Index to Financial Statements


ALABAMA		63-0372577
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

20 Cropwell Drive - Suite 100 Pell City, Alabama		35128
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (205) 884-7932

Securities registered pursuant to Section 12(g) of the Act:


Title of each class:		COMMON STOCK
		7% Cumulative Preferred Stock *

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ¨ NO x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. YES ¨ NO x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. YES x NO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T ~~(§232.405 of this chapter)~~ during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ~~[Not yet applicable to registrant.]~~ YES x NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act: YES ¨ NO x

As of December 31, ~~2011~~2012, the Registrant had 1,283,068 issued and ~~outstanding~~ 1,~~283~~081,~~068~~327 outstanding shares of common stock, par value of $0.10 per share, and as of December 31, ~~2011~~2012, the aggregate market value of the voting stock of the Registrant held by non-affiliates of the Registrant, based upon the book value of such shares as of such date, was approximately $34,~~699~~096,~~595~~620.

Documents incorporated by reference: NONE

*	Includes 7% Cumulative Series A-1980 Preferred Stock, 7% Cumulative Series A-1981 Preferred Stock, 7% Cumulative Series A-1982 Preferred Stock, and 7% Cumulative Series A-1985 Preferred Stock.

BUSINESS.

(a) General Development of Business. Since its inception in 1955, Twenty Services, Inc. (hereinafter sometimes referred to as the “Registrant” or “Company”), has been engaged principally in the general finance business, including the purchase and sale of real estate. In October 1980, the stockholders of the Registrant authorized the Board of Directors to redeploy the Registrant’s assets and reinvest the proceeds derived from such redeployment in a business other than the general finance business. During 1982 and 1983, the Company and an affiliate of Twenty Services Holding, Inc. (“Holding”), the owner of approximately 56% of the Registrant’s outstanding common stock, acquired an interest in the common stock of The Statesman Group, Inc., an insurance holding company based in Des Moines, Iowa (“Statesman”). The investment in Statesman was sold in 1994. The Registrant invested the proceeds in equities and fixed income securities that offer attractive returns commensurate with the risk assumed. In 1995, the Company acquired an interest in the common stock of American Equity Investment Life Holding Company, an insurance holding company based in Des Moines, Iowa (“American Equity”). As of the date of this Annual Report on Form 10-K the Registrant owns 237,000 shares of common stock of American Equity Investment Life Holding Company.

Depending upon the financial condition of the Registrant, the opportunities available to the Registrant and other matters, the Registrant may acquire majority interests in, and thereafter direct the operations of, other corporations or business entities engaged in one or more active businesses. The Registrant will continue to engage in certain aspects of the general finance business, including extending credit to certain persons and collecting its loan receivables. As of the date of this annual report on Form 10-K, the Registrant does not believe that the composition of its investments and the nature of its business activities render it subject to the Investment Act of 1940, and the Board of Directors of the Registrant intend that any future acquisitions by and/or business activities of the Registrant will be structured in a manner so that the Registrant will not become subject to the Investment Company Act of 1940.

(b) Financial Information Regarding Industry Segments.

The Registrant is not required to supply information respecting industry segments. However, for certain information respecting the general finance and other business activities of the Registrant, see the Financial Statements of Twenty Services, Inc., including the notes thereto, which are included elsewhere herein.

General Finance Business. As stated above, the Registrant historically has engaged in the general finance business which has consisted of (i) extending credit to finance various real estate projects, including the purchase of single-family dwellings and commercial real estate, and to finance home improvements (the “Real Estate Loans”), and (ii) extending credit for business and miscellaneous purposes (the “Business and Miscellaneous Loans”).

the purchase of single-family dwellings and commercial real estate, and to finance home improvements (the “Real Estate Loans”), and (ii) extending credit for business and miscellaneous purposes (the “Business and Miscellaneous Loans”).

Loan Portfolio. The following tabulation sets forth the outstanding balances of the Registrant’s loan portfolio as of December 31 of each year indicated below (including, if appropriate, unearned interest), classified according to the types of loans comprising the Registrant’s loan portfolio:

Type of Loans	~~2011~~2012		~~2010~~2011		~~2009~~2010		~~2008~~2009
Real Estate	$	—	$	—	$	—	$	—
Business and Miscellaneous	$	.00	$	~~28,520~~00	$	2728,~~673~~520		2627,~~882~~673
Total:	$	.00	$	~~28,520~~00	$	2728,~~673~~520	$	2627,~~882~~673

Of the Registrant’s aggregate loan portfolio as of December 31, ~~2011~~2012 100% was secured.

Interest Income. The following tabulation sets forth certain information respecting the Registrant’s net interest income for each of the years indicated:

	2011		2010		2009
	2012		2011		2010
Interest Income	$	7065,~~935~~391	$	6670,~~052~~935	$	7166,~~733~~052
Net Interest Income	$	7065,~~935~~391	$	6670,~~052~~935	$	7166,~~733~~052

The Registrant utilizes the interest (accrual) method in recognizing income attributable to interest charges. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 90 days or more and resumed when the loan becomes contractually current.

Other Business Activities. As described above, the Registrant’s stockholders have authorized the Registrant to redeploy the Registrant’s assets by conversion of such assets into cash and the reinvestment of the proceeds thereof in other business entities. The Registrant intends to invest in equities and fixed income securities that offer attractive returns commensurate with the risk assumed. In December 1996, the Company acquired a 19.75% interest in a newly formed insurance holding company, American Equity Investment Life Holding Company. The Chairman of the Des Moines, Iowa based company is also the Chairman of the Board of the Registrant. American Equity acquired a block of individual and group insurance policies in 1995 and 1996. In 1996, 1997, 1998 and 1999 American Equity obtained additional equity financing from other investors which reduced the Company’s interest therein to 1.64%.

Competition. With respect to the general finance business, the Registrant is in direct competition with banks and other finance companies located within and without the State of Alabama. Many of these firms are substantially larger than the Registrant, have more capital available for lending activities, pursue more actively new loan activity and enjoy a distinct competitive advantage over the Registrant.

In 2003 American Equity made an initial public offering which decreased the Company’s interest therein to less than one percent. However, the offering had the effect of increasing the value of the Company’s investment by approximately $750,000.

Employees. During ~~2011~~2012 and ~~2010~~2011 the Registrant employed two (2) persons to fill two (2) positions; one (l) of such positions was an executive position, and one (l) of such positions was a clerical/administrative position.

AtOn ~~December~~February 317, 2011, Jack C. Bridges, Executive Vice-President of the Registrant, ~~employed~~passed ~~one~~away. ~~(1) person~~In ~~who~~a ~~performs~~called ~~both~~meeting ~~executive~~by ~~and~~the ~~administrative~~Board ~~duties.~~of ~~The~~Directors of the Registrant ~~considers~~on ~~its~~December 30, ~~relationship~~2011 ~~with~~the ~~its~~directors ~~employees~~elected toShirley beB. ~~good~~Whitaker as Vice-President of the Company.

OnCertain ~~February 7,~~Government ~~2011,~~Regulations. ~~Jack~~The CRegistrant is subject to federal and state regulations relating to consumer credit financing and is subject to periodic examinations by officials of the State of Alabama charged with the responsibility of enforcing such regulations. ~~Bridges,~~The ~~Executive~~last ~~Vice-President~~examination of the Registrant by officials of the State of Alabama occurred on May 17, ~~passed~~2012 ~~away~~. InAs a ~~called~~result ~~meeting~~of bysuch examination, the Registrant was found to be in compliance with the regulations described above, and the Board of Directors of the Registrant onbelieves ~~March 25,~~that ~~2011,~~ the ~~directors~~Registrant ~~elected~~presently ~~Shirley~~is Bin compliance with such regulations. ~~Whitaker~~No asmaterial ~~interim~~monetary ~~Vice-President~~claim ofhas been made by any borrower against the ~~Company~~Registrant respecting failure to comply with such regulations.

Certain Government Regulations. The Registrant is subject to federal and state regulations relating to consumer credit financing and is subject to periodic examinations by officials of the State of Alabama charged with the responsibility of enforcing such regulations. The last examination of the Registrant by officials of the State of Alabama occurred on June 15, 2011. As a result of such examination, the Registrant was found to be in compliance with the regulations described above, and the Board of Directors of the Registrant believes that the Registrant presently is in compliance with such regulations. No material monetary claim has been made by any borrower against the Registrant respecting failure to comply with such regulations.

The Registrant is not subject in any material way to regulations relating to the discharge of materials into the environment.

Other Matters. The Registrant’s business is not seasonal.

No material portion of the contracts or subcontracts of the Registrant is subject to renegotiation by the United States Government.

The business of the Registrant is not dependent upon any raw materials, and as of the date of this annual report on Form 10-K, the Registrant does not own any material patent, trademark, license, franchise or concession. During the last two (2) years, the Registrant has not spent any money on research and development activities.

Due to the nature of its business, the Registrant does not have backlogs of orders believed to be firm. In addition, except as described in Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Registrant does not follow any specified practice with respect to working capital.

The Registrant is not dependent upon a single customer or related customers or a very few customers, the loss of any one (l) or more of which would have a materially adverse effect upon its business.

Financial Information Regarding Foreign and Domestic Operations and Export Sales.

All of the Registrant’s business activities have been conducted within the southeastern portion of the United States.

2.	PROPERTIES.

The Registrant maintains its principal executive office in an office facility located in Pell City, Alabama for which it pays aggregate annual rentals of $7,200. The Registrant believes its office facilities are adequate for its present needs.

The Registrant maintains its accounting records on a personal computer which is in compliance with the Y2K.

3.	LEGAL PROCEEDINGS.

As of the date of this annual report on Form 10-K, the Registrant is not a party of any legal proceedings.

4.	(RESERVED).

PART II

5.	MARKET FOR THE REGISTRANT’S COMMON STOCK AND RELATED SECURITY HOLDER MATTERS.

(a) Market Information. No broker or dealer makes an active market in the shares of Common Stock or the Series A-Preferred Stock of the Registrant. Thus, there is no established trading market for the Common Stock or the Series A-Preferred Stock of the Registrant.

~~Index~~(b) toHolder ~~Financial~~of ~~Statements~~Records. As of December 31, 2012 there were 1,609 holders of record of the outstanding Common Stock of the Registrant, and 935 holders of record of the outstanding Series A-Preferred Stock of the Registrant.

(b) Holder of Records. As of December 31, 2011 there were 1,614 holders of record of the outstanding Common Stock of the Registrant, and 937 holders of record of the outstanding Series A-Preferred Stock of the Registrant.

(c) Dividends. During the past two (2) years, no dividends have been paid respecting the shares of Common Stock of the Registrant. Under Alabama law, cash dividends may be paid only out of earned surplus (or retained earnings) of the Registrant.

As of December 31, ~~2011~~2012, the Registrant has issued and outstanding 505,110 shares of Series A-Preferred Stock, consisting of four (4) series of such Preferred Stock issued in 1980, 1981, 1982 and 1985. The holders of the Series A-Preferred Stock are entitled to cumulative dividends at the rate of $.07 per share per annum before any dividend may be declared or paid respecting the shares of Common Stock of the Registrant. During ~~2011~~2012 and ~~2010~~ 2011, the Registrant paid a dividend of $.07 per share respecting the outstanding Series A-Preferred Stock.

The Registrant intends, to the extent that future earnings and its capital surplus permit, to pay dividends respecting the shares of Series A-Preferred Stock. The Registrant believes it is unlikely that dividends will be paid in the future respecting the shares of Common Stock of the Company, although such payment will depend upon the future earnings and business prospects of the Registrant.

SELECTED FINANCIAL DATA

The following tabulation sets forth certain financial information respecting the Registrant.

	2011			2010			2009			2008			2007
	2012			2011			2010			2009
Revenues	$	~~112~~170,~~550~~651		$	~~104~~112,~~913~~550		$	~~123~~104,~~631~~913		$	~~145~~123,~~549~~631		$	~~138,285~~
Net Income (Loss)	$	1537,~~787~~064		$	1015,~~486~~787		$	~~(47~~10,~~490~~486	)	$	(5847,~~595~~490	)	$	~~9,435~~
Earnings (Loss) per Common Share:
Net Income (Loss)	$	(.01	)	$	(.01	)	$	(.07	)	$	(.07	)	$	~~(.01~~	)
Total Assets	$	4,~~057~~553,~~826~~074		$	4,~~558~~057,~~969~~826		$	34,~~393~~558,~~252~~969		$	3,~~265~~393,~~101~~252		$	~~3,853,546~~
Dividends Declared:
Common Stock	$	0		$	0		$	0		$	0		$	0
Preferred Stock	$	3524,~~357~~822	1	$	3527,~~357~~856	2	$	3527,~~357~~188	3	$	35,357	4	$	~~35,357~~	5
Total	$	3524,~~357~~822		$	3527,~~357~~856		$	3527,~~357~~188		$	35,357		$	~~35,357~~
Book Value Per Common Share Outstanding	$	23.8880		$	2.5388		$	2.6653		$	2.6766		$	~~2.90~~

13 ~~Reflects dividend respecting Preferred Stock declared on February 28, 2011.~~

2 Reflects dividend respecting Preferred Stock declared on February 28, 2010.

3 Reflects dividend respecting Preferred Stock declared on February 26, 2009.

4 Reflects dividend respecting Preferred Stock declared on February 27, 2008.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Liquidity and Capital Resources. During 2011 the Registrant’s liquidity remained virtually unchanged. The Company has no notes payable nor long term debt and does not anticipate the need for borrowing in the near future. The Registrant has sufficient cash and temporary cash investments to meet its short term liquidity needs. Should long term liquidity needs exceed cash and temporary cash investments, then the Registrant would dispose of marketable securities as it deems appropriate. Current trends and known demands and commitments do not create a need for liquidity in excess of the Company’s current abilities to generate liquidity.

1	Reflects dividend respecting Preferred Stock declared on February 28, 2012.

2	Reflects dividend respecting Preferred Stock declared on February 28, 2011.

3	Reflects dividend respecting Preferred Stock declared on February 26, 2010.

4	Reflects dividend respecting Preferred Stock declared on February 27, 2009.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Liquidity and Capital Resources. During 2012 the Registrant’s liquidity remained virtually unchanged. The Company has no notes payable nor long term debt and does not anticipate the need for borrowing in the near future. The Registrant has sufficient cash and temporary cash investments to meet its short term liquidity needs. Should long term liquidity needs exceed cash and temporary cash investments, then the Registrant would dispose of marketable securities as it deems appropriate. Current trends and known demands and commitments do not create a need for liquidity in excess of the Company’s current abilities to generate liquidity.

The Company anticipates that its operating activities and investing activities will continue to generate positive net cash flows and that its financing activities will continue to use cash flows.

Results of Operations. The Registrant reported a net income of $1537,~~787~~064 in ~~2011~~2012 as compared to a net income of $1015,~~486~~787 in ~~2010~~2011. General and administrative expenses increased from $~~117~~126,~~006~~737 in ~~2010~~2011 to $~~126~~133,~~737~~587 in ~~2011~~2012.

Impact of Inflation. Inflation has an impact upon the Registrant’s financial position. Inflationary pressures generally increase the cost of borrowed funds to the Registrant, rendering it less economic for the Registrant to borrow money for re-lending purposes.

Fair Value Measurements

Accounting Principles emphasize that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, Accounting Principles establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Twenty’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.


			Fair Value Measurements at Reporting Date Using
Description	12/31/2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-sale securities	$	4,440,300	$	3,038,650		1,401,650		—

Total	$	4,440,300	$	3,038,650		1,401,650		—

8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The financial statements of the Registrant are set forth at page F-3 through F-15 hereof and are incorporated herein by reference.

9.	DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

There has been no disagreement between the Registrant and its independent certified public accountants respecting any matter of disclosure, during the past twenty-four (24) months.

Item 9A.

Controls and Procedures

Disclosure Controls and Procedures

Under the supervision, and with the participation of our management, including Twenty’s Principal ~~Chief~~ Executive Officer ~~and~~(“PEO”) ~~Vice-President~~who is also the Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by ~~this report. Subsequent to the filing on March 31, 2008 of the 2007 10-K, we identified that we had inadvertently omitted from the 2007 10-K~~ management’s report on the Company’s internal control over financial reporting. This omission was remedied by the filing on August 25, 2008 of amendment No. 1 to the 2007 10-K. Twenty’s Chief Executive Officer and Chief Financial Officer reconsidered the effectiveness of the Company’s disclosure controls and procedures as of December 31, 2007 (the end of its 2007 fiscal year) in light of its inadvertent omission of management’s report from the 2007 10-K. Solely as a result of this ~~inadvertent omission of management’s~~ report on internal control over financial reporting from the 2007 10-K, Twenty’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures as of December 31, 2007 were not effective at the reasonable assurance level. In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), as of the end of the period covered by this Annual Report on Form 10-K, the Company’s management evaluated, with the participation of the Company’s ~~Chief~~Principal Executive Officer ~~and Vice-President~~, ~~the~~who ~~effectiveness~~is ofalso the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on their evaluation of these disclosure controls and procedures, the Company’s Chief ~~Executive~~Financial Officer ~~and Vice-President have concluded that the disclosure controls and procedures were effective in recording~~, ~~processing, summarizing and reporting, on a timely basis, information required to be disclosed by~~ the ~~Company~~effectiveness inof the ~~report~~design ~~the~~and ~~Company~~operation ~~files or submits under the Exchange Act.~~

of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on their evaluation of these disclosure controls and procedures, the Company’s Principal Executive Officer (“PEO”) who is also Chief Financial Officer has concluded that the disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the report the Company files or submits under the Exchange Act.

Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. With the participation of Twenty’s ~~Chief~~Principal Executive Officer ~~and Vice-President~~(“PEO”) who is also the Chief Financial Officer, management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, ~~2011~~2012 based on the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal controls over financial reporting was effective as of December 31, ~~2011~~2012. There were no changes in our internal controls over financial reporting during the year ended December 31, ~~2011~~2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

10.	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

ASU 2011-04 changes the wording used to describe requirements for fair value measurements to include (i) those that clarify the Board’s intent about the application of existing fair value measurements, (ii) Those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. ASU 2011-04 further improves consistency between disclosure requirements of U.S. GAAP and IFRS by changing certain wording. Also, ASU 2011-04 updates the requirements for measuring fair value or disclosing information about measuring fair value including (i) measuring the fair value of financial instruments that are managed by a portfolio, (ii) application of premiums and discounts in fair value measurement, and (iii) amendments to expand the disclosures about fair value measurements. The amendments will become effective during annual periods for the Company after December 15, 2011.

In June 2011, the FASB issued an ASU that expands the disclosure requirements related to other comprehensive income (loss). A reporting entity is now required to present the total of comprehensive income (loss), the components of net income, and the components of other comprehensive income (loss) either in a single continuous statement of comprehensive income (loss) or in two separate but consecutive statements. Under both choices, the reporting entity is required to present each component of net income along with total net income, each component of other comprehensive income (loss) along with a total for other comprehensive income (loss) and a total amount for comprehensive income (loss). This ASU became effective for interim and annual periods beginning after December 15, 2011. We adopted this ASU on January 1, 2012.

10. FAIR VALUE MEASUREMENTS

SFAS No. 157 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing an asset or liability.

As a basis for considering market participant assumptions in fair value measurements, SFAS No. 157 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level I that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Twenty’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurement. As discussed above, SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. SFAS No. 157 is effective for the Company’s financial assets and liabilities on January 1, 2008. In February 2008, the FASB reached a conclusion to defer the implementation of the SFAS No. 157 provisions relating to non-financial assets and liabilities until January 1, 2009. The FASB also reached a conclusion to amend SFAS No. 157 to exclude SFAS No. 13 Accounting for Leases and its related interpretive accounting pronouncements. SFAS No. 157 is not expected to materially affect how the Company determines fair value. We have adopted SFAS No. 157 effective January 1, 2008 for financial assets and financial liabilities and do not expect this adoption to have a material effect on our consolidated results of operations or financial position but will enhance the level of disclosure for assets and liabilities recorded at fair value.

			Fair Value Measurements at Reporting Date Using
Description	12/31/2011		Quoted Prices in ActiveMarkets for IdenticalAssets(Level 1)		Significant OtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)
Trading securities						—		—
Available-for-sale securities	$	3,930,592	$	2,578,394	$	1,352,198		—
Derivatives						—		—
Venture capital investments						—		—
Total	$	3,930,592	$	2,578,394	$	1,352,198

11.	FINANCIAL DISCLOSURE AND INTERNAL CONTROLS

Twenty Services, Inc. maintains internal controls over financial reporting, which generally include those controls relating to the preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. As a small public company Twenty Services, Inc. is subject to the internal control reporting and attestation requirements under Section 13(a)-15 and 15(d)-15 of The Securities Exchange Act of 1934.

~~Index~~Twenty Services, Inc. has established processes to ensure appropriate disclosure controls and procedures are maintained. These controls and procedures as defined by the SEC are generally designed to ensure that financial information required to be disclosed in reports filed with the SEC is reported within the time periods specified in the SEC’s rules and regulations, and that such information is communicated to management, including the Principal Executive Officer (“PEO”) who is also the Chief Financial ~~Statements~~Officer (“CFO”) as appropriate, to allow timely decisions regarding required disclosure.

Twenty Services, Inc. has established processes to ensure appropriate disclosure controls and procedures are maintained. These controls and procedures as defined by the SEC are generally designed to ensure that financial information required to be disclosed in reports filed with the SEC is reported within the time periods specified in the SEC’s rules and regulations, and that such information is communicated to management, including the Chief Executive Officer (“CEO”) and Vice-President as appropriate, to allow timely decisions regarding required disclosure.

Twenty Services, Inc.’s senior management is involved in the day-to-day operations of the Company. Management’s interaction and monitoring activities evaluate recent internal and external events to determine whether all appropriate disclosures have been made in reports filed with the SEC. The Forms 10-K and 10-Q are presented to the Board of Directors for approval. Financial results and other financial information are also reviewed with the Audit Committee annually.

As required by applicable regulatory pronouncements, the ~~CEO~~Principal ~~and~~Executive ~~Vice-President~~Officer ~~review~~(“PEO”) who is also the Chief Financial Officer (“CFO”) reviews and ~~make~~makes various certifications regarding the accuracy of Twenty Services’ periodic public reports filed with the SEC, as well as the effectiveness of disclosure controls and procedures and internal controls over financial reporting.

Twenty Services, Inc.’s stock is not listed or traded and, therefore, not required to comply with corporate governance listing standards.

Part III

12.	DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

(a)-(e)— - Identification of Directors and Executive Officers and Other Matters. The following tabulation sets forth certain information respecting the persons who are serving as the directors and executive officers of the Registrant as of December 31, ~~2011~~2012.

Names and Positions with the Registrant	Age		Material Occupations And Positions During The last five (5) years	~~Material Occupations And Positions During The last five (5) years~~
David J. Noble Chairman of the Board	81	80	Director and Chairman of the Board of Directors of Twenty Services, Inc. Pell City, Alabama (finance business), since 1979. Chairman of the Board of Directors, Treasurer and Director, Twenty Services Holding, Inc. Pell City, Alabama (holding company) since 1979; Executive Chairman of the Board of Directors of American Equity Investment Life Holding Company Des Moines, Iowa since 1995.	Director and Chairman of the Board of Directors of Twenty Services, Inc. Pell City, Alabama (finance business), since 1979. Chairman of the Board of Directors, Treasurer and Director, Twenty Services Holding, Inc. Pell City, Alabama (holding company) since 1979; Executive Chairman of the Board of Directors of American Equity Investment Life Holding Company Des Moines, Iowa since 1995.
Dr. A. J. Strickland, III Vice-Chairman of the Board and Chairman of Audit Committee	70	69	Director, Chairman of Audit Committee and Vice-Chairman of the Board of Directors of Twenty Services, Inc., Pell City, Alabama (general finance business), since 1977; Director, Twenty Services Holding, Inc., Pell City, Alabama (holding company), since 1979; Professor of Strategic Management - School of Commerce, University of Alabama, Tuscaloosa, Alabama since 1980; Director, American Equity Investment Life Holding Company, Des Moines, Iowa, since 1995.	Director and Vice-Chairman of the Board of Directors of Twenty Services, Inc., Pell City, Alabama (general finance business), since 1977; Director, Twenty Services Holding, Inc., Pell City, Alabama (holding company), since 1979; Professor of Strategic Management -School of Commerce, University of Alabama, Tuscaloosa, Alabama since 1980; Director, American Equity Investment Life Holding Company, Des Moines, Iowa, since 1995.

~~There~~6 is no family relationship between any of the persons named above. Directors of the Registrant are elected at each annual meeting of the stockholders of the Registrant and serve until their successors have been elected and qualified. Executive officers of the Registrant are elected at a meeting of the Board of Directors immediately following each annual meeting of the stockholders of the Registrant. Mr. Noble was elected director of the Registrant in November 1979 pursuant to a resolution adopted by the Board of Directors of the Registrant stating that if Twenty Services Holding, Inc. acquired approximately 20% of the outstanding Common Stock of the Registrant, the Registrant would make available to nominees of Twenty Services, Inc. Holding, Inc. two (2) places on the Registrant’s Board of Directors.

There is no family relationship between any of the persons named above. Directors of the Registrant are elected at each annual meeting of the stockholders of the Registrant and serve until their successors have been elected and qualified. Executive officers of the Registrant are elected at a meeting of the Board of Directors immediately following each annual meeting of the stockholders of the Registrant. Mr. Noble was elected director of the Registrant in November 1979 pursuant to a resolution adopted by the Board of Directors of the Registrant stating that if Twenty Services Holding, Inc. acquired approximately 20% of the outstanding Common Stock of the Registrant, the Registrant would make available to nominees of Twenty Services, Inc. Holding, Inc. two (2) places on the Registrant’s Board of Directors.

(F) Involvement in Certain Legal Proceedings.

During the past ten (10) years, no officer or director of the Registrant has been involved in any event of the type described in Item 3(f) of the Regulations S-K of the Securities Exchange Act of 1934.

13.	EXECUTIVE COMPENSATION

Current Remuneration. During ~~2011~~2012 no officer or director of the Registrant received aggregate direct remuneration from the Registrant in excess of $60,000. The following tabulation sets forth certain information concerning all remuneration paid by the Registrant to all officers and directors of the Registrant during the year ended December 31, ~~2011~~2012.

Name of Individuals or Number of Persons In Group	Capacitieswhich served		Salaries andDirectors’ Fees
All directors and officers as a group (three (3) persons)		Directors and Officers	$	9,700
All directors and officers as a group three (3) persons)		Directors and Officers	$	7,200

REMUNERATION IN THE FUTURE. As of December 31, ~~2011~~2012 no officer or director of the Registrant has any contract or other arrangement with the Registrant relating to any future remuneration, except that as long as such officers and directors continue to serve in such capacity, they will receive from the Registrant the customary fees and salaries at a rate to be agreed upon by the Registrant and such persons.

Directors’ Remuneration. All directors of the Registrant receive $300 per month.

Options, Warrants, or Rights. The Registrant does not maintain any plan pursuant to which persons are entitled to acquire any equity securities of the Registrant.

Termination of Employment. Except as otherwise described in Item 11 of this annual report on Form 10-K, there are no plans or arrangements relating to payments to be made to any officer, or director of the Registrant, which resulted or will result from any person’s resignation, retirement, or termination or employment with the Registrant.

14.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a) Security Ownership of Certain Beneficial Owners.

As of the date of this annual report on Form 10-K, the only person who owns of record and directly more than 5% of the Registrant’s outstanding voting securities is Twenty Services Holding, Inc., a Delaware corporation, whose principal business address is 20 Cropwell Drive, Suite 100, Pell City, Alabama. As of such date, Twenty Services Holding, Inc. and an affiliate of Holding own 725,267 shares of Common Stock of the Registrant and approximately 57% of the combined outstanding shares of Common Stock and Series A Preferred Stock of the Registrant. Except as otherwise required by Alabama law and except for certain rights accorded by the Registrant’s Certificate of Incorporation in the event that dividends respecting the Series A-Preferred stock are not paid, the holders of the Series A-Preferred Stock are not entitled to vote respecting matters coming before any meeting of the stockholders of the Registrant.

By virtue of his ownership of Common Stock of Twenty Services Holding, Inc., Mr. David J. Noble, the Chairman of the Board or Directors of the Registrant, indirectly and beneficially, owns approximately 52% of the outstanding Common Stock of the Registrant.

(b) Security Ownership of Management. The following tabulation sets forth certain information regarding the shares of equity securities of the Registrant.

Title of Class	Name of Beneficial Owner	Approximate Amountand Nature ofBeneficial Owner		~~PercentofClass~~	PercentofClass
Common Stock	David J. Noble	~~668,183 Indirect(1)~~	668,183 Indirect	~~52.29%~~(1)		52.29	%
Common Stock	A.J. Strickland, III	~~49,638 Indirect(1)~~	49,638 Indirect	~~3.88%~~(1)		3.88	%
Common Stock	All directors and executive officers as a group (3) persons	~~717,821 Indirect(1)~~	717,821 Indirect	~~56.18%~~(1)		56.18	%

~~Index~~(l) toReflects ~~Financial~~each ~~Statements~~person’s interest in the shares of common stock of the Registrant owned by Twenty Services Holding, Inc. based upon such person’s ownership of the outstanding shares of common stock of Twenty Services Holding, Inc. as of February 28, 2013, excluding 6,000 shares of common stock of Twenty Services Holding, Inc. held by the Registrant. Twenty Services Holding, Inc. owns 725,267 shares or approximately 57% of the outstanding shares of common stock.

~~(l)~~As ~~Reflects~~of ~~each~~February 28, ~~person’s~~2013, ~~interest~~all inofficers ~~the~~and directors ~~shares~~ of ~~common stock of~~ the Registrant ~~owned~~as bya ~~Twenty~~group ~~Services~~beneficially ~~Holding~~owned, ~~Inc.~~ based upon ~~such~~their ~~person’s~~ ownership of the outstanding ~~shares of~~ common stock of Twenty Services Holding, Inc. ~~as of February 28~~(“Holding”), ~~2012,~~and excluding ~~6,000~~adjustment for the shares of common stock of ~~Twenty Services~~ Holding, ~~Inc.~~ held by the Registrant., ~~Twenty~~717,821 ~~Services~~shares ~~Holding,~~of ~~Inc.~~common ~~owns~~stock ~~725,267~~of ~~shares~~the Registrant, or approximately 5756% of the outstanding ~~shares~~common stock of ~~common~~the ~~stock~~Registrant as of such date.

As of February 28, 2012, all officers and directors of the Registrant as a group beneficially owned, based upon their ownership of the outstanding common stock of Twenty Services Holding, Inc. (“Holding”), and excluding adjustment for the shares of common stock of Holding, held by the Registrant, 717,821 shares of common stock of the Registrant, or approximately 56% of the outstanding common stock of the Registrant as of such date.

(c) Changes in Control. There are no arrangements known to the Registrant which subsequently could result in a change of control of the Registrant.

15.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

There were no transactions during ~~2011~~2012 nor are there any currently proposed transactions between any pension, retirement, savings or similar plan of the Registrant and its affiliates, on the other hand, and the Registrant and its affiliates, any officer, director or principal stockholder of the Registrant, or any person who has been nominated as a director of the Registrant, on the other hand.

PART IV

16.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

(a) (l) - (a) (2) - Financial Statements and Financial Statement Schedules. The financial statements and the financial statement schedules required to be filed as part of this report are listed in the accompanying Index to Financial Statements and Financial Statement Schedules, and are set forth at the pages shown in such Index.

(a) (d) - Exhibits. The Certificate of Incorporation of the Registrant, as amended, the By Laws of the Registrant, as amended, and Resolutions of the Board of Directors of the Registrant creating the 7% Cumulative Series A-1980 Preference Stock, the 7% Cumulative Series A-1981 Preference Stock, the 7% Cumulative Series A-1982 Preference Stock, the 7% Cumulative Series A-1985 Preference Stock, which were filed as exhibits to the Registrant’s Annual Report on Form 10-K for the years ended December 31, 1980, December 31, 1981, December 31, 1982 and 1985, and the Registrant’s report on Form 8-K dated as of April 10 1984, are incorporated by reference.

EXHIBITS:



31.1		SECTION 302 CEO CERTIFICATION

31.2		SECTION 302 VP CERTIFICATION

32.1		SECTION 906 CEO CERTIFICATION

32.2		SECTION 906 VP CERTIFICATION

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

101.LAB		XBRL Taxonomy Extension Label Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

(b) Reports on Form 8-K. No report on Form 8-K was filed during the year.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.


TWENTY SERVICES, INC.

By:		/s/ Shirley B. Whitaker
		Shirley B. Whitaker
		Vice-President

SIGNATURE	CAPACITY	DATE
/s/ David J. Noble David J. Noble	Chairman and Director and Principal Executive Officer of The Registrant		March 13, 2012
/s/ Dr. A. J. Strickland, III Dr. A. J. Strickland, III	Vice-Chairman and Director of Twenty Services, Inc. (The Registrant)		March 13, 2012

Dated: March 15, 2013


SIGNATURE	CAPACITY	DATE

/s/ David J. Noble David J. Noble	Chairman and Director and Principal Executive Officer of The Registrant	March 15, 2013

/s/ Dr. A. J. Strickland, III Dr. A. J. Strickland, III	Vice-Chairman and Director of Twenty Services, Inc. (The Registrant)	March 15, 2013

REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

We, as members of the Management of Twenty Services, Inc. (The “Company”), are responsible for establishing and maintaining effective internal control over financial reporting. Twenty’s internal control system was designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of the Company’s financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.

All internal control systems, no matter how well designed, have inherent limitations and may not prevent or detect misstatements in the Company’s financial statements, including the possibility of circumvention or overriding of controls. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Twenty Services, Inc. assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, ~~2011~~2012. In making this assessment, we used the criteria set forth by the Commission of Sponsoring Organizations of the Treadway Commission (COSO) in its Internal Control Over Financial Reporting— - Guidance For Small Public Companies.

Based upon our assessment, we believe and ~~assert~~ assert that, as of December 31, ~~2011~~2012 the Company’s internal control over financial reporting is effective based on these criteria.

TWENTY SERVICES, INC.

Financial Statements

and

Financial Statement Schedule

For the Years Ended

December 31, ~~2011~~2012, ~~2010~~2011 and ~~2009~~2010

TWENTY SERVICES, INC.

Index to Financial Statements and Financial Statement Schedule

For the Year Ended December 31, ~~2011,~~2012 ~~2010 and 2009~~

Index to Financial Statements and Financial Statement Schedule	F-1	~~F-1~~
Independent Auditors’ Report	F-2	~~F-2~~
Balance Sheets	F-3	~~F-3~~
Statements of Operations		F-4
Statements of Income and Comprehensive Income	F-4
Statements of Changes in Stockholders’ Equity	F-5	~~F-5~~
Statements of Cash Flows	F-6	~~F-6~~
Notes to Financial Statements	F-7 - F-12	~~F-7 - F-12~~
Financial Statement Schedule:
Financial Statement Schedule
Schedule I – Marketable Securities – 2011		F-13 - F-14
Schedule I - Marketable Securities – 2012	F-13
Schedule I – Marketable Securities – 2010		F-15 - F-16
Schedule I - Marketable Securities – 2011	F-14

F-1

LOGO

Independent Auditors’ Report

The Shareholders and the Board of Directors

Twenty Services, Inc.

~~Independent~~We ~~Auditors~~have audited the accompanying balance sheets of Twenty Services, Inc. (the Company) as of December 31, 2012, 2011 and 2010 and the related statements of income and comprehensive income, cash flows and changes in stockholders’ ~~Report~~equity for each of the three years in the period ended December 31, 2012. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We have audited the accompanying balance sheets of Twenty Services, Inc. (the Company) as of December 31, 2011 and 2010, and the related statements of operations, comprehensive income, cash flows and changes in stockholders’ equity for each of the three years in the period ended December 31, 2011. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Twenty Services, Inc. at December 31, 2012, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, ~~2011~~2012, in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules of marketable securities for the years ended December 31, ~~2011~~2012 and ~~2010~~2011 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Borland Benefield, P.C. Birmingham, Alabama February 22, 2013

Birmingham, Alabama

March 12, 2012

F-2

TWENTY SERVICES, INC.

Balance Sheets

	December 31,
	2011			2010
	2012			2011
Assets
Cash and cash equivalents	$	~~104~~90,~~672~~221		$	94104,~~206~~672
Marketable securities		34,~~930~~440,~~601~~300			43,~~413~~930,~~690~~601
Notes receivable - related party		—			28,520
Other assets		22,553			22,553
Total Assets	$	4,~~057~~553,~~826~~074		$	4,~~558~~057,~~969~~826
Liabilities and Stockholders’ Equity
Liabilities
Accounts payable and accrued liabilities	$	6948,~~961~~648		$	7969,~~448~~961
Deferred tax liability		~~237~~375,~~759~~138			~~393~~237,~~114~~759
Total Liabilities		~~307~~423,~~720~~786			~~472~~307,~~562~~720
Stockholders’ Equity
Preferred stock, $.10 par value, 7% cumulative, 2,500,000 shares authorized,
Preferred stock, $.10 par value, 7% cumulative, 2,500,000 shares authorized, 505,110 shares issued		50,511			50,511
505,110 shares issued and outstanding		50,511			50,511
Common stock, $.10 par value, 25,000,000 shares authorized, 1,283,068 issued		128,307			128,307
Common stock, $.10 par value, 25,000,000 shares authorized, 1,283,068 issued and outstanding		128,307			128,307
Additional paid-in capital		1,716,074			1,716,074
Retained earnings		1,~~114~~126,~~595~~837			1,~~126~~114,~~664~~595
Accumulated other comprehensive income		1,~~125~~497,~~306~~626			1,~~422~~125,~~716~~306
Less: Investment in Twenty Services Holding, Inc.		(60,000	)		(60,000	)
Preferred treasury stock, at $.25 per share; 70,178 and 66,744 shares at December 31, 2011 and 2010, respectively		(17,543	)		(16,686	)
Preferred treasury stock, at $.25 per share; 70,941 and 69,741 in 2012 and 2011 respectively		(17,843	)		(17,543	)
Common treasury stock, at $2.50 per share; 122,858 and 112,472 shares
Common treasury stock, at $2.50 per share; 201,741 and 199,709 in 2012 and 2011 respectively		(312,224	)		(307,144	)
December 31, 2011 and 2010, respectively		(307,144	)		(281,179	)
Net Stockholders’ Equity		4,129,288			3,750,106
Net Stockholders’ Equity		3,750,106			4,086,407
Total Liabilities and Stockholders’ Equity	$	4,553,074		$	4,057,826
Total Liabilities and Stockholders’ Equity	$	4,057,826		$	4,558,969

See accompanying notes to financial statements.

F-3

TWENTY SERVICES, INC.

Statements of ~~Operations~~Income and Comprehensive Income

	For the Years Ended December 31,
	2011			2010			2009
	2012			2011			2010
Revenue
Interest	$	7065,~~935~~391		$	6670,~~052~~935		$	7166,~~732~~051
Dividends		3953,~~129~~422			3839,~~788~~129			5138,~~298~~788
Other		251,~~486~~310			732,486			~~600~~73
Total Revenue		~~112~~170,~~550~~123			~~104~~112,~~913~~550			~~123~~104,~~630~~912
Operating Expenses
General and administrative		~~126~~133,~~737~~587			~~117~~126,~~006~~737			~~145~~117,~~046~~006
Other Income (Loss)
Gain (loss) on sale of marketable securities		~~6,205~~528			136,~~500~~205			~~(41~~13,~~178~~500	)
Income (Loss) Before Income Taxes		(737,~~982~~064	)		1(7,~~407~~982	)		~~(62~~1,~~594~~406	)
Income Tax Benefits (Expense)		~~23,769~~—			923,~~079~~769			159,~~103~~080
Net Income (Loss)	$	15,787		$	10,486		$	(47,491	)
Net Income	$	37,064		$	15,787		$	10,486
Loss Per Common Share	$	(0.01	)	$	(0.01	)	$	(0.06	)
Other Comprehensive Income (net of tax)
Unrealized gains on marketable securities:
Change in unrealized gains (losses)		510,227			(427,918	)		1,220,889
Less: reclassification adjustment for net gains included in net income		(528	)		(6,205	)		(13,500	)
Other comprehensive income		509,699			(434,123	)		1,207,389
Income tax related to other comprehensive income		(137,379	)		136,713			(394,213	)
Other comprehensive income - after tax		372,320			(297,410	)		813,176
Comprehensive Income	$	409,384		$	(281,623	)	$	823,662
Earnings (Loss) Per Common Share	$	0.01		$	(0.01	)	$	(0.02	)

See accompanying notes to financial statements.

F-4

TWENTY SERVICES, INC.

Statements of Changes in Stockholders’ Equity

For the Years Ended December 31, ~~2011~~2012, ~~2010~~2011 and ~~2009~~2010

	PreferredStock $.10		CommonStock $.10		AdditionalPaid-InCapital		RetainedEarnings			AccumulatedOtherComprehensiveIncome			Investmentin TwentyServicesHolding,Inc.			PreferredTreasuryStock			CommonTreasuryStock			Total
Balance - December 31, 2008	$	50,511	$	128,307	$	1,716,074	$	1,219,440		$	407,303		$	(60,000	)	$	(15,784	)	$	(276,704	)	$	3,169,147
Balance - December 31, 2009	$	50,511	$	128,307	$	1,716,074	$	1,143,366		$	609,540		$	(60,000	)	$	(16,415	)	$	(278,514	)	$	3,292,869
Comprehensive Income
Net Income		—		—		—		10,486			—			—			—			—			10,486
Net Loss		—		—		—		(47,491	)		—			—			—			—			(47,491	)
Other Comprehensive Income		—		—		—		—			813,176			—			—			—			813,176
Change in Unrealized Gains on Available-for-Sale Securities, Net of Deferred Income Tax of $84,011		—		—		—		—			202,237			—			—			—			202,237
Total Comprehensive Income		—		—		—		—			—			—			—			—			154,746
Purchase of Treasury Stock		—		—		—		—			—			—			(631	)		(1,810	)		(2,441	)
Dividends on Preferred Stock, ($.07 Per Share)		—		—		—		(28,583	)		—			—			—			—			(28,583	)
Balance - December 31, 2009		50,511		128,307		1,716,074		1,143,366			609,540			(60,000	)		(16,415	)		(278,514	)		3,292,869
Comprehensive Income
Net Loss		—		—		—		10,486			—			—			—			—			10,486
Change in Unrealized Gains on Available-for-Sale Securities, Net of Deferred Income Tax of $183,036		—		—		—		—			813,176			—			—			—			813,176
Total Comprehensive Income		—		—		—		—			—			—			—			—			823,662
Purchase of Treasury Stock		—		—		—		—			—			—			(271	)		(2,665	)		(2,936	)
Dividends on Preferred Stock ($.07 Per Share)		—		—		—		(27,188	)		—			—			—			—			(27,188	)
Dividends on Preferred Stock, ($.07 Per Share)		—		—		—		(27,188	)		—			—			—			—			(27,188	)
Balance - December 31, 2010	$	50,511	$	128,307	$	1,716,074	$	1,126,664		$	1,422,716		$	(60,000	)	$	(16,686	)$	$	(281,179	)	$	4,086,407
Comprehensive Income
Net Income		—		—		—		15,787			—			—			—			—			15,787
Change in Unrealized Gains on Available-for-Sale Securities, Net of Deferred Income Tax of $121,663		—		—		—		—			(297,410	)		—			—			—			(297,410	)
Other Comprehensive Income (Loss)											(297,410	)											(297,410	)
Total Comprehensive Income		—		—		—		—			—			—			—			—			(281,623	)
Purchase of Treasury Stock																	(857	)		(25,965	)		(26,822	)
Purchase of Treasury Stock		—		—		—		—			—			—			(857	)		(25,965	)		(26,822	)
Dividends on Preferred Stock, ($.07 Per Share)		—		—		—		(27,856	)		—			—			—			—			(27,856	)
Dividends on Preferred Stock ($.07 Per Share)		—		—		—		(27,856	)		—			—			—			—			(27,856	)
Balance - December 31, 2011	$	50,511	$	128,307	$	1,716,074	$	1,114,595		$	1,125,306		$	(60,000	)	$	(17,543	)	$	(307,144	)	$	3,750,106
Net Income		—		—		—		37,064			—			—			—			—			37,064
Other Comprehensive Income											372,320												372,320
Purchase of Treasury Stock																	(300	)		(5,080	)		(5,380	)
Dividends on Preferred Stock, ($.07 Per Share)		—		—		—		(24,822	)		—			—			—			—			(24,822	)
Balance - December 31, 2012	$	50,511	$	128,307	$	1,716,074	$	1,126,837		$	1,497,626		$	(60,000	)	$	(17,843	)	$	(312,224	)	$	4,129,288

See accompanying notes to financial statements.

F-5

~~TWENTYSERVICES~~TWENTY SERVICES, INC.

Statements of Cash Flows

	For the Years Ended December 31,
	2011			2010			2009
	2012			2011			2010
Cash Flows From Operating Activities
Interest and dividends received	$	~~110~~118,~~064~~813		$	~~103~~110,~~993~~064		$	~~123~~103,~~031~~993
Other income		~~2,486~~—			732,486			~~600~~73
Cash paid to suppliers and employees		(~~133~~129,~~863~~623	)		(~~129~~133,~~923~~863	)		(~~151~~129,~~995~~923	)
Net Cash Flows Used by Operating Activities		(2110,~~313~~810	)		(2521,~~857~~313	)		(2825,~~364~~857	)
Cash Flows From Investing Activities
Principal collected on loans		~~28,520~~—			—28,520			—
Principal collected on held-to-maturity securities		~~421~~—			~~516~~421			~~515~~516
Proceeds from sale of available-for-sale securities		~~112~~26,~~064~~561			74112,~~744~~064			174,~~081,555~~744
Purchases of available-for-sale securities		~~(51,116~~—	)		(~~199~~51,~~717~~116	)		(~~797~~199,~~779~~717	)
Net Cash Flows Provided (Used) From Investing Activities		89,889			(124,457	)		284,291
Net Cash Flows Provided (Used) by Investing Activities		26,561			89,889			(124,457	)
Cash Flows From Financing Activities
Preferred stock dividends paid		(3124,~~288~~822	)		(3431,~~556~~288	)		(2434,~~936~~556	)
Purchase of treasury stock		(265,~~822~~380	)		(226,~~935~~822	)		(2,~~441~~935	)
Net Cash Flows Used by Financing Activities		(5830,~~110~~202	)		(3758,~~491~~110	)		(2737,~~377~~491	)
Net Increase (Decrease) in Cash and Cash Equivalents		10(14,~~466~~451	)		~~(187~~10,~~805~~466	)		~~228~~(187,~~550~~805	)
Cash and Cash Equivalents, Beginning of Year		94104,~~206~~672			~~282~~94,~~011~~206			53282,~~461~~011
Cash and Cash Equivalents, End of Year	$	~~104~~90,~~672~~221		$	94104,~~206~~672		$	~~282~~94,~~011~~206
Reconciliation of Operating Income (Loss) to Net Cash From Operating Activities
Net income (loss)	$	1537,~~787~~064		$	1015,~~486~~787		$	~~(47~~10,~~491~~486	)
Adjustments to reconcile net income to net operating activities
Realized (gain) loss on sale of marketable securities		(6,205	)		(13,500	)		41,178
Noncash other income		(51,310	)		—			—
Net change in deferred income taxes		(24,840	)		(6,578	)		(22,834	)
Realized (gain) loss on sale of marketable securities		(528	)		(6,205	)		(13,500	)
Increase (decrease) in accrued interest receivable		—			(847	)		(851	)
Net change in deferred income taxes		—			(24,840	)		(6,578	)
Increase (decrease) in accounts payable and accrued liabilities		(6,055	)		(15,418	)		1,634
Increase (decrease) in accrued interest receivable		—			—			(847	)
Net Cash Flows Used by Operating Activities	$	(21,313	)	$	(25,857	)	$	(28,364	)
Increase (decrease) in accounts payable and accrued liabilities		3,964			(6,055	)		(15,418	)
Net Cash Flows Used by Operating Activities	$	(10,810	)	$	(21,313	)	$	(25,857	)

See accompanying notes to financial statements.

F-6

TWENTY SERVICES, INC.

Notes to Financial Statements

For the Years Ended December 31, ~~2011~~2012, ~~2010~~2011 and ~~2009~~2010

Note 1 – ~~Accounting~~Nature ~~Policies~~of Operations, Risks and Uncertainties

~~Income~~Twenty ~~Recognition~~Services, –Inc. ~~Interest~~(the ~~income~~Company) ~~from~~is primarily engaged in the general finance ~~receivables~~business iswith ~~recognized~~its bymain ~~Twenty~~source ~~Services,~~of ~~Inc~~revenue generated from earnings on loans made and investments in marketable securities. ~~(the~~The Company) ~~using the~~grants ~~interest~~commercial ~~(accrual)~~and ~~method.~~personal ~~Accrual~~real ofestate, ~~interest~~general ~~income~~business, onand ~~finance~~personal ~~receivables~~loans isto ~~suspended~~customers ~~when~~located aprimarily in Alabama. The Company seeks to secure its loan isportfolio with ~~contractually~~various ~~delinquent~~types ~~for~~of 90collateral, ~~days~~including ormortgages ~~more~~and security interests in equipment and ~~resumed~~other ~~when~~property ~~the~~with ~~loan~~a ~~becomes~~significant ~~contractually~~concentration ~~current~~in loans collateralized by residential real estate.

~~Estimates~~Note 2 – ~~The~~Accounting ~~preparation~~Policies of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Income Recognition – Interest income and dividends on securities are recognized in income on an accrual basis. Interest income from finance receivables is recognized by Twenty Services, Inc. (the Company) using the interest (accrual) method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 90 days or more and resumed when the loan becomes contractually current.

Estimates – The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Credit Losses – Provisions for credit losses are charged to income in amounts sufficient to maintain the allowance at a level considered adequate to cover the losses of principal and interest in the existing portfolio. The Company’s charge-off policy is based on a loan-by-loan review for all receivables that are charged off when they are deemed uncollectible.

Cash Equivalents – Holdings of highly liquid investments with original maturities of three months or less and investments in money market funds are considered to be cash equivalents.

Marketable Securities – Management determines the appropriate classification of its investment in ~~debt~~fixed income and equity securities at the time of purchase and re-evaluates such determination at each balance sheet date. The Company’s securities are classified inas ~~two categories~~available-for-sale and accounted for as follows:

• Securities ~~Held~~Available-tofor-~~Maturity.~~Sale ~~Bonds,~~– ~~notes,~~Corporate ~~certain preferred stocks~~ and ~~other~~municipal ~~debt~~bonds, ~~securities~~mutual ~~for~~funds, ~~which~~preferred ~~the~~stocks, ~~Company has the positive intent~~ and ~~ability~~common tostocks ~~hold to maturity~~ are reported at ~~cost,~~fair ~~adjusted for amortization of premiums and accretion of discounts which are recognized in interest income using methods which approximate level yields over the period to maturity~~value.

•Declines ~~Securities~~in ~~Available~~the fair value of available-for-~~Sale.~~sale ~~Bonds,~~securities ~~notes~~below ~~and~~their ~~certain~~cost, ~~preferred~~that ~~stocks~~are ~~not~~other ~~classified~~than astemporary, ~~held~~result in write-~~to-maturity~~downs ~~and~~of ~~common~~the ~~stocks~~individual ~~are~~securities ~~reported~~to attheir fair value. The write-downs are included in earnings as realized losses.

~~Declines~~Unrealized holding ingains ~~the~~and ~~fair~~losses, ~~value~~net of ~~individual~~deferred ~~held-to-maturity~~income ~~and~~taxes, on securities available-for-sale ~~securities~~are ~~below~~reported ~~their~~as ~~cost that are~~ other ~~than~~comprehensive ~~temporary~~income ~~result~~items inand ~~write-downs~~shown ofat ~~the individual securities to~~ their ~~fair~~net ~~value.~~amount ~~The~~in ~~write-downs~~a ~~are~~separate ~~included~~component inof ~~earnings~~stockholders’ asequity ~~realized~~until ~~losses~~realized.

~~Unrealized~~Realized ~~holding~~ gains and losses, ~~net~~on ofthe ~~deferred~~sale ~~income~~of ~~taxes, on securities~~ available-for-sale securities are ~~reported~~determined asusing athe ~~net~~specific-identification ~~amount in a separate component of stockholders’ equity until realized~~method.

Realized gains and losses on the sale of securities available-for-sale are determined using the specific-identification method.

Income Taxes – Deferred income taxes are recognized for the effects of temporary differences between financial statement and tax reporting.

The Company implemented the provisions of FASB ASC Topic 740, Accounting for Uncertainty in Income Taxes, as of January 1, 2010. As of December 31, 2011, the Company had no uncertain tax positions that qualify for disclosure in the financial statements. The Company files an annual income tax return with the Internal Revenue Service and its tax returns for the year 2008 and subsequent years remain subject to examination by tax authorities.

Earnings Per Common Share – Earnings per common share are determined by dividing net income (loss), after giving effect to preferred stock dividends, by the weighted average number of common shares outstanding during the year. The weighted average number of common shares outstanding for each of the years ended December 31, 2011, 2010 and 2009 was 1,283,068.

F-7

TWENTY SERVICES, INC.

Notes to Financial Statements (continued)

For the Years Ended December 31, ~~2011~~2012, ~~2010~~ &2011 ~~2009~~and 2010

Note 2 – ~~Nature~~Accounting ofPolicies ~~Operations,~~(continued) ~~Risks, and Uncertainties~~

The Company isimplemented ~~primarily~~the ~~engaged~~provisions inof ~~the~~FASB ~~general~~ASC ~~finance~~Topic ~~business.~~740, ~~The~~Accounting ~~Company~~for ~~grants~~Uncertainty ~~commercial~~in ~~and~~Income Taxes, ~~personal~~as ~~real~~of ~~estate~~January 1, ~~loans~~2010. ~~and general~~As ~~business~~of ~~and~~December 31, ~~personal~~2012, ~~loans~~the toCompany ~~customers~~had ~~located~~no ~~primarily~~uncertain intax ~~Alabama.~~positions ~~The~~that ~~majority~~qualify offor disclosure in the ~~loan~~financial ~~portfolio~~statements. The isCompany ~~secured~~files byan ~~various~~annual ~~types~~income oftax ~~collateral~~return ~~including~~with ~~mortgages~~the Internal Revenue Service, and ~~security~~its ~~interests~~tax inreturns ~~equipment~~for ~~and~~the ~~other~~year ~~property~~2009 ~~with~~and asubsequent ~~significant concentration~~years inremain ~~loans~~subject ~~collateralized~~to examination by ~~residential~~tax ~~real estate~~authorities.

~~Note~~Comprehensive 3Income – ~~Fair~~Changes ~~Values~~in unrealized gain and loss on available-for-sale securities is the only component of ~~Financial~~accumulated ~~Instruments~~other comprehensive income for the Company.

~~FASB~~Earnings ~~ASC~~Per ~~820-10-50~~Common ~~establishes~~Share a– ~~fair~~Earnings ~~value~~per ~~hierarchy~~common ~~which~~share ~~requires~~are andetermined ~~entity~~by todividing ~~maximize~~net ~~the~~income (loss), ~~use~~after ofgiving ~~observable~~effect ~~inputs~~to ~~and~~preferred ~~minimize~~ stock dividends, by the ~~use~~weighted average number of ~~unobservable~~common ~~inputs~~shares ~~when~~outstanding ~~measuring~~during ~~fair~~the ~~value~~year. The ~~standard~~weighted ~~describes~~average ~~three~~number ~~levels~~of common shares outstanding for each of ~~inputs~~the ~~that~~years ~~may~~ended beDecember 31, ~~used~~2012, to2011 and ~~measure~~2010 ~~fair~~was ~~value:~~1,081,327, 1,083,359 and 1,093,745 respectively.

•Note ~~Level~~3 1– ~~valuations,~~Fair ~~where~~Value ~~the~~Measurements ~~valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume),~~

•The ~~Level~~framework 2for ~~valuations,~~measuring ~~where~~fair value provides a fair value hierarchy that prioritizes the inputs to valuation istechniques ~~based~~used onto measure ~~quoted~~fair ~~market~~value. ~~prices~~The ~~for~~hierarchy ~~similar~~gives ~~instruments~~the ~~traded~~highest inpriority ~~active~~to ~~markets,~~unadjusted quoted prices in active markets for identical assets or ~~similar~~liabilities ~~instruments~~(level in1) ~~markets~~and ~~that~~the ~~are~~lowest ~~not~~priority ~~active~~to ~~and~~unobservable ~~model-based~~inputs ~~valuation~~(level ~~techniques~~3). ~~for~~The ~~which~~three ~~all~~levels ~~significant~~of ~~assumptions~~the ~~are~~fair ~~observable~~value hierarchy inunder ~~the~~FASB ~~market,~~ASC ~~and~~820 are described as follows:

• Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.


Level 1		Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2		Inputs to the valuation methodology include • quoted prices for similar assets or liabilities in active markets; • quoted prices for identical or similar assets or liabilities in inactive markets; • inputs other than quoted prices that are observable for the asset or liability; • inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3		Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

F-8

TWENTY SERVICES, INC.

Notes to Financial Statements (continued)

For the Years Ended December 31, 2012, 2011 and 2010

Note 3 – Fair Value Measurements (continued)

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2012 and 2011.

Common & preferred stocks: Valued at the closing price reported on the active market on which the individual securities are traded.

Corporate & municipal bonds: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

Items Measured at Fair Value on a Recurring Basis

The following table presents financial assets measured at fair value on a reoccurring basis as of December 31:

			Fair Value Measurements at Reporting Date Using
Description	12/31/~~2011~~2012		Quoted Prices inActive Marketsfor Identical Assets(Level 1)		Significant OtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)
Equity securities - available-for-sale	$	2,578,394	$	2,578,394	$	—	$	—
Common stock	$	2,893,770	$	2,893,770	$	—	$	—
Debt securities - available-for-sale
Preferred stock		92,200		92,200
Municipal Bonds		670,844		—		670,844		—
Mutual funds		52,680		52,680		—		—
Corporate Bonds		681,354		—		681,354		—
Fixed income		1,401,650		—		1,401,650		—
Total Available-for-sale securities	$	3,930,592	$	2,578,394	$	1,352,198	$	—
Total Available-for-sale Securities	$	4,440,300	$	3,038,650	$	1,401,650	$	—
	12/31/2010
	12/31/2011
Equity securities - available-for-sale	$	3,146,010	$	3,146,010	$	—	$	—
Common stock	$	2,464,800	$	2,464,800	$	—	$	—
Debt securities - available-for-sale
Preferred stock		63,170		63,170
Municipal Bonds		560,593		—		560,593		—
Mutual funds		50,430		50,430		—		—
Corporate Bonds		706,657		—		706,657		—
Fixed income		1,352,201		—		1,352,201		—
Total Available-for-sale securities	$	4,413,260	$	3,146,010	$	1,267,250	$	—
Total Available-for-sale Securities	$	3,930,601	$	2,578,400	$	1,352,201	$	—

The following methods and assumptions were used by the Company in estimating the fair values of financial instruments as disclosed herein:

• Short-term financial instruments are carried at their carrying amounts reported in the balance sheet that are reasonable estimates of fair values due to the relatively short period to maturity of the instruments. This approach applies to cash and temporary investments, notes receivable ~~from related parties~~ and other receivables.

F-89

TWENTY SERVICES, INC.

Notes to Financial Statements (continued)

For the Years Ended December 31, ~~2011~~2012, ~~2010~~ &2011 ~~2009~~and 2010

Note 3 – Fair Value ofMeasurements ~~Financial Instruments~~ (continued)

• Marketable securities held to maturity are valued at quoted market values.


	2012				2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
Cash and Cash Equivalents	$	90,221	$	90,221	$	104,672	$	104,672

	2011				2010
	CarryingValue		FairValue		CarryingValue		FairValue
Cash and temporary investments	$	104,672	$	104,672	$	94,206	$	94,206
Marketable securities - Held to Maturity		9		9		430		430
Notes receivable, net		—		—		28,520		28,520

Note 4 – Marketable Securities

The amortized cost and aggregate fair values of investments in securities are as follows:

	AmortizedCost		GrossUnrealizedGains		GrossUnrealizedLosses			FairValue
	Amortized Cost		Gross UnrealizedGains		Gross UnrealizedLosses			Fair Value
December 31, 2012
Common stock	$	790,000	$	2,103,770	$	—		$	2,893,770
Preferred stock		95,875		1,405		(5,080	)		92,200
Mutual funds		139,331				(86,651	)		52,680
Fixed income		1,219,448		183,629		(1,427	)		1,401,650
Total Available-for-sale Securities	$	2,244,654	$	2,288,804	$	(93,158	)	$	4,440,300
December 31, 2011
Available-for-sale securities
Common stock	$	790,000	$	1,674,800	$	—		$	2,464,800
Equity securities	$	1,029,335	$	1,674,800	$	125,741		$	2,578,394
Preferred stock		100,000				(36,830	)		63,170
Debt securities		1,246,395		109,304		3,501			1,352,198
Mutual funds		139,331		—		(88,901	)		50,430
Total available-for-sale securities	$	2,275,730	$	1,784,104	$	129,242		$	3,930,592
Fixed income		1,246,395		109,045		(3,239	)		1,352,201
Held-to-maturity securities
Total Available-for-sale securities	$	2,275,726	$	1,783,845	$	(128,970	)	$	3,930,601
Obligations of U.S. Government
Corporation and Agencies	$	9	$	—	$	—		$	9
December 31, 2010
Available-for-sale securities
Equity securities	$	1,080,000	$	2,184,770	$	118,760		$	3,146,010
Debt securities		1,250,606		55,219		38,575			1,267,250
Total available-for-sale securities	$	2,330,606	$	2,239,989	$	157,335		$	4,413,260
Held-to-maturity securities
Obligations of U.S. Government
Corporation and Agencies	$	430	$	—	$	—		$	430

The amortized cost and aggregate fair value of ~~debt~~fixed income securities at December 31, ~~2011~~2012 and ~~2010~~2011, by contractual maturity, are as follows. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call prepayment penalties.

F-9


	Available-for-Sale
	Amortized Cost		Market Value
December 31, 2012
Corporate due after 10 years	$	608,980	$	727,394
Corporate and Municipal Holdings Due In
6-10 Years		—		—
After 10 Years		610,468		674,256


Total	$	1,219,448	$	1,401,650


December 31, 2011
Corporate due after 10 years	$	608,752	$	681,357
U.S. Government Corporations and Agencies Due In
6-10 Years		—		—
After 10 Years		637,643		670,844


Total	$	1,246,395	$	1,352,201

F-10

TWENTY SERVICES, INC.

Notes to Financial Statements (continued)

For the Years Ended December 31, ~~2011~~2012, ~~2010~~ &2011 ~~2009~~and 2010

Note 4 – Marketable Securities (continued)

	Available-for-Sale				Held-to-Maturity
	AmortizedCost		MarketValue		AmortizedCost		MarketValue
December 31, 2011
Corporate Due In
After 10 Years	$	608,743	$	681,354	$	—	$	—
Corporate and Municipal Holdings Due In
6-10 Years		—		—		9		9
After 10 Years		637,643		670,844		—		—
Total	$	1,246,386	$	1,352,198	$	9	$	9
December 31, 2010
Corporate Due In
After 10 Years	$	661,727	$	706,636	$	—	$	—
U.S. Government Corporations and Agencies Due In
6-10 Years		—		—		430		430
After 10 Years		588,879		560,614		—		—
Total	$	1,250,606	$	1,267,250	$	430	$	430

Proceeds from the sale of available-for-sale securities were $26,561 for the year ended December 31, 2012. A net gain of $528 was realized. There were no sales of held-to-maturity securities for the year ended December 31, 2012.

Proceeds from the sale of available-for-sale securities were $~~109~~112,~~600~~064 for the year ended December 31, 2011. A net gain of $6,205 was realized. There were no sales of held-to-maturity securities for the year ended December 31, 2011.

Proceeds from the sale of available-for-sale securities were $74,744 for the year ended December 31, 2010. A net gain of $13,500 was realized. There were no sales of held-to-maturity securities for the year ended December 31, 2010.

Note 5 – Finance Receivables and Allowance for Credit Losses

Finance receivables consisted of the following at December 31:

		2011				2010
Finance Receivables		$	—			$	28,520

All contractual maturities of finance receivables were paid in the year ended December 31, 2011.

Note 6 – Income Taxes

Temporary differences giving rise to the deferred tax liability (benefit) consist primarily of gains and losses on investments recognized for financial reporting purposes that are not recognized for tax purposes and of unused operating and capital loss carryforwards that may be applied against future taxable income.

F-10

TWENTY SERVICES, INC.

Notes to Financial Statements (continued)

For the Years Ended December 31, 2011, 2010 & 2009

Note 6 – Income Taxes (continued)

The provision for income taxes was as follows for the years ended December 31:

	2011		2010		2009
	2012		2011		2010
Current
Deferred Tax Benefits	$	~~23,769~~—	$	923,~~079~~769	$	159,~~103~~079

Deferred tax assets and liabilities at December 31 consisted of the following:

	2011			2010
	2012			2011
Deferred Tax Assets
Net operating and capital loss carryforwards	$	~~291~~283,~~800~~555		$	~~273~~291,~~378~~800
		291,800			273,378
Deferred Tax Liability
Net unrealized gain on available-for-sale securities		(~~529~~658,~~559~~693	)		(~~666~~529,~~492~~559	)
Net Deferred Tax Asset (Liability)	$	(~~237~~375,~~759~~138	)	$	(~~393~~237,~~114~~759	)

The Company has available at December 31, ~~2009~~2012, approximately $900,000 of unused operating and capital loss carryforwards that may be applied against future taxable income and that expire in various years from ~~2011~~2013 to ~~2026~~2033.

Note 7 – ~~Stockholders’~~Preferred ~~Equity~~Dividends

The preferred stock has a cumulative dividend of $.07 per share and is redeemable at the Company’s option of $1.05 per share. In the event of liquidation, the preferred stockholders receive $1.05 per share before any distributions are made to common stockholders. The ~~2007~~ dividend ~~(approximately~~record ~~$28,000)~~date ~~was~~is ~~declared~~ February ~~2008~~ and ~~paid~~dividends inare ~~March 2008. The 2008 dividend (approximately $28,000) was declared February 2009 and~~ paid in March ~~2009.~~of ~~The~~each ~~2009 dividend (approximately $28,000) was declared February 2010 and paid in March 2010~~year. ~~The 2010 dividend (approximately $28,000) was declared February 2011 and paid in March 2011.~~

Note 8 – Investment in Twenty Services Holding, Inc.

The Company owns 6,000 shares of common stock of Twenty Services Holding, Inc. (the Holding Company), a holding company that owns approximately 5467% of the Company’s outstanding common stock. The amount paid for the Holding Company’s common stock of $60,000 has been deducted from stockholders’ equity in the accompanying balance sheet.

Note 9 – Concentration of Credit Risk

The Company maintains its cash and investments with various financial institutions which, at times, may exceed federally insured limits. Management has not experienced any losses in such accounts. Management believes the Company is not exposed to any significant credit risk on cash and cash equivalents.

Note 10 – Related Party Transactions

At December 31, 2010, the Company had notes receivable from an officer totaling $28,520. This note was paid in full during the year ended December 31, 2011.

F-11

TWENTY SERVICES, INC.

Notes to Financial Statements (continued)

For the Years Ended December 31, ~~2011~~2012, ~~2010~~2011 &and ~~2009~~2010

Note 119 – ~~Treasury~~Concentration ~~Stock~~of Credit Risk

The Company ~~purchased~~maintains ~~3,431~~its ~~shares~~cash ofand ~~common~~investments ~~stock~~with ~~for~~various anfinancial ~~aggregate~~institutions ~~purchase price of $8~~which,~~578,~~ orat ~~$2.50 per share~~times, ~~and~~may ~~10,386~~exceed ~~shares~~federally ofinsured ~~its~~limits. ~~preferred~~Management ~~stock~~has ~~for~~not anexperienced ~~aggregate~~any ~~purchase~~losses ~~price~~in ofsuch ~~$18,244 or $1~~accounts.75 ~~per~~Management ~~share,~~believes ~~during~~ the ~~year~~Company ~~ended~~is ~~December 31,~~not ~~2011.~~exposed ~~The~~to ~~shares~~any ~~are~~significant ~~held~~credit asrisk ~~common~~on ~~treasury~~cash ~~stock~~ and ~~preferred~~cash ~~treasury stock~~equivalents.

~~The~~Note ~~Company~~10 ~~purchased~~– ~~1,066~~Treasury ~~shares~~Stock of common stock for an aggregate purchase price of $2,665, or $2.50 per share, and 1,084 shares of its preferred stock for an aggregate purchase price of $271, or $0.25 per share, during the year ended December 31, 2010. The shares are held as common treasury stock and preferred treasury stock.

The Company purchased ~~724~~2,032 shares of common stock for an aggregate purchase price of $15,~~810~~080, or $2.50 per share, and 21,~~524~~200 shares of its preferred stock for an aggregate purchase price of $~~631~~300 or $0.25 per share, during the year ended December 31, ~~2009~~2012. ~~The shares are held as common treasury stock and preferred treasury stock.~~

~~Note~~The 12Company purchased –10,693 ~~Recently~~shares ~~Issued~~of ~~Accounting~~common ~~Pronouncements~~stock for an aggregate purchase price of $26,732.50, or $2.50 per share, and 3,431 shares of its preferred stock for an aggregate purchase price of $857.75 or $0.25 per share, during the year ended December 31, 2011.

~~Accounting~~The ~~Standards~~Company ~~Update~~purchased ~~(ASU) No.~~1,066 ~~2011-04~~shares of common stock for an aggregate purchase price of $2,665, ~~Fair~~or ~~Value~~$2.50 ~~Measurement~~per ~~(Topic~~share, ~~820):~~and ~~Amendments~~1,084 toshares of ~~Achieve~~its ~~Common~~preferred ~~Fair~~stock ~~Value~~for ~~Measurement~~an ~~and~~aggregate ~~Disclosure~~purchase ~~Requirements~~price inof U$271, or $0.S.25 ~~GAAP~~per ~~and~~share, ~~IFRSs~~during the year ended December 31, 2010.

The shares are held as common treasury stock and preferred treasury stock.

Note 11 – Recently Adopted Accounting Principles

~~Note~~In 13June –2011, ~~Subsequent~~the ~~Events~~FASB issued an ASU that expands the disclosure requirements related to other comprehensive income (loss). A reporting entity is now required to present the total of comprehensive income (loss), the components of net income, and the components of other comprehensive income (loss) either in a single continuous statement of comprehensive income (loss) or in two separate but consecutive statements. Under both choices, the reporting entity is required to present each component of net income along with total net income, each component of other comprehensive income (loss) along with a total for other comprehensive income (loss) and a total amount for comprehensive income (loss). This ASU became effective for interim and annual periods beginning after December 15, 2011. We adopted this ASU on January 1, 2012.

~~Management~~Note ~~has evaluated subsequent events through March~~ 12, ~~2012,~~– ~~the~~Subsequent ~~date~~Events ~~the financial statements were available to be issued.~~

Management has evaluated subsequent events through February 22, 2013, the date the financial statements were available to be issued.

F-12

TWENTY SERVICES, INC.

Schedule I - Marketable Securities

For the Year Ended December 31, ~~2011~~2012

Name of issuer and title of each issue	Number ~~ofshares~~of ~~orunits~~sharesor units -~~principalamountof~~ principalamount of bondsand notes		Cost ofeach issue		~~Marketvalueof~~Fair ~~eachissueat~~Marketvalue of eachissue at balancesheet date		~~Amount at whicheach portfolioof equitysecurity issuesand each othersecurity issue iscarried in thebalance sheet~~
Equity Securities Available-for-Sale:
Common Stock:
American Equity Investment Life Holding Company (AEL)		237,000	$	790,000	$	2,~~464~~893,~~800~~770	$	~~2,464,800~~
Royal Bank of Scotland 6.125% Ser R Callable 12/30/11		2,000		50,000		22,400		22,400
Total Common Stock				790,000		2,893,770
Wells Fargo Advantage Global D		2,000		39,907		15,180		15,180
Mutual Funds:
Blackrock Preferred & Equity Advantage Trust		2,000		49,428		24,304		24,304
Alpine Total Dynamic Dividend Fund SBI		2,500		50,000		10,080
NorthStar Realty 8.25% Cum. Per. Pref. Ser. Callable 2/7/12		2,000		50,000		40,760		40,760
Blackrock Preferred & Equity Advantage Trust		2,000		49,424		27,460
Alpine Total Dynamic Dividend Fund SBI		2,500		50,000		10,950		10,950
Wells Fargo Advantage Global D		2,000		39,907		15,140
Total Equity Securities Available-for-Sale				1,029,335		2,578,394		2,578,394
Total Mutual Funds				139,331		52,680
Debt Securities Available-for-Sale:
Preferred Stock:
New York New York Ser A1 G/O UNLTD 5%		25,000		26,434		29,106		29,106
NorthStar Realty 8.25% Cum. Per. Pref. Ser. Callable 2/7/12		2,000		45,875		47,280
Northwest TX INDPT Sch Dist Sch BLDG G/O 5%		25,000		26,554		29,015		29,015
Royal Bank of Scotland 6.125% Ser R Callable 12/30/11		2,000		50,000		44,920
Travis Co. TX Road G/O 4%		50,000		50,004		55,886		55,886
Total Preferred Stock				95,875		92,200
State Univ IA Univ Rev Rec FACS Ser S		50,000		50,000		54,681		54,681
Fixed Income:
Mobile, AL Rfdg War Ser A Cpn 5% de 2/15/27		25,000		26,438		27,296		27,296
Municipal Holdings
University VT & St Agric Cllg Ser B GO 4.375% Due 10/1/27		25,000		25,432		26,289		26,289
New York New York Ser A1 G/O UNLTD 5%		25,000		26,198		29,175
Minnesota St Sere 2009B G/O Cpn 4.0% Due 8/1/28		25,000		25,004		26,217		26,217
Northwest TX INDPT Sch Dist Sch BLDG G/O 5%		25,000		26,324		29,061
Omaha Neb Ser A G/O Cpn 6.5% Due 12/1/30		25,000		32,413		34,819		34,819
Travis Co. TX Road G/O 4% Due 3/1/23		50,000		50,003		56,232
Washington St. Var PURP Ser F G/O Cpn 4.5% Due 7/1/32		25,000		25,553		25,687		25,687
State Univ IA Univ Rev Rec FACS Ser S Cpn 4.25% Due 7/1/24		50,000		50,000		55,601
Keller Tx Indpt Sch Dist Sch Bldg Cpn 4.75% Due 8/15/32		50,000		51,086		52,772		52,772
Mobile, AL Rfdg War Ser A Cpn 5% de 2/15/27		25,000		26,260		28,177
Hartford Cnty CT MET Dist Ser B G/O Unltd Cpn 4.25 Due 7/15/32		25,000		25,546		25,649		25,649
University VT & St Agric Cllg Ser B GO 4.375% Due 10/1/27		25,000		25,390		27,533
Saratoga Cnty NY PUB Imp Ser A G/O Cpn 4.75% Due 7/15/38		25,000		25,341		26,408		26,408
Iowa St Univ Sci & Tech Acad Bldg Cpn 4.0% 7/1/28		25,000		25,190		27,052
Iowa St Univ Sci & Tech Acad Bldg Cpn 4.0% 7/1/28		25,000		25,212		25,922		25,922
Minnesota St Sere 2009B G/O Cpn 4.0% Due 8/1/28		25,000		25,004		27,890
Miami-Dade Cnty Fl Bldg Ser B-1 G/O Cpn 5.375% Due 7/1/29		25,000		26,290		28,562
Olathe KS SR 215 G/O UNLTD B/E OID cpn 4.125% Due 10/1/29		25,000		25,194		27,394
Omaha Neb Ser A G/O Cpn 6.5% Due 12/1/30		25,000		32,150		40,050
West Fargo ND PUB Sch Cpn 4.000% Due 5/1/12		25,000		25,416		27,080
Hartford Cnty CT MET Dist Ser B G/O Unltd Cpn 4.25 Due 7/15/32		25,000		25,482		27,090
Keller Tx Indpt Sch Dist Sch Bldg Cpn 4.75% Due 8/15/32		50,000		50,911		56,177
Columbus, OH City Sch District Cpn 4.625% Due 12/1/33		25,000		25,545		27,388
Tacoma WA Recovery Zone G/O Cpn 4.625% Due 12/1/34		25,000		25,067		27,033
Texas St Trans Comm Mobility G/O Cpn 4.50% Due 4/1/35		25,000		25,274		26,951
State Univ IA Univ Rev Ath Facs Ser S Cpn 4.35% Due 7/1/35		25,000		25,004		27,122
Saratoga Cnty NY PUB Imp Ser A G/O Cpn 4.75% Due 7/15/38		25,000		25,295		27,337
Hoover AL Brd Ed Cap Outlay Wts Cpn 4.25% Due 2/15/39		20,000		19,028		21,341
Metropolitan Transn Auth NY Rev Tx cpn 6.587% Due 11/15/30		25,000		25,443		30,010
Total Municipal Holdings				610,468		674,256
Corporate Holdings
Morgan Stanley Med Term Notes Ser F Cpn 6.25% Due 8/28/17		25,000		24,758		28,696
Bank of America Corp Senior Notes Cpn 6.00% Due 9/1/17		25,000		23,997		29,302
JP Morgan Chase Co Senior Notes Cpn 6.00% Due 1/15/18		50,000		49,954		59,731
Allstate Corp Debentures Noncall Life Cpn 6.75% Due 5/15/18		50,000		51,601		63,299
Caterpillar Financial Med Term Notes Cpn 7.150% Due 2/15/19		50,000		53,665		65,480
Goldman Sachs Med Term Notes Cpn 6.75% Due 5/5/19		50,000		51,003		59,274
Aetna, Inc. Notes Cpn. 7.625% Due 8/15/26		150,000		156,147		195,368
Land O Lakes Cap Trst I 144 B/E Cpn 7.45% Due 3/15/28		100,000		98,927		97,500
General Elec Cap Corp Medium Term Notes Cpn 6.75% Due		50,000		47,040		65,003
Loews Corp Notes Cpn 6% Due 2/1/2035		25,000		24,724		29,283
Wachovia Corp Senior Notes Cpn 5.5% due 8/1/2035		30,000		27,164		34,458
Total Corporate Holdings				608,980		727,394
Total Fixed Income				1,219,448		1,401,650
Total Marketable Securities - Available for Sale			$	2,244,654	$	4,440,300

F-13

TWENTY SERVICES, INC.

Schedule I - Marketable Securities ~~(continued)~~

For the Year Ended December 31, 2011

Name of issuer and title of each issue	Number ~~ofshares~~of ~~orunits~~sharesor units -~~principalamountof~~ principalamount of bondsand notes		Cost ofeach issue		~~Marketvalueof~~Fair ~~eachissueat~~Marketvalue of eachissue at balancesheet date		~~Amount at whicheach portfolioof equitysecurity issuesand each othersecurity issue iscarried in thebalance sheet~~
Debt Securities Available-for-Sale: (continued)
Common Stock:
State Univ IA Univ Rev Ath Facs Ser S Cpn 4.35% Due 7/1/35		25,000	$	25,004	$	25,506	$	25,506
American Equity Investment Life Holding Company (AEL)		237,000	$	790,000	$	2,464,800
Miami-Dade Cnty Fl Bldg Ser B-1 G/O Cpn 5.375% Due 7/1/29		25,000		26,493		26,981		26,981
Total Common Stock				790,000		2,464,800
West Fargo ND PUB Sch Cpn 4.000% Due 5/1/12		25,000		25,458		25,369		25,369
Mutual Funds:
Olathe KS SR 215 G/O UNLTD B/E OID cpn 4.125% Due 10/1/29		25,000		25,219		26,104		26,104
Alpine Total Dynamic Dividend Fund SBI		2,500		50,000		10,950
Tacoma WA Recovery Zone G/O Cpn 4.625% Due 12/1/34		25,000		25,075		25,422		25,422
Blackrock Preferred & Equity Advantage Trust		2,000		49,424		24,300
Texas St Trans Comm Mobility G/O Cpn 4.50% Due 4/1/35		25,000		25,332		25,801		25,801
Wells Fargo Advantage Global D		2,000		39,907		15,180
Columbus, OH City Sch District		25,000		25,595		25,445		25,445
Total Mutual Funds				139,331		50,430
Hoover AL Brd Ed Cap Outlay Wts Cpn 4.25% Due 2/15/39		20,000		19,009		20,246		20,246
Preferred Stock:
Metropolitan Transn Auth NY Rev Tx cpn 6.587% Due 11/15/30		25,000		25,443		30,223		30,223
NorthStar Realty 8.25% Cum. Per. Pref. Ser. Callable 2/7/12		2,000		50,000		40,750
Morgan Stanley Med Term Notes Ser F Cpn		25,000		24,758		24,497		24,497
Royal Bank of Scotland 6.125% Ser R Callable 12/30/11		2,000		50,000		22,420
Bank of America Corp Senior Notes		25,000		23,824		24,435		24,435
Total Preferred Stock				100,000		63,170
JP Morgan Chase Co Senior Notes		50,000		49,957		56,064		56,064
Fixed Income:
Allstate Corp Debentures Noncall Life Cpn 6.75%		50,000		51,601		59,589		59,589
Municipal Holdings
Caterpillar Financial Med Term Notes		50,000		53,665		64,257		64,257
New York New York Ser A1 G/O UNLTD 5%		25,000		26,434		29,106
Goldman Sachs Med Term Notes Cpn 6.75%		50,000		51,003		53,743		53,743
Northwest TX INDPT Sch Dist Sch BLDG G/O 5%		25,000		26,554		29,015
Aetna, Inc. Notes Cpn. 7.625%		150,000		156,147		189,053		189,053
Travis Co. TX Road G/O 4% Due 3/1/23		50,000		50,004		55,886
Land O Lakes Cap Trst I 144 B/E Cpn 7.45% Due 3/15/28		100,000		98,927		95,926		95,926
State Univ IA Univ Rev Rec FACS Ser S Cpn 4.25% Due 7/1/24		50,000		50,000		54,681
Loews Corp Notes Cpn 6% Due 2/1/2035		25,000		24,724		27,138		27,138
Mobile, AL Rfdg War Ser A Cpn 5% de 2/15/27		25,000		26,438		27,296
Wachovia Corp Senior Notes Cpn 5.5% due 8/1/2035		30,000		27,104		29,187		29,187
University VT & St Agric Cllg Ser B GO 4.375% Due 10/1/27		25,000		25,432		26,289
General Elec Cap Corp Medium Term Notes		50,000		47,040		57,465		57,465
Minnesota St Sere 2009B G/O Cpn 4.0% Due 8/1/28		25,000		25,004		26,217
Total Debt Securities Available-for-Sale				1,246,395		1,352,198		1,352,198
Omaha Neb Ser A G/O Cpn 6.5% Due 12/1/30		25,000		32,413		34,819
Debt Securities Held-to-Maturity –
Washington St. Var PURP Ser F G/O Cpn 4.5% Due 7/1/32		25,000		25,553		25,687
GNMA Mortgage Backed Certificates, Due 2012				—		—		9
Keller Tx Indpt Sch Dist Sch Bldg Cpn 4.75% Due 8/15/32		50,000		51,086		52,772
Total			$	2,275,730	$	3,930,592	$	3,930,601
Hartford Cnty CT MET Dist Ser B G/O Unltd Cpn 4.25 Due 7/15/32		25,000		25,546		25,649
Saratoga Cnty NY PUB Imp Ser A G/O Cpn 4.75% Due 7/15/38		25,000		25,341		26,408
Iowa St Univ Sci & Tech Acad Bldg Cpn 4.0% 7/1/28		25,000		25,212		25,922
State Univ IA Univ Rev Ath Facs Ser S Cpn 4.35% Due 7/1/35		25,000	$	25,004	$	25,506
Miami-Dade Cnty Fl Bldg Ser B-1 G/O Cpn 5.375% Due 7/1/29		25,000		26,493		26,981
West Fargo ND PUB Sch Cpn 4.000% Due 5/1/12		25,000		25,458		25,369
Olathe KS SR 215 G/O UNLTD B/E OID cpn 4.125% Due 10/1/29		25,000		25,219		26,104
Tacoma WA Recovery Zone G/O Cpn 4.625% Due 12/1/34		25,000		25,075		25,422
Texas St Trans Comm Mobility G/O Cpn 4.50% Due 4/1/35		25,000		25,332		25,801
Columbus, OH City Sch District Cpn 4.625% Due 12/1/33		25,000		25,595		25,445
Hoover AL Brd Ed Cap Outlay Wts Cpn 4.25% Due 2/15/39		20,000		19,009		20,246
Metropolitan Transn Auth NY Rev Tx cpn 6.587% Due 11/15/30		25,000		25,441		30,223
Total Municipal Holdings				637,643		670,844
Corporate Holdings
Morgan Stanley Med Term Notes Ser F Cpn 6.25% Due 8/28/17		25,000		24,758		24,497
Bank of America Corp Senior Notes Cpn 6.00% Due 9/1/17		25,000		23,824		24,435
JP Morgan Chase Co Senior Notes Cpn 6.00% Due 1/15/18		50,000		49,957		56,064
Allstate Corp Debentures Noncall Life Cpn 6.75% Due 5/15/18		50,000		51,601		59,589
Caterpillar Financial Med Term Notes Cpn 7.150% Due 2/15/19		50,000		53,665		64,257
Goldman Sachs Med Term Notes Cpn 6.75% Due 5/5/19		50,000		51,003		53,743
Aetna, Inc. Notes Cpn. 7.625% Due 8/15/26		150,000		156,147		189,053
Land O Lakes Cap Trst I 144 B/E Cpn 7.45% Due 3/15/28		100,000		98,927		95,926
General Elec Cap Corp Medium Term Notes Cpn 6.75% Due		50,000		47,040		57,465
Loews Corp Notes Cpn 6% Due 2/1/2035		25,000		24,724		27,138
Wachovia Corp Senior Notes Cpn 5.5% due 8/1/2035		30,000		27,106		29,190
Total Corporate Holdings				608,752		681,357
Total Fixed Income				1,246,395		1,352,201
Total Marketable Securities - Available for Sale			$	2,275,726	$	3,930,601

F-14

TWENTY SERVICES, INC.

Schedule I - Marketable Securities

For the Year Ended December 31, 2010

Name of issuer and title of each issue	Number ofshares orunits -principalamountof bondsand notes		Cost ofeach issue		Marketvalueof eachissueat balancesheet date		Amount at whicheach portfolioof equitysecurity issuesand each othersecurity issue iscarried in thebalance sheet
Equity Securities Available-for-Sale:
American Equity Investment Life Holding Company (AEL)		237,000	$	790,000	$	2,974,350	$	2,974,350
Royal Bank of Scotland 6.125% Ser R Callable 12/30/11		2,000		50,000		29,120		29,120
Gramercy Capital 8.125% Cum. Per. Pref. Callable 4/18/12		1,000		25,000		19,440		19,440
Wells Fargo Advantage Gobal D		2,000		40,000		19,100		19,100
Blackrock Preferred & Equity Advantage Trust		2,000		50,000		24,200		24,200
Barclay Bank PLC 7.75% Non-Cum. Per. Pref. Callable 3/15/13		1,000		25,000		25,420		25,420
NorthStar Realty 8.25% Cum. Per. Pref. Ser. Callable 2/7/12		2,000		50,000		39,580		39,580
Alpine Total Dynamic Dividend Fund SBI		2,500		50,000		14,800		14,800
Total Equity Securities Available-for-Sale				1,080,000		3,146,010		3,146,010
Debt Securities Available-for-Sale:
New York New York Ser A1 G/O UNLTD 5%		25,000		26,770		26,844		26,844
Northwest TX INDPT Sch Dist Sch BLDG G/O 5%		25,000		26,883		26,572		26,572
Travis Co. TX Road G/O 4%		50,000		50,005		50,143		50,143
State Univ IA Univ Rev Rec FACS Ser S		50,000		50,000		50,552		50,552
Mobile, AL Rfdg War Ser A Cpn 5% de 2/15/27		25,000		26,692		25,265		25,265
University VT & St Agric Cllg Ser B GO 4.375% Due 10/1/27		25,000		25,492		23,470		23,470
Minnesota St Sere 2009B G/O Cpn 4.0% Due 8/1/28		25,000		25,005		23,813		23,813
Omaha Neb Ser A G/O Cpn 6.5% Due 12/1/30		25,000		32,727		31,138		31,138
Washington St. Var PURP Ser F G/O Cpn 4.5% Due 7/1/32		25,000		25,662		23,617		23,617
Keller Tx Indpt Sch Dist Sch Bldg Cpn 4.75% Due 8/15/32		50,000		51,294		49,332		49,332
Hartford Cnty CT MET Dist Ser B G/O Unltd Cpn 4.25 Due 7/15/32		25,000		25,621		22,667		22,667
Saratoga Cnty NY PUB Imp Ser A G/O Cpn 4.75% Due 7/15/38		25,000		25,396		24,622		24,622
Iowa St Univ Sci & Tech Acad Bldg Cpn 4.0% 7/1/28		25,000		25,242		23,069		23,069

F-15

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

TWENTY SERVICES, INC.

Schedule I - Marketable Securities (continued)

For the Year Ended December 31, 2010

Name of issuer and title of each issue	Number ofshares orunits -principalamountof bondsand notes		Cost ofeach issue		Marketvalueof eachissueat balancesheet date		Amount at whicheach portfolioof equitysecurity issuesand each othersecurity issue iscarried in thebalance sheet
Debt Securities Available-for-Sale: (continued)
State Univ IA Univ Rev Ath Facs Ser S Cpn 4.35% Due 7/1/35		25,000	$	25,005	$	22,240	$	22,240
Miami-Dade Cnty Fl Bldg Ser B-1 G/O Cpn 5.375% Due 7/1/29		25,000		26,873		25,533		25,533
Olathe KS SR 215 G/O UNL TD B/E OID cpn 4.125% Due 10/1/29		25,000		25,253		22,939		22,939
Tacoma WA Recovery Zone G/O Cpn 4.625% Due 12/1/34		25,000		25,090		22,445		22,445
Texas St Trans Comm Mobility G/O Cpn 4.50% Due 4/1/35		25,000		25,439		23,949		23,949
Metropolitan Transn Auth NY Rev Tax Cpn 6.587% Due 11/15/30		25,000		25,443		25,406		25,406
Hoover AL Brd Ed Cap Outlay Wts Cpn 4.25% Due 2/15/39		25,000		18,987		16,998		16,998
Morgan Stanley Med Term Notes Ser F Cpn		25,000		24,758		26,985		26,985
Bank of America Corp Senior Notes		25,000		23,508		26,358		26,358
JP Morgan Chase Co Senior Notes		50,000		49,954		56,116		56,116
Allstate Corp Debentures Noncall Life Cpn 6.75%		50,000		51,601		58,218		58,218
Caterpillar Financial Med Term Notes		50,000		53,665		61,494		61,494
Goldman Sachs Med Term Notes Cpn 6.75%		50,000		51,003		56,288		56,288
AFLAC Senior Notes		50,000		53,395		62,084		62,084
Aetna, Inc. Notes Cpn. 7.625%		150,000		156,147		161,178		161,178
Land O Lakes Cap Trst I 144 B/E Cpn 7.45% Due 3/15/28		100,000		98,927		90,000		90,000
Loews Corp Notes Cpn 6% Due 2/1/2035		25,000		24,724		24,105		24,105
Wachovia Corp Senior Notes Cpn 5.5% due 8/1/2035		30,000		27,005		28,010		28,010
General Elec Cap Corp Medium Term Notes		50,000		47,040		55,800		55,800
Total Debt Securities Available-for-Sale				1,250,606		1,267,250		1,267,250
Debt Securities Held-to-Maturity –
GNMA Mortgage Backed Certificates, Due 2012				—		—		430
Total			$	2,330,606	$	4,413,260	$	4,413,690

F-16

Filing Compare · TWENTY SERVICES INC