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ICC Capital Management, Inc. Investment Report QE 3-31-2011NORTH PALM BEACH POLICE & FIRE FUND Investment Review Quarter Ending March 31, 2011 ICC Capital Management, Inc. NORTH PALM BEACH POLICE & FIRE FUND Investment Performance Report Quarter Ending March 31, 2011 Core Value & Large Cap Growth Review Fixed Income Review Total Return Summary Page...... 1 Portfolio Allocation Page...... 2 Investment Performance by Asset Category Page...... 3 Portfolio Sector Diversification Page...... 4 Investment Performance by Sectors Page...... 5 Portfolio Attributes Page...... 6 Fixed - Income Analysis Page...... 8 Brokers Commission Page...... 12 Purchases & Sales Page...... 13 Realized Gains/ Losses Page...... 18 Portfolio Summary Page...... 21 Portfolio Appraisal - Value Page...... 23 Portfolio Appraisal - Growth Page...... 26 Portfolio Appraisal - ADRs Page...... 29 Portfolio Appraisal - Fixed - Income Page...... 32 Appendix: Vote ICC Capital Management, Inc. ICC Quantitative Strategies Group First Quarter 2011 Performance and Market Commentary The markets continue to grapple with the same question it has for the last 18 months; "How does our economy transition to solid and self sustaining GDP growth, from a recovery heretofore fueled near exclusively by government stimulus ?" The question lies at the heart of what many have called "the new normal," a view that we are in the midst of significant and structural, secular economic change. Thus, future growth will be at a more metered pace relative to the expansions we have witnessed over the past three decades and with a premium placed on safety of principle, income and quality. As a result of the bursting of the credit bubble, consumers continue to reduce personal debt, are saving more at the expense of personal consumption, and investment institutions are attempting to adapt to the effects of greater financial oversight. Moreover, geopolitical uprisings in the Middle East and the devastating earthquakes in Japan have raised additional questions. Surging prices across the commodity complex have hit consumers, offsetting the modest gains in employment. What effect will $4 /gallon gas have on demand? As earnings season begins, managers will also need to more fully quantify effect the devastating earthquakes in Japan will have on supply /distribution channels and profit margins. Within this backdrop we continue to see modest GDP growth for the balance of the year, baring major geopolitical or price shocks. Long term solutions to the structural problems outlined above will evolve slowly. However, the current uncertainty has created opportunity, as evidenced by the significant pick up in M &A activity. Solid corporate balance sheets and rising share prices have allowed firms to make strategic acquisitions at attractive prices as they seek to unlock value for shareholders and bolster their market positions. So, what's new, right? Sounds like a continuation of the perilous and somewhat muddled environment we have experienced for some time now. The one thing we do know is that in spite of all this ambiguity, the stock market has done quite well. For the quarter ending March 31, the S &P was up about 6% and for those clients that have a fiscal year ending September 30`x', the first six months of your current fiscal year the market it is up over 17 %. Core Value Equity The Core Value Equity strategy outperformed the S &P and the Russell 1000 Value Index for the quarter. Contributing to this was our overweighting in Industrials and underweighting in healthcare and staples. Stock specific performance which helped was seen in our Technology, Healthcare, and Financials holdings. In a quantitative setting, while our models continue to reveal opportunity within the more distressed areas of the market an equally important observation is formulating regarding portfolio construction. We have followed rather tight tracking with the Value Index as the market rallied through 2010. The Value Index generally underperformed active managers up through 2009. This commonly leads to a reversal and a period of outperformance on the part of the Index. This happened in 2010 and our tight tracking to the Index helped. Or put another way, generally speaking a well diversified portfolio was rewarded versus a concentrated one for 2010. Our models are indicating that we may want to consider moving now to a more concentrated strategy. Large Cap Growth Our Growth portfolios also outperformed the Russell 1000 Growth Index for the quarter. Attribution was in the overweighting in Industrials, Utilities and Energy and underweighting in Consumer Discretionary and technology. Some decent stock picking helped in the Tech, and Healthcare areas. As with our Core Value Strategy, we continue to review our risk profile versus the benchmark as our model reveals potential turns in market sentiment based on the knowledge that historical boom to bust cycles have called for a more equal weighted portfolio stance relative to the index during the boom environments and a more concentrated, stock - specific stance during downturns as correlations between asset classes increases. We will continue to monitor our model outputs for indications such a shift which would call for an "edging out" of our risk by increasing our tracking error to that of the benchmark under the guidelines of our client mandates. 2 First Quarter 2011 ICC Fixed Income Commentary "The End of Quantitative Easing" With June fast approaching an important question we must ask ourselves is, "What will the end of Quantitative Easing mean for both the equity and fixed income markets ?" Our economy has been flushed with a tremendous amount of public money over the past couple of years. Whether or not the economy is ready for the transition back to a credit system reliant mainly on private capital rather than government support will largely determine how financial markets behave over the next few quarters. In the spotlight during the coming weeks and months will be the battle in Congress over raising the debt ceiling and more importantly the debate over the 2012 and beyond fiscal budget. How aggressively Congress tackles the budget deficit issue and in what manner will have serious implications on the amount of new Treasury bond supply and thus the general direction of interest rates over the longer term. In a world where market expectations are not firmly anchored and where the economic outlook is unusually uncertain we expect to see a more broad volatile trading range for the ten year treasury somewhere between 3.25% and 4.25% throughout 2011. If Federal Reserve officials deem it necessary to reduce their Treasury holdings by selling them back into the market, we can expect a rather sharp rise in rates in the near term. We assign a very low probability to the Fed taking this particular course of action any time soon but will continue to monitor Federal Open Market Committee language closely for clues as to their intentions going forward. A more probable scenario would be for Fed purchases to gradually come to a halt sometime in June and for rates to drift moderately higher as the decrease in demand from the Fed is picked up domestically and from other central banks around the world. However, if the U.S. economy turns out not to be ready for the handoff from government to private credit creation then we expect yields to once again move downward. The almighty dollar may hold the key as to whether or not financial markets continue on an upward trajectory. The weakening dollar, surely a stealthily intended byproduct of quantitative easing, has helped boost U.S. equity markets by allowing foreign investors the ability to pick up shares of quality U.S. companies "on the cheap ". It is possible that an end to Quantitative Easing could usher in a stronger dollar as the Fed, for lack of a better term, stops "printing" money. If the dollar rises too quickly or significantly we would expect to see lower inflation expectations, along with weaker equity and commodity prices. A revisit to the flight to quality trade would ensue resulting in lower government bond yields in the near term. There is no doubt that currently the global economy sits at a critical juncture in the recovery process after coming out of the greatest financial crisis the world has seen since the Great Depression. We must not lose sight of this fact even though equity markets have regained a large percentage of lost market value over the past two years. As we have said before, so far markets have taken kindly to Quantitative Easing but whether or not the recent move higher reflects a monetary illusion or a sustainable recovery has yet to be determined. Credit creation is paramount for any economy to grow at a steady robust rate. The level of debt overhang remaining at the nations banks, two years after the great debt binge crash, will largely determine the ultimate success or failure of the upcoming Federal Reserve handoff. If the end of Quantitative Easing wasn't enough we have a wonderful drama brewing in our nation's capital. True, the political theater coming out of Washington D.C. to this point has been largely ignored by investors. In the coming months, however, the critical debate over how to tackle the U.S. fiscal deficit will take center stage. This debate and eventual policy outcome will have serious implications not only on quality of life issues here in the U.S. but also as to how the world will view U.S. credit worthiness over the longer term. For certain, trillion dollar deficits cannot be sustained over time. The all powerful bond market will be watching! So how does all this translate into portfolio management? Even if the transition of easy monetary policy goes off without a hitch, there are many other compelling reasons to maintain positions in longer duration assets. Natural disasters, nuclear crises, ongoing wars, European debt woes and high unemployment levels are a few that come to mind. Balancing these events is the fact that large budget deficits combined with expectations of stronger growth are not consistent with current U.S. Treasury yields. Therefore, we are currently biased towards the higher range of our rate outlook with portfolios positioned in a defensive manner approximately 15% below benchmark duration. During the first quarter, we further increased our overweighting to intermediate high grade U.S. corporate bonds. We also decreased our Build America Bond and longer term U.S. Treasury holdings. We continue to be concentrated in the 4 -8 year duration bucket and have slightly increased our exposure to high coupon government mortgage- backed securities. This positioning helped us outperform our benchmarks as the corporate sector led all others during the first quarter. Volatility, as we have previously discussed, will continue presenting a myriad of tactical opportunities both in credit and duration based trades. The first chart represents yield curve changes during the first quarter 2011, as well as the rise off of the lowest yields printed back in December of 2008 when QE1 was first announced. Yield curve changes going back to December of 2008 are an important case study because they reflect a period in which the economy was aided by enormous monetary expansion. At first thought, one would think nearly $600 billion worth of asset purchases would drive yields on Treasury bonds down as increased demand would drive prices higher. The charts below tell a different story however. Investors essentially got out of the Fed's way and instead bought risky assets as evidenced by flat treasury index returns and large spread sector returns. The total return for the 20+ year Treasury Index over this time was a staggering - 17.3 %. Factor in S &P 500 gains greater than 60% off their lows back in March 2009 and you get a vivid picture as to the voracious appetite for risk assets since the inception of Quantitative Easing. The second chart, illustrating the volatile nature of interest rates, is one that we have shown before but is critical to our way of thinking about rate movements and our approach to tactical duration decisions. Yield Curve Changes 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 6 month 1 Year 2 Year 3 Year 5 Year 10 Year 30 Year - '12/'18/2008 0.14% 0.40% 0.68% 0.93% 1.26% 2.08% 2.52% - 12/3'1/2010 0.18% 0.26% 0.59% 0.99% 2.01% 3.29% 4.33% - 3/31/2011 0.17% 0.27% 0.82% 1.30% 2.28% 3.47% 4.51% Ten Year Treasury Year over Year Change in Yield 3.00"/ 2.00% 1.00% - 0.00% - -- -1.00% -2.00% -3.00% m Ln �O n W M 0 1 ry m v Ln Ln r` oo M o c c c c c c c c c c c c c c �s s �z z rs 8 5 r.) rs �z rs Pa 2 NORTH PALM BEACH POLICE & FIRE FUND Total Return Summary Quarter Ending March 31, 2011 TOTAL RETURN 1 4.33% 1 10.38% 1 192.02% ANNUALIZED TOTAL RETURN 1 7.28% ICC Capital Management, Inc. 1 Current Qtr hiception $10,910,918 Date $10,117,952 0 913 019 1 313 1/11) $254,168 Starting Value Ending Value $11,100,334 $11,100,334 $11,100,334 Difference $189,416 $982,382 $10,846,166 Net Contributions/ (Withdrawals) ($276,685) ($78,269) ($4,087,632) GaitMoss) from Investments $466,101 $1,060,651 $14,933,798 TOTAL RETURN 1 4.33% 1 10.38% 1 192.02% ANNUALIZED TOTAL RETURN 1 7.28% ICC Capital Management, Inc. 1 Market Value as of 12/300 Market Value as of 031301 Cashl.E Value Growth ADR Total ICC Capital Management, Inc. NORTH PALM BEACH POLICE & FIRE FUND Portfolio Allocation at Market Quarter Ending March 31, 2011 Asset Allocation: 50140110 (Mkt) FIXED INCOME 35.9% FIXED INCOME 36.3% Mkt Value as of 12,/31/10 $754,404 $4,139,397 $1,236,435 $875,961 $3,904,721 $10,910,918 CASH /EQUIVS 6.9% VALUE 37.9% GROWTH ADR 11.3% 8.0% CASH / EQUIVS 4.2% ADR GROWTH 8.2% 11.9% Mkt Value as of 12/31/10 6.9% 37.9% 11.3% 8.0% 35.9% 100.0% 2 VALUE 39.4% Mkt Value as of 03/31/11 $469,351 $4,375,540 $1,323,373 $915,277 $4,016,794 $11,100,334 Mkt Value % as of 03/31/11 4.2% 39.4% 11.9% 8.2% 36.3% 100.0% uarter NORTH PALM BEACH POLICE & FIRE FUND Investment Performance by Asset Category Quarter Ending March 31, 2011 ■ ACCOUNT ■ INDEX VALUE GROWTH ADR BONDS TOTAL GROSS TOTAL NET OF FEES OF FEES Fiscal Year to Date I ■ACCOUNT ■INDEX 30.00 19.26 19.12 17.31 17.31 1 15.00 3.64 10.07 1 11 -15.00 10.38 9.10 10.13 9.10 V1ALUr, UAUVV1rn AUA I5V114LJ5 lUlAL WIALNET GROSS OF OF FEES FEES Since Inception Annualized (09130195 - 03131/11) 1 c nn 1 ■ ACCOUNT ■ INDEX VALUE BONDS TOTAL GROSS OF FEES TOTAL NET OF FEES he red total bar represents the Standard £a Poors 500, BNYADR, and Barclays Capital Aggregate indices combined and weighted according to the Fund Allocation Policy. Growth and ADRs are not included in the inception chart as they were not added until 10109 and 02108. ICC Capital Management, Inc. 3 NORTH PALM BEACH POLICE & FIRE FUND Top Ten Holdings & Portfolio Sector Diversification Quarter Ending March 31, 2011 Security Top Ten Holdings % of equities Return for Quarter MICRON TECHNOLOGY INC. 3.83% 43.02% MYLAN LABORATORIES 2.75% 7.24% BANK OF AMERICA CP NEW 2.57% 0.00% GENERAL ELECTRIC CO. 2.42% 9.28% JP MORGAN CHASE CO. 2.42% 8.80% MICROSOFT CORP. 2.34% -8.48% SOUTHWEST AIRLINES CO. 2.20% -0.17% DOVER CORP. 2.18% 12.97% DR PEPPER SNAPPLE GROUP INC. 2.13% 7.37% WALTER ENERGY INC. 2.13% 6.04% ICC Capital Management, Inc. 4 Sector Contribution Sector % of Portfolio Return for Quarter Basic Materials 3.23% 3.70% Industrials 17.07% 8.94% Telecommunications 3.44% 1.42% Consumer Discretionary 10.58% 3.89% Consumer Staples 6.55% 1.48% Energy 13.52% 17.69% Financials 16.47% 0.89% Health Care 10.52% 13.67% Information Technology 14.83% 8.52% Utilities 3.79% 3.60% ICC Capital Management, Inc. 4 NORTH PALM BEACH POLICE & FIRE FUND Investment Performance by Sectors Quarter Ending March 31, 2011 Index Sector Returns for 1 Ql 1 30.^ 20. 10. H �P std f Pdf6 °l 61 6. 6? �6 rll l ill ° 1 %o P s b � Pr �f P. s o f o� Sector Diversification Relative to the S & P 500 Index 10.0 1 5.8 5.0 0.4 0.1 0.2 0.7 0.6 0.0 , -0.5 �-05 -5.0 -3.7 -3.3 UNDERWEIGHT -10.0 ell 4, t G Pfd o o % r�� P�'1 0 ° jlhP� rj�,l� f 1� .hd�. 11Ps "l 16 SF �P "I °fl n Ohs r`f °fj s 'OI ICC Capital Management, Inc. 5 OVERWEIGHT NORTH PALM BEACH POLICE & FIRE FUND Core Value Portfolio Attributes Quarter Ending March 31, 2011 CAPITALIZATION 313112011 1 3 2010 9/30/2010 6 30 2010 ICC 57.5 55.4 57.6 57.1 S &P 93.0 88.7 80.9 75.2 BETA 3/31/2011 1 3 2010 9/30/2010 6 30 2010 ICC 1.02 1.02 1.02 1.03 S &P 1.00 1.00 1.00 1.00 YIELD 3/31/2011 1 3 2010 9/30/2010 6 30 2010 ICC 2.00 2.00 2.00 2.20 S &P 1.90 1.90 2.00 2.20 PIE ICC S &P 3 YEAR EPS GROWTH ICC S &P 5 YEAR EPS GROWTH ICC S &P 3/31/2011 1 3 2010 9/30/2010 6 30 2010 12.3 12.5 12.2 11.5 13.5 13.6 13.0 12.1 3/31/2011 -2.0 2.0 3/31/2011 -1.0 6.0 12/31/2010 -7.0 -1.0 12/31/2010 -3.0 6.0 9/30/2010 -9.0 -2.0 9/30/2010 1.0 8.0 ICC Capital Management, Inc. 6 6/30/2010 -7.0 -1.0 6/30/2010 1.0 7.0 MARKET CAPITALIZATION 100.0 93.0 88.7 80.9 75.2 75.0 57.5 55.4 57.6 57.1 50.0 25.0 0.0 3/31/2011 12/31/2010 9/30/2010 6/30/2010 1.50 BETA 1.02 1.00 1.02 1.00 1.02 1.00 1.03 1.00 1.00 0.50 m m m m 0.00 I I I 3/31/2011 12/31/2010 9/30/2010 6/30/2010 4.0 YIELD 3.0 2.0- 2.00 1.90 2.00 1.90 2.00 2.00 2.20 2.20 1.0 0.0 3/31/2011 12/31/2010 9/30/2010 6/30/2010 25.0 PRICE/EARNINGS 20.0 15.0 12.3 13.5 12.5 13.6 12.2 13.0 11.5 12.1 10.0 5.0 0.0 - S,E,E,m 3/31/2011 12/31/2010 9/30/2010 6/30/2010 10.0 3 YR EPS GROWTH 5.0 2.0 0.0 mm i -5.0 -2.0 1.0 F.0 1.0 -10.0 7.0 - -9.0 7.0 -15.0 3/31/2011 12/31/2010 9/30/2010 6/30/2010 15.0 5 YR EPS GROWTH 10.0 8.0 6.0 6.0 7.0 5.0 l.o l.o 0.0 -1.0 -5.0 -3.0 3/31/2011 12/31/2010 9/30/2010 6/30/2010 CAPITALIZATION ICC S &P BETA ICC S &P YIELD ICC S &P PIE ICC S &P 3 YEAR EPS GROWTH ICC S &P 5 YEAR EPS GROWTH ICC S &P NORTH PALM BEACH POLICE & FIRE FUND Growth Portfolio Attributes Quarter Ending March 31, 2011 3/31/2011 1 31 2010 9/30/2010 42.4 40.2 45.6 93.0 88.7 80.9 3/3112011 1 31 2010 9/3012010 0.99 0.99 1.01 1.00 1.00 1.00 6130/2010 43.4 75.2 6/30/2010 1.00 1.00 3/31/2011 1 3 2010 9/30/2010 6 30 2010 1.00 0.90 1.00 1.50 1.90 1.90 2.00 2.20 3/31/2011 1 3 2010 9/301201 6/3012010 17.4 16.5 15.3 12.4 13.5 13.6 13.0 12.1 3/31/2011 1 3 2010 K30/2010 6 30 2010 9.0 3.0 3.0 5.0 2.0 -1.0 -2.0 -1.0 3/3V2011 1 31 2010 9/30/2010 6 30 2010 14.0 19.0 20.0 14.0 6.0 6.0 8.0 7.0 ICC Capital Management, Inc. 7 MARKET CAPITALIZATION 100.0 93.0 88.7 80.9 75.2 75.0 50.0 4p,2 45.6 43.4 25.0 0.0 42.4 3/31/2011 12/31/2010 9/30/2010 6/30/2010 1.50 BETA 0.99 1.00 0.99 1.00 1.01 1.00 1.001.00 1.00 0.50 0.00 3/31/2011 12/31/2010 9/30/2010 6/30/2010 4.o YIELD 3.0 1.90 1.90 2.00 2.20 2.0 1.50 1.00 0.90 1.00 1.0 0.0 3/31/2011 12/31/2010 9/30/2010 6/30/2010 30.0 PRICE/EARNINGS 20.0 17.4 16.5 15.3 13.5 13.6 13.0 12.4 12.1 10.0 0 0.0 - 3/31/2011 12/31/2010 9/30/2010 6/30/2010 20.0 3 YR EPS GROWTH 15.0 10.0 9.0 5.0 5.0 02.0 3.0 3.0 0.0 -5.0 3/31/2011 1.0 12/31/2010 2 0 -1.0 9/30/2010 6/30/2010 30.0 5 YR EPS GROWTH 20.0 19.0 20.0 14.0 14.0 10.0 6.0 6.0 $'0 7.0 0.0 3/31/2011 12/31/2010 9/30/2010 6/30/2010 NORTH PALM BEACH POLICE & FIRE FUND Fixed Income Analysis (Page 1 of 4) Quarter Ending March 31, 2011 Average Quality — AA- Average Duration — 4.11 Current Yield — 4.26 ICC Core Fixed Income Portfolio Mortgage Pools Municipal Bonds 25.9% 3.1% Government Sponsored 6.7% US Treasuries 8.0 Corporate Bonds 56.3% Average Quality — AA Average Duration — 5.47 Current Yield — 3.64 Barclays Capital Government/Credit Index Corporate Bonds Government Sponsored 30.1% 18.7% 411ii 10 US Treasuries 51.2% Average Quality — AA Average Duration — 5.12 Current Yield — 4.02 Barclay Capital Aggregate Index US Treasuries 32.9% US MBS 33.0% Government Sponsored 12.0% ABS 0.3% CMBS Corporate Bonds 2.4% 19.4% ICC Capital Management, Inc. NORTH PALM BEACH POLICE & FIRE FUND Fixed Income Analysis (Page 2 of 4) Quarter Ending March 31, 2011 Sectors and Market Indices Performance US. Core Fixed Income Portfolio 1Q11 4.00 2.05 2.00 0.57 0.86 0.58 0.64 0.42 0.28 0.57 0.00 -0.16 -2.00 Us Co C'o L� �o rj? s S 1 C rdn �� C o C o �s PQ, Municipal Bonds Coupon Maturity S&P Rating Mood 's Rating Utah St 4.554% 7/1/2024 AAA AAA Utah Tran Auth Sales Tax Rev 5.937% 6/15/2039 AAA AA2 North Carolina T k Auth 6.700% 1/1/2039 AA AA2 Mortgage Backed Securities Coupon Maturity S&P Rating Mood 's Rating Fg Pool #g05900 6.000% 3/1/2040 AAA Aaa F lmc #g02268 6.500% 8/1/2036 AAA Aaa Fncl #889579 6.000% 5/1/2038 AAA Aaa G2 Pool # 4447 5.000% 5/20/2039 AAA Aaa F ci N #e01425 4.500% 8/1/2018 AAA Aaa Fnci M #646924 5.500% 5/1/2017 AAA Aaa Gnsf 5.5% Pool #714005 5.500% 10/15/2039 AAA Aaa G2 Pool # 4194 5.500% 7/20/2038 AAA Aaa Gn Pool # 782119 6.000% 8/15/2036 AAA Aaa F ci N 016274 4.500% 7/1/2019 AAA Aaa Fncl # 256394 6.500% 9/1/2036 AAA Aaa F ci N #'02507 4.000% 9/1/2020 AAA Aaa F ci N #g11776 4.500% 9/1/2020 AAA Aaa G2 Pool # 4195 6.000% 7/20/2038 AAA Aaa F ci N #g12323 4.500% 8/1/2021 AAA Aaa Government/A enc Bonds Coupon Maturity S&P Rating Mood 's Rating Freddie Mac 5.900% 6/15/2022 AAA AAA Fannie Mae 6.000% 4/28/2021 AAA AAA Fannie Mae 1.375% 1/27/2014 AAA AAA Fannie Mae 1.400% 1/6/2014 AAA AAA ICC Capital Maiiagenient, hic. I NORTH PALM BEACH POLICE & FIRE FUND Fixed Income Analysis (Page 3 of 4) Quarter Ending March 31, 2011 Government/A enc Bonds Coupon Maturity S&P Rating Mood 's Rating Us Treasury 3.625% 2/15/2021 AAA AAA Us Treasury 1.250% 10/31/2015 AAA AAA Us Treasury 1.250% 2/15/2014 AAA AAA Us Treasury 2.750% 2/28/2018 AAA AAA Us Treasury 1.250% 9/30/2015 AAA AAA Us Treasury 4.750% 2/15/2041 AAA AAA Corporate Bonds Coupon Maturity S&P Rating Mood 's Rating jp Morgan 5.700% 11/15/2014 A+ AA3 McDonald's Corp 5.300% 3/15/2017 A A2 San Diego Gas & Electric 5.300% 11/15/2015 A+ Aa3 Franklin Resources Inc 2.000% 5/20/2013 AA- Al Bristol-Myers Squibb 5.250% 8/15/2013 A+ A2 Goldman Sachs 5.000% 10/1/2014 A Al McDonald's Corp 5.800% 10/15/2017 A A2 At &T Inc 5.625% 6/15/2016 A- A2 Conoco hilli s 6.000% 1/15/2020 A Al Merck & Co Inc 6.000% 9/15/2017 AA Aa3 Morgan Stanley 1.903% 1/24/2014 A A2 Ei Du Pont De Nemour & Co 1.950% 1/15/2016 A A2 Berkshire Hathaway Fin 4.250% 1/15/2021 AA+ AA2 Coca -Cola Co 3.625% 3/15/2014 A+ AA3 Hewlett- Packard Co 2.125% 9/13/2015 A A2 General Electric Cap Corp 1.875% 9/16/2013 AA+ Aa2 Wells Fargo & Company 3.676% 6/15/2016 AA- Al Occidental Petroleum Corp 4.100% 2/1/2021 A A2 Bank Of Ney York Mellon 2.950% 6/18/2015 AA- AA2 General Elec Cap Corp 3.500% 6/29/2015 AA+ AA2 Blackrock Inc 5.000% 12/10/2019 A+ Al State Street Corp 2.875% 3/7/2016 A+ Al Procter & Gamble Co the 1.800% 11/15/2015 AA- AA3 Wal -Mart Stores Inc 1.500% 10/25/2015 AA AA2 Citigroup Inc 5.300% 10/17/2012 A A3 Microsoft Corp 1.625% 9/25/2015 AAA AAA Verizon Communications 5.500% 4/ 1 2017 A- A3 Chevron Corp 4.950% 3/3/2019 AA AAl University Of Chicago 5.420% 10/1/2030 AA AA1 Bb &T Corporation 3.200% 3/15/2016 A A2 Wells Fargo & Co 4.600% 4/1/2021 AA- Al Amgen Inc 5.700% 2/1/2019 A+ A3 Baker Hughes Inc 6.500% 11/15/2013 A A2 Morgan Stanley 4.000% 7/24/2015 A A2 Abbott Laboratories 5.125% 4/1/2019 AA Al Honeywell International 3.875% 2/15/2014 A A2 General Dynamics Corp 5.250% 2/1/2014 A A2 IBM Corp 6.500% 10/15/2013 A+ AA3 Cisco Systems Inc 4.950% 2/15/2019 A+ Al Cons Edison Co Of Ny 5.850% 4/1/2018 A- A3 ICC Capital Management, hic. 10 NORTH PALM BEACH POLICE & FIRE FUND Fixed Income Analysis (Page 4 of 4) Quarter Ending March 31, 2011 Portfolio Duration vs. Index Duration (Ratio) +INDEX —F -ACCT 1.80% AGGRESSIVE 1.40% NEUTRAL 1.00% 0.60 DEFENSIVE 0.20% 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 ICC Capital Management, Inc. 11 NORTH PALM BEACH POLICE & FIRE FUND Broker Commission Summary Report Quarter Ending March 31, 2011 Date Trans Ticker Security $Amount Shares Price Comm PerSh BNY Convergex 2/18/2011 Sell VLO Valero Energy $118,085.32 4000 $29.57 $200.00 $0.05 Total: BNY Convergex 118,085.32 4,000 $200.00 0.05 The Griswold Company 1/18/2011 Buy C Citigroup $22,381.30 4600 $4.83 $184.00 $0.04 1/19/2011 Sell MRVL Marvell Technology Group $28,603.65 1350 $21.23 $54.00 $0.04 Total: The Griswold Company 50,984.95 5,950 238.00 0.04 Ivy Securities Inc. 1/12/2011 Sell FTR Frontier Corp. $224.73 24 $9.38 $0.02 1/12/2011 Sell FTR Frontier Corp. $3,595.61 384 $9.38 $8.00 $0.02 1/12/2011 Sell FTR Frontier Corp. $898.90 96 $9.38 $2.00 $0.02 1/12/2011 Sell FTR Frontier Corp. $674.18 72 $9.38 $1.00 $0.02 1/12/2011 Sell FTR Frontier Corp. $674.18 72 $9.38 $1.00 $0.02 1/12/2011 Sell FTR Frontier Corp. $224.73 24 $9.38 $0.02 1/12/2011 Sell FTR Frontier Corp. $186.08 20 $9.38 $0.02 1/12/2011 Sell FTR Frontier Corp. $674.18 72 $9.38 $1.00 $0.02 Total: Ivy Securities Inc. $7,152.59 764 $15.00 $0.02 Cuttone & Co. 1/18/2011 Buy C Citigroup $24,021.50 5000 $4.79 $50.00 $0.01 1/24/2011 Sell NEM Newmont Mining Corp $66,049.73 1200 $55.05 $12.00 $0.01 3/1/2011 Buy DPS Dr Pepper Snapple Group Inc $113,048.94 3100 $36.46 $31.00 $0.01 3/8/2011 Buy LUV Southwest Airlines Co. $60,356.16 4800 $12.56 $48.00 $0.01 Total: Cuttone & Co. $263,476.33 14,100 141.00 $0.01 Edgetrade 2 1/3/2011 Sell BGC General Cable Corp Del New $31,606.57 900 $35.13 $9.00 $0.01 1/5/2011 Sell VZ Verizon Communications $11,886.10 316 $37.62 $3.00 $0.01 1/5/2011 Sell VZ Verizon Communications $3,159.60 84 $37.62 $1.00 $0.01 1/5/2011 Sell VZ Verizon Communications $11,284.28 300 $37.62 $3.00 $0.01 1/5/2011 Sell VZ Verizon Communications $3,761.43 100 $37.62 $1.00 $0.01 1/5/2011 Sell CTL Centurylink Inc $23,240.21 500 $46.49 $5.00 $0.01 1/11/2011 Sell NEM Newmont Mining Corp $17,466.90 300 $58.23 $3.00 $0.01 1/12/2011 Buy DRI Darden Restaurants Inc $13,754.19 300 $45.84 $3.00 $0.01 1/19/2011 Sell ENR Energizer Holdings Inc $10,797.92 150 $72.00 $2.00 $0.01 2/2/2011 Buy MJN Mead Johnson Nutrition Co $8,626.13 150 $57.50 $2.00 $0.01 2/7/2011 Buy ALB Albemarle Corp $8,630.66 150 $57.53 $2.00 $0.01 2/16/2011 Buy GE General Electric Co. $12,852.54 600 $21.41 $6.00 $0.01 2/16/2011 Buy WLL Whting Petroleum Corp $24,323.96 200 $121.61 $2.00 $0.01 2/22/2011 Buy PEP Pepsico Inc. $28,482.17 450 $63.28 $5.00 $0.01 2/22/2011 Sell CXO Concho Resources Inc $10,561.79 100 $105.63 $1.00 $0.01 2/23/2011 Sell CF Cf IndUSTries Holdings Inc. $13,059.93 100 $130.61 $1.00 $0.01 3/7/2011 Sell NBR Nabors IndUSTries Inc. $55,265.73 2000 $27.64 $20.00 $0.01 3/8/2011 Buy LUV Southwest Airlines Co. $32,309.16 2600 $12.42 $26.00 $0.01 3/11/2011 Buy PH Parker - Hannifin Corp. $8,519.08 100 $85.18 $1.00 $0.01 3/24/2011 Sell FII Federated Investors Inc -Cl B $9,211.40 350 $26.33 $4.00 $0.01 3/25/2011 Buy IEX Idex Corp $27,957.87 650 $43.00 $7.00 $0.01 3/25/2011 Sell UPS United Parcel Svc Inc $18,053.23 250 $72.22 $3.00 $0.01 Tota : E getra e 2 $384,810.85 10,650 $107.00 $0.01 ICC Capital Managenient, Inc. 12 ICC Capital Management PURCHASE AND SALE NORTH PALM BEACH POLICE & FIRE COMBINED FUND From 12 -31 -10 To 03 -31 -11 Trade Date Settle Date Quantity Security Unit Price Amount PURCHASES 02 -07 -11 02 -10 -11 150.00 ALBEMARLE CORP 57.54 8,630.66 02 -28 -11 03 -07 -11 40,000.000 BB &T CORPORATION 99.86 39,944.40 3.200% Due 03 -15 -16 01 -11 -11 01 -14 -11 55,000.000 BERKSHIRE HATHAWAY FIN 99.49 54,720.60 4.250% Due 01 -15 -21 01 -18 -11 01 -21 -11 5,000.00 CITIGROUP 4.80 24,021.50 01 -18 -11 01 -21 -11 4,600.00 CITIGROUP 4.87 22,381.30 01 -12 -11 01 -18 -11 300.00 DARDEN RESTAURANTS INC 45.85 13,754.19 03 -01 -11 03 -04 -11 3,100.00 DR PEPPER SNAPPLE GROUP INC 36.47 113,048.94 01 -11 -11 01 -27 -11 50,000.000 FANNIE MAE 100.00 50,000.00 1.375% Due 01 -27 -14 02 -02 -11 02 -10 -11 139,997.226 FG POOL #G05900 108.64 152,093.86 6.000% Due 03 -01 -40 03 -17 -11 03 -22 -11 85,894.506 FNCL #889579 109.39 93,960.54 6.000% Due 05 -01 -38 02 -16 -11 02 -22 -11 600.00 GENERAL ELECTRIC CO. 21.42 12,852.54 03 -25 -11 03 -30 -11 650.00 IDEX CORP 43.01 27,957.87 02 -02 -11 02 -07 -11 150.00 MEAD JOHNSON NUTRITION CO 57.51 8,626.13 01 -20 -11 01 -25 -11 55,000.000 MORGAN STANLEY 100.00 55,000.00 1.903% Due 01 -24 -14 01 -20 -11 01 -25 -11 50,000.000 OCCIDENTAL PETROLEUM CORP 100.59 50,297.50 4.100% Due 02 -01 -21 03 -11 -11 03 -16 -11 100.00 PARKER - HANNIFIN CORP. 85.19 8,519.08 02 -22 -11 02 -25 -11 450.00 PEPSICO INC. 63.29 28,482.17 03 -08 -11 03 -11 -11 4,800.00 SOUTHWEST AIRLINES CO. 12.57 60,356.16 03 -08 -11 03 -11 -11 2,600.00 SOUTHWEST AIRLINES CO. 12.43 32,309.16 03 -02 -11 03 -07 -1 l 50,000.000 STATE STREET CORP 99.58 49,792.50 2.875% Due 03 -07 -16 01 -12 -11 01 -18 -11 40,000.000 US TREASURY NB 99.78 39,912.50 1.000 %Due 01 -15 -14 01 -18 -11 01 -20 -11 50,000.000 US TREASURY NB 93.78 46,890.62 2.625% Due 11 -15 -20 01 -26 -11 01 -28 -11 55,000.000 US TREASURY NB 89.02 48,958.59 3.875% Due 08- 15 -40' ` 02 -04 -11 02 -08 -11 60,000.000 US TREASURY NB 86.47 51,881.25 3.875% Due 08 -15 -40 03-03-11 03 -07 -11 50,000.000 US TREASURY NB 99.95 49,972.66 1.250% Due 02 -15 -14 03 -03 -11 03 -07 -11 50,000.000 US TREASURY NB 98.77 49,382.81 2.750% Due 02 -28 -18 03 -15 -11 03 -17 -11 105,000.000 US TREASURY NB 103.23 108,396.09 3.625% Due 02 -15 -21 13 ICC Capital Management PURCHASE AND SALE NORTH PALM BEACH POLICE & FIRE COMBINED FUND From 12 -31 -10 To 03 -31 -11 Trade Date Settle Date Quantity Security Unit Price Amount 03 -31 -11 04 -04 -11 25,000.000 US TREASURY NB 103.70 25,923.83 4.750% Due 02 -15 -41 03 -22 -11 03 -29 -11 40,000.000 WELLS FARGO & CO 99.79 39,917.20 4.600% Due 04 -01 -21 02 -10 -11 02 -15 -11 50,000.000 WELLS FARGO & COMPANY 100.67 50,337.05 3.676% Due 06 -15 -16 02 -16 -11 02 -22 -11 200.00 WHTING PETROLEUM CORP 121.62 24,323.96 1,442,645.66 SALES 02 -08 -11 02 -08 -11 0.50 APERAM 40.72 20.36 01 -05 -11 01 -10 -11 500.00 CENTURYLINK INC 46.48 23,240.21 02 -23 -11 02 -28 -11 100.00 CF INDUSTRIES HOLDINGS INC. 130.60 13,059.93 03 -08 -11 03 -11 -11 60,000.000 CITIGROUP INC 109.60 65,762.40 6.010% Due 01 -15 -15 02 -22 -11 02 -25 -11 100.00 CONCHO RESOURCES INC 105.62 10,561.79 01 -19 -11 01 -24 -11 150.00 ENERGIZER HOLDINGS INC 71.99 10,797.92 03 -14 -11 03 -15 -11 145,000.000 FANNIE MAE 99.60 144,420.00 1.000% Due 10 -18 -13 03 -24 -11 03 -29 -11 350.00 FEDERATED INVESTORS INC -CL B 26.32 9,211.40 01 -12 -11 01 -18 -11 19.88 FRONTIER CORP. 9.36 186.08 01 -12 -11 01 -18 -I1 72.01 FRONTIER CORP. 936 674.18 01 -12 -11 01 -18 -11 24.00 FRONTIER CORP. 9.36 224.73 01 -12 -11 01 -18 -11 384.06 FRONTIER CORP. 9.36 3,595.61 01 -12 -11 01 -18 -11 96.02 FRONTIER CORP. 936 898.90 01 -12 -11 01 -18 -11 72.01 FRONTIER CORP. 9.36 674.18 01 -12 -11 01 -18 -11 72.01 FRONTIER CORP. 936 674.18 01 -12 -11 01 -18 -11 24.00 FRONTIER CORP. 9.36 224.73 01 -03 -11 01 -06 -11 900.00 GENERAL CABLE CORP DEL NEW 35.12 31,606.57 02 -04 -11 02 -09 -11 50,000.000 GOLDMAN SACHS GROUP INC 101.72 50,861.00 5.375% Due 03 -15 -20 01 -18 -11 01 -21 -11 45,000.000 JOHNS HOPKINS UNIVERSITY 109.83 49,422.60 5.250% Due 07 -01 -19 02 -01 -11 02 -01 -11 35,000.000 KEY BANK NA 100.00 35,000.00 7.000% Due 02 -01 -11 01 -19 -11 01 -24 -11 1,350.00 MARVELL TECHNOLOGY GROUP 21.19 28,603.65 03 -07 -11 03 -10 -11 2,000.00 NABORS INDUSTRIES INC. 27.63 55,265.73 01 -11 -11 01 -14 -11 300.00 NEWMONT MINING CORP 58.22 17,466.90 01 -24 -11 01 -27 -11 1,200.00 NEWMONT MINING CORP 55.04 66,049.73 02 -09 -11 02 -14 -11 50,000.000 NOVANT HEALTH INC 103.37 51,687.00 5.850% Due 11 -01 -19 03 -25 -11 03 -30 -11 250.00 UNITED PARCEL SVC INC 72.21 18,053.23 03 -31 -11 04 -05 -11 40,000 UNIVERSITY VA UNIV REVS 94.23 37,692.40 5.000% Due 09 -01 -40 14 ICC Capital Management PURCHASE AND SALE NORTH PALM BEACH POLICE & FIRE COMBINED FUND From 12 -31 -10 To 03 -31 -11 Trade Date Settle Date Quantity Security Unit Price Amount 01 -04 -11 01 -06 -11 30,000.000 US TREASURY NB 101.97 30,590.62 3.375% Due 11 -15 -19 01 -04 -11 91 -06 -11 30,000.000 US TREASURY NB 101.97 30,590.63 3.375% Due 11 -15 -19 01 -14 -11 01 -18 -11 90,000.000 US TREASURY NB 96.09 86,477.35 1.875% Due 08 -31 -17 01 -14 -11 01 -18 -11 90,000.000 US TREASURY NB 95.67 86,104.68 1.875% Due 10 -31 -17 01 -25 -11 01 -27 -11 20,000.000 US TREASURY NB 102.59 20,518.75 4.625% Due 02 -15 -40 02 -02 -11 02 -04 -11 50,000.000 US TREASURY NB 92.91 46,453.13 .2.625% Due 11 -15 -20 02 -02 -11 02 -04 -11 55,000.000 US TREASURY NB 87.77 48,271.09 3.875% Due 08 -15 -40 02 -14 -11 02 -16 -11 60,000.000 US TREASURY NB 87.02 52,209.38 3.875% Due 08 -15 -40 03 -04 -11 03 -07 -11 40,000.000 US TREASURY NB 99.55 39,818.75 1.000% Due 01 -15 -14 02 -18 -11 02 -24 -11 4,000.00 VALERO ENERGY 29.52 118,085.32 01 -05 -11 01 -10 -11 84.00 VERIZON COMMUNICATIONS 37.61 3,159.60 01 -05 -11 01 -10 -11 300.00 VERIZON COMMUNICATIONS 37.61 11,284.28 01 -05 -11 01 -10 -11 100.00 VERIZON COMMUNICATIONS 37.61 3,761.43 01 -05 -11 01 -10 -11 316.00 VERIZON COMMUNICATIONS 37.61 11,886.10 1,315,146.52 PRINCIPAL PAYDOWNS 03 -01 -11 03 -14 -11 3,694.640 FG POOL #G05900 100.00 3,694.64 6.000% Due 03 -01 -40 01 -01 -11 01 -15 -11 521.730 FGCI N #B 16274 100.00 521.73 4.500% Due 07 -01 -19 02 -01 -11 02 -15 -11 913.720 FGCI N #B 16274 100.00 913.72 4.500% Due 07 -01 -19 03 -01 -11 03 -15 -11 551.910 FGCI N #13 16274 100.00 551.91 4.500% Due 07 -01 -19 01 -01 -11 01 -15 -11 2,964.010 FGCI N #E01425 100.00 2,964.01 4.500% Due 08 -01 -18 - 02 -01 -11 02 -15 -11 2,654.380 FGCI N #E01425 100.00 2,654.38 4.500% Due 08 -01 -18 03 -01 -11 03 -15 -11 2,073.490 FGCI N #E01425 100.00 2,073.49 4.500% Due 08 -01 -18 01 -01 -11 01 -15 -11 1,634.050 FGCI N #G11776 100.00 1,634.05 4.500% Due 09 -01 -20 02 -01 -11 02 -15 -11 1,500.060 FGCI N #G11776 100.00 1,500.06 4.500% Due 09 -01 -20 15 ICC Capital Management PURCHASE AND SALE NORTH PALM BEACH POLICE & FIRE COMBINED FUND From 12 -31 -10 To 03 -31 -11 Trade Date Settle Date Quantity Security Unit Price Amount 03 -01 -11 03 -15 -11 1,531.810 FGCI N #G11776 100.00 1,531.81 4.500% Due 09 -01 -20 01 -01 -11 01 -15 -11 22.930 FGCI N #G 12323 100.00 22.93 4.500% Due 08 -01 -21 02 -01 -11 02 -15 -11 23.370 FGCI N #G12323 100.00 23.37 4.500% Due 08 -01 -21 03 -01 -11 03 -15 -11 19.200 FGCI N #G12323 100.00 19.20 4.500% Due 08 -01 -21 01 -01 -11 01 -15 -11 5,492.910 FGCI N #J02507 100.00 5,492.91 4.000% Due 09 -01 -20 02 -01 -11 02 -15 -11 407.060 FGCI N 002507 100.00 407.06 4.000% Due 09 -01 -20 03 -01 -11 03 -15 -11 417.120 FGCI N 002507 100.00 417.12 4.000% Due 09 -01 -20 01 -01 -11 01 -15 -11 1,841.350 FGLMC #G02268 100.00 1,841.35 6.500% Due 08 -01 -36 01 -01 -11 01 -15 -11 1,030.190 FGLMC #G02268 100.00 1,030.19 6.500% Due 08 -01 -36 02 -01 -11 02 -15 -11 1,776.960 FGLMC #G02268 100.00 1,776.96 6.500% Due 08 -01 -36 02 -01 -11 02 -15 -11 994.170 FGLMC #G02268 100.00 994.17 6.500% Due 08 -01 -36 03 -01 -11 03 -15 -11 1,631.850 FGLMC #G02268 100.00 1,631.85 6.500% Due 08 -01 -36 03 -01 -11 03 -15 -11 912.980 FGLMC #G02268 100.00 912.98 6.500% Due 08 -01 -36 01 -01 -11 01 -15 -11 854.130 FNCI M #646924 100.00 854.13 5.500% Due 05 -01 -17 02 -01 -11 02 -15 -11 858.530 FNCI M #646924 100.00 858.53 5.500% Due 05 -01 -17 03 -01 -11 03 -15 -11 862.970 FNCI M #646924 100.00 862.97 5.500% Due 05 -01 -17 01 -01 -11 01 -15 -11 701.310 FNCL # 256394 100.00 701.31 6.500% Due 09 -01 -36 02 -01 -11 02 -15 -11 1,010.610 FNCL # 256394 100.00 1,010.61 6.500% Due 09 -01 -36 03 -01 -11 03 -25 -11 597.740 FNCL # 256394 100.00 597.74 6.500% Due 09 -01 -36 01 -01 -11 01 -01 -11 1,933.620 G2 POOL # 4194 100.00 1,933.62 5.500% Due 07 -20 -38 02 -01 -11 02 -01 -11 1,517.960 G2 POOL # 4194 100.00 1,517.96 5.500% Due 07 -20 -38 03 -01 -11 03 -20 -11 1,307.020 G2 POOL # 4194 100.00 1,307.02 5.500% Due 07 -20 -38 16 ICC Capital Management PURCHASE AND SALE NORTHPALMBEACHPOLICE & FIRE COMBINED FUND From 12 -31 -10 To 03 -31 -11 Trade Date Settle Date Quantity Security Unit Price Amount 01 -01 -11 01 -20 -11 811.190 G2 POOL # 4195 100.00 811.19 6.000% Due 07 -20 -38 02 -01 -11 02 -20 -11 796.080 G2 POOL # 4195 100.00 796.08 6.000% Due 07 -20 -38 03 -01 -11 03 -20 -11 623.070 G2 POOL # 4195 100.00 623.07 6.000% Due 07 -20 -38 01 -01 -11 01 -20 -11 2,375.400 G2 POOL # 4447 100.00 2,375.40 5.000% Due 05 -20 -39 02 -01 -11 02 -20 -11 1,438.640 G2 POOL # 4447 100.00 1,438.64 5.000% Due 05 -20 -39 03 -01 -11 03 -20 -11 1,316.140 G2 POOL # 4447 100.00 1,316.14 5.000% Due 05 -20 -39 01 -01 -11 01- 15 -11. 870.600 GN POOL # 782119 100.00 870.60 6.000% Due 08 -15 -36 02 -01 -11 02 -15 -11 764.050 GN POOL # 782119 100.00 764.05 6.000% Due 08 -15 -36 03 -01 -11 03 -15 -11 1,053.320 GN POOL # 782119 100.00 1,053.32 6.000% Due 08 -15 -36 01 -01 -11 01 -15 -11 85.680 GNSF 5.5% POOL #714005 100.00 85.68 5.500% Due 10 -15 -39 02 -01 -11 02 -15 -11 1,379.710 GNSF 5.5% POOL #714005 100.00 1,379.71 5.500% Due 10 -15 -39 03 -01 -11 03 -15 -11 1,391.000 GNSF 5.5% POOL #714005 100.00 1,391.00 5.500% Due 10 -15 -39 55,158.66 17 ICC Capital Management REALIZED GAINS AND LOSSES NORTH PALM BEACH POLICE & FIRE COMBINED FUND From 12 -31 -10 Through 03 -31 -11 Gain Or Loss Open Date Close Date Quantity Security Cost Basis Proceeds Short Term Long Term 09 -28 -06 01 -01 -11 1,634.050 FGCI N #G11776 1,578.90 1,634.05 55.15 4.500% Due 09 -01 -20 12 -15 -06 01 -01 -11 1,841.350 FGLMC #G02268 1,879.62 1,841.35 -38.27 6.500% Due 08 -01 -36 01 -08 -07 01 -01 -11 1,030.190 FGLMC #G02268 1,051.61 1,030.19 -21.42 6.500% Due 08 -01 -36 08 -24 -06 01 -01 -11 _ 22.930 FGCI N #G12323 21.98 22.93 0.95 4.500% Due 08 -01 -21 04 -25 -06 01 -01 -11 5,492.910 FGCI N 002507 5,111.84 5,492.91 381.07 4.000% Due 09 -01 -20 07 -31 -05 01 -01 -11 2,964.010 FGCIN #E01425 2,923.25 2,964.01 40.76 4.500% Due 08 -01 -18 07 -31 -05 01 -01 -11 521.730 FGCI N #B 16274 514.56 521.73 7.17 4.500% Due 07 -01 -19 01 -08 -07 01 -01 -11 701.310 FNCL # 256394 715.34 701_.31 -14.03 6.500% Due 09 -01 -36 07 -31 -05 01 -01 -11 854.130 FNCI M #646924 859.47 854.13 -5.34 5.500% Due 05 -01 -17 03 -10 -10 01 -01 -11 2,375.400 G2 POOL # 4447 2,489.72 2,375.40 - 114.32 5.000% Due 05 -20 -39 12 -18 -09 01 -01 -11 1,933.620 G2 POOL # 4194 2,052.05 1,933.62 - 118.43 5.500% Due 07 -20 -38 07 -22 -08 01 -01 -11 811.190 G2 POOL # 4195 810.30 811.19 0.89 6.000% Due 07 -20 -38 12 -03 -09 01 -01 -11 85.680 GNSF 5.5% POOL #714005 90.95 85.68 -5.27 5.500% Due 10 -15 -39 02 -22 -10 01 -01 -11 870.600 GN POOL # 782119 932.22 870.60 -61.62 6.000% Due 08 -15 -36 09 -09 -10 01 -03 -11 900.00 GENERAL CABLE CORP 21,881.43 31,606.57 9,725.14 DEL NEW 02 -05 -10 01 -04 -11 30,000.000 US TREASURY NB 29,465.62 30,590.62 1,124.99 3.375% Due 11 -15 -19 03 -10 -10 01 -04 -11 30,000.000 US TREASURY NB 29,156.25 30,590.63 1,434.38 3.375% Due 11 -15 -19 12 -04 -01 01 -05 -11 84.00 VERIZON 3,583.05 3,159.60 - 423.45 COMMUNICATIONS 03 -14 -03 01 -05 -11 300.00 VERIZON 9,451.37 11,284.28 1,832.91 COMMUNICATIONS 09 -23 -03 01 -05 -11 100.00 VERIZON 3,000.20 3,761.43 761.23 COMMUNICATIONS 12 -20 -05 01 -05 -11 316.00 VERIZON 8,677.33 11,886.10 3,208.77 COMMUNICATIONS 11 -22 -10 01 -05 -11 500.00 CENTURYLINK INC 21,252.55 23,240.21 1,987.66 06 -23 -09 01 -11 -11 300.00 NEWMONT MINING CORP 12,414.12 17,466.90 5,052.78 12 -04 -01 01 -12 -11 19.88 FRONTIER CORP. 248.01 186.08 -61.93 03 -14 -03 01 -12 -11 72.01 FRONTIER CORP. 663.65 674.18 10.53 09 -23 -03 01 -12 -11 24.00 FRONTIER CORP. 210.67 224.73 14.06 12 -20 -05 01 -12 -11 384.06 FRONTIER CORP. 3,085.04 3,595.61 510.57 03 -16 -06 01 -12 -11 96.02 FRONTIER CORP. 873.05 898.90 25.85 09 -27 -06 01 -12 -11 72.01 FRONTIER CORP. 699.39 674.18 -25.21 07 -10 -07 01 -12 -11 72.01 FRONTIER CORP. 809.02 674.18 - 134.84 07 -15 -08 01 -12 -11 24.00 FRONTIER CORP. 231.34 224.73 -6.61 08 -30 -10 01 -14 -11 90,000.000 US TREASURY NB 89,268.75 86,477.35 - 2,791.40 1.875% Due 08 -31 -17 18 19 . ICC Capital Management REALIZED GAINS AND LOSSES NORTH PALM BEACH POLICE & FIRE COMBINED FUND From I2 -31 -10 Through 03 -31 -11 Gain Or Loss Open Close Cost Date Date Quantity Security Basis Proceeds Short Term Long Term 11 -23 -10 01 -14 -11 90,000.000 US TREASURY N/B 89,071.88 86,104.68 - 2,967.20 1.875% Due 10 -31 -17 03 -25 -09 01 -18 -11 45,000.000 JOHNS HOPKINS 44,546.85 49,422.60 4,875.75 UNIVERSITY 5.250% Due 07 -01 -19 10 -15 -09 01 -19 -11 150.00 ENERGIZER HOLDINGS 9,917.23 10,797.92 880.68 INC 10 -07 =09 01 -19 -11 1,350.00 MARVELL TECHNOLOGY 20,532.82 28,603.65 8,070.82 GROUP 08 -19 -09 01 -24 -11 1,200.00 NEWMONT MINING CORP 47,369.64 66,049.73 18,680.09 07 -08 -10 01 -25 -11 20,000.000 US TREASURY N/B 22,109.38 20,518.75 - 1,590.63 4.625% Due 02 -15-40 04 -25 -06 02 -01 -11 35,000.000 KEY BANK NA 37,017.75 35,000.00 - 2,017.75 7.000% Due 02 -01 -11 09 -28 -06 02 -01 -11 1,500.060 FGCI N #G11776 1,449.43 1,500.06 50.63 4.500% Due 09 -01 -20 12 -15 -06 02 -01 -11 1,776.960 FGLIVIC #G02268 1,813.89 1,776.96 -36.93 6.500% Due 08 -01 -36 01 -08 -07 02 -01 -11 994.170 FGLMC #G02268 1,014.84 994.17 -20.67 6.500% Due 08 -01 -36 08 -24 -06 02 -01 -11 23.370 FGCI N #G12323 22.41 23.37 0.96 4.500% Due 08 -01 -21 04 -25 -06 02 -01 -11 407.060 FGCI N #J02507 378.82 407.06 28.24 4.000% Due 09 -01 -20 07 -31 -05 02 -01 -11 2,654.380 FGCI N #E01425 2,617.88 2,654.38 36.50 4.500% Due 08 -01 -18 07 -31 -05 02 -01 -11 913.720 FGCI N #B 16274 901.16 913.72 12.56 4.500% Due 07 -01 -19 01 -08 -07 02 -01 -11 1,010.610 FNCL # 256394 1,030.83 1,010.61 -20.22 6.500% Due 09 -01 -36 07 -31 -05 02 -01 -11 858.530 FNCIM #646924 863.90 858.53 -5.37 5.500% Due 05 -01 -17 03 -10 -10 02 -01 -11 1,438.640 G2 POOL # 4447 1,507.87 1,438.64 -69.23 5.000% Due 05 -20 -39 12 -18 -09 02 -01 -11 1,517.960 G2 POOL # 4194 1,610.93 1,517.96 -92.97 5.500% Due 07 -20 -38 07 -22 -08 02 -01 -11 796.080 G2 POOL # 4195 795.21 796.08 0.87 6.000% Due 07 -20 -38 02 -22 -10 02 -01 -11 764.050 GN POOL # 782119 818.13 764.05 -54.08 6.000% Due 08 -15 -36 12 -03 -09 02 -01 -11 1,379.710 GNSF 5.5% POOL #714005 1,464.65 1,379.71 -84.94 5.500% Due 10 -15 -39 01 -18 -11 02 -02 -11 50,000.000 US TREASURY NB 46,890.62 46,453.13 - 437.49 2.M% Due 11 -15 -20 01 -26 -11 02 -02 -11 55,000.000 US TREASURY N/B 48,958.59 48,271.09 - 687.50 3.875% Due 08 -15-40 04 -16 -10 02 -04 -11 50,000.000 GOLDMAN SACHS 50,022.50 50,861.00 838.50 GROUP INC 5.375% Due 03 -15 -20 03 -24 -09 02 -08 -11 0.50 APERAM 11.68 20.36 8.68 09 -10 -09 02 -09 -11 50,000.000 NOVANT HEALTH INC 49,992.00 51,687.00 1,695.00 5.850% Due 11 -01 -19 02 -04 -11 . 02 -14 -11 60,000.000 US TREASURY NB 51,881.25 52,209.38 328.13 3.875% Due 08 -15 -40 12 -27 -10 02 -18 -11 4,000.00 VALERO ENERGY 91,872.80 118,085.32 26,212.52 19 . ICC Capital Management REALIZED GAINS AND LOSSES NORTH PALM BEACH POLICE & FIRE COMBINED FUND From 12 -31 -10 Through 03 -31 -11 Gain Or Loss Open Close Cost Date Date Quantity Security Basis Proceeds Short Term Long Term 09 -20 -10 02 -22 -11 100.00 CONCHO RESOURCES INC 6,468.69 10,561.79 4,093.10 12 -22 -10 02 -23 -11 100.00 CF INDUSTRIES 12,747.43 13,059.93 312.50 HOLDINGS INC. 09 -28 -06 03 -01 -11 1,531.810 FGCI N #G11776 1,480.11 1,531.81 51.70 4.500% Due 09 -01 -20 12 -15 -06 03 -01 -11 1,631.850 FGLMC #G02268 1,665.77 1,631.85 -33.92 6.500% Due 08 -01 -36 01 -08 -07 03 -01 -11 912.980 FGLMC #G02268 931.96 912.98 -18.98 6.500% Due 08 -01 -36 08 -24 -06 03 -01 -11 19.200 FGCIN #G12323 18.41 19.20 0.79 4.500% Due 08 -01 -21 02 -02 -11 03 -01 -11 3,694.640 FG POOL #G05900 4,013.88 3,694.64 - 319.24 6.000% Due 03 -01 -40 04 -25 -06 03 -01 -11 417.120 FGCI N #702507 388.18 417.12 28.94 4.000% Due 09 -01 -20 07 -31 -05 03 -01 -11 2,073.490 FGCI N #E01425 2,044.98 2,073.49 28.51 4.500% Due 08 -01 -18 07 -31 -05 03 -01 -11 551.910 FGCI N #B 16274 544.32 551.91 7.59 4.500% Due 07 -01 -19 01 -08 -07 03 -01 -11 597.740 FNCL # 256394 609.70 597.74 -11.96 6.500% Due 09 -01 -36 07 -31 -05 03 -01 -11 862.970 FNCIM #646924 868.36 862.97 -5.39 5.500% Due 05 -01 -17 03 -10 -10 03 -01 -11 1,316.140 G2 POOL # 4447 1,379.48 1,316.14 -63.34 5.000% Due 05 -20 -39 12 -18 -09 03 -01 -11 1,307.020 G2 POOL # 4194 1,387.07 1,307.02 -80.05 5.500% Due 07 -20 -38 07 -22 -08 03 -01 -11 623.070 G2 POOL # 4195 622.39 623.07 0.68 6.000% Due 07 -20 -38 02 -22 -10 03 -01 -11 1,053.320 GN POOL # 782119 1,127.88 1,053.32 -74.56 6.000% Due 08 -15 -36 12 -03 -09 03 -01 -11 1,391.000 GNSF 5.5% POOL #714005 1,476.63 1,391.00 -85.63 5.500% Due 10 -15 -39 01 -12 -11 03 -04 -11 40,000.000 US TREASURYN/B 39,912.50 39,818.75 -93.75 1.000% Due 01 -15 -14 11 -07 -08 03 -07 -11 2,000.00 NABORS INDUSTRIES INC. 29,883.40 55,265.73 25,382.33 12 -03 -09 03 -08 -11 60,000.000 CITIGROUP INC 61,069.80 65,762.40 4,692.60 6.010% Due 01 -15 -15 09 -27 -10 03 -14 -11 145,000.000 FANNIE MAE 145,000.00 144,420.00 - 580.00 1.000% Due 10 -18 -13 10 -07 -09 03 -24 -11 350.00 FEDERATED INVESTORS 9,026.50 9,211.40 184.90 INC -CL B 10 -07 -09 03 -25 -11 250.00 UNITED PARCEL SVC INC 13,906.50 18,053.23 4,146.73 07 -22 -10 03 -31 -11 40,000 UNIVERSITY VA UNIV 40,624.00 37,692.40 - 2,931.60 REVS 5.000% Due 09 -01-40 TOTAL GAINS 46,056.92 80,768.24 TOTAL LOSSES - 12,761.40 - 3,444.16 1,259,685:57 1,370,305:18 33,295.52 ..:77,324.09 TOTAL REALIZED GAIN/LOSS 110,619.61 20 ICC Capital Management PORTFOLIO SUMMARY NOR TH PALM BEA CH POLICE & FIRE COMBINED FUND March 31, 2011 Security Type Cash & Equivalents CASH AND EQUIVALENTS Equities COMMON STOCK MATERIALS INDUSTRIALS TELECOMMUNICATIONS CONSUMER DISCRETIONARY CONSUMER STAPLES ENERGY FINANCIALS HEALTH CARE INFORMATION TECHNOLOGY UTILITIES COMMON STOCK. Total Cost Pct. Cur. Est.Annual Market Value Assets Yield Income 469,350.56 469,350.56 4.2 0.1 305.65 469,350.56 164,945.41 889,838.80 179,180.45 546,859.81 380,400.54 511,065.58 1,240,826.29 489,581.37 724,3 82.37 191,206.35 5,318,286.97 5,318,286.97 469,350.56 4.2 0.1 185,782.75 1.7 980,492.97 8.8 197,474.86 1.8 606,666.00 5.5 376,322.01 3.4 776,281.20 7.0 945,960.47 8.5 603,609.75 5.4 851,510.32 7.7 217,834.50 2.0 5,741,934.83 51.7 5,741,934.83 51.7 1.3 1.4 2.5 2.5 1.9 1.0 1.5 0.9 1.0 5.0 1.6 1.6 21 305.65 2,339.00 13,909.28 4,966.60 15,106.00 7,096.12 7,721.60 14,006.36 5,710.00 8,490.24 10,784.00 90,129.20 90,129.20 272.01 950.62 2,191.36 2,336.13 746.75 2,877.31 1,344.00 2,846.96 1,866.49 957.27 795.37 17,184.29 14,091.00 26,768.50 0.2 1.0 MATERIALS 56,932.19 71,402.23 0.6 1.3 INDUSTRIALS 13 9,600.26 167,577.40 1.5 1.3 TELECOMMUNICATIONS 109,222.98 122,005.00 1.1 1.9 CONSUMER 45,312.70 61,290.50 0.6 1.2 DISCRETIONARY CONSUMER STAPLES 125,005.83 134,259.50 1.2 2.1 ENERGY 23,257.42 17,656.00 0.2 7.6 FINANCIALS 109,364.12 104,924.00 0.9 2.7 HEALTH CARE 31,718.47 28,807.50 0.3 6.5 INFORMATION 67,929.83 73,190.50 0.7 1.3 TECHNOLOGY TRANSPORTATION 55,054.64 64,373.50 0.6 1.2 ADR's 1 777,489.44 872,254.63 7.9 2.0 21 305.65 2,339.00 13,909.28 4,966.60 15,106.00 7,096.12 7,721.60 14,006.36 5,710.00 8,490.24 10,784.00 90,129.20 90,129.20 272.01 950.62 2,191.36 2,336.13 746.75 2,877.31 1,344.00 2,846.96 1,866.49 957.27 795.37 17,184.29 ICC Capital Management PORTFOLIO SUMMARY NORTH PALM BEACH POLICE & FIRE COMBINED FUND March 31, 2011 Security Type Total Cost 777,489.44 Fixed Income Pct. . Cur. Market Value Assets Yield Est.Annual Income 872,254.63 7.9 2.0 17,184.29 CORPORATE BONDS 2,155,517.60 2,241,598.17 20.2 4.1 91,316.47 MUNICIPAL BONDS 119,905.20 123,871.20 1.1 5.6 6,876.40 GOVERNMENT 324,022.27 319,060.17 2.9 2.5 8,118.75 BONDS MORTGAGE POOLS 985,463.74 1,031,830.66 9.3 5.1 52,397.86 GOVERNMENT 258,141.70 265,424.20 2.4 4.1 10,887.50 SPONSORED BOND Accrued Interest 35,009.43 0.3 ' 3,843,050.51 4,016,793.83 36.2 4.3 169,596.98 TOTAL PORTFOLIO 10,408,177.48 11,100,333.85 < 100.0 2.5 277,216.13 22 ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEACH POLICE & FIRE PENSION VAL UE March 31, 2011 23 Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS 154,430.42 154,430.42 3.4 0.1 DIV CASH ACCRUAL ACCT 3,471.29 3,471.29 0.1 0.0 157,901.71 157,901.71 3.5 0.1 COIVL ION STOCK MATERIALS 2,475.00 DOW CHEM CO 37.22 92,113.11 37.75 93,431.25 2.1 1.6 92,113.11 93,431.25 2.1 1.6 INDUSTRIALS 900.00 CATERPILLAR 56.50 50,846.00 111.35 100,215.00 2.2 1.5 TRACTOR CO 1,900.00 DOVER CORP 51.63 98,105.61 65.74 124,906.00 2.8 0.9 1,100.00 GENERAL 77.66 85,429.52 76.56 84,216.00 1.9 2.5 DYNAMICS CORP 5,736.00 GENERAL ELECTRIC 33.27 190,831.55 20.05 115,006.80 2.5 2.4 CO. 216.67 HUNTINGTON 35.81 7,759.56 41.50 8,991.67 0.2 ? INGALLS INDUSTRIES INC 1,200.00 NORFOLK 50.04 60,050.90 69.27 83,124.00 1.8 2.3 SOUTHERN CORP. 1,300.00 NORTHROP 58.34 75,836.55 62.71 81,523.00 1.8 2.6 GRUMMAN 7,400.00 SOUTHWEST 12.52 92,665.32 12.63 93,462.00 2.1 0.1 AIRLINES CO. 661,525.01 691,444.47 15.3 1.7 TELECOMMUNICATIONS 1,900.00 CENTURYLINK INC 42.51 80,759.69 41.55 78,945.00 1.7 0.6 2,384.00 VERIZON 30.40 72,468.98 38.54 91,879.36 2.0 4.9 COMMUNICATIONS 153,228.67 170,824.36 3.8 2.9 CONSUMER DISCRETIONARY 2,400.00 HOME DEPOT 39.02 93,652.47 37.06 88,944.00 2.0 2.4 2,100.00 JOHNSON 23.24 48,797.17 41.57 87,297.00 1.9 1.5 CONTROLS, INC. 4,700.00 KB HOME 12.13 56,987.64 12.44 58,468.00 1.3 8.0 800.00 MCDONALD'S CORP 36.99 29,589.78 76.09 60,872.00 1.3 2.9 7,000.00 PULTE CORP 11.26 78,835.42 7.40 51,800.00 1.1 2.7 1,000.00 VF CORP. 86.51 86,509.60 98.53 98,530.00 2.2 2.6 394,372.07 445,911.00 9.8 3.1 CONSUMER STAPLES 3,400.00 CONAGRA INC. 21.70 73,766.40 23.75 80,750.00 1.8 3.4 3,100.00 DR PEPPER SNAPPLE 36.47 113,048.94 37.16 115,196.00 2.5 0.0 GROUP INC 900.00 PROCTOR & 57.05 51,348.10 61.60 55,440.00 1.2 2.9 GAMBLE CO 238,163.44 251,386.00 5.5 1.7 23 ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEACH POLICE & FIRE PENSION VAL UE March 31, 2011 24 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield ENERGY 800.00 APACHE CORP. 100.15 80,121.60 130.92 104,736.00 2.3 0.5 1,030.00 CHEVRON CORP 51.79 53,340.05 107.49 110;714.70 2.4 2.5 1,300.00 HESS CORP 47.35 61,560.94 85.21 110,773.00 2.4 0.5 600.00 OCCIDENTAL PETE 81.88 49,127.34 104.49 62,694.00 1.4 1.3 CORP 2,800.00 VALERO ENERGY 22.97 64,310.96 29.82 83,496.00 1.8 2.0 900.00 WALTER ENERGY 84.57 76,110.21 135.43 121,887.00 2.7 0.1 INC 384,571.10 594,300.70 13.1 1.1 FINANCIALS 1,000.00 ALLSTATE CORP 59.13 59,130.80 31.78 31,780.00 0.7 2.5 11,059.00 BANK OF AMERICA 22.56 249,466.75 13.33 147,416.47 3.3 0.3 CP NEW 2,000.00 BANK OF NEW YORK 35.07 70,137.44 29.87 59,740.00 1.3 1.7 MELLON CORP 14,300.00 CITIGROUP 13.77 196,938.91 4.42 63,206.00 1.4 0.0 4,000.00 FULTON FINANCIAL 9.81 39,237.40 11.11 44,440.00 1.0 1.4 CORP 700.00 GOLDMAN SACHS 159.81 111,869.26 158.60 111,020.00 2.4 0.9 GROUP INC. 1,400.00 HARTFORD 64.13 89,788.00 26.93 37,702.00 0.8 0.7 FINANCIAL GROUP 3,000.00 JP MORGAN CHASE 35.84 107,512.06 46.10 138,300.00 3.1 2.2 CO 5,600.00 KIMCO REALTY 12.85 71,959.25 18.34 102,704.00 2.3 3.9 CORP 1,000.00 PRUDENTIAL 84.89 84,891.69 61.58 61,580.00 1.4 1.9 SECURITIES 700.00 STATE STREET CORP 66.11 46,278.38 44.94 31,458.00 0.7 1.6 1,100.00 TRANSATLANTIC 52.11 57,318.33 48.67 53,537.00 1.2 1.7 HOLDINGS INC 1,184,528.27 882,883.47 19.5 1.6 HEALTH CARE 1,100.00 AETNA INC 26.84 29,523.12 37.43 41,173.00 0.9 0.1 2,400.00 AMERISOURCE 18.01 43,231.09 3956 94,944.00 2.1 1.0 BERGEN CORP 1,600.00 CIGNA CORP 29.96 47,936.00 44.28 70,848.00 1.6 0.1 5,700.00 MYLAN 18.35 104,603.76 22.66 129,162.00 2.8 0.5 LABORATORIES 4,700.00 PFIZER INC. 26.15 122,884.71 20.31 95,457.00 2.1 3.2 348,178.68 431,584.00 9.5 1.1 INFORMATION TECHNOLOGY 5,900.00 APPLIED MATLS INC 16.98 100,160.80 15.62 92,158.00 2.0 2.0 1,400.00 AVNET INC. 27.59 38,627.54 34.09 47,726.00 1.1 0.0 3,500.00 CISCO SYSTEMS INC 19.53 68,347.45 17.15 60,025.00 1.3 1.4 1,100.00 FISERV INC .60.46 66,503.25 62.72 68,992.00 1.5 0.0 3,800.00 INTEL CORP 21.35 81,134.35 20.18 76,684.00 1.7 3.6 16,000.00 MICRON 7.06 112,993.30 11.47 183,520.00 4.0 0.0 TECHNOLOGY INC 3,600.00 MICROSOFT CORP. 27.63 99,472.44 25.39 91,404.00 2.0 2.0 567,239.13 620,509.00 13.7 1.2 24 ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEA CH POLICE & FIRE PENSION VAL UE !March 31, 2011 . 25 Unit Total Market Pct. Cur. Quantity Security 'Cost Cost Price Value Assets Yield UTILITIES 2,100.00 AMERICAN ELEC 30.33 63,685.81 35.14 73,794.00 1.6 5.2 POWER INC 900.00 CONSOLIDATED 38.29 34,462.89 50.72 45,648.00 1.0 4.7 EDISON 1,600.00 PROGRESS ENERGY 46.44 74,297.15 46.14 73,824.00 1.6 5.4 INC 172,445.85 193,266.00 4.3 5.2 COMMON STOCK Total 4,196,365.33 4,375,540.25 96.5 1.8 TOTAL.PORTFOLIO 4,354,267.04 4,533;441.96 100.0 " 1.7 25 ICC Capital Management PORTFOLIO APPRAISAL NORTHPALMBEACHPOLICE & FIRE GROWTHPENSION March 31, 2011 Unit Total iVlarket Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS DIV CASH ACCRUAL ACCT COMMON STOCK MATERIALS 650.00 ALBEMARLE CORP 49.52 350.00 CLIFFS NATURAL 71.79 RESOURCES INC 350.00 NEWMONT MINING 44.33 CORP INDUSTRIALS 800.00 4,950.00 AMR CORD 450.00 EXPEDITORS INTL 1NTERPUBLIC WASH INC 300.00 GENERAL INC. DYNAMICS CORD 1,200.00 GENERAL ELECTRIC PULTE CORP CO. 650.00 IDEX CORP 450.00 PARKER - HANNIFIN 36,554.66 CORP. 2,600.00 SOUTHWEST 0.0 AIRLINES CO. 850.00 THOMAS & BETTS 1.7 CORP 500.00 TORO CO TELECOMMUNICATIONS 250.00 AMERICAN TOWER 19,392.00 CORPORATION 2,450.00 CLEARWIRE 2.4 CORD -CLASS A CONSUMER DISCRETIONARY 800.00 DARDEN 2.9 RESTAURANTS INC 2,850.00 1NTERPUBLIC 34,398.00 GROUP COMPANIES 0.8 INC. 650.00 NORDSTROM INC. 1,800.00 PULTE CORP 450.00 TARGET 92,351.50 CORPORATION CONSUMER STAPLES 650.00 CVS CAREMARK CORP 7.38 36.61 67.90 16.16 43.01 79.48 8.98 30.46 45.10 36.82 6.84 48.22 9.78 41.45 11.71 48.15 35.75 26 35.198.77 36,146.02 35,198.77 2.6 0.1 947.25 0.1 0.0 36,146.02 2.7 0.1 32,190.47 59.77 38,850.50 2.9 0.9 25,127.38 98.28 34,398.00 2.5 0.8 15,514.45 54.58 19,103.00 1.4 " 1.1 72,832.30 - 92,351.50 6.8 0.9 36,554.66 6.46 31,977.00 2.4 0.0 16,476.26 50.15 22,567.50 1.7 0.8 20,370.84 76.56 22,968.00 1.7 2.5 19,392.00 20.05 24,060.00- 1.8 2.4 27,957.87 43.65 28,372.50 2.1 ? 35,765.04 94.68 42,606.00 3.1 1.4 23,355.43 12.63 32,838.00 2.4 0.1 25,890.23 59.47 50,549.50 3.7 0.0 22,551.45 66.22 33,110.00 2.4 1.1 223,313.78 289,048.50 21.3 0.8 9,205.00 51.82 12,955.00 1.0 0.0 16,746.78 5.59 13,695.50 1.0 ? 25,951.78 26,650.50 2.0 0.0 38,579.04 49.13 39,304.00 2.9 ? 27,867.14 12.57 35,824.50 2.6 0.0 26,940.75 44.88 29,172.00 2.1 1.0 21,081.24 7.40 13,320.00 1.0 2.7 21,665.52 50.01 22,504.50 1.7 1.4 136,133.69 140,125.00 10.3 0.7 23,238.02 34.32 22,308.00 1.6 1.5 ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEACH POLICE & FIRE GROWTH PENSION March 31, 2011 27 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield 550.00 MEAD JOHNSON 60.82 33,448.49 57.93 31,861.50 2.3 1.8 NUTRITION CO 450.00 PEPSICO INC. 63.29 28,482.17 64.41 28,984.50 2.1 2.8 700.00 SYSCO CORP 29.98 20,988.52 27.70 19,390.00 1.4 3.8 106,157.20 102,544.00 7.5 2.4 ENERGY 500.00 ATWOOD OCEANICS 26.43 13,212.95 46.43 23,215.00 1.7 ? INC 250.00 CONCHO 65.83 16,457.46 107.30 26,825.00 2.0 ? RESOURCES INC 400.00 CONOCOPHILLIPS 60.29 24,115.28 79.86 31,944.00 2.3 2.1 150.00 EXXON MOBILE 64.85 9,726.87 84.13 12,619.50 0.9 2.0 CORP. 300.00 OCCIDENTAL PETE 80.30 24,091.26 104.49 31,347.00 2.3 1.3 CORP 650.00 SUPERIOR ENERGY 22.41 14,566.70 41.00 26,650.00 2.0 _0.0 SERVICES INC 400.00 WHTING 60.81 24,323.96 73.45 29,380.00 2.2 ? PETROLEUM CORP 126,494.48 181,980.50 13.4 0.7 FINANCIALS 300.00 AFFILIATED. 86.31 25,893.78 109.37 32,811.00 2.4 ? MANAGERS GROUP INC 100.00 FRANKLIN RES INC 102.15 10,215.50 125.08 12,508.00 0.9 0.7 650.00 MORGAN STANLEY 31.06 20,188.74 27.32 17,758.00 1.3 0.7 56,298.02 63,077.00 4.6 0.3 HEALTH CARE 250.00 ABBOTT LAB COM 50.19 12,547.50 49.05 12,262.50 0.9 3.3 200.00 BECTON DICKINSON 67.60 13,519.24 79.62 15,924.00 1.2 2.1 & CO 250.00 CERNER CORP 77.13 19,281.68 111.20 27,800.00 2.0 0.0 750.00 CIGNA CORP 30.46 22,844.46 44.28 33,210.00 2.4 0.1 350.00 GENZYME CORP 69.84 24,442.88 76.15 26,654.25 2.0 0.0 1,250.00 MYLAN 19.66 24,574.51 22.66 28,325.00 2.1 0.5 LABORATORIES 300.00 STRYKER CORP 53.08 15,924.72 60.80 18,240.00 1.3 0.2 3,100.00 SUPERGEN INC 2.67 8,267.70 3.10 9,610.00 0.7 0.0 141,402.69 172,025.75 12.7 0.6 INFORMATION TECHNOLOGY 150.00 APPLE COMPUTER 189.63 28,444.50 348.51 52,276.20 3.8 0.0 INC 700.00 BROADCOM CORP 29.76 20,830.53 39.38 27,566.00 2.0 0.9 700.00 EMC CORP 17.45 12,215.00 26.56 18,592.00 1.4 0.0 1,300.00 JDS UNIPHASE CORP 6.91 8,982.22 20.84 27,092.00 2.0 0.0 600.00 MARVELL 15.21 9,125.70 15.55 9,330.00 0.7 0.0 TECHNOLOGY GROUP 3,150.00 MICRON 8.17 25,750.31 11.47 36,130.50 2.7 0.0 TECHNOLOGY INC 1,700.00 MICROSOFT CORP. 25.07 42,617.98 25.39 43,163.00 3.2 2.0 27 ICC Capital Management PORTFOLIO APPRAISAL NORTHPALVIBEACHPOLICE & FIRE GROWTHPENSION IVlarch 31, 2011 28 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield 350.00 NETAPP INC 26.22 9,177.00 48.15 16,851.62 1.2 0.0 157,143.24 231,001.32 17.0 0.5 UTILITIES 1,650.00 NV ENERGY INC 11.37 18,760.50 14.89 24,568.50 1.8 3.2 18,760.50 24,568.50 1.8 3.2 COMMON STOCK Total 1,069,487.69 1,323,372.57 97.3 0.8 TOTAL PORTFOLIO 1,105,633.71 1;359;518.59 :100.0 0.8 28 ICC Capital Management 20,630.00 27.00 APERAM PORTFOLIO APPRAISAL ARCELORMITTAL 400.00 BARRICK GOLD NORTH PALM BEACH POLICE & FIRE ADR PENSION 600.00 TENARIS SA -ADR March 31, 2011 15,554.57 600.00 HITACHI LIMITED Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield_ CASH AND EQUIVALENTS SPONSORED ADR 3,100.00 STMICROELECTRONICS CASH & CASH EQUIVALENTS 187,015.53 187,015.53 16.9 0.1 DIV CASH ACCRUAL ACCT 1,820.34 1,820.34 0.2 0.0 188,835.87 188,835.87 17.1 0.1 COMMON STOCK CONSUMER DISCRETIONARY 500.00 ROYAL CARIBBEAN CRUISES LTD CONSUMER STAPLES 184.00 DR PEPPER SNAPPLE GROUP INC 496.00 KRAFT FOODS INCA ADR's COMMON STOCK Total 550.00 ISHARES MSCI EMERGING MKT IN MATERIALS 20,630.00 27.00 APERAM 550.00 ARCELORMITTAL 400.00 BARRICK GOLD 27.35 5,032.63 37.16 CORP 600.00 TENARIS SA -ADR INDUSTRIALS 15,554.57 600.00 HITACHI LIMITED 450.00 KYOCERA CORP ADR 700.00 PHILIPS . ELECTRONICS 500.00 SIEMENS AND TELEPHONE CO SPONSORED ADR 32.71 16,354.05 41.26 20,630.00 1.9 1.3 16,354.05 20,630.00 1.9 1.3 27.35 5,032.63 37.16 6,837.44 0.6 0.0 62.60 31,047.26 31.36 15,554.57 1.4 2.3 36,079.90 22,392.01 2.0 1.6 52,433.95 43,022.01 3.9 1.5 25.62 30.77 27.57 39.69 41.77 65.13 75.82 31.29 89.01 TELECOMMUNICATIONS 48.67 1,900.00 ALCATEL - LUCENT 2.89 650.00 BRITISH 42.37 2.4 TELECOMMUNICATIONS 830.86 39.99 P 0.1 1,850.00 L.M. ERICSSON 9.96 19,882.50 SPONSORED ADR 1.8 400.00 NIPPON TELEGRAPH 24.83 1.9 AND TELEPHONE CO 25,064.22 3,100.00 STMICROELECTRONICS 8.47 1.4 NV -NY SHS 29 14,091.00 48.67 26,768.50 2.4 1.0 14,091.00 26,768.50 2.4 1.0 830.86 39.99 1,079.73 0.1 ? 15,163.10 36.15 19,882.50 1.8 1.8 15,874.01 51.91 20,764.00 1.9 0.9 25,064.22 49.46 29,676.00 2.7 1.4 56,932.19 71,402.23 6.5 1.3 39,076.14 51.63 30,978.00 2.8 1.0 34,119.00 100.91 45,410.40 4.1 1.2 21,902.58 32.17 22,519.00 2.0 ? 44,502.54 137.34 68,670.06 6.2 2.0 139,600.26 167,577.40 15.2 1.3 5,482.77 5.81 11,039.00 1.0 0.0 27,537.60 30.08 19,552.00 1.8 3.1 18,424.50 12.86 23,791.00 2.2 1.2 9,931.28 22.49 8,996.00 0.8 2.4 26,268.10 12.42 38,502.00 3.5 0.8 ICC Capital Management PORTFOLIO APPRAISAL, NORTH PALM BEACH POLICE & FIRE ADR PENSION March 31, 2011 30 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield 700.00 VODAFONE 30.83 21,578.73 28.75 20,125.00 1.8 4.5 AIRTOUCH PLC 109,222.98 122,005.00 11.1 1.9 CONSUMER DISCRETIONARY 1,250.00 INTER 9.19 11,486.50 20.73 25,912.50 2.3 2.0 CONTINENTAL HOTELS GROUP PLC 1,900.00 NEWS 17.80 33,826.20 18.62 35,378.00 3.2 0.6 CORPORATION LTD 45,312.70 61,290.50 5.6 1.2 CONSUMER STAPLES 400.00 ANHEUSER -BUSCH 58.25 23_,301.64 57.17 22,868.00 2.1 ? INBEV 600.00 DIAGEO 70.35 42,208.20 76.22 45,732.00 4.1 3.1 1,400.00 UNILEVER N V 29.03 40,637.87 31.36 43,904.00 4.0 3.0 650.00 WEvIM- BILL -DANN 29.01 18,858.12 33.47 21,755.50 2.0 0.6 FOODS -ADR 125,005.83 134,259.50 12.2 2.1 ENERGY 400.00 BP PLC 58.14 23,257.42 44.14 17,656.00 1.6 7.6 23,257.42 17,656.00 1.6 7.6 FINANCIALS 1,930.00 BANCO BILBAO 15.19 29,324.19 12.00 23,160.00 2.1 5.2 VIZCAYA ADR 700.00 CREDIT SUISSE 52.02 36,414.00 42.58 29,806.00 2.7 3.3 GROUP 800.00 ING GROEP NV ADR 28.28 22,627.82 12.71 10,168.00 0.9 0.0 1,250.00 INVESCO LTD 15.38 19,222.83 25.56 31,950.00 2.9 1.6 400.00 XL GROUP PLC 4.44 1,775.28 24.60 9,840.00 0.9 1.6 109,364.12 104,924.00 9.5 .2.7 HEALTH CARE 750.00 GLAXO SMITHKLINE 42.29 31,718.47 38.41 28,807.50 2.6 6.5 PLC 31,718.47 28,807.50 2.6 6.5 INFORMATION TECHNOLOGY 700.00 SAP AG 44.66 31,259.73 61.36 42,952.00 3.9 1.6 950.00 SONY CORP 38.60 36,670.10 31.83 30,238.50 2.7 0.8 67,929.83 73,190.50 6.6 1.3 TRANSPORTATION 300.00 DAIMLERAG 73.91 22,173.00 70.79 21,237.00. 1.9 1.1 1,150.00 HONDA MOTOR CO. 28.59 32,831.64 37.51 43,136.50 3.9 1.3 LTD. 55,054.64 64,373.50 5.8 1.2 ADR's Total 777,489.44 872,254.63 79.0 2.0 30 Quantity ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEACH POLICE & FIRE ADR PENSION March 31, 2011 Unit Total Market Pct. Cur. Security Cost Cost Price Value Assets Yield TOTAL PORTFOLIO 1,018,759.26 1,104,111.51 100.0 1.6 31 ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEACH POLICE & FIRE PENSION FIXED INCOME March 31, 2011 32 Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS 86,466.96 86,466.96 2.1 01 86,466.96 86,466.96 2.1 0.1 CORPORATE BONDS 45,000.000 CITIGROUP INC 104.77 47,147.85 105.52 47,485.17 1.2 5.0 5.300% Due 10 -17 -12 85,000.000 FRANKLIN 101.56 86,329.40 101.09 85,930.24 2.1 2.0 RESOURCES INC 2.000% Due 05 -20 -13 75,000.000 BRISTOL -MYERS 100.98 75,732.75 109.47 82,103.40 2.0 4.8 SQUIBB 5.250% Due 08 -15 -13 50,000.000 GENERAL ELECTRIC 101.22 50,612.00 99.97 49,982.85 1.2 1.9 CAP CORP 1.875% Due 09 -16 -13 40,000.000 IBM CORP 99.24 39,695.20 112.59 45,036.40 1.1 5.8 6.500% Due 10 -15 -13 40,000.000 BAKER HUGHES INC 99.76 39,904.80 112.61 45,042.20 1.1 5.8 6.500% Due 11 -15 -13 55,000.000 MORGAN STANLEY 100.00 55,000.00 101.98 56,089.99 1.4 1.9 1.903% Due 01 -24 -14 40,000.000 GENERAL 99.53 39,811.20 110.55 44,221.52 1.1 4.7 DYNAMICS CORP 5.250% Due 02 -01 -14 40,000.000 HONEYWELL 99.56 39,824.80 106.71 42,684.96 1.0 3.6 INTERNATIONAL 3.875% Due 02 -15 -14 50,000.000 COCA -COLA CO 108.42 54,209.50 105.92 52,962.10 1.3 3.4 3.625% Due 03 -15 -14 75,000.000 GOLDMAN SACHS 96.70 72,523.75 106.59 79,943.10 1.9 4.7 5.000 %Due 10 -01 -14 90,000.000 JP MORGAN 112.13 100,915.20 109.91 98,922.06 2.4 5.2 5.700% Due 11 -15 -14 50,000.000 BANK OF NEY YORK 99.87 49,935.50 101.84 50,921.05 1.2 2.9 MELLON 2.950% Due 06 -18 -15 50,000.000 GENERAL ELEC CAP 99.86 49,929.50 102.21 51,107.05 1.2 3.4 CORP 3.500% Due 06 -29 -15 40,000.000 MORGAN STANLEY 99.65 39,862.00 101.63 40,651.20 1.0 3.9 4.000% Due 07 -24 -15 50,000.000 HEWLETT - PACKARD 101.34 50,668.00 98.06 49,030.60 1.2 2.2 CO 2.125% Due 09 -13 -15 45,000.000 MICROSOFT CORP 99.56 44,802.45 96.81 43,566.57 1.1 1.7 1.625% Due 09 -25 -15 50,000.000 WAL -MART STORES 99.09 49,547.50 95.67 47,834.90 1.2 1.6 INC 1.500% Due 10 -25 -15 50,000.000 PROCTER & GAMBLE 99.20 49,600.00 97.67 48,833.55 1.2 1.8 CO/THE 1.800% Due 11 -15 -15 80,000.000 SAM DIEGO GAS & 111.89 89,508.80 111.42 89,138.96 2.2 4.8 ELECTRIC 5.300% Due 11 -15 -15 32 ICC Capital Management PORTFOLIO APPRAISAL NOR TH PALM BEACH POLICE & FIRE PENSION FIXED INCOME March 31, 2011 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield 55,000.000 EI DU PONT DE MUNICIPAL BONDS 40,000 UTAH ST 4.554% Due 07 -01 -24 99.86 99.58 99.86 101.36 100.67 98.90 102.45 54,920.80 96.27 49,792.50 NEMOUR & CO 39,944.40 1.950% Due 01 -15 -16 50,000.000 STATE STREET CORP 50,337.05 2.875% Due 03 -07 -16 40,000.000 BB &T CORPORATION 40,978.40 3.200% Due 03 -15 -16 70,000.000 AT &T INC 4.8 5.625% Due 06 -15 -16 50,000.000 WELLS FARGO & 57,681.25 COMPANY 39,987.60 3.676% Due 06 -15 -16 100,000.000 MCDONALD'S CORP 39,826.80 5.300% Due 03 -15 -17 40,000.000 VERIZON 49, 805.00 COMMUNICATIONS 42,941.04 5.500% Due 04 -01 -17 50,000.000 MERCK & CO INC 1.1 6.000% Due 09 -15 -17 70,000.000 MCDONALD'S CORP 4.7 5.800% Due 10 -15 -17 35,000.000 CONS EDISON CO OF 74,642.68 NY 39,917.20 5.850% Due 04 -01 -18 40,000.000 AMGEN INC 39,958.80 5.700% Due 02 -01 -19 40,000.000 CISCO SYSTEMS INC 4.950% Due 02 -15 -19 40,000.000 CHEVRON CORP 4.950% Due 03 -03 -19 40,000.000 ABBOTT LABORATORIES 5.125% Due 04 -01 -19 50,000.000 BLACKROCK INC 5.000% Due 12 -10 -19 65,000.000 CONOCOPHILLIPS 6.000% Due 01 -15 -20 55,000.000 BERKSHIRE HATHAWAY FIN 4.250% Due 01 -15 -21 50,000.000 OCCIDENTAL PETROLEUM CORP 4.100% Due 02 =01 -21 40,000.000 WELLS FARGO & CO 4.600% Due 04 -01 -21 40,000.000 UNIVERSITY OF CHICAGO 5.420% Due 10 -01 -30 Accrued Interest MUNICIPAL BONDS 40,000 UTAH ST 4.554% Due 07 -01 -24 99.86 99.58 99.86 101.36 100.67 98.90 102.45 54,920.80 96.27 49,792.50 99.34 39,944.40 99.32 70,955.50 111.87 50,337.05 100.59 98,899.00 111.49 40,978.40 110.26 115.26 57,630.00 115.36 102.47 71,728.30 114.48 78,306.06 99.96 34,984.60 113.11 1.2 99.78 39,910.80 111.77 4.8 98.81 39,526.00 107.35 57,681.25 99.97 39,987.60 110.34 2.0 99.57 39,826.80 108.05 5.2 99.61 49, 805.00 104.91 42,941.04 101.29 65,836.55 114.83 1.1 99.49 54,720.60 99.96 4.7 100.59 50,297.50 99.04 74,642.68 99.79 39,917.20 98.89 1.3 99.90 39,958.80 100.00 100.00 40,000.00 101.86 33 52,945.91 1.3 2.0 49,670.00 1.2 2.9 39,726.20 1.0 3.2 78,306.06 1.9 5.0 50,295.50 1.2 3.7 111,494.50 2.7 4.8 44,104.48 1.1 5.0 57,681.25 1.4 5.2 80,139.43 2.0 5.1 39,587.62 1.0 5.2 44,709.04 1.1 5.1 42,941.04 1.0 4:6 44,134.96 1.1 4.5 43,221.56 1.1 4.7 52,452.55 1.3 4.8 74,642.68 1.8 5.2 54,979.76 1.3 4.3 49,521.95 1.2 4.1 39,556.20 1.0 4.7 39,999.60 1.0 5.4 24,181.76 0.6 2,265,779.94 55.2 4.1 40,745.60 1.0 4.5 34 ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEACH POLICE & FIRE PENSION FIXED INCOME March 31, 2011 Unit Total Market Pet. Cur. Quantity Security Cost Cost Price Value Assets Yield 40,000 NORTH CAROLINA 99.76 39,905.20 103.54 41,418.00 1.0 6.5 TPK AUTH 6.700% Due 01 -01 -39 40,000 UTAH TRAN AUTH 100.00 40,000.00 104.27 41,707.60 1.0 5.7 SALES TAX REV 5.937% Due 06 -15 -39 0 UNIVERSITY VA 0.00 0.00 94.31 0.00 0.0 5.3 UNIV REVS 5.000% Due 09 -01 -40 Accrued Interest 1,991.31 0.0 119,905.20 125,862.51 3.1 5.6 GOVERNMENT BONDS 50,000.000 US TREASURY NB 99.95 49,972.66 100.06 50,031.25 1.2 1.2 1.250% Due 02 -15 -14 40,000.000 US TREASURY NB 100.20 40,081.25 96.71 38,684.36 0.9 1.3 1.250% Due 09 -30 -15 50,000.000 US TREASURY NB 100.53 50,265.63 96.49 48,246.09 1.2 1.3 1.250% Due 10 -31 -15 50,000.000 US TREASURY NB 98.77 49,382.81 99.24 49,621.09 1.2 2.8 2.750% Due 02 -28 -18 105,000.000 US TREASURY NB 103.23 108,396.09 101.42 106,492.99 2.6 3.6 3.625% Due 02 -15 -21 25,000.000 US TREASURY NB 103.70 25,923.83 103.94 25,984.37 0.6 4.6 4.750% Due 02 -15 -41 Accrued Interest 915.14 0.0 324,022.27 319,975.31 7.8 2.5 MORTGAGE POOLS 77,931.872 FNCI M #646924 100.62 78,418.95 108.53 84,576.03 2.1 5.1 5.500% Due 05 -01 -17 83,659.590 FGCI N #E01425 98.62 82,509.27 105.89 88,588.14 2.2 4.2 4.500% Due 08 -01 -18 47,370.090 FGCIN #13 16274 98.63 46,718.75 105.81 50,122.15 1.2 4.3 4.500% Due 07 -01 -19 34,428.470 FGCI N #G11776 96.63 33,266.54 105.53 36,331.81 0.9 4.3 4.500% Due 09 -01 -20 49,601.620 FGCIN002507 93.06 46,160.51 104.39 51,779.43 1.3 3.8 4.000% Due 09 -01 -20 510.002 FGC1 N #G12323 95.88 488.96 105.53 538.20 0.0 4.3 4.500% Due 08 -01 -21 92,588.474 FGLMC #G02268 102.08 94,513.06 112.33 104,001.21 2.5 5.8 6.500% Due 08 -01 -36 56,893.963 GN POOL # 782119 107.08 60,920.99 110.09 62,635.70 1.5 5.4 6.000% Due 08 -15 -36 38,586.190 FNCL # 256394 102.00 39,358.22 112.44 43,384.65 1.1 5.8 6.500% Due 09 -01 -36 85,894.506 FNCL #889579 109.39 93,960.54 108.95 93,583.18 2.3 5.5 6.000% Due 05 -01 -38 60,792.170 G2 POOL # 4194 106.12 64,515.69 108.21 65,782.17 1.6 5.1 5.500% Due 07 -20 -38 28,903.100 G2 POOL # 4195 99.89 28,871.45 109.28 31,585.68 0.8 5.5 6.000% Due 07 -20 -38 87,878.022 G2 POOL 4 4447 104.81 92,107.15 106.27 93,384.11 2.3 4.7 5.000% Due 05 -20 -39 34 35 ICC Capital Management PORTFOLIO APPRAISAL NORTH PALM BEACH POLICE & FIRE PENSION FIXED INCOME March 31, 2011 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield 71,190.988 GNSF 5.5% POOL 106.16 75,573.68 108.45 77,205.13 1.9 5.1 #714005 5.500% Due 10 -15 -39 136,302.586 FG POOL #G05900 108.64 148,079.98 108.83 148,333.06 3.6 5.5 6.000% Due 03 -01 -40 Accrued Interest 4,366.49 0.1 985,463.74 1,036,197.15 25.3 5.1 GOVERNMENT SPONSORED BOND 50,000.000 FANNIE MAE 99.99 49,993.50 99.59 49,795.35 1.2 1.4 1.400% Due 01 -06 -14 50,000.000 FANNIE NIAE 100.00 50,000.00 99.51 49,752.85 1.2 1.4 1.375% Due 01 -27 -14 60,000.000 FANNIE NIAE 99.20 59,518.20 100.40 60,239:70 1.5 6.0 6.000% Due 04 -28 -21 100,000.000 FREDDIE NIAC 98.63 98,630.00 105.64 105,636.30 2.6 5.6 5.900% Due 06 -15 -22 Accrued Interest 3,554.72 0.1 258,141.70 268,978.92 6.6 4.1 TOTAL PORTFOLIO 3,929,517,47. 4;103,260.79 100.0 4:2 35 Vote Summary Report Date range covered: 01/01/2011 to 03/31/2011 "ocation(s): ICC Capital Institution Account(s): NORTH PALM BEACH POLICE & FIRE Energizer Holdings, Inc. An IVISC.I Brand jr,:;er Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan ENR 18- Jan -11 USA 29266R108 Annual 19- Nov -10 18- Nov -10 300 300 300 0 CUSIP: 29266R108 ISIN: US29266RIO86 SEDOL: 2569297 Proxy Level: 3 Meeting ID: 612750 Votable CUSIP: 478366107 ISIN: US4783661071 Vote toting Policy: Taft- Hartley Ballot Count: 1 Proponent Proposal Mgmt Rec ISS Rec Policy Rec Instruction 1.1 Elect Director Ward M. Klein Mgmt Yes For For For For 1.2 Elect Director W. Patrick McGinnis Mgmt Yes For For For For 1.3 Elect Director John R. Roberts Mgmt Yes For For For For 2 Amend Omnibus Stock Plan Mgmt Yes For For Against Against 3 Approve Executive Incentive Bonus Plan Mgmt Yes For For Against Against 4 Ratify Auditors Mgmt Yes For For Against Against Accounts and Shares Withhold 2 Ratify Auditors Mgmt Yes For Institutional Account Detail (IA Name, IA Number) Against Custodian Account 3 Ballot Status Available Voted NORTH PALM BEACH POLICE & FIRE, NPALM For 80106313 For Confirmed 300 300 Yes For Against Against Totals: 300 300 Johnson Controls, Inc. Ticker Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan .:I 26- Jan -11 USA 478366107 Annual 18- Nov -10 2,100 2,100 2,100 0 CUSIP: 478366107 ISIN: US4783661071 SEDOL: 2476803 Proxy Level: 3 Meeting ID: 613826 Votable Vote tDking Policy: Taft - Hartley Ballot Count: 1 Proponent Proposal Mgmt Rec ISS Rec Policy Rec Instruction 1.1 Elect Director Natalie A. Black Mgmt Yes For For Withhold Withhold 1.2 Elect Director Robert A. Cornog Mgmt Yes For For Withhold Withhold 1.3 Elect Director William H. Lacy Mgmt Yes For For Withhold Withhold 1.4 Elect Director Stephen A. Roell Mgmt Yes For For Withhold Withhold 2 Ratify Auditors Mgmt Yes For For Against Against 3 Adopt Majority Voting for Uncontested Election of Directors Mgmt Yes For For For For 4 Amend Executive Incentive Bonus Plan Mgmt Yes For Against Against Against 5 Amend Executive Incentive Bonus Plan Mgmt Yes For Against Against Against An IVISCI Brand Vote Summary Report Date range covered: 01/01/2011 to 03/31/2011 ocation(s): ICC Capital Tnstitution Account(s): North Palm Beach Police and Firefighters Pension Fund ADR Meeting for ADR Holders Mgmt No Management Proposals Mgmt No 1 Receive Supervisory Board Report, Corporate Governance Mgmt No Report, Remuneration Report, and Compliance Report for Fiscal 2009/2010 (Non- Voting) 2 Receive Financial Statements and Statutory Reports for Fiscal Mgmt No 2009/2010 (Non- Voting) 3 Approve Allocation of Income and Dividends of EUR 2.70 per Mgmt Yes For For For For Share 4 Approve Discharge of Management Board for Fiscal Mgmt Yes For For For For 2009/2010 5 Approve Discharge of Supervisory Board for Fiscal 2009/2010 Mgmt Yes For For For For 6 Approve Remuneration System for Management Board Mgmt Yes For For For For Members 7 Ratify Ernst & Young GmbH as Auditors for Fiscal 2010/2011 Mgmt Yes For For For For and for the Inspection of the Abbreviated Financial Statements for the First Half of Fiscal 2010/2011 8 Authorize Share Repurchase Program and Reissuance or Mgmt Yes For For For For Cancellation of Repurchased Shares 9 Authorize Use of Financial Derivatives when Repurchasing Mgmt Yes For For For For Shares 10 Approve Creation of EUR 90 Million Pool of Capital to Mgmt Yes For For For For Guarantee Conversion Rights for Issuance of Shares to Employees 11 Approve Remuneration of Supervisory Board Mgmt Yes For For For For 12 Approve Affiliation Agreements with Siemens Finance GmbH Mgmt Yes For For For For 13 Approve Issuance of Warrants /Bonds with Warrants Mgmt . Yes For For For For Attached /Convertible Bonds without Preemptive Rights up to Aggregate Nominal Amount of EUR 15 Billion; Approve Creation of EUR 270 Million Pool of Capital to Guarantee Conversion Rights Shareholder Proposal Submitted by Verein von Mgmt No Belegschaftsaktionaeren in der Siemens AG e.V. 14 Amend Corporate Purpose SH Yes Against Against Against Against Accounts and Shares Institutional Account Detail (IA Name, IA Number) Custodian Account Ballot Status Available Voted North Palm Beach Police and Firefighters Pension Fund ADR, npa1mpf4 80105831 Confirmed 500 500 Totals: S00 S00 Banco Bilbao Vizcaya Argentaria, S.A. cker Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan N/A 11- Mar -11 Spain E11805103 Annual 14- Feb -11 1,930 1,930 1,930 0 CUSIP: E11805103 ISIN: ES0113211835 SEDOL: 5501906 Proxy Level: N/A Meeting ID: 622455 .vim - fit.._ Vote Summary Report Date range covered: 01/01/2011 to 03/31/2011 Location(s): ICC Capital Institution Account(s): North Palm Beach Police and Firefighters Pension Fund ADR Ticker Meeting Date Country Security ID Meeting Type Record Date Shares Voted Shares Instructed Shares Available Shares on Loan 7/A 31- Mar -11 Netherlands N6817P109 Annual 03- Mar -11 700 700 700 0 CUSIP: N6817P109 ISIN: NL0000009538 SFDOL: 5986622 Proxy Level: N/A Meeting ID: 622264 Votable Vote oting Policy. Taft - Hartley Ballot Count: 1 Proponent Proposal Mgmt Rec ISS Rec Policy Rec Instruction Meeting for ADR Holders Mgmt No 1 President's Speech Mgmt No 2a Approve Financial Statements and Statutory Reports Mgmt Yes For For For For 2b Receive Explanation on Company's Reserves and Dividend Mgmt No Policy 2c Approve Dividends of EUR 0.75 Per Share Mgmt Yes For For For For 2d Approve Discharge of Management Board Mgmt Yes For For For For 2e Approve Discharge of Supervisory Board Mgmt Yes For For For For 3a Elect F.A.Van Houten to Management Board as CEO Mgmt Yes For For For For 3b Elect R.H. Wirahadiraksa to Management Board Mgmt Yes For For For For 3c Elect P.A.J. Nota to Management Board Mgmt Yes For For For For 4a Reelect C.J.A. van Lede to Supervisory Board Mgmt Yes For For For For 4b Reelect J.M. Thompson to Supervisory Board Mgmt Yes For For For For 4c Reelect H. von Prondzynski to Supervisory Board Mgmt Yes For For For For 4d Elect J.P. Tai to Supervisory Board Mgmt Yes For For For For 5 Ratify KPMG Accountants NV as Auditors Mgmt Yes For For For For 6a Grant Board Authority to Issue Shares Up To 10 Percent of Mgmt Yes For For Against Against Issued Capital Plus Additional 10 Percent in Case of Takeover /Merger and Restricting /Excluding Preemptive Rights 6b Authorize Board to Exclude Preemptive Rights from Issuance Mgmt Yes For For Against Against under Item 6a 7 Authorize Repurchase of Shares Mgmt Yes For For For For 8 Other Business Mgmt No Accounts and Shares Institutional Account Detail (IA Name, IA Number) Custodian Account Ballot Status Available Voted forth Palm Beach Police and Firefighters Pension Fund ADR, npalmpf4 80105831 Confirmed 700 700 Totals: 700 700 %AMETERS of Status(es): All ballot statuses ate Against Filter: Include all votes - rket(s): All markets -ing Policy(ies): All voting policies OR Filter: All Markets