| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| HSBC Finance Corp-6.676%, 1/15/21 | ||
| American Int'l Group-5.45%,5/18/17 | ||
| Bank of America-5.42%,3/15/17 | ||
| Compass Bank-6.4%,10/1/17 | ||
| Suntrust Banks-5.45%,12/1/17 | ||
| Royal Bank of Scotland-4.65%,6/4/18 | 200,100 | 201,918 |
| Citigroup Inc-5.5%,2/15/17 | ||
| Credit Suisse FB USA-5.4%,1/14/20 | ||
| Fifth Third Bank-4.5%,6/1/18 | 53,019 | 53,516 |
| Hartford Fin'l Services-6.3%,3/15/18 | 100,326 | 100,871 |
| HSBC Finance Corp-5%,9/27/20 | 101,285 | 105,861 |
| Jabil Circuit Inc-5.625%,12/15/20 | 200,547 | 213,480 |
| Jefferies Group-5.125%,4/13/18 | 100,157 | 100,820 |
| Lincoln National Corp-6.25%,2/15/20 | 103,413 | 107,684 |
| Lorillard Tobacco Settle-6.875%,5/1/20 | ||
| Merrill Lynch-5.7%,5/2/17 | ||
| Moody's Corp-5.5%,9/1/20 | ||
| Morgan Stanley-5.625%,9/23/19 | 203,415 | 210,764 |
| Nationwide Fin'l-6.75%,5/15/37 | 174,000 | 224,000 |
| Peabody Energy-6.5%,9/15/20 | 90,000 | 90,000 |
| Pitney Bowes-5.6%,3/15/18 | 200,477 | 201,000 |
| Protective Life-6.4%,1/15/18 | 100,066 | 100,134 |
| Royal Bank of Scotland-5.65%,8/24/20 | 101,063 | 107,341 |
| Weyerhaeuser Co-7.375%,10/1/19 | 103,110 | 108,371 |
| Credit Suisse FB USA-6%,2/15/18 | 676,207 | 678,645 |
| Alcoa-5.4%,4/15/21 | 103,252 | 106,100 |
| Bank of America-6.75%,8/15/19 | 102,486 | 102,704 |
| Barclays Bank-6.05%,12/4/17 | ||
| Best Buy-5.5%,3/15/21 | 100,385 | 107,724 |
| BNP Paribas-5%,1/15/21 | ||
| Century Link Inc-6.45%,6/15/21 | 212,084 | 202,000 |
| Ford Motor Credit-5.875%,8/2/21 | 107,136 | 109,811 |
| Ford Motor Credit-4.25%,9/20/22 | 203,071 | 209,718 |
| GE Capital Corp-5.75%.2/15/23 | 33,242 | 33,044 |
| Goldman Sachs Group-4.85%,5/15/22 | 51,885 | 53,555 |
| Goldman Sachs Group-5%,5/15/22 | 84,938 | 87,657 |
| Goldman Sachs Group-5%,6/15/23 | 105,722 | 108,756 |
| Goldman Sachs Group-6%,12/15/23 | 55,962 | 57,198 |
| Hewlett Packard-4.3%,6/1/21 | ||
| Hewlett Packard-4.65%,12/9/21 | 304,745 | 313,558 |
| Ingram Micro Inc-5%,8/10/22 | 511,934 | 490,200 |
| Lloyds TSB Bank-6.5%,9/14/20 | 522,386 | 546,550 |
| Morgan Stanlry-5.75%,1/25/21 | 52,431 | 54,487 |
| Morgan Stanlry-4.875%,11/1/22 | 610,984 | 646,092 |
| Nordea Bank Reg-S-4.875%,5/13/21 | ||
| Rabobank Nederland-3.95%,11/9/22 | ||
| Tyson Foods Inc-4.5%,6/15/22 | 260,462 | 267,028 |
| Weatherford Int'l-4.5%,4/15/22 | ||
| Weyerhaeuser Co-7.125%,7/15/23 | 560,456 | 575,879 |
| Wyndham Worldwide-4.25%,3/1/22 | 202,789 | 204,560 |
| American Tower-5%,2/15/24 | 207,098 | 219,074 |
| Avon 7.%,3/15/23 | 313,585 | 242,250 |
| Bank of America-5.2%,6/1/23 | 256,275 | 254,125 |
| Barrick Gold Corp-3.85%,4/1/22 | 473,824 | 523,380 |
| Citigroup Inc-5.95%,1/30/23 | 319,664 | 319,125 |
| Citigroup Inc-3.5%,5/15/23 | 177,732 | 203,578 |
| Citigroup Inc-5.35%,5/15/23 | 514,400 | 511,250 |
| Citigroup Inc-5.5%,9/13/25 | 1,769,159 | 1,841,893 |
| Expedia Inc-5.95%,8/15/20 | ||
| Ford Motor Credit-8.875%,1/15/22 | 117,482 | 121,539 |
| Ford Motor Co Debenture-7.125%,11/15/25 | 522,424 | 544,784 |
| GE Capital Corp-5.55%,3/15/23 | 56,215 | 57,149 |
| Genworth Holdings Inc-4.9%,8/15/23 | 998,682 | 852,500 |
| Goldman Sachs Group-5.25%,8/15/24 | 216,806 | 220,842 |
| Goldman Sachs Group-5.95%,1/15/27 | 1,365,911 | 1,425,167 |
| Hewlett Packard-4.375%,9/15/21 | 214,112 | 221,046 |
| Indiana Bell Tel-7.3%,8/15/26 | 295,614 | 307,861 |
| ING Bank NV-5.8%,9/25/23 | 528,562 | 561,625 |
| International Game Tech-5.35%,10/15/23 | 468,709 | 461,250 |
| JP Morgan Chase-6%,8/1/23 | 200,663 | 215,010 |
| Leucadia National Corp-5.5%,10/18/23 | 505,994 | 538,180 |
| Lowes Companies-6.5%,3/15/29 | 122,726 | 135,541 |
| Merrill Lynch Co-6.22%,9/15/26 | 1,469,580 | 1,548,660 |
| Morgan Stanley-4.1%,5/22/23 | 288,458 | 312,552 |
| Oneck Inc-4.25%,2/1/22 | 988,646 | 1,040,300 |
| Pacific Bell-7.125%,3/15/26 | 235,353 | 245,828 |
| Petrobras Global-4.375%,5/20/23 | 597,839 | 595,410 |
| Standard Chartered PLC-5.2%,1/26/24 | 307,280 | 322,860 |
| Staples Inc-4.375%,1/12/23 | ||
| Suntrust Banks-6%,2/15/26 | 619,209 | 640,245 |
| Verizon Communications-5.15%,9/15/23 | 257,036 | 278,160 |
| Wachovia Bank-6.605%,10/1/25 | 294,642 | 307,520 |
| Xstrata Fin'l Reg-4%,10/25/22 | 96,158 | 104,780 |
| Zions Bancorp-7.2%,9/15/2023 | 102,375 | 112,875 |
| ABN AMRO Bank NV-6.25%,4/27/22 | 215,699 | 223,850 |
| Access Mid Ptr Fin'l-4.875%,5/15/23 | ||
| Alcoa-5.875%,2/23/22 | 317,486 | 324,750 |
| Alcoa-5.125%,10/1/24 | 285,580 | 294,583 |
| ALcoa-5.9%,2/1/27 | 198,837 | 203,297 |
| Allegheny Technologies-7.625%,8/15/23 | 320,854 | 324,186 |
| American Tower Corp-3.5%,1/31/23 | 96,185 | 102,250 |
| Assured Guaranteed-5%,7/1/24 | 858,967 | 894,250 |
| Ball Corp-5%,3/15/22 | 204,761 | 213,500 |
| Bank of America-4.2%,8/26/24 | 304,360 | 315,921 |
| Barrick Gold Corp-4.1%,5/1/23 | ||
| Bellsouth Telec-7%,10/1/25 | 405,884 | 410,250 |
| BPCE SA-5.7%,10/22/23 | 1,274,078 | 1,329,588 |
| BPCE SA-5.15%,7/21/24 | 316,867 | 325,293 |
| Buckeye Partners LP-4.15%.7/1/23 | 100,645 | 102,725 |
| Buckeye Partners LP-4.35%.10/15/24 | 201,139 | 204,088 |
| Cadence Design-4.375%,10/15/24 | 102,045 | 106,092 |
| Citigroup Inc-6.3%,5/15/24 | 622,320 | 642,750 |
| Citigroup Inc-4.3%,11/20/26 | 203,457 | 209,144 |
| Constellation Brands-4.25%,5/1/23 | 504,214 | 528,930 |
| Continental Resources-4.5%,4/15/23 | 176,396 | 178,500 |
| Diamond Offshore-3.45%,11/1/23 | 96,374 | 89,250 |
| DirectTV Holdings-4.45%,4/1/24 | 203,123 | 211,562 |
| El Paso Pipeline-4.3%,5/1/24 | 395,670 | 416,464 |
| Enbridge Inc-3.5%,6/10/24 | 241,417 | 252,797 |
| Edgewell Personal Care-4.7%,5/24/22 | 143,808 | 143,500 |
| Ensco PLC-4.5%,10/1/24 | 559,309 | 460,212 |
| Flextronics International-5%,2/15/23 | 513,995 | 535,280 |
| First Energy Corp-4.25%,3/15/23 | 300,934 | 313,338 |
| Freeport McMoran-3.875%,3/15/23 | 369,434 | 373,125 |
| General Motors-4.875%,10/2/23 | 154,816 | 162,325 |
| General Motors-4%,4/1/25 | 198,496 | 205,390 |
| Genworth Holdings Inc-4.8%,2/15/24 | 209,386 | 170,000 |
| Glencore Financial Regs-4.125%,5/30/23 | 101,236 | 103,450 |
| Goldcorp Inc-3.7%,3/15/23 | 171,353 | 179,268 |
| Goldman Sachs Group-5.1%,8/15/25 | 107,289 | 109,396 |
| Goldman Sachs Group-5.25%,3/15/26 | 259,601 | 266,386 |
| Goldman Sachs Group-5.25%,6/15/27 | 39,816 | 40,208 |
| Goldman Sachs Group-5.7%,5/10/19 | 209,602 | 206,220 |
| GTE Calif Inc-6.75%,5/15/27 | 227,565 | 173,250 |
| Healthsouth Corp-5.75%,11/1/24 | 208,219 | 204,750 |
| Icahn Enter Financial-5.875%,2/1/22 | 207,422 | 202,500 |
| Jabil Circuit Inc-4.7%,9/15/22 | 305,781 | 314,520 |
| Jefferies Group-5.125%,1/20/23 | 266,756 | 276,369 |
| John Hancock Life-6%,11/15/27 | 35,146 | 35,729 |
| JP Morgan Chase-5%,7/31/19 | 409,996 | 406,952 |
| JP Morgan Chase-6.125%,4/30/24 | 433,247 | 438,000 |
| Juniper Networks-4.5%,3/15/24 | 508,873 | 520,290 |
| Kerr Megee Corp-6.95%,7/1/24 | 231,782 | 235,756 |
| Kinder Morgan Regs-5.625%,11/15/23 | 201,995 | 220,822 |
| Kinder Morgan Regs-4.15%,2/1/24 | 202,054 | 207,424 |
| Limited Brands Inc-5.625%,2/15/22 | 209,412 | 213,250 |
| M&T Bank Corp-6.45%,2/15/24 | 221,745 | 227,600 |
| Macy's Retail Holdings-6.79%,7/15/27 | 166,662 | 153,871 |
| Morgan Stanley-5.45%,7/15/19 | 519,816 | 513,250 |
| Morgan Stanley-5%,11/24/25 | 1,022,220 | 1,066,884 |
| Motorola Inc-6.5%,9/1/25 | 115,806 | 113,565 |
| Murphy Oil Corp-4%,6/1/22 | 541,579 | 551,375 |
| Nationsbank Corp-7.25%,10/15/25 | 232,941 | 245,932 |
| Newmont Mining-3.5%,3/15/22 | ||
| Noble Holding Int'l-3.95%,3/15/22 | 392,432 | 340,000 |
| Nustar Logistics-4.75%,2/1/22 | 102,005 | 101,000 |
| Old Republic Int'l-4.875%,10/1/24 | 208,612 | 214,228 |
| Oneok Partners LP-5%,9/15/23 | 209,622 | 214,292 |
| Pitney Bowes-4.625%,3/15/24 | ||
| QVC-4.85%,4/1/24 | 312,433 | 315,255 |
| Qwest Diagnostic-4.25%,4/1/24 | 253,124 | 264,335 |
| Rabobank Nederland-4.625%,12/1/23 | 102,734 | 107,195 |
| Rowan Companies-4.875%,6/1/22 | 203,629 | 188,500 |
| Seagate HDD Cayman-4.75%,6/1/23 | 103,974 | 101,500 |
| Seagate HDD Cayman-4.75%,1/1/25 | 257,299 | 245,507 |
| Societe Generale-5%,1/17/24 | 471,156 | 479,115 |
| Southwest Bank-6.565%,12/15/27 | 178,910 | 176,600 |
| Steel Dynamics-5.25%,4/15/23 | 205,751 | 206,000 |
| Stifel Financial-4.25%,7/18/24 | 252,845 | 256,080 |
| Synchrony Financial-4.25%,8/15/15 | 203,526 | 207,372 |
| Tesoro Corp-5.375%,10/1/22 | 257,254 | 258,125 |
| Time Warner Enter-8.375%,3/15/23 | 112,323 | 121,413 |
| Toll Brothers Fin'l-5.875%,2/15/22 | 105,693 | 109,000 |
| Toll Brothers Fin'l-4.375%,4/15/23 | 201,807 | 207,500 |
| Toll Brothers Fin'l-5.625%,1/15/24 | 209,289 | 219,500 |
| Transocean Inc-4.3%,10/15/22 | 586,391 | 597,000 |
| Union Carbide-7.5%,6/1/25 | 94,916 | 101,965 |
| URS Corporation-5%,4/1/22 | 305,964 | 308,625 |
| Verisign Inc-4.625%,5/1/23 | 401,438 | 410,500 |
| Wells Fargo-5.9%,6/15/24 | 328,100 | 320,910 |
| Williams Co-3.7%,1/15/23 | 631,654 | 646,750 |
| Xerox Corp-3.8%,5/15/24 | 387,865 | 390,240 |
| XL Capital Ltd-6.25%,5/15/27 | 118,180 | 118,361 |
| Zions Bancorp-4.5%,6/13/23 | 102,089 | 104,615 |
| Zurich Insurance-7.125%,10/15/23 | 88,989 | 91,138 |
| Access Mid Ptr Fin'l-4.875%,3/15/24 | 102,724 | 104,500 |
| Alexandra Real Estate-4.5%,7/30/29 | 76,197 | 79,503 |
| Alltel Corp-6.8%,5/1/29 | 121,178 | 124,096 |
| Ameritech Corp-6.55%,1/15/28 | 492,005 | 501,143 |
| Apache Corp-5.25%,2/1/42 | 217,770 | 216,544 |
| AT & T-6.5%,3/15/29 | 322,834 | 324,154 |
| Baker Hughes-6.875%,1/15/29 | 241,517 | 253,732 |
| Ball Corp-4%,11/15/23 | 199,754 | 204,000 |
| Bank of America-3.95%,4/21/25 | 249,453 | 258,530 |
| Bank of America-4.25%,10/22/26 | 552,988 | 579,607 |
| Barclays Bank-4.375%,9/11/24 | 102,595 | 102,540 |
| Bed Bath Beyond-5.165%,8/1/44 | 214,457 | 175,932 |
| Bell Atlantic PA-6%,12/1/28 | 331,470 | 345,531 |
| Bellsouth Telecommunications-6.375%,6/1/ | 433,027 | 449,457 |
| BHP Billiton Fin'l-3.85%,9/30/23 | 242,023 | 266,352 |
| Block Financial-5.25%,10/1/25 | 255,248 | 268,365 |
| Citigroup Inc-4.45%,9/29/27 | 964,884 | 1,005,765 |
| Coach Inc-4.25%,4/1/25 | 496,300 | 513,500 |
| Conagra Foods-7.125%,10/1/26 | 466,892 | 487,904 |
| Constellation Brands-4.75%,11/15/24 | 46,351 | 49,311 |
| Cox Communications-6.8%,8/1/28 | 271,023 | 267,878 |
| Deutsch Bank AG-4.5%,4/1/25 | 199,366 | 202,970 |
| Enbridge Inc-4%,10/1/23 | 193,898 | 208,160 |
| Energy Transfer Ptrs-4.05%,3/15/25 | 96,412 | 99,925 |
| Ensco PLC-5.2%,3/15/25 | 102,123 | 85,000 |
| Entertainment Properties-5.75%,8/15/22 | 105,574 | 109,048 |
| Expedia Inc-4.5%,8/15/24 | 204,418 | 209,450 |
| Federated Dept-6.9%,4/1/29 | 365,541 | 316,575 |
| Fleet Financial Group-6.875%,1/15/28 | 60,050 | 60,997 |
| FMC Tech Inc-3.45%,10/1/22 | 94,640 | 99,578 |
| Ford Motor Co-6.625%,10/1/28 | 949,473 | 977,024 |
| Ford Motor Co-6.625%,2/15/28 | 487,181 | 488,567 |
| Freeport McMoran-3.55%,3/1/22 | 97,228 | 98,875 |
| General Motors Fin Co-4.3%,7/13/25 | 701,545 | 729,463 |
| Goldman Sachs Group-5.5%,6/15/30 | 83,227 | 84,611 |
| Goldman Sachs Group-5%,11/15/30 | 56,461 | 58,392 |
| GTE Calif Inc-6.75%,5/15/27 | 129,987 | 110,275 |
| GTE Corp-6.94%,4/15/28 | 481,134 | 496,960 |
| GTE Florida-6.86%,2/1/28 | 55,644 | 48,003 |
| Harcourt General-7.2%,8/1/27 | 119,504 | 121,696 |
| Hexcel Corp-4.7%,8/15/25 | 102,473 | 106,411 |
| Helmerich & Payne-4.65%,3/15/25 | 102,543 | 105,265 |
| Hess Corp-3.5%,7/15/24 | 188,982 | 197,110 |
| Hospitality Properties -4.65%,3/15/24 | 204,047 | 210,186 |
| Husky Energy-4%,4/15/24 | 195,514 | 208,924 |
| Ingersoll Rand-6.13%,11/18/27 | 175,288 | 173,815 |
| Kohls Corp-4.25%,7/17/25 | 598,487 | 609,654 |
| L-3 Communications-3.95%,5/28/24 | 97,014 | 104,095 |
| May Dept Stores-6.7%,9/15/28 | 584,996 | 531,355 |
| Morgan Stanley-3.95%,4/23/27 | 315,212 | 331,046 |
| Motorola inc-7.5%,5/15/25 | 117,672 | 120,654 |
| Murphy Oil Corp-3.7%,12/1/22 | 233,756 | 250,938 |
| Nabors Industries-5.1%,9/15/23 | 459,345 | 420,750 |
| Natural Fuel Gas-3.75%,3/1/23 | 96,557 | 101,316 |
| Noble Energy Inc-5.875%,6/1/24 | 204,716 | 220,714 |
| NY Telephone-6.5%,4/15/28 | 110,472 | 116,568 |
| Oklahoma G & E-6.5%,4/15/28 | 236,167 | 246,138 |
| Oneok Partners LP-4.9%,3/15/25 | 609,057 | 643,332 |
| Phelps Dodge-7.125%,11/1/27 | 120,145 | 114,500 |
| Reliance Steel-4.5%,4/15/23 | 189,222 | 195,007 |
| Royal Bank of Scotland-6%,12/19/23 | 110,715 | 110,142 |
| Southwest Bank NA-6.125%,1/9/28 | 113,278 | 114,751 |
| Southwest Energy-4.1%,3/15/22 | 99,292 | 98,500 |
| Southwest Energy-4.95%,1/23/25 | 362,002 | 363,562 |
| Spectra Energy Partners-3.5%,3/15/25 | 94,181 | 100,421 |
| Tennessee Gas PL-7%,10/15/28 | 233,743 | 242,340 |
| Time Warner-6.625%,5/15/29 | 359,988 | 378,453 |
| Transalta Corp-4.5%,11/15/22 | 99,921 | 101,063 |
| United Telephone Florida-7.125%,7/15/23 | 113,424 | 109,633 |
| Unumprovident Corp-6.75%,12/15/28 | 72,752 | 73,465 |
| US West Communication-7.25%,9/15/25 | 114,472 | 107,337 |
| USX Marathon-8.125%,7/15/23 | 289,346 | 287,132 |
| Viacom Inc-3.875%,4/1/24 | 97,103 | 99,772 |
| Viacom Inc-4.25%,9/1/23 | 199,264 | 204,198 |
| Weyerhaeuser Co-6.95%,10/1/27 | 693,922 | 728,231 |
| Willamette Industries-7.35%,7/1/26 | 119,851 | 122,097 |
| Williams Partners-4.5%,11/15/23 | 300,951 | 317,274 |
| Worthington Industries-4.55%,4/15/26 | 302,541 | 310,851 |
| Wyndham Worldwide-3.9%,3/1/23 | 97,896 | 98,947 |
| XLIT Ltd-4.45%,3/31/25 | 1,027,147 | 1,022,800 |
| Bank of Nova Scotia-4.5%,12/16/25 | 508,713 | 525,980 |
| CS CI SPX-7.5%,5/18/26 | 300,000 | 344,580 |
| CS HLVST CMS SPX-10%,1/29/31 | 1,500,000 | 1,276,095 |
| Dupont Debenture-6.5%,1/15/28 | 116,931 | 126,208 |
| Electronic Data-7.45%,10/15/29 | 123,202 | 124,286 |
| GS CI WO Index-6%,10/26/21 | ||
| Halliburton Co-3.8%,11/15/25 | 96,487 | 103,927 |
| HP Enterprises-4.9%,10/15/25 | 207,543 | 211,148 |
| Keycorp-5%,9/15/56 | 208,207 | 206,000 |
| KLA-Tencor Corp-4.65%,11/1/24 | 510,682 | 542,350 |
| Kohls Corp-4.75%,12/15/23 | 102,731 | 105,373 |
| Lloyds Banking Group-4.65%,3/24/26 | 151,688 | 158,505 |
| Macy's Retail Hldg-3.625%,6/1/24 | 95,432 | 96,381 |
| Mosaic Co | 199,694 | 207,104 |
| Nomura SU Note-3.25%,3.25%,4/30/30 | 94,866 | 97,394 |
| Royal Bank Canada-4.65%,1/27/26 | 309,722 | 323,286 |
| Santander Issuance | 204,548 | 216,000 |
| Wells Fargo & Co-5.875%,11/7/56 | 111,973 | 110,755 |
| Whole Foods Markets-5.2%,12/3/25 | ||
| Wynn Las Vegas-5.5%,3/1/25 | 797,646 | 824,000 |
| Assured Guaranteed-5%,6/1/34 | 118,989 | 124,085 |
| Brinker Int'l 5%,10/1/24 | 257,018 | 252,500 |
| Citigroup Inc-4.125%,7/25/28 | 74,427 | 77,300 |
| General Motors Fin Co-5.75%,9/30/27 | 530,348 | 514,915 |
| GS CI SPK-6.85%,12/3/27 | 200,000 | 199,656 |
| Hess Corp-4.3%,4/15/27 | 100,629 | 100,245 |
| JPM Contingent Autocell Index-7%,12/3/20 | 200,000 | 196,860 |
| Macy's Retail Hldg-4.375%,9/1/23 | 200,595 | 201,746 |
| May Dept Stores-6.65%,7/15/24 | 107,750 | 109,636 |
| MS LVST 30 CMS 2 CMS-8%,3/30/37 | 500,000 | 486,570 |
| Nordstrom Inc-6.95%,3/15/28 | 119,131 | 113,341 |
| Suntrust Banks-5.05%,6/15/22 | 107,274 | 101,250 |