| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 1400M WELLS FARGO COMPANY | 1,413,034 | 1,604,288 |
| 1600M GE CAPITAL INTERNOTES | 1,600,005 | 1,716,976 |
| 500M AT&T, INC. | 509,495 | 571,390 |
| 1865M PFIZER, INC. | 1,951,684 | 2,212,822 |
| 500M MERRILL LYNCH & CO., INC. | 517,184 | 600,555 |
| 250M GENL ELECTRIC CAP CORP NOTE | 259,685 | 311,250 |
| 500M GOLDMAN SACHS GROUP INC | 477,784 | 533,715 |
| 500M VALERO ENERGY CORP NOTES | 574,692 | 643,765 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| MELODY RANCH MUSIC, INC. | 1,000 | 1,000 |
| RIDGEWAY MUSIC, INC. | 52,500 | 52,500 |
| GOLDEN WEST MELODIES | 5,500 | 5,500 |
| 17500 BANK OF AMERICA CORP. | 498,349 | 272,475 |
| 6190 CIT GROUP | 218,931 | 322,685 |
| 13000 AEGON NV 6.375 | 293,155 | 304,330 |
| 40000 AFLAC INC 5.5% | 1,000,000 | 848,800 |
| 12000 BARCLAY BANK PLC 7.75% | 301,205 | 303,960 |
| 12000 CITIGROUP CAP VIII 6.95% | 0 | 0 |
| 13000 ING GROUP 7.05% | 296,405 | 327,470 |
| 13000 DB CONT CAP TR 6.55% | 306,155 | 323,700 |
| 40000 JP MORGAN CHASE 5.5% | 1,000,000 | 822,800 |
| 56000 GE CAP CORP 4.875% | 0 | 0 |
| 42000 QWEST CORP 6.125% | 998,614 | 795,900 |
| 48000 SCE TRUST II 5.1% | 1,200,005 | 885,120 |
| 56000 WELLS FARGO & CO 5.25% | 1,400,000 | 1,127,280 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL | 6,349 | 6,349 | 0 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| TANGIBLE PERSONAL PROPERTY | 422,040 | 422,040 | 422,040 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ROYALTIES | 170 | 170 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| ROYALTIES | 457,986 | 457,986 | 457,986 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| EXCISE TAX PAYABLE | 0 | 16,459 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 28,496 | 0 | 0 | |
| FRANCHISE TAX BOARD | 10 | 0 | 10 | |
| REGISTRATION FEE | 150 | 0 | 150 | |
| FOREIGN TAX | 106 | 106 | 0 |