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£