| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 10,000 | 0 | 10,000 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| LLOYDS TSB | 200,102 | 200,102 |
| GENL ELEC CO | 58,861 | 58,861 |
| UNTD TECHNOLOGIES CORP | 27,349 | 27,349 |
| GENL ELEC CAP CORP NTS | 42,490 | 42,490 |
| GLAXOSMITHKLINE CAP INC | 28,779 | 28,779 |
| PEPSICO INC NTS | 42,625 | 42,625 |
| AVON PRODUCTS INC NTS | 109,179 | 109,179 |
| SAFEWAY INC NTS B/E | 106,346 | 106,346 |
| CLIFFS NAT RESOURCES INC | 105,525 | 105,525 |
| ALCOA INC | 102,129 | 102,129 |
| VERIZON COMMUNICATIONS | 80,527 | 80,527 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| CONOCOPHILLIPS | 113,040 | 113,040 |
| EXXON MOBIL CORP | 161,920 | 161,920 |
| FIFTH THRID BANCORP | 21,030 | 21,030 |
| PHILLIPS 66 | 61,704 | 61,704 |
| APARTMENT INVT & MGMT CO | 6,503 | 6,503 |
| AVALONBAY COMMUNITIES INC | 7,448 | 7,448 |
| BOSTON PROPERTIES INC | 10,037 | 10,037 |
| BRE PROPERTIES INC | 4,267 | 4,267 |
| BROOKDALE SENIOR LIVING, INC | 2,609 | 2,609 |
| CAMDEN PPTY TR SBI | 5,517 | 5,517 |
| CORRECTIONS CORP OF AMER NEW | 4,778 | 4,778 |
| CUBESMART SBI | 3,316 | 3,316 |
| DDR CORP REIT SBI | 5,410 | 5,410 |
| DUKE REALTY CORP NEW REITS | 3,519 | 3,519 |
| DUPONT FABROS TECHNOLOGY INC | 2,249 | 2,249 |
| EPR PROPERTIES REIT | 5,309 | 5,309 |
| EQUITY ONE INC SDI | 2,558 | 2,558 |
| EQUITY RESIDENTIAL SBI | 7,781 | 7,781 |
| ESSEX PROPERTY TRUST INC | 7,176 | 7,176 |
| EXTRA SPACE STORAGE INC REITS | 5,182 | 5,182 |
| FEDERAL RLTY INV TR | 4,665 | 4,665 |
| FIRST INDL REALTY TRUST INC | 7,626 | 7,626 |
| GENERAL GROWTH PPTYS INC NEW | 9,373 | 9,373 |
| HCP INC | 4,685 | 4,685 |
| HEALTH CARE REIT INC | 5,089 | 5,089 |
| HOST HOTELS & RESORTS INC | 11,314 | 11,314 |
| JONES LANE LASALLE INC | 2,765 | 2,765 |
| KILROY REALTY CORP | 3,613 | 3,613 |
| LASALLE HOTEL PRPERTIES SBI | 1,759 | 1,759 |
| MEDICAL PROPERTIES TRUST INC | 1,466 | 1,466 |
| PEBBLEBROOK HOTEL TR | 6,090 | 6,090 |
| PENN REAL EST INV SBI | 2,012 | 2,012 |
| PROLOGIS INC COM | 14,521 | 14,521 |
| PUBLIC STORAGE REIT | 8,881 | 8,881 |
| RAMCO-GERSHENSON PROPERTIES | 708 | 708 |
| RETAIL PPTY AMER INC REIT | 623 | 623 |
| SAUL CENTERS INC | 2,959 | 2,959 |
| SENIOR HSG PROPERTIES TRUST | 2,401 | 2,401 |
| SIMON PPTY GROUP INC SBI | 31,497 | 31,497 |
| SL GREEN REALTY CORP | 10,901 | 10,901 |
| STRATEGIC HOTEL CAPITAL INC | 3,723 | 3,723 |
| SUNSTONE HOTEL INVESTORS INC | 3,538 | 3,538 |
| TAUBMAN CENTERS INC | 4,091 | 4,091 |
| VENTAS INS | 7,561 | 7,561 |
| VORNADO REALTY TRUST | 9,767 | 9,767 |
| ABBOTT LABS | 49,292 | 49,292 |
| ACCENTURE PLC IRELAND CL | 60,103 | 60,103 |
| ACE LTD CHF | 35,511 | 35,511 |
| CHEVRON CORP | 42,844 | 42,844 |
| COCA-COLA ENTERPRISES INC NEW | 24,227 | 24,227 |
| COMCAST CORP NEW SPECIAL CL A | 49,930 | 49,930 |
| COVIDIEN PLC | 33,846 | 33,846 |
| CVS CAREMARK CORP | 72,787 | 72,787 |
| DANAHER CORP | 30,648 | 30,648 |
| DELPHI AUTOMOTIVE PLC | 26,517 | 26,517 |
| DIAGEO PLC NEW GB SPON ADR | 27,146 | 27,146 |
| EXPRESS CRIPTS HLDG CO | 35,612 | 35,612 |
| EXXON MOBIL CORP | 80,656 | 80,656 |
| FIDELITY NATL INFORMATION SVCS | 20,345 | 20,345 |
| FRANKLIN RESOURCES INC | 35,677 | 35,677 |
| GENL MILLS INC | 52,006 | 52,006 |
| GOLDMAN SACHS GROUP INC | 65,054 | 65,054 |
| HONEYWELL INTL INC | 54,182 | 54,182 |
| INTL BUSINESS MACH | 38,639 | 38,639 |
| JOHNSON CONTROLS INC | 32,216 | 32,216 |
| JOHNSON & JOHNSON COM | 66,128 | 66,128 |
| JPMORGAN CHASE & CO | 113,042 | 113,042 |
| LOCKHEED MARTIN CORP | 88,155 | 88,155 |
| LORILLARD INC | 62,539 | 62,539 |
| MCDONALDS CORP | 14,069 | 14,069 |
| METLIFE INC | 58,503 | 58,503 |
| NASDAQ OMX GROUP | 23,243 | 23,243 |
| NESTLE S A SPONSORED ADR | 54,898 | 54,898 |
| OCCIDENTAL PETROLEUM CRP | 33,095 | 33,095 |
| ORACLE CORP | 48,820 | 48,820 |
| PRIZER INC | 88,827 | 88,827 |
| PHILIP MORRIS INTL INC | 83,383 | 83,383 |
| PPG INDUSTRIES INC | 16,311 | 16,311 |
| PRUDENTIAL FINANCIAL INC | 36,427 | 36,427 |
| ST JUDE MEDICAL INC | 22,364 | 22,364 |
| STATE STREET CORP | 25,833 | 25,833 |
| TARGET CORP | 33,976 | 33,976 |
| THERMO FISHER SCIENTIFIC INC | 52,557 | 52,557 |
| TRAVELERS COS INC/THE | 55,048 | 55,048 |
| TYCO INTL LTD | 37,100 | 37,100 |
| UNITED PARCEL SERVICE INC CL B | 43,713 | 43,713 |
| UNTD TECHNOLOGIES CORP | 52,462 | 52,462 |
| VERIZON COMMUNICATIONS | 48,550 | 48,550 |
| VODAFONE GROUP PLC NEW SPON ADR | 22,603 | 22,603 |
| WALT DISNEY CO | 30,713 | 30,713 |
| WELLS FARGO & CO NEW | 103,694 | 103,694 |
| 3M CO | 41,795 | 41,795 |
| ABBOTT LABS | 55,425 | 55,425 |
| ACCENTURE PLC IRELAND CL | 47,277 | 47,277 |
| AMGEN INC | 56,013 | 56,013 |
| ANALOG DEVICES INC | 24,345 | 24,345 |
| APPLE INC | 54,980 | 54,980 |
| BB&T CORP | 41,201 | 41,201 |
| BECTON DICKINSON & CO | 31,269 | 31,269 |
| BLACKROCK INC | 33,229 | 33,229 |
| CHEVRON CORP | 37,098 | 37,098 |
| CHURCH & DWIGHT CO INC | 43,082 | 43,082 |
| CISCO SYSTEMS INC | 54,774 | 54,774 |
| COCA-COLA ENTERPRISES INC NEW | 32,883 | 32,883 |
| CULLEN FROST BANKERS INC | 52,994 | 52,994 |
| CUMMINS INC | 45,110 | 45,110 |
| DOVER CORP | 40,161 | 40,161 |
| ECOLAB INC | 33,366 | 33,366 |
| EMERSON ELECTRIC CO | 60,846 | 60,846 |
| ENBRIDGE INC CAD | 40,622 | 40,622 |
| EOG RESOURCES INC | 44,645 | 44,645 |
| GENL ELECTRIC CO | 46,866 | 46,866 |
| GEC HOLDINGS INC | 23,789 | 23,789 |
| HENRY JACK & ASSOC INC | 26,467 | 26,467 |
| ILLINOIS TOOL WORKS INC | 42,040 | 42,040 |
| INTEL CORP | 56,581 | 56,581 |
| JOHNSON & JOHNSON COM | 55,687 | 55,687 |
| KROGER COMPANY | 46,527 | 46,527 |
| LAUDER ESTEE COS CL A | 36,530 | 36,530 |
| MCDONALDS CORP | 18,824 | 18,824 |
| MERCK & CO INC NEW COM | 27,928 | 27,928 |
| MICROSOFT CORP | 37,822 | 37,822 |
| NOVARTIS AG SPON ADR | 39,547 | 39,547 |
| ONEOK INC NEW | 59,693 | 59,693 |
| PHILIP MORRIS INTL INC | 44,611 | 44,611 |
| PRAXAIR INC | 61,244 | 61,244 |
| PRICE T ROWE GROUP INC | 34,011 | 34,011 |
| PROCTER & GAMBLE CO | 20,922 | 20,922 |
| QUALCOMM INC | 61,776 | 61,776 |
| ROPER INDS INC NEW | 23,853 | 23,853 |
| SCHLUMBERGER LTD NETHERLANDS | 40,279 | 40,279 |
| SMUCHKER J M CO NEW | 37,821 | 37,821 |
| STRYKER CORP | 46,061 | 46,061 |
| TIME WARNER INC NEW | 40,926 | 40,926 |
| TJX COS INC NEW | 34,542 | 34,542 |
| TUPPERWARE BRANDS CORP | 31,951 | 31,951 |
| UNION PACIFIC CORP | 44,184 | 44,184 |
| UNTD TECHNOLOGIES CORP | 34,368 | 34,368 |
| US BANCORP DEL | 52,318 | 52,318 |
| VF CORP | 42,391 | 42,391 |
| WALT DISNEY CO | 58,064 | 58,064 |
| WILLIAMS COS INC (DEL) | 44,395 | 44,395 |
| ALLSTATE CORP | 49,086 | 49,086 |
| ALTRIA GROUP INC | 40,194 | 40,194 |
| AMGEN INC | 20,991 | 20,991 |
| APPLE INC | 90,885 | 90,885 |
| BB&T CORP | 52,211 | 52,211 |
| CATERPILLAR INC | 20,886 | 20,886 |
| CERNER CORP | 39,352 | 39,352 |
| CHIPOTLE MEXICA GRILL INC | 21,311 | 21,311 |
| COMCAST CORP NEW CL A | 23,696 | 23,696 |
| COVIDIEN PLC | 67,079 | 67,079 |
| CVS CAREMARK CORP | 50,099 | 50,099 |
| EBAY INC | 38,076 | 38,076 |
| EVERCORE PARTNERS INC CL A | 25,646 | 25,646 |
| EXPRESS SCRIPTS HLDG CO | 70,240 | 70,240 |
| FLOUR CORP NEW | 56,203 | 56,203 |
| HUNTINGTON BANCSHARES | 44,969 | 44,969 |
| JPMORGAN CHASE & CO | 46,784 | 46,784 |
| KINDER MORGAN INC | 54,000 | 54,000 |
| KROGER COMPANY | 20,397 | 20,397 |
| MEDIDATA SOLUTIONS INC | 50,156 | 50,156 |
| MERCK & CO INC NEW COM | 62,563 | 62,563 |
| NATL FUEL GAS CO | 44,125 | 44,125 |
| OCCIDENTAL PETROLEUM CRP | 62,576 | 62,576 |
| PEPSICO INC | 38,484 | 38,484 |
| QUEST DIAGNOSTICS INC | 34,105 | 34,105 |
| SEADRILL LTD US LINE | 39,026 | 39,026 |
| STARBUCKS CORP | 39,195 | 39,195 |
| SYNAPTICS INC | 45,386 | 45,386 |
| UNTD TECHNOLOGIES CORP | 23,101 | 23,101 |
| VERIZON COMMUNICATIONS | 40,049 | 40,049 |
| VISA INC CL A | 24,049 | 24,049 |
| W P CAREY INC REIT | 17,178 | 17,178 |
| WALT DISNEY CO | 50,575 | 50,575 |
| YAHOO INC | 71,417 | 71,417 |
| 3D SYSTEMS CORP DELA NEW | 54,457 | 54,457 |
| ADT CORP COM | 26,225 | 26,225 |
| AES CORP | 42,108 | 42,108 |
| ALLEGHENY TECHNOLOGY | 12,969 | 12,969 |
| AMER ELECTRIC POWER CO | 49,170 | 49,170 |
| AMER EXPRESS CO | 86,829 | 86,829 |
| AMERIPISE FINANCIAL INC | 92,500 | 92,500 |
| APPLIED MATERIALS INC | 35,307 | 35,307 |
| AT&T INC | 45,849 | 45,849 |
| BAKER HUGHES INC | 62,886 | 62,886 |
| CHEVRON CORP | 79,318 | 79,318 |
| CIGNA CORP | 36,567 | 36,567 |
| CISCO SYSTEMS INC | 60,583 | 60,583 |
| CITIGROUP INC | 84,470 | 84,470 |
| COMCAST CORP NEW CL A | 102,215 | 102,215 |
| CORNING INC | 33,555 | 33,555 |
| DANA HOLDING CORP | 53,425 | 53,425 |
| ENSCO PLC CL A | 55,064 | 55,064 |
| GAP INC | 54,477 | 54,477 |
| GENL ELECTRIC CO | 104,300 | 104,300 |
| HARTFORD FINCL SERVICES GROUP | 40,904 | 40,904 |
| HOLOGIC INC | 43,024 | 43,024 |
| HOME DEPOT INC | 78,799 | 78,799 |
| INTEL CORP | 46,096 | 46,096 |
| JOHNSON & JOHNSON COM | 47,718 | 47,718 |
| JPMORGAN CHASE & CO | 94,679 | 94,679 |
| LAM RESEARCH CORP | 32,507 | 32,507 |
| LENNAR CORP RECLASSIFICATION | 54,316 | 54,316 |
| MEDTRONIC INC | 38,566 | 38,566 |
| MERCK & CO INC NEW COM | 18,819 | 18,819 |
| MICROSOFT CORP | 37,672 | 37,672 |
| MONDELEZ INTL INC | 70,071 | 70,071 |
| MYLAN INC | 50,604 | 50,604 |
| NABORS INDUSTRIES LTD NEW | 29,614 | 29,614 |
| PENTAIR LTD | 37,592 | 37,592 |
| PEPSICO INC | 64,693 | 64,693 |
| PFIZER INC | 95,014 | 95,014 |
| SEALED AIR CORP NEW | 57,987 | 57,987 |
| SLM CORP VTG | 45,806 | 45,806 |
| STATE STREET CORP | 95,554 | 95,554 |
| TE CONNECTIVITY LTD CHF | 68,226 | 68,226 |
| TEREX CORP DELA NEW | 73,021 | 73,021 |
| TEXTRON INC | 92,304 | 92,304 |
| THERMO RISHER SCIENTIFIC INC | 21,157 | 21,157 |
| TIME WARNER INC NEW | 42,111 | 42,111 |
| TRAVELERS COS INC/THE | 72,070 | 72,070 |
| TYCO INTL LTD | 59,672 | 59,672 |
| VALERO ENERGY CORP NEW | 53,474 | 53,474 |
| WELLPOINT INC | 26,516 | 26,516 |
| WSTN DIGITAL CORP | 60,911 | 60,911 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| WORLD FINANCIAL | AT COST | 101,975 | 101,975 |
| DISCOVER BANK | AT COST | 51,969 | 51,969 |
| COMENITY BANK | AT COST | 100,475 | 100,475 |
| FHLMC PL | AT COST | 10,529 | 10,529 |
| KAYNE ANDERSON MLP | AT COST | 45,964 | 45,964 |
| ACCESS MIDSTREAM PARTNERS LP | AT COST | 2,490 | 2,490 |
| AMERIGAS PARTNERS LP | AT COST | 2,897 | 2,897 |
| EL PASO PIPELINE PARTNERS LP | AT COST | 8,640 | 8,640 |
| ENBRIDGE ENERGY PARTNER LP | AT COST | 7,318 | 7,318 |
| ENERGY TRANSFER PARTNER LP | AT COST | 11,736 | 11,736 |
| ENERGY TRANSFER EQUITY LP UNITS LTD PARTNERSHIP MLP | AT COST | 33,513 | 33,513 |
| ENTERPRISE PRODUCTS PARTNER LP MLP | AT COST | 62,322 | 62,322 |
| EQT MIDSTREAM PARTNER LP MLP | AT COST | 3,645 | 3,645 |
| EV ENERGY PARTNERS LP UNITS REPSTG TLD PARTNERS INTS MLP | AT COST | 2,884 | 2,884 |
| GENESIS ENERGY LP UNIT LTD PARTNERSHIP INT MLP | AT COST | 18,400 | 18,400 |
| KINDER MORGAN ENERGY PARTNERS | AT COST | 20,165 | 20,165 |
| LINN ENERGY LLC UNITS REPSTG LTD LIABILITY CO INTS | AT COST | 10,930 | 10,930 |
| MAGELLAN MIDSTREAM PARTNERS LP | AT COST | 20,499 | 20,499 |
| MARKWEST ENERGY PARNERS LP | AT COST | 19,045 | 19,045 |
| ONEOK PARTNERS LP | AT COST | 16,427 | 16,427 |
| PLAIN ALL AMER PIPELINE LP | AT COST | 24,332 | 24,332 |
| REGENCY ENERGY PARTNERS LP | AT COST | 8,666 | 8,666 |
| TARGA RESOURCES PARTNERS LP | AT COST | 6,276 | 6,276 |
| WILLIAMS PARTNERS LP UNIT LTD PARTNERSHIP INT | AT COST | 11,952 | 11,952 |
| COPELAND TRUST COPELAND | AT COST | 107,479 | 107,479 |
| GABELLI FOCUS FIVE CLASS | AT COST | 107,406 | 107,406 |
| HENDERSON GLOBAL EQUITY | AT COST | 100,890 | 100,890 |
| LORD ABBETTT GROWTH | AT COST | 107,726 | 107,726 |
| TORTOISE MLP & PIPELINE | AT COST | 42,015 | 42,015 |
| KKR & CO L P COM UNITS MLP | AT COST | 24,340 | 24,340 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 4,536 | 0 | 4,536 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PAINTINGS AND ART WORK | 7,302,000 | 7,000,000 | 7,000,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INSURANCE | 9,389 | 0 | 9,389 | |
| DUES AND SUBSCRIPTIONS | 965 | 0 | 965 | |
| POSTAGE | 693 | 0 | 693 | |
| APPRAISAL | 2,000 | 0 | 2,000 | |
| ART CONSERVATION | 22,250 | 0 | 22,250 | |
| WAREHOUSE RENTAL | 7,291 | 0 | 7,291 | |
| OFFICE EXPENSE | 3,736 | 0 | 3,736 |
| Description | Amount |
|---|---|
| UNREALIZED GAIN ON SECURITIES | 1,574,222 |
| CHANGE IN VALUATION OF ARTWORK | 40,140 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| PAYROLL TAXES | 13,410 | 0 | 13,410 | |
| TAX DEPOSIT RE 990T | 755 | 0 | 0 |