2. Matthew Hutchison
Lisa Hutchison
1275 Ridgewood Drive
Pittsburgh, PA 17115
Dear Matthew and Lisa,
As we enter the new year I would like to personally thank you for your patience and continued business.
Regardless of past, present and future economic conditions, we pledge to provide you with the unparalleled service and support you
deserve.
As an indication of our commitment, I’m very pleased to unveil our new Investment Statements. In addition to a fresh design, you will
find many new reports customized specifically for your accounts with us. Each was carefully created to provide you with a timely, ac-
curate and concise view of your investments.
Per our conversation earlier today, I look forward to our meeting on Wednesday. If you have any questions in the interim, please feel
free to contact me at any time.
As always, we greatly appreciate the trust you have placed in Beuxmont Advisors.
Jeffrey Cowley
Chief Investment Officer
800-830-1839
March 31, 2011 Account @ H-1-00001
4. Hutchison Family
Economic Trends
Exhibit 1: Exhibit 2:
Equity Holdings of U.S. Households and Nonprofit Organizations, % of Total Assets The time to get long stocks is typically when P/E levels are expanding
Equity Holdings of U.S. Households and Nonprofit Organizations, % of Total Assets S&P 500 Returns vs. EPS andP/E Growth Per Decade Since 1930
40% 350% 315.7
35% 300%
257.3
250% 227.4
30%
25% 200%
150%
20%
100%
15% 53.7
50% 34.2
17.2
10%
0%
5% -50%
-3.5
-41.8
0% -100%
1930- 1940- 1950- 1960- 1970- 1980- 1990- 2000-
1Q52
2Q56
3Q60
4Q64
1Q69
2Q73
3Q77
4Q81
1Q86
2Q90
3Q94
4Q98
1Q03
2Q07
3Q09
1939 1949 1959 1969 1979 1989 1999 present
Absolute Price Return EPS Growth P/E Growth
Exhibit 3: Exhibit 4:
Long-term subsequent real returns highly impacted by P/E ratio at entry point... ...And you have not had to take on much more volatility for better returns
S&P 500 P/E at Entry and Subswquent Long-Term Average Real Returns S&P 500 P/E Ratio at Entry and Subsequent Average Real Return Volatility
S&P P/E Subsequent Average Real Return S&P P/E Subsequent Monthly Real Return Volatility
at Entry 1 Year 2 Year 3 Year 5 Year 10 Year at Entry 1 Year 2 Year 3 Year 5 Year 10 Year
PE<16 6.7% 15.1% 23.0% 40.6% 126.5% PE<16 13.9% 14.2% 14.1% 14.3% 14.2%
16<PE<24 2.9% 6.4% 13.0% 24.8% 17.7% 16<PE<24 12.4% 13.0% 13.5% 14.1% 14.7%
PE<24 -0.3% -1.4% -4.2% 3.3% 5.7% PE<24 16.3% 15.1% 14.7% 13.9% 15.1%
Data from 1947 through October November 2009 Data from 1928 through November 2009.
Based on 12-month trailing P/E ratio at month end. Real returns measured as Based on 12-month trailing P/E ratio at month end. Real returns measured as
nominal price return of S&P 500 minus the change in seasonally-adjusted US CPI nominal price return of S&P 500 minus the change in seasonally-adjusted US CPI
index for same time period. index for same time period.
March 31, 2011 Page 1 of 21 Account @ H-1-00001
5. Hutchison Family
Economic Trends
Exhibit 5: Exhibit 6:
The earnings bubble has popped... ...Which can be constructive for longer-term equity returns
S&P 500, Inflation-Adjusted EPS, MSCI Europe, Inflation-Adjusted EPS, Subsequent 5-Year Real Return
10.1%
Actual and Trendline Since 12/69 Actual and Trendline Since 12/69 9.9%
120 120
7.7%
100 100
80 80
60 60 0.1%
-0.1%
-1.6%
40 40 -3.7%
-5.5%
20 20
> 10% Above Trend 0-10 Above Trend 0-10 Below Trend > 10% Below Trend
0 0
69 74 79 84 89 94 99 04 09 69 74 79 84 89 94 99 04 09 EPS Relative to Trend Inception
S&P 500 MSCI Europe
Data as of 11/30/09 Data from December 1969 through November 2009
Exhibit 7: Exhibit 8:
EM bull markets are typically driven by P/E expansion Emergining markets earnings are currently below trend
EM Returns vs. P/E and EPS Growth in 10 Longest Bull Runs Since 1995 MSCI Emergining Markets Indes: Earnings Per Share (USD)
100% 90%
80%
80%
70%
60% 60%
50%
40%
40%
20% 30%
20%
0%
10%
-20% 0
10/18/99- 10/18/99- 10/18/99- 10/18/99- 10/18/99- 10/18/99- 10/18/99- 10/18/99- 10/18/99- 10/18/99- Median 95 97 99 01 03 05 07 09
2/10/00 2/10/00 2/10/00 2/10/00 2/10/00 2/10/00 2/10/00 2/10/00 2/10/00 2/10/00
Price Return (USD) P/E Expansion EPS Growth As of November, 2009
March 31, 2011 Page 2 of 21 Account @ H-1-00001
7. Hutchison Family
Portfolio Summary
Asset Allocation Account Statistics
Total Market Value $13,375,728.79
Asset Category Market Value % Total
Equity 6,998,965.40 52.3 Total Unrealized Gain/Loss $5,489,396.79
Fixed Income 5,198,041.70 38.9
Cash 462,831.94 3.5 Estimated Annual Income $460,923.46
Alternatives 715,889.75 5.4 Estimated Portfolio Yield 3.45%
Other 0.00 0.0
Principal Cash $462,831.94
Total $13,375,728.79 100.0%
YTD Long Term Gain/Loss -$44,561.14
YTD Short Term Gain/Loss $0.00
Policy Account Growth and Income w RE Model
Top Ten Holdings (Cash Excluded)
Asset Units Price Tax Cost Market Value Gain/Loss Est. Income Yield % Total
COCA COLA CO COM 28,500 58.58 229,113.29 1,669,530.00 1,440,416.71 46,740.00 2.80 12.48
EXXON MOBIL CORP 14,000 72.40 156,406.25 1,013,600.00 857,193.75 23,520.00 2.32 7.58
GENERAL ELEC CO COM 55,800 15.61 258,365.64 871,038.00 612,672.36 22,320.00 2.56 6.51
GOLDMAN SACHS HIGH YIELD 62,000 8.19 706,213.82 507,780.00 -198,433.82 27,848.91 5.48 3.80
MUNICIPAL FUND CLASS I #1258
3M CO COM 6,000 80.68 108,156.43 484,080.00 375,923.57 12,240.00 2.53 3.62
PROCTER & GAMBLE CO 7,200 62.24 52,464.14 448,128.00 395,663.86 12,672.00 2.83 3.35
Pennsylvania Trans 3.625% Due 3/1/13 315,000 102.91 313,658.10 324,169.65 10,511.55 11,418.75 3.52 2.42
JOHNSON & JOHNSON 4,800 64.77 31,500.00 310,896.00 279,396.00 9,408.00 3.03 2.32
Montgomery Co. PA School District 290,000 106.98 295,069.20 310,236.20 15,167.00 12,325.00 3.97 2.32
4.25% Due 7/1/17
WAL-MART STORES INC 5,400 54.69 26,915.62 295,326.00 268,410.38 5,886.00 1.99 2.21
Total $2,177,862.49 $6,234,783.85 $4,056,921.36 $184,378.66 2.96% 46.61%
March 31, 2011 Page 4 of 21 Account @ H-1-00001
8. Hutchison Family
Relationship Summary
Sub-Accounts by Investment Objective Allocation by Family Member
Sub-Account Market Value % Total
Maximum Growth
Matthew Hutchison $6,948,436.11 51.99
Matthew Hutchison IMA $6,948,436.11 51.99
Growth & Income
Lisa Hutchison $4,163,837.85 31.1
Lisa Hutchison Revocable Trust $1,619,808.40 12.1
Lisa Hutchison IRA $2,544,029.45 19.0
Maximum Income
Gracie Hutchison $655,191.86 4.9
Gracie Hutchison Irrevocable Trust $655,191.86 4.9
Luke Hutchison $1,608,261.83 12.0
Luke Hutchison IRA Trust Under Agreement $1,608,261.83 12.0
Sub-Accounts
Account Number Account Name Market Value % Equities % Fixed % Cash % Alt % Other % Parent
410011019 Matthew Hutchison IMA 6,948,436 80.99 10.07 3.54 5.40 0.00 51.95
430094011 Lisa Hutchison IRA 2,544,029 25.08 61.18 1.92 11.82 0.00 19.02
430073015 Lisa Hutchison Revocable Trust 1,619,808 35.44 64.56 0.00 0.00 0.00 12.11
640015012 Luke Hutchison IRA Trust Under Aggreement 1,608,262 0.00 99.00 1.00 0.00 0.00 12.02
610247017 Matthew Hutchison Irrevocable Trust 655,192 1.08 66.24 32.69 0.00 0.00 4.90
March 31, 2011 Page 5 of 21 Account @ H-1-00001
9. Hutchison Family
Asset Allocation Analysis
Asset Allocation
Asset Category Market Value Policy Value % Account % Policy % Variance
Equity 6,998,965.40 8,003,505.47 52.3 60 7.7
Fixed Income 5,198,041.70 3,070,000.00 38.9 20 18.9
Cash 462,831.94 -195,626.68 3.5 0 3.5
Alternatives 715,889.75 2,497,850.00 5.4 20 14.6
Other 0.00 0.00 0.0 20 0
Total $13,375,728.79 $13,375,728.79 100.0 120
Current Asset Allocation Investment Policy Allocation
March 31, 2011 Page 6 of 21 Account @ H-1-00001
10. Hutchison Family
Equity Analysis
Stock Attributes Stock Sector Allocation
40%
Attribute Account Target Account¹
Market Capitalization $184,518B $23,039B 35%
Dividend Yield 2.84% 1.78% 30%
5 Year Dividend Growth 1.7 2.1
25%
Price/Earnings 14.47 17.05
Forward P/E 12.83 13.22 20%
% Change in EPS Fwd/Cur -10.27% -7.14% 15%
Estimated 5 Yr EPS Growth 13.31% 21.32%
10%
Price/Book 3.42 2.06
Price/Sales 1.63 0.93 5%
ROE 27.65% 20.44% 0%
LT Debt/Capital --- --- Cons Discr Cons Stpl Energy Financial Health Industry Info Tech Materials Telecom Utility Other
Account Target Account¹
Equity Capitalization Equity Style
100% 60%
80% 50%
40%
60%
30%
40%
20%
20% 10%
0% 0%
Large Cap Mid Cap Small Cap International Other/Unknown Growth Blend Value Other
Account Target Account¹ Account Target Account¹
¹ Balanced Model
March 31, 2011 Page 7 of 21 Account @ H-1-00001
11. Hutchison Family
Equity Holdings
Equity
Asset Units Price Tax Cost Market Value Gain/Loss Est. Income % Yield % Class
Consumer Discretion
CHURCHILL DOWNS INC COM 1,500 35.27 15,000.00 52,905.00 37,905.00 750.00 1.42 0.76
MCDONALDS CORP COM 3,000 61.05 22,312.50 183,150.00 160,837.50 6,600.00 3.60 2.62
Subtotal $37,312.50 $236,055.00 $198,742.50 $7,350.00 3.11% 3.37%
Consumer Staples
CAMPBELL SOUP CO 4,500 34.84 49,938.30 156,780.00 106,841.70 4,950.00 3.16 2.24
COCA COLA CO COM 28,500 58.58 229,113.29 1,669,530.00 1,440,416.71 46,740.00 2.80 23.85
KIMBERLY-CLARK CORP COM 2,808 64.61 36,220.16 181,424.88 145,204.72 6,739.20 3.71 2.59
PROCTER & GAMBLE CO 7,200 62.24 52,464.14 448,128.00 395,663.86 12,672.00 2.83 6.40
WAL-MART STORES INC 5,400 54.69 26,915.62 295,326.00 268,410.38 5,886.00 1.99 4.22
Subtotal $394,651.51 $2,751,188.88 $2,356,537.37 $76,987.20 2.80% 39.31%
Energy
B P AMOCO PLC SPONSORED ADR 3,970 56.39 70,968.75 223,868.30 152,899.55 13,339.20 5.96 3.20
EXXON MOBIL CORP 14,000 72.40 156,406.25 1,013,600.00 857,193.75 23,520.00 2.32 14.48
SCHLUMBERGER LTD - COM 2,400 61.48 23,021.82 147,552.00 124,530.18 2,016.00 1.37 2.11
Subtotal $250,396.82 $1,385,020.30 $1,134,623.48 $38,875.20 2.81% 19.79%
Health Care
BRISTOL MYERS SQUIBB CO COM 2,100 25.54 25,358.91 53,634.00 28,275.09 2,604.00 4.86 0.77
JOHNSON & JOHNSON 4,800 64.77 31,500.00 310,896.00 279,396.00 9,408.00 3.03 4.44
Subtotal $56,858.91 $364,530.00 $307,671.09 $12,012.00 3.30% 5.21%
Industrials
3M CO COM 6,000 80.68 108,156.43 484,080.00 375,923.57 12,240.00 2.53 6.92
BOEING CO COM 900 55.01 21,251.25 49,509.00 28,257.75 1,512.00 3.05 0.71
GENERAL ELEC CO COM 55,800 15.61 258,365.64 871,038.00 612,672.36 22,320.00 2.56 12.45
UNION PAC CORP COM 2,700 64.59 34,806.15 174,393.00 139,586.85 2,916.00 1.67 2.49
Subtotal $422,579.47 $1,579,020.00 $1,156,440.53 $38,988.00 2.47% 22.56%
March 31, 2011 Page 8 of 21 Account @ H-1-00001
12. Hutchison Family
Equity Holdings - Continued
Asset Units Price Tax Cost Market Value Gain/Loss Est. Income % Yield % Class
Information Technology
INT’L BUSINESS MACHINES COM 500 129.34 51,445.00 64,670.00 13,225.00 1,100.00 1.70 0.92
INTEL CORP 5,600 20.15 22,225.00 112,840.00 90,615.00 3,136.00 2.78 1.61
Subtotal $73,670.00 $177,510.00 $103,840.00 $4,236.00 2.39% 2.54%
Materials
DU PONT E I DE NEMOURS & CO COM 4,500 31.91 88,031.25 143,595.00 55,563.75 7,380.00 5.14 2.05
Subtotal $88,031.25 $143,595.00 $55,563.75 $7,380.00 5.14% 2.05%
Telecommunication
AT&T INC NEW 8,050 27.76 81,449.30 223,468.00 142,018.70 13,202.00 5.91 3.19
VERIZON COMMUNICATIONS COM 4,117 33.66 97,907.54 138,578.22 40,670.68 7,822.30 5.64 1.98
Subtotal $179,356.84 $362,046.22 $182,689.38 $21,024.30 5.81% 5.17%
Equity Total $1,502,857.30 $6,998,965.40 $5,496,108.10 $206,852.70 2.96% 100.00%
March 31, 2011 Page 9 of 21 Account @ H-1-00001
13. Hutchison Family
Fixed Income Analysis
Maturity
Name Market Value Rating Maturity Interest Rate Yield to Mat Duration % Fixed
0 - 1 Years 559,710.00 A+ 0.55 3.70 1.15 0.97 11.93
1 - 3 Years 797,906.90 AAA 1.87 3.74 2.25 1.96 17.01
3 - 5 Years 810,439.60 AA 3.67 3.95 2.05 3.33 17.28
5 - 10 Years 2,473,343.70 AA- 7.35 4.11 3.35 6.14 52.73
10 - 15 Years 48,861.50 --- 10.73 3.25 1.75 8.87 1.04
Total Maturity $4,690,261.70 AA- 5.01 3.96 2.11 7.26 100.00%
Credit Rating
Name Market Value Rating Maturity Interest Rate Yield to Mat Duration % Fixed
AAA 616,304.50 AAA 3.46 3.73 2.36 3.59 13.14
AA+ 290,530.75 AA+ 7.81 4.45 3.90 3.78 6.19
AA 692,769.00 AA 4.64 3.72 2.05 6.55 14.77
AA- 107,831.00 AA- 3.72 4.00 2.60 4.57 2.30
A+ 464,373.00 A+ 3.59 3.76 0.56 3.47 9.90
A 253,667.50 A 0.30 4.30 1.85 3.78 5.41
BBB 280,065.00 BBB 8.39 4.50 2.79 3.03 5.97
Not Rated 1,984,720.95 --- 5.73 3.98 3.45 6.05 42.32
Total Credit Rating $4,690,261.70 AA- 5.01 3.96 2.46 7.26 100.00%
Sub-categories
Name Market Value Rating Maturity Interest Rate Yield to Mat Duration % Fixed
Tax Free 4,690,261.70 AA- 5.01 3.96 2.05 7.26 100.00
Total Sub-categories $4,690,261.70 AA- 5.01 3.96 2.05 7.26 100.00%
March 31, 2011 Page 10 of 21 Account @ H-1-00001
14. Hutchison Family
Fixed Income Holdings
Fixed Income
Name Mat Dt Par Value Price Tax Cost Market Value Est. Income Rating % Yield % Fixed
Maturing in 2010
Bucks Co. School Dist. 4.25% Due 8/1/10 08/01/10 50,000 102.24 49,443.00 51,117.50 2,125.00 NR 4.16 0.98
EASTERN KY UNIV REVENUE 4.30% 05/01/10 250,000 101.47 255,807.50 253,667.50 10,750.00 A 4.24 4.88
DUE 5/1/10
Pennsylvania ppty & bldg Comm 11/01/10 250,000 101.97 256,637.50 254,925.00 7,500.00 A+ 2.94 4.90
Proj 89 3.00% DUE 11/01/10
Subtotal $561,888.00 $559,710.00 $20,375.00 A- 3.64% 10.77%
Maturing in 2011
LEANDER TX INDPT SCHOOL DISTRICT 08/15/11 150,000 104.78 157,659.00 157,162.50 5,250.00 AAA 3.34 3.02
3.500% DUE 08/15/11 DATED 05/01/08
New York Housing Corp. Revenue 01/01/11 250,000 101.70 249,832.00 254,250.00 9,125.00 AAA 3.59 4.89
3.65% Due 1/1/11
Subtotal $407,491.00 $411,412.50 $14,375.00 AAA 3.49% 7.91%
Maturing in 2012
Delaware County District 4% 8/1/12 08/01/12 260,000 107.58 264,646.20 279,705.40 10,400.00 NR 3.72 5.38
Philadelphia Co. School District 09/01/12 100,000 106.79 99,850.00 106,789.00 3,625.00 NR 3.39 2.05
3.625% Due 9/1/12
Subtotal $364,496.20 $386,494.40 $14,025.00 NR 3.63% 7.44%
Maturing in 2013
Monroe Co. PA school District 3.75% 09/01/13 180,000 106.58 180,536.40 191,842.20 6,750.00 NR 3.52 3.69
Due 9/1/13
Pennsylvania Asset Liability Gen 10/01/13 100,000 107.83 101,945.00 107,831.00 4,000.00 AA- 3.71 2.07
Rcpts 4% Due 10/13/13
Pennsylvania Trans 3.625% Due3/1/13 03/01/13 315,000 102.91 313,658.10 324,169.65 11,418.75 AA 3.52 6.24
Subtotal $596,139.50 $623,842.85 $22,168.75 BBB 3.55% 12.00%
Maturing in 2014
Infra Autority Series A 5.25% Due 6/01/14 06/01/14 100,000 104.87 103,997.00 104,867.00 5,250.00 A+ 5.01 2.02
Jefferson Co Waterworks 4% due on 11/15/14 11/15/14 75,000 108.97 74,523.00 81,729.75 3,000.00 AA+ 3.67 1.57
Subtotal $178,520.00 $186,596.75 $8,250.00 AA- 4.42% 3.59%
March 31, 2011 Page 11 of 21 Account @ H-1-00001
15. Hutchison Family
Fixed Income Holdings - Continued
Name Mat Dt Par Value Price Tax Cost Market Value Est. Income Rating % Yield % Fixed
Maturing in 2015
Johnson Co. PA School District 4% 09/01/15 250,000 108.21 253,007.50 270,520.00 10,000.00 NR 3.70 5.20
due 9/1/15
Mayor Co. PA Recreation Center Proj 06/01/15 215,000 100.81 215,000.00 216,739.35 8,385.00 AA 3.87 4.17
3.9% Due 6/1/15
Subtotal $468,007.50 $487,259.35 $18,385.00 B+ 3.77% 9.37%
Maturing in 2016
Berks Co. Recreation Center Proj 06/01/16 100,000 100.69 99,995.00 100,693.00 3,950.00 AA 3.92 1.94
3.95% Due 6/1/16
Lawrence Co. MA School District 4% 09/01/16 170,000 107.54 171,251.20 182,823.10 6,800.00 NR 3.72 3.52
Due on 9/1/16
Magoffin Co KY School District 4% due 8/1/16 08/01/16 240,000 107.49 241,161.60 257,966.40 9,600.00 NR 3.72 4.96
Subtotal $512,407.80 $541,482.50 $20,350.00 CCC- 3.76% 10.42%
Maturing in 2017
Monroe Co. PA School Dist FIN 08/01/17 50,000 102.33 50,000.00 51,167.00 1,550.00 AA 3.03 0.98
3.10% Due 08/01/17
Montgomery Co. PA School District 07/01/17 290,000 106.98 295,069.20 310,236.20 12,325.00 NR 3.97 5.97
4.25% Due 7/1/17
Tioga Co. Wateworks Proj. 3.85% due 11/1/17 11/01/17 70,000 106.18 70,000.00 74,326.70 2,695.00 NR 3.63 1.43
Subtotal $415,069.20 $435,729.90 $16,570.00 C 3.80% 8.38%
Maturing in 2018
JEFFERSON CO KY SCHOOL 01/01/18 200,000 102.45 199,284.00 204,892.00 8,000.00 AAA 3.90 3.94
DISTRICT 4.00% DUE 1/1/18
Pennsylvania State University 4.5% due 6/1/18 06/01/18 250,000 112.03 258,795.00 280,065.00 11,250.00 BBB 4.02 5.39
Scranton Co. School District 4% Due 08/01/18 205,000 102.70 203,839.70 210,532.95 8,200.00 NR 3.89 4.05
on 8/1/18
Sussex Co. MA Urban Proj 4.25% Due 7/1/18 07/01/18 100,000 105.18 103,000.00 105,183.00 4,250.00 AA+ 4.04 2.02
Subtotal $764,918.70 $800,672.95 $31,700.00 BBB- 3.96% 15.40%
Maturing in 2019
Delaware Highway Proj 5% Due on 7/1/19 07/01/19 100,000 103.62 101,000.00 103,618.00 5,000.00 AA+ 4.83 1.99
Pennsylvania Highway Proj 4.125% Due 8/1/19 08/01/19 100,000 104.58 99,631.00 104,581.00 4,125.00 A+ 3.94 2.01
Subtotal $200,631.00 $208,199.00 $9,125.00 AA- 4.38% 4.01% 3.59%
March 31, 2011 Page 12 of 21 Account @ H-1-00001
16. Hutchison Family
Fixed Income Holdings - Continued
Name Mat Dt Par Value Price Tax Cost Market Value Est. Income Rating % Yield % Fixed
Maturing in 2020
Newport PA FIRST MTG REV COURT 10/01/20 50,000 97.72 49,543.50 48,861.50 1,625.00 NR 3.33 0.94
FACS 3.25% due 10/1/20
Subtotal $49,543.50 $48,861.50 $1,625.00 NR 3.33% 0.94%
Maturing in Not Available
GOLDMAN SACHS HIGH YIELD 62,000 8.19 706,213.82 507,780.00 27,848.91 NR 5.48 9.77
MUNICIPAL FUND CLASS I #1258
Subtotal $706,213.82 $507,780.00 $27,848.91 NR 5.48% 9.77%
Fixed Income Total $5,225,326.22 $5,198,041.70 $204,797.66 BB- 3.94% 100.00%
March 31, 2011 Page 13 of 21 Account @ H-1-00001
19. Hutchison Family
Portfolio Performance Overview
Portfolio Performance
Category Sub-Category/Index 1 Month 3 Month YTD 1 Year 2 Year Inception Incpt Dt
Total - 1.87% 1.54% 4.04% 3.14% - 7.38% 2.47% 12/31/03
Allocation Blended Index - 2.32% 3.94% 12.29% 9.99% - 9.76% 2.35% 12/31/03
Equity - 1.80% 3.68% 1.87% - 2.00% -28.49% - 4.36% 12/31/03
S&P 500 TR - 1.86% 5.48% 17.05% 9.80% -16.23% 0.80% 12/31/03
Large - 1.61% 3.92% 2.17% - 1.83% -15.70% 1.48% 12/31/03
Russell 1000 Index (DRI) - 2.21% 5.45% 18.41% 11.20% -16.17% 1.14% 12/31/03
Small -18.49% -16.32% -22.50% -16.58% --- -19.32% 5/31/08
Russell 2000 Index (DRI) - 6.79% 1.41% 14.12% 6.46% --- -16.88% 5/31/08
Fixed Income - 1.55% - 0.61% 3.68% 5.92% 2.35% 2.36% 12/31/03
Taxfree - 1.55% - 0.61% 3.68% 5.92% 2.35% 2.50% 12/31/03
Barclays Municipal 10 Year Index - 2.46% 1.77% 8.54% 12.42% 5.69% 4.43% 12/31/03
Cash 0.00% 0.00% 0.15% 0.38% 1.62% 2.72% 12/31/03
Txable Sweep 0.00% 0.00% 0.15% 0.38% 1.62% 2.72% 12/31/03
Citi 1-Month Treasury Bill 0.01% 0.03% 0.09% 0.10% 1.03% 2.54% 12/31/03
Alt Investment - 1.54% - 1.32% 2.96% 6.73% 4.95% 5.17% 12/31/03
Real Estate - 1.54% - 1.32% 2.96% 6.73% 1.38% - 4.62% 5/30/06
S&P/Citigroup World REIT (TR) - 3.12% 17.21% 23.46% 13.69% -23.24% --- 5/30/06
Total Managed - 2.02% 0.75% 2.12% 1.15% - 8.28% 2.13% 12/31/03
Allocation Blended Index - 2.32% 3.94% 12.29% 9.99% - 9.76% 2.35% 12/31/03
March 31, 2011 Page 16 of 21 Account @ H-1-00001
20. Hutchison Family
Portfolio Performance Analysis
Top Ten Contributors (Equity, Fixed Income Only) Performance Over Time
Asset % Contribution % Weight 0.16%
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND... 0.68 4.20 0.12%
3M CO COM 0.64 3.40
0.08%
Montgomery Co. PA School District 4.25%... 0.39 2.74
Magoffin Co KY School District 4% due 8... 0.39 2.29 0.04%
Johnson Co. PA School District 4% due 9... 0.38 2.40 0.00%
Scranton Co. School District 4% Due on ... 0.32 1.86
-0.04%
Lawrence Co. MA School District 4% Due ... 0.28 1.62
B P AMOCO PLC SPONSORED ADR 0.26 1.70 -0.08%
JEFFERSON CO KY SCHOOL DISTRICT 4.00% D... 0.26 1.82
-0.12%
Delaware County District 4% 8/1/12 0.25 2.49 10/08 11/08 12/08 1/09 2/09 3/09 4/09 5/09 6/09 7/09 8/09 9/09 10/09
Total 3.84% 24.51% Account Index¹
Top Ten Detractors (Equity, Fixed Income Only) Performance Statistics
Asset % Contribution % Weight Name Account Index¹
GENERAL ELEC CO COM -0.73 7.07 Annualized Return 1.00% 10.00%
EXXON MOBIL CORP -0.48 8.91 Annualized Standard Deviation 9.00% 12.00%
PROCTER & GAMBLE CO -0.28 3.56 Mean Return 0.00% 1.00%
Standard Deviation 3.00% 4.00%
WAL-MART STORES INC -0.26 2.50
Max Return 4.00% 6.00%
CAMPBELL SOUP CO -0.15 1.23
Min Return -5.00% -6.00%
UNION PAC CORP COM -0.14 1.30
Number of Observation 12 12
BANK OF AMERICA CORPORATION COM -0.13 0.32
Alpha 0.00% ---
Municipal Bond #41099 -0.01 0.83 Beta 1.00 ---
Municipal Bond #30477 -0.01 0.43 R Squared 88% ---
FAIRPOINT COMMUNICATIONS INC 0.00 0.00 Variance 89.00 154.00
Semi-Variance 57.00 129.00
Total -2.17% 26.16% Sharpe Ratio 0.00 1.00
¹ Index: Allocation Blended Index Information Ratio 0.00 ---
² Report start date: 10/31/2008. Assets may not have been held for entire period. Tracking Error 1.00% ---
³ Contribution and weight calculated as an average over period asset was held.
March 31, 2011 Page 17 of 21 Account @ H-1-00001
