| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| BLACKROCK HIGH YIELD BOND - 220457.433 SHS | 1,735,000 | 1,629,180 |
| JPM HIGH YIELD FD - SEL - 205340.095 SHS | 1,567,194 | 1,564,692 |
| JPM SHORT DURATION BOND FD - SEL - 241584.466 SHS | 2,556,075 | 2,645,350 |
| DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 29118.662 SHS | 413,485 | 383,202 |
| JPM STR INC OPP FD - 35576.674 SHS | 388,497 | 403,084 |
| JPM INTL CURRENCY INCOME FD 72782.493 SHS | 794,057 | 788,234 |
| BARC 93% PPN CURRENCY BASKET 9/13/13 - 300000 SHS | 297,479 | 281,550 |
| GS 95% PP CMIT BASKET 11/18/13 - 300000 SHS | 296,360 | 274,761 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABBOTT LABORATORIES - 315 SHS | 14,192 | 17,712 |
| ALLERGAN INC - 110 SHS | 9,233 | 9,651 |
| AMAZON COM INC - 190 SHS | 31,521 | 32,889 |
| ANADARKO PETROLEUM CORP - 230 SHS | 16,997 | 17,556 |
| APPLE INC. - 225 SHS | 54,316 | 91,125 |
| AUTOZONE INC - 40 SHS | 11,494 | 12,999 |
| BAKER HUGHES INC - 160 SHS | 9,364 | 7,782 |
| CVS CAREMARK CORPORATION - 255 SHS | 3,070 | 10,399 |
| CAMPBELL SOUP COMPANY - 375 SHS | 13,157 | 12,465 |
| CAPITAL ONE FINANCIAL CORP - 296 SHS | 13,442 | 12,518 |
| CARDINAL HEALTH INC - 485 SHS | 17,802 | 19,696 |
| CELGENE CORPORATION - 255 SHS | 12,959 | 17,238 |
| CISCO SYSTEMS INC - 1605 SHS | 24,817 | 29,018 |
| CITRIX SYSTEMS INC - 110 SHS | 6,353 | 6,679 |
| COCA-COLA CO - 210 SHS | 14,230 | 14,694 |
| COLGATE PALMOLIVE CO - 152 SHS | 12,298 | 14,043 |
| DARDEN RESTAURANTS INC - 150 SHS | 6,359 | 6,837 |
| DELAWARE EMERGING MARKETS FUND - 52578.542 SHS | 887,000 | 655,654 |
| E I DU PONT DE NEMOURS & CO - 726 SHS | 31,405 | 33,236 |
| E M C CORP MASS - 500 SHS | 11,726 | 10,770 |
| EMERSON ELECTRIC CO - 285 SHS | 15,307 | 13,278 |
| FREEPORT-MCMORAN COPPER & GOLD INC CL B - 293 SHS | 7,314 | 10,779 |
| GENERAL ELECTRIC CO - 840 SHS | 13,663 | 15,044 |
| GENERAL MILLS INC - 375 SHS | 12,964 | 15,154 |
| HOME DEPOT INC - 200 SHS | 6,757 | 8,408 |
| HUMANA INC - 270 SHS | 21,388 | 23,655 |
| JOHNSON & JOHNSON - 440 SHS | 28,346 | 28,855 |
| JOHNSON CONTROLS INC - 1055 SHS | 29,817 | 32,979 |
| LAM RESEARCH CORP - 110 SHS | 4,826 | 4,072 |
| THE ESTEE LAUDER COMPANIES INC CL A - 90 SHS | 9,130 | 10,109 |
| LENNAR CORP - 460 SHS | 6,918 | 9,039 |
| LOWES COMPANIES INC - 1149 SHS | 25,436 | 29,162 |
| MICROS SYSTEMS INC - 90 SHS | 4,489 | 4,192 |
| MICROSOFT CORP - 2343 SHS | 52,447 | 60,824 |
| NIKE INC B - 180 SHS | 12,679 | 17,347 |
| NORFOLK SOUTHERN CORP - 555 SHS | 28,160 | 40,437 |
| OCCIDENTAL PETROLEUM CORP - 456 SHS | 35,040 | 42,727 |
| ORACLE CORP - 925 SHS | 26,614 | 23,726 |
| PACCAR INC - 470 SHS | 17,448 | 17,611 |
| PFIZER INC - 1788 SHS | 28,766 | 38,692 |
| PIONEER NATURAL RESOURCES CO - 70 SHS | 5,209 | 6,264 |
| PROCTER & GAMBLE CO - 540 SHS | 31,647 | 36,023 |
| QUALCOMM INC - 495 SHS | 21,280 | 27,077 |
| T ROWE PRICE INTERNATIONAL FUNDS INC NEW ASIA FUND - 44804.214 SHS | 636,668 | 623,227 |
| SPDR S&P 500 ETF TRUST - 7111 SHS | 731,068 | 892,431 |
| SCHLUMBERGER LTD - 494 SHS | 41,023 | 33,745 |
| SOUTHWESTERN ENERGY CO - 134 SHS | 5,287 | 4,280 |
| UNITED TECHNOLOGIES CORP - 520 SHS | 37,340 | 38,007 |
| VERTEX PHARMACEUTICALS INC - 220 SHS | 6,083 | 7,306 |
| WILLIAMS COMPANIES INC - 578 SHS | 17,492 | 19,086 |
| XILINX CORP - 518 SHS | 16,237 | 16,607 |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP CL A - 305 SHS | 18,997 | 19,615 |
| WELLS FARGO & CO - 1605 SHS | 36,271 | 44,234 |
| THORNBURG VALUE FUND FD CL I - 27479.903 SHS | 951,594 | 821,374 |
| BANK OF AMERICA CORP - 1650 SHS | 16,041 | 9,174 |
| GOLDMAN SACHS GROUP INC - 205 SHS | 21,384 | 18,538 |
| DEVON ENERGY CORP - 95 SHS | 6,300 | 5,890 |
| EOG RESOURCES INC - 95 SHS | 6,429 | 9,358 |
| HONEYWELL INTL INC - 374 SHS | 18,440 | 20,327 |
| DOMINION RESOURCES INC VA - 210 SHS | 10,583 | 11,147 |
| TARGET CORP - 275 SHS | 13,031 | 14,086 |
| UNITEDHEALTH GROUP INC - 340 SHS | 15,348 | 17,231 |
| ISHARES S&P MIDCAP 400 INDEX FD - 8846 SHS | 633,507 | 774,998 |
| VERIZON COMMUNICATIONS INC - 630 SHS | 19,071 | 25,276 |
| GLOBAL PAYMENTS INC - 175 SHS | 8,959 | 8,292 |
| US BANCORP DEL - 525 SHS | 10,625 | 14,201 |
| DODGE & COX INTL STOCK - 51651.553 SHS | 1,678,358 | 1,510,291 |
| YUM BRANDS INC - 500 SHS | 20,879 | 29,505 |
| ARTISAN INTL VALUE FUND - INV - 46555.896 SHS | 1,173,142 | 1,168,087 |
| CENTERPOINT ENERGY INC - 1029 SHS | 18,324 | 20,673 |
| COMCAST CORP CL A - 600 SHS | 12,901 | 14,226 |
| CARNIVAL CORPORATION - 425 SHS | 14,952 | 13,872 |
| ASTON FDS TAMRO S CAP I - 39542.59 SHS | 534,616 | 736,283 |
| JPM LARGE CAP GROWTH FD - SEL - 59743.954 SHS | 1,260,000 | 1,282,105 |
| JPM US REAL ESTATE FD - SEL - 23985.385 SHS | 285,186 | 388,323 |
| JPM MARKET EXPANSION INDEX FD - SEL - 130756.602 SHS | 1,228,482 | 1,264,416 |
| JPM ASIA EQU FD - SEL - 22532.412 SHS | 606,122 | 648,032 |
| MANAGERS AMG FDS-TIMESSQUARE MID CAP GROWTH FD - 90489.107 SHS | 1,101,342 | 1,195,361 |
| VANGUARD MSCI EMERGING MARKETS ETF - 9961 SHS | 427,341 | 380,610 |
| JPM US LRGE CAP CORE PLUS FD - SEL - 47337.137 SHS | 874,317 | 934,435 |
| AT&T INC - 682 SHS | 22,860 | 20,624 |
| CBS CORP CLASS B W/I - 717 SHS | 19,462 | 19,459 |
| EDGEWOOD GROWTH FUND - 73018.663 SHS | 841,175 | 852,858 |
| CAMERON INTL CORPORATION - 135 SHS | 6,948 | 6,641 |
| POWERSHARES DB COMMODITY INDEX TRACKING FUND - 29941 SHS | 640,336 | 803,616 |
| HARTFORD CAPITAL APPRECIATION FUND - 39828.597 SHS | 1,192,273 | 1,147,462 |
| MANNING & NAPIER FUND INC WORLD OPPS SERIES FUND - 190719.469 SHS | 1,757,775 | 1,264,470 |
| EATON VANCE MUT FDS TR GLOBAL MACRO - I - 122687.005 SHS | 1,267,000 | 1,204,786 |
| INVESCO LTD - 665 SHS | 13,425 | 13,360 |
| K2 OVERSEAS LONG SHORT FUND I, LTD. CLASS B - 900 SHS | 900,000 | 850,296 |
| NETAPP INC - 140 SHS | 4,990 | 5,078 |
| SPDR GOLD TRUST - 3800 SHS | 351,671 | 577,562 |
| ACE LTD NEW - 235 SHS | 13,318 | 16,478 |
| TYCO INTERNATIONAL LTD - 400 SHS | 17,337 | 18,684 |
| TIME WARNER INC NEW - 1258 SHS | 36,238 | 45,464 |
| MERCK AND CO INC - 1304 SHS | 42,874 | 49,161 |
| HIGHBRIDGE DYNAMIC COMM STRG FD -SEL - 49322.492 SHS | 795,464 | 844,894 |
| NEXTERA ENERGY INC - 220 SHS | 12,628 | 13,394 |
| DB BREN SPX 1/6/12 - 400000 SHS | 396,000 | 410,840 |
| DB BREN ASIA BASKET 01/06/12 - 400000 SHS | 396,000 | 367,560 |
| DB BREN EAFE 2/1/12 - 400000 SHS | 396,000 | 356,960 |
| DB CALLABLE REN SPX 2/1/12 - 400000 SHS | 396,000 | 393,360 |
| CS BREN EAFE 2/29/12 - 400000 SHS | 396,000 | 346,800 |
| DB REN SPX 2/29/12 - 400000 SHS | 396,000 | 381,400 |
| COVIDIEN PLC NEW - 368 SHS | 17,590 | 16,564 |
| GS BREN EAFE 4/10/12 - 400000 SHS | 396,000 | 346,176 |
| JOHN HANCOCK II-EMG MKTS-I - 43279.851 SHS | 511,135 | 392,115 |
| CITIGROUP INC NEW - 632 SHS | 22,785 | 16,628 |
| HSBC BREN EAFE 05/31/12 - 450000 SHS | 445,500 | 383,400 |
| BARC CONT BUFF EQ SPX 06/13/12- 650000 SHS | 643,500 | 627,770 |
| MS CONT BUFF EQ SPX 8/15/12 - 650000 SHS | 643,500 | 630,403 |
| HSBC CONT BUFF EQ SPX 09/19/12 - 450000 SHS | 445,500 | 469,485 |
| BROADCOM CORP CL A - 170 SHS | 5,651 | 4,991 |
| JUNIPER NETWORKS INC - 870 SHS | 22,212 | 17,757 |
| EXXON MOBIL CORP - 540 SHS | 35,123 | 45,770 |
| METLIFE INC - 700 SHS | 26,698 | 21,826 |
| MONSANTO CO - 110 SHS | 7,617 | 7,708 |
| KRAFT FOODS INC CLASS A - 689 SHS | 23,792 | 25,741 |
| PRUDENTIAL FINANCIAL INC - 321 SHS | 13,946 | 16,089 |
| CONOCOPHILLIPS - 389 SHS | 22,012 | 28,346 |
| BIOGEN IDEC INC - 193 SHS | 14,485 | 21,240 |
| BAIDU INC SPONS ADR - 65 SHS | 6,481 | 7,571 |
| INTERCONTINENTAL EXCHANGE INC - 45 SHS | 5,023 | 5,425 |
| TD AMERITRADE HOLDING CORPORATION - 456 SHS | 8,232 | 7,136 |
| MASTERCARD INC - CLASS A - 30 SHS | 5,417 | 11,185 |
| GENERAL MOTORS CO - 535 SHS | 17,903 | 10,844 |
| HSBC BREN SPX 11/02/12 - 380000 SHS | 376,200 | 387,296 |
| GS BREN EEM 11/05/12 - 400000 SHS | 396,000 | 401,480 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| OTHER ASSETS- REAL ESTATE IN MINNEAPOLIS, MN | 79,300 | 79,300 | 101,616 |
| MINERAL PROPERTIES- MN | 8 | 8 | 0 |
| Description | Amount |
|---|---|
| ADJUSTMENT - MUTUAL FUND TIMING DIFFERENCES | 42 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ADR FEE | 2 | 2 | 0 | |
| POWERSHARES DB COMMODITY TRACKING INDEX FD | 0 | 7,346 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| ORIGINAL ISSUE DISCOUNT INCOME | 2,839 | 2,839 | 2,839 |
| FEDERAL EXCISE TAX REFUND | 915 | 0 | 915 |
| Description | Amount |
|---|---|
| ADJUSTMENT- RETURN OF CAPITAL | 4,408 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES WITHHELD | 16,425 | 16,425 | 0 | |
| REAL ESTATE TAX- MN | 1,129 | 1,129 | 0 | |
| FEDERAL EXCISE TAX- PRIOR YEAR | 6,382 | 0 | 0 | |
| ESTIMATED FEDERAL EXCISE TAX- CURRENT YEAR | 56,030 | 0 | 0 |