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HomeMy WebLinkAboutAgenda Police Pension 102714Agenda City of Palm Beach Gardens Police Officers' Pension Fund MEETING OF OCTOBER 27, 2014 LOCATION: City Council Chambers' 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9 AM 1. Call Meeting To Order 2. Roll Call: • David Pierson, Secretary • Brad Seidensticker, Trustee • Greg Mull, Trustee • Marc Glass, Trustee 3. Investment Manger Report - ICC Capital (Steve Stack) 4. Investment Consultant Report - Thistle Assets (John McCann) • American Realty Consent Solicitation Letter 5. Attorney Report - KKJ&L (Bonni Jensen) 6. Administrator Report - Resource Centers (Audrey Ross) 7. Approval of Minutes • August 22, 2014 Regular Meeting 8. Disbursements 9. Benefit Approvals 10. Other Business • Discussion: Allowing the City to Directly Retain GRS to Prepare the GASB 68 Information 11. Public Comments 12. Adjourn Next Meeting Date: To be determined... PLEASE NOTE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact the The Pension Resource Center, LLC no later than four days prior to the meeting. '!s ,AM E RI CA,N REALTY ADVISORS, September 2014 Via Electronic Mail and First Class Mail Re: American Core Realty Fund, LLC Consent Solicitation To Our Investors: Corporate Headquarters 801 North Brand Boulevard Suite 800 Glendale, CA 91203 818.545.1152 Fax: 818.545.8460 www.americanreal.com Institutional Deal Estate Investment Management American Realty Advisors is continually looking at ways to expand and improve the operation of the American Core Realty Fund, LLC, in which your fund is an investor. With that in mind, American is proposing modifications to the Core Fund and these modifications require a vote of the Members in order to be approved. The attached Consent Solicitation summarizes the changes proposed to be made. The structure of the Core Fund would change from a Delaware Limited Liability Company to a Delaware Limited Partnership. The primary motivation for making this conversion is to allow non - US investors to invest in the Core Fund in the same way that US investors currently can invest. This will allow the Core Fund to continue to grow in size and allow for better diversification of the assets held by the fund. Other minor changes are being made to language to clarify language in the Core Fund's documents regarding fund operations. The Consent Solicitation is being sent to all current investors asking for their approval of this change and we respectfully request your prompt attention and approval. Under the terms of the Core Fund's Operating Agreement, American needs to secure the consent of those investors holding at least 66.7% of the Membership Units in the Core Fund, and, if such required consent is received, the conversion would go into effect as of the end of the calendar quarter during which the necessary consent was received. The proposed modifications are designed to have little to no material effect on existing investors in the fund and none of the existing rights of the current investors are being eliminated. You should expect to see no material difference in the operation or performance of the Core Fund due solely to this conversion. Please execute the enclosed Consent Solicitation and return it prior to December 1, 2014 to: Jay Butterfield Managing Director, Fund/Separate Account Operations American Realty Advisors 801 N. Brand Blvd., Suite 800 Glendale, CA 91203 LOS ANGELES + ATLANTA • CHICAGO • PHILADELPHIA + SAN FRANCISCO A vv AMERICAN REALTY AOVI5CtRS� Thank you for your quick attention to this matter. If you have any questions, please contact me as soon as possible. Sincerely, AMERICAN REALTY ADVISORS°, a California corporation Jay Butterfield Managing Director, Fund/Separate Account Operations Direct: (818) 409-3243 E-Mail: butterfield@americanreal.com F:\F\W\ASVF_CEent\Master Documents\Consent Solicitation\Consent Sohdtadon_L-Cover Letter.docxs Consent Solicitation Conversion of American Core Realty Fund, LLC (a Delaware limited liability company) to American Core Realty Fund, LP (a Delaware limited partnership) September 2014 This Consent Solicitation is being provided to existing members (the "Members") of American Core Realty Fund, LLC, a Delaware limited liability company (the "LLC") in connection with the proposed conversion (the "Conversion") of the LLC to American Core Realty Fund, LP, a Delaware limited partnership (the "Company"). Members are being asked to consent to the Conversion. Upon the Conversion, Members shall become limited partners in the Company (the "Limited Partners") and units in the LLC shall be converted into an equivalent number of units of limited partnership interest ("Units") in the Company. American Realty Advisors ("American" or the "Manager") shall remain the investment manager of the Company. ACRF Management, LLC, a wholly -owned subsidiary of American, shall be the general partner of the Company (the "General Partner"). The Conversion is expected to be effective as of January 1, 2015. The purpose of this Consent Solicitation is to describe the Conversion and certain tax, legal, regulatory and other effects of the Conversion, and to provide a comparison between the LLC and the Company. Recipients of this Consent Solicitation are invited to ask questions of and receive answers from American concerning the terms and conditions of the Conversion and to obtain any additional information related thereto. Such information will be made available to the extent that American possesses it or can acquire it without unreasonable effort or expense. This Consent Solicitation is a supplement to the Offering Memorandum (together with any supplements, the "Memorandum") of the Company. In the event of a conflict between this Consent Solicitation and the Memorandum, the Memorandum shall govern. Offers and sales of the Units have not been, and will not be, registered under the laws of any jurisdiction (including the U.S. Securities Act of 1933, as amended (the "Securities Act"), the laws of any state of the United States or the laws of any non-U.S. jurisdiction). The offering of Units to U.S. Persons will continue to be a private offering made pursuant to exemptions provided by Section 4(a)(2) of the Securities Act and Regulation D thereunder. The offering of Units may be made outside the United States to non-U.S. persons either (i) as a private offering pursuantto Regulation D or (ii) as a non-U.S. offering pursuantto Regulation S under the Securities Act. This Consent Solicitation does not constitute an offer or solicitation or sale of the Units in any jurisdiction in which such offer, solicitation or sale is unauthorized or unlawful or to any person to whom it is unlawful to make any such offer, solicitation or sale. Business Rationale for the Conversion Foreign investors are investing an increasing amount of capital in U.S. real estate, particularly in core real estate. However, investors in some jurisdictions do not like to invest through a U.S. limited liability company because a limited liability company is not viewed as a flow - through entity in those jurisdictions (even though a limited liability company can be a flow - through entity for U.S. tax purposes). American has received several inquiries from foreign investors seeking to invest in the LLC. American hopes that upon the Conversion to the limited partnership structure of the Company, the Company will be able to attract additional capital from foreign investors. If so, the Company should have a more diversified investor base and, therefore, a more diversified portfolio and enhanced liquidity for its investors. Effects of the Conversion Corporate Upon the Conversion, the LLC will convert from a limited liability company named American Core Realty Fund, LLC to a limited partnership named American Core Realty Fund, LP in accordance with Section 18-216 of the Delaware Limited Liability Company Act and Section 17-217 of the Delaware Revised Uniform Limited Partnership Act. The Amended and Restated Operating Agreement of the LLC will be replaced by the Limited Partnership Agreement attached as Exhibit C hereto. ACRF Management, LLC, a wholly -owned subsidiary of American, shall be the general partner of the Company. The General Partner will not hold any economic interest in the Company. American Realty Advisors shall remain the investment manager of the Company. American shall continue to manage the investments of the Company in the same way that it has been managing the investments of the LLC. Upon the Conversion, the Members shall become limited partners in the Company and units in the LLC shall be converted into an equivalent number of units of limited partnership interest in the Company. The rights of the Limited Partners of the Company shall be substantially the same as their rights as Members, except as set forth in the Summary of Changes herein. Under Delaware law, the Company is deemed to be the same entity as the LLC, and the assets and liabilities of the LLC, including all real estate investments, shall remain the assets and liabilities of the Company upon the Conversion. Tax Following the Conversion, the Company will continue to be treated as a partnership and not as an association taxed as a corporation for U.S. federal income tax purposes. The Internal Revenue Service has issued a revenue ruling in which it generally held that the conversion of an interest in a domestic limited liability company that is classified as a partnership for U.S. federal income tax purposes into an interest in a domestic partnership will not cause the members to recognize gain or loss, that there is no change in the holding period of any member's total interest in the limited liability company, and that the taxable year of the converting domestic limited liability company does not close with respect to all the members 2 or with respect to any members. Members should consider the U.S. federal income tax principles applicable to an investment in the Company, which are set forth in the section of the Memorandum titled "Taxation," and are encouraged to consult with their own tax advisors prior to consenting to the Conversion. ERISA Following the Conversion, the Company will continue to be deemed to hold plan assets of Limited Partners that are subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Manager will continue to be a fiduciary with respect to each ERISA plan Limited Partner with respect to the assets of such plan invested in the Company. The Manager will continue to act as an investment manager, within the meaning of ERISA, of each ERISA plan Limited Partner, pursuant to its investment discretion over Fund investments under the Management Agreement (as defined below) and the investment manager appointment executed by the named fiduciary of each ERISA plan Limited Partner in connection with its investment in the Company. The Manager will also continue to qualify as a QPAM, as that term is defined in Department of Labor prohibited transaction exemption 84-14. As a result, the Conversion will not affect the ERISA aspects of the LLC, and the Manager intends to perform its services to the Company in accordance with the same ERISA standards and restrictions that were in place for the LLC prior to the Conversion. 3 Structu re The charts below show the current structure of the LLC and the expected structure of the Company upon the Conversion. Current Structure: American Realty Advisors I (:: i Manager :Investo rsbers) I 'American Core ' Realty Fund, LLC (Delaware LLC) SVF Holding Real Estate Investment Trust (Maryland REIT) Real Estate Investments 4 Real Estate Investments Post -Conversion Structure: American Realty Advisors ACRF Management, I Manager Investors LLC I (limited partners) I General Partner American Core Realty Fund, LP (Delaware LP) SVF Holding Real Estate Investment Trust Real Estate (Maryland REIT) Investments Real Estate Investments Summary of Changes In connection with the Conversion, the Members are asked to consent to the limited partnership agreement (the "Limited Partnership Agreement") of the Company. A summary of certain of the changes is set forth below. Please see Exhibit B for a copy of the proposed Limited Partnership Agreement redlined to show changes from the limited liability company agreement of the LLC. In the event of a conflict between the below summary and the Limited Partnership Agreement, the Limited Partnership Agreement shall govern. Capitalized terms used but not defined herein shall have the meaning given to such terms in the Limited Partnership Agreement. Purpose The purpose of the Company is being broadened to explicitly permit other types of investors than U.S. tax-exempt investors, including foreign investors. General Partner ACRF Management, LLC, a wholly owned subsidiary of American, will be the general partner of the Company. The General Partner will not have any economic interest in the Company. 5 The Company will have the same indemnification obligations with respect to the General Partner as the LLC currently has with respect to American, as the current manager of the LLC, under the terms of the LLC's current operating agreement. The General Partner may be removed as the general partner of the Company upon the same terms as American may be currently removed as the manager of the LLC. Manager American Realty Advisors ("American" or the "Manager") will continue to be the manager of the Company but in a solely contractual, not statutory, capacity. American will enter into an amended and restated investment management agreement with the Company (the "Management Agreement"), which is substantially similar to the existing investment management agreement with the LLC. The Manager will have the sole and exclusive responsibility for the management, investment and disposition of the assets of the Company. The Manager's fees for services to the Company will be paid out of the Asset Management Fee paid to the General Partner, and the Manager will receive no additional fees from the Company. Parallel Funds The General Partner may, in its sole discretion, create parallel funds, which will invest side - by -side with the Company on substantially the same terms and conditions as the Company, including the sharing of expenses for investments. Any expenses of each parallel fund will be borne by such parallel fund, but the parallel funds will not share in the organizational expenses of the Company. Parallel funds may participate in investments on a different basis for legal, regulatory, tax or other reasons. A parallel fund's organizational documents may contain different terms and conditions than the terms of the Company's organizational documents and such terms may differ from the terms of the organizational documents of any other parallel funds. It is expected, but not required, that a parallel fund would co -invest with the Company through an operating partnership. Faarlar Firnrk The General Partner and its affiliates may, at their discretion and to the extent permitted by applicable law, create or sponsor feeder funds that will be formed, among other reasons, to facilitate any investor's or group of investors' investment in the Company. The organizational expenses of a feeder fund will not be paid by the Company. Cancellation of Capital Commitments The General Partner may cancel some or all of the unused Capital Commitment of a Limited Partner upon request if there are no Units from any Limited Partner that are subject to a Redemption Notice and have not yet been redeemed. Redemption of Units A Redemption Notice must be received by the General Partner at least 10 business days prior to the end of a given calendar quarter, such request for redemption will be effective at the end of such calendar quarter, provided that such 10 business day period may be waived by the General Partner in its sole discretion. Mandatory Redemptions The Company may call for redemption of all or any portion of the Units held by a Limited Partner in the event the General Partner deems it necessary or advisable to do so for any reason, including in order to (i) permit any REIT subsidiary to maintain its qualification as a REIT or as a domestically controlled REIT; (ii) to prevent the Company from becoming a publicly traded partnership; (iii) to prevent the Company from having to register under the U.S. Securities Exchange Act of 1934; or (iv) to comply with other laws or regulations. In the event that a redemption or transfer of Units held by a U.S. person may result in non-U.S. persons holding, directly or indirectly, 50% or more in value of the Company's partnership interests, then the General Partner may cause the Company to redeem Units held by non- U.S. persons pro rata in accordance with such non-U.S. persons' Units (and in priority to other pending redemption requests by U.S. persons) to the extent necessary to ensure the REIT subsidiary maintains (or avoids jeopardizing) its qualification as a REIT or as a domestically controlled REIT. Costs The LLC has paid, or will pay, all expenses incurred in connection with the Conversion, including all legal fees. Default Provision A Limited Partner that does not fund a capital call within the applicable time period will be considered to be in default and will be subject to certain remedies specified in the Limited Partnership Agreement, including, among others, causing the Company to dilute its Units and set-off against or withhold distributions otherwise payable to such Limited Partner. A default by any one Limited Partner will not relieve any other Limited Partner, from its obligations to fund a capital call. In addition, the other Limited Partners may be required to contribute additional amounts to cover any defaulted amounts, but the capital commitments of the other Limited Partners will not be increased. Investor Advisory Committee The General Partner may appoint (but shall not be required to maintain) an advisory committee of selected representatives of the Limited Partners to provide such advice and counsel as is requested by the General Partner with respect to Fund matters, including, without limitation, strategy, valuation policy, audited financial statements and conflict of interest guidelines with respect to the General Partner and its affiliates. Asset Management Fee Rate 7 For purposes of determining the Asset Management Fee with respect to any new investor first admitted as a Limited Partner after the Conversion, the total Capital Commitments made by such Limited Partner shall be reduced by the Redemption Price paid for any Units that have been redeemed by such Limited Partner. The Asset Management Fees with respect to any existing Members shall remain unchanged. Co -Investment The Company may invest in assets jointly with third parties (including, without limitation, pooled investment vehicles or funds sponsored by American or its affiliates and other clients advised or managed by American or its affiliates). The General Partner may amend the Limited Partnership Agreement without the consent of the Limited Partners to the extent the taxation of the Company or any REIT subsidiary is adversely affected by any change in law (or interpretation thereof), to achieve tax efficiency with respect to the Company or any REIT subsidiary, so long as such amendment does not result in a net increase in the compensation payable to the General Partner and its affiliates, and does not materially and adversely affect the Limited Partners, taken as a whole. Adoption Agreement The form Adoption Agreement adds some provisions applicable to foreign investors. An Incremental Adoption Agreement for investors who want to make additional investments has also been added. Consent Process Pursuant to Section 5.1.4 of the limited liability company agreement of the LLC, the Conversion and approval of the Limited Partnership Agreement shall be effective upon the consent of the Members holdings two-thirds of the units held by the Members entitled to vote. American asks that you provide your consent to the Conversion by executing the Consent enclosed hereto as Exhibit A and by mailing a copy of the executed Consent to American at: American Realty Advisors, 801 North Brand Boulevard, Suite 800, Glendale, CA 91203, faxing a copy of such executed Consent to Jay Butterfield at fax number 818-545-8460, or by emailing a copy to Jay Butterfield at butterfield@americanreal.com. Please return the Consent by no later than December 1, 2014. If sufficient Member consents are obtained in a timely manner, the Conversion is expected to become effective on January 1, 2015. If you do not consent to the Conversion, but a sufficient number of other Members consent to the Conversion, and American decides to proceed with the Conversion, you will still become a Limited Partner in the Company upon the Conversion. American reserves the right to postpone the deadline for granting consent to the Conversion and the effective date of the Conversion, and the right not to proceed with the Conversion. F:\F\VAASVF—Client\Master Documents\Consent Solicitation\Final Consent Docs\Consent Solicitation.docx 6 EXHIBIT A CONSENT [See attached.] 10 EXHIBIT B REDLINE OF LIMITED PARTNERSHIP AGREEMENT OF AMERICAN CORE REALTY FUND, LP SHOWING CHANGES FROM AMENDED AND RESTATED OPERATING AGREEMENT OF AMERICAN CORE REALTY FUND, LLC [See attached.] 11 EXHIBIT C LIMITED PARTNERSHIP AGREEMENT OF AMERICAN CORE REALTY FUND, LP [See attached.] 12 EXHIBIT A CONSENT Please check the appropriate box below: ❑ The undersigned hereby consents to and approves the Conversion and the Limited Partnership Agreement of American Core Realty Fund, LP on the terms set forth in the Consent Solicitation, dated September 2014, in accordance with Section 5.1.4 of the Amended and Restated Operating Agreement of American Core Realty Fund, LLC and authorizes the General Partner to sign the Limited Partnership Agreement on its behalf. ❑ The undersigned does not consent to or approve the Conversion or the Limited Partnership Agreement. Date: Name of Member: Citv of Palm Beach Gardens Police Officers' Pension Fund Name: Title: 11 PALM BEACH GARDENS POLICE JONATHANEVANS CHERYLBAHR JULES BARONE PENSION FUND Benefit Approvals I Meeting of October27, 2014 APPLICATION TO ENTER THE DROP DATE OF BIRTH DATE OF HIRE DROP ENTRY DATE AGE AT RETIREMENT YEARS AT SERVICE FORM OF BENEFIT MONTHLY BENEFIT AMOUNT SUPPLEMENTAL BENEFIT DATE OF BIRTH DATE OF HIRE DROP ENTRY DATE AGE AT RETIREMENT YEARS AT SERVICE FORM OF BENEFIT MONTHLY BENEFIT AMOUNT SUPPLEMENTAL BENEFIT 03/08/1963 01/03/1994 01/03/2014 50 YEARS & 10 MTHS 20 YEARS LIFE ANNUITY $6,503.76 $ 250.00 10/17/1963 03/01/1994 01/01/2014 50 YEARS & 3 MTHS 20 YEARS 75% J&S OPTION $5,796.44 $ 250.00 APPLICATION FOR DISTRIBUTION OF DROP ACCOUNTS (9/15/2014) DATE OF RETIREMENT DATE OF BIRTH TYPE OF DISTRIBUTION TOTAL GROSS DISTRIBUTION TAX WITHHOLDING (20%) TOTAL NET DISTRIBUTION CURRENT DROP ACCOUNT BALANCE 02/14/2013 05/28/1943 PARTIAL LUMP SUM -CASH (MRD) $8,386.00 $1,677.20 $6,708.80 $222,229.02 GEORGE BETSCHA DATE OF RETIREMENT 09/30/2012 DATE OF BIRTH 07/21/1951 TYPE OF DISTRIBUTION PARTIAL LUMP SUM -CASH TOTAL GROSS DISTRIBUTION $5,000.00 TAX WITHHOLDING (20%) $1,000.00 TOTAL NET DISTRIBUTION $4,000.00 CURRENT DROP ACCOUNT BALANCE $121,577.04 ,SECRETARY ,TRUSTEE , DATE Pension Resource Centers Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE Meeting Check Number Date Payee and Description Amount 2619 August 19, 2014 New York Marriott East Side $1,733.00 Reservations for Jay Spencer April 15, 2015 - April 19, 2015 FPPTA - 15th Annual Wall Street Program 2620 September 1, 2014 City of Palm Beach Gardens $14,355.27 Retiree Insurance 2621 September 5, 2014 Pension Resource Center $2,575.00 Administrative Fee - September 2014 2622 September 5, 2014 Gabriel Roeder Smith & Company $2,240.00 Actuarial Services Rendered through July 31, 2014 2623 September 5, 2014 Perry & Jensen LLC $190.95 Legal Services Rendered through August 15, 2014 2624 October 1, 2014 City of Palm Beach Gardens $13,045.28 Retiree Insurance 2625 October 1, 2014 Pension Resource Center $2,628.15 Administrative Fee - October 2014 2626 October 1, 2014 Perry & Jensen LLC $1,095.45 Legal Services Rendered through 9/15/2014 2627 October 9, 2014 Jay Spencer $567.81 Reimbursement of Expenses 10/5/2014 - 10/8/2014 - FPPTA Fall Trustee School Bonita Springs Total: $38,430.91 Chair Secretary Date Palm Beach Gardens Police Officers' Retirement Fund Investment Review Quarter Ending September 30, 2014 D:T•�I� ICC APITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Table of Contents Commentary Page 1 Total Return Summary Page 2 Portfolio Allocation Page 3 Performance Returns for Various Periods Page 4 Performance Metrics Page 5 Equity Sector Allocation and Returns Page 6 Attribution Summary Page 7 Top Ten Holdings Page 8 Portfolio Characteristics Page 9 Fixed Income Characteristics Page 10 Growth - Portfolio Holdings, Purchases, and Sales Page 14 Fixed Income - Portfolio Holdings, Purchases, and Sales Page 19 Period Ending 9/30/2014 ICC CAPITAL MANAGEMENT r Palm Beach Gardens Police Officers' Retirement Fund ICC Fixed Income Portfolio Manager Commentary At the Federal Reserves' meetings of September 16-17, policy makers raised their outlook for raising short term interest rates. The Fed projected that the Federal Funds Rate, now resting at 0.00-0.25%, would be approximately 1.375% by year end 2015. Their previous guidance was 1.25%. Plans were also reaffirmed to end debt purchases under their QE program by October 31. Investor focus is now on when and not if rates will rise. Consequently, bond market prices eroded in September as the yield on the 10-year Treasury closed the month 14 bps higher than the previous month and the aggregate bond market return was negative. Where do we stand? Our expectation is for mild further upward pressure on interest rates for the balance of the year. Our relatively benign view is supported by the following: 1) US GDP growth is slowing from a 4.6% annual rate to an estimated 3.2% rate. This is occurring when total government and private debt has accelerated. As an example, there has been an 83% expansion in corporate debt outstanding since 2008. When economic growth slows and debt explodes, this sets up a classic condition for rates to stay low longer. 2) There remains a lack of sustained price pressures. The CPI has fallen each month since June. Inflation, particularly in wages, has yet to show its ugly head and energy prices have been falling. 3) The US dollar is attractive as a safe haven currency as geopolitical risks have been elevated. An imposition of economic sanctions to combat geopolitical tensions is not, to say the least, pro -growth. 4) The high yield bond market has been subject to the largest quarterly loss in three years and the S&P 500 was down -1.55% in September. Concerns about a more significant correction will lead to an attraction for high quality assets. Period Ending 9/30/2014 5) While US Treasuries dropped in value in September, the dollar climbed to its highest value since 2010 versus major foreign currencies. That dollar strength transformed losses into gains for most foreign holders. Please note that foreign investors own $6+ Trillion of US Treasury Debt. Sustaining demand from America's biggest creditors is vital to containing our funding costs as the Fed winds down its stimulus. Coincidentally, our rates remain relatively high globally. Germany recently issued ten year sovereign debt at a sub 1% level!! Assuming we are correct in the above comments, a move to higher rates will be quite muted for the balance of 2014 and into the first quarter of 2015. A Fed move will be later not sooner and in baby steps. In this environment, being overweight high quality corporate debt while limiting issue specific risk is a prudent strategy. The added income from corporate debt provides a buffer against any rate rise. Since income has proven to be a performance enhancing and risk reducing strategy, we will limit Treasury exposure. Since we know of an eventual rate rise and the markets propensity to work as a discounting mechanism, we will maintain a duration short of benchmark volatility. Sincerely, ICC Capital Management ICC CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Period Ending 9/30/2014 Total Return Summary - Growth Total Return Summary - Fixed I C CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Asset Allocation - Growth Kash Growth Period Ending 9/30/2014 W _ o Cash LA Growth Cash $278,741 3.1%1 Growth 1 58.693.165 96.9% Asset Allocation - Fixed LICash u Cash i Core Fixed Core Fixed Cash $478,836 3.0%1 ICash Core Fixed $15,581,279 97.0%1 ICore Fixed $883,911 5.4% $15,523,398 94.6% IC 3 C CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund -2% Total Performance Returns for Various Periods - Growth -1% of 1% 2% 1 0% 10% 20% 30% 1 0% Total -0.89% R1000G 1.49% Total 15.16% 19.15 % Total Performance Returns for Various Periods - Fixed Period Ending 9/30/2014 10% 20% 30% 21.64% 22.45% 0.00% 0.05% 0.10% 0.15% 0.20% 0% Total 2% 4% 6% 0% Total 1% 2% 3% Total Total Quarter • 0.15% Fiscal Year to Date • 3.35% • 2.01% BCAG 0.17% 3.96% 2.43% BCGC 0.17% 4.08% 2.54% 4 ICC`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Period Ending 9/30/2014 Large Cap Growth - Five Year Performance Metrics vs. Russell 1000 Growth Metric History Definition Batting Average 50.00 45.00 45.00 40.00 The percentage of quarters the portfolio has outperformed the benchmark. Alpha (%) -0.39 -1.87 -1.57 -2.68 The excess return of the portfolio relative to the return of the benchmark index on a risk -adjusted basis. Beta 1.06 1.07 1.08 1.07 A measure of the volatility, or systematic risk, of the portfolio in comparison to the index. Composite 16.86 15.85 15.41 15.15 A measure of the dispersion of the portfolio's historical returns from the average. The Std. Deviation (%) more read apart the returns, the higher the deviation. P P g Benchmark 15.22 14.26 13.76 13.66 A measure of the dispersion of the benchmark's historical returns from the average. 0 Std. Deviation (/) The more read apart the returns, the higher the deviation. p P g R-Squared 0.925 0.925 0.925 0.929 A statistical measure that represents the percentage of portfolio's movements that can be explained by movements in the benchmark index. Up -Market A statistical measure of the portfolio's overall performance in up -markets. It is used to 102.31 101.65 103.19 96.25 evaluate how well the portfolio performed relative to an index during periods when Capture Ratio (%) that index has risen. Down -Market /t A statistical measure of the portfolio's overall performance in down -markets. It is used 98.63 98.63 115.86 115.86 to evaluate how well the portfolio performed relative to an index during periods when Capture Ratio (%) f// that index has fallen. Information Ratio 0.13 -0.16 -0.09 -0.47 The information ratio measures a portfolio's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the portfolio. Tracking Error 5.65 5.04 4.95 4.40 This measure reports the difference between the return a portfolio receives and that of the benchmark it is paired against. Sharpe Ratio 1.25 1.31 1.21 0.95 A measure that indicates the average return minus the risk -free return divided by the standard deviation of return. *All metrics are based upon the composite performance. IICC'CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Domestic Equity Sector Allocation vs. R1000G Period Ending 9/30/2014 723 7R_4. ----- MATERIALS INDUSTRIALS TELECOM. CONS. DISCRETION CONSUMER ENERGY FINANCIALS HEALTH CARE INFO. TECH. UTILITIES STAPLES Domestic Equity Quarterly Sector Returns vs. R1000G ].0%--------------------- 7 6 8.0 5.3 5%- ---------- 0% ' -0.2 0 -10% ---------------------- -1 5% --------------------- -20% T --------------------- -25% 300/ --------------------- ------------------- --------------------- -------------------- 3.8 ----------- ----- -------------------- ---------------- 0.5 ----- ----------- --------------- 0.8 bmo--w --- -2.3 -1.5 .--- how- ---- -1.8----------- ---- -2.1 ----------- ----Ir---- --- ------------------- -------------------- -------------------- ---- -7.3 ---------- ---- --------------------- --------------------- --------------------- --------------------- 14A ---------- -10.3 o MATERIALS INDUSTRIALS TELECOM. CONS. DISCRETION CONSUMER ENERGY STAPLES Ll Account I R1000G ------------------- --------------- ----. - - .--- tw ----------------------- --------------------- 4.7 4.1 --------------------- --------------------- - 1.4 -- -------------------- --------------------- ---- -5.1 f-3.2---- -24.4 FINANCIALS HEALTH CARE INFO. TECH. UTILITIES 6 �cc CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund [11VTi] .1 8 0. v W -0.20 0 u -0.40 v (, Ln W.9 -1.00 -0.35 Attribution Summary -0.30 -0.25 -0.20 -0.15 -0.10 -0.05 0.00 Allocation Effect *Attribution Summary is reflective of the composite performance. **Benchmark data is based upon the iShares Russell 1000 Growth ETF. 0.05 0.10 Period Ending 9/30/2014 • Materials • Industrials Telecom. • Cons. Discretion. .4 Cons. Staples Energy Financials Health Care Info. Tech. Utilities ICC CAPITAL MANAGEMENT _, Palm Beach Gardens Police Officers' Retirement Fund 9TOP TEN HOLDINGS 11 OTHER HOLDINGS Top Ten Domestic Equity Holdings w TOP TEN HOLDINGS u OTHER HOLDINGS APPLE COMPUTER INC. 3.29 8.671 APPLE INC 3.44 8. AMERICAN EXPRESS CORP. 2.82 -7.47 EXXON MOBIL CORP 2.29 -5. IBM 2.62 5.35 MICROSOFT CORP 2.18 11. MICROSOFT CORP. 2.46 11.88 JOHNSON&JOHNSON 1.72 2. HOME DEPOT 2.43 13.92 GENERAL ELECTRIC CO 1.47 -1. LOWES CORP. 2.37 10.79 BERKSHIRE HATHAWAY INC 1.44 9. GILEAD SCIENCES INC. 2.34 28.39 WELLS FARGO & CO 1.41 -0. AFFILIATED MANAGERS GROUP INC. 2.30 -2.45 PROCTER & GAMBLE CO 1.29 7. FACEBOOK INC-A 2.27 17.46 CHEVRON CORP 1.29 7. HONEYWELL 2.25 1 0.671 IJPMORGAN CHASE & CO 1.29 5. Period Ending 9/30/2014 Russell 000 Growth 78.49 ®TOP TEN HOLDINGS 21.5 w OTHER HOLDINGS Security Weight APPLE INC % •Re 5.94 8.90 MICROSOFT CORP 2.42 11.80 VERIZON COMMUNICATIONS 2.02 3.20 INTL BUSINESS MACHINES 1.75 5.30 COCA COLA CO 1.66 1.40 GOOGLE INC 1.61 0.60 GOOGLE INC CLASS C 1.60 0.40 GILEAD SCIENCES INC 1.60 28.40 FACEBOOK INC 1.53 17.50 PEPSICO INC 1.38 4.90 8 ICC'CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Period Ending 9/30/2014 Large Cap Growth - Portfolio Characteristics vs. Russell 1000 Growth Metric History Market Capitalization -Large Cap Growth -� ($MM) -Benchmark Definition 74.1 75.4 84.1 96.7 The weighted average of the total dollar market value of each company's 101.1 101.1 101.7 112.5 outstanding shares. Price to Earnings (1 Year Forward) -Large Cap Growth '� 16.1 16.3 16.2 15.9 A weighted average of the valuation ratio of each company's current share price compared to its estimated 1 year forward per-share earnings. -Benchmark �''� 18.6 18.2 18.2 18.1 Price to Book Large Cap Growth �`� 3.8 3.5 3.7 3.7 A weighted average of the valuation ratio of each company's current share price compared to its per-share book value. -Benchmark 4.9 4.7 4.9 4.9 Price to Sales Large Cap Growth * 1.1 1.1 1.3 1.3 A weighted average of the valuation ratio of each company's current share price compared to its previous year per-share sales. -Benchmark '� 2.0 2.0 2.0 2.0 Price to Cash Flow Large Cap Growth „�i 12.1 11.9 12.5 12.8 A weighted average of the valuation ratio of each company's current share price compared to its previous year per-share cash flows. -Benchmark r.�� 14.3 13.9 14.0 14.2 Dividend Yield (%) Large Cap Growth -���ti 1.6 1.6 1.5 1.3 A weighted average that shows how much each company pays out in dividends each year relative to its share price. -Benchmark 1.6 1.6 1.6 1.5 EPS Growth (%) (1 Year) -Large Cap Growth , 13.0 10.0 13.0 17.0 The weighted average of each company's percentage change in earnings per share (EPS), on a historical one-year basis. -Benchmark 11.0 11.0 12.0 16.0 EPS Growth (%) (3 Year) -Large Cap Growth . 13.0 12.0 18.0 18.0 The weighted average of each company's percentage change in earnings per share (EPS), on a historical three-year annualized basis. -Benchmark �� 15.0 14.0 12.0 12.0 EPS Growth (%) (5 Year) -Large Cap Growth %� 20.0 21.0 20.0 21.0 The weighted average of each company's percentage change in earnings per share (EPS), on a historical five-year annualized basis. -Benchmark . 21.0 19.0 18.0 18.0 Return on Assets (%) Large Cap Growth 10.7 11.5 12.0 12.3 The weighted average of how profitable each company is relative to its total assets on a historical five-year basis. -Benchmark � �+ 14.8 14.5 14.5 14.6 Debt to Equity (%) -Large Cap Growth ��`� 38.0 36.0 37.0 33.0 A weighted average of each company's financial leverage calculated by dividing its total liabilities by stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets. -Benchmark �� 34.0 34.0 36.0 35.0 *Characteristics are based upon the composite. ICC CAPITAL MANAGEMENT ti� Palm Beach Gardens Police Officers' Retirement Fund ICC Core Fixed Income Portfolio o Corporate Bonds i US Treasuries Gov't Sponsored Mortgage Pools I Municipal Bonds Corporate Bonds 69.6% US Treasuries 3.2% Gov't Sponsored 15.1% Mortgage Pools 8.0% Municipal Bonds 4.10//O Fixed Income Sector Allocation Barclays Capital Government/Credit Index Id Corporate Bonds I US Treasuries I u Gov't Sponsored Corporate Bonds 33.9% US Treasuries 51.9% Gov't Sponsored 14.2% Total00 , Period Ending 9/30/2014 Barclays Capital Aggregate Index I_] Corporate Bonds I US Treasuries i Gov't Sponsored i CMBS ` TABS iUSMBS Corporate Bonds 23.2% US Treasuries 35.5% Gov't Sponsored 9.7% CMBS 2.0% ABS 0.5% US MBS Total00 , 10 ICC CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund ICC Core Fixed Income Portfolio 0 AAA W AA oA u BBB Other AAA 3.9% AA 48.8% A 41.7% BBB 1.0% Other wrolm 1 4.6% 1/°, Bond Quality Allocation Barclays Capital Government/Credit Index o AAA o AA oA BBB Other AAA 59.5% AA 6.7% A 16.5% BBB 17.3% Other Total11', 0.0% Period Ending 9/30/2014 Barclays Capital Aggregate Index kid AAA u AA uA IJ BBB Other AAA 71.7 % AA 4.8% A 11.5 % BBB 12.0% Other 0.0% 11 t�C—A-PITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund ICC Core Fixed Income Portfolio Ll <3 Yrs 13-5 Yrs 15-7 Yrs u 7-10 Yrs _1 >10 Yrs <3 Yrs 28.7% 3-5 Yrs 30.S% 5-7 Yrs 8.9 % 7-10 Yrs 19.6% >10 Yrs "IMMil2.3% to°° Bond Maturity Allocation Barclays Capital Government/Credit Index I <3 Yrs 13-5 Yrs 15-7 Yrs 7-10 Yrs >10 Yrs <3 Yrs 33.5% 3-5 Yrs 21.3% 5-7 Yrs 13.3% 7-10 Yrs 12.3% >10 Yrs Total 19.6% M Period Ending 9/30/2014 Barclays Capital Aggregate Index u <3 Yrs v 3-5 Yrs t i 5-7 Yrs 7-10 Yrs >10 Yrs <3 Yrs 24.9% 3-5 Yrs 20.1 % 5-7 Yrs 15.8% 7-10 Yrs 25.8% >10 Yrs Total00 13.4% ° 12 ICC CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Duration Allocation ICC Core Fixed Income Portfolio A <3 Yrs 13-5 Yrs 15-7 Yrs 7-10 Yrs >10 Yrs <3 Yrs 40.9% 3-5 Yrs 25.8% 5-7 Yrs 9.9% 7-10 Yrs 21.5% >10 Yrs Total00 1.9% , Barclays Capital Government/Credit Index M <3 Yrs -A 3-5 Yrs u 5-7 Yrs 17-10 Yrs i >10 Yrs <3 Yrs 35.0% 3-5 Yrs 22.7% 5-7 Yrs 14.0% 7-10 Yrs 10.9% >10 Yrs Total00 17.4% , Portfolio Duration vs. Index Duration (Ratio) 1.8�io 1.4% 1.0% 0.6% 0.2% 9/30/2012 12/31/2012 3/31/2013 6/30/2013 Period Ending 9/30/2014 Barclays Capital Aggregate Index * <3 Yrs 3-5 Yrs 15-7 Yrs 1 7-10 Yrs i >10 Yrs <3 Yrs 27.5% 3-5 Yrs 27.4% 5-7 Yrs 25.1% 7-10 Yrs 8.1% >10 Yrs Total 11.9% 00 Index Acct 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 13 ICC„ APITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Portfolio Holdings - Growth Unit Total Market • Quantity CASH AND EQUIVALENTS CASH AND EQUIVALENTS 274,464.90 274,464.90 3.1 0.0 DIV CASH ACCRUAL ACCT 4,276.50 4,276.50 0.0 0.0 ---------------------------------- --------------------------------------- 278,741.40 278,741.40 3.1 0.0 Period Ending 9/30/2014 COMMON STOCK MATERIALS 1700 WESTLAKE CHEMICAL CORP 42.78 72,733.23 86.59 147,203.00 1.6 0.8 INDUSTRIALS 1000 BOEING CO 75.66 75,662.90 127.38 127,380.00 1.4 2.3 300 CATERPILLAR TRACTOR CO 101.36 30,406.92 99.03 29,709.00 0.3 2.8 2800 DELTA AIR LINES, INC 19.10 53,491.76 36.15 101,220.00 1.1 1.0 1500 FLOWSERVE CORP 47.21 70,808.30 70.52 105,780.00 1.2 0.8 2100 HONEYWELL 66.55 139,760.90 93.12 195,552.00 2.2 1.9 1500 IDEX CORP 48.70 73,045.20 72.37 108,555.00 1.2 1.5 4000 MASCO CORP. 19.60 78,394.40 23.92 95,680.00 1.1 1.5 1100 MIDDLEBY CORP 86.92 95,611.01 88.13 96,943.00 1.1 0.0 3215 QUANTA SERVICES INC 37.02 119,006.80 36.29 116,672.40 1.3 2300 THOR INDUSTRIES INC 53.34 122,677.90 51.50 118,450.00 1.3 1.8 1000 UNION PACIFIC CORP. 91.02 91,021.55 108.42 108,420.00 1.2 1.8 1400 WABTEC CORP COM 57.04 79,854.04 81.04 113,456.00 1.3 0.3 900 WHIRLPOOL CORP 135.19 121,671:30 145.65 131,085.00 1.5 2.1 ------------------------------------------------------------------------- 1,151,413.00 1,448,902.00 16.1 1.4 TELECOMMUNICATIONS 4700 JUNIPER NETWORKS INC 22.92 107,744.20 22.15 104,105.00 1.2 1.8 3500 VERIZON COMMUNICATIONS 50.31 176,090.30 49.99 174,965.00 2.0 4.4 --------------------- ------- 283,834.50 ----------------- ---------....... 279,070.00 --------- 3.1 --- 3.4 CONSUMER DISCRETIONARY 1700 A. 0. SMITH 45.01 76,514.96 47.28 80,376.00 0.9 1.3 2300 AUTONATION INC 45.00 103,509.00 50.31 115,713.00 1.3 0.0 2170 BORG WARNER AUTO 64.26 139,447.90 52.61 114,163.70 1.3 1.0 3000 CBS CORP. CLASS B 31.27 93,812.66 53.50 160,500.00 1.8 1.1 2300 COMCAST CLASS A 47.57 109,405.90 53.78 123,694.00 1.4 1.7 1450 HANESBRANDS INC COM 72.47 105,082.70 107.44 155,788.00 1.7 1.1 14 ICG'CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Portfolio Holdings - Growth 1600 HARLEY DAVIDSON INC 64.59 103,341.60 58.20 93,120.00 1.0 1.4 1700 HASBRO INC 42.34 71,979.67 54.99 93,491.50 1.0 2.9 2300 HOME DEPOT 58.96 135,614.10 91.74 211,002.00 2.4 1.7 3900 LOWES CORP 38.41 149,781.80 52.92 206,388.00 2.3 1.7 1465 PENSKE AUTOMOTIVE GR INC 46.86 68,646.38 40.59 59,464.35 0.7 2.0 1600 STARBUCKS CORP 56.86 90,977.86 75.46 120,736.00 1.3 1.4 350 TESLA MTRS INC 240.60 ------------------------------------------------------------------------- 84,210.04 242.68 84,938.00 0.9 1,332,325.00 1,619,375.00 18.0 1.3 CONSUMER STAPLES 1055 CONSTELLATION BRANDS INC 87.72 92,547.03 87.16 91,953.80 1.0 0.0 2100 CVS HEALTH CORP 59.63 125,215.40 79.59 167,139.00 1.9 1.4 3900 FLOWERS FOODS INC 18.95 73,909.68 18.36 71,604.00 0.8 2.6 1300 INGREDION INC 56.90 73,966.49 75.79 98,527.00 1.1 2.2 1400 WALGREENS CO. 59.80 --------------------- 83,720.56 ------- 59.27 ------------------ 82,978.00 --------....... 0.9 --------- 2.3 --- 449,359.20 512,201.80 5.7 1.6 ENERGY 300 CARBO CERAMICS INC 96.45 28,934.04 59.23 17,769.00 0.2 2.2 800 CONOCOPHILLIPS 46.87 37,492.76 76.52 61,216.00 0.7 3.8 1020 EOG RESOURCES INC 113.66 115,934.10 99.02 101,000.40 1.1 0.7 1100 PHILLIPS 66 40.37 44,403.81 81.31 89,441.00 1.0 2.5 1765 SCHLUMBERGER LTD 105.87 186,857.40 101.69 179,482.90 2.0 1.6 800 SM ENERGY CO 67.96 54,365.04 78.00 62,400.00 0.7 0.1 ------------------------------------------------------------------------- 467,987.10 511,309.30 5.7 1.7 FINANCIALS 1000 AFFILIATED MANAGERS GROUP INC 89.70 89,702.08 200.36 200,360.00 2.2 0.0 500 AMERCO 208.02 104,011.50 261.89 130,945.00 1.5 2800 AMERICAN EXPRESS CORP. 53.59 150,050.00 87.54 245,112.00 2.7 1.2 300 BLACKROCK INC 303.41 91,022.55 328.32 98,496.00 1.1 2.4 1700 LPL FINANCIAL HOLDINGS INC 30.92 52,572.50 46.05 78,285.00 0.9 1.7 600 VISA INC-CLASS A SHARES 118.31 70,988.16 213.37 128,022.00 1.4 0.7 ------------------------------------------------------------------------- 558,346.80 881,220.00 9.8 0.8 HEALTH CARE 2200 ABBVIE INC 33.11 72,831.48 57.76 127,072.00 1.4 2.8 Period Ending 9/30/2014 15 CC`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Portfolio Holdings - Growth Unit Total Market • Quantity Security Cost Cost Price Value Assets Yield 2400 AMERISOURCE BERGEN CORP 46.20 110,876.20 77.30 185,520.00 2.1 1.2 1200 CIGNA CORP 40.38 48,458.69 90.69 108,828.00 1.2 0.0 1915 GILEAD SCIENCES INC 78.83 150,956.50 106.45 203,851.80 2.3 0.0 600 MCKESSON HBOC INC. 90.60 54,357.66 194.67 116,802.00 1.3 0.5 1600 MEDNAX INC 53.23 ------------------------------------------------------------------------- 85,167.44 54.82 87,712.00 1.0 0.0 522,647.90 829,785.80 9.2 0.8 INFORMATION TECHNOLOGY 2843 APPLE COMPUTER INC 69.35 197,174.00 100.75 286,432.30 3.2 1.9 1330 CITRIX SYSTEMS INC 69.17 92,001.55 71.34 94,882.20 1.1 0.0 2700 COGNIZANT TECH SOLUTIONS CL A 50.58 136,578.20 44.77 120,879.00 1.3 1750 EBAY INC. 44.51 77,887.79 56.63 99,102.50 1.1 0.0 6600 EMC CORP 20.88 137,837.60 29.26 193,116.00 2.2 1.6 2500 FACEBOOK INC-A 70.95 177,367.30 79.04 197,600.00 2.2 237 GOOGLE INC CL A 531.69 126,011.50 588.41 139,453.20 1.6 0.0 237 GOOGLE INC-CL C 530.66 125,767.20 577.36 136,834.30 1.5 1200IBM 199.47 239,362.70 189.83 227,796.00 2.5 2.3 3340 INTEL CORP 34.50 115,243.00 34.82 116,298.80 1.3 2.6 425 LINKEDINCORP -A 215.18 91,452.65 207.79 88,310.75 1.0 2000 MASTERCARD INC 67.86 135,723.90 73.92 147,840.00 1.6 0.6 4600 MICROSOFT CORP. 27.48 126,394.10 46.36 213,256.00 2.4 2.7 2335 NETAPP INC 39.26 91,667.43 42.96 100,311.60 1.1 1.5 4500 ORACLE CORPORATION 35.42 159,378.80 38.28 172,260.00 1.9 1.3 1735 QUALCOMM INC. 79.27 ------------------------------------------------------------------------- 137,539.50 74.77 129,726.00 1.4 2.2 ------------------------------------------------------------------------- 2,167,387.00 2,464,099.00 27.5 1.2 7,006,033.00 8,693,165.00 96.9 1.3 ------------------------------------------------------------------------- 7,284,775.00 8,971,907.00 100.0 1.3 TOTAL PORTFOLIO 7,284,775.00 8,971,907.00 100.0 1.3 Period Ending 9/30/2014 16 ICG'CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Purchases - Growth EDGETRADE 8/13/14 8/18/14 425.00 LINKEDIN CORP -A EDGETRADE2 8/1/14 8/6/14 827.00 APPLE COMPUTER INC 7/23/14 7/28/14 1,055.00 CONSTELLATION BRANDS INC 9/5/14 9/10/14 1,100.00 MIDDLEBY CORP 8/1/14 8/6/14 1,465.00 PENSKE AUTOMOTIVE GR INC MAXM 7/30/14 8/4/14 2,170.00 BORG WARNER AUTO 8/13/14 8/18/14 2,335.00 NETAPPINC 9/5/14 9/10/14 3,215.00 QUANTA SERVICES INC MIND PARTNERS 8/13/14 8/18/14 1,330.00 CITRIX SYSTEMS INC 7/30/14 8/4/14 1,020.00 EOG RESOURCES INC 7/23/14 7/28/14 3,340.00 INTEL CORP PURCHASESSUBTOTAL Period Ending 9/30/2014 215.18 91,452.65 0.01 4.25 96.33 79,661.93 0.01 8.27 87.72 92,547.03 0.01 10.55 86.92 95,611.01 0.01 11.00 46.86 68,646.38 0.01 14.65 -------------------------------------------------• 336,466.40 0.01 44.47 64.26 139,447.90 0.02 43.40 39.26 91,667.43 0.02 46.70 37.02 119,006.80 0.02 64.30 -------------------------------- 350,122.10 ------------ 0.02 ------ 154.40 69.17 92,001.55 0.04 53.20 113.66 115,934.10 0.04 40.80 34.50 115,243.00 0.04 133.60 ------- ---------------------- 323,178.70 --------------- 0.04 -----• 227.60 -------- -------------------------------------------------- E-2-20.00 --------------- 1 1, 01,22 0--.02------------- 4--30.72---- 0.02 430.72 17 ICC`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund EDGETRADE2 7/23/14 7/23/14 9/5/14 9/9/14 7/30/14 7/23/14 7/23/14 7/16/14 7/16/14 7/16/14 7/23/14 7/16/14 7/16/14 FBN SECURITIES 7/16/14 MAXM 7/23/14 7/23/14 MND PARTNERS 7/16/14 7/16/14 7/30/14 SALES SUBTOTAL TOTAL PORTFOLIO Sales - Growth 7/28/14 600.00 CARLISLE COS INC 83.75 7/28/14 600.00 CARLISLE COS INC 83.75 9/10/14 1,600.00 DEERE & CO. 82.88 9/12/14 2,050.00 EBAY INC. 52.80 8/4/14 800.00 EQT CORPORATION 97.02 7/28/14 400.00 FIRST REPUBLIC BANK 45.85 7/28/14 500.00 FIRST REPUBLIC BANK 45.85 7/21/14 2,500.00 FREEPORT MCMORAN COP & GOLD 38.80 7/21/14 400.00 FREEPORT MCMORAN COP & GOLD 38.80 7/21/14 600.00 FREEPORT MCMORAN COP & GOLD 38.80 7/28/14 1,200.00 KIMBERLY CLARK CORP 109.53 7/21/14 900.00 ROCK-TENN COMPANY CL-A 100.65 7/21/14 100.00 ROCK-TENN COMPANY CL-A 100.65 7/21/14 8,660.00 FORD MOTOR CO. 7/28/14 2,200.00 COCA COLA COMPANY 7/28/14 1,400.00 COCA COLA COMPANY 7/21/14 1,440.00 FORD MOTOR CO. 7/21/14 1,500.00 FORD MOTOR CO. 8/4/14 1,600.00 TUPPERWARE CORPORATION 17.78 50,248.53 50,248.54 132,607.10 108,230.60 77,618.76 18,338.71 22,923.39 97,001.60 15,520.26 23,280.38 131,435.60 90,585.69 10,065.08 828,104.30 154,000.80 Period Ending 9/30/2014 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 6.00 6.00 16.00 20.50 8.00 4.00 5.00 25.00 4.00 6.00 12.00 9.00 1.00 122.50 173.20 40.83 89,824.89 0.02 44.00 40.83 57,161.29 0.02 28.00 -------------------------------------------------- 146,986.20 0.02 72.00 17.80 25,627.69 0.04 57.60 17.80 26,695.51 0.04 60.00 72.13 -------------------------------------------------- 115,410.40 0.04 64.00 167,733.60 0.04 181.60 -------------------------------------------------- -------------------------------------------------- 1,296,825.00 0.02 549.30 0.02 549.30 0.02 980.02 18 ICC'CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Period Ending 9/30/2014 Portfolio Holdings - Core Fixed CASH AND EQUIVALENTS CASH AND EQUIVALENTS 883,911.20 883,911.20 5.2 0.0 CORPORATE BONDS 35000 GENERAL ELEC CAP CORP 99.86 34,950.65 102.35 35,823.93 0.2 3.4 AA+ 3.500% 6/29/15 165000 MICROSOFT CORP 99.56 164,275.70 101.34 167,203.30 1.0 1.6 AAA 1.630% 9/25/15 190000 PROCTER & GAMBLE CO/THE 99.20 188,480.00 101.51 192,860.60 1.1 1.8 AA- 1.800% 11/15/15 150000 SAN DIEGO GAS & ELECTRIC 111.89 167,829.00 105.06 157,597.00 0.9 5.0 A+ 5.300% 11/15/15 150000 MONSANTO CO 99.79 149,680.50 103.08 154,619.20 0.9 2.7 BBB+ 2.750% 4/15/16 255000 MERCK & CO INC 100.19 255,479.40 100.26 255,672.70 1.5 0.7 AA 0.700% 5/18/16 80000 AMERICAN EXPRESS CREDIT 104.82 83,856.80 103.37 82,698.38 0.5 2.7 A- 2.800% 9/19/16 245000 MISSISSIPPI POWER CO 103.99 254,770.60 102.59 251,357.10 1.5 2.3 A 2.350% 10/15/16 165000 FIFTH THIRD BANK 100.44 165,719.40 100.09 165,146.40 1.0 1.1 A- 1.150% 11/18/16 240000 AFLAC INC 105.36 252,876.00 103.22 247,731.10 1.5 2.6 A 2.650% 2/15/17 165000 BANK OF NOVA SCOTIA 99.72 164,543.00 99.54 164,245.20 1.0 0.8 A+ 0.800% 3/17/17 100000 NATIONAL RURAL UTIL COOP 99.68 99,680.00 110.40 110,400.90 0.6 4.9 A+ 5.450% 4/10/17 210000 WELLS FARGO & COMPANY 102.87 216,033.30 101.92 214,038.90 1.3 2.1 A+ 2.100% 5/8/17 80000 AMERICAN EXPRESS CREDIT 99.76 79,804.80 99.29 79,431.78 0.5 1.1 A- 1.130% 6/5/17 320000 FRANKLIN RESOURCES INC 100.65 322,083.20 99.74 319,181.90 1.9 1.4 AA- 1.380% 9/15/17 260000 GENERAL DYNAMICS CORP 99.71 259,243.40 98.92 257,201.20 1.5 1.0 A 1.000% 11/15/17 40000 GENERAL ELEC CAP CORP 100.86 40,345.20 100.26 40,104.81 0.2 1.6 AA+ 1.600% 11/20/17 160000 AMAZON.COM INC 98.75 158,001.60 99.01 158,409.00 0.9 1.2 AA- 1.200% 11/29/17 285000 AT&T WIRELESS 99.36 283,184.60 99.47 283,476.70 1.7 1.4 A- 1.400% 12/1/17 320000 INTEL CORP 99.91 319,718.40 99.58 318,664.90 1.9 1.4 A+ 1.350% 12/15/17 200000 METLIFE INC 101.18 202,362.00 100.63 201,259.80 1.2 1.7 A- 1.760% 12/15/17 250000 WELLS FARGO & COMPANY 100.17 250,425.00 99.16 247,892.70 1.5 1.5 A+ 1.500% 1/16/18 335000 BANK OF NEW YORK MELLON 99.86 334,521.00 98.61 330,341.20 1.9 1.3 A+ 1.300% 1/25/18 30000 JPMORGAN CHASE & CO 100.53 30,159.90 99.63 29,889.62 0.2 1.8 A 1.800% 1/25/18 175000 CATERPILLAR FINANCIAL SE 100.42 175,731.50 98.73 172,775.60 1.0 1.3 A 1.300% 3/1/18 115000 CONS EDISON CO OF NY 99.96 114,949.40 113.60 130,637.60 0.8 5.1 A- 5.850% 4/1/18 160000 ORACLE CORP 100.86 161,374.40 101.30 162,078.50 1.0 2.3 A+ 2.380% 1/15/19 80000 PRINCETON UNIVERSITY 114.07 91,252.80 112.86 90,289.90 0.5 4.4 AAA 4.950% 3/1/19 115000 CHEVRON CORP 99.97 114,964.40 111.75 128,515.50 0.8 4.4 AA 4.950% 3/3/19 80000 DARTMOUTH COLLEGE 113.29 90,632.80 112.20 89,756.74 0.5 4.2 AA+ 4.750% 6/1/19 30000 COSTCO WHOLESALE CORP 100.36 30,109.50 97.81 29,344.29 0.2 1.7 A+ 1.700% 12/15/19 140000 BAXTER INTERNATIONAL INC 99.61 139,456.80 107.93 151,102.50 0.9 3.9 A- 4.250% 3/15/20 155000 GEORGE WASHINGTON UNIVERSITY 100.00 155,000.00 110.45 171,203.00 1.0 4.4 A+ 4.900% 9/15/20 250000 COCA -COLA CO/THE 99.09 247,730.00 100.36 250,894.40 1.5 2.4 AA 2.450% 11/1/20 50000 GENERAL ELECTRIC CAP CORP 103.86 51,930.00 110.26 55,132.21 0.3 4.2 AA+ 4.630% 1/7/21 45000 WELLS FARGO & COMPANY 101.11 45,498.60 100.68 45,306.72 0.3 3.0 A+ 3.000% 1/22/21 19 CG`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Period Ending 9/30/2014 Portfolio Holdings - Core Fixed TotalUnit •• Coupon Quantity Security Cost Cost Price Value Assets Yield Ratings % Date 440000 TOTAL CAPITAL INTL SA 100.28 441,232.00 100.73 443,233.60 2.6 2.7 AA- 2.750% 6/19/21 110000 OCCIDENTAL PETROLEUM COR 100.83 110,917.40 100.46 110,508.00 0.6 3.1 A 3.130% 2/15/22 110000 PEPSICO INC 103.44 113,789.50 98.19 108,006.90 0.6 2.8 A- 2.750% 3/5/22 225000 UNITEDHEALTH GROUP INC 99.49 223,861.50 99.34 223,516.60 1.3 2.9 A 2.880% 3/15/22 360000 MICROSOFT CORP 100.32 361,159.20 94.75 341,096.30 2.0 2.2 AAA 2.130% 11/15/22 250000 CONOCOPHILLIPS COMPANY 98.36 245,895.00 95.92 239,794.20 1.4 2.5 A 2.400% 12/15/22 325000 METLIFE INC 99.49 323,342.50 98.73 320,887.40 1.9 3.1 A- 3.050% 12/15/22 405000 JPMORGAN CHASE & CO 99.30 402,152.90 97.75 395,884.80 2.3 3.3 A 3.200% 1/25/23 80000 BAXTER INTERNATIONAL INC 99.08 79,265.60 99.07 79,252.32 0.5 3.2 A- 3.200% 6/15/23 120000 ENTERGY MISSISSIPPI INC 97.82 117,379.20 98.61 118,328.20 0.7 3.1 A- 3.100% 7/1/23 320000 DOMINION GAS HLDGS LLC 101.73 325,548.80 101.13 323,611.70 1.9 3.5 A- 3.550% 11/1/23 285000 ILLINOIS TOLL WORKS INC 99.43 283,378.40 101.57 289,476.90 1.7 3.4 A+ 3.500% 3/1/24 285000 BLACKROCK INC 99.67 284,048.10 100.93 287,649.80 1.7 3.5 AA- 3.500% 3/18/24 325000 GENERAL ELECTRIC CAP CORP 101.21 328,942.30 100.37 326,204.40 1.9 3.4 AA+ 3.450% 5/15/24 325000 SIMON PROPERTY GROUP LP 100.04 325,133.30 98.42 319,857.00 1.9 3.4 A 3.380% 10/1/24 285000 NORTHERN TRUST CORP 104.64 298,226.90 103.41 294,719.20 1.7 3.8 A 3.950% 10/30/25 325000 AMERICAN TOWER TRUST 1 98.61 320,485.80 97.57 317,114.20 1.9 3.1 3.070% 3/15/48 255000 SUTTER HEALTH 100.00 255,000.00 99.50 253,725.00 1.5 1.7 AA- 1.670% 8/15/53 Accrued Interest 62,274.13 0.4 ------------------------------------------------------------------------- 10,736,412.00 10,797,426.00 63.3 2.6 MUNICIPAL BONDS 205000 FLORIDA ST HURRICANE CATASTROPHE FUND 98.00 200,900.00 100.40 205,824.10 1.2 3.0 AA- 3.000% 7/1/20 140000 COMMONWEALTH FING AUTH PA REV 100.00 140,000.00 113.30 158,625.60 0.9 5.0 A+ 5.650% 6/1/24 265000 MASSACHUSETTS ST EDUCTNL FING AUTH 98.50 261,025.00 100.80 267,120.00 1.6 4.7 AA 4.700% 1/1/33 Accrued Interest 7,213.12 0.0 ------------------------------------------------------------------------- 601,925.00 638,782.80 3.7 4.2 GOVERNMENT BONDS 420000 US TREASURY 99.81 419,212.50 99.77 419,015.60 2.5 0.9 AA+ 0.880% 6/15/17 75000 US TREASURYN/B 99.67 74,753.91 98.52 73,886.71 0.4 1.0 AA+ 1.000% 5/31/18 Accrued Interest 1,324.39 0.0 ------------------------------------------------------------------------- 493,966.40 494,226.70 2.9 0.9 MORTGAGE POOLS 2532.26 GNJO M #781313 103.12 2,611.39 103.79 2,628.15 0.0 5.8 AA+ 6.000% 7/15/16 9064.57 FNCI M #254371 99.56 9,024.91 105.30 9,545.44 0.1 5.2 AA+ 5.500% 7/1/17 31444.98 FGCI #E01443 105.41 33,144.98 105.10 33,048.79 0.2 3.3 AA+ 3.500% 7/1/18 565.04 FGCI N #B13455 99.71 563.37 106.00 598.96 0.0 4.2 AA+ 4.500% 4/1/19 14343.12 FNCI N #725445 96.09 13,782.65 105.93 15,193.32 0.1 4.2 AA+ 4.500% 5/1/19 9155.09 FNCI N #825335 97.31 8,909.05 104.81 9,595.16 0.1 3.8 AA+ 4.000% 5/1/20 20 ICG`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Period Ending 9/30/2014 Portfolio Holdings - Core Fixed TotalUnit •• Coupon Quantity Security Cost Cost Price Value Assets Yield Ratings % Date 9994.63 FNCI N #255888 97.31 9,726.02 106.12 10,606.43 0.1 3.8 AA+ 4.000% 8/1/20 5236.26 FNCI N #829053 97.00 5,079.17 106.12 5,556.79 0.0 3.8 AA+ 4.000% 8/1/20 14452.92 FGCI #G12205 96.48 13,944.81 106.10 15,334.01 0.1 4.2 AA+ 4.500% 6/1/21 799.712 FGCI N #G12323 95.88 766.72 106.10 848.46 0.0 4.2 AA+ 4.500% 8/1/21 25310.96 GNSF M #552509 98.77 24,998.53 113.79 28,802.49 0.2 5.3 AA+ 6.000% 4/15/32 8129.96 GNSF M #582153 99.83 8,115.99 113.26 9,208.26 0.1 5.3 AA+ 6.000% 6/15/32 79354.47 FGLMC #G02268 102.08 81,003.61 113.38 89,970.40 0.5 5.7 AA+ 6.500% 8/1/36 118751.1 GIN POOL # 782119 107.08 127,156.40 113.51 134,798.20 0.8 5.3 AA+ 6.000% 8/15/36 70347.9 FNCL # 256394 102.00 71,754.88 113.41 79,781.37 0.5 5.7 AA+ 6.500% 9/1/36 61619.1 G2 POOL # 4194 106.12 65,393.27 111.16 68,498.40 0.4 4.9 AA+ 5.500% 7/20/38 26679.02 G2 POOL # 4195 99.89 26,649.81 113.14 30,184.37 0.2 5.3 AA+ 6.000% 7/20/38 103611.3 G2 POOL # 4447 104.81 108,597.60 110.53 114,523.30 0.7 4.5 AA+ 5.000% 5/20/39 267650.1 G2 POOL # 4496 109.58 293,286.00 110.59 296,005.30 1.7 4.5 AA+ 5.000% 7/20/39 92559.7 GNSF 5.5% POOL #714005 106.16 98,257.91 111.22 102,944.90 0.6 4.9 AA+ 5.500% 10/15/39 162007.7 FG POOL#G05900 108.64 176,006.20 112.99 183,055.00 1.1 5.3 AA+ 6.000% 3/1/40 Accrued Interest 4,938.86 0.0 ------------------------------------------------------------------------- 1,178,773.00 1,245,666.00 7.3 4.9 GOVERNMENT SPONSORED BOND 230000 FREDDIE MAC 100.00 230,006.90 100.31 230,712.40 1.4 0.5 AA+ 0.500% 8/28/15 225000 FEDERAL HOME LOAN BANK 99.91 224,795.30 100.23 225,507.70 1.3 0.4 AA+ 0.450% 10/26/15 360000 FANNIE MAE 99.87 359,526.30 100.10 360,343.60 2.1 0.4 AA+ 0.380% 12/21/15 160000 FANNIE MAE 99.95 159,920.00 99.87 159,797.00 0.9 0.6 AA+ 0.600% 8/15/16 205000 FEDERAL HOME LOAN BANK 99.63 204,245.60 99.29 203,541.20 1.2 0.8 AA+ 0.750% 4/17/17 125000 FANNIE MAE 99.97 124,968.80 99.22 124,029.70 0.7 0.7 AA+ 0.700% 11/15/17 315000 FANNIE MAE 99.75 314,212.50 99.35 312,943.00 1.8 1.0 AA+ 1.000% 8/8/18 215000 FANNIE MAE 99.99 214,978.50 97.38 209,375.70 1.2 1.2 AA+ 1.150% 10/30/18 215000 FREDDIE MAC 99.99 214,978.50 97.84 210,351.50 1.2 1.1 AA+ 1.050% 10/30/18 150000 FEDERAL HOME LOAN BANK 100.00 150,000.00 99.57 149,355.50 0.9 1.0 AA+ 1.000% 6/18/19 100000 FANNIE MAE 103.17 103,168.00 100.40 100,400.50 0.6 2.5 AA+ 2.500% 2/13/20 55000 FEDERAL FARM CREDIT BANK 99.50 54,725.00 100.20 55,108.15 0.3 2.7 AA+ 2.700% 11/4/20 Accrued Interest 5,830.34 0.0 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 2,355,525.00 2,347,296.00 13.8 0.9 16,250,513.00 16,407,309.00 96.2 2.4 UNSUPERVISED ASSETS 19219.4 DREYFUS INTL BOND FUND 16.91 325,000.00 16.86 324,039.00 1.9 1.4 53017.94 OPPENHEIMER INTL BOND FD 6.13 ------------------------------------------------------------------------- 325,000.00 6.01 318,637.90 1.9 3.2 650,000.00 642,676.90 3.8 2.3 TOTAL PORTFOLIO ------------------------------------------------------------------------- 16,900,513.00 17,049,986.00 100.0 2.4 21 ICG`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Purchases - Core Fixed BB&T 7/22/14 7/25/14 440,000.00 TOTAL CAPITAL INTL SA 2.750% Due 06-19-21 BREAN CAPITAL LLC 8/19/14 8/20/14 315,000.00 FANNIE MAE 1.000% Due 08-08-18 CANTOR FITZGERALD FIXED 9/25/14 9/30/14 320,000.00 DOMINION GAS HLDGS LLC 3.550% Due 11-01-23 FALCON SQUARE 6/30/14 7/3/14 165,000.00 FIFTH THIRD BANK 1.150% Due 11-18-16 8/14/14 8/19/14 405,000.00 JPMORGAN CHASE & CO 3.200% Due 01-25-23 7/14/14 7/17/14 325,000.00 METLIFE INC 3.048% Due 12-15-22 9/5/14 9/10/14 325,000.00 SIMON PROPERTY GROUP LP 3.375% Due 10-01-24 JANNEY MONTGOMERY SC 7/15/14 7/18/14 325,000.00 BRISTOL-MYERS SQUIBB CO 4.500% Due 03-01-44 KEYBANC 7/18/14 7/23/14 285,000.00 NORTHERN TRUST CORP 3.950% Due 10-30-25 MORGAN STANLEY - FIXED 7/24/14 7/29/14 325,000.00 AMERICAN TOWER TRUST I 3.070% Due 03-15-48 PURCHASESSUBTOTAL 22 Period Ending 9/30/2014 100.28 441,232.00 0.00 0.00 99.75 314,212.50 0.00 0.00 101.73 325,548.80 0.00 0.00 100.44 165,719.40 0.00 0.00 99.30 402,152.90 0.00 0.00 99.49 323,342.50 0.00 0.00 100.04 325,133.30 0.00 0.00 ------ ----------------------- 1,216,348.00 ----------------- 0.00 ---- 0.00 102.46 332,991.80 0.00 0.00 104.64 298,226.90 0.00 0.00 98.61 320,485.80 0.00 0.00 -------------------------------------------------- 3,249,046.00 0.00 0.00 -------------------------------------------------- 0.00 0.00 ICC`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Sales - Core Fixed Period Ending 9/30/2014 9/19/14 9/19/14 35,000.00 FANNIE MAE 100.00 35,000.00 1.600% Due 09-19-17 BANC OF AMERICA SECURITIES 7/17/14 7/22/14 130,000.00 BRISTOL-MYERS SQUIBB CO 102.76 133,588.00 0.00 0.00 4.500% Due 03-01-44 BREAN CAPITAL LLC 7/16/14 7/17/14 285,000.00 FANNIE MAE 99.50 283,575.00 0.00 0.00 1.000% Due 09-20-17 DONALDSON & CO. - DONALDSON 7/2/14 7/2/14 30,000.00 MASSACHUSETTS ST EDUCTNL FING AUTF 100.00 30,000.00 0.00 0.00 4.700% Due 01-01-33 FALCON SQUARE 8/4/14 8/7/14 230,000.00 ALABAMA POWER CO 107.40 247,020.00 0.00 0.00 3.950% Due 06-01-21 G.X. CLARKE & CO. 7/2/14 7/7/14 100,000.00 US TREASURY 99.86 99,859.38 0.00 0.00 1.625% Due 04-30-19 7/15/14 7/17/14 345,000.00 US TREASURY 100.19 345,646.90 0.00 0.00 3.375% Due 05-15-44 9/2/14 9/3/14 100,000.00 US TREASURY 100.16 100,156.30 0.00 0.00 0.875% Due 04-15-17 7/3/14 7/8/14 125,000.00 US TREASURY N/B 99.73 124,668.00 0.00 0.00 0.625% Due 12-15-16 7/3/14 7/8/14 255,000.00 US TREASURY N/B 100.12 255,318.80 0.00 0.00 0.250% Due 05-31-15 -------------------------------------------------- 925,649.20 0.00 0.00 J.P. MORGAN SECURITIES INC. 8/27/14 9/2/14 285,000.00 GOLDMAN SACHS GROUP INC 102.91 293,296.40 0.00 0.00 4.000% Due 03-03-24 KEYBANC 23 ICCAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Sales - Core Fixed Period Ending 9/30/2014 7/18/14 7/23/14 180,000.00 MIDAMERICAN ENERGY CO 103.11 185,601.60 0.00 0.00 4.400% Due 10-15-44 MORGAN STANLEY - FIXED 9/16/14 9/19/14 165,000.00 HOWARD HUGHES MEDICAL 102.58 169,250.40 0.00 0.00 3.500% Due 09-01-23 9/2/14 9/5/14 305,000.00 IBM CORP 102.24 311,835.10 0.00 0.00 3.375% Due 08-01-23 7/10/14 7/15/14 165,000.00 PFIZER INC 102.18 168,590.40 0.00 0.00 4.400% Due 05-15-44 -------------------------------------------------- 649,675.90 0.00 0.00 RAYMOND JAMES-F.I. 8/8/14 8/13/14 195,000.00 BRISTOL-MYERS SQUIBB CO 103.78 202,371.00 0.00 0.00 4.500% Due 03-01-44 -------------------------------------------------- SALES SUBTOTAL 2,985,777.00 0.00 0.00 -------------------------------------------------- 0.00 0.00 PRINCIPAL PAYDOWNS Not Classified 7/1/14 7/15/14 7,706.47 FG POOL #G05900 100.00 7,706.47 6.000% Due 03-01-40 8/1/14 8/15/14 2,322.53 FG POOL #G05900 100.00 2,322.53 6.000% Due 03-01-40 9/1/14 9/15/14 4,303.42 FG POOL#G05900 100.00 4,303.42 6.000% Due 03-01-40 7/1/14 7/15/14 2,367.58 FGCI #E01443 100.00 2,367.58 3.500% Due 07-01-18 8/1/14 8/15/14 1,782.65 FGCI#E01443 100.00 1,782.65 3.500% Due 07-01-18 9/1/14 9/15/14 1,877.58 FGCI #E01443 100.00 1,877.58 3.500% Due 07-01-18 7/1/14 7/15/14 336.02 FGCI#G12205 100.00 336.02 4.500% Due 06-01-21 8/1/14 8/15/14 604.29 FGCI#G12205 100.00 604.29 4.500% Due 06-01-21 9/1/14 9/15/14 376.42 FGCI #G12205 100.00 376.42 ICG'CAPITAL MANAGEMENT 24 Palm Beach Gardens Police Officers' Retirement Fund Sales - Core Fixed 4.500% Due 06-01-21 7/1/14 7/15/14 23.15 FGCIN #B13455 100.00 23.15 4.500% Due 04-01-19 8/1/14 8/15/14 26.43 FGCI N #B13455 100.00 26.43 4.500% Due 04-01-19 9/1/14 9/15/14 23.55 FGCIN #B13455 100.00 23.55 4.500% Due 04-01-19 7/1/14 7/15/14 19.09 FGCI N #G12323 100.00 19.09 4.500% Due 08-01-21 8/1/14 8/15/14 21.78 FGCI N #G12323 100.00 21.78 4.500% Due 08-01-21 9/1/14 9/15/14 18.16 FGCI N #G12323 100.00 18.16 4.500% Due 08-01-21 7/1/14 7/15/14 635.16 FGLMC #G02268 100.00 635.16 6.500% Due 08-01-36 7/1/14 7/15/14 2,167.36 FGLMC #G02268 100.00 2,167.36 6.500% Due 08-01-36 8/1/14 8/15/14 547.12 FGLMC #G02268 100.00 547.12 6.500% Due 08-01-36 8/1/14 8/15/14 1,866.95 FGLMC #G02268 100.00 1,866.95 6.500% Due 08-01-36 9/1/14 9/15/14 521.96 FGLMC #G02268 100.00 521.96 6.500% Due 08-01-36 9/1/14 9/15/14 1,781.08 FGLMC #G02268 100.00 1,781.08 6.500% Due 08-01-36 7/1/14 7/25/14 538.45 FNCI M #254371 100.00 538.45 5.500% Due 07-01-17 8/1/14 8/25/14 614.85 FNCI M #254371 100.00 614.85 5.500% Due 07-01-17 9/1/14 9/25/14 331.08 FNCI M #254371 100.00 331.08 5.500% Due 07-01-17 7/1/14 7/25/14 568.82 FNCIN #255888 100.00 568.82 4.000% Due 08-01-20 8/1/14 8/25/14 475.34 FNCI N #255888 100.00 475.34 4.000% Due 08-01-20 9/1/14 9/25/14 222.65 FNCIN #255888 100.00 222.65 4.000% Due 08-01-20 Period Ending 9/30/2014 25 CG`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund 7/1/14 7/25/14 7/1/14 7/25/14 8/1/14 8/25/14 8/1/14 8/25/14 9/1/14 9/25/14 9/1/14 9/25/14 7/1/14 7/25/14 8/1/14 8/25/14 9/1/14 9/25/14 7/1/14 7/25/14 8/1/14 8/25/14 9/1/14 9/25/14 7/1/14 7/25/14 8/1/14 8/25/14 9/1/14 9/25/14 7/1/14 7/20/14 8/1/14 8/20/14 9/1/14 9/20/14 7/1/14 7/20/14 Sales - Core Fixed Period Ending 9/30/2014 16.00 FNCI N #725445 100.00 16.00 4.500% Due 05-01-19 515.46 FNCI N #725445 100.00 515.46 4.500% Due 05-01-19 13.71 FNCI N #725445 99.99 13.71 4.500% Due 05-01-19 441.70 FNCI N #725445 100.00 441.70 4.500% Due 05-01-19 14.23 FNCI N #725445 100.02 14.23 4.500% Due 05-01-19 458.33 FNCI N #725445 100.00 458.33 4.500% Due 05-01-19 123.35 FNCI N #825335 100.00 123.35 4.000% Due 05-01-20 123.82 FNCI N #825335 100.00 123.82 4.000% Due 05-01-20 124.28 FNCI N #825335 100.00 124.28 4.000% Due 05-01-20 84.72 FNCI N #829053 100.00 84.72 4.000% Due 08-01-20 86.16 FNCI N #829053 100.00 86.16 4.000% Due 08-01-20 93.66 FNCI N #829053 100.00 93.66 4.000% Due 08-01-20 1,913.19 FNCL # 256394 100.00 1,913.19 6.500% Due 09-01-36 1,522.99 FNCL # 256394 100.00 1,522.99 6.500% Due 09-01-36 1,554.60 FNCL # 256394 100.00 1,554.60 6.500% Due 09-01-36 1,926.19 G2 POOL # 4194 100.00 1,926.19 5.500% Due 07-20-38 1,905.54 G2 POOL # 4194 100.00 1,905.54 5.500% Due 07-20-38 1,911.60 G2 POOL # 4194 100.00 1,911.60 5.500% Due 07-20-38 879.15 G2 POOL # 4195 100.00 879.15 26 CG`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Sales - Core Fixed 6.000% Due 07-20-38 8/1/14 8/20/14 835.67 G2 POOL# 4195 100.00 835.67 6.000% Due 07-20-38 9/1/14 9/20/14 645.82 G2 POOL# 4195 100.00 645.82 6.000% Due 07-20-38 7/1/14 7/20/14 2,742.49 G2 POOL # 4447 100.00 2,742.49 5.000% Due 05-20-39 8/1/14 8/20/14 2,386.08 G2 POOL # 4447 100.00 2,386.08 5.000% Due 05-20-39 9/1/14 9/20/14 2,444.99 G2 POOL # 4447 100.00 2,444.99 5.000% Due 05-20-39 7/1/14 7/20/14 6,724.10 G2 POOL # 4496 100.00 6,724.10 5.000% Due 07-20-39 8/1/14 8/20/14 5,444.90 G2 POOL # 4496 100.00 5,444.90 5.000% Due 07-20-39 9/1/14 9/20/14 5,109.02 G2 POOL # 4496 100.00 5,109.02 5.000% Due 07-20-39 7/1/14 7/15/14 2,833.41 GN POOL # 782119 100.00 2,833.41 6.000% Due 08-15-36 8/1/14 8/15/14 1,811.26 GN POOL # 782119 100.00 1,811.26 6.000% Due 08-15-36 9/1/14 9/15/14 2,304.93 GN POOL # 782119 100.00 2,304.93 6.000% Due 08-15-36 7/1/14 7/15/14 201.46 GNJO M #781313 100.00 201.46 6.000% Due 07-15-16 8/1/14 8/15/14 221.13 GNJO M #781313 100.00 221.13 6.000% Due 07-15-16 9/1/14 9/15/14 197.23 GNJO M #781313 100.00 197.23 6.000% Due 07-15-16 7/1/14 7/15/14 141.21 GNSF 5.5% POOL #714005 100.00 141.21 5.500% Due 10-15-39 8/1/14 8/15/14 141.67 GNSF 5.5% POOL #714005 100.00 141.67 5.500% Due 10-15-39 9/1/14 9/15/14 139.68 GNSF 5.5% POOL #714005 100.00 139.68 5.500% Due 10-15-39 7/1/14 7/15/14 2,020.53 GNSF M #552509 100.00 2,020.53 6.000% Due 04-15-32 Period Ending 9/30/2014 27 CG`CAPITAL MANAGEMENT Palm Beach Gardens Police Officers' Retirement Fund Sales - Core Fixed 8/1/14 8/15/14 1,138.92 GNSF M #552509 100.00 6.000% Due 04-15-32 9/1/14 9/15/14 82.84 GNSF M #552509 100.00 6.000% Due 04-15-32 7/1/14 7/15/14 31.28 GNSF M #582153 100.00 6.000% Due 06-15-32 8/1/14 8/15/14 27.51 GNSF M #582153 100.00 6.000% Due 06-15-32 9/1/14 9/15/14 31.91 GNSF M #582153 100.00 6.000% Due 06-15-32 PRINCIPAL PAYDOWNS SUBTOTAL TOTAL PORTFOLIO Period Ending 9/30/2014 1,138.92 82.84 31.28 27.51 31.91 -------------------------------------------------- 83,446.66 0.00 0.00 -------------------------------------------------- 83,446.66 0.00 0.00 -------------------------------------------------- 0.00 0.00 0.00 0.00 28 IGG`CAPITAL MANAGEMENT woo-jejide»>i-mmm I tiZ8Z-Lb8-LOB .xej I Obb8-6£8-LOB lal T08Z£ lj PopueIa0 I OOTZ alms `any a8ueaO 'N 06£