| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 10M AETNA, 7.25%, DUE 2023 | 9,502 | 11,273 |
| 90M ALBERTSON'S, 8%, DUE 2031 | 89,658 | 108,900 |
| 40M ALLTEL, 7.875%, DUE 2032 | 41,604 | 55,644 |
| 50M AON, 8.205%, DUE 2027 | 52,880 | 65,216 |
| 100M ARCELORMITTAL, 7.5%, DUE 2039 | 99,705 | 141,425 |
| 25M BELLSOUTH TELECOM, 7%, DUE 2095 | 25,923 | 37,162 |
| 100M BOEING, 6.875%, DUE 2039 | 114,431 | 140,168 |
| 30M CLIFFS NAT RES, 6.25%, DUE 2040 | 26,249 | 31,650 |
| 50M CNA FINANCIAL, 7.25%, DUE 2023 | 46,505 | 57,464 |
| 25M DOW CHEMICAL, 7.375%, DUE 2029 | 26,472 | 34,680 |
| 42M ECOPETROL, 7.375%, DUE 2043 | 41,392 | 51,655 |
| 58M EMBARQ, 7.995%, DUE 2036 | 58,657 | 65,752 |
| 25M FAIRFAX FINANCIAL, 7.75%, DUE 2037 | 30,006 | 35,411 |
| 100M FORD MOTOR, 7.45%, DUE 2031 | 118,389 | 131,500 |
| 3,415 SHS FRONTIER, 5.875%, DUE 2024 | 3,432 | 3,478 |
| 50M ALLY FINANCIAL (GMAC), 8%, DUE 2031 | 51,722 | 70,331 |
| 25M HSBC HOLDINGS, 7.35%, DUE 2032 | 25,056 | 35,069 |
| 40M HSBC HOLDINGS, 7.35%, DUE 2032 | 45,605 | 56,110 |
| 50M HALLIBURTON, 7.45%, DUE 2039 | 56,631 | 73,278 |
| 50M HEWLETT-PACKARD, 6%, DUE 2041 | 51,285 | 65,806 |
| 20M HOUSEHOLD FINANCE, 7.625%, DUE 2032 | 20,500 | 25,660 |
| 124M KN ENERGY, 7.45%, DUE 2098 | 119,472 | 183,098 |
| 20M KRAFT FOODS, 7%, DUE 2037 | 19,954 | 27,760 |
| 40M MASCO, 6.5%, DUE 2032 | 40,663 | 53,269 |
| 10M MOTOROLA, 7.5%, DUE 2025 | 9,604 | 12,225 |
| 50M NJ BELL, 8%, DUE 2022 | 50,002 | 53,472 |
| 20M PEMEX, 6.75%, DUE 2047 | 19,035 | 17,700 |
| 25M ROYAL & SUN ALLIANCE, 8.95%, DUE 2029 | 24,005 | 33,928 |
| 50M SAFEWAY, 7.25%, DUE 2031 | 48,500 | 58,375 |
| 25M SEARS, 7.5%, DUE 2027 | 26,503 | 250 |
| 120M SOUTHERN COPPER, 7.5%, DUE 2035 | 132,114 | 173,700 |
| 50M SPRINT CAPITAL, 6.875%, DUE 2028 | 49,249 | 64,125 |
| 50M SUNOCO LOGISTICS, 6.85%, DUE 2040 | 56,711 | 63,960 |
| 100M UNION CARBIDE, 7.875%, DUE 2023 | 103,005 | 112,119 |
| 25M UNITED UTILITIES, 6.875%, DUE 2028 | 24,505 | 32,235 |
| 50M WEYERHAEUSER, 6.875%, DUE 2033 | 48,754 | 69,166 |
| 21M XEROX, 6.75% DUE 2039 | 20,200 | 23,128 |