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Home My WebLink AboutAgenda Fire Pension 042108THE PENSION RESOURCE CENTER, INC. 4360 Northlake Boulevard, Suite 206 • :• Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624.3278 •:• WWW.RESOURCECENTERS.COM PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of Monday, April 21, 2008 Location: Council Chambers, Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 10 :00 A.M. /. TeTA . 8 1. Call Meeting to Order 2. Minutes of Meeting Held February 11, 2008 and March 5, 2008 3. Actuarial Valuation: Brad Armstrong 4. Investment Monitor Report: Bogdahn Consulting • Quarterly Report Preliminary Update • Revised Investment Policy Statement 5. Presentations by Fixed Income Managers • Agincourt Capital Management (11:15 A.M.) Davis Hamilton Jackson & Associates (11:45 A.M.) 6. Attorney Report: Bob Sugarman • Status of Disability Application of Toby Bivins • Resolution Regarding Use of Social Security Numbers • Request by Robert J. Boniewski of a Total Lump Sum Payout 7. Administrative Report: Margie Adcock 8. Disbursements 9. Other Business 10.Schedule Next Meeting: Monday, June 16, 2008 at 10:00 A.M 11.Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure 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 Pension Resource Center, Inc. no later than four days prior to the meeting. PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF MEETING HELD February 11, 2008 A meeting of the Board of Trustees was called to order at 10:00 A.M. at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES OTHERS Tom Murphy Rick Rhodes Richard Hitchins Steve Rogers MINUTES Margie Adcock, Administrator Ken Harrison, Attorney Dave West, Investment Monitor (10:20 A.M.) Steve Gordon, Auditor The Board reviewed the minutes of the meeting held November 26, 2007. A motion was made, seconded and carried 4 -0 to accept the minutes of the meeting held November 26, 2008. ANNUAL AUDIT Steve Gordon appeared before the Board to present the audit for the period ending September 30, 2007. He advised that he was issuing a clean unqualified opinion. He reviewed the Statement of Plan Net Assets. The total assets of the Fund as of September 30, 2007 were $22,791,087 almost all of which were in investments. There were no liabilities. Total net assets of the Fund as of September 30, 2007 were $22,791,087 versus $17,322,340 as of September 30, 2006. Mr. Gordon reviewed the Statement of Changes in Plan Net Assets. He reported that there was a total net investment income of $1,983,318. The total contributions to the Fund were $3,725,765. The increase in plan net assets was $5,468,747. Mr. Gordon then discussed the schedule of funding progress that he is required to include in the Audit but that is provided for in the Actuarial Valuation. He reviewed the notes to the financial statements. Mr. Gordon stated that there was no unusual matter to discuss or disclose regarding the audit of the Fund for the period ending September 30, 2007. A motion was made, seconded and carried 4 -0 to accept the Audit for the period ending September 30, 2007. Steve Gordon departed the meeting. ATTORNEY REPORT Mr. Harrison provided a letter agreement for the increase of the fee for legal services that was approved at the last meeting for an hourly rate of $285 for three years. Mr. Harrison noted that the Board had asked him to explore the possibility of a retainer of $2,500 a month with Mr. Sugarman. Mr. Harrison reported that Mr. Sugarman did not accept that proposal. The Board executed the letter agreement for the increase of the fee for legal services that was approved at the last meeting. 2 Mr. Harrison discussed a new law that was passed regarding the use of social security numbers. He stated that the Fund does have a reason and requirement to collect social security numbers. He stated that the Fund needed to establish a policy statement regarding the use of social security numbers. Mr. Harrison provided a draft policy statement for the Board to consider and sample letters that need to be filed with the State. Mr. Harrison reviewed the draft policy statement. He advised that if the Board adopted the policy statement, he would prepare a Resolution for the next meeting. He recommended the Board adopt the policy statement. A motion was made, seconded and carried 4 -0 to accept the recommendation of the Attorney and adopt the policy statement. Dave West entered the meeting. Mr. Harrison discussed the Sudan Accountability Act, which is a federal law that was recently passed. He stated that Florida had passed a similar act that required the State, not municipalities, to divest security holdings in Iran and Sudan. He stated that the Federal Government passed the Sudan Accountability Act, which gives the ability to the State to require divestiture of security holdings in Sudan, and provides protection against a claim of breach of any fiduciary duty if a board has to divest. He stated that he had a sample letter if the Board decided it wanted to divest of any holdings in Sudan. He stated that the Board is not required to divest, but can if it wants to. If the Board decides to divest, there is this additional protection but there are requirements that need to be followed. Mr. Harrison discussed the process regarding an IRS Determination Letter. He stated that as the Board makes changes to the Plan, it is sometimes recommended that the Board get an updated IRS Determination Letter. The IRS has looked at the various DROP plans and has come out with a cycle for boards that want to apply for a Determination Letter. There is a grace period from February 1, 2008 to January 31, 2009. Mr. Harrison recommended that the Board apply for a Determination Letter. He stated that it has probably been a long time since the Board has received a Determination Letter and one was most likely not asked for after the Board instituted the DROP. He stated that their fee to get an updated IRS Determination Letter for the Fund was $9,500, which includes the $1,000 registration fee. He recommended the Board go forward and update the Determination Letter. He stated that it puts the Plan in a strong status as a qualified plan. A motion was made, seconded and carried 4 -0 to accept the recommendation of the Attorney and go forward and update the Fund's IRS Determination Letter. Mr. Rogers inquired if the 175 premium tax monies would go away with the tax rollbacks. Mr. Harrison stated that there is always a possibility that the 175 premium tax monies could go away as the Legislature can make changes. However, he did not think that it would be affected by his latest reading of the recent tax legislation. He stated that he did not think the tax rollback would have a big effect on the 175 monies, although it is always possible. INVESTMENT MONITOR REPORT Dave West appeared before the Board. He discussed the investment performance for the quarter ending December 31, 2007. The Fund was down 1.15% for the quarter while the benchmark was down 1.08 %. The total market value of the Fund as of December 31, 2007 was $22,624,000. The asset allocation at market was 50% in equities; 38% in fixed income; 5% in REIT; 7% in international; and 0% in cash. E' The total market value of the fixed income portfolio managed by Dana was $5,399,000. The portfolio managed by Dana was up 2.4% for the quarter while the benchmark was up 2.89 %. The total market value of the fixed income portfolio managed by Galliard was $3,251,000. The portfolio managed by Galliard was up 2.52% for the quarter while the benchmark was up 3.0 %. Mr. West noted that the Board has had a lot of discussion about this portfolio. He stated that Dana wants to avoid risk and want to be conservative. That strategy is just not panning out. His recommendation was to move the bond portfolio away from Dana and move to Galliard. He noted that Dana has been problematic for a while now. He stated that Galliard had a tough quarter but has had much more consistent performance. Galliard is potentially less risky because they will not take any more than a 2.5% exposure in any security. The Board stated that they would like to see the factors and background of Galliard compared to Dana before making a decision as well as see other possible managers. There was a lengthy discussion. Mr. West stated that he would bring options to the next quarterly meeting for the Board to analyze. The Board decided that there was not enough information to make a change today. However, since Mr. West came to make a recommendation today they did not want to wait until the next quarterly meeting. The Board scheduled a special meeting to consider an updated list of bond managers for Wednesday, March 5 at 10:00 a.m. The total market value of the equity portfolio was $12,782,000. Equities for the quarter were down 3.61% while the benchmark was down 3.08 %. The equity portfolio managed by Dana was down 3.21% for the quarter while the benchmark was down 3.34 %. The total market value of the equity portfolio managed by Dana was $11,141,000. Mr. West stated that Dana was in a headwind right now. The market environment has made it difficult for managers with an equal weight process. He stated that he is fine with Dana and they ended up even for the quarter. There was discussion regarding the Investment Policy Statement (IPS). It was noted that the Monitor Report as of December 31, 2007 does not match the IPS executed at the last meeting. It was noted that the Report has the total Fund performance measured using 85% of the Russell 3000 while the IPS uses the S &P 500. Mr. West stated that the IPS needs to be changed and it should be the Russell 3000 across the board. He recommended for consistency that Section III (B) on page 2 should be 85% Russell 3000 and 15% EAFE. Mr. West stated that he would provide new information for the December 2007 Report for the total equity. A motion was made, seconded and carried 4- 0 to change the Investment Policy Statement Section III (B) to 85% Russell 3000 and 15% EAFE. The international equities managed by Voyageur Asset Management were down 6.36% for the quarter while the benchmark was down 1.71%. The total market value of the international equity portfolio was $1,641,000. Mr. West stated that he went to Boston and met with the lead portfolio manager on this product. He stated that he was perfectly comfortable with this manager and there has been no change in their process. The REIT portfolio was up 2.78% for the quarter while the benchmark was up 3.21 %. The total market value of the REIT portfolio was $1,114,000. Mr. West stated that he met with their key people at the FPPTA School in January. His concerns are how they current credit environment effects their ability to borrow money to continue to operate. He stated that they are unaffected by this because of the very low leverage rate. He stated that they 4 should not be reflected on total performance of the IPS because they are likely to change to core, which is a difference benchmark. If they use the NCREIF, that will only limit the fund. He stated that they should be tracked on a manager level and left out of the total performance and executive summary. There was discussion on Addendum B to the Statement of Investment Policy for Dana. Mr. Harrison stated that he reviewed the Addendum and it was fine for the Board to execute it. Mr. West noted that if there is a new bond manager, that will change. Mr. Harrison discussed the requirement of reporting changes in the IPS to the State and noted that such changes take effect 31 days after such filing. There was discussion on Schedule A to the IPS. It was noted that perhaps they could list the asset classes rather than the investment managers. Mr. West recalled that Mr. Sugarman wanted the investment managers to be listed. Mr. Harrison stated that he would talk to Mr. Sugarman regarding that and report back to the Board at the special meeting. ADMINISTRATIVE REPORT Ms. Adcock presented the list of disbursements to be made. A motion was made, seconded and carried 4 -0 to approve the disbursements listed. Ms. Adcock provided an update on the progress of the online benefit calculator. OTHER BUSINESS There being no further business, the meeting adjourned. Respectfully submitted, Tom Murphy, Secretary PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF MEETING HELD March 5, 2008 A meeting of the Board of Trustees was called to order at 10:00 A.M. at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES Tom Murphy Rick Rhodes Richard Hitchins Steve Rogers Ed Morejon INVESTMENT MONITOR REPORT OTHERS Margie Adcock, Administrator Dave West, Investment Monitor Dave West appeared before the Board to present a fixed income manager search. He noted that at the last meeting there were discussions on the performance of the Dana fixed income portfolio. He looked at potential replacements for Dana's bond portfolio. Mr. West discussed their manager search process. He stated that the process provided four possible candidates: Agincourt Capital Management; Davis Hamilton Jackson & Associates; Galliard Capital Management; and Integrity Fixed Income Management. Mr. West reviewed each candidate. He stated that Agincourt uses a team approach. He noted that Gilbert Garcia is the portfolio manager at DHJ. DHJ had a reconstruction of the lead manager about five years ago and returns have increased since then. Integrity was founded in 2005 but the manager on the portfolio brings a track record from his previous firms of STI /Trusco. Since he has been on his own, his returns have been in the top quartile. Mr. West reviewed the trailing returns since December 1997 to December 2007 of the four candidates, as well as for the Dana fixed income portfolio. He noted that Dana's strategy has changed and the benchmark has changed over the years. As such, he used actual experience in terms of the manager search. He stated that he believes hiring Dana seven years ago was still the best decision to be made at that time. It gave the Fund a balanced portfolio with not much cost. However, there is a new asset threshold now. Mr. West reviewed the rolling three -year risk statistics for excess return and batting average for the nine -year period ending December 2007. He reviewed each manager individually on excess versus a cumulative excess basis for the nine -year period ending December 2007. There was discussion on the benchmark to be used. Mr. West stated that he recommended the Lehman Brothers Intermediate Aggregate Bond Index. It was noted, however, that the benchmark used in the search was the Lehman Brothers Aggregate Bond Index. Mr. West stated that he wanted to go out in the grand universe and see each manager's general expertise. The broader benchmark included 30 -year bonds and long maturities. He does not want to leave anyone out of the search. He noted that he did not do any comparisons to the Intermediate Aggregate Bond Index. The Board stated that they would like to see what managers did with respect to the Intermediate Aggregate Bond 2 Index. Mr. West stated that typically the way they do a bond manager search is this way. They find out what the general expertise is and then find out if they will accept assignments different tot that. It is the only way to compare everyone apples to apples. Mr. West reviewed the rolling three -year risk statistics of the up market and down market capture rations for the nine -year period ending December 2007. He stated that Galliard's objective is to get incremental return on a security level but will not take more than a 2% position on any security. This approach to risk management has returned stellar performance. They spend an enormous amount of time in analyzing security structure. They make no interest bets. Their focus is on securities and diversification of those securities. Agincourt will make very subtle interest rate shifts in the portfolio. They place a lot of emphasis on corporate bonds and place significant sector bets. Integrity has their most focus on the corporate bond area. DHJ will minimize the interest rate forecast. They make some pretty big bets on maturity distribution. They focus on mortgage and mortgage related securities. Mr. West stated any of the managers are a complement to Galliard because all strategies are different from Galliard. Agincourt and Integrity are probably the most similar but Integrity will try to step up and add value. The order of the lowest correlation to Galliard is: Integrity; DHG; Agincourt. Mr. West reviewed the rolling three -year risk statistic for alpha and information ratio. He reviewed the quartile historical ranking. There was a discussion on the benchmark for Galliard. Mr. West recommended moving all fixed income benchmarks to the Intermediate Aggregate. There was a discussion on the need to amend the contract with Galliard for a benchmark change. Mr. West reviewed the return versus risk analysis for the 3, 5, 7 and 10 year period ending December 31, 2007. Mr. West stated that Agincourt and DHJ stand out to him. There was a lengthy discussion on the managers. Mr. West stated that there was a benefit to diversification with two managers. He stated that he thought the Board should interview two managers. A motion was made, seconded and carried 5 -0 to invite Agincourt and Davis Hamilton Jackson & Associates to make a presentation. The Board asked Mr. West to have the two managers send their contracts to the Attorney prior to the meeting. Mr. West provided a revised Investment Policy Statement. He reviewed the changes. He reviewed the Addendum for Dana. He stated that he did not want to implement that yet until the actual change is made and fixed income is pulled from Dana It was just a draft for review. There was discussion on the target percentage on Schedule A. Mr. West stated that he would correct Schedule A and bring it to the next meeting. ADMINISTRATIVE REPORT Ms. Adcock provided the renewal for the Fiduciary Liability Insurance Policy. A motion was made, seconded and carried 5 -0 to renew the Fiduciary Liability Insurance Policy. Ms. Adcock provided an update on the progress of the online benefit calculator. She noted that they found some irregularities in the payroll that was provided with respect to the Police Pension Plan and needed to work out the issues with the City's payroll department. 3 OTHER BUSINESS Roy Olive appeared before the Board. He stated that he wanted to know if the Board would look at the feasibility of increasing the multiplier to 3.5% suing the 175 monies. Mr. Morejon stated that it was not the Board's job to increase the multiplier. It was the Board's job to administer the Plan. He stated that the Board would certainly take it into consideration but noted that there was not a whole lot the Board could do about it. Mr. Morejon suggested that Mr. Olive talk to the Union. Evan Bestland appeared before the Board. He inquired about the status of increasing the multiplier from 3% to 3.5 %. Mr. Morejon noted that the Board does not negotiate for benefits. Mr. Bestland stated that he thought the Board approved going to a 3.5% multiplier from the March 19, 2007 minutes. Mr. Morejon stated that at one point an actuarial study was done but the Board cannot make any changes unilaterally. Mr. Bestland stated that he was just looking for a status update. Mr. Morejon stated that the Board was not pursing it. There being no further business, the meeting adjourned. Respectfully submitted, Tom Murphy, Secretary rage i or I Margie Adcock From: Dave West [davew @bogdahnconsulting.com] Sent: Thursday, March 27, 2008 8:47 PM To: pohara @agincourtcapital.com; Patrick K. Kelly CFA (pkelly @agincourtcapital.com); jannawoods @dhja.com Cc: Margie Adcock; 'Ken Harrison' Subject: Palm Beach Gardens Fire: Interviews Please find the attached invitation as discussed. Please forward your engagement agreements to Ken Harrison, Pension Attorney at the address below. The Trustees intend to complete the selection and execute an approved agreement at the meeting. kenhai rison su armansusskind.com We look forward to your presentations. Regards, Dave David E. West, CFA BocaxNHN GROUP simplifying your investment & fiduciary decisions 340 Central Ave., Suite 300 Winter Haven, FL. 33880 Phone: 863-293-8289 Fax: 863 -292 -8717 E -mail: davew @bogdahnconsulting.com Please read this warning: All email sent to or from this address will be received or otherwise recorded by the Bogdahn Consulting, LLC. email system and is subject to archival, monitoring and /or review, by and /or disclosure to, someone other than the recipient. This message is intended only for the use of the person(s) ( "intended recipient') to whom it is addressed. It may contain information that is privileged and confidential. If you are not the intended recipient, please contact the sender as soon as possible and delete the message without reading it or making a copy. Any dissemination, distribution, copying, or other use of this message or any of its content by any person other than the intended recipient is strictly prohibited. 3/28/2008 THE r7**1 BOGDAHN GROUP MEMORANDUM FROM: Dave West, CFA RE: Invitation to Interview DATE: March 26, 2008 CLIENT: Palm Beach Gardens Fire Pension Plan The Board of Trustees for the Palm Beach Gardens Fire Pension Plan would like to interview your firm. We will be interviewing candidates for Investment Grade Fixed Income Management. The approximate allocation is $5 million. The board would require a representative from your firm to attend an annual meeting, while reserving additional visitation requirements to address issues of major concern. Interviews are set for Monday, April 21St 2008 at the following location: Council Chambers, Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 You have been allotted 20 minutes for your presentation and 10 minutes for a question and answer session. Bogdahn Consulting has provided the trustees with returns and risk /reward information, and would like you to focus your presentation on your firm, philosophy and management style. Please send 8 hard copies of your presentation book along with your response to the enclosed questionnaire, by 5:00 P.M. on Friday, April 11th, to: Margie Adcock, Fund Administrator Pension Resource Center 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 (561) 624 -3277 ext. 11 Please email a copy of your presentation materials to davew(d)bogdahnconsulting.com as well. If you have any questions or scheduling issues please let me know as soon as possible. The following presentation order has been set: Time Manager 11:15 a.m. Agincourt 11:45 a.m. DHJ 340 West Central Avenue • Suite 300 • Winter Haven, Florida 33880 Telephone (863 293 -8289 • Facsimile (863) 292 -8717 www.bogdahnconsulting.com I. FIRM BACKGROUND 1. Please provide the following contact information: Name: Title: Address: Email Address: Phone Number: Facsimile Number: Firm's Internet (www) Address: 2. Please give a brief history of the firm. Include the date the firm was founded, and how long the current portfolio management team has been together. Include any special expertise or experiences that would be relevant to the board. 3. State whether the firm is a subsidiary of, or related in any way to a brokerage firm, insurance company, bank or other entity. If applicable, please describe any material relationship (financially or otherwise) with any other entity. 4. Explain in detail any potential conflicts of interest that would be created by your firm's serving the Pension Fund. 5. Please state the percentage of the firm owned by the employees. List the owners of the firm (from largest to smallest with respect to ownership) and their ownership percentages. 6. Please provide an organizational chart of your firm. 7. List the key management people within the firm, along with the number of years with the Firm and the number of years of investment industry experience 8. State the number of investment managers employed by the firm. 9. How are the portfolio manager(s) and analyst team compensated? On what basis are bonuses determined? 10. Over the last twelve months, has there been any change in the management team? 340 West Central Avenue 0 Suite 300 0 Winter Haven, Florida 33880 Telephone (863 293 -8289 • Facsimile (863) 292 -8717 www.bogdahnconsulting.com 11. Are there changes in the ownership of the firm anticipated over the next twelve months? 12. During the last three years how many investment professional employees have left the firm? Please state the reason. 13. Please provide the number of institutional accounts lost in the past five years and the reason for the loss. Additionally, how many clients does the firm have as of the most recent quarter -end? 14. Provide the coverage amount of your Errors and Omission (E &0) insurance policy and the name of the insurance carrier. 15. Have there been any claims paid against the E &O policy in the last 18 months? If so, please state the amount paid and the nature of the claim. 16. Has your firm ever been cited by any regulatory agency that resulted in a fine, cease & desist order or other disciplinary action? If so, please explain. 17. List all office locations and the number of individuals working in each office. Specify which office would primarily serve the Pension Board. 18. Please provide by calendar year for the trailing five years the firm's total assets under management (AUM), the total number of accounts and the percentage of assets by strategy and client type (i.e., public, corporate, high net worth)? What is the firm's total AUM as of the most recent quarter -end? H. THE INVESTMENT PRODUCT / PROCESS Name of the Investment Product: 1. What index is the best performance benchmark for the strategy and why? 2. State whether the firm offers a commingled fund for any or all of your products. If yes, please indicate which products have a commingled fund and the fee associated with that product. 3. How would this product be delivered (i.e., separate account or commingled)? In addition, please provide the fee schedule. 340 West Central Avenue • Suite 300 • Winter Haven, Florida 33880 Telephone (863 293 -8289 • Facsimile (863) 292 -8717 www.bogdahnconsulting.com 4. Provide a brief statement describing the firm's approach to this engagement. 5. Indicate who will be managing the account and provide the number of years managing the strategy, the number of years with the firm, and the number of years of investment industry experience 6. State the number of accounts and asset size of the accounts run by the manager(s). 7. Please provide (in a spreadsheet) the GICS equity sector allocation for the product by quarter relative to the benchmark index for the trailing three -year period (for a fixed income portfolio use the format outlined below). Agency Treasury MBS ABS Credit AAA AA I A BBB Less than BBB Effective Duration 8. Please provide (in a spreadsheet) the market capitalization allocation of the equity portfolio by quarter for the trailing three -year period, using the following breakpoints: < $1 B, $1 B to $5 B, $5 B to $10 B, $10 B to $20 B, $20 B to $50 and > $50. Additionally, please provide the product's weighted- average market capitalization for each period. 9. Please describe the investment process for the product. Include specifics, such as how the initial universe of investable securities is defined, the screening process (fundamental, top down, quantitative), the buy and sell decision process, whether there is a targeted tracking error to the benchmark, number of holdings, and maximum sector and security positions, the use of leverage, etc. 10. How long has the investment style stated in the above questions been in place without deviation? 11. Describe the investment environments in which your approach can be expected to outperform its benchmark /style peers, and under - perform its benchmark /style peers. 12.Are model portfolios incorporated in the management of the strategy? 340 West Central Avenue • Suite 300 • Winter Haven, Florida 33880 Telephone (863 293 -8289 • Facsimile (863) 292 -8717 www.bogdahnconsulting.com 13. Describe the use of cash in the investment process. What range of cash is typical? Do you equitize the cash holding to enhance returns? Do you have a policy for staying fully invested? If so, what is your definition of fully invested? If you are not always fully invested, what factors lead you to hold cash? Is there a maximum amount of cash you are likely to hold? 14. Is there a policy regarding industry or sector diversification? What is the maximum concentration allowed in a single industry or sector? To what extent might you have large concentrations in specific industries? 15. Detail the account turnover and trading costs. Does the firm employ a specialized trading procedure? If so please explain. 16. To what extent are derivatives utilized. 17. What methods do you use to insure "best price and execution" in trading? 18. What criteria does your firm use to determine that there is sufficient liquidity for the firm's total position in a stock? 19. Please provide, by calendar year for the trailing five years, the assets under management and the number of accounts in the investment product. 20. State whether your firm participates in any brokerage wrap programs. State whether the firms proposed product is included. III. RESEARCH 1. How do you obtain your research (in -house or third party)? What percentage of research is generated internally? 2. Please describe how your firm obtains and pays for outside research reports. 3. Please name the three primary sources of data and /or analyses upon which your firm relies. IV. MISCELLANEOUS 1. Please state whether you are willing to acknowledge that you are a fiduciary of the fund as defined in the Employee Retirement Income 340 West Central Avenue • Suite 300 • Winter Haven, Florida 33880 Telephone (863 293 -8289 • Facsimile (863) 292 -8717 www.bogdahnconsulting.com Security Act of 1974 ( "ERISA ") and, for Florida Public Programs: Section 112.656, Florida Statutes. 2. Please state whether you agree that the agreement shall be construed under the laws of the State in which the prospective client resides and federal law where applicable. 3. Please state whether you agree to venue for any judicial proceeding to be in the county in which the Board sits. 340 West Central Avenue • Suite 300 • Winter Haven, Florida 33880 Telephone (863 293 -8289 • Facsimile (863) 292 -8717 www.bogdahnconsulting.com 0 MAGER GOLDSTEIN LLP �l F� City of Palm Beach Gardens Firefighters' Pension Fund Monitoring Report April 2008 MAGER & GOLDSTEIN LLP Attorneys at Law I. UPDATE ON NEW SECURITIES CLASS ACTIONS!! We have not identified any purchases during the putative class period from your plan in newly filed securities cases. II. SETTLED SECURITIES ACTIONS After reviewing the entire investment portfolio available to Mager & Goldstein, we have determined that the Fund has no interest in any recently settled securities class actions. Out of an abundance of caution we have included a comprehensive list of recent securities class action settlements because some class periods might predate the investment records provided to Mager & Goldstein. Please forward this list to your custodian bank. April 2008 CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Airgate PCS, Inc. 12/13/01 — 5/13/02 A.B. Data, Ltd. 5/15/08 $2.5 million 12/14/01 IPO Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com American Italian Pasta 1/23/02 - 8/9/05 A.B. Data, Ltd. 3/10/08 $25 million Company 8/10/05 - 8/17/05 Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com Andrx Corp 3 3/9/05 — 9/5/05 Strategic Claims Solutions 4/10/08 $ 8 Million 600 North Jackson St., Suite 3 P.O. Box 230 Media, PA 19063 www.strategicclaims.net Applica, Inc. 11/4/04 — 4/28/05 Gilardi & Co. LLC 2/15/08 $2 million P.O. Box 8040 San Rafael, CA 94912 -8040 www.gilardi.com AXT, Inc. 2/6/01— 4/27/04 Gilardi & Co. LLC 3/28/08 $2.575 million P.O. Box 990 Corte Madera, CA 94976 -0990 www.gilardi.com Brantley Capital Corp. 8/1/02 — 10/24/05 Epiq Class Actions & Claims 2/4/08 $3.750 million Solutions, Inc. PO Box 3719 Portland OR 97208 -3719 Caremark RX, Inc. 1/1/95 — 3/22/07 Gilardi & Co. LLC Pending $7.5 million P.O. Box 5100 Larkspur, CA 94977 www.gilardi.com Carrier Access Corporation 10/21/03 — 5/20/05 Gilardi & Co. LLC 2/18/08 $7.4 million P.O. Box 5100 Larkspur, CA 94977 -5100 www.gilardi.com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT CBOT Holdings, Inc. 10/17/06 — 7/12/07 Settlement Hearing 9/25/07 Chicago Bridge & Iron Co. 3/9/05 — 2/3/06 Complete Claims Solutions Inc. 6/26/08 $10.5 million NV Claims Administrator P.O. Box 24789 West Palm Beach, FL 33416 www.completeclaimsolutions.co m Concorde America, Concorde Global Risk Solutions, Inc. 4/6/08 $1,954,057 Inc. /Absolute Health Inc. 7/23/04 — 8/11/04 P.O. Box 310130 Miami, FL 33231 -0130 Absolute Health 6/8/04 — 12/13/04 Converium Holding AG 12/11/01 — 9/2/04 Strategic Claims Services Settlement $30 million 600 N Jackson Street — Suite 3 Hearing Media, PA 19063 2/8/08 Daou Systems 12/13/97 — 08/14/98 Gilardi & Co. LLC 5/7/08 $ 4 million P.O. Box 808003 Petaluma, CA 94975 -8003 Entropin, Inc. 7/99 — 9/99 IPO Strategic Claims Services 2/26/08 $4.5 million P.O. Box 230 Media, PA 19063 Enron Corporation 9/9/97 — 12/2/01 Gilardi & Co. LLC 3/30/08 $7,227,390,000 P.O. Box 808003 Petaluma, CA 94975 -8003 Enron 2 1/18/00 — 10/17/01 Gilardi & Co. LLC 4/30/08 $7,227,390,000 P.O. Box 808003 Petaluma, CA 94975 -8003 Flight Safety Technologies, 1/14/03 — 7/16/04 Strategic Claims Services 3/21/08 $1.2 million Inc. P.O. Box 230 Media, PA 190063 CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Globetel Communications 12/30/05 - 8/24/06 Gilardi & Co. LLC 5/5/08 $2.3 million Corp. P.O. Box 990 Corte Madera, CA 94976 -0990 www.gilardi.com HealthSouth 8/14/96 - 3/18/03 HealthSouth Securities Settlement 2/28/08 $100 million 201 S. Lyndale Avenue, Suite S-3 P.O. Box 1906 Fairbault, MN 55021 -7161 Host America Corp. 7/12/05 - 7/22/05 The Garden City Group, Inc. 2/20/08 $2.45 million P.O. Box 9160 Dublin, OH 43017 -4160 Hydroflo, Inc. 7/18/05 - 10/26/05 Strategic Claims Solutions 4/28/08 $ 425 600 North Jackson St., Suite 3 thousand P.O. Box 230 Media, PA 19063 www.strategicclaims.net iMergent, Inc. 11/20/01 - 10/24/05 The Garden City Group, Inc. Settlement $2.8 million P.O. Box 9177 Hearing Dublin, OH 43017 5/9/08 www.gardencitygroup.com Intermagnetics General 6/14/06 - 11/9/06 Gilardi & Co. LLC Pending Corporation www.gilardi.com KEG Key Energy Service 4/29/03 - 6/14/04 The Garden City Group, Inc. 4/4/08 $15,426,000 P.O. Box 9177 Dublin, OH 43017 www.gardencityQroul2.com Maytag Corporation Purchases on Berdon Claims Administration Settlement 3/31/06 P.O. Box 9014 Hearing Jericho, NY 11753 10/3/07 www.berdonllp.com /claims MARTEK Biosciences 12/9/04 - 4/27/05 A.B. Data, Ltd. 5/15/08 $6 million Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Navarre Corp. 1/21/04 - 9/19/05 Gilardi & Co. LLC 2/27/08 $4 million P.O. Box 8040 San Rafael, CA 94912 -8040 www.gilardi.com Newmont Mining Corp. 11/1/03 - 3/23/06 Gilardi & Co. LLC 2/7/08 $15 million P.O. Box 808003 Petaluma, CA 94975 -8003 www.gilardi.com Omnicom Group, Inc. 2/20/01 - 6/11/02 The Garden City Group, Inc. Pending P.O. Box 9177 Dublin, OH 43017 www.gardencitygroup.com Pan Pacific 5/15/06- 10/31/06 Gilardi & Co. LLC Pending $9.6 million P.O. Box 8040 San Rafael, CA 94912 -8040 www.gilardi.com PharmaNet Development 8/4/03 - 12/15/05 Group, Inc (Formerly SFBC International) Pharmos Corp. 2/10/00- 12/17/04 Gilardi & Co. LLC 2/11/08 $7 million P.O. Box 8040 San Rafael, CA 94912 www.gilardi.com Rent -A- Center, Inc. 4/25/01 - 10/08/01 Epiq Class Actions & Claims 3/7/08 $3.6 million Solutions, Inc. P.O. Box 5053 Portland, OR 97208 -50583 SFBC International Inc. 8/4/03 - 12/15/05 A.B. Data, Ltd. 4/2408 $28.5 million Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Sprint PCS /Sprint FON Exchanged Sprint Epiq Systems, Inc. 2/14/08 $57 million PCS stock for P.O. Box 3656 Sprint FON stock Portland, OR 97208 -3656 or sold Sprint PCS stock prior to 4/23/04 Sonus Networks, Inc. - 2 6/3/03 - 2/11/04 Gilardi & Co. LLC 4/30/08 $40 million P.O. Box 8040 San Rafael, CA 94912 www.gilardi.com CHEZ Suprema Specialties 8/15/01 - 12/21/01 A.B. Data, Ltd. 4/10/08 $19 million Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com Xybemaut Corp. 5/10/02 - 4/8/05 Analytics, Inc. 2/19/08 $6.3 million P.O. Box 2007 Chanhassen, MN 55317 -2007 St. Paul Travelers 1/27/00 - 10/22/04 The Garden City Group, Inc. 6/27/08 $67.5 million P.O. Box 9177 Dublin, OH 43017 www.gardenci tygroup.com Un Um Provident Corp 2 5/7/01 - 2/4/03 Gilardi & Co. LLC 6/6/08 $40 million P.O. Box 8040 San Rafael, CA 94912 www.gilardi.com Wells Fargo Mutual Fund 11/4/00 - 6/8/05 3/31/08 $12.8 million Vitesse Semiconductor 1/28/03 - 4/26/06 Berdon Claims Administration 4/21/08 $10.2 million P.O. Box 9014 Settlement Jericho, NY 11753 Hearing: www.berdonllp.com /claims 3/17/2008 M G MseGER GOLDSTEIN LLP City of Palm Beach Gardens Firefighters' Pension Fund Monitoring Report March 2008 MAGER & GOLDSTEIN LLP Attorneys at Law I. UPDATE ON NEW SECURITIES CLASS ACTIONS!! We have not identified any purchases during the putative class period from your plan in newly filed securities cases. II. SETTLED SECURITIES ACTIONS After reviewing the entire investment portfolio available to Mager & Goldstein, we have determined that the Fund has no interest in any recently settled securities class actions. Out of an abundance of caution we have included a comprehensive list of recent securities class action settlements because some class periods might predate the investment records provided to Mager & Goldstein. Please forward this list to your custodian bank. March 2008 CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Airgate PCS, Inc. 12/13/01 - 5/13/02 A.B. Data, Ltd. 5/15/08 $2.5 million 12/14/01 IPO Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com American Italian Pasta 1/23/02 - 8/9/05 A.B. Data, Ltd. 3/10/08 $25 million Company 8/10/05 - 8/17/05 Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com Andrx Corp 3 3/9/05 - 9/5/05 Strategic Claims Solutions 4/10/08 $ 8 Million 600 North Jackson St., Suite 3 P.O. Box 230 Media, PA 19063 www.strategicclaims.net Applica, Inc. 11/4/04 - 4/28/05 Gilardi & Co. LLC 2/15/08 $2 million P.O. Box 8040 San Rafael, CA 94912 -8040 www.gilardi.com AXT, Inc. 2/6/01 - 4/27/04 Gilardi & Co. LLC 3/28/08 $2.575 million P.O. Box 990 Corte Madera, CA 94976 -0990 www.gilardi.com Brantley Capital Corp. 8/1/02 - 10/24/05 Epiq Class Actions & Claims 2/4/08 $3.750 million Solutions, Inc. PO Box 3719 Portland OR 97208 -3719 Caremark RX, Inc. 1/1/95 - 3/22/07 Gilardi & Co. LLC Pending $7.5 million P.O. Box 5100 Larkspur, CA 94977 www.gilardi.com Carrier Access Corporation 10/21/03 - 5/20/05 Gilardi & Co. LLC 2/18/08 $7.4 million P.O. Box 5100 Larkspur, CA 94977 -5100 www.gilardi.com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT CBOT Holdings, Inc. 10/17/06 - 7/12/07 Settlement Hearing 9/25/07 Concorde America, Concorde Global Risk Solutions, Inc. 4/6/08 $1,954,057 Inc. /Absolute Health Inc. 7/23/04 - 8/11/04 P.O. Box 310130 Miami, FL 33231 -0130 Absolute Health 6/8/04 - 12/13/04 Converium Holding AG 12/11/01 - 9/2/04 Strategic Claims Services Settlement $30 million 600 N Jackson Street - Suite 3 Hearing Media, PA 19063 2/8/08 Daou Systems 12/13/97 - 08/14/98 Gilardi & Co. LLC 5/7/08 $ 4 million P.O. Box 808003 Petaluma, CA 94975 -8003 Entropin, Inc. 7/99 - 9/99 IPO Strategic Claims Services 2/26/08 $4.5 million P.O. Box 230 Media, PA 19063 Enron Corporation 9/9/97 - 12/2/01 Gilardi & Co. LLC 3/30/08 $7,227,390,000 P.O. Box 808003 Petaluma, CA 94975 -8003 Enron 2 1/18/00 - 10/17/01 Gilardi & Co. LLC 4/30/08 $7,227,390,000 P.O. Box 808003 Petaluma, CA 94975 -8003 Flight Safety Technologies, 1/14/03 - 7/16/04 Strategic Claims Services 3/21/08 $1.2 million Inc. P.O. Box 230 Media, PA 190063 Globetel Communications 12/30/05 - 8/24/06 Gilardi & Co. LLC 5/5/08 $2.3 million Corp. P.O. Box 990 Corte Madera, CA 94976 -0990 www.gilardi.com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT HealthSouth 8/14/96 - 3/18/03 HealthSouth Securities Settlement 2/28/08 $100 million 201 S. Lyndale Avenue, Suite S -3 P.O. Box 1906 Fairbault, MN 55021 -7161 Host America Corp. 7/12/05 - 7/22/05 The Garden City Group, Inc. 2/20/08 $2.45 million P.O. Box 9160 Dublin, OH 43017 -4160 Hydroflo, Inc. 7/18/05 - 10/26/05 Strategic Claims Solutions 4/28/08 $ 425 600 North Jackson St., Suite 3 thousand P.O. Box 230 Media, PA 19063 www.strategicclaims.net iMergent, Inc. 11/20/01 - 10/24/05 The Garden City Group, Inc. Settlement $2.8 million P.O. Box 9177 Hearing Dublin, OH 43017 5/9/08 www .gardencitygroup.com Intermagnetics General 6/14/06 - 11/9/06 Gilardi & Co. LLC Pending Corporation www.gilardi.com KEG Key Energy Service 4/29/03 - 6/14/04 The Garden City Group, Inc. 4/4/08 $15,426,000 P.O. Box 9177 Dublin, OH 43017 www.gardencitygroup.com Maytag Corporation Purchases on Berdon Claims Administration Settlement 3/31/06 P.O. Box 9014 Hearing Jericho, NY 11753 10/3/07 www.berdonllp.com /claims MARTEK Biosciences 12/9/04 - 4/27/05 A.B. Data, Ltd. 5/15/08 $6 million Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com Navarre Corp. 1/21/04 - 9/19/05 Gilardi & Co. LLC 2/27/08 $4 million P.O. Box 8040 San Rafael, CA 94912 -8040 www.gilardi.com CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT Newmont Mining Corp. 11/1/03 - 3/23/06 Gilardi & Co. LLC 2/7/08 $15 million P.O. Box 808003 Petaluma, CA 94975 -8003 www.gilardi.com Omnicom Group, Inc. 2/20/01 - 6/11/02 The Garden City Group, Inc. Pending P.O. Box 9177 Dublin, OH 43017 www.gardencitygroup.com Pan Pacific 5/15/06- 10/31/06 Gilardi & Co. LLC Pending $9.6 million P.O. Box 8040 San Rafael, CA 94912 -8040 www.gilardi.com PharmaNet Development 8/4/03 - 12/15/05 Group, Inc (Formerly SFBC International) Pharmos Corp. 2/10/00- 12/17/04 Gilardi & Co. LLC 2/11/08 $7 million P.O. Box 8040 San Rafael, CA 94912 www.gilardi.com Rent -A- Center, Inc. 4/25/01 - 10/08/01 Epiq Class Actions & Claims 3/7/08 $3.6 million Solutions, Inc. P.O. Box 5053 Portland, OR 97208 -50583 SFBC International Inc. 8/4/03 - 12/15/05 A.B. Data, Ltd. 4/2408 $28.5 million Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com Sprint PCS /Sprint FON Exchanged Sprint Epiq Systems, Inc. 2/14/08 $57 million PCS stock for P.O. Box 3656 Sprint FON stock Portland, OR 97208 -3656 or sold Sprint PCS stock prior to 4/23/04 CLAIM FILING SETTLEMENT CLASS PERIOD ADMINISTRATOR DEADLINE AMOUNT CHEZ Suprema Specialties 8/15/01 - 12/21/01 A.B. Data, Ltd. 4/10/08 $19 million Post Office Box 170500, Milwaukee, WI 53217 www.abdatalawserve.com Xybernaut Corp. 5/10/02 — 4/8/05 Analytics, Inc. 2/19/08 $6.3 million P.O. Box 2007 Chanhassen, MN 55317 -2007 St. Paul Travelers 1/27/00 — 10/22/04 The Garden City Group, Inc. 6/27/08 $67.5 million P.O. Box 9177 Dublin, OH 43017 www.gardencitygroul2.com Un Um Provident Corp 2 5/7/01 — 2/4/03 GiIardi & Co. LLC 6/6/08 $40 million P.O. Box 8040 San Rafael, CA 94912 www.gilardi.com Wells Fargo Mutual Fund 11/4/00 — 6/8/05 3/31/08 $12.8 million Vitesse Semiconductor 1/28/03 — 4/26/06 Berdon Claims Administration 4/21/08 $10.2 million P.O. Box 9014 Settlement Jericho, NY 11753 Hearing: www.berdonilp.com /claims 3/17/2008 PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS April 21, 2008 • PENSION RESOURCE CENTER, LLC. $ (Bill for services for March and April 2008; Retirement Application fees for S. Thurman and J. Catoe) • REGIONS MORGAN KEEGAN TRUST $ (Custodial Fees for January, February and March 2008) • SUGARMAN & SUSSKIND $ (Fees for legal services for January, February and March 2008) • GALLIARD CAPITAL MANAGEMENT $ (4th Quarter 2007 Management Fee) • TRACY L. PIFER $ (Refund of Contributions) • JERRY CATOE (Share Account Distribution) • ROBERT BONIEWSKI (Share Account Distribution) Total Disbursements for Approval (Trustee) 1,812.24 1,826.25 3,793.75 2,438.36 9,004.43 30,979.19 82,684.05 $ 132,538.27 (Trustee) REGIONS MORGAN KEEGAN STATEMENT OF TRUSTEES FEES INVOICE DATE 04/11/2008 ACCOUNT # ACCOUNT NAME 3320005077 PB GARDENS FIRE J. SCOTT BAUR THE PENSION RESOURCE CENTER, INC 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 INVOICE NUMBER 40313 $ 2,436.28 SUMMARY OF ACCOUNT PREVIOUS BALANCE 2,440.79 PAYMENTS RECEIVED: 609.09 - CURRENT FEE: 604.58 BALANCE DUE $ 2,436.28 FEE CALCULATION DETAIL 03/01/2008 — 03/31/2008 *cam + + + + + + + * * + + + +* * + * + + + * + + + * * * + * + + + * + + *+ + + + * + + * + + * + ++ + + + + * * * + * + * ** DESCRIPTION / RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 03/31/2008 18,137,473.09 0.0000083333 15,114.50 15,114.50 $ 15,114.50 FEE CALCULATION DETAIL 03/01/2008 — 03/31/2008 ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 03/31/2008 14,509.92 — TOTAL $ 14,509.92— SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 15,114.50 DISCOUNT 14,509.92 — TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 604.58 FOR FEE CALCULATION PERIOD 03/01/2008 — 03/31/2008 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT' NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3320005077 PB GARDENS FIRE 90.38857573% 546.47 BILL 3320010132 PB GARDENS FREED 9.61142427% 58.11 BILL TO A/C 3320005077 ACCOUNT NAME PERCENTAGE MARKET VALUE 3320005077 PB GARDENS FIRE 90.38857573% 16,394,203.60 3320010132 PB GARDENS FREED 9.61142427% 1,743,269.49 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND CHAPTER 175 PREMIUM TAX ALLOCATION Statement of benefits to Firefighters as of September 30, 2007 prepared for CATOE, JERRY Social Security No.: XXX -XX -2041 1. ACCOUNT BALANCE AS OF 10/1/2006 $27,756.43 (INCLUDES OCTOBER, 2006 SPECIAL DISTRIBUTION) 2. CHAPTER 175 ALLOCATION 5,523.42 (INCLUDES OCTOBER, 2007 SPECIAL DISTRIBUTION) 3. FORFEITURE DISTRIBUTIONS 93.00 4. INVESTMENT EARNINGS 3,177.97 5. PLAN EXPENSES 104.71 6. ACCOUNT BALANCE AS OF 9/30/2007 $36,446.10 7. VESTED PERCENTAGE AS OF 9/30/2007 85% 8. VESTED ACCOUNT BALANCE AS OF 9/30/2007 $30,979.19 CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND CHAPTER 175 PREMIUM TAX ALLOCATION Statement of benefits to Firefighters as of September 30, 2007 prepared for BONIEWSKI, ROBERT Social Security No.: XXX -XX -4197 1. ACCOUNT BALANCE AS OF 10/1/2006 $64,324.06 (INCLUDES OCTOBER, 2006 SPECIAL DISTRIBUTION) 2. CHAPTER 175 ALLOCATION 11,046.83 (INCLUDES OCTOBER, 2007 SPECIAL DISTRIBUTION) 3. FORFEITURE DISTRIBUTIONS 186.00 4. INVESTMENT EARNINGS 7,364.77 5. PLAN EXPENSES 237.62 6. ACCOUNT BALANCE AS OF 9/30/2007 $82,684.05 7. VESTED PERCENTAGE AS OF 9/30/2007 100% 8. VESTED ACCOUNT BALANCE AS OF 9/30/2007 $82,684.05 PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND DISBURSEMENTS April 21, 2008 • PENSION RESOURCE CENTER, LLC. $ 1,812.24 (Bill for services for March and April 2008; Retirement Application fees for S. Thurman and J. Catoe) • REGIONS MORGAN KEEGAN TRUST $ 1,221.67 (Custodial Fees for January and February 2008) • SUGARMAN & SUSSKIND $ 3,793.75 (Fees for legal services for January, February and March 2008) • GALLIARD CAPITAL MANAGEMENT $ 2,438.36 (4th Quarter 2007 Management Fee) • TRACY L. PIFER $ 9,004.43 (Refund of Contributions) Total Disbursements for Approval $ 18,270.45 (Trustee) (Trustee) Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Invoice Date Invoice # 4/1/2008 11080160 Description Qty Rate Class Amount Palm Beach Gardens Firefighters' Pension Fund - April 800.00 PRC - FL 800.00 2008 FedEx Overnite Package (s) - February Invoice 1 12.24 PRC - F1_ 12.24 package Total $812.24 If you have any questions concerning this invoice, please contact Jim Jameson at Resource Centers, LLC, Phone 561 -459 -2960 or Email - Jim.Jameson(r�Resource- Team.com Balance Due $812.24 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Invoice Date Invoice # 3/3/2008 P080126 Description Qty Rate Class Amount Palm Beach Gardens Firefighters' Pension Fund March 800.00 11RC - FI, 800.00 2008 Total $800.00 If you have any questions concerning this invoice, please contact Jim Jameson at Resource Centers, LLC, Phone 561 -459 -2960 or Email - Jim.JamesonaResource- Team.com Balance Due 5800.00 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Firefighters' Invoice Date Invoice # 4/14/2008 P080183 Description Qty Rate Class Amount Retirement Application 2 100.00 PRC - FL 200.00 Shawn Thurman - Disability Application Approved 11 -13 -06 Jerry Catoe - Retirement 2 -22 -08 Total $200.00 If you have any questions concerning this invoice, please contact Jim Jameson at Resource Balance Due Centers, LLC. Phone 561 -459 -2960 or Email - Jim.Jameson(riResource- Team.com $200.00 REGIONS MORGAN KEEGAN S ` STATEMENT OF TRUSTEES FEES Lj v L INVOICE DATE 03/12/2008 MAR 18 2008 ACCOUNT # ACCOUNT NAME 3320005077 PB GARDENS FIRE j._ J. SCOTT BAUR THE PENSION RESOURCE CENTER, INC 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 MARKET VALUE PERIOD ENDING 02/29/2008 18,282,496.88 0.0000083333 15,235.35 15,235.35 $ 15,235.35 FEE CALCULATION DETAIL 02/01/2008 - 02/29/2008 ITEM AMOUNT ----------------------- --- - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 02/29/2008 14,625.94 - TOTAL $ 14,625.94- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 15,235.35 DISCOUNT 14,625.94 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 609.41 FOR FEE CALCULATION PERIOD 02/01/2008 - 02/29/2008 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT INVOICE NUMBER 39192 $ 2,440.79 PERCENTAGE SUMMARY OF ACCOUNT 3320005077 PB GARDENS FIRE 90.46481724% 551.30 BILL PREVIOUS BALANCE 2,450.16 GARDENS FREED PAYMENTS RECEIVED: 618.78 - ACCOUNT CURRENT FEE: 609.41 PERCENTAGE BALANCE DUE $ 2,440.79 PB FEE CALCULATION DETAIL 02/01/2008 - 02/29/2008 16,539,227.39 3320010132 PB DESCRIPTION / RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 02/29/2008 18,282,496.88 0.0000083333 15,235.35 15,235.35 $ 15,235.35 FEE CALCULATION DETAIL 02/01/2008 - 02/29/2008 ITEM AMOUNT ----------------------- --- - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 02/29/2008 14,625.94 - TOTAL $ 14,625.94- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 15,235.35 DISCOUNT 14,625.94 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 609.41 FOR FEE CALCULATION PERIOD 02/01/2008 - 02/29/2008 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3320005077 PB GARDENS FIRE 90.46481724% 551.30 BILL 3320010132 PB GARDENS FREED 9.53518276% 58.11 BILL TO A/C 3320005077 ACCOUNT NAME PERCENTAGE MARKET VALUE 3320005077 PB GARDENS FIRE 90.46481724% 16,539,227.39 3320010132 PB GARDENS FREED 9.53518276% 1,743,269.49 REGIONS MORGAN KEEGAN STATEMENT OF TRUSTEES FEES INVOICE DATE 02/11/2008 ACCOUNT # ACCOUNT NAME 3320005077 PB GARDENS FIRE J. SCOTT BAUR THE PENSION RESOURCE CENTER, INC 4360 NORTHLAKE BLVD, SUITE 206 PALM BEACH GARDEN FL 33410 INVOICE NUMBER 38425 $ 2,450.16 SUMMARY OF ACCOUNT PREVIOUS BALANCE 1,837.90 CURRENT FEE: 612.26 BALANCE DUE $ 2,450.16 FEE CALCULATION DETAIL 01/01/2008 - 01/31/2008 DESCRIPTION / RATE FEE TOTAL BASIS MARKET VALUE PERIOD ENDING 01/31/2008 18,367,825.02 0.0000083333 15,306.46 15,306.46 $ 15,306.46 FEE CALCULATION DETAIL 01/01/2008 - 01/31/2008 ITEM AMOUNT -------------- ------------ - - - - -- ------ - - - - -- DISCOUNT: PERIOD ENDING 01./31/2008 14,694.20 - TOTAL $ 14,694.20- SUMMARY OF FEE CALCULATION DETAIL ITEM AMOUNT -------------------------- - - - - -- ------ - - - - -- MARKET VALUE 15,306.46 DISCOUNT 14,694.20 - TOTAL AMOUNT DUE FOR CURRENT PERIOD $ 612.26 FOR FEE CALCULATION PERIOD 01/01/2008 - 01/31/2008 CONSOLIDATED ACCOUNT PRORATION FOR MASTER ACCOUNT M21485 PALM BCH GARDENS ACCOUNT NAME PERCENTAGE AMOUNT CHARGE /BILL FEE 3320005077 PB GARDENS FIRE 90.50911315% 554.15 BILL 3320010132 PB GARDENS FREED 9.49088685% 58.11 BILL TO A/C 3320005077 ACCOUNT NAME PERCENTAGE MARKET VALUE 3320005077 PB GARDENS FIRE 90.50911315% 16,624,555.53 3320010132 PB GARDENS FREED 9.49088685% 1,743,269.49 Robert A. Sugarman Howard S. Susskind David E. Robinson Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1- 800 - 329 -2122 Facsimile (305) 447 -8115 April 2, 2008 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: 427.50 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 3,366.25 PAYMENTS RECEIVED: 0.00 TOTAL AMOUNT DUE: 3,793.75 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305 -529 -2801 Fax: 305-447-8115 www.sugarmansusskind.nef City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:INVM In Reference To: Investment Manager Professional Services 3/31/2008 Draft investment managers agreement For professional services rendered Balance due Client:Matter PBGF:MEET In Reference To: Meeting April 02, 2008 Invoice #53581 Hrs /Rate Amount 1.50 427.50 285.00/hr 1 .5u �)4L / .5u $427.50 Amount Previous balance $3,295.00 Balance due $3,295.00 Client:Matter PBGF:MISC In Reference To: Miscellaneous City of Palm Beach Gardens Firefighters' Pension Fund Previous balance Balance due Page 2 Amount $71.25 $71.25 Robert A. Sugarman Howard S. Susskind David E. Robinson Kenneth R. Harrison, Sr. D. Marcus Braswell, Jr. Pedro A. Herrera SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW March 4, 2008 City of Palm Beach Gardens Firefighters' Pension Fund c/o Margaret M. Adcock, Administrator The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, Florida 33410 CURRENT FEES: 2,066.25 CURRENT COSTS: 0.00 PREVIOUS BALANCE: 1,300.00 PAYMENTS RECEIVED: 0.00 TOTAL AMOUNT DUE: 3,366.25 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 (305) 529 -2801 Broward 763 -2566 Toll Free 1 -800- 329 -2122 Facsimile (305) 447 -8115 a iJ L)1111 SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305 -529 -2801 Fax: 305-447-8115 www.sugarmansusskind.net City of Palm Beach Gardens Firefighters' Pension Fund March 03, 2008 c/o Margaret M. Adcock, Administrator Invoice #53156 The Pension Resource Center, Inc. 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Client:Matter PBGF:MEET In Reference To: Meeting Professional Services Hrs /Rate Amount 2/8/2008 Prepare for meeting 0.50 142.50 285.00/hr 2/11/2008 Attend meeting and travel 6.50 1,852.50 285.00/hr For professional services rendered 7.00 $1,995.00 Previous balance $1,300.00 Balance due $3,295.00 Client:Matter PBGF:MISC In Reference To: Miscellaneous Professional Services Hrs /Rate Amount 2/1/2008 Research and Draft special report reference SSN collection 0.25 71.25 285.00/hr City of Palm Beach Gardens Firefighters' Pension Fund For professional services rendered Page 2 Hours Amount 0.25 $71.25 Balance due $71.25 Quarter End Reference Account # Mode of Payment 12/31/2007 CITY OF PALM BEACH GARDENS FIREFIGHTERS' RETIREMENT SYSTEM Attn: Ms. Margie Adcock Pension Resource Center, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Ph: 561- 624 -3277 ext. 11 Fax: 561- 624 -3278 margie @resourcecenters.com 12/31/2007 22387100 Bill Market Value - Total Portfolio Ems 3,251,148 2,438.36 Total Fees Due I-- Fee Schedule: On Quarter End Market Value First $10 Million @.30% Next $40 Million @.2S% Next $50 Million @.20% Balance Negotiable By Check: By wire: Galliard Capital Management, Inc. Wells Fargo Bank, N.A. Attn: Usha Karrh ABA# 121000248 Acct. 0000840245 800 LaSalle Ave, Suite 2060 Trust Wire Clearing Attn: Fee Processing/612.466.9078 Minneapolis, MN 55402 -2033 (Payment for Fee Invoice 22387100 Prepared By Brian Brooks Galliard Capital Management Ph: 612.667.3664; Fax: 612.667.3223