| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 1,000,000 RUSSIAN FEDERATION | 600,000 | 1,739,500 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| CONSECO INC/CNO FINANCIAL GROUP INC | 4,514,398 | 1,432,744 |
| RELIANT ENERGY, INC/RRI ENERGY INC | 2,890,108 | 669,528 |
| MCDERMOTT INTERNATIONAL | 479,040 | 727,233 |
| BABCOCK & WILCOX | 452,923 | 730,296 |
| WALTER ENERGY INC | 4,530,784 | 3,965,010 |
| BANK OF AMERICA | 72,564 | 133,916 |
| FIFTH THIRD BANCORP | 4,102,388 | 3,479,587 |
| SUNTRUST BANKS INC | 2,076,964 | 1,331,866 |
| CITIGROUP INC | 313,424 | 346,193 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| PALOMINO, LTD | AT COST | 1,267,554 | 21,967,557 |
| COLUMBUS HILL OVERSEAS LTD | AT COST | 24,294,747 | 58,459,290 |
| THOROUGHBRED OFFSHORE FUND | AT COST | 8,552,595 | 15,254,333 |
| THOROUGHBRED MASTER FUND LTD | AT COST | 0 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 6,282 | 0 | 6,282 |
| Description | Amount |
|---|---|
| UNREALIZED GAIN/LOSS FROM PASSTHROUGH ENTITY-THOROUGHBRED MASTER FUND | 1,865,470 |
| APPRECIATED/DEPRECIATED GAIN/LOSS FROM DONATED STOCK | 671,082 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| NJ FILING FEES | 30 | 15 | 15 | |
| BANK FEES | 45 | 45 | 0 | |
| PENALTIES | 97 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| FEDERAL TAX REFUNDS | 13,421 | 0 | 13,421 |
| INCOME FROM PASSTHROUGH-THOROUGHBRED MASTER FD | 3,139,947 | 3,139,947 | 3,139,947 |
| INCOME FROM PASSTHROUGH-COLUMBUS HILL | 44,747 | 44,747 | 44,747 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DUE TO APPALOOSA MANAGEMENT | 3,950 | 6,075 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAXES | 72,793 | 0 | 0 |