| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| HAYASHI AND WAYLAND LLP | 2,490 | 0 | 0 | 2,490 |
| Description of Property | Date Acquired | Cost or Other Basis | Prior Years' Depreciation | Computation Method | Rate / Life (# of years) |
Current Year's Depreciation Expense | Net Investment Income | Adjusted Net Income | Cost of Goods Sold Not Included |
|---|---|---|---|---|---|---|---|---|---|
| ROOF-TEA ROSE | 2006-05-15 | 18,617 | 2,207 | 87 | 2.56 % | 477 | |||
| ROOF-COTTAGE | 1998-05-07 | 11,426 | 3,699 | 87 | 2.56 % | 293 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| PROCTOR & GAMBLE CORP | 27,346 | 26,684 |
| HONEYWELL INT'L INC. | 29,834 | 27,175 |
| ORACLE CORP | 30,864 | 23,085 |
| NOVO NOREISK A/S DR | 31,068 | 28,815 |
| A T & T INC | 31,477 | 30,240 |
| ARES CAPITAL CORP | ||
| NORTHWESTERN CORP | 33,034 | 35,790 |
| TEMPLETON GLOBAL INCM FUND | ||
| TEMPLETON EMRG MKTS | 11,376 | 15,570 |
| RYDEX HEDGED EQUITY FUND INV | ||
| PIMCO ALL ASSET FUND INST CLASS | ||
| MS INCOME SECURITIES | ||
| MERGER FUND | ||
| MACQUARIE INFRASTRUCTURE CO | ||
| LEUCADIA NATIONAL CORP | ||
| ISHARES S&P US PREF STOCK INDEX | ||
| ING PRIME RATE TRUST | ||
| COHEN & STEERS INTL REALTY FUND | 14,901 | 28,088 |
| AMERICAN CAP STRATEGIES | ||
| UNITED TECHNOLOGIES CORP | 35,469 | 29,236 |
| Category/ Item | Cost/Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| Buildings | 30,000 | 30,000 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ONEOK PARTNERS LLP | AT COST | 28,158 | 40,418 |
| ISHARES FTSE EPRA NAREIT DEV(IFGL) | AT COST | 7,695 | 10,100 |
| ISHRES FTSE EPRA NAREIT DEV (IFAS) | AT COST | 6,935 | 8,935 |
| SCHLUMBERGER LTD. | AT COST | 24,744 | 20,493 |
| EL PASO PIPELINE PARTNERS LP | AT COST | 25,506 | 25,965 |
| SAN JUAN BASIN ROYALTY TRUST | AT COST | 4,898 | 3,414 |
| SABINE ROYALTY TRUST | AT COST | 7,477 | 11,034 |
| POWERSHARES LISTED PROVATE EQ FUND | AT COST | ||
| PLUM CREEK TIMBER | AT COST | 3,199 | 3,656 |
| PERMIAN BASIN ROYALTY TR | AT COST | 4,123 | 3,565 |
| NORTHERN EURO OIL ROYALTY TRUST | AT COST | 4,754 | 4,065 |
| MESABI TRUST | AT COST | 5,079 | 5,020 |
| ISHARES TRUSR INDEX FUND-CHINA | AT COST | ||
| ISHARES TR S&P SMALLCAP 600 INDEX FUND | AT COST | ||
| ISHARES S&P MIDCAP 400 INDEX FUND | AT COST | 7,939 | 13,579 |
| AMEX S&P 500 INDEX FUNDS | AT COST | 24,686 | 35,269 |
| I SHARES MSCI PAC EX JAPAN | AT COST | 25,622 | 25,693 |
| ISHARES MSCI EMRG MKTS | AT COST | 15,301 | 12,141 |
| I SHARES MSCI EAFE INDEX | AT COST | 16,125 | 17,831 |
| ISHARES INTL SMALL CAP FD | AT COST | 16,718 | 17,853 |
| ISHARES FTSE EPRA/NAREIT DEVEL | AT COST | ||
| BARCAP ENT-IPATH INDIA INDEX | AT COST | ||
| ISHARES ASIA REAL ESTATE INDEX FD | AT COST | ||
| GREAT NORTHERN IRON ORE PPTY | AT COST | ||
| CROSS TIMBERS ROYALTY TRUST | AT COST | 5,048 | 4,887 |
| CAPITALSOURCE INC | AT COST | ||
| BP PRUDHOE BAY RLY TR UNITS BI | AT COST |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| Land | 50,000 | 50,000 | ||
| Buildings | 30,043 | 6,676 | 23,367 | 110,000 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| PREPAID FED TAXES | 493 | 726 | 726 |
| Description | Amount |
|---|---|
| FEDERAL INCOME TAXES | 874 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Rental Expenses | 36 | 36 | ||
| MISC EXPENSES--NET | 37 | 37 | ||
| BANK CHARGES | 10 | 10 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| ROYALTY & OTHER INC&LOSS | 1,649 | 1,649 |
| Description | Amount |
|---|---|
| ONEOK PTNERS-K-I ADJ-LOSS&DISTR | 3,604 |
| MORGAN STLY- 1099- NON TAX DISTRBUTN | 55 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT FEES | 150 | 150 | 0 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| SEC OF STAATE | 20 | 20 | ||
| FRANCHSE TAX | 10 | 10 | ||
| DEPT OF JUSTICE | 50 | 50 |