| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING | 2,850 | 712 | 0 | 2,138 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AMERICAN EXPR CR CORP MEDIUM TERM NOTE | 26,177 | 25,740 |
| AMERICAN HONDA FIN CORP MEDIUM TERM NOTE | 25,236 | 25,140 |
| AMGEN INC SR NOTE | 25,328 | 25,346 |
| AT&T INC GLBL NOTE | 20,052 | 19,980 |
| BANK AMER CORP MEDIUM TERM NOTE | 20,295 | 20,144 |
| BECTON DICKINSON & CO NOTE | 20,796 | 20,315 |
| CAPITAL ONE FINL CORP SR NOTE | 20,826 | 20,578 |
| GENL ELEC CAP CORP MEDIUM TERM NOTE | 26,154 | 28,127 |
| GOLDMAN SACHS GROUP INC SR NOTE | 20,536 | 20,474 |
| HEWLETT PACKARD CO GLBL NOTE | 25,461 | 25,195 |
| JPMORGAN CHASE & CO NOTE | 25,875 | 25,430 |
| VERIZON COMMNS INC NOTE | 20,614 | 20,458 |
| WELLS FARGO & CO MEDIUM TERM SR NOTE | 23,054 | 25,734 |
| PREMIUM ON BONDS | 1,907 | 1,907 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALCOA INC | 10,639 | 12,869 |
| AMAZON.COM INC | 16,766 | 14,586 |
| AMERICAN AIRLINES GROUP INC | 10,700 | 22,256 |
| AMERICAN TOWER CORP NEW* | 19,862 | 26,195 |
| BROOKFIELD ASSET MANAGEMENT INC | 23,153 | 30,830 |
| CABELAS INC | 21,499 | 17,921 |
| CAPITAL ONE FINANCIAL CORP | 19,922 | 23,527 |
| CARMAX INC | 23,193 | 32,291 |
| CHURCH & DWIGHT COMPANY INC | 14,402 | 18,520 |
| COLFAX CORP | 25,098 | 22,433 |
| DISCOVERY COMMUNICATIONSINC NEW SERIES A | 10,340 | 8,268 |
| DISCOVERY COMMUNICATIONSINC NEW SERIES C | 22,050 | 20,232 |
| FAIRFAX FINANCIAL HOLDING PLC SUB VO | 11,620 | 14,672 |
| FIDELITY NATIONAL FINANCIAL INC NEW | 6,551 | 10,852 |
| GAMING & LEISURE PPTYS INC | 35,848 | 26,699 |
| HANESBRANDS INC | 7,325 | 15,627 |
| INTUIT INC | 12,482 | 17,977 |
| KRISPY KREME DOUGHNUT INC | 12,890 | 13,522 |
| MARKEL CORP | 26,182 | 32,776 |
| MORGAN STANLEY *CHINA A SHARES FUN | 16,779 | 21,563 |
| NRG ENERGY INC NEW | 13,744 | 12,262 |
| PALL CORP | 11,907 | 16,700 |
| PENN NATIONAL GAMING INC | 33,958 | 38,060 |
| PRA GROUP INC | 13,940 | 14,483 |
| SCHEIN HENRY INC | 9,863 | 12,934 |
| SMUCKER JM COMPANY NEW | 18,759 | 18,176 |
| SUN COMMUNITIES INC * | 17,363 | 21,161 |
| WABCO HOLDINGS INC | 11,266 | 12,050 |
| WATSCO INC A | 9,009 | 10,165 |
| ISHARES TECHNOLOGY ETF | 91,188 | 113,796 |
| ISHARES U S FINANCIALS ETF | 115,858 | 114,554 |
| ISHARES U S UTILITIES ETF | 115,988 | 111,174 |
| SECTOR CONSUMER DISCRETIONARY SELE | 115,653 | 114,719 |
| SECTOR CONSUMER STAPLES SELECT SECTOR SPDR | 104,461 | 113,952 |
| CLAYMORE GUGGENHEIM BULLETSHARES 2017 | 20,029 | 19,871 |
| ISHARES 1-3 YR CREDIT BOND | 57,679 | 57,849 |
| ISHARES INTERMEDIATE CREDI | 19,256 | 19,133 |
| ISHARES FLOATING RATE BOND ETF | 40,773 | 40,685 |
| AIA GROUP LTD SPON ADR | 10,205 | 12,293 |
| AIR LIQUIDE ADR | 9,721 | 10,180 |
| ALLIANZ SE SPONSORED ADR REPSTG 1/10 SH | 9,681 | 10,356 |
| ANHEUSER BUSCH INBEV SA/NV | 6,719 | 8,424 |
| ARM HOLDINGS PLC SPONSORED ADR | 6,624 | 7,408 |
| ATLAS COPCO AB SPON ADR REPSTG COM SER A | 5,269 | 5,734 |
| BAIDU INC SPONSORED ADR REPS | 2,233 | 4,559 |
| BANCO BILBAO VIZCAYA ARGENTARIA S A SPO | 4,510 | 4,977 |
| BAYERISCHE MOTOREN WERKE A G ADR | 6,957 | 7,480 |
| BG GROUP PLC ADR FINAL INSTALLM | 9,293 | 7,148 |
| BUNGE LIMITED | 5,522 | 6,818 |
| CANADIAN NATIONAL RAILWAY COMPANY | 6,123 | 8,269 |
| CSL LTD SPONSORED ADR | 5,359 | 6,363 |
| DASSAULT SYSTEMES S A SPONSORED ADR | 13,046 | 11,895 |
| DBS GROUP HLDGS LTD SPONS ADR | 4,993 | 5,912 |
| FANUC CORP ADR | 9,247 | 10,048 |
| FRESENIUS MEDICAL CARE AG & CO KGAA | 4,738 | 5,385 |
| FUCHS PETROLUB SE ADR | 3,354 | 2,625 |
| HONG KONG EXCHANGES & CLEARING LIMITED A | 3,800 | 5,446 |
| ICICI BANK LIMITED SPONSORED ADR | 5,887 | 9,529 |
| IMPERIAL OIL LTD NEW | 6,961 | 6,885 |
| ITAU UNIBANCO HOLDING SA SPONSORED ADR | 5,424 | 6,180 |
| JGC CORP ADR | 9,718 | 5,365 |
| L OREAL COMPANY ADR | 8,814 | 8,666 |
| LINDE AG SPONSORED ADR LEVEL 1 | 3,737 | 3,691 |
| LVMH MOET HENNESSY LOUISVUITTON ADR | 3,823 | 3,788 |
| MITSUBISHI ESTATE LTD ADR | 5,196 | 3,691 |
| MONOTARO CO LTD OSAKA ADR | 1,725 | 1,505 |
| MTN GROUP LTD SPONSORED ADR | 5,812 | 5,661 |
| NESTLE S A SPNSD ADR REPSTING REG SHS | 11,436 | 12,402 |
| NOVO NORDISK AS ADR | 6,874 | 7,829 |
| ROCHE HOLDING LIMITED SPONSORED ADR | 9,828 | 10,707 |
| SANDS CHINA LTD | 7,149 | 4,432 |
| SAP SE SPONS ADR | 10,311 | 9,751 |
| SASOL LTD SPONS ADR | 2,701 | 2,278 |
| SCHLUMBERGER LTD | 7,068 | 7,260 |
| SCHNEIDER ELECTRIC SE ADR | 7,245 | 6,917 |
| SHIRE PHARMACEUTICAL SPONS ADR | 3,635 | 4,251 |
| SONOVA HOLDINGS AG ADR | 3,255 | 4,257 |
| SVENSKA HANDELSBANKEN AB | 3,557 | 3,744 |
| SWATCH GROUP AG | 4,223 | 3,319 |
| SYMRISE AG ADR | 3,759 | 4,159 |
| SYSMEX CORP ADR | 7,493 | 10,058 |
| TAIWAN SEMICONDUCTOR MANUFACTURING COMP | 11,156 | 15,218 |
| TURKIYE GARANTI BANKASI A S SPONSORED ADR | 6,006 | 5,677 |
| UNICHARM CORP SPONSORED ADR | 7,116 | 8,994 |
| UNILEVER PLC SPONSORED ADR NEW | 3,789 | 3,643 |
| WPP PLC NEW ADR | 10,065 | 11,451 |
| XINYI GLASS HLDGS LTD ADS REPSTG 20 SHS | 1,788 | 1,046 |
| 3M COMPANY | 24,444 | 34,507 |
| AFLAC INC | 29,719 | 30,545 |
| ALTRIA GROUP INC | 19,524 | 26,113 |
| ANHEUSER BUSCH INBEV SA/NV | 22,014 | 27,518 |
| ANTHEM INC | 19,526 | 28,276 |
| ARCHER DANIELS MIDLAND COMPANY | 23,581 | 33,540 |
| AUTOMATIC DATA PROCESSING INC | 24,778 | 32,514 |
| BLOCK H & R INC | 32,254 | 38,058 |
| CAPITAL ONE FINANCIAL CORP | 33,096 | 39,624 |
| CHEVRON CORP | 18,519 | 26,362 |
| CISCO SYSTEMS INC | 24,847 | 27,537 |
| CITIGROUP INC NEW | 30,210 | 35,172 |
| COCA-COLA COMPANY | 20,891 | 26,599 |
| DEUTSCHE X TRACKERS HARVEST CSI 300 CH | 32,034 | 48,931 |
| DIAGEO PLC NEW SPONSORED ADR | 19,359 | 17,684 |
| DOMINION RESOURCES INC VA NEW | 18,491 | 23,839 |
| DU PONT E.I.DE NEMOURS & COMPANY | 21,725 | 28,097 |
| EASTMAN CHEMICAL COMPANY | 27,837 | 27,310 |
| EATON CORP PLC | 29,703 | 29,563 |
| EQUITY LIFESTYLE PROPERTIES INC | 28,733 | 41,498 |
| EXXON MOBIL CORP | 22,921 | 27,273 |
| FIDELITY NATIONAL FINANCIAL INC NEW | 20,303 | 33,589 |
| GAMING & LEISURE PPTYS INC | 26,818 | 19,423 |
| GENERAL ELECTRIC COMPANY | 30,825 | 37,526 |
| HARTFORD FINANCIAL SERVICES GROUP INC | 33,336 | 43,983 |
| HEWLETT-PACKARD COMPANY | 23,975 | 28,894 |
| ILLINOIS TOOL WORKS INC | 20,481 | 26,516 |
| JOHNSON & JOHNSON | 30,557 | 43,919 |
| JPMORGAN CHASE & COMPANY | 19,301 | 32,229 |
| KINDER MORGAN INC DE | 36,949 | 42,098 |
| LAMAR ADVERTISING *COMPANY NEW CL A | 23,881 | 24,943 |
| MARATHON PETROLEUM CORP | 19,385 | 25,273 |
| MARKEL CORP | 36,240 | 46,433 |
| MCDONALDS CORP | 26,484 | 24,831 |
| MERCK & COMPANY INC NEW | 22,736 | 26,975 |
| NUCOR CORP | 22,757 | 23,299 |
| OCCIDENTAL PETROLEUM CORP | 21,021 | 18,137 |
| PENN NATIONAL GAMING INC | 6,514 | 7,414 |
| PEPSICO INC | 28,788 | 31,678 |
| PHILIP MORRIS INTL INC | 23,029 | 21,177 |
| POTASH CORP OF SASKATCHEWAN IN | 24,308 | 25,960 |
| RAYTHEON COMPANY NEW | 16,723 | 25,961 |
| SIX FLAGS ENTERTAINMENT CORP NEW | 22,025 | 26,969 |
| SPDR EURO STOXX 50 ETF | 45,678 | 47,181 |
| SUN COMMUNITIES INC * | 39,913 | 48,066 |
| TELUS CORP | 18,944 | 22,345 |
| TEVA PHARMACEUTICAL INDSLTD ADR | 25,870 | 36,806 |
| VERIZON COMMUNICATIONS INC | 32,154 | 29,471 |
| W P CAREY INC | 51,012 | 53,977 |
| WADDELL & REED FINANCIALINC CL A | 35,911 | 33,379 |
| WAL-MART STORES INC | 28,086 | 30,917 |
| WATSCO INC A | 35,214 | 40,660 |
| WELLS FARGO & CO NEW | 29,220 | 47,419 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PREPAID EXCISE TAX | 2,402 | 2,402 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INSURANCE | 1,878 | 939 | 0 | 939 |
| SAFE DEPOSIT | 30 | 15 | 0 | 15 |
| REGISTRATION | 25 | 12 | 0 | 13 |
| PO BOX | 100 | 50 | 0 | 50 |
| LEGAL FEES | 3,343 | 1,671 | 0 | 1,672 |
| MEALS | 164 | 0 | 0 | 164 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 32,523 | 32,523 | 0 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| REAL ESTATE TAXES | 1,195 | 1,195 | 0 | 0 |
| US TREASURY | 6,223 | 0 | 0 | 0 |
| FOREIGN INCOME | 2,233 | 2,233 | 0 | 0 |