| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| Wachovia Bank-5.625%,10/15/16 | 106,459 | 108,784 |
| Wachovia Bank-5%,8/15/15 | 417,087 | 426,892 |
| Wachovia Bank-4.875%,2/1/15 | 208,992 | 212,092 |
| Vodafone Group-5%,9/15/15 | 213,153 | 217,640 |
| UBS AG Stamford-5.875%,7/15/16 | 209,398 | 215,216 |
| UBS AG Stamford-3.875%,1/15/15 | 302,470 | 309,186 |
| Transatlantic HL-5.75%,12/15/14 | 182,877 | 183,556 |
| Suntrust Banks-5.45%,12/1/17 | 208,432 | 202,246 |
| Simon Properties Group-5.75%,12/1/15 | 215,810 | 222,198 |
| PPL Energy Supply-6.2%,5/15/16 | 162,973 | 165,157 |
| Nationwide Fin'l-5.625%,2/13/15 | 157,611 | 151,446 |
| MS Step Up-5%,6/11/25 | 300,000 | 297,900 |
| Morgan Stanley-5.95%,12/28/17 | 108,006 | 105,804 |
| Morgan Stanley-5.75%,10/18/16 | 321,062 | 319,944 |
| Morgan Stanley-5.55%,4/27/17 | 105,388 | 104,180 |
| MetLife-6.4%,12/15/36 | 179,605 | 188,000 |
| Merrill Lynch Co-6.4%,8/28/17 | 106,505 | 105,727 |
| Merrill Lynch Co-6.05%,5/16/16 | 476,942 | 463,639 |
| Merrill Lynch Co-5%,1/15/15 | 208,138 | 208,258 |
| MBNA Corp Sr Notes-5%,6/15/15 | 411,613 | 411,484 |
| Key Bank NA-5.45%,3/3/16 | 104,427 | 105,235 |
| Key Bank NA-4.95%,9/15/15 | 203,122 | 206,356 |
| JP Morgan Chase-5.15%,10/1/15 | 504,562 | 502,370 |
| Goldman Sachs Group-5.625%,1/15/17 | 211,100 | 211,488 |
| Goldman Sachs Group-5.125%,1/15/15 | 211,899 | 214,876 |
| Genworth Fin'l-4.95%,10/1/15 | 347,535 | 341,968 |
| GE Capital Corp-5.5%,8/15/15 | 85,328 | 85,770 |
| GE Capital Corp-4.375%,9/21/15 | 411,799 | 419,420 |
| Ford Motor Credit-7%,4/15/15 | 108,745 | 107,461 |
| Ford Motor Credit-6.625%,8/15/17 | 320,992 | 315,297 |
| Ford Motor Credit-5.625%,9/15/15 | 101,901 | 103,548 |
| Dresdner Bank | 550,535 | 525,625 |
| Donnelley RR-6.125%,1/15/17 | 209,731 | 204,448 |
| Countrywide Fin'l-6.25%,5/15/16 | 109,043 | 102,549 |
| Compass Bank-6.4%,10/1/17 | 161,617 | 150,909 |
| Comerica Bank-5.75%,11/21/16 | 311,732 | 323,613 |
| Comcast Corp-5.85%,11/15/15 | 221,049 | 224,816 |
| Citigroup Inc-6.01%,1/15/15 | 183,101 | 191,980 |
| Citigroup Inc-4.875%,5/7/15 | 475,344 | 490,272 |
| Capital One Fin'l-5.5%,6/1/15 | 106,713 | 107,154 |
| Berkley WR Corp-5.6%,5/15/15 | 104,892 | 105,394 |
| BB &T Corp-5.2%,12/23/15 | 147,310 | 150,546 |
| Barclays Bank-5%,9/22/16 | 405,257 | 423,280 |
| Bankers Trust NY-7.5%,11/15/15 | 111,366 | 111,684 |
| Bank of America-6.1%,6/15/17 | 106,261 | 104,473 |
| Bank of America-5.625%,10/14/16 | 105,047 | 103,680 |
| Bank of America-5.45%,3/15/17 | 156,022 | 148,643 |
| Bank of America-5.35%,9/15/15 | 62,271 | 61,612 |
| Bank of America-5.75%,8/15/16 | 214,412 | 204,288 |
| Bank of America-5.3%,3/15/17 | 308,440 | 304,029 |
| American Int'l Group-5.6%,10/16/16 | 151,125 | 154,530 |
| American Int'l Group-5.45%,5/18/17 | 101,090 | 101,264 |
| Western Union Co-6.5%, 2/26/14 | 168,310 | 178,656 |
| Wells Fargo Co-4.95%, 10/16/13 | 295,301 | 321,300 |
| Well Point Inc-6%, 2/15/14 | 728,265 | 778,008 |
| Walt Disney Co-4.5%, 12/15/13 | 174,362 | 185,662 |
| Wachovia Bank-5.25%, 8/1/14 | 201,773 | 213,298 |
| Wachovia Bank-4.8%, 11/1/14 | 483,695 | 531,610 |
| US Bank NA Notes-4.95%, 10/30/14 | 355,799 | 381,437 |
| United Healthcare Group-5%, 8/15/14 | 254,196 | 271,627 |
| Unilever Capital-3.65%, 2/15/14 | 101,248 | 105,165 |
| Tyco Int'l Group-6%, 11/15/13 | 207,327 | 222,030 |
| Staples Inc-9.75%, 1/15/14 | 69,165 | 72,711 |
| SBC Communications-5.1%, 9/15/14 | 102,563 | 109,410 |
| Prudential Fin'l-5.1%, 9/20/14 | 254,699 | 268,543 |
| Procter & Gamble-4.6%, 1/15/14 | ||
| Potash Corp-5.25%, 5/15/14 | 149,210 | 158,553 |
| PNC Funding Corp-5.25%, 11/15/15 | 416,639 | 428,076 |
| Philip Morris-6.875%, 3/17/14 | 107,180 | 115,231 |
| Paccar Inc-6.875%, 2/15/14 | 205,572 | 229,412 |
| NYSE Euronext-4.8%, 6/28/13 | 70,307 | 75,134 |
| National City Bank-4%, 2/1/11 | 188,505 | 200,250 |
| Morgan Stanley-6%, 5/13/14 | 101,446 | 108,048 |
| Morgan Stanley-4.75%, 4/1/14 | 398,205 | 409,612 |
| MetLife-5.5%, 6/15/14 | 507,880 | 545,180 |
| Merrill Lynch Co-5.3%, 9/30/15 | 268,941 | 268,250 |
| Mellon Funding-5%, 12/1/14 | 409,499 | 432,384 |
| Medtronics Inc-1.625%, 4/15/13 | 183,121 | 201,250 |
| Marathon Oil-6.5%, 2/15/14 | 206,783 | 225,144 |
| JP Morgan Chase-5.375%, 1/15/14 | 200,665 | 217,590 |
| JP Morgan Chase-5.125%, 9/15/14 | 205,058 | 212,814 |
| JP Morgan Chase-4.65%, 6/1/14 | 776,337 | 827,227 |
| John Deere Cap Corp-4.9%, 9/9/13 | 101,563 | 109,035 |
| International Paper-5.3%, 4/1/15 | 203,614 | 215,436 |
| HSBC Finance Corp-6.676%, 1/15/21 | 935,828 | 1,008,259 |
| Hewlett Packard-6.125%, 5/1/14 | 105,624 | 113,242 |
| Goldman Sachs Group-6%, 5/1/14 | 203,765 | 220,328 |
| Goldman Sachs Group-5.25%, 10/15/13 | 202,570 | 216,444 |
| Goldman Sachs Group-5%, 10/1/14 | 347,727 | 374,983 |
| Glaxo Smithkline Cap-4.375%, 4/15/14 | 101,874 | 107,821 |
| GE Capital Corp-11/1/12 | 81,505 | 99,470 |
| GE Capital Corp-5.9%, 5/13/14 | 516,984 | 553,380 |
| GE Capital Corp-5.65%, 6/9/14 | 305,750 | 329,220 |
| Duke Energy Carolinas-5.75%, 11/15/13 | 68,463 | 72,814 |
| Du Pont EI De Nemou-5.875%, 1/15/14 | 14,864 | 15,606 |
| Deutsche Telecom-4.875%, 7/8/14 | 201,470 | 214,946 |
| Dell Inc-5.625%, 4/15/14 | 208,454 | 220,856 |
| Daimler Chrysler-6.5%, 11/15/13 | 154,061 | 169,810 |
| Credit Suisse New York-5.5%, 5/1/14 | 742,614 | 791,736 |
| Credit Suisse FB USA-5.5%, 8/15/13 | 101,988 | 109,455 |
| Credit Suisse FB USA-5.125%, 1/15/14 | 200,999 | 217,640 |
| Conoco Phillips-4.75%, 2/12/14 | 204,576 | 217,252 |
| Coca Cola HBC Fin-5.125%, 9/17/13 | 101,878 | 107,689 |
| CME Group Inc-5.75%. 2/15/14 | 513,548 | 553,625 |
| Charles Schwab-4.95%, 6/1/14 | 200,964 | 217,486 |
| Caterpillar Fin Ser Corp-6.2%, 9/30/13 | 104,173 | 112,268 |
| Caterpillar Fin Ser Corp-6.125%, 2/17/14 | 917,688 | 1,011,816 |
| Carolina Power & Light-5.125%, 9/15/13 | 104,241 | 109,689 |
| BP Capital Markets-5.25%, 11/7/13 | ||
| Berkshire Hathaway Inc-4.625%, 10/15/13 | 203,992 | 217,186 |
| Bellsouth Corp-5.2%, 9/15/14 | 102,502 | 109,169 |
| Bear Stearns Co-5.7%, 11/15/14 | 406,185 | 439,500 |
| BB&T Corp-5.7%, 4/30/14 | 300,832 | 330,069 |
| Barclays Bank-5.2%, 7/10/14 | 506,879 | 540,040 |
| Bank of New York-4.95%, 11/1/12 | 203,092 | 214,588 |
| Bank of America Corp-5.125%, 11/15/14 | 411,500 | 419,404 |
| AT&T Corp-6.7%, 11/15/13 | 106,275 | 113,617 |
| AT&T Corp-4.85%, 2/15/14 | 201,814 | 216,282 |
| American Express Co-7.25%, 5/20/14 | 416,031 | 455,692 |
| Allstate Life Global-5.375%,4/13/13 | 606,745 | 653,376 |
| Wyeth Notes-5.5%,3/15/13 | 103,079 | 109,338 |
| Wells Fargo Co-4.375%,1/13/13 | ||
| United Healthcare Group-5.25%,3/15/11 | 200,522 | 201,694 |
| Travelers Cos-5.375%,6/15/12 | 200,672 | 212,128 |
| SBC Communications-5.875%,8/15/12 | 75,897 | 80,805 |
| SBC Communications-5.875%,2/1/12 | 203,331 | 210,552 |
| Royal Bank of Scotland-5%,11/12/13 | 202,390 | 197,390 |
| Royal Bank of Canada-5.65%,7/20/11 | 304,053 | 307,572 |
| Morgan Stanley-5.625%,1/9/12 | 302,111 | 313,242 |
| Key Bank NA-7%,2/1/11 | 200,420 | 200,818 |
| Household Financial-6.375%,11/27/12 | 203,870 | 216,834 |
| Hartford Life Global-5.2%,2/15/11 | 175,207 | 175,889 |
| Goldman Sachs Group-5.7%,9/1/12 | 404,100 | 426,944 |
| Goldman Sachs Group-6.6%,1/15/12 | 95,500 | 105,746 |
| GE Capital Corp-5.45%,1/15/13 | 981,306 | 1,075,400 |
| Credit Suisse-5%,5/15/13 | 496,445 | 537,125 |
| Credit Suisse FB USA-6.5%,1/15/12 | 204,122 | 211,300 |
| Credit Suisse FB USA-5.5%,8/16/11 | 150,379 | 154,692 |
| Costco Wholesale Corp-5.3%,3/15/12 | 203,167 | 210,408 |
| Consolidated Edison-4.875%,2/1/13 | 306,521 | 321,249 |
| Citigroup-5.1%, 9/29/11 | 200,003 | 206,270 |
| Citigroup Global Markets-6%,2/21/12 | 74,732 | 77,624 |
| Bank of America-4.9%,5/1/13 | 198,312 | 208,522 |
| Bank of America-4.875%,1/15/13 | 99,030 | 104,208 |
| Bank of America-4.875%,9/15/12 | 249,054 | 261,035 |
| Banc One Corp-5.25%,1/30/13 | 503,218 | 534,010 |
| At&T Corp-7.3%,11/15/11 | 205,174 | 211,278 |
| Anheuser Busch-4.375%,1/15/13 | 195,394 | 210,880 |
| American Int'l Group-5.375%,10/18/11 | 202,392 | 205,648 |
| American Express-5.875%,5/2/13 | 501,670 | 543,770 |
| American Express-5.55%.10/17/12 | 252,079 | 267,405 |
| Wal-Mart Stores-4.125%,2/15/11 | 244,372 | 251,060 |
| Target Corp Global Notes-5.875%,3/11/12 | 356,768 | 368,557 |
| Public Service Elec & Gas-5.125%, 9/1/12 | 404,293 | 426,556 |
| National Rual Utils Coop-5.7%,1/15/10 | ||
| National City Bank-4.5%,3/15/10 | ||
| Merrill Lynch Co-4.79%,8/4/10 | ||
| Merrill Lynch Co-4.25%,2/8/10 | ||
| Merck & Co-5.125%,11/15/11 | 271,413 | 280,444 |
| MBNA Corp Sr Notes-5%,5/4/10 | ||
| Marshall & Ilsley-4.4%,3/15/10 | ||
| JP Morgan Chase-4.6%,1/17/11 | 99,883 | 100,130 |
| John Deere Cap Corp-4.125%,1/15/10 | ||
| IBM Corp-4.75%,11/29/12 | 152,049 | 161,037 |
| Hershey Co Notes-5.3%,9/1/11 | 250,707 | 257,790 |
| Hartford Fin'l Services-5.25%,10/15/11 | 712,895 | 728,879 |
| Goldman Sachs Group-5.450%,11/1/12 | 201,622 | 213,906 |
| GE Capital Corp-4.15%,6/15/11 | 62,763 | 65,667 |
| GE Capital Corp-4.875%,10/21/10 | ||
| FPL Group Capital-5.625%,9/1/11 | 1,008,754 | 1,030,680 |
| Deutsch Bank AG London-5.375%,10/12/12 | 1,514,999 | 1,612,095 |
| Credit Suisse FB USA-4.125%,1/15/10 | ||
| Conoco Phillips-5.5%,4/15/13 | 510,711 | 548,255 |
| Conoco Phillips-4.75%,10/15/12 | 1,209,527 | 1,285,068 |
| Citigroup Inc-5.3%,10/17/12 | 201,426 | 211,808 |
| Citigroup Inc-4.125%,2/22/10 | ||
| Chubb Corp-6%,11/15/11 | 303,852 | 313,929 |
| Caterpillar Fin Serv Corp-4.15%,1/15/10 | ||
| Berkshire Hathaway Notes-4.75%,5/15/12 | 1,307,750 | 1,368,900 |
| Bear Stearns Co Notes-5.35%,2/1/12 | 299,189 | 313,926 |
| Astrazeneca PLC Global-5.4%,9/15/12 | 608,917 | 647,010 |
| Associates Corp-7.95%,2/15/10 | ||
| Amer Gen'l Fin'l-7.5%,8/11/10 | ||
| American Express-5.25%,11/21/11 | 200,719 | 206,424 |
| Allstate Life Global-4.25%,2/26/10 | ||
| Aetna Inc Notes-5.75%,6/15/11 | 151,118 | 153,322 |
| Abbott Labs-5.6%,5/15/11 | 200,956 | 203,938 |
| Abbott Labs-3.75%,3/15/11 | 599,083 | 604,152 |
| WM Wrigley Notes-4.3%, 7/15/10 | ||
| Wells Fargo Global-4.875%, 1/12/11 | 299,859 | 300,225 |
| Wal-Mart Stores-4.75%, 8/15/10 | ||
| US Bancorp Notes-4.5%, 07/29/10 | ||
| Toyota Motor Credit-4.25%, 3/15/10 | ||
| Merrill Lynch-4.5%, 11/4/10 | ||
| HSBC Finance Corp-5.25%, 1/14/11 | 899,910 | 900,909 |
| Home Depot Global-4.625%, 8/15/10 | ||
| Goldman Sachs Group-5%, 1/15/11 | 299,150 | 300,327 |
| DNA Finance Corp-4.4%, 7/15/10 | ||
| Du Pont EI De Nemou-4.125%, 4/30/10 | ||
| Cisco Systems-5.25%, 2/22/11 | 500,317 | 503,135 |
| Berkshire Hathway-4.125%, 1/15/10 | ||
| American Express Co-5%, 12/2/10 | ||
| Wal Mart Stores-4%, 1/15/10 | ||
| JP Morgan Chase-4.5%,1/15/12 | 401,719 | 414,740 |
| JP Morgan Chase-4.5%, 11/15/10 | ||
| Wells Fargo Global Notes-4.2%, 1/15/10 | ||
| Morgan Stanley-4.25%, 5/15/10 | ||
| Morgan Stanley-4%, 1/15/10 | ||
| GE Capital Corp Global-4.25%, 12/1/10 | ||
| Berkshire Hathway-4.2%, 12/15/10 | ||
| Bank of America-4.375%, 12/1/10 | ||
| Bank of America-4.250%, 10/01/10 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| HSBC Holding PLC-6.2%-Pfd | 590,007 | 572,500 |
| Deutsch Bank Ctg't-6.55%-Pfd | 121,471 | 115,750 |
| Barclays Bank PLC-7.1%-Pfd | 98,529 | 99,720 |
| Barclays Bank PLC-6.625%-Pfd | 438,865 | 419,940 |
| Bank of America-7.25%-Pfd | 122,074 | 123,600 |
| Bank of America-6.625%-Pfd | 118,540 | 112,700 |
| Aegon NV-7.25%-Pfd | 572,188 | 598,000 |
| Aegon NV-6.375%-Pfd | 236,181 | 216,400 |
| Windstream Corp | 180,101 | 195,160 |
| Verizon Communications | 194,208 | 214,680 |
| Unilever PLC | 181,300 | 185,280 |
| Total Fina ELF SA | 167,523 | 160,440 |
| Teco Energy | 137,440 | 138,840 |
| Southern Copper Corp | 158,984 | 170,590 |
| Southern Co | 151,520 | 152,920 |
| Seadrill Ltd | 162,546 | 203,520 |
| PPL Corp | 54,988 | 52,640 |
| Pfizer Inc | 187,851 | 192,610 |
| NY Community Bancorp | 188,088 | 207,350 |
| Duke Energy Corp | 162,434 | 160,290 |
| Consolidated Edison | 133,700 | 133,839 |
| Bristol Myers Squibb | 105,029 | 105,920 |
| BCE Inc | 167,239 | 177,300 |
| Bank of Montreal | 242,071 | 230,280 |
| American Electric Power | 111,074 | 107,940 |
| Altria Group Inc | 132,140 | 135,410 |
| Aberdeen Chile Fd Inc | 142,683 | 136,020 |
| Met Life-6.5%, Ser B Pfd | ||
| Procter & Gamble | ||
| Oneok Partners LP | ||
| Merck & Co | 134,124 | 133,348 |
| Home Depot Inc | ||
| DU Pont EI Nemours | ||
| CSX Corp | ||
| Citigroup Inc | ||
| Caterpillar Inc | ||
| BP PLC | ||
| AT&T Inc | ||
| Apple Inc | ||
| Bank of America-8.625%-Pfd | 250,000 | 258,100 |
| JP Morgan Chase Cap-8% | ||
| ING Group-8.5%-PFD | 284,367 | 303,480 |
| ING Group-7.375%-PFD | 480,840 | 509,960 |
| HSBC Holdings PLC-8.125%-Pfd | ||
| Deutsch Bank-8.05%-Pfd | ||
| Deutsche Bank-7.6%-PFD | 497,599 | 508,600 |
| Credit Suisse-7.9%-PFD | ||
| Barclays Bank PLC-8.125%-Pfd | 200,903 | 205,600 |
| Bank of America-8.2%-Pfd | 123,422 | 127,500 |
| Allianz SE-8.375%-Pfd |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| UBS Cap XL-6.6% | AT COST | 122,677 | 125,500 |
| JP Chase Cap XL-5.875%,6/15/33 | AT COST | 356,589 | 365,250 |
| Goldman Sachs-6.125% | AT COST | 150,000 | 138,900 |
| Corts GS Cap I-6% | AT COST | 114,687 | 112,150 |
| Citigroup Cap VII-7.125% | AT COST | 461,028 | 497,000 |
| Templeton Global Bond Fd | AT COST | 703,331 | 746,153 |
| Morgan Stanley Cap Tr-6.45% | AT COST | 563,628 | 586,250 |
| Columbia Marsico 21st Century | AT COST | 85,000 | 76,379 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Service Charges | 211 | 211 | ||
| Public Notice | 125 | 125 | ||
| Filing Fees | 1,500 | 1,500 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Excise Tax -'10 | 34,091 |