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Agenda Police Pension 051407
Revised Agenda City of Palm Beach Gardens Police Officers' Pension Fund MEETING OF MAY 14TH, 2007 LOCATION: City Council Chambers' City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9:00 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. Approval of Minutes: February 14th, 2007 Regular Meeting 4. Investment Manager Reports • ICC Capital (Steve Stack) 5. Investment Consultant Report: GRS Asset Consulting (John McCann) 6. Attorney Report: Hanson, Perry, & Jensen, P.A. (Bonni Jensen) 7. Disbursements Approval 8. Administrative Report (Scott Baur) 9. Other Business 10. Schedule Next Meeting 11. Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s /he will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon Which the appeal is to be based. In accordance with the American =_ Nith Disabiiities Act of 1,990, persons needino a special accommodation to participate in this meeting should contact the The Pension Resource Center, LLC no later than four days pnor to the meeting, JILL HANSON* mjhanson @hpjlaw.com ANN H. PERRY aperry@hpjlaw.com BONNI SPATARA JENSEN bsjensen@hpjlaw.com `ALSO ADMITTED IN N.Y. ANSON9 PERRY & JENSEN9 P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207 — WEST PALM BEACH, FLORIDA 33401 -2922 MEMORANDUM To: Board of Trustees Palm Beach Gardens Police Officers' Pension Fund From: Bonni S. Jensen Hanson, Perry & Jenseh, P.A. Subject: Definition of Retirement Date: May 14, 2007 TELEPHONE (561) 686 -6550 FACSIMILE (561) 686 -2802 Atthe last meeting, the Board of Trustees questioned whether a retired police officer could serve as a reserve officer for the City of Palm Beach Gardens ( "City "). The short answer is yes. Retirement under the Palm Beach Gardens Police Officers' Pension Fund ( "Fund ") Plan Document is defined as follows: Retirement means a police officer's withdrawal from city employment with a pension payable from the fund. Palm Beach Gardens City Code §50 -31 through 50 -38 establishes the Police Reserve Force. Section 50 -38 provides that members of the reserve police force shall serve without compensation. Reserve officers therefore are not paid by the employer. Reserve officers however are eligible to work overtime duty details for third party employers. These details are contracted by private businesses. The businesses pay for the services to the City who in turn pays the officers, including reserve officers. In my opinion, this type of compensation does not make the reserve office into a City employee. Retirees can serve as reserve officers. H: \PBG 0003 \Plan Docs\MEMO def of retirement .wpd ISMWITIM ARTICLE II. POLICE RESERVE FORCE Page 1 of 2 ARTICLE II. POLICE RESERVE FORCE Sec. 50 -31. Creation. In order to provide for the public safety in time of reserve police force for the city. The reserve police force control of the chief of police or the next highest ranking absence or disability of the chief of police or if there sh The chief. may promulgate reasonable rules and regui< police force, the rules and regulations to be approved by (Code 1987, § 33.15) Sec. 50- 32..Appointment of members. The chief of police is authorized, empowered, appearing on an eligible list, compiled under his super reserve police force. (Code 1987, § 33.16) Sec. 50 -33. Oath. ergency, there is created and established a call be under the supervision, direction, and cer of the police department, in case of the >e a vacancy in the office of chief of police. ns for the proper governing of the reserve city council. and directed, to appoint, from the names ision, reserve police officers to serve in the Before entering upon his duties as a reserve poll oath before the city clerk that he will. uphold and defend th state, and that he will enforce the ordinances of the city promulgated under authority of the Charter and ordinances (Code 1987, § 33.17) Sec. 50 -34. Training and active duty. Reserve police officers may be called, from time service with the regularly employed officers of the city. Tl at those times and places within the city as the chief of protect life and property within the city. (Code 1987, § 33.18) Sec. 50 -35. Powers and duties. While on duty under the orders of the chief of police, powers and perform all the duties and functions of members (Code 1987, § 33.19) Sec. 50 -36. Uniforms and insignia. http: / /library1.municode.co - A1""'," officer of the city, each officer shall make onstitution of the United States and of the i all lawful orders, rules, and regulations the city. time, by the chief of police for training in shall also be subject to call for active duty lice may deem necessary in order to fully reserve police officers shall possess all the oflthe regular police force of the city. ARTICLE II. POLICE RESERVE FORCE Page 2 of 2 When called for training in service, or for active duty, reserve police officers are required to wear an identifying uniform and insignia as may be provided, from time to time, by the chief of police. It shall be unlawful for any reserve police officer to wear the identifying uniform and insignia except while on duty. It shall also be unlawful for any reserve police officer to attempt to enforce any ordinance, or to carry out any order, rule, or regulation of the city while the reserve police officer is notwearing the identifying uniform and insignia. (Code 1987, § 33.20) Sec. 50 -37. Appointment subject to cancellation. Appointments may be cancelled at any time by the chief of police for cause. Each appointee shall conduct himself at all times as a gentleman, and be a credit to the force and to the city. His conduct shall never be unbecoming an officer or employee of the city. (Code 1987, § 33.21) Sec. 50 -38. Service without compensation. Members of the reserve police force shall serve without compensation. (Code 1987, § 33.22) Secs. 50- 39-- 50 -60. Reserved. S/10/2007 «in- service» Page 1 of 1 1 t CCH -EXP, PENSION - PLAN -GUIDE 13651, In- Service Distributions © 2007, CCH INCORPORATED. All Rights Reserved. A WoltersKluwer Company In- Service Distributions Distributions made to a plan participant during the course of employment are often referred to as in- service distributions. Such distributions are taxed under the rules for "amounts not received as an annu ty." See ¶3678.. Note that there are a myriad of restrictions on in- service distributions. For instance, the Code imposes a ceiling on the amount of benefits that can be paid out from a plan in a year (see _ 5¶ 485). Also, there are excise taxes for distributions before a participant reaches age 59 1/2 (see X5470). • Loans Plan loans are treated as in- service distributions to the extent they, exceed a prescribed limit. Loans from qualified plans are discussed at _ ¶3842 and following. • Life insurance When a retirement plan - -other than an IRA -- purchases life insurance protection for a participant, the cost is treated as an amount distributed to the participant. However, the rules that apply to other in- service distributions do not apply. The tax treatment of life insurance provided by retirement plans is discussed at 13810 and following. • Hardship withdrawals The rules for making hardship withdrawals from 401(k) plans are covered at ¶7660. 2007, CCH INCORPORATED. All Rights Reserved. A WoltersKluwer Company http: // tax. cchgroup .com /primesrc/bin/highwire.dll 5/10/2007 Palm Beach Gardens Police Review of International Equity Funds May 10, 2007 1. Vanguard Global Equity (VHGEX) [0.72 %] MorningStar Rating Comparative Index: Fund: Policy: Diff: (out of 344 funds over 5- years) World Stock ie. MSCI World 1 Year 18.22% 15.44% 2.78% 3 Year 18.22% 14.63% 3.59% 5 Year 16.76% 10.39% 6.37% Received an excellent rating and review from Morningstar. No change recommended. 2. Vanguard International Growth Admiral Shares (VWILX) [0.35 %] MorningStar Rating: t��*(out of 446 funds over 5- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE 1 Year 3 Year 5 Year Fund: 18.15% 18.86% 14.51% Policy: 20.20% 19.83% 15.68% Diff: -2.05% -0.97% -1.17% Received an average rating and excellent review from Morningstar. No change recommended. 3. Vanguard International Value (VTRIX) [0.46 %] MorningStar Rating: '�T* *(out of 446 funds over 5- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE. 1 Year 3 Year 5 Year Fund: 18.38% 21.26% 16.92% Policy: 20.20% 19.83% 15.68% Diff: -1.82% 1.43% 1.24% Good rating and review from Morningstar. No change recommended. 4. Mainstay ICAP International (ICEUX) [0.93 %] MorningStar Rating: (out of 153 funds over 5- years) Comparative Index: Foreign Large Value ie. MSCI EAFE. 1 Year 3 Year 5 Year Fund: 18.19% 24.15% 17.82% Policy: 20.20% 19.83% 15.68% Diff: -2.01% 4.32% 2.14% Good rating and review from Morningstar. No change recommended. 1 i L PALM BEACH GARDENS POLICE PENSION FUND ' Investment Review Quarter Ending March 31, 2007 L IICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND Investment Review Quarter Ending March 31, 2007 IICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND Investment Performance Report Quarter Ending March 31, 2007 Total Return Summary Portfolio Allocation Investment Performance by Asset Category Fixed - Income Analysis Purchases & Sales Realized Gains/ Losses Portfolio Summary Portfolio Avvraisal ICC Capital Management, Inc. Page...... 1 Page...... 2 Page...... 3 Page...... 4 Page...... 6 Page...... 12 Page...... 16 Paee...... 17 1 PALM BEACH GARDENS POLICE PENSION FUND ' Total Return Summary Quarter Ending ' March 31, 2007 1 ICC Capital Management, Inc. 1 1 Curr Quarter FYTD Five Years Starting Value $11,137,235 $9,920,193 $5,199,176 Ending Value $11,303,160 $11,303,160 $11,303,160 Difference $165,925 $1,382,967 $6,103,984 Net Contributions/ (Withdrawals) ($1,494) $1,116,146 $4,593,020 ' Gain/(Loss) from Investments $167,419 $266,821 $1,510,964 TOTAL RETURN 1.41% 2.41% 25.10% ANNUALIZED TOTAL RETURN 4.58% ICC Capital Management, Inc. 1 1 PALM BEACH GARDENS POLICE PENSION FUND Portfolio Allocation at Market Quarter Ending ' March 31, 2007 1 Market Value CASH /EQUIVS as of 12,131106 9.3% FIXED INCOME 1 0 90.7% CASH /EQUIVS Market Value 4.1% as of 3/31/07 EQUITY 10.3% FIXED INCOME 85.6% Mkt Value Mkt Value % Mkt Value Mkt Value % as of 12,/31/06 as of 12,/31/06 as of 3/31/07 as of 3/31/07 Cashl/E uivs $1,040,372 9.3% $461,745 4.1% Equity $0 0.0% $1,162,754 10.3% Fixed $10,096,863 90.7% $9,678,661 85.6% Total $11,137,235 100.0% $11,303,160 100.0% I ICC 8 Capital Management, Inc. p PALM BEACH GARDENS POLICE PENSION FUND ' Investment Performance by Asset Category Quarter Ending ' March 31, 2007 ICC Capital Management, Inc. 1 3 uarter ■ ACCOUNT ■LBGC ' 2.50 2.00 1.42 1.47 1.41 1.47 ' 1.50 ' 1.00 0.50 ' 0.00 BONDS TOTAL FYTD (9130) ■ ACCOUNT ■ LBGC 4.00 ' 3.00 2.36 2.52 2.41 2.52 2.00 ' 1.00 0.00 BONDS TOTAL ' 5 Year Annualized ■ACCOUNT ■LBGC 7.50 5.57 5.57 ' 4.72 4.58 5.00 ' 2.50 ' 0.00 BONDS TOTAL ' The red total bar represents the Lehman Brothers GovernmenVCredit Index. ICC Capital Management, Inc. 1 3 PALM BEACH GARDENS POLICE PENSION FUND ' Fixed Income Analysis (Pagel of 2) Quarter Ending ' March 31, 2007 Average Quality — AAA Average Duration — 3.69 Current Yield — 5.3 MBS 38.5% Federal Agencies 10.3% Corporate Bonds US Treasuries 31.4% 19.8% Corporate Bonds S&P Rating Moody Rating Bear Stearns A+ Al IBM Corr) A+ Al Jr) Mor an Chase A+ Al Jp Morgan Chase A+ Al J mor an Chase & Co A+ Al Lehman Brothers Holdin s A+ Al Lowe's Companies A+ Al Al Merrill Lynch & Co A+ Morgan Stanley A Al A2 Archer Daniels A A A2 Avon Products Inc A A2 Caterpillar Finanical Services Corp Dell Com uter A A- A2 Al Conoco Inc A- A2 Alcoa Inc AA Aal Citi rou Inc Intl Lease Fin Aia 5 7/8 AA- Al Fleetboston Finl Corp AA- Aa3 Goldman Sachs AA- AA3 Goldman Sachs A- AA3 General Electric Cap Crop AAA AAA Kohls Cori) BBB+ A3 Government/A enc Bonds S &P Rating Moody Rating Federal National Mortgage Assn AAA AAA Fhlmc AAA AAA United States TreasurV AAA AAA U.S. Treasury Strips AAA AAA Mortgage Backed Securities S &P Rating Moody Rating F Imc #q02268 AAA AAA Fncl # 256394 AAA AAA F ci N #b13978 AAA AAA F ci N # 12208 AAA AAA F ci N #q 11690 AAA AAA Gnsf M #552509 AAA AAA Foci #a 12205 4.5% AAA '°"°"°` Fnci N #725445 AAA AAA Fnci M #254371 AAA AAA Fnci -N#255888 AAA AAA n o M #781313 AAA AAA Fnci N #825335 AAA AAA Fnci -N#829053 AAA AAA ns M #582153 AAA AAA F ci N # 12323 AAA '°"°`A F ci N #b13455 AAA AAA ICC Capital Management, Inc. 4 PALM BEACH GARDENS POLICE PENSION FUND Fixed Income Analysis (Page 2 of 2) Quarter Ending tMarch 31, 2007 Podtoolio Duration vs. Index Duration (Ratio) — WINDEX -i- -ACCT 1.8% AGGRESSIVE 1.4% 1.0% NEUTRAL 0.6% DEFENSIVE 0.2% 3/31/2005 6/30/2005 9/30/2005 12/31/2005 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 ICC Capital Management, Inc. 1 5 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE From 12 -31 -06 To 03 -31 -07 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 03 -01 -07 03 -06 -07 900.00 ABBOTT LAB COM 54.12 48,708.00 03 -01 -07 03 -06 -07 300.00 ACE LIMITED ORDINARY SHARES 55.58 16,674.99 03 -01 -07 03 -06 -07 2,100.00 ADVANCED MICRO DEVICES 14.85 31,185.00 03 -01 -07 03 -06 -07 900.00 AMERICAN TOWER 38.29 34,461.99 CORPORATION 03 -01 -07 03 -06 -07 400.00 AMGEN INC 62.22 24,888.00 03 -01 -07 03 -06 -07 600.00 ANHEUSER BUSCH COS INC 48.98 29,388.00 01 -29 -07 02 -01 -07 55,000.000 ARCHER DANIELS 92.24 50,729.80 5.375% Due 09 -15 -35 03 -01 -07 03 -06 -07 900.00 ARCHER DANIELS MIDLAND CO 34.59 31,131.00 03 -08 -07 03 -13 -07 200.00 ARCHER DANIELS MIDLAND CO 34.65 6,929.40 03 -01 -07 03 -06 -07 500.00 ARTHROCARE CORP 35.58 17,790.00 03 -14 -07 03 -19 -07 600.00 BJ SERVICES CO 27.09 16,254.12 03 -02 -07 03 -07 -07 550.00 CALIFORNIA WATER SERVICE 38.65 21,259.59 GRP 01 -17 -07 01 -22 -07 310,000.000 CATERPILLAR FINANICAL 97.31 301,673.40 SERVICES CORP 4.300% Due 06 -01 -10 03 -01 -07 03 -06 -07 600.00 CELEGENE CORPORATION 52.67 31,601.94 03 -01 -07 03 -06 -07 600.00 CERNER CORP 52.04 31,225.98 03 -01 -07 03 -06 -07 50.0.00 CITIGROUP 51.33 25,665.00 03 -01 -07 03 -06 -07 300.00 COACH INC 48.13 14,439.00 03 -01 -07 03 -06 -07 1,600.00 CVS /CAREMARK CORP 31.46 50,336.00 03 -01 -07 03 -06 -07 200.00 DUPONT 50.91 10,182.00 03 -01 -07 03 -06 -07 800.00 EBAY INC. 32.29 25,832.00 03 -01 -07 03 -06 -07 1,700.00 EL PASO ENERGY CORP. 14.56 24,752.00 03 -01 -07 03 -06 -07 700.00 EMC CORP 13.92 9,744.00 02 -21 -07 02 -22 -07 85,000.000 FEDERAL NATIONAL MORTGAGE 101.09 85,930.75 ASSN 6.000% Due 05 -15 -08 02 -21 -07 02 -26 -07 163,000.570 FGCI #G12205 4.5% 96.48 157,270.08 4.500% Due 06 -01 -21 01 -08 -07 01 -11 -07 868,512.000 FGLMC #G02268 102.08 886,561.19 6.500% Due 08 -01 -36 01 -09 -07 01 -11 -07 310,000.000 FHLMC 104.38 323,587.30 6.000% Due 06 -15 -11 01 -12 -07 01 -18 -07 170,000.000 FHLMC 103.87 176,573.90 6.000% Due 06 -15 -11 02 -21 -07 02 -22 -07 30,000.000 FHLMC 104.02 31,205.40 6.000% Due 06 -15 -11 01 -29 -07 01 -31 -07 126,999.800 FNCI N #725445 95.97 121,880.12 4.500% Due 05 -01 -19 6 ICC Capital Management PURCHASE AND SALE ' PALM BEACH GARDENS POLICE From 12 -31 -06 To 03 -31 -07 I Trade Settle Unit Date Date Quantity Security Price Amount 01 -08 -07 01 -11 -07 959,000.000 FNCL # 256394 102.00 978,180.33 6.500% Due 09 -01 -36 03 -01 -07 03 -06 -07 400.00 FOREST LABORATORIES INC 52.11 20,844.00 03 -01 -07 03 -06 -07 450.00 GAMESTOP CORD -CL A 52.57 23,654.52 01 -29 -07 02 -01 -07 85,000.000 GOLDMAN SACHS 98.44 83,674.00 5.250% Due 10 -15 -13 03 -01 -07 03 -06 -07 200.00 IBM 92.52 18,504.00 03 -01 -07 03 -06 -07 600.00 INVITROGEN 64.23 38,536.08 03 -01 -07 03 -06 -07 2,100.00 JDS UNIPHASE CORP 15.78 33,138.00 03 -01 -07 03 -06 -07 400.00 KLA- TENCOR CORP 51.02 20,408.00 03 -01 -07 03 -06 -07 600.00 MEDTRONICS INC. 50.27 30,163.98 03 -02 -07 03 -07 -07 300.00 MERRILL LYNCH 82.43 24,727.62 03 -14 -07 03 -19 -07 100.00 MERRILL LYNCH 78.34 7,834.47 01 -17 -07 01 -22 -07 255,000.000 MERRILL LYNCH & CO 103.52 263,983.65 6.050% Due 05 -16 -16 03 -01 -07 03 -06 -07 800.00 MICROSOFT CORP. 28.23 22,584.00 03 -01 -07 03 -06 -07 900.00 MOTOROLA INC 18.95 17,055.00 03 -01 -07 03 -06 -07 1,000.00 NEWMONT MINING CORP 44.89 44,892.00 03 -01 -07 03 -06 -07 1,800.00 OPENWAVE SYSTEMS INC 8.03 14,454.00 03 -01 -07 03 -06 -07 2,900.00 RF MICRO DEVICES 7.97 23,113.00 03 -01 -07 03 -06 -07 1,100.00 SCHERING PLOUGH CORP 23.32 25,652.00 03 -01 -07 03 -06 -07 650.00 SOUTHERN UNION CO 29.52 19,188.00 03 -01 -07 03 -06 -07 2,600.00 SOUTHWEST AIRLINES CO. 15.21 39,546.00 03 -02 -07 03 -07 -07 700.00 STARBUCKS CORP 30.00 21,002.52 03 -27 -07 03 -30 -07 300.00 STARBUCKS CORP 31.69 9,506.19 03 -08 -07 03 -13 -07 400.00 SUNOCOINC 65.38 26,153.12 03 -08 -07 03 -13 -07 1,700.00 SUPERGEN INC 5.63 9,568.45 03 -13 -07 03 -16 -07 550.00 SUPERGEN INC 5.37 2,955.10 03 -26 -07 03 -29 -07 300.00 SUPERGEN INC 5.75 1,725.99 03 -01 -07 03 -06 -07 700.00 SYSCO CORP 32.78 22,946.00 03 -01 -07 03 -06 -07 900.00 TEXAS INSTRS INC 30.80 27,720.00 02 -21 -07 02 -22 -07 15,000.000 U.S. TREASURY STRIPS 40.10 6,014.70 0.000% Due 11 -15 -25 03 -01 -07 03 -06 -07 300.00 UNITED PARCEL SVC INC 69.95 20,985.00 02 -21 -07 02 -22 -07 85,000.000 UNITED STATES TREASURY 96.62 82,131.25 3.500% Due 02 -15 -10 03 -01 -07 03 -06 -07 400.00 VALERO ENERGY 58.12 23,248.00 03 -01 -07 03 -06 -07 400.00 VIACOM INC. CLASS B 38.44 15,376.00 03 -01 -07 03 -06 -07 400.00 WALGREENS CO. 44.81 17,924.00 03 -01 -07 03 -06 -07 1,100.00 WASTE MANAGEMENT INC. 33.89 37,279.00 03 -01 -07 03 -06 -07 500.00 WEATHERFORD INTERNATIONAL 41.19 20,595.00 INC 03 -01 -07 03 -06 -07 700.00 WILLIS GROUP HOLDINGS 39.79 27,853.00 4,760,975.92 7 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE From 12 -31 -06 To 03 -31 -07 Trade Settle Unit Date Date Quantity Security Price Amount SALES 03 -26 -07 03 -29 -07 400.00 ABBOTT LAB COM 56.59 22,636.33 02 -26 -07 02 -27 -07 85,000.000 ALCOA 1NC 106.93 90,889.65 7.375% Due 08 -01 -10 02 -26 -07 02 -27 -07 80,000.000 DELL COMPUTER 111.11 88,892.00 7.100% Due 04 -15 -28 01 -09 -07 01 -11 -07 130,000.000 FEDERAL NATIONAL MORTGAGE 101.18 131,532.70 ASSN 6.000% Due 05 -15 -08 01 -09 -07 01 -11 -07 30,000.000 FEDERAL NATIONAL MORTGAGE 101.18 30,353.70 ASSN 6.000% Due 05 -15 -08 01 -09 -07 01 -11 -07 785,000.000 FEDERAL NATIONAL MORTGAGE 101.18 794,255.15 ASSN 6.000% Due 05 -15 -08 01 -12 -07 01 -18 -07 520,000.000 FEDERAL NATIONAL MORTGAGE 101.05 525,449.60 ASSN 6.000% Due 05 -15 -08 02 -26 -07 02 -27 -07 85,000.000 FEDERAL NATIONAL MORTGAGE 101.00 85,850.00 ASSN 6.000% Due 05 -15 -08 01 -08 -07 01 -11 -07 154,999.790 FGCI N #B 13455 96.69 149,865.42 4.500% Due 04 -01 -19 02 -26 -07 02 -27 -07 65,296.585 FGCI N #G11690 94.31 61,582.84 4.000% Due 02 -01 -20 02 -26 -07 02 -27 -07 75,062.096 FGCI N #G11690 94.31 70,792.94 4.000% Due 02 -01 -20 02 -26 -07 02 -27 -07 29,640.789 FGCI N #G11690 94.31 27,954.97 4.000% Due 02 -01 -20 01 -08 -07 01 -11 -07 81,406.453 FGCI N #G12208 94.30 76,763.74 4.000% Due 02 -01 -21 01 -08 -07 01 -11 -07 18,593.827 FGCI N #G12208 94.30 17,533.40 4.000% Due 02 -01 -21 01 -08 -07 01 -11 -07 334,999.980 FGCI N #G12323 96.67 323,850.76 4.500% Due 08 -01 -21 01 -08 -07 01 -11 -07 89,999.680 FGCI N #G12323 96.67 87,004.38 4.500% Due 08 -01 -21 02 -26 -07 02 -27 -07 382,000.000 FGLMC #G02268 101.81 388,923.75 6.500% Due 08 -01 -36 02 -26 -07 02 -27 -07 50,000.000 FHLMC 104.11 52,054.00 6.000% Due 06 -15 -11 01 -08 -07 01 -11 -07 282,999.860 FNCI N #725445 96.77 273,846.58 4.500% Due 05 -01 -19 8 ' ICC Capital Management PURCHASE AND SALE ' PALM BEACH GARDENS POLICE From 12 -31 -06 To 03 -31 -07 Trade Settle Unit Date Date Quantity Security Price Amount 01 -17 -07 01 -22 -07 155,000.000 KOHLS CORP 107.90 167,243.45 ' 7.250% Due 06 -01 -29 01 -17 -07 01 -22 -07 105,000.000 LOWE'S COMPANIES 95.73 100,521.75 5.800% Due 10 -15 -36 ' 02 -26 -07 02 -28 -07 85,000.000 MERRILL LYNCH & CO 103.52 87,992.00 6.050% Due 05 -16 -16 03 -08 -07 03 -13 -07 700.00 SYSCO CORP 31.97 22,379.57 02 -26 -07 02 -27 -07 15,000.000 U.S. TREASURY STRIPS 39.90 5,985.00 ' 0.000% Due 11 -15 -25 02 -26 -07 02 -27 -07 25,000.000 U.S. TREASURY STRIPS 39.90 9,975.00 0.000% Due 11 -15 -25 02 -26 -07 02 -27 -07 190,000.000 UNITED STATES TREASURY 96.72 183,765.63 3.500% Due 02 -15 -10 03 -14 -07 03 -19 -07 400.00 VIACOM INC. CLASS B 39.76 15,902.95 ' 3,893,797.26 PRINCIPAL PAYDOWNS 03 -15 -07 03 -15 -07 1,674.370 FGCI #G12205 4.5% 100.00 1,674.37 ' 4.500% Due 06 -01 -21 01 -15 -07 01 -18 -07 1,380.970 FGCI N #13 13455 100.00 1,380.97 4.500% Due 04 -01 -19 ' 02 -15 -07 02 -15 -07 117.590 FGCI N #13 13455 100.00 117.59 4.500% Due 04 -01 -19 03 -15 -07 03 -15 -07 39.700 FGCI N #13 13455 100.00 39.70 4.500% Due 04 -01 -19 ' 01 -15 -07 01 -18 -07 8,251.170 FGCI N #13 13978 100.00 8,251.17 4.000% Due 05 -01 -19 02 -15 -07 02 -15 -07 4,318.100 FGCI N #13 13978 100.00 4,318.10 ' 4.000% Due 05 -01 -19 03 -15 -07 03 -15 -07 2,073.160 FGCI N #13 13978 100.00 2,073.16 4.000% Due 05 -01 -19 01 -15 -07 01 -29 -07 1,378.619 FGCI N #G11690 100.00 1,378.61 ' 4.000% Due 02 -01 -20 01 -15 -07 01 -29 -07 641.419 FGCI N #G11690 100.00 641.42 4.000% Due 02 -01 -20 01 -15 -07 01 -29 -07 617.456 FGCI N #G11690 100.00 617.46 4.000% Due 02 -01 -20 01 -15 -07 01 -29 -07 537.125 FGCI N #G11690 100.00 537.13 4.000% Due 02 -01 -20 ' 02 -15 -07 02 -15 -07 1,693.230 FGCI N #G11690 100.00 1,693.23 4.000% Due 02 -01 -20 02 -15 -07 02 -15 -07 787.796 FGCI N #G11690 100.00 787.80 4.000% Due 02 -01 -20 9 10 ICC Capital Management PURCHASE AND SALE ' PALM BEA CH GARDENS POLICE From 12 -31 -06 To 03 -31 -07 ' Trade Settle Unit Date Date Quantity Security Price Amount 02 -15 -07 02 -15 -07 758.364 FGCI N #G11690 100.00 758.36 4.000% Due 02 -01 -20 02 -15 -07 02 -15 -07 659.701 FGCI N #G11690 100.00 659.70 4.000% Due 02 -01 -20 ' 03 -15 -07 03 -15 -07 1,470.093 FGC1 N #G11690 100.00 1,470.09 4.000% Due 02 -01 -20 03 -15 -07 03 -15 -07 423.977 FGCI N #G11690 100.00 423.98 4.000% Due 02 -01 -20 ' 01 -15 -07 01 -29 -07 3,575.830 FGCI N #G12208 100.00 3,575.83 4.000% Due 02 -01 -21 02 -15 -07 02 -15 -07 2,216.730 FGCI N #G12208 100.00 2,216.73 ' 4.000% Due 02 -01 -21 03 -15 -07 03 -15 -07 2,009.690 FGCI N #G12208 100.00 2,009.69 4.000% Due 02 -01 -21 01 -15 -07 01 -29 -07 5,271.240 FGCI N #G12323 100.00 5,271.24 ' 4.500% Due 08 -01 -21 02 -15 -07 02 -15 -07 87.510 FGCI N #G12323 100.00 87.51 4.500% Due 08 -01 -21 03 -15 -07 03 -15 -07 108.620 FGCI N #G12323 100.00 108.62 4.500% Due 08-01-21 02 -15 -07 02 -15 -07 14,536.859 FGLMC #G02268 100.00 14,536.86 6.500% Due 08 -01 -36 ' 02 -15 -07 02 -15 -07 19,564.431 FGLMC #G02268 100.00 19,564.43 6.500% Due 08 -01 -36 03 -15 07 03 -15 7 3,667.186 FGLMC #G02268 100.00 3,667.19 ' 6.500% Due 08 -01 -36 03-15-07 03-15-07 12,513.604 FGLMC #G02268 100.00 12,513.60 6.500% Due 08 -01 -36 01 -15 -07 01 -29 -07 2,003.630 FNCI M #254371 100.00 2,003.63 ' 5.500% Due 07 -01 -17 02 -25 -07 02 -25 -07 4,644.690 FNCI M #254371 100.00 4,644.69 5.500 % Due 07 -01 -17 03 -25 -07 03 -25 -07 2,136.340 FNCI M #254371 100.00 2,136.34 5.500% Due 07 -01 -17 01 -15 -07 01 -29 -07 362.490 FNCI N #255888 100.00 362.49 4.000% Due 08 -01 -20 ' 02 -25 -07 02 -25 -07 326.450 FNCI N #255888 100.00 326.45 4.000% Due 08 -01 -20 03 -25 -07 03 -25 -07 1,576.270 FNCI N #255888 100.00 1,576.27 ' 4.000% Due 08 -01 -20 01 -25 -07 01 -25 -07 3,337.760 FNCI N #725445 100.00 3,337.76 4.500% Due 05 -01 -19 02 -25 -07 02 -25 -07 46.280 FNCI N #725445 100.00 46.28 4.500% Due 05 -01 -19 10 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE From 12 -31 -06 To 03 -31 -07 Trade Settle Unit Date Date Quantity Security Price Amount t 02 -25 -07 02 -25 -07 1,490.900 FNCI N #725445 100.00 1,490.90 4.500% Due 05 -01 -19 03 -25 -07 03 -25 -07 47.323 FNCI N #725445 99.99 47.32 4.500% Due 05 -01 -19 ' 03 -25 -07 03 -25 -07 1,524.507 FNCI N #725445 100.00 1,524.51 4.500% Due 05 -01 -19 01 -15 -07 01 -29 -07 335.830 FNCI N #825335 100.00 335.83 4.000% Due 05 -01 -20 ' 02 -25 -07 02 -25 -07 308.740 FNCI N #825335 100.00 308.74 4.000% Due 05 -01 -20 ' 03 -25 -07 03 -25 -07 318.970 FNCI N #825335 4.000% Due 05 -01 -20 100.00 318.97 01 -15 -07 01 -29 -07 333.810 FNCI N #829053 100.00 333.81 4.000% Due 08 -01 -20 ' 02 -25 -07 02 -25 -07 673.230 FNCI N #829053 100.00 673.23 4.000% Due 08 -01 -20 03 -25 -07 03 -25 -07 300.000 FNCI N #829053 100.00 300.00 4.000% Due 08 -01 -20 ' 02 -25 -07 02 -25 -07 23,211.750 FNCL # 256394 100.00 23,211.75 6.500% Due 09 -01 -36 03 -25 -07 03 -25 -07 14,899.960 FNCL # 256394 100.00 14,899.96 ' 6.500% Due 09 -01 -36 01 -15 -07 01 -29 -07 711.670 GNJO M #781313 100.00 711.67 6.000% Due 07 -15 -16 02 -15 -07 02 -15 -07 726.750 GNJO M #781313 100.00 726.75 ' 6.000% Due 07 -15 -16 03 -15 -07 03 -15 -07 517.770 GNJO M #781313 100.00 517.77 6.000% Due 07 -15 -16 ' 01 -15 -07 01 -18 -07 5,088.000 GNSF M #552509 100.00 5,088.00 6.000% Due 04 -15 -32 02 -15 -07 02 -15 -07 365.510 GNSF M #552509 100.00 365.51 6.000% Due 04 -15 -32 ' 03 -15 -07 03 -15 -07 340.500 GNSF M #552509 100.00 340.50 6.000% Due 04 -15 -32 01 -15 -07 01 -29 -07 77.400 GNSF M #582153 100.00 77.40 ' 6.000% Due 06 -15 -32 02 -15 -07 02 -15 -07 72.030 GNSF M #582153 100.00 72.03 6.000% Due 06 -15 -32 03 -15 -07 03 -15 -07 794.620 GNSF M #582153 100.00 794.62 ' 6.000% Due 06 -15 -32 156,947.72 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE From 12 -31 -06 Through 03 -31 -07 Open Close Date Date Quantity Security 07 -24 -06 01 -08 -07 81,406.453 FGCI N #G12208 4.000% Due 02 -01 -21 07 -21 -06 01 -08 -07 18,593.827 FGCI N #G12208 4.000% Due 02 -01 -21 09 -08 -04 01 -08 -07 154,999.790 FGCI N #13 13455 4.500% Due 04 -01 -19 08 -24 -06 01 -08 -07 334,999.980 FGCI N #G12323 4.500% Due 08 -01 -21 08 -24 -06 01 -08 -07 89,999.680 FGCI N #G12323 4.500% Due 08 -01 -21 09 -15 -04 01 -08 -07 282,999.860 FNCI N #725445 4.500% Due 05 -01 -19 10 -17 -06 01 -09 -07 130,000.000 FEDERAL NATIONAL MORTGAGE ASSN 6.000% Due 05 -15 -08 11 -02 -06 01 -09 -07 30,000.000 FEDERAL NATIONAL MORTGAGE ASSN 6.000% Due 05 -15 -08 01 -06 -06 01 -09 -07 785,000.000 FEDERAL NATIONAL MORTGAGE ASSN 6.000% Due 05 -15 -08 01 -06 -06 01 -12 -07 520,000.000 FEDERAL NATIONAL MORTGAGE ASSN 6.000% Due 05 -15 -08 06 -13 -02 01 -15 -07 77.400 GNSF M #582153 6.000% Due 06 -15 -32 07 -02 -02 01 -15 -07 711.670 GNJO M #781313 6.000% Due 07 -15 -16 05 -11 -05 01 -15 -07 1,378.619 FGCI N #G11690 4.000% Due 02 -01 -20 01 -30 -06 01 -15 -07 641.419 FGCI N #G11690 4.000% Due 02 -01 -20 04 -12 -06 01 -15 -07 617.456 FGCI N #G11690 4.000% Due 02 -01 -20 06 -27 -06 01 -15 -07 537.125 FGCI N #G11690 4.000% Due 02 -01 -20 07 -21 -06 01 -15 -07 3,575.830 FGCI N #G 12208 4.000% Due 02 -01 -21 08 -24 -06 01 -15 -07 5,271.240 FGCI N #G12323 4.500% Due 08 -01 -21 05 -23 -02 01 -15 -07 2,003.630 FNCI M #254371 5.500% Due 07 -01 -17 09 -08 -05 01 -15 -07 362.490 FNCI N #255888 4.000% Due 08 -01 -20 09 -08 -05 01 -15 -07 335.830 FNCI N #825335 4.000% Due 05 -01 -20 08 -23 -05 01 -15 -07 333.810 FNCI N #829053 4.000% Due 08 -01 -20 09 -08 -04 01 -15 -07 1,380.970 FGCI N #13 13455 4.500% Due 04 -01 -19 09 -23 -04 01 -15 -07 8,251.170 FGCI N #13 13978 4.000% Due 05 -01 -19 04 -15 -02 01 -15 -07 5,088.000 GNSF M #552509 6.000% Due 04 -15 -32 12 Cost Basis Proceeds 75,351.85 76,763.74 17,248.68 17,533.40 154,542.83 149, 865.42 321,181.23 323,850.76 86,287.19 87,004.38 283,214.96 273,846.58 131, 797.90 131,532.70 30,467.40 30,353.70 Gain Or Loss Short Term Long Term 1,411.89 284.72 - 4,677.41 2,669.53 717.19 - 9,368.38 - 265.20 - 113.70 809,021.00 794,255.15 - 14,765.85 535,912.00 525,449.60 - 10,462.40 77.27 77.40 0.13 733.91 711.67 -22.24 1,337.69 1,378.61 40.92 611.35 641.42 30.07 576.55 617.46 40.91 492.81 537.13 44.32 3,317.14 3,575.83 258.69 5,053.80 5,271.24 217.44 1,994.86 2,003.63 8.77 352.75 362.49 9.74 326.80 335.83 9.03 323.80 333.81 10.01 1,376.90 1,380.97 4.07 8,123.53 8,251.17 127.64 5,025.19 5,088.00 62.81 I ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE From 12 -31 -06 Through 03 -31 -07 Gain Or Loss Open Date Close Date Quantity Security Cost Basis Proceeds Short Term Long Term 12 -17 -04 01 -17 -07 155,000.000 KOHLS CORP 186,004.65 167,243.45 - 18,761.20 7.250% Due 06 -01 -29 11 -27-06 01 -17 -07 105,000.000 LOWE'S COMPANIES 107,541.00 100,521.75 - 7,019.25 5.800% Due 10 -15 -36 09 -15 -04 01 -25 -07 3,337.760 FNCI N #725445 3,340.30 3,337.76 -2.54 4.500% Due 05 -01 -19 04 -15 -02 02 -15 -07 365.510 GNSF M #552509 361.00 365.51 4.51 6.000% Due 04 -15 -32 06 -13-02 02 -15 -07 72.030 GNSF M #582153 71.91 72.03 0.12 6.000% Due 06 -15 -32 07 -02 -02 02 -15 -07 726.750 GNJO M #781313 749.46 726.75 -22.71 6.000% Due 07 -15 -16 09 -23 -04 02 -15 -07 4,318.100 FGCI N #B 13978 4,251.30 4,318.10 66.80 4.000% Due 05 -01 -19 09 -08 -04 02 -15 -07 117.590 FGCI N #B13455 117.24 117.59 0.35 4.500% Due 04 -01 -19 05 -11 -05 02 -15 -07 1,693.230 FGCI N #G11690 1,642.96 1,693.23 50.27 4.000% Due 02 -01 -20 01 -30 -06 02 -15 -07 787.796 FGCI N #G11690 750.87 787.80 36.93 4.000% Due 02 -01 -20 04 -12 -06 02 -15 -07 758.364 FGCI N #G11690 708.12 758.36 50.24 4.000% Due 02 -01 -20 06 -27 -06 02 -15 -07 659.701 FGCI N #G11690 605.28 659.70 54.42 4.000% Due 02 -01 -20 07 -21 -06 02 -15 -07 2,216.730 FGCIN #GI2209 2,056.36 2,216.73 160.37 4.000 % Due 02 -01 -21 08 -24 -06 02 -15 -07 87.510 FGCI N #G12323 83.90 87.51 3.61 4.500% Due 08 -01 -21 12 -15 -06 02 -15 -07 14,536.859 FGLMC #G02268 14,838.98 14,536.86 - 302.12 6.500% Due 08 -01 -36 01 -08 -07 02 -15 -07 19,564.431 FGLMC #G02268 19,971.01 19,564.43 - 406.58 6.500% Due 08 -01 -36 09 -08 -05 02 -25 -07 326.450 FNCI N #255888 317.68 326.45 8.77 4.000% Due 08 -01 -20 05 -23 -02 02 -25 -07 4,644.690 FNCI M #254371 4,624.37 4,644.69 2032 5.500% Due 07 -01 -17 09 -15 -04 02 -25 -07 46.280 FNCI N #725445 46.31 46.28 -0.03 4.500% Due 05 -01 -19 01 -29 -07 02 -25 -07 1,490.900 FNCI N #725445 1,430.80 1,490.90 60.10 4.500% Due 05 -01 -19 08 -23 -05 02 -25 -07 673.230 FNCI N #829053 653.03 673.23 20.20 4.000% Due 08 -01 -20 09 -08 -05 02 -25 -07 308.740 FNCI N #825335 300.44 308.74 8.30 4.000% Due 05 -01 -20 01 -08 -07 02 -25 -07 23,211.750 FNCL # 256394 23,675.99 23,211.75 464.24 6.500% Due 09 -01 -36 08 -25 -06 02 -26 -07 85,000.000 ALCOA INC 91,262.80 90,889.65 - 373.15 7.375% Due 08 -01 -10 01 -17 -07 02 -26 -07 85,000.000 MERRILL LYNCH & CO 87,994.55 87,992.00 -2.55 6.050% Due 05 -16 -16 08 -29 -06 02 -26 -07 190,000.000 UNITED STATES 182,014.06 183,765.63 1,751.57 TREASURY 3.500% Due 02 -15 -10 02 -21 -07 02 -26 -07 15,000.000 U.S. TREASURY STRIPS 6,014.70 5,985.00 -29.70 0.000% Due 11 -15 -25 13 1 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE From 12 -31 -06 Through 03 -31 -07 Open Date Close Date Quantity Security Cost Basis Proceeds Gain Or Loss Short Term Long Term 12 -14 -06 02 -26 -07 25,000.000 U.S. TREASURY STRIPS 10,075.50 9,975.00 - 100.50 0.000% Due I1 -15 -25 02 -21 -07 02 -26 -07 85,000.000 FEDERAL NATIONAL 85,930.75 85,850.00 -80.75 MORTGAGE ASSN 6.000% Due 05 -15 -08 01 -12 -07 02 -26 -07 50,000.000 FHLMC 51,933.50 52,054.00 120.50 6.000% Due 06 -15 -11 06 -27 -06 02 -26 -07 65,296.585 FGCIN #G11690 59,909.62 61,582.84 1,673.22 4.000% Due 02 -01 -20 04 -12 -06 02 -26 -07 75,062.096 FGCI N #G11690 70,089.24 70,792.94 703.70 4.000% Due 02 -01 -20 01 -30 -06 02 -26 -07 29,640.789 FGCI N #G1 1690 28,251.38 27,954.97 - 296.41 4.000% Due 02 -01 -20 12 -15 -06 02 -26 -07 382,000.000 FGLMC #G02268 389,939.02 388,923.75 - 1,015.27 6.500% Due 08 -01 -36 01 -12 -05 02 -26 -07 80,000.000 DELL COMPUTER 97,717.60 88,892.00 - 8,825.60 7.100% Due 04 -15 -28 03 -01 -07 03 -08 -07 700.00 SYSCO CORP 22,946.00 22,379.57 - 566.43 03 -01 -07 03 -14 -07 400.00 VIACOM INC. CLASS B 15,376.00 15,902.95 526.95 02 -21 -07 03 -15 -07 1,674.370 FGCI #G12205 4.5% 1,615.51 1,674.37 58.86 4.500% Due 06-01-21 04 -15 -02 03 -15 -07 340.500 GNSF M #552509 336.30 340.50 4.20 6.000% Due 04 -15 -32 06 -13 -02 03 -15 -07 794.620 GNSF M #582153 793.25 794.62 1.37 6.000% Due 06 -15 -32 07 -02 -02 03 -15 -07 517.770 GNJO M #781313 533.95 517.77 -16.18 6.000% Due 07 -15 -16 09 -23 -04 03 -15 -07 2,073.160 FGCI N #1313978 2,041.09 2,073.16 32.07 4.000% Due 05 -01 -19 09 -08 -04 03 -15 -07 39.700 FGCIN #1313455 39.58 39.70 0.12 4.500% Due 04 -01 -19 05 -11 -05 03 -15 -07 1,470.093 FGCI N #G11690 1,426.45 1,470.09 43.64 4.000% Due 02 -01 -20 01 -30 -06 03 -15 -07 423.977 FGCI N #G11690 404.10 423.98 19.88 4.000% Due 02 -01 -20 07 -21 -06 03 -15 -07 2,009.690 FGCI N #G 12208 1,864.30 2,009.69 145.39 4.000% Due 02 -01 -21 12 -15 -06 03 -15 -07 3,667.186 FGLMC #602268 3,743.40 3,667.19 -76.21 6.500% Due 08 -01 -36 01 -08 -07 03 -15 -07 12,513.604 FGLMC #G02268 12,773.66 12,513.60 - 260.06 6.500% Due 08 -01 -36 08 -24 -06 03 -15 -07 108.620 FGCI N #G 12323 104.14 108.62 4.48 4.500% Due 08 -01 -21 09 -08 -05 03 -25 -07 1,576.270 FNCI N #255888 1,533.91 1,576.27 42.36 4.000% Due 08 -01 -20 05 -23 -02 03 -25 -07 2,136.340 FNCIM #254371 2,126.99 2,136.34 9.35 5.500% Due 07 -01 -17 09 -15 -04 03 -25 -07 47.323 FNCI N #725445 47.36 47.32 -0.04 4.500% Due 05 -01 -19 01 -29 -07 03 -25 -07 1,524.507 FNCI N #725445 1,463.05 1,524.51 61.46 4.500% Due 05 -01 -19 08 -23 -05 03 -25 -07 300.000 FNCI N #829053 291.00 300.00 9.00 4.000% Due 08 -01 -20 09 -08 -OS 03 -25 -07 318.970 FNCI N #825335 310.40 318.97 8.57 4.000% Due 05 -01 -20 14 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE From 12 -31 -06 Through 03 -31 -07 Open Close Date Date Quantity Security 01 -08 -07 03 -25 -07 14,899.960 FNCL # 256394 6.500% Due 09 -01 -36 03 -01 -07 03 -26 -07 400.00 ABBOTT LAB COM TOTAL GAINS TOTAL LOSSES TOTAL REALIZED GAIN /LOSS - 65,896.53 a Cost Basis Proceeds 15,197.96 14,899.96 21,648.00 22,636.33 4,116,641.51 4,050,744.98 Gain Or Loss Short Term Long Term - 298.00 988.33 12,037.96 660.23 - 11,373.72 - 67,220.99 664.24 - 66,560.76 ' ICC Capital Management PORTFOLIO SUMMARY ' PALM BEA CH GARDENS POLICE March 31, 2007 Pct. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income ' Cash & Equivalents CASH AND 461,744.83 461,744.83 4.1 0.0 0.00 EQUIVALENTS 461,744.83 461,744.83 _ 4.1 0.0 Equities ' COMMON STOCK MATERIALS 55,074.00 51,876.00 0.5 1.1 580.00 ' INDUSTRIALS TELECOMMUNICATIONS 97,810.00 34,461.99 97,101.00 35,055.00 0.9 0.3 1.3 0.0 1,267.80 0.00 CONSUMER 68,602.23 75,688.00 0.7 0.0 0.00 DISCRETIONARY CONSUMER 135,708.40 143,626.00 1.3 0.9 1,351.00 ' STAPLES ENERGY 86,250.24 93,262.00 0.8 0.7 680.00 ' FINANCIALS HEALTH CARE 102,755.08 262,011.52 103,162.00 263,726.00 0.9 2.3 1.7 0.4 1,730.25 936.00 INFORMATION 243,737.00 233,830.00 2.1 0.2 492.50 TECHNOLOGY ' UTILITIES 65,199.59 65,428.50 0.6 0.4 272.00 COMMON STOCK 1,151,610.05 1,162,754.50 10.3 0.6 7,309.55 ' 10.3 0.6 7,309.55 1,151,610.05 1,162,754.50 ' Fixed Income CORPORATE BONDS 3,049,941.05 3,012,723.90 26.7 6.0 180,047.50 GOVERNMENT 1,871,107.53 1,892,432.70 16.7 3.3 63,000.00 BONDS MORTGAGE POOLS 3,703,024.22 3,689,610.86 32.6 5.6 207,502.30 GOVERNMENT 999,886.10 990,346.87 8.8 5.8 57,900.00 SPONSORED BOND Accrued Interest 93,546.71 0.8 ' 9,623,958.89 9,678,661.04 85.6 5.3 508,449.80 ' TOTAL PORTFOLIO 11,237,313.77 11,303,160.37 100.0 4.6 515,759.35 16 1 ' ICC Capital Management PORTFOLIO APPRAISAL ' PALM BEACH GARDENS POLICE March 31, 2007 Unit Total Market Pct. Cur. ' Quantity Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS 461,384.83 461,384.83 4.1 ? ' DIV CASH ACCRUAL ACCT 360.00 360.00 0.0 ? 461,744.83 461,744.83 4.1 0.0 COMMON STOCK ' MATERIALS 200.00 DU PONT 50.91 10,182.00 49.43 9,886.00 0.1 2.8 1,000.00 NEWMONT MINING 44.89 44,892.00 41.99 41,990.00 0.4 0.7 ' CORP 55,074.00 51,876.00 0.5 1.1 INDUSTRIALS 2,600.00 SOUTHWEST 15.21 39,546.00 14.70 38,220.00 0.3 0.1 ' AIRLINES CO. 300.00 UNITED PARCEL SVC 69.95 20,985.00 70.10 21,030.00 0.2 1.9 INC 1,100.00 WASTE 33.89 37,279.00 34.41 37,851.00 0.3 2.2 ' MANAGEMENT INC. 97,810.00 97,101.00 0.9 1.3 TELECOMMUNICATIONS ' 900.00 AMERICAN TOWER 38.29 34,461.99 38.95 35,055.00 0.3 ? CORPORATION 34,461.99 35,055.00 0.3 0.0 ' CONSUMER DISCRETIONARY 300.00 COACH INC 48.13 14,439.00 50.05 15,015.00 0.1 0.0 900.00 GAMESTOP CORP -CL 26.28 23,654.52 32.57 29,313.00 0.3 ? 1 1,000.00 A STARBUCKS CORP 30.51 30,508.71 31.36 31,360.00 0.3 0.0 68,602.23 75,688.00 0.7 0.0 ' CONSUMER STAPLES 600.00 ANHEUSER BUSCH 48.98 29,388.00 50.46 30,276.00 0.3 1.7 COS INC 1,100.00 ARCHER DANIELS 34.60 38,060.40 36.70 40,370.00 0.4 0.8 MIDLAND CO 1,600.00 CVS /CAREMARK 31.46 50,336.00 34.14 54,624.00 0.5 0.8 CORP 400.00 WALGREENS CO. 44.81 17,924.00 45.89 18,356.00 0.2 0.4 135,708.40 143,626.00 1.3 0.9 ' ENERGY 600.00 BJ SERVICES CO 27.09 16,254.12 27.90 16,740.00 0.1 0.0 400.00 SUNOCOINC 65.38 26,153.12 70.44 28,176.00 0.2 1.6 400.00 VALERO ENERGY 58.12 23,248.00 64.49 25,796.00 0.2 0.9 ' 500.00 WEATHERFORD 41.19 20,595.00 45.10 22,550.00 0.2 0.0 INTERNATIONAL INC 86,250.24 93,262.00 0.8 0.7 ' FINANCIALS 300.00 ACE LIMITED 55.58 16,674.99 57.06 17,118.00 0.2 1.3 ORDINARY SHARES 17 i INFORMATION TECHNOLOGY 2,100.00 ADVANCED MICRO CALIFORNIA WATER DEVICES 800.00 EBAY INC. 700.00 ' 200.00 IBM 2,100.00 1DS UNIPHASE CORP 400.00 KLA- TENCOR CORP 800.00 MICROSOFT CORP. 900.00 MOTOROLA INC ICC Capital Management P g OPENWAVE 21,328.00 SYSTEMS INC 2,900.00 RF MICRO DEVICES 900.00 TEXAS INSTRS INC PORTFOLIO APPRAISAL 17.67 15,903.00 0.1 0.9 8.15 14,670.00 PALM BEACH GARDENS POLICE 6.23 18,067.00 0.2 0.0 30.10 27,090.00 March 31, 2007 0.3 233,830.00 2.1 0.2 38.32 21,076.00 Unit Total ? Market Pct. Cur. ' Quantity Security Cost Cost Price Value Assets Yield 0.6 500.00 CTTIGROUP 51.33 25,665.00 51.34 25,670.00 0.2 3.1 400.00 MERRILL LYNCH 81.41 32,562.09 81.67 32,668.00 0.3 0.8 ' 700.00 WILLIS GROUP 39.79 27,853.00 39.58 27,706.00 0.2 1.6 HOLDINGS 102,755.08 103,162.00 0.9 1.7 ' HEALTH CARE 500.00 ABBOTT LAB COM 54.12 27,060.00 55.80 27,900.00 0.2 1.9 400.00 AMGEN INC 62.22 24,888.00 55.88 22,352.00 0.2 0.0 500.00 ARTHROCARE CORP 35.58 17,790.00 36.04 18,020.00 0.2 0.0 ' 600.00 CELEGENE 52.67 31,601.94 52.46 31,476.00 0.3 0.0 CORPORATION 600.00 CERNER CORP 52.04 31,225.98 54.45 32,670.00 0.3 0.0 ' 400.00 FOREST LABORATORIES INC 52.11 20,844.00 51.44 20,576.00 0.2 0.0 600.00 INVTTROGEN 64.23 38,536.08 63.65 38,190.00 0.3 0.0 600.00 MEDTRONICS INC. 50.27 30,163.98 49.06 29,436.00 0.3 0.6 1,100.00 SCHERING PLOUGH 23.32 25,652.00 25.51 28,061.00 0.2 0.9 CORP ' 2,550.00 SUPERGEN INC 5.59 14,249.54 5.90 15,045.00 0.1 ? 262,011.52 263,726.00 2.3 0.4 i INFORMATION TECHNOLOGY 2,100.00 ADVANCED MICRO CALIFORNIA WATER DEVICES 800.00 EBAY INC. 700.00 EMC CORP 200.00 IBM 2,100.00 1DS UNIPHASE CORP 400.00 KLA- TENCOR CORP 800.00 MICROSOFT CORP. 900.00 MOTOROLA INC 1,800.00 OPENWAVE 21,328.00 SYSTEMS INC 2,900.00 RF MICRO DEVICES 900.00 TEXAS INSTRS INC UTILITIES 25,832.00 550.00 CALIFORNIA WATER 92.52 SERVICE GRP 1,700.00 EL PASO ENERGY 51.02 CORP. 650.00 SOUTHERN UNION 18.95 CO 14.85 31,185.00 32.29 25,832.00 13.92 9,744.00 92.52 18,504.00 15.78 33,138.00 51.02 20,408.00 28.23 22,584.00 18.95 17,055.00 8.03 14,454.00 7.97 23,113.00 30.80 27,720.00 243,737.00 38.65 21,259.59 14.56 24,752.00 29.52 19,188.00 65,199.59 COMMON STOCK Total CORPORATE BONDS 80,000.000 GENERAL ELECTRIC 110.79 CAP CROP 8.300% Due 09 -20 -09 18 13.06 27,426.00 0.2 ? 33.15 26,520.00 0.2 0.0 13.85 9,695.00 0.1 0.0 94.26 18,852.00 0.2 0.8 15.23 31,983.00 0.3 0.0 53.32 21,328.00 0.2 0.0 27.87 22,296.00 0.2 0.6 17.67 15,903.00 0.1 0.9 8.15 14,670.00 0.1 ? 6.23 18,067.00 0.2 0.0 30.10 27,090.00 0.2 0.3 233,830.00 2.1 0.2 38.32 21,076.00 0.2 ? 14.47 24,599.00 0.2 1.1 30.39 19,753.50 0.2 65,428.50 0.6 0.4 1,162,754.50 10.3 0.6 88,629.60 107.66 86,128.00 0.8 7.7 1 ' ICC Capital Management PORTFOLIO APPRAISAL PALM BEA CH GARDENS POLICE March 31, 2007 Unit Total Market Pct. Cur. ' Quantity Security Cost Cost Price Value Assets Yield 235,000.000 FLEETBOSTON FINL 106.28 249,762.70 105.74 248,481.95 2.2 7.0 CORP 7.375% Due 12 -01 -09 310,000.000 CATERPILLAR 97.31 301,673.40 97.81 303,217.20 2.7 4.4 FINANICAL SERVICES CORP 4.300% Due 06 -01 -10 280,000.000 JPMORGAN CHASE & 108.76 304,525.20 107.96 302,282.40 2.7 7.3 CO 7.875% Due 06 -15 -10 ' 115,000.000 ALCOA INC 107.37 123,473.20 106.79 122,810.80 1.1 6.9 7.375% Due 08 -01 -10 225,000.000 AVON PRODUCTS 99.52 223,915.50 99.82 224,592.75 2.0 5.1 INC 5.125% Due 01 -15 -11 ' 255,000.000 CITIGROUP INC 104.86 267,383.25 104.62 266,775.90 2.4 6.2 6.500% Due 01 -18 -11 195,000.000 INTL LEASE FIN AIG 105.64 205,999.95 103.28 201,405.75 1.8 5.7 57/8 ' 5.875% Due 05-01 -13 25,000.000 LEHMAN BROTHERS 102.01 25,502.30 102.16 25,540.50 0.2 5.6 HOLDINGS ' 85,000.000 5.750% Due 05 -17 -13 GOLDMAN SACHS 98.44 83,674.00 99.02 84,170.40 0.7 5.3 5.250% Due 10 -15 -13 100,000.000 JP MORGAN CHASE 99.68 99,682.00 97.23 97,228.00 0.9 5.0 4.875% Due 03 -15 -14 80,000.000 MORGAN STANLEY 98.28 78,620.80 94.98 75,983.20 0.7 5.0 ' 4.750% Due 04 -01 -14 45,000.000 BEAR STEARNS 97.40 43,829.55 100.88 45,398.25 0.4 5.6 5.700% Due 11 -15 -14 65,000.000 GOLDMAN SACHS 99.74 64,829.10 97.37 63,291.80 0.6 5.3 ' 5.125% Due 01 -15 -15 50,000.000 JP MORGAN CHASE 101.59 50,797.00 99.02 49,512.00 0.4 5.3 5.250% Due 05 -01 -15 ' 170,000.000 MERRILL LYNCH & CO 103.52 175,989.10 102.59 174,399.60 1.5 5.9 6.050% Due 05 -16 -16 75,000.000 IBM CORP 105.60 79,202.05 108.76 81,570.75 0.7 6.0 6.500% Due 01 -15 -28 ' 35,000.000 DELL COMPUTER 122.15 42,751.45 106.58 37,304.75 0.3 6.7 7.100% Due 04 -15 -28 305,000.000 CONOCOINC 115.80 353,187.65 113.39 345,830.35 3.1 6.1 6.950% Due 04 -15 -29 15,000.000 KOHLS CORP 120.00 18,000.45 109.85 16,478.10 0.1 6.6 ' 7.250% Due 06 -01 -29 55,000.000 ARCHER DANIELS 92.24 50,729.80 91.77 50,474.60 0.4 5.9 5.375% Due 09 -15 -35 115,000.000 LOWE'S COMPANIES 102.42 117,783.00 95.52 109,846.85 1.0 6.1 ' 5.800% Due 10 -15 -36 Accrued Interest 55,842.10 0.5 3,049,941.05 3,068,566.00 27.1 6.0 19 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE March 31, 2007 Unit Total Quantity Security Cost Cost Price GOVERNMENT BONDS 1,800,000.000 UNITED STATES TREASURY 3.500% Due 02 -15 -10 360,000.000 U.S. TREASURY STRIPS 0.000% Due 11 -15 -25 Accrued Interest MORTGAGE POOLS 50,582.250 GNJO M #781313 100.49 6.000% Due 07 -15 -16 124,739.250 FNCI M #254371 94.50 5.500% Due 07 -01 -17 6,753.490 FGCI N #B 13455 94.50 4.500% Due 04 -01 -19 367,901.739 FGCI N #B 13978 94.46 4.000% Due 05 -01 -19 127,833.050 FNCI N #725445 94.43 4.500% Due 05 -01 -19 214,034.640 FGCI N #G11690 96.83 4.000% Due 02 -01 -20 59,981.120 FNCI N #825335 101.56 4.000% Due 05 -01 -20 68,215.200 FNCI N #255888 102.01 4.000% Due 08 -01 -20 59,317.010 FNCI N #829053 4.6 4.000% Due 08 -01 -20 222,610.955 FGCI N #G 12208 44,749.95 4.000% Due 02 -01 -21 161,326.200 FGCI #0 12205 4.5% 9.8 4.500% Due 06 -01 -21 8,816.782 FGCI N #G 12323 6.4 4.500% Due 08 -01 -21 190,145.250 GNSFM #552509 3,700,084.67 6.000% Due 04 -15 -32 44,064.310 GNSF M #582153 6.000% Due 06 -15 -32 1,081,555.920 FGLMC 4G02268 6.500% Due 08 -01 -36 920,888.290 FNCL # 256394 6.500% Due 09 -01 -36 Accrued Interest GOVERNMENT SPONSORED BOND 505,000.000 FEDERAL NATIONAL MORTGAGE ASSN 6.000% Due 05 -15 -08 460,000.000 FHLMC 6.000% Due 06 -15 -11 Accrued Interest Market Pct. Cur. Value Assets Yield 95.89 1,726,020.33 97.22 1,749,937.50 15.5 3.6 40.30 145,087.20 39.58 1,871,107.53 103.12 99.56 99.71 98.45 96.09 96.65 97.31 97.31 97.00 92.77 96.48 95.88 98.77 99.83 102.08 102.00 52,162.95 101.80 124,193.52 100.49 6,733.58 96.94 362,210.76 94.50 122,837.85 96.94 206,857.03 94.50 58,369.13 94.46 66,381.92 94.46 57,537.50 94.46 206,506.44 94.43 155,654.57 96.83 8,453.09 96.83 187,798.14 101.56 43,988.58 101.56 1,104,032.79 101.98 939,306.37 102.01 3,703,024.22 103.06 520,453.00 101.06 104.22 479,433.10 104.34 999,886.10 20 142,495.20 1.3 0.0 7,657.46 0.1 1,900,090.16 16.8 3.3 51,494.25 0.5 5.9 125,352.97 1.1 5.5 6,546.77 0.1 4.6 347,674.50 3.1 4.2 123,925.19 1.1 4.6 202,267.02 1.8 4.2 56,658.77 0.5 4.2 64,436.76 0.6 4.2 56,031.44 0.5 4.2 210,215.98 1.9 4.2 156,208.93 1.4 4.6 8,537.11 0.1 4.6 193,103.91 1.7 5.9 44,749.95 0.4 5.9 1,102,981.54 9.8 6.4 939,425.77 8.3 6.4 10,473.81 0.1 3,700,084.67 32.7 5.6 510,365.62 4.5 5.9 479,981.25 4.2 5.8 19,573.33 0.2 1,009,920.21 8.9 5.8 ICC Capital Management PORTFOLIO APPRAISAL PALM BEA CH GARDENS POLICE March 31, 2007 Unit Total Market Pct. Cur. ' Quantity Security Cost Cost Price Value Assets Yield TOTAL PORTFOLIO 11,237,313.77 11,303,160.37 100.0 4.6 t 1 I I zl A w � o 0 a 1'+ P•► 1�+ Mm► .r it O rt rt r n n C Y 4 V Ul FP W N N p 00 VC31\ C.n rP W N ` n rt M -rDM(7' it O rt rt r n n C Y 4 V Ul FP W N N p 00 VC31\ C.n rP W N N M it O rt rt r n n C Y 4 W A � V �°tT PE W ► d O C oil 2 tr o w � D C �• Go � 0 g' 4 (A g 7J 7C � �- 4 'X rA y H �yc RO CD Z r. CD y 8 CD J n7�j a CD .mgr 0 0 m o CD 0 �y rr 'JO' '. N (D CD -0 n CD x o O � "oh CD CD a N Q' I OQ E. CD CD K qa 8 CDr. o y a� rnaFD �� CD a ao �ro �g C 0 CD o�� b CD CD ' CD 7 O w N 04 38 0� a8 o G CD 0 O. O N N ^ OQ CA l o CD w O A� O N Vi C O CD CD w CD CD EA Cn r-. OO N C7 CD R. b C. fRD CD D+ 0 •. fD � � bd g CD g, ►,� p o a C7 r . CD CD a "A7 C) N G CD CD O c CD CD UQ d fD o CDa� y ' -s CD N '+ CD C fL 0 �Q p� CD CD 8 ,�. 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