Mr. John Q. Smith Account Summary

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RAYMONDJAMES.COM/MJONESTEST|MJONES@TEST.RJF.COM

Raymond James Elite Client Services | 800-759-9797| Monday- Thursday 8:30 a.m. to 6:30 p.m. ET Friday 8:30 a.m. to 6:00 p.m. ET

Online Account Access| raymondjames.com/investoraccess

LAWYER OF MR. JOHN Q SMITH 880 CARILLON PKWY

ST. PETERSBURG, FL 33716

Investment Objectives

Primary: Growth with a high risk tolerance and a 5 to 10 year time horizon. Secondary: Income with a medium risk tolerance and a 5 to 10 year time horizon.

Statement Copy for: MR. JOHN Q SMITH | 1234 PLEASANT DRIVE | LARGO FL 33774-5439447

Activity

This Statement Year to Date

Beginning Balance $ 129,759,623.10 $ 106,674,796.40

Deposits $ 173,213.67 $ 33,746,531.22

Income $ 209,252.65 $ 1,189,234.09

Withdrawals $ (500,000.00) $ (9,268,710.75)

Expenses $ 0.00 $ 0.00

Change in Market Value $ 1,097,759.73 $ (1,602,001.81)

Ending Balance $ 130,739,849.15 $ 130,739,849.15 Purchases $ (15,200,940.28) $ (23,264,177.93) Sales/Redemptions $ 0.00 $ 67,744.90

Portfolio Allocation

7.76% 0.26% 0.71% 78.30% 4.72%8.25% Current

Value PercentageAllocation Cash & Equivalents $ 10,157,511.81 7.76%

Equities $ 348,033.50 0.26%

Mutual Funds $ 934,386.74 0.71% Fixed Income $ 102,375,852.75 78.30%

Annuities $ 6,182,550.22 4.72%

Alternative Investments $ 10,741,514.13 8.25%

Value Over Time

Dec 05 Jun 06 Dec 06 Jun 07 Dec 07 Mar 08

$22.32 $42.75 $63.18 $83.60 $104.03 $124.45 $144.88 Value in Millions

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information may or may not reflect cost adjusted for return of principal or capital. If you have not reported cost information on securities deposited into your account, the opening date and value will not display. Mutual fund reinvestments of dividend or capital gain distributions are excluded from 'Amount Invested', but are included in 'Total Cost Basis'. Sold mutual fund shares that were purchased through reinvestments are combined and shown with a purchase date of 'various'. To have missing cost basis information added to your statement, please contact your financial advisor. Realized gains or losses for sales made in your account are provided at each quarter end and with your November statement.

FINRA Disclosure- For additional background information on any firm or representative registered with the Financial Industry Regulatory Authority (FINRA), please contact FINRA at 800-289-9999or finra.org and request the public disclosure program brochure.

Alternative investments- Alternative Investments refers to investments that serve as alternatives to more traditional asset classes. Raymond James & Associates, Inc. does not maintain custody of these funds’ assets and is not responsible for such information or the valuations based thereon. Values are based on information from the funds, may not be currently priced, are for informational purposes only and may not be realized if you seek to liquidate your investment. These investments usually have limited liquidity, may not be publicly registered and have fees and expenses that are high relative to more traditional asset classes. Alternative Investments may employ leverage and speculative investment strategies that increase the volatility of the investment and, in certain circumstances, can result in significant losses including the potential loss of your entire investment. The amount invested does not represent the cost basis for tax-reporting purposes. For detailed information, please review the prospectus or offering document provided at the time of purchase.

Annuities & Insurance - Annuities and life insurance contracts are not held by Raymond James & Associates, Inc. but are contracts between you and the insurance company. Values have been reported by the issuing insurance company to the Raymond James account you requested and may not reflect the same registration as your contract. Information is as of the stated valuation date and does not reflect any applicable surrender penalties or market value adjustments, which would impact the value you would receive if you were to surrender the contract. The valuation date for your insurance/annuity contracts may not coincide with the current statement end date.

if you sell or what you would pay if you were to buy. Generally, you should receive full par value if the security is held to term. The cost basis for original issue discount (OID) bonds and municipal bonds purchased at a premium has been adjusted using the constant yield method, providing an approximation of the adjusted cost basis and unrealized gains or losses. While the cost basis information provided is believed to be accurate, it is provided for your information only and should not be relied upon for tax reporting purposes. You should consult with your tax advisor to ensure proper tax reporting.

Future Payments - Cash and stock dividends, interest and principal payment information are provided to Raymond James by outside vendors. The information is believed to be accurate; however, because future payments listed may not represent all dividends, interest and/or principal that will be paid into your account, the information should be used as an estimate only. Dividends and interest payments are not included as part of your portfolio value; principal payments are included in your total portfolio value.

Heritage Cash Trust - Share balances for the Heritage Cash Trust Money Market Fund and/or the Heritage Municipal Money Market Fund are held by Heritage Asset Management, Inc., not Raymond James & Associates, Inc. Balance information and share activity are shown for your convenience only.

Options - Your confirmation includes commissions and charges related to options transactions. In the event your investment objective or financial situation changes materially, please notify your financial advisor. When selling securities under the short sale rule, regulations require that we segregate and hold the proceeds in your short account to ensure sufficient collateral to close your short position.

REITs/Tangibles - Certain Direct Participation Programs (DPPs), such as limited partnerships and private placements, do not have readily liquid markets or ascertainable prices, and generally must be held to termination to maximize returns. Raymond James & Associates, Inc. provides estimated values that are obtained from an independent valuation service or other source or from information made public by the DPP. These values will be different from your purchase price and may not be indicative of the proceeds you should expect if you sell the security. When an estimated value is not readily available, the value is shown as ‘Not Available’ on your customer statement. If a limited partnership or master limited partnership held in a retirement account produces Unrelated Business Taxable Income (UBTI), the trust may owe a tax on such income. If such tax is owed, or to capture any loss carryback or carryforward, it is your responsibility to provide Raymond James & Associates, Inc. - the custodian of the account - with prepared IRS forms, which we will submit to the IRS on your behalf. Absent receipt of these completed IRS forms, we will not report UBTI activity or pay any applicable taxes for the account. Cost basis is not adjusted for return of capital.

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FSB, a federally chartered savings bank, member FDIC. Unless otherwise specified, products purchased from or held at Raymond James & Associates are not insured by the FDIC, are not deposits or other obligations of Raymond James Bank, are not guaranteed by Raymond James Bank and are subject to investment risk, including possible loss of the principal invested.

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Money Markets Total $10,157,511.81 $148,299.67

Cash & Equivalents Total $10,157,511.81 $148,299.67

Equities

REITs / Tangibles

Description (Symbol) Quantity AcquiredDate CostUnit Cost BasisTotal Price Value IncomeYield Annual IncomeEstimated (Loss) Pct.Gain or Gain or(Loss) EV ENERGY PARTNERS LP

COM UNITS (EVEP) 3,000.000 02/05/2008 $29.581 $88,744.00 $25.650 $76,950.00 9.36% $7,200.00 (13.29)% $(11,794.00)

HEALTH CARE REIT

INCORPORATED REIT (HCN) 2,450.000 03/05/2008 $41.442 $101,532.00 $45.130 $110,568.50 5.85% $6,468.00 8.90% $9,036.50

SENIOR HSG PPTYS TR SH

BEN INT REIT (SNH) 3,450.000 02/21/2008 $21.851 $75,386.50 $23.700 $81,765.00 5.91% $4,830.00 8.46% $6,378.50

WILLIAMS PARTNERS L P COM

UNIT L P (WPZ) 2,500.000 12/05/2007 $37.752 $94,379.00 $31.500 $78,750.00 7.30% $5,750.00 (16.56)% $(15,629.00)

.

REITs / Tangibles Total $360,041.50 $348,033.50 6.97% $24,248.00 (3.34)% $(12,008.00)

Please see REITs/Tangibles on the Understanding Your Statement page.

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INCM FD (JGT)

LOT 1 50,000.000 04/25/2007 $20.000 $1,000,004.00 $17.050 $852,500.00 10.58% $90,200.00 $(147,504.00)

LOT 2 1,400.000 07/16/2007 $19.720 $27,607.35 $17.050 $23,870.00 10.58% $2,525.60 $(3,737.35)

LOT 3 3,402.741 Reinvests $17.106 $58,207.11 $17.050 $58,016.73 10.58% $6,138.54 $(190.38)

Closed-End Funds Total $1,085,818.46 $934,386.74 10.58% $98,864.15 $(151,431.72)

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Moody’s Aaa $ 73,517,483.75 71.81%

Moody’s Aa $ 12,012,619.55 11.73%

Moody’s A $ 8,732,098.95 8.53%

Moody’s Baa $ 0.00 0.00%

Below Investment Grade $ 0.00 0.00%

Unrated $ 8,113,650.50 7.93% 0 to < 1 yr $ 1,517,745.00 1.48% 1 to < 3 yrs $ 9,894,634.30 9.67% 3 to < 7 yrs $ 22,450,338.45 21.93% 7 to < 14 yrs$ 34,212,931.40 33.42% 14 to > yrs $ 34,300,203.60 33.50% 1.48% 9.67% 21.93%

Municipal Bonds

Description (CUSIP) Par Value Moody's/S&PRating

Estimated Annual

Income AcquiredDate Price Value Total Cost Basis/Gain or (Loss) Adjusted Cost/Gain or (Loss) HAWAII ST, GENL OBLIG BDS

FGIC INSURED BOOK ENTRY ONLY 5.5000% DUE 08/01/2008 (419780SZ5)

$1,500,000.00 Aa2 / A $82,500.00 09/26/2001 $101.183 $1,517,745.00 $1,655,269.00

$(137,524.00) $1,508,373.36$9,371.64

KING CNTY WA SCH DIST NO 400 MERCER ISLAND, REF BDS BOOK ENTRY ONLY SERIES 2001 5.0000% DUE 12/01/2009 (495026QD1)

$2,185,000.00 Aa1 / AA+ $109,250.00 09/24/2001 $104.560 $2,284,636.00 $2,339,068.35

$(54,432.35) $2,220,430.59$64,205.41

FLORIDA ST TPKE AUTH TPKE REV, TPKE REV BDS OID REGISTERED SERIES 2000 A 5.5000% DUE 07/01/2010 Prerefunded 07/01/2010 @ 101.000 (343136RQ2) $3,050,000.00 Aaa / AAA $167,750.00 06/27/2000 $107.930 $3,291,865.00 $3,084,255.50 $207,609.50 $3,081,253.23$210,611.77

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INDIANA BD BK REV, STATE REVOLVING FD PGM BDS OID BOOK ENTRY ONLY SERIES 2000B 5.0000% DUE 08/01/2010 Prerefunded 08/01/2010 @ 101.000 (454624LD7) $895,000.00 - / AAA $44,750.00 10/09/2003 $107.054 $958,133.30 $906,045.73 $52,087.57 $904,710.57$53,422.73

PITTSBURGH PA, GENL OBLIG BDS AMBAC INSURED BOOK ENTRY ONLY SERIES 2002 A 5.0000% DUE 03/01/2012 Prerefunded 03/01/2012 @ 100.000 (725209GH7) $730,000.00 Aaa / AAA $36,500.00 04/19/2006 $107.748 $786,560.40 $773,318.20 $13,242.20 $759,982.51$26,577.89 HUNTINGTON IN CNTYWIDE SCH BLDG CORP II, FIRST MTG BDS OID MBIA INSURED BOOK ENTRY ONLY SERIES 2002 5.1250% DUE 07/15/2012 Prerefunded 07/15/2012 @ 100.000 (44635PBD6) $2,000,000.00 Aaa / AAA $102,500.00 10/20/2003 $109.192 $2,183,840.00 $2,041,854.22 $141,985.78 $2,024,344.89$159,495.11

PITTSBURGH PA, GENL OBLIG BDS AMBAC INSURED BOOK ENTRY ONLY SERIES 2002 A 5.0000% DUE 09/01/2012 Callable 03/01/2012 @ 100.000 (725209GY0) $770,000.00 Aaa / AAA $38,500.00 04/19/2006 $106.831 $822,598.70 $815,691.80 $6,906.90 $802,881.66$19,717.04

UTAH TRAN AUTH SALES TAX REV, REV BDS FSA INSURED BOOK ENTRY ONLY SERIES 2002A 5.0000% DUE 12/15/2012 Prerefunded 12/15/2012 @ 100.000 (917565AZ6) $2,000,000.00 Aaa / AAA $100,000.00 10/09/2003 $109.437 $2,188,740.00 $2,032,004.00 $156,736.00 $2,018,058.66$170,681.34

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BERKELEY CNTY SC WTR & SWR REV, REV BDS MBIA INSURED BOOK ENTRY ONLY SERIES 2003 5.0000% DUE 06/01/2013 Prerefunded 06/01/2013 @ 100.000 (084219EX8) $1,690,000.00 Aaa / AAA $84,500.00 10/09/2003 $109.794 $1,855,518.60 $1,703,945.88 $151,572.72 $1,698,217.88$157,300.72 MASSACHUSETTS ST, GO BDS BOOK ENTRY ONLY SERIES 2003C 5.2500% DUE 08/01/2013 Prerefunded 08/01/2013 @ 100.000 (57582NRE7) $1,825,000.00 Aa2 / AA $95,812.50 08/28/2003 $110.273 $2,012,482.25 $1,950,345.00 $62,137.25 $1,898,930.81$113,551.44

SACHEM CENT SCH DIST NY HOLBROOK, SCHOOL DISTRICT BDS MBIA INSURED BOOK ENTRY ONLY SERIES 2003 B 5.0000% DUE 10/15/2013 Prerefunded 10/15/2013 @ 100.000 (785721MQ1) $2,000,000.00 Aaa / AAA $100,000.00 10/16/2003 $110.717 $2,214,340.00 $2,022,004.00 $192,336.00 $2,013,437.51$200,902.49 DENVER CO CONVENTION CTR HOTEL AUTH REV, SENIOR REV BDS XL CAPITAL ASSURANCE INSURED BOOK ENTRY ONLY SERIES 2003 A 5.0000% DUE 12/01/2013 Prerefunded 12/01/2013 @ 100.000 (249189BF7)

$2,000,000.00 A3 / - $100,000.00 10/07/2003 $110.119 $2,202,380.00 $2,047,904.00

$154,476.00 $2,029,437.43$172,942.57

OHIO ST, MENTAL HLTH CAP FACILITIES BDS MBIA INSURED BOOK ENTRY ONLY 5.0000% DUE08/01/2014 (677520CW6)

$2,000,000.00 Aaa / AAA $100,000.00 09/01/2005 $108.858 $2,177,160.00 $2,226,344.00

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LAREDO TEX, GENL OBLIG REF BDS AMBAC INSURED BOOK ENTRY ONLY SERIES 2005 5.0000% DUE 08/15/2014 (516823YC9)

$1,475,000.00 Aaa / AAA $73,750.00 08/26/2005 $109.566 $1,616,098.50 $1,627,386.25

$(11,287.75) $1,588,155.64$27,942.86

KENDALL KANE & WILL CNTYS IL CMNTY UNIT SCH DIST NO 308, GO SCHOOL BONDS FSA INSURED BOOK ENTRY ONLY SERIES 2004 5.2500% DUE 10/01/2014 (488764PX3)

$2,000,000.00 Aaa / - $105,000.00 08/25/2005 $111.501 $2,230,020.00 $2,244,024.00

$(14,004.00) $2,182,368.77$47,651.23

DELAWARE ST, GO BDS BOOK ENTRY ONLY SERIES 2006B 5.0000% DUE 08/01/2015 Callable 08/01/2014 @ 100.000 (246380L64) $1,600,000.00 Aaa / AAA $80,000.00 10/23/2006 $109.752 $1,756,032.00 $1,740,900.00 $15,132.00 $1,720,856.71$35,175.29

DENVER CO CITY & CNTY EXCISE TAX REV, REF BDS FSA INSURED BOOK ENTRY ONLY SERIES 2005 A 5.0000% DUE 09/01/2015 (24919HGB2)

$2,000,000.00 Aaa / AAA $100,000.00 08/26/2005 $109.237 $2,184,740.00 $2,218,624.00

$(33,884.00) $2,169,301.09$15,438.91

SHREVEPORT LA, GO REF BDS MBIA INSURED BOOK ENTRY ONLY SERIES 2005A 5.0000% DUE 05/01/2016 Callable 05/01/2015 @ 100.000 (825434Z55)

$2,000,000.00 Aaa / AAA $100,000.00 08/26/2005 $109.002 $2,180,040.00 $2,202,544.00

$(22,504.00) $2,160,589.51$19,450.49

WYOMING MI PUB SCHS, REF GO BDS FSA INSURED BOOK ENTRY ONLY SERIES 2005 5.0000% DUE 05/01/2016 Callable 05/01/2015 @ 100.000 (983323NJ1)

$1,895,000.00 Aaa / AAA $94,750.00 08/25/2005 $108.291 $2,052,114.45 $2,074,252.05

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CHESTER UPLAND SCH DIST PA, GO BDS XL CAPITAL ASSURANCE INSURED BOOK ENTRY ONLY SERIES 2005 4.8500% DUE 09/15/2016 Callable 09/15/2015 @ 100.000 (166330CZ1)

$1,000,000.00 A3 / A $48,500.00 08/25/2005 $106.965 $1,069,650.00 $1,086,164.00

$(16,514.00) $1,069,060.05$589.95

CLARK CNTY NV HWY IMPT REV, IMPT AND REF BDS AMBAC INSURED BOOK ENTRY ONLY SERIES 2003 5.1250% DUE 07/01/2017 Callable 07/01/2013 @ 100.000 (181000JT8)

$2,000,000.00 Aaa / AAA $102,500.00 08/26/2003 $105.851 $2,117,020.00 $2,109,244.00

$7,776.00 $2,080,367.93$36,652.07

NEVADA ST, REF CAP IMPT BDS FSA INSURED BOOK ENTRY ONLY SERIES 2003A 5.0000% DUE 08/01/2017 Callable 10/01/2013 @ 100.000 (641460TA8) $2,000,000.00 Aaa / AAA $100,000.00 10/10/2003 $106.666 $2,133,320.00 $2,116,004.00 $17,316.00 $2,085,754.85$47,565.15 ZIONSVILLE IN CMNTY SCHS BLDG CORP, FIRST MTG BDS MAND SINK FUND BEGINS 01/15/2017FSA INSURED BOOK ENTRY ONLY SERIES 2005Z 5.0000% DUE 07/15/2018 Callable 07/15/2015 @ 100.000 (98972LHA2) $2,800,000.00 Aaa / AAA $140,000.00 12/02/2005 $106.785 $2,989,980.00 $2,991,524.00 $(1,544.00) $2,963,351.35$26,628.65 MARYLAND ST, GO BDS BOOK ENTRY ONLY 5.0000% DUE 08/01/2018 Callable 08/01/2013 @ 100.000 (574192VN7)

$2,200,000.00 Aaa / AAA $110,000.00 10/07/2003 $106.229 $2,337,038.00 $2,366,874.00

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FORT WORTH TEX, GENL OBLIG REF IMPT BDS FGIC INSURED BOOK ENTRY ONLY SERIES 2003 5.0000% DUE 03/01/2019 Callable 03/01/2013 @ 100.000 (349425VS4) $1,870,000.00 Aa2 / A $93,500.00 08/27/2003 $104.109 $1,946,838.30 $1,909,255.30 $37,583.00 $1,900,397.90$46,440.40 CLARKSBURG WV WTR REV, REF REV BDS MAND SINK FUND BEGINS 09/01/2014 FGIC INSURED BOOK ENTRY ONLY SERIES 2002 5.2500% DUE 09/01/2019 Callable 09/01/2012 @ 101.000 (182072CZ9) $1,000,000.00 A3 / A $52,500.00 07/06/2006 $104.975 $1,049,750.00 $1,062,404.00 $(12,654.00) $1,056,158.98$(6,408.98)

WEST VIRGINIA ST, GO REF BDS FGIC INSURED BOOK ENTRY ONLY SERIES 2006 5.0000% DUE 11/01/2019 Callable 11/01/2016 @ 100.000 (956553UQ2)

$1,600,000.00 Aa3 / AA- $80,000.00 10/23/2006 $106.823 $1,709,168.00 $1,734,932.00

$(25,764.00) $1,723,636.53$(14,468.53)

NEW HAVEN MI CMNTY SCHS, REF GO SCHOOL BDS FSA INSURED BOOK ENTRY ONLY SERIES 2006 5.0000% DUE 05/01/2020 Callable 05/01/2016 @ 100.000 (645172GP6) $1,095,000.00 Aaa / AAA $54,750.00 04/18/2006 $105.499 $1,155,214.05 $1,154,232.55 $981.50 $1,147,996.73$7,217.32

KITSAP CNTY WASH, REF BDS MBIA INSURED BOOK ENTRY ONLY SERIES 2005 5.0000% DUE 07/01/2020 Callable 07/01/2015 @ 100.000 (498035N42)

$1,075,000.00 Aaa / AAA $53,750.00 07/07/2006 $104.374 $1,122,020.50 $1,120,476.50

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ROUND ROCK TX INDPT SCH DIST, GENL OBLIG SCH BLDG BDS BOOK ENTRY ONLY SERIES 2002 5.1000% DUE 08/01/2020 Callable 08/01/2012 @ 100.000 (7792397K2) $1,015,000.00 Aaa / AAA $51,765.00 07/12/2006 $103.682 $1,052,372.30 $1,060,607.95 $(8,235.65) $1,056,434.85$(4,062.55) PFLUGERVILLE TX INDPT SCH DIST, GENL OBLIG SCH BLDG BDS OID BOOK ENTRY ONLY SERIES 2001 5.0000% DUE 08/15/2020 Callable 08/15/2011 @ 100.000 (717095WH2) $1,050,000.00 Aaa / AAA $52,500.00 07/13/2006 $103.084 $1,082,382.00 $1,089,841.00 $(7,459.00) $1,086,224.68$(3,842.68)

GEORGIA ST RD & TWY AUTH REV, GTD REV BDS BOOK ENTRY ONLY SERIES 2003 5.0000% DUE 10/01/2020 Callable 10/01/2013 @ 100.000 (37358MAS0) $2,000,000.00 Aaa / AAA $100,000.00 10/14/2003 $104.838 $2,096,760.00 $2,094,004.00 $2,756.00 $2,075,838.23$20,921.77 JEFFERSON CNTY AL LTD OBLIG SCH WT, SCHOOL WTS SECONDARY MKT FSA INSURED BOOK ENTRY ONLY SERIES 2004A 5.5000% DUE 01/01/2021 Callable 01/01/2014 @ 100.000 (472653BG8)

$2,300,000.00 Aaa / AAA $126,500.00 06/04/2007 $105.471 $2,425,833.00 $2,493,435.11

$(67,602.11) $2,488,547.44$(62,714.44)

SOUTH CAROLINA TRANSN INFRASTRUCTURE BK REV, REV BDS XL CAPITAL ASSURANCE INSURED BOOK ENTRY ONLY SERIES 2007-A 5.0000% DUE 10/01/2021 Callable 10/01/2016 @ 100.000 (837152MX2)

$830,000.00 A1 / A- $41,500.00 10/02/2007 $103.141 $856,070.30 $886,178.40

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KING CNTY WA SCH DIST NO 414 LAKE WASHINGTON, GO BDS FSA INSURED BOOK ENTRY ONLY SERIES 2007 5.0000% DUE 12/01/2021 Callable 12/01/2017 @ 100.000 (495260VE8)

$850,000.00 Aaa / AAA $42,500.00 11/13/2007 $105.481 $896,588.50 $903,146.00

$(6,557.50) $902,037.64$(5,449.14)

NOVI MI CMNTY SCH DIST, SCH BLDG AND SITE BDS MBIA INSURED BOOK ENTRY ONLY SERIES 2007 5.0000% DUE 05/01/2022 Callable 05/01/2017 @ 100.000 (670029RF6) $1,035,000.00 Aaa / AAA $51,750.00 09/26/2007 $103.614 $1,072,404.90 $1,099,246.45 $(26,841.55) $1,097,611.59$(25,206.69)

DAYTON OH CITY SCH DIST, SCH FACILITIES CONSTR IMPT GO BDS FGIC INSURED BOOK ENTRY ONLY SERIES 2003 D 5.0000% DUE 12/01/2022 Callable 06/01/2013 @ 100.000 (239847FA9) $1,335,000.00 A2 / A $66,750.00 12/02/2003 $102.459 $1,367,827.65 $1,393,049.80 $(25,222.15) $1,383,800.62$(15,972.97) PENNSYLVANIA ST HIGHER EDL FACILITIES AUTH REV, XL CAPITAL ASSURANCE INSURED BOOK ENTRY ONLY SERIES 2005A 5.0000% DUE 07/01/2023 Callable 07/01/2015 @ 100.000 (70917N5H3)

$2,150,000.00 A3 / A- $107,500.00 04/18/2006 $101.694 $2,186,421.00 $2,249,527.50

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INDIANA BD BK REV, STATE REVOLVING FD PGM BDS MAND SINK FUND BEGINS 08/01/2022 OIDBOOK ENTRY ONLY SERIES 2000B 5.0000% DUE 08/01/2023 Callable 08/01/2010 @ 101.000 (454624LE5) $1,605,000.00 - / AAA $80,250.00 10/09/2003 $101.864 $1,634,917.20 $1,624,808.27 $10,108.93 $1,621,816.02$13,101.18

NEW YORK ST TWY AUTH HWY & BRG TR FD, TR FD BDS AMBAC INSURED BOOK ENTRY ONLY SERIES 2005 B 5.0000% DUE 04/01/2024 Callable 10/01/2015 @ 100.000 (650013T70)

$2,500,000.00 Aaa / AAA $125,000.00 02/26/2008 $103.022 $2,575,550.00 $2,579,579.00

$(4,029.00) $2,579,365.47$(3,815.47)

CLARK CNTY NV HWY IMPT REV, HGHWAY REV IMPRV AND REF BDS AMBAC INSURED BOOK ENTRY ONLY SERIES 2007 5.0000% DUE 07/01/2024 Callable 07/01/2017 @ 100.000 (181000KS8) $2,500,000.00 Aaa / AAA $125,000.00 02/22/2008 $102.447 $2,561,175.00 $2,604,254.00 $(43,079.00) $2,603,750.60$(42,575.60)

MAINE HEALTH & HIGHER EDL FACILITIES AUTH REV, REV BDS MBIA INSURED BOOK ENTRY ONLY SERIES 2006 A 5.0000% DUE 07/01/2024 Callable 07/01/2015 @ 100.000 (560425YB0) $1,000,000.00 Aaa / - $50,000.00 04/30/2007 $101.018 $1,010,180.00 $1,059,734.00 $(49,554.00) $1,057,544.94$(47,364.94)

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VIRGINIA ST PUB SCH AUTH, SCH FIN BDS, 1997

RESOLUTION MBIA INSURED BOOK ENTRY ONLY SERIES 2007B 5.0000% DUE 08/01/2024 Callable 08/01/2017 @ 100.000 (92817SFW3) $2,500,000.00 Aaa / AAA $125,000.00 02/29/2008 $104.388 $2,609,700.00 $2,539,779.00 $69,921.00 $2,539,564.67$70,135.33

DALLAS TX INDPT SCH DIST, GENL OBLIG SCH BLDG REF BDS BOOK ENTRY ONLY SERIES 2004-A 5.0000% DUE 08/15/2024 Callable 08/15/2014 @ 100.000 (235308HH9) $1,880,000.00 Aaa / AAA $94,000.00 11/09/2004 $102.458 $1,926,210.40 $1,963,118.80 $(36,908.40) $1,953,658.23$(27,447.83)

BERKELEY CNTY SC WTR & SWR REV, REV BDS FSA INSURED BOOK ENTRY ONLY SERIES 2005 A 4.7500% DUE 06/01/2025 Callable 06/01/2015 @ 100.000 (084219EH3) $2,000,000.00 Aaa / AAA $95,000.00 02/27/2008 $99.298 $1,985,960.00 $1,956,004.00 $29,956.00 $1,956,168.87$29,791.13 COMMONWEALTH FING AUTH PA REV, REV BDS FSA INSURED BOOK ENTRY ONLY SERIES 2006 A 5.0000% DUE 06/01/2025 Callable 06/01/2016 @ 100.000 (20281PAZ5) $2,000,000.00 Aaa / AAA $100,000.00 11/13/2007 $102.280 $2,045,600.00 $2,087,964.00 $(42,364.00) $2,086,620.85$(41,020.85)

(16)

KENTUCKY ST MUN PWR AGY PWR SYS REV, REV BDS, PRAIRIE ST GENERATION PROJ MBIA INSURED BOOK ENTRY ONLY SERIES 2007 A 5.2500% DUE 09/01/2026 Callable 09/01/2017 @ 100.000 (491501AP7) $2,000,000.00 Aaa / AAA $105,000.00 03/19/2008 $102.533 $2,050,660.00 $2,060,224.00 $(9,564.00) $2,060,121.58$(9,461.58) CONNECTICUT ST, GO BDS BOOK ENTRY ONLY 5.0000% DUE 11/01/2026 Callable 11/01/2016 @ 100.000 (20772GTT5)

$2,500,000.00 Aa3 / AA $125,000.00 02/27/2008 $101.670 $2,541,750.00 $2,561,054.00

$(19,304.00) $2,560,923.95$(19,173.95)

KLICKITAT CNTY WA PUB UTIL DIST NO 001 ELEC REV, ELEC SYS REV REF BDS REGISTERED SERIES 2006B 5.0000% DUE 12/01/2026 Callable 12/01/2016 @ 100.000 (498622GB9) $2,000,000.00 Aaa / AAA $100,000.00 03/10/2008 $101.769 $2,035,380.00 $1,993,504.00 $41,876.00 $1,993,527.56$41,852.44

OHIO ST HIGHER EDL FAC COMMN REV, REF REV BDS, REGISTERED SERIES A 5.0000% DUE 12/01/2026 Callable 12/01/2016 @ 100.000 (67756AB43) $2,500,000.00 Aaa / AAA $125,000.00 02/22/2008 $101.983 $2,549,575.00 $2,579,554.00 $(29,979.00) $2,579,280.52$(29,705.52)

BERKELEY CNTY SC WTR & SWR REV, REV BDS MAND SINK FUND BEGINS 06/01/2024 MBIA INSURED BOOK ENTRY ONLY SERIES 2003 5.0000% DUE 06/01/2028 Callable 06/01/2013 @ 100.000 (084219FF6) $310,000.00 Aaa / AAA $15,500.00 10/09/2003 $101.263 $313,915.30 $312,558.12 $1,357.18 $312,285.71$1,629.59

(17)

HONOLULU HI CITY & CNTY, GO BDS FSA INSURED BOOK ENTRY ONLY SERIES 2007A 5.0000% DUE 07/01/2028 Callable 07/01/2017 @ 100.000 (438670QF1)

$2,000,000.00 Aaa / AAA $100,000.00 02/29/2008 $101.025 $2,020,500.00 $1,973,004.00

$47,496.00 $1,973,047.33$47,452.67

NEW JERSEY ST TPKE AUTH TPKE REV, REV BDS MAND SINK FUND BEGINS

01/01/2028 AMBACINSURED BOOK ENTRY ONLY SERIES 2003 A 5.0000% DUE 01/01/2030 Callable 07/01/2013 @ 100.000 (646139VU6) $1,815,000.00 Aaa / AAA $90,750.00 03/20/2008 $99.861 $1,812,477.15 $1,822,717.75 $(10,240.60) $1,822,705.43$(10,228.28)

Municipal Bonds Total $91,930,000.00 $4,647,327.50 $96,855,252.75 $96,343,783.48

(18)

CREDIT SUISSE 4Y BRIC HYBRID-LINKED NOTE OID DUE 05/17/2011

(22542DAD2)

$2,000,000.00 05/10/2007 $108.030 $2,160,600.00 $2,000,004.00

$160,596.00

Corporate Bonds Total $2,000,000.00 $2,160,600.00 $2,000,004.00

(19)

MORGAN STANLEY 3.5Y COMMODITY- LINKED CD MEMBER FDIC CERTIFICATE OF DEPOSIT DUE 02/28/2011 (61747MLJ8)

$3,000,000.00 08/23/2007 $112.000 $3,360,000.00 $3,000,000.00 $360,000.00

.

Certificates of Deposit Total $3,000,000.00 $3,360,000.00 $3,000,000.00 $360,000.00

Fixed Income Total $4,647,327.50 $102,375,852.75

vPlease see Fixed Income Investments on the Understanding Your Statement page.

Annuities

§

Description (Contract Number)

Cash Surrender

Value Policy Value Net PremiumContributed

Gain or

(Loss) Additional Detail METLIFE INVESTORS (USA)-INV 7-YEAR NON-QUALIFIED

(329999999999) $6,092,520.22 $6,182,550.22 $5,000,000.00 $1,182,550.22 OWNER:XXXXXXXXXXXXXXXX

ANNUITANT:

DXXXXXXXXXXXXXXXX ISSUED: 01/24/2002

Sub-Accounts Units Unit Price Valuation Date Value

DAVISVENTUREVALUE 33,852.547600 $13.312263 03/28/2008 $450,654.02

HARRISOAKMKFOCUSVAL 20,263.666900 $14.356503 03/28/2008 $290,915.39

LM AGGRESSIVE GROWTH 28,807.469400 $6.863130 03/28/2008 $197,709.41

JENNISON GROWTH 39,510.861300 $11.432379 03/28/2008 $451,703.14

LORD ABBETT BOND DEB 35,244.056900 $18.596889 03/28/2008 $655,429.81

LORDABBGROWINC B 8,495.933700 $51.104222 03/28/2008 $434,178.08

MET AIM SMALL CAP GR 17,542.049300 $13.640871 03/28/2008 $239,288.83

(20)

MFS RESEARCH INTL 27,727.469300 $16.045332 03/28/2008 $444,896.45

OPPENHEIMER CAP APP 48,618.165700 $8.896164 03/28/2008 $432,515.18

PIMCOTOTALRETURN 50,361.272900 $13.307782 03/28/2008 $670,196.84

TROWPRICEMDCPGRTHB 29,752.242200 $8.445846 03/28/2008 $251,282.86

THIRD AVE SMALL CAP 14,693.339000 $16.747544 03/28/2008 $246,077.34

Annuities Total

§Please see Annuities & Insurance on the Understanding Your Statement page.

z Please see Non-Standard Securities on the Understanding Your Statement page.

$6,182,550.22 $5,000,000.00 $1,182,550.22

Alternative Investments

n

Description Quantity InvestedAmount Annual IncomeEstimated Price Value Cost BasisTotal (Loss) Pct.Gain or Gain or(Loss) ADVANTAGE ADVISERS MULTI

SEC- TOR FD I M/F LIMITED LIQUIDITY

(XAMSX)

196,849.328 $3,010,100.00 $18.720 $3,685,019.42 $4,828,065.49 (23.68)% $(1,143,046.07)

CONTRARIAN HEDGED EQUITY LIMITED PARTNERSHIP (1LCMC)y 1,995,820.000 $2,030,000.00 $1.000 $1,995,820.00 $2,030,000.00 (1.68)% $(34,180.00) UBS TAMARACK INTERNATIONAL FUND LLC (1UBST)y 5,060,674.710 $4,070,311.00 $1.000 $5,060,674.71 $4,070,311.00 24.33% $990,363.71

(21)

Alternative Investments Total $0.00 $10,741,514.13

n Please see Alternative Investments on the Understanding Your Statement page.

(22)

Reinvests $0.00 $(35,025.71) Total Purchases $(15,200,940.28) $(23,264,177.93)

Sales / Redemptions

Type This Statement Year to Date

Sales $0.00 $67,744.90

Total

Sales/Redemptions $0.00 $67,744.90

Cash Sweep Transfers

Type This Statement

Transfers From $15,700,940.28 Transfers To $(684,750.00) Net Transfers $15,016,190.28 Transfers In $173,213.67 $173,213.67 Total Deposits $173,213.67 $33,746,531.22 Withdrawals $(500,000.00) $(8,500,000.00) Total Withdrawals $(500,000.00) $(9,268,710.75)

Income

Type This Statement Year to Date

Dividends - Taxable $0.00 $1,619.04 Dividends at Heritage Municipal $24,502.65 $90,657.60 Dividends/Interest - 2007 $0.00 $1,056.20 Interest - Nontaxable $184,750.00 $1,092,663.75 Other Income $0.00 $3,237.50 Total Income $209,252.65 $1,189,234.09

Activity Detail

Date ActivityCategory Activity Type Description (Symbol or CUSIP)

Check/ Deposit

Code Quantity Price Amount Cash Balance Additional Detail

Beginning Balance $0.00 $25,649,199.44

Heritage Municipal Cash Trust Balance 03/03/2008 Purchase Purchase BERKELEY CNTY SC WTR & SWR

REV, REV BDS FSA INSURED BOOK ENTRY ONLY SERIES 2005 A 4.7500% DUE 06/01/2025 Callable 06/01/2015 @ 100.000 (084219EH3)

(23)

11/01/2026 Callable11/01/2016 @ 100.000 (20772GTT5)

03/03/2008 Income Interest

-Nontaxable FORT WORTH TEX, GENL OBLIGREF IMPT BDS FGIC INSURED BOOK ENTRY ONLY SERIES 2003 5.0000% DUE 03/01/2019 Callable 03/01/2013 @ 100.000 (349425VS4)

$46,750.00 $(4,536,946.89) Paid on 1,870,000

03/03/2008 Income Interest

-Nontaxable DENVER CO CITY & CNTY EXCISETAX REV, REF BDS FSA INSURED BOOK ENTRY ONLY SERIES 2005 A 5.0000% DUE 09/01/2015

(24919HGB2)

$50,000.00 $(4,486,946.89) Paid on 2,000,000

03/03/2008 Income Interest

-Nontaxable CLARKSBURG WV WTR REV, REFREV BDS MAND SINK FUND BEGINS 09/01/2014 FGIC INSURED BOOK ENTRY ONLY SERIES 2002 5.2500% DUE 09/01/2019 Callable09/01/2012 @ 101.000 (182072CZ9)

$26,250.00 $(4,460,696.89) Paid on 1,000,000

03/03/2008 Income Interest

-Nontaxable PITTSBURGH PA, GENL OBLIG BDSAMBAC INSURED BOOK ENTRY ONLY SERIES 2002 A 5.0000% DUE 09/01/2012 Callable03/01/2012 @ 100.000 (725209GY0)

$19,250.00 $(4,441,446.89) Paid on 770,000

03/03/2008 Income Interest

-Nontaxable PITTSBURGH PA, GENL OBLIG BDSAMBAC INSURED BOOK ENTRY ONLY SERIES 2002 A 5.0000% DUE 03/01/2012 Prerefunded03/01/2012 @ 100.000 (725209GH7)

$18,250.00 $(4,423,196.89) Paid on 730,000

03/03/2008 Cash

Sweep Transfer From HERITAGE MUNICIPAL CASH TRUST (HCMXX) $4,583,696.89 $160,500.00 Heritage Municipal$21,065,502.55 Cash Trust Balance 03/04/2008 Cash

Sweep Transfer To HERITAGE MUNICIPAL CASH TRUST (HCMXX) $(160,500.00) $0.00 Heritage Municipal$21,226,002.55 Cash Trust Balance

(24)

ONLY SERIES 2007A 5.0000% DUE 07/01/2028 Callable07/01/2017 @ 100.000 (438670QF1)

03/05/2008 Purchase Purchase VIRGINIA ST PUB SCH AUTH, SCH FIN BDS, 1997 RESOLUTION MBIA INSURED BOOK ENTRY ONLY SERIES 2007B 5.0000% DUE 08/01/2024 Callable08/01/2017 @ 100.000 (92817SFW3)

2,500,000.000 $101.591 $(2,582,834.56) $(4,582,505.23)

03/05/2008 Cash

Sweep Transfer From HERITAGE MUNICIPAL CASH TRUST (HCMXX) $500,000.00 $(4,582,505.23) FUNDS TOBROKERAGE CASH $20,726,002.55 Heritage Municipal Cash Trust Balance 03/05/2008 Cash

Sweep Transfer From HERITAGE MUNICIPAL CASH TRUST (HCMXX) $4,582,505.23 $0.00 Heritage Municipal$16,143,497.32 Cash Trust Balance 03/06/2008 Cash

Sweep Transfer To Cash $500,000.00 $500,000.00 REC FDS FRHERITAGE

MUNICIPAL

03/06/2008 Withdrawal Withdrawal Cash $(500,000.00) $0.00 WIRE TO BANK OF

AMERICA 03/10/2008 Purchase Purchase HEALTH CARE REIT

INCORPORATED REIT (HCN) 2,450.000 $41.440 $(101,532.00) $(101,532.00)

03/10/2008 Cash

Sweep Transfer From HERITAGE MUNICIPAL CASH TRUST (HCMXX) $101,532.00 $0.00 Heritage Municipal$16,041,965.32 Cash Trust Balance 03/13/2008 Purchase Purchase KLICKITAT CNTY WA PUB UTIL DIST

NO 001 ELEC REV, ELEC SYS REV REF BDS REGISTERED SERIES 2006B 5.0000% DUE 12/01/2026 Callable 12/01/2016 @ 100.000 (498622GB9)

(25)

Cash Trust Balance 03/17/2008 Income Interest

-Nontaxable CHESTER UPLAND SCH DIST PA,GO BDS XL CAPITAL ASSURANCE INSURED BOOK ENTRY ONLY SERIES 2005 4.8500% DUE 09/15/2016 Callable09/15/2015 @ 100.000 (166330CZ1)

$24,250.00 $24,250.00 Paid on 1,000,000

03/18/2008 Cash

Sweep Transfer To HERITAGE MUNICIPAL CASH TRUST (HCMXX) $(24,250.00) $0.00 Heritage Municipal$14,044,377.99 Cash Trust Balance 03/25/2008 Purchase Purchase KENTUCKY ST MUN PWR AGY PWR

SYS REV, REV BDS, PRAIRIE ST GENERATION PROJ MBIA INSURED BOOK ENTRY ONLY SERIES 2007 A 5.2500% DUE 09/01/2026 Callable 09/01/2017 @ 100.000 (491501AP7)

2,000,000.000 $103.011 $(2,067,224.00) $(2,067,224.00)

03/25/2008 Cash

Sweep Transfer From HERITAGE MUNICIPAL CASH TRUST (HCMXX) $2,067,224.00 $0.00 Heritage Municipal$11,977,153.99 Cash Trust Balance 03/26/2008 Purchase Purchase NEW JERSEY ST TPKE AUTH TPKE

REV, REV BDS MAND SINK FUND BEGINS 01/01/2028 AMBAC INSURED BOOK ENTRY ONLY SERIES 2003 A 5.0000% DUE 01/01/2030 Callable07/01/2013 @ 100.000 (646139VU6)

1,815,000.000 $100.425 $(1,844,144.83) $(1,844,144.83)

03/26/2008 Cash

Sweep Transfer From HERITAGE MUNICIPAL CASH TRUST (HCMXX) $1,844,144.83 $0.00 Heritage Municipal$10,133,009.16 Cash Trust Balance 03/28/2008 Deposit Transfer In UBS TAMARACK INTERNATIONAL

FUND LLC (1UBST) 165,505.670 $1.000 $165,505.67 $0.00 MARKETFLUCTUATION

03/28/2008 Deposit Transfer In CONTRARIAN HEDGED EQUITY

(26)

Municipal $10,157,511.81 Heritage Municipal Cash Trust Balance

Cash Sweep Activity Recap

Heritage Municipal Cash Trust

Date Activity Type Amount Balance Date Activity Type Amount Balance

02/29/2008 Beginning Balance $25,649,199.44

03/03/2008 Transfer From $(4,583,696.89) $21,065,502.55 03/13/2008 Transfer From $(2,021,837.33) $14,020,127.99

03/04/2008 Transfer To $160,500.00 $21,226,002.55 03/18/2008 Transfer To $24,250.00 $14,044,377.99

03/05/2008 Transfer From $(500,000.00) $20,726,002.55 03/25/2008 Transfer From $(2,067,224.00) $11,977,153.99

03/05/2008 Transfer From $(4,582,505.23) $16,143,497.32 03/26/2008 Transfer From $(1,844,144.83) $10,133,009.16 03/10/2008 Transfer From $(101,532.00) $16,041,965.32 03/28/2008 Dividend at Heritage Municipal $24,502.65 $10,157,511.81

(27)

Unsettled Trades Total $(2,034,484.00)

Future Payments

Future Cash Dividends

Description (Symbol or CUSIP) Record Date Payable Date Estimated Amount Additional Detail

NUVEEN MULT CURR ST GV INCM FD (JGT) 03/15/2008 04/01/2008 $24,716.04 $0.45100 per share x 54,802.741shares

Future Cash Dividends Total

Please see Future Payments on the Understanding Your Statement page.

$24,716.04

Future Interest Payments

Description (Symbol or CUSIP) Record Date Payable Date Estimated Amount Additional Detail

GEORGIA ST RD & TWY AUTH REV, GTD REV BDS BOOK ENTRY ONLY SERIES 2003 5.0000% DUE 10/01/2020 Callable10/01/2013 @ 100.000 (37358MAS0)

03/15/2008 04/01/2008 $50,000.00 5.00% coupon x 2,000,000.000par value

KENDALL KANE & WILL CNTYS IL CMNTY UNIT SCH DIST NO 308, GO SCHOOL BONDS FSA INSURED BOOK ENTRY ONLY SERIES 2004 5.2500% DUE 10/01/2014 (488764PX3)

03/15/2008 04/01/2008 $52,500.00 5.25% coupon x 2,000,000.000par value

NEW YORK ST TWY AUTH HWY & BRG TR FD, TR FD BDS AMBAC INSURED BOOK ENTRY ONLY SERIES 2005 B 5.0000% DUE 04/01/2024 Callable 10/01/2015 @ 100.000 (650013T70)

(28)

5.0000% DUE 10/01/2021 Callable10/01/2016 @ 100.000 (837152MX2) Future Interest Payments Total

Please see Future Payments on the Understanding Your Statement page.

$185,750.00

Realized Capital Gains & Losses

¡

Short Term

Description (Symbol or CUSIP) Quantity OpeningDate OpeningAmount ClosingDate AmountClosing (Loss) Pct.Gain or Gain or(Loss) ASHFORD HOSPITALITY TRUST 8.45%, SER D CUMULATIVE PFD

STOCK BOOK ENTRY ONLY ISIN US0441034065 (AHT.PRD) 2,000.000 07/11/2007 $50,004.00 01/07/2008 $36,542.94 (26.91)% $(13,461.06)

NEUTRAL TANDEM INCORPORATED (TNDM) 450.000 11/01/2007 $6,304.00 01/07/2008 $7,944.36 26.02% $1,640.36

SANDRIDGE ENERGY INCORPORATED (SD) 350.000 11/05/2007 $9,104.00 01/07/2008 $10,921.05 19.95% $1,817.05

VIRGIN MOBILE USA INCORPORATED CLASS A (VM) 1,500.000 10/10/2007 $22,504.00 01/07/2008 $12,336.55 (45.18)% $(10,167.45)

Net Short-Term Gain / Loss Total $87,916.00 $67,744.90 (22.94)% $(20,171.10)

¡Please see Cost Basis on the Understanding Your Statement page.

Summary of Gains & Losses

Short-Term Gain $3,457.41

Short-Term Loss $(23,628.51)

Long-Term Gain $0.00

Long-Term Loss $0.00

Figure

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References

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