very strong (+19%) sector average, FMC (+17%) vs. specialty chemical average of +7%. � Industrials: Diversified industrials (3M, United Technologies Corp, Dover Corp) underperformed group average of +13%, Caterpillar performed well (+20%). Top Individual Contributors ■ Skyworks Solutions ■ Cimarex Energy ■ Coach ` Tractor Supply Co ■ Apache ■ Ameriprise Financial ■ Autoliv ■ Helmerich & Payne Inc ■ Caterpillar � AutoZone +38% +34% +29% +22% +22% Inciividu�l Detr��r�� • Cisco Systems � '� ��bott Laboratories ■ '- ogers Communications �- ; ospira • i��;ewmont Mining Coro. +22% � Perrigo Co. +21 % ■ PepsiCo Inc. +20% +20% +19% • Mastercard Inc. ■ 3M Co. ■ Hewlett Packard Co -8 °;;�; -7r�; ; r� -7 "�� -2' �; -21 , -1 `''. -1 , ., flat flat flat Dana Large Cap Growth Selected Additions / D�leti�ns Additions: � Ameriprise Financial (AMP) — improving capital markets very favorable for asset managers; recent acquisition of Columbia improves mix; very strong free cash flow generation ($1.3B/yr, almost $6/share net cash on balance sheet); strong upward EPS revisions with attractive valuation. � Arch Coal, Inc. (ACI) — strong coal demand from China and India, coupled with supply disruptions in Australia due to flooding plus dwindling stockpiles for coal at U.S. utilities providing strong support for coal prices; strong upward EPS revisions; attractive risk/reward profile. � Rovi Corp. (ROVI) — provider of digital encryption technology & interactive programming guides well positioned for global shift from analog to digital TV; strong free cash flow; consistent EPS surprise history; attractive valuation on FCF yield. Deletions: � Cimarex Energy (XEC) — strong appreciation in stock drove premium valuation to other independent E&P companies; production growth expected to decelerate from 25-30% in 2010 to 5-10% in 2011; continued soft outlook for natural gas prices (77% of XEC's mix gas vs. oil). .- Digital Realty Trust (DLR) — data center REIT valuations trading at premium to other REIT categories; large acquisition increased integration risk; �iesired more exposure asset management industry given improving capital markets. � Intel Corp. (INTC) — great company with attractive valuation facing material deceleration in revenue/earnings growth; EPS expected to decline in 2011 from peak level in 2010; sentiment towards stock weakening in face of proliferating alternative devices to personal computers (iPad, smartphones, etc); anticipate more upside in other areas of technology. � Dana Large Cap Growth Portfolio Characteristics Consistent Portfolio Characteristics Lower Valuation + Higher Growth + Higher Profitability = Better Returns With Less Risk (forward 12 months)- . � � 19.36 16.64 Dana LCG Ru1000G � , _ ��,� ��.�.�� - -. 10.51 10.00 Dana LCG Ru1000G �ur�+��'�f3��F��t��,� . � 26.66 25.90 Dana LCG Ru1000G : ., ....-.,. . .. . _ „__ . ,: _� �- _ -�-;� 13.00 Dana LCG 15.61 Ru 1000G �_ .:• 13. 99 Dana LCG Ru 1000G :, a � � �. ! a � � �� '+ d = . . :_ � � _ ' � "�' 85.2 57. 2 19.6 � 6.0 � Dana LCG Ru1000G Actual Composite Characteristics as of December 31, 2010 Dana Large Cap Growth Higher Dividend Growth � Dana's process seeks out companies with strong, sustainable, free cash flow and management teams that are shareholder friendly. Difficult to gain much dividend yield with a growth portfolio, as many top technology holdings (ex: Apple) don't currently pay dividends. ■ Annualized 3 year dividend growth for Dana holdings was 13.1 % per year vs. roughly 11.0% for the R1000G as of December 31, 2010. ■ Annualized dividend growth was about 1.2 times the 11 % growth rate of S&P 500. Managements of highly profitable, cash rich companies feeling increasing pressure to deploy cash to improve shareholder returns. ■ Share buy-back activity has increased substantially for portfolio holdings that currently don't pay substantial dividends. 1.36 1.17 Dana LCG Ru1000G 13.10 11.00 Dana LCG Ru 1000G Actual Composite Holdings of December 31, 2010 � Dana Large Cap Growth Equity Execution & Sales Growth Companies held in Dana's Large Cap Growth Equity strategy have executed well in 2010, with average annual sales growing at a faster pace than the benchmark index. 100 80 60 40 18 15 12 9 6 3 0 Percentaqe of Companies Beatinc� Earnings Estimates _ -_ _ _ _ - - Q1 2010 Q2 2010 Q3 2010 Q4 2010 Year-Over-Year Sales Growth Q1 2010 Q2 2010 Q3 2010 Q4 2010 as of December 31, 2010 Equity Market Summary 4th Quarter 2010 . S&P 500 return of 10.8% is the second consecutive quarter of double digit returns (11.3% in Q3) ■ Fed's "QE2" initiatives fuel strong liquidity rally in equities & commodities r �- � ■ U.S. interest rates bounce sharply off multi-decade lows - Corporate earnings growth remained strong in Q3 reporting period Performance differential between sectors widened in Q4 ■ Only 50% of sectors beat the S&P 500 average in Q4 vs. 70% in Q3 ■ Energy & Materials best perForming sectors, up 21.5% & 19.0% respectively • Utilities, Health Care, Consumer Staples & Telecom materially lagged Growth outperformed Value in Q4 by 1.3% (vs. nearly 3% Q3) ■ Better performance of Financial sector, up 11.6%, helped narrow differential between Value & Growth Small cap stocks regain significant performance advantage in Q4 vs. large caps �e��2�o0 �J Ja�ve s�e\`1��0 �J sse\\��p0 G��,r �� P4 �P�' �po Sg}P Source: Bloomberg M&A activity Earnings growth outpacing large caps Index Returns ,t< � a.�a�a :��- ■ Year-to-Date ! ■ Q4 II 0% 5% 10% 15% 20% 25% 30% as of December 31, 2010 � Equity Sector Performance Summary 4t" Quarter 2010 � S&P 500 returned 10.8% in Q4 and 15.1 % for calendar year 2010. •- All economic sectors had positive total returns in Q4 and for the full year. � Leaders ■ Q4 — Energy, Materials & Consumer Discretionary ■ 2010 — Consumer Discretionary, Industrials & Materials Laggards ■ Q4 — Financials, Health Care & Telecom • 2010 — Health Care, Utilities & Information Technology Sector Performance as of 12/31/10 S&P 500 Health Care g �' � 3.7% ; . ' Utilities ' ' � � 1.3% i _,-a , Info Tech % 5 j Financials - ' � . � Cons Stp, � � S&P 500 ' � �� ;' , Telecom ' � Energy Ir-- � Materials �— � Industrials r-- Cons Disc �— rce: FactSet Data Systems ■ 2010 ■ Q4 0% 5% 10% 15% 20% 25% 30% as of December 31, 2010 Equi�y Market Valuations are Attractive � S&P 500 forward P/E ratio not far off 10-year lows while EPS is approaching 2007 highs � Equities look attractive against alternatives ■ Equity risk premium is above 20-year average, reflecting strong Treasury demand and a distaste for equities S8P 500 Forward Operating EPS and PE Rado 1 S&P 500 - NTM Earnings per Share (Left) $110 •— S&P 500 - NTM Price to Earnings Ratio (Right) $100�` $90-' $80' �, $70 $60 $50 '01 '02 '03 '04 '05 '06 '07 Equlty Risk Premium The Equity Risk Premium reflects equity richness/cheapness relative to risk-free bonds. —(S8P 500 - Price to Eamirgs ' 100) - US Benchmark Bond - 10 Year - Yeld Recession Periods - United States � 0,� - - - Trendline: Average 8% � 6% 4% 2% ,i II � � �,t Il__ . - '08 '09 -2a z2 9s.szL2o � f �$ is �a � i'' i2 I, io ,il�, a '10 �f'acrSer Research Scsrenu 3.71 _"""_'_"_ """""""" """""'1 ' " "'_""___"""""_""""""'_""'__'.039 '---"--- � A _ O% A _.0 2%� v •-r �J� -4% �- � — _, —� --�- -r --� - � * - r ----* --r —� �. . , -� � '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 'OS '06 '07 '08 '09 '10 � c1Set Research Sr.srcoi. I Economic Outlook Historical View of Employment Recoveries Y �D � �. O .� O. O � N N N L � d E � ro c 0 Z � The time it has taken to replace the jobs lost in the prior recession has generally been increasing with each subsequent economic recovery. — 1953 �— 1957 19b0 — 1970 1974 — 19E0 — 1981 1990 2001 � 2007 0.5ryo -6.5 0 5 10 15 2Q 25 30 35 40 45 47 � Months after peak employment � , . , r r�r � Reasons Include: � Increased globalization � Corporate productivity gains • Advancements in technology & communications • Just-in-time inventory processes ■ Total cost of each worker is rising • Health insurance, workers comp, payroll taxes, pension & other benefit costs, rising each decade. Corporate Cash .- Companies are beginning to deploy their cash hoards � Aggressive actions involving dividends, M&A and share buybacks could be an important market catalysts looking forward . Year-over-year growth in capital expenditures has turned positive Corporate Liquld Asseffivs Capital Expe�ditures — Domestic Nonfinancial Sectors - Capital E�enditures - Nonresidential - United States — Nonfarm Nonfinancial Corporate Business - Total Liquid Assets, L.102 - Levels - United States 2,200 -, Recession Periods - United States { 2,000 � 1,800 � 1,600 � 1,400 � 1,200 1,000 800 600 400 =—T- '96 '97 '98 '99 '00 '01 '02 '03 '04 'OS 'O6 30 25 20 ;o� � ,� 5� a�nn ��I 5 ' � ,�:; -10 � , -15 � ; -20 � � - — . - '91 '92 '93 '94 '95 '96 '97 '07 '08 '09 '10 CFac�Set Research S�s�ens Liquld Assetsvs Capftal Expenditures 1(% 11R) Domestic Nonfinancial Sectors - Capital Expenditures - Nonresidential - United States —(°/o 1 YR) Nonfarm Nonfir�ncial Corporate Business - Total L'+quid Assets, L.102 - Levels - United States Recession Periods - United States -- -- --------- --,— - — —. . - - - - — - - -- '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 �'P�urtSe� R�ccr�irt'h St:ate•ncs � Market Bull and Bear Arguments Bull Case: � Broad equity market valuations remain attractive from both historical levels and relative to investment alternatives. .- Productivity growth and margin expansion will result in strong year over year EPS growth. � Companies will continue to show revenue growth as the economy expands. . Record amounts of cash lead to shareholder friendly actions (dividends, share repurchases, accretive M&A). � Continued economic growth into 2011. , Global monetary policy remains accommodative. Bear Case: � Sovereign debt fears may continue to fuel flight to quality. � High unemployment limits growth in U.S. disposable household income. � Business and consumer deleveraging restrict economic growth. � Near term deflationary pressure, long term inflationary fears, could cap equity market multiples. - Political uncertainties can drag down capital investment and job creation. � Credit availability difficult given tougher loan underwriting criteria. Dana Investment Advisors, Inc. PORTFOLIO HOLDINGS Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp .� As of 12/31 /2010 Sharesl PAR Ider�lifier Description Price Market Value Pct Assets Accruals Gr. Owed Yeld Cash Slart Tertn Irnestrnents 000009 Cash -MoneyFund 1,138,752.08 6.19 00 01 Total Shart Term ImesUnents 1.138.752.08 6.19 .00 .01 Stacks Dorties6c Equiry Strategy Conwmer Discre6onary 3,316 ALV 524 AZO 1,700 CAB 2.437 COH 638 CBRL 1,350 dbrn 881 DSW JCI 7,171 M 1,373 MFB 1,521 MCD 3,117 JWN 3,139 PBY 2,833 ROST 1,117 TEN 4.049 TSCO 8,107 VIA/B 3.491 WHR Consumer Staples �,579 CHD 2,034 DLM 6,897 DPS 3,384 HRL 5,045 NUS 1,876 PEP 4,869 PM 4.303 WAG 5,031 WMT Energy 2,723 APA 3,997 ACI 932 ATW 3.465 CVX 2,707 COP 3,411 XOM 1,779 GEOI 3,130 HAL 2,590 HP 648 LUFK 4,986 MRO 2,000 NOV OXY Autoliv Inc AutoZone Inc Cabela's Inc Coach Inc Crecker Barrel Old CounVy Sto Dress Barn DSW INC Johnson ConVOls Inc Macy's Inc Maidenform Brands Inc McDonald'S Corp Nordstrom Inc Pep Boys-Manny Moe & Jack Ross S[ores Inc Tennecolnc Tractor Supply Co Viacom Inc-Class B Whirlpool Corp Church & Dwight Co Inc Del Monte Foods Co Dr Pepper Snapple Group Hormel Foods Corp Nu Skin Enterprises Inc Pepsico Inc Philip Morris International Walgreen Co. Wal-Mart Stores Inc Apache Corp Arch Coallnc. Atwood Oceanicslnc Chevron Corp Conocophillips Exxon Mobil Corp GeoResourceslnc Halliburton Co Helmerich & Payne Lufkin IndusVies Marathon Oil Corp NaUOnal Oilwell Varco Inc Occidental PeVOleum Corp Total Consumer Discreuonary Total Consumer $taples Total Energy 78.94 272.59 21.75 55.31 54.77 26.42 39.10 38.20 25.30 23.77 76.76 42.38 13.43 63.25 41.16 48.49 39.61 88.83 69.02 18.80 35.16 57.26 30.26 65.33 58.53 38.96 53.93 'I 19.23 35.06 37.37 91.25 68.10 73.12 22.21 40.83 48.48 62.39 37.03 67.25 98.10 261, 765.04 142,837.76 36,975.00 134,790.47 34,943.26 35,667.00 34,447.10 00 181,426.30 32,636.21 176,751.96 132,098.46 42,156.77 179,187.25 45,975.72 196, 336.01 32�.118.27 310,105.53 2,239,217.51 108,982.58 38, 239.20 242,498.52 173,463.84 152,661.70 122,559.08 284,982.57 167,644.88 271, 321.83 1,562,354.20 324,663.29 140,134.82 34.828.84 316,181.25 184, 346.70 249, 412.32 39, 511.59 127.797.90 125, 563.20 40,428.72 184,631.58 734,500.00 00 1.902.000.21 1.42 00 78 .00 20 00 73 478.65 .19 00 .19 00 .19 .00 00 701.28 99 358.55 .18 .00 63 00 72 .00 23 .00 97 .00 .25 .00 1.07 00 1.75 .00 1.69 00 12.17 7,538.48 .59 00 .21 .00 1.32 1,724.25 94 .00 83 .00 .67 900.48 1.55 3,116.16 91 .00 1.48 �,521.88 8.49 7.262.77 1.77 00 .76 00 19 .00 1.72 00 1.00 .00 1.36 .00 .21 .00 .69 .00 .68 .00 22 00 1.00 00 73 00 00 630.80 10.34 630.80 2.03 00 00 1.08 1.61 00 .00 00 79 00 3.18 1.89 .89 1.01 00 58 1.51 1.94 1.30 99 1.91 2.84 1.99 1.65 2.94 4.37 1.80 2.24 2.55 50 1.14 00 3.16 3.23 2.41 00 88 50 80 2.70 65 00 1J4 Dana Investment Advisors, Inc. PORTFOLIO HOLDINGS Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp Shares/ PAR Financials Care 2,023 2,263 5, 044 1, 945 6, 600 827 596 2, 688 1, 264 1, 044 1,772 707 1,825 1,813 980 1,474 3,682 3,449 1,363 2,678 5, 000 1,732 5, 000 694 5,437 8.257 1,161 650 4, 000 1, 265 4, 268 1, 390 1, 854 1,159 2, 539 1, 600 962 3,777 442 5,316 2,068 635 4,100 792 604 1,622 1,750 5, 232 Idendfier AFL AXP AMP AFSI NLY OZRK BLK CB CBU CTBI CODI EPR FFBC FPO GS IVR JPM MIG OHI PNC UNM WAC WFC WRLD ABT ABC CMN CHSI ENDP ENSG ERES HGR HSP IPXL JNJ MHS MRX MRK MWIV MYL PRGO SIRO UNH AOS AAN/\N CAT DE DOV Description Aflac Inc American Express Co Ameriprise Financial Inc Amvust Financial Services Annaly Capital Management In Bank Of The Ozarks Inc BlackRocklnc Chubb Corp Community Bank System Inc Communiry Trust Bancorp Inc Compass Diversified Holdings Entertainment Properties Trust First Financial Bancorp First Potomac Realty Trust Goldman Sachs Group Inc Invesco Mtg Capital JP Morgan Chase Meadowbrooklnsurance Groupin Omega Healthcare Investors Inc PNC Financial Servfces Group I Unum Group Walter Investment Managemen[ C Wells Fargo & Co World Acceptance Corp Abbott Laboratories Amerisource8ergen Corp Cantel Medfcal Corp Ca[alyst Health Solutions Inc Endo Pharmaceuticals Holdings Ensign Group eResearch Technology Inc Hanger Orthopedic Group Inc Hospira Inc Impax Laboratories Inc Johnson & Johnson Medco Health Solutions Inc Medicis Pharmaceudcal Corp Merck & Co Inc MWI Veterinary Supply Inc. Mylan Labora[ories Inc Pertigo Co Sirona Dental Systems Inc Unitedhealth Group Inc A.O. Smith AUas Air Worldwfde Holdings Caterpillar Inc Deere & Co Dover Corporation Tolal Financials Tolal Heal[h Care Price Market Value Pct Assets 56.43 42.92 57.55 17.50 17.92 43.35 190. 58 59.64 27.77 28.96 17.69 46.25 18.48 16.82 168.16 21.84 42.42 10.25 22.44 60.72 24.22 17.94 30.99 52.80 47.91 34.12 23.40 46.49 35.71 24.87 7.35 21.19 55.69 20.11 61.85 61.27 26.79 36.04 63.15 21.13 63.33 41.78 36.11 38.08 55.83 93.66 83.05 58.45 114,157.89 97.127.96 290.282.20 34,037.50 118,272.00 35,850.45 113, 585.68 160, 312.32 35,101.28 30,234.24 31,346.68 32,698.75 33,726.00 30,494.66 164, 796.80 32,192.16 156,190.44 35,352.25 30,585.72 162,608.16 121,100.00 31, 07 2.08 154,950.00 36,643.20 2.082.718.42 260, 486.67 287,728.84 27.167.40 30, 218.50 142,840.00 31, 460.55 31,369.80 29,454.10 103, 249.26 23,307.49 157.037.7 5 110,286.00 25, 7 71.98 136,123.08 27,912.30 112,327.08 130,966.44 26, 530.30 148,051.00 1.836.287.94 30,159.36 33,721.32 151,916.52 145,337.50 305,810.40 62 .53 1.58 19 .64 19 62 87 19 .16 17 18 .18 .17 90 18 85 .19 17 88 .66 .17 84 20 11.32 1.42 1.53 15 .16 .78 77 17 .16 56 13 85 .60 .14 74 .15 61 .71 .14 .80 9.98 16 18 .83 .79 1.66 � �,,., �.,:. ., .. ,_ _.., �� As of 12/31 /2010 a��is c�. Ow¢d Yeld .00 .00 .00 155.60 5,062.40 .00 00 994.56 303.36 318.42 .00 459.55 182.50 .00 00 1.429.78 .00 00 .00 00 00 866.00 00 00 9,772.17 00 00 .00 .00 .00 69.58 00 00 00 .00 00 00 57.72 1,435.26 00 00 00 00 00 1,562.56 00 00 00 683.20 00 2.13 1.68 1.25 1.83 7 4.29 1.48 2.10 2.48 3.46 4.21 7.69 5.62 2.16 4.76 83 17.77 47 1.56 6.60 66 1.53 11.15 65 00 2.82 3.67 1.17 51 00 00 88 00 00 00 00 3.49 00 90 4.22 00 00 44 00 1.38 1.49 1.47 00 1.88 1.69 1.88 Dana Investment Advisors, Inc. PORTFOLIO HOLDINGS Portfolio: 715comp - City of Palm Beach Gardens Firefighters' Retirement System - Comp Shares! PAR IdenUfier Desaip6on Price Martcet Value Pct Assets 1,218 ENS 899 NPO 2,080 GD 8,140 GE 1,263 INSU ITT 1,577 PH 3,954 PWER 924 PCP 746 TNB 5,963 TKR 407 TGI 3,110 UNP 1,576 UTX 889 WTS Infam�ation Technology 3,665 ADBE 6,436 ADI 1,173 AAPL 15,035 EMC 3,938 ENTR 251 GOOG 6,554 HPQ 2,165 IBM 3,955 JNPR 4,371 MCHP 11,096 MSFT 2,396 NEWP 1,652 OPNT 10,924 ORCL 872 OSIS 1,621 PMTC 1,019 PLXS 2,997 QCOM 2,568 ROVI 7,075 SWKS 2,187 SMSI 1.119 SNX 3,667 TDC 4,929 TXN 3,308 TQNT Materiak 1,536 BKI 1,946 DD 1,338 FMC 880 FCX 1,036 IPHS 2,107 LZ 1,466 NEM 2,430 POL 1,348 SOA EnerSys Inc EnPro Industries Inc General Dynamics Cwp. General ElecVic Co Insituform Technologies Inc (C ITT Corp. Parker Hannifin Corp Power-One Inc Precision Castparts Cwp Thomas and Betts Corp Timken Co. Triumph Group Inc Union Pacific Corp Unrted Technologies Corp Watt Water Technologies Inc Adobe Systems Inc Analog Devices Apple Inc EMC Corp Entropic Communications Inc Google Inc-CI A Hewlett-Packard Co International Business Machine Juniper Networks Inc. Microchip Technology Inc Microsoft Corp Newport Corp OPNET Technologies Inc Oracle Corp OSI Systems Inc ParameVic Technology Corp Plexus Corp Qualcomm Inc. Rovi Corp Skyworks Solutions Inc Smith Micro Software Synnex Corp Teradata Corp Texas Instruments Inc TriQuint Semiconductor Inc Buckeye Technologies Inc. Du Pont (E.1.) De Nemours FMC Corp Freeport-Mcmoran Copper Innophos Holdings Inc �ubrizol Corp Newmont Mining Corp PolyOne Corp. Solutia lnc Total Industrials Tofal Infarmatan Technology 32.12 41.56 70.96 18.29 26.51 52.11 86.30 10.20 139.21 48.30 47.73 89.41 92.66 78.72 36.59 30.78 37.67 322.56 22.90 12.08 593.97 42.10 146.76 36.92 34.21 27.91 17.43 26.77 31.30 36.36 22.53 30.94 49.49 62.01 28.63 15.74 31.20 41.16 32.50 11.69 21.01 49.88 79.89 120.09 36.08 106.88 61.43 12.49 23.08 39.122.16 37,362.44 147,596.80 148,880.60 33,482.13 .00 136,095.10 40, 330.80 128,630.04 36,03 t .80 284,613.99 36,389.87 288,172.60 124,062.72 32,528.51 2.180.244.66 112,808.70 242,444.12 378,362.88 344,301.50 47, 571.04 149,086.47 275,923.40 317, 735.40 146, 018.60 149, 531.91 309, 689.36 41.762.28 44, 224.04 341, 92 t .20 31, 705.92 36, S 21.13 31,527.86 748,321.53 159, 241.68 202, 557.25 34,423.38 34,912.80 150,933.72 160,192.50 38.670.52 3,930,389.19 32, 271.36 97.066.48 106,892.82 105,679.20 37,378.88 225,196.16 90,056.38 30, 350.70 31,111.84 21 .20 80 81 .18 .00 74 .22 .70 .20 1.55 .20 1.57 .67 18 11.85 61 1.32 2.06 1.87 .26 81 1.50 1.73 .79 .81 1.68 .23 .24 1.86 .17 .20 17 .81 .87 1.10 .19 19 .82 .87 .21 21.37 18 .53 .58 .57 20 1.22 49 17 17 � : _.. �. a,s or ivsiizoio �«„�� c,.. Owed Yeld 00 .00 .00 1,237.88 00 580.75 00 .00 27.72 00 .00 00 1,255.52 .00 00 3,785.07 .00 00 00 00 00 00 .00 00 00 .00 00 .00 .00 00 .00 00 .00 .00 .00 00 .00 .00 .00 .00 .00 .00 00 .00 167.25 .00 00 .00 .00 00 00 00 00 2.37 3.06 00 00 1.34 00 09 .00 1.51 18 1.64 2.16 1.20 1.54 00 2.34 00 00 00 00 76 1J7 00 4.03 2.29 00 1.49 64 00 00 00 1.54 00 00 00 00 00 1.60 00 .87 76 3.29 63 1.67 1.88 1.35 98 00 00 . Dana Investment Advisors, Inc. �„�,�.�;''��-�� PORTFOLIO HOLDINGS Portfolio: 715comp - City of Palm Beach Gardens Firefighters� Asof 12/31/2010 Retirement System - Comp Shares/ PAR Iden6fier Descripdon Price Market Value Pct Assets Accruals Cur. Telecortmunication Services 6,682 T 1,039 CNSL 5,413 PCS 3,937 VZ � UUIiUes 1,128 AVA 4,504 NU 1,476 POR 7,720 TE Tdal Materials AT&T Inc 29.38 Consolidated CommunicaUOns Ho 19.30 MetroPCS Communicaaons Inc 12.63 Venzon Communications Inc 35.78 TWaI Telecomrnunication Services Avista Corp Nonheast Utilities Portland General Elecvic Co. TECO Energy Inc Total Utilities Total Domestic Equiry Strategy TotalStocks 22.52 31.88 21.70 17.80 Total PorUdio Paydown Receivable In[erest Accrued Dividends Accrued Total Porttolio with Accruals & Receivables Owed Yeld 756,003.82 4.11 167.25 1.39 196,377.16 1.07 00 5.85 20,052.70 11 00 8.03 68,366.19 37 .00 .00 140,865.86 77 .00 5.45 425,601.91 2.31 .00 4.88 25,402.56 14 00 4.44 143,587.52 .78 00 3.22 32,029.20 .17 383.76 4.79 137,416.00 .75 .00 4.61 338,435.28 1.84 383.76 4.02 17,253,253.14 93.81 25,102.86 1.74 17,253,253.14 93.81 25,102.86 1.74 18,392,005.22 0.00 0.00 25.102.86 18,417,108.08 The market p�ices shown on these pages represent !he last reported sale on the stated report date as to listed securities or the bid p�ice in [he case of over-the-counter quotations. P�ices on bonds and some other investments are based on round lot price quotations and are !or evaluation pu�poses on/y and may not represent actual market values. Bonds sold on an odd lot basis (less than $1 million) may ha ve a dollar p�ice lowe� than the round lot quote. Where no �egula� ma�ke! exists, prices shown are estimates by sou�ces considered reliable by Dana lnvestment Advisors. While the p�ices a�e obtained lrom sources we consider re/iab/e, we cannot gua�antee them. Dana lnvestment Adviso�s is not a custodian. C/ients shou/d be �eceiving detai/ed statements fiom fhei� custodian at least quarterly. Whi/e Dana lnvestment Advisors �egularly reconciles to custodian inlormation, we encourage clients to �eview their custodian statement(s). Pa{m Beach Gardens Firefighters' Retirement Syst�rn . . -.. � . � Broker Name Shares Comm Rate Net Amount Commission Capital Institutional Services 117,288 0.0157 $ 4,448,796.10 $ 1,837.70 Insti net 111,567 0.0158 $ 3,890,747.51 $ 1,757.89 Weeden 54,869 0.0150 $ 2,254,266.97 $ 823.10 �,�,� - , _ ._ . : 3- * * * Disclosure * * * __. ::�� Dana Investment Advisors, Inc. is an independent federally registered investment adviser providing equity and fixed income investment management services to a broad range of clients. All data is presented in U.S. Dollars. Portfolio Characteristics, Performance Report, Portfolio Holdings, and Sector Distributions reflect applicable investment holdings as of market close on the date indicated. Returns presented are exclusive of investment management and custodial fees, and net of transaction costs. Investment management fees would reduce the returns presented, for example: on a one-million dollar portfolio with an advisory fee of .75% earning a 10% return, the total compounded advisory fee over a five year period would be $50,368. The resulting average annual return for the period would therefore be 9.17%. All returns were calculated on a time weighted total return basis. Performance does include the accrual of income and the reinvestment of dividends and interest received. During various market cycles, the strategies discussed herein have demonstrated portfolio characteristics and returns that have been both more and less volatile than that of the comparable index. Indices shown were selected because they demonstrated a broad range of characteristics, some of these characteristics being deemed useful for limited comparison purposes only. Historical performance results for investment indices andlor categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings do or will correspond directly to any comparative indices. While data contained herein was gathered from sources deemed reliable, the accuracy of the data presented can not be guaranteed. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy made reference to directly or indirectly in this report, will be profitable, equal any corresponding indicated historical performance level(s), or will continue to be suitable for your portfolio. Due to various factors, including changing market conditions, the content of this report may no longer be reflective of current opinions, positions, investments or account allocations. Moreover, you should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from Dana Investment Advisors, Inc. Dana Investment Advisors is not a custodian. Clients should be receiving detailed statements from their custodian at least quarterly. While Dana Investment Advisors regularly reconciles to custodian information, we encourage clients to review their custodian statement(s). The market prices shown on these pages represent the last reported sale on the stated report date as to listed securities or the bid price in the case of over-the-counter quotations. Prices on bonds and some other investments are based on round lot price quotations and are for evaluation purposes only and may not represent actual market values. Bonds sold on an odd lot basis (less than $1 million) may have a dollar price lower than the round lot quote. Where no regular market exists, prices shown are estimates by sources considered reliable by Dana Investment Advisors, Inc. While the prices are obtained from sources we consider reliable, we cannot guarantee them. Please remember to contact Dana Investment Advisors, Inc. at (800) 765-0157, or P.O. Box 1067 Brookfield, WI 53008 with any questions or if there are any changes in your personal financial situation or investment objectives for the purpose of reviewing, evaluating, and revising any previous recommendations or investment services. Please also advise Dana if you would like to impose, add, or modify any reasonable restrictions to your account. A copy of Dana's current Form ADV Brochure detailing a complete list of Dana's advisory services and fees continues to remain available for your review upon request. City of Palm Beach Gardens Fire�ghters' Pension Trust Fund (Preliminary Report) 4th Quarter 2010 uc�u'vc.B(>(�I):�f1Nc;Rc)l'I'.c.c1n1 THE B�O�DAH1'�I � GROUP ll�IpGfj�i�g your iiivearnu�it a�id frducrary decisio►u _____ __ ___ -i � i - � - -�'_ _ - E �i` -1= - � a � a ' _ t7 � _ _ __ 1__ 7' '� - ' -! � _�-_ - - 1 -_ - - _ . ��- - � -r; _ ' i ' ' - ' r'- ' �� ' " ' ' '�•' ' a �i� - - -� -�� _ - - � ' _ 1 ' �_ -�- 8 _- E - _�, , �-i - - , ,�_ - -- --- � � - - - - � ti J r+ � � -�_ r—='_ - - _ � -_i .-_ - = 1 - - - �� - -_ - - � : _i�� -�a _ 8 _� = � � = -E �y- --'�= - a , �y _ _ _ 1 - _'_� '� � _ _ #�J _ _ ■ � _ _ L e _ - � _ � ' '�- " 4 '- _ �_ _ � � ;� ;,, `- � ��,� Q�, B � �� o00 ;r� � e� �I�� i ° I i o� I' ' � I ��I � I ,, I �� ; �� ,, €� I � �� , � � ° 0 � � � �� ° �II il- II'I_I I � 000 ' 000 I � � ° _ � 4t" Quarter 2010 Market Environment Page 2 � Tfie �( � BOGDAHN ♦--� GROUP The Market Environment Major Market Index Performance Period Ended: December 31, 2010 ■ Although there was a performance lull during November, the Fed's "pro-growth" commitment to prevent a second leg down in economic activity gave investors the confidence to drive equity prices substantially higher during the 4th quarter. Using the S&P 500 as a domestic market proxy, the equity market managed a return of 10.8% for the quarter. The S&P 500's 15.1 % for the year, combined with 2009's 26.5% return, represented the benchmark's first back-to-back double-digit calendar year results since the 2003-2004 period. ■ The Russell data series' small (16.3%) and mid cap (13.1 %) indices posted their second consecutive quarter of outperformance relative to the broad (11.6%) and large cap (11.2%) benchmarks. As a result of this continued strength, both small (26.9%) and mid cap (25.5%) indices also recorded a solid premium over the broad (16.9°/a) and large cap (16.1 %) benchmarks for the year. ■ International equity results were solid for the quarter with the MSCI-ACWxUS index returning 7.3°/a in U.S. Dollars (USD). The USD's continued weakness also provided a boost to un- hedged U.S. investors. However, general uncertainty surrounding the strength and sustainability of the global recovery, as well as ongoing sovereign concerns in several European countries, represented a drag on international performance relative to domestic results. • The majority of the fixed income indices experienced negative performance for the quarter. While all fixed income results were hurt by rising yields, the -2.3% return of the Government segment of the bond market was the largest drag on the quarter's broad fixed income index return of -1.3%. The mortgage-backed index's return of 0.2% represented the only positive component of the broad, investment grade fixed income market for the quarter. Source: Barclays Capital, MSCI Capda/ Markets, Russell Investments & Zephyr Page 3 MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg Barclays US Govt Barclays US TIPS Barclays MBS Barclays Corp IG 3-Month T-Bill Quarter Performance -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts sB�P soo Russell 3000 Russell 1000 Russell MidCap Russell 2000 BarGays US Agg Barclays US Govt Barclays US TIPS Barclays MBS Barclays Corp IG 3-Month T-Bill 1-Year PerFormance 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Trir: �l BOGDAHN ` GROUP The Market Environment Domestic Equity Style Index Performance Period Ended: December 31, 2010 ■ The 4th quarter once again favored growth-style equity investments over their value-based counterparts at each capitalization level of the Russell data series. Although growth represented the stronger style for the quarter, each of the value-based indices still managed to post double-digit returns. As a result of the strength demonstrated by both styles, the performance differential between the growth and value benchmarks for the quarter was less than 2% at each capitalization level. ■ While the previous quarter's large cap growth outperfo�mance was dominated by the heavy weight and strength of the information technology sector, the 4th quarter's style-based performance was driven by the growth index's larger allocations to the strong performing industrial and consumer discretionary sectors. Both sectors outperformed the Russell 1000 index return of 11.2% for the quarter and collectively represented a weight of 27.9% of the growth benchmark versus a weight of 16.7% in the value index. ■ The advantage of growth over value in the 4�h quarter also persisted at each capitalization level in the one-year style index results. This outperformance is particularly pronounced in the small cap segment where growth outperformed value by 4.6% for the year. The small cap growth benchmark's strength over the year is largely the result of its substantial 27.7% weight to the information technology sector and the sector's return of 34.4%. Source: Russell Investments Page 4 3000 Value 3000 Index 3000 Growth 1000 Value 1000 I ndex 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 I nd ex 2000 Growth Quarter Performance - Russell Style Series o.o% S.o% 10.0% 15.0% 20.0% 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth 1-Year Performance - Russell Style Series 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% � THE �` �, BOGDAHN ♦ '� GROUP The Market Environment GICS Sector Performance &(Quarter-End Sector Weight) Period Ended: December 31, 2010 ■ Large cap stock performance was positive across the various Global Industry Classification Standard (GICS) sectors for the quarter. Although each sector was positive, there was a wide range of sector performance for the quarter. The mild 1.9% result posted by the utilities sector for the quarter represented the weakest retum and was a large contrast to the strong 21.9% result posted by the top performing energy sector. As a result of this broad spectrum of sector results, only four of the ten GICS sectors actually managed to outperform the Russell 1000 index return of 11.2%. These four sectors (energy, materials, industrial and consumer discretionary) collectively represented a weight of 38.3% of the index at the end of the quarter. The financial and information technology sectors also posted strong performance with returns of 10.9% and 10.8% respectively, but each sector finished behind the Russell 1000 index return for the quarter. ■ Small cap stock sector performance was also strong during the 4th quarter with the Russell 2000 index posting a return of 16.3%. In fact, each of the 4th quarter's GICS sector returns for the Russell 2000 index outpaced the corresponding GICS sector performance of the Russell 1000 index. Like the Russell 1000, small cap sector performance for the quarter was led by performance in the energy (29.8%) and materials (21.5%) sectors. ■ Thanks to the strength of the 4th quarter, each of the ten GICS sectors in both the Russell 1000 and Russell 2000 indices also posted positive performance over the trailing one-year period. While all ten sectors of the Russell 2000 index posted double-digit returns for 2010, within the Russell 1000 index, only health care and utilities failed to retum in excess of 10% for the year with sector returns of 5.0% and 6.5% respectively. Source: Thompson Financial Paae S Energy (11.7%) Materials (4.2%) Industrials (11.2%) Consumer Disc (112%) Consumer Staples (9.7%) Health Care (11.2%) Financials (16.1%) Info Technology (18.3%) Telecom Services (3.0%) Utilities (3.4%) Energy (6.4%) Materials (5.7%) Industrials (15.8 % ) Consumer Disc (13.7%) Consumer Staples (3.0%) Health Care (12.4%) Financials (20.5%) Info Technology (18.5%) Telecom Services (1.0%) Utilities (3.1%) Russell 1000 ■Quarter o�-Year 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Russell 2000 ■Quarter ❑ 1-Year 0.0% 10.0% 20.0% 30.0% 40.0% �� ` TliF BOGDAHN GROV� The Market Environment Top 10 Index Weights & 3�d Quarter Performance for the Russell 1000 & 2000 Period Ended: December 31, 2010 E�on Mobil Cory XOM 282°/ 19.1 / Energy Applelnc. AAPL 227% 13.7% InfortnationTechnology MicrosoftCorporation MSFT 1.62% 14J% Informa6onTechnology IBM IBM 1.47 % 9.9 / Infortnation Technology Procter 8 Gamble Co PG 1.46 % 8.1 % Consumer Staples General Electnc Co GE 1.43 % 13.4 % Industnals Johnson 8 Johnson JNJ 1.40 % 07 % Health Care CheKOn Corporation CVX 1.37 % 13.6 % Energy i,TBT Inc. T 1.36"i� 42 i� Telecomm Service Jmm�rgan �I ��a F. ��'.., 1PM ,,.. � 1�..- �inancials �MonsterWorltlwidelnc MWW 0.02°�� 82.3?�o Informa6onTechnology Massey Energy Company MEE 0.04 % 732 % Energy Fairchild Semi FCS 0.01 % 66.1 % Information Technology Sm Energy Co. SM 0.02 % 57.5 % Energy WalterEnergy,lnc. WLT 0.04°o 57.Si Matenals Atmel Corporation ATML 0.04 % 54.8 i Infortnation Technology BeckmanCoulter,lnc. BEC 0.03^r� 54.7°, HealthCare Atlas Energy, Inc. ATLS 0.02 % 53.5 % Energy Gentex Corporation GNTX 0.03 % 52A"%�� Consumer Discretionary Nil�r�,-,��. . :.�L O.OD�,. -Ft.i/. Finanaals Capitol Fetleral CFFND 0.00 % -50.1 % Financials Clearwire Coryoration CLWR 0.01 % 36.3 % Telecomm Sennce Amylin AMLN 0.02% -29.4% HealthCare Thoratec Corporetion THOR 0.01 % -23.4 % Health Care Apollo Group, Inc. APOL 0.04 % -23.1 % Consumer Discretionary Lexmark Intl LXK 0.02 % -22.0 % Infortnation Technology Equinix. Inc. EQIX 0.03 % -20.6 % Infortnation Technology Human Genome HGSI 0.04 % -19.6 % Health Care CentralEuropean CEN 0.01% -18.4% ConsumerDiscreUonary Source: Thompson Financial Page 6 Riverbed RVBD 0.34% 54.3� InformationTechnology Tibco Sottware Inc. TIBX 029 % t 1.1 % Infortnation Technology Verifone Systems, inc. PAY 027 % 24.1 % Information Technology Sothebys BID 0.26% 22.4% ConsumerDiscretionary NordsonCorporation NDSN 0.25% 25.0% Industnals Brigham E�loration Co BEXP 0.25 % 45.3 % Energy Rackspace Hosting Inc RAX 024 % 20.9 % Infortnation Technology Deckers Outdoor Cory DECK 023 % 59.6 % Consumer Discretionary Parametnc PMTC 023% 15.3°G InformahonTechnology C1nl-Qiu� inr. [1R0 0.?9'< 7 � F_n�r�� Broadsofl, Inc. BSFT Q01 % 175.8"r� Information Technology Intertnune,lnc. ITMN 0.07% 167.3% HealthCare Istar Financial Inc SFI D.04 % 155.6 % Financials Skilled Hlthcare SKH 0.01 % 128.5 % Health Care Cheniere Energy, Inc. LNG OA2 % 119.0 % Energy Newcastle NCT 0.03% 116.1% Financials TwinDisclncorporated TWIN 0.02% 114J% Industnals Exeliws, Inc. EXEL 0.05 % 109.4 % Health Care Approach Resources Inc AREx OA2^�� 106.6"�� Enerqy Great �.n::,.. ..... 0.0�°.. I , .. ..., ..., ,..p�,. . Ambac Financial ABKFQ 0.01 % -72.4°ro Financlals Biodel, Inc. BIOD 0.00 % F5.5 % Health Care Ale�¢a Pharma ALXA 0.01 % �60.6 % Health Care GreenBankshares.lnc. GRNB 0.00% -52.9% Financials SaHentPharma SVNT 0.09% -51.3% HealthCare Mela Sciences. Inc. MELA 0.01 % -48.6 % Health Care Princeton ReNew Inc REVU O.OD % �2.2 % Consumer Discretionary ColdwaterCreeklnc CWTR 0.02% -39.8% ConsumerDiscretionary Dex One Corporation DEXO 0.04 % 39.3 % Consumer Discretionary ^ THF: %( � BOGDAHN ` `'' GROUP The Market Environment International and Regional Market Index Performance (# Countries) Period Ended: December 31, 2010 ■ In U.S. Dollars (USD), the 4th quarter's performance for the various international indices was positive. In addition, outside of Europe, international holdings continued to benefit from the general weakness of the USD. Despite these strong index results, both developed and emerging intemational equity market performance fell short of their domestic equity index counterparts for the quarter. The 4th quarter's results for the MSCI-ACWxUS index show wide performance bands for both the GICS sector (2.2% for telecommunications to 15.7°/o for materials) and individual country (-10.1 % for Greece to 17.4°/o for Taiwan) returns. This substantial return variability provided an opportunity for active international managers to show substantial positive or negative results relative to the index through sector and/or country portfolio positioning. ■ Over the one-year period, the increasing role of emerging market economies in the global recovery is evident in the strong 19.2% USD retum of the Emerging Market index. In contrast to this emerging market strength, the ongoing sovereign credit concerns in Europe are clearly visible in the relatively weak 4.5°/o one-year USD return of the developed market Europe index. The positive return of this 16 country European index masks the negative retums of each of the five "PIIGS" countries (Portugal, Italy, Ireland, Greece & Spain). These countries posted disappointing annual returns that ranged from -10.5% for Portugal to -44.7% for Greece. It's also not surprising that these five countries represented the weakest performance in the 44 country MSCI-ACWxUS index. Source: MSCI Capital Markets -, AC Worid x US (44) WORLD x US (23) EAFE (22) Europe (16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) EM Latin Amer (5) AC World x US (44) WORLD x US (23) EAFE (22) Europe (16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) EM Latin Amer (5) QuarterPerFormance ■USD ❑LocalCurrency 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 1-YearPerFormance ■USD ❑LocalCurrency 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% �� ` "I'►�f: BOGDAHN GROUP The Market Environment U.S. Dollar International Index Attribution & Country Detail Period Ended: December 31, 2010 Source: MSCI Capital Markets & Franklin/Templeton Page 8 ., ; Japan 22.1 % 15.0 % 12.1 °-> I 15.6% United Kingdom 21.3 % 14.5 % 6.1 % 8.8% France 9.5 % 6.5°/ 1.9% -3.2% Australia 8.8% 6.0 % 9.8 % 14.7% Germany 8.2 % 5.6 % 9.5% 9.3% Switrerland 8.0% 5.5 % 7.5% 12.9% Spain 3.3% 2.2% -8.4% -21.1°/ Sweden 3.2% 2.2 % 7.4 % 34.8% Hong Kong 2.9 % 1.9% 4.8% 23.2 % Italy 2.6% 1.8% -2.3% -14.1% Netherlands 2.5 % 1.7% 1.9 % 2.2 % Singapore Free 1.7 % 1.2% 6.8% 22.2% Finland 1.1% 0.8% 5.9% 11.6% Denmark 1.0% 0.7% 7.1% 31.1% Belgium 0.9 % 0.6% -3.6% 0.2% Norvvay 0.8% 0.6% 11.8% 11.8% Israel 0.8% 0.5% 4.8°/ 5.0% AuSt�ie 0.3 % 0.2% 11.7% 10.7% Portugal 0.3 % 0.2% -0.6 % -10.5% Greece 0.2% 0.2% -10.1 % -44.7% Ireland 0.2% 0.2% 6.5% -17.7% New Zealand 0.1% 0.1% 11.5% 9.2% �i�. :i Canada 8.0% �2.3o�a Z� zo� �- China 4.2 % 0.7% 4.8°/ Brazil 3.8% 3.5% 6.8% Korea 3.3% 12.8 % 27.2% Taiwan 2.8% 17.4% 22.7% India 1.9°/ 2.2% 20.9% South Africa 1.9% 13.1% 34.2% Russia 1.5% 16.5% 19.4% Mexico 1.1% 16.7% 27.6% Malaysia 0.7% 5.5% 37.0% Indonesia 0.6% -0.6% 34.6% Thailand 0.4% 5.9% 56.3 % Chile 0.4% 5.9% 44.8% Poland 0.4% 4.5% 15.9 % Turkey 0.4% -7.9% 21.2% Colombia 0.2% -5.2 % 43.4% Peru 0.2% 17.1% 53.3% Philippines 0.1% -3.5% 35.5% Egypt 0.1% 4.9% 12.4% Hungary 0.1% -9.4% -9.6% Czech Republic 01°/ -35°/ -1.7% Morocco � - -- - - - - �l� � BOGDAHN ♦--`� GROUP The Market Environment Domestic Credit Sector & Broad Market Maturity Performance Period Ended: December 31, 2010 ■ Using the Barclays Aggregate index as a proxy for the domestic broad fixed income market (-1.3%), the quarter's rising yield environment resulted in negative performance for most diversified, investment-grade bond investors. While individual portFolio results for the quarter will vary by strategy, in general, portfolios that sought the relative safety of shorter maturities (0.4%) or the yield advantage of lower quality debt (3.1 %) will likely post a performance advantage relative to the Barclays Aggregate benchmark. In addition, bond managers that over-allocated a portfolio to the mortgage sector, which posted a retum of 0.3% for the quarter, had the potential to add value relative to the broad index . ■ The trailing one-year returns for the various broad and sector-based bond indices were largely strong. Despite the pull-back that occurred during the 4�h quarter, the calendar year's solid fixed income performance reflects the collective impact of a general period of falling interest rates and an increased confidence in the sustainability of the economic recovery, which narrowed credit spreads. The falling rate environment had the largest impact on the longer-dated indices, while lower quality credit indices benefited most from the increased economic confidence. Source Bank of America/Merrill Lynch Index System r�a�e �� aa A BBB <BBB Govt TIPS Mort 1-3yr G/M/C 1-Syr G/M/C 1-10yr G/M/C 10+yr G/M/C Quarter Performance -6.0% �d.0% -2.0% 0.0% 2.0% 4.0% � � A Bag <BBB Govt TIPS Mort 1-3yr G/M/C 1-Syr G/M/C 1-10yr G/MIC 10+yr G/MIC 1-Year PerFormance 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% �� ` fri! BOGDAHN GROUP The Market Environment Market Rate & Yield Curve Comparison Period Ended: December 31, 2010 ■ In addition to keeping the fed funds rate at 0.0% to 0.25% for the 24t'' consecutive month, the Fed also committed to the purchase of an additional $600 billion of Treasury Securities in their second round of "quantitative easing". The Fed's additional commitment of Treasury purchases during the quarter was a classic case of "buy on the rumor, sell on the news" for bond market investors. Yields remained mostly "range-bound" throughout October as investors tried to anticipate the size, scope and form of the "quantitative easing" that the Fed would announce at their November meeting. However, subsequent to the $600 billion Treasury purchase commitment by the Fed, yields for longer-maturities moved steadily higher through the end of the year. This yield curve movement resulted in higher Treasury yields, a narrowing of the BAA/10yr yield spread and an increase in inflation expectations, which is reflected in 10 year TIPS yields. ■ The increase in yields that defined the 4�h quarter's fixed income performance was most pronounced for longer maturities (>5 years). These differing maturity movements resulted in a"steepening" of the yield curve. At the close of 2010, Treasury yields for maturities in the 5 to 30-year maturity range had increased by an average of 74 basis points (bps) since the end of September. While not as extreme as the longer-dated yield shifts, the yield increase for maturities in the 1 to 3-year range averaged 20 bps during the quarter. Thanks to the Fed's ongoing commitment to keep the fed funds rate low for the foreseeable future, the shortest maturities on the curve actually fell. The yields on 1 and 3-month Treasury issues fell by 7 and 4 bps, respectively, since the end of September. Despite the jump in yields during the 4th quarter, the 10-year Treasury's 2010 year-end yield of 3.30% was still well below the 2009 year-end yield of 3.85%. Source: Mortgage-X.com, US Department of Treasury & St. Louis Fed Page 10 s.so s.00 a. so a. o0 3.50 3.00 2. so 2. o0 �.so �.00 0.50 1-Year Trailing Market Rates o.00 �- Sep-09 s. so 5.00 a. so a. o0 3.50 3.00 2.so 2.00 �.so i.00 0.50 o.00 ^�r Fed Funds Rate TED Spread 3-Month Libor BAA/10yr Spread 10yr Treasury 10yr TIPS Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Treasury Yield Curve � 12/31/2009 �L-6/30/2010 �9/30/2010 12/31/2010 �� v 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr � THr �( � BOGDAHN ` °` GROUP The Market Environment A Term-Based Asset Class Review 5-Year Annualized Returns at 5-Year Historical Intervals , _ ___ - RusseA Top 200 1.8% Russell Top 200 -1,4% 5-years ended 12/31/10 � 5-years ended 5-years ago Russefl 3000 2.7% Russell 3000 1.6% RusseA 1000 2.6 % Russell 1000 1.1% RusseN MC 4.7% Russell MC 8.5% RusseN 2500 4.9% Russell 2500 9.1 % Russell 2000 4.5% Russell 2000 8.2% MSCI-ACNAxUS 5.3 % MSCI-ACWIxUS 6.7% MSCI-EAFE 2.9% MSCI-EAFE 4.9% MSCI-EM 13.1% MSCI-EM 19.4 % Bardays Aggregate 5.8% Bardays Aggregate 5.9% Bardays TIPS 5.3% Barclays TIPS 8.7% ML Global Broad Market 6.6 % ML Global Broad Market 7.2% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Russetl Top 200 � RusseN 3000 ` RusseA 1000 Russetl MC Russell 2500 RusseA2000 MSCI-ACNAxUS MSCI-EAFE � 2% MSCI-EM � BarGays Aqgregate Barclays TIPS � N/A ML Global Broad Market N/A -5.0% 0.0% 19.1 % Russell Top 200 17.4% Russe113000 18.2% Russe111000 167% Russell MC 14.0 % Russell 2500 - 10.3 % Russell 2000 _ 6.7°/a MSCI-ACWIxUS - 7.4% MSCI-EAFE MSCI-EM _ 6.5% BarGays Aggregate Bardays TIPS N/A 5-years ended 10-years ago ML Global Broad Market N/A 5.0% 10.0% 15.0% 20.0% -5.0% 0.0% ■ Best Performing ■ Worst Performing Source: Barclays Capital, MSCI Capdal Markets. Russell Investments & Zephyr - 8.5% - 9.5 % - 9.5% 12,3% 12.1% 10.6% _ 7.1% - 7.5% 12.2% _ 6.9% 5-years ended 15-years ago 5.0% 10.0% 15.0% 20.0% � l'��f �l BOGDAHN ` GROUP The Market Environment Historical Annualized Performance Over Various Investor Holding Periods Based on S&P 500 Annual Returns 1926 Through 2010 Term of Investment 1926 � 3 1930 m 0 � 'J � � 3 � 1940 Count 1950 1960 1970 1980 1990 2000 2010 Total Observation Count = 3,655 Percentage 1.50% 1.48% 4.54% 7.14% 50.75% 34.58% �'� 'S% - 0% i 0% - 5°/a 6°/s ' 8% Source: Ibbotson Year Book & Zephyr Page 12 2010 �I Boxes indicate the 20-year �annualized holding period retums for investors beginning in 1926 � Tt�E �l BOGDAHN ♦-� '' GROUP September 30, 2010 : 534,332,303 Segments � l�omestic Equity � International Equity ■ Domestic Fixed Income ■ Real Estate ■ Cash Equivalent r��e i � Market Value �$) 14,229,29G 5,223,393 9.167.591 2,269,435 3,442,588 Total Fund Portfolio December 31, 2010 Allocation ( %) 41.4 15.2 26.7 6.6 10.0 Asset Allocation By St,yle -('urrent Quarter December 31, 2010 : $36,478,829 Segments ■ Domestic Equity ❑ International Equity � Domestic Fixed Income ■ Real Estate � ('ash Equivalent Market Value ($) 17.253,253 5,660,928 9,213,039 2.295.942 2,055,GG7 �( \ ` Allocation (%) 47.3 15.5 25.3 6.3 S.G �n �r BOGDAHN GROUP September 30, 2010 : $34,332,303 ■ Dana Equity Portfolio 0 Dana Growth (Equity) ■ Garcia, Hamilton & Assoc. Fixed ■ Agincourt Capital Management ■ RBC International Portfolio ❑ Manning & Napier Overseas (EXOSX) 0 Receipt & Disbursement ❑ Intercontinental Real Estate ■ American Core Realty Fund Page 14 Market Value ($) 9,061,423 G.G I 1,44G 4,866.678 4,558,392 2.730.880 2.492.G53 I .741.395 I ,500,000 769.4 ; 5 Total Fund Portfolio December 31, 2010 Allocation ("/�) 26.4 19.3 14.2 13.3 8.0 7.3 5.j 4.4 2.2 December 31, 2010 : $36,478,829 ■ Dana Equity Portfolio ❑ Dana Growth (Equity) ■ Garcia, Hamilton & Assoc. Fixed ■ Agincourt Capital Management ■ RBC [nternational Portfolio ❑ Manning & Napier Overseas (EXOSX) ❑ Intercontinental Real Estate ❑ American Core Realty Fund ■ Receipt & Disbursement Market Value �$) I I .097,453 7.319, 744 4,853,5G I 4.505,991 �,999,094 2,661,974 �,500,000 795,942 745,070 Allocation (%) 30.4 20.1 13.3 12.4 8.2 7.3 4.l 2.2 2.0 � THE % BOGDAHN �-� � GROUP I utal 1)umestic Equih (�'ompositcl Uana Corc I;yuih Porttiilin Dana Gro��th (Gyuity) International Equih� (Composite) RBC ►nternational Porttblio Manning & Napier Ovcrscas (F,XOSX) Total Fixed Income (C'omposite) Agincourt Capital Management Fired Garcia. Hamihon & Assoc. Fixed Real Estate American Core Realtv Fund Intercontinental Real F;state Receipt & Disbursement Total Fund Portfolio r��e i s Palm Beach Gardens Firefighters' Asset Allocation As of December 31, 2010 ix.-ti�,i�n ;o.a�� II.O�)7.-35; ;0.42 7.319J44 20.07 5,661,068 15.52 2.999.094 A.22 2,661,97�4 7.30 9,359,551 25.66 4,505.991 I 2.35 4,853.561 13.31 795,942 2.18 I.500,000 4.11 745,070 2.04 6,478.829 100.00 15,672,869 -t5.65 9.061.423 2G.39 G,6 I I ,446 19.26 5,223,533 15.21 2,730.880 795 2.492.653 7.2G 9,425,070 27.45 4.558,392 13.2A 4,866,67R 14.18 7G9,435 2.24 1,500.000 4.37 1,741,395 5.07 4,332,303 100.00 12,937.171 -13.a0 7.139.520 23.95 SJ97,G5 I 19.4g 2,961,002 9.93 I,R35,139 6.16 1.125.863 3.78 9,152,95�1 30J0 4,431,617 14.87 4.721.337 15.84 737.577 2.47 4,021,016 13.49 9.R09,720 100.00 ia,�tza.�si a�.25 7.909.I57 25.9I 6.51 i.59� 21.34 3,296,843 10.80 1.997.345 6.54 1.299.49R 4.26 8,892,663 29.13 4.274,G42 I 4.00 4.618.02? 15.13 716.187 2.35 3,199,878 ]0.48 O.S30,322 100.00 i3,�,;i,�� a�.��s 7.40i.119 25.R9 6.230.819 21.79 3,168,669 11.08 1.904,009 6.66 1.264.G60 d.42 8,713,019 30.47 4.185.91G 14.G4 4,527,I04 IS.R3 722.843 2.53 2,358,402 8.25 S,S96,R70 100.00 Iln. �( BOGDAHN ` GROUP f[IIi�il 90.0 i 80.0 - 70.0 � 60.O � 0 C O � 5��.1) u O � au.r� � 3o.r� 20.0 � 10.0 0.0 — � - 9/10 � Domcstic Equity� Page 16 Palm Beach Gardens Firefighters' Historical Asset Allocation By Segment October 1, 2010 To December 31, 2010 1O�'I(1 [ntcrnatiunal f�.quit�� Dunxstic Fixcd Income I1/10 12/10 � Real Gstatc � Cash Equivalent � THF. �( BOGDAHN ` `� GROUP fotal Domestic Equity (Composite) )ana Corc I;quih Porifblio )ana Gro��th (1?yuity) nternational Equity (Composite) ZE�C International Portti�lio vianning & Napier Overseas (EXOSX) fotal Fixed Income (Composite) �gincourt Capital Management �arcia, Hamihon & nssoc. I�ixcd teal Estate lmcrican Corc Rcalt� Fund ntercontinen[al Real F.statc teceipt & Disbursement fotal Fund Portfolio Pa,e 17 15,672.869 9.OG 1.d23 6.( I 1.446 5,223,533 2.TO.RRO 2,�492,653 9,425,070 a.558,392 4.866.678 769,435 1.500.000 1,741,395 Palm Beach Gardens Firefighters' Financial Reconciliation Quarter 1 Quarter Ending December 31, 2010 1,025,759 1.014.717 1 1.04� 4,330 4,330 5,873 2.832 3.042 209,694 1.245,657 - -2S,7S9 - -I�1,717 - -11.042 - -4,330 - -4.330 - -5,873 - -2.832 - -3.042 -1,192,136 -1,192,136 x�,ans $6.52$ ?7,8R0 34,356 8.080 z6.z�� 112,154 49.971 1�2. I 83 1,659,922 979.505 GR0,418 403,178 260. I 34 ia3.oas -177,673 -102.372 -75.301 ix..��,t9� I 1.097.dg3 7. ; I 9J�3�1 5,661,068 2.999.09d 2.b61.97�! 9,359,551 4.505,991 4,R53,56� -z.na3 - i i.z�z ».33s �<�S.eaz - - - - i,son,ono - -14,576 692 - 7d5,070 -3R,005 -14,576 242,821 1,902,766 36,47R,829 �If1P � BOGDAHN ` GROVr� Total Domestic Equity (Composite) Dana Corc Gquity Poriti�lio Dana Gro��1h (L?quil}�) International Eqaity (Composite) RBC Intcrnational Portli�lio f�4anning & Napier Overseas (FXOSX) Total Fixed Income (('omposite) Agincourt Capital Management Garcia, Hamilton & Assoc. Fixed Real Estate American Core Rcalri Fund fntercontinental Real 1?state Receipt & Disbursement Total Fund Portfolio Page 18 15,672.R69 9.06 I .-123 G.G I I .-��1G 5,223,533 2.730.RR0 2.-192.65; 9,425,070 4.558. ±92 �t.R66.678 7G9,d35 I .500.000 1,741,395 Palm Beach Gardens Firefighters' Financial Reconciliation FYTD October 1, 2010 To December 31, 2010 I,1125,759 I.01-1.717 I l.Od'? 4,330 4.330 5,873 2.832 �.042 209,694 1.245.657 -1,192,136 -1,192.136 -2S,7S9 -14.717 -I 1.042 -4,330 -4.i_i0 -5,873 -2.832 -3.Od2 8a,405 56.525 27.880 34,356 8,080 26.277 112,154 d9.971 62, I 83 -2.04; - 11.212 - -14.576 692 fR.00S -14,576 242,821 1,659,922 979.505 6R0.418 403,178 Z60.134 1-i3.045 -177,673 -IO2.372 -75.301 17.338 1,902,766 I S.�J I 7,197 1 I,(197.453 7.3I9.74d 5,661,068 2.999A94 2.661.974 9,359,551 4.505,991 4.853,561 795.942 1.500.000 7�15,070 � Tfie � BOGDAHN � -� � GROUP Palm Beach Gardens Firefighters' Comparative Performance As of December 31, 2010 Total Fund Portfolio (Net) 6.13 6.13 I��:�I I tin�l I'��lir� \ 1 \\ Difference N/A N/A Total Fund Portfolio (Gross) 6.25 (49) 6.25 (49) I��I�il I un�l P��lic� '� � \ \ Difference N/A N/A \II Puhlir Pl,in�-lutal Fund �lcdian (,.'I 6.'I Total Equity 10.14 10.14 I��;il I yui�� I'��lic� IIl �(� ll).RG Difference -0.72 -0.72 Total Domestic Equity 10.77 (53) 10.77 (53) {tu;:cll _�f1011 I 1.�9 I��) I I.��) f''�1 Difference -0.82 -0.82 US Core/Large Cap Equity (SA+CF) Median ]0.85 10.85 Dana Core Equity 10.73 (58) 10.73 (58) ti�l f' ��lU I 0.7(, 1 S; � IOJ6 I"1 Difference -0.03 -0.03 US Core/Large Cap Equity (SA+CF) Median 10.85 10.85 Dana Growth Equity 10.71 (70) 10.71 (70) Ru„clI IIIIIU(�n��Ihln�i�•� II.R? 1�_�1 II.'�� 1��I Difference -1.12 -1.12 l IS Gmwth/Large Cap Equity (SA+CF) Median I 1.93 11.93 Total International Equity 8.38 (32) 8.38 (32) �Iti( I I:.\11 Indc'� G.b� ((iRl (,.h� IbRI Difference 1.73 I .73 International E uit (SA+CF+MF) Median 7.41 7.41 Rcturns ti>r periods greater than 1 yr. are annualized. Retums are expressed as percentages 'I otal Pund Polic�=55°r� Russell 3000, 2i°/o Barclays Intennediate Aegreeate. 10% �dSCI EAPE, & 10% NCREIF Total Gquit�' Polic�'=8�°o Russcll 3000: I S°% MSCI EAPE ��e �� 11.95 � \ N/A 12.42 (54) '� \ N/A I _'.�1� 16.73 I �.66 1.07 16.74 (23) 1(>.�); f � I 1 -0.19 14.88 18.05 (13) I �.O6 1-151 2.99 14.88 15.05 (61) I(�JI I-471 -1.G6 16.23 17.61 (20) R.'I 1?�1 9.40 11.34 0.45 ti � N/A 0.88 (62) \ \ N/A I � -! N/A \ \ N/A 0.64 (12) -'.(11 ( 1-! I 2.65 -2.32 0.32 (13) -�.8� (b�l 3.17 -2.32 N/A -11.-17 �??1 N/A -1.32 -1.09 (12) _(� �� I�bl 5.46 -6.05 3.52 � � N/A 4.02 (67) ti � N/A -I ; ; N/A \ � N/A 4.11 (26) , �-1 1��1 1.37 2.85 3.91 (29) , ,q �(�8) 1.62 2.85 N/A i.?� (-�h) N/A 3.63 5.76 (22) �.'1� (��1 2.82 3.25 3.96 OS/O1/1998 � � NiA 4.54 N/A OS/O1/1998 ti' � N/A \ \ 3.79 07/31 /2008 I ..11 2.3 5 6.89 (17) 07/O 1 /2002 i._'' I l,ti I 1.66 5.62 6.77 (18) 07/0 U2002 �l.'�' 1 R I I j .$$ 5.G2 21.83 (81) 06/01 /2009 �G.j� � ;�� -4.73 2$.I6 5.76 (22) O 1 /O1 /2006 , v.� �� 2.82 i.25 "Il�r �l BOGDAHN ` GROUP RBC International Portfolio \I�( I f \Il In�lr� Difference International Active Value Equity (SA+CF) Median Manning & Napier Overseas (EXOSX) �ISC I I \I f Incic� Difference ►nternational Equity Multi-Cap Core F�mds (AiF) Median Total Fixed Income f;arcl�i�, ( �u�,it.il Intrrni��li.11r \�!�r�•��it� Difference US Intermediate Fixed Income (SA+CF) Median Agincourt Capital Management I�,ircl�n� ('��pit.il .�\��re��.ili Difference US Broad Market Core Fixed Income (SA+CF) Median Garcia, Hamilton & Assoc. Fixed li,ircla�. (':i�,i�al Intrrm�cli:itr \_,rr��:�tr Difference US lntermediate Fixed Income (SA+CF) Median American Core Realty Fund R��al I_.t;it� I'�,li�� Difference US Private Real Estate-Open End (SA+CF) Median Palm Beach Gardens Firefighters' Comparative Performance As of December 31, 2010 9.82 (9) li.h� ��) 3.17 6.79 6.79 (70) (�.(�� 17+1 0.14 7.16 -0.70 (25) -�� '� 1'R) 0.05 -1 A6 -1.15 (51) -I.;II (6-!I 0.15 -I.IS -0.27 (8) -O.7� 1�81 0.48 -1.06 3.71 N/A '� \ N/A N/A 9.82 (9) h.(�� .i.17 6.79 6.79 (70) (�.(i� 1��1 0.14 7.16 -0.70 (25) -(i_7� I ��+I 0.05 -1.06 -1.15 (51) -I.?O 16�l1 0.15 -I.IS -0.27 (8) -I1_7` I �ti) 0.48 -1.06 3.71 N/A ti 1 N/A N/A Retums for period� greater [han I��r. arc annualized. Rcturns .ue cxpressed as percentages Total Fund Policy=55% Russell 3000. 2�% Qarclays ln[ernicdiate Aggregate. 10"/o NISCI EAFF.. & 10% NCREIF Total Equit}� Polic�=8?% Russell 3000; 1 S% MSCI EA1 G Page 20 24.06 (1) S 'I 1�11� 15.85 11.81 9.50 (75) h.�l (S(,1 1.29 1 1.67 7.42 (16) (i.l� f(i;) 1.27 6.37 7.65 (39) (�.�-I 1 RU 1 1.11 7.27 7.21 (20) b.l� I(�_+) 1.06 6.3 7 11.23 N/A \ � N/A N/A -0.17 (22) _(, �� 6.38 -3.G7 N/A _6 �; I(,I 1 N/A -5.33 6.89 (28) � S� � ;7� 1.07 6.19 N/A �.�)(1 (ft�'1 N/A 6.72 N/A �.8'_ (771 N/A 6.19 -9.98 N/A \ \ N/A N/A 6.35 (28) ' �)-1 I "1 3.41 4.83 N/A � . ��-1 1(� I I N/A 3.68 6.31 (37) � SI l %�1 0.50 6.09 N/A �.RO 17(�) N/A 6.27 N/A �-�+I I?+1 N/A 6.09 N/A \ \ N/A N/A 6.35 (28) 01/01/2006 , �)a I"� 3.41 4.83 21.74 (32) 06/O1/2009 1R.8ti 1�,�1 2.86 20.55 5.41 (51) 07/O1/2002 i.� i �,:� 0.24 5.47 IO.l4 (27) 10/O1/2008 7.(�i 1�71 2.49 9.19 8.36 (13) 07/O1/2008 (i.-1� l(��)I 1.91 690 -lJ0 N/A 08/O1/2006 \ � N/A N/A � THF �l BOGDAHN ` GROUP Total Fund Portfolio (Net) I ��t�.il I nn�l I'nlic� DifTerencc Total Fund Portfolio (Gross) I ��I.il I tni�l I'nlic� Diflerence 111 I'iihlic I'I;in�-lul;il I un�l �Ir�li;in 7'otal Equity I�H.iI I�yuit� I'�,lic� Ditierence Total Domestic Equity Ru..cll �nUu I)ifference 11S Core/Large Cap Equit� (SA+CF) Median Dana Equity Portfolio �,�P �uli �)If7C�l'l1CC 11S Corc/I_arge Cap F.quit� (SA+CF) Mcdian Uana Crowth (Fquity) IZu.:�ll Ir�uu � �n��h In�l�� [)i t7erencc l fS Gro��1h/Largc Cap F?quit} (SA+CP) Median Total International Equity \Itil l I .\Il In�lr� Uifterence uitt ISA+CP+MF1 Mcdian Palm Beach Gardens Firefighters' Comparative Performance As of December 31, 2010 8.16 y ;' -1.16 8.62 (84) `) �? 1711� -o.�n ') ') S 10.56 �1 �11 0.65 11.15 (24) I11.4l� 1'71 0.19 9.77 11.32 (21) II�.Ib IIII 1.16 9.77 11.16 (52) I'_I,� 1 ��1 - I .�19 1 1.27 8.14 (40) �I 1(��>� 4.43 6.37 -0.46 - I \!i 1.40 0.00 (67) -I `c(� f�ll 1.86 I �-1 -1.59 - 1.�lll 3.31 -3.91 (26) -!�. J' 1 il l I 2.51 -6.44 -10.07 (92) -l�.�) � I (il I � -3.16 -G.44 N/A -I.;S� i ��i N/A -3.25 11.28 (16) �KI� 11�1 7.48 2.38 -12.30 - I I �i_' 1.72 -11.96 (28) -I�.II_' (�� 2.06 -I��,? N/A �; :1 N/A -16.51 (16) -' I .;? �;; i 5.01 -21.12 -19.61 (35) -?I.`)8 Il��l 2.37 -21.12 N/A -'II.�h I �_'_ I N/A -20.59 -30.51 (48) -�III� Ill) -0.38 -30.74 10.96 I �'� -2.-13 11.67 (91) I � ��) (o9i -1.72 I l :�! N/A '� \ N/A 14.18 (8.5) In.�' r�li -2.34 16.67 1�1.1A (85) Il�.-!! 1''�+I -2.26 I6.G7 N/:1 �y.:C �iC) N/A I 9.91 24Z2 (67) _; :A l�iil -1.16 26.20 7.92 V � (, - I .24 8.65 (51) ')Jb IJ?1 -O.SI S h� N/A \ � N/A 10.21 (64) � 1 I „ ( (�-1 1 -0.01 10.82 10.21 (6�) �II,,') ��'1 -0.5 R I O.R2 N/A b.l l�i ( `�� I N/A (J9 N/A 11).(�� 1 lll) N/A 18.75 13.82 ,� , -}.59 14.35 (26) '1_'� I\>I 5.12 I ? 1'i N/A 1 :� N/A 21.50 (9) I � o'! 1'.' I 8.81 14.?2 21.50 (9) I' '� ISuI 9.2 $ 14.;2 N/:� II hll I�II N/A I 4.04 N/A _'6 ;_ I !SI N/A 2G.03 10.51 v�! 0.67 11.19 (50) ��\1 i,ui j.35 I I ��; N/:� \ \ N/n 15.99 (27) I .\7 I„�i 2.12 14.22 15.99 (27) I � \- i„�i Z.�� 14.22 N/:� �_�I �,li N/A I 0.06 N/:� ,,;, i;�i N/n 20.6 ; Retums ti�r periods greater than 1 vr. are annualized Returns are expressed as �crcentaees "Iln 'l��tal I�und Policy=55% Russell 3000, 2�% Barclays lntemmdiate Aegregate, 10% MSCI EAFE, & 10%NCREIF �� BQG�AHN f��tal I:quih Pulic�=R;°� Russell 3000. IS"� MtiCI f:nl�[: Pa��e Z I � GR�UP RBC International Portfolio �1ti( l I:�I 1 In�i� � Difierence International Active Value Equity� (SA+CP) Median Manning & �Vapicr Overscas (E�OSX) �Iti( I I: \I I In�l�� Dit7erence International Equit�� Multi-Cap Core T�unds (MF) Median Total Fixed Income liurcla�: l�a��il,il InlrrnirJi;ilr \��r�� ;iir Ditterence US Interniediate Fixed Income (SA+CF) Mcdian Agincourt Capital ti1anagement Rarcl,i�. (�.i�,i�:il :A��rr�alc �)If`fEfEI10E lIS Broad Market Core Fixed Income (SA+CF�) Median Garcia, Flamilton & Assoc. Fixed I�.ircla�•l �.i��it�il Inlcrmr�liutr \��ricalc Dit7erence US Intermediate Fixed Income (SA+C�) Median ,-�merican Core Realt�� Fund It�•;il I .Ialr P��lic� �)If�CI'EIICC US Private Real Gstate-Open F,nd (SA+CF) Median Palm Beach Gardens Firefighters' Comparative Performance As of December 31, 2010 12.31 (9) ,I �n�i x.�o 5.99 2.52 (84) ,I i�,i -1.19 6.80 9.20 (24) - -, �.,..� 1.G8 8.2G 9.55 (37) ?S I�� I`S?I 1.39 9.15 A.87 (29) - .. ��-.� I .35 8.2ti 2.72 (76) (,.��, I IS1 -�1.25 6.60 7.72 (33) � �n i�Si 3.92 4.88 N/A � Kn � I�i i N/A 3.55 15.33 (9) `� b0 ( \ � I 5.G4 i i.as 14.7C (21) IU.�h IS'I 4.20 I 2.54 15.91 (7) '� h`� ( S I I G.22 1 1.45 -32.96 (4S) _ ; �� ,.i 2.23 -33.3R -29.A7 (72) -;u l � �-1i 0.26 -27. I0 ti/.� -:n � : t lui N/A -31.00 0.03 (85) 1.1(� 1.�`I -4.13 3.26 N/A : �,; �; } i N/A 2.55 N/A �IJn i ��i N/A 3.26 498 (35) I� i�'� I.RO 3.47 2�1.22 (52) _- � i I�i -1.16 24.45 N/:� - �� i�ni N/A 25.28 5.24 (75) �.� Ih�l -OA9 5.47 N/:1 ; � I ��li N/A 5.16 V/A Ili� l N/A 5.47 16.31 (80) �`.'� I��il -1.90 18.34 N/A I��n� r-1i N/A 2096 ti/:� I'�r,� illi N/A 1 R.95 3.64 (82) �� A � I `� I -0.20 i.90 V /:1 � r,� i,�i N/n �.BG N/.A � � i;ti� N/A �.90 N/:1 � \ N/A 17.92 \/;� 'r, ,_ ih-Ii N/n 27.1 � \/:� 'r� ;_ i �l � i N/A ?�.79 1.77 (76) _ ' � I i,� -0.46 2A9 1/A 'Xn �Rli N/n 3.12 1/A , ,; �-!'1 N/A 2.09 \ /:1 \ \ N/A 19.R6 \/;� -_ i__� N/A 25.40 V/:� „ �, _ _ �_'i N/A zo.�n 2.56 (73) �� 1 � I -0.83 2.R7 ti/:� �.r,� �liU� N/n 3.80 N/:� . ..��? i_'�1 N/A 2.87 ti/:1 � � N/.A 12.50 Returns for periods greatcr than I yr. are annualized. Returns are expressed as percentages THI[ Total Fund Policy=�5°r� Russell 3000, 25"/„ Barclays lntennediate Aegregate, l0% MSCI I�AFE. & 10"/o NCREIF Total Equit} Policv=85°% Russell 3000. IS"ro MSCI EA�E � BOGDAHN Page 22 ` �iROUP Palm Beach Gardens Firefighters' Total Fund Portfolio (Gross) December 31, 2010 � � �larket Vxlue Market �'alue ;�s of \e� Contributions Distributions Feev E�pcnses Income ��APital ,�s of 9/30/2010 Transfers �pprec/Deprec �Z�3��z�� l�utal Pmid Pnit�i�ho IGross) ia.ii? - '_IO -156 -3R -IS 24i L903 3(.a"9 � � Dlarket �'xlue Vef Market �'aluc Capital `�` °� Trensfers Contributions Distributinns Fees Expenses Income pPrrecJ Deprec ��a nf 9/30R010 I2/31/2010 Total Fund Por1li�Go fGrossl 34_i32 - '_10 -I56 -7R -IS 243 L90i ;G.479 Peer Group :�nalysis - �lired-;�ssct "I'arhet Alloc 1loderate Funds (MF) ,Cum �000 � —-� � zo.00 : � ■ i000 . E � � � z` n on I -ionu '� � I Oct-2010 Quarter To Deo-2010 ■'Po�al Pund Porlti�ho (Grossl 6.25 (2R) G.ZS flftl � Tolal Fund Polic�� N/.4 N%.A i �I � � ' _ ! ' I 1 3 Year 1'ears Years 12.42 128) 13.59 (RRl 0.88 (4G) N;.4 N-'A N�A � � .{ ,S 1"ears Y'ears 1.99 (50) 4.02 (40) N;.4 N/A aisoo ai000 aso 0 S0 0 G/48 12/00 Gi03 12/OS s un. i - —� 6-0R Ib10 McJian 5 57 5 57 I IAS 17 ±I OJO 1 97 ± 70 —Total Pund Portfulio l(%�u.sl — Tutal Fund Pollc� , 1 I 1 1 1 1 Quarter Qnarter Quarrer Quarter Quarter Quarter F.ndinq F.ndin� EnJin� Endin� F,ndin� F:ndin� Sep-2010 dun-2010 Mer-2010 Der1009 Sep-2009 .lun-2009 Tntal Fund Portfolio (Gross� 717 (7A) -4.R8 (25) 3.70 (37) 2.65 (R2) 10.13 (A3) SJ6 (99) Tulnl Pund Pulic�' R')0 (3') -G 54 (7�1 3 89 (27) 3.�9 (561 I I JO 1631 I IJ3 I601 �G�ed-;\s.acl lar�et Alloc Moderate Funds IMPI �tedian 8.3? -5.R7 3.47 3A5 12.10 I?3? Pac*e 23 � TF�t. �` BOGDAHN ` GROUP e 0 ' z ISAO I 0.00 S.00 0.00 -s.00 I O.oO SAO � Palm Beach Gardens Firefighters' Total Fund Portfolio (Gross) December 31, 2010 , � � o.00 I � � ■ ■ ■ ■ ■ � ■ ■ � � ■ ■ Y � �5.nn I z � '� so.00 -� � ■ � � � ■ o: ■ c 75.00 - � z i oo.no � � —� - , — � :roa ;�n� „os ;ioe ; �o i2iin Total Pcriod 5_25 zclledian Median-7S 75-95 Count Count Count ('ount ■TotalFunAPortfolio(Grossl 20 13 Iv5°�e) d f20"el 3 lIS°ol 0 10°0l `` Total Fund Policv 0 \:1 V:1 ti:\ \' A 1090 I 5.00 '_0 OC Risk (StxnAard Ik.iation'% ) Reh�rn ■ Total Fund Poitfolio �Gross) 0.88 0 Total Fund Polic�� NiA — Median OJO 25 00 Standard Deviation I'_30 NrA I G.?4 30 00 IOAO 7Sp- 5 DO -. � 2.50 . = o no � z -250� -i 00 � 0 00 i S I111 ■ Total Fund PortfoGo (Gross) � To1al Pund PoGc�� Mediun � i i IOOO I500 Risk�titandnrd Ikriation'% � Reh�rn a 02 V ;\ ;JO � zn on Standard Dca'iafion IOAI h' :� I� I2 Tracking 11a ket D.rket :11pha �R Sharpe Retn n�µ'nside Error ('a��re Caph�rc Ratio Risk l'otal Pund Portfolio (Grossl ti.4 N':1 N'A N':� N'A N��A X� 4 \/:1 To�al Fund Pohc�� 1;A V:,A N'A N',A N�A N�'A v'-� A/A 2i on 1 Trackin� �� ket 1�rl:et :�Iphn �R tiharpe ��a Uownsidc F.rror ��N�[ure CApture Ratin Risk Total Fund Portfolio 1Grossl N;.4 !�':1 N�A V':\ \�:� V:\ V,1 ti/:1 Total Fund Polic� N�A 'J A N'A V,A N�e� V.A '�'� ,\ N/A �l H1 �( BOGDAHN Page 24 O� �iROUP Palm Beach Gardens Firefighters' Total Domestic Equity December 31, 2010 � Merket \'nlue . �1arket Value `i �� tiet ('nntributions Distributions Fees F.tpenses Income � Ar�� :�s of 9/30/20I0 "I�rans(crs .Apprcc./ Dcprec �z/31/2010 Tntal I)omcsUC P.qw�� 15,67� L(126 - - -26 ' R4 I GGO Ift917 Merket �'xh�e Dlarket Valuc Ac of Ne� Contribafions Distribnfions Fees F.xpences Income �,aP�� :�s of 9/30/2010 Transfers 4pprec./Deprec �Z/31/2010 I�n�nl Domes�ic 1[quil�� Ii.G7± L02G - - -'6 - Rd LGGO I%417 Pccr Group :1n:ih�sis - lIS Corc/Lt�rhe Cap F.quity (SA+CF) d0.0U � -- --- - - . i0,00 - 2n oo I : ` � � � I n un z` 000, �� -i000 � � � � ' — — ■ To�al Uomes�ic liquity • Unmcst�c F.qwh� Policy. I Ocb2010 1 2 3 J 5 Quarter Tn 1'ear Years 1'ears Years Years Dcc-2010 IU]7 (53) 10.77 (531 1�,.7d (2?) 2039 1?I) 0.G4 112) 1.52 QS) 4.11 (2[) 1159 (251 11.59 (251 I(,9i �211 -'?.5� 1251 -?.01 I141 -0.27 (SJ) 2.74 1521 SIR00-� 31 G0.0 - 5iano a sizoo ai000 $R0 0 176_' isa � ��---- r i- T— -�i r G/02 ;!Od 12'OS 9;07 G�09 12�10 Median I0.R5 IO R5 14 SR 20 d2 -3 ?_' -0 13 LRS —Total Domestic 1{q�iiit Domestic Fqui�y Polic� 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Endin� F,ndin� Endin� Endin¢ F.ndin� EndinR Sep-2010 .lun-2010 Mar-2010 Dec-2009 Sep-2009 Jun-2009 Total Domestic F.quiq 11.07 (50) -10.31 (17) S.RO (29� SA7 (72) 13.52 (R3) 121J �8.11 I)omestic I?qmt�' Policy I1 53 (�9) -Il?? (al l 5.9d (24) 5.9(1 (54) IG.31 (2;1 IG,R' (251 US ('orc;Large ('ap GquilV (tiA�('FI Mcdian I IAG -I1.44 5.40 (,.00 15.28 ISSR P�ge Zs � TtIF. �t BOGDAHN ♦ GROUP as.o -- — Over Perfi�mrance 30.0 ' 15.0- � .� �° 0.0 I E -I5.0 , 0 C � -i00 � �-- F -soo -isn _f_ — —_—_ T— 0o iso Domestic Equih Policy� %� � f OverF'erfiimance -� Mxrv2006 1� Dec-2010 i2oo � s.00 � o.00 � e — — � -s.00 - ' -io.00 � -I5.00 r� - - - 10 00 20 00 ■ Total Dome.he Fiqwty • pomestic Equity Policy — Median Palm Beach Gardens Firefighters' Total Domestic Equity December 31, 2010 .� �. . � o00 � — -- � ■ � � � � � � c 25.00 -. ■ ■ ■ � � . . ■ � � ■ � � - � 1 3on J 50 00 - � • � � � c 75A0- • • � • • • � � • • • • • • • � Undcr y Pcrkxrmnce,� I00.00 -� r-- r— - � i �i � _ _ ` :/06 ;�07 :'Oft ; Oo :,-10 12.10 a;o Total Period S-2S 2�-Nedian �tedian-7� 7S-9i Count Cnunt Cnunt Count � TotalDomcsticF.quiry 20 II (55°0l 9 f1S"�I 0(0°0l �(�°��1 • Domest�c Eqwty Polie}' '0 0(0°al I IS°�l IS 175"al 4 CO"�) --I � ao on �n on Risk�Standard Dc�iation'% � Reh�rn titandard Dc��iation 4G�1 '_u.61 -2 01 24 6? -Z ?2 z: aa Pcer Group Scattergram - S 1'ears � i o.ou -� � ' soo- E = 000- z -5 00 T — s oo t o 00 � iotal DomesUC F.qwty • Domes�ic Eqwty Polic�- htcdian � � i � i - ---- t � ��- �s.00 2o.ou >5no 3oAO 35Ao Risk (Standard Deviation'% ) Reh�rn titandard Deciation 4J I 16 SJ 7 74 19 72 Z RS IR94 Trac kin � � P �ON� n � Market Market :11pha �R Sharpe RetA n�N'nside F.rror Ratio Risk Capturc Capturc Total Domes�ic [:quih' �.54 91.R7 R5 �1 2_13 0 a� 0.09 O.RI, la.G8 Domeshc fqwtv Policv 0.00 100.00 100 00 0.00 N�.4 -0 O1 I 00 I?3(1 1' p Down Trackin� M1�arket Market Alpha �g tiharpe fteta ��N'nside Errnr ('Nph�re C'aph�re Ratio Risk TotalDomesticLquitv ?.R7 92.i8 R695 IS2 024 DJR 037 117R Domesfic EquiN Policy OAO IOOAO 100.00 0.00 N-A 0.1 I L(10 13 7( �rt i f. �l BOGDAHN Page 26 ` �iROUP Palm Beach Gardens Firefighters' Dana Equity Portfolio December 31, 2010 � '1lxrket Vnluc Net �.Ar�� Markct �'Hlue :�g �f ('ontribafions DistrihuNons Fees Expenses Income p rec./ De rec �� 9/30/2010 T'rensfers rr P �z�3��Zp�O DunnPqw�vPoi�foho 9.01,1 I015 � _ -IS - 57 )RO I1.09� 1 :11arket Value �7arket �'alue :�s of Net ('ontribufions Distributions Fees Expenses Income �'��a� :�� 9/30/2010 Trxnsfers lpprec./Deprec. �2�3��Z0�� Dana F.qui�y Portfoho `).OGI L015 - - -15 _ 57 980 I L��<�7 Peer (:roup :�nah�sis - I�S Corc/L.irhe Cap F:quih• (SA+CF) - 40.00 -- --- - -- - - - 70.00 � i .noo- ■ L � � � � o au z nnu. �� i _ 1_ i i � -10.00 � ___ _ . _ _ _ _ .—_ _ Quartcr ■ DaneliquityPonfolio I(L7i (SRI � Uana f:qinry Polic�� I I59 ('_5) Oca20111 1 2 3 To Year Years �'ears Dec-2010 IOJi (SRl 18 Oi (131 2Q 77 (41'I 032 U31 IIS9 (25) IG.73 1211 2250 (25) -2-01 (44) a s Years 1'ears L2R 127) 3.91 Q9) -0.37 (59� 2 74 (521 SIR00� I SIG0.0� Siano SI200 ai000 SR0,0 �-t - -��--r -- - — G/02 3/04 I2'OS U45 I S 4.? i � - i 9!07 (,'09 12%10 MeJinn IO RS IO RS 14.R8 20 4'_ -'3� -0_13 2 R9 — Dana Equity Portfolio Dmia Equity Policy , I I I 1 I I Quarter Qaarter Quarter Quarter Quarter Quartcr F.ndin� F.ndin� F,ndin� F.ndin� F,ndin� F.ndin� Sep-2010 Jnn-2010 Marv2010 Deo-2009 Sep-2009 dun-2009 Dana F.quiq Portfolio 10.5i �6A� -9.73 (12� 6.A4 �9) 5.23 (91� 14.76 (6J� IZ.17 �84) I)ana 1?quih' Pol�c�� 11 53 (?91 -I132 (411 5.9a (241 _i.90 �SAI IG_31 ('_?1 IG.R2 ('_51 IJti ('orr'Largc ('ap Fqurt�� ItiA�('FI Medinn I I OG -I LJ4 SAO G_00 152R IS SR Pa��e z� �rFir. � BOGDAHN � GROUP as.o - - over PeiAimmnce 300- ° I 5 A -� 0 � " 0.0� `o a •� -15 � i � c -Z0.0 � - - r- c �30.0 -ISA Palm Beach Gardens Firefighters' Dana Equity Portfolio December 31, 2010 ., � 0 00 - - - - �� ■ ■ ■ ■ � ■ c 2S 00 � � � � � � Z I � � � ■ ■ l'ndcr P crfirnrnce �— i � — 0o tso 3on aso Dana F,quityPolicv(% ) � Ovcr Perfomance -�- Mar-'_006 ¢ Dec-_'010 10,00 5.00 - 0.00 e a -5.00 � " -10.00 z -ISOO � io on --- ■ - . _. -�I� , -- - zn no i —� 30 0o ao nn Risk (Standard De�iation'U � Rch�rn StAndard Deviation ■ Dana Eqwty Poitfo6o �� ;3 20.GG • Dana Equity Polic� -2A1 24 (.2 — \tedian -232 2i 44 �� Sq (10 � � � � ti • • � • � � c 75.00 � � � � � � � � � � � � � Y ion.on ! � - - � -- - � - , � — ,= :/O(, 3!07 3:OR �;09 ; 10 12�10 Total Period 5-25 2i_ti�edian Mcdian-75 749� Count Count (bunt Count ■ Dana Equilc Port�iilio 20 I I 1??0.01 c� l35"al �� 10°0l 0 10°0l i Dana fquin PoGcv 20 n(0^„� I IS"�I IS 17;��/ � q �'p"o� � � ISAO i _ _ . I-__ � 10.00 -i I � 5.00 ■ c � 0 00 z -s oo - , , � , � 50o inoo isoo zonn �5no 3000 :500 Risk�Standard Ikriation'%�) Return titandard Deciation ■ Dana Fqwn Po�tfoGo 3 91 I(i �9 � Dana C-quin Policy 2 74 19 72 - Median 2.SS IR.94 1 i Down Tracking P Sharpe Downside F.rror �larket �tarket :�Ipha 1R Ran� Bef� Risk Caph�rc Capfure Dana Fquity Porttiilio 4.14 ft9.5; R3.11 1.77 0. i9 0_pR O.RG IaS% Dana C-qurtY Policv 0(10 10(1 OU 100_00 (1.00 V;A -0 01 I.DO 17 ;0 1 Trackin � � � Down � Market Dlarket �Upha �R ShArpe grtA Downside F.rror ('apture Capture Rah° Risk Dana Eqwty Portfolio 3 73 90 R( RS_RS 1 33 0 19 0 17 0 R6 I I 70 Dann Equity Policy 0.00 100 00 100_00 OAO N�A 0.1 I I AO 13.�G Itit �l BOGDAHN Page 28 ` �iROUP Palm Beach Gardens Firefighters' Dana Growth Equity December 3l, 2010 � Markct �'nlut �larket �'aluc :1s of ye� Contributions Distributions Fecs F,zpenses Income <'apital :�s of 9/30/2010 "1'rHnsfers Apprec/ Deprec �Z/3��2010 Dnna (�rowth fiquitv 6.61 I I I - ' -I I - '_R ( XO 7. �_'0 Market�'xlue yet Capital MarketValue A+ nf Contributions Distributions Fees F.xpenses Incame p rec./ De rec. '�¢ �� 9/30/2010 Trensfcrs r� P �Z�g��Zp�p D:ma (iruw�h Gquit�� G.611 I I - ' -I I - 28 GRO 7. i'_p Peer Group :�n:il}�sis - l'S GroH•th/I.ar�e C':ip Equity (S.�+CF) ,Cum ro 00 , - - � ;o 00 � Zo 00 ' � � I�� i000 = � �i � o 00 �� -i o 00 -I i �-zn oo � ! — � _ _ � ! � Quarter ■ Uana (irowth Fquity IOJI 170) � Russell 1000 Grnw'�h Index I I.R3 (53) o�c-zn�n Tn Deo-2010 IOJI (701 II.A3 (53) I 2 3 a 1'ear l�ears 1'ears \'earc IS US (GI) N/A N�A N�A 1691 (47) 26.55 (39) -0.47 (33) 2 d7 (44) S ti'ears N,'A 3.75 (4G) s i �o.o a i :o.o Fizou aiioc� S I 00.0 sia?.r, i��e G/09 12/09 G/10 12!10 Mcdian I I 93 I 1 93 I6 _'? 2S I�� -I ±'_ 2_' � ? 63 — Dana Growth Equity Ru.sell I OUO (irowth Indc� I � 1 1 1 1 Quxrter Quarter Quarter Quartcr Quarter Qaartcr F:ndin� �ndin� Endin� EndinP F'.ndin� E:ndinR tie�2010 dun-2010 M11ar-2010 Der2009 Sep-2009 .lun-2009 Dxne Growth F:quity 11.6R (61) -11.02 �33� J.57 (5q) 6.97 (i3) 12.04 1R21 N/A Russctl1000Grow�hlndcs Ii.00 (371 -I175 (541 a.GS I52) 794 (29) Ii9� (i3� I(,32 13a) Uti (�roN�th%I.nrge ('np F.q��ity (SA+CFI Ntcdian 12.25 -I I G? 4.G8 7 04 IJ 03 15_01 Page 29 THF �( BOGDAHN ♦ GROUP Palm Beach Gardens Firefighters' Total lnternational Equity December 3l, 2010 � � � Market Value Capital Market �'alue '4s °� Transfcrs �'ontributions Distributions Fec.e F,cpenses Income ,�PPrec./ Deprec. �As o( 9/30l2010 12/31/2010 Total International Equity 5124 a - - -a - ?a �03 5,6(i� � 1 � M1tarket Value �e� �,�n�� Market \'alue `,` °� Transfers ��ontribufions Disfributinns Fees E;�penses Income ;�rPrec./ Deprec `�4 °� 9/30/2010 12/31/2010 Total Intrrnational Equity 5.224 4 - - �� - 3q qp: 5.(,(,I Pccr (:roup :�nal��sis - Internation�l Equity (SA+CF+�1F) as.00 30.00 ■ 15on- � ° � � d ODO � C -15.00 -i0.00 �--- - � - � o��-znio Quarter Tn Deo-201U � Total hrtzmational Equirv R,38 (32) R.3R (32) • MSCI EAFE Inde� 6.G5 �68) G.GS �(�g� \1edian 7 J1 741 — !�� ■ �� — � �� — — � -- - - --- � - 1 Z 3 1'ear \'ears \'ears 17_61 1�0) 24.SR f341 -1_09 (12) 8?I (7_'I 19.7'? 158) -G_55 (SGI I I 34 21 ? I -6 0� � — — I— —_ J i 1'ears Years -0.41 (?4) SJ6 (22) -?30 (57) ?.94 (551 -1 76 3.25 Cumulative Performance 5120A � 51000 i xao n : $60A �r - � t 12!OS 1bOG 12'07 —Total Intcmational Equit}. � II56 r - 12�OR 12%09 12.'10 41S('I GAPP. Indrx 1 1 1 1 1 1 I I 1 Quarter Quarter Quarter Quarter Quarter Quarter F,ndin� EnAin� Endin� Endin� Endin� F.ndin� tiep-2010 .lun-2010 111ar-2010 Deo-2009 Sep-2009 .lun-2009 Total International F.quity 16.13 (6R) _10.19 �20� 4.05 ��6� -0.35 �93� 19.61 �3R� 16.6R �9R� NSCI F.4FE Inde� IbS3 Il,ll -1iJ5 (GGl 0.9�! IGiI '_12 I611 19.i2 1391 '_S.RS 139� Imcmatiaial Equiry (SA+('F+MF) Nedian 17 Id -12.GG I>0 2 31 IR 90 2J vl Page 30 � TFIF �l BOGDAHN ♦ GROUP Palm Beach Gardens Firefighters' Total International Equity December 31, 2010 3 l'r Rolling lindcr/Ovcr Performaincc - S l c:�rs 1 ao � : z. -s o .P A -ioo 0 � -IS0 c -_'0 U / � -'_ 0 0 F- -ISA -In0 -5.0 OA SA MSC I EA FE 1 n dez (%) � Undcr Perfi�rnmnec f Over Perkimv�nce -f,� f)eo200A � Dec= 010 Pecr Group Sc�ttcr�ram - 3 1'cars i o.ou u oo i � ' -iaoo � E -zo on - 0 � -:o no � -an on — � n oo i s nn ■ 'I'otal Intcrnntional Lqwry • �Iti('I 1'.API? Indcc 61cd�an zn oo as oo �n �o �s o0 Risk(ti�xndnrd Dc��etion'% � Return Standard Devixtion -I 09 I4.39 -6.55 29.70 -GAi 30.05 .� � o.00 � ■I = zs oo ■ � � ■ 'z' � ■ '� so 00 � � � • � � � • � • • • � � . . • • • a` c 75.00 � � . - . . . . � . . � . . � 100.00 � _i— _... . . _i i . _ i_ i ' ;l0(, ?%07 :;OR :/Oy ::�10 12�10 Total Period ■ Total Intemational C-quity `7 • MSCI F.4FF Index 20 � zo 0o I -- — i000-I o_oo � e � -i000 ' -20D0 - z` -�o 00 , 00o i000 4Zf 25-�ledixn !1ledian-7S 7S-9i Count ('ount Count Coant 4 144°0l ? 1?3°0l 2(22%) 0 10°�1 0(0"-0l 12 IGO°�ol R �40%�1 ��"ol � � , — zo 00 ?n on ao ou sn on Risk�Standxrd De�iation % ) Reh�rn Standard De��iation ■ To[al Intcmational Equity 5.7G ?LOS • MSCI GAFF Index 2 94 2dA5 Median 3 2� 2J.47 Up Down 7'rxcking Sharpe DoN�nside Market Market Upha IR Beta F.rror (�N�ture CHpture Ratio Risk To�al In�cinational liqwty 10,06 8�137 73.76 3.82 0.45 0.03 O]7 1G.la NSCI I?APIi lndex 0 00 100 00 I OOAO 0 00 N;A -PJ S I AO 2�� U9 l�p Down TrHCkinR Sharpe DoN�nside F.rror i�'larket :Narket :Upha IR Betx C'apture (�apture Rah° Risk "intal In�crnat�on�d F.quny S 42 90 OS 79 h5 3.16 0.25 017 O.RO I? 19 Nti('I E:V�I{ Inde� 000 100_00 100.00 OOU N�A 0.14 I.DO I� iX � TfiF �l BOGDAHN P��e � i ` GROUP Palm Beach Gardens Firefighters' RBC lnternational Portfolio December 31, 2010 Market Value tiet Cer��A� Market �'alue As o( Transfers ��ntributions n�sn�n�no�� Fecs Ecpenses Income Apprec./ Deprec. As of 9/30/2010 12/31/2010 RBC Intemational Po�tfolio 2,731 4 - - -.3 - R ?6p 2,999 Market �'alue ,�,e� 1larket �'alue As of Contributions Distributions Fees F;cpenses Income ��ar��a� Ac of 9/30/2010 Transfere Apprec/ Deprec. �Z/3U2010 RBC In�cmatinnal PortColio 2731 4 - - -a - 8 26p � 9oq 51G00- q5 Op 30.00 - ■ is.00 � � � -' o.00 - z -is o0 -;o.on i - -- ' —_ � I Quarfer ■ RBC International Portfolio 9.82 (9) � MSCI EAFG Inde� G GS I55) Oct-2010 Tn Deo-2010 9 R2 19) G65 �55) I � � � I ' -- '- I 2 3 .! i 1"ear Years Years 1'ears 1'ears 2d.06 111 25J4 12R) -Q17 lZ2) 029 f431 635 128) R?I f70� 19.72 fG3) -G.SS �75) -230 f7?1 '_94 17'_1 aiaoo_: �izoo sioon 5R0 0 I, � � 5(,0.0 �- - t -- T - - i - -T 12/OS 12'OG 12'07 121OR 12"09 12-10 Median 6J9 GJ9 I I RI _'LR3 -3.(7 -0.18 4.8± �RB(' Intcmalional Pon�iilfo A1S('I E4FE Indc� � � 1 I 1 1 1 I Quarter Quarter Qnarter Quarter Quarter Quarter F.ntlin� Endin� F,ndin� F.ndin� F,ndin� F,ndin� tiep-2010 .lun-2010 Marv2010 Dco2009 Sep-2009 .hm-2009 RBC InternaHonal Portfolio �7.21 (19) -8.12 (7) 4.90 (9) -0.5R (90) 15,9p (R7) 16,cF (99) �ISCI EAFE Indes IG_57 (38) -)3.75 (R4� 0.94 (G7) 2.22 �51 ) 19 SZ (J7� 2i.R5 (31 ) Intemational Active Value Equiry (SA'CF� htedian I SJG -12.01 1.96 219 19.32 2? 60 Page 32 �rFir � BOGDAHN � GROUP 5 �� i ii��•� � r��n,�„n�,�� on � .° � .5 11 I � I a �IOU II _ 0 '� _�ip c � -20 0 � -20 0 x Palm Beach Gardens FireCghters' RBC International Portfolio December 31, 2010 ,� �. � 1 0 00 — — — — � . ■■ i i - -- r -- -- i -I i 0 -10.0 -5.0 40 MSCI F.AF'F. Index ( % ) UnAer P e�iomm� ce 50 f lhider Perfiirnnnce f(h'cr Perfi�rmance � Uec-200R $ Deo2010 1 I a 0 n - - - - - - . . 5p0 ODO � : - — -- — -5.00 • � 0 � -1000 -I500 - -� � --- �--- --� 7 �i- i000 isoo zono �s�o :ono ss.00 aono Risk(Ct�ndard Ik�viation % � Return Standnrd Devietion ■ RR(' Intcntauonal Po�tfblio -0.17 2; 5? • MSCI G.4FE Indc� -(, 55 29 70 �ledian -3.67 279G = zsoo ■. z � ■ . ■ i �` 50.00 • w � � � ■ � �5�0 ...�•. .•...•i•.• � ■ � 100.00 � � -i - ; —�i 3/06 3/07 ±/OR 3/09 3 I�� 1'_/10 Total Period S-2� 2�Median M1tedian-75 7�-95 Count Count Count Count ■ RB(' Intemat�onal Ponfolio 9 I!I I°ol 5(SG°-o1 1 U I°ol 2(Z2°'ol � MS('I EAFE Index 20 (� (0°-�l I (5°ro) 16 (RO°�l ?( I�°�l I500 . ...._ -__— 10.00 a 5 00 � � 0 00 C -5 00 --� i s on zo.on ■ RBC Interna[ional Portfolio � MS('1 EAPE Incles Mcdian � -- --- �t - - — — r zs o0 30 on Riak (Standard Ik��iation % ) Reh�rn �tandard Deviation G i5 '_O.d'_ 2 94 24.05 d R3 22.R8 1 I Trackin� � r �µ� tihnrpc DoN�nsidc F.rror �larket �larket Alpha �R Rntio Re�� Risk (�aph�re (�apturc RRC hucmTtional Patfolio 10 27 30 22 67 36 dSG OS2 OAG 0 75 I S J I �ISCI f?AFI? Indcx 0 00 100 00 100 �)0 0 OU N/A -D 15 I[ro ?u u'� Trackin� ��P ��N�n ShArpe Downside F.rror �larket Market Alpha IR Rah� Beta Risk ('apture ('an[ure R[3C In�cma�ional Portfoho R_59 R721 74.34 3 74 0.30 0 30 OJS 12 65 NS('I GAPIi Indcx 0 00 100.00 100.00 0 00 N/A 0 14 I 00 I5 ?ft Page 33 zs nn � TF�F. %( BOGDAHN ♦ GROUP Palm Beach Gardens Firefighters' Manning & Napier Overseas (EXOSX) December 31, 2010 � � � Market Value Capital Market Value Aa of Tr ns(ers ��ontribufinns Distribufions Fees Ecpenses Income ,q�Prec/ Deprec. As of 9/30/2010 12/3t/2010 Manning & Napier Overseas (EXOSX) 2,493 - - - - _ Z6 �q : ; �� Market �'alue �e� �,ar�� Slarket �'alue �` °� Transfers ��ontributions Uistributions Fees F,xpenses Income prr�.cc/ Deprec. As nf 9/30/2010 12/31/2010 �fanning � Napier Oversens (EXOS\j 2.-193 - - - - - �(� � �; � �,�,� 40.00 � ;o on - 20An : • e, IODU-� � � E z o nn � -loao �'� -zo 00 � ■ Mamiing R: Napier Over.ea, ��XOS�� MSCI EAFE Inde� 1 Oct-20111 I 2 Quarter l�0 1'ear �'ears Dca2010 6J9 (701 G.79 (701 9.50 (75) N�A G.GS (7i) G_GS 172� R?I (8(,) 19.7'_' IG'?1 �II � � 3 J 1'ears Ycars ti;A NA -G55 ((,1) -?30 I651 t 1'ears N!A ?94 (GI) 514�0- I � $13p0 � 51200 � siion . SI000 I-- -- c;on I:77 �?2.? � r i 12��09 G/10 12� 10 —�tanning R tiapicrOverseas (fXOSX) h1edian 7 16 ' 16 I I G7 ?? 24 ->3? -134 3 GR �IS('I P;1Ff Indes 1 ' ' ' 1 1 I 1 1 1 I Quarter Qaarter Quarter Quarter Quartcr Quarfer Endin� F,ndin� F.ndin� F,ndin� Endin� F;ndin� tiep-2010 .lun-2010 Mar-2010 Dea2009 Sep-2009 .hm-2009 � Mannin� & Vapier O��erseas(F,XOSXI 15.IR (73) -13.36 �6A� 2.75 �20) -0.01 (R71 25J2 �S) V/.4 �ISCI EAFE Inde� 16_5; �j5� _�i 75 �7�) 0.9� 17�� 2" 1591 19 i? ��q� �5 gq �;y� lntemational Eqwry Multi-Cap Core Funds IMF) �ledian 17 00 -12 27 13R 2 e,v �8 d? ?� 79 Page 34 TfIF. �l BOGDAHN ` GROUP Page 35 � THF: �( BOGDAHN ` GROUP Palm Beach Gardens Firefighters' Total Fixed lncome December 31, 2010 Market Value Market �'alue As of Net ('ontrihufions Distributions Fecs Espenses Income LeP��e� As ot 9/30/2010 ��ransfers ApprccJ Deprec. 12/31/2010 Total Fixed Incomc 9,425 ( - - -G - 11? -17R 9.360 i � �• I I Market Value �� ,aP�� 111nrket �'alue `+� °� Transfers ��nnfribufions Distributions Fecs F.xpenses Income ,qpprec./ Deprec. `,` °f 9/30/2010 12/31/2010 Total Fi�ed lncome 9.425 ( - - -G - I 12 -17R 9,3G0 20.00 — — I 5 AO -I 1000-1 ; no . 0 00 . � � -5.00 �— � ■ Total Fixad fncome � Bardays Caprtal Intermediate Aguregate Vledian I Quartcr -OJO (23� -OJS (251 Oct-21110 To Deo-2010 -OJO 123) -OJ5 (25) � �� i i i i i � 1 2 3 4 5 1'ear Ycars 1'ears 1'ears 1'earc 7-12 (47) B.GG (�9) G.R9 13?) 6.77 (4R) G31 (47) 6 15 �90� 631 (R21 5.82 18±) G.12 (77) 5 81 �751 I-IS -I IS 7?7 8;4 G72 (+7i 627 $175.0 $IG00- SISGS 15?S $I150 - a,;o.o -�� i $1150-�� $1000 , i SR50 � — -r-- - � - -r � — � 6/02 3!04 12!05 9'07 G�09 12!10 —To�al Fi�rd Ineonr � Barclays ('apital Intcmxdia�c :legrcgatc 1 I I I 1 1 Quarter Qaarter Quarter Quarter Quartcr Quarter F,ndin� Endin� F.ndin� F,ndin� F,ndinp Endin� Sep-2010 .h�n-2010 �1ar-2010 Dec-2009 tiep-2009 .►un-2009 Total Fized Income 2.97 �30) 2.93 (4R) 2A6 (36) 0.9c �21� c,p�, ��9) 2.62 �SO) Barclavs('apitallntermediate.4ggregate 2.07 (RSI 292 (481 IRI I551 �5; (SG1 ?_'1 IG71 1GR (731 US Interniedia�e Uuration Fi�ed Income Accounts (SA) Median 2.75 LR9 I.Rq OS9 i si � 59 1'f1r � BOGDAHN ►�a�e 3� � �iROUP ��,� �, u r, o .' E ?A e � d OA n `o -3.0 F- -a. Palm Beach Gardens Firefighters' Total Fixed Income December 31, 2010 o no ?o an 90 ioo Rercls�s Cspital Intermediatc Aggregate ( % ) � Undcr Pcrkimrnce f(l��cr Pcrfinm�ncc -� blar-200b � 1)cc-?010 la su � 9 00 �, 7 tp — 6 00 • � 4 50 `o � z o0 I SO _— _ — z o0 �- ------...- --- J � --7 - --- -� - ---� �- —�-- -- 4,00 G.00 N.00 10.00 1200 14A0 Risk (Stxndard Ih��ietion'% ) Reh�rn Standard Deriafion ■ Total P�sed Incomc fi.R9 d.R2 • Rnrdays ('apilnl Intcmicdiatc Aggrcga�c S.R2 2.91 Mcdian G_72 4 ;R 0 00 ; i � �s.00 � � � � � • �`c 50.001 � • � • ■ ■ • • ■ � • e 75An � � � � � � � � � � • • � � 100.00 . * � .� ,_•_•_ � ■ i r — —_ . � — _ ; 0�- :.117 : p5 3�09 ;�In 12/10 Total Pcriod S-2S 2�Median �IeAian-7S 7S-9c Cuunt Count (bunt Count ■ Total Pi�ed Income 20 (1 f0°-.ol ? f 15^0l `� ld�°ol R 140°a) + Bnrclays Capital Inleimed�ate ApgreFate ?� I (5"0l 5('_?"ol h(?0^�1 H(�(1°�l R 00 7 00 G.00 0 � 5.00 `o 4.00 z` 3 00 -- isn � -r--- �—�— � — - - - t 3.00 4S0 6.00 7 50 9D0 Risk(Standard Ik�iation % ) Return Ctandard Deviation ■ Total Fised Income G.ZI 4.07 � Barclays Capital Intennedia�e Aggregate 5 R I 2 R7 Median G.27 4_02 Trackin� �'� I)�N�n Sharpe Uo�rnsidc F.rror �larket �larket Alpha IR RAr�o Beta �� A�)hlfC CAj1f11�C To�al Fircd Incumc L9G 120 06 I'_a l9 -0'_9 0 51 130 123 ? J_' Rarclavs ('nprtal h��cmicdurtc ,Aggrcgalc (�AO 100.00 100 00 0_00 V;A I.dS I 00 LGO I�i Trxckin� �11a ket M11:vket :11pha IR tiharpe peta Uow�nsidc Error Ra6o Risk ('apturc (�apture Tntal Ihxcd Incnmc I RO 105 RO 96.3� -0 17 0 2R 0 �9 1 12 L91 l9�rcl:n s('ap��al In�ennrdia�c :�ggrega�e 0 00 100.00 100.00 0.00 N; A I I I I 00 131 TH1. � BOGDAHN Page 37 � GROUP Palm Beach Gardens Firefighters' Agincourt Capital Management December 31, 2010 � • Market Value tiet Capital ��arket Value �`4 �� l'ransfers Contributions Dis[ributiona Fees F.xpenses Income As of 9/30/2010 Apprec./ Deprec. 1z�;��Z010 AgincourtCapitalManagement S.SSR - - -_ - 5p -102 4,506 � �' � Market �'alue �,e� �.ar�� Dlarket Value :�s nf Trans(ers � �nlributions Distribations Fecs F.xpenses Income As of 9/30/2010 ►pprec/ Deprec. 12/31/2010 .4gincouA Capital Management 4,558 _ - - _, _ 5p _�p? q 5�� 20 00 i I 5 00 10.00 - � � 900- � o.00 � � � _ ■ � � � � � �� ia � � �� -s oo i- �- ' - i Quarter ■.AgincourtCapitalManagemenl -LIS (51) � Barclays Capitel Aggregatc -130 (G4) o�r-znin i z Tn Year 1'ears Deo-2010 -I-Ig (51) 7G5 (3�) 7.59 (GI) -13n (G�4) 6.54 (RO) G.24 (84) � � ! — 3 J g 1'ears Years 1'ears N�:A N-A N/A 5.90 (S') 6_17 (7G) S.RO (76) 51300y I $1200 ! �iioo- a�uov � - 9 IO R I_'4 3 i is.o t i i t 1 i 0) 9:09 i 1 0 1 2' 10 �1edian -I l i -I IS 7.Z7 RS4 G 72 ( 73 G.27 � Agincourt Capital Manageiren� Barclays Caprtal ,4g4regate 1 I I 1 1 1 1 I Quarter Quarter Quarter Qu�rter Quxrter Quarter F,ndin� F.nding F,ndin� F:ndin� Endin� F.ndin� Sep-2010 .lun-1010 Mar-1010 Dco-2009 Sep-2009 .)un-2009 :lgincoart Capitnl Menagement 2.R6 (50) 3.67 (27) 2.12 (51) 0.60 (J%� J.01 (7a1 2.09 (76) DarclavsCapi[alAggregate ?�R �R�� 3A9 (�16) 1JR (7R1 020 (i�il t.7.7 Ift_'1 IJR (8(1 US Broad Market Core Pi�ed Income (tiA+('PI :�Iedian 2 85 3.44 2 12 OSR q 73 � i9 Page 38 "i'1 I F �l BOGDAHN ` GROUP Palm Beach Gardens Firefighters' Garcia, Hamilton & Assoc. Fixed December 31, 2010 � M�rkct Vxlue Dlarket �'xh�e ;�s of y�� Contributions Disfribufions Fees Ezpen+es Income �'er��A� As of 9/311/2010 Iransfers :�pprec./Deprcc. �Z�3��Z�� <�nrcu�. I I;muhon &:lssoc Pi�cJ 4.X(7 i - - '3 - Q -75 4.!�91 Market �'alue Net �.a'��ta� �larket �'alue '�` °� Transfers ��ntribu6ons Distrilrutions Fees Expenses Income ,�rrrec./ Dcprec. �'�� nf 9/30/20I11 I 2/31 /2010 Goircia. Ilanuhun F� Assoc Fi�ed d,RG7 ? - - '3 - G2 -�$ �.RS4 Peer (:roup :�nalysis - l'S Intermediate Duration Fixed Income Accounts (SA) Cumulative Perform.�nce I � ��=� �� 1�� -s na � Quarter ■ (iarcia. I lamihon & :\ssoc Pirtd � Rnrcla�s ('aprtal Intermediate Aggrcga�e �tedian -0.27 �R) -0 75 �30) _ � � � � o�r-zntn � z 3 a To Year Yearc 1'ears 1'ears Dec-2010 -0.27 (Al 7_21 (20) 9.GG URI �iA NU� -OJ5 (�0) 6.15 (G3� G3f (6R1 5.82 (7R) 612 (75) 5 �'cars N/A 5 81 (74) IA6 -106 ( ;7 "OR GJ9 (,.47 G.09 sizoo �,�� ,�,�,, � �� 590A �� — �---�- -� - i G/OR 12/OR G'09 12!09 G/10 12/10 —Garcia, Hartolton � Assoc. Fised � Barcla}�s Capi�al In�ernxdiate Ag�;regate 1 1 I 1 I 1 1 Quarter Querter Qnarfcr Quarter Quarter Quarter Endin� Endin� Endin� Endin� Endin� Endin�, Sep-2010 Jun-2010 �tar-2010 Dec-2009 Sep-2009 .hm-2009 Garcie, Ilamilton & Assoc Ficed 3,OA �11) 2.24 (RS� 2.01 (�0) 1.2R (12� 6.07 (10� 3.10 (39) BarclayaCapitallntcimcdieteAggrcgatc _'.U7 (SR� ?92 (-I81 I.RI (551 0.53 (SG) 3.21 �671 I6R (7i� 1!S Interniediate Durntion Fised Income Accounts (SA) Median 2.75 Z.R9 1.84 O.S9 3S5 2S9 Page 39 �rE�r. �l BOGDAHN ` GROUP Historical Hybrid Composition Total Fund Pol Effective Date: May-1998 S&P 500 Index Barclays Capital U.S. Government/Credit Citigroup 3 Month T-Bill Effective Date: Jan-2001 S&P 500 Index Barclays Capital U.S. Government/Credit Citigroup 3 Month T-Bill Effective Date: Apr-2003 S&P 500 Inde� Barclays Capital Intermediate U.S. Government/Credit Citigroup 3 Month T-Bill Effective Date: Jul-1005 S&P 500 Index Barclays Capital Intermediate L?.S. Government/Credit MSCI EAFE Citigroup 3 Month T-Bill EffeMive Date: Oct-2007 Russell 3000 Index Barclays Capital Intermediate Aggregate MSCI EAFE Citigroup 3 Month T-Bill Effective Date: Ju1-2008 Russell 3000 Index Barclays Capital Intermediate Aggregate MSCI EAFE NCRE[F Property [ndex Page 40 Palm Beach Gardens Firefighters' Benchmark History As of December 31, 2010 G0.00 35.00 5.00 65.00 30.00 5.00 65.00 30.00 S,QQ 55.00 30.00 I 0.00 5.00 55.00 30.00 10.00 5.00 5�.00 25.00 10.00 l 0.00 Historical Hybrid Composition Dana Fixed Policy Effective Date: May-1998 Barclays Capital U.S. Government/Credit 100.00 Effective Date: Apr-2003 Barclays Capital Intermediate U.S. Government/Credit 100.00 Effective Date: Oct-2007 Barclays ('apital Intermediate Aggregate 100.00 I'I�I �l BOGDAHN ` GROUP Statictics Return Standard Deviatic�n Sharpe Ratio Alplia Beta R-Squared Treynor Ratio Downside Risk Tracking Error Int��rn�ation Ratio C'onsistency E�cess Return Active Return Excess Risk Up Market Capture Statistics Definitions Description — Cotnpounded rate of return for the period. — A statistical measure of the range of a portfolio's perforn�ance, the variability of a return around its average return over a specitied time period. — Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance. -- A measure of the difference between a portfolio's actual retums and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio's non-systematic return. — A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or svstematic risk. — The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means a higher correlation of the portfolio's performance to the appropriate benchmark. — Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return over the risk free rate divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance. — A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product. — A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market benchmark. — Measured by dividing the active rate of return by the tracking error. The hi�her the Information Ratio, the more value-added contribution by the manager. — The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product's performance. — Arithmetic difference between the managers return and the risk-free return over a specitied time period. — Arithmetic ditference behveen the managers return and the benchmark return over a specified time period. — A measure of the standard deviation of a portfolio's performance relative to the risk free return. — The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. Down Market ('apture -- The ratio of average portfolio return over the benchmark durinb periods of negative benchmark return. Lower values indicate I better product performance. Calculation bascd on munthly periodicity, �� 'I�HF'. BOGDAHN ` GROUP Pa�e 4l Palm Beach Gardens Firefighters' Disclosures As of December 31, 2010 Disclosures as they pertain to 12-31-2010 Preliminary Report: • The Preliminary report issued for 12-31-2010, includes preliminary results for American Realty. • Intercontinential Real Estate is shown flat, as results were not available at time of report. • NCRE[F results not available at time of print, because of this there is no policy number. Page 42 � TFiE: �l BOGDAHN O, GROUP +v�,�;�� .,c�: Chicago 4320 Winficld Road Suiite 200 ' Warrcnvillc, lllinois 60555 ��V ��-� � _ � �. F . .-- , _ �� , +�# � .� 1' � � � � _ _ :i Uallas 15770 Dallas Parkway, Suitc 25U Dallas, Tcxas 7524li THE '�� BOGDAHN C ROUP ' nmP!{�j'=nBYour investment and frduciary decisions Orlando 4901 Vineland Road, Suite 600 Orlando, Florida 32811 KF,(.?4(1.793? Cleveland 6133 Rocksidc Road Rocksidc Squarc Il, Suitc 303 [ndcpcndencc, Ohio 4� I 3 I Milwaukee 250 E. Wisconsin Avc Suitc 1800 Milwaukcc, Wisconsin 53202 WWW.BOGDAHNGRUUP.COM City of Palm Beach Gardens Firefighters' Pension Trust Fund Total Equitv Po�tfolio Review Presented by Joe Bogdahn THE BOGDAHN `/ GROUP simplif,riag,rour investmerrt and fiduciary deci.riona Summary Table: Blend Allocations Note: Portfolio blends assume a Quarterlv rebalance. Effective 12/31 /09, Voyageur Asset Management changed its name to RBC Global Asset Management. !� � Created with Zephyr StyIeADVISOR. Manager returns supplied by Zephyr and Morningstar. .Portfo►io blends and index blend are assumed to be rebalanced quarterly. �,ld.- 25% 20% 15% C 7 � 10% 5% 0% -5% � � Zephyr StyIeADVISOR: The Bogdahn Group, LLC Trailing Performance: Return through December 2010 � �' I ,�, ' �' ��: � � 1 quarter 1 year 2 years 3 years 5 years 7 years ■ Current Portfolio ■ PBGF: Option 1 � PBGF: Option 2 ❑ PBGF: Option 3 ■ PBGF: Option 4 � 77% R3000, 23% EAFE Trailing Performance (%): Return through December 2010 1 quarter YTD 1 year 2 years 3 years 5 years 7 years Current Portfolio 10.41 16.90 16.90 22.68 -1.84 4.17 6.97 PBGF: Option 1 11.58 20.64 20.64 22.92 -1.50 4.13 7.12 PBGF: Option 2 10.88 17.60 17.60 23.57 0.08 5.45 8.16 PBGF: Option 3 11.93 21.62 21.62 23.37 -1.38 4.29 7.28 PBGF: Option 4 10.99 17.52 17.52 24.26 0.76 6.07 8.68 77% R3000, 23% EAFE 10.46 14.94 14.94 21.94 -2.97 2.86 5.09 � � Created with Zephyr SryIeADVISOR. Manager retums supplied by Zephyr and Momingstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. I, s`�� 40% 2O% c � 0% � -20% -�0% Calendar Year Performance: As of December 2010 Zephyr StyIeACNISOR The Bogdahn Group, LLC �I r f _ l.._ ,� - , �ial �� , ' �I` I,1 - - 4..� 2010 2009 2008 2007 2006 2005 � Current Portfolio � PBGF: Option 1 � PBGF: Option 2 ■ PBGF: Option 3 ■ PBGF: Option 4 � 77% R3000, 23% EAFE Calendar Year Performance (%): As of December 2010 2004 2003 2010 2009 2008 2007 2006 2005 2004 2003 Current Portfulio 16.90 28.75 -37.16 9.86 18.08 12.85 15.75 34.54 PBGF: Option 1 20.64 25.24 -36.75 8.10 18.52 11.76 18.28 33.25 PBGF: Option 2 17.60 29.84 -34.35 7.66 20.82 14.26 16.20 35.16 PBGF: Option 3 21.62 25.15 -36.99 8.59 18.44 11.17 19.26 33.29 PBGF: Option 4 17.52 31.39 -33.74 7.98 21.55 14.55 16.44 35.86 77% R3000, 23°/a EAFE 14.94 29.38 -38.57 6.61 18.22 7.94 13.93 32.97 � Created with Zephyr StyIeADVISOR. Manager retums supplied by Zephyr and Momingstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. � 1. '~ � Rank vs Universe: Rolling 3-Year Return Rank Momingstar World Stock 0% 25% Y C N � � Median � a� � 75% 100% , - Q3 2006 Q1 2007 Q3 2007 ■ Current Portfolio ❑ PBGF: Option 3 / �- Zephyr StyleAdVISOR The Bogdahn Group, LLC ��_ _,�__.. . Q 1 2008 Q3 2008 Q 1 2009 Q3 2009 ■ PBGF: Option 1 ■ PBGF: Option 2 ■ PBGF: Option 4 ■ 77% R3000, 23% EAFE Rolling 3-Year Return (%) - I Q1 2010 Q2 2010 Jun 2005 Dec 2005 Jun 2006 Dec 2006 Jun 2007 Dec 2007 Jun 2008 Dec 2008 Jun 2009 Dec 2009 Jun 2010 Dec 2010 CuRent Portfolio 11.62 20.68 18.26 15.54 17.73 13.55 9.26 -6.59 -6.55 -3.85 -8.91 -1.84 PBGF: Option 1 12.67 20.77 18.75 16.14 17.48 12.71 8.56 -6.77 -7.40 -5.04 -9.78 -1.50 PBGF: Option 2 11.36 21.52 19.57 17.07 18.81 14.12 9.50 -5.13 -5.71 -2.82 -7.57 0.08 PBGF: Option 3 13.17 20.90 18.88 16.23 17.43 12.66 8.62 -6.77 -7.37 -5.04 -9.86 -1.38 PBGF: Option 4 11.39 21.92 19.98 17.48 19.22 14.56 9.89 -4.55 -5.07 -2.04 -6.87 0.76 77% R3000, 23% EAFE 10.20 17.81 15.23 13.29 14.77 10.80 6.67 -8.18 -8.08 -5.37 -10.19 -2.97 � w � Created with Zephyr StyIeADVISOR. Manager returns supplied by Zephyr and Morningstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. l_� � 10% i 8%� c 6% � a� � 4o�a Manager Risk/Return Longest Concurrent Timeframe: 7 Years Ended December 2010 � • � Zephyr StyleAC7VISOR The Bogdahn Group, LLC oo�i_- .-- __� _� , � - _._ i_ � .�-- � - � _ � __ � �% 5% 10% 15% 20% 25% Standard De�iation • Current Portfolio • PBGF: Option 1 • PBGF: Option 2 O PBGF: Option 3 i PBGF: Option 4 • 77% R3000, 23% EAFE Risk-Return Table I onoest Concurrent Timeframe: 7 Years Ended December 2010 Return Std Dev Downside Alpha R Squared Sharpe Tracking (°/,) (%) fPosk (%) Beta (,�o) (�) Ratio Error Current Portfolio 6.97 17.07 13.10 0.93 2.11 97.97 0.28 2.75 PBGF: Option 1 7.12 17.60 13.41 0.96 2.16 97.61 0.28 2.83 PBGF: Option 2 8.16 17.36 12.91 0.95 3.15 98.49 0.34 2.33 PBGF: Option 3 7.28 17.75 13.53 0.96 2.30 97.13 0.28 3.08 PBGF: Option 4 8.68 17.43 12.85 0.95 3.64 98.33 0.37 2.42 77% R3000, 23% EAFE 5.09 18.17 13.51 1.00 0.00 100.00 0.16 0.00 � Created with Ze h r S IeADVISOR. Mana er retums su lied b Ze h r and Momin star. .Portfolio blends and index blend are assumed to be rebalanced quarterly. �-�.�` PY tY 9 PP Y PY 9 � Manager Risk/Return Late Mutually-Exclusi�e Timeframe: 4 Years Ended December 2010 10% 5% � � 0% a� � -5% 0 -10 8% 5°/a 10% 15% Standard Deviation 20% 25% Zephyr StyIeADVISOR: The Bogdahn Group, LLC Manager Risk/Return Early Mutually-Exclusi�e Timeframe: 3 Years Ended December 2006 25%I 20%I- . �• � 15%; • � - - � - - a� � 10%° 5°/a p�/' � -�-�-- � - - - - _ ��- �% 2% 4% 6% 8% 10% Standard Deviation • Current Portfolio • PBGF: Option 1 • PBGF: Option 2 O PBGF: Option 3 • PBGF: Option 4 ♦ 77% R3oo0, 23% EAFE Risk-Return Table Risk-Return Table Late Mutually-Exclusi�,e Timeframe: 4 Years Ended December 2010 Early Mutually-Exclusi�,e Timeframe: 3 Years Ended December 2006 I Retum Std Dev �� Alpha , R2 ! Sharpe Retum Std Dev Alpha R2 Sharpe (%) (%) (%) � (%) Ratio (o�o) (�e) Beta (%) (%) Ratio I- - - - , GLrrent Pbrtfolio 0.96 21.77 0.94 1.50 I 98.67 i-0.03 Current Pbrtfolio 15.54 6.91 0.81 4.45 90.22 1.82 ! PBGF: Option 1 ♦�, 0.81 22.42 0.96 1.43 I 98.23 ,I, -0.04 PBGF: Option 1 - -- - - - �_ ----- � - PBGF: Option 2 I 1.92 22.05 0.95 I 2.45 I 98.91 0.01 , PBGF: Option 2 � _ � _ . --- PBGF: Option 3 1.02 22.60 0.97 II 1.67 97.71 �� -0.03 i PBGF: Option 3 � PBGF: Option 4 I 2.52 , 22.09 0.95 I� 3.04 98.68 III 0.04 I PBGF: Option 4 •- - - -- - ---- 1-- . - - -. : _ . �-- , � - 'i 77% R:i000, 23% EAFE -0.66 23.08 1.00 0.00 100.00 I-0.10 �� 77% R:i000, 23% EAFE 16.14 7.18 0.85 4.57 90.72 1.83 17.07 7.36 0.88 4.94 93.95 1.91 16.23 7.39 0.87 4.36 90.23 1.79 � 17.48 7.64 0.92 4.86 94.32 1.90 13.29 8.07 1.00 0.00 100.00 1.28 � A Created with Zephyr StyIeADVISOR. Manager returns supplied by Zephyr and Morningstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. J. Upside vs. Downside Capture Late Mutually-Exclusi�,e Timeframe: 4 Years Ended December 2010 106 • 104 • � 0 102 v • N � 100 — ♦ • �I�] 92 94 96 98 Downside% • Current Portfolio O PBGF: Option 3 e a� � n � �� Zephyr StyIeACNISOR The Bogdahn Group, LLC Upside vs. Downside Capture Early Mutually-Exclusi�e Timeframe: 3 Years Ended December 2006 120 -- --- - • 115 0 a� � v .� a � 1 -40 -20 � _ � � ' __ 20 40 60 80 100 120 Downside°/a • PBGF: Option 1 • PBGF: Option 2 • PBGF: Option 4 ♦ 77% R3000, 23% EAFE Upside vs. Downside Capture 7 Years Ended December 2010 •� - - - --- � -- -- ' -� 84 86 88 90 92 94 96 98 100 102 Dow nside% � Created with Zephyr StyIeADVISOR. Manager returns supplied by Zephyr and Morningstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. �� Multi Statistic Graph: 7 Years Ended December 2010 i2o �oo so 60 40 20 0 - -20 -40 -60 Batting A�erage �� i . � ; Up Capture Ratio I; � �' - �: � Down Capture Ratio ■ Current Portfolio ❑ PBGF: Option 3 Zephyr StyleAdViSOR The Bogdahn Group, LLC Multi Statistic Graph: 7 Years Ended December 2010 �; � 5 4� 31 2 _'' _ � .' _ 1-. fr� ' � _ 0. Maximum Excess Return Information Drawdown Ratio ■ PBGF: Option 1 ■ PBGF: Option 2 � PBGF: Option 4 ■ 77% R3000, 23% EAFE Multi-statistics Summary Table: 7 Years Ended December 2010 � �•; fii � ��a �' Trey nor Ratio Alpha Batting # of Up Up Capture # of Down Down Capt. Maximum Excess Information Treynor Alpha Average Periods Ratio Periods Ratio Drawdown Return Ratio Ratio Current Portfolio 57.14% 20 98.78% 8 85.38°/a -43.29% 1.88°/a 0.68 5.08 2.11% PBGF: Option 1 57.14% 21 102.64% 7 88.62% �4.63% 2.03% 0.72 5.09 2.16% PBGF: Option 2 64.29% 20 106.47% 8 85.48% �3.69% 3.06% 1.31 6.24 3.15% PBGF: Option 3 64.29% 20 104.27% 8 89.28% �4.64% 2.19% 0.71 5.23 2.30°/a PBGF: Option 4 67.86% 20 109.46% 8 85.05% -43.38% 3.59% 1.48 6.77 3.64°/a 77% R3000, 23% EAFE 0.00% 18 100.00% 10 100.00% �7.25% 0.00% 0.00 2.85 0.00% � w �ICreated with Zephyr StyIeADVISOR. Manager returns supplied by Zephyr and Morningstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. � 5% 4% 3% c � � N Q N N � W 2% 1% 0% Zephyr StyIeACNISOR The Bogdahn Group, LLC Rolling Excess Returns: 77% R3000, 23% EAFE 12-Quarter Moving Windows, Computed Quarterly Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010 Q4 2010 • Current Portfolio • PBGF: Option 1 • PBGF: Option 2 O PBGF: Option 3 • PBGF: Option 4 ♦ 77% R3000, 23% EAFE � • �iCreated with Zephyr StyIeADVISOR. Manager returns supplied by Zephyr and Morningstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. � .- . . Alpha A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio's non-systematic return. Batting Average The batting average of the manager vs. a benchmark is the ratio between the number of periods where the manager outperforms the benchmark and the total number of periods. Beta A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or systematic risk. Down Market Capture The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicate better product performance. Downside Risk A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product. Excess Return Arithmetic difference between the managers return and the risk-free return over a specified time period. Information Ratio Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added contribution by the manager. Return Compounded rate of return for the period. Sharpe Ratio Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance. Standard Deviation A statistical measure of the range of a portfolio's performance, the variability of a return around its average return over a specified time period. R-Squared The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means a higher correlation of the portfolio's performance to the appropriate benchmark. T-Statistic A T-stat is used to measure statistical significance. In general, a value greater than 2 is significant. The formula used for the calculation is "Information ratio times the square root of the number of years used in the analysis." Tracking Error A measure of the standard deviation of a portfolio's performance relative to the perFormance of an appropriate market benchmark. Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return over the risk Treynor Ratio free rate divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better the producYs historical risk-ad'usted erformance. Up Market Capture The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. � 1 �JCreated with Zephyr StyIeADVISOR. Manager returns supplied by Zephyr and Morningstar. .Portfolio blends and index blend are assumed to be rebalanced quarterly. l ` Chicago 4320 Winficld Road Suite 200 Warrcnvillc, Illinois 60555 �=s_ THE BO�DAHN �ROUP simpli.%►'i►rg y��ur i�n�es�menl raul ftduciurl' decisions Orlando 4901 Vineland Road, Suite 600 Orlando, Florida 32R 1 1 866.240.7932 Dallas � 577p Dallas Parkwary, Suite 250 Dallas, Texas 7524K Cleveland 6133 Rocksidc Road Rockside Squarc [I, Suitc 303 Indcpcndcncc, Ohio 44131 Milwaukee 250 E. Wisconsin Avc Suitc l H00 Milwaukee, Wisconsin 53202 n ��y� �, CIT'� �� P�4LM BEACH GARDEN� �yJ, 10500 N. MIUTARY TRAIL PALM BEACH GARDENS, FLORIDA 33410-4698 � �� .= January 18, 2011 Lieutenant Eduardo Morejon, Chair Palm Beach Gardens Fire Fighters Pension Board 10500 North Military Trail Palm Beach Gardens, FL 33410 RE: Fire Fighters Pension Board Participation Request Dear Lt. Morejon: The City of Palm Beach Gardens finds itself in a precarious and unenviable position given the current economic environment we are all experiencing. In light of the notoriety focused on Government Employee Pension Plans by citizens and lawmakers alike, the City finds itself in a position of dichotomous interest. On one hand, the City has always been an advocate of the Fire Fighters Pension Plan and has contributed generously to the Plan, recognizing the important role Fire Fighters play in the public's safety. On the other hand, this City is experiencing a great deal of financial stress and public pressure to cut back expenses and taxes while maintaining the current level of service. Part of that public scrutiny includes the unfunded liability of the Fire Fighters Pension Plan, of which I am sure you are aware. Our latest data indicates unfunded liability of the Fire Pension Plan is to the level of $17,873,583, while the funded ration is only 59.7 percent. In addition to the issue of unfunded liability, annual City contributions have increased dramatically, from $423,628 in FY 2001, to $3,745,497 in FY 2011, or by 784 percent in ten years. Given the Pension Board members' level of experience and knowledge of dealing with the current Fire Pension Plan, I am soliciting their help in an attempt to find a fair solution to the unfunded liability and annual costs this Pension experiences today. I would request that you and your fellow Pension Board members have an in-depth discussion regarding any strategies that might help bring a resolution to this dilemma. I am confident that if we work together to find a solution, we can together resolve this issue in the utmost amicable and fair way possible to the benefit of all involved. Your expeditious handing of this request is most appreciated. I intend to host a meeting with all pension chairs and union representatives in February for further discussion on this topic. Future correspondences will provide you a time and date of this proposed meeting. Page 2 of 2 Please let me know if I or my staff can be of assistance in any way. I look forward to working with you and the Fire Fighters Pension Board. Sincerely, �- � �c�� Ron Ferris City Manager cc: Thomas Murphy, Fire Fighters Pension Board Member DeRoy 011iff, Fire Fighters Pension Board Member Rick Rhodes, Fire Fighters Pension Board Member Donna Wisneski, Fire Fighters Pension Board Member Mayor and City Council Allan Owens, Finance Administrator