| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| HARDEN CUMMINS MOSS & MILLER LLC | 3,585 | 2,689 | 896 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALTRIA GROUP INC GTD NOTE CPN 2.625% DUE 01/14/20 | 49,913 | 49,543 |
| AMERICAN EXPRESS CR CORP MEDIUM TERM NOTE CPN 2.200% DUE 03/03/20 | 49,603 | 49,463 |
| APPLE INC NOTE CPN 1.900% DUE 02/07/20 | 49,589 | 49,566 |
| AUTOZONE INC SR NOTE CPN 1.625% DUE 03/15/19 | 50,005 | 49,756 |
| BANK OF AMERICA CORP DEP SHS REPSTG 1/25TH V PFD PERPETUAL 5.125% | 50,752 | 48,875 |
| BANK OF AMERICA CORP MEDIUM TERM NOTE B/E VAR 0.00% DUE 3/18/20 | 100,000 | 98,625 |
| BERKSHIRE HATHAWAY INC SR NOTE CPN 2.100% DUE 08/14/19 | 49,946 | 49,758 |
| BLACKSTONE MTG TR INC SR NOTE CONV CPN 4.375% DUE 05/05/22 | 50,505 | 48,655 |
| BP CAP MKTS PLC GTD NOTE CPN 1.768% DUE 09/19/19 | 49,650 | 49,554 |
| BP CAP MKTS PLC GTD NOTE CPN 2.521% DUE 01/15/20 | 49,926 | 49,842 |
| CATERPILLAR FINL SVCS MEDIUM TERM NOTE CPN 2.250% DUE 12/01/19 | 49,931 | 49,645 |
| CHEVRON CORP NOTE CPN 2.193% DUE 11/15/19 | 99,846 | 99,513 |
| GOLDMAN SACHS CAP II GTD NOTE VAR CPN 4.000% DUE 06/01/43 | 38,796 | 34,000 |
| GOLDMAN SACHS GROUP INC SR NOTE CPN 2.000% DUE 04/25/19 | 49,951 | 49,826 |
| HCI GRP INC SR NOTE CONV CPN 3.875% DUE 03/15/19 | 49,505 | 49,787 |
| JPMORGAN CHASE & CO NOTE CPN 2.250% DUE 01/23/20 | 49,659 | 49,502 |
| JPMORGAN CHASE & CO NOTE VAR LKD 30YR CNSTNT MTY SWAP CPN 2.486% DUE 3/28/24 | 50,000 | 46,350 |
| MACQUARIE INFRA CO LLC SR NOTE CONV CPN 2.875% DUE 07/15/19 | 75,146 | 74,439 |
| MASTER ALT LN TR REMIC 2004-ALTZ CL 2A1 CPN 5.000% DUE 07/25/34 | 19,097 | 18,843 |
| MERCANTILE BANK OF MI GRAND RAPIDS MI CD FDIC #34598 CPN 3.050# | 50,000 | 50,010 |
| NATIONAL RURAL UTILITIES INTERNOTES MONTHLY SURVIVOR OPTION | 50,000 | 49,433 |
| PENNYMAC CORP SR NOTE CONV CPN 5.375% DUE 05/01/20 | 49,805 | 49,444 |
| PEPSICO INC SR NOTE CPN 1.850% DUE 04/30/20 | 49,416 | 49,276 |
| PFIZER INC NOTE CPN 2.100% DUE 05/15/19 | 50,005 | 49,869 |
| PHILIP MORRIS INTL INC NOTE CPN 1.625% DUE 02/21/19 | 49,877 | 49,892 |
| PHILIP MORRIS INTL INC NOTE CPN 2.900% DUE 11/15/21 | 49,815 | 49,377 |
| PORTFOLIO RECOVERY ASSOC INC SR NOTE CONV CPN 3.000% DUE 08/01/20 | 48,630 | 45,824 |
| STIFEL FINANCIAL CORP SR NOTE 3.500% 12/01/20 | 99,614 | 99,990 |
| SYNCHRONY BANK DRAPER UT CD FDIC #27314 CPN 2.750% DUE 05/26/20 | 50,000 | 49,924 |
| TORONTO DOMINION BANK SR MEDIUM TERM BANK BOND CPN 1.900% DUE 10/24/19 | 49,694 | 49,570 |
| TORONTO DOMINION BANK SR MEDIUM TERM BANK BOND CPN 2.125% DUE 07/02/19 | 49,954 | 49,813 |
| TOTAL CAP INTL GTD NOTE CPN 2.100% DUE 06/19/19 | 50,005 | 49,781 |
| TOYOTA MTR CR CORP MEDIUM TERM NOTE CPN 2.200% DUE 01/10/20 | 49,829 | 49,547 |
| U S BANCORP MEDIUM TERM NOTE CPN 2.200% DUE 04/25/19 | 49,965 | 49,891 |
| WELLS FARGO & COMPANY DEP SHS 1/100TH INT PERPTL A SER Q | 51,105 | 49,140 |
| WESTPAC BKG CORP NOTE CPN 2.250% DUE 01/17/19 | 49,997 | 49,986 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALTRIA GROUP INC | 21,736 | 49,390 |
| ANTHEM INC | 36,720 | 44,122 |
| APPLE INC | 111,222 | 157,740 |
| AT&T | 138,178 | 142,700 |
| BANK OF AMERICA CORP | 130,764 | 246,400 |
| BP PLC | 181,229 | 170,640 |
| BRISTOL MYERS SQUIBB | 35,046 | 77,970 |
| CATERPILLAR INC | 70,268 | 127,070 |
| CHEVRON CORP | 108,572 | 108,790 |
| COCA-COLA COMPANY | 66,335 | 142,050 |
| DOWDUPONT INC | 71,497 | 80,220 |
| EXXON MOBIL CORP | 83,192 | 68,190 |
| FIRST EAGLE OVERSEAS CL C | 233,377 | 210,950 |
| FORD MOTOR COMPANY NEW | 52,600 | 30,600 |
| FRANKLIN K2 ALTERNATIVE STRAT CL C | 52,258 | 52,866 |
| GENERAL ELECTRIC COMPANY | 194,870 | 75,700 |
| INTL BUSINESS MACHINES CORP | 156,705 | 113,670 |
| INVESCO S&P 500 EQUAL WEIGHT ETF | 154,435 | 137,100 |
| KINDER MORGAN INC DE | 150,301 | 89,419 |
| KRAFT HEINZ CO | 77,683 | 43,040 |
| NEW PERSPECTIVE CL C | 107,760 | 119,898 |
| NEW PERSPECTIVE CL F1 | 451,007 | 604,904 |
| NEXTERA ENERGY INC | 44,314 | 173,820 |
| PEPSICO INC | 63,453 | 110,480 |
| PFIZER INC | 33,763 | 87,300 |
| PHILLIP MORRIS INTL INC | 33,585 | 33,380 |
| PHILLIPS 66 | 78,101 | 86,150 |
| PIMCO INCOME CL A | 220,426 | 215,336 |
| PRINCIPAL MID CAP CL C | 291,161 | 323,895 |
| PROCTER & GAMBLE COMPANY | 125,616 | 137,880 |
| ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG A SHARES | 53,826 | 58,270 |
| SMALLCAP WORLD CL F1 | 365,679 | 462,531 |
| TOTAL S A SPONSORED ADR | 139,702 | 156,540 |
| U S BANCORP DE | 48,109 | 91,400 |
| VANGUARD 500 INDEX ADMIRAL CL | 279,638 | 262,572 |
| WAL-MART STORES INC | 121,980 | 139,725 |
| WEYERHAEUSER COMPANY | 45,354 | 43,720 |
| Category/ Item | Cost/Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| LIVINGSTON-32.4 ACRES | 29,000 | 0 | 29,000 | |
| LIVINGSTON-20 ACRES - MITCHELL ROAD | 200,000 | 0 | 200,000 | |
| LIVINGSTON-15 ACRES | 150,226 | 0 | 150,226 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CHAPMAN & COWHERD PC | 4,349 | 0 | 4,349 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| D&O INSURANCE | 2,250 | 0 | 2,250 | |
| DUES | 750 | 0 | 750 | |
| INVESTMENT FEES | 90 | 90 | 0 | |
| INSURANCE | 1,039 | 1,039 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES PAID | 3,230 | 3,230 | 0 | |
| 2018 FEDERAL EXCISE TAX ESTIMATES | 5,084 | 0 | 0 | |
| PROPERTY TAXES | 238 | 238 | 0 |