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Home My WebLink AboutAgenda Police Pension 072111 Agenda City of Palm Beach Gardens Police Officers’ Pension Fund M EETING OF J ULY 21, 2011 LOCATION: City Council Chambers’ 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9 AM 1. Call Meeting To Order 2. Roll Call: • Lt. Jay Spencer, Chairman • David Pierson, Secretary • Jules Barone, Trustee • Brad Seidensticker, Trustee • Wayne Sidey, Trustee 3. Investment Manager Report – ICC Capital (Steve Stack) 4. Investment Consultant Report – Thistl e Asset Consulting (Brendon Vavrica) 5. Attorney Report – Law Offices of Perry & Jensen (Bonni Jensen) • Amended Statement of Policy Regarding Buyback of Police / Non-Intervening Military Service • Memo - IRS Mileage Rate for 2011 6. Administrator Report – Resource Centers (Audrey Ross) 7. Approval of Minutes • April 21, 2011 Regular Meeting • June 8, 2011 Special Meeting 8. Disbursements 9. Benefit Approvals 10. Financial Statements 11. Old Business • Custodian Fee Responses From Come rica, Salem Trust & Wells Fargo 12. Other Business 13. Public Comments 14. Adjourn Next Meeting Date: Thursday October 20, 2011 @ 9AM PLEASE NOTE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact the The Pension Resource Center, LLC no later than four days prior to the meeting. Minutes 4-21-11.doc Page 1 of 6 City of Palm Beach Gardens Police Officers’ Pension Fund Minutes of the Meeting Held April 21, 2011 The regular meeting of the Board of Truste es of the City of Palm Beach Gardens Police Officers’ Pension Fund was called to order at 9 AM by Chairman Jay Spencer in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT OTHERS PRESENT Jay Spencer, Chair Audrey Ross (Resource Centers) David Pierson, Trustee Bonni Jensen (Law Offices of Perry & Jensen) Brad Seidensticker, Trustee Donna Cannon (PBG Clerk’s Office) Jules Barone, Trustee Brendo n Vavrica (Thistle Asset Consulting) Wayne Sidey, Trustee Felecia Relief (Comerica Bank) Brad Rinsem (Salem Trust Company) Greg Beard (Salem Trust Company) Karl Hutchinson (Wells Fargo) CUSTODIAL RFP INTERVIEWS • Comerica Bank – Presented by Felecia Relief Ms. Relief introduced herself to the boar d and thanked them for their time. She explained that Comerica Bank is a diversified financial services Company and their headquarters are in Dallas, Texas. Come rica was established in 1949, and is among the 25 largest banking companies in the US with $53.7B in assets. They are also among the 10 largest commercial business leaders, and have multiple locations throughout the US. Ms. Relief stated that she has been with Comerica for 11 years and is part the Institutional Trust department, in which she would be working with this fund if chosen. The Trust departme nt has over 1,000 clients, and has $83B in trust assets. They also have in house Attorn ey’s that work in their office. Comerica has about 7 Florida Public Pension Plans in which they provide full custodial services to. Ms. Relief reviewed some of the benefits that Comerica offers including great reporting and great client service, in wh ich they never have had a turnover. Also they have a very competitive fee schedul e, and lastly Ms. Relief commented that Comerica would be the right size provider for this f und. Next she explained some of the services that they prov ide designated for public pension plans. Comerica performs all custody related services incl uding securities settl ement & safekeeping, income & dividend collection , and much more. They also do all information based services on a daily and monthly basis, and they also have value enhancing services such as cash sweep, training and educat ion, and much more. Ms. Relief briefly explained their online system which is very user friendly in which you can go online and download statements, cu stomize them, etc. She Ms. Relief explained how the transition proc ess would work. Come rica has an actual transition team that will customize a “transition plan” that will have minimal impact on the client. The transition process usually starts 2 months prior to the actual transition date, and takes about 2 weeks to complete. Lastly Ms. Relief reviewed the standard fee schedule. There is a $500 annual per account fee, and all Minutes 4-21-11.doc Page 2 of 6 separately held securities are 5 basis points on the first $50M and 2.5 basis points on the next $50M. In addition there is a $1,000 annual per account fee for all commingled accounts. The Trustees confirme d that ICC’s assets would fall under the asset schedule, and then th ey have 8 separate comming led/mutual funds would be line items on the statements. She commented that the line item fee may be able to be negotiated, in which she will look into when she returns to the office. • Salem Trust Company – Presented by Brad Rinsem & Greg Beard Mr. Rinsem introduced himself to the board and stated that he is the President and CEO of Salem Trust. He also introduced Mr. Beard who is from the Illinois office and is the Senior President of Salem Trust. Mr. Rinsem explained that he has 2 primary responsibilities which are to make sure that he runs a sound and successful company, and since the clients are the ones that make that happen they need to make sure that they provid e excellent service. Salem Trust is a State of Florida chartered bank, is ranked the 4 th largest trust company in Florida, they have over $6.6B in assets, they have over 220 muni cipal clients in Florida, and they are employee owned. Salem Trust is also very active with FPPTA in which Mr. Rinsem regularly teaches at. Mr. Rinsem review ed the Company’s principals, which show how dedicated they are to serving their clie nts. Also he reviewed the services the Salem Trust provides which include ADR foreign tax reclaim, cash management/sweep service, class action pr ocessing, consolidated accounting, loan distributions, an d much more. Mr. Beard reviewed the fee schedules and commented that the weighted annual cost would be 3.48 basis points or $14,310 for th is fund based on their current assets. This fee schedule is guaranteed for 2 years. He also refe renced their client list and commented that all their clients are defined benefit plans and mostly in Florida. Mr. Beard did note that they just recently lo st Orman Beach, but that was the only one within the last 6 months. Lastly Mr. Rinsem handed out samples of th e some of the research and articles that Salem Trust and Mr. Rinsem are involved in . He explained that as part of their commitment to the public sector he sends out documents to the retirees that will help educate them on the Stat e of Florida Government, and he also writes articles for FPPTA. He concluded by st ating that the board needs to decide whether they are looking for a generalist or a specialist when it comes to a pension custodian. The Trustees asked Mr. Rinsem if his company had any risks and he responded that his only concern is that they have all their e ggs in one basket. He explained that they only service defined benefit pl ans, so if all defined benefi ts plans were to close then he would have concerns. Although he stated that he does have a succession plan if something were to happen to him. Mr. Rinsem commented that he has 2 great managers that back him up already and know how to run the show on their own. Lastly the board discussed the fee schedule an d Mr. Rinsem stated that he can agree to this fee schedule for 3 years instead of 2 years, seeing that no major changes happen to the plans assets. • Wells Fargo Institutional Retirement & Trust – Presented by Karl Hutchinson Mr. Hutchinson introduced himself and stated that he is the relationship manager with Wells Fargo for the retirement and trust department. Wells Fargo has very diversified financial services, but their Trust is their key component and makes up about 10%. They have over $1.4T in asse ts with over 11,000 locations over the US. Mr. Hutchinson explained that they grow their business from ne w accounts and also by takings over other custody accounts fr om other businesses. Wells Fargo has a Minutes 4-21-11.doc Page 3 of 6 dedicated team that will be in charge of the transition to make sure everything runs smoothly. Mr. Hutchinson reviewed some of the tool s that they offer wh ich include weekly newsletters, market alerts, online seminars , and much more. He also pointed out some of the qualities that make them different from other financial institutions, and reviewed the broad scope of services they o ffer. Lastly Mr. Hutchinson reviewed the fee proposal and commented that he will send out a revised schedule shortly as he does not have the mutual fund f ees included on this one. Board Discussion: The board discussed the presentations and th e different fee schedul es. The Trustees authorized Ms. Jensen to send a letter to the 3 presenters today to give them a chance to submit a final fee quote since they received revised account information today. Ms. Jensen stated that she will bring back th eir responses to the next meeting. DISCUSSION OF EXCESS CHAPTER 185 MONEY Gabriel, Roeder, Smith & Company (G RS) – Presented by Steve Palmquist Mr. Palmquist explained that the pension fund has extra State money in their reserve account that can be used for benefit incr eases. He explained that any money the fund receives in excess of the $459K goes into this reserv e account in which there is currently $249K in there. Although Mr. Palmquist stated that with the new bills passing through in Tallahassee, the board migh t be required to have individual share accounts created for each member that this money in the reserve would be split up and disbursed into. Also he commented that now would not be a good time to look at additional benefits. Mr. Barone questioned what kind of effect it has on the pension fund with so many members enteri ng the DROP at once and therefore will not be contributing into the pension plan anymore. Mr. Palmquist replied that they anticipate so many retirements per year, and if you actually go over that number they assume then that creates an experi ence loss for the Plan which adds to the unfunded liability. Mr. Palmquist commented that if this pattern keeps continuing over a long period of time, then the board might want to consider a change in their probability tables. Mr. Spencer reiterated his thoughts about lowering the actuarial assumed rate of return. He explained that he attended a me eting with the City and they stated that the property values in Palm Beach Garden s will once again de crease, which means that the City will have to dip into thei r reserve account to fund the budget. Mr. Spencer commented that that he would like to make a proposal to the budget committee to reduce prices including the pension plan. His intentions are not to take away or reduce any benefits, but to help cut costs where they can be cut without to much effect on either part ies end. Mr. Spencer remind ed the board that all the changes they implemented a couple years ago benefited the City during the down times, and now he wants to continue on th at mind track and mo ve forward with the idea of gradually lowering the Plan’s actuarial assumption rate from 7.5% to 6.5%. Mr. Palmquist commented that he thinks that is a wonderful goal and if you can decrease it overtime it will cost the City an estimated increase of 1% of covered payroll. The Trustees discussed when the be st time to make this change would be since the City is looking to cut costs ri ght now, and by lowering the actuarial assumption rate it will actually cost the City more up front. Mr. Palmquist explained that you can also lower the pay increase assumptions in which will offset the cost for lowering the assumption rate. Also Mr. Pa lmquist noted that all/any changes will be reflected in the 2012/2013 Actuarial Valuation Report. Minutes 4-21-11.doc Page 4 of 6 MOTION: Mr. Pierson made a motion to reduce the Plan’s current Actuarial Assumed Rate of Return (7.5%) one tenth of a percentage for the next 10 years until it reaches 6.5%. SECOND: Mr. Sidey seconded the motion. CARRIED: The motion carried unanimously 5-0. INVESTMENT CONSULTANT REPORT Thistle Asset Consulting – Presented by Brendon Vavrica Mr. Vavrica commented that it was a very good quarter and that everything was positive, including fi xed income and equities. For th e quarter ending March 31, 2011 there was 66% in equities, 34% in fixed income, and 0% in cash. The total fund net of fees slightly underperformed for the quarter at 4.20% versus the index at 4.29%. The total equities outperformed the index at 6.50% versus 6.37%, and the total fixed income also slightly outperformed at .55% versus .49%. Mr. Vavrica the reviewed the risks vers us reward chart and stated that although the fund was behind for the quarter, they are still getting a bette r return for the little amount of risk they are taking. He then briefly reviewed ea ch mangers performance for the quarter: Rhumbline S&P 500 – Slightly ahead the index for the quarter at 5.94% versus 5.92%. Rhumbline S&P 400 – Also ahead of the index for the quarter at 9.39% versus 9.36. Rhumbline S&P 600 – Fell short of the benchmark for the quarter at 7.68% versus 7.71%. ICC Large Cap Growth – Had a great quarter at 7.11% versus the index at 6.03%. ICC Fixed Income – It was a better quarter for fixed income. The fund was ahead the benchmark at .57% versus .43%. International Equity – Underperformed for the quarter at 3.32% versus the index at .45%. International Fixed Income – Had a great quarter and outperformed the benchmark at 1.57% versus .97%. ATTORNEY REPORT Law Offices of Perry & Jensen - Presented by Bonni Jensen Ms. Jensen reviewed the Board’s current buyback policy and commented that in the Ordinance it does not prohibit a member from doing multiple buybacks throughout their career as a Police Officer with the Ci ty. She recommended that that language should be revised in the Board’s buyback poli cy to reflect this clause. She noted that there is no impact to the plan when memb ers do multiple buybacks throughout their career with the City. MOTION: Mr. Sidey made a motion to approve and allow members to do multiple buybacks throughout their career as a Police Officer with the City of Palm Beach Gardens, and to also remove that restriction language from the Board’s buyback policy. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5-0. Ms. Jensen stated that she will send out a revised memo with the most recent amendments to Senate Bill 1128 because th e one she has with her today has already changed. Minutes 4-21-11.doc Page 5 of 6 Ms. Jensen notified the Trustees that they do not have to report the FPPTA conference as a gift because each Trustee re ceived a free registration for the event. Ms. Jensen announced that she now has jo int venture with Klausner & Kaufman. She commented that the joint venture will not have any impact on this fund. Lastly Ms. Jensen reminded the Trustee’s that their Form 1 Disclosures are due July 1, 2011. ADMINISTRATOR REPORT Resource Centers – Presented by Audrey Ross N/A MINUTES MOTION: Mr. Pierson made a motion to approve the minutes from the January 27, 2011 regular meeting. SECOND: Mr. Seidensticker seconded the motion. CARRIED: The motion carried unanimously 5-0. DISBURSEMENTS APPROVALS MOTION: Mr. Barone made a motion to approve the disbursements. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5-0. BENEFIT APPROVALS MOTION: Mr. Sidey made a motion to approve the applications to enter the DROP for Joseph Sheehan and Richard Geist, the application for distribution of DROP account (effective May 15, 2011) for Ronald Council, and th e application for a refund of contributions for Jose Pico. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5-0. FINANCIAL STATEMENTS The board reviewed and discu ssed the financial statemen ts that were provided through March 2011. The board received and filed the financial statements through March 2011. OLD BUSINESS Ms. Jensen reviewed what she found out regarding Mr. George Smith’s participation in the fund. She concluded that since Mr. Smith did not participate in the pension plan for a certain amount of time, then he will need to be treated the same as someone who is buying time from another entity for any time before his participation in the plan. Minutes 4-21-11.doc Page 6 of 6 OTHER BUSINESS N/A PUBLIC COMMENTS N/A AJOURN There being no further business, and the fu ture meetings are scheduled for the 3rd Thursday of the first month proceeding th e quarter. The next regular meeting was scheduled for Thursday July 21, 2011 at 9A M; the Trustees officially adjourned the meeting at 12:11PM. Respectfully submitted, _____________________________ DAVID PIERSON, Secretary Minutes 6-8-11 (SM).doc Page 1 of 2 City of Palm Beach Gardens Police Officers’ Pension Fund Minutes of the Special Meeting Held June 8, 2011 The special meeting of the Board of Truste es of the City of Palm Beach Gardens Police Officers’ Pension Fund was called to order at 9:05 AM by Chairman Jay Spencer in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT OTHERS PRESENT Jay Spencer, Chair Audrey Ross (Resource Centers) David Pierson, Trustee Bonni Jensen (Law Offices of Perry & Jensen) Brad Seidensticker, Trustee Donna Cannon (PBG Clerk’s Office) Jules Barone, Trustee City of PBG Police Officers Wayne Sidey, Trustee Mr. Spencer explained that the purpose of today’s special meeting was to briefly review Senate Bill 1128 that just recently passed, and also to review the recent City Council presentation. SENATE BILL 1128 UPDATE/REVIEW The Law Offices of Perry & Jensen, LLC – Presented by Bonni Jensen Ms. Jensen stated that SB 1128 has not been presented to the Governor at this time. It is currently at the Legislativ e office, so therefore it is not in effect yet. Ms. Jensen reviewed the changes that were in SB1128, and highlight ed the changes that would affect this pension plan. She explained th at all changes were effective either when the next Police collective bargaining agreem ent expired, or if there was no Union in affect then all changes would be effectiv e July 1, 2011. Some of the changes in SB11128 that will affect this plan include: • Overtime, accrued vacation and sick le ave payments for pension purposes are capped at 300 hours. • The makeup of the board of Trustees • Employee contributions can increase without having to provide greater benefits. Ms. Jensen took various questions from the members in the audience. CITY COUNCIL PRESENTATION The Law Offices of Perry & Jensen, LLC – Presented by Bonni Jensen Ms. Jensen explained that the City Council ha s ideas in mind that they are trying to accomplish. She reviewed some of the items that the City proposed in their presentation and commente d that eventually the Ch apter 175 & 185 plans would close if these proposals were put into effe ct. Most of the changes would opt them out of the Chapter 175 & 185 guidelines, wh ich also means they will no longer receive the State money. In addition the plan then would be subject to the Chapter 112 rules, which is a similar comparison to the General Employees Fund. Lastly Ms. Jensen noted that if the City were to cl ose this pension fund, then everyone would become vested in the Plan at that time no matter how many years of service you have. Ms. Jensen took some questions fr om the members in the audience. Minutes 6-8-11 (SM).doc Page 2 of 2 AJOURN There being no further business, and the fu ture meetings are scheduled for the 3rd Thursday of the first month proceeding th e quarter. The next regular meeting was scheduled for Thursday July 21, 2011 at 9A M; the Trustees officially adjourned the meeting at 9:51AM. Respectfully submitted, _____________________________ DAVID PIERSON, Secretary Resource Centers Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE C heck Numb e DatePayee and DescriptionAmount 2323May 1, 2011City of Palm Beach Gardens $8,422.49 Retiree Insurance 2324May 5, 2011Pension Resource Center $2,291.00 Administration Fee- May 2011 2325May 5, 2011Gabriel Roeder Smith & Company$4,092.00 Actuarial Services thru 3/31/11 2326May 5, 2011ICC Capital Management$22,343.97 Investment Management Fee- 1st Qtr 2011 2327May 5, 2011Rhumbline Advisers$4,073.00 Investment Management Fee- 1st Qtr 2011 2328May 5, 2011Thistle Asset Consulting, Inc$4,151.00 Performance Monitoring thru 3/31/11 2329May 5, 2011Renaissance Orlando at SeaWorld$555.00 Hotel Reservations for Barone 2330May 5, 2011Renaissance Orlando at SeaWorld$740.00 Hotel Reservations for Seidensticker 2331May 5, 2011Renaissance Orlando at SeaWorld$555.00 Hotel Reservations for Spencer 2332May 5, 2011Perry & Jensen, LLC$801.90 Legal Services thru 4/15/11 2333May 20, 2011Jay Spencer $559.99 Trustee Travel Reimbursement- 5/15-5/18/11 2334June 1, 2011City of Palm Beach Gardens $8,422.49 Retiree Insurance 2335June 1, 2011Pension Resource Center $2,795.88 Administration Fee- June 2011 2336June 7, 2011Gabriel Roeder Smith & Company$2,815.00 Actuarial Services thru 4/30/11 2337June 7, 2011Perry & Jensen LLC$2,030.96 Legal Services Rendered thru 5/15/11 2338June 7, 2011Florida State University CPD$80.00 Conference and Trustee School Registration-Spencer 2339July 1, 2011City of Palm Beach Gardens $8,422.49 Retiree Insurance 2340July 1, 2011Pension Resource Center $2,518.93 Administration Fee- July 2011 2341July 6, 2011Jules Barone $354.40 Trustee Travel Reimbursement 6/26-6/29 2342July 6, 2011Gabriel Roeder Smith & Company$2,040.00 Actuarial Services thru 5/31/11 2343July 6, 2011Perry & Jensen LLC$1,258.45 Legal Services Rendered thru 6/15/11 Total $79,323.95 Chairman __________________________ Secretary___________________________ Date_______________________________ PALM BEACH GARDENS POLICE PENSION FUND Benefit Approvals Meeting of July 21, 2011 APPLICATION TO ENTER THE DROP GEORGE CLAY DATE OF BIRTH 09/23/1958 DATE OF HIRE 05/29/1986 DATE OF TERMINATION 05/29/2011 AGE AT RETIREMENT 52 YRS & 8 MTHS YEARS AT SERVICE 25 YEARS FORM OF BENEFIT LIFE ANNUITY MONTHLY BENEFIT AMOUNT $9,079.50 SUPPLEMENTAL BE NEFIT $ 312.50 GLENN WRIGHT DATE OF BIRTH 01/03/1962 DATE OF HIRE 03/13/1991 DATE OF TERMINATION 04/01/2011 AGE AT RETIREMENT 49 YRS & 3 MTHS YEARS AT SERVICE 20 YEARS FORM OF BENEFIT 10 YEAR CERTAIN MONTHLY BENEFIT AMOUNT $8,068.93 SUPPLEMENTAL BE NEFIT $ 250.00 JAMES SHACKELFORD DATE OF BIRTH 06/12/1964 DATE OF HIRE 09/27/1989 DATE OF TERMINATION 03/31/2011 AGE AT RETIREMENT 46 YRS & 9 MTHS YEARS AT SERVICE 23.5 YEARS FORM OF BENEFIT 75% J&S MONTHLY BENEFIT AMOUNT $7,197.72 SUPPLEMENTAL BE NEFIT $ 287.50 STEVEN FEE DATE OF BIRTH 04/13/1958 DATE OF HIRE 11/30/1988 DATE OF TERMINATION 02/28/2011 AGE AT RETIREMENT 52 YRS & 10 MTHS YEARS AT SERVICE 22.2 YEARS FORM OF BENEFIT 75% J&S MONTHLY BENEFIT AMOUNT $8,043.44 SUPPLEMENTAL BE NEFIT $ 275.00 TODD THOMAS DATE OF BIRTH 07/09/1966 DATE OF HIRE 04/05/1989 DATE OF TERMINATION 01/07/2011 AGE AT RETIREMENT 44 YRS & 6 MTHS YEARS AT SERVICE 21.7 YEARS FORM OF BENEFIT 10 YEAR CERTAIN MONTHLY BENEFIT AMOUNT $6,601.36 SUPPLEMENTAL BE NEFIT $ 262.50 APPLICATION FOR DISTRIBUTION OF DROP ACCO UNT DAVID ONEILL DATE OF RETIREMENT 03/26/2010 DATE OF BIRTH 11/19/1954 TYPE OF DISTRIBUTION CLOSE OUT - CASH FINAL ACCOUNT BALANCE $82,447.93 TAX WITHHOLDING (20%) $16,489.58 TOTAL NET DISTRIBUTION $65,958.34 APPROVED: ______________________________________, CHAIRMAN APPROVED ______________________________________, SECRETARY ____________________________________, DATE PA LM BEA CH GA RDENS POLI CE PENSI ON FUND STA TEMENT OF POLICY REGA RDING BUY BA CK OF POLICE/ NON-INT ERVENING MILITA RY SERVICE W HE RE AS, the Palm Beach Gar dens Pol ic e Pens ion F und ("Pl an"), and the Ci ty of Palm B each Gar dens Cod e of Or din ances , Se cti on 50-127 pr ov ide s t hat p artici pants may pur chas e pri or poli ce off ic er or non-i nter v eni ng m il it ar y serv ic e as “cr edi ted s er v ic e” in thi s P lan ; and W HE RE AS, the Tr ust ees d e sir e t o adopt a S tatement of Pol ic y r eg ar din g the buy back of pr ior pol ic e off ic er and non-int er v eni ng mil it ar y se rv ic e; NOW , THE REFORE, it is hereby r esolved tha t the f ollowi ng State me nt of Policy Reg ar din g Buy back of Pol ic e Officer /N on-Inter v eni ng M il it ar y Ser v ic e is her eby adopt ed: I.TIME AVA ILABL E F OR PU RC HA SE A. A Me mber may pur chas e y ear s or frac ti onal par ts of y ear s o f ser v ic e tha t a me mb er: 1. Previously serv ed a s a p o li c e o f f icer w ith the City of Palm Bea ch G a r d e n s a n d f o r wh ic h a c c u m u la t e d co n t ri b u t io n s we re wit h d ra wn from the Fund ; 2. Pr ev iou sl y se rv ed as a Poli ce Off ic er w it h any othe r munic ipa l, count y sta te or federal l aw enforc ement de par tment or ag ency ; or 3 . Pr ev iou sl y serv ed in t h e U n i t e d S t a t e s M i l i t a r y (b e fo r e b e g i n n ing em ploymen t w ith the City of Palm Be a c h Garden s Police Depa rtme nt). Pag e 2 of 5 B. A Me mber shal l not be eli g ibl e to pur chas e pr ior ser v ic e if suc h ser v ic e is or w il l fo rm t h e b a si s for a pe nsi on from a nother r eti re ment s y ste m or pl an. This ex cl usi on does not appl y to mil it ar y se rv ic e. II. APP LIC ATION PR OC ESS A. A M ember sh all make appl ic ati on to buy back se rv ic e ti me on a form pr ov ide d b y t h e B o a rd o f T ru s t e e s . A co p y o f t h e f o rm is a t t a c h e d t o t h is P o li c y. B.A pol ic e off ic er may r eq uest to pur chas e s ome or al l av ail abl e y ear s o f ser v ic e. C . T he T rus te es s ha l l r ev i ew an d approve all requests f or buybacks in a c c o rd a n c e wit h t h is S t a t e m e n t o f P o li c y. D. Upo n appr ov al of appli cat ion for buy back , t he c ost sh all be c alc ula ted b y the Fund ’s actua ry as f ollows: 1.Pr ev iou s P alm Beac h Gar dens Ser v ic e c alc ula ti on bas e d upon re pay ment of r efund w it h int er est , from the date of w it hdr aw al to t he date of repay ment. 2 .Pr e v i o u s P o l i c e O ffi c e r o r M i l i t a r y S e r v i c e c a l c u l a t e d b a s e d u p on salary and contribu tion rate in ef f ect at the t im e t hat purcha se is re q uest ed; p lus the amount r eq uire d t o make the cos t neu tr al; pl us the c ost for p ro fessi onal se rv ic es E. After the a mount of the buy back i s c alc ula ted a nd the Member has el ect ed to pu rchase perm issiv e servi ce, th e Mem ber sha ll ex ecut e a “Bu yback Con tr act” w hic h s hal l set forth the spec ific buy bac k p ro v is ion s for that individual Memb er. Pag e 3 of 5 F.The r eq uest f or buy back m ay be made at any time dur ing empl oy ment and the Memb er ma y make more than one request to pu rc h a s e time b ut such re q uest ca n onl y be made onc e. G.The cr edi t pur chas ed unde r thi s pol ic y w il l count for all pur poses , ex cl udi ng ves ti n g. III. FUNDS AVAILA BLE FOR PAYM ENT A M e mb e r ma y p a y fo r t h e c o s t o f t h e p u r c h a s e o f t i me w i t h a n y o f the fol low ing sour ces , i f av ail abl e. A. A M ember may pay for t he buy back out of pock et, in one l ump su m pay ment; or B. Using rollov ers f rom o the r q ualif ied pla ns; or C. The pol ic e off ic er can buy back thi s ti me ov er a per iod eq ual to the len g th of ti me bei ng pur chas ed or fiv e y ear s, w hic hev er is g re ater , at an i nter est r ate w hic h i s e q ual to the fund’s a ctu ar ial as sumpti on. IV. RE PAY ME NT PER IOD A. The ti me per iod for re pay ment is 5 y ear s or a per iod eq ual to the amount o f ti me bei ng pur chas ed. B. Me mbers m ust determi ne w hether they ar e pur chas ing the ser v ic e w it hin 90 day s o f rec eip t of the cer ti fied l etter co ntai nin g t he s tatement from t he Actu ary showi ng the cost o f the bu y back. C.Rep ay ment mus t beg in w it hin si x months of the r eq uest for c re dit . Pag e 4 of 5 D. W hile in repa y me nt s t a t us, no credit w ill be giv en f or any y ears of serv ice unti l the ful l number of y ear s o f ser v ic e to be pur chas ed has been re p u r c hased . E. If a me mb er beco me s disab led and ent itled to a ben ef it w hile in the process of co mp l e t i n g a b u y b a c k , t h e n t h e me mb e r w i l l n o t h a v e t o c o mp l ete t he buyback, b ut an y paymen ts ma de b ef ore di s ab i lity is determ ined shall rema in w it h the F und. F.If a M ember ter minat es employ ment w it h the C it y of Palm Beac h Gar dens Pol ic e D epar tment before a ttai nin g 5 y ear s o f ser vice (wi th t he C it y ) or bef ore com pletin g ent ire s e rvice buyback repurch ase, then a ny buyback cont ri buti ons made s hal l be r efunded to the M ember w it hout int er est . V. COST OF CALCULAT IONS A. Participa nts m ust pa y the cost of the actua ry ’s calculation f or the b uyback. How ev er , eac h member w il l be ent it led to one free ca lc ula ti on. I NT EN T I ONA L L Y L EF T BL A NK Pag e 5 of 5 THIS STA TEMENT OF POLICY REGA RDING BU YB A CK OF POL ICE OF FI CE R/NO N-IN TER VEN IN G M IL IT A RY SER VIC E is adopt ed by the Boar d of Trus tees of the PALM BEAC H GAR DE NS POLI CE PEN SION FU ND on thi s day of , 2011. TRU STEES ____________________________________________________________ ____________________________________________________________ ________________________________ W it n e s s e d b y: BSJ/lb Apr il 20 , 2 01 1 Octob er 2 5,2 01 0 H :\PBG 0 0 0 3 \B u y b a ck\2 0 1 1 .4 .2 0 .PBG - B u y b a ck Po li cy -R EVI SED CITY OF PALM BEACH GARDENS Police Officer’s Pension Fund Summary Plan Description JULY 201 1 Introduction As a participant in the Palm Beach Gardens Police Officer’s Pension Fund, you are included in a program of benefits to help you meet your financial needs in retirement, or in the event of disability or death. The purpose of this booklet is to give you a brief description of benefits available to you under your pension plan. Planning for retirement begins now. This booklet can be a valuable tool in preparing for your retirement and financial future. If you need any further information on any of the topics presented in this booklet, please contact the Fund Administrator, Resource Centers, LLC, or the Board of Trustees. They will answer any questions to help you better understand your benefits. The information presented is a summary of the pension plan as provided in the City of Palm Beach Gardens Code of Ordinances which governs your Pension Fund. The legal citation for your Plan is Chapter 50, Article Ill, Section 50-61 et seq., as amended through February 18, 2010 City of Palm Beach Gardens Code. Any discrepancies between information in this booklet and the Plan will be governed by the Plan. A copy of the Plan can be obtained from the Fund Administrator, Resource Centers, LLC. Their address is: Resource Centers, LLC 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, FL 33410 (561) 624-3277 - Telephone (561) 624-3278 - Facsimile www.resourcecenters.com Board of Trustees Palm Beach Gardens Police Pension Fund Jay Spencer, Chairman David Pierson, Secretary Jules Barone, Trustee Brad Seidensticker, Trustee Wayne Sidey, Trustee TABLE OF CONTENTS DEFINITIONS ......................................................... PARTICIPATION IN THE PENSION FUND .................................. m ELIGIBILITY FOR NORMAL RETIREMENT .................................. AMOUNT OF A NORMAL RETIREMENT PENSION ........................... EARLY RETIREMENT PENSION .......................................... - MONTHLY SUPPLEMENTAL BENEFITS .................................... - Normal Form .................................................... - Optional Forms of Payment ......................................... Duty Related Deaths .............................................. - Non-Duty Related Deaths .......................................... - Duty Disability Retirement .......................................... Non-Duty DisaOility~Retirernent ....................................... ENDING EMPLOYMENT BEFORE RETIREMENT.. ........................... ANNUAL PENSION ADJUSTMENTS (non-guaranteed) ......................... FILING FOR RETIREMENT .............................................. DEFERRED RETIREMENT OPTION PLAN (DROP) .......................... Paqe 10 TRUSTEE TO TRUSTEE TRANSFER ..................................... Paqe 10 COST OF THE PENSION FUND ......................................... Paqe 11 ADMINISTRATION OF THE PENSION FUND ............................... Paqe 11 INVESTMENTS ...................................................... Paqe11 ACTUARIAL SOUNDNESS ............................................. Paqe 11 FORFEITURE OF PENSION ............................................ Paqe 12 REVIEW PROCEDURE Paqe 13 AGENT FOR SERVICE OF LEGAL PROCESS ............................. Paqe 13 PLANYEAR ......................................................... Pam13 PERTINENT ACTUARIAL DATA ......................................... Paqe 14 I FORMS OF PAYMENT OF A PENSION ..................................... SURVIVOR BENEFITS - DEATH BEFORE RETIREMENT ...................... DISABILITY RETIREMENT. .............................................. 1. ................................................ DEFINITIONS Accumulated contributions - the total of all amounts contributed by a participant to the Palm Beach Gardens Officer's Police Pension Fund. Average Monthly Earnings - the monthly average of salary during the last five years of employment. Beneficiary - an individual who is receiving a survivor benefit from the Pension Fund following the death of a participant. Board - the Board of Trustees which administers, manages and operates the Pension Fund. Credited service -A participant's years of Service as a police officer in Palm Beach Gardens Police Departinemt and includes those years which a participant has purchased by making a contribution to the plan. Years of serdice can be purchased for years or fractional parts of years that a police officer served in the United States Military service, or service with another municipal, county, state, or federal law enforcement agency. Members may also be entitled to credited service for military service which interrupts employment. Participant - a Palm Beach Gardens police officer participating in tine Pension Fund. Salary - Average monthly earnings as reported to Internal Revenue Service for income tax purposes, plus deferred compensation. Additionally, salary includes amounts paid by the City as differential wages while the member is absent from employment while in qualified military service. Palm Beach Gardens October. 2010 Police Pension Fund ~-, -- -- Page I , PARTICIPATION IN THE PENSION FUND Each police officer employed in the City of Palm Beach Gardens Police Department is a Pension Fund participant. A police officer is a full-time employee who is certified as a law enforcement officer as a condition of employment in accordance with the provisions of s943.10, Florida Statutes. The Police Chief may elect not to participate in the Plan. ELIGIBILITY FOR NORMAL RETIREMENT A police officer who either has 20 or more years of credited service or is age 52 or older and has 10 or more years of credited service is eligible for normal retirement. An application for normal retirement must be filed with the Fund Administrator and approved by the Board of Trustees. AMOUNT OF A NORMAL RETIREMENT PENSION The amount of a normal retirement pension is based on a participant's credited service, average monthly earnings and pension multiplier. Average Monthly Earnings is the monthly average of salary during the last five years of employment producing the highest average. Salary includes base salary, overtime, longevity pay and may include other types of pay. Credited service is generally a participant's period of employment as a police officer in the Police Department of the City of Palm Beach Gardens, measured in years and completed months of a year. Special conditions apply if a participant has a break in service as a police officer. In certain circumstances, limited periods of military service and police service with another Florida municipality may be recognized as credited service. Promptly contact the Fund Administrator if any of these situations apply and you have not already resolved the question. The pension multiplier is 3.5% ~~ Palm Beach Gardens Police Pension Fund October, 2010 Page 2 Sample Benefit Calculation The following example illustrates how average monthly earnings are calculated. This is an example for planning purposes only and does not indicate the actual benefit for any participant. Year Before Sample Salary Retirement for Year 5th 4th 3rd 2nd 1 st 25,000 26,000 27,000 28,000 29,000 To calculate final average salary, total the last five years salary and divide by 60: $25,000 + $26,000 + $27.000 + 528.000 + $29.000 = $2,250 60 The monthly normal retirement pension is calculated as follows: 3.50% of average monthly earnings multiplied by credited service up to a maximum of 100%. The following is an illustration of a normal retirement pension calculation. This is an example for planning purposes only and does not indicate the actual benefit for any participant. (1) Total credited service 20.0 yrs. (2) Average monthly earnings $2,250 (3) 3.50% of line (I) .035 x 20 70% (4) Line (3) times line (2) 70% x 2,250 $1,575.00 Palm Beach Gardens October, 2070 Police Pension Fund Page 3 EARLY RETIREMENT PENSION A police officer who is age 50 and has 10 years of service is eligible for early retirement. The early retirement benefits that are payable to a police officer are determined in the same manner as the normal retirement benefit but are reduced by 3% for each year by which the member's age at retirement preceded the member's normal retirement age to take into account the police officer's younger age and the earlier commencement of retirement income payments. MONTHLY SUPPLEMENTAL BENEFITS Beginning October 1, 2004, all retirees in payment status are entitled to a monthly supplemental pension benefit equal to $12.50 per year of service. This benefit is payable monthly for the life of the retiree. This benefit is payable to a surviving beneficiary of a retiree on a monthly basis for the period of time that the surviving beneficiary is in receipt of a pension in accordance with the form of benefit chosen at the time that benefits begin. FORMS OF PAYMENT OF A PENSION Normal Form Tne standard foim of payment for the pension described above is a benefit payable for IO years ceriain, in other words, you are guaranteed 120 monthly payments. The retiree will receive a benefit for life. However, if the retiree dies prior to receiving 120 payments, then pension payments will continue until a total of 120 payments have been made. A participant may designate a beneficiary to receive the benefit payable, if any, upon the death of the retired participant. A retired participant may also change the designated joint pensioner or survivor up to two times after retirement with certain restrictions. Please see the administrator for details. This change may affect the amount of the benefit. When there is no beneficiary named, the benefit will be paid to the spouse, dependent children, or dependent living parents of the police officer, or if there is no such survivor, then to the deceased police officer's estate. IT IS IMPORTANT TO KEEP YOUR BENEFICIARY DESIGNATION UP TO DATE Palm Beach Gardens Police Pension Fund October, 2010 Page 4 OrJtional Forms of Pavment Optional forms of payment are available in lieu of the normal form described above. The amount of pension under each optional form has the same actuarial value as the normal form of payment. The normal form of payment is a lifetime benefit payable to the retiree, with 120 payments guaranteed (in the event that the retiree dies after receiving only I00 payments, the remaining 20 payments will be paid to the named beneficiary or to the estate of the retiree). . Option I - Joint and 100% Survivor - The joint and 100% survivor form of payment pays the retired participant a reduced monthly pension for life. Upon the retired participant's death, the beneficiary (a spouse or relative) designated when the form of payment was elected will be paid 100% of the reduced monthly pension for life. . Option II - Joint and 75% Survivor - The joint and 75% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option I. Upon the retired participant's death, the beneficiary (a spouse or relative) will be paid 75% of the reduced monthly pension for life. . Option 111 - Joint and 66-2139'0 Survivor - The joint and 66-2/3% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option I). Upon the retired participant's death the beneficiarj (a spouse or relative) will be paid 66-213% of the reduced monthly pension for life. - . Option IV - Joint and 50% Survivor - The joint and 50% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option 111. Upon the retired participant's death, the beneficiary (a spouse or relative) will be paid 50% of the reduced monthly pension for life. retired participant an increased monthly pension for life. The amount of this benefit is more than the normal form and other optional forms. No monthly pension is ever paid a spouse, child, dependent parent or other beneficiary under this form of payment. . Option V - Life Annuity - The straight life form of payment pays the October, 2010 Palm Beach Gardens Police Pension Fund Page 5 Option VI - Other - In lieu of the other optional forms, benefits may be paid in any form approved by the Board so long as it is the actuarial equivalent of the benefits otherwise payable. The Fund Administrator can give you an estimate of the amount of your pension under any of the optional forms of payment. A request for an optional form of payment must be submitted in writing to the Board before the effective date of retirement. An optional form of payment cannot be changed after the first pension check is cashed. The election of Options I, 11, 111 and IV shall be null and void if the designated beneficiary dies before the member's payments commence. SURVIVOR BENEFITS - DEATH BEFORE RETIREMENT Dutv Related Deaths The surviving spouse, or in certain circumstances surviving children, of a participant who dies while employed in the Police Department as a police officer will be paid a duty death pension if the Board finds the death to be the result of causes arising out of and in the course of the participan:'s performance of duty as a police officer. A surviving spouse is paid a monthly pension, for life, of 50% of the participant's average monthly earnings. An unmarried child under the age of 18, or age 24 if a full time student, is paid a monthly pension in the amount of an equal share of 50% of the participant's average monthly earnings if a surviving spouse is not being paid a pension. Payment terminates upon the earlier of adoption, marriage, attainment of age 18 (age 24, if a full time student, or loss of full time student status) or death. The death benefit is paid to the estate if the participant leaves neither a surviving spouse nor an eligible surviving child. In any of these cases, the board may, in its sole discretion, direct that the actuarial value of the monthly payment be paid as a lump sum. Non-Dutv Related Deaths If a participant who has 5 or more years of credited service dies while employed in the Police Department as a police officer and the death is not in the line of Palm Beach Gardens October, 2010 Police Pension Fund Page 6 duty, the beneficiary is paid a pension equal to the benefits otherwise payable at early or normal retirement age. If no pension is paid or will become payable on account of the death of a participant, the participant's accumulated contributions are paid to the parti- cipant's designated beneficiary or to the participant's estate if there is no designated beneficiary. DISABILITY RETIREMENT A pension may be payable to a participant who becomes disabled while employed in the police department as a police officer. Eligibility and the amount of the pension are dependent on whether or not the disability occurred in the line of duty. The disability must arise from a mental or physical illness, disease or injury which totally and permanently prevents the participant from performing useful and efficient service as a police officer in the Palm Beach Gardens Police Department. No police officer shall be permitted to retire under a disability retirement until examined by a duly qualified physician or surgeon to be selected by the Board of Trustees and the physician or suigeon finds the participant to be disabled from performing the functions of a police officer. The final determination of disability is made by the Board. If disability results from excessive and habitual use of drugs, intoxicants or narcotics, willful and illegal participation in tights, riots or civil insurrection, or while committing a crime, or injury or disease sustained while serving in an armed force, no disability pension can be awarded. This exclusion does not affect members who have become disabled as a result of intervening military service under the federal Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081; P.L. 100-245). A participant who is retired for disability may be required to undergo periodic medical examination under the direction of the Board of Trustees to determine if the retired participant is capable of performing the duties of a police officer in the Department. Dutv Disabilitv Retirement If the Board finds the disability to have arisen out of and in the course of the participant's performance of duty as a Palm Beach Gardens police officer, the Palm Beach Gardens October, 2070 Police Pension Fund Page 7 amount of pension is equal to 60% of the participant’s rate of pay at the time of disability or the accrued pension benefit, whichever is greater provided the disability has continued for a period of six months. Non-Duty Disability Retirement There is a 10 year credited service requirement for disability retirement if the disability is not the result of performing duty as a Palm Beach Gardens police officer. Additionally, there is no non-line of duty disability for a member who has reached or passed normal retirement eligibility. The amount of pension is calculated the same as a normal retirement pension based on average monthly earnings and credited service at the time of disability. The minimum pension is 25% of average monthly earnings or the accrued pension benefit, whichever is greater. There is no non-duty disability pension if a police officer’s credited service is less than 10 years. In that event, accumulated contributions are refunded. ENDING EMPLOYMENT GEFORE RETIREMENT If a participant with less than 10 years of credited service quits or is tired from employment as a Palm Beach Gardens police officer, the participant shall be entitled to a retirement benefit subject to the vested percentages below: Years of credited Under 5 5 6 7 8 9 10 or more Service Vested % 0 Yo 25 40 55 70 85 100 A participant may elect to receive the return of all contributions in lieu of all other benefits under the plan. If a participant has at least 10 years of credited service when employment as a police officer terminates, the right to a deferred normal retirement is retained so long as accumulated contributions are left on deposit in the Pension Fund. Palm Beach Gardens October, 2010 Police Pension Fund Page 8 The amount of deferred normal retirement pension is calculated using average monthly earnings and credited service at the time of termination of employment as a police officer. Normal retirement and payment of a pension is available upon application on or after age 52. The amount of pension may be subject to early retirement reduction in accordance with the chart on page 4. Credited service will be reinstated if re-employment as a Palm Beach Gardens police officer occurs and any withdrawn accumulated contributions are repaid within 5 years of re-employment. The repayment must include interest from the date of withdrawal to the date of repayment. The election to purchase such time must be made within six months of date of hire. Additionally, service time with the military, another federal, state, county or municipal police department may be purchased. ANNUAL PENSION ADJUSTMENTS (non-guaranteed) Retired participants (including DROP members) and beneficiaries who have been in receipt of a pension benefit for at least one year on the distribution date may receive an adjustment to their pension benefit amount as of July 1"' of each year if the pension fund assets have earned more than 8.5% as of September 30th and the pension fund has positive actuarial experience. The potential total distribution is based upon an actuarial formula which is contained in the pension plan document. Essentially, the reiirees and beneficiaries share in the positive investment experience of the retiree portion of the pension fund over 8.5%. All pension recipients monthly pension benefits will be increased on a percentage basis and the percentage will be the same for all pension recipients. The percentage increase will be determined by the actuary and will equal the earnings above 8.5% on the assets reserved to pay pension recipients. The distribution is limited to a 4% increase in any one year. A retiree must be in receipt of a pension for at least one year on July 1 to be entitled to an adjustment. Conversely, if the Fund does not earn more than 8.5%, there will be no pension adjustment. FILING FOR RETIREMENT In order to ensure that you receive your pension on time, you should file your application with the Fund Administrator at least 30 days before retirement. All Palm Beach Gardens October, 2010 Police Pension Fund Page 9 forms can be obtained from the Fund Administrator at the address on the Introduction page. Penalties will be imposed for making a false or misleading statement to obtain a pension benefit. It can take up to 60 days after your date of retirement to receive your first pension check. DEFERRED RETIREMENT OPTION PLAN (DROP) A participant may elect DROP participation prior to completing 25 years of credited service if the participant is eligible for normal retirement. DROP participation ends at the first to occur of: 1) termination of employment, 2) 3) 5 years of participation. 30 years of credited service, or Upon the effective date of DROP participation a participant's pension amount is calculated based on credited service and final average salary at that time and the amount remains permanently frozen. The participant's DROP account is credited with monthly amounts equal to the frozen pension during the period of DROP participation. DROP accounts are credited with investment earnings each September 30 during the DROP period. Members may choose between the rate of return on the pension fund or a fixed rate of 6.5% as the investment earnings credit. No investment earnings or monthly credits are made after the end of the DROP period, if the member remains employed. Participant DROP accounts are subject to administrative charges. A participant may elect payment of the DROP account at any time following termination of employment but not later than age 70 %. Payment is available under several options. Detailed information is available from the administrator. TRUSTEE TO TRUSTEE TRANSFER To minimize the tax consequences of rolling DROP accounts over to an IRA or another qualified plan, direct trustee-to-trustee transfers are available. Please see the administrator for the appropriate forms. Palm Beach Gardens October, 2010 Police Pension Fund Page 10 COST OF THE PENSION FUND Participants are required to contribute 8.60% of covered salary. Contributions are deducted from each paycheck and credited to the participant's Pension Fund account. The City of Palm Beach Gardens also contributes to the Pension Fund. The amount of City contribution is mathematically determined in accordance with State statutes to finance Pension Fund benefits as they are earned. ADMINISTRATION OF THE PENSION FUND The Pension Fund is administered by a Board of Trustees which is responsible for overseeing the investment of Pension Fund assets and application of the provisions of the Pension Plan document contained in the Palm Beach Gardens Code. The Board has authority over distribution of all pensions and makes final decisions on claims and appeals. Five trustees comprise the Board: two legal residents of the City appointed by the City Commission, two full-time police officers elected by Pension Fund participants and a trustee chosen by the majority of the other four trustees. Pension Fund assets are maintained and invested entirely separate from City assets and cannot be used for any purpose other than those specified in the Plan. INVESTMENTS The assets of the Plan are presently invested by Investment Counsel Company and Rhumbline under investment guidelines adopted by the Board of Trustees in consultation with their investment advisors. ACTUARIAL SOUNDNESS The actuary for the Plan has determined that the Plan is actuarially sound and can adequately fund the benefits based upon projected contributions to the Plan and investment earnings. Palm Beach Gardens October, 2010 Page I1 Police Pension Fund FORFEITURE OF PENSION Any Member who is convicted of any of the below offenses committed prior to retirement shall forfeit all rights and benefits under this Fund, except for a refund of accumulated contributions. The specified offenses are: (1) (2) Committing, aiding or abetting of an embezzlement of public funds; Committing, aiding or abetting of any theft by a public officer or employee from employer; Bribery in connection with the employment of a public officer or employee; Any felony specified in Chapter 838, Florida Statutes; The committing of impeachable offense The committing of any felony by a public officer or employee who, willfully and with intent to defraud the public or the public agency for which the public officer or employee acts or in which he or she is employed of the right to receive the faithhl performance of his Gi her duty as a public officer or employee, realizes or obtains, or attempts to realize or obtain, a profit, gain, or advantage for himself or herself or for some other person through the use or attempted use of the power, rights, privileges, duties, or position of his or her public office or employment position. The committing on or after October I, 2008, of any felony defined in §800.04, Florida Statutes, against a victim younger than 16 years of age, or any felony defined in Chapter 794, Florida Statutes against a victim younger than 18 years of age, by a public officer or employee through the use or attempted use of power, rights, privileges, duties, or position of his or her public office or employment position. (3) (4) (5) (6) (7) Any Member who has received benefits from the Plan in excess of his accumulated contributions shall be required to repay the Fund. The Board may implement legal action necessary to recover such funds. Additionally, a Member who makes a false or misleading statement to obtain retirement benefits shall commit a misdemeanor of the first degree and if convicted, the Member shall forfeit hislher benefit. Palm Beach Gardens October, 2010 Police Pension Fund Page 72 REVIEW PROCEDURE Any member, former member, or beneficiary who has been denied a benefit by a decision of the Board shall be entitled to request in writing that the Board give further consideration to the claim. This request, together with a written statement of the reasons why the applicant believes his claim should be allowed, shall be filed with the Board no later than 20 days after receipt of the written notification of the denial. If no appeal is filed within this time period, the proposed order shall be final. The Board shall then conduct a hearing within 45 days of the receipt of the appeal. Written notice of the hearing will be sent by certified mail to the applicant 10 days prior to the hearing. The applicant may be represented at the hearing by an attorney or other representative of hislher choosing. During the hearing the applicant shall have the opportunity to submit written and oral evidence and arguments in support of hidher claim. The applicant shall also have the opportunity to review the Board's file at or prior to the hearing. Either the applicant of the Board may request that a court reporter record the proceedings. In this event a complete written transcript of the proceedings shall be furnished to both parties at the expense of the party requesting the attendance of the court reporter. Within 20 days after rendering its order, the Board will send by a method providing proof of delivery, a copy of the order to the applicant. AGENT FOR SERVICE OF LEGAL PROCESS Board of Trustees c/o Resource Centers, LLC 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, Florida 3341 0 PLAN YEAR The plan year is the twelve month period beginning each October 1. Records are kept on a fiscal year basis. L Palm Beach Gardens October. 2010 Police Pension Fund . -. ,--_. Page 13 . October, 2010 Palm Beach Gardens Police Pension Fund Page 14 Reconciliation of Plan Assets Item A. Market Value of Assets at Beginning of Year B. Revenues and Expenditures 1. Contribuhns a. Member ContrhutionS b. Employer Contnbutons c. State Contributions d. Total 2. Investment Income a. Interest, DivLlends, and Other Income b. Net RealizedRlnrealized Gains/(Losses)* c. Investment Expenses d. Net Investment Income 3. Bene% and Refunds a. Regular MontWj Benefits b. Refunds c. LumpSumBeneMs d DROPDistributions e. Total 4. Adminishative and Miscellaneous Expenses 5. Transfers C. Market Vaiue of Assets at End of Year D. Reserves 1. State Contribution Reserve 2. DROP Accounts 3. Total Reserves E. Market Value Net of Reserves September 30 2010 2009 $ 34,032,253 $ 28,344,073 $ 802,883 $ 870,581 3,955,968 3,349,679 $ 5,194,683 $ 4,667,242 435,832 446982 I $ 760,191 $ 525,578 2,895,214 1,610,7 12 (139283) (115,708) $ 3,5 16,122 $ 2,020582 $ (1,105,160) $ (895,008) (27,142) - (9l,G#) - $ (1,223,302) $ (895,008) $ (92,864) $ (104,636) $ 41,426,892 $ 34,032,253 $ (482,519) $ (459,331) (2,054417) ( 1,055,498) $ (2,537,066) $ (1,514,829) $ 38,889,826 $ 32,517,424 * Breakdown between realized and unrealized gains/(losses) was not provided. Palm Beach Gardens October, 2010 Police Pension Fund Page 15 PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND STATEMENT OF POLICY REGARDING EXPENSES ASSOCIATED WITH PUBLIC RECORDS, CLASS ACTIONS, AND DOMESTIC RELATIONS ORDERS WHEREAS, the Palm Beach Gardens Police Officers' Pension Plan ("Plan") is a public agency subject to the public records requirements of Florida Statutes s119; WHEREAS, the Board of Trustees of the Plan ("Trustees") is from time to time presented with public records requests; WHEREAS, the Florida Statutes contains pricing to compensate the Plan for the time and expense required to respond to such requests; WHEREAS, the Trustees occasionally become involved in class action litigation which may require review and production of extensive records; WHEREAS, Members some times divorce requiring records from the Plan; WHEREAS, these records requests are most usually responded to by the Plan's services providers, in particular the Plan's Administrator; WHEREAS, the Plan's service providers should be fairly compensated for the time and expense of producing the documents; WHEREAS, the Trustees desire to adopt a Statement of Policy regarding the expenses associated with public records, class actions, and domestic relations orders; NOW, THEREFORE, it is hereby resolved that the following Statement of Policy is hereby adopted. Page 1 of 4 A. Public Records Requests 1. Florida Statutes §I 19.07(4)(d) provides If the nature or volume of public records requested to be inspected or copied pursuant to this subsection is such as to require extensive use of information technology resources or extensive clerical or supervisory assistance by personnel of the agency involved, or both, the agency may charge, in addition to the actual cost of duplication, a special service charge, which shall be reasonable and shall be based on the cost incurred for such extensive use of information technology resources or the labor cost of the personnel providing the service that is actually incurred by the agency or attributable to the agency forthe clerical and supervisory assistance required, or both. 2. The term “extensive” shall be defined as requiring more than 15 minutes to complete or where significant use of information technology is required. Labor charges shall be imposed for any such extensive public records request and shall be charged as follows: a. 3. Any document review or collection required of the legal counsel to the Board shall be charged at the current rate under the Agreement between legal counsel and the Board Any document review or collection required by any other service provider of the Plan shall be charged at the current rate under the Agreement between the service provider and the Board for staff time. Costs for copies reproduced shall be charged at $0.15 per page. b. c. The Plan, prior to any research, assembly or compilation of any document request, will require a deposit of 50% of the estimated total charges (costs 4. Page 2 of 4 included). If the deposit provided exceeds the actual cost of production of the documents requested, a refund of the difference will be provided. The Plan shall make a good faith effort to contact the requestor when the public records request has been completed. The Plan shall hold the requested material for a period not to exceed 90 days. If the requestor has not responded to contact requests regarding the completed documentation at the end of the 90 day period, all documents will be destroyed and the deposit will be retained by the Plan. The Plan will not create a new record in response to a request for information nor reformat records into a particular form as demanded by a requestor. 5. 6. 8. Responses to Requests for Documents in a class action case: 1, Requests for extensive records in the course of a class action case shall be treated like a public records request. The public records request charges shall apply and be added as cost of the litigation and addressed in the retainer agreement. 2. C. Domestic Relations Orders 1. When initially contacted by a Member regarding a divorce or other matter involving a domestic relations order, the Administrator shall provide the Member with a packet of information at a cost of $250, which includes: a. Form requesting information for defined benefit calculations to be prepared by the actuary. Up to three statements each for the DROP and Share Accounts b. c. Frequently asked questions; and Page 3 of 4 d. Cost of various other services which may be requested, such as attendance at deposition, other calculations, etc. See Addendum A. Upon receipt of the completed form, the form will be forwarded to the actuary for calculation. The cost depends upon how many calculations are re- quested. If any other services are requested, the member will be charged fees as set forth in the information packet. 2. 3. The BOARD OF TRUSTEES has adopted this STATEMENT OF POLICY REGARDING EXPENSES ASSOCIATED WITH PUBLIC RECORDS, CLASS ACTIONS, ,2011. AND DOMESTIC RELATIONS ORDERS this - day of i BOARD OF TRUSTEES WITNESS: BSJllg H:\PBG 0003WOLIC\1\2011 Policy - Public Records, CAL & Dros.wpd Page 4 of 4 PALM BEACH GARDENS POLICE OFFICERS’ PENSION FUND STATEMENT OF POLICY REGARDING EXPENSES ASSOCIATED WITH PUBLIC RECORDS, CLASS ACTIONS, AND DOMESTIC RELATIONS ORDERS EXHIBIT A 1. When initially contacted by a Member regarding a divorce or other matter involving a domestic relations order, the Administrator shall provide the Member with a packet of information at a cost of $250. The package will include a summary of the materials with up to: a. Two (2) Pension Benefit Calculations Date of Divorce or Other Provided Valuation Date - Current Valuation Date (Data Provided by Administrator) b. One (1) Net Present Value (NPV) (Calculation provided by Actuary) c. Three (3) DROP Account Statements: - Date of Marriage Date of Divorce or Valuation Date Current Date d. Any additional materials, templates, or explanations deemed appropriate by counsel to the Pension Board 2. Subpoena or other required testimony as the Records Custodian on behalf of the Pension Fund or any member of the Pension Fund: a. Fee ranging from $75 - $150/ hour (depending on specific staff) b. Half time for travel 3. Expert Testimony by Subpoena or other request on behalf of the Pension Fund or any member of the Pension Fund: a. Fee ranging from $200 - $300/ hour (depending on specific staff) b. Half time for travel b 7 H:IPBG OOO3iPOLiCY~ZOll ExhibilA to PublicRec CA 8 DRO Policywpd 7 PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND OPT OUT FROM POLICE PENSION PLAN PLEASE PRINT OR TYPE Name of Employee: (Last) (First) (MI) 1, As the Chief of Police, I hereby elect not to participate in the Defined Benefit Program per Palm Beach Gardens City Code §50-113(c). I understand that I will not receive any service credits in the Palm Beach Gardens Police Officers' Pension Fund ("Fund"). No benefit will ever be paid from the Fund. I further understand that this election is irrevocable. I agree that the benefits of the Fund have been explained to me and I understand the impact on me individually of choosing to opt out of the Fund. STATEMENT OF CONSULTATION WITH TAX ADVISOR Please check the one applicable statement: 0 2. 3. 4. 5. I hereby state that I have discussed my election not to participate in the Fund with a Tax Advisor of my own choosing: Name of Advisor Name of Company I have chosen not to consult with a Tax Advisor. 0 THIS TWO (2) PAGE FORM MUST BE NOTARIZED WHICH REQUIRES THAT YOU SIGN IT IN THE PRESENCE OF A NOTARY PUBLIC WHO MAY THEN NOTARIZE Page 1 of 2 ACKNOWLEDGMENTS I hereby certify that the above statements are true and correct to the best of my knowledge. I understand that a false statement may disqualify me for benefits. This Application revokes any prior applications. In accordance with Fla. Stat. 9185.185, it is a first degree misdemeanor to make a false or misleading statements to obtain retirement benefits. In addition to any applicable criminal penalty, upon conviction a participant or beneficiary of this plan may, in the discretion of the board of trustees, be required to forfeit the right to receive any or all Chapter 185, Florida Statutes benefits to which the person would otherwise be entitled under this plan. Witness Signature of Participant Printed Name of Witness Printed name of Participant STATE OF FLORIDA COUNTY OF SWORN TO (or AFFIRMED) AND SUBSCRIBED before me this -day of Personally known Signature, Notary Public In accordance with the provisions ofFlorido Statutes. $1 17.04/4)(1). Notary name must printed. typed OF stomped helow Notary’s signature. seal must he stomped next to signature or below printed name: Printed. typed or stamped name of Notary OR Produced identification Type of identification produced: BSJflg 0003.0015 -July 15.2011 H:\PBG 0003\FORMSUOll - OD1 Out 155 Plan.wDd Page2of 2 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H . PERRY aperry@perr/ensenlaw.com MEMORANDUM To: Comerica Bank Salem Trust Company Wells Fargo Institutional Retirement & Trust From: Board of Trustees Palm Beach Gardens Police Pension Fund (via Legal Counsel Bonni S. Jensen) Subject: Custodian Fees Date: May 3, 201 1 BONNI SPATARA JENSEN bsjensen@per~jensenlaw.com Thank YOLI for your presentations on April 21, 201 1 before the Board of Trustees. No decision has been made yet, however, as a result of your presentations, the Board decided to request a written proposal of fees on a specific set of assets so that the Board would be able to effectively compare the proposals. Please provide your responses by June 30, 201 1. Please provide a breakdown of your fees for custody of the following assets. Please be sure to include amounts for any incidental fees. Actual assets for custody (Balances as of 3/31/11) ICC - Growth Equity Portfolio $ 6,177,000 ICC - Fixed Income $14,325,000 Mutual Funds for custody (Balances as of 3/31/11) Dreyfus International Bond I (DIBRX) Oppenheimer International Bond Y (OIBYX) Total International Bond $ 1,431,000 Vanguard Global Equity (VHGEX) Vanguard International Growth Admiral Shares (VWILX) Vanguard International Value (VTRIX) Total International Equity $ 3,852,000 Accounts for Shadow Reporting (Balances as of 3/31/11) Rhurnbline SBP500 $1 1,297,000 Rhurnbline S&P400 $ 4,381,000 Rhumbline S&P600 $ 4,254,000 400 EXECUTIVE CENTER DRIVE, SUITE 207,:. WEST PALM BEACH, FLORIDA 33401-2922 PH: 561.686.6550 .:- FX: 561.686.2802 +I, *. ll.n.ll.-- Wealth &Institutional Management v Comerica Bank Comerica Bank ~ MC3462 41 1 W. Lafayette Blvd. Detroit, MI 48226 Telephone: (3 13) 222-9814 Facsimile: (313) 222-7170 June 27,201 1 Bonni S. Jensen, Esquire The Law Offices of Perry & Jensen, LLC 400 Executive Center Drive, Suite 207 West Palm Beach. Florida 33401 RE: Dear Bonni: Fee Proposal for Custody Services - Palm Beach Gardens Police Officers’ Pension Fund In response to the memorandum dated May 3,201 1 from the Board of Trustees, via your office, I wish to once again express my sincere thanks for the opportunity to make a formal presentation to the board 011 April 21,201 1. I also appreciate being provided with the opportunity to present a written fee proposal. In accordance with your written request, I am enclosing fee proposals for both Custody and Pension Payment Services. Also, attached for reference, you will find the original fee schedules that I provided in April for both services. In an effort to minimize the custody fees, Comerica is able to hold all mutual funds and reflect the Rhumbline shadow reporting line items in one trust account. Please note that this is based on an assumption that this is pennissible to both the Board of Trustees and the Boards’ investment consultant. You will also note that the Pension Payment Schedule now waives Third party Deductions and the Manual New Retiree Setup. I included the latter schedule, for informational purposes only as I understand that The Resource Center, LLC currently provides benefit payments for the Palm Beach Gardens Police Officers’ Pension Fund. I hope that the fee information is helpful and I am available to assist with any inquiries that you may have. We look forward to the opportunity to develop and build a relationship with The Palm Beach Gardens Police Officers’ Pension Fund and look forward to hearing from you soon. Sincerely, U Felecia Relief Assistant Vice President frel ief@comerica.com COMERICA BANK MASTER TRUST FEE PROPOSAL FOR THE CITY OF PLAM BEACH GARDENS POLICE PENSION FUND Fiduciary Included Account Fee (3 accounts @ $500 each) $1,500 Market Value Fee ($20,502,000) (Domestic separately managed assets) 5 basis points on First $50 Million $1 0,251 Special Assets Line Item Fee (In lieu of Market Value Fee) (Estimate 8 at $1,000 each) $8,000 Commingled, Mutual Funds, Shadow Reporting Assets, Other bank collective Funds, private placements or unique assets with extensive reporting requirements will, be excluded from the niarket value calculation and assessed a separate annual holding charge. Activity Fees Buy/Sell/Maturity Internet Access and Training Wire Transfer Out Included Included $1 7 per wire Total Master Trust Fee Proposal $19,751 COMERICA BANK PENSION PAYMENT SERVICES FEE PROPOSAL FOR THE CITY OF PLAM BEACH GARDENS POLICE PENSION FUND Periodic Payments (Checks & EFT) Lump Sum Payments $2.00 per payment @Ius postage) $20 per payment @Ius postage) COMERXCA BAM( CUSTODIAL. SERVICES FEE SCHEDULE FOR PALM BEACH GARDENS POLICE OFFICERS’ PENSION FUND Fiduciary Fee Included Responsibility Fees Account Fee Market Value Fee Separately heId securities are under $100 MM: $500 annually per account 5.0 basis points on first $50 Million 2.5 basis points on the next $50 million Minimum aanual responsibility fee of $6,000 Account and market value fees apply to minimum Special Asset Fees Commingled, Mutual funds, other bank collective funds, foreign securities, private placements or unique assets with extensive reporting requirements $1000/each annually Activity Fees Buy/Sell/Maturity Included Internet Access Included Wire Transfer Out Checks (Lump Sum)* Pension Payments* $17 per wire $20 per check (plus postage) Quoted in a separate schedule Other Services i Online services are available at no additional charge i Foreign securities with non-U.S. settlement will be charged under Comerica’s global custody schedule i Performance Measurement will be charged under Comerica’s Performance Measurement Services Fee Schedule i Other extraordinary services, including tax reporting, may be quoted separately based on the scope and costs of the activity i Compliance Monitoring is available and quoted under a separate schedule Cash Sweep Comerica makes available a variety of highly rated cash investment funds for automated, same-day investment of cash balances resulting from income or trade settlement. A cash sweep charge of twenty basis points is netted to the earnings of the fund. Please note that Comerica may receive a servicing fee for non-proprietary money market funds. Comerica uses a general disbunement checking account to process lump sum and periodic distributions. This is a non-interest bearing account from which Comerica may receive float. Float is earned at the Fed Funds rate, as published in the Wall Street Journal or on the Federal Reserve’s Web Site, Comerica may begin eming float once the funds we transferred from your t~st account to the general disbursement checking account. For periodic distributions, [he transfer typically takes place on the first business dny of the month. For lump sum distributions, the transfer typically occurs on the day the check is issued. Comerica continues to receive float on such iunds until such time as: the check is presented for payment or the funds are disposed of pursuant lo an unclaimed funds procedure. Periodic distributions paid by direct deposit do not generate float, and provide improved funds availability for recipients. Generally Comerica does not receive float on funds received pending investment instructions. Exceptions to the above described procedures may apply. Comerica’s fees are billed quarlerly in arrears and will be direct debited to the appropriate trust account(s). * Proposal valid for 120 days COMERICA BANK PENSION PAYMENT SERVICES FEE SCHEDULE FOR PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND Periodic Payments (Checks & EFT) $2.00 per payment (plus postage) Lump Sum Payments Third Party Deductions CD-ROM Pensiou Registers $20 per payment (plus postage) $1 00 per third party (per year) $1 00 per month Manual New Retiree Setup (Automated set-ups will be processed at no charge.) $35 per new Retiree Other Services Provided At No Additional Charge: i All tax withliolding/paynients and reporting to taxing eutities. 'r 1099R, W2 and other related tax fomis produced and distributed to benefit recipients. i Call Center Services with unlimited call volumes. i Messaging on checWEFT confirmations. .+ Conversions from client operations or other service providers. i Initial set-up and ongoing On-line access. SALEM TRUST June 23,201 1 Palm Beach Gardens Police Officers’ Pension Plan Bonnie S. Jensen, Plan Legal Counsel 400 Executive Center Drive Suite 207 West Palm Beach, Florida 33401 RE: Palm Beach Gardens Police Officers’ Pension Plan Update of Custodial Services Proposal dated Apd 21,201 1 Dear Ms. Jensen, Your memorandum dated May 3,201 1 has provided us with a further understanding of how the plan 1s suuctured to operate. Based on this information, I am able to continue to assure you and the Trustees, with total confidence, that Salem Trust is in the perfect position to provide the timely and accurate Custodnl Services required by the Palm Beach Gardens Police Officers’ Pension Plan to meet or exceed its objectives. To confirm with you, we will provide the plan with a custom package of Custodial Services which includes the following: o Accounting and Reporting on “Shadowed Assets” o Acknowledgement that Salem Trust will be a Fiduciary to the Plan o Annual and Special Circumstance meeting participation o Cash Management / Daily Sweep Service o Class Action Processing o Checks Received for deposit o o o Corporate Action Processing o Domestic Wire Transfers o o Internal Receipts & Deliveries o Invoice Payments o Loan Setup & Distribution o Master Consolidating Account o o On Line Access o Pay Down processing o o Performance Measurement o ProxyVoting o Security Buys and Sells o 4Accounts o Compliance with the “Qualified Custodian” requirements for SEC Rule 206(4)-2 Investment Policy / Portfolio Compliance Monitoring (daily, weekly or monthly) Florida ExDress, a electronic monthly Florida economic review Monthly Statements, unlimited electronic copies (hard copy on special request) Pennant Express, electronic quarterly economic review Statement Format selection: Trade Date, Settlement Date or Executive Summary The annual fee we will charge for providing ttUs custom package of custodal services will be based on the current market value of the assets in the fund, at each calendar quarter end: 4.0 BP on the first 20,000,000 of assets in the account 3.0 BP on the next 30,000,000 of assets in the account 2.0 BP on the next 50,000,000 of assets in the account For example: Based on a market value of $45,717,000 the annual fee would be $15,715.00 or 3.43 BP, all inclusive. Projecting a market value of $50,000,000 the annual fee would be $17,000.00 or 3.40 BP, all inclusive. At your option, the quarterly fee may be paid via check or automatic charge to the account. This annual fee arrangement wdl not change for a period of not less than two years, unless there is a material change in the size and or requirements of the Plan. In this event, we agree with you to pursue discussions necessary to arrive at a modified or new fee arrangement. Additional services available to the Plan include: o Commissions Recapture o Global wite transfers $35.00 each o Securities Lending Fee is based on level of semice o Transition Management Fee is based on the level of service Fee is based on the level of service Salem Trust, since its inception, has provided certain money market sweep funds, requiring certain administrative duties, for which it may collect shareholder servicing fees of up to 25 BP from money market fund providers. Salem Trust is currently receiving less than 1 BP under this arrangement. Salem Trust does not receive any other compensation other than that which would be paid by the Plan. I am committed to ensuring that the Palm Beach Gardens Police Officers’ Pension Plan receives the best possible Custodial Services. Rest assured our relationship with you is very important to us. Accordingly, I have asked one of my most experienced officers Sr. Vice President & Regional Manager, Karen hf. Russo to assume responsibility for your plans transition to Salem Trust Company. After the transition, Karen and her Deerfield Beach team will remain committed to working with the Plan and its service providers on the day to day activities of the Plan. My direct number is 954.426.5772. Call me anytime you feel the need to visit about the contents of this letter or any other matter I can be of assistance with. Best Regards, Bradley IC Rinsem President, CEO & COO . INSTITUTIONAL RETIREMENT & TRUST TRUST AND CUSTODY FEE PROPOSAL . .. ,. . ’., . ’ . .. ,.. .: ... : ~ . . DISCIPLWE RISK COPJTR .. L AL MANAGEMEN IN 0 0 a a a a a a a a a a a a a a a 0 0 0 0 0 a a a a a 0 0 0 0 0 0 a a a a 0 0 0 0 ~ PALM BEACH GARDENS POLICE PENSION FUND Investment Review Quarter Ending June 30,2011 PALM BEACH GARDENS POLICE PENSION FUND Table of Contents Quarter Ending June 30,2011 1 Fixed Income Review Palm Beach Gardens Police Pension Fund Fixed Income Palm Beach Gardens Police Pension Fund Growth ICC Capital Management, 17~. Second Ouarter 2011 Fixed Income Overview As illustrated in the chart below, U.S. Treasury yields remain in a volatile, but tight trading range. U.S. Treasury Yield Curve Change (12-31-10 to 6-30-11) Issue (yr) 12/31/10 3/31/11 613011 1 5 2.00% 2.27% 1.76% 30 4.33% 4.50% 4.37% 'Near all time low. The decline in yields in the Znd Q 201 1 resulted from a downward shift of growth expectations as well as the attractiveness of the U.S. debt relative to global counterparts. Bond yields should remain low for the next quarter. The keys to performance will be accenting yield and capitalizing on selective duration andlor credit based opportunities. Our top ten reasons for continuance of a low interest rate environment are set fourth below 1. The Federal Reserve will maintain the federal funds rate between 0.0% and 0.25%, which has been the target since December 2008. This policy anchors short rates at current levels. 2. QE2 is dead. Long live QE3. Although QE2 ended 30 June 2011, the Federal Reserve is expected to continue purchasing U.S. Treasury debt. Our central bank has expressed a willingness to be an active buyer of treasuries using the proceeds from maturing issues it currently owns. Over the next 12 months, that could mean demand for 25% of the anticipated supply; such is the advantage of a $2.86 trillion balance sheet! 3. Unemployment remains elevated at 9.2+% and is rising 4. Euro sovereign debt concerns and potential contagion 5. A significant push towards fiscal austerity would lead to slower growth. Reduced spending by Federal, State and local governments is likely. 6. Continued struggle in housing market 7. Elevated gasoline prices, which serve as a de facto tax 8. Inflation pressures appear to be transitory. The U.S. is in a moderate (at best) growth recovery. The Fed is in no hurry to change its stance. The last time the Fed maintained such prolonged monetary support for the economy was from 1937-1947! e 0 0 0 0 0 0 e 9. Wealth continues to monetize in our debt markets. U.S. Treasury obligations outperformed all other sovereign debt markets: U.K., Canada, Italy, Japan, Germany. France, Greece, Portugal, and Spain, in the first half of 201 1. 10. Long-term inflation expectations remain subdued, reflecting confidence in the Federal Reserve's ability to contain price increases. The ending of QE2 actually serves to reduce these expectations. Clearly, economic forecasting was invented to make astrology respectable. The risks to the above reference comments include: How much are these positives already discounted by current price action? The risk to the EuropeanlEuro debt crisis is significant and could trump all other issues. It is quite challenging to handicap its outcome. Erring on the side of caution is appropriate. The risk of a "buyer's strike" resulting from either a lack of confidence in our government's ability to deal with deficit reduction in a meaningful way or hesitancy to purchase treasuries at yields less than inflation. All things considered, we expect a broad trading range to persist. We have adjusted our yield ban on the 10 year treasury to between 2.75% and 3.50%. High quality corporate debt will continue to be overweighted. Duration will be adjusted consistent with the trading ranges cited above. E.g., as/if we approach 3.5% we will consider extending duration. a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 0 a a a ICC Capital Management [nc. a A PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Review Quarter Ending June 30,2011 e e e e e e e e e e e e e e e e e e e e e e e e 0 e e e e e a PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance Report Quarter Ending June 30,2011 Total Return Summary Page ...... 1 Portfolio Allocation Page ...... 2 Investment Performance by Asset Category Page ...... 3 Fixed-Income Analysis Page ...... 4 Purchases & Sales Page ...... 8 Realized Gains/ Losses Page ...... 13 Portfolio Summary Page ...... 16 Portfolio Appraisal Page ...... 17 ICC Cnvitnl Management, Inc PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Total Return Summa y Quarter Ending June 30,2011 -- Fiscal Year to Since Inception I Current Qtr Date Starting Value Ending Value $15,468,596 Difference $1,168,428 Net Contributions/ (Withdrawals) $844,054 $15,468,596 ($1,579,262) ($1,724,495) ,-- - -, $13,843,209 $7,497,732 $6345,478 TOTAL RETURN I 2.14% 0.95% 244.84% ANNUALIZED TOTAL RETURN 7.440% ICC Capital Management, lnc. a 0 1 e e a a e a a a e a a a a e a a a a e e a e e e a a a a a e a e e a a e a e e e PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Allocation at Market Quarter Ending June 30,2011 Asset Allocation: 0/100 (Mkt) Market Value CASH/EQUIVS as of 03/31/12 2.4% -- FIXED INCOME 97.6% Market Value as of 06/30/21 CASH/EQUIVS 3.3% 1 7 FIXED INCOME 96.7% Mkt Value Mkt Value YO Mkt Value Mkt Value O/O as of 03/31/11 as of 03/31/11 as of 06/30/11 as of -1 :asWquivs $340,555 2.4% $507,320 3.3% ‘ked $13,959,613 97.6% $14,961,276 96.7% btal $14,300,168 100.0% $15,468,596 100.0% ICC Capital Management, Inr. a 2 a 0 0 0 0 e e a 0 a 0 e e e a a e 0 0 e a 0 e e 0 e a 0 e e a e e e e 0 a a a 0 e PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance by Asset Catego y Quarter Ending June 30,2011 Quarter WACCOUKT W BCAG 6.00 4.00 2.00 2.25 2.29 6.001 4.00.' I II 2.29 BONDS TOTAL r31 GROSS OF FEES TOTAL NET OF FEES Fiscal Year to Date WACCOUNT W BCAG 1 1.39 1.39 0.00 BONDS TOTAL GROSS OF FEES TOTAL NET OF FEES WBCAG 1 Since Inception Annualized @@OB4 - 06/30/l1) , WACCOUNT 7 BONDS TOTAL GROSS OF FEES TOTAL NET OF FEES The red total bar represents the Bardays Capital Aggregate Jndex. Y e 3 e a e a a a a a e e a e a e e a a a e e a a a e a a a 0 a e a a a a a a 0 a a 0 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 2 of 4) Quarter Ending June 30,2011 Average Quality - AA- Average Duration - 4.68 Current Yield - 4.40 ICC Core Fixed Income Portfolio Mortgage Pools Municipal Bonds 18% Government Sponsored 21 5% 6 8% US Treasuries 4 3% Corporate Bonds 63 6% Average Quality - AA Average Duration - 5.58 Current Yield - 3.60 Barclays Capital GovemmenVCredit Index Corporate Bonds Government Sponsored 30.8% 17 9% US Treasuries 51 3% Average Quality - AA Barclavs Capital Awegate __ Index Average Duration - 5.19 Current Yield - 3.96 US Treasuries 32 9% Governm;;;ponsored Corporate Bonds 19 8% ABS 03% CMffi 2 3% ICC Capital Management, Inc. a 4 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis Page 2 of 4) Quarter Ending June 30,2011 Sectors and Market lndices Performance VS. Core Fixed Income Portfolio 2011 4 00- 228 239 ^^^ "M If 0 0 0 e 0 0 0 0 e 0 0 a 0 e 0 0 0 0 0 e 5 ICC Capital Management, Inc. a e e 0 e e Quarter Ending e June 30,2011 Governmen~Agency Bonds Coupon Maturity SbP Rating Moody's Rating 2.000% 1 O/ 25/2016 AAA AAA FannieMae Freddie Mac 5.900% 6/15/2022 AAA AAA FannieMae 5.625% 11/ 1542021 AAA AAA 4.750% 2/15/2041 AAA AAA UsTreasury Us Treasury 2.750% 2/28/2018 AAA AAA 0 UsTreasury 3.625% 2/15/2021 AAA AAA PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 3 of 4) e a e e 0 a a a e e e a e e e e e e e e a e e e 0 e e 0 ICC Capital Management, lnc. 0 6 a e e e PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME e e Quarter Ending e June 30,2011 Fixed Income Analysis (Page 4 of 4) 0 e e e e e 0 e e e e a 0 e e 0 e 0 e e e e e e 0 0 e e 0 e Portfolio Duration vs. Index Duration (Ratio) t INDEX t ACCT 1.8% - 1.4% -- 1.0% 0.6% ~- 0.2% 3 1 AGGRESSIVE 1 1 NEUTRAL I - * A - - - ‘5 - - - - - - - 8 - I DEFENSIVE 1 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 ICC Capltal Management, Inc. e 7 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 To 06-30-11 Trade Settle Date Date PURCHASES 05-25-11 05-31-11 04-01-1 1 04-06-1 1 04-19-11 04-25-11 04-01-11 04-06-11 06-23-1 1 06-28-1 1 06-01-11 06-06-1 1 05-10-11 05-13-11 04-12-11 04-15-11 05-25-11 05-31-11 05-12-11 05-17-11 06-14-11 06-16-11 04-13-11 04-15-11 04-19-11 04-25-11 06-22-1 1 06-27- 11 SALES 05-25-1 1 05-3 1-1 1 04-2s-I 1 04-28-1 1 06-02-1 1 06-07-1 1 05-10-11 05-13-11 05-10-11 05-13-11 .- Quantity Security 230,000.000 ALABAMA POWER CO 3.950% Due 06-01-21 165,000.000 ANALOG DEVICES 3.000% Due 04-15-16 200,000.000 ARCHER DANIELS MIDLAND 4.479% Due 03-01-21 195,000.000 CAMPBELL SOUP CO 4.250% Due 04-15-21 160,000.000 CONOCOPHLLIPS 5.900% Due 05-15-38 240,000.000 IBM CORP 5.600% Due 11-30-39 230,000.000 MIDAMENCAN ENERGY CO 5.750%Due 11-01-35 150,000.000 MONSANTO CO 2.750% Due 04-15-16 230,000.000 SOUTH CAROLINA ELEC & GAS 5.450% Due 02-01-41 120,000.000 TRAVELERS COS INC 6.250% Due 06-15-37 855,000.000 US TREASURY 0.000% Due 02-15-41 300,000.000 US TREASURY N/B 4.750% Due 02-15-41 200,000.000 VERIZON COMMUNICATIONS 4.600% Due 04-01-21 140,000.000 YALE UNIVERSITY 2.900% Due 10-15-14 215,000.000 E1 DU PONT DE NEMOUR & CO 1.950% Due 01-15-16 200,000.000 FANNIE MAE 6.000% Due 04-28-21 135,000.000 GENERAL ELECTRIC CAP CORP 1.875%Due 09-16-13 5.125%Due 01-15-15 5.125%Due 01-15-15 15,000.000 GOLDMAN SACHS 50,000.000 GOLDMAN SACHS 8 Unit Price Amount 100.14 99.57 102.29 99.37 111.49 109.24 106.65 99.79 103.40 11 0.05 25.91 102.56 101.20 105.50 230,3 17.40 164,297.10 204,582.00 193,771.50 178,377.60 262,168.80 245,306.50 149.680.50 237,824.60 132,062.40 22 1,5 13.40 307,687.50 202,406.00 147,695.80 2,877.691.10 98.51 21 1,800.80 100.00 200,000.00 101.01 136,359.45 108.54 16,280.55 108.54 54,268.50 e e e e e e e e e 0 0 0 e 0 e e e a e e e e e e e e e e e e e a e e e a a e a e a a - ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 To 06-30-11 Trade Settle Date Date Quantity Security 06-20-1 1 06-23-1 1 240,000.000 ZBM COW 5.600% Due 11-30-39 05-20-1 1 05-25-1 1 150,000.000 MCDONALDS COW 5.300% Due 03-15-17 06-14-1 1 06-17-1 1 220,000.000 MORGAN STANLEY 1.903% Due 01-24-14 03-31-11 04-05-11 160,000 UNIVERSITY VA UNIV REVS 5.000% Due 09-01-40 06-23-1 1 06-24-1 1 855,000.000 US TREASURY 0.000% Due 02-15-41 04-01-11 04-05-11 175,000.000 US TREASURY NiB 3.625% Due 02-15-21 04-13-1 1 04-15-1 1 180,000.000 US TREASURY NIB 1.250% Due 02-15-14 PRINCIPAL PAYDOWNS 04-01-11 04-15-11 05-01-11 05-15-11 06-01-11 06-1s-I1 04-01-11 04-15-11 05-01- 1 1 05-1 5-1 1 06-01-11 06-15-11 04-01-11 04-15-11 05-01-11 05-15-11 06-01-1 1 06-1 5-1 1 04-01-11 04-15-11 05-01-11 05-15-11 06-0 1-1 1 06-1 5-1 1 04-01-11 04-15-11 17,094.150 FG POOL #GO5900 14,981.470 FG POOL #GO5900 14,737.610 FG POOL #GO5900 6.000% Due 03-01-40 6.000% Due 03-01-40 6.000% Due 03-01-40 4.500% Due 06-01-21 4.500% Due 06-01-21 4.500% Due 06-01-21 4.500% Due 04-01-19 4.500% Due 04-01-19 4.500% Due 04-01-19 4.500% Due 08-01-21 4.500% Due 08-01-21 4.500% Due 08-01-21 6.500% Due 08-01-36 1,771.270 FGCI #GI2205 1,929.520 FGCI #G12205 1,033.160 FGCI #G12205 67.960 FGCIN #B13455 79.520 FGCI N #B13455 70.260 FGCI N #B13455 109.250 FGCI"312323 78.240 FGCI N #GI2323 62.910 FGCI N #GI2323 1,761.022 FGLMC #GO2268 9 Unit Price 108.52 114.33 100.55 94.23 26.20 101.03 100.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Amount 260,450.40 171,489.00 221,2 10.00 150,769.60 223,992.90 176,804.69 180,140.62 2,003,566.5 1 17,094.15 14,98 1.47 14,737.61 1,77 1.27 1,92932 1,033.16 61.96 79.52 70.26 109.25 78.24 62.91 1,761.02 0 e e e e e e 0 0 e e e a e e e 0 e e e a a ICC Capital Management PURCHASE AND SALE PALMBEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 To 06-30-11 Trade Settle Date Date 04-01-11 04-15-11 05-01-11 05-15-11 05-01-11 05-15-11 06-01-11 06-15-11 06-01-11 06-15-11 04-01-1 1 04-25-11 05-01-11 05-25-11 06-01-11 06-25-11 04-01-11 04-25-11 05-01-1 1 05-25-11 06-01-11 06-25-11 04-0 1-1 1 04-25-1 1 04-01-1 1 04-25-1 1 05-01-11 05-25-11 05-01-11 05-25-11 06-01-11 06-25-11 06-01-11 06-25-11 04-01-1 1 04-25-1 1 05-01-1 1 05-25-1 1 06-01-11 06-25-11 04-01-1 1 04-25-1 1 05-01-11 05-25-11 Quantity Security 6,009.148 FGLMC #GO2268 2,088.975 FGLMC #GO2268 7,128.270 FGLMC #GO2268 1,721.995 FGLMC #GO2268 5,875.975 FGLMC #GO2268 984.530 FNCI M #254371 1,177.550 FNCI M #254371 674.560 FNCI M #254371 263.990 FNCIN #255888 2,354.030 FNCI N 11255888 1,263.430 FNCI N #255888 48.081 FNCIN 11725445 1,548.919 FNCI N #725445 39.627 FNCI N #725445 1,276.573 FNCI N #725445 35.390 FNCI N #725445 1,140.090 FNCI N #725445 2,146.680 FNCI N #I825335 242.400 FNCI N #825335 268.700 FNCI N #825335 979.900 FNCI N #829053 632.660 FNCI N #829053 6.500% Due 08-01-36 6.500% Due 08-01-36 6.500% Due 08-01-36 6.500% Due 08-01-36 6.500% Due 08-01-36 5.500% Due 07-01-17 5.500% Due 07-01-17 5.500% Due 07-01-17 4.000% Due 08-01-20 4.000% Due 08-01-20 4.000% Due 08-01-20 4.500% Due 05-01-19 4.500% Due 05-01-19 4.500%Due 05-01-19 4.500% Due 05-01-19 4.500% Due 05-01-19 4.500% Due 05-01-19 4.000% Due 05-01-20 4.000% Due 05-01-20 4.000% Due 05-01-20 4.000% Due 08-01-20 4.000% Due 08-01-20 Unit Price Amount 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 6,009.15 2,088.97 7,128.27 1,721.99 5,875.98 984.53 1,177.55 674.56 263.99 2,354.03 1,263.43 48.08 11548.92 39.63 1,276.57 35.39 1,140.09 2,146.68 242.40 268.70 979.90 632.66 IO ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 To 06-30-11 Trade Settle Date Date Quantity Security 06-01-1 1 06-25-1 1 04-01-1 1 04-25-11 05-01-11 05-25-11 06-01-11 06-25-11 04-01-1 1 04-20-1 1 05-01-11 05-20-1 1 06-01-1 1 06-20-11 04-01-11 04-20-11 05-01-11 05-20-11 06-01-11 06-20-11 04-01-11 04-20-1 1 05-01-1 1 05-20-11 06-01-11 06-20-11 04-01-11 04-15-11 05-01-11 05-15-11 06-01-11 06-15-11 04-01-11 04-14-11 05-01-11 05-15-11 06-01-11 06-15-11 04-01-1 1 04-15-1 1 05-01-11 05-15-11 06-01-11 06-15-11 418.500 FNCI N X829053 4.000% Due 08-01-20 6.500% Due 09-01-36 6.500% Due 09-01-36 6.500% Due 09-01-36 5.500% Due 07-20-38 5.500% Due 07-20-38 5.500% Due 07-20-38 6.000% Due 07-20-38 6.000% Due 07-20-38 6.000% Due 07-20-38 5.000% Due 05-20-39 5.000% Due 05-20-39 5.000% Due 05-20-39 6.000% Due 08-15-36 6.000% Due 08-15-36 6.000% Due 08-15-36 6.000% Due 07-15-16 6.000% Due 07-15-16 6.000% Due 07-15-16 5.500% Due 10-15-39 5.500% Due 10-15-39 5.500% Due 10-15-39 9,375.300 FNCL X 256394 6,349.030 FNCL X 256394 11,006.320 FNCL # 256394 4,541.030 G2POOLX4194 3,778.790 G2 POOL # 4194 3,201.370 G2 POOL # 4194 2,029.040 G2 POOL # 4195 1,951.420 G2 POOL # 4195 1,724.320 G2 POOL X 4195 3,477.160 G2 POOL # 4447 3,526.010 G2 POOL # 4447 3,100.580 G2 POOL # 4447 4,996.390 GN POOL # 7821 19 3,896.200 GN POOL X 7821 19 4,752.580 GN POOL # 782119 330.310 GNJO M X781313 582.620 GNJO M #781313 465.600 GNJO M#781313 6,885.1 10 GNSF 5.5% POOL X714005 10,296.310 GNSF 5.5% POOL #714005 477.600 GNSF 5.5% POOL X714005 Unit Price Amount 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 418.50 9,375.30 6,349.03 11,006.32 4,54 1.03 3,778.79 3,20 1.37 2,029.04 1,95 1.42 1,724.32 3,477.16 3,526.01 3,100.58 4,996.39 3,896.20 4,752.58 330.3 1 582.62 465.60 6,885.1 1 10,296.31 477.60 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 To 06-30-11 Trade Settle Date Date 04-01-1 1 04-1 5-1 1 05-01-1 1 05-15-11 06-01-11 06-15-11 04-01-11 04-15-11 05-01-11 05-15-11 06-01-11 06-15-11 Quantity Security 2,689.510 GNSF M #552509 237.390 GNSF M #552509 3,120.160 GNSF M #552509 465.560 GNSF M #582153 816.540 GNSF M #I582153 1,596.240 GNSF M #582153 6.000% Due 04-15-32 6.000% Due 04-15-32 6.000% Due 04-15-32 6.000% Due 06-15-32 6.000% Due 06-15-32 6.000% Due 06-15-32 Unit Price Amount 100.00 2,689.51 100.00 237.39 100.00 3,120.16 100.00 465.56 100.00 816.54 100.00 1,596.24 187,764.80 12 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 Through 06-30-11 Open Close Date Date 07-22-10 03-31 -11 ___- 03-15-11 04-01-11 12-15-06 04-01-11 01-08-07 0461-11 02-21-07 04-01-11 08-24-06 04-01-1 I 02-02-11 04-01-11 09-08-04 04-01-11 05-23-02 04-01-1 1 09-08-05 04-01-1 1 01-08-07 04-01-11 09-15-04 04-01-11 01-29-07 04-01-11 09-08-05 04-01-1 I 08-23-05 04-01-1 1 06-13-02 04-01-11 03-10-10 04-01-11 12-18-09 04-01-11 07-22-08 04-01-11 04-15-02 04-01-11 074262 04-01-11 02-22-10 04-01-11 12-03-09 04-01-11 03-03-11 04-13-11 07-19-07 04-28-1 1 12-15-06 05-01-11 01-08-07 05-01-11 Quantity Security 160,000 L’NNERSKYVAIJ” REVS 5.000% Due 09-0140 175,000.000 US TEASURY NEI 3.625%Due 02-15-21 1,761.022 FGLMC #GO2268 6.500%Due 08-01-36 6~009.148 FGLMC #GO2268 6 500% Due 08-01-36 1.771 270 FGCI#GI2205 4.500% Due 06-01-21 4500%Due08-01-21 109.250 FGCIN #GI2323 17.094.150 FGPOOL#GO59W 6.000% Due 03-0140 67.960 FGCIN#B13455 4.500% Due 04-01-19 5.500%Due 07-01-17 4.000% Due 08-01-20 984.530 FNClM #254371 263.990 FNCIN#255888 9.375.300 FNCLff 256394 6.500% Due 09-01-36 48.081 FNCIN#725445 4.500%Due 05-01-19 4.500% Due 0561-19 1,548.919 FNCIN if725445 2,146.680 FNCIN #825335 979.900 FNCIN #829053 4.000% Due 05-01-20 4 000% Due 08-01-20 465 560 GNSFM#582153 6.000% Due06-15-32 5.000% Due 05-20-39 3,477.160 G2 POOL # 4447 4,541.030 G2 POOL# 4194 2.029.040 G2 POOL # 4195 5.500?/0 Due 07-20-38 6.000% Due 07-20-38 6.000% Due 04-15-32 2,689.510 GNSF M U552509 330.310 GNJOMh’781313 4.996.390 GNPOOL# 782119 6.000% Due07-15-16 6000%Due08-15-36 5.500%Due 10-15.39 180 000 000 US TREASURY NIB 6,885 110 GNSF 5 5% POOL #714005 1250%Due 02-15-14 200,000 000 FANNE MAE 6.000% Due 04-28-21 6.500% Due 08-01-36 6.500%Due 08-01-36 2,088.975 FGLMC #GO2268 7.128.270 FGLMC #GO2268 Cost Basis 162,496.00 180,660. I5 1,797.62 6,134.03 1,709 00 104.74 18,571.19 67.76 980.22 256.90 9,562.81 48.12 1,486.48 2,088.99 950.50 464.76 3,644.50 4,819.17 2,026.82 2,656.31 340.63 5,350.04 7,308.97 179,901.56 198,394.00 2,132.39 7,276.41 13 Gain Or Loss Proeeeds Shorl Term Long Term 150,769.60 176,804.69 1,761.02 6,009.15 1,771.27 109.25 17,094.15 67.96 984.53 263.99 9,375.30 48.08 1,548.92 2,146.68 979.90 465.56 3,477.16 4,541.03 2,029.04 2,689.51 330.31 4,996.39 6,885.11 180,140.62 200,000.00 2,088.97 7.128.27 -11.726.40 -3,855.46 -36.60 -124.88 62.27 4.51 -1,477.04 0.20 4.31 7.09 -187.51 -0 04 62.44 57.69 29.40 0.80 -167.34 -278.14 2.22 33.20 -10.32 -353.65 -123.86 239.06 1,606.00 43.42 -148.14 Open Date 02-21-07 08-24-06 02-02-1 1 09-08-04 05-23-02 09-08-05 01-08-07 09-15-04 01-29-07 09-08-05 08-23-05 06- 13-02 03-10-10 12-18-09 07-22-08 04-15-02 07-02-02 02-22-10 12-03-09 11-15-06 05-11-05 05-10-07 09-22-10 ~ 12- 15-06 01-08-07 02-21-07 08-24-06 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 Through 06-30-11 Close Date 05-01-1 1 05-01-11 05-01-1 1 05-01-1 1 05-01-11 05-01-11 05-01-11 05-01-1 I 05-01-1 I 05-01-1 1 05-01-1 I 05-01-1 I 05-01-1 1 05-01-11 05-01-11 05-01-11 05-01-11 05-01-11 05-01-1 I 05-10-11 05-10-11 05-20-11 05-25-11 ~ 06-01-1 1 06-01-1 I 06-01-11 06-01-1 I Quantity Security 1,929.520 FGCI #GI2205 4.500% Due06-01-21 4.500%Due 08-01-21 78.240 FGCI N #G12323 14,981.470 FG POOL#G05900 6.000%Due 03.0140 79.520 FGClN#B13455 4.500%Due 04-01-19 S.500%Due 07-01-17 1,177.550 FNCIM U254371 2,354.030 FNCIN #255888 4.000%Due 08-01-20 6.349.030 FNCL # 256394 6.500%Due 09-01-36 39.627 FNCl N #725445 4.500%Due 05-01-19 4.500%Duc 05-01-19 1,276,573 FNClN #725445 242.400 FNClN #825335 632.660 FNCIN#829053 4.000% Due 05-01-20 4.000% Due 08-01-20 6.000%Due 06-15-32 816.540 GNSF M#582153 3,526.010 G2 POOL # 4447 5.000% Due 05-20-39 3,778.790 G2 POOL # 4194 1.951.420 G2 POOL # 4195 5.500% Due 07-20-38 6.000% Due 07-20-38 6.000% Due 04-15-32 6.000%Due 07-15-16 237.390 GNSFM#552509 582.620 GNJO M #is13 I3 3,896.200 GNPOOL# 782119 6.000%Due 08-15-36 10.296.310 GNSF 5.5%POOL#714005 5.500%Due 10-15-39 15,000.000 GOLDMAN SACHS 5.125% Due 01-15-1 5 50,000.000 GOLDMAN SACHS 150,000.000 MCDONALDS COW 2 15,000.000 E1 DU PONT DE NEMOLR 5.125%Due 01-15-15 5.300% Due 03-15-17 & co 1.950%Due 01-15-16 1,721 995 FGLaMC#G02268 6.500%Due 08-01-36 5,875.975 FGLMC #GO2268 6.500%Due 08-01-36 1,033 160 FGCI #GI2205 4.500%Due 06-01-21 62.910 FGClN#G12323 4.500%Due 08-01-21 Cost Basis 1,861.69 75.01 16,275.96 79.29 1,172.40 2,290.77 6,476.01 39.66 1,225.1 1 235.89 613.68 815.14 3,695.70 4,010.24 1,949.28 234.46 600.83 4,171.98 10,930.18 14,700.60 50,128.50 148,348.50 214,690.40 1,75 7.78 5,998.09 996.84 60.31 14 1,929.52 78.24 14.981.47 79.52 1,177.55 2,354.03 6,349.03 39.63 1,276.57 242.40 632.66 816.54 3,526.01 3,778.79 1.95 1.42 237.39 582.62 3,896.20 10,296.31 16,280.55 54,268.50 171,489.00 211,800.80 1,721.99 5,875.98 1,033.16 62.91 Gain Or Loss Proceeds Short Term Long Term 67.83 3.23 -1,294.49 0.23 5.15 63.26 -126.98 -0.03 51.46 6.51 18.98 1.40 -169.69 -231.45 2.14 2.93 -18.21 -275.78 -633.87 1,579.95 4,140.00 23,140.50 -2,889.60 -35.79 -122.11 36.32 2.60 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-11 Through 06-30-11 Open Close cost Datc Date Quantity Security Basis ~__ Gain Or Loss Proceeds Short Term Long Term 0242-11 09-08-04 05-23-02 09-08-05 01-08-07 09- 15-04 01-29-07 09-08-05 08-23-05 06-13-02 06-01-1 1 06-01-11 06-01-1 1 06-0 1.1 1 06-01-1 1 06-0 1 - 1 1 06-01-1 1 06-01-11 06-01-11 06-01-1 1 14,737.610 FG POOL #GO5900 6.000% Due 03-01-40 70.260 FGCINUB13455 4.500% Due 04-01-19 5.500% Due 0761.17 4.000% Due 08-01-20 6.500%Due 09-01-36 4.500% Due 05-01-19 4.500%Due 05-01-19 674.560 FNCI M U254371 1263.430 FNCINU255888 11,006.320 FNCL # 256394 35.390 FNCI K U725445 1,140.090 FNCIN#725445 268.700 FNCIN#825335 4 000%Due 05-01-20 418 500 FNCIN#829053 4.000% Due 08-01-20 6.000%Due 06-15-32 1,596.240 GNSF M#582153 03-10-10 06-01-11 3,100.580 G2POOLU 4447 5.000% Due 05-20-39 12-18-09 06-01-11 3,201.370 G2POOL U 4194 07-22-08 06-01-1 1 1,724.320 G2 POOL # 4195 5.500% Due 07-20-38 6.000% Due 07-20-38 04-15-02 0641-11 3,120.160 GNSFM#552509 6.000% Due 04-15-32 07-02-02 06-01-11 465.600 GNIOM#781313 02-22-10 06-01-11 4.752.580 GNPOOLU 782119 6.000%Due 07-15-16 6.000% Due 08-15-36 5.500%Due 10-15-39 COW 1.875%Due 09-16-13 01-20-1 1 06-14-1 1 220,000.000 MORGAN STANLEY 1.903%Due 01-24-14 12-03-09 06-01-11 477.600 GNSF 5.5%POOL #714005 11-08-10 06-02-11 135,000.000 GENERAL ELECTRIC CAP 06-01-11 06-20-11 240,000.000 IBMCORF 06-14-11 06-23-11 855.000.000 US TREASURY 5.600%Due 11.30-39 0.00O0%Due 02-15-41 TOTAL GAINS TOTAL LOSSES TOTAL REALlZED GAINiLOSS 6,205.82 16,011.03 70.05 671.61 1,229.48 11,226.45 35.42 1,094.13 261.48 405.94 1,593.50 3,249.80 3,397.45 1,722.43 3,081.65 480.15 5,088.97 507.00 136,652.40 220,000.00 262,168.80 221.513.40 2,185,125.49 15 14,737.61 70.26 614.56 1,263.43 11.006.32 35.39 1,140.09 268.70 418.50 1,596.24 3,100.58 3,201.37 1,724.32 3,120.16 465.60 4,752.58 477.60 136,359 45 221.2 10.00 260,450.40 223,992.90 2,191,331.31 -1.273.42 0.21 2.95 33.95 -220.13 -0.03 45.96 7.22 12.55 2.74 -149.22 -196.08 1.89 38.51 -14.55 -336.39 -29.40 -292.95 1,210.00 -1,718.40 2,479.50 3.928.56 31,138.63 -24.527.17 -4.333.60 -20;599.21 26;805.03 ICC Capital Management PORTFOLIO SUMMARY PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME June 30, 201 I Security Type Cash & Equivalents CASH AND EQUIVALENTS Fixed Income CORPORATE BONDS MUNICIPAL BONDS GOVERNMENT BONDS MORTGAGE POOLS GOVERNMENT SPONSORED BOND Accrued Interest TOTAL PORTFOLIO Pet. Total Cost ,Market Value Assets 507,320.32 507,320.32 3.3 507,320.32 507,320.32 3.3 9,352,901.96 9,724,697.17 62.9 265,000.00 282,546.80 1.8 614,508.59 633,549.57 4.1 3,019,390.05 3,187,961.03 20.6 984,088.00 1,003,073.32 6.5 129,448.03 0.8 14,235,888.60 14,961,275.92 96.7 14,743,208.92 15,468,596.24 100.0 16 Cur. Est.Annua1 Yield Income 0.0 50.73 0.0 50.73 4.2 408,058.90 13,606.70 4.8 3.7 23,731.25 5.2 166,805.53 4.1 4 I ,I 06.25 4.4 653,308.63 4.3 653,359.36 ICC Capital Management PORTFOLIO APPRAISAL PALMBEACH GARDENS POLICE PENSION FUND FIXED INCOME June 30, 201 1 Unit Total Quantity Security cost Cost CASH AMI EQUIVALENTS CASH & CASH EQUIVALEXTS 507,320.32 507,320 32 CORPOIWTE BONDS 165.000.000 CITIGROW WC 5.300% Due 10-17-12 4.950% Due 01-15-13 RESOLRCES INC 2.000%Due 05-20-13 200,000.000 AT&T INC 200,000.000 FRANKLIN 135,000.000 NATIONAL RURAL UTU CDOP 5.500%Due 07-01-13 85,000.000 GOLDMA.. SACHS 5.250%Due 10-15-13 135,000.000 EM COW 125.000.000 BAKERHUGHES INC 6.500%Due 10-15-13 6.500%Due 11-15-33 DYNAMICS COW 125,000.000 GENERAL 5.250% Due 0241-14 125.000.000 HOMEYWELL NTEILUATIONAL 3.875%Due 02-15-14 255.000.000 COCA-COLA CO 3 625% Due 03-15-14 130.000 000 GOLDMAN SACHS GROW [NC 6.000% Due 05-01-14 120.000.000 MORGAN STANLEY 6.000% Due 05-13-14 140,000.000 YALE UNIVERSITY 2.900% Due 10-15-14 360,000.000 IF MORGAN 5.700%Due 11-15-14 130,000.000 FCFSlCO NC 3.lOO%Due 01-15-15 4W,000.000 BANK OF NEY YORK MELLON 2.950% he 06-18-15 185,000.000 GENERALELEC CAP COW 3.500% Due 06-29-15 155,000.000 MORGAN STANLEY 4.000% Due 07-24-15 co 2.l25%IJue 09-13-15 205,000.000 HEWLEITPACKAFUJ 165,000.000 MICROSOFT COW 1.625% Due 09-25-15 200,000.000 WAL-MART STORES WC 1.500%Due 10-25-35 104 77 100 30 101 56 99 84 98 44 99 24 99 76 99 53 99 56 104 24 103 81 99 65 105 50 I1029 99 90 99 87 99 86 99 65 101 34 99 56 99 09 172,875.45 200,592.00 203,128.00 134,789.40 83,674.00 133,971 30 124,702.50 124,410.00 124,452.50 265,819.65 134,958.20 119,581.20 147,695.80 397,032.75 129,868.70 399,484.00 184.739.15 154,465.25 207,738.80 164,275.65 198,190.00 17 Market Pet. Cur. Assets Yield ~~ Price Value ~ 104 95 106.00 101.64 108.94 107.29 112.16 112.44 110.75 107.44 106.60 109.70 108.91 10535 110.45 104.97 103.22 103.89 101.77 99.83 98.94 98.69 507,320.32 3.3 507.320.32 3.3 173,167.50 212,004.40 203,276.00 147,070.48 91,199.81 151,413.03 140,549 87 138,441.00 134295.75 271,817.50 142,605.06 130,694.40 147,487.20 397,609.56 136,458.66 412,866.80 192,202.60 357,742.10 204,646.58 163,252.98 197,385.80 1.1 1.4 1.3 1.0 0.6 1.0 0.9 0.9 0.9 1.8 0.9 0.8 1.0 2.6 0.9 2.7 1.2 1.0 1.3 11 I .3 0.0 0.0 - 5.1 4.7 2.0 5.0 4.9 5.8 5.8 4.7 3.6 3.4 5.5 5.5 2.8 52 3.0 2.9 3.4 3.9 2.1 16 1.5 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME June 30,2011 Quantity 190,000.000 300,000.000 180,000.000 165,000.000 150,000.000 225,000.000 160,000.000 115,000.000 100,000.000 195,000.000 225,000.000 115,000.000 120,000.000 125,000.000 115,000.000 180,000.000 120,000.000 115,000.000 140,000.000 155,000.000 200,000.000 245,000.000 Security PROCTER & GAMBLE COfrHE 1.800%Due 11-15-15 SAN DEGO GAS & ELECTRIC 5.300%Due 11-15-15 STATE STREET CORP 2.875%Due 03-07-16 AlVALOG DEVICES 3.000% Due 04-15-16 MONSANTO CO 2.750% Due 04-15-16 AT&T INC 5.625% Due 06-15-16 WELLS FARGO & COMPANY 3.676%Due 06-15-16 VERIZON COMMUNICATIONS 5.500% Due 04-01-17 NATIONAL RURAL UTE COOP 5.450% Due 04-10-17 MERCK & CO INC 6.000% Due 09-15-17 MCWNALD'S CORP 5.800% Due 10-15-17 CONS EDISON CO OF XY 5.850% Due 04-01-18 AMGEN INC 5.700% Due 02-01-19 CISCO SYSTEMS INC 4.950%Due 02-15-19 CHEVRON COW 4.950%Due 03-03-19 BLACKROCK INC 5.000%Due 12-10-19 CONOCOPHILLPS 6.000%Due 01-15-20 BOEING CO 4.875% Due 02-13-20 BAXTER INTERNATIONAL INC 4.250% Due 03-15-20 GEORGE WASHINGTON UNIVERSITY 4.896%Due 09-15-20 BEkSHRE HATHAWAY FIN 4.250% Due 01-15-21 ~ OCCIDENTAL PETROLEUM CORP Unit Cost ~ 99.20 111.89 99.58 99.57 99.79 101.36 100.67 102.45 99.68 115.26 102.47 99.96 99.78 98.81 99.97 99.61 101.29 98.96 99.61 100.00 99.49 100.59 Total Market PCt. Cur. Assets Yield cost Price Value __- 188,480.00 335,658.00 179,253.00 164,297.10 149,680.50 228,071.25 161,078.56 117,812.90 99,680.00 224,757.00 230,555.25 114,949.40 119,732.40 123,518.75 114,964.35 179,298.00 121,544.40 l13,801.70 139,456.80 155,000.00 198,984.00 246,457.75 18 99.56 113.54 101.45 102.47 102.49 113.36 102.73 112.31 113.06 117.65 117.36 114.71 113.25 108.58 111.74 106.30 116.94 108.22 103.61 106.51 101.82 101.86 189,158.49 340,618.50 182,604.42 169,075.99 153,73 1.70 255,061.80 164,374.24 129.158.34 113.055.40 229,424.91 264,052.80 131.917.99 135,90 1.32 135,723.25 128,502.38 191,334.96 140,326.80 124,456.56 145,049.66 165,096.70 203,640.20 249,552.10 1.2 1.8 2.2 4.7 1.2 2.8 1.1 2.9 1.0 2.7 1.6 5.0 1.1 3.6 0.8 4.9 0.7 4.8 1.5 5.1 1.7 4.9 0.9 5.1 0.9 5.0 0.9 4 6 0.8 4.4 1.2 4.7 0.9 5.1 0.8 4.5 0.9 4.1 1.i 4.6 1.3 4.2 1.6 4.0 ICC Capital Management PORTFOLIO APPRAISAL PALMBEACH GARDENS POLICE PENSION FUND FIXED IiVCOME Quantity Security 200.000.000 ARCHER DANELS MIDLAWJ 4 479% Due 03-01-21 200,000.000 VEREON CO~~lCATlONS 4.600%Due 04-01-21 195,000.000 CAMPBELL SOW CO 4.250%Due 04-15-21 230.000.000 ALABAMA POWER co 3.950% Due 06-01-21 215,000.000 UNIVERSITY OF CHICAGO 5.420% Due 10-01-30 230,000.000 MIDAMENCAN ENERGY CO 5.750%Due 11-01-35 120,000.000 TRAVELERS COS INC 6.250%Due 06-15-37 160.000.000 CONOCOPHILLIPS 5 900% Due 05-15-38 230,000.000 SOUTH CAROLINA ELK &: GAS 5.450%Due 02-01-11 Accrued Interest WJNICIPAL BONDS 140,000 COMMONWEALTH FING AUTN PA REV 5.653% Due 06-01-24 4.554%Due 0741-24 Accrued Interest 125,000 UTAHST GOVERNMENT BONDS 180,000.000 US TREASURY NIB 2.750% Due 02-28-18 125,000.000 US TREASURY NB 3.625%Due 02-15-21 300,000.000 USTREASURY N/B 4.750%Due 02-15-41 Accrued Interest MORTGAGE POOLS 15.589.420 GNlO M #781313 6.000% Due 07-15-16 5.500%Due 07-01-17 4.500%Due 04-01-19 4.500%Due 05-01-19 38,738.220 FNCIM ti254371 2,628.280 FGCIN #E13455 49,978.950 FNCIN U125445 Unit Cost 102.29 __ 101.20 99.31 100.14 99.90 106.65 110.05 111.49 103.40 lOO.00 100.00 98.77 103.23 102.56 103.12 99.56 99.71 96 09 June 30. 201 I Total cost 204,582.00 202,406.00 193,771.50 230.3 11.40 2 14.n8.55 245,306.50 132,062.40 178,377.60 237,824.60 9,352,901.96 140.000.00 125,000.00 265,000.00 177.778.12 129,042.97 307,687.50 614,508.59 16,076.59 38,568.74 2,620.53 48,025.98 19 Market Pet. Cur. Assets Yield ___ Price value 104.55 209,105.40 103.18 206,358.80 102.18 199,248.46 99 71 229,470.77 100.68 21 6,470.60 105.83 243,418.66 106.99 128,386.56 108.25 173,197.28 100.45 231,035.00 99,762.35 9,824,459.52 109.16 152,826.80 103.78 129,720.00 3,467.97 286,014.71 102.40 184.317.12 104.27 130,341 75 106.30 318,890.70 8,645.09 642,194.66 108.91 16,911.86 108.60 42,070.95 106.85 2,808.30 106.97 53.464.68 1.4 13 I .3 1.5 1.4 1.6 0.8 1.1 1.5 0.6 63.5 - 1.0 0.8 0.0 1.8 - I .2 0.8 2.1 4.3 4.5 4.2 4.0 5.4 5.4 5.8 5.5 5.4 - 4.2 5.2 4.4 - 48 2.7 3.5 4.5 - ~ 0.1 4.2 3.7 __ 0.1 5.5 0.3 5.1 0.0 4 2 0.3 4.2 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Q"LWItity Security 26,138,120 FNCI N #a25335 27,876.240 FNCI N U255888 22.113.670 FNCI N U829053 4.000%Due 05-01-20 4.000%Due 08-01-20 ~~1 4 000% Due 08-01-20 55,287 010 FGCIUG12205 4.500% Due 06-01-21 4.500% Due 08-01-21 2,979.522 FGCI N #G12323 79.844730 GNSF M #552509 6 000% Due 04-35-32 17.834.740 GNSF M #582153 6.000% Due 06-15-32 6.500%Due 08-01-36 302,739,977 FGLMC wm6a 290,331.162 297.967.050 FNCL # 256394 GN POOL U 7821 I9 6.000% Due 08-14-36 6.500% Due 09-01-36 5.500% Due 07-20-38 234,180.460 G2 POOL# 4194 90,638.912 G2 POOL# 4195 301.130.874 G2 POOL#4447 6.000% Due 07-20-38 5.000% Due 05-20-39 #714005 338,295.931 GNSF 5.5% POOL 5.500% Due IO- 1 5-39 689.957.490 FG poOL#GO5900 6.000% Due 03-01-40 Accrued Interest 2.000% Due 10-25-16 265,000.000 FANNE MAE 5.625%Due 11-15-21 300.W0.000 FREDDIE MAC 5.900% Due 06-15-22 Accrued Interest TOTAL PORTFOLIO Unit Cost ~ 97.31 97.31 97.00 96.48 95.88 98.77 99.83 102.08 107.08 102.00 106.12 99.89 104.81 106.16 108.64 100.00 99.32 98.63 June 30, 2011 - Total Cast Price 25,435.66 27,127.07 21,45026 53,343.33 2,856.62 78,859.15 17,804.09 309.03 I SI 310,881.17 303,926.49 248,524.01 90,539.67 315,622.80 359,122.28 749,574.13 3,019,390.05 425,000.00 263.198.00 295,890.00 984,088.00 14,743,208.92 20 105.69 105.69 105.69 106.79 106.79 111.96 111.96 112.87 111.48 113.35 110.03 110.60 108.74 110.16 110.07 98.66 101 81 104.66 Marker Pet. Cur. Assets Yield Value ~- 27,626.22 29,463.29 23,372.65 59,039.28 3,181.74 89,392.80 19,967.47 341,704.13 323.675.1 I 337,746.55 257,671.80 100,250.44 327,464.11 372,654.28 759,429.3 I 13,437.11 3,201,398.14 419,299.05 269,806.57 313,967.70 0.2 0.2 0.2 04 0.0 0.6 0.1 2.2 2.1 2.2 1.7 0.6 2.1 2.4 4.9 ni 3.8 3.8 3.8 4.2 42 5.4 5.4 5.8 5.4 5.7 5.0 5.4 4.6 5.0 5.5 -- 20.7 5.2 2.7 2.0 1.7 5.5 2.0 5.6 4,135.50 0.0 1,007,208.82 6.5 4.1 15,468,596.24 100.0 43 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Review 0 Quarter Ending 0 June 30,2011 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ICC Capital Management, Inc. A 0 0 0 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance Report Quarter Ending June 30,2011 Total Return Summary Page ...... 1 Portfolio Allocation Page ...... 2 Investment Performance by Asset Category Page ...... 3 Portfolio Sector Diversification Page ...... 4 Investment Performance by Sectors Page ...... 5 Portfolio Attributes Page ...... 6 Brokers Commission Page ...... 7 Purchases & Sales Page ...... 9 Realized Gains/Losses Page ...... 11 Portfolio Summary Page ...... 13 Portfolio Appraisal Page ...... 14 Appendix: Proxy Votes B B D D D B B B 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL RETURN I -2.12% PALM BEACH GARDENS POLICE PENSION FUND GROWTH Total Return Summa y Quarter Ending June 30,2011 l6.Mo/o 18.55% Starhng Value $6,199,668 $5,194,553 Ending Value $5,762,527 $5,762,527 Difference ($437,141) $567,974 Net Contributions/ (Withdrawals) ($315,660) ($317,054) ANNUALlZED RETURN I GainJ(Loss) from lnvestments ($121,481) $885,028 4.00% $1,200,000 $5,762,527 $4,562,527 $3,200,733 $1,361,794 ICC Capital Management, Inc. 0 1 e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e :ash/Equivs :quity . 'otal PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Allocation at Market Quarter Ending June 30,2011 Mkt Value Mkt Value O/O Mkt Value Mkt Value O/O as of 03/31/11 as of 03/3Vl as of 06/30/l1 as of 06/30/11 $26,559 0.4% $8,352 0.1 % $6,173,109 99.6% $5,754,175 99.9% $6,199,668 100.0% $5,762,527 100.0% Asset Allocation: 1 OO/O (Mkt) Market Value as of 03/33/11 CASH/EQUIVS 0.4% Market Value as of 06/30/11 CASH/EQUIVS 0.1% ICC Capital Management, Inc. e 2 fi PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Asset Category Quarter Ending June 30,2011 ACCOUNT INDEX Quarter 3.00 0.76 0.76 0.76 -3.001 -2.22 -2.12 -2.25 -6.00 1 EQUITY TOTAL GROSS OF FEES TOTAL NET OF FEES , BACCOUNT INDEX 0 I Fiscal Year to Date 0 30 00~ 0 19.47 0 0 0 a TOTAL NET OF FEES - 0.00 EQUITY TOTAL GROSS OF FEES 0 0 0 BINDEX I W ACCOUNT 8.001 6.004 4.001 2.001 3.69 3.13- 4'00 3.69 4- 3.50 3*69 TOTAL GROSS OF FEES TOTAL NET OF FEES 0.00- EQUITY The red total bar represents the Russell 1000 Growth Index. 0 0 a 3 ICC capltnl Management, Inc. a 0 0 0 0 Portfolio Sector Diversification 0 0 0 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Quarter Ending June 30,2011 0 Top - Ten Holdings 0 security % of equities Return for Quarter PEPSICOINC. 3.92% 11.73% 3.80% -3.68% APPLE COMPUTER INC. 3.75% -9.51% THOMAS & BETTS CORP. 3.35% -5.64% TARGET CORPORATION MICROSOFT CORE'. 3.26% 2.93% BORG WARNER AUTO 3.23% 12.68% CIGNA CORP. 3.22% 16.23% DARDEN RESTAURANTS INC. 3.03% 2.08% MEAD JOHNSON NUTRITION CO. 2.94% 17.39% 0 0 HASBRO INC. 2.75% -3.88% 0 Sector Contribution 1 sector % of Portfolio Return for Quarter Materials 5.05% 13.23% Industrials 21.74% -6.14% Telecommunications 1.80% -15.58% Consumer Discretionary 15.07% 1.64% Consumer Staples 8.49% 16.23% Financials 5.33% -7.52% Health Care 10.57% 7.31% Energy 12.87% -8.39% Information Technology 16.97% -9.04% IUtiIities 2.10% 4.02% 1 ICC Capital Management, lnc. 0 4 - PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Sectors Quarter Ending June 30,2011 Index Sector Returnsfor 2011 10.0 5.1 5.9 4.5 5.0 0.0 -5.0 -4.4 Sector Diversification Relative to the Russell 1000 Growth Index '"'"1 8.3 1oyo.7 0.0 -0.9 l.lg -3.3 -0.4 & Ix -l -10.0 0 0 0 5 ICC Capital Management, Inc. a 0 0 0 PALM BEACH GARDENS POLICE PENSION EWND GROWTH 0 0 0 0 ICC - 0 0 0 0 0 CAPlTALlZAnON RlOOOG - 0 0 0 YIELD 0 OF- 0 RlOOOG- 0 0 0 OB 0 ICC - 0 R1-- 0 0 3YEAREPSGROWlB 0 ICC - 0 0 0 0 0 0 0 R’-- 0 5YEAREPSGROWTH ICC - 0 RIOOOG- Growth Portfolio Attributes Quarter Ending June 30,2011 w3mmi 3/31/2011 12/3mmo 9/3o/zoio 445 42 4 40 2 45 6 843 91 1 85 2 76 0 6/30/2011 1.00 1.00 6/30/2011 1.10 1.40 6/30/2011 18.0 14.9 3/31/2011 1.00 1.00 3/31/2011 1.00 1.40 3/31/2011 17.4 14.9 MARKET CAPITALIZATTON 1 91.1 1w.o 75.Qd 50.0 , 4u 25.0 0.0 6lM/2Oll 3/31/2011 12/31/2010 9/30/2010 I 1.50 12/31/2010 9/30/2010 1.W 1.01 1.00 l.w 1.00 1.00 l.w 1.00 1.01 1.00 1.W 1.W 0.50 0.w l.wlmmu I 6/30/2011 3/31/2011 12/31/2010 9/30/2010 I 12/31/2010 9/30/2010 0 90 100 YIELD 7 1.40 1.40 1.50 1.40 1.50 0.0 1 6/M/2011 3/31/2011 12/31/2010 9/30/2010 I 12/3l/ZO10 9/30/2010 ~ MO , 16 5 15 3 3/31/2011 6/30/2011 12/31/2010 9/30/2010 19.0 14.0 19.0 20.0 13.0 11.0 12.0 13.0 I 6/M/2011 3/3l/2011 12/37/2010 9/30/2010 200 * 3 YR EPS GRON” 160 5.0 0.0 6/30/2011 3/31/2011 12/31/2010 9/30/2010 13.0 10.0 0.0 6/30/2011 3/31/2011 12/31/2010 9/30/2010 1 0 ICC Capital Mnnngemmt, Inc. 0 6 A 0 14/8/2011 Sell Date Trans Ticker Security $Amount Shares Price Comm P&I Edgetrade2 4/1/2011 Buy TKR 4/1/2011 Sell CLF - 0 4/8/2011 Sell 4/13/2011 SelI 4/25/2011 Buy 4/25/2011 Sell 5/4/2011 Sell 5/9/2011 Sell 0 .I 5/12/2011 Buy 5/12/2011 Sell 5/20/2011 Sell 5/20/2011 SelI 5/20/2011 Sell - 0 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell 0 ,, 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 SeU 5/20/2011 Sell MYL MYL CLF HAS ALB PH sw BWA EMC EXPD GE HAS IEX IPG JDSU LUV MJN MRVL MS MSFT MU NEM m PEP PHM SUPG TGT TKR TNB mC WLL ALB AMR ATW BRCM BWA JWN 0 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell Timken Co. Cliffs Natural Resources Inc Mylan Laboratories Mylan Laboratories Cliffs Natural Resources Inc Hasbro Inc Albemarle Corp Parker-Harmifin Corp. Sysco Corp Borg Warner Auto Nordstrom Inc. Emc Corp Expeditors Intl Wash Inc General Electric Co. Hasbro Inc Idex Corp Interpublic Group Companies Jds Uniphase Corp Southwest Airlines Co. Mead Johnson Nutrition Co Marvell Technology Group Morgan Stanley Microsoft Corp. Micron Technology Inc Newmont Mining Corp Nv Energy Inc Pepsico Inc. Puke Corp Supergen Inc Target Corporation Timken Co. Thomas & Betts Corp Tor0 Co Whting Petroleum Corp Albemarle Corp AMR Corp Atwood Oceanics Inc Broadcom Corp Borg Warner Auto Cima Coru - $125,535.84 $128,684.52 $32,729.69 $100,526.91 $28,433.12 $155,058.36 $81,325.31 $99,464.93 $105,824.34 $167,295.04 $141,639.36 $2,804.44 $5,295.39 $3,942.42 $4,759.90 $4,421.91 $4,767.90 $4,132.92 $4,931.90 $6,729.87 $1,432.97 $2,400.95 $4,930.90 $4,979.90 $5,460.89 $3,168.13 $7,139.86 $2,303.95 $1,151.97 $4,976.90 $4,979.90 $5,468.89 $6,550.87 $6,474.87 $6,831.86 $4,672.90 $4,306.91 $3,356.43 $7,107.86 $4,909.90 5/20/2011 SelI 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell 2400 $52.30 1300 $9900 1400 $23.39 4300 $23.39 300 $94.79 3400 $45.60 1200 $67.78 1100 $90.43 3300 $32.08 2200 $76.03 2900 $48.85 100 $28.05 100 $52.96 200 $19.72 100 $47.61 100 $44.23 400 $11.93 200 520.67 400 $12.34 100 $67.31 100 $14.34 100 $24.02 200 $24.66 500 $9.97 100 $54.62 200 S15.85 100 $71.41 300 $7.69 400 $2.89 100 $49.78 100 $49.81 100 $54.70 100 $65.52 100 $64.76 100 $68.33 700 $6.69 100 $43.08 100 $33.57 100 $71.09 100 $49.11 - 0 $24.00 $0.01 $13.00 $0.01 $14.00 $0.01 $43.00 $001 $3.00 $0.01 $34.00 $0.01 $12.00 $0.01 $11.00 $0.01 $33.00 $0.01 $22.00 $0.01 $29.00 $0.01 $1.00 $0.01 $1.00 $0.01 $2.00 $0.01 $1.00 $0.01 $1.00 $0.01 $4.00 $0.01 $2.00 $0.01 $4.00 $0.01 $1.00 $0.01 $1.00 $0.01 $1.00 $0.01 $2.00 $0.01 $5.00 $0.01 $1.00 $0.01 $2.00 $0.01 $1.00 $0.01 $3.00 $0.01 $4.00 $0.01 $1.00 $0.01 $1.00 $0.01 $1.00 $0.01 $1.00 $0.01 $1.00 $0.01 $1.00 $0.01 $7.00 $0.01 $1.00 $0.01 $1.00 $0.01 $1.00 $0.01 $1.00 $0.01 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell ICC Capital Matiagemenf, Inc. 0 7 I. 5/20/2011 SelI 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell 5/20/2011 Sell CI 5/20/2011 Sell CLWR Clearwire'CorgClass A $1,355.97 300 $4.53 $3.00 $0.01 0 0 0 0 0 0 0 0 Date Trans Ticker Security $Amount Shares Price Comm PerSh 5/20/2011 Sell COP Conocophillips $7,283.86 100 $72.85 $1.00 $0.01 5/20/2011 Sell CVS Cvs Caremark Corp $3,828.42 100 $38.29 $1.00 $0.01 5/20/2011 Sell DlU Darden Restaurants Inc $5,168.90 100 $51.70 $1.00 $0.01 6/3/2011 Buy BWA BorgWarner Auto $13,851.58 200 $69.25 $2.00 $0.01 6/13/2011 Buy AMR AMRCorp $13,264.10 2300 $5.76 $23.00 $0.01 6/15/2011 Buy CRR Carbo Ceramics Inc $58,291.48 400 $145.72 $4.00 $0.01 6/2/2011 Sell PHM PulteCorp $64,840.84 8300 $7.82 $83.00 $0.01 6/3/2011 Buy HAS HasbroInc $13,341.81 300 $44.46 $3.00 $0.01 6/15/2011 Buy NEM Newmont Mining Corp $26,172.80 500 $52.34 $5.00 $0.01 6/17/2011 Buy NTAP NetappInc $24,682.50 500 $49.36 $5.00 $0.01 6/21/2011 Buy PEP PepsicoInc. $34,452.90 500 $68.90 $5.00 $0.01 6/22/2011 Buy RKT Rock-Tenn Company CI-A $57,321.09 900 $63.68 $9.00 $0.01 6/22/2011 Sell SUPG Supergen Inc $5,169.50 1800 $2.88 $18.00 $0.01 6/22/2011 Sell SUPG SupergenInc $8,615.83 3000 $2.88 $30.00 $0.01 6/22/2011 Sell SUPG SupergenInc $1,579.57 550 $2.88 $6.00 $0.01 6/22/2011 Sell SUPG Supergen Inc $5,169.50 1800 $2.88 $18.00 $0.01 6/22/2011 Sell SUPG SupergenInc $2,584.75 900 $2.88 $9.00 $0.01 6/23/2011 Buy FRC First Republic Bank $54,492.80 1600 $34.05 $16.00 $0.01 6/24/2011 Buy PEP Pepsico Inc. $54,604.08 800 $68.25 $8.00 $0.01 Total: Edgetrade 2 $1,759,7l1.51 55,100 $551.00 W.0l 6/22/2011 Sell SUPG SupergenInc $2,728.35 950 $2.88 $10.00 $0.01 e 0 e a a e e e e e e e e e e e e e e e a a a a a a a a a a a a a a a a a a e -e e e ICC Capital Management PURCHASE AND SALE PALMBEACH GARDENS POLICE PENSION FUND GROWTH From 03-31-11 To 06-30-11 Trade Settle Unit Date Date Quantity Security Price Amount PLXCHASES 06-13-11 06-16-11 05-12-11 05-17-11 06-03-1 1 06-08-1 1 06-15-1 1 06-20-1 1 06-23-1 1 06-28-1 1 04-25-1 1 04-28-1 1 06-03-1 1 06-08-1 1 06-17-1 1 06-22-1 1 06-15-11 06-20-11 06-21-11 06-24-11 06-24-1 1 06-29-1 1 06-22-1 1 06-27-1 1 04-01-1 1 04-06-11 SALES 04-25-11 05-20-11 05-20-1 1 05-20-1 1 05-20-11 05-20-1 1 05-20-1 I 05-20-1 1 04-01-1 1 04-13-11 05-20-11 05-20-11 05-20-1 1 05-20-1 1 05-20-1 1 05-20-11 05-16-1 1 05-20-11 05-20-11 05-20-11 05-20-11 05-20-1 I 05-20-1 1 04-28-11 05-25-1 1 05-25-11 05-25-1 1 05-25-1 1 05-25-1 1 05-25-11 05-25-1 1 04-06-1 1 04-1 8-1 1 05-25-11 05-25-11 05-25-11 05-25-11 05-25-11 05-25-1 1 05-16-1 1 05-25-11 05-25-11 05-25-11 05-25-11 05-25-1 1 05-25-3 1 2,300.00 AMR CORP 2,200.00 BORG WARM3R AUTO 200.00 BORG WmERAUTO 400 00 CARBO CERAMICS INC 1,600.00 FIRST REPUBLIC BANK 3,400.00 HASBRO INC 300.00 HASBRO INC 500.00 NETAPP INC 500.00 h€WMONT MINING CORP 500.00 PEPSICO INC. 800.00 PEPSICO INC. 900.00 ROCK-TENN COMPANY CL-A 2.400.00 TIMKEN CO. 1,200.00 ALBEMARLE CORP 100.00 ALBEMARLE COW 700.00 AMRCOW 100.00 ATWOOD OCEANICS INC 100.00 BORG WARNER AUTO 100.00 BROADCOM COW 100.00 CIGNA COW 300.00 CLEARWIRE COW-CLASS A 1,300.00 CLIFFS NATURAL RESOURCES 300.00 CLIFFS NATURAL RESOURCES 100.00 CONOCOPHILLIPS 100.00 CVS CAREMARK COW 100.00 DAKOEN RESTAURANTS INC 100.00 EMC COW 100.00 EXF’EDITORS INTL WASH INC 200.00 GENERAL ELECTRIC CO. INC INC 1.600.00 GENZYME CORP 100.00 HASBRO INC 100.00 IDEX CORP 400.00 NTEWC’BLIC GROUP COMPANIES MC. 200.00 .IDS UNIPHASE CORP 100.00 MARVELL TECHNOLOGY GROUP 100.00 MEAD JOHNSON NUTRITION CO 9 5.77 76.04 69.26 145.73 34.06 45.61 44.47 49.36 52.35 68.91 68.26 63.69 52.3 1 67.77 68.32 6.68 43.07 71.08 33.56 49.10 4.52 98.99 94.78 72.84 38.28 5 1.69 28.04 52.95 19.71 74.00 47.60 44.22 11.92 20.66 14.33 67.30 13,264.10 1 67,295.04 13,851.58 58,29 1.48 54,492.80 155,058.36 13,341.81 24,682.50 26,172.80 34,452.90 54,604.08 57,321.09 125,535.84 798,364.38 81,325.3 1 6,83 1.86 4,672.90 4,3 06.91 7,107.86 3,356.43 4,909.90 1,355.97 128,684.52 28,433.12 7,283.86 3,828.42 5,168.90 2,804.44 5,295.39 3,942.42 118,400.00 4,759.90 4,421.9 1 4,767.90 4,132.92 1,432.97 6,729.87 e e e a a a a a e a a e a a a a a e a a e a a a a a a a a a a a a a a a a a a a a a ICC Capital Management PURCHASE AND SALE PALMBEACH GARDENS POLICE PENSION FUND GROWTH Trade Settle Date Date 05-20-11 05-25-1 1 05-20-11 05-25-1 1 05-20-11 05-25-1 1 04-08-11 04-13-11 04-08-11 04-13-11 05-20-1 1 05-25-1 I 05-12-11 05-17-11 05-20-11 05-25-1 1 05-04-1 1 05-09-1 1 05-20-1 1 05-25-1 1 05-20-1 1 05-25-1 1 06-02-1 1 06-07-1 1 05-20-1 1 05-25-1 I 05-20-1 1 05-25-1 1 06-22-1 1 06-27-1 1 06-22-1 1 06-27-1 1 06-22-1 1 06-27-1 1 06-22-1 1 06-27-1 1 06-22-1 1 06-27-1 1 06-22-1 1 06-27-1 1 05-09-11 05-12-1 1 05-20-1 1 05-25-1 1 05-20-1 1 05-25-1 1 05-20-1 1 05-25-1 1 05-20-1 1 05-25-1 1 05-20-11 05-25-1 1 From 03-31-11 To 06-30-11 Unit Quantity Security Price Amount 500.00 MICRON TECHNOLOGY INC 200.00 MICROSOFT CORP. 100.00 MORGAK STANLEY 1,400.00 MYLAN LABORATORIES 4,300.00 MnAN LABORATORIES 100.00 NEWMONT MINXG COW 2,900.00 NORDSTROM INC. 200.00 NV ENERGY INC 1,100.00 PARKER-HANNIFIN COW. 100.00 PEPSICO INC. 300.00 PULTE CORP 8,300.00 PULTE CORP 400.00 SOUTHWEST AIRLINES CO. 400.00 SUPERGEN INC 550.00 SUPERGEN INC 1,800.00 SUPERGEN INC 900.00 SUPERGEN INC 1,800.00 SUPERGEN INC 3,000.00 SUPERGEN INC 950.00 SUPERGEN INC 3,300.00 SYSCO CORP 100.00 TARGET CORPORATION 100.00 THOMAS & BETTS COW 100.00 TIMKEN CO. 100.00 TOR0 CO 100.00 WHTING PETROLEUM CORP 10 9.96 24.65 24.01 23.38 23.3 8 54.61 48.84 15.84 90.42 7 1.40 7.68 7.81 12.33 2.88 2.81 2.87 2.87 2.87 2.87 2.87 32.07 49.77 54.69 49.80 65.51 64.75 - 4,979.90 4,930.90 2,400.95 32,729.69 100,526.91 5,460.89 141,639.36 3,168.13 99,464.93 7,139.86 2,303.95 64.840.84 4,931.90 1>15 1.97 1,579.57 5,169.50 2,584.75 5,169.50 8,615.83 2,728.35 105,824.34 4,976.90 5,468.89 4,979.90 6,550.87 6,474.87 1,079,747, I3 - e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e a e e ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 03-31-11 Through 06-30-11 Open Close Date Date Quantity Security ~~ 12-02-10 04-01-11 07-15-10 04-08-11 12-08-10 04-08-1 I 12-02-10 04-13-11 03-03-10 04-25-11 11-01-10 05-04-11 07-13-10 05-09-11 ii-i7-in 05-12-11 03-03-10 05-20-11 12-11-10 05-16-11 04-21-10 05-20-11 09-01.1 o 05-20-1 1 10-24-07 05-20-1 1 05-12-11 05-20-11 01-05-09 05-2o-l1 07-13-10 05-20-11 10-13-10 05-20-11 03-01-07 05-20-11 12-09-10 05-20-11 11-08-07 05-20-1 1 03-08-10 05-20-11 09-25-08 05-20-1 I 04-25-11 05-20-11 03-25-1 I 05-20-1 I 09-13-10 05-20-11 07-26-07 05-20-11 01-28-09 05-20-11 12-16-10 05-20.11 04-22-08 05-20-1 1 11-09-07 05-20-11 03-01-07 05-20-11 03-14-08 05-20-11 10-27-09 05-20-1 I 02-22-1 1 05-20-1 1 01-28-08 05-20-11 05-20.09 05-20-1 1 02-11-10 05-20-11 08-10-07 05-20-11 04-01-11 05-20-11 09-25-08 05-20-11 03-03-10 05-20-11 02-16-11 05-20-11 02-11-10 06-02-11 01-28-08 06-22-11 1,300.00 CLIFFS NATURAL RESOURCES m-c i.40o.00 MYWN LABORATORIES 4,300.00 MYLAN LABORATORIES 3110.00 CLIFFS NATLW RESOURCES INC 1.200 00 ALBEMARLE cow i;ino.oo PARKER-"NEW cow. 3,300 00 SYSCO cow 2.900.00 NORDSTROM ixc. 1;6no.00 GENZYIVE cow ino.on ALBEMARLE cow 700.00 mcow ion 00 ATWOOD OCE~ICS INC 100 00 BROADCOM CORP 100 00 BORG WARNER AUTO 100 00 ClGNA COW 300 on CLEARWIRE cow-CLASS 4 ion 00 CONOCOPHILLPS 1w 00 cvs cmbm cow inn on DARDEN RESTALRANTS in0 on EMC cow in0 no EXPEDITORS WL WASH WC WC 2nn.00 GENERAL ELECTRIC co. ion.nn HASBRO NC ino.on IDEXCOW 4on.00 WTERPUBLIC GROW coMPANI.Es NC. co NLWION CO GROUP 100 00 MEAD JOHNSON 100 on MARVELL TECHNOLOGY I on no MORGAV STANLEY 200 00 MICROSOFT COW 500 00 MICRON TECHNOLOGY WC ioo.on NEVVMONT MINING cow 200.00 NV ENERGY wc ioo.oo PEPSICO WC. 4oo.00 SLTERGEN INC 300.00 PLETE COW I no on TARGET CORPORATION ~~~ ~~ ~~ ion.oo T~MKENCO. 100.00 THOMAS & BEITS COM 100.00 TOR0 CO 1no.00 WHTWG PETROLEUM CORP 8.3nn.00 PULTE cow 550.00 SUPERGEN INC cost Basis 93.330.25 25,520.04 86,479.45 23,537.75 48,433.56 85.630.16 98.945.88 120,197.17 111,738.88 4,036.13 2,642.59 3,464 41 7,604.32 1,831.63 2,098.62 6,035.92 4,964.97 2,015.97 3,661.39 5,144.68 4,560.54 4,301.21 5,564.58 3,146.00 3,841.00 2,876.00 3,074.88 6,205.59 1,157. no 5,378.51 5,646.00 3,090.70 4,336.37 2,042.30 6,329.37 3,503.61 1,386.52 6,242.22 5,230 66 4,091.92 4,510.29 6,080.99 96,933 21 1,906.46 11 Gain Or Lass Proceeds Short Term Long Term 128,684.52 32,729.69 28,433.12 81,325.31 ion,m.91 99,461.93 105,824.34 IIS,~OO.OO 141,639.36 6.83 1.86 4,672.90 4,306.91 3,356.43 7,107.86 4,909.90 1,355.97 7,283.86 3.828.42 5,168.90 2.804.44 5,295.39 3.942.42 4,759.90 4,421.91 4,767 90 4.931.90 4.132.92 6.729.87 1,432.97 2,400 95 4,930.90 4,979 9n 5,460 89 3.168.13 7,139.86 2,303.95 1.151.97 4,979.90 5.468.89 6,550.87 6,474.87 64,840.84 1,579.57 4.976.90 35,354.27 7,209.65 14.047.46 6.895.37 13,834.77 6,878.46 21.442.19 6,661.12 1,664.32 496.46 -742.65 1,247.94 203.93 199.36 120.70 926.90 524.28 810.49 -250.76 393.88 32,891.75 2,795.73 -891.68 -107.98 3,075.27 682.42 788.47 1,634.00 -1,202.26 1,25692 1,85702 275.97 -2,977 56 -715 10 1,889 20 1.124.52 1.125 83 -1,199 66 -234.55 -1,265 32 1,376.97 2,040.58 -32.092.37 -326.89 0 a a 0 a a 0 a 0 0 0 0 a 0 0 0 0 a a a a a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 m ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 03-31-11 Through 06-30-11 Gain Or Loss Open Close Cost ~~ Date Date Quantity Security Basis Proceeds Short Term Long Term 02-28-08 06-22-11 1,800.00 SUPERGE3 NC 5,234.76 5-169 50 -65.26 02-29-08 06-22-1 I 900.00 SLTERGEN INC 2,518.74 2,584.75 66.01 04-22-08 06-22-1 I 1,800.00 SUPERGEN INC 4,374.00 5,169.50 795.50 08-13-08 06-22-1 I 3.000.00 SLIPERGEN INC 5.573 70 8.615.83 3~042 I3 04-07-09 06-22- 11 950 00 SLIPERGEN INC TOTAL CAWS TOTAL LOSSES ~, ~~ 1;691.00 2:728.35 1.03735 115,415.09 57,758.64 -1.189 87 11.078.63 946,141.90 1,079,747.13 116,925.22 16,680.00 TOTAL REALIZED GANLOSS 133,605.22 12 ICC Capital Management PORTFOLIO SUMMARY PALM BEACH GARDENS POLICE PENSION FUlVD GROWTH June 30, 201 I Pet. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income ~~ Cash & Equivalents CASH AND EQUIVALENTS Equities COMMON STOCK MATEWS INDUSTRIALS TELECOMMJNICATIONS CONSUMER DISCRETIOKARY CONSLIMER STAPLES ENERGY FNANCIALS HEALTH CARE JNFORMATION TECHNOLOGY UTILITIES COMMON STOCK 8,351.99 8,351.99 248,513.56 1,067,597.65 118,576.92 852,39128 448,098.88 59 1,238.07 324,342.15 375,983.88 670,466.93 80,726.95 4,777,936.37 8,351.99 0.1 0.0 8,351.99 0.1 0.0 ~ ~- 290,683.00 1,249,929.00 103,620.00 866,706.00 488,201.00 739,662.00 306,703.00 608,017.00 975,533.00 121,265.00 5,750,319.00 5 .O I .o 21.7 1.1 1.8 0.0 15.0 2.4 8.5 2.1 12.8 1.1 5.3 0.3 10.6 0.8 16.9 0.5 2.1 3.1 99.8 1.2 ~~ RIGHTS 0.00 3,856.00 0.1 0.0 4,777,936.37 5,754,175.00 99.9 1.2 ~ ~- TOTAL PORTFOLIO 4,786,288.36 5,762,526.99 100.0 1.2 13 0.56 0.56 2,802.00 13,411.80 0.00 20,560.00 10,442.00 8,192.00 920.00 5,038.00 4,896.00 3,792.00 70,053.80 0.00 70,053.80 70,054.36 ICC Capital Management PORTFOLIO APPMSAL PALMBEACH GARDENS POLICE PENSION FUND GROWTH June 30, 2011 Unit Total Quantity Security cost cost CASH AND EQLWALENTS CASH & CASH EQUIVALENTS 5,612.49 DIV CASH ACCRUAL ACCT 2,739.50 8,351.99 COMMON STOCK MATERIALS 1.700.00 ALBEMARLE COW 2;100.00 NEWMONT MINING COW 900.00 ROCK-TENN COMPANY CL-A UCJUSTRIALS 24.100.00 AMR COW 2,100.00 EXJ'EDITORS INTL WASH INC 1,300.00 GENERAL 4.700.00 GENERAL ELECIWC DYNAMICS COW CO 2.800 00 rnEX CORF 1,000.00 PARKER-WE COW. 12,100.00 SOUTHWEST AIRLINES co 4.000 00 THOMAS & BETTS COW 2300.00 TIhlKFNCO 2,300.00 TOR0 CO TELECOMMIJNICATIONS ~ ~~ 1200.00 AMENCAN TOWER COWORATION 10,800.00 CLEARW COW-CLASS A CONSUMER DISCRETlONARY 2,300.00 BORG W.ARNER ALITO 3,500.00 DARDEN RESTAURANTS INC 3.600.00 HASBRO INC 12;500 00 NTEWUBLIC GROW COMPANIES INC. 4,100.00 TARGET COWORATION 55.38 94,154.29 46.21 97,038.18 63.69 57,321.09 248,513.56 7.26 174,883 66 36.61 76,889 19 67.90 88,273.64 22.26 104,633.80 43.01 120,433.88 81.52 81,518.20 7.85 94,986.31 25.48 101.937.06 52.31 120,305.18 45.10 103,736.67 1,067,597.65 37.42 44,907.00 6.82 73,669.92 118,576.92 75 45 48.24 45.51 9 18 54.60 173,542 30 168,830 83 163,839 63 122,304 82 223,873 80 852,391 38 1.1 Market PCI. Cur. Assets Yield ~~ Price Value 5,612.49 0.1 0.0 2.73950 00 00 01 00 ____ 8,351.99 69 20 117,640 00 53 97 113,33700 66 34 59,706 00 290,683 00 5.40 51.19 74.52 18.86 45.85 89.74 11.42 53.85 50.40 60.50 52.33 3.78 80.79 49 76 43.93 12.50 46.91 130,140 no 107,499 00 96,816 00 88,642 00 128,380 00 89,740 00 138,182 00 215,400 00 Ilj.920 00 2.0 1.0 2.0 1.5 I .0 ? 5.0 1.0 -~ 2.3 0 0 1.9 1.0 1.1 2.5 1.3 3.2 2.2 1.5 1.6, 1.6 2.4 0.2 3.1 0.0 2.0 1.6 139,15000 24 12 1,249,929 00 21 7 1 I 62,796 00 11 00 40,82400 0 7 ~~ 103,62000 18 0 0 185,81700 3.2 1.2 174,160.00 3.0 3 5 158.148.00 2.1 2.7 156.250.00 2.1 1.9 192,331.00 3.3 2.6 866,706.00 15.0 2.4 -~ - a e e e e e e e e e e e e e e e e e e e e e e e e e e a a a e e a 0 e a e e e 0 0 e ICC Capital Management PORTFOLIO APPRAISAL PALMBEACH GARDENS POLICE PENSION FOND GROWTH June 30. 2011 unit Total Price ~- Quantity Security Cost cast Market Pet. Cur. Asseb Yield Value ~- CONSUMER STAPLES 2.500.00 cvs CAREMARK 37.58 67.55 70.43 ~ 44.13 162.95 91.85 75 19 81 38 10404 56.91 93,950 00 16 13 168,875 00 29 I5 34.73 86,828.00 60.78 151,955.87 65.41 209.3 15.01 448,098.88 COW 2,500.00 MEAD JOHNSON NUTRITION CO 3.200.00 PEPSICO lNC 225,376.00 3.9 2.9 488,201.00 8.5 2.1 ~- ENERGY 2.200.00 ATWOOD OCEANICS 400.00 CARBO CERAMCS [NC [NC 26.43 58,336.98 145.73 58,291.48 65.40 104,641.96 97,086.00 65,180.00 146,960.00 127,823.00 48,828.00 145,656.00 108,129.00 1.7 1.1 2.6 2.2 08 2.5 1.9 12.8 ~ 2.3 0.9 1.1 1.0 5.3 ~ 1.4 1.6 2.5 3.2 ? ? ? 3.5 2.3 1.8 ? 1.1 ~ ? ? 0.6 0.9 0.3 ~ 3.6 1.9 0.0 0.1 1,600.00 CONCH0 RESOURCES INC 1,700.00 CONOCOPHILLIPS 600.00 EXXOE; MOBILE 60.36 102,610.64 65.99 39,592.32 COW. COW 1,400.00 OCCIDENTAL PETE 80.30 112,425.88 60.81 115,538.81 1,900.00 WHTWG PETROLEUM COW 591.238.07 739,662.00 FWANCWLS 1300.00 AFFILIATED MkUAGERS GROW WC 1,600.00 FIRST REPLIBLIC BANK 500.00 FRANKLEV RES WC 2,500.00 MORGAN STANLEY 86.31 112.206.38 101.45 131,885.00 34.06 54,492.80 102.36 51.180.60 32.28 5 1,648.00 131 29 65.645 00 42.58 106,462.37 324,342 I5 23 01 57,525 00 306,703 00 HEALTH CARE 1,500.00 ABBOT LAB COM 1.100.00 BECTON DICKINSON 52.35 78,521.00 64.29 70,720.77 52.62 78,930.00 86.17 94,787.00 & co 2,400.00 CERNER COW 3.600.00 CIGNA COW 24.62 59,088.16 22.05 79.397.35 61 11 146,664 00 51 43 185.148 00 1;500.00 STRYKER COW 4,850.00 SLF'ERGEN WC 53.08 79i623.60 1.78 8.633.00 375,983.88 58.69 88:035 00 1.5 0.2 14.453.00 0.3 0.0 608,017.00 10.6 0.8 ~- 2.98 INFORMATlOEj TECHNOLOGY 650.00 APPLE COMPUTER 126.32 82,107.55 335.67 218.185.50 3.8 0.0 MC 3200.00 BROADCOM COW 3,700.00 EMC COW 26.43 84,564.89 35.19 56,187.00 10.31 63.939.23 33 64 107,648.00 1.9 1.1 27.55 101,935.00 1.8 0.0 16.66 103.292.00 1.8 0.0 6200.00 IDS UNIPHASE COW 2:700.00 MARELL TECHNOLOGY 9.68 26;127.00 14.16 39;865.50 0.7 0.0 GROW 14,600.00 MICRON TECHKOLOGY WC 5 75 83,917.50 7 48 109,208.00 1.9 0.0 15 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND GROWTH June 30, 2011 Unit Total Market Pct. Cur. Assets Yield 7.200.00 MICROSOFT COW. 29.53 212.588.26 26.00 187.200.00 3.2 2.0 ____~ Quantify SCC"riQ Cost Cost Price Value 2,050.00 NETAFT lNC 108:199.00 1.9 0.0 670,466.93 975,533.00 16.9 0 5 ~- 29.77 61;035.50 52.78 121.26500 2 I 3 I 80,726 95 121,26500 2 I 3 1 ~~ 7,900 00 W ENERGY RiC 1022 80,726 95 15 35 ~- COMMOX STOCK Total 4,717,936 31 5,750,319 00 99 8 I2 RIGHTS 1,600 SANOFI-AENTIS 0 00 0 00 2 41 3,85600 0 I ____- SA-CVR 0 00 3,85600 0 1 00 TOTAL PORTFOLIO 4,786,28836 5,762,526.99 100.0 1.2 16 e 0 he Summary Report bate range covered: W/Ol/ZOll to 06/30/2011 Qcation(s): ICC Capital astitution Account(s): Palm Beach Gardens Police Fund 0 0 e Newmont Mining Corporation Meeting Date Countri Security ID Meeting Type Record Date Shares Voted Shares InmuCted Shares Available Shares on Loan 19-Apr-i1 USA 651639106 Annual 18-Feb-11 1.700 i.700 1,700 0 CUSIP: 651639106 ISIN: U56516391066 SEDOL 2636607 0 0 0 01.1 012 01.4 .l.S 01.6 a1.7 .l.B 01.9 01.10 .* e3 0 0' os 0 0 *1.3 Elect Director Glen A. Barton Elect Director Vincent A. Calarco Elect Director Joseph A. Carrabba Elect Director Noreen Doyle Elect Director Veronica M. Hagen Elect Director Michael 5. Hamson Elect Director Wchard T. O'Brien Elect Director John 8. Prescott Eiect Director Donald C. Rott Elect Director Simon Thompson Ratify Auditors Advisory Vote to Ratify Named Executive Gfkers' Compensation Advisov Vote on Say on Pay Frequency Other Business Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgrnt Mgrnt Mgmt Mgmt Mgmt Mgmt For For For For For For For For For For For For One Year For Mead Johnson Nutrition Company vote Insmction For Withhold For For For For For For For For Against Against One Year Against Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 26-Apr-11 USA 582839106 Annual 11-Mar-11 2,600 2,600 2,600 0 y" 0 CUSIP 582839106 ISIN US5828391061 SEDOL: E4W9F29 a 0 0 Proponent Mgmt Rec O1.1 Eiect Director Stephen W. Goisby Mgmt O1.2 Eiect Director Steven M. Altschuler Mgrnt 0 01.3 Elect Director Howard 8. Bernick Mgmt a For For For Vote Instruction For For For a e eote Summary Report &e range covered: 04/01/2011 to 06/30/20ll Qcation(s): ICc capital mstitution Account@): Palm Beach Gardens Police Fund 0 e a e w7 01.~ 0 l.I0 o2 03 04 0 0 a? D1.l D D1.s D D D3 B4 D5 D D7 D2 B6 L Elect Director Kimberly A. Casiano Elect Director Anna C. Cataiano Elect Director Celeste A. Clark Elect Director lames M. Cornelius Elect Director Peter G. Ratcliffe Elect Director Elliott Sigal Elect Director Robert S. Singer Advisory Vote to Ratify Named Executive Officers' Compensation Advimry Vote on Say on Pay Frequency Ratify Auditors Meeting Date 26-Apr-ll Mgmt Mgmt Mgmt Mgmt Mgmt Mgrnt Mgmt Mgmt Mgmt Mgmt Stryker Corporation CUSIP 863667101 ISIN: US8636671013 Meeting Type Remrd Date Annual 01-Mar-11 Elect Director Howard E. Cox, lr, Elect Director Snkant M. Datar Elect Director Roch Doliveux Elect Director Louise L. Francessoni Elect Director Nan C. Goiston Elect Director Howard L. Lance Elect Director Stephen P. MacMillan Elect Director William U. Patfet Elect Director Ronda E. Stryker Ratify Auditon Approve Omnibus Stock Pian Approve Restricted Stock Plan Advisory Vote to Ratify Named Executive Offken' Compensation Advisory Vote on Say on Pay Frequency Amend ArtideslBylaws/Charter -- Call Special Meetings For For For For For For For For One Year For For For For Withhold For For For For One Year For Shares Voted Shares Instructed Shares Available Shares on Loan 1,500 1,500 1.500 0 SEDOL: 2853688 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgrnt For Mgmt For Mgrnt For Mgrnt For Mgmt For Mgmt For Mgmt SH One Year Against Vote Instruction Withhold For For For For For Withhold Withhold Withhold For Against For For One Year For 0 0 @ate range covered: M/O~/ZOII to 06/30/20ll &ation(s): ICC capital OBtution Account(s): Palm Beach Gardens Police Fund mote Summary Report Meeting Date 27-Apr-11 Country USA Security ID 125509109 CIGNA Corporation Meeting Type Record Date Annual 28-Feb-11 Shares Voted Shares Instructed Shares Available Shares on Loan 3,700 3,700 3,700 0 CUSIP 125509109 ISIN: US1255091092 SEDOL 2196479 Propanent Mgmt Rec Elect Director Roman Martinez N Elect Director Carol Cox Wait Elect Director Wllliam D. Zollars Advimry Vote to Ratify Named Executive Officers' Compensation Mgmt Mgmt Mgmt Mgmt Advisory Vote on 5ay on Pay Frequency Mgmt Ratify Auditors Mgmt Amend Omnibus Stock Plan Mgmt For For For For mree Years For For Vote Instruaon For Against For For One Year Against For General Electric Company Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 27-Apr-11 USA 369604103 Annuai 28-Feb-11 4,900 4,900 4,900 0 CUSIP 369604103 ISIN: US3696041033 SEWL: 2380498 Elect Director W. Ceoffrey Beattie Elect Director lames I. Cash, Ir. Elect Director Ann M. Fudge Elect Director Susan Hcckfeld Elect Director Jeffrey R. Immelt Elect Director Andrea lung Elect Director Alan G. Lafley Elect Director Robert W. Lane Elect Director Ralph 5. Larsen Elect Director Rochelle 8. Lazarus Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt For For For For For For For For For For vote InNuction For Against Against For Against Against For For For Against a 0 eote Summary Report eate range covered: 04/OiI2Oll to 06130/2011 &tlon(s): ICC Capitai mstitution Account@): Palm Beach Gardens Police Fund a11 0 12 14 13 15 O16 17 018 0 oi9 0 2o o2I .22 e 23 24 0 0 w 0 0 0 01.1 01.2 01.3 e 01.4 01.5 01.7 01.6 01.8 0 O1.10 0' 01.9 03 Elect Director lames 3. Mulva Elect Director Sam Nunn Elect Director Roger S. Penske Elect Director Robert I. Swierirqa Elect Director lames S. llwh Elect Director DOuglaS A. Wamer I11 Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Advisoty Vote on Say on Pay Frequenq Provide for Cumulative Voting Performance-Based Equity Awards Withdraw Stock Options Granted to Executive Ofticen Report on Climate Change Business Risk Report on Animal Testing and Plans for Reduction Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt SH SH SH 5H SH For For For For For For For For One Year Against Against Against Against Against For Against Against For For Against Against Against One Year For For Against Against For Abbott Laboratories Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 29-Apr-11 USA 002824100 Annual 02-Mar-11 1,500 1,500 1,500 0 CUSIP 002824100 ISIN: U50028241000 SEDOL: 2002305 Elect Director Robert I. Alpem Elect Director Roxanne 5. Austin Elect Director W. lames Farreli Elect Director H. Laurance Fuller Elect Director Edward M. Liddy Elect Director Phebe N. Novakovic Elect Director William A. Osborn Elect Director Samuei C. Scott I11 Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Elect Director Glenn F. Tilton Mgmt Elect Director Miles D. White Mgmt Ratify Auditors Mgmt Advisory Vote to Ratify Named Executive Officers' Mgmt For For For For For For For For For For For For Vote Instruction For Withhold For Withhold For For For For For Withhold Against Against 0 0 aote Summary Report bate range covered: 04/01/2011 to 06/30/2011 &tion(s): ICC Capitai @Mution Account($: Palm Beach Gardens Police Fund Compensation Advisory Vote on Say on Pay Frequency Adopt Policy on Phanaceuticai Price Restraint Mgmt SH One Year Against One Year Against NV Energy, Inc. Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Sham on Loan 03-May-11 USA 67073Y106 Annual 08-Mar-11 8,100 8,100 8.100 0 CUSIP 67073Y106 ISIN US67073Y1064 Elect Director Joseph 8. Anderson, Ir. Elect Director Glenn C. Christenson Elect Director Brian I. Kennedy Eiect Director John F. O'Reilly Elect Director Philip G. Satre Elect Director Michael W. Yackira Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency Amend Omnibus Stock Plan Reduce Supermajority Vote Requirement for Amending Artides on Director Elections and Removals Reduce Supermajority Vote Requirement for Fair Price Provisions Ratify Auditors Require a Majority Vote fur the Election of Directors Amend Artides/Bylaws/Charter -- Call Special Meetings Stock Retention/Holding Period SEDOL: 2443799 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt Mgmt Mgmt One Year For For Mgmt Fur Mgmt SH SH SH For Against Against Against Vote Instrucbon For For For Withhold Fcr For For One Year Against For For Against For For For Whiting Petroleum Corporation Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 03-May-ll USA 966387102 Annual 11-Mar-11 2,000 2,000 2,000 0 CUSIP 966387102 ISIN: US9663871021 SEDOL: 2168003 vote 0 0 cote Summary Report &ate range covered: 04/01/2011 to 06/30/20ll Qcation(s): ICC capita &tution Account(s): Palm Beach Gardens Police Fund Proponent Mgmt RE Instnrction Elect Director D. Sherwin Aftus Mgmt Elect Director Phillip E. Doty Mgmt Increase Authorized Common Stock Mgmt Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency Mgmt Mgmt Ratify AuditOK Mgmt For For For For One Year For For For Against Against One Yea1 Against EMC Corporation Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 04-May-11 USA 268648102 Annual 07-Mar-11 3,800 3,800 3,800 0 CUSIP 268648102 ISIN: US2686481027 Elect Director Michael W. Brown Elect Director Randolph L. Cowen Elect Director Michael I. Cronin Elect Director Gail Deegan Elect Director lams S. DiStasio Elect Director lohn R. Egan Elect Director Edmund F. Kelly Elect Director Windle 8. Priem Elect Director Paul Sagan Elect Director David N. Strohm Elect Director loseph M. Tucci Ratify Auditors Amend Omnibus Stock Pian Provide Right to Call Special Meeting Advisoly Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency SEDOL: 2295172 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt One Year Vote Instruction For For Against For For For For For For For Against Against Against For For One Year 0 0 (bote Summary Report @ate range covered: 04/01/2011 to 0613012011 &ation(s): ICC Capital @stitutlon Account(s): Palm Beach Gardens Police Fund Expeditors International of Washington, Inc. Meeting Date Country Security ID Meeting Type Remrd Date Shares Voted Shares Instructed Shares Available Shares on Loan W-May-11 USA 302130109 Annual 07-Mar-11 2.200 2,200 2,200 0 CUSIP 302130109 ISIN: U53021301094 Eiect Director Main A. Emmert Eiect Director R. Jordan Gates Elect Director Dan P. Kourkoumeiis Elect Director Michael J. Maione Elect Director John W. Meisenbach Elect Director Peter J. Rose Elect Director James L.k. Wang Elect Director Robert R. Wright Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency Approve Stock Option Plan Ratifv Auditors SEDOL: 2325507 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt Mgmt Mgmt One Year For For Vote Instruction For Against Against Against Against Against Against For For One Year Against Against General Dynamics Corporation Meeting Date Country Security ID Meeting Type Remrd Date Shares Voted Shares Instructed Shares Available Shares on Loan 04-May-11 USA 369550108 Annual 07-Mar-11 1,300 1,300 1,300 0 CUSIP 369550108 ISIN: US3645501086 SEDOL: 2365161 Eiect Director Mary T. Earn Eiect Director Nicholas 0. Chabraja Eiect Director James 5. Crown Elect Director William P. Fricks Elect Director Jay L. Johnson Elect Director George A. Jouiwan Proponent Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Rec For For For For For For Vote Instruction For Against Against For Against Against 0 0 &e Summary Report bate range covered: 04/01/2011 to 06/30/2011 &ation(s): ICC Capital &tution Account(s): Palm Beach Gardens Police Fund Elect Director Paul G. Kaminski Elect Director John M. Keane Elect Director Lester L. Lyies Elect Director William A. Csbom Elect Director Robert Walmsley Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequenq Review and Assess Human RiqhS Policies Amend Ariicles/Bylaws/Charei Meeting Date Countly 04-Mav-11 US4 Elect Director S.L. mown Elect Director I.M. Cwk Eiect Director D. Dublon Elect Director V.J. Dzau Elect Director R.L. Hunt Elect Director A. Ibarguen Elect Director A.C. Mariinez Elect Director I.K. Nwyi Elect Director S.P. Rockefeller Elect Director 3.3. Schiro Elect Director L.G. Trotter Elect Director D. Vasella . .. Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt SH For For For For For For For Three Yean Against Agairut For For For For Against For One Year For Call Speclal Meetings SH Against For PepsiCo, Inc. Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 713448108 Annuai 04-Mar-11 2,000 2,000 2,000 0 ISIN: US7134481081 SEDOL 2681511 Proponent Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Advisorf Vote to Ratify Named Executive Offcers' Mgmt Compensation Advisory Vote on Say on Pay Frequency Mgmt Ratify Auditors Mgmt Mgmt Rec For For For For For For For For Far For For For For Three Years For vote Instruction For For For For Against For Against Against Against For For For For One Year Against e e he Summary Report eate range covered: 04/01/2011 to 06/30/2011 tocation(s1: ICC capita btution Account@): Palm Beach Gardens Police Fund e e e e e &er J"" e e e e e 1.1 1.2 :: 1.3 1.4 1.5 1.6 1.7 1.8 1.9 e1.10 e2 e3 e e4 e e e ec: e e e e e e a Adopt Majority Voting for Uncontested Election of Directors Mgmt SH Amend Articls/Bylaws/Charter -- Call Special Meetings Report on Political Contributions SH For Against Against For For For Thomas & Betts Corporation Meeting Date Cnuntw Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 04-May-ll USA 884315102 Annual 04-Mar-11 4,100 4,100 4,100 0 CUSIP 884315102 ISIN: US8843151023 SEDOL: 2887900 Elect Director Michael L. Ducker Elect Director leananne K. Hauswald Elect Director Dean lernigan Elect Director Ronald 8. Kaiich, Sr. Elect Director Kenneth R. Mastersan Elect Director Dominic I. Pileggi Elect Director lean-Paul Richard Elect Director Rufus H. Nvers Elect Director Kevin L. Roberg Elect Director David D. Stevens Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequenq Proponent Mgrnt Rec Mgmt Mgmt Mgrnt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgrnt Mgmt Mgmt Mgrnt For For For For For For For For For For For For One Year Vote Instrudon For Withhold Withhold Withhold Withhold Withhold Withhold For For For Against For One Year Broadcom Corporation Meeting Date Counby Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 05-May-11 USA 111320107 Annual OFMdr-11 3,300 3,300 3,300 0 CUSIP 111320107 ISIN: U51113201073 SEDOL 2235822 Vote Proponent Mgmt Rec Instruction Elect Director Nancy H. Handel Mgmt For For a a eote Summary Report *ate range covered: 04/01/2011 to 0613012011 &ation(s): ICC Capital aatution Account(s): Paim Beach Gardens Poiice Fund 1.2 1.3 1.4 1.5 a 1.7 a 1.9 az a a3 a4 a a qder r" a a a a a1 a2 a3 a a4 a5 a6 a7 a8 09 a10 an a12 a,, a14 a rn Elect Director Eddy W. Hartenstein Elect Director Maria Kiawe Elect Director lohn E. Major Elect Director ScoU A. McGregor Elect Director William T. Morrow Mgmt Mgmt Mgmt Mgmt Mgmt Elect Director Henry Samueli Mgmt Elect Director John AS. Swainson Mgmt Elect Director Robert E. Swih Mgmt Advisory Vote to Ratify Named Executive Officers Mgmt Compensation Advimry Vote on Say on Pay Frequenry Mgmt Ratify Auditors Mgmt For For For For For For For For For Three Years For For For For For For For For For For One Year For United Parcel Service, Inc. Meeting Date Country Security ID Meeting Tvpe Record Date Shares Voted Shares Instwad Sharer Available Shares on Loan OS-May11 USA 911312106 Annual OFMar-11 1.100 1,100 1,100 0 CUSIP 911312106 ISIN: US9113121068 SEDOL: 2517382 Elect Director F. Duane Ackerman Elect Director Michael 1. Burns Elect Director D. Scott Davis Elect Director Stuart E. Eizenstat Elect Director Michael L. Eskew Elect Director William R. Johnson Elect Director Ann M. Livemore Elect Director Rudy H.P. Markham Elect Director ClarkT. Randt, lr. Elect Director John W. Thompson Elect Director Carol 8. Tome Advisov Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequenq Ratify Auditors Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt For For For For For For For For For For For For Three Years For Vote Instrumon For For Against For Against For Against For For Against For Aqainst One Year Against 0 0 bote Summary Report sate range covered: 04/01/2011 to 06/30/20ll Qcaticn(s): ICC capitai &btution Account(s): Palm Beach Gardens Police Fund 15 0 0 0 &er e 0 0 0 0 01.1 01.2 1.3 1.4 1.5 01.6 01.7 01.8 01.9 01.10 a1.11 02 0 04 0 0 0 a? 0 0 0 0 0 o1 e2 a a3 Other Business Meeting Date Country 06-May-11 USA CUSIP 628530107 Security ID 628530107 Mgmt Far Against Mylan Inc. Meeting Type Record Date Annual 18-Mar-11 Elect Director Robert]. Coury Elect Director Rodney L. Piatt Elect Director Heather BreYh Elect Director Wendy Cameron Elect Director Robert I. Cindrich Elect Director Neil Dimick Elect Director Douglas I. Leech Elect Director loseph C. Maroon Elect Director Mark W. Parrish Elect Director C.B. Todd Elect Director Randall L. Vandemeen Ratify Auditors ISIN: U56285301072 SEDOL 2613804 Shares Voted Shares Instructed Shares Available Shams on Loan 5,700 5,700 5,700 0 Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Advisory Vote to Ratify Named Executive Officers' Compensation bidvisor, Vote on Say on Pay Frequenq Mgmt Mgmt Meeting Date Country OCMay-11 USA CUSIP: 674599105 Elect Director Spencer Abraham Elect Director Howard I. Atkins For For For For Far For Far For For For For Far For Three Years Vote Inmaon Withhold Withhold Withhoid Withhoid Far For Withhoid Withhoid For Withhoid For Against Against One Year Occidental Petroleum Corporation Security ID Meeting Type Record Date Shares Voted Sharer Instructed Shares Available Shares on Loan 674599105 Annual 15-Mar-11 1,400 1,400 1,400 0 ISIN: U56745991058 SEDOL 2655408 Proponent Mgmt Rec Mgrnt For Mgmt Far Vote Instruction For For e e qote Summary Report aate ranae covered: 0410112011 to 0613012011 .. .. %tution Account(s): Palm Beach Gardens Police Fund e e3 e4 as e6 o7 o8 e9 e12 014 015 oi7 e:: '13 0 0 l6 0 0 0 icker % 0 e :e ,e 'e e1.1 e1.2 e1.3 e1.4 e1.5 e1.6 01.7 01.8 1.9 1.10 Elect Director Stephen I. Chazen Elect Director Edward P. Djerejian Elect Director John E. Fei& Elect Director Margaret M. Foran Elect Director Carlos M. Gutierrez Elect Director Ray R. Irani fled Director Avedick B. Poladian Elect Director Rodolfo Segovia Elect Director Aziz D. Syriani Elect Director Rosemary Tomich Elect Director Walter L. Weisman Ratify Auditors Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Advisory Vote to Ratify Named Executive ORicers' Compensation Mgmt Advisory Vote on Say on Pay Frequency Mgmt Review Political Expenditures and Processes SH Request Director Nominee with Environmental Qualifications SH For For For For For For For For For For For For For None Against Against Against Against Against For For Against For Against Against Against Against Against Against One Year For For Albemarle Corporation Meeting Date Country Security ID Meeting Twe Remrd Date Shares Voted Shares Instructed Shares Available Shares an Loan 11-May-11 USA 012653101 Annual 02-Mar-11 3,000 3,000 3,000 0 CUSIP 012653101 ISIN: US0126531013 SEDOL: 2046853 Elect Director 3. Alfred Broaddus, Jr. Elect Director William H. Hernandez Elect Director R. Wiiliam Ide Ill Elect Director Richard L. Momll Elect Director lim W. NokeS Eiect Director Barry W. Peny Elect Director Mark C. Rohr Elect Director John Sherman, Ir. Elect Director Harriett Tee Taggart Elect Director Anne Mane Whittemore Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt For For For For For For For For For For Vote Instruction For For For For For For Withhold For For Withhold a a eote Summary Report aate range covered: 04/01/2011 to 06/30/20ll (bcation(s1: ICC Capital &tutim Account(s): Palm Beach Gardens Poiice Fund Advisory Vote to Ratify Named Executive Officers' Mgmt Compensation Ratify Auditors Mgmt Advixlry Vote on Say on Pay Frequenq Mgmt For For Three Years Against Against One Year ConocoPhillips Meeting Date Counhy security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 11-May-11 USA 20825C104 Annual 14-Mar-li 1,800 1,800 1,800 0 CUSIP: 20825C104 ISIN: U520825C1045 Elect Director Richard L. Amitage Elect Director Nchard H. Auchinleck Elect Director lames E. Copeland, Ir. Elect Director Kenneth M. Duberstein Elect Director Ruth R. Harkin Elect Director Harold W. McGraw 111 Elect Director lames I. Mulva Elect Director Robert A. Niblock Elect Director Harald I, Nowik Elect Director William K. Reilly Elect Director Victoria I. Tschinkel Elect Director Kathryn C. Turner Elect Director William E. Wade, 3. Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequenq Approve Omnibus Stock Plan Amend EEO Policy to Prohibit Discrimination based on Gender Identity Report on Political Contributions Report on Lobbying Expenses Report on Accident Risk Reduction Efforts Adopt Policy to Address Coastal Louisiana Environmental SEDOL: 2685717 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgrnt For Mgmt For Mgmt None Mgmt For SH Against SH SH SH SH Against Against Against Against Vote Instrucb'on For For For For For Against Against For For For For Against Against Against Against One Year For For For For For For e e (bote Summary Report %ate range covered: 04/01/2011 to 0613012011 (location(s): ICc Capital &Mion Account(s): Palm Beach Gardens Police Fund e 23 24 25 e e e Qcker w e e e e e1 e2 e3 e4 as e e6 ea elo en el2 el3 el4 a15 a7 09 e16 e17 e e e WT e a Impacts Adopt Quantitative GHG Goais for ProduN and Operations Report on Financial Risk of Climate Change Report on Environmental Impact of Oil Sands Operations in Canada SH SH SH Against Against Against For For For CVS Caremark Corporation Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 11-May-I1 USA 126650100 Annual 15-Mar-11 2,600 2,600 2,600 0 CUSIP 126650100 ISIN: US1266501006 Elect Director Edwin M. Bank Elect Director C. David Brown I1 Elect Director David W. Dorman Elect Director Anne M. Finucane Elect Director Kristen Gibney Williams Elect Director Marian L. Heard Elect Director Larry I. Merio Elect Director lean-Pierre Millon Eiect Director Terrence Murray Elect Director C.A. Lance Piccolo Elect Director Richard I. Swift Eiect Director Tony L. White Ratify Auditors Advisory Vote to Ratify Named Executive Oficers' Compensation Advisory Vote on Say on Pay Frequency Report on Political Contributions Provide Right to Act by Written Consent SEDOL 2577609 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt SH SH One Year Against Against Vote InsWuction For For For For For Against For For Against For For For For Against One Year For For Nordstrom, Inc. Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Sharer Available Shares on Loan 11-May-11 USA 655664100 Annual 11-Mar-11 2,900 2,900 2,300 0 0 0 he Summary Report mate range covered: 04/01/2011 to 06/30/20ll &tion(s): ICC capital asmution Account(s): Palm Bea& Gardens Police Fund 0 0 0 0 01 .* 03 04 0s 06 07 os 09 010 011 012 0 0 l4 0 0 16 0 0 0 e,, 0 0 0 0 0 01.1 01.2 e13 01.3 01.4 o2 03 a CUSIP 655664100 ISIN: US6556641008 Elect Director Phyllis 1. Campbell Elect Director Michelle M. Ebank Elect Director Enrique Hernandez, lr. Elect Director Robert G. Miller Elect Director Blake W. Nordstrom Elect Director Erik 8. Nordstrom Elect Director Peter E. Nordstrom Elect Director Philip G. Satre Elect Director Felicia D. Thornton Elect Director B. Kevin Turner Elect Director Robert D. Walter Elect Director Alison A. Winter Amend Qualified Employee Stock Purchase Plan Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency SEDOL: 2641827 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt One Year vote Inhuction For For Against For For For For For For For For For For Against For One Year PulteGroup, Inc. Meeting Date Country security ID Meeting Tqpe Record Date Shares Voted Shares Insb'ucted Shares Available Shares on Loan 11-May-11 USA 745867101 Annual 14-Mar-11 8,600 8,600 8.600 0 CUSIP 745867101 ISIN: US7458671010 SEDOL 2708841 Proponent Mgmt Rec Elect Director Brian P. Anderson Mgmt Elect Director Cheryl W. Grise Mgmt Elect Director Patrick I. O'Lealy Mgmt Elect Director Thomas M. Schoewe Mgmt Ratify Auditors Mgmt Advisory Vote to Ratify Named Executive Officers' Mgmt For For For For For For Vote Instrumon For For For For Against Against e e &e Summary Report bate range covered: 04/01/2011 to 06/30/2011 Qcation(s): ICC capital &tution Account(s): Palm Beach Gardens Police Fund Compensation e4 Advisory Vote on Say on Pay Frequency Mgmt One Year One Year e5 Require Independent Board Chairman SH Against For e6 Performance-Based Equity Awards SH Against Far e7 Provide for Cumulative Voting SH Against For e 0 e 17-May-11 USA 18683Ki01 Annual 25-Mar-11 1,600 1.600 1,600 0 0 Cliffs Natural Resources Inc. Meeting Daw Country Security ID Meeting Type Record Date shares Voted Sharer Instructed Shares Available Shares on Loan e e e e e e1.3 .1.6 e1.7 01.8 01.9 01.10 e1.11 e1.12 e2 e3 e e1.4 01,s e' e5 e6 e CUSIP i8683K101 ISIN: USl8683K1016 Elect Director loseph A. Carrabtx Elect Director Susan M. Cunningham Elect Director Bany I. Eldridge Elect Director Andres R. Gluskj Elect Director Susan M. Green Elect Director lanice K. Henry Elect Director lames F. Kjrsch Elect Director Francis R. McAllister Elect Director Roger Phillips flect Director Nchard K. Nederer Elect Director Richard A. Ross Elect Director Alan Schwarh Increase Authorized Common Stock Advisoly Vote to Ratify Named Executive OMcers' Compensation Advisory Vote on Say on Pay Frequency Require a Majority Vote for the El&ion of Directors Ratify Auditors SEWL: 2202707 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt SH Mgmt One Year Against For Vote Instrumon Against For F3r For For For For Against For For For Against Against Against One Year For For American Tower Corporation e acker y" Meeting Date Countty Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 18-May-li USA 029912201 Annual 22-Mar-11 1,200 1,200 1,200 0 a a a qote Summary Report @ate range covered: W/Ol/2Oll to 06/30/20ll Cbcationcs,: ICc Capital msttitution Account@): Palm Beach Gardens Police Fund a a a a 0 a1 02 a3 04 a5 06 07 as a9 010 a @12 e 013 e %,, e e a a 0 0 e 01.1 a1.2 01.3 01.4 01.5 ei.6 e1.7 01.8 CUSIP 029912201 ISIN: U50299122012 Elect Director Raymond P. Dolan Elect Director Ronald M. Dykes Elect Director Carolyn F. Kah Elect Director Gustavo bra Cantu Elect Director loann A. Reed Elect Director Pamela D.A. Reeve Elect Director David E. Sharbutt Elect Director lames D. Taiclet, 3. Elect Director Samme L. lhompsan Ratify Auditors Reduce SuperrnajonPy Vote Requirement Advisoly Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency SEDOL: 2253608 Propanent Mgmt Rec Mgmt For Mgmt For Mgrnt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt One Year Vote Instruction For For For For For For For Against For Against For For One Year AMR Corporation Meeting Date Country Security ID Meeting Typ Remrd Date Shares Voted Shares Instructed Shares Available Shares on Lcan 18-May-ll USA 001765106 Annuai 21-Mar-11 22,500 22,500 22,500 0 CUSIP 001765106 ISIN: U50017651060 SEDOL: 2001692 Elect Director Gerard 1. Arpey Elect Directorlohn W. Bachmann Elect Director Arrnando M. Codina Elect Director Albert0 Ibarguen Elect Director Ann M. Korologos Elect Director Michael A. Miles Elect Director Philip 1. Purceil Elect Director Ray M. Robinson Proponent Mgrnt Rec Mgmt Mgmt Mgmt Mgmt Mgrnt Mgrnt Mgmt Mgmt For For For For For For For For Vote Instruction Withhold For Withhold For Withhold Withhold Withhold For 0 0 cote Summary Report bate range covered: 04/01/2011 to 0613012011 (bcationcs,: ICc capital matution Account@): Palm Beach Gardens Police Fund 0 0' a5 a Elect Director Judith Rodin Elect Director Matthew K. Rose Elect Director Roger T. Staubach Ratify Auditors Advisory Vote to Ratify Named Executive Ofkers' Compensation ~dwsory Vote on Say on Pay Frequency Provide for Cumulative Voting Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt SH Morgan Stanley For For For For For One Year Against Withhold For For Against Against One Year For Meeting Date Country Security ID Meeting Type Read Date Shares Voted Shares Instructed Shares Available Shares on LDan 18-May-11 USA 617446448 Annual 21-Mar-11 2,600 2,600 2,600 0 CUSIP: 617446448 ISIN: us174464486 SEDOL: 2262314 Elect Director Roy I. Bostock Elect Director Erskine 8. Bowles Elect Director Howard 1. Davies Elect Director lames P. Gorman Elect Director lames H. Hance Jr. Elect Director C. Robert Kidder Elect Director John 3. Mack Elect Director Donald T. Nicolaisen Elect Director Hutham S. Olayan Elect Director lames. W. Owens Elect Director 0. Griffith Sexton Elect Director Masaaki Tanaka Elect Director Laura D. Tyson Ratify Auditors Amend Omnibus Stock Pian Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgrnt Mgmt Mgmt Mgmt Mgrnt Mgmt Mgmt For For For For For For For For For For For For For For For For One Year Vote Insbudon For For For For For Against Against For For For For For Against Against Against Against One Year ote Summary Report 3 Date range covered: 0410112011 to 06/3012011 ccation(s): ICC Capita i nstitution Account(8): Palm Beach Gardens Police Fund 0 Southwest Airlines Co. Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on ban 18-May-11 USA 844741108 Annual 22-Mar-11 12,500 12,500 12,500 0 CUSIP 844741108 ISIN: US3447411088 Elect Director David W. Biegler Elect Director Douglas H. Brwk Elect Director William H. Cunningham Elect Director lohn G. Denison Elect Director Gary C. Kelly Elect Director Nancy B. LoeMer Elect Director John T. Montford Elect Director Thomas M. Neaion Elect Director Daniel D. Villanueva Advisory Vote to Ratify Named Executive Omcers' Compensation AdViso~y Vote on Say on Pay Frequency Ratify Auditors Reduce Supermajority Vote Requirement SEDOL: 2831543 Proponent Mgmt Rec Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt For Mgmt Mgmt SH One Year For Against Vote Instruction For For Against For Against For For For For For One Year Against For Exxon Mobil Corporation Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 25-May-11 USA 30231G102 Annual 06-Apr-11 600 600 600 0 CUSIP 30231G102 ISIN: US30231G1022 SEDOL: 2326618 Elect Director M.J. Boskin Elect Director P. Brabeck-Letmathe Elect Director L.R. Faulkner Elect Director J.S. Fishman Elect Director K.C. Frazier Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt For For For For For Vote Instruction Withhoid For For For For e 0 *bote Summary Report aate range covered: 04/01/2011 to 06/30/2011 &ation(s): ICC capita &mution Account@): Palm Beach Gardens Police Fund Elect Director W.W. George Eiect Director M.C. Nelson Elect Director SJ. Palmisano Mgmt Mgmt Mgmt Elect Director 5.5. Reinemund Mgmt Elect Director R.W. mllerson Elect Director E.E. Whitacre, lr Ratify Auditors Mgmt Mgmt Mgmt Advisory Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency Mgmt Mgmt Require Independent Board Chairman SH Report on Political Contributions SH Amend EEO Policy to Prohibit Discrimination based on Sexual SH Orientation and Gender Identity Adopt Policy on Human Right to Water SH SH SH SH SH Report on Environmental Impact of Oil Sands Operations in Canada Report on Environmental Impacts of Natural Gas Fracturing Report on Energy Technologies Development Adopt Quantitative GHG Goals for Products and Operations For For For For For For For For Three Years Against Against Against Against Against Against Against Against F3r Withhold For For Withhold For Against Against One Year For For For For For For For For The Interpublic Group of Companies, Inc. Meeting Date Country security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 26-May-11 USA 460690100 Annual 04-Apr-11 12,900 12,900 12.9W 0 CUSIP 460690100 ISIN: US4606901001 SEDOL: 2466321 Elect Director Reginald K. Brack Elect Director Jocelyn Carter-Miller Eiect Director Jill M. Considine Elect Director Richard A. Goldstein Elect Director H. John Greeniaus Elect Director Mary 1. Steele Elect Director William T. Kerr Elect Director Michael I. Roth Proponent Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Rec For For For For For For For For Vote Instruction Against For Against For For For For Against I. 0 aote Summary Report aate range covered: W/Ol/ZOll to 06/30/2011 &tion(s): ICC capital @,&Won Account(s): Palm Beach Gardens Police Fund Eiect Director David M. Thomas Mgmt Ratify Auditos Mgrnt Advisory Vote to Ratify Named EYeC~ve Officers' Mgrnt Compensation Advlsory Vote on 5ay on Pay Frequency Mgmt Amend Bylaws-. Call Speual Meetings SH Meeting Date Country 27-May-11 USA CUSIP: 155782104 Elect Director Denis A. Cortese Elect Director lohn C. Danforth Elect Director Neal L. Patterson Elect Director William D. Zoilas Ratify Auditors Cerner Corporation For For For One Year Against For Against For One Year For Security ID Meeting Type Record Date Shares Voted Shares Instructed Sham Available Shares on Loan 156782104 Annual 01-Apr-11 1,200 1,200 1,200 0 ISIN: US1567821046 SEDDL: 2185284 Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgrnt Advisory Vote to Ratify Named ExeCUtive officers' compensation Mgrnt AdVlsory Vote on Say on Pay Frequency Mgmt Approve Omnibus Stock Plan Mgmt Amend Qualified Employee Stock Purchase Plan Mgmt Increase Authorized Common Stock Mgmt Eliminate Class of Preferred Stock Mgmt For For For For For For One Year For For For For Vote Instruction For For Against For Against For One Year Against For Against For Affiliated Managers Group, Inc. Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 31-May-11 USA 008252108 Annual 12-Api-11 1,300 1,300 1,300 0 CUSIP 008252108 ISIN: US0082521081 SEDOL 2127899 Proponent Mgmt Rec Vote Instruction Elect Director Samuel T. Byrne Mgrnt For Far I@ ' (bote Summary Report @ate range covered: 04/01/2011 to 06/30/20ll *ogtion(s): ICC capital &mution Account(s): Palm Beach Gardens Police Fund ' ' 1.2 ' ' ' 'I.' ' 1.3 a2 '3 ' 0' 0' a ' 9 6F a 4:: ' ' ' ' '1.3 '2 a3 ' 0' 0 ' ' ' ' ' ' cker CE a Elect Director Dwight D. Churchiil Elect Director Sean M. Healey Elect Director Harold I. Meyerman Elect Director William 1. Nutt Elect Director Rita M. Rodriguez Elect Director Patrick T. Ryan Elect Director lide I. Zeitlin Approve Stock Option Plan Mgmt Mgmt Mgmt Mgmt Mgmt Mgrnt Mgmt Mgrnt Advisory Vote to Ratify Named Executive Officers' Mgmt Compensation Advisory Vote on Say on Pay Frequency Mgmt Ratify Auditors Mgmt For For For For For For For For For One Year For For Withhold Withhold Withhoid Withhoid For For Against Against One Year Against Concho Resources Inc. Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares On Loan 02-1un-11 USA 20605P101 Annual 18-Apr-11 1,600 1,6W 1,600 0 CUSIP 20605P101 ISIN: uS20605P1012 SEDOL: BlYWRK7 Elect Director Timothy A. Leach Elect Director William H. Easter I11 Elect Director W. Howard Keenan, Ir. Ratify Auditors Advimry Vote to Ratify Named Executive Officers' Compensation Advisory Vote on Say on Pay Frequency Meeting Date Country Security ID 08-lun-ll USA 87612E106 Proponent Mgmt Mgrnt Mgmt Mgmt Mgmt Mgmt Rec For For For For For Vote Instruction Withhold For For For For Mgmt Three Years One Year Target Corporation Meeting Type Record Date Shares Voted Shares Instructed Shares kailable Shares on Loan Annual 11-Apr-I1 4.200 4,200 4,200 0 CUSIP 87612E106 ISIN: US87612E1064 SEDOL 2259101 Proponent Mgrnt Rec Vote Instruction e e eote Summary Report @ate range covered: 04/01/2011 to 06i30i20ll &ation(s): ICC capita estitutian Account(s): Palm Beach Gardens Police Fund Elect Director Roxanne 5. Austin Elect Director Calvin Darden Elect Director Mary N. Dillon Elect Director lames A. Iohn-n Elect Director Mary E. Minnick Elect Director Anne M. Mulcahy Elect Director Derica W. Rice Elect Director Stephen W. Sanger Elect Director Gregg W. Steinhafel Elect Director John G. Stumpf Elect Director Soiomon D. TNJillO Ratify Auditors Approve Omnibus Stock Plan Advisory Vote to Ratify Named Execmve Mficers' Compensation Advisory Vote on Say on Pay Frequency Adopt Compensation Benchmarking Policy Report on EleCtronia Recycling and Preventing E-Waste Export Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt SH SH For For For For For For For For For For For For For For One Year Against Against For For For Against For Against For Against Against For Against Against Against For One Year For For Clearwire Corporation Meeting Date Country Security ID Meeting Type Record Date Sharer Voted Shares Instructed Sharer Available Shares on Loan 15-lun-11 USA 18538Qlos Annual 15-Apr-11 11,100 11,100 11,100 0 CUSIP 18538Q105 ISIN US18538Q1058 SEDOL: 81WL6 Elect Director lohn W. Stanton Elect Director William R. Blessing Elect Director Jose A. Collazo Elect Director Mufit Cinaii Elect Director Hossein Esiambolchi, Ph.D. Elect Director Dennis S. HerSch Elect Director Brian P. McAndrews Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt For For For For For For For Vote Instruction Withhold For For For For For For e 0 eote Summary Report @ate range covered: 04/01/2011 to 06/30/2011 ecation(s): ICC capital Cstitution Account(s): Palm Beach Gardens Police Fund Elect Director Theodore H. %hell Mgmt Elect Director Kathleen H. Rae Mgmt Elect Director Benjamin G. Wolff Mgmt Elect Director lennifer L. Vogel Mgmt Ratify Auditors Mgmt Advlsory Vote to Ratify Named Executive Officers' Mgmt Compensation Advisory Vote on Say on Pay Frequency Mgmt For For For For For For One Year For For Withhold For For Against One Year SuperGen, Inc. Meeting Date Country Security ID Meeting Type Record Date Sharer Voted Shares Instructed Shares Available Sharer on Loan 16-lun-11 USA 868059106 Annual 29-Apr-11 14,250 14,250 14,250 0 CUSIP 868059106 ISIN: U58680591067 SEDDL: 2861313 Issue Shares in Connection with an Acquisition Adjourn Meeting Elect Director Charles 3. Casamento Elect Director Thomas V. Girardi Eiect Director Allan R. Goidberg Eiect Director Walter I. Lack Elect Director James S.J. Manuso Elect Director Michael D. Young Amend Qualified Employee Stock Purchase Plan Ratify Auditors Adviso~ Vote to Ratify Named Executive Ofkers' Compensation AdvisopI Vote on Say on Pay Frequency Proponent Mgmt Rec Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgrnt Mgmt Mgmt Mgmt Mgrnt For For For For For For For For For For For Three Years Vote InStrucUon For Against Withhold Withhold Withhold Withhold Withhoid Withhold For Against For One Year Marvel1 Technology Group Ltd Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Sharer Available Shares on Loan 28-Jun-11 Bermuda G5876H105 Annual 10-May-11 2,800 2,800 2,800 0 CUSIP G5876H105 ISIN: BMG5876Hi051 SEDOL: 2594653 a e cote Summary Report ete range covered: 04/01/2011 to 06/30/2011 ecation(5): ICC capita estitution Account(s): Palm Beach Gardens Police Fund Elect Director Kuo Wei (Herbert) Chang Elect Director luergen Gromer Elect Director Arturn Kmeger Advisory Vote to Ratify Named Execmve Officers' Compensation Advimry Vote on Say on Pay Frequency Approve Reduction of Share Premium Account Amend Non-Employee Director Omnibus Stock Plan Approve PricewaterhouseCmwrs LLP as Auditors and Authorize Board to Fix Their Remuneration Proponent Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Mgmt Rec For For For For One Year For For For Vote Instruttion Against For For For One Year For For Against 390 North Orange Avenue . 27th Floor Orlando, Florida . 32801 . 800-480-6445 . www.icccapital.com I I .. ..,% l.l_. .... _* 8I LI 9I SI PI €I ZZ 11 01 8 L 9 5 P € I I ?3Vd NOUXS %EbE OME'Z %E6W %EgI %8E'6E %EL'& %S82 3c(Kp %I05E %9L'O %€61E %I-0 %69'OE %OI'O w3A-I . ............... - / \ / .- ...... 3358 %ZfZ AOOOZX HS92- 33158 W9LT ... f .. r- W01- WW a 't d a a d a I102 li %S& f auro=ul n L %O.OOl %O'O %O'SE OOO'L I S'9*$ 000' I S*'SI$ 000' 1 Lt77 $ ooo'ssL's$ 000'006'C$ 000'6t7Z'b$ ooo'osE't7$ 000'80E'I I$ W0.L OOO'SI S$ ooo'srs$ O$ O$ O$ 0% O$ O$ 9SB3 000'LE~'91$ 000'996'tI$ 000'1 L*'I$ O$ O$ O$ O$ O$ aruoxq paqd O0O'S9Si6Z$ O$ O$ 000'8sL's$ 000'006'€$ O0O16t7Z'P$ ooo'osE't7$ 000'80E'1 I$ sawh %86Z ! 9p %WO %O" %F9f %WS %lZS XWP %W'O %6I'Z PI 8E os U %86Zl %f8'ZI- %W'I %Z8'0I 19 5z L BE %U'9 %W11 %€f'€I- %WS %6001 %[E'S %8L'S %26ZZ %SL'ZI %LO1 tl ?I 56 68 89 %SI'S W6T %L6'61 %I601 %IS0 .. ... 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