CONTENTS
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AUDITED FINANCIAL STATEMENTS
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PAGE
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||||||
Report of Independent Registered Public Accounting Firm
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3
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||||||
Statements of Net Assets Available for Benefits
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5
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||||||
Statements of Changes in Net Assets Available for Benefits
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6
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Notes of Financial Statements
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7
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SUPPLEMENTAL SCHEDULE
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Form 5500 - Schedule H - Part IV:
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Item 4i - Schedule of Assets Held for Investment Purposes
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at End of Year - December 31, 2012
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16
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December 31,
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|||||
2012
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|
2011
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ASSETS
|
|
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Investments, at fair value:
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|
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||
Chemung Financial Corporation common stock
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$ 5,628,989
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|
$ 4,354,191
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||
|
|
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Chemung Canal Trust Company common trust funds:
|
|
|
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||
Short-Term Bond Fund
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687,387
|
|
665,929
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||
Core Bond Fund
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1,362,445
|
|
1,545,364
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||
Core Growth Fund
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1,506,077
|
|
1,398.927
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||
Growth and Income Fund
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1,315,966
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|
1,206,664
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||
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Mutual funds:
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|
|
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||
Invesco Small Cap Growth Fund
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709,843
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|
574,960
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||
Artisan International Fund
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696,127
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|
707,667
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||
Dodge & Cox Balanced Fund
Dodge & Cox International Stock Fund
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36,587
664,513
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-
587,264
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|||
Dodge & Cox Stock Fund
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5,116,648
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4,100,620
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||
Federated Automated Cash Management
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681,611
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1,361,734
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||
Federated Prime Obligations Fund
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90,692
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128,205
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||
Federated Stock Trust Fund
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239,031
|
|
231,437
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||
Loomis Sayles Bond Fund
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1,688,998
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|
1,255,926
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||
Allianz NACM International Growth Opportunity Fund
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1,076,518
|
|
1,010,343
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||
T. Rowe Price Blue Chip Growth Fund
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567,569
|
|
283,150
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||
Vanguard Index Trust 500 Fund
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1,761,376
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1,364,014
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|||
Westport Select Cap Fund
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826,347
|
|
911,910
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||
TOTAL INVESTMENTS
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24,656,724
|
|
21,688,305
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||
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|
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Accrued income receivable
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3
|
|
47,867
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||
Employer contribution receivable
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393,085
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371,751
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|||
Cash - non-interest bearing
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1,377
|
|
111
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||
NET ASSETS AVAILABLE
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|
|
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FOR BENEFITS
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$25,051,189
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$22,108,034
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Year ended December 31,
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2012
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2011
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ADDITIONS
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Additions to net assets attributed to:
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|
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Investment income:
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Interest and dividends
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$ 679,852
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$ 495,649
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|||
Net appreciation (depreciation) in fair value of investments
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3,325,315
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(703,265)
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Other income
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1,316
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-
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4,006,483
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(207,616)
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Contributions:
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Employer
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393,085
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371,751
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Participant
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1,261,656
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1,199,461
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Rollover
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22,461
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671,878
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|||
1,677,202
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2,243,090
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TOTAL ADDITIONS
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5,683,685
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2,035,474
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DEDUCTIONS
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|
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Deductions from net assets attributed to:
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|
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Benefits paid to participants
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2,740.530
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2,419,176
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TOTAL DEDUCTIONS
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2,740,530
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2,419,176
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NET INCREASE (DECREASE)
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2,943,155
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(383,702)
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Net assets available for benefits
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|
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at beginning of year
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22,108,034
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22,491,736
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NET ASSETS AVAILABLE FOR BENEFITS
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|
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AT END OF YEAR
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$ 25,051,189
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$22,108,034
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Level 1
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Inputs to the valuation methodology are unadjusted quoted prices for identical assets of liabilities in active markets that the Plan has the ability to access.
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Level 2
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Inputs to the valuation methodology include:
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-
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Quoted prices for similar assets or liabilities in active markets;
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-
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Quoted prices for identical or similar assets or liabilities in inactive markets;
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-
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Inputs other than quoted prices that are observable for the asset or liability;
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-
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Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
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If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
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Level 3
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Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
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Level 1
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Level 2
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Level 3
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Total
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December 31, 2012
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Chemung Financial Corporation
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common stock
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$ -
|
$ 5,628,989
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$ -
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$ 5,628,989
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Common trust funds:
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Short-term bond fund
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-
|
687,387
|
-
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687,387
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Core bond fund
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-
|
1,362,445
|
-
|
1,362,445
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Core growth fund
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-
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1,506,077
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-
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1,506,077
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Growth and income fund
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-
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1,315,966
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-
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1,315,966
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Mutual funds:
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Cash equivalents
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772,303
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-
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-
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772,303
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Mid/small cap growth fund
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709,843
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-
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-
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709,843
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International foreign funds
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2,437,158
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-
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-
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2,437,158
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Large cap actively managed
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value funds
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5,355,679
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-
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-
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5,355,679
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Income/taxable fund
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1,688,998
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-
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-
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1,688,998
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Large cap actively managed
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growth fund
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567,569
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-
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-
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567,569
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Large cap index blend fund
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1,761,376
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-
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-
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1,761,376
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Mid/small cap blend fund
Moderate allocation
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826,347
36,587
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-
-
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-
-
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826,347
36,587
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Total assets at fair value
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$ 14,155,860
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$ 10,500,864
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$ -
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$ 24,656,724
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Level 1
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Level 2
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Level 3
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Total
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December 31, 2011
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Chemung Financial Corporation
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common stock
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$ -
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$ 4,354,191
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$ -
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$ 4,354,191
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Common trust funds:
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Short-term bond fund
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-
|
665,929
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-
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665,929
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Core bond fund
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-
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1,545,364
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-
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1,545,364
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Core growth fund
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-
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1,398,927
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-
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1,398,927
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Growth and income fund
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-
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1,206,664
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-
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1,206,664
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Mutual funds:
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Cash equivalents
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1,489,939
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-
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-
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1,489,939
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Mid/small cap growth fund
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574,960
|
-
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-
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574,960
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International foreign funds
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2,305,274
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-
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-
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2,305,274
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Large cap actively managed
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||||||||||
value fund
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4,332,057
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-
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-
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4,332,057
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Income/taxable fund
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1,255,926
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-
|
-
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1,255,926
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Large cap actively managed growth
fund
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283,150
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-
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-
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283,150
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Large cap index blend fund
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1,364,014
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-
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-
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1,269,825
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Mid/small cap blend fund
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911,910
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-
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-
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911,910
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Total assets at fair value
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$ 12,517,230
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$ 9,171,075
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$ -
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$ 21,688,305
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December 31, 2012
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December 31, 2011
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Net
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Net
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appreciation
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appreciation
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in fair
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(depreciation) in fair
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||||||||
value during
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Fair value
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value during
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Fair value
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the year
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at end of year
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the year
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at end of year
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Chemung Financial Corporation
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common stock
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$ 1,300,521
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$ 5,628,989
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$ 83,512
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$ 4,354,191
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Chemung Canal Trust Company
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|
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common trust funds:
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|
|
|
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Short-Term Bond Fund
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18,067
|
687,387
|
20,635
|
665,929
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|||||
Core Bond Fund
|
82,722
|
1,362,445
|
|
80,444
|
1,545,364
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||||
Core Growth Fund
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206,144
|
1,506,077
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|
(153,162)
|
1,398,927
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Growth and Income Fund
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126,839
|
1,315,966
|
|
49,900
|
1,206,664
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Mutual funds:
|
|
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Dodge & Cox Stock Fund
|
837,274
|
5,116,648
|
|
(236,352)
|
4,100,620
|
||||
Loomis Sayles Bond Fund
|
116,654
|
1,688,998
|
(17,936)
|
1,255,926
|
|||||
Vanguard Index Trust 500 Fund
|
187,905
|
1,761,376
|
(2,353)
|
1,364,014
|
|||||
Federated Auto Cash Management
|
-
|
681,611
|
-
|
1,361,734
|
|||||
Other
|
449,189
|
4,907,227
|
|
(527,953)
|
4,434,936
|
||||
$ 3,325,315
|
$ 24,656,724
|
|
$ (703,265)
|
$ 21,688,305
|
(b)
|
(c)
|
(e)
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|||||
Description of investment
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|||||||
Party
|
including maturity date, rate of
|
||||||
in
|
Identity of issue, borrower,
|
interest, collateral, par or
|
Current
|
||||
interest
|
lessor or similar party
|
maturity value
|
value
|
||||
*
|
Chemung Financial Corporation
|
189,337 shares of common stock
|
$ 5,628,989
|
||||
*
|
Chemung Canal Trust Company
|
||||||
common trust funds:
|
|||||||
Short-Term Bond Fund
|
50,565 units
|
687,387
|
|||||
Core Bond Fund
|
85,531 units
|
1,362,445
|
|||||
Core Growth Fund
|
77,978 units
|
1,506,077
|
|||||
Growth and Income Fund
|
51,144 units
|
1,315,966
|
|||||
Mutual funds:
|
|||||||
Invesco Small Cap Growth Fund
|
23,661 units
|
709,843
|
|||||
Artisan International Fund
|
28,309 units
|
696,127
|
|||||
Dodge & Cox Balanced Fund
Dodge & Cox International Stock Fund
|
469 units
19,183 units
|
36,587
664,513
|
|||||
Dodge & Cox Stock Fund
|
41,974 units
|
5,116,648
|
|||||
Federated Automated Cash Management
|
681,611 units
|
681,611
|
|||||
Federated Prime Obligations Fund
|
90,692 units
|
90,692
|
|||||
Federated Stock Trust Fund
|
10,831 units
|
239,031
|
|||||
Loomis Sayles Bond Fund
|
111,706 units
|
1,688,998
|
|||||
Allianz NACM International Growth
|
|||||||
Opportunity Fund
|
33,288 units
|
1,076,518
|
|||||
T. Rowe Price Blue Chip Growth Fund
|
12,439 units
|
567,569
|
|||||
Vanguard Index Trust 500 Fund
|
13,408 units
|
1,761,376
|
|||||
Westport Select Cap Fund
|
44,142 units
|
826,347
|
|||||
|
|||||||
TOTAL INVESTMENTS
|
$ 24,656,724
|
1.
|
The annual report on Form 11-K for the Plan for the twelve months ended December 31, 2012 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
2.
|
Information contained in the Report present fairly, in all material respects, the net assets available for plan benefits and changes in net assets available for plan benefits of the Plan.
|
/s/Pamela D. Burns
|
||||
Date:
|
June 26, 2013
|
Pamela D. Burns
Plan Administrator
Chemung Canal Trust Company
Profit Sharing, Savings, and
Investment Plan
|
||
/s/Mark A. Severson
|
||||
Date:
|
June 26, 2013
|
Mark A. Severson
Chief Financial Officer
Chemung Canal Trust Company
|
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