| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| SMITH, DUKES & BUCKALEW -- TAX RETURN PREPARATION | 2,670 | 0 | 2,670 | |
| REGIONS BANK - TAX PRO | 175 | 0 | 175 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 114,000 CREDIT SUISSE 5.5% 05/01/14 | 114,823 | 115,858 |
| 113,000 MOR STANLEY 4.2% | 114,470 | 116,593 |
| 115,000 IBM BD | 117,792 | 118,145 |
| 119,000 BHP BILLITON FINL | 118,876 | 119,652 |
| 118,000 ONTARIO PROVINCE 1.375% | 118,028 | 118,092 |
| 91,000 CATERPILLAR INC 7.9% 12/15/18 | 105,063 | 114,052 |
| 48,000 HESS CORP 8.125% 02/15/19 | 54,564 | 59,621 |
| 51,000 TALSMAN ENERGY 7.75% 06/01/19 | 57,155 | 61,081 |
| 54,000 CISCO SYSTEMS INC | 60,256 | 59,407 |
| 49,000 GOLDMAN SACHS GROUP 7.5% 02/15/19 | 52,506 | 59,681 |
| 52,000 MERRILL LYNCH CO 6.875% 04/25/18 | 52,386 | 61,483 |
| 54,000 TARGET CORP 5.375% 05/01/17 | 53,648 | 60,699 |
| 52,000 TIME WARNER 6.75% 07/01/18 | 55,964 | 58,315 |
| 54,000 AT&T INC 5.6% 05/15/18 | 53,588 | 61,323 |
| 53,000 COMCAST CORP 5.7% 07/01/19 | 54,015 | 61,256 |
| 53,000 ORACEL CORP 5.75% 04/15/18 | 54,267 | 61,245 |
| 57,000 CSX CORP 6.25% 04/01/15 | 59,389 | 60,924 |
| 51,000 WACHOVIA CORP 5.75% 06/15/17 | 44,283 | 58,176 |
| 53,000 CA INC 5.37% 12/01/19 | 53,620 | 58,932 |
| 59,000 KRAFT FOODS 4.125% 02/09/16 | 59,684 | 59,749 |
| 58,000 PETROBRAS INTL 5.75% 01/20/20 | 58,383 | 59,679 |
| 58,000 ANHAU-BUSCH 2.875% | 58,316 | 60,378 |
| 62,000 CITIGROUP INC | 62,189 | 62,206 |
| 57,000 DIRECTV HDGS 3.55% 03/15/15 | 57,764 | 58,879 |
| 56,000 GE CAP CORP 5.3% | 57,196 | 62,643 |
| 61,000 INTEL CORP 3.3% | 61,056 | 60,603 |
| 54,000 PRUDENTIAL FINL 4.5% 11/15/20 | 53,642 | 57,931 |
| 61,000 TOYOTO MOTOR 3.4% | 61,236 | 61,926 |
| 57,000 AM EXPRESS CC 2.75% | 57,576 | 58,987 |
| 58,000 BARCLAYS BK 3.9% 04/07/15 | 58,063 | 60,368 |
| 58,000 DUKE ENERGY 2.15% 11/15/2016 | 58,057 | 59,441 |
| 58,000 GOLDMAN SACHS 6% 05/01/14 | 58,196 | 59,036 |
| 59,000 SUNTRUST BANK 3.5% | 58,999 | 62,040 |
| 60,000 CHEVRON CORP | 60,167 | 58,679 |
| 60,000 HP CO 2.2% 12/01/15 | 60,042 | 61,321 |
| 121,000 RBC | 121,083 | 119,890 |
| DIRECTV HOLDINGS - 57,000 | 60,401 | 59,832 |
| MONDELEZ INTL - 55,000 | 55,134 | 58,309 |
| MARATHON OIL CORP - 62,000 | 61,996 | 62,051 |
| APPLE INC - 61,000 BD | 60,925 | 58,984 |
| 54,000 VERIZON COMMUN BD | 60,109 | 59,055 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 3M CO - - 1,500 SHS | 113,232 | 210,375 |
| ACCENTURE PLC - 2,000 | 137,971 | 164,440 |
| AMERICAN EXPRESS -- 2,500 | 19,220 | 226,825 |
| ANADARKO PETROLEUM - 1,800 | 125,606 | 142,776 |
| APPLE INC - 385 | 202,389 | 215,993 |
| BLACK WARRIOR COAL CO -- 250 | 86,345 | 23,549 |
| BLACKROCK INC - 350 | 63,717 | 110,765 |
| CHEVRONTEXACO INC -- 2,000 | 119,119 | 249,820 |
| CISCO SYS INC. - 3,000 | 47,100 | 67,290 |
| COCA COLA CO -- 4,000 | 43,750 | 165,240 |
| PHILLIPS 66 -- 2,000 | 122,114 | 154,260 |
| CVS/CAREMARK CORP - 3,000 | 94,200 | 214,710 |
| DANAHER CORP - 2,500 | 137,585 | 193,000 |
| DOMINION RES INC -- 2,000 | 24,920 | 129,380 |
| DU PONT EI DE NEMOURS -- 1,000 | 24,995 | 64,970 |
| EMC CORP. MASS. - - 2,900 | 37,377 | 72,935 |
| EXXON MOBIL CORP -- 2,500 | 39,102 | 253,000 |
| FREEPORT-MCMORAN - - 2,000 SHS | 61,590 | 75,480 |
| GENERAL ELECTRIC CO-- 7,000 | 129,691 | 196,210 |
| INTEL CORP -- 6,000 | 22,969 | 155,730 |
| JOHNSON & JOHNSON -- 2,200 | 24,698 | 201,498 |
| JP MORGAN CHASE & CO -- 4,100 | 96,334 | 239,768 |
| JUNIPER NETWORKS INC - 4,200 | 102,912 | 94,794 |
| LOWE'S CO. - 4,000 | 130,434 | 198,200 |
| MCDONALDS CORP - 650 | 60,406 | 63,070 |
| MERCK & CO-- 3,000 | 103,709 | 150,150 |
| NEMONT MINING CORP. - 2,000 | 56,560 | 46,060 |
| NEXTRA ENERGY INC-- 1,000 | 53,196 | 85,620 |
| NORTHROP GRUMMAN -- 1,500 | 46,468 | 171,915 |
| NUCOR CORP --2,000 | 107,130 | 106,760 |
| ORACLE CORP - 5,000 | 95,674 | 191,300 |
| PEPSICO INC. - 2,000 | 86,740 | 165,880 |
| PFIZER -- 2,000 | 7,386 | 61,260 |
| PHILLIP MORRIS IMTL INC - 2,400 | 61,877 | 209,112 |
| PRAXAIR INC - 1,000 | 100,267 | 130,030 |
| PROCTER & GAMBLE -- 2,400 | 30,124 | 195,384 |
| PRUDENTIAL FINL INC - 900 | 43,704 | 82,998 |
| QUALCOMM INC - - 2,500 | 105,595 | 185,625 |
| RAYTHEON -- 1,500 | 47,231 | 136,050 |
| SCHLUMBERGER LTD -- 2,000 | 27,955 | 180,220 |
| SOUTHERN CO -- 4,000 | 107,789 | 164,440 |
| STRYKER CORP - - 1,000 SHS | 58,225 | 75,140 |
| TARGET CORP - 2,500 | 146,159 | 158,175 |
| TEXAS INSTRS. - 4,000 | 139,360 | 175,640 |
| THERMO FISHER INC - 1,000 | 42,545 | 111,350 |
| TRAVELERS CO - 900 | 43,044 | 81,486 |
| UNION PACIFIC -- 1,000 | 18,987 | 168,000 |
| UNITED TECH CORP - - 1,000 SHS | 64,499 | 113,800 |
| VERIZON COMMUNICATIONS -- 1,400 | 27,479 | 68,796 |
| VISA INC-- 1,000 | 83,399 | 222,680 |
| WELLS FARGO CO - 5,000 | 171,570 | 227,000 |
| WALT DISNEY CO -- 2,900 | 162,930 | 221,560 |
| FORD MOTOR CO -- 6,800 | 102,498 | 104,924 |
| STARBUCKS CORP -- 750 | 56,665 | 58,793 |
| TJX COS INC -- 1,300 | 66,143 | 82,849 |
| TIFFANY & CO -- 900 | 57,303 | 83,502 |
| WAL MART STORES INC -- 1,500 | 112,881 | 118,035 |
| CITIGROUP INC -- 3,700 | 185,513 | 192,807 |
| INVESCO LTD -- 3,800 | 126,426 | 138,320 |
| EXPRESS SCRIPTS HOLDING -- 1,900 | 119,939 | 133,456 |
| GILEAD SCIENCES -- 1,200 | 64,920 | 90,120 |
| MCKESSON CORP -- 1,150 | 124,326 | 185,610 |
| HONEYWELL INTL INC --1,600 | 123,754 | 146,192 |
| AUTO DESK INC -- 1,400 | 57,180 | 70,447 |
| GOOGLE INC -- 95 | 57,234 | 106,467 |
| INTUIT INC -- 1,000 | 63,492 | 76,320 |
| LYONDELLBASELL INDUS -- 750 | 54,552 | 60,210 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 292,000 FNMA 5% | AT COST | 313,892 | 320,928 |
| 2,416 FNMA | AT COST | 2,572 | 2,573 |
| 43,690 FNMA | AT COST | 45,902 | 46,312 |
| 55,230 FNMA | AT COST | 56,930 | 56,424 |
| 117,220 FNMA 6% | AT COST | 120,572 | 130,273 |
| 30,097 FNMA | AT COST | 32,016 | 31,972 |
| 231, 000 FHLMC 2.875% | AT COST | 238,836 | 237,754 |
| 50,771 FNMA | AT COST | 52,567 | 52,290 |
| 60,023 FNMA | AT COST | 59,882 | 59,687 |
| 67,645 FNMA | AT COST | 74,664 | 75,902 |
| 14,760 FNMA | AT COST | 15,705 | 15,807 |
| 39,894 FNMA 5% | AT COST | 43,029 | 43,333 |
| 38,988 FHLMC | AT COST | 42,381 | 42,199 |
| 15,733 FNMA | AT COST | 17,094 | 17,554 |
| 16,282 FNMA | AT COST | 17,437 | 18,036 |
| 23,406 FNMA 6% | AT COST | 24,876 | 26,059 |
| 26,405 FHLMC 4.5% | AT COST | 28,398 | 27,992 |
| 40,280 FHLMC | AT COST | 42,621 | 42,544 |
| 2,661 FNMA | AT COST | 2,903 | 2,943 |
| 12,396 FNMA 6% | AT COST | 13,161 | 13,713 |
| 20,799 FHLMC | AT COST | 22,073 | 22,025 |
| 29,934 FHLMC 4% | AT COST | 31,702 | 30,768 |
| 17,626 FNMA 5.5% | AT COST | 19,207 | 19,417 |
| 7,832 FNMA 5% | AT COST | 7,911 | 8,456 |
| 24,227 FNMA | AT COST | 25,624 | 24,949 |
| 48,412 FHLMC 3.5% | AT COST | 50,636 | 50,504 |
| 8,101 FNMA 6% | AT COST | 8,815 | 9,007 |
| AMER EUROPACIFIC GRTH FD - 17,550 | AT COST | 610,000 | 859,577 |
| ARTISAN MID CAP VALUE FD - 14,675 | AT COST | 207,000 | 396,220 |
| ARTISAN SMALL CAP VALUE FD - 19,066 | AT COST | 247,000 | 359,393 |
| BUFFALO SMALL CAP FD - 11,388 | AT COST | 227,000 | 425,011 |
| ISHARES RUSSELL 1000 FD-- 4,000 | AT COST | 244,640 | 376,680 |
| MFS RESH INTL FD - 4366.812 | AT COST | 50,000 | 80,568 |
| REGIONS SE TIMBER FD - 3,025 | AT COST | 327,500 | 300,522 |
| THORNBURG INTL VALUE FD - 25213 | AT COST | 605,000 | 808,315 |
| VIRTUS EMERGING MKTS FD - 9,820 | AT COST | 100,000 | 93,776 |
| AMERICAN CENTURY S.C. FD -14,062 | AT COST | 131,000 | 137,671 |
| JP MORGAN MID CAP FD - 3,195 | AT COST | 97,400 | 112,194 |
| NATIONWIDE MID CAP FD - 17,087 | AT COST | 414,700 | 510,383 |
| VIRTUS SMALL CAP FD - 4,625 | AT COST | 100,300 | 118,867 |
| FHLMC -- 149,000 | AT COST | 149,915 | 149,748 |
| FNMA -- 29,176 | AT COST | 31,382 | 31,020 |
| FNMA -- 49,726 | AT COST | 52,515 | 49,453 |
| FNMA -- 44,078 | AT COST | 45,731 | 46,116 |
| IVY HIGH INCOME FD - 9,645 | AT COST | 83,333 | 83,333 |
| TEMPLETON GLOBAL BD FD - 12,900 | AT COST | 166,667 | 168,860 |
| Description | Amount |
|---|---|
| PARTNERSHIP INTEREST INCOME NOT ON BOOKS | 29 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| D & O INSURANCE | 3,110 | 0 | 0 | |
| COMMUNITY FDN. DUES | 100 | 0 | 0 |
| Description | Amount |
|---|---|
| BOOK/TAX TIMING DIFFERENCE | 600 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN WITHHOLDING TAXES | 3,310 | 3,310 | 0 | |
| EXCISE TAX PAYMENTS | 12,225 | 0 | 0 |