12-31 audit final
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THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT DECEMBER 31, 2009 AND 2008 THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION CONTENTS INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statements of Assets and Liabilities 2 Statements of Operations 3 Statements of Changes in Net Assets 4 Schedule of Investments 5 Notes to Financial Statements 21 INDEPENDENT AUDITOR'S REPORT To the Board of Directors Friends Fiduciary Corporation Philadelphia, Pennsylvania We have audited the accompanying statements of assets and liabilities of The Consolidated Fund of Friends Fiduciary Corporation as of December 31, 2009 and 2008, the related statements of operations and changes in net assets for the years then ended, and the schedule of investments as of December 31, 2009. These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with U.S. generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes ...
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THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT DECEMBER 31, 2009 AND 2008
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Schedule of Investments
Notes to Financial Statements
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION CONTENTS INDEPENDENT AUDITOR'S REPORT FINANCIAL STATEMENTS
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INDEPENDENT AUDITOR'S REPORT
To the Board of Directors Friends Fiduciary Corporation Philadelphia, Pennsylvania We have audited the accompanying statements of assets and liabilities of The Consolidated Fund of Friends Fiduciary Corporation as of December 31, 2009 and 2008, the related statements of operations and changes in net assets for the years then ended, and the schedule of investments as of December 31, 2009. These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with U.S. generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Consolidated Fund of Friends Fiduciary Corporation as of December 31, 2009 and 2008 and the results of its operations and changes in its net assets for the years then ended in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania April 19, 2010
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION STATEMENTS OF ASSETS AND LIABILITIES December 31, 2009 and 2008 ASSETS Investments in securities, at fair value Boston Common Asset Management, LLC (cost of $30,291,152 in 2009 and $32,793,864 in 2008) Brandywine Asset Management (cost of $25,437,776 in 2009 and $25,592,160 in 2008) Chicago Equity Partners (cost of $37,733,527 in 2009 and $35,109,418 in 2008) Great Lakes Advisors, Inc. (cost of $14,472,012 in 2009 and $9,667,308 in 2008) Lazard Asset Management LLC (cost $16,077,688 in 2009) Payden & Rygel (cost of $59,788,086 in 2009 and $73,146,288 in 2008) United States Trust Company (cost of $8,373,412 in 2008) Columbia Management (cost of $10,394,509 in 2009 and $11,206,651 in 2008) Urdang Investment Management, Inc. (cost of $9,960,222 in 2009 and $10,120,837 in 2008) Income and deposit account (cost of $1,644,063 in 2009 and $9,675,875 in 2008) Cash Dividends and interest receivable Loans receivable Total assets LIABILITIES Distributions payable Accrued operating expenses Total liabilities NET ASSETS Equivalent to $38.51 per unit, based upon 5,676,174 units outstanding in 2009. Equivalent to $34.19 per unit, based upon 5,306,708 units outstanding in 2008. See accompanying notes
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2009 $ 31,257,843 29,981,612 42,053,576 15,866,797 16,585,572 57,345,234 - 12,226,275 10,816,809 1,644,063 30,020 1,358,055 600,000 219,765,856 967,833 218,782 1,186,615
$218,579,241
2008 $ 20,948,603 20,371,908 27,636,652 9,024,918 - 69,783,910 8,198,700 7,588,254 7,108,528 9,675,875 44,844 1,336,974 400,000 182,119,166 529,239 159,635 688,874
$ 181,430,292
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION STATEMENTS OF OPERATIONS Years ended December 31, 2009 and 2008 INVESTMENT INCOME Income Interest Dividends Total income Expenses Investment advisory fees Administrative services Custodian fees Professional fees Other expenses Total expenses NET INVESTMENT INCOME REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized loss on investments Net unrealized gain (loss) on investments NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS See accompanying notes
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2009 $ 5,173,664 2,134,008 7,307,672 737,143 335,556 100,790 216,510 247,801 1,637,800 5,669,872 (14,216,302) 47,327,211 33,110,909 $ 38,780,781
2008 $ 4,132,825 3,630,814 7,763,639 806,872 327,869 83,469 116,250 184,851 1,519,311 6,244,328 (8,338,564) (61,095,237) (69,433,801) $ (63,189,473)
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION STATEMENTS OF CHANGES IN NET ASSETS Years ended December 31, 2009 and 2008 OPERATIONS Net investment income Net realized loss on investments Net unrealized gain (loss) on investments Net increase (decrease) in net assets resulting from operations DISTRIBUTIONS TO CONSTITUENTS ($2.49 and $2.64 per unit, respectively) CAPITAL TRANSACTIONS Proceeds from units issued Payments for units redeemed Total from capital transactions Total increase (decrease) in net assets NET ASSETS Beginning of year End of year A summary of unit transactions is as follows: Units issued Units redeemed Units outstanding at beginning of the year Units outstanding at end of the year See accompanying notes
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2009 $ 5,669,872 (14,216,302) 47,327,211 38,780,781 (13,910,205) 22,249,447 (9,971,074) 12,278,373 37,148,949 181,430,292 $ 218,579,241
660,239 (290,773) 369,466 5,306,708 5,676,174
2008 $ 6,244,328 (8,338,564) (61,095,237) (63,189,473) (13,363,396) 16,567,693 (3,777,474) 12,790,219 (63,762,650) 245,192,942 $ 181,430,292
408,327 (83,968) 324,359 4,982,349 5,306,708
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION SCHEDULE OF INVESTMENTS December 31, 2009 Shares 58.49%COMMON STOCKS: Advertising 0.16% 8,300 Publicis Groupe Agriculture 0.13% 8,700 Archer Daniels Midland Co. Airlines 0.13% 25,100 Southwest Airlines Co. Apparel 0.33% 11,400 Abercrombie & Fitch Co. 2,298 Adidas 2,200 Ross Stores, Inc. 1,300 VF Corp. Auto Parts and Equipment 1.40% 5,100 Autonation, Inc. 5,700 Carmax, Inc. 14,200 Denso Corp. 26,400 Ford Motor Co. 11,300 Honda Motor Co. 14,800 Johnson Controls 13,500 Magna International, Inc. 5,700 Paccar, Inc. 7,600 Toyota Motor Corp. Banks 5.39% 4,300 B B & T Corp. 20,107 Banco Santander 82,300 Bangkok Bank Public Co. 105,111 Bank of America Corp. 7,600 Bank of New York Mellon Corp. 7,436 BNP Paribas 97,250 China Merchants Bank 13,800 Citigroup, Inc. 9,948 Credit Suisse Group 31,300 Fifth Third Bancorp 3,310 Goldman Sachs Group, Inc. 2,120 HDFC Bank, Ltd. 39,519 HSBC Holdings 57,405 J P Morgan Chase & Co. 1,600 M&T Bank Corp. 35,640 Morgan Stanley Group, Inc. 14,800 PNC Financial Services Group, Inc. 11,748 Standard Chartered See accompanying notes -5-
Cost
$ 296,207 232,043 338,616 299,430 111,837 98,251 93,510 603,028 78,955 99,415 360,426 212,799 372,707 220,536 414,799 207,593 365,468 2,332,698 110,607 307,092 263,002 1,723,551 209,353 489,779 222,960 608,307 431,433 235,761 481,697 211,526 447,755 1,962,589 101,217 1,156,569 690,830 201,569
Value
$ 339,390 272,397 286,893 397,290 125,090 93,962 95,212 711,554 97,665 138,225 424,040 264,000 377,496 403,152 682,830 206,739 465,439 3,059,586 109,091 333,200 286,347 1,582,972 212,572 596,386 255,226 45,678 492,709 305,175 558,860 275,770 452,337 2,392,066 107,024 1,054,944 781,292 298,797
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION SCHEDULE OF INVESTMENTS December 31, 2009 Shares Cost Value 6,600 Sumitomo Mitsui Group 452,578 187,518 9,212 UBS 277,272 143,025 8,100 US Bancorp 245,729 182,331 23,600 Wells Fargo & Co. 993,743 636,964 9,000 Wintrust Financial Corp. 245,260 277,110 14,000 Zions Bancorp 231,106 179,620 12,301,285 11,747,014 Beverages 1.18% 21,300 Coca Cola Co. 374,546 451,560 8,600 Dr. Pepper Snapple Group 204,396 243,380 30,683 Pepsico, Inc. 1,561,699 1,865,526 2,140,641 2,560,466 Biotechnology 0.92% 17,400 Amgen, Inc. 1,103,910 984,318 13,600 Genzyme Corp. 843,590 666,536 8,400 Gilead Sciences, Inc. 399,477 363,468 2,346,977 2,014,322 Building Materials 0.30% 20,000 Quanex Building Products Corp. 280,230 339,400 12,000 Simpson Manufacturing Co., Inc. 344,101 322,680 624,331 662,080 Chemicals 0.97% 4,700 Lubrizol Corp. 282,457 342,865 8,900 Nitto Denko Corp. 402,720 317,396 10,000 OM Group, Inc. 204,299 313,900 4,600 Sigma Aldrich Corp. 212,536 232,530 4,439 Sociedad Quimica Minera 171,460 166,773 17,700 Symrise 431,414 380,926 2,037 Wacker Chemie 352,014 355,649 2,056,900 2,110,039 Coal 0.22% 2,400 Peabody Energy Corp. 108,577 108,504 5,000 Walter Energy, Inc. 110,190 376,550 218,767 485,054 Commercial Services 1.31% 5,700 Automatic Data Processing 197,482 244,074 3,500 Cintas Corp. 101,675 91,245 23,200 Experian 118,241 230,407 14,000 Fair Isaac Corp. 314,972 298,340 12,000 Forrester Research, Inc. 271,381 311,400 5,000 FTI Consulting, Inc. 215,859 235,800 8,000 Hewitt Associates, Inc. 213,138 338,080 See accompanying notes -6-
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION SCHEDULE OF INVESTMENTS December 31, 2009 Shares 3,000 Manpower, Inc. 1,495 Mastercard, Inc. 7,400 Meitec 949 New Oriental Education & Technology 44,000 NSK, Ltd. 233,240 Raffles Education Corp. Computers 1.80% 3,910 Apple, Inc. 43,500 Dell, Inc. 2,750 Hewlett Packard Co. 5,305 Infosys Technologies 7,955 International Business Machines Corp. 18,000 Manhattan Associates, Inc. 14,100 Seagate Technology 7,000 Western Digital Corp. Cosmetics/Personal Care 0.62% 8,025 Colgate Palmolive Co. 3,600 Estee Lauder Co., Inc. 8,371 Procter & Gamble Co. Delivery and Freight Services 0.40% 3,000 CH Robinson Worldwide, Inc. 6,800 Overseas Shipholding Group, Inc. 6,900 United Parcel Service, Inc. Diversified Finance Services 2.42% 9,400 American Express Co. 4,900 Ameriprise Financial, Inc. 14,995 AXA Advisors 1,555 Blackrock, Inc. 3,200 Capital One Financial Corp. 28,500 Cielo 22,000 Cowen Group, Inc. 27,000 Daiwa Securities Group 3,207 Deutsche Boerse 10,300 Discover Financial Services 2,800 Franklin Resources, Inc. 4,800 Greenhill & Co., Inc. 30,862 ICAP 7,300 Intertek Group 7,300 Invesco, Ltd. See accompanying notes
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Cost 173,000 277,904 221,891 77,909 288,350 89,806 2,561,608 586,517 456,009 75,022 199,731 731,177 387,418 200,650 246,784 2,883,308 477,483 167,517 393,973 1,038,973 152,866 256,087 393,939 802,892 320,583 126,678 225,843 308,505 126,829 288,901 272,896 321,063 353,309 178,245 259,915 246,586 274,865 112,777 112,584
Value 163,740 382,690 99,758 71,754 321,392 67,283 2,855,963 823,962 624,660 141,653 293,207 1,041,310 432,720 256,479 309,050 3,923,041 659,254 174,096 507,534 1,340,884 176,190 298,860 395,853 870,903 380,888 190,218 355,843 361,071 122,688 250,797 130,240 134,862 266,504 151,513 294,980 385,152 214,301 147,944 171,477
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION SCHEDULE OF INVESTMENTS December 31, 2009 Shares Cost Value 12,610 Itau Unibanco Holding 216,170 288,012 4,100 KB Financial Group, Inc. 250,899 208,485 13,000 KBW, Inc. 324,950 355,680 8,000 Legg Mason, Inc. 150,746 241,280 47 Osaka Securities 222,929 223,653 151 Sony Financial Holdings, Inc. 459,154 392,848 5,154,427 5,268,436 Electric 2.86% 11,250 AES Corp. 150,050 149,738 10,000 Arrow Electronics, Inc. 261,090 296,100 5,400 Consolidated Edison, Inc. 220,576 245,322 3,300 Constellation Energy Group, Inc. 106,706 116,061 13,700 Cooper Industries 345,239 584,168 5,200 DTE Energy Co. 205,518 226,668 34,350 Duke Energy Corp. 683,221 591,164 7,300 Edison International 340,842 253,894 20,540 Emerson Electric Co. 564,378 875,004 3,700 Hubbell, Inc. 114,257 175,010 45,000 International Power 327,733 224,618 1,540 Keyence Corp. 338,257 317,611 4,100 Koninklijke Philips Electronic 162,143 121,650 21,000 NGK Insulators 401,801 455,664 3,500 Nidec Corp. 245,815 321,070 3,200 NRG Energy, Inc. 91,391 75,552 2,600 Nstar 85,705 95,680 8,100 Public Service Enterprise Group, Inc. 178,349 269,325 915 Samsung Electronics, Ltd. 289,076 313,912 5,700 Thomas & Betts Corp. 120,969 204,003 5,308 Vestas Wind Systems 431,149 324,442 5,664,265 6,236,656 Engineering & Construction 0.25% 3,900 Fluor Corp. 219,583 175,656 12,500 Shaw Group, Inc. 403,256 359,375 622,839 535,031 Food 1.58% 23,700 Dean Foods Co. 418,636 427,548 7,000 General Mills, Inc. 321,169 495,670 2 JM Smucker Co. 61 124 5,900 Kraft Foods, Inc. 157,959 160,362 13,600 Kroger Co. 262,356 279,208 10,000 Starbucks Corp. 198,171 230,600 20,200 Sysco Corp. 607,376 564,388 105,504 Tesco 805,645 729,197 2,200 The Hershey Co. 77,081 78,738 10,200 Unilever 288,815 328,441 15,000 Viterra, Inc. 149,200 141,222 3,286,469 3,435,498 See accompanying notes -8-
THE CONSOLIDATED FUND OF FRIENDS FIDUCIARY CORPORATION SCHEDULE OF INVESTMENTS December 31, 2009 Shares Forest Products & Paper 0.53% 3,700 Avery Dennison Corp. 31,800 Masco Corp. 9,000 Meadwestvaco Corp. 8,300 Plum Creek Timber Co., Inc. Hand/Machine Tools 0.15% 9,300 Makita Corp. Healthcare-Products 2.40% 8,350 Aetna, Inc. 15,030 Cogdell Spencer, Inc. 6,600 Coventry Health Care, Inc. 2,200 Covidien 800 CR Bard, Inc. 11,839 CSL 13,500 Forest Laboratories, Inc. 14,180 HCP, Inc. 3,500 Humana, Inc. 24,978 Johnson & Johnson 2,700 McKesson Corp. 4,300 Medco Health Solutions, Inc. 10,000 Molina Healthcare, Inc. 7,050 Nobel Biocare 10,200 Rhoen-Klinikum 30,296 Smith & Nephew 2,300 Thermo Fisher Scientific, Inc. Home Builders 0.36% 16,000 Ryland Group, Inc. 15,000 Thor Industries, Inc. Home Furnishings 0.32% 6,000 Bed Bath & Beyond, Inc. 22,000 Williams Sonoma, Inc. Hotels 0.07% 7,300 Wyndham Worldwide Corp. See accompanying notes
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Cost 148,185 381,447 228,334 233,869 991,835 220,934 69,486 61,523 101,372 81,259 68,939 300,273 377,700 329,581 196,647 1,498,894 119,417 226,595 280,840 238,210 276,405 359,867 104,580 4,691,588 398,946 381,383 780,329 232,870 229,400 462,270 63,064
Value 135,013 439,158 257,670 313,408 1,145,249 316,677 264,695 85,070 160,314 105,358 62,320 345,934 433,485 433,057 153,615 1,608,833 168,750 274,813 228,700 237,194 249,810 312,866 109,687 5,234,501 315,200 471,000 786,200 231,660 457,160 688,820 147,241
