05-08-2003 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
MAY 8, 2003
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,May
8,2003 in the Conference Room of the Village Hall. The meeting was called to order at 8:10 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present Absent
Jim McCoy, Chairman Mary Ross Agosta
Tom Benton Ronald Platt
Joseph Charles Richard Trumble
Wendy Reiner
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
6. CONSULTANTS REPORT-Merrill Lynch—Jeff Swanson
Mr. Swanson gave a brief overview of the responsibilities of Merrill Lynch. The company acts as a consultant
ensuring the investments are in compliance with the investment policies set by the Board.
Mr. Swanson reviewed the investment manager's returns for the quarter ending March 31, 2003. The total
market value of the fund was$6,279,160 a net decrease of$139,260. The fund ranked in the top eighteen percent
compared to the public balanced public fund sample. Mr.Swanson indicated that both managers fell within the
investment policy parameters although the market was uncertain.
3. APPROVAL OF MINUTES
Mr.Charles moved for approval of the November 14,2002 and February 20,2003 minutes as submitted. Mr.
Benton seconded the motion. The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT
Mr. Charles moved for approval of payment warrant G No.03-3 and G No.03-3A as submitted. Mr.Benton
seconded the motion which was passed unanimously.
5A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms.Woods reviewed the performance of the fund with a total market value of$3,264,879 as of March 31,2003.
The return for the period was-0.5%;the equity return being-2.2%compared to the Russell 1000 Growth return
of-1.1%and the fixed income return of 1.7%beating the Lehman Government/Corporation return of 1.6%.
General Employee Pension Board May 8,2003 Page 2
5B. INVESTMENT MANAGER REPORT-The Boston Company-Carl O'Connell&Ryan Fitzpatrick
Mr.O'Connell reported that the fund's total market value as of March 31,2002 was$3,079,090. The total return
for the quarter was-2.1%;with a-4.5%return on equities compared to the Russell 1000 Value of-4.9%. Mr.
Fitzpatrick reviewed the 1.3% fixed income return which was just below the 1.6% Merrill Lynch
Government/Corporation return.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The May 8, 2003 regular meeting of the General Employee Pension Board was adjourned at 9:30 AM with a
motion fro Mr. Benton seconded by Mr. Charles and unanimous in favor.
ICC)COY
Chairman Lisa Keeley,Recording Secretary