| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 160 SHS APPLE INC | 17,019 | 25,238 |
| 50 SHS APPLE INC | 5,016 | 7,887 |
| 150 SHS APPLE INC | 14,788 | 23,661 |
| 45 SHS APPLE INC | 5,160 | 7,098 |
| 100 SHS APPLE INC | 16,314 | 15,774 |
| 50 SHS APPLE INC | 8,882 | 7,887 |
| 30 SHS APPLE INC | 4,617 | 4,732 |
| 250 SHS AT & T INC | 8,885 | 7,135 |
| 100 SHS AT & T INC | 3,423 | 2,854 |
| 325 SHS AT & T INC | 11,230 | 9,276 |
| 143 SHS AT & T INC | 5,098 | 4,081 |
| 434 SHS AT & T INC | 15,979 | 12,386 |
| 498 SHS AT & T INC | 18,031 | 14,213 |
| 500 SHS AT & T INC | 18,880 | 14,270 |
| 400 SHS AT & T INC | 15,150 | 11,416 |
| 100 SHS AT & T INC | 3,890 | 2,854 |
| 350 SHS AT & T INC | 13,240 | 9,989 |
| 450 SHS AT & T INC | 16,593 | 12,843 |
| 550 SHS AT & T INC | 17,545 | 15,697 |
| 550 SHS AT & T INC | 16,824 | 15,697 |
| 450 SHS CDN IMPERIAL BK COMM CANADA CAD DE | 35,152 | 33,543 |
| 150 SHS CDN IMPERIAL BK COMM CANADA CAD DE | 11,568 | 11,181 |
| 200 SHS CDN IMPERIAL BK COMM CANADA CAD DE | 15,140 | 14,908 |
| 450 SHS CDN IMPERIAL BK COMM CANADA CAD DE | 36,714 | 33,543 |
| 350 SHS EASTMAN CHEMICAL CO | 25,292 | 25,589 |
| 350 SHS EXXON MOBIL CORP | 23,695 | 23,867 |
| 160 SHS INTEL CORP | 5,938 | 7,509 |
| 200 SHS INTEL CORP | 7,024 | 9,386 |
| 750 SHS INTEL CORP | 25,408 | 35,198 |
| 390 SHS INTEL CORP | 19,744 | 18,303 |
| 250 SHS INTEL CORP | 12,613 | 11,733 |
| 125 SHS JPMORGAN CHASE & CO | 11,563 | 12,203 |
| 125 SHS JPMORGAN CHASE & CO | 14,401 | 12,203 |
| 200 SHS JPMORGAN CHASE & CO | 22,450 | 19,524 |
| 100 SHS JPMORGAN CHASE & CO | 10,951 | 9,762 |
| 1200 SHS METLIFE INC | 48,940 | 49,272 |
| 300 SHS METLIFE INC | 13,586 | 12,318 |
| 100 SHS METLIFE INC | 4,390 | 4,106 |
| 400 SHS METLIFE INC | 15,975 | 16,424 |
| 1050 SHS ORACLE CORP. | 17,857 | 47,408 |
| 225 SHS ORACLE CORP. | 4,256 | 10,159 |
| 450 SHS ORACLE CORP. | 19,769 | 20,318 |
| 275 SHS ORACLE CORP. | 10,831 | 12,416 |
| 600 SHS PENSKE AUTOMOTIVE GROUP, INC | 26,659 | 24,192 |
| 500 SHS PENSKE AUTOMOTIVE GROUP, INC | 23,335 | 20,160 |
| 85 SHS PFIZER INC | 2,792 | 3,710 |
| 250 SHS PFIZER INC | 7,990 | 10,913 |
| 300 SHS PFIZER INC | 10,339 | 13,095 |
| 450 SHS PFIZER INC | 15,222 | 19,643 |
| 550 SHS PFIZER INC | 18,194 | 24,008 |
| 550 SHS PHILLIPS 66 | 50,631 | 47,383 |
| 200 SHS PROCTER & GAMBLE CO | 15,824 | 18,384 |
| 250 SHS PROCTER & GAMBLE CO | 19,697 | 22,980 |
| 300 SHS PROCTER & GAMBLE CO | 21,875 | 27,576 |
| 2000 SHS PROGRESSIVE CORP OHIO | 50,000 | 120,660 |
| 750 SHS PROGRESSIVE CORP OHIO | 20,443 | 45,248 |
| 235 SHS PUBLIC STORAGE REIT | 47,283 | 47,566 |
| 50 SHS PUBLIC STORAGE REIT | 10,306 | 10,121 |
| 300 SHS RIO TINTO PLC SPON ADR | 16,310 | 14,544 |
| 700 SHS RIO TINTO PLC SPON ADR | 33,332 | 33,936 |
| 450 SHS RIO TINTO PLC SPON ADR | 22,410 | 21,816 |
| 60 SHS ROYAL BANK OF CANADA CAD | 3,261 | 4,111 |
| 250 SHS ROYAL BANK OF CANADA CAD | 14,190 | 17,130 |
| 50 SHS ROYAL BANK OF CANADA CAD | 2,832 | 3,426 |
| 250 SHS ROYAL BANK OF CANADA CAD | 14,583 | 17,130 |
| 200 SHS ROYAL BANK OF CANADA CAD | 12,358 | 13,704 |
| 250 SHS ROYAL BANK OF CANADA CAD | 15,650 | 17,130 |
| 325 SHS ROYAL BANK OF CANADA CAD | 23,747 | 22,269 |
| 215 SHS ROYAL BANK OF CANADA CAD | 16,095 | 14,732 |
| 250 SHS ROYAL DUTCH SHELL PLC CL A | 16,352 | 14,568 |
| 350 SHS ROYAL DUTCH SHELL PLC CL A | 22,936 | 20,395 |
| 200 SHS ROYAL DUTCH SHELL PLC CL A | 12,938 | 11,654 |
| 50 SHS ROYAL DUTCH SHELL PLC CL A | 3,196 | 2,914 |
| 300 SHS ROYAL DUTCH SHELL PLC CL A | 19,248 | 17,481 |
| 250 SHS ROYAL DUTCH SHELL PLC CL A | 16,218 | 14,568 |
| 300 SHS ROYAL DUTCH SHELL PLC CL A | 19,186 | 17,481 |
| 500 SHS UNION PACIFIC CORP | 50,615 | 69,115 |
| 250 SHS UNION PACIFIC CORP | 26,500 | 34,558 |
| 250 SHS UNION PACIFIC CORP | 25,619 | 34,558 |
| 600 SHS VENTAS INC | 29,250 | 35,154 |
| 925 SHS VENTAS INC | 55,303 | 54,196 |
| 250 SHS W P CAREY INC REIT | 14,184 | 16,335 |
| 250 SHS W P CAREY INC REIT | 14,243 | 16,335 |
| 200 SHS W P CAREY INC REIT | 11,646 | 13,068 |
| 150 SHS W P CAREY INC REIT | 9,003 | 9,801 |
| 250 SHS W P CAREY INC REIT | 15,200 | 16,335 |
| 600 SHS W P CAREY INC REIT | 36,678 | 39,204 |
| 1700 SHS WELLTOWER INC REIT | 110,450 | 117,997 |
| 1900 SHS ISHARES INTL SELECT DIVID | 59,289 | 54,549 |
| 750 SHS WISDOMTREE EMERGING MARKETS HIGH DIVID FUND ETF DE | 28,167 | 30,113 |
| 400 SHS WISDOMTREE EMERGING MARKETS HIGH DIVID FUND ETF DE | 15,307 | 16,060 |
| 150 SHS WISDOMTREE EMERGING MARKETS HIGH DIVID FUND ETF DE | 6,208 | 6,023 |
| 200 SHS WISDOMTREE EMERGING MARKETS HIGH DIVID FUND ETF DE | 8,226 | 8,030 |
| 850 SHS WISDOMTREE EMERGING MARKETS HIGH DIVID FUND ETF DE | 35,681 | 34,128 |
| 1050 SHS WISDOMTREE EMERGING MARKETS HIGH DIVID FUND ETF DE | 44,851 | 42,158 |
| 50 SHS WISDOMTREE EMERGING MARKETS HIGH DIVID FUND ETF DE | 2,187 | 2,008 |
| 3750 SHS CAPITAL ONE FINCL CORP 6.2% PREFERRED | 100,342 | 94,763 |
| 1650 SHS HARTFORD FINL SVCS GRP | 50,391 | 45,128 |
| 1675 SHS HARTFORD FINL SVCS GRP | 50,535 | 45,811 |
| 3800 SHS PUBLIC STORAGE SER Z 6.000% | 100,953 | 95,190 |
| 3980 SHS QWEST CORP 6.875% | 100,030 | 78,525 |
| 3675 SHS STATE STREET CORP 5.35% PRF | 100,542 | 87,759 |
| 3750 SHS STATE STREET CORP 6.00% PREFERRED CLBL | 100,230 | 94,350 |
| 3800 SHS WELLS FARGO & CO 6.00% | 100,728 | 95,418 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| MEMBER INTEREST IN SFE ALTERNATIVE INVESTMENT FUND I, LLC | AT COST | 222,775 | 113,860 |
| MEMBER INTEREST IN SFE ALTERNATIVE INVESTMENT FUND II, LLC | AT COST | 80,256 | 82,175 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL AND ACCOUNTING | 21,267 | 10,634 | 10,633 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CALIF REG OF CHARITABLE TRUSTS RENEWAL FEE | 75 | 0 | 75 | |
| FRANCHISE TAX BOARD FORM 199 FILING FEE | 10 | 0 | 0 | |
| SCH K-1: SFE ALT INVESTMENT FUND I-OTHER DEDUCTIONS | 7,897 | 1,588 | 0 | |
| SCH K-1: SFE ALT INVESTMENT FUND II-OTHER DEDUCTIONS | 8,837 | 1,054 | 0 | |
| UBS #65975 ACCOUNT FEES | 49 | 49 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| SCH K-1: SFE ALTERNATIVE INVESTMENT FUND I, LLC | 2,375 | 2,375 | 2,375 |
| SCH K-1: SFE ALTERNATIVE INVESTMENT FUND II, | 2,169 | 2,169 | 2,169 |
| UBS FINANCIAL SERVICES INC.-NONDIVIDEND DISTRIBUTIONS | 1,283 | 0 | 1,283 |
| MISC INCOME | 8,035 | 8,035 | 8,035 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 33,557 | 33,557 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES W/H ON DIVIDENDS-UBS# 65975 | 5,053 | 5,053 | 0 | |
| FORM 990PF-EXCISE TAX ON INVESTMENT INCOME | 800 | 0 | 0 |