| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 100,000 Campbell & Kenton Cntys Ky Sant Dis 6.250% 08/01/2035 | 102,027 | 103,075 |
| 75,000 Fuller Rd Mgmt Corp N Y Lease 5.550% 09/01/2024 | 75,000 | 75,167 |
| 50,000 Kentucky Higher Ed Student Ln 5.273% 06/01/2036 | 50,000 | 53,547 |
| 50,000 Massachusetts Edl Fing Auth 4.408% 07/01/2034 | 50,000 | 52,935 |
| 100,000 Michigan St Hsg Dev Auth 3.530% 06/01/2050 | 100,000 | 97,803 |
| 75,000 New Haven Conn 2.857% 08/01/2027 | 75,000 | 74,471 |
| 75,000 Noblesville Ind Economic 3.650% 08/01/2036 | 75,000 | 78,042 |
| 100,000 South Carolina St Ports Auth 3.875% 07/01/2055 | 100,000 | 100,519 |
| 100,000 Alcan Inc 7.250% 11/01/2028 | 128,068 | 130,933 |
| 100,000 Bank Of Nova Scotia 4.500% 12/16/2025 | 108,772 | 109,861 |
| 75,000 Fairfax Financial Holdings 4.850% 04/17/2028 | 74,648 | 81,723 |
| 85,450 American Airlines Inc 3.200% 12/15/2029 | 81,647 | 87,878 |
| 50,000 Archer Daniels Midland Co 6.750% 12/15/2027 | 64,299 | 63,637 |
| 100,000 Baptist Health Obligated Group 4.100% 12/01/2049 | 97,985 | 97,504 |
| 100,000 Brown & Brown Inc 4.200% 09/15/2024 | 102,577 | 106,383 |
| 75,000 Charles Stark Draper Lab 4.388% 09/01/2048 | 79,325 | 82,279 |
| 100,000 Cummins Inc 5.650% 03/01/2098 | 116,552 | 126,681 |
| 120,393 Delta Air Lines Inc 6.718% 01/02/2023 | 127,342 | 126,554 |
| 75,000 Dte Electric Co 6.350% 10/15/2032 | 94,455 | 100,001 |
| 50,000 Duke Energy Fla Proj Fin Llc 2.538% 09/01/2031 | 46,157 | 50,153 |
| 75,000 El Paso Corp 6.950% 06/01/2028 | 87,726 | 90,744 |
| 100,000 Exxon Mobil Corp 4.114% 03/01/2046 | 102,948 | 117,405 |
| 50,000 First Union Corp 7.570% 08/01/2026 | 62,900 | 63,271 |
| 50,000 Georgia Pac Corp 7.375% 12/01/2025 | 63,315 | 63,283 |
| 105,038 Hawaiian Airlines Trust 3.900% 07/15/2027 | 107,053 | 106,346 |
| 25,000 Itt Corp 7.400% 11/15/2025 | 31,211 | 30,925 |
| 100,000 Jetblue Airways Corp 2.750% 05/15/2032 | 100,000 | 101,260 |
| 100,000 Johnson & Johnson 3.550% 03/01/2036 | 110,078 | 109,441 |
| 100,000 Kroger Co 8.000% 09/15/2029 | 123,071 | 137,522 |
| 75,000 Meadwestvaco Corp 7.950% 02/15/2031 | 98,052 | 103,465 |
| 100,000 Mercury General Corp 4.400% 03/15/2027 | 98,945 | 105,142 |
| 100,000 Northern Trust Corp 1.688% 05/08/2032 | 93,847 | 102,789 |
| 75,000 Parnter Refinance B Llc 3.700% 07/02/2029 | 75,246 | 77,966 |
| 100,000 Priceline Group Inc 3.550% 03/15/2028 | 101,433 | 106,564 |
| 100,000 Raytheon Co 7.000% 11/01/2028 | 128,304 | 132,462 |
| 76,516 Spirit Airlines Inc 4.100% 10/01/2029 | 78,187 | 79,743 |
| 100,000 Texas Childrens Hospital 3.368% 10/01/2029 | 99,276 | 104,466 |
| 95,000 Tulane Univ La 7.800% 02/15/2036 | 90,013 | 90,357 |
| 63,000 Tosco Corp 7.800% 01/01/2027 | 82,912 | 83,081 |
| 59,010 Us Airways 4.625% 12/03/2026 | 62,960 | 63,658 |
| 100,000 Us Bancorp 7.500% 06/01/2026 | 121,181 | 126,553 |
| 50,000 Weyerhaeuser Co 6.875% 12/15/2033 | 66,328 | 66,211 |
| 75,000 Williamette Industries Inc 7.850% 07/01/2026 | 95,022 | 94,651 |
| 14,872 Countrywide Asset Backed 4.615% 02/25/2035 | 11,672 | 14,838 |
| 11,185 Mastr Alternative Loans 6.250% 06/25/2033 | 14,405 | 11,532 |
| 27,521 New Century Home Equity Loan 4.750% 08/25/2035 | 26,048 | 27,953 |
| 64,148 Sequoia Mt Trust 4.259% 04/25/2042 | 66,553 | 66,100 |
| 74,816 Union Pacific Railroad 6.176% 01/02/2031 | 89,030 | 86,046 |
| 100,000 United Airlines Inc 3.700% 12/01/2022 | 99,678 | 102,855 |