| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| CS #894 COMCAST CORP 9.455%22 | 486,675 | 705,120 |
| CS #894 INTL BK RECON &7.625%23F | 96,103 | 86,806 |
| CS #894 MARATHON OIL CORP 8.5%23 | 494,200 | 508,750 |
| CS #894 MARATHON OIL CO 8.125%23 | 103,098 | 103,625 |
| CS #894 AETNA INC. 7.25%23 | 190,185 | 206,750 |
| CS #894 PVH CORP. 7.75%23 | 496,114 | 524,171 |
| CS #894 INTERNTNL BUSINESS 7%25 | 197,428 | 221,088 |
| ML 04005 ABBVIE INC GLB 03.600% MAY 14 2025 | 400,775 | 375,038 |
| ML 04005 AMERICAN EXPRESS CO GLB 03.700% AUG 03 2023 | 371,156 | 376,605 |
| ML 04005 APPLE INC GLB 01.650% MAY 11 2030 | 305,489 | 266,607 |
| ML 04005 APPLE INC GLB 01.200% FEB 08 2028 | 394,273 | 356,187 |
| ML 04005 BANK OF AMERICA CORP GLB VAR%APR 22 2032 | 483,333 | 418,133 |
| ML 04005 BANK OF AMERICA CORP SER MTN 03.248% OCT 21 2027 | 261,779 | 261,646 |
| ML 04005 BP CAP MARKETS AMERICA COMPANY GUARNT GLB 03.410% FEB 11 2026 | 355,226 | 355,032 |
| ML 04005 FISERV INC GLB 03.500% JUL 01 2029 | 275,234 | 261,008 |
| ML 04005 CIGNA CORP GLB 02.400% MAR 15 2030 | 392,436 | 340,860 |
| ML 04005 CITIGROUP INC GLB VAR%JAN 28 2027 | 415,504 | 372,475 |
| ML 04005 CAPITAL ONE FINANCIAL CO GLB 03.800% JAN 31 2028 | 218,936 | 217,625 |
| ML 04005 COMCAST CORP COMPANY GUARNT GLB 03.400% APR 01 2030 | 452,527 | 399,684 |
| ML 04005 COMCAST CORP COMPANY GUARNT GLB 01.500% FEB 15 2031 | 393,428 | 332,286 |
| ML 04005 ENTERPRISE PRODUCTS OPER COMPANY GUARNT 03.750% FEB 15 2025 | 313,611 | 311,621 |
| ML 04005 GOLDMAN SACHS GROUP INC GLB VAR%MAR 09 2027 | 294,652 | 266,527 |
| ML 04005 JPMORGAN CHASE & CO GLB VAR%OCT 15 2030 | 527,755 | 444,485 |
| ML 04005 MARSH & MCLENNAN COS INC GLB 04.375% MAR 15 2029 | 276,890 | 280,594 |
| ML 04005 ORACLE CORP GLB 02.950% APR 01 2030 | 510,163 | 411,437 |
| ML 04005 WELLS FARGO & COMPANY SER MTN 03.300% SEP 09 2024 | 477,971 | 474,207 |
| ML 04005 MORGAN STANLEY SER GMTN GLB VAR%JAN 23 2030 | 631,756 | 591,841 |
| ML 04011 CITIGROUP INC JR SUBORDNTD SER R GLB VAR% PERPETUAL | 1,366,263 | 1,226,655 |
| ML 04011 GOLDMAN SACHS GROUP INC JR SUBORDINATED SER T VAR% PERPETUAL | 1,307,265 | 1,111,486 |
| ML 04011 SVB FINANCIAL GROUP JR SUBORDNTD SER D GLB VAR% PERPETUAL | 1,094,079 | 865,444 |
| ML 04011 US BANCORP JR SUBORDNTD SER J GLB VAR% PERPETUAL | 1,035,657 | 892,835 |
| ML 04011 USD TRANSCANADA TRUS SER 16-A VARI% AUG 15 2076 | 1,108,170 | 1,025,772 |
| ML 04156 21ST CENTY FOX AMER INC COMPANY GUARNT 07.750% FEB 01 2024 | 473,905 | 554,180 |
| ML 04156 21ST CENTY FOX AMER INC COMPANY GUARNT 08.875% APR 26 2023 | 198,181 | 206,764 |
| ML 04156 AETNA INC BANK GUARANTEED 07.250% AUG 15 2023 | 510,469 | 616,416 |
| ML 04156 AETNA INC BANK GUARANTEED 07.625% AUG 15 2026 | 198,142 | 222,836 |
| ML 04156 BANK OF AMERICA CORP JR SUBORDNTD SER U GLB VAR% PERPETUAL | 1,000,000 | 958,220 |
| ML 04156 BEAM INC COMPANY GUARNT 07.875% JAN 15 2023 | 256,174 | 273,780 |
| ML 04156 BELL ATLANTIC PENN COMPANY GUARNT 06.000% DEC 01 2028 | 198,600 | 217,732 |
| ML 04156 BELLSOUTH TELECOM INC 07.000% DEC 01 2095 MOODY'S: WR< S&P: BBB | 497,505 | 626,725 |
| ML 04156 CANADIAN NATIONAL 07.625% MAY 15 2023 MOODY'S: A2 S&P: A | 184,310 | 195,254 |
| ML 04156 CBS CORP COMPANY GUARNT 07.875% SEP 01 2023 | 195,109 | 207,290 |
| ML 04156 CIGNA CORPORATION COMPANY GUARNT 07.650% MAR 01 2023 | 451,457 | 510,715 |
| ML 04156 CIGNA CORPORATION COMPANY GUARNT 07.875% MAY 15 2027 | 199,218 | 234,716 |
| ML 04156 CIGNA CORPORATION COMPANY GUARNT 08.300% JAN 15 2023 | 388,403 | 407,352 |
| ML 04156 CITIGROUP INCORPORATED 06.625% JAN 15 2028 MOODY'S: A3 S&P: BBB+ | 38,253 | 44,755 |
| ML 04156 CITIGROUP INCORPORATED 07.875% MAY 15 2025 MOODY'S: A3 S&P: BBB+ | 251,663 | 282,839 |
| ML 04156 CNA FINANCIAL CORP 07.250% NOV 15 2023 MOODY'S: BAA2 S&P: A- | 429,953 | 522,580 |
| ML 04156 GTE CORPORATION COMPANY GUARNT 06.940% APR 15 2028 | 96,523 | 112,118 |
| ML 04156 INTERNATIONAL PAPER CO 06.875% NOV 01 2023 MOODY'S: BAA2 S&P: BBB | 192,708 | 205,898 |
| ML 04156 INTL PAPER CO 06.875% APR 15 2029 MOODY'S: BAA2 S&P: BBB | 186,626 | 228,042 |
| ML 04156 MOTOROLA INCORPORATED 07.500% MAY 15 2025 MOODY'S: BAA3 S&P: BBB- | 228,468 | 263,075 |
| ML 04156 NATIONSBANK CORP SUBORDINATED 07.250% OCT 15 2025 | 241,085 | 269,259 |
| ML 04156 NEWFOUNDLAND PROVINCE - 07.320% OCT 13 2023 | 200,000 | 208,766 |
| ML 04156 NOVA SCOTIA PROVINCE DEBENTURES 08.250% JUL 30 2022 | 197,142 | 200,000 |
| ML 04156 RALSTON PURINA COMPANY 07.875% JUN 15 2025 MOODY'S: WR< S&P: AA- | 148,583 | 168,179 |
| ML 04156 RALSTON PURINA COMPANY 08.125% FEB 01 2023 MOODY'S: WR< S&P: AA- | 297,778 | 303,615 |
| ML 04156 SOUTHERN UNION COMPANY 07.600% FEB 01 2024 MOODY'S: BAA3 S&P: BBB- | 524,996 | 567,067 |
| ML 04156 SUNAMERICA INCORPORATED 08.125% APR 28 2023 MOODY'S: BAA1 S&P: BBB+ | 350,214 | 365,715 |
| ML 04156 TIME WARNER COS INC COMPANY GUARNT GLB 06.950% JAN 15 2028 | 182,061 | 219,670 |
| ML 04156 TIME WARNER COS INC COMPANY GUARNT 09.150% FEB 01 2023 | 200,000 | 204,772 |
| ML 04156 TIME WARNER ENTERTAINMNT GLB 08.375% MAR 15 2023 | 318,932 | 361,698 |
| ML 04156 TORCHMARK CORPORATION 07.875% MAY 15 2023 MOODY'S: BAA1 S&P: A< | 325,052 | 355,126 |
| ML 04156 TRAVELERS PPTY CASUALTY COMPANY GUARNT 07.750% APR 15 2026 | 243,728 | 282,578 |
| ML 04156 TRW INC COMPANY GUARNT 07.750% JUN 01 2029 | 90,803 | 120,348 |
| ML 04156 UNITED PARCEL SVCE STEP% APR 01 2030 MOODY'S: A2 S&P: A- | 298,928 | 366,522 |
| ML 04156 US WEST CAP FUNDING INC COMPANY GUARNT 06.875% JUL 15 2028 | 89,554 | 87,500 |
| ML 04156 WESTVACO CORP COMPANY GUARNT 08.200% JAN 15 2030 | 24,414 | 30,548 |
| ML 04156 WEYERHAEUSER COMPANY 07.950% MAR 15 2025 MOODY'S: BAA2 S&P: BBB- | 228,491 | 253,589 |