SDCERS - Home - San Diego City 0707 · 2019-01-31 · Large Financial Services Companies • Highest Dividend Yields in the S&P. • Solid Dividend Growth Potential. • Moderate

San Diego City

July 19, 2007

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• 1981 – Developed current investment process at Security Pacific Investment Managers• 1991 – Founded Delta Asset Management as a Division of Furman Selz Capital Management• 1997 – ING acquires Furman Selz• 2004 – BCM acquires Delta, majority owned and financed by Lovell Minnick Partners

• Large Equity• Institutional Clients• Active Management

• 11 Person Employee Team – Original 5 person team still in place

• 14 Client relationships (average tenure 15+ years); 1 new client in 2006; 2 lost in 2007

• $4 billion under management

• Lift-out of Small Cap Growth Team*

• Addition of Senior Marketing Person to BCM LLC

Statistics as of 6/30/2007 – (not inclusive of Berkeley Capital Management)Statistics as of 6/30/2007 – (not inclusive of Berkeley Capital Management)

FocusFocus

HistoryHistory

Delta Asset Management

Parent Company UpdateParent Company Update

*Press release in Appendix*Press release in Appendix

3

Professional Management Team

Portfolio Management/ResearchPortfolio Management/Research

David Garza(13 Years Experience)

Carl GoldsmithChief Investment Officer –

Delta Asset Management30 Years Investment

Experience

TradingTrading

Ilene Alperstein(25 Years Experience)

Marla Ryan(15 Years Experience)

Robert Sandroni(40 Years Experience)

Marketing/Client ServiceMarketing/Client Service

Kevin Hardy(20 Years Experience)

Lynn Barr(6 Years Experience)

Carl Goldsmith(30 Years Experience)

Brenda Cullen(6 Years Experience)

* Brief bios provided in Appendix* Brief bios provided in Appendix

Frank Hurst+(24 Years Experience)

+ Mr. Hurst supports all three divisions of BCM LLC+ Mr. Hurst supports all three divisions of BCM LLC

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Research Responsibilities

• Larger Team now divides Sector Coverage

Carl Goldsmith, CIO – Generalist, Financials

Marla Ryan, SVP – Generalist, Consumer Nondiscretionary, Beverages

David Garza, SVP – Technology, Consumer Discretionary

Brenda Cullen, VP – Capital Goods, Energy, Basic Materials

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Organizational Chart

Berkeley Capital Management Division

David RuffChief Investment Officer

Berkeley Capital Management Division

David RuffChief Investment Officer

Delta Asset Management Division

Carl GoldsmithChief Investment Officer

Delta Asset Management Division

Carl GoldsmithChief Investment Officer

Harlingwood Capital Management Division

John WylieChief Investment Officer

Harlingwood Capital Management Division

John WylieChief Investment Officer

•Domestic Dividend Equity

•International Dividend Equity

•Global Dividend Equity

•Core Growth Equity

•Enhanced Equity Index

Lovell Minnick Equity Partners

Berkeley Capital Management LLCBoard of Managers

•Small/Mid Core Equity

•Concentrated Core Growth Equity

Administration, Operations and FinanceKevin Cuccias

Chief Executive OfficerChief Compliance Officer

•Micro Cap Growth Equity

•Small Cap Growth Equity

•SMID Cap Growth Equity

•Small Cap Hedge Equity

•Convertible Arbitrage

Marketing and Client Service

Frank HurstPresident

Director of Marketing

6

Investment Style

• Large Capitalization

• Core (Growth/Value)

• Risk Controls– Sector Diversification– Stock Specific Limitations

• Outperform over full market cycle

7

Investment Process

• Business Cycle Analysis• Sector Emphasis

• Company Analysis• Focus on Positive Change

• Valuation Analysis• Search for Misvalued Companies

Portfolio ConstructionPortfolio Construction

8

Business Cycle Analysis

−Change identified through monitoring of economic data

−Portfolio sector weights repositioned to benefit from change

−Sector strategy examined frequently for appropriateness

−Early/Mid Cycle Overweight Economically Sensitive Sectors

−Late Cycle Overweight Non-Cyclical Sectors

−Rule of Thumb: 50% under to 150% over

Business Cycle Provides Framework for Portfolio StructureBusiness Cycle Provides Framework for Portfolio Structure

Under/Overweight Economic SectorsUnder/Overweight Economic Sectors

Major Economic Change Results in Portfolio RestructuringMajor Economic Change Results in Portfolio Restructuring

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Stock Selection Screening Process

To be included in the portfolio a company must posses the following features:

• Pursuing Global Opportunities

• Using Technology to Improve Productivity and Profit Margins

• Focused on New Product Development

• Substantial Free Cash Flow

• A Valuation which Fails to Incorporate the Attractive Growth Outlook

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Company Analysis

– Global Expansion– New Products– Market Share Gains– Price Increases

– Productivity Gains– Restructuring Opportunities– Global Sourcing of Inputs– Management Execution

– Share Repurchase / Dividends– Capital Structure Management– Strategic Investments – Accretive Acquisitions

Revenue EnhancersRevenue Enhancers

Profit Margin ImprovementsProfit Margin Improvements

Cash Flow ManagementCash Flow Management

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Valuation Analysis

– Examine fundamental valuation metrics of earnings, cash flow and enterprise value relative to the market and peers

– Assign valuation targets based on historic data and changing company fundamentals

– Monitor stock performance relative to price target

– Reverse of Buy Decision– Stock inappropriate for current macro-economic

environment– Negative change in fundamentals– Exceeds valuation-based price target

– 25 percent decline relative to market

Buy DisciplineBuy Discipline

Sell Discipline Sell Discipline

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San Diego CityPerformance Review

EQUITY PORTFOLIOMARKET VALUE*

As of June 30, 2007 $200,294,404

As of June 30, 2006 $158,976,126

*Market value reflects the withdrawal of $5 million in April 2007.

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Tot

al R

etur

n (%

)

- San Diego City- S&P 500 Index

---------------------------------Periods Ending 06/30/07---------------------------------

Large Cap Core Performance

Before Fees

7.1

10.711.7

20.6

6.37.9

10.711.4

21.6

7.4

0

5

10

15

20

25

10 Year 5 Year 3 Year 1 Year 2nd Quarter 2007

14

26.4

-14.6

14.79.9

27.3

-12.3

14.911.0

-20

-15

-10

-5

0

510

15

20

25

30

Tot

al R

etur

n (%

)

- San Diego City- S&P 500 Index

1996 - 19991996 - 1999 2000 - 20022000 - 2002

Rising and Falling Markets

RisingRising FallingFalling RisingRising Full MarketFull MarketCycleCycle--Technology and Healthcare drivenTechnology and Healthcare driven

-- Excessive ValuationsExcessive Valuations--Technology bubble burstsTechnology bubble bursts-- Bear Market EnsuesBear Market Ensues

--Fiscal and Monetary StimulusFiscal and Monetary Stimulus-- Economic RevivalEconomic Revival

Before Fees

2003 – 2007 YTD2003 – 2007 YTD 1996 – 2007 YTD1996 – 2007 YTD

15

0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0%

Info Technology

Health Care

Consumer Discretionary

Consumer Staples

S&P 500

Industrials

Materials

Financials

Utilities

Energy

Source: Baseline, Bloomberg, Delta Analyst estimatesSource: Baseline, Bloomberg, Delta Analyst estimates

Performance by Capitalization

2006 Performance Analysis

* Non GAAP* Non GAAP

Large Underweight

Large Overweight

• Mega large caps recover after poor 2004-2005

• Valuation levels for Tech look extremely attractive particularly versus the Utility sector & S&P 500

18.44.618.4Russell 2000

4.9

1.2

2005

15.8

18.5

2006

10.9S&P 500

6.4S&P 100

2004Total Return

3-5 Yr. Future Growth Rate

P/E Ratio 2007

P/E to 5 Yr. Average

Technology Composite 10% 16x* 63%Utility Composite 5% 15x 120%S&P 500 7% 15.5x NA

Comparative Valuations

Performance of S&P 500 SectorsCumulative Total Return

- 3 Year - 1 Year

S&P 500

Supplemental: Please refer to Appendix for Performance Disclosures

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2007 Performance Analysis

-4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0%

Financials

Consumer Discretionary

Consumer Staples

Health Care

S&P 500

Info Technology

Industrials

Utilities

Materials

Energy Performance by Capitalization

18.4

15.8

18.5

2006

6.5

7.0

6.0

2007 YTD (June)

Russell 2000

S&P 500

S&P 100

Total Return

Attribution 2007 YTD

Basis PointsValue Added from Sector Selection 36Value Added From Stock Selection 72Total 108

Top Sector Contributors

Basis PointsTechnology 85Industrials 58Materials 41

Performance of S&P 500 SectorsCumulative Total Return

- YTD June 2007

Underweight

Large Overweight

Overweight

S&P 500

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-0.2

0

0.2

0.4

0.6

0.8

1

Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07

Source: Bloomberg.

0.6

0.7

0.8

0.9

1

1.1

1.2

0 12 24 36 48 60 72 84 96

Number of Months after Recovery Begins

1980-1990 1991-2001 2002-Current

- Russell 1000 Value - Russell 1000 Growth

Relative Performance of Large Cap vs. Small Cap CompaniesIn the Months Following Economic Recoveries

Absolute Performance of Growth vs. Value CompaniesCumulative Return 2003 - Present

87.6%

61.1%

S&P

500

Inde

x / R

usse

ll 20

00 In

dex

Cum

ulat

ive

Rel

ativ

e R

etur

n

Market Dynamics by Size and Style

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Business Environment Summary

Cyclical Factors

• Sustained Economic Growth, driven by Capital Spending • Inflation remains controlled at historically low level• Interest Rates remain relatively stable (Short and Long Term)• Corporate Profits Continue to Rise at a moderate pace (7 – 10%)

Secular Factors

• Inflation suppressed by:• Global Competition• Technology Penetration

Potential Risk Factors• Restrictive Monetary Policy

• Asset Deflation

• Protectionism

• Geopolitical Events

• Expect solid equity returns for 2007 and beyond given our outlook (7 - 10%)• Portfolio emphasis on companies that benefit from environment and that demonstrate a strong shareholder

value orientation

Investment EnvironmentInvestment Environment

Equity MarketsEquity Markets

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Purchasing managers indexDurable good orders (minus defense)Consumer confidenceReal disposable personal incomeInitial unemployment claimsUnit Labor Costs

Industrial material prices

Composite of foreign industrial production

Commercial & industrial loans & Non-financial commercial paperMoney supplyMonetary base (St. Louis)Yield Curve (6 month T-bill rate/10 year T-bond rate)International money supply (M2)

MONETARY INDICATORS

REAL INDICATORS

EconomicSlowdownEconomicSlowdown

EconomicTrough

EconomicTrough

EconomicExpansionEconomicExpansion

ExpansionPeak

ExpansionPeak

Jun. 30, 2006Jun. 30, 2007

Evaluating Change in Macro EnvironmentExamples of Key Economic Variables

FINANCIAL

CONSUMERNON-DISCRETIONARY

CONSUMERDISCRETIONARY NONDURABLE

RETAIL

CONSUMERDISCRETIONARY DURABLE

INDUSTRIAL COMMODITY

CAPITAL SPENDING

TECHNOLOGY

ENERGY

UTILITIES

CASH

EARLYCYCLE

MIDCYCLE

LATECYCLE

Dec. 31, 2006

Supplemental: Please refer to Appendix for Performance Disclosures

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Financial 17.3% 20.7% 20.9%Consumer Non-Discretionary 12.8 13.2 16.7Consumer Non-Durables 5.0 5.1 8.1Phase I 35.1 39.0 45.7

Financial 17.3% 20.7% 20.9%Consumer Non-Discretionary 12.8 13.2 16.7Consumer Non-Durables 5.0 5.1 8.1Phase I 35.1 39.0 45.7

Delta Asset ManagementPortfolio Structure

June ‘06 S&P 500 (6/07)SLOWDOWN

TROUGH

EXPANSION

PEAK

Consumer Durables 1.1 1.0 1.7%Retail 5.3 5.9 5.4Phase II 6.4 6.9 7.1

Consumer Durables 1.1 1.0 1.7%Retail 5.3 5.9 5.4Phase II 6.4 6.9 7.1

Capital Spending 13.9 13.0 10.1%Technology 24.0 21.2 16.0Industrial Commodities 4.2 3.9 3.2Energy 10.5 11.1 10.6Phase III 52.6 49.2 39.9

Capital Spending 13.9 13.0 10.1%Technology 24.0 21.2 16.0Industrial Commodities 4.2 3.9 3.2Energy 10.5 11.1 10.6Phase III 52.6 49.2 39.9

Utilities 3.2 1.9 7.3%Cash 2.6 2.9 0.0Phase IV 5.8 4.8 7.3

TOTAL 100.0% 100.0%

Utilities 3.2 1.9 7.3%Cash 2.6 2.9 0.0Phase IV 5.8 4.8 7.3

TOTAL 100.0% 100.0%

Sector Overweights for 2007

Technology• Business Investment Expected to be Strong.

• Balance sheet and cash flow characteristics are excellent.

• Valuations have declined to very reasonable levels.

Capital Goods (Non-Tech)

• Business Investment Expected to be Strong.

• Expanding Global Opportunities.

• Substantial Free Cash Flows

Large Financial Services Companies

• Highest Dividend Yields in the S&P.

• Solid Dividend Growth Potential.

• Moderate Growth Potential both Domestically and Globally.

• Valuations Attractive – Particularly Compared to Other “Yield Sectors”.

June ‘07San Diego City

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Source: Baseline

Portfolio Fact Sheet

N/A35.38%57.19%Top 35 Names

N/A19.11%26.93%TOTAL

1.21.36%1.95%PROCTER & GAMBLE (PG)

0.91.92%2.19%AT&T (T)

0.71.24%2.24%JP MORGAN CHASE & CO (JPM)

0.71.36%2.30%CHEVRONTEXACO (CVX)

1.21.27%2.37%CISCO SYSTEMS (CSCO)

1.11.86%2.68%MICROSOFT CORP (MSFT)

0.61.63%3.02%BANK OF AMERICA (BAC)

0.71.90%3.18%CITIGROUP (C)

1.02.95%3.23%GENERAL ELECTRIC (GE)

0.83.54%3.75%EXXON MOBIL (XOM)

P/E 2007

Rel to SPX

S&P 500 Index

San Diego City

Security

Top 10 Holdings (as of June 30, 2007)

Portfolio Characteristics (as of June 30, 2007)

N/A12%Turnover (YTD ending 06/07)

1.001.09Beta

33%31%Debt/Capital

18.9%19.2%Return on Equity

1.7%1.7%Dividend Yield

2.93.0P/B

8%12%Long Term Future Estimated Earnings Growth (3-5 yrs)

15.113.9Forward P/E (2008)

$102,904$120,579Weighted Average Market Capitalization ($MM)

S&P 500 Index

San Diego City

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Portfolio StrategyCurrent Sector Overweight

TECHNOLOGY

• Moderate Growth• Capital spending seen as source of economic stimulus

• Improve business trends• Cash rich balance sheets • Substantial positive operating cash flow• Pressure to utilize cash for enhanced shareholder value

• Market consensus – Technology stocks fairly valued• Delta Opinion – Valuations attractive if cash redeployed for

shareholder enhancement

Macro EnvironmentMacro Environment

Fundamental AnalysisFundamental Analysis

Valuation AnalysisValuation Analysis

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Technology Stocks and Their Liquidity

Source: Baseline and Delta estimates.Securities listed are currently in the portfolio..

Total Return Cash Annual CapitalizationRelative to S&P 500 Price Net Cash Adjusted Free Cash FCF Per Shrink Using Net

Company Name 1/1/06 - 6/30/07 6/29/07 Per Share 07 P/E Flow ($MM) Share Cash & 3Yrs FCF

AGILENT (A) 22.5% 38.44 5.2 17.8 500 1.25 23%ANALOG DEVICES (ADI) 7.9% 37.64 5.4 23.0 500 1.50 26%APPLE COMPUTER (AAPL) 69.8% 122.04 14.5 32.3 2,000 1.90 18%APPLIED MATERIALS (AMAT) 12.6% 19.87 2.1 14.8 1,500 0.80 27%BROADCOM (BRCM) -7.0% 29.25 5.3 22.3 800 1.50 36%CISCO SYSTEMS (CSCO) 62.7% 27.85 2.5 18.5 7,100 1.20 21%CORNING (GLW) 30.0% 25.55 2.5 18.3 620 0.40 15%EMC (EMC) 32.9% 18.10 1.1 21.9 1,400 0.65 17%HEWLETT-PACKARD (HPQ) 57.9% 44.62 5.2 14.3 8,800 3.30 33%IBM (IBM) 30.7% 105.25 6.6 14.1 10,650 7.10 26%INTEL (INTC) -1.9% 23.74 1.7 21.4 4,850 1.20 18%KLA-TENCOR (KLAC) 13.1% 54.95 7.9 15.8 240 1.20 21%MICROSOFT (MSFT) 15.1% 29.47 2.9 16.3 12,800 1.30 23%MOTOROLA (MOT) -20.5% 17.70 2.3 44.5 2,800 1.20 33%QUALCOMM (QCOM) 2.5% 43.39 6.7 20.2 2,600 1.60 26%TERADYNE (TER) 20.7% 17.58 4.7 17.4 350 0.50 33%TEXAS INSTRUMENTS (TXN) 18.3% 37.63 2.4 20.7 2,300 1.60 19%

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Carl L. GoldsmithChief Investment Officer

• 1991 - Present, Delta Asset Management • 1979 - 1991, Senior Vice President, Security Pacific Investments • 1977 - 1978, Corporate Bond Trader, First Boston Corporation • MBA, UCLA, BA Economics, UCLA

Marla K. Ryan, CFASenior Vice President, Portfolio Manager, Client Services,

• 1998 - Present, Delta Asset Management • 1995 - 1998, Senior Portfolio Manager/Analyst, Farmers Insurance • 1991 - 1994, Analyst, Arco Investment Management• 1988 - 1991, Assistant Vice President, Security Pacific • MBA, UC Berkeley, BA, Economics, UCLA

Key Delta Investment Executives

Brenda C. CullenVice President, Analyst,

• 2005 – Present, Delta Asset Management • 2001-2004, Equity Analyst, Hotchkis and Wiley Capital Mgmt.• 1998 – 2002, Marketing and Performance Analyst, Hotchkis and

Wiley Capital Mgmt• MBA, USC, BA, University of Minnesota• Los Angeles Society of Financial Analysts

Ilene P. AlpersteinVice President, Head Trader

• 1991 – Present, Delta Asset Management • 1980 - 1991, Vice President, Trading, Security Pacific Investments• BA, State University of New York at Albany

David P. Garza, CPA/CFASenior Vice President

• 2006 - Present, Delta Asset Management • 2002 - 2006, Director of Investment, Engemann Asset Mgmt. • 2001 - 2002, Founder, Galileo Capital Management• 1993 – 2000, Managing Director, Roxbury Capital Management• 1990 – 1993, Accountant, Ernst & Young• BA Economics, UCLA

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Robert U. SandroniVice Chairman, Marketing/Client Services

• 1991 - Present, Delta Asset Management • 1971 - 1991, President, Security Pacific Investments• 1969 - 1971, Citicorp• BBA. JD, St. John's University

Key Berkeley Executives

Kevin HardySenior Vice President,

• 2005 – Present, Delta Asset Management• 1985 - 2004, McMorgan & Co.• BA, University of Notre Dame

James P. CainVice President, Operations

• 1991 - Present, Delta Asset Management • 1986 - 1991, Vice President, Operations, Security Pacific

Investments• BA, St. Patrick’s CollegeLynn R. Barr

Institutional Product Manager• 2005 - Present, Delta Asset Management • 2001 - 2004, Account Manager, Dimensional Fund Advisors• 1999 – 2001, Product Trainer, Adforce• BA, Economics, University of San Diego

Kevin P. CucciasChief Executive Officer

• 2004 – Present, Berkeley Capital Management LLC• 1996 – 2002, President, American Century Brokerage• 1980 – 1996, EVP/ CFO Benham Capital Mgmt.• 1974- 1980, CPA – KPMG• BS, Santa Clara University

Jon MishimaController

• 2000 – Present, Berkeley Capital Management LLC• 1990 - 2000, Malcolm Drilling Company, Inc.• BS, Business Administration, University of California at Berkeley

Frank P. HurstPresident & Director of Marketing

• 2007- Present, Berkeley Capital Management LLC• 1990 - 2005, Founder, President, Duncan-Hurst Capital Mgmt.• 1983 – 1990, Senior Institutional Sales Manager, Scudder,

Stevens & Clark and Pacific Century Advisors

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Press ReleaseBerkeley Capital Management to Acquire Investment Team From Berkeley Capital Management to Acquire Investment Team From CapitalWorksCapitalWorks Investment Partners; Industry Veteran Frank Hurst Joins as PresInvestment Partners; Industry Veteran Frank Hurst Joins as President ident

SAN FRANCISCO, February 26, 2007 SAN FRANCISCO, February 26, 2007 –– Berkeley Capital Management LLC, an independent multiBerkeley Capital Management LLC, an independent multi--investment boutique managing approximately $4.3 billion in assetinvestment boutique managing approximately $4.3 billion in assets in s in equity portfolios for institutional investors, is pleased to annequity portfolios for institutional investors, is pleased to announce that it has signed a definitive agreement to acquire the iounce that it has signed a definitive agreement to acquire the investment team from San Diegonvestment team from San Diego--based based CapitalWorksCapitalWorks Investment Partners.Investment Partners.

The The CapitalWorksCapitalWorks investment team, to be renamed the investment team, to be renamed the HarlingwoodHarlingwood Capital Management division of Berkeley Capital, manages approxCapital Management division of Berkeley Capital, manages approximately $650 million in assets for imately $650 million in assets for institutional investors and specializes in growth equities in miinstitutional investors and specializes in growth equities in microcro--cap, smallcap, small--cap, and small/midcap, and small/mid--cap (SMID), and smallcap (SMID), and small--cap hedge and convertible arbitrage portfolios. cap hedge and convertible arbitrage portfolios. HarlingwoodHarlingwood, which will remain in San Diego, is led by veteran portfolio ma, which will remain in San Diego, is led by veteran portfolio managers John Wylie, Chief Investment Officer, and Kenneth Appleganagers John Wylie, Chief Investment Officer, and Kenneth Applegate, and includes five te, and includes five investment professionals, all gaining a greater interest in the investment professionals, all gaining a greater interest in the financial success of their division through the transaction withfinancial success of their division through the transaction with Berkeley Capital. Financial terms werenBerkeley Capital. Financial terms weren’’t t disclosed. disclosed.

Additionally, San FranciscoAdditionally, San Francisco--based Berkeley Capital is pleased to announce that Frank P. Hursbased Berkeley Capital is pleased to announce that Frank P. Hurst has joined the company as President and Director of Marketing,t has joined the company as President and Director of Marketing, a new a new position. Hurst, 55, brings more than 24 years of asset managemeposition. Hurst, 55, brings more than 24 years of asset management industry experience to Berkeley Capital. He cont industry experience to Berkeley Capital. He co--founded Duncanfounded Duncan--Hurst Capital Management in San Diego Hurst Capital Management in San Diego in 1990 and served as the firmin 1990 and served as the firm’’s President and head of marketing and client service through 200s President and head of marketing and client service through 2005. Previously, he worked in senior institutional sales positions5. Previously, he worked in senior institutional sales positions at Scudder, at Scudder, Stevens & Clark and Pacific Century Advisors. Stevens & Clark and Pacific Century Advisors.

‘’‘’WeWe’’re thrilled to partner with the highly regarded re thrilled to partner with the highly regarded CapitalWorksCapitalWorks investment team, and with Frank Hurst, who has been a very succinvestment team, and with Frank Hurst, who has been a very successful and effective asset management essful and effective asset management executive for more than two decades,executive for more than two decades,’’’’ said Kevin Cuccias, Berkeley Capitalsaid Kevin Cuccias, Berkeley Capital’’s Chief Executive Officer. s Chief Executive Officer. ‘’‘’We will now offer institutional investors a broader range of We will now offer institutional investors a broader range of attractive investment products managed by multiple autonomous grattractive investment products managed by multiple autonomous groups that focus exclusively on investments and have a significanoups that focus exclusively on investments and have a significant financial stake in their teamt financial stake in their team’’s success. s success. The investment divisions share operational and distribution resoThe investment divisions share operational and distribution resources provided by Berkeley Capital.urces provided by Berkeley Capital.’’’’

Following the acquisition, Berkeley Capital will manage approximFollowing the acquisition, Berkeley Capital will manage approximately $5 billion in traditional and alternative assets, ranging ately $5 billion in traditional and alternative assets, ranging across the equity style and market across the equity style and market capitalization spectrum, and in US and international markets, thcapitalization spectrum, and in US and international markets, through three divisions: Delta Asset Management in Los Angeles; rough three divisions: Delta Asset Management in Los Angeles; HarlingwoodHarlingwood Capital Management in San Capital Management in San Diego; and Berkeley Capital in San Francisco.Diego; and Berkeley Capital in San Francisco.

Berkeley Capital is jointly owned by private equity investor LovBerkeley Capital is jointly owned by private equity investor Lovell Minnick Partners, the firmell Minnick Partners, the firm’’s management, and the investment professionals of the three divis management, and the investment professionals of the three divisions. sions.

‘’‘’The deal with Berkeley Capital frees us to focus on what we do bThe deal with Berkeley Capital frees us to focus on what we do best, which is investing for our clients, while expanding our finest, which is investing for our clients, while expanding our financial incentives and providing additional ancial incentives and providing additional marketing and operational resources,marketing and operational resources,’’’’ said John Wylie, investment chief of the new said John Wylie, investment chief of the new HarlingwoodHarlingwood Capital division. Capital division. ‘’‘’WeWe’’re delighted with this outcome.re delighted with this outcome.’’’’

‘’‘’The Berkeley Capital business model offers a superior solution tThe Berkeley Capital business model offers a superior solution to asset management professionals and institutional investors alio asset management professionals and institutional investors alike by aligning interests effectively,ke by aligning interests effectively,’’’’ said said Frank Hurst. Frank Hurst. ‘’‘’Our goal is to expand our multiOur goal is to expand our multi--boutique firm in the years ahead by acquiring additional investmboutique firm in the years ahead by acquiring additional investment skills to meet the needs of our clients.ent skills to meet the needs of our clients.’’’’

Berkeley Capital Management was acquired in 2003 from London PacBerkeley Capital Management was acquired in 2003 from London Pacific Group Ltd. by Lovell Minnick Partners and Berkeley Capitalific Group Ltd. by Lovell Minnick Partners and Berkeley Capital’’s management.s management. Delta Asset was Delta Asset was purchased in 2004 from ING Investment Management Co., part of INpurchased in 2004 from ING Investment Management Co., part of ING Group, by Lovell Minnick Partners and management of Berkeley CG Group, by Lovell Minnick Partners and management of Berkeley Capital and Delta Asset. apital and Delta Asset.

Page 1 of 5

Report Printed on: 7/6/2007 @ 9:50 AM

ACCOUNT REVIEWACCOUNT REVIEW21 - SDCERS 9H1B21 - SDCERS 9H1B

June 29, 2007June 29, 2007Grouped by: SectorSorted by: Security Description (Ascending)

Quantity Security ID Security DescriptionUnitCost Original Cost

UnitMarket Total Market Value

AccruedIncome % Gain %PF

CurrYld

CostYld

Total Capital Spending 20,592,341.35 27,840,619.00 59,783.75 35.20% 13.90% 1.74 2.35 Total Cash Equivalents 5,261,975.95 5,261,975.95 0.00 0.00% 2.63% 1.29 1.29 Total Consumer Disc-Durables 1,090,309.91 2,276,672.00 0.00 108.81% 1.14% 1.64 3.42 Total Consumer Disc-Nondurable 6,991,692.73 9,985,290.78 8,500.00 42.82% 4.99% 1.28 1.82 Total Consumer Non-Discretionary 17,744,587.48 25,548,969.96 33,039.39 43.98% 12.76% 2.12 3.05 Total Energy 11,580,629.31 21,014,704.34 8,585.00 81.46% 10.49% 1.56 2.84 Total Financial 24,562,508.75 34,719,471.16 34,948.60 41.35% 17.34% 3.15 4.45 Total Industrial Commodity 6,103,329.20 8,312,734.10 18,692.00 36.20% 4.15% 2.11 2.87 Total Retail 7,452,789.74 10,672,922.50 0.00 43.21% 5.33% 1.15 1.64 Total Technology 36,914,446.34 48,153,376.67 8,047.68 30.45% 24.04% 0.58 0.75 Total Utilities 4,746,271.99 6,309,269.54 0.00 32.93% 3.15% 3.58 4.76

Total Investments: 143,040,882.75 200,096,006.00 39.89% 99.91% 1.74 2.43Accrued Income: 171,596.42 0.09%

Total Account*: 143,040,882.75 200,267,602.42 39.89% 100.00% 1.74 2.43

*Weighted averages include accrued income.*Weighted averages include accrued income.

Page 2 of 5







CurrYld

CostYld

Capital Spending18,000.0000 MMM 3M CO COMMON 76.647 1,379,651.98 86.790 1,562,220.00 0.00 13.23% 0.78% 2.21 2.5016,400.0000 BA BOEING CO COMMON 84.710 1,389,250.49 96.160 1,577,024.00 0.00 13.52% 0.79% 1.46 1.658,300.0000 BNI BURLINGTON NORTHN SANTA F COMMON 66.646 553,158.82 85.140 706,662.00 2,075.00 27.75% 0.35% 1.17 1.50

29,600.0000 CAT CATERPILLAR INC DEL COMMON 44.592 1,319,926.31 78.300 2,317,680.00 0.00 75.59% 1.16% 1.84 3.2311,800.0000 DE DEERE & CO COMMON 71.288 841,197.40 120.740 1,424,732.00 5,192.00 69.37% 0.71% 1.46 2.4721,900.0000 EMR EMERSON ELEC CO COMMON 38.633 846,053.15 46.800 1,024,920.00 0.00 21.14% 0.51% 2.24 2.7216,900.0000 FDX FEDEX CORP COMMON 107.147 1,810,779.73 110.970 1,875,393.00 1,690.00 3.57% 0.94% 0.36 0.37

168,100.0000 GE GENERAL ELEC CO COMMON 23.523 3,954,272.54 38.280 6,434,868.00 47,068.00 62.73% 3.21% 2.93 4.7621,300.0000 HON HONEYWELL INTL INC COMMON 47.330 1,008,137.32 56.280 1,198,764.00 0.00 18.91% 0.60% 1.78 2.1117,300.0000 IR INGERSOLL-RAND COMPANY LT COMMON 46.931 811,909.77 54.820 948,386.00 0.00 16.81% 0.47% 1.31 1.5312,300.0000 KMT KENNAMETAL INC COMMON 40.960 503,810.36 82.030 1,008,969.00 0.00 100.27% 0.50% 1.02 2.0520,500.0000 NSC NORFOLK SOUTHERN CORP COMMON 40.331 826,790.28 52.570 1,077,685.00 0.00 30.35% 0.54% 1.67 2.189,400.0000 PH PARKER HANNIFIN CORP COMMON 72.273 679,362.40 97.910 920,354.00 0.00 35.47% 0.46% 1.06 1.44

17,700.0000 ROK ROCKWELL AUTOMATION INC COMMON 40.010 708,185.58 69.440 1,229,088.00 0.00 73.55% 0.61% 1.67 2.9013,100.0000 TEX TEREX CORP NEW COMMON 70.631 925,263.76 81.300 1,065,030.00 0.00 15.11% 0.53% 0.00 0.009,700.0000 TXT TEXTRON INC COMMON 95.141 922,862.98 110.110 1,068,067.00 3,758.75 15.73% 0.53% 1.41 1.63

22,900.0000 UTX UNITED TECHNOLOGIES CORP COMMON 52.739 1,207,729.66 70.930 1,624,297.00 0.00 34.49% 0.81% 1.80 2.4321,100.0000 YRCW YRC WORLDWIDE INC COMMON 42.844 903,998.82 36.800 776,480.00 0.00 (14.11)% 0.39% 0.00 0.00

Total Capital Spending 20,592,341.35 27,840,619.00 59,783.75 35.20% 13.90% 1.74 2.35Cash Equivalents

5,261,975.9500 CASH STATE STREET STIF FUND 1.000 5,261,975.95 1.000 5,261,975.95 0.00 0.00% 2.63% 1.29 1.29 Total Cash Equivalents 5,261,975.95 5,261,975.95 0.00 0.00% 2.63% 1.29 1.29Consumer Disc-Durables

17,400.0000 ASD AMERICAN STD COS INC DEL COMMON 17.932 312,024.76 58.980 1,026,252.00 0.00 228.90% 0.51% 1.22 4.0220,600.0000 SWK STANLEY WKS COMMON 37.781 778,285.15 60.700 1,250,420.00 0.00 60.66% 0.62% 1.98 3.18

Total Consumer Disc-Durables 1,090,309.91 2,276,672.00 0.00 108.81% 1.14% 1.64 3.42Consumer Disc-Nondurable

25,000.0000 KO COCA COLA CO COMMON 46.795 1,169,872.92 52.310 1,307,750.00 8,500.00 11.79% 0.65% 2.60 2.9165,001.0000 CMCSA COMCAST CORP NEW CL A 18.816 1,223,089.50 28.120 1,827,828.12 0.00 49.44% 0.91% 0.00 0.0037,400.0000 MCD MCDONALDS CORP COMMON 22.995 860,008.90 50.760 1,898,424.00 0.00 120.74% 0.95% 1.97 4.3521,600.0000 PEP PEPSICO INC COMMON 46.424 1,002,767.39 64.850 1,400,760.00 0.00 39.69% 0.70% 2.31 3.23

107,450.0000 TWX TIME WARNER INC 16.501 1,773,033.72 21.040 2,260,748.00 0.00 27.51% 1.13% 1.05 1.3330,982.0000 VIA.B VIACOM INC CL B 31.080 962,920.30 41.630 1,289,780.66 0.00 33.94% 0.64% 0.00 0.00

Total Consumer Disc-Nondurable 6,991,692.73 9,985,290.78 8,500.00 42.82% 4.99% 1.28 1.82Consumer Non-Discretionary

46,300.0000 ABT ABBOTT LABS COMMON 34.510 1,597,811.60 53.550 2,479,365.00 0.00 55.17% 1.24% 2.43 3.7750,400.0000 AET AETNA INC NEW COMMON 16.880 850,739.14 49.400 2,489,760.00 0.00 192.66% 1.24% 0.08 0.2423,500.0000 MO ALTRIA GROUP INC COMMON 30.980 728,028.31 70.140 1,648,290.00 16,215.00 126.40% 0.82% 3.93 8.91

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20,500.0000 BAX BAXTER INTL INC COMMON 29.281 600,267.19 56.340 1,154,970.00 3,433.75 92.41% 0.58% 1.19 2.2913,500.0000 BDX BECTON DICKINSON & CO COMMON 73.690 994,813.35 74.500 1,005,750.00 0.00 1.10% 0.50% 1.32 1.3315,700.0000 CL COLGATE PALMOLIVE CO COMMON 29.290 459,860.01 64.850 1,018,145.00 0.00 121.40% 0.51% 2.22 4.9219,600.0000 GILD GILEAD SCIENCES INC COMMON 38.369 752,030.44 38.800 760,478.04 0.00 1.12% 0.38% 0.00 0.0018,100.0000 HNZ HEINZ H J CO COMMON 31.029 561,621.78 47.470 859,207.00 6,878.00 52.99% 0.43% 3.20 4.9030,900.0000 JNJ JOHNSON & JOHNSON COMMON 33.891 1,047,216.53 61.620 1,904,058.00 0.00 81.82% 0.95% 2.69 4.9012,288.0000 KMB KIMBERLY CLARK CORP COMMON 44.888 551,583.85 66.890 821,944.32 6,512.64 49.02% 0.41% 3.17 4.7211,900.0000 LLY LILLY ELI & CO COMMON 54.709 651,039.47 55.880 664,972.00 0.00 2.14% 0.33% 3.04 3.1130,400.0000 MDT MEDTRONIC INC COMMON 48.102 1,462,287.93 51.860 1,576,544.00 0.00 7.81% 0.79% 0.96 1.0473,780.0000 PFE PFIZER INC COMMON 26.798 1,977,145.12 25.570 1,886,554.60 0.00 (4.58)% 0.94% 4.54 4.3364,300.0000 PG PROCTER & GAMBLE CO COMMON 43.364 2,788,296.96 61.190 3,934,517.00 0.00 41.11% 1.96% 2.29 3.2315,100.0000 STJ ST JUDE MED INC COMMON 43.580 658,060.97 41.490 626,499.00 0.00 (4.80)% 0.31% 0.00 0.0047,400.0000 WYE WYETH COMMON 43.540 2,063,784.83 57.340 2,717,916.00 0.00 31.70% 1.36% 1.81 2.39

Total Consumer Non-Discretionary 17,744,587.48 25,548,969.96 33,039.39 43.98% 12.76% 2.12 3.05Energy

15,210.0000 APA APACHE CORP COMMON 38.549 586,334.07 81.590 1,240,983.90 0.00 111.65% 0.62% 0.74 1.5654,540.0000 CVX CHEVRONTEXACO CORP COMMON 49.741 2,712,878.99 84.240 4,594,449.60 0.00 69.36% 2.29% 2.75 4.6615,700.0000 DVN DEVON ENERGY CORP NEW COMMON 74.894 1,175,830.42 78.290 1,229,153.00 0.00 4.53% 0.61% 0.72 0.7589,518.0000 XOM EXXON MOBIL CORP COMMON 35.975 3,220,425.47 83.880 7,508,769.84 0.00 133.16% 3.75% 1.67 3.8915,600.0000 GSF GLOBALSANTAFE CORP SHS 33.737 526,301.99 72.250 1,127,100.00 3,510.00 114.15% 0.56% 1.25 2.6739,400.0000 HAL HALLIBURTON CO COMMON 32.486 1,279,934.52 34.500 1,359,300.00 0.00 6.20% 0.68% 1.04 1.1125,300.0000 HES HESS CORP COMMON 50.554 1,279,028.00 58.960 1,491,688.00 0.00 16.63% 0.74% 0.68 0.7929,000.0000 SLB SCHLUMBERGER LTD COMMON 27.583 799,895.85 84.940 2,463,260.00 5,075.00 207.95% 1.23% 0.82 2.54

Total Energy 11,580,629.31 21,014,704.34 8,585.00 81.46% 10.49% 1.56 2.84Financial

56,400.0000 AIG AMERICAN INTL GROUP INC COMMON 69.569 3,923,714.37 70.030 3,949,692.00 0.00 0.66% 1.97% 1.14 1.1519,100.0000 AMP AMERIPRISE FINL INC COMMON 44.529 850,506.77 63.570 1,214,187.00 0.00 42.76% 0.61% 0.94 1.35

122,791.0000 BAC BANK OF AMERICA CORP COMMON 34.220 4,201,906.49 48.890 6,003,251.99 0.00 42.87% 3.00% 4.58 6.5517,100.0000 CB CHUBB CORP COMMON 35.551 607,929.29 54.140 925,794.00 4,959.00 52.29% 0.46% 2.14 3.2615,700.0000 CIT CIT GROUP INC COMMON 27.421 430,506.01 54.830 860,831.00 0.00 99.96% 0.43% 1.82 3.65

124,333.0000 C CITIGROUP INC COMMON 35.256 4,383,515.85 51.290 6,377,039.57 0.00 45.48% 3.18% 4.21 6.1315,200.0000 HIG HARTFORD FINL SVCS GROUP COMMON 58.560 890,108.08 98.510 1,497,352.00 7,600.00 68.22% 0.75% 2.03 3.4292,594.0000 JPM J P MORGAN CHASE & CO COMMON 33.118 3,066,512.66 48.450 4,486,179.30 0.00 46.30% 2.24% 3.14 4.5915,300.0000 LEH LEHMAN BROS HLDGS INC COMMON 41.819 639,828.95 75.800 1,159,740.00 0.00 81.26% 0.58% 0.79 1.4317,800.0000 MER MERRILL LYNCH & CO INC COMMON 36.749 654,140.77 83.580 1,487,724.00 0.00 127.43% 0.74% 1.68 3.8119,900.0000 MS MORGAN STANLEY COMMON 44.284 881,245.57 83.880 1,669,212.00 0.00 89.42% 0.83% 1.29 2.4455,974.0000 USB US BANCORP DEL COM NEW 21.521 1,204,638.42 32.950 1,844,343.30 22,389.60 53.10% 0.92% 4.86 7.4363,300.0000 WB WACHOVIA CORP 2ND NEW COMMON 44.675 2,827,955.52 51.250 3,244,125.00 0.00 14.72% 1.62% 4.37 5.01

Total Financial 24,562,508.75 34,719,471.16 34,948.60 41.35% 17.34% 3.15 4.45

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Industrial Commodity17,800.0000 APD AIR PRODS & CHEMS INC COMMON 45.435 808,742.37 80.370 1,430,586.00 6,764.00 76.89% 0.71% 1.89 3.359,800.0000 AL ALCAN INC COMMON 54.811 537,145.07 81.300 796,740.00 0.00 48.33% 0.40% 0.98 1.46

15,500.0000 AA ALCOA INC COMMON 38.659 599,217.13 40.530 628,215.00 0.00 4.84% 0.31% 1.68 1.7628,400.0000 DOW DOW CHEM CO COMMON 48.022 1,363,831.74 44.220 1,255,848.00 11,928.00 (7.92)% 0.63% 3.80 3.5028,900.0000 DD DU PONT E I DE NEMOURS & COMMON 44.165 1,276,380.39 50.840 1,469,276.00 0.00 15.11% 0.73% 2.91 3.3512,955.0000 FCX FREEPORT-MCMORAN COPPER & COMMON 53.627 694,737.63 82.820 1,072,933.10 0.00 54.44% 0.54% 1.51 2.3316,400.0000 PX PRAXAIR INC COMMON 34.420 564,490.01 71.990 1,180,636.00 0.00 109.15% 0.59% 1.67 3.494,400.0000 X UNITED STATES STL CORP NE COMMON 58.815 258,784.86 108.750 478,500.00 0.00 84.90% 0.24% 0.74 1.36

Total Industrial Commodity 6,103,329.20 8,312,734.10 18,692.00 36.20% 4.15% 2.11 2.87Retail

23,600.0000 BBBY BED BATH & BEYOND INC COMMON 37.135 876,387.33 35.990 849,364.00 0.00 (3.08)% 0.42% 0.00 0.0015,850.0000 BBY BEST BUY INC COMMON 38.498 610,199.43 46.670 739,719.50 0.00 21.23% 0.37% 1.11 1.3538,100.0000 CVS CVS/CAREMARK CORP COMMON 23.111 880,539.28 36.450 1,388,745.00 0.00 57.72% 0.69% 0.66 1.0434,300.0000 HD HOME DEPOT INC COMMON 22.827 782,969.03 39.350 1,349,705.00 0.00 72.38% 0.67% 2.29 3.9417,800.0000 KSS KOHLS CORP COMMON 50.867 905,426.80 71.030 1,264,334.00 0.00 39.64% 0.63% 0.00 0.0031,100.0000 TGT TARGET CORP COMMON 58.939 1,832,994.49 63.600 1,977,960.00 0.00 7.91% 0.99% 0.88 0.9564,500.0000 WMT WAL MART STORES INC COMMON 24.252 1,564,273.38 48.110 3,103,095.00 0.00 98.37% 1.55% 1.83 3.63

Total Retail 7,452,789.74 10,672,922.50 0.00 43.21% 5.33% 1.15 1.64Technology

30,925.0000 A AGILENT TECHNOLOGIES INC COMMON 31.198 964,794.02 38.440 1,188,757.00 0.00 23.21% 0.59% 0.00 0.0022,000.0000 ADI ANALOG DEVICES INC COMMON 18.903 415,872.91 37.640 828,080.00 0.00 99.12% 0.41% 1.91 3.8120,600.0000 AAPL APPLE INC COMMON 65.551 1,350,358.16 122.040 2,514,024.00 0.00 86.17% 1.26% 0.00 0.0059,700.0000 AMAT APPLIED MATLS INC COMMON 14.789 882,930.93 19.870 1,186,239.00 0.00 34.35% 0.59% 1.21 1.6249,600.0000 ARW ARROW ELECTRS INC COMMON 23.158 1,148,648.83 38.430 1,906,128.00 0.00 65.95% 0.95% 0.00 0.0025,500.0000 BRCM BROADCOM CORP COMMON 36.010 918,247.47 29.250 745,875.00 0.00 (18.77)% 0.37% 0.00 0.00

170,600.0000 CSCO CISCO SYS INC COMMON 15.858 2,705,355.10 27.850 4,751,210.00 0.00 75.62% 2.37% 0.00 0.0065,000.0000 GLW CORNING INC COMMON 19.502 1,267,600.14 25.550 1,660,750.00 0.00 31.02% 0.83% 0.00 0.00

136,900.0000 EMC E M C CORP MASS COMMON 13.395 1,833,771.36 18.100 2,477,890.00 0.00 35.13% 1.24% 0.00 0.0063,600.0000 FLEX FLEXTRONICS INTL LTD ORD 16.763 1,066,142.84 10.800 686,880.00 0.00 (35.57)% 0.34% 0.00 0.002,500.0000 GOOG GOOGLE INC COMMON 343.632 859,079.17 522.700 1,306,750.25 0.00 52.11% 0.65% 0.00 0.00

64,721.0000 HPQ HEWLETT PACKARD CO COMMON 29.707 1,922,670.46 44.620 2,887,851.02 5,177.68 50.20% 1.44% 0.72 1.08100,300.0000 INTC INTEL CORP COMMON 20.137 2,019,776.42 23.740 2,381,111.97 0.00 17.89% 1.19% 1.90 2.2328,600.0000 IBM INTERNATIONAL BUSINESS M COMMON 61.223 1,750,986.35 105.250 3,010,150.00 0.00 71.91% 1.50% 1.52 2.6122,000.0000 KLAC KLA-TENCOR CORP COMMON 50.589 1,112,958.01 54.950 1,208,900.00 0.00 8.62% 0.60% 0.87 0.9511,179.0000 549463131 LUCENT TECHNOLOGIES INC COMMON 0.000 0.00 0.170 1,900.43 0.00 0.00% 0.00% 0.00 0.0049,100.0000 MU MICRON TECHNOLOGY INC COMMON 11.605 569,812.36 12.530 615,223.00 0.00 7.97% 0.31% 0.00 0.00

180,400.0000 MSFT MICROSOFT CORP COMMON 22.623 4,081,114.50 29.470 5,316,388.00 0.00 30.27% 2.65% 1.36 1.7757,400.0000 MOT MOTOROLA INC COMMON 22.311 1,280,662.93 17.700 1,015,980.00 2,870.00 (20.67)% 0.51% 1.13 0.90

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134,300.0000 ORCL ORACLE CORP COMMON 13.095 1,758,678.94 19.710 2,647,053.00 0.00 50.51% 1.32% 0.00 0.0093,400.0000 PMCS PMC-SIERRA INC COMMON 7.869 734,933.13 7.730 721,982.00 0.00 (1.76)% 0.36% 0.00 0.0040,600.0000 QCOM QUALCOMM INC COMMON 38.424 1,559,999.62 43.390 1,761,634.00 0.00 12.93% 0.88% 1.29 1.464,000.0000 RIMM RESEARCH IN MOTION LTD COMMON 112.616 450,464.00 199.990 799,960.00 0.00 77.59% 0.40% 0.00 0.00

176,500.0000 SLR SOLECTRON CORP COMMON 6.874 1,213,231.75 3.680 649,520.00 0.00 (46.46)% 0.32% 0.00 0.00176,200.0000 SUNW SUN MICROSYSTEMS INC COMMON 3.610 636,145.68 5.260 926,812.00 0.00 45.69% 0.46% 0.00 0.0061,100.0000 TER TERADYNE INC COMMON 19.933 1,217,899.82 17.580 1,074,138.00 0.00 (11.80)% 0.54% 0.00 0.0059,400.0000 TXN TEXAS INSTRS INC COMMON 24.195 1,437,179.65 37.630 2,235,222.00 0.00 55.53% 1.12% 0.85 1.3234,500.0000 WDC WESTERN DIGITAL CORP COMMON 20.432 704,905.50 19.350 667,575.00 0.00 (5.30)% 0.33% 0.00 0.0036,100.0000 YHOO YAHOO INC COMMON 29.092 1,050,226.29 27.130 979,393.00 0.00 (6.74)% 0.49% 0.00 0.00

Total Technology 36,914,446.34 48,153,376.67 8,047.68 30.45% 24.04% 0.58 0.75Utilities

104,946.0000 T AT&T INC COMMON 29.699 3,116,769.39 41.500 4,355,259.00 0.00 39.74% 2.17% 3.42 4.7847,462.0000 VZ VERIZON COMMUNICATIONS COMMON 34.333 1,629,502.60 41.170 1,954,010.54 0.00 19.91% 0.98% 3.93 4.72

Total Utilities 4,746,271.99 6,309,269.54 0.00 32.93% 3.15% 3.58 4.76

Total Investments: 143,040,882.75 200,096,006.00 39.89% 99.91% 1.74 2.43Accrued Income: 171,596.42 0.09%

Total Account*: 143,040,882.75 200,267,602.42 39.89% 100.00% 1.74 2.43

*Weighted averages include accrued income.*Weighted averages include accrued income.

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SDCERS - Home - San Diego City 0707 · 2019-01-31 · Large Financial Services Companies • Highest Dividend Yields in the S&P. • Solid Dividend Growth Potential. • Moderate