Investment Committee Report - Year End 2015

2015 was not a great year for the COLEG portfolio with us giving back our 2014 gains in 2015. Fortunately, we only had two holdings (Adams Natural Resources and BlackRock Energy) with significant exposure to energy related stocks, or the results could have been worse.

The total account assets (including contributions, earnings, withdrawals to cover scholarships and losses in portfolio valuations) decreased in value by 6.9%. At the close of business on December 31, 2015, account assets consisting of $474,809.42 in portfolio holdings (see below) plus $51,632.37 in cash totaled $526,441.79, which when compared to the end of 2014 total $565,490.66, represents a total decrease of $39,048.87.

2015 distributions paid to COLEG from the various fund holdings totaled $30,617.43 which is similar to that for 2014, and is in excess of scholarships awarded in 2015.

The Investment Committee currently foresees a continuing slow-growth economy in the U.S. It also appears that the equity markets entered a secular bull market in 2014; the shortest previous secular bull market lasted 10 years (1955 - 1965). As such, barring any major shake-up in future economic circumstances, we don't foresee any major change in our practice of primarily investing in discount valued closed-end funds generating substantial income-supported and sustainable distributions.

Current Portfolio makeup (all closed end funds):

Boulder Growth 6,554 $50,727.96
Cohen & Steers Infrastructure (RTU) 1,969 $37,568.52
Royce Global Value    122          $908.03 
Central Securities    588  $11,098.36
Gabelli Dividend & Income Trust 3,000 $55,380.00
Tekla Healthcare    741  $21,984.48
JH Bank & Thrift 1,175 $32,935.25
Adams Natural Resources    444    $7,869.36 
JH Tax Advantaged (HTD) 2,000 $41,140.00
LMP Capital & Income (SCD) 2,000 $24,740.00
LMP Real Estate Income (RIT)    500    $6,520.00 
Sprott Focus 1,786 $10,355.92
Royce Value 3,335 $39,248.18
Zweig Total Return    800    $9,744.00 
Alpine Total Dynamic 2,000 $15,360.00
Madison Strategic 2,000 $21,540.00
Black Rock Energy 1,000 $12,530.00
Gabelli Global    300    $3,120.00 
Zweig Fund 2,900 $38,106.00
Royce Micro-Cap Trust 3,257 $23,643.37
Western Asset/Claymore 1,000 $10,290.00

Bob Laude (Chairman), Bruce Nielsen, Shelly Westerberg

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Investment Committee Report - Year End 2013

2013 was another positive year for the COLEG portfolio. Because the investment committee had concerns about over-valued equity markets at the end of the year, we remained somewhat defensive with the portfolio 18.7% in cash.

This year COLEG account assets increased in value by a little over 22.3%. At the close of business on December 31, account assets totaled $525,205.44. A year earlier, the assets in these accounts were valued at $429,280.73. This represents an absolute increase in value of $95,924.71.

The level of distributions received from fund holdings during the year remained similar to the prior year with most of the increase in our portfolio coming from increased valutions in the various holdings. If we continue to base scholarship awards on distributions only, total scholarship awards should be similar to last year.

The Investment Committee continuously evaluates alternatives and monitors the financial markets and our portfolio holdings. As before, this committee remains committed to their long term goals of growth, income and diversification of the portfolio.

The following is the make-up of brokerage account assets as of December 31, 2013:
Boulder Total Return 2,100 $48,321.00
Cohen & Steers Infrastructure (RTU) 1,969 $40,561.40
Royce Global Value    118   $1,049.02
Gabelli Dividend & Income Trust 3,000 $66,510.00
H & Q Healthcare    635 $17,124.48
JH Bank & Thrift 1,175 $27,671.25
JH Tax Advantaged (HTD) 2,000 $36,440.00
LMP Capital & Income (SCD) 2,000 $31,540.00
LMP Real Estate Income (RIT)    500   $5,030.00
Royce Focus 1,585 $12,076.75
Royce Value 1,855 $29,681.55
Zweig Total Return    800 $11,152.00
Alpine Total Dynamic 2,000    $8,380.00
Madison Strategic 2,000 $23,920.00
BlackRock Energy 1,000 $24,300.00
Zweig Rund 2,900 $43,094.00
Cash   $98,353.99
TOTAL   $525,205.44

Bob Laude (Chairman), Bruce Nielsen, Shelly Westerberg

 

 Investment Committee Report ~ Year End 2012

Community Of Lancaster  Education Group

 2012 was another positive year for the COLEG portfolio. Because the investment committee had concerns about domestic and global economic concerns at the end of the year, we remained somewhat defensive with the portfolio 20% in cash.

This year the COLEG portfolio increased in value by just under 13%. At the close of business on December 31, brokerage account assets totaled $424,751.02. Last year at this time, the assets in this account were valued at $375,958.77. This represents an absolute increase in value of $48,792.25.

The level of disstributions received from fund holdings during the year remained similar to the prior year with most of the increase in our portfolio coming from increased valuations in the various holdings. if we continue to base scholarship awards on distssributions, total scholarship awards should be similar to last year.

The Investment Committee continuously evaluates alternatives and monitors the financial markets and our portfolio holdings. As before, this committee remains committed to their long term goals of growth, income and diversification of the portfolio.

The following is the makeup of brokerage account assets as of December 31, 2012:

DESCRIPTION SHARES VALUE
Boulder Total Return 2,100 $37,863.00
Cohen & Steers Infrastructure  1,969 $36,918.75
Diamond Hills Financial Trends 4,500 $51,480.00
Gabelli Dividend & Income 3,000 $48,540.00
H & Q Healthcare 600 $10,386.00
JH Bank & Thrift 1,175 $20,680.00
JH Tax Advantaged (HTD) 2,000 $36,080.00
LMP Capital & Income (SCD) 2,000 $26,940.00
LMP Real Estate Income (RIT) 500 $5,484.20
Royce Focus 1,500 $9,900.00
Royce Value 800 $10,736.00
Zweig Total Return 800 $9,848.00
Zweig Fund 2900 $35,351.00
Cash   $84,544.07
    $424,751.02
  $ CHANGE
2001 NMF
2002 $10,412.00
2003 $68,225.30
2004 $114,123.73
2005 $6,553.07
2006 $74,785.98
  2007 $10,802.36
  2008 -$131,824.69
2009 $76,019.54
2010 $60,242.53
 2011             ($4,727.87)
  2012           $48,792.225

 Bob Laude (Chairman),  Bruce Nielsen, Shelly Westerberg

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