Student Investment
Management (SIM) Fund
Annual Report June 2013
___________________________
Max M. Fisher College of
Business
The Ohio State University
The Student Investment Management (SIM)
Program
Contact Information:
The Ohio State University
Max M. Fisher College of Business
Department of Finance
700 Fisher Hall
2100 Neil Avenue
Columbus, OH 43210
www.fisher.osu.edu/fin/courses/sim
www.buckeyefunds.com
sim@fisher.osu.edu
1
Acknowledgements:
The SIM Fund family would like to thank:
Dr. Kewei Hou – SIM Director and FCOB
The Rosenfield Family and Frank
Bettendorf Group – donors, for offering
Professor
scholarships that support the SIM Program
Adam Robertson – SIM class Lecturer
Royce West – SIM class Lecturer
Gary Leimbach, Natalie Darner, and Josh
Smith – Controller’s Office, for managing the
SIM Class Guest Speakers
Megan Weidrick – former SIM GA
SIM Fund and all University endowment
funds
Jonathan Hook and Scott Adams – The
Patricia Maurer – Senior Director of Alumni
Office of Investments
Relations, for planning the SIM trips every
semester
Fisher and OSU Alumni Hosts:
Hosts in New York
Spring 2013
J. Brian Mullen
Managing Director
Coady Diemar Partners
Tim Gallagher
Managing Director
Morgan Stanley
Aasim Khwaja
Managing Partner
KL Investment Partners, LLC
Elizabeth Mily
Managing Director, Global Healthcare Banking
Barclays
Bloomberg
Bofei Xu
Commodities Analyst
Goldman Sachs
2
Table of Contents:
History of the Student Investment Management (SIM) Program …….. 4
SIM Program Objectives and Philosophy .………………………………… 5
SIM Program Investment Process …..……………………………………… 7
SIM Program Performance: SIM vs. S&P 500 ……….…………………… 8
Appendices:
SIM Fund Holdings – June 30, 2013 ……………………………………… 12
SIM Fund BUY Transactions – July 1, 2012 to June 30, 2013 ……….. 13
SIM Fund SELL Transactions – July 1, 2012 to June 30, 2013 .……... 15
SIM Fund Dividends Received – July 1, 2012 to June 30, 2013 ……… 17
SIM Fund Net Interest Received – July 1, 2012 to June 30, 2013 ..….. 19
SIM Fund Management Fees – July 1, 2012 to June 30, 2013 ….…….. 19
Rosenfield Family Prizes for Excellence in Security Analysis ………… 19
3
History of the Student Investment Management (SIM) Program:
Following an initial what-if “paper dollar” experiment that lasted approximately one year, a
team of students in 1990 developed a proposal for managing an actual endowment fund. The
team made a presentation before the Investment Committee of the University Trustees. On
the basis of the proposal and favorable results during the trial period, the student team was
awarded a $5 million equity account. A burst of media attention followed the initial press
release, including a spot on the NBC morning show, Today. Coverage of the first anniversary
of the Program was even more intense upon the announcement that the student account had
earned 20% or $1 million while the S&P 500 index had only returned 13.5%. Incredibly,
students eclipsed their high returns the second year with a return of 25% or $1.5 million.
From its inception and through its continuing evolution, OSU’s SIM Program has been an
integrated effort by many individuals and groups. The SIM class is the heart of the Program,
but there is much support offered from the following:
University Trustees: University Trustees proposed the project, monitored its early
development, and approved the final plan. In addition, the Board continues to supervise both
the investment and academic merits of the Program.
University Administration: The SIM class was hired as an equity manager subject to the
same conditions and limitations that apply to any other equity manager for the University
Endowment with one notable exception: The Office of Investments serves as the formal
manager of the account. So far, the office has been able to follow the advice provided by the
SIM class. Should the need arise, The Office of Investments has the authority to override
decisions or to take independent actions. This arrangement allows the SIM Program to avoid
potential legal problems regarding fiduciary responsibility. It also eliminates logistical
problems due to the academic calendar (vacations, turnover of student managers, etc.). Other
University offices are involved with the SIM Program as well, including University
Communications, which helps coordinate media relations.
Fisher College of Business: Fiscal responsibility for the management of the program rests
with the Dean’s office. The Office of External Affairs also assists with program publicity,
media and alumni relations, investment management, special events and biannual visits to
New York and Chicago.
Securities Industry: Support from the greater investment community has been extensive.
Over time, the SIM Program has found increasingly more effective channels for this support,
which now include summer internships, guest speakers for the SIM class, state-of-the-art
investment information services, and reasonably priced trade and service commissions. The
SIM Program would like to express its gratitude to the Frank Bettendorf Group of Morgan
Stanley, who invited two Fisher College of Business MBA candidates as finalists for the
Morgan Stanley Scholarship.
4
SIM Program Objectives and Philosophy:
The Ohio State University SIM Program combines traditional academic objectives with the
practical demands of hands on investment management. The trustees, administration, and
faculty view the Program as a unique opportunity for delivering high quality, pragmatic
education in an area of considerable interest to students and employers alike.
The SIM Program has three primary objectives:



To achieve a total return in excess of our benchmark, the S&P 500 index,
To preserve and maintain the real purchasing power of the fund, and
To enhance the educational experience of the students by providing them an
opportunity to apply the investment management skills and knowledge learned
in the classroom
SIM class trip to New York City – Spring 2013
Outside the classroom, the SIM Program concentrates on establishing and maintaining ties
with the investment community, which, in turn, enhances public relations for both the Fisher
College of Business and The Ohio State University. Each semester, the Program sponsors
student trips to major U.S. and international financial markets, such as New York, Chicago,
and Hong Kong. While on these trips, the SIM students meet with professionals, often Fisher
or OSU alumni, in the investment industry. Only one trip was organized during the school
year 2012-2013, as the initial trip to NYC in the Fall was cancelled due to Hurricane Sandy.
5
From an academic perspective, the SIM Program focuses on developing the students’
understanding of the securities market, specifically, and the financial markets, in general. To
do so, different analytical valuation tools are presented, developed, and hopefully mastered
throughout the class term. The valuation techniques are supplemented by theoretical
material, as well as the real world application and interaction with the SIM fund. In this way
a more complete understanding of investment theory and portfolio development is accessible
to the SIM students. Ultimately, the SIM students become active portfolio managers of the
fund. Each SIM student is responsible for a part of the portfolio in the following way:




Each student is assigned one security from the existing SIM fund. The student
analyst gives current event updates on his or her security in every class session.
The class as a whole is further divided into market sector groups, which are then
responsible for researching and analyzing that specific market sector. Periodic
reports are delivered to the class outlining overall trends and recent
developments.
Furthermore, students are charged with researching potential security additions
or replacements of the current fund securities.
The culmination of the security and market sector analysis results in class
presentations on portfolio rebalancing among sectors and also buy/hold/sell stock
recommendations. The entire class then votes on the recommended actions
based on the presented information and persuasiveness of the students.
The Rosenfield Prize: Thanks to a generous donation from OSU alumni Jack and Dan
Rosenfield, the SIM Program maintains a rewarding process in which the SIM students are
required to prepare an investment report on their assigned stocks in the SIM fund. Each
semester, two prizes are awarded: $2,500 for winner and $1,000 for the runner-up. The
students also gain a competitive advantage in security analysis for any future internship or
full-time employment opportunities.
Professor Hou (right) with summer 2012 Rosenfield Prize winner Ani Jayanth (left)
6
SIM Program Investment Process:
The investing philosophy of the SIM Program is based on a value investing approach,
specifically that fundamental analysis can be used to identify attractively priced securities in
the market. Because markets are inefficient in the short term, the market price of the
security can experience volatility around the “intrinsic value” of the security. Fundamental
analysis plays a role in determining the intrinsic value and then comparing that to how the
security is currently priced in the market. Stocks that are priced lower than the intrinsic
value are examined as potential additions to the SIM fund, while stocks that are priced higher
than the intrinsic value are not. The alignment of the SIM Program with this intrinsic value
philosophy causes the fund to be focused on large-cap value stocks with an eye towards
portfolio risk diversification as well.
In the classroom, students become active portfolio managers of the SIM Fund. They are
divided into market sector groups. Sector groups review the prior class sector presentations
and complete a detailed update. The groups present their sector outlooks to the class with
emphasis on business, economic, financial, and valuation analyses. The presentation ends
with a recommendation to overweight, market-weight, or underweight the SIM Fund’s
position relative to the S&P 500.
Following the sector round of presentations, each sector group assesses their current SIM
Fund holdings and evaluates alternative companies within the sector as possible additions.
Finally, the group makes another class presentation, in which they recommend buy, sell, or
hold for SIM Fund holdings or buy for securities outside of the SIM fund. The only
requirement for security additions is that the new stock(s) must be within the group’s
assigned market sector. After this round of presentations, a final class discussion and vote
takes place. The class engages in a group decision-making process and a majority rule applies
to the vote. The aggregate buys and sells are finalized, and trade orders get sent out to the
brokers.
To facilitate continuity, all market sector and security specific presentations are uploaded to
the SIM website under the “Class Info” section (www.fisher.osu.edu/fin/courses/sim or
www.buckeyefunds.com). Current students, as well as former and prospective students,
professors, SIM friends, and the general public, can review past class presentations on the
website. The individual investment reports of the Rosenfield Prize winners and runner-ups
are also available on the website.
7
SIM Program Performance: SIM versus S&P 500
The benchmark for the SIM fund is the S&P 500 Index. For the fiscal year ending June 30,
2013, the SIM portfolio’s net return was +19.26 % compared to +20.60 % for the S&P 500
benchmark. Figure 1 shows the relative performance of both for the fiscal year ending June
30, 2013. Figure 2 shows an overall 10-year relative performance.
Relative Performance - TTM
125
120
115
110
105
100
95
90
85
80
SIM
S&P 500 Total Return
Figure 1: SIM versus S&P 500 - Relative Performance - July 1, 2012 to June 30, 2013
Relative Performance - 10 Year
220.00
200.00
180.00
160.00
140.00
SIM
120.00
S&P 500 Total Return
100.00
80.00
Figure 2: SIM versus S&P 500 - Relative Performance - July 1, 2003 to June 30, 2013
8
Figure 3 shows the relative returns of the SIM Fund and the S&P 500 benchmark for different
time periods, including the last fiscal year, 3-year, 5-year, 10-year, and since inception time
intervals.
S&P 500
SIM (Net of fees)
FY 2013
Return
3-Year
Return
5-Year
Return
20.60%
19.26%
18.45%
11.50%
7.01%
1.93%
1015Year
Year
Return Return
7.30%
4.24%
5.07%
3.48%
Since Inception
(2/13/90)
9.27%
7.24%
Figure 3: SIM versus S&P 500 - Annualized Portfolio Return
Figure 4 gives an overview of the SIM portfolio as of June 30, 2013 and June 30, 2012. The
market value of the fund was $11.6m in 2012. Mid June 2013, the funding level of the SIM
Fund was pareds back by $2.0m, which explains the drop in total net assets despite an annual
return close to 20%. The number of portfolio holdings decreased from 31 to 27.
Inception Date
Total Net Assets
Number of Equity Positions
Average Market Capitalization
Average Weighted Market
Capitalization
Average P/E Ratio
Average P/B Ratio
Average Dividend Yield
30-Jun-13
30-Jun-12
13-Feb-90
$10,091,184.10
27
13-Feb-90
$11,576,852.73
31
$96,153.27
$86,616.45
$111,369.63
$95,461.21
14.87
2.59
2.37%
12.09
1.96
1.56%
Figure 4: SIM Fund Overview - June 30, 2013 versus June 30, 2012
9
As of fiscal year ending June 30, 2013, the SIM Fund was overweight relative to the S&P 500
in Consumer Discretionary, Consumer Staples, Energy and Utilities, while underweight in
Financials, Health Care, Industrials, Information Technology, Materials and
Telecommunication Services. The cash position in the SIM Fund represents 0.30% of the total
portfolio value. Figure 5 shows the sector weights in comparison to the benchmark.
Sector Allocations
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
S&P 500
SIM
Figure 5: SIM versus S&P 500 - Sector Allocations - June 30, 2013
Figure 6 gives an overview of selected risk measures for the SIM Fund.
Risk Measures
Standard Deviation
SIM Fund
S&P 500
Sharpe Ratio
SIM Fund
S&P 500
Fiscal Year
3-Year 5-Year
10-Year
Since
Inception
8.29%
6.74%
16.33% 21.09%
13.57% 18.42%
16.44%
14.58%
17.41%
14.87%
0.18
0.34
0.31
0.47
1.94
2.57
0.74
1.18
0.03
0.29
Figure 6: SIM versus S&P 500 - Risk Measures
10
Figure 7 shows the performance of the fund compared to the S&P 500 for each particular
month of the 2013 fiscal year. The SIM Fund was able to outperform its benchmark in six out
the trailing twelve month period.
Monthly Returns
6.00%
5.18%
5.00%
4.25%
4.00%
3.63%
2.73%
3.00%
2.00%
3.33%
2.25%
3.75%
3.21%
3.62%
2.94%
2.58%
2.34%
1.39%
1.36%
0.91%
0.58%
1.00%
SIM
1.93%
S&P500
0.00%
-1.00%
-0.44%
-1.11%
-2.00%
-0.51%
-1.48%
-1.34%
-1.85%
-2.12%
-3.00%
Figure 7: SIM versus S&P 500 - Monthly Return Comparisons - July 1, 2012 to June 30, 2013
At the end of the 2013 fiscal year, the ten largest holidngs of the SIM Fund amounted to
$4,758,590, which equals just over 47% of the Fund’s total value. The largest holding was
Wells Fargo & Company with a market value of $501,431, equaling 4.97% of the SIM Fund.
Security
Ticker
Market Value
SIM Fund %
Wells Fargo & Company
Chevron Corp.
Apache
DirecTV
Bank of America Corp.
CVS Caremark Corp.
Caterpillar Inc.
Apple Inc.
Wellpoint Inc.
Google Inc.
WFC
CVX
APA
DTV
BAC
CVS
CAT
AAPL
WLP
GOOG
Total:
$501,431
$497,028
$486,214
$480,792
$477,106
$474,594
$470,193
$463,940
$458,304
$448,989
$4,758,590
4.97%
4.93%
4.82%
4.76%
4.73%
4.70%
4.66%
4.60%
4.54%
4.45%
47.16%
Figure 8: SIM Fund Top Ten Holdings - June 30, 2013
11
Appendix 1: SIM Fund Holdings – June 30, 2013
Ticker
Security
Quantity
Unit
Cost
Market
Price
Market
Value
SIM Fund
%
APA
AAPL
BAC
CVS
CAT
CVX
CMCSA
GLW
DTV
DG
F
GILD
GOOG
JPM
JOY
MOS
NRG
PM
QCOM
SLB
SJI
SBUX
TMUS
TEVA
WMT
WLP
WFC
Apache
Apple Inc.
Bank of America Corp.
CVS Caremark Corp.
Caterpillar Inc.
Chevron Corp.
Comcast Corp.
Corning Inc.
DirecTV
Dollar General Corp.
Ford Motor Co.
Gilead Sciences Inc.
Google Inc.
JPMorgan Chase & Co
Joy Global Inc.
Mosaic Company/The
NRG Energy Inc.
Philip Morris International, Inc.
Qualcomm Inc.
Schlumberger Ltd.
South Jersey Industries Inc.
Starbucks Corp.
T-Mobile US Inc
Teva Pharmaceutical Industries Ltd.
Wal-Mart Stores Inc.
Wellpoint Inc.
Wells Fargo & Company
5,800
1170
37,100
8,300
5,700
4,200
4,800
27,850
7,800
4,300
23,350
8,150
510
8,200
6050
3,000
8,800
5,050
6,400
5,800
2,800
3,000
8,550
8,900
5,700
5,600
12,150
$83.40
$326.39
$7.18
$28.77
$103.56
$84.82
$40.92
$15.72
$48.88
$52.70
$11.79
$26.50
$587.20
$40.06
$57.46
$55.22
$16.88
$71.32
$62.76
$74.23
$60.90
$54.56
$15.82
$50.26
$53.68
$64.52
$33.38
$83.83
$396.53
$12.86
$57.18
$82.49
$118.34
$41.75
$14.23
$61.64
$50.43
$15.47
$51.27
$880.37
$52.79
$48.53
$53.81
$26.70
$86.62
$61.09
$71.66
$57.41
$65.51
$24.81
$39.20
$74.49
$81.84
$41.27
$486,214.00
$463,940.10
$477,106.00
$474,594.00
$470,193.00
$497,028.00
$200,400.00
$396,305.50
$480,792.00
$216,849.00
$361,224.50
$417,850.50
$448,988.70
$432,878.00
$293,606.50
$161,430.00
$234,960.00
$437,431.00
$390,976.00
$415,628.00
$160,748.00
$196,530.00
$212,125.50
$348,880.00
$424,593.00
$458,304.00
$501,430.50
4.82%
4.60%
4.73%
4.70%
4.66%
4.93%
1.99%
3.93%
4.76%
2.15%
3.58%
4.14%
4.45%
4.29%
2.91%
1.60%
2.33%
4.33%
3.87%
4.12%
1.59%
1.95%
2.10%
3.46%
4.21%
4.54%
4.97%
12
Appendix 2: SIM Fund BUY Transactions – July 1, 2012 to June 30, 2013
Ticker
Security
SUMMER TERM
Quantity
Trade Date: August 9, 2012
Unit Cost
Total Cost
Settlement Date: August 14, 2012
APA
APACHE CORP.
2,200
$
88.57
$
194,969.06
COH
COACH, INC.
1200
$
55.66
$
66,847.32
DHR
DANAHER CORP.
900
$
53.09
$
47,824.65
NBR
NABORS INDUSTRIES LTD
1,900
$
15.49
$
29,522.77
SLB
SCHLUMBERGER LIMITED
700
$
73.98
$
51,819.11
WFC
WELLS FARGO & COMPANY
2,900
$
33.93
$
98,527.79
FALL SEMESTER
SO
Trade Date: December 20, 2012
Settlement Date: December 26 2012
SOUTHERN CO
3400
$43.51
$
148,101.62
MOS
THE MOSAIC COMPANY
3000
$55.17
$
165,650.40
SLB
SCHLUMBERGER LTD
500
$70.56
$
35,303.50
QUALCOMM INC.
4700
$62.88
$
295,785.57
WCN
WASTE CONNECTIONS INC.
10000
$33.34
$
333,927.00
ORCL
ORACLE INC.
5500
$34.16
$
188,154.45
DHR
DANAHER CORP
500
$55.81
$
27,930.00
AAPL
APPLE INC.
110
$530.15
$
58,322.00
ONXX
ONYX PHARMACEUTICALS INC.
1300
$80.42
$
104,613.47
QCOM
SPRING SEMESTER
Trade Date: April 25, 2013
Settlement Date: April 30, 2013
WFC
WELLS FARGO & CO
4150
37.699
$
156,658.35
SLB
SCHLUMBERGER LTD
2700
$73.55
$
198,716.76
SJI
SOUTH JERSEY IND INC
2800
$60.85
$
170,526.44
QUALCOMM INC
1700
$62.24
$
105,885.18
PCS
METRO PCS COMMUNICATIONS
3100
$11.90
$
37,034.46
ONXX
QCOM
ONYX PHARMACEUTICALS INC
700
$94.75
$
66,356.57
LNC
LINCOLN NTL CORP IND
2200
$33.93
$
74,755.12
JOY
JOY GLOBAL INC
6050
$57.41
$
347,636.03
GILD
GILEAD SCIENCE
950
$51.67
$
49,131.15
DTV
DIRECTV COM
1400
$56.60
$
79,310.00
DOLLAR GEN CORP NEW COM
4300
$52.65
$
226,606.99
CVX
CHEVRON CORP
600
$119.77
$
71,890.20
CMCSA
COMCAST CORP
4800
$40.87
$
196,415.52
CAT
CATERPILLAR INC
1500
$84.70
$
127,121.25
ALB
ALBEMARLE CORPORATION
1500
$59.25
$
88,950.00
AAPL
APPLE INC
370
$407.74
$
150,880.97
GLW
CORNING INC
11650
$14.21
$
166,129.00
PCS
METRO PCS COMMUNICATIONS
14000
$11.86
$
166,040.00
DG
13
Appendix 3: SIM Fund SELL Transactions – July 1, 2011 to June 30, 2013
Ticker
Security
SUMMER TERM
CVS
Quantity
Trade Date: August 9, 2012
Unit Cost
Total Cost
Settlement Date: August 14, 2012
CVS CAREMARK CORP
1900
$45.35
$
86,058.57
APPLE INC.
100
$620.44
$
62,037.11
CVX
CHEVRON CORP
1300
$112.87
$
146,666.74
GM
GENERAL MOTORS CO
1600
$20.67
$
32,990.29
CAT
CATERPILLAR INC.
500
$88.21
$
44,078.51
CLF
CLIFFS NATURAL RESOURCES INC.
1500
$44.67
$
66,929.84
GILD
GILEAD SCIENCES INC.
4000
$57.05
$
227,993.68
EOG
EOG RESOURCES INC.
2200
$110.22
$
242,377.14
GLW
CORNING INC.
3000
$11.47
$
34,244.22
DTV
DIRECTV-CLASS A
1000
$49.64
$
49,586.88
BAC
BANK OF AMERICA CORP
3000
$7.73
$
23,053.58
WLP
WELLPOINT INC.
800
$57.12
$
45,657.45
WM
WASTE MANAGEMENT INC.
800
$34.79
$
27,793.85
WAL-MART STORES INC.
1250
$74.01
$
92,441.92
PM
PHILIP MORRIS INTERNATIONAL INC.
200
$91.65
$
18,320.20
PFE
PFIZER INC.
4500
$23.92
$
107,417.08
NRG
NRG ENERGY INC.
2700
$20.71
$
55,783.17
LNC
LINCOLN NATIONAL CORP
1000
$23.20
$
23,144.48
JPM
JP MORGAN CHASE & CO
1600
$37.03
$
59,171.63
INTC
INTEL CORPORATION
1300
$26.85
$
34,841.55
GOOG
GOOGLE INC.
120
$643.71
$
77,237.46
16000
$19.20
$
306,402.71
AAPL
WMT
HPQ
HEWLETT-PACKARD COMPANY
FALL SEMESTER
Trade Date: December 20, 2012
Settlement Date: December 26, 2012
WM
WASTE MGMT INC
9200
$33.88
$
311,215.21
NRG
NRG ENERGY INC
13700
$22.98
$
314,151.75
NBR
NABORS INDUSTRIES LTD
22700
$14.89
$
336,842.26
JPM
JPMORGAN CHASE & CO
1000
$43.97
$
43,920.81
GM
GENERAL MTRS CO
19900
$27.15
$
539,186.35
INTC
INTEL CORP
7500
$20.94
$
156,672.98
GILD
GILEAD SCIENCE
1300
$73.84
$
95,919.25
DTV
DIRECTV COM
2000
$51.23
$
102,359.30
GLW
CORNING INC
19700
$12.79
$
250,903.40
COH
COACH INC
6000
$58.19
$
348,841.17
CLF
CLIFFS NATURAL RESOURCES INC
6300
$35.46
$
223,084.29
SPRING SEMESTER
Trade Date: April 25, 2013
Settlement Date: April 30, 2013
BAC
BANK OF AMERICA
9,400
$12.52
$
117,215.36
CVS
CVS CAREMARK
1,400
$58.22
$
81,436.31
14
F
JPM
FORD MOTOR CO
3,150
$13.50
$
42,366.86
JPMORGAN CHASE & CO
2,000
$49.43
$
98,757.98
KORS
MICHAEL KORS HOLDINGS
4,350
$56.65
$
246,205.35
ORCL
ORACLE CORP
13,300
$32.46
$
431,043.32
PFIZER INC.
9,400
$30.45
$
285,753.58
PFE
SO
SOUTHERN CO
3,400
$48.04
$
163,162.34
TGT
TARGET CORP
4,800
$70.90
$
340,072.37
WCN
WASTE CONNECTIONS INC.
10,000
$38.43
$
383,792.39
WMT
WAL-MART STORES INC.
550
$78.76
$
43,289.58
NIHD
NII HOLDINGS INC.
19,000
$8.98
$
169,639.57
END OF FISCAL YEAR
Trade Date: June 21, 2013
Settlement Date: June 26, 2013
LNC
LINCOLN NATIONAL CORP
14600
$35.60
$
519,047.23
INTC
INTEL CORPORATION
8,100
$24.20
$
195,595.38
ALB
ALBEMARLE CORP
3300
$61.68
$
203,380.40
DHR
DANAHER CORP
6,200
$62.38
$
386,458.49
ONXX
ONYX PHARMACEUTICALS INC.
2000
$82.72
$
165,345.12
GOOG
GOOGLE INC
150
$880.12
$
132,008.82
15
Appendix 4: SIM Fund Dividends Received – July 1, 2012 to June 30, 2013
Company
ALBEMARLE CORP
APACHE CORP
APPLE INC
BANK OF AMERICA CORP
CVS CAREMARK CORP
CATERPILLAR INC
CHEVRON CORP
CLIFFS NATURAL RESOURCES
INC
COACH INC
CORNING INC
DANAHER CORP
EOG RESOURCES INC
Date
Dividend
Shares
Total Net
Amount
07/01/2012
$0.20
1,800
$360
10/01/2012
$0.20
1,800
$360
01/01/2013
$0.20
1,800
$360
04/01/2013
$0.24
1,800
$432
11/21/2012
$0.17
2,200
$374
02/22/2013
$0.17
5,800
$986
05/22/2013
$0.20
5,800
$1,160
08/16/2012
$2.65
790
$2,094
11/15/2012
$2.65
690
$1,829
02/14/2013
$2.65
800
$2,120
05/16/2013
$3.05
1,170
$3,569
09/28/2012
$0.01
46,500
$465
12/28/2012
$0.01
46,500
$465
03/22/2013
$0.01
46,500
$465
06/28/2013
$0.01
37,100
$371
08/03/2012
$0.16
11,600
$1,885
11/02/2012
$0.16
9,700
$1,576
02/04/2013
$0.23
9,700
$2,183
05/03/2013
$0.23
9,700
$2,183
08/20/2012
$0.52
4,700
$2,444
11/20/2012
$0.52
4,200
$2,184
12/31/2012
$0.52
4,200
$2,184
05/20/2013
$0.52
4,200
$2,184
09/10/2012
$0.90
3,600
$3,240
12/10/2012
$0.90
3,600
$3,240
03/11/2013
$0.90
3,600
$3,240
06/10/2013
$1.00
4,200
$4,200
08/31/2012
$0.63
6,300
$3,938
12/03/2012
$0.63
6,300
$3,938
10/01/2012
$0.30
6,000
$1,800
12/27/2012
$0.30
6,000
$1,800
09/28/2012
$0.08
35,900
$2,693
12/14/2012
$0.09
35,900
$3,231
03/28/2013
$0.09
16,200
$1,458
06/28/2013
$0.10
27,850
$2,785
07/27/2012
$0.03
4,800
$120
10/26/2012
$0.03
5,700
$143
12/28/2012
$0.03
5,700
$143
04/26/2013
$0.03
6,200
$155
07/31/2012
$0.17
2,200
$374
16
Company
FORD MOTOR CO
HEWLETT-PACKARD CO
INTEL CORP
JPMORGAN CHASE & CO
JOY GLOBAL INC
LINCOLN NATIONAL CORP
MOSAIC CO/THE
NRG ENERGY INC
ORACLE CORP
PFIZER INC
PHILIP MORRIS
INTERNATIONAL IN
QUALCOMM INC
SCHLUMBERGER LTD
SOUTHERN CO
STARBUCKS CORP
TARGET CORP
Date
Dividend
Shares
Total Net
Amount
03/01/2013
$0.10
26,500
$2,650
06/03/2013
$0.10
23,350
$2,335
07/05/2012
$0.13
16,000
$2,112
09/01/2012
$0.23
16,900
$3,803
12/01/2012
$0.23
15,600
$3,510
03/01/2013
$0.23
8,100
$1,823
06/01/2013
$0.23
8,100
$1,823
07/31/2012
$0.30
12,800
$3,840
10/31/2012
$0.30
11,200
$3,360
01/31/2013
$0.30
10,200
$3,060
04/30/2013
$0.30
10,200
$3,060
06/18/2013
$0.18
6,050
$1,059
08/01/2012
$0.08
13,400
$1,072
11/01/2012
$0.08
12,400
$992
02/01/2013
$0.12
12,400
$1,488
05/01/2013
$0.12
12,400
$1,488
02/21/2013
$0.25
3,000
$750
05/16/2013
$0.25
3,000
$750
08/15/2012
$0.09
25,200
$2,268
11/15/2012
$0.09
22,500
$2,025
02/15/2013
$0.09
8,800
$792
05/15/2013
$0.12
8,800
$1,056
08/03/2012
$0.06
7,800
$468
11/02/2012
$0.06
7,800
$468
12/21/2012
$0.18
7,800
$1,404
09/05/2012
$0.22
13,900
$3,058
12/04/2012
$0.22
9,400
$2,068
03/05/2013
$0.24
9,400
$2,256
07/12/2012
$0.77
4,250
$3,273
10/11/2012
$0.85
4,050
$3,443
01/11/2013
$0.85
5,050
$4,293
04/12/2013
$0.85
5,050
$4,293
03/27/2013
$0.25
4,700
$1,175
06/26/2013
$0.35
6,400
$2,240
07/13/2012
$0.28
2,900
$798
10/12/2012
$0.28
2,600
$715
01/11/2013
$0.28
2,600
$715
04/12/2013
$0.31
3,100
$969
03/06/2013
$0.49
3,400
$1,666
02/22/2013
$0.21
3,000
$630
05/24/2013
$0.21
3,000
$630
03/10/2013
$0.36
4,800
$1,728
17
Company
TEVA PHARMACEUTICAL
INDUSTRIES
(net amount includes foreign tax
withheld)
WAL-MART STORES INC
WASTE CONNECTIONS INC
WASTE MANAGEMENT INC
WELLPOINT INC
WELLS FARGO & CO
Date
Dividend
Shares
Total Net
Amount
09/04/2012
$0.25
8,900
$1,854
12/03/2012
$0.26
8,900
$1,801
03/07/2013
$0.31
8,900
$2,375
06/03/2013
$0.32
8,900
$2,387
09/04/2012
$0.40
6,600
$2,624
12/27/2012
$0.40
5,350
$2,127
04/01/2013
$0.47
6,250
$2,938
06/03/2013
$0.47
5,700
$2,679
02/19/2013
$0.10
10,000
$1,000
09/21/2012
$0.36
9,200
$3,266
12/14/2012
$0.36
9,200
$3,266
09/25/2012
$0.29
5,600
$1,610
12/21/2012
$0.29
5,600
$1,610
03/25/2013
$0.38
5,600
$2,100
06/25/2013
$0.38
5,600
$2,100
09/01/2012
$0.22
5,100
$1,122
12/01/2012
$0.22
8,000
$1,760
03/01/2013
$0.25
8,000
$2,000
06/01/2013
$0.30
12,150
$3,645
18
Appendix 5: SIM Fund Net Interest Received – July 1, 2012 to June 30, 2013
Date
Total Amount
Dreyfus Cash Management Fund
7/5/12
$ 38.70
8/2/12
$ 42.59
9/2/12
$ 56.54
10/4/12
$ 21.77
11/2/12
$ 21.74
12/2/12
$ 18.25
1/4/13
$ 21.38
2/2/13
$ 14.16
3/4/13
$ 13.32
4/3/13
$ 15.78
5/2/13
$ 15.69
6/4/13
$ 14.44
Appendix 6: SIM Fund Management Fees – July 1, 2012 to June 30, 2013
Date
9/30/2012
12/31/2012
3/31/2013
6/30/2013
Portfolio Value
Fee Amount
Dreyfus Cash Management Fund
$ 10,598,230.97
$ 25,595.20
$ 10,728,310.42
$ 26,807.36
$ 11,526,558.75
$ 28,794.43
$ 10,091,184.10
$ 25,207.62
Appendix 6: Rosenfield Family Prizes for Excellence in Security Analysis – July 1,
2012 to June 30, 2013
Date
Winner
SIM Security
Runner-Up
SIM Security
Summer 2012
Ani Jayanth
SLB - Schlumberger Limited
Gary Foust
GOOG - Google Inc.
Autumn 2012
Matthew
Anderson
CAT - Caterpillar, Inc.
Juliette Buob
CVS - CVS Caremark
Corp.
Spring 2013
Adam Gough
WMT - Wal-Mart Stores Inc.
Jon Koval
MOS - The Mosaic
Company
19