,~o Jo

R~. t,olo

FINANCIAL DISCLOSURE REPORT

FOR CALENDAR YEAR 2009
2. Ceurl or Organtzntlon 9th Circuit 5n. Rrport Type (check appropriate type) [] Nominauon, Date ~ Annual ["-1 Final

Report RequireJ by the Ethi~s

in Go~ ernment Act o] 1978

(5 u s.c opp. ~.,~ IOl-lll)

3. Date of Report 05i01!2010 6. R~l~rling Period 01,0112009 to 12,31 ,2009

I. Person Reporting (last name. first, middle iv, itial) Clifton, Richard R. 4. Title (Artitzl ]11 judge~ indicate active or senior status; magls:trate judges indicate full- or part-time) U.S. Circuit Judge - Active

[] lnit,al

I 5b. [] Amended Report 7. Chambe~ ~r Office Address 999 Bishop Street. Suite 2010 Honolulu, Ha~,aii 96813 ~ 8. On the basi~ oflhe i~*form~tion contained in thi~ Report ~nd an) modifications pertaining thereto, it is, in m3. opinion, in compliance with ~pplicah|e law~ and regulations. Reviewing Officer Date

1AIPORTAzVT NOTES: The instructions accompan)ing this form must be followed. Complete all parts, checking the NONE box for each part where you have no reportable infi~rmation. Sign on last page.

1---1

NONE (No reportable positions.) POSITION NAME OF ORGAlqlZATION./ENTITY

American Judicature Society, |tawa~i Chapter

I.

Director

2. 3 4.
5.

Director Director Director

Co-trustee

Hawaii Public Radio Hawaii Womens Legal Foundation Ninth Judicial Circuit Historical Society
Tr~sts #1 - #3

il. AGREEMENTS. ( Reporting individual only; ,~e pp. 14-16 of f!ling i ....... ion,.)
~ NONE (No reportable agreements.) DAT~
I. 01101i95 2.

(: PARTIgS AND TERMS -:.

co

~"~, ,.

Cades Schutte Fleming & Wright Partnership Resolutions Oncluding retirement ter~no

Clifton, Richard R.

111. NON-INVESTMENT INCOME. (Reporting individuoland~p ....

A. Fliers Non-Investment Income
[~ NONE (No reportable non-investment income.) DATE
I. 2009 2.

,,,~p. t~..4 o/~ti,g ios,ru,tio,,.)

SOURCE AND TYPE

Llniversity of San Diego - teaching

~COME
(yours, not spouses) $1 .U00 00

4.

B. Spouses Non-I nvestment Income - t/yo. w,re married during an) portion of the reporting year. complete this rection.
(Dolior amount not required except for honoraria.}

[~

NONE (No reportable non-investment income.) DATE SOURCE AND TYPE

Self-employed, dietitian consultan~

1. 2009 2. 3 4.

IV. REIMBURSEMENTS -~[ NONE (No reportable reimbursements.) SOURCE

I. University of San D~ego

DATES
March 4-5. 2009

LOCATION
San D~ego. CA

PURPOSE
Teaching in Jm~st in Residence ~rogram

ITEMS PAID OR PROVIDED

T~an~portat~on. lodging, meals

2. 3. 4. 5.

FINANCIAL DISCLOSURE REPORT Page 3 of 15

c~irto.,

V. G 1 FTS. a,,~t,,d,,, ,ho,.to ~ ...... d dependent ,hildrer,; see pp. 28-31 of filing instructions.)
NONE (No reportable g~s.) SOURCE
l, 2. 3
4.

DESCRIPTION

VAI.UE

5.

NONE (No reportable liabilities.) CREDITOR D!~SCR1PTION VA1.UE CODE

I.

2. 3.
4.

5.

N~me of Person Reporling

D~te of Rcpori"

PageFINANCIAL4 of 15 DISCLOSURE REPORT

c~ .o.,. aachara R.

05,0U20~0

NONE (No reportable income, assets, or transactions,)

Dcscriplion of ASsglx

Income during

Gross value at end of tcpoOing period Value ~ Value C~e 2 ~ Method

T~nsactitms dunng rcpoOmg period " I T~ (e g.. buy, sell, Dale l mmidNyy Va uc Ga n Code 2 Idenlity of

Place "{X)" after each ~sset exempt fro~ pdor disclosu~

Amount Code I

T~ {eg., di~, r~nt.

First Hawaiian Bank sa~ ings

Interest

2. 3. :: 4 i5 i 6.

First Hay, allan Bank checking Hawaii Central Crcd*| Union Uni\, ofHa~a,i FCU Goodyear common Hawaiian Electric Industries common

A A C

Interest Interest Interest None

K J I.1 J K

T "[ T T T i

Dividend

Brokerage acct #1 ~

9. 10

-- Echostar common -- Dish Network CI A common

A

None None
Dividend

J K

"1" T

I I. -- IBM common 2 13 1.1 15. N,vrixIS Cash Mgtmt Tn~st -- Real Networks common -- Morgan Stanley Bank

None A Interest

J J

T T

Di,,idcnd

16. 17.

Fidchry Growth & Income ilRA) FideliW Magellan Fund lIRA)

A A

Dividend Dividend

K K

T T

FINANCIAL DISCLOSURE REPORT

Page 5 of 15

l N ....

if ..... R,tportinl

Clifton, Richard R.

I
~ ....
Transactions dunng re~mng ~nod ~y~[eg. buy. sell. redemption) [ Date Value Ga,n / mmtdd.~) C~e 2 C~c I / (A.I[) (JP) Id~i~yof buyer~llcr t~n~ct~nn)

VII. INVESTMENTS and TRU STS - i .........

~-, , ...... ~ .&~., ,~ ~f .~ ...... ~ ~,~.~,

N ONE ~o reportable income, assets, or transactions.)

Dc~npl~on of As~ts (including tms~ a~e~) P~ce"(X)"aflercacha~et exempt [~om p6or disclosure ~. ;, Income during ~rting period ~ (}ross value al end :. of rcpomng pcri~ Va~uc Me~ Code J (Q-W)

Amount I (A-H) I [ C~e

Type[e.g, / Value d~v., re~h [ C~e 2 or in: } (J-P)

18.

Oppe~lehinc~ G~omth Fund A (IRA)

Di**dend

19.
20. Brokerage acct #2 ~1

21,
22.

-- Ballard Power Systemscornmon

-- Ciena common -- Intel common

None
None

J
J

T
T T T K E (part)

: 23. 24. 25. 26.

A A J

Divi&nd Dividend T Matured

K K 12/01i09

-- Charles Schwab Money Market Fund -- Hawaii state bonds

[ I

28.

-- lntel common

Dwidend

29.
30. 31, 32.

-- Microsoft corrtmon
-- Templ~ton Growth Fund cla~s A -- Charles Schwab Money Market Fund

A
~, A

Dividend
Dividend Dividend

.1
L J

T
"f T [

33.

CREF Stock Fund

None None

K K

T T

34 CREF Global Equities

FINANCIAL DISCLOSURE REPORT

Page 6 of 15

N ....

fP ..... R~:purting ,

Clifton, Richard a.

05,1)u2010

VI 1. INVESTMENTS and TRUSTS - i ........ ~.,,~ ..... ao,, t~ct, a,s t~o~, o/~ ..... a dependent children; see pp. 3~-60 of filing instructions.)
~

NONE (No reportable income, assets, or transactions..)

...... ~ ............
Description of Assc~s (including t~st ~se~) Place h exempt from prior discl~u~

~
Income dunng re~ning ~n~

~: ......
Gross value at end of rc~mng pcdod Idenlily of buyl/~ller (ffpnvate

...................... ....
35.

~ Amount Ty~ eg. Val~ Value ~ T~ (e g, ~~ Dale ~lValuc Gain C~ I di ......... C~e 2 ] Me~ [ buy. sell. :~ .... d~y) [C~c 2 Cc~c I (A-It) or ~nt ) (J-P) ~ Code 3 redcmplior.) ~ lJ P) ~A-tl)

36. 37. 38. 39. 40. 41. 42.

Brokerage acct g4 --1 -- Charles Schwab Money Market Fund A Dividend Closed 4q5,09

JP Morgan Group Equity Index Fund A ~ A

Dividend

Brokerage acct #5 ~ -- Charles Schwab Money Market Fund A Dividend Closed 4:15/09 J

44. 45. 46. 47. 48 49.

"--[JP Morgan Group Equity Index Fund A

Dividend

~ro!~erage acct #6 "----1

-- Berkshire I|atha~,ay Class A -- Charles Schv,ab Money Market Fund -- Lake City Bank CD

None

~.1 J T Matured 01.16,.09 L

A B

Dl~idend lnt./Div.

50. 51. Agence 21, Inc. common None Expired 01/30,"09

FINANCIAL DISCLOSURE REPORT [~ ....

fP .....Reporling

Dale of Report

VII. INVESTMENTS and TRUSTS - i .......

..~,,., .......,o~, ctm-t,a,s ~o.,.e of ~p ...... a d~pendent children; ~ee pp. J4-60 t~f filing i ......

NON[ ~Vo reportable income, assets, or Oansactions.)

~including t~st assc~) Place "(X)" after each ~sel

l re~g ~riod Amounl Ty~ (c g..

of reining p~ Value / Value ,[ T~ (e.g., i Date Value Gain Idcntil)

52. 53.

MAA5 Intck, Inc. common ReplYt, Inc. Cummou

None None

Exp~cd Expired

01/30/09 O] 30,,09

54. 55.
56.

HR-10 and 401K accts 0"onner law firm~

-- American Funds AMCAP Fund

None

PI

57. 58. 59.

-- Oppenheimer Main Street Small Cap Func -- American Funds Investment Co of America IHR-10) -- Ar0erican Funds Wash Mutual Invs -- PIl~COTotal Return- A (ItR-I0) -- Guaranteed Income Fund

i60.
61. 62.
63. 64. 65.

Northwesm Mutual whole life Norlhwesln Mutual extra ordmar~ life ~lidland National whole life

None None None

L N1

T I

.66.
67. Yrust~l--] None O Y

68.

-- JP Morgan Tax Frcc Mmkt trem Sweep

FINANCIAL DISCLOSURE REPORT Page 8 of 1 5

Nam, ore .... c,rto,. Richard R.

05..01i2010 I
a a~?,~a,~, children; see pp. 34-60 of filin.g instruttions.)

~ .......... ,i..~ tt.ct~a.~ 1ho~ o/~ ...... VII. INVESTM ENTS and TRUSTS - i ......... NONE (No income, assets, transactions.) or ~
Desc~ption of Assets (including t~st ~se~) Place(X)" after each asset cxempt from prior di~l~ure ........................ : ...... 69. -- Cullen High Di~id Eq Fd CI I ] Incon~c during rc~aing period Gross ~alue .~ of reposing period ] Value Me~ C~e 3 :

Amount] T~e (eg.. [ Value Code 1] div., renl. C~e 2 (A-H) or int.) (J-P) , .......

T)~ (e.g, buy, ~ll. redemption}

I m~.d~y> ; C~c 2
:; (J-P)

Date ~ Value

tiam C~e I (~}l)

Idcnhty nf bu)er,seller Ilfprt~ate

~ ........... L ....... J ............ ~ ........ : ...............

70. 71.
72.

-- FMI Large Cap Fd -- H~.rtford Mot Cap Appreciation Fd 1

--Ishares Ir Russell 1000 Value Index

Sold (pan) Buy

Buy addl)

7/6/09 4/I.1/09
4/14,09

K J
J

73.

-- lshares T~ S&P 500 Index Fund

74. 75.
76. 77. 78.

-- Ivy Large Cap Grov, th FJ CI I -- JPMorgan Intrepid America Fd

-- Ishares Tr Cohen & Steers Rlty Major -- Ishares T~ Russell M~dcap Index Fund -- JPMorgan Mkt Expansion Index Fd

Buy laddi)

4/I 4;09

Buy (addl)

4/14/09

79. 80.

-- JPMorgan Multi-cap Mkt Neutral Fd -- JPblorgan Small Cap Equity Fund -- JP~orgall Tr thf.hbrldge Star Mkt Ncut Fd

Sold (pan)

4/14/09

82 83 84

-- Dodge & Cox I-ds Intl Slk Fd -- lshares MSCI All Cnrry. Asia Ex Jap Fd -- JPMorgan Asia Equffy Fd

Sold (pan) Buy (addl)

70,09 7/7/09

85.

-- JPMorgan Intrepid Intl FdSelect

Income On,a Code~

A -$l.00Oot less

B -$1.001 - $2.500

C :$2.501 SS,0fr3

D ,$5.001 - $1S,OOO

E =S! 5,001 . $50.00(3

FINANCIAL DISCLOSURE REPORT

N .... r P ..... aepo.ing

Clifton,

Page 9 of 15
VI 1. INVESTMENTS and TRUSTS -i ........

Richard R.
[

05,01/2010

tions tlncludet those o]sp ...... d dtpenaent children; set pp. 34.60 of filing in,tructlons.) ~.,, tr ....

NONE (No reportable income, assets, or ~ansactions.)

: Description of A~ets (including t~st assets) Place "{~" after ~h asset exempt from p~or di~lcsurc ~ ] Income during re~mng ~n~ , Gross ~aluc at end of reposing period Value C~c 2 (J-P) Value blcthod Code 3 Ty~" Lc.g. buy, redemption) Date mm,~yy I Code 2 : C~e I IJ-P) ; (A-H)

Amount T~ (cg, C~e I d~v . rent, (A-H] or int)

buyer/seller (if private

86

-- JPMorgnn Inte~ational Eqoity Index

Buy

716,~9

87. 88. 89. 90. 91. 92. 93. 94. 95.

96. 97.

-- T Rowe Price Intl Fds New Asia Fd -- lshares Tr US Treat Indt Prot Fd --Ishares Tr Barclays Tips Bd Fd -- Goldman Sachs Tr High Yld Fd Instl -- JPMorgan Strat lncm Oppys Fd Sel -- JPblorgan High Yield Bond Fund Select -- JPMorgan Short Duration Bond Fd -- Vanguard Fx Inc Sec Tm Invt Grd Buy 4/14/09 K Buy Boy Bny laddll 4/14/09 414.09 4/I 409 J J J Sold 7,0109 K A

98 99
100. 101.

Trust # 2 --I -- .IP Mt3rgan Tax Free Mmkt Prom Sweep

-- Dodge & Cox Fds lntl Stk Fd --EatonVancelnvtTrLgCapValFdl

N,anc

Sold (part) Boy (addIt Sold (parl)

4;14/09 4"1409

102. -- FMI Large Cap Fd

7/6/09

FINANCIAL DISCLOSURE REPORT Page I 0 of 15

n .... f p ..... repo~l.~ c~iro,,, m,:h,,-a R. o5,0~/20~0

NONE (No reportable income, assets, or transactions.)

De~cfiplion of Assets (including t~sl asscls} Place "(X)" after eacE asset .... ptl~ompfiordi~cl ...... Income during ~epo~ing ~nod Amount Type (cg., IC~cl I di ...... . t , (AH) [ ~rint.) Gross vMuc at end of reporting period ......... Value Code2 (J-P) Value I Nle~ [, C~e3 T~n~cl~ons during repomng : Date V~lue : TyN (e.g, buy. sell ....~ddyy Code2 Codel redemption, ,AH) ~ ~ {J-P) Buy 4/16/09 K buycr,~llc, (itpri .....

103. -- Hmfotd Mut Cap Appr~iation Fd I

104. - lshares MSCI All Cntry Asia Ex Jp Fd 105. --lsharcsRussellM~dcaplndexFd 106. --IsharesTrS&PSmaIIcap6001ndex Funde 107, -- lshares Tr S&P 500 Index Fd 108. -- Ivy Large Cap Growth Fd CI 1 109. -- JPMotgan Asia Equity Fd I10 -- JPMergan Htghbridge Star Mkt Neut Fd I I I. -- JPMorgan lntrnl Eqmty Index 12. -- JPMorgan Intrepid America Fd
113. --JPMorganlntrepidlntl FdSelect 14. -- JPMorgan Muhi-cap Market Neutral Fd II5 -- JPMorgan US Large Cap Core Plus

Sold !parl) Buy Sold Sold (part) Buy (addl) Buy (addl) Buy (addl) Buy

4116,09 4!14/09 4/16;09 04/16;09 4/14.,09 4/14/09 4;14/09 7/6;09

Sold

4/14/09

116. --JPMorganU~ RcM Estate Fund 117. -- T Rowe Price lnt FdsNewAsiaFd

18. --Ishares T[ Barclay Ttps Bd Fd 19. -- Goldman Sachs Tr High Yield Fd lnstl

Sold (par~) Buy

4/16/09 4/I 6/09

FINANCIAL DISCLOSURE REPORT Page 11 of 15 VI 1. INVESTMENTS and TRUSTS - ~ .........

Name of Person Reporting cl fton,

Dale

Richard R.

n i,,, t ...... ons Includes those oJ *~ ..... d aep,nd ..... httdren: se, pp. S4-60 o/f!ting i ..... tion~)

N ONE (No reportable income, assets, or transactions.)

B. - .... Income during r~ning period Amount C~e I Type {e g. div. rent. ~ ..... C ................... Gro~ ~a{ue a~ end of r~oning period Value C~e 2 Value [ Meth~ T~ (c g. buy ~1. ~." ..................

.................................... ~ ...... Description of Asse~ (including t~st as~ts) Place"(X)" a~er each asset

~g7 ............
Da~e ] Value ~ Gain mmd~vy[ Code 2 Code I Identity of buyer/seller

................
120 -- JPNlorgan High Yield Bond F~d

I~m

lZI. --IsharesTrUSTreas lntlProt Fd

122 -- JPg4organ Short Duration Bond Fd 123 -- JPM0rgan I Strat Incm Oppys Fd Sel

Sold 1part) Buy Buy

4,"14,09 4,I4,09 4/14;09

L J K

124. -- Vanguard Fx Inc Sec [nt Rm Invt Grd 125, t26. Trust #3 lIRA) None 0 T

!27. -- JPM0rgan Deposit Sweep lnst

, 128. -- Aston Fds Torero Small Cap Fd CI I 129. -- FMI Large Cap Fd !130. --ttarbot FdlndhlstlCl Sold (part) 4!14109 J

Sold Sold Sold (part) Buy {addl) Sold (part) Buy (addl) Sold (part)

4,14/09 4,16.09 4.16/09

K J J

131. -- lshares IvlSCI All Cntrv Asia Ex Jap Fd ; 132 -- lsha~es Russell Midcap Growth Index Fd ! 133 1134 " 135 : -- lshares Russell Midcap Index Fd --lsharesRusselll000Growthlndex

4:16,09 4/16.,09 4,14109

J J J

-- lshares Russell 1000 Value Index -- JPiVlorgan Asia Equity Fd

136

4~14,09

FINANCIAL DISCLOSURE REPORT Page 12 of 15 VII. INVESTMENTS and TRUSTS - i .......

IN ....

f~.,,-,o. R.po.i.~

Clifton, Richard R.

,.~..,, .......

~o.,- (Inctudes those of s~ ..... d dependem childrem *e, pp. 34-60 of filing

NONE

(~ reportable income, assets, or transactions.)

! I~come during re~ing period Gross value ul end of reposing period {t [ T~n~cliun~ during ~epo~,ng period I

Descripnon {including t~st ~ssets~ P hoe "(X)" after each ~<set .... pl ~om prior di~l ..... ......

t.

C~c2

[ Me~od I

buy.~l.

[m~d~yy, C~c 2 Code I

137. -- JPMorgan D~versitied Mid (~ Growth Fd 138 -- JPMorgan Growth Advantage Fd Select

Sold (pan)

4,tl409

139. -- JPMorgan tlighbridge State Mkt Neut Fd 140. -- JPMorgan International Value Fd 141. -- JPMorgan lntrepid America Fund i42.

Buy (addl) Buy

4,14/09 4114~09

J J

-- JPMo~gan Intrepid lntl Fd Select

~ i43. -- JPMorgan US Large C~p Core Plus Select 144 -- JPMorgan US Real Estate Fund Sold (part) Sold Buy (addll Buy Buy Sold Sold (part) Sold Buy 4/14;09 4,,14!09 4!14/09 J J J

145.

-- JPMorgan High Yield Bond Fund Select Class

146. -- JPMorgan Short Duration Bond Fund Select Class 147. --JPMorganSIratlncmOppy5 FdSel 148. -- Manning & Napier New World Oppys A

4;14,"09 4/14,:09 4q4,09

J K J J ,J

~49. -- T Ro,,,e Price lntl Fds New Asia I-d 150 -- SPDP. lr |Jnit Set I

,:I/16,09 4114;09 4/16.09

151. --FtdeliryAdvisorSerl]HighlncomeAdv Fd 152. -- Goldman Szchs Tr High Yld IFd Instl 153. --lsharesBarclaysTipsBdFd

FINANCIAL DISCLOSURE REPORT Page 13 of 15 V] I. INVESTMENTS and TRUSTS - i ........

~
A. Descriplion of Assels (including I~sl asse~) Place"(X)" ~fler ~ch as~t exempl flora prior di~losure

c~ifto., Richard R.

0~,0~,~0~0

.t.~., ...... ,io,~ (Includes tho,e qsg ......d dependent children; ~t pp. ~4-60 ofliling instructions.)
B. Incumc during reposing ~ri~d C. Gross value ai end - ........... . D- ....................... T~ansat~ion~ during rcpc,~ing ~riud

NONE (No reportable income, assets, or transactions.)

Amoum ~ T~(eg, C~e I " di~.,~enl.

Vulue / Value C~e 2 MclI~ [

Ty~ (eg., buy, sell,

Date Value Gain mmed~>y Cude 2 Cu~ I

Idcn~t)of buyc~sellc~

~Q-W) .......... Iransaclion)

FIN.UNCIAL DISCLOSURE REPORT Page 14 of 15

~ .... f Person Reporting

Date

clmon, Richard a. I

05,(1112010

VIII. ADDITIONAL INFORMATION OR EXPLANATIONS. rt,,aic,,,,~,.,,o~Ro~,o,~

I. Positions Ipassed away ir~ 2006. I am a co-trustee (wirhout contpensation), together with --land a bank (JPMorgan Chase. "~,h~ch is compcn.qalton and which actually manages the accounts), of trust accounts, identified in Pan VII as Trusts g I-3. Payments out were made for ~rust expenses and as directed by the curretll i~ncficiary and I are contingent beneficiaries, but no amounts arc currently owing to us and 11o paylnellls were nlilde to us durirlg the year.

--1

VII Investments and Trusts Pan VII, lines 51-53. As reported in last .,ears fthng, Agence 2 I. Inc. filed for bankruptcy protection in January 2009, with no distribution Io shareholders, That investnlcnt v, as related to investments in MAAS Intck and RepNet. b~th of whom 1 believe to be defunct and probably have bccn Ibr yeats. 1 have not been able to obtain more precise information and ha,c now recognized the invcstmcnl~ as worthless.

FINANCIAL DISCLOSURE REPORT

N .... IP .... Reporting

[ Dale olRcport

Page 1 5 of 15
IX. CERTIFICATION.

cliftor,, mchard a.

05"0In010

I certify thai all information given above (including information pertaining to my spouse and minor or dependent children, if any) is accurate, true, and complete to the best of my knowledge and belief, and that any information not reported *vas wilhhehl because it met applicable statulory. provisions permitting non-disclosure. i further certify that earned income from outside employment and honoraria and the acceptance of gifts v, hich have been reported are in compliance with the provisions of 5 U.S.C. app. 501 et. seq., 5 U.S.C. 7353, and Judicial Conference regulalions.

Signature_

NOTE: ANY INDIVIDUAL WllO KNOWINGLY AND WILFULLY FALSIFIES OR FAILS TO FILE Tills REPORT MAY BE SUBJECT TO CIVIL AND CRIMINAL SANCTIONS (5 U.S.C. app. 104)

FILING INSTRUCTIONS Mail signed original and 3 additional copies to: Committee on Financial Disclosure Administrative Office of the United States Courts Suite 2-301 One Columbus Circle, N.E. Washington, D.C, 20544

~ ~=+ .,.~+_,-. ~ .

~....-~ +,.- ,., -~z~.., i .:;:" "-

999 BISHOP STREET SUITE 2010 HONOLULU, HAWAII 96813

Chambers of RICHARD R. CLIFTON United States Circuit Judge

(808) 522-7474 I

August 13, 20 ] 0

Hon. Bobby R. Babcock, Chair Committee on Financial Disclosure One Columbus Circle Washington, D.C. 20544 Re: Richard R. Clifton, Circuit Judge Calendar Year 2009 Filing ,.~

Dear Judge Babcock:

Thank you for your letter dated July 19, 2010. I was on assignrri~nt ~ -/ elsewhere when it arrived in my chambers, and I first saw it after rerunning t~ Honolulu three days ago. ~-.-; -Concerning the entry in Part VII, page 5, line 25, for "Hawaii State Bonds," it is correct that 1 had no income from the asset, other than what was received due to the maturity of the bond. The potentially complicating thctor is that the bonds are zero-coupon "college saver" bonds, one of which matured in 2009. l reported all that we received in the "D" transactions column. Concerning the entry in Part VII, page 7, line 61, the listing of"Guaranteed Income Fund" as one of the holdings in my retirement accounts held by my former law firm, l am not sure what else to report. The name "Guaranteed Income Fund" is all that appears on the statement that is sent to me, so I assumed that was the funds name. Enclosed is a page from the December 31, 2009 report, showing the holdings in the accounts. Because this is a public filing, 1 have redacted the specific dollar amounts for the other funds listed, but I have left the information for the "Guaranteed Income Fund" showing that theres only $4.26 in that fund. My

Hon. Bobby R. Babcock Committee on Financial Disclosure August 13, 2010 Page 2

inference is that somewhere along the way a little bit of cash made its way into the account (too small an amount to buy another share or unit of the funds in which the account is invested), and this is how the plan administrator holds cash. As reflected at the bottom of the statement page, the plan administrator is Prudential Retirement. If"Guaranteed Income Fund" is not a public mutual fired or money market thnd, then I assume it must be a Prudential holding, so it might be identified as "Prudential Retirement Guaranteed Income Fund." Unless I hear to the contrary, I will identify it that way in future reports. Thank you for your assistance. Please contact me ifI can clarify or correct anything else.

Richard R. Clifton Enclosure: one page from 12/31/09 retirement accounts statement (redacted)

RICHARD CLIFTON October 1, 2009 - December 31, 2009

Activity Summary by Fund (continued)

Value on 10/01/2009 Addiltons Dedudions Change irz Value Value on 12/31/2009

Large Cap Stock

American Funds Inv Co Amer R3 American Funds Wash Mut R3 American Funds AMCAP R3 Total Large Cap Stock Small Cap Stock Oppenheimer Main St Sin Cp Fd A 7oral Small Cap Stock Total Addit,;o~ and deductions to your account may include loan gf3nts, transferred assets ex.oef~es, and transfe req~,ested a ,~Jnd h,anster during the statement period.

Your Investments
% o!
Units/Shares on 12/31/2009 Stable Value Guaranteed Income Fund Total Stable Value ..... Fixed Income PIMCO Total Return Fund A Total Fixed Income 0.167 Unit/Share Price on 12/31/2009 $25.565 Value an 12/31/2009 $4.26 $426 Total Account Value

0%

Large Cap Stock

Arnericar~ Funds lnv Co Amer R3 American Funds Wash Mut R3 American Funds AMCAP R3 T o ta i~__ ~ g ;e ~--~ ~ ~Si~ ~ ~, ...................... Small Cap Stock _Op~e_nheimer Main St Sm Cp Fd A fatal Small Cap Slack

fatal
Information on holdings fo~ The Prudential Retirement Insurance and www.prudentJal.condonline/retirement o~ you may contact 8TT-PRUWe c~culat9 the w~ue of your investment in each fund at th~ end at the s~ values we do not :#,clude trans&t/ons pending settlemeoL As you review. ot units/shares held and the unit/share price ~bur plan oilers investment options that ~e subject to market timing polio in those investment fund options. Ret;Tement plan, invesb#g is for ~e long term. A full cop}" of the policy is prov~;ed on an annu&t basis Ad~z[zona! ~n,orma~zon Js contained in the investment fund prospectus. Your plan offers Self-Directed Accounts, you may be subject to resbicb~ns on fiading amounts and bming, Your account b~anc rettect$ the va~ue reported to Prudential by a third party as of the prior days clo~e of market and may not necessarily match the balance on your Self-D~Tected Account ~tatemenL

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877-PRU-21 O0
Pa~#ipant Setv~.e representa~,es available: M-F. 8 am -9 pm.. Eastern Time Ilearino Iraoaired: Call (TD(3) 8 7 T- 760-5

v~lt www.pmdenUM.com/online/rebrement

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Ed. 12/07