2/23/2024 - The Board of Trustees, unanimously selected Mrs. Bonni Jensen, Board Attorney from Kalusner, Kaufman, Jensen and Levinson as its inaugural service provider of the year for 2024. Pictured L-R: Troy Marches, Board Secretary, Jonathan "Jack" Frost, Chairman, Bonni Jensen, Dana Fragakis, Board Trustee and Sean Williams, Board Trustee (Joe Ahern, Board Trustee - Not Pictured). Congratulations Bonni for a job well done!

2/23/2024 - The Board of Trustees, unanimously selected Mrs. Bonni Jensen, Board Attorney from Kalusner, Kaufman, Jensen and Levinson as its inaugural service provider of the year for 2024. Pictured L-R: Troy Marches, Board Secretary, Jonathan "Jack" Frost, Chairman, Bonni Jensen, Dana Fragakis, Board Trustee and Sean Williams, Board Trustee (Joe Ahern, Board Trustee - Not Pictured). Congratulations Bonni for a job well done!

1/12/2024 - The Board of Trustees received a portfolio update from JP Morgan - Special Situation Property Fund. Mr. Lawrence Ostow & Ms. Katie Hammond cited the return for the quarter ending December 31, 2023 was valued at -11.14%. The loss was related to office sector depreciation. Mr. Ostow spoke to the bottom of the office sector and his vision of positive returns in the future. It should be noted that the Fund is in a redemption queue for this investment to deploy funds elsewhere.

10/13/2023 - Participates listen intently to Mr. Arif Joshi, CFA from Lazard Emerging Markets Debt. Mr. Joshi reported that while inception returns from August 01, 2021 lagged the benchmark, on a rolling 12 months period, the portfolio was essentially in line with the benchmark. The difficulties in the offshore fixed income market were detailed to the Board of Trustees. The value of the portfolio was reported to be $8,122,545 as of September 30, 2023.

10/13/2023 - The Board of Trustees received a portfolio update from the PGIM Fixed Income - Emerging Market Debt portfolio.

As with Lazard, the PGIM portfolio has lagged the benchmark from inception. The positive news is on a rolling 12 month period through August 31, 2023 the portfolio has exceeded the benchmark by 217 basis points.

9/8/2023 - The Board of Trustees had the pleasure of receiving a portfolio presentation from Garcia Hamilton (GHA) our fixed income manager. GHA has been managing the fixed income portfolio since January 2004. Benjamin Monkiewicz, Partner, Portfolio Manager (pictured right) spoke to various economic factors to include housing, fuel, car and food prices.

Mr. Monkiewicz also spoke to the home affordability in the US due to the interest rates. He also spoke to the leading indicators that are flashing recession risks.

GHA has exceeded the benchmark by 100 basis points since inception.

8/11/2023 - The Board of Trustees had the pleasure of receiving the June 30th investment report from Invesco Emerging Markets Portfolio. Since the inception of this investment, Invesco has outpaced the MSCI Index by 166 basis points. For the rolling 12 months, Invesco had a stellar return of 11.12% vs the index return off 1.75%. Finally on the fiscal year to date basis Invesco beat the index by 809 basis points.

6/9/2023 - Mr. Clay Lindsey of Eagle Asset Management provided a portfolio update to the Board of Trustees. Eagle has handled the small cap growth portfolio for the plan since May 24, 2011. During that timeframe Eagle's net return was valued at 8.70%.

4/14/2023 - Mr. Jim McClure, CFA of Barrow Hanley Global Investors (pictured left) provided an update on the Fund's - Small Cap Value Strategy. Since the inception date of May 03, 2021, the portfolio has beaten the benchmark by a stellar 567 basis points. Job Well Done!

3/10/2023 - The Board of Trustees welcomed Mr. William Rice, CEO - Anchor Capital & John Boles, Director of Institutional Marketing. Anchor Capital has been a long time manager with the Board dating back to 2003. Since inception of 05-31-2003, Anchor Capital has returned 10.02%. Congrats from the Board of Trustees to the Anchor Team!

2/10/2023 - The Board of Trustees received the independent audit report by Saltmarsh, Cleaveland & Gund. Pictured is Mr. Chuck Landers, CPA. The financial statements may be viewed on this website under the disclosure tab.

10/14/2022 - The Board of Trustees received a portfolio report from Mr. Tom Franzese & Mr. Arif T. Joshi of Lazard. Mr. Joshi is a Portfolio Manager/Analyst on Lazard's Emerging Markets Debt team. He began working in the investment field in 1998. Prior to joining Lazard in 2010, Arif was with HSBC Asset Management (formerly Halbis) where he served as Senior Vice President and Portfolio Manager. At HSBC, Arif was responsible for global emerging markets, focusing on corporate and sovereign credit analysis, risk management and quantitative modeling. He began this role at The Atlantic Advisors LLC (acquired by HSBC in 2005). Prior to HSBC, he was an associate at Strategic Management Group where he advised Fortune 500 companies on finance and corporate strategy. Arif has an MBA in Finance from Columbia Business School and a BS in Economics from the Wharton School at the University of Pennsylvania.

9/21/2022 - Another Happy Customer! Mrs. Hardin having no family and no transportation turned to the Office of Retirement for assistance. Mike had the pleasure to visit her at her ALF and helped her complete the required documents to receive her SPD.

9/9/2022 - The Board of Trustees had the pleasure of receiving an Invesco Emerging Markets Equity Trust update from Ms. Agata Strzelichowski, Invesco - Senior Client Portfolio Manager & Mr. Alexander Dodge, Invesco - Director, U.S. Institutional Sales. Country and sector weights were reviewed and contrasted against the benchmark. Investment buy and exit examples were illustrated. While the return was negative, in the recent quarter ending June 30, 2022, the portfolio outpaced the benchmark and ranked in the Top 36 percentile according to AndCo Consulting. The portfolio allocation is 2.8% and had a market value of $12,487,002 as of June 30, 2022.

The portfolio was described as:
* 70-100 holdings.
* Benchmark: MSCI Emerging Markets Index.
* 5-year investment horizon.
* Position size reflects a combination of conviction, risk/reward expectations and available liquidity.
* Country & sector exposures are a by-product of bottom-up stock selection.
* A proprietary database is used to assess if ESG factors pose a material financial risk.

8/12/2022 - The Board of Trustees had the pleasure of meeting with Ms. Janna Hamilton, Partner & Mr. Jeffrey D. Detwiler, CFA, AAMS, Partner, Portfolio Manager from Garcia Hamilton Associates. Ms. Hamilton noted the 25 plus year relationship that Garcia Hamilton Associates (GHA) had with the Plan investing the Plan Assets. Topics discussed related to Stimulus, Money Supply, Rate Hikes, Business Conditions, Consumer Sentiment, Home Prices, Oil Price Spikes & Corporate Bonds Valuation. GHA return for the fiscal year outpaced the benchmark by 242 basis points. On all time periods reported, GHA outperformed the benchmark return through the inception date. To learn more about GHA please visit: https://garciahamiltonassociates.com.

8/4/2022 - The Office of Retirement has been working non-stop processing the Supplemental Distribution Payment requests. We recently had the pleasure of meeting Mr. Gerald Duff (Pictured Left) with Mr. Ernest George. Mr. Duff worked for the WPB Police Department 1972 - 1996 and retired at the rank of Lieutenant.

5/13/2022 - Former PBA President Ernest George (WPB Retiree) singled handedly educated the Board of Trustees about the legislative history of the supplemental distribution for the retirees and widows of the plan. Mr. George advocated for the distribution, which was approved by the Board. The Board thanked Mr. George for his historical institutional knowledge.

5/13/2022 - Mr. Jeff Amrose, Board Actuary - GRS Consulting presented his final actuarial valuation report to the Board of Trustees. And a continued spirit of transparency the entire report may be viewed online at the following link: Valuation Report - 2021/09/30.

5/13/2022 - The Board of Trustees toured 'The Grand' in WPB. The Plan has invested in this project which will bring much needed workforce housing to our first responders. The project by Affiliated Development should be complete in March of 2023. Nick Rojo, President of Affiliated led the tour (pictured in red shirt). To learn more please visit http://affiliateddevelopment.com/properties.

5/13/2022 - The Board of Trustees toured 'The Grand' in WPB. The Plan has invested in this project which will bring much needed workforce housing to our first responders. The project by Affiliated Development should be complete in March of 2023. Nick Rojo, President of Affiliated led the tour (pictured in red shirt). To learn more please visit http://affiliateddevelopment.com/properties.

5/13/2022 - The Board of Trustees toured 'The Grand' in WPB. The Plan has invested in this project which will bring much needed workforce housing to our first responders. The project by Affiliated Development should be complete in March of 2023. Nick Rojo, President of Affiliated led the tour (pictured in red shirt). To learn more please visit http://affiliateddevelopment.com/properties.

5/13/2022 - The Board of Trustees toured 'The Grand' in WPB. The Plan has invested in this project which will bring much needed workforce housing to our first responders. The project by Affiliated Development should be complete in March of 2023. Nick Rojo, President of Affiliated led the tour (pictured in red shirt). To learn more please visit http://affiliateddevelopment.com/properties.

5/4/2022 - The School District of Palm Beach County proudly introduces the new Chief of School Police, Sarah Mooney, who took the oath of office on May 4, 2022. Join the Board of Trustees in congratulating Chief Mooney. Noting the date sworn, May the Fourth be with her. Wishing her many years of success.

2/11/2022 - Mayor Keith James dropped in on the Board Meeting & spoke with the Trustees. Mayor James thanked the Trustees and Staff for their efforts.

2/11/2022 - The Board of Trustees received a presentation from the Taurus Private Market Team ( pictured R-L Eric Welcomes & Kevin Campbell - Co-Founders). The representatives announced the opening of Fund ll in which the Board of Trustees voted unanimously to invest as part of their laddering approach investment.

12/10/2021 - The Board of Trustees had the pleasure of receiving a portfolio review from EnTrust Global. Ms. Sophia Mullen was joined by Mr. Mark Guariglia & Mr. Jeffrey Marano to discuss the ETG Co-Invest Opportunities Fund. The Fund committed to a 20 million dollar investment in June of 2020. To date 47% of that commitment has been called and put to work on behalf of the Fund. The Inception to date return is 16.49% (Net IRR).

12/10/2021 - On behalf of the members of the plan, Mr. Craig Kahle (pictured left) was presented a token of appreciation for his tireless efforts as a Board Trustee 2013 - 2021.

11/12/2021 - On behalf of the Board of Trustees, Chairman Jack Frost (Pictured L) presented John McCann a token of appreciation. John is the Investment Monitor serving since 2009 and is retiring in December. Under John's watch the fund has increased from 174 million to 483 million. Amazing work John and we wish him many years of happiness in the next chapter of his life.

11/12/2021 - The Board of Trustees was presented the 2021 PPCC Award. Pictured L-R Trustee Joe Ahern, Board Secretary Troy Marchese, Plan Administrator Dave Williams, Chairman Jack Frost, Investment Monitor John McCann and Trustee Sean Williams. For further details please follow this link. 2021 PPCC Award.

10/8/2021 - The Board of Trustees welcomed Mr. Sean Williams, who is new city appointee.

8/13/2021 - Mr. Brendon Vavrica, AndCo Consulting, addressed the Board concerning the seamless transition as the Investment Consultant as a result of Mr. John McCann retirement at the end of the year.

8/13/2021 - On behalf of the Board of Trustees, Chairman Jack Frost (R) presented Mr. Richard Cristini (L) with a token of appreciation for his professional services rendered during the Plan Audits.

To learn more about the firm please visit: https://www.saltmarshcpa.com.

7/9/2021 - The Board was pleased to welcome representatives from Taurus Private Markets back to a live in person meeting. Commitment by strategy was reported to be 19.2% Venture Capital, 77.5% Leverage Buyout and 3.4% Private Credit.

4/9/2021 - Mr. Arif Joshi & Mr. Thomas Franzese, Lazard Asset Management; Mr. Denis Cole & Mr. Kwadwo Acheampong, PGIM all provided detailed investment management presentations for their respective Emerging Market fixed income products.

The Board members provided their perspectives and upon doing so reached a consensus that both managers varied from one another and the 20-million-dollar mandate should be split between both managers.

Mr. Marchese made a motion to retain the professional services of Lazard Asset Management & PGIM for an Emerging Market Fixed Income mandate. Should negotiations fail on one of the managers the entire mandate would go to the other manager. Mr. Ahern seconded that motion. All Trustees voted yes, and the motion was passed 4-0.

The Board of Trustees welcome the incoming managers!

4/9/2021 - Mr. Arif Joshi & Mr. Thomas Franzese, Lazard Asset Management; Mr. Denis Cole & Mr. Kwadwo Acheampong, PGIM all provided detailed investment management presentations for their respective Emerging Market fixed income products.

The Board members provided their perspectives and upon doing so reached a consensus that both managers varied from one another and the 20-million-dollar mandate should be split between both managers.

Mr. Marchese made a motion to retain the professional services of Lazard Asset Management & PGIM for an Emerging Market Fixed Income mandate. Should negotiations fail on one of the managers the entire mandate would go to the other manager. Mr. Ahern seconded that motion. All Trustees voted yes, and the motion was passed 4-0.

The Board of Trustees welcome the incoming managers!

3/16/2021 - The Board of Trustees held interviews for the Small Cap Value Mandate. The Trustees had the pleasure of hearing in-person presentations from three stellar investment firms. At the conclusion of the thought provoking presentations, the Trustees unanimously agreed to retain Barrow, Hanley, Mewhinney & Strauss, LLC. Upon successful contract negotiations, the firm will replace Wellington the current manager for a 20 million dollar initial investment.

2/12/2021 - The Board of Trustees received the financial statements report from our independent auditor. The entire report may be viewed on the Disclosure Page of this website.

7/10/2020 - The Board of Trustees transitioned back to in-person meetings today while still maintaining Social Distancing. The Board permits attendance via electronic means, which is beneficial to our service providers who normally have to travel from all parts of the US.

4/3/2020 - The new norm? Due to the global pandemic and under the authority granted by Governor DeSantis, the Board of Trustees held its first remote meeting. We are pleased to say the meeting was conducted without a glitch. Watch for future meeting notices.

4/3/2020 - The new norm? Due to the global pandemic and under the authority granted by Governor DeSantis, the Board of Trustees held its first remote meeting. We are pleased to say the meeting was conducted without a glitch. Watch for future meeting notices.

1/10/2020 - The Board of Trustees had the pleasure of hearing portfolio reviews from JP Morgan Special Situation Property Fund and Intercontinental Real Estate Corporation. The CEO of Intercontinential - Mr. Palandjian made a special appearance to address the Board, which appreciated his time and attention to our Fund. JP Morgan returned 12.2% over the last five years through September 30, 2019. On a net basis, Intercontinental beat the index by a stellar 169 basis points.

9/13/2019 - Janna Hamilton of Garcia Hamilton and Associates appears before the Board to discuss the fixed income portfolio. The three, five, ten-year GHA fixed income portfolio returns continue to outpace the benchmark. From the inception of this manager which was January 31, 2004, the portfolio beat the benchmark by 185 basis points.

8/9/2019 - Ms. Alyse Vishnick introduces Mr. Peter Montgomery our new Relationship Manager from Invesco (formerly OFI).

Emerging Market Equity portfolio update was provided: For 2Q 2019 the return was 2.94% net vs. 0.61% for the index.

On the longer term, the portfolio beat the index on a one, three, five and since inception October 2012.

The Board welcomes Peter and wishes Alyse the best and thanked her for her service to the Plan.

7/12/2019 - Mr. Fernandez, Consulting Actuary of Fase2 C&W, LLC. was recently engaged by the Board of Trustees to conduct an actuarial audit. Mr. Fernandez (Pictured herein) gave his presentation and findings to the Board this date.

Due diligence requires that pension plan fiduciaries and plan sponsors exercise prudence in selecting service providers such as actuaries, and monitor the quality of their work. An actuarial audit is a valuable tool for monitoring the quality of actuarial services performed on behalf of the pension plan.

An actuarial audit involves engaging the services of an outside actuary (reviewing actuary) to scrutinize the work of the plan's consulting actuary. Actuarial audits are helpful for several reasons:
1. They enhance the credibility of the actuarial valuation process by providing independent assurance that it was performed in accordance with actuarial standards of practice.
2. They increase public trust in how the pension plan is being governed.
3. They help plan fiduciaries to assess whether the pension plan is meeting its funding objectives.
4. They can lead to the remediation of errors that might otherwise go undiscovered; and
5. They can provide recommendations for improving the actuarial valuation process, including how information is presented in the actuarial valuation report and in other communications.

3/8/2019 - Chairman Jack Frost, was presented the 2018 Public Pension Coordinating Council (PPCC) Award. Pictured L-R: Jeffrey Amrose, Board Actuary; John McCann, Investment Consultant; Craig Kahle, Board Trustee; Dana Santino, Board Trustee; Dave Williams, Plan Administrator; Bonni Jensen, Board Attorney and Joe Ahern, Board Trustee. (Not present Troy Marchese, Board Trustee). Job Well Done!

The PPCC is a coalition of three national associations that represent public retirement systems and administrators: NASRA, the National Council on Teacher Retirement (NCTR) and the National Conference on Public Employee Retirement Systems (NCPERS). Together, these associations represent more than 500 of the largest pension plans in the United States serving most of the nation’s 16 million employees of state and local government.

The PPCC established the Public Pension Standards Award to reflect minimum expectations for public retirement system management, administration, and funding. The Standards serve as a benchmark by which to measure public defined benefit plans. All public retirement systems and the state and local governments that sponsor them are encouraged to meet the standards.

3/8/2019 - Mr Jeff Amrose (pictured left), Board Actuary from GRS Retirement Consultiing presented the West Palm Beach Police Pension Fund Actuarial Valuation Report as of September 30, 2018 (for funding in fiscal year 2019/2020). The entire report may be viewed on our Disclosure Page.

3/8/2019 - Mr. John Boles, of Anchor Capital Advisors (Boston), reviewed the mid cap value portfolio. The assets were valued at $18,705,124 on February 28, 2019. On a fiscal year basis through February 28, 2019 the portfolio exceeded the benchmark by 273 basis points. On a net basis dating back to 2003, Anchor has exceeded the benchmark. Keep up the great work! GO SOX!!!!" alt="March 8, 2019 - Mr. John Boles, of Anchor Capital Advisors (Boston), reviewed the mid cap value portfolio. The assets were valued

1/4/2019 - Ms. Melissa Anezinis, Executive Director JPMorgan provided the September 30, 2018 for the Special Situation Property Fund.

The portfolio was valued at $19,617,206.00. For the quarter income was valued at 0.5% for income and Appreciation of 2.2%. On a longer term of one year period the portfolio returned 10.9%. In all measurement periods the portfolio outpaced the index.

8/10/2018 - The Board of Trustees received formal presentations for Leveraged Loans. Representatives from SEIX (pictured on July 20, 2018), Credit Suisse and Pacific Asset Management provided excellent options for the Board to consider. At the conclusion, the Board elected to forego this asset class at this juncture. The Board of Trustees would like to say thank you to all the representatives for the thought provoking presentations.

8/10/2018 - The Board of Trustees received formal presentations for Leveraged Loans. Representatives from SEIX (pictured on July 20, 2018), Credit Suisse and Pacific Asset Management provided excellent options for the Board to consider. At the conclusion, the Board elected to forego this asset class at this juncture. The Board of Trustees would like to say thank you to all the representatives for the thought provoking presentations.

8/10/2018 - Alyse Vishnick, VP, Institutional Relationship Management from OFI Global Asset Management provided an update on the emerging market portfolio. Among topics, Risk Management was noted. Ms. Vishnick reflected on the risk management philosophy which focuses on understanding concentrations and exposures. OFI ensures that risk is intentional and appropriately scaled. Risk ratio and tracking error limits help to manage overall risk in the portfolio. Limits are placed at the security and portfolio lev

7/20/2018 - Ms. Ellen Welsh, CFA Managing Director & Senior Investment Manager of Seix Investment Advisors, LLC. was invited to present an educational presentation to the Board of Trustees. Leveraged Loan Strategy was the topic of discussion.

6/8/2018 - Crystal Wamble, CFA provided a portfolio report to the Board of Trustees. The value of the portfolio was reported at $22,983,415.00 as of March 31, 2018. The portfolio returned 9.54% vs the benchmark of 6.99%. On a longer term basis, the return was reported at 11.83% vs the benchmark return of 8.77%. Small-cap stocks posted varied results in the midst of substantial volatility during the 1st quarter of 2018, as the Russell 2000® Growth Index (up 2.3 percent) outperformed the Russell 2000® Valu

4/13/2018 - Ms. Michelle Clayman, CFA, Managing Partner, CIO & Founder (1986) of New Amsterdam Partners provided the following portfolio report and firm update. We pride ourselves on creating a diverse workplace that truly reflects our changing society, and makes us better investors.New Amsterdam Partners is a certified as a women’s business enterprise by the Women’s Business Enterprise National Council (WBENC).

Since inception to date, 08-19-2014 to 03-31-2018 the portfolio returned 34.64% vs. Russell 2500 which returned 36.48%. The West Palm Beach Police Pension Trust Fund portfolio underperformed the Russell 2500 Index and the Russell 2000 Index.

Pronounced style effects:
* Russell 2500 Growth outperformed the Russell 2500 Value by 5.1%.
* High Price to Book stocks outperformed low Price to Book stocks by over 7%.
* Stocks with positive earnings in the Russell 2500 were down an average -0.7% while those with negative earnings were up.
* High ROE stocks were down while the lowest ROE stocks rose.
* This was a challenge to our Growth at a Reasonable Price approach which looks for companies with above average forecast growth and profitability selling at relatively low PB ratios.
* February was particularly tough, though the portfolio bounced back in March, and has regained more ground in April.

Sector selection was negative:
* Overweight in industrials and consumer discretionary and underweight in health care hurt performance.

Stock selection was negative:
* Stocks in real estate, financials and energy helped performance.
* Stocks in information technology and consumer discretionary hurt performance.

Ms. Clayman feels our portfolio is well positioned for the following reasons:
* Higher forecast earnings growth and return on equity.
* Solid cash flow generation.
* Lower balance sheet debt.
* Better quality financial accounting.

3/9/2018 - Mr. Richard A. Cristini, CPA, CPPT, CGFM & Ms. Jeanine L. Bittinger, CPA, CPPT of Davidson, Jamieson & Cristini, P.L. presented the September 30, 2017 Financial Statements for the Fund. Mr. Richard A. Cristini, opined that the financial statements presented fairly, in all material respects, the fiduciary net position of the West Palm Beach Police Pension Fund as of September 30, 2017 and 2016, and the changes in fiduciary net position for the years the ended in accordance with accounting princip

3/9/2018 - Mr. John Boles, Director of Institutional Marketing for Anchor Capital provided portfolio update. Anchor believes in a highly disciplined bottom-up approach to active security selection and portfolio management based in the foundations of value investing. Over the last last 12 months, Anchor has outpaced the benchmark by 174 basis points. Mr. John Boles reported that Anchor employees will shortly own 100% of the company reinforcing their commitment to the portfolio. Pictured L- R: Mr. Mark Parks

2/2/2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

2/2/2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

2/2/2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

2/2/2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

2/2/2018 - Representatives from Wellington Management presented an update to the Board on the Small Cap Value strategy.

While Wellington lags the market based on a short inception date of March 2016, recent strides has shown positive results. The Board will continue to monitor on a quarterly basis and remains optimistic.

1/12/2018 - The board of Trustees heard from their two real estate managers (JPMorgan & Intercontinential Real Estate). As of September 30, 2017 the accounts collectively have a balance in excess of $45 million invested in these portfolios. The Fund has enjoyed double digit returns since inception. The Board remains committed to the current target allocation. Special thanks to Ms. Jaclyn Weinman & Mr. Peter Hapgood for their thought provoking presentations.

12/8/2017 - Mr. Rob Cousin & Mrs. Kate Hurley of JPMorgan provided a thought provoking educational presentation on the topic of private equity investing. Corporate Finance, Venture Capital was detailed. The Board of Trustees thank this team for their efforts.

11/3/2017 - L-R: Trustee Wilton White and Mark Parks, CFO - City of West Palm Beach, listen to Ms. Jaclyn Weinman, Vice President, J.P. Morgan Asset Management - Global Real Assets about the upcoming 3.5 million dollar real estate queue the Board recently entered.

11/3/2017 - Mr. Gilbert Garcia & Ms. Janna Hamilton of Garcia Hamilton & Associates of Houston, Texas presented a fixed income portfolio review. Garcia Hamilton & Associates has been managing this asset in excess of 13 years and outperformed in all measured time periods. Keep Up The Great Work!!!! Go Astros!!

8/11/2017 - Gardiner Holland, CFA and James DiGiuseppe of Wellington Management presented a small cap value portfolio update. The representatives explained their recent underperformance relative to the benchmark. For the fiscal year (since October 1, 2016), the portfolio experienced double digit returns but trailed the Russell 2000 Value. The Board heard of the due diligence undertaken by management on a daily basis.

7/14/2017 - Alyse Vishnick of OFI appeared before the Board to discuss the emerging market portfolio. In one segment of the report, Ms. Vishnick reflected that our emerging market portfolio exceeded the benchmark by 186 basis points since the inception date of October 25, 2012, through June 30, 2017.

5/26/2017 - The Board of Trustees held a special meeting on May 26, 2017 to review the rate of return assumption rate. All stakeholders had a seat at the table and lively discussion ensued. After hearing from all parties, Mr. White (Board Trustees) made a motion based on Mr. Frost’s input, of reducing the investment assumption by .125% per year for the next five years. The motion was seconded by Mr. Kahle. All Trustees voted and the motion was passed 4-1 with Mr. Ahern voting against the motion. The Trustee

4/14/2017 - Chairman Jack Frost discussing the Fund's Investment Policy with Mr. John McCann, AndCo Investment Consulting.

2/10/2017 - Mrs. Bonni Jensen, Board Attorney (left) introduced Mrs. Anna Klausner Parish at the pension meeting on this date. Mrs. Parish is an Associate Attorney at the law firm of Klausner, Kaufman, Jensen & Levinson. Mrs. Parish Graduated with a BA in History and a minor in Religion from the University of Florida, 2013. J.D. at Stetson University College of Law, 2016.

2/10/2017 - Chairman Jack Frost listens intently to James DiGiuseppe, CAIA from Wellington Management, who handles the Fund's small cap value portfolio.

2/10/2017 - James DiGiuseppe, CAIA from Wellington Management announced an 18.3% net return since inception for the small cap value portfolio.

12/12/2016 - The Board of Trustees' heard investment presentations from representatives of Janus Capital, Eagle Asset & Westfield Capital for an active mid-cap growth portfolio. The funds are currently being invested passively with Rhumbline who was retained after Oak Ridge was terminated.

12/12/2016 - The Board of Trustees' heard investment presentations from representatives of Janus Capital, Eagle Asset & Westfield Capital for an active mid-cap growth portfolio. The funds are currently being invested passively with Rhumbline who was retained after Oak Ridge was terminated.

12/12/2016 - The Board of Trustees' heard investment presentations from representatives of Janus Capital, Eagle Asset & Westfield Capital for an active mid-cap growth portfolio. The funds are currently being invested passively with Rhumbline who was retained after Oak Ridge was terminated.

12/9/2016 - The West Palm Beach Police Pension Fund – Board of Trustees are proud recipients of the 2016 Public Pension Coordinating Council Recognition Award. (Pictured L-R: Craig Kahle -Trustee, Jack Frost - Chairman, Bonni Jensen - Board Attorney, Dave Williams - Plan Administrator, Mark Parks - Chief Financial Officer, City of West Palm Beach and John McCann - Bogdahn Group, Investment Monitor/Consultant.

10/14/2016 - Mr. Jeffrey D. Detwiler, CFA (L) and Mr. Curt Rohrman, CFA (R) from Garcia Hamilton & Associates presented the 2nd Quarter 2016 investment report to the Board of Trustees. The equity account was valued at $19,843,876.00 as of June 30, 2016. The investment return was in-line with the benchmark for the fiscal year to date. The equity portfolio remains significantly overweight high-quality stocks anticipated to produce superior earnings growth over the course of an economic cycle. In an environment

7/8/2016 - Clare Cambria, CAIA - Director of Global Consultant Relations for OFI Global Asset Management appeared before the Board of Trustees to discuss the Emerging Market portfolio. For the current fiscal year through March 31, 2016 the portfolio return exceeded 8:02% or 160 basis points above the benchmark. A performance analysis by country was also detailed.

5/23/2016 - The Board of Trustees would like to thank Mr. Chris DeMeo, FSA, CFA of Nu Paradigm Investment Partners, LLC. Mr. DeMeo gave an outstanding educational presentation on the topic of Tail-Risk Management Investment Strategy.

5/23/2016 - The Board of Trustees would like to thank Mr. Chris DeMeo, FSA, CFA of Nu Paradigm Investment Partners, LLC. Mr. DeMeo gave an outstanding educational presentation on the topic of Tail-Risk Management Investment Strategy.

4/8/2016 - The Board of Trustees received an investment update on the midcap value mandate from Mr. William P. Rice, Jr., Executive Vice President, CIO of Anchor Capital and Mr. John Boles, Director of Institutional Marketing. Anchor provided a favorable report to the Trustees.

Further can be learned about Anchor at the following link: https://www.anchorcapital.com.

4/8/2016 - The Board of Trustees welcomed Attorney Paul Daragjati from the Law Offices of Klausner, Kaufman, Jensen and Levinson.

2/12/2016 - The Board of Trustees interviewed Wellington Management and Integrity Asset Management for our small cap mandate. Mr. Gardiner Holland, CFA & Mr. Gerald Crean of Wellington are pictured here. The Board selected Wellington pending successful contractual negotiations. GW Capital is being replaced.

2/12/2016 - The Board of Trustees was introduced to Mr. Michael Welker (pictured Left). Mike is the President/CEO of The Bogdahn Group. The Bogdahn Group is an independent, registered investment consulting firm who our current Monitor, Thistle Asset Consulting, recently merged with. The Monitor assists the Board of Trustees with Investment Policy Development, Strategic Asset Allocation, Manager/Strategy Evaluation, Generate Monthly and Quarterly Investment Reports, Quarterly Economic Summary, Board/Investme

1/8/2016 - Mr. Peter Hapgood, Director - Institutional Services of Intercontinental Real Estate Corp. presented the year end report to the Board. Mr. Hapgood also outlined a Debt Appreciation Sensitivity Analysis. Great way to start of year off.

1/8/2016 - Ms. Jennifer Ciullo, Associate of JPMorgan presented the Special Situation Property Fund return. The Fund is a value-added type of real estate investment which provides further diversification to the Plan.

12/11/2015 - John Riddle, Managing Principal of BRC provided a thought provoking presentation to the Board relating to "Predictive Ability & Investor Response Rates". For the two year period ending on September 30, 2015, BRC was in the Top 1% in the investment universe. Keep up the great work!

11/13/2015 - Richard Walsh - VP, Senior Relationship Manager for OFI Global Asset is discussing the emerging markets and he also provided a portfolio update.

10/9/2015 - Janna Hamilton, Gilbert Garcia and Curt Rohrman from Garcia Hamilton & Associates (GHA) appeared before the Board of Trustees to discuss the September 30, 2015 Quarter and present their annual review of their portfolio. The Board would like to congratulate GHA on attaining the 2015 Intermediate-Term Fixed Income Manager of the Year by Institutional Investor.

9/11/2015 - Guy Watanabe, President & Scott Mullet, Principal from GW Capital appeared before the Board to review their investment performance.

5/15/2015 - NEW AMSTERDAM – SMID CAP MANAGER - Mr. William Lynch & Mr. Hung Hoang appeared before the Board to review the March 31, 2015 investment report.