CAFR - sdcera

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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
P O R T F O L I O / I N V E S T M E N T S SUMMARY OF INVESTMENT PORTFOLIO BY TYPE AS OF JUNE 30, 2007 % of Total Investment Description Fair Market Value Market Value Domestic Equity Financials $ 401,328,854 4.8% Information Technology 324,081,287 3.8% Consumer Discretionary 268,201,242 3.2% Industrials 263,274,878 3.1% Consumer Staples 213,360,419 2.5% Health Care 200,762,291 2.4% Energy 193,976,476 2.3% Telecommunications Services 66,586,577 0.8% Utilities 62,472,412 0.7% Materials 49,278,067 0.6% ADR’s 118,778,076 1.4% Convertible Securities 66,937,846 0.8% Total Domestic Equity 2,229,038,426 26.4% International Equity 2,150,334,845 25.5% Total Equity 4,379,373,271 51.9% Fixed Income International Bonds 1,005,689,073 11.9% US Government Obligations 818,376,380 9.7% Domestic High Yield Bonds 248,128,504 2.9% Domestic Investment Grade Bonds 235,321,263 2.8% Domestic Convertible Bonds 109,710,020 1.3% Total Fixed Income 2,417,225,240 28.6% Other Investments Real Estate 471,484,330 5.6% Cash and Securities for Commodity Swaps 455,994,184 5.4% Bridgewater All Weather 344,164,885 4.1% Alternative Equity 311,717,734 3.7% Cash & Cash Equivalents with Fiscal Agents 271,308,982 3.2% Overlay Cash and Securities 58,468,456 0.7% Other Assets and Liabilities (265,231,941) -3.1% Total Other 1,647,906,630 19.5% Net Investment Portfolio $ 8,444,505,141 100.0% COMPREHENSIVE ANNUAL FINANCIAL REPORT 2007 53
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C u l • t i • v a t e To foster
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