July 15, 2012
The CPA reviewed results, for the 12.06.2011 - 07.15.2012 time frame, is a +10.65% net return. This reflects all hedging losses. The accrued dividends are $1,277.70 and are not reflected in the returns. The cash balance is $4,253.65. The $100,000 Model Portfolio's value is $110,652.07. The accrued dividend data is provided at the end of the newsletter. Capital preservation is the portfolio's cornerstone goal.