Loading...
HomeMy WebLinkAboutAgenda Police Pension 072408Agenda City of Palm Beach Gardens Police Officers' Pension Fund MEETING OF JULY 24, 2008 LOCATION: City Council Chambers' Police Conference Room 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 10:00 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. Audited Financial Statements (FYE 9/30/2007) Cherry, Bekaert & Holland (Rowana Flitan & Howard Rew) 4. Approval of Minutes: April 24, 2008 5. Investment Manager Report-ICC Capital (Steve Stack) 6. Investment Consultant Report-Thistle Assets (John McCann) • Revised Investment Policy Guideline Update 7. Attorney Report: Hanson, Perry, & Jensen, P.A. (Bonni Jensen) • Federal & State Legal Updates -Memo • IRS Determination Letters -Memo 8. Disbursements Approval 9. Benefit Approvals 10. Financial Statements 11. Administrative Report (Scott Baur & Audrey Ross) 12. Old Business 13. Other Business 14.Adjourn Next Meeting Date: *Thursday October 30, 2008 @ 9AM PLEASE NOTE: tc any rnattec· cons;dered at such meeUn9 ~y· heannq; s/he v·.till need J recor-d of procee{'jings and for SI .. Kh purpDse n~ay nfed to ensur-e that a verbatlrn record of the proceecnngs ~s rnade, v.;t1ich record includes the testirnony and r-::vir!ence upon which the appeal is to be based. In accordance \<Vith rht:~ Arnericans V\lith Disabdltif:::·~ A;"t of persPns nt:~-~::dinq ;;·:~ speciE~! ::·Jccon1rr10(.larlon to participate in t~1is tnf:eting 5l~ouid contact tbe Thf: P~~nsi<::n R~!S;;;:urc.z: C·:;;nt~=~·~ LLC no than pnor tt~,e r1~eetrng, PALM BEACH GARDENS POLICE PENSION FUND BOARD OF TRUSTEES COMBINED INVESTMENT POLICY STATEMENT FOR ICC CAPITAL MANAGEMENT & RHUMBLINE GLOBAL ADVISORS Amended July 2008 I. PURPOSE OF INVESTMENT POLICY STATEMENT The Pension Board Trustees maintain that an important determinant of future investment returns is the expression and periodic review of the Fund's investment objectives. To that end, the Trustees have adopted this statement of Investment Policy. In fulfilling their fiduciary responsibility, the Trustees recognize that the retirement system is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Board also recognizes that the obligations of the Fund are long-term and that investment policy should be made with a view toward performance and return over a number of years. The general investment objective, then, is to obtain a reasonable total rate of return -defined as interest and dividend income plus realized and unrealized capital gains or losses -commensurate with the Prudent Investor Rule and any other applicable statute or requirement. A reasonably consistent and adequate return, protection of the assets against the inroads of inflation and safety of the assets are paramount. However, the volatility of interest rates and securities markets make it necessary to judge results within the context of several years rather than over short periods of one or two years or less. Performance will be measured quarterly. II. INVESTMENT PERFORMANCE OBJECTIVES-QUARTERLY EVALUATION MECHANISMS The below listed performance measures will be used as objective criteria for evaluating effectiveness of the Investment Managers: A. Total Return of the Combined Managers: 1. The performance of the total fund will be measured each quarter for rolling three and five year periods. These periods are considered sufficient to accommodate the different market cycles commonly experienced with investments. The return of this portfolio is expected to exceed the return of a portfolio comprising: Since Inception (3/31/92) until11/30/95- 25% S&P500, 60% Lehman Brothers Aggregate Bond (LBAB), and 15% Citigroup Treasury Bill-3 month (TBill); From 12/1/95 until 11/30/96 - 30% S&P500, 60% LBAB and 10% TBill; 1 From 12/1/96 until11/30/97- 40% S&P500, 50% LBAB, and 10% TBill; From 12/1/97 until12/31/98- 60% S&P500 and 40% LBAB; From 1/1/99 until 6/30/00- 30% Russell 1000 Growth, 30% Russell 1000 Value, and 40% LBAB; From 7/01/2000 until12/31/2002 the combined performance is expected to exceed the return of a portfolio comprising: 60% S&P500 and 40% LBAB. From 01/01/2003 until12/31/2003 the combined performance is expected to exceed the return of a portfolio comprising: 50% S&P500, 10% S&P MidCap 400 and 40% LBAB. From 01/01/2004 until 09/30/2006 onwards the combined performance is expected to exceed the return of a portfolio comprising: 40% S&P500, 10% S&P MidCap 400, 10% S&P SmaiiCap 600 and 40% LBAB. From 10/01/2006 until 09/30/2007 the combined performance is expected to exceed the return of a portfolio comprising: 35% S&P500, 10% S&P MidCap 400, 10% S&P SmaiiCap 600, 5% MSCI EAFE and 40% LBAB. From 10/01/2007 until 9/30/2008 the combined performance is expected to exceed the return of a portfolio comprising: 25% S&P500, 10% S&P MidCap 400, 10% S&P SmaiiCap 600, 10% Russell 1000 Growth, 5% MSCI EAFE and 40% LBAB. From 10/01/2008 onwards the combined performance is expected to exceed the return of a portfolio comprising: · 25% S&P500, 1 0% S&P Mid Cap 400, 1 0% S&P Small Cap 600, 1 0% Russell 1 000 Growth, 10% MSCI EAFE and 35% LBAB. B. For ICC Capital Management: The performance of the total fund will be measured each quarter for rolling three and five year periods. These periods are considered sufficient to accommodate the market cycles commonly experienced with investments. After July 1, 2000 the return of this portfolio is expected to exceed the return of the LBAB. After October 1, 2008 the return of this portfolio is expected to exceed the return of 78% of the LBAB Index and 22% of the Russell1000 Growth Index. · 2 C. For Rhumbline Global Advisors The performance of the total fund will be measured each quarter for rolling three and five year periods. These periods are considered sufficient to accommodate the market cycles commonly experienced with investments. After July 1, 2000 until December 31, 2002 the return of this portfolio is expected to match the return of the S&PSOO Index. From January 1, 2003 until December 31, 2003 the return of this portfolio is expected to match the return of an 80% S&PSOO and 20% S&P MidCap 400 policy. After January 1, 2004 the return of this portfolio is expected to match the return of a 60% S&PSOO, 20% S&P MidCap 400 and 20% S&P SmaiiCap 600 policy. After October 1, 2007 the return of this portfolio is expected to match the return of a 56% S&PSOO, 22% S&P MidCap 400 and 22% S&P SmaiiCap 600 policy. D. For International Equity Mutual Funds After October 1, 2006 the return of this portfolio, which is made up of three (3) Vanguard Mutual Funds, is expected to exceed the return of the MSCI EAFE Index Fund. E. For Each Investment Manager: 1. Relative to other similar investment managers, it is expected the manager's performance with regard to the total return of the fund will be in the top forty percent (40%) of the appropriate Performa Universe over three to five year periods. When performance is below the standard, the manager will report to the Trustees the reasons for the occurrence and the steps taken to avoid reoccurrence. a. On an absolute basis, it is expected that the total return of the fund will equal or exceed the actuarial earnings assumption, and equal or exceed the Consumer Price Index, plus 3% over three to five year periods. When performance is below these standards, the manager will report to the Trustees the reasons for occurrence and the steps taken to avoid reoccurrence. b. From time to time the performance monitor may adjust or change the evaluation indices and/or universes so as to more adequately measure and evaluate the investment manager's particular equity and fixed income investment style. Any such adjustment or change would be communicated to both the Investment Manager and the Pension Board Trustees at the time of said adjustment or change. · Ill. INVESTMENT GUIDELINES A. Authorized Investments 1. To include Certificates of Deposit up to a $100,000 maximum value and money market deposit accounts of a national bank,' a state bank or a savings and loan association insured by the Federal Deposit Insurance Corporation. · 2. Obligations issued by the United States Government or obligations guaranteed as to principal and interest by the United States Government. 3 3. Stocks, bonds or other evidences of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state or organized territory of the United States, or the District of Columbia, provided: i. Equities will be traded on one or more of the following recognized national exchanges: 1 . New York Stock Exchange 2. American Stock Exchange 3. The NASDAQ Stock Market b. The individual issue meets the following rating criteria: 1. Fixed income: Standard & Poor's, AAA, AA, A or Moody's Aaa, Aa, A 2. Equities: Value Line Investment Survey Rank for Safety, 1, 2, and 3 or Standard & Poor's A+, A or A- 3. Money Market: Standard & Poor's A 1 or Moody's P1 c. Not more than· five percent of the Fund's assets shall be invested in the common stock or capital stock of any one issuing company, nor shall the aggregate investment in any one issuing company exceed five percent (5%) of the outstanding capital stock of the company. Fixed income investments shall mean publicly traded debt securities issued by the United States Government or agencies of the United States Government, sovereign and supranational debt, domestic corporations and domestic banks and other United States financial institutions or mortgage/asset backed securities. "Yankee bonds" (debt securities issued by foreign entities denominated in U.S. dollars which are traded domestically) are also available for investment. Use of To Be Announced (TBA) Securities. All investments in TBA securities shall be issued by a Federal Agency or be of investment grade. Cash equivalent balances to satisfy the transaction must be available at the time of purchase and held until final settlement. Prohibited Securities. The following types of asset backed securities and collaterized mortgage obligations are not permissible for investment using the Fund's assets without the Trustees' prior written approval: 1. Securities paying Interest Only (I D's). 2. Securities representing Principal Only (PO's). 3. Accrual Bonds (z-tranches). 4. Inverse or Reverse Floaters with a multiplier greater than 1.00 or less than -1.00. 5. Asset pools not domiciled in the United States. 6. Collateralized Bond Obligations (CBO's) 7. Collateralized Debt Obligations (COO's) 8. Collateralized Loan Obligations (CLO's) 4 9. Companion bonds. 4. Mutual Funds, commingled stock, bond or money market funds whose individual investments are restricted to securities meeting the criteria expressed in Ill. 5. Bonds issued by the State of Israel. 6. The use of unhedged and/or leveraged derivatives will not be allowed in any form. 7. International Equity Stocks or Mutual Funds may be purchased. B. Limitations Investments in corporate common stock, international equities, convertible bonds and convertible preferred issues should be targeted at sixty percent (60%) of the fund at market value and shall not exceed seventy percent (70%) of the fund assets at cost. No restriction is placed on the Fund's percentage holdings of bonds or cash. IV. COMMUNICATIONS AFFECTING BOTH MANAGERS A. The custodian shall apprise the Trustees of all transactions and shall forward all proxies to the Managers within five calendar days. On a monthly basis, the custodian shall supply an accounting statement which will include a summary of all receipts and disbursements and the cost and the market value of all assets. On a quarterly basis, the Managers shall provide a written report affirming compliance with the security restrictions of Section Ill above and a summary of common stock diversification and attendant schedules. In addition, the Managers shall provide each quarter a report detailing the fund's performance, adherence to the investment policy, forecast of the market and economy, portfolio analysis and current assets of the Trust. Written reports shall be mailed to the Trustees within 60 days of the end of the quarter. The Managers will provide immediate written and telephone notice to the Chairman of the Board of Trustees and the Performance Monitor of any significant market related or non-market related event, specifically including, but not limited to the resignation, termination or incapacity of any senior personnel. B. The Managers will disclose any securities which are not in compliance with Section Ill in each quarterly report. C. If the fund owns securities, which complied with Section Ill at the time of purchase, that are subsequently down graded below permissible levels, the Managers will dispose of such securities in the normal course of business. D. The Managers' quarterly reports will list separately any security whose value has diminished twenty- five percent (25%) or more from purchase price. . . F. The Trustees intend to meet periodically with the monitoring service's representative to review the Performance Report:· The Trustees will meet with the Investment Managers and appropriate outside consultants to discuss performance results, economic outlook, investment strategy and tactics and other pertinent matters affecting the Fund as needed. 5 G. The Managers shall report to the Trustees on an annual basis how each proxy was voted, the issue as to each, and the date the proxy was voted. If a proxy was not voted, the Managers shall provide a written statement indicating the reason that particular proxy was not voted. H. The Trustees may wish to recapture as many of their commission dollars as possible consistent with obtaining the "best execution" as defined in ERISA Technical Release 86-1 which is made part of this agreement by reference. I. When there is any change in ownership of the investment management firm, the new firm will provide the Trustees with an audited balance sheet and will keep the Trustees fully informed of all material events. This is to include, but not be limited to, the loss of any clients, deterioration of the financial health of the firm and all employment contracts. V. CRITERIA FOR INVESTMENT MANAGER REVIEW The Board wishes to adopt standards by which judgments of the ongoing performance of an Investment Manager may be made. With this in mind, the following are adopted: If, at any time, any one of the following is breached, the Managers will be warned of the Board's serious concern for the Fund's continued safety and performance. 1. Four consecutive quarters of total fund performance below the fiftieth percentile (501h) in the Performa Mutual Fund Manager performance rankings. 2. Standard deviation for the Fund in excess of one hundred-twenty percent (120%} of the investment policy. 3. Loss by the Manager of any senior investment personnel. 4. Any change in basic investment philosophy by the Manager. 5. Failure to attain a sixty percent (60%) vote of confidence by the Board members. 6. Failure to observe the security quality restrictions of Section Ill. 7. Failure to maintain a positive three-year alpha. This shall in no way limit or diminish the Trustee's right to terminate the Manager at any time for any reason. VI. FLORIDA STATUTES AND APPLICABLE CITY ORDINANCES If at any time this document is found to be in conflict with Florida Statutes, or applicable City Ordinances, the Statute and Ordinances shall prevail. VII. REVIEW AND AMENDMENTS It is intended the Investment Managers and Trustees review this document periodically. If at any time the Manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict 6 performance, the Trustees should be so notified in writing. By the initial and continuing acceptance of this investment policy statement, the Investment Manager concurs with the provisions of this document. For ICC Capital Management Date For Rhumbline Global Advisors Date For the Pension Board of Palm Beach Gardens Police Date 7 Palm Beach Gardens Police Pension Fund Summary Plan Description August 2008 Introduction As a participant in the Palm Beach Gardens Police 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, Pension Resource Center, 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 June 15, 2006 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, Pension Resource Center, LLC. Their address is: Pension Resource Center, 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 PARTICIPATION IN THE PENSION FUND ....... : ......................... ~ ELIGIBILITY FOR NORMAL RETIREMENT ................................ ~ AMOUNT OF A NORMAL RETIREMENT PENSION .......................... 2 EARLY RETIREMENT PENSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 MONTHLY SUPPLEMENTAL BENEFITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 SURVIVOR BENEFITS-DEATH BEFORE RETIREMENT ..................... 2 Duty Related Deaths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Non-Duty Related Deaths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 DISABILITY RETIREMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Z Duty Disability Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Z Non-Duty Disability Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Z ENDING EMPLOYMENT BEFORE RETIREMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 ANNUAL PENSION ADJUSTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 FILING FOR RETIREMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 DEFERRED RETIREMENT OPTION PLAN (DROP) . . . . . . . . . . . . . . . . . . . . . . . . . . 9 TRUSTEE TO TRUSTEE TRANSFER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Q COST OF THE PENSION FUND ........................................ 1Q ADMINISTRATION OF THE PENSION FUND .............................. 11 INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 ACTUARIAL SOUNDNESS ............................................ 11 FORFEITURE OF PENSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 REVIEW PROCEDURE ............................................... 12 AGENT FOR SERVICE OF LEGAL PROCESS ............................ . PLAN YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 PERTINENT ACTUARIAL DATA ........................................ 14 PENSION INCOME AND DISBURSEMENTS .............................. . DEFINITIONS Accumulated contributions-the total of all amounts contributed by a participant to the Palm Beach Gardens Police Pension Fund. Average Monthly Earnings -the monthly average of salary during the last five years of employment Beneficiary -an individual who is receiving a survivor benefit from the Pension Fund following the death of a participant. Board -the Board of Trustees which administers, manages and operates the Pension Fund. Credited service-A participant's years of service as a police officer in Palm Beach Gardens Police Department. Also includes those years which a participant has purchased by making a contribution to the plan. Years of service can be purchased for years or fractional parts of years that a police officer served in the United States Military service, or service with another municipal, county, state, or federal law enforcement agency. Participant -a Palm Beach Gardens police officer participating in the Pension Fund. Salary -Average monthly earnings as reported to Internal Revenue Service for income tax purposes, plus deferred compensation. Palm Beach Gardens Police Pension Fund Page 1 August 2008 PARTICIPATION IN THE PENSION FUND Each police officer employed in the City of Palm Beach Gardens Police Department is a Pension Fund participant. A police officer is an employee who is certified as a law enforcement officer as a condition of employment in accordance with the provisions of §934 .14 943.1395, Florida Statutes. The Police Chief may elect not to participate in the Plan. ELIGIBILITY FOR NORMAL RETIREMENT A police officer who either has 20 or more years of credited service or is age 52 or older and has 10 or more years of credited service is eligible for normal retirement. An application for normal retirement must be filed with the Fund Administrator and approved by the Board of Trustees. AMOUNT OF A NORMAL RETIREMENT PENSION The amount of a normal retirement pension is based on a participant's credited service, average monthly earnings and pension multiplier. Average Monthly Earnings is the monthly average of salary during the last five years of employment producing the highest average. Salary includes base salary, overtime, longevity pay and may include other types of pay. Credited service is generally a participant's period of employment as a police officer in the Police Department of the City of Palm Beach Gardens, measured in years and completed months of a year. Special conditions apply if a participant has a break in service as a police officer. In certain circumstances, limited periods of military service and police service with another Florida municipality may be recognized as credited service. Promptly contact the Fund Administrator if ei#tef any of these situation§ app~ and you have not already resolved the question. The pension multiplier is 3.5%. Palm Beach Gardens Police Pension Fund Page2 August 2008 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 Retirement 5th 4th 3rd 2nd 1st Sample Salary for Year 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 + $28,000 + $29,000 = $2,250 60 The monthly normal retirement pension is calculated as follows: 3.50% of average monthly earnings multiplied by credited service up to a maximum of 100%. The following is an illustration of a normal retirement pension calculation. This is an example for planning purposes only and does not indicate the actual benefit for any participant. (1) Total credited service (2) Average monthly earnings (3) 3.50% of line (1) (4) Line (3) times line (2) Palm Beach Gardens Police Pension Fund .035 X 20 70% X 2,250 20.0 yrs. $2,250 70% $1,575.00 Page3 August 2008 EARLY RETIREMENT PENSION A police officer who is age 50 and has 1 0 years of service is eligible for early retirement. The early retirement benefits that are payable to a police officer are determined in the same manner as the normal retirement benefit but are reduced by 3% for each year by which the member's age at retirement preceded the member's normal retirement age to take into account the police officer's younger age and the earlier commencement of retirement income payments. MONTHLY SUPPLEMENTAL BENEFITS Beginning October 1, 2004, all retirees in payment status are entitled to a monthly supplemental pension benefit equal to $12.50 per year of service. This benefit is payable monthly for the life of the retiree. This benefit is payable to a surviving beneficiary of a retiree on a monthly basis for the period of time that the surviving beneficiary is in receipt of a pension in accordance with the form of benefit chosen at the time that benefits begin. FORMS OF PAYMENT OF A PENSION Normal Form The standard form of payment for the pension described above is a benefit payable for 10 years certain, in other words, you are guaranteed 120 monthly payments. The retiree will receive a benefit for life. However, if the retiree dies prior to receiving 120 payments, then pension payments will continue until a total of 120 payments have been made. A participant may designate a beneficiary to receive the benefit payable, if any, upon the death of the retired participant. When there is no beneficiary named, the benefit will be paid to the spouse, dependent children, or dependent living parents of the police officer, or if there is no such survivor, then to the deceased police officer's estate. IT IS IMPORTANT TO KEEP YOUR BENEFICIARY DESIGNATION UP TO DATE Palm Beach Gardens Police Pension Fund Page4 August 2008 ~~~------------- Optional Forms of Payment Optional forms of payment are available in lieu of the normal form described above. The amount of pension under each optional form has the same actuarial value as the normal form of payment (lifetime payments with 120 payments guaranteed). • Option I -Joint and 100% Survivor -The joint and 1 00% 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 Ill -Joint and 66-2/3% Survivor -The joint and 66-2/3% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option II. Upon the retired participant's death the beneficiary (a spouse or relative) will be paid 66-2/3% of the reduced monthly pension for life. • Option IV -Joint and 50% Survivor -The joint and 50% survivor form of payment pays the retired participant a reduced monthly pension while the retired participant is alive. The reduction is not as great as under Option Ill. Upon the retired participant's death, the beneficiary (a spouse or relative) will be paid 50% of the reduced monthly pension for life. • Option V -Life Annuity -The straight life form of payment pays the retired participant an increased monthly pension for life. The amount of this benefit is more than the normal form and other optional forms. No monthly pension is ever paid a spouse, child, dependent parent or other beneficiary under this form of payment. 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. Palm Beach Gardens Police Pension Fund Page 5 August 2008 The Fund Administrator can give you an estimate of the amount of your pension under any of the optional forms of payment. A request for an optional form of payment must be submitted in writing to the Board before the effective date of retirement. An optional form of payment cannot be changed after the first pension check is cashed. The election of Options I, II, Ill and IV shall be null and void if the designated beneficiary dies before the member's payments commence. SURVIVOR BENEFITS-DEATH BEFORE RETIREMENT Duty Related Deaths The surviving spouse, or in certain circumstances surv1v1ng children, of a participant who dies while employed in the Police Department as a police officer will be paid a duty death pension if the Board finds the death to be the result of causes arising out of and in the course of the participant's performance of duty as a police officer. A surviving spouse is paid a monthly pension, for life, of 50% of the participant's average monthly earnings. An unmarried child under the age of 18, or age 24 if a full time student, is paid a monthly pension in the amount of an equal share of 50% of the participant's average monthly earnings if a surviving spouse is not being paid a pension. Payment terminates upon the earlier of adoption, marriage, attainment of age 18 (age 24, if a full time student, or loss of full time student status) or death. The death benefit is paid to the estate if the participant leaves neither a surviving spouse nor an eligible surviving child. In any of these cases, the board may, in its sole discretion, direct that the actuarial value of the monthly payment be paid as a lump sum. Non-Duty Related Deaths If a participant who has 5 or more years of credited service dies while employed in the Police Department as a police officer and the death is not in the line of 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 Palm Beach Gardens Police Pension Fund Page 6 August 2008 participant, the participant's accumulated contributions are paid to the parti- cipant's designated beneficiary or to the participant's estate if there is no designated beneficiary. DISABILITY RETIREMENT A pension may be payable to a participant who becomes disabled while employed in the police department as a police officer. Eligibility and the amount of the pension are dependent on whether or not the disability occurred in the line of duty. The disability must arise from a mental or physical illness, disease or injury which totally and permanently prevents the participant from performing useful and efficient service as a police officer in the Palm Beach Gardens Police Department. No police officer shall be permitted to retire under a disability retirement until examined by a duly qualified physician or surgeon to be selected by the Board of Trustees and the physician or surgeon finds the participant to be disabled from performing the functions of a police officer. The final determination of disability is made by the Board. If disability results from excessive and habitual use of drugs, intoxicants or narcotics, willful and illegal participation in fights, riots or civil insurrection, or while committing a crime, or injury or disease sustained while serving in an armed force, no disability pension can be awarded. A participant who is retired for disability may be required to undergo periodic medical examination under the direction of the Board of Trustees to determine if the retired participant is capable of performing the duties of a police officer in the Department. Duty Disability Retirement If the Board finds the disability to have arisen out of and in the course of the participant's performance of duty as a Palm Beach Gardens police officer, the 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. Palm Beach Gardens Police Pension Fund Page 7 August 2008 Non-Duty Disability Retirement There is a 1 0 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 BEFORE RETIREMENT If a participant with less than 10 years of credited service quits or is fired from employment as a Palm Beach Gardens police officer, the participant shall be entitled to a retirement benefit subject to the vested percentages below: Years of credited Service Under 5 5 6 7 8 9 10 or more Vested% 0% 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 1 0 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. 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 Palm Beach Gardens Police Pension Fund PageB August 2008 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 151 of each year if the pension fund assets have earned more than 8.5% as of September 30 1 h and the pension fund has positive actuarial experience. The potential total distribution is based upon an actuarial formula which is contained in the pension plan document. Essentially, the retirees and beneficiaries share in the positive investment experience of the retiree portion of the pension fund over 8.5%. All pension recipients monthly pension benefits will be increased on a percentage basis and the percentage will be the same for all pension recipients. The percentage increase will be determined by the actuary and will equal the earnings above 8.5% on the assets reserved to pay pension recipients. The distribution is limited to a 4% increase in any one year. A retiree must be in receipt of a pension for at least one year on July 1 to be entitled to an adjustment. Conversely, if the Fund does not earn more than 8.5%, there will be no pension adjustment. FILING FOR RETIREMENT In order to ensure that you receive your pension on time, you should file your application with the Fund Administrator at least 30 days before retirement. All 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. Palm Beach Gardens Police Pension Fund Page 9 August 2008 DEFERRED RETIREMENT OPTION PLAN (DROP) A participant may elect DROP participation prior to completing 25 years of credited service if the participant is eligible for normal retirement. DROP participation ends at the first to occur of: 1) termination of employment, 2) 30 years of credited service, or 3) 5 years of participation. Upon the effective date of DROP participation a participant's pension amount is calculated based on credited service and final average salary at that time and the amount remains permanently frozen. The participant's DROP account is credited with monthly amounts equal to the frozen pension during the period of DROP participation. DROP accounts are credited with investment earnings each September 30 during the DROP period. Members may choose between the rate of return on the pension fund or a fixed rate of 6.5% as the investment earnings credit. No investment earnings or monthly credits are made after the end of the DROP period, if the member remains employed. Participant DROP accounts are subject to administrative charges. A participant may elect payment of the DROP account at any time following termination of employment but not later than age 70 'Y:!. Payment is available under several options. Detailed information is available from the administrator. TRUSTEETOTRUSTEETRANSFER 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. 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. Palm Beach Gardens Police Pension Fund Page 10 August 2008 The City of Palm Beach Gardens also contributes to the Pension Fund. The amount of City contribution is mathematically determined in accordance with State statutes to finance Pension Fund benefits as they are earned. ADMINISTRATION OF THE PENSION FUND The Pension Fund is administered by a Board of Trustees which is responsible for overseeing the investment of Pension Fund assets and application of the provisions of the Palm Beach Gardens Code. The Board has authority over distribution of all pensions and makes final decisions on claims and appeals. Five trustees comprise the Board: two legal residents of the City appointed by the City Commission, two full-time police officers elected by Pension Fund participants and a trustee chosen by the majority of the other four trustees. Pension Fund assets are maintained and invested entirely separate from City assets and cannot be used for any purpose other than those specified in the Plan. INVESTMENTS The assets of the Plan are presently invested by Investment Counsel Company and Rhumbline under investment guidelines adopted by the Board of Trustees in consultation with their investment advisors. ACTUARIAL SOUNDNESS The actuary for the Plan has determined that the Plan is actuarially sound and can adequately fund the benefits based upon projected contributions to the Plan and investment earnings. FORFEITURE OF PENSION Any Member who is convicted of any of the below offenses committed prior to retirement shall forfeit all rights and benefits under this Fund, except for a refund of accumulated contributions. The specified offenses are: (1) Committing, aiding or abetting of an embezzlement of public funds; (2) Committing, aiding or abetting of any theft by a public officer or employee from employer; Palm Beach Gardens Police Pension Fund Page 11 August 2008 (3) Bribery in connection with the employment of a public officer or employee; (4) Any felony specified in Chapter 838, Florida Statutes; (5) The committing of impeachable offense (6) The committing of any felony by a public officer or employee who, willfully and with intent to defraud the public or the public agency for which the public officer or employee acts or in which he or she is employed of the right to receive the faithful performance of his or her duty as a public officer or employee, realizes or obtains, or attempts to realize or obtain, a profit, gain, or advantage for himself or herself or for some other person through the use or attempted use of the power, rights, privileges, duties, or position of his or her public office or employment position. (7) The committing on or after October 1, 2008, of any felony defined in §800.04, Florida Statutes, against a victim younger than 16 years of age, or any felony defined in Chapter 794, Florida Statutes against a victim younger than 18 years of age, by a public officer or employee through the use or attempted use of power, rights, privileges, duties, or position of his or her public office or employment position. Any Member who has received benefits from the Plan in excess of his accumulated contributions shall be required to repay the Fund. The Board may implement legal action necessary to recover such funds. Additionally, a Member who makes a false or misleading statement to obtain retirement benefits shall commit a misdemeanor of the first degree and if convicted, the Member shall forfeit his/her benefit. REVIEW PROCEDURE Any member, former member, or beneficiarv 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 Palm Beach Gardens Police Pension Fund Page 12 August 2008 applicant 10 days prior to the hearing. The applicant may be represented at the hearing by an attorney or other representative of his/her choosing. During the hearing the applicant shall have the opportunity to submit written and oral evidence and arguments in support of his/her claim. The applicant shall also have the opportunity to review the Board's file at or prior to the hearing. Either the applicant of the Board may request that a court reporter record the proceedings. In this event a complete written transcript of the proceedings shall be furnished to both parties at the expense of the party requesting the attendance of the court reporter. Within 20 days after rendering its order, the Board will send by certified mail, a copy of the order to the applicant. AGENT FOR SERVICE OF LEGAL PROCESS Board of Trustees % Pension Resource Center, LLC 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, Florida 33410 PLAN YEAR The plan year is the twelve month period beginning each October 1. Records are kept on a fiscal year basis. Palm Beach Gardens Police Pension Fund Page 13 August 2008 Palm Beach Gardens Police Pension Fund Page 14 August 2008 PERTINENT ACTUARIAL DATA Palm Beach Gardens Police Pension Fund Page 15 August 2008 PENSION INCOME AND DISBURSEMENTS Palm Beach Gardens Police Pension Fund Page 16 August 2008 J JILL HANSON* mjhanson@ hpjlaw.com ANN H. PERRY a perry® hpjlaw.com BONN I SPATARA JENSEN bsjensen@hpjlaw.com • ALSO ADMITTED IN N.Y. To: From: Subject: Date: HANSON, PERRY & jENSEN, P.A. 400 ExEcunvE CENTER DRIVE, SUITE 207-WesT PALM BEACH, FLORIDA 33401-2922 TELEPHONE (561) 666-6550 FACSIMILE (561) 666-2602 MEMORANDUM Board of Trustees Palm Beach Gardens Police Pension Fund BonniS.Jensen Hanson, Perry & Jensen, P.A. Federal and State Legal Updates July 18, 2008 Below is information regarding two new legal updates, one involving a new federal law and another involving administrative rules under Florida Statutes 112.61, Protecting Florida's Pension Act. Federal Law On June 17, 2008, President Bush signed into law the "Heroes Earnings Assistance and Relief Tax Act of 2008" ("HEART")(H.R. 6081; P.L. 11 0-245) This law provides tax benefits to active duty miliary personnel. There are two sections that may affect your Pension Plan. · A. Survivor and Disability Payments The HEART law expands the federal Uniformed Services Employment and Reemployment Rights Act of 1994 ("USERRA") to require that a tax-qualified plan must . provide to the survivors of a participant who dies while performing qualified military service the benefits that the participant would have received under the plan if the participant had resumed participation under the plan and then terminated on account of his death. This law includes Section 457 plans and any other types of employee benefits which may continue upon a member's death. The HEART law also expands USERRA to allow for additional benefit accrual for participants who die or were disabled while performing qualified military service and unable to return to work because of that disability or death. The participant must be treated as if Board of Trustees Federal and State Legal Update July 18, 2008 Page 2 of 3 they had been rehired as of the day before death or disability and terminated as of the date of death or disability. These provisions are effective as of January 1, 2007 and the plan must be amended to include this law on or before the last day of the plan year which begins on or after January 1, 2010. B. Treatment of Differential Military Pay as Wages Some employers pay employees who have been called to active duty an amount of salary to make their military income equivalent to their wages while working. This amount is known as "differential wages.!) Retirement Plans shall treat differential wages as pensionable compensation. This provision is effective for wages paid after December 31, 2008 and the plan must be amended to include this law on or before the last day of the plan year which begins on or after January 1, 2010. I recommend that the Board adopt amendments to incorporate these changes into the plan document. State Proposed Rules Under Part VII, Chapter 112 Florida Statutes The Division of Retirement has proposed amendments to the rules under which municipal and special district units of provide information on their retirement systems to the Division of Retirement. Attached is a copy of the proposed rules. The Division held a rules making workshop on Monday in Tallahassee that I attended. The short version is that the plan attorneys {including a former legislator), actuaries, Trustees, Union officials, City representatives, and the League of City representatives who attended expressed concerns about the proposed rules in four areas: the rules in general exceed the authority granted to the Division of Retirement in the statutes; • the rules impose actuarial assumptions on the various boards of trustees throughout the state without regard for the Fund's own circumstance; the rules impose substantially more reporting and disclosure requirements on the Board's and specifically, the actuaries without any corresponding explanation of the reason for the increased reporting; and • the rules dilute of the authority and responsibility of the Trustees. Board of Trustees Federal and State Legal Update July 18, 2008 Page 3 of 3 The individuals present also conveyed the desire to: create a task force or study group to help convert the proposed rules into final rules which will solve real problems presented by governmental pension plans; • have a phased effective date for any mandated cost items in the rules; and • delay implementation until all plans can determine the impact of the various rules to the individual plans. A second rules workshop is planned for sometime in September, maybe even in conjunction with the Municipal Police Officers and Firefighters Pension Trust Funds conference in Orlando {September 8-1 0). At this point, this Board should be determining whether there are any cost impacts of the proposed rules on the Plan. H:\AII Miscellaneous \ALL BOARDS\2008\Memo law updates OB.frm HANSON, PERRY & jENSEN, P.A. 400 ExECUTIVE CENTER DRIVE, SUITE 207-WEST PALM BEACH, FLORIDA 33401-2922 JILL HANSON* mjhanson @hpjlaw.com TELEPHONE {561) 686-6550 FACSIMILE (561) 686-2802 ANN H. PERRY aperry@ hpjlaw.com BONN I SPATARA JENSEN bsjensen@hpjlaw.com MEMORANDUM 'ALSO AllMII"TEO IN N.Y. To: Board of Trustees Palm Beach Gardens Police Pension Fund From: BonniS.Jensen Hanson, Perry & Jensen, P.A. Subject: IRS Determination Letters Date: July 15, 2008 At the end of June, 2008, I attended the National Association of Public Pension Attorney's Conference in Boston, Massachusetts. One ofthe sessions was a presentation by the Internal Revenue Service {"IRS") regarding their efforts toward education, outreach and compliance for the Governmental Plans Community. According to the IRS, their "initiative is designed to assist governmental plans to satisfy the tax qualification requirements through education, compliance, and enforcement." For your information, I have attached a copy of the IRS "employee plans news" from May 9, 2008 discussing the IRS's April 22, 2008 roundtable on governmental plans. Essentially, the IRS is encouraging governmental plans to file for an IRS determination letter as to the tax qualification of the retirement plan. A tax qualification letter provides for a plan's reliance that a plan is tax exempt (if the plan is operated in accordance with the plan provisions). The IRS presentation indicates the reasons for getting a Determination letter as follows: • The Determination Letter lets the plan sponsor know that the plan provisions meet the requirements of the tax law. • Once the IRS approves a plan, the plan can rely on the letter -even if a defective provision is found at a later time. • Filing a timely request gives the plan sponsor additional time to correct an improper plan provision. • the IRS self correction program requires a current determination letter. The representatives from the IRS also discussed the IRS's plans to send out a survey to governmental plans. This is in an initial effort to obtain information about the Board of Trustees IRS Determination Letters July 15, 2008 current status of governmental plans, because the IRS believes that the "governmental plans have not receives the same attention as plans in the private sector and that the IRS has not had a meaningful presence in this area." The IRS is accepting applications for governmental sector pension plans from now through January 31, 2009. Please place this item on your agenda for the next meeting so that we may discuss whether to file for an IRS determination letter for your Plan. H:\AII Miscellaneous\ALL BOARDS\Memo Determination Letters.wpd On April 22, 2008, the IRS hosted a governmental plans roundtable as part of an initiative to better serve the governmental plan sector of the EP customer base by raising awareness of the need to comply with tax qualification requirements. Steven Miller, Commissioner, Tax Exempt and Government Entities indicated that governmental plans have not received the same attention that other plans have received by the IRS and that the IRS has not had a "meaningful presence" in the governmental plan area. Miller pointed out that one out of five employees in the United States is a government employee and that governmental plans hold $3;5 trillion in funded pension plan assets. He also rioted that recent reports have focused on the economic stresses facing governmental entities. He stated that IRS wants to create a climate for success by helping these plans to satisfy the necessary requirements through education, compliance, and enforcement. .~' ~~·· The roundtable was the first step in establishing a dialogue between the IRS and the governmental plans community in an effort to ensure that governmental entities understand the tax qualification requirements applicable to their plans and are aware of the tb'ols and resources available to assist them in ensuring ongoing compliance. IRS representatives acknowledged that there is very little history examining governmental plans. They want to better understand the issues and barriers these plans face in attempting to satisfy tax qualification requirements. Andrew Zuckerman, Director, EP. Rulings and Agreements, explained that failure to satisfy these requirements could result in plan disqualification and adverse tax consequences for plan participants. The governmental plans community was represented by interested parties (including compliance officers) from various state retirement systems, representative associations and governmental plans consultants, including counsel, actuaries, and administrators. IRS sessions covered a variety of topics, including: • The benefits to governmental plans of applying for a determination letter. Under the staggered determination letter process, governmental plans may come in during Cycle C, which opened February 1, 2008, and remains open until January 31, 2009. Although plans are not required to apply for a determination fetter, IRS speakers explained that receiving a letter assures the plan sponsor that the form of the plan satisfies the tax qualification requirements, and that if the plan operates in accordance with the terms of the plan as approved, it may rely on the determination letter. Additionally, if the IRS requests amendments as part of the review of the determination letter application, the plan sponsor has an extended period of time in which to make such amendments. Also, receipt of a determination letter may be required to use portions of the IRS voluntary compliance program. J • An overview of the IRS voluntary correction program, in which a plan sponsor who discovers errors can either self-correct them (in certain circumstances) without involving the IRS, or if that is not available, may voluntarily come to the IRS, pay a limited fee, correct the error and retain the plan's qualified status. • The Office of Chief Counsel reviewed some of the technical requirements that are applicable to governmental plans. Representatives from EP Examinations included Monika Templeman, Director, EP Examinations, and the EP Compliance Unit (EPCU), who explained that EPCU intends to send a survey questionnaire to a small sample of governmental plans in an initial effort to obtain information about the current status of governmental plans. She assured the audience that responding to the survey would not result in an examination, but if issues were identified, the taxpayer would be directed to an IRS web site with information needed to achieve compliance. If the survey questionnaire is not returned, EP Examinations will conduct compliance activity, which could eventually result in an examination of the taxpayer. Throughout the day, members of the governmental plans community actively participated in the discussion raising concerns, asking questions, and offering suggestions. The day's last session was a panel of representatives from the governmental plans community. A number of concerns were raised including the following: · • A plan may not have filed for a determination letter in a very long time, maybe as long as 40 to 50 years, and the plan is concerned about the consequences if the IRS finds a problem with the plan. • Uncertainty as to what documentation a plan sponsor should submit to the IRS when requesting a determination letter where the plan document may be made up of a number of statutory provisions, ordinances, etc. • During the determination letter process, IRS may require amendments to the plan. The state or local legislative body that adopts the amendments may only meet a limited number of times during a year (or may not even meet an an annual basis). The time to adopt the IRS required amendments may not be sufficient for governmental plans. • States are subject to Freedom of Information Act laws, which may force the government entity to disclose information submitted to the IRS that could be misrepresented or misunderstood by plan participants or the public. • Potential conflicts between state constitutional protections for certain public sector retirement benefits and federal tax law may arise. IRS officials encouraged the governmental plans community to continue to raise these issues and indicated that they would be willing to work with them in achieving and maintaining compliance with tax qualification requirements. This is just the beginning; IRS invites members of the governmental plans community to join in the conversation. We will continue the dialogue in a number of ways. For example, on the new Governmental Plans web page, members of the governmental plans community can submit questions, comments, and suggestions to the IRS and the most frequently asked questions (FAQs) will be posted. We will also be considering other venues to reach the governmental plans community and invite them to become part of the solution. Check out the roundtable presentations aLG.P.v.e.mmeD1~1PJ.<:~n~.W-~.b..p.~g~. Employee Plans is committed to continuing the dialogue with the governmental plan community. Give us your questions, comments and suggestions at governmentalplansdialogue@irs.gov. Please share this Special Edition with your colleagues. To subscribe to our newsletter, please go to w.ww..Lr_s...JJ.QY/_gp. All editions of the Employee Plans News are archived there. ._, -~ PENSION RESOURCE CENTERS " Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE Date 2109 May 1, 2008 Thistle Asset Consulting $3,156.00 Performance Monitor -1st Qtr 2008 2110 May 1, 2008 Rhumline Advisers $2,623.87 Management Fees -1st Qtr 2008 2111 May 1, 2008 ICC Capital Management $18,797.25 Management Fees -2nd Qtr 2008 2112 May 1, 2008 Hanson, Perry & Jensen $688.90 Legal Services Rendered Thru 4/15/08 2113 May 1, 2008 Pension Resource Center $2,275.00 May Admin Fee 2114 May 1, 2008 Pension Resource Center $300.00 Retirement/Drop Application Fees 2115 May 7, 2008 Cherry, Bekaert & Holland $2,000.00 Progress Billing -audit y/e 9/30/07 2116 May 13,2008 FPPTA $500.00 Cont. Registration -Jay Spencer 2117 May 13, 2008 Omni Orlando Resort at Championsgate $540.00 Hotel reservation -Jay Spencer 2118 June 10, 2008 Gabriel Roeder Smith & Company $7,816.00 Actuarial Services Rendered Thru 4/30/08 2119 June 10, 2008 Hanson, Perry & Jensen $1,095.87 Legal Services Rendered Thru 5/15/08 2120 June 10, 2008 Pension Resource Center $2,275.00 June Admin Fee 2121 July 8, 2008 Hanson. Perry & Jensen $93.00 Legal Services Rendered Thru 6/15/08 2122 July 8, 2008 Gabriel Roeder Smith & Company $3,540.00 Actuarial Services Rendered Thru 6/30/08 2123 July 8, 2008 Pension Resource Center $2,275.00 July Admin Fee 2124 July 18, 2008 Jay Spencer $366.52 Total $48,342.41 Chairman ----------- Secretary __________ _ Palm Beach Gardens Police VENDOR: 000000000322 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 DATE 05/08 BANK ATLANTIC CHECK NO. PAY THREE THOUSAND ONE HUNDRED FIFTY-SIX AND 00/100 TO THE ORDER OF THISTLE ASSET CONSULTING, INC. 1321 PIAZZ DELLE PALLOTTOLE! BOYNTON BEACH FL 33426 00002109 VENDOR NO. 000000000322 00002109. ..... 63·8376/2670 CHECK DATE VENDOR NO. 000000000322 AMOUNT VOID AFTER 180 DAYS Palm Beach Gardens Police 00002109 DATE VENDOR NO. VENDOR: 000000000322 05/08 000000000322 Thistle Asset Consulting, Inc. , .. _ ~ { -~"' ·~ , .... 1 \ . 1321 Piazz Delle Pallottole Renaissance Commons Boynton Beach FL. 33426 (561) 737-3996 Bill To Palm Beach Gardens Police Pension Fund Mr. Scott Bauer The Pension Resource Center, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 3341 0 Description Reports-Executive March 31, 2008 APR 1 6 2008 -----------------------~--------- Invoice Please Remit To: Thistle Asset Consulting 1321 Piazz Delle Pallottole Boynton Beach, Florida 33426 USA Project# 011 Total Balance Due Amount 3,156.00 $3,156.00 $3,156.00 ,) li./. ( ~ Palm'Beach Gardens Police VENDOR: 0 00 000 0 00216 88084 BANK ATLANTIC PAY ---·---·----·------ Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 !'aim Beach Gardens, Fl 33410 c DATE 05/08 2110 TWO THOUSAND SIX HUNDRED TWENTY-THREE AND 87/100 TO THE ORDER OF RHUMLINE ADVISERS 30 ROWES WHARF BOSTON Palm Beach Gardens Police VENDOR: 000000000216 INVOICE NUMBER 28S084 MA 02110 DATE 05/08 00002110 VENDOR NO. 000000000216 00002110 63-8376/2670 VENDOR NO. 000000000216 AMOUNT $2,623.87 00002110 VENDOR NO. 000000000216 2,.623 •. 87 .. 2 j6.2 .. 3. e. 7 Rhumb Line 1st Qtr 2008 Investment Advisory Fees ........ tl .... :· "~-. APR 1 4 2008 April 10, 2008 Invoice # 285084 Account: Palm Beach Gardens Police Fund Period ending 1/31/2008 2/29/2008 3/31/2008 Average Market Value Basis Points S&P 500 Pooled Index Fund S&P 400 Pooled Index Fund S&P 600 Pooled Index Fund Total Pooled Combined Market Values L811 $10,932,265 $10,615,422 $10,575,818 $32,123,505.26 $10,707,835.09 0.0010 X 0.0007 X 10,000,000.00 707,835.09 10,000.00 495.48 Annual Fee: Quarterly Fee: Wire transfer information: for RhumbLine Advisers Rockland Trust 288 Union St. Rockland, Ma 02370 ABA# 011304478 acct beneficiary:2970003824 oP $10,495.48 ,.-/l ~ -jt~ tJ L..---_,;,$_2~,6-2_3_.8 ..... 711 I f./ t'i' t Or by check, Please make payment to: RhumbLine Advisers 30 Rowes Wharf, Suite 35( Boston, MA 02110-3326 RhumbLine Advisers • 30 Rowes Wharf, Boston, M~ 02110-3326 • Tel: (617) 345-0434, Fax: (617) 345-0675 Palm' Beach Gardens Police VENDOR: 0 0000000003 7 BANK ATLANTIC PAY DATE 05/08 ·Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 CHECK NO. 2111 EIGHTEEN THOUSAND SEVEN HUNDRED NINETY-SEVEN AND 25/100 - YCTHE Gi:DER OF ICC CAPITAL MANAGEMENT 390 ORANGE AVENUE 27TH FLOOR 00002111 VENDOR NO. 000000000037 l''tO VLEW 00002111.~- 63-837612670 . VENDOR NO. 000000000037 AMOUNT $18,797.25 I ORLANDO FL 32801 . . I .. _, _ .......... --· ---~()~~-~~E~-~-~~E.~'!~---·. ··-· ....... )19!'P.!'Jl.£9.NTAINS~~ Palm Beach Gardens Police 00002111 DATE VENDOR NO. VENDOR: 000000000037 05/08 000000000037 INVOICE NUMBER 10000000001124 77' I . ' -. I: .. CAPITAL-MANAGEMENT April 1, 2008 PALM BEACH GARDENS POLICE Board of Trustees, Trustee 10500 North Military Trail Palm Beach Gardens, FL 33410-4697 Invoice Number: 112477 ICC Capital Management, Inc. STATEMENT OF MANAGEMENT FEES ------------------------------------------------------------------------------------------------------- For the Period April 1, 2008 thru June 30, 2008 Portfolio Valuation with Accrued Interest as of 03-31-08 15,037,796@ 0.500% per annum Quarterly Management Fee $ 15,037,796.21 18,797.25 $ 18,797.25 TOTALDUEANDPAYABLE $ 18,797.25 ftyZ: O{) -------------------------------------------------------------------------------------------------------J-_· ~[) a(alY 390 North Orange Avenue. 27th Floor. Orlando, Florida 32801 . PH 800-480-6445. PH 407-839-8440. FX 407-841-2814 WEB Palm Beach Gardens Police VENDOR: 000000000010 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 DATE 05/08 BANK ATLANTIC CHECK NO. Pt.Y SIX HUNDRED EIGHTY-EIGHT AND 90/100 ~ TO THE ORDER· OF· HANSON, PERRY & JENSEN P.A. 400 EXECUTIVE CENTER DRIVE SUITE 207 WEST PALM BEACH FL 33401 2112 00002112 VENOOANO. 000000000010 tO VIEW 00002112 63-8376/2670 VENDOR NO. 000000000010 AMOUNT $688.90 VOID AFTER 180 DAYS Palm Beach Gardens Police 00002112 DATE VENDOR NO. VENDOR: 000000000010 05/08 000000000010 INVOICE NUMBER 000000000062238 HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561-686-6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross-via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary April 22, 2008 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Invoice# Client I File No.: 0003 62238 Professional Services Attendance at Trustee Meetings 3/17/2008 BSJ E-Mail E-Mail to Alan Owens re: status of Amendment Attendance at Trustee Meetings SUBTOTAL: Definition of Salary 3/26/2008 BSJ Review Review email from Scott Baur re: Historical Salaries Definition of Salary 4/7/2008 BSJ Review Review email from Rowana Flitan re: Definition of Salary Review email from Rowana Flitan re: SAS 112 E-mail to Scott Baur and Rowana Flitan re: Resolution of [ Hrs/Rate 0.25 170.00/hr 0.25 0.10 170.00/hr 0.75 170.00/hr Amount 42.50 42.50] 17.00 127.50 Palm Beach Gardens Police Pension Fund Page 2 Hrs/Rate Amount Definition of Salary Definition of Salary 4/9/2008 BSJ Review 0.75 127.50 Review emails from Rowana Flitan and Jay Spencer 170.00/hr E-mail to Rowana Flitan @ CBH E-mail to Jay Spencer Conference with Scott Baur Definition of Salary SUBTOTAL: [ 1.60 272.00] Investment Policy Guidelines 3/20/2008 BSJ E-Mail 0.50 85.00 E-Mail to Christine Tatum re: Resolution 19, 2008 170.00/hr E-mail to John McCann re: Resolution 19, 2008 E-mail to Denise D'Entremon and Steve Stack Investment Policy Guidelines BSJ Review 0.50 85.00 Review email from Steve Stack re: Sudan Free & Iran 170.00/hr Review email from Denise D'Entremont Research Sudan Divestment Company Report Investment Policy Guidelines 3/24/2008 BSJ Research 0.50 85.00 Research Sudan Accountability and Divestment Act of 170.00/hr 2007 Investment Policy Guidelines BSJ Telephone call 0.10 17.00 Telephone call with Christina Tatum 170.00/hr Investment Policy Guidelines SUBTOTAL: 1.60 272.00] Palm Beach Gardens Police Pension Fund Mise Matters 3/18/2008 BSJ Telephone call Telephone call Jay Spencer Mise Matters SUBTOTAL: Plan Document 3/24/2008 BSJ Review Review email from Jay Spencer Review Memorandum from Alan Owens Plan Document SUBTOTAL: For professional services rendered Additional Charges : Bill File 4/15/2008 HPJ Photocopies$ Copy Charges Bill File SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments [ [ Hrs/Rate 0.25 170.00/hr 0.25 0.35 170.00/hr 0.35 4.05 Ott/Price 2 0.20 , I / -,) J /.--v· " '-;/ r:r1 / Page 3 Amount 42.50 42.50] 59.50 59.50] $688.50 0.40 0.40] $0.40 $688.90 W-· $476.50 ($476.50) Palm Beach Gardens Police Pension Fund Page 4 Amount Balance due $688.90 JILL HANSON* mjhanson @hpjlaw.com ANN H. PERRY aperry@ hpjlaw.com BONN I SPATARA JENSEN bsjensen@ hpjlaw.com • ALSO ADMITTED IN N.Y. Via Email HANSON, PERRY & jENSEN, P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207-WEST PALM BEACH, fLORIDA 33401-2922 April 22, 2008 Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 TELEPHONE (561) 686-6550 fACSIMILE (561) 686-2802 Re: Hanson, Perry & Jensen Billing Statement Dear Scott & Bonnie: Enclosed please find. the Firm's invoice for services rendered for the period that ended 4/15/2008. Thank you for your payment of $476.50. Your current balance due is $688.90. If you have any questions, please do not hesitate to contact me. BSJ/adl Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only ~~r-- Bonni S. Jensej'-' Palm 'Beach Gardens Police VENDOR: 000000000001 BANK ATLANTIC PAY. DATE 05/08 ·Palm Beach Gardens Pollee 4360 Northlake Blvd Ste 206 palm Beach Gardens, Fl 3341.0 CHECK NO. 2113 TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND 00/100 TO THE ORDER Of PENSION RESOURCE CENTERS 4360· NORTHLAKE BLVD STE 206 PALM BEACH GARDENS p,,lm Beach Gardens Police VENDOR: 000000000001 FL 33410 DATE 05/08 00002113 VENDOR NO. 000000000001 '.TO VIEW 63-8376/2670 ., ';' . •! < • ._· ·:·_, ·.,·. 00002113 I VENOORNO. 000000000001 AMOUNT $2,275.00 00002113 VENDOR NO. 000000000001 -------------------------------------------------------- Resource Centers, LLC' 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Description Palm Beach Gardens Police Pension Fund-Admin Fee- May2008 Date 4/29/2008 Qty Rate Class 2,275.00 PRC-FL Total If you have any questions concerning this invoice, please contact Jim Jameson at Resource Balance Due Centers, LLC, Phone 561-459-2960 or Email-Jim.Jameson@Resource-Team.com Invoice Invoice# P080221 Amount 2,275.00 $2,275.00 $2,275.00 ----------------------------------------, P11lm 'Beach Gardens Police VENDOR: 000000000001 BANK ATLANTIC PAY .. THREE HUNDRED AND 00/100 ~ TO THE ORDER OF PENSION RESOURCE .CENTERS 4360 NORTHLAKE BLVD STE 206 DATE 05/08 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 CHECK NO. 2114 PALM BEACH GARDENS FL 33410 UUUU:o!l"l4 VENDOR NO. 000000000001 00002114 63-8376/2670 VENDOR NO. 000000000001 AMOUNT $300.00 . .. i VOID AFTER 1SO OA YS •. . . . . I · -~ ····-~·~·-··" -··• ·"-~-·-···· ····~ -~ .. ~--···-~-. ___ .,,. ---. -. ._. ·• ··-~·-·•·· ~-··· . ···-··· ·---..... ~ -· -~-~ ....... ,.,. ............ -~~., ...... ~,. .••. .... ..,. .··-~ .. .-.. . . •..• ~· __ -·· ....... _,__._ ...... ~---···~ .m.~~~"""'--~-..;...-~---,.-~..-. ....... .:..... --~ .--....... ·····-···-· g•:Q:BP§~£9JIITAINS MICROPAJNT!NG' Palm Beach Gardens Police 00002114 DATE VENDOR NO. VENDOR: 0000000 00001 05/08 000000000001 INVOICE NUMBER P080236 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Description Retirement/Drop Applkation Fee Richard Blood-111/08 John Bunch-9/1/06 John Hatten· 7/1107 Qty Rate 3 If you have any questions concerning this invoice, please contact Jim Jameson at Resource Centers, LLC. Phone 561-459-2960 or Email-Jim.Jameson@Resource-Team.com Invoice Date Invoice# 4/29/2008 P080236 Class Amount I 00.00 PRC-FL 300.00 Total $300.00 Balance Due $300.00 Palm 'Beach Gardens Police VENDOR: 000000000029 00000000040041905 BANK ATLANTIC PAY TWO THOUSAND AND 00/100 ~ CHERRYi BEKAERT & HOLLAND ONE CLEARLAKE CENTER DATE 05/08 · Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 3341 0 CHECK NO. 2115 TO THE ORDER OF 250 AUSTRALIAN AVE SOUTH. $UITE 1201 WEST PALM BEACH FL 33401 uuuu" 1 1 :J VENDOR NO. 000000000029 :to VIEW 0000211~ 63·837612670 . VENDOR NO. AMOUNT $2,000.00 VOID AFTER 180 DAYS Palm Beach Gardens Police 00002115 DATE VENDOR NO. VENDOR: 000000000 02 9 05/08 000000000029 OOOOOOD0040Q419 05 ,opo.qo 000 00.0 CHERRY BEKAERT & HOLLAND, L.L.P. ONE CLEARLAKE CENTRE 250 S. AUSTRALIAN AVE. STE. 1201 WEST PALM BEACH, FL 33401 (561)835-8352 PALM BEACH GARDENS POLICE PENSION FUND c/o PENSION RESOURCE CENTER, INC. 4360 NORTHLAKE BLVD., SUITE 206 PALM BEACH GARDENS, FL 33410 Invoice No. Date Client No. 400419 4/28/2008 4253650.0 FOR PROFESSIONAL SERVICES RENDERED: Progress billing on audit of financial statements for the year ended September 30, 2007. $ 2,000.00 ~ Terms: Invoices payable within 15 days from invoice date. A service charge will be added to past due accounts equal to 1 1/2% per month (18% annually) on the previous month's balance less payments received during the month, with a minimum charge of $2.00 per month. DAYTONA BEACH POLICE & FIRE PENSION VENDOR: 000000000015 INVOICE NUMBER -----------------DATE 05/08 VV4!.1 10 VENDOR NO. 000000000015 BE' aJuiltBJ·lli:!r;amr~!l(~Ta;,:--m.;~Jv;1ltJ~!mrJ~ID.mmmrf~Im~ ~to VIEW BANK ATLANTIC PAY FIVE HUNDRED AND 00/100 ~~ FPPTA DAYTONA BEACH POLICE & FIRE PENSION · 4.360 Northlake. Blvd, Suite 206 Palm Beach Gardens, FL 33410 CHECK NO. TO THE ORDER OF· 2946 WELLINGTON CIRCLE EAST SUITE A TALLAHASEE DAYTONA BEACH POLICE & FIRE PENSION VENDOR: 000000000015 INVOICE NUMBER SPENCER REG. FL 32308 DATE 05/08 oo211a<·· 63-837612670 CHECK DATE 0000000000.15 AMOUNT $500.00 002116 VENDOR NO. 000000000015 NET AMOUNT 500~00 soO.oo Use our new online registration at www.fppta.org-Annual Conference Florida Public Pension Trustees Association 24th Annual Conference ~TA ..... n'"'"' ~Pp. "T\)''.·"'·:·~~l'.s !OMIJ<' Ftf)JUfM ... June 29-July 2, 2008 Omni Resort at ChampionsGate, Orlando-800-843-6664 Conference Registration Tax ID # 59-2641305 Name:._~jc..( ..... t-i\1.__· _'·.:..:S .... 'jX'-'/ ',_' ..... n'-'-l (_'t=··~..:...y_-___________________ _ Registration Fees: Add $50 for Onsite Registrations Must be an FPPT A Member to Attend Active Members $500 (Pension Trustees and Administrators)~ Associate Members $700 (Service Providers) Registration Includes: Welcome Gathering Educational Sessions: Monday, Tuesday and Wednesday Continental Breakfast: Monday, Tuesday and Wednesday Morning and Afternoon Refreshment Break: Monday & Tuesday Children's Activities and Continental Breakfast Method of Payment: Check enclosed '.:. Check will follow Master Card Visa _ American Express Mail or Fax Registration to: FPPT A, 2946 Wellington Circle East Suite A. Tallahassee, Fl 32309 I Fax: 850-668-8514 800-842-4064 Refund Policy: There will be a $50 charge for each approved refund. You must notify us in writing by June 25, 2008. Account Number:---------Expiration Date:. __ _ Refund request form is on our website: www.fppta. org Children's Activities: One parent must accompany child. Monday, June 30, 2008 Number Attending: Children Adults Tuesday, July 1, 2008 Number Attending: Children Adults Includes Continental Breakfast and Activity Reservations: Omni Resort at ChampionsGate-Room Rate $180.00 You can follow the link on our website under Annual Conference or call 800-843-6664 to make your reservations. Reservation Cut Off Date is June 7, 2008. After the cut-off date reservations will be accepted on a space and rate availability basis. -------------------------DAYTONA BEACH POLICE & FIRE PENSION VENDOR: 000000000402 INVOICE NUMBER 000.002010607658 DATE 05/08 VV"-I I I VENDOR NO. 000000000402 ~if lllliitllii1iG~1 Nm~~~~·· ·H . DAYTONA BEACH POLICE & FIRE PENSION . . · 4360 Northlake Blvd, Suite 206 Palm Beach Gardens, FL 3341 0 BANK ATLANTIC PAY FIVE TO THE ORDER OF OMNI ORLANDO .RESORT AT CHAMPIONSGATE 1500 MASTERS BOULEVARD CHAMPIONSGATE ·· FL 33896 DATE DAYTONA BEACH POLICE & FIRE PENSION 'vENDOR: 000000000402 05/08 000002010607658 OS 63-8376/2670 VENDOR NO. 000000000402" AMOUNT $s4o .·oo 002117 VENDOR NO. 000000000402 Untitled Audrey Ross From: Jay Spencer [JSpencer@pbgfl.com] Sent: Tuesday, May 13,2008 1:30PM To: Audrey Ross Subject: FW: Omni Orlando Resort at ChampionsGate-Reservation Confirmation #2010607658 Sender ALLOWED [ R~mpy_e 1 [ Slqct< 1 oetaiis Vanquish Anti·.Spdrn Control Pane! Page I of2 Audrey, please send a check to the hotel for the FPPTA Summer Conference. Thank you. See invoice below. From: reservations@omnihotels.com [mailto:reservations@omnihotels.com] Sent: Thursday, April 24, 2008 4:02 PM To: Jay Spencer Subject: Omni Orlando Resort at ChampionsGate-Reservation Confirmation #2010607658 our Reservation At The Omni Orlando Resort at ChampionsGate CONFIRMATION # 2010607658 ROOM RATE: I Omni Orlando Resort at ChampionsGate 1500 Masters Boulevard CHAMPIONSGATE FL 33896 Phone: (407) 390-6664 Fax: (407) 390-6600 FLORIDA PUBLIC PENSION TRUST 3 nights Subtotal (3 nights) Taxes t\,~~ • ~ -\-f\.,'\ Q,i-9J \I : J ' 540.00 USD • . \ v 180.00 USD 5/13/2008 P.RJ.YJ.NG I)JJ~.I;_CHQI':IS TQ THE t!OTEL > SPENCER, JAY FLORIDA PUBLIC PENSION TRUST 6310 LAUDERDALE ST JUPITER FL 33458 ARRIVING: CHECK IN TIME: 06/29/2008 3:00PM DEPARTING: CHECK OUT TIME: 07/02/2008 12:00 PM 70.20 USD Fees: 0.00 USD Total for Room: 610.20 USD Additional fees may apply. Read complete t~r111s .. a.n<f cQnditions. ACCOMMODATIONS: 1 DELUXE 2 DOUBLE bed(s) NO SMOKING NUMBER OF GUESTS: 2 adult(s) 2 child(ren) CANCELLATION: ALL CANCELS RECEIVED AFTER l2:00PM HOTEL TIME, THU JUN 26 2008, 3 DAYS PRIOR TO DATE OF ARRIVAL WILL BE BILLED FOR 1 NIGHTS STAY Palm Beach Gardens Police 00002118 DATE VENDOR NO. VENDOR: 000000000012 06/08 000000000012 Palm Beach Gardens Police .. 4360 Northlake Blvd Ste 206 Palni Beach Gardens, Fl 33410 BANK ATLANTIC CHECK NO. PAY SEVEN THOUSAND EIGHT HUNDRED SIXTEEN AND 00/100 TO THE ORDER· .. OF GABRIEL ROEDER SMITH & COMPANY P.O. BOX .78000 DETROIT MI 48278 Palm Beach Gardens Police 00002118 63·8376/2670 CHECK DATE VENDOR NO. 000000000012 AMOUNT $7,816~00 00002118 DATE VENDOR NO. VENDOR: 000000000012 06/08 000000000012 DISC. TAKEN ..... ··········.·<·•······ ~>00 .••... ·· . ·eck if() tal·. GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954) 527-1616 ' Bill To: BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator The Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Description For services rendered through 4/30/08 Completion of the I 0/1/07 Actuarial Valuation Report and Employee Benefit Statements CHent No. 100360 Invoice lm oict: ;: 4/30/2008 104770 Please Remit To: Dept.# 78009. Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278-0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account#: 0486723 Project# Amount 100360-107 $7,816 Invoice Total $7,816 Paid to Date Amount Due $7,816 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Palm· Beach Gardens Police VENDOR: 000000000010 000000000062306 • BANK ATLANTIC PAY DATE 06/08 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fr 33410 CHECK NO. 2119 ONE THOUSAND NINETY-FIVE AND 87/100 m::.- TO THE ORDER OF HANSON,·· PERRY & JENSEN P.A. · .. 400 EXECUTIVE CENTER DRIVE SUITE 207 WEST PALM .. BEACH FL 33401 Palm Beach Gardens Police VENDOR: 000000000010 INVOICE NUMBER 000000000062306 ' .r,' DATE 06/08 uuuu.t:·• 1 ~ VENDOR NO, 000000000010 00002119 63·8376/2670 , VENDOANO. 000000000010 AMOUNT $1,095.87 00002119 VENDOR NO. 000000000010 NET AMOUNT 1 095' 87 · ·• ·· ).; 9 9 s . a 7 HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561-686-6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross-via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 3341 0 Copy to: Chairman & Secretary May 20,2008 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Invoice# Client I File No.: 0003 62306 Professional Services Attendance at Trustee Meetings 4/23/2008 KA Prep Atty Rept Prepare Attorney Report, Handouts, and Folder for upcoming Meeting -4/24 Attendance at Trustee Meetings 4/24/2008 BSJ Attend Attend meeting Attendance at Trustee Meetings SUBTOTAL: Hrs/Rate 2.25 65.00/hr 2.50 170.00/hr 4.75 Amount 146.25 425.00 571.25] ------------------------------------ Palm Beach Gardens Police Pension Fund Auditor 5/3/2008 BSJ E-Mail E-Mail to Scott Baur, Audrey Ross and Rowana Flitan re: status of Audit and Annual Report Auditor 5/5/2008 BSJ Review Review email from R. Flitan re: status Auditor SUBTOTAL: Directed Brokerage-Lynch, Jones & Ryan 5/6/2008 KS Draft Draft cover letter to Pension Resource Center re: BNY Convergex Statement Directed Brokerage-Lynch, Jones & Ryan SUBTOTAL: Mise Matters 5/7/2008 BSJ Telephone call Telephone call Jay Spencer re: buyback and Florida Retirement System Mise Matters 5/14/2008 BSJ Research Research Florida Statutes §112.0801 and §112.0805 Research Attorney General Opinions Telephone call with Jay Spencer E-mail to Jay Spencer Mise Matters SUBTOTAL: Hrs/Rate 0.10 170.00/hr 0.25 170.00/hr 0.35 0.50 40.00/hr 0.50 0.35 170.00/hr 1.00 170.00/hr 1.35 Page 2 Amount 17.00 42.50 59.50] 20.00 20.00] 59.50 170.00 229.50] Palm Beach Gardens Police Pension Fund Plan Document 4/23/2008 BSJ Review & revise Review and revise Amendment to Plan to remove DROP changes Review Memorandum from Alan Owens Plan Document 5/14/2008 KA Telephone call Telephone call from Jay Spencer re: Retiree Medical Insurance and City Policy · Plan Document SUBTOTAL: Trustee Form 1 4/23/2008 BSJ Draft Draft Memorandum to Trustees re: Form 1 Trustee Form 1 KA Download Download Form 1 and instructions E-mail to Trustees and Pension Resource Center Trustee Form 1 SUBTOTAL: For professional services rendered Additional Charges : Bill File 4/24/2008 HPJ UPS overnight$ United Parcel Service Invoice No.: OOOF49280188 Tracking #1 ZF492804296986068 [ Hrs/Rate 0.45 170.00/hr 0.25 65.00/hr 0.70 0.25 170.00/hr 0.50 65.00/hr 0.75 8.40 Qty/Price 1 6.96 Page 3 Amount 76.50 16.25 92.75] 42.50 32.50 75.00] $1,048.00 6.96 Palm Beach Gardens Police Pension Fund Palm Beach County Supervisor of Elections Bill File 5/15/2008 HPJ Postage$ Postage Bill File HPJ Photocopies$ Copy Charges Bill File SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments Balance due Qty/Price 1 2.71 191 0.20 Page 4 Amount 2.71 38.20 47.87] $47.87 $1,095.87 $688.90 ($688.90) (\{~ $1,095.87 ',·-' JILL HANSON* mjhanson@hpjlaw.com ANN H. PERRY aperry@hpjlaw.com BONN I SPATARA JENSEN bsjensen@hpjlaw.com • AI. SO AoMmt:o 1N N.Y. Via Email HANsoN, PERRY & jENSEN, P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207-WEST PALM BEACH, FLORIDA 33401-2922 May 20,2008 Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 TELEPHONE (561) 686-6550 FACSIMILE (561) 686-2802 Re: Hanson, Perry & Jensen Billing Statement · Dear Scott & Bonnie: Enclosed please find the Firm's invoice for services rendered for the period that ended 5/15/2008. Thank you for your payment of $688.90. Your current balance due is $1,095.87. If you have any questions, please do not hesitate to contact me. BSJ/adt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only Sincerely, ~;~ Bonni S. Jensen· Palm'Beach Gardens Police VENDOR: 0 0 00 0 0 0 0 0 001 INVOICE NUMBER P080281> BANK ATLANTIC PAY DATE 06/08 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 f'alm Beach Gardens, Fl 3341 0 CHECK. NO. 2120 TWO THOUSAND TWO HUNDRED SEVENTY-FIVE AND 00/100 TO THE 0!'!DER o:= PENSION RESOURCE CENTERS 4360 NORTHLAKE BLVD STE 206 PALM BEACH GARDENS· FL 33410 00004!14!0 VENDOR NO. 000000000001 00002120 63-8376/2670 VENDOR NO. 000000000001 AMOUNT $2,275.00 VOID AFTER 180 DAYS u•OOOO 2 ~ 20u• •: 2 b ?DB :1? b :I•:OO b :1 :1 (; 5 !;0 :~u• Palm Beach Gardens Police DATE VENDOR: 000 0 0 0 0 0 0 001 06/08 00002120 VENDOR NO. 000000000001 2,,27s~.oo ·2,27~>00 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Description Palm Beach Gardens Police Pen$ion Fund-Admin Fcc June 2008 Date 5/30/2008 Oty Rate Class 2.275.00 PRC-FL Total If you have any questions concerning this invoice. pleas.: contact Jim Jameson at Resource Balance Due Centers. LLC. Phone 561-459-2960 or Email-JimJamesun@lResource-Team.com Invoice Invoice# P080281 Amount 2,275.00 $2,275.00 $2,275.00 dllll cpdt,;41 ua1ut:t~~ ruuvt: VENDOR: 000000000010 "-.·· .. _. ~ . .. . ~ . '·" PAY·}./ NINETY-THREE: . ~f­ "'~ :--.--. '·, TO THE ·HANSON, 400 'EXECUTIVE :>aim Beach Gardens Police VENDOR: 000000000010 ···--·-----------~-------------------------··--·--DATE VENDOR NO. 07/08 000000000010 00002121 DATE VENDOR NO. 07/08 000000000010 HANSON, PERRY & JENSEN, P .A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561-686-6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross-via email clo Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 3341 0 Copy to: Chairman & Secretary June 19, 2008 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Invoice# Client I File No.: 0003 62377 Professional Services Mise Matters 5/20/2008 BSJ Telephone call Telephone call with Jay Spencer Review Pension Plan of Benefits Mise Matters SUBTOTAL: § 175/185 Compliance 6/12/2008 KA Telephone call Telephone call from Jay Spencer re: Annual Report (not yet filed) E-mail to Pension Resource Center re: status of Annual Report § 175/185 Compliance Hrs/Rate 0.35 170.00/hr 0.35 0.50 65.00/hr Amount 59.50 59.50] 32.50 Palm Beach Gardens Police Pension Fund Page 2 Hrs/Rate Amount SUBTOTAL: 0.50 32.50] For professional services rendered 0.85 $92.00 Additional Charges : Qty/Price Bill File 6/16/2008 HPJ Photocopies$ 5 1.00 Copy Charges 0.20 Bill File SUBTOTAL: [ 1.00] Total additional charges $1.00 l I Total amount of this bill $93.00 I I I ' Previous balance $1,095.87 Total payments ($1 ,095.87) Balance due $93.00·~ JILL HANSON* mjhanson @hpjlaw.com ANN H. PERRY aperry@hpjlaw.com BONN I SPATARA JENSEN bs]ensen @hpjlaw.com • ALSO ACMITIED IN N.Y. Via Email HANSON, PERRY & jENSEN, P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207-WEST PALM BEACH, FLORIDA 33401-2922 June 19, 2008 Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 TELEPHONE (561) 686-6550 FACSIMILE (561) 686·2802 Re: Hanson. Perry & Jensen Billing Statement Dear Scott & Bonnie: Enclosed please find the Firm's invoice for services rendered for the period that ended 6/15/2008. Thank you for your payment of $1,095.87. Your current balance due is $93.00. If you have any questions, please do not hesitate to contact me. BSJ/adt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only sirely, , /\ .- ~~~J BonniS.Jensen (I DATE VENDOR NO. VENDOR: 000000000012 07/08 000000000012 · · THE FACE OF THIS DOCUMENT HAS A COLORED BACKGROUND ON WHITE PAPER.· THE BACK CONTAINS AN ARTIFICIAL WATERMARK· HOLD AT AN ANGLE TO VIEW ,", . "·• ~-. t, > '.i·' ':7;.'··. ' ~. Palm Beach Gardens Police 00002122 DATE VENDOR NO. VENDOR: 000000000012 07/08 000000000012 GRS Gabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301-1872 (954) 527-1616 Bill To: BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator The Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 v '"-· .~j JUL 0 7 2008 BY:. -~-·-------·-·--..--.-·-~~ Description For services rendered through 6/30/08. 1. Preparation of 10/1/07 Employee Benefit Statements. 2. Retirement Benefit Calculation for: Spencer, Stelicha, Wesenick, Greenberg, Hatten, Vistein. 3. 3/31108 DROP Statements. 4. Preparation of tables to be included in Summary Plan Description. Client No. 100360 Invoice Date lnYoice # 6/30/2008 105345 Please Remit To: Dept. # 78009 Gabriel Roeder Smith & Company POBox 78000 Detroit, Michigan 48278-0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 Project# Amount 100360-107 $834 100360-407 $1,800 100360-307 $763 100360-107 $143 Invoice Total $3,540 Paid to Date Amount Due $3,540 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. . -···· ___ .,.. .. --· --··-. -··-.... . Palm Beach Gardens Police 00002123 DATE VENDOR NO. VENDOR: 000000000001 07/08 000000000001 ~~--------~~-~-~~------------------------------------------------------, Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Pol ice Pension Fund Description Palm Beach Gardens Police Pension Fund-Admin Fee- July 2008 Qty Date 6/30/2008 Rate Class 2,275.00 PRC-FL Total If you have any questions conc.:rning this invoice. please contact Jim hmeson at Resource Balance Due Centers. LLC, Phone 561-459-2960 or Email-.lim.Jmm:son@Resource-Tcam.com Invoice Invoice# 1'080319 Amount 2,275.00 $2.275.00 $2.275.00 Palm Beach Gardens Police VENDOR: 000000000229 l ' ,...... . .\ .•. '·::· .... ! BAN~ ATLANTIC ·, I . . l I 1 PAY .. ! THREE HUNDRED SIXTY-SIX AND 52/100 l · · · JAY SP~NCER .. ·· . · 6:310.,ljAUDERDALE · ,, . I. . .. ·. JUPITER I ...... .. ~ '' ·.. . . . . ~--------------~------------~~~~.--~------~·~~~. Palm Beach Gardens Police VENDOR: 000000000229 00002124 DATE VENDOR NO. 07/08 000000000229 00002124 DATE VENDOR NO. 07/08 000000000229 Palm Beach Gardens Police Officers Pension Plan Travel and Expense Report ___......, Name: _j 6.: Position: ___ .:..__....:....~.....,._~l...l...,U..::'--.I.!.:.'J Meeting Purpose: ----"-->-"'-,--'~.-L--~--:'-~~~:.......J"-£.....j:..:~~:--.,--- A) Per Diem , if applicable (please use reverse side if additional s ace is needed) FROM TO TIME Date Time Date Time Hours Minutes B) Daily -o-(.l-0~ ?lo '1-\,uq ~ Sun Mon Tues Wed Thurs Fri Hotel Breakfast Lunch Dinner Airfare, taxi, etc parking Tolls (1,_ ~0 \ .1.\~ Supplies Gas/Oil J..\\ .. [J) ~.;..,,_ fY) Misc. ~7>o .o1' ~ (A{' ,\ f-~t,...\o Total q_su lll. ()() -~)Ia.~ - C) Milea~<e-Private Vehicle EFF.J \JL\1 I .<5$5 Miles ~-per mile Travel Mileage DATE TO FROM START FINISH Total Expenses (A) + (B) + (C): '3 ( f ~ -~ :::< Rate Sat Date Begin: Date Ended: 0-cl cr-u8 ~-d-~ o5 AMOUNT Due Total ··~uu .,<sa Total MILEAGE $OWED I hereby certify or affirm that this travel expense report is true and correct in every material matter; that the expenses were actually incurre by me as necessary expenses; that no expenses shown were for pers nal use; and that I have not previously rec ived paym nt for said expens ~~~~...=:...._:::._-....\i....l-1~.3 ()~ DATE '7tc·, ~ 1 / ,'v'Q \ DATE H:\PBG 0003\POL/CY\EXP\Exp Voucher.wpd PJ LAW -05/2002/Revised December 2, 2005 ALBERT WESNICK PALM BEACH GARDENS POLICE PENSION FUND Benefit Approvals Meeting of July 24, 2008 APPLICATION TO RETIRE DATE OF BIRTH DATE OF HIRE DATE OF TERMINATION AGE AT RETIREMENT YEARS AT SERVICE FORM OF BENEFIT MONTHLY BENEFIT AMOUNT SUPPLEMENTAL BENEFIT 06/17/1962 01/03/1985 06/01/2008 46 YEARS 23 YEARS 50% J&S $7,865.05 $ 287.50 APPROVED: _______________ , CHAIRMAN ---------------------------'SECRETARY Palm Beach Gardens Police Balance Sheet FY 2008 Palm Beach Gardens Police Statement of Income and Expense FY 2008 I • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • , ________ ,, ___________ --------------- PALM BEACH GARDENS POLICE PENSION FUND Investment Review Quarter Ending June 30, 2008 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • I. I. I • • PALM BEACH GARDENS POLICE PENSION FUND Table of Contents Quarter Ending March 31, 2008 Section I Palm Beach Gardens Police Pension Fund Fixed Income ---1 Section II Palm Beach Gardens Police Pension Fund Growth ----t Section III Prox Votes ICC Capital Management, Inc. • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Review Quarter Ending June 30, 2008 ICC Capital Management, Inc . • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance Report Quarter Ending June 30,2008 luvestmeut Results Total Return Summary Page ...... 1 Portfolio Allocation Page ...... 2 Investment Performance by Asset Category Page ...... 3 Fixed-Income Analysis Page ...... 4 Purchases & Sales Page ...... 6 Realized Gains/ Losses Page ...... 10 Portfolio Summary Page ...... 13 Portfolio A raisal Pa e ...... 14 ICC Capital Management, Inc . • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • I. I. • • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Total Return Summary Quarter Ending June 30,2008 Current Qtr FYTD Five Years (09/30) Starting Value $11,931,987 $11,744,758 $5,445,517 Ending Value $12,130,989 $12,130,989 $12,130,989 Difference $199,002 $386,231 $6,685,472 Net Contributions/ (Withdrawals) $252,449 ($98,946) $4,997,871 Gain/(Loss) from Investments ($53,447) $485,177 $1,687,601 TOTAL RETURN I -0.46% 4.31% 19.27% ANNUALIZED TOTAL RETURN 3.59% ICC Capital Management, Inc . 1 ~---• • • PALM BEACH GARDENS POLICE PENSION FUND FIXE D I N C OME • Portfo lio Allocation at Market • Q uarter Ending • June 30, 2008 • • Asset Allocation: • 0/100 (Mkt) • Market Value CASH/EQUIVS • as of 03/31/08 9 .0% • • • • FIXED INCOME • 91.0% • • • • Market Value CASH/EQUIVS • 8.5% as of 06/30/08 • • • FIXED INCOME • 91.5% • • • • • MktValue MktValue % MktValue MktValue % • as of 03/31/08 as of 03/31/08 as of 06/30/08 as of 06/30/08 • Cash/E u ivs $1,071,075 9.0% $1,028,731 8.5% • Fixed $10,860,912 91.0% $11,102,258 91.5% • • Total $11,931,987 100.0% $12,130,989 100.0% • • • • • • ICC Capital Management, Inc . • 2 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance by Asset Category Quarter Ending June 30,2008 Quarter .ACCOUNT .LBAG 0.00 -,------- -1.00 -1.02 -1.02 -2.00 BONDS TOTAL I I FYTD (09/30) •ACCOUNT .LBAG 6.00 4.55 4.31 4.16 4.16 4.00 2.00 0.00 BONDS TOTAL 5 Year Annualized .ACCOUNT .LBAG 6.00 3.74 3.86 3.59 3.86 4.00 2.00 0.00 BONDS TOTAL The re d total bar represents the Lehman Brothers Aggregate Index . ICC Capital Management, Inc . 3 I I ~ . • • • • • • • • • • • :e •• • • • • • • l e • • • • • • • • • • • • • • • • • • • • •• • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 1 of 2) Quarter Ending June 30, 2008 Average Quality -AA Average Duration -4.58 Current Yield -5.73 Federal Agencies Mortgage Pools 27.4% 20.9% US T reasuries Corporate Bonds 6.7% 45.0% Mortage Backed Securities S&P Rating Moody Rating 1 Fglmc #g02268 AAA Aaa 1 Fncl # 256394 AAA Aaa Gnsf M #552509 AAA Aaa Fgci #g12205 4.5% AAA Aaa Fnci N #725445 AAA Aaa Fnci M #254371 AAA Aaa Fnci N #255888 AAA Aaa Fnci N #825335 AAA Aaa Fnci N #829053 AAA Aaa Gnjo M #781313 AAA Aaa Gnsf M #582153 AAA Aaa Fgci N #g12323 AAA Aaa Fgci N #b13455 AAA Aaa Government/Agency Bonds S&P Rating Moody RatinK Fhlmc AAA AAA Fannie Mae AAAe Aaa Freddie Mac AAA AAA Freddie Mac AAAe AAA Fannie Mae AAA AAA Freddie Mac AAA AAA Fannie Mae AAA AAA Fannie Mae AAA Aaa Freddie Mac AAA AAA Fannie Mae AAA AAA Us Treasury N/b AAA AAA I Us Treasury N/b AAA AAA Corporate Bonds S&P Rating Moody Rating IConoco Inc A A1 IJpmorgan Chase & Co A+ AA3 Citigroup Inc AA-AA3 Fleetboston Finl Corp AA-AA2 Hartford Finl Svcs Grp A A2 ICC Capital Management, Inc . 4 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• I• •• • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 2 of 2) Quarter Ending June 30,2008 Corporate Bonds S&P RatinK Moody Rating McDonald's Corp At&T Inc Glaxosmithkline Cap Inc Inti LeaseFrnArg57/8 verrzon t;ommunrcatrons At&T Inc Morgan Stanley Goldman Sachs Group Inc Fifth Third Bank Nw-Ohio Lehman Brothers Hldg Golden West Finl Merrill Lynch & Co McDonald's Corp INatronal Rural Util Coop ICons Edrson Co Of Ny General Elec Cap Corp Jp Morgan Chase National Rural Util Coop General E lectric Cap Crop Goldman Sachs IBM Corp Morgan Stanley Goldman Sachs Jp Morgan Chase Archer Daniels Bear Stearns Portfolio Duration vs. Index Duration (Ratio) 1.8% 1.4% 1.0% NEUTRAL 0.6% A A A+ A+ A A A+ AA- A+e A AA- A A A+e A-e AAA A+ A+ AAA AA- A + A AA- A+ A AA- A3 A2 A1 A1 A3 A2 AA3 AA3 Aa3e A1 AA3 A2 A3 A1 A1e AAA AA3 A1 AAA AA3 A1 A1 AA3 AA3 A2 BAA1 I --+-INDEX -ACCf I AGGRESSIVE I 0.2% +----+----+----t-----+---+------t------1------1 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 ICC Capital Management, Inc . 5 • • • • ICC Capital Management • PURCHASE AN D SALE • PALM BEACH GA RDENS POLICE PEN SION FUND FIXED I N COME • From 03-31-08 To 06-30-08 • Trade Settle Unit • Date Date Quantity Securit y Price Amount • • P UR CH ASES 04-01-0 8 04-04-08 115 ,000.000 CONS EDI SON CO OF NY 99.96 114,949.40 • 5.850% Due 04-01-18 • 06-05-08 06-10-08 255 ,000.000 FANNIE MAE 99.45 2 53,597.50 5.500% Due 12-14-22 • 06-16-08 06-24-08 350 ,000.000 FANNIE MAE 99.65 348,775.00 • 4.250% Due 06-24-11 04-23-08 04-30-08 200,000.000 FIFTH THIRD BANK NW-OHIO 99 .88 199,770.00 • 6 .250% Due 05-01-13 • 04-25-08 04-30-08 300,000.000 FREDDIE MAC 99 .70 299,100 .00 5 .000% Due 04-30-18 • 04-29-08 05-13-08 225 ,000.000 FREDDIE MAC 100.00 225,000.00 4.375% Due 05-13-13 • 06-18-08 06-23-08 240 ,000.000 HARTFORD FINL SVCS GRP 98.47 236,323.20 • 5.250% Due 10-15-11 06-23-08 06-30-08 135,000.000 NATIONAL RURAL UTIL COOP 99 .84 134,789.40 • 5.500% Due 07-01-13 • 04-17-08 04-21-08 450 ,000 .000 US TREASURY NIB 97 .80 440,085 .94 4.375% Due 02-15-38 • 04-25-08 04-28 -08 225,000.000 US TREASURY NIB 96.36 216,819.25 • 4.375% Due 02-15-38 05-06-08 05-08-08 225 ,000 .000 US TREASURY NIB 95.42 214,699 .22 • 4.375% Due 02-15-38 • 05-22-08 05 -23-08 215,000.000 US TREAS URY NIB 96 .37 207,190.86 4.375% Due 02-15-38 • 06-12-08 06-16-08 235,000.000 US TREAS URY NIB 94 .20 221,377.34 • 4.375% Due 02-15-38 3,112,477.11 •• • SALES 04-30-08 04-30-08 300 ,000 .000 FANNIE MAE 100 .00 300 ,000.00 • 5.300% Due 04-30-10 • 04-10-08 04-10 -08 60,000 .000 FANNIE MAE 6 .01% 100.00 60,000 .00 6.010% Due 04-10-17 • 05 -15-08 05-15-08 505 ,000.000 FEDERAL NATIONAL MORTGAGE 100 .00 505,000.00 ASSN • 6.000% Due 05-15-08 • 04-09-08 04-14-08 175 ,000.000 S UNTRUST BANKS 99 .68 174,433.00 5.250% Due 11-05-12 • 04-11-08 04-16-08 325,000.000 SUNTRUST BANKS 99 .70 324,025 .00 • 5.250% Due 11-05-12 04-21-08 04-24-08 450 ,000 .000 US TREASURY NIB 98.2 2 441 ,984 .38 • 4.375 % bue 02-15-38 • • 6 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ICC Capital Management PURCHA SE AND SALE PALM BEACH GARDENS POLICE PENSION F UND FIXED I N COME From 03-31-08 To 06-30-08 Trade Settle Unit Date Date Quantity Security Price Amount 04-30-08 05-05-08 225,000.000 US TREASURY NIB 98.02 220,535.16 4.375%Due 02-15-38 05-08-08 05-13-08 225,000.000 US TREASURY NIB 97.16 218 ,600.96 4.375% Due 02-15-38 06-04-08 06-05-08 215 ,000.000 US TREASURY NIB 96.55 207,592.58 4.375% Due 02-15-38 2,452,171.08 PRINCIPAL PAYDOWNS 04-01-08 04-15-08 2,273.400 FGCI #G12205 4.5% 100.00 2,273.40 4.500% Due 06-01-21 05-01-08 05-15-08 1,973.290 FGCI #G12205 4.5% 100.00 1,973.29 4.500% Due 06-01-21 06-01-08 06-15-08 1,751.950 FGCI #G12205 4.5% 100.00 1,751.95 4.500% Due 06-01-21 04-01-08 04-15-08 83.030 FGCI N #B13455 100.00 83.03 4.500% Due 04-01-19 05-01-08 05-15-08 96.740 FGCI N #B13455 100.00 96.74 4.500% Due 04-01-19 06-01-08 06-15-08 78.350 FGCI N #B13455 100.00 78.35 4.500% Due 04-01-19 04-01-08 04-15-08 115.710 FGCI N #G12323 100.00 115.71 4.500% Due 08-01-21 05-01-08 05-15-08 105.340 FGCI N #G12323 100.00 105.34 4.500% Due 08-01-21 06-01-08 06-15-08 94.600 FGCI N #G 12323 100.00 94.60 4.500% Due 08-01-21 04-01-08 04-15-08 5,890.470 FGLMC #G02268 100.00 5,890.47 6.500% Due 08-0 1-36 04-01-08 04-15-08 20,100.180 FGLMC #G02268 100.00 20,100.18 6.500% Due 08-01 -36 05-01-08 05-15-08 4,744.100 FGLMC #G02268 100.00 4,744.10 6.500% Due 08-01-36 05-01-08 05-15-08 16,188.390 FGLMC #G02268 100.00 16,188.39 6.500% Due 08-01-36 06-01-08 06-15-08 4,086.130 FGLMC #G02268 100.00 4,086.13 6.500% Due 08-01-36 06-01-08 06-15-08 13,943.170 FGLMC #G02268 100.00 13,943.17 6.500% Due 08-01-36 04-01-08 04-15-08 2,494.590 FNCI M #254371 100.00 2,494.59 5.500% Due 07-01-17 05-01-08 05-15-08 1,527.170 FNCI M #254371 100.00 1,527.17 5.500% Due 07-01 -17 7 ----• • • • ICC Cap it al M an agement • PU RCHASE AND SALE • PALM BEACH GA RDENS POLICE PENSION FUND FIXE D I N CO M E • From 03-31-08 To 06-30-08 • Trade Settle Unit • Date Date Quantity Secur ity Price Amo unt • 06-01-08 06-15-08 1,668.390 FNCI M #?54371 100.00 1,668.39 • 5.500% Due 07-01-17 04-01-08 04-15-08 1,314.480 FNCI N #255888 100.00 1,314.48 • 4.000% Due 08-01-20 • 05-01-08 05-15-08 315.580 FNCI N #255888 100.00 315.58 4.000% Due 08-01-20 • 06-01-08 06-15-08 325.800 FNCI N #2 55 888 100.00 325.80 • 4.000% Due 08-01-20 04-01-08 04-15-08 47.631 FNCIN#725445 100.00 47.63 • 4.500% Due 05-01-19 • 04-01-08 04-15-08 1,534.429 FNCI N #725445 100.00 1,534.43 4.500% Due 05-01-19 • 05-01-08 05-15-08 46.494 FNCI N #72 5445 99.99 46.49 4.500% Due 05-01-19 • 05-01-08 05-15-08 1,497.816 FNCI N #72 5445 100.00 1,497.82 • 4.500% Due 05-01-19 06-01-08 06-15-08 43.603 FNCI N #725 445 99.99 43.60 • 4.500% Due 05-01-19 • 06-01-08 06-15-08 1,404.667 FNCI N #72544 5 100.00 1,404.67 4.500% Due 05-01-19 • 04-01-08 04-15-08 1,504 .000 FNCI N #825335 100.00 1,504.00 • 4.000% Due 05-01-20 05-01-08 05-15-08 337.300 FNCI N #8 253 35 100.00 337.30 • 4.000% Due 05-01-20 • 06-01-08 06-15-08 337.960 FNCI N #82 533 5 100.00 337.96 4.000% Due 05-01-20 • 04-01-08 04-15-08 300.800 FNCI N #829 053 100.00 300.80 4.000% Due 08-01-20 • 05-01-08 05-15-08 449.800 FNCI N #8290 53 100.00 449.80 • 4.000% Due 08-01-20 06-01-08 06-15-08 679.510 FNCI N #829053 100.00 679.51 • 4.000% Due 08-01-20 • . 04-01-08 04-15-08 24,442.160 FNCL # 256394 100.00 24,442 .16 6.500% Due 09-01-36 • 05-01-08 05-15-08 20,663.370 FNCL # 256394 100.00 20,663.37 • 6.500% Due 09-01-36 06-01-08 06-15-08 13,613.170 FNCL#256394 100.00 13,613.17 • 6.500% Due 09-01-36 • 04-01-08 04-15-08 916.670 GNJO M #781313 100.00 916.67 6.000% Due 07-15-16 • 05-01-08 05-15-08 1,3 44.540 GNJO M #781313 100.00 1,344.54 • 6.000% Due 07-15-16 06-01-08 06-15-08 832.480 GNJO M #781313 100.00 832.48 • 6.000% Due 07 -15-16 • • 8 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Trade Date 04-01-08 05-01-08 06-01-08 04-01-08 05-01-08 06-01-08 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-08 To 06-3 0-08 Settle Unit Date Quantity Security Price Amount 04-15-08 309 .550 GNSF M #552509 100 .00 309.55 6.000% Due 04-15-32 05-15-08 2,765 .330 GNSF M #552509 100 .00 2,765.33 6.000% Due 04-15-32 06-15-08 2,779.850 GNSF M #552509 100.00 2,779.85 6.000% Due 04-15-32 04-15-08 79.510 GNSF M #582153-100.00 79.51 6.000% Due 06-15-32 05-15-08 75.750 GNSF M #582153 100.00 75.75 6.000% Due 06-15-32 06-15-08 72.080 GNSF M #582153 100.00 72.08 6.000% Due 06-15-32 155,249 .33 9 • • • • ICC Capital Management • REALIZED GAINS AND LOSSES • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME • From 03-31-08 Through 06~30-08 • Gain Or Loss • Open Close Cost Date Date Quantity Security Basis Proceeds Short Term Long Term • 12-15-06 04-01-08 5,890.470 FGLMC #G02268 6,012.89 5,890.47 -122.42 • 6.500% Due 08-01-36 01-08-07 04-01-08 20,100.180 FGLMC #G02268 20,517.90 20,100.18 -417 .72 • 6.500% Due 08-01-36 02-21-07 04-01-08 2,273.400 FGCI #G12205 4.5% 2,193.48 2,273.40 79.92 • 4.500% Due 06-01-21 08-24-06 04-01-08 115.710 FGCIN#Gl2323 110.94 115.71 4.77 • 4.500% Due 08-01-21 09-08-04 04-01-08 83.030 FGCI N #BI3455 82.79 83.03 0.24 • 4.500% Due 04-01-19 05-23-02 04-01-08 2,494.590 FNCI M #254371 2,483.68 2,494.59 10.91 • 5.500% Due 07-01-17 09-08-05 04-01-08 1,314.480 FNCI N #255888 1,279.15 1,314.48 35.33 • 4.000% Due 08-01-20 • 01-08-07 04-01-08 24,442.160 FNCL # 256394 24,931.01 24,442.16 -488.85 6 .500% Due 09-01-36 • 09-15-04 04-01-08 47.631 FNCI N #725445 47.67 47.63 -0.04 4.500% Due 05-01-19 • 01-29-07 04-01-08 I ,534.429 FNCI N #725445 1,472.57 1,534.43 61.86 4.500% Due 05-01-19 • 09-08-05 04-01-08 I ,504.000 FNCI N #825335 1,463.58 1,504.00 4Q.42 4.000% Due 05-01-20 • 08-23-05 04-01-08 300.800 FNCI N #829053 291.78 300 .80 9 .02 4.000% Due08-01-20 • 06-13-02 04-01-08 79.510 GNSF M #582153 79.37 79.51 0.14 6.000% Due 06-15-32 • 04-15-02 04-01-08 309.550 GNSF M #552509 305.73 309.55 3.82 6.000% Due 04-15-32 • 07-02-02 04-01-08 916.670 GNJO M #781313 945.32 916 .67 -28.65 6.000% Due 07-15-16 • 10-31707 04-09-08 175,000.000 SUNTRUST BANKS 174,413.75 174 ,433.00 19 .25 5.250% Due 11-05-12 • 05-10-07 04-10-08 60,000.000 FANNIE MAE 6.01% 60,000.00 60,000.00 0.00 6.010% Due 04-10-17 • 10-31-07 04-11-08 325,000.000 SUNTRUST BANKS 323,911.25 324,025.00 113.75 5.250% Due 11-05-12 • 04-17-08 04-21-08 450,000.000 US TREASURY N/B 440,085 .94 441,984.38 1,898.44 • 4.375% Due 02-15-38 04-25-08 04-30-08 225,000.000 US TREASURY NIB 216,819.25 220,535.16 3,715.91 • 4.375% Due 02-15-38 04-13-07 04-30-08 300,000.000 FANNIE MAE 300,000 .00 300,000.00 0.00 • 5.300% Due 04-30-10 12-15-06 05-01 -08 4,744.100 FGLMC #G02268 4,842 .70 4,744 .10 -98.60 • 6.500% Due 08-01-36 01-08-07 05-01-08 16,188.390 FGLMC #G02268 16,524.81 16,188.39 -336.42 • 6.500% Due 08-01-36 02-21-07 05-01-08 1,973.290 FGCI #GI2205 4.5% 1,903.92 1,973.29 69.37 • 4.500% Due 06-01-21 08-24-06 05-01-08 105.340 FGCI N #GI2323 100.99 105.34 ' 4.35 • 4.500% Due 08-01-21 09-08-04 05-01-08 96.740 FGCI N #BI3455 96.45 96.74 0.29 • 4.500% Due 04-01-19 05-23-02 05-01-08 1,527.170 FNCI M #254371 1,520.49 1,527.17 6.68 • 5 .500% Due 07-01-17 • • 10 • • • • • • • ICC Capital Management • REALIZED GAINS AND LOSSES • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME • From 03-31-08 Through 0 6-30-08 • G ain Or Loss O pen Close Cost • Date Date Quantity Security Basis P r o ceeds Sho rt T erm L o ng Ter m • 09-08-05 05-01-08 315.580 FNCI N #255888 307.10 315.58 8.48 • 4 .000% Due 08-01-20 01-08-07 05-01-08 20,663 .370 FNCL # 256394 21,076.64 20,663.37 -4 13.27 • 6.500% Due 09-01-36 09-15-04 05-01-08 46.494 FNCI N #725445 46.53 46.49 -0.04 • 4.500% Due 05-01-19 01-29-07 05-01-08 I ,497.816 FNCI N #725445 1,437.43 1,497.82 60.39 • 4.500% Due 05-01-19 09-08-05 05-01-08 337.300 FNCI N #825335 328.24 337.30 9.06 • 4 .000% Due 05-01-20 08-23-05 05-01-08 449.800 FNCI N #829053 436.31 449.80 13.49 • 4.000% Due 08-01-20 06-13-02 05-01-08 75.750 GNSF M #582153 75 .62 75 .75 0 .13 • 6 .000% Due 06-15-32 04-15-02 05 -01-08 2,765.330 GNSF M #552509 2,731.20 2,765.33 34.13 • 6.000% Due <14-15-32 07-02-02 05-01-08 1,344.540 GNJO M #781313 1,386.56 1,344.54 -42.02 • 6.000% Due 07-15-16 • 05-06-08 05-08-08 225,000.000 US TREASURY NIB 214,699.22 218 ,600.96 3,901.74 4.375% Due 02-15-38 • 01-06-06 05-15-08 505,000.000 FEDERAL NATIONAL 52 0,4 53 .00 505,000 .00 -15 ,453.00 I MORTG AGE ASSN • 6.000% Due 05-15-08 12-15-06 06-01-08 4,086.130 FGLMC #G02268 4,171.05 4,086.13 -84.92 • 6.500% Due 08-01 -36 01-08-07 06-01-08 13 ,943.170 FGLMC#G02268 14,232.93 13 ,943.17 -289.76 • 6.500% Due 08-01-36 02-21-07 06-01-08 I ,751.950 FGCI #G12205 4.5% 1,690.36 1,751.95 61.59 • 4 .500% Due 06-01-21 08-24-06 06-01-08 94.600 FGCI N #Gl2323 90.70 94.60 3.90 • 4.500% Due 08-01 -21 09-08-04 06-01-08 78.350 FGCIN#B13455 78.12 78.35 0.23 • 4.500% D ue 04-01-19 05-23-02 06-01-08 1,668.390 FNCI M #2543 71 1,661.09 1,668.39 7.30 • 5 .500% Due 07-01-17 09-08-05 06-01-08 325.800 FNCI N #255888 317.04 325 .80 8.76 • 4 .000% Due 08-01-20 01-08-07 06-01-08 13 ,613.170 FNCL # 256394 13,885.44 13 ,6 13.17 -272.27 • 6.500% D ue 09-01 -36 09-15-04 06-01-08 43 .603 FNCIN #725445 43 .64 43.60 -0.04 • 4 .500% Du e 05-01-19 • 01-29-07 06-01-08 I ,404.667 FNCI N #725445 1,348.04 1,404.67 56.63 4.500% Due 05-01 -19 • 09-08-05 06-01-08 337.960 FNCI N #825335 328.88 33 7.96 9.0 8 4 .000% Due 05 -01-20 • 08-23-05 06-01 -08 679.510 FNCIN#829053 659.12 679.51 20.39 4.000% Due 08-01 -20 • 06-13-02 06-01 -08 72.080 GNSF M #582153 71.96 72.08 0.12 6.000% Due 06-15-32 • 04-15 -02 06-01-08 2 ,779.850 GNSF M #552509 2,745.54 2,779.85 34.31 6 .000% Due 04-15-32 • 07-02-02 06-01-08 832.480 GNJO M #781313 858.49 832.48 -26.01 6.000% Due 07-15-16 • • • II • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ------------------------------------------ ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 03-31-08 Through 06-30-08 Op en Date Close Date Quantity Security 05-22-08 06-04-08 215,000.000 US TREASURY NIB TOTAL GAINS TOTAL LOSSES 4.375% Due 02-15-38 TOTAL REALIZE D GAIN /LO SS -7,368.08 Cost Basis 207,190.86 2,614,788.49 12 Gain Or Loss Proceeds Short Term Long Term 207,592.58 40 1.72 10,050.81 655.13 0.00 -18,074.02 2,607,420.41 10,050.81 -17,418.89 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ICC Capital Management PORTFOLIO SUMMARY PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME June 30, 2008 Pet. Cur. Est. Annual Security Type Total Cost Market Value Assets Yield Income Cash & Equivalents CASH AND 1,028,730 .86 1,028,730 .86 8.5 5 .0 51,436.54 EQUIVALENTS 1,028,730.86 1,028 ,730.86 8.5 5 .0 51,436 .54 Fixed Income CORPORATE BONDS 5,112,862.00 4,947,765.35 40.8 6.0 299,027.50 GOVERNMENT 748,330.46 739,529 .90 6.1 4.6 34,031.25 BONDS MORTGAGE POOLS 2,270,520.12 2,292,632.07 18.9 5.9 135,307.19 GOVERNMENT 2,959,427.60 3,013,862.50 24.8 5.3 161,200.00 SPONSORED BOND Accrued Interest 108,468 .1 9 0.9 11,091,140.19 11,102 ,258.00 91.5 5 .7 629,565.94 TOTAL PORTFOLIO 12,119,871.05 12,130,988.86 100.0 5.7 681,002.48 13 • • • • ICC Capital Management • PORTF OLIO APPRAISAL • PALM BEA CH GA RDEN S POLICE PENSION FUN D FIXED INCOME • June 30, 2008 • Unit Total Market Pet . Cur. Quantity Security Cost Cost Price Value Assets Yield • CASH AND EQUIVALENTS • CASH & CASH EQUIVALENTS 1,028,730.86 I ,028, 730.86 8.5 5.0 • I ,028, 730.86 1,028,730.86 8.5 5.0 • CORPO RA TE BONDS 80,000.000 GENERAL ELECTRIC 110.79 88,629.60 104.91 83,931.20 0.7 7.9 • CAP CROP 8.300% Due 09-20-09 • 235,000.000 FLEETBOSTON F1NL 106.28 249,762.70 103.96 244,315.40 2.0 7.1 CORP • 7.375% Due 12-01-09 280,000.000 JPMORGAN CHASE & 108.76 304,525.20 104.66 293,039.60 2.4 7.5 • co 7.875% Due 06-15-10 • 200,000.000 LEHMAN BROTHERS 98.97 197,938.00 102.89 205,772.00 1.7 7.7 HLDG • 7.875% Due 08-15-10 255,000.000 CITIGROUP INC 104.86 267,383.25 102.84 262,247.10 2.2 6.3 • 6.500% Due 01-18-11 240,000.000 HARTFORD FINL 98.47 236,323.20 98.85 237,240.00 2.0 5.3 • SVCSGRP • 5.250% Due 10-15-11 200,000.000 GOLDEN WEST FINL 97.82 195,640.00 95.87 191,734.00 1.6 5.0 • 4.750% Due 10-01-12 200,000.000 GOLDMAN SACHS 99.97 199,946.00 99.75 199,498.00 1.6 5.5 • GROUP INC 5.450% Due 11-01-12 • 200,000.000 AT&T INC 100.30 200,592.00 99.65 199,306.00 1.6 5.0 4.950% Due 01-15-13 • 200,000.000 FIFfH THIRD BANK 99.88 199,770.00 91.53 183,062.00 1.5 6.8 NW-OHIO • 6.250% Due 05-01-13 195,000.000 INTL LEASE FIN AIG 105.64 205,999.95 89.22 173,975.10 1.4 6.6 • 5 7/8 5.875% Due 05-01-13 • 135,000.000 NATIONAL RURAL 99.84 134,789.40 101.15 136,548.45 1.1 5.4 UTILCOOP • 5.500% Due 07-01-13 85,000.000 GOLDMAN SACHS 98.44 83,674.00 97.89 83,203.10 0.7 5.4 • 5.250% Due 10-15-13 I 00,000.000 JP MORGAN CHASE 99.68 . 99,682.00 95.86 95,864.00 0.8 5.1 • 4.875% Due 03-15-14 • 80,000.000 MORGAN STANLEY 98.28 78,620.80 91.12 72,898.40 0.6 5.2 4.750% Due 04-01-14 • 225,000.000 G LAXOSMITHKLINE 99.85 224 ,669.25 97.09 218,443.50 1.8 4.5 CAP INC • 4.375% Due 04-15-14 I 00,000.000 GENERAL ELEC CAP 99.86 99,856.00 102.06 102,058.00 0.8 5.4 • CORP 5.500% Due 06-04-14 • 45,000.000 BEAR STEARNS 97.40 43,829.55 96.64 43,488.90 0.4 5.9 5.700% Due 11-15-14 • 65,000.000 GOLDMAN SACHS 99.74 64,829.10 95.72 62,218.00 0.5 5.4 5.125% Due 01-15-15 • 50,000.000 JP MORGAN CHASE 101.59 50,797.00 96.96 48,481.50 0.4 5.4 5.250% Due 05-01-15 • • 14 • • • l e • • • ICC Capital Management • PORTFOLIO APPRAISAL • PALM BEACH GARDENS POLICE PENSION FUND FIXED I N COME • June 30, 2008 • Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield • 170,000.000 MERRILL LYNCH & 103.52 175,989.10 92.25 156,825.00 1.3 6 .6 • co • 6.050% Due 05-16-16 225,000.000 AT&T INC 101.36 228,071.25 99.03 222,822.00 1.8 5.7 • 5.625% Due06-15-16 150,000.000 MCDONALD'S CORP 98.90 148,348.50 98.01 147,022.50 1.2 5.4 • 5.300% Due03-15-17 200,000.000 VERIZON 102.45 204,892.00 96.11 192,228.00 1.6 5.7 • COMMUNICATIONS 5.500% Due 04-01-17 I • 100,000.000 NATIONAL RURAL . 99.68 99,680.00 97.62 97,624.00 0.8 5.6 I UTILCOOP I • 5.450% Due 04-10-17 225,000.000 MCDONALD'S CORP 102.47 230,555 .25 102.08 229,671.00 1.9 5.7 • 5.800% Due 10-15-17 115,000.000 CONS EDISON CO OF 99.96 114,949.40 100.37 115,428.95 1.0 5.8 • .NY 5.850% Due 04-01-18 • 200,000.000 MORGAN STANLEY 100.00 200,000.00 94.75 189,506.00 1.6 7.0 6.625% Due 04-01-18 • 75,000 .000 IBM CORP 105.60 79,202 .05 102.11 76,584.75 0.6 6.4 I 6 .500% DueOI-15-28 I • 305,000.000 CONOCO INC 115 .80 353,187.65 109.67 334,508.75 2.8 6.3 6.950% Due 04-15-29 • 55,000.000 ARCHER DANIELS 92.24 50,729.80 87.67 48,220.15 0.4 6.1 • 5.375% Due 09-15-35 Accrued Interest 65,019.91 0.5 • 5,112,862.00 5,012,785.26 41.3 6.0 • GOVERNMENT BONDS 475,000.000 US TREASURY NIB 110.94 526,953.12 107.47 510,477.75 4.2 4.7 • 5.000% Due 05-15-37 235,000.000 US TREASURY NIB 94.20 221,377.34 97.47 229,052.15 1.9 4.5 • 4.375% Due02-15-38 Accrued Interest 6,810.10 0 .1 • 748,330.46 746,340.00 6.2 4.6 • MORTGAGE POOLS • 37,334.230 GNJO M #781313 103.12 38,500.92 103.15 38,510.26 0.3 5.8 6.000% Due 07-15-16 • 97,854.720 FNCI M #254371 99.56 97,426.61 101.59 99,413 .55 0.8 5.4 5.500% Due 07-01-17 • 5,674.970 FGCI N #813455 99.71 5,658.24 97.51 5,533.83 0.0 4.6 4.500% Due 04-01-19 • 104,802.370 FNCI N #725445 96.09 100,707.12 97.54 102,228.42 0.8 4.6 4.500% Due 05-01-19 • 53,869.550 FNCI N #825335 97.31 52,421.80 94.20 50,745.12 0.4 4.2 4.000% Due 05-01-20 • 58,654.310 FNCI N #255888 97.31 57,077.98 94.20 55,252 .36 0.5 4.2 4.000% Due 08-01-20 • 51,593.250 FNCI N #829053 97.00 50,045.45 94.20 48,600.84 0.4 4.2 4.000% Due 08-01-20 • 132,881.820 FGCI #GI2205 4.5% 96.48 128,210.19 97.26 129,244.84 1.1 4.6 4.500% Due06-0l-21 • 7,425.122 FGCI N #012323 95.88 7,118.84 97.26 7,221.90 0.1 4.6 • 4 .500% Due 08-01-21 • 15 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ICC Capital M anagement PORTFOLIO APPRAI SAL PALM BEACH GA RDENS POLICE PENSION FUND F IXED I N CO ME June 30, 2008 Unit Total Market Pet. Quantity Security Cost Cost Price Value Assets 150,087.340 GNSF M #552509 98 .77 148,234.70 101.94 153,006.54 1.3 6.000% Due 04-15-32 39,228 .140 GNSF M #582153 99 .83 39,160 .72 101.94 39,991.13 0.3 6 .000 % Due 06-15-32 816,115 .425 FGLMC #G02268 102 .08 833,075.92 103 .22 842 ,369.86 6 .9 6.500% Due 08-01 -36 698,903 .330 FNCL # 256394 102 .00 712,881.64 103 .09 720 ,513.42 5.9 6 .500% Due 09-01-36 Accrued Interest 10,899.75 0 .1 2,270,520.12 2,303,531 .8 1 19.0 GOVERNMENTS PONS ORED BOND 460,000 .000 FHLMC 104 .22 479,433 .10 106.72 490,907.40 4 .0 6 .000% Due 06-15-11 350,000 .000 FANNIE MAE 99.65 348,775.00 100 .78 352,733 .50 2 .9 4 .250% Due 06-24-11 225,000 .000 FREDDIE MAC 100 .00 225 ,000.00 99.94 224,862.75 1.9 4 .375% Due 05-13-13 300 ,000 .000 FANNIE MAE 98.85 296,550.00 100.31 300,939.00 2 .5 5.750% Due 02-13-17 . 300,000 .000 FREDDIE MAC 99 .83 299,490.00 102 .38 307 ,155 .00 2 .5 6.000% Due 07-06-17 300,000.000 FREDDIE MAC 99 .70 299,100.00 100 .05 300,159.00 2 .5 5.000% Due 04-30-18 200,000 .000 FANNIE MAE 99 .20 198,394.00 103 .34 206,688.00 1.7 6.000% Due 04-28-21 265 ,000 .000 FANNIE MAE 99 .32 263,198 .00 101.41 268,725.90 2 .2 5 .625% Due 11-15-21 300 ,000 .000 FREDDIE MAC 98 .63 295,890.00 102 .26 306,771.00 2 .5 5.900% Due 06-15-22 255,000.000 FANNIE MAE 99.45 253,597.50 99.97 254 ,920.95 2.1 5 .500% Due 12-14-22 Accrued Interest 25,738 .44 0 .2 2,959,427.60 3,039,600 .94 25.1 TOTAL PORTFOLIO 12,119,871.05 12,130,988.86 100.0 16 Cur. Yield 5.9 5.9 6.3 6 .3 5.9 5.6 4.2 4.4 5.7 5.9 5.0 5 .8 5 .5 5 .8 5.5 5 .3 5.7 • • • • • • • • • • • • • • • • • • • • • • • • • • • • l e • • • • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Review Quarter Ending June 30, 2008 ICC Capital Managem ent, Inc . • • • • • • • • • • • • • • r• • i. • • • • • • • • • • • • • • • I • • • :• i • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance Report Quarter Ending June 30,2008 luvestmeut Results 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 A raisal Pa e ...... 14 ICC Capital Managem ent, Inc . • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • :e I • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Total Return Summary Quarter Ending June 30,2008 Curreut Qtr FYTD (09/30) Starting Value $3,108,147 $2,327,085 Ending Value $3,703,865 $3,703,865 Difference $595,718 $1,376,780 Net Contributions/ (Withdrawals) $484,516 $1,929,070 Gain/(Loss) from Investments $111,202 ($552,290) TOTAL RETURN I 4.08% -15.11% ICC Capital Management, Inc . 1 • • • • • • • • • • • • • • • • • • • 1: • • • • • • • • • • • • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Allocation at Market Market Value as of 03/31/08 Market Value as of 06/30/2008 Cash/E uivs Total ICC Capital Management, Inc . Quarter Ending June 30,2008 Asset Allocation: 100/0 (Mkt) CASH/EQUIVS 1.8% CASH/EQUIVS 18.1% MktValue MktValue% as of 03/31/08 as of 03/31/08 $55,328 1.8% $3,052,819 98.2% $3,108,147 100.0% 2 EQUITY 98.2% EQUITY 81.9% MktValue as of 06/30/08 $670,253 $3,033,612 $3,703,865 Mkt Value 0/o as of 06/30/08 18.1% 81.9% 100.0% • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 1: • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Asset Category Quarter Ending June 30, 2008 Quarter .ACCOUNT 6.00 4.08 EQUITY TOTAL FYTD (09/30) I .ACCOUNT EQUITY TOTAL The red total bar represents the Russell1000 Grawth Index . ICC Capital Management, Inc . 3 ' • • • • • • • • • • • • • ,. I. • • • • ,. i • • • • • • • • • I. • • ! • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWfH Portfolio Sector Diversification Security MARVELL TECHNOLOGY GROUP APPLE COMPUTER INC. TAIWAN SEMICONDUCTOR MFG. SUPERIOR ENERGY SERVICES INC. MICROSOFT CORP. TARGET CORPORATION EMCCORP . BROADCOM CORP. EQUINIX INC. Quarter Ending June 30,2008 Top Ten Holdings % of equities AMERICAN TOWER CORPORATION 6.06 % 5.80% 5.18% 4.73% 4.71% 4.60% 4.26 % 4.22% 4.11 % 4.04% Sector Contribution Sector % of Portfolio Materials 5.93 % Industrials 4.07% Telecommunications 8.16 % Consumer Discretionary 8.97% Comsumer Staples 6.73 % Energy 4.73% Financial 2.99% Health Care 12.82% Information Technology 43.71 % Utilities 1.89% ICC Capital Management, Inc . 4 Return for Quarter 62.76 % 15.91% 5.99% 38.74% -2.98% -8.48% 1.97% 40.66% 32.85 % 7.61% Return for Quarter 0.96 % -12.43% 18.98% -12.42% -9.39% 38.74% 0.46 % -1.85% 10.09% -13.85% • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Sectors Index Sector Returns for 2008 30.0 20.0 10.0 -10.0 -8.4 Quarter Ending June 30,2008 24.6 -7.9 -2o.o ~==;:==;==:::;==:;=:==;::==;==~==;==;==-=r Sector Diversification Relative to the Russell1000 Growth Index 21.0 20.0 10.0 0 .0 OVERWEIGHT -10 .0 -8.6 UNDERWEIGHT -8.7 -20.0 ICC Capital Management, Inc . 5 • • • PALM BEACH GARDENS POLICE PENSIO N FUND GROWTH • Growth P ortfolio Attributes • Quarter Ending • June 30, 2008 • CAPITALIZATION 6/30/2008 3/31/2008 12/31/2007 9/30/2007 MARKET CAPITALIZATION • ICC -49.9 49.0 55.4 35.7 RlOOOG -80.8 92 .7 101.0 98.5 125.0 92.7 101 .0 98.5 • 100.0 75.0 • 50.0 25.0 • 0.0 6/30/2008 3/31/2008 12/31/21X!7 9/30/21X!7 • • BETA 6[30[2008 3[3:!12008 12/31/2007 9[30[2007 ICC -1.16 1.20 1.11 1.02 1.50 BETA • 1.20 1.11 RlOOOG -1.00 1.00 1.00 1.00 1.00 • 0.50 • 0.00 • 6/30/2008 3/31/2008 12/31/2007 9/30/2007 • YIELD 6/30[2008 3[3:!12008 12/31/2007 9[30[2007 • 2.0 YIELD ICC -1.05 1.26 1.55 0.99 1.46 1.55 1.6 • RlOOOG -1.37 1.46 1.31 1.26 1.2 • 0.8 0.4 • 0.0 • 6/30/2008 3/31/2008 12/31/2007 9/30/2007 • M 6[30[2008 3[3:!12008 12/31/2007 9[30[2007 PRICE/EARNINGS • ICC -20 .5 21 .1 22.5 25.1 • RlOOOG -16.2 16.7 18.4 18.9 10.0 • 0.0 • 6/30/2008 3/31/2008 12/31/21X!7 9/30/21X!7 • 12 MONTH EPS GROWTH 6[30[2008 3[31/2008 12/3:!12007 9[30[2007 12 MONTH EPS GROWTH • ICC -27.6 17.4 30.1 38.8 50.0 38.8 RlOOOG -29 .6 25.8 30.6 30.0 40 .0 • 30 .0 • 20 .0 • 10.0 0.0 • 6/30/2008 3/31/2008 12/31/2007 9/30/21X!7 • 5 YEAR EPS GROWTH 6[30[2008 3[31/2008 12/31/2007 9[30[2007 5 YR EPS GROWTH • ICC -30.7 21.9 24 .9 21.8 40.0 30.7 RlOOOG -24.8 23.3 23 .2 21.9 30.0 • 20 .0 • 10.0 • 0.0 6/30/2008 3/31/2008 12/31/2007 9/30/21X!7 • • ICC Capital Managemen t, In c . • 6 • • • • • • • • • • • • • • • • • • • • • • • • • I • l e ,. • • • • • • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report (Page 1 of2) Quarter Ending June 30,2008 Date Trans Ticker Security $Amount Shares Price Comm The Griswold Company 4/7/2008 Sell WM Washington Mutual $19,928.29 1500 $13.33 $60.00 4/7/2008 Sell WM Washington Mutual $3,985.66 300 $13.33 $12.00 4/7/2008 Sell WM Washington Mutual $3,985.66 300 $13.33 $12.00 4/7/2008 Sell WM Washington Mutual $23,913.94 1800 $13.33 $72.00 4/7/2008 Sell WM Washington Mutual $7,971.31 600 $13.33 $24.00 4/28/2008 Buy PEP Pepsico Inc. $96,015.78 1400 $68.54 $56.00 4/28/2008 Sell WM Washington Mutual $8,844.66 700 $12.68 $28.00 4/28/2008 Sell WM Washington Mutual $15,162.27 1200 $12.68 $48.00 4/30/2008 Sell EBAY Ebaylnc. $12,634.09 400 $31.63 $16.00 4/30/2008 Sell EBAY Ebaylnc. $9,475.56 300 $31.63 $12.00 4/30/2008 Sell EBAY Ebay Inc. $12,634.09 400 $31.63 $16.00 4/30/2008 Sell EBAY Ebay Inc. $12,634.09 400 $31.63 $16.00 Total: The Griswold Company $227,185.40 9,300 $372.00 Kellogg Securities 4/22/2008 Buy EQIX Equinixlnc $8,044.00 100 $80.40 $4.00 4/22/2008 Buy GME Gamestop Corp-Cl A $5,507.00 100 $55.03 $4.00 4/22/2008 Buy JDSU Jds Uniphase Corp $7,105.00 500 $14.17 $20.00 4/22/2008 Buy KSS Kohls Corp $4,603.00 100 $45.99 $4.00 4/22/2008 Buy MRVL Marvell Technology Group $10,413.00 900 $11.53 $36.00 4/22/2008 Buy MSFT Microsoft Corp. $6,076.00 200 $30.34 $8.00 4/22/2008 Buy MU Micron Technology Inc $15,897.00 2100 $7.53 $84.00 4/22/2008 Buy NTAP Netapplnc $2,222.00 100 $22.18 $4.00 4/22/2008 Buy RIO Companhia Vale Do Rio Doce AD1 $8,056.00 200 $40.24 $8.00 4/22/2008 Buy SBUX Starbucks Corp $3,536.00 200 $17.64 $8.00 4/22/2008 Buy SPN Superior Energy Services Inc $4,575.00 100 $45.71 $4.00 4/22/2008 Buy SUPG Supergen Inc $4,374.00 1800 $2.39 $72.00 4/22/2008 Buy TGT Target Corporation $10,700.00 200 $53.46 $8.00 4/22/2008 Buy TSM Taiwan Semiconductor Mfg $8,664.00 800 $10.79 $32.00 4/22/2008 Buy TXN Texas Instrs Inc $2,867.00 100 $28.63 $4.00 4/22/2008 Buy UTX United Technologies Corp. $7,145.00 100 $71.41 $4.00 4/22/2008 Buy AAPL Apple Computer Inc $16,148.00 100 $161.44 $4.00 4/22/2008 Buy ABT Abbott Lab Com $5,047.00 100 $50.43 $4.00 4/22/2008 Buy ADM Archer Daniels Midland Co $4,769.00 100 $47.65 $4.00 4/22/2008 Buy AMT American Tower Corporation $4,144.00 100 $41.40 $4.00 4/22/2008 Buy BIIB Biogenlnc $6,417.00 100 $64.13 $4.00 4/22/2008 Buy BMY Bristol Myers Squibb Company $6,429.00 300 $21 .39 $12.00 4/22/2008 Sell EBAY Ebay Inc. $6,174.94 200 $30.91 $8.00 4/22/2008 Sell EBAY Ebayinc. $15,437.36 500 $30.91 $20.00 4/22/2008 Sell EBAY Ebaylnc. $18,524.84 600 $30.91 $24.00 4/22/2008 Buy BRCM Broadcom Corp $4,790.00 200 $23.91 $8.00 4/22/2008 Buy CERN Cerner Corp $3,901.00 100 $38.97 $4.00 ICC Capita l Management, Inc . 7 PerSh $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 $0.04 I • • • • • • • • • • • • • • • • • • • • • I. • • • • • • • • • • • • • • • • • • PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report (Page 2 of 2) Quarter Ending June 30,2008 Date Trans Ticker Security $Amount Shares Price Comm 4/22/2008 Buy cvs Cvs Caremark Corp $3,986.00 100 $39.82 $4 .00 4/22/2008 Buy CWT California Water Service Grp $4,007.00 100 $40 .03 $4 .00 4/22/2008 Buy ECL Ecolab Inc $4,741.00 100 $47.37 $4 .00 4/22/2008 Buy EMC EmcCorp $7,790.00 500 $15.54 $20.00 Total: Kellogg Securities $222,090.14 10,800 $432.00 Edgetrade 4/21/2008 Sell MER Merrill Lynch $13,829.35 300 $46.12 $6.00 4/21/2008 Sell MER Merrill Lynch $27,658.71 600 $46.12 $12.00 4/21/2008 Sell MER Merrill Lynch $4,609.79 100 $46.12 $2.00 4/21/2008 Sell MER Merrill Lynch $4,609.78 100 $46.12 $2.00 4/24/2008 Sell c Citigroup $7,693.22 300 $25.66 $6.00 4/24/2008 Sell c Citigroup $7,693.22 300 $25.66 $6.00 4/24/2008 Sell c Citigroup $10,257 .62 400 $25.66 $8.00 4/24/2008 Sell WM Washington Mutual $3,492.61 300 $11.66 $6 .00 4/24/2008 Sell WM Washington Mutual $15,134 .64 1300 $11.66 $26 .00 4/24/2008 Sell WM Washington Mutual $9,313.63 800 $11.66 $16.00 4/24/2008 Sell c Citigroup $10,257.62 400 $25.66 $8.00 4/25/2008 Sell MER Merrill Lynch $14,633.77 300 $48.80 $6 .00 4/25/2008 Sell MER Merrill Lynch $14,633.77 300 $48.80 $6.00 4/25/2008 Sell MER Merrill Lynch $9,755.84 200 $48.80 $4.00 4/25/2008 Sell MER Merrill Lynch $19,511.69 400 $48 .80 $8.00 4/29/2008 Sell SBUX Starbucks Corp $7,973.81 500 $15 .97 $10.00 4/29/2008 Sell SBUX Starbucks Corp $17,542.37 1100 $15.97 $22.00 4/29/2008 Sell SBUX Starbucks Corp $9,568.57 600 $15.97 $12.00 4/29/2008 Sell SBUX Starbucks Corp $9,568.56 600 $15.97 $12.00 4/29/2008 Sell SBUX Starbucks Corp $11,163 .33 700 $15.97 $14.00 4/29/2008 Sell SBUX Starbucks Corp $3,189.52 200 $15.97 $4.00 4/29/2008 Sell MU Micron Technology Inc $23,058.64 2900 $7.97 $58.00 4/29/2008 Sell MU Micron Technology Inc $8,746 .38 1100 $7.97 $22.00 4/29/2008 Sell MU Micron Technology Inc $15,902.51 2000 $7.97 $40 .00 4/29/2008 Sell SBUX Starbucks Corp $11,163 .33 700 $15.97 $14 .00 4/29/2008 Sell SBUX Starbucks Corp $4,784 .28 300 $15.97 $6 .00 4/30/2008 Buy VMW Vmware Inc-Class A $74,672.84 1100 $67.86 $22 .00 Total: Edgetrade $370,419.40 17,900 $358.00 Edgetrade 2 6/26/2008 Sell AAPL Apple Computer Inc $8,574.81 50 $171.51 $1.00 Total: Edgetrade 2 $8,574.81 50 $1.00 • ICC Capital Management, Inc . • • 8 PerSh $0.04 $0.04 $0.04 $0 .04 $0.04 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0 .02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0 .02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0 .02 $0 .02 $0.02 $0.02 $0.01 $0.01 • • • • ICC Capital Management • PURCHASE AND SALE • PALM BEACH GARDENS POLICE PENSION FUND GROWTH • From 03-31-08 To 06-30-08 • Trade Settle Unit Date Date Quantity Security Price Amount • • PURCHASES • 04-22-08 04-25-08 100.00 ABBOTT LAB COM 50.47 5,047.00 • 04-22-08 04-25-08 100.00 AMERICANTOWER 41.44 4,144.00 CORPORATION • 04-22-08 04-25-08 100.00 APPLE COMPUTER INC 161.48 16,148.00 • 04-22-08 04-25-08 100.00 ARCHER DANIELS MIDLAND CO 47.69 4,769.00 04-22-08 04-25-08 100.00 BIOGEN INC 64.17 6,417.00 • 04-22-08 04-25-08 300.00 BRISTOL MYERS SQUIBB 21.43 6,429.00 • COMPANY . 04-22-08 04-25-08 200.00 BROADCOM CORP 23.95 4,790.00 • 04-22-08 04-25-08 100.00 CALIFORNIA WATER SERVICE 40.07 4,007.00 • GRP 04-22-08 04-25-08 100.00 CERNER CORP 39.01 3,901.00 • 04-22-08 04-25-08 200.00 COMP ANHIA VALE DO RIO DOCE 40.28 8,056.00 • ADR 04-22-08 04-25-08 100.00 CVS CAREMARK CORP 39.86 3,986.00 • 04-22-08 04-25-08 100.00 ECOLAB INC 47.41 4,741.00 • 04-22-08 04-25-08 500.00 EMC CORP 15.58 7,790.00 04-22-08 04-25-08 100.00 EQUINIX INC 80.44 8,044.00 • 04-22-08 04-25-08 100.00 GAMESTOP CORP-CL A 55.07 5,507.00 04-22-08 04-25-08 500.00 IDS UNIPHASE CORP 14.21 7,105.00 • 04-22-08 04-25-08 100.00 KOHLS CORP 46.03 4,603.00 • 04-22-08 04-25-08 900.00 MARVELL TECHNOLOGY GROUP 11.57 10,413.00 04-22-08 04-25-08 2,100.00 MICRON TECHNOLOGY INC 7.57 15,897.00 • 04-22-08 04-25-08 200.00 MICROSOFT CORP. 30.38 6,076.00 • 04-22-08 04-25-08 100.00 NETAPP INC 22.22 2,222.00 04-28-08 05-01-08 1,400.00 PEPSICO INC . 68.58 96,015.78 • 04-22-08 04-25-08 200.00 STARBUCKS CORP 17.68 3,536.00 • 04-22-08 04-25-08 1,800.00 SUPERGEN INC 2.43 4,374.00 04-22-08 04-25-08 100.00 SUPERIOR ENERGY SERVICES INC 45.75 4,575.00 • 04-22-08 04-25-08 800.00 TAIWAN SEMICONDUCTOR MFG 10.83 8,664.00 • 04-22-08 04-25-08 200.00 TARGET CORPORATION 53.50 10,700.00 04-22-08 04-25-08 100.00 TEXAS INSTRS INC 28.67 2,867.00 • 04-22-08 04-25-08 100.00 UNITED TECHNOLOGIES CORP . 71.45 7,145.00 • 04-30-08 05-05-08 1,100.00 VMWARE INC-CLASS A 67.88 74,672.84 352,641.62 • • SALES 03-31-08 04-03-08 2,100.00 ADVANCED MICRO DEVICES 5.82 12,227.95 l e 03-31-08 04-03-08 1,700.00 ADVANCED MICRO DEVICES 5.82 9,898 .82 03-31-08 04-03-08 800.00 ADVANCED MICRO DEVICES 5.82 4,658 .27 • 03-31-08 04-03-08 800.00 ADVANCED MICRO DEVICES 5.82 4,658.27 1: 03-31-08 04-03-08 1,000.00 ADVANCED MICRO DEVICES 5.82 5,822.83 9 • • • • • • • • ICC Capital Management • P U R CHASE AND SALE • PALM BEACH GA RDENS POLICE PENSION FUND GROWTH From 03-31-08 To 06-30-08 • • Trade Settle Unit Date Date Quantity · Security Price Amount • • 03-31-08 04-03 -08 100.00 APPLE COMPUTER INC 144.01 14,400.70 06-26-08 07-01 -08 50.00 APPLE COMPUTER INC 171.50 8,574.81 • 04-24-08 04-29-08 400.00 CITIGROUP 25 .64 10,257 .62 • 04-24-08 04-29-08 300.00 CITIGROUP 25.64 7,693.22 04-24-08 04-29-08 300.00 CITIGROUP 25.64 7,693.22 • 04-24-08 04-29 -08 400 .00 CITIGROUP 25.64 10,257.62 • 04-22-08 04-25-08 200.00 EBA Y INC. 30 .87 6,174.94 04-22-08 04-25-08 500.00 EBAY INC. 30.87 15,437.36 • 04-22-08 04-25-08 600.00 EBAY INC . · 30.87 18,524.84 • 04-30-08 05-05-08 400 .00 EBA Y INC. 31.59 12,634.09 04-30-08 05-05-08 400.00 EBA Y INC. 31.59 12,634.09 • 04-30-08 05-05-08 300.00 EBA Y INC. 31.59 9 ,475 .56 • 04-30-08 05-05-08 400.00 EBA Y INC . 31 .59 12,634.09 04-21-08 04-24-08 300.00 MERRILL LYNCH 46.10 13,829.35 • 04-21-08 04-24-08 100 .00 MERRILL LYNCH 46.10 4,609.78 • 04-21-08 04-24-08 100.00 MERRILL LYNCH 46.10 4,609 .79 04-21-08 04-24-08 600.00 MERRILL LYNCH 46.10 27 ,658 .71 • 04-25-08 04-30-08 300.00 MERRILL LYNCH 48.78 14,633.77 04-25-08 04-30-08 300.00 MERRILL LYNCH 48.78 14,633.77 • 04-25-08 04-30-08 200.00 MERRILL LYNCH 48.78 9,755.84 • 04-25-08 04-30-08 400.00 MERRILL LYNCH 48.78 19,511.69 04-29-08 05 -02-08 2,900.00 MICRON TECHNOLOGY INC 7.95 23,058 .64 • 04-29-08 05-02-08 1,100.00 MICRON TECHNOLOGY INC 7.95 8,746.38 • 04-29-08 05-02-08 2,000.00 MICRON TECHNOLOGY INC 7.95 15,902.51 04-29-08 05-02-08 700.00 STARBUCKS CORP 15.95 11,163.33 • 04-29-08 05-02-08 300.00 STARBUCKS CORP 15.95 4,784.28 • 04-29-08 05-02-08 500.00 STARBUCKS CORP 15.95 7,973.81 04-29-08 05-02-08 1,100.00 STARBUCKS CORP 15.95 17,542.37 • 04-29-08 05-02-08 600.00 ST ARBUCKS CORP 15.95 9,568.57 • 04-29-08 05 -02-08 600 .00 STARBUCKS CORP 15.95 9,568.56 04-29-08 05-02-08 700 .00 . STARBUCKS CORP 15.95 11 ,163.33 • 04-29-08 05-02-08 200 .00 STARBUCKS CORP 15.95 3,189.52 04-07-08 04-10-08 1,500.00 WASHINGTON MUTUAL 13.29 19,928 .29 • 04-07-08 04-10-08 300 .00 WASHINGTON MUTUAL 13.29 3,985 .66 • 04-07-08 04-10-08 300.00 WASHINGTON MUTUAL 13.29 3,985 .66 04-07-08 04-10-08 I ,800 .00 WASHINGTON MUTUAL 13.29 23,913.94 • 04-07-08 04-10-08 600.00 WASHINGTONMUTUAL 13.29 7,971.31 1: 04-24-08 04-29-08 300.00 WASHINGTON MUTUAL 11.64 3,492.61 04-24-08 04-29-08 1,300.00 WASHINGTON MUTUAL 11.64 15,134.64 04~24-08 04-29-08 800.00 WASHINGTON MUTUAL 11.64 9,313 .63 • 04-28-08 05-01-08 700.00 WASHINGTON MUTUAL 12.64 8,844 .66 04-28-08 05-01-08 1,200.00 WASHINGTON MUTUAL 12.64 15,162.27 • 527,294.97 • • 10 • • • • • • • • ICC Capital Management • REALIZED GAINS AND LOSSES • PALM BEACH GARDENS POLICE PENSION FUND GROWTH • From 03 -3 1-08 Th roug h 06-30-08 • G a in O r Loss Open C lose Cost • Date Date Quantity Security Basis Proceed s Short Term Long T e r m • 07-26-07 03-31-08 100.00 APPLE COM PUTER INC 14,752.00 14,400.70 -351.30 03-01-07 03-31-08 2,100.00 ADVANCED MICRO 31,185 .00 12,227.95 -18 ,957 .05 • DEVICES 07-26-07 03-31-08 1,700.00 ADVANCED MICRO 26,435 .00 9,898.82 -16,536.18 • DEVICES 10-12-07 03-31-08 800.00 ADVANCED MICRO 11,224.00 4,658.27 -6,565.73 • DEVICES • 10-30-07 03-31-08 800.00 ADVANCED MICRO 10,464.00 4,658.27 -5,805.73 DEVICES • OI-28-08 03-31-08 I ,000.00 ADVANCED MICRO 7,410 .00 5,822 .83 -1,587.17 DEVICES • 09-19-07 04-07-08 I ,500.00 WAS HINGTON MUTUAL 58,378.80 19,928.29 -38,450.51 10-12-07 04-07-08 300.00 WASHINGTON MUTUAL 10,611.00 3,985.66 -6,625.34 • 10-30-07 04-07-08 300.00 . WAS HINGTON MUTUAL 8,373.00 3,985.66 -4,387.34 11-02-07 04-07-08 I ,800.00 WASHINGTON MUTUAL 44,025.48 23,913.94 -20,111.54 • 11-05-07 04-07-08 600.00 WASHIN GTON MUTUAL 14,338.62 7,971.31 -6,367.3 1 03-02-07 04-21-08 300.00 MERRILL LYNCH 24,727.62 13,829.35 -10,898.27 • 03-14-07 04-2 1-08 100.00 MERRILL LYNCH 7,834.47 4,609.78 -3 ,224.69 06-25-07 04-21-08 100.00 MERRILLLYNCH 8,388.26 4,609.79 -3,778.47 • 07-26-07 04-21-08 600.00 MERRILL LYNCH 44,956.92 27,658.71 -17,298.21 03-01-07 04-22-08 200.00 EBA Y INC. 6,458.00 6,174.94 -283..06 ,. 04-19-07 04-22-08 500.00 EBA Y INC. 17,103.05 15,437.36 -1,665.69 l e 07-26-07 04-22-08 600.00 EBA Y INC. 19,847.40 18,524.84 -1,322.56 09-19-07 04-24-08 400.00 CITIGROUP 19,335.92 10,257.62 -9,078.30 10-12-07 04-24-08 300.00 CITIGROUP 14,292.00 7,693.22 -6,598.78 • 10-30-07 04-24-08 300.00 CITIGROUP 12,717.00 7,693 .22 -5,023 .78 01-28-08 04-24-08 400.00 CITIGROUP 10 ,860 .00 10,257.62 -602.38 • 11-05-07 04-24-08 300.00 WASHINGTON MUTUAL 7,169.3 1 3,492.61 -3,676.70 • 11-05-07 04-24-08 1,300.00 WASH INGTON MUTUAL 30,183.79 15,134.64 -15,049.15 11-08-07 04-24-08 800;00 WASHINGTON MlJfUAL 15,152.56 9,313.63 -5,838.93 • 07-26-07 04-25-08 300.00 MERRILLLYNCH 22,478 .46 14,633.77 -7,844.69 10-12-07 04-25-08 300.00 MERRILLLYNCH 22,524.00 14,633.77 -7,890.23 • 10-30-07 04-25-08 200.00 MERRILL LYNCH 13,146.00 9,755.84 -3,390.16 01-28-08 04-25-08 400.00 MERRILLLYNCH 22,692.00 19,511.69 -3,180.31 • 11-08-07 04-28-08 700.00 WASH INGTON MUTUAL 13,258 .49 8,844.66 -4,413 .83 01-28-08 04-28-08 1,200.00 WASHINGTON MUTUAL 20,266.32 15,162.27 -5,104.05 • 08 -16-07 04-29-08 2,900.00 MICRON TECHNOLOGY 30,711.29 23,058.64 -7,652.65 INC • ·08-16-07 04-29-08 1,100.00 MICRON T EC HNOLOGY 11 ,525.58 8,746.38 -2,779.20 INC • 10-10-07 04-29-08 2,000.00 MICRON TECHNOLOGY 21,549.20 15,902.51 -5 ,646.69 INC • 03-02-07 04-29-08 700.00 STARBUCKS CORP 21,002.52 11,163.33 -9,839.19 03-27-07 04-29-08 300.00 STARBUCKS CORP 9,506.19 4,784.28 -4,721.91 • 05-15-07 04-29-08 500.00 STARBUCKS CORP 14 ,236.2 5 7,973.81 -6,262.44 07-26-07 04-29-08 1,100.00 STARBUCKS CORP 30,221 .95 17,542 .37 -12,679.58 • 10-12-07 04-29-08 600.00 STARBUCKS CORP 15,738 .00 9,568.57 -6,169.43 • 10-30-07 04-29-08 600.00 STARBUCKS CORP 15,664.98 9,568.56 -6,096.42 01-28-08 04-29-08 700.00 STARBUCKS CORP 13,776.00 11,163.33 -2,612.67 ,. 04-22-08 04-29-08 200.00 STARBUCKS CORP 3,536.00 3,189.52 -346.48 07-26-07 04-30-08 400.00 EBA Y INC . 13,231.60 12,634.09 -597.51 • 10-12-07 04-30-08 400.00 EBA Y INC . 15,964.00 12,634,09 -3,329.91 10-30-07 04-30-08 300.00 EBA Y INC. 10,968.00 9,475.56 -1,492.44 • 01 -28 -08 04-30-08 400.00 EBA Y INC . 10,708.00 12,634.09 1,926.09 • II • • • • • • • • • • • • • • • • • • • •• • • • • • • • • • • • • • • • • • ,: • • • • • • • • ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 03-31-08 Through 06-30-08 Gain Or Loss Cl os e Open Date Date Quantity Security 07-26-07 06-26-08 TOTAL GAINS TOTAL LOSSES 50.00 APPLE COMPUTER INC TOTAL REALIZED GAIN/LOSS -309,009 .06 Cost Basis 7,376 .00 836,304.03 12 Proceeds Short Term Long Term 8,574 .81 1,198 .81 3,124.90 0.00 -262,544 .10 -49 ,589 .86 527,294.97 -259,419.20 -49,589.86 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ICC Capital Management PORTFOLIO SUMMARY PALM BEACH GARDENS POLICE PENSION FUND GROWTH June 30, 2008 Pet. Cur. Security Type Total Cost Market Value Assets Yield Cash & Equivalents CASH AND 670,252 .82 670,252.82 18.1 5.0 EQUIVALENTS 670,252.82 670,252.82 18.1 5 .0 Equities COMMON STOCK MATERIALS 172,010.41 180,186.00 4.9 0 .7 INDUSTRIALS 141,790 .06 123,216.00 3.3 2.4 TELECOMMUNICATIONS 214,498.36 247,433.00 6.7 0.0 CONSUMER 333,586.21 272,070.00 7.3 0 .6 DISCRETIONARY CONSUMER 213,424.78 204,127.00 5.5 1.0 STAPLES ENERGY 91,346.70 143,364.00 3.9 0.0 FINANCIALS 142,547.98 90,718.00 2.4 5.2 HEALTH CARE 479,305.51 389,058.50 10.5 2 .0 INFORMATION 1,433,781.94 1,326,092 .01 35.8 0.7 TECHNOLOGY UTILITIES 68,384.59 57,347.50 1.5 3.6 -- COMMON STOCK 3,290,676.54 3,033,612 .01 81.9 1.0 3,290,676.54 3,033,612.01 81.9 1.0 TOTAL PORTFOLIO 3,960,929.36 3, 703,864.83 100.0 1.7 13 Est.Annual Income 33,500.29 33,500.29 1,271.30 2,976.00 0.00 1,680.00 2,004.00 0.00 4,752.00 7,656.00 8,698.37 2,047.50 31,085.18 31,085.18 64,585.47 • • • • ICC Capital Management • PORTFOLIO APPRAISAL • PALM BEACH GARDENS POLICE PENSION FUND GROWTH June 30, 2008 • Unit Total Market Pet . Cur. • Quantity Security Cost Cost Price Value Assets Yield • CASH AND EQUIVALENTS • CASH & CASH EQUIVALENTS 670,005.82 670,005 .82 18.1 5.0 DIV CASH ACCRUAL ACCT 247.00 247.00 0 .0 ? --• 670,252.82 670,252.82 18 .1 5 .0 • COMMON STOCK • MATERIALS 2,750.00 COMP ANHIA VALE 31.60 86,892.19 35.82 98,505.00 2.7 0.3 • DO RIO DOCE ADR 1,900.00 ECOLAB INC 44.80 85,118.22 42.99 81,681.00 2.2 1.2 • 172,010.41 180,186.00 4.9 0 .7 • INDUSTRIALS • 800.00 UNITED PARCEL SVC 74.48 59,581.39 61.47 49,176.00 1.3 2.9 INC • 1,200.00 UNITED 68 .51 82,208.67 61.70 74,040.00 2.0 2.1 TECHNOLOGIES • CORP . 141,790.06 123,216.00 3.3 2.4 • TELECOMMUN ICATIONS • 2,900.00 AMERICAN TOWER 40.54 117,579.99 42.25 122,525.00 3.3 ? CORPORATION • 1,400.00 EQUINIX INC 69.23 96,9I8.37 89.22 124,908.00 3.4 ? • 214,498.36 247,433.00 6 .7 0.0 • CONSUMER DIS CRETIONARY 1,300.00 GAMESTOP CORP-CL 45.72 59,442.27 40.40 52,520.00 1.4 ? • A 2,000.00 KOHLS CORP 45 .63 91,255 .92 40.04 80,080.00 2.2 0.0 • 3,000.00 TARGET 60.96 182,888.02 46.49 139,470.00 3 .8 1.2 CORPORATION • 333,586.21 272,070.00 7.3 0 .6 • CONSUMER STAPLES 1,300.00 ARCHER DANIELS 40.75 52,971.00 33.75 43,875.00 1.2 1.5 • MIDLAND CO • 1,800.00 CVS CAREMARK 35.80 64,438.00 39.57 71,226.00 1.9 0.6 CORP • 1,400.00 PEPSICO INC. 68 .58 96,0 15.78 63 .59 89,026.00 2 .4 1.0 213,424.78 204,127.00 5.5 1.0 • ENERGY • 2,600.00 SUPERIOR ENERGY 35.13 91,346.70 55.14 143 ,364.00 3.9 ? SERVICES INC • 91,346.70 143 ,364 .00 3.9 0.0 • FINANCIALS • 1,900.00 MORGAN STANLEY 48.30 91,773.88 36.07 68,533 .00 1.9 3 .0 4,500.00 WASHINGTON I 1.28 50,774.10 4.93 22,185 .00 . 0.6 12.2 • MUTUAL 142,547.98 90,718 .00 2.4 5.2 • • 14 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ,: • • • • • • • • ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND GROWTH June 30, 2008 Unit Total Market Pet • Quantity Security Cost Cost Price Value Assets HEALTH CARE 1,700.00 ABBOTT LAB COM 53 .20 90,434.00 52.97 90,049.00 2.4 1,400 .00 BIOGEN INC 62.92 88 ,091.97 55.89 78 ,246.00 2.1 4,200.00 BRISTOL MYERS 23 .63 99,261.48 20.53 86,226 .00 2 .3 SQUIBB COMPANY 2,000.00 CERNERCORP 54.42 108 ,840.99 45.18 90,360 .00 2.4 2I,550.00 SUPERGEN INC 4.30 92,677.07 2 .05 44,177.50 . 1.2 479,305.51 389,058.50 10.5 INFORMATION TECHNOLOGY 1,050.00 APPLE COMPUTER 142.58 149,707.76 167.44 175,812.00 4.7 INC 4,700 .00 BROADCOM CORP 31.86 149,752.85 27.29 128 ,263.00 3.5 8,800.00 EMCCORP 19 .15 168,504.12 14.69 129,272.00 3.5 8,600.00 JDS UN !PHASE CORP 14 .57 125,333 .71 11.36 97,696.00 2 .6 I0,400.00 MARVELL 13.50 140,365.39 17 .66 183,664.00 5.0 TECHNOLOGY GROUP 18,800.00 MICRON 7.34 137,955 .88 6 .00 112,800.00 3.0 TECHNOLOGY INC 5,200.00 MICROSOFT CORP. 32.56 169,304.26 27.51 143,052.00 3 .9 2,650.00 NETAPPINC 28.88 76,532.07 21.66 57,399.00 1.5 14,411.00 TAIWAN 10.19 146,780.06 10.91 157,224.01 4.2 SEMICONDUCTOR MFG 2,900.00 TEXAS INSTRS INC 32.71 94,873 .00 28.16 81,664.00 2 .2 1,100.00 VMW ARE INC-CLASS 67.88 74,672.84 53.86 59,246.00 1.6 A 1,433,781.94 1,326,092.0 I 35 .8 UTILITIES 1,750.00 CALWORNIA WATER 39.08 68,384.59 32 .77 57,347.50 1.5 SERVICEGRP 68,384.59 57,347.50 1.5 COMMON STOCK Total 3,290,676.54 3,033,612.01 81.9 TOTAL PORTFOLIO 3,960,929.36 3, 703,864.83 100.0 15 Cur. Yield 2.7 0.0 6 .0 0.0 ? 2.0 0.0 0.0 0.0 0.0 0.0 0 .0 1.6 ? 3.3 1.4 ? 0 .7 3 .6 3.6 1.0 1.7 I • • • Vote Summary Report • Apr 01, 2008-Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Date!T~~e Ballot Issues Security Rec Cast Date Pr~nent Voted • 04/25/08 -A Abbott Laboratories *ABT* 002824100 02/26/08 1,600 • 1 Elect Directors For Split Mgmt • 1.1 Elect Director R.S. Austin ---For 1.2 Elect Director W.M. Daley---For . • 1.3 Elect Director W.J. Farrell---For • 1.4 Elect Director H.L. Fuller---Withhold • 1.5 Elect Director W.A. Osborn---For 1.6 Elect Director D.A.L. Owen---Withhold • 1.7 Elect Director B. Powell, Jr.---Withhold • 1.8 Elect Director W .A. Reynolds --- • W ithhold 1.9 Elect Director R.S. Roberts ---For • 1.10 Elect Director S.C. Scott, Ill ---For • 1.11 Elect DirectorW.D. Smithburg--- Withhold • 1.12 Elect Director G.F. Tilton---For • 1.13 Elect Director M.D. White---Withhold 2 Ratify Auditors For For Mgmt • 3 Amend Human Rights Policy to Address Against For ShrHoldr • Access to Medicines 4 Advisory Vote to Ratify Named Against For ShrHoldr • Executive Officers' Compensation • • 05/08/08-A Advanced Micro Devices, Inc. 007903107 03/10/08 6,400 • *AMD* 1 Elect Director Hector de J. Ruiz For Against Mgmt • 2 Elect Director W. Michael Barnes For For Mgmt • 3 Elect Director John E. Caldwell For Against Mgmt 4 Elect Director Bruce L. Claflin For For Mgmt • 5 Elect Director Frank M. Clegg For For Mgmt 6 Elect Director H. Paulett Eberhart For For Mgmt • 7 Elect Director Derrick R. Meyer For For Mgmt • 8 Elect Director Robert B. Palmer For For Mgmt 9 Elect Director Morton L. Topfer For For Mgmt • 10 Ratify Auditors For Against Mgmt • • 05/15/08 -A American Tower Corp. *AMT* 029912201 03/18/08 2,800 • 1 Elect Directors For Split Mgmt 1.1 Elect Director Raymond P. Dolan ---For • 1.2 Elect Director Ronald M. Dykes ---For • 1.3 Elect Director Carolyn F. Katz---For • 1.4 Elect Director Gustavo Lara Cantu --- For • 1.5 Elect Director JoAnn A. Reed ---For • 1.6 Elect Director Pamela D.A. Reeve--- For • • Mgmt Rec-Company Management Recommended Vote Page 1 • • • •• Vote Summary Report • Apr 01, 2008-Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Date/T:i~e Ballot Issues Securit~ Rec Cast Date Pq:~nent Voted • 1.7 Elect Director David E. Sharbutt ---For • 1.8 Elect Director James D. Taiclet, Jr. --- •• Withhold 1.9 Elect Director Samme L. Thompson---• For 2 Ratify Auditors For Against Mgmt • • 05/06/08-A Barrick Gold Corp. * ABX* 067901108 03/18/08 850 • 1 Elect Directors For Split Mgmt • 1.1 Elect Director H.L. Beck ---For 1.2 Elect Director C.W.D. Birchall---For • 1.3 Elect Director D.J. Carty---For •• 1.4 Elect Director G. Cisneros ---For • 1.5 Elect Director M.A. Cohen ---For • 1.6 Elect Director P.A. Crossgrove --For 1.7 Elect Director R.M. Franklin ---For • 1.8 Elect Director P.C. Godsoe---For • 1.9 Elect Director J.B. Harvey---Withhold l e 1.10 Elect Director B. Mulroney---For 1 ;11 Elect Director A. Munk ---For • 1.12 Elect Director P. Munk ---Withhold • 1.13 Elect Director S.J. Shapiro---For • 1.14 Elect Director G .C. Wilkins ---For 2 Ratify PricewaterhouseCoopers LLP as For For Mgmt • Auditors • 3 Repeal and Replacement of By-Law 1. For For Mgmt 4 Hire Expert Panel to Publish Annual Against Against ShrHoldr • Recommendations on Pascua-Lama • Project • 06/19/08-Biogen Idee Inc. *BIIB* 09062X103 04/21/08 2,600 • PC • Management Proxy (White Card) 1.1 Elect Director Stelios Papadopoulos For For Mgmt • 1.2 Elect Director Cecil Pickett For For Mgmt • 1.3 Elect Director Lynn Schenk For For Mgmt 1.4 Elect Director Phillip Sharp For For · Mgmt • 2 Ratify Auditors For Against Mgmt • 3 Approve Omnibus Stock Plan For Against Mgmt 4 Approve Executive Incentive Bonus For Against Mgmt • Plan • 5 Amend Bylaws to Remove Certain Against Against ShrHoldr Provisions • Dissident Proxy (Gold Card) • 1.1 Elect Director Alexander J . Denner For DoNotVote ShrHoldr 1.2 Elect Director Anne B. Young For DoNotVote ShrHoldr • • Mgmt Rec -Company Management Recommended Vote Page2 • • • • Vote Summary Report • Apr 01 , 2008-Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Oateff:t~e Ballot Issues Securit:t Rec Cast Date Pr~nent Voted • 1.3 Elect Director Richard C . Mulligan For DoNotVote ShrHoldr • 1.4 Management Nominee -Phillip Sharp For DoNotVote ShrHoldr 2 Amend Bylaws to Remove Certain For DoNotVote ShrHoldr • Provisions • 3 Ratify Auditors For DoNotVote Mgmt 4 Approve Omnibus Stock Plan Against DoNotVote Mgmt • 5 Approve Executive Incentive Bonus Against DoNotVote Mgmt • Plan • 06/19/08-A Broadcom Corp. *BRCM* 111320107 04/21/08 • 9,000 1 Elect Directors For Split Mgmt • 1.1 Elect Director George L. Farinsky ---For • 1.2 Elect Director Nancy H. Handel ---For 1.3 Elect Director Eddy W. Hartenstein---• For • 1.4 Elect Director John Major ---For 1.5 Elect Director Scott A . McGregor ---• Withhold • 1.6 Elect Director Alan E. Ross ---Withhold 1.7 Elect Director Henry Samueli ---• Withhold • 1.8 Elect Director Robert E. Switz---For 2 Amend Omnibus Stock Plan For Against Mgmt • 3 Amend Qualified Employee Stock For Against Mgmt • Purchase Plan 4 Ratify Auditors For For Mgmt • • 05/27/08-A California Water Service 130788102 03/31/08 1,650 • Group *CWT* • 1 Elect Directors For Split ~gmt 1.1 Elect Director Douglas M. Brown---For • 1.2 Elect Director Robert W. Foy ---• Withhold 1.3 Elect Director Edwin A. Guiles ---For • 1.4 Elect Director E.D . Harris, Jr.---• Withhold 1.5 Elect Director Bonnie G. Hill ---For ,. 1.6 Elect Director Richard P. Magnuson ---• Withhold 1.7 Elect Director Linda R. Meier ---• Withhold • 1.8 Elect Director Peter C. Nelson --- Withhold • 1.9 Elect Director George A. Vera ---For • 2 Ratify Aud itors For For Mgmt • • • Mgmt Rec -Company Management Recommended Vote Page3 • • • • Vote Summary Report • Apr 01, 2008 -Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Daterr~~e Ballot Issues Securit~ Rec Cast Date Pr~nent Voted • 04/22/08-A Citigroup Inc. *C* 172967101 02/25/08 2,400 • 1 Elect Director C. Michael Armstrong For Against Mgmt • 2 Elect Director Alain J.P. Beida For Against Mgmt 3 Elect Director Sir Winfried Bischoff For Against Mgmt • 4 Elect Director Kenneth T. Derr For Against Mgmt 5 Elect Director John M. Deutch For For Mgmt • 6 Elect Director Roberto Hernandez For Against Mgmt • Ramirez 7 Elect Director Andrew N. Liveris For For Mgmt • 8 Elect Director Anne Mulcahy For Against Mgmt • 9 Elect Director Vikram Pandit For Against Mgmt 10 Elect Director Richard D. Parsons For Aga inst Mgmt • 11 Elect Director Judith Rodin For For Mgmt • 12 Elect Director Robert E. Rubin For Against Mgmt 13 Elect Director Robert L. Ryan For For Mgmt • 14 Elect Director Franklin A. Thomas For Against Mgmt 15 Ratify Auditors For Against Mgmt • 16 Disclose Prior Government Service Against Against ShrHoldr • 17 Report on Political Contributions Against .For ShrHoldr 18 Limit Executive Compensation Against Against ShrHoldr I. 19 Require More Director Nominations Against Against ShrHoldr Than Open Seats • 20 Report on the Equator Principles Against Against ShrHoldr • 21 Adopt Employee Contract Against For ShrHoldr 22 Amend GHG Emissions Policies to Limit Against Against ShrHoldr • Coal Financing • 23 Report on Human Rights Investment Against For ShrHoldr Policies • 24 Require Independent Board Chairman Against For ShrHoldr • 25 Advisory Vote to Ratify Named Against For ShrHoldr Executive Officers' Compensation • 26 Indicate If You Would Like to Keep Your None Against Mgmt • Vote Confidential Under Current Policy • ·-... - 05/07/08-A CVS Caremark Corp *CVS* 126650100 03/12/08 1,700 • 1 Elect Director Edwin M. Banks For For Mgmt • 2 Elect Director C. David Brown II For For Mgmt 3 Elect Director David W. Dorman For For Mgmt • 4 Elect Director Kristen E. Gibney For For Mgmt • Williams 5 Elect Director Marian L. Heard For For Mgmt • 6 Elect Director William H. Joyce For Against Mgmt • 7 Elect Director Jean-Pierre Million For For Mgmt 8 Elect Director Terrence Murray For Against Mgmt • 9 Elect Director C.A. Lance Piccolo For For Mgmt • 10 Elect Director Sheli Z. Rosenberg For Against Mgmt 11 Elect Director Thomas M. Ryan For Against Mgmt • 12 Elect Director Richard J. Swift For For Mgmt • 13 Ratify Auditors For For Mgmt 14 Amend Articles/Bylaws/Charter --Call Against For ShrHoldr • Special Meetings • Mgmt Rec -Cor:npany Management Recommended Vote Page4 • ---------• • • Vote S ummary R e port • Apr 01 , 2008-Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Date/T~~e Ballot Issues Securit~ Rec Cast Date Pr~nent Voted • 15 Adopt Anti Gross-up Policy Against For ShrHoldr • 16 Report on Political Contributions Against For ShrHoldr • • 06/19/08 -A eBay Inc. *EBAY* 278642103 04/21/08 2,800 1 Elect Director Fred D. Anderson For For Mgmt • 2 Elect Director Edward W . Barnholt For For Mgmt • 3 Elect Director Scott D. Cook For For Mgmt 4 Elect Director John J . Donahoe For For Mgmt • 5 Approve Omnibus Stock Plan For Aga inst Mgmt • 6 Ratify Auditors For Aga inst Mgmt • 05/02/08 -A Ecol ab, Inc. *ECL * 278865100 03/11/08 1,800 • 1 Elect Director Douglas M. Baker, Jr. For Against Mgmt • 2 Elect Director Barbara J. Beck For For Mgmt 3 Elect Director Stefan Hamelmann For Against Mgmt • 4 Elect Director Jerry W. Levin For Against Mgmt • 5 Elect Director Robert L. Lumpkins For For Mgmt 6 Ratify Auditors For Against Mgmt • 7 Declassify the Board of Directors Against For ShrHoldr • • 05/21/08 -A EMC Corp. *EM C * 268648102 03/20/08 8,300 • 1 Elect Directors For Split Mgmt 1.1 Elect Director Michael W . Brown ---For • 1.2 Elect Director Michael J. Cronin---• Withhold . 1.3 Elect Director Gail Deegan ---For • 1.4 Elect Director John R. Egan ---Withhold • 1.5 Elect Director W . Paul Fitzgerald --- Withhold • 1.6 Elect Director Olli-Pekka Kallasvuo ---• Withhold 1.7 EleCt Director Edmund F. Kelly---For • 1.8 Elect Director Windle B. Priem ---For • 1.9 Elect Director Paul Sagan ---For • 1.10 Elect Director David N. Strohm -'--For 1.11 Elect Director Joseph M. Tucci ---• Withhold • 2 Ratify Auditors For Against Mgmt 3 Adopt Majority Voting for Uncontested For For Mgmt • Election of Directors • 4 Reduce Supermajority Vote For For Mgmt Requirement • • 06/12/08-A Equinix, Inc. *EQIX* 29444U502 04/25/08 1,400 • 1 Elect Directors For Split Mgmt • 1.1 Elect Director Steven T. Clontz--For • Mgmt Rec -Company Management Recommended Vote PageS • • • • Vote Summary Report • Apr 01, 2008-Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Dateff~J:!e Ballot Issues Securit;t Rec Cast Date PrJ:!nent Voted • 1.2 Elect Director Steven P. Eng ---For • 1.3 Elect Director Gary F. Hromadko ---For • 1.4 Elect Director Scott G. Kriens ---For 1.5 Elect Director Irving F. Lyons, Ill ---For • 1.6 Elect Director Christopher B. Paisley ---• For 1.7 Elect Director Stephen M. Smith---For • 1.8 Elect Director Peter F. Van Camp---• Withhold • 2 Ratify Auditors For Against Mgmt • 06/24/08-A GameStop Corp. *GME* 36467W109 05/01/08 1,300 • 1 Elect Directors For For Mgmt • 2 Amend Executive Incentive Bonus Plan For Against Mgmt 3 Ratify Auditors For For Mgmt • • 04/30/08-A Kohl's Corp. *KSS* 500255104 03/05/08 1,900 • 1 Elect Director Steven A. Burd For For Mgmt • 2 Elect Director Wayne Embry For For Mgmt 3 . Elect Director John F. Herma For Against Mgmt • 4 Elect Director William S. Kellogg For Against Mgmt • 5 Elect Director Kevin Mansell For Against Mgmt 6 Elect Director R. Lawrence Montgomery For Against Mgmt • 7 Elect Director Frank V. Sica For Against Mgmt 8 Elect Director Peter M. Sommerhauser For Against Mgmt • 9 · Elect Director Stephanie A. Streeter For For Mgmt • 10 Elect Director Stephen E. Watson For For Mgmt 11 Ratify Auditors For Against Mgmt • 12 Require a Majority Vote for the Election Against For ShrHoldr • of Directors 13 Pay For Superior Performance Against For ShrHoldr • • 04/24/08-A Merrill Lynch & Co., Inc. 590188108 02/26/08 2,300 • *MER* l e 1 Elect Director Carol T. Christ For For Mgmt 2 Elect Director Armando M. Godina For For Mgmt ] •. 3 Elect Director Judith Mayhew Jonas For For Mgmt 4 Elect Director John A. Thain ' For Against Mgmt • 5 Ratify Auditors For Against Mgmt • 6 Provide for Cumulative Voting Against For ShrHoldr 7 Compensation-Miscellaneous Against For ShrHoldr • Company Specific--Prohibiting • Executive Officer Stock Sales during Buyback • 8 Advisory Vote to Ratify Named Against For ShrHoldr • Executive. Officers' Compensation 9 Adopt Employment Contract Against For ShrHoldr • • Mgmt Rec-Company Management Recommended Vote Page6 • • • • Vote Summary Report Apr01,2008-Jun30,2008 • • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Dateffype Ballot Issues Security Rec Cast Date Prpnent Voted • • 04/08/08-A Morgan Stanley *MS* 617446448 02/08/08 1,000 • 1 Elect Director Roy J . Bostock For For Mgmt • 2 Elect Director Erskine B . Bowles For For Mgmt 3 Elect Director Howard J . Davies For Against Mgmt • 4 Elect Director C. Robert Kidder For Against Mgmt • 5 Elect D irector John J . Mack For Against Mgmt 6 Elect Director Donald T . Nicolaisen For For Mgmt • 7 Elect D irector Charles H . Noski For For Mgmt • 8 Elect Director Hutham S. O layan For For Mgmt 9 Elect Director C harl es E. Phillips, Jr. For For Mgmt • 10 Elect Director Griffith Sexton For Against Mgmt 11 Elect D irector Laura D. Tyson For Against Mgmt • 12 Ratify A uditors For Against Mgmt • 13 Eliminate Supermajority Vote For For Mgmt Requirement • 14 App rove Report of the Compensation Against For ShrHoldr • Comm ittee 15 Report on Human Righ ts Investment Against For ShrHoldr • Policies • • 04/23/08-A Newmont Mining Corp. 651639106 02/22/08 1,000 *NEM* • 1 Elect Directors For For Mgmt • 2 Ratify Auditors For For Mgmt 3 Require a Majority Vote for the Elect ion Against For ShrHoldr • of D irectors • 4 Re quire Independent Board C hairman Against For ShrHoldr • • 05/21/08-A Superior Energy Services, 868157108 03/31/08 2,500 Inc . *SPN* • 1 Elect D irectors For Split Mgmt • 1 .1 Elect Director Harold J . Bouillion ---For 1.2 Elect Director Enoch L. Dawkins ---• Withhold • 1.3 Elect Director James M. Funk---For 1.4 Elect Director Terence E. Hall ---• Withhol d • 1.5 Elect Director E.E. 'Wyn' Howard, Ill-- For • 1 .6 El.ect Director Richard A. Pattarozzi ---• For 1.7 Elect Director Justin L. Sullivan ---• Withhold • 2 Ratify Auditors For Against Mgmt • • • Mgmt Rec -Company Management Reco mmended Vote Page7 • ---• • • Vote Summary Report • Apr 01, 2008 -Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote Record Shares • Date/T~~e Ballot Issues Securit~ Rec Cast Date Pr~nent Voted • 06/13/08-A Taiwan Semiconductor 874039100 04/15/08 13,611 • Manufacturing Co . • Meeting for ADR Holders 1 TO ACCEPT 2007 BUSINESS For For Mgmt • REPORT AND FINANCIAL • STATEMENTS . 2 TOAPPROVETHEPROPOSALFOR For For Mgmt • DISTRIBUTION OF 2007 PROFITS . • 3 TO APPROVE THE CAPITALIZATION For For Mgmt OF 2007 DIVIDENDS, 2007 • EMPLOYEE PROFIT SHARING, AND CAPITAL SURPLUS . • • 05/22/08 -A Target Corporation *TGT* 87612E106 03/24/08 2,800 • 1 Elect Director Roxanne S. Austin For For Mgmt • 2 Elect Director James A. Johnson For Against Mgmt 3 Elect Director Mary E. Minnick For For Mgmt • 4 Elect Director Derica W. Rice For For Mgmt • 5 Ratify Auditors For Against Mgmt • 04/17/08-A Texas Instruments, Inc. 882508104 02/19/08 2,800 • *TXN* • 1 Elect Director James R. Adams For Against Mgmt 2 Elect Director David L. Boren For Against Mgmt • 3 Elect Director Daniel A. Carp For Against Mgmt • 4 Elect Director Carrie S. Cox For For Mgmt 5 Elect Director David R. Goode For Against Mgmt • 6 Elect Director Pamela H. Patsley For For Mgmt • 7 Elect Director Wayne R. Sanders For Against Mgmt 8 Elect Director Ruth J. Simmons For For Mgmt • 9 Elect Director Richard K. Templeton For Against Mgmt • 10 Elect Director Christine Todd Whitman For For Mgmt 11 Ratify Auditors For Against Mgmt • 12 Require Director Nominee Qualifications Against Against ShrHoldr • • 05/08/08-A United Parcel Service, Inc. 911312106 03/10/08 800 *UPS* • 1 Elect Directors For Split Mgmt • 1.1 Elect Director F. Duane Ackerman--·~ For • 1.2 Elect Director Michael J. Burns ---For • 1.3 Elect Director D. Scott Davis--- Withhold • 1.4 Elect Director Stuart E. Eizenstat ---For • 1.5 Elect Director Michael L. Eskew---For • 1.6 Elect Director Ann M. Livermore--- Withhold • • Mgmt Rec -Company Management Recommended Vote Page8 l e • • • Vote Summary Report • Apr 01 , 2008 -Jun 30, 2008 • Palm Beach Gardens Police Fund • Mtg Company/ Mgmt Vote · Record Shares • Date!T:t~e Ballot Issues SecuritY: Rec Cast Date Pr~nent Voted • 1.7 Elect Director Rudy Markham ---For • 1.8 Elect Director John W . Thompson--- • For 1.9 Elect Director Carol B. Tome---For • 1.10 Elect Director Ben Verwaayen ---For • 2 Ratify Auditors For Against Mgmt • • 04/15/08 -A Washington Mutual, Inc *WM* 939322103 02/29/08 9,000 1 Elect Director Stephen I. Chazen For For Mgmt • 2 Elect Director Stephen E. Frank For Withhold Mgmt • 3 Elect Director Kerry K. Killinger For Withhold Mgmt 4 Elect Director Thomas C. Leppert For For Mgmt • 5 Elect Director Charles M. Lillis For Withhold Mgmt 6 Elect Director Phillip D. Matthews For Withhold Mgmt • 7 Elect Director Regina T . Montoya For Withhold Mgmt • 8 Elect Director Michael K. Murphy For Withhold Mgmt 9 Elect Director Margaret Osmer For Withhold Mgmt • McQuade • 10 Elect Director Mary E. Pugh For Withhold Mgmt 11 Elect Director William G. Reed, Jr. For Withhold Mgmt • 12 Elect Director Orin C. Smith For For Mgmt • 13 Elect Director James H. Stever For Withhold Mgmt 14 Ratify Auditors For Against Mgmt • 15 Amend Qualified Employee Stock For For Mgmt Purchase Plan • 16 Require Independent Board Chairman Against For ShrHoldr • 17 Require a Majority Vote for the Election Against For ShrHoldr of Directors • • 06/24/08-s Washington Mutual, Inc *WM* 939322103 04/15/08 8,800 • 1 Increase Authorized Common Stock For For · Mgmt • 2 Approve Conversion of Securities For For Mgmt • • • 1: . ·~ " • :·, • ·'~ • • • • • Mgmt Rec -Company Management Recommended Vote Page9 • 800 C: 'Of 3.N11 j XHVWW11S :MI.Ln:JlX'l aN11.:I NOISNld 3:JI10d SN3aHVt) H:JVlfi W1V d SECTION Palm Beach Gardens Police Pension Fund Executive Summary Report Table of Contents Market Snapshot Index Comparisons Compliance Report Total Portfolio Pie Chart Manager Pie Chart Asset Allocation Table Total Ranks Table Manager Ranks Scatterplot Graphs: Beta Graph Total Fund Graph Rhumbline Equities Graph ICC Fixed income Graph Alpha Graph Beta/ Alpha Table Batting Average Graph Batting Average/R-Squared Table Other Managers' Page QJ Wqistlt Assd Otnnsulting Q) PAGE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 W ID4istle .Asset O!nnsulting W I MARKET SNAPSHOT I 2ND QUARTER 2008 INDEX RETURNS S&P 500 Russell 1000 Russell 1000 Growth Russell 1000 Value S&P Mid-cap 400 MSCIEAFE Lehman Aggregate Major Economic Indicators + The CPI-Urban/1982-84=100 for the 12-month period ended June 2008 rose 5.0%. In the second quarter, consumer prices rose at a seasonally adjusted annual rate of 7 .9%. + The Producer Price Index (PPI) for finished goods rose 9.2% for the 12-month period ended in June. The seasonally adjusted annual rate for the second quarter rose 14.1 %. + Real Gross Domestic Product (GDP) rose at a seasonally adjusted annual rate of 1.0% (final) for the first quarter of 2008 and 0.6% (fmal) in the fourth quarter of 2007. + The seasonally adjusted Unemployment Rate was 5.5% in June compared to 5.1% in March. THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561-737-3996 Facsimile: 561-737-6119 QTR YTD -2.73% -11.91% -1.89% -11.20% 1.25% -9.06% -5.31% -13.57% 5.43% -3.90% -1.93% -10.58% -1.02% 1.13% Federal Reserve News + During the second quarter, the Federal Reserve Board cut the primary discount rate by 0.25% to 2.25%. The primary discount rate is a result of the new discount rate program approved by the Federal Reserve Board on October 31, 2002. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. + The Federal Reserve Open Market Committee cut its target for the federal funds rate by 0.25% to 2.00% in the second quarter. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends + Best Performing Sector: Energy increased 16.92% in the 2nd quarter. + Worst Performing Sector: Financials declined 19.01% in the 2nd quarter. Source: Standard & Poors (Performance reflects Price Returns Only) 25.00 15.00 5.00 -5.00 -15.00 Index Comparison June 30, 2008 7.39% LBIGC ,t -------------------------------------------------------------------------- ' I 4.47 R2000G -21.63 R2000V 13.34% EAFE 1.39% R2000V 3Months Last 12 Months Last 3 Years (Annualized) • Lehman Gov/Credit Bond •Russell1000 Growth • Russell2000 Value • Lehman Gov/Credit-Intermediate D S&P 500 WRusselllOOO Value • Russell 3000 • Russell 2000 Growth •MSCIEAFE W W4istlt Asset otonsulting W Page 2 Palm Beach Gardens Police Pension Fund Compliance R eport June 30, 2008 TOTAL FUND 1. Did the total return, over the trailing 3-year period, exceed the policy, which is comprised of 25% S&P500, 10% S&P400, 10% S&P600, 10% RlOOOG, 10% EAFE and 35% LBGC? [4.42 vs. 5.02) 2. Did the total return, over the trailing 3-year period, rank in the top 50% of the Universe comprised of 25% Mobius Broad Large Core, 10% Mid Cap, 10% Small Cap , 10% Broad Large Cap Growth, 10% International and 35% Broad Fixed? (24th) 3. Did the total return of the fund over the trailing 3-year period equal or exceed 7.5% (actuarial assumption rate of return)? (4.42 vs. 7.50] TOTAL EQUITY 1. Did the equity return, over the trailing 3-year period, exceed the 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4% RlOOOG index and 15.4% EAFE? [5.35 vs. 5.43) 2. Did the equity return, over the trailing 5-year period, exceed the 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4% RlOOOG index and 15.4% EAFE? [9.07 vs. 9.41) 3. Did the equity return, over the trailing 3-year period, rank in the top 50% of the Mobius 38.4% Broad Large Cap, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [21st) 4. Did the equity return, over the trailing 5-year period, rank in the top 50% of the Mobius 38.4% Broad Large Cap, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? (7th] 5. Is the amount invested in any single security less than or equal to 5% of the market value of the total equity portfolio? 6. Is the amount invested in any single industry less than or equal to 20% of the market value of the total equity portfolio? FIXED INCOME-ICC CAPITAL 1. Did the fixed income return, over the trailing 3-year period, exceed the LBGC? [4.07 vs. 4.08] 2. Did the fixed income return, over the trailing 3-year period, rank in the top 50% of the Mobius Broad Fixed Income Universe? [21st] 3. Did the fixed income return, over the trailing 5-year period, exceed the LBGC? [3.66 vs. 3.86] 4. Did the fixed income return, over the trailing 5-year period, rank in the top 50% of the Mobius Broad Fixed Income Universe? [30th) 5. Is the amount invested in any single security (with exception of U.S. Government and its agen cies) less than or equal to 5% of the market value of the total fixed income portfolio? 6. Is the minimum quality rating of the bond investments BBB from Standard & Poor's or BAA from Moody's? (I) ~~istlt Asstt «nnsulting Q) r r r r r ~ r ~ r r r r r p r ~ r r r Page3 Fixed Income 39% Palm Beach Gardens Police Pension Fund Total Assets June 30, 2008 Cash 6% • Equities • Fixed Income • Cash I Equities 55% W W4istlt Asset lnnsulting W Page4 ICC Fixed 43% Palm Beach Gardens Police Pension Fund Total Assets June 30, 2008 Rhumbline S&PSOO 21% ICC Lg. Growth 11% Intl. Equity 9% Rhumbline S&P400 8% Rhumbline S&P600 8% I •Rhumbline S&PSOO •Rhumbline S&P400 lii Rhumbline S&P600 II Inti. Equity •rcc L~. Growth II ICC Fixed I PageS Manager Rhumbline s&P500 Rhumbline S&P400 Rhumbline S&P600 Intl. Equity ICC Lg. Growth ICC Fixed Total Palm Beach Gardens Police Pension Fund Performance Evaluation Summary June 30, 2008 Equities Fixed Income Cash $6,165,000 $0 $0 $2,169,000 $0 $0 $2,200,000 $0 $0 $2,454,000 $0 $0 $3,034,000 $0 $0 $0 $11,118,000 $1,702,000 $16,022,000 $11 ,118,000 $1 ,702,000 Total % ofTotal $6,165,000 21.4% $2,169,000 7.5% $2,200,000 7.696 $2,454,000 8.5% $3,034,000 10.5% $12,820,000 44.4% $28,842,000 100.0% --------------------------------------------------------------------------------------------------------------------------------------------------------------------· %ofTotal 55.6o/o 38.5o/o 5.9o/o 100.0% Target% 60.0o/o 40.0o/o O.Oo/o lOO.Oo/o Q) Wh.istlt Asstt «onsulting Q) Page6 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary June 30, 2008 Current Fiscal Year Quarter One Year Three Years Five Years 2007 2006 2005 2004 TOTAL FUND (Net of Fees) Return -0.01% -4.52% 4.42% 6.29% 11.90% 6.71% 9.78% 8.97% Ranking(*) 28 22 24 26 24 46 26 53 Policy Return (**) -0.42% -4.89% 5.02% 7.18% 12.98% 7.22% 10.33% 10.94% TOTAL EQUITIES Return 0.37% -11.56% 5.35% 9.07% 17.99% 9.59% 15.33% 15.36% Ranking (***) 20 68 21 7 6 17 9 14 Policy Return (38.4%S&P500, 15.4%S&P400, 15.4%S&P600, 15.4% R1000G, 15.4% EAFE) -0.27% -11.17% 5.43% 9.41% 17.05% 9.27% 16.00% 16.21% TOTAL FIXED INCOME Return -0.50% 7.68% 4.07% 3.66% 4.98% 3.56% 3.36% 1.83% Ranking (Broad Fixed) 69 8 21 30 27 59 28 75 Policy Return (LBAB) -1.02% 7.13% 4.08% 3.86% 5.13% 3.67% 2.80% 3.68% * 25% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Growth, 10% International, 35% Broad Fixed ** 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 35% LBAB *** 38.4% Broad Large Cap Core, 15.4% Mid Cap, 15 .4% Small Cap, 15.4% Broad Large Cap Growth, 15.4% International Gold indicates equal to or beat the index, or in upper 40% of universe Red indicates bottom 40% of universe Q) W4istlt Asset Otnnsulting Q) 2003 12.88% 78 17.37% 25.95% 7 25.50% 3.80% 61 5.40% Pagel Palm Beach Gardens Police Pension Fund Perfonnance Evaluation Summary June 30, 2008 Cu"ent Fiscal Year ~ One Year Three Years Five Years 2007 2006 2005 2004 2003 RHUMBUNE S&P 500 EQUITY PORTFOUO Return -2.71% -12.83% 4.54% 7.66% 16.63% 10.88% 12 .22% 13.84% 24.43% Ranking (Br.Large Cap Core) 59 41 43 49 39 27 57 35 25 Policy(S&P500) -2.73% -13 .12% 4.41% 7.58% 16.44% 10.79% 12.25% 13.87% 24.40% RHUMBUNE S&P 400 EQUITY PO R TF O LIO Return 5.42% -7.17% 7.49% 12.66% 18.74% 6.60% 22.37% 17.62% n/a Ranking (50%Br.Lg.Cap&50 %Br.Sm .Cap) 1 3 10 3 26 81 5 30 n/a Policy (S&P 400) 5.43% -7.34% 7.45% 12.61% 18.76% 6.56% 22 .16% 17.55% n/a RHUMBUNE S&P 600 EQUITY PORTFOU O 4 Years Return 0.84% -14.02% 4.56% 6.74% 15.17% 7.61% 21.16% n/a n/a Ranking (Broad Small Cap) 47 39 40 33 51 52 32 n/a n/a Policy (S&P 600) 0.40% -14.67% 4.10% 6.36% 14.93% 7.16% 21 .22% n/a n/a ICC LARGE CA P GROWTH EQUITY PORTF OU O 2-Qtrs 3-Qtrs Return 3.50% -9.14% -16.03% n/a n/a n/a n/a n/a n/a Ra nking (Broad Large Cap Growth) 16 29 87 n/a n/a n/a n/a n/a n/a Policy (RlOOOG) 1.25% -9.06% -9.75% n/a n/a n/a n/a n/a n/a INTERNATIONAL EQUITY 2 Otrs. 3 Otrs. 1-Year Return -1.32% -10.18% -11.95% -8.19% 27.48% n/a n/a n/a n/a Ranking (International Equity) 37 40 43 35 43 n/a n/a n/a n/a Policy (MSCI EAFE) -1.93% -10.58% -12.11 % -10.15% 25.38% n/a n/a n/a n/a Gold i11dicates equal to or beat the i11dex, or in upper 40"1 of universe Red indicates bottom 40 % of universe W [4istlt !sstt (nnsnltittg (&) PageS June 30, 2008 EXPLANATION OF RISK/REWARD SCATTERPLOT GRAPHS The crossing lines represent the 5-year return (horizontal line) and 5-year standard deviation or volatility or risk (vertical line) of the index against which the Fund is being measured. Each point represents the Fund's 5-year return (vertically) and standard deviation or volatility (horizontally}, relative to the index. if a point is in the southwest quadrant, for example, the 5-year return of the Fund has been less than (below) the index line, and the 5-year standard deviation (volatility) has also been less than (to the left oj} the index line. There are four points, one for each of the last four quarters. The earliest one is the smallest and the quarter just ended being the largest Each point shows the 5-year relative position of the Fund versus the index for that quarter. The movement of the points shows the trend, or direction, over time. As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher return); the worst place to be is the southeast quadrant (more risk and a lower return). 2 ~ ~ "1::t ~ I "'" ~ ~ ;:: '::t $ (f) 0 t ;:: -+-> ~ ~ ;:: .... ~ ~ ;:: ~ <:u § 0 -2 -2 Palm Beach Gardens Police Pension Fund Total Fund Trailing 5-Years (versus 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 35% LBGC) June 30, 2008 Good Aggressive • ~ Conservative £ Bad 0 Risk (Difference in Standard Deviations) • 6/30/2008 • 3/31/2008 .12/31/2007 .A 9/30/2007 2 Page9 2 'E ~ ~ I ""' ~ ~ ;:: ~ '-" fll 0 E ;:: """ ~ ~ ;:: .... ~ I;J ;:: ~ ~ ~ ~ -2 -2 --------------------------------------.. Palm Beach Gardens Police Pension Fund Total Equity Trailing 5-Years (versus 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4% R1000G & 15.4% Ind.) June 30, 2008 Good Aggressive A ~D Conservative Bad 0 Risk (Difference in Standard Deviations) • 6/30/2008 • 3/31/2008 .12/31/2007 ... 9/30/2007 2 W Wh,istlt Asset «nnsulting W Page 10 ~ ~ ~ ~ I .... ~ 1':::1 ;: ~ .,_.. II) t .a ~ c=: ;: .... ~ ~ ;: ~ ~ ~ Cl 2 0 -2 -2 Good .~ Palm Beach Gardens Police Pension Fund ICC Fixed Income Trailing Since Inception (versus LBGC) June 30, 2008 • Conservative 0 Risk (Difference in Standard Deviations) • 6/30/2008 • 3/31/2008 11 12/31/2007 • 9/30/2007 1 OJ Wh,istlt .Assd Otnnsulting OJ Aggressive Bad 2 Page 11 fun-08 Mar -08 Dec-07 Sep-07 0.30 0.40 Palm Beach Gardens Police Pension Fund Beta: Trailing 5-Year Risk June 30, 2008 ----------------------------------... I 0.50 0.60 0.70 0.80 0.90 1.00 1.10 •Totalfund D LargeCap DMidCap D SmallCap •rcCFixed D lnternational to W4istlt Asset ~nnsulting to Page 12 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% fun-08 Palm Beach Gardens Police Pension Fund Alpha: Trailing 5-Year Reward June 30,2008 TOTAL FUND & INDIVIDUAL MANAGERS Mar-08 Dec-07 Sep-07 II Total Fund D Large Cap DMid Cap D Small Cap • ICC Fixed D International 0) Wqistlt Asset mnnsulting 0) Page 13 Alpha & Beta: 5-Years Trailing (or Inception if Less) June 30, 2008 BETA Current Policy [un-08 Mar-08 Dec-07 Sep-07 Total Fund * 0.86 0.84 0.86 0.83 Managers, Fixed Income ICC Fixed LBAB 0.71 0.57 0.56 0.55 Managers, Equities Large Cap S&P500 0.99 0.99 0.99 1.00 Mid Cap S&P400 0.99 1.00 0.99 1.00 Small Cap S&P600 0.99 0.99 0.99 0.99 International EAFE 0.32 0.41 0.55 0.73 ALPHA Total Fund * 0.20% 0.10% 0.08% 0.25% Managers, Fixed Income ICC Fixed LBAB 0.92% 1.44% 1.45% 1.23% Managers, Equities Large Cap S&P500 0.11% 0.12% 0.13% 0.10% Mid Cap S&P400 0.12% 0.12% 0.14% 0.10% Small Cap S&P600 0.37% 0.24% 0.18% 0.21% International EAFE 4.98% 5.63% 9.57% 8.93% * 25% S&P 500,10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 35% LBAB W W4istlt Assd O!nusulting W Page 14 Jun-08 Palm Beach Gardens Police Pension Fund Batting Average: 5-Years Trailing June 30, 2008 TOTAL FUND & INDIVIDUAL MANAGERS Mar-08 Dec-07 iiH otalFund DlArgeCap DMidCap DSmallCap •ICCFixed W W4istlt Asset ~nnsulting (D Sep-07 Page 15 Palm Beach Gardens Police Pension Fund Batting Average: 5-Years Trailing (or Inception if Less) June 30, 2008 BAITING AVERAGE Current Policy lun-08 Mar-08 Dec-07 Sep -07 Total Fund .. 30.00 25.00 25.00 25.00 Managers, Fixed Income ICC Fixed LBAB 60.00 50.00 50.00 50.00 Managers, Equities l.Jlrge Cap S&P500 65.00 60.00 60.00 60.00 Mid Cap S&P400 55.00 55.00 55.00 52.63 Small Cap S&P600 64.30 62.28 60.01 57.46 International EAFE 42.86 33.33 40.00 50.00 R-SQUARED Total Fund * 0.96 0.96 0.97 0.97 Managers, Fixed Income ICC Fixed LBAB 0.78 0.76 0.76 0.77 Managers, Equities l.Jlrge Cap S&P500 1.00 1.00 1.00 1.00 Mid Cap S&P400 1.00 1.00 1.00 1.00 Small Cap S&P600 1.00 1.00 1.00 1.00 International EAFE 0.14 0.16 0.25 0.29 * 25% S&P 500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 35% LBAB W Wh,istlt Asset «nnsulting W Page16 June 30, 2008 Q t r YTD 1Yr 3Y r SYr 10Yr CORE EQl!flY~ Atlanta Capital Management Co., LLC-High Quality Growth Plus -Gross Size 1.11 -6.38 -1.48 7.51 8.52 3.27 Contravisory Research & Management Corp. -Contravisory Equity Model Portfolio Eagle Asset Management -Conseroative Large Cap Equity -Gross Size -6.71 -17.73 -17.15 1.82 6.89 5.63 ICC Capital Management, Inc-Core Value-Gross Size -2.62 -11.59 -8.80 6.42 10.05 5.78 Inverness Counsel-Miami Beach Fire & Police -Gross Size (Equity Only) -8.83 -11.07 4.40 10.88 14.07 5.69 INVESCO -Structured Core Equity -Gross Size -1.68 -13.31 -10.28 7.63 9.66 Madison Investment Advisors, Inc. -Large Cap Equity (Instl) -Gross Size -5.12 -12.42 -12.13 2.00 5.42 4.65 Rhumbline Advisers Corporation -Russell1000 Index Fund -Gross Size -1.77 -13.96 -12.25 4.81 8.20 3.35 Rhumbline Advisers Corporation -S&P 500 Index Fund -Gross Size -2.69 -14.75 -12.97 4.49 7.61 3.06 Robeco Investment Management, Inc. -WPG Disc Equity Large Cap -Gross Size -1.80 -13.05 -12.54 5.41 8.77 4.18 Voyageur Asset Management-Large Cap Core -3.98 -13.56 -10.94 6.65 11.66 6.10 Russell 1000 -1.89 -14.06 -12.36 4.81 8.22 3.38 S&P500 -2.73 -14.85 -13.12 4.41 7.58 2.88 GROWIHEQUITY AiieiifinT A.SiieiMiiniii eiiien t -Large Capitalization Growth Equity -Gross size -0.62 -14.34 -9.35 5.22 7.24 7.57 Clearwater Capital Managment II-U.S. Active Large Cap Growth Equity-Gross Size 14.40 -2.91 6.74 10.06 Davis Hamilton Jackson & Associates -Quality Growth -Gross Size 0.78 -7.16 -1.62 5.86 6.69 3.30 Denver Investment Advisors, LLC -Growth -Gross Size 1.25 -10.43 -2.37 8.07 10.59 6.66 ICC Capital Management, Inc -Large Cap Growth Equity -Gross Size 3.86 -15.03 -12.48 3.23 6.02 Montag & Caldwell, Inc. -Large Cap Growth -Gross Size 4.00 -3.07 6.23 10.04 8.73 3.34 Northern Trust Global Investments -Northern Trust Large Cap Growth -Gross Size OakBrook Investments, LLC -OakBrook Select Equity -Gross Size -2.17 -9.92 -10.33 4.55 6.46 5.20 Rhumbline Advisers Corporation -Russell 1000 Growth Index Fund -Gross Size 1.37 -9.65 -5.88 6.04 7.39 Sawgrass Asset Management, LLC -Large Cap Growth Equity -Gross Size -0.84 -12.76 -7.55 5.13 7.70 3.77 SIPCO-U.S. Growth Leaders -Gross Size 0.33 -10.02 -7.20 10.24 10.86 State Street Global Advisors -Active U.S. Large Cap Growth Strategy-Gross Size Voyageur Asset Management, Inc.-Large Cap Growth-Gross Size -1.43 -12.58 -6.87 2.66 5.69 4.20 Russell 1000 Growth 1.25 -9.75 -5.96 5.91 7.33 0.96 _S&P_~/~iti~P.:oup__g!ow~ .. -.-----------· 2.05 -9.24 -5.83 5.63 6.78 1.75 Rhumbline Large Car_(FYE) -2.71 -14.72 -12.83 4.54 7.66 n/a Rhumbline Mid Car_(FYE) 5.42 -6.41 -7.17 7.49 12 .66 n/a Rhumbline Small Car_(FYE) 0.84 -12.45 -14.02 4.56 n/a n/a International E~i!!l.(FYE) . -1.32 -11.95 -8.19 n/a n/a n/a ICC Lar8.e Growth(FYE) 3.50 -16.03 n/a n/a n/a n/a w~l!isllt issd (onsuttingG} Page 17 .. -···· ..... ······· -· ........ ····-.. ·-----------~----:!'_~_!.QE_~_gf:!!!!__ ·- Aletheia Research and Management,Inc-Aletheia Value-Gross Size BlackRock-Active Quant Large Cap Value-Gross Size Buckhead Capital Management-Value Equity-Low PIE-Gross Size Cascade Investment Counsel, LLC-Large Cap Value-Gross Size Cohen & Steers Capital Mgmt., Inc. -Cohen & Steers Large Cap Value-Gross Size Crawford Investment Counsel, Inc. -Dividend Growth -Gross Size DePrince, Race, Zollo, Inc. -Large Cap Value Equity-Gross Size Eagle ~set Management-Value -Institutional-Gross Size ICC Capital Management, Inc-Core Value-Gross Size INVESCO-Large Cap Value Equity-Gross Size Loomis, Sayles & Company, L.P.-Large Cap Value-Gross Size Missouri Valley Partners-Large Cap Value-Gross Size Oppenheimer Capital-Large Cap Value-Gross Size Rhumbline Advisers Corporation-Russell 1000 Value Index Fund-Gross Size State Street Global Advisors-Active U.S. Large Cap Value Strategy-Gross Size The Boston Company Asset Mgmt., LLC-US Large Cap Value Equity Management Trusco Capital Management, Inc.-Large Cap Value Equity-Gross Size Qtr YTD 1Yr 3Yr 1.99 -5.69 -6.48 -2.72 -13.96 -13.42 -2.36 -16.39 -16.79 -2.92 -12.72 -11.02 -7.83 -20.Ql -23.19 -0.27 -11.62 -9.88 -2.62 -11.59 -8.80 -5.50 -18.58 -18.31 -4.12 -12.25 -12.01 -4.83 -15.02 -14.04 -10.02 -31.69 -33.35 -5.13 -18.29 -18.48 -3.44 -13.58 -13.52 12.59 5.91 2.30 4.43 2.60 7.63 6.42 4.19 9.73 3.69 -3.17 3.66 6.54 5Yr lOYr 15.23 10.49 7.76 6.92 8.56 11.16 10.05 9.25 12.74 7.73 3.69 8.96 9.44 5.51 4.80 7.24 5.00 5.78 5.72 1.05 5.09 5.31 Voyageur Asset Management, Inc.-Large Cap Value-Gross Size -4.83 -16.21 -14.21 5.96 11.56 13.77 8.92 8.25 5.87 8.52 4.91 3.62 Westwood Management Corporation-LargeCap Equity-Gross Size -0.75 -8.14 -5.55 11.10 Russell1000 Value -5.31 -18.58 -18.78 3.53 -~-~!'~q~~-p_yalue ______ -------=-==-=-=-=-====:=:-------7._79 __ -_20_._55 __ -_20_.2_5 __ 3_.0_3 MID-CAP EQUITY A.miiiiiiiMiel{l.faniC :-LiJngviW-4oo MidCap Index Fund-Gross Size Batterymarch Financial Mgmt., Inc. -US Mid Cap S&P 400-Gross Size Chicago Equity Partners, LLC -Mid Cap Core Equity -Gross Size OakBrook Investments, LLC -Enhanced MidCap Strategy -Gross Size Rhumbline Advisers Corporation -S&P 400 Index Fund -Gross Size Robeco Investment Management, Inc. -BP AM Mid Cap Value Equity -Gross Size State Street Global Advisors -Active U.S. Mid Cap Strategy-Gross Size Russell Midcap S&P Midcap 400 ----·--·---··-··-·--· Rhumbline Large Cap(FYE) Rhumbline Mid Cap(FYE) Rhumbline Small Cap(FYE) 5.43 -6.45 -7.25 7.50 12.59 9.85 7.38 -8.46 -10.49 5.09 11.30 5.33 -11.35 -14.93 4.18 11.16 9.51 6.69 -4.73 -5.89 9.31 14.26 5.45 -6.48 -7.23 7.48 12.65 9.88 1.00 -11.40 -13.57 7.69 13.71 8.00 2.67 -10.85 -11.19 6.84 13.07 8.10 5.43 -6.52 -7.34 7.45 12.61 9.84 -2.71 -14.72 -12.83 4.54 7.66 n/a 5.42 -6.41 -7.17 7.49 12.66 n/a 0.84 -12.45 -14.02 4.56 n/a n/a -1.32 -11.95 -8.19 n/a n/a n/a International Equity(FYE) ICC Large Growth(FYE) 3.50 -16 .03 n . .::.;/a:__.__;n./a --n/ti ----nJQ --------------------------------------~~-~~~--~----~-- Page 18 -----Qtr YTD I Yr 3Yr 5Yr 10Yr ............ __ ·--· ··---·· ~L CAP EQUITY __ ·············-·-·--·· -· Advanced Investment Partners -AllCap -Gross Size 3.63 -10.93 -12.06 4.52 7.84 4.89 BuckheadCaptial Management -All Cap -Gross Size -4.15 -14.29 -14.99 5.86 10.58 Diamond Hill Capital Management, Inc. -Diamond Hill Select Equity-Gross Size -1.73 -9.44 -7.83 8.73 15.98 Intrepid Capital Management, Inc. -Intrepid Multi-Cap Equity -Gross Size -1.29 -7.69 -11.40 3.90 9.54 7.56 Oak Ridge Investments, LLC -All-Cap -Gross Size 0.92 -10.35 -4.61 6.31 10.70 Oppenheimer Capital -All Cap Equity -Gross Size -2.87 -14.59 -12.58 5.25 10.71 7.84 Russell 3000 -1.69 -14.02 -12.68 4.73 8.38 3.51 _!?ow Jones Wilshire 5000 (Full Ca ) -1.49 -13.70 -12.47 5.06 8.78 3.61 -----·-----··-···-·-·····--·-----·-·····-·-···-··-···-·-·-··------~~L_!. CAP fQI:!!!Y Atlanta Capital Management Co., LLC -High Quality Small Cap -Gross Size -2 .14 -9.34 -6.19 7.08 11 .25 8.50 Eagle Asset Management -Small Cap Core -Institutional -Gross Size -0.39 -10.52 -11 .80 8.93 13.74 13.65 GW Capital, Inc.-Smoll Cap Value Equity-Gross Size -0.84 -8.19 -10.15 9.81 20.60 13.05 Intrepid Capital Management, Inc. -Intrepid Smoll Cap -Gross Size -0.80 -0.34 0.12 6.94 9.60 Kilyne Anderson Rudnick Invst. -Smoll Cap -Gross Size -0.99 -12 .59 -13.25 3.96 10.59 8.97 Pzena Investment Management, LLC-Pzena Smoll Cap Value Service-Gross Size Rhumbline Advisers Corporation -Russell 2000 Index Fund -Gross Size 0.59 -13.70 -16 .35 3.72 Sawgrass Asset Management, LLC-Smoll Cap Growth Equity-Gross Size 9.54 -13.91 -10.82 1.65 8.21 2.20 State Street Global Advisors -U.S. Smoll Cap Growth Opportunities Strategy-Gross Size Trusco Capital Management, Inc.-Smoll Cap Growth-Gross Size Russell 2000 0.58 -13.52 -16.19 3.79 10.29 5.53 S&PSmallCa 600 0.40 -13.08 -14.67 4.10 11.60 7.59 ··--··-·--· REAL ESTATE (0313V2008) A.miria in-Realty Advisors-Core Equity Real Estate-Sep. Accts.-Gross Size 1.19 1.19 13.30 15.19 ASB Capital Management, Inc. -EB Real Estate Fund -Gross Size 2.55 5.13 17.04 17.50 15.87 12.42 ]PMorgan Asset Management-Strategic Praperty Fund-Gross Size 0.99 3.85 13.58 16.95 16.04 13.59 Principal Global Investors -Real Estate Core Praperty -Gross Size 1.11 2.84 11.92 16.00 14.22 12.22 RREEF-RREEF America II-Gross Size 0.75 1.52 12 .02 15.13 13 .94 Dow Jones Wilshire REIT Index 2.14 -11.70 -18.84 12.05 18.49 11.41 NCREIF Pro~erty Index 1.60 4.86 13.58 16.75 15.07 12.63 INTERNATIONAL EQUITY DePrince, Race, Zollo, Inc. -International Equity -Gross Size -2.07 -13.55 -13.22 11.01 15.93 8.55 ICC Capital Management, Inc-International ADR Equity-Gross Size -0.07 -13.45 -14.63 9.65 13.03 4.80 INVESCO-International Equity-Gross Size 0.05 -4.91 7.08 28.22 Oppenheimer Capital -International Equity -Gross Size -1.69 -12 .06 -11.32 14.39 16.47 9.29 State Street Global Advisors -MSCI EAFE Index Strategy -Gross Equal The Boston Company Asset Mgmt ., LLC -International Core Equity Management -3 .05 -15.83 -15.26 12 .56 18.70 9.75 Wentworth , Hauser and Violich -WHV International Equity-Gross Size 17.91 18.58 32.46 36.85 35.09 22.26 MSCIEAFE -1.93 -12.11 -1o.t5 13.34 17.16 6.23 Rhumbline Large Cap(F~'_E.L_._~-·-··--·-·---··--------·---2.71 -14.72 -12.83 4.54 7.66 n/a Rhumbline Mid Cap(FYE) 5.42 -6.41 -7.17 7.49 12.66 n/a Rhumbl~ne Smoll Ca..J!S£YE.1_ _________ ·--·-· 0.84 -12.45 -14.02 4.56 n/a n/a International Eq_ui~(FYE) -1.32 -11.95 -8.19 n/a n/a n/a ICC Large Growth(FYE) 3.50 -16.03 n/a n/a n/a n/a Ghl!istlt !ssdonsuiting G) Page 19 Qtr IYr 3Yr 5 Y r 10Yr ····-··-··--·-----·····----··-·-~-·········-····-··-··-··---------·-------·-·--··-···-·· CORE FIXED INCOME A.tiiinta Ca pitaT Management co., LLC-liiih Qlilliitit iirOlUi Mlirfrei -:: cr055size -----1.33 5.23 8.73 4.69 4.27 5.79 Eagle Asset Management-Core Fixed Institutional-Gross Size -0.59 5.26 8.46 4.66 4.09 5.69 · Galliard Cllpital Management -Broad Market Core Composite -Gross Size -0.77 2.50 5.51 3.73 4.01 6.03 ICC Cllpital Management, Inc -Core Fixed Income -Gross Size -0.41 4.33 7.08 4.01 3.61 5.53 Oppenheimer Cllpital-Fixed Income Aggregate-Gross Size -0.06 6.47 9.73 4.91 4.35 5.83 Sawgrass Asset Management, LLC-Core Fixed Income-Gross Size -1.18 4.32 7.20 4.24 3.98 5.83 State Street Global Advisors -Active Core U.S. Aggregate Bond Stra -Gross Size Voyageur Asset Management, Inc. -Broad Market Core-Gross Size -2.54 0.21 2.82 2.76 3.12 5.28 Lehman Aggregate Bond -1.02 4.17 7.13 4.08 3.86 5.68 Lehman G ov/Credit Bond -1.52 4.11 7.24 3.84 3.58 5.68 ·----INTERMEDIATE FIXED INCOME Ailegi/mt Asset Manaieiii£nr :1nterniediate GaiJ'i/ci-etiil -..c7055-s& -0.84 5 .03 ···----~---·· 8.09 4.61 3.86 5.59 Davis Hamilton Jackson & Associates -Intermediate Fixed Income -Gross Size -0.81 5.37 9.04 4.93 4.16 5.85 Eagle Asset Management -Institutional Conserva tive -Gross Size Missouri Valley Partners -Intermediate Government/Credit Fixed Income-Gross Size -1.79 5.37 8.74 4.86 3.95 Sawgrass Asset Management, LLC -Intermediate Fixed Income -Gross Size -1.25 4.58 7.48 4.61 3.64 5.51 Sit Investment Associates, Inc. -Intermediate Govt/Corp-Gross Size -0.69 1.69 3.97 3.94 3.82 5.52 Voyageur Asset Management, Inc.-Intermediate Core-Gross Size -1.70 0.85 3.25 3.10 2.85 5.41 Lehman Gov/Credit-Intermediate -1.52 4.39 7.39 4.27 3.49 5.55 YourFixedlncome -0.50 4.62 7.68 4.07 3.66 5.43 Wiri!isili Ami (nnsullingG} Page 20 800Z 'Of: 3Nl1j SaNn.:I .-\.Linl>3 1VNOI.LVMI3l.NJ .:IO M3IA3H' GN11.:l NOISN3.d 3.:Jl10d SN3GHV9 H:JV3fl W1V d Palm Beach Gardens Police Review of International Equity Funds June 30, 2008 1. Vanguard Global Equity {VHGEX) [0.64%] MorningStar Rating: Comparative Index: Fund: Policy: Diff: "trtrtrt:r{;:{ (out of 208 funds over 1 0-years) World Stock ie. MSCI World 1 Year -12.91% -10.68% -2.29% 3 Year 10.95% 8.88% 2.07% 5 Year 15.72% 11.99% 3.73% Received an excellent rating and review from Morningstar. No change recommended. www.vanquard .com 2. Vanguard International Growth Admiral Shares (VWILX) [0.31%] MorningStar Rating: Comparative Index: Fund: Policy: Diff: "k1:rf::rk (out of 558 funds over 3-years) Foreign Large Blend ie. MSCI EAFE 1 Year -7.23% -10.61% 3.38% 3 Year 15.35% 12.84% 2.51% 5 Year 17.35% 16.67% 0.68% Received a good rating and review from Morningstar. Added a third sub-advisor in February 2008.No change recommended. www. vanguard.corn 3. Vanguard International Value (VTRIX) [0.41%1 MorningStar Rating: Comparative Index: Fund: Policy: Diff: ****(out of 211 funds over 3-years) Foreign Large Value ie. MSCI EAFE. 1 Year -9.02% -10.61% 1.59% 3 Year 15.19% 12.84% 2.35% 5 Year 18.91% 16.67% 2.24% Good rating and review from Morningstar. No change recommended. www.vanguard.com