Issue link: http://read.dmtmag.com/i/121911
From the National Secretary Minutes of the quarterly meeting of the Board of Directors of National Catholic Society of Foresters. The December quarterly meeting of the Board of Directors of the National Catholic Society of Foresters was called to order by National President Margaret Babinat on Wednesday, December 14, 2012 at 7:15 p.m. in the board room of the Home Office. All members of the Board were present except National Director Rosalie Pyle. The meeting opened with a prayer followed by the Pledge of Allegiance to the Flag of the United States. National President Margaret Babinat reviewed the proposed agenda. Motion by National Vice President Margaret Schmitt and seconded by National Director Loretta Nelson that the Board of Directors accept the amended agenda for the December 2012 board meeting. Motion passed 9 – Yes 1 – No. Motion by National Vice President Margaret Schmitt and seconded by National Treasurer Jon Mocol that the Board of Directors accepts the consent calendar items for the December 2012 board meeting, with item "b" corrected for spelling. Motion passed 10 – Yes 0 – No. National Officer's Reports were given: National Treasurer's Report Cash Position (JP Morgan Chase Bank / Mount Prospect State Bank) In Q3, 2012, strong sales of the annuities continued the need to transfer money from Mount Prospect State Bank to Harris. During the quarter, the society transferred $500,000.00 on 7/18, 8/2 and 8/15. In addition $1,000,000 was transferred on 7/31, 8/7, 8/21, 8/22, 9/5, 9/19, 9/20, 9/25 and 9/27. Total transfers from our operating account to Harris Investments for the quarter was $10,500,000.00. Investment Position (Harris Investment Trust) The HIM team and National Treasurer continued to watch our investment portfolio and the inflows of money. During Q3 we did have $2,524,934 of bonds that matured or were reduced due to principal payments received1. We made the following acquisitions during the third quarter, which was $12,900,000 of bonds with an average rate of return of 4.45%2. • ank of America $500,000 7/26/2012 B with an effective yield of 3.94% • NPParibas $1,000,000 8/24/2012 B with an effective yield of 3.98% • itigroup SR $500,000 8/1/2012 C with an effective interest yield of 3.83% • itigroup SUB $500,000 8/1/2012 C with an effective interest yield of 4.19% • ord Motor Credit $1,000,000 8/8/2012 F with an effective interest yield of 5.875% • artford Financial Services $1,000,000 7/26/2012 H with an effective interest yield of 4.25% • oldman Sachs $500,000 7/17/2012 G with an effective interest yield of 5.60% • ewlett Packard $1,000,000 8/24/2012 H with an effective yield of 4.31% • inder Morgan Energy $1,000,000 8/8/2012 K with an effective yield of 3.49% • iberty Mutual Insurance Group $1,000,000 8/9/2012 L with an effective interest yield of 4.58% • organ Stanley $1,000,000 7/13/2012 M with an effective interest yield of 5.43% • ordea Bank $1,000,000 9/17/2012 N with an effective interest yield of 4.32% • ociete Generale $900,000 8/24/2012 S with an effective interest yield of 4.77% • elefonaktiebolaget $1,000,000 8/1/2012 T with an effective interest yield of 3.91% • loyds Bank $500,000 8/7/2012 L with an effective interest yield of 4.20% • oyal Bank of Scotland $500,000 8/24/2012 R with an effective interest yield of 4.11% The equity funds are monitored daily on "Yahoo Finance", in addition to reviewing them on "BMO Harris Portfolio Vision". The symbols for the funds are followed are HEQIX (Harris Equity Fund), HSCIX (Harris Small Cap Opportunity Fund), MSEIX (Managers Special Equity Fund), and ACRNX (Acorn Fund). As of September 30, 2012 the market value for NCSF's portfolio was $154,388,382. Our current average replacement yield is 2.77%. "Average replacement yield" is a term that refers to the yield available if all current portfolio investments were replaced at today's values. The overall return on the portfolio was 4.76% annualized through September 30, 20123. 1- Source Document is Schedule D Part 4 2- Source Document Schedule D Part 3 3- Source is Summary of Operations(Q04) line 3 divided by Fair Market Value (Harris Statement) annualized continued on page 8 Spring 2013 — www.ncsf.com 7