| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING | 9,955 | 1,275 | 0 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALPHA RESOURCES 200 SHARES | 18,600 | 12,006 |
| ALPINE ULTRASHORT 3010 SHARES | 0 | 0 |
| AMERICAN CAPITAL LTD 11,003 SHARES | 80,142 | 91,311 |
| AMERICAN CAPITAL LTD 4042.2728 SHARES | 91,857 | 30,567 |
| APOLLO INVESTMENT CORP 3819 SHARES | 22,928 | 42,276 |
| APOLLO INVESTMENT CORP 421.8550 SHARES | 4,684 | 4,670 |
| APPLE INC. 1050 SHARES | 108,576 | 338,688 |
| ARCELORMITTAL SA 6.9598 SHARES | 246 | 265 |
| ARCELORMITTAL SA 200 SHARES | 0 | 0 |
| ARCELORMITTAL SA 209 SHARES | 13,376 | 7,970 |
| AU OPTRONICS CORP 227 SHARES | 0 | 0 |
| BAIDU INC SPON ADR 70 SHARES | 7,408 | 6,757 |
| BROCADE COMMUNICATIONS 5000 SHARES | 32,168 | 26,450 |
| CENTURYTEL INC 19.7442 SHARES | 761 | 912 |
| CENTURYTEL INC 260 SHARES | 4,912 | 12,004 |
| CHESAPEAKE ENERGY 507 SHARES | 26,751 | 13,136 |
| CHESAPEAKE ENERGY 6.6987 SHARES | 158 | 174 |
| CHINA LIFE INS CO 203 SHARES | 0 | 0 |
| CHINA MOBILE LTD 311 SHARES | 0 | 0 |
| CLOUD PEAK ENERGY 1000 SHARES | 14,690 | 23,230 |
| CNOOC LTD 105 SHARES | 19,352 | 25,267 |
| CNOOC LTD 2.8641 SHARES | 564 | 683 |
| CREE INC 100 SHARES | 4,979 | 6,589 |
| CREE INC 1000 SHARES | 23,500 | 65,890 |
| DIANA SHIPPING INC. 219 SHS | 0 | 0 |
| DRYSHIPS INC. 1,001 SHARES | 5,933 | 5,495 |
| DRYSHIPS INC. 100 SHARES | 0 | 0 |
| DRYSHIPS INC. .6479 SHARES | 3 | 4 |
| DYNEGY INC. 500 SHARES | 0 | 0 |
| FREEPORT MCMORAN 402 SHARES | 29,298 | 48,276 |
| FREEPORT MCMORAN 617.8184 SHARES | 49,427 | 74,194 |
| GERDAU SA 200.4357 SHARES | 0 | 0 |
| MANITOWOC CO INC 404 SHS | 0 | 0 |
| METALLINE MINING 2500 SHARES | 1,100 | 3,125 |
| MONSANTO INC 151 SHARES | 0 | 0 |
| NEWCASTLE INVESTMENT CRP 2000 SHS | 3,000 | 13,400 |
| PETRLEO BRAS VTG 3.5906 SHARES | 96 | 136 |
| PETRLEO BRAS VTG 100.9979 SHARES | 6,548 | 3,784 |
| POTASH CORP 200.3465 SHARES | 16,990 | 30,966 |
| POTASH CORP .5646 SHARES | 66 | 144 |
| RESEARCH IN MOTION 600 SHARES | 57,900 | 34,878 |
| SOUTHERN COPPER 210.414 SHARES | 21,516 | 30,414 |
| SOUTHERN COPPER CORP 548.42 SHARES | 5,439 | 6,572 |
| SPRINT NEXTEL CORP 3851.1144 SHARES | 49,151 | 16,290 |
| SYNAPTICS INC 300 SHARES | 10,363 | 8,814 |
| TBS INTL LTD 200 SHARES | 0 | 0 |
| TECK RESOURCES LTD 2699 SHARES | 21,885 | 166,879 |
| TECK RESOURCES LTD 114.1331 SHARES | 4,984 | 7,056 |
| TELECOM C NW ZLND 1000 SHARES | 0 | 0 |
| ULTRAPAR PARTIPAC 101.2264 SHARES | 3,447 | 6,527 |
| ULTRAPAR PARTIPAC 3.0609 SHARES | 147 | 198 |
| VALE DO RIO 206 SHARES | 6,335 | 7,121 |
| VALE DO RIO 3.7514 SHARES | 99 | 130 |
| VALERO ENERGY CORP 8.2903 SHARES | 0 | 0 |
| VERIZON COMMUNICATIONS 515 SHARES | 18,693 | 19,632 |
| FRONTIER COMMUNICATIONS | 1,196 | 1,236 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| KINDER MORGAN LP 1593.109 UNITS | AT COST | 0 | 119,307 |
| PIONEER SOUTHWEST ENERGY LP 511 UNITS | AT COST | 9,312 | 16,678 |
| TERRA NITROGEN COMPANY LP 322.1162 UTS | AT COST | 37,683 | 34,811 |
| TERRA NITROGEN COMPANY LP 19.161 UTS | AT COST | 387 | 2,084 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 4,002 | 0 | 0 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| DIVIDENDS RECEIVABLE | 275 | 136 | 288 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAX | 436 | 436 | 0 | |
| KINDER MORGAN K1 | 7,953 | 7,953 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| K-1 PIONEER SOUTHWEST ENERGY | 112 | 112 | 112 |
| K-1 TERRA NITROGEN | 400 | 400 | 400 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BROKER FEES | 1,731 | 1,731 | 0 |
| Name | Address |
|---|---|
| CHARLES AND DOLORES HOWEY |
19065 PARKE LANE GROSSE ILE,MI48138 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 573 | 0 | 0 |