Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Palm Beach Gardens 3Q14
Palm Beach Gardens Police Officers’ Retirement Fund Investment Review Quarter Ending September 30, 2014 Palm Beach Gardens Police Officers’ Retirement Fund Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 14 Page 19Fixed Income - Portfolio Holdings, Purchases, and Sales Growth - Portfolio Holdings, Purchases, and Sales Performance Metrics Equity Sector Allocation and Returns Top Ten Holdings Portfolio Characteristics Fixed Income Characteristics Attribution Summary Commentary Period Ending 9/30/2014 Table of Contents Total Return Summary Performance Returns for Various Periods Portfolio Allocation Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 ICC Fixed Income Portfolio Manager Commentary At theFederalReserves'meetings of September16-17,policymakersraised theiroutlook for raisingshortterminterestrates.TheFedprojectedthatthe Federal Funds Rate,nowresting at 0.00-0.25%,would be approximately1.375% by yearend 2015.Theirpreviousguidancewas1.25%.Planswerealso reaffirmed to enddebtpurchasesundertheir QE program by October 31. Investorfocus is now on whenandnot if rates will rise.Consequently,bond marketpriceseroded in September as theyield on the10-yearTreasuryclosed themonth 14 bps higherthanthepreviousmonthandtheaggregatebond market return was negative. Where do we stand? Our expectation is for mild furtherupwardpressure on interestrates for the balance of the year. Our relatively benign view is supported by the following: 1)US GDPgrowth is slowingfroma4.6%annualrate to an estimated3.2%rate. This is occurringwhen total governmentandprivatedebthasaccelerated.As an example,therehasbeen an 83%expansion in corporatedebtoutstandingsince 2008.Wheneconomicgrowthslowsanddebtexplodes,thissets up aclassic condition for rates to stay low longer. 2)Thereremainsalack of sustainedpricepressures.TheCPIhasfalleneach monthsinceJune.Inflation,particularly in wages,hasyet to showitsuglyhead and energy prices have been falling. 3)The US dollar is attractive as asafehavencurrency as geopoliticalriskshave beenelevated.An imposition of economicsanctions to combatgeopolitical tensions is not, to say the least, pro-growth. 4)Thehighyieldbondmarkethasbeensubject to thelargestquarterlyloss in threeyearsandtheS&P 500 wasdown-1.55%in September.Concernsabouta more significant correction will lead to an attraction for high quality assets. 5)While US Treasuriesdropped in value in September,thedollarclimbed to its highestvaluesince 2010 versusmajorforeigncurrencies.Thatdollarstrength transformedlossesintogains for mostforeignholders.Pleasenotethatforeign investorsown $6+Trillion of US TreasuryDebt.Sustainingdemandfrom America’s biggestcreditors is vital to containingourfundingcosts as theFed windsdownitsstimulus.Coincidentally,ourratesremainrelativelyhigh globally. Germany recently issued ten year sovereign debt at a sub 1% level!! Assuming we arecorrect in theabovecomments,amove to higherrates will be quitemuted for thebalance of 2014 andintothefirstquarter of 2015.AFed move will be laternotsoonerand in babysteps.In thisenvironment,being overweighthighqualitycorporatedebtwhilelimitingissuespecific risk is a prudentstrategy.Theaddedincomefromcorporatedebtprovidesabuffer againstanyrate rise.Sinceincomehasproven to be aperformanceenhancing and risk reducingstrategy,wewill limit Treasuryexposure.Since we know of an eventualrate rise andthemarketspropensity to work as adiscounting mechanism, we will maintain a duration short of benchmark volatility. Sincerely, ICC Capital Management 1 Palm Beach Gardens Police Officers’ Retirement Fund Contributions Withdrawals Gain/Loss Cumulative Return Annualized Return Quarter (7/1/14 - 9/30/14) Fiscal Year to Date (10/1/13 - 9/30/14) Three Year (10/1/11 - 9/30/14) Contributions Withdrawals Gain/Loss Cumulative Return Annualized Return Quarter (7/1/14 - 9/30/14) Fiscal Year to Date (10/1/13 - 9/30/14) Three Year (10/1/11 - 9/30/14)6.15%2.01%$17,260,205 $16,407,309 -$852,897 $3,973,761 -$5,727,589 $900,931 $523,838 3.35%------- $16,060,115 $16,407,309 $347,194 $325,000 -$3,130 $25,323 $16,533,712 $16,407,309 -$126,404 $975,000 -$1,625,242 Total Return Summary - Fixed Beginning Market Value Ending Market Value Difference 0.15%------- $4,203,319 80.00%21.64%$4,623,373 $8,971,907 $4,348,534 $1,566,603 -$1,421,388 -$81,409 -0.89%------- $8,183,174 $8,971,907 $788,733 $0 -$454,299 $1,243,032 15.16% $9,304,199 $8,971,907 -$332,292 $0 -$250,883 ------- Period Ending 9/30/2014 Total Return Summary - Growth Beginning Market Value Ending Market Value Difference 2 Palm Beach Gardens Police Officers’ Retirement Fund Cash Cash $278,741 3.1% Growth Growth $8,693,165 96.9% Total Total $8,971,907 100.0% Cash Cash $883,911 5.4% Core Fixed Core Fixed $15,523,398 94.6% Total Total $16,407,309 100.0% $15,581,279 97.0% $16,060,115 100.0% $478,836 3.0% As of 12/31/2013 As of 3/31/2014 Asset Allocation - Fixed $8,998,693 96.7% $9,304,199 100.0% As of 6/30/2014 As of 9/30/2014 As of 12/31/2013 As of 3/31/2014 $305,505 3.3% Period Ending 9/30/2014 Asset Allocation - Growth As of 6/30/2014 As of 9/30/2014 Cash Growth Cash Growth Cash Core Fixed Cash Core Fixed 3 Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Quarter Fiscal Year to Date Three Year (Annualized) (7/1/14 - 9/30/14)(10/1/13 - 9/30/14)(10/1/11 - 9/30/14) Total -0.89%15.16%21.64% R1000G 1.49%19.15%22.45% Quarter Fiscal Year to Date Three Year (Annualized) (7/1/14 - 9/30/14)(10/1/13 - 9/30/14)(10/1/11 - 9/30/14) Total 0.15%3.35%2.01% BCAG 0.17%3.96%2.43% BCGC 0.17%4.08%2.54% Performance Returns for Various Periods - Growth Performance Returns for Various Periods - Fixed -2%-1%0%1%2% Total 0%10%20%30% Total 0%10%20%30% Total 0.00%0.05%0.10%0.15%0.20% Total 0%2%4%6% Total 0%1%2%3% Total 4 Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Large Cap Growth - Five Year Performance Metrics vs. Russell 1000 Growth HistoryMetric 12 / 3 1 / 2 0 1 3 3/ 3 1 / 2 0 1 4 6/ 3 0 / 2 0 1 4 9/ 3 0 / 2 0 1 4 DefinitionHistory Batting Average (%)50.00 45.00 45.00 40.00 The percentage of quarters the portfolio has outperformed the benchmark. *All metrics are based upon the composite performance. Batting Average (%)50.00 45.00 45.00 40.00 The percentage of quarters the portfolio has outperformed the benchmark. 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. Alpha (%)-0.39 -1.87 -1.57 -2.68 A measure of the dispersion of the portfolio's historical returns from the average. The more spread apart the returns, the higher the deviation. Benchmark Std. Deviation (%)15.22 14.26 13.76 13.66 A measure of the dispersion of the benchmark's historical returns from the average. The more spread apart the returns, the higher the deviation. Composite Std. Deviation (%)16.86 15.85 15.41 15.15 A statistical measure that represents the percentage of portfolio's movements that can be explained by movements in the benchmark index. Up-Market Capture Ratio (%)102.31 101.65 103.19 96.25 A statistical measure of the portfolio's overall performance in up-markets. It is used to evaluate how well the portfolio performed relative to an index during periods when that index has risen. R-Squared 0.925 0.925 0.925 0.929 -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. Down-Market Capture Ratio (%)98.63 98.63 115.86 115.86 Information Ratio 0.13 -0.16 -0.09 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. Tracking Error 5.65 5.04 4.95 4.40 A statistical measure of the portfolio's overall performance in down-markets. It is used to evaluate how well the portfolio performed relative to an index during periods when that index has fallen. 5 Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Domestic Equity Sector Allocation vs. R1000G Domestic Equity Quarterly Sector Returns vs. R1000G 1.7 16.7 3.2 18.6 5.9 5.9 10.1 9.5 28.3 0.0 4.2 11.9 2.4 18.3 10.4 5.7 5.1 13.6 28.4 0.1 0% 5% 10% 15% 20% 25% 30% MATERIALS INDUSTRIALS TELECOM.CONS. DISCRETION CONSUMER STAPLES ENERGY FINANCIALS HEALTH CARE INFO. TECH.UTILITIES 5.3 -2.3 -1.8 -2.1 -7.3 -14.6 -5.1 7.6 4.7 -24.4 -0.2 -1.5 3.8 0.5 0.8 -10.3 -1.4 8.0 4.1 -3.2 -30% -25% -20% -15% -10% -5% 0% 5% 10% MATERIALS INDUSTRIALS TELECOM.CONS. DISCRETION CONSUMER STAPLES ENERGY FINANCIALS HEALTH CARE INFO. TECH.UTILITIES Account R1000G 6 Palm Beach Gardens Police Officers’ Retirement Fund Allocation Effect Selection Effect Total Effect Allocation Effect Selection Effect Total Effect Materials 0.011 0.141 0.152 Financials -0.077 -0.266 -0.343 Utilities 0.006 0.001 0.007 Health Care -0.264 -0.082 -0.346 Telecom.-0.006 -0.012 -0.018 Industrials -0.152 -0.229 -0.382 Info. Tech.-0.029 -0.158 -0.188 Energy -0.135 -0.335 -0.470 Cons. Staples 0.017 -0.348 -0.331 Cons. Discretion.-0.011 -0.727 -0.738 Top 5 Totals & Averages -0.002 -0.376 -0.377 Bottom 5 Totals & Averages -0.640 -1.639 -2.279 *Attribution Summary is reflective of the composite performance. **Benchmark data is based upon the iShares Russell 1000 Growth ETF. Period Ending 9/30/2014 Attribution Summary -1.00 -0.80 -0.60 -0.40 -0.20 0.00 0.20 0.40 -0.35 -0.30 -0.25 -0.20 -0.15 -0.10 -0.05 0.00 0.05 0.10 Se l e c t i o n E f f e c t Allocation Effect Materials Industrials Telecom. Cons. Discretion. Cons. Staples Energy Financials Health Care Info. Tech. Utilities 7 Palm Beach Gardens Police Officers’ Retirement Fund Security Weight %QTD Return %Security Weight %QTD Return %Security Weight %QTD Return % APPLE COMPUTER INC.3.29 8.67 APPLE INC 3.44 8.90 APPLE INC 5.94 8.90 AMERICAN EXPRESS CORP.2.82 -7.47 EXXON MOBIL CORP 2.29 -5.90 MICROSOFT CORP 2.42 11.80 IBM 2.62 5.35 MICROSOFT CORP 2.18 11.80 VERIZON COMMUNICATIONS 2.02 3.20 MICROSOFT CORP.2.46 11.88 JOHNSON & JOHNSON 1.72 2.60 INTL BUSINESS MACHINES 1.75 5.30 HOME DEPOT 2.43 13.92 GENERAL ELECTRIC CO 1.47 -1.70 COCA COLA CO 1.66 1.40 LOWES CORP.2.37 10.79 BERKSHIRE HATHAWAY INC 1.44 9.10 GOOGLE INC 1.61 0.60 GILEAD SCIENCES INC.2.34 28.39 WELLS FARGO & CO 1.41 -0.60 GOOGLE INC CLASS C 1.60 0.40 AFFILIATED MANAGERS GROUP INC.2.30 -2.45 PROCTER & GAMBLE CO 1.29 7.40 GILEAD SCIENCES INC 1.60 28.40 FACEBOOK INC-A 2.27 17.46 CHEVRON CORP 1.29 -7.80 FACEBOOK INC 1.53 17.50 HONEYWELL 2.25 0.67 JPMORGAN CHASE & CO 1.29 5.20 PEPSICO INC 1.38 4.90 Period Ending 9/30/2014 Account S&P 500 Russell 1000 Growth Top Ten Domestic Equity Holdings 25.15 74.85 TOP TEN HOLDINGS OTHER HOLDINGS 17.82 82.18 TOP TEN HOLDINGS OTHER HOLDINGS 21.51 78.49 TOP TEN HOLDINGS OTHER HOLDINGS 8 Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Large Cap Growth - Portfolio Characteristics vs. Russell 1000 Growth HistoryMetric 12 / 3 1 / 2 0 1 3 3/ 3 1 / 2 0 1 4 6/ 3 0 / 2 0 1 4 9/ 3 0 / 2 0 1 4 DefinitionHistory Market Capitalization ($MM) The weighted average of the total dollar market value of each company's outstanding shares. -Large Cap Growth 74.1 75.4 84.1 96.7 -Benchmark 101.1 101.1 101.7 112.5 -Large Cap Growth 16.1 16.3 16.2 15.9 -Benchmark 18.6 18.2 18.2 18.1 -Large Cap Growth 3.8 3.5 3.7 3.7 -Benchmark 4.9 4.7 4.9 4.9 -Large Cap Growth 1.1 1.1 1.3 1.3 -Benchmark 2.0 2.0 2.0 2.0 -Large Cap Growth 12.1 11.9 12.5 12.8 -Benchmark 14.3 13.9 14.0 14.2 -Large Cap Growth 1.6 1.6 1.5 1.3 -Benchmark 1.6 1.6 1.6 1.5 -Large Cap Growth 13.0 10.0 13.0 17.0 -Benchmark 11.0 11.0 12.0 16.0 -Large Cap Growth 13.0 12.0 18.0 18.0 -Benchmark 15.0 14.0 12.0 12.0 -Large Cap Growth 20.0 21.0 20.0 21.0 -Benchmark 21.0 19.0 18.0 18.0 -Large Cap Growth 10.7 11.5 12.0 12.3 -Benchmark 14.8 14.5 14.5 14.6 -Large Cap Growth 38.0 36.0 37.0 33.0 -Benchmark 34.0 34.0 36.0 35.0 *Characteristics are based upon the composite. Market Capitalization ($MM) The weighted average of the total dollar market value of each company's outstanding shares. Price to Earnings (1 Year Forward) A weighted average of the valuation ratio of each company's current share price compared to its estimated 1 year forward per-share earnings. Price to Book A weighted average of the valuation ratio of each company's current share price compared to its per-share book value. A weighted average of the valuation ratio of each company's current share price compared to its previous year per-share sales. Price to Cash Flow A weighted average of the valuation ratio of each company's current share price compared to its previous year per-share cash flows. Debt to Equity (%) 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. EPS Growth (%) (3 Year) The weighted average of each company's percentage change in earnings per share (EPS), on a historical three-year annualized basis. EPS Growth (%) (5 Year) The weighted average of each company's percentage change in earnings per share (EPS), on a historical five-year annualized basis. Return on Assets (%)The weighted average of how profitable each company is relative to its total assets on a historical five-year basis. Dividend Yield (%)A weighted average that shows how much each company pays out in dividends each year relative to its share price. EPS Growth (%) (1 Year) The weighted average of each company's percentage change in earnings per share (EPS), on a historical one-year basis. Price to Sales 9 Palm Beach Gardens Police Officers’ Retirement Fund Current Yield:2.52%Current Yield:2.90%Current Yield:3.14% Corporate Bonds 69.6%Corporate Bonds 33.9%Corporate Bonds 23.2% US Treasuries 3.2%US Treasuries 51.9%US Treasuries 35.5% Gov't Sponsored 15.1%Gov't Sponsored 14.2%Gov't Sponsored 9.7% Mortgage Pools 8.0%Total 100%CMBS 2.0% Municipal Bonds 4.1%ABS 0.5% Total 100%US MBS 28.9% Total 100% Period Ending 9/30/2014 Fixed Income Sector Allocation ICC Core Fixed Income Portfolio Corporate Bonds US Treasuries Gov't Sponsored Mortgage Pools Municipal Bonds Barclays Capital Government/Credit Index Corporate Bonds US Treasuries Gov't Sponsored Barclays Capital Aggregate Index Corporate Bonds US Treasuries Gov't Sponsored CMBS ABS US MBS 10 Palm Beach Gardens Police Officers’ Retirement Fund Average Quality:A+Average Quality:AA Average Quality:AA AAA 3.9%AAA 59.5%AAA 71.7% AA 48.8%AA 6.7%AA 4.8% A 41.7%A 16.5%A 11.5% BBB 1.0%BBB 17.3%BBB 12.0% Other 4.6%Other 0.0%Other 0.0% Total 100%Total 100%Total 100% Period Ending 9/30/2014 Bond Quality Allocation ICC Core Fixed Income Portfolio AAA AA A BBB Other Barclays Capital Government/Credit Index AAA AA A BBB Other Barclays Capital Aggregate Index AAA AA A BBB Other 11 Palm Beach Gardens Police Officers’ Retirement Fund Average Maturity:5.71 Years Average Maturity:8.11 Years Average Maturity:7.73 Years <3 Yrs 28.7%<3 Yrs 33.5%<3 Yrs 24.9% 3-5 Yrs 30.5%3-5 Yrs 21.3%3-5 Yrs 20.1% 5-7 Yrs 8.9%5-7 Yrs 13.3%5-7 Yrs 15.8% 7-10 Yrs 19.6%7-10 Yrs 12.3%7-10 Yrs 25.8% >10 Yrs 12.3%>10 Yrs 19.6%>10 Yrs 13.4% Total 100%Total 100%Total 100% Period Ending 9/30/2014 Bond Maturity Allocation ICC Core Fixed Income Portfolio <3 Yrs 3-5 Yrs 5-7 Yrs 7-10 Yrs >10 Yrs Barclays Capital Government/Credit Index <3 Yrs 3-5 Yrs 5-7 Yrs 7-10 Yrs >10 Yrs Barclays Capital Aggregate Index <3 Yrs 3-5 Yrs 5-7 Yrs 7-10 Yrs >10 Yrs 12 Palm Beach Gardens Police Officers’ Retirement Fund Average Duration:4.15 Average Duration:5.94 Average Duration:5.62 <3 Yrs 40.9%<3 Yrs 35.0%<3 Yrs 27.5% 3-5 Yrs 25.8%3-5 Yrs 22.7%3-5 Yrs 27.4% 5-7 Yrs 9.9%5-7 Yrs 14.0%5-7 Yrs 25.1% 7-10 Yrs 21.5%7-10 Yrs 10.9%7-10 Yrs 8.1% >10 Yrs 1.9%>10 Yrs 17.4%>10 Yrs 11.9% Total 100%Total 100%Total 100% Period Ending 9/30/2014 Duration Allocation ICC Core Fixed Income Portfolio <3 Yrs 3-5 Yrs 5-7 Yrs 7-10 Yrs >10 Yrs Barclays Capital Government/Credit Index <3 Yrs 3-5 Yrs 5-7 Yrs 7-10 Yrs >10 Yrs Barclays Capital Aggregate Index <3 Yrs 3-5 Yrs 5-7 Yrs 7-10 Yrs >10 Yrs 0.2% 0.6% 1.0% 1.4% 1.8% 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 Portfolio Duration vs. Index Duration (Ratio) Index Acct 13 Palm Beach Gardens Police Officers’ Retirement Fund Unit Total Market Pct.Cur.S&P Coupon Maturity Quantity Security Cost Cost Price Value Assets Yield Ratings %Date 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 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. O. 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 Period Ending 9/30/2014 Portfolio Holdings - Growth 14 Palm Beach Gardens Police Officers’ Retirement Fund Unit Total Market Pct.Cur.S&P Coupon Maturity Quantity Security Cost Cost Price Value Assets Yield Ratings %Date Period Ending 9/30/2014 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 15 Palm Beach Gardens Police Officers’ Retirement Fund Unit Total Market Pct.Cur.S&P Coupon Maturity Quantity Security Cost Cost Price Value Assets Yield Ratings %Date Period Ending 9/30/2014 Portfolio Holdings - Growth 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 ? 1200 IBM 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 LINKEDIN CORP - 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 16 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission EDGETRADE 8/13/14 8/18/14 425.00 LINKEDIN CORP - A 215.18 91,452.65 0.01 4.25 EDGETRADE 2 8/1/14 8/6/14 827.00 APPLE COMPUTER INC 96.33 79,661.93 0.01 8.27 7/23/14 7/28/14 1,055.00 CONSTELLATION BRANDS INC 87.72 92,547.03 0.01 10.55 9/5/14 9/10/14 1,100.00 MIDDLEBY CORP 86.92 95,611.01 0.01 11.00 8/1/14 8/6/14 1,465.00 PENSKE AUTOMOTIVE GR INC 46.86 68,646.38 0.01 14.65 336,466.40 0.01 44.47 MAXM 7/30/14 8/4/14 2,170.00 BORG WARNER AUTO 64.26 139,447.90 0.02 43.40 8/13/14 8/18/14 2,335.00 NETAPP INC 39.26 91,667.43 0.02 46.70 9/5/14 9/10/14 3,215.00 QUANTA SERVICES INC 37.02 119,006.80 0.02 64.30 350,122.10 0.02 154.40 MND PARTNERS 8/13/14 8/18/14 1,330.00 CITRIX SYSTEMS INC 69.17 92,001.55 0.04 53.20 7/30/14 8/4/14 1,020.00 EOG RESOURCES INC 113.66 115,934.10 0.04 40.80 7/23/14 7/28/14 3,340.00 INTEL CORP 34.50 115,243.00 0.04 133.60 323,178.70 0.04 227.60 PURCHASES SUBTOTAL 1,101,220.00 0.02 430.72 0.02 430.72 Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Purchases - Growth 17 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission EDGETRADE 2 7/23/14 7/28/14 600.00 CARLISLE COS INC 83.75 50,248.53 0.01 6.00 7/23/14 7/28/14 600.00 CARLISLE COS INC 83.75 50,248.54 0.01 6.00 9/5/14 9/10/14 1,600.00 DEERE & CO.82.88 132,607.10 0.01 16.00 9/9/14 9/12/14 2,050.00 EBAY INC.52.80 108,230.60 0.01 20.50 7/30/14 8/4/14 800.00 EQT CORPORATION 97.02 77,618.76 0.01 8.00 7/23/14 7/28/14 400.00 FIRST REPUBLIC BANK 45.85 18,338.71 0.01 4.00 7/23/14 7/28/14 500.00 FIRST REPUBLIC BANK 45.85 22,923.39 0.01 5.00 7/16/14 7/21/14 2,500.00 FREEPORT MCMORAN COP & GOLD 38.80 97,001.60 0.01 25.00 7/16/14 7/21/14 400.00 FREEPORT MCMORAN COP & GOLD 38.80 15,520.26 0.01 4.00 7/16/14 7/21/14 600.00 FREEPORT MCMORAN COP & GOLD 38.80 23,280.38 0.01 6.00 7/23/14 7/28/14 1,200.00 KIMBERLY CLARK CORP 109.53 131,435.60 0.01 12.00 7/16/14 7/21/14 900.00 ROCK-TENN COMPANY CL-A 100.65 90,585.69 0.01 9.00 7/16/14 7/21/14 100.00 ROCK-TENN COMPANY CL-A 100.65 10,065.08 0.01 1.00 828,104.30 0.01 122.50 FBN SECURITIES 7/16/14 7/21/14 8,660.00 FORD MOTOR CO.17.78 154,000.80 0.02 173.20 MAXM 7/23/14 7/28/14 2,200.00 COCA COLA COMPANY 40.83 89,824.89 0.02 44.00 7/23/14 7/28/14 1,400.00 COCA COLA COMPANY 40.83 57,161.29 0.02 28.00 146,986.20 0.02 72.00 MND PARTNERS 7/16/14 7/21/14 1,440.00 FORD MOTOR CO.17.80 25,627.69 0.04 57.60 7/16/14 7/21/14 1,500.00 FORD MOTOR CO.17.80 26,695.51 0.04 60.00 7/30/14 8/4/14 1,600.00 TUPPERWARE CORPORATION 72.13 115,410.40 0.04 64.00 167,733.60 0.04 181.60 SALES SUBTOTAL 1,296,825.00 0.02 549.30 0.02 549.30 TOTAL PORTFOLIO 0.02 980.02 Sales - Growth Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 18 Palm Beach Gardens Police Officers’ Retirement Fund Unit Total Market Pct.Cur.S&P Coupon Maturity Quantity Security Cost Cost Price Value Assets Yield Ratings %Date 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 Period Ending 9/30/2014 Portfolio Holdings - Core Fixed 19 Palm Beach Gardens Police Officers’ Retirement Fund Unit Total Market Pct.Cur.S&P Coupon Maturity Quantity Security Cost Cost Price Value Assets Yield Ratings %Date Period Ending 9/30/2014 Portfolio Holdings - Core Fixed 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 I 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 TREASURY N/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 Palm Beach Gardens Police Officers’ Retirement Fund Unit Total Market Pct.Cur.S&P Coupon Maturity Quantity Security Cost Cost Price Value Assets Yield Ratings %Date Period Ending 9/30/2014 Portfolio Holdings - Core Fixed 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 GN 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 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission BB&T 7/22/14 7/25/14 440,000.00 TOTAL CAPITAL INTL SA 100.28 441,232.00 0.00 0.00 2.750% Due 06-19-21 BREAN CAPITAL LLC 8/19/14 8/20/14 315,000.00 FANNIE MAE 99.75 314,212.50 0.00 0.00 1.000% Due 08-08-18 CANTOR FITZGERALD FIXED 9/25/14 9/30/14 320,000.00 DOMINION GAS HLDGS LLC 101.73 325,548.80 0.00 0.00 3.550% Due 11-01-23 FALCON SQUARE 6/30/14 7/3/14 165,000.00 FIFTH THIRD BANK 100.44 165,719.40 0.00 0.00 1.150% Due 11-18-16 8/14/14 8/19/14 405,000.00 JPMORGAN CHASE & CO 99.30 402,152.90 0.00 0.00 3.200% Due 01-25-23 7/14/14 7/17/14 325,000.00 METLIFE INC 99.49 323,342.50 0.00 0.00 3.048% Due 12-15-22 9/5/14 9/10/14 325,000.00 SIMON PROPERTY GROUP LP 100.04 325,133.30 0.00 0.00 3.375% Due 10-01-24 1,216,348.00 0.00 0.00 JANNEY MONTGOMERY SC 7/15/14 7/18/14 325,000.00 BRISTOL-MYERS SQUIBB CO 102.46 332,991.80 0.00 0.00 4.500% Due 03-01-44 KEYBANC 7/18/14 7/23/14 285,000.00 NORTHERN TRUST CORP 104.64 298,226.90 0.00 0.00 3.950% Due 10-30-25 MORGAN STANLEY - FIXED 7/24/14 7/29/14 325,000.00 AMERICAN TOWER TRUST I 98.61 320,485.80 0.00 0.00 3.070% Due 03-15-48 PURCHASES SUBTOTAL 3,249,046.00 0.00 0.00 0.00 0.00 Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Purchases - Core Fixed 22 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission 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 AUTH 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 Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Sales - Core Fixed 23 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Sales - Core Fixed 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 24 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Sales - Core Fixed 4.500% Due 06-01-21 7/1/14 7/15/14 23.15 FGCI N #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 FGCI N #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 FNCI N #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 FNCI N #255888 100.00 222.65 4.000% Due 08-01-20 25 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Sales - Core Fixed 7/1/14 7/25/14 16.00 FNCI N #725445 100.00 16.00 4.500% Due 05-01-19 7/1/14 7/25/14 515.46 FNCI N #725445 100.00 515.46 4.500% Due 05-01-19 8/1/14 8/25/14 13.71 FNCI N #725445 99.99 13.71 4.500% Due 05-01-19 8/1/14 8/25/14 441.70 FNCI N #725445 100.00 441.70 4.500% Due 05-01-19 9/1/14 9/25/14 14.23 FNCI N #725445 100.02 14.23 4.500% Due 05-01-19 9/1/14 9/25/14 458.33 FNCI N #725445 100.00 458.33 4.500% Due 05-01-19 7/1/14 7/25/14 123.35 FNCI N #825335 100.00 123.35 4.000% Due 05-01-20 8/1/14 8/25/14 123.82 FNCI N #825335 100.00 123.82 4.000% Due 05-01-20 9/1/14 9/25/14 124.28 FNCI N #825335 100.00 124.28 4.000% Due 05-01-20 7/1/14 7/25/14 84.72 FNCI N #829053 100.00 84.72 4.000% Due 08-01-20 8/1/14 8/25/14 86.16 FNCI N #829053 100.00 86.16 4.000% Due 08-01-20 9/1/14 9/25/14 93.66 FNCI N #829053 100.00 93.66 4.000% Due 08-01-20 7/1/14 7/25/14 1,913.19 FNCL # 256394 100.00 1,913.19 6.500% Due 09-01-36 8/1/14 8/25/14 1,522.99 FNCL # 256394 100.00 1,522.99 6.500% Due 09-01-36 9/1/14 9/25/14 1,554.60 FNCL # 256394 100.00 1,554.60 6.500% Due 09-01-36 7/1/14 7/20/14 1,926.19 G2 POOL # 4194 100.00 1,926.19 5.500% Due 07-20-38 8/1/14 8/20/14 1,905.54 G2 POOL # 4194 100.00 1,905.54 5.500% Due 07-20-38 9/1/14 9/20/14 1,911.60 G2 POOL # 4194 100.00 1,911.60 5.500% Due 07-20-38 7/1/14 7/20/14 879.15 G2 POOL # 4195 100.00 879.15 26 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 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 27 Trade Settle Unit Comm/ Date Date Quantity Security Price Amount Share Commission Palm Beach Gardens Police Officers’ Retirement Fund Period Ending 9/30/2014 Sales - Core Fixed 8/1/14 8/15/14 1,138.92 GNSF M #552509 100.00 1,138.92 6.000% Due 04-15-32 9/1/14 9/15/14 82.84 GNSF M #552509 100.00 82.84 6.000% Due 04-15-32 7/1/14 7/15/14 31.28 GNSF M #582153 100.00 31.28 6.000% Due 06-15-32 8/1/14 8/15/14 27.51 GNSF M #582153 100.00 27.51 6.000% Due 06-15-32 9/1/14 9/15/14 31.91 GNSF M #582153 100.00 31.91 6.000% Due 06-15-32 83,446.66 0.00 0.00 PRINCIPAL PAYDOWNS SUBTOTAL 83,446.66 0.00 0.00 0.00 0.00 TOTAL PORTFOLIO 0.00 0.00 28 390 N. Orange Ave, Suite 2100 | Orlando, FL 32801 Tel: 407-839-8440 | Fax: 407-841-2814 | www.icccapital.com