11-13-2003 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
NOVEMBER 13, 2003
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
November 13,2003 in the Conference Room of the Village Hall. The meeting was called to order at 8:20 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present
Mayor Jim McCoy,Chairman
Mary Ross Agosta Tom Benton
Joseph Charles Angela Dorney
John Rumble Wendy Reiner,via telephone
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
3. APPROVAL OF September 4,2003 MINUTES
Mr. Benton moved for approval of the September 4, 2003 minutes as submitted. Mr. Charles seconded the
motion. The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2004-001
Mrs. Ross Agosta moved for approval of payment warrant General Employee Warrant No. 2004 - 001 as
submitted with an addendum that Mr.Luis Vazquez's lump sum distribution of pension contribution plus three
percent interest would not exceed the amount of$6,000.00. Mr.Benton seconded the motion which was passed
unanimously.
6b. INVESTMENT CONSULTANT REPORT—Revised Statement of Investment Policy
Merrill Lynch—Jeff Swanson
Mr.Swanson described the change to the American Depository Receipt Securities language on page 4,item 4 to
allow the purchase of an ADR security"or a security directly listed on the Foreign Exchange."
Additionally,page 5,item 1 b regarding the duration of the fixed income portfolio,the recommended change is
from less than 150%to"135%°'of the duration of the market index.
Item 3b). regarding the FFIEC High Risk Security Test is no longer required and was therefore struck from the
statement of investment policy.
Mrs. Ross Agosta moved to accept the revised Statement of Investment Policy Goals and Guidelines. Mr.
Charles seconded the motion which passed unanimously.
General Employee Pension Board November 13,2003 Page 2
Wendy Reiner left at this time.
5A. INVESTMENT MANAGER REPORT-The Boston Company-Carl O'Connell
Mr.O'Connell reported that the fund's total market value as of September 30,2003 was$3,425,157. The total
return for the quarter was 1.4%; with a 2.9%return on equities compared to the Russell 1000 Value of 2.1%.
The-0.5%fixed income return equal to the Merrill Lynch Govemment/Corporation return.
511. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of$3,463,084 as of September 30,
2003.The return for the period was 1.7%;the equity return being 3.2%just under the Russell 1000 Growth*
return of 3.9%and the fixed income return being-0.3%compared to the Lehman Government/Corporation return
of-0.5%.
6. CONSULTANTS REPORT-Merrill Lynch—Jeff Swanson
Mr. Swanson reviewed the investment manager's returns for the quarter ending September 30,2003. The total
market value of the fund was $6,881,080 a net increase of$75,300. The fund ranked in the bottom twenty-
seventh percent compared to the public balanced public fund sample. Mr.Swanson indicated that both managers
fell within the investment policy parameters.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The November 13,2003 regular meeting of the General Employee Pension Board was adjourned at 9:45 AM with
a motion from Mrs.Ross Agosta seconded by Mr. Charles and unanimous in favor.
Mayor JMcCoy Chairperson Lisa Keeley,Recording Secretary