| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| PEPSICO INC NT 5.150% 05/15/12 | 26,925 | 26,426 |
| SHELL INT'L 4.000% 03/21/14 | 25,182 | 26,602 |
| PROCTOR & GAMBLE 3.5% 02/15/15 | 25,156 | 26,248 |
| GOLDMAN SACHS 3.7% 08/01/15 | 51,111 | 50,946 |
| GENERAL ELEC 5.0% 01/08/16 | 22,250 | 26,685 |
| BARCLAYS BANK 3.0% 08/19/16 | 50,000 | 48,915 |
| AT&T 5.5% 02/01/18 | 50,000 | 55,544 |
| GE CAPITAL 4.0% 08/15/18 | 50,100 | 48,686 |
| DUPONT 5.75% 03/15/19 | 24,525 | 28,346 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| FEDERATED TOTAL RETURN BOND | AT COST | 201,000 | 214,189 |
| FEDERATED CLOVER VALUE A | AT COST | 125,759 | 139,150 |
| DWS COMMODITY SECURITIES A | AT COST | 52,227 | 62,250 |
| JANUS FORTY A | AT COST | 120,023 | 129,821 |
| ALLIANCE BERNSTEIN SMALL-MID | AT COST | 44,591 | 51,988 |
| OPPENHEIMER REAL ESTATE A | AT COST | 49,707 | 52,860 |
| FEDERATED MID CAP GROWTH | AT COST | 36,547 | 43,174 |
| FEDERATED KAUFMANN SMALL | AT COST | 35,148 | 43,612 |
| FEDERATED INTERCONTINENTAL | AT COST | 195,620 | 219,082 |
| FEDERATED INTERNATIONAL SMALL | AT COST | 29,971 | 35,421 |
| VICTORY SMALL COMPANY OPP | AT COST | 59,725 | 68,786 |
| Description | Amount |
|---|---|
| 2010 TRANSACTIONS POSTED IN 2011 | 1,505 |
| Description | Amount |
|---|---|
| 2009 TRANSACTIONS POSTED IN 2010 | 411 |
| 2010 4TH QUARTER ESTIMATE PAID IN 2011 | 79 |
| ACCRUED INTEREST PAID - CARRYOVER | 62 |
| TAX ADJUSTMENT | 143 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAX PAYMENT - PRIOR YE | 267 | 0 | 0 | |
| FEDERAL ESTIMATES - PRINCIPAL | 316 | 0 | 0 | |
| FOREIGN TAXES ON QUALIFIED FOR | 689 | 689 | 0 |