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Agenda Police Pension 120607
Agenda City of Palm Beach Gardens Police Officers' Pension Fund MEETING OF DECEMBER 6TH, 2007 LOCATION: City Council Chambers' Police Conference Room 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9:00 AM 1. Call Meeting To Order 2. Roll Call: • Lt. Jay Spencer, Chairman • David Pierson, Secretary • Jules Barone, Trustee Brad Seidensticker, Trustee • Wayne Sidey, Trustee 3. Approval of Minutes: August 30th, 2007 Regular Meeting 4. Investment Manager Report - ICC Capital (Steve Stack) 5. Investment Consultant Report - Thistle Assets (Brendon Vavrica) 6. 2006 Actuarial Valuation Report - Gabriel, Rodeor & Smith (Steve Palmquist) 7. Attorney Report: Hanson, Perry, & Jensen, P.A. (Bonni Jensen) 8. Disbursements Approval 9. Benefit Approvals 10. Financial Statements 11. Administrative Report (Scott Baur) 12. Old Business . Progress of Investment Policy Guidelines and the investments benchmarks to prohibits mortgage- backed securities 13. Other Business . Discussion on members leaving their DROP money in the account once they separate from service 14. Adjourn Meeting Schedule: *Need to reschedule all 2008 Meeting Dates L 1 Cb Piva$10A) N E 3 ow p� Ar,o&( -) V6 vr, ;f ,�-L 6) .r7T- fS aAL C17Y OF PALM BEACH GARDENS MEETING �� -o4 - 07 DATE SIGN -IN SHEET PLEASE PRINT MUNICIPALITY /COMPANY G, Pe�P� Cr12S !�"T O G., PHONE --7qq- 4151�5_ n "i / fit AV4 / 6" ,i�r S� 1- P 7 - 3-1'-1' � /Ptn,s ► M C PSduocC, � a t ° C Z4- Ja7� a -rxvv 6� J�6z1,�_Q7 V Y City of Palm Beach Gardens Police Officers' Pension Fund Minutes of the Meeting Held August 30th, 2007 The regular meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers' Pension Fund was called to order at 9:07 AM by Chairman, Jay Spencer in the Council Chambers at the Palm Beach Gardens Police Community Room at 10500 North Military Trail, Palm Beach Gardens, Florida. TRU TEES PRESENT OTHERS PRESENT Jay Spencer, Chairman John McCann (Thistle Asset Consulting) David Pierson, Secretary Steve Stack (ICC Capital Management) Jules Barone Cliff Rogers (ICC Capital Management) Brad Seidensticker Bonni Jensen (Hanson, Perry, & Jensen, P.A.) Wayne Sidey Annette Tucci (Palm Beach Gardens Clerk's Office) Scott Baur (The Pension Resource Center, LLC) Audrey Walker (The Pension Resource Center, LLC) Denise D'Entremont (RhumbLine) MINUTES MOTION: Mr. Seidensticker made a motion to approve the minutes from May 14th, 2007. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5 -0. Mr. Pierson and Mr. Seidensticker stated that they did not receive the meeting packets that were send via email a week prior to the meeting. INVESTMENT MANAGER REPORT RumbLine — Presented by Denise D'Entremont: Ms. D'Entremint began by thanking the Board for inviting her down from Boston to be here at the meeting. She reported that as of July 31st, 2007, RumbLine had a total of $10,885,407.92 of assets in the portfolio. Ms. D'Entremont continued reviewing the returns of each individual index component, to make sure they were in line with the corresponding benchmarks. She also reviewed the returns of the top holdings, and went over the best and the worst performances in the index. She stated that this particular plan has index components that track the S &P 500 (Large Cap), S &P 400 (Mid Cap), and S &P 600 (Small Cap). Mr. McCann questioned Ms. D'Entremont about the age of the commission recapture, and she replied that she will review it and get back to the Board. She then provided the Board with information on the longer term performances of the S &P component. Lastly, Ms. D'Entremont advised the Board of changes to personnel including the promotion of Wayne Owen to CEO of Rumbline. ICC Capital Managment — Presented by Steve Stack and Cliff Rogers: Mr. Stack reported that there was $11,447,976 in the fixed income assets. He stated that despite all the macular turmoil the economy somehow still seems to a have steady growth. He reported that for the quarter ending on June 30th, 2007 the bonds had a return of -.26 %, and he also reported that the market continues to experience heavy volatility. Mr. Seidensticker questioned if the plan had any direct or indirect exposure to CDO's, and Mr. Stack stated that the portfolio has no direct exposures to CDO'S. He continued explaining that the mortgage pools held by the plan as investments were backed by the full faith and credit of the US Government. Mr. Stack also reported that the lower rated securities held by the plan are an A -. He stated that ICC invests in costly service that advises the portfolio managers of potential quality upgrades and downgrades in the portfolio. Mr. Stack recommended that the plan policy exclude investments that are made in either CMO's or CDO's, even though the plan does not invest in these issues anyways. Ms. Jensen stated that even though the paid services managers should have direction, she advises the trustees that they can always amend the policy again in the future, if the conditions warrant it. MOTION: Mr. Seidensticker made a motion to have written in the policy that all mortgage obligations have to be guaranteed by the Government Agencies. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5 -0. Mr. Stack stated that he will email Mr. McCann with some suggested language and then he will forward it to the Board. Mr. Stack commented that he does not have a summary on the growth portfolio, which is still evolving and still performing well. He stated that ICC is still slowly investing the cash and will update the Board on the progress. Ms. Jensen requested Mr. Stack to provide a report to her on the new portfolio before September 30th, 2007. INVESTMENT CONSULTANT REPORT Thistle Assets Consultant — Presented by John McCann: Mr. McCann reviewed the performance of the international stock mutual fund. He recommended no changes to the use of the current fund choices. He reported that Mainstays ICAP added an additional manager to their group, which had no affect on the plan. Mr. McCann then reviewed the compliance of the portfolio with the investment policy. Even though the portfolio slightly under performed the policy guidelines, the portfolio did significantly out perform the peer manager universe. Mr. McCann also reviewed all the other asset allocations. Mr. McCann reported that for the quarter ending June 30th, 2007, the portfolio earned 3.35% versus 3.77% for the benchmark and for one year the portfolio earned 13.28% versus 15.07 for the benchmark. Mr. McCann stated that the one year returns ranked in the top 17 percentile, and the year to date fiscal was 9.57 %. Mr. McCann commented that the risk of the portfolio is lower then the market. Mr. McCann requested that the Board execute a revised investment policy Mr. Spencer shared some information from the last FPPTA conference he attended regarding the investments in the international markets. ATTORNEY REPORT Hanson, Perry & Jensen, P.A. — Presented by Bonni Jensen: Ms. Jensen reported that the amount of the Chapter 185 premium tax money that was received was $460,437.69, which has slightly risen from the previous year which was $428,055.49. Ms. Jensen stated that the plan actually gave some money back for a guarantee that the police plans money would not decrease. Ms. Jensen commented that the state advises that the plan should begin to look into implementing some benefit improvements. Ms. Jensen gave an updated to the Board on the progress of the 2006 Annual Report, stating that the Administrators are still working on resolving some additional questions that the state came back with. Mr. McCann suggested that the Chapter 185 money go to ICC Capital; dividing 60% into the large cap growth and the remaining 40% into the fixed income. MOTION: Mr. Pierson made a motion to move the Chapter 185 money to ICC Capital, with 60% going into large cap growth and 40% going into the fixed income. SECOND: Mr. Seidensticker seconded the motion. CARRIED: The motion carried unanimously 5 -0 DISBURSEMENTS APPROVALS MOTION: Mr. Sidey made a motion to approve the Disbursements. SECOND: Mr. Barone seconded the motion. CARRIED: The motion carried unanimously 5 -0 ADMINISTRATOR REPORT The Pension Resource Center, LLC — Presented by Scott Baur: Mr. Baur answered any questions or concerns that the Board might have had in regards to the switch of the banks. Mr. Baur also updated the board on the situation regarding the data transition from the city which resulted in inaccurate calculations for the payroll data. He stated that they are still working very hard on getting this matter resolved. OTHER BUSINESS Mr. Spencer reported that there were some conflicts on meeting dates with the council chambers. He stated that the Board will continue to meet in the Police Community Room on the fourth Thursday, of the second month in the quarter. Mr. Spencer wants to further discuss at the next meeting about allowing members to keep their DROP funds in the plans account following separation from their service. A30URN There being no further business, the Trustees officially adjourned the meeting at 10 :50AM Respectfully submitted, DAVID PIERSON, Secretary JILL HANSON• mjhanson®hpilaw.com ANN H. PERRY aparry@hpjlaw.com BONNI SPATARA JENSEN bsiensenOhpjlaw.com •quo Amer= a N.Y. To: From: Subject: Date: HANSON, PERRY & JENSEN, P.A.. 400 EXECUTIVE CENTER DRIVE, SUITE 207 - WEST PALM BEACH, FLORIDA 33401 -2922 TELEPHONE (561) 686 -6550 FACsimu (561) 686 -2802 MEMORANDUM Boards of Trustees and Administrators Bonni S. Jensen Hanson, Perry &. en n, P.A. Healthcare Enhancement for Local Public Safety ( "HELPS ") Reporting Instructions December 2007 As a part of the Pension Protection Act of 2006, retired public safety officers are entitled to elect to exclude up to $3,000 annually from governmental pension income if the money is used to pay for qualified health insurance premiums. The member must be separated from service by reason of disability or attainment of normal retirement age to be eligible for this exclusion. These amounts will not be reported on the 1099 -R. The IRS instructions for filing the 2007 Tax Returns, as well as the 1099 -R instructions, explain the procedure to take the deduction. The IRS requires the retiree to report the total amounts distributed by the Plan for health insurance premiums on Form 1040, Line 16a; Form 1040A, Line 12a; and Form 1040NR, Line 17a. The taxable amount will be reported on Form 1040, Line 16b; Form 1040A, Line 12b; and Form 1040NR, Line 17b, with the notation "PSO" beside the taxable amount. Additionally, I suggest that the following should be included with the 1099 -R Form and the January, February, March and April checks /direct deposit remittance if the Pension Fund makes deductions from pension checks for health insurance premiums: The Pension Protection Act of 2006 allows retired public safety officers to elect to exclude up to $3,000 from taxable income for distributions made directly from the retirement plan to pay for your health insurance premiums. This amount will not be reported on your 1099 -R. The IRS has provided for you to individually make this reduction when you file your tax forms. If the Pension Fund deducts and makes premium payments on your behlf, please be sure to review this year's instructions for filing your tax return and see a qualified tax advisor for assistance in reporting this exclusion. Please contact me if you have any questions regarding this or any other matter. H:WII Miscellaneous\ALL BOARDS \Memo HELPS IRS inst.wpd f RQy �.y�PJ" FAX N0. :561 686 2862 Jul. 10 2007 08:52AM Pf Hanson. Perry & Jensen. P.A. 400 Executive Center Drive, Suite 247 — West Palm Beach, F'lorit 4 33441 -2922 s61- 686-Mo (Prone) — 561- 6W2902 (Fax) E40AIL t30NNt JENSIN WansetiMpRowggm Karon Anwnits (LftW Asst) p� ®heli,�w cam T art mlt tc: 624.3278 Daf,vsrto., Scott Baur Penslon Resource Centers, LLC From: Bonn) S. Jensen seed: IRS 1099R S 1040 Forms and PPA-W Papas 7ranangle& .1L (Indudes Cover) Date: Jul!' 10, 2007 File No,; As per our discussion, please see the following. If you experience any difficulty recelving this transmittal please call us at 65S -5840 The Irrlioenation contalned in this facalmfle m98Sage is infbrmatfon protected by 811m sy -dish! or agar On effenmokwk product privilege, His intended Only for the use of the IndlMust1 named *bow and the pdWagas a a not waned by virtue of this having been sent by feoslmtle. if the person aduaRy receiving this faoeimffe or any other i mder of this feoabr b Is not the named redplent or the employee or agent responsible to dellver it to the name f recoent, any U8e, d lsseminatlon, distdbugon, oroopyl ngoftheoommun iontionisstflotlyptohJbbd 1fyouhave mwfvxfthfscommUrlh,,M*n In error, please Immadletely notlry us by telephone and return the original rrwsage to us at dra a rowv vatahwe via 1j a Postal Service. FKA :.HPJ LAW FAX N3. :561 686 2802 Jul. 10 2007 08:52AM P2 RE The 2007 1099R and the 2007 10998 and 1040 Forms. ant) PPAFrom: L' Robu rt . A. Eri cksonf i rs ' I sent: Monday, tune 11, 2007 3:57 PM To- Tarr Paul cc: sottile sue M subject: RE: The 7007 10998 and 1.040 Forms Mere are the answers: 1) should the 2007 j.099R (Box 2a) taxable income by any qualified medical deductions $3,000.00 under PPA)? No. 1040 Forms and PPA.TXT Frickson Robert A and PPA amount reflect the reduction of taxable taken pre -tax for safety me%bers (up to 2) Are there any new boxes on the 2007 1099R farm•? No. See the 2007 form at http: / /www.irs -gov /pub /irs -pdf f1099r.pdf. Xf not, are any of the IM % boxes to inc ode PPA related deductions No. 3) will there be a line on the 1040 form for the retiree to put their total ytd medical premium payment amount? No. Instead, the retiree must reduce the taxable amount on line 16b by the amount of the exclusion and enter "Pso" next to that line. will this be how the retiree will report that they are due a deduo:itn up to $3,000.00? Yes, 'the above method will -indicate that the exclusion (d(duction) was claimed. 4 would the retirement fund need to provide the up to $3,000.00 dedu('tion amount to the safety payees? No, there is no requirement to do so, although it vould be helpful. would they need to provide the ytd medical premium amount t( the Safety payees? No, there -is no requirement to do so, although it would be he -pful. 5) Are there ag new forms that will be associated with these new deductions for safety retirees. No. 13oh Erickson I.D. No. 50- 07162 senior, Technical Advisor Tax Forms & Publications, SE:w:CAR:MP:`r 1111 Constitution Ave. N.w., Room 6406 wash'in ton, AC 20224 Phone 202) 622 -50;19 Fax (702) 622-5025 cell (202) 746 -7811 E-mail: aobert.A.Frickson@irs.gov -- - - - - -- -• ------ - - - - -- --------------------------------------------------- vrom: Tarr, Paul Cmailto: Paul .Tarrly @lrs.coml Sent: Monday, June 1:1, 7007 4:30 PM To: Erickson Robert A sub;Ject: The 2007 1099R and 1040 Forms and PPA Bob, My name is Paul Tarr and I work for Levi, Ray & Shoup Inc. in the Pen:ionGold retirement solutions group. we are an iT company that creates software products for public retirement funds. Our main products calculate and process henelit payouts to retirees, many of whom are public safety officers. Our systems also Froduce copies of the Form 1099 -R to report their annual income. I was hoping that ytu could clarify a 'Few things regarding the 2007 1099rt and 1040 forms and tha t. impac of the Pension Protection Act of 7006 (PPA) . Page 1 FROM : HPJ LAW FAX N0. :561 686 2802 Jul. 18 2007 08 :52AM P3 RE The 2007 1099R and 1040 Forms and PPA.TXY 1) should the 2007 1099R (sox 2a) taxable amount reflect the reduction of taxable income by any qualified medical deductions taken pre -tax for safety rembers (up to $3,000.00 under PPA)? 2 Are there an new boxes on the 2007 1099R form? If so, what amoum s should be in those boxes? it not, are any of the 1099R boxes to include PPA related deductions? 3) will there be a line on the 1040 form for the retiree to put them total ytd medical premium payment amount? will this be how the retiree will relort that they are due a deduction up to 13,000.00? 4) would the retirement Band need to provide the up to S3 000.00 dedriction amount to the safety payees? would they need to provide the ytd medical premiun amount to the safety payees S) Are there any new forms that will be associated with these new deductions for safety retirees? Thanks in advance for answering nay questions. Paul Tarr Paul C. Tarr 1V, PMP 5u AAoort supervisor PensionGold Retirement so utions I Levi. Ray & Shoup Inc. I (2 1 7) 93 -3800 ext. 149 1 (217) 547 -0963 fax Page 2 X007 Instructions for Forms 1099 -R and 5498 Section references are to the Internal Revenue Code unless otherwise noted. What's New ,Form 1099 -R Certain qualified distributions. A TIP has been added on page R -1 to indicate that there is no special reporting for qualified charitable distributions, qualified HSA distributions, or payments of qualified health and long -term care insurance premiums for retired public safety officers. Recipients of these C claim the associated tax benefits on their own income tax returns. However, trustees and issuers may use Distribution Code 2 to indicate an exception to the additional tax on early distributions for payments of qualified health and long -term care insurance premiums for retired public safety officers. See the Guide to Distribution Codes on page R -11. Nonspouse designated beneficiaries. Notice 2007 -7 provides guidance on provisions in the Pension Protection Act of 2006 regarding the tax treatment of certain distributions to nonspouse designated beneficiaries. See Direct Rollovers on page R -3; Automatic rollovers on page R -3; and the TIP on page R -4 under Explanation to Recipients Before Eligible Rollover Distributions (Section 402(f) Notice). Section 402(f) notice requirements. Guidance is provided under new Regulations section 1.402(f) -1 in meeting the requirements to furnish section 402(f) notices electronically. Also, the Pension Protection Act of 2006 extended the period for providing the notice for certain plans. See Notice 2007 -7, Section VIII, and Explanation to Recipients Before Eligible Rollover Distributions (Section 402(17 Notice) on page R -4. Form 5498 Special catch -up contributions. Information for reporting catch -up contributions under section 219(b)(5)(C) has been added under Special reporting for 2007 on page R -13. Qualified charitable distributions. Notice 2007 -7 provides guidance on the treatment of qualified charitable distributions. See the Note on page R -13. Nonspouse designated beneficiaries. Guidance on reporting for IRAs of nonspouse designated beneficiaries has been added to Inherited IRAs on page R -14. Qualified reservist distributions. Reporting instructions have been added on page R -14 under Repayment of qualified reservist distributions. Blank box. Instructions regarding the use of the blank box to the left of box 10 for reporting certain contributions have been added on page R -15. Reminders In addition, see the 2007 General Instructions for Forms 1099, 1098, 5498, and W -2G for information on: • Backup withholding • Electronic reporting requirements • Penalties • Who must file (nominee /middleman) • When and where to file • Taxpayer identification numbers • Statements to recipients • Corrected and void returns • Other general topics CoDepartment of the Treasury Internal Revenue Service You can get the general instructions from the IRS website at www.irs.gov or call 1- 800 - TAX -FORM (1- 800 - 829 - 3676). Specific Instructions for Form 1099 -R File Form 1099 -R, Distributions From Pensions, Annuities, Retirement or Profit - Sharing Plans, IRAs, Insurance Contracts, etc., for each person to whom you have made a designated distribution or are treated as having made a distribution of $10 or more from profit- sharing or retirement plans, any IRAs, annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, charitable gift annuities, etc. Also, report on Form 1099 -R death benefit payments made by employers that are not made as part of a pension, profit - sharing, or retirement plan. See box 1 on page R -6. Reportable disability payments made from a retirement plan must be reported on Form 1099 -R. Generally, do not report payments subject to withholding of social security and Medicare taxes on this form. Report such payments on Form W -2, Wage and Tax Statement. Generally, do not report amounts totally exempt from tax, such as workers' compensation and Department of Veterans Affairs (VA) payments. However, if part of the distribution is taxable and part is nontaxable, report the entire distribution. B There is no special reporting for qualified charitable distributions described in section 408(d)(8), for qualified HSA funding distributions described in section 408(d)(9), or for the payment of qualified health and long -term care insurance premiums for retired public safety officers described in section 402(1). Military retirement annuities. Report payments to military retirees or payments of survivor benefit annuities on Form 1099 -R. Report military retirement pay awarded as a property settlement to a former spouse under the name and taxpayer identification number (TIN) of the recipient, not that of the military retiree. Governmental section 457(b) plans. Report on Form 1099 -R, not Form W -2, income tax withholding and distributions from a governmental section 457(b) plan maintained by a state or local government employer. Distributions from a governmental section 457(b) plan to a participant or beneficiary include all amounts that are paid from the plan. For more information, see Notice 2003 -20 which is on page 894 of Internal Revenue Bulletin 2003 -19, available at www.irs. .gov/publrs- irbafirb03 -19. pdf. Also see Section 457(b) plan distributions on page R -10 for information on distribution codes. Nonqualtfted plans. Report any reportable distributions from commercial annuities. Report distributions to employee plan participants from section 409A nonqualified deferred compensation plans including nongovernmental section 457(b) plans on Form W -2, not on Form 1099 -R; for nonemployees, these payments are reportable on Form 1099 -MISC. However, report distributions to beneficiaries of deceased plan participants on Form 1099 -R. See box 1 on page R -6. Section 404(k ) dividends. Generally, distributions from an employee stock ownership plan (ESOP), including a tax credit ESOP, are reported on Form 1099 -DIV, Dividends and Distributions. However, if the distribution is a total distribution and contains section 404(k) dividends, report these dividends on Form 1099 -R. Charitable gift annuities. If cash or capital gain property is donated in exchange for a charitable gift annuity, report Cat. No. 27987M NOTE: THIS BOOKLET DOES NOT CONTAIN TAX FORMS Cat. No. 12088U INSTRUCTIONS 2007 43=)oExplore all electronic filing and payment options, including Free File. freefflV)-J-) TAKE THE FREEWAY If you made $54,000 or less in 2007, you're one of the 95+ million taxpayers who are eligible to a -file for free! See page 4 or go to: www.irs.gov MAILING YOUR RETURN You may be mailing your return to a different address this year. See the back cover. Il IRS Department the Treasury Internal Revenue Service www.1rs.9ov What's New What's New for 2007 Tax benefits extended. The following tax benefits were extended through 2007. • Deduction for educator expenses in figuring adjusted gross in- come. • Tuition and fees deduction. Alternative minimum tax (AMT) exemption amount decreased. The AMT exemption amount is decreased to $33,750 ($45,000 if married filing jointly or a qualifying widow(er); $22,500 if married filing separately). At the time these instructions went to print, Congress was expected to consider legislation that would increase the amounts above. To find out if legislation was en- acted, and for more details, see the Instructions for Form 6251. Jury duty pay. If you are reporting income received for jury duty, or deducting jury duty pay you gave to your employer, you must file Form 1040. Penalty on early withdrawal of savings. If you are deducting a pen- alty on the early withdrawal of savings, you must file Form 1040. IRA deduction expanded. You may be able to take an IRA deduc- tion if you were covered by a retirement plan and your 2007 modi- fied adjusted gross income (AGI) is less than $62,000 ($103,000 if married filing jointly or qualifying widow(er)). You may be able to deduct up to an additional $3,000 if you were a participant in a 401(k) plan and your employer was in bank- ruptcy in an earlier year. See the instructions for line 17 on page 27. Earned income credit (EIC). You may be able to take the EIC if • A child lived with you and you earned less than $37,783 ($39,783 if married filing jointly), or • A child did not live with you and you earned less than $12,590 ($14,590 if married filing jointly). The maximum AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit has in- creased to $2,900. See the instructions for lines 40a and 40b that begin on page 38. Mailing your return. You may be mailing your return to a different address this year because the IRS has changed the filing location for several areas. If you received an envelope with your tax package, please use it. Otherwise, sec Where Do You File? on the back cover. Insurance premiums for retired public safety officers. If you are a retired safety officer, you can elect to exclude from income distri- butions made directly from your eligible retirement plans to pay premiums for certain insurance. See the instructions for lines 12a and 12b on page 23. Exemption for housing a person displaced by Hurricane Katrina expires. The additional exemption amount for housing a person displaced by Hurricane Katrina does not apply for 2007 or later years. Telephone excise tax credit. This credit was available only on your 2006 return. If you filed but did not request it on your 2006 return, file Form 1040X using a simplified procedure explained in its in- structions to amend your 2006 return. If you were not required to file a 2006 return, see the 2006 Form 1040EZ -T. What's New for 2008 IRA deduction expanded. You and your spouse, if filing jointly, each may be able to deduct up to $5,000 ($6,000 if age 50 or older at the end of the year). You may be able to take an IRA deduction if you were covered by a retirement plan and your 2008 modified AGI is less than $63,000 ($105,000 if married filing jointly or qualifying widow(er)). You may be able to deduct up to an additional $3,000 if you were a participant in a 401(k) plan and your employer was in bank- ruptcy in an earlier year. See the instructions for line 17 on page 27. Earned income credit (EIC). You may be able to take the EIC if: • A child lived with you and you earned less than $38,646 ($41,646 if married filing jointly), or • A child did not live with you and you earned less than $12,880 ($15,880 if married filing jointly). The maximum AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit has in- creased to $2,950. Personal exemption phaseout reduced. Taxpayers with adjusted gross income above a certain amount may lose part of their deduc- tion for personal exemptions. The amount by which this deduction is reduced in 2008 will be only 1/z of the amount of the reduction that otherwise would have applied in 2007. Capital gain tax rate reduced. The 5% capital gain tax rate is re- duced to 0 %. Tax on children's income. Form 8615 will be required to figure the tax for the following children with investment income of more than $1,800. 1. Children under age 18 at the end of 2008. 2. The following children if their earned income is not more than half their support. a. Children age 18 at the end of 2008. b. Children overage 18 and under age 24 at the end of 2008 who are full -time students. The election to report a child's investment income on a parent's return and the special rule for when a child must file Form 6251 will also apply to the children listed above. Expiring tax benefits. The following benefits are scheduled to ex- pire and will not apply for 2008. Deduction for educator expenses in figuring adjusted gross in- come. • Tuition and fees deduction. • Exclusion from income of qualified charitable distributions. • The election to include nontaxable combat pay in earned in- come for the EIC. -5- Also, enter `Rollover" next to line 11b. If the total distribution was rolled over in a qualified rollover, enter -0- on line 1 lb. If the total distribution was not rolled over in a qualified rollover, enter the part not rolled over on line l l b unless Exception 2 below applies to the part not rolled over. Generally, a qualified rollover must be made within 60 days after the day you received the distribu- tion. For more details on rollovers, see Pub. 590. If you rolled over the distribution into a qualified plan other than an IRA or you made the rollover in 2008, attach a statement ex- plaining what you did. Exception 2. If any of the following apply, enter the total distribu- tion on line 11 a and see Form 8606 and its instructions to figure the amount to enter on line l lb. 1. You received a distribution from an IRA (other than a Roth IRA) and you made nondeductible contributions to any of your traditional or SEP IRAs for 2007 or an earlier year. If you made nondeductible contributions to these IRAs for 2007, also see Pub. 590. 2. You received a distribution from a Roth MA. But if either (a) or (b) below applies, enter -0- on line l lb; you do not have to see Form 8606 or its instructions. a. Distribution code T is shown in box 7 of Form 1099 -R, and you made a contribution (including a conversion) to a Roth IRA for 2002 or an earlier year. b. Distribution code Q is shown in box 7 of Form 1099 -R. 3. You converted part or all of a traditional, SEP, or SIMPLE IRA to a Roth IRA in 2007. 4. You had a 2006 or 2007 IRA contribution returned to you. with the related earnings or less any loss, by the due date (including extensions) of your tax return for that year. 5. You made excess contributions to your IRA for an earlier year and had them returned to you in 2007. 6. You rechardcterized part or all of a contribution to a Roth IRA as a traditional IRA contribution, or vice versa. Exception 3. If the distribution is a qualified charitable distribution (QCD), enter the total distribution on line l la. If the total amount distributed is a QCD, enter -0- on line 1.1b. If only part of the distribution is a QCD, enter the part that is not a QCD on line l lb unless Exception 2 applies to that part. Enter "QCD" next to line 11 b. A QCD is a distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax - deductible contributions (with certain exceptions). You must have been at least age 70'k when the distribution was made. Your total QCDs For the year cannot be more than $100,000. (On a joint return, your spouse can also have a QCD of up to $100,000.) The amount of the QCD is limited to the amount that would other- wise be included in your income. If your IRA includes nondeduct- ible contributions, the distribution is first considered to be paid out of otherwise taxable income. See Pub. 590 for details. You cannot claim a charitable contribution deduction for any QCD not included in your income. Exception 4. If the distribution is a qualified health savings account (HSA) funding distribution (HFD), you must file Form 1040. See Exception 4 in the instructions for Form 1040, lines 15a and 15b. An HFD is a distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to your HSA. See Pub. 590 for details. Note. If you (or your spouse if filing jointly) received more than one distribution, figure the taxable amount of each distribution and enter the total of the taxable amounts on line l lb. Enter the total amount of those distributions on line l la. Form 1040A —Lines l la Through 12b You may have to pay an additional tax if (a) you re- ceived an early distribution from your IRA and the total ' was not rolled over, or (b) you were born before July 1, 1936, and received less than the minimum required dis- tribution from your traditional. SEP, and SIMPLE IRAs. To find out if you oive this tax, see Pub. 590. If you do owe this tax, you must use Form 1040. Lines 12a and 12b Pensions and Annuities You should receive a Form 1099 -R showing the amount of your pension and annuity payments, including distributions from 401(k) and 403(b) plans. See page 25 for details on rollovers and lump -sum distributions. Do not report on lines 12a and 12b disability pensions received before you reach the minimum retirement age set by your employer. Instead, report them on line 7. B Attach Form(s) 1099 -R to Form 1040A if any federal income tar was withheld. Fully taxable pensions and annuities. If your pension or annuity is fully taxable, enter it on line 12b; do not make an entry on line 12a. Your payments are fully taxable if (a) you did not contribute to the cost (see page 25) of your pension or annuity, or (b) you got back your entire cost tax free before 2007. But see Insurance premiums for retired public safety officers below. Folly taxable pensions and annuities also include military retire- ment pay shown on Form 1099 -R. For details on military disability pensions, see Pub. 525. If you received a Form RRB- 1099 -R, see Pub. 575 to find out how to report your benefits. Partially taxable pensions and annuities. Enter the total pension or annuity payments you received in 2007 on line 12a. If your Form 1099 -R does not show the taxable amount, you must use the Gen- eral Rule explained in Pub. 939 to figure the taxable part to enter on line 12b. But if your annuity starting date (defined on page 24) was after July 1, 1986, see Simplified Method on page 24 to find out if you must use that method to figure the taxable part. You can ask the IRS to figure the taxable part for you for a $380 fee. For details, see Pub. 939. If your Form 1099 -R shows a taxable amount, you can report that aniount on line 12b. But you may be able to report a lower taxable amount by using the General Rule or the Simplified Method or if the exclusion for retired public safety officers, discussed next, applies. Insurance premiums for retired public safety officers. If you are an eligible retired public safety officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew), you can elect to exclude from income distributions made from your eligible retirement plan that are used to pay the premiums for accident or health insurance or long -term care insurance. The premiums can be for coverage for you, your spouse, or dependents. The distribution must be made directly from the plan to the insur- ance provider. You can exclude from income the smaller of the amount of the insurance premiums or $3,000. You can only make this election for amounts that would otherwise be included in your income. An eligible retirement plan is a governmental plan that is: • a qualified trust, • a section 403(a) plan, • a section 403(b) annuity, or • a section 457(b) plan. - 23 - Need more information or forms? See page 73. Form 1040A —Lines 12a and 12b If you make this election, reduce the otherwise taxable amount 1. Your annuity starting date (defined earlier on this page) was of your pension or annuity by the amount excluded. The amount after July 1, 1986, and you used this method last year to figure the shown in box 2a of Form 1099 -R does not reflect the exclusion. taxable part. C eport your total distributions on line 12a and the taxable amount 2. Your annuity starting date was after November 18, 1996, and n line 12b. Enter " PSO" next to line 12b. both of the following apply. Annuity starting date. Your annuity starting date is the later of the a. The payments are from a qualified employee plan, a qualified first day of the first period for which you received a payment or the employee annuity, or a tax- sheltered annuity. date the plan's obligations became fixed. b. On your annuity starting date, either you were underage 75 or Simplified Method. You must use the Simplified Method if either the number of years of guaranteed payments was fewer than 5. See of the following applies. Pub. 575 for the definition of guaranteed payments. Simplified Method Worksheet —Lines 12a and 12b Keep for Your Records U Before you begin: If you are the beneficiary of a deceased employee or former employee who died before August 21, 1996, include any death benefit exclusion that you are entitled to (up to $5,000) in the amount entered on line 2 below. Note. If you had more than one partially taxable pension or annuity, figure the taxable part of each separately. Enter the total of the taxable parts on Form 1040A, line 12b. Enter the total pension or annuity payments received in 2007 on Form 1040A, line 12a. 1. Enter the total pension or annuity payments received in 2007. Also, enter this amount on Form 1040A, line l2a ......... ...... ...........,..,.... ...................1. 2. Enter your -cost in the plan at the annuity starting date ...... ..........,.::..........2 Note. If you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). Otherwise, go to line 3. 3. Enter the appropriate number from Table 1 below. But if your annuity starting date was after .1997 and the payments are for your life and that of your beneficiary, enter the appropriate number :from Table 2 below ......... I ......... ...... 3. 4. Divide.line 2 by the number on line 3 .. 4• S. Multiply -line 4 by the number of months for which, this year's payments were made. If your annuity starting date was before 1987, skip lines 4 and 7 and enter this amount on 8. Otherwise, go to line 6 . '5. 6. Enter the amount, if any, recovered tax free in years after 1986. If you completed this worksheet last year, enter the amount from 'line 10 of last year's worksheet ....................... 6. 7. Subtract line 6 from line 2..... ........ .............. 7. R. 'Enter the smaller of line :5 or line 7 ........ .... ... ..... ........... 8. 9. Taxable amount. Subtract line 8 from line 1. Enter the result, but not less than zero. Also, enter this amount on Form 1040A, fine 12b. If your Fomr 1099 -R shows a larger amount, use the amount on this line instead of the amount from Form 1099 -R. If you are a retired public safety officer, see Insurance premiums for retived public safety officers on page 23 before entering an amounton line 12b ....................................... .............................9. 10. Was your annuity starting date before 1987? ❑ Yes. SrDP Leave line 10 blank. No. Add lines 6 and 8. This is the amount you have recovered tax free through 2007. You will need this number when you fill out this worksheet next year. 10. Table 1 for Line 3 Above AND your annuity starting date was — IF the age at annuity starting date before November 19, 1996, after November 18, 1996, (see page 25) was ... enter on line 3 ... enter on line 3 ... 55 or under 300 360 56 -60 260 310 61 -65 240 260 66 -70 170 210 71 or older 120 160 Table 2 for Line 3 Above IF the combined ages at annuity starting date (see page 25) were ... THE, N enter on line 3 ... 110 or under 410 111 -120 360 121 -130 310 131 -140 260 141 or older 210 Need more information or forms? See page 73. - 24 - Subject: Pension Protection Act Health Insurance Premium Exclusion From: 'Bonni S. Jensen" <bsjensen @hpjlaw.com> Date: Mon, 19 Nov 2007 09:41:07 -0500 To: Denise McNeill <denise@resourcecenters.com >, Scott Baur <scott@resourcecenters.com> CC: Karen Amenita <karena @hpjlaw.com >, Nick Schiess <nick @resourcecenters.com >, Bonnie Lindberg <bonnie @resourcecenters.com >, Margie Adcock <margie @resourcecenters.com> Denise, The Pension Protection Act of 2006 allows retired public safety officers to receive a $3,000 exclusion from taxable income for qualified health insurance payments which were deducted and paid directly by the Pension Fund. These amounts however, will not be reported on the 1099 -R. Attached is the instructions for the 1099 R and the instructions for the 1040A. I suggest that we inform the retirees as follows: The Pension Protection Act of 2006 allows retired public safety officers to elect to exclude up to $3,000 from taxable income for distributions made directly from the retirement plan to pay for your health insurance premiums. This amount will not be reported on your 1099 -R. The IRS has provided for you to individually make this reduction when you file your tax forms. Please see a qualified tax advisor for assistance in reporting this exclusion. If you have any questions, please contact me. Bonni S. Jensen <bsiensen@ pilaw.com> Hanson, Perry & Jensen, P.A. 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 Telephone: (561)686 -6550 Facsimile: (561)686 -2802 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Ins 1040A.pd Content - Type: application /pdf Content - Encoding: base64 Content -Type: application /pdf Ins 1099 -R.pdf Content - Encoding: base64 n n. 11 ALd Slubject: IRS publishes info on HELPS legislation From: RAINEYG @aol.com Date: Wed, 28 Nov 2007 22:32:35 EST To: RAINEYG @aol.com IRS Publishes Instructions on HELPS Benefit November 27, 2007 -- The IRS has published new instructions on how retired fire fighters can take advantage of the Healthcare Enhancement for Local Public Safety (HELPS) benefit on their 2007 tax returns. Last year, the IAFF won an unprecedented congressional victory in the passage of the HELPS retiree health care benefit, a tax -free distribution of up to $3,000 from retirement plans to help retirees pay for health insurance or long -term care insurance premiums. The IRS instructions for filing 2007 tax returns explains how to take advantage of this valuable benefit. The IRS will allow retired fire fighters to exclude from income distributions made from eligible retirement plans up to $3,000 annually to pay the premiums for accident or health insurance or long -term care insurance. The premiums can be for coverage for the retiree, spouse or dependents. The distribution must be made directly from the retirement plan to the insurance provider. Eligible retirement plans include qualified trusts, section 403(a) plans, section 403(b) annuities and section 457(b) plans. The IRS requires retirees to report total distributions on Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. The taxable amount should be reported on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Also, retirees should write "PSO" next to the appropriate line where the taxable amount is reported. Click here for relevant instructions. Fraternally, Gary Rainey, Vice President Florida Professional Firefighters 305- 525 -7722 (cell) RaineyG @aol.com Check out AOL Money & Finance's list of the hottest products and top money wasters of 2007. _r . i ) /Innn7 I•m PM �r JILL HANSON* mjhanson@hpjlaw.com ANN H. PERRY aperry@hpjiaw.com BONN[ SPATARA JENSEN bs1ensen0hpJ1aw.com 'ALSO AowrrEa i+ N.Y. To: From: Subject: Date: HANSON, PERRY & JENSEN, P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207 — WEST PALM BEACH, FLORIDA 33401 -2922 TELEPHONE (561) 686 -6550 FACSIMILE (561) 686 -2802 MEMORANDUM Board of Trustees Bonni S. Jensen, Hanson, Perry & Jen�n, P.A. Governmental Agency Use of Social Security Numbers - Florida Statues §119.071(5) December, 2007 Florida Statutes §119.071 was amended to create a new requirement for the use of social security numbers by all governmental agencies, including cities and municipal pension boards. In passing the law, the Legislature acknowledged that social security numbers were intended solely to administer the Social Security System and were never intended to be used for business purposes. The Legislature also expressed its concern that the social security numbers can, and have been, used "as a tool to perpetuate fraud." The Legislature declared its intent "to monitor the use of social security numbers held by agencies in orderto maintain a balanced public policy." Florida Statutes §119.071(5)(a)1. The new legislation requires: A. An agency may not collect an individual's social security number unless the agency has stated in writing the purpose for its collection and the collection of the social security number is specifically authorized by law OR imperative forthe performance of that agency's duties and responsibilities as prescribed by law. B. Social security numbers collected by an agency may not be used by that agency for any purpose other than the purpose provided in the written statement. C. An agency collecting an individual's social security number shall provide that individual with a copy of the written statement. D. Each agency shall review whether its collection of social security numbers Board of Trustees Use of Social Security Numbers - Florida Statues §119.071(5) December, 2007 Page 2 of 2 is in compliance with Fla. Stat. 119.071(5). E. Each agency shall certify to the President of the Senate and the Speaker of the House of Representatives its compliance with this subparagraph no later than January 31, 2008. Fla. Stat. §119.071(5)(a). The Pension Fund must use the social security number for data collection from the employer payroll system, for tax reporting and for identity verification. Therefore, I suggest the following general policy for adoption. Should your Pension Fund have specific needs for use of the social security number, the policy can be amended to include that specific need. It is the policy of the Pension Fund to collect and maintain social security numbers of Plan Members, Retirees and Beneficiaries for the purposes of data collection, benefit processing, tax reporting and identity verification (including death record searches). This policy should be provided to the participant with each document which is completed which includes a social security number and should be included in the Pension Fund's Summary Plan Description. Rememberthat social security numberare exemptfrom disclosure in a public record and should be redacted from any document which is provided to or for the public. Please add this item to the next meeting agenda for discussion. HAAR Miscellaneous\ALL BOARDSImemo use of SSNs.wpd PENSION RESOURCE CENTERS z Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE Check Numberl Date Payee and Description Amount 2072 August 31, 2007 Jay Spencer $337.58 Expense Reimbursement - FPPTA Conf. 2073 August 31, 2007 H. Bradley Seidensticker $400.00 Registration - FPPTA conference 2074 September 6, 2007 Hanson, Perry & Jensen, P.A. $213.10 Legal Services Rendered Thru 8/15/07 2075 September 6, 2007 Pension Resource Center $2,275.00 September Administrative Fee 2076 October 2, 2007 FPPTA $400.00 Conference Registration - Jules Barone 2077 October 5, 2007 Hanson, Perry & Jensen $602.10 Legal Services Rendered Thru 9/15/07 2078 October 5, 2007 Gabriel, Roeder, Smith & Company $2,805.00 Actuarial Services Rendered Thru 8/31/07 2079 October 5, 2007 Pension Resource Center $2,275.00 October Administrative Fee 2080 November 13, 2007 ICC Capital Management $17,193.09 Management Fees - 4th Qtr 2007 2081 November 13, 2007 Gabriel Roeder Smith & Company $3,811.00 Actuarial Services Rer.dered Thru 9/30/07 2082 November 13, 2007 Gabriel Roeder Smith & Company $9,212.00 Actuarial Services Rendered Thru 10/31/07 2083 November 13, 2007 Rhumline Advisers $2,693.25 Investment Advisory Fees - 3rd Qtr 2007 2084 November 13, 2007 Hanson, Perry & Jensen $178.90 Legal Services Rendered Thru 10/15/07 2085 November 13, 2007 Pension Resource Center $2,289 9? November Administrative Fee Total $43,735.27 Chairman Secretary Date I Palm Beach Gardens Police Officers Pension Plan Travel and Expense Report Name . Date Begin: Position: Meeting Purpose: Date Ended: Meeting Location: A) Per Diem , if applicable FROM TO TIME AMOUNT Date Time Date Time Hours Minutes Rate Due Breakfast Lunch ire . � <� � •'' oaM 07 Dinner B) Daily (c,'aK -61 L -as C. —17 C Mileage - Private Vehicle Miles x $0.37 per mile Sun Mon Tues Wed Thurs Fri Sat Total Hotel $ OWED Breakfast Lunch ire . � <� � •'' oaM 07 Dinner Airfare, taxi, etc parking Tolls J , (m J Supplies Gas/Oil (� +J Cj tsc. Total C Mileage - Private Vehicle Miles x $0.37 per mile Travel Mileage Total DATE TO FROM START FINISH MILEAGE $ OWED Total Expenses (A) + (B) + (CA :� 3'1 I hereby certify or affirm that this travel expense report is true and correct in every material matter; that the expenses were actually incurred me as necessary expenses; that no expenses shown were for personal use; and that I have not previously received payment - f r said expenses. s dpi i � '!` J Individual Comple ing Rep rt DATE Approved By DATE H:IPBG 31poficylEXPlExp VoucAer.wpd HPJ LAW - 0512002/Revised August 27. 2004 \�tiSSOC1AT10N TRUSTEES PENSION PUBLIC FLORIDA Florida Public Pension Trustees Association Trustees School October 7 - 10, 2007 2946 Wellington Circle East, Suite A, Tallahassee, FI 32309 800 -842 -4064 Fax 850 -668 -8514 www.fppta.org School Registration Name Company /Pension Board I ck-IM Gcu c�!�i(ta PC b c _F ')5jcj Address Suite City dm 99 c\ %cAen.s State FL- Zip 33o2 Phone )_C 72 E -mail Certified Public Pensip�n Trustee - CPPT Are you Certified? YeSE3 No Are you currently going through the CPPT program? Yes❑ No© If you are going through the CPPT program, what course are you attending? Basic13 IntermediateO Advanced[] PGA National, Palm Beach Gardens, Florida Reservations: 800 - 633 -9150 Room Rate: $149.00 0ti1 Refund Policy There will be a $50 charge for each approved refund. You must notify us in writing by October 5, 2007, Refund Request form is on our website, www.fppta.org. Office Use Oniu Paid in Advanced Paid on Site _$450 $650 Date Paidi GBD Date FPPTA Tax ID # 59- 2641305 z HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561 - 686 -6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Attn: Scott Baur & Bonnie Lindberg - via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary August 18, 2007 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0003 Invoice # 61709 Professional Services DROP 7/24/2007 BSJ E -Mail E -Mail to Steve Palmquist Review Pension Plan Document DROP SUBTOTAL: Misc Masters 7/27/2007 BSJ Attend Attend presentation on VEBA benefits with Palm Beach Gardens Firefighters Misc Matters Hrs /Rate Amount 0.25 42.50 170.00 /hr [ 0.25 42.501 1.00 170.00 170.00 /hr SUBTOTAL: [ 1.00 170.001 Palm Beach Gardens Police Pension Fund Page 2 Hours Amount For professional services rendered 1.25 $212.50 Additional Charges: Qtv /Price Bill File 8/15/2007 HPJ Photocopies$ 3 0.60 Copy Charges 0.20 Bill File SUBTOTAL: [ 0.60] Total additional charges $0.60 Total amount of this bill $213.10 Balance due $213.10 HANSON, PERRY & JENSEN, P.A. 400 ExEcunVE CENTER DRIVE, SUITE 207 — WEST PALM BEACH, FLORIDA 39401 -2922 JILL HANSON" mJhansonOhppaw.com ANN H. PERRY aperty®hpjlaw.com BONNI SPATARA JENSEN bsjensenOhpjlaw.com August 20, 2007 'Kso AwnIED w N.Y. Via Email Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Scott & Bonnie: TELEPHONE (561) 686 -6550 FACSIMILE (561) 686 -2802 Re: Hanson, Pens & Jensen Billinq Statement Enclosed please find the Firm's invoice for services rendered for the period that ended 8/15/2007. Your current balance due is $213.10. If you have any questions, please do not hesitate to contact me. Bs,ual Endmie Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only Sincerely, Bonni S. Jense PENSION RESOURCE CENTER 4360 Northlake Boulevard, Suite 206 West Palm Beach, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Ship To Invoice Date Invoice # 9/1/2007 2118 P.O. Number Terms Rep Ship Via F.O.B. Project 9/1/2007 Quantity Item Code Description Price Each Amount 1 Admin Fee - PBGPPF Palm Beach Gardens Police Pension Fund - Admin Fee - September 2007 2,275.00 2,275.00 Total $2,275.00 FROM : PBGPD FAX NO. : 5617994589 Oct. 02 2007 09:08AM P1 °" Florida Public Pension Trustees Association Trustees School October 7 -10, 2007 School gistration Name _ 0CS Company /Pension Board 2946 Wellington Circle East, Suite A, Tallahassee, Fl 32309 800 - 842 -4064 Fax 850 - 668 -8514 www.fppta.org Q }��h M Address Q • V\ tL �;'' AV-L Suite City �4L,` �, (:X"' State V-_ Zip r Phone SLA' `W -4�S45 E -mail kpkMt-� d P Certified Public Pen ion Trustee - CPPT Are you Certified? YesM NT Are you currently going through the CPPT program? YesD NO* If you are going through the CPPT program, what course are you attending? I3asicA IntermediateO AdvancedO To Make Your Reservation: PGA National, Palm Beach Gardens, Florida Reservations: 800,633 -9150 Room Rate: $149.00 Refund Policy There will be a $50 charge for each approved refund. You must notify us in writing by October 5, 2007. Retund Request form is on our website, www.fppte.org. Office Use Only Paid in Advanced _ Paid on Site _$450 _$650 Date Paid �fi Z FPPTA Tax ID # 59- 2641305 • HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561 - 686 -6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Attn: Scott Baur & Bonnie Lindberg - via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary September 18, 2007 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0003 Invoice # 61765 Professional Services Attendance at Trustee Meetings 8/29/2007 KA Prep Atty Rept Prepare Attorney Report, Handouts, and Notebook for upcoming Meeting - 08/30/07 Attendance at Trustee Meetings 8/30/2007 BSJ Attend Attend meeting Attendance at Trustee Meetings SUBTOTAL: Minutes of Trustees Meetings 8/30/2007 BSJ Review Review minutes Minutes of Trustees Meetings Hrs /Rate Amount 1.50 97.50 65.00/hr 2.25 382.50 170.00 /hr [ 3.75 480.001 0.25 42.50 170.00 /hr .z Palm Beach Gardens Police Pension Fund Page 2 Hrs /Rate Amount SUBTOTAL: [ 0.25 42.50] & 175/185 Compliance 8/30/2007 BSJ Review 0.10 17.00 Review letter from State 170.00/hr § 175/185 Compliance 9/11/2007 BSJ E -Mail 0.20 34.00 E -Mail to Bonnie Lindberg re: status of response 170.00/hr Review email from Scott Baur § 175/185 Compliance SUBTOTAL: [ 0.30 51.001 For professional services rendered 4.30 $573.50 Additional Charges: Qtv /Price Bill File 9/15/2007 HPJ Photocopies$ 143 28.60 Copy Charges 0.20 Bill File SUBTOTAL: [ 28.601 Total additional charges $28.60 Total amount of this bill $602.10 Previous balance $213.10 Total payments ($213.10) Palm Beach Gardens Police Pension Fund Page Amount Balance due $602.10 HANSON, PERRY & JENSEN, P.A. 400 EXECUTIVE CENTER DRIVE, SuITE 207 — WEST PALM BEACH, FLORIDA 33401 -2922 JILL HANSON• mjhansonOhpjlaw.com ANN H. PERRY aperry0tolaw.com BONNI SPATARA JENSEN bsjensenOhpjlaw.com September 20, 2007 'xso Awrrw N N.Y. Via Email Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Scott & Bonnie: TELEmmE (561) 686 -6550 Ncsimu (561) 686 -2802 Re: Hanson, Perry & Jensen Billing Statement Enclosed please find the Firm's invoice for services rendered for the period that ended 911512007. Thank you for your payment of $213.10. Your current balance due is $602.10. If you have any questions, please do not hesitate to contact me. Sincerely, r• Bonni S. Jense BUM Endwe Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only GRSGabriel Roeder Smith & Company Invoice Consultants & Actuaries 301 East Las Olas Blvd. Suite 870 Ft. Lauderdale, Florida 33301 -2254 (954) 527 -1616 8/31/2007 102455 BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator The Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 services rendered through 8/31/07. 1. Charges since 6/30/07 for preparation of the 10/1/06 Actuarial Valuation Report. 6/30/07 DROP Statements. 3. Preparation of option factor tables requested by Pension Resource Center. SF.P 0 1 ?il0 Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278 -0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 100360 -106 1 $1,970 100360 -307 1 $355 100360 -407 1 $480 Invoice Total $2,805 Paid to Date Client No. 100360 Amount Due $2,805 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. i PENSION RESOURCE CENTER Invoice 4360 Northlake Boulevard, Suite 206 West Palm Beach, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Ship To Date Invoice # 10/1/2007 2163 P.O. Number Terms Rep Ship Via F.O.B. Project 10/1/2007 Quantity Item Code Description Price Each Amount 1 Admin Fee - PBGPPF Palm Beach Gardens Police Pension Fund - Admin Fee - October 2007 2,275.00 2,275.00 Total $2175 -00 ©DO CAPITAL MANAGEMENT October 1, 2007 PALM BEACH GARDENS POLICE Board of Trustees, Trustee 10500 North Military Trail Palm Beach Gardens, FL 33410 -4697 Invoice Number: 104477 ICC Capital Management, Inc. STATEMENT OF MANAGEMENT FEES ------------------------------------------------------------------------------------------------------- For the Period October 1, 2007 thru December 31, 2007 Portfolio Valuation with Accrued Interest as of 09 -30 -07 $ 13,754,473.69 13,754,474 @ 0.500% per annum 17,193.09 Quarterly Management Fee $ 17,193.09 TOTAL DUE AND PAYABLE $ 17,193.09 ------------------------------------------------------------------------------------------------- - - - - -- 390 North Orange Avenue . 27th Floor . Orlando, Florida 32801 . PH 800 - 480 -6445 . PH 407 - 839 -8440 . FX 407 - 841 -2814 WEB .. G RS Gabriel Roeder Smith & Company Consultants & Actuaries 301 East Las Olas Blvd. Suite 870 Ft. Lauderdale, Florida 33301 -2254 (954) 527 -1616 BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator The Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 9/30/2007 Invoice 102767 Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278 -0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. III Gabriel Roeder Smith & Company Invoice R Consultants & Actuaries 301 East Las Olas Blvd. Suite 870 Ft. Lauderdale, Florida 33301 -2254 (954) 527 -1616 10/31/2007 103070 BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Dept. # 78009 Mr. J. Scott Baur, Administrator The Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278 -0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. N RhumbLine Investment Advisory Fees October 11, 2007 3rd Qtr 2007 Invoice # 27RO84 Account: Palm Beach Gardens Police Fund S &P 500 Pooled Index Fund S &P 400 Pooled Index Fund S &P 600 Pooled Index Fund Pooled Combined Market Values Period ending L811 7/31/2007 $10,885,408 8/31/2007 $11,045,720 9/30/2007 $11,381,794 Total $33,312,921.17 Average Market Value $11,104,307.06 Basis Points 0.0010 X 10,000,000.00 0.0007 X 1,104,307.06 Annual Fee: Quarterly Fee: Please make payment to: 10,000.00 773.01 $10,773.01 $2,693.25 -w RhumbLine Advisers 30 Rowes Wharf, Suite 380 Boston, MA 02110 -3326 RhumbLine Advisers • 30 Rowes Wharf, Boston, MA 02110 -3326 • Tel: (617) 345 -0434, Fax: (617) 345 -0675 HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561 - 686 -6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Attn: Scott Baur & Bonnie Lindberg - via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary October 19, 2007 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0003 Invoice # 61848 Professional Services Attendance at Trustee Meetings 9/17/2007 BSJ Review Review letter from Actuary re: impact of Amendment Attendance at Trustee Meetings SUBTOTAL: DROP 10/5/2007 BSJ Review Review DROP plan provisions DROP Hrs /Rate Amount 0.10 17.00 170.00 /hr 0.10 17.00] 0.25 42.50 170.00 /hr SUBTOTAL: [ 0.25 42.501 Palm Beach Gardens Police Pension Fund Misc Matters 10/3/2007 BSJ Research Research Board of Trustees v. Town of Lake Park Misc Matters SUBTOTAL: Plan Document 10/11/2007 BSJ E -Mail E -Mail to Alan Owens re: Amendment Plan Document SUBTOTAL: X175/185 Compliance 9/18/2007 BSJ Telephone call Telephone call with Scott Baur Review email from Scott Baur with attachment § 175/185 Compliance SUBTOTAL: For professional services rendered Additional Charges : Bill File 10/15/2007 HPJ Photocopies$ Copy Charges Bill File Page 2 Hrs /Rate Amount 0.20 34.00 170.00/hr [ 0.20 34.001 0.25 42.50 170.00 /hr [ 0.25 42.501 0.25 42.50 170.00 /hr [ 0.25 42.501 1.05 $178.50 Qty /Price 2 0.40 0.20 Palm Beach Gardens Police Pension Fund SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments Balance due Page 3 Qty /Price Amount [ 0.40] $0.40 iu.yu $602.10 ($602.10) $178.90 Ir PALM BEACH PENSION FUND POLICE II II Benefit Approvals Mee I ting of December 6", 2007 BLOOD, RICHARD APPLICATION TO EXIT THE DROP DATE OF BIRTH DATE OF HIRE DATE OF TERMINATION AGE AT RETIREMENT FORM OF BENEFIT YEARS OF SERVICE MONTHLY BENEFIT AMOUNT 02/19/1948 01/05/1983 11/20/2007 59 YEARS 15% J &S 24 YRS 10MTHS $3,163.36 APPROVED: , CHAIRMAN SECRETARY Agenda City of Palm Beach Gardens Police Officers' Pension Fund MEETING OF DECEMBER 6TH, 2007 LOCATION: City Council Chambers' Police Conference Room 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9:00 AM 1. Call Meeting To Order 2. Roll Call: • Lt. Jay Spencer, Chairman • David Pierson, Secretary • Jules Barone, Trustee Brad Seidensticker, Trustee • Wayne Sidey, Trustee 3. Approval of Minutes: August 30th, 2007 Regular Meeting 4. Investment Manager Report - ICC Capital (Steve Stack) 5. Investment Consultant Report - Thistle Assets (Brendon Vavrica) 6. 2006 Actuarial Valuation Report - Gabriel, Rodeor & Smith (Steve Palmquist) 7. Attorney Report: Hanson, Perry, & Jensen, P.A. (Bonni Jensen) 8. Disbursements Approval 9. Benefit Approvals 10. Financial Statements 11. Administrative Report (Scott Baur) 12. Old Business . Progress of Investment Policy Guidelines and the investments benchmarks to prohibits mortgage- backed securities 13. Other Business . Discussion on members leaving their DROP money in the account once they separate from service 14. Adjourn Meetinq Schedule: *Need to reschedule all 2008 Meeting Dates } Palm Beach Gardens Police Balance Sheet FY 2008 • i Palm Beach Gardens Police Statement of Income and Expense FY 2008 Account' Descr on ` ww October Year-To-Dato Income• • 4001 -00 Interest Income 0.00 0.00 4005 -00 Contributions -State 460,437.69 460 437.69 4010 -00 Contributions -Em to er 0.00 0.00 4020 -00 Contributions-Em to ee 65,497.43 65 497.43 4045 -00 Contributions -Bu Back 0.00 0.00 4100 -00 Commission Recapture 0.00 0.00 4101 -00 Liti ation Income 1,075.51 1,075.51 4127 -00 Investment Income- RhumbLine500 111,636.63 111,636.63 4128 -00 Investment Income- RhumbLine400 57 737.38 57 737.38 4129 -00 Investment Income- RhumbLine600 43,476.70 43,476.70 4131-00 Investment Income -ICAP Int'I 0.00 0.00 4132 -00 Investment Income -Vanguard VAL 0.00 0.00 4133-00 Investment Income -Van uard E 0.00 0.00 4134 -00 Investment Income -Vanguard GR 0.00 0.00 4230 -00 Investment Income -ICC Ca ital 190,225.53 190 225.53 Total Income 930,086.87 930,086.87 Account Des cr bn End October Y Expense:[ 5000 -00 5005 -00 Investment Management Fees Custodial Fees 2,161.56 0.00 2,161.56 0.00 5010 -00 Performance Monitor Fees 0.00 0.00 5011 -00 Printin /Stations 0.00 0.00 5100 -00 Benefit Payments_ 57 069.49 57 069.49 5105 -00 Share Account Withdrawals 0.00 0.00 5110 -00 Drop Account Withdrawals 0.00 0.00 5115 -00 5205 -00 5210-00 5215 -00 5220 -00 5231 -00 5235 -00 5240 -00 5241 -00 15245 -00 5250 -00 5255 -00 Termination Refunds Auditor Fees Actuary Fees Attorney Fees Administrator Fees Fiduciary Liabilit Insurance Annual Membership Fees Trustee Expenses Com uter Services Postage Bank Charges IMiscellaneous Expenses 0.00 0.00 2,805.00 602.10 2,275.00 0.00 0.00 400.00 0.00 0.00 0.00 0.00 0.00 0.00 2,805.00 602.10 2,275.00 0.00 0.00 400.00 0.00 0.00 0.00 0.00 Y,otaVExpense Reserve Fund Last Period Balance To/ From Reserve 65,313.15 65,313.15 28,746,212.55 28,746 212.55 864,773.72 1 864,773.72 TOTAL RESERVE FUND 29,610,986.27 1 29,610,986.27 �tti�tic �saet C�nnsixltitcg • PALM BEACH GARDENS POLICE PENSION FUND REVIEW OF INTERNATIONAL EQUITY FUNDS SEPTEMBER 30, 2007 Palm Beach Gardens Police Review of International Equity Funds September 30, 2007 1. Vanguard Global Equity (VHGEX) [0.72 %] MorningStar Rating Comparative Index: Fund: Policy: Diff: (out of 389 funds over 5- years) World Stock ie. MSCI World 1 Year 27.00% 21.09% 5.91% 3 Year 22.62% 18.03% 4.59% 5 Year 24.83% 19.28% 5.55% Received an excellent rating and review from Morningstar. No change recommended. www.vanquard.com 2. Vanguard International Growth Admiral Shares (VWILX) [0.35 %] MorningStar Rating: (out of 564 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE 1 Year 3 Year 5 Year Fund: 28.99% 24.74% 17.51% Policy: 24.87% 23.24% 16.95% Diff: 4.12% 1.50% 0.56% Received a good rating and review from Morningstar. No change recommended. www.vanauard.com 3. Vanguard International Value (VTRIX) [0.46 %] MorningStar Rating: -i�r** *(out of 564 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE. 1 Year 3 Year 5 Year Fund: 26.36% 25.02% 25.54% Policy: 24.87% 23.24% 24.08% Diff: 1.49% 1.78% 1.46% Good rating and cautious review from Morningstar. A third subadvisor, Lazard, was added in July 2006. No change recommended. www.vanquard.com 4. Mainstay ICAP International (ICEUX) [0.97 %] MorningStar Rating: Comparative Index: Fund: Policy: Diff : * * ** (out of 154 funds over 5- years) Foreign Large Value ie. MSCI EAFE. 1 Year 25.56% 24.87% 0.69% 3 Year 25.48% 23.24% 2.24% 5 Year 27.14% 23.55% 3.59% Good rating and review from Morningstar. No change recommended. www.mainstayfunds.com PALM BEACH GARDENS POLICE PENSION FUND EXECUTIVE SUMMARY SEPTEMBER 30, 2007 Palm Beach Gardens Police Pension Fund Executive Summary Report Table of Contents SECTION PAGE Market Snapshot 1 Index Comparisons 2 Compliance Report 3 Total Portfolio Pie Chart 4 Manager Pie Chart 5 Asset Allocation Table 6 Total Ranks Table 7 Manager Ranks g Scatterplot Graphs: Total Fund Graph g Rhumbline Equities Graph 10 ICC Fixed income Graph 11 Beta Graph 12 Alpha Graph 13 Beta /Alpha Table 14 Batting Average Graph 15 Batting Average /R- Squared Table 16 Other Managers' Page 17 � �llistle Asset Tonsuffing� If TIWA if TIWA i C, llis #le Assict Tonsulting qusp Major Economic Indicators MARKETS NAPSH OT 3RD QUARTER 2007 INDEX RETURNS Lehman Aggregate ♦ The CPI- Urban/1982 -84 =100 for the 12 -month period ended September 2007 rose 2.8 %. In the third quarter, consumer prices rose at a seasonally adjusted annual rate of 1.0 %. ♦ The Producer Price Index (PPI) for finished goods rose 4.4% for the 12 -month period ended in September. The seasonally adjusted annual rate for the third quarter rose 1.4 %. ♦ Real Gross Domestic Product (GDP) rose at a seasonally adjusted annual rate of 3.8% (final) for the second quarter of 2007. Real GDP rose at a seasonally adjusted annual rate of 0.6% (final) in the first quarter of 2006. ♦ The seasonally adjusted Unemployment Rate was 4.7% in September compared to 4.5% in June. THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561- 737 -3996 Facsimile: 561- 737 -6119 2.85% 3.84% Federal Reserve News ♦ During the third quarter, the Federal Reserve Board cut the primary discount rate by 0.50% to 5.75 %. The primary discount rate is a result of the new discount rate program approved by the Federal Reserve Board on October 31, 2002. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Reserve Open Market Committee cut its target for the federal funds rate by 0.50% to 4.75% in September. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ Best Performing Sector: Energy rose 9.39% in the 3`d quarter. ♦ Worst Performing Sector: Consumer Discretionary declined - 6.53% in the 3`d quarter. Source: Standard & Poors (Performance reflects Price Returns Only) QTR YTD S &P 500 2.03% 9.13% Russell 1000 1.98% 9.30% Russell 1000 Growth 4.20% 12.67% Russell 1000 Value -0.24% 5.97% S &P Mid -cap 400 - 0.87% 11.01% MSCI EAFE 2.23% 13.57% Lehman Aggregate ♦ The CPI- Urban/1982 -84 =100 for the 12 -month period ended September 2007 rose 2.8 %. In the third quarter, consumer prices rose at a seasonally adjusted annual rate of 1.0 %. ♦ The Producer Price Index (PPI) for finished goods rose 4.4% for the 12 -month period ended in September. The seasonally adjusted annual rate for the third quarter rose 1.4 %. ♦ Real Gross Domestic Product (GDP) rose at a seasonally adjusted annual rate of 3.8% (final) for the second quarter of 2007. Real GDP rose at a seasonally adjusted annual rate of 0.6% (final) in the first quarter of 2006. ♦ The seasonally adjusted Unemployment Rate was 4.7% in September compared to 4.5% in June. THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561- 737 -3996 Facsimile: 561- 737 -6119 2.85% 3.84% Federal Reserve News ♦ During the third quarter, the Federal Reserve Board cut the primary discount rate by 0.50% to 5.75 %. The primary discount rate is a result of the new discount rate program approved by the Federal Reserve Board on October 31, 2002. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Reserve Open Market Committee cut its target for the federal funds rate by 0.50% to 4.75% in September. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ Best Performing Sector: Energy rose 9.39% in the 3`d quarter. ♦ Worst Performing Sector: Consumer Discretionary declined - 6.53% in the 3`d quarter. Source: Standard & Poors (Performance reflects Price Returns Only) • Index Compadson . . . . . . . . . . . September 30, 2007 25.38% EAFE 23-75% FAFF 30.00 20.00 10.00 0.00 -10.00 ------------ - - -- - - ----------- L- - - - - -- 3 Months ■ Lehman Gov /Credit Bond ■ Russell 1000 Growth ■ Russell 2000 Value C, 11istic Asset Tonsidting Last 12 Months Last 3 Years (Annualized) ■ Lehman Gov /Credit - Intermediate 0 S&P 500 ■ Russell 1000 Value ■ Russell 2000 Growth ■ Russell 3000 13 MSC/ SAFE Page 2 Palm Beach Gardens Police Pension Fund Compliance Report September 30, 2007 YES NO TOTAL FUND 1. Did the total return, over the trailing 3 -year period, exceed the policy, which is comprised of 40% f W S &P500, 100/6 S &P400, 10% S &P600, 5% EAFE and 35% LBGC? [9.44 vs. 10.07] 2. Did the total return, over the trailing 3 -year period, rank in the top 50% of the Universe comprised of f- 40% Mobius Broad Large Core, 10% Mid Cap, 10% Small Cap, 5% International and 35% Broad Fixed? [11th] 3. Did the total return of the fund over the trailing 3 -year period equal or exceed 7.5% (actuarial 14 assumption rate of return)? [9.44 vs. 7.50] TOTAL EQUITY 1. Did the equity return, over the trailing 3 -year period, exceed the 62% S &P 500,15% S &P 400,15% S &P l0 1- 600 index and 8% EAFE? [14.25 vs. 14.061 2. Did the equity return, over the trailing 5 -year period, exceed the 62% S &P 500,15% S &P 400,15% S &P iW - 600 index and 8% EAFE? [16.72 vs. 16.69] 3. Did the equity return, over the trailing 3 -year period, rank in the top 50% of the Mobius 62% Broad - Large Cap, 15% Mid Cap, 15% Small Cap and 8% International Universe? [5th] 4. Did the equity return, over the trailing 5 -year period, rank in the top 50% of the Mobius 62% Broad IV i- Large Cap, 15% Mid Cap, 15% Small Cap and 8% International Universe? [2nd] 5. Is the amount invested in any single security less than or equal to 5% of the market value of the total fV - equity portfolio? 6. Is the amount invested in any single industry less than or equal to 20% of the market value of the total equity portfolio? FIXED INCOME - ICC CAPITAL 1. Did the fixed income return, over the trailing 3 -year period, exceed the LBGC? [3.96 vs. 3.66] I 2. Did the fixed income return, over the trailing 3 -year period, rank in the top 50% of the Mobius Broad fV i - Fixed Income Universe? [30th] 3. Did the fixed income return, over the trailing 5 -year period, exceed the LBGC? [3.50 vs. 4.16] i 4. Did the fixed income return, over the trailing 5 -year period, rank in the top 509/6 of the Mobius Broad Fixed Income Universe? [54th] 5. Is the amount invested in any single security (with exception of U.S. Government and its agencies) less r than or equal to 5% of the market value of the total fixed income portfolio? 6. Is the minimum quality rating of the bond investments BBB from Standard & Poor's or BAA from (r - Moody's? i CIlistle ,'asset (consulting Pop-3 Fixed Income 36% Palm Beach Gardens Police Pension Fund Total Assets September 30, 2007 Cash 8% ■ Equities ■ Fixed Income ■ Cash kit kit Equities 56% Page 4 ICC Fixed & Lg.Gr. 52% Palm Beach Gardens Police Pension Fund Total Assets September 30, 2007 Rhumbline S&P500 24% International Equity 8% e S&P400 /0 — -- ------- --- - ------------ - - - -- ORhumblineS&P500 ORhumblineS&P400 MRhumblineS&P600 ❑ International Equity MICCFixed 11istle Asset Cronsniting if T4 Page 5 Manager Rhumblirte S&P500 Rhun-Lbline S&P400 Rhumbline S&P600 International Equity ICC Fixed & Lg. Gr. Total Palm Beach Gardens Police Pension Fund Performance Evaluation Summary — ----- September 30, 2007.-.: Equities Fixed Income Cash $6,889,000 $0 $0 $2,149,000 $0 $0 $2,343,000 $0 $0 $2,168,000 $0 $0 $2,321,000 $10,143,000 $2,317,000 $15,870,000 $10,143,000 $2,317,000 Total $6,889,000 $2,149,000 $2,343,000 $2,168,000 $14,781,000 $28,330,000 % of Total 56.0% 35.8% 8.2% 100.0% Target % 65.0% 35.0% 0.0% 100.0% % of Total 24.3% 7.6% 8.3% 7.7% 52.2% 100.00/0 -------------------- histk Awt LIIllsulting kil Page 6 I Mf e Return Ranking ( *) Policy Return ( * *) Return Ranking ( * * *) Policy Return (62 %S &P500, 15 %S &P400, 15 %S &P600, 8 %SAFE) Palm Beach Gardens Police Pension Fund Performance Evaluation Summary September 30, 2007 Current 2005 2004 6.71% Quarter One Year Three Years Five Years 56 7.08% 10.24% TOTAL FUND (Net of Fees) ).1 11.90% 9.44% 10.03% 1.73% 12.97% 10.07% 11.74% TOTAL EQUITIES 1.42' 17.�I�►' „ 14.25 "�, lr.� ,_ 2:i 10 5 1.03% 17.05% 14.06% 16.69% TOTAL FIXED INCOME Fiscal Year 2006 2005 2004 6.71% 9.78% 8.97% 41 2.3 56 7.08% 10.24% 10.81% 2003 2002 12.88% 75 17.89% - 9.13% 9.27% 16.00% 16.21% 25.50% - 20.49% 2.92% 4.98% �.�h 3.50% >�1" r ,; 1.83% 3.80% 6.65% Return 75 61 43 Ranking (Broad Fixed) `� -'' 'rt 54 59 Policy Return (LBGC) 3.01% 5.10% 3.66% 4.16% 3.32% 2.56% 3.35% 6.51% 9.20% * 40% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 5% International, 35% Broad Fixed ** 40% S &P500, 10% S &P400, 10% S &P600, 5% SAFE, 35% LBGC * ** 62% Broad Large Cap Core, 15% Mid Cap, 15% Small Cap, 8% SAFE k 'old imliiitheti e1111al to or half the or in ii pp er 40":, of unh'c -;e Red indicates bottom 40% of universe 1 I Ctit,stle Asset crous lting Page 7 15.33% 15.36% -20. r ti t ,ti 1 t b 64 9.27% 16.00% 16.21% 25.50% - 20.49% 2.92% 4.98% �.�h 3.50% >�1" r ,; 1.83% 3.80% 6.65% Return 75 61 43 Ranking (Broad Fixed) `� -'' 'rt 54 59 Policy Return (LBGC) 3.01% 5.10% 3.66% 4.16% 3.32% 2.56% 3.35% 6.51% 9.20% * 40% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 5% International, 35% Broad Fixed ** 40% S &P500, 10% S &P400, 10% S &P600, 5% SAFE, 35% LBGC * ** 62% Broad Large Cap Core, 15% Mid Cap, 15% Small Cap, 8% SAFE k 'old imliiitheti e1111al to or half the or in ii pp er 40":, of unh'c -;e Red indicates bottom 40% of universe 1 I Ctit,stle Asset crous lting Page 7 Return Ranking (Br.Large Cap Core) Policy(S&P500) Return Palm Beach Gardens Police Pension Fund Performance Evaluation Summary September 30, 2007 Current Quarter One Year Three Years Five Years 2006 f' RHUMBLINE S&P 500 EQUITY PORTFOLIO 2004 2003 2002 12.22% 47 46 27 2.03% 16.44% 13.14% 15.45% 10.79% 18.76% RHUMBLINE S &P 400 EQUITY_ PORTFOLIO 12.25% 4 Years 24.40% - 20.49% 18.74% 1 1.70"', 1 i,.1 22..37 " %, 17.62 n/a n/a Ranking (50 %Br.Lg.Cap&50 %Br.Sm.Cap) 60 Fiscal Year f' 2005 2004 2003 2002 12.22% 13.84 %r t ; - 20.1', ", 57 18.76% 55 12.25% 13.87% 24.40% - 20.49% 22..37 " %, 17.62 n/a n/a Ranking (50 %Br.Lg.Cap&50 %Br.Sm.Cap) 60 -t' f' 1 ti 81 - .'' >u n/a n a Policy (S&P 400) -0.87% 18.76% 15.63% 16.11% 6.56% 22.16% 17.55% n/a n/a RHUMBLINE S&P 600 EQUITY PORTFOLIO - 2 Years 3 Years 11.3.3"11, 14.: i %, 1 -. v i "„ 21.16% n/a n/a n/a Return Ranking (Broad Small Cap) 44 51 50 45 52 n/a n/a n/a Policy (S&P 600) -1.83% 14.93% 10.98% 14.29% 7.16% -- -- -. 21.22% - - -- -- n/a n/a n/a INTERNATIONAL EQUITY - 2 Qtrs. "„ 3 Qtrs. 1 -Year l ti, n/a n/a n/a n/a Return 4.27 ";, 1 ; - 1 ' 14 17.7 i "i> ' ; . „ 43 n/a n/a n/a n/a n/a n/a Ranking (International Equity) 29 271 Policy (MSCI SAFE) 2.23% 9.05% 13.57% 25.38% n/a n/a n/a n/a n/a C, *ttr asset 611611ltllig Page 8 September 30, 2007 EXPLANATION OF RISK /REWARD SCATTERPLOT GRAPHS The crossing lines represent the 5 -year return (horizontal line) and 5 -year standard deviation or volatility or risk (vertical line) of the index against which the Fund is being measured. Each point represents the Fund's 5 -year return (vertically) and standard deviation or volatility (horizontally), relative to the index. If a point is in the southwest quadrant, for example, the 5 -year return of the Fund has been less than (below) the index line, and the 5 -year standard deviation (volatility) has also been less than (to the left oj) the index line. There are four points, one for each of the last four quarters. The earliest one is the smallest and the quarter just ended being the largest. Each point shows the 5 -year relative position of the Fund versus the index for that quarter. The movement of the points shows the trend, or direction, over time. As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher return); the worst place to be is the southeast quadrant (more risk and a lower return). �l�,histl¢.�ss¢f Crousuiting� b 4 k o, i bq y 0 x •U 0� r A -4 Palm Beach Gardens Police Pension Fund Total Fund Trailing 5 -Years (versus 40% S &P500, 10% S &P400, 10% S &P600, 9% EAFE, 39% LBGQ September 30, 2007 Good Aggressive A Conservative Bad -4 0 4 Risk (Difference in Standard Deviations) kh 116 le Awt TOR6111fing4m • 9/30/2007 ♦ 6/30/2007 ■ 3/31/2007 ♦ 12/31/2006 I Page 9 4 k o� z eo 0 o� 'M U Ol r A -4 -4 Palm Beach Gardens Police Pension Fund Total EquityTrai ng 5 -Years (versus 62% S &P 500, 15% S &P 400, 15% S &P 600 & 8% Intl. ) September 30, 2007 Good Aggressive Conservative Bad w Chistle Asset Cf! multing 4M 0 Risk (Difference in Standard Deviations) • 913012007 ♦ 613012007 ❑ 313112007 A 1213112006 I 4 Page 10 4 x o� z o� ao 0 o� a� v o� IS Palm Beach Gardens Police Pension Fund ICC Fixed Income Trailing Since Inception (versus LBGQ September 30, 2007 Good Aggressive IRA Conservative Bad -4 0 Risk (Difference in Standard Deviations) • 9/30/2007 ♦ 6/30/2007 ❑ 3/31/2007 Al2/31 I 4 4istk Asset Gnsutting w Page 11 Sep -07 Jun-07 Mar -07 Dec -06 Palm Beach Gardens Police Pension Fund Beta: Trailing 5 -Year Risk September 30, 2007 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 ■Total Fund ■ Large Cap ❑ Mid Cap ❑ Small Cap ■ ICC Fixed L�il"�fl� ��Ft L11Ijllltllll�� Page 12 2.0% 1.0% 0.0% -1.0% Palm Beach Gardens Police Pension Fund Alpha: Trailing 5 -Year Reward September 30, 2007 TOTAL FUND & INDIVIDUAL MANAGERS Sep -07 Jun -07 Mar -07 Dec -06 ■Total Fund ® Large Cap O Mid Cap O Small Cap ■ ICC Fixed W C, 4istle asset GHS111fingw l'r�tir 1.> Performance of Other Managers September 30, 2007 Qtr YTD 1Yr 3Yr 5Yr IOYr CORE EQUITY Atlanta Capital Management Co., LLC - High Quality Growth Plus 5.25 12.92 19.03 12.49 13.79 6.09 Eagle Asset Management - Conservative Large Cap Equity 0.70 6.91 12.96 12.91 15.71 10.21 ICC Capital Management, Inc - Core Value 3.15 11.24 19.13 14.83 17.23 8.51 Inverness Counsel - Miami Beach Fire & Police(Fiscal Year End) 10.39 26.51 26.51 14.90 12.80 INVESCO - Structured Core Equity 3.48 7.57 16.96 16.70 17.01 8.37 Madison Investment Advisors, Inc. - Large Cap Equity (Intl) 0.33 2.31 7.85 8.68 12.01 7.15 Rhumbline Advisers Corporation - Russell 1000 Index Fund 2.00 9.25 16.85 13.70 15.97 6.82 Rhumbline Advisers Corporation - S&P 500 Index Fund 2.07 9.20 16.50 13.17 15.44 6.75 Robeco Investment Management 0.58 9.14 16.28 14.38 15.93 7.47 Voyageur Asset Management - Large Cap Core 5.24 8.68 14.07 9.71 12.84 6.27 Russell 1000 1.98 9.30 16.90 13.77 15.99 6.86 S &P 500 2.03 9.13 16.44 13.14 15.45 6.57 GROWTH EQUITY Allegiant Asset Management - Large Capitalization Growth Equity 5.82 14.24 21.50 13.24 14.47 Davis Hamilton Jackson & Associates - Quality Growth 5.97 15.46 18.99 11.58 11.40 6.18 ICC Capital Management, Inc - Large Cap Growth Equity 3.00 8.13 12.59 10.86 16.98 Montag & Caldwell, Inc. - Large Cap Growth 9.61 18.25 25.31 12.97 12.24 5.62 Northern Trust Global Investments - Northern Trust Large Cap Growth 7.29 15.49 21.28 13.03 10.61 7.34 OakBrook Investments, LLC - OakBrook Select Equity -0.47 1.75 11.85 9.12 12.10 Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund 4.18 12.87 19.56 12.28 13.90 Sawgrass Asset Management, LLC - Large Cap Growth Equity 5.96 13.78 17.86 13.95 13.14 Voyageur Asset Management - Large Cap Growth 6.55 12.10 15.90 9.35 11.61 8.10 Russell 1000 Growth 4.21 12.67 19.35 12.20 13.84 4..06 S &P 500 /Citigroup Growth 3.77 10.54 16.78 11.27 12.64 5.20 Rhumbline Large Cap (FYE) 2.22 16.63 16.63 13.22 15.50 n/a Rhumbline Mid Cap (FYE) -0.81 18.74 18.74 15.70 n/a n/a Rhumbline Small Cap (FYE) -1.80 1517 15.17 14.51 n/a n/a International Equity (FYE) 4.27 27.48 27.48 n/a n/a n/a M of lttstle asset Lunsltlting Performance of Other Managers September 30, 2007 Qtr YTD 1Yr 3Yr 5Yr 10Yr VALUE EQUITY BlackRock, Inc. - Large Cap Value Equity 0.63 8.42 16.49 15.97 Buckhead Capital Management - Value Equity - Low P/E -0.48 6.36 13.76 12.51 15.90 8.50 Crawford Investment Counsel, Inc. - Dividend Growth 1.95 8.25 15.79 9.95 12.25 8.22 DePrince, Race, Zollo, Inc. - Large Cap Value Equity -3.99 4.87 13.65 13.10 18.88 10.38 Eagle Asset Management - Value - Institutional 1.97 11.53 18.82 16.29 17.69 6.63 ICC Capital Management, Inc - Core Value 3.15 11.24 19.13 14.83 17.23 8.51 INVESCO - Large Cap Value Equity -0.52 4.47 10.59 11.75 15.14 4.90 Loomis, Sayles & Company, L.P. - Large Cap Value 0.27 8.77 18.11 19.43 20.26 7.91 Missouri Valley Partners - Large Cap Value 1.15 6.93 14.75 11.62 15.77 Oppenheimer Capital - Large Cap Value -2.44 2.54 11.31 12.76 16.86 6.78 Rhumbline Advisers Corporation - Russell 1000 Value Index Fund -0.23 6.10 14.58 15.25 18.02 8.94 The Boston Company Asset Mgmt., LLC - U.S. Large Cap Value Equity 0.07 7.53 16.68 15.69 17.40 7.64 Trusco Capital Management, Inc. - Large Cap Value Equity 1.16 10.38 19.00 15.64 18.25 Voyageur Asset Management 2.21 8.66 17.10 18.17 19.24 8.87 Westwood Management Corporation - LargeCap Equity 2.81 13.59 20.91 19.36 19.05 10.64 Russell 1000 Value -0.24 5.97 14.45 15.25 18.07 8.80 S &P 500 /Citigroup Value 0.39 7.79 16.11 15.03 18.33 7.54 MID -CAP EQUITY Amalgamated Bank - LongView 400 MidCap Index Fund -0.86 11.01 18.76 15.63 18.14 11.60 Chicago Equity Partners, LLC - Mid Cap Core Equity -4.05 8.13 16.83 13.90 17.99 11.77 OakBrook Investments, LLC - Enhanced MidCap Strategy -1.21 12.01 20.51 17.28 19.30 Rhumbline Advisers Corporation - S&P 400 Index Fund -0.80 11.03 18.75 15.72 18.23 11.65 Robeco Investment Management - WPG Mid Cap Disciplined Equity -3.69 7.02 12.91 16.69 19.38 Russell Midcap -0.39 9.48 17.89 17.34 20.90 10.43 S &P Midcap 400 -0.87 11.01 18.76 15.63 18.17 11.60 Rhumbline Large Cap (FYE) 2.22 16.63 16.63 13.22 15.50 n/a Rhumbline Mid Cap (FYE) -0.81 18.74 18.74 15.70 n/a n/a Rhumbline Small Cap (FYE) -1.80 15.17 15.17 14.51 n/a n/a International Equity (FYE) 4.27 27.48 27.48 n/a n/a n/a WZiliStle Asset T011.5111fill( `w Page 18 Pe�O ance Of Other Manage September 30, 2007 Advanced Investment Partners - Al1Cap -Gross Size Diamond Hill Capital Mana e ALL CAP EQUITY akepid Capital Management, hecnt, Inc - Diamond Hill Select Equity Ridge Investments, LLC - Alba trepid Multi-Cap Equity Gross Size Size Oppenheimer Capital - All Ca P - Gross Size Russell 3000 P Equity - Gross Size Dow Jones Wilshire 5000 (Full Cap) Atlanta Capital Management Co., LLC - High Quality MALL CAP EQUITY GW Capital, Inc Management -Small Cap Core - Institutional mall Cap Intrepid Capital mall Cap Value Equity P Management, Inc. - Intrepid Small Cap Kayne Anderson Rudnick Invst. _Small Cap Rhumbline Advisers Corporation - S&P 600 Pooled Fund Sawgrass Asset Manage Trusco Capital ment, LLC -Small Cap Growth E P Management, Inc. - Small Ca Equity Russell 2000 p Growth S &P SrnallCap 600 American Realty Advisors - REAL ASB Capital Management, Inc. rEgquity Real Estate (Separate Accounts) ESTATE (tune 30, 2007 Quarter) JPMorgan Asset Mana Real Estate Fund Qtr YTD IYr _ Inte 'national Equity - _ - 2.22 _- 3Yr -1.26 1.44 8.62 17.42 1.78 8.22 18.88 13.45 -4.02 3.43 10.60 18.02 6.40 15.15 20.16 10.56 2.36 8.90 15.41 14.96 1.55 8.78 16.53 15.21 1.46 9.13 17.00 13.74 17.24 15.92 18.53 13.99 9.67 16.64 13.20 -1.43 12.11 23.42 14.62 -2.18 9.43 22.22 18.43 0.46 4.66 13.30 23.43 -0.80 5.89 14.20 9.85 1.80 6.73 15.16 1 2.82 3.57 15.72 23.51 14.49 1.68 14.70 20.62 11.76 -3.09 3.16 12.35 13.72 -1.82 6.58 14.93 13.36 13.57 25.38 23.75 14.29 Principal gement - Strategic Property 5.27 P Global Investors - Real Estate Core Property 5.08 Prudential Real Estate Investors - PRISA II (Prudential Property RREEF - Property 4.69 MSCI U RREI America II tY Separate 2) 3.63 REIT NCREIF Pro perty 7.56 Index 4.41 Deprince, -9.57 Race & Zollo - International Equip 4.59 ICC Capital Management, Inc - International IE`1TTONAL EQUITY INVESCO - International Equip, ADR Equity 0.38 Capital - International Equity -1.37 State Street Global Advisors - MSCI EA The Boston Company Index Strategy 1.64 5 Wentworth, pany - International Core Equity 0.85 Hauser and Violich - 2.15 MSCI EAFE WHV International Equity 0.73 Rhumbline La rge Cap O Rhumbline M id Cap 11.61 2.23 WYE) Rhumbline Small Cap (FyE) _ Inte 'national Equity - _ - 2.22 _- - --=-- -= _ -0.81 14.91 13.12 (�.J�i�llr ��srf (�utt;3ttlfirtg 17.42 5Yr 15.08 23.39 13.99 17.02 18.64 16.18 16.50 17.31 19.36 29.71 11.81 17.52 12.22 18.06 18.75 18.73 10Yr 8.45 10.31 10.79 6.83 6.84 10.70 15.57 12.72 11.82 4.04 7.22 9.41 10.79 16.32 18.72 _ 18.74 6.48 15.22 17.20 14.91 13.12 8.61 17.42 19.17 14.20 11.94 7.14 15.5 4 17.06 15 .53 nla 11.97 21.09 23.30 13.79 12.64 8.23 16.04 16.21 18.31 15.36 -6 .46 12.05 21.23 13.90 8.38 17.24 15.92 18.53 13.02 13.20 12.46 9.10 20.63 20.81 11.38 23.80 17.25 23.33 11.51 12.24 21.61 21.84 19.59 8.85 12.44 24.92 24.19 22.09 9.51 13.30 25.02 23.40 23.32 11.4 7 10.95 24.62 25.80 23.73 8.09 40.63 56.19 38.77 27.09 13.22 13.57 25.38 23.75 35.20 21.43 24.0.5 8.35 16.63 16.63 __ 113.22 _ 18.74 18.74 15.70 '`� "n/a 15.17 15.17 14.51 -! a n/a 27.48 27.48 n1a - a n/a n/a nla Page 19 Performance of Other Managers 1Yr September 30, 2007 5Yr 10yr Qtr CORE FIXED INCOME 4.42 Atlanta Capital Management Co., LLC - High Quality Broad Market 3.32 Eagle Asset Management - Core Fixed Institutional 3.04 ICC Capital Management, Inc - Core Fixed Income 2.66 Oppenheimer Capital - Fixed Income Aggregate 3.10 Sawgrass Asset Management, LLC - Core Fixed Income 2.74 Voyageur Asset Management, Inc. - Broad Market Core 2.68 Westwood Management Corporation - Fixed Income 2.90 Lehman Aggregate Bond 2.85 Lehman Gov /Credit Bond 3.01 INTERMEDIATE FIXED INCOME 4.01 Allegiant Asset Management - Intermediate Gov't /Credit 2.91 Davis Hamilton Jackson & Associates - Intermediate Fixed Income 3.49 Eagle Asset Management - Institutional Conservative 3.02 Missouri Valley Partners - Intermediate Government /Credit Fixed Income 3.19 Sawgrass Asset Management, LLC - Intermediate Fixed Income 2.76 Sit Investment Associates, Inc. - Intermediate Govt /Corp 2.24 Voyageur Asset Management, Inc. - Intermediate Core 2.49 Lehman Gov /Credit - Intermediate 2.88 Your Fixed Income (FYE) 2.92 rT-� �l�f' ;liistle Asset Consulting W YTD 1Yr 3Yr 5Yr 10yr 4.17 5.42 4.42 4.02 6.08 4.14 5.37 3.91 3.85 5.79 3.93 4.97 3.84 3.68 5.82 3.92 5.19 3.95 4.17 5.95 3.86 5.01 4.01 4.17 3.90 5.08 4.06 4.25 5.98 4.23 5.35 3.95 3.77 6.02 3.84 5.13 3.86 4.13 5.97 4.02 5.10 3.66 4.16 6.02 4.43 5.55 3.74 3.91 5.67 4.90 6.10 4.15 4.29 5.89 4.53 5.72 3.76 3.58 5.60 4.70 5.83 3.92 3.85 4.32 5.50 3.73 3.66 4.25 5.83 4.38 4.35 5.95 4.08 5.19 3.69 3.97 5.96 4.37 5.44 3.48 3.81 5.67 4.98 4.98 3.96 3.50 5.69 Page 20 COMPLEXITY DEFENSIVE CONSISTENT DIVERSIFICATION QUANTITATIVE VOLATILITY DURATION GROWTH ACTIVE ROTATION STRATEGY INNOVATION DISCIPLINE RISK CONTROL YIELD BENCHMARKS P/E RATIO CAPITAL MANAGEMENT GLOBALIZATION ASSET ALLOCATION PERFORMANCE STABILITY INTEGRITY SECTOR MARKETS SECURITIES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Review Quarter Ending September 30, 2007 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOMF Investment Performance Report Quarter Ending September 30, 2007 Total Return Summary Page...... 1 Portfolio Allocation Page...... 2 Investment Performance by Asset Category Page...... 3 Fixed - Income Analysis Page...... 4 Purchases & Sales Page...... 6 Realized Gains/ Losses Page...... 10 Portfolio Summary Page...... 13 Portfolio Appraisal Page...... 14 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Total Return Summary Quarter Ending September 30, 2007 Starting Value Ending Value Difference Net Contributions / (Withdrawals) Gainl(Loss) from Investments $11,447,976 $11,744,758 $296,782 ($1,582) $298,364 $9,923,090 $11,744,758 $1,821,668 $1,294,964 $526,704 $5,072,460 $11,744,758 $6,672,298 $5,281,587 $1,390,711 TOTAL RETURN 2.61% 1 4.84% 18.59% ANNUALIZED TOTAL RETURN 1 3.47% ICC Capital Management, Inc. 1 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Allocation at Market Quarter Ending September 30, 2007 Asset Allocation: 0/100 (Mkt) Market Value CASH /EQUIVS as of 06130107 13.4% FIXED INCOME 4iilo 86.6% Market Value CASH /EQUIVS as of 09130107 13.7% FIXED INCOME 4i 10 86.3% Mkt Value Mkt Value % Mkt Value Mkt Value as of 06/30/07 as of 06/30/07 as of 09/30/07 as of 09/30/07 CasivE uivs $1,5351252 13.4% $1,610,023 13.7% Fixed $9,912,724 86.6% $10,134,735 86.3% Total $11,447,976 100.0% $11,744,758 100.0% ICC Capital Management, Inc. 2 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance by Asset Category Quarter Ending September 30, 2007 uarter ■ ACCOUNT ■ LBGC 4.00 2.84 3.01 3.01 2.61 3.00 2.00 1.00 0.00 BONDS TOTAL FYFD (9130) ■ ACCOUNT ■ LBGC 6.00 4.91 5.08 4,84 5.08 5.00 4.00 3.00 2.00 1.00 0.00 BONDS TOTAL 5 Year Annualized ■ ACCOUNT ■ LBGC 5.00 4.16 4.16 3.60 3.47 4.00 3.00 2.00 1.00 0.00 BONDS TOTAL The red total bar represents the Lehman Brothers GovernmenVCredit Index. ICC Capital Management, Inc. 3 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 1 of 2) Quarter Ending September 30, 2007 Average Quality — AA Average Duration —4.80 Current Yield — 5.76 Federal Agencies 28.2% US Treasuries 10.2% Mortgage Pools 33.6% Corporate Bonds 30 27.9% Mortage Backed Securities S&P Rating Moody Rating Fglmc #g02268 AAA Aaa Fncl # 256394 AAA Aaa Fgci N #b13978 AAA Aaa Fgci N #g12208 AAA Aaa Fgci N #g11690 AAA Aaa Gnsf M #552509 AAA Aaa Fgci #g12205 4.5% AAA Aaa Fnci N #725445 AAA Aaa Fnci M #254371 AAA Aaa Fnci N #255888 AAA Aaa Fnci N #825335 AAA Aaa Gnjo M #781313 AAA Aaa Fnci N #829053 AAA Aaa Gnsf M #582153 AAA Aaa Fgci N #g12323 AAA Aaa Fgci N #b13455 AAA Aaa Government/Agency Bonds S&P Rating Moody Rating Federal National Mortgage Assn AAA AAA Fhlmc AAA AAA Fannie Mae AAA AAA Freddie Mac AAA Aaa Fannie Mae AAA Aaa Freddie Mac AAA Aaa Fannie Mae AAA Aaa Fannie Mae AAA AAA Fannie Mae 6.01 % AAA AAA United States Treasury Bond AAA AAA Us Treasury N/b AAA AAA Corporate Bonds Rating Moody Eating onoco nc - Al Jpmorgan Chase & Co A+ AA3 Citigroup Inc AA Aa1 ICC Capital Management, Inc. 4 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 2 of 2) Quarter Ending September 30, 2007 Co orate Bonds S&P Rating Moody Rating Fleetboston Finl Corp AA- AA2 Intl Lease Fin Aig 5 7/8 AA- Al Morgan Stanley AA- AA3 Merrill Lynch & Co A+ Al McDonald's Corp A A3 Alcoa Inc BBB+ A2 General Elec Cap Corp AAA AAA Jp Morgan Chase A+ AA3 National Rural Util Coop A+ Al General Electric Cap Crop AAA AAA Goldman Sachs AA- AA3 IBM Corp A+ Al Morgan Stanley A+ Al Goldman Sachs AA- AA3 Jp Morgan Chase A+ AA3 Archer Daniels A A2 Bear Stearns A+ Al Portfolio Duration vs. Index Duration (Ratio) 1.8% 1.4% 1.0% 4 NEUTRAL 0.6% 11143:01..1kyl -� INDEX f ACCT AGGRESSIVE 0.2% ; i 9/30/2005 12/31/2005 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 ICC Capital Management, Inc. 5 • ICC Capital Management PURCHASE AND SALE PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -07 To 09 -30 -07 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES • 07 -19 -07 07 -23 -07 200,000.000 FANNIE MAE 99.20 198,394.00 6.000% Due 04 -28 -21 07 -23 -07 07 -26 -07 300,000.000 FANNIE MAE 98.85 296,550.00 • 5.750% Due 02 -13 -17 08 -02 -07 08 -07 -07 775,000.000 FANNIE MAE 99.70 772,675.00 6.000% Due 04 -18 -36 • 09 -24 -07 09 -27 -07 265,000.000 FANNIE MAE 99.32 263,198.00 5.625% Due 11 -15 -21 07 -23 -07 07 -26 -07 300,000.000 FREDDIE MAC 99.83 299,490.00 • 6.000% Due 07 -06 -17 07 -23 -07 07 -26 -07 300,000.000 FREDDIE MAC 98.63 295,890.00 • 5.900% Due 06 -15 -22 07 -26 -07 07 -31 -07 110,000.000 UNITED STATES TREASURY 105.41 115,946.87 BOND • 5.375% Due 02 -15 -31 09 -19 -07 09 -24 -07 400,000.000 US TREASURY N/B 103.22 412,875.00 5.000% Due 05 -15 -37 2,655,018.87 SALES • 08 -27 -07 08 -30 -07 775,000.000 FANNIE MAE 101.10 783,525.00 6.000% Due 04 -18 -36 08 -06 -07 08 -09 -07 15,000.000 KOHLS CORP 105.45 15,817.65 • 7.250% Due 06 -01 -29 09 -24 -07 09 -27 -07 5,000.000 LEHMAN BROTHERS HOLDINGS 98.80 4,939.80 5.750% Due 05 -17 -13 • 09 -24 -07 09 -27 -07 20,000.000 LEHMAN BROTHERS HOLDINGS 98.80 19,759.20 5.750% Due 05 -17 -13 09 -24 -07 09 -27 -07 200,000.000 MERRILL LYNCH 97.56 195,116.00 • 5.700% Due 05 -02 -17 07 -10 -07 07 -13 -07 235,000.000 U.S. TREASURY STRIPS 38.37 90,174.20 0.000% Due 11 -15 -25 • 07 -10 -07 07 -13 -07 65,000.000 U.S. TREASURY STRIPS 38.37 24,941.80 0.000% Due 11 -15 -25 07 -26 -07 07 -31 -07 295,000.000 U.S. TREASURY STRIPS 39.52 116,595.80 • 0.000% Due 11 -15 -25 07 -20 -07 07 -23 -07 1,025,000.000 UNITED STATES TREASURY 96.91 993,289.06 i 3.500% Due 02 -15 -10 07 -20 -07 07 -23 -07 75,000.000 UNITED STATES TREASURY 96.91 72,679.69 3.500% Due 02 -15 -10 • 07 -20 -07 07 -23 -07 85,000.000 UNITED STATES TREASURY 96.91 82,370.31 3.500% Due 02 -15 -10 • 6 S ICC Capital Management PURCHASE AND SALE PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -07 To 09 -30 -07 • Trade Settle Unit Date Date Quantity Security Price Amount • 07 -20 -07 07 -23 -07 75,000.000 UNITED STATES TREASURY 96.91 72,679.69 3.500% Due 02 -15 -10 • 2,471,888.20 PRINCIPAL PAYDOWNS • 07 -01 -07 07 -15 -07 1,985.290 FGCI #G12205 4.5% 100.00 1,985.29 4.500% Due 06 -01 -21 • 08 -01 -07 08 -15 -07 2,125.880 FGCI #G12205 4.5% 100.00 2,125.88 • 4.500% Due 06 -01 -21 09 -01 -07 09 -15 -07 2,456.610 FGCI #G12205 4.5% 100.00 2,456.61 4.500% Due 06 -01 -21 • 07 -01 -07 07 -15 -07 76.230 FGCI N #B13455 100.00 76.23 4.500% Due 04 -01 -19 08 -01 -07 08 -15 -07 38.900 FGCI N #13 13455 100.00 38.90 . 4.500% Due 04 -01 -19 09 -01 -07 09 -15 -07 41.530 FGCI N #13 1345 5 100.00 41.53 4.500% Due 04 -01 -19 • 07 -01 -07 07 -15 -07 2,990.620 FGCI N #B13978 100.00 2,990.62 4.000% Due 05 -01 -19 08 -01 -07 08 -15 -07 4,566.580 FGCI N #B13978 100.00 4,566.58 • 4.000% Due 05 -01 -19 09 -01 -07 09 -15 -07 2,258.330 FGCI N #13 13978 100.00 2,258.33 • 4.000% Due 05 -01 -19 07 -01 -07 07 -15 -07 2,265.256 FGCI N #G11690 100.00 2,265.26 4.000% Due 02 -01 -20 . 07 -01 -07 07 -15 -07 653.304 FGCI N #G11690 100.00 653.30 4.000% Due 02 -01 -20 08 -01 -07 08 -15 -07 1,408.419 FGCI N #G11690 100.00 1,408.42 • 4.000% Due 02 -01 -20 08 -01 -07 08 -15 -07 406.191 FGCI N #G11690 100.00 406.19 • 4.000% Due 02 -01 -20 • 09 -01 -07 09 -15 -07 1,211.152 FGCI N #G11690 100.00 1,211.15 4.000% Due 02 -01 -20 09 -01 -07 09 -15 -07 349.298 FGCI N #G11690 100.00 349.30 • 4.000% Due 02 -01 -20 07 -01 -07 07 -15 -07 2,285.030 FGCI N #G12208 100.00 2,285.03 • 4.000% Due 02 -01 -21 • 08 -01 -07 08 -15 -07 2,489.310 FGCI N #G12208 100.00 2,489.31 4.000% Due 02 -01 -21 • 09 -01 -07 09 -15 -07 4,990.750 FGCI N #G12208 100.00 4,990.75 4.000% Due 02 -01 -21 07 -01 -07 07 -15 -07 85.980 FGCI N #G12323 100.00 85.98 • 4.500% Due 08 -01 -21 • 7 • ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -07 To 09 -30 -07 • Trade Settle Unit Date Date Quantity Security Price Amount • 08 -01 -07 08 -15 -07 81.840 FGCI N #G 12323 100.00 81.84 4.500% Due 08 -01 -21 • 09 -01 -07 09 -15 -07 101.970 FGCI N #G12323 100.00 101.97 4.500% Due 08 -01 -21 07 -01 -07 07 -15 -07 4,248.767 FGLMC #G02268 100.00 4,248.78 • 6.500% Due 08 -01 -36 07 -01 -07 07 -15 -07 14,498.143 FGLMC #G02268 100.00 14,498.15 6.500% Due 08 -01 -36 • 08 -01 -07 08 -15 -07 3,230.520 FGLMC #G02268 100.00 3,230.52 6.500% Due 08 -01 -36 08 -01 -07 08 -15 -07 11,023.570 FGLMC #G02268 100.00 11,023.57 • 6.500% Due 08 -01 -36 09 -01 -07 09 -15 -07 3,115.310 FGLMC #G02268 100.00 3,115.31 • 6.500% Due 08 -01 -36 i 09 -01 -07 09 -15 -07 10,630.375 FGLMC #G02268 100.00 10,630.38 6.500% Due 08 -01 -36 • 07 -01 -07 07 -15 -07 2,283.380 FNCI M #254371 100.00 2,283.38 5.500% Due 07 -01 -17 08 -01 -07 08 -15 -07 1,638.060 FNCI M #254371 100.00 1,638.06 . 5.500% Due 07 -01 -17 09 -01 -07 09 -15 -07 1,663.800 FNCI M #254371 100.00 1,663.80 5.500% Due 07 -01 -17 • 07 -01 -07 07 -15 -07 1,137.350 FNCI N #255888 100.00 1,137.35 4.000% Due 08 -01 -20 08 -01 -07 08 -15 -07 326.140 FNCI N #255888 100.00 326.14 . 4.000% Due 08 -01 -20 09 -01 -07 09 -15 -07 1,420.200 FNCI N #255888 100.00 1,420.20 4.000% Due 08 -01 -20 07 -01 -07 07 -15 -07 45.346 FNCI N #725445 100.01 45.35 4.500% Due 05 -01 -19 • 07 -01 -07 07 -15 -07 1,460.834 FNCI N #725445 100.00 1,460.83 4.500% Due 05 -01 -19 • 08 -01 -07 08 -15 -07 47.259 FNCI N #725445 100.00 47.26 • 4.500% Due 05 -01 -19 08 -01 -07 08 -15 -07 1,522.441 FNCI N #725445 100.00 1,522.44 4.500% Due 05 -01 -19 • 09 -01 -07 09 -15 -07 47.578 FNCI N #725445 100.00 47.58 4.500% Due 05 -01 -19 09 -01 -07 09 -15 -07 1,532.732 FNCI N #725445 100.00 1,532.73 • 4.500% Due 05 -01 -19 07 -01 -07 07 -15 -07 316.810 FNCI N #825335 100.00 316.81 4.000% Due 05 -01 -20 • 08 -01 -07 08 -15 -07 309.900 FNCI N #825335 100.00 309.90 4.000% Due 05 -01 -20 • 8 • • • ICC Capital Management PURCHASE AND SALE PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -07 To 09 -30 -07 • • Trade Settle Unit Date Date Quantity Security Price Amount s 09 -01 -07 09 -15 -07 319.180 FNCI N #825335 100.00 319.18 4.000% Due 05 -01 -20 • 07 -01 -07 07 -15 -07 1,034.010 FNCI N #829053 100.00 1,034.01 4.000% Due 08 -01 -20 s 08 -01 -07 08 -15 -07 672.210 FNCI N #829053 100.00 672.21 • 4.000% Due 08 -01 -20 09 -01 -07 09 -15 -07 291.280 FNCI N #829053 100.00 291.28 s 4.000% Due 08 -01 -20 • 07 -01 -07 07 -15 -07 10,930.790 FNCL # 256394 100.00 10,930.79 6.500% Due 09 -01 -36 s 08 -01 -07 08 -15 -07 9,587.690 FNCL # 256394 100.00 9,587.69 • 6.500% Due 09 -01 -36 09 -01 -07 09 -15 -07 10,042.650 FNCL # 256394 100.00 10,042.65 s 6.500% Due 09 -01 -36 • 07 -01 -07 07 -15 -07 1,089.990 GNJO M #781313 100.00 1,089.99 6.000% Due 07 -15 -16 08 -01 -07 08 -15 -07 596.630 GNJO M #781313 100.00 596.63 • 6.000% Due 07 -15 -16 09 -01 -07 09 -15 -07 914.170 GNJO M #781313 100.00 914.17 . 6.000% Due 07 -15 -16 07 -01 -07 07 -15 -07 346.630 GNSF M #552509 100.00 346.63 s 6.000% Due 04 -15 -32 • 08 -01 -07 08 -15 -07 4,110.990 GNSF M #552509 100.00 4,110.99 6.000% Due 04 -15 -32 s 09 -01 -07 09 -15 -07 5,968.600 GNSF M #552509 100.00 5,968.60 6.000% Due 04 -15 -32 07 -01 -07 07 -15 -07 1,761.190 GNSF M #582153 100.00 1,761.19 6.000% Due 06 -15 -32 • 08 -01 -07 08 -15 -07 65.170 GNSF M #582153 100.00 65.17 6.000% Due 06 -15 -32 09 -01 -07 09 -15 -07 66.980 GNSF M #582153 100.00 66.98 • 6.000% Due 06 -15 -32 141,165.17 � • I• • s s • • s s 9 • • • ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -07 Through 09 -30 -07 • Gain Or Loss • Open Close Cost Date Date Quantity Security Basis Proceeds Short Term Long Term • 05 -11 -05 07 -01 -07 2,265.256 FGCI N #G11690 2,198.01 2,265.26 67.25 • 4.000% Due 02 -01 -20 • 01 -30 -06 07 -01 -07 653.304 FGCI N #G11690 622.68 653.30 30.62 4.000% Due 02 -01 -20 • 12 -15 -06 07 -01 -07 4,248.767 FGLMC #G02268 4,337.07 4,248.78 -88.29 6.500% Due 08 -01 -36 • 01 -08 -07 07 -01 -07 14,498.143 FGLMC #G02268 14,799.44 14,498.15 - 301.29 6.500% Due 08 -01 -36 • 02 -21 -07 07 -01 -07 1,985.290 FGCI #G12205 4.5% 1,915.49 1,985.29 69.80 4.500% Due 06 -01 -21 • 08 -24 -06 07 -01 -07 85.980 FGCI N #G12323 82.43 85.98 3.55 4.500% Due 08 -01 -21 • 09 -08 -04 07 -01 -07 76.230 FGCI N #13 13455 76.01 76.23 0.22 4.500% Due 04 -01 -19 09 -23 -04 07 -01 -07 2,990.620 FGCI N #1313978 2,944.36 2,990.62 46.26 4.000% Due 05 -01 -19 a 05 -23 -02 07 -01 -07 2,283.380 FNCIM #254371 2,273.39 2,283.38 9.99 5.500% Due 07 -01 -17 . 09 -08 -05 07 -01 -07 1,137.350 FNCIN #255888 1,106.78 1,137.35 30.57 4.000% Due 08 -0I -20 • 01 -08 -07 07 -01 -07 10,930.790 FNCL # 256394 11,149.41 10,930.79 - 218.62 6.500% Due 09 -01 -36 • 09 -15 -04 07 -01 -07 45.346 FNCIN #725445 45.38 45.35 -0.03 • 01 -29 -07 07 -01 -07 4.500% Due 05 -01 -19 1,460.834 FNCIN #725445 1,401.94 1,460.83 58.89 • 4.500% Due 05 -01 -19 09 -08 -05 07 -01 -07 316.810 FNCIN #82S335 308.30 316.81 8.51 • 4.000% Due 05 -01 -20 08 -23 -05 07 -01 -07 1,034.010 FGCIN #829053 1,002.99 1,034.01 31.02 4.000% Due 08 -01 -20 • 06 -13 -02 07 -01 -07 1,761.190 GNSF M #582153 1,758.16 1,761.19 3.03 . 6.000% Due 06 -15 -32 04 -15 -02 07 -01 -07 346.630 GNSF M #552509 342.35 346.63 4.28 • 6.000% Due 04 -15 -32 07 -02 -02 07 -01 -07 1,089.990 GNJO M #781313 1,124.05 1,089.99 -34.06 • 6.000% Due 07 -15 -16 07 -21 -06 07 -01 -07 2,285.030 FGCI N #G12208 2,119.72 2,285.03 165.31 4.000% Due 02 -01 -21 05 -10 -07 07 -10 -07 235,000.000 U.S. TREASURY STRIPS 94,540.50 90,174.20 - 4,366.30 • 0.000% Due 11 -15 -25 12 -14 -06 07 -10 -07 65,000.000 U.S. TREASURY STRIPS 26,196.30 24,941.80 - 1,254.50 0.000% Due 11 -15 -25 08 -29 -06 07- 20- 071,025,000.000 UNITED STATES 981,917.97 993,289.06 11,371.09 • TREASURY 3.500% Due 02 -15 -10 • 10 -13 -06 07 -20 -07 75,000.000 UNITED STATES 72,070.32 72,679.69 609.37 • TREASURY 3.500% Due 02 -15 -10 • 02 -21 -07 07 -20 -07 85,000.000 UNITED STATES 82,131.25 82,370.31 239.06 TREASURY • 3.500% Due 02 -15 -10 11 -02 -06 07 -20 -07 75,000.000 UNITED STATES 72,597.66 72,679.69 82.03 • TREASURY 3.500% Due 02 -15 -10 10 • ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -07 Through 09 -30 -07 Open Date Close Date Quantity Security Cost Basis Proceeds Gain Or Loss Short Term Long Term 12 -14 -06 07 -26 -07 295,000.000 U.S. TREASURY STRIPS 118,890.90 116,595.80 - 2,295.10 0.000% Due I1 -15 -25 05 -11 -05 08 -01 -07 1,408.419 FGCI N #GI 1690 1,366.61 1,408.42 41.81 4.000% Due 02 -01 -20 01 -30 -06 08 -01 -07 406.191 FGCI N #G11690 387.15 406.19 19.04 4.000% Due 02 -01 -20 12 -15 -06 08 -01 -07 3,230.520 FGLMC #G02268 3,297.66 3,230.52 -67.14 6.500% Due 08 -01 -36 01 -08 -07 08 -01 -07 11,023.570 FGLMC #G02268 11,252.66 11,023.57 - 229.09 6.500% Due 08 -01 -36 02 -21 -07 08 -01 -07 2,125.880 FGCI #G12205 4.5% 2,051.14 2,125.88 74.74 4.500% Due 06 -01 -2I 08 -24 -06 08 -01 -07 81.840 FGCI N #GI2323 78.46 81.84 3.38 4.500% Due 08 -01 -21 09 -08 -04 08 -01 -07 38.900 FGCI N #1313455 38.79 38.90 0.11 4.500% Due 04 -01 -19 09 -23 -04 08 -01 -07 4,566.580 FGCI N #13 13978 4,495.94 4,566.58 70.64 4.000% Due 05 -01 -19 05 -23 -02 08 -01 -07 1,638.060 FNCI M #254371 1,630.89 1,638.06 7.17 5.500% Due 07 -01 -17 09 -08 -05 08 -01 -07 326.140 FNCI N #255888 317.38 326.14 8.76 4.000% Due 08 -01 -20 01 -08 -07 08 -01 -07 9,587.690 FNCL # 256394 9,779.45 9,587.69 - 191.76 6.500 % Due 09 -01 -36 09 -15 -04 08 -01 -07 47.259 FNCI N #725445 4719 47.26 -0.03 4.500% Due 05 -01 -19 01 -29 -07 08 -01 -07 1,522.441 FNCI N #725445 1,461.07 1,522.44 61.37 4.500% Due 05 -01 -19 09 -08 -05 08 -01 -07 309.900 FNCIN #825335 301.57 309.90 8.33 4.000% Due 05 -01 -20 08 -23 -05 08 -01 -07 672.210 FNCI N #829053 652.04 672.21 20.17 4.000% Due 08 -01 -20 06 -13 -02 08 -01 -07 65.170 GNSF M #582153 65.06 65.17 0.11 6.000% Due 06 -15 -32 04 -15 -02 08 -01 -07 4,110.990 GNSFM #552509 4,060.24 4,110.99 50.75 6.000% Due 04 -15 -32 07 -02 -02 08 -01 -07 596.630 GNJO M #781313 615.27 596.63 -18.64 6.000% Due 07 -15 -16 07 -21 -06 08 -01 -07 2,489.310 FGCIN #GI2208 2,309.22 2,489.31 180.09 4.000% Due 02 -01 -21 12 -17 -04 08 -06 -07 15,000.000 KOHLS CORP 18,000.45 15,817.65 - 2,182.80 7.250% Due 06 -01 -29 08 -02 -07 08 -27 -07 775,000.000 FANNIE MAE 772,675.00 783,525.00 10,850.00 6.000% Due 04 -18 -36 05 -11 -05 09 -01 -07 1,211.152 FGCI N #G11690 1,175.20 1,211.15 35.95 4.000 % Due 02 -01 -20 01 -30 -06 09 -01 -07 349.298 FGCI N #G11690 332.92 349.30 16.38 4.000% Due 02 -01 -20 12 -15 -06 09 -01 -07 3,115.310 FGLMC #G02268 3,180.05 3,115.31 -64.74 6.500% Due 08 -01 -36 01 -08 -07 09 -01 -07 10,630.375 FGLMC #G02268 10,851.29 10,630.38 - 220.91 6.500% Due 08 -01 -36 02 -21 -07 09 -01 -07 2,456.610 FGCI #G12205 4.5% 2,370.24 2,456.61 86.37 4.500% Due 06 -01 -21 m ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 06 -30 -07 Through 09 -30 -07 Open Date Close Date Quantity Security 08 -24 -06 09 -01 -07 101.970 FGCI N #G 12323 4.500% Due 08 -01 -21 09 -08 -04 09 -01 -07 41.530 FGCI N #B 13455 Proceeds 4.500% Due 04 -01 -19 09 -23 -04 09 -01 -07 2,258.330 FGCI N #B 13978 101.97 4.000% Due 05 -01 -19 05 -23 -02 09 -01 -07 1,663.800 FNCI M #254371 41.53 5.500% Due 07 -01 -17 09 -08 -05 09 -01 -07 1,420.200 FNCI N #255888 2,258.33 4.000% Due 08 -01 -20 01 -08 -07 09 -01 -07 10,042.650 FNCL #256394 1,663.80 6.500% Due 09 -01 -36 09 -15 -04 09 -01 -07 47.578 FNCI N #725445 1,420.20 4.500% Due 05 -01 -19 01 -29 -07 09 -01 -07 1,532.732 FNCI N #725445 10,042.65 4.500% Due 05 -01 -19 09 -08 -05 09 -01 -07 319.180 FNCI N #825335 47.58 4.000 % Due 05 -01 -20 08 -23 -05 09 -01 -07 291.280 FNCI N #829053 1,532.73 4.000% Due 08 -01 -20 06 -13 -02 09 -01 -07 66.980 GNSF M #582153 319.18 6.000% Due 06 -15 -32 04 -15 -02 09 -01 -07 5,968.600 GNSF M #552509 291.28 6.000% Due 04 -15 -32 07 -02 -02 09 -01 -07 914.170 GNJO M #781313 66.98 6.000% Due 07 -15 -16 07 -21 -06 09 -01 -07 4,990.750 FGCI N #G12208 5,968.60 4.000% Due 02 -01 -21 08 -25 -06 09 -24 -07 5,000.000 LEHMAN BROTHERS 914.17 HOLDINGS -28.57 5.750% Due 05 -17 -13 11 -15 -06 09 -24 -07 20,000.000 LEHMAN BROTHERS 361.05 HOLDINGS 4,939.80 5.750% Due 05 -17 -13 04 -25 -07 09 -24 -07 200,000.000 MERRILL LYNCH 19,759.20 5.700% Due 05 -02 -17 TOTAL GAINS TOTAL LOSSES TOTAL REALIZED GAIN/LOSS 7,846.58 12 199,668.00 195,116.00 - 4,552.00 23,736.72 1,227.93 - 14,736.00 - 2,382.07 2,605,206.79 2,613,053.37 9,000.73 - 1,154.15 Gain Or Loss Cost Basis Proceeds Short Term Long Term 97.76 101.97 4.21 41.41 41.53 0.12 2,223.40 2,258.33 34.93 1,656.52 1,663.80 7.28 1,382.03 1,420.20 38.17 10,243.51 10,042.65 - 200.86 47.61 47.58 -0.03 1,470.94 1,532.73 61.79 310.60 319.18 8.58 282.54 291.28 8.74 66.86 66.98 0.12 5,894.93 5,968.60 73.67 942.74 914.17 -28.57 4,629.70 4,990.75 361.05 5,057.70 4,939.80 - 117.90 20,444.60 19,759.20 - 685.40 199,668.00 195,116.00 - 4,552.00 23,736.72 1,227.93 - 14,736.00 - 2,382.07 2,605,206.79 2,613,053.37 9,000.73 - 1,154.15 • ICC Capital Management PORTFOLIO SUMMARY PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2007 • Pct. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income Cash & Equivalents • CASH AND 1,610,022.81 1,610,022.81 13.7 5.0 80,501.14 EQUIVALENTS 1,610,022.81 1,610,022.81 13.7 5.0 80,501.14 Fixed Income CORPORATE BONDS 2,867,593.45 2,794,708.35 23.8 6.2 173,506.25 GOVERNMENT 1,015,703.12 1,020,506.25 8.7 5.0 50,637.50 BONDS • MORTGAGE POOLS 3,387,605.46 3,365,129.10 28.7 5.6 189,472.29 GOVERNMENT 2,803,408.10 2,822,484.50 24.0 5.8 162,671.25 SPONSORED BOND Accrued Interest 131,907.08 1.1 10,074,310.13 10,134,735.28 86.3 5.8 576,287.29 • • TOTAL PORTFOLIO 11,684,332.94 11,744,758.09 100.0 5.7 656,788.43 • 13 • ICC Capital Management PORTFOLIO APPRAISAL PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2007 • Unit Total Market Pct. Cur. • Quantity Security Cost Cost Price Value Assets Yield • CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS 1,610,022.81 1,610,022.81 13.7 5.0 1,610,022.81 1,610,022.81 13.7 5.0 • CORPORATE BONDS • 80,000.000 GENERAL ELECTRIC 110.79 88,629.60 106.70 85,359.20 0.7 7.8 CAP CROP • 8.300% Due 09 -20 -09 235,000.000 FLEETBOSTON FINL 106.28 249,762.70 104.88 246,472.70 2.1 7.0 . CORP 7.375% Due 12 -01 -09 • 280,000.000 1PMORGAN CHASE & 108.76 304,525.20 106.72 298,807.60 2.5 7.4 CO • 7.875% Due 06 -15 -10 115,000.000 ALCOA INC 107.37 123,473.20 106.11 122,027.65 1.0 7.0 • 7.375% Due 08 -01 -10 255,000.000 CITIGROUP INC 104.86 267,383.25 103.98 265,143.90 2.3 6.3 6.500% Due 01 -18 -11 195,000.000 INTL LEASE FIN AIG 105.64 205,999.95 100.39 195,770.25 1.7 5.9 • 57/8 . 5.875% Due 05 -01 -13 85,000.000 GOLDMAN SACHS 98.44 83,674.00 97.70 83,041.60 0.7 5.4 5.250% Due 10 -15 -13 • 100,000.000 JP MORGAN CHASE 99.68 99,682.00 96.35 96,347.00 0.8 5.1 • 4.875% Due 03 -15 -14 80,000.000 MORGAN STANLEY 98.28 78,620.80 93.93 75,145.60 0.6 5.1 • 4.750% Due 04 -01 -14 100,000.000 GENERAL ELEC CAP 99.86 99,856.00 100.44 100,441.00 0.9 5.5 • CORP 5.500% Due 06 -04 -14 • 45,000.000 BEAR STEARNS 97.40 43,829.55 97.90 44,056.35 0.4 5.8 5.700% Due 11 -15 -14 • 65,000.000 GOLDMAN SACHS 99.74 64,829.10 96.02 62,410.40 0.5 5.3 5.125% Due 0 1 -15-15 i 50,000.000 JP MORGAN CHASE 101.59 50,797.00 96.69 48,343.50 0.4 5.4 5.250% Due 05 -01 -15 • 170,000.000 MERRILL LYNCH & 103.52 175,989.10 99.86 169,760.30 1.4 6.1 CO • 6.050% Due 05-16 -16 150,000.000 MCDONALD'S CORP 98.90 148,348.50 97.10 145,657.50 1.2 5.5 • 5.300% Due 03 -15 -17 100,000.000 NATIONAL RURAL 99.68 99,680.00 97.61 97,615.00 0.8 5.6 • UTIL COOP 5.450% Due 04 -10 -17 • 200,000.000 MORGAN STANLEY 99.70 199,394.00 97.02 194,046.00 1.7 5.7 5.550% Due 04 -27 -17 • 75,000.000 BM CORP 105.60 79,202.05 104.97 78,724.50 0.7 6.2 • 6.500% Due 01 -15 -28 305,000.000 CONOCOINC 115.80 353,187.65 109.98 335,448.15 2.9 6.3 • 6.950% Due 04 -15 -29 55,000.000 ARCHER DANIELS 92.24 50,729.80 91.07 50,090.15 0.4 5.9 • 5.375% Due 09 -15 -35 Accrued Interest 52,748.67 0.4 • 2,867,593.45 2,847,457.02 24.2 6.2 • 14 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2007 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield GOVERNMENT BONDS 570,000.000 UNITED STATES 105.76 602,828.12 107.06 610,256.25 5.2 5.0 TREASURY BOND 5.375% Due 02 -15 -31 400,000.000 US TREASURY N/B 103.22 412,875.00 102.56 410,250.00 3.5 4.9 5.000% Due 05 -15 -37 Accrued Interest 11,329.69 0.1 1,015,703.12 1,031,835.94 8.8 5.0 MORTGAGE POOLS 45,114.940 GNJO M #781313 103.12 46,524.78 101.50 45,793.02 0.4 5.9 6.000% Due 07 -15 -16 113,859.530 FNCI M #254371 99.56 113,361.40 100.08 113,952.89 1.0 5.5 5.500% Due 07 -01 -17 6,324.140 FGCI N #1313455 99.71 6,305.50 96.35 6,093.25 0.1 4.7 4.500% Due 04 -01 -19 336,923.799 FGCI N #1313978 98.45 331,712.01 94.26 317,581.00 2.7 4.2 4.000% Due 05 -01 -19 117,926.160 FNCI N #725445 96.09 113,318.08 96.38 113,656.05 1.0 4.7 4.500% Due 05 -01 -19 201,351.150 FGCI N #G 11690 96.65 194,598.88 94.26 189,791.58 1.6 4.2 4.000% Due 02 -01 -20 58,091.880 FNCI N #825335 97.31 56,530.66 93.99 54,598.23 0.5 4.3 4.000% Due 05 -01 -20 64,351.420 FNCI N #255888 97.31 62,621.98 93.99 60,481.33 0.5 4.3 4.000% Due 08 -01 -20 56,245.880 FNCI N #829053 97.00 54,558.50 93.99 52,863.25 0.5 4.3 4.000% Due 08 -01 -20 206,559.005 FGCI N #G12208 92.77 191,615.75 94.02 194,215.04 1.7 4.3 4.000% Due 02 -01 -21 148,977.920 FGCI #G12205 4.5% 96.48 143,740.41 96.27 143,422.53 1.2 4.7 4.500% Due 06 -01 -21 8,262.262 FGCIN #G12323 95.88 7,921.44 96.27 7,954.16 0.1 4.7 4.500% Due 08 -01 -21 166,692.010 GNSF M #552509 98.77 164,634.41 100.86 168,132.23 1.4 5.9 6.000% Due 04 -15 -32 40,492.820 GNSF M #582153 99.83 40,423.22 100.86 40,842.68 0.3 5.9 6.000% Due 06 -15 -32 977,210.285 FGLMC #G02268 102.08 997,518.65 101.81 994,927.11 8.5 6.4 6.500% Due 08 -01 -36 845,313.240 FNCL # 256394 102.00 862,219.80 101.83 860,824.74 7.3 6.4 6.500% Due 09 -01 -36 Accrued Interest 15,263.05 0.1 3,387,605.46 3,380,392.14 28.8 5.6 GOVERNMENT SPONSORED BOND 505,000.000 FEDERAL NATIONAL 103.06 520,453.00 100.72 508,629.69 4.3 6.0 MORTGAGE ASSN 6.000% Due 05 -15 -08 300,000.000 FANNIE MAE 100.00 300,000.00 100.41 301,218.75 2.6 5.3 5.300% Due 04 -30 -10 460,000.000 FHLMC 104.22 479,433.10 105.03 483,143.75 4.1 5.7 6.000% Due 06 -15 -11 300,000.000 FANNIEMAE 98.85 296,550.00 100.72 302,156.25 2.6 5.7 5.750% Due 02 -13 -17 15 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME September 30, 2007 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield 150,000.000 FANNIE MAE 6.01% 100.00 150,000.00 100.03 150,046.87 1.3 6.0 6.010% Due 04 -10 -17 300,000.000 FREDDIE MAC 99.83 299,490.00 101.87 305,598.00 2.6 5.9 6.000% Due 07 -06 -17 200,000.000 FANNIE MAE 99.20 198,394.00 101.94 203,875.00 1.7 5.9 6.000% Due 04 -28 -21 265,000.000 FANNIE MAE 99.32 263,198.00 99.47 263,592.19 2.2 5.7 5.625% Due 11 -15 -21 300,000.000 FREDDIE MAC 98.63 295,890.00 101.41 304,224.00 2.6 5.8 5.900% Due 06 -15 -22 Accrued Interest 52,565.68 0.4 2,803,408.10 2,875,050.18 24.5 5.8 TOTAL PORTFOLIO 11,684,332.94 11,744,758.09 100.0 5.7 a PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Review Quarter Ending September 30, 2007 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance Report Quarter Ending September 30, 2007 Total Return Summary Page...... 1 Portfolio Allocation Page...... 2 Investment Performance by Asset Category Page...... 3 Portfolio Sector Diversification Page...... 4 Investment Performance by Sectors Page...... 5 Portfolio Attributes Page...... 6 Brokers Commission Page...... 7 Realized Gains/ Losses Page...... 10 Portfolio Summary Page...... 11 Portfolio Appraisal Page...... 12 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Total Return Summary Quarter Ending September 30, 2007 Beginning Value I $1,267,909 I $1,200,000 Ending Value $2,327,085 $2,327,085 Difference $1,059,176 $1,127,085 Net Contributions/ (Withdrawals) I $999,719 I $999,719 Gain/(Loss) from Investments 1 $59,456 1 $127,366 ICC Capital Management, Inc. TOTAL RETURN 1 1.13% 1 6.85% 1 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Allocation at Market Quarter Ending September 30, 2007 Asset Allocation: 100/0 (Mkt) Market Value as of 06130107 CASH /EQUIVS 5.0% EQUITY 95.0% Market Value as of 09130107 CASH /EQUIVS 0.9% EQUITY 99.1% Mkt Value Mkt Value % Mkt Value Mkt Value as of 06/30/07 as of 06/30/07 as of 09/30/07 as of 09/30/07 Cash/E uivs $63,359 5.0% $19,911 0.9% E ui $1,204,550 95.0% $2,307,173 99.1% Total $1,267,909 100.0% $2,327,085 100.0% ICC Capital Management, Inc. I PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Asset Category Quarter Ending September 30, 2007 Quarter ■ ACCOUNT ■ R1000G 6.00- 4.21 4.21 4.00 I 2.00 0.75 1.13 0.00 T EQUITY TOTAL 1 tie rea totae bar represents we i<usseu juuu urmorn inaex. ICC Capital Management, Inc. 3 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Sector Diversification Quarter Ending September 30, 2007 Security Top Ten Holdings % of equities Return for Quarter Apple Computer Inc 5.33% 15.30% Target Corp 4.68% 3.88% Merrill Lynch 4.33% -9.87% Newmonth Mining Corp 4.08% 4.04% Archer Daniels Midland Co 4.01% -3.16% Gamestop Corp Class A 3.90% 44.95% Ebay Inc 3.89% 22.50% MFG 3.56% -6.94% EMC Corp 3.34% 12.84% United Parcel Services Inc 3.26% 1.79% Sector Sector Contribution % of Portfolio Return for Quarter Basic Materials 11.04% 21.47% Industrials 5.21% 1.62% Telecommunications 3.02% 3.87% Consumer Discretionary 13.31% 10.78% Consumer Staples 8.33% 2.69% Energy 0.00% 0.00% Financials 9.45% 13.16% Health Care 11.25% - 9.23% Information Technology 36.62% 6.31% Utilities 1.76% 2.83% ICC Capital Management, Inc. 4 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Sectors Quarter Ending September 30, 2007 Index Sector Returns for 3 .O7 7C'id/ e �o s o °'of Oi °s 7s °1d 2 15.0 10.6 10.0 46 6.8 5.2 6.0 -h 6.1 5.0 1.5 A' [1] 0. 1 0.0 -5.0 -2.2 -4.4 -10.0 , �6j st 7 d '6 o P 1�r ri-P J P y 1 o o � / a �6 r f �s Sector Diversification Relative to the Russell 1000 Index 30.0 23.4 OVERWEIGHT 20.0 10.0 6.4 1.0 1.4 0.0 -10.0- -6.6 -0.4 -0.4 -2.5 -11.4 -10.9 -20.0 UNDERWEIGHT -30.0 C' °i� sl�i� sG� %, s % °^ 01. `4% spa 7C'id/ e �o s o °'of Oi °s 7s °1d 2 °h %9 y ICC Capital Management, Inc. 5 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Growth Portfolio Attributes Quarter Ending September 30, 2007 CAPITALIZATION 9/30/200 6/30/200 3/31/200 12/3112006 ICC 35.7 35.7 36.1 45.5 R1000G 98.5 91.6 88.6 93.4 BETA 9/301200 6/30/200 3/31/200 1Z(31/2006 ICC 1.02 1.08 1.10 1.12 R1000G 1.00 1.00 1.00 1.00 YIELD 91301200 6/30/200 3/31/200 12131/2006 ICC 0.99 0.96 0.88 1.08 R1000G 1.26 1.26 1.35 1.30 PIE 9/30/200 ICC 25.1 R1000G 18.9 12 MONTH EPS GROWTH 9/30/2007 ICC 38.8 R1000G 30.0 5 YEAR EPS GROWTH 9/301200 ICC 21.8 R1000G 21.9 6/30/200 3V311200 12/31/2006 23.6 22.8 20.5 18.8 18.5 18.8 6/301200 3/3V2007 1 3 006 28.9 23.5 21.0 28.5 26.5 31.0 6130/200 3/31/200 12/3112006 15.6 18.2 13.4 22.4 20.3 15.9 ICC Capital Management, Inc. 6 MARKET CAPITALIZATION 100.0 98.5 91.6 88.6 93.4 75.0 50.0 35.7 35.7 36.1 45.5 25.0 0.0 9/30/2007 6/30/2007 3/31/2007 12/31/2006 BETA 1.50 1.02 1.08 1.10 1.12 1.00 1.00 1.00 1.00 1.00 o.so 0.00 , 9/30/2007 6/30/2007 3/31/2007 12/31/2006 2.0 YIELD 1.6 1.26 1.26 1.35 1.30 1.2 0.99 0.96 108 0.88 0.8 0.4 0.0 9/30/2007 6/30/2007 3/31/2007 12/31/2006 30.o PRICEIEARNINGS 25.1 23.6 22.8 18.9 18.8 18.5 20.5 18.8 20.0 It 10.0 0.0 9/30/2007 6/30/2007 3/31/2007 12/31/2006 12 MONTH EPS GROWTH 40.0 38'8 30.0 30.0 28.9 28.5 26.5 31.0 23.5 21.0 20.0 10.0 0.0 9/30/2007 6/30/2007 3/31/2007 12/31/2006 5 YR EPS GROWTH 25.0 21.8 21.9 22.4 20.3 20.0 18'2 15.9 15.6 15.0 13.4 10.0 5.0 0.0 9/30/2007 6/30/2007 3/31/2007 12/31/2006 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report Quarter Ending September 30, 2007 Date Trans Ticker Security $Amount Shares Price Comm PerSh Donaldson & Co. - Donaldson 7/20/07 Sell TSM Tiawan Semiconductor Mfg $5.71 0 $11.47 $0.00 $0.00 Total: Donaldson & Co. - Donaldson $5.71 $0.00 $0.00 The Griswold Company $0.00 8/10/07 Buy TGT Target Corporation $56,179.98 900 $62.38 $36.00 $0.04 8/15/07 Sell LUV Southwest Airlines Co. $33,167.52 2,100 $15.83 $84.00 $0.04 8/15/07 Sell LUV Southwest Airlines Co. $12,635.24 800 $15.83 $32.00 $0.04 8/16/07 Sell BJS Bj Services Co $14,554.81 600 $24.30 $24.00 $0.04 8/16/07 Sell BJS Bj Services Co $14,554.82 600 $24.30 $24.00 $0.04 8/16/07 Buy MU Micron Technology Inc $30,711.29 2,900 $10.55 $116.00 $0.04 8/17/07 Sell WAG Walgreens Co. $9,077.56 200 $45.43 $8.00 $0.04 8/17/07 Sell WAG Walgreens Co. $18,155.12 400 $45.43 $16.00 $0.04 9/18/07 Sell ARTC Arthrocare Corp $27,645.13 500 $55.33 $20.00 $0.04 9/18/07 Sell ARTC Arthrocare Corp $5,529.02 100 $55.33 $4.00 $0.04 9/19/07 Buy RIO Companhia Vale Do Rio Doce ADR $45,946.19 1,550 $29.60 $62.00 $0.04 9/19/07 Buy WM Washington Mutual $58,378.80 1,500 $38.88 $60.00 $0.04 9/20/07 Sell EP El Paso Energy Corp. $29,308.23 1,700 $17.28 $68.00 $0.04 9/27/07 Buy MRVL Marvell Technology Group $46,065.32 2,800 $16.41 $112.00 $0.04 9/27/07 Sell SEPR Sepracor Inc $19,126.43 700 $27.36 $28.00 $0.04 9/27/07 Sell SEPR Sepracor Inc $5,464.70 200 $27.36 $8.00 $0.04 Total: The Griswold Company $426,500.16 17,550 $0.00 $702.00 $0.04 Edgetrade 7/06/07 Buy PNRA Panera BREad Company -CI A $23,935.20 500 $47.86 $5.00 $0.01 7/13/07 Buy EMC Emc Corp $26,826.66 1,400 $19.15 $14.00 $0.01 7/13/07 Sell OPWV Openwave Systems Inc $1,895.97 300 $6.33 $3.00 $0.01 7/13/07 Sell DD Du Pont $10,293.00 200 $51.48 $2.00 $0.01 7/13/07 Sell OPWV Openwave Systems Inc $11,375.83 1,800 $6.33 $18.00 $0.01 7/16/07 Sell IVGN Invitrogen $22,523.24 300 $75.09 $3.00 $0.01 7/16/07 Buy AAPL Apple Computer Inc $27,644.04 200 $138.21 $2.00 $0.01 7/16/07 Buy SEPR Sepracor Inc $29,158.29 700 $41.64 $7.00 $0.01 7/16/07 Sell OPWV Openwave Systems Inc $5,792.58 900 $6.45 $9.00 $0.01 7/16/07 Sell OPWV Openwave Systems Inc $6,436.20 1,000 $6.45 $10.00 $0.01 7/16/07 Sell OPWV Openwave Systems Inc $3,861.72 600 $6.45 $6.00 $0.01 7/18/07 Buy NTAP Network Alliance $24,436.08 800 $30.54 $8.00 $0.01 7/18/07 Sell CELG Celegene Corporation $23,688.88 400 $59.23 $4.00 $0.01 7/24/07 Buy AAPL Apple Computer Inc $13,882.64 100 $138.82 $1.00 $0.01 7/24/07 Sell WSH Willis Group Holdings $30,307.86 700 $43.31 $7.00 $0.01 ICC Capital Management, Inc. 7 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report Quarter Ending September 30, 2007 Date Trans Ticker Security $Amount Shares Price Comm PerSh 7/24/07 Sell RFMD Rf Micro Devices $18,733.71 2,900 $6.47 $29.00 $0.01 7/25/07 Buy SEPR Sepracor Inc $23,395.44 600 $38.98 $6.00 $0.01 7/25/07 Sell SUG Southern Union Co $21,582.13 650 $33.21 $7.00 $0.01 7/26/07 Buy PNRA Panera BREad Company -CI A $20,915.00 500 $41.82 $5.00 $0.01 7/26/07 Buy SBUX Starbucks Corp $30,221.95 1,100 $27.46 $11.00 $0.01 7/26/07 Buy SEPR Sepracor Inc $33,899.58 900 $37.66 $9.00 $0.01 7/26/07 Buy SUPG Supergen Inc $11,734.02 1,900 $6.17 $19.00 $0.01 7/26/07 Buy TSM Tiawan Semiconductor Mfg $37,368.00 3,600 $10.37 $36.00 $0.01 7/26/07 Buy TXN Texas Instrs Inc $25,312.00 700 $36.15 $7.00 $0.01 7/26/07 Buy UPS United Parcel Svc Inc $37,875.00 500 $75.74 $5.00 $0.01 7/26/07 Buy WAG Walgreens Co. $27,402.00 600 $45.66 $6.00 $0.01 7/26/07 Buy WMI Waste Management Inc. $19,658.00 500 $39.31 $5.00 $0.01 7/26/07 Buy WSH Willis Group Holdings $42,072.00 1,000 $42.06 $10.00 $0.01 7/26/07 Buy AAPL Apple Computer Inc $44,256.00 300 $147.51 $3.00 $0.01 7/26/07 Buy ABT Abbott Lab Com $25,725.00 500 $51.44 $5.00 $0.01 7/26/07 Buy ABX Barrick Gold Corp. $19,812.00 600 $33.01 $6.00 $0.01 7/26/07 Buy ADM Archer Daniels Midland Co $42,648.00 1,200 $35.53 $12.00 $0.01 7/26/07 Buy AMD Advanced Micro Devices $26,435.00 1,700 $15.54 $17.00 $0.01 7/26/07 Buy AMT American Tower Corporation $29,568.00 700 $42.23 $7.00 $0.01 7/26/07 Buy ARTC Arthrocare Corp $23,801.10 500 $47.59 $5.00 $0.01 7/26/07 Buy ATVI Activision Inc New $18,060.00 1,000 $18.05 $10.00 $0.01 7/26/07 Buy BF.B Brown Forman Inc Cl B $20,762.01 300 $69.20 $3.00 $0.01 7/26/07 Buy BJS Bj Services Co $16,014.00 600 $26.68 $6.00 $0.01 7/26/07 Buy BRCM Broadcom Corp $30,213.00 900 $33.56 $9.00 $0.01 7/26/07 Buy C Citigroup $19,248.00 400 $48.11 $4.00 $0.01 7/26/07 Buy CERN Cerner Corp $26,862.00 500 $53.71 $5.00 $0.01 7/26/07 Buy CVS Cvs Caremark Corp $14,368.00 400 $35.91 $4.00 $0.01 7/26/07 Buy CWT California Water Service Grp $18,740.00 500 $37.47 $5.00 $0.01 7/26/07 Buy EBAY Ebay Inc. $33,079.00 1,000 $33.07 $10.00 $0.01 7/26/07 Buy ECL Ecolab Inc $21,300.00 500 $42.59 $5.00 $0.01 7/26/07 Buy EMC Emc Corp $30,032.00 1,600 $18.76 $16.00 $0.01 7/26/07 Buy FRX Forest Laboratories Inc $26,082.00 600 $43.46 $6.00 $0.01 7/26/07 Buy GME Gamestop Corp -Cl A $29,494.99 700 $42.13 $7.00 $0.01 7/26/07 Buy JDSU Jds Uniphase Corp $30,198.00 2,100 $14.37 $21.00 $0.01 7/26/07 Buy LUV Southwest Airlines Co. $32,991.00 2,100 $15.70 $21.00 $0.01 7/26/07 Buy MDT Medtronics Inc. $25,815.00 500 $51.62 $5.00 $0.01 ICC Capital Management, Inc. M PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report Quarter Ending September 30, 2007 Date Trans Ticker Security $Amount Shares Price Comm PerSh 7/26/07 Buy MER Merrill Lynch $67,435.38 900 $74.92 $9.00 $0.01 7/26/07 Buy MOT Motorola Inc $14,088.00 800 $17.60 $8.00 $0.01 7/26/07 Buy MSFT Microsoft Corp. $18,240.00 600 $30.39 $6.00 $0.01 7/26/07 Buy NEM Newmont Mining Corp $38,034.00 900 $42.25 $9.00 $0.01 7/26/07 Buy NTAP Network Alliance $21,367.99 700 $30.52 $7.00 $0.01 7/27/07 Sell LUV Southwest Airlines Co. $28,241.57 1,800 $15.70 $18.00 $0.01 8/01/07 Sell MDT Medtronics Inc. $26,020.05 500 $52.05 $5.00 $0.01 8/01/07 Sell MDT Medtronics Inc. $31,224.06 600 $52.05 $6.00 $0.01 8/02/07 Sell WSH Willis Group Holdings $40,023.69 1,000 $40.03 $10.00 $0.01 8/02/07 Buy SUPG Supergen Inc $11,736.00 2,400 $4.88 $24.00 $0.01 8/14/07 Buy AAPL Apple Computer Inc $24,939.66 200 $124.69 $2.00 $0.01 8/16/07 Buy MU Micron Technology Inc $11,525.58 1,100 $10.47 $11.00 $0.01 8/21/07 Buy TGT Target Corporation $23,499.64 400 $58.74 $4.00 $0.01 9/05/07 Sell ARTC Arthrocare Corp $23,209.88 400 $58.03 $4.00 $0.01 9/05/07 Buy FRX Forest Laboratories Inc $25,053.30 600 $41.75 $6.00 $0.01 9/18/07 Sell MOT Motorola Inc $15,436.65 900 $17.16 $9.00 $0.01 9/18/07 Sell MOT Motorola Inc $13,721.47 800 $17.16 $8.00 $0.01 9/19/07 Buy TGT Target Corporation $26,744.40 400 $66.85 $4.00 $0.01 9/19/07 Buy C Citigroup $24,169.90 500 $48.33 $5.00 $0.01 9/19/07 Sell WAG Walgreens Co. $4,611.07 100 $46.12 $1.00 $0.01 9/19/07 Sell WAG Walgreens Co. $27,666.42 600 $46.12 $6.00 $0.01 Total: Edgetrade $1,734,719.83 60,750 $608.00 $0.01 ICC Capital Management, Inc. 9 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 06 -30 -07 Through 09 -30 -07 Gain Or Loss Open Close Cost Date Date Quantity Security Basis Proceeds Short Term Long Term 03 -01 -07 07 -13 -07 200.00 DU PONT 10,182.00 10,293.00 111.00 03 -01 -07 07 -13 -07 1,800.00 OPENWAVE SYSTEMS INC 14,454.00 11,375.83 - 3,078.17 04 -18 -07 07 -13 -07 300.00 OPENWAVE SYSTEMS INC 2,604.51 1,895.97 - 708.54 04 -18 -07 07 -16 -07 1,000.00 OPENWAVE SYSTEMS INC 8,681.70 6,436.20 - 2,245.50 04 -19 -07 07 -16 -07 600.00 OPENWAVE SYSTEMS INC 5,112.54 3,861.72 - 1,250.82 04 -27 -07 07 -16 -07 900.00 OPENWAVE SYSTEMS INC 6,607.62 5,792.58 - 815.04 03 -01 -07 07 -16 -07 300.00 INVITROGEN 19,268.04 22,523.24 3,255.20 03 -01 -07 07 -18 -07 400.00 CELEGENE 21,067.96 23,688.88 2,620.92 CORPORATION 06 -11 -07 07 -20 -07 0.50 TIAWAN 5.22 5.71 0.49 SEMICONDUCTOR MFG 03 -01 -07 07 -24 -07 700.00 WILLIS GROUP HOLDINGS 27,853.00 30,307.86 2,454.86 03 -01 -07 07 -24 -07 2,900.00 RF MICRO DEVICES 23,113.00 18,733.71 - 4,379.29 03 -01 -07 07 -25 -07 650.00 SOUTHERN UNION CO 19,188.00 21,582.13 2,394.13 03 -01 -07 07 -27 -07 1,800.00 SOUTHWEST AIRLINES 27,378.00 28,241.57 863.57 CO. 03 -01 -07 08 -01 -07 600.00 MEDTRONICS INC. 30,163.98 31,224.06 1,060.08 07 -26 -07 08 -01 -07 500.00 MEDTRONICS INC. 25,815.00 26,020.05 205.05 07 -26 -07 08 -02 -07 1,000.00 WILLIS GROUP HOLDINGS 42,072.00 40,023.69 - 2,048.31 03 -01 -07 08 -15 -07 800.00 SOUTHWEST AIRLINES 12,168.00 12,635.24 467.24 CO. 07 -26 -07 08 -15 -07 2,100.00 SOUTHWEST AIRLINES 32,991.00 33,167.52 176.52 CO. 03 -14 -07 08 -16 -07 600.00 BJ SERVICES CO 16,254.12 14,554.81 - 1,699.31 07 -26 -07 08 -16 -07 600.00 BJ SERVICES CO 16,014.00 14,554.82 - 1,459.18 03 -01 -07 08 -17 -07 400.00 WALGREENS CO. 17,924.00 18,155.12 231.12 06 -06 -07 08 -17 -07 200.00 WALGREENS CO. 8,904.88 9,077.56 172.68 03 -01 -07 09 -05 -07 400.00 ARTHROCARE CORP 14,232.00 23,209.88 8,977.88 03 -01 -07 09 -18 -07 100.00 ARTHROCARE CORP 3,558.00 5,529.02 1,971.02 07 -26 -07 09 -18 -07 500.00 ARTHROCARE CORP 23,801.10 27,645.13 3,844.03 03 -01 -07 09 -18 -07 900.00 MOTOROLA INC 17,055.00 15,436.65 - 1,618.35 07 -26 -07 09 -18 -07 800.00 MOTOROLA INC 14,088.00 13,721.47 - 366.53 06 -06 -07 09 -19 -07 100.00 WALGREENS CO. 4,452.44 4,611.07 158.63 07 -26 -07 09 -19 -07 600.00 WALGREENS CO. 27,402.00 27,666.42 264.42 03 -01 -07 09 -20 -07 1,700.00 EL PASO ENERGY CORP. 24,752.00 29,308.23 4,556.23 07 -16 -07 09 -27 -07 700.00 SEPRACOR INC 29,158.29 19,126.43 - 10,031.86 07 -25 -07 09 -27 -07 200.00 SEPRACOR INC 7,798.48 5,464.70 - 2,333.78 TOTAL GAINS 33,785.07 0.00 TOTAL LOSSES - 32,034.68 0.00 554,119.88 555,870.27 1,75039 0.00 TOTAL REALIZED GAIN/LOSS 1,750.39 10 ICC Capital Management PORTFOLIO SUMMARY • PALM BEACH GARDENS POLICE PENSION FUND GROWTH September 30, 2007 • Pct. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income Cash & Equivalents • CASH AND 19,911.20 19,911.20 0.9 4.9 969.48 • EQUIVALENTS 19,911.20 19,911.20 0.9 4.9 969.48 Equities COMMON STOCK • MATERIALS 227,187.55 254,836.50 11.0 0.6 1,645.00 INDUSTRIALS 116,481.78 120,388.00 5.2 2.4 2,832.00 • TELECOMMUNICATIONS 64,029.99 69,664.00 3.0 0.0 0.00 CONSUMER 279,390.64 307,149.00 13.2 0.3 952.00 DISCRETIONARY • CONSUMER 185,992.61 192,182.00 8.3 1.3 2,496.00 STAPLES FINANCIALS 235,847.43 218,095.00 9.4 3.8 8,284.00 • HEALTH CARE 288,254.74 259,470.00 11.2 0.5 1,300.00 INFORMATION 803,216.43 844,974.32 36.3 0.8 6,429.73 TECHNOLOGY • UTILITIES 39,999.59 40,414.50 1.7 3.0 1,218.00 • COMMON STOCK 2,240,400.76 2,307,173.32 99.1 1.1 25,156.73 2,240,400.76 2,307,173.32 99.1 1.1 25,156.73 • TOTAL PORTFOLIO 2,260,311.96 2,327,084.52 100.0 1.1 26,126.21 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND GROWTH September 30, 2007 • Unit Total Market Pct. Cur. • Quantity Security Cost Cost Price Value Assets Yield • CASH AND EQUIVALENTS • CASH & CASH EQUIVALENTS 19,389.70 19,389.70 0.8 5.0 DIV CASH ACCRUAL ACCT 521.50 521.50 0.0 ? • 19,911.20 19,911.20 0.9 4.9 • COMMON STOCK • MATERIALS 1,400.00 BARRICK GOLD 30.46 42,640.16 40.28 56,392.00 2.4 0.7 • CORP. 1,550.00 COMPANHIA VALE 29.64 45,946.19 33.93 52,591.50 2.3 ? • DO RIO DOCE ADR 1,100.00 ECOLAB INC 42.88 47,171.22 47.20 51,920.00 2.2 0.7 • 2,100.00 NEWMONT MINING 43.54 91,429.98 44.73 93,933.00 4.0 0.9 • CORP 227,187.55 254,836.50 11.0 0.6 • INDUSTRIALS • 1,000.00 UNITED PARCEL SVC 73.10 73,100.78 75.10 75,100.00 3.2 2.2 INC • 1,200.00 WASTE 36.15 43,381.00 37.74 45,288.00 1.9 2.5 MANAGEMENT INC. • 116,481.78 120,388.00 5.2 2.4 • TELECOMMUNICATIONS 1,600.00 AMERICAN TOWER 40.02 64,029.99 43.54 69,664.00 3.0 ? • CORPORATION • 64,029.99 69,664.00 3.0 0.0 • CONSUMER DISCRETIONARY 1,600.00 GAMESTOP CORP -CL 33.22 53,149.51 56.35 90,160.00 3.9 ? • A 1,000.00 PANERA BREAD 44.85 44,850.20 40.80 40,800.00 1.8 ? • COMPANY -CL A 2,600.00 STARBUCKS CORP 28.83 74,966.91 26.20 68,120.00 2.9 0.0 • 1,700.00 TARGET 62.60 106,424.02 63.57 108,069.00 4.6 0.9 CORPORATION • 279,390.64 307,149.00 13.2 0.3 • CONSUMER STAPLES • 2,800.00 ARCHER DANIELS 34.59 96,847.40 33.08 92,624.00 4.0 1.4 MIDLAND CO • 800.00 BROWN FORMAN 69.88 55,901.21 74.91 59,928.00 2.6 1.6 INC CL B • 1,000.00 CVS CAREMARK 33.24 33,244.00 39.63 39,630.00 1.7 0.6 CORP • 185,992.61 192,182.00 8.3 1.3 • FINANCIALS 1,400.00 CTTIGROUP 49.34 69,082.90 46.67 65,338.00 2.8 4.6 1,400.00 MERRILL LYNCH 77.42 108,385.73 71.28 99,792.00 4.3 2.0 • 1,500.00 WASHINGTON 38.92 58,378.80 35.31 52,965.00 23 6.2 MUTUAL • 235,847.43 218,095.00 9.4 3.8 • 12 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND GROWTH September 30, 2007 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield • HEALTH CARE 1,000.00 ABBOTT LAB COM 52.78 52,785.00 53.62 53,620.00 2.3 2.4 1,100.00 CERNER CORP 52.81 58,087.98 59.81 65,791.00 2.8 0.0 • 2,000.00 FOREST 45.08 90,165.66 37.29 74,580.00 3.2 0.0 • LABORATORIES INC 1,300.00 SEPRACOR INC 38.07 49,496.54 27.50 35,750.00 1.5 ? • 6,850.00 SUPERGEN INC 5.51 37,719.56 4.34 29,729.00 1.3 ? 288,254.74 259,470.00 11.2 0.5 • INFORMATION TECHNOLOGY • 2,400.00 ACTIVISION INC NEW 18.56 44,539.88 21.59 51,816.00 2.2 0.0 3,800.00 ADVANCED MICRO 15.16 57,620.00 13.20 50,160.00 2.2 0.0 • DEVICES • 800.00 APPLE COMPUTER INC 138.40 110,722.34 153.47 122,776.00 5.3 0.0 1,900.00 BROADCOM CORP 32.15 61,083.70 36.44 69,236.00 3.0 0.0 2,300.00 EBAY INC. 33.05 76,014.05 39.02 89,746.00 3.9 0.0 3,700.00 EMC CORP 18.00 66,602.66 20.80 76,960.00 3.3 0.0 . 4,800.00 IDS UNIPHASE CORP 15.28 73,341.48 14.96 71,808.00 3.1 0.0 • 2,800.00 MARVELL 16.45 46,065.32 16.37 45,836.00 2.0 0.0 TECHNOLOGY • GROUP 4,000.00 MICRON 10.56 42,236.87 11.10 44,400.00 1.9 0.0 • TECHNOLOGYINC 1,400.00 MICROSOFT CORP. 29.16 40,824.00 29.46 41,244.00 1.8 1.4 • 1,500.00 NETWORK ALLIANCE 30.54 45,804.07 26.91 40,365.00 1.7 ? 1,600.00 TEXAS INSTRS INC 33.14 53,032.00 36.59 58,544.00 2.5 0.9 • 8,111.00 TIAWAN 10.52 85,330.06 10.12 82,083.32 3.5 6.5 SEMICONDUCTOR MFG • 803,216.43 844,974.32 36.3 0.8 • UTILITIES 1,050.00 CALIFORNIA WATER 38.09 39,999.59 38.49 40,414.50 1.7 3.0 • SERVICE GRP 39,999.59 40,414.50 1.7 3.0 • COMMON STOCK Total 2,240,400.76 2,307,173.32 99.1 1.1 • TOTAL PORTFOLIO 2,260,311.96 2,327,084.52 100.0 1.1 • • • • • • • • 13 • • cw\ W yV C W M C N C V � A� G W � a ,,moww Y/ �f OulnOOmN ON. -i00 W .y0 n n NbPPm Pu1N N11 N m ': i- 000 m Om d 00 M OOPO O O O M N 0000 O 00 W OOb U1001110 0 H N P b M N N O O P m p n i P a b�bnnM.n b V l N O V q: N u i 0 M 0 �' 1 NIN P 0 0 1' 1 NObPn 0 n P� 0 0 a O V u1b0 V O O P N O M %6 O� b v N .y .-�C O bn OPPn a m Ow- OM UIP Ut N d P N v N IO 'WO mm C m u1Imo N b N MOM n m N a p "fm N a b b ry .+ n M O I D W ONO O O c00n00.-. 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