ICON INCOME FUND TEN LLC - FORM 8-K - EX-99.1

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8-K - ICON INCOME FUND TEN LLC	body.htm

Exhibit 99.1

ICON Income Fund Ten Liquidating Trust

	Portfolio Overview


	Second Quarter 2014

	Table of Contents


	Introduction to Portfolio Overview	1

	Portfolio Overview	1

	Transactions with Related Parties	1

	Financial Statements	3

	Forward Looking Statements	7

	Additional Information	7

ICON Income Fund Ten Liquidating Trust

As of November 30, 2014

Introduction to Portfolio Overview

We are pleased to present ICON Income Fund Ten Liquidating Trust’s (the “Trust”) Portfolio Overview for the quarter ended June 30, 2014. References to “we,” “us,” and “our” are references to the Trust or the Fund (as defined below), as applicable, and references to the “Managing Trustee” and the “Manager” are references to the managing trustee of the Trust and the manager of the Fund, ICON Capital, LLC.

As of December 31, 2013, all assets and liabilities of ICON Income Fund Ten, LLC (the “Fund”) were transferred to the Trust.

The Fund raised approximately $150,000,000 commencing with its initial offering on June 2, 2003 through the closing of the offering on April 5, 2005. In May 2010, we entered our liquidation period, during which time we began the gradual, orderly termination of our operations and affairs, and the liquidation or disposition of our equipment, leases and financing transactions. During the liquidation period, you will receive distributions that are generated from net rental income or equipment sales when realized. In some months, the distribution may be larger, in some months the distribution may be smaller, and in some months there may not be any distribution. We are continuing our efforts to liquidate the Fund’s remaining assets and wind down our affairs.

Portfolio Overview

As of June 30, 2014, our portfolio consisted of the following investment:

ZIM Israel Navigation Co. Ltd.
Structure:	Lease	Collateral:	Two container vessels.
Expiration Dates:	3/31/2016
	3/31/2017

Transactions with Related Parties

Our Managing Trustee performs certain services relating to the management of our equipment leasing and other financing activities. Such services include, but are not limited to, the collection of lease payments from the lessees of the equipment or loan payments from borrowers, re-leasing services in connection with equipment which is off-lease, inspections of the equipment, liaising with and general supervision of lessees and borrowers to ensure that the equipment is being properly operated and maintained, monitoring performance by the lessees and borrowers of their obligations under the leases and loans and the payment of operating expenses. Administrative expense reimbursements are costs incurred by our Managing Trustee or its affiliates that are necessary to our operations.

ICON Income Fund Ten Liquidating Trust

Transactions with Related Parties (continued)

Our Managing Trustee has waived the following fees in relation to services provided during the three and six months ended June 30, 2014 and 2013:

			Three Months Ended				Six Months Ended
			June 30,				June 30,
Entity	Capacity	Description		2014		2013		2014		2013
ICON Capital, LLC	Managing Trustee	Management fees	$	283,592	$	227,599	$	564,068	$	453,284
ICON Capital, LLC	Managing Trustee	Administrative expense reimbursements		67,933		61,068		125,764		130,091
			$	351,525	$	288,667	$	689,832	$	583,375

Our Managing Trustee also has a 1% interest in our profits, losses, distributions and liquidation proceeds. We paid distributions to our Managing Trustee of $50,505 and $126,264 for the three and six months ended June 30, 2014, respectively. We paid distributions to our Managing Trustee of $25,505 and $50,758 for the three and six months ended June 30, 2013, respectively. Additionally, our Managing Trustee’s interest in the net income attributable to us was $7,902 and $17,999 for the three and six months ended June 30, 2014, respectively. Our Managing Trustee’s interest in the net income attributable to us was $9,265 and $19,326 for the three and six months ended June 30, 2013, respectively.

Your participation in the Fund is greatly appreciated.

We are committed to protecting the privacy of our investors in compliance with all applicable laws. Please be advised that, unless required by a regulatory authority such as FINRA or ordered by a court of competent jurisdiction, we will not share any of your personally identifiable information with any third party.

ICON Income Fund Ten Liquidating Trust

(A Delaware Statutory Trust)

Financial Statements

Consolidated Balance Sheets

				June 30,		December 31,
				2014		2013
				(unaudited)
Assets
Current assets:
	Cash and cash equivalents			$	5,259,176	$	6,966,884
	Current portion of net investment in finance leases				7,794,393		15,180,015
	Due from Managing Trustee				141,322		-
			Total current assets		13,194,891		22,146,899
Non-current assets:
	Net investment in finance leases, less current portion				12,677,565		14,546,800
	Other non-current assets				2,136		2,136
			Total non-current assets		12,679,701		14,548,936
Total assets				$	25,874,592	$	36,695,835

Liabilities and Equity
Current liabilities:
	Accrued expenses			$	185,461	$	211,145
	Indemnification liability				392,042		379,806
			Total liabilities		577,503		590,951

Commitments and contingencies

Equity:
	Beneficial owners’ equity:
		Additional beneficial owners			26,343,424		37,061,583
		Managing Trustee			(1,046,335)		(938,070)
			Total beneficial owners' equity		25,297,089		36,123,513
	Noncontrolling interests				-		(18,629)
			Total equity		25,297,089		36,104,884
Total liabilities and equity				$	25,874,592	$	36,695,835

ICON Income Fund Ten Liquidating Trust

(A Delaware Statutory Trust)

Financial Statements

Consolidated Statements of Comprehensive Income (unaudited)

			Three Months Ended June 30,				Six Months Ended June 30,
			2014		2013		2014		2013
Revenue and other income:
	Finance income		$	916,636	$	1,530,175	$	2,026,512	$	3,139,456
	(Loss) income from investment in joint ventures			-		(233,098)		1,379		(604,776)
	Interest and other (loss) income			(9,585)		(476)		(12,594)		20,239
		Total revenue and other income		907,051		1,296,601		2,015,297		2,554,919
Expenses:
	General and administrative			135,633		407,139		196,732		659,615
		Total expenses		135,633		407,139		196,732		659,615
Net income				771,418		889,462		1,818,565		1,895,304
Less: net (loss) income attributable to noncontrolling interests				(18,786)		(37,017)		18,629		(37,283)
Net income attributable to Fund Ten Liquidating Trust				790,204		926,479		1,799,936		1,932,587

Other comprehensive income:
	Change in fair value of derivative financial instruments			-		17,171		-		38,835
		Total other comprehensive income		-		17,171		-		38,835
Comprehensive income				771,418		906,633		1,818,565		1,934,139
	Less: comprehensive (loss) income attributable to
		noncontrolling interests		(18,786)		(37,017)		18,629		(37,283)
Comprehensive income attributable to Fund Ten Liquidating Trust			$	790,204	$	943,650	$	1,799,936	$	1,971,422

Net income attributable to Fund Ten Liquidating Trust allocable to:
	Additional beneficial owners		$	782,302	$	917,214	$	1,781,937	$	1,913,261
	Managing Trustee			7,902		9,265		17,999		19,326
			$	790,204	$	926,479	$	1,799,936	$	1,932,587

Weighted average number of additional beneficial owners'
	interests outstanding			148,211		148,211		148,211		148,211
Net income attributable to Fund Ten Liquidating Trust per weighted
	average additional beneficial owners' interests outstanding		$	5.28	$	6.19	$	12.02	$	12.91

ICON Income Fund Ten Liquidating Trust

(A Delaware Statutory Trust)

Financial Statements

Consolidated Statements of Changes in Equity

		Beneficial Owners' Equity
		Additional Beneficial Owners' Interests		Additional Beneficial Owners	Managing Trustee			Total Beneficial Owners' Equity		Noncontrolling Interests	Total Equity
Balance, December 31, 2013		148,211	$	37,061,583	$	(938,070)	$	36,123,513	$	(18,629)	$	36,104,884
	Net income	-		999,635		10,097		1,009,732		37,415		1,047,147
	Distributions	-		(7,500,094)		(75,759)		(7,575,853)		-		(7,575,853)
Balance, March 31, 2014 (unaudited)		148,211		30,561,124		(1,003,732)		29,557,392		18,786		29,576,178
	Net income (loss)	-		782,302		7,902		790,204		(18,786)		771,418
	Distributions	-		(5,000,002)		(50,505)		(5,050,507)		-		(5,050,507)
Balance, June 30, 2014 (unaudited)		148,211	$	26,343,424	$	(1,046,335)	$	25,297,089	$	-	$	25,297,089

ICON Income Fund Ten Liquidating Trust

(A Delaware Statutory Trust)

Financial Statements

Consolidated Statements of Cash Flows (unaudited)

			Six Months Ended June 30,
				2014		2013
Cash flows from operating activities:
	Net income		$	1,818,565	$	1,895,304
	Adjustments to reconcile net income to net cash provided by operating activities:
		Finance income		(2,026,512)		(3,139,456)
		Loss from investment in joint ventures		-		604,776
		Interest and other loss (income)		12,236		(22,469)
	Changes in operating assets and liabilities:
		Collection of finance leases		11,281,369		6,928,680
		Other assets, net		-		88,623
		Due from Managing Trustee		(141,322)		-
		Accrued expenses		(25,684)		230,971
Net cash provided by operating activities				10,918,652		6,586,429
Cash flows from financing activities:
	Distributions to beneficial owners			(12,626,360)		(5,075,846)
Net cash used in financing activities				(12,626,360)		(5,075,846)
Net (decrease) increase in cash and cash equivalents				(1,707,708)		1,510,583
Cash and cash equivalents, beginning of period				6,966,884		1,805,049
Cash and cash equivalents, end of period			$	5,259,176	$	3,315,632

ICON Income Fund Ten Liquidating Trust

Forward Looking Statements

Certain statements within this document may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “will,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “continue,” “further,” “plan,” “seek,” “intend,” “predict” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events and are based on assumptions and are subject to risks and uncertainties and other factors outside our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Additional Information

A detailed financial report on SEC Form 10-Q or 10-K (whichever is applicable) is available to you. It is typically filed either 45 or 90 days after the end of a quarter or year, respectively. Usually this means a filing will occur on or around March 31, May 15, August 14, and November 14 of each year. It contains financial statements and detailed sources and uses of cash plus explanatory notes. You are always entitled to these reports. Please access them by:

·	Visiting www.iconinvestments.com, or

·	Visiting www.sec.gov, or

·	Writing us at: Angie Seenauth c/o ICON Investments, 3 Park Avenue, 36th Floor, New York, NY 10016

We do not distribute these reports to you directly in order to keep our expenses down as the cost of mailing this report to all investors is significant. Nevertheless, the reports are immediately available upon your request.

ICON INCOME FUND TEN LLC - FORM 8-K - EX-99.1 - December 30, 2014

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