| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 85000 VERIZON PA GLOBAL 11/15/11 | 81,293 | 88,441 |
| KRAFT FOODS INC NTS 6.25% 6/1/12 | 212,715 | 213,946 |
| INGERSOLL-R&GLOB HLDG 9.5% 4/15/14 | 212,005 | 240,942 |
| JEFFRIES GROUP INC 7.75% 3/15/12 | 151,409 | 160,344 |
| WILLIS GROUP N AMER | 90,996 | 105,079 |
| FREEPORT-MCMORAN COPPER 8.25% 4/1/15 | 54,094 | 52,688 |
| FREEPORT-MCMORAN COPPER 8.375% 4/1/17 | 224,405 | 221,250 |
| ALLIED WASTE NORTH AMER 6.875% 6/1/17 | 279,980 | 275,000 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 95000 LEHMAN BRO COML BK UT US 5% 2/15/18 | AT COST | 0 | 0 |
| 95000 SOUTHWEST BANK MO US 5% 8/27/18 | AT COST | 0 | 0 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BOND AMORTIZATION | 4,667 | 4,667 | 0 | |
| ANNUAL FEE | 60 | 0 | 0 |