1. Green & Gold Fund Recommendation: Buy D.R. Horton, Inc. (DHI)

2. Housing market indicators are strong Room for recovery Housing recovery began in mid 2011 Financially sound Overall, better than competitors Key Investment Points

3. Homebuilders and mortgage financiers Major companies DHI, PHM, MDC, RYL, NVR, KBH, LEN Home construction, sale, and financing Also some deal in land acquisition and development Industry Overview

4. Housing Starts

5. Housing Market Index

6. Construction Spending

7. S&P Case-Shiller HPI

8. New Home Sales

9. Housing Starts (16 April) 1.04 M (BC, prior.917 M) Housing Market Index (15 April) 42 (MC, prior 44) Construction Spending (1 April) M/M 1.2% (BC, prior M/M -2.1% S&P Case-Shiller HPI (26 March) M/M 1.0% (C, prior M/M 0.9%) New Home Sales (23 April) 417K (MC, prior 411K rev.) Economic Data Summary

10. Homebuilding and Financing Constructs, sells, and finances homes Domestic market Acquired Breland Homes (2012) 2011 Revenue: $130 M Q2 2013 DHI Earnings 26 April at 10:00 AM Eastern Previous Close24.69 1 Year Target Price24.00 – 26.00 52 Week Range14.37 – 25.56 Average Volume (3M) 6.02 M Market Cap.$7.06 B P/E (ttm)8.49 EPS (ttm)2.8 Dividend and Yield0.15 (0.60%) Beta1.27 Employees3,500 DHI Company Profile

11. DHI Price Chart

12. DHI vs S&P vs XHB

13. DHI Financials

14. Low numbers leading up to the housing crash Recovering numbers coinciding with the better housing numbers Sales, revenue, net income, etc. are all expected to rise DHI Financials

15. CompanyMarket Cap. P/EPrice to Book Dividend (Yield) TD/TAROAROIROEProfit Margin DHI7.72 B8.492.100.15 (.64)34.415.218.530.821.96 MDC1.77 B28.31.992.0 (2.78)42.23.33.577.045.21 NVR4.95 B26.03.33023.28.2410.512.75.66 RYL1.90 B52.03.640.12 (.30)58.72.412.908.813.24 TOL5.70 B11.91.84036.58.6710.117.125.9 PHM7.61 B36.83.4301153.033.461015.7 KBH1.84 B5.110.14 (.46)67.3-2.32-2.5-15-3.8 LEN7.97 B12.52.320.16 (.39)48.66.747.3421.916.01 Comparison to Industry

16. SWOT Analysis Strengths  Increase in Sales Order Backlogs  Specialized Home Builders  Integrated Operations Weaknesses  Weak Profitability Indicators  Business Concentration: the United States Opportunities  Rising Demand of Senior Housing in the United States  Growth Trends: Echo Boomer Population  Real Estate Market Outlook: United States Threats  Intense Competition  Stringent Government Regulations  Global Economic Scenario

17. We should own DHI because: Housing market still has much room to recover DHI has good financials and can capitalize on the recovery Beware of financial news indicating slowdown Investment Thesis

18. Sector : Industrials and Materials Industry Group: Residential Construction Current Holdings: UPS, GE, XLI, GDX, XYL, and SAND Buy 250 shares of DHI at $24.00 (approximately $6000.00, 1.09% of portfolio) Current Portfolio and Recommendation SectorTarget Allocation Current Allocation Remaining Allocation Industrials6.19%5.77%0.4% Materials2.04%3.61%-1.6%