| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ABBOTT LABS - 2.950% - 03/15/2 | 10,823 | 10,972 |
| ABBVIE INC - 2.900% - 11/06/20 | 10,006 | 10,461 |
| ALEXANDRIA REAL ESTATE - 4.900 | 6,289 | 6,363 |
| AMERICAN ELEC PWR INC - 1.000% | 15,066 | 15,179 |
| AMERICAN EXPRESS CO - 2.500% - | 10,096 | 10,668 |
| AMGEN INC NOTE - 2.650% - 05/1 | 10,126 | 10,300 |
| ANHEUSER-BUSCH - 3.650% - 02/0 | 10,859 | 11,301 |
| ANTHEM INC NOTE - 3.650% - 12/ | 16,861 | 17,290 |
| AT&T INC - 4.125% - 02/17/2026 | 10,823 | 11,560 |
| AVONDALE ARIZ - 2.400% - 07/01 | 34,999 | 35,329 |
| BK OF AMERICA CORP MTN CALL MA | 20,235 | 20,137 |
| BOSTON PPTYS LTD PARTNERSHIP N | 5,440 | 5,451 |
| CATERPILLAR INC - 3.400% - 05/ | 15,967 | 16,371 |
| CITIGROUP INC - 1.875% - 03/31 | 19,966 | 20,598 |
| COMCAST CORP - 3.150% - 03/01/ | 29,912 | 33,494 |
| CVS HEALTH - 3.875% - 07/20/20 | 20,420 | 22,650 |
| DEERE JOHN CAP CORP - 3.650% - | 21,327 | 21,834 |
| DISNEY WALT CO - 2.000% - 09/0 | 19,558 | 20,868 |
| DTE ELECTRIC CO - 3.375% - 05/ | 30,967 | 33,133 |
| ECOLAB INC NOTE - 4.800% - 03/ | 16,453 | 19,140 |
| FORD - 2.415% - 06/01/2050 | 5,000 | 5,095 |
| GLAXOSMITHKLINE - 2.850% - 05/ | 10,269 | 10,343 |
| HOME DEPOT INC - 2.800% - 09/1 | 23,453 | 27,819 |
| LINCOLN NATL CORP - 3.050% - 0 | 5,404 | 5,577 |
| LOWES COS INC - 3.100% - 05/03 | 29,815 | 33,656 |
| MASTERCARD INC - 3.350% - 03/2 | 17,693 | 17,447 |
| MERCK &CO INC - 3.400% - 03/07 | 20,198 | 23,267 |
| MICROSOFT CORP NOTE CALL - 2.8 | 20,261 | 21,483 |
| NEXTERA ENERGY CAP HLDGS INC - | 15,084 | 16,149 |
| NSTAR ELEC CO - 2.375% - 10/15 | 19,736 | 20,603 |
| PNC FINL SVCS - 3.500% - 01/23 | 15,417 | 16,341 |
| PRUDENTIAL - 1.500% - 03/10/20 | 4,999 | 5,188 |
| SCHLUMBERGER - 3.650% - 12/01/ | 15,547 | 16,254 |
| SIMON PPTY GROUP LP - 3.375% - | 10,519 | 10,872 |
| STATE STR CORP NOTE - 2.354% - | 20,279 | 21,346 |
| STATOIL - 2.650% - 01/15/2024 | 16,011 | 15,931 |
| TARGET CORP - 2.250% - 04/15/2 | 10,209 | 10,723 |
| THERMO FISHER - 4.497% - 03/25 | 12,769 | 12,498 |
| TOTAL CAPITAL - 3.455% - 02/19 | 5,498 | 5,777 |
| UNITEDHEALTH GROUP INC - 2.875 | 30,458 | 30,732 |
| US BANCORP - 2.375% - 07/22/20 | 14,871 | 16,201 |
| VERIZON - 1.500% - 09/18/2030 | 11,987 | 11,821 |
| NY STATE - 2.721% - 11/22/2025 | 54,665 | 59,705 |