| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| TAX PREPARATION FEE (NON-ALLOC | 954 | 954 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 81369Y308 CONSUMER STAPLES SEC | AT COST | 10,687 | 16,216 |
| 81369Y852 COMM SERV SELECT SEC | AT COST | 16,922 | 17,679 |
| 81369Y209 AMEX HEALTH CARE SPD | AT COST | 26,325 | 43,306 |
| 779919307 T ROWE PR REAL ESTAT | AT COST | 10,172 | 10,930 |
| 81369Y100 AMEX MATERIALS SPDR | AT COST | 4,320 | 5,939 |
| 77958B402 T ROWE PRICE INST FL | AT COST | 9,893 | 9,698 |
| 277923264 EATON VANCE GLOB MAC | AT COST | 34,619 | 31,595 |
| 78463X863 SPDR DJ WILSHIRE INT | AT COST | 6,926 | 11,156 |
| 921937819 VANGUARD INTERMEDIAT | AT COST | 152,909 | 149,395 |
| 81369Y605 AMEX FINANCIAL SELEC | AT COST | 30,204 | 38,436 |
| MIX082603 "KERN, CA., .666667 | AT COST | 10 | 1 |
| 09260C703 BLACKROCK GL L/S CRE | AT COST | 32,942 | 31,739 |
| 87234N765 TCW EMRG MKTS INCM-I | AT COST | 41,850 | 42,639 |
| 81369Y803 AMEX TECHNOLOGY SELE | AT COST | 21,351 | 53,798 |
| 464287606 ISHARES S&P MIDCAP 4 | AT COST | 18,760 | 42,944 |
| 4812C0803 JPMORGAN HIGH YIELD | AT COST | 21,596 | 22,465 |
| 64128R608 NEUBERGER BERMAN LON | AT COST | 20,067 | 21,509 |
| MIX082595 "KERN CO., CA" | AT COST | 10 | 1 |
| 464287705 ISHARES S&P MIDCAP 4 | AT COST | 21,227 | 42,068 |
| 81369Y704 AMEX INDUSTRIAL SPDR | AT COST | 19,261 | 31,212 |
| 63872T885 ASG GLOBAL ALTERNATI | AT COST | 21,201 | 21,005 |
| 922042858 VANGUARD EMERGING MA | AT COST | 40,262 | 54,570 |
| 47803M168 JOHN HANCOCK II-CURR | AT COST | 21,844 | 20,835 |
| 921943858 VANGUARD EUROPE PACI | AT COST | 48,681 | 54,398 |
| 464287655 ISHARES RUSSELL 2000 | AT COST | 33,032 | 31,843 |
| 46090F100 INVESCO OPTIMUM YIEL | AT COST | 24,114 | 21,676 |
| 921937827 VANGUARD BD INDEX FD | AT COST | 38,192 | 38,044 |
| 81369Y407 AMEX CONSUMER DISCR | AT COST | 14,942 | 34,041 |
| 31641Q755 FIDELITY NEW MRKTS I | AT COST | 53,051 | 52,638 |
| 00203H859 AQR MANAGED FUTURES | AT COST | 38,330 | 32,143 |
| 46434G103 ISHARES CORE MSCI EM | AT COST | 32,156 | 32,112 |
| 81369Y506 AMEX ENERGY SELECT S | AT COST | 8,275 | 8,860 |
| 92206C409 VANGUARD S/T CORP BO | AT COST | 14,624 | 14,915 |
| Description | Amount |
|---|---|
| MUTUAL FUND TIMING DIFFERENCE | 313 |
| ROUNDING | 16 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FILING FEE/STATE TAX | 10 | 0 | 10 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| SCHOLARSHIP ADMIN FEES | 2,349 | 2,349 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES | 57 | 57 | 0 | |
| FEDERAL ESTIMATES - PRINCIPAL | 755 | 0 | 0 | |
| FOREIGN TAXES ON QUALIFIED FOR | 150 | 150 | 0 | |
| FOREIGN TAXES ON NONQUALIFIED | 261 | 261 | 0 |