Hand Composite Employee Benefit Trust ClearBridge Small ...
Hand Composite Employee Benefit Trust
ClearBridge Small Cap CIF Independent Auditor's Report and Financial Statements
December 31, 2017
Hand Composite Employee Benefit Trust
December 31, 2017
Contents Independent Auditor's Report ............................................................................................1 Basic Financial Statements Statement of Assets and Liabilities - Selected Fund........................................................................ 3 Schedule of Investments ClearBridge Small Cap CIF ..................................................................................................... 4 Statement of Operations - Selected Fund......................................................................................... 7 Statement of Changes in Net Assets - Selected Fund ...................................................................... 8 Notes to Financial Statements.......................................................................................................... 9 Supplemental Information Schedule of Investment Purchases and Sales - Selected Fund....................................................... 14
Independent Auditor's Report
Board of Directors Hand Composite Employee Benefit Trust Houston, Texas
We have audited the accompanying financial statements of the selected fund, ClearBridge Small Cap CIF, included in the Hand Composite Employee Benefit Trust ("Trust" or "Fund"), which comprise the statement of assets and liabilities, including the schedule of investments, as of December 31, 2017, and the related statements of operations, changes in net assets for the period from January 13, 2017 (inception) to December 31, 2017, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Board of Directors Hand Composite Employee Benefit Trust Page 2
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the selected fund, ClearBridge Small Cap CIF, as of December 31, 2017, and the results of its operations and the changes in its net assets for the period from January 13, 2017 (inception) to December 31, 2017, in accordance with accounting principles generally accepted in the United States of America.
Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of investment purchases and sales listed in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
Houston, Texas May 25, 2018
Hand Composite Employee Benefit Trust
Statement of Assets and Liabilities ? Selected Fund December 31, 2017
Assets
Investments, at cost
Investments, at fair value Receivable for:
Dividends and interest
Total assets
Liabilities
Accounts payable and accrued liabilities
Total liabilities
Net assets held for participants: Class R-INT Class R-LM
Total net assets held for participants
Units outstanding: Class R-INT Class R-LM
Total units outstanding
Net asset value per unit: Class R-INT Class R-LM
ClearBridge Small Cap CIF
$ 46,199,545
$ 48,969,280
94,953
$
49,064,233
$
11,954
$
11,954
$
3,447,879
45,604,400
$
49,052,279
310,698 4,116,936
4,427,634
$
11.10
$
11.08
See Notes to Financial Statements
3
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