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Agenda Police Pension 101813
Agenda City of Palm Beach Gardens Police Officers’ Pension Fund MEETING OF OCTOBER 18, 2013 LOCATION: City Council Chambers’ 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9 AM 1. Call Meeting To Order 2. Roll Call: • Jay Spencer, Chairman • David Pierson, Secretary • Brad Seidensticker, Trustee • Greg Mull, Trustee • Marc Glass, Trustee 3. Investment Manager Report – ICC Capital (Grant McMurry) 4. Investment Consultant Report – Thistle Asset Consulting (John McCann) 5. Attorney Report – Law Offices of Perry & Jensen (Bonni Jensen) 6. Administrator Report – Resource Centers (Audrey Ross) • Salem Trust Update • Chapter 185 Minimum Benefits Test • Letter From GRS Regarding the GASB No. 67 Implementation Package 7. Approval of Minutes • August 2, 2013 Regular Meeting 8. Disbursements 9. Benefit Approvals 10. Financial Statements 11. Other Business • Schedule 2014 Meeting Dates 12. Public Comments 13. Adjourn Next Meeting Date: To be determined PLEASE NOTE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact the The Pension Resource Center, LLC no later than four days prior to the meeting. Quarter 1 Year 3 Year 5 Year Fund 1.18%-2.87%2.23%8.37% Policy 4.06%-5.65%0.55%4.27% Differences -2.88%2.78%1.68%4.10% Universe n/a 55 47 16 Quarter 1 Year 3 Year 5 Year Fund -3.25%1.21%5.26%7.11% Policy -3.44%-5.72%2.57%2.55% Differences 0.19%6.93%2.69%4.56% Universe n/a 39 23 12 www.Dreyfus.com The investment has decreased from a 4-star to a 3-star fund. The investment seeks to maximize total return through capital appreciation and income. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed-income securities. It also normally invests at least 65% of its assets in non-U.S. dollar denominated fixed- income securities of foreign governments and companies located in various countries, including emerging markets. The fund may invest up to 25% of its assets in emerging markets generally and up to 5% of its assets in any single emerging market country. It is non-diversified. No change recommended. Palm Beach Gardens Police Review of International Equity & Bond Funds September 30, 2013 1. Dreyfus International Bond A (DIBAX) [1.02%] September 30, 2013 MorningStar Rating: (out of 257 funds over 3-years) Comparative Index: Citi Non US & World Government June 30, 2013 MorningStar Rating: (out of 207 funds over 5-years) Comparative Index: Citi Non US & World Government 1 Quarter 1 Year 3 Year 5 Year Fund 11.81%23.65%7.71%5.99% Policy 12.63%24.27%7.99%5.86% Differences -0.82%-0.62%-0.28%0.13% Universe n/a 36 42 28 Quarter 1 Year 3 Year 5 Year Fund -0.03%18.58%9.66%-0.60% Policy -0.74%18.56%9.17%-0.93% Differences 0.71%0.02%0.49%0.33% Universe n/a 31 40 34 www.vanguard.com Comparative Index: Foreign Large Value ie. MSCI EAFE Value The investment seeks to provide long-term capital appreciation. The fund invests mainly in common stocks of companies located outside the United States that are considered by an advisor to be undervalued. Such stocks, called value stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. It invests in large-, mid- , and small-capitalization companies and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. The fund uses multiple investment advisors. No change recommended. 2. Vanguard International Value (VTRIX) [0.41%] September 30, 2013 MorningStar Rating: (out of 263 funds over 5-years) Comparative Index: Foreign Large Value ie. MSCI EAFE Value June 30, 2013 MorningStar Rating: (out of 320 funds over 3-years) 2 Quarter 1 Year 3 Year 5 Year Fund 13.68%22.53%8.51%8.51% Policy 10.50%23.27%8.89%6.79% Differences 3.18%-0.74%-0.38%1.72% Universe n/a 19 44 29 Quarter 1 Year 3 Year 5 Year Fund -2.15%15.40%10.44%1.21% Policy -1.20%18.67%10.85%-0.38% Differences -0.95%-3.27%-0.41%1.59% Universe n/a 36 47 45 www.vanguard.com The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of companies located outside the United States and is expected to diversify its assets across developed and emerging markets in Europe, the Far East, and Latin America. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose large- , mid-, and small-capitalization ompanies considered to have above-average growth potential. The fund uses multiple investment advisors. No change recommended. June 30, 2013 MorningStar Rating: (out of 223 funds over 3-years) Comparative Index: Foreign Large Blend ie. MSCI EAFE GROWTH 3. Vanguard International Growth Admiral Shares (VWILX) [0.36%] September 30, 2013 MorningStar Rating: (out of 113 funds over 10-years) Comparative Index: Foreign Large Blend ie. MSCI EAFE GROWTH 3 4. Vanguard Global Equity (VHGEX) [0.59%] September 30, 2013 Comparative Index: World Stock ie. MSCI World Quarter 1 Year 3 Year 5 Year Fund 7.81%22.72%11.60%8.46% Policy 8.18%20.21%11.82%7.84% Differences -0.37%2.51%-0.22%0.62% Universe n/a 36 40 54 June 30, 2013 Comparative Index: World Stock ie. MSCI World Quarter 1 Year 3 Year 5 Year Fund 0.64%21.00%14.41%2.07% Policy 0.65%18.58%13.72%2.70% Differences -0.01%2.42%0.69%-0.63% Universe n/a 24 26 69 www.vanguard.com Received an average rating from Morningstar. The investment seeks long-term capital appreciation. The fund invests primarily in U.S. and foreign stocks chosen mainly on the basis of bottom-up stock analysis. It typically invests across a wide range of industries, and its holdings are expected to represent a mix of value and growth stocks, as well as a mix of developed and emerging markets stocks, across the capitalization spectrum. At least 80% of the fund's assets will be invested in stocks. The fund uses multiple investment advisors. No change recommended. MorningStar Rating: (out of 306 funds over 10-years) MorningStar Rating: (out of 304 funds over 10-years) 4 5. Vanguard FTSE Emerging Markets ETF (VWO) [0.18%] September 30, 2013 Comparative Index: World Stock ie. MSCI World Quarter 1 Year 3 Year 5 Year Fund 4.31%-0.51%-1.26%6.11% Policy 5.77%0.98%-0.33%7.22% Differences -1.46%-1.49%-0.93%-1.11% Universe n/a n/a n/a n/a www.vanguard.com MorningStar Rating: (out of 284 funds over 5-years) The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. The fund employs an indexing investment approach by investing substantially all (approximately 95%) of its assets in the common stocks included in the FTSE Emerging Index, while employing a form of sampling to reduce risk. The FTSE Emerging Index includes approximately 851 common stocks of companies located in emerging markets around the world. As of May 31, 2013, the largest markets covered in the index were China, Brazil, Taiwan, and India. 5 MorningStar Rating: (out of 211 funds over 5-years) Quarter 1 Year 3 Year 5 Year Fund 1.13%-2.36%1.41%5.99% Policy 4.06%-5.65%0.55%4.27% Differences -2.93%3.29%0.86%1.72% Universe n/a 48 62 45 MorningStar Rating: (out of 255 funds over 3-years) Quarter 1 Year 3 Year 5 Year Fund -5.50%1.06%4.51%4.28% Policy -3.44%-5.72%2.57%2.55% Differences -2.06%6.78%1.94%1.73% Universe n/a 41 36 48 www.oppenheimerfunds.com 6. Oppenheimer International Bond Y (OIBYX) [0.75%] September 30, 2013 Comparative Index: Citi Non US & World Government June 30, 2013 Comparative Index: Citi Non US & World Government The investment seeks total return. The fund normally invests at least 80% of its assets in debt securities. It typically invests in at least three countries other than the United States. The fund invests in debt securities of issuers in both developed and emerging markets throughout the world. It invests mainly in debt securities of foreign government and corporate issuers. The fund may buy securities issued by companies of any size or market capitalization range and at times might emphasize securities of issuers in a particular capitalization range. It is non-diversified. No change recommended. 6 Agenda City of Palm Beach Gardens Police Officers’ Pension Fund MEETING OF OCTOBER 18, 2013 LOCATION: City Council Chambers’ 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9 AM 1. Call Meeting To Order 2. Roll Call: • Jay Spencer, Chairman • David Pierson, Secretary • Brad Seidensticker, Trustee • Greg Mull, Trustee • Marc Glass, Trustee 3. Investment Manager Report – ICC Capital (Grant McMurry) 4. Investment Consultant Report – Thistle Asset Consulting (John McCann) 5. Attorney Report – Law Offices of Perry & Jensen (Bonni Jensen) 6. Administrator Report – Resource Centers (Audrey Ross) • Salem Trust Update • Chapter 185 Minimum Benefits Test • Letter From GRS Regarding the GASB No. 67 Implementation Package 7. Approval of Minutes • August 2, 2013 Regular Meeting 8. Disbursements 9. Benefit Approvals 10. Financial Statements 11. Other Business • Schedule 2014 Meeting Dates 12. Public Comments 13. Adjourn Next Meeting Date: To be determined PLEASE NOTE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact the The Pension Resource Center, LLC no later than four days prior to the meeting. Ag g r e g a t e Pa g e 1 o f 6 Th i s m a t e r i a l i s f o r i n t e r n a l a n d / o r c l i e n t r e p o r t i n g p u r p o s e s o n l y a n d m a y n o t b e u s e d as s a l e s m a t e r i a l o r b y b r o k e r / d e a l e r s i n c o n n e c t i o n w i t h t h e s a l e o f a n y s e c u r i t y . Re l e a s e D a t e : 0 9 - 3 0 - 2 0 1 3 © 1 9 9 6 - 2 0 1 3 M o r n i n g s t a r , I n c . A l l r i g h t s r e s e r v e d . 2 2 W . W a s h i n g t o n S t r e e t , C h i c a g o , I L , 6 0 6 0 2 , 3 1 2 - 6 9 6 - 6 0 0 0 Mo r n i n g s t a r i s a n i n d e p e n d e n t p r o v i d e r o f f i n a n c i a l i n f o r m a t i o n . M o r n i n g s t a r d o e s n o t e n d o r s e a n y b r o k e r / d e a l e r , fi n a n c i a l p l a n n e r , o r f u n d c o m p a n y . R e p r i n t s a r e a v a i l a b l e i n q u a n t i t y , 3 1 2 - 6 9 6 - 6 1 0 0 . Pr i n c i p i a ™ ß % H o l d i n g %P o r t f o l i o Nu m b e r o f Ho l d i n g Ne t A s s e t s Un d e r l y i n g S t o c k s - H o l d i n g Ne t A s s e t s Sh a r e s Ma r k e t V a l u e $ Po r t f o l i o D a t e Õ Ex x o n M o b i l C o r p o r a t i o n 1. 3 1 6, 3 5 7 . 9 5 $5 8 4 , 7 7 2 . 3 2 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 7 1, 4 0 0 . 0 0 $1 2 0 , 4 5 6 . 0 0 2. 7 6 iS h a r e s C o r e S & P 5 0 0 E T F 1. 0 1 4, 8 1 3 . 5 1 $4 5 1 , 2 6 6 . 1 0 20 1 3 - 0 9 - 3 0 0. 6 4 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 3 14 4 . 4 4 $1 3 , 0 5 0 . 2 2 20 1 3 - 0 6 - 3 0 Ap p l e I n c 1. 2 0 1, 1 6 8 . 9 5 $5 3 2 , 5 8 8 . 7 3 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 1 6 15 0 . 0 0 $7 1 , 5 1 2 . 5 0 2. 8 2 iS h a r e s C o r e S & P 5 0 0 E T F 1. 0 4 1, 0 1 8 . 9 5 $4 6 1 , 0 7 6 . 2 3 20 1 3 - 0 9 - 3 0 In t e r n a t i o n a l B u s i n e s s M a c h i n e s C o r p 0. 9 9 2, 3 3 1 . 7 1 $4 4 2 , 9 4 3 . 9 8 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 5 0 1, 2 0 0 . 0 0 $2 2 2 , 2 1 6 . 0 0 1. 3 5 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 0 1, 1 3 1 . 7 1 $2 2 0 , 7 2 7 . 9 8 20 1 3 - 0 9 - 3 0 Mi c r o s o f t C o r p o r a t i o n 0. 9 5 13 , 0 6 8 . 5 8 $4 2 3 , 4 5 5 . 9 0 1. 5 9 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 8 8, 1 6 7 . 4 1 $2 5 9 , 9 6 8 . 5 1 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 4 4, 6 0 0 . 0 0 $1 5 3 , 0 8 8 . 0 0 0. 5 1 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 30 1 . 1 7 $1 0 , 3 9 9 . 3 9 20 1 3 - 0 6 - 3 0 Co c a - C o l a C o 0. 7 0 8, 0 2 5 . 3 4 $3 1 3 , 7 4 3 . 5 5 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 1 3, 6 0 0 . 0 0 $1 3 6 , 3 6 8 . 0 0 1. 0 2 iS h a r e s C o r e S & P 5 0 0 E T F 0. 3 7 4, 1 6 0 . 9 8 $1 6 6 , 7 7 2 . 2 5 20 1 3 - 0 9 - 3 0 0. 5 2 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 26 4 . 3 6 $1 0 , 6 0 3 . 3 0 20 1 3 - 0 6 - 3 0 Or a c l e C o r p o r a t i o n 0. 7 0 9, 5 1 8 . 9 1 $3 1 2 , 1 5 9 . 0 3 0. 7 9 iS h a r e s C o r e S & P 5 0 0 E T F 0. 2 9 3, 9 9 2 . 7 9 $1 2 9 , 1 6 6 . 7 5 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 4 0 5, 4 0 0 . 0 0 $1 7 9 , 1 1 8 . 0 0 0. 1 9 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 12 6 . 1 2 $3 , 8 7 4 . 2 8 20 1 3 - 0 6 - 3 0 Ho m e D e p o t , I n c . 0. 6 7 3, 8 9 3 . 0 2 $3 0 0 , 3 5 1 . 7 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 9 2, 3 0 0 . 0 0 $1 7 4 , 4 5 5 . 0 0 0. 7 7 iS h a r e s C o r e S & P 5 0 0 E T F 0. 2 8 1, 5 9 3 . 0 2 $1 2 5 , 8 9 6 . 7 0 20 1 3 - 0 9 - 3 0 Am e r i c a n E x p r e s s C o 0. 6 6 3, 9 0 1 . 7 1 $2 9 2 , 7 8 8 . 0 5 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 4 7 2, 8 0 0 . 0 0 $2 1 1 , 4 5 6 . 0 0 0. 4 7 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 7 1, 0 4 1 . 7 0 $7 6 , 8 4 6 . 0 4 20 1 3 - 0 9 - 3 0 0. 2 2 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 60 . 0 1 $4 , 4 8 6 . 0 1 20 1 3 - 0 6 - 3 0 Ag g r e g a t e Pa g e 2 o f 6 Th i s m a t e r i a l i s f o r i n t e r n a l a n d / o r c l i e n t r e p o r t i n g p u r p o s e s o n l y a n d m a y n o t b e u s e d as s a l e s m a t e r i a l o r b y b r o k e r / d e a l e r s i n c o n n e c t i o n w i t h t h e s a l e o f a n y s e c u r i t y . Re l e a s e D a t e : 0 9 - 3 0 - 2 0 1 3 © 1 9 9 6 - 2 0 1 3 M o r n i n g s t a r , I n c . A l l r i g h t s r e s e r v e d . 2 2 W . W a s h i n g t o n S t r e e t , C h i c a g o , I L , 6 0 6 0 2 , 3 1 2 - 6 9 6 - 6 0 0 0 Mo r n i n g s t a r i s a n i n d e p e n d e n t p r o v i d e r o f f i n a n c i a l i n f o r m a t i o n . M o r n i n g s t a r d o e s n o t e n d o r s e a n y b r o k e r / d e a l e r , fi n a n c i a l p l a n n e r , o r f u n d c o m p a n y . R e p r i n t s a r e a v a i l a b l e i n q u a n t i t y , 3 1 2 - 6 9 6 - 6 1 0 0 . Pr i n c i p i a ™ ß % H o l d i n g %P o r t f o l i o Nu m b e r o f Ho l d i n g Ne t A s s e t s Un d e r l y i n g S t o c k s - H o l d i n g Ne t A s s e t s Sh a r e s Ma r k e t V a l u e $ Po r t f o l i o D a t e Õ eB a y I n c 0. 6 6 5, 4 2 0 . 0 8 $2 9 5 , 7 9 2 . 7 5 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 4 8 3, 8 0 0 . 0 0 $2 1 2 , 0 4 0 . 0 0 0. 4 0 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 5 1, 2 6 5 . 2 5 $6 5 , 4 0 0 . 8 8 20 1 3 - 0 9 - 3 0 0. 9 0 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 4 35 4 . 8 3 $1 8 , 3 5 1 . 8 7 20 1 3 - 0 6 - 3 0 Jo h n s o n & J o h n s o n 0. 6 6 3, 1 7 5 . 7 0 $2 9 5 , 9 1 2 . 7 8 1. 7 4 iS h a r e s C o r e S & P 5 0 0 E T F 0. 6 4 3, 0 4 2 . 7 1 $2 8 4 , 4 9 3 . 8 4 20 1 3 - 0 9 - 3 0 0. 5 6 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 3 13 2 . 9 9 $1 1 , 4 1 8 . 9 4 20 1 3 - 0 6 - 3 0 Vi s a , I n c . 0. 6 6 1, 5 8 4 . 0 3 $2 9 4 , 7 0 3 . 1 4 0. 5 9 iS h a r e s C o r e S & P 5 0 0 E T F 0. 2 2 54 4 . 9 8 $9 6 , 4 6 6 . 3 0 20 1 3 - 0 9 - 3 0 0. 3 5 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 39 . 0 5 $7 , 1 3 6 . 8 4 20 1 3 - 0 6 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 4 3 1, 0 0 0 . 0 0 $1 9 1 , 1 0 0 . 0 0 Ge n e r a l E l e c t r i c C o 0. 6 2 11 , 2 8 3 . 4 4 $2 7 4 , 8 8 3 . 8 8 1. 6 7 iS h a r e s C o r e S & P 5 0 0 E T F 0. 6 1 11 , 2 0 4 . 3 0 $2 7 3 , 0 4 8 . 6 9 20 1 3 - 0 9 - 3 0 0. 0 9 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 0 79 . 1 4 $1 , 8 3 5 . 1 9 20 1 3 - 0 6 - 3 0 Go o g l e , I n c . 0. 6 1 30 4 . 9 5 $2 7 0 , 5 6 8 . 0 7 1. 5 8 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 8 29 1 . 0 5 $2 5 8 , 3 3 3 . 4 9 20 1 3 - 0 9 - 3 0 0. 6 0 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 3 13 . 9 0 $1 2 , 2 3 4 . 5 8 20 1 3 - 0 6 - 3 0 Ch e v r o n C o r p 0. 5 9 2, 1 0 4 . 0 1 $2 6 4 , 8 7 3 . 5 8 1. 6 2 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 9 2, 1 0 4 . 0 1 $2 6 4 , 8 7 3 . 5 8 20 1 3 - 0 9 - 3 0 Pr o c t e r & G a m b l e C o 0. 5 6 3, 1 0 2 . 5 5 $2 4 8 , 7 0 4 . 8 1 1. 4 6 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 4 2, 9 7 2 . 7 7 $2 3 8 , 7 1 3 . 2 3 20 1 3 - 0 9 - 3 0 0. 4 9 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 12 9 . 7 8 $9 , 9 9 1 . 5 8 20 1 3 - 0 6 - 3 0 Ho n e y w e l l I n t e r n a t i o n a l , I n c . 0. 5 5 2, 9 4 7 . 2 6 $2 4 4 , 6 8 9 . 9 5 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 9 2, 1 0 0 . 0 0 $1 7 4 , 3 8 4 . 0 0 0. 4 3 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 6 84 7 . 2 6 $7 0 , 3 0 5 . 9 5 20 1 3 - 0 9 - 3 0 Be r k s h i r e H a t h a w a y I n c ( B R K . B ) 0. 5 3 2, 0 5 0 . 2 2 $2 3 7 , 2 6 3 . 3 9 1. 4 0 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 1 1, 9 7 5 . 5 2 $2 2 8 , 9 0 3 . 0 9 20 1 3 - 0 9 - 3 0 0. 4 1 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 74 . 7 0 $8 , 3 6 0 . 3 0 20 1 3 - 0 6 - 3 0 Ag g r e g a t e Pa g e 3 o f 6 Th i s m a t e r i a l i s f o r i n t e r n a l a n d / o r c l i e n t r e p o r t i n g p u r p o s e s o n l y a n d m a y n o t b e u s e d as s a l e s m a t e r i a l o r b y b r o k e r / d e a l e r s i n c o n n e c t i o n w i t h t h e s a l e o f a n y s e c u r i t y . Re l e a s e D a t e : 0 9 - 3 0 - 2 0 1 3 © 1 9 9 6 - 2 0 1 3 M o r n i n g s t a r , I n c . A l l r i g h t s r e s e r v e d . 2 2 W . W a s h i n g t o n S t r e e t , C h i c a g o , I L , 6 0 6 0 2 , 3 1 2 - 6 9 6 - 6 0 0 0 Mo r n i n g s t a r i s a n i n d e p e n d e n t p r o v i d e r o f f i n a n c i a l i n f o r m a t i o n . M o r n i n g s t a r d o e s n o t e n d o r s e a n y b r o k e r / d e a l e r , fi n a n c i a l p l a n n e r , o r f u n d c o m p a n y . R e p r i n t s a r e a v a i l a b l e i n q u a n t i t y , 3 1 2 - 6 9 6 - 6 1 0 0 . Pr i n c i p i a ™ ß % H o l d i n g %P o r t f o l i o Nu m b e r o f Ho l d i n g Ne t A s s e t s Un d e r l y i n g S t o c k s - H o l d i n g Ne t A s s e t s Sh a r e s Ma r k e t V a l u e $ Po r t f o l i o D a t e Õ JP M o r g a n C h a s e & C o 0. 5 3 4, 2 6 9 . 5 9 $2 3 7 , 4 6 7 . 3 0 1. 4 0 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 1 4, 1 0 7 . 3 6 $2 2 8 , 9 0 3 . 0 9 20 1 3 - 0 9 - 3 0 0. 4 2 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 16 2 . 2 3 $8 , 5 6 4 . 2 1 20 1 3 - 0 6 - 3 0 Lo w e ' s C o m p a n i e s I n c . 0. 5 3 5, 0 7 3 . 6 4 $2 3 7 , 9 9 9 . 7 1 0. 3 2 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 2 1, 1 7 3 . 6 4 $5 2 , 3 2 0 . 7 1 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 4 2 3, 9 0 0 . 0 0 $1 8 5 , 6 7 9 . 0 0 We l l s F a r g o & C o 0. 5 3 5, 3 9 1 . 6 6 $2 3 4 , 4 1 6 . 1 5 1. 4 2 iS h a r e s C o r e S & P 5 0 0 E T F 0. 5 2 5, 3 3 7 . 3 1 $2 3 2 , 1 7 3 . 1 4 20 1 3 - 0 9 - 3 0 0. 1 1 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 54 . 3 5 $2 , 2 4 3 . 0 1 20 1 3 - 0 6 - 3 0 Af f i l i a t e d M a n a g e r s G r o u p I n c 0. 5 2 1, 2 6 0 . 8 3 $2 2 9 , 6 8 0 . 1 2 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 4 1 1, 0 0 0 . 0 0 $1 8 2 , 6 4 0 . 0 0 0. 6 7 iS h a r e s C o r e S & P M i d - C a p E T F 0. 1 1 26 0 . 8 3 $4 7 , 0 4 0 . 1 2 20 1 3 - 0 9 - 3 0 Em e r s o n E l e c t r i c C o . 0. 5 0 3, 4 6 2 . 3 5 $2 2 0 , 5 2 9 . 4 7 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 8 2, 6 0 0 . 0 0 $1 6 8 , 2 2 0 . 0 0 0. 2 9 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 1 77 2 . 6 2 $4 7 , 4 1 5 . 6 4 20 1 3 - 0 9 - 3 0 0. 2 4 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 89 . 7 3 $4 , 8 9 3 . 8 3 20 1 3 - 0 6 - 3 0 CV S C a r e m a r k C o r p 0. 4 8 3, 6 2 5 . 6 4 $2 1 2 , 1 4 1 . 1 3 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 7 2, 1 0 0 . 0 0 $1 1 9 , 1 7 5 . 0 0 0. 5 0 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 8 1, 3 2 9 . 5 0 $8 1 , 7 5 1 . 1 0 20 1 3 - 0 9 - 3 0 0. 5 5 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 3 19 6 . 1 4 $1 1 , 2 1 5 . 0 3 20 1 3 - 0 6 - 3 0 Ma s t e r C a r d I n c o r p o r a t e d 0. 4 8 33 4 . 4 7 $2 1 5 , 8 6 9 . 3 3 0. 4 2 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 5 11 2 . 4 6 $6 8 , 6 7 0 . 9 3 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 0 20 0 . 0 0 $1 3 4 , 5 5 6 . 0 0 0. 6 2 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 3 22 . 0 1 $1 2 , 6 4 2 . 4 0 20 1 3 - 0 6 - 3 0 Pf i z e r I n c 0. 4 8 7, 3 8 3 . 2 4 $2 1 5 , 6 0 7 . 7 7 1. 2 9 iS h a r e s C o r e S & P 5 0 0 E T F 0. 4 7 7, 2 1 5 . 8 0 $2 1 0 , 9 1 7 . 8 5 20 1 3 - 0 9 - 3 0 0. 2 3 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 16 7 . 4 4 $4 , 6 8 9 . 9 2 20 1 3 - 0 6 - 3 0 AT & T I n c 0. 4 6 5, 8 4 1 . 0 2 $2 0 6 , 0 1 2 . 7 8 1. 2 6 iS h a r e s C o r e S & P 5 0 0 E T F 0. 4 6 5, 8 4 1 . 0 2 $2 0 6 , 0 1 2 . 7 8 20 1 3 - 0 9 - 3 0 Ag g r e g a t e Pa g e 4 o f 6 Th i s m a t e r i a l i s f o r i n t e r n a l a n d / o r c l i e n t r e p o r t i n g p u r p o s e s o n l y a n d m a y n o t b e u s e d as s a l e s m a t e r i a l o r b y b r o k e r / d e a l e r s i n c o n n e c t i o n w i t h t h e s a l e o f a n y s e c u r i t y . Re l e a s e D a t e : 0 9 - 3 0 - 2 0 1 3 © 1 9 9 6 - 2 0 1 3 M o r n i n g s t a r , I n c . A l l r i g h t s r e s e r v e d . 2 2 W . W a s h i n g t o n S t r e e t , C h i c a g o , I L , 6 0 6 0 2 , 3 1 2 - 6 9 6 - 6 0 0 0 Mo r n i n g s t a r i s a n i n d e p e n d e n t p r o v i d e r o f f i n a n c i a l i n f o r m a t i o n . M o r n i n g s t a r d o e s n o t e n d o r s e a n y b r o k e r / d e a l e r , fi n a n c i a l p l a n n e r , o r f u n d c o m p a n y . R e p r i n t s a r e a v a i l a b l e i n q u a n t i t y , 3 1 2 - 6 9 6 - 6 1 0 0 . Pr i n c i p i a ™ ß % H o l d i n g %P o r t f o l i o Nu m b e r o f Ho l d i n g Ne t A s s e t s Un d e r l y i n g S t o c k s - H o l d i n g Ne t A s s e t s Sh a r e s Ma r k e t V a l u e $ Po r t f o l i o D a t e Õ Bo e i n g C o 0. 4 6 1, 8 3 0 . 3 3 $2 0 4 , 5 4 5 . 2 7 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 6 1, 0 0 0 . 0 0 $1 1 7 , 5 0 0 . 0 0 0. 4 8 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 8 74 6 . 7 3 $7 8 , 4 8 1 . 0 6 20 1 3 - 0 9 - 3 0 0. 4 2 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 83 . 6 0 $8 , 5 6 4 . 2 1 20 1 3 - 0 6 - 3 0 CB S C o r p o r a t i o n ( C B S ) 0. 4 6 3, 7 3 1 . 5 2 $2 0 3 , 6 8 6 . 0 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 7 3, 0 0 0 . 0 0 $1 6 5 , 4 8 0 . 0 0 0. 2 0 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 7 61 8 . 8 6 $3 2 , 7 0 0 . 4 4 20 1 3 - 0 9 - 3 0 0. 2 7 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 11 2 . 6 6 $5 , 5 0 5 . 5 6 20 1 3 - 0 6 - 3 0 El i L i l l y a n d C o m p a n y 0. 4 4 3, 8 7 2 . 9 8 $1 9 7 , 8 0 6 . 6 9 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 1 2, 7 0 0 . 0 0 $1 3 5 , 8 9 1 . 0 0 0. 3 5 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 3 1, 0 7 7 . 5 0 $5 7 , 2 2 5 . 7 7 20 1 3 - 0 9 - 3 0 0. 2 3 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 95 . 4 8 $4 , 6 8 9 . 9 2 20 1 3 - 0 6 - 3 0 Mc K e s s o n , I n c . 0. 4 4 1, 5 3 9 . 9 3 $1 9 6 , 2 2 0 . 4 0 0. 1 8 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 7 23 9 . 9 3 $2 9 , 4 3 0 . 4 0 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 7 1, 3 0 0 . 0 0 $1 6 6 , 7 9 0 . 0 0 Ca r d i n a l H e a l t h I n c 0. 4 2 3, 5 5 9 . 0 6 $1 8 4 , 8 6 5 . 2 4 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 7 3, 2 0 0 . 0 0 $1 6 6 , 8 8 0 . 0 0 0. 1 1 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 4 35 9 . 0 6 $1 7 , 9 8 5 . 2 4 20 1 3 - 0 9 - 3 0 Ab b V i e I n c 0. 4 1 4, 0 9 3 . 3 3 $1 8 3 , 8 1 9 . 9 9 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 2 2, 2 0 0 . 0 0 $9 8 , 4 0 6 . 0 0 0. 4 8 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 8 1, 7 2 5 . 6 2 $7 8 , 4 8 1 . 0 6 20 1 3 - 0 9 - 3 0 0. 3 4 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 2 16 7 . 7 1 $6 , 9 3 2 . 9 3 20 1 3 - 0 6 - 3 0 EM C C o r p o r a t i o n 0. 4 1 7, 0 5 0 . 8 9 $1 8 1 , 5 4 8 . 8 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 8 4, 8 0 0 . 0 0 $1 2 2 , 6 8 8 . 0 0 0. 3 6 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 3 2, 2 5 0 . 8 9 $5 8 , 8 6 0 . 8 0 20 1 3 - 0 9 - 3 0 Sy m a n t e c C o r p 0. 4 1 7, 2 3 5 . 3 9 $1 8 0 , 4 9 5 . 2 7 0. 1 2 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 4 73 5 . 3 9 $1 9 , 6 2 0 . 2 7 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 6 6, 5 0 0 . 0 0 $1 6 0 , 8 7 5 . 0 0 Ag g r e g a t e Pa g e 5 o f 6 Th i s m a t e r i a l i s f o r i n t e r n a l a n d / o r c l i e n t r e p o r t i n g p u r p o s e s o n l y a n d m a y n o t b e u s e d as s a l e s m a t e r i a l o r b y b r o k e r / d e a l e r s i n c o n n e c t i o n w i t h t h e s a l e o f a n y s e c u r i t y . Re l e a s e D a t e : 0 9 - 3 0 - 2 0 1 3 © 1 9 9 6 - 2 0 1 3 M o r n i n g s t a r , I n c . A l l r i g h t s r e s e r v e d . 2 2 W . W a s h i n g t o n S t r e e t , C h i c a g o , I L , 6 0 6 0 2 , 3 1 2 - 6 9 6 - 6 0 0 0 Mo r n i n g s t a r i s a n i n d e p e n d e n t p r o v i d e r o f f i n a n c i a l i n f o r m a t i o n . M o r n i n g s t a r d o e s n o t e n d o r s e a n y b r o k e r / d e a l e r , fi n a n c i a l p l a n n e r , o r f u n d c o m p a n y . R e p r i n t s a r e a v a i l a b l e i n q u a n t i t y , 3 1 2 - 6 9 6 - 6 1 0 0 . Pr i n c i p i a ™ ß % H o l d i n g %P o r t f o l i o Nu m b e r o f Ho l d i n g Ne t A s s e t s Un d e r l y i n g S t o c k s - H o l d i n g Ne t A s s e t s Sh a r e s Ma r k e t V a l u e $ Po r t f o l i o D a t e Õ Ci g n a C o r p 0. 4 0 2, 3 0 2 . 3 1 $1 7 6 , 8 8 0 . 5 3 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 3 1, 9 0 0 . 0 0 $1 4 6 , 0 3 4 . 0 0 0. 1 5 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 6 31 5 . 1 1 $2 4 , 5 2 5 . 3 3 20 1 3 - 0 9 - 3 0 0. 3 1 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 87 . 2 0 $6 , 3 2 1 . 2 0 20 1 3 - 0 6 - 3 0 Ci t i g r o u p I n c 0. 3 9 3, 2 9 2 . 6 2 $1 7 1 , 6 7 7 . 3 2 1. 0 5 iS h a r e s C o r e S & P 5 0 0 E T F 0. 3 9 3, 2 9 2 . 6 2 $1 7 1 , 6 7 7 . 3 2 20 1 3 - 0 9 - 3 0 Ba n k o f A m e r i c a C o r p o r a t i o n 0. 3 8 11 , 6 4 6 . 7 3 $1 7 0 , 0 4 2 . 3 0 1. 0 4 iS h a r e s C o r e S & P 5 0 0 E T F 0. 3 8 11 , 6 4 6 . 7 3 $1 7 0 , 0 4 2 . 3 0 20 1 3 - 0 9 - 3 0 De e r e & C o 0. 3 8 2, 0 6 8 . 5 4 $1 6 9 , 0 4 5 . 4 7 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 9 1, 6 0 0 . 0 0 $1 3 0 , 2 2 4 . 0 0 0. 2 1 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 8 41 3 . 3 3 $3 4 , 3 3 5 . 4 6 20 1 3 - 0 9 - 3 0 0. 2 2 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 55 . 2 1 $4 , 4 8 6 . 0 1 20 1 3 - 0 6 - 3 0 Am a z o n . c o m I n c 0. 3 6 53 7 . 0 9 $1 5 8 , 4 6 8 . 6 6 0. 7 3 iS h a r e s C o r e S & P 5 0 0 E T F 0. 2 7 39 6 . 2 4 $1 1 9 , 3 5 6 . 6 1 20 1 3 - 0 9 - 3 0 0. 7 6 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 3 55 . 8 1 $1 5 , 4 9 7 . 1 4 20 1 3 - 0 6 - 3 0 1. 5 0 Va n g u a r d I n t e r n a t i o n a l G r o w t h A d m 0. 0 5 85 . 0 4 $2 3 , 6 1 4 . 9 1 20 1 3 - 0 6 - 3 0 Am e r i s o u r c e B e r g e n C o r p 0. 3 6 2, 6 5 2 . 5 3 $1 6 1 , 3 5 5 . 2 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 3 2, 4 0 0 . 0 0 $1 4 6 , 6 4 0 . 0 0 0. 0 9 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 3 25 2 . 5 3 $1 4 , 7 1 5 . 2 0 20 1 3 - 0 9 - 3 0 Me r c k & C o I n c 0. 3 6 3, 3 2 8 . 7 4 $1 6 0 , 2 2 4 . 6 8 0. 9 6 iS h a r e s C o r e S & P 5 0 0 E T F 0. 3 5 3, 2 5 8 . 5 0 $1 5 6 , 9 6 2 . 1 2 20 1 3 - 0 9 - 3 0 0. 1 6 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 70 . 2 4 $3 , 2 6 2 . 5 6 20 1 3 - 0 6 - 3 0 Ph i l i p M o r r i s I n t e r n a t i o n a l , I n c . 0. 3 6 1, 7 7 8 . 3 9 $1 5 8 , 5 9 7 . 1 4 0. 9 7 iS h a r e s C o r e S & P 5 0 0 E T F 0. 3 6 1, 7 7 8 . 3 9 $1 5 8 , 5 9 7 . 1 4 20 1 3 - 0 9 - 3 0 SM E n e r g y C o 0. 3 6 2, 1 2 6 . 8 9 $1 6 1 , 4 0 8 . 9 2 0. 3 2 iS h a r e s C o r e S & P M i d - C a p E T F 0. 0 5 32 6 . 8 9 $2 2 , 4 6 6 . 9 2 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 1 1, 8 0 0 . 0 0 $1 3 8 , 9 4 2 . 0 0 Tu p p e r w a r e B r a n d s C o r p o r a t i o n 0. 3 6 1, 8 5 8 . 2 4 $1 5 9 , 9 5 6 . 8 3 Ag g r e g a t e Pa g e 6 o f 6 Th i s m a t e r i a l i s f o r i n t e r n a l a n d / o r c l i e n t r e p o r t i n g p u r p o s e s o n l y a n d m a y n o t b e u s e d as s a l e s m a t e r i a l o r b y b r o k e r / d e a l e r s i n c o n n e c t i o n w i t h t h e s a l e o f a n y s e c u r i t y . Re l e a s e D a t e : 0 9 - 3 0 - 2 0 1 3 © 1 9 9 6 - 2 0 1 3 M o r n i n g s t a r , I n c . A l l r i g h t s r e s e r v e d . 2 2 W . W a s h i n g t o n S t r e e t , C h i c a g o , I L , 6 0 6 0 2 , 3 1 2 - 6 9 6 - 6 0 0 0 Mo r n i n g s t a r i s a n i n d e p e n d e n t p r o v i d e r o f f i n a n c i a l i n f o r m a t i o n . M o r n i n g s t a r d o e s n o t e n d o r s e a n y b r o k e r / d e a l e r , fi n a n c i a l p l a n n e r , o r f u n d c o m p a n y . R e p r i n t s a r e a v a i l a b l e i n q u a n t i t y , 3 1 2 - 6 9 6 - 6 1 0 0 . Pr i n c i p i a ™ ß % H o l d i n g %P o r t f o l i o Nu m b e r o f Ho l d i n g Ne t A s s e t s Un d e r l y i n g S t o c k s - H o l d i n g Ne t A s s e t s Sh a r e s Ma r k e t V a l u e $ Po r t f o l i o D a t e Õ 0. 3 1 iS h a r e s C o r e S & P M i d - C a p E T F 0. 0 5 25 8 . 2 4 $2 1 , 7 6 4 . 8 3 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 1 1, 6 0 0 . 0 0 $1 3 8 , 1 9 2 . 0 0 Ci s c o S y s t e m s I n c 0. 3 5 6, 0 4 1 . 4 6 $1 5 4 , 0 8 8 . 6 6 0. 9 1 iS h a r e s C o r e S & P 5 0 0 E T F 0. 3 3 5, 8 2 3 . 3 7 $1 4 8 , 7 8 7 . 0 1 20 1 3 - 0 9 - 3 0 0. 2 6 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 1 21 8 . 0 9 $5 , 3 0 1 . 6 5 20 1 3 - 0 6 - 3 0 Co n o c o P h i l l i p s 0. 3 5 2, 3 2 4 . 7 9 $1 5 3 , 6 8 3 . 1 1 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 1 2 80 0 . 0 0 $5 5 , 6 0 8 . 0 0 0. 5 3 iS h a r e s C o r e S & P 5 0 0 E T F 0. 1 9 1, 3 3 6 . 0 5 $8 6 , 6 5 6 . 1 7 20 1 3 - 0 9 - 3 0 0. 5 6 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 3 18 8 . 7 4 $1 1 , 4 1 8 . 9 4 20 1 3 - 0 6 - 3 0 Ki m b e r l y - C l a r k C o r p o r a t i o n 0. 3 5 1, 6 1 5 . 8 2 $1 5 4 , 1 4 3 . 4 6 0. 2 5 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 9 41 3 . 7 2 $4 0 , 8 7 5 . 5 5 20 1 3 - 0 9 - 3 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 5 1, 2 0 0 . 0 0 $1 1 3 , 0 6 4 . 0 0 0. 0 1 Va n g u a r d G l o b a l E q u i t y I n v 0. 0 0 2. 1 0 $2 0 3 . 9 1 20 1 3 - 0 6 - 3 0 Ve r i z o n C o m m u n i c a t i o n s I n c 0. 3 5 3, 1 0 6 . 1 5 $1 5 3 , 6 9 2 . 0 8 0. 9 4 iS h a r e s C o r e S & P 5 0 0 E T F 0. 3 5 3, 1 0 6 . 1 5 $1 5 3 , 6 9 2 . 0 8 20 1 3 - 0 9 - 3 0 De l t a A i r L i n e s I n c 0. 3 4 6, 4 0 0 . 0 0 $1 5 0 , 9 7 6 . 0 0 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 3 4 6, 4 0 0 . 0 0 $1 5 0 , 9 7 6 . 0 0 Ge n e r a l M i l l s , I n c . 0. 3 4 3, 0 9 1 . 7 4 $1 5 0 , 9 7 8 . 4 9 10 0 . 0 0 In d i v i d u a l H o l d i n g 0. 2 6 2, 4 0 0 . 0 0 $1 1 5 , 0 0 8 . 0 0 0. 2 2 iS h a r e s C o r e S & P 5 0 0 E T F 0. 0 8 69 1 . 7 4 $3 5 , 9 7 0 . 4 9 20 1 3 - 0 9 - 3 0 For internal and/or client reporting purposes only Palm Beach Gardens Police Aggregate ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 44,517,674.76Benchmark: S&P 500 TR Composition %PortfolioBmark Cash0.270.00 US Stocks86.7398.57 Non-US Stocks9.171.43 Bonds3.460.00 Other0.370.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small 161820 799 687 Fixed-Income Investment Style % LtdModExt High Quality Medium Low 100 Sector Weightings % of StocksPortfolioBmark hCyclical37.2031.70 rBasic Materials4.523.50 tConsumer Cyclical14.5311.10 yFinancial Services14.4215.20 uReal Estate3.731.90 jSensitive40.6141.60 iCommun Svs2.183.70 oEnergy7.5710.50 pIndustrials14.6410.80 aTechnology16.2216.70 kDefensive22.2326.70 sConsumer Def8.7910.70 dHealthcare10.8512.90 fUtilities2.593.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark Americas90.9298.60 North America90.6198.60 Latin America0.310.00 Greater Europe5.751.40 United Kingdom1.650.40 Europe dev3.731.10 Europe emrg0.220.00 Africa/Middle East0.150.00 Greater Asia3.330.00 Japan1.470.00 Australasia0.160.00 Asia dev0.940.00 Asia emrg0.760.00 Not Available0.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 7.8624.8117.2512.3010.39 2.615.470.982.282.82 TypeHolding Value $% AssetsTop 10 holdings out of 68 iShares Core S&P 500 ETF ETF36.7316350220.93 iShares Core S&P Small-Cap ETF ETF16.397297348.06 iShares Core S&P Mid-Cap ETF ETF15.777020913.98 Vanguard Global Equity Inv MF4.582039097.02 Vanguard International Growth Adm MF3.541574327.30 Vanguard International Value Inv MF3.151402946.87 Dreyfus International Bond A MF1.75779499.66 Oppenheimer International Bond A MF1.62722785.44 International Business Machines Corp ST0.50222216.00 eBay Inc ST0.48212040.00 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 09-08/11-08 03-09/02-10 03-08/02-09 62.34 -42.10 03-09/02-12 03-06/02-09 29.25 -32.32 29.06 -14.15 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 11 60 12 67 12 62 3.7 Ù(96%)* 3.8 Ù(84%)* 2.9 Ù(13%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 45000.0 38000.0 31000.0 24000.0 17000.0 10000.0 Total Market Value: $44,517,675 $ 000 Analysis Performance PALM BEACH GARDENS POLICE PENSION FUND Benefit Approvals Meeting of October 18, 2013 APPLICATION FOR REFUND OF CONTRIBUTIONS CHRISTOPHER SANDS DATE OF BIRTH 10/05/1971 DATE OF HIRE 05/02/1994 DATE OF TERMINATION 11/25/2009 (vested) YEARS OF SERVICE 15 YEARS & 5 MTHS TOTAL REFUND $71,765.89 TAX WITHHOLDING (20%) $14,353.18 (cash) TOTAL NET REFUND $57,412.71 _________________________ __________________________________, CHAIRMAN APPROVED _________________________________, SECRETARY _________________________________, DATE Oc t o b e r No v e m b e r De c e m b e r Ja n u a r y Fe b r u a r y Ma r c h AprilMayJuneJulyAugust 10 0 6 - 0 0 0 0 BB & T 42 7 , 3 5 7 . 3 8 25 6 , 8 6 2 . 3 1 12 0 , 0 2 1 . 2 0 76 8 , 2 6 6 . 0 2 17 2 , 3 7 5 . 5 4 22 0 , 4 1 1 . 6 4 492,400.82317,514.50179,952.46612,125.82390,201.26 12 2 5 - 0 1 0 0 A/ R C o n t r i b u t i o n s E E B u y b a c k 34 , 7 5 2 . 9 2 34 , 7 5 2 . 9 2 34 , 7 5 2 . 9 2 34 , 7 5 2 . 9 2 34 , 7 5 2 . 9 2 34 , 7 5 2 . 9 2 34,752.9234,752.9234,752.9234,752.9234,752.92 12 3 5 - 0 0 0 0 Pr e p a i d O t h e r 13 9 , 8 5 3 . 7 6 13 9 , 8 5 3 . 7 6 13 6 , 8 4 4 . 8 1 13 9 , 8 5 3 . 7 6 13 4 , 6 0 1 . 2 0 15 8 , 6 8 1 . 8 5 139,775.24142,818.64137,013.72139,775.240.00 14 0 0 - 0 0 0 0 Sa l e m T r u s t ( C o n s o l i d a t e d ) 14 0 0 - 0 1 0 0 Mo n e y M a r k e t F u n d s / C a s h 2, 4 9 4 , 4 1 9 . 2 2 1, 7 8 4 , 0 7 6 . 1 0 2, 1 8 5 , 9 2 0 . 8 4 2, 4 6 2 , 8 9 5 . 5 5 2, 0 0 1 , 4 2 4 . 4 1 2, 5 6 4 , 0 9 2 . 1 9 2,185,465.671,525,143.24962,962.281,543,587.171,279,568.24 14 0 0 - 0 2 0 0 Fi x e d I n c o m e 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.000.0015,774,131.5715,895,787.8115,702,998.14 14 0 0 - 0 2 0 1 U. S . T r e a s u r y O b l i g a t i o n s 2, 4 2 1 , 9 3 6 . 9 0 2, 0 9 1 , 5 2 4 . 4 0 2, 0 7 2 , 6 8 7 . 6 5 2, 0 3 9 , 8 3 5 . 5 5 1, 7 7 3 , 8 2 2 . 5 5 62 4 , 0 6 8 . 0 0 625,332.75259,803.350.000.000.00 14 0 0 - 0 2 0 2 U. S . G o v e r n m e n t A g e n c i e s 2, 5 6 1 , 1 9 0 . 1 4 3, 1 1 5 , 0 8 6 . 7 2 3, 0 3 4 , 1 6 4 . 3 1 2, 9 6 9 , 0 4 2 . 8 6 2, 9 0 6 , 5 9 5 . 2 2 2, 9 4 1 , 7 9 5 . 6 3 3,310,445.143,207,454.400.000.000.00 14 0 0 - 0 2 0 3 Co r p o r a t e & F o r e i g n B o n d s 10 , 2 7 1 , 7 1 0 . 7 0 10 , 5 7 6 , 0 4 5 . 1 0 10 , 0 4 5 , 5 6 8 . 3 5 9, 8 4 8 , 7 5 0 . 9 0 10 , 9 1 5 , 1 1 6 . 5 5 11 , 2 5 3 , 2 4 9 . 3 4 12,070,971.4812,299,871.590.000.000.00 14 0 0 - 0 2 0 4 Mu n i c i p a l O b l i g a t i o n s 31 5 , 8 4 1 . 5 0 31 5 , 7 8 1 . 4 0 31 1 , 7 8 2 . 5 5 30 7 , 9 0 0 . 4 5 31 0 , 1 5 5 . 8 5 31 1 , 4 4 1 . 9 5 316,401.40304,461.800.000.000.00 14 0 0 - 0 3 0 0 Eq u i t i e s 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.000.006,936,617.507,125,113.907,345,067.90 14 0 0 - 0 3 0 1 Co m m o n E q u i t y S e c u r i t i e s 5, 6 7 5 , 8 0 6 . 5 3 5, 8 8 9 , 6 6 9 . 0 0 5, 9 3 9 , 7 8 2 . 8 8 6, 2 6 8 , 5 9 3 . 5 0 6, 5 6 3 , 3 6 8 . 5 0 6, 9 2 2 , 7 6 1 . 5 0 7,036,724.007,142,156.750.000.000.00 14 0 0 - 0 4 0 0 Ot h e r A s s e t s 14 0 0 - 0 4 0 1 Rh u m b L i n e 24 , 3 5 2 , 8 0 9 . 7 1 24 , 6 0 6 , 8 8 4 . 9 6 25 , 0 3 2 , 2 3 2 . 0 8 26 , 4 7 3 , 1 1 5 . 2 1 26 , 8 1 2 , 5 6 4 . 7 2 27 , 9 0 9 , 2 3 6 . 5 1 28,222,498.1129,000,124.4928,656,764.5730,298,700.7429,397,457.26 14 0 0 - 0 7 0 0 Ac c r u e d I n c o m e 10 0 , 3 6 4 . 9 3 97 , 2 1 4 . 1 6 99 , 3 8 0 . 7 6 11 1 , 1 0 6 . 5 0 12 1 , 5 0 6 . 5 4 10 1 , 4 3 5 . 7 3 98,767.13100,934.07107,523.2796,575.64107,874.64 14 0 0 - 0 8 0 0 Br o k e r A c c r u a l s (2 5 3 , 3 2 7 . 5 0 ) (1 6 0 , 0 0 0 . 0 0 ) 0. 0 0 0. 0 0 16 , 5 7 9 . 1 0 0.00(650,377.00)0.00621,420.45(161,374.40)(205,000.00) Sa l e m T r u s t T o t a l 47 , 9 4 0 , 7 5 2 . 1 3 48 , 3 1 6 , 2 8 1 . 8 4 48 , 7 2 1 , 5 1 9 . 4 2 50 , 4 8 1 , 2 4 0 . 5 2 51 , 4 2 1 , 1 3 3 . 4 4 52 , 6 2 8 , 0 8 0 . 8 5 53,216,228.6853,839,949.6953,059,419.6454,798,390.8653,627,966.18 15 1 0 - 0 0 0 0 Am e r i c a n C o r e R e a l t y 1, 0 1 9 , 9 2 7 . 7 0 1, 0 1 9 , 9 2 7 . 7 0 1, 0 4 2 , 5 8 6 . 6 1 1, 0 4 2 , 5 8 6 . 6 1 1, 0 4 2 , 5 8 6 . 6 1 1, 0 6 5 , 5 7 3 . 3 3 1,290,573.331,290,573.331,330,282.781,645,282.781,645,282.78 15 2 0 - 0 0 0 0 Dr e y f u s I n t e r n a t i o n a l B o n d 80 2 , 5 6 6 . 4 9 80 6 , 8 5 1 . 1 4 81 3 , 2 4 3 . 8 3 81 3 , 2 4 3 . 8 3 81 3 , 2 4 3 . 8 3 79 6 , 2 4 2 . 2 1 796,242.21796,242.21770,375.11770,375.11770,375.11 15 4 0 - 0 0 0 0 Op p e n h e i m e r I n t e r n a t i o n a l B o n d 74 5 , 8 2 1 . 4 3 74 8 , 2 5 6 . 5 6 75 9 , 5 6 0 . 8 2 76 1 , 9 4 3 . 5 1 76 4 , 2 3 7 . 2 4 75 8 , 5 3 7 . 2 3 761,016.69763,544.77716,387.46716,387.46716,387.46 17 0 0 - 0 0 0 0 Va n g u a r d 17 0 0 - 0 1 0 0 Va n g u a r d G l o b a l E q u i t y 1, 2 6 1 , 4 3 4 . 5 2 1, 2 6 1 , 4 3 4 . 5 2 1, 3 1 7 , 2 7 2 . 7 7 1, 3 1 7 , 2 7 2 . 7 7 1, 3 1 7 , 2 7 2 . 7 7 1, 4 2 6 , 6 3 3 . 9 3 1,426,633.931,426,633.931,435,806.151,435,806.151,435,806.15 17 0 0 - 0 2 0 0 Va n g u a r d I n t e r n a t i o n a l G r o w t h 1, 2 8 4 , 8 6 0 . 9 4 1, 2 8 4 , 8 6 0 . 9 4 1, 3 7 2 , 5 2 4 . 3 8 1, 3 7 2 , 5 2 4 . 3 8 1, 3 7 2 , 5 2 4 . 3 8 1, 4 1 5 , 3 0 3 . 7 8 1,415,303.781,415,303.781,384,843.051,384,843.051,384,843.05 17 0 0 - 0 3 0 0 Va n g u a r d I n t e r n a t i o n a l V a l u e 1, 1 3 4 , 5 7 9 . 3 7 1, 1 3 4 , 5 7 9 . 3 7 1, 2 2 8 , 7 6 1 . 3 3 1, 2 2 8 , 7 6 1 . 3 3 1, 2 2 8 , 7 6 1 . 3 3 1, 2 5 7 , 5 2 9 . 6 4 1,257,529.641,257,529.641,254,771.031,254,771.031,254,771.03 Va n g u a r d T o t a l 3, 6 8 0 , 8 7 4 . 8 3 3, 6 8 0 , 8 7 4 . 8 3 3, 9 1 8 , 5 5 8 . 4 8 3, 9 1 8 , 5 5 8 . 4 8 3, 9 1 8 , 5 5 8 . 4 8 4, 0 9 9 , 4 6 7 . 3 5 4,099,467.354,099,467.354,075,420.234,075,420.234,075,420.23 20 1 0 - 0 0 0 0 Ac c o u n t s P a y a b l e (4 1 , 4 6 4 . 2 8 ) (4 , 8 1 2 . 0 0 ) (3 8 , 9 7 7 . 8 1 ) (3 4 , 8 6 3 . 0 5 ) 0. 0 0 (4 0 , 3 9 1 . 0 9 ) (36,069.59)0.00(36,166.87)(36,166.87)0.00 20 3 0 - 0 0 0 0 Ta x W i t h h o l d i n g s 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.000.000.000.001,200.00 20 4 2 - 0 0 0 0 Ci t y H e a l t h I n s u r a n c e 0. 0 0 0. 0 0 0. 0 0 0. 0 0 29 . 0 8 0.000.000.000.000.000.00 54 , 7 5 0 , 4 4 2 . 3 6 5 4 , 9 9 8 , 8 4 9 . 0 6 5 5 , 5 0 8 , 1 1 0 . 2 8 5 7 , 9 2 5 , 5 8 2 . 6 0 5 8 , 3 0 1 , 5 1 8 . 3 4 5 9 , 7 2 1 , 3 5 6 . 2 9 6 0 , 7 9 4 , 3 8 7 . 6 5 6 1 , 2 8 4 , 8 6 3 . 4 1 6 0 , 2 6 7 , 4 3 7 . 4 5 6 2 , 7 5 6 , 3 4 3 . 5 5 6 1 , 2 6 1 , 5 8 5 . 9 4 TO T A L R E S E R V E F U N D ( M A R K E T V A L U E ) : Ac c o u n t D e s c r i p t i o n Pa l m B e a c h G a r d e n s P o l i c e Ba l a n c e S h e e t FY 2 0 1 3 For internal and/or client reporting purposes only Palm Beach Gardens Police Dreyfus Intl. Bon... ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 779,499.66Benchmark: S&P 500 TR -100 -50 0 50 100 Composition %PortfolioBmark Cash-24.880.00 US Stocks0.0098.57 Non-US Stocks0.001.43 Bonds122.830.00 Other2.040.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small Fixed-Income Investment Style % LtdModExt High Quality Medium Low 100 Sector Weightings % of StocksPortfolioBmark hCyclical0.0031.70 rBasic Materials0.003.50 tConsumer Cyclical0.0011.10 yFinancial Services0.0015.20 uReal Estate0.001.90 jSensitive0.0041.60 iCommun Svs0.003.70 oEnergy0.0010.50 pIndustrials0.0010.80 aTechnology0.0016.70 kDefensive0.0026.70 sConsumer Def0.0010.70 dHealthcare0.0012.90 fUtilities0.003.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark AmericasNA98.60 North AmericaNA98.60 Latin AmericaNA0.00 Greater EuropeNA1.40 United KingdomNA0.40 Europe devNA1.10 Europe emrgNA0.00 Africa/Middle EastNA0.00 Greater AsiaNA0.00 JapanNA0.00 AustralasiaNA0.00 Asia devNA0.00 Asia emrgNA0.00 Not Available100.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 1.18-2.872.238.37NA -4.07-22.21-14.04-1.65NA TypeHolding Value $% AssetsTop 1 holdings out of 1 Dreyfus International Bond A MF100.00779499.66 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 08-08/10-08 11-08/10-09 04-08/03-09 29.41 -5.84 11-08/10-11 10-10/09-13 13.60 -6.51 13.83 2.23 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 88 28 46 25 NA NA 3.0 Ù(100%)* 3.0 Ù(100%)* 0.0 Ù(0%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2006 2007 2008 2009 2010 2011 2012 2013 900.0 800.0 700.0 600.0 500.0 400.0 Total Market Value: $779,500 $ 000 Analysis Performance En d O c t o b e r En d N o v e m b e r En d D e c e m b e r En d J a n u a r y En d F e b r u a r y En d M a r c h En d A p r i l End MayEnd JuneEnd JulyEnd AugustYear-To-Date In c o m e : 40 0 1 - 0 0 0 0 Di v i d e n d a n d I n t e r e s t I n c o m e 52 , 0 5 5 . 7 1 54 , 9 3 8 . 6 9 15 1 , 9 3 8 . 4 9 46 , 7 3 7 . 5 6 49 , 6 0 5 . 1 4 60 , 7 6 4 . 4 4 45,846.7451,504.5372,395.6441,791.7644,698.28672,276.98 40 1 0 - 0 0 0 0 Co n t r i b u t i o n s - E m p l o y e r 0. 0 0 0. 0 0 0. 0 0 77 8 , 3 5 1 . 5 0 0. 0 0 0. 0 0 778,351.500.000.00572,029.500.002,128,732.50 40 2 0 - 0 0 0 0 Co n t r i b u t i o n s - E m p l o y e e 33 , 9 3 5 . 9 4 33 , 8 7 2 . 5 3 33 , 9 4 2 . 7 8 33 , 9 4 2 . 1 5 33 , 9 4 4 . 5 4 51 , 2 3 0 . 7 5 32,970.8932,104.4332,878.2932,551.5048,941.60400,315.40 40 4 5 - 0 0 0 0 Co n t r i b u t i o n s - B u y B a c k 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 3,787.010.000.000.000.003,787.01 41 2 0 - 0 0 0 0 Re a l i z e d G a i n / L o s s 41 2 0 - 0 2 0 0 Fi x e d I n c o m e 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.00(18,223.96)(6,394.34)(9,371.65)(33,989.95) 41 2 0 - 0 2 0 1 U. S . T r e a s u r y O b l i g a t i o n s 75 4 . 6 8 (9 , 7 0 6 . 6 5 ) 0. 0 0 0. 0 0 (3 8 , 6 3 1 . 2 5 ) (4 8 , 0 4 2 . 1 7 ) 272.8544,824.200.000.000.00(50,528.34) 41 2 0 - 0 2 0 2 U. S . G o v e r n m e n t A g e n c i e s (3 , 1 4 9 . 3 9 ) (3 , 3 5 7 . 1 8 ) (3 , 3 3 9 . 2 0 ) (2 , 6 5 1 . 1 8 ) (5 , 2 7 4 . 7 4 ) (2 , 6 9 0 . 7 1 ) (2,319.86)(37,360.83)0.000.000.00(60,143.09) 41 2 0 - 0 2 0 3 Co r p o r a t e & F o r e i g n B o n d s 77 , 5 6 8 . 1 5 23 0 . 0 0 36 , 1 2 6 . 7 0 19 , 6 5 0 . 3 6 30 , 7 4 0 . 1 5 11 , 2 4 1 . 7 3 16,672.10(214,549.88)0.000.000.00(22,320.69) 41 2 0 - 0 3 0 0 Eq u i t i e s 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.00287.3815,029.481,514.2616,831.12 41 2 0 - 0 3 0 1 Co m m o n E q u i t y S e c u r i t i e s 21 , 3 5 2 . 3 7 0. 0 0 3, 2 2 8 . 9 0 80 , 0 9 7 . 4 3 14 2 , 2 6 1 . 9 8 17 2 , 3 5 4 . 8 8 0.00(134,104.24)0.000.000.00285,191.32 41 2 0 - 1 5 1 0 Am e r i c a n C o r e R e a l t y 0. 0 0 0. 0 0 (5 , 4 1 5 . 9 0 ) 0. 0 0 0. 0 0 12 2 . 0 4 0.000.000.000.000.00(5,293.86) 41 2 1 - 0 0 0 0 Un r e a l i z e d G a i n / L o s s 41 2 1 - 0 2 0 0 Fi x e d I n c o m e 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.00(333,109.56)17,200.79(124,683.36)(440,592.13) 41 2 1 - 0 2 0 1 U. S . T r e a s u r y O b l i g a t i o n s (3 , 8 0 3 . 7 3 ) 18 , 7 4 6 . 4 9 (1 8 , 8 3 6 . 7 5 ) (3 2 , 8 5 2 . 1 0 ) 43 , 6 0 5 . 7 5 37 , 7 5 1 . 3 0 1,264.75(50,202.83)0.000.000.00(4,327.12) 41 2 1 - 0 2 0 2 U. S . G o v e r n m e n t A g e n c i e s (8 , 4 0 4 . 7 3 ) (1 4 , 8 8 4 . 2 4 ) (8 , 1 5 3 . 2 1 ) (7 , 1 7 7 . 6 2 ) 5, 4 1 5 . 3 3 (7 , 3 6 3 . 9 3 ) (147.33)7,732.170.000.000.00(32,983.56) 41 2 1 - 0 2 0 3 Co r p o r a t e & F o r e i g n B o n d s (5 3 , 1 2 5 . 5 0 ) (1 7 , 7 1 0 . 8 0 ) (1 0 7 , 0 6 4 . 9 0 ) (1 2 9 , 4 8 8 . 1 5 ) 15 , 9 9 1 . 8 0 (1 5 , 8 6 9 . 3 2 ) 102,326.99(106,898.87)0.000.000.00(311,838.75) 41 2 1 - 0 2 0 4 Mu n i c i p a l O b l i g a t i o n s 66 1 . 1 5 (6 0 . 1 0 ) (3 , 9 9 8 . 8 5 ) (3 , 8 8 2 . 1 0 ) 0. 0 0 1, 2 8 6 . 1 0 4,959.45(9,684.20)0.000.000.00(10,718.55) 41 2 1 - 0 3 0 0 Eq u i t i e s 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.00(136,039.25)344,407.36(181,338.73)27,029.38 41 2 1 - 0 3 0 1 Co m m o n E q u i t y S e c u r i t i e s (3 5 , 8 2 5 . 2 2 ) 99 , 9 7 8 . 0 3 31 , 4 3 4 . 7 6 35 4 , 9 0 1 . 2 2 (4 0 , 9 7 7 . 0 2 ) 11 7 , 6 3 4 . 2 6 37,811.50297,362.660.000.000.00862,320.19 41 2 1 - 0 4 0 1 Rh u m b L i n e (4 0 9 , 1 9 6 . 9 0 ) 25 4 , 0 7 5 . 2 5 42 5 , 3 4 7 . 1 2 1, 4 4 0 , 8 8 3 . 1 3 33 9 , 4 4 9 . 5 1 1, 0 9 6 , 6 7 1 . 7 9 313,261.60777,626.38(343,359.92)1,641,936.17(901,243.48)4,635,450.65 41 2 1 - 1 5 1 0 Am e r i c a n C o r e R e a l t y 0. 0 0 0. 0 0 18 , 3 5 3 . 6 8 0. 0 0 0. 0 0 11 , 4 3 5 . 5 6 0.000.0027,565.190.000.0057,354.43 41 2 1 - 1 5 2 0 Dr e y f u s I n t e r n a t i o n a l B o n d 0. 0 0 0. 0 0 83 4 . 5 2 0. 0 0 0. 0 0 (1 7 , 0 0 1 . 6 2 ) 0.000.00(30,448.09)0.000.00(46,615.19) 41 2 1 - 1 5 4 0 Op p e n h e i m e r I n t e r n a t i o n a l B o n d 0. 0 0 0. 0 0 9, 1 4 1 . 3 9 0. 0 0 0. 0 0 (8 , 1 2 3 . 4 4 ) 0.000.00(49,244.07)0.000.00(48,226.12) 41 2 1 - 1 7 0 1 Va n g u a r d G l o b a l E q u i t y 0. 0 0 0. 0 0 32 , 1 4 7 . 3 9 0. 0 0 0. 0 0 10 9 , 3 6 1 . 1 6 0.000.009,172.220.000.00150,680.77 41 2 1 - 1 7 0 2 Va n g u a r d I n t e r n a t i o n a l G r o w t h 0. 0 0 0. 0 0 61 , 6 5 4 . 2 9 0. 0 0 0. 0 0 42 , 7 7 9 . 4 0 0.000.00(30,460.73)0.000.0073,972.96 41 2 1 - 1 7 0 3 Va n g u a r d I n t e r n a t i o n a l V a l u e 0. 0 0 0. 0 0 62 , 7 3 6 . 2 6 0. 0 0 0. 0 0 28 , 7 6 8 . 3 1 0.000.00(2,758.61)0.000.0088,745.96 To t a l I n c o m e (3 2 7 , 1 7 7 . 4 7 ) 4 1 6 , 1 2 2 . 0 2 7 2 0 , 0 7 7 . 4 7 2 , 5 7 8 , 5 1 2 . 2 0 5 7 6 , 1 3 1 . 1 9 1 , 6 4 2 , 3 1 0 . 5 3 1 , 3 3 5 , 0 5 8 . 1 9 6 5 8 , 3 5 3 . 5 2 ( 8 0 1 , 3 4 5 . 4 7 ) 2 , 6 5 8 , 5 5 2 . 2 2 ( 1 , 1 2 1 , 4 8 3 . 0 8 ) 8 , 3 3 5 , 1 1 1 . 3 2 En d O c t o b e r En d N o v e m b e r En d D e c e m b e r En d J a n u a r y En d F e b r u a r y En d M a r c h En d A p r i l End MayEnd JuneEnd JulyEnd AugustYear-To-Date Ex p e n s e : 50 0 0 - 0 0 0 0 In v e s t m e n t M a n a g e m e n t F e e s 0. 0 0 0. 0 0 32 , 9 0 8 . 6 5 0. 0 0 0. 0 0 34 , 1 9 6 . 0 0 0.000.0034,783.240.000.00101,887.89 50 0 5 - 0 0 0 0 Cu s t o d i a l F e e s 0. 0 0 0. 0 0 4, 1 1 4 . 7 6 0. 0 0 0. 0 0 4, 3 2 1 . 5 0 0.000.000.000.000.008,436.26 50 1 0 - 0 0 0 0 Pe r f o r m a n c e M o n i t o r F e e s 0. 0 0 0. 0 0 4, 8 1 2 . 0 0 0. 0 0 0. 0 0 4, 8 1 2 . 0 0 0.000.005,052.000.000.0014,676.00 51 0 0 - 0 0 0 0 Be n e f i t P a y m e n t s 15 4 , 9 4 8 . 9 3 15 4 , 9 4 8 . 9 3 15 4 , 9 4 8 . 9 3 15 4 , 9 4 8 . 9 3 15 4 , 9 1 9 . 8 5 15 7 , 9 2 4 . 2 7 252,457.33157,924.27157,924.27157,924.27315,848.541,974,718.52 51 1 0 - 0 0 0 0 DR O P A c c o u n t W i t h d r a w a l s 20 , 7 0 0 . 0 0 70 0 . 0 0 70 0 . 0 0 70 0 . 0 0 39 , 7 0 0 . 0 0 70 0 . 0 0 700.00700.00700.00700.0027,400.0093,400.00 51 1 5 - 0 0 0 0 Te r m i n a t i o n R e f u n d s 0. 0 0 0. 0 0 7, 4 0 1 . 4 1 0. 0 0 0. 0 0 0. 0 0 0.000.000.000.0025,470.7032,872.11 52 0 5 - 0 0 0 0 Au d i t o r F e e s 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 14 , 8 5 0 . 0 0 0.000.000.000.000.0014,850.00 52 1 0 - 0 0 0 0 Ac t u a r y F e e s 0. 0 0 0. 0 0 2, 2 9 7 . 0 0 74 5 . 0 0 2, 1 3 7 . 0 0 2, 0 1 8 . 0 0 2,983.004,020.0011,458.007,486.000.0033,144.00 52 1 5 - 0 0 0 0 At t o r n e y F e e s 0. 0 0 1, 1 8 3 . 2 5 1, 0 3 4 . 7 5 2, 0 2 7 . 4 5 47 5 . 9 5 1, 0 4 4 . 7 4 578.581,040.202,448.12445.10196.4010,474.54 52 2 0 - 0 0 0 0 Ad m i n i s t r a t o r F e e s 2, 5 7 5 . 0 0 2, 5 9 6 . 6 0 2, 5 7 5 . 0 0 2, 5 7 5 . 0 0 2, 6 2 0 . 0 7 2, 5 7 5 . 0 0 2,575.002,597.202,575.002,575.002,596.6028,435.47 52 3 1 - 0 0 0 0 Fi d u c i a r y L i a b i l i t y I n s u r a n c e 1, 5 5 8 . 3 0 5, 5 7 2 . 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.000.000.00862.297,992.59 52 3 5 - 0 0 0 0 An n u a l M e m b e r s h i p F e e s 0. 0 0 60 0 . 0 0 0. 0 0 0. 0 0 0. 0 0 0. 0 0 0.000.000.000.000.00600.00 52 4 0 - 0 0 0 0 Tr u s t e e E x p e n s e s 3, 7 5 0 . 0 0 2, 1 1 4 . 5 4 0. 0 0 0. 0 0 32 4 . 1 3 0. 0 0 2,657.001,596.091,100.00459.25900.0012,901.01 52 4 5 - 0 0 0 0 Po s t a g e 0. 0 0 0. 0 0 23 . 7 5 0. 0 0 18 . 4 5 0. 0 0 8.970.0039.8623.240.00114.27 52 5 0 - 0 0 0 0 Ba n k C h a r g e s 0. 0 0 0. 0 0 0. 0 0 43 . 5 0 0. 0 0 31 . 0 7 66.950.000.0033.260.00174.78 To t a l E x p e n s e 18 3 , 5 3 2 . 2 3 1 6 7 , 7 1 5 . 3 2 2 1 0 , 8 1 6 . 2 5 1 6 1 , 0 3 9 . 8 8 2 0 0 , 1 9 5 . 4 5 2 2 2 , 4 7 2 . 5 8 2 6 2 , 0 2 6 . 8 3 1 6 7 , 8 7 7 . 7 6 2 1 6 , 0 8 0 . 4 9 1 6 9 , 6 4 6 . 1 2 3 7 3 , 2 7 4 . 5 3 2 , 3 3 4 , 6 7 7 . 4 4 Re s e r v e F u n d L a s t P e r i o d 55 , 2 6 1 , 1 5 2 . 0 6 54 , 7 5 0 , 4 4 2 . 3 6 54 , 9 9 8 , 8 4 9 . 0 6 55 , 5 0 8 , 1 1 0 . 2 8 57 , 9 2 5 , 5 8 2 . 6 0 58 , 3 0 1 , 5 1 8 . 3 4 59 , 7 2 1 , 3 5 6 . 2 9 60,794,387.6561,284,863.4160,267,437.4562,756,343.5555,261,152.06 Ba l a n c e T o / F r o m R e s e r v e (5 1 0 , 7 0 9 . 7 0 ) 24 8 , 4 0 6 . 7 0 50 9 , 2 6 1 . 2 2 2, 4 1 7 , 4 7 2 . 3 2 37 5 , 9 3 5 . 7 4 1, 4 1 9 , 8 3 7 . 9 5 1, 0 7 3 , 0 3 1 . 3 6 490,475.76(1,017,425.96)2,488,906.10(1,494,757.61)6,000,433.88 TO T A L R E S E R V E F U N D 5 4 , 7 5 0 , 4 4 2 . 3 6 5 4 , 9 9 8 , 8 4 9 . 0 6 5 5 , 5 0 8 , 1 1 0 . 2 8 5 7 , 9 2 5 , 5 8 2 . 6 0 5 8 , 3 0 1 , 5 1 8 . 3 4 5 9 , 7 2 1 , 3 5 6 . 2 9 6 0 , 7 9 4 , 3 8 7 . 6 5 6 1 , 2 8 4 , 8 6 3 . 4 1 6 0 , 2 6 7 , 4 3 7 . 4 5 6 2 , 7 5 6 , 3 4 3 . 5 5 6 1 , 2 6 1 , 5 8 5 . 9 4 6 1 , 2 6 1 , 5 8 5 . 9 4 Ac c o u n t D e s c r i p t i o n Ac c o u n t D e s c r i p t i o n Pa l m B e a c h G a r d e n s P o l i c e St a t e m e n t o f I n c o m e a n d E x p e n s e FY 2 0 1 3 Portfolio Summary Report Page 1 of 2 For internal and/or client reporting purposes only.Release Date: 09-30-2013 ý ICC Equity Primary Rank: Ö Holding Holding Ticker Security Type Allocation % Number of shares Price Final Market Value Portfolio ------100.00 137500.00 ---7330535.50 AbbVie Inc ABBV STOCK 1.34 2200.00 44.73 98406.00 Affiliated Managers Group Inc AMG STOCK 2.49 1000.00 182.64 182640.00 American Express Co AXP STOCK 2.88 2800.00 75.52 211456.00 AmerisourceBergen Corp ABC STOCK 2.00 2400.00 61.10 146640.00 Apartment Investment & Management AIV STOCK 0.95 2500.00 27.94 69850.00 Apple Inc AAPL STOCK 0.98 150.00 476.75 71512.50 AutoNation Inc AN STOCK 1.64 2300.00 52.17 119991.00 Boeing Co BA STOCK 1.60 1000.00 117.50 117500.00 CBS Corporation (CBS) CBS STOCK 2.26 3000.00 55.16 165480.00 CVS Caremark Corp CVS STOCK 1.63 2100.00 56.75 119175.00 Carbo Ceramics, Inc. CRR STOCK 0.95 700.00 99.11 69377.00 Cardinal Health Inc CAH STOCK 2.28 3200.00 52.15 166880.00 Carlisle Companies, Inc. CSL STOCK 1.15 1200.00 70.29 84348.00 Caterpillar Inc CAT STOCK 0.34 300.00 83.40 25020.00 Cigna Corp CI STOCK 1.99 1900.00 76.86 146034.00 Coca-Cola Co KO STOCK 1.86 3600.00 37.88 136368.00 ConocoPhillips COP STOCK 0.76 800.00 69.51 55608.00 Deere & Co DE STOCK 1.78 1600.00 81.39 130224.00 Delta Air Lines Inc DAL STOCK 2.06 6400.00 23.59 150976.00 EMC Corporation EMC STOCK 1.67 4800.00 25.56 122688.00 Eli Lilly and Company LLY STOCK 1.85 2700.00 50.33 135891.00 Emerson Electric Co. EMR STOCK 2.29 2600.00 64.70 168220.00 Exxon Mobil Corporation XOM STOCK 1.64 1400.00 86.04 120456.00 First Republic Bank (San Francisco, CA) (FRC) FRC STOCK 1.21 1900.00 46.63 88597.00 Flowers Foods, Inc. FLO STOCK 1.14 3900.00 21.44 83616.00 Flowserve Corporation FLS STOCK 1.28 1500.00 62.39 93585.00 Freeport-McMoRan Copper & Gold FCX STOCK 1.58 3500.00 33.08 115780.00 General Mills, Inc. GIS STOCK 1.57 2400.00 47.92 115008.00 Global Payments, Inc. GPN STOCK 1.11 1600.00 51.08 81728.00 GrafTech International Ltd GTI STOCK 0.76 6600.00 8.45 55770.00 Hasbro, Inc. HAS STOCK 1.80 2800.00 47.14 131992.00 Home Depot, Inc. HD STOCK 2.38 2300.00 75.85 174455.00 Honeywell International, Inc. HON STOCK 2.38 2100.00 83.04 174384.00 Idex Corporation IEX STOCK 1.34 1500.00 65.25 97875.00 Ingredion Inc INGR STOCK 1.17 1300.00 66.17 86021.00 International Business Machines Corp IBM STOCK 3.03 1200.00 185.18 222216.00 Kimberly-Clark Corporation KMB STOCK 1.54 1200.00 94.22 113064.00 LPL Financial Holdings Inc LPLA STOCK 1.25 2400.00 38.31 91944.00 Lowe's Companies Inc. LOW STOCK 2.53 3900.00 47.61 185679.00 MasterCard Incorporated MA STOCK 1.84 200.00 672.78 134556.00 McKesson, Inc. MCK STOCK 2.28 1300.00 128.30 166790.00 Microsoft Corporation MSFT STOCK 2.09 4600.00 33.28 153088.00 Oracle Corporation ORCL STOCK 2.44 5400.00 33.17 179118.00 Paychex, Inc. PAYX STOCK 1.72 3100.00 40.64 125984.00 Phillips 66 PSX STOCK 0.87 1100.00 57.82 63602.00 Rock-Tenn Company RKT STOCK 1.38 1000.00 101.27 101270.00 SM Energy Co SM STOCK 1.90 1800.00 77.19 138942.00 © 1996-2013 Morningstar, Inc. All rights reserved. 22 W. Washington Street, Chicago, IL, 60602, 312-696-6000 Morningstar is an independent provider of financial information. Morningstar does not endorse any broker/dealer, financial planner, or fund company. Reprints are available in quantity, 312-696-6100. Principia™ß Portfolio Summary ReportPage 2 of 2For internal and/or client reporting purposes only.Release Date: 09-30-2013 ý ICC Equity Primary Rank: Ö Holding Holding Ticker Security Type Allocation % Number of shares Price Final Market Value Portfolio ------100.00 137500.00 ---7330535.50 Sherwin-Williams Company SHW STOCK 1.24 500.00 182.18 91090.00 Southwest Airlines Co LUV STOCK 1.23 6200.00 14.56 90272.00 Starbucks Corporation SBUX STOCK 1.15 1100.00 76.97 84667.00 Symantec Corp SYMC STOCK 2.19 6500.00 24.75 160875.00 Target Corp TGT STOCK 0.96 1100.00 63.98 70378.00 Thor Industries, Inc. THO STOCK 1.82 2300.00 58.04 133492.00 Tupperware Brands Corporation TUP STOCK 1.89 1600.00 86.37 138192.00 Visa, Inc. V STOCK 2.61 1000.00 191.10 191100.00 Westinghouse Air Brake Technologies Corp WAB STOCK 1.20 1400.00 62.87 88018.00 Westlake Chemical Corporation WLK STOCK 1.21 850.00 104.66 88961.00 Whirlpool Corporation WHR STOCK 1.80 900.00 146.44 131796.00 Whiting Petroleum Corporation WLL STOCK 0.82 1000.00 59.85 59850.00 eBay Inc EBAY STOCK 2.89 3800.00 55.80 212040.00 © 1996-2013 Morningstar, Inc. All rights reserved. 22 W. Washington Street, Chicago, IL, 60602, 312-696-6000 Morningstar is an independent provider of financial information. Morningstar does not endorse any broker/dealer, financial planner, or fund company. Reprints are available in quantity, 312-696-6100. Principia™ß Portfolio Summary Report Page 1 of 2 For internal and/or client reporting purposes only.Release Date: 09-30-2013 ý ICC Equity Primary Rank: Ö Security Name Security Name Ticker Equity Style Box Industry Tot Ret 3 Mo Tot Ret 12 Mo Tot Ret Annlzd 3 Yr AbbVie Inc ABBV ÉDrug Manufacturers - Major 9.17 -- Affiliated Managers Group Inc AMG ÌAsset Management 11.41 48.49 32.78 American Express Co AXP ÈCredit Services 1.32 34.28 22.80 AmerisourceBergen Corp ABC ËMedical Distribution 9.82 60.01 27.06 Apartment Investment & Management AIV ËREIT - Residential -6.19 11.04 11.95 Apple Inc AAPL ÈConsumer Electronics 21.00 -26.83 20.04 AutoNation Inc AN ÌAuto Truck Dealerships 20.24 19.46 30.92 Boeing Co BA ÉAerospace Defense 15.17 71.56 22.67 Carbo Ceramics, Inc.CRR ÏOil Gas Equipment Services 47.43 59.28 8.00 Cardinal Health Inc CAH ÇMedical Distribution 11.13 36.78 18.54 Carlisle Companies, Inc.CSL ËRubber Plastics 13.16 36.96 34.30 Caterpillar Inc CAT ÇFarm Construction Equipment 1.83 0.05 4.49 CBS Corporation (CBS)CBS ÉBroadcasting - TV 13.12 53.15 52.60 Cigna Corp CI ÈHealth Care Plans 6.03 63.03 29.10 Coca-Cola Co KO ÈBeverages - Soft Drinks -4.86 2.76 11.81 ConocoPhillips COP ÇOil Gas EP 16.03 26.23 20.41 CVS Caremark Corp CVS ÈPharmaceutical Retailers -0.36 18.93 23.07 Deere & Co DE ÇFarm Construction Equipment 0.80 1.10 7.50 Delta Air Lines Inc DAL ÈAirlines 26.40 158.19 26.66 eBay Inc EBAY ÉSpecialty Retail 7.88 15.35 31.75 Eli Lilly and Company LLY ÇDrug Manufacturers - Major 3.46 10.29 15.45 EMC Corporation EMC ÉData Storage 8.64 -5.54 8.25 Emerson Electric Co.EMR ÈElectronic Components 19.38 37.44 9.60 Exxon Mobil Corporation XOM ÇOil Gas Integrated -4.07 -3.29 14.33 First Republic Bank (San Francisco, CA) (FRC)FRC ËBanks - Regional - US 21.49 36.59 - Flowers Foods, Inc.FLO ËPackaged Foods -2.26 62.35 26.97 Flowserve Corporation FLS ËDiversified Industrials 15.77 47.79 20.50 Freeport-McMoRan Copper & Gold FCX ÇCopper 20.94 -10.74 -3.38 General Mills, Inc.GIS ÈPackaged Foods -0.47 23.69 12.25 Global Payments, Inc.GPN ËBusiness Services 10.32 22.30 6.16 GrafTech International Ltd GTI ÏDiversified Industrials 16.07 -6.01 -18.54 Hasbro, Inc.HAS ÊLeisure 6.05 27.50 4.70 Home Depot, Inc.HD ÉHome Improvement Stores -1.59 28.06 35.87 Honeywell International, Inc.HON ÉDiversified Industrials 5.18 41.72 25.80 Idex Corporation IEX ÌDiversified Industrials 21.69 58.27 23.87 Ingredion Inc INGR ÊPackaged Foods 1.42 22.97 22.56 International Business Machines Corp IBM ÈInformation Technology Services -2.61 -9.00 13.24 Kimberly-Clark Corporation KMB ÈHousehold Personal Products -2.17 13.53 16.58 Lowe's Companies Inc.LOW ÉHome Improvement Stores 16.85 59.62 30.31 LPL Financial Holdings Inc LPLA ÌCapital Markets 1.96 36.26 - MasterCard Incorporated MA ÉCredit Services 17.21 49.48 44.54 McKesson, Inc.MCK ÉMedical Distribution 12.26 50.11 28.37 Microsoft Corporation MSFT ÈSoftware - Infrastructure -3.00 14.92 13.32 Oracle Corporation ORCL ÉSoftware - Infrastructure 8.40 6.58 8.18 Paychex, Inc.PAYX ÉStaffing Outsourcing Services 12.27 26.10 17.42 © 1996-2013 Morningstar, Inc. All rights reserved. 22 W. Washington Street, Chicago, IL, 60602, 312-696-6000 Morningstar is an independent provider of financial information. Morningstar does not endorse any broker/dealer, financial planner, or fund company. Reprints are available in quantity, 312-696-6100. Principia™ß Portfolio Summary ReportPage 2 of 2For internal and/or client reporting purposes only.Release Date: 09-30-2013 ý ICC Equity Primary Rank: Ö Security Name Security Name Ticker Equity Style Box Industry Tot Ret 3 Mo Tot Ret 12 Mo Tot Ret Annlzd 3 Yr Phillips 66 PSX ÇOil Gas Refining Marketing -1.32 27.25 - Rock-Tenn Company RKT ËPackaging Containers 1.69 42.07 27.87 Sherwin-Williams Company SHW ÉSpecialty Chemicals 3.44 23.61 35.53 SM Energy Co SM ÌOil Gas EP 28.69 42.84 27.42 Southwest Airlines Co LUV ËAirlines 13.27 67.16 4.01 Starbucks Corporation SBUX ÉRestaurants 17.81 53.44 45.69 Symantec Corp SYMC ÈSoftware - Application 10.77 39.36 18.30 Target Corp TGT ÈDiscount Stores -6.46 3.18 8.26 Thor Industries, Inc.THO ÎRecreational Vehicles 18.02 65.42 22.41 Tupperware Brands Corporation TUP ËHousehold Personal Products 11.97 65.31 25.83 Visa, Inc.V ÉCredit Services 4.75 43.30 37.70 Westinghouse Air Brake Technologies Corp WAB ÌRailroads 17.74 56.89 38.21 Westlake Chemical Corporation WLK ÊSpecialty Chemicals 8.79 49.46 54.26 Whirlpool Corporation WHR ÊConsumer Electronics 28.60 79.34 23.51 Whiting Petroleum Corporation WLL ËOil Gas EP 29.85 26.32 7.82 © 1996-2013 Morningstar, Inc. All rights reserved. 22 W. Washington Street, Chicago, IL, 60602, 312-696-6000 Morningstar is an independent provider of financial information. Morningstar does not endorse any broker/dealer, financial planner, or fund company. Reprints are available in quantity, 312-696-6100. Principia™ß For internal and/or client reporting purposes only Palm Beach Gardens Police ICC Equity ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 7,330,535.50Benchmark: S&P 500 TR Composition %PortfolioBmark Cash0.000.00 US Stocks100.0098.57 Non-US Stocks0.001.43 Bonds0.000.00 Other0.000.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small 112530 61410 22 Fixed-Income Investment Style % LtdModExt High Quality Medium Low Sector Weightings % of StocksPortfolioBmark hCyclical36.2831.70 rBasic Materials4.043.50 tConsumer Cyclical19.0111.10 yFinancial Services12.2815.20 uReal Estate0.951.90 jSensitive40.2241.60 iCommun Svs0.003.70 oEnergy6.9310.50 pIndustrials16.8010.80 aTechnology16.5016.70 kDefensive23.5026.70 sConsumer Def11.7610.70 dHealthcare11.7412.90 fUtilities0.003.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark Americas100.0098.60 North America100.0098.60 Latin America0.000.00 Greater Europe0.001.40 United Kingdom0.000.40 Europe dev0.001.10 Europe emrg0.000.00 Africa/Middle East0.000.00 Greater Asia0.000.00 Japan0.000.00 Australasia0.000.00 Asia dev0.000.00 Asia emrg0.000.00 Not Available0.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 9.7035.1224.7620.9316.97 4.4515.788.4910.919.40 TypeHolding Value $% AssetsTop 10 holdings out of 60 International Business Machines Corp ST3.03222216.00 eBay Inc ST2.89212040.00 American Express Co ST2.88211456.00 Visa, Inc.ST2.61191100.00 Lowe's Companies Inc.ST2.53185679.00 Affiliated Managers Group Inc ST2.49182640.00 Oracle Corporation ST2.44179118.00 Home Depot, Inc.ST2.38174455.00 Honeywell International, Inc.ST2.38174384.00 Emerson Electric Co.ST2.29168220.00 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 09-08/11-08 03-09/02-10 03-08/02-09 89.58 -39.16 03-09/02-12 03-06/02-09 36.02 -34.29 40.77 -10.68 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 2 64 2 80 2 75 2.9 Ù(78%)* 0.0 Ù(0%)* 2.9 Ù(78%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 8000.0 6600.0 5200.0 3800.0 2400.0 1000.0 Total Market Value: $7,330,536 $ 000 Analysis Performance Minutes 8-2-13.doc Page 1 of 4 City of Palm Beach Gardens Police Officers’ Pension Fund Minutes of the Meeting Held August 2, 2013 The regular meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers’ Pension Fund was called to order at 9:01 AM by Jay Spencer in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT OTHERS PRESENT Jay Spencer, Chairman Audrey Ross (Resource Centers) David Pierson, Secretary Bonni Jensen (Law Offices of Perry & Jensen) Brad Seidensticker, Trustee Donna Kramer (PBG Clerk’s Office) Greg Mull, Trustee Bart McMurry (ICC Capital) Marc Glass, Trustee Steve Stack (ICC Capital) John McCann (Thistle Asset Consulting) INVESTMENT MANAGER REPORT ICC Capital – Presented by Steve Stack & Bart McMurry Mr. Stack introduced Mr. McMurry to the board and stated that he is the bond portfolio manager that manages this funds portfolio. Mr. McMurry is here from California and would an opportunity to speak to the board regarding the current bond environment and the plans portfolio as well. Mr. McMurry welcomed himself and explained that they did not have a good quarter on the fixed income side. For the quarter ending June 30, 2013 the portfolio was negative and behind the index at -2.85% versus -2.33%, and for the fiscal year to date they are in the same position at -2.98% versus -2.24%. Mr. McMurry discussed all the different bond benchmarks and how many different types there are. He also reviewed the breakdown of all the bonds held in the portfolio and noted that most of their underperformance was due to the lack of corporate holdings in the portfolio. The bond market is very volatile right now, but during the quarter corporates did better than treasuries and their portfolio was not adjusted for that. Mr. McMurry stated that they have since repositioned the portfolio and that he feels comfortable with where they are at now and going forward. Mr. McMurry briefly reviewed the equity side of the portfolio and commented that it is in a much better position then the bond side. For the quarter ending June 30, 2013 they are behind the index at 1.36% versus 2.03%, but for the fiscal year to date they are ahead at 16.53% versus the index at 10.33%. Mr. McMurry reviewed the top 10 holdings in the portfolio and also the current asset allocation. He noted that a lot of investors are moving back into stocks at this time because bond rates are so low. INVESTMENT CONSULTANT REPORT Thistle Asset Consulting – Presented by John McCann Mr. McCann noted that there are no scrutinized companies in the portfolio and that the plan is in compliance. He explained that ICC Capital recently lost about 20% of their assets because two of their main clients left when one of the ICC managers Minutes 8-2-13.doc Page 2 of 4 retired earlier this year. Mr. McCann expressed that these events do not have any impact on this portfolio. As of June 30, 2013 the plan had almost $60M in assets, but the total fund net of fees was behind the index at -0.41% versus 0.62%. For the fiscal year to date they are positive but still behind the index at 7.86% versus 8.29%. Mr. McCann reviewed each managers performance for the quarter and commented that all the managers outperformed with the exception of both of the ICC accounts; equity and fixed income. He reported on the plans asset allocation and stated that they are currently underweighted to their target allocation in international equities, but he noted that he would like to leave it that way until the end of the fiscal year. This is the same situation for the bond exposure as well. In the meantime Mr. McCann commented that they have 5 different managers with 8 different asset classes, which is great diversification. He noted that the board did previously approved to amend their investment policy guidelines to increase the real estate asset allocation to 5%, but American Realty has not taken all of their money yet (they have only called for $115K as of yet). The next American Realty capital call will be in 6 months. By increasing the real estate asset allocation to 5%, it reduces the ICC fixed income exposure to 25%. Lastly Mr. McCann explained that the American Realty performance numbers outlined in todays report are estimates only because they do no have the property appraisals completed yet. Mr. Jensen asked Mr. McCann to footnote somewhere that the American Realty numbers are preliminary at this point. In the meantime Mr. McCann stated that the portfolio is doing very well and that they are taking more risk, but also getting more return as well. ATTORNEY REPORT Law Offices of Perry & Jensen - Presented by Bonni Jensen Ms. Jensen reviewed her memo regarding the important pension disclosure amendments to Chapter 112 (SB 534). This bill will increase the reporting requirements for the next fiscal year. She stated that the board will be receiving something directly from their Actuary outlining the changes and the new fees that will be incurred due to the additional reporting. Ms. Jensen briefly reviewed and discussed some of the additional reports that will be required. She also commented that there is another legislative session that will take place before this bill is effective, so there is still time for this bill to be revised or taken off the table completely. Ms. Jensen noted that the 2012 annual report was approved and that the plan should be receiving the 2012 Chapter 185 money soon. Ms. Jensen stated that GRS submitted the response to the Division of Retirement in regards to the “Naples Letter” that the plan received. The plan received correspondence back and ultimately it will not change the amount of money that is in the reserve account, which can only be used for future benefit enhancements. Ms. Jensen notified the board that the Ethnics of Commissions waived the fine for Wayne Sidey after her office submitted an order explaining why Mr. Sidey did not file his Form 1 Disclosure on time when he exited the board. Ms. Jensen stated that she tried to send a letter to the son of Charles Sharon after the last meeting explaining the boards outcome on his father’s pension, but the materials where sent back because of the wrong address. Mr. Mull stated that Mr. Sharon’s son works as a police officers for Palm Beach Gardens so he can obtain his information. Minutes 8-2-13.doc Page 3 of 4 Ms. Jensen explained the IRS’s new interpretation regarding the DROP accounts and the variable rate of return. She stated that the IRS is now classifying all DROP accounts that are invested in the plans rate of return to be considered a defined contribution account and not a defined benefit account. Ms. Jensen reviewed the background of this situation and noted that the IRS has not actually passed this rule yet, but if and when they do then all the members that are in the variable rate of return would need to abide by the defined contribution rules (which mean members can only contribute $50K to their accounts per year, as well as other regulations). Ms. Ross commented that currently all the active DROP members have their accounts invested in the fixed rate of return and not the variable rate of return. Ms. Jensen stated that since the police are in current negotiations with the City then she would recommend adding a “collar” around the variable rate option, or to simply allow the pension plan to amend the ordinance and plan to get rid of the variable rate of return option all together. Mr. Mull and Mr. Glass stated that they will bring this item up to the Union and the City at negotiations. ADMINISTRATOR REPORT Resource Centers – Presented by Audrey Ross Ms. Ross stated that she received an email from the underwriter for the plan’s crime insurance stated that they are changing carries from Ullico to Seneca. Ms. Jensen commented that she had no objection to this change as all benefits remain the same. MOTION: Mr. Glass made a motion to approve the revised contract with Seneca for the Plan’s Crime Insurance coverage. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5-0. MINUTES MOTION: Mr. Glass made a motion to approve the minutes from the April 23, 2013 regular meeting. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5-0. DISBURSEMENTS APPROVALS MOTION: Mr. Mull made a motion to approve the disbursements. SECOND: Mr. Glass seconded the motion. CARRIED: The motion carried unanimously 5-0. BENEFIT APPROVALS MOTION: Mr. Seidensticker made a motion to approve the application for distribution from DROP account for Wayne Sidey, and the application for a refund of contributions for Laure Van Deusen. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 5-0. The application for a refund of contributions for Christopher Sands was tabled until the next meeting. Since Mr. Sands is a vested member asking to cash out his benefit, the board would like him to attend the next meeting so that they can explain Minutes 8-2-13.doc Page 4 of 4 to him what he is forfeiting and to also sign a legal release waiver. Ms. Ross noted that she will invite Mr. Sand’s to the next meeting. FINANCIAL STATEMENTS The board reviewed and discussed the financial statements that were provided through May 2013. The board received and filed the financial statements through May 2013. OTHER BUSINESS Ms. Ross presented the board with the supplemental actuarial valuation report that GRS prepared in regards to changing benefits. This report was requested by the board a couple of months ago. PUBLIC COMMENTS N/A AJOURN There being no further business, the Trustees officially adjourned the meeting at 11:02 AM. The next meeting is to be scheduled. Respectfully submitted, _____________________________ DAVID PIERSON, Secretary For internal and/or client reporting purposes only Palm Beach Gardens Police Oppenheimer Intl.... ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 722,785.44Benchmark: S&P 500 TR Composition %PortfolioBmark Cash18.310.00 US Stocks0.0098.57 Non-US Stocks0.001.43 Bonds80.660.00 Other1.040.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small Fixed-Income Investment Style % LtdModExt High Quality Medium Low 100 Sector Weightings % of StocksPortfolioBmark hCyclical0.0031.70 rBasic Materials0.003.50 tConsumer Cyclical0.0011.10 yFinancial Services0.0015.20 uReal Estate0.001.90 jSensitive0.0041.60 iCommun Svs0.003.70 oEnergy0.0010.50 pIndustrials0.0010.80 aTechnology0.0016.70 kDefensive0.0026.70 sConsumer Def0.0010.70 dHealthcare0.0012.90 fUtilities0.003.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark AmericasNA98.60 North AmericaNA98.60 Latin AmericaNA0.00 Greater EuropeNA1.40 United KingdomNA0.40 Europe devNA1.10 Europe emrgNA0.00 Africa/Middle EastNA0.00 Greater AsiaNA0.00 JapanNA0.00 AustralasiaNA0.00 Asia devNA0.00 Asia emrgNA0.00 Not Available100.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 0.89-2.771.155.687.28 -4.36-22.11-15.12-4.34-0.29 TypeHolding Value $% AssetsTop 1 holdings out of 1 Oppenheimer International Bond A MF100.00722785.44 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 08-08/10-08 11-08/10-09 03-08/02-09 25.60 -13.09 04-05/03-08 10-10/09-13 12.15 -13.56 12.01 1.15 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 95 35 75 27 45 32 3.0 Ù(100%)* 3.0 Ù(100%)* 0.0 Ù(0%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 800.0 700.0 600.0 500.0 400.0 300.0 Total Market Value: $722,785 $ 000 Analysis Performance PAGE Market Snapshot 1 Index Comparisons 2 Compliance Report 3 Total Portfolio Pie Chart 4 Manager Pie Chart 5 Asset Allocation Table 6 Gain/Loss Table 7 Total Ranks Table 8 Manager Ranks 9 Scatterplot Graphs: Total Fund Graph 11 Rhumbline Equities Graph 12 ICC Fixed income Graph 13 Beta Graph 14 Alpha Graph 15 Beta/Alpha Table 16 Batting Average Graph 17 Batting Average/R-Squared Table 18 Other Managers' Page 19 Palm Beach Gardens Police Pension Fund Executive Summary Report Table of Contents SECTION Page 2 Index Comparison June 30, 2013 -10.00 0.00 10.00 20.00 30.00 3 Months Last 12 Months Last 3 Years (Annualized) Re t u r n ( % ) Barclays Gov/Credit Bond Barclays Gov/Credit-Intermediate S&P 500 Russell 1000 Growth Russell 1000 Value Russell 2000 Growth Russell 2000 Value Russell 3000 MSCI EAFE 3.74% R2000G -2.51% BCGC 25.32% R1000V 3.14% BCIGC 19.97% R2000G -0.69% BCGC 1. 2. 3. 1. 2. 3. 4. 5. 6. 1. 2. 3. 4. 5. 6. Page 3 Did the equity return, over the trailing 5-year period, exceed the 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4% R1000G index and 15.4% EAFE? [7.32 vs. 6.82] Did the equity return, over the trailing 3-year period, rank in the top 40% of the Mobius 38.4% Broad Large Cap, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [8th] Did the equity return, over the trailing 5-year period, rank in the top 40% of the Mobius 38.4% Broad Large Cap, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [6th] TOTAL FUND Did the total return, over the trailing 3-year period, exceed the policy, which is comprised of 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 29% BCGC , 4% Non US $ World Gov. Bond & 2% RE? [11.85 vs. 12.83] TOTAL EQUITY Did the total return, over the trailing 3-year period, rank in the top 40% of the Universe comprised of 25% Mobius Broad Large Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Cap Growth, 10% International Equity, 29% Broad Fixed, 4% International Fixed Income & 2% NCREIF? [78th] Palm Beach Gardens Police Pension Fund Compliance Report June 30, 2013 YES NO Did the equity return, over the trailing 3-year period, exceed the 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4% R1000G index and 15.4% EAFE? [17.75 vs. 17.76] Is the minimum quality rating of the domestic bond investments BBB from Standard & Poor's or BAA from Moody's? Did the fixed income return, over the trailing 5-year period, rank in the top 40% of the Mobius Broad Fixed Income Universe? [66th] Did the total return of the fund over the trailing 3-year period equal or exceed 7.3% (actuarial assumption rate of return)? [11.85 vs. 7.50] TOTAL FIXED INCOME Did the fixed income return, over the trailing 3-year period, exceed the 89% BCGC and 11% Non-US World Gov't Bond? [3.36 vs. 3.44] Is the amount invested in any single security less than or equal to 5% of the market value of the total equity portfolio? Is the amount invested in any single industry less than or equal to 20% of the market value of the total equity portfolio? Did the fixed income return, over the trailing 5-year period, exceed the BCGC? [4.34 vs. 4.93] Did the fixed income return, over the trailing 3-year period, rank in the top 40% of the Mobius Broad Fixed Income Universe? [68th] Is the amount invested in any single security (with exception of U.S. Government and its agencies) less than or equal to 5% of the market value of the total fixed income portfolio? 1. There has been no changes in ownership. ICC hired James O'Mealia, Managing Director, Portfolio Manager. Andrew Richey resigned from ICC. 2. No 3. ICC hired James O'Mealia, Managing Director, Portfolio Manager. Andrew Richey resigned from ICC. 4. ICC lost roughly 20% of AUM. 5. No 6. No 7. No 8. No 9. 0.00% 10. No 11. Steven Stack, CRCP - Chief Compliance Officer Page 3a Manager Compliance Questionnaire June 30, 2013 Have there been any changes in your organization? Have you undergone any change in ownership or control? Are you invested in any unhedged and/or levereged derivatives? What percentage of equity is international? The manager must immediately notify the Board and the Consultant when the international exposure reaches ten percent (10%). An explanation will be needed as to why the manager is changing their discipline. (This does not apply to managers that are 100% international equity and to those that have been previously given permission by the board and the consultant) Are you invested in any companies on the SBA's website? (Please review list of scrutinized companies on the following website: http://www.sbafla.com/fsb/Home/ProtectingFloridasInvestmentAct/tabid/751/Default.aspx Name of person completing this form (please include company name)? Have there been any changes in your investment philosophy? Have there been any changes in your staff of investment professionals? Have you lost a substantial amount of business (amount of percentage of assets under management)? Have you gained a substantial amount of business (amount of percentage of assets under management)? Have there been any new investigations begun by any state or federal government or their agencies, or any charges filed, with regard to any division or unit of your company, and in particular anyone who directly or indirectly performs services for this client? Please provide details (if there is any doubt, please err on the side of providing too much information). For managers, with fixed income portfolios that we monitor, are you currently invested in commercial mortgage backed securities (CMBS)? (If yes, please give % of fixed portfolio) Page 4 Palm Beach Gardens Police Pension Fund Total Assets June 30, 2013 Equities 66% Fixed Income 29% Real Estate 2% Cash 3% Equities Fixed Income Real Estate Cash Page 5 Palm Beach Gardens Police Pension Fund Total Assets June 30, 2013 Rhumbline S&P500 26% Rhumbline S&P400 11% Rhumbline S&P600 11% Intl. Equity 7% ICC Lg. Growth 12% Intl. Bonds 2% ICC Fixed 29% American Realty 2% Rhumbline S&P500 Rhumbline S&P400 Rhumbline S&P600 Intl. Equity ICC Lg. Growth Intl. Bonds ICC Fixed American Realty Manager Equities Fixed Income Real Estate Cash Total % of Total Rhumbline S&P500 $15,537,000 $0 $0 $0 $15,537,000 25.9% 25.0% Rhumbline S&P400 $6,528,000 $0 $0 $0 $6,528,000 10.9% 10.0% Rhumbline S&P600 $6,591,000 $0 $0 $0 $6,591,000 11.0% 10.0% Intl. Equity $4,075,000 $0 $0 $0 $4,075,000 6.8% 10.0% ICC Lg. Growth $6,937,000 $0 $0 $0 $6,937,000 11.6% 10.0% Intl. Bonds $0 $1,487,000 $0 $0 $1,487,000 2.5% 4.0% ICC Fixed $0 $15,859,000 $0 $1,602,000 $17,461,000 29.1% 29.0% $0 $0 $1,306,000 $0 $1,306,000 2.2% 2.0% Total $39,668,000 $17,346,000 $1,306,000 $1,602,000 $59,922,000 100.0% 100.0% % of Total 66.2%28.9%2.2%2.7%100.0% Target %65.0%33.0%2.0%0.0%100.0% Page 6 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary June 30, 2013 American Realty Portfolio Last Qtr. MV Net Flows Inv G(L)This Qtr. MV Total Fund $59,336,000 $310,000 $276,000 $59,922,000 Total Equities $38,937,000 -$83,000 $814,000 $39,669,000 ICC Large Growth $6,929,000 -$93,000 $101,000 $6,937,000 Rhumbline S&P 500 $15,099,000 $0 $438,000 $15,537,000 Rhumbline S&P 400 $6,466,000 $0 $63,000 $6,528,000 Rhumbline S&P 600 $6,345,000 $0 $246,000 $6,591,000 International Equity $4,099,000 $0 -$24,000 $4,075,000 International Bonds $1,555,000 $0 -$68,000 $1,487,000 ICC Fixed Income $15,226,000 $1,130,000 -$496,000 $15,859,000 Real Estate $1,054,000 $213,000 $40,000 $1,306,000 Page 7 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary June 30, 2013 Current Fiscal Year Quarter FYTD One Year Three Years Five Years 2012 2011 2010 2009 2008 Return 0.47%8.81%13.67%11.85%6.78%18.63%0.22%10.09%5.62%-13.73% Ranking (*)75 66 77 78 16 86 33 41 6 31 Policy Return (**)0.60%8.26%13.29%12.83%6.70%19.60%1.76%10.82%1.64%-12.83% Policy Ranking (*)65 82 83 42 18 71 5 28 50 16 Return 2.09%15.65%22.46%17.75%7.32% 28.59%-2.62%12.36%-1.00%-23.28% Ranking (***)51 16 21 8 6 12 49 18 17 78 Policy Ranking (***)49 45 42 8 16 27 9 31 71 32 Return -3.20%-3.45%-1.05%3.36%4.34%5.83%4.78%7.63%11.10%0.54% Ranking (Broad Fixed)69 91 82 68 66 71 14 45 53 28 Policy Return (89% BCAB and 11% Non-US World Gov't Bond)-2.45%-3.04%-1.24%3.44%4.93%4.98%5.21%7.79%11.19%3.85% Policy Ranking (Broad Fixed)43 84 85 66 46 76 10 44 53 13 Page 8 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary June 30, 2013 21.29%-21.04% TOTAL FUND (Net of Fees)[Inception 3-31-1992] TOTAL EQUITIES(Net of Fees)[Inception 6-30-2000] ** 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Intl. Bond, 29% BCAB & 2% NCREIF -4.36% Policy Return (38.4%S&P500, 15.4%S&P400, 15.4%S&P600, 15.4% R1000G, 15.4% EAFE)6.82%27.80% Red indicates bottom 40% of universe 11.44%17.76% *** 38.4% Broad Large Cap Core, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth, 15.4% International TOTAL FIXED INCOME(Net of Fees)[Inception 3-31-1994](International Fixed Inception 9-30-2010) Gold indicates equal to or beat the index, or in upper 40% of universe 2.11%14.29%-0.50% * 25% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Growth, 10% International, 4% Intl. Bond, 29% Broad Fixed & 2% RE Current Fiscal Year Quarter FYTD One Year Three Years Five Years 2012 2011 2010 2009 2008 2.90%13.37%20.53%18.44%7.16%30.17%1.19%10.21%-6.49%-21.72% Ranking (Br.Large Cap Core)38 50 49 22 23 21 20 29 55 36 2.91%13.39%20.60%18.45%7.01%30.20%1.15%10.16%-6.91%-21.98% Policy Ranking (Br.Large Cap Core)38 49 49 22 28 20 20 30 62 40 0.97%18.61%25.00%19.57%9.06%28.90%-1.17%17.77%-2.77%-16.54% 75 50 50 20 17 28 26 12 100 9 1.00%18.72%25.18%19.45%8.92%28.54%-1.28%17.78%-3.10%-16.68% 73 48 48 22 18 30 27 12 100 9 3.88%18.68%25.05%20.20%9.81%33.27%0.21%14.14%-10.54%-13.64% Ranking (Broad Small Cap)20 48 45 21 46 18 26 37 86 22 3.92%18.77%25.18%20.27%9.95%33.35%0.21%14.21%-10.61%-13.83% Policy Ranking (Broad Small Cap)20 47 43 20 43 18 26 36 86 23 1.44%19.11%25.55%17.24%9.12%27.52%-6.48%14.62%15.30%-30.79% Ranking (Broad Large Cap Growth)77 1 3 52 10 55 94 8 1 100 2.06%10.33%17.07%18.68%7.47%29.18%3.78%12.65%-1.85%-20.88% 60 56 61 22 26 40 14 20 35 32 -0.59%10.72%18.44%11.52%1.09%19.38%-11.11%9.09%2.30%-29.10% 46 37 31 19 26 20 50 32 48 36 -0.73%11.36%19.14%10.55%-0.16%14.33%-8.94%3.71%3.79%-30.12% 49 26 25 35 43 68 25 65 39 45 Page 9 Policy Ranking (Broad Large Cap Growth) Policy Ranking (International Equity) Return Palm Beach Gardens Police Pension Fund Performance Evaluation Summary June 30, 2013 RHUMBLINE S&P 500 EQUITY PORTFOLIO(Inception 6-30-2000) RHUMBLINE S&P 400 EQUITY PORTFOLIO(Inception 12-31-2002) Policy(S&P500) RHUMBLINE S&P 600 EQUITY PORTFOLIO(Inception 10-31-2003) INTERNATIONAL EQUITY(Inception 9-30-2006) Return Ranking (International Equity) Policy (MSCI EAFE) Return Gold indicates equal to or beat the index, or in upper 40% of universe Policy (S&P 400) Red indicates bottom 40% of universe Return Policy (R1000G) Policy (S&P 600) Ranking (Broad Mid Cap) ICC LARGE CAP GROWTH EQUITY PORTFOLIO(Inception 9-30-2007) Return Policy Ranking (Broad Mid Cap) Current Fiscal Year Quarter FYTD One Year Three Years Five Years 2012 2011 2010 2009 2008 -2.98%-3.12%-0.88%3.82%4.92%6.07%5.66%8.10%11.96%1.22% Ranking (Broad Fixed)63 86 80 58 46 69 8 42 46 25 -2.33%-2.24%-0.69%3.52%5.20%5.16%5.29%8.17%10.56%3.66% Policy Ranking (Broad Fixed)39 63 76 64 39 75 9 41 57 13 Two Years -4.37%-3.83%1.08%0.52%n/a 7.89%0.33%n/a n/a n/a -3.44%-9.33%-5.72%-2.69%n/a 3.46%4.14%n/a n/a n/a 3.10%7.73%10.21%n/a n/a n/a n/a n/a n/a n/a 3.91%9.29%11.84%n/a n/a n/a n/a n/a n/a n/a Page 10 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary June 30, 2013 ICC FIXED INCOME PORTFOLIO(Inception 3-31-1994) Return Policy(BCAB) INTERNATIONAL FIXED INCOME PORTFOLIO(Inception 9-30-2010) Return Policy (Non-US World Bond) Gold indicates equal to or beat the index, or in upper 40% of universe Red indicates bottom 40% of universe AMERICAN REALTY PORTFOLIO(Inception 6-30-2012) Return Policy (NCREIF) June 30, 2013 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 of) 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). Page 11 Palm Beach Gardens Police Pension Fund Total Fund Trailing 5-Years June 30, 2013 (versus 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Non-US World Bond, 29% BCGC, 2% RE) -3 0 3 -3 0 3 Di f f e r e n c e i n R e t u r n s ( M a n a g e r - In d e x ) Risk (Difference in Standard Deviations) 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Good Aggressive Conservative Bad Page 12 Palm Beach Gardens Police Pension Fund Total Equity Trailing 5-Years June 30, 2013 (versus 38.4% S&P 500, 15.4% S&P 400, 15.4% S&P 600, 15.4% R1000G & 15.4% Intl. ) -3 0 3 -3 0 3 Di f f e r e n c e i n R e t u r n s ( M a n a g e r - In d e x ) Risk (Difference in Standard Deviations) 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Good Aggressive Conservative Bad Page 13 Palm Beach Gardens Police Pension Fund Total Fixed Income 5-Year Trailing June 30, 2013 (versus 89% BCGC, 11% Non-US World Gov't Bond) -3 0 3 -3 0 3 Di f f e r e n c e i n R e t u r n s ( M a n a g e r - In d e x ) Risk (Difference in Standard Deviations) 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Good Aggressive Conservative Bad 15451000 15451000 123518000 123518000 264000 264000 139233000 Page 14 Palm Beach Gardens Police Pension Fund Beta: Trailing 5-Year Risk (or Inception if Less) June 30, 2013 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 Jun-13 Mar-13 Dec-12 Sep-12 Total Fund Large Cap Mid Cap Small Cap Total Fixed International Large Growth Page 15 Palm Beach Gardens Police Pension Fund Alpha: Trailing 5-Year Reward (or Inception if Less) June 30, 2013 -2.0% -1.0% 0.0% 1.0% 2.0% Jun-13 Mar-13 Dec-12 Sep-12 TOTAL FUND & INDIVIDUAL MANAGERS Total Fund Large Cap Mid Cap Small Cap Total Fixed International Large Growth Jun-13 Mar-13 Dec-12 Sep-12 Total Fund 0.88 0.88 0.88 0.88 Managers, Fixed Income Total Fixed 0.91 0.88 0.88 0.88 Managers, Equities Large Cap 0.99 0.99 0.99 0.99 Mid Cap 0.99 0.99 0.99 0.99 Small Cap 0.99 0.99 0.99 0.99 International 0.41 0.41 0.40 0.39 Large Growth 1.08 1.10 1.09 1.10 Real Estate NCREIF 0.58 0.00 0.00 0.00 Total Fund 0.90%0.99%0.66%0.41% Managers, Fixed Income Total Fixed -0.13%0.36%0.15%0.15% Managers, Equities Large Cap 0.19%0.19%0.17%0.18% Mid Cap 0.20%0.21%0.18%0.21% Small Cap -0.07%0.04%0.08%0.06% International 1.16%1.11%-0.54%-1.56% Large Growth 1.05%1.51%0.53%-1.82% Real Estate NCREIF 3.36%0.00%0.00%0.00% Page 16 Palm Beach Gardens Police Pension Fund Alpha & Beta: 5-Years Trailing (or Inception if Less) June 30, 2013 Current BETA * BCAB R1000G BCAB S&P500 * ALPHA S&P400 * 25% S&P 500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Non-US World Gov't Bond, 29% BCAB, 2% RE S&P600 EAFE R1000G Policy S&P500 S&P600 EAFE S&P400 Page 17 Palm Beach Gardens Police Pension Fund Batting Average: 5-Years Trailing (or Inception if Less) June 30, 2013 0 10 20 30 40 50 60 70 80 90 100 Jun-13 Mar-13 Dec-12 Sep-12 TOTAL FUND & INDIVIDUAL MANAGERS Total Fund Large Cap Mid Cap Small Cap Total Fixed International Large Growth Jun-13 Mar-13 Dec-12 Sep-12 Total Fund 30.00 35.00 35.00 30.00 Managers, Fixed Income Total Fixed 50.00 55.00 50.00 45.00 Managers, Equities Large Cap 55.00 60.00 65.00 65.00 Mid Cap 60.00 60.00 65.00 70.00 Small Cap 30.00 35.00 40.00 45.00 International 55.00 55.00 55.00 55.00 Large Growth 50.00 55.00 50.00 45.00 Real Estate NCREIF 0.00 33.33 0.00 0.00 Total Fund 0.98 0.98 0.98 0.98 Managers, Fixed Income Total Fixed 0.77 0.74 0.73 0.74 Managers, Equities Large Cap 1.00 1.00 1.00 1.00 Mid Cap 1.00 1.00 1.00 1.00 Small Cap 1.00 1.00 1.00 1.00 International 0.28 0.28 0.26 0.26 Large Growth 0.92 0.92 0.91 0.91 Real Estate NCREIF 0.94 0.00 0.00 0.00 Page 18 June 30, 2013 EAFE Palm Beach Gardens Police Pension Fund Batting Average: 5-Years Trailing (or Inception if Less) BATTING AVERAGE S&P500 S&P400 Current Policy * S&P500 S&P400 * 25% S&P 500, 10% S&P400, 10% S&P600, 10% R1000G, 10% EAFE, 4% Non-US World Gov't Bond, 29% BCAB, 2% RE S&P600 EAFE R1000G BCAB BCAB * S&P600 R1000G R-SQUARED Qtr YTD 1Yr 3Yr 5Yr 10Yr Advanced Investment Partners - Large Cap - Gross Size 4.53 15.93 22.01 18.94 8.03 8.42 Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size 1.76 10.42 18.16 17.65 6.42 7.46 ICC Capital Management, Inc - Core Value - Gross Size 3.20 20.46 28.35 15.05 5.61 7.80 Logan Capital Management - Large Core 60/40 - Gross Size 2.31 9.40 13.15 21.38 9.61 9.57 Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size 2.63 15.67 22.75 17.20 8.68 7.04 Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size 2.52 13.86 21.03 18.09 7.03 7.61 Robeco Investment Management, Inc. - WPG Disc Equity Large Cap - Gross Size 3.91 15.46 22.73 18.13 6.70 7.73 South Texas Money Management - Large Cap Core - Gross Size 2.22 11.12 16.71 13.81 4.37 7.37 Valley Forge Asset Management - Large Cap Core - Gross Size -0.56 4.51 10.67 13.16 5.48 8.17 Russell 1000 2.65 14.04 21.34 18.63 7.12 7.67 S&P 500 2.91 13.39 20.60 18.45 7.01 7.30 Dana Investment Management - Large Growth - Gross Size 2.93 10.56 16.87 17.90 6.52 9.14 Denver Investment Advisors, LLC - Growth - Gross Size 1.29 6.79 14.13 18.07 5.94 8.24 Garcia Hamilton & Associates - Quality Growth - Gross Size 0.83 5.88 13.01 16.19 5.84 6.27 ICC Capital Management, Inc - Large Cap Growth Equity - Gross Size 1.32 16.68 22.87 15.94 8.87 7.44 Logan Capital Management - Large Cap Growth - Gross Size 1.08 11.09 16.27 17.12 5.38 8.67 Montag & Caldwell, Inc. - Large Cap Growth - Gross Size 0.59 9.45 16.60 16.74 6.48 7.60 Polen Capital Management - Large Cap Growth - Gross Size -2.19 2.87 8.31 17.82 9.63 8.51 Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size 2.08 10.30 17.06 18.66 7.50 7.45 Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size 2.18 12.56 18.79 8.97 7.92 7.81 Silvant Capital - Select LCG Stock - Grosss Size 2.15 4.59 10.02 14.24 4.72 7.36 Russell 1000 Growth 2.06 10.33 17.07 18.68 7.47 7.40 S&P 500/Citigroup Growth 2.48 9.75 16.78 18.89 7.57 7.18 Rhumbline Large Cap(FYE)2.90 13.37 20.53 18.44 7.16 7.41 Rhumbline Mid Cap(FYE)0.97 18.61 25.00 19.57 9.06 10.85 Rhumbline Small Cap(FYE)3.88 18.68 25.05 20.20 9.81 n/a International Equity(FYE)-0.59 10.72 18.44 11.52 1.09 n/a ICC Large Growth(FYE)1.44 19.11 25.55 17.24 9.12 n/a Page 19 Performance of Other Managers June 30, 2013 CORE EQUITY GROWTH EQUITY Qtr YTD 1Yr 3Yr 5Yr 10Yr BRC Investment Management Large Cap Value - Gross Size 0.29 14.65 20.94 19.32 7.71 10.95 Buckhead Capital Management - Value Equity - Low P/E - Gross Size 3.19 13.35 19.94 14.44 6.43 7.09 Ceredex Value Ad Large Cap Value 3.35 18.12 26.08 18.50 9.26 9.64 Eagle Asset Management - Value - Institutional - Gross Size 7.34 22.58 30.70 18.77 6.47 8.88 Earnest Partners - Large Cap Value - Gross Size 4.15 13.78 17.23 15.35 6.14 8.09 ICC Capital Management, Inc - Core Value - Gross Size 3.20 20.46 28.35 15.05 5.61 7.80 Missouri Valley Partners - Large Cap Value - Gross Size 3.15 15.30 23.00 17.38 5.25 6.48 Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size 3.24 17.64 25.29 18.48 6.76 7.85 The Boston Company Asset Mgmt., LLC - US Large Cap Value Equity Management 5.36 22.80 33.41 18.59 6.75 10.01 RBC Global Asset Management, Inc. - Large Cap Value - Gross Size 3.11 16.48 23.70 18.65 6.74 9.13 RNC Genter Capital - Dividend Income Equity - Gross Size 4.26 14.31 20.40 18.39 10.16 Westwood Management Corporation - LargeCap Equity - Gross Size 4.18 17.33 24.18 18.25 5.07 9.34 Russell 1000 Value 3.20 17.67 25.32 18.51 6.67 7.79 S&P 500/Citigroup Value 3.36 17.64 25.04 18.10 6.47 7.34 Amalgamated Bank - LongView 400 MidCap Index Fund - Gross Size 1.02 18.75 25.19 19.43 8.89 10.73 Batterymarch Financial Mgmt., Inc. - US Mid Cap Russell - Gross Size 2.50 19.50 27.02 20.09 6.57 10.72 Chicago Equity Partners, LLC - Mid Cap Core Equity - Gross Size -0.34 18.13 25.33 21.92 8.83 9.99 Rhumbline Advisers Corporation - S&P 400 Index Fund - Gross Size 0.97 18.62 25.01 19.46 8.14 10.37 Robeco Investment Management, Inc. - BPAM Mid Cap Value Equity - Gross Size 3.96 22.69 29.66 22.69 13.35 13.53 Russell Midcap 2.21 18.77 25.41 19.53 8.28 10.65 S&P Midcap 400 1.00 18.72 25.18 19.45 8.91 10.74 Advanced Investment Partners 2.03 23.64 33.37 24.08 11.54 11.78 AtlantaCapital Management - High Quality SMID - Gross Size 2.43 20.76 26.05 22.72 14.32 Eagle Asset Management - SMID Core - Institutional - Gross Size 1.24 16.96 24.02 17.78 8.08 11.31 Earnest Partners - SMID Core - Gross Size 0.37 14.10 21.62 17.75 8.67 Kayne AndersonRudnick - SMID Core - Gross Size -0.23 13.21 16.74 16.27 11.09 8.38 Westwood Management Corporation - SMID Cap Equity - Gross Size 0.06 17.71 25.49 18.44 10.45 15.22 Russell 2500 2.27 18.99 25.61 19.57 9.12 10.34 Rhumbline Large Cap(FYE)2.90 13.37 20.53 18.44 7.16 7.41 Rhumbline Mid Cap(FYE)0.97 18.61 25.00 19.57 9.06 10.85 Rhumbline Small Cap(FYE)3.88 18.68 25.05 20.20 9.81 n/a International Equity(FYE)-0.59 10.72 18.44 11.52 1.09 n/a ICC Large Growth(FYE)1.44 19.11 25.55 17.24 9.12 n/a Page 20 Performance of Other Managers June 30, 2013 VALUE EQUITY MID-CAP EQUITY SMID-CAP EQUITY Qtr YTD 1Yr 3Yr 5Yr 10Yr Advanced Investment Partners - AllCap - Gross Size 3.10 14.85 2.36 20.12 7.77 7.80 BuckheadCaptial Management - All Cap - Gross Size 3.23 13.67 19.72 14.81 5.13 7.82 Chartwell Investment Partners - Premium Yield Equity - Gross Size 2.98 13.95 20.36 18.85 8.75 7.72 Diamond Hill Capital Management, Inc. - Diamond Hill Select Equity - Gross Size 7.60 26.00 33.18 18.52 8.26 12.14 HGK Asset Management - All Cap - Gross Size 3.97 16.72 22.66 17.48 6.75 ICC Capital Management, Inc - Multi-Cap Eq. - Gross Size -2.38 9.31 16.11 9.80 8.30 11.48 Intrepid Capital Management, Inc. - Intrepid Multi-Cap Equity - Gross Size 1.12 10.39 15.10 13.17 10.46 10.00 Oak Ridge Investments, LLC - All-Cap - Gross Size 1.76 11.05 13.97 16.76 6.50 8.57 Russell 3000 2.69 14.34 21.46 18.63 7.25 7.81 Dow Jones Wilshire 5000 (Full Cap)2.77 14.10 21.13 18.46 7.19 7.96 Atlanta Capital Management Co., LLC - High Quality Small Cap - Gross Size 4.31 19.35 24.38 22.44 14.89 13.05 BuckheadCaptial Management - Small Cap Value - Gross Size 3.97 22.68 22.83 14.80 7.45 9.79 Ceredex - Value Ad Small Cap Value - Gross Size 0.28 19.29 24.42 18.38 12.36 13.61 DePrince, Race, Zollo, Inc. - Small Cap Value - Gross Size 3.06 19.42 26.68 17.47 12.33 11.70 Eagle Asset Management - Small Cap Core - Institutional - Gross Size 0.04 15.06 22.84 18.06 8.15 10.93 GW Capital, Inc. - Small Cap Value Equity - Gross Size -0.64 21.28 29.83 19.90 8.82 14.57 Intrepid Capital Management, Inc. - Intrepid Small Cap - Gross Size -0.39 5.90 10.34 12.38 13.48 11.53 Kayne Anderson Rudnick Invst. - Small Cap - Gross Size 1.30 13.48 15.94 20.14 13.18 11.87 Missouri Valley Partners 2.70 20.49 29.00 23.45 13.92 10.94 Sawgrass Asset Management, LLC - Small Cap Growth Equity - Gross Size 3.63 17.20 18.45 19.89 4.19 6.18 Silvant Capital - Small Cap Growth - Gross Size 5.05 18.22 25.61 21.98 8.43 9.99 Russell 2000 3.08 18.01 24.21 18.67 8.77 9.53 S&P SmallCap 600 3.92 18.77 25.18 20.27 9.95 10.77 American Realty Advisors - Core Equity Real Estate-Sep. Accts. - Gross Size 2.48 5.04 10.68 13.67 -0.90 Cornerstone Real Estate Advisors, Inc. - US REIT TR - Gross Size 7.32 10.33 13.90 17.61 8.28 14.91 Intercontinental - US REIF - Gross Size 2.75 9.22 15.07 12.57 -0.87 JPMorgan Asset Management - Strategic Property Fund - Gross Size 3.40 6.28 12.85 15.12 0.51 8.00 Principal Global - Real Estate Core - Gross Size 3.14 5.40 13.22 16.60 -0.89 6.45 Dow Jones Wilshire REIT Index 7.43 10.10 14.02 17.35 6.32 12.24 NCREIF Property Index 2.57 5.18 10.52 13.30 2.32 8.51 Altrinsic Global Advisors - International Equity - Gross Size -1.66 8.32 16.57 9.62 2.98 8.81 DePrince, Race, Zollo, Inc. - International Equity - Gross Size -0.83 10.25 17.90 7.04 1.93 8.76 Harding Loevner - International Equity - Gross Size -1.92 7.15 15.45 11.31 4.17 10.76 Harding Loevner - Emerging Mkts. Equity - Gross Size -5.13 0.87 8.64 8.12 1.66 16.37 ICC Capital Management, Inc - International ADR Equity - Gross Size -0.61 11.05 18.64 11.11 2.62 7.69 INVESCO - International EM Equity - Gross Size -10.19 -10.21 -5.18 -1.29 -2.82 OFI Institutional Asset Mgmt. - Emerging Mkts.Equity - Gross Size -3.70 1.40 8.97 9.23 6.62 The Boston Company Asset Mgmt., LLC - International Core Equity Management 2.05 14.52 24.60 13.81 -0.01 8.94 Thornburg Investment Mgmt. - International Equity - Gross Size -1.31 7.08 13.92 8.93 1.37 10.94 WHV - WHV International Equity - Gross Size -4.15 3.67 10.85 10.34 -3.85 13.96 WHV - WHV Emerging Mkts. Equity - Gross Size -7.54 -5.16 2.83 4.73 MSCI EAFE -0.73 11.36 19.14 10.55 -0.16 8.16 MSCI EMERGING MARKETS -7.95 -4.32 3.23 3.72 -0.11 14.02 Rhumbline Large Cap(FYE)2.90 13.37 20.53 18.44 7.16 7.41 Rhumbline Mid Cap(FYE)0.97 18.61 25.00 19.57 9.06 10.85 Rhumbline Small Cap(FYE)3.88 18.68 25.05 20.20 9.81 n/a International Equity(FYE)-0.59 10.72 18.44 11.52 1.09 n/a ICC Large Growth(FYE)1.44 19.11 25.55 17.24 9.12 n/a Page 21 Performance of Other Managers June 30, 2013 ALL CAP EQUITY SMALL CAP EQUITY REAL ESTATE (3/31/2013) INTERNATIONAL EQUITY Qtr YTD 1Yr 3Yr 5Yr 10Yr Atlanta Capital Management Co., LLC - High Quality Broad Market - Gross Size -1.91 -1.96 -0.73 3.01 4.62 4.45 Denver Investment Advisors - Core Bond Gov't/Corp. - Gross Size -2.51 -2.20 -0.23 4.08 5.65 4.92 Eagle Asset Management - Core Fixed Institutional - Gross Size -2.67 -2.49 -0.67 3.66 5.41 4.74 Garcia Hamilton & Associates - Fixed Aggregate - Gross Size -2.36 -0.52 3.24 5.62 7.61 6.11 ICC Capital Management, Inc - Core Fixed Income - Gross Size -2.90 -2.85 -0.72 3.70 4.71 4.16 Integrity Fixed Income Mgmt, LLC - Core Fixed Income - Gross Size -2.23 -1.36 0.77 4.39 6.30 Montage & Caldwell Inc. - Core Fixed Income - Gross Size -1.90 -1.81 -0.68 2.93 4.73 4.54 Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size -2.03 -1.39 0.37 3.95 6.00 4.99 RBC Global Asset Management, Inc. - Broad Market Core - Gross Size -2.44 -2.14 -0.20 3.96 5.50 4.35 Rockwood Capital - Aggregate Bond - Gross Size -2.36 -1.33 -0.38 3.74 5.25 4.41 Seix Advisors - Core Fixed Income - Gross Size -2.45 -2.29 -0.70 3.95 6.18 5.14 Wedge Capital Management - Core Fixed Income - Gross Size -2.17 -1.13 0.79 4.19 6.34 5.23 Barclays Aggregate Bond -2.32 -2.24 -0.69 3.51 5.19 4.52 Barclays Gov/Credit Bond -2.51 -2.31 -0.62 3.88 5.29 4.43 Barclays High Yield US Corporate Bond -1.44 4.75 9.49 10.74 10.94 8.91 Buckhead Capital Management - Intermediate Fixed - Gross Size -1.80 -1.15 0.58 3.13 4.89 Denver Investment Advisors - Intermediate Fixed - Gross Size -1.80 -1.04 0.93 3.92 5.25 4.75 Eagle Asset Management - Institutional Conservative - Gross Size -1.90 -1.40 0.17 3.32 5.17 4.48 Garcia Hamilton & Associates - Intermediate Fixed Income - Gross Size -2.01 -0.28 3.22 4.90 6.63 5.39 Missouri Valley Partners - Intermediate Government/Credit Fixed Income - Gross Size -1.90 -1.41 0.02 3.27 5.24 4.60 RBC Global Asset Management, Inc. - Intermediate Core - Gross Size -1.75 -0.92 0.80 3.62 4.64 3.71 Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size -1.60 -0.90 0.79 3.30 5.01 4.32 Seix Advisors - Intermediate Fixed Income - Gross Size -1.75 -1.20 0.14 3.01 5.43 4.69 Sit Investment Associates, Inc. - Intermediate Govt/Corp - Gross Size -1.52 -0.36 1.54 4.76 6.72 5.26 Barclays Intermediate Aggregate -1.78 -1.46 -0.12 3.03 4.76 4.30 Barclays Gov/Credit-Intermediate -1.70 -1.11 0.28 3.14 4.57 4.03 Brandywine Global - International Fixed Invst. Grade - Gross Size -2.27 -0.04 4.96 7.98 6.47 6.96 Federated Investors - Non-US Fixed Income Unhedged - Gross Size -2.97 -9.69 -5.79 2.58 2.93 4.59 PIMCO - Non US Fixed Income Unhedged - Gross Size -4.82 -10.17 -3.73 5.64 5.90 6.56 Wells Capital Mgmt. - Global Fixed Income Ex-US - Gross Size -4.14 -6.47 -1.83 4.51 5.41 6.21 Citigroup World Government Ex-US -3.44 -9.33 -5.72 2.57 2.56 4.78 International Bonds(FYE)-4.37 -3.83 1.08 n/a n/a n/a ICC Fixed Income(FYE)-2.98 -3.12 -0.88 3.82 4.92 4.29 American Realty(FYE)3.10 7.73 10.21 n/a n/a n/a Page 22 INTERMEDIATE FIXED INCOME INTERNATIONAL FIXED INCOME Performance of Other Managers June 30, 2013 CORE FIXED INCOME PORTFOLIOS MV RETURN WEIGHT QUARTER RETURN 31-Jul-13 S&P500 $16,324,769.56 5.0705%1.3354% ICC FIXED $15,822,104.03 0.3041%0.0776% INTL. EQUITY $4,389,070.50 7.6961%0.5449% INTL. BONDS $1,491,936.74 0.3480%0.0084% ICC LG. GROWTH $7,136,374.65 5.3771%0.6191% S&P400 $6,933,154.39 6.1993%0.6934% S&P600 $7,040,775.50 6.8181%0.7744% CASH $1,541,496.24 0.0005%0.0000% AMERICAN REALTY $1,306,242.00 0.0000%0.0000% TOTAL $61,985,923.61 4.0532% 31-Aug-13 S&P500 $15,854,194.84 -2.8826%-0.7373% ICC FIXED $15,593,344.57 -0.6575%-0.1654% INTL. EQUITY $4,702,720.77 7.1462%0.5422% INTL. BONDS $1,497,110.92 0.3468%0.0084% ICC LG. GROWTH $7,357,223.90 -2.2363%-0.2654% S&P400 $6,673,295.19 -3.7481%-0.4035% S&P600 $6,869,975.91 -2.4259%-0.2689% CASH $1,279,561.20 0.0006%0.0000% AMERICAN REALTY $1,306,242.00 0.0000%0.0000% TOTAL $61,133,669.30 -1.2899% 30-Sep-13 S&P500 $16,350,221.09 3.1287%0.8253%5.2343% ICC FIXED $15,460,112.96 0.8700%0.2170%0.5115% INTL. EQUITY $5,016,371.04 6.6695%0.5397%23.0884% INTL. BONDS $1,502,285.09 0.3456%0.0084%1.0440% ICC LG. GROWTH $7,330,516.50 4.8800%0.5771%8.0480% S&P400 $7,020,913.37 5.2091%0.5900%7.5435% S&P600 $7,297,347.89 6.2209%0.7324%10.7106% CASH $1,923,332.92 0.0000%0.0000%0.0011% AMERICAN REALTY $1,333,670.00 3.1305%0.0674%3.1305% TOTAL $63,234,770.86 3.5572%6.3647% APPROX. QTR. RETURN 6.3647% APPROX. FISCAL RETURN 15.7354%GROSS From:Baur, J Scott To:jayspencer@bellsouth.net ; Marc Glass ; bradsticker@yahoo.com; bull2@comcast.net ; Greg Mull Cc:Denise McNeill ; Audrey Ross ; Bonnie Lindberg ; Bonni S. Jensen<Bonni Jensen Subject:Re: Palm Beach Gardens Police Pension Fund (Fw: Salem Trust update) Date:Saturday, October 12, 2013 6:15:22 AM Attachments:Logo%20Email[3].jpg Logo%20Email[3].jpg Logo%20Email[3].jpg STC_new-system_update_13_1.pdf Trustees: Attached you will find the current update provided by Salem Trust for the September monthly statements, along with the annual consolidated statements thereafter. Salem Trust released the August monthly statements on October 6. With the September monthly statement not available until the fourth week of October and delivery of the annual statements not promised until November, the delays will almost certainly affect the cycle of audits and year end reporting for your plan. From the updates that I previously forwarded to you, you will recall that our auditors rely most heavily on the annual custodial statements for their own review of the interim plan financials that we maintain on your behalf. Please let me know if you have any questions as we continue through this process. You should also feel free to contact Audrey Ross, Denise McNeill, or I with any questions that you have related to our office or operations. We want to continue to assure you that we will do our best to manage the additional activity internally that will likely result from the reporting delays. Thank you. Scott Baur J. Scott Baur, CEO Resource Centers, LLC Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 | Office 561.624.3277 | Fax 561.624.3278 | Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 | Office 239.573.4750 | Fax 239.573.4752 Email: mailto:Scott@ResourceCenters..com | Please visit our website: www.ResourceCenters.com Logo Email From: Baur, J Scott Sent: Tuesday, October 8, 2013 7:25 AM To: jayspencer@bellsouth.net ; mglass@pbgfl.com ; bradsticker@yahoo.com ; bull2@comcast.net ; gmull@pbgfl.com Cc: Denise McNeill ; Audrey Ross ; Bonnie Lindberg ; Bonni S. Jensen<Bonni Jensen Subject: Re: Palm Beach Gardens Police Pension Fund (Fw: Salem Trust update) Trustees: Attached you will find the current updates provided by Salem Trust regarding the status and timing of the custody statements for August and September. Salem Trust released the August statements online as of October 6, per the most recently revised target dates in the attached correspondence. Please let me know if you have any questions as we continue through this process. Thank you. Scott Baur J. Scott Baur, CEO Resource Centers, LLC Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 | Office 561.624.3277 | Fax 561.624.3278 | Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 | Office 239.573.4750 | Fax 239.573.4752 Email: mailto:Scott@ResourceCenters..com | Please visit our website: www.ResourceCenters.com Logo Email From: Baur, J Scott Sent: Sunday, September 29, 2013 6:10 PM To: jayspencer@bellsouth.net ; mglass@pbgfl.com ; bradsticker@yahoo.com ; bull2@comcast.net ; gmull@pbgfl.com Cc: Denise McNeill ; Audrey Ross ; Bonnie Lindberg ; Bonni S. Jensen<Bonni Jensen Subject: Palm Beach Gardens Police Pension Fund (Fw: Salem Trust update) Trustees: As you know, Salem Trust began a conversion of their Trust Custody platform earlier this year. Due to technical issues related to the conversion process, Salem has not issued statements since the scheduled conversion in a timely manner. As you will see from the attached correspondence, Salem expects to release custodial statements for July this week. Furthermore, Salem will not issue a single annual statement for each account at year end; rather, Salem will issue partial statements for the year, one from the trust custody platform up to the conversion and another for the period following the conversion. We currently expect to receive the annual custodial statements later in October. The auditors rely most heavily on the annual custodial statements for their own review of the interim plan financials that we maintain on your behalf. Due to these delays in reporting, we expect possible delays to occur with both the normal audit schedule and the annual actuarial valuation. We cannot begin to set specific expectations for these delays, however, because we do not yet have the necessary reports from Salem. As you will note from the attached schedule, Salem expected to have online statements available for July no later than September 27. As of this time, we do not yet have statements available from Salem still for the month of July. We will need time to receive and review all the delayed statements from Salem, along with the current statements due following the September 30 fiscal year end, before we can begin to communicate any further expectations or delays related to the year end reporting processes, audits, or valuations. In the meantime, please feel free to contact Audrey Ross, Denise McNeill, or I with any questions that you have related to our office or operations. We want to assure you in advance that we will do our best to manage the additional activity internally that results from the delays in reporting. Thank you once again. Scott Baur Denise McNeill Audrey Ross Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 | Office 561.624.3277 | Fax 561.624.3278 | Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 | Office 239.573.4750 | Fax 239.573.4752 Email: mailto:Scott@ResourceCenters..com | Please visit our website: www.ResourceCenters.com Logo Email From: SalemTrustCompany Sent: Thursday, September 19, 2013 4:36 PM To: SalemTrustCompany Cc: Anita Mazorra ; Ashley Pelletier ; Brad Rinsem ; Brian Bizzell ; Cindy Farrow ; Deborah Kocsis ; Karen Russo ; Leslie Darr ; Leta Chaney ; Lynn Skinner ; Mark Rhein ; Wanda Gordon Subject: Salem Trust update Please read the attached important communication from the President & CEO of Salem Trust Company For internal and/or client reporting purposes only Palm Beach Gardens Police Rhumbline SP Smal... ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 7,297,348.06Benchmark: S&P 500 TR -100 -50 0 50 100 Composition %PortfolioBmark Cash0.000.00 US Stocks99.9598.57 Non-US Stocks0.091.43 Bonds0.000.00 Other-0.040.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small 15 243435 Fixed-Income Investment Style % LtdModExt High Quality Medium Low Sector Weightings % of StocksPortfolioBmark hCyclical42.4031.70 rBasic Materials6.103.50 tConsumer Cyclical16.1011.10 yFinancial Services13.0015.20 uReal Estate7.201.90 jSensitive40.2041.60 iCommun Svs0.403.70 oEnergy3.8010.50 pIndustrials17.5010.80 aTechnology18.5016.70 kDefensive17.5026.70 sConsumer Def4.8010.70 dHealthcare9.2012.90 fUtilities3.503.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark Americas100.0098.60 North America99.9098.60 Latin America0.100.00 Greater Europe0.001.40 United Kingdom0.000.40 Europe dev0.001.10 Europe emrg0.000.00 Africa/Middle East0.000.00 Greater Asia0.000.00 Japan0.000.00 Australasia0.000.00 Asia dev0.000.00 Asia emrg0.000.00 Not Available0.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 10.7831.5420.6912.3311.01 5.5312.204.422.313.44 TypeHolding Value $% AssetsTop 1 holdings out of 1 iShares Core S&P Small-Cap ETF ETF100.007297348.06 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 09-08/11-08 04-09/03-10 03-08/02-09 64.60 -42.26 03-09/02-12 03-06/02-09 28.18 -33.80 30.97 -17.24 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 4 76 12 86 8 82 4.0 Ù(100%)* 4.0 Ù(100%)* 0.0 Ù(0%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 8000.0 6800.0 5600.0 4400.0 3200.0 2000.0 Total Market Value: $7,297,348 $ 000 Analysis Performance For internal and/or client reporting purposes only Palm Beach Gardens Police Rhumbline SP 500 ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 16,350,220.93Benchmark: S&P 500 TR Composition %PortfolioBmark Cash0.030.00 US Stocks98.2798.57 Non-US Stocks1.431.43 Bonds0.000.00 Other0.270.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small 302830 543 Fixed-Income Investment Style % LtdModExt High Quality Medium Low Sector Weightings % of StocksPortfolioBmark hCyclical31.7031.70 rBasic Materials3.503.50 tConsumer Cyclical11.1011.10 yFinancial Services15.2015.20 uReal Estate1.901.90 jSensitive41.7041.60 iCommun Svs3.703.70 oEnergy10.5010.50 pIndustrials10.8010.80 aTechnology16.7016.70 kDefensive26.7026.70 sConsumer Def10.7010.70 dHealthcare12.9012.90 fUtilities3.103.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark Americas98.6098.60 North America98.6098.60 Latin America0.000.00 Greater Europe1.401.40 United Kingdom0.300.40 Europe dev1.101.10 Europe emrg0.000.00 Africa/Middle East0.000.00 Greater Asia0.000.00 Japan0.000.00 Australasia0.000.00 Asia dev0.000.00 Asia emrg0.000.00 Not Available0.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 5.5019.4616.199.827.51 0.250.12-0.08-0.20-0.06 TypeHolding Value $% AssetsTop 1 holdings out of 1 iShares Core S&P 500 ETF ETF100.0016350220.93 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 09-08/11-08 03-09/02-10 03-08/02-09 53.00 -43.21 03-09/02-12 03-06/02-09 26.10 -29.67 25.33 -15.04 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 17 50 30 54 42 50 4.0 Ù(100%)* 4.0 Ù(100%)* 0.0 Ù(0%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 18000.0 15400.0 12800.0 10200.0 7600.0 5000.0 Total Market Value: $16,350,221 $ 000 Analysis Performance For internal and/or client reporting purposes only Palm Beach Gardens Police Rhumbline SP Mid... ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 7,020,913.98Benchmark: S&P 500 TR Composition %PortfolioBmark Cash0.010.00 US Stocks99.6798.57 Non-US Stocks0.181.43 Bonds0.000.00 Other0.140.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small 202530 1284 Fixed-Income Investment Style % LtdModExt High Quality Medium Low Sector Weightings % of StocksPortfolioBmark hCyclical42.5031.70 rBasic Materials4.903.50 tConsumer Cyclical15.7011.10 yFinancial Services12.9015.20 uReal Estate9.001.90 jSensitive39.7041.60 iCommun Svs1.103.70 oEnergy6.0010.50 pIndustrials18.5010.80 aTechnology14.1016.70 kDefensive17.7026.70 sConsumer Def4.5010.70 dHealthcare8.7012.90 fUtilities4.503.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark Americas99.8098.60 North America99.8098.60 Latin America0.000.00 Greater Europe0.201.40 United Kingdom0.000.40 Europe dev0.201.10 Europe emrg0.000.00 Africa/Middle East0.000.00 Greater Asia0.000.00 Japan0.000.00 Australasia0.000.00 Asia dev0.000.00 Asia emrg0.000.00 Not Available0.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 7.8727.8717.3313.0110.74 2.628.531.062.993.17 TypeHolding Value $% AssetsTop 1 holdings out of 1 iShares Core S&P Mid-Cap ETF ETF100.007020913.98 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 09-08/11-08 03-09/02-10 03-08/02-09 66.02 -41.78 03-09/02-12 03-06/02-09 28.19 -36.51 31.09 -15.38 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 11 74 9 77 10 73 4.0 Ù(100%)* 4.0 Ù(100%)* 0.0 Ù(0%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 7000.0 6000.0 5000.0 4000.0 3000.0 2000.0 Total Market Value: $7,020,914 $ 000 Analysis Performance DEERFIELD BEACH TAMPA 455 FAIRWAY DRIVE, SUITE 103 DEERFIELD BEACH, FL 33441 TEL (877) 382-5268 FAX (954) 725-4493 www.salemtrust.com SALEM TRUST COMPANY IS A SUBSIDIARY OF U.S. FIDUCIARY SERVICES, INC., AN EMPLOYEE-OWNED COMPANY. October 11, 2013 We are still confident that month-end statements from September 30, 2013 will be soon finalized. During our pre-production review and audit, we did uncover and are now resolving one final issue, and remain close to our standard delivery times, though we are behind our earlier estimate. As a result, we will require an extra few days before posting statements online. They are planned to be ready next week, with printed statements to follow for those who receive paper statements. Our statement production is back on track after the delays during the second quarter. The few remaining issues that arose were not of the type that will significantly postpone statement releases. Our highly specialized staff and team of operational experts continue their diligent work to assure a high standard for client reporting, which is our first and foremost duty to you. Yet we also remain focused on the importance of releasing statements to you as quickly as possible. September, 2013 Month-end Statement Target Dates Estimated Dates Process/Event October 7-15 Final statement review before release October 15-16 Generate statements October 18 Release statements on Salem Trust Online October 19 Send statements to printer October 21-25 Send printed statements to USPS Once September month-end statements are released, we will finalize our review of quarter-end and fiscal year-end statements for September, 2013. We estimate that the quarterly and annual statements will be ready in 10 business days following the final monthly statements. I will continue to keep in touch with you with any updates to these timelines. Regards, Bradley K. Rinsem, President & Chief Executive Officer For internal and/or client reporting purposes only Palm Beach Gardens Police Vanguard Intl. ýData Updated Through: 09-30-2013 Portfolio Fact Sheet: Client SummaryPage 1 of 1 Portfolio Value $ 5,016,371.19Benchmark: S&P 500 TR Composition %PortfolioBmark Cash3.540.00 US Stocks18.3498.57 Non-US Stocks76.311.43 Bonds0.000.00 Other1.800.00 Current Investment Style Style ValueCoreGrowth Large Size Medium Small 222732 655 1 Fixed-Income Investment Style % LtdModExt High Quality Medium Low Sector Weightings % of StocksPortfolioBmark hCyclical41.6731.70 rBasic Materials5.783.50 tConsumer Cyclical15.2411.10 yFinancial Services19.4315.20 uReal Estate1.221.90 jSensitive39.4141.60 iCommun Svs4.683.70 oEnergy6.5910.50 pIndustrials14.3910.80 aTechnology13.7516.70 kDefensive18.8726.70 sConsumer Def10.1310.70 dHealthcare8.1412.90 fUtilities0.593.10 %0 5 10 15 20 25 30 35 40 45 50 Regional Exposure % of StocksPortfolioBmark Americas23.4898.60 North America20.8798.60 Latin America2.600.00 Greater Europe46.601.40 United Kingdom13.840.40 Europe dev29.441.10 Europe emrg1.940.00 Africa/Middle East1.380.00 Greater Asia29.920.00 Japan13.190.00 Australasia1.460.00 Asia dev8.430.00 Asia emrg6.840.00 Not Available-0.000.00 Trailing Returns Returns Through 09-30-2013 Pre-Tax Portfolio Return +/- Benchmark Return 3 Mo1 Yr3 Yr5 Yr10 Yr 10.7622.979.577.828.96 5.513.63-6.70-2.201.39 TypeHolding Value $% AssetsTop 3 holdings out of 3 Vanguard Global Equity Inv MF40.652039097.02 Vanguard International Growth Adm MF31.381574327.30 Vanguard International Value Inv MF27.971402946.87 Holdings Best/Worst Time Periods 3 Months1 Year3 YearsReturn%Return%Return% Best Worst 03-09/05-09 09-08/11-08 03-09/02-10 03-08/02-09 62.01 -51.21 11-04/10-07 03-06/02-09 37.51 -37.28 24.78 -15.72 Risk/Returns Against MF UniverseAverage Star Rating 3 Yr5 Yr10 Yr Return Risk Portfolio Mgd Products Stocks 50 84 52 84 24 81 3.0 Ù(100%)* 3.0 Ù(100%)* 0.0 Ù(0%)* (18775 funds)(18257 funds)(13509 funds) (1=Best, 100=Worst)*percent of portfolio used in average ©2013 Morningstar Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus or equivalent, and disclosure statement. Please read the prospectus carefully. ß® Investment Activity Graph 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 5500.0 4780.0 4060.0 3340.0 2620.0 1900.0 Total Market Value: $5,016,371 $ 000 Analysis Performance