| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| HYDRO QUEBEC 8.4%22F | 205,672 | 222,294 |
| COMCAST CORP 9.455%22 | 486,675 | 837,180 |
| INTL BK RECON &7.625%23F | 96,103 | 100,331 |
| MARATHON OIL CORP 8.5%23 | 494,200 | 552,678 |
| MARATHON OIL CO 8.125%23 | 103,098 | 111,875 |
| AETNA INC. 7.25%23 | 190,185 | 234,495 |
| PVH CORP. 7.75%23 | 496,114 | 568,125 |
| INTERNTNL BUSINESS 7%25 | 197,428 | 263,127 |
| AMAZON.COM INC GLB 02.800% AUG 22 2024 | 385,384 | 435,824 |
| APPLE INC GLB 01.650% MAY 11 2030 | 306,805 | 315,192 |
| AMERICAN EXPRESS CO GLB 03.700% AUG 03 2023 | 371,156 | 408,705 |
| APPLE INC GLB 02.400% MAY 03 2023 | 304,763 | 333,068 |
| BP CAP MARKETS AMERICA COMPANY GUARNT GLB 03.410% FEB 11 2026 | 355,342 | 397,259 |
| FISERV INC GLB 03.500% JUL 01 2029 | 275,292 | 318,258 |
| CITIGROUP INC GLB 02.900% DEC 08 2021 | 294,888 | 304,186 |
| CITIGROUP INC ORIGINAL UNIT/TOTAL COST: 100.4260/35,149.10 | 35,053 | 36,090 |
| CAPITAL ONE FINANCIAL CO GLB 03.800% JAN 31 2028 | 218,936 | 253,627 |
| CVS HEALTH CORP GLB 03.700% MAR 09 2023 | 274,307 | 295,862 |
| COMCAST CORP COMPANY GUARNT GLB 03.400% APR 01 2030 | 462,609 | 481,024 |
| DOWDUPONT INC 03.766% NOV 15 2020 MOODY'S: BAA1 S&P: BBB+ | 425,202 | 428,987 |
| ENTERPRISE PRODUCTS OPER COMPANY GUARNT 03.750% FEB 15 2025 | 194,120 | 212,154 |
| ENTERPRISE PRODUCTS OPER ORIGINAL UNIT/TOTAL COST: 102.7260/51,363.00 | 50,761 | 55,830 |
| ENTERPRISE PRODUCTS OPER ORIGINAL UNIT/TOTAL COST: 102.9450/72,061.50 | 71,366 | 78,162 |
| GOLDMAN SACHS GROUP INC GLB 05.250% JUL 27 2021 | 428,100 | 439,963 |
| JPMORGAN CHASE & CO GLB VAR%MAY 01 2028 | 216,602 | 244,277 |
| JPMORGAN CHASE & CO ORIGINAL UNIT/TOTAL COST: 100.2230/40,089.20 | 40,070 | 45,447 |
| JPMORGAN CHASE & CO 04.250% OCT 15 2020 MOODY'S: A2 S&P: A- | 351,084 | 352,762 |
| KINDER MORGAN ENER PART COMPANY GUARNT GLB 03.950% SEP 01 2022 | 315,966 | 333,213 |
| MARSH & MCLENNAN COS INC GLB 04.375% MAR 15 2029 | 277,364 | 341,215 |
| NORTHROP GRUMMAN CORP GLB 02.550% OCT 15 2022 | 285,180 | 297,492 |
| NORTHROP GRUMMAN CORP ORIGINAL UNIT/TOTAL COST: 97.8440/29,353.20 | 29,353 | 31,315 |
| ORACLE CORP GLB 02.800% JUL 08 2021 | 486,050 | 496,310 |
| ORACLE CORP GLB 02.500% APR 01 2025 | 461,847 | 475,926 |
| WALMART INC GLB 03.400% JUN 26 2023 | 325,975 | 352,944 |
| BANK OF MONTREAL SER D 03.100% APR 13 2021 | 299,082 | 306,216 |
| WELLS FARGO & COMPANY SER MTN 03.300% SEP 09 2024 | 294,244 | 319,226 |
| WELLS FARGO & COMPANY ORIGINAL UNIT/TOTAL COST: 101.2580/187,327.30 | 186,377 | 203,644 |
| BANK OF AMERICA CORP SER MTN 03.248% OCT 21 2027 | 261,779 | 302,103 |
| MORGAN STANLEY SER GMTN GLB VAR%JAN 23 2030 | 641,256 | 717,405 |
| CHARLES SCHWAB CORP JR SUBORDNTD SER G GLB VAR% PERPETUAL | 72,188 | 76,650 |
| CHARLES SCHWAB CORP | 707,952 | 751,170 |
| CHARLES SCHWAB CORP | 480,480 | 505,890 |
| CITIGROUP INC JR SUBORDNTD SER R GLB VAR% PERPETUAL | 1,022,295 | 943,635 |
| JPMORGAN CHASE & CO JR SUBORDNTD SER HH GLB VAR% PERPETUAL | 997,133 | 942,442 |
| US BANCORP JR SUBORDNTD SER J GLB VAR% PERPETUAL | 943,578 | 935,191 |
| USD TRANSCANADA TRUS SER 16-A VARI% AUG 15 2076 | 7,437 | 7,533 |
| USD TRANSCANADA TRUS ORIGINAL UNIT/TOTAL COST: 106.0000/1,011,240.00 | 1,010,775 | 1,026,609 |
| USD TRANSCANADA TRUS ORIGINAL UNIT/TOTAL COST: 106.0875/134,731.13 | 134,714 | 136,666 |
| AETNA INC BANK GUARANTEED 07.250% AUG 15 2023 | 130,108 | 175,662 |
| AETNA INC ORIGINAL UNIT/TOTAL COST: 86.6451/43,322.55 | 43,323 | 58,554 |
| AETNA INC ORIGINAL UNIT/TOTAL COST: 81.7207/81,720.75 | 81,721 | 117,108 |
| AETNA INC ORIGINAL UNIT/TOTAL COST: 81.9191/122,878.70 | 122,879 | 175,662 |
| AETNA INC ORIGINAL UNIT/TOTAL COST: 84.7788/42,389.40 | 42,389 | 58,554 |
| AETNA INC ORIGINAL UNIT/TOTAL COST: 90.0496/90,049.66 | 90,050 | 117,108 |
| AETNA INC BANK GUARANTEED 07.625% AUG 15 2026 | 198,142 | 262,862 |
| BELL ATLANTIC PENN COMPANY GUARNT 06.000% DEC 01 2028 | 139,020 | 167,695 |
| BELL ATLANTIC PENN ORIGINAL UNIT/TOTAL COST: 99.3000/59,580.00 | 59,580 | 71,869 |
| BEAM INC COMPANY GUARNT 08.625% NOV 15 2021 | 199,800 | 216,122 |
| BEAM INC COMPANY GUARNT 07.875% JAN 15 2023 | 92,340 | 114,415 |
| BEAM INC ORIGINAL UNIT/TOTAL COST: 91.6619/64,163.35 | 64,163 | 80,091 |
| BEAM INC ORIGINAL UNIT/TOTAL COST: 99.6700/99,670.01 | 99,670 | 114,415 |
| BELLSOUTH TELECOM INC 07.000% DEC 01 2095 MOODY'S: WR< S&P: BBB | 497,505 | 671,485 |
| BANK OF AMERICA CORP JR SUBORDNTD SER U GLB VAR% PERPETUAL | 500,000 | 505,000 |
| BURLINGTON NORTHERN INC 08.750% FEB 25 2022 MOODY'S: A2 S&P: A+< | 198,932 | 225,890 |
| TIME WARNER ENTERTAINMNT GLB 08.375% MAR 15 2023 | 272,833 | 355,443 |
| TIME WARNER ENTERTAINMNT ORIGINAL UNIT/TOTAL COST: 88.6430/46,099.21 | 46,099 | 61,610 |
| GTE CORPORATION COMPANY GUARNT 06.940% APR 15 2028 | 96,523 | 127,667 |
| HYDRO QUEBEC LOCAL GOVT GUARN SER HY 08.400% JAN 15 2022 | 297,894 | 333,666 |
| INTERNATIONAL PAPER CO 06.875% NOV 01 2023 MOODY'S: BAA2 S&P: BBB | 13,708 | 16,463 |
| INTERNATIONAL PAPER CO ORIGINAL UNIT/TOTAL COST: 94.7648/37,911.29 | 37,911 | 43,902 |
| INTERNATIONAL PAPER CO ORIGINAL UNIT/TOTAL COST: 97.2990/141,088.91 | 141,089 | 159,146 |
| INTL PAPER CO 06.875% APR 15 2029 MOODY'S: BAA2 S&P: BBB | 186,626 | 271,406 |
| CIGNA CORPORATION COMPANY GUARNT 08.300% JAN 15 2023 | 2,238 | 5,671 |
| CIGNA CORPORATION ORIGINAL UNIT/TOTAL COST: 100.0486/295,461.50 | 295,144 | 334,562 |
| CIGNA CORPORATION ORIGINAL UNIT/TOTAL COST: 91.1313/91,136.18 | 91,136 | 113,411 |
| CIGNA CORPORATION COMPANY GUARNT 07.650% MAR 01 2023 | 183,976 | 231,890 |
| CIGNA CORPORATION ORIGINAL UNIT/TOTAL COST: 88.2414/176,487.65 | 176,488 | 231,890 |
| CIGNA CORPORATION ORIGINAL UNIT/TOTAL COST: 90.9889/90,993.75 | 90,994 | 115,945 |
| CANADIAN NATIONAL 07.625% MAY 15 2023 MOODY'S: A2 S&P: A | 184,310 | 222,808 |
| CNA FINANCIAL CORP 07.250% NOV 15 2023 MOODY'S: BAA2 S&P: A- | 128,623 | 179,570 |
| CNA FINANCIAL CORP ORIGINAL UNIT/TOTAL COST: 86.6931/86,697.95 | 86,698 | 119,713 |
| CNA FINANCIAL CORP ORIGINAL UNIT/TOTAL COST: 83.1190/83,123.85 | 83,124 | 119,713 |
| CNA FINANCIAL CORP ORIGINAL UNIT/TOTAL COST: 89.1990/131,507.60 | 131,508 | 179,570 |
| COCA COLA ENTERPRISES COMPANY GUARNT 08.500% FEB 01 2022 | 291,594 | 334,647 |
| CIGNA CORPORATION COMPANY GUARNT 07.875% MAY 15 2027 | 199,218 | 272,220 |
| CITIGROUP INCORPORATED 06.625% JAN 15 2028 MOODY'S: A3 S&P: BBB+ | 38,253 | 52,644 |
| CITIGROUP INCORPORATED 07.875% MAY 15 2025 MOODY'S: A3 S&P: BBB+ | 103,051 | 135,362 |
| CITIGROUP INCORPORATED ORIGINAL UNIT/TOTAL COST: 97.7707/148,611.60 | 148,612 | 197,837 |
| DEERE & COMPANY 08.500% JAN 09 2022 MOODY'S: A2 S&P: A | 198,392 | 221,028 |
| DEERE & COMPANY ORIGINAL UNIT/TOTAL COST: 99.1250/198,250.00 | 198,250 | 221,028 |
| DOW CHEMICAL CO 09.000% APR 01 2021 MOODY'S: BAA2 S&P: BBB- | 179,131 | 193,442 |
| MOTOROLA INCORPORATED 07.500% MAY 15 2025 MOODY'S: BAA3 S&P: BBB- | 179,151 | 238,271 |
| MOTOROLA INCORPORATED ORIGINAL UNIT/TOTAL COST: 93.3999/23,355.35 | 23,355 | 30,705 |
| MOTOROLA INCORPORATED ORIGINAL UNIT/TOTAL COST: 92.6999/25,961.35 | 25,961 | 34,390 |
| NEWFOUNDLAND PROVINCE 07.320% OCT 13 2023 MOODY'S: A1 S&P: A< | 200,001 | 242,324 |
| NATIONSBANK CORP SUBORDINATED 07.250% OCT 15 2025 | 241,085 | 312,543 |
| NOVA SCOTIA PROVINCE DEBENTURES 08.250% JUL 30 2022 | 197,142 | 229,454 |
| RALSTON PURINA COMPANY 08.625% FEB 15 2022 MOODY'S: WR< S&P: AA- | 199,869 | 218,632 |
| RALSTON PURINA COMPANY 07.875% JUN 15 2025 MOODY'S: WR< S&P: AA- | 49,703 | 61,041 |
| RALSTON PURINA COMPANY ORIGINAL UNIT/TOTAL COST: 98.8750/98,879.85 | 98,880 | 122,082 |
| REPUBLIC N.Y. CORP SUBORDINATED 09.300% JUN 01 2021 | 99,648 | 106,614 |
| RALSTON PURINA COMPANY 08.125% FEB 01 2023 MOODY'S: WR< S&P: AA- | 198,561 | 228,718 |
| RALSTON PURINA COMPANY ORIGINAL UNIT/TOTAL COST: 99.2127/99,217.55 | 99,218 | 114,359 |
| SUNAMERICA INCORPORATED 08.125% APR 28 2023 MOODY'S: BAA1 S&P: BBB+ | 198,755 | 233,264 |
| SUNAMERICA INCORPORATED ORIGINAL UNIT/TOTAL COST: 96.5700/96,570.00 | 96,570 | 116,632 |
| SUNAMERICA INCORPORATED ORIGINAL UNIT/TOTAL COST: 99.7914/54,889.56 | 54,890 | 65,314 |
| SOUTHERN UNION COMPANY 07.600% FEB 01 2024 MOODY'S: BAA3 S&P: BBB- | 249,192 | 286,975 |
| SOUTHERN UNION COMPANY ORIGINAL UNIT/TOTAL COST: 84.8110/84,815.85 | 84,816 | 114,790 |
| SOUTHERN UNION COMPANY ORIGINAL UNIT/TOTAL COST: 95.4914/190,988.15 | 190,988 | 229,580 |
| TRAVELERS PPTY CASUALTY COMPANY GUARNT 07.750% APR 15 2026 | 99,345 | 135,285 |
| TRAVELERS PPTY CASUALTY ORIGINAL UNIT/TOTAL COST: 98.2197/144,383.00 | 144,383 | 198,869 |
| 21ST CENTY FOX AMER INC COMPANY GUARNT 07.750% FEB 01 2024 | 171,895 | 236,486 |
| 21ST CENTY FOX AMER INC ORIGINAL UNIT/TOTAL COST: 86.8538/108,567.35 | 108,567 | 147,804 |
| 21ST CENTY FOX AMER INC ORIGINAL UNIT/TOTAL COST: 96.7213/193,442.62 | 193,443 | 236,486 |
| TIME WARNER COS INC COMPANY GUARNT GLB 06.950% JAN 15 2028 | 38,646 | 50,764 |
| TIME WARNER COS INC ORIGINAL UNIT/TOTAL COST: 97.1462/48,578.48 | 48,578 | 63,456 |
| TIME WARNER COS INC ORIGINAL UNIT/TOTAL COST: 86.2109/94,837.37 | 94,837 | 139,602 |
| 21ST CENTY FOX AMER INC COMPANY GUARNT 08.875% APR 26 2023 | 198,181 | 234,348 |
| TRW INC COMPANY GUARNT 07.750% JUN 01 2029 | 90,803 | 143,555 |
| TORCHMARK CORPORATION 07.875% MAY 15 2023 MOODY'S: BAA1 S&P: A< | 209,032 | 263,437 |
| TORCHMARK CORPORATION ORIGINAL UNIT/TOTAL COST: 96.5942/67,620.79 | 67,621 | 81,958 |
| TORCHMARK CORPORATION ORIGINAL UNIT/TOTAL COST: 99.6559/48,399.99 | 48,400 | 58,542 |
| TIME WARNER COS INC COMPANY GUARNT 09.150% FEB 01 2023 | 200,001 | 238,222 |
| UNITED PARCEL SVCE STEP% APR 01 2030 MOODY'S: A2 S&P: A- | 298,928 | 455,817 |
| US WEST CAP FUNDING INC COMPANY GUARNT 06.875% JUL 15 2028 | 89,554 | 100,125 |
| CBS CORP COMPANY GUARNT 07.875% SEP 01 2023 | 195,109 | 233,312 |
| WEYERHAEUSER COMPANY 07.950% MAR 15 2025 MOODY'S: BAA2 S&P: BBB- | 228,491 | 283,539 |
| WESTVACO CORP COMPANY GUARNT 08.200% JAN 15 2030 | 24,414 | 35,782 |
| BANK OF AMERICA CORP JR SUBORDNTD SER U GLB VAR% PERPETUAL | 500,000 | 505,000 |