| 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 |
|---|
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 25,000 DELUXE CORP | ||
| 15,000 HYDRO QUEBEC | 17,120 | 16,145 |
| 25,000 ITT HARTFORD GROUP | 25,379 | 26,871 |
| 10,000 MBIA INC | 10,200 | 7,295 |
| 20,000 CHESAPEAKE POTOMAC | 19,655 | 21,326 |
| 39,000 NEW YORK TELEPHONE CO | 39,434 | 40,483 |
| 25,000 BANK UNTD MED TERM NTS | 24,830 | 3 |
| 25,000 NEW YORK TIME COMP | 22,755 | 25,031 |
| 4,000 DONNELLEY (R.R.) & SONS | 3,722 | 3,870 |
| 10,000 CIT GROUP INC INTERNOTE | 9,640 | 8,673 |
| 50,000 WEYERHAEUSER CO DEBS | 51,842 | 53,586 |
| 25,000 WESTINGHOUSE ELEC CORP | 27,286 | 31,206 |
| 15,000 CBS INC | 14,835 | 18,068 |
| 25,000 CNA FINCL CORP | 25,605 | 26,504 |
| 25,000 WEYERHAEUSER CO DEB | 28,397 | 28,698 |
| 25,000 MOTOROLA INC | 26,526 | 29,495 |
| 25,000 BANK OF AMER INTERNOTE | 25,005 | 22,000 |
| 9,000 MICHIGAN BELL TEL CO | 9,435 | 11,519 |
| 25,000 MOTOROLA INC | 23,925 | 29,495 |
| 20,000 EQUITABLE COS INC | 20,108 | 20,678 |
| 25,000 CABCO/TEXACO CAP STRIP | 21,697 | 23,239 |
| 15,000 NATL FUEL GAS CO | 17,530 | 18,545 |
| 21,000 GE CAPITAL INTERNOTES | 21,089 | 20,954 |
| 5,000 WESTINGHOUSE ELEC CORP | 5,098 | 6,241 |
| 25,000 REPUBLIC NY CAPITAL I | 25,005 | 25,063 |
| 52,000 GTE FLORIDA INC | 53,309 | 61,550 |
| 25,000 GTE NORTH INC | 25,344 | 17,576 |
| 1,791 CIT GROUP INC | ||
| 2,686 CIT GROUP INC | ||
| 2,686 CIT GROUP INC | 3,394 | 2,691 |
| 4,478 CIT GROUP INC | 5,658 | 4,478 |
| 6,269 CIT GROUP INC | 7,921 | 6,269 |
| 10,000 CHESAPEAKE POTOMAC | 10,830 | 10,663 |
| 10,000 GTE SOUTHWEST INC | 11,845 | 14,113 |
| 42,000 US WEST | 42,667 | 41,579 |
| 10,000 US WEST | 9,974 | 9,900 |
| 5,000 BLACK HILLS | 5,025 | 5,284 |
| 10,000 ITT | 10,068 | 11,300 |
| 10,000 US WEST COMMUNICATIONS | 10,048 | 10,003 |
| 20,000 UNION CARBIDE CORP | 22,018 | 23,605 |
| 10,000 NORTHWESTERN BELL TEL | 10,640 | 10,985 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALLIANT ENERGY CORP | 6,734 | 22,055 |
| ANTHRACITE CAPITAL INC | 22,685 | 4 |
| EMPIRE DIST ELEC COM | 19,920 | 63,270 |
| EXELON CORP | 11,894 | 43,370 |
| OGE ENERGY CORP | 20,179 | 192,814 |
| SOUTHERN CO | 14,897 | 138,870 |
| FNMA POOL | 222 | 233 |
| FHR 198 Z | 183 | 197 |
| FHR 2391 VP | 2,995 | 2,954 |
| FNR 1992-84 ZA | 29,318 | 32,707 |
| CIT GROUP | 195 | 5,370 |
| FNR 2003-81 | 6,396 | 6,452 |
| GNR 2002-41 | 17,165 | 17,997 |
| FHR 3341 | 11,525 | 11,550 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| LOANS & EXCHANGE | 1,000 | 1,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FILING FEE | 250 | 250 | ||
| POSTAGE | 18 | 18 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| EXCISE TAX REFUND | |||
| REFUND OF INVESTMENT FEE |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL TAXES | 187 |