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
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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 .
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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 .
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• • • • • • • • • • • • • • • • • • • 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
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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 •
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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
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$0.04
$0.04
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I
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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
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$0.02
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$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
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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
~
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r
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r
r
r
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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
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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
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--------------------------------------..
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
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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
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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