Student Invesment Management (SIM) Fund
Max M. Fisher College of Business – The Ohio State University
June 30, 2010 Annual Report
The Student Investment Management (SIM) Program
Contact Information
The Ohio State University
Fisher College of Business – Department of Finance
700 Fisher Hall
2100 Neil Avenue
Columbus, Ohio 43210
E-mail: SIM@fisher.osu.edu
WWW: http://fisher.osu.edu/fin/courses/sim
http://www.buckeyefunds.com
2
Table of Contents
AN INTRODUCTION FROM THE SIM STUDENT MANAGER ........................................................ 4
HISTORY OF THE STUDENT INVESTMENT MANAGEMENT PROGRAM ...................................... 5
OBJECTIVES AND PHILOSOPHY................................................................................................. 6
INVESTMENT PROCESS ............................................................................................................ 8
PERFORMANCE: SIM VS. S&P 500 ............................................................................................ 9
ACKNOWLEDGEMENTS .......................................................................................................... 14
APPENDICES
Appendix I:
Holdings - June 30, 2010
Appendix II:
Purchase Transactions - July 1, 2009 to June 30, 2010
Appendix III:
Sale Transactions - July 1, 2009 to June 30, 2010
Appendix IV:
Dividends Received - July 1, 2009 to June 30, 2010
Appendix V:
Net Interest Received - July 1, 2009 to June 30, 2010
Appendix VI:
Management Fees - July 1, 2009 to June 30, 2010
Appendix VII:
Rosenfield Prize for Excellence in Security Analysis - July 1, 2009 to June 30, 2010
3
An Introduction from the SIM Student Manager
Professor Kewei Hou started his duty as the Director of the SIM Program at the beginning
of the Fiscal Year 2010. I would like to thank Professor Hou for giving me the opportunity
to serve as the SIM Student Manager and Graduate Assistant for the Fiscal Year 2011. I am
very excited and honored about the opportunity to manage the nation’s largest student
managed equity fund. I sincerely appreciate Professor Hou for his willingness to give his
support and guidance for the SIM Program.
I would like to thank Geoff Chatas, Jonathan Hook, Scott Adams, and Tim Michel at the
Office of Investments for their continuous support on the SIM Program. I would also like to
thank Gary Leimbach, Mike Krasnoff, and Natalie Darner for giving me the opportunity to
work on the ~$1.9 billion Ohio State University’s endowment during my summer internship
at the Office of Financial Services, in addition to serving as the Graduate Assistant for the
SIM class.
The SIM class is continuing the tradition of a quarterly class trip to meet with alumni who
Professor Kewei Hou
work for different entities in the financial services industry. We went on a trip to New York
City in summer 2010 and are planning to vary a little from the usual New York and Chicago trips in the following
quarters, even though these two cities will remain the main focus for the class. I am really excited to announce that a
trip to Hong Kong is scheduled for December 2010. Without the help from Jim Miller and Caroline Sue from the Office
of External Affairs, these trips would not be possible. Mr. Miller and Ms. Sue put a lot of hard work into the
organization and arrangement of the meetings with Ohio State and Fisher alumni to provide the SIM students with
excellent networking and learning opportunities. In addition, Professor Ingrid Werner, the Finance Department Chair,
gives a lot of support for the trips. Thank you, Mr. Miller, Ms. Sue, and Professor Werner! I would also like to thank
Robyn Scholl and Lindsey Case from the Department of Finance for helping the first Indonesian SIM Graduate Assistant
to get a handle on the administrative issues.
Finally, Professor Chris Henneforth and Professor Royce West did an outstanding job in teaching the SIM class and
giving students insights and guidance in stock valuation from the perspective of people who actually work in the
industry. Last but not least, one more “thank you” to Christian Toepfner von Schuetz, who was the Graduate Assistant
for the 2010 Fiscal Year.
Even though the past year was very difficult and challenging for everyone in the financial services industry, including the
SIM class, we are optimistic about the coming year and are hopeful that the worst is behind us.
Warm regards,
Vanessa Tambayong
SIM Student Manager and Graduate Assistant
4
HISTORY OF THE STUDENT INVESTMENT MANAGEMENT PROGRAM
Following an initial "paper dollar" experiment that lasted roughly one year, a team of students in 1990 developed a
proposal for managing actual endowment funds and made a formal 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 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 market in general had only returned 13.5% as
measured by the S&P 500 index. Students battered their own mark by posting a 25% return ($1.5 million) during the
second year of the program.
From its inception and through its continuing evolution, The Ohio State University SIM program has been an integrated
effort of many individuals and groups. The student management team is at the hub of the network, but there are
essential ties to and support 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 student team 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. Thus far, it has been able to follow all of the advice provided by the student
management team. However, should the need arise, the Office of Investments has the authority to override decisions or
to take independent action. This arrangement allows the SIM program to avoid potential legal problems with fiduciary
responsibility. It also eliminates technical problems due to the academic calendar (vacations, quarterly turnover of
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. As briefly mentioned in the
introduction, the Office of External Affairs also assists with program publicity, media relations, investment management
firm visits and special events.
Securities Industry
Support from the securities industry has been extensive. It is difficult to acknowledge the many offers of help. Over time,
we have found increasingly more effective channels for this support which now includes summer internships, speakers,
and state-of-the-art investment information services, as well as economical commissions for trades and services. The
SIM program would like to express its gratitude to the Frank Bettendorf Group of Morgan Stanley who invited four
finalists for the Morgan Stanley Scholarship (Robyn Jenkins, Fan Liu, Brent Soller, and Vanessa Tambayong), Professor
Kewei Hou, and Professor Jack Bao to the 2010 Memorial Tournament to listen to the presentations of senior level
economists from Morgan Stanley on the economic outlook.
5
OBJECTIVES AND PHILOSOPHY
The Ohio State University Student Investment Management Program (SIM) 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 practical 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 the Standard and Poor’s (S&P) 500 Index
 To preserve and maintain the real purchasing power of the fund
 To enhance the educational experience of the students, by providing them an opportunity to apply the
investment management skills and knowledge they have acquired
Outside the classroom, the SIM Program concentrates on establishing and maintaining ties with the business
community, which, in turn, enhances public relations for both the Fisher College of Business and The Ohio State
University. The program sponsors quarterly student trips to major U.S. financial centers, such as Chicago, New York, and
even Hong Kong, where they meet with professionals in the securities and investments industry.
SIM class trip to Chicago - CBOE – Winter 2009
The Rosenfield Prize
Thanks to a generous donation from OSU alumni Jack and Dan Rosenfield, the SIM program continued a quarterly
competition in which the participants are required to prepare a security analysis report on a publicly-traded stock in the
SIM investment universe. Each quarter two prizes are awarded: $2000 for the best report and $500 for the second best
report. Apart from the prize money, the students benefit by gaining a competitive advantage for internship and full-time
employment opportunities in a variety of fields in finance.
6
Professor Hou (right), Autumn 2009 Rosenfield Prize winner Pinjalim Bora (center) and runner-up Melissa Hickey (left)
From an academic perspective, the Student Investment Management Program focuses on developing the students'
understanding of the institutional structure and fundamental concepts of asset valuation in financial markets. To do so,
analytical tools are developed to study the valuation of different types of securities. Furthermore, theoretical material
and real world applications are utilized to give the students an understanding of investment theory and portfolio
development. In the classroom, the students become active portfolio managers of the SIM Portfolio. Each student acts
as a security analyst as follows:
 Each student is assigned one stock from the existing SIM portfolio. The student analysts give updates during
each class meeting on the current events and activities affecting their firm.
 The class is further divided into market sector groups, which are responsible for researching and analyzing that
specific market sector; periodic reports are delivered to the class outlining overall trends, recent developments
and specific stock recommendations.
 Each member of the class is responsible for researching stocks within their sector that may be added to the
portfolio at the end of the quarter. The analyst prepares a written report and makes an oral presentation to the
class.
7
INVESTMENT PROCESS
The investment strategy of the SIM program is based on the philosophy that the market is inefficient in the short term
and that fundamental analysis can be used to identify attractive securities to purchase. The structure of the SIM
program necessitates a focus on large-cap stocks, with an emphasis on portfolio diversification to manage risk.
In the classroom, the students become active portfolio managers of the SIM Portfolio. They are divided into groups and
each group is assigned the responsibility of covering one or two related sectors as well as the overall economy.
Sector groups review the prior class sector presentations and complete a detailed assessment of current information.
The groups present their sector outlooks to the class and recommend an overweight, market-weight, or underweight
position in their sectors. Each group then assesses the current SIM portfolio holdings in their sectors and evaluates
alternative companies within their sectors. Finally the group makes a final class presentation, in which they recommend
specific stock actions. They can recommend holding, adding to, selling part of or completely liquidating the current
positions. In addition, the student analysts can recommend buying new stocks to the SIM portfolio. The only
prerequisite for the latter is that the new stock(s) must be within the group’s assigned sector. After a final round of
discussions and class voting, the buys and sells for the quarter are finalized and orders are sent to the brokers. The class
engages in a group decision-making process and a majority-vote rule applies.
To facilitate continuity, all sector and stock presentations are uploaded on the SIM website under Class Info so that
students can review the information prior to their own class presentations (http://fisher.osu.edu/fin/courses/sim/ or
http://www.buckeyefunds.com). The individual stock reports of the Rosenfield prize winner and runner-up are also
available on the website for students to get familiar with what they are expected to deliver in their own reports.
8
PERFORMANCE: SIM vs. S&P 500
The benchmark for the Student Investment Management fund is the S&P 500 Index. For the Fiscal Year ending June 30,
2010, the SIM portfolio’s net return was -1.13%, underperforming the benchmark by 751 basis points. The
underperformance was mostly caused by the major hit of BP and Transocean due to the Deepwater Horizon oil spill on
April 20, 2010. Exhibit 1 shows the performance of the SIM portfolio and its benchmark for the Fiscal Year 2010 and
Exhibit 2 gives an overview of the performance over the last 10 years.
Exhibit 1: SIM vs. S&P 500 - Relative Performance - July 1, 2009 to June 30, 2010
SIM
S&P 500 Total Return
125
120
115
110
6.38%
105
100
-1.13%
95
90
Jul-09
Aug-09 Sep-09
Oct-09 Nov-09 Dec-09
9
Jan-10
Feb-10 Mar-10 Apr-10 May-10 Jun-10
Exhibit 2: SIM vs. S&P 500 - Relative Performance - July 1, 2001 to June 30, 2010
SIM
S&P 500 Total Return
150.00
140.00
130.00
120.00
110.00
100.00
0.05%
90.00
-8.94%
80.00
70.00
07/10
03/10
11/09
07/09
03/09
11/08
07/08
03/08
11/07
07/07
03/07
11/06
07/06
03/06
11/05
07/05
03/05
11/04
07/04
03/04
11/03
07/03
03/03
11/02
07/02
03/02
11/01
07/01
60.00
Exhibit 3 shows that the returns of the SIM portfolio vs. the S&P 500 Index for the different periods of time.
Exhibit 3: SIM vs. S&P 500 – Annualized Portfolio Returns
Return for fiscal
Annualized Returns
3 Years
5 Years
year 2010
7.04%
-13.32%
-2.55%
SIM (net of fees)
14.43%
-9.81%
-0.79%
S&P 500
10 Years
15 Years
Since Inception (2/13/90)
-2.77%
4.85%
6.27%
-1.59%
6.24%
7.99%
Exhibit 4 gives an overview of the SIM portfolio as of June 30, 2010 and June 30, 2009. The market value of the fund was
$17.1 million in 2010, which was higher than the market value in 2009. The number of portfolio holdings, which
comprised mainly large cap U.S. based companies, decreased from 38 to 27.
Exhibit 4: Portfolio Overview - June 30, 2010 vs. June 30, 2009
Fiscal Year End
6/30/2010
Inception Date
Total Net Assets
Number of Equity Positions
Average Market Cap.
Average Weighted Market Cap.
Average P/E Ratio
Average P/B Ratio
Average Dividend Yield
13-Feb-90
$17,075,338
27
$54,657,610,108
$59,263,282,595
12.318
2.949
1.891%
10
6/30/2009
13-Feb-90
$15,872,636
38
$65,762,836,330
$75,099,354,226
13.231
4.091
2.512%
As of Fiscal Year End 2010, the SIM Portfolio was overweight relative to the S&P 500 in Health Care, Industrial,
Telecommunication Services, Consumer Discretionary, and Consumer Staples sectors; while the Portfolio was
underweight in Financials, Materials, Energy, Information Technology, and Utilities sectors. The cash position
represented 5.50% of the total portfolio value. Exhibit 5 shows the sector weights in comparison to the benchmark
whereas Exhibit 6 gives an overview of selected risk measures for the portfolio.
Exhibit 5 - SIM vs. S&P 500 - Sector Allocation - June 30, 2010
S&P 500
SIM
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Exhibit 6: SIM vs. S&P 500 - Selected Risk Measures
Measures of Risk
Standard
Deviation
SIM
S&P 500
Sharpe Ratio
SIM
S&P 500
R2
SIM
Tracking Error
SIM
Fiscal
Year
3 Years
5 Years
10 Years
Since
Inception
18.51%
16.89%
22.98%
20.73%
18.81%
16.83%
17.85%
16.16%
17.58%
15.05%
0.13
0.37
-0.73
-0.65
-0.29
-0.23
-0.30
-0.28
0.19
0.31
0.967
0.978
0.975
0.963
0.885
5.22%
5.19%
4.44%
4.94%
8.19%
11
Exhibit 7 shows the performance of the fund compared to the S&P 500 in each month of the Fiscal Year 2010. The SIM
fund was able to outperform the S&P 500 Benchmark in four out of the twelve months on a net basis.
Exhibit 7 - SIM vs. S&P 500 - Monthly Return Comparison - FY 2010
S&P 500
10%
8%
6%
4%
SIM
8.81%
7.56%
6.00% 6.03%
3.61% 3.73% 3.90%
2.53%
6.03%
1.93% 2.16%
5.49%
3.10% 2.68%
1.58%
2%
0%
-2%
-1.86%
-2.23%
-4%
-3.60%
-2.78%
-2.70%
-6%
-5.23%
-6.45%
-8%
-7.99%
-10%
-9.02%
At the end of the Fiscal Year 2010, the ten largest holdings of the SIM portfolio amounted to $7,817,463 and
represented 45.78% of the fund’s total value. The largest holding was Teva Pharmaceutical Industries, Ltd., which had a
market value of $857,835, representing 5.02% of the total value of the SIM fund.
Exhibit 8: Top Ten Holdings - June 30, 2010
Security
Teva Pharmaceutical Industries Ltd.
Johnson & Johnson Co.
Hewlett Packard Co.
Intel Corp.
Oracle Corp.
Goldman Sachs Group Inc.
Hudson City Bancorp Inc.
Bucyrus International Inc.
Gilead Sciences Inc.
General Dynamics Corp.
Total
Ticker
TEVA
JNJ
HPQ
INTC
ORCL
GS
HCBK
BUCY
GILD
GD
Market Value
$
857,835
$
850,464
$
830,976
$
814,955
$
811,188
$
787,620
$
746,025
$
740,220
$
716,452
$
661,728
$
7,817,463
12
% of SIM portfolio
5.02%
4.98%
4.87%
4.77%
4.75%
4.61%
4.37%
4.34%
4.20%
3.88%
45.78%
The next graph shows the change in the value of $10,000 invested in both the SIM portfolio and the S&P 500 from
February 13, 1990 (inception) to June 30, 2010. The value of $10,000 invested in the SIM portfolio would be $38,367.20
(net capital gains plus dividends), whereas the same value invested in the S&P 500 would end with a value of
$48,195.51(dividends re-invested).
Exhibit 9: Value of $10,000 invested in SIM and S&P 500
SIM
S&P 500
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
13
ACKNOWLEDGEMENTS
 Professor Kewei Hou is the Director of the SIM program
 Professor Royce West and Professor Chris Henneforth are the instructors of the SIM class
 The program depends on the assistance received from the personnel at the Ohio State University Office of
Financial Services and Office of Investments. Jonathan Hook, the Chief of Investment Officer, made numerous
presentations to the SIM class, while other staff members of the both offices and local brokerage firms have
helped this program succeed
 Christian Toepfner von Schuetz was the SIM Graduate Assistant for the academic year ended June 30, 2010

Vanessa Tambayong prepared this annual report under the supervision of Professor Kewei Hou
 Contact:
OSU SIM Program
700 Fisher Hall
2100 Neil Avenue
Columbus, OH 43210
SIM@fisher.osu.edu
 GO BUCKEYES!
14
Appendix I: Holdings - June 30, 2010
Ticker
Security
BBY
BUCY
CVX
CMCSA
DV
GD
GILD
GS
HPQ
HCBK
INTC
JNJ
MON
NOV
NCR
NIHD
NE
ORCL
OSK
PEP
Best Buy Co.
Bucyrus International Inc.
Chevron Corp.
Comcast Corp.
DeVry Inc. Del Com
General Dynamics Corp.
Gilead Sciences Inc.
Goldman Sachs Group Inc.
Hewlett Packard Co.
Hudson City Bancorp Inc.
Intel Corp.
Johnson & Johnson Co.
Monsanto Co.
National Oilwell Varco Inc.
NCR Corp. New
NII Holdings Inc.
Noble Corp. BAAR
Oracle Corp.
Oshkosh Corp.
Pepsico Inc.
Philip Morris International
Inc.
Procter & Gamble Co.
Progressive Corp.
Public Service Enterprise
Group
Ross Stores Inc. Com
Teva Pharmaceutical
Industries Ltd.
Wal-Mart Stores Inc.
Best Buy Co.
Bucyrus International Inc.
Chevron Corp.
Comcast Corp.
DeVry Inc. Del Com
General Dynamics Corp.
Gilead Sciences Inc.
Goldman Sachs Group Inc.
Hewlett Packard Co.
Hudson City Bancorp Inc.
Intel Corp.
PM
PG
PGR
PEG
ROST
TEVA
WMT
BBY
BUCY
CVX
CMCSA
DV
GD
GILD
GS
HPQ
HCBK
INTC
Quantity
Unit Cost
Market Price
Market Value
% of assets
13,500
15,600
9,100
30,500
6,400
11,300
20,900
6,000
19,200
60,900
41,900
14,400
5,200
15,000
40,300
19,200
14,100
37,800
20,800
7,000
$44.90
$61.93
$74.22
$15.87
$57.86
$67.37
$45.15
$166.77
$47.98
$12.75
$21.72
$60.33
$82.10
$43.81
$26.54
$28.76
$43.73
$18.26
$33.60
$70.67
$33.86
$47.45
$67.86
$17.37
$52.49
$58.56
$34.28
$131.27
$43.28
$12.25
$19.45
$59.06
$46.22
$33.07
$12.12
$32.52
$30.91
$21.46
$31.16
$60.95
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
457,110.00
740,220.00
617,526.00
529,785.00
335,936.00
661,728.00
716,452.00
787,620.00
830,976.00
746,025.00
814,955.00
850,464.00
240,344.00
496,050.00
488,436.00
624,384.00
435,831.00
811,188.00
648,128.00
426,650.00
2.68%
4.34%
3.62%
3.10%
1.97%
3.88%
4.20%
4.61%
4.87%
4.37%
4.77%
4.98%
1.41%
2.91%
2.86%
3.66%
2.55%
4.75%
3.80%
2.50%
12,100
8,700
29,400
$45.42
$63.19
$17.69
$45.84
$59.98
$18.72
$
$
$
554,664.00
521,826.00
550,368.00
3.25%
3.06%
3.22%
13,100
8,800
$31.19
$52.56
$31.33
$53.29
$
$
410,423.00
468,952.00
2.40%
2.75%
16,500
10,375
13,500
15,600
9,100
30,500
6,400
11,300
20,900
6,000
19,200
60,900
41,900
$53.74
$50.04
$44.90
$61.93
$74.22
$15.87
$57.86
$67.37
$45.15
$166.77
$47.98
$12.75
$21.72
$51.99
$48.07
$33.86
$47.45
$67.86
$17.37
$52.49
$58.56
$34.28
$131.27
$43.28
$12.25
$19.45
$
$
$
$
$
$
$
$
$
$
$
$
$
857,835.00
498,726.25
457,110.00
740,220.00
617,526.00
529,785.00
335,936.00
661,728.00
716,452.00
787,620.00
830,976.00
746,025.00
814,955.00
5.02%
2.92%
2.68%
4.34%
3.62%
3.10%
1.97%
3.88%
4.20%
4.61%
4.87%
4.37%
4.77%
15
Appendix II: Purchase Transactions - July 1, 2009 to June 30, 2010
Trade Date
Settlement Date
Cusip/ Sedol
Security
Quantity
Price
Amount
Summer Quarter
19-Aug-09
24-Aug-09
189754104
Coach Inc.
7,000
$
28.22
$
(197,528.10)
19-Aug-09
24-Aug-09
36467W109
Gamestop Corp.
2,350
$
25.30
$
(59,455.00)
19-Aug-09
24-Aug-09
786514208
Safeway Inc.
26,800
$
18.77
$
(502,944.88)
19-Aug-09
24-Aug-09
H8817H100
Transocean Ltd.
2,530
$
75.06
$
(189,901.04)
19-Aug-09
24-Aug-09
369604103
General Electric Co.
13,100
$
13.57
$
(177,767.00)
19-Aug-09
24-Aug-09
G87210103
UTI Worldwide Inc.
31,100
$
12.49
$
(388,336.37)
19-Aug-09
24-Aug-09
61166W101
Monsanto Co.
5,200
$
82.05
$
(426,634.00)
19-Aug-09
24-Aug-09
459200101
3,000
$ 118.59
$
(355,780.50)
19-Aug-09
24-Aug-09
055622104
International Business
Machines Corp.
BP plc
$
50.54
$
(30,170.47)
19-Aug-09
24-Aug-09
336433107
First Solar Inc.
2,900
$ 128.27
$
(371,985.90)
19-Aug-09
24-Aug-09
62913F201
NII Holdings Inc.
1,850
$
22.44
$
(41,505.12)
19-Aug-09
24-Aug-09
00206R102
AT&T Inc.
15,000
$
25.34
$
(380,167.50)
19-Aug-09
24-Aug-09
46625H100
JP Morgan Chase & Co.
2,040
$
41.38
$
(84,413.57)
19-Aug-09
24-Aug-09
92826C839
Visa Inc.
6,000
$
66.97
$
(401,794.80)
19-Aug-09
24-Aug-09
375558103
Gilead Sciences Inc.
9,810
$
45.15
$
(442,916.60)
19-Aug-09
24-Aug-09
881624209
Teva Pharmaceutical
Industries Ltd.
12,200
$
51.63
$
(629,867.70)
2-Dec-09
7-Dec-09
20030N101
Comcast Corp
15,600
$
14.86
$
(231,816.00)
2-Dec-09
7-Dec-09
36467W109
Gamestop Corp
10,100
$
21.94
$
(221,594.00)
2-Dec-09
7-Dec-09
742718109
Procter & Gamble
9,900
$
63.14
$
(625,086.00)
2-Dec-09
7-Dec-09
718172109
Philip Morris International
2,937
$
49.25
$
(144,647.25)
2-Dec-09
7-Dec-09
637071101
National Oilwell Varco
15,000
$
43.76
$
(656,400.00)
2-Dec-09
7-Dec-09
369550108
General Dynamics
9,600
$
67.12
$
(644,352.00)
2-Dec-09
7-Dec-09
428236103
Hewlett Packard
2,074
$
49.14
$
(101,916.36)
2-Dec-09
7-Dec-09
459200101
3,600
$ 127.70
$
(459,720.00)
2-Dec-09
7-Dec-09
458140100
International Business
Machines
Intel
5,600
$
19.69
$
(110,264.00)
2-Dec-09
7-Dec-09
68389X105
Oracle
6,900
$
22.54
$
(155,526.00)
2-Dec-09
7-Dec-09
62913F201
NII Holdings
3,500
$
31.09
$
(108,815.00)
2-Dec-09
7-Dec-09
92343V104
Verizon
7,000
$
32.67
$
(228,690.00)
2-Dec-09
7-Dec-09
38141G104
Goldman Sachs
2,800
$ 166.13
$
(465,164.00)
2-Dec-09
7-Dec-09
031162100
Amgen
8,600
$
57.52
$
(494,672.00)
2-Dec-09
7-Dec-09
872275102
TCF Financial Corp
36,500
$
12.97
$
(473,405.00)
22-Mar-10
375558103
Gilead Sciences Inc.
6,400
$
47.43
$
(303,582.08)
597
Fall Quarter
Winter Quarter
17-Mar-10
16
17-Mar-10
22-Mar-10
38141G104
Goldman Sachs
2,200
$ 176.90
$
(389,180.00)
17-Mar-10
22-Mar-10
428236103
Hewlett Packard Co.
2,100
$
52.35
$
(109,935.00)
17-Mar-10
22-Mar-10
443683107
14,500
$
13.88
$
(201,222.30)
17-Mar-10
22-Mar-10
458140100
HUDSON CITY BANCORP,
INC.
Intel
4,200
$
22.06
$
(92,652.00)
17-Mar-10
22-Mar-10
718172109
PHILIP MORRIS INTL
1,400
$
51.43
$
(72,002.00)
17-Mar-10
22-Mar-10
881624209
3,600
$
60.48
$
(217,719.72)
17-Mar-10
22-Mar-10
743315103
TEVA PHARMACEUTICAL
INDUSTRIES
Progressive Corp.
29,400
$
17.64
$
(518,657.16)
17-Mar-10
22-Mar-10
H5833N103
Noble Corp.
14,100
$
43.68
$
(615,828.78)
17-Mar-10
22-Mar-10
118759109
11,400
$
64.96
$
(740,556.54)
17-Mar-10
22-Mar-10
760975102
BUCYRUS INTERNATIONAL,
INC.
RESEARCH IN MOTION
9,500
$
75.32
$
(715,557.10)
17-Mar-10
22-Mar-10
744573106
13,100
$
31.14
$
(407,941.86)
18-Mar-10
23-Mar-10
778296103
PUBLIC SERVICE
ENTERPRISE
Ross Stores Inc.
7,900
$
52.06
$
(411,674.53)
3-Jun-10
8-Jun-10
375558103
Gilead Sciences
1,300
$
36.09
$
(46,913.10)
3-Jun-10
8-Jun-10
478160104
Johnson & Johnson
3,024
$
59.95
$
(181,288.50)
3-Jun-10
8-Jun-10
881624209
700
$
54.67
$
(38,268.23)
3-Jun-10
8-Jun-10
251893103
Teva Pharmaceutical
Industries Ltd.
DeVry, Inc.
6,400
$
57.81
$
(369,985.92)
3-Jun-10
8-Jun-10
086516101
Best Buy Co.
5,455
$
40.01
$
(218,235.46)
3-Jun-10
8-Jun-10
778296103
Ross Stores Inc.
900
$
56.49
$
(50,841.00)
3-Jun-10
8-Jun-10
443683107
Hudson City Bancorp Inc.
24,600
$
12.99
$
(319,554.00)
3-Jun-10
8-Jun-10
166764100
Chevron
9,100
$
74.17
$
(674,919.70)
3-Jun-10
8-Jun-10
118759109
Bucyrus International Inc.
4,200
$
53.53
$
(224,805.00)
3-Jun-10
8-Jun-10
369550108
General Dynamics Corp.
1,700
$
68.43
$
(116,330.83)
3-Jun-10
8-Jun-10
688239201
Oshkosh Truck Corp.
3,100
$
36.05
$
(111,761.82)
3-Jun-10
8-Jun-10
458140100
Intel Corp.
4,200
$
21.62
$
(90,802.32)
3-Jun-10
8-Jun-10
62913F201
NII Holdings Inc.
6,500
$
38.42
$
(249,724.15)
Spring Quarter
Total Buys
$ (17,293,175.25)
Appendix III: Sale Transactions - July 1, 2009 to June 30, 2010
Trade Date
Settlement Date
Cusip/ Sedol
Security
Quantity
Price
Amount
Summer Quarter
19-Aug-09
24-Aug-09
007865108
Aeropostale Inc.
4,125
$
35.37
$
145,919.81
19-Aug-09
24-Aug-09
580135101
MCDonalds's Corp.
980
$
55.55
$
54,438.22
19-Aug-09
24-Aug-09
194162103
Colgate-Palmolive Co.
5,067
$
71.46
$
362,100.49
19-Aug-09
24-Aug-09
713448108
Pepsico Inc.
1,600
$
56.29
$
90,064.00
19-Aug-09
24-Aug-09
260543103
Dow Chemical
5,755
$
20.92
$
120,398.63
17
19-Aug-09
24-Aug-09
037833100
Apple Inc.
1,585
$
163.83
$
259,671.66
19-Aug-09
24-Aug-09
68389X105
Oracle Corp.
7,520
$
21.39
$
160,852.05
19-Aug-09
24-Aug-09
16941M109
China Mobile Limited
7,925
$
53.58
$
424,625.46
19-Aug-09
24-Aug-09
443683107
5,900
$
13.41
$
79,119.00
19-Aug-09
24-Aug-09
13645T100
6,495
$
45.91
$
298,211.43
19-Aug-09
24-Aug-09
688239201
Hudson City Bancorp
Inc.
Canadian Pacific Railway
Limited
Oshkosh Corp.
5,855
$
26.28
$
153,861.79
19-Aug-09
24-Aug-09
820280105
Shaw Group Inc.
19,605
$
31.10
$
609,793.92
19-Aug-09
24-Aug-09
013817101
Alcoa Inc.
27,100
$
12.34
$
334,422.13
19-Aug-09
24-Aug-09
949746101
Wells Fargo & Company
15,200
$
26.36
$
400,705.44
19-Aug-09
24-Aug-09
532457108
Eli Lilly & Co.
11,815
$
32.60
$
385,198.54
19-Aug-09
24-Aug-09
94973V107
WellPoint Inc.
11,251
$
52.33
$
588,713.08
2-Dec-09
7-Dec-09
786514208
Safeway
26,800
$
22.58
$
605,144.00
2-Dec-09
7-Dec-09
580135101
MCDonalds's Corp.
3,800
$
63.05
$
239,590.00
2-Dec-09
7-Dec-09
189754104
Coach
7,000
$
35.86
$
251,020.00
2-Dec-09
7-Dec-09
713448108
Pepsico Inc.
1,500
$
63.40
$
95,100.00
2-Dec-09
7-Dec-09
260543103
Dow Chemical
10,100
$
28.44
$
287,244.00
2-Dec-09
7-Dec-09
055622104
BP plc
11,300
$
58.69
$
663,197.00
2-Dec-09
7-Dec-09
369604103
General Electric
30,700
$
16.05
$
492,735.00
2-Dec-09
7-Dec-09
688239201
Oshkosh
4,600
$
39.22
$
180,412.00
2-Dec-09
7-Dec-09
594918104
Microsoft
30,039
$
29.77
$
894,261.03
2-Dec-09
7-Dec-09
00206R102
AT&T
15,000
$
27.35
$
410,250.00
2-Dec-09
7-Dec-09
92826C839
Visa
6,000
$
82.36
$
494,160.00
2-Dec-09
7-Dec-09
14149Y108
Cardinal Health
13,033
$
32.89
$
428,655.37
3-Feb-10
8-Feb-10
084670108
Berkshire Hathaway
$ 111,601.88
$
446,407.50
17-Mar-10
22-Mar-10
055622104
BP plc
3,400
$
57.93
$
196,972.88
17-Mar-10
22-Mar-10
14170T101
Carefusion
6,516
$
25.72
$
167,602.60
17-Mar-10
22-Mar-10
20825C104
ConocoPhillips
12,300
$
52.59
$
646,916.04
17-Mar-10
22-Mar-10
260543103
Dow Chemical
9,700
$
30.49
$
295,719.05
17-Mar-10
22-Mar-10
291011104
Emerson
5,080
$
48.79
$
247,877.58
17-Mar-10
22-Mar-10
459200101
IBM
6,600
$
128.58
$
848,637.24
17-Mar-10
22-Mar-10
688239201
Oshkosh
2,800
$
39.70
$
111,172.04
17-Mar-10
22-Mar-10
30161N101
Exelon
12,250
$
45.35
$
555,573.03
17-Mar-10
22-Mar-10
336433107
First Solar
2,900
$
116.26
$
337,145.88
17-Mar-10
22-Mar-10
713448108
PepsiCo
1,500
$
66.15
$
99,225.00
17-Mar-10
22-Mar-10
872275102
TCF Financial
36,500
$
16.11
$
588,161.00
8-Jun-10
031162100
Amgen
8,600
$
55.14
$
474,175.62
Fall Quarter
Winter Quarter
4
Spring Quarter
3-Jun-10
18
3-Jun-10
8-Jun-10
36467W109
GameStop
18,800
$
22.51
$
423,105.28
3-Jun-10
8-Jun-10
20030N101
Comcast
11,300
$
18.39
$
207,807.00
3-Jun-10
8-Jun-10
46625H100
JP Morgan Chase
8,000
$
39.46
$
315,680.80
3-Jun-10
8-Jun-10
742718109
Procter & Gamble
1,200
$
61.88
$
74,258.40
3-Jun-10
8-Jun-10
H8817H100
Transocean
10,200
$
48.36
$
493,283.22
3-Jun-10
8-Jun-10
G87210103
UTI Worldwide
31,100
$
14.40
$
447,797.86
3-Jun-10
8-Jun-10
92343V104
Verizon
7,000
$
27.64
$
193,489.10
3-Jun-10
8-Jun-10
760975102
Research in Motion
9,500
$
61.46
$
583,888.05
3-Jun-10
8-Jun-10
713448108
PepsiCo
1,900
$
63.57
$
120,783.95
Total Sells
$ 17,385,543.15
Appendix IV: Dividends Received - July 1, 2009 to June 30, 2010
Payment Date
Security
Amount
07/01/2009
07/10/2009
07/15/2009
07/27/2009
07/27/2009
07/28/2009
07/29/2009
07/30/2009
07/31/2009
08/13/2009
08/14/2009
08/25/2009
08/31/2009
09/01/2009
09/01/2009
09/01/2009
09/08/2009
09/08/2009
09/08/2009
09/10/2009
09/10/2009
09/10/2009
09/10/2009
09/15/2009
09/21/2009
09/24/2009
Hewlett-Packard Co.
Philip Morris Int'l
Cardinal Health, Inc.
General Electric Co.
Canadian Pacific Railway
Best Buy Co.
Comcast Corp
Dow Chemical Co.
JP Morgan Chase & Co
Oracle Corp.
Colgate Palmolive Co.
Alcoa, Inc.
Hudson City Bancorp Inc.
ConocoPhillips
Intel Corp.
wells Fargo Co
BP PLC
Johnson & Johnson
Wal-Mart Stores, Inc.
Emerson Corp.
Exelon Corp.
Eli Lilly & Co.
Microsoft Corp.
McDonald's Corp.
Cardinal Health, Inc.(security litigation
income)
Goldman Sachs
19
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,424.24
4,192.02
2,280.78
1,760.00
1,484.17
1,126.30
1,768.50
3,833.25
298.00
1,921.00
2,229.48
813.00
4,155.00
5,781.00
3,906.00
760.00
11,846.52
5,574.24
2,827.19
1,676.40
6,431.25
5,789.35
3,905.07
1,900.00
7,296.48
$
350.00
09/28/2009
09/30/2009
10/07/2009
10/09/2009
10/15/2009
10/15/2009
10/23/2009
10/26/2009
10/27/2009
10/28/2009
10/30/2009
10/30/2009
11/02/2009
11/02/2009
11/04/2009
11/27/2009
11/27/2009
12/01/2009
12/01/2009
12/01/2009
12/04/2009
12/07/2009
12/08/2009
12/10/2009
12/10/2009
12/10/2009
12/10/2009
12/15/2009
12/24/2009
12/30/2009
01/04/2010
01/04/2010
01/06/2010
01/11/2010
01/26/2010
01/27/2010
01/29/2010
01/29/2010
02/01/2010
02/01/2010
02/05/2010
Coach Inc.
Pepsico, Inc.
Hewlett-Packard Co.
Philip Morris Int'l
Cardinal Health
Safeway Inc.
UTI Worldwide Inc.
General Electric Co.
Best Buy Co.
Comcast Corp
Dow Chemical Co.
Monsanto Co.
AT&T
JP Morgan Chase & Co
Oracle Corp.
Hudson City Bancorp Inc.
Forest Laboratories (security litigation
income)
ConocoPhillips
Intel Corp.
Visa Inc.
TEVA Pharmaceutical LTD ADR
BP PLC
Johnson & Johnson
Emerson Corp.
Exelon Corp.
IBM Corp
Microsoft Corp.
McDonald's Corp.
Enron Corp. (security litigation income)
Goldman Sachs
Pepsico, Inc.
Wal-Mart Stores, Inc.
Hewlett-Packard Co.
Philip Morris Int'l
Best Buy Co.
Comcast Corp
Dow Chemical Co.
Monsanto Co.
JP Morgan Chase & Co
Verizon Communications, Inc.
General Dynamics Corp
20
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
525.00
5,355.00
1,202.08
4,502.54
2,280.78
2,680.00
1,866.00
3,070.00
1,126.30
1,768.50
2,970.00
1,378.00
6,150.00
400.00
1,545.00
3,270.00
1,618.98
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
6,150.00
3,906.00
750.00
1,530.25
12,348.00
5,574.24
1,701.80
6,431.25
1,650.00
3,905.07
2,090.00
1,571.50
350.00
5,355.00
2,827.19
1,368.00
6,206.00
1,126.30
3,950.10
1,455.00
1,378.00
400.00
3,325.00
3,648.00
02/09/2010
02/16/2010
02/26/2010
03/01/2010
03/01/2010
03/02/2010
03/08/2010
03/09/2010
03/10/2010
03/10/2010
03/10/2010
03/17/2010
03/26/2010
03/30/2010
03/31/2010
04/01/2010
04/05/2010
04/07/2010
04/09/2010
04/28/2010
04/30/2010
04/30/2010
05/03/2010
05/05/2010
05/06/2010
05/07/2010
05/17/2010
05/20/2010
05/28/2010
06/01/2010
06/01/2010
06/04/2010
06/15/2010
06/25/2010
06/29/2010
06/30/2010
06/30/2010
06/30/2010
Oracle Corp.
Procter & Gamble Co.
TCF Financial Corp
ConocoPhillips
Intel Corp.
Hudson City Bancorp Inc.
BP PLC
Johnson & Johnson
Emerson Corp.
Exelon Corp.
IBM Corp
TEVA Pharmaceutical LTD ADR
National Oilwell Varco Inc.
Goldman Sachs
Pepsico, Inc.
Suez-ADR (Tax Reclaim 06/07/2007)
Wal-Mart Stores, Inc.
Hewlett-Packard Co.
Philip Morris Int'l
Comcast Corp
JP Morgan Chase & Co
Monsanto Co.
Verizon Communications, Inc.
Oracle Corp.
Best Buy Co.
General Dynamics Corp
Procter & Gamble Co.
Bucyrus International Inc
Hudson City Bancorp Inc.
Intel Corp.
Wal-Mart Stores, Inc.
TEVA Pharmaceutical LTD ADR
Johnson & Johnson
National Oilwell Varco Inc.
Goldman Sachs
Pepsico, Inc.
Public SVC Enterprise Group
Ross Stores Inc.
Total
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
21
1,890.00
4,356.00
1,825.00
6,150.00
5,276.25
3,270.00
2,856.00
5,574.24
1,701.80
6,431.25
3,630.00
2,001.20
1,500.00
1,330.00
4,680.00
651.82
3,138.44
1,368.00
7,018.00
3,950.10
400.00
1,378.00
3,325.00
1,890.00
1,126.30
4,032.00
4,769.82
285.00
5,445.00
5,937.75
3,138.44
2,832.77
6,143.04
1,500.00
2,100.00
4,272.00
4,486.75
1,264.00
328,958.09
Appendix V: Net Interest Received - July 1, 2009 to June 30, 2010
Payment Date
Security
Amount
07/01/2009
08/01/2009
09/01/2009
10/01/2009
11/01/2009
12/01/2009
01/01/2010
02/01/2010
03/01/2010
04/01/2010
05/01/2010
06/01/2010
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
SSGA Prime Money Market Fund
DREYFUS CASH MGMT FUND INSTITUTIONAL SHARES
DREYFUS CASH MGMT FUND INSTITUTIONAL SHARES
Total
$
$
$
$
$
$
$
$
$
$
$
$
$
319.85
140.43
97.32
80.03
81.55
61.30
40.86
24.38
34.87
38.32
16.88
24.30
960.09
Appendix VI: Management Fees - July 1, 2009 to June 30, 2010
Date
Portfolio Value
Fee
09/30/2009
12/31/2009
03/31/2010
06/30/2010
$ 18,409,542.72
$ 19,515,300.46
$ 20,579,328.67
$ 17,060,950.85
Total
$
$
$
$
$
23,011.93
24,394.13
25,724.16
21,326.19
94,456.41
Appendix VII: Rosenfield Prize for Excellence in Security Analysis - July 1, 2009 to June 30, 2010
Quarter
Summer 2009
Fall 2009
Winter 2010
Spring 2010
Winner
Runner up
Joseph Chandraraj (McDonalds)
Pinjalim Bora (Comcast)
Ryan A. Mayes (Mosanto)
Justin Mahida (Gilead Sciences)
Shane Connor (PepsiCo)
Melissa Hickey (Oshkosh)
Charles Hathaway IV (Noble Corporation)
Lourdes R. Dudaney (PepsiCo)
22