Audit Report

THE STATE BAR FINANCE OF CALIFORNIA 180 HOWARD STREET, SAN FRANCISCO, CALIFORNIA 94105-1639 TEL (415) 538-2200 M E M O R A N D U M DATE: September 3, 2010 TO: Board of Governors FROM: The Office of Finance SUBJECT: Quarterly Investment Report as of June 30, 2010 ________________________________________________________________________ Attached is the quarterly investment report for the State Bar of California as of June 30, 2010. The report is presented in a format that conforms to the investment policy adopted by the Board of Governors in May 2005. As of the end of June, the market value of the State Bar’s investment portfolio totaled $100.6 million. The time-weighted average rate of return of the investment portfolio for the reported quarter is 0.69%, compared to 1.67% for the same period in the prior year. Actual investment earnings decreased approximately 40% from $776,716 at the second quarter in 2009 to $458,694 for the reported quarter in 2010. This decrease is due primarily to lower short-term interest rates and duration-shortening actions taken to protect the portfolio from interest rate risk associated with longer term investments. The State Bar of CaliforniaInvestment Report SummaryJune 30, 2010Original Market Portfolio WeightedAsset Group Cost Value Percentage Average YieldWells Fargo Custody Account: - Corporate Bonds 1,046,150 1,024,170 1 ...