richard r clifton financial disclosure report for 2009

8/3/2019 Richard R Clifton Financial Disclosure Report for 2009

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, ~ o J o FINANCIAL DISCLOSURE REPORT R e p o r t R e q u i r e J b y t h e E t h i~ sin Go~ ernment Act o] 1978R~. t,olo FOR CALENDAR YEAR 2009 (5 u s.c opp. ~.,~ IOl-lll)I. Person Reporting (last nam e. first, middle iv, itial) 2. Ceur l or Organtzntlon 3. Date of Repor tClifton, Richard R. 9th Circuit 05i01!2010

4. Title (Artitzl ]11 judge~ indicate active or senior status; 5n. Rrport Type (check appropria te type) 6 . R~l~r ling Per iodmagls:trate judges indicate full- or part-time) [] Nominauon, Date 01,0112009U.S. Circuit Judge - Active [] lnit,al ~ Annual ["-1 Final to12,31 ,2009

I 5b. [] Amended Report7. C ham be~ ~ r Of f ice A ddr es s ~ 8. On the bas i~ oflhe i~*form~tion conta ined in th i~ Report ~nd an)modifications pertaining thereto, it is , in m3. opinion, in compliance999 Bishop Stree t . Sui te 2010 with ~pplicah|e law~ and regulations.Honolulu , Ha~,aii 96813

Reviewing Officer Date

1AIPOR TAzVT NO TES: The instructions accompan)ing this form must be followed. Complete all parts ,checking the NON E box for each p art where you h ave no reportable infi~rmation. Sign on last pa ge.

1 - - - 1 N ON E ( N o reportable positions.)POSITION N A M E O F ORGAlqlZATION./ENTITY

I. Director American Judicature Society, |tawa~i Chapter

2. Director Hawaii Public Radio3 Director Hawaii Womens Legal Foundation4 . Director N inth Judicial Circuit Historical Society5. Co-trustee Tr~sts #1 - #3

i l . A G R E E M E N T S . ( Reporting individual only; ,~e pp. 14-16 of f!ling i ....... ion,.)~ N O N E (No reportable agreements.) (: co ~ " ~ , , .

D A T ~ P A R T I gS A N D T E R M S -:.I. 01101i95 Cades Schutte Fleming & Wright Partnership Resolutions Oncluding retirement ter~no2.


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1 1 1 . N O N - I N V E S T M E N T I N C O M E . (Reporting individuoland~p .... ; , , , ~ p . t ~ . . 4 o / ~ t i , g i o s , r u , t i o , , . )A. Fliers Non-Investment Income[~ N O N E ( N o reportable income.)on-investment

D A T E S O UR C E A N D T Y P E ~COME(yours , not spouses)I. 2009 Llniversity of San Diego - teaching $1 .U00 00

2.

4.

B . S p o u s e s N o n - I n v e s t m e n t I n c o m e - t / y o . w,re married during an) portion of the reporting year. complete this rection.(Dolior amount not required excep t for honoraria.}

[~ N O N E (No reportable non-investment income.)D A T E S OU R C E A N D T Y P E

1. 2009 Self-employed, dietitian consultan~

2.

34.

IV. REIMBU RSEM ENTS - -~[ N O N E (No reportable reimbursements.)

SOURCE D A T E S L O C A T I O N P UR P O SE IT E MS P A ID O R P R O VID E DI. Univer s i ty o f San D ~ ego March 4-5. 2009 San D~ ego . C A Teaching in Jm~st in T ~ an~ por ta t~ on . lodg ing , m ea ls

Residence ~rogram

2.3.4.

5.


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FINANCIAL DISCLOSURE REPORTPage 3 of 15 c ~ i r t o . ,

V . G 1 F T S . a , , ~ t , ,d , , , ,h o , .t o ~ . .. .. . d dependent ,hildrer,; see p p . 2 8 - 3 1 of filing instructions.)N O N E (No reportable g~s.)

SOURCE DESCRIPTION VAI.UEl,2.34.

5.

~ N O N E (No reportable liabilities.)CREDITOR D!~SCR1PTION VA1.UE CODE

I.

2.3.4.5.


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N~me of Person Reporling D~te of Rcpori"P a g e F I N A N C I A L 4 o f 1 5 D I S C L O S U R E R E P O R T c~ .o.,. a a c h a r a R . 0 5 , 0 U 2 0 ~ 0

N O N E (N o reportable income, assets, or transactions,)Dcscriplion of ASsglx / Incom e during G ross value at end T~nsactitms dunng rcpoOmg periodof tcpoOing period "

Place " {X) " a f ter each ~sset A m o u n t T~ {eg., Value ~ Value I T~ (e g.. D a l e Va uc Ga n Idenli ty ofexempt f ro~ pdor d isc losu~ C o d e I d i~ , r~nt . C~e 2 ~ Method b u y , s e l l, l mmidNyy C o d e 2

I Fi r s t H aw a i ian B an k sa ~ i n g s k I n t e r e s t K2. First Hay, allan Bank checking A I n t e r e s t K T

3. Hawaii Central Crcd*| Union A I n t e r e s t J "[:: 4 Uni\, ofHa~a,i FCU C I n t e r e s t I . 1 Ti 5 Goodyear common None J T i

i 6 . Hawaiian E lectric Industries common B Dividend K T

8 Brokerage acct #1 ~

9. -- Echostar common None J "1"10 -- Dish Network CI A common None K TI I. -- IB M common A Dividend2 -- Real Networks common N o n e J T

13 -- Morgan Stanley Bank A Interest J T1. 1

1 5 . N,vrixIS Cash Mgtmt Tn~st A Di,, idcnd J T

16 . Fidchry Growth & Income ilRA) A Dividend K T17 . FideliW Magellan Fund lIRA) A Dividend K T


5/18

FINANCIAL DISCLOSURE REPORT l N ....if ..... R,tportinl Iage 5 of 15 Clifton, R i c h a r d R .VII. I N V E S T M E N T S a n d TRU STS - i . . . . . . . . . ~-, , ...... ~ .& ~., ,~ ~f .~ ...... ~ ~,~.~,~ N O N E ~ o reportable income, assets, or transactions.) ~ ....

Dc~npl~on of As~ts ~. Income during ~ (}ross value al end T r ans ac tions du nng r e~ m ng ~ nod(including tms~ a~e~) ;, ~rting period :. of rcpomng pcri~P~ce"(X)"aflercacha~et Amount Type[e.g, / Value Va~uc ~y~[eg. [ Date Value Ga,n / Id~i~yofexempt [~om p6or disclosure I C~e I d~v., re~h [ C~e 2 Me~ buy. sell. mmtdd.~) C~e 2 C~c I / buyer~llcr[ (A-H) or in: } (J-P) Code J redempt ion) (JP) I(A.I [ )( Q - W) t~n~ct~nn)

1 8 . Oppe~ leh inc ~ G ~ om th Fu nd A ( I RA ) A Di**dend K

19 .

20. Brokerage acct #2 ~12 1 , -- Ballard Power Systemscornmon None J T22. -- Ciena common N o n e J T

: 23. -- Intel common A D i v i & n d K T

24 . -- Charles Schwab Money Market Fund A Dividend K T [I25. -- Hawaii state bonds J T Matured 12/01i09 K E

(par t )26.

28. -- lntel common A Dw idend K r2 9 . -- Microsoft corrtmon A Dividend .1 T30 . - - Te mp l ~ t on G rowt h Fund c l a~s A ~ , Dividend L "f [31, -- Charles Schwab Money Market Fund A Dividend J T32.

3 3 . CRE F Stock Fund N o n e K T34 CRE F Globa l Equi t ies None K T


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FINANCIAL DISCLOSURE REPOR T N .... fP ..... R~:purtingPage 6 of 15 Clif ton, R i c h a r d a . 0 5 , 1 ) u 2 0 1 0

VI 1. INVEST ME NTS and TRU STS - i . .. .. .. . ~.,,~ ..... a o , , t ~ c t , a , s t ~ o ~ , o/~ ..... a dependent c h i l d r e n ; s e e p p . 3 ~ - 6 0 of filing instructions.)~ (No reportable income, assets , or transactions . .)O N E...... ~ ............ ~ ~: ......

Description of Assc~s Income dunng Gross value at end( including t~s t ~ se~) re~ning ~n~ of rc~mng pcdod

Amount Ty~ eg. Val~ ~ Value ~ T~ (e g, ~~ Dale ~lValuc Gain Idenlily oflace h C~ I di ......... C~e 2 ] Me~ [ buy. sell. :~ .... d~y) [C~c 2 Cc~c I buyl/~llerexempt from prior disc l~u~ (A-It) o r ~ n t ) (J -P) ~ Code 3 redcm plior.) ~ l J P) ~A-tl) ( f fpnvate...................... ....35 .

3 6 . Brokerage acct g4 --1

3 7 . -- Charles Schwab Money Market Fund A Dividend Closed 4q5,093 8 .

3 9 . JP Morgan Group Equity Index Fund A ~ A Dividend K T4 0 .

4 1 . Brokerage acct #5 ~4 2 . -- Charles Schwab Money Market Fund A Dividend Closed 4:15/09 J

44 . "- - [ JP Morgan Group E quity Index Fund A A Dividend K T

45 .

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

47 . -- Berkshire I|atha~,ay Class A N o n e ~ .148 -- Charles Schv,ab Money Market Fund A Dl~idend J T49 . -- Lake City Bank CD B lnt./Div. Matured 01.16,.09 L

5 0 .51. Agence 21, Inc. commo n N o n e Expired 0 1 / 3 0 , " 0 9


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FINANCIAL DISCLOSUR E REPO RT [~ .... fP .....Reporling Dale of Report

VII. INVESTM ENTS and TRU STS - i ....... . . ~ , , . , . . . . . . . , o ~ , c t m - t , a ,s ~ o . , . e of ~p ...... a d~pendent children; ~ e e p p . J 4 - 6 0 t~f filing i ......NON[ ~Vo reportable income, assets, or Oansactions.)

~including t~st assc~) l re~g ~riod of reining p~Place " (X)" af ter each ~sel Amounl Ty~ (c g.. Value / Value ,[ T~ (e.g., i Date Value Gain Idcntil)

5 2. MAA5 Intck, Inc. common N o n e Exp~cd 01/30/09

53 . R ep lY , I n c . Cummou N o n e E xp i r e d O] 30, , 09

5 4 .5 5 . H R - 1 0 a n d 4 0 1 K a c c t s 0 " o n n e r l a w f i r m ~ N o n e PI T56 . -- American Funds AMCAP Fund

5 7 . -- Oppenheimer Main Street Small Cap Func5 8 . -- American Funds Investment Co ofAmerica IHR-10)5 9 . -- Ar0erican Funds Wash Mutual Invs

i 0 . -- PIl~COTotal Return- A (ItR-I0)6 1 . -- Guaranteed Income Fund

6 2 .

63 . Northwesm Mutual whole life N o n e L T

64 . Norlhwesln Mutual extra ordmar~ life N o n e N 1 I

65 . ~ l id land N a t iona l w hole l i fe N o n e

. 6 6 .

67. Yrust~l--] N o n e O Y6 8 . -- JP Morgan Tax Frcc Mmkt trem Sweep


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|FINANCIAL DISCLOSURE REPOR T N a m , o r e .. ..Page 8 of 1 5 c , r t o , . R i c h a r d R. I 0 5 . . 0 1 i 2 0 1 0

VII. INVESTM E N TS and TRUSTS - i ......... ~ . . .. . .. . .. , i . . ~ tt.ct~a.~ 1ho~o/~ ...... a a~?,~a,~, children; s e e p p . 3 4 - 6 0 of filin.g instruttions.)~ N O N E income, assets, transactions.)N o or

Desc~ption of Assets ] Incon~c during Gross ~alue( includin g t~ st ~ se~ ) rc~ ain g p eriod . ~ of reposing period :Place(X)" after each asset Amount] T~e (eg.. [ Value ] Value T)~ (e.g, Date ~ Value t iam Idcnhty nf

cxempt f rom pr ior di~l~ure Code 1] div., renl. C~e 2 Me~ buy, ~ll. I m ~ . d ~ y > ; C~c 2 C~e I bu)er,seller(A-H) or int.) (J-P) C~e 3 redemption} :; ( J - P ) (~}l) I l fprt~ate........................ : ...... , ....... ~ ........... L ....... J ............ ~ ........ : ...............

69 . - - C u l l e n H i g h D i ~ i d E q F d C I I

7 0 . -- FMI Large Cap Fd Sold 7/6/09 K A(pan)7 1 . -- H~.rtford Mot Cap Appreciation Fd 1 Buy 4/I.1/09 J72. --Ishares Ir Russell 1000 Value Index Bu y 4/14,09 Jaddl)73. -- lshares T~ S&P 500 Index Fund

7 4 . -- Ivy Large Cap G rov, th FJ CI I Buy 4/I 4;09 Jl add i )7 5 . - - J P M o r g a n I n t r e p id A m e r i c a F d

76. -- Ishares Tr Cohen & Steers Rlty Major

77. -- Ishares T~ Russell M~dcap Index Fund Buy 4 /14 /09 J(addl)78. -- JPMorgan Mkt Expansion Index Fd

79. -- JPMorgan Multi-cap Mkt Neutral Fd

80 . -- JPblorgan Small Cap Equity Fund Sold 4 /14 /09(pan)

-- JP~orgall Tr thf.hbrldge Star Mkt NcutFd82 -- Dodge & Cox I-ds Intl Slk Fd Sold 70,09

(pan)83 -- lshares MSCI All Cnrry. Asia Ex Jap Fd Buy 7/7/09(addl)84 -- JPMorgan Asia Equffy Fd

8 5 . -- JPM organ 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


9/18

FINANCIAL DISCLOS UR E REPORT N .... r P ..... aepo.ingPage 9 of 15 Clifton, R i c h a r d R . [ 0 5 , 0 1 / 2 0 1 0 I

VI 1. INVESTMEN TS and TRUSTS -i ........ ~.,, tr ....ions tlncludet those o]sp ...... d dtpenaent children; set pp. 34.60 of filing in,tructlons.)N ON E ( N o reportable income, assets, or ~ansactions.)

: Description of A~ets ~ Income during , Gross ~aluc at end(including t~st assets) ] re~mng ~n~ of reposing periodPlace "{~" after ~h asset Amount T~ (cg, Value Value Ty ~" L c . g. DateC~e I mm,~yy I Code 2 : C~e I buyer/sellerexempt f rom p~ or di~lcsurc d~v . rent, C~c 2 blcthod buy,(A-H] or int) (J-P) Code 3 redempt ion) IJ-P) ; (A-H) (if private

86 -- JPMorgnn Inte~ational Eqoity Index Buy 716,~9 K

87 . -- T Row e Price Intl Fds New A sia Fd

8 8 . -- lshares Tr US Treat Indt Prot Fd Sold 7 , 0 1 0 9 K A

89 . --Ishares Tr Barclays Tips Bd Fd9 0 . -- Goldm an Sachs Tr High Yld Fd Instl Buy 4/14/09 J

9 1 . -- JPMorgan Strat lncm Oppys Fd Sel B o y 414.09 J

9 2 . -- JPblorgan High Yield Bond F und Select B n y 4/I 409 Jladdll9 3 . -- JPMorgan Short Duration Bond Fd9 4 . -- Vanguard Fx Inc Sec Tm Invt G rd Buy 4/14/09 K

9 5 .

96.

97.

98 Trust # 2 --I N , a n c N T

99 -- .IP Mt3rgan Tax Free Mmkt Prom Sweep

100. -- Dodge & Cox Fds lntl Stk Fd Sold 4;14/09(par t)

101. --EatonVancelnvtTrLgCapValFdl Bo y 4"1409(addI t102. -- FMI Large Cap Fd Sold 7/6/09(parl)


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FINANCIAL DISCLOSURE R EPOR T n .... f p . . . . . r e p o ~ l . ~Page I 0 of 15 c ~ i r o , , , m , : h , , -a R . o 5 , 0 ~ / 2 0 ~ 0

N O N E (No reportable income, assets, or transactions.)De~cfiplion of Assets Income during Gross vMuc at end T~n~ cl~ons during repomng

(including t~ sl asscls} ~ epo~ ing ~ nod of reporting period .........:

Place "(X)" af ter eacE asset Amount Type (cg., Value I Value TyN (e.g, Date V~lue :.... ptl~ompfiordi~cl ...... IC~cl I di ....... Code2 [ Nle~ buy. sell ....~d d y y Code2 Codel buycr,~llc,, (AH) [ ~rint . ) (J-P) , C~e3 redemption, ~ ~ {J-P),AH) (itpri .....

103. -- Hmfotd Mut Cap Appr~iation Fd I Bu y 4/16/09 K

1 0 4 . - lshares MSCI All Cntry Asia Ex Jp Fd Sold 4 1 1 6 , 0 9! p a r l )1 0 5 . -- lsharcsRussellM~dcaplndexFd Buy 4!14/091 0 6 . --IsharesTrS&PSmaIIcap6001ndex Sold 4/16;09Funde1 0 7 , -- lshares Tr S&P 500 Index Fd Sold 04/16;09( p a r t )1 0 8 . -- Ivy Large Cap Growth Fd CI 1 Buy 4 / 1 4 . , 0 9(addl)1 0 9 . -- JPMotgan A sia E quity Fd Buy 4/14/09(addl)I10 -- JPMergan Htghbridge Star Mkt N eut Fd Buy 4 ; 1 4 / 0 9(addl)I I I. -- JPMorgan lntrnl E qmty Index Buy 7/6;09

1 2. -- JPMorgan Intrepid America Fd113. --JPMorganlntrepidlntl FdSelect

14. -- JPMorgan Muhi-cap Market Neutral Fd Sold 4/14/09 J

I I 5 -- JPMorgan US Large Cap Core Plus

116. --JPMorganU~ RcM Estate Fund

117 . -- T Rowe Price lnt FdsNewAsiaFd

18 . --Ishares T[ Barclay Ttps Bd Fd Sold 4/16/09( p a r ~ )1 9 . -- Goldman Sachs Tr High Yield Fd lnstl Buy 4 / I 6 / 0 9


11/18

Name of Person Report ing D a l eFINANCIAL DISCLOSURE REPORTcl fton, R i c h a r d R .age 11 of 15

VI 1. INVESTMENTS and TRUSTS - ~ ......... i,,, t ......ons ncludes those oJ *~ ..... d a e p , n d ..... httdren: se, pp. S4-60 o/f!ting i ..... tion~)~ N O N E (No reportable income, assets, or transactions.).................................... ~ ...... B. - .... ~ ..... C ................... ~." ..................

D e s c rip tion o f A s s e ~ Inc om e during G ro~ ~ a {ue a ~ e nd(including t~st as~ts) r~ning period of r~oning period ~g7 ............

Amount Type {e g . Value Value T~ (c g. Da~e ] Value ~ Gain Identity oflace"(X)" a~er each asse t C~e I div. rent. C~e 2 [ Meth~ [ buy ~1. mmd~vy[ Code 2 Code I buyer/seller................ J ~ I~m i

12 0 -- JPNlorgan High Yield Bond F~d

lZI. --IsharesTrUSTreas lntlProt Fd

1 2 2 - - J P g 4 o r g a n S h o r t D u r a t i o n B o n d F d S o l d 4 , " 1 4 , 0 9 L1 p a r t )1 2 3 -- JPM0rgan I Strat Incm Oppys Fd Sel Buy 4 , I 4 , 0 9 J1 2 4 . -- Vanguard Fx Inc Sec [nt Rm Invt Grd Buy 4/14;09 K1 2 5 ,

t26. Trust #3 l IRA) None 0 T! 2 7 . -- JPM0rgan Deposit Sweep lnst

, 128. -- Aston Fds Torero Small Cap Fd CI I Sold 4!14109 J(par t)129. -- FMI Large Cap Fd

!130. --ttarbot FdlndhlstlCl Sold 4,14/09 K

131. -- lshares IvlSCI All Cntrv Asia Ex Jap Fd Sold 4 ,16.09 J B

; 132 -- lsha~es Russell Midcap Growth Index Fd Sold 4.16/09 J! (par t)

13 3 -- lshares Russell Midcap Index Fd Buy 4:16,09 J{addl)1134 --lsharesRusselll000Growthlndex Sold 4/16.,09 J" (part) 135 -- lshares Russell 1000 Value Index Buy 4,14109 J: (addl)

136 -- JPiVlorgan Asia Equity Fd Sold 4~14,09 JI (part)


12/18

FINANCIAL DISCLOSURE REPORT IN .... f ~ . , , - , o . R . p o . i .~Iage 12 of 15 Clifton, R i c h a r d R .VII. INVESTMENTS and TRU STS - i ....... ,.~..,, ....... ~o.,- (Inctudes those of s~ ..... d dependem childrem *e, pp. 3 4-60 of filing~ N O N E income, assets, or transactions.)~ reportable

! I~come during Gross value ul end {t T~n~cliun~ during ~epo~,ng period Iescripnon{including t~st ~ssets~ re~ing period of reposing period [P hoe "(X)" after each ~


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FINANCIAL DISCLOSURE REPORTPage 13 of 15 c ~ i ft o . , R i c h a r d R . 0 ~ , 0 ~ , ~ 0 ~ 0

V] I. INVESTME NTS and TRUSTS - i ........ .t.~., ...... ,io,~ (Includes tho,e qsg ......d dependent children; ~t p p. ~4-6 0 ofliling instructions.)~ N O N E (N o reportable income, assets, or transactions.)

A. B. C. - ........... D- .......................Descriplion of A ssels Incum c during G ross value ai end . T~ansat~ion~ during rcpc,~ing ~riud

(including I~sl asse~) repos ing ~ri~dPlace"(X)" ~f le r ~ch as~t Amoum ~ T~(eg, Vulue / Value Ty~ (eg., Date Value Gain Idcn~t) of

exempl f lora prior d i~losure C~e I " di~.,~enl. C~e 2 [ MclI~ buy, sell, m m ed~ >y C u de 2 Cu~ I b u y c ~ s e l l c ~

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


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FIN.UNCIAL DISCLOSURE REPORT ~ .... f P e r s o n R e p o r t i n g I D a t ePage 14 of 15 c lm o n , R i c h a r d a. I 0 5 , ( 1 1 1 2 0 1 0V I I I . A D D I T I O N A L I N F O R M A T I O N O R E X P L A N A T I O N S . rt,,aic,,,,~,.,,o~Ro~,o,~

I . P o s i t i o n sIpassed away ir~ 2006. I am a co-trustee (wirhout contpensation), together with --land a bank (JPMorgan Chase. "~,h~ch is compcn.qalton andwhich 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 thecurretll i~ncficiary --1 and I are contingent beneficiaries, but n o amounts arc currently owing t o us and 11o paylnellls were nlilde to u s durirlg the year.

VII Investments and T r u s t sPan 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, Thatinvestnlcnt 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 toobtain more precise information and ha,c now recognized the invcstmcnl~ as worthless.


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FINANCIAL DISCLOSURE REPORT N .... IP .... Reporting [ D a l e o l R c p o r t IPage 1 5 of 15 c l if to r , , m c h a r d a . 0 5 " 0 I n 0 1 0

IX. CER TIFICATION.I cert i fy thai al l information given above (including information pertaining to my spouse and minor or dependent chi ldren, i f any) isaccurate, 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 permit t ing non-disclosure.i further certify that earned income from outside employment and honoraria and the acceptance of gifts v, hich have been reported are incompliance with the provisions of 5 U.S.C. app. 501 et. seq., 5 U.S.C. 7353, and Judicial Conference regulalions.

Signature_

N O TE : A N Y I N D I V ID UA L W l lO K N O W I N GL Y A N D WI L F UL L Y F A L S I FI E S O R F A I L S TO F I L E T i l ls R E PO R T M A Y B E S UB JE C T T O C I V ILAN D CRIMINAL SANCTION S (5 U.S.C. app. 104)

F I L I N G I N S T R U C T I O N SMail signed original and 3 addit ional copies to:

Com mittee on Financial DisclosureAdministrative Office of the United States CourtsSuite 2-301One Columbus Circle , N.E .D.C, 20544ashington,


16/18

~ ~=+ . , .~+_ , - . ~ .~....-~ +,.- ,., 9 9 9 B I S H O P S T R EE T S UI T E 2 0 1 0 - ~ z ~ . . , i . : ;: " " - HONOLULU, HAWAII 96813

C h a m be rs o f (80 8) 5 2 2 -7 4 7 4RICHARD R. CLIFTON IU n i t ed S t a t es C i r c u i t J u d g e

A ugust 13, 20 ] 0

Hon. Bobby R. Babcock, ChairCommittee on Financial DisclosureOne Columbus CircleWashington, D.C. 20544R e: Richard R. Clifton, Circuit JudgeCalendar Year 2009 FilingDear 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 dueto the maturity of the bond. The potentially complicating thctor is that the bondsare zero-coupon "college saver" bonds, one of which matured in 2009. l reportedall that we received in the "D" transactions column.

Concerning the entry in Part VII, page 7, line 61, the listing of"GuaranteedIncome Fund" as one of the holdings in my retirement accounts held by my formerlaw 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 thefunds name. Enclosed is a page from the December 31, 2009 report, showing theholdings in the accounts. Because this is a public filing, 1 have redacted thespecific dollar amounts for the other funds listed, but I have left the information forthe "Guaranteed Income Fund" showing that theres only $4.26 in that fund. My


17/18

Hon. Bobby R. BabcockCommittee on Financial DisclosureAugust 13, 2010Page 2

inference is that somewhere along the way a little bit of cash made its way into theaccount (too small an amount to buy another share or unit of the funds in which theaccount is invested), and this is how the plan administrator holds cash. Asreflected at the bottom of the statement page, the plan administrator is PrudentialRetirement. If"Guaranteed Income Fund" is not a public mutual fired or moneymarket thnd, then I assume it must be a Prudential holding, so it might beidentified as "Prudential Retirement Guaranteed Income Fund." Unless I hear tothe contrary, I will identify it that way in future reports.

Thank you for your assistance. Please contact me ifI can clarify or correctanything else.

Richard R. Clifton

Enclosure: one page from 12/31/09 retirement accounts statement (redacted)


18/18

R I CHAR D C L I FTO NOctober 1 , 2009 - Dece m ber 31 , 2009

Activity S u m m a r y by Fun d (con tinu ed)V a l u e C h a n g e i rz V a l u eon 10/01/2009 A d d i l t o n s D e d u d i o n s V a l u e on 12 /31 /2009

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You r In ves tme n ts% o !U n i t s / S h a r e s U n i t / S h a r e P ri c e V a lu e T o t a l A c c o u n ton 12/31/2009 on 12 /31 /2009 an 12/31/2009 V a l u e

Stable ValueGuaranteed Income Fund 0 .1 6 7 $ 2 5 .5 6 5 $4 .26Total Stable Value ..... $ 4 2 6 0 %Fixed Incom eP I M C O Tota l Return Fund ATota l F ixed IncomeL a r g e C a p S t o c kArner icar~ Funds lnv Co Am er R3Amer ican Funds W ash Mut R3Amer ican Funds AMCAP R3T o ta i~__ ~ g ;e ~--~ ~ ~Si~ ~ ~, ......................S m a l l Cap Stock_ O p ~ e _ n h e i m e r Main S t S m C p F d Af a t a l Sma l l C a p S la ckfatalI n f o r m a t i o n o n h o l d in g s f o ~ T h e P r u d e n t ia l R e t ir e m e n t In s u r a n c e a n dwww.prudentJal.condonline/ret i rement o~ yo u may c ontact 8TT-PRU-W e c ~ c u l a t 9 t h e w ~ u e o f y o u r in v e s t m e n t in e a c h f u n d a t t h ~ e n d a t th e s ~v a l u e s w e d o n o t : # ,c l u d e t ra n s & t/ o n s p e n d i n g s e t t le m e o L A s y o u r e v i e w .o t u n i t s /s h a r e s h e l d a n d t h e u n i t / s h a r e p r i c e~ b u r p l a n o i le r s i n v e s t m e n t o p t io n s t h a t ~ e s u b j e c t to m a r k e t t im i n g p o l i oi n th o s e i n v e s t m e n t fu n d o p t i o n s . R e t ; T e m e n t p l a n , i n v e s b # g i s fo r ~ e l o n g t e r m . A f u l l c o p } " o f t h e p o l ic y i s p r o v ~ ; e d o n a n a n n u & t b a s i s A d ~ z [ z o n a ! ~ n , o r m a ~ z o n J sc o n t a i n e d i n t h e i n v e s t m e n t f u n d p r o s p e c t u s .Y o u r p la n o f f e r s S e l f- D i r e c t e d A c c o u n t s , y o u m a y b e s u b j e c t to r e s b ic b ~ n s o n f i a d in g a m o u n t s a n d b m i n g , Y o u r a c c o u n t b ~ a n c r e t t e c t $ th e v a ~ u e r e p o r t e d t oP r u d e n t i a l b y a t h i rd p a r t y a s o f t h e p r i o r d a y s c l o ~ e o f m a r k e t a n d m a y n o t n e c e s s a r i ly m a t c h t h e b a l a n c e o n y o u r S e l f - D ~ T e c t e d A c c o u n t ~ t a t e m e n L

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E d . 1 2 / 0 7

richard r clifton financial disclosure report for 2009

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