| Identifier | Return Reference | Explanation |
|---|
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AMERICAN INTL GROUP - 5.600 - 10/18/2016 02687QBC1 600000.00% | 6,119 | 6,441 |
| APACHE CORPORATION NOTES 5.625 01/15/2017 037411AS4 400000.00% | 4,050 | 4,707 |
| ARCH CAP GROUP LTD SR NT 7.350 05/01/2034 03937LAA3 10000000.00% | 97,125 | 108,464 |
| ATT CORP CR SENS 7.300 11/15/2011 001957BC2 600000.00% | 6,370 | 6,102 |
| BANC ONE CORP 7.625 10/15/26 059438AH4 10000000.00% | 94,216 | 120,900 |
| BANK AMER CORP VAR PERP BONDS 060505DT8 10000000.00% | 78,738 | 103,000 |
| CPWPN FIRST MORTGAGE 5.2500 DUE12/15/2015 C37 144141CX4 600000.00% | 5,997 | 6,882 |
| CISCO SYSTEMS INC - 5.000 - 02/22/2016 17275RAC6 500000.00% | 4,939 | 5,779 |
| CITIGROUP XXI JUNIOR 173094AA1 10000000.00% | 104,999 | 102,875 |
| COMCAST CORPORATIONNOTES 4.9500 DUE06/15/2016 20030NAG6 600000.00% | 5,976 | 6,682 |
| CSFB MTG PTC 2003-29VIII-A 6.0000 DUE 11/25/2018 22541Q4E9 360700.00% | 4,421 | 3,783 |
| CWMBS INC 2003-J1 01-A-2 5.2500 DUE 11/25/2033 12669FDK6 84100.00% | 958 | 840 |
| DELPHI FINL GROUP INC CR SENS 07.87500 01/31/2020 247131AF2 10000000.00% | 100,120 | 114,116 |
| DOW CHEM CO DEB 7.37500 03/01/2023 260543BE2 10000000.00% | 101,375 | 119,238 |
| ELI LILLY CO BD 5.200 03/15/2017 532457BB3 400000.00% | 3,997 | 4,652 |
| GE CAP CMBS 2005-C4 A-2 5.3049 DUE 11/10/2045 36828QQA7 335700.00% | 3,356 | 3,363 |
| GE CAP CORP SR UNSERUES 5.625 9/15/17 36962G3H5 10000000.00% | 88,664 | 112,496 |
| GE CAPITAL TRUST I TR SEC 6.37500 11/15/2067 36830GAA2 10000000.00% | 67,680 | 102,000 |
| GE CO NT - 5.000 - 02/01/2013 369604AY9 600000.00% | 6,165 | 6,337 |
| GENERAL ELEC CO 5.25 DUE 12-06-2017 BEO 369604BC6 10000000.00% | 96,500 | 112,234 |
| GENWORTH FINANCIAL MTN 06.51500 05/22/2018 37247DAK2 10000000.00% | 87,750 | 95,000 |
| GEORGE WASHINGTON UNIVERSITY 6.00000 02/01/2019 372546AA9 10000000.00% | 100,125 | 116,442 |
| GOLDMAN SACHS 5.95 1/18/18 38141GFG4 10000000.00% | 91,744 | 108,897 |
| GOLDMAN SACHS GP INC NTS 5.950 01/15/2027 38141GES9 10000000.00% | 81,718 | 99,627 |
| HARTFORD FINL SVCS MTN 06.00000 01/15/2019 416515AV6 10000000.00% | 94,875 | 109,417 |
| JPMORGAN CHASE VAR PEEP 46625HHA1 10000000.00% | 85,888 | 106,750 |
| KIMBERLY CLARK NTS 6.125 8/1/17 494368BB8 600000.00% | 6,121 | 7,230 |
| MEDTRONIC INC NOTES 4.7500 DUE09/15/2015 585055AH9 200000.00% | 1,907 | 2,250 |
| MERRILL LYNCH CO 6.05 8/15/12 59018YJ36 400000.00% | 4,034 | 4,176 |
| MORGAN STANLEY 6.625 4/1/18 6174466Q7 10000000.00% | 87,848 | 111,147 |
| MORGAN STANLEY D W DISC SRMTNS 1.78563 11/09/2018 61745ET76 10000000.00% | 98,625 | 97,977 |
| ORACLE CORP - 5.25 - 01/15/2016 68402LAC8 400000.00% | 3,771 | 4,576 |
| SLM CORPORATION, 5.05 - 2014 78442FAE8 10000000.00% | 89,625 | 103,180 |
| TEXTRON FINL CORP MTN BE 5.40000 04/28/2013 88319QM59 10000000.00% | 99,248 | 105,861 |
| VZ GLOBAL FDG CORP GLBL NT 7.375 09/01/2012 92344GAT3 500000.00% | 5,475 | 5,363 |
| VA ELECTRIC AND POWER COMPANY NOTES 5.4000 DUE01/15/2016 927804EZ3 200000.00% | 1,991 | 2,305 |
| WACHOVIA BK NATL ASSN MTN SUB 4.800 11/01/2014 92976GAB7 600000.00% | 5,986 | 6,462 |
| WELLS FARGO CAP FLT PERP 949801AA2 10000000.00% | 101,848 | 106,500 |
| WELLS FARGO FLT PERP 949746PM7 10000000.00% | 88,080 | 106,750 |
| ZURICH REINS CENTRE HLDGS INC 7.12500 10/15/2023 989822AA9 10000000.00% | 85,750 | 109,915 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 800 shares of BLDRS INDEX FUNDS TRUST - BLDRS EMERGING MARKETS 5 ADRE | 35,823 | 36,464 |
| 3420 shares of ENERGY SELECT SPDR XLE | 229,866 | 261,459 |
| 4000 shares of FANNIE MAE 8.25 FNM-P | 103,204 | 9,520 |
| 4211 shares of FIRST EAGLE GOLD FUND CLASS C FEGOX | 78,274 | 138,378 |
| 4000 shares of FREDDIE MAC 8.3750PERPETUAL FRE-PZ | 105,004 | 11,600 |
| 2500 shares of GOLDMAN SACHS DEP SH GS-PD | 53,634 | 53,725 |
| 2300 shares of GOLDMAN SACHS GRP INC. THE GS-PC | 51,630 | 50,830 |
| 850 shares of ISHARES MSCI EMERGING MARKETS INDEX FD EEM | 36,370 | 40,044 |
| 2700 shares of ISHARES SP 500 VALUE INDEX FUND IVE | 166,378 | 161,406 |
| 800 shares of ISHARES SP LAT AM40 ILF | 38,840 | 39,624 |
| 2230 shares of ISHARES SP MIDCAP 400 BARRA VALUE IJJ | 178,493 | 179,827 |
| 1060 shares of ISHARES SP MIDCAP 400 GROWTH INDEX FUND IJK | 93,914 | 114,003 |
| 700 shares of ISHARES TRUST MSCI EAFE INDEX FUND EFA | 39,796 | 41,097 |
| 3150 shares of ISHARES TRUST RUSSELL 1000 GROWTH INDEX FD IWF | 167,835 | 189,315 |
| 20192 shares of PIMCO COMMODITY REAL RETURN STRATEGY FUND PCRIX | 189,399 | 185,564 |
| 1254 shares of PIMCO INCOME STRATEGY FUND PFL | 13,887 | 15,537 |
| 3408 shares of PIMCO INCOME STRATEGY FUND II PFN | 31,432 | 35,000 |
| 5000 shares of PROTECTIVE LIFE CORP8.00 10/15/2024 PLP | 100,225 | 108,500 |
| 2700 shares of SPDR LEHMAN HYB ETF JNK | 109,980 | 108,675 |
| 1000 shares of VANGUARD EMERGING MARKETS STOCK INDEX VIPERS VWO | 46,957 | 48,320 |
| 1200 shares of VANGUARD INFORMATION TECHNOLOGY ETF VGT | 79,360 | 75,912 |
| 1200 shares of VANGUARD MID-CAP GROWTH ETF VOT | 65,010 | 79,116 |
| 1320 shares of VANGUARD SMALL-CAP GROWTH ETF VBK | 111,459 | 108,992 |
| 510 shares of VANGUARD VALUE ETF VTV | 26,549 | 27,586 |
| 2400 shares of WISDOMTREE DIV TOP 100 DTN | 118,473 | 119,496 |
| 1800 shares of WISDOMTREE JAPAN DIVIDEND FUND DXJ | 64,377 | 63,630 |
| 2300 shares of WISDOMTREE SC DIV DES | 110,384 | 106,536 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| General Governance Matters and Counseling | 1,105 | 1,105 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Administrative Fees | 17,370 | 17,370 | ||
| Indemnification insurance premium payments | 1,276 | 1,276 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| Federal Tax Refund | 11,838 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Investment Management Services | 60,835 | 60,835 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Estimated Tax for 2011 | 4,900 | 0 | 0 | 0 |