| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 5,124 | 0 | 5,124 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| PUTNAM DIVERSIFIED INCOME TRUST-CLASS A | 89,295 | 54,780 |
| PUTNAM HIGH YIELD ADVANTAGE FUND | 9,708 | 5,933 |
| AIM HIGH YIELD FUND | 160,081 | 78,099 |
| EATON VANCE INC. FUND | 200,218 | 141,103 |
| DREYFUS HIGH YIELD STRATEGIES FUND | 56,039 | 37,183 |
| HIGHLAND CREDIT STRATEGIES FUND | 11,557 | 5,278 |
| CREDIT SUISSE HI YIELD BOND FUND | 8,470 | 4,200 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| FEDERAL HOME LOAN BANK 4.75% | AT COST | 0 | 0 |
| FANNIE MAE 2.75% | AT COST | 2,019,494 | 2,024,820 |
| FEDERAL HOME LOAN BANK 2.75% | AT COST | 2,028,505 | 2,036,160 |
| FEDERAL HOME LOAN MORTGAGE CORP 3.75% | AT COST | 1,335,235 | 1,306,020 |
| LARGECAP VALUE EQUITY | AT COST | 9,569,211 | 10,698,821 |
| SMIDCAP PLUS INVESTEMNT | AT COST | 3,745,104 | 4,466,518 |
| SMALLCAP VALUE EQUITY | AT COST | 3,039,035 | 3,500,628 |
| ALLCAP GROWTH EQUITY | AT COST | 9,727,944 | 10,715,203 |
| GLOBAL EQUITY | AT COST | 9,453,812 | 10,985,218 |
| EMERGING MARKETS | AT COST | 3,312,799 | 3,396,917 |
| HIGH YIELD BOND | AT COST | 3,354,370 | 3,169,564 |
| SHORT DURATION HIGH YIELD BOND | AT COST | 6,908,627 | 6,498,150 |
| GLOBAL STRATEGIC DIVERSIFICATION | AT COST | 2,473,371 | 2,391,988 |
| INCOME OPPORTUNITY | AT COST | 11,408,444 | 12,351,112 |
| REIT INVESTMENT | AT COST | 2,442,814 | 2,806,862 |
| FHLB .67% | AT COST | 750,000 | 746,010 |
| FHLB .65% | AT COST | 550,000 | 547,888 |
| FANNIE MAE .75% | AT COST | 751,493 | 748,133 |
| FNMA .50% | AT COST | 548,075 | 547,091 |
| GOLDMAN SACHS 2.9% | AT COST | 1,030,360 | 1,025,880 |
| JP MORGAN CHASE 3.45% | AT COST | 1,048,700 | 1,026,400 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 787 | 0 | 787 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| WESTWOOD ASSET MANAGEMENT FEE | 400,942 | 400,942 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES | 42,863 | 42,863 | 0 | |
| IRS | 10,000 | 0 | 0 |