CAFR - sdcera

I N V E S T M E N T S / C O M M I S S I O N S P A I D
COMMISSIONS PAID – DOMESTIC EQUITY
FOR THE YEAR ENDED JUNE 30, 2007
Total
% of Total
No. Brokerage Firm Commissions Commissions
1 Instinet Corporation $ 160,246 11.76%
2 Bear Stearns 116,281 8.53%
3 Jefferies & Company 86,261 6.33%
4 Goldman Sachs 67,747 4.97%
5 William O’Neil & Company 62,496 4.59%
6 UBS Securities 54,384 3.99%
7 Merrill Lynch 46,151 3.39%
8 Lehman Brothers 38,931 2.86%
9 Oppenheimer & Company 34,849 2.56%
10 Morgan Stanley 34,105 2.50%
11 Stifel, Nicolaus 28,220 2.07%
12 RBC Capital Markets 27,823 2.04%
13 Other* 605,068 44.41%
Total $ 1,362,560 100.00%
*Includes approximately 116 additional firms, each with less than 2% of total commissions.
SDCERA has commission recapture arrangements with Frank Russell Securities, Lynch, Jones & Ryan, Abel Noser, and Donaldson Co.
COMMISSIONS PAID - INTERNATIONAL EQUITY
FOR THE YEAR ENDED JUNE 30, 2007
Summary of International Broker Commissions
Total
% of Total
No. Brokerage Firm Commissions Commissions
1 Credit Suisse First Boston $ 219,449 10.12%
2 Morgan Stanley 203,218 9.37%
3 UBS Securities 180,565 8.33%
4 Merrill Lynch 156,573 7.22%
5 JP Morgan Chase Bank 119,616 5.52%
6 Goldman Sachs 113,936 5.25%
7 Lehman Brothers 110,322 5.09%
8 Deutsche Banc Securities 108,391 5.00%
9 Citigroup Global Markets 102,747 4.74%
10 Other** 854,016 39.37%
Total $ 2,168,832 100.00%
** Includes approximately 105 additional firms, each with less than 3% of total commissions.
52 COMPREHENSIVE ANNUAL FINANCIAL REPORT 2007