| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 5,876 | 2,938 | 2,938 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| STRATS-NEWS CORP 7% | 100,000 | 101,000 |
| ALLSTATE CORP 6.25% PFD | 100,000 | 101,200 |
| HSBC HOLDINGS PLC 6.2% SERIRES | 150,000 | 154,620 |
| GENERAL AMERICAN PREF INV 5.95 | 49,587 | 51,443 |
| PRUDENTIAL PLC 6.75% PERP SUBO | 100,000 | 101,400 |
| BANK OF AMERICA CORP | 16,417 | 15,019 |
| ACTUANT CORPORATION | 51,282 | 49,375 |
| MMI CAPITAL TR I | 29,495 | 29,576 |
| VALMONT INDUSTRIES | 47,818 | 44,284 |
| WACHOVIA | 100,277 | 90,450 |
| GOLDMAN SACHS | 115,394 | 102,000 |
| NATIONWIDE FINL SVCS INC | 105,783 | 101,000 |
| MELLON CAPITAL | 182,973 | 151,676 |
| BAC CAPITAL TRUST | 235,724 | 187,951 |
| USB CAPITAL | 237,182 | 196,100 |
| USB CAPITAL | 183,677 | 148,000 |
| GOLDMAN SACHS | 104,707 | 81,600 |
| GENERAL MOTORS | 249,382 | 198,250 |
| BANK OF AMERICA CORP 6% | 50,000 | 50,200 |
| COWEN INC 7.75% SRNT | 50,000 | 47,000 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| CHEVRON CORPORATION | 39,581 | 206,701 |
| ALTRIA GROUP INC | 13,432 | 79,024 |
| US BANCORP NEW | 12,962 | 92,086 |
| POWERSHARES QQQ TR | 395,680 | 489,004 |
| MONDELEZ INTERNATIONAL | 32,126 | 232,574 |
| XCEL ENERGY, INC. | 25,000 | 78,832 |
| KRAFT FOODS, INC. CL A | 11,971 | 53,585 |
| DIAMONDS TRUST (SPDR DJ INDL) | 305,685 | 461,036 |
| SPDR TR UNIT SERIES 1 | 296,067 | 433,111 |
| FIRST INTERSTATE BANCSYS | 209,802 | 201,263 |
| UNITED TECHNOLOGY | 4,741 | 250,441 |
| FIDELITY 500 INDEX FD-AI | 733,543 | 688,580 |
| SIX CIRCLES US UNCONSTRAINED | 129,500 | 118,798 |
| SIX CIRCLES INTERNATIONS | 66,000 | 60,360 |
| JP MORGAN BETABUILDERS EUROPE | 76,181 | 67,583 |
| JP MORGAN BETABUILDERS JAPAN | 95,717 | 85,599 |
| JP MORGAN BETABUILDERS ASIA | 27,522 | 24,942 |
| AMG MG PICTET INTL-Z | 49,125 | 36,519 |
| CAPITAL GR NON US EQUITY | 45,241 | 43,559 |
| DODGE & COX INTL STOCK FD | 48,666 | 41,496 |
| ISHARES MSCI EAFEINTL INDEX | 136,316 | 123,175 |
| JPMORGAN GL RES ENH IDX-R6 | 21,939 | 18,264 |
| 3M COMPANY | 1,655 | 1,715 |
| ABBOTT LABORATORIES | 784 | 1,302 |
| ACCENTURE PLC IRELAND CL A | 1,117 | 1,269 |
| ACS ACTIV DE CONSTRUC Y SERV | 5,024 | 5,552 |
| AERCAP HOLDINGS N.V. | 8,215 | 6,455 |
| AIA GROUP LTD SPON ADR | 4,991 | 5,557 |
| AIR PROD & CHEM INC | 3,251 | 3,361 |
| AIRBUS SE UNSPONSORED ADR | 4,446 | 4,590 |
| ALEXANDRIA REAL ESTATE EQ INC | 455 | 461 |
| ALTRIA GROUP INC | 3,994 | 2,815 |
| ANALOG DEVICES INC | 3,125 | 3,347 |
| APPLE INC | 2,293 | 2,682 |
| ARCELORMITTAL CL A NY REGISTRY | 5,734 | 4,196 |
| ARTHUR J GALLAGHER | 1,293 | 1,695 |
| AUTOMATIC DATA PROCESSING INC | 1,130 | 1,442 |
| AVALONBAY COMM INC | 2,266 | 2,263 |
| AXA ADS | 6,242 | 5,005 |
| BAE SYS PLC SPON ADR | 6,329 | 4,333 |
| BAIDU INC ADS | 6,065 | 4,282 |
| BANCO SANTANDER S.A. | 7,482 | 5,215 |
| BANK OF AMERICA CORP | 6,278 | 6,357 |
| BASF SE SP ADR | 6,166 | 4,521 |
| BB & T CORP | 2,296 | 2,079 |
| BECTON DICKINSON & CO | 2,035 | 2,479 |
| BHP BILLITON PLC SPONS ADR | 8,442 | 8,587 |
| BLACKROCK INC | 4,362 | 4,321 |
| BOSTON PROPERTIES INC | 1,068 | 900 |
| BRISTOL MYERS SQUIBB CO | 2,706 | 2,443 |
| BRITISH AMER TOB SPON ADR | 6,391 | 3,696 |
| CAPITAL ONE FINANCIAL CORP | 1,919 | 1,587 |
| CARLSBERG AS | 5,522 | 5,823 |
| CHEVRON CORP | 7,049 | 6,745 |
| CHUBB LTD | 2,045 | 1,938 |
| CINCINNATI FINANCIAL OHIO | 507 | 542 |
| CME GROUP INC | 4,088 | 6,208 |
| CMS ENERGY CP | 1,635 | 1,887 |
| COCA COLA CO | 1,702 | 1,894 |
| COMCAST CORP (NEW) CLASS A | 4,136 | 3,814 |
| CONOCOPHILLIPS | 3,943 | 4,926 |
| CULLEN FROST BANKERS INC | 1,235 | 1,143 |
| CVS HEALTH CORP COM (CVS) | 2,461 | 2,097 |
| DAIMLER AG-UNSPONSORED ADR | 6,880 | 4,641 |
| DANONE SPONSORED ADR | 6,172 | 5,452 |
| DBS GROUP HOLDINGS LTD SP | 5,290 | 5,369 |
| DEERE & CO | 459 | 448 |
| DEUTSCHE BOERSE AG UNSPON ADR | 5,542 | 5,536 |
| DEUTSCHE POST AG SPONSORED ADR | 7,383 | 4,919 |
| DISCOVER FINCL SVCS | 1,708 | 1,415 |
| DNB ASA SPONSORED ADR | 5,889 | 5,083 |
| DOVER CORP | 2,924 | 2,980 |
| DOWDUPONT INC | 3,521 | 2,941 |
| DTE ENERGY COMPANY | 295 | 331 |
| E.ON SE | 5,165 | 5,468 |
| ELI LILLY & CO | 2,907 | 4,166 |
| ENGIE SPONS ADR | 5,557 | 5,570 |
| ESSILOR INTL SA SPONS ADR | 5,515 | 5,432 |
| EXXON MOBIL CORP | 1,486 | 1,227 |
| FANUC CORPORATION UNSP ADR | 5,935 | 4,518 |
| FIDELITY NATL INFORMATION SE | 1,696 | 2,154 |
| GENL DYNAMICS CORP | 3,814 | 3,144 |
| GENUINE PARTS CO | 1,458 | 1,440 |
| GILEAD SCIENCE | 1,807 | 1,626 |
| HARTFORD FIN SERS GRP INC | 3,214 | 2,934 |
| HASBRO INC | 1,375 | 1,219 |
| HOME DEPOT INC | 3,674 | 4,295 |
| HONEYWELL INTERNATIONAL INC | 1,558 | 1,717 |
| HSBC HOLDINGS PLC SPON ADR NEW | 6,063 | 5,262 |
| ILL TOOL WORKS INC | 3,295 | 3,167 |
| INDUSTRIA DE DISENO TEXTIL IND | 5,675 | 4,626 |
| INTERNATIONAL CONS AIRLS GRP | 2,786 | 2,571 |
| INTESA SANPAOLO S.P.A. ADR | 6,711 | 5,086 |
| JOHNSON & JOHNSON | 3,253 | 3,613 |
| JULIUS BAER GROUP LTD UN ADR | 6,888 | 4,434 |
| KRAFT HEINZ CO | 812 | 473 |
| KUBOTA CP ADR | 6,122 | 5,425 |
| LAS VEGAS SANDS CORP | 840 | 833 |
| LLOYDS BANKING GROUP PLC | 6,761 | 5,220 |
| M&T BANK CORP | 1,690 | 1,431 |
| MARSH & MCLENNAN COS INC | 426 | 399 |
| MC DONALDS CORP | 3,274 | 3,729 |
| MEDTRONIC PLC SHS | 2,478 | 2,638 |
| MERCK & CO INC NEW COM | 5,424 | 6,571 |
| METLIFE INCORPORATED | 2,751 | 2,340 |
| MICROSOFT CORP | 3,028 | 4,774 |
| MONDELEZ INTL INC COM | 2,729 | 2,482 |
| MURATA MANUFACTURING CO LTD | 5,667 | 5,118 |
| NEXTERA ENERGY INC | 2,300 | 2,955 |
| NISOURCE INC | 1,462 | 1,597 |
| NORDEA BANK ABP SPON ADR | 6,021 | 4,656 |
| NORFOLK SOUTHERN CORP | 1,957 | 2,243 |
| NORTHERN TRUST CORP | 1,664 | 1,588 |
| NXP SEMICONDUCTORS NV | 5,369 | 5,276 |
| OCCIDENTAL PETROLEUM CORP DE | 3,731 | 3,499 |
| ORANGE NEW | 5,920 | 5,845 |
| OTSUKA HOLDINGS CO LTD UNS ADR | 6,236 | 5,500 |
| PARKER HANNIFIN CORP | 1,693 | 1,641 |
| PEPSICO INC NC | 1,854 | 1,878 |
| PFIZER INC | 3,333 | 4,409 |
| PHILIP MORRIS INTL INC | 2,491 | 2,070 |
| PNC FINL SVCS GP | 4,704 | 4,326 |
| PPG INDUSTRIES INC | 2,913 | 2,862 |
| PROCTER & GAMBLE | 1,684 | 1,930 |
| PROGRESSIVE CORP OHIO | 789 | 1,146 |
| PRUDENTIAL FINANCIAL INC | 3,046 | 2,283 |
| PUBLIC SERVICE ENTERPRISE | 1,280 | 1,301 |
| R P M INC | 829 | 940 |
| REPSOL SA SPON ADR | 9,298 | 7,726 |
| REPUBLIC SERVICES INC | 1,459 | 1,802 |
| ROCHE HOLDINGS ADR | 6,238 | 6,651 |
| ROYAL DSM NV SPONSORED ADR | 4,923 | 4,721 |
| ROYAL DUTCH SHELL PLC | 5,649 | 5,302 |
| SAP AG | 8,963 | 8,163 |
| SECOM LTD ADR | 5,365 | 5,977 |
| SEVEN & I HLDGS CO LTD ADR | 6,092 | 6,394 |
| SIMON PPTY GROUP INC | 1,499 | 1,512 |
| SMITH & NEPHEW PLC ADR | 5,614 | 6,317 |
| STANLEY BLACK & DECKER INC | 2,540 | 2,275 |
| STARBUCKS CORP WASHINGTON | 1,245 | 1,417 |
| SUMITOMO MITSUI FINL GROUP INC | 6,452 | 4,961 |
| T ROWE PRICE GROUP INC | 1,868 | 2,400 |
| TARGET CORP | 1,685 | 1,454 |
| TEXAS INSTRUMENTS | 2,945 | 3,685 |
| TIFFANY & COMPANY NEW | 1,000 | 725 |
| TORAY INDS ADR | 7,342 | 5,727 |
| TOTAL S A SPON ADR | 5,242 | 4,957 |
| TRAVELERS COMPANIES INC COM | 3,484 | 3,473 |
| U S BANCORP COM NEW | 2,612 | 2,194 |
| V F CORPORATION | 620 | 785 |
| VALERO ENERGY CP DELA NEW | 975 | 900 |
| VERIZON COMMUNICATIONS | 3,183 | 3,711 |
| VORNADO REALTY TRUST | 1,353 | 1,179 |
| WALMART INC | 1,012 | 1,025 |
| WELLS FARGO & CO NEW | 3,470 | 2,765 |
| WYNDHAM WORLDWIDE CORP | 795 | 681 |
| XCEL ENERGY INC | 1,940 | 2,266 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| JENSEN PORTFOLIO INC | FMV | 197,745 | 216,259 |
| FRANKLIN INCOME FUND CLASS A | FMV | 1,059,885 | 971,653 |
| FRANKLIN INVS SECS TR | FMV | 368,525 | 502,546 |
| FRANKLIN CUSTODIAN | FMV | 418,055 | 595,272 |
| CAPITAL INCOME BUILDER | FMV | 451,932 | 441,251 |
| INCOME FUND AMERICA | FMV | 470,667 | 468,140 |
| MAIRS & POWER FDS TR GROWTH FD | FMV | 197,745 | 181,337 |
| WILSHIRE TARGET FUNDS | FMV | 395,289 | 381,960 |
| ISHARES CORE MSCI EMERGING | FMV | 79,942 | 66,859 |
| ISHARES RUSSELL 2000 ETF | FMV | 86,283 | 121,849 |
| S&P 500 INDEX | FMV | 317,267 | 299,154 |
| THE FINANCIAL SEL SECT SPDR FD | FMV | 78,064 | 77,844 |
| VANGUARD SMALL CAP ETF | FMV | 100,014 | 98,993 |
| VANGUARD FTSE EUROPE ETF | FMV | 199,956 | 154,223 |
| ANGEL OAK MULTI STRAT INC I | FMV | 347,158 | 339,927 |
| GOLDMAN SACHS US EQ DV PREM I | FMV | 205,765 | 184,351 |
| GUGGENHEIM MACRO OPPORT I | FMV | 344,224 | 336,575 |
| MATTHEWS ASIAN JAPAN INV | FMV | 187,187 | 138,980 |
| MSIF ULTRA-SHORT INCOME IR | FMV | 251,373 | 251,373 |
| PIMCO INCOME I2 | FMV | 353,498 | 342,377 |
| TORTOISE MLP & PIPELINE INST | FMV | 87,530 | 76,191 |
| VAN ECK EMERGING MARKETS Y | FMV | 75,756 | 68,712 |
| SIX CIRCLES ULTRA SHORT DURATION FD | FMV | 42,300 | 42,131 |
| DODGE & COX INCOME FD | FMV | 55,340 | 53,467 |
| SCHWAB US TIPS ETF | FMV | 21,936 | 21,726 |
| VANGUARD S-T BOND ETF | FMV | 40,239 | 40,306 |
| JANUS HIGH-YIELD FD-I | FMV | 32,450 | 29,720 |
| METROPOLITAN WEST T/R BD-PLN | FMV | 41,150 | 40,231 |
| PIMCO INVESTMENT GRADE CORP | FMV | 80,000 | 78,948 |
| VANGUARD TOTAL BOND MKT-INDEX | FMV | 201,100 | 197,661 |
| PIMCO INCOME FD-INS | FMV | 21,500 | 20,444 |
| ISHARES JP MORGAN EM BOND FUND | FMV | 19,040 | 19,119 |
| VANGUARD TOTAL INTL BND-ADM | FMV | 110,760 | 110,923 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| WIRE & CHECK FEES | 34 | 17 | 17 | |
| MISCELLANEOUS | 23 | 0 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INCOME | -849 | -849 | 0 |
| Description | Amount |
|---|---|
| FUND BALANCE ADJUSTMENT | 1,500 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| MORGAN STANLEY SERVICES FEE | 17,607 | 17,607 | 0 | |
| JP MORGAN FEES & COMISSIONS | 11,801 | 11,801 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| 2017 EXCISE TAX PAID | 16,192 | 0 | 0 | |
| 2018 ESTIMATED EXCISE TAX PAID | 38,298 | 0 | 0 |