| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 100,000 Colorado Hsg & Fin Auth 1.992% 05/01/2029 | 100,000 | 101,058 |
| 100,000 Crestwood Vlg Ill 3.000% 12/15/2027 | 102,543 | 108,208 |
| 100,000 Denver Colo City & Cnt Hsg Auth 3.207% 12/01/2038 | 100,000 | 101,229 |
| 100,000 Great Lakes Wtr Auth Mich 3.506% 07/01/2044 | 100,000 | 107,463 |
| 50,000 Kentucky Higher Ed Student Ln 5.273% 06/01/2036 | 50,000 | 52,859 |
| 50,000 Massachusetts Edl Fing Auth 4.408% 07/01/2034 | 50,000 | 53,968 |
| 100,000 Massachusetts Edl Fing Auth 3.505% 07/01/2029 | 107,011 | 109,107 |
| 35,000 Michigan St Hsg Dev Auth 3.530% 06/01/2050 | 35,000 | 36,235 |
| 100,000 Montgomery Cnt Pa Ind Dev Auth 2.940% 11/15/2027 | 99,997 | 101,749 |
| 100,000 Oregon St Facs Auth 3.291% 10/01/2040 | 100,000 | 98,945 |
| 100,000 South Carolina St Ports Auth 3.875% 07/01/2055 | 100,000 | 104,432 |
| 100,000 St Johns Cnty Fla Indl Dev Auth 3.800% 10/01/2050 | 98,305 | 102,680 |
| 100,000 Virginia St Hsg Dev Auth 1.066% 09/01/2025 | 100,000 | 100,194 |
| 50,000 Burlington Resources Finance Co 7.400% 12/01/2031 | 74,075 | 74,849 |
| 100,000 Flextronics Intl Ltd 4.875% 05/12/2030 | 114,830 | 120,235 |
| 50,000 Prudential Plc 3.125% 04/14/2030 | 49,529 | 56,687 |
| 150,000 Aflac Inc 3.600% 04/01/2030 | 157,604 | 176,553 |
| 80,950 American Airlines Inc 3.200% 12/15/2029 | 77,348 | 78,934 |
| 75,000 American Financial Group Inc 5.250% 04/02/2030 | 77,017 | 92,809 |
| 75,000 Axis Specialty Finance Llc 3.900% 07/15/2029 | 78,516 | 82,703 |
| 100,000 Bank Of America Corp 3.248% 10/21/2027 | 109,225 | 111,909 |
| 50,000 Bank One Corp 8.750% 09/01/2030 | 72,294 | 74,406 |
| 50,000 Brighthouse Financial Inc 5.625% 05/15/2030 | 49,936 | 61,724 |
| 100,000 Buffalo St College Foundation 2.800% 11/01/2030 | 100,000 | 104,075 |
| 100,000 Cabot Corp 3.400% 09/15/2026 | 105,716 | 108,235 |
| 75,000 Charles Stark Draper Lab 4.388% 09/01/2048 | 79,291 | 90,513 |
| 75,000 Cno Financial Group Inc 5.250% 05/30/2029 | 78,103 | 90,544 |
| 47,741 Delta Air Lines Inc 2.500% 06/10/2028 | 42,918 | 45,348 |
| 75,000 Dte Electric Co 6.350% 10/15/2032 | 93,273 | 105,893 |
| 50,000 Duke Energy Fla Proj Fin Llc 2.538% 09/01/2031 | 46,157 | 54,066 |
| 75,000 El Paso Corp 6.950% 06/01/2028 | 86,470 | 94,263 |
| 100,000 Exxon Mobil Corp 4.114% 03/01/2046 | 102,886 | 123,341 |
| 100,000 Federal Realty Investment Trust 3.200% 06/15/2029 | 106,679 | 108,479 |
| 50,000 First Union Corp 7.570% 08/01/2026 | 62,900 | 65,852 |
| 50,000 Georgia Pac Corp 7.375% 12/01/2025 | 61,310 | 65,179 |
| 25,000 Itt Corp 7.400% 11/15/2025 | 30,245 | 31,617 |
| 100,000 Johnson & Johnson 3.550% 03/01/2036 | 109,740 | 123,496 |
| 75,000 Lincoln National Corp 3.400% 01/15/2031 | 74,836 | 85,945 |
| 100,000 Northern Trust Corp 1.688% 05/08/2032 | 93,847 | 109,650 |
| 75,000 Parnter Refinance B Llc 3.700% 07/02/2029 | 75,225 | 86,119 |
| 50,000 Phillips 66 2.150% 12/15/2030 | 49,851 | 50,759 |
| 100,000 Raytheon Co 7.000% 11/01/2028 | 125,549 | 136,376 |
| 100,000 Simon Property Group Lp 2.450% 09/13/2029 | 100,056 | 105,043 |
| 95,592 Spirit Airlines Inc 4.100% 10/01/2029 | 94,041 | 90,869 |
| 100,000 Texas Childrens Hospital 3.368% 10/01/2029 | 99,276 | 113,176 |
| 63,000 Tosco Corp 7.800% 01/01/2027 | 81,490 | 83,277 |
| 95,000 Tulane Univ La 2.270% 02/15/2036 | 90,011 | 89,539 |
| 49,262 United Air Lines Inc 2.700% 11/01/2033 | 46,313 | 47,528 |
| 75,000 Unum Group 4.500% 12/15/2049 | 62,312 | 79,031 |
| 100,000 Us Bancorp 7.500% 06/01/2026 | 118,255 | 132,164 |
| 75,000 Webster Financial Corp 4.375% 02/15/2024 | 78,464 | 80,237 |
| 10,846 Countrywide Asset Backed 4.615% 02/25/2035 | 8,512 | 10,830 |
| 50,000 Delta Air Lines Inc 3.204% 04/25/2024 | 49,313 | 51,371 |
| 39,148 Delta Air Lines Pass Thru Tr 3.625% 07/30/2027 | 39,246 | 40,205 |
| 50,000 Jetblue Airways Corp 7.750% 05/15/2030 | 52,375 | 54,409 |
| 14,634 New Century Home Equity Loan 4.750% 08/25/2035 | 13,848 | 14,827 |
| 30,491 Sequoia Mt Trust 4.259% 04/25/2042 | 31,635 | 31,213 |
| 66,200 Union Pacific Railroad 6.176% 01/02/2031 | 78,778 | 79,284 |
| 25,000 United Airlines Inc 3.700% 12/01/2022 | 24,750 | 24,776 |
| 49,064 United Airlines Inc 2.900% 11/01/2029 | 41,459 | 46,909 |