Ethel Hart Mutual Endowment Fund

Transcription

1 Office of the City Treasurer Quarterly Investment Report September 30, 2011 Russell Fehr, City Treasurer John P. Colville, Chief Investment Officer Lydia Abreu, Investment and Operations Manager Robert Tokunaga, Senior Investment Officer 915 I Street, HCH 3 rd Floor #09500, Sacramento, CA Phone: Fax:

2 INTRODUCTION In 1993, Ethel MacLeod Hart left a bequest of $1,498, to the City of Sacramento for the.. use, enjoyment and comfort of senior citizens. On the recommendation of the Ethel MacLeod Hart Advisory Committee a permanent endowment of $1,000,000 was established. The balance of the bequest was retained in an operating fund account (Hart Operating Fund) and used over the next fiveyear period for appropriate projects. Annually the amount available for disbursement will be reported to the Board by Rosanne Bernardy, Superintendent of the Office of Human Services. The Hart Trust Endowment Fund ( the Fund ) will be invested with a growth objective. The minimum return objective on these dollars over a five year period is $400,000 or roughly 7% compounded annually. The Advisory Committee is responsible for providing advice to City staff and the City Council on the appropriate use of the Ethel MacLeod Hart Trust Fund for Senior Citizens consistent with the terms of the bequest, the interest of the donor, and the approved general guidelines. The Advisory Committee consists of seven members appointed by the Mayor. Appointees must be residents of the City and at least sixty (60) years of age. Two Advisory Committee members must be representatives of specific organizations: American Association of Retired Persons and Sacramento County Adult and Aging Commission. STRATEGY * Adhere to prudent investment practices to provide for the preservation and growth of principal; and OBJECTIVES * The objective for this fund is growth and capital preservation; and * To earn a total rate of return on the Hart Trust Endowment Fund to meet the return objectives of $400,000 (approximately 7% compounded annually) over subsequent five-year periods; and * Provide liquidity for the Hart Operating Fund for the..use, enjoyment and comfort of senior citizens based on recommendations to City Council by the Advisory Committee. Page 2 of 8

3 September 30, 2011 Performance Quarter To Date Inception To Date Account SBBIG S&P TWR Quarter To Date Inception To Date Dates Account SBBIG S&P 500 U.S. Treasury Yield Curve - Fiscal Year Capital Market Returns - Quarter Ended September 30, Interest Rates June 30, 2011 September 30, Russell 3000 ACWI Ex U.S. Emerging Markets Fixed Income Cash Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr Maturities st Qtr Page 3 of 8

4 September 30, 2011 Activity From to Portfolio Value on ,608,855 Contributions 0 Withdrawals 0 Realized Gains 374 Unrealized Gains -215,208 Interest 899 Dividends 11,356 Portfolio Value on ,406,276 Actual Asset Allocation Cash and Equivalents 4.83% Equities 95.17% Top 10 Holdings Securities Market Value Pct. Ishares Tr Dj Us Tech Sec 138, Pool A Cash 70, Alps Etf Tr Alerian Mlp 59, Select Sector Spdr Tr Sbi Int-Finl 59, International Bus Mach 52, Visa Inc Com Cl A 47, Mcdonald's Corp 43, Pinnacle West Cap Corp 42, Merck & Co Inc (new) 42, Kinder Morgan Energy Partners Ltd 41, Page 4 of 8

5 PORTFOLIO APPRAISAL September 30, 2011 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date CASH AND EQUIVALENTS divacc Dividend Accrual 3,176 3,176 3, miscintrec Misc Interest Receivable PoolA Pool A Cash 70,096 70,096 70, intreceiv Pool A Interest Receivable slliab Securities Lending Liability -6,000-6,000-6, ,900 67,900 67, COMMON STOCK MATERIALS 200 cf Cf Industries Holdings Inc , ,678 24, A 600 mon Monsanto C0 New Com , ,024 36, B+ 58,927 60,702 60, INDUSTRIALS 500 cp Canadian Pac Ltd New Com , ,045 24, A- 400 cat Caterpillar Inc Del Com , ,536 29, A+ 500 de Deere & Co Com , ,285 32, A- 2,000 ge General Electric Co , ,440 30, A- 400 iyt Ishares Tr Transp Ave Idx , ,096 30, , , , TELECOMMUNICATION SERVICES 900 t At&t Inc , ,668 25, B+ 3,180 ftr Frontier Communication Com , ,430 19, B- 750 vz Verizon Communications Inc , ,600 27, B 98,357 72,698 72, CONSUMER DISCRETIONARY 1,000 bby Best Buy Inc Com , ,300 23, B+ 500 mcd Mcdonald's Corp , ,910 43, A 1,000 xly Select Sector Spdr Tr Sbi Cons , ,860 34, Discr 91, , , CONSUMER STAPLES 1,100 mo Altria Group Inc , ,491 29, A 400 ko Coca Cola Co Com , ,024 27, A+ 550 pm Philip Morris Intl Inc Com , ,309 34, ,623 90,824 90, ENERGY 3,900 amlp Alps Etf Tr Alerian Mlp , ,436 59, ,000 eca Encana Corp Com , ,210 19, B+ 600 kmp Kinder Morgan Energy Partners , ,028 41, Ltd 300 oih Oil Svc Holdrs Tr Depostry Rcpt , ,933 30, Page 5 of 8

6 PORTFOLIO APPRAISAL September 30, 2011 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date 800 btu Peabody Energy Corp , ,104 27, B+ 188, , , FINANCIAL 1,300 nly Annaly Cap Mgmt Inc Com , ,619 21, B 180 gs Goldman Sachs Group Com , ,019 17, A- 750 jpm Jpmorgan Chase & Co , ,590 22, B+ 1,700 pgf Powershares Etf Trust Finl Pfd , ,455 27, Ptfl 5,000 xlf Select Sector Spdr Tr Sbi Int-Finl , ,050 59, kie Spdr Series Trust Spdr Kbw Ins Etf , ,955 23, , , , HEALTHCARE 500 jnj Johnson & Johnson , ,845 31, A+ 1,300 mrk Merck & Co Inc (new) , ,510 42, B 1,500 pfe Pfizer Inc , ,520 26, B 129, , , INFORMATION TECHNOLOGY 300 ibm International Bus Mach , ,461 52, A+ 2,350 iyw Ishares Tr Dj Us Tech Sec , , , ,500 msft Microsoft Corp , ,335 37, A- 550 v Visa Inc Com Cl A , ,146 47, , , , UTILITIES 700 d Dominion Res Va New Com , ,539 35, A- 1,000 pnw Pinnacle West Cap Corp , ,940 42, B 72,640 78,479 78, PASSIVE INDEX 500 iwm Ishares Tr Russell , ,150 32, ,393,427 1,309,520 1,309, AMERICAN DEPOSITORY RECEIPTS ENERGY 800 bp Bp Amoco Plc - Spons Adr , ,856 28, ,595 28,856 28, TOTAL PORTFOLIO 1,490,923 1,406, ,406, Page 6 of 8

7 PURCHASE/SALE AND GAIN/LOSS From To Trade Settle Unit Date Date Quantity Security Price Amount Price Difference Purchases COMMON STOCK ,200 Alps Etf Tr Alerian Mlp , ,100 Altria Group Inc , ,553 Total Purchases 48,553 Page 7 of 8

8 PURCHASE/SALE AND GAIN/LOSS From To Trade Settle Unit Original Date Date Quantity Security Price Amount Price Gain/Loss Sales COMMON STOCK ,100 Altria Group Inc , ,801 29,425 5,801 Total Sales 29,425 5,801 Page 8 of 8

9 Office of the City Treasurer Quarterly Investment Report December 31, 2011 Russell Fehr, City Treasurer John P. Colville, Chief Investment Officer Robert Tokunaga, Senior Investment Officer 915 I Street, HCH 3 rd Floor #09500, Sacramento, CA Phone: Fax:

10 INTRODUCTION In 1993, Ethel MacLeod Hart left a bequest of $1,498, to the City of Sacramento for the.. use, enjoyment and comfort of senior citizens. On the recommendation of the Ethel MacLeod Hart Advisory Committee a permanent endowment of $1,000,000 was established. The balance of the bequest was retained in an operating fund account (Hart Operating Fund) and used over the next fiveyear period for appropriate projects. Annually the amount available for disbursement will be reported to the Board by Rosanne Bernardy, Superintendent of the Office of Human Services. The Hart Trust Endowment Fund ( the Fund ) will be invested with a growth objective. The minimum return objective on these dollars over a five year period is $400,000 or roughly 7% compounded annually. The Advisory Committee is responsible for providing advice to City staff and the City Council on the appropriate use of the Ethel MacLeod Hart Trust Fund for Senior Citizens consistent with the terms of the bequest, the interest of the donor, and the approved general guidelines. The Advisory Committee consists of seven members appointed by the Mayor. Appointees must be residents of the City and at least sixty (60) years of age. Two Advisory Committee members must be representatives of specific organizations: American Association of Retired Persons and Sacramento County Adult and Aging Commission. STRATEGY * Adhere to prudent investment practices to provide for the preservation and growth of principal; and OBJECTIVES * The objective for this fund is growth and capital preservation; and * To earn a total rate of return on the Hart Trust Endowment Fund to meet the return objectives of $400,000 (approximately 7% compounded annually) over subsequent five-year periods; and * Provide liquidity for the Hart Operating Fund for the..use, enjoyment and comfort of senior citizens based on recommendations to City Council by the Advisory Committee. Page 2 of 7

11 December 31, 2011 Performance Quarter Inception Since To Date To Date Account SBBIG S&P TWR Quarter To Date Inception To Date Since Dates Account SBBIG S&P 500 U.S. Treasury Yield Curve - Fiscal Year September 30, 2011 Capital Market Returns - Quarter Ended December 31, Russell 3000 Interest Rates December 31, ACWI Ex U.S. Emerging Markets Fixed Income Cash Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr Maturities 0 2nd Qtr 0.00 Page 3 of 7

12 December 31, 2011 Activity From to Portfolio Value on ,406,276 Contributions 0 Withdrawals 0 Realized Gains 0 Unrealized Gains 151,229 Interest 918 Dividends 12,248 Portfolio Value on ,570,671 Actual Asset Allocation Cash and Equivalents 5.16% Equities 94.84% Top 10 Holdings Securities Market Value Pct. Ishares Tr Dj Us Tech Sec 150, Pool A Cash 83, Select Sector Spdr Tr Sbi Int-Finl 65, Alps Etf Tr Alerian Mlp 64, Visa Inc Com Cl A 55, International Bus Mach 55, Kinder Morgan Energy Partners Ltd 50, Mcdonald's Corp 50, Merck & Co Inc (new) 49, Pinnacle West Cap Corp 48, Page 4 of 7

13 PORTFOLIO APPRAISAL December 31, 2011 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date CASH AND EQUIVALENTS divacc Dividend Accrual 3,037 3,037 3, miscintrec Misc Interest Receivable PoolA Pool A Cash 83,027 83,027 83, intreceiv Pool A Interest Receivable slliab Securities Lending Liability -6,000-6,000-6, ,066 81,066 81, COMMON STOCK MATERIALS 200 cf Cf Industries Holdings Inc , ,996 28, A 600 mon Monsanto C0 New Com , ,042 42, A- 58,927 71,038 71, INDUSTRIALS 500 cp Canadian Pac Ltd New Com , ,835 33, A- 400 cat Caterpillar Inc Del Com , ,240 36, A+ 500 de Deere & Co Com , ,675 38, A 2,000 ge General Electric Co , ,820 35, A- 400 iyt Ishares Tr Transp Ave Idx , ,788 35, , , , TELECOMMUNICATION SERVICES 900 t At&t Inc , ,216 27, B+ 3,180 ftr Frontier Communication Com , ,377 16, B- 750 vz Verizon Communications Inc , ,090 30, B 98,357 73,683 73, CONSUMER DISCRETIONARY 1,000 bby Best Buy Inc Com , ,370 23, B+ 500 mcd Mcdonald's Corp , ,165 50, A 1,000 xly Select Sector Spdr Tr Sbi Cons , ,020 39, Discr 91, , , CONSUMER STAPLES 1,100 mo Altria Group Inc , ,615 32, A 400 ko Coca Cola Co Com , ,988 27, A+ 550 pm Philip Morris Intl Inc Com , ,164 43, , , , ENERGY 3,900 amlp Alps Etf Tr Alerian Mlp , ,818 64, ,000 eca Encana Corp Com , ,530 18, B+ 600 kmp Kinder Morgan Energy Partners , ,970 50, Ltd 300 oih Oil Svc Holdrs Tr Depostry Rcpt , ,350 34, Page 5 of 7

14 PORTFOLIO APPRAISAL December 31, 2011 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date 800 btu Peabody Energy Corp , ,488 26, B+ 188, , , FINANCIAL 1,300 nly Annaly Cap Mgmt Inc Com , ,748 20, B 180 gs Goldman Sachs Group Com , ,277 16, A- 750 jpm Jpmorgan Chase & Co , ,937 24, B+ 1,700 pgf Powershares Etf Trust Finl Pfd , ,404 27, Ptfl 750 kie SPDR S&P Insurance Etf , ,907 27, ,000 xlf Select Sector Spdr Tr Sbi Int-Finl , ,000 65, , , , HEALTHCARE 500 jnj Johnson & Johnson , ,790 32, A+ 1,300 mrk Merck & Co Inc (new) , ,010 49, B 1,500 pfe Pfizer Inc , ,460 32, B 129, , , INFORMATION TECHNOLOGY 300 ibm International Bus Mach , ,164 55, A+ 2,350 iyw Ishares Tr Dj Us Tech Sec , , , ,500 msft Microsoft Corp , ,940 38, A- 550 v Visa Inc Com Cl A , ,841 55, , , , UTILITIES 700 d Dominion Res Va New Com , ,156 37, A- 1,000 pnw Pinnacle West Cap Corp , ,180 48, B 72,640 85,336 85, PASSIVE INDEX 500 iwm Ishares Tr Russell , ,875 36, ,393,427 1,455,413 1,455, AMERICAN DEPOSITORY RECEIPTS ENERGY 800 bp Bp Amoco Plc - Spons Adr , ,192 34, ,595 34,192 34, TOTAL PORTFOLIO 1,504,088 1,570, ,570, Page 6 of 7

15 PURCHASE/SALE AND GAIN/LOSS From To Trade Settle Unit Original Date Date Quantity Security Price Amount Price Gain/Loss No transactions within the specified date range were found! Page 7 of 7

16 Office of the City Treasurer Quarterly Investment Report March 31, 2012 Russell Fehr, City Treasurer John P. Colville, Chief Investment Officer Robert Tokunaga, Senior Investment Officer 915 I Street, HCH 3 rd Floor #09500, Sacramento, CA Phone: Fax:

17 INTRODUCTION In 1993, Ethel MacLeod Hart left a bequest of $1,498, to the City of Sacramento for the.. use, enjoyment and comfort of senior citizens. On the recommendation of the Ethel MacLeod Hart Advisory Committee a permanent endowment of $1,000,000 was established. The balance of the bequest was retained in an operating fund account (Hart Operating Fund) and used over the next fiveyear period for appropriate projects. Annually the amount available for disbursement will be reported to the Board by Rosanne Bernardy, Superintendent of the Office of Human Services. The Hart Trust Endowment Fund ( the Fund ) will be invested with a growth objective. The minimum return objective on these dollars over a five year period is $400,000 or roughly 7% compounded annually. The Advisory Committee is responsible for providing advice to City staff and the City Council on the appropriate use of the Ethel MacLeod Hart Trust Fund for Senior Citizens consistent with the terms of the bequest, the interest of the donor, and the approved general guidelines. The Advisory Committee consists of seven members appointed by the Mayor. Appointees must be residents of the City and at least sixty (60) years of age. Two Advisory Committee members must be representatives of specific organizations: American Association of Retired Persons and Sacramento County Adult and Aging Commission. STRATEGY * Adhere to prudent investment practices to provide for the preservation and growth of principal; and OBJECTIVES * The objective for this fund is growth and capital preservation; and * To earn a total rate of return on the Hart Trust Endowment Fund to meet the return objectives of $400,000 (approximately 7% compounded annually) over subsequent five-year periods; and * Provide liquidity for the Hart Operating Fund for the..use, enjoyment and comfort of senior citizens based on recommendations to City Council by the Advisory Committee. Page 2 of 7

18 March 31, 2012 Performance Quarter Inception Since To Date To Date Account SBBIG S&P TWR Quarter To Date Inception To Date Since Dates Account SBBIG S&P 500 U.S. Treasury Yield Curve - Fiscal Year Interest Rates December 31, March 31, Capital Market Returns - Quarter Ended March 31, Russell 3000 ACWI Ex U.S. Emerging Markets Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr Maturities rd Qtr Fixed Income Cash Page 3 of 7

19 March 31, 2012 Activity From to Portfolio Value on ,570,671 Contributions 0 Withdrawals 0 Realized Gains -2,982 Unrealized Gains 144,730 Interest 908 Dividends 10,605 Portfolio Value on ,723,931 Actual Asset Allocation Cash and Equivalents 7.22% Equities 92.78% Top 10 Holdings Securities Market Value Pct. Ishares Tr Dj Us Tech Sec 182, Pool A Cash 126, Select Sector Spdr Tr Sbi Int-Finl 78, Visa Inc Com Cl A 64, Alps Etf Tr Alerian Mlp 64, International Bus Mach 62, Merck & Co Inc (new) 49, Kinder Morgan Energy Partners Ltd 49, Mcdonald's Corp 49, Philip Morris Intl Inc Com 48, Page 4 of 7

20 PORTFOLIO APPRAISAL March 31, 2012 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date CASH AND EQUIVALENTS divacc Dividend Accrual 3,060 3,060 3, miscintrec Misc Interest Receivable PoolA Pool A Cash 126, , , intreceiv Pool A Interest Receivable 1,234 1,234 1, slliab Securities Lending Liability -6,000-6,000-6, , , , COMMON STOCK MATERIALS 200 cf Cf Industries Holdings Inc , ,530 36, A 600 mon Monsanto C0 New Com , ,856 47, A- 58,927 84,386 84, INDUSTRIALS 500 cp Canadian Pac Ltd New Com , ,975 37, B+ 400 cat Caterpillar Inc Del Com , ,608 42, A+ 500 de Deere & Co Com , ,450 40, A 2,000 ge General Electric Co , ,140 40, A- 400 iyt Ishares Tr Transp Ave Idx , ,476 37, , , , TELECOMMUNICATION SERVICES 900 t At&t Inc , ,107 28, B+ 750 vz Verizon Communications Inc , ,672 28, B 61,081 56,779 56, CONSUMER DISCRETIONARY 1,000 bby Best Buy Inc Com , ,680 23, B+ 500 mcd Mcdonald's Corp , ,050 49, A 1,000 xly Select Sector Spdr Tr Sbi Cons , ,090 45, Discr 91, , , CONSUMER STAPLES 1,100 mo Altria Group Inc , ,957 33, A- 400 ko Coca Cola Co Com , ,604 29, A+ 550 pm Philip Morris Intl Inc Com , ,735 48, , , , ENERGY 3,900 amlp Alps Etf Tr Alerian Mlp , ,896 64, kmp Kinder Morgan Energy Partners , ,650 49, Ltd 300 oih Oil Svc Holdrs Tr Depostry Rcpt , ,840 36, Page 5 of 7

21 PORTFOLIO APPRAISAL March 31, 2012 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date 800 btu Peabody Energy Corp , ,168 23, B+ 152, , , FINANCIAL 1,300 nly Annaly Cap Mgmt Inc Com , ,566 20, B- 180 gs Goldman Sachs Group Com , ,387 22, B+ 750 jpm Jpmorgan Chase & Co , ,485 34, B+ 1,700 pgf Powershares Etf Trust Finl Pfd , ,430 30, Ptfl 750 kie SPDR S&P Insurance Etf , ,350 31, ,000 xlf Select Sector Spdr Tr Sbi Int-Finl , ,975 78, , , , HEALTHCARE 500 jnj Johnson & Johnson , ,980 32, A+ 1,300 mrk Merck & Co Inc (new) , ,920 49, B 1,500 pfe Pfizer Inc , ,967 33, B+ 129, , , INFORMATION TECHNOLOGY 300 ibm International Bus Mach , ,595 62, A+ 2,350 iyw Ishares Tr Dj Us Tech Sec , , , ,500 msft Microsoft Corp , ,382 48, A- 550 v Visa Inc Com Cl A , ,900 64, , , , UTILITIES 700 d Dominion Res Va New Com , ,847 35, A- 1,000 pnw Pinnacle West Cap Corp , ,900 47, B 72,640 83,747 83, PASSIVE INDEX 500 iwm Ishares Tr Russell , ,405 41, ,320,141 1,563,428 1,563, AMERICAN DEPOSITORY RECEIPTS ENERGY 800 bp Bp Amoco Plc - Spons Adr , ,000 36, ,595 36,000 36, TOTAL PORTFOLIO 1,474,240 1,723, ,723, Page 6 of 7

22 PURCHASE/SALE AND GAIN/LOSS From To Trade Settle Unit Original Date Date Quantity Security Price Amount Price Gain/Loss Sales COMMON STOCK ,000 Encana Corp Com , , ,180 Frontier Communication Com , ,321 31,925-41,360 Total Sales 31,925-41,360 Page 7 of 7

23 Office of the City Treasurer Quarterly Investment Report June 30, 2012 Russell Fehr, City Treasurer John P. Colville, Chief Investment Officer Robert Tokunaga, Senior Investment Officer 915 I Street, HCH 3 rd Floor #09500, Sacramento, CA Phone: Fax:

24 INTRODUCTION In 1993, Ethel MacLeod Hart left a bequest of $1,498, to the City of Sacramento for the.. use, enjoyment and comfort of senior citizens. On the recommendation of the Ethel MacLeod Hart Advisory Committee a permanent endowment of $1,000,000 was established. The balance of the bequest was retained in an operating fund account (Hart Operating Fund) and used over the next fiveyear period for appropriate projects. Annually the amount available for disbursement will be reported to the Board by Rosanne Bernardy, Superintendent of the Office of Human Services. The Hart Trust Endowment Fund ( the Fund ) will be invested with a growth objective. The minimum return objective on these dollars over a five year period is $400,000 or roughly 7% compounded annually. The Advisory Committee is responsible for providing advice to City staff and the City Council on the appropriate use of the Ethel MacLeod Hart Trust Fund for Senior Citizens consistent with the terms of the bequest, the interest of the donor, and the approved general guidelines. The Advisory Committee consists of seven members appointed by the Mayor. Appointees must be residents of the City and at least sixty (60) years of age. Two Advisory Committee members must be representatives of specific organizations: American Association of Retired Persons and Sacramento County Adult and Aging Commission. STRATEGY * Adhere to prudent investment practices to provide for the preservation and growth of principal; and OBJECTIVES * The objective for this fund is growth and capital preservation; and * To earn a total rate of return on the Hart Trust Endowment Fund to meet the return objectives of $400,000 (approximately 7% compounded annually) over subsequent five-year periods; and * Provide liquidity for the Hart Operating Fund for the..use, enjoyment and comfort of senior citizens based on recommendations to City Council by the Advisory Committee. Page 2 of 8

25 June 30, 2012 Performance Quarter Inception Since To Date To Date Account SBBIG S&P TWR Quarter To Date Inception To Date Since Dates Account SBBIG S&P 500 U.S. Treasury Yield Curve - Fiscal Year Capital Market Returns - Quarter Ended June 30, Interest Rates March 31, 2012 June 29, Russell 3000 ACWI Ex U.S. Emerging Markets Fixed Income Cash Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr Maturities th Qtr Page 3 of 8

26 June 30, 2012 Activity From to Portfolio Value on ,723,931 Contributions 0 Withdrawals 0 Realized Gains -13,837 Unrealized Gains -26,266 Interest 1,484 Dividends 11,563 Portfolio Value on ,696,874 Actual Asset Allocation Cash and Equivalents 1.26% Equities 98.74% Top 10 Holdings Securities Market Value Pct. Ishares Tr Dj Us Tech Sec 167, Select Sector Spdr Tr Sbi Int-Finl 73, International Bus Mach 58, Merck & Co Inc (new) 54, Pinnacle West Cap Corp 51, Philip Morris Intl Inc Com 47, Kinder Morgan Energy Partners Ltd 47, Mcdonald's Corp 44, Select Sector Spdr Tr Sbi Cons Discr 43, Alps Etf Tr Alerian Mlp 43, Page 4 of 8

27 PORTFOLIO APPRAISAL June 30, 2012 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date CASH AND EQUIVALENTS divacc Dividend Accrual 3,965 3,965 3, miscintrec Misc Interest Receivable PoolA Pool A Cash 21,857 21,857 21, intreceiv Pool A Interest Receivable slliab Securities Lending Liability -5,126-5,126-5, ,454 21,454 21, COMMON STOCK MATERIALS 200 cf Cf Industries Holdings Inc , ,748 38, A 400 mon Monsanto C0 New Com , ,112 33, A- 50,283 71,860 71, INDUSTRIALS 500 cp Canadian Pac Ltd New Com , ,630 36, B+ 350 cat Caterpillar Inc Del Com , ,718 29, A+ 440 de Deere & Co Com , ,583 35, A 2,000 ge General Electric Co , ,680 41, A- 350 iyt Ishares Tr Transp Ave Idx , ,665 32, , , , TELECOMMUNICATION SERVICES 1,100 t At&t Inc , ,226 39, B+ 900 vz Verizon Communications Inc , ,996 39, B 73,739 79,222 79, CONSUMER DISCRETIONARY 1,000 bby Best Buy Inc Com , ,960 20, B+ 600 dis Disney (walt) Com , ,100 29, A+ 800 gmcr Green Mtn Coffee Roast Com , ,424 17, B+ 500 mcd Mcdonald's Corp , ,265 44, A 1,000 xly Select Sector Spdr Tr Sbi Cons , ,780 43, Discr 122, , , CONSUMER STAPLES 1,100 mo Altria Group Inc , ,005 38, A- 400 clx Clorox Co , ,984 28, A 400 ko Coca Cola Co Com , ,276 31, A+ 700 kft Kraft Foods Inc Cl A , ,034 27, A- 550 pm Philip Morris Intl Inc Com , ,993 47, , , , ENERGY 2,700 amlp Alps Etf Tr Alerian Mlp , ,146 43, cvx Chevron Corporation , ,650 31, A+ Page 5 of 8

28 PORTFOLIO APPRAISAL June 30, 2012 Call Security Unit Total Market Accrued Market Value Pct. Cur. Bond Put Quantity Symbol Security Cost Cost Price Value Interest + Accrd. Int. Assets Yield S & P Moody Status Date 600 kmp Kinder Morgan Energy Partners , ,148 47, Ltd 650 oih Market Vectors Etf Tr Oil Svcs , ,166 23, Etf 300 oihyl Oil Svc Holdrs Tr Depostry Rcpt , ,043 32, ,150 btu Peabody Energy Corp , ,198 28, B+ 198, , , FINANCIAL 1,600 nly Annaly Cap Mgmt Inc Com , ,848 26, B- 750 jpm Jpmorgan Chase & Co , ,797 26, B+ 1,700 pgf Powershares Etf Trust Finl Pfd , ,600 30, Ptfl 750 kie SPDR S&P Insurance Etf , ,532 30, ,000 xlf Select Sector Spdr Tr Sbi Int-Finl , ,175 73, usb U. S. Bancorp , ,728 25, B+ 212, , , HEALTHCARE 325 iyh Ishares Tr Dj Us Healthcr , ,837 25, jnj Johnson & Johnson , ,780 33, A+ 1,300 mrk Merck & Co Inc (new) , ,275 54, B 1,500 pfe Pfizer Inc , ,500 34, B+ 325 xbi Spdr Series Trust S&p Biotech , ,753 28, , , , INFORMATION TECHNOLOGY 300 ibm International Bus Mach , ,674 58, A+ 2,350 iyw Ishares Tr Dj Us Tech Sec , , , ,000 msft Microsoft Corp , ,590 30, A- 300 v Visa Inc Com Cl A , ,089 37, , , , UTILITIES 700 d Dominion Res Va New Com , ,800 37, A- 1,000 pnw Pinnacle West Cap Corp , ,740 51, B 72,640 89,540 89, PASSIVE INDEX 500 iwm Ishares Tr Russell , ,780 39, ,463,256 1,675,421 1,675, TOTAL PORTFOLIO 1,484,710 1,696, ,696, Page 6 of 8

29 PURCHASE/SALE AND GAIN/LOSS From To Trade Settle Unit Date Date Quantity Security Price Amount Price Difference Purchases COMMON STOCK Annaly Cap Mgmt Inc Com , At&t Inc , ,000 Best Buy Inc Com , Chevron Corporation , Clorox Co , Disney (walt) Com , Green Mtn Coffee Roast Com , Ishares Tr Dj Us Healthcr , Kraft Foods Inc Cl A , Market Vectors Etf Tr Oil Svcs Etf , Peabody Energy Corp , Spdr Series Trust S&p Biotech , U. S. Bancorp , Verizon Communications Inc , ,738 Total Purchases 280,738 Page 7 of 8

30 PURCHASE/SALE AND GAIN/LOSS From To Trade Settle Unit Original Date Date Quantity Security Price Amount Price Gain/Loss Sales COMMON STOCK ,200 Alps Etf Tr Alerian Mlp , ,000 Best Buy Inc Com , , Caterpillar Inc Del Com , , Deere & Co Com , Goldman Sachs Group Com , , Ishares Tr Transp Ave Idx , Microsoft Corp , , Monsanto C0 New Com , , Visa Inc Com Cl A , , ,474-5,149 AMERICAN DEPOSITORY RECEIPTS Bp Amoco Plc - Spons Adr , ,572 32,167 2,572 Total Sales 164,641-2,577 Page 8 of 8