Hand Composite Employee Benefit Trust FACETS Funds Auditor's Report and Financial Statements. December 31, 2013
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1 s Auditor's Report and Financial Statements
2 Contents Independent Auditor's Report... 1 Basic Financial Statements Statements of Assets and Liabilities Selected s... 3 Schedules of Investments Retirement Retirement Retirement Aggressive... 7 Moderate... 8 Conservative... 9 Statements of Operations Selected s Statements of Changes in Net Assets Selected s Notes to Financial Statements Supplemental Information Schedules of Investment Purchases and Sales Selected s... 22
3 Independent Auditor's Report Board of Directors Hand Composite Employee Benefit Trust Houston, Texas We have audited the accompanying financial statements of selected funds ( Retirement 2015, Retirement 2025, Retirement 2035, Aggressive, Moderate, Conservative ) included in the Hand Composite Employee Benefit Trust ("Trust" or "s"), which statements comprise the statements of assets and liabilities, including the schedules of investments, as of, and the related statements of operations and changes in net assets for the year then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
4 Board of Directors Hand Composite Employee Benefit Trust Page 2 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of these selected funds included in the Hand Composite Employee Benefit Trust as of, and the results of their operations and changes in their net assets for the year then ended in accordance with accounting principles generally accepted in the United States of America. Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules of investment purchases and sales listed in the table of contents are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Houston, Texas June 6, 2014
5 Statements of Assets and Liabilities Selected s Retirement 2015 Retirement 2025 Retirement 2035 Aggressive Moderate Conservative Assets Investments, at cost $ 9,850,175 $ 11,822,030 $ 10,643,673 $ 11,010,021 $ 18,692,695 $ 12,794,712 Investments at fair value $ 9,956,741 $ 12,550,702 $ 11,192,256 $ 11,687,980 $ 19,468,754 $ 12,924,157 Receivable for: Capital shares sold 4,671 7,076 8,860 25,659 79,355 5,057 Dividends and interest 40,870 31,872 28,162 30,686 72,948 52,366 Total assets $ 10,002,282 $ 12,589,650 $ 11,229,278 $ 11,744,325 $ 19,621,057 $ 12,981,580 Liabilities Payable for capital shares redeemed $ - $ - $ 123,917 $ 363,714 $ 341,975 $ 131,310 Accounts payable and accrued liabilities 8,208 10,151 9,021 9,699 15,810 10,429 Total liabilities $ 8,208 $ 10,151 $ 132,938 $ 373,413 $ 357,785 $ 141,739 Net assets held for participants: Class R4 $ 11 $ 11 $ 11 $ 11 $ 11 $ 11 Class R5 9,994,052 12,579,477 11,096,318 11,009,156 18,519,102 11,537,993 Class R , ,159 1,301,837 Total net assets held for participants $ 9,994,074 $ 12,579,499 $ 11,096,340 $ 11,370,912 $ 19,263,272 $ 12,839,841 Units outstanding: Class R Class R5 939,697 1,189,836 1,034,242 1,012,606 1,707,738 1,058,027 Class R ,109 68, ,844 Total units outstanding 939,699 1,189,838 1,034,244 1,045,716 1,776,057 1,176,872 Net asset value per unit: Class R4 $ $ $ $ $ $ Class R5 $ $ $ $ $ $ Class R6 $ $ $ $ $ $ See Notes to Financial Statements 3
6 Schedules of Investments Retirement 2015 Number of Shares Cost Fair Value Short Term Investment 33,129 Cash Trust Money Market $ 33,129 $ 33,129 Total Short Term Investment 0.34% 33,129 33,129 Exchange-traded s Fixed Income 12,903 ishares iboxx$ Inv Grade Corp Bd Fd 1,502,779 1,473,368 13,122 ishares S&P US Preferred Stock Index 513, ,283 13,472 Spdr Barclays Capital Intl Corp Bond 496, ,762 47,942 Spdr Barclays Short Term Hy Bond 1,484,286 1,479,011 33,372 Vanguard Short-term Corp Bond 2,654,102 2,662,417 Total Fixed Income 66.20% 6,650,752 6,591,841 Equity 12,235 ishares Emu Index 494, ,284 17,818 ishares MSCI EAFE Value Index 900,087 1,019,190 5,298 ishares Russell 1000 Value Index Fd 461, ,913 24,331 Spdr DJ International Real Estate ETF 1,004,595 1,002,437 Total Equity 30.40% 2,861,347 3,026,824 Total Exchange-traded s 96.60% 9,512,099 9,618,665 Common Trust Fixed Income 304,947 HB&T Short Term Income 304, ,947 Total Fixed Income 3.06% 304, ,947 Total Common Trust 3.06% 304, ,947 Total Investments % $ 9,850,175 $ 9,956,741 See Notes to Financial Statements 4
7 Schedules of Investments (Continued) Retirement 2025 Number of Shares Cost Fair Value Short Term Investment 43,038 Cash Trust Money Market $ 43,038 $ 43,038 Total Short Term Investment 0.34% 43,038 43,038 Exchange-traded s Fixed Income 10,741 Vanguard Short-term Corp Bond 854, ,917 Total Fixed Income 6.83% 854, ,917 Equity 30,356 ishares Emu Index 1,227,457 1,256,132 36,843 ishares Frontier 100 Index 1,125,418 1,243,083 17,543 ishares MSCI EAFE Growth Index 1,025,644 1,253,974 24,679 ishares MSCI EAFE Small Cap Index 1,227,967 1,258,135 22,104 ishares MSCI EAFE Value Index 1,118,684 1,264,349 13,179 ishares Russell 1000 Value Index Fd 1,226,796 1,241,066 12,593 ishares Russell 2000 Value Index Fd 1,128,629 1,253,004 32,827 ishares Silver Trust 614, ,193 30,214 Market Vectors Gold Miners ETF 615, ,422 30,656 Spdr DJ International Real Estate ETF 1,248,094 1,263,027 Total Equity 89.92% 10,558,756 11,285,385 Total Exchange-traded s 96.75% 11,413,630 12,142,302 Common Trust Fixed Income 365,362 HB&T Short Term Income 365, ,362 Total Fixed Income 2.91% 365, ,362 Total Common Trust 2.91% 365, ,362 Total Investments % $ 11,822,030 $ 12,550,702 See Notes to Financial Statements 5
8 Schedules of Investments (Continued) Retirement 2035 Number of Shares Cost Fair Value Short Term Investment 38,206 Cash Trust Money Market $ 38,206 $ 38,206 Total Short Term Investment 0.35% 38,206 38,206 Exchange-traded s Fixed Income 9,599 Vanguard Short-term Corp Bond 764, ,808 Total Fixed Income 6.84% 764, ,808 Equity 27,127 ishares Emu Index 1,096,890 1,122,515 32,973 ishares Frontier 100 Index 1,021,024 1,112,509 11,778 ishares Russell 1000 Value Index Fd 1,096,381 1,109,134 11,083 ishares Russell 2000 Value Index Fd 1,003,967 1,102,759 15,839 ishares MSCI EAFE Growth Index 969,265 1,132,172 22,054 ishares MSCI EAFE Small Cap Index 1,097,354 1,124,313 19,750 ishares MSCI EAFE Value Index 1,026,116 1,129,700 29,335 ishares Silver Trust 549, ,858 27,000 Market Vectors Gold Miners ETF 549, ,510 27,392 Spdr DJ International Real Estate ETF 1,123,263 1,128,550 Total Equity 90.07% 9,533,479 10,081,020 Total Exchange-traded s 96.91% 10,298,245 10,846,828 Common Trust Fixed Income 307,222 HB&T Short Term Income 307, ,222 Total Fixed Income 2.74% 307, ,222 Total Common Trust 2.74% 307, ,222 Total Investments % $ 10,643,673 $ 11,192,256 See Notes to Financial Statements 6
9 Schedules of Investments (Continued) Aggressive Number of Shares Cost Fair Value Short Term Investment 41,037 Cash Trust Money Market $ 41,037 $ 41,037 Total Short Term Investment 0.35% 41,037 41,037 Exchange-traded s Fixed Income 9,925 Vanguard Short-term Corp Bond 789, ,817 Total Fixed Income 6.77% 789, ,817 Equity 28,046 ishares Emu Index 1,134,049 1,160,540 33,705 ishares Frontier 100 Index 1,048,055 1,137,207 16,383 ishares MSCI EAFE Growth Index 946,007 1,171,057 22,801 ishares MSCI EAFE Small Cap Index 1,134,523 1,162,395 20,433 ishares MSCI EAFE Value Index 1,026,456 1,168,768 12,176 ishares Russell 1000 Value Index Fd 1,133,429 1,146,614 11,475 ishares Russell 2000 Value Index Fd 1,027,661 1,141,763 30,329 ishares Silver Trust 567, ,456 27,915 Market Vectors Gold Miners ETF 568, ,844 28,298 Spdr DJ International Real Estate ETF 1,149,239 1,165,878 Total Equity 89.08% 9,735,887 10,411,522 Total Exchange-traded s 95.85% 10,525,380 11,203,339 Common Trust Fixed Income 443,604 HB&T Short Term Income 443, ,604 Total Fixed Income 3.80% 443, ,604 Total Common Trust 3.80% 443, ,604 Total Investments % $ 11,010,021 $ 11,687,980 See Notes to Financial Statements 7
10 Schedules of Investments (Continued) Moderate Number of Shares Cost Fair Value Short Term Investment 52,069 Cash Trust Money Market $ 52,069 $ 52,069 Total Short Term Investment 0.27% 52,069 52,069 Exchange-traded s Fixed Income 24,816 ishares S&P US Preferred Stock Index 931, ,973 60,191 Spdr Barclays Short Term Hy Bond 1,863,515 1,856,892 16,338 Vanguard Short-term Corp Bond 1,300,030 1,303,446 Total Fixed Income 20.93% 4,095,448 4,074,311 Equity 69,121 ishares Emu Index 2,794,930 2,860,227 27,707 ishares Frontier 100 Index 888, ,834 13,628 ishares MSCI EAFE Growth Index 731, ,129 18,732 ishares MSCI EAFE Small Cap Index 932, ,957 50,184 ishares MSCI EAFE Value Index 2,617,139 2,870,526 20,006 ishares Russell 1000 Value Index Fd 1,862,301 1,883,965 14,309 ishares Russell Midcap Value Idx Fd 833, ,244 49,831 ishares Silver Trust 933, ,338 46,218 Spdr DJ International Real Estate ETF 1,865,572 1,904,182 Total Equity 73.22% 13,458,206 14,255,402 Total Exchange-traded s 94.15% 17,553,654 18,329,713 Common Trust Fixed Income 1,086,972 HB&T Short Term Income 1,086,972 1,086,972 Total Fixed Income 5.58% 1,086,972 1,086,972 Total Common Trust 5.58% 1,086,972 1,086,972 Total Investments % $ 18,692,695 $ 19,468,754 See Notes to Financial Statements 8
11 Schedules of Investments (Continued) Conservative Number of Shares Cost Fair Value Short Term Investment 39,263 Cash Trust Money Market $ 39,263 $ 39,263 Total Short Term Investment 0.30% 39,263 39,263 Exchange-traded s Fixed Income 16,638 ishares iboxx$ Inv Grade Corp Bd Fd 1,963,745 1,899,860 17,028 ishares S&P US Preferred Stock Index 664, ,141 17,372 Spdr Barclays Capital Intl Corp Bond 639, ,701 61,822 Spdr Barclays Short Term Hy Bond 1,914,011 1,907,209 43,034 Vanguard Short-term Corp Bond 3,423,016 3,433,254 Total Fixed Income 65.80% 8,605,392 8,504,165 Equity 15,777 ishares Emu Index 637, ,852 22,952 ishares MSCI EAFE Value Index 1,157,403 1,312,854 6,833 ishares Russell 1000 Value Index Fd 600, ,464 31,868 Spdr DJ International Real Estate ETF 1,295,258 1,312,962 Total Equity 30.35% 3,691,460 3,922,132 Total Exchange-traded s 96.15% 12,296,852 12,426,297 Common Trust Fixed Income 458,597 HB&T Short Term Income 458, ,597 Total Fixed Income 3.55% 458, ,597 Total Common Trust 3.55% 458, ,597 Total Investments % $ 12,794,712 $ 12,924,157 See Notes to Financial Statements 9
12 Statements of Operations Selected s Year Ended Retirement 2015 Retirement 2025 Retirement 2035 Aggressive Moderate Conservative Income Interest $ 3 $ 3 $ 3 $ 3 $ 4 $ 3 Dividends 301, , , , , ,861 Other 860 1, ,024 6,098 1,604 Total income 302, , , , , ,468 Expenses Investment management and administrative 74,796 85,354 57, , , ,610 Class R5 expenses 19,946 22,756 15,446 26,502 44,043 26,124 Total expenses 94, ,110 73, , , ,734 Net Investment Income 208,013 91,652 72, , , ,734 Net Realized and Unrealized Gains (Losses) on Investments Net realized gains (losses) on investments (271,274) 783, ,672 1,326,302 1,532,150 (311,672) Net change in unrealized appreciation/ depreciation on investments (208,406) 104, ,571 (460,337) (1,168,923) (479,058) Net realized and unrealized gains (losses) (479,680) 888, , , ,227 (790,730) Net Increase (Decrease) in Net Assets Resulting From Operations $ (271,667) $ 980,171 $ 771,075 $ 968,278 $ 617,974 $ (494,996) See Notes to Financial Statements 10
13 Statements of Changes in Net Assets Selected s Year Ended Retirement 2015 Retirement 2025 Retirement 2035 Aggressive Moderate Conservative Operations Net investment income $ 208,013 $ 91,652 $ 72,832 $ 102,313 $ 254,747 $ 295,734 Net realized gains (losses) (271,274) 783, ,672 1,326,302 1,532,150 (311,672) Change in unrealized appreciation/depreciation (208,406) 104, ,571 (460,337) (1,168,923) (479,058) Net increase (decrease) in net assets from operations (271,667) 980, , , ,974 (494,996) Net Increase (Decrease) in Net Assets From Participant Transactions 1,026,099 1,031,862 4,737,976 (6,006,857) (9,143,115) (2,122,849) Increase (Decrease) in Net Assets 754,432 2,012,033 5,509,051 (5,038,579) (8,525,141) (2,617,845) Net Assets Beginning of year 9,239,642 10,567,466 5,587,289 16,409,491 27,788,413 15,457,686 End of year $ 9,994,074 $ 12,579,499 $ 11,096,340 $ 11,370,912 $ 19,263,272 $ 12,839,841 See Notes to Financial Statements 11
14 Notes to Financial Statements Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Hand Composite Employee Benefit Trust ("HB&T" or "the Trust") was created in order to provide broad and uniform diversification programs for pension and profit sharing plans which, having complied with the requirements of the Internal Revenue Code (the IRC), are exempt from taxation under the provisions of the IRC. The Trust is comprised of 59 funds (the s); the financial statements of six of those funds are included in this report. For those funds with more than one class of units, each class has equal rights as to earnings and assets except that each class bears different distribution, shareholder servicing and transfer agent expenses. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of units based on its relative net assets. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates. Investment Valuation All investments in securities are recorded at their estimated fair value. Transfers in and out of Level 1 (quoted market prices), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) are recognized on the period ending date. Investment Transactions Investment transactions are recorded on trade date. Realized gains and losses from investment transactions and unrealized appreciation or depreciation on investments are determined using the identified cost basis. Investment Income and Distribution of Income Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Investment income is allocated ratably on the valuation dates among all participants. No distributions are made to participants in the s until units owned are redeemed, at which time the market value of redeemed units is distributed. Investment income and realized gains (if any) earned by the s are reinvested, thereby increasing the respective unit values. 12
15 Notes to Financial Statements Valuation of Participants' Interest Units of participation may be purchased or redeemed on the valuation dates at the fair value per unit on such valuation dates. All s are valued daily. Federal Income Taxes The s comply with the requirements under Section 501(a) of the IRC and apportion all of their taxable income to their participants. Therefore, no federal income tax provision is required. Subsequent Events Subsequent events have been evaluated through the date of the Independent Auditor's Report, which is the date the financial statements were available to be issued. Investment Management Advisors The investment management advisors for each are as follows: Retirement 2015 Retirement 2025 Retirement 2035 Aggressive Moderate Conservative Investment Management Advisors Fiduciary Consulting Group, LLC Fiduciary Consulting Group, LLC Fiduciary Consulting Group, LLC Fiduciary Consulting Group, LLC Fiduciary Consulting Group, LLC Fiduciary Consulting Group, LLC Note 2: Investment Advisory Fees and Other Transactions With Affiliates The s are charged an administrative fee by HB&T for trustee/administrative services (fund accounting services, transfer agency services, trustee services, etc.). The s have also entered into investment advisory and service agreements with various third-party advisors. These fees compensate the advisors for the services they provide and for expenses borne by the advisors under the various agreements. The table on the following page indicates the fees charged each of the s and the various classes of units within the s (as a percentage of net assets). These charges are calculated using each 's average daily net assets. 13
16 Notes to Financial Statements Investment Administrative Advisory Service Other Total Fees Fees Fees Fees Fees Retirement 2015 Class R % 0.600% 0.450% 0.020% 1.220% Class R % 0.600% 0.200% 0.020% 0.970% Class R % 0.600% 0.000% 0.020% 0.770% Retirement 2025 Class R % 0.600% 0.450% 0.050% 1.250% Class R % 0.600% 0.200% 0.050% 1.000% Class R % 0.600% 0.000% 0.050% 0.800% Retirement 2035 Class R % 0.600% 0.450% 0.050% 1.250% Class R % 0.600% 0.200% 0.050% 1.000% Class R % 0.600% 0.000% 0.050% 0.800% Aggressive Class R % 0.600% 0.450% 0.050% 1.250% Class R % 0.600% 0.200% 0.050% 1.000% Class R % 0.600% 0.000% 0.050% 0.800% Moderate Class R % 0.600% 0.450% 0.040% 1.240% Class R % 0.600% 0.200% 0.040% 0.990% Class R % 0.600% 0.000% 0.040% 0.790% Conservative Class R % 0.600% 0.450% 0.020% 1.220% Class R % 0.600% 0.200% 0.020% 0.970% Class R % 0.600% 0.000% 0.020% 0.770% 14
17 Notes to Financial Statements Note 3: Financial Highlights Class R4 Retirement 2015 Retirement 2025 Retirement 2035 Aggressive Moderate Conservative Net asset value, beginning of year $ $ 9.81 $ 9.92 $ $ $ Net investment income Net realized and unrealized gains (losses) (0.57) (0.57) Net increase (decrease) from investment operations (0.33) (0.30) Net asset value, end of year $ $ $ $ $ $ Total return -(3.00)% 8.26% 8.67% 8.44% 3.42% -(2.66)% Ratio to average net assets: Net investment income 2.26% 0.96% 0.84% 1.20% 1.60% 2.49% Expenses 0.73% 0.71% 0.54% 0.93% 0.90% 0.84% 15
18 Notes to Financial Statements Class R5 Retirement 2015 Retirement 2025 Retirement 2035 Aggressive Moderate Conservative Net asset value, beginning of year $ $ 9.79 $ 9.89 $ $ $ Net investment income Net realized and unrealized gains (losses) (0.56) (0.54) Net increase (decrease) from investment operations (0.34) (0.32) Net asset value, end of year $ $ $ $ $ $ Total return -(3.10)% 7.97% 8.49% 8.27% 3.24% -(2.85)% Ratio to average net assets: Net investment income 2.10% 0.80% 0.92% 0.75% 1.11% 2.03% Expenses 0.95% 0.93% 0.91% 0.94% 0.94% 0.95% 16
19 Notes to Financial Statements Class R6 Retirement 2015 Retirement 2025 Retirement 2035 Aggressive Moderate Conservative Net asset value, beginning of year $ $ 9.81 $ 9.92 $ $ $ Net investment income Net realized and unrealized gains (losses) (0.57) (0.33) Net increase (decrease) from investment operations (0.33) (0.29) Net asset value, end of year $ $ $ $ $ $ Total return -(3.00)% 8.26% 8.67% 8.54% 3.42% -(2.58)% Ratio to average net assets: Net investment income 2.26% 0.96% 0.84% 0.16% 0.17% 0.35% Expenses 0.73% 0.71% 0.54% 0.12% 0.09% 0.12% 17
20 Notes to Financial Statements Note 4: Participant Unit Transactions Retirement 2015 Retirement 2025 Retirement 2035 Units Dollars Units Dollars Units Dollars Class R5: Proceeds from sales of units 407,738 $ 4,277, ,930 $ 3,960, ,671 $ 6,542,786 Cost of units redeemed (309,398) (3,251,452) (294,754) (2,929,116) (176,133) (1,804,810) Net increase in total net assets from participant transactions 98,340 $ 1,026, ,176 $ 1,031, ,538 $ 4,737,976 Aggressive Moderate Conservative Units Dollars Units Dollars Units Dollars Class R5: Proceeds from sales of units 317,033 $ 3,225, ,850 $ 4,701, ,492 $ 2,001,365 Cost of units redeemed (893,827) (9,107,448) (1,262,557) (13,276,385) (352,589) (3,828,763) Net decrease in Class R5 from participant transactions (576,794) (5,881,746) (815,707) (8,575,102) (171,097) (1,827,398) Class R6: Proceeds from sales of units 3,542 35,909 7,064 74,172 22, ,083 Cost of units redeemed (15,695) (161,020) (61,342) (642,185) (51,313) (547,534) Net decrease in Class R6 from participant transactions (12,153) (125,111) (54,278) (568,013) (28,489) (295,451) Net decrease in total net assets from participant transactions $ (6,006,857) $ (9,143,115) $ (2,122,849) 18
21 Notes to Financial Statements Note 5: Disclosures About Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1: Level 2: Level 3: Quoted prices in active markets for identical assets or liabilities. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying statements of assets and liabilities, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the year ended. Short Term Investments. Short term investments, including money market funds, for which market quotations are readily available, are valued at the last reported sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Exchange-traded s. Securities traded on a national securities exchange (or reported on the NASDAQ national market) are valued at the last reported sales price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Common Trust s. Common trust fund investments are valued using net asset value of those funds and are included as Level 2 in the hierarchy. The tables on the following pages presents the fair value measurements of assets recognized in the accompanying statements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31,
22 Notes to Financial Statements Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Retirement 2015 Short Term Investment $ 33,129 $ 33,129 $ - $ - Exchange-traded s - Fixed Income 6,591,841 6,591, Exchange-traded s - Equity 3,026,824 3,026, Common Trust - Fixed Income 304, ,947 - Total $ 9,956,741 $ 9,651,794 $ 304,947 $ 0 Retirement 2025 Short Term Investment $ 43,038 $ 43,038 $ - $ - Exchange-traded s - Fixed Income 856, , Exchange-traded s - Equity 11,285,385 11,285, Common Trust - Fixed Income 365, ,362 - Total $ 12,550,702 $ 12,185,340 $ 365,362 $ 0 Retirement 2035 Short Term Investment $ 38,206 $ 38,206 $ - $ - Exchange-traded s - Fixed Income 765, , Exchange-traded s - Equity 10,081,020 10,081, Common Trust - Fixed Income 307, ,222 - Total $ 11,192,256 $ 10,885,034 $ 307,222 $ 0 Aggressive Short Term Investment $ 41,037 $ 41,037 $ - $ - Exchange-traded s - Fixed Income 791, , Exchange-traded s - Equity 10,411,522 10,411, Common Trust - Fixed Income 443, ,604 - Total $ 11,687,980 $ 11,244,376 $ 443,604 $ 0 20
23 Notes to Financial Statements Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Moderate Short Term Investment $ 52,069 $ 52,069 $ - $ - Exchange-traded s - Fixed Income 4,074,311 4,074, Exchange-traded s - Equity 14,255,402 14,255, Common Trust - Fixed Income 1,086,972-1,086,972 - Total $ 19,468,754 $ 18,381,782 $ 1,086,972 $ 0 Conservative Short Term Investment $ 39,263 $ 39,263 $ - $ - Exchange-traded s - Fixed Income 8,504,165 8,504, Exchange-traded s - Equity 3,922,132 3,922, Common Trust - Fixed Income 458, ,597 - Total $ 12,924,157 $ 12,465,560 $ 458,597 $ 0 Note 6: Risk Factors The s invest in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the amounts reported in the accompanying statements of assets and liabilities. 21
24 Supplemental Information
25 Schedules of Investment Purchases and Sales Selected s Retirement 2015 Year Ended Purchases Investment Class Cost Common Trust s - Fixed Income $ 5,315,129 Common Trust s - Equity 486,679 Exchange-traded s - Fixed Income 13,383,867 Exchange-traded s - Equity 3,872,759 Exchange-traded s - Other 277,175 Total Investments Purchased $ 23,335,609 Sales Investment Class Proceeds Cost Gain (Loss) Common Trust s - Fixed Income $ 5,276,193 $ 5,276,193 $ - Common Trust s - Equity 1,536,034 1,298, ,892 Exchange-traded s - Fixed Income 11,907,502 12,249,289 (341,787) Exchange-traded s - Equity 2,387,016 2,296,964 90,052 Exchange-traded s - Other 972,502 1,237,888 (265,386) Capital Gains Distributions 7,955-7,955 Total Investments Sold $ 22,087,202 $ 22,358,476 $ (271,274) 22
26 Schedules of Investment Purchases and Sales Selected s (Continued) Retirement 2025 Year Ended Purchases Investment Class Cost Common Trust s - Fixed Income $ 5,391,941 Common Trust s - Equity 482,565 Exchange-traded s - Equity 12,790,412 Exchange-traded s - Fixed Income 6,120,194 Exchange-traded s - Other 1,677,150 Total Investments Purchased $ 26,462,262 Sales Investment Class Proceeds Cost Gain (Loss) Common Trust s - Fixed Income $ 5,368,513 $ 5,368,513 $ - Common Trust s - Equity 4,332,174 3,024,915 1,307,259 Exchange-traded s - Equity 7,105,466 6,889, ,458 Exchange-traded s - Fixed Income 6,444,758 6,531,552 (86,794) Exchange-traded s - Other 2,130,197 2,785,269 (655,072) Capital Gains Distributions 1,933-1,933 Total Investments Sold $ 25,383,041 $ 24,599,257 $ 783,784 23
27 Schedules of Investment Purchases and Sales Selected s (Continued) Retirement 2035 Year Ended Purchases Investment Class Cost Common Trust s - Fixed Income $ 6,624,250 Common Trust s - Equity 985,977 Exchange-traded s - Equity 10,971,612 Exchange-traded s - Fixed Income 4,042,983 Exchange-traded s - Other 1,506,211 Total Investments Purchased $ 24,131,033 Sales Investment Class Proceeds Cost Gain (Loss) Common Trust s - Fixed Income $ 6,503,317 $ 6,503,317 $ - Common Trust s - Equity 3,118,392 2,351, ,120 Exchange-traded s - Equity 4,462,951 4,354, ,327 Exchange-traded s - Fixed Income 3,893,303 3,945,721 (52,418) Exchange-traded s - Other 1,267,925 1,628,010 (360,085) Capital Gains Distributions 1,728-1,728 Total Investments Sold $ 19,247,616 $ 18,782,944 $ 464,672 24
28 Schedules of Investment Purchases and Sales Selected s (Continued) Aggressive Year Ended Purchases Investment Class Cost Common Trust s - Fixed Income $ 6,315,682 Common Trust s - Equity 52,290 Exchange-traded s - Equity 13,422,527 Exchange-traded s - Fixed Income 7,808,457 Exchange-traded s - Other 1,769,591 Total Investments Purchased $ 29,368,547 Sales Investment Class Proceeds Cost Gain (Loss) Common Trust s - Fixed Income $ 6,217,146 $ 6,217,146 $ - Common Trust s - Equity 5,882,325 4,035,662 1,846,663 Exchange-traded s - Equity 10,624,313 10,200, ,900 Exchange-traded s - Fixed Income 8,881,578 9,005,693 (124,115) Exchange-traded s - Other 3,350,638 4,172,571 (821,933) Capital Gains Distributions 1,787-1,787 Total Investments Sold $ 34,957,787 $ 33,631,485 $ 1,326,302 25
29 Schedules of Investment Purchases and Sales Selected s (Continued) Moderate Year Ended Purchases Investment Class Cost Common Trust s - Fixed Income $ 10,183,594 Common Trust s - Equity 2,631,492 Exchange-traded s - Equity 19,514,925 Exchange-traded s - Fixed Income 17,705,714 Exchange-traded s - Other 1,727,102 Total Investments Purchased $ 51,762,827 Sales Investment Class Proceeds Cost Gain (Loss) Common Trust s - Fixed Income $ 10,033,657 $ 10,033,657 $ - Common Trust s - Equity 10,699,737 8,268,075 2,431,662 Exchange-traded s - Equity 13,903,764 13,340, ,002 Exchange-traded s - Fixed Income 21,608,288 22,137,608 (529,320) Exchange-traded s - Other 4,119,360 5,055,495 (936,135) Capital Gains Distributions 2,941-2,941 Total Investments Sold $ 60,367,747 $ 58,835,597 $ 1,532,150 26
30 Schedules of Investment Purchases and Sales Selected s (Continued) Conservative Year Ended Purchases Investment Class Cost Common Trust s - Fixed Income $ 4,091,601 Common Trust s - Equity 804,977 Exchange-traded s - Equity 4,460,019 Exchange-traded s - Fixed Income 16,523,097 Exchange-traded s - Other 367,528 Total Investments Purchased $ 26,247,222 Sales Investment Class Proceeds Cost Gain (Loss) Common Trust s - Fixed Income $ 4,138,774 $ 4,138,774 $ - Common Trust s - Equity 2,549,691 2,158, ,522 Exchange-traded s - Equity 3,058,042 2,914, ,052 Exchange-traded s - Fixed Income 16,630,956 17,110,061 (479,105) Exchange-traded s - Other 1,526,430 1,903,861 (377,431) Capital Gains Distributions 10,290-10,290 Total Investments Sold $ 27,914,183 $ 28,225,855 $ (311,672) 27
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