SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

AS OF DECEMBER 31, 2014



Type of Investment	Cost (1)		Market Value		Amount at which shown in the Balance Sheet (2)

Fixed maturities:
Bonds:
General obligations of U.S. states, territories and political subdivisions	$	35,215,247	$	36,723,499	$	36,723,499
Issuer obligations of U.S. states, territories and political subdivisions special revenue	46,707,033		49,057,256		49,057,256
Corporate debt securities	21,576,641		22,328,435		22,328,435
Auction rate securities	922,129		939,100		939,100
Total fixed maturities	104,421,050		109,048,290		109,048,290

Equity securities:
Common stocks:
Public utilities	961,094		1,402,159		1,402,159
Banks, trust and insurance companies	2,573,154		4,033,101		4,033,101
Industrial, miscellaneous and all other	18,503,498		29,248,520		29,248,520
Technology	1,896,007		4,319,201		4,319,201
Nonredeemable preferred stocks	195,000		252,000		252,000
Total equity securities	24,128,753		39,254,981		39,254,981

Other investments:
Short-term investments	2,576,993		2,576,993		2,576,993
Other investments	7,284,583		7,284,583		7,284,583
Total other investments	9,861,576		9,861,576		9,861,576

Total investments (3)	$	138,411,379	$	158,164,847	$	158,164,847

(1) Fixed maturities are shown at amortized cost and equity securities are shown at original cost.

(2) Bonds of states, municipalities and political subdivisions are shown at amortized cost for held-to-maturity bonds and fair value for available-for-sale bonds. Equity securities are shown at fair value.

(3) The above summary of investments does not include investments in related parties accounted for under the cost and equity methods of accounting in the amount of $1,246,346.