| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Accounting | 1,575 | 1,575 | 0 | 0 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| National Fuel Gas | 36,276 | 128,250 |
| MDU Resources | 38,867 | 84,986 |
| Am Elec Power | 29,771 | 132,856 |
| Xcel Energy | 69,450 | 135,453 |
| Public Service Enterprises | 40,078 | 116,070 |
| Duke Energy | 48,258 | 61,824 |
| NuStar Energy (Formerly Valero L.P.) | 8,253 | 82,045 |
| Spectra Energy Corp | 37,518 | 31,122 |
| BAC Capital Trust VIII Preferred 6.00% | 49,988 | 64,715 |
| Enterprise Products Partners LP | 3,488 | 83,544 |
| American Campus Communities | 21,380 | 25,176 |
| AT&T Incorporated | 21,587 | 23,640 |
| Chevron Corporation | 27,632 | 24,379 |
| Coca-Cola Co | 22,635 | 27,408 |
| Du Pont E I De Nemours & Co | 14,827 | 21,445 |
| Intel Corp | 18,016 | 27,388 |
| Johnson & Johnson Inc | 19,200 | 29,481 |
| Lockheed Martin Corp | 7,571 | 19,978 |
| McDonalds Corp | 26,893 | 35,678 |
| Microsoft | 18,467 | 37,893 |
| Novartis Ag | 18,890 | 27,447 |
| Paychex Inc | 7,587 | 13,593 |
| Total Sasponsored Adr | 24,075 | 20,991 |
| Blackrock Inc | 12,369 | 21,793 |
| Cullen/Frost Bankers Inc | 23,550 | 25,260 |
| Pepsico Inc | 17,567 | 25,580 |
| PNC Financial Services Group Inc | 15,017 | 25,162 |
| United Parcel Service, Inc | 22,305 | 28,003 |
| Eaton Corp PLC | 27,146 | 24,979 |
| General Mills | 9,343 | 13,089 |
| JP Morgan Chase & Co | 26,233 | 37,109 |
| Occidental Petroleum Corp. | 27,709 | 23,055 |
| PPL Corporation | 15,897 | 17,918 |
| Proctor & Gamble Co. | 12,636 | 14,056 |
| Teva Pharmaceutical Inds Ltd Adr | 19,683 | 32,820 |
| AES Trust III Preferred Convertible | 58,116 | 60,096 |
| Apple Computer, Inc | 19,689 | 32,631 |
| Cisco Systems | 21,549 | 27,318 |
| Merck & Co Inc | 15,796 | 19,385 |
| General Electric Coop | 30,672 | 37,442 |
| General Motors Co | 18,499 | 20,644 |
| Metlife Inc | 28,705 | 27,094 |
| Qualcomm Incorporated | 22,778 | 15,695 |
| Disney Walt Co | 12,542 | 13,240 |
| Harley-Davidson Inc | 15,334 | 11,892 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| Fidelity GNMA | AT COST | 47,560 | 50,255 |
| Financial Square Trust Fund Gov.Portfoli | AT COST | 82,851 | 82,851 |
| Dodge & Cox Global Stock Fund | AT COST | 100,000 | 104,600 |
| Dodge & Cox International Stock Fund | AT COST | 77,916 | 72,315 |
| Harbor International Fund | AT COST | 75,000 | 67,320 |
| Harbor Bond Fund | AT COST | 52,491 | 49,261 |
| Perkins Mid Cap Value Fund | AT COST | 40,000 | 28,079 |
| Vanguard GNMA Fund-ADM | AT COST | 125,000 | 126,064 |
| Vanguard ST Investment Grade | AT COST | 49,482 | 48,698 |
| Discover Financial Services | AT COST | 25,612 | 24,933 |
| Gilead Sciences Inc | AT COST | 18,345 | 18,720 |
| Schlumberger Ltd | AT COST | 5,660 | 5,650 |
| Union Pac Corp | AT COST | 22,589 | 19,081 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Bank Management Fees | 7,026 | 7,026 | ||
| Postage | 39 | 39 | ||
| Other Expense | 140 | 140 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| Other Income | 10,654 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Foreign Taxes | 1,256 | 1,256 | ||
| Excise Taxes Paid | 80 | 80 |