| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 13 SHS. DELTEC FORUM FUND | AT COST | 1,866,239 | 3,164,790 |
| 4,228.896 SHS. VANGUARD SMALL CAP INDEX FUND | AT COST | 218,684 | 268,154 |
| 57,168.034 VANGUARD SHORT-TERM BOND INDEX FUND | AT COST | 593,133 | 618,558 |
| 16,516.459 SHS. VANGUARD EMERGING MARKETS STOCK INDEX FUND | AT COST | 588,408 | 502,266 |