| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AFLAC INC 3.625 24 | 264,623 | 254,430 |
| AMERICAN EXPRESS CO 3.625 24 | 250,498 | 244,670 |
| ANHEUSER-BUSCH INBEV 3.7 24 | 261,208 | 255,053 |
| BANK OF NEW YORK MELLON 3.65 24 | 269,565 | 259,580 |
| BURLINGTON NORTH SANTE FE 3.85 23 | 272,115 | 259,658 |
| CBS CORP 3.5 25 | 255,265 | 238,333 |
| CIGNA CORP 3.25 25 | 249,555 | 245,318 |
| CISCO SYSTEMS INC 3.5 25 | 258,515 | 257,193 |
| COCA-COLA CO 3.2 23 | 258,605 | 258,670 |
| COLGATE-PALMOLIVE CO 3.25 24 | 260,830 | 259,878 |
| FEDEX CORP 4.0 24 | 265,213 | 260,920 |
| JPMORGAN CHASE & CO 3.125 25 | 249,890 | 243,200 |
| JPMORGAN CHASE & CO 3.125 25 | 243,475 | 243,200 |
| METLIFE INC 3.6 24 | 267,843 | 256,500 |
| PFIZER INC 3.4 24 | 257,533 | 256,483 |
| PHILIP MORRIS INTL INC 3.6 23 | 268,573 | 260,530 |
| PRIDENTIAL FINANCIAL INC 3.5 24 | 260,888 | 251,038 |
| PROCTER & GAMBLE 3.1 23 | 258,943 | 260,635 |
| WALMART STORES INC 3.3 24 | 267,248 | 257,980 |
| WELLS FARGO & CO 3.3 24 | 258,980 | 248,705 |
| APPLE INC 3.45 24 | 103,832 | 103,594 |
| AMGEN 5.85 17 | 104,293 | 105,746 |
| BANK OF NEW YORK MELLON 3.95 25 | 107,607 | 104,900 |
| AMERICAN EXPRESS 2.75 15 | 116,490 | 110,899 |
| XEROX CORPORATION 4.25 15 | ||
| TIME WARNER CABLE 5.85 17 | 136,640 | 130,766 |
| JP MORGAN CHASE 4.95 20 | 156,865 | 162,650 |
| AETNA LIFE 7.25 | 168,548 | 244,610 |
| VERIZON MARYLAND 5.125 33 | 170,776 | 197,898 |
| MAYTAG 5 15 | ||
| TIME WARNER CABLE INC 6.75 18 | 183,695 | 163,658 |
| FORD MOTOR GLOBAL BONDS 6.625 28 | 185,506 | 230,922 |
| GEORGIA PACIFIC 7.7 | ||
| FORD MOTOR 7.45 31 | 187,744 | 246,802 |
| MERRILL LYNCH 634 17 | 187,997 | 214,240 |
| CITIZENS UTILITIES 7 25 | 190,890 | 156,000 |
| MORGAN STANLEY 6.25 17 | 191,512 | 214,144 |
| BEAR STEARNS 6.4 17 | 191,641 | 215,386 |
| KERR MCGEE | 197,670 | 214,860 |
| FORD MOTOR CREDIT 8 16 | 198,255 | 211,424 |
| TIME WARNER 6.95 28 | 198,891 | 237,196 |
| CVS CARMARK 4.125 21 | 199,476 | 211,568 |
| FRANKLIN RESOURCES 4.625 20 | 199,778 | 216,180 |
| AMERICAN GENERAL FINANCE 6.9 17 | 199,780 | 207,000 |
| JP MORGAN CHASE 6.1 24 | ||
| MBIA INC 6.4 | 200,000 | 196,000 |
| NM SLM CORP 5.75 29 | 200,000 | 120,102 |
| MOTOROLA 6.5 25 | 200,005 | 207,928 |
| GOLDMAN SACHS CAPITAL I 6.345 34 | 202,345 | 233,978 |
| BERKSHIRE HATHAWAY FIN CORP 1.6 17 | 202,850 | 201,308 |
| ARCEMITTAL 5.25 20 | 203,017 | 159,750 |
| WASTE MANAGEMENT 4.6 21 | 203,641 | 215,716 |
| TYSON FOODS 7 28 | 204,566 | 218,072 |
| GTE NORTH 6.73 28 | 206,683 | 141,480 |
| COX COMMUNICAIONS SR. NOTES 6.85 18 | 209,965 | 213,572 |
| CLOROX COMPANY 3.8 21 | 210,639 | 208,340 |
| PHILIP MORRIS | 212,377 | 235,766 |
| VERIZON FLORIDA 6.86 28 | 214,799 | 189,282 |
| AMGEN INC 4.1 21 | 215,305 | 210,632 |
| GTE CORP 6.94 28 | 215,506 | 236,668 |
| PPG INDUSTRIES 3.6 20 | 230,933 | 256,743 |
| PEPSICO 3.125 20 | 233,963 | 258,843 |
| HEWLETT-PACKARD 3.75 20 | 244,093 | 248,060 |
| BRISTOL-MYERS SQUIBB CO 2 22 | 244,450 | 242,530 |
| NUCOR 4.125 22 | 245,665 | 254,390 |
| KIMBERLY-CLARK 3.625 20 | 245,817 | 264,548 |
| BERKSHIRE HATHAWAY 4.25 21 | 247,464 | 272,683 |
| TOTAL CAPITAL 4.125 21 | 247,470 | 269,468 |
| PITNEY BOWES 4.75 18 | 247,674 | 261,715 |
| MERCK 3.875 21 | 247,985 | 268,015 |
| TARGET 3.875 20 | 248,556 | 268,623 |
| ESTEE LAUDER CO INC 2.35 22 | 248,700 | 241,988 |
| FREEPORT-MCMORAN 3.55 22 | 249,181 | 145,000 |
| GE CAPITAL CORP 2.95 16 | 249,515 | 251,645 |
| TEVA PHARMACEUTICALS 3 15 | ||
| ALTRIA GROUP INC 2.85 22 | 249,694 | 243,720 |
| WALT DISNEY COMPANY 2.55 22 | 249,990 | 251,605 |
| CITGROUP 5.5 17 | 250,000 | 258,365 |
| FORD MOTOR CREDIT COMPANY LLC 2.597 | 250,000 | 245,460 |
| NY STATE DORM AUTH 5.192 24 | 250,000 | 287,378 |
| STATE OF UTAH 4.154 19 | 250,000 | 270,270 |
| DOW CHEMICAL CO 3.1 22 | ||
| CREDIT SUISSE 5.4 20 | 251,653 | 273,728 |
| SHELL INTERNATIONAL FINANCE 4.3 19 | 251,703 | 266,450 |
| KINDER MORGAN ENER PART 3.95 22 | 251,748 | 217,630 |
| SUNOCO 5.75 17 | 252,600 | 251,288 |
| RENRE NORTH AMERICAN HOLDING 5.75 20 | 253,000 | 272,493 |
| MONSANTO CO 2.2 22 | 253,230 | 230,308 |
| JEFFRIES GROUP 3.875 15 | ||
| AFLAC INC 4 22 | 253,825 | 264,175 |
| JP MORGAN CHASE | ||
| AVALONBAY COMMUNITIES INC 2.85 23 | 254,063 | 241,335 |
| FEDEX CORP 2.7 23 | 254,340 | 242,648 |
| WASTE MANAGEMENT INC 2.9 22 | 254,553 | 245,365 |
| UNITED PARCEL SERVICE 2.45 22 | 254,780 | 247,293 |
| EMERSON ELECTRIC 4.25 20 | 255,343 | 269,693 |
| ADOBE SYSTEMS 3.25 15 | ||
| AETNA INC 2.75 22 | 255,433 | 242,863 |
| HARTFORD FINANCIAL SERVICES 6 18 | 255,506 | 274,943 |
| COLGATE-POLMOLIVE CO 2.3 22 | 255,840 | 247,848 |
| COMCAST 5.15 20 | 255,866 | 279,333 |
| CIGNA 4.375 20 | 256,158 | 266,245 |
| CVS CAREMARK CORP 2.75 22 | 256,575 | 243,578 |
| AMD PROPERTY 4.5 17 | ||
| ADOBE SYSTEMS 4.75 20 | 257,155 | 270,758 |
| TRAVELERS | 257,167 | 265,588 |
| CHEVRON CORP | 257,200 | 238,723 |
| WALT DISNEY COMPANY 2.35 22 | 257,300 | 246,790 |
| POTASH SANKATCHEWAN 4.875 20 | 257,430 | 271,023 |
| RAYTHEON 4.4 20 | 257,783 | 270,600 |
| DUPONT 4.625 20 | 257,815 | 263,030 |
| PEPSICO 3 21 | 257,862 | 257,630 |
| MATTEL 4.35 20 | 258,026 | 260,025 |
| COCA-COLA CO 2.5 23 | 258,125 | 248,443 |
| GENERAL MILLS INC 3.15 21 | 258,523 | 250,188 |
| VODAFONE GROUP 4.375 21 | 259,259 | 264,488 |
| BERKSHIRE HATHAWAY INC 3.4 22 | 259,375 | 263,478 |
| WALGREE CO 3.1 22 | 259,620 | 242,108 |
| GOLDMAN SACHS GROUP 5.625 17 | 259,701 | 259,670 |
| KRAFT FOODS 5.375 20 | 260,415 | 277,718 |
| WILL COUNTY ILLINOIS 5.58 24 | 260,515 | 268,963 |
| PRINCETON UNIVERSITY 4.95 19 | 260,847 | 273,847 |
| WHIRLPOOL CORP 4 24 | 261,185 | 255,523 |
| VALERO ENERGY 6.125 20 | 261,213 | 275,698 |
| KIMCO REALTY 4.3 18 | 261,250 | 260,653 |
| PACIFIC GAS & ELECTRIC 3.25 21 | 261,298 | 255,800 |
| AFLAC INC 3.625 23 | 261,433 | 258,815 |
| HOME DEPOT 3.95 20 | 261,453 | 269,878 |
| CVS CAREMARK 5.75 17 | 261,460 | 245,642 |
| FIRST ENERGY SOLUTIONS 6.05 21 | 261,580 | 266,678 |
| BLACKROCK 4.25 21 | 262,033 | 270,215 |
| INTEL 3.3 21 | 262,163 | 258,955 |
| GENERAL ELECTRIC CAPITAL 5.5 20 | 262,475 | 280,393 |
| DUKE REALTY 5.95 17 | 262,895 | 261,023 |
| CIGNA CORP 4 22 | 263,430 | 258,398 |
| NORFOLK SOUTHERN CORP | 263,650 | 247,115 |
| CLOROX COMPANY 3.05 22 | 263,748 | 246,820 |
| BURLINGTON NORTH SANTE FE 3.05 22 | 263,875 | 250,648 |
| UNION PACIFIC CORP 2.95 23 | 264,345 | 250,778 |
| ANHEUSER-BUSCH 5 20 | 264,531 | 273,648 |
| TRANSOCEAN 6 18 | 264,540 | 222,500 |
| CISCO SYSTEMS 4.95 19 | 264,731 | 273,200 |
| ALTRIA GROUP 4.75 21 | 264,757 | 271,255 |
| AMGEN INC 3.625 22 | 264,821 | 256,805 |
| COMCAST CORP 3.125 22 | 264,885 | 254,068 |
| PENNSYLVANIA ECONOMIC DEV 6.412 30 | 264,905 | 279,273 |
| THERMO FISHER SCIENTIFIC 3.15 23 | 265,080 | 243,373 |
| NEW YORK, NY 5.698 27 | 265,753 | 296,883 |
| THERMO FISHER SCIENTIFIC 3.6 21 | 265,956 | 253,860 |
| UNITED HEALTH GROUP 3.875 20 | 266,449 | 264,570 |
| KELLOGG CO 4 20 | 266,473 | 262,845 |
| DOW CHEMICAL CO 4.125 21 | 266,475 | 262,098 |
| KELLOGG CO 3.125 22 | 266,965 | 246,695 |
| BURLINGTON NORTHERN 4.1 21 | 266,983 | 263,498 |
| BARCLAYS BANK 5.125 20 | 267,155 | 274,810 |
| CSX 4.25 21 | 267,617 | 264,385 |
| LOCKHEED MARTIN CORP 3.35 21 | 267,633 | 256,108 |
| CBS 5.75 20 | 267,928 | 277,490 |
| APACHE 3.675 21 | 267,945 | 246,688 |
| MCKESSON 4.75 21 | 268,473 | 270,043 |
| CLIFFS NATURAL RESOURCES 4.875 21 | 268,500 | 45,000 |
| STANLEY BLACK & DECKER 3.4 21 | 268,643 | 254,593 |
| UNION PACIFIC 4 21 | 268,813 | 267,165 |
| AGILENT TECHNOLOGIES 5 20 | 268,853 | 268,588 |
| HEALTH CARE PROPERTY 5.625 17 | 269,010 | 261,500 |
| KIMBERLY-CLARK CORP 3.875 21 | 269,145 | 269,153 |
| UNITED TECHNOLOGIES CORP 3.1 22 | 269,160 | 254,438 |
| TRAVELERS COS INC 3.9 20 | 269,975 | 265,588 |
| PITNEY BOWES 5.75 17 | 271,475 | 263,725 |
| INTERNATIONAL GAME TECHNOLOGY 5.5 20 | 272,469 | 237,500 |
| INTL PAPER CO 4.75 22 | 274,533 | 267,003 |
| PRUDENTIAL FINANCIAL INC 4.5 21 | 275,398 | 269,940 |
| CITIGROUP 6 17 | ||
| PHILIP MORRIS INTL INC .4.5 20 | 281,560 | 272,238 |
| JOHNSON &JOHNSON 3.55 21 | 284,333 | 266,518 |
| ECOLAB 4.35 21 | 285,455 | 266,943 |
| KRAFT FOODS 6.5 17 | 292,863 | 268,660 |
| OMNICON GROUP 5.9 16 | 311,135 | 278,512 |
| VIACOM 6.125 17 | 319,366 | 292,773 |
| FORD MOTOR 6.5 18 | 319,736 | 387,436 |
| EBAY INC 2.22 19 | 324,311 | 321,308 |
| COMCAST 6.5 17 | 326,488 | 289,468 |
| UNITEDHEALTH GROUP INC 1.875 16 | 358,264 | 352,811 |
| VERIZON COMMUNICATIONS INC 4.5 20 | 373,513 | 376,044 |
| JUNIPER NETWORKS INC 4.6 21 | 375,004 | 362,964 |
| STARBUCKS CORP 6.25 17 | ||
| BELL SOUTH TELECOM 6.375 28 | 388,233 | 435,780 |
| VERIZON COMMUNICATIONS INC 3.45 21 | 401,828 | 409,236 |
| KOHLS 6 33 | 403,998 | 441,500 |
| VERIZON COMMUNICATIONS 6.1 18 | 404,130 | 491,279 |
| SYMANTEC CORP | ||
| KOHL'S CORPORATION 6.25 17 | ||
| PSEG POWER LLC 4.15 21 | 435,089 | 406,920 |
| DOW CHEMICAL CO 5.7 18 | ||
| VIACOM 5.5 33 | 465,627 | 493,915 |
| VIACOM INC 6.5 19 | ||
| WALMART STORES 5.8 18 | 480,375 | 546,325 |
| AT&T 6.5 29 | 494,005 | 572,770 |
| TORONTO DOMINION BANK 2.5 16 | 498,135 | 504,570 |
| LOWE'S 3.75 21 | 506,959 | 524,940 |
| FIVERV 3.125 16 | ||
| MCDONALD'S CORP 2.625 22 | 508,233 | 487,575 |
| CAMPBELL SOUP CO 2.5 22 | 509,003 | 474,345 |
| NEW YORK, NY 6.385 29 | 513,500 | 571,900 |
| MET LIFE 4.75 21 | 526,268 | 547,265 |
| BRITISH TELECOM 5.95 18 | 532,481 | 539,115 |
| QUEST DIAGNOSTIC 4.75 20 | 535,701 | 529,995 |
| THE GAP INC 5.95 18 | 448,616 | 423,156 |
| MORGAN STANLEY 5.75 16 | 562,035 | 517,135 |
| FORD MOTOR CREDIT COMPANY LLC 5.75 | 570,510 | 552,390 |
| DIRECT TV HOLDINGS 3.5 16 | 810,616 | 805,056 |
| CVS CORPORATION 6.125 16 | 582,155 | 514,285 |
| XEROX CORPORATION 6.4 16 | 619,396 | 555,066 |
| BANK OF AMERICA 4.75 15 | ||
| CNOOC FINANCE (2013) LTD 1.75 18 | ||
| TIME WARNER INC 4.875 20 | 660,720 | 648,708 |
| LYONDELLBASSELL INDUSTRIES NV 5 19 | 677,700 | 638,280 |
| JP MORGAN CHASE BANK NA 6 17 | 713,806 | 668,225 |
| ROPER INDUSTRIES INC 1.85 17 | 755,925 | 746,055 |
| COCA-COLA FEMSA 2.375 18 | 756,383 | 748,913 |
| AVNET INC 5.875 20 | 790,258 | 759,584 |
| AIR LEASE 3.375 19 | 817,568 | 804,000 |
| CNA FINANCIAL CORP 5.875 20 | 871,148 | 831,218 |
| MEAD JOHNSON NUTRITION CO 4.9 19 | 611,908 | 591,470 |
| AMERICAN EXPRESS 2.75 15 | ||
| MATTEL INC 2.35 19 | ||
| LEGG MASON INC 2.7 19 | 1,007,410 | 997,200 |
| VIACOM INC 6.25 16 | 189,425 | 163,483 |
| LOCKHEED MARTIN CORP 1.85 18 | 524,102 | 524,071 |
| SYNCHRONY FINANCIAL 3.0 19 | 399,444 | 405,192 |
| JPMORGAN CHASE & CO 2.25 20 | 348,583 | 344,323 |
| AUTONATION INC 5.5 20 | 546,605 | 541,435 |
| SYSCO CORP 2.6 20 | 523,997 | 525,830 |
| OREILLY AUTOMOTIVE INC 4.875 21 | 1,063,848 | 1,027,634 |
| TEXTRON INC 3.65 21 | 507,595 | 503,120 |
| ARROW ELCTRONICS INC 3.5 22 | 592,134 | 577,950 |
| KRAFT FOODS GROUP INC | 802,568 | 808,760 |
| CAPITAL ONE BANK 3.375 23 | 510,174 | 513,755 |
| DELPHI CORPORATION 5.0 23 | 495,188 | 502,550 |
| ING BANK 4.125 23 | 1,024,970 | 1,020,349 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABERDEEN ASSET MANAGEMENT | 73,587 | 51,421 |
| AETNA INC | 61,281 | 67,251 |
| ALLY FINANCIAL 8.5 PFD | 199,685 | 205,920 |
| ANNALY CAPITAL MANAGEMENT INC SER C | 22,525 | 21,101 |
| ANNALY CAPITAL MANAGEMENT INC SER D | 11,675 | 10,816 |
| ANTHEM INC | 83,361 | 80,457 |
| APOLLO COML REAL ESTATE FIN INC | 28,192 | 28,137 |
| APPLE INC | 15,697 | 19,473 |
| ARITISAN INTERNATIONAL FUND | 930,582 | 908,144 |
| BANK OF AMERICA CORP 6.625 PFD | 250,000 | 267,400 |
| BANK OF NY MELLON CORP | 42,873 | 51,360 |
| BLACKSTONE MORTGAGE TRUST INC | 32,643 | 31,951 |
| BOEING INC | 65,112 | 74,319 |
| BOSTON PROPERTIES REIT | 229,522 | 255,080 |
| BRANDYWINE REALTY TRUST SER E 6.9 PF | 22,400 | 23,977 |
| CAPITAL ONE FINANCIAL | 84,269 | 144,360 |
| CBL & ASSOC PROPERTIES 7.375 PFD | 17,047 | 19,600 |
| CBL & ASSOC PRPERTIES IN SER E 6.62 | 17,479 | 17,640 |
| CHECK POINT SOFTWARE TECH LTD | 16,131 | 20,508 |
| CHUBB CORP | ||
| CISCO SYSTEMS | ||
| CIT GROUP | 63,215 | 98,416 |
| CITIGROUP INC 7.125 PFD | 500,000 | 560,200 |
| COLGATE-POLMOLIVE CO | ||
| CORESTE REALTY CORP 7.25 PFD | 20,621 | 21,536 |
| CORPORATE OFFICE PROPEERTIES TR 7.38 | 28,997 | 29,003 |
| CORPORATE OFFICE PRPERTIES 7.62 PFD | ||
| DDR CORP SER J 6.5 PFD | 34,829 | 35,608 |
| DDR CORP SERIES K 6.25 PFD | 32,663 | 32,730 |
| DIGITAL REALTY TRUST INC | 13,219 | 13,302 |
| DIGITAL REALTY TRUST INC 5.88 PFD | 36,550 | 41,741 |
| DISCOVERY COMMUNICATIONS INC | 98,192 | 85,723 |
| DOVER CORPORATION | 67,938 | 61,862 |
| DUPONT FABROS TECHNOLOGY INC | ||
| EASTMAN KODAK | 2,713 | 15,037 |
| EPR PROPERTIES | 32,331 | 39,337 |
| EPR PROPERTIES SER 6.62 PFD | 25,768 | 27,461 |
| EQUITY LIFESTYLES INC 6.75 PFD | 18,958 | 18,998 |
| EVEREST RE GROUP LTD | 55,691 | 64,448 |
| EXXON MOBIL | 200,000 | 183,105 |
| FIRST REPUBLIC BANK 6.2 PFD | 250,000 | 261,900 |
| FIRST REPUBLIC BANK 6.7 PFD | 500,000 | 519,600 |
| FOSSIL GROUP INC | 142,523 | 61,092 |
| FRANKLIN RESOURCES INC | 121,243 | 95,364 |
| GENERAL MILLS | 34,802 | 57,660 |
| GGP INC | 34,459 | 35,058 |
| GOLDMAN SACKS SERB 6.2 PFD | 200,000 | 207,920 |
| HEALTH CARE PROPERTY INV REIT | 87,000 | 191,200 |
| HEALTH CARE REIT INC | ||
| HEALTH CARE REIT INC SER J 6.5 PFD | ||
| HIGHWOODS PRPERTIES | ||
| HOSPIALITY PROPERTIES TRUST | 24,743 | 24,999 |
| HUDSON PACIFIC PROPERTIES IN SER B | ||
| INTERCONTINENTAL HOTELS GROUP | ||
| JOHNSON & JOHNSON | 42,502 | 71,904 |
| JOHNSON AND JOHNSON | 87,352 | 133,536 |
| JP MORGAN CHASE & CO 6.125 PFD | 250,000 | 261,200 |
| JP MORGAN CHASE & CO 6.3 PFD | 250,000 | 262,600 |
| JP MORGAN CHASE & CO 6.7 PFD | 250,000 | 274,800 |
| KILROY REALTY CORP SER G 6.88 PFD | 51,250 | 52,911 |
| KIMBERLY CLARK | 32,008 | 63,650 |
| KIMCO REALTY CORPORATION SER J 5.5 P | 41,821 | 41,292 |
| LASALLE HOTEL PRPERTIES 7.25 PFD | 56,405 | 56,975 |
| LIBERTY PROPERTY TRUST | 68,236 | 60,454 |
| LVMH MOET HENNESSY LOIS VUITTON | ||
| MACK-CALI REALTY CORP | ||
| MASTERCARD INC | 60,928 | 75,941 |
| MFA FINANCIAL | 43,610 | 37,752 |
| MICROSOFT | 42,107 | 83,220 |
| MICROSOFT CORP | 101,458 | 194,180 |
| MORGAN STANLEY CAP TRUST V 5.75 PFD | 200,000 | 201,440 |
| MSC INDUSTRIAL DIRECT CO INC | 68,654 | 49,686 |
| NASDAQ OMX GROUP | ||
| NATIONAL RETAIL PROPERTIES 5.7 PFD | 30,361 | 34,492 |
| OMEGA HEALTHCARE INVESTORS INC | 23,593 | 28,859 |
| ORACLE CORPORATION | 186,592 | 165,371 |
| PARKER-HANNIFIN CORP | 181,718 | 144,209 |
| PEEBLEBROOK HOTEL TRUST 6.5 PFD | 32,279 | 33,054 |
| PEEBLEBROOK HOTEL TRUST 7.88 PFD | 13,233 | 13,263 |
| PFIZER | 38,021 | 64,560 |
| PFIZER INC | 69,927 | 96,840 |
| PRICE T ROWE GROUP | 58,737 | 51,258 |
| PS BUSINES BUSINESS PARKS INC SER T | 20,550 | 20,994 |
| PS BUSINESS PARKS INC SER U 5.75 PFD | 23,325 | 23,418 |
| PUBLIC SERVICE ENT GROUP | 50,000 | 96,106 |
| REGANCY CENTERS SER 6 6.625 PFD | 21,962 | 22,741 |
| SABRE CORPORATION | ||
| SECTOR OPPRUTUNIITIES | 245,285 | 346,240 |
| SENIOR HOUSING PRPERTIES TR | 37,180 | 23,937 |
| SL GREEN REALTY CORP SER I 6.5 PFD | 25,339 | 25,995 |
| STAG INDUSTRIAL INC | 29,445 | 30,205 |
| STARWOOD PROPERTY INC | 37,943 | 33,883 |
| STARWOODS HOTELS & RESORTS | ||
| STATE STREET CORPORATION | 69,718 | 69,081 |
| SUN COMMUNICATIONS INC SER A 7.12 PF | 15,108 | 15,668 |
| TAUBMAN CENTERS INC 6.25 PFD | 15,757 | 16,199 |
| TAUBMAN CENTERS INC SER J 6.5 PFD | 32,094 | 32,666 |
| TERRENO REALTY TRUST 7.75 PFD | 16,385 | 15,454 |
| TRAVELERS COMPANIES | 100,000 | 388,577 |
| TWO HARBORS INVESTMENT CORP | 28,823 | 21,190 |
| UNILEVER | ||
| VERIZON COMMUNICATIONS INC | 34,212 | 33,371 |
| VISA INC | 49,412 | 74,138 |
| VORNADO REALTY TR SER J 6.875 PFD | 250,000 | 255,800 |
| VORNADO REALTY TRUST 6.6625 PFD | 250,000 | 243,299 |
| VORNADO REALTY TRUST SER G 6.62 PFD | 8,085 | 8,144 |
| VORNADO RLTY TRUST SER I 6.625 PFD | 200,000 | 203,680 |
| WALT DISNEY COMPANY | 22,886 | 30,158 |
| WARNER INC | ||
| WASHINGTON PRIME GROUP INC | ||
| WATERS CORPORATION | ||
| WEINGARTEN REALTY INVESTORS SER F | ||
| WELLS FARGO COMPANY 5.85 PFD | 500,000 | 522,400 |
| SPDR S&P 500 ETF TRUST | 323,156 | 316,202 |
| JPMORGAN CHASE & CO LINKED TO S&P | 168,000 | 166,908 |
| MORGAN STANLEY LINKED TO S&P | 165,000 | 168,226 |
| CREDIT SUISSE LINKED TO S&P | 166,000 | 166,000 |
| ROYAL BANK OF CANADA LINKED TO S&P | 166,000 | 166,000 |
| COMMUNITY HEALTHCARE TRUST INC | 26,919 | 26,134 |
| CARE CAPITAL PROPERTIES INC | 30,508 | 28,155 |
| HCP INC | 36,941 | 37,016 |
| WP CAREY INC | 25,590 | 24,603 |
| WP GLIMCHER INC | 47,394 | 29,358 |
| WELLTOWER INC PFD 6.5 | 21,088 | 21,515 |
| AXIS CAPITAL HOLDINGS LTD | 71,528 | 76,178 |
| CARLISLE COS INC | 29,925 | 30,066 |
| CISCO SYSTEMS INC | 76,831 | 75,654 |
| HONEYWELL INTL INC | 28,710 | 28,275 |
| MICROSOFT CORP | 16,361 | 21,193 |
| NATIONAL OILWELL VARCO INC | 148,252 | 103,719 |
| QUALCOMM INC | 81,002 | 62,881 |
| TIME WARNER INC | 50,068 | 40,289 |
| UNITED TECHNOLOGIES CORP | 52,375 | 53,607 |
| SWISS RE LTD | 91,594 | 98,322 |
| HAYLARD HEALTH INC | 1,318 | 2,071 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| VOYA FLOATING RATE FUND CLASS I | AT COST | 2,510,384 | 2,482,195 |
| GS PERRY PRIVATE OPPORTUNITIES FUND | |||
| GOLDMAN SACHS MONEY MARKET | AT COST | 454,665 | 454,665 |
| GS MLP ENERGY INFRASTRUCTURE | AT COST | 2,205,278 | 1,447,321 |
| GS STRATEGIG INCOME FUND | AT COST | ||
| BLACKROCK GLOBAL ALLOCATIONS FUND | AT COST | 621,382 | 607,421 |
| GS INVESTMENT PARTNERS | AT COST | 1,000,000 | 1,315,685 |
| ISHARES MSCI EAFE ETF | AT COST | ||
| NUVEEN SYMPHONY FLOATING RATE | AT COST | ||
| GS PRINCETON FUND | AT COST | 1,868,296 | 2,836,025 |
| GS HIGH FLOATING RATE FUND | AT COST | 3,427,993 | 3,243,669 |
| GS STRATEGIC INCOME FUND | AT COST | ||
| GS US EQUITY DIV & PREM FUND | AT COST | 2,803,748 | 3,279,021 |
| CLAROS REAL ESTATE SECURITIES | AT COST | 2,779,839 | 2,779,839 |
| GS HIGH YIELD FUND INSTITUTIONAL | AT COST | 3,004,571 | 2,610,889 |
| GS TACTICAL TILT IMPLEMENTATION | AT COST | 4,643,549 | 4,492,780 |
| MERRILL LYNCH CMA FUND | AT COST | 3,521,001 | 3,521,001 |
| ETON PARK FUND | AT COST | 3,282,444 | 3,282,444 |
| THIRD POINT PARTNERS | AT COST | 12,754,301 | 12,754,301 |
| MSCI EAFE HEDGED EQUITY INDEX FUND | AT COST | 1,761,202 | 1,690,710 |
| LIBERTY HARBOE SPV II LTD | AT COST | 20,266 | |
| PRIVATE EQUITY CO-INVESTMENT | AT COST | 171,706 | 167,753 |
| PRIVATE EQUITY MANAGERS 2015 | AT COST | 56,792 | 50,294 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EXPENSES | ||||
| FEES | 148,100 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 50,600 |