| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 12,500 | 9,375 | 0 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| HESS CORP SENIOR UNSECURED NOTES 5/15/14 | 0 | 0 |
| WILLIS GROUP NORTH AMERICA 7/15/15 | 24,962 | 25,606 |
| GENERAL ELECTRIC CAP CORP SR UNSECURED NTS 2.8% 1/8/13 | 0 | 0 |
| BUNGE LTD FINANCE CO 4.1% 3/15/16 | 20,033 | 20,619 |
| ECOLAB INC 2.375% 12/8/14 | 0 | 0 |
| GILEAD SCIENCES INC SR UNSECURED 2.4% 12/1/14 | 0 | 0 |
| HCP INC SR NT 2.7% 2/1/14 | 0 | 0 |
| LLOYDS TSB BK PLC 4.875% 1/21/16 | 25,004 | 26,006 |
| NASDAQ STK MKT INC SENIOR NOTES 4% 1/15/15 | 0 | 0 |
| BANK OF AMERICA CORP 1.941% 7/11/14 | 0 | 0 |
| GE CAPITAL FINANCIAL INC CD 1.15% 2/18/14 | 0 | 0 |
| AMERICAN EXPRESS CENTURION BANK 7/6/15 | 0 | 0 |
| ARCELORMITTAL SA SR UNSECURED 2/25/15 | 0 | 0 |
| CLOROX CO 3.55% 11/1/15 | 25,566 | 25,568 |
| DUN & BRADSTREET CORP 3.25% 12/1/17 | 25,221 | 25,705 |
| ENBRIDGE INC 4.9% 3/1/15 | 25,238 | 25,162 |
| ENTERGY CORP 3.625% 9/15/15 | 25,356 | 25,356 |
| RAYMOND JAMES FINANCIAL INC 4.25% 4/15/16 | 25,316 | 25,920 |
| RYDER SYSTEMS INC 3.15% 3/2/15 | 20,054 | 20,076 |
| WACHOVIA CORP 5.25% 8/1/14 | 0 | 0 |
| WESTERN UNION CO 3.65% 8/22/18 | 127,937 | 129,684 |
| AIRGAS INC 4.5% 9/15/14 | 0 | 0 |
| ALCOA INC NT 5.72% 2/23/19 | 53,745 | 54,826 |
| AMERICAN EXPRESS CREDIT CORP 7/29/16 | 25,000 | 25,094 |
| AMERICAN EXPRESS CENTURION 1% 7/6/15 | 17,948 | 18,055 |
| ANIXTER INC 5.95% 3/1/15 | 10,109 | 10,025 |
| BALL CORP SENIOR NOTE 6.75% 9/15/20 | 10,797 | 10,400 |
| BEAR STEARNS & CO INC 5.7% 11/15/14 | 0 | 0 |
| CANADIAN NAT RES LTD 1.45% 11/4/14 | 0 | 0 |
| COMERICA INC SR NTO 3% 9/16/15 | 25,437 | 25,373 |
| EXPRESS SCRIPTS HLDGS CO 2.1% 2/12/15 | 25,058 | 25,031 |
| PSEG POWER LLC 2.75% 9/15/16 | 25,469 | 25,621 |
| WILLIAMS PARTNERS LP 3.8% 2/15/15 | 25,151 | 25,072 |
| HANESBRANDS INC SR NT 6.375% 12/15/20 | 65,323 | 63,600 |
| RANGE RESOURCES CORP 6.75% 8/1/20 | 74,374 | 72,800 |
| SLM CORP 4.875% 6/17/19 | 6,958 | 7,020 |
| MORGAN STANELY SR NT 1.487% 2/25/16 | 25,000 | 25,202 |
| GOLDMAN SACHS BK CD 1.4% 10/20/14 | 0 | 0 |
| GE CAPITAL CORP 5/9/16 | 103,074 | 102,918 |
| GENERAL ELECTRIC CAP CORP 1% 1/8/16 | 29,939 | 30,109 |
| GOLDMAN SACHS GROUP 2/7/16 | 66,854 | 66,694 |
| JP MORGAN CHASE & CO 3/1/16 | 128,919 | 128,300 |
| MORGAN STANELY 4/29/16 | 129,630 | 129,128 |
| EXPRESS SCRIPTS INC 5/15/16 | 103,055 | 102,794 |
| WELLS FARGO & CO 6/15/16 | 41,728 | 41,492 |
| BUNGE LTD FINANCE CO 3/15/16 | 41,461 | 41,238 |
| CITIGROUP INC SR NOTES 1/10/17 | 69,001 | 68,710 |
| STRYKER CORP 2% 9/30/16 | 122,736 | 122,021 |
| DEUTSCHE BANK AG 2/13/17 | 120,000 | 120,172 |
| NASDAQ STK MKT INC 1/16/18 | 107,831 | 108,844 |
| RAYMOND JAMES FINANCIAL INC 4/15/16 | 104,216 | 103,681 |
| BALL CORP SENIOR NOTE 5/15/21 | 106,096 | 104,750 |
| BB&T CORPORATION 4/29/16 | 130,527 | 129,403 |
| SLM CORP 5.5% 1/15/19 | 61,970 | 61,350 |
| PSEG POWER LLC 9/15/16 | 103,250 | 102,483 |
| CATERPILLAR FINANCIAL 8/1/16 | 142,982 | 142,687 |
| CNH CAPITAL LLC 11/1/15 | 60,981 | 60,300 |
| U.S. STEEL CORP 4/1/20 | 64,521 | 63,000 |
| ANTERO RESOURCES FIN 12/1/20 | 63,529 | 59,850 |
| REGENCY ENERGY PARTNERS 7/15/21 | 64,264 | 61,200 |
| ARCELORMITTAL SA 6/1/18 | 26,936 | 26,656 |
| TESORO CORP 10/1/17 | 80,615 | 79,503 |
| NRG ENERGY INC 5/15/21 | 65,380 | 64,650 |
| EQUININX INC 4/1/20 | 73,291 | 71,640 |
| RR DONNELLEY & SONS 1/15/17 | 64,521 | 63,600 |
| UNITED RENTALS NORTH AMERICA 7/15/18 | 63,566 | 62,550 |
| AMERICAN EXPRESS CREDIT CORP 9/19/16 | 129,035 | 128,676 |
| GILEAD SCIENCES INC 12/1/16 | 104,054 | 103,765 |
| WELLS FARGO & CO 6/15/16 | 88,717 | 88,171 |
| TUPPERWARE BRANDS 6/1/21 | 131,062 | 133,805 |
| CITIGROUP INC SR NOTES 1/10/17 | 63,744 | 63,425 |
| NASDAQ STK MKT INC 1/16/18 | 27,003 | 27,211 |
| ROYAL BANK OF CANADA 7/20/16 | 127,989 | 127,568 |
| INTERNATIONAL BUSINESS MACHINES 7/22/16 | 127,519 | 127,352 |
| TEVA PHARMACEUTICALS 11/10/16 | 128,125 | 127,778 |
| PEPSICO ICN 5/10/16 | 128,178 | 127,707 |
| BANK OF NEW YORK MELLON 7/28/16 | 128,075 | 127,733 |
| DANAHER CORP 6/23/16 | 102,454 | 102,257 |
| DUKE ENERGY CORP 4/3/17 | 50,000 | 50,067 |
| DOLPHIN SUBSIDIARY II 10/15/21 | 53,426 | 51,000 |
| LENNAR CORP SR 4.75% 12/15/17 | 63,058 | 61,500 |
| TOLL BROS FINANCE CORP 2/15/22 | 64,397 | 64,050 |
| LIMITED BRANDS SR NT 2/15/22 | 31,614 | 32,250 |
| BOARDWALK PIPELINES LP 12/15/24 | 19,764 | 19,884 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ORACLE CORP | 0 | 0 |
| SCHLUMBERGER LTD | 177,890 | 200,714 |
| EOG RESOURCES INC | 196,304 | 262,400 |
| ROPER INDUSTRIES INC | 195,384 | 265,795 |
| DANAHER CORP | 258,837 | 340,697 |
| FISERV INC | 175,303 | 283,880 |
| INTERNATIONAL BUSINESS MACHINES | 0 | 0 |
| OCCIDENTAL PETROLEUM CORP | 0 | 0 |
| FMC TECHNOLOGIES INC | 257,348 | 257,620 |
| NESTLE SA | 194,038 | 217,026 |
| PRAXAIR INC | 0 | 0 |
| EXPRESS SCRIPTS INC | 0 | 0 |
| LENNAR CORP | 25,895 | 78,418 |
| TYCO INTERNATIONAL LTD | 269,439 | 322,371 |
| AMERICAN EXPRESS COMPANY | 253,173 | 307,032 |
| APPLE INC | 296,660 | 509,183 |
| CHURCH & DWIGHT CO INC | 187,952 | 264,014 |
| FRONTIER COMMUNICATIONS CORP | 0 | 0 |
| CABOT OIL & GAS CORP | 263,777 | 250,945 |
| PRECISION CASTPARTS CORP | 353,048 | 361,320 |
| SIRONA DENTAL SYSTEMS INC | 176,722 | 244,636 |
| LUXOTTICA GROUP SPA | 0 | 0 |
| WALT DISNEY CO | 123,512 | 207,218 |
| NOVARTIS AG | 0 | 0 |
| PFIZER INC | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | 270,629 | 343,850 |
| DUNKIN BRANDS GROUP INC | 0 | 0 |
| DOVER CORP | 283,893 | 276,122 |
| ESTEE LAUDER COMPANIES INC | 273,194 | 325,755 |
| L BRANDS INC | 0 | 0 |
| TOLL BROTHERS INC | 160,344 | 157,642 |
| ANHEUSER-BUSCH INBEV SA | 0 | 0 |
| ANTERO RESOURCES CORPORATION | 271,162 | 192,755 |
| COCA COLA ENTERPRISES INC | 0 | 0 |
| CONOCOPHILLIPS | 0 | 0 |
| CR BARD INC | 0 | 0 |
| CRH, PLC | 0 | 0 |
| EMC CORP | 0 | 0 |
| GENERAC HOLDINGS INC | 0 | 0 |
| INTUIT INC | 283,575 | 368,760 |
| JP MORGAN CHASE & CO | 268,548 | 306,642 |
| M & T BANK CORP | 231,012 | 263,802 |
| PITNEY BOWES INC | 250,239 | 254,667 |
| RANGE RESOURCES CORP | 157,343 | 109,573 |
| ROYAL BANK OF CANADA | 0 | 0 |
| SANDISK CORP | 246,425 | 362,526 |
| VIVENDI SA | 0 | 0 |
| ASML HOLDING NV | 218,145 | 269,575 |
| CDW CORPORATION | 167,262 | 175,850 |
| COOPER COMAPNIES INC | 165,089 | 218,822 |
| CME GROUP INC | 261,555 | 314,708 |
| COSTCO WHOLESALE CORP | 286,201 | 357,919 |
| COMCAST CORPORATION | 222,273 | 236,017 |
| IPG PHOTONICS CORP | 227,392 | 247,236 |
| JOHNSON & JOHNSON | 298,476 | 345,081 |
| MOODYS CORP | 251,961 | 320,964 |
| OMNICOM GROUP INC | 165,635 | 185,928 |
| RPM INTERNATIONAL INC | 288,546 | 327,080 |
| TIFFANY & CO | 35,834 | 42,744 |
| WHITEWAVE FOOD COMPANY | 176,206 | 271,173 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL | 50,000 | 0 | 0 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ADR FEES | 65 | 65 | 0 | |
| SERVICE FEES | 50 | 0 | 0 | |
| POSTAGE & DELIVERY | 51 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| AMERICAN SOCIETY OF COMPOSERS. AUTHORS AND PUBLISHERS | 359 | 359 | 359 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT ADVISORY FEES | 126,363 | 126,363 | 0 | |
| ADMINISTRATIVE & BOOKKEEPING | 20,300 | 10,150 | 10,150 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN WITHHOLDING | 2,729 | 2,729 | 0 | |
| FILING FEES | 160 | 0 | 0 | |
| EXCISE | 6,176 | 6,176 | 0 |