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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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• Publié par: Unjio
• Nombre de lectures: 19
• Langue: English

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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