HomeMy WebLinkAboutAgenda General Pension 081307City of Palm Beach Gardens
10500 N. Military Trail
Palm Beach Gardens, FL 33410
GENERAL EMPLOYEES PENSION FUND
NOTICE OF MEETING AND AGENDA
Please take notice that the Board of Trustees of the City of Palm Beach Gardens will
conduct a meeting of the board at the above location on August 13, 2007 at 2:OOPM in
Council Chambers.
Old Business: Approval of 5/14/07 minutes
New Business:
Adjournment
Report from Rockwood Capital Advisors
Report from Bogdahn Consulting
Report from Scott Christiansen
Approval of Sam Martin's Retirement
Approval of Doug West's Retirement
Approval of Bills
DISABILITY INFORMATION
In accordance with the Disabilities Act and F.S.S.286.26, persons with disabilities
needing special accommodation to participate in this proceeding should contact the
Human Resource Department no later then seven days subsequent to the proceeding at
(561) 799 — 4223 for assistance, if hearing impaired, telephone the Florida Relay Service
Number at 800 — 955 — 8770 (VOICE) for assistance.
APPEAL NOTICE
If a person decides to appeal any decision made by the Board, with respect to any matter
considered at such meeting or hearing, he will 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.
..
City of Palm Beach Gardens
10500 N. Military Trail
Palm Beach Gardens, FL 33410
GENERAL EMPLOYEES PENSION FUND
NOTICE OF MEETING AND AGENDA
Please take notice that the Board of Trustees of the City of Palm Beach Gardens will
conduct a meeting of the board at the above location on August 13, 2007 at 2 :00PM in
Council Chambers.
Old Business:
New Business:
Adjournment
Approval of 5/14/07 minutes -
Report from Rockwood Capital Advisors -
Report from Bogdahn Consulting
Report from Scott Christiansen
Approval of Sam Martin's Retirement
Approval of Doug West's Retirement
?~Fu;x~~~ ./
3-0
thr-ts~h7~/J~i~~ #JfP/Ct:-.
DISABILITY INFORMATION ~ tY~-t~
In accordance with the Disabilities Act and F.S.S.286.26, persons with disabilities
needing special accommodation to participate in this proceeding should contact the
, Human Resource Department no later then seven days subsequent to the proceeding at
(561) 799-4223 for assistance, ifhearing impaired, telephone the Florida Relay Service
Number at 800 -955 -8770 (VOICE) for assistance.
APPEAL NOTICE
If a person decides to appeal any decision made by the Board, with respect to any matter
considered at such meeting or hearing, he will 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.
•
TO:
CITY OF PALM BEACH GARDENS
GENER.<\L EMPLOYEES' PENSION PLA.l\l (DB)
AUTHORIZATION FOR PAYMENT FROM FUND
SUBJECT: Authorization from Board of Trustees for Payment from Fund
So..!"(\ C!"br-l:i a Name ofPayee:
Social Security Number:
Address for Payment Purposes:
Amount ofPayment: 3101 ./!!) · ______ _
A Retirement benefit, payable monthly for life, first payment to be-made
Ju\~ I st -, 20.o.:::z_ and subsequent payments the first day of each month
thereaft ~ (Upon death of the payee, please notifY the -Board of Trustees for further
instruction concernitlg s-urvivor benefits, if any.)
__ Disability benefit, payabl e until tenninated by further written notice from Board. (Upon
death of the payee, please notify the Board of Trustees for further instruction c oncerning
survivor benefits, if any.)
__ Death Benefit, payable to Beneficiary of Member, first payment to be made
-~------.--.-------:--;--;---:-----' 20 __ and subsequent payments on the first d ay of each
month, with the last payment on , 20 __ . (Upon the death of the
payee, please notify the Board for further instructions.)
Refund of Member Contributions, including ____ pretax and ______ after
tax .
The foregoing authorization and direction for payment has been made pursuant ~o directions
and authority of the Board ofTrustees. _ -
Date of Issuance:
(I copy for Disbursing Agent, 1 copy ~or Board)
PF-7
311/02
"
TO:
ClTY OF PALM BEACH GARDENS
GENERAL EMPLOYEES' PENSION PLAN (DB)
AUTHORIZATION FOR PAYMENT FROM FUND
SUBJECT : Authorization from Board of Trustees for Payment from Fund
Name of Payee:
Social Security Number:
Address for Payment Purposes:
A . . . . I
Amount of Payment: ..,.1"7~=ii-T11..;o.·· !9.1;10.--------'-"-----
___6,_ R e tirement benefit, payable monthly for life, first payment to be m ade
JL)nf._ 1st . , 2001 and subsequent payments the first day of each month
thereafter.J (Upon death of the payee, please notify the Board of Trustees for further
instruction concerning survivor benefits, if any.)
__ Disability benefit, payable until terminated by further written notice from Board. (Upon
death of the payee, please notify the Board of Trustees for further instruction concerning
survivor benefits, if any.)
__ Death Benefit, payahl.e to Beneficiary of Member, first payment to be made
---:----:-:---..,....-----.-----' 20 __ and subsequent payments on the first day of each
month, with the last payment on , 20 __ . (Upon the death of t he
payee, please notify the Board for further instructions.)
Refund of Member Contributions, including ____ pretax and ______ after
tax .
The foregoing authorization and direction for payment has been made pursuant to directions
and authority ofthe Board of Trustees.
Date of Issuance :
( 1 c opy for Disbursing Agent, 1 copy for Board)
PF-7
3/1/02
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Palm Beach Gardens
General Employees'
Pension Plan
Second Quatter 2007 Review
ROCKWOOD
August 13, 2007
Strategy Review
Presented by:
D. Andrew Holtgrieve
Managing Partner
andy@rockwoodcapital.com
CAPITAL ADVISORS
721 Emerson Road, Suite 565 • St. Louis, Missouri 63141 • (888) 962-8336 (toll-free) • (314) 962-1254 (fax)
1 YEE-HAA! Along for the Ride
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I 1 0 C I W 0 0 D. C A PITA L A D V I S 0 1 S
--------------
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.:2-00".QC.f.IO
1
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Palm Beach Gardens General Employees' Pension Plan
Second Quarter 2007
Equities
Short-Term Funds
Accrued Income
Total Fund
Portfolio Summary
B . . Ending 01 f Est. egrnnrng 10 o .
M k tV I Market p rtf I" Annual Current Yreld
ar e a ue Value 0 0 10 Income
$1,911,844
$2,479
$2,239
$1,908,084
$48,561
$5,535
97.5%
2.5%
$26,990
$2,219
1.4%
4.6%
TOTAL $1,916 ,561 $1,962,180 100% $29,210 1.5%
Change this Quarter: $45.619
Change in Market Value
Beginning Balance $1,916.561
Net Dividends/Interest
Contributions
Disbursements
Net Realized & Unrealized (GIL)
$11,893
$14,154
($28,163)
$47,735
Ending Balance S 1.962.180
Portfolio Summary Total Fund Performance
Equities
97%
Funds
3%
llOCIWOOD CAPITAL ADVISOllS
Palm Beach Gardens GE
Policy (S&P 500)
Diff +/-
2"d Qtr.
2007
3.0%
6.3%
-3 .3%
2
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----------------------------------
Palm Beach Gardens General Employees' Pension Plan
Equity -Second Quarter 2007
Better Than Expected
Due to strong returns in April and May, the second quarter of 2007 was an enjoyable one for equity
investors, as most indices performed better than expected. Only in June did we witness a sell-off in
stocks. For the quarter, the S&P 500 Index gained 6.2% while in the foreign developed markets, the
MSCI EAFE Index turned in similar performance gaining 6.7%.
The nice start to the quarter was fueled by continued investor confidence and a pick-up in M&A
activity (mergers & acquisitions), to the tune of $1.6 trillion in deals or nearly a 100% increase from a
year ago. Despite the nice start, investors could not shake concerns over higher bond yields and
higher oil prices, leading to increased market volatility as the quarter wore on making investors more
cautious as we enter the latter-half of the year.
From an attribution standpoint, gains were fairly evenly matched across all market capitalizations, with
large-cap stocks slightly besting their mid and small-cap siblings. Most major equities sectors ended
in positive territory. Some of the stronger sector performers included: Telecommunications, Materials,
Industrials, Technology, and Energy. Conversely, the weaker sectors continued their relative negative
trends. These included: Financials, Consumer Discretionary, and Healthcare.
During the first six months, your portfolio has benefited by concentrating our investment selection
within those industry groups identified as displaying the greatest relative strength (i.e.
Aerospace/Defense, Integrated Telecom, Foreign ADRs and Utilities). We will continue our search for
dominant themes in the market and make adjustments to your portfolio as needed.
Contravisory Research & Management Corp. is a registered investment adviser and equity sub-adviser to Rockwood Cspital
Advisors, LLC.
Perfonnance
25% ~---------------------------------------------------------.
20%
15%
10%
5%
0%
2nd Qtr.
2007
20 .6% 20.6%
YTD One Year
• Palm Beach Gardens GE S&P500
lOCIWOOD CAPITAL ADVISOltS
Since Inception
(1 0/25/05)
3
~-----------------------------------------------------------------------------------~
Equity Portfolio
Second Quarter 2007
38
1.0
1.4%
19.8x
ToQ Ten Holdings
1. BayerAG 3.1%
2. Hewlett Packard Co. 3.1%
3. T. Rowe Price Group I 3.1%
4. Loews Corp. 3.1%
5. Safeway Inc. 3.0%
6. AT&Tinc. 3.0%
7. Ryanalr Holdings Pic. 3.0%
8. Ahold(Kon) 2.9%
9. PPLCorp. 2.9%
10. Precision Castparts 2.8%
Five Best lmQact
1. General Motors Corp. +24.4%
2. Volvo +22.5%
3.BayerAG +19.5%
4. Wendy's Inti. Inc. +17.8%
5. Precision Castparts +16.7%
.... lOCIWOOD CAPITAL ADVISORS
Style Box
Val Cr Grw
Large Cap -71.5%
Mid Cap-28.5%
1---+----11---1
Small Cap-O%
'---'----''----'
Average Mari(et Cap $39.2 billion
Median Mari(et Cap $19.7 billion
Sector Allocation
Producer
Du ble Technology
ra s 5%
5%
Health Care
10%
Not Classified
2%
Auto&
Transport
2%
Cons. Staples
13% Cons. Disc.
13%
Five Worst lmQact
1.NYSE -21.2%
2. Ryanalr Holdings Pic. -15.7%
3. Simon Property Group Inc. -15.7%
4. Alllant Corp. -12.7%
5. Macys Inc. -11.4%
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Equity Transactions
Second Quarter 2007
April Kraft Foods, Inc.
April International Game Tech.
May Apartment lnvt. & Mgmt.
June BRE Properties Inc.
Sold
Bought
April Thermo Electron Corp.
April Centurytel Inc.
May International Flavors & Fragrances
June DOW Chemical Co.
lOCIWOOD CAPITAL ADVISOlS 5
---------------------------------------------------------,
• ~I
Equity Holdings -June 30, 2007 :I
:1
Perc! of Cur
Exchange C m n N Sh r Avg Total Pnce Market Mkt Val Yield Annual S&P .Oity ISS
Ticker 0 pa Y arne a es Cost Cost Value I'd 1,,
1
Income Ratmg CGQ
Cash 48 ,561 1.00 48,561 1.00 48,561 2.5 4.6 2,234 NA NA I
AHO Ahoki(Kon) Nv 4,500 10.34 46,517 12.52 56,340 2.9 0.0 NR NA
LNT AHiantCorp 1,034 38.94 40,.260 38.85 40,171 2.1 3.3 1,189 B 0.76
BUD Anheuser Busch Cos 900 47.00 42,296 52.16 46,944 2.4 2.3 1,062 A+ 0.66
T At&T Inc 1,400 33.80 47,323 41.50 58,100 3.0 3.4 1,988 B+ 0.22
BAY BayerAG 800 52.86 42,285 75.30 60,240 3.1 1.4 754 NA NA I
BA Boeing Co 520 64.47 33,525 96.16 50,003 2.6 1.5 728 B+ 0.93
CTL Cenllllytellnc 1,010 45.69 46,146 49.05 49,541 2.6 0.5 253 A 0.11
csco Cisco Sys Inc 1,478 28.51 42,133 27.85 41,162 2.1 0.0 B+ 0.43
CL Colgate Palmolive Co 624 64.86 40,472 64.85 40,466 2.1 22 799 A+ 0.98 ·I
DOW Dow Chern Co 1,046 45.82 47,922 4422 46,254 ' 2.4 3.8 1,569 B 0.80
DISH Echostar Communicati 1,134 36.37 41,246 43.37 49,182 2.6 0.0 B-0.93
FISV FIServlnc 920 43.76 40,259 56.80 52,256 2.7 0.0 B+ 0.76
GM General M1rs Corp 1,206 33.60 40,518 37.80 45,587 2.4 2.7 1,206 B-0.98 I
HNZ Heinz H J Co 1,015 4221 42,842 47.47 48,182 2.5 32 1,218 B+ 0.81
HPO Hewlett Packard Co 1,345 32.33 43,477 44.62 60,014 3.1 0.7 430 B+ 0.46
IFF lntemational Flav&F 944 5224 49,314 52.14 49,220 2.6 1.6 793 B+ 0.32
JPM J P Morgan Chase & C 900 46.98 42,278 48.45 43,605 2.3 3.1 1,224 B 0.90
LMT Lockheed Martin Corp 510 60.12 30,663 94.13 48,006 2.5 1.5 714 B 0.18 I
LTR LoewsCorp 1,155 29.94 34,580 50.98 58,882 3.1 0.5 289 B 0.94
M Macys Inc. 1,024 41.34 42,329 39.78 40,735 2.1 1.3 522 B 0.41
MKC Mccormick & Co Inc 1,170 3529 41,292 38.18 44,671 2.3 2.1 749 A+ 0.64
NYX Nyse Euronext 515 101.00 52,015 73.62 37,914 2.0 1.4 NR NA I
PCG Pg&ECorp 1,075 35.89 38,584 45.30 48,698 2.5 32 1,419 B 0.94
PPL PpiCorp 1,192 33.44 39,858 46.79 55,774 2.9 2.6 1,311 B+ 0.34
PX Praxairlnc 675 62.52 42,201 71.99 48,593 2.5 1.7 675 A 0.77
PCP Precision Castparls 449 46.03 20,665 121.36 54,491 2.8 0.1 54 B 0.58
RYAA.Y Ryanair Hldgs Pic 1,520 27.61 41,970 37.75 57,380 3.0 0.0 NR NA
I
SWY Safewaylnc 1,720 2229 38,342 34.03 58,532 3.0 0.8 396 B 0.92
HSIC Schein Henly Inc 970 45.52 44,158 53.43 51,827 2.7 0.0 B+ 0.81
SHLD Sears Hldgs Corp 284 151.84 43,123 169.50 48,138 2.5 0.0 NR 0.12
SPG Sinon Ppty Group Inc 560 68.08 38,125 93.04 52,102 2.7 3.6 1,702 B+ 027 I
SRCL Stericycle Inc 655 63.44 41,555 44.46 29,121 1.5 0.0 B+ 0.45
TROW T.Rowe Price Group I 1,150 33.76 38,819 51.89 59,674 3.1 1.3 782 A 0.82
TMO Thenno Fisher Scientifi 974 48.42 47,164 51.72 50,375 2.6 0.0 B-0.37
TYC Tyco International L~ 1,237 31.91 39,473 33.79 41,798 22 12 495 B+ NA I
WOOF Vca Antech Inc 1,445 28.86 41,707 37.69 54,462 2.8 0.0 NR 0.07
VOLV Volvo Aktiebolaget 2,652 8.13 21,561 19.89 52,748 2.7 3.1 NR NA
WEN 1,300 34.02 36.75 47 2.5 1.4 0.11 I
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lOCIW OOD CAPITAL AD VI SOlS 6 I
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Palm Beach Gardens General Employees' Pension Plan
Second Quarter 2007
EPP-Pacific ex-
Japan
20%
International Portfolio
Portfolio Summary
Beginn ing End ing
Market Market
Value Va lue
INTL Equities
Short-Term Funds
Accrued Income
$112,869
$2,659
$317
$122,747
$2,662
$316
TOTAL $115 ,845 $125 ,725
Change this Quarter: $9 ,880
Change in Market Value
Beginning Balance $115 ,845
Net Dividends/Interest
Contributions
Disbursements
Net Realized & Unrealized (G/L)
$32
$0
($29)
$9,877
Ending Balance $125 ,725
Portfolio Allocation International Fund Performance
Cash
2%
EWJ-Japan
9%
EFA-EAFE
37%
, 2 nd Qtr
' 2007
Palm Beach Gardens GE 8.9%
Policy (EAFE) 6.7%
Diff +/-+1 .9%
lOCIWOOD CAPITAL ADVISORS 7
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International Equity Holdings -Second Quarter 2007 I
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Cost . Market Perct of Cur Annual
Company Name Shares Basis Pnce Value Mkt Val (0 o) Yield (%) Income
Cash 2,662 2,662 1.00 2,662 2.1 4.8 128
iShares MSCI EAFE Index Fund 580 41,306 so.n 46,847 37.4 1.9 890
I iShares MSCI Pacific ex-Japan 172 20,812 146.50 25,198 20.1 3.6 895
iShares MSCI Emerging Mrld 195 20,824 131.65 25,672 20.5 1.2 305 Index
I iShares MSCI Japan Index Fund no 10,448 14.51 11,173 8.9 0.7 76
iShares S&P Latin American 40 65 10,449 213.20 13,858 11.1 1.5 212
Portfolio Total 4,444 5106,500 5 125.409 100.0 2.0 52,506
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lOCIWOOD CAPITAL ADVISOIS 8 I
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•
Economic Environment & Outlook
Second Quarter 2007
A The Fed held rates steady in the second quarter of 2007; the federal funds rate
target remains at 5.25%. While reported inflation has recently decelerated, the
Fed, in the June FOMC statement, maintained that "a sustained moderation has
yet to be convincingly demonstrated." In other words, Fed policy is on hold for
the foreseeable future.
A Employment growth has remained strong throughout 2007 , averaging 145,000
jobs per month. The unemployment rate has held at 4.5% for the past three
months. The Fed often mentions their concern over "high levels of resource
utilization." This is "Fed speak" for a tight labor market. So far, it's showing no
signs of loosening.
A The growth outlook has been mixed. Housing data continue to disappoint, but
the labor market remains solid and manufacturing has picked up. Q1 GOP grew
only 0.7% (annualized), but trade and inventories accounted for most of the
weakness. Economists are predicting a strong rebound in 02 growth (median
estimate is 3.2% annualized).
A Core CPI has shown signs of decelerating recently, with the YOY rate declining
from 2.7% in February to 2.2% in May. The Median CPI, a wide ly followed
measure of core inflation, has likewise dropped from 3.6% to 3.1% over the
same period. The Fed has noted this welcome development, but t hey caution
that this level must be sustained before they would even consider lowering the
funds rate.
A The overhang from the meltdown of the sub-prime mortgage market last quarter
continues to pressure credit spreads. We do not expect the subprime problem to
create system-wide problems comparable to Long Term Capital Mangement.
. However, the markets continue to digest a healthy re-pricing of system-wide risk.
A The economy has clearly rebounded after hitting a soft patch early in the year.
While the Fed is no doubt pleased with the recent readings on inflat ion, it's hard
to imagine the Fed easing monetary policy with the unemployment rate at 4.5%.
We look for the Fed to remain on hold through at least the end of 2007 .
lOCIWOOD CAPITAL ADVISOlS 9
Proxy Voting Record
Ahold Kon Nv (AHO)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Proposal to adopt 2006 financial statements FOR FOR 4,500 5/03/07
Discharge of liability of the members of the corporate executive board FOR FOR 4,500 5/03/07
Discharge of liability of the members of the supervisory board FOR FOR 4,500 5/03/07
Proposal to appoint Mr. A.D. Boer as a member of the corporate executive FOR FOR 4,500 5/03/07 board, with effect from May 3, 2007
Ratify Auditors FOR FOR 4,500 5/03/07
Proposal to appoint Mr. T. De Swaan as a member of the supervisory board, FOR FOR 4,500 5/03/07 with effect from May 3, 2007
Proposal to amend articles of association FOR FOR 4,500 5/03/07
Authorize the corporate executive board to issue common shares or grant rights FOR FOR 4,500 5/03/07
Authorize the corporate executive board to restrict or exclude pre-emptive rights FOR FOR 4,500 5/03/07
Proposal to cancel78,383,010 cumulative preferred financing shares held by FOR FOR 4,500 5/03/07 I the company
Proposal to cancel common shares in the share capital of the company FOR FOR 4,500 5/03/07 repurchased or to be repurchased by the company
Authorize the corporate executive board to acquire such number of common FOR FOR 4,500 5103/07 shares in the company or depository receipts
Proposal to cancel common shares in the share capital of the company, as FOR FOR 4,500 5103/07 referred to under item 14
Proposal to cancel common shares in the share capital of the company, as FOR FOR 4,500 5/03/07 referred to under item 16
Proposal to approve the sale of U.S. Foodservice FOR FOR 4,500 6/19/07
Proposal to, amongst others, increase the nominal valiJe of the common
shares, as well as to authorize each member of the corporate executive FOR FOR 4,500 6/19/07
board to effectuate the proposed amendment of the articles of association.
Proposal to, amongst others, reduce the issued capital by decreasing the
nominal value of the common shares, as well as authorize each member of the FOR FOR 4,500 6/19/07 corporate executive board to effectuate the proposed amendment of the articles
of association.
Proposal to, amongst others, consolidate the common shares, as well as to
authorize each member of the corporate executive board to effectuate the FOR FOR 4,500 6/19/07
proposed amendment of the articles of association
Alliant Energy Corp. (LNT)
Mgmt Vote SHS Ballot Issue R C V d Date cc ast otc
Elect Directors
Ratify Auditors
lOCIWOOD CAPITAL ADVISORS
FOR
FOR
FOR
FOR
1,034
1,034
5/10/07
5/1 0/07
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10 I
1 Proxy Voting Record
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Anheuser-Busch Companies , Inc. (BUD)
Mgmt Vote SHS
Ballot Issue R C V t d Date ec ast o e
Elect Directors
Ratify Auditors
Approve Omnibus Stock Plan
App rove Nonqualified Employee Stock Purchase Plan
Apartment Investment & Management Co. (AIV)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
900
900
900
900
4/25/07
4/25/07
4/25/07
4/25/07
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
Approve Omnibus Stock Plan
Approve Nonqualified Employee Stock Purchase Plan
. ;
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
1,040
1,040
1,040
1,040
4/25/07
4/25/07
4/25/07
4/25/07
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors FOR FOR 1,400 4/27/07
Ratify Auditors FOR FOR 1,400 4/27/07
Compensation Specific -Severance Payments to Executives FOR FOR 1,400 4/27/07
Report on Political Contributions FOR FOR 1,400 4/27/07
Amend Articles/Bylaws/Charter-Call Special Meetings FOR FOR 1,400 4/27/07
Pay for Superior Performance FOR FOR 1,400 4/27/07
Advisory Vote to Ratify Named Executive Officers' Compensation FOR FOR 1,400 4/27/07
Establish SERP Policy FOR FOR 1,400 4/27/07
Colgate-Palmolive Co. (CL)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
Amend Articles/Bylaws/Charter -Call Special Meetings
Pay for Superior Performance
Echostar Communications Corp. (DISH)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
624
624
624
624
5/3/07
5/3/07
5/3/07
5/3/07
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
Other Business
lOCIWOOD CAPITAL ADVISORS
FOR
FOR
FOR
FOR
FOR
FOR
1,134
1,134
1,134
5/8/07
5/8/07
5/8/07
11
Proxy Voting Record
Baye r AG (BAY)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Submission of approved financial statements & consolidated financial
statements, management reports for Bayer AG & for Bayer Group, & the report FOR FOR 800 4/27/07
of the Supervisory Board for fiscal year 2006; resolution on distribution of profit
Ratification of the actions of the members of the Supervisory Board & Board of FOR FOR 800 4/27/07 Management
Elect Members to Supervisory Board FOR FOR 800 4/27/07
Authorization to buy back & sell company shares; exclusion of subscription rights FOR FOR 800 4/27/07
Approval of domination and profit and loss transfer agreement between the FOR FOR 800 4/27/07 company and Bayer Schering GMBH
Revocation of the existing authorized capital II, creation of new authorized
capital II with the option of excluding subscription rights and amendment to FOR FOR 800 4/27/07
section 4 (3) of the articles of incorporation (capital stock)
Ratify Auditors FOR FOR 800 4/27/07
BRE Properties (BRE)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
Federated Department Stores , Inc. (M)
FOR
FOR
FOR
FOR
600
600
5/17/07
5/17/07
Mgmt Vote SHS
Ballot Issue R C V t 1 Date ec ast o ec
Elect Directors
Ratify Auditors
Change Company Name
Amend Executive Incentive Bonus Plan
Approve Deferred Compensation Plan
Fiserv , Inc. (FISV)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
1,024
1,024
1,024
1,024
1,024
5/18/07
5/18/07
5/18/07
5/18/07
5/18/07
Mgmt Vote SHS
Ballot Issue R C V d Date ec ast ote
Elect Members to Supervisory Board
Ratify Auditors
Approve Omnibus Stock Plan
Company Specific-Provide Majorty Vote for the Election of Directors
Kraft Foods Inc. (KFT)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
920
920
920
920
5/23/07
5/23/07
5/23/07
5/23/07
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
lOCIWOOD CAPITAL ADVISORS
FOR
FOR
FOR
FOR
1,265
1,265
5/18/07
5/18/07
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General Motors Corp. (GM)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors FOR FOR 1,206 6/5/07
Ratify Auditors FOR FOR 1,206 6/5/07
Approve Executive Incentive Bonus Plan FOR FOR 1,206 6/5/07
Approve Omnibus Stock Plan FOR FOR 1,206 6/5/07
Publish Political Contributions FOR FOR 1,206 6/5/07
Limit on Directorships of Board Members FOR FOR 1,206 6/5/07
Adopt Greenhouse Gas Emissions Goals FOR FOR 1,206 6/5/07
Provide for Cumulative Voting FOR FOR 1,206 6/5/07
Approve Tenns of Existing Poison Pill FOR FOR 1,206 6/5/07
Amend Artides/Bylaws/Charter-Call Special Meetings FOR FOR 1,206 6/5/07
Perfonnance -Based and/or Time-Based Equity Awards FOR FOR 1,206 6/5/07
Claw-back of Payments under Restatements FOR FOR 1,206 6/5/07
Optimize the Size of the Board FOR FOR 1,206 6/5/07
Adopt Simple Majority Vote FOR FOR 1,206 6/5/07
Henry Schein, Inc. (HSIC)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
Amend Omnibus Stock Plan
Lockheed Martin Corp. (LMT)
FOR
FOR
FOR
FOR
FOR
FOR
970
970
970
5/15/07
5/15/07
5/15/07
Mgmt Vote SHS
Ballot Issue R C V d Date ec ast ote
Elect Directors
Ratify Auditors
Increase Disclosure of Executive Compensation
Advisory Vote to Ratify Named Executive Officers' Compensations
Loews Corp. (L TR)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
510
510
510
510
4/26/07
4/26/07
4/26/07
4/26/07
Mgmt Vote SHS
Ballot Issue R C V d Date ec ast ote
Elect Directors FOR FOR 1,155 5/8/07
Ratify Auditors FOR FOR 1,155 5/8/07
Amend Executive Incentive Bonus Plan FOR FOR 1,155 5/8/07
Provide for Cumulative Voting FOR FOR 1,155 5/8/07
Social Proposal FOR FOR 1,155 5/8/07
lOCIIOOD CAPITAL ADVISOlS 13
Proxy Voting Record
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JPMorgan Chase & Co. (JPM)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors FOR FOR 900 5/15/07
Ratify Auditors FOR FOR 900 5/15/07
Put Repricing of Stock Options to Shareholder Vote FOR FOR 900 5/15/07
Performance -Based and/or Time-based Equity Awards FOR FOR 900 5/15/07
Advisory Vote to Ratify Named Executive Officers' Compensation FOR FOR 900 5/15/07
Separate Chairman and CEO Positions FOR FOR 900 5/15/07
Provide for Cumulative Voting FOR FOR 900 5/15/07
Require a Majority Vote for the Election of Directors FOR FOR 900 5/15/07
NYSE Euronext (NYX)
Mgmt Vote SHS
Ballot Issue R C V d Date ec ast ote
Elect Directors
Ratify Auditors
PG&E (PCG)
FOR
FOR
FOR
FOR
515
515
617107
617107
Mgmt Vote SHS
Ballot Issue R C V d Date ec ast ote
Elect Directors
Ratify Auditors
Performance-Based and/or Time-Based Equity Awards
Restore or Provide for Cumulative Voting
PPL Corp. (PPL)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
1,075
1,075
1,075
1,075
4/18/07
4/18/07
4/18/07
4/18/07
Mgmt Vot e SHS
Ballot Issue R C V d Date ec ast ote
Elect Directors
Ratify Auditors
Adopt Simple Majority Vote
Praxair, Inc. (PX)
FOR
FOR
FOR
FOR
FOR
FOR
1,192
1,192
1,192
5/23/07
5/23/07
5/23/07
Mgmt Vote SHS
Ba ll ot Issue R C V d Date ec ast ote
Elect Directors
Ratify Auditors
Require Majority Vote for Election of Directors
Submit Shareholder Rights Plan (Poison Pill to Shareholder Vote
lOCIWOOD CAPITAL ADVISOlS
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
675
675
675
675
4/24/07
4/24/07
4/24/07
4/24/07
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Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors FOR FOR 1,720 5/16/07
Ratify Auditors FOR FOR 1,720 5/16/07
Approve Omnibus Stock Plan FOR FOR 1,720 5/16/07
Amend Executive Incentive Bonus Plan FOR FOR 1,720 5/16/07
Provide for Cumulative Voting FOR FOR 1,720 5/16/07
Separate Chainnan and CEO Positions FOR FOR 1,720 5/16/07
Label Genetically Modified Organisms FOR FOR 1,720 5/16/07
Prepare Sustainability Report FOR FOR 1,720 5/16/07
Sears Holdings Corp (SHLD)
Mgmt Vote SHS Ballot Issue R C V d Date ec ast ote
Elect Directors
Ratify Auditors
Amend Omnibus Stock Plan
Simon Property Group , Inc. (SPG)
FOR
FOR
FOR
FOR
FOR
FOR
284
284
284
5/4/07
5/4/07
5/4/07
B II t I Mgmt Vote SHS D t a o ssue R C V d a e ec ast ote
Elect Directors
Ratify Auditors
PayforSuperiorPertonnance
Advisory Vote to Ratify Named Executive Officers' Compensation
Submit Severance Agreement (Change in Control) to shareholder Vote
Stericycle, Inc. (SRCL)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
560
560
560
560
560
5/10/07
5/10/07
5/10/07
5/10/07
5/10/07
Mgmt Vote SHS
Ballot Issue R C V d Date ec ast ote
Elect Directors
Ratify Auditors
Increase Authorized Common Stock
lO CIWOOD CAPITAL ADVISOIS
FOR
FOR
FOR
FOR
FOR
FOR
655
655
655
5/16/07
5/16/07
5/16/07
15
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T. Rowe Price Group , I nc. (TROW)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
Approve Non-Employee Director Omnibus Stock Plan
Other Business
The Boeing Co. (BA)
FOR
FOR
FOR
FOR
FOR
FOR
FOR
FOR
1,150
1,150
1,150
1,150
4/12/07
4/12/07
4/12/07
4/12/07
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors FOR FOR 520 4/30/07
Ratify Auditors FOR FOR 520 4/30/07
Adopt Human Rights Policy FOR FOR 520 4/30/07
Separate Chairman and CEO Positions FOR FOR 520 4/30/07
Submit Shareholder Rights Plan (Poison Pill) to Shareholders Vote FOR FOR 520 4/30/07
Advisory Vote to Ratify Named Executive Officers' Compensation FOR FOR 520 4/30/07
Performance-based and/or Time-based Equity Awards FOR FOR 520 4/30/07
Claw-back of Payments under Restatements FOR FOR 520 4/30/07
VCA Antech, Inc. (WOOF)
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors
Ratify Auditors
Approve Executive Incentive Bonus Plan
Wendy's International, Inc. (WEN)
FOR
FOR
FOR
FOR
FOR
FOR
1,445
1,445
1,445
6/4/07
6/4/07
6/4/07
Mgmt Vote SHS
Ballot Issue Rec Cast Voted Date
Elect Directors FOR FOR 1,300 4/26/07
Ratify Auditors FOR FOR 1,300 4/26/07
Approve Executive Incentive Bonus Plan FOR FOR 1,300 4/26/07
Approve Omnibus Stock Plan FOR FOR 1,300 4/26/07
Label Genetically Modified Organisms FOR FOR 1,300 4/26/07
Prepare Sustainability Report FOR FOR 1,300 4/26/07
lOCIWOOD CAPITAL ADVISOlS
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' .
BOGDAHN CONSULTING, LLC ..
simplifying your investmen~ decisions
City of -Palm Beach -Garden?
. 'GENERAL EMPLOYEES'
RETIREMENT SYSTEM
Www.bogdahnconsulting.com .
340 West Central Avenue Suite 300 + Winter Haven, Florida 33880
Telephone (863) 293-8289 +Facsimile (863) 292-8717
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Performance Evaluation
for
·Palm Beach Gardens
General Employees Pension Plan
Rockwood & Sawgrass
For the Period Ending
June 30, 2007
Presented
by:
Bogdahn Consulting , LLC
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------------------------------------------------
MSCI EAFE
MSCI Emerg. Mkts.
S&P 500
Russell 3000
Russell 1000
Russell 2000
HFR· Diversified FOF
Lehman US Agg.
Lehman US Gov .
Lehman MBS Fixed
The Market Environment
Asset Class Performance
Period Ended: June 30, 2007
I Quarter Returns I
6.4%
--------
~--------------------------~
-0.6%
Lehman US Credit ·0.7%
3mos. T·Bill
-3.0% 0.0% 3.0% 6.0% 9.0% 12.0%
Source: MSCI Capital Markets, Russell Co., HFR, Lehman, & Bogdahn Consulting, LLC.
I One Year Market Performance I
MSCI EAFE 27
----------
MSCIEmerg. Mkts. +---~~~~~~~~--------------------~
S&P 500
Russell 3000
Russell 1000
Russell 2000
Lehman US Agg.
Lehman US Gov. -!==::C.,
Lehman MBS Fixed
Lehman US Credit+===:!,
3mos. T·Bill
20.6%
20.4%
14.%
15.0%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
Bogdahn Consulting, LLC. +
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The Market Environment
Asset Class Performance
Period Ended: June 30, 2007
I Five Year Annualized Performance I
MSCIEAFE 17.7%
MSCI Emerg. Mkts. -1----------------------' 27.1%
S&P 500
Russell 3000
Russell 1000
Russell 2000
Lehman US Agg.
Lehman US Gov. -F===l
Lehman MBS Fixed i===!.........,
Lehman US Credit ~------'
3mos. T·Bill 2.7%
0.0% 5.0% 10.0% 15.0% 20.0%
I Ten Year Annualized Performance I
7.7% i
----------
MSCI EAFE
MSCI Emerg. Mkts. 6.7Yo I
S&P 500
Russell 3000
Russell 1000
Russell 2000
HFR· Diversified FOF -1------------..J 7.7%!
Lehman US Agg. 6.0% ---------
Lehman US Gov. 5.9% ~==========~ Lehman MBS Fixed
Lehman US Credit -F=========:=:!-, 6.3%
3mos. T·Bill 3.7%
9.1%
0.0% 3.0% 6.0% 9.0%
25.0%
12.0%
Bogdahn Consulting, LLC. +
30.0%
15.0%
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Source: Russell Co .
Qtr
20
15 --------·······
10
5
Qtr
The Market Environment
Equity Style Performance
Period Ended: June 30 , 2007
I Russell All Cap Style Performance I
lyr 3yr 5yr
l•aooo Growth •aooo Index •aooo Value I
I Russell Large Cap Style Performance I
lOyr
----·--··--· ·-·---1.3..3---------·-·--. --·-
11.3
lyr 3yr 5yr lOyr
I• 1000 Growth •1000 Index •1000 Value I
\Russell Small Cap Style Performancel
20 ~--------------~~--------------------------------------------------,
16.8 16.4 16.1
16
12
8
4
0 +-I...--
Qtr lyr 3yr 5yr lOyr
I• 2000 Growth • 2000 Index • 2000 Value I
Bogdahn Consulting, LLC. +
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7.00
6.00
5.00 :;::-a
4.00
3.00
2.00
1.00
0.00
1 Mo 3Mo
The Market Environment
Treasury Yield Curve
Period Ended: June 30, 2007
Treasury Yield Curve
• • c:::::::::::::: : :
6Mo 1 Yr 2Yr 3Yr
J-+-01 07 ---02 07 J
Source: Federal Reserve
Bogdahn Consulting, LLC. +
: : :
5Yr 10Yr 30Yr
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Executive Summary Report Explanation
The Executive Summary provides an overview of the fund's performance. It shows the performance in dollars, percent,
and relative to the investment policy. These are provided over different time periods including up and down markets. All
rates of return are annualized if the period for which they are calculated exceeds one year.
Account Reconciliation: This section shows the performance of the account in dollars , during the most recent quarter,
the calendar year, and since the inception date. The Beginning Value is the value at the start of each period. The Ending
Value shows the value as of the date of the report. Net contributions are the total contributions less the total withdrawals
during the period. The Investment G/L is the gain or loss resulting from the investments. It is the difference between the
beginning and ending values that cannot be explained by the net contributions. Positive investment G/L figures represent
a profit, and negative values represent a loss.
Investment Policy: This section defines the benchmark against which the fund is being compared . Generally, this is the
most important objective for a fund to ach ieve. The performance of the fund relative to this measure over longer periods of
time, such as market cycles, is the strongest indicator of the success or failure of the investment strategy. This objective
should be reasonable, and the performance of the fund should be measured .against the investment policy after adjusting
for risk.
Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up
through 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded
the policy's returns. The investor would prefer that this difference be positive for all time periods; however, it is more
important for it to be positive for the longer periods rather than the shorter periods.
Calendar Year Returns: This section gauges the consistency of performance over one year time periods. Each calendar
year of performance represents the return from January 1st through December 31st. Watch out for a trend of declining
relative performance in recent periods.
Returns In Up/Down Markets: This section shows how the fund performed in both up and down markets. The
methodology is to segregate the performance for each time period into the quarters in which the market, as defined by the
policy, was positive and negative. Quarters with negative policy returns are treated as down markets, and quarters with
positive policy returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there m ight be 4 down quarters
and 8 up quarters. Up market returns are calculated for the fund and the policy based on the up quarters. Down market
returns are calculated for the fund and the policy based on the down quarters. The ratio of the fund's return in up markets
to the policy's is the up market capture ratio. The ratio of the fund's return in down markets to the policy's is the down
market capture ratio. Ideally, the fund would have a greater up market capture ratio than down market capture ratio.
1
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Executive Summary
Account Reconciliation
06/30/2007
Qtr
2007 09/30/1994
YTD Incept
Trailing Returns through June 30, 2007
1 Yr 2Yr 3Yr 4 Yr 5Yr
Calendar Year Returns
06/30/2007 2007
Investment Policy
Index Weight
·j ~~~j ~~wrrrjjjffjjjjjrrr:c:m::j::r :::::ccccr:::r::::m ~P:!P:?:::
+~~Tf:~:ey~~:~~~:::::::::u:::::::::::::::.::::::::m:m::.u:::::::r ~~~~?::
:~P.!::~f:~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~1 ~~:: ......... ·············· .................................. ····· ..... . :J~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::1:~Q.;¢~:(
09/30/1994
6Yr 7Yr 8Yr 9 Yr 10 Yr Incept
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Returns in Up Markets
09/30/1994
3Yr 5Yr 10 Yr Incept
Inception date is September 30, 1994
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees.
Returns in Down Markets
09/30/1994
3Yr 5Yr 10 Yr Incept
::f:~n~::::::::::::::::::::::::::::~~;~:::::::::::::::::~~:~:::::::::::::::~:i~:~::::::::::::::::::::~~:z;~::
::w~~::::H::H:·/:)H3 ~~-Hl.l·l/lH~d::::.:-::::-H~~f#:H::::u:::::::~~:~!~::
.:~®:::::::::::::::::::::::::::~~~~::::::::::::::::~~;~::::::::::::::::~~~:::::::::::::::::::::~;9 ::
Index change effective 111/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
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General Employees Pension Plan
I Asset Allocation as of June 30, 2007
I At Market
Cash & Equiv
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I Fixed Income
30%
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65@ Cost
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Universe Comparison Report Explanation
The universe compares the fund's returns to a group of other investment portfolios, called a universe. Ideally the universe
is comprised of many other investment funds with similar investment profiles. Comparisons are provided over many
different time periods.
Trailing Ret urns: This section focuses on longer term returns. It shows the cumulative time weighted returns and
percentile rankings for the last 1 year, 2 years, 3 years, and so on up through 10 years if available . The returns for the
fund, the policy and the universe percentiles are displayed. A percentile ranking of 1 is the best, and 100 is the worst. For
example, a ranking of 50 means that the fund outperformed half of the universe. A ranking of 25 means the fund was in
the top 25% of the universe, outperforming 75%. Above 50 is acceptable. Above 25 is excellent. High rankings over all
time periods are ideal; however, it is more important to rank highly over the longer periods rather than the shorter periods.
Calendar Year Returns: This section focuses on shorter periods and gauges the consistency of performance over time.
It shows the calendar year returns for the fund, the investment policy and the universe percentiles. Each full year of
performance represents the return from January 1st through December 31st. Ideally the fund has performed well in the
earlier years and in the most recent years. Watch out for a trend toward underperformance in recent periods. Note the
performance in different market environments. A high policy return indicates a bull market, and a low policy return
indicates a bear market.
All rates of return are annualized if the period for which theyare calculated exceeds one year.
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Universe Comparisons
60°/o PLCC, 35°/o HQB & 5% International
Trailing Returns through June 30, 2007
Return
%-tile
Return
%-tile
1 Yr
15.12
47
15.21
43
2Yr
10.21
48
9.83
68
3Yr
8.75
54
8.82
50
4 Yr
9.30
58
9.34
55
5 Yr
7.60
84
8.65
33
6Yr
5.19
58
5.70
36
7Yr
5.32
25
4.13
44
8Yr
5.02
29
4.40
44
9Yr 10Yr
5.55 . 6.66
34 47
5.53
34
7.12
28
~ Y:~R#~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~: ~: ~: ~: ~: ~: ~ ~ ~ ~::: ~ ~: ~ ~ ~ ~ ~ ~ ~: ~ ~ ~ ~ ~ ~ ~ ~ ~: ~: ~ ~ ~ ~ ~ ~ ~: ~: ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~: ~ ~ ~ ~ ~: ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~: ~ ~ ~ ~ ~: ~ ~: ~ ~ ~ ~: ~ ~ ~ ~ ~ ~ ~: ~: ~: ~: ~: ~ ~: ~ ~ ~: ~ ~:: ~:: ~::: ~: ~: ~: ~: ~: ~: ~: ~: ~: ~: ~: ~: ~: ~: ~ ~ ~: ~ ~ ~: ~: ~: ~: ~: ~: ~: ~: ~: ~ ~: ~: ~ ~: ~: ~::: ~: ~: ~::: ~: ~: ~: ~: ~: ~: ~: ~: ~::: ~ ~ ~: ~: ~:
5th %-tile 17.83 12.83 11.38 11.74 10.28 7.45 8.16 6.84 7.24 8.36
25th %-tile
50th %-tile
75th %-tile
95th %-tile
15.78
15.06
14.53
13.27
Calendar Year Returns
10.72
10.17
9.67
8.20
9.51
8.80
8.43
7.04
10.17
9.39
9.01
7.87
8.87
8.28
7.80
6.96
6.17
5.31
4.82
3.87
5.29
3.89
3.33
2.00
5.37
4.19
3.73
2.83
5.94
5.20
4.79
3.85
7.20
6.63
6.19
4.96
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999
Return 2.07 6.65 9.66 3.98 8.33 14.87 -9.90 0.84 5.74 7.81
%-tile 100 9 87 52 42 99 66 13 25 81
: ~~~~~: ~::::: ~: ~: ~: ~: ~: ~ ~ ~: ~::: ~::: ~::::::::: :·::::::::::::::::::::::::::::::::::::::::::::::::: ~:::::::::::: ~: ~: ~::::::::: ~:::::::::::::::::: ~:::::::::::::::::::::::::::::::::::::::::::: ~ ~ ~::: ~: ~ ~: ~ ~ ~: ~ ~: ~ ~::: ~:: ~ ~: ~::::::::::::: ~:: ~::::::: ~::::::::::::::::::::::::::::
Return 3.91 5.08 11 .12 3.97 8.25 18.76 -9.53 -3.67 -0.92 11.40
%-tile 70 68 53 52 44 49 57 56 59 57
: ~~~~::::::::::::::::::::::::::::: ~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~::::::::::: ~:::::::::::::::::::::::::::::::::::::::::::: ~ ~: ~: ~: ~: ~ ~ ~::: :: ~::::::::::::: ~::::: :::::::::: ~:::::::: ~:::::::::::::::::::::::: :::: :~:::::::: ::
5th %-tile 5.44 7.12 14.82 6.97 11 .18 22.12 -3.66 3.72 12.90 23.15
25th %-tile
50th %-tile
75th %-tile
95th %-tile
4.46
4.10
3.85
3.20
5.77
5.36
4.97
4.05
12.11
11 .15
10.46
7.55
4.98
4.02
3.48
2.46
Returns are in percent. "%-tile" is the percentile ranking within the universe.
Returns for periods exceeding one year are annualized.
Incept is September 30, 1994 to June 30, 2007
9.19
8.06
7.20
5.29
19.73
18.69
-7.68
-9.25
17.65 -10.28
15.82 -12.08
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
5
-1.04
-3.50
-4.42
-9.33
5.47
-0.37
-1.71
-4.84
13.55
11.89
9.02
-0.28
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Palm Beach Gardens General Employees'
Total Fixed Income
Account Reconciliation
06/30/2007
Qtr
Executive Summary
Investment Policy
2007 09/30/1994
YTD Incept Index Weight
~~wwr¥~!~+:u~~~~u~uumu ~~~~~uu~u ~:uu~:<mH 1M ~: :f~~M~~:ey~f:¥:~~:~~f%f%%~:~:f<>Uf%ffd m?:~?:m :~
:Nt!t :F.i ·:·:·:·:·:·:·:·:·:·:-:-:-:-:·:·:·:·:·:·:·:·:·:·:·:·:·:·:-~-:-:-:-:-:-:-:-:-:-:19 ·:-:-:-:-:-:-:-:-:-:-:14:7.:· :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~::::::::: ~:::: ~~~ ~ ~ ~ ~ ~ ~ ~ ~: ~ ~ ~: ~:::::: ~ ~::::::: ~ ~:::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::: ~ ::::::::;:: ~: :::::: ~::::::::: ~::: ~::::::::: ~: ~: ~::::: ~::: ~: ~: ~: ~::::: :::: ~::::::::::::::::::::::::::::: ~::::::::::::::: ~: :::::::: ~: :::: ~::::: :::: ~: ::
BW -~ ~f~ ~.~
Trailing Returns through June 30, 2007
09/30/1994
1 Yr 2Yr 3Yr 4 Yr 5 Yr · 6 Yr 7Yr 8Yr 9 Yr 1 0 Yr Incept
Calendar Year Returns
06/30/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001
Returns in Up Markets
09/30/1994
3Yr 5Yr 10 Yr Incept
Inception date is September 30, 1994
All dollar values are shown in thousands .
Returns for periods exceeding one year are annualized.
Returns are net of fees.
Returns in Down Markets
3Yr 5Yr
Sawgrass assumed fixed-10-26-05 $1 ,043 ,932.60 -Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate
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2000 1999 1998
09/30/1994
10 Yr Incept
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Palm Beach Gardens General Employees'
Fixed Income & Cash -Sawgrass
Executive Summary
Account Reconciliation Investment Policy
2007 10/26/2005 06/30/2007
Qtr YTD Incept Index Weight
........ ······························· ............................ . :~~iji:Y~!~~::::::::::::::::::::::::::::~:::::::::::::::::~::::::::::::::::::~WM :: ·:¥.~~M~e :1~~~~~:®M :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::1 ~P:~~~::
:~W F:!?.W.K uu:u:uu::u ::::u:m:m:~~r ::::u::m m ~:m:mr w:w:a ~~::
:~~~~~:$t.k :::::::::::::::::::::::::::::::::::~1 :::::::::::::::::::::1~:::::::::::::::::::::::::Q4 :: ··············· .................................................... . ................ .. ................................................ .. .... .............. ............... ·························· ........ .
Trailing Returns through June 30, 2007
1 Yr 2 Yr 3 Yr 4 Yr 5Yr
Ca lendar Year Returns
06/30/2007 2007
...... ························ ..................................... . ..... ························· ..................................... . ..... ............ .............. ... .. . ...................... ....... .. ..... ... ······················ ·································· ... . ······ ························ ..................................... . ..... ························· ····································· . ...... ······················ ....................................... . :-:·:·:·:·:·:·:-:-:-:-:-:-:-:-:-:-:-:-:-:-:·:·:·:·:·:·:·:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:·:·:·:·:·:·:-:-:-:-:-:-:-:-:-:-:·
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::;:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
10/26/2005
6Yr 7Yr 8 Yr 9 Yr 1 0 Yr Incept
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Returns in Up Markets
10/26/2005
1 Yr Incept
Inception date is October 26, 2005
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized .
Returns are net of fees.
Index change effective 1/1/2006 from LB Gov/Credit to LB Aggregate
7
Returns in Down Markets
1 Yr
10/26/2005
Incept
······························· .................................... . -~~) ~:~
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Palm Beach Gardens General Employees'
Total Equity
Executive Summary
Account Reconciliation Investment Policy
2007 09/30/1994 06/30/2007
Qtr YTD Incept Index
....................... ··············· ................ ··········· :~~®~:Y~!H ~::::::::::::::::::::::::~~~~:::::::::::::1 ~~~:::::::::::::::::::::::~~~::
:N~i :~ioW-~::::::::::::::::::::::::::::::::::::::::::::;11 :::::::::::::::::::~®.:::::::::::::::::::::~~~::
·-2,~~ il < ~-
Trailing Returns through June 30, 2007
Weight
09/30/1994
1 Yr 2Yr 3Yr 4 Yr 5Yr 6Yr 7Yr 8Yr 9 Yr 10 Yr Incept
Calendar Year Returns ·
06/30/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
:r:~~:::::::::::::::::::::::::::::::::::~~~?:::::::::::::~;1:~:::::::::1 ~\~:::::.::::::~~~~::::::::::t 1 :;~::::::::::~:*~:::·:::~~t ?:t :::::::::t\~t ::::::::::::~;~~::::::~6~::::::1:2 i ~~:: :1 ,:;: ~~ @:1 ~:~ j::~ @! •j:; tJ-~:1 I@ ~:~ i~:~
Returns in Up Markets Returns in Down Markets
09/30/1994 09/30/1994
3Yr 5Yr 10 Yr Incept 3Yr 5Yr 10 Yr Incept
........ ' ............................................... ' ,..... . . .............................. ·········· .......................... .
:r@~HHLH:H::::::t ~;~::::::::>::::~~f ~>HH>~~~~HL::::t?:~~;~:: :r~~~uu::uu::/:U ~t UU::tf1 ~~ttt::::>~~~t H.::HH>#:~:l :
:r~~~:::::::::::::::::::::::::1:s.:~::::::::::::::::f.~fJ::::::::::::::::f:~\:f::::::::::::::::::::::~~:~:: :W-~~::::::::::::::::::::::::::~~;~:::::.::::::::~1~~~:::::::::::::~~~:~::::::::::::::::::::~~~1 :
~~~~::::::::::::::::::::::::::~a:$::::::::::::::::~~~~::::::::::::::::~~~:?:::::::::::::::::::::::~tA : :~w.?.:::::::::::::::::::::::j:~~~~::::::::::::::::~~~::::::::::::::::~~~:t :::::::::::::::::::::@.;~::
Inception date is September 30, 1994
All dollar values are shown in thousands.
Returns for periods exceeding one year are annualized.
Returns are net of fees .
Rockwood assumed account 10-26-05 $ 1,565,898.88 International bought 11/9/2006, will be added to Policy 1/1/2007
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~---~------------------------------------------------------------~
Palm Beach Gardens General Employees'
Total Equity
Universe Comparisons
95%, Pure Large Cap Core & 5°/o International
Trailing Returns through June 30, 2007
1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr
Return 20.21 14.36 11.47 13.21 9.14 5.09 4.75 4.69
%-tile 70 51 63 65 88 55 22 24 26 37
~ f:~~~¥.: ~: ~: ~: ~: ~: ~: ~ ~ ~: ~:::::::::: ~:::: ~: ~ ~ ~: ~: ~: ~: ~::: ~: ~: ~ ~:: ~ ~:: ~::::: ~::: ~::::::::: ~: ~::::::: ~: ~: ~::::::::: ~:: ~:: ~: ~::: ~: ~:: ::::::: ~: ~ :~: ~: ~::: ~::: ~: ~::: ~::::::::: ~: ~: ~:::::::::: ~ ~: ~: ~: ~: ~: ~::: ~: ~: ~: ~: ~: ~: ~: ~: ~::::::::::::::: ~::::::::: ~::: ~: ~: ~: ~: ~::::::: ~: ~: ~: ~: ~ :~
Return
%-tile
5th %-tile
25th %-tile
50th %-tile
75th %-tile
95th %-tile
20.82
38
24.74
21.41
20.56
20.01
17.83
Calendar Year Returns
14.56 11 .75
42 . 49
17.91 16.37
15.15 12.76
14.38 11.69
13.90 11.19
11.56 8.61
13.54
42
17.02
14.65
13.39
12.86
10.56
10.75
35
13.14
11.51
10.53
10.04
8.40
5.34
39
8.71
6.48
5.15
4.48
2.99
2.19
49
10.11
4.13
2.16
1.63
-0.81
2.81
49
7.4 7
4.29
2.72
2.28
0.21
4.86
45
8.30
5.77
4.69
4.34
2.04
7.15
39
9.72
7.82
6.93
6.46
3.46
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999
Return 3.10 9.42 12.95 4.52 11.44 22.83 -21.03 -4.42 5.29 14.26
%-tile 100 9 87 68 33 98 38 13 22 80
: P:~!o/:: ~: ~: ~::::: ::::::::::::::::::::::::: ~::: ~:::::::::::: ~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~::: ~: ~: ~::: ~::: ~: ~: ~: ~ ~ ~: ~: ~: ~: ~: ~: ~::: ~: ~: ~: ~: ~: ~: ~: ~::: ~::::::: ~: ~ ~ ~ ~: ~ ~ ~:: ~: ~: ~: ~: ~::: :: ~: ~::: ~:::::: ~::::::::::: ~ ~: ~: ~::::::::::::::: ::::::::::::
Return
%-tile
5th %-tile
25th %-tile
50th %-tile
75th %-tile
95th %-tile
6 .30
51
8.46
6.80
6.31
6.08
5.29
7.17
55
10.05
8.04
7.23
6.94
5.73
15.80
31
21.67
16.45
15,51
14.41
9.58
4.91
48
9.88
6.33
4.87
4.31
3.19
Returns are in percent "%-tlle" is the percentile ranking within the universe .
Returns for periods exceeding one year are annualized.
Incept is September 30, 1994 to June 30, 2007
10.88
37
14.89
12.34
10.67
9.94
5.65
28.68 -22.10 -11.88
34 49 47
31 .74 -13.28 0.74
29.63 -19.67 -8.02
28.18 -22.14 -12.02
26.60 -22.63 -12.47
23 .59 -25 .26 -20 .06
Rockwood assumed account 10-26-05 $ 1,565,898.88 International bought 11/9/2006, will be added to Polley 1/1/2007
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-9.11
53
18.12
1.80 .
-8.92
-9.61
-15.05
21.04
27
37.44
21 .15
20.26
16.13
-0.19
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Palm Beach Gardens General Employees'
Domestic Equity & Cash -Rockwood
Executive Summary
Account Reconciliation
06/30/2007
Qtr
Investment Policy
2007 1 0/26/2005
YTD Incept Index
Trailing Returns through June 30, 2007
Weight
10/26/2005
1 Yr 2Yr 3Yr 4 Yr 5Yr 6Yr 7Yr 8 Yr 9 Yr 1 0 Yr Incept
Calendar Year Returns
06/30/2007 2007 .
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Returns in Up Markets
1 Yr
Inception date is October 26, 2005
All dollar values are shown in thousands.
10/26/2005
Incept
Returns for periods exceeding one year are annualized.
Returns are net of fees.
Returns in Down Markets
10/26/2005
1 Yr Incept
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Palm Beach Gardens General Employees'
Domestic Equity & Cash -Rockwood
Universe Comparisons
Pure Large Cap Core
Trailing Returns through June 30, 2007
2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr
Return 9.18 14.93 19.81
%-tile 9 31 77
Return 6.96 14.12 20.59
~ ~~R¥.~~:: ~::::::::::::::: ~::::: ~::::::::::::: ~: ~: ~: ~: ~::::::::::::: ~: ~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::::: ~: ~: ~::::: ~::::::::::: ~::::::: ~: ~! ~: ~::::::::::::::: ~::::::::::::: :::::::::::::::::::::::::::
5th %-tile 9.90 18.61 24.34 17.66 15.33 16.76 13.13 8.84 9.28 7.25
25th %-tile 7.74 15.15 21.19
50th %-tile 6.95 14.06 20.37
75th %-tile 6.72 13.72 19.85
95th %-tile 5.50 12.33 17.89
Calendar Year Returns
Qtr YTD 2006
Return 2.77 9.18 12.81
%-tile 1 00 9 75
Return
%-tile
6.28
48
6.96
50
15.80
30
15.05
14.31
13.81
12.04
2005
12.68 14.55 11.48 6.53 4.12 4.29
11.60 13.33 10.50 5.15 2.11 2.82
11 .13 12.85 10.05 4.64 1.74 2.28
8.90 10.55 8.52 3.16 -0.00 -0.79
2004 2003 2002 2001 2000 1999
.................................................................................... ··································· ................... . :Y.~~~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
5th %-tile 8.40 9.90 20.97 11.33
25th %-tile 6.76 7.74 16.19 7.20
50th %-tile 6.26 6.95 15.48 5.09
75th %-tile 6.09 6.72 12.74 4.22
95th %-tile 5.18 5.50 4.79 1.07
Returns are in percent. "%-tile" is the percentile ranking within the universe.
Returns for periods exceeding one year are annualized.
Incept is October 26, 2005 to June 30, 2007
11
15.14 33.34 -15.55 -1.49 13.61 35.03
11.51 28.99 -20.13 -9.35 -0.20 22.80
10.39 27.83 -22.23 -12.08 -7.39 20.27
8.38 24.97 -23.39 -13.51 -9.63 16.39
5.14 20.58 -26.60 -19.10 -14.67 6.13
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Palm Beach Gardens General Employees'
International Equity
Executive Summary
Account Reconciliation
06/30/2007
Qtr
2007 11/07/2006
YTD Incept
Trailing Returns through June 30, 2007
1 Yr 2Yr 3Yr 4 Yr 5Yr
Investment Policy
Index Weight
··········· ..................................................... ··-· ......... ·········· .............................. ·········· ........ . . ·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.'.',',',",',".',',",',','.'.',',',',',',',',',',',',',',',' ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~:::::::::::::::::::;:::::::::::::::::::::::::::::::::::::: .·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.· .·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·
11/07/2006
6Yr 7Yr 8Yr 9 Yr 10 Yr Incept
.............. ················· ............................................................................................................ .
~ 9~ ~ ~ ~ ~ ~ ~ ~::::::::::::::::: ~ ~ ~ ~ ~ ~ ~::::: ~:::: ::::::::::::: ~: ~: ~::::::::::::::::::::::::::: :::::::::::::::: ~: ~::::::: ::::::::::::: ~::::::: ::::::::::::::::::::::::::::::::::::::::::::::::::: ~: ~ ~ ~ ~ ~: ~: ~ ~ ~: ~:::::::: ~::::::::::: ~::::::::::::::::::::::: :::::::::::: ~ :~~~t ::
Calendar Year Returns
06/30/2007 2007
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999 1998
Returns in Up Markets
Inception date is November 7, 2006
All dollar values are shown in thousands.
11/07/2006
Incept
Returns for periods exceeding one year are annualized.
Returns are net of fees.
Returns in Down Markets
12
11/07/2006
Incept
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Palm Beach Gardens General Employees'
International Equity
Universe Comparisons
International Equity
Trailing Returns through June 30, 2007
2 Qtrs 3 Qtrs 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr
Return 13.12
%-tile 20
:r91~~¥.::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::·:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Return 11.09
%-tile 50
:~~R¥-~~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::·::::::::::::::::::::::::::::::::::::::::::::::::u:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
5th %-tile 19.84 38.95 42 .78 40.72 37 .13 35.26 29.17 24.61 17.31 19.22
25th %-tile
50th %-tile
75th %-tile
95th %-tile
12.38
11.07
9.79
7.69
Calendar Year Returns
25 .90
22.96
20.57
17.68
30.57
27 .13
25.15
21 .70
29.77
27.14
25.29
21.96
24.81
22.26
20.35
17.40
26 .84
24.40
22.32
20.21
20.06
17.55
15.24
13.60
15.84
12.95
11.13
8.69
10.23
7.10
4.58
1.27
12.55
9.14
7.33
5.24
Qtr YTD 2006 2005 2004 2003 2002 2001 2000 1999
Return 8.58 13.12
%-tile 21 20
Return
%-tile
6 .67
63
11 .09
50
;p ~~~::::::::::::::::::::::::::::::;::::::::::::::.::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::;:::;:;:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::;:::::::;::::::::::
5th %-tile 12.22 19.84 35.29 38.92 32.32 65.72 1.26 2.71 2.11 117.71
25th %-tile
50th %-tile
75th %-tile
95th %-tile
8.35
7.19
6 .18
4.45
12.38
11.07
9.79
7,69
28.37
25.65
22.79
18.65
23.76
16 .31
13.13
9.40
Returns are in percent. "%-tile" is the percentile ranking within the universe.
Returns for periods exceeding one year are annualized .
Incept is November 7, 2006 to June 30, 2007
13
23.60
19.34
16.57
12.66
48.59 -8.48 -10.53 -8.63
38.92 -14.41 -18.53 -15.84
33.20 -18.10 -23 .29 -24 .08
27.55 -23.32 -29 .32 -34.43
67.62
47.72
29.01
17 .12
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Fund(%)
Policy(%)
Palm Beach Gardens General Employees'
General Employees Pension Plan
U -~P~M~a=r~k=e~t~R=e~tu~r=ns~------------------------------------------, 25.00% ...-
20.00o/o -------------------------------------
15.00% ------------
10.00%
5.00%
0 .00%
11.60 13.79 15.99 16.51
11.76 15.56 17.65 18.60
Difference (%) -0.16 -1.77 -1.66 -2.09
Ratio 98 .64 88.62 90.59 88.76
#Up Qtrs 10.00 15.00 28.00 39.00
0.00%
-5.00%
-1 0.00%
-15.00%
Fund(%) -2.26 -9.01 -12.27 -12.27
Policy (%) -2.41 -9.71 -13.94 -13.94
Difference (%) 0.15 0.70 1.67 1.67
Ratio 93.78 92.79 88.02 88.02
#Down Qtrs 2.00 5.00 12.00 12.00
I D Fund(%) • Pol icy(%) I
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
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--------------------------------------------------.
Palm Beach Gardens General Employees'
General Employees P e nsion Plan
Objective Comparison
$4 ,000\-----------------------------~
$3 500 --------------------------------------------------------------------------------------------------------------------------------------------------------------------
' = =-------'71':~
~ ~,.~-----*-7"-
$3 ,000 -------------------------------------------------------------------------~-----------------------------------------------------------------------------~---~-
,, ~
.--r--.--.-,---r-.--,---
A
J>. r-v --------------------------,--,--1-A-ll-H::H>--r-~-"-lTJr~vl-+r--v -v ----
,---~ "ii:W--tl-+--H--HrJ>.t"ll-t-~-+----v v A4
$2 ,500
~ r=l
I r:t ,.., ,..-,_ c:::L ~ ,.., . ,..-,_ j-t:T $2 ,00( I t..:r --~ ---o -r'-' -D --~ ---o ----
$1,50(
$1 ,00(
$500
m~~~m~~~~~~~~~~~-~~~m
Quarter Ending
0 Fund + Policy
+ Nominal 8% B-CPI + 4%
Inception date is September 30, 1994 I All dollar values are shown in thousands.
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Attributions of Returns Report Explanation
Performance attribution concentrates on evaluating the effect of the manager's decisions on asset allocation and security
selection . This allows the investor to see whether the manager is adding value by adjusting the actual asset a llocation or
by picking individual securities. This information is valuable in helping determine the amount of freedom that might be
given to the manager in regard to asset allocation ranges. The result of these skills are shown for multiple time periods.
The top sect ion shows the returns for both the account and the investment policy and the results of the manager's
contribution. The fund's return is thus attributed to the policy and the manager.
The bottom section divides the manager's contribution into two components: asset allocation and security selection. The
asset allocation effect measures the value that was added by varying the actual asset allocation from the target allocation.
This is done by assuming investments, in amounts equal to the actual asset allocation weights, were made in the policy's
indices so that security selection has no effect. The difference between this return and the policy's return is the asset
allocation effect. The security selection is the remainder of the manager's contribution that is not explained by asset
allocation .
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Attribution of Returns
Attribution of Performance to show Manager Contribution
Current Quarter
Year to Date
3 Years
5 Years
10 Years
Incept
Policy + Manager Contribution = Fund
.................................. ··············· .................. . ........ ········ ..... ······· ...... . ............... ···················
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ .. ······· ................ . ............. ..... ................ . ........ .... ...... ········ ....... . ..... ········ ····················· ..................... ·············· ..... ····· ....................... . ............. ..... ....... ......... .
................................... ..... ...... ....... ····· .......... . ........... .......... ............. . ..... ..... ........ ·············· .. .. ... ..... ········ ............... . ... ........ ..... .. ... ............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..................... ··············
................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................... ..... ..... ·················· ..... . .......... ·················· ······ :-:-:-:-:-:-:-:·:·:·:·:·:·:·:·:·:·:·:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:
... ··························· ..... .................................. ·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.·.· .................................. ........ ................. ..... .... . ....................... .. ........ . ... ............. ········ .......... .
................................... ............. ····· ............... . ............. ... .. . . . ............. . ..... ........ ..... ... ....... ..... . ............. ..... ... ....... ..... . ................................... .......... ........ ... ....... ..... . ........... ..... .. ... ............. . ····· ............. ················
1.12 :::::::::::::::::::::::::::::::::::::::::::::::::::::::~:4e :: ................... ················ .................................. ... ........ ..... .. . ............... . ········ ......................... . ........... ..... .. .. . . .. ... ........ ..... .................. . ·········· ....................... . ........... ..... ... .. ............. . ..... ..... ... ..... ... ....... ..... .
9.98 :::::::::::::::::::::::::::::::::::::::::::::::::::::::;too :: ................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... ... .. .................. ······ ...................................
Fund
2.07
6.65
8.75
7.60
6.66
8.98
Attribution of Manager Contribution between Asset Allocation and Security Selection
Asset Allocation
Current Quarter -1.51
Year to Date -2.22
3 Years -3.85
5 Years -3.75
10 Years -3.22
Incept -4.42
Asset Allocation + Security Selection = Manager Contribution
:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:
Security Selection ~~~}/})A~i~~g$r ~C~~tr!~~ti~~~~
-:-:-:·:·:(-:·:·:·:·:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-
............ ······················ ................... ··············. :-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:
......... ················ ......... . ...... ............ ....... ...... .. . ..... .. . ............ .......... ... .
......... ················ ........ . .... ... ..... ................... ... . ................... ...... ...... .. .
3
.
79 ~//I/U:UC~~HU~U!HUiH~i ~t::
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
·:·:-:-:-:<·:·:·:-:-:-:-:-:-:·:·:-:-:-:-:-:·:·:·:·:·:·:·:·:-:-:-:·:· ··············· .................. . :-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:-:
................................... ..... ......... .... .. ..... ........ . .... .... ....... ... ................ . ..... ... ·········· ....... ········ . .............. .... ··············· . ........ .... .. . ··········· ........ . ········ ······ ...... ····· ........ .
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
17
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6.00%
5.00%
p 4 .00%
e 3.00%
r
c 2.00%
e
n 1 .00%
t
0.00%
E
f -1.00%
f
e -2 .00%
c -3.00% t
-4.00%
-5.00%
6.00%
5.00%
p 4 .00%
e 3.00% r
c 2 .00%
e
n 1.00%
t
0.00%
E
f -1.00%
f
e -2 .00%
c -3.00% t
-4.00%
-5.00%
Palm Beach Gardens General Employees'
General Employees Pension Plan
Asset Allocation Effect
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------------------
S02 002 M03 J03 S03 003 M04 J04 S04 004 M05 J05
Quarter Ending
Security Selection Effect
···-·······-····-··1 ··--···---·--·····························----------·············-···--·-·-······--······-······----····---·····-·---····-····-----·--
····--··········.,.../..····--------··--·-----·······-----········--------·-·--·····---·-······-··-······-··----------------···---··-···-··---······--------··--·---
S02 002 M03 J03 S03 003 M04 J04 S04 004 M05 J05 S05 005
Quarter Endi ng
I • Quarterly Effect -Cumulative Effect
506 0 06 M07 J07
I
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 Internationa l added to Policy
18
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80.
70.
60
50.
40
30.
20.
10.
0.
Palm Beach Gardens General Employees'
General Employees Pension Plan
Asset Allocation vs Targets
Quarter Ending
I • Cas h & Equiv --* Target
J04 S04 004 M05 J05 S05
Quarter Ending
I • Equity --* Targetl
I
80 .00%.-------------------------------------------------------------------~
70 .00 % ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
60 .00% ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
50.00o/o ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r=-.---r--or-
40 .00% r--r-,--~ ...-!!>-.....=... r--r--,-,:._ '" -------------------
30 .00%
20 .00%
10 .00%
O.OO% S02 002 M03 J~3 S~3
__ .----~ ---.==--
J I I I
003 M04 J04 S04 004 M05 J05 S05 005 M06 J06 S06 006 M07 J07
Quarter Endi ng
I 0 Fixed Income --* Target
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1 /2007 International added to Policy
19
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Palm Beach Gardens General Employees '
General Employees Pension P lan
Asset Allocation vs Targets
80 .00°/t:.~---------------------------------,
70.000ft ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
60.000ft ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
50.000ft ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
40.000/t ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
30.000ft ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
20 .000ft ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
10 .000/t ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
* Target I
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
20
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5.00%
4.00%
3.00%
2 .00%
R 1.00%
e
t 0.00%
u
r -1.00%
n
-2.00%
-3 .00%
-4 .00%
-5.00%
$17
$16
$15
$14 v
a $13 I
u
e $12
$11
$10
$9
Palm Beach Gardens General Employees'
General Employees Pension Plan
Manager Contribution
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------·--------------------------------------------------------------------------------------------------
003 M04 J04 S04 004 M05 J05 S05 005
Quarter Ending
I • Quarterly -Cumulative I
Growth of $100 Fund vs Policy
M04 J04 S04 004 M05 J05 S05
Quarter Ending
I D Fund -8---Policy I
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Quarterly Comparison Analysis ($)
Period Fund Policy Diff Nominal8% Diff CPI +4% Ending
Sep 1994 1,079 1,079 0 1,079 0 1,079
Dec 1994 1,059 1,078 -20 1,098 -39 1,090
Mar 1995 1,211 1,240 -29 1,194 17 1,188
Jun 1995 1,369 1,421 -51 1,294 75 1,286
Sep 1995 1,432 1,495 -63 1,316 116 1,301
Dec 1995 1,533 1,600 -67 1,365 168 1,338
Mar 1996 1,634 1,697 -62 1,452 182 1,431
Jun 1996 1,688 1,752 -64 1,486 202 1,461
Sep 1996 1,728 1,800 -72 1,518 210 1,488
Dec 1996 1,820 1,916 -96 1,551 270 1,514
Mar 1997 1,927 2,045 -118 1,685 242 1,647
Jun 1997 2,141 2,284 -144 1,717 424 1,664
Sep 1997 2,328 2,423 -94 1,752 576 1,691
Dec 1997 2,375 2,530 -155 1,820 556 1,741
Mar 1998 2,568 2,756 -188 1,856 712 1,769
Jun 1998 2,550 2,842 -291 1,893 657 1,797
Sep 1998 2,385 2,730 -345 1,928 456 1,818
Dec 1998 2,679 3,106 -427 2,001 678 1,874
Mar 1999 2,642 3,168 -526 2,025 617 1,888
Jun 1999 2,790 3,256 -466 2,033 757 1,890
Sep 1999 2,647 3,131 -484 2,063 584 1,917
Dec 1999 2,821 3,391 -570 2,095 726 1,934
Mar 2000 2,907 3,490 -583 2,149 758 1,999
Jun 2000 2,843 3,432 -589 2,167 675 2,010
Sep 2000 2,926 3,436 -510 2,192 734 2,027
Dec2000 2,945 3,324 -380 2,225 719 2,042
Mar 2001 2,846 3,104 -258 2,243 603 2,061
Jun 2001 2,927 3,183 -256 2,251 676 2 ,068
Sep 2001 2,675 2,893 -218 2,229 446 2,028
Dec 2001 2,827 3,062 -234 2,256 571 2,013
Mar 2002 2,824 3,046 -222 2,283 541 2,040
Jun 2002 2,621 2,805 -184 2,290 331 2 ,038
Sep 2002 2,397 2,540 -144 2,305 92 2,041
Dec 2002 2,434 2,655 -221 2,313 121 2,024
Mar 2003 2,385 2,609 -224 2,345 41 2,068
Jun 2003 2,534 2,852 -317 2,358 176 2,050
Sep 2003 2,533 2,861 -329 2,373 160 2,056
All dollar values are shown in thousands.
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
22
Diff
0
-31
23
84
131
195
203
-227
240
306
280
477
637
635
799
753
566
805
753
900
730
887
907
833
899
903
785
859
648
814
783
583
356
410
318
484
477
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Quarterly Comparison Analysis($)
Period Fund Policy Diff Nominal8% Diff CPI +4% Ending
Dec 2003 2,680 3,036 -356 2,388 292 2,035
Mar 2004 2,741 3,094 -352 2,424 317 2,077
Jun 2004 2,717 3,068 -351 2,453 263 2,105
Sep 2004 2,674 3,045 -371 2,469 205 2,096
Dec 2004 2,805 3,188 -383 2,483 321 2,088
Mar 2005 2,745 3,112 -367 2,504 240 2,115
Jun 2005 2,717 3,117 -400 2,490 228 2,087
Sep 2005 2,740 3,148 -408 2,513 227 2,129
Dec2005 2,779 3,177 -398 2,541 238 2,109
Mar 2006 2,812 3,206 -394 2,549 264 2,121
Jun 2006 2,765 3,162 -396 2,581 184 2,159
Sep 2006 2,834 3,276 -442 2,591 242 2,141
Dec 2006 2,906 3,386 -481 2,605 300 2 ,116
Mar 2007 2,979 3,369 -390 2,599 380 2,116
Jun 2007 3,022 3,482 -459 2,631 391 2,148
All dollar values are shown in thousands.
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
23
Diff
645
664
611
578
717
630
630
611
671
691
606
692
790
863
875
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Period
Ending
Dec 1994
Mar 1995
Jt.m 1995
Sep 1995
Dec 1995
Mar 1996
Jun 1996
Sep 1996
Dec 1996
Mar 1997
Jun 1997
Sep 1997
Dec 1997
Mar 1998
Jun 1998
Sep 1998
Dec 1998
Mar 1999
Jun 1999
Sep 1999
Dec 1999
Mar 2000
Jun 2000
Sep 2000
Dec 2000
Mar 2001
Jun 2001
Sep 2001
Dec 2001
Mar 2002
Jun 2002
Sep 2002
Dec 2002
Mar 2003
Jun 2003
Sep 2003
Dec2003
Palm Beach Gardens General Employees'
General Employees Pension Plan
Quarterly Comparison Analysis (0/o)
Fund Policy Diff Nominal8% Diff CPI +4%
-1.67 0.16 -1.83 1.94 -3.61 1.22
7.15 7.82 -0 .67 1.94 5.21 2.12
6.68 8.32 -1.64 1.94 4.74 1 .71
4.85 5.52 -0.67 1.94 2.91 1.45
5.46 5.49 -0.03 1.94 3.52 1.08
2.64 2.24 0.40 1.94 0.70 2.39
2.91 2.88 0.03 1.94 0.97 1.69
2 .22 2.61 -0.39 1.94 0.28 1.69
5.12 6.23 -1.11 1.94 3.18 1 .49
0.17 1.30 -1.13 . 1.94 -1.77 1.89
11.16 11.79 -0.63 1.94 9.22 1.09
8.66 5.95 2.71 1.94 6.72 1.49
0.59 3.06 -2.47 1.94 -1.35 0.99
8 .07 8.90 -0.83 1.94 6.13 1.59
-0.75 3.05 -3.80 1.94 -2.69 1.49
-6.44 -3.89 -2.55 1.94 -8.38 1 .29
10.89 12.51 -1.62 1.94 8.95 1.09
-0.83 2.50 -3.33 1.94 -2.77 1.59
6.80 3.77 3 .03 1.94 4.86 1.69
-4.78 -3.56 -1.22 f94 -6.72 1.99
6.89 8.60 -1.71 1.94 4.95 1.29
2.62 2.57 0.05 1.94 0.68 2.69
-1.42 -1.02 -0.40 1.94 -3.36 1.69
3.54 0.63 2 .91 1.94 1.60 1.69
0 .95 -3.01 3 .96 1.94 -0.99 1.19
-2.54 -5.93 3.39 1.94 -4.48 2 .19
4.11 3.69 0.42 1.94 2 .17 2.09
-6.53 -7.20 0.67 1.94 -8.47 1.18
6.32 6.41 -0.09 1.94 4.38 0.09
0.47 0.03 0.44 1.94 -1.47 2.19
-5.93 -6.75 0.82 1.94 -7.87 1.69
-7.51 -8.45 0 .94 1.94 -9.45 1 .59
3.08 5.95 -2.87 1.94 1.14 0.98
-1.47 -1.24 -0.23 1.94 -3.41 2.80
7.62 10.56 -2.94 1.94 5.68 0.69
1.16 1.44 -0.28 1.94 -0.78 1.79
7.08 7.21 -0.13 1.94 5.14 0.49
Returns for periods exceeding one year are annualized.
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
24
Diff
-2.89
5.03
4.97
3.40
4.38
0.25
1.22
0.53
3.63
-1 .72
10.07
7.17
-0.40
6.48
-2.24
-7.73
9.80
-2.42
5.11
-6.77
5.60
-0 .07
-3.11
1.85
-0.24
-4.73
2.02
-7.71
6.23
-1.72
-7.62
-9.10
2.10
-4.27
6.93
-0.63
6.59
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Period
Ending
Mar 2004
Jun 2004
Sep 2004
Dec 2004
Mar 2005
Jun 2005
Sep 2005
Dec 2005
Mar 2006
Jun 2006
Sep 2006
Dec 2006
Mar 2007
Jun 2007
Incept.
Palm Beach Gardens General Employees'
General Employees Pension Plan
Quarterly Comparison Analysis (%)
Fund Policy Diff Nominal8% Diff CPI +4%
2.67 2.25 0.42 1.94 0.73 2.59
-0.24 -0.25 0.01 1.94 -2.18 2 .19
-0.38 0.30 -0.68 1.94 -2.32 1.08
6.17 5.82 0.35 1.94 4.23 1.18
-1.19 -1.54 0.35 1.94 -3.13 2.59
1.32 2.21 -0.89 1.94 -0.62 1.69
1.75 1.79 -0.04 1.94 -0.19 3.20
2.07 1.50 0.57 1.94 0.13 -0.01
2.71 2.25 0.46 1.94 0.77 2.59
-1.09 -0.89 -0.20 1.94 -3.03 2.59
3.95 4.92 -0.97 1.94 2.01 0.98
3.84 4.49 -0.65 1.94 1.90 0.49
4.49 1.13 3.36 1.94 2.55 2.69
2.07 3.91 -1.84 1.94 0.13 2.39
8.98 9.98 -1.00 8.00 0.98 6.63
Returns for periods exceeding one year are annualized.
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
25
Diff
0.08
-2.43
-1.46
4.99
-3.78
-0.37
-1.45
2.08
0.12
-3.68
2.97
3.35
1.80
-0.32
2.35
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Risk Measures Report Explanation
The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two pages
are used to determine the level of risk to which the fund has been exposed, and whether the return has been
commensurate with the risk taken. All measures are calculated for both the fund and the policy as well as the difference
between the two. Up to four time periods are evaluated depending on the age of the fund.
#Of Negative Qtrs/# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return
was less than zero, and the number of positive quarters is the number of quarterly returns which were greater or equal to
zero.
Batting Average: The batting average is a measure of consistency. It shows the percent of the q uarters the fund has
beaten the policy and the percent of the quarters the policy has beat the fund. A high average for the fund (e.g. over 50) is
desirable, indicating the fund has beaten the policy frequently.
Worst Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a
measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and
low, and indicates dispersion.
Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion . Higher
standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be
zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a
measure of risk.
Alpha/Beta/R·Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the
r-squared should be high. Beta measures risk relative to. the policy. A beta of 1 suggests risk equivalent to the policy.
Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the
return adjusting for beta. The higher the alpha, the better . R-squared measures the relationship between the policy and
the fund. A high r-squared means the returns of the fund can largely be explained by movements of the policy. The
higher the r-squared , the more reliable the alpha and the beta. R-squared may range from 0 to 100. Beta, alpha and
r-squared are derived from regression analysis using the fund and policy returns as the dependent and independent
variables respectively. Roughly, one would expect the fund's performance to equal the return of t he policy multiplied by
the beta plus the alpha.
Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit
of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as
measured by beta. Both of these should be compared against the corresponding value for the po licy. Higher numbers
are better, indicating more return for the level of risk that was experienced.
26
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Palm Beach Gardens General Employees'
General Employees Pension Plan
::a::xr.::::::::::::::::::::::::::::::::::::::::::::: ::::::::::f.:unt{ >:::::P.oJ~: ····· ·······
# of Negative Qtrs 3.00 2.00
# of Positive Qtrs 9.00 10.00
Batting Average 41.67 58.33
WorstQtr -1.19 -1.54
Best Qtr 6.17 5.82
Range 7.36 7.36
Worst4 Qtrs 3.98 3.97
Standard Deviation 5.19 4.47
Beta 1.02 1.00
Annualized Alpha -0.15 0.00
R-Squared 0.78 1.00
Sharpe Ratio 0.98 1.15
Treynor Ratio 4.97 5.14
Tracking Error 2.42 0.00
Information Ratio -0.03
::~o :vr::::::::::::::::::::::::::::::::::::::::::: :::::::<t.-u.n~t: :::::::::P.Oit:<iY.:
# of Negative Qtrs 14.00 12.00
# of Positive Qtrs 26.00 28.00
Batting Average 45.00 55.00
WorstQtr -7.51 -8.45
Best Qtr 10.89 12.51
Range 18.40 20.96
Worst4 Qtrs -11.63 -12.21
Standard Deviation 7 .95 8.95
Beta 0.81 1.00
Annualized Alpha 0.18 0.00
R-Squared 0.84 . 1.00
Sharpe Ratio 0.38 0.39
Treynor Ratio 3.70 3.46
Tracking Error 3.58 0.00
Information Ratio -0.13
Risk Measures
:::<:<:<:b.H{ ............
1.00
-1.00
-16.66
0.35
0.35
0.00
0.01
0.72
0.02
-0.15
-0.22
-0.17
-0.17
2.42
:::::::::::\D.Iff
2.00
-2.00
-10.00
0.94
-1.62
-2.56
0.58
-1.00
-0.19
0.18
-0.16
-0.01
0.24
3.58
:~:)f ::::::::::::::::::::::::::::::::::::::::::: ::::::::)~~&f : :::}::~Y.: ·::::::::::::::D.if(
# of Negative Qtrs 6.00 5.00 1.00
#of Positive Qtrs 14.00 15.00 -1.00
Batting Average 40.00
Worst Qtr -7.51
BestQtr
Range
Worst4 Qtrs
Standard Deviation
Beta
Annualized Alpha
R-Squared
Sharpe Ratio
Treynor Ratio
Tracking Error
Information Ratio
::,ocept ::::::::::::::::::::::::::::::::::::::::
# of Negative Qtrs
# of Positive Qtrs
Batting Average
Worst Qtr
Best Qtr
Range
Worst4 Qtrs
Standard Deviation
Beta
Annualized Alpha
R-Squared
Sharpe Ratio
Treynor Ratio
Tracking Error
Information Ratio
7.62
15.13
1.10
6.02
0.81
0.13
0.83
0.82
6.09
2.80
-0.38
............ ::::::::Fuo.<r
15.00
36.00
39.22
-7.51
11.16
18.67
-11.63
7.71
0.80
0.18
0.82
0.64
6.17
3.68
-0.27
60.00 -20.00
-8.45 0.94
10.56 -2.94
19.01 -3.88
3.97 -2.87
6.78 -0.76
1.00 -0.19
0.00 0.13
1.00 -0.17
0.88 -0.06
5.98 0.11
0.00 2.80
..... ... . ::::::::::::::oiff:: <<::PQ8Cy:
12.00 3.00
39.00 -3.00
60.78 -21.56
-8.45 0 .94
12.51 -1.35
20.96 -2.29
-12.21 0.58
8.66 -0.95
1.00 -0.20
0.00 0.18
1.00 -0.18
0.69 -0.05
5.94 0 .24
0.00 3.68
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
27
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13.00%
12.00%
11.00%
A 10.00%
n
n
u
a
I 9.00%
i
z
e
d
8.00%
R
e
t
u
r 7.00%
n
6.00%
·s.OO%
Palm Beach Gardens General Employees'
General Employees Pension Plan
Return vs Risk through June 30, 2007
*s&P soo
-
* Fun ~
* LB Gov/Corp
4 '00~.00Yo ~ I I I
o 3 MoTBill 0 0 0 5.00Yo 10.00Yo 15.00Yo
Risk (Annualized Std Dev)
!-+Policy I
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/2007 International added to Policy
28
20.00%
I
I
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•
13.00%
12.00%
11.00%
10.00%
R 9.00%
e
t 8.00%
u 7.00% r
n 6.00% s
5.00%
4.00%
3.00%
Palm Beach Gardens General Employees'
General Employees Pension Plan
Return vs Risk through June 30, 2007
3 Years 5 Years
12.00%
0
11.00%
*s&P 5J *s&P 5oo
10.00%
9.00%
R 8.00% e
t 7.00%
Fund * und
u
r 6.00% n
s 5.00%
4.00%
*LB ~ov/Corp
3.00% * * ( oytcorp .
1 3 fVIo TBill 1 L~ I
-
1.00% 3.00% 5.00% 7.00% 9.00%
0.00% 2.00% 4.00% 6.00% 8.00%
Risk {Annualized Std Dev)
2·000t.oo% 5.00% 10.00% 15.00% 20.00%
*3Mo TBill I I
8.00%
7.50%
7.00%
6.50%
R
e 6.00%
t
u 5.50%
r
n 5.00%
s
4.50%
4.00%
10 Years
"' S&P500
* und
*LB Gm /Corp
3.50% P* "::1 ~•. -rto:n I I I
·5.otro/o 15.00%
0.00% 10.00% 20.00%
Risk {Annualized Std Dev)
25.0 0%
I-t-Policy
Risk {Annualized Std Dev)
Inception
13.00%
12.00%
*s&P 5oo
11.00%
10.00% -
R
e 9.00%
t *F und
u 8.00% r
n
s 7.00%
* Corp LB Gov/
6.00%
5.00%
""' I I I 4·00 o/6.ooo..G MoS:BOO/o 10.00% 15.00% 20.00%
Risk {Annualized Std Dev)
Index change effective 1/1/06 from LB Gov/Credit to LB Aggregate 1/1/20071ntemational added to Policy
29
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Palm Beach Gardens General Employees'
General Employees Pension Plan
Policy:
First Objective:
Second Objective:
Universe Data:
09/30/1994-12/31/2005
0 110112006-12/3112006
0 110112007-06/30/2007
09/30/1994-06/30/2007
09/30/1994-06/30/2007
60.00 S&P 500
40.00 Lehman Gov/Credit Bond
60.00 S&P 500
40.00 Lehman Aggregate Bond
60.00 S&P 500
35.00 Lehman Aggregate Bond
5.00 MSCI EAFE
Annual Return of8.00%
100.00 US Consumer Price Index
+ 4.00 annual adder
60% PLCC, 35% HQB & 5% International
09/30/1994-12/3112006 40.00 High Quality Bond
60.00 Pure Large Cap Core
01/0112007-06/30/2007 35.00 High Quality Bond
60.00 Pure Large Cap Core
5.00 International Equity
30
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Tran Trade Settle
Code Date Date
Bogdahn Consulting, LLC
CONTRIBUTIONSIWITHDRA W ALS
Palm Beach Garden General Employees'
Combined Account
From 04-01-07 To 06-30-07
Security Amount Quantity
CONTRIBUTIONS
ti 04-02-07 04-02-07 Cash 10,315.37
Transfer to cover benefit pynmt
ti 04-02-07 04-02-07 Cash 6,876.92
Transfer in to cover benefit pymnt
li 04-06-07 04-06-07 Cash 636.17
EE
li 04-ll-07 04-ll-07 Cash 22,567.01
ER
li 04-20-07 04-20-07 Cash 618.46
EE
li 05-04-07 05-04-07 Cash 480.63
EE
li 05-18-07 05-18-07 Cash 460.74
EE
li 05-31-07 05-31-07 Cash 426.04
EE
li 06-0l-07 06-0l-07 Cash 11,324.45
Transfer to cover monthly benefit pymnt
li 06-01-07 06-01-07 Cash 7,549.64
Transfer to cover monthly benefit pynmt
li 06-08-07 06-08-07 Cash 1,312.52
Transfer to cover invoice
li 06-08-07 06-08-07 Cash 875 .01
Transfer to cover invoice
li 06-15-07 06-15-07 Cash 412.55
EE
li 06-18-07 06-18-07 Cash 425.17
Transfer to cover distribution
li 06-18-07 06-18-07 Cash 283.44
Transfer to cover distribution
li 06-29-07 06-29-07 Cash 1,023.07
EE
li 06-29-07 06-29-07 Cash 22,567.01
ER
li 06-29-07 . 06-29-07 Cash 14,154.05
Transfer from ac 80105108
ti 06-29-07 06-29-07 Cash 9,436.03
Transfer from ac 80105109
1ll,744.28
WITHDRAWALS
1o 04-02-07 04-02-07 Cash 16,645.20
Total Benefit Pymnt
1o 04-02-07 04-02-07 Cash 1,808.84
Federal W/H
to 04-02-07 04-02-07 Cash 10,315.37
transferpd to acct 80105ll2
to 04-02-07 04-02-07 Cash 6,876.92
Transferpd to ac 80105112
lo 04-09-07 04-09-07 Cash 0.30
Market Fee
Broker
Code Commission
I
Bogdahn Consulting, LLC
I CONTRIBUTIONS/WITHDRAWALS
Palm Beach Garden General Employees'
Combined Account
I From 04-01-07 To 06-30-07
Tran Trade Settle Broker
Code Date Date Security Amount Quantity Code Commission
I lo 04-09-07 04-09-07 Cash 29.18
Market Fee PD
lo 04-09-07 04-09-07 Cash 483.23
I Market Fee Pd
lo 04-09-07 04-09-07 Cash 237.30
Market Fee pd
lo 04-11-07 04-11-07 Cash 2,000.00
I COnsultant Fee BC 010107-033107
lo 04-11-07 04-11-07 Cash 1,011.18
Attorneys Fee CD
lo 05-01-07 05-01-07 Cash 18,600.04
I
Total Benefit Pymnt
lo 05-01-07 05-01-07 Cash 1,954.38
FederalW/H
lo 05-01-07 05-01-07 Cash 353.84
Foreign Tax W/H
I lo 05-01-07 05-01-07 Cash 1.94
Foreign W/H Fee
lo 05-11-07 05-11-07 Cash 229.43
Foreign Tax Wlh
I lo 06-01-07 06-01-07 Cash 18,600.04
Various Benefit Pymnt
lo 06-01-07 06-01-07 Cash 1,959.41
Federa1W/H
I
lo 06-01-07 06-01-07 Cash ll,324.45
Transferpd to ac 80105ll2
to 06-01-07 06-01-07 Cash 7,549.64
Transferpd to ac 80105ll2
lo 06-08-07 06-08-07 Cash 2,190.93
I Insurance pd to Gibson & Wirt
1o 06-08-07 06-08-07 Cash 348.47
Foreign Tax W/H
1o 06-08-07 06-08-07 Cash 12.90
I Foreign W/H Fee
lo 06-08-07 06-08-07 Cash 1.94
Foreign W/H Fee
lo 06-08-07 06-08-07 Cash 1,312.52
I
Transferpd to ac 80105112
to 06-08-07 06-08-07 Cash 875.01
Transferpd to ac 80105112
lo 06-18-07 06-18-07 Cash 425.17
Transferpd to ac 80105112
I to 06-18-07 06-18-07 Cash 283.44
Transferpd to ac 80105112
lo 06-19-07 06-19-07 Cash 1,116.13
Retro Beneift Pymnt
I lo 06-29-07 06-29-07 Cash 14,154.05
Transferpd to ac 80105108
lo 06-29-07 06-29-07 Cash 9,436.03
Transfer pd to ac 80 I 05109
I 130,137.28
I 2
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Bogdahn Consulting, LLC
CONTRIBUTIONS/WITHDRAWALS
Palm Beach Garden General Employees'
Combined Account
From 04-01-07 To 06-30-07
Tran Trade
Code Date
Settle
Date
EXPENSE ACCOUNTS
Security
AFTER FEE PERFORMANCE EXPENSE ACCOUNTS
dp 04-ll-07 04-ll-07 Administration Fee
Investment Mgmnt Fee
dp 04-18-07 04-18-07 Administration Fee
Investment Mgmnt Fee
PORTFOLIO NET TOTAL
EXPENSE ACCOUNTS PAID BY CLIENT
AFTER FEE PERFORMANCE EXPENSE
ACCOUNTS PAID BY CLIENT
GRAND TOTAL
Amount
0.00
835.00
3,353.98
4,188.98
-22,581.98
0.00
0.00
-22,581.98
3
Quantity
Broker
Code Commission
I ~ •• 'Ill
I
Bogdahn Consulting, LLC
I PORTFOLIO APPRAISAL
Palm Beach Garden General Employees'
Combined Account
I June 30, 2007
(Excluding Reinvested Divs.)
Unit Total Market Pet.
Quantity Security Cost Cost Price Value Gain/Loss Assets
I DOMESTIC EQUITIES
Common Stock
Large Cap
1.9 1,400.000 AT&T Inc./ formally 33.80 47,322.94 41.50 58,100.00 10,777.06
I AT&TCotp
900.000 Anheuser-Busch Cos. 46.99 42,295.05 52.16 46,944.00 4,648.95 1.6
Inc.
520.000 BOEING CO COM 64.53 33,556.42 96.16 50,003.20 16,446.78 1.7
I 1,478.000 Cisco Sys, Inc COM 28.51 42,133.49 27.85 41,162.30 -971.19 1.4
624.000 Colgate Palmolive 64.86 40,471.83 64.85 40,466.40 -5.43 1.3
1,046.000 Dow Chemical Co.Com 45.81 47,921.97 44.22 46,254.12 -1,667.85 1.5
1,134.000 ECHOSTAR 36.37 41,246.19 43.37 49,181.58 7,935.39 1.6
I COMMNTNS NEW CL
A
1,206.000 General Motors 33.60 40,517.74 37.80 45,586.80 5,069.06 1.5
Cotp.Com
I 1,015.000 Heinz H J Company 42.21 42,842.34 47.47 48,182.05 5,339.71 1.6
1,345.000 Hewlett Packard Co 32.33 43,477.39 44.62 60,013.90 16,536.51 2.0
900.000 J.P. Morgan & Co. 46.98 42,277.77 48.45 43,605.00 1,327.23 1.4
510.000 Lockheed Martin Corp. 60.12 30,662.63 94.13 48,006.30 17,343.67 1.6
1,155.000 Loews Corp. 29.94 34,579.59 50.98 58,881.90 24,302.31 1.9
I 1,024.000 Macy's Inc 41.34 42,328.78 39.78 40,734.72 -1,594.06 1.3
1,075.000 PG&ECorp. 35.89 38,583.79 45.30 48,697.50 10,113.71 1.6
675.000 Praxair Inc. 62.52 42,200.80 71.99 48,593.25 6,392.45 1.6
1,720.000 Safeway Inc. COM 22.29 38,341.72 34.03 58,531.60 20,189.88 1.9
I 1,237.000 Tyco International Ltd 31.91 39,472.30 33.79 41,798.23 2,325.93 1.4
COM
730,232.73 874,742.85 144,510.12 28.9
I Mid Cap
1,034.000 Alliant Energy Cotp 38.94 40,259.72 38.85 40,170.90 -88.82 1.3
1,010.000 Century Telephone 45.69 46,145.89 49.05 49,540.50 3,394.61 1.6
Enterprises
I 920.000 FISERV INC COM 43.76 40,259.57 56.80 52,256.00 11,996.43 1.7
970.000 Hemy Schein Inc. 45.52 44,158.09 53.43 51,827.10 7,669.01 1.7
944.000 International Flavors 52.24 49,313.24 52.14 49,220.16 -93.08 1.6
and Frag Inc.
1,170.000 McCormick & Co Inc 35.29 41,292.11 38.18 44,670.60 3,378.49 1.5 I 515.000 NYSE Euronext/ was 66.09 34,036.66 73.62 37,914.30 3,877.64 1.3
NYSE Group Inc.
1,192.000 P P & L RES INC COM 33.44 39,857.62 46.79 55,773.68 15,916.06 1.8
1,150.000 Price T Rowe Assoc Inc 33.76 38,819.00 51.89 59,673.50 20,854.50 2.0
I Com
284.000 Sears Holdings Corp 151.84 43,122.84 169.50 48,138.00 5,015.16 1.6
560.000 Simon PPTY Group Inc. 68.08 38,124.80 93.04 52,102.40 13,977.60 1.7
1,310.000 Stericyc1e Inc 31.72 41,554.44 44.46 58,242.60 16,688.16 1.9
I 974.000 Thermo Fisher Scientific 48.42 47,164.39 51.72 50,375.28 3,210.89 1.7
1,300.000 W endys Inti, Inc COM 34.02 44,229.51 36.75 47,775.00 3,545.49 1.6
588,337.88 697,680.02 109,342.14 23.1
I Small Cap
449.000 Precision Castparts 46.02 20,665.18 121.36 54,490.64 33,825.46 1.8
Cotp.
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Bogdahn Consulting, LLC
I PORTFOLIO APPRAISAL
Palm Beach Garden General Employees'
Combined Account
I June 30, 2007
(Excluding Reinvested Divs.)
Unit Total Market Pet.
I Quantity Security Cost Cost Price Value Gain/Loss Assets
1,445.000 VCA Antech Inc 28.86 41,707.04 37.69 54,462.05 12,755.01 1.8
62,372.22 108,952.69 46,580.47 3.6
1,380,942.83 1,681,375.56 300,432.73 55.6
I 1,380,942.83 1,681,375.56 300,432.73 55.6
INTERNATIONAL EQUITIES
Global Funds
I Foreign
195.000 !Shares MSCI Emerging 106.79 20,824.05 131.65 25,671.75 4,847.70 0.8
Markets
770.000 IS bares MSCI Japan 13.57 10,447.98 14.51 11,172.70 724.72 0.4
I
Index Fund
172.000 ISbares MSCI Pacific 121.00 20,812.00 146.50 25,198.00 4,386.00 0.8
Ex-Japan
65.000 IShares S&P Latin 160.75 10,448.75 213.20 13,858.00 3,409.25 0.5
American40
I 580.000 Ishares MSCI EAFE 71.22 41,305.80 80.77 46,846.60 5,540.80 1.6
Index Fund
103,838.58 122,747.05 18,908.47 4.1
I
103,838.58 122,747.05 18,908.47 4.1
Foreign Stock
Foreign
800.000 Bayer AG SA ADR 52.86 42,284.88 75.30 60,240.00 17,955.12 2.0
I 4,500.000 KONINKLUKE 10.34 46,514.25 12.52 56,340.00 9,825.75 1.9
AHOLDNVADR
1,520.000 Ryanair Holdings 27.61 41,969.63 37.75 57,380.00 15,410.37 1.9
PLC-SP ADR
I 2,652.000 Volvo Aktiebolaget 8.13 21,560.34 19.89 52,748.28 31,187.94 1.7
ADRCLB
152,329.10 226,708.28 74,379.1 8 7.5
152,329.10 226,708.28 74,379.18 7.5
I 256,167.68 349,455.33 93,287.65 11.6
FIXED INCOME
Corporate Bonds
I 45,000 Merrill Lynch & Co. 103.41 46,536.30 100.43 45,193.41 -1,342.89 1.5
6.560% Due 12-16-07
25,000 Wells Fargo & Co 97.50 24,375.25 98.38 24,594.18 218.93 0.8
I 4.000% Due 08-15-08
25,000 ffiM 96.51 24,126.50 97.80 24,448.95 322.45 0.8
4.250% Due 09-15-09
25,000 American General 99.22 24,803.75 98.27 24,567.80 -235.95 0.8
I
Finance Corp Note
4.875% Due 05-15-10
25,000 Abbott Laboratories 101.71 25,428.00 100.40 25,101.13 -326.88 0.8
5.600% Due 05-15-11
35,000 John Deere Cap Corp 100.10 35,036.05 100.52 35,181.83 145.78 1.2
I SerM1N
5.650% Due 07-25-11
I 2
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Bogdahn Consulting, LLC
I PORTFOLIO APPRAISAL
Palm Beach Garden General Employees'
Combined Account
I June 30, 2007
(Excluding Reinvested Divs.)
Unit Total Market Pet.
I Quantity Security Cost Cost Price Value Gain/Loss Assets
25,000 Lehman Brothers 105.39 26,348.25 103.72 25,931.20 -417.05 0.9
Holdings
6.625% Due 01-18-12
I 20,000 J P Morgan Chase & Co 101.46 20,291.00 100.o3 20,005.18 -285.82 0.7
Sub Note
5.750% Due 01-02-13
40,000 Morgan Stanley 94.42 37,769.60 93.38 37,353.56 -416.04 1.2
4.750% Due 04-01-14
I 25,000 Goldman Sachs Group 94.23 23,558.50 95.02 23,755.98 197.48 0.8
Inc
5.125% Due 01-15-15
25,000 SunTrust Banks Inc. 102.50 25,625.00 101.98 25,495.30 -129.70 0.8
I 6.000% Due 01-15-28
40,000 First Union Corp 107.09 42,834.40 102.95 41,181.52 -1,652.88 1.4
6.180% Due 02-15-36
25,000 Lowes Companies Ser 120.20 30,051.00 111.29 27,822.60 -2,228.40 0.9
I MTNB
7.110% Due 05-15-37
386,783.60 380,632.62 -6,150.98 12.6
Accrued Interest 6,607.49 0.2
I 386,783.60 387,240.11 -6,150.98 12.8
CMO
I
50,000 SeaRiber Maritime Fin 75.90 37,948.00 76.06 38,027.85 79.85 1.3
Hldgs.
12.000% Due 09-01-12
Accrued Interest 500.00 0.0
I
37,948.00 38,527.85 79.85 1.3
Government Bonds
40,000 FNMA 96.95 38,780.80 98.50 39,400.00 619.20 1.3
I 3.875% Due 08-15-08
25,000 US Treasury Note 99.73 24,931.64 99.59 24,898.45 -33.19 0.8
4.625% Due 11-30-08
50,000 FHILMC Series MTN 98.86 49,431.00 99.49 49,746.80 315.80 1.6
I 5.250% Due 02-24-11
50,000 FHLB 99.72 49,859.45 100.09 50,046.90 187.45 1.7
5.375% Due 06-14-13
50,000 US Treasury Note 95.89 47,945.32 94.88 47,441.40 -503.92 1.6
I 4.250% Due 08-15-15
40,000 Federal Home Loan Mtg 98.07 39,227.60 96.09 38,437.50 -790.10 1.3
Corp
5.200% Due 03-05-19
25,000 UNITED STATES 114.72 28,679.69 109.16 27,289.05 -1,390.64 0.9
I TREASBDS
6.000% Due 02-15-26
I
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Bogdahn Consulting, LLC
PORTFOLIO APPRAISAL
Palm Beach Garden General Employees'
Combined Account
Quantity Security
25,000 Tennessee Valley
Authority
5.880% Due04-01-36
Accrued Interest
FHIMC
47,831 FHIMC Pool #J02621
5.000% Due 10-01-20
Accrued Interest
FNMA
25,861 FNMA Pass Thru Pool
#735036
5.500% Due 12-01-34
40,851 FNMA Pool #256060
6.000% Due 01-01-36
71,366 FNMA Pool #896494
6.000% Due 08-01-36
Accrued Interest
CASH & EQUIV.
Money Markets
75,152 Goldman Sachs
Fin.Sq.Treasury Oblib.
Admin
TOTAL PORTFOLIO
June 30, 2007
(Excluding Reinvested Divs.)
Unit Total
Cost Cost Price
111.11 27,778.00 104.07
306,633.50
306,633.50
98.86 47,285.74 96.72
47,285.74
99.25 25,666.60 96.82
101.39 41,419.57 99.10
100.14 71,466.27 98.99
138,552.44
138,552.44
917,203.28
1.00 75,151.95 1.00
75,151.95
75,151.95
2,629,465.74
4
Market Pet.
Value Gain/Loss Assets
26,017.48 -1,760.53 0.9
303,277.58 -3,355.93 10.0
4,015.20 0.1
307,292.77 -3,355.93 10.2
46,260.84 -1,024.90 1.5
199.30 0.0
46,460.14 -1,024.90 1.5
25,037.79 -628.81 0.8
40,484.62 -934.95 1.3
70,642.09 -824.18 2.3
136,164.50 -2,387.94 4.5
679.61 0.0
136,844.11 -2,387.94 4.5
916,364.99 -12,839.89 30.3
75,151.95 0.00 2.5
75,151.95 ---=oc:..::.o~o 2.5
75,151.95 0.00 2.5
3,022,347.83 380,880.49 100.0