| Identifier | Return Reference | Explanation |
|---|
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALLEGHANY CORP DEL NOTE - 4.950 - 06/27/2022 017175AC4 12500000.00% | 125,735 | 131,732 |
| AMERICAN INTL GROUP - 5.600 - 10/18/2016 02687QBC1 600000.00% | 6,119 | 6,569 |
| APACHE CORPORATION NOTES 5.625 01/15/2017 037411AS4 400000.00% | 4,050 | 4,758 |
| ARCH CAP GROUP LTD SR NT 7.350 05/01/2034 03937LAA3 10000000.00% | 97,125 | 128,232 |
| BANC ONE CORP 7.625 10/15/26 059438AH4 10000000.00% | 94,216 | 128,637 |
| BANK AMER CORP VAR PERP BONDS 060505DT8 10000000.00% | 78,738 | 107,500 |
| CAROLINA POWER AND LIGHT FIRST MORTGAGE 5.2500 DUE12/15/2015 C37 600000.00% | 5,997 | 6,862 |
| CISCO SYSTEMS INC - 5.000 - 02/22/2016 17275RAC6 500000.00% | 4,939 | 5,836 |
| COMCAST CORPORATIONNOTES 4.9500 DUE06/15/2016 20030NAG6 600000.00% | 5,976 | 6,825 |
| CSFB MTG PTC 2003-29VIII-A 6.0000 DUE 11/25/2018 FACTOR .24362607 298400.00% | 3,657 | 3,128 |
| DELPHI FINL GROUP INC CR SENS 07.87500 01/31/2020 247131AF2 10000000.00% | 100,120 | 122,486 |
| DOW CHEM CO DEB 7.37500 03/01/2023 260543BE2 10000000.00% | 101,375 | 125,169 |
| ELI LILLY CO BD 5.200 03/15/2017 MAKE WHOLE 532457BB3 400000.00% | 3,997 | 4,721 |
| GE CAP CMBS 2005-C4 A-2 5.3049 DUE 11/10/2045 36828QQA7 200700.00% | 2,006 | 2,006 |
| GE CAP CORP SR UNSERUES 5.625 9/15/17 36962G3H5 10000000.00% | 88,664 | 117,526 |
| GE CAPITAL TRUST I TR SEC 6.37500 11/15/2067 36830GAA2 10000000.00% | 67,680 | 105,250 |
| GE CO NT - 5.000 - 02/01/2013 369604AY9 600000.00% | 6,165 | 6,091 |
| GENERAL ELEC CO 5.25 DUE 12-06-2017 BEO 369604BC6 10000000.00% | 96,500 | 118,267 |
| GENWORTH FINANCIAL MTN 06.51500 05/22/2018 MAKE W 37247DAK2 10000000.00% | 87,750 | 99,000 |
| GEORGE WASHINGTON UNIVERSITY 6.00000 02/01/2019 372546AA9 10000000.00% | 100,125 | 122,565 |
| GOLDMAN SACHS 5.95 1/18/18 38141GFG4 10000000.00% | 91,744 | 111,100 |
| GOLDMAN SACHS GP INC NTS 5.950 01/15/2027 38141GES9 10000000.00% | 81,718 | 100,416 |
| HARTFORD FINL SVCS MTN 06.00000 01/15/2019 416515AV6 10000000.00% | 94,875 | 109,860 |
| JPMORGAN CHASE VAR PEEP 46625HHA1 10000000.00% | 85,888 | 110,250 |
| KIMBERLY CLARK NTS 6.125 8/1/17 494368BB8 600000.00% | 6,121 | 7,374 |
| MEDTRONIC INC NOTES 4.7500 DUE09/15/2015 585055AH9 200000.00% | 1,907 | 2,247 |
| MERRILL LYNCH CO 6.05 8/15/12 59018YJ36 400000.00% | 4,034 | 4,007 |
| MORGAN STANLEY 6.625 4/1/18 6174466Q7 10000000.00% | 87,848 | 106,977 |
| MORGAN STANLEY D W DISC SRMTNS 1.78563 11/09/2018 61745ET76 10000000.00% | 98,625 | 88,866 |
| NUVEEN INVTS INC 10.5 11/15/2015 67090FAD8 5000000.00% | 43,875 | 50,750 |
| ORACLE CORP - 5.250 - 01/15/2016 68402LAC8 400000.00% | 3,771 | 4,577 |
| SLM CORP-6.00-01/25/2017 78442FEM6 24300000.00% | 244,800 | 256,972 |
| TEXTRON FINL CORP MTN BE 5.40000 04/28/2013 88319QM59 10000000.00% | 99,248 | 102,480 |
| VIRGINIA ELECTRIC AND POWER COMPANY NOTES 5.4000 DUE01/15/2016 200000.00% | 1,991 | 2,305 |
| WACHOVIA BK NATL ASSN MTN SUB 4.800 11/01/2014 92976GAB7 600000.00% | 5,986 | 6,440 |
| WELLS FARGO FLT PERP 949746PM7 10000000.00% | 88,080 | 112,500 |
| WELLS FARGO MTG BCKDSER 2003-L CL 1A2-04.4847-11/25/2033 6266500.00% | 63,942 | 61,478 |
| ZURICH REINS CENTRE HLDG INC - 7.125 - 10/15/2023 989822AA9 10000000.00% | 85,750 | 113,655 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 1710 shares of ENERGY SELECT SPDR XLE | 114,933 | 119,102 |
| 4000 shares of FEDERAL NATIONAL MTG ASSN FNMAS | 103,204 | 7,440 |
| 4363 shares of FIRST EAGLE GOLD FUND CLASS C FEGOX | 82,716 | 109,019 |
| 4000 shares of FREDDIE MAC 8.3750PERPETUAL FMCKJ | 105,004 | 8,000 |
| 2500 shares of GOLDMAN SACHS DEP SH GS-PD | 53,634 | 51,150 |
| 2300 shares of GOLDMAN SACHS GRP INC. THE GS-PC | 51,630 | 48,576 |
| 4800 shares of ISHARES DJ US HCIF ITB | 65,436 | 77,760 |
| 2700 shares of ISHARES SP 500 VALUE INDEX FUND IVE | 166,378 | 169,560 |
| 2230 shares of ISHARES SP MIDCAP 400 BARRA VALUE IJJ | 178,493 | 181,567 |
| 1060 shares of ISHARES SP MIDCAP 400 GROWTH INDEX FUND IJK | 93,914 | 112,328 |
| 700 shares of ISHARES TRUST MSCI EAFE INDEX FUND EFA | 39,796 | 35,000 |
| 3150 shares of ISHARES TRUST RUSSELL 1000 GROWTH INDEX FD IWF | 167,835 | 201,379 |
| 2410 shares of KBW REGIONAL BANKING ETF KRE | 63,894 | 64,853 |
| 20192 shares of PIMCO COMMODITY REAL RETURN STRATEGY FUND PCRIX | 189,400 | 139,122 |
| 1254 shares of PIMCO INCOME STRATEGY FUND PFL | 13,887 | 15,700 |
| 3408 shares of PIMCO INCOME STRATEGY FUND II PFN | 31,432 | 37,352 |
| 8770 shares of POWERSHARES DYNAMIC MEDIA PBS | 126,859 | 131,901 |
| 1350 shares of SPDR BARCLAYS CAPITAL HYB ETF JNK | 54,990 | 53,838 |
| 1200 shares of VANGUARD INFORMATION TECHNOLOGY ETF VGT | 79,360 | 82,908 |
| 1200 shares of VANGUARD MID-CAP GROWTH ETF VOT | 65,010 | 76,680 |
| 1320 shares of VANGUARD SMALL-CAP GROWTH ETF VBK | 111,459 | 109,098 |
| 510 shares of VANGUARD VALUE ETF VTV | 26,549 | 28,866 |
| 2400 shares of WISDOMTREE DIV TOP 100 DTN | 118,473 | 132,288 |
| 1800 shares of WISDOMTREE JAPAN DIVIDEND FUND DXJ | 64,377 | 55,926 |
| 2300 shares of WISDOMTREE SC DIV DES | 110,384 | 110,032 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Administrative Fees | 17,580 | 17,580 | ||
| Premium Payment for Indemnification Insurance | 1,268 | 1,268 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Investment Management Services | 58,131 | 58,131 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Estimated Tax for 2012 | 2,300 | 0 | 0 | 0 |