I Treated as a Private Foundation 2004990s.foundationcenter.org/990pf_pdf_archive/521/521271216/... · eginning of ye; (a) Book Value year (b) Book Value I (c) Fair Market Value 7,565.1

(~

14

of Private Foundation ~tetu~ Form ~,9o'PF I or Section 4947(a)(1) Nonexempt Charitable Trust

"

Treated as a Private Foundation Note : The organization may be able to use a copy of this return to satisfy state

reporting requirements.

OMB No . 15450052

2004 Department of the Trpnswy Internal Revenue Service

and

A Hmployor Idonlllicotlon numbor

52-1271216 7UIOUhOnO numb0i (S00 inSUuCUOnG)

A15 255-6379 C If exemption application is pending, check here

Use the Om0 0 Or00 i20

IRSlnbei . Rose C . Stone Foundation Otherwise, Numbe r Und street (0f P .O. box num be r d moll i5 n

print or type . P .O . Box 629

See Specific 7r o. -lo-, 110 instructions. Corte Madera CA 94976 D 1 Foreign organizations, check hors . . . . . . . .

H Check type of organization : )jSection 501(0)(3 exempt private foundation 2 Foreign organizations meeting the 85% test, check n

Section 4947 (a )( 1 ) nonexemp t charitable trust I- I Other taxable private foundation hero and attach computation . . . . . . .

I Fair market value of all assets at end of year J Accounting method Lf Cash L Accrual E If under

private section

foundation ~07(b)(1)(A)

status , was terminated check here .

(loom Part fl, column (c), line 16) Other (specify) F If the foundation is in a 60-month termination S 2 , 286 , 714 . Part l, column d must be on cash basis under section 501 b) 1)(B , check here

81't V I Analysis of Revenue and (a) Revenue and (b) Net investment I (c) income

net I (d) Disbursements EXpe115e5 (The total of amounts in expenses per books income come for charitable columns (b), (c), and (d) may not neces- sanly equal the amounts in column (a) see Instructions))

1 Contributions. gifts, grants, etc, received (att sch)

2 Ck "

II the foundn is not iep to all Sch B 3 Inlereson savings and temporary

cash investments . . . 509 . 509 .

4 Dividends and interest from securities 31 , 751 . 31 , 751 .

Sa Gross rents . . . . . . . 9 , 900 . 9 , 900 . al income b Ne

or ren 1055)

a,p 6 8 Net gain/(loss) hom sala of aaanls iwl un tutu 10 y 17 , 000 . b Gross sales price for all 8 55 , 818 . assets on line 60

~'"~1 7 Capital pain not income (from Part IV, line 2) 1 7 ,

Net short-term capital gain . . . . .

9 Income modifications . . .~~'Y"+'a* 10a Gross sales less

returns and allowances . . . .

. b Less : Cost of _ . goods sold . .

. . W c Gross profit/(loss) (att sch) . . . . . 11 Other income (attach schedule) . .

509 . 31,751 . 91900 .

Misc 1 , 565 .

12 Total. Add lines 1 through 11 . 60 , 725 .

' 13 Compensation of oHitors, directors, trustees, etc

14 Other employee salaries and wages A 15 Pension plans, employee benefits . 0 16a Legal fees (attach schedule) . . M b Accounting tees (attach sch) 2 , 366 .

o ", c Other prof tees (attach sch) . . 21 , 841 .

. . S 17 Interest R 18 Taxes (attach schedule) See Line 18 Stmi 7, 469 . A p

T T 19 Depreciation (attach schedule) and depletion 14 , 335 . 1 N 20 Occupancy 796 . E 21 Travel, conferences, and meetings E 22 Printing and publications .

D p 23 Other expenses (attach schedule) See Line 23 Stmt 28,961 .

N 5 24 Total operatin g and administrative

expenses . Add lines 13 through 23 75, 768 . 25 Contributions, gifts, grants paid 138 , 410 .

26 Total expenses and disbursements . Add lines 24 and 25 219 178 .

27 Subtract line 26 from Ime12 : a Excess of revenue over expenses and disbursements -153,453 .

b Net investment income (i1 negative, enter 0 )

C Adjusted net income (if negative . enter -0-)

BAA For Privacy Act and Paperwork Reduction Act Notice, see the instructions .

28, 961 .

36,713 . 36,713

24,012 . 7 ,~12 .

TEEA0301 01105105 Form (2004

-7

calendar ear 2004 or tax ear beginning Check all that app ly: Initial return Final return

N I n Iron

1,565 . 0.725 .

91

537

36,713

purposes (cash bass only)

0 .

.-LEI Ed

UZI a

93, 72

2 , 366 . 21 891 .

537 . 6 , 932 . 14 , 335 .

796 .

36,713 39,055 . 38,910 .

177

eginning of ye; (a) Book Value

year (b) Book Value I (c) Fair Market Value

7,565 .1 118, 433 .1 118,93

236 150 . 150 630 . 150 630 . 709 591 . 783 906 . 783 906 . 277,863 . 234,939 . 239,939 .

719 .

2,319,569 . -153,453 .

58,037 . 2,224,153 .

2,224, 153 . Form 990-PF (2004)

2 , 319 , 569 . 1 2 , 224 , 153 .

2,319,578 . 2,224, 153 .

Part III Analysis of Changes in Net Assets or Fund Balances

1 Total net assets or fund balances at beginning of year- Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year's return)

2 Enter amount from Part I, line 27a 3 Other increases not included m brie 2 (itemize) 6` See Other Increases Stmt 4 Add lines 1, 2, and 3 5 Decreases not included in line 2 (itemize) 6 Total net assets or fund balances at end of year (line 4 minus line 5)- Part II, column (b), line 30

BAA rEEaoao2 o7i29ioa

y . 1

Parm990-4(2004) Rose C . Stone Fourdatiqjn Attached schedules and 11 aunts in the description

Part II Balance Sheets column should be for end-of-year amounts only. (See instructions .)

1 Cash - non -interest~bearing . . . . . . . . . . . . . . 2 Savings and temporary cash investments . . . . . 3 Accounts receivable

Less . allowance for doubtful accounts 01 4 Pledges receivable . . . . . . . '-

Less~ allowance for doubtful accounts 11 5 Giants receivable . . . . . . . . . . . . . . . . 6 Receivables due from officers, directors, trustees, and other

disqualified persons (attach schedule) (see instructions) . , . . . . . . . . 7 Other notes and loans receivable (attach sch) . . 01

Less allowance for doubtful accounts 5 8 Inventories for sale or use . . . . . . . . . . . . .

9 Prepaid expenses and deferred charges . . . t s 10a Investments- U S . and slate government

ohligations (attach schedule) . . . . . b Investments - corporate stock (attach schedule) . . c Investments - corporate bonds (attach schedule)

11 Investments - land, buildings, and equipment : bass . . . . . . Less accumulated depreciation (attach schedule) . . . . . . . . .

12 Investments - mortgage loans 13 Investments - other (attach schedule) 14 Land, buildings, and equipment . basfsO'_ _ _ 1 X008 X229 .

Less . accumulated depreciation (attach schedule) . . . . L-19 S tmt . . ~ 7 5 7 8 5 . -------L---

15 Other assets (describes Accrued Interest ) 16 Total assets (to be completed by all filers-

see instructions . Also see page 1 item I . 17 Accounts payable and accrued expenses . . . . . . . 18 Grants payable . . . . . . . . . . .

. 19 Deferred revenue . . . . . . . . . . . . . . 20 Loans from officers, directors, trustees, 8 other disqualified persons . I 21 Mortgages and other notes payable (attach schedule) . . . . . 22 Other liabilities (describe" )

e s 23 Total liabilities add lines 17 through 22

Organizations that follow SFAS 117, check here . TL and complete lines 24 through 26 and lines 30 and 31 .

N F 24 Unrestricted . . . . . . . . . . . . .

t n 25 Temporarily restricted . . . . . . . d 26 Permanently restricted . .

Organizations that do not follow SFAS 117, check here 11,E s a and complete lines 27 through 31 .

e I t a 27 Capital stock, trust principal, or current funds s n 28 Paid-in or capital surplus, or land, budding, and equipment fund

29 Retained earnings, accumulated income, endowment or other funds o e r s 30 Total net assets or fund balances (see instructions)

31 Total liabilities and net assets/fund balances

-1271216 Paae 2

96 775 . 932 939 6,634 . 1 4,811

2,319,578 .1 2,224, 1 9 .1 0 .

185 132 . 105 246 . 1 , 537 , 437 . 1 521 907 .

597,000 . 597,000 .

9,811 .

4

orm 990-PF 04 Rose C . Stone Foundation Part IV ' Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g ., real estate, 2-story back warehouse, or common stock, 200 shares MLC Company)

1a Anchor

(d) How ocquired (C) Date aWuired (d) Dale Sold P - Purchase (month . day, year) (month, day, yeti) D - Donation

P various various P various various P various various

6

0 rn lete onl y for assets showing gain in column h and owned b the foundation on 1?J31/69 (i) Fair Market Value Q) Adjusted bass (k) Excess of column (i)

as of 12/31/69 as of 12/31/69 over column 0), if any

(I) Gams (Column (h) gain minus column (k), but not less

than ~0-) or losses (from column (h))

8 Enter qualifying distributions from Part XII, line 4 1 8 1 177, 465 .

If line 8 is equal to or greater than line 7, check the box m Part VI, line 1 b, and complete that part using a 1 % tax rate See the Part VI instructions

BAA Form 990-PF (2004)

TEEA0303 07/29104

-1271216 Paae 3

c Franklin-Fixed Income d Lazard e See Attached Part Iv Line 1 Stmt

(o) Gross sales price (Q Deprecation allowed (or allowable)

a 37 , 674 . 0 . b 62 .673 . 0 .

133

(g) Cost or other basis plus expense o1 sale

(h) Gain or (loss) (e) plus (q minus (g)

292 . 4 382 . 525 . -2 852 . 292 . 4 200 . 546 . 12,538 .

a 9 382 . b -2 , 852 . c 4 , 200 . d 12 , 538 . e -1 , 268 .

2 Capital gain net income or (net capital loss) . If ain, also enter in Part I, line 7 -I If loss), enter -0- in Part I, line 7 ~ 2 17 , 000 .

3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6)'

If gain, also enter in Part I, line 8, column (c) (see instructions) . If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . . 3 -2 , 585 .

Part V - I Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income (For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

If section 4940(d)(2) applies, leave this part blank.

Was the organization liable for the section 4942 lax on the dislributable amount of any year in the base period? ~ Yes X No If 'Yes,' the organization does not quaky under section 4940(e) . Do not complete this part .

1 Enter the appropriate amount in each column for each year, see instructions before making any entries

(a) (b) (c) (d) Base period years Adjusted qualifying distributions Net value of Distribution ratio

Calendar year (or tax year nonchantable~use assets (column (b) divided by column (c)) beginning in)

2003 67 , 996 . 1 , 295 , 283 . 0 .052995 2002 90 951 . 1 , 320 , 148 . 0 .030691 2001 27 , 851 . 1 , 339 , 692 . 0 .020789 2000 22 339 . 1 , 022 , 774 . 0 .021837 1999 9 , 525 . 332 905 . 0 .028612

2 Total of line 1, column (d) . . 2 0 . 159379

3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years 3 0 .030875

4 Enter the net value of nonchantable-use assets for 2004 from Part X, line 5 4 2 258 614 .

5 Multiply line 4 by line 3 5 69 , 735 .

6 Enter 19'0 of net investment income (19'0 of Part I, line 27b) 6 ~ - - 240 .

7 Add lines 5 and 6 I 7 I 69, 975 .

pdrm 990-'PF 2004 Rose C . Stone Fou dation 52-1271216 Page 4 Part VI Excise Tax Based on Investment Income section 4940 (a), 4940(b), 4940(e), orasag- see Instructtons

1 a Exempt operating foundations described m section 4940(d)(2), check here . . '- and enter 'N/A' on line 1 . Date of ruling letter . (attach copy of ruling letter if necessary- see instructions)

b Domestic organizations that meet the section 4940(e) requirements in Part V, 1 240 . check here 01 X and enter 11% of Part I, line 27b . . . . . . . . . . .

c All other domestic organizations enter 29'0 of line 21b. Exempt foreign organizations enter 4% of Part I, line 12, column (b) 2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only . Others enter ~0~) , 2 0 . 3 Add lines t and 2 . . . . . . . . . . . . . . . . . . . . . . . . . 3 240 . 4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only . Others enter ~0~) . 4 0 . 5 Tax based on investment intomo.SubtraCt line 4 from line 3 Ii zoio 0i less, enter 0 . 5 240 . 6 Gedils/Payments : 0 2004 estimated tax pmts and 2003 overpayment credited to 2004 . . . . . . . . . . . . . . . . . 6 a b Exempt foreign organizations- tax withheld at source 6b c Tax paid with application for extension of time to file (Form 8868) . 6c d Backup withholding erroneously withheld. . . . . 6d

7 Total credits and payments . Add lines 6a through 6d . . 7 8 Enter any penalty for underpayment of estimated tax Check here ~ if Form 2220 is attached S 9 Tax due . Ii the total of lines 5 and 8 is more than line 7, enter amount owed ~ 9 240 . 10 Overpayment If line 7 is more than the total of lines 5 and 8, enter the amount overpaid ~ 10 11 Enter the amount on line 10 to be : Credited to 2005 estimated tax ~ Refunded ~ 11 Part VII-A l Statements Regarding Activities

1 a During the tax year, did the organization attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign? . . .

b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see instructions for definition)?

II the answer is 'Yes' to la or 16, attach a detailed description of the activities and copes of any materials published or distributed by the organization in connection with the activities

c Did the organization fileForm 1120-POL for this year? . . d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year

(1) On the organization . . . 01' $ 0 . (2) On organization managers m- $ e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed on organization managers . . . . 01 $ 0 .

2 Has the organization engaged in any activities that have not previously been reported to the IRS? If 'Yes,' attach a detailed description o/ the activities .

1cl I X

2

TEEA0304 01103/05

c

Yes No X X

3 Has the organization made any changes, not previously reported to the IRS, in its governing instrument, articles -1-1- of incorporation, or bylaws, or other similar instruments?ll 'Yes,' attach a conformed copy of the changes 3 X

4a Did the organization have unrelated business gross income of $1,000 or more during the year? 4a X b If 'Yes,' has it filed a tax return orForm 990-T for this year? . . . . 4b

5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? , . 5 X I/ 'Yes,' attach the statement required by General Instruction T

6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied ether " By language in the governing instrument, or

" By state legislation that effectively amends the governing instrument so that no mandatory directions that conflict -with the state law remain m the governing instrument? 6 X

7 Did the organization have at least $5,000 in assets at any time during the year? 11 'Yes,' complete Part ll, column (c), and Part XV 7 X 8a Enter the states to which the foundation reports or with which it is registered (see instructions)

California

b If the answer is 'Yes' to line 1, has the organization furnished a copy of Form 990-PF to the Attorney General (or designate) of each state as required by General Instruction G7 1/'No,' attach explanation 8 b X

9 Is the organization claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2004 or - the taxable year beginning m 2004 (see instructions for Part Xlh7 If Yes,' complete Part XIV 9 X

10 Did any persons become substantial contributors during the tax years 10 X If 'Yes,' attach a schedule listing then names and addresses

11 Did the organization comply with the public inspection requirements for its annual returns and exemption application? 11 X Web site address I' N/A

12 The books aremcare of0, Edward Wrig_ht--__________---_-_-_ Telephone no ~ (415) 255-6379 -Located at1, PO Box 629 Corte_Madera,-CA_--_--__-___-_ ZIP +4~ 99976

13 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu oForm 1041 - Check here - - - - - - - - - - - -and enter the amount of tax-exempt interest received or accrued during the year -1 13


5

b If 'Yes,' did it have excess business holdings in 2004 as a result 0(1) any purchase by the organization or disqualified persons after May 26, 1969:(2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943(c)()) to dispose of holdings acquired by gift or bequest, or (3) the lapse of the 10-, 15-, or 20-year first phase holding period?(Use Schedule C, Form 4720, to determine if the organization had excess business holdings in 2004.) . . 3b

4a Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes? . . . . . . . . . . . . . . . . . . . . . . . . 4a

b Did the organization make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable purpose that had riot been removed from jeopardy before the first day of -the tax year beginning in 2004? . . . . . . . . . . . . . . . 4b

5a During the year did the organization pay or incur any amount to' (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ~ Yes ~ No

(2) Influence the outcome of any specific public election (see section 4955), or to carry on, directly or indirectly, any voter registration drive? . . 8 Yes 8 No

(3) Provide a grant to an individual for travel, study, or other similar purposes Yes No

(4) Provide a grant to an organization other than a charitable, etc, organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)? ~ Yes ~ No

(5) Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals ~ Yes ~ No

b If any answer is 'Yes' to 5a(1)-(5), didany of the transactions fail to quaky under the exceptions described m Regulations section 53.4945 or in a current notice regarding disaster assistance (see inslructions)7 5b Organizations relying on a current notice regarding disaster assistance check here

c If the answer is 'Yes' to question 5a(4), does the organization claim exemption from the tax because it maintained expenditure responsibility for the grants ~ Yes ~ No If 'Yes,' attach the statement required by Regulations section 53 4945.5(d)

6a Did the organization, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contracts ~ Yes X~ No

b Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contracts 6b X If you answered 'Yes' to 6b, also /de Form 8870

BAA TEEA0305 07129104 Form 990-PF (2004)

P'orm990-PF 004 Rose C . Stone Fou dati n 52-1271216 Page Part VII-B Statements Regarding Activities for Which Form 4720 Ma Be Required

File Forth 4720 if any item is checked in the'Yes' column, unless an exception applies . Yes No 1 a During the year did the organization (ether directly or indirectly) :

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? . . E]Yes a No

(2) Borrow money from, lend money lo, or otherwise extend credit to (or accept it from) a P disqualified person? . . . . . . . . . . . . . . . . . . . . . . . . . 11 Yes X No

(3) Fuiinsh goods, services, or facilities to (or accept them from) a disqualified person? Yes X No (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person . . . . X Yes No

.r (5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?, , . Yes a No

(6) Agree, to pay money or property to a government official? gxco lion . Check 'NO' if the organi zation agreed to make a grant to or to employ the official for a period alloy termination of government service, if terminating within 90 days ) . . . . . . . . . . a Yes X~ No

b Ii any answer is 'Yes' to 1 a(1)-(6), didany of the acts fail to quality under the exceptions described m - Regulations section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? 1 b X Oiganizations relying on a current notice regarding disaster assistance check here

c Did [tie organization engage in a prior year in any of the acts described in la, other than excepted acts, - that were not corrected before the first day of the tax year beginning in 2004? 1 c X

2 Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private operating foundation defined in section 49420(3) or 4942Q(5)) .

a At the end of tax year 2004, did the organization have any undistributed income (lines 6d and 6e, Part XIII) for tax year(s) beginning before 20047 . a Yes E] No If 'Yes,' list the years 1" 20 , 20 , 20 , 20

b Are there any years listed in 2a for which the organization isiot applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) to --all years listed, answer 'No' and attach statement- see instructions .) 2b X

c If the provisions of section 4942(a)(2) are bung applied tcnny of the years listed in 2a, list the years here . 11 20 , 20 , 20 , 20

3a Did the organization hold more than a 2% direct or indirect interest m any business enterprise at any time during the year? . . . . . . . . . . . . Yes E] No

Form 990:1217 2004 Rose C . Stone Foundation 52-1271216 Page 6 Part VIII Information About Officers, irectors, Trustees, Foundation Managers, Highly Paid Employees,

and Contractors 1 List all officers directors , trustees loundation managers and their compensation see Instructions) .

(b) Title and average I (c) Compensation I (d) Contnbutions to I (o) Expense account, (a) Name and address hours per week (II not paid, enter -0-) employee benefit other allowances

devoted to position plans and deferred

------------------------

instructions). I( none, enter 'NONE .' (b) Tvoe of service

Total number of others receiving over $50,000 for professional

Part IX-A Summary of Direct Charitable Activities

ne

List the foundation's four largest direct charitable activities during the tax year . Include relevant statistical information such as the number of I Expenses organizations and other beneficia ries served, conferences conv e ned, research papers produced, etc

1 Support Amerasian individuals and groups by_providing_ funds for-___-_ education and shelter . Also, promote peace between-the US &_other __-- nations . Assist victims of war . 138,410 .

2

------------------------------------------------------

3

------------------------------------------------------

4

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Form 990-PF (2004) TEEA0306 01103/05 BAA

6

Edward Wriqht____-_'_______ Sec/Treas San Francisco CA As needed 0 . 0 .

President Kentfield CA As needed 0 . 0 . L.dna Thompson Member Nova CO CA As needed 0 . 0 . Richard Grav ______________ ]Member Novato CA As needed 0 . 0 . 2 Compensation of five highest-paid em to ees other than those Included on line } see Instructions ) . II none, en'

(a) Name and address of each employee (b) Title and average (c) Compensation (d) Contributions to paid more than $50,000 hours per week employee benefit

devoted to position plans and deferred compensation

None

------------------------

------------------------

------------------------

Total number of other employees paid over $50,000. . . . . . . . . . 3 Five highest-paid independent contractors for professional services (se

(a) Name and address of each person paid more than $50,000 None

--------------------------------------

--------------------------------------

--------------------------------------

--------------------------------------

0 .

0 . r 'NONE.' (e) Expense account,

other allowances

None

TEEA0307 01114105

a.

Form 990=PF (2004) Rose C . Stone Foundation 52-1271216 Page 7

Part IX-B Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made b the foundation during the lax ear on lines 1 and 2 Amount 1 None

------------------------------------------------------- 0 .

2

-------------------------------------------------------

All other program related investments . See instructions . 3

------------------------------------------------------

Total . Add lines 1 through 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ None

Part X Minimum Investment Return (All domestic foundations must complete this part . Foreign foundations, see instructions .)

1 Fair market value of assets riot used (or held for use) directly in carrying out charitable, etc, purposes . a Average monthly fair market value of securities. . . . 1 a 1 176 208 . b Average of monthly cash balances . . . . . . . 1 b 115 890 . c Fair market value of all other assets (see instructions) 1 c 1 000 911 . d Total (add Imes 1 a, b and c) . . . . . . . . 1 d 2 , 293 , 009 . e Reduction claimed for blockage or ocher factors reported on lines 1 a and 1 c (attach detailed explanation) . . . . . . 1 e 0 .

2 Acquisition indebtedness applicable to line 1 assets . . . 2 0 . 3 Subtract line 2 from line ld . . . . . . . . 3 2 , 293 , 009 . 4 Cash deemed held for charitable activities . Enter 1 .1/2`Ye of line 3 (for greater amount, see instructions) 4 34 , 395 . 5 Net value of noncharitable-use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 2 , 258 , 614 . 6 Minimum investment return .Enter 5% of line 5 6 112 , 931 .

Part XI DiStribut8ble Amount (see instructions) (Section 4942Q)(3) and 0)(5) private operating foundations and certain fore ign organizations check here ~ and do riot coin lete this art

1 Minimum investment return from Part X, line 6 . . . . . . . . . 1 112 , 931 . 2a Tax on investment income for 2004 from Part VI, line 5 . . . 2a 240 . b Income tax for 2004 . (this does not include the lax from Part VI .) . . 2b c Add lines 2a and 2b . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 c 240 .

3 Distributable amount before adjustments . Subtract line 2c from line 1 3 112 691 . 4 Recoveries of amounts treated as qualifying distributions . 4 5 Add lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . 5 112 691 . 6 Deduction from distnbulable amount (see instructions) . . . . 6 7 Distributable amountas adjusted . Subtract line 6 from line 5 Enter here and on Part XIII, line 1 ~ 7 1 112, 691 .

Part XII Qualifying Distributions (see instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc, purposes a Expenses, contributions, gifts, etc- total from Part I, column (d), line 26 1 a 177 465 . b Program related investments- total from Part IX-B 1 b 0 .

2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc, purposes 2

3 Amounts set aside for specific charitable projects chat satisfy the a Suitability test (prior IRS approval required) . . 3a b Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions Add lines la through 3b Enter here and on Part V, line 8, and Part XIII, line 4 4 177, 465 .

5 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment income Enter 1 % of Part I, line 27b (see instructions) 5 240 .

6 Adjusted qualifying distributionsSubtract line 5 from brie 4 [ 6~ 177, 225 .

Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for the section 4940(e) reduction of tax in those years


TEEA0308 07/29/04

Form NOW (2004) Rose C . Stone Foundation 52-1271216 Page 8

Pdrt XIII Undistributed Income (see instructions)

corpus Years pno~ to 2003 2063 20db4

1 Distribulable amount fog 2004 from Part X1, line 7 . , . . . . 112 , 691 .

2 Undistributed income, d any, as of the end of 2003 : a Enter amount for 2003 only , . . . . . 59 595 . b Total for prior years' 20 , 20 , 20-

3 Excess distributions carryover, d any, to 2004 : a Frorn 1999 . . . . . . 0 . b From 2000 . . . . . . . . . . . 0 . C From 2001 . . . . . . . . 0 . d From 2002 . . 0 . c From 2003 . . . . . . . 0 . 1 Total of lines 3a through e . . . . . . . . . . 0 .

4 Qualifying distributions for 2004 from Part X11, line 4 11, $ 177, 965 .

a Applied to 2003, but not more than line 2a 59 , 595 .

b Appled to undistributed income of prior years (Election required - see instructions) .

c Treated as distributions out of corpus (Election required- see instructions)

d Applied to 2004 distributable amount . . . 112 691 . e Remaining amount distributed out of corpus 5 , 179 .

5 Excess distributions carryover applied to 2004 . (1/ an amount appears in column (d) ,the same amount must be shown in column (a).)

6 Enter the net total of each column as I V indicated below :

a Corpus . Add lines 3f, 4c, and 4e . Subtract line 5 . . 5 179 .

b Prior years' undistributed income . Subtract line 4b from line 2b . . . . . . . . . . . . . . . . . . . 0 . r

c Enter the amount of prior years' undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed

d Subtract line 6c from line 6b . Taxable amount - see instructions . . . . . . . . . . . ' ' ' 0 .

e Undistributed income for 2003 . Subtract line 4a from 'line 2a. Taxable amount - see instructions . . . ' `'"e? '0 ,

f Undistributed income for 2004 Subtract lines . . . , . 4d and 5 from line l . This amount muss be distributed in 2005 . . . . . . 0 .

7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(E) or 4942(g~(3) (see instructions) . .

led on distributions

l~line oline carryover from 1999 nt O

app 7 (see instructions)

9 Excess distributions carryover to 2005 . Subtract lines 7 and 8 from line 6a 5, 179 .

10 Analysis of line 9 a Excess from 2000 0 . b Excess from 2001 0 . c Excess from 2002 0 . d Excess from 2003 0 . e Excess from 2004 5, 179 .


BAA TEeaosa9 07129104 Form 990-PF (2004)

Porm 990-PF 004 Rose C . Stone Foundation 52-1271216 Page 9 Part XIV Private Operating Foundations see instructions and Part VII-A , question 9) N/A

1 a If the foundation has received a ruling or determination letter that it is a private operating foundation, and the ruling is effective for 2004, enter the date of the ruling . . . . . . . . . .

b Check box to indicate whether the organization is a private o eratin foundation described in section 49426)(3) or 49426)(5) 2 a Enter the lesser of the adjusted net Tax ear Prior 3 ears

income from Part I or the minimum a 2004 b 2003 c 2002 d 2001 e Total investment return from Part X for each year listed . . . . I . . . . . . .

b85`Yo of line 2a . . . . . . . . c Qualifying distributions from Part XII,

line 4 for each year listed . . . . . . . . . . d Amounts included in line 2t not used directly

for active conduct of exempt activities . . . . . . . . . Q Qualifying distributions made directly

toy active conduct of exempt activities . Subtract line 2d from line Zc . . . . . . . . .

3 Complete 3a, b, or c (or the alternative test relied upon :

a 'Assets' alternative test- enter : (1) Value of all assets . . . . . . . . . . . . (2) Value of assets qualifying under

section 4942(j)(3)(B)(i) . . . . . . . b 'Endowment alternative test- Enter 2/3 of minimum investment return shown m Part X, line 6 for each year listed . . . . .

c 'Support' alternative test- enter : (1) Total support other than gross

investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) . . . . . . . .

(2) Support from general public and 5 or more exempt organizations as provided in section 4942(I)(3)(B)(iii) . . . . . . . . . . . . . . .

(3) Largest amount of support from an exempt organization . . . . . . . . . . . .

4 Gross investment income . . . . . . . . . . . XV Su pplementary Information (Complete this art only if the organization had $5 ,000 or more in assets at an time during the Information Regarding Foundation Managers :

a List any managers of the foundation who have contributed more than 290 of the total contributions received by the foundation before the close of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) ) None

b List any managers of the foundation who own 109'0 or more of the stock of a corporation (or an equally large portion of the ownership of a partnership or other entity) of which the foundation has a 10% or greater interest None

2 Information Regarding Contribution, Grant, Gin, Loan, Scholarship, etc, Programs : Check here' a if the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds If the organization makes gifts, grants, etc, (see instructions) to individuals or organizations under other conditions, complete items 2a, b, c, and d .

a The name, address, and telephone number of the person to whom applications should be addressed Edward Wright PO Box 629 Corte Madera CA 94976 (415) 255-6379

b The form m which applications should be submitted and information and materials they should include Letter with clear purpose

c Any submission deadlines None

d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors Children of war/mainline organizations

Porm 990 PF (2004) Rose C . Stone Foundation 52-1271216 Page 10 I Part XV LSupplementary In ormation (continued)

BAA TEEA0310 07/29/04 Form 990-PF (2004)

Form 990-PF (2004) Rose C . Stone Foundation 52-1271216 Page 11

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated. Unrelated business income Exclud by section 512,513, or 514 (a) (b) (c) Exclu . (e)

Business Amount Amount Related or exempt code sion function income

1 Program service revenue : code (see instructions) a b C d

g Fees and contracts from government agencies . . . .. 2 Membership dues and assessments . . . . . . . . . . . . 3 Interest on savings and temporary cash investments . 14 509 . 4 Dividends and interest from securities . . . . . . . . . . . 14 31, 751 . 5 Net rental income or (loss) from real estate : a Debt-financed property . . . . . . . . . . 16 9, 900 . b Not debt-financed property . . . . . . . . . . . . .

6 Net rental income or (loss) from personal property 7 Other investment income 8 Gain or (loss) from sales of assets other than inventory 18 17,000 . 9 Net income or (loss) from special events

10 Gross profit or (loss) from sales of inventory 11 Other revenue:

a ' Misc 01 1,565 .

b- c d e

12 Subtotal Add columns (b), (d), and (e) 60,725 .1 13 Total . Add line 12, columns (b), (d), and (e) 13 60,725 .

(See worksheet in the instructions for line 13 to verify calculations

FP-ar-t _XV_1_-B__1 Relationship of Activities to the Accomplishment of Exempt Purposes

BAA TEEA0501 07/29/04 Form 990-PF (2004)

1 Did the organization directly or indirectly enga e in any of the following with any other organization I Yes I No

described in sectiion 501 (c) of the Code (otherlhan section 501 (c)(3) organizations) or in section 527, relating to political organizations?

a Transfers from the reporting organization to a noncharitable exempt organization of : (1) Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 a (1) X (2) Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . la(2) X

b Other transactions : (1) Sales of assets to a noncharitable exempt organization 1 b (1) X (2) Purchases of assets from a noncharitable exempt organization . 1 b (2) X (3) Rental of facilities, equipment, or other assets . . 1 b (3) X (4) Reimbursement arrangomonts . . . . . . . . . . . 1 b (4) X (5) Loans or loan guarantees . . . . . . . . . . . . . . 1 b (5) (6) Performance of services or membership or fundraising solicitations 1 b (6)

c Sharing of facilities, equipment, mailing lists, other assets, or paid emplovees 1 c

d If the answer to any of the above is 'Yes,' complete the following schedule Colum(b) should always show the fair market value of

2a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations described in section 501 (c) of the Code (other than section 501 (c)(3)) or in section 527? 11 Yes F1 No

b If 'Yes,' complete the following schedule . _T__ - (c) DescriDtion of relationshlD (a) Name of orcianization (b) Tvoe of oroanization

S pit- OE - V,_-~ 6 Signature of officer or trusteeQ l H Preparer*s E Paid Signature R Pre- A~toinette G . Nies

Ir, pareeS Firm s name (or ANTOINETTE G NIES CPA use yours if self . op. Only edgleoyed., 61 PRINCE ROYAL DRIVE

a r ss

~d I ZIP code CORTE MADERA

BAA

Form 990 - PF(2004) Rose C . Stone Foundation 52-1271216 Page 12

Fart XVII I Information Regarding Tra6sfers to and Transactions and Relationships With Noncharitable Exempt Organizations

Under penalties of perjury . I declare that I have examined this return . including complete Declaration of preparer (other than taxpayer or fiduciary) is based on

A A a

Form 990-PF Capital Gains and Losses for Tax 2004 Part IV, Line 1 oril Investment Income Statement Attach to return

Name Employer ID No . Rose C . Stone Foundation 52-1271216

Copy Number I of 1

(b) How (c) Date (d) Date acquired acquired sold

P-Purchase (month, (month, D-Donation day, year) day, year)

(a) List and describe the kind(s) of property sold (e .g ., real estate, 2-story brick warehouse ; or common stock, 200 shares MLC Company)

1 aMS P various various bHarris P various various cNeuberger P various various dMFS P various various eWCM P various various fRydex Juno P various various 9 - h

(h) Gain or (loss) (e) plus (f) minus (g)

-1,342 . 871 .

-813 . 5,965 .

-6,065 .

(1) Gains (column (h) gain minus column (k), but not less than -0-)

or losses (from column (h))

-1, 342 . 871 .

-813 . 5, 965 .

116 . -6, 065 .

TEEW1601 SCR 10/30/04

(e) Gross sales price (f) Depreciation allowed (g) Cost or other basis (or allowable) plus expense of sale

a 185, 943 . 0 . 187,285 . b 131,754 . 0 . 130,883 . c 27,516 . 0 . 28,329 . d 60,004 . 0 . 54,039 . e 27,793 . 0 . 2~,677 . f 53,935 . 0 . 60,000 . 9 h

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69

(i) Fair Market Value 0) Ad)usted basis (k) Excess of column (i) as of 12/31/69 as of 12/31/69 over column 0), if any

a b c d e f 9 h

I

Form 990-PF, Page 1, Part 1, Line 23 Line 23 Stmt

Rev/Exp Book I Net Inv Inc I Adj Net Inc I Charity Disb Other expenses : Bank Charges Insurance Licenses & Permits Maintenance & Repairs Travel

Total

125 . 125* 51 558 - 5,558 .

25 . 25 . 20,618 . 20,618 . 2,635 . 2,635 .

28,961 . 28, 961 .

Form 990-PF, Page 2, Part 111, Line 3 Other Increases Stmt

Unrealized Gains on Investments 58,038 . Rounding -1 .

58,037 .

(a) (b) Cost/Other Accumulated

Basis Depreciation

W Book Value Line 14b - Description of

Land, Buildings, and Equipment

Land 597,00 0 . 597,000 . Building 398,00 66, 334 . 331, 666 . Improvements 10,511 . 7,096 . 3,415 . Furniture & Fixtures 2,713 ._ 2,355 . 358 .

Total 1,008,224 . . 75,785 . 932,439 .

Rose C . Stone Foundation 52-1271216

Form 990-PF, Page 1, Part 1, Line i8 Line 18 Stmt

Taxes : (see instructions) Rev/Exp Book Net Inv Inc Adi Net Inc Charitv Disb PropertV Tax 61932 . 6, 32 . Excise Tax 332 . 332 . 332 . Other 205 . 205 . 205 .

Total 7,469 . 537 . 537 . 6,932 .

Total

Form 990-PF, Page 2, Part 11, Line 14 L-14 Stmt

For'M 990-PF, p5 : Line 1~_C4LKes_

Board nicmbcr rcimbursed for costs associated with administration of grants .

Additional Information For Tax Return

Rose C . Stone Foundation 52-1271216

BUSINESSICAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004

Account Number 131 017451 149

Net Change in Asset Value 4,818 .57

Total Asset Value as7-of December 31 2004 --6126,714 .941 Taxable Income $2,816.38 Tax Exempt Income $0 .00

Investments and services are offered through Morgan Stanley DW Inc . . member SIPC

'9 Stanley Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200

Fiscal Year Ends 12-31-04

ANCHOR

----- - ------------- ------- ----- - --- ---- . . . . . .. . . .. Assd Su % of

Value Assets

Money Market Funds $24,2S4 .80 19 . 1z Stocks 102,429 .26 80 .9 Municipal Bonds 0.00 0 .0 Corporate Fixed Income 0.00 0 .0 Government Securities 0 .00 0 .0 Mutual Funds 0.00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .00 0 .0 Annuities/Insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $126,684 .06 100 .OZ Cash 30 .88 Total Asset Value $126,714 .94

Income Stmi-mary' --- - ---- . . . . . . . Year To Date

Money Market Funds $202 .54 Stocks 2,613 .84 Municipal Bonds 0 .00 Corporate Fixed Income 0 .00 Government Securities 0 .00 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $2,816.38

%Hn ; 6-7.,E. t

PAGE I OF 15

#BWNJMM 00202610 2 AT 0 .547 02 TR 1446 -000 AAA Customer Service

1-800-355-3086

ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT P 0 BOX 629 131 CORTE MADERA CA 94976-0629

Total Asset Value January 01, 2004 $116,527 .28 Cash/Money Market Actevity for 2004

Credits To Your Account Dividend and Interest 2,816 .38 Deposits 0 .00 Sales Proceeds/Redemptions 37,66a .84 Other Credits 36 .86

Total Credits 40,S22 .08 Debits To Your Account

Checking 0 .00 Debit Card 0 .00 Withdrawals 0 .00 Funds to Purchase Securities -32,474 .45 Other Debits -2,674 .6,5

Total Debits -35,149 .10

Changes in Asset Value for 2004 Value of Priced Assets 1/01/04 $97,610 .69

Securities Bought 32,474 .45 Securities Received 0 .00 Securities Sold/Redeemed -37,668 .84 Securities Delivered 0 .00 Transactions at Fund Company 0 .00 Change in Value of Priced Assets 10,012 .96

Value of Priced Assets 12/31/04 102,429 .26

Common Stocks

Next Dividend Payable 02/05 Next Dividend Payable 03/05 Next Dividend Payable 02/05 Next Dividend Payable 02/05

Investments and services are offered thr(., .,-i Morgan Stanley DW Inc ., member SIPC .

MorganStanley BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 2 OF 15

ROSE C STONE FOUNDATION Account Number ATTENTION MR ED WRIGHT 131 017451 149

ASSET DETAILS Pct of Est Yrly

Cash and Mone'v Market Funds Amount Assets Income Annualized 30 DaV Yields

30 .88 --- --- Active Assets Money Trust. .1 . 75X ACTIVE ASSETS MONEY TRUST 24,254 .80 19 .17 424 Active Assets Govt Sec Tr 1 .587

Active Assets California Tax Free 1 .04/

Total Cash and Money Market Funds $24,285-68 19 .1% $424 Active Assets Tax Free Trust 1 .187 AAA Institutional Money Trust 2 .04Z AAA Institutional Govt Sec Tr 2 .08X

Net Change Since January 1, 2004 $5,372 .98

Current PCt of Est Yrly Dividend Stocks Price Value Assets Income Yield SyMbol Additional Information

43 AFFILIATED COMPUTER SVC A 60 .19 2,S88.17 2 .1% 0 0 .00% ACS

41 AIR PROD & CHEM INC 57 .97 2,376.77 1 .9Z 47 - 2.007 APD

133 AMERICAN FINANCIAL REALTY TR 16 .18 2,151 .94 1 .7% 138 6 .427 AFR

60 AON CORP 23 .86 1,431.60 1 .2% 36 2 .51% ADC

38 ASTORIA FINANCIAL CORP 39 .97 1,518.86 1 .27 38 2 .50% AF

63 BANKATLANTIC BANCORP A 19 .90 1,253.70 1 .07 8 .707 BBX

76 BANKNORTH GRP INC 36 .60 2,781.60 2 .27 60 2 .18% BNK

35 BECKMAN COULTER INC 66 .99 2,344.65 1 .97 is .777 BEC

66 BRANDYWINE REALTY TR SBI NEW 29 .39 1,939.74 1 .5% 116 5.98% BON

60 CINERGY CORPORATION 41 .63 2,497 .80 2.0Z 112 4 .517 CIN

34 COMPUTER SCIENCES CP 56 .37 1,916 .58 1 .57 0 0 .007 -CSC

43 CONSTELLATION ENERGY GP INC 43 .71 1,879 .53 1 .57 49 2 .607 CEG

58 ENDURANCE SPCLTY HLDGS LTD 34 .20 1,983 .60 1 .6% 46 2 .367 ENH

43 EOG RESOURCES INC 71 .36 3,068 .48 2 .47 10 .33% EOG

77 FIRST AMERICAN CORP 35 .14 2,705 .78 2 .17 46 1 .707 FAF

86 FREEPORT MCMORAN CP&GLD CL B 38 .23 3,287.78 2 .6% 86 2.61% FCX

34 GENUINE PARTS CO 44 .06 1,498.04 1 .27 40 2 .727 GPC

38 GUIDANT CORP 72 .10 2,739.80 2 .27 15 .55Z GOT

61 HEALTH CARE PROPERTY INVS INC 27 .69 1,689.09 1 .37 101 6.03% HCP

60 HEALTH CARE REIT INC 38 .15 2,289.00 1 .8% 144 6.29Z HCN

23 HENRY SCHEIN INC 69 .64 1,601.72 1 .3% 0 0 .007 HSIC

27 INTEROIL CORP 37 .84 1,021.68 0 .8% 0 0 .00Z Ioc

116 IVAX CORP FLORIDA 15 .82 1,835 .12 1 .4% 0 0 .00z IVX

38 KERR MCGEE CP(HLDG CO) 57 .79 2,196 .02 1 .77 68 3 .11% KMG

128 MFA MORTGAGE INVESTMENTS INC 8.82 1,128 .96 0 .9z 112 9 .97Z MFA

116 MILLICOM INTL CELLULAR SA NEW 22 .73 2,636 .68 2 .1 ;1 0 0 .00% MICC

48 NDC HEALTH CORP 18 .59 892 .32 0 .7Z 7 .86Z NDC

28 NEWMONT MINING CORP (NEW) 44 .41 1,243 .48 1 .0Z 11 .90% NEM

107 NISOURCE INC 22 .78 2,437.46 1 .97 98 4 .03% NI

52 NOBLE ENERGY INC 61 .66 3,206.32 2 .5% 10 .327 NBL

Next Dividend Payable 02/14/05 Next Dividend Payable 01/20/05 Next Dividend Payable 02/05 Next Dividend Payable 03/05 Next Dividend Payable 01/17/05 Next Dividend Payable 02/05 Next Dividend Payable 02105 -Next Dividend Payable 01/17/05 Next Dividend Payable 02/05

Next Dividend Payable 01/03/0; Next Dividend Payable 03/05 Next Dividend Payable 01/05 Next Dividend Payable 01/14/05 Next Dividend Payable 03/05 Next Dividend Payable 01/03/05 Next Dividend Payable 03/05 Next Dividend Payable 02/05 Next Dividend Payable 03/05

Next Dividend Payable 01/03/05 Next Dividend Payable 01/31/05

BUSINESSCAPE-Accoura FOR YEAR ENDING DECEMBER 31, 2004

ROSE C STONE FOUNDATION ATTENTION. MR ED WRIGHT Account Number

131 017451 149

Common Stocks

35 OCCIDENTAL PETROLEUM CORP OE 58 .36 2,042 .60 1 .6z 38 1 .88y OXY 101 OLD REPUBLIC INTL CP 25 .30 2,55S.30 2 .OZ 52 2 .05Z ORI 63 PIONEER NATURAL RESOURCES CO 35 .10 2,211 .30 1 .7% 12 .56Z PXD 164 PLACER DOME INC 18 .86 3,093.04 2 .4% 16 S3Z POG 52 PRINCIPAL FIRL GROUP INC 40 .94 2,128.a8 1 .7Z 28 1 .34Z PFG 89 PRIORITY HEALTHCARE CP 8 21 .77 1,937 .53 I .Sz 0 0 .00% 38 PROGRESS ENERGY INC 4S .24 1,719.12 1 .4Z 89 S .21Z PGN 34 PUBLIC SERVICE ENTERPRISE GP 51 .77 1,760 .18 1 .4% 74 4 .24Z PEG 46 REDWOOD TRUST INC 62 .09 2,aS6 .14 2 .3Z 123 4 .31Z RNT 75 ROGERS COMM INC CL B (BC) 26 .15 1,961 .2.S 1 .5% 6 .327 RG 70 ROWAN COMPANIES INC 25 .90 1,813 .00 1 .4% 0 0 .00Z ROC 69 SEMPRA ENERGY 36 .6a 2,530 .92 2 .0Z 69 2 .727 SRE 57 SOVEREIGN BANCORP INC 22 .55 1,28S .3S 1 .0Z 6 S3Z say 55 STREETTRACKS GOLD TRUST 43 .80 2,409 .00 1 .9z 0 0 .00% GILD 40 TELEPHONE 9 DATA SYSTEMS INC 76 .95 3,078 .00 2 .4% 26 as% TOS 29 TEMPLE INLAND 68 .40 1,983 .60 1 .6z 41 2 .10% TIN 57 US CELLULAR CP 44 .76 2,551 .32 2 .0% 0 0 .00% USM 67 XTO ENERGY INC 35 .3a 2,370 .46 1 .9% 13 s6z XTO Next Dividend Payable 01/14/0S

Activity Description Amount Income Category

Dividend ACTIVE ASSETS MONEY TRUST 202 .54 Money Market Funds

Dividend AIR PROD & CHEM INC 18 .56 Stocks Dividend AMERICAN FINANCIAL REALTY TR 154 .53 Stocks Dividend ANGLOGOLD LM ADS 23 .91 Stocks

Investments and services are offered through Morgan Stanley DW Inc . member SIPC .

M o rga n'Sta n i ey PAGE 3 OF 15

Stocks Current Pct of Est Yrly Dividend

Price Value Assets Income Yield Symbol Additional Information

Next Dividend Payable 01/15/05 Next Dividend Payable 03/05 Next Dividend Payable 04/05 Next Dividend Payable 03/05 Next Dividend Payable 12/05

Next Dividend Payable 02/05-Next Dividend Payable 03/05 Next Dividend Payable 01/21/OS Next Dividend Payable 01/0q/OS

Next Dividend Payable 01/15/05 Next Dividend Payable 02/OS

Next Dividend Payable 03/OS Next Dividend Payable 03/05

-------- ------ ----------- -------------- Total Stocks --- -----------0102 ----- iCi -Ved-9k - - ----- ~ =- ------ ------------------------------------. . . . . . . . . . . . . . . . . . . . . . . . . .. . -- --- ------------ --- .. .. .. . . . . 'S7 Net Change -5ini6i -j aw- = ~- ---- - - - - - .-- - -- - . . . . k, I ---- $4!818 . -- - - ------ --- --- --- - -- - ----

Est Yrly Asset Summary Value Income ------------------------- --------- - ----------- ------- --- , --- -- ---- Total Asset Vaiiii-e- -------- - -- --- ----- - - ----- ------ - ----------- - -----

---- ----------- Total Net Chai~gd-in-Pr-ic-ed-As,~s'et's--Sin-c-6-Ja--n--u'a--r -------- -- - --- - ------------ - ----y

CREDITS TO YOUR ACCOUNT

Dividends and Interest

BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004


Dhidends aiid Interest

Investments and services are offered thrL _,i Morgan Stanley DW Inc., member SIPC .

organ M '~"-Stanley ROSE C STONE FOUNDATION ATTENTION MR ED WRIGHT

PAGE 4 OF 15


Dividend ANNALY MTGE MGMT INC 89 .17 Stocks Dividend AON CORP 42 .45 Stocks Dividend ASTORIA FINANCIAL CORP 45 .00 Stocks Dividend BANKATLANTIC BANCORP A 9 .33 Stocks Dividend BANKNORTH GRP INC 60 .04 Stocks Dividend BECKMAN COULTER INC 16 .80 Stocks Dividend BRANDYWINE REALTY TR SBI NEW 124.08 Stocks Dividend BROOKLINE BANCORP INC NEW 88 .08 Stocks Dividend C R BARD INC NJ 19 .66 Stocks Dividend CENTURYTEL INC 6.85 Stocks Dividend CINERGY CORPORATION 112 .80 Stocks Dividend CONSTELLATION ENERGY GP INC 12 .26 Stocks Dividend ENDURANCE SPCLTY HLDGS LTD 42 .18 Stocks Dividend EOG RESOURCES INC 9.89 Stocks Dividend FIRST AMERICAN CORP 44 .55 Stocks Dividend FREEPORT MCMORAN CP&GLD CL B 94 .60 Stocks Dividend GENUINE PARTS CO 20 .40 Stocks Dividend GOLDCORP INC 9.54 Stocks Dividend GUIDANT CORP 17 .30 Stocks Dividend HEALTH CARE REIT INC 143 .10 Stocks Dividend HEALTH CARE PROPERTY INVS INC 114 .82 Stocks Dividend INGLES MARKETS A 67 .32 Stocks Dividend KERR MCGEE CP(HLDG CO) 51 .30 Stocks Dividend LONGS DRUG STORES CORP 22 .12 Stocks Dividend MFA MORTGAGE INVESTMENTS INC 160 .38 Stocks Dividend NDC HEALTH CORP 7 .68 Stocks Dividend NEWMONT MINING CORP (NEW) 10 .10 Stocks Dividend NISOURCE INC 98 .44 Stocks Dividend NOBLE ENERGY INC 10 .40 Stocks Dividend OCCIDENTAL PETROLEUM CORP DE 50 .29 Stocks Dividend OLD REPUBLIC INTL CP 44 .84 Stocks Dividend PIONEER NATURAL RESOURCES CO 13 .40 Stocks Dividend PLACER DOME INC 16 .40 Stocks Dividend POGO PRODUCING CO 1 .30 Stocks Dividend PRINCIPAL FINL GROUP INC 28 .60 Stocks Dividend PROGRESS ENERGY INC 67 .40 Stocks Dividend PUBLIC SERVICE ENTERPRISE GP 74 .80 Stocks Dividend REDWOOD TRUST INC 385 .36 Stocks Dividend SEMPRA ENERGY 66 .75 Stocks Dividend SOVEREIGN BANCORP INC 8 .16 Stocks Dividend TELEPHONE & DATA SYSTEMS INC 26 .40 Stocks Dividend TEMPLE INLAND 78 .68 Stocks Dividend XTO ENERGY INC 4.02 Stocks

Total Stocks $2,613 .84



Investments and services are offered through Morgan Stanley DW Inc , member SIPC .

Morgan '9Stanley ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT

.11. BUSINESSCAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PACE 5 OF 15


Sales Proceeds/ R~demptio-ns----- Trade Settle Date Date Activity Quantity Description Price Amount Additional Information

08-05 08-10 Sold is ALLIED WASTE INDUSTRIES NEW 9.6503 144.74 08-13 08-18 Sold 84 ALLIED WASTE INDUSTRIES NEW 9.7765 821 .21 OS-10 05-13 Sold 13 ANGLOGOLD ASHANTI LIMITED 31 .4052 408.26 08-06 08-11 Sold 35 ANGLOGOLD ASHANTI LIMITED 33 .1266 1,159.40 05-18 05-21 Sold 121 ANNALY MTGE MGMT INC 16 .5266 1,999 .67 07-22 07-27 Sold 27 AON CORP 26 .0186 702.48 06-04 06-09 Sold 14 ASTORIA FINANCIAL CORP 38 .0680 532.93 08-25 08-30 Sold 45 BANKATLANTIC BANCORP A 18 .1937 818 .70 04-27 04-30 Sold 9 BRANDYWINE REALTY TR SBI NEW 26 .0008 234 .00 11-16 11-19 Sold 119 BROOKLINE BANCORP INC NEW 15 .8716 1,8" .67 05-12 05-17 Sold 8 C R BARD INC NJ 106.6554 853.22 11-03 11-08 Sold 34 C R BARD INC NJ 58 .2019 1,978 .81 05-03 05-06 Sold 5 CENTURYTEL INC 28 .9163 144 .57 10-29 11-03 Sold 38 CENTURYTEL INC 32 .2136 1,224 .09 03-17 03-22 Sold 13 COMPUTER SCIENCES CP 41 .5010 539.48 05-24 05-27 Sold 63 ENERGIZER HLOGS INC 43 .2938 2,727.44 01-15 01-21 Sold 83 GOLOCORP INC 13 .4151 1,113 .39 11-03 11-08 Sold 7 GUIDANT CORP 64 .9950 454.95 03-30 04-02 Sold 31 HEALTH CARE PROPERTY INVS INC 28 .5138 883.89 01-27 01-30 Sold 27 HOME PROPERTIES OF NY INC 39 .1028 1,055 .73 03-17 03-22 Sold 13 IDEXX LABS 55 .7984 725.35 07-20 07-23 Sold 11 IDEXX LABS 56 .4913 621.38 08-09 08-12 Sold 14 IDEXX LABS 46 .3192 648.45 11-09 11-15 Sold 102 INGLES, MARKETS A 12 .2569 1,250 .17 07-27 07-30 Sold 67 KING PHARMACEUTICALS 12 .0685 808 .57 03-23 03-26 Sold 31 KRISPY KREME DOUGHNUTS CORP 33 .1287 1,026 .94 02-03 02-06 Sold 54 LONGS DRUG STORES CORP 22 .1804 1,197 .68 04-08 04-14 Sold 52 LONGS DRUG STORES CORP 19 .5012 1,014 .03 05-13 05-18 Sold 66 KFA MORTGAGE INVESTMENTS INC 8.5447 563 .93 01-20 01-23 Sold 9 MILTICOM INTL CELLULAR SA NEW 80 .5228 724 .67 03-03 03-08 Sold 11 NEWMCNT MINING CORP (NEW) 41 .6671 458.32 04-27 04-30 Sold 23 NEWMONT MINING CORP (NEW) 40 .5758 933 .21 04-29 05-04 Sold 23 OCCIDENTAL PETROLEUM CORP DE 47 .9218 1,102 .17 07-09 07-14 Sold a PIONEER NATURAL RESOURCES CO 35 .0121 2ao .og 05-04 05-07 Sold 26 POGO PRODUCING CO 49 .3173 1,282 .22 07-14 07-19 Sold 18 SEMPRA ENERGY 34 .2491 616 .46


Account Number 131 017451 149 ROSE C STONE FOUNDATION

ATTENTION MR ED WRIGHT

I

Investments and services are offered thrL. n Morgan Stanley DW Inc., member SIPC-

\~ I

Morgan" Sta n ley PAGE 6 OF 15

Sales Proceeds/ Redemptions

Trade Settle Date Date Activity Quantity Description Price Amount Additional Information

01-30 02-04 Sold 29 SOVEREIGN BANCORP INC 22 .5506 653 .93 04-16 04-21 Sold 35 SOVEREIGN BANCORP INC 19 .8315 694 .08

08-16 08-19 Sold 11 TEMPLE INLAND 66 .4005 730 .39

02-03 02-06 Sold so UNISOURCE ENERGY CP (HLDG CO) 24 .5118 1,960 .84

02-06 02-11 Sold 18 US CELLULAR CP 38 .3538 690 .33

Total Sales Proceeds/Redemptions $37,668 .84

Other Credits Date Activity Description Amount Additional Information

12-30 Stock Dividend OLD REPUBLIC INTL CP 12 .80 CASH IN LIEU FRACTIONAL SHARE 01-12 Rebate 12Bl FEE PASS THROUGH 1 .79 02-09 Rebate 12131 FEE PASS THROUGH 1 .41 03-12 Rebate 12BI FEE PASS THROUGH 1 .02 04-13 Rebate 12131 FEE PASS THROUGH 1 .02 05-11 Rebate 12131 FEE PASS THROUGH 1 .17 06-14 Rebate 12131 FEE PASS THROUGH 1 .30 07-13 Rebate 12Bl FEE PASS THROUGH 1 .99 08-12 Rebate 12131 FEE PASS THROUGH 1 .59 08-24 Stock Dividend IVAX CORP FLORIDA 4 .86 CASH IN LIEU FRACTIONAL SHARE 09-13 Rebate 12131 FEE PASS THROUGH 1 .93 10-12 Rebate 12131 FEE PASS THROUGH 1 .93 11-10 Rebate 12131 FEE PASS THROUGH 1 .82 12-02 Rebate 12Bl FEE PASS THROUGH 2 .23

Total Other Credits $36 .86

Total Credits To Your Account $40,522 .08

DEBITS TO YOUR ACCOUNT

Funds to Purchase Securities

Trade Settle Date Date Activity Quantity Descriptlon Price Amount Additional Information

07-06 07-09 Bought 30 AFFILIATED COMPUTER SVC A 52 .7209 1,581 .63 07-21 07-26 Bought- 13 AFFILIATED COMPUTER SVC A 53 .8221 699 .69

06-14 06-17 Bought 32 AIR PROD & CHEM INC 49 .2723 1,576.71

I



Funds to Purchase Securiticis,


Morgan-Stanley ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT

RMIT. .M

PAGE 7 OF 15


11-19 11-24 Bought 9 AIR P= & CHEM INC ss .9808 S03 .83 02-13 02-19 Bought 99 ALLIED WASTE INDUSTRIES NEW 13 .1138 11298 .27 01-2a 02-02 Bought 24 ANGLOGOLD LM ADS 41 .4106 993.aS 01-28 02-02 Bought 60 ANNALY MTGE KGMT INC 19 .S790 1,174.74 03-02 03-OS Bought 11 ADM CORP 26 .374S 290 .12 01-29 02-03 Bought is ASTORIA FINANCIAL CORP 38 .4087 S76.13 02-11 02-17 Bought 108 BANKATLANTIC BANCORP A 17 .3187 1,870 .42 08-19 08-24 Bought 43 CONSTELLATION ENERGY GP INC 38 .9805 1,676 .16 03-02 03-05 Bought is ENDURANCE SPCLTY HLOGS LTO 34 .3062 S14 .59 11-19 11-24 Bought a ENDURANCE SPCLTY HLOGS LM 33 .4574 267.66 01-08 01-13 Bought 63 ENERGIZER HLDGS INC 37 .0257 2,332 .62 01-30 02-04 Bought 11 FIRST AMERICAN 30 .OS98 330 .66 04-21 04-26 Bought 34 GENUINE PARTS CO 36 .4617 lo239 .70 04-28 05-03 Bought is HENRY SCHEIN INC 73 .3281 1,319 .91 05-28 06-03 Bought 5 HENRY SCHEIN INC 67 .2000 536 .00 09-21 09-24 Bought 27 INTEROIL CORP 21 .146a S70 .96 03-03 03-08 Bought 13 IVAX CORP FLORIDA 23 .1836 301 .39 01-27 01-30 Bought 67 KING PHARMACEUTICALS 17 .5924 1,178 .69 02-23 02-26 Bought 31 KRISPY KREME DOUGHNUTS CORP 37 .4356 11160 .50 01-16 01-22 Bought 107 NISCURCE INC 21 .6500 2,316 .55 11-10 11-16 Bought 16 OLD REPUBLIC INTL CP 23 .8499 381 .60 01-25 01-28 Bought 20 REDWOOD TRUST INC 53 .1186 1,062-37 11-18 11-23 Bought 73 ROGERS COMM INC CL 8 (8C) 24 .3SO6 1,777 .59 11-24 11-30 Bought I ROGERS COMM INC CL 8 (BC) 24 .5238 24 .52 11-26 12-01 Bought I ROGERS COMM INC CL B (BC) 24 .3799 24 .58 01-27 01-30 Bought is SEMPRA ENERGY 31 .7021 475.53 12-14 12-17 Bought 12 SEMPRA ENERGY 35 .6869 428 .24 11-19 11-24 Bought 27 STREETTRACKS GOLD TRUST 44 .6059 1,204 .36 11-29 12-02 Bought 28 STREETTRACKS GOLD TRUST 4S .2976 1,268 .33 06-09 06-14 Bought 67 XTO ENERGY INC 25 .6231 1,716 .7S

Total Funds to Purchase Securities -32,474 .4S

Other Debits Date Activity Description- Amount Additional Information

01-16 Charge ACCESS IQ04 FEE ACP -653 .67 04-15 Charge ACCESS 2Q04 FEE ACP -676 .46 07-15 Charge ACCESS SQ04 FEE ACP -660 .98 10-14 Charge ACCESS 4Q04 FEE ACP -683 .54

Total Other Debits -2,674 .65

ROSE C STONE FOUNDATION ATTENTION MR ED WRIGHT

Total Debits To Your Account


ADDITIONAL ACCOUNT INFORMATION

Investments and services are offered thr,- n Morgan Stanley DW Inc ., member SIPC

M "~'Stanley organ BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004

-35,149 .10

PAGE 8 OF 15

Securities Received

Date Activity Quantity Description Price Amount Additional Information

05-28 Stock Dividend 17 C R BARD INC NJ 03-01 Stock Dividend 46 HEALTH CARE PROPERTY INVS INC 08-24 Stock Dividend 23 IVAX CORP FLORIDA 02-20 Stock Dividend 87 MILTICOM INTL CELLULAR SA NEW 12-30 Stock Dividend 28 OLD REPUBLIC INTL CP

Total Securities Received 0 .00

Tax Information Year-to-Date

Foreign Tax Paid 3 .89

The tax information provided above should be used only as a guide, a complete 109.9 will be sent to you

Messa2es

Please note that sell trades executed, checks written and debit card transactions made in 2004, and which settle early in 2005, will be reflected as 2004 transactions under the Assets, Checking and Debit Card sections of the Activity Details portion of the statement

Ow I

PAGE 9 OF J5


AAA Customer Service 1-800-355-3086

ANCHOR

GAIN AND LOSS SUMMARY

Investments and services are offered through Morgan Stanley DW Inc ., member SIPC .

`9 Sta n I ey Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY 1 IVIC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


BUSINESScAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004

ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT P 0 BOX 629 CORTE MADERA CA 94976-0629

The Gain and Loss information is provided for informational purposes only . We recommend that you contact your tax advisor to' determine the appropriate information to be used in the preparation of your tax return . This Gain and Loss Summary is not a substitute 1099 form (or any other appropriate tax form) and should not be riled with your taxes.

For most securities purchased after 1985 through Morgan Stanley DW Inc., the necessary data, including cost basis (purchase price), is provided to estimate gain or loss . Please note that although Morgan Stanley DW Inc. makes every effort to adjust the cost basis for such securities' capital changes, it does not adjust the cost basis for all events, including amortization of non-municipal bond premiums; exercise of stock options; securities deemed to have been sold and simultaneously repurchased, receipt of cash in lieu of fractional shares; or the net effect of wash sales andlor short sales against the box.

For securities not purchased through Morgan Stanley DW Inc., for example, securities purchased elsewhere and later transferred to it, you will need to supply the relevant information either to your Financial Advisor or directly onto ClientServ, independently of Morgan Stanley DIN Inc. In either case, it is your responsibility to ensure the accuracy of this information, since Morgan Stanley DW Inc. has no knowledge of such assets' cost basis. To correct any information supplied by Morgan Stanley DW Inc., please inform your Financial Advisor, to correct any information supplied by you, you may either inform your Financial Advisor or input the data directly yourself through ClientServ .

For Managed Futures funds, these funds may typically be redeemed only once monthly, at the fund's final net asset value ('NAW) as of each month's end. The fund's final NAV for each month - and therefore the exact amount of any investor's gain or loss realized that month- becomes available, however, only midway into the following month. Separately, all unrealized gain and loss figures are only estimates. Morgan Stanley DW Inc. does not guarantee nor will it independently verify the accuracy of the information in the Gain and Loss Summary.

Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Acquired Cost Total Cost Value Gainl(Loss] Information

Stocks

Common Stocks

AFFILIATED COMPUTER SVC A 30 07-06-04 52 .7210 1,581 .63 1,805 .70 224 .07 Short Term 13 07-21-04 53 .8223 699 .69 782 .47 02 .78 Short Term 43 53 .0539 2,281 .32 2,588 .17 306 .85

This summary is not part of your account statement. It is for information purposes only and should not be used for tax preparation.

BUSINESSCAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 10 OF 15


ROSE C STONE FOUNDATION ATTENTION MR ED VVRIGHT

Date Unit Adjusted Market Unrealized Additional Uirealized Gahi/(Loss) Quantity Acoutred Cost Total Cost Value Gainl(Loss) Information

AIR PROD & CHEM INC 32 06-14-04 49 .2721 1,576 .71 1,855 .04 278 .33 Short Term 9 11-19-04 55 .9811 503 .83 521 .73 17 .90 Short Term

41 50 .7448 2,080 .54 2,376 .77 296-23

AMERICAN FINANCIAL REALTY TR 133 06-30-03 14 .7593 1,963 .00 2,151 .94 188 .94 Long Term

AON CORP 49 06-06-03 26 .2400 1,285 .76 1,169 .14 (116 .62) Long Term 11 03-02-04 26 .3745 290 .12 262 .46 (27 .66) Short Term 60 26 .2646 1,575 .88 1,431 .60 (144 .28)

ASTORIA FINANCIAL CORP 23 06-06-03 27 .3000 627 .90 919 .31 291 .41 Long Term 15 01-29-04 38 .4086 576 .13 599 .55 23 .42 Short Term 38 31 .6850 1,204 .03 1,518 .86 314 .83

BANKATLANTIC BANCORP A 63 02-11-04 17 .3187 1,091 .08 1,253 .70 162 .62 Short Term

BANKNORTH GRP INC 76 06-06-03 26 .5000 2,014 .00 2.,761 .60 767 .60 Long Term

BECKMAN COULTER INC 35 06-06-03 42 .0400 1,471 .40 _2,344 .65 873 .25 Long Term

BRANDYWINE REALTY TR SBI NEW 66 06-06-03 24 .1000 1,590 .60 1,939 .74 349 .14 Long Term

CINERGY CORPORATION 52 06-06-03 38 .0000 1,976 .00 2,164 .76 188 .76 Long Term a 12-10-03 37 .4987 299 .99 -333 .04 33 .05 Long Term 60 37 .9331 2,275 .99 2,497 .80 221 .81

COMPUTER SCIENCES CP 34 06-06-03 40 .6500 1,382 .10 1,916 .58 534 .48 Long Term

CONSTELLATION ENERGY GP INC 43 08-19-04 38 .9804 1,676 .16 1,879 .53 203 .37 Short Term

ENDURANCE SPCLTY HLDGS LTD 35 11-06-03 31 .0000 1,085 .00 1,197 .00 112 .00 Long Term 15 03-02-04 34 .3060 514 .59 513 .00 (1 .59) Short Term 8 11-19-04 33 .f4575 267 .66 273 .60 5 .94 Short Term

58 32 .1939 1,867 .25 1,983 .60 116 .35

EOG RESOURCES INC 43 06-06-03 44 .0500 1,894 .15 3,068 .48 1,174 .33 Long Term

FIRST AMERICAN CORP 66 06-06-03 27 .2400 1,797 .84 2,319 .24 521 .40 Long Term

This summary is not part of your account statement It is for information purposes only and should not be used for tax preparation .

Investments and services are offered thrL.- .n Morgan Stanley DW Inc ., member SIPC .

MorganStanley

BUSINESSCAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 11 OF-15


ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT

Investments and services are offered through Morgan Stanley DW Inc , member SIPC. _

Morgan "~'Sta n I ey

Date Unit Adjusted Market Unrealized Additional Unreatized Gain/(Lossli Quantity Acauired Cost Total Cost Value Gainl[Loss) Information

FIRST AMERICAN CORP 11 01-30-04 30 .0600 $30 .66 386 .54 55 .88 Short Term 77 27 .6428 2,128 .50 2,705.78 577 .28

FREEPORT MCMORAN CP&GLD CL B 86 06-06-03 23 .1300 1,989 .18 3,287 .78 Io298 .60 Long Term

GENUINE PARTS CO 34 04-21-04 36 .4617 Io239 .70 1,498 .04 2S8.34 Short Term

GUIDANT CORP 38 06-06-03 44 .0000 1,672 .00 2,739 .80 1,067 .80 Long Term HEALTH CARE PROPERTY INIVS INC 61 06-06-03 20 .S250 1,752 .02 1,689 .09 437 .07 Lang Term

HEALTH CARE REIT INC 60 06-06-03 30 .1100 1,806 .60 2,289 .00 482 .40 Long Term HENRY SCHEIN INC is 04-28-04 73 .3283 1,319.91 1,253 .S2 (66 .39) Short Term

5 05-28-04 67 .2000 336 .00 348 .20 12 .20 Short Term 23 71 .9960 1,65S .91 1,601 .72 (S4 .191

INTEROIL CORP 27 09-21-04 21 .1466 S70 .96 1,021 .68 4SO .72 Short Term

IVAX CORP FLORIDA 99 06-06-03 15 .2565 1,510 .40 1,566.18 SS .78 Long Term 17 03-03-04 17,7288 301-39 268.94 (32,45) Short Term

116 IS . 61" 1,811 .79 1,83S.12 23 .33

KERR MCGEE CP(HLDG CO) 38 12-10-03 43 .8684 1,667 .00 2,196 .02 S29 .02 Long Term

WA MORTGAGE INVESTMENTS INC 128 06-06-03 10 .3000 1,318 .40 1,128 .96 (189 .44) Long Term

MILLICOM INTL CELLULAR SA NEW 116 06-06-03 6 .7500 783 .00 2,636 .68 1, M .68 Long Term

NDC HEALTH CORP 48 06-06-03 20 .SOQO 994 .00 892 .32 (91 .68) Long Term

NEWMONT MINING CORP (NEW) 28 06-06-03 31 .9SOO 894 .60 1,243 .48 5441 .88 Long Term

NISOURCE INC 107 01-16-04 21 .6500 2,316 .SS 2,437 .46 120 .91 Short Term

NOBLE ENERGY INC S2 06-06-03 37 .8900 1,970 .28 3,206 .32 1,236 .04 Long Term

OCCIDENTAL PETROLEUM CORP DE 35 06-06-03 33 .8700 1,185 .45 2,042 .60 SS7 .1-S Long Term

This summary is not part of your account statement. It is for information purposes only and should not be used for tax preparation .




Investments and services are offered thr,- _.i Morgan Stanley DW Inc ., member SIPC .

'q MorganStan*

Date Unit Adjusted Market Unrealized Additional Unrealized Gahi/(Loss) Quantity Acquired Cost Total Cost Value Gainl(Loss) Information

OLD REPUBLIC INTL CP 85 06-06-03 23 .3029 1,980 .75 2,150 .50 169 .75 Long Term 16 11-10-04 23 .8500 381.60 404.80 23 .20 Short Term 101 23 .3896 2,362.35 2,555 .30 192 .95

PIONEER NATURAL RESOURCES CO 63 06-06-03 26 .6500 1,678 .95 2,211 .30 532.35 Long Term

PLACER DOME INC 164 06-06-03 11 .4600 1,879 .44 3,093 .04 1,213 .60 Long Term

PRINCIPAL FINL GROUP INC 52 06-06-03 32 .7000 1,700 .40 2,128.88 428.48 Long Term

PRIORITY HEALTHCARE CP B 89 09-18-03 23 .3843 2,081 .21 1,937 .53 (143 .68) Long Term

PROGRESS ENERGY INC 38 06-06-03 47 .1200 1P790 .56 1,719 .12 (71 .44) Long Term

PUBLIC SERVICE ENTERPRISE GP 34 11-07-03 41 .0894 lp397 .04 1,760 .18 363.14 Long Term

REDWOOD TRUST INC 26 06-06-03 37 .7300 980.98 1,614 .34 633.36 Long Term 20 01-23-04 53 .1185 1,062.37 1,241 .80 179.43 Short Term 46 44 .4206 2,043.35 2,856 .14 812.79

ROGERS COMM INC CL B (BC) 73 11-18-04 24 .3505 1,777 .59 1,908 .95 131 .36 Short Term 1 11-24-04 24 .5200 24 .52 26 .15 1 .63 Short Term 1 11-26-04 24 .3800 24 .38 26 .15 1 .77 Short Term

75 24 .3532 1,826 .49 1,961 .25 134 .76

ROWAN COMPANIES INC 70 06-06-03 24 .740D 1,731 .80 1,813 .00 81 .20 Long Term

SEMPRA ENERGY 42 06-06-03 28 .3500 1,190 .70 1,540 .56 349.86 Long Term is 01-27-04 31 .7020 475.53 550.20 74 .67 Short Term 12 12-14-04 35 .6866 428.24- 44o'.i6 11 .92 Short Term

69 30 .3546 2,094.47 2,530 .92 436.45

SOVEREIGN BANCORP INC 57 06-06-03 16 .6400 948 .48 1,285 .35 336 .67 Long Term

STREETTRACKS GOLD TRUST 27 11-19-04 44 .6059 1,204 .36 1,182 .60 (21 .76) Short Term

28 11-29-04 45 .2975 1,268.33 1,226 .40 (41 .93) Short Term

55 44 .9580 2,472.69 2,409 .00 (63 .69)

TELEPHONE & DATA SYSTEMS INC 40 06-06-03 49 .5000 1,980 .00 3,078.00 1,098 .00 Long Term

This summary is not part of your account statement It is for information purposes only and should not be used for tax preparation


ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT


investments and services are offered through Morgan Stanley DW Inc ., member SIPC .

Morgan '9 Stan I ey PAGE 13 OF 15

Date Unit Adjusted Market Unrealized Additional Unmalized Gain/(Loss)-~-- Quantity Acquired Cost Total Cost Value Gainl(Loss) Information

TEMPLE INLAND 29 06-06-03 47 .2000 1,368 .80 1,983 .60 614.80 Long Term

US CELLULAR CP S7 06-06-03 26 .9000 1,533 .30 2,S51 .32 1,018.02 Long Term

XTO ENERGY INC 67 06-09-04 2.S .6231 1,716 .75 2,370 . 46 6S3.71 Short Term

-- ----- ------ -~2 - - -- -

---------- Totids-foi-bbWthi 4~ . -- - ------ - -- ------------ - - ---------- - 129 -g---M - .2 - --- - ------ Total Market-Va 6---f0i6M -- - ---- ~Posf ton's . . .. . .. .. . - -------

The 'Total Cosr and 'Unit Cosir for Fixed Income Unit Trusts, Mortgage-Backi?d Securities, and Zero Coupon Bonds has been adjusted to reflect any partial return of principal or capital that may have been paid to you, or accreted interest earned, since your purchase date . In the event that the accumulated total return of principal or capital is greater than the provided original cost, the adjusted cost will be '0.00' .

Date Date Adjusted Realized Additional Realized Gain/Moss) Q antity Acquired Sold Total Cost Proceeds Gainl(Loss) Information

Short Term

ALLIED WASTE INDUSTRIES NEW is 02-13-04 08-05-04 196 .71 144 .74 (51 .97) Short Term ALLIED WASTE INDUSTRIES NEW 84 02-13-04 08-13-04 1,101 .56 821 .21 (280 .35) Short Term ANGLOGOLD ASHANTI LIMITED 13 11-17-03 05-10-04 573 .81 408 .26 (165 .SS) Short Term ANGLOGOLD ASHANTI LIMITED 11 11-17-03 08-06-04 485 .54 364 .38 (121 .16) Short Term ANGLOGOLD ASHANTI LIMITED 24 01-28-04 08-06-04 993 .85 79S .02 (198 .83) Short Term ANNALY MTGE MGMT INC 61 06-06-03 05-18-04 1,204 .75 1,008 .10 (196 .65) Short Term ANNALY MTGE MGMT INC 60 01-28-04 05-18-04 1,174 .74 991.57 (183 .17) Short Term ASTORIA FINANCIAL CORP 14 06-06-03 06-04-04 382 .20 532 .93 150 .73 Short Term BANKATLANTIC BANCORP A 45 02-11-04 08-25-04 779 .34 818.70 39 .36 Short Term BRANDYWINE REALTY TR SBI NEW 9 06-06-03 04-27-04 216 .90 234 .00 17 .10 Short Term C R BARD INC NJ a 06-06-03 05-12-04 574 .80 853.22 278 .42 Short Term CENTURYTEL INC 5 06-06-03 05-03-04 173 .60 144.57 (29 .03) Short Term COMPUTER SCIENCES CP 13 06-06-03 03-17-04 528 .45 539.48 11 .03 Short Term ENERGIZER HLDGS INC 63 01-08-04 05-24-04 2,332 .62 2,727 .44 394 .82 Short Term GOLDCORP INC 83 06-06-03 01-15-04 979 .40 1o113 .39 133 .99 Short Term HEALTH CARE PROPERTY INVS INC 31 06-06-03 03-30-04 636 .28 883 .89 247 .61 Short Term HOME PROPERTIES OF NY INC 27 06-06-03 01-27-04 992 .25 1,055 .73 63 .48 Short Term IDEXX LABS 13 06-06-03 03-17-04 480 .43 725 .35 244 .92 Short Term KING PHARMACEUTICALS 67 01-27-04 07-27-04 1,178 .69 808 .57 (370 .12) Short Term KRISPY KREME DOUGHNUTS CORP 31 02-23-04 03-23-04 1,160 .50 1,026 .94 (133-S6) Short Term LONGS DRUG STORES CORP 54 06-06-03 02-03-04 864 .00 1,197 .68 333 .68 Short Term LONGS DRUG STORES CORP 52 06-06-03 04-08-04 832 .00 1,014 .03 182 .03 Short Term MFA MORTGAGE INVESTMENTS INC 66 06-06-03 05-13-04 679 .80 563 .93 (115 .87) Short Term

This summary is not part of your account statement . It is for information purposes only and should not be used for tax preparation .

BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 14 OF 15


ATTENTION MR ED WRIGHT

Investments and services are offered thru,ii Morgan Stanley DW Inc ., member SIPC 4

N MorganStanley

Date Date Adjusted Realized Additional Realized Gain/(Loss) Quantity Acquired Sold Total Cost Proceeds Gainl(Loss) Information

MILTICOM INTL CELLULAR SA NEW 9 06-06-03 01-20-04 243 .00 724 .67 481 .67 Short Term NEWMONT MINING CORP (NEW) 11 06-06-03 03-03-04 351 .45 458 .32 106 .87 Short Term NEWMONT MINING CORP (NEW) 23 06-06-03 04-27-04 734 .85 933 .21 198 .36 Short Term OCCIDENTAL PETROLEUM CORP DE 23 06-06-03 04-29-04 779 .01 1,102 .17 323 .16 Short Term OLD REPUBLIC INTL CP 06-06-03 12-30-03 0 .00 12 .60 12 .80 Prior Year's Trade POGO PRODUCING CO 26 06-06-03 05-04-04 1,169 .48 1,282 .

- 22 112 .74 Short Term

SOVEREIGN BANCORP INC 29 06-06-03 01-30-04 482 .56 653 .93 171 .37 Short Term SOVEREIGN BANCORP INC 35 06-06-03 04-16-04 582 .40 694 .08 111 .68 Short Term UNISOURCE ENERGY CP EHLOG CO) 80 06-06-03 02-03-04 IP508 .00 1,960 .84 452 .84- Short Term US CELLULAR CP is 06-06-03 02-06-04 484 .20 690 .33 206 .13- Short Term

Sub Total Short Term $24,857 .17 $27,272 .90 $2,415 .73

Long Term

AON CORP 27 06-06-03 07-22-04 708.48 702.48 (6 .00) Long Term

BROOKLINE BANCORP INC NEW 119 06-06-03 11-16-04 1,699 .32 1,888 . 67 189.35 Long Term

C R BARD INC NJ 34 06-06-03 -1-1-03-04 1-,221 .45 -1,978 .81 -757 .36 Long -Term

CENTURYTEL INC t8 06-06-63 10-29-04 1,319 .36- i-,,224 .09 (95 .27) Long Term

GUIDANT CORP 7 06-06-03 11-03-04 308.00 454.95 146 .95 Long Term

IDEXX LABS 11 06-06-03 07T20-04 406.52 621 .38 214 .86 Long Term

IDEXX LABS 14 06-06-03 08-09-04 517.38 648 .45 131 .07 Long Term

INGLES MARKETS A 102 06-06-03 11-09-04 1,011_.84_ 1 ;250 .17 238.33 Long Term

IVAX CORP FLORIDA 06-067,03 08-24-04 0 .00 4.86 4 .86 Cash in Lieu

PIONEER NATURAL RESOURCES CO a 06-06-03 07~09-04 213.20 280 .09 66 .89 Long Term

SEMPRA ENERGY 18 06-06-03 07-14-04 510 .30 616 .46 106 .16 Long Term

TEMPLE INLAND 11 06-06-03 08-16-04 519.20 730 .39 211 .19 Long Term

Sub Total Long Term $8,435 .05 $10,400 .80 $1,965 .75

Totals for closing transactions with cost data available $33',292 .22 $37,673 .70

Total Proceeds $37,673 .70--

This summary is not part of your account statement It is for information purposes only and should-not be used for tax preparation

Summary Short Term

Unrealized gain . . . .. . . . .. . . . .. . . . .. . . . $2,974 .17 Unrealized (loss) . . . . . . . . . . . . . . . . . . . .

' (0191 .78)

Realized gain YTD . . . . . . . . . . . . . . . . .. .

$4,261 .99 Realized (loss) YM . . .. . . . .. . . . .. . . . ($1,946 .26)

Lona Term Total

$20,040.21- - $23,014 .38 ($612.86) ($804

-.64)

$2,067.02 $6,329 .01 ($101 .27) ($1,947 .S3)


M -~'Stanley organ ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT


M.

PAGE 15 OF .15


Errors & Inquiries If you do not understand an entry on your statement or suspect an error, it is Margin Interest We calculate interest charges on margin loans as follows essential that you immediately contact the manager of the office servicing your Charges (1) Multiply the applicable margin interest rate limes the average daily account or, if you have a self-directed account, please call 800-688-6896 We will balance of your margin loan consider your statement correct unless we receive a written inquiry from you about (2) Multiply the result of Step (1) times the number of days your loan the suspected error within 10 calendar days from the day on which you received was outstanding your statement It is your responsibility to review your statement promptly and to (3) Divide the result of Step (2) by 360 (days) seek immediate clarification about entries that you do not understand We add the accrued interest to your debit balance and start a new calculation each

SIPC Protection Securities and cash held in Morgan Stanley accounts are protected up to their time the applicable interest rate changes and at the close of every statement month full net equity value by a combination of coverage provided by the Securities Investor Protection Corporation ("SIPC") a non-profit organization created by an Availability of Free Under the customer protection rules of the SEC 117 CFR §240 15c3-2 & -31, Act of Congress and additional protection purchased from a private insurer by Credit Balances Morgan Stanley DW Inc may use free credit balances in your account Morgan Stanley (the "Excess Coverage") SIPC protects up to $500,000 of each and Financial which are payable to you on demand, in the ordinary course of ft business customer's securities of which up to $100,000 may be uninvested cash Excess Statements We send summary Morgan Stanley DW Inc financial statements to you Coverage provides additional protection up to the full net equity value of each semiannually copies are also available on request, by mail account including unlimited coverage for uninvested cash SIPC and Excess Coverage apply only to securities and cash in the exclusive possession and Taxes Under Federal Income Tax law, we are required to report the gross proceeds of control of Morgan Stanley and do not protect against losses due to market sales transactions, entering into short sales and redemptions done in your fluctuations Detailed information is available upon request account - Although your statement may describe certain items as (federally) tax-

Transaction Dates All transaction dales on this statement are the transactions' settlement dates free, this is for information purposes only when reporting your taxes please rely

In the case of unsettled trades, we list the trade date instead of settlement date exclusively on the 1099 forms you will receive at the end of the year (For IRAs,

with a notation that the trade is unsettled 1099s report distributions from the ac - count rather than income or proceeds

from sales ) Federal law subjects you to penalties and withholding if you fail to Pricing of Securities The prices of securities displayed on your statement are derived from various provide us with your Social Security or Tax ID Number

sources and in some cases may be higher or lower than the price that you would actually receive in the market For securities listed on an exchange or trading Listed Options Information with respect to commissions and to other charges related to the continually in an active marketplace, the price reflects the market quotations at execution of options transactions has been included in confirmations of such the close of your statement period The prices of securities not actively traded transactions previously furnished to you A summary of such information will be may not be available These are indicated by "NW (not available) made available to you promptly at your request

For bonds trading less frequently, we rely on outside pricing services or a Estimated Annual Estimated annual income and yields are calculated by annuahzmg the most computerized pricing model, which cannot always give us actual market values Income and Yields recent distribution and do not reflect historic experience or projected future Similarly, some annuity values provided by outside sponsors are estimates results Since the rates are subject to change at any time . they should not be The amounts on this statement for limited partnerships are typically obtained entirely relied on for making investment or trading decisions You are advised to from a third party or from the investments' general partners unless Morgan consult with your Financial Advisor before making decisions Your Financial Stanley DW Inc has obtained other information such as an independent Advtsor will be able to assist you with accurate up-to-date informalion so that appraisal Since many partnership valuations are provided only annually, they do you canmake an informed decision If you have a self-directed account, please not always represent current values call 800-688-6896 Furthermore, limited partnerships and non-traded Real Estate Investment Trusts Accrued Bond This figure represents the taxable accrued interest received on bond sale (REITs) are illiquid and have no public markets, so the amounts shown on this Interest YTD transactions and credited to your a6count during the calendar year As required statement may not equal the amounts you would receive if you sold your b~ law, Morgan Stanley DW Inc will report to the Internal Revenue Service the investment total year-to-date figure indicated on the last statement you receive for the ca(en- The value of mutual fund shares is determined by multiplying the Net Asset Value dar year (NAV) by the number of shares or units held as reported to Morgan Stanley DW Inc by the correspondent custodian If we cannot obtain a price or estimate, Dividend/interest -These figures represent dividends and/or interest on securities received by NIA" appears (Month/YTD) Morgan Stanley DW Inc and credited to your account during the calendar year

For more detailed current information on prices, speal, to your Financial Advisor As required-by law, Morgan Stanley DW Inc reports taxable dividends and bond

or, if you have a self-directed account, please call 800-688-6696 interest credited to your account to the Internal Revenue Service The lotals reported are indicated as the year-to-date figures on the last slalemrnt for the

Account Valuation This figure represents the approximate value of your account on a settlement calendar year In the case of REITs, Real Estate Limited Partnerships and

date basis and is computed by adding (1) the market value of all priced positions -Regulated Investment Company Unit Investment Trusts, the Sponsor may

and (2) market values provided by pricing services and correspondent-custod-- reclassify income ajnd return of principal into a different ratio for the prior year

ians for other positions and by adding any credit or subtracting any aebit to Certain Assets Not You may_purchase certain assets through Morgan Stanley DW Inc v.,111ch your closing cash or money market balance Please note, this valuation may be Held at Morgan will be held at a custodial institution other than Morgan Stanley DW Inc adjusted for the net change in priced asset values for securities held or for the Stanley DW Inc. Assets held in custodial positions are no', covered by SIPC protection Where net change in money market balances in your account during the statement available, we include information about these assets on your Morgan Stanley DW period Your closing cash and/or money market balance represents the cash Inc statement The custodial institution is responsible for provining year-end lay, and/or money market funds available in your account and reflects the net month reporting (1099s) and separate periodic statements, which may vary from our end balance of all deposits, credits and debits (including checking and information due to different reporting periods In the case of Morgan Stanley MasterCard activity in Active Assets accounts) Van Kampen and external networked mutual funds. Moroa~ Slan!ey DW Inc wd?

Margin Privileges It you have applied for margin privileges and have been aoproved, you may provioe all year-end tax reporling (1090's) In the case of IRA accounts, Morgan (not available for [RAs borrow money from Morgan Stanley DW Inc in exchancie for pledging Stanley DW Inc performs all tax reporling or retirement accounts) assets in your account as collateral for any outstanding margin loan The Client's Investment It is essential to advise your F~tnancial Advisor or for self-direclec accounts,

am ount you may borrow is based on the value of the eligible securities in your Objectives and call 800-688-6896 immediately if there is a material change in your

margin account which are identified by an asterisk I') on your statement Financial Situation investment objectives or financial situation

Investments and services are offered thrL o Morgan Stanley DW Inc., member SIPC . 4

'9 Stan I ey Morgan

BUSINESSICAPE-AccouNT FOR YEAR ENDiNG DECEMBER 31, 2004


RBWNJMM AAA Customer Service 00202620 3 AT 0 .731 03 TR 1446 -000 1-80D-355-3086

1111111 If I I I III I I I I I III If I I I If 81111111110111 ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT P 0 BOX 629 131 CORTE MADERA CA 94976-0629

$103,828.S4

Money Market Funds $5,253 .11 4 .8% Stocks 11,029 .23 10 .6 Municipal Bonds 0 .00 0 .0 Corporate Fixed Income 91,411 .31 84.6 Government Securities 0 .00 0 .0 Mutual Funds 0 .00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .00 0 .0 Annuities/insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $107,693 .65 100 .0% Cash 0 .00 Total Asset Value $107,693 .65

Credits To Your Account Dividend and Interest 3,676 .08 Deposits 0 .00 Sales Proceeds/Redemptions 75,058 .4S Other Credits 3 .96

Total Credits 78,738 .49 Debits To Your Account

Checking 0 .00 Debit Card 0 .00 Withdrawals 0 .00 Funds to Purchase Securities -73,707 .61 Other Debits -2,346 .49

Total Debits -76,OS4 .10

Money Market Funds $44 .56 Stocks 606 .67 Municipal Bonds 0 .00 Corporate Fixed Income 3,024 .85 Government Securities 0 .00 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $3,676 .08 Net Change In Asset Value 1,180 .72

-----------Taxable Income $3,676 .08 Total Asset,Value -as of-December 31 $107,693 .6S' Tax Exempt Income $0 .00


Morgan 'qStanley Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


LORD ABBE17

------------- --

A S-Sef-Sumfij - - -- - ---- - -- --- - ---- -------

% of Value Assets

ERN,

PAGE I OF 21

Total Asset Value January 01 . 2004 Cash/Money Market Activity for 2004

Income Stmi-m-ary- - --- ---------- ------------ - ----- Year To Date

Changes in Asset Value for 2004 Value of Priced Assets 1/01/04 $101,2-59 .82

Securities Bought 73,707 .61 Securities Received 0 .00 Securities Sold/Redeemed -75,058 .45 Securities Delivered 0 .00 Transactions at Fund Company 0 .00 Change in Value of Priced Assets 2 .S31 .56





Annualized 30 Day Yields

Active Assets Money Trust -1 .757 Active Assets Govt Sec Tr 1 .587 Active Assets California Tax Free 1 . D4% Active Assets Tax Free Trust . 1 .18% AAA Institutional Money Trust 2 .04Z AAA Institutional Govt Sec Tr 2 .08%


Investments and services are offered thrt.- .n Morgan Stanley DW Inc ., member SIPC .

"I MorganStanley

ASSET DETAILS Pct of Est Yr1y

Cash and Monev Market Funds Amount Assets /ncome

.00 --- ---ACTIVE ASSETS MONEY TRUST 5,253.11 4 .8X 91

Total Cash and Money Market Funds $5,253 .11 4.8% $91

Current Pct of Est Yrly Dividend Stocks Price Value Assets Income Yield Symbol Additional Information

Common Stocks

39 ALLTEL CORP UNITS 52 .89 2,062 .71 2 .0% 151 7-32% AYZ Next Dividend Payable 02/05 27 HARTFORD FIN SVC GP EQ UTZ 64 .78 1,749 .06 1 .7% 81 4 .63% HIG .A Next Dividend Payable 02/05 5 SOUTHERN UNION CO . NEW 72 .90 364 .50 0 .4% 14 3 .94Y SUG .B Next Dividend Payable 02/05

Total Common Stocks 4,176 .27 4 .1Z 246 5 .90Z

Preferred Stocks

68 CONSTELLATION BRANDS INC PFD 37 .62 2,558 .16 2 .4Z 97 3 .62% STZ .A MOODY N .A . S&P B

56 OWENS ILLINOIS INC PFD A CV 40 .50 2,268 .00 2 .2% 133 5 .86% OI .A CONVERTIBLE PREFERRED MOODY CAAl S&P 8-

36 TEMPLE INLAND INC UPPER DECS 56 .30 2,026 .80 1 .97 135 6 .66% TIN .D MOODY BAA3 S&P BBB

Total Preferred Stocks 6,852 .96 6 .5Z 365 5 .33%

Total Stocks $11,029 .23 10 .6%- $612 - S .55%

Net Change Since January 1, 2004 -$2,312 .27

BUSINESSICAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 3 OF 24




1'-'j MorganStan~ey

Current Pa of Est Yrly Current Accruing- Corporate Fixed Incomel- Price Value Assets Income Yield Interest . Additional Information

Corporate Bonds

3,000 YOUNG 9 RUBICAM INC 100 .000 3,000 .00 2 .8Z 90 3 .00% 41 YIELD TO MATURITY 2.998OZ SUBORDINATED NOTES M 00113 Y BAA2 S&P 888+ 3 .000Z JAN/JUL 15 DUE 01/15/05 ISSI 01/20/00 CONVERTIRI

2,000 INVITROGEN CORP 99 .375 1,987 .50 1 .8z 45 2 .26% 1 YIELD TO MATURITY 2.5800Z 2 .7SO% JUN/DEC 15 DUE 12/IS/06 MOODY CALLABLE 0100 .00 ON 12/20/OS ISS! 12/11/01 CONVERTIBLE

2,000 GATX CORP 116 .7SO 2,33S .00 2 .27 iso 6 .42Z 62 MOODY BAA.3 S&P BBB-7 .500Z FEB/AUG-01 DUE 02/01/07 ISS11 02/01/02 CONVERTIBLE

3,000 MENTOR GRAPHICS CORP 10S .125 3,1S3 .75 2 .9Z 206 6 .53Z 9 Y33ELD TO CALL 1 .744OZ 6 .87SZ JUN/DEC 15 DUE 06/1S/07 MOODY CALLABLE $102 .75 ON 06/20/OS ISSUE 06/03/02 CONIVERTIRIE

2,000 MERCURY INTERACTIVE CORP NOTE 99 .750 11995 .00 1 .9% 9S 4 .76Z 47 YIE11n TO MATURITY 4 .SS70Z 4.7SOX JAN/JUL 01 DUE 07/01/07 Y CALLABLE $102 .03 ON 02/02/05 ISSUE 07/03/00 CONVERTIRIE

IP000 LOEWS CORP SUBORDINATED NOTE 98 .250 982 .SO 0 .9% 31 3 .18% 9 YIEID TO MATURITY 3 .811OZ 3 .12SX MAR/SEP 15 DUE 09/15/07 MOODY BAA2 S&P A-CALLABLE $100 .93 ON 02/02/OS ISSUE 09/19/97 CONVERTIBLE

1,000 YAHOO INC 190 .375 1,903 .75 1 .8% 0 0 .00z 0 S&P BBB- ZERO COUPON DUE 04/01/08 ISSUE 04/09/03 CONVERTIRIE

2,000 ECHOSTAR COMMUNICATIONS 102 .375 2,047 .50 1 .9% lis S .61% 14 YIELD TO MATURITY 4 .9740Z 5 .750% MAY/NOV 15 DUE 05/15/08 MOODY B2 S&P B CALLABLE 0103 .28 ON 02/02/05 ISSUE 11/15/01 CONVERTIBI

11000 NORTEL NETWORKS CORP 97 .250 972 .50 0 .9% 42 4 .37% 14 YIELD TO CALL .611OZ 4 .25OX MAR/SEP 01 DUE 09/01/08 MOODY a3 (-) S&P 13- (w) CALLABLE $102 .12 ON 01/23/05 ISSUE 09/15/01 CCNVERTrB1

1,000 COMPUTER ASSOC INTL INC SR NT 165 .17-5 1,651 .25 1 .5% 16 .98% Y BAI S&P BaB-1 .625% JUN/DEC 15 DUE 12/15/09 ISSUE 06/15/03 CONVERTIBLE

Investments and services are offered thn- n Morgan Stanley DW Inc., member SIPC .

'9 Stan I ey BUSINESSCAPE-AccoUNT Morgan FOR YEAR ENDING DECEMBER 31, 2004 PAGE 4 OF 21


Current Pct of Est Yrly Current Accruing Corporate Fixed Income Price Value Assets Income Yield Interest Additional Information

Corporate Bonds

1,000 LSI LOGIC CORP 93 .875 938.75 0 .9z 40 4.26X 5 YIELD TO MATURITY 5.3250% 4.OOOZ MAY/NOV 15 DUE 05/15/10 S&P B

ISSUE 05/16/03 CONVERTIBLE

1,000 STMICROELECTRONICS NV REGS 95 .031 950.31 0 .97 0 0 .007 0 MOODY A3 S&P A-ZERO COUPON DUE 07/05/13

2,000 COSTCO CO INC SUBORDINATED 109 .750 2,195.00 2 .07 0 0 .00% 0 MOODY A3 S&P A-NOTE ISSUE 11/26/97 CONVERTIBLE ZERO COUPON DUE 08/19/17 CALLABLE $63 .69 ON 01/23/05

2,000 TYCO INTL GROUP SA 159 .000 3,180 .00 3 .07 55 1 .72% 25 MOODY BA2 S&P BBB-2.750% JAN/JUL 15 DUE 01/15/18 ISSUE 01/13/03 CONVERTIBLE CALLABLE $101 .10 ON 01/20/06

2,000 ALZA CORP SUBORDINATED 87 .125 1,742 .50 1 .6x 0 0 .00% 0 MOODY AA1 S&P AAA DEBENTURES CONVERTIBLE ZERO COUPON DUE 07/28/20 CALLABLE $62.09 ON 02/02/05

6,000 EL PASO CORPORATI ON 52 .625 3,157.50 2 .97 0 0 .0ox 0 MOODY CAA1 S&P CCC+ ZERO COUPON DUE 02/28/21 ISSUE 06/08/01 CONVERTIBLE CALLABLE $55.20 ON 02/26/06

1,000 PMI GROUP INC 110 .375 1,103 .75 1 .0% 25 2 .26% 11 YIELD TO CALL OOSO% 2.500% JAN/JUL 15 DUE 07/15/21 MOODY Al S&P A CALLABLE $100 .00 ON 07/15/06 ISSUE 07/16/01 CONVERTIBLE

3,000 MANPOWER INC 69 .625 2,088 .75 1 .9% 0 0 .00% 0 MOODY BAA3 S&P BBB-ZERO COUPON DUE 08/17/21 ISSUE 08/17/01 CONVERTIBLE CALLABLE $60.27 ON 02/02/05 -

2,000 AGILENT TECHNOLOGIES 1CO .875 2,017 .50 1.9% 6 0 2 .97% 4 YIELD TO CALL .00507 INC/VARIABLE RATE MOODY BA2 S&P BB 3.000X JUN/DEC 01 DUE 12/01/21 ISSUE 11/27/01 CONVERTIBLE CALLABLE $100 .00 ON 02/02/05

PAGE 5 OF 23


BUSINESSCAPE-AccoUNT FOR YEAR ENDiNG DECEMBER 31, 2004



'9 Stan I ey Morgan

Current Pct of Est Yrly Current Accruing Corporate Fixed Incom Price Value Assets Income Yield Interest Additional Information

Corporate Bonds

2,000 BEST BUY 108 .375 2,167 .50 2 .0% 4S 2 .07% 20 YIELD TO CALL .0050% 2 .2SO% JAN/JUL IS DUE 01/15/22 MOODY BAI S&P 88+ CALLABLE $100 .00 ON 01/15/07 ISSA 01/15/02 CONVERTIBLE

1,000 TEVA PHARMACEUTICALS FIN 145 .250 1,452 .SO 1 .3% 3 .25% S&P B8R- 0 .375% MAY/NOV 15 DUE 11/1S/22 ISSUE 11/18/02 CONVERTIBI CALLABLE $100 .00 ON 11/18/07

1,000 BUNGE LTO FIN CORP 179 .875 1,798 .75 1 .7Y 37 2 .08Z 4 MOODY BAAS S&P Bas 3.750% MAY/146-V 15 DUE 11/15/22 ISSI 11/27/02 CALLABLE $101 .50 ON 11/22/05

2,000 WATSON PHARMACEUTICALS INC 103 .000 2oO6O.OO 1 .9% 35 1 .69% 10 ym n TO CALL .8040z 1 .75OX MAR/SEP IS DUE 03/15/23 MOODY BA1 S&P BBB-CALLABLE $100 .00 ON 03/20/08 ISSUE 03/07/03 CONVERTIBLE

2,000 LIBERTY MEDIA CORP NEW 120 .375 2,407.50 2 .2% is .62% 3 MOODY BAAS S&P Bas-0 .750% MAR/SEP 30 DUE 03/30/23 ISSUE 03/26/03 CONVERTIBLE CALLABLE $100 .00 ON 04/05/08

3,000 WALT DISNEY COMPANY 111 .250 3,337.SO 3 .1X 63 1 .91% 13 YIE' TO CALL .0050z 2 .125% APR/OCT 15 DUE 04/15/23 K 000 Y BAA1 S&P 6884 CALLABLE $100 .00 ON 04/15/08 TCCI = "hj1f=TT121

3,000 HILTON HOTELS CORP 119 .675 3,588 .75 3 .5% 101 2 .82% 21 YIELD TO CALL .0050% 3 .375% APR/OCT 15 DUE 04/15/23 M OOD Y BAAS S&P BBB- CALLABLE $100 .00 ON 04/15/08 ISSUE 04/27/03 CONVERTIBLE

1,000 COMVERSE TECHNOLOGY INC 147 .000 1,470 .00 1 .4% 0 0 .00% 0 S&P Ba- ZERO COUPON DUE 05/15/23 TSSI 08/19/03 CONVERTIBLE CALLABLE $100 .00 ON 05/15/08

2,000 HALLIBURTON CO SENIOR NOTES 123 .000 2,460 .00 2 .3Y 62 2 .54% 28 YIE1 TO CALL .0050z 3 .125% JAN/JUL 15 DUE 07/15/23 MOODY BAA2 sap BBB (m) CALLABLE $100 .00 ON 07/15/08 TSSI 06/30/03 CONVERTIBLE

'q MorganStanley BUSINESSCAPE-AccoUNT

FOR YEAR ENDING DECEMBER 31, 2004 PAGE 6 OF 21


Investments and services are offered thrL.-.n Morgan Stanley DW Inc., member SIPC .

Current Pct of Est Yrly Current Accrulng Corporate Fixed Income Price Value Assets Income Yield Interest Additional Information

Corporate Bonds

1,000 VISHAY INTERTECHNOLOGY INC 112 .125 1,121 .25 1 .0% 36 3 .23% 15 YIELD TO CALL 1.3620Z 3 .625Z FEB/AUG 01 DUE 08/01/23 MOODY 83 S&P B+ CALLABLE $100 .00 ON 08/01/10 ISSUE 08/06/03 CONVERTIBLE

2,000 HEALTH MANAGEMENT ASSOC SR SUB 104 .750 2,095.00 1 .9% 30 1 .43% 12 YIELD TO CALL .1740;1 NT S&P BBB+ 1 .500Z FEB/AUG 01 DUE 08/01/23 ISSUE 07/29/03 CONVERTIBLE CALLABLE $100 .00 ON 08/05/08

1,000 DST SYSTEMS 130 .250 1,302 .50 1 .2% 41 3 .16Z 15 YIELD TO CALL .005ox 4 .125X FEB/AUG 15 DUE 08/15/23 -- MOODY CALLABLE $100 .00 ON 08/15/10 ISSUE 08/12/03 CONVERTIBLE

1,000 FISHER SCIENTIFIC INTL INC 148 .750 1,487 .50 1 .47 25 1 .68% 6 MOODY BA2 S&P BBB-2.500Z APR/OCT 01 DUE 10/01/23 ISSUE 07/07/03 CONVERTIBLE CALLABLE $100 .00 ON 10/02/10

2,000 WYETH 102 .501 2,050.02 1.9% 27 1 .32X 12 YIELD TO CALL .9000% 1 .360% JAN/JUL 15 DUE 01/15/24 MOODY BAA1 S&P A CALLABLE $100 .00 ON 07/20/09 ISSUE 12/16/03 CONVERTIBLE

1,000 LIBERTY MEDIA CORP 94 .375 943.75 0 .9% 35 3.70% 16 YIELD TO MATURITY 3.844OX 3 .500% JAN/JUL 15 DUE 01/15/31 MOODY BAA3 S&P BBB-CALLABLE $100 .00 ON 01/15/06 ISSUE 01/11/01 CONVERTIBLE

1,000 LIBERTY MEDIA CORP 98 .125 981 .25 0 .9% 32 3 .31% 9 YIELD TO MATURITY 3.358OX 3.25OX MAR/SEP 15 DUE 03/15/31 MOODY BAA3 S&P BBB-CALLABLE $100 .00 ON 03/15/06 ISSUE 03/08/01 CONVERTIBLE

3,000 3M COMPANY 89 .875 2,696.25 2 .5% 0 0 .00% 0 MOODY AA1 S&P AA ZERO COUPON DUE 11/21/32 ISSUE 11/21/02 CONVERTIBLE CALLABLE $88.26 ON 11/21/07

2,000 INTERNATIONAL GAME TECHNOLOGY 76 .375 1,527.50 1 .4% 0 0 .00% 0 MOODY BAA2 S&P BBB ZERO COUPON DUE 01/29/33 ISSUE 06/16/03 CONVERTIBLE CALLABLE $62.47 ON 01/29/06

PAGE 7 OF 21


BUSINESSCAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004



Morgan"'Stanley

Current Pct of Est Yrly Current Accruing Corpomte Fixed-In-Co- m Price Value Assets Income Yield Interest- Additional Information Corporate Bonds 1,000 LINCARE HOLDINGS 106 .875 1,068 .7S 1 .0% 30 2 .80Z I YIELD TO CALL .9720Z

3 .000% JUN/DEC 15 DUE 06/15/33 K 010D Y CALLABLE 0100 .00 ON 06/15/08 ISSi 06/11/03 CONVERTIBLE

1,000 OMNICOM GROUP INC 100 .17-5 11001.2s 0 .9z 0 0 .00Z 0 Y BAA1 S&P A-ZERO COUPON DUE 06/01/33 TSSI 06/10/03 CALLABLE 0105 .2S ON 06/15/10

1,000 AMERICAN EXPRESS CO CORP 108 .625 1,086 .25 1 .0% 18 1 .70% 1 YIE TO CALL .0050Z BOND/MULTI CPN MOODY Al S&P A+ 1 .850% JUNIOEd 01 DUE 12/01/33 ISSUE 11/21/03 CONVERTIM CALLABLE $100 .00 ON 12/01/06

Total Corporate Bonds 7S,S06 .SS 69 .9% 1,610 2 .13% 442 Fixed-Rate Capital Securities

68 SEMPRA ENERGY INCOME EQUITY 31 .12 2,116.16 2 .0% 144 6 .82Y 0 MOODY N .A . S&P BaB* UNIT 8 .S00% QTRLY AUG DUE 05/17/05

27 CAPITAL ONE FINANCIAL 56 .44 1,523.88 1 .4% 84 S .53% 0 MOODY BAA3 S&P ass-6 .250% QTRLY AUG DUE OS/17/OS CONVERTIB!

32 PUBLIC SERVICE ENTERPRISE 67 .32 2,154 .24 2 .0% 164 7 .61% 0 MOODY BAA3 S&P B88-GROUP INC CONVERTIBLE 10 .25Z QTRLY NOV DUE 11/16/OS CALLABLE

73 ONEOK INC 35 .70 2,606 .10 2 .4Z 155 5.95% 0 MOODY 8AA1 S&P A-8 .500% QTRLY AUG DUE 02/16/06 CONVERTIBLE

34 AMC CORP(PEPS)CVT 73 .9S 2,514 .30 2 .3% 119 4 .73% 0 Y BA2 S&P as 7 .000% QTRLY MAR DUE 12/01/06 CONVERTIBLE

82 ALBERTSON'S INC 25 .40 2,082 .80 1 .97 148 7 .13% 0 M 000 Y BAA2 S&P ass 7 .25OX QTRLY AUG DUE 05/16/07 CONVERTIBI

z

Investments and services are offered thr, _,i Morgan Stanley DW Inc., member SIPC-

'N MorganStanley BUSINESSICAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 8 OF 21


Current Pct of Est Yrly Current Accruing Corporate Fixed lncom6 Price Value Assets Income Yield Interest Additional Information

Fixed-Rate Capital Securities

64 XL CAPITAL LTD 25 .45 1,628.80 1 .5% 104 6.38% 0 MOODY A2 S&P A 6 .500% QTRLY MAY DUE 05/15/07 CONVERTIBLE

45 MARSHALL 9 ILSLEY CORP 28 .41 1,278.45 1 .2% 73 5 .72% 0 MOODY A2 6 .500% QTRLY NOV DUE 08/15/07 CONVERTIBLE

Total Fixed-Rate Capital Securities 15,904 .73 14 .7Z 992 6 .247 0

Total Corporate Fixed Income 491-,411 .-31 84 .6% 12,6_03 ~ .84% $442

Net Change Since January 1,-2004 -1,131 .55

Wafchlist and CreditWatch Indicators developingluncertain (+) - On WatchlistlCredit Watch Upgrade On WatchlistlCredit Watch Downgrade For more information on Watchlist and CreditWatch Indicators, please go to our website at www morganstanley.com/bondratings

Est Yrly Asset Suminail, Value Income

Total Asset Value $107~693 .65 -

Total Net Change In Priced Assets Since January 1, 2004


Dividends and Intere .q Activity Description Amount Income Category


Dividend ALLTEL CORP UNITS 37 .78 Stocks Dividend ANTHEM INC % EQU.SEC .UNITSI- 12 .75

- Stocks

Dividend CONSTELLATION BRANDS INC PFD 73 .32 Stocks Dividend DOMINION RESOURCES INC PIES 85 .52 Stocks Dividend DOMINION RES INC (NEW) 9 .31 Stocks Dividend HARTFORD FIN SVC GP EQ UT 40 .50 Stocks Dividend NORTHROP GRUMMAN CP(HLDG CO) 12 .19 Stocks Dividend OWENS ILLINOIS INC PFD A CV 160 .91 Stocks Dividend TEMPLE INLAND INC UPPER DECS 174 .39 Stocks



Investments and services are offered through Morgan Stanley DW Inc ., member SIPC.

'9Stanley Morgan ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT

.11 BUSINESSCAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 9 OF Z1


Total Stocks $606.67

Taxable Interest AMC CORP(PEPS)CVT 7000 06DE01 S9 .50 Corporate Fixed Income Taxable Interest ALBERTSON'S INC 7250 07MY16 37.16 Corporate Fixed Income Taxable Interest AMERICAN EXPRESS 1850 W33DE01 9.Z5 CorporateFFixed Income Taxable Interest BARNES 8 NOBLE 5250 "09MH15 82.54 Car-parate Fixed Income Taxable Interest BEST BUY 2250 w2kJA15 4S.60 Corporate I~ixed Income' Taxable Interest BUNGE LM FIN 3750 M22NVIS 37.50 Corporate Fixed Income Taxable Interest CAPITAL WE FINL 6250 OSMY17 21 .09 Corporate Fixed Income Taxable Interest CENDANT CORP DECS 77SO 04AU17 207 .36 Corporate Fixed Income Taxable Interest CIENA CORP 3750 NOSM01 75 .0

- 0 Corporate Fixed Income

Taxable Interest COMPUTER ASSOC 5000 W07KHIS 150 .00 Corporate Fixed Income Taxable Interest COMPUTER ASSO 1625 09BEIS 8 .13 Corporate Fixed Income Taxable Interest DST SYSTEMS ' 412S N23AUlS 41 .25 Corporate Fixed Income Taxable Interest ECHOSTAR 60M s7so *08mils 57.SO Corporate Fixed Income Taxable Interest EQ SEC TR II RMG 67-SO OSFBlS 67.1s Corporate Fixed Income Taxable Interest GATX CORP 7SOO 07FB01 187 .SO Corporate Fixed Income Taxable Interest GILEAD SCIENCES 2000 "07DEIS 20 .00 Corporate Fixed Income Taxable Interest HALLIBURTON CO 3125 )(23JL15 31 .43 Corporate Fixed Income Taxable Interest HILTON HOTELS 3375 %23AP15 101 .26 Corporate Fixed Income Taxable Interest INTERPUBLIC GRP 4500 *23MH15 45 .00 Corporate Fixed Income Taxable Interest INVITROGEN CORP 2250 W06DERG 22 .50 Corporate Fixed Income Taxable Interest KERR MCGEE 5250 %1QFB15 26 .25 Corporate Fixed Income Taxable Interest LIBERTY MEDIA 3250 H31MM15 87 .94 Corporate Fixed Income Taxable Interest LIBERTY MEDIA 0750 023KH30 7 .50 Corporate Fixed Income Taxable Interest LINCARE HOLDINGS 3000 *33JN15 15 .00 Corporate Fixed Income Taxable Interest LOEWS CORP 3175 M07SPRG 15 .63 Corporate Fixed Income Taxable Interest LSI LOGIC CORP 4000 10MY15 20 .00 Corporate Fixed Income Taxable Interest KENTOR GRAPHICS 6875 )(07JNlS 206 .26 Corporate Fixed Income Taxable Interest NORTEL NETWORKS 4Z50 KOSSP01 42 .50 Corporate Fixed Income Taxable Interest NORTHROP GRUMMAN 7750 04NV16 210 .04 Corporate Fixed Income Taxable Interest ONEOK INC NEW 8500 06FB16 155 .12 Corporate Fixed Income Taxable Interest PMI GROUP INC 2500 *21JL15 SO .00 Corporate Fixed Income Taxable Interest PRUDENTIAL FIN IN 6750 04NV15 87 .76 Corporate Fixed Income Taxable Interest PUB SVC ENT PEPS 10250 NOSNV16 193 .47 Corporate Fixed Income Taxable Interest SEKPRA ENERGY 8500 05MY17 108 .39 Corporate Fixed Income Taxable Interest SOLECTRON CP ACES 7250 04NV15 69 .78 Corporate Fixed Income Taxable Interest TEVA PHARMACEUTIC 0375 *22NV15 5 .63 Corporate Fixed Income Taxable Interest TRAVELERS PRPTY 4500 *32AP15 92 .24 Corporate Fixed Income Taxable Interest TXU CORP 35700933JL15 14 .59 Corporate Fixed Income Taxable Interest TYCO INTL GROUP 2750 N18JAlS 68 .75 Corporate Fixed Income Taxable Interest WALT DISNEY CO 2125 )(23APRG 63 .76 Corporate Fixed Income Taxable Interest WATSON PHARM INC 1750 %23MH15 57 .45 Corporate Fixed Income Taxable Interest WYETH 0716 %24JA15 8 .67 Corporate Fixed Income Taxable Interest XL CAPITAL LM 6500 07MYIS 52 .00 Corporate Fixed Income Taxable Interest YOUNG & RUBICAM 3000 N05JA15 60 .00 Corporate Fixed Income


Divideiiiis aiid Interest

Investments and services are offered thrL. - n Morgan Stanley DW Inc., member SIPC .

'9 Stanley Morgan ROSE C STONE FOUNDATION ATTENTION MR ED WRIGHT

BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 10 OF 21


Total Corporate Fixed Income $3,024 .85

Total Dividends and Interest $3,676 .08

Sales Proceeds/ Redemptioits


02-03 02-06 Sold 2,000 AGILENT TECH 3000)(21DE01 -122 .7520 2,465 .87 ACCRUED INTEREST 10 .83

05-21 05-26 Sold 2,000 AGILENT TECH 3000 )(21DE01 102 .1250 2,071 .67 ACCRUED INTEREST 29 .17

03-23 03-26 Sold 17 ANTHEM INC Z EQU.SEC .UNITS 103.4845 1,759 .17

06-28 06-28 Sold 2,000 BARNES &-NOBLE, 5250 m-09MH15 - - 2,060 .00 REDEMPtION OF CALLED BOND

03-12 03-17 Sold 1,000 BUNGE LTD-FIN 3750 *22NV15 133.7880 1,350 .59 ACCRUED INTEREST 12 .71

08-17 08-17 Sold CENDANT CORPORATION - 16 .96 CASH IN LIEU OF FRACTIONS

08-17 08-17 Tender 68 CENDANT CORP DECS 7750 04AU17 - EXCHANGE

08-20 08-25 Sold 149 CENDANT COR~ORATION 21 .6637 3,227 .81

10-26 10-29 Sold 2,000 CIENA-CORP , 3750 *08FB01 83 .2500 1,683 .33 ACCRUED INTEREST 18 .33

09-23 09-28 Sold 3,000 COMPUTER-ASSOC 5000 *07MH15 116.6250 3,504.17 ACCRUED INTEREST 5 .42

03-17 03-22 Sold 2,000 CORNING INC 3500 *08NVRG 127 .11~20 2,569.66 ACCRUED INTEREST 27 .42

08-10 08-13 Sold 2,000 COSTCO CO INC 00600 N17AU19 -i2 .7210 1,854 .42

11-16 11-16 Sold DOMINION RES INC (NEW) 47 .20 CASH IN LIEU OF FRACTIONS

11-16 11-16 Tender 18 DOMINION RESOURCES INC PIES EXCHANGE

12-02 12-07 Sold 14 DOMINION RES INC (NEW) 64 .5138 903.16

08-17 08-20 Sold 1,000 DST SYSTEMS 4125 *23AU15 1~0.3190 1,203 .76 ACCRUED INTEREST .57

01-15 01-21 Sold 4,000 EDP OPERATING LP 7250 -)(08NV15 104 .3500 4,227 .17 ACCRUED INTEREST 53 .17

09-02 09-08 Sold 78 EQ_SEC TR II RMG 6250 OSFB15 -20 .6100 1,607 .54- ACCRUED INTEREST 10 .36

02-11 02-17 Sold 2,000 FIRST DATA CORP 2000 WO~MHbl 100 .1 - 250 2,020 .94 ACCRUED INTEREST 18 .44

06-08 06-11 Sold 1,000 GATX CORP - 7500 07FBOl 112.0000 1,147 .08 ACCRUED INTEREST 27 .08

11-15 11-15 Tender 2,000 GILEAD SCIENCES 2000 *07DE15 CONVERSION

11-17 11-17 Sold GILEAD SCIENCE 3.72 CASH IN LIEU OF FRACTIONS

11-17 11-17 Tender 2,000 GILEAD SCI 2B CVR 2000 07DE15 EXCHANGE

11-23 11-23 Sold 2,000 GILEAD SC M/W PMT 2000 07DE15 - 60 .34 DISTRIBUTION MAKE WHOLE PAYMENT

12-02 12-07 Sold 85 GILEAD SCIENCE 34 .5453 2,936 .28

01-09 01-14 Sold 3,000 INTERPUBLIC GROUP 1870 X06JN0l 93'.t412 2,806.94 ACCRUED INTEREST (3 .70

10-12 10-15 Sold 1,000 INTERPUBLIC GRP 4500 *23MH15 119.8378 1,202 .13 ACCRUED INTEREST 3 .75

02-12 02-18 Sold 1,000 KERR MCGEE - 5250 NlOFB15 107.2500 1,072 .94 ACCRUED INTEREST .44

03-12 03-17 Sold 2,000 LIBERTY MEDIA 3250 N31MH15 94 .0889 1,882 .14 ACCRUED INTEREST .36

08-19 08-24 Sold 1,000 LIBERTY MEDIA 3250 *31MH15 88 .6250 900.60 ACCRUED INTEREST 14 .35

07-29 08-03 Sold 1,000 LSI LOGIC CORP 4000 10MY15 91 .1250 919 .92 ACCRUED INTEREST 8 .67

09-15 09-20 Sold 3,000 MANPOWER INC 00000 x2lAURG 64 .8750 1,946 .25

01-26 01-29 Sold 2,000 NORTEL NETWORKS 4250 *08SP01 102.3750 2,082 .44 ACCRUED INTEREST 34 .94


Account Number 11 31 017454 149

Sales Proceeds/ RedemptioliW~ ~--

01-12 Rebate 12BI FEE PASS THROUGH 0 .23 02-09 Rebate 12BI FEE PASS THROUGH 0 .2.5 03-12 Rebate 1281 FEE PASS THROUGH 0 .29 04-13 Rebate 12B1 FEE PASS THROUGH 0 .46 05-11 Rebate 1281 FEE PASS THROUGH 0 .26 06-14 Rebate 12BI FEE PASS THROUGH 0 .21 07-13 Rebate 1281 FEE PASS THROUGH 0 .35 08-12 Rebate 12Bl FEE PASS THROUGH 0 .31 09-13 Rebate 1281 FEE PASS THROUGH 0 .40 10-12 Rebate 12131 FEE PASS THROUGH 0 .37 11-10 Rebate 12B1 FEE PASS THROUGH 0 .44 12-02 Rebate 1281 FEE PASS THROUGH 0 .59


Investments and services are offered through Morgan Stanley DW Inc , member SIPC

"Stanley Morgan ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT

go

PAGE 11 OF .211

Trade Settle Date Date Activity Quantity Descrintion Prke Amount Additional Information

04-20 04-23 Sold 11000 NORTEL NETWORKS 4250 )(08SP01 100 .3150 1,009.29 ACCRUED IN[TEREST. 6 .14 11-16 11-16 Sold NORTHROP GRUMMAN CP(HLDG; CO) - 38 .4S CASH IN LIEU OF FRACTIONS 11-16 11-16 Tender 2a NORTHROP GRUMMAN 72SO 04NV16 EXCHANM 12-02 12-07 Sold S3 NORTHRW GRUMMAN CP(HLDG CO) S7 .1000 3,026 .22 11-16 11-16- Sold 1,000 OMNICOM EXC/CONST00000 33JNIS 2.SO TENDER PAYMENT 11-02 11-02 Tinder 1,000 OMNICOM GROUP 00000 *33JN15 TENDER 03-19 03-24 Sold 47 OWENS- ILLINOIS INC PFD A CV 34 .ZS13 1,609.74 12-03 12-08 Sold 11000 PKI GROUP INC 2500 N21JL15 109 .9987 1,109.82 ACCRUED INTEREST 9 .93 OS-17 OS-20 Sold 20 PRUDENTIAL FIN IN 6750 04NVlS 63 .7197 1,274.36 ACCRUED INTEREST .94 05-18 OS-21 Sold 32 PRUDENTIAL FIN IN 6750 04NVlS 63 .8636 2,043.59 ACbRUED IN T 1 .80 OS-25 05-28 Sold 25 PU3 SVC ENT PEPS 10250 1405NVI6 56 .4S95 1,411 .4S ACCRUED INTEREST 4.63 05-03 05-03 Tender 154 SOLECTRON CP ACES 7250 04NVlS TENDER OS-11 OS-11 Sold SOLECTRON CP 2.23 CASH IN LIEU OF FRACTIONS 05-11 05-11 Sold IS4 SOLECTRON 213 TNOR 7250 04NVIS 303.38 TE243ER PAYMENT 05-12 05-17 Sold 392 SOLECTRON CP 4 .7730 1,870 .97 05-12 OS-17 Sold 2,000 STHICROELECTRONICOOOOO 13JLOS 97 .2900 1,94S.80 09-23 09-28 Sold 14 TEMPLE INLAND INC UPPER DECS 55 .6soo 779 .Oa 08-10 08-13 Sold 1,000 TEVA PHARMACEUTIC 0375 N22NVlS 135 .8344 1,359 .26 ACCRUED INTEREST .92 10-26 10-29 Sold 82 TRAVELERS PRPTY 4500 )632AP15 21 .9000 1,795 .7S ACCRUED INTEREST 6.92 10-12 10-12 Tender 1,000 TXU CORP 31OOON33JL15 TENDER 10-15 10-15 Sold 1,000 TXU 2B TNOR 3100 33JLIS 1,593 .6S TENDER PAYKENT 09-21 09-24 Sold 11000 TYCO INTL GROUP 2750 )(18JAIS 142 .0450 1,425 .72 ACCRUED INTEREST S.27 02-11 02-17 Sold 2,000 VERTEX PHARKACEUT 5000 )(07SP19 95 .2500 1,946 .11 ACCRUED INTEREST 41 .11 09-14 09-17 Sold 1,000 WATSON PHARM INC 17SO H25KH15 97 .6780 976." ACCRUED INTEREST .10

Total Sales Proceeds/Redemptions 075,058 .45

Other Credits Date Activity Descrintion Amount Additional Information




Investments and services are offered thr~. n Morgan Stanley DW Inc ., member SIPC .

N MorganStanley ROSE C STONE FOUNDATION ATTENTION MR ED WRIGHT

Total Credits To Your Account


$78,738 .49

PAGE 12 OF 21

Trade Settle Date Date Activity Quantlty Description Price Amount Additional Information

12-17 12-22 Bought 2,000 AGILENT TECH 3000 *21DE01 101 .0670 2,024 .84 ACCRUED INTEREST 3 .50 05-13 05-18 Bought 34 AHC CORP(PEPS)CVT 7000 06DEOI 66 .8906 2,274 .28 ACCRUED INTEREST .33 08-26 08-31 Bought 82 ALBERTSON'S INC 7250 07MY16 26 .'9500 2,209 .90 ACCRUED INTEREST 11 .56 08-18 08-23 Bought 39 ALLTEL CORP UNITS

- 51 .b8dS 1,992.15

09-16 09-21 Bought 2,000 ALZA CORP SUB DEBOOOOO *20JL28 80 .5400 1,610 .80 09-16 09-21 Bought 1,000 AMERICAN EXPRESS 1850 *33DE01 106 .8350 1,074 .00 ACCRUED INTEREST 5.65 09-15 09-20 Bought 27 CAPITAL ONE FINL 6250 OSMY17 52 .9554 1,429 .80 ACCRUED INTEREST 7 .73 08-17 08-17 Received 149 CENDANT CORPORATION EXCHANGE 01-16 01-22 Bought 2,000 CIENA CORP 3750 x08FB01 94 .8750 1,933 .13 ACCRUED INTEREST 35 .63 09-23 09-28 Bought 1,000 COMPUTER ASSOC 1625 09DE15 147 .8750 1,483 .40 ACCRUED INTEREST 4 .65 10-06 10-12 Bought 1,000 COMVERSE TECH 00000 *23MY15 123 .9600 1,239 .60 03-31 04-05 Bought 68 CONSTELLATION BRANDS INC PFD 30-.5497 2,077 .38 11-16 11-16 Received 14 DOMINION RES INC (NEW) - - EXCHANGE 03-18 03-23 Bought 2,000 DST SYSTEMS 4125 X23AU15 125 .6270 2,521 .25 ACCRUED INTEREST 8 .71 08-11 08-16 Bought 2,000 ECHOSTAR COMM 5750 *08MY15 100 .7790 2,044 .65 ACCRUED INTEREST 29 .07 02-24 02-27 Bought 1,000 EL PASO CORP 00000 *21FB28 46 .6250 466 .25 01-22 01-27 Bought 35 EQ SEC TR II RMG 6250 OSFB15 29 .2495 1,023.73 ACCRUED INTEREST 13 .52 01-28 02-02 Bought 43 EQ SEC TR II RMG 6250 05FBIS 28 .-0000 1 204 .00 ACCRUED INTEREST .75 10-06 10-12 Bought 1,000 FISHER SCIENTIFIC 2500 *230C01 145 .9427 1,460 .19 ACCRUED INTEREST .76 02-12 02-18 Bought 2,000 GILEAD SCIENCES MO *07DE15 136 .~150 2,733 .30 ACCRUED INTEREST 7 .00 11-15 11-15 Received 2,0 00 GILEAD SCI 2B CVR 2000 07DE15 CONVERSION 11-17 11-17 Received 85 GILEAD SCIENCE EXC-HANGE 11-17 11-17 Received 2,000 GILEAD SC M/W-PMT 2000 07Dt15 EXCHANGE 02-12 02-18 Bought 2,000 HALLIBURTON CO -3125 *23JL15 112 .-4652 2,255 .03 ACCRUED INTEREST S .73 05-19 05-24 Bought 27 HARTFORD FIN SVC GP EQ UT Z 61 .8954 1,671 .18 12-07 12-10 Bought 2,000 HEALTH MGMT'ASSO 1500 *23AU01 104 .9962 2,110 .67 ACCRUED INTEREST 10 .75 01-12 01-15 Bought 1,000 INTERPUBLIC GRP 4500 *23MH15 159-.7465- 1,612 .47 ACCRUED INTEREST 15 .00 03-26 03-31 Bought 2,000 INTL CAME TECH 00000 M33JA29 97 .4805 1,949 .61 09-22 09-27 Bought 2,000 INVITROGEN CORP 2250 *06DERG 98i8909 1,990 .57 ACCRUED INTEREST 12 .75 08-23 08-26 Bought 2,000 LIBERTY MEDIA 0750 *23MH30 110 .6836 2,219 .75 ACCRUED INTEREST 6 .08 10-26 10-29 Bought- 1,000 LIBERTY MEDIA 3500 A31JA15 91 .0440 920 .55 ACCRUED INTEREST 10 .11 12-09 12-14 Bought 1,000 LINCARE HOLDINGS 3000 *33JN15 103 .0625 1,045 .55 ACCRUED INTEREST 14 .92 07-15 07-20 Bought 1,000 LOEWS CORP 3125 A07SPRG 96 .8750 979 .60 ACCRUED INTEREST 10 .85 06-16 06-21 Bought 2,000 LSI LOGIC CORP 4000 10MY15 106 .4510 2,017 .02 ACCRUED INTEREST 9 .00 10-28 11-02 Bought 45 MARSHALL 9 ILSLEY 6500 07AU15 ~7 .2791 1,227 .56 12-17 12-22 Bought 2,000 MERCURY INTERACT 4750 M07JL01 101 .4688 2,074 .51 ACCRUED INTEREST 45 .13



Funds to Purchase Sectirities-=--~-~~-


'9Stan~ey Morgan ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT

N

PAGE 13 OF 21

Trade Settle Date Date- Activity Quantity Description Price Amount Additional Information

08-19 08-24 Bought 1,000 NORTEL NETWORKS 42SO 14138SP01 96 .6161 986 .58 ACCRUED INTEREST 20 .42 01-28 02-02 Bought 19 NORTHROP GRUMMAN 7250 04NV16 106 .9119 2,031 .33 ACCRUED INTEREST 7 .75 11-16 11-16 Received 53 NORTHROP GRUMMAN CP`(HLDG; CO) EXCHANGE 11-02 11-02 Received 1,000 OMNICOM EXC/CO TOOOOO 33JNIS TENDER 01-12 01-15 Bought 1,000 OMNICOM GRMJ? 00000 N33JNIS 103 .2170 1,032 .17 11-16 11-16 Received 1,000 OMNICOM GROUP INCOOOOO %33JN01 TENDER DISTRIBUTION FOR

CMNICOM EXC/CONST00000 33JN1 10-25 10-28 Bought 9 PUS SVC ENT PEPS 10250 NOSNV16 57 .1858 514 .67 ACCRUED INTEREST 9.48 03-31 04-05 Bought 68 SEMPRA ENERGY 8500 OSMY17 29 .0975 1,978 .63 ACCRUED INTEREST 2S .29 05-03 05-03 Received 154 SOLECTRON 28 TNDR 7250 04NV15 TENDER 05-11 05-11 Received 392 SOLECTRON CP TENDER DISTRIBUTION FOR

SOLECTRON 2B TKOR 7250 04NVI 12-27 12-30 Bought 5 SOUTHERN UNION CO . NEW 72.9341 364 .67 05-27 06-02 Bought 1,000 TXU1 CORP 2620 *33JLIS 153 .6994 1,540 .41 ACCRUED INTEREST 3.42 10-12 10-12 Received 11000 TXU 2B TNOR 3100 33JL15 TENDER 02-04 02-09 Bought 11000 TYCO INTL GROUP 2750 N18JA15 131 .1890 1,313 .72 ACCRUED INTEREST 1 .83 10-20 10-25 Bought 1,000 VISHAY INTERTECH 3625 R23AU01 104 .5910 1,054 .37 ACCRUED INTEREST 8.46 06-07 06-10 Bought 2,000 WYETH 0716 H24JAlS 98 .7550 1,982.02 ACCRUED INTEREST 6.92 05-18 05-21 Bought 64 XL CAPITAL LTD 6500 07MY15 24 .9194 1,594 .94 ACCRUED INTEREST 5.78 10-29 11-03 Bought 1,000 YAHOO INC 00000 08AP01 184 .6058 1,846 .06 05-18 03-23 Bought 2,000 YOUNG 9 RUBICAM 3000 *0SJA15 100 .8750 2,028 .83 ACCRUED INTEREST 11 .33 04-22 04-27 Bought 1,000 3M COMPANY 00000 %32NV21 92 .9030 929 .03 05-13 05-18 Bought 2,000 SM COMPANY 00000 %32NV21 91 .6779 1,833 .56

Total Funds to Purchase Securities -73,707 .61

Other Debits Date Activity Descrintion Amount Additional Information

01-16 Charge ACCESS lQ04 FEE LOC -586 .69 04-15 Charge ACCESS 2Q04 FEE LOC -594 .57 07-15 Charge ACCESS SQ04 FEE LOC -586 .82 10-14 Charge ACCESS 4QO4 FEE LOC -578 .41


Total Debits --- -------- -------- ----- ------ ----------- W-7CPS4-a-0


LORD ABBETT

GAIN AND LOSS SUMMARY The Gain and Loss information is provided for informational purposes only . We recommend that you contact your tax advisor to

determine the appropriate information to be used in the preparation of your tax return . This Gain and Loss Summary is not a substitute 10-99 form (or any other appropriate tax form) and should not be riled with -your taxes.

For most securities purchised after 1985 through Morgan Stanley DW Inc., the necessary data, including cost basis (purchase price), is provided to estimate gain or loss . Please note that although Morgan Stanley DW Inc. makes every effort to adjust the cost basis for such securities' capital changes, it does not adjust the cost basis for all events, including amortization of non-municipal bond premiums; exercise of stock options; securities deemed to have been sold abd simultaneously repurchased, receipt of cash in lieu of fractional shares, or the net effect of wash sales andlor short sales against -the box.

For securities not purchased through Morgan Stanley DW Inc., for example, securities purchased elsewhere and later transferred to it, you will need to supply the relevant information either to your Financial Advisor or directly onto ClientServ, independently of Morgan Stanley DW Inc. In either case, it is your responsibility to ensure the accuracy of this information, since Morgan Stanley DW Inc. has no knowledge of such assets' cost basis. To correct any information supplied by Morgan Stanley DW Inc., please inform your Financial Advisor, to correct any information supplied by you, you may either inform your Financial Advisor or input the data directly yourself through ClientServ .

For Managed Futures funds, these funds may typically be redeemed only once monthly, at the fund's final net asset value ('NAV) as of each month's end. The fund's final NAV for each month - and therefore the exact amount of any investor's gain or loss realized that month- becomes available, however, only midway into the following month. Separately, all unrealized gain and loss figures are only estimates . Morgan Stanley DW Inc. does not guarantee nor will it independently verity the accuracy of the information in the Gain and Loss Summary.

Date Unit Adjusted Market Unrealized Additional QuantitX Accuired Cost Total Cost Value Gainl(Loss) Information

39 08-18-04 51 .0807 1,992 .15 2,062 .71

27 05-19-04 61 .8955 1,671 .18 1,749 .06 HARTFORD FIN SVC GP EQ UT Z

Investments and services are offered through Morgan Stanley DW Inc ., member SIPC . I

"Sta n I ey Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200




149- PAGE 15 OF 21


Unrealized Gain/fLoss) Stocks

Common Stocks

ALLTEL CORP UNITS


70 .56 Short Term

77 .88 Short Tarm

BUSINESSCAPE-AccolUINT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 16 OF 21



Investments and services are offered thrt- ji Morgan Stanley DW Inc., member SIPC .

N MorganStanley

mw~

Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Acquired Cost Total Cost Value Gainl(Loss) Information

SOUTHERN UNION CO . NEW 5 12-27-04 72 .9340 364.67 364.50 ( .17) Short Term

Preferred Stocks

CONSTELLATION BRANDS INC PFD 68 03-31-04 30 .5497 2,077 .38 2,558.16 480.78 Short Term

OWENS ILLINOIS INC PFD A CV 56 06-11-03 27 .7959 1,556 .57 2~p268 .00 711.43 Long Term

TEMPLE INLAND INC UPPER DECS 36 06-11-03 45 .7100 1,645 .56 2,026 .80 381 .24 Long Term

Corporate Fixed Income

Corporate Bonds

YOUNG & RUBICAM 3 .000 1-15-05 1,000 10-22-03 100 .0250 1,000 .25 1P000 .00 ( .25) Long Term 2,000 03-18-04 100 .0420 2,000 .84 2,ObO.00 ( .84) Short Term 3,000 100.0363 31-001 .09 3,000.00 (1 .09)

INVITROGEN CORP 2 1/4 12-15-06 2,000 09-22-04 98 .8909 1,977 .82 1,987 .50 9 .68 Short Term

GATX CORP 7 1/2 2-01-07 2,000 07-02-03 101 .4265 2,028 .53 2,335.00 306.47 Long Term

MENTOR GRAPHICS 6 7/8 6-15-07 3,000 06-12-03 107.5166 3,225 .50 3t153 .75 (71 .75) Long Term

MERCURY INTERACT 4 3/4 7-01-07 2,000 12-17-04 101 .4550 2,029 .10 it9gs .00 (34 .10) Short Term

LOEWS CORP 3 1/8 9-15-07 1,000 07-15-04 96 .8750 968.75 982.50 13 .75 Short Term

YAHOO INC .000 4-01-08 1,000 10-29-04 184.6058 1,846.06 12903 .75 57 .69 Short Term

ECHOSTAR COMM 5 3/4 5-15-08 2,000 08-11-04 100.7075 2,014.15 2,047 .50 33 .35 Short Term

NORTEL NETWORKS 4 1/4 9-01-08 1,000 08-19-04 96 .6161 966 .16 972 .50 6 .34 Short Term

COMPUTER ASSOC 1 5/8 12-15-09 1,000 09-23-04 147.8750 1,478 .75 1,651 .25 172.50 Short Ter-m

LSI LOGIC CORP 4 .000 5-15-10 1,000 06-16-04 100.4150 -1,004 .15 -938 .75 (65 .40) Short Term

STMICROELECTRONIC .000 7-05-13 1,000 11-25-03 109.2500 1,092 .50 950 .32 (142 .19) Long Term


BUSINESSCAPE-AccouNT FOR YEAR ENDiNG DECEMBER 31, 2004 PAGE 17 OF 211



Date Unit Adjusted Market Unreafted Additional Unrealized Gain/(Loss)~- Quantity Acguired Cost Total Cost Value Gainl(Loss) Information

COSTCO CO INC .000 B-19-17 2,000 06-13-03 94 .7230 1,694.46 2 ;19S .00 500 .S4 Long Term

TYCO INTL GROUP 2 3/4 1-15-18 11000 10-10;-03 113 .0920 1,130 .92 11S90 .00 4S9 .08 Long Term 1,000 02-04-04 129,2440 1,292 .44 1-.00.00 297 .56 Short Term 21000 121 .1680 2,423.36 3,180 .00 756 .64

ALZA CORP .000 7-28-20 2,000 09-16-04 80 .S400 1,610 .80 lp742 .50 131 .70 Short Term

EL PASO CORP .000 2-28-21 5,000 06-12-03 46 .9310 2,346 .55 2,631 .2S 294 .70 Long Term 1,000 02-24-04 46.6250 466 .2S 526 .2S 60 .00 Short Term 6,000 46 .8800 2,812 .80 3,157 .50 344 .70

PMI GROUP INC 2 1/2 7-15-21 11000 11-12-03 110 .6530 1,106 .53 1,103 .7S (2 .78) Long Term

MANPOWER INC .000 8-17-21 3,000 06-12-03 6S .7913 1,973 .74 2pO88 .7S 11S .01 Long Term

AGILENT TECH 3 .000 12-01-21 2,000 12-17-04 101 .0660 2,021 .32 2,017 .50 (3 .82) Short Term

BEST BUY 2 1/4 1-15-22 2,000 09-15-03 107 .6805 2,153 .61 2,167 .50 13 .89 Long Term

TEVA PHARMACEUTIC 3/8 11-15-22 1,000 06-18-03 139 .5000 1,395 .00 1,452 .50 57 .50 Long Term

BUNGE LTD FIN 3 3/4 11-15-22 1,000 07-16-03 111 .6260 1,116 .26 1,798 .75 6.82 .49 Long Tern

WATSON PHARM INC 1 3/4 3-15-23 2,000 09-08-03 123 .5375 2,470 .75 2,060 .00 (410 .75) Long Term

LIBERTY MEDIA 3/4 3-30-23 2,000 08-23-04 110 .6836 2,213 .67 2,407 .50 193 .83 Short Term

WALT DISNEY CC 2 1/8 4-15-23 3,000 11-03-03 105 .3286 3,159 .86 3,337 .50 177 .64 Long Tern

HILTON HOTELS 3 3/8 4-15-23 3,000 09-16-03 102 .0750 3,062 .ZS 3,588 .75 S26 .50 Long Term

COMVERSE TECH .000 5-1S-23 1,000 10-06-04 123 .9600 lp239 .60 1,470 .00 230 .40 Short Term

HALLIBURTON CO 3 1/8 7-15-23 21000 02-12-04 112 .0175 2,240 .3S 2,460 .00 219 .65 Short Term

VISHAY INTERTECH 3 5/8 8-01-23 1,000 10-20-04 104 .5580 1,045 .58 1,121 .25 75 .67 Short Term

HEALTH MGMT ASSO 1 1/2 8-01-23 2,000 12-07-04 104 .9820 2,099 .64 2,095 .00 (4 .64) Short Term


I


Morgan '9Stanley

N MorganStanley BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 18 OF 21


Investments and services are offered thr(,, ..i Morgan Stanley DW Inc ., member SIPC .

Date Unit Adjust-d Market -Unreahzed Additional L Unrealized Gain/(Loss) Quantity Acauired Cost Total Cost Value Gainl(Loss) Information

DST SYSTEMS 4 1/8 8-15-23 11000 03:18-04 124.8210 1,248 .21 1,302 .50 54 .29 Short Term

FISHER SCIENTIFIC 2 1/2 10-01-23 11000 10-06-04 145 .9427 1,459.43 1,487.50 28 .07 Short Term

WYETH 1 .360 1-15-24 2,000 06-07-04 98 .7550 1,975 .10 2,050.02 74 .92 Short Term

LIBERTY MEDIA 3 1/2 1-15-31 1,000 10-26-04 91 .1030 911 .03 943.75 32 .72 Short Term

LIBERTY MEDIA 3 1/4 3-15-31 1,000 06-12-03 109.2600 1,092 .60 981.25 (111 .35) Long Term

3M COMPANY .000 11-21-32 1,000 04-22-04 95 .7290 957.29 898.75 (58 .54) Short Term

2,000 05-13-04 94 .2795 1,885 .59 1,797 .50 (88 .09) Short Term 3,000 94 .7626 2,842 .88 2, 696.25 1146 .63)

INTL GAME TECH .000 1-29-33 2,000 03-26-04 101 .0510 . 2,021.02 1,527 .50 (493 .52) Short Term

LINCARE HOLDINGS 3 .000 6-15-33 1?000 12-09-04 103 .0600 1,030 .60 1,068 .75 38 .15 Short Term

OMNICOM GROUP INC .000 6-01-33 1,000 11-16-04 - pend corp act 1,001 .25

AMERICAN EXPRESS 1 .850 12-01-33 1,000 09-16-04 106 .8350 1,068 .35 1,086 .25 17 .90 Short Term

- Fixed-Rate Capital Securities I __

SEMPRA ENERGY 8 1/2 5-17-05 68 03-31-04 28 .0697 1,908 .74 2,116 .16 207.42 Short Term

CAPITAL ONE FINL 6 1/4 5-17-05 27 09-15-04 52 .9214 1,428 .88 1,523 .88 95 .00 Short Term

PUB SVC ENT PEPS 10 1/4 11-16-05 23 06-11-03 "58 .1995 1,338.59 1,548 .36 209.77 Long Term

9 10-25-04 55 .8977 -503 .08 605.88 102.80 Short Term

32 57 .5521 1,841.67 2,154 .24 312.57

ONEOK INC NEW 8 1/2 2-16-06 51 07-16-03 28 .1919 1,437 .79 IP820.70 382.91 Long Term

22 10-24-03 28 .0709 617 .56 785 .40 167 .84 Long Term

73 28 .1554 2,055 .35 2,606 .10 550.75

AHC CORP(PEPS)CVT 7 .000 12-01-06 34 05-13-04 66 .8808 2,273 .95 2,514 .30 240.35 Short Term

ALBERTSON'S INC 7 1/4 5-16-07 82 08-26-04 26 .7591 2,194.25 2,082 .80 (111 .45) Short Term



ROSE C STONE FOUNDATION A17ENTION: MR ED WRIGHT


Date Date Adjusted Realized Additional Realized Gain/Moss) - 0 antity Accuired Sold Total Cost Proceeds Gainlfloss) Information

Short Term

AGILENT TECH 3 .000 12-01-21 2,000 06-12-03 02-03-04 1,987 .SO 2,455 .04 AGILENT TECH 3 .000 12-01-21 2,000 06-12-03 05-21-04 1,987 .50 2,042 .50 ANTHEM INC Z EQU .SEC.UNITS 17 06-11-03 03-23-04 1,541 .90 1,759 .17 BUNGE LTD FIN 3 3/4 11-15-22 IP000 07-16-03 03-12-04 1,120 .14 1,337 .88 CENDANT CORPORATION 08-17-04 08-17-04 0 .00 16 .96 CENDANT CORPORATION 149 oa-17-04 08-20-04 pend carp act 3,227 .81 CIENA CORP 3 3/4 2-01-08 2,000 01-16-04 10-26-04 1,897 .50 1,665 .00 COMPUTER ASSOC 5 .000 3-15-07 1,000 11-12-03 09-23-04 1,194 .72 1,166 .7-5 CORNING INC 3 1/2 11-01-08 2,000 09-10-03 03-17-04 2,229 .71 2,S42 .24 DOMINION RES INC (NEW) 11-16-04 11-16-04 0 .00 47 .20 DOMINION RES INC (NEW) 14 11-16-04 12-02-04 pend carp act 903 .16 DST SYSTEMS 4 1/8 8-15-23 1,000 03-18-04 08-17-04 1,256 .27 1,203 .19 EDP OPERATING LP 7 1/4 11-15-08 4,000 06-12-03 01-IS-04 4,271 .15 4,174 .00 EQ SEC TR II RMG 6 1/4 2-15-05 3S 01-22-04 09-02-04 1,010 .21 716 .68 EQ SEC TR II RMG 6 1/4 2-15-05 43 01-28-04 09-02-04 1,203 .2S 880 .50 FIRST DATA CORP 2 .000 3-01-08 2,000 06-12-03 02-11-04 2,340 .00 2,002 .50 GATX CORP 7 1/2 2-01-07 1,000 07-02-03 06-08-04 1,017 .75 1,120 .00 GILEAD SC M/W PMT 2 .000 12-15-07 2,000 11-17-04 11-23-04 pond carp act 60 .34 GILEAD SCIENCE 11-17-04 11-17-04 0 .00 3 .72 GILEAD SCIENCE as 11-17-04 12-02-04 pond carp act 2,936 .28 INTERPUBLIC GROUP 1 .870 6-01-06 3,000 06-18-03 01-09-04 2,677 .50 2p8OO .24 INTERPUBLIC GRP 4 1/2 3-15-23 1,000 01-12-04 10-12-04 1,576 .26 1,198 .38 KERR MCGEE 5 1/4 2-15-10 1,000 06-12-03 02-12-04 1,092 .09 1,072 .50 LIBERTY MEDIA 3 1/4 3-15-31 2,000 06-12-03 03-12-04 2,188 .97 1,881 .78 LSI LOGIC CORP 4 .000 S-15-10 11000 06-16-04 07-29-04 1,004 .43 911 .25

467 .54 Short Term S5 .00 Short Term 217 .27 Short Ter= 217 .74 Short Term 16 .96 Cash in Lieu

(232 .50) Short Term (28 .47) Short Term 312 .S3 Short Term 47 .20 Cash in Lieu

(S3 .08) Short Term (97 .1S) Short Term

(293 .53) Short Term (322 .7S) Short Term (337 .50) Short Term 102 .25 Short Term

3 .72 Cash in Lieu

122 .74 Short Term (377 .88) Short Term (19 .59) Short Term

(307.19) Short Term (93.18) Short Term

Investments and services are offered through Morgan Stanley DW Inc ., member SIPC

Morgan" Stanley I PAGE 19 OF Z1

Date Unit Adjusted Market Unrealized Additional Unrealized -Gain/(Loss)= Quantity Accuired Cost Total Cost Value Gainl(Loss) Information

XL CAPITAL LTD 6 1/2 S-15-07 64 05-18-04 24 .8290 1,589 .06 1,628 .80 3.9.74 Short Term

MARSHALL ILSLEY 6 1/2 8-15-07 45 10-28-04 27 .2791 1,227 .56 1,278 .4S SO .89 Short Term

Total f ------- ---- h-- - -Witif 948~- oni: f1'439~-.-2 W. . ------------------- ---- - ---------------- -4-9 - - -- - --- - ------------------- - ---- - - - - -------- ----- --- - - --------------------- --------- -- Total MarkiiUValuiifdi-.iU-ii6aiiUb-*----'- . .- - ------- -- - . . .. 102- ------- - ---------- -- -- - ------ - --- ------- - j---q9T - -- -

The 'Total Cost' and 'Unit Cost' for Fixed Income Unit Trusts, Mortgage-Backed Securities, and Zero Coupon Bonds has been adjusted.to reflect any partial return of principal or capital that may have been paid to you, or accreted interest earned, since your purchase date . In the event that the accumulated total return of principal or capital is greater than the provided original cost, the adjusted cost will be '0.00' .


Investments and services are offered thrt- _,i Morgan Stanley DW Inc., member SIPC . w

N MorganStanley BUSINESSCAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 20 OF 21


Date Date Adjusted Realized Additional Realized Gain/(Loss) Quantity Acquired Sold Total Cost Proceeds Gainl(Loss) Inform?tion

NORTEL NETWORKS 4 1/4 9-01-08 2,000 07-02-03 01-26-04 1,730 .00 2,047 .50 317 .50 Short Term NORTEL NETWORKS 4 1/4 9-01-08 11000 07-02-03 04-20-04 865 .00 1,003 .15 138 .15 Short Term NORTHROP GRUMMAN CP(HLDG CO) 11-16-04 11-16-04 0 .00 38 .45 38 .45 Cash in Lieu NORTHROP GRUMMAN CP(HLOG CO) 53 11-16-04 12-02-04 Pend corp act 3,026 .22 OMNICOM EXC/CONST .000 6-15-33 1,000 01-12-04 11-16-04 lo032 .17 2 .50 (1,029 .67) Short Term OWENS ILLINOIS INC PFD A CV 47 06-11-03 03-19-04 1,306 .41 1,609 .74 303 .33 Short Term PRUDENTIAL FIN IN 6 3/4 11-15-04 20 06-11-03 05-17-04 1,114 .00 1,273 . 42 159 .42 Short Term PRUDENTIAL FIN IN 6 3/4 11-15-04 32 06-11-03 05-18-04 1,782 .40 2,041 .79 259 .39 Short Term PUB SVC ENT PEPS 10 1/4 11-16-05 25 06-11-03 05-25-04 1,542 .86 1,406 .82 (136 .04) Short Term SOLECTRON CP 05-11-04 05-11-04 0 .00 2 .23 2 .23 Cash in Lieu SOLECTRON CP 392 05-11-04 05-12-04 please provide 1,870 .97 SOLECTRON 2B TNDR 7 1/4 11-15-04 67 09-11-03 05-11-04 1,133 .24 131 .99 (1,001 .25) Short Term SOLECTRON 2B TNDR 7 1/4 11-15-04 87 10-10-03 05-11-04 1,487 .86 171 .39 (lp316 .47) Short Term STMICROELECTRONIC .000 7-05-13 2,000 11-25-03 05-12-04 2,185 .00 1,945 .80 (239 .20) Short Term TXU 2B TNDR 3 .100 7-15-33 1,000 05-27-04 10-15-04 1,333 .64 1,t93 .65 260 .01 Short Term TYCO INTL GROUP 2 3/4 1-15-18 1,000 10-10-03 09-21-04 1,133 .35 1,420 .45 287 .10 Short Term VERTEX PHARMACEUT 5 .000 9-19-07 1,000 06-12-03 02-11-04 852 .50 -952 .50 100 .00 Short Term VERTEX PHARMACEUT 5 .000 9-19-07 1P000 06-18-03 02-11-04 855 .00 952 .50 97 .50 Short Term

Sub Total Short Term $49,950 .28 $47,590 .86 ($2,359 .42)

Long Term

BARNES & NOBLE 5 1/4 3-15-09 2,000 06-18-03 06-28-04 2,075 .61 2,060 .00 (15 .61) Long Term COMPUTER ASSOC 5 .000 3-15-07 2,000 06-18-03 09-23-04 2,510 .00 2,332 .50 (177 .50) Long Term COSTCO CO INC .000 B-19-17 2,000 06-13-03 08-10-04 1,677 .38 1,654-.42 177 .04 Long Term LIBERTY MEDIA 3 1/4 3-15-31 1,000 06-12-03 08-19-04 1,096 .25 (210 .00) Long Term MANPOWER INC .000 B-17-21 3,000 06-12-03 09-15-04 1,960 .41 1-1946 .25 (14 .16) Long Term PMI GROUP INC 2 1/2 7-15-21 1,000 10-21-03 12-03-04 1,095 .74 1,099 .89 4 .15 Long Term

-TEMPLE INLAND INC UPPER DECS 14 06-11-03 09-23-04 639 .94 ~ jl§' - 68 139 .14 Long Term

TEVA PHARMACEUTIC 3/8 11-15-22 1,000 06-18-03 06-10-04 1,395 .00 -1,358 .34 (36 .66) Long Term TRAVELERS PRPTY 4 1/2 4-15-32 82 09-03-03 10-26-04 1-885 .23 1,788 .83 (96 .40) Long Term WATSON PHARM INC 1 3/4 3-15-23 1,000 09-08-03 09-14-04 1 :238 .98 976 .78 (262 .20) Long Term

Sub Total Long Term $15,574 .54 $15,082 .34 ($492 .20)

Totals for closing transactions with cost data available *65,524 .-82- $62,673 .20 0~2,851 .62)

Total Proceeds $74,697 .98


I

Short Term Long Term . Total

$3,113 .S9 $4,977 .01 $8,090 .60 ($860 .57) ($739 .07) ($1,S"-.64)

$3,S26 .03 $320 .33---- $3,846 .36 ($S,"S .45) ($812 .0) ($6,697 .98)

Unrealized gain . . . . . . . . . . . . . . . . . . . . . . . Unrealized (loss) . . . . . . .. . . . .. . . . .. . . . Realized gain VTD . . . . . . . . . . . . . . . .. . . Realized (loss) Y-M . . . . . . . . . . .. . . . . .


Iq MorganStanley ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT

Summary


L !R%74 "AN A PAGE 21 OF 21


Errors & Inquiries If you do not understand an entry on your statement or suspect an error, it is Margin Interest We calculate interest charges on margin loans as follows essential that you immeciately contact the manager of the office servicing your Charges (1) Multiply the applicable margin interest rate times the average daily account or . if you have a self-directed account. please call 800-688-6896 We will balance of your margin loan consider your statement correct unless we receive a written inquiry from you about (2) lv~iu~ltiRly.the result of Step (1) times the number of days your loan the suspected error within 10 calendar days from the day on which you received was outsianding your statement It is your !esponsibility to review your statement promptly and to -(3) Divide the result of Step (2) by 360 (days) seek immediate clarification about entries that you do not understand

We add the accrued interest to your debit balance and start a new calculation each SIPC Protection Securities and cash held in Morgan Stanley accounts are protected up to their time the applicable interest rate changes and at the close of every statement month

full net equity value by a combination of coveraqe provided by the Securities Investor Protection Corporation ('SIPC") a non-profit organization created by an Availability of Free Under the customer protection rules of the SEC 117 CFR §240 l5c3-2 & -Z), Act of Congress and additional protection purchased from a private insurer by Credit Balances Morgan Stanley DW Inc may use free credit balances in your account Morgan Stanley (the "Excess Coverage") SIPC protects up to $500,000 of each and Financial which are payable to you on demand, in the ordinary course of its business customer's securities of which up to $100 000 may be uninvested cash Excess Statements We send summary Morgan Stanley DW Inc financial statements to you Coverage provides additional protection up to the full net equity value of each serniannu-ally copies are also available on request, by mail account including unlimited coverage for uninvested cash SIPC and Excess Coverage apply only to securities and cash in the exclusive possession and Taxes Under Federal Income Tax law, we are required to report the gross proceeds of control of Morgan Stanley and do not protect against losses due to market sales transactions, entering into'short sales and redemptions done in your fluctuations Detailed information is available upon request account --Although your statement may describe certain items as (federally) tax-

Transaction Dates All transaction dates on this statement are the transactions' settlement dates Iree, th~is is for information purposes only when reporting your taxes please rely

In the case of unsettled trades, we list the trade date instead of settlement date exclusively on the 1099 forms you will receive at the end of the year (For IRAs,

with a notation that the trade is unsettled 1099s report distributions from the account rather than income OT proceeds from sales ) Federal law subjects you to penalties and withholding it you fail to

Pricing of Securities The prices of securities displayed on your statement are derived from various provide us with your Social Security or Tax ID Number sources and in some cases may be higher or lower than the price that you would actually receive in the market For securities listed on an exchange or trading Listed Options Inf6irmattoin with respect to 6ommissions and to other charges related to the continually in an active marketplace, the price reflects the market quotations at execution of options transactions has been included in confirmations of such the close of your statement period The prices of securities not actively traded transactions previously furnished to you A summary of such nformation will be may not be available These are indicated by ffN/A" (not available) made available to you promptly at your request For bonds trading less frequently, we rely on o6tside pricing servi~es'or a Esti

- mated Annuial- Estim~led annual

- income and yiiids ar

- e calculated by annualizing the most

computerized pricing model, which cannot always give us actual market values Income and Yields recent distribution and do not reflect historic experience or projected future Similarly, some annuity values provided by outside sponsors are estimates results Since the rates are subject to change at any time, they should not be The amounts on this statement for limited partnerships are typically obtained entirely relied on for making investment or trading decisions You are advised to from a third party or from the investments' general partners unless Morgan consult with your Financial Advisor before making decisions Your Financial Stanley DW Inc has obtained other information such as an independent Advis

- or will be able to assist yoy with accurate up-to-date information so that

appraisal Since many partnership valuations are-provided only annua;ly,-they do you can make an informed decision If-you have a self-directed account, please not always represent c6rrent values call 800-688-6896 -

Furthermore, limited partnerships and non-traded Real Estate Investment Trusts Accrued Bond Tht~ figure represents the taxable accrued interest received on bond sale (REITs) are illiquid and have no public markets, so the amounts shown on this Interest YTD transactions and credited to your account during the calendar year As required statement may not equal the amounts you would receive if you sold your by law, Morgan Stanley DW-Inc will report to the Internal Revenue Service the investment total ye6r-to-date figure indicated on the last statement you receive for the ca$an- The value of mutual fund shares is determined by multiplying the Net Asset Value dar year (NAV) by the number of shares or units held as reported to Morgan Stanley DW Inc by the correspondent custodian If we cannot obtain a price or estimate, Dividend/Interest These-figures represent dividends and/or interest on securities received by 'NIA7 appears (Month/YTD) Morgan Stariley DW-Inc and &edited to your account during the caIendar year

For more detailed current information on prices, speak to your Financial Advisor As requffied by-law, Morgan Stanley DW Inc reports taxable dividends and bond interest credited to your account to the Internal Revenue Service The totals

or, if you have a self-directed account, please call 800-688- - 6896 reported are indicated as the year-to-clate figures on the last statement for the

Account Valuation This figure represents the approximate value of your account on a settlement j~?I_e_n,dar year _ In the-case of REITs, Real Estate Limited Partnerships and

dale basis and is computed by adding (1) the market value of all priced positions -Regula.ted Investment Company Unit Investment Trusts, the Sponsor may

and (2) market values provided by pricing services and correspondent custod- rc~classtfy income and-return of principal into a different ratio for the prior year

tans for other positions and by adding any credit or subtracting any debit to Certain Assets Not You may_pgrqhas~ ~ertain assets through Morgan Stanley DW Inc which your closing cash or money market balance Please note, this valuation may be Held at Mor-ga-n- - will be held at a custodial institution other than Morgan Stanley DW Inc adjusted for the net change in priced asset values for securities held or for the Stanley DW Inc. Assets held'in custodial positions are not covered by SIPC protection Where net change in money market balances in your account during the statement available-, we include information about these assets on yoir Morgan Stanley DW period Your closing cash and/or money market balance represents the cash Inc statement The custodial institution is responsible for providing year-end tax and/or money market funds available in your account and reflects the net month reporting (1099s) and separate periodic statements, which may vary from our end balance of ali deposits, credits and debits (including checking and information due to different reporting periods In the case of Morgan Stanley, MasterCard activity in Active Assets accounts) Van Kampen and external neTworked mutual funds Morgan Stanley DW Inc will

Margin Privileges If you have applied for margin privileges and have been approved, you may provide all year-end tax reporting (1099's) In the case of IRA accounts . Morgan (not available for IRAs borrow money from Morgan Stanley DW Inc in exchange for pledging Stanley DW Inc performs all tax reporting or retirement accounts) assets in your account as collateral for any outstanding margin loan The Client's Investment It is essential to advise your Financial Advisor or for self-direcled accounts,

amount you may borrow is based on the value of the eligible securities in your Objectives and call 800-688-6896, immediately if there is a material change in your margin account, which are identified by an asterisk I-) on your statement Financial Situation investment objectives or financial situation

Investments and services are offered thrL.- .n Morgan Stanley DW Inc., member SIPC .

'9 Stan I ey Morgan

W PAGE 1 OF 10


AAA Customer Service -1-800-355-3086

#BWNJGM 00202609 2 AT 0 .547 02 TR 1446 -000

I loll I I I 111111111111 1 111 1111111 a I Igo I a I I I I I I Igo I I I I I I I I I I MH ROSE C. STONE FOUNDATION ATTENTION : EDWARD WRIGHT P 0 BOX 629 131-CORTE MADERA CA 94976-0629

Money Market Funds $95 .77 Stocks 0 .00 Municipal Bonds 0 .00 Corporate Fixed Income 5,215 .63 Government Securities 4,868 .76 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $10,180 .16 Net Change In Asset Value -80,895 .76

Taxable Income 010,180 .16 Total Asset --Value --W§-of_-December.."31 2004--2-----------~ ---- ~- -----------Tax Exempt Income 00 .00


'9 Stan I ey Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY 1 MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


FRANKLIN-FIXED INCOME

----- ----- ----- - ------------- ------- -- -----ASS_et-S_U__M__M4-r_

% of Value Assets

Money Market Funds $10,452 .75 6 .4Z Stocks 0 .00 0 .0 Municipal Bonds 0 .00 0 .0 Corporate Fixed Income 74,680 .84 45 .9 Government Securities 77,521 .15 47 .7 Mutual Funds 0 .00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .00 0 .0 Annuities/insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $162o654 .74 100 .0z Cash 0 .00 Total Asset Value $162,654 .74

_ ---- ----- - ------- ------Income Sum m--ar - ----- ----- -------- ------

Year To Date

BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004

Total Asset Value January 01, 2004 $239,337 .42 Cash/Money Market Act*vity for 2004

Credits To Your Account Dividend and Interest 10,180 .16 Deposits 0 .00 Sales Proceeds/Redemptions 137,035 .3S Other Credits 62 .37


Checking 0 .00 Debit Card 0 .00 Withdrawals -82,000 .00 Funds to Purchase Securities -59,633 .18 Other Debits -1,431 .62


Changes in Asset Value for 2004 Value of Priced Assets 1/01/04 $233,097 .75

Securities Bought S9,633 .18 Securities Received 0 .00 Securities Said/Redeemed -137,035 .35 Securities Delivered 0 .00 Transactions at Fund Company 0 .00 Change in Value of Priced Assets -3,493 .S9


" ;~ N I

MorganStanley ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT

BUSINESSCAPE-AccOUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 2 OF 10


ASSET DETAILS Pct of

' Est Y-fly

Cash and Monev Market Funds Amount Assets Income

- 00 --- --- Z.

ACTIVE ASSETS MONEY TRUST 10,452 .75 6 .4% 182-

Total Cash and Money Market Funds $10,452 .75 6 .4% $182

Annualized 30 Day Yields

Active Assets Money Trust . . . 1 .757 Active Assets-Govt Sec Tr 1 .58% Active Assets California Tax Free 1 .04% Active Assets Tax Free Trust 1 . lax AAA Institutional Money Trust 2 .04;1 AAA Institutional Govt Sec Tr 2 . o8z


Investments and services are offered thrt- .n Morgan Stanley DW Inc., member SIPC .

Current Pct of Est Yrly Curreni Accruing Corporate FLxed Income Price Value Assets Inc ome Yield Interest Additional Information

Corporate Bonds - 10,000 COMCAST CABLE COMMUNICATIONS 103 .294 10,329 .40 6 .4% 637 6 .-17Z 265 YIELD TO MATURITY 3 .245OX

NOTE - MOODY BAA3 S&P BBB 6 .375% JAN/JUL 30 DUE 01/30/06 ISSUE 01/16/01

10,000 SPRINT CAPITAL CORP 104 .660 10,466 .00 6 .4% -600 5 .73% 276 YIELD TO MATURITY 3 .6080Z 6 .000% JAN/JUL 15 DUE 01/15/07 MOODY BAA3 S&P BBB-

ISSUE 01/15/02

10,000 WASHINGTON MUTUAL INC 99 .700 9,970 .00 6 .1%- 400 4 .01Y 184 YIELD TO MATURITY 4.0810% 4.000% JAN/JUL 15 DUE D1/15/09 MOODY A3 S&P A-

ISSUE 11/03/03

10,0DO GENERAL MOTORS ACCEPTANCE CORP 102.479 10,247 .90 6 .3% 687 6 .70% 202 YIELD TO MATURITY 6.4120% 6 .875% MAR/SEP 15 DUE 09/15/11 MOODY BAA1 S&P BBB-

ISSUE 09/12/01

ID,000 FORD MOTOR CREDIT CO 107.243 10,724 .30 6 .6% 725 6 .76X 132 YIELD TO MATURITY 5.9400% 7 .250% APR/OCT 25 DUE 10/25/11 MOODY A3 S&P BBB-

ISSUE 10/25/01

12,000 WYETH MULTI COUPON 103.932 12,471 .84 7 .7% 660 5 .297 194 YIELD TO MATURITY 4.9110% 5.50D% MAR/SEP 15 DUE 03/15/13 MOODY BAA1 S&P A

ISSUE 02/14/03



ROSE C. STONE FOUNDATION ATTENTION: EDWARD WRIGHT

Current Pct of Est Yrly Current Accruing Government Securities Price Value Assets Income Yield Interest Additional Information

Treasury Securities

20,000 UNITED STATES TREASURY NOTE 103.094 20,618 .80 12 .7X 1112S 5.45% 421 YIE10 TO MATURITY 2.803OZ S.625% FEB/AUG IS DUE 02/15/06 MOODY AAA S&P AAA

25,843 .75 15 .9% 1,250 4 .83% 576 YIELD TO MATURITY 3 .27SOX MOODY AAA S&P AAA ISSUE 12/24/01

21,043 .80 12 .9Z 11025 4 .877 216 YIR n TO MATURITY 3-6360Z MOODY AAA S&P AAA ISSUE 10/13/98

20,000 FED HOME LN MTG CORP 105 .219 5 .125% APR/OCT 15 DUE 10/15/08


Morgan 'q Stan ~ey

Current Pct of Est Yrly Current Accruing Corporate Fixed I nwome--~----- Price Value Assets Income Yield Interest Additional Information

Corporate Bonds

10,000 CREDIT SUISSE F13 USA INC 104 .714 10,471 .40 6 .4Z 550 5 .257 207 YIELD TO MATURITY 4 .624OZ 5 .500% FEB/AUG 15 DUE 08/15/13 K OOD Y AA3 S&P A+

ISSI 08/IS/03

Total -Coi&hiti -- --------------- --gKaK~E0 N- f Ch ~ -------- S, -- - ------------------ -----------e , -zinge:- -incb-Jianq#~y-_'A

10,000 UNITED STATES TREASURY NOTE 100 .148 3 .250% FEB/AUG 15 DUE 08/15/07

Total Treasury Securities

Federal Agencies

25,000 FED NATL MTG ASSN 103 .375 5 .000% JAN/JUL 15 DUE 01/15/07

ISSUE 02/15/96 CUSIP 912827WSI

10,014 .80 6 .27 32S 3 .24% 121 YMELD TO MATURITY 3 .190OZ MOODY AAA S&P AAA ISSA 08/IS/02 CUSIP 912828AH3

30,633 .60 18 .9Z 1,450 4 .73% 543

Total Federal Agencies 46,887 .55 28 .8% 2,275 4 .85% 792

-- -m ---- : -- ---------- '52 -7 ------- ------ - ~ - ------------- - - ----- 77 . 17--.-IS I$ - . . . :~: ----- ------------------ Total -- -------- * ---- --------- - --- -------- - ---- - - - --- - ------ - - ------ . . . . . . - ----------- ----- ---

ge Q 4nudf~-j 004 6r; Net Cfian~- -Si-ce-J- -- - ---------------- ------- - - ----- ------- ------------------ ---- - ----- ---- -- ------------ ----

Investments and services are offered thr%. ji Morgan Stanley DW Inc ., member SIPC .


ROSE C STONE FOUNDATION Account Number A77ENTION EDWARD WRIGHT 131 013905 149

Est Yrly Asset Summarv Value Income

Total Asset Value $162,654 .74 $8,167

Total Net Change In Priced Assets Since-January 1, 2004 - -80,895 .76


Dhidends and Interest

Activity Description Amount Income Cateaory


Taxable Interest COMCAST CABLE 6375 06JA30 - 478.13 Corporate Fixed Income Taxable Interest CREDIT SUISSE FIB 5500 13AURG 550.00 Corporate Fixed Income Taxable Interest FORD MOTOR CR CO 6700 04JLRG 2,177 .50 Corporate Fixed Income Taxable Interest FORD MOTOR CREDIT 7250 11OC25 362 .50 Corporate Fixed Income Taxable Interest GMAC 6875 11SP15 687 .50 Corporate Fixed Income Taxable Interest SPRINT CAPITAL . 6000 07JA15 300 .00 Corporate Fixed Income Taxable Interest WYETH 5500 13MH15 660 .00 Corporate Fixed Income


Taxable Interest FHLMC 5125 08OC15' 1,153 .13 Government Securities Taxable Interest FNMA 5000 _07JA15 2,125 .00 Government Securities

Taxable Interest US TSY NOTE 3250 07AU15 325 .00 Government Securities Taxable Interest US TSY NOTE 5625 06FB15 1,265 .63 Government Securities

Total Government Securities t4,868 .76


Sales Proceeds/ Redemptiwis

Trade Settle Date Date Activity Quantity Description Price Amount Addrtional Information

06-09 06-10 Sold 5,000 FHLMC 5125 OSOC15 103.7506 5,226 .68 ACCRUED INTEREST 39 .15

01-09 01-12 Sold 10,000 FNMA 5000 07JA15 107.2070 10,966 .53 ACCRUED INTEREST 245.63

02-05 02-06 Sold 25,000 FNMA 5000 07JA15 106.7422 26,758 .47 ACCRUED INTEREST 72 .92

BUSINESScAPE-Accoulff FOR YEAR ENDING DECEMBER 31, 2004


Sales Proceeds/ Redemption

02-03 Transfer FUNDS TRANSFERRED 42,000 .00 PER LETTER OF AUTHORIZATION TO 131-045416-0

Investments and services are offered through Mor.gan Stanley DW Inc , member SIPC

organ M "~'Sta n I ey ROSE C. STONE FOUNDATION ATTENTION: EDWARD WRIGHT

go

PAGE 5 OF 1Q


06-09 06-10 Sold 10,000 FNMA 5000 07JAlS 103 .9258 10,593 .97 ACCRUED INTEREST 201 .39 01-28 02-02 Sold 15,000 FORD MOTOR CR CO 6700 04JLRG 102 .0000 IS,344 .67 ACCRUED-INTEREST - -44.67 07-16 07-16 Sold 25,000 FORD MOTOR CR CO 6700 04JLRG 25,000 .00 REDEkPTION OF MATURED BOND--- . - 01-28 02-02 Sold 25,000 GMAC 6875 11SPlS 108 .6800 27,824 .08 ACCRUED INTEREST 654.08 06-09 06-10 Sold S,000 LIS TSY NOTE 5625 06FBlSlOS 9/56 - 5,341 .39 ACCRUED INTEREST 89 .63 06-09 06-14 Sold 10,000 WASHINGTON MUTUAL 4000 09JARG 97 .3400 9,979 .56 ACCRUED INTEREST 245 .56--

Total Sales Proceeds/Redamptions $137,03S.35

Other Credits_-,._ Date Activity Description Amount Additional Information

01-12 Rebate 1281 FEE PASS THROUGH 0.02 01-12 Rebate 1281 FEE PASS THROUGH 0.56 02-05 Charge Adjustment ACCESS 1Q04 CAPCHG FKM 41 .83 02-09 Rebate 12BI FEE PASS THROUGH 0.58 03-12 Rebate 12BI FEE PASS THROUGH 0.85 04-13 Rebate 1281 FEE PASS THROUGH 0 .92 05-11 Rebate 12131 FEE PASS THROUGH 0 .87 06-14 Rebate 12BI FEE PASS THROUGH 0 .93 06-17 Charge Adjustment ACCESS 2QO4 CAPCHG FKM 10 .99 07-13 Rebate 12131 FEE PASS THROUGH 0 .78 08-12 Rebate 12Bl FEE PASS THROUGH 0 .91 09-13 Rebate 12131 FEE PASS THROUGH 0 .75 10-12 Rebate 1281 FEE PASS THROUGH 0 .78 11-10 Rebate 12131 FEE PASS THROUGH 0 .79 12-02 Rebate 1281 FEE PASS THROUGH 0 .91

Total Other Credits $62.37 ---- . . . . . . .. . . . . . - -----------

Totil-CreditsF-T6~Y6'ut--A4~~bii-nt ------------------------------ - ---- -- ------ `277 ---------- ------- ------- -- - . . . . . . . . . . . .


Withdrawal Date Activity Descrintion Amount Additional Information



ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT

Other Debits _ -Date Activity Description Amount Additional Information

01-16 Charge ACCESS lQ04 FEE -FKM -442 .06 04-15 Charge ACCESS 2QO4 FEE FKM -380 .58 07-15 Charge ACCESS 3Q04 FEE FKM -300 .57 10-14 Charge ACCESS 4QO4 FEE FKM -3b8 .41

Investments and services are offered thr(,-&i Morgan Stanley DW Inc ., member SIPC .

'11~1 MorganStanley PAGE 6 OF 10

Withdrawal Date Activity Description Amount Additional Information

06-15 Transler FUNDS TRANSFERRED 40,000 .00 - PER VERBAL INSTRUCTIONS TO 131-045416-0

Total Withdrawals -82,000 .00

Fuiids to Purchase Securities


02-05 02-10 Bought 5,000 COMCAST CABLE 6375 06JA30 107;6330 5,390.50 ACCRUED INTEREST 8.85 07-26 07-29 Bought 10,000 FORD MOTOR CREDIT 7250 11OC25 105.0200 10,691 .31 ACCRUED INTEREST 189 .31 02-05 02-10 Bought 10,000 SPRINT CAPITAL -6000 . 07JAlS 107.2200 10,763 .67 ACCRUED INTEREST 41 .67 02-05 02-10 Bought 10,000 WASHINGTON MUTUAL 4000 09JARG 100.5360 10,161 .38 ACCRUED INTEREST 107.76 07-26 07-29 Bought 10,000 WASHINGTON MUTUAL 4000 09JARG 98 .7320 9,888 .76 ACCRUED INTEREST 15 .56 01-12 01-15 Bought 12,000 WYETH - 5500-*13MH15 10-4 .3130 12,737 .56 ACCRUED INTEREST 220.00



Total Debits To Your Accoufit .143,064 .60


Tax hiformation Year-to-Date Year-to-Date

Accrued Interest Sold 1,593 .23 Accrued Interest Paid 563 .17

The tax inrormation provided above should be used only as a guide, a complete 1099 will be sent to you

'q MorganStanley BUSINESSCAPE-AccouNT

FOR YEAR ENDING DECEMBER 31, 2004 PAGE 7 OF 1(k


ROSE C . STONE FOUNDATION Account Number ATTENTION : EDWARD WRIGHT 11311 013905 149

MessaZes-

Please note that sell trades executed, checks written and debit card transactions made in 2004, and which settle early in 2005, will be reflected as 2004 transactions under the Assets, Checking and Debit Card sections of the Activity Details portion of the statement.


FRANKLIN-FIXED INCOME


Investments and services are offered thrk- ,i Morgan Stanley DW Inc., member SIPC .

,q MorganStanley Your Financial Advisor GASTON/FOX MORGAN STANLEY 1 MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200



ROSE C. STONE FOUNDATION ATTENTION EDWARD WRIGHT P 0 BOX 629 CORTE MADERA CA 94976-0629

PAGE 9 OF 10


The Gain and Loss information is provided for informational purposes only We recommend that you contact your tax advisor to determine the appropriate information to be used in the preparation of your tax return . This Gain and Loss Summary is not a substitute 10 .99 form (or any other appropriate tax form) and should not be filed with your taxes I

For most securities purchased after 1985 through Morgan Stanley DW Inc , the necessary data, inciuding cost basis (purchase price), is provided to estimate gain or loss Please note that although Morgan Stanley DW Inc makes every effort to adjust the cost basis for such securities' capital changes, it does not adjust the cost basis for all events, including amortization of non-municipal bond premiums, exercise of stock options, securities deemed to have been sold and simultaneously repurchased, receipt of cash in lieu of fractional shares, or the net effect of wash sales andlor short sales against the box.

For securities not purchased through Morgan Stanley DW Inc , for example, securities purchased elsewhere and later transferred to it, you will need to supply the relevant information either to your Financial Advisor o~ directly onto ChentServ, independently of Morgan Stanley D W Inc In either case, it is your responsibility to ensure the accuracy of this informitio n_,_ since Morgan Stanley D W Inc. has no knowledge of such assets' cost basis. To correct any information -supplied by Morgan Stanley D W Inc., please inform your Financial Advisor, to correct any information supplied by you, you may either inform your Financial Advisor or input the data directly yourself through ChentServ

For Managed Futures funds, these funds may typically be redeemed only once monthly, at the fund's final net asset value ('NAV) as of each month's end The fund's final NAV for each month - and therefore the exact amount of any investor's gain or loss realized that month- becomes available, however, only midway into the following month Separately, al

" I unr6alized gain and loss

figures are only estimates Morgan Stanley DW Inc. does not guarantee nor will it independently verify the accuracy of the information in the Gain and Loss Summary

Date Unit Adjusted MiWket Unrealized Additional Unrealized Gain/(Loss) Quantity Acquired Cost Total Cost Value Gainl(Loss) Information

Corporate Fixed Income

Corporate Bonds

COMCAST CABLE 6 3/8 1-30-06 5,000 09-30-03 104 .1034 5,205 .17 -5,164, -70 (40%47) Long Term 5,000 02-05-04 104 .2244 5,211 .22 5,164 .10 -(46 .52) Shori Term 10,000 104 .1639 10,416 .39 10,329 .40 (86 .99)

This summary Is not part of your account statement It is for information purposes only and should not be used for tax preparation




Investments and services are offered through Morgan Stanley DW Inc , member SIPC.

organ M "~ Sta n I ey

Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss)-_-_ Quantity Acouired Cost Total Cost Value Gainl(Loss) Information

SPRINT CAPITAL 6 .000 1-15-07 10,000 02-05-04 10S .0965 10,509 .6s 10,466 .00 (43 .6S) Short Term

WASHINGTON MUTUAL 4 .000 1-15-09 10,000 07-26-04 98 .7320 9,873 .20 9,970 .00 96 .80 Short Term

GMAC 6 7/8 9-15-11 10,000 12-11-01 96 .9870 9o698 .70 10,247 .90 S49 .20 Long Term

FORD MOTOR CREDIT 7 1/4 10-25-11 10,000 07-26-04 104 .783S 10,478 .35 10,724 .30 24S .95 Short Term

WYETH S 1/2 3-1S-13 12,000 01-12-04 103 .9444 12,473 .33 12o471 .84 (1 .491 Short Term

CREDIT SUISSE FB S 1/2 8-1S-13 10,000 09-30-03 103 .9357 10,393 .57 10,471 .40 77 .83 Long Term

Government Securities

Treasury Securities

US TSY NOTE 5 5/8 2-15-06 20,000 05-07-01 100 .9514 20,190 .28 20,618 .80 428 .52 Long Term

US TSY NOTE 3 1/4 8-15-07 10,000 04-03-03 101 .4917 10,149 .17 10,014 .80 (134 .37) Long Term

Federal Agencies

FNMA 5.000 1-15-07 25,000 06-27-02 103 .0391 2S,759 .77 25,843 .75 83 .98 Long Term

FH1LMC S 1/8 10-15-08 20,000 04-03-03 109 .1523 21,930 .46 21,043 .80 (786 .66) Long Term -- - - _--------------------------- - - --------- ----------- - ---- - - - -- Totals for-pbiitidiii-With--c-o-s-'U-da-t-a --- ~2 ---------------------- - -------------- -------------- - -- ------

------------- -- ~_ ---------- ------ -- ------ - --------------------- - - ----- - --- --- ------Total Market Value for all --------------------- .4152 ;ZOI . z . . . . . . .. -- - - -- - -------- - -- - ---------- -- --- - --------------- ----- ----- --- ---- ---------- 101 99 - -- ---------------------- --------

The "Total Cost* and 'Unit Cost" for Fixed Income Unit Trusts, Mortgage-Backed Securities, and Zero Coupon Bonds has been adjusted to reflect any partial return of principal or capital that may have been paid to you, or accreted interest earned, since your purchase date In the event that the accumulated total return of principal or capital is greater than the provided original cost, the adjusted cost will be '0.00' .

Date Date Adjusted Realized Additional Realized Gain/Moss) Quantgy Acquired Sold Total Cost Proceeds Gainl(Loss) Information

Short Term

WASHINGTON MUTUAL 4 .000 1-15-09 10,000 02-05-04 06-09-04 10,050 .17 9,734 .00 (316 .17) Short Term

Sub Total Short Term $10,050 .17 $9,734.00 ($316 .17)



ATTENTION EDWARD WRIGHT

Date Date Adjusted Realized Additional Realized Gain/(Lpss) Quantity Acquired Sold Total Cost Pi-6666ds- Gainl(Loss) Information

5,457 .62 5,187 .53 (270 .09) Long Term 10,303 .91 10,720 .70 4i6.79 Long Term 25,759 .78 26,685 .55 925.77 Long Term 10,303 .91 '10,392 .58 68 .67 Long Term 15,049 .67 15,300700 250.33 Long Term 25,000-00 25,000 .00 24,246 .75 27--170 .00 2,923.25 -Long Term 5,070 .36 SI-251 .76 181 .40 Long Term

$121,192 .00 $125,708 .12 $4,516 .12 - _: . - _1 ~

$131,242 .17 *135,442-12 $4,199 .95

$135,442 .12

Sub Total Long Term

Totals for closing transactions with cost data available

Total Proceeds

Investments and services are offered thr(,-_,q Morgan Stanley DW Inc ., member SIPC .

N MorganStanley

Long Term

FHLMC 5 1/8 10-15-08 5,000 04-03-03 06-09-04 FNMA 5.000 1-15-07 10,000 06-27-02 01-09-04 FNMA 5 .000 1-15-07 25,000 06-27-02 02-05-04 FNMA 5.000 1-15-07 10,000 06-27-02 06-09~04 FORD MOTOR CR CO 6 .700 7-16-04 15,000 09-17-02 01-28-04 FORD MOTOR CR CO 6 .700 7-16-04 25,000 09-17-02 07-16-04 GMAC 6 7/8 9-15-11 25,000 12-11-01 01-28-04 US TSY NOTE 5 5/8 2-15-06 SP000 -05-07-01 06-09-04

Summary Short Term Long Term Total

Unrealized gain . . . . . . . . . . . . . . . . . . . . . . . $342 .75 $1,139 * -53--- $1,482.28

Unrealized (loss) . . . . . . . . . . . . . . . . . . . . . ($91 .66) ($961 .50) ($1,053 .16) Realized gain YTD . . . . . . . . . . . . . . . . . . . $0 .00 $4148~ - 21 $4,786 .21 Realized (loss) YTID . . . . . . . . . . . . . . . . . ($316 .17) ($270 .09) ($596 .26)

N MorganStanley BUSINESSICAPE-AccouNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 82 OF 126


Net Change in Asset Value 6,325 .11

Total Asset Value as of December 31 2004 $128,659 .96 Taxable Income $97 .01 $2,473 .92 Tax Exempt Income $0 .00 $0 .00

Morgan Stanley is a service mark of Morgan Stanley Dean Witter & Co Services are offered through Morgan Stanley DW Inc., member SIPC

Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


LAZARD

Asset Summary ... . .. . . % of

Value Assets

Money Market Funds $4,772 .89 3 .7% Stocks 123,887 .07 96 .3 Municipal Bonds 0 .00 0 .0 Corporate Fixed Income 0 .00 0 .0 Government Securities 0 .00 0 .0 Mutual Funds 0 .00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .00 0 .0 Annuities/insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $128,659 .96 100 .0% Cash 0 .00 Total Asset Value $128,659 .96

Income Summary This Month Year-To-Date

Money Market Funds $7 .36 086 .04 Stocks 89 .65 2,387 .88 Municipal Bonds 0 .00 0 .00 Corporate Fixed Income 0 .00 0 .00 Government Securities 0 .00 0 .00 Mutual Funds 0 .00 0 .00 Unit Investment Trusts 0 .00 0 .00 Certificates of Deposit 0 .00 0 .00 Other 0 .00 0 .00 Total Income $97 .01 $2,473 .92



Total Asset Value November 30 2004 $124,194 .67 Cash/Money Market Actffivilty for December Closing Balance 11/30 $6,632 .71

Credits To Your Account Dividend and Interest 64 Deposits 0 .00 Sales Proceed s/Redemptions 1,817 .18 Other Credits 15 .11


Checking 0 .00 Debit Card 0 .00 Withdrawals 0 .00 Funds to Purchase Securities -3,780 .7S Other Debits 0 .00

Total Debits -3,780 .75 Closing Balance 12/31 4,772.89

Net Change Cash/Money Market Activity -11859 .82

Changes in Asset Value for December Value of Priced Assets 11/30 $117,561 .96


Value of Priced Assets 12/31 123,887 .07

Morgan Stanley is a service mark of Morgan Stanley Dean Wittei - Co . Services are offered through Morgan Stanley DW Inc ., member '- -

19 MorganStanley BUSINESSCAPE-AccoUNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 83 OF 125

ROSE C STONE FOUNDATION Account Number ATTENTION . MR ED WRIGHT 131 017452 149


Cash and Money Market Funds Amount Assets Income Annualized 30 Dav Yields

CASH .00 --- --- Active Assets Money Trust 1 .757

ACTIVE ASSETS MONEY TRUST 4,772.89 3 .77 83 Active Assets Govt Sec Tr 1 .58;1 Active Assets California Tax Free 1 .04Z

Total Cash and Money Market Funds $4,772 .89 3.7% $83 Active Assets Tax Free Trust 1 .187 AAA Institutional Money Trust 2 .04% AAA Institutional Govt Sec. Tr . 2 .08Z

Net Change Since Last Statement -1,859 .82

Current Pct of Est Yrly Dividend Stocks Price Value Assets Income Yield Symbol Additional Information

Common Stocks

207 AEGDN NV ADR 13 .71 2,837.97 2 .27 86 3 .06% AEG

136 ALUMINA LTD 18 .54 2,521 .44 2 .07 78 3 .11Z AWC

28 ANGLOGOLD ASHANTI LIMITED 36 .35 1,017 .80 0 .8% 21 2 .077 AU

185 ASSOC BRITISH FOS PLC ADR-NEW 14 .98 2,772.22 2 .2% as 3 .08Z ASBFY Next Dividend Payable 01/28/OS

65 BAE SYS PLC SPON ADIR 17 .70 1,150.63 0 .9% 44 3 .84% BAESY

212 BARRICK GOLD CORP 24 .22 5,134.64 4 .0% 46 .90% ABX Next Dividend Payable 06/05

183 CHUNGHWA TELECOM CO LTD 21 .05 3o852.15 3 .0% 192 5 .00% CHT

580 CLP HOLDINGS LTD SP ADR 5.75 3o335.58 2 .6% 125 3 .777 CLPHY

257 D S M NV SPONS ADR 16 .18 4,158 .77 3.2% 93 2 .23% DSMKY

120 DAI NIPPON PRTG LTD JAPAN ADR 32 .08 3,850 .44 3.0% 41 1 .07% DNPCY

46 DEUTSCHE BK AG REG SHS 88 .75 4oO82 .91 3.2% 66 1 .62% DB

138 EDP-ELECTRICAOE DE PORTUGAL 30 .23 4ol7l .74 3 .2% 129 3.11% EDP

30 ENI SPA AMER DEP RCPT 125.84 3,775 .20 2 .9% 98 2 .61% E

102 FUJI PHOTO ADIR NEW 36 .98 3,771 .96 2 .9% 19 .52% FUJIY

132 HARMONY GOLD MNG LTD ADR NEW 9 .27 1,223 .64 1 .0% 13 1 .137 HMY

181 J SAINSBURY PLC SPON ADR NEW 20 .77 3,759.91 2 .9% 28 .77% JSAIY

376 KIRIN BREWERY CO LTD SPONS ADIR 9 .90 3o722 .40 2 .9% 42 1 .147 KNBWY Next Dividend Payable 01/31/05

184 KOREA ELECTRIC POWER CORP ADS 13 .24 2,436 .16 1 .97 66 2 .73% KEP Next Dividend Payable 01/31/05

253 KT CORP SPON ADIR 21 .81 5,517.93 4 .3% 321 5 .82% KTC Next Dividend Payable 01/12/05

66 LIHIR GOLD LTD ADIR 18 .57 1,225 .62 1 .07 0 0 .007 LIHRY

160 MAKITA CORPORATION LTD ADR NEW 17 .75 2o84O .OO 2 .27 33- 1 .17% MKTAY

250 MATSUSHITA EL INDL AOR 16 .05 4,012 .50 -3 .1% 18 .45% MC

259 METSO CORP 16 .02 4,149.18 3.2% 51 1 .24% MX

222 NINTENDO CO LTD ADR NEW 15 .70 3,485.40 2 .7% 28 .82% NTDOY

132 NORANDA INCORPORATED 17 .60 2,323.20 1 .8% 51 2 .22% NRD Next Dividend Payable 03/05

29 POSCO ADS 44 .53 1,291 .37 1 .07 36 2 .82% PKX Next Dividend Payable 01/31/05

is RIO TINTO PLC SPON ADR 119 .21 1,788 .15 1 .4% 39 2 .21% RTP

330 SEKISUI HOUSE LTD ADR 11 .65 3,845.16 3 .0% 43 1 .13% SKHSY

278 SHISEIDD LTD SPON ADR 14 .48 4oO25.99 3 .17 46 1 .15% SSDOY

75 SHL TRNS&TRAD PLC NY SH NEW 51 .40 3,855 .00 3 .0% 127 3 .31% sc

PAGE 84 OF 125 .


BUSINESSCAPE-AccouNT FOR MONTH ENDING DECEMBER 31, 2004


Taxable Income

05-23 Dividend NESTLE SPON ADR REP REG SHR 05-23 Dividend NESTLE SPON ADR REP REG SHR 12-07 Dividend BAE SYS PLC SPON ADR 12-15 Dividend BARRICK GOLD CORP

-48.09 Stocks 48 .02 Stocks 18 .15 Stocks 19 .82 Stocks

Morgan Stanley is a service mark of Morgan Stanley Dean Witter & Co Services are offered through Morgan Stanley DW Inc , member SIPC

Morgan "q Sta n I ey

Stocks Current Pct of Est Yrly Dividend

Price Value Assets Income Yield Symbol Additional Information

Common Stocks

52 SUNCOR ENERGY INC 35 .40 1,840 .80 1 .47 10 .557 Su Next Dividend Payable 03/OS 112 SWISSCOM AG 39 .53 4,427 .36 3 .4Z 112 2 .54% SCM 79 TATE 9 LYLE PLC SPON ADIR 36 .30 2,868 .09 2 .27 106 3 .69% TATYY Next Dividend Payable 01/21/05 27 TECHNIP-COFLEXIP 46 .68 1,260 .36 1 .0Z 33 2 .64% TKP

140 TELECOM ITALIA SPA(NEW)SVGS SH 33 .02 4,622 .80 3 .6% 170 3 .68% TVA 115 TOMKINS PLC ADS 19 .79 2,275 .85 1 .8Z 103 4 .537 TKS 164 UNITED UTILITIES PLC 24 .53 4,022 .92 3 .17 269 6 .70% Uu Next Dividend Payable 02/21/05' 67 WACOAL CP ADR 61 .25 4,103 .75 3 .27 41 1 .00Z WACLY

112 WMC RES LTD SPONSORED AOR 22 .59 2,530 .08 2 .0% 62 2 .46% KMC

Total Stocks ------ - - -------- - - ------ - - --------- ~- . - -- - ------- --- ------------- ---- - ----

Net Change Since Last Statement 3Z5

Est Yrly Asset Summary Value Income

. . . . . . . . . . Total Asset Value 6S9.96 03,07S

Total Net Change In-Priced Assets Since Last Statement '06 - - 132s-.Il



Date Activity Description Amount Income Category

BUSINESSCAPE-AccoUNT FOR MONTH ENDING DECEMBER 31, 2004



Morgan Stanley is a service mark of Morgan Stanley Dean Wittei - Co . Services are offered through Morgan Stanley DW Inc ., member S . -

N MorganStanley PAGE 85 OF 125

Dividends and Interest Date Activity Descrintion Amount Income Category

Taxable Income

12-15 Dividend BARRICK GOLD CORP Stocks ADJ GROSS DIV AMOUNT 3 .50 FOREIGN TAX PAID IS 3 .50

12-22 Dividend CLP HOLDINGS LTD SP ADR 27 .76 Stocks

12-23 Dividend TECHNIP-COFLEXIP 13 .47 Stocks

12-23 Dividend TECHNIP-COFLEXIP Stocks ADJ GROSS DIV AMOUNT 4.49 FOREIGN TAX PAID IS 4 .49

12-24 Dividend SUNCOR ENERGY INC 2 .15 Stocks

12-24 Dividend SUNCOR ENERGY INC Stocks ADJ GROSS DIV AMOUNT 0 .38 FOREIGN TAX PAID IS 0 .38

12-31 Dividend ACTIVE ASSETS MONEY TRUST 7 .36 Money Market Funds

Sub Total Taxable Income 88 .64

Total Dividends and Interest 88 .64

See Income Summary on page I for the month-to-date and year-to-date amounts per income category .


Trade S e ttle Date Date Activity Quantity Description Price Amount Additional Information

12-02 12-02 Tender 4 EDP ELETRICIDADE RT 112304 NTF EXPIRED - NO VALUE 12-01 12-06 Sold 17 KOREA ELECTRIC POWER CORP ADS 13 .5050 229 .58 ACTED AS AGENT 12-02 12-07 Sold 77 KOREA ELECTRIC POWER CORP ADS 13 .5805 1,045 .67 ACTED AS AGENT 12-03 12-08 Sold 40 KOREA ELECTRIC POWER CORP ADS 13 .5487 541 .93 ACTED AS AGENT 12-08 12-08 Tender 24 EDP ELETRICIDADE RT 213 EXER EXCHANGE

Total Sales Proceeds/Redemptions - $1,817 .18 Year-To-Date $133,084 .18

Other Credits Date Activity Descrijotion Amount Additional Information

12-02 Rebate 12B1 FEE PASS THROUGH 0 .63 12-03 Rebate EDP ELETRICIDADE RT 213 EXER 14 .48 REFUND OF ESTIMATED PRICE .

FINAL PX SET @ $24 286

Total Other Credits $15 .11 Year-To-Date $688 .94

Morgan Stanley is a service mark of Morgan Stanley Dean Witter & Co . Services are offered through Morgan Stanley DW Inc., member SIPC

MorganStanley BUSINESSCAPE-AccoUNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 86 OF 125-


Total Credits To Your'Ac oun .-.--S- : .01,920 ;93 ar -To-Date 136 ;096 .73 - ------- Ve


Funds to Purchase Securities --


11-26 12-01 Bought 26 SEKISUI HOUSE LM AOR 10 .9424 294 .50 ACTED AS AGENT 12-01 12-01 Received 2 EDP ELETRICIDADE RT 2B EXER 49 .78 SUBSCRIPTION 11-29 12-02 Bought 62 SEKISUZ HOUSE LM AOR 11 .0483 684 .99 ACTED AS AGENT 11-30 12-03 Bought 16 SEKISUI HOUSE LM AOR 11 .1104 177 .77 ACTED AS AGENT 11-30 12-03 Bought 23 NORANDA INCORPORATED 17 .7683 408 .67 ACTED AS AGENT 12-01 12-06 Bought 2 ENI SPA AMER DEP RCPT 123 .3195 246 .64 ACTED AS AGENT 12-01 12-06 Bought 25 NORANDA INCORPORATED 17 .9399 448 .50 ACTED AS AGENT 12-02 12-07 Bought 68 NORANDA INCORPORATED 17 .6248 1,198 .49 ACTED AS AGENT 12-08 12-08 Received 24 EDP-ELECTRICADE DE PORTUGAL EXCHANGE 12-03 12-08 Bought 16 NORANDA INCORPORATED 17 .5884 281 .41 ACTED AS AGENT

Total :F~mds-.to 'Purcha--58----SeimiritiiDs -3- 780JS-- -131-401 .27 a - 0

Total Debits To Your Accoq-Rt.----


Money Market - Date Activity Description Amount Additional Information

Closing Balance 11/30 $6,632 .71 12-01 Automatic Redemption ACTIVE ASSETS MONEY TRUST -284 .50 12-02 Automatic Redemption ACTIVE ASSETS MONEY TRUST -734 .77 12-03 Automatic Redemption ACTIVE ASSETS MONEY TRUST -585 .81 12-06 Automatic Redemption ACTIVE ASSETS MONEY TRUST -451 .08 12-07 Automatic Redemption ACTIVE ASSETS MONEY TRUST -152 .82 12-08 Automatic Investment ACTIVE ASSETS MONEY TRUST 18 .15 12-09 Automatic Investment ACTIVE ASSETS MONEY TRUST 260 .52 12-16 Automatic Investment ACTIVE ASSETS MONEY TRUST 19 .82 12-23 Automatic Investment ACTIVE ASSETS MONEY TRUST 27 .76 12-28 Automatic Investment ACTIVE ASSETS MONEY TRUST 13 .47 12-30 Automatic Investment ACTIVE ASSETS MONEY TRUST 2 .15

Money Market Date Activity Description Amount Additional Information

12-31 Automatic Redemption ACTIVE ASSETS MONEY TRUST 12-31 Automatic Reinvestment ACTIVE ASSETS MONEY TRUST

Closing Balance 12/31 $4,772 .89

Tax Inforination This Month Year-to-Date This Month Year-to-Date

8 .37 1SO .31 00 36 .82 Foreign Tax Paid Return of Capital

Messages

Morgan Stanley is a service mark of Morgan Stanley Dean Wittei - Co . Services are offered through Morgan Stanley DW Inc., member S -

19 MorganStanley BUSINESSCAPE-AccoUNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 87 OF 125

ROSE C STONE FOUNDATION Account Number ATTENTION : MR ED WRIGHT 131 017452 149

-0 .07 7.36 Dividend Reinvested

The tax information provided above should be used only as a guide; a complete 1099 will be sent to you

Consolidated Statement of Financial Condition (in thousands of dollars) - At 11130104, Morgan Stanley DW Inc had net capital of $1,129,792, which exceeded the SEC's minimum requirement by $1,037,728 . A copy of the Morgan Stanley DW Inc. Consolidated Statement of Financial Condition at 11130104 can be viewed online at the Morgan Stanley Web site http-llwww.marganstanley .com/about//~r/shareho/der/morganstan/ey_dw_inc.pdf, or may be mailed to you at no cost by calling toll free 1(866)279-4498, after February 14, 2005 .

N MorganStanley BUSINESSCAPE-AccouNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 88 OF 125-


The Gain and Loss information is provided for informational purposes only . We recommend that you contact your tax advisor to determine the appropriate information to be used in the preparation of your tax return . This Gain and Loss Summary is not a substitute 1099 form (or any other appropriate tax form) and should not be filed with your taxes.

For most securities purchased after 1985 through Morgan Stanley DW Inc., the necessary data, including cost basis (purchase price), is provided to estimate gain or loss . Please note that although Morgan Stanley DW Inc. makes every effort to adjust the cost basis for such securities' capital changes, it does not adjust the cost basis for all events, including amortization of non-municipal bond premiums ; exercise of stock options; securities deemed to have been sold and simultaneously repurchased, receipt of cash in lieu of fractional shares; or the net effect of wash sales andlor short sales against the box.

For securities not purchased through Morgan Stanley DW Inc., for example, securities purchased elsewhere and later transferred to it, you will need to supply the relevant information either to your Financial Advisor or directly onto ClientServ, independently of Morgan Stanley DW Inc. In either case, it is your responsibility to ensure the accuracy of this information, since Morgan Stanley DW Inc . has no knowledge of such assets' cost basis To correct any information supplied by Morgan Stanley DW Inc , please inform your Financial Advisor, to correct any information supplied by you, you may either inform your Financial Advisor or input the data directly yourself through ClientServ

For Managed Futures funds, these funds may typically be redeemed only once monthly, at the fund's final net asset value ('NAV) as of each month's end The fund's final NAV for each month - and therefore the exact amount of any investor's gain or loss realized that month- becomes available, however, only midway into the following month. Separately, all unrealized gain and loss figures are only estimates. Morgan Stanley DW Inc. does not guarantee nor will it independently verify the accuracy of the information in the Gain and Loss Summary .

Your Financial Advisor GASTON/FOX MORGAN STANLEY 1 MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


Fiscal Year Ends 12-31-04 P 0 BOX 629 CORTE MADERA CA 94976-629

LAZARD



Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Acguired Cost Total Cost Value Gainl(Loss) Information

Stocks

Common Stocks

AEGON NV ADR 104 11-01-04 11 .1539 1,160 .01 1,425 .84 265 .83 Short Term 103 11-02-04 11 .2103 1,154 .67 1,412 .13 257 .46 Short Term 207 11 .1820 2,314 .68 2,837 .97 523 .29


Morgan Stanley is a service mark of Morgan Stanley Dean Witter & Co . Services are offered through Morgan Stanley DW Inc., member SIPC

Morgan Stanley is a service mark of Morgan Stanley Dean Wittei Co . Services are offered through Morgan Stanley DW Inc ., member S -

N MorganStanley BUSINESSCAPE-AccoUNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 89 OF 125

ROSE C STONE FOUNDATION Account Number ATTENTION, MR ED WRIGHT 131 017452 149


kLUMINA LTD 136 10-04-04 16 .5494 2,250 .72 2,521 .44 270 .72 Short Term

%NGLOGOLD ASHANTI LIMITED 28 10-01-04 38 .3000 1,072 .40 1,017 .80 (54 .60) Short Term

kSSOC BRITISH FOS PLC ADR-NEW 185 10-06-04 12 .4000 2,294 .00 2,772 .22 478 .22 Short Term

1AE SYS PLC SPON ADR 65 10-01-04 16 .8000 1,092 .00 1,150 .63 58 .63 Short Term

1ARRICK GOLD CORP 212 10-01-04 20 .9950 4,450 .96 5,134 .64 683 .68 Short Term

:HUNGHWA TELECOM CO LTD 183 10-01-04 17 .9716 3,288 .81 3,852 .15 563 .34 Short Term

'LP HOLDINGS LTD SP ADR 580 10-06-04 5 .8570 3,397 .06 3,335 .58 (61 .48) Short Term

)S M*NV SPONS ADR 257 10-06-04 13 .1998 3,392 .35 4,158 .77 766 .42 Short Term

)AI NIPPON PRTG LTD JAPAN ADR 120 10-06-04 27 .8381 3,340 .58 3,850 .44 509 .86 Short Term

)EUTSCHE BK AG REG SHS 46 10-01-04 73 .9936 3,403 .71 4,082 .91 679 .20 Short Term

7-DP-ELECTRICADE DE PORTUGAL 114 10-04-04 28 .9164 3,296 .47 3,446 .22 149 .75 Short Term 22 11-18-04 24 .8900 547 .58 665 .06 117 .48 Short Term 2 12-01-04 24 .8900 49 .78 60 .46 10 .68 Short Term

138 28 .2161 3,893 .83 4,171 .74 277 .91

:-NI SPA AMER DEP RCPT 28 10-08-04 115 .4767 3,233 .35 3,523 .52 290 .17 Short Term 2 12-01-04 123 .3200 246 .64 251_.68 5 .04 Short Term

30 115 .9996 3,479 .99 3,775 .20 295 .21

rUJI PHOTO ADR NEW 102 10-01-04 32 .8900 3,354 .78 3,771 .96 417 .18 Short Term

iARMONY GOLD MNG LTD ADR NEW 132 11-11-04 11 .5346 1,522 .58 1,223 .64 (298 .94) Short Term

J SAINSBURY PLC SPON ADR NEW 181 10-06-04 18 .5400 3,355 .74 3,759 .91 404 .17 Short Term

(IRIN BREWERY CO LTD SPONS ADR 376 10-06-04 8 .9319 3,358 .43 3,722 .40 363 .97 Short Term

(OREA ELECTRIC POWER CORP ADS 184 10-01-04 10 .6994 1,968 .71 2,436 .16 467 .45 Short Term

This summary is not part of your account statement. It is for information purposes only and should not be used for tax preparation

Morgan Stanley is a service mark of Morgan Stanley Dean Witter & Co Services are offered through Morgan Stanley DW Inc., member SIPC

MorganStanley BUSINESSICAPE-AccouNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 90 OF 125-


Date Unit Adjusted Market Unrealized Additional Unrealized Gain/Moss) Quantity Acouired Cost Total Cost Value Gainl(Loss) Information

KT CORP SPON AOR 216 10-01-04 18 .8669 4,075 .27 4,110 .96 63S .69 Short - Term

22 11-08-04 18 .6854 411 .08 479 .82 68 .74 Short Term is 11-09-04 18 .8013 282 .02 327 .15 45 .13 Short Term 253 18 .8473 4o768 .37 5,517 .93 749 .S6

LIHIR GOLD LTD ADR 66 10-11-04 17 .2219 1,136 .65 1,225 .62 88 .97 Short Term

MAKITA CORPORATION LTD ADR NEW 160 10-06-04 13 .5300 2,164 .80 2,840 .00 675 .20 Short Term

MATSUSHITA EL INDL ADR 250 10-01-04 13 .6983 3,424 .58 4,012-SO 587 .92 Short Term

METSO CORP 259 10-04-04 12 .9667 3,358 .38 4,149 .18 790 .80 Short Term

NINTENDO CO LTD ADR NEW 222 10-06-04 14 .8800 3,303 .36 3,485 .40 182 .04 Short Term

NORANDA INCORPORATED 23 11-30-04 17 .7682 408 .67 404 .80 (3 .87) Short Term 25 12-01-04 17 .9400 448 .50 440 .00 (8 .50) Short Term 68 12-02-04 17 .6248 1,198 .49 1,196 .80 (1 .69) Short Term 16 12-03-04 17 .5881 281 .41 281 .60 .19 Short Term

132 17 .70SO 2,337 .07 2,323 .20 (13 .87)

POSCO ADS 29 10-01-04 38 .8762 1,127 .41 1,291 .37 163 .96 Short Term

RIO TINTO PLC SPON ADR is 10-01-04 110 .0800 1,651 .20 1,788 .15 136 .95 Short Term

SEKISUI HOUSE LTD ADR 226 10-06-04 10 .1789 2o3OO .45 2,633 .35 332 .90 Short Term 26 11-26-04 10 .9423 284 .50 302 .95 18 .45 Short Term 62 11-29-04 11-0482 684 .99 722 .42 37 .43 Short Term 16 11-30-04 11 .1106 177 .77 186 .44 - 8.67 Short Term

330 10 .4476 3,447 .71 3,845 .16 397 .45

SHISEIDO LTD SPON AOR 278 10-06-04 12 .9620 3,603 .44 4,025 .99 422 .55 Short Term

SHL TRNS&TRAD PLC NY SH NEW 75 10-01-04 45 .0394 3,377 .96 3,855 .00 477 .04 Short Term

SUNCOR ENERGY INC 52 10-01-04 32 .7925 1,705 .21 1,840 .80 135 .S9 Short Term

SWISSCOM AG 112 10-04-04 35 .1158 3,932 .97 4,427 .36 494 .39 Short Term


IMC RES LTD SPONSORED ADR 39 10-04-04 15 .9545 622.23 881 .01 258 .78 Short Term 73 10-26-04 14 .8382 1,083 .19 1,649 .07 565.88 Short Term

112 15 .2269 1,705 .42 2,530 .08 824 .66

Totals for positions with cost data available $107,878 .96 $123,887,0T $16,008 .11

Total Market Value for all positions - $123,887 .07

The 'Total Cost' and 'Unit Cost' for Fixed Income Unit Trusts, Mortgage-Backed Securities, and Zero Coupon Bonds has been adjusted to reflect any partial return of principal or capital that may have been paid to you, or accreted interest earned, since your purchase date . In the event that the accumulated total return of principal or capital is greater than the provided original cost, the adjusted cost will be '0 00'.

Morgan Stanley is a service mark of Morgan Stanley Dean Wittei _ Co . Services are offered through Morgan Stanley DW Inc , member S . -

N MorganStanley BUSINESSICAPE-AccouNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 91 OF 125

ROSE C STONE FOUNDATION Account Number ATTENTION. MR ED VVIRIGHT 131 017452 149


ATE 9 LYLE PLC SPON ADR 79 10-06-04 28 .5800 2,257 .82 2,868 .09 610 .27 Short Term

'ECHNIP-COFLEXIP 27 10-04-04 41 .2348 1,113 .34 1,260 .36 147 .02 Short Term

*ELECOM ITALIA SPA(NEW)SVGS SH 140 10-12-04 23 .6734 3,314.28 4,622 .80 1,308 .52 Short Term

'OMKINS PLC ADS 115 10-04-04 19 .7477 2,270.99 2,275 .85 4 .86 Short Term

)NITED UTILITIES PLC 164 10-01-04 20 .3590 3,338 .88 4,022 .92 684 .04 Short Term

)ACOAL CP ADR 67 10-06-04 49 .3700 3,307.79 4,103 .75 795 .96 Short Term

Date Date Adjusted Realized Addltlonal Realized Gain/(Loss) Quantity Acquired Sold Total Cost Proceeds Gainl(Loss) Information

ShortTerm

3P PLC ADS 45 04-05-04 09-21-04 2,353 .89 2,618 .48 264 .59 Short Term :ANON INC ADR NEW 45 12-24-03 09-21-04 2,058 .41 2,146 .89 88 .48 Short Term :HUNGHWA TELECOM CO LTD 9 10-01-04 11-05-04 161 .74 176 .40 14 .66 Short Term ~HUNGHWA TELECOM CO LTD 13 10-01-04 11-08-04 233 .63 256 .17 22 .54 Short Term :HUNGHWA TELECOM CO LTD 17 10-01-04 11-09-04 305 .52 333 .95 28 .43 Short Term :OCA COLA CO 20 06-16-03 03-01-04 960 .12 989 .17 29 .05 Short Term :REDIT SUISSE GROUP 60 10-10-03 09-21-04 2,025 .76 1,983 .55 (42 .21) Short Term :REDIT SUISSE GROUP 35 04-01-04 09-21-04 1,241 .37 1,157 .07 (84 .30) Short Term _-NDESA SA ADS 185 06-06-03 03-19-04 3,032 .15 3,197 .19 165 .04 Short Term 3LAXOSMITHKLINE PLC ADS 40 03-02-04 09-21-04 1,680 .42 1,722 .76 42 .34 Short Term 3OLD FIELDS LTD . SP . ADR 27 10-01-04 11-10-04 366 .17 386 .39 20 .22 Short Term 3OLD FIELDS LTD . SP . ADR 54 10-01-04 11-11-04 732 .33 772 .78 40 .45 Short Term IOME DEPOT INC 60 12-15-03 09-21-04 2,086 .72 2,324 .94 238 .22 Short Term


'N MorganStanley BUSINESSICAPE-AccouNT

Morgan Stanley is a service mark of Morgan Stanley Dean Witter & Co . Services are offered through Morgan Stanley DW Inc., member SIPC .

FOR MONTH ENDING DECEMBER 31, 2004 PAGE 92 OF 125:

ROSE C STONE FOUNDATION Account Number ATTENTION . MR ED WRIGHT 131 017452 149

Date Date Adjusted Realized Additional Realized Gain/(Loss) Quantity Acguired Sold Total Cost Proceeds Gainl(Loss) Information

KOREA ELECTRIC POWER CORP ADS 17 10-01-04 12-01-04 181 .89 229 .58 47 .69 Short Tem KOREA ELECTRIC POWER CORP ADS 77 10-01-04 12-02-04 823 .86 1,045 .67 221 .81 Short Term KOREA ELECTRIC POWER CORP ADS 40 10-01-04 12-03-04 427 .98 541 .93 113 .95 Short Term MARSH & MCLENNAN COS INC 45 11-06-03 05-04-04 1,974 .91 2,015 .24 40 .33 Short Term MICROSOFT CORP 35 07-12-04 09-21-04 972 .45 956 .88 (15 .S711 Short Term NOMURA HLDGS INC 130 01-28-04 09-21-04 2,266 .80 1,739 .36 (S27 .44) Short Term NOMURA HLOGS INC 60 04-21-04 09-21-04 1,025 .11 802 .78 (222 .33) Short Term ORACLE CORP 170 10-06-03 09-21-04 2,069 .05 1,932 .85 (136 .20) Short Term ORACLE CORP 145 09-15-04 09-21-04 1,633 .18 1,648 .61 15 .43 Short Term PFIZER INC 30 06-16-03 04-16-04 1,028 .64 1,128 .61 99 .97 Short Term ROYAL DUTCH PETE NY 1 .25 GU 40 06-16-03 01-21-04 1,975 .41 1,934 .28 (41 .13) Short Term SCHERING AG 35 07-22-04 09-21-04 2,048 .15 2,115 .35 67 .20 Short Term SCHERING AG 9 10-06-04 10-13-04 557 .73 544 .71 (13 .02) Short Term SCHERING AG a 10-06-04 10-14-04 495 .76 485 .10 (10 .66) Short Term SCHERING AG is 10-06-04 10-15-04 929 .55 938 .97 9 .42 Short Term SCHERING AG 17 10-06-04 10-15-04 1,053 .49 1,037 .65 (15 .84) Short Term SCHERING AG 4 10-06-04 10-19-04 247 .88 253 .55 5 .67 Short Term UNILEVER PLC (NEW) ADS 25 06-16-03 03-03-04 931 .03 1,021 .96 90 .93 Short Term UNITED TECHNOLOGIES CORP 2S 03-25-04 09-21-04 2p140 .09 2,378 .44 238 .35 Short Term VERIZON COMMUNICATIONS so 06-06-03 04-01-04 1,974 .00 1P851 .61 (122 .39) Short Term WMC RES LTD SPONSORED ADIT 18 10-04-04 10-28-04 287 .18 369 .81 82 .63 Short Term WMC RES LTD SPONSORED ADR so 10-04-04 10-29-04 1,276 .37 1,626 .51 350 .14 Short Term WMC RES LTD SPONSORED ADR 5 10-04-04 11-01-04 79 .77 101 .90 22 .13 Short Term

Sub Total Short Term $43,638 .51 $44,767 .09 $1,128 .58

Long Term

BANK OF AMERICA CORP so 06-09-03 09-21-04 3,034 .40 3,563 .11 528 .71 Long Term BARCLAYS PLC ADR 100 06-09-03 09-21-04 2,917 .74 3,925 .90 1,008 .16 Long Term CADBURY SCHW PLC AOR 10 ORD NW 85 06-16-03 09-21-04 2,082 .50 2,657 .03 574 .53 Long Term CITIGROUP INC 70 06-09-03 09-21-04 2,998 .10 3,191 .92 193 .82 Long Term COCA COLA CO 45 06-16-03 09-21-04 2,160 .27 1,832 .80 (327 .47) Long Term DIAGEO PLC SPON ADR NEW 65 06-09-03 09-21-04 2,930 .25 3,225 .22 294 .97 Long Term ENI SPA AMER DEP RCPT 25 06-16-03 09-21-04 2,120 .40 2,748 .18 627 .78 Long Term EXXON MOBIL CORP 80 06-09-03 09-21-04 2,984 .00 3,933 .50 949 .50 Long Term FIRST DATA CORP 45 06-09-03 09-21-04 1,945 21 1,966 .45 21 .24 Long Term GENERAL ELECTRIC CO 100 06-06-03 09-21-04 3,031 .00 3,431 .91 400 .91 Long Term GLAXOSMITHKLINE PLC ADS 45 06-06-03 09-21-04 1,898 .10 1,938 .10 40 .00 Long Term GLAXOSMITHKLINE PLC ADS 25 09-15-03 09-21-04 1,036 .91 1,076 .72 39 .81 Long Term HEINEKEN NV ADR 25 06-16-03 09-09-04 782 .00 734 .26 (47 .741 Long Term HEINEKEN NV ADR 75 06-16-03 09-21-04 2,346 .00 2o261 .19 (84 .81) Long Term HSBC HOLDINGS PLC SPON AOR NEW so 06-09-03 09-21-04 2,997 .00 3,978 .90 981 .90 Long Term INTL BUSINESS MACHINES CORP 25 06-06-03 09-21-04 2,026 .25 2,139 .19 112 .94 Long Term


Morgan Stanley is a service mark of Morgan Stanley Dean Wittet - Co . Services are offered through Morgan Stanley DW Inc ., member S, - I

19 MorganStanley BUSINESSCAPE-AccouNT FOR MONTH ENDING DECEMBER 31, 2004 PAGE 93 OF 125

ROSE C STONE FOUNDATION Account Number ATTENTION- MR ED WRIGHT 131 017452 149


1OHNSON & JOHNSON 55 06-06-03 09-21-04 2,899 .60 3,161 .32 261 .72 Long Term IPMORGAN CHASE & CO 99 06-06-03 09-21-04 2,946 .75 3,944 .06 997 .31 Long Term :AD CORP SPONS ADR 10 06-06-03 09-21-04 1,980 .00 2,389 .94 409 .94 Long Term 1ICROSOFT CORP 125 06-09-03 09-21-04 2,982 .50 3,417 .41 434 .91 Long Term IESTLE SPON ADR REP REG SHR 35 06-09-03 09-21-04 1,779 .75 2,049 .20 269 .45 Long Term 1OKIA CP ADR 110 06-06-03 09-21-04 1,962 .40 1,545 .46 (416 .94) Long Term 1OKIA CP ADR 55 07-09-03 09-21-04 976 .11 772 .73 (203 .38) Long Term 1OVARTIS AG ADR 50 06-09-03 09-21-04 2,024 .19 2,371 .44 347 .25 Long Term IFIZER INC 60 06-16-03 09-21-04 2,057 .29 lo855 .15 (202 .14) Long Term IROCTER 9 GAMBLE 40 06-09-03 09-09-04 1,816 .00 2,246 .96 430 .96 Long Term ;IEMENS AKTIENGESELLSCHAFT 40 06-26-03 09-21-04 1,976 .19 2,999 .12 1,022 .93 Long Term ;OCIETE GENERALE SP ADR 155 06-06-03 09-21-04 2,022 .75 2,782 .18 759 .43 Long Term ;WISS REINSURANCE CO SPON ADR 30 09-10-03 09-21-04 1,978 .72 1,763 .95 (214 .77) Long Term 'OTAL FINA ELF SA 40 06-09-03 09-21-04 3,033 .44 4,152 .70 1,119 .26 Long Term JBS AG NEW 35 06-06-03 09-21-04 1,977 .15 2,518 .54 541 .39 Long Term JNILEVER PLC (NEW) ADS 55 06-16-03 09-21-04 2,048 .27 1,871 .60 (176 .67) Long Term /ODAFONE GP PLC ADS 95 06-09-03 09-21-04 1,998 .80 2,227 .69 228 .89 Long Term /ODAFONE GP PLC ADS 55 07-09-03 09-21-04 1,095 .29 1,289 .72 194 .43 Long Term 4ELLS FARGO & CO NEW 40 06-16-03 09-21-04 2,062 .40 2,353 .54 291 .14 Long Term

Sub Total Long Term $76o9O7 .73 $88,317 .09 $11,409 .36

Totals for closing transactions with cost data available 4120,546 .24 $133,084 .18 $12,537 .94

Total Proceeds - $133,084 .18


Unrealized gain . . . . . . . . . . . . . . . . . . . . . . . $16,437 .19 $0 .00 $16,437 .19 Unrealized (loss) . . . . . . . . . . .. . . . .. . . . . ($429 .08) $0 .00 ($429.08) Realized gain YTD . . . . . . . . . . . . . . . . . . . $2,359 .67 $13,083 .28 $15,442 .95 Realized (loss) YTD . . . . . . . . . . . . . . . . . ($1,231 .09) ($1,673 .92) ($2,905 .01)

!2 ~R

PAGE I OF 13 .



OBWNJG" AAA Customer Service 00202607 2 AT 0 .547 02 TR 1446 -000 1-800-355-3086

III I I I III I I I I IIIII I I III if I I I I I I I I is I I III I 1 119 111 1 oil III I I I I III ROSE C. STONE FOUNDATION ATTENTION: EDWARD WRIGHT P 0 BOX 629 131 CORTE MADERA CA S4976-0829

$112, 74i ; 66

Money Market Funds 05,760 .38 4 .5Z Stocks 120,440 .09 95 .5 Municipal Bonds 0 .00 0 .0 Corporate Fixed Income 0 .00 0 .0 Government Securities 0 .00 0 .0 Mutual Funds 0 .00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .00 0 .0 Annuities/insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $126,200 .47 100 . 0z Cash 0 .00 Total Asset Value $126,200 .47

Credits To Your Account Dividend and Interest 1,267.82 Deposits 0 .00 Sales Proceeds/Redemptions 27,489 .39 Other Credits 30 .SS

Total Credits Z8, 787 . 76 Debits To Your Account

Checking 0 .00 Debit Card 0 .00 Withdrawals 0 .00 Funds to Purchase Securities -26,247 .94 Other Debits -2,S25 .70

Total Debits -Z8,773 .64

Income Summ ar-y---

Net Change In Asset Value 13,410 .18

------------------- Total Asset-Malue-as-of -December. 31.2004. ---- ------------------- ------ *1267~ 4 7, 'ZOO- Taxable Income $1,267 .82 Tax Exempt Income $0 .00


Sta n I ey Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


NEUBERGER

. . . . . . . . . . . . . . -- ---- - -- ------ ----------- -------------- -------------- --- % of

Value Assets Total A=et Value January 01, 2004 Cash/Money Market Activity for 2004

Year To Date

Money Market Funds $32 .15 Stocks 1,23S .67 Municipal Bonds 0 .00 Corporate Fixed Income 0 .00 Government Securities 0 .00 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $1,267 .82

Changes in Asset Value for 2004 Value of Priced Assets 1101/04 $107,029 .91

Securities Bought 26,247 .94 Securities Received 0 .00 Securities Sold/Redeemed -27,489 .39 Securities Delivered 0 .00 Transactions at Fund Company 0 .00 Chancie in Value of Priced Assets 14,651 .63


Common Stocks

Next Dividend Payable 02/05 Next Dividend Payable 04/05 Next Dividend Payable 02/GA/05 Next Dividend Payable 01/14/05

Investments and services are offered thr,- n Morgan Stanley DW Inc., member SIPC .

N MorganStanley BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 2 OF 13

ROSE C STONE FOUNDATION Account Number ATTENTION EDWARD WRIGHT 131 013903 149


Cash and Money Market Funds Amount Assets Income Annualized 30 Day Yields

.00 --- --- Active Assets Money Trust . ACTIVE ASSETS MONEY TRUST 5,760 .38 4 .5Z 100 Active Assets Govt Sec Tr .1 .587

Active Assets California Tax Free 1 . 04Z Total Cash and Money Market Funds $5,760 .38 4 .-S% $100 Active Assets Tax Free Trust . . . . . . . . . . . . . . . . . . . . . . . . 1 .18%

AAA Institutional Money Trust 2 . 04% AAA Institutional Govt Sec Tr . 2 .08%

Net Change Since January 1, 2004 $14 .12

- - -d -d Curren Pct of Est Yrly Divi en Stocks Price Value Assets Income -Yield Symbol Additional Information

205 ALTERA CP 20 .70 4,243 .50 3.4% 0 0 .00% ALTR 63 AMB PROPERTY CORPORATION 40 .39 2,544 .57 2 .0% 107 - 4.20% AMB 31 AMBAC FINCL GP INC 82 .13 2,546 .03 2 .0% is --- .-60%- ABK 50 BP PLC ADS 513 .40 2,920 .00 2.37 83 2 .84% BP 97 CANADIAN NATL RAILWAY CO 61 .25 5,941 .25 4 .7% 61 -1 .04% CNI 66 CIMAREX ENERGY CO 37 .90 2,501 .40 2.0Z 0 0 .667 XEC 51 CITIGROUP INC 48 .18 2o457.18 1 .9% 81 3 .32% C

118 COMCAST CORP CL A SPECIAL NEW 32 .84 3,a75.12 3 .1% 0 0 .007- CMCSK 78 DANAHER CORP 57 .41 4,477.98 3 .5% -4 .107 DHR 99 DELL INC 42 .14 4,171.86 3.R 0 P .607 DELL

117 EQUITY RESIDENTAL 36 .18 4,233.06 3 .4% 202 4 :78% EQR- 31 GOLDMAN .SACHS GRP INC 104 .04 3,225.24 2 .67 --3r---

- .96% GS

504 LIBERTY MEDIA CP SER A 10 .98 5,533 .92 4 .47 -'0 -- 0 .00% L - 103 LIBERTY MEDIA INTL INC SER A 46 .23 4,761 .69 3 .8% 0 0 .6-67 LBTYA 75 MANPOWER INC 48 .30 3,622 .50 2 .97 30 :82% MAN

44 MILLIPORE CORP 49 .81 2,191 .64 1 .7% 0 0 .00% MIL 96 NATL GRID TRANSCO PLC 47 .99 4,607 .04 3 .77 176 3.82% NGG

150 NATL INSTRUMS CP 27 .25 4,087 .50 - 3 .2% ----30--- -- .-M NATI 83 NEWFIELD EXPL CO 59 .05 4p901.15 3 .9% 0 -0 .007 NFX 84 NOVARTIS AG ADR 50 .54 4,245.36 3 .4%' 55- NVS 109 PRAXAIR INC 44 .15 4,812.35 3 .8% -65--- 1~35% PX 44 QUEST DIAGNOSTICS INC 95 .55 4,204.20 3 .3% 26

' -.6i;1- DGX

62 RENAISSANCE RE HOLDINGS LTD 52 .08 3,22a .96 2 .6Z A47' 1 .457- RNR 91 STATE STREET CORP (49 .12 4,469 .92 3 .5% ~61' l .38% STT 90 TARGET CORPORATION 51 .93 4,673 .70 3 .77 26

. 61% TGT

220 TERADYNE INC 17 .07 3,755 .40 3 .07 0 ~0 .00% TER 141 TEXAS INSTRUMENTS 24 .62 3,471.42 2 .8% 14 .407 TXN 69 UNITEDHEALTH GP INC 88 .03 6,074 .07 4 .8% 2 .03% UNH 166 VODAFONE GP PLC ADS 27 .38 4,545 .08 3 .6% 91 2 .02Z VOD 100 WILLIS GRP HOLDINGS LTD 41 .17 4,117 00 3 .2% 75 1 .82% WSH

Next Dividend Payable 01/07/05 Next Dividend Payable 03/05

Next Dividend Payable 03/05


Next Dividend Payable 01/28/05

Next Dividend Payable 01/14/05 Next Dividend Payable 02105


Next Dividend Payable 01/24/05 Next Dividend Payable 02/05

Next Dividend Payable 03/05 Next Dividend Payable 01/05 Next Dividend Payable 03/05 Next Dividend Payable 01/18/05 Next Dividend Payable 03/05


ROSE C. STONE FOUNDATION ATTENTION- EDWARD WRIGHT




Investments and services are offered through Morgan Stanley DW Inc., member SIPC .

'9Stanley Morgan N 50i :_1 R 0 PAGE 3 OF 12L

Current Pct of Est Yrly Dividend Price Value Assets Income Yield Symbol Stocks Additional Information

Total Stocks~ ------------ - ------Net Chaii!~~ We a:64

Est Yrly Asset SummarV Value- Income

Total Asset VAluc- -4 -- ----- ----- -- --------------------- --

. . . ge~ ij . . .. . ... .. . . . ... . . .. . . . . .. . .. .. .. . Total Net-CKa . .. . .. 13 pad



Dividend AMB PROPERTY CORPORATION 80 .34 Stocks Dividend AMBAC FINCL GP INC 14 .58 Stocks Dividend BP PLC ADS 85 .35 Stocks Dividend CANADIAN NATL RAILWAY CO 43 .23 Stocks Dividend CITIGROUP INC 84 .80 Stocks Dividend DANAKER CORP 4 .42 Stocks Dividend EQUITY RESMENTAL 199 .38 Stocks Dividend FIFTH 3RD BANCORP OHIO 73 .17 Stocks Dividend GOLDMAN SACHS GRP INC 31 .00 Stocks Dividend HELMERICH&PAYNE INC 23 .17 Stocks Dividend MANPOWER INC 22 .50 Stocks Dividend MBNA CORP 8 .30 Stocks Dividend NATL GRID TRANSCO PLC 165 .02 Stocks Dividend NATL INSTRUMS CP 22 .30 Stocks Dividend NOVARTIS AG AOR 47 .65 Stocks Dividend PRAXAIR INC 65 .40 Stocks Dividend PROGRESSIVE CORP OHIO 1 .60 Stocks Dividend QUEST DIAGNOSTICS INC 27 .15 Stocks Dividend RENAISSANCE RE HOLDINGS LM 23 .37 Stocks Dividend STATE STREET CORP 46 .50 Stocks Dividend TARGET CORPORATION 27 .00 Stocks Dividend TEXAS INSTRUMENTS 6 .97 Stocks Dividend UNITEDHEALTH GP INC 2 .07 Stocks Dividend VODAFONE GP PLC ADS 57 .90 Stocks


Dividends wid Interest

Trade Settle Date Date Activity Quantity Description Price -Amount Additional Information

02-13 02-19 Sold 6 AMB PROPERTY CORPORATION 35 .7100 214 .24 02-13 02-19 Sold 5 CANADIAN NATL RAILWAY CO 6-1 .7900 ~306 .93

02-13 02-19 Sold is CIMAREX ENERGY CO 26 .8100 482.55

07-28 08-02 Sold 29 CIMAREX ENERGY CO 31 .8199 922.75 11-04 11-09 Sold 36 CIMAREX ENERGY CO -36*5313 1,315 .09 02-13 02-19 Sold a CITIGROUP INC 49 .64o~o 397 .10 02-13 02-19 Sold 5 DANAHER CORP 92 .7200 463.57 12-10 12-15 Sold 59 FIFTH 3RD BANCORP OHIO 46 .3769 2,736.17

02-13 02-19 Sold 17 HELMERICH&PAYNE INC 29 .2500 497.22 10-22 10-27 Sold 39 HELMt§ICH9PAYNE INC 29J549-- 1,160 .-41 11-18 11-23 Sold 38 HELMERICH&PAYNE INC 30 .2193 1,148 .30 01-16 01-22 Sold 38 JOHNSON 9 JOHNSON 50 .7000 1,926 .50 08-19 68-19 Tender 13 LIBERTY MEDIA INTL INC RT CL A SUBSCRIPTION

08-30 08-30 Tender 13 LIBERTY MEDIA CL A2B EXER - -- EXCHANGE

01-09 01-14 Sold 102 MATTEL INC 19 .0000 1,937 .90 01-23 01-28 Sold so MBNA-CORP 27 .2900 1,364 .43

02-13 02-19 Sold 5 MEDIMMUNE INC 25 .900 129 .94

03-01 03-04 Sold 66 MEDIMMUNE INC 23 .8901 1 ;576 :68

02-13 02-19 Sold 8 MILLIPORE CORP 51 .2900 410.30

09-30 10-05 Sold 21 NEWFIELD EXPL CO 61 .1409 1,283 .92 01-09 01-14 Sold 16 PROGRESSIVE CORP OHIO 84 .0441 1,344 .64 10-12 10-15 Sold 20 PROGRESSIVE CORP OHIO 85 .0000 1,699 .96

02-13 02-19 Sold 5 QUEST DIAGNOSTICS INC 82 .5800 412 .88

01-09 01-14 Sold 20 SYNOPSYS INC 35 .7209 714 .36

05-13 05-18 Sold 79 SYNOPSYS INC 25 .8706---- 2,043 .68 02-13 02-19 Sold 8 TERADYNE INC 25 .6100 204 .87 02-13 02-19 Sold 7 TEXAS INSTRUMENTS 30 .5900 214 .11 07-09 07-14 Sold 386 UNITEDGLOBALCOM CL A 6.6812 2,578.87

$27,489 .39 Total Sales Proceeds/Redemptions

Investments and services are offered thrL .- .n Morgan Stanley DW Inc ., member SIRC .

N MorganStanley ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT


Activity Descriptio , n Amount Income Cateaory

Dividend WILLIS GRP HOLDINGS LTD 72 .50 Stocks




PACE 5 OF 13 .




Other Credits - -- pate Activity Descrintion Amount Additional Information

CASH IN LIEU FRACTIONAL SHARii .

Funds to Purcha~;e SecuritWs - - - - - --- --


'q MorganStanley

01-12 Rebate 12BI FEE PASS THROU 0 .31 02-09 Rebate 1281 FEE PASS-THROUGH 0 .47 02-27 Stock Dividend CANADIAN NATIL RAILWAY CO 19 .71 03-12 Rebate 1281 FEE PASS THROUGH 0 .37 04-13 Rebate 1281 FEE PASS THROUGH 0 .64 OS-11 Rebate 12BI FEE PASS THROUGH 0 .30 06-07 Stock Dividend LIBERTY MEDIA INTL INC SER A 7 .34 06-14 Rebate 1281 FEE PASS THROUGH 0 .16 07-13 Rebate 1281 FEE PASS THROUGH 0 .22 08-12 Rebate 1281 FEE PASS TKW~GM 0 .24 09-13 Rebate 12131 FEE PASS THROUGH 0 .27 10-12 Rebate 12BI FEE PASS THROUGH 0 .16 11-10 Rebate 1281 FEE PASS THROUGH 0.08 12-02 Rebate 12BI FEE PASS THROUGH 0 .28

Total Other Credits $30 .SS

Totil-Q00S TOA60-Accodil - -- --------------------


CASH IN LIEU FRACTIONAL SHARE

Trade Settle Date Date Activity Quan(ity Descrintion Pr[ce Amount Additional Information

03-23 03-26 Bought 113 ALTERA CP 19 .381S 2,190 .11 04-29 OS-04 Bought 49 ALTERA CP 19 .9sas 977.97 09-30 10-05 Bought 43 ALTERA CP 19 .7200 947 .96 01-09 01-14 Bought 30 AMB PROPERTY CORPORATION 33 .4733 1,004 .20 02-13 02-19 Bought 6 COMCAST CORP CL A SPECIAL NEW 28 .9384 173.63 02-13 02-19 Bought 7 EQUITY RES TAL 29 .0800 203 .56 01-16 01-22 Bought 2 FIFTH 3RO BANCORP OHIO S7 .0400 114 .08 01-09 01-14 Bought 2 GOLDMAN SACHS GRP INC 97 .9100 19s .82 01-16 01-22 Bought 16 LIBERTY MEDIA CP SER A 11 .8083 188 .93 02-13 02-19 Bought is LIBERTY MEDIA CP SER A 11 .3900 170 .8S 07-09 07-14 Bought 38 LIBERTY MEDIA INTL INC SER A 34 .6393 1,316.29 08-19 08-19 Received LIBERTY MEDIA CIL A213 EXER 325 .00 SUBSCRIPTION 08-19 08-19 Received 13 LIBERTY MEDIA CIL A213 EXER SLQ1SCRIPTION 08-30 08-30 Received 13 LIBERTY MEDIA INTL INC SER A EXCHANGE 09-30 10-OS Bought 27 LIBERTY MEDIA INTL INC SER A 33 .4094 902 .OS 01-09 01-14 Bought 2 MILLIPORE COW 42 .6200 8S .24




Other Debits Date Activity Description Amouht Additional Information

NEU NEU NEU NEU

ACCESS lQ04 FEE ACCESS 2Q04 FEE ACCESS 3004 FEE ACCESS 4QO4 FEE

Total Other Debits

-28,773 .64


Securities Received

Investments and services are offered thrt- n Morgan Stanley DW Inc., member SIPC .

N MorganStanley ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT

PAGE 6 OF 13

Trade Settle Date Date Activity Quantity Description Price Amount Additional Informatton

10-05 10-08 Bought 39 NATL INSTRUMS CP 26 .7500 1,043 .25 01-09 01-14 Bought 61 NOVARTIS AG ADR 0-.0066 2,867.00 07-28 08-02 Bought 23 NOVARTIS AG ADR 44 .6940 1,027 .96

02-13 02-19 Bought 7 PRAXAIR INC 35 .6651 249.66 03-23 03-26 Bought 41 RENAISSANCE RE HOLDINGS LTD 53 .9_560_ 2,183 .25 12-10 12-15 Bought 21 RENAISSANCE RE HOLDINGS LTD 49 .5541 1,04D .64 10-12 10-15 Bought 16 STATE STREET CORP 41-.2478- --659 .96 01-09 01-14 Bought 5 TARGET CORPORATION 37 .2400 186 .20 04-29 05-04 Bought 42 TERADYNE INC 20 .498t 859 .-26 12-10 12-15 Bought 38 TERADYNE INC 16 .8017 638.46 05-13 05-18 Bought 47 TEXAS INSTRUMENTS 25 .6900 1,207.43 08-31 09-03 Bought 58 TEXAS INSTRUMENTS 19 .2764 1,118.03 01-23 01-28 Bought 361 UNITEDGLOBALCOM CL A 10 .2506 3,700.47 02-13 02-19 Bought 25 UNITEDGLOBALCOM CL A 9.1299 228.25 02-13 02-19 Bought 21 VODAFONE GP PLC ADS -25 .8300 542.43

Total Funds to Purchase Securities - -26,247 .94

01-16 Charge 04-15 Charge 07-15 Charge 10-14 Charge

Total Debits To Your Accowit

-616 .23 ~631 .19 -639 .10 -639 .18

-2,525 .70

Date Acttv6 Quantity Description Price Amount Additional Information

02-27 Stock Dividend 32 CANADIAN NATL RAILWAY CO 05-20 Stock Dividend 39 DANAHER CORP 06-07 Stock Dividend 25 LIBERTY MEDIA INTL INC SER A DISTRIBUTION FROM L 07-27 Stock Dividend 1 LIBERTY MEDIA INTL INC RT CL A

ROSE C. STONE FOUNDATION ATTENTION : EDWARD WRIGHT


Investments and services are offered through Morgan Stanley DW Inc. . member SIPC .

'9 MorganStanley BUSINESSCAPE-AccolUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 7 OF 13

Securities Recehied -

Date Activity Quantity DescriDtion Price Amount - Additional Information

07-27 Stock Dividend 12 LIBERTY MEDIA INTL INC RT CL A 02-20 Stock Dividend 37 NATL INSTRUMS CP

Total Securities Received 0 .00--

Tax Information - Year-to-Date


The tax iniormation provided above should be used only as a guide; a complete 1099 will be sent to you.

Message~s - Please note that sell trades executed, checks written and debit card transactions made in 2004, and which settle early in 2005, will be reflected as 2004 transactions under the Assets, Checking and Debit Card sections of the Activity Details portion of the statement .


NEUBERGER


Investments and services are offered thrL,- .n Morgan Stanley DW Inc., member SIPC .

N MorganStanley Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL CA 94903 (415) 444-1200



ROSE C STONE FOUNDATION ATT EN[TION iEDWAIkD WRIGHT P 0 BOX 629- - CORTE MADERA CA 94976-0629

PAGE 8 OF 13


The Gain and Loss information is provided for informational purposes only.-We recommend that-you contact your tax advisor to determine the appropriate information to be used in the preparation of your tax return This Gain and Loss Summary is not a substitute 1099 form (or any other appropriate tax form) and should not be filed with your taxes.

For most securities purchased after 1985 through Morgan Stanley DIN Inc , the necessary data, including cost basis (purchase price), is provided to estimate gain or loss . Please note that although Morgan Stanley D W Inc makes every- effort to adjust the cost basis for such securities' capital changes, it does not adjust the cost basis for all events, including-amortization of non-municipal bond premiums, exercise of stock options, s.ecurities deemed to liave been sold and si m-ultaneously repurchased, receipt of cash In lieu of fractional shares, or the net effect of wash sales andlor short sales against the box ---

For securities not purchased through Morgan Stanley D W Inc., for example, securities purchase d-else where and later transferred to it, you will need to supply the relevant information either to your Financuil Advisor or- directly- ontd- ClientServ-,'independently of Morgan Stanley DW Inc In either case, it is-your responiibilf" f this-

_f- V y to ensure the accuracy q -_ --in ormation,-stnce Morgan

Stanley DW Inc has no knowledge of such assets' cost basis. To-correct any information suppfled.by Morgan Stanley DW Inc , please inform your Financial Advisor, to correct any information supplied by you, you may either inform your Financial Advisor or input the data directly yourself through ChentServ.

- : -, __ , - - .

For Managed Futures funds, these funds may typically be redeemed orily once monthly, at-the furid's-fin-al.--net-as-set-value ('NAV) as of each month's end The fund's final NAV for each month - and therefore the exact amount of any investor's gain-or loss -realized that month- becomes available, however, only midway-into the following month "Separately, all unrealized gain -and loss figures are only estimates Morgan Stanley DW Inc does not guarantee nor will it independently ~erify the accuracy of the information in the Gain and Loss Summary.

Date Unit Adjusted Market Unrealized Additional Unrealized GainiffLoss) Quantity Acquired Cost Total Cost --Value Gannl(Loss) Information

Stocks

Common Stocks

ALTERA CP 113 03-23-04 19 .3815 2,190 .11 2,339 .10 148 .99 Short Term 49 04-29-04 19 .9585 977 .97 11-614 .30 36 .33 Short Term 4 847 .96 890 .10 42 .14 Short Term 205 19 .5904 4,016 .04 4,243 .50 227 .46





Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Accuired Cost Total Cost Value Gainlttoss)- Information

AMB PROPERTY CORPORATION 33 12-18-03 32 .4294 - 1,070 .17 1,332.87 2 . 62

- z-70 :~ Long Term

30 01-09-04 33 .4733 1,004 .20 1,211-70 2i7 .50 Short Term 63 32 .9265 2,074 .37 2,S44.57 470 .20

AMBAC FINCL GP INC 29 06-18-03 69 .4817 2,014 .97 2,SB1 .77 366.80- Long Term, 2 09-05-03 66 .6700 133 .34 - i64 .iii 30 .9i Long Term

31 69 .3005 2,148 .31 2,S46 .03 397 .72

BP PLC ADS 4S 06-12-03 44 .3900 1,997 .5s 2,628 .00 630 .45 Long Term 5 09-OS-03 42,7500 213 .75 292 .00 78 .25 Long Term

so 44.2260 2,211 .30 2,920 .00 70B .70


'q MorganStan~ey PAGE 9 OF 13 .

CANADIAN NATL RAILWAY CO 97 06-12-03 34.4299 3,339 .70 S,941 .25 2,601 .SS Long Term

CIMAREX ENERGY CO 24 06-12-03 23.6200 S66 .88 909 .60 342 .72 Long Term 42 10-21-03 20,8938 87~ .-% 1,591 .80 714 .26 Lana Term 66 21 .8851 1,444 .42 2,501 .40 11OS6.98

CITIGROUP INC 51 06-12-03 43 .5500 2,221 .05 2,4S7 .18 236 .13 Long Term

COMCAST CORP CL A SPECIAL NEW 112 06-12-03 31 .8200 3,S63 .84 3,678 .08 114.24 Long Term 6 02-13-04 28-9383 173 .63 197 .04 23.41 Short Term

118 31 .6734 3,737 .47 3,87S .12 137.6S

DANAHER CORP 78 06-12-03 34 .4000 2,683 .20 4,477 .98 1,794 .78 Long Term

DELL INC as 06-12-03 31 .8900 2,710 .6S 3,581 .90 871 .ZS Long Term 14 12-18-03 33 .4121 467 .77 $89-96 122 .19 Long Term 99 32 .1052 3p178 .42 4,171 .86 993 .44

EQUITY RESIDENTAL 110 06-12-03 27 .3SOO 3,008 .50 3,979 .80 971 .30 Long Term 7 02-13-04 29 .0800 203 .56 253 .26 49 .70 Short Term

117 27 .4535 3,212 .06 4,233 .06 1,021 .00

GOLDMAN SACHS GRP INC 17 06-18-03 " . 5864 1,505 .97 1,768 .68 262 .71 Long Term 6 06-25-03 85 .9500 515 .70 624 .24 108 .54 Long Term 6 10-14-03 88 .6950 532 .17 624 .24 92 .07 Long Term 2 01-09-04 97,9100 195 .82 208 .08 12 .26 Short Term

31 88 .6987 2,749 .66 3,225 .24 47S .58


Investments and services are offered thrk.. _n Morgan Stanley DW Inc., member SIPC .

Morgan BUSINESSCAPE '9 Stanley -AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 10 OF 13


Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Acquired Cost Total Cost Value - Gainl(Loss) Information

LIBERTY MEDIA CP SER A 388 06-12-03 9 .9866 3,874 .81 4,260 .24 385 .43 Long Term so 09-12-03 9 .0916 727 .33 878 .40 151 .07 Long Term 5 12-18-03 9 .3500 46 .75 54 .90 8 .15 Long Term 16 01-16-04 9 .8762 158 .02 175 .68 - 17 .66 Short Term 15 02-13-04 9 .-5266 142 .90 164 .70 21 .80 Short Term

504 9 .8210 4,949 .81 5,533 .92 584 .11

LIBERTY MEDIA INTL INC SER A 19 06-12-03 39 .8900 757 .91 -878 .37 120 .46 Long Term 3 09-12-03 47 .4233 142 .27 138 .69 (3 .58) Long Term 3 02-13-:04 22 .6700 68 .01 138 .69 70 .68 Short Term 38 07-09-04 34 .6392 1,316 .29 1,756 .74 440 .45 Short Term 13 08-19-04 25 .0000 325 .00 P 600 .99 275 .99 Short Term

ADJUSTED 08/20/04 27 09-30-04 33 .4092 902 .05 1,248 .21 346 .16 Short Term

103 34 .0925 3,511 .53 4,761 .69 1,250 .16

MANPOWER INC 54 07-10-03 37 .6500 2,033 .10 2,608 .20 575.10 Long Term is 07-17-03 36 .1180 541 .77 724 .50 182 .73 Loi)g Term 3 08-20-03 39 .3300 117 .99 - 144 .90 26 .91 Long Term 3 09-05-03 39 .5600 118.68 - 144 .90 26 .22 Long Term

75 37 .4872 2,811 .54 3,622 .50 -810 .96

MILLIPORE CORP 27 06-12-03 44 .9700 1,214 .19 -1,344 .87 130.68 Long Term is 10-28-03 41 .6100 624.15 747 .15 123 .00 Long Term 2 01-09-04 42 .6200 85 .24 99 .62 14 .38 Short Term

44 43 .7177 1,92~3 .58 ~~,191 ;64 268 .06

NATL GRID TRANSCO PLC 96 10-14-03 32 .4984 3,119.85 4,607.04 1,487.19 Long Term

NATL INSTRUMS CP ill 06-12-03 25 .9933 2,885.26 3iQ24J5 139 .49 Long Term 39 10-05-04 26 .7500 1,043 .25__ 1,06i.f.S 19 .50 Short Term

150 26 .1900 3,928 .51 4,087 .50 158.99

NEWFIELD EXPL CO 83 06-12-03 38 .5200 3,197 .16 4 ;10-1-.-15 1,703~.99 Long Term

NOVARTIS AG ADR 61 01-09-04 47 .0000 2,867.00 3-2082 :94 215.94 Short Term 23 07-28-04 44 .6939 1,027 .96 -1,162 .42 134 .46 Short Term 84 46 .3665 3,894.96 4i245 .36 350.40



MS. '9Stanley BUSINESSICAPE-AccouNT Morgan FOR YEAR ENDiNG DECEMBER 31, 2004 PAGE 11 OF 13

ROSE C. STONE FOUNDATION Account Number ATTENTION : EDWARD WRIGHT 131 013903 149

Date Unit Adjusted Market Unrealized Additional Unmalized Gain/(Loss)- Quantity Accuired Cost Total Cost Value Gainl(Loss)- - Information

PRAXAIR INC 102 06-12-03 30 .2700 3,087.54 4,503 .30 1,41S.76 Long-Term 7 02-13-04 35 .6657 249 .66 309 .05 59-39 Short Term

109 30 .6165 3,337 .20 4,812-.35 1,47S.LS

QUEST DIAGNOSTICS INC is 06-12-03 62 .S400 1,125 .72 1,719 .90 S94.18 -Long Term 14 06-75-03 63 .2107 884.95 1,337 .70 4S2.75 - Long Term 6 08-20-03 S8 .9000 3S3.40 573-.30 219.90 Long Term 6 10-21-03 62 .3900 374 .34 573 .30 19a.96 Long Term

44 62 .2365 2,738 .41 4,204 .20 1,465.79

RENAISSANCE RE HOLDINGS LM 41 03-23-04 S3 .2500 2,183 .25 2,135 .2: (47.97) Short Term 21 12-10-04 49 .SS42 1,040 .64 1,093 .6 S.3 .04 Short Term 62 S1 .9982 3,223 .89 3,228 .96 S.07

STATE STREET CORP 62 06-12-03 40 .3000 2,498 .60 3,04S .44 S46 .84 Long Term 13

0 6-18- :3 40 .:170: S390 .53 638 .56 108 .03 Long Term

16 10-12- 4 41 . 4 65 .96 785 .92 125 .96 Short Term 91 40 .5394 3,689 .09 4,469 .92 780 .83

TARGET CORPORATION 67 06-12-03 37 .S400 2,SIS .18 3,479 .31 964 .13 Long Term 12 10-28-03 39 .5400 474 .48 623 .16 148 .68 Long Term 6 12-18-03 38 .S600 231 .36 311 .58 80 .22 Long Term S 01-09-04 37 .2400 186 .20 2S9 .6S 73 .45 Short Term 90 37 .8580 3,407 .22 4p673 .70 lp266 .48

TERADYNE INC 104 06-12-03 17 .1200 1,780 .48 lp775 .28 (5 .20) Long Term 36 08-20-03 17 .3636 625 .09 614 .52 (10 .57) Long Term 42 04-29-04 20 .4585 859 .26 716 .94 (142 .32) Short Term 38 12-10-04 16 .801S 638 .46 648 .66 10 .20 Short Term

220 17 .7422 3p9O3 .29 3,755 .40 (147-89)

TEXAS INSTRUMENTS 36 09-12-03 23 .7425 854 .73 886 .32 31 .59 Long Tern 47 05-13-04 25 .6900 1o207 .43 1,157 .14 (50 .29) Short Term 58 08-31-04 19 .2763 1,118 .03 1,427 .96 309 .93 Short Term 141 22 .5545 3p180 .19 3,471 .42 291 .23

UNITEDHEALTH GP INC 69 06-12-03 50 .8950 3,511 .75 6pO74 .07 2,562 .32 Long Term

VODAFONE GP PLC ADS 145 06-12-03 20 .9300 3,034 .85 3,970 .10 935 .2S Long Term


Investments and services are offered thrL. n Morgan Stanley DW Inc., member SIPC .


ROSE C. STONE FOUNDATION Account Number ATTENTION EDWARD WRIGHT 131 013903 149

Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Acquired Cost Total Cost Vglue' Gainl(Logs) Information

VODAFONE GP PLC ADS 21 02-13-04 25 8300 542 .43 574 .98 32 .55 Short Term 166 21 .5498 3,577 .28 4,545 .06 967 .80

WILLIS GRP HOLDINGS LTD 96 06-12-03 32 .5200 3,121 .92 31_95~2 .32 830 .40 Long Term 4 12-18-03 32 .6300 130 .52 164 .68 34-.16 Long Term

100 32 .5244 3,252-.44 -4,117 .-oo 864 .56

Totals for positions with cost data availabld - $94,173 .70 $i20,440 ;0 $26,~66 .39

Total Market Value for all positions '$120,440 .09F

P - You have provided the trade history for this transaction, it -was not available through Morgan-Stanley DW Inc. I records.

The 'Total Cost" and 'Unit Cost- for Fixed Income Unit Trusts, Mortgage-Backed Securities,- and-Zero Coupon Bonds has been adjusted to reflect any partial return -of principal or capital that may have been paid to y9u, or accreted interest earned, since your purchase date . In the event that the accumulated total return of principal or-capital is greater than the provided original cost, the adjusted cost will be "0 00'

Date Date Acjuste~ Realized Additional Realized Gain/(Loss) - Quantity Acquired Sold Total Cost -Proceeds Gainl(Loss) Information

Short Term

AMB PROPERTY CORPORATION 6 12-18- 03 02-13-04 194 .'58 214 .-24 19 :66 Short Term CANADIAN NATL RAILWAY CO 5 06-1~-03 02-13-04 2S6.90 308 .9~3 52 .03 Short Term CANADIAN NATL RAILWAY CO 06-12-03 02-V-04 - 0_00 .19 .71 19 .71 Cash in Lieu CIMAREX ENERGY CO 18 06-12-03 -02-13-04 425

' -16 482.55 . 57-39 Short Term

CITIGROUP INC 8 06-12-03- 02-13-04 -348 .40 397-10- 48 .70 Short Term DANAHER CORP 5 06-12-Ot 02-i3-04 344.00 463.57 119.57 Short Term FIFTH 3RD BANCORP OHIO 3 12-18-03 12-10-04 171 .53 -139 .13 (32 .40) Short Term FIFTH 3RD BANCORP OHIO 2 01-16-04 12-10-04 114-.08 -92-75 (21-

' 33) Short Term

HELMERICH&PAYNE INC 17 06-12-03 02-13-04 533.80 - 497.22 (36 .58) Short Term

JOHNSON 9 JOHNSON 38 06-12-03 01-16-04 2,030., 72 -1 ;qr2~ ;50 (104.22) Short Term

LIBERTY MEDIA INTL INC SER A 06-12-03 06-07-04 - 0 " 00 .- -7 .34- 7 .34 Cash in Lieu

MATTEL INC 102 06-12-03 01-09-04 2,120.58 1,937 .90 -(182 .68) Short Term MBNA CORP 46 06-12-03 01-23-04 1,009.70 -1-'-.255-.28 245.58 Short Term MBNA CORP 4 06-18-03 01-23-04 _86 ._04 23 .11 Short Term MEDIMMUNE INC 5 06-12-03 02-13-04 190

. 95 (61 .01) Short Term

MEOIMMUNE INC 20 06-12-03 03-01-04 763 .80 477.78 (286 .02) Short Term MEDIMMUNE INC 7 10-14-03 03-01-04 223 .65 167 .22 (56 .43) Short Term MEDIMMUNE INC 39 10-21-03 03-01-04 1,122 .42 931 .67 (190 .75) Short Term MILLIPORE CORP 8 06-12-03 02-13-04 359 .76 410 .30 50 .54 Short Term PROGRESSIVE CORP OHIO 16 06-12-03 01-09-04 1,128.16 1,344 .64 216 .48 Short Term






MorganStanley PAGE 13 OF 13

Date Date Adjusted Realized Additional Realized Gain/(Loss)- . Ouantb Acauired Sold Total-Cost Proceeds Gairiffitoss) Information

QUEST DIAGNOSTICS INC S 66-12-03~ 02-13-04 312 .70- 412 .88 100-.18- Short Term SYNOPSYS INC 20- 06-12-03 01-09-04 60S .00 714 .38 f09.38 Short Term- SYNOPSYS INC 67 06-12-03 05-13-04 2,026 .75 1,733-

" ZS_ (293-.50)- Short Term

SYNOPSYS INC 12 10-14-03 05-13-04 340 .72 310 .43 (30 .2911- Short Term TERADYNE INC a 06-12-03 02-13-04 136 .96 204 .87 67 .91 Short Term TEXAS INSTRUMENTS 7 09-12-03 02-13-04 166-.20 214 .11 47 .91 Short Term UNITEDGLOBALCOM CL A 361 01-23-04 07-09-04 3,700 .47 2,411 .94 (1,288 .63) Short Term UNITEDGLOBALCOM CL A 2S 02-13-04 07-09-04 228 .25 167 .03 (61 .22) Short Term

Sub Total Short Term 018,941 .28 $17,481 .71 ($1,4S9 .57)

Long Term

CIMAREX ENERGY CO 29 06-12-03 07-28-04 684 .98 922 .7S 237 .77 Long Term CIMAREX ENERGY CO 36 06-12-03 11-04-04 850 .32 1,315 .09 464 .77 Long Term FIFTH SRO :ANCORP OHIO 34 06-18-03 12-10-04 2,049 .04 1,576 .78 (472 .261 Long Ter= FIFTH SRD ANCORP OHIO 10 09-OS-03 12-10-04 588 .1s 463 .76 (224 .391 Long Term FIFTH SRO BANCORP OHIO 10 10-14-03 12-10-04 579 .00 463 .76 (11S .241 Long Term HELMERICH&PAYNE INC 39 06-12-03 10-22-04 1,224 .60 1,160 .41 (64 .19) Long Ter= HELMERICH&PAYNE INC 38 06-12-03 11-18-04 1,193 .20 1,148 .30 (44 .90) Long Term NEWFIELD EXPL CO 21 06-12-03 09-30-04 808 .92 1,283 .92 47S .00 Long Term PROGRESSIVE CORP OHIO 12 06-12-03 10-12-04 946 .12 11019 .98 173 .86 Long Term PROGRESSIVE CORP OHIO a 09-12-03 10-12-04 S65 .08 679 .98 116 .90 L" Torn

Sub Total Long Term $9,387 .41 $10,034 .73 $647 .32

Totili ---- - ----- ---------- -- . . . . . .. .. . . . . . .. . . .. . . . . ------------------ -- -------- -- ------------------ - -------J--------------- -------

TOW N606di 2Z.


Unrealized gain . . . . . . . . . . . . . . . . . . . . . . . $2,741 .87 $23,784 .4S $26,S26 .32 Unrealized (loss) . . .. .. . .. . . . .. .. . .. . . ($240 .S8) ($19 .3S) ($?S9 .93) Realized gain YTD . . . . . . . . . . . .. . . . . . . $1 ..18S .49 $1,468 .30 $2,653 .79 Realized (loss) YM . .. . . . . . . . . . . . . . . ($2,64S .06) ($820 .98) ($3,466 .04)

Errors & Inquiries If you do not understand an an" on your statement or suspect an error, it is Margin Interest We calculate interest charges on margin loans as follows essential that you immediately contact the manager of the office servicing your Charges account or, if you have a self-directed account, please call 800-688-6896 We will (1) Multiply the applicable margin interest rate times the average daily

balance of your margin loan consider your statement correct unless we receive a written inquiry from you about (2) Multiply the result of Step (1) times the number of days your loan the suspected error within 10 calendar days from the day on which you received was outstanding your statement It is your responsibility to review your statement promptly and to (3) Divide the result of Step (2) by 360 (days) seek immediate clarification about entries that you do not understand We add the accrued interest to your debit balance and start a new calculation each

SIPC Protection Securities and cash held in Morgan Stanley accounts are protected up to their time the applicable-interest rate changes and at the close of every statement month full net equity value by a combination of coverage provided by the Securities Investor Protection Corporation ("SIPC") a non-profit organization created by an Availability of Free Under the customer protection rules of the SEC [ 17 CFR §240 150-2 & -31, Act of Congress and additional protection purchased from a private insurer by Credit Balances Morgan Stanley DW Inc may use free credit balances in your account Morgan Stanley (the 'Excess Coverage") SIPC protects up to $500,000 of each and Financial which-are payable to you on demand, in the ordinary course of its business customer's securities of which up to $100 .000 may be uninvested cash Excess Statements We send summary Morgan Stanley.DW Inc financial statements to you Coverage provides additional protection up to the full net equity value of each semiannually copies are also available on request, by mail account including unlimited coverage for uninvested cash SIPC and Excess Coverage apply only to securities and cash in the exclusive possession and Taxes Under Federal Income Tax law, we are required to report the gross proceeds of control of Morgan Stanley and do not protect against losses due to market sales transactions, entering into short sales and redemptions done in your fluctuations Detailed information is available upon request account Although your statement may describe certain items as (federally) tax-

Transaction Dates All transaction dates on this statement are the transactions' settlement dates -free-this is for information purposes-only -when reporting your taxes please rely

In the case of unsettled trades, we list the trade date instead of settlement date qxclusively on .the 1099 forms you will receive at the end of the year, (For IRAs,

with a notation that the trade is unsettled 1099s req5trt distributions from the account rather than income or proceeds from sales ) - Federal law subjects you to penalties and withholding it you fail to

Pricing of Securities The prices of securities displayed on your statement are derived from various provide us wi -th y.our Social Security .or Tax ID Number sources and in some cases may be higher or lower than the price that you would actually receive in the market For securities listed on an exchange or trading Listed Options Informal ion -with -respect to commissions and to other charges related to the continually in an active marketplace, the price reflects the market quotations at execution-of -options transactions has been included in confirmations of such the close of your statement period The prices of securities not actively traded transactions.-previously furnished to you A summary of such information will be may not be available These are indicated by "NW (not available) made-available to you promptly at your request For bonds trading less frequenfly, we rely on outside pricing services or Estimated Annual Estimated ~nnual income and yields are calculated by annualizing the most computerized pricing model, which cannot always give us actual market values Income and Yields recent distribution and do not reflect historic experience or projected future Similarly. some annuity values provided by outside spon

' sors are estimates results -Since the rates are subject to change at any time, they should not be

The amounts on this statement for limited partnerships,are typically obtained entirely relied on for making investment or trading decisions You are advised to from a third party or from the investments' general -partners unless Morgan consult With-your Financial Advisor before making decisions Your Financial Stanley DW Inc has obtained other information such as an independent Adv

- isor wi

- 11

- -be-able tolassist you with accurate up-to-date information so that

appraisal Since many partnership valuations are provided only annually . they do you can make an informed decision If you have a self-directed account, please not always represent current values call 800-688-6896 Furthermore, limited partnerships and non-traded Real Estate Investment Trusts Accrued Bond T is igurqrep (REITs) are illiquid and have no public markets, so the amounts shown on this -tl 1 yesents the taxa-ble accrued interest receivea on Dond sale

statement may not eaual the amounts you would receive if you sold your Interest YTD transactions and credited to your account during the calendar year As required

by law, Morgan Stanley DW Inc will report to the Internal Revenue Service the investment total year-to-clate figure indicated on the last statement you receive for the calen- The value of mutual fund shares is determined by multiplying the Net Asset Value dar year--.- (NAV) by the number of shares or units held as reported to Morgan Stanley DW Inc by the correspondent custodian If we cannot obtain a price or estimate, Dividend/interest These -figures represent dividends and/or interest on securities received by "N/A" appears (Month/YTD) Morgan Stanley DW Inc and credited to your account during the ca)endar year

For more detailed current information on prices, speak to your Financial Advisor As required by- law, Morgan Stanley DW Inc reports taxable dividencis and bond

or, if you have a self-directed account. please call 800-688-6896 interest dreclited to your.account to the Internal Revenue Service The totals -reported are indicated as the year-to-clate figures on the last statement for the

Account Valuation This figure represents the approximate value of your account on a settlement calenclar~-year In the case of REITs, Real Estate Limited Partnersh?ps arid

date basis and is computed by adding (1) the market value of all priced positions Regulated investment Company Unit Investment Trusts,-the Sponsor may

ano (2) market values provided by pricing services and correspondent custod- ~~come ar~d return of principal into a different ratio for the prior year

ians for other positions ancf by adding any credit oir subtracting any debit to Certain Assets Not -You may purchase certain assets through Morgan Stanley DW Inc which your closing cash or money market balance Please note, this valuation may be Held at Morgan will be- held at a custodial institution other than Morgan Stanley DIR Inc adjusted for the net change in priced asset values for securities held or for the Stanley DW Inc. Ass

, efs-~eld in custodial positions 'are not covered by SIPC protection Where

net change in money market balances in your account during the statement ~~iail~tile we include i6format ;on'about these assets on your Vorcian Stanley DIN period Your closing cash and/or money market balance represents the cash Inc ' statement The custodial institution is responsible for providi-rig year-end tax and/or money marlet funds available in your account and reflects the net month reficirting (1099s) and separate periodic statements, which may vary from our end balance of all deposits, credits and debits (including checking and information due to different reporting periods In the case of Morgan Stanley, MasterCard activity in Active Assets accounts) - Van Kampen and W. ernal networked mutual funds Morgan Stanley D~N? Inc 'witl

Margin Privileges If you have applied for margin privileges and have been approved you may provide all year-end tax reporting (1099's) In the case of IRA accoums Morgan (not available for IRAs borrow money from Morgan Stanley DW Inc in exchanae for pleaging Stanley DW Inc performs all tax reporting or retirement accounts) assets in your account as collateral for any outstanding margin loan The Client's Investment It is essential to advise your Financial Aavisor o, for self-direc*~ec accounts,

amount yoj may Dorrow is based on the value of the eligible securities in your Objectives and call 800-688-6896, immectiately if there is a material chance in you, margin account, which are identifieci by an asterisk (1) on your statement Financial Situation investment objectives oi financial situation

Investments and services are offered thri- n Morgan Stanley DW Inc ., member SIPC .

N MorganStanley



GBWMJGWM AAA Customer Service 00202608 2 AT D .S47 02 TR 1446 -000 1-800-355-3086 III I Ise I I 11I I III I I I I I I 11I is 11118 1111 If I I I I I 111119111911 1 Igo I I oil I

ROSE C. STONE FOUNDATION ATTENTION : EDWARD WRIGHT P 0 BOX 629 131 CORTE MADERA CA 94976-0629

HARRIS

Net Change In Asset Value S,676 .36

Total Asset -Value---aiCof December . 31- $117, 709 ; 6r- Taxable Income SS62 .78 Tax Exempt Income $0 .00


Morgan 'qStanley Your Financial Advisor GASTON/FOX MORGAN STANLEY 1 MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


MR ME.

PAGE I OF 14

Asset- SiiiiTiiiiiili aii-Vi- % of

Value Assets

Money Market Funds $1,219 .06 1 .0% Stocks 116,487 .55 99 .0 Municipal Bonds 0 .00 0 .0 Corporate Fixed Income 0 .00 0 .0 Government Securities 0 .00 0 .0 Mutual Funds 0 .00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .00 0 .0 Annuities/insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $117,706 .61 100 .07 Cash 3 .00 Total Asset Value $117,709 .61

- --- ------- ----Income- Sunimar . . . ... .. . . . . . y- - ------ --- = --- ------ --- Year To Date

Money Market Funds 09 .01 Stocks 553 .77 Municipal Bonds 0 .00 Corporate Fixed Income 0 .00 Government Securities 0 .00 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $562 .78

total Assei Value January 01, 2004 $112,613 .33 Cash/Money Market Activity for 2004

Credits To Your Account Dividend and Interest 562 .78 Deposits 0 .00 Sales Proceeds/Redemptions 131,754 .30 Other Credits 597 .10




Chan-ges in Asset Value for 2004 Value of Priced Assets 1/01/04 $110,811 .17





ASSET DETAILS Pct of -Est Yrty'

Cash and Monev Mark-et Funds Amount Assets- Inco -me - -Anhualized 30 Day Yields Active Assets Money Trust Active A:ssets Govt Sec Tr 1 .587 "Act)v'e'Assets California Tax Free 1 .047 Active Assets Tax Free Trust . . AAA Institutional Money Trust AAA Institutional Govt Sec Tr

Net Change Since January 1, 2004 _S80 .10

Current Pct of Est Yrly --Dividend Stocks Price Value Assets Income- Yield Symbol Additional Information

Common Stocks

Next Dividend Payable 01/21/05

Investments and services are offered thrL.- .n Morgan Stanley DW Inc., member SIPC .

Iq

Morga~Stanley BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 2 OF 14

ACTIVE ASSETS MONEY TRUST

Total Cash and Money Market Funds

3 .00 --- ---

1,219 .06 1 .0% 21

$1=2 .06 1 .07 $21

25 AFFILIATED COMPUTER SVC A 60 .19 1,504 .75 1 .3% 0 O .Ooz ACS 110 ALTERA CP 20 .70 2,277 .00 2 .OZ - .0- _O .OO;( ALTR 115 AMERICREDIT CORPORATION 24 .45 2,811.75 2 .4% O_.00-7 ACF 24 APOLLO GROUP INC A 80 .71 1,937 .04 1 .7% 0 0 .00% APOL 67 BED BATH-& BEYOND INC 39 .83 -2,668 .61 2 .3% - 0 --0 .00% BBBY 59 BIOMET INC 43 .39 2,560 .01 2 .2% 11 .-46% BMET 52 CELGENE CORP 26 .52 1,379 .64 1.2% 0 0 .06Z CELG 57 CEPHALON INC 50 .88 2,900 .16 2 .5% 0 O .OOy CEPH 240 COMPUWARE CORP 6 .41 1,538 .40 1 .37 0 _O .'OO% _CPWR ISO COMVERSE TECHNOLOGY INC 24 .45 4,401 .00 3 .7% 0 0 .0-07 _-CMVT 40 CORPORATE EXEC BOARD CO 66 .94 2,677 .60 2 .3Z 12 -- .-4147 EXBD 71 COSTCO WHOLESALE CORP NEW 48 .41 3,437 .11 2 .9% 28 .82Z --COST 56 DELL INC 42 .14 2,359 .84 2 .0% 0 0 .00% DELL 34 EBAY INC 116.34 3,955 .56 3 .4Z 0 0,607 EBAY 48 ELECTRONIC ARTS INC 61 .68 2,960 .64 2 .57 0 0 .00% ERTS 118 EON LABS INC 27 .00 3,186 .00 2.7% 0 O .OOz _ELAB 90 EQUIFAX INC 28 .10 2,529 .00 2.1% 10 .42% EFX 91 ESTEE LAUDER CO INC CL A 45 .77 4,165.07 3 .5% 36 .877 EL 75 FASTENAL CO 61 .56 4,617 .00 3 .9% 37 .81~ FAST

146 GILEAD SCIENCE 34 .99 5,108 .54 4.37 0 0-007 GILD 76 HERSHEY FOODS CORP 55 .54 4,221.04 3 .6Z 66 1 .587 HSY

630 LSI LOGIC CORP 5 .48 3,452 .40 2 .9% 0 .0 .007 LSI 96 MEDICIS PHARM CORP CL A NEW 35 .11 3,370 .56 2 .97 11 --. 3,4Z MRX

105 MICROCHIP TECHNOLOGY INC 26 .59 2,791 .95 2 .4Z 21 .78% MCHP 155 NETWORK APPLIANCE INC 33 .22 Sp149 .10 4 .4% 0 0 .00/ NTAP 75 NOVELLUS SYSTEM 27 .89 2,091 .75 1 .8% 0 0 .007 NVLS 34 PIXAR 85 .61 2p9lO .74 2 .5% 0 O .0OX PIXR

110 SABRE HOLDINGS CP 22 .16 2p437 .60 2 .IX 33 1 .35X TSG 106 STARBUCKS CORP WASHINGTON 62 .36 6,610 .16 5 .6Z 0 0 .007 SBUX 47 STARWOOD HTLS 9 RSTS WW INC 58 .40 2,744.80 2 .3% 39 1 .43% HOT

Next Dividend Payable 03/05 Next Dividend Payable 02/05

Next Dividend Payable 03/05 Next Dividend Payable 12/05 Next Dividend Payable 03/05


Next Dividend Payable 01/31/05 Next Dividend Payable 03/OS


BUSINESSICAPE-AccouNT FOR YEAR ENDiNG DECEMBER 31, 2004



Activity Description Amount Income Catenory

ACTIVE ASSETS MONEY TRUST 9.01 Money Market Funds Dividend


'q MorganStanley

N PAGE 3 OF 14

Current Pct of Est Yrty Dividend Price Value Assets Income Yield Symbol Additional Information Stocks

Common Stocks

47 STRYKER CORP 48 .7-5 2,267 .75 1 .9Z 4 .18% SYK Next Dividend Payable 01/31/QS 4S TECH DATA CORP 45 .40 2,043 .00 1 .7% a 0 .00% TECD 70 TEKTRONIX INC 30 .21 2,114 .70 1 .8% 16 .79Z TEK Next Dividend-Payable 01/OS 83 VARIAN MEDICAL SYS INC 43 .24 3,588 .92 3 .OZ 0 0 .00% VAR 62 WELLS FARGO 9 CO NEW 62 .1S 3,SS3 .30- 3.3Z 119 3 .087 WFC Next Dividend Payable 03/OS 35 WHOLE FOODS MARKETS INC 9S .3S 3,337 .25 2 .8Z 26 .79% WFMI Next Dividend Payable 01/0S 82 YAHOO INC 37 .68 3,089 .76 2

* -67 0 0-.00% YkOO7

345 3COM CORPORATION- 4 .17 1,438 .6S 1 .2.Z 0 0 .00% cc

-------------------------------- Total M66w-- ---- - - ---- - ----------- -------- - ------- ---------

e - --- --- ------- --- -- ------ ---NetChan§ SIncb-Jan(jar y -- -- ------ -- ------ -------------------------------- - ------

Est Yrly Value Income Asset Summary

------ -------- ---- ---------------- -- -- ---- -- -- ---- --- --- - Total -Assit -Vaki --- -3 L- I- - - ----------- - - ------------- ------ --- --- -- ------ .. .. . . . . . Total Ne(Ch-an-g4-In- - ------- - ---------- - --------


Dividends and Interest - i- -.Z -------------

Dividend ACXIOM CORP S .60 Stocks Dividend ANALOG DEVICES INC 5 .60 Stocks Dividend BEAR STEARNS COMPANIES INC S .40 Storks Dividend BEST BUY CO 17 .00 Stocks Dividend CAPITAL ONE FINANCIAL CORP 1 .73 Stocks Dividend CHARLES SCHWAB NEW S .19 Stocks Dividend CORPORATE EXEC BOARD CO 9 .00 Stocks Dividend COSTCO WHOLESALE CORP NEW 21 .30 Stocks Dividend EDWARDS AG INCORPORATED 12 .00 Stocks Dividend EQUIFAX INC 5 .40 Stocks Dividend ESTEE LAUDER CO INC CL A 52 .90 Stocks Dividend FANNIE MAE 22 . " Stocks Dividend FASTENAL CO 30 .00 Stocks




Investments and services are offered thr, n Morgan Stanley DW Inc., member SIPC .

19 Stan I ey Morgan ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT

PAGE 4 OF 14


Dividend HERSHEY FOODS CORP 33 .44 Stocks Dividend MEDICIS PHARM CORP CL A NEW 4.36 Stocks Dividend MEDTRONIC INC 5.22 Stocks Dividend MGIC INVT CORP 2 .06 Stocks Dividend MICROCHIP TECHNOLOGY INC 10 .29 Stocks Dividend NORTHERN TRUST CORP 36.40 Stocks Dividend OMNICOM GROUP 17 .43 Stocks Dividend QUALCOMM INC 2 .10 Stocks Dividend ROBERT HALF INT 8 .10 Stocks Dividend SABRE HOLDINGS CP 8 .25 Stocks Dividend SOUTHWEST AIRLINES 1 .20 Stocks Dividend STARWOOO HTLS & RSTS WW INC 97 .44 Stocks Dividend TEKTRONIX INC 4 .20 Stocks Dividend -WALGREEN CO 2 .46 Stocks Dividend WELLS FARGO & CO NEW 115 .32 Stocks Dividend WHOLE FOODS MARKETS INC 10 .50 Stocks Dividend XILINX INC 7 .00 Stocks

Total Stocks $553 .77

Total Dividends and Interest $562 .78

Sales Proceeds/ Redemptions Trade Settle Date Date Activity Quantity Descrintion - Price- - Amount Additional Information

08-10 08-13 Sold 180 ACTIVISION INC NEW 13 .5960 2,447 .22 08-31 09-03 Sold 140 ACXIOM CORP 22 .1867- 3-,106 .06 04-08 04-14 Sold 28 AMBAC FINCL GP INC 72 .2768 2,023 .70 03-24 -03-29 Sold 35 AMGEN INC '58 .3153- 2,040 .96 06-08 06-11 Sold 56 ANALOG DEVICES INC 49 .7~05 2-1786 .52 06-08 06-11 Sold 153 APPLIED MATERIALS INC 18 .9900 2,905 .40 08-17 08-20 Sold 27 BEAR STEARNS COMPANIES INC 85 .8507 2,317 .91 06-02 06-07 Sold 85 BEST BUY CO 53 .0311 4,507 .53 04-22 04-27 Sold 65 CAPITAL ONE FINANCIAL CORP 7

- 0 .5901

- 4,588 .25

08-23 08-26 Sold 46 CELGENE CORP 53 .7310 2,471 .57 02-06 02-11 Sold 160 CHARLES SCHWAB NEW 12 .4411 1,990 .48 04-20 04-23 Sold 256 CHARLES SCHWAB NEW 10 .7013 2,739.46 02-05 02-10 Sold 35 DELL INC 32 .1718 1,125 .95 08-10 08-13 Sold 75 EDWARDS AG INCORPORATED 32 .0061 2,400 .40 05-25 05-28 Sold 202 EMC CORP MASS 10 .6100 2,1A3.16 07-19 07-22 Sold 44 FANNIE MAE 73 .8118 3,247.64

BUSINESScAPE-Accouw FOR YEAR ENDING DECEMBER 31, 2004


Sales Proceeds/ Redemptio


12B1 FEE PASS THROUGH 12131 FEE PASS THROUGH 12BI FEE PASS THROUGH

01-12 Rebate 02-09 Rebate 03-12 Rebate

0 .16 0 .13 0 .11

Investments and services are offered through Morgan Stanley DW Inc., member SIPC.

'9 Stan I ey Morgan ROSE C STONE FOUNDATION ATTENTION : EDWARD WRIGHT

WE. PAGE 5 OF 14 .


03-09 03-12 Sold 60 GENZYME CP (GENERAL DIVISION) 48.4446 2,906 .56 06-22 06-25 Sold 110 JUNIPER NETWORKS 20 .5900 2,264 .84 05-25 05-28 Sold 36 MEDTRONIC INC 47.1100 1,695 .92 03-05 03-10 Sold 5S KGIC INVT COW 66.0132 3-630 .SS 06-16 06-21 S61d 230 MICRON TECH INC 13.8923 3 :195 .15 02-05 02-10 Sold 134 MIC1krCF

- T CORP 27 .0000 3,617-.83

06-23 06-28 Sold 101 MYLAN LABORATORIES INC 20 .7600 2,096.71 05-25 OS-28 Sold 62 NEIROCRINE BIOSCIENCES INC 57 .3852 3,SS7.79 03-26 03-31 Sold so NORTHERN TRUST CORP 4S .7000 3,655-.85 06-02 06-07 Sold 41 OMMICOM GROUP 81 .1554 3,327 .29 02-05 02-10 Sold 241 ORACLE CORP- 13.6100 3,279.aS 07-19 07-22 Sold 240 PMC SIERRA INC 10.7018 2,568 .36 05-2S 05-28 Sold so QUALCOM" INC 66 .8005 2,003 .97 10-12 10-1S S:ld 120 RED HAT INC 13 .3043 1,596 .48 06-08 06-11 S ld 135 ROBERT HALF INT 29 .9000 4,036 .40 07-06 07-09 Sold 155 SIEBEL SYSTEMS INC 8 .9600 1,3" .76 06-22 06-2S Sold 32 SMUCKER JM CO COM KEW 46 .0036 1,472 .08 05-25 05-28 Sold 133 SOUTHWEST AIRLINES 15 .7000 2,0" .05 07-19 07-22 Sold 69 STARWOOD HTLS & RSTS WW INC 44 .8082 3,091 .69 09-21 09-24 Sold 125 STORAGE TECHNOLOGY CORP NEW 24 .3700 3,046 .17 07-06 07-09 Sold 490 SUN MICROSYSTEMS INC 3 .8500 1,886 .45 06-08 06-11 Sold 82 SUNGARD DATA SYSTEMS INC 27 .3883 2,245 .78 04-02 04-07 Sold 105 SYBASE INC DEL 19 .2347 2o019-59 06-02 06-07 Sold 64 SYMANTEC CORP 44 .5023 2,848-08 11-01 11-04 Sold 39 TECH DATA CORP 40 .3046 1,571 .94 01-30 02-04 Sold 58 UNITEDHEALTH GP INC 60 .6869 3,519 .67 02-05 02-10 Sold 35 UNIVISION COMM INC CLASS A 35 .3147 1,235 .95 11-01 11-04 Sold 92 UNIVISION COMM INC CLASS A 30 .5700 2,812 .37 01-12 01-15 Sold 86 UTSTARCOM INC 37 .7589 3,247 .11 07-06 07-09 Sold 90 VERITAS SOFTWARE DE 17 .0300 1,532 .66 02-26 03-02 Sold 57 WALGREEN CO 3S .3758 2,016 .34 04-20 04-23 Sold 125 WESTWOOD ONE INCORPORATED 31 .7002 3,962 .43 09-21 09-24 Sold 70 xn-imx INC 29 .5900 2,071 .25 11-01 11-04 Sold 45 ZIMKER HLOGS INC 76 .0517 3,422 .24





Other Credits Date Activity Description hmount Additional Information

0 .13 0 .11 0

' '06

0 .08 0 .06

0 .10 0 .08 0 .08

595 .91

$597 .10

Funds to Purchase Skurities -

I Investments and services are offered thr(. . .n Morgan Stanley DW Inc ., member SIPC .

-1 MorganStanley

04-13 Rebate 05-11 Rebate 06-14 Rebate 07-13 Rebate 08-12 Rebate 09-13 Rebate 10-12 Rebate 11-10 Rebate 12-02 Rebate 12-17 Charge Adjustment

Total Credits To Your Account -

1~2K FEE PASS THROUGH 12B1 FEE PASS THROUGH 12B1 FEE PASS THROUGH 12B1 FEE PASS THROUGH 12B1 FEE PASS THROUGH 12131 FEE PASS THROUGH 12B1 FEE PASS-THROUGH 12B1 FEE PASS THROUGH 12Bl FEE PASS THROUGH . ACCESS 4QO4 FEE HRR

Total Other Credits


Trade Settle Date Date Adtivity Quantity Description Pnce Amouht Additional Information

02-05 02-10 Bought 120 ACTIVISION INC NEW 18 .8459 2-1-261 .51-- 06-22 06-25- Bought 45 ACXIOM-CORP 24 .0062

1- 080 .28

07-20 07-23 Bought 95 ACXIOM_CORP 22 ._4935 2 :136 .88 10-12 10-15 Bought 25 AFFILIATED COMPUTER SVC A 57 ;61~8 1,440 .40 02-06 02-11 Bought 28 AMBAC FINCL-GP INC ' 76 :8931 2,153 .01

08-10 08-13 Bought 115 AMERICREDIT CORPORATION 20 .4873 2,356-.04

04-20 04-23 Bought 24 APOLLO GROUP INC A 92-.36-03 2,216.65

04-20 04-23 Bought 27 BEAR STEARNS COMPANIES INC 83 .2400- 2,247.48

07-20 07-23 Bought 59 BIOMET INC -42.8800 2,529.92 06-02 06-07 Bought 46 CELGENE CORP 57 .8713 2,662 .08

11-01 11-04 Bought 52 CELGENE CORP 29 .5500 1,536.60

08-23 08-26 Bought 57 CEPHALON INC 45 .0700 2,568.99

03-26 03-31 Bought 45 CHARLES SCHWAB NEW 11 .1000 499.50

08-17 08-20 Bought 240 COMPUWARE CORP 4.7,739 1,145 .74

07-07 07-12 Bought 120 COMVERSE TECHNOLOGY INC 2,222.15 07-20 07-23 Bought 60 COMVERSE TECHNOLOGY INC 17-.3850 1,043 .10 05-25 05-28 Bought 40 CORPORATE EXEC BOARD CO 54 .1509 2,166.04

01-12 01-15 Bought 25 EBAY INC 63 .6300 1,590 .75

06-02 06-07 Bought 9 EBAY INC 89 .1604 802 .44 03-26 03-31 Bought 75 EDWARDS AG INCORPORATED 36 .9996 2,774 .97

PAGE 7 OF 14 .


BUSINESSCAPE-AccoUNT FOR YEAR ENDiNG DECEMBER 31, 2004

Funds to Purchim Sea itie Trade Settle Date Date Activity Quantity Descrintion Price Amount Additional Information


~4 MorganStanley ROSE C. STONE FOUNDATION ATTENTION: EDWARD WRIGHT

08-10 08-13 Bought 4a ELECTRONIC ARTS INC 48 .2900 2,317 .92 02-OS 02-10 Boijght 40 EON LABS~INC S7 .5056 2,300 .22 03-24 03-29 Bought 19 EON LABS INC 62 .4167 1,1aS.92 06-08 06-11 Bought 90 EQUIFAX INC 2S .1710 2,265 .39 05-2S 05-28 Bot~qht 36 ESTEE LAUDER CO INC CL A 4S .4SOO 1,636.20 03-OS 03-10 Bought 44 FANNIE MAE 78 .3S37 3,447 .56 01-30 02-04 Bought 60 GENZYME CP (GE14ERAL DIVISION) 5S .0822 3,304 .93 05-25 OS-28 Bought 20 HERSHEY FOODS CORP " .3723 1,767.4S 06-22 06-25 Bought 36 HERSHEY FOODS CORP 45 .2000 1,627 .20 02-26 03-02 Bought 90 JUNIPER NETWORKS 2S .9000 2,331 .00 04-20 04-23 Bought 20 JUNIPER NETWORKS Z5 .1510 S03 .02 09-21 09-24 Bought 630 LSI LOGIC CORP 4 .4356 2,794 .43 06-23 06-28 Bought S9 MEDICIS PHARM CORP CL A NEW 39 .74S6 2,344 .99 07-2: 07-23 ought 37 MEDrCIS, PHARM CORP CL A NEW 37 .9298 1,403 .40 06-0 06-11 :ought 105 MICROCHIP TECHNOLOGY INC 30 .8190 3,236 .00 06-08 06-11 Bought 230 MICRON TECH INC 14 .7477 3,391 .97 04-22 04-27 Bought 101 MYLAN LABORATORIES INC 24 .3800 2,462 .38 06-08 06-11 Bought iss NETWORK APPLIANCE INC 19 .9050 3,085 .28 03-09 03-12 Bought 47 NEtROCRINE BIOSCIENCES INC S8 .2S86 2,738 .1S 03-24 03-29 Bought is NEURCCRINE BIOSCIENCES INC 60 .4091 906 .14 11-01 11-04 Bought 34 PIXAR 80 .2659 2,729.04 06-16 06-21 Bought 240 PMC SIERRA INC 13 .3653 3,207 .67 01-12 01-15 Bought 30 QUALCOMM INC 59 .3860 1,781 .S8 07-07 07-12 Bought 120 RED HAT INC 21 .3387 2,S60 .64 08-17 08-20 Bought 45 SABRE HOLDINGS CP 23 .6987 1,066 .44 08-31 09-03 Bought 65 SABRE HOLDINGS CP 22.9430 1,491 .30 06-02 06-07 Bought 32 SKI JM CO COM NEW 48.8741 1,S63 .97 05-25 05-28 Bought 75 STORAGE TECHNOLOGY CORP NEW 26.8683 2,01S .12 06-02 06-07 Bought so STORAGE TECHNOLOGY CORP NEW 28.3920 1,419 .60 05-25 05-28 Bought 34 STRYKER CORP SO .6755 1,722 .97 06-22 06-2S Bought 13 STRYKER CORP S4.2700 705 .Sl OS-25 OS-28 Bought 490 SUN KICROSYSTEM INC 4 .2000 210SS .00 02-OS 02-10 Bought 105 SYBASE INC DEL 21 .2433 2,230 .55 02-05 02-10 Bought 55 SYMANTEC CORP 40 .0400 2,202 .20 04-20 04-23 Bought 9 SYMANTEC CORP 48.5023 436 .S2 04-02 04-07 Bought 54 TECH DATA CORP 41 .3476 2,232 .7-7 07-20 07-23 Bought 30 TECH DATA CORP 37.2600 1,117 .80 09-21 09-24 Bought 70 TEKTRONIX INC 33.9758 2,378 .31 04-20 04-23 Bought 32 UNIVISION COMM INC CLASS A 35.5921 1,138 .95 11-01 11-04 Bought 83 VARIAN MEDICAL SYS INC 39 .8570 3,308 .13 06-02 06-07 Bought 35 WHOLE FOODS MARKETS INC 85.7900 3,002 .65 04-08 04-14 Bought 41 YAHOO INC 55 .9729 2,2914 .89 04-22 04-27 Bought 28 ZIMMER HILIM INC 83 .4199 2,33S .76

I TRADE CARRIES STOCK DISTRIB .




ADDITIONAL ACCOUNT- INFORMATION

Securities ReceNed Date Activity Quantity Description Price --- Amount Additional Information

03-15 Stock Dividend 60 ACTIVISION INC NEW 06-01 Stock Dividend 59 EON LABS INC 09-03 Stock Dividend 73 GILEAD SCIENCE 06-15 Stock Dividend 20 HERSHEY FOODS CORP 05-11 Stock Dividend 41 YAHOO INC

0 .00 Total Securities Received

Messages

Investments and services are offered thrt- _,i Morgan Stanley DW Inc., member SIPC .

'q MorganStanley ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT

PAGE 8 OF 14


06-02 06-07 Bought 17 ZIMMER HLDGS INC 86 .6500 1,473 .05 08-31 09-03 Bought 34S 3COM CORPORATION 4 .5500 1,569 .75


Other Debits Date Activity Description Amount Additional Information

01-16 Charge ACCESS IQ04 FEE HRR -616 - .91

CA-15 Charge ACCESS-2QOA FEE HRR -621 .07 07-15 Charge ACCESS 3Q04-FEE HRR -6A7 .3A 10-14 Charge ACCESS 4QO4 FEE HRR -595 .91 12-17 Charge ACCESS-FEE REV HRR -485 .80

Total Other DebiAs -2,967 .03

Total Debits To Your Account -133,494 .28

Please note that sell trades executed, checks written and debit card transactions made in 2004, and which settle early in 2005, will be reflected as 2004 transactions under the Assets, Checking and Debit Ca~d sections of the Activity Details portion of the statement

R M ON PAGE I I OF 14.





1~1 MorganStanley

Date Unit Adjusted Market Unrealized- Additional Unrealized Gain/(Los Quantity Accuired Cost Total Cost Value Gainl(Loss) Information

EQUIFAX INC 90 06-08-04 25 .1710 2,265.39 -- 2,529 .00 263 .61 Short Term

ESTEE LAUDER CO INC CIL A 55 10-10-03 36 .8976 2,029.37 2,517 .35 487 .98 Long Term 36 05-25-04 45 .4SOO 1,636.20 1,647 .72 '11 .52 Short Term 91 40 .2809 3,665.57 4,165 .07 4".50

FASTENAL CC 75 10-10-03 42 .5328 3,189.96 4,617 .00 1,427.04 Long Term

GILEAD SCIENCE 146 06-11-03 26 .2300 3,829.58 S,108 .54 1,278 .96 Long Term

HERSHEY FOODS CORP 40 05-25-04 44 .1862 1,767.45 2,221 .60 4S4 .1S Short Term 36 06-22-04 45 .2000 1,627.20 1,999 .44 372.24 Short Term 76 44 .6664 3,394.6S 4,221 .04 826 .39

LSI LOGIC CORP 630 09-21-04 4.4356 2,794.43 3,452 .40 6S7 .97 Short Term

MEDICIS PHARM CORP CIL A NEW S9 06-23-04 39 .7455 2,344.99 2,071 .49 (273 .50) Short Term 37 07-20-04 37 .9297 1,405.0 1,299 .07 (104 .33) Short Term 96 39 .0457 3,748.39 3,370 .56 (377 .83)

MICROCHIP TECHNOLOGY INC 10S 06-08-04 30 .8190 3,236.00 2,791 .95 (444 .OS) Short Term

NETWORK APPLIANCE INC 155 06-08-04 19 .90so 3,085.28 S,149 .10 2,065 .82 Short Term

NOVELLUS SYSTEM 75 06-11-03 36 .7900 2,7S9.ZS 2,091 .7S (667 .SO) Long Term

PIXAR 34 11-01-04 80 .2658 2,729.04 2,910 .74 181 .70 Short Term

SABRE HOLDINGS CP 4S 08-17-04 23 .6986 1,066 .44 997 .20 (69 .24) Short Term 65 08-31-04 22 .9430 1,491 .30 1,440 .40 (50 .90) Short Term

110 23 .2521 2,S57 .74 2,437 .60 (120 .14)

STARBUCKS CORP WASHINGTON 106 06-11-03 24 .2000 2,565 .20 6,610-16 4,044 .96 Long Term

STARWOOD HTLS & RSTS WW INC 10 06-11-03 30 .1700 301 .70 584 .00 282 .30 Long Term 12 07-21-03 29 .8966 358 .76 700 .80 542 .04 Long Term 25 10-02-03 35,9968 899 .92 1,460 .00 S60-08 Long Term 47 53 .1995 1,560 .38 2,744 .80 1,184 .42


Investments and services are offered thr~_ ji Morgan Stanley IDW Inc., member SIPC .

19 MorganStanley BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 12 OF 14


Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Acouired Cost Total Cost Value Gainl(Loss) Information

STRYKER CORP 34 05-25-04 50 .6755 1,722 .97 1,640 .50 (82 .47) Short Term 13 06-22-04 54 .2700 70S .51 -627 .25 (78 .26) Short Term 47 51 .6697 2,428 .48 2,267 .75 (160 .73)

TECH DATA CORP 15 04-02-04 41 .3475 620 .21 681 .00 60 .79 Short Term 30 07-20-04 37 .2600 1,117 .80 1,362 .00 244 .20 Shari Term 45 38 .6224 1,738 .01 2,043 .00 304 .99

TEKTRONIX INC 70 09-21-04 33 .9758 2,378 .31 2,114 .70 (263 .61) Short Term

VARIAN MEDICAL SYS INC 83 11-01-04 39 .8569 3,308 .13 3,588 .-92 280 .79 Short Term

WELLS FARGO & CO NEW 45 06-11-03 50 .9700 2,293 .65 2,796 .75 503 .10 Long Term 17 10-10-03 54 .3900 924 .63 1.056 .55 131 .92 Long Term 62 51 .9077 3p218 .28 3,853 .30 635 .02

WHOLE FOODS MARKETS INC 35 06-02-04 85 .7900 3,002 .65 3,337 .25 334 .60 Short Term

YAHOO INC 82 04-08-04 27 .9864 2,294 .89 3,089 .76 794 .87 Short Term

3COM CORPORATION 345 08-31-04 4 .5500 1,569 .75 1,438 .65 (13~1 .10) Short Term

Totals for positions with cost data available -498,138 .42 $116 ;487 .55 $18,349 .13

-55 Total Market Value for all positions $116,487 .

The 'Total Cost' and 'Unit Cost' for Fixed Income Unit Trusts, Mortgage-Backed Securities, and Zero Coupon Bonds has been adjusted to reflect any partial return of principal or.capital that may have been paid to you, or accreted interest earned, since your purchase date In the event that the accumulated total return of principal or capital is greater than the provided original cost, the adjusted cost will be '0 00"

Date Date Adjusted Realized. - Additional Realized Gainf(Loss) Quantity Acquired Sold Total Cost -Proce eds Gainl(Loss) Information

ShortTerm

ACTIVISION INC NEW 180 02-05-04 08-10-04 2,261.51 i;~~,47 . 22 185 .71 Short Term ACXIOM CORP 45 06-22-04 08-31-04 1,080 .28 (81 .90) Short Term ACXIOM CORP 95 07-20-04 08-31-04 2,136 .88 2,107 .68 (29 .20) Short Term AMBAC FINCL GP INC 28 02-06-04 04-08-04 2,153 .01 2,023 .70 (129 .31) Short Term AMGEN -INC 35 06-23-03 03-24-04 2,219 .70 2,040 .96 (178 .74) Short Term ANALOG DEVICES INC 56 06-11-03 06-08-04 2,004 .80 2,786 .52 -781 .72 Short Term APPLIED MATERIALS INC 153 06-11-03 06-08-04 2,374 .41 2,905 .40 530.99 Short Term



Morgan BUSINESSCAPE-AccouNT ~9Stanley FOR YEAR ENDING DECEMBER 31, 2004 PAGE 13 OF 14

ROSE C. STONE FOUNDATION Account Number A17ENTION : EDWARD WRIGHT 131 013904 1149

Date Date Adjusted Realized Additional Realized Gain/Moss)---.~a Quantity Acguired Sold Total Cost Proceeds Gainl(Loss) Information

BEAR STEARNS COMPANIES INC 27 04-20-04 08-17-04 2,247 .48 2,317 .91 70 .43 Short Term BEST BUY CO as 06-11-03 06-02-04 3,630 .3S 4,507 .53 877 .18 Short Term CAPITAL ONE FINANCIAL CORP SC- 09-11-03 04-22-04 2,938 .00 3,529-.42 591 .42 Short Term CAPITAL ONE FINANCIAL CORP is 10-10-03 04-72-04 935 .40 1-,058 .83 123 .43 Short Term CELGENE CORP 46 06-02-04 08-23-04 2,662 .08 2,471 .57- (19* .Sl) Short Term CHARLES SCHWAB NEW 160 06-11-03 02-06-04 1,753 .60 1,990 .4a - 236 .88 Short Term CHARLES SCHWAB NEW 156 06-11-03 04-20-04- 1,709 .76 1,669 .36- (40 .40) Short Term CHARLES SCHWAB NEW 55 10-20-03 04-20-04 754 .60 588 .56 (166 .04) Short Term CHARLES SCHWAB NEW 45 03-26-04 04-20-04 499 .50 481 .SS (1* .gS-) Short Term DELL INC 35 06-11-03 02-05-04 lp096 .90 1,125 .95 29 .05 Short Term EDWARDS AG INCORPORATED 75 03-26-04 08-10-04 2,774 .97 2,400 .40 (374 .S7) Short Term EMC CORP MASS 202 06-11-03 05-7S-04 2,076 .56 2,143 .16 66 .60 Short Term FANNIE MAE 44 03-05-04 07-19-04 3,447 .Sfi -3,247 .64 (199 .921 Short Term GENZYME CP (GENERAL DIVISION) 60 01-30-04 03-09-04 3p3O4 .93 2,906 .56 (398 .371 Short Term JUNIPER NETWORKS 90 02-26-04 06-22-04 2,331 .00 1,653AS (477 .9S) Short Term JUNIPER NETWORKS 20 04-20-04 06-22-04 S03 .02 411 .79 (91 .23) Short Term MEDTRONIC INC 36 06-11-03 05-75-04 1,787 .04 1,69S .92 (91 .12) Short Term MGIC INVT CORP SS 09-11-03 03-05-04 3,094 .30 3,630 .SS S36 .28 Short Term MICRON TECH INC 230 06-08-04 06-16-04 3,391 .97 3,19S .15 (196 .82) Short Term MICROSOFT CORP 134 06-11-03 02-OS-04 3,321 .86 3,617 .83 29S .97 Short Term MYLAN LABORATORIES INC 101 04-22-04 06-23-04 2,462 .38 2,096 .71 (36S .67) Short Term NEUROCRINE BIOSCIENCES INC 47 03-09-04 05-25-04 2,738 .15 2,697 .03 (41 .121 Short Term NEUROCRINE BIOSCIENCES INC is 03-24-04 05-7-5-04 906 .14 860 .76 (4S .38) Short Term NORTHERN TRUST CORP 75 06-11-03 03-26-04 2,922 .00 3,427 .36 505 .36 Short Term NORTHERN TRUST CORP S 10-10-03 03-26-04 228 .47 228 .49 .02 Short Term OMNICOM GROUP 33 06-11-03 06-02-04 2,385 .90 2,678 .06 292 .16 Short Term OMNICOM GROUP a 10-10-03 06-02-04 612 .60 649 .23 36 .63 Short Term ORACLE CORP 153 06-11-03 02-05-04 2,031 .84 2,082 .23 50 .39 Short Term ORACLE CORP as 09-26-03 02-05-04 1o013 .76 1,197 .62 183 .86 Short Term PMC SIERRA INC 240 06-16-04 07-19-04 3o2O7 .67 2,568 .36 (639 .31) Short Term QUALCOMM INC 30 01-12-04 05-25-04 1,761 .58 2,003 .97 2= .39 Short Term RED HAT INC 120 07-07-04 10-12-04 2,560 .64 1,S96 .48 (964 .16) Short Term ROBERT HALF INT 52 06-12-03 06-08-04 997 .88 1,SS4 .76 556 .88 Short Term ROBERT HALF TNT 28 08-19-03 06-08-04 621 .60 857 .18 21S .S8 Short Term ROBERT HALF INT 55 09-12-03 06-08-04 1,157 .75 1,644 .46 486 .71 Short Term SIEBEL SYSTEMS INC iss 12-18-03 07-06-04 2,212 .25 1,388 .76 (823 .49) Short Term SMUCKER JM CO COM NEW 32 06-02-04 06-22-04 1,563 .97 1,472 .08 (91 .89) Short Term SOUTHWEST AIRLINES 133 06-11-03 05-25-04 2,221 .10 2,088 .05 (133 .05) Short Term STORAGE TECHNOLOGY CORP NEW 75 05-25-04 09-21-04 2,015 .12 1PS27 .70 (187 .42) Short Term STORAGE TECHNOLOGY CORP NEW so 06-02-04 09-21-04 1,419 .60 1,218 .47 (201 .13) Short Term SUN MICROSYSTEMS INC 490 OS-2S-04 07-06-04 2,058 .00 1,886 .45 (171 .55) Short Term SUNGARD DATA SYSTEMS INC 82 06-11-03 06-08-04 2,115 .60 2,24S .78 130 .18 Short Term SYBASE INC DEL 105 02-05-04 04-02-04 2,230 .55 2,019 .59 (210 .96) Short Term SYMANTEC CORP 55 02-05-04 06-02-04 2,202 .20 2,447 .57 245.37 Short Term





-Date Date Adjusted Re Itz 'd

AddItional 0 L QuantitV Acquired Sold - Total Cost Pro6i~eds Gainl(Lbss) - Information

9 04-20-04 06-02-04 436 .52 400 .51 (36 .01) Short Term 39 04-02-04 11-01-04 1,612 .56 1,S71 :84 (40 .72) Short Term 58 06-11-03 01-30-04 2,920 .30 3,519 .67 599 .37 Short Term 35 06-11-03 02-05-04 1,081,15 11235 .95 194 .80 Short Term 32 04-20-04 11-01-OA 1,138 .95 _978 .22 (160 .73) Short Term 86 09-11-03 01-12-04 3,093 .42 3'247

' -11 153 .69 Short Term

57 06-11-03 02-26-04 1,874 ; 73 21016 .34 141-.61 Short Term 125 12-15-03 04-20-04 4,265 .55 3,962 .43 (363~* 12i Short Term 28 04-22-04 11-01-04 2,335 .76 2,129 .39 (206

' -37) Short Term

17 - 06-02-04 11-01-04 1,473-.05 1,292 .8S (180 .20) Short Term

$122,390 .21 *123,2i4 .'56 $834 .35 Sub Total Short Term

Summar_~, Short Term

Unrealized gain . . . . . . . . . . . . . . . . . . . . . . . $10,846 .64 Unrealized (loss) . . . . . . . . . . . . . . . . . . . . . ($2,234 .77) Realized gain YTD . . . . . . . . . . . . . . . . . . . $8,300 .66 Realized (loss) YTD . . . . . . . . . . . . . . . . . ($7,466 .31)

Investments and services are offered thr(,- .n Morgan Stanley DW Inc ., member Sl PC .

'N MorganStanley

Realized Gain/(Loss) SYMANTEC CORP TECH-DATA CORP UNITEDHEALTH GP INC U'NI~ISION COMM INC CLASS A UNIVISION COMM INC CLASS A UTSTARCOM INC WALGREEN CO WESTWOOD ONE INCORPORATED ZIMMER HLOGS INC ZIMMER HLDGS INC

Long Term

STARWOOD HTLS & RSTS WW INC 69 06-11-03 07-19-04 UNIVISION COMM INC CLASS A 32 06-11-03 11-01-04 UNIVISION COMM INC CLASS A 28 10-10-03 11-01-04 JERtTAS SOFTWARE DE 90 06-11-63 07

' -66-04

XILINX INC 70 06-11-03 09-21-04

Sub Total Long Term


Total Proceeds

2,081 .73 3,091 .69 988.48 _978 .22 -926 .80 855 .94

2,55~i .10 t66 1,940.40_ 2,071 .25

$8,492,51 W,5_29 .76

$130,8132 .72

$131,754 .32

Long Term - -Total

$16,-689 .12 _$ii-iS35 .76 _($951 .86) ($3,186 .63) $1,140 .81 $9,441 .47 ($1,103 .56) ($8,569 .87)

1,009 .96 Long Term (10 .26) Long Term 47 0 .86) Long Term

-(1,022 .44) Long Term 130 .85 Long Term

$37 .25

$871 .60



DBWNJGWM AAA Customer Service 00202619 3 AT 0 .731 03 TIR 1446 -000 1-800-355-3086

ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT P 0 BOX 629 , 131 CORTE MADERA CA 94976-0629

$193,977 .09

Money Market Funds 0536 .99 0 .3% Stocks 0 .00 0 .0 Municipal Bonds 0 .00 0 .0 Corporate Fixed Income 68,341 .66 48 .2 Government Securities 73,108 .44 51 .S Mutual Funds 0 .00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .00 0 .0 Annuities/insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $141,987 .09 100 .0z Cash 131 .25 Total Asset Value $142,118 .34

Credl-ts To Your Account Dividend and Interest 6,954 .17 Deposits 0 .00 Sales Proceeds/Redemptions 189,312.70 Other Credits 80 .61


Checking 0 .00 Debit Card 0 .00 Withdrawals -56,200 .00 Funds to Purchase Securities -143,169 .89 Other Debits -1,814 .52


Inco-m-e-

Money Market Funds $16 .37 Stocks 0 .00 Municipal Bonds 0 .00 Corporate Fixed Income 4,004 .66 Government Securities 2,833 .14 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $6,BS4 .17 Net Change In Asset Value -46,921 .82

Taxable Income *6,854 .17 Total Asbet.Value"asF of.Dei:,ember. 31 118 %34 : Tax Exempt Income $0 .00


'9Stanley Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) "4-1200

i


M S

k~~it S-whir

- %of Value Assets

N

PAGE 1 OF 19

Total Asset Value January 01, 2004 Cash/Money Market Activity for 2004

Year To Date Changes in Asset Value for 2004 Value of Priced Assets 1/01/04 $188,371 .92

Securities Bought 143,169 .89 Securities Received 0 .00 Securities Sold/Redeemed -189,312 .70 Securities Delivered 0 .00 Transactions at Fund Company 0 .00 Change in Value of Priced Assets -779 .01


ASSET DETAILS-Pct of Est- YHy

Cash and Mo-nev Market-Funds Amount Assets Income- ArfiWalizM-30'My YiOds

131 .25 Active Assets Money Trust 1 .75% ACTIVE ASSETS MONEY TRUST 536 .99 0 .3%_ -9- Active Ass6tg GoVt_ -Si6c Tr 1 .58%

Active Assets California-Tax Free . . 1 .04X Total Cash and Money Market Funds $668 .24 0 .3% $9 Active Assets fix- Free-trust

AAA- Institutional -Money Trust . 2 .047 -AAA lnstitutib~~il-Go\it_ Sed Tr 2 .08%

Net Change Since January 1, 2004 -4-0936 .93

Current Pct of Est- My Current Accruing Corporate FLxed Income Price Value Assets- -Income Yield -Interest Additional Information

Corporate Bonds

1,000 ALLSTATE CORP NOTES 101 .598 1,015 .98 0 .8% 78- 7 . 75Z 13 YIELD _TC1 MATURITY 3 .051OX

7 .875% MAY/NOV 01 DUE 05/01/05 - MOODY Al S&P A+ ISSUE 05/01/0.0

3,000 GCB VERIZON GLOBAL FOG 103.236 3,097.08 2.2% 202 6.53% 16 YIELD TO MATURITY 3 .1640% 6.750% JUN/DEC 01 DUE 12/01/05 - MOODY A2 S&P A4

ISSUE 12/12/00

1,000 BANC ONE CORP NOTES 103 .517 1,035 .17 0 .8% 65 6 . 27% 27 YIELD TO MATURITY 3 .169OX

6 .500Z FEB/AUG 01 DUE 02/01/06 MOODY AA3 S&P A+ ISSUE 01/30/01

4,000 ABBOTT LABORATORIES 103 .387 4,135 .48 2 .97 225 5 .44% 112 YIELD TO MATURITY 3 .2920X 5 .625Z JAN/JUL 01 DUE 07/01/06 MOODY Al S&P AA

ISSUE 07/05/01

4,000 GENERAL MOTORS ACCEPT CORP 102 .S18 4,100 .72 2 .97 245 5 .977 72 YIELD TO MATURITY 4 .56BOX 6 .125X MAR/SEP 15 DUE 09/15/06 MOODY BAA1 S&P BBB_

ISSUE 09/12/01

3,000 BELLSOUTH CORP 102 .816 3,084 .48 2 .2% 150 4,86% 31 YIELD TO MATURITY 3 .3620X 5 .OOOZ APR/OCT 15 DUE 10/15/06 - MOODY A2 S&P A

ISSUE 10/25/01

Investments and services are offered thrL- .n Morgan Stanley DW Inc ., member SIPC .

_V, Morgan'Stanley BUSINESSCAPE-AccoUNT

FOR YEAR ENDING DECEMBER 31, 2004 PAGE 2 OF 19

ROSE C STONE FOUNDATION Account Number A-r-rCK1'r1r%K[ RAD Cn IAID[r'LJT 111 017451 1-40

PAGE 3 OF 19


w 4 MorganStanley


BUSINEsScmiirAccouNT FOR YEAR ENDiNG DECEMBER 31, 2004

Investments and services are offered through Morgan Stanley DW Inc ., member SIPC.

Current Pct of Est Yrty Current Accruing Corporate Fixed Income Price Value Assets Income Yield Interest Additional Information

Corporate Bonds

1,000 BRISTOL MEYER 102 .395 1,023 .95 0 .7Z 47 4 .63% 11 YMELD TO KATURIT'Y 3.327OZ 4 .750% APR/OCT 01 DUE 10/01/06 - MOODY Al S&P A+-

TSSI 09/28/01

4,000 WACHOVIA CORP 102 .785 4,111 .40 2 .9Z 198 4.81% 33 YIELD TO MATURITY 3.368OZ 4.950% MAY/NOV 01 DUE 11/01/06 MOODY AA3 SOP A

ISSUE IL/02/01

1,000 HOUSEHOLD FINANCE CORP 104.386 1,043.86 0 .7Z 57 5 .50Z 23 YIELD TO MATURITY 3.S43OX 5.750% JAN/JUL 30 DUE 01/30/07 Y Al S&P A

ISSUE 01/30/02

3,000 WASHINGTON MUTUAL INC 101 .559 3,046 .77 2 .1% 131 4 .30% 60 YIE1 n TO MATURITY 3 .8260% 4.37S% JAN/JUL 1S DUE 01/IS/08 MOODY AS S&P A-

ISSUE 11/26/02

3,000 GOLDMAN SACHS GROUP INC 101 .257 3,037 .71 2 .1% 123 4 .07Z 57 YIELD TO MATURITY 3 .6840% 4.125Z JAN/JUL 1S DUE 01/15/08 MOODY AA3 S8P A+

ISSUE 01/13/03

3,000 TARGET CORP 105 .678 3,170 .34 2 .2% 162 5 .10% 40 YIE-1 n TO MATURITY 3 .7610% 5.400% APR/OCT 01 DUE 10/01/08 M OOD Y A2 S&P A+

ISSUE 10/10/01

3,000 CONOCO INC 109 .431 3,282 .93 2 .3Z 190 5 .80% 40 YM TO MATURITY 3 .937OZ 6 .350% APR/OCT 15 DUE 04/15/09 Y AS S&P A-

ISSUE 04/20/99

3,000 VOOAFONE GROUP PUB LTD 116 .046 3,481 .38 2 .5% 232 6 .67% 87 YIE' TO MATURITY 4.2310Z 7 .750Z FEB/AUG 15 DUE 02/15/10 MOODY A2 S&P A

ISSUE 08/15/00

4,000 WELLS FARGO COMPANY 110 .715 4,428 .60 3 .1% 255 5 .75% 106 YIELD TO MATURITY 4.477OZ 6 .375% FEB/AUG 01 DUE 08/01/11 MOODY AA2 S&P A+

ISSI 07/31/01

'9 Stanley Morgan ROSE C STONE FOUNDATION ATTENTION MR ED WRIGHT

BIUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 4 OF 19


Current Pct of Est Yrly Current Accruing Corporate Fixed Income Price Value Assets Income Yield Interest Additional Information

Corporate Bonds

4,000 ALCOA INC 109 .242 4,369 .68 3.1% 24D 5 .497 110 YIELD TO MATURITY 4.4560% 6.000% JAN/JUL 15 DUE 01/15/12 MOODY A2 S&P A-

ISSUE 12/06/01

3,000 AOL TIME WARNER INC 113 .886 3,416 .58 2 .47 206 6 .03% 34 YIELD TO MATURITY 4 .619OX 6 .875% MAY/NOV 01 DUE 05/01/12 M06DY BAA1 S&P EBB+

ISSUE 04/08/02

4,000 GENERAL ELECTRIC CAPITAL CORP 105 .546 4,221 .84 3 .0% 218 5 .167 100 YIELD TO MATURITY 4 .6160% 5 .450% JAN/JUL 15 DUE 01/15/13 MOODY AAA S&P AAA

ISSUE 12/06/02

4,000 BANK OF AMERICA CORP 101 .738 4,069 .52 2 .9Z 195 4 .79% 89 YIEL ' D TO MATURITY 4 .613OX

4 .875Z JAN/JUL 15 DUE 01/15/13 MOODY AA2 S&P A+ ISSUE 01/23/03

1,000 BOEING CO 103 .447 1,034 .47 0 .7X 51 4 .95% 19 YIELD TO MATURITY 4 .6110% 5 .125Z FEB/AUG 15 DUE 02/15/13 - MOODY A3 S&P A

ISSUE 02/11/03

4,000 WAL-MART STORES 100 .938 4,037 .52 2 .8X 182 4 .50% 30 YIELD TO MATURITY A .4130% 4 .550% MAY/NOV 01 DUE 05/01/13 - MOODY AA2 S&P AA

ISSUE 04/29/03

4,000 CITIGROUP INC 102 .405 4,096 .20 2 .9Z 205 5 .00% 31 YIELD TO MATURITY 4 .802OX 5 .125Z MAY/NOV 05 DUE 05/05/14 MOODY AA1 - S&P AA-

ISSUE 05/05/04

Total Corporate Fixed Income 468,341 .66 48 .2% $3,661 5 .35%- $1,151

Net Change Since January 1, 2004 -22,563 .03

Investments and services are offered thrL n Morgan Stanley DW Inc ., member SIPC .

Current Pct of Est Yrfy- Current - Accruing Government Securities Price Value Assets Income -- Yield Interest Additional Information

Treasury Securities -

lei '000 UNITED STATES TREASURY NOTE 99 .984 13,997 .76 9 .9% 227 1.627 94 YIELD TO MATURITY 1 .6170%

1 .625Z JAN/JUL 31 DUE 01/31/05 - MOODY AAA S&P AAA ISSUE 01/31/03 CUSIP 912828AS9

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-LHOIUM 03 UVY -NOlIN3-UV NOI.LVONnOJ 3NOIS Z) 3SOU

BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 6 OF 19



Current Pct of Est Yrly -Current Accruing - Government Securities Price Value Assets Incorne Yield Interest Additional Information

Federal Agencies

3,000 FED NATL MTG ASSN 98 .063 2,941 .89 2 .1% 97 3 .31% 36 YIELD TO MATURITY 3.7610Z

3 .250Z FEB/AUG 15 DUE 02/15/09 MOODY AAA S&P AAA ISSUE 01/23/04

180 4.467 82 - YIELD TO MATURITY 4.374OX MOODY AAA S&P AAA ISSUE 01/17/03

277 3.97% 119

$2,098 2.87% 4579 -

Total Federal Agencies 6,975 .65 4 .9%

Total Government Securities $73,108 .44 51 .5%

Net Change Since January 1, 2004 -24,358 .79

Est Yrly Asset Summanr Value Income

Total Asset Value -$142,118 .34 $5,769

Total Net Change In Priced Assets SinceJanuary 1, 2004


Investments and services are offered thru . _n Morgan Stanley DW Inc ., member SIPC .

N MorganStanley

4,000 FED HOME LN MTG CORP 100.844 4,033 .76 2 .6% 4.500Z JAN/JUL 15 DUE 01/15/13

DiAdends and Interest Activity Description Amount Income Catecyory


Taxable Interest ABBOTT LABS 5625 06JLRG 253 .13 Corporate Fixed Income Taxable Interest ALCOA INC 6000 12JAlS 270 .00 Corporate Fixed Income Taxable Interest AOL TIME WARNER 6875 12MY01 206 .26 Corporate Fixed Income Taxable Interest BANC ONE CORP NTS 6500 06FB01 97 .50 Cor,por-aie Fixed Income Taxable Interest BANK OF AMERICA 4875 13JAlS 243 .-75 Corporate Fixed Income Taxable Interest BELLSOUTH CORP 5000 060CRG 150 .00 Corporate Fixed Income Taxable Interest BOEING CO 5125 13FBIS 76 .88 Corporate Fixed Income Taxable Interest BRISTOL MEYER 4750 060CRG 71 .25 Corporate Fixed Income Taxable Interest CITIGROUP INC 7250 100COl 145 .00 Corporate Fixed Income Taxable Interest CITIGROUP INC 5625 12AU27 112 .50 Corporate Fixed Income Taxable Interest CONOCO INC 6350 -09AP15 190 .50 Corporate Fixed Income Taxable Interest GCB VERIZON 6750 05DEOI 202 .50 Corporate Fixed Income




Investments and services are offered through Morgan Stanley DW Inc . . member SIPC .

,9 MorganStanley ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT

E

PAGE 7 OF 19


Taxable Interest GEN ELEC CAP COW 5450 ISJARG 272 .SO Corporate Fixed Income Taxable Interest GMAC 6125 06SP15 24S .00 -- .Corparate Fixed Income Taxable Interest GOLDMAN SACHS 417-5 08JAlS 144 .38 - Corpiwate-FLxed Income Taxable Interest HOUSEHOLD FINANCE SYS0 07jA30 i 6 .25 Corporate Fixed Income Taxable Interest TARGET CORP S400 080COl 162 .00- -Corporate-FLxed-Income -7 Taxable Interest VODAFOKE GRP PUB 7750 1QFBlS 232 .SO -Corporate Fixed Income Taxable Interest WACKOVIA CORP 49SO 06NVRG 198 .00 Corporate Fixed Income Taxable Interest WAL-MART STORES 4S50 13MYRG 204 .7S -Corporate Fixed Income Taxable Interest WASHINGTON KJTUAL 437S 09JAIS 10 .13 Corporate Fixed Income Taxable Interest WELLS FARGO CO 637S IIAU0l 286 .98 Corporate Fixed Income


Taxable Interest FHLMC 4SOO MA15 202.SC Government Securities Taxable Interest LIS TSY BOND 6SOO 26NVIS 32 .50 Government Securities Taxable Interest LIS TSY BOND 5500 28AUIS 137 .50 Goverment Securities Taxable Interest US TSY BOND 6000 26FBlS 210 .00 Government Securities Taxable Interest US TSY BOND 62SO 23AU15 218.75 Government Securities Taxable Interest LIS TSY BOND 612S 27NVIS 183.76 Goverment Securities Taxable Interest US TSY BOND 5250 28NVlS 236.2S Goverment Securities Taxable Interest US TSY NOTE 2125 04AU31 106.25 Government Securities Taxable Interest US TSY NOTE 1875 04SP30 75 .00 Govar~ment Securities Taxable Interest LIS TSY NOTE 3625 04KH31 217.50 Government Securities Taxable Interest LIS TSY NOTE 1750 04DE31 105 .00 Goverment Securities Taxable Interest LIS TSY NOTE 16ZS 05JA3l 97 .50 Government Securities Taxable Interest LIS TSY NOTE 1625 OSAP30 56 . " Government Securities Taxable Interest US TSY NOTE S875 04NV15 822.50 Government Securities Taxable Interest LIS TSY NOTE 1875 05DE31 131.25 Government Securities

Total Government Securities $2,833 .14

i~fwflbrii ;~ Vit . .. . . . . . . . . . . . . . - -- -------- ----------------- ---------------



01-28 02-02 Sold 1,000 AEk TT LABS 5675 06JLRG 107 .9580 1,084 .42 ACCRUED INTEREST 4 .94 06-22 06-ZS Sold 1,000 ABBOTT LABS 5625 06JLRG 104 .7640 1,074 .83 ACCRUED INTEREST 27 .19 01-28 02-02 Sold 1,000 ALCOA INC 6000 12JAIS 110 .2130 1,104 .96 ACCRUED INTEREST 2 .83 01-29 02-03 Sold 1,000 BANC ONE CORP NTS 6500 06FOOl 108 .1210 1,081 .57 ACCRUED INTEREST .36

Investments and services are offered thr,_ n Morgan Stanley DW Inc., member SIPC .

'9 Stanley BUSINESSCAPE-AccouNT Morgan FOR YEAR ENDING DECEMBER 31, 2004 PAGE 8 OF 19


Sales Proceeds/ Redemptions Trade Settle Date Date Activity Quantity Descrtiotion PrIce Amount Additional Information

01-28 02-02 Sold 1,000 BANK OF AMERICA 4875 13JAlS 101 .7770 1,020 .07 ACCRUED INTEREST 2.30

06-21 06-24 Sold 1,000 BANK OF AMERICA 4875 13JA15 96 .7420 988.95 ACCRUED INTEREST 21 .53

01-29 02-03 Sold 1,000 BELLSOUTH CORP 5000 060CRG 106.0810 1,075 .81 ACCRUED INTEREST 15 .00

06-21 06-24 Sold 1,000 BOEING CO 5125 '13FB15 98 .2220 1,000 .58 ACCRUED INTEREST 18 .36

06-22 06-25 Sold 1,000 BRISTOL MEYER 4750 060CRG 103.9310 lod-41 .39 -ACCRUED INTEREST 11 .08

01-28 02-02 Sold 1,000 CITIGROUP INC 7250 100COl 117.8150 1,202 .52 ACCRUED INTEREST 24 .37

08-18 08-23 Sold 4,000 CITIGROUP INC 7250 10OC01-- 116.9210 4,791.23 ACCRUED INTEREST 114.39

10-29 11-05 Sold 4,000 CITIGROUP INC 5625 12AU27 107'.4560 4,340.74 ACCRUED INTEREST 42 .SD 01-28 01-29 Sold 1,000 FHLmc 450

- 0 13J415 100.9462 1,011 .21 ACCRUED INTEREST 1 .75

06-09 06-10 Sold 2,000 FHLMC 4500 13JAlS -95.2455 1,941.16 ACCRUED INTEREST 36 .25 01-29 02-03 Sold 1,000 GCB VERIZON 6750 OSDE01 -1 07 .9540 1,091 .16- ACCRUED INTEREST 11 .62

01-28 02-02 Sold 1,000 GEN ELEC CAP CORP 5450 13JARG---106 .0270 1,062.84 ACCRUED INTEREST 2 .57 06-21 06-24 Sold 1,000 GEN ELEC CAP CORP 5450 13JA46- 100.9900 1,033 .97 ACCRUED INTEREST 24 .07

01-28 02-02 Sold 1,000 GMAC 6125 06SP15 107.1850 1,095.16 ACCRUED INTEREST 23 .31 06-22 06-25 Sold 1,000 GMAC 6125 06SP15 104.0890 1-057 .90 ACCRUED INTEREST 17 .01

01-28 02-02 Sold 1,000 GOLDMAN SACHS 4125 08JAlS 103 ;2310- 1 :034 .26 ACCRUED INTEREST 1 .95 01-28 02-02 Sold 1,000 HOUSEHOLD FINANCE 5750 07JA30 108 .3860

- 1,084 .18 ACCRUED IN

- TEREST .32

01-29 02-03 Sold 1,000 TARGET CORP 5400 080COl 107.5670 1,093 .97 ACCRUED INTEREST 18 .30

08-17 08-19 Sold 3,000 US TSY BILL 00000 04AU19 100 .0000 3,000.00 U.S . TREASURY REDEMPTION

09-21 09-23 Sold 3,000 US TSY BILL 00000 64SP23 -100 .0000 3,060 .00 U.S . TREASURY REDEMPTION

11-16 11-18 Sold 3,000 US TSY BILL -00000 04NV18 loo.0000 3,000 .00 U.S . TREASURY REDEMPTION

11-19 11-2A Sold 1,000 US TSY-BILL 00000 04DE09 99 .9223 - 999 .22

11-29 11-30 Sold 3,000 US TSY BILL 00000 04DE16 99 .9140 2,997 .42

12-02 12-03 Sold 3,000 US TSY BILL 00000 04DE1 6 99 .9~ - 03 2,997 .91

12-07 12-09 Sold 2,000 US TSY BILL 00000 04DE09 100.6000 2,000 .00 U .S . TREASURY REDEMPTION

12-14 12-16 Sold 1,000 US TSY BILL 00000 04DE16 100.0000 -1,000 .00- U .S . TREASURY REDEMPTION

12-28 12-29 Sold 3fiGOO US TSY BILL 00000 OSJA06 99*9635 2,998.91

01-28 01-29 Sold 1,000 US TSY BOND 5250 26NV15103 18/i~6- I , 0417

* .52 ACCRUED INTEREST 10 .82

01-28 01-29 Sold 1,000 US TSY BOND 5500 28AU15106 143/256- 1,090 .55 ACCRUED INTEREST 24 .96

01-28 01-29 Sold 1,000 US TSY BOND 6000 26FB15113 -19/ 64 1,160 .20 ACCRUED INTEREST 27 .23

05-2S 05-26 Sold 1,000 US TSY BOND 6S6'0- -26NV15- -11'2 .7070-' 1 _ 12 9 -.10 1 ACCRUED INTEREST 1 .94

06-09 06-10 Sold 2,000 US TSY-BOND 5250 MNV15 95 194/2~6 1 1,922 .58 ACCRUED INTEREST 7 .42

06-09 06-10 Sold 2,000 US TSY BOND 5500 28AU15 99 15/256- 2,016 .22 ACCRUED INTEREST 35 .05

08-09 08-10 Sold 1,000 US TSY BOND 5500 28AU15 -105 .0352- 1,077 .09 ACCRUED INTEREST 26 .74

08-09 08-10 Sold 1,000 US TSY BOND 6000 26FB15 --111--.6 361 - 1,145 .55 ACCRUED INTEREST 29 .18

01-28 01-29 Sold 2,000 US TSY NOTE 2875 04JN30lbO - 203/256 2,020 .44 ACCRUED INTEREST f4 .58

01-28 01-29 Sold 2,000 US TSY NOTE 1875 04SP30100 142/2W-' 2,023.49 ACCRUED INTEREST 12 .40

01-28 01-29 Sold 3,000 US TSY NOTE 2125 04AU31100-1'67/256- 3,046 .02 ACCRUED INTEREST 26 .45

01-28 01-29 Sold 3,000 US TSY NOTE 3625 04MH31100 29/ 64 3,049.54 ACCRUED INTEREST 35 .95

01-28 01-29 Sold 4,000 US TSY NOTE 5875 04NV15103 199/256 4,199.51 ACCRUED INTEREST 48 .42

03-18 03-23 Sold 11000 US TSY NOTE 3625 04MH31 100 .0703 1,018 .03 ACCRUED INTEREST 17 .33 03-31 03-31 Sold 1,000 US TSY NOTE 5875 04NVIS 103 .0117 1,052 .23 ACCRUED INTEREST 22 .11 03-29 03-31 Sold 12,000 US TSY NOTE 3625 04MH31 100 .0000 12,000 .00 U .S . TREASURY REDEMPTION



Sales Proceeds/


19Stanley Morgan ROSE C STONE FOUNDATION ATTENTION : MR ED WRIGHT

I[---

PAGE 9 OF 19

Trade Settle Additional Information Date Date Activity Quantity Descrintion Price Amount

04-21 04-21 Solid 2,000 US TSY NOTE 5875 04NV15102 19/ 32 2,102 .88 ACCRUED INTEREST S1 .00 05-04 05-05 Sold 8,000 LIS TSY NOTE 1875 04SP30 100 .3164 a,o3q .6S ACCRUED INTEREST 14.34 05-04 05-05 Sold 10,000 LIS TSY NOTE 2125 04AU31 100 .3477 lo,oY2 .ea ACCRUED 11NTEREST 38.11 05-04 05-OS Sold 13,000 LIS TSY NOTE 2875 04JN30 100 .2891 13,166 .95 ACCRUED INTEREST 129.37 OS-12 05-13 Sold 11,000 LIS TSY NOTE 32SO 04MY31 100 .1094 11,173 .20 ACCRUED INTEREST 161.17 05-26 05-27 Cancel Buy 1,000 US TSY NOTE 162S OSJA31 1,00S .92 ACCRUED INTEREST S.22 05-27 05-28 Sold 1,000 US TSY NOTE 1625 CSJA31 100 .0742 i,oo6 .ol ACCRUED INTEREST S.

1 27-

06-09 06-10 Sold 2,000 US TSY NOTE 1625 OSAP30 99 190/256 1,998 .46 ACCRUED INTEREST 3.62 06-09 06-10 Sold 4,000 LIS TSY NOTE 1625 CSJA31 99 249/256 4,022 .30 ACCRUED INTEREST 23.39

- 06-09 06-10 Sold 4,000 LIS TSY NOTE 1750 04DE31100 23/256 4,034 .74 ACCRUED INTEREST 31 .15 06-09 06-10 Sold 4,000 LIS TSY NOTE 5875 04NVI5101 28/ 32 4,091 .60 ACCRUED INTEREST 16 .-60 11-10 ll-lS Sold 14,000 LIS TSY NOTE 587S MVlS 100 .0000 14,000 .00 U.S . TREASURY REDEMPTION 11-19 11-22 Sold 14,000 LIS TSY NOTE 1750 04DE31 99 .9766 14,093 .26 ACCRUED INTEREST 96 .54 12-08 12-09 Sold 3,000 LIS TSY NOTE 3500 09NVIS 99 .7266 2,998 .76 ACCRUED INTEREST 6 .96 01-28 02-02 Sold 1,000 WACHOVIA CORP 4950 06NVRG 106 .4370 1,076 .88 ACCRUED INTEREST 12 .Sl 01-28 02-02 Sold 1,000 WAL-MART STORES 4550 13MYRG 100 .1800 1,013 .30 ACCRUED INTEREST 11 .50 06-21 06-24 Sold 1,000 WAL-MART STORES 4550 13MYRG 95 .9600 966 .30 ACCRUED INTEREST 6 .70 01-29 02-03 Sold 1,000 WASHINGTON MUTUAL 4375 08JA15 103 .1260 1,033 .45 ACCRUED INTEREST 2 .19 01-29 02-03 Sold 1,000 WEI-LS FARGO CO 6375 11AUDI 111 .7490 loll7 .94 ACCRUED INTEREST .3S



01-12 Rebate 12131 FEE PASS THROUGH 0 .38 02-05 Charge Adjustment MGD PTFL CAP CHNG MSA 65 .18 02-09 Rebate 12B1 FEE PASS THROUGH 0 .36 03-12 Rebate 12131 FEE PASS THROUGH 0 .49 04-13 Rebate 12131 FEE PASS THROUGH 0 .13 05-11 Rebate 1281 FEE PASS THROUGH 0 .07 06-14 Charge Adjustment MGD PTFL CAP CHNG MSA 13 .04 06-14 Rebate 12131 FEE PASS THROUGH 0 .08 07-13 Rebate 12131 FEE PASS THROUGH 0 .11 08-12 Rebate 12131 FEE PASS THROUGH 0 .45 09-13 Rebate 12131 FEE PASS THROUGH 0 .08 10-12 Rebate 12B1 FEE PASS THROUGH 0 .11 11-10 Rebate 12131 FEE PASS THROUGH 0 .05 12-02 Rebate 12BI FEE PASS THROUGH 0 .10





Investments and services are offered thri, . .n Morgan Stanley DW Inc ., member SIPC .

N MorganStanley ROSE C STONE FOUNDATION ATTENTION MR ED WRIGHT


$196j247 .48

PAGE 10 OF 19

Withdra~ial Date Activity Descrtiptlon Arnount Additional Information

02-03 Transfer FUNDS TRANSFERRED 36,200 .00 PER LETTER OF AUTHORIZATION To 131-045416-0

06-10 Transfer FUNDS TRANSFERRED 20,000 .00 PER VERBAL INSTRUCTIONS TO 131-045416-0

Total Withdrawals -56,200 .00

Funds to Purchase Securities Trade Settle Date Date Activtty Quantity Deicrip~tion Price Amount Additional Information

03-25 03-30 Bought 110 00 ABBOTT LABS 5625 -0 - 6JLRG 108 .0350 1,094 .26 ACCRUED INTEREST 13 .91

11-19 11-24 Bought 1,000 ALLST4TE CORP~ NTS 7875 05HY0i 102 .2750 1,027 .78 ACCRUED INTEREST 5 .03 08-18 08-23 Bought 4,000 CITIGROUP.INC 5625. 12AU27 -106 .1910 4,357 .64 ACCRUED INTEREST 110 .00 10-29 11-05 Bought 4,000 CITIGROUP INC 5125 14MYRG 103 .1340 4,125 .36 07-26 07-27 Bought 1,000 FHLMC 4500 l3jAl5_ 97 .5777 977 .28 ACCRUED INTEREST 1 .50 12-08 12-09 Bought 3,000 FNRA 3~2~13 -09FB15 §8-.3710 2 ;982 .

, 00 ACCRUED INTEREST 30 .87

03-29 04-01 Bought 1,000 GMAC 6125 06SP15 106 .8530 1- ' 071 .25 ACCRUED INTEREST 2 .72

08-09 08-10 Bought 31000 US TSY BILL 00000 04AU19 99 .9677- 2-999 .03 08-18 08-19 Bought 3,000 US TSY BILL 00000 04SP723 99 ~8_74`o_ 2 :996 .22 09-22 09-23 Bought 3,000 US TSY BILL 00000 04NV18 99

.' 7534 2,992 .60

11-10 11-15 Bought 7,000 US TSY BILL 00000 04DE16 99 .8476- 6,989 .33 11-15 11-18 Bought 3,000 US TSY BILL 00000 04DE09- 99 .890 9 2,996 .73 12-07 12-09 Bought 1,000 US TSY BILL 00000 OSJA06 99 .8409 998 .41 12-14 12-16 Bought 2,000 US TSY BILL 00000 05j406 99 .8in - 1,997 .74 12-28 12-29 Bought 3,000 US TSY BILL- 00000 OSFB10 99 .7753 2,993 .26 01-05 01-07 Bought 11000 US TSY BOND 6000 26FB15 109-.3125 1,116 .77 ACCRUED INTEREST 23 .64 02-11 02-12 Bought 11000 US TSY BOND 5500 2SAU15106 49/256 1,088 .96 ACCRUED INTEREST 27~05 02-19 02-20 Bought 1,000 US TSY BOND 5500 28AU15 106 .6484 1,067 .24 ACCRUED INTEREST .76 03-30 03-31 Bought 11000 US TSY BOND 5500 28AU15- -108 .4453 1,091 .25 ACCRUED INTEREST 6 .80 04-15 04-16 Bought 11000 US TSY BOND 5500 2SAU15 103 .1133- 1,040 .35 ACCRUED INTEREST 9 .22 04-20 04-21 -Bought 1,000 US TSY BOND 6250 23AU15 111 .8594 1,129 .92 ACCRUED INTEREST 11 .33 05-12 0543 Bought 11000 US TSY BOND 6500 26NV15 I'll .6 -05-5 1,148 .20 ACCRUEO-INTEREST 32 . 1A 07-26 07-27 Bought 1,000 US TSY BOND 5250 28NV15 99 .4140 1,004 .55 ACCRUED INTEREST 10 .41 07-26 07-27 Bought 11000 US TSY BOND 5500 28AU15102 25/ 32 1,052 .44 ACCRUED INTEREST 24 .63 11-29 11-30 Bought 11000 US TSY BOND 5500 28AU15 106 .2148 1,078 .14 ACCRUED INTEREST 15 .99 11-29 11-30 Bought 11000 US TSY BOND 6000 26FB15 112 .6406 1,143 .86 ACCRUED INTEREST 17 .45



Funds to Purchase Seettrities~..-


M o rga n"~Sta n I ey ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT

PAGE 11 OF 19 .

Trade Settle Date Date Activity Quantity Description Prke Amount Additional Information

01-12 01-13 Bought 1,000 LIS TSY NOTE 362S 04KH31100 37/ 64 1,016 .18 ACCRUED INTEREST 10 .40 02-11 02-12 Bought- 1,000 LIS TSY NOTE 2M 04AU31100 149/256 1,01S .45 ACCRUED INTEREST 9.63 03-30 03-31 Bought 1,000 US TSY NOTE S875 64NVIS 102 .9944 1,0k .95 ACCRUED INTEREST 22 .11 03-30 03-31 Bought 10,000 US TSY NOTE 32iii- 04MY3-1 100 .3'789 10,146 .22 ACCRUED INTEREST 108 .33 04-20 04-21 Bought 1,000 US TSY NOTE 3250 04MYSI 100 .ZSOC 1,01S.20 -ACCRUED INTEREST 12.70 OS-04 OS-05 Bought 14,000 LIS TSY NOTE 16ZS OSJA31 100 .187S 14,08S .62 ACCRUED INTEREST 59 .37 OS-04 05-05 Bought 16,000 LIS TSY NOTE 1750 04DE31 100 .2852 16,142 .5S ACCRUED INTEREST 96.92 05-06 05-07 Bought 1,000 US TSY NOTE S87S 04NVIS102 102/256 1,0S2 .06 ACCRUED INTEREST 28A8 05-12 05-13 Bought 8,000 US TSY NOTE 1625 OSAP30 99 .9477 7,992 .41 ACCRUED INTEREST 4 .S9- 05-14 05-17 Bought 1,000 LIS TSY NOTE 162S 05AP30 99 .8671 999 .42 ACCRUED INTEREST .7S- 05-14 OS-17 Bought 1,000 LIS TSY NOTE S87S 04NVIS 102 .2187 1,022 .Sl ACCRUED INTEREST .62 05-25 05-26 Bought 2,000 US TSY NOTE 162S OSJA31 100 .0664 2,011 .69 ACCRUED INTEREST 10 .36 05-26 05-27 Bought 1,000 LIS TSY NOTE 162S OSJA31 100 .0703 1,00S .92 ACCRUED INTEREST S.22 OS-27 05-28 Cancel Sell 1,000 US TSY NOTE 16ZS OSJA31 1,006 .01 ACCRUED INTEREST S.27 07-14 07-15 Bought IP000 LIS TSY NOTE 1750 ME31 100 .0664 1,001 .37 ACCRUED INTEREST .71 07-14 07-15 Bought 3,000 US TSY NOTE 5875 04NV15101 29/ 64 3,072 .81 ACCRUED INTEREST 29 .22 09-28 09-29 Bought 1,000 US TSY NOTE 1750 04DE31 100 .0000 1,004 .33 ACCRUED INTEREST 4.33 11-10 ll-lS Bought 7,000 LIS TSY NOTE 167S OSM31 99 .8008 7,000 .43 ACCRUED INTEREST 14 .37 11-19 11-22 Bought 14,000 LIS TSY NOTE 187S 05DE31 99 .144S 13,983 .66 ACCRUED INTEREST 103 .43 12-02 12-03 Bought 3,000 US TSY NOTE 3SOO 09NVlS 98 .937S 2,973 .35 ACCRUED INTEREST 5 .22 12-09 12-10 Bought 2,000 LIS TSY NOTE 162S OSJA31 99 237/256 2,010 .18 ACCRUED INTEREST 11 .66


Other Debits Date Activity Descriotion Amount Additional Information

01-16 Charge MGO PTFL 1QQ4 FEE MSA -554 .11 04-15 Charge MGD PTFL 2Q04 FEE KSA -462 .70 07-15 Charge KM PTFL 3Q04 FEE MSA -393 .63 10-14 Charge MGD PTFL 4Q04 FEE MSA -404 .08

Total Other Debits -1,814 .52 -- --- ---- - ------

4' - --------- tcotild . . . . . . . -- -------- -Total- Debift To-Ndw-A t`--*--------'-' ~-'- ----- --- - -- --------- -------- ------------ - -- ----- - -- ------ ---- --------- - -----------------------

PAGE 12 OF 19




Messages

Please note that sell trades executed, checks written and debit card transactions made in 2004, and which settle early in 2005, will be reflected as 2004 transactions under the Assets Checking and Debit Card sections of the Activity Details portion of the statement.

Investments and services are offered thrt- n Morgan Stanley DW Inc., member SIPC . t

Morgan '9 Stanley BUSINESSICAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004

Tax Information Year-to-Date Year-to-Date

Accrued Interest Sold 1,357.98 Accrued Interest Paid 880.54 Municipal Accrued Interest Bought -4 .59

The tax information provided above should be used only as a guide, a complete 1099 will be sent to you

00 PAGE 13 OF 19 .



M S

GAIN AND LOSS SUMMARY The Gain and Loss information is provided for informational purposes only. We recommend that you contact your tax advisor to

determine the appropriate information to be used in the preparation of your tax return . This Gain and Loss Summary is not a substitute 1099 form (or any other appropriate tax form) and should not be filed with your taxes.

For most securities purchased after 1.985 through Morgan Stanley DW Inc., the necessary data, including cost basis (purchase price), is provided to estimate gain or loss . Please note that although Morgan Stanley DW Inc. makes every effort to adjust the cost basis for such securities' capital changes, it does not adjust the cost basis for all events, including amortization of non-municipal bond premiums,-exercise of stock options; securities deemed to have been sold and simultaneously repurchased, receipt of cash in lieu of fractional shares; or the net effect of wash sales andfor short sales against the box.

For securities not purchased through Morgan Stanley DW Inc., for example, securities purchased elsewhere and later transferred to it, you will need to supply the relevant information either to your Financial Advisor or directly onto ClientServ, independently of Morgan Stanley DW Inc. In either case, it is your responsibility to ensure the accuracy of this information, since Morgan Stanley DW Inc. has no knowledge of such assets' cost basis. To correct any information supplied by Morgan Stanley DW Inc. . please inform your Financial Advisor, to correct any information supplied by you, you may either inform your Financial Advisor or input the data directly yourself through ClientServ .

For Managed Futures funds, these funds may typically be redeemed only once monthly, at the fund's final net asset value ('NAV) as of each month's end. The fund's final NAV for each month - and therefore the exact amount of any investor's gain or loss realized that month- becomes available, however, only midway into the following month. Separately, all unrealized gain and loss figures are only estimates. Morgan Stanley DW Inc. does not guarantee nor will it independently verify the accuracy of the information in the Gain and Loss Summary.

Date Unit Adjusted Market Unrealized Additional Quantity Acquired Cost Total Cost Value Gainl(Loss) Information

Corporate Fixed income Corporate Bonds

ALLSTATE CORP NTS 7 7/8 5-01-05 1,000 11-19-04 101 .7390 1,017 .39 1,015 .98 (1 .41) Short Term


'9 Stanley Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


BUSINESSCAPE-Accourff FOR YEAR ENDING DECEMBER 31, 2004


Unrealized Gain/(Loss) _

GCB VERIZON 6 3/4 12-01-05 2,000 07-23-03 104 .415S 2,088 .31 2,064 .72 (23 .59) Long Term


'N MorganStanley BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004


PAGE 14 OF 19


Investments and services are offered thru-_n Morgan Stanley DW Inc ., member SIPC .


GCB VERIZON 6 3/4 12-01-05 11000 09-26-03 104 .3180 1,043 .18 1 .632 .36 (10 .82) Long Term 3,000 104 .3830 3,131 .49 3,097 .08 (34 .41)

BANC ONE CORP NTS 6 1/2 2-01-06 1,000 11-21-03 104 .4570 1,044 .57 1,035 .17 (9 .40) Long Term

ABBOTT LABS 5 5/8 7-01-06 3,000 06-19-03 105 .7053 3,171 .16 3' 101 .61 J69 .55) Long Term 11000 03-25-04 105 .3880 1,053 .88 1,093 .87 (20 .'01) Shori Term 4,000 105 .6260 4,225 .04 4,135 .48 (89 .56)

GMAC 6 1/8 9-15-06 3,000 06-23-03- 102 .8383 3,085 .15 -3,075 .54 (9 .61) Long Term 11000 03-29-04 104 .6130- 1,048 .13 1 . 025 .18 (22 .95) Short Term 4,000 103 .3320 4,133 .28 4,100 -72 (32 .56)

BELLSOUTH CORP 5.000 10-15-06 1,000 10-24-03 104 .0270 1,040 .27 11-028-.16 (12 .11) Long Term 2,000 10-29-03 loe4 . 0695 2,081 .39 2-TO56 .-32 (25 .07) Long Term 3,000 104 .0553 3,121 .66 3 ;084 .48 (37 .18)

BRISTOL MEYER 4 3/4 10-01-06 1,000 11-06-03 103 .0080 1,030 .08 1,-023 .95 (6 .13) Long Term

WACHOVIA CORP 4 .950 11-01-06 4,000 -06-24-03 105 .1935 4,207 .7.4 4,111 .40 (96 .34) Long Term

HOUSEHOLD FINANCE 5 3/4 1-30-07 1,000 11-14-03 105 .2810 1,0 52,81 1,043 .86 (8 .95) Long Term

WASHINGTON MUTUAL 4 3/8 1-15-08 3,000 06-25-03 104 .7966 3,143 .90__ 3,046 .77 (97 .13) Long Term

GOLDMA-N SACHS 4 1/8 1-15-08 3,000 06-20-03 103 .9163 3,117 .49 3,037 . 71 (79 .78) Long Term

TARGET CORP 5 .400 10-01-08 3,000 07-10-03 108 .0396 3,241 .19 31170 .34 (70 .85) Long Term

CONOCO INC 6 .350 4-15-09 3,000 06-25-03 113 .6816 3,410 .45 3,2~82 .93 (127 .52) Long Term

VODAFONE GRP PUB 7 3/4 2-15-10 3,000 10-21-03 115 .3493 3,460 .48 3,481 .38 20 .90 Long Term

WELLS FARGO CO 6 3/8 8-01-11 4,000 06-25-03 115 .6050 4,6~4 .20 4 -4 2-8 .'6 0 (195 .60) Long Term

ALCOA INC 6 .000 1-15-12 4,000 06-25-03 112 .4877 4,499 .51 4,369 .68 (129 .83) Long Term

AOL TIME WARNER 6 7/8 5-01-12 2,000 06-24-03 114 .1220 2,282 .44 2,2~7 .72 (4 .72) Long Term


BUSINESSICAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 20a4 PAGE 15 OF iS .


ROSE C STONE FOUNDATION ATTENTION. MR ED WRIGHT


-q Stan I ey Morgan

Date Unit Adjusted Market Unrealized Additional Unrealized Gain/Moss) Quantity Acauired Cost Total Cost Value Gainl(Loss) Information

AOL TIME WARNER 6 7/8 5-01-12 1,000 08-07-03 107 .0430 1,070 .43 I-X38 .66 68 .43 Long Term - 3,000 111 .7623 3,352.87 3,416 .58 63 .71

GEN ELEC CAP CORP S .450 1-15-13 3,000 06-23-03 108 .6126 3,2SS . ' 38 3,166 .38- (92 .00) Long Term

- 1,000 07-23-03 103,7110 1,037 .11 1,oss,'C~6 18 .35 Long Term 4,000 107 .3872 4,295 .49 4,221-.84- (73-.65)

BANK OF AMERICA 4 7/8 1-15-;13 4,000 07-29-03 98 .1350 3,92.5 .40 4,069 .52 144 .12 Long Term

BOEING CO 5 1/8 2-15-13 1,000 09-17-03 ".8250 998 .25 1,034 .47 36 .7-2 Long Term

WAL-MART STORES 4 .550 S-01-13 4,000 06-20-03 104 .4437 4,177 .75 4,037 .S2 (140 .23) Long Term

CITIGROUP INC 5 1/8 S-05-14 4,000 10-29-04 103 .0927 4ol23 .71 4,096 .20 (27 .Sl) Shari Term

Government Securities

Treasury Securities

US TSY NOTE 1 S/8 1-31-05 91000 05-04-04 100 .0206 9,001 .86 8,998 .56 (3 .30) Short Term 1,000 05-04-04 100 .0200 1,000 .20 999 .84 ( .36) Short Term 2,000 05-25-04 100 .0080 2,000 .16 1,999 .68 ( .48) Short Term 2,000 12-09-04 99,0000 1,998 .52 1,999 .68 1

. 16 Short Term

14,000 100 .0052 14,000 .74 13,997 .76 (2.98)

US TSY BILL .000 2-10-05 30000 12-28-04 99.7753 2,993 .26 2,993.8a .62 Short Term

US TSY NOTE 1 5/8 3-31-05 7,000 11-10-04 99.8008 6,986 .06 6,989.08 3 .02 Short Term

US TSY NOTE 1 5/8 4-30-05 6,000 05-12-04 99.8477 S,990 .87 s,gas .24 (S.63) Short Term 1,000 05-14-04 99,8671 998 .67 997 .54 (1 .13) Short Term 7,000 99.8505 6,989 .54 6,982.78 (6.76)

US TSY NOTE 1 7/8 12-31-05 14,000 11-19-04 99 .1445 13,880 .23 13,878 .62 11 .61) Short Term

US TSY BOND 6 1/4 8-15-23 2,000 08-20-03 110 .5465 2,210 .93 2,341 .48 130 .5S Long Term 1,000 12-04-03 112 .2610 1,122 .61 1,170 .74 48 .13 Long Term 1,000 04-20-04 111 .6050 1,116 .05 1,170 .74 S4 .69 Short Term 4,000 111 .2397 4,449 .59 4,682 .96 233 .37






US TSY BOND 6 .000 2-15-26 1,000 07-31-03 107 .8240 1,078 .24 1,145 .51 67 .27 Long Term 1,000 08-05-03 106 .1900 1-1061 .90 1,145 .51 83 .61 Long Term 1,000 01-05-04 109 .0860 1,090 .86 1,145 .51 54 .65 Short Term 1,000 11-29-04 112 .6110 1,126 .11 1,145 .51 19 ;40 Short Term 4,000 108 .9277 4p357 .11 4p582 .04 224 .93

3,000 12-04-03 111 .3036 3,339.11 3,503 .79 164 .68 Long Term

1,000 03-30-04 108.3050 1,083 .05 1,082 .34 (- ' 71) Short Term

1,000 04-15-04 103.0670 1,030 .67 1,082 .34 51 .67 Short Term 1,000 07-26-04 102.7560 1,027 .~6 1,-082-.34 54 .78 Short Term 1,000 11-29-04 106.2030 1,062 .03 1,082 .34 20 .31 Short Term 4,000 105.0827 4,203.31 4,329.36 - 126 .05

2,000 06-12-03 114.1910 2,283 .82 2,096 .26 (187 .56) Long Term 1,000 07-16-03 103.1870 1o031 .87 1-048 .13 16 .26 Long Term 1,000 07-26-04 99 .4140- 994.14 1 :048 .13 53 .99 Short Term 4pOOO 107.7457 4,309.83 4_,_19~2 .52 (117 .31)

Federal Agencies

3 1/4 2-15-09 3,000 12-08-04 98 .3710 2,951.13 2,941 .89 (9 .24) Short Term

4 1/2 1-15-13 3,000 06-12-03 107 :8859 3,236.57 3,025.32 (211 .25) Long Term 1,000 07-26-04 97-5777 975 .78 1,008.44 32 .66 Short Term 4,000 105.3087 4,212.35 4,033 .76 (178 .59)

FHLMC

Total Market Value for all positions $141,450 .10

Investments and services are offered thrt- _,) Morgan Stanley DW Inc., member SIPC .

N MorganStaniey PAGE 16 OF 19

US TSY BOND 6 1/8 11-15-27

US TSY BOND 5 1/2 8-15-28

US TSY BOND 5 1/4 11-15-28

FNMA

Totals for positions with cost data availabte $142,007 .01 - $141,450 .10 - (ss56,91)

The 'Total Cost' and 'Unit Cost" for Fixed )ncome Unit Trusts, Mortgage-Backed Securities,- and.Zero Coupon Bonds has been adjusted to reflect any partial return of principal or capital that may have been paid to you- or accreted interest earned,'since your purchase dbte In the e~b~nt that the accui-hulated total return-of principal b~'cafiital is greater than the provided original cost, the adjusted cost will be "0 00"

Date Date Adjusted Realized Additional Realized Gain/(Loss) Quantity A~quiFed Sold Total Cost -Pro-ce'eds Gainl(Loss) Information

Short Term

ABBOTT LABS 5 5/8 7-01-06 1,000 06-19-03 01-28-04 1,091 .08 1,079.58 (11 .50) Short Term ALCOA INC 6.000 1-15-12 1,000 06-25-03 01-28-04 1,136 .71 1,102 .13 (36 .58) Short Term BANC ONE CORP NTS 6 1/2 2-01-06 1,000 11-21-03 01-29-04 1,081 .23 1,081 .21 ( .02) Short Term


BANK OF AMERICA 4 7/8 1-IS-13 1,000 07-29-03 01-28-04 981.3S 1P '617 .77 36.42 Short Term BANK OF AMERICA 4 7/8 1-15-13 1,000 07-29-03 06-21-04 981.35 967.42 (13 .931 Short Term BELLSOUTH CORP 5 .000 10-15-06 IP000 10-24-03 01-29-04 1,060.06 IP060 .81 - .7S Short Term BOEING CO S 1/8 2-15-13 1,000 09-17-03 06-21-04 998.25 982.22 (16 .03) Short Term BRISTOL MEYER 4 3/4 10-01-06 11000 11-06-03 06-22-04 1,038.67 1p030 .31 (8 .36) Short Term CITIGROUP INC 7 1/4 10-01-10 1,000 06-25-03 01-28-04 1,213.89 1,178 .15 (35-74) Short Term CITIGROUP INC 5 5/8 8-27-12 4,000 08-18-04 10-29-04 4,242.47 4,298 .24 ss .77 Short Term FHLMC 4 1/2 1-1S-13 1,000 06-12-03 01-28-04 lo- 078.86 1,009 .46 (69 .40) Short Term FHLMC 4 1/2 1-15-13 2oOOO 06-12-03 06-09-04 2,1S7.72 1,904 .91 (7-52 .81) Short Term GCB VERIZON 6 3/4 12-01-OS 11000 07-23~-03 01-29-04 1,087.30 1,079 .54 (7 .76) Short Term GEN ELEC CAP CORP 5.450 1-15-13 11000 06-23-03 01-28-04 1,094.23 1p060 .27 (33 .96) Short Term GEN ELEC CAP CORP 5.450 1-15-13 1,000 06-23-03 06-21-04 IP090 .77 IP009 .90 (80 .87) Short Term GMAC 6 1/8 9-15-06 1,000 06-23-03 01-28-04 1,042.77 1,071 .8s 29 .08 Short Term GMAC 6 1/8 9-15-06 11000 06-23-03 06-22-04 11036.59 1,040 .89 4.30 Short Term GOLDMAN SACHS 4 1/8 izis-08 1,000 06-20-03 01-28-04 1,050 .31 lp032 .31 (18 .00) Short Term HOUSEHOLD FINANCE S 3/4 1-30-07 1,000 11-14-03 01-28-04 1,074.98 IpOS3 .86 8.98 Short Term TARGET CORP 5.400 10-01-08 1,000 07-10-03 01-29-04 11098 .S7 1,075 .67 (7-2 .90) Short Term US TSY BILL .000 8-19-04 3,000 08-09-04 08-17-04 3,000 .00 3o000 .00 US TSY BILL .000 9-23-04 3,000 08-18-04 09-21-04 3,000 .00 3,000 .00 US TSY BILL .000 11-18-04 3,000 09-22-04 11-16-04 3,000 .00 3p000 .00 US TSY BILL .000 12-09-04 1,000 11-15-04 11-19-04 998.91 999.22 .31 Short Term US TSY BILL .000 12-16-04 3p000 11-10-04 11-29-04 2,995.43 2,997 .42 1 .99 Short Term US TSY BILL .000 12-16-04 5,000 11-10-04 12-02-04 2,995.43 2,997 .91 2 .48 Short Term US TSY BILL .000 12-09-04 2,000 11-15-04 12-07-04 2,000 .00 2,000-00 US TSY BILL .000 12-16-04 1,000 11-10-04 12-14-04 1,000 .00 1,000 .00 US TSY BILL .000 1-06-05 1,000 12-07-04 12-28-04 998.41 999.64 1 .23 Short Term US TSY BILL .000 1-06-05 2,000 12-14-04 12-28-04 1,997 .74 1,999 .27 1 .53 Short Term US TSY BOND 5 1/2 8-15-28 10000 11-26-03 01-28-04 1,042 .66 1,065 .59 22 .93 Short Term US TSY BOND 5 1/4 11-15-28 1,000 06-12-03 01-28-04 1,145 .02 1o030 .70 (114 .32) Short Term US TSY BOND 6.000 2-15-26 1,000 07-31-03 01-28-04 looso .05 1,132 .97 52 .92 Short Term US TSY BOND 6 1/2 11-1S-26 1,000 05-12-04 05-25-04 11115 .97 1,127 .07 11 .10 Short Term US TSY BOND 5 1/2 8-15-28 1,000 11-26-03 06-09-04 1,042 .34 990.S9 (51 .75) Short Term US TSY BOND 5 1/2 8-15-28 1,000 02-11-04 06-09-04 1p061 .49 990 .59 (70 .90) Short Term US TSY BOND 5 1/4 11-15-28 2oOOO 06-12-03 06-09-04 2,287.62 logis .16 (372 .46) Short Term US TSY BOND 5 1/2 8-15-28 1,000 02-19-04 08-09-04 lpofis .81 1,050 .35 (15 .46) Short Term US TSY NOTE 5 7/8 11-15-04 4oOOO 06-12-03 01-28-04 4,154.39 4,151-09 (3 .30) Short Term US TSY NOTE 3 5/8 3-31-04 3,000 11-26-03 01-28-04 3o013 .36 3,013 .59 .23 Short Term US TSY NOTE 2 7/8 6-30-04 2,000 11-26-03 01-28-04 2,015.04 2,015 .86 .82 Short Term US TSY NOTE 2 1/a 8-31-04 3oOOO 12-04-03 01-28-04 3,015.75 3,019 .57 3.82 Short Term US TSY NOTE 1 7/8 9-30-04 2,000 11-26-03 01-28-04 2,008 .73 2,011 .09 2 .36 Short Term US TSY NOTE 3 5/8 3-31-04 1,000 11-26-03 03-18-04 i,ooo .sa 1,000 .70 .12 Short Term US TSY NOTE 3 5/8 3-31-04 6P000 11-26-03 03-29-04 6,000 .00 6POO0 .00 US TSY NOTE 3 5/8 3-31-04 5,000 12-04-03 03-29-04 5,000 .00 5o000 .00 US TSY NOTE 3 5/8 3-31-04 loooo 01-12-04 03-29-04 1,000 .00 1,000 .00



Morgan BUSINESSCAPrAccoulff '9Stanley FOR YEAR ENDING DECEMBER 31, 2004 PAGE 17 OF 19 .

ROSE C STONE FOUNDATION Account Number ATTENTION : MR ED WRIGHT 131 017453 149

Date Date Adjusted Realized Additional Realized Gain/(Loss) .--..--.--- Quant& Acauired Sold Total Cost Proceeds Gainltloss) Information



Date Date Adjusted Realized Additional Realized Gain/(Loss) Ouantity Acguired Sold Tbt6l Cost Prodbeds Gainl(Loss) Information

Investments and services are offered thr.- n Morgan Stanley DW Inc ., member SIPC .

US TSY NOTE 5 7/8 11-15-04 1,000 06-12-03 03-31-04 1,030 .34 11030 .12 ( .22) Short lerm US TSY NOTE 5 7/8 11-15-04 2,000 06-12-03 04-21~04 2,055

- -09- 2,051 .68 (3 .21) Short Term

US TSY NOTE 2 7/8 6-30-04 8,000 11-26-03 05-04-04 8,022 .02 8,023 .13 1 .11 Short Term US TSY NOTE 2 7/8 6-30-04 5,000 12-04-03 05-04-04 5,013 .69 5 , 0 1'4 .-4~ - - ~6 Short Term US TSY NOTE 2 1/8 B-31-04 8,000 12-04-03 05-04-04 8,023-.02 -8,027 .82 4 .80 Short Term US TSY NOTE 2 1/8 8-31-04 1,000 12-05-03 05-04-04 1'003 .24 1-1003 .48 -.24 Short Term US TSY NOTE 2 1/8 8-31-04 1,000 02-11-04 - 05-04-04 1 :003 .41 1,003 .48 .07 Short Term US TSY NOTE 1 7/8 9-30-04 5,000 11-26-03 05-04-04 5,013 .21 5,0i5-82 2 .61 -Short Term US TSY NOTE 1 7/8 9-30-04 3,000 12-05-03 05-04-04 3,008

' -65 3-P009 .49 .84 Short Term

US TSY NOTE 3 1/4 5-31-04 10,000 03-30-04 05-12-04 10,011 .18 --10,010 .94- ( .24) Short Term US TSY NOTE 3 1/4 5-31-04 IP000 04-20-04 05-12-04 1,00-1 .12 1P001 .0 ( .03) Short Term US TSY NOTE 5 7/8 11-15-04 4,000 06-12-03 06-09-04 4,083 .64 4,075 .00 (8 .64) Short Term US TSY NOTE 1 3/4 12-31-04 4,000 05-04-04 06-09-04 4,009 .68 4,003 :59 -(6.09) Short Term US TSY NOTE 1 5/8 1-31-05 4,000 05-04-04 06L-09-04 4,006 .50 -3"998 .91 (7.59) Short Term US TSY NOTE 1 5/8 4-30-05 2,00

- 0 05-12-04 -06-09-04 1,996

-.' 95 (2 .11) Short Term

US TSY NOTE 5 7/8 11-15-04 1,000 11-19-03 11-10-04 1,000 .01 -1,000 .00 ( .01) Short Term US TSY NOTE 5 7/8 11-15-04 1,000 12-05-03 11-10-04 1,000 .00 11-000 .00 US TSY NOTE 5 7/8 11-15-04 1,000 03-30-04 11-10-04 1,000 .00 1P000 .00

---dd -1 US TSY NOTE 5 7/8 11-15-04 1,-Doo 05 66- ' 04 11-10-_04 11006 .

US TSY NOTE 5 7/8 11-15-04 1,000 05-14-04 11-10-04 1,000 .00 1-,000 .00 US TSY NOTE 5 7/8 11-15-04 3,000 07-14-04 11-10-04 3-1000 .00 .-3!000 .-DO US TSY NOTE 1 3/4 12-31-04 12,000 05-04-04 11-19-04 12,005 .55 11,997 .'-19 (8 .36) Short Term US TSY NOTE 1 3/4 12-31-04 1,000 -07-14-04 11-19704 - 1 ;6 0 0 .15 . -999~ .- 777 ( .38) Short Term US TSY NOTE 1 3/4 12-31-04 1,000 09-28-04 11-19-04 1,000 .00 --999 .77 -( .23) Short Term US TSY NOTE 3 1/2 11-15-09 3,000 12zO2-04 12-08-04 2-968 .13- 2-991 .80 23 .67 Short Term WACHOVIA CORP 4 .950 11-01-06 1,000 06-24-03 01-28-04 1 :077 .11 1 ;q~4 .37 (12 .74) Short Term WAL-MART STORES 4 .550 5-01-13 1,000 06-20-03 01-28-04 1,048 .49 1'0

- 017io (46 .69) Short Term

WASHINGTON MUTUAL 4 3/8 1-15-08 1,000 06-25-03 01-29~04 1,061 :60- 1-,031 .26 (30 .34) Short Term WELLS FARGO CO 6 3/8 8-01-11 1,000 06-25-03 01~29-04 1,174 .86 -1-117 .49 (57 .37) Short Term

Sub Total Short Term $173,291 .53 $172,142 .37 ($1,149 .16)

Long Term

ABBOTT LABS 5 5/8 7-01-06 1,000 06-19-03 06-22-04 1,076 .37 1,047 .64 (28 .73) Long Term CITIGROUP INC 7 1/4 10-01-10 4,000 06-25-03 08-18-04 4,791 .48 4,676-84 (114 .64) Long Term US TSY BOND - 6 .000 2-15-26 1,000 07-31-03 08-09-04 -1,07-9 .01 1,116 .37 37 .36 Long Term US TSY-NOTE 5 7/8 11-15-04 6,000 06-12-03 11-10-04 6,000 .00 6,000 .00 WAL-MART STORES 4 .550 5-01-13 1,000 06-20-03 06-21-04 1,046 .76 959 .60 (87 .16) Long Term

Sub Total Long Term $13,993 .62 $13,800 .45 ($193 .17)

Totals for closing transactions with cost data available $187,285 .15 $185,942 .8~ ($1,342-33)

Total Proceeds 4185,-942 .82


BUSINESSICAPE-AccoulidT FOR YEAR ENDING DECEMBER 31, 2004

Long Term

$798 .52 ($1,608 .04)

$37 .36 ($230 .S3)

Short Term

$346 .95 ($94 .34) $271 .14

($1,420 .30)

Total

$1,14S .47-($1,702 .38)

$308 .SO ($1,6SO .83)

Investments and services are offered through Moigan Stanley DW Inc . member SIPC .

"Stanley Morgan ROSE C STONE FOUNDATION ATTENTION: MR ED WRIGHT

Summary Unrealized gain .. . . . . . . . . . . . . .. . . . . . . . Unrealized (loss) . . . . . . . . . . . . . . . . . . . . . Realized gain YM . . . . . . . . .. . . . .. . . . . Realized (loss) YTD . .. .. . .. . . .. . . . ..

w-

PAGE 119 OF 19 .


Errors & Inquiries If you do not understand an entry on your statement or suspect an error, it is Margin Interest We calculate interest charges on margin loans as follows essential that you immediately contact the manager of the office servicing your Charges (1) Multiply the applicable margin interest rate times the average daily account or, if you have a self-directed account, please call 800-688-6896 We will balance of your margin loan consider your statement correct unless we receive a written inquiry from you about (2) Multiply the result of Step (1) times the number of days your loan the suspected error within 10 calendar days from the day on which you received was outstanding your statement It is your responsibility to review your statement promptly and to (3) Divide the result of Step (2) by 360 (days) seek immediate clarification about entries that you do not understand We-add the accrued interest to your debit balance and start a new calculation each

SIPC Protection Securities and cash held in Morgan Stanley accounts are protected up to their time the applicable interest rate changes and at the close of every statement month full net equity value by a combination of coverage provided by the Securities Investor Protection Corporation ('SIPC') a non-profit organization created by an Availability of Free Under the customer protection rules of the SEC 117 CFR §240 15c3-2 & -3], Act of Congress and additional protection purchased from a private insurer by Credit Balances Morgan Stanley DW Inc may use free credit balances in your account Morgan Stanley (the "Excess Coverage') SIPC protects up to $500,000 of each and Financial which are payable to you on demand, in the ordinary course of its business customer's securities of which up to $100,000 may be uninvested cash Excess Statements We send summary Morgan Stanley DW Inc financial statements to you Coverage provides additional protection up to the full net equity value of each semiannually copies are also available on request, by mail account including unlimited coverage for uninvested cash SIPC and Excess Coverage apply only to securities and cash in the exclusive possession and Taxes Under Federal Income Tax law, we are required to report the gross proceeds of control of Morgan Stanley and do not protect against losses due to market sales transactions, entering into short sales and redemptions done kn your fluctuations Detailed information is available upon request account Although your statement may describe certain items as (federally) tax-

Transaction Dates All transaction dates on this statement are the transactions' settlement dates free, this is for information purposes-only when reporting your taxes please rely

In the case of unsettled trades, we list the trade date instead of settlement date exclusively on the 1099 forms_ypu will receive at the end of the year (For IRAs,

with a notation that the trade is unsettled 1099s report distribuiions from the account rather than income or proceeds fro~n s~les ) -Federal law subjects you to penalties and withholding if you fail to

Pricing of Securities The prices of securities displayed on your statement are derived from various p`rZiv?de us with your Social Security or Tax to Number

sources and in some cases may be higher or lower than the price that you would

a ctually receive in the market For securities listed on an exchange or trading Listed Options Information with respect to commissions and to other charges related to the

continually in an active marketplace, the price reflects the market quotations at execution of options transactions has been included in confirmations of such the close of your statement period The prices of securities not actively traded tra nsactions- previously furnished to you A summary of such information will be may not be available These are indicated by ffN/A" (not available) made available to you promptly at your request

For bonds trading less frequently, we rely on outside pricing services or a Estimated Annual Estimated annual income and yields are calculated by annualizing the most computerized pricing model, which cannot always give us actual r~arket values Income and Yields recent distribution and bo not reflect historic experience or projected future Similarly, some annuitictialues provided by outside sponsors are estimates results Since the rates are subject to change at any time, they should not be The amounts on this statement for limited partnerships are typically obtained entirely relied on for making investment or trading decisions You are advised to from a third party or from the investments' general partners unless Morgan consult with your Financial Advisor before making decisions Your Financial Stanley DW Inc has obtained other information such as an independent A

- dvisor will be able to assist you with accurate up-to-date information so that

appraisal Since many partnership valuations are provided only annually, they do you_can make an informed decision If you have a self-directed account, please not always represent current values call 800-688-6896 Furthermore limited partnerships and non-traded Real Estate Investment Trusts Accrued Bond This figure represents the taxable accrued interest received on bond sale (REITs) are illiquid and have no public markets, so the amounts shown on this Interest YTD transictions and credited to y6ur -account durtng the calendar year As required statement may not equal the amounts you would receive if you sold your by la~o, M-Organ Stanley DW'Inc will reporl to the Internal Revenue Service the investment total- year-to-date figure indicated on the last statement you receive for the ca(en- The value of mutual fund shares is determined by multiplying the Net Asset Value dar year (NAV) by the number of shares or units held as reported to Morgan Stanley DW Inc by the correspondent custodian If vie cannot obtain a price or estimate, Dividend/Interest These figures represent dividends and/or interest on securities received by "NIA" appears (Month/YTD) Morgan Stanley DW Inc and credited to your account during the calendar year

For more detailed current information on prices speak, to your Financial Advisor As required by law, Morgan Stanley DW Inc reports taxable dividends and bond

or, if you have a self-directed account. please call 800-688-6896 interest credited to your account to the Internal Revenue Service The totals reported,are indicated as the year-to-date figures on the last statement for the

Account Valuation This figure represents the approximate value of your account on a settlement calendar year In the case of REITs, Real Estate Limited Partnerships and

date basis and is computed by adding (1) the market value of all priced po'sitions Regulated-Investment Company Unit Investment Trusts, the Sponsor may

a nd (2) market values provided-by pricing services and correspondent cuMod: xeclassify.-incoTe and return of principal into a different ratio for the prmr year

ians for other positions and by adding any credit or subtracting any debit to Certain Assets-Not -You may purchase certain assets through Morgan Stanley DW Inc which your closing cash or money market balance Please note, this valuation may be Held at Morgan will-be held at a custodial institution other than Morgan Stanley M. Inc adjusted for the net chanae in priced asset values for securities-held or for the Stanley DW Inc. Assets hc~ld in custodial positions are not covered by SIPC protection Where net change in money market balances in your account during the st2tement available, we include information about these assets on your Morgan Stanley DW period Your closing cash and/or money market balance represents the cash Iric statiment The custodial imstitution is responsible for providi-nins year-end tax and/or money market funds available in your account and reflects the net month reporting (1099s) and separate periodic statements, which may vary from our eno balance of all deposits, credits and debits (including cnecking and information due to different reporting periods In the case of Morgan Stanley, MasterCard activity in Active Assets accounts) - - -_ Van,Kampen and e>,ternal networked mutual funds, Morgan Stanley DW Inc will

Margin Privileges If you have applieci for maroin privileges and have been approved you may pyovide all year-end taxreporling (1099's) In the case of IRA accounts . Morgan

(not available for IRAs borrow money from Morgan Stanley DW Inc in exchange for pledging Slanieybw Inc performs all tax reporling or retirement accounts) assets in your account as collateral for any outstanding margin loan The Client's Investment It is essential to advise your Financial Advisor or for self-direcled accounts,

amount you may borrow is based on the value of the eligible securities in your Objectives and call 800-688-6896 immeatately if there is a materiai change in your margin account which are identified by an asterisk (") on your statement Financial Situation investment objectives or financial situaltion

Investments and services are offered thr, _n Morgan Stanley DW Inc., member SIPC .

"" Stan I ey Morgan



DBWWGWM AAA Customer Service 00202606 2 AT D .S47 02 TR 1446 -000 1-800-355-3086 IIIIIIIIIIII IIII I III I I IIIIIIII ills Iloilo 1161 too 11

ROSE C. STONE FOUNDATION ATTENTION : EDWARD WRIGHT P 0 BOX 629 131 CORTE MADERA CA 84976-0629

$166,986 .89

Money Market Funds 1113,S68 .11S 1 .9% Stocks 180,904 .46 98 .1 Municipal Bonds 0 .00 0 .0 Corporate Fixed Income 0 .00 0 .0 Government Securities 0 .00 0 .0 Mutual Funds 0 .00 0 .0 Unit Investment Trusts 0 .00 0 .0 Certificates of Deposit 0 .0

0 0 .0

Annuities/insurance 0 .00 0 .0 Other 0 .00 0 .0 Asset Value $184,473 .41 100 .0% Cash 0 .0

0 Total Asset Value $184,473 .4i

Credits To Your Account Dividend and Interest 982 .31 Deposits 0 .00 Sales Proceed s/Redempti ons 27,793 .40 Other Credits 4 .13

Total Credits 28,779.94 Debits To Your Account



Money Market Funds $36 .07 Stocks 946 .24 Municipal Bonds 0 .00 Corporate Fixed Income 0 .00 Government Securities 0 .00 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $982 .31 Net Change In Asset Value 20,306 .47

------- $164,473 .4r, ------ - ----- Taxable Income $982 .31 Total Asset:Value-as of-December 31 - -- - -----Tax Exempt Income $0 .00


Morgan '9Stanley Your Financial Advisor GASTONIFOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


WCM

Ass-ef-Sull % of

Value Assets

MA. M-1 .

PAGE 1 OF 8 -

Total Asset Value January 01, 2004 Cash/Money Market Activity for 2004

------ ---------Income -Suillmary- ----- - ----

Year To Date Changes in Asset Value for 2004 Value of Priced Assets 1/01/04 $160,597 .99

Securities Bought 27,739 .73 Securities Received 0 .00 Securities Sold/Redeemed -27,793 .40 Securities Delivered 0 .00 Transactions at Fund Company 0 .00 _Cbange in Value of Priced Assets 20,360 .14

Value of Priced Assets 12/31104 180,904 .46

MorganStanley BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 2 OF 8

ROSE C STONE FOUNDATION - Account Number ATTENTION EDWARD WRIGHT 131 013901 149

ASSET DE T AILS_ Pct of Est-Yrly:-

Cash and Money Market Funds Amount Assets Income Anfiiialized -30'Dav- Yields

.00 --- ---Active Assets Money Trust ACTIVE ASSETS MONEY TRUST 3,568 .95 1 .97 62 _Kdtive-As~ets Govt . Sec Tr 1 .587

Active Assets-California Tax Free .1 . 04Z Total Cash and Money Market Funds 13jS68 .95 1 .9% $62 Active Assets Tax Free Trust 1 .18%-

AAA Institutional Money Trust 2 .04X AAA Institutional Govt, Sec Tr 2 .08Z

Net Change Since January 1, 2004 -2j790 .03

Curren Pct of Est Yrly Dwidend Stocks Price Value Assets Income Yield Symb~l Additional Information

Common Stocks 141 AMGEN INC 64 .15 9,045 .15 5 .0% 0- 0 .00% AMGN' 418 CISCO SYS INC 19 .32 8,075 .76 4 .47 -0 q .007 :- CSCO 205 COSTCO WHOLESALE CORP NEW 48 .41 9,924 .05 5 .4% 82 . si~i'- 60st Next Dividend Payable 02/05 263 DELL INC 42 .14 11,082 .82 6 .07 0- 'O .00Z DELL 103 EBAY INC 116 .34 11,983 .02 6 .5z 0 0 .00% EBAY as EXPEDITORS INTL WASH INC 55 .88 4,917 .44 2 .7% 19 .39% EXPD Next Dividend Payable 06/05

122 FOREST LABORATORIES INC 44 .86 5,472 .92 3 .0% 0 0 .007 FRX_ 163 HARLEY DAVIDSON INC 60 .75 9,902 .25 5 .47 81 .82%_ HDI Next Dividend Payable 03/05 169 INTEL CORP 23 .39 3,952 .91 2 .1% 54 1 .36% INTC Next Dividend Payable 03/05 126 JOHNSON & JOHNSON 63 .42 7,990 .92 4 .3% 143 1 .79% JNJ Next Dividend Payable 03/05 106 LEXMARK INTL INC NEW A 85 .00 9,010 .00 4 .97 0 0 .00% LXK 152 LOWES COMPANIES INC 57 .59 8,753 .68 4 .7% 24 .277 LOW Next Dividend Payable 01/05 167 MAXIM INTEGRATED PRODUCTS INC 42 .39 7,079 .13 3 .87 66 .94% MXIM Next Dividend Payable 02/05 139 MOODYS CORP 86 .85 12,072 .15 6 .57 41 .34Z MCO Next Dividend Payable 03/05 216 PFIZER INC 26 .89 5,808 .24 3 .1% 164 2 .82Z PFE Next Dividend Payable 03/05 346 STARBUCKS CORP WASHINGTON 62 .36 21,576 .56 11 .7X 0 0 .00% SBUX 198 TEVA PHARMACEUTICALS ADR 29 .86 5,912 .28 3 .2% 31 .53% TEVA 186 VARIAN MEDICAL SYS INC 43 .24 8,042 .64 4 .47 0 0 .00% VAR 218 WALGREEN CO 38 .37 8,364 .66 4 .5% 45 .54% WAG Next Dividend Payable 03/05 149 ZIMMER HLOGS INC 80 .12 11,937 .88 6 .5% 0 0 .00% ZMH

Total Stocks $180,904 .46 98 .1k $754 .41%


Investments and services are offered thr(-, .n Morgan Stanley DW Inc ., member SIPC .

BUSINEsScAPE-Accoulff FOR YEAR ENDING DECEMBER 31, 2004




Dividend 36 .07 Money Market Funds ACTIVE ASSETS MONEY TRUST

Trade Settle Date Date Activity Ouantity Description Price Amount Additional Information

08-18 08-23 Sold 07-12 07-15 Sold 04-12 04-15 Sold

so GOLDMAN SACHS GRP INC 87 .2894 6,982 .98 155 H 9 R BLOCK INC 47 .2786 7,328 .00 413 NOKIA CP AOR 17 .0516 7,042 .14


Morgan '9Stan~ey ffi--

PAGE 3 OF 8


------------ -------------- Se ~- a -. - - -. . . . . . . . . . T060-A4 U-Vihi-----~ ------------- F3 . ---------- . . . . . .. . ------ ------ ------Tot I -Nit.

P &A (A . . . . . . .. . . . . . . .. p _Qhasi eF'-IW rive a-'Ff'gqj"-" -------- - - ----------- ---§ ------ -- - ----------- - -------------------------- Yz



Divid nd COSTCO WHOLESALE CORP NEW 61 .SO Stocks Divid:nd EXPEDITORS INTL WASH INC 9.68 Stocks Divid nd GOLDMAN SACHS GRP INC 60 .00 Stocks Divid:nd H & R BLOCK INC 93 .00 Stocks Dividend HARLEY DAVIDSON INC 66 .02 Stocks Dividend INTEL CORP 27 .04 Stocks Dividend JOHNSON a JM*1SON 137.97 Stocks Dividend LOWES COMPANIES INC 6.08 Stocks Dividend MAXIM INTEGRATED PRODUCTS INC 56 .76 Stocks Dividend MOODYS COW 41 .72 Stocks Dividend NOKIA CP AOR 147.96 Stocks Dividend PFIZER INC 146.98 Stocks Dividend TEVA PHARMACEUTICALS AOR 39 .20 Stocks Dividend WAL MART STORES INC 10 .71 Stocks Dividend WALGREEN CO 41 .70 Stocks

Total Stocks $946 .24

-------------------------------------------------- * --- - --- 31 ------------- --------- - ---------- -- -- - -------------------------------------------------------- - - -

Sales Proceeds/ Redemptions- -- -- - --

Other Credits Date Activity Description -Amount Additional Information

01-12 Rebate 12131 FEE-PASS THROUGH 0 .53 02-09 Rebate 12BI FEE PASS THRO

- UGH -0:56

03-12 Rebate 12Bi FEE PASS THROUGH 0 .33-04-13 Rebate 12131 FEE PASS THROUGH 0 .37 05-11 Rebate 12131 FEE PASS THROUGH 0 .28 06-14 Rebate 1213i FEE PA§§ THROUGH 0 .a 07-13 Rebate 12BI FEE PASS THROUGH 0 .24' 08-12 Rebate 12131 FEE PASS THROUGH 0 .31 09-13 Rebate 12B1 FEE PASS THROUGH o .41 10-12 Rebate 12B1 FEE PASS-THROUGH 0 .35

-11-10 Rebate 12131 FEE PASS THROUGH 0 .31 12-02 Rebate 12131 FEE PASS THROUGH 0 .30




Investments and services are offered thr,_ n Morgan Stanley DW Inc ., member SIPC .

19 MorganStanley BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 4 OF 8




01-30 02-04 Sold 119 WAL MART STORES INC 54 .1226 6,440 .28



Trade Settle Date Date Activity Ouantity Descrintion Price Amount Additional Information

04-12 04-15 Bought 103 EBAY INC 76 .1737 7,845 .89 07-12 07-15 Bought 88 EXPEDITORS INTL WASH INC 48 .9141 4,304 .44 08-18 08-23 Bought 152 LOWES COMPANIES INC 50 .6328 7,696 .19 02-02 02-05 Bought 93 VARIAN MEDICAL SYS INC 84 .8732 7,893 .21


BIUSINESScAprAccouw FOR YEAR ENDING DECEMBER 31, 2004



06-30 Stock Dividend 99 TEVA PHARMACEUTICALS ADR 07-30 Stock Dividend 93 VARIAN MEDICAL SYS INC


Tax Information' Year-to-Date


Messa2es

Investments and services are offered through Morgan Stanley DW Inc , member SIPC.

Morgan '9 Stan I ey PAGE 5 OF 8

Other Debits -- --- Date ActivjW Description Amount Additional Information

01-16 Charge ACCESS lQ04 FEE WCM -93S.44 04-15 Charge ACCESS 2Q04 FEE WCM -970 .17 07-15 Charge A 3Q04 FEE WCM -994.51 10-14 Charge ACCESS 4Q04 FEE WCM -930 .02

Total Other Dabits -3,830 .14 . . . . . ... . . . --- -- -------------------- - ------- ----- T-6411110 It ---T ----Y6Wf- -bi V 0 MR 'R M-0 - ----- - ----------


Securities Received Date Activity Quantity Description Price Amount Additional Information

The tax information provided above should be used only as a guide, a complete 1099 will be sent to you.


BUSINESSCAPE-AccoUNT FOR YEAR EIVDING DECEMBER 31, 2004

ROSE C STONE FOUNDATION-ATTENTIo_N--__tbwARb_WRItHf-P 0 BOX 629 CORTE MADERA CA 94976-0629

WCM

AMGEN INC 141 06-11-03 64 .4687 9,090 .09 91045 .15 (44 .94) Long Term

CISCO SYS INC 418 06-11-03 17 .5498 7,335 .82 8,075 .76 739 .94 Long Term


Investments and services are offered thru- .n Morgan Stanley DW Inc ., member SIPC.

MorganStanley Your Financial Advisor GASTON/FOX MORGAN STANLEY 1 MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


GAIN AND LOSS SUMMARY The Gain and Loss information is provided for informational purposes only . We recommend- that- you contact- your-tax advisor to

determine the appropriate information to be used in the pr&p~itation'of your ta4 retuff.- Thig- G.~ih_,gnd Eos~'Sdffiffa-ry- isno- t a-substitute 1099 form (or any other appropriate tax form) and should not be'filed with your taxes

For most securities purchased after 1985 through Morgan Stanley D W Inc ., the necessary data - including cost basis (purchase price), is provided to estimate gain or loss Please note that although Morgan Stanley DW lnc_m~kes every -effort-to -adjust the cost basis for such securities' capital changes, it does not adjust the cost

- basis'for all events, includin-g-F a- mWo-r-tiZation . of

non-municipal bond premiums, exercise of stock options, securities deemed to have been sold and-simultanedus .ly repurchased; receipt of cash in lieu of fractional shares; or the net effect of wash sales andlor short sales against the box 7'

For securities not purchased through Morgan Stanley DW Inc , for example, securities purchased elsewhere and fater transferred to it, you will need to supply the relevant information either to your Financial Advisor or directly ohto ClientS&~v ; indefidhdently of Morgan Stanley DW Inc In either case, it is your responsibility to.'ensure the accuracy of this information ;-sinice-Morgan - -Stanley D W Inc has no knowledge of such assets' cost basis To correct any information supplied by Morgan-Stanley D W Inc , please inform your Financial Advisor, to correct any information supplied by you, you may either Inform your Financial Advisor or input the data directly yourself through ChentServ

For Managed Futures funds, these funds may typically be redeemed only once monthly, at-the fund's final net asset value ('NAV") as of each month's end . The fund's final NAV for each month - and therefore the exact amount of any investor's gain or loss realized that month- becomes available, however, only midway into the following month . Separately, all-unrealized gain and loss figures are only estimates Morgan Stanley DW Inc does not guarantee nor will it independently verify the accu?acy of the information in the Gain and Loss Summary

Date Unit Adjusted Market- Unrealized Additional Unrealized Gain/(LossJ__ Quantity Acquired Cost Total Cost Value Gainl(Loss) Information

Stocks

Common Stocks

PAGE 6 OF 8



-7


Morgan BUSINESSICAPE-AccouNT "Stan* FOR YEAR ENDING DECEMBER 31, 2004 PAGE 7 OF 8


Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss)- Quantity Acquired cost Total Cost Value Gainl(Loss) Information

COSTCO WHOLESALE CORP NEW 205 06-11-03 34 .9700 7,168 .85 9,924 .05 2,75S .20 Long Term

DELL INC 263 06-11-03 31 .4000 8,258 .20 11,082.82 2,824 .62 Long Term

EBAY INC 103 04-12-04 76 .1736 7o845 .89 110983 .02 4,137 .13 Short Term

EXPEDITORS INTL WASH INC 88 07-12-04 48 .9140 4,304 .44 4,917.44 613 .00 Short Term

FOREST LABORATORIES INC 122 06-11-03 55 .0500 6,716 .10 S,472.92 (1,243.18) Long Term

HARLEY DAVIDSON INC 163 06-11-03 43 .1400 7,031 .82 9,902 .2S 2,870.43 Long Term

INTEL CORP 169 11-24-03 33.0798 S,S90 .49 3,952 .91 (1,637.SS) Long Term

JOHNSON 9 JOHNSON 126 06-11-03 52 .2800 6,S87 .28 7,990 .92 1,403.64 Long Term

LEXMARK INTL INC NEW A 106 06-11-03 71 .4000 7,568 .40 9,010 .00 1,441 .60 Long Term

LOWES COMPANIES INC 152 08-18-04 50 .6328 7,696 .19 8,753 .68 1,057 .49 Short Term

MAXIM INTEGRATED PRODUCTS INC 167 06-11-03 3S.7900 S,976 .93 7,079 .13 1,102 .20 Long Term

MOODYS CORP 139 06-11-03 S2.S400 7,303 .06 12,072.1S 4,769 .09 Long Term

PFIZER INC 216 06-11-03 33 .0600 7,140 .96 S,808 .24 (1,332 .72) Long Term

STARBUCKS CORP WASHINGTON 346 06-11-03 24 .2000 8,373 .20 21,576 .56 13,203 .36 Long Term

TEVA PHARMACEUTICALS ADR 198 09-19-03 29 .8907 5,918 .36 S,912 .28 (6 .08) Long Term

VARIAN MEDICAL SYS INC 186 02-02-04 42 .4366 7,893 .21 8,042 .64 149 .45 Short Term

WALGREEN CO 218 06-11-03 32 .9428 7,159 .75 6,364 .66 1,204 .91 Long Term

ZIMMER HLDGS INC 149 08-21-03 49 .0730 7,311 .89 11,937 .88 4,62S." Long Term ~--- - ---- ------ - -------- --------------------- - ----- ~~ Totals 10 -bositi ion-s-- -with -0 a-te 40-aildble-"rRE - --- - - ------ --- -- - - ---- -- -- -------------------------------------- ------------ ------- - ---------- ----------------------- - ----- ------- -

. . . .. . . . . . . ------------- - -------------------------- - --------- ----------Total Mift& Yakid-fWa ---- - ---- . . . . .. . .. . . . . . ---------- --- - - --- - ---- --- ----------- -- ---------------------- - ---- - - -- - ------------------ -------------------- --- ------ ----------------------------------------- --------- - . .. . . .



Account Number 131 013901149



The 'Total Cost' and 'Unit Cost' for Fixed Income Unit Trusts, Mortgage-Backed Securities, and Zero Coupon Bonds has been adjusted to reflect any partial return of principal or capital that may have been paid to--you, or accreted interest earned, since your purchase date'ln the event that the accumulated total return of principal or ca ital is greater than - p the provided original cost, the adjusted cost will be "0 00-


Short Term

NOKIA CP ADIR 413 06-11-03 04-12-04 7,305 .97 7,042 :14 (263 .83) Short Term WAL MART STORES INC 119 06-11-03 01-30-04 6,543.81 6,440 .28 (1 03 .53) Short Term

Sub Total Short Term $13,849 .78 $13,482 .42_ ($367 .36) 7

(106 .62) Long Term 590 .15 Long Term

$483 .53

-*116 .17-

Sunimarv Short Term Long Term

Unrealized gain . . . . . . . . . . . . . . . . . . . . . . . $5,957 .05 $36,940 .98 Unrealized (loss) . . . . . . . . . . . . . . . . . . . . . $0 .00 ($4,264 .50) Realized gain YTD . . . . . . . . . . . . . . . . . . . $0 .00 $590 . 15 Realized (loss) YTD . . . . . . . . . . . . . . . . . ($367 .36) ($106 .62)

Total

$42,898 .03 ($4,264 .50)

$590 .15 ($473 .98)

Investments and services are offered thr,,, _,i Morgan Stanley DW Inc ., member SIPC. I

`9 Stan I ey Morgan

Long Term

GOLDMAN SACHS GRP INC 80 06-11-03 08-18-04 7,089 .60 H & R BLOCK INC 155 06-11-03 07-12-04 6,737.85

Sub Total Long Term $13,827 .45

Totals for closing transactions with cost data available $27,677 .23

Total Proceeds

6,982 .98 7,328 .00

$14,310 .98

$27,793 .40

$27,793 .40

BUSINESSICAPE-AccoUNT FOR YEAR ENDiNG DECEMBER 31, 2004


RBWNJGWH AAA Customer Service 00202618 3 AT 0 .731 03 TR 1446 -000 1-800-355-3086

IIIII Sligo 11 111111111 oil 11111111111111161111111111114 Iloilo III ROSE C. STONE FOUNDATION ATTENTION: EDWARD WRIGHT P 0 BOX 629 - 131 CORTE MADERA CA 94976-0629

MFS

--- ---- ---- - ----- ----- -- -- - -- -------------------- - - !~C,: -- ------------------- - skt- S --------------------------------------------

% of Tolal Asset Value January 01, 2004 Value Assets Cash/Money Market ActiviW for 2004

Money Market Funds 05,094 .24 3 . 8Z Stocks 128,228 .61 96 .2 Credits To Your Account Municipal Bonds 0 .00 0 .0 Dividend and Interest 2,733 .95 Corporate Fixed Income 0 .00 0 .0 Deposits 0 .00 Government Securities 0 .00 0 .0 Sales Proceeds/Redemptions 60,S10 .20 Mutual Funds 0 .00 0 .0 Other Credits 42 .07 Unit Investment Trusts 0 .00 0 .0 Total Credits 63,286 .22 Certificates of Deposit 0 .00 0 .0 Debits To Your Account Annuities/Insurance 0 .00 0 .0 Checking 0 .00 Other 0 .00 0 .0 Debit Card 0 .00 Asset Value $133,322 .85 100 .0Z Withdrawals 0 .00 Cash 0 .75 Funds to Purchase Securities -60,366 .77 Total Asset Value $133,323 .60 Other Debits -2,638 .83


. . . . . . . . ... --- - -- --- -- Incom- e- -Stml m-- a-r-- -- -----------

Year To Date

$116,370 .74

Money Market Funds $43 .51 Stocks 2,690 .44 Municipal Bonds 0 .00 Corporate Fixed Income 0 .00 Government Securities 0 .00 Mutual Funds 0 .00 Unit Investment Trusts 0 .00 Certificates of Deposit 0 .00 Other 0 .00 Total Income $2,733 .95 Net Change In Asset Value 16,677 .62

Investments and services are offered through Morgan Stanley DW Inc , member SIPC

'9 Stan I ey Morgan Your Financial Advisor GASTON/FOX MORGAN STANLEY I MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


MCI PAGE I OF 22

Changes in Asset Value for 2004 Value of Priced Assets 1/01/04 S111,S50 .99



Taxable Income $2,733 .95 Total Asset Valub-"--of Decemb-et.31-2004-~-~~----~--~--~'- $133,325-30' Tax Exempt Income $0 .00

N MorganStanley BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004


ROSE C. STONE FOUNDATION ATTENTION EDVVARD VVIRIGHT

Net Change Since January 1, 2004 $280 .62

Current Pct of Est Yrly - Dividend Stocks Price Value- Assets Income Yield Symbol Additional Information

Common Stocks

Investments and services are offered thru- .n Morgan Stanley DW Inc ., member SIPC .

PAGE 2 OF 22

ASSET DETAILS, Pct of Est-Yrly

'- r~ -'- - - 'Amiftalized 30 Day- Vields -Cash aind Monev Market Funds Amount Assets Inco e

.75 - -Active'Assets-Mo6ey-Trust ACTIVE ASSETSMONEY TRUST 5,094 .24 3 .8% 89 Active Assets

- Govt-SeC Tr 1 .58x-

Acti%~e Asseis California Tax Free 1 .04Z Total Cash and Money Market Funds, $5,094 .99 3 .8%, 89 Active Assets Tax-Free Trust . . . . . .

AAA Institutional Morfey-Trust . . . . 2 .04% AAA IfistitUti6-n-iI--G6-%)t- S66 Tr 2 .08%

61 ABBOTT LABORATORIES 46 .65 2,845 .65 2.2% 63 2 .22% ABT 74 ACCENTURE LTD 27 .00 1,998 .00 1-.5% 0 0 . 00% ACN 33 AIR PROD & CHEM INC 57 .97 1,913 .01 1 .4 ;1 3i- 2 .-0- .- .0D 66 ALLSTATE CORP 51 .72 3,413 .52 2.6%- 73 2 .16% ALL 83 ALTRIA GROUP INC 61 .10 5,071 .30 3.8Z 242- 4.77%- MO 27 AMERICAN EXPRESS CC 56 .37 1,521-99 1 .1%, -12 .857 AXP 123 ARCHER ]DANIELS MIDLAND 22 .31 2,744 .13 2.1% 36 . 1 .347:-- ADM 124 BANK OF AMERICA CORP 46 .99 5o826.76 4.4% 223 3.83%- BAC- 20 BAXTER INTL INC 34 .54 690 .80 0 .5% -11'- 1 .687

'- ' -

BAX 46 BP PLC ADS 58 .40 2,686 .40 2 .0%- 76 2,84Z- BP 37 BURLINGTON NO SANTA FE CP 47 .31 1,750.47 1 .3% -25- 1--.43% BNI 126 CITIGROUP INC 48 .18 6,070.68 4:6% 201, 3 .32Z C- 107 COMCAST CORP CL A SPECIAL NEW 32 .84 3,513-88 2 .6% 0- 0-00% CMCSK 38 CONOCOPHILLIPS 86 .83 3,299.54 2 .5% 7~ 2 .30% COP 25 DEERE & CO 74 .40 1,860 .00 1 .4% 28 1 .50Z DE is DEVON ENERGY CORP NEW 38 .92 583.80 0 .47 3 .51% DVN 37 DOMINION RES INC (NEW) 67 .74 2,506 .38 1 .9% 98 3 .927 D 38 DOW CHEMICAL CO 49 .51 1,881 .38 1-.4% 50 2 .70Z DOW 43 DU PONT EI DE NEMOURS & CO 49 .05 2,109 .15 1 .67 60 2 .857 DD 27 EMERSON ELECTRIC CO 70 .10 - 1,892 .70 1.4% 44 2 .36% EMR 35 EXXON MOBIL CORP 51 .26 1,794 .10 1 .3% 37

- 2 .10% XOM

52 FANNIE MAE 71 .21 3,702 .92 2.8X i68: 2 .0i FNM 101 GAP INC 21 .12 2,133 .12 1.6% a .42% GPS 46 GOLDMAN SACHS GRP INC 104.04 4,785 .84 3.6Z 46 .96% GS 28 HALLIBURTON CO HLOG CO 39 .24 1,098 .72 0 .8% 14 1 .27% HAL 44 HARTFORD FIN SERS GRP INC 69 .31 3,049 .64 2.3% 51 1 .67Z HIG 61 HEWLETT PACKARD 20 .97 lo279 .17 1 .0% 19 1 .527 HPQ 44 INTERNATIONAL PAPER CO 42 .00 1,848 .00 1 .4Z 44 2 .38% IP 48 JOHNSON 9 JOHNSON 63 .42 3,044 .16 2.3% - 54 1 .79Z JNJ 63 KELLOGG CO 44 .66 2,813 .58 2.1% 63 2 .26% K

Next Dividend .Payable 02/05

Next Dividend Payable 02/14/05 Next Dividend Payable 01/03/05 Next Dividend Pay-able 01/10/05 Next Dividend Payable 02/05 Next Dividend Payable 03/05 Next Dividend Payable 03/05 Next Dividend Payable 01/05/05

Next Dividend Payable 01/03/OS Next Dividend Payable 02/05

Next Dividend Payable 03/05 Next Dividend Payable 02/01/05 Next Dividend Payable 03/05 Next Dividend Payable 03/05 Next Dividend Payable 01/28/0S Next Dividend Payable 03/05 Next Dividend Payable 03/05 Next Dividend Payable 03/05 Next Dividend Payable 02/05 Next Dividend Payable 03/05 Next Dividend Payable 02/05 Next Dividend Payable 03/05 Next Dividend Payable 03/05 Next Dividend Payable 01/DS/05 Next Dividend Payable 03/05 Next Dividend Payable 03/05 Next Dividend Payable 03/05

BUSINESSutprAccouNT FOR YEAR ENDiNG DECEMBER 31, 2004



Common Stocks

40 KIMBERLY CLARK CORP 65 .81 2,632 .40 2 .0% 64 2 .43-Z KMB 67 LOCKHEED MARTIN CORP ss .ss 3,721 .8S 2 .8% 67 1 .80Z LMT 61 MERCK & CO 32 .14 1,960 ;S4 1 .5% 92 4 .727 MIRK 88 METLIFE INCORPORATED 40 .51 3,S64 .88 2 .7Z 40 1 .13% MET 4S NORTHROP GRUMMAN CP(HLDG CO) S4 .36 2,446 .20 1 .8Z 41 1 .69% NOC 31 PNC FINL SVCS GP S7 .44 1,780 .64 1 .3Z 62 3 .48% PNC 33 PPG INDUSTRIES INC 68 .16 2,249 .28 1 .7Z S9 2 .64Z PPG 32 PPL CORPORATION S3 .28 1,704 .96 1 .3Z S2 3 .07Z PPL 36 REED ELSEVIER PLC' 37 .10 1,33S .60 1 .0% 31 2 .327 RUK as SARA LEE CORP 24 .14 2,051 .90 1 .5% 67 3 .27% SLE

149 SPRINT CP(FON GP)-SERS 1 24 .13S 3,702 .65 2.-Sz 74 2.01Z FON 39 SUNTRUST BKS 73 .88 2,881 .32 2 .2Z 78 2 .70% STI

103 SYNGENTA AG ADR 21 .35 2,199.0S 1 .6Z 0 O .OOZ SYT 11 TOTAL FINA ELF SA 109 .84 1,208 .24 0 .9% 40 3 .38% TOT 33 TXU CORPORATION 64 .S6 2,130 .48 1 .6Z 74 3 .48Z TXU 84 UNOCAL CORP 43 .24 3,632 .16 2 .7% 67 1 .95% UCL 73 VERIZON COMMUNICATIONS 40 .51 2,957 .23 2.27 112 3 .80Z Vz

100 VIACOM INC B 36 .39 3,639 .00 2.7Z 28 .76Z VIA'13 24 VODAFONE GP PLC ADS 27 .38 6S7 .12 0 .5% 13 2.02Y VOD 48 WYETH 42 .S9 2,044 .32 1 .sz 44 2 .16% WYE

Next Dividend Payable 01/03/05 Next Dividend Payable 02/05 Next Dividend Payable 02/05 Next Dividend Payable 01/01/OS Next Dividend Payable 02/04/05 Next Dividend Payable 03/OS

Investments and services are offered through Morgan Stanley DW Inc , member SIPC-

'9 Stanley Morgan PAGE 3 OF 22

Current Pct of Est Yrly Dividend Price Value Assets Income Yield Symbol Additional Information Stocks- - -

Next Dividend Payable 01/04/05 Next Dividend Payable 03/05 Next Dividend Payable 01/03/OS Next Dividend Payable 12/05 Next Dividend Payable 03/05 Next Dividend Payable 01/OS Next Dividend Payable 03/05 Next Dividend Payable 01/01/05

Next Dividend Payable 01/03/05 Next Dividend Payable 03/OS Next Dividend Payable 03/OS

"%~ - - ------------------- ---------------------- ---------- ----------- --------------------------- ---------------------------- Total -Stdeki -------- 128~228aiK-- -M -- ---. -------------------------------- - - ----- - ----------- --------- ------------------ -------------------- - ---------------- ------------------ - ---------- --- - ------ ----------- -- 32 La - ---- ------------ - - - ------- ------ - ------ - ----


------------ ---------- ---------------- ----------- --- - ---- - ------- - ------------ ------------------- ------------------ ---- * z -- - - - - - ---- - ----- ------ ---------------------- - --- ------ 3 Y.0.1-4--.~

4ngqjn neidFd -As~641lt~- ifide~- anq;kM-__ ----- ----------------- ---------



Dividends and Interest Activity Description Amount --in-come Catecfory

43 .51 Money Market Funds ACTIVE ASSETS MONEY TRUST Dividend

Investments and services are offered thrL o Morgan Stanley DW Inc., member SIPC .

M "" Stan I ey organ ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT


Dividend ABBOTT LABORATORIES 47 .58 Stocks Dividend AIR PROD 9 CHEM INC 34 .32 Stocks Dividend ALLSTATE CORP 18 .84 Stocks Dividend ALTRIA GROUP INC 206.14 Stocks Dividend AMtRICAN-EXPRESS CO 11 .34 Stocks Dividend ARCHER DANIELS MIDLAND 36 .92 Stocks Dividend BANK OF AMERICA CORP 202 .00 -Stocks Dividend BANK ONE CORP 16 .16 Stock-s Dividend BP PLC AdS - 104 .15 Stocks Dividend BRASIL TELECOM PART SA ADS 13 .39 Stocks Dividend BURLINGTON NO SANTA FE CP 21 .44 Stocks Dividend CINERGY CORPORATION 24 .91 St-ocks Dividend CITIGROUP INC 168 .40 Stocks Dividend CONOCOPHILLIPS 68 .02 Stocks Dividend DEVON ENERGY CORP NEW .75 Stocks Dividend DOMINION RES INC (NEW) 17 .96 Stocks Dividend DOW CHEMICAL CO 50 .92 Stocks Dividend OU PONT El DE NEMOURS 9 CO 46 .90 Stocks Dividend EMERSON ELECTRIC CO 35 .61 Stocks Dividend EOG RESOURCES INC 1 .26 Stocks Dividend EXELON CORP 36 .28 -Stocks Dividend EXXON MOBIL CORP 68 .71 Stocks Dividend FANNIE MAE 74 .36 -Stocks Dividend FLEETBOSTON FINANCIAL CP 60 .20 Stocks Dividend GAP INC 3.77 Stocks Dividend GOLDMAN SACHS GRP INC 30 .25 Stocks Dividend HALLIBURTON CO HLOG CO 20 .39 Stocks Dividend HARTFORD FIN SERS GRP INC 35 .56 Stocks Dividend HEWLETT PACKARD 7 .20 Stocks Dividend INTERNATIONAL PAPER CO 40 .50 Stocks Dividend INTL BUSINESS MACHINES CORP 5 .10 Stocks Dividend JOHNS6N i--JOHNSO~ 65 .91 Stocks Dividend JPMORGAN CHASE & CO 48 .28 Stocks Dividend KELLOGG CO 69 .70 Stocks Dividend KEYSPAN CORPORATION 11 .13 Stocks Dividend KIMBERLY CLARK CORP 78 .12 Stocks Dividend LOCKHEED MARTIN CORP 53 .71 Stocks Dividend MELLON FINCL CORP 36 .94 Stocks Dividend MERRILL LYNCH 9 CO INC 18 .56 Stocks Dividend METLIFE INCORPORATED 40 .48 Stocks


ROSE C. STONE FOUNDATION ATTENTION : EDWARD WRIGHT


04-29 05-04 Sold 9 ALTRIA GROUP' INC 55 .0964 495 .85 04-01 04-01 Sold BANK OF AMERICA CORP 70 .57 CASH IN LIEU OF FRACTIONS 03-31 04-05 Sold 20 BANK OF AMERICA CORP 81 .4198 1,628 .33 07-15 07-20 Sold I BANK OF AMERICA CORP 84 .5001 84 .49 08-11 08-16 Sold 5 BANK OF AMERICA CORP 84 .7597 423 .79 TRADE CARRIES STOCK OISTRIB . 05-20 05-25 Sold 17 BANK ONE CORP 47 .4685 806 .94 07-01 07-01 Tender 19 BANK ONE CORP EXCHANGE 11-29 12-02 Sold 19 BAXTER INTL INC 32 .2634 612 .98


Morgan "9 Sta n ~ ey mi PAGE 5 OF 22

Dividends and lnterest-.~ Activity Description Amount Income Catewory Dividend MOTOROLA INC 5 .52 Stocks Dividend NORTHROP GRUMMAN CP(HLDG CO) 35 .07 Stocks Dividend NY TIMES a- A COMMON 1 .74 Stocks Dividend PFIZER INC 9 .52 Stocks Dividend PNC: FINL SVCS GP 29 .00 Stocks Dividend PPG INDUSTRIES INC S9 .07 Stocks Dividend PPL CORPORATION 51 .68 Stocks Dividend REED ELSEVIER PLC 39 .09 Stocks Dividend ROCHE HOLDINGS AM 31 .53 Stocks Dividend SARA LEE CORP 9 .56 Stocks Dividend SBC COMMUNICATIONS 36 .88 Stocks Dividend SCHERING PLOUGH CORP 5 .78 Stocks Diiidend SCHLUMBERGER LM 4 .13 Stocks Dividend SEARS ROEBUCK & CO 4 .83 Stocks Dividend SPRINT CP(FON GP) SERS 1 77 .89 Stocks Dividend ST PAUL TRAVELERS COS INC 15 .18 Stocks Dividend SUNTRUST BKS 82 .00 Stocks Dividend TELECOMUNICACOES BRAS SA ADS 3 .07 Stocks Dividend TRAVELERS PROPERTY CAS CP A 12 .80 Stocks Dividend TXU CORPORATION 17 .00 Stocks Dividend UNION PACIFIC CORP 21 .00 Stocks Dividend UNOCAL CORP 54 .00 Stocks Dividend VERIZON CVMKUNICATIONS 128 .98 Stocks Dividend VIACOM INC 8 15 .60 Stocks Dividend WYETH 7 .36 Stocks


- ----- ---- - --- --------- - --------- - - -------------- ---- - - ----------

Sales Proceeds/ RedempfionCl Trade Settle Date Date Activity Quantity Description Price Amount Additional Information

Investments and services are offered thrt, . .n Morgan Stanley DW Inc ., member SIPC .

9 MorganStanley BUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 6 OF 22

ROSE C STONE FOUNDATION Account Numbe r ATTENTION EDWARD WRIGHT 131 013900 149

Sales Proceeds/ Redeniptions

Trade Settle Date Date Activity dua~[tty ib~s~riptt~n Price Amount AddItional Information

01-30 02-04 Sold 90 BHP BILLITON LTD 17 .1479i 1,543-.-23 07-15 07-20 Sold 10 BP PLC-ADS 54 .9396- - s44--~8--_ 12-01 12-06 Sold 10 BP PLC ADS 61 .6636 616-.62--10-20 10-25 Sold 16 BURLINGTON NO SANTA FE CP 39 .6717- -634 .73: 10-21 10-26 Sold 1 609LINGTdW NO -SA-NfA FE tP~ 11-22 11-26 Sold 13 BURLINGTON NO SANTA FE CP 4.4 .7262- 01-12 01-15 Sold 15 CHEVRON TEXACO CORP

- -_84-.9086 1-1-273 - '57-04-15 04-20 Sold 7 CINERGY CORPORATION 38'.3629 268'53-07-06 07-09 Sold 27 C-INE~GY CORPORATION 36_05~9 01-le4 01-20 Sold 9 ERERkN EL__ECTRICC_0 65 .5009- - 589 .48-

- -- -54--09-08 09-13 Sold 21 EOG RESOURCES INC 59-4080 1,247 " 06-18 06-23 Sold 14- EXELON CORP- 32 .7974 459 .14

09-08 09-13 Sold 36 EXELON coi~p_ 37-.2595-- 1,341~:._3q_ 03-03 03-08 Sold is EXXON-MOBIL CORP. 41 .6704-- 625 .03 04-14 04-19 Sold 4 EXXON-MOBIL-CORP-- -42-.5580_ 170 .22 05-14 05-19 Sold 13 EXXON MOBIL CORP 43 .0328 559 .41-08-11 08-16 Sold a EX)(61`4 H66iC -CORP 45 .152i 361.21 12-01 12-06 Sold 13 EXXON-MOBIL CORP- 51 .3704 667 .80 02-04 02-09 Sold 14 FLEETBOSTON FINANCIAL CP 44 .7819' 626 .92- 04-01 04-01 Tender 79 FLEETBOSTON FINANCIAL CP EXCHANGE 11-24 11-30 Sold 17 HALLIBUOTON CO HLDG CO 46 .5'130 68f.776- 05-12 05-17 Sold 6 HOSPIRA-INC- - - 26 .3113 157 .86 07-28 08-02 Sold 6 INTL-BUSINESS MACHINES CORP 85 .2260-- 511 .34 08-04 08-09 Sold 9 INTL BUSINESS MACHINES CORP 86 .0573 774 .5o-06-16 06-21 Sold 10 JOHNSON & JOHNSON 56--.0338 560.32 09-29 10-04 Sold 10 JOHNSON & JOHNSON 56 .9645 569.63 07-01 07-01 Sold JP MORGAN CHASE&CO 3 .05 CASH IN LIEU OF FRACTIONS 08-18 08-23 Sold 16 JPMORGAN -CHASE k CO 3~ .Qt40 666.'W 11-02 11-05 Sold 13 JPMORGAN CHASE & CO 38 .5362 500.95 12-15 12-20 Sold 32 JPMORGAN CHASE &_ CO 39 .0794 1,250 .51 06-21 06-24 Sold 12 KELLOGG CO 41 .1973 494 .35 02-11 02-17 Sold 25 KEYSPAN CORPORATION 36 .5138 912 .80 05-05 05-10 Sold 10 KIMBERLY CLARK CORP 66 .0872 660 .85 08-18 08-23 Sold a KIMBERLY CLARK CORP 64 .3779 - 515 .00 05-19 05-24 Sold 23 MELLON FINCL CORP 28 .5750 657.21 10-13 10-18 Sold 56 MELLON FINCL CORP 27 .2060 1,523 .50 10-20 10-25 Sold 12 MERRILL LYNCH & CO INC 51 .2454 614 .92 11-12 11-17 Sold 11 MERRILL LYNCH & CO INC 56 .3099 619 .39 11-24 11-30 Sold 9 MERRILL LYNCH & CO INC 56 .5042 508 .52 01-20 01-23 Sold 14 MOTOROLA INC 17 .0148 238 .19 04-01 04-06 Sold 22 MOTOROLA INC 18 .0129 396.27 04-21 04-26 Sold 40 MOTOROLA INC 19 .2275 769.08 12-08 12-13 Sold 1 NEENAH PAPER INC 30 .1000 30 .09



=w -- ~ - - ~~Eam-~ Sales Proceeds/ Redemptions h --l- Trade Settle Date Date Ac~lyitx Quantb Descrintion Price Amount Additional Information

04-28 05-03 Sold is NOBI CORPORATION 38.0612 570 .90 OS-12 05-17 Sold -18 W)BLE CORPORATION 34 .8072 626 .Sl 03-24 03-29 Sold 9 NORTHROP GRUikMAN CP(HLDG CO) 96 .3910 867 .48 01-14 01-20 Sold 3 NOVARTIS AG AOR 46.9978 140 .98 01-21 01-26 Sold 37 NOVARTIS AG AOR 46.1955 1,709 .1s 05-20 OS-25 Sold 12 NY TIMES CL A COMMON 46 .4065 SS6 .86 02-04 02-09 Sold 16 PFIZER INC 38 .1521 610 .40 03-11 03-16 Sold S6 PFIZER INC 35.8272 2,006 .24 03-04 03-09 Sold is REED ELSEVIER PLC 36 .1050 S41 .SS 07-01 07-07 Sold 13 REED S VIER PLC 38 .S430 501 .04 09-02 09-08 Sold 6 ROCHE HDILDINGS AOR 98 .1101 585 .64 10-13 10-18 Sold 6 ROCHE HDI INGS AOR 101 .0359 606 .20 11-03 11-08 Sold 6 ROCHE HGLDD1tGS AOR 104 .4631 626 .76 11-1 : 11-16 Sol:d 7 ROCHE HOLDINGS ADR 105 .8860 741 .18 02-2 02-25 Sold 69 SBC COMMUNICATIONS 24 .0003 1,655 .94 03-05 03-10 Sold 49 SBC COMMUNICATIONS 2S .1315 1,231 .39 02-27 03-03 Sold 105 SCHMING PLOUGH CORP 18 .0001 l,"9 .93 01-28 02-02 Sold 21 SEARS ROEBUCK 9 CO 47 .26SS 992 .53 12-15 12-20 Sold 26 SPRINT CP(FON GP) SERS, 1 24 .5810 639 .09 04-07 04-07 Sold ST PAUL TRAVELERS COS INC 14 .60 07-29 08-03 Sold 69 ST PAUL TRAVELERS COS INC 37 .0042 2,553 .23 03-17 03-22 Sold 8 SUNTRUST SKS 70 .7969 566 .35 OS-14 05-19 Sold 41 SYNGENTA AG ADR IS .3916 631 .04 05-27 06-02 Sold 16 SYNGENTA AG AOR 16 .1043 257 .66 07-01 07-07 Sold 37 TIME WARNER INC NEW 17 .4630 646 .11 09-15 09-20 Sold 38 TIME WARNER INC NEW 16 .6950 634 .39 10-06 10-12 Sold S7 TIME WARNER INC NEW 16 .6977 951 .74 04-07 04-07 Tender 160 TRAVELERS PROPERTY CAS CP A 12-30 01-05 Sold 10 TRIBUNE CO DELAWARE NEW 51 .5509 515 .4a 01-05 01-08 Sold 11 TRIBUNE 00 DELAWARE NEW 51 .5584 567 .11 01-16 01-22 Sold 9 TRIBUNE CO DELAWARE NEW S0 .106s 450 .93 01-16 01-22 Sold 33 TXU CORPORATION 23 .4753 774 .64 10-28 11-02 Sold 10 TXU CORPORATION 59 .8403 598 .38 11-29 12-02 Sold 11 TXU CORPORATION 65 .5498 721 .03 05-04 OS-07 Sold 35 UNION PACIFIC CORP S8 .7231 2,055 .26 10-20 10-25 Sold is VERIZON COMMUNICATIONS 39 .8287 597 .41

Total Sales Proceeds/Redemptions $60,SIO .20

EXCHANGE

Other Credits - Date Activity Description Amount Additional Information

1251 FEE PASS THROUGH 0 .34 01-12 Rebate


1"Sta n I ey Morgan ROSE C. STONE FOUNDATION ATTENTION: EDWARD WRIGHT

PAGE 7 OF 22

CASH IN LIEU OF FRACTIONS




Other Credits Date Activity Descrintion Amount Additional Information

02-09 Rebate 12131-FEE PASS THROUGH 0 .33 03~12 Rebate 12131 FEE PASS THROUGH 0 .32 04-13 Rebate 12B1 FEE PASS THROUGH '0 .35 04-30 Stock Dividend HOSPIRA INC - ----- - CASH IN LIEU FRACTIONAL SHARE 05-11 Rebate 12131 FEE PASS THROUGH ~0 .38- 06-14 Rebate 12131 FEE PASS THROUGH 0-34 07-13 Rebate 12131-FEE PASS THROUGH 0 .

, 41-

07-26 Return of Capital SV~GtNTA AG-' ADR 28 .46 RETURN-OF CAPITAL 08-12 Rebate 12131-FEE PASS THROUGH 0-39 09-13 Rebate 12BI FEE PASS THROUGH 0 .45' 10-12 12131 FEE PASS THROUGH Rebate 11-10 Rebate i2Bi:FEE_PASS TH

- ROUGH 0-.36 -

11-30 Stock Dividend NEENAH PAPER INC 6 .50 CASH IN LIEU FRACTIONAL SHARE 12-02 Rebate 12BI*FEE PASS THROUGH 0 .37-

total Other Credits $42 .07

$63,286 .22


I

Investments and services are offered thr, _n Morgan Stanley DW Inc ., member SIPC

N MorganStanley PAGE 8 OF 22


DEBITS TON-OUR ACCOUNT

Trade Settle Date Date ActivIty Quantity Dekription Price Amount AddItIonal Information

02-18 02-23 Bought 31 ABBOTT LABORATORIES 44 .6845- 1,385 .22 02-19 02-24 Bought 1 ABBOTT- LABORATORIES 43 .9310 43 .93 03-15 03-18 Bought 29 ABBOTT LABORATORIES 40 .9789 1,188 .39 04-29 05-04 Bought 49 ACCENTURE LTD 23 .7721 1,164 .83 10-20 10-25 Bought 25 ACCENTURE LTD 23 9877 599 .69 07-28 08-02 Bought 39 ALLSTATE CORP 46 .696~5 1,821 .16 11-03 11-08 Bought 14 ALLSTATE CORP 48 .4744 678 .64 12-15 12-20 Bought 13 ALLSTATE CORP 50 .9838 662 .79 10-29 11-03 Bought 13 ALTRIA GROUP INC 48 .3975 629 .17 04-01 04-01 Received 43 BANK OF AMERICA CORP EXCHANGE 01-12 01-15 Bought 13 BANK ONE CORP 44 .5608 579 .29 01-29 02-03 Bought 12 BANK ONE CORP 50 .4805 605 .77 02-04 02-09 Bought 11 BANK ONE CORP 50 .9500 560 .45 02-06 02-11 Bought 19 BAXTER INTL INC 29 .6249 562 .67 02-12 02-18 Bought 20 BAXTER INTL INC 30 .9360 618 .72 05-05 05-10 Bought 67 BURLINGTON NO SANTA FE CP 33.0715 2,215 .79



Fitinds to Purchase-Secu--rities~---.--------~-~--~~_-


EXCHANGE


organ M "~'Sta n I ey ROSE C. STONE FOUNDATION ATTENTION: EDWARD WRIGHT

PAGE 9 OF 22

02-18 02-23 Bought 8 CINERGY CORPORATION 38 .7771 310 .22 01-21 01-26 Bought 9 CITIGROUP IM 49.4000 444 .60 03-03 03-08 -Bought 12 CITIGROUP IM 49.8356 598 .03 03-11 03-16 Bought 11 CITIGROUP INC 48.6729 SSS.40 12-15 12-20 Sought is CITIGROUP INC 47.2033 708 .OS 12-31 01-06 Bought 18 AST CORP CL A SPECIAL NEW 31 .7SS6 S62.60 01-06 01-09 Bought 3 COMCAST CORP CL A SPECIAL NEW 31 .6789 95 .04 07-06 07-09 Bought 22 COMCAST CORP a. A SPECIAL NEW 27 .2982 600 .S6 10-07 10-13 Bought is DEERE 9 CD 64 .6630 969.9s 10-13 10-18 Bought 10 dIffiERE 9 Cd S9.376S S93 .77 12-01 12-06 Bought is DEVON ENERGY CORP NEW 40.6170 609 .26 09-08 09-13 Bought 27 DOMMION RES INC (NEW) 65.107s 1,757 .7-7 11-29 12-02 Bo6ght 10 DOMINION RES INC (NEW) 66.2304 662 .30 01-3: :2-04 Bought 24 DJU PONT EI DE NEMOURS & CO 43.7848 1,050 .94 05-1 5-17 Bought 14 MJ PONT El DE NEMOURS & CO 41 .1347 575 .89 05-26 06-01 Bought s DU PONT EI DIE NEMOURS & CO 42.5936 212 .97 06-17 06-22 Bought 10 EMERSON ELECTRIC CO 60 .1244 601 .24 05-17 05-20 Bought 21 EOG RESOURCES INC 54.6832 1,148 .35 01-08 01-13 Bought 4 EXELON CORP 66.1183 264 .47 02-18 02-23 Bought 4 EXELON CORP 66.4270 265 .71 07-29 08-03 Bought 11 FANNIE MALE 70 .5887 776 .48 11-10 11-16 Bought a FANNIE MAE 69.9736 559 .79 06-04 08-09 Bought 36 GAP INC 21 .4276 771 .39 08-11 08-16 Bought 33 GAP INC 19 .8807 656 .06 09-01 09-07 Bought 32 GAP INC 18 .8118 601 .98 10-13 10-18 Bought a GOLDMAN SACHS GRP INC 94 .8692 758 .95 10-20 10-25 Bought 13 GOLDMAN SACHS GRP INC 91 .8446 1,193 .98 01-08 01-13 Bol6ght 24 HALLIBURTON CO HLDG CO 26 .8026 643 .26 01-13 01-16 Bought 1 HALLIBURTON CO HLDG CO 28 .2263 28 .23 12-01 12-06 Bought 9 HARTFORD FIN SERS GRP INC 65 .1956 586 .76 05-05 05-10 Bo6ght 29 HEWLETT PACKARD 19 .9811 579 .45 08-18 08-23 Bought 32 HEWLETT PACKARD 17 .2350 551 .52 02-19 02-24 Bought 14 INTERNATIONAL PAPER CO 43 .3442 606 .82 01-21 01-26 Bought 12 JOHNSON & JOHNSON 51 .8787 622 .54 03-31 04-05 Bought 36 JP MORGAN CHASE&CO 42 .0148 1,S12 .53 07-01 07-01 Received 25 JP MORGAN CHASE&CO 03-12 03-17 Bought 7 LOCKHEED MARTIN CORP 44 .4531 311 .17 03-24 03-29 Bought 20 LOCKHEED MARTIN CORP 44 .8417 896 .83 04-29 05-04 Bought 6 LOCKHEED MARTIN CORP 47 .3474 284 .08 10-13 10-16 Bought 39 MERCK & CO 30 .8442 1,202 .92 11-02 11-05 Bought 22 MERCK & CO 26 .7487 S88 .47 03-19 03-24 Bought 19 METLIFE INCORPORATED 3S .3207 671 .09 11-19 11-24 Bought 13 NORTHROP GRUMMAN CP(HLDG CO) 56 .1968 730 .56

Investments and services are offered thrt,- .n Morgan Stanley DW Inc ., member SIPC .

N MorganStanley BUSINESSICAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 10 OF 22



Trade Settip Date Date Activ6 Quantity Qeicript;o~ Price Amount Additional Information

01-20 01-23 Bought 12 NY TIMES CL A COMMON C47 .73_07- .572,77 05-19 05-24 Bought 27 PNC

- FIN

- L SVCi GP 54 .5575 1,03 .05~

07-15 07-20 Bought 4 -PNC-FINL SVCS Gp 51.4675 205- * 87---

01-07 01-12 Bought 17 REED ELSEVIER PLC 34 .1523- 580 59- 01-21 01-26 Bought 13 ROCHE HOLDINGS ADR loo .-sb2s 1,306 .5S- 07-08 07-13 Bought 51 S4RA

- LEE CORP 23 .631i l,lZ4-.62-_-

- -

09-09 09-14 Bought- 34 SARA LEE CORP- 22 .--4874 - 76q-.57~ 02-24 02-27 Bought 64 SPRINT CP(FON GP) SERS 1 17- .-9678 l-, 3:49F- 94" 02-25 03-01 Bought 1 SPRINT CP(FON GP) SERS 1- l! .-'qs4-d -- 1-7--.98- 02-26 03-02 Bought 1 SPRINT CP(FON GP) SERS 1 17 .7605- 17 .7~ 03-05 03-10 Bought 60- SPRINT CP(FON GP) SERS-1 18'.9803 1,138 .82 04-28 05-03 Bought 21 SPRINT CP(FON GP) SERS 1 18 .1983 382 .16 07-08 07-13 Bought 28 SPRINT CP(FON GP) SERS 1

- 1,7 .4264 487 .94~

04-07 04-07 Received 69 ST PAUL TRAVELERS-COS INC - - - EXCHANGE

11-24 11-30 Bought 11 TOTAL FINA'ELF SA 108 .5543 1,194 .10 12-31 01-06 Bought 44 TRAVELERS PROPERTY CAS CP A 16 .8380- 740 .87- 01-06 01-09 Bought 2 TRAVtLfff~§

- PROPERTY CAS CP 4 l6 .60i--- .- - 3~i .40

04-20 04-23 Bought 20 TXU CORPORATION 28 .7484- -574-97 06-09 06-14 Bought is TXU CORPORATION 36 .4802- 547 .20 06-14 06-17 Bought 3 TXU CORPORATION 37 .-1068- 111 .32 06-16 06-21 Bought 16 TXU CORPORATION- W. 349~ . 547 . 56~ 01-15 01-21 Bought 15 UNOCAL CORP 37 .9865 569 .80- 09-08 09-13 Bought 17 UNOCAL CORP 38 .9788' 662 .64 02-17 02-20 Bought 17 VERIZON COMMUNICATIONS M.-m-4- 647 .76 03-03 03-08 Bought 17 VIAdOM-INC B 39 .6640 6i4 .29-- 05-20 05-25 Bought is VIACOM INC B 37--.3621 560 .43 09-15 09-20 Bought 19 VIACOM INC B 34-.5295 656 .06 12-15 12-20 Bought 24 VODAFONE GP PLC ADS i7 .-5~301 660 .72 09-02 09-08 Bought is WYETH 3i.3529 560 .29 09-29 10-04 Bought 17 WYETH 37 .5615 638 .55 12-01 12-06 Bought 16 WYETH 40 .3500 645 .60


Other Debits Date Activity Description Amount Additional Information

01-16 Charge ACCESS lQ04 FEE MFS -635 .84 04-15 Charge ACCESS 2QO4 FEE MFS -651 .66 07-15 Charge ACCESS 3QO4 FEE MFS -670 .24 10-14 Charge ACCESS 4QO4 FEE MFS -681 .09


BUSINESScAprAccouNT FOR YEAR ENDING DECEMBER 31, 2004



Tax Information - Year-to-Date Year-to-Date

Return of Capital S .38 28 .46 Foreign Tax Paid

Messages


Morgan I" Sta n I ey PAGE I I OF 22

---------- ---------------------------------------------------------------------------------------- -- ------ --------- -005-1 -Y6ut -Totvd.,Mbit§~ZC -. c6tffi 0 -------------- - -- - ------------------------------------------------------


Securities Received

Date Activity Quantity Description Price Amount Additional Information

08-27 Stock Dividend 62 BANK OF AMERICA CORP 05-05 Stock Dividend 25 EXELCM CORP 04-30 Stock Dividend 6 HOSPIRA INC DISTRIBUTION FROM ABT 11-30 Stock-Dividend I NEENAH PAPER INC DISTRIBUTION FROM KMB 06-21 Stock Dividend 16 NORTHROP GRUMMAN CP(HLOG CO)


The tax information provided above should be used only as a guide; a complete 1099 will be sent to you.



MFS


Investments and services are offered thr,- ji Morgan Stanley DW Inc., member SIPC .

N MorganStanley Your Financial Advisor GASTON/FOX MORGAN STANLEY 1 MC INNIS PARKWAY SAN RAFAEL, CA 94903 (415) 444-1200


BIUSINESSCAPE-AccolUNT FOR YEAR ENDING DECEMBER 31, 2004

ROSE C STONE FOUNDATION ATTENTION EDWARD WRIGHT P 0 BOX 629 - CORTE MADERA CA 94976-0629

PAGE 12 OF 22


The Gain and Loss information is provided for informational purposes only . We recommend-that you contact your tax advisor to determine the appropriate ihformatioh to- be used in the Preparation of your tax return This _Gaifi ind Loss . Summary. is ndt a

your taxes substitute 1099 form (or any other appropriate tai form) arld ~hould -not be'fil6d_ with" u'-I For most securities purchased after 1985 through Morgan Stanley DW Inc , the necessary data, including cost basis (purchase

price), is provided to estimate gain or loss Please note that although Morgan Stanley-DW Inc makes every effort to adjust the cost basis for such securities' capital changes, it does not adjust the cost basis for all events,incl0ding am&.tization of non-municipal bond premiums ; exercise of stock options, securities deemed to

, have been sold and'-simcilianeously repurchased; receipt

of cash in lieu of fractional shares, or the net effect of wash sales andlor short sales against the box . For securities not purchased through Morgan Stanley DW Inc , for example, securities purchased else where--and4ater transferred

to it, you will need to supply the relevant information either to yo& Financial Advisor or dirdctl~ onto C1i6htServ,_indepei7`derit1y of Morgan Stanley D W Inc In either case, it is your responsibility to ensure the accuracy of -this infc5rma-t16`n,-since -Morgan Stanley DW Inc. has no knowledge of such assets' cost basis . To correct any information supplied by Morgan -Stanley DW Inc , please Inform your Financial Advisor, to correct any information supplied by you, you may either inform your Financial Advisor or input the data directly yourself through ClientServ

For Managed Futures funds, these funds may typically be redeemed only once monthly, at the fund's final net asset value ('NAV") as of each month's end The fund's final NAV for each month - and therefore the exact amount of any investor's gain or loss realized that month- becomes available, however, only midway into the following month Separately, all unrealized gain and loss figures are only estimates Morgan Stanley DW Inc does not guarantee nor will it independently verify the accuracy -of the information in the Gain and Loss Summary


Stocks

Common Stocks

ABBOTT LABORATORIES 31 02-18-04 41 .9048 1,299 .05 1,446 .1-5 147 .10 Short Term 1 02-19-04 41 .2000 41 .20 46 .65 5 .45 Short Term

29 03-lS-04 38 .4296 1,114 .46 1,352 .8S 238 .39 Short Term 61 40 .2411 2,454 .71, 2,845 .65 390 .94

This summary is not part of your account statement It is for information purposes only and should not be used-for tax preparation

investments and services are offered through Morgan Stanley DW Inc., member SIPC .

MorganStanley BIUSINESSCAPE-AccoUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 13 OF 22


Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss) Quantity Acguired Cost Total Cost Value Gainl(Loss) Information

ACCENTURE LTD 49 04-29-04 23 .7720 1,164 .83 1,323.00 IS8 .17 Short Term 25 10-20-04 23 .9876 599.69 675.00 75-31 Short Term 74 23 .8448 1,764.52 1,998.00 233.48

AIR PROD & CHEM INC 33 06-13-03 42 .5500 1,404.15 11913 .01 508 .86 Long Term

ALLSTATE CORP 39 07-28-04 46 .6964 1,821 .16 2,017 .08 195 .92 Short Term 14 11-03-04 48 .4742 678.64 724 .08 45 .44 Short Term 13 12-15-04 50 .9sig 662.79 672 .36 0,57 Short Term 66 47 .9180 3,162.S9 3-1413 .52 7-50 .93

ALTRIA GROUP INC 53 06-13-03 42 .3400 2,244.02 3,238 .30 994 .28 Long Term 7 07-22-03 40 .6357 284 .45 427 .70 143 .25 Long Term

10 11-28-03 S1 .8050 S18 .05 611 .00 92 .95 Long Term 13 10-29-04 48 .3976 629 .17 794 .30 165 .13 Short Term as 44 .2854 3,675 .69 S,071 .30 1,395 .61

AMERICAN EXPRESS CO 22 08-12-03 44 .9831 987 .43 1,240 .14 252 .71 Long Term 5 09-1S-03 44 .9400 224 .70 281 .85 57 .15 Long Term

27 44 .8937 1,212 .13 1,521 .99 309 .86

ARCHER DANIELS MIDLAND 112 06-13-03 12 .8100 1,434 .72 2,498 .72 1,064 .00 Long Term 11 07-22-03 12 .2863 135 .15 245 .41 110 .26 Long Term

123 12 .7631 1,569 .87 2,744 .13 1,174 .26

BANK OF AMERICA CORP so 06-13-03 26 .8638 1,343 .19 2,349 .50 1,006 .31 Long Term 24 06-13-03 39 .2700 942 .48 1,127 .76 185 .28 Long Term 10 06-17-03 31 .1660 311 .66 469 .90 158 .24 Long Term 6 07-22-03 30 .3366 182 .02 281 .94 99 .92 Long Term

20 07-30-03 26 .2405 524 .81 939 .80 414 .99 Long Tera 8 07-30-03 41 .5412 332 .33 375 .92 43 .59 Long Term 6 09-11-03 38 .0900 228 .54 281 .94 53 .40 Long Term

124 31 .1695 3,865 .03 S,826 .76 1,961 .75

BAXTER INTL INC 20 02-12-04 30 .9360 618 .72 690 .80 72 .08 Short Term

BP PLC ADS 46 06-13-03 44 .1000 2,028 .60 2,686 .40 657 .80 Long Term

BURLINGTON NO SANTA FE CP 37 05-05-04 33 .0714 1,223 .65 1,750 .47 526 .82 Short Term




Date Unit Adjusted Market Unrealized Additional Quantity Acquired Cost Total-Cost Valu&--'-- -Gainl(Loss)- Information

79 06-13-03 44-0500 3,479 .95- -31806 :22 326-.27 Long Term 9 01-21-04 49 .4000 444 .60 433-.62- (10 .98)-'Shor-t Term

12 03-03-04 49 .8358 . 5~8 . . 03 --5-78 .-16--' (19- .87-)- Short Term 11 03-11704 48 .6727- 535 .40 529 .98 j 5 .-42) - S-hor-t Term, is 12-15~04- 4i.2033 708 .05- 722' .70- 14 :65 Short Term

126 45 .7621 5,766 .03'- -6,-070--68 304-.65-

17 09-10-03 28 .9882 492 .80 : 65 :44_- Long Term 11 09-16-03 29 .1800, 320 .98- -3617.24~ -40-.26--- Long Term 6 09-30-03- 29 .6300 177 .78- 197'- 09;~ --19'-26-'-- Long-Term

10 10-01-03 30 .8706 308 .70 328 .40- -19-.70 Long Term 20 12-04-03 30 .3870 607 .74 ~5~-.80 49 .06- Long Term 18 12-31703 31 .2555- 562 .-60- 7- 591-:12 28 .52 Short Term 3 01-06-04 31 .6800 95 .- 04 -98-152- - -'3 .-48 -- Short Term

22 07-06-04 27J981 600 .56 -722 .48- 121 .92 Short-Term 107 29 .5906- 3,166 .20 3-1513-.88--, 347 .68

38 06-13-03 54 .4400 2,068 .72 3,299 .54 lp230 .82 Long Term

15 10-07-04 64 .6633 -969 .95~ 1,116 .00- A46.05- Short Term 10 10-13-04 59 .37-70- 593-.77 ----744 .00 150-.23 Short Term 25 62 .5488 1,563 .72 l-,860-.00 296 .28-

DEERE 9 CO

Investments and services are offered thr(,-.n Morgan Stanley DW Inc ., member SIPC .

'q MorganStanley

Unrealized Gain/(Loss)

CITIGROUP INC

COMCAST CORP CL A SPECIAL NEW

CONOCOPHILLIPS


DEVON ENERGY CORP NEW is 12-01-04 40 .6173 609 .26 583-.80 (25 .46) Short Term

DOMINION RES INC (NEW) 27 09-08-04 65 .1025 1,757 .77 k,828 .98 71 .21 Short Term 10 11-29-04 66 .2300 - 662~30- 6)4 .40 ig .-10 Short Term 37 65 .4072 2,420 .07 2,506 .38 86 .31

DOW CHEMICAL CO 38 06-13-03 31 .7000 1,204 .60 1,881 .38 676 .78 Long Term

DU PONT El DE NEMOURS CO 24 01-30-04 43 .7850 1,050 .84 1,177 .20 126 .36 Short Term 14 05-12-04 41 .1350 575 .8 9 686 .70 110 .81 Short Term

05-26-04 42 .5940 212 .97 245 .25 32 .28 Short Term 43 42 .7837 1,839 .70 2,109 .-15 269 .45

EMERSON ELECTRIC CO 9 06-13703 52 .5100 472 . - 59 630 .90 158 .31 Long Term

3 07-30-03 52 .9200 158 .76 210 .30 51 .54 Long Term



0`11"-` Stan I ey BUSINESSICAPE-AccouNT Morgan

FOR YEAR ENDiNG DECEMBER 31, 2004 PAGE 15 OF 22


Unrealized Gain/(Loss)-= Quantity Ac Date Unit Adjusted Market Unrealized Additional quired Cost Total Cost Value Gainl(Loss) Information

EMERSON ELECTRIC CO 5 10-22-03 55 .2040 276 .02 3SO .50 74 .48 Long Term 10 06-17-04 60,1240 -601 .24 - 701 .00 99 .76 Short Term 27 SS .8744 1,SOB.61 1,892 .70 394 .09

EXXON MOBIL CORP 35 06-13-03 37 .8800 1,325 .80 1,794 .10 468 .30 Long Term

FANNIE MAE 33 06-11-03 69 .8372 2,304 .63 2,349 .93 4S .30 Long Term 11 07-29-04 70 .5890 776.48 783 .31 6 .83 Short Term a 11-10-04 69,9737 sS9 .79 5'69 .68 9 .89 Short Term

S2 70 .0173 3,640 .90 3,702 .92 62.02

GAP INC 36 08-04-04 21 .4275 771 .39 760 .32 (11 .07) Short Term 33 08-11-04 19 .8806 6S6 .06 696 .96 40 .90 Short Term 32 09-01-04 18 .8118 601 .98 67S .84 73 .86 Short Term 101 20 .0933 2,029 .43 2,133 .12 103 .69

GOLDMAN SACHS GRP INC 2S 06-13-03 89 .1500 2,228 .75 2,601 .00 372 .7-S Long Term a 10-13-04 94 .8687 758 .95 832 .32 73 .37 Short Term 13 10-20-04 91-8k4fi 1,193 .98 1,352 .52 ISS .S4 Short Term 46 90 .9060 4,181 .68 4,785 .84 604 .16

HALLIBURTON CO HLDG CO 3 12-19-03 26 .7175 80 .1s 117 .72 37 .57 Long Term 24 01-08-04 26 .8075 643 .26 941 .76 298 .50 Short Term 1 01-13-04 28,2300 28 .23 39 .24 11 .01 Short Term---

28 26 .8442 751 .64 1,098 .72 347 .08

HARTFORD FIN SERS GRP INC 22 06-13-03 49 .8909 1,097 .60 1,524 .82 427 .22 Long Term 13 12-22-03 S7 .4161 746.41 901 .03 1S4 .62 Long Term 9 12-01-04 6S .1955 586.76 623 .79 37 .03 Short Term 44 5S .2447 2,430 .77 3,049 .64 618 .87

HEWLETT PACKARD 29 05-05-04 19 .9810 S79.45 608 .13 28 .68 Short Term 32 08-18-04 17 .2350 $51 .52 671 .04 119,52 Short Term 61 18 .S404 1,130 .97 1,279 .17 148.20

INTERNATIONAL PAPER CO 30 06-13-03 37 .9700 1,139.10 1,260 .00 120 .90 Long Term 14 02-19-04 43 .3442 606 .82 $88 .00 (18,82) Short Term 44 59 .6800 1,745 .92 1,848 .00 102.08


Investments and services are offered thrL ji Morgan Stanley DW Inc ., member SIPC .

'9 Stanley BUSINESSCAPE-AccouNT Morgan FOR YEAR ENDING DECEMBER 31, 2004 PAGE 16 OF 22


Date Unit Adjusted- Market Unrealized Additional Value I Gainl(Loss) Information Unrealized Gain/(Loss) Quantity Acguired Cost Total Cost

JOHNSON & JOHNSON 4 06-13~03 52 .7900 211 .16 253-68- 42 .52 Long Term 6 09-15-03 50 .9000 305.40 380.52 -75-.12. Long Term 3 09-18-03 50 .5633 151.69 190 .-26- -38 .5'K- Long Term 5 10-14-03 50 .9100 254 .55 3 1K 1-0 -6 :i.~S Long Term 4 10-17-03 50 .5700 202 .28 253-

' 68 51-.40 Long Term

6 10- 29-03 49 .2633 295 .58 380 .52 84 .94 Long Term 8 11-05-63 48-.~§07t M.26 ~01--. 36 Long Term 12 01-21-04 51 .8783 622 .54 761 .04 138 .50-- Short Term 48 50 .7179 2,434 .46 3,044 .16 609'.70

KELLOGG CO 63 06-13-03 34 .8806 2,197 .44 2,813 .58 616 .14 Long Term

KIMBERLY CLARK CORP 19 06-13-03 52 .2394 992 .55 1,250 .39 257 .84 Long Term 6 07-24-03- 49 .3066 295 .84 394 .86-- 99-.02 Long Term 3 06-04-03 47 .4766 142 .43 --iO

-.43 55 .00 Long Term

4 08-25-03 49 .2475 196 .99 263 .24 66 .25 Long Term a 11-26-03 52 .7650 422 .12 526 .48- 104 .36 Long Term

40 51 .2482 2,049 .93 2,632 .40- 582 .47

LOCKHEED MARTIN CORP 22 12-12-03 48 .7672 1,072 .88 1,222 .10 149 .22 Long Term 12 12-19-03 50 .2533 603 .04 -666 .60 63 .56 Long Term 7 03-12-04 44 .4528- 311 .17 388 .85 77 .68 Short Term

20 03-24-04 44 .8415 896 .83 1,111 .00 214 .17 Short Term 6 04--29-04 47 .3466 284-.08 333 .30 49 .22 Short Term-

67 47 .2835 3,168 .00 3,72r.85 553 .85

MERCK 9 CO 39 10-13-04 30 .8441 1,202 .92 1,253 .46 50 .54 Short Term 22 11-02-04 26 .7486 588 .47 707 .08- 118 .61 Short Term 61 29 .3670 1,791 .39 -1-1960 .54 169". 15

METLIFE INCORPORATED 56 06-13-03 28 .7000 1,607 .20 2,268 .56 661 .36 Long Term 7 08-25-03 28 .6428 200 .50 283.57 83 .07 Long Terin 6 09-24-03 28 .5483 171 .29 243 .06 71 .77 Long Term

19 03-19-04 35 .3205 671 .09 .60- Short Term 88 30 .1145 2y650 .08 3,564-.88 914-.80

NORTHROP GRUMMAN CP(HLDG CO) 2 06-13-03 42 .9550 65 .91 106 .72 22 .81 Long Term 6 10-06-03 42 .8100 256 .86 ~26 .16 ~9 .30 Long Term



Morgan BUSINESSCAPE-AccoUNT 19Stan~ey FOR YEAR ENDING DECEMBER 31, 2004 PAGE 17 OF 22

ROSE C. STONE FOUNDATION Account Number ATTENTION: EDWARD WRIGHT 131 013900 149

Date Unit Adjusted Market Unrealized Additional Unrealized Gain/(Loss)-~:L Quantity Acauired cost Total Cost Value GainlMoss) Information

NORTHROP GRUMMAN CP(HLDG CO) a 10-11-03 43.2050 345 .64 454 .88 69 .24 Long Term 4 10-24-03 43.2375 172 .95 217 .44 44 .49 Long Term

12 12-19-03 46.6108 559 .33 6S2 .32 92 .99 Long Term 13 11-19-04 -56,1969 730 .56 706 .68 (23 .88) Short Term 45 47 .8055 2,151 .25 2,446 .20 294 .9S

PNC FINL SVCS GP 27 05-19-04 S4 .SS74 1,473 .OS 1,550 .88 77 .83 Short Term 4 07-15-04 51 .467S 20S,87 229 .76 23 .89 Short Term

31 S4 .1S87 1,678 .92 1,780 .64 101 .72

PPG INDUSTRIES INC 29 06-13-03 SO .4900 1,464 .21 1,976 .64 S12 .43 Long Term 4 06-24-03 51,0975 ~64 .39 272 .64 68 .25 Long Term

33 SO .5636 1,668 .60 2,249 .28 S80 .68

PPL CORPORATION 9 06-19-03 43 .4933 391 .44 479 .S2 88 .08 Long Term S

0 6-24-:3 43 .00:: 215 .700 266 .40 51 .40 Long Term

11 08-27- 3 39 .34 432 . 8 586 .08 153 .30 Long Term 6 11-07-03 40 .1783 241 .07 319 .68 78 .61 Long Term 1 11-10-03 40 . M 0 40 .2S 53 .28 13 .03 Long Term

32 41 .2668 1,320 .S4 1,704 .96 384 .42

REED ELSEVIER PLC 19 06-13-03 35 .9300 682 .67 704 .90 22 .23 Long Term 17 01-07-04 34 .1523 580 .59 630 .70 50 .11 Short Term 36 35 .0905 1,263 .26 1,335 .60 72 .34

SARA LEE CORP 51 07-08-04 23 .0317 1,174 .62 1,231 .14 56 .S2 Short Term 34 09-09-04 22,4873 764 .57 820 .76 S6 .19 Short Term 85 22.8140 1,939 .19 2,051 .90 112 .71

SPRINT CP(FON GP) SERS 1 39 02-24-04 17 .9678 682 .78 944 .30 261 .52 Short Term 1 02-25-04 17 .9800 17 .98 24 .85 6 .87 Short Term 1 02-26-04 17 .7600 17 .76 24 .85 7 .09 Short Term

60 03-05-04 18 .9803 1,138 .82 1,491 .00 352 .18 Short Term 21 04-28-04 18 .1980 382 .16 521 .85 139 .69 Short Term 28 07-08-04 17 .4264 487 .94 695 .80 207 .86 Short Term 149 18 .3049 2,727 .44 3,702 .65 975 .21

SUNTRUST BKS 25 06-13-03 60 .8400 1,521 .00 1,847 .00 326 .00 Long Term


'9 MorganStanley BUSINESSCAPE-AccolUNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 18 OF 22

ROSE C. STONE FOUNDATION Account Number ATTENTION EDWARD WRIGHT 131 013900 149

Date- Unit Adjusted Market_ Unrealized- Additional-Uirealized Gain/(Loss) Quantit~ Acguired Cd§t Tbtal C6§t Gain1(Los§)'-_ - Information

VERIZON COMMUNICATIONS 5 06-13-03 39 .2200- 196 :10 0 2-55 6 .45 Long Term

a 08-13-03 35 .7012 285'. 61 .324 .08 38 .47 Long Term 6 09-03-03 36 . 1200 216 .72 243 .06 26 .34 Long Term 10 09-24-03 32 .9240 329 .24 405 .10 75 .86 Long Term 9 10-07-03 33 .3677 300 .31 - :364 .59 64 .28- Long Term 6 10-27-03 33 .2566 199 .54 243 .06 43 .52 Long Term 1 10-28-03 38 .0500 33 .05 40 .-fl 7 .4-6 Long Term

11 11-18-03 32 .6890 359 .58 -445 .61 86 .03 Long Term 17 02-17-04 38 .1035 647 .76 -688 .67 40 .91 Short Term 73 35 .1768 2,567 .91- 2,957.23 389 .32

VIACOM INC B 35 06-13-03 45 .9900 1,609 .65 1,273 .65 (336 .00) Long Term 10 08-13-03 42 .4900 424 .90 363 .90 (61 .00) Long Term 4 09-15-03 43 .6275 174 .51 145 .56 (28 .95) Long Term 17 03-03-04 39 .6641 674 .29 618 .63 (55 .66) Short Term


11 Investments and services are offered thru . n Morgan Stanley DW Inc ., member SIPC .

SUNTRUST BKS 4 06724703 59-.5300, 238.12 295- ' S2 57-.40--- Long Term .

3 09-03-03- 61 .4500 184 .35 221 * 64 37 .29- Long-Teem 7 10-20-03 63 .4614 444.23 51-7-.16 7f-. 93 __ Long Term

39 61 .2230 2,387 .70 2-,881-.-_32_ 493 -.62

SYNGENTA AG ADR 48 06-13-03 10 .8016 518 .-48 1-024-.80- 506'-32-- L6K§i Te~m 45 12-'63--03 12 .4168 558-.76 960 .75 401.99 -Long. Term- 10 12-05- 3-- 12 .5190 -125-.19 -21-3-.50 88-.31- Long Term

103 - 11 .6740 1,202.43 2,199-.05-_'-__ 996.62

TOTAL FINA ELF SA 11 11-~4-04 -

108 .5545 1,194 .10- li~iO8 .24- i4'1-4 Short Term

-9037 393.12 : Sh6r+_ Term TXU CORPORATION 14 06-09-04 36 .4800- 510.72 .84~ 3 06-1`4-04 37 .1066 111-32- 193- 68--- 82 .36 Shoi--t -Term

16 06-16-64 37 .34E17 597.58 --l-,032-.96 435.38 Short Term 33 36 .9581 1,219 .62 -2-1130-.48 910 .86----

UNOCAL CORP 34 06-13-03 30 .0900 1,023 .06 -1,470'.16- 447.10 Long .Term 18 09-10-03 31 .9977 575 .9

. 6 77

- 8 - 32

- 20~ .-36 Long jerm

is 01715-04 37 .9866 569-80- 648.60- 78.80 Short Term 17 09-08-04 38 .9788 662 .64 735 .08 72 .44 Short- Term 84 - 33 .7078- 2,831.46 31'632-. 16 - 800.70


MorganStanley BUSINESSCAPE-AccouNT FOR YEAR ENDING DECEMBER 31, 2004 PAGE 19 OF 22

ROSE C. STONE FOUNDATION Account Number ATTENTION: EDWARD WRIGHT 131 013900 149

Date Unit Adjusted Market Unrealized Additional Unrealized Gainl(Loss), Quantity Accuired Cost Total Cost Value Gainl(Loss) Information

VIACOM INC B is 05-20-04 37 .3620 S60 .43 S45.85 (14 .S8) Short Term 19 09-15-04 34-5294 6S6 .06 691 .41 3S .35 Short Term

100 40 .9994 4,099 .84 3,639 .00 (460 .94)

VODAFONE GP PLC ADS 24 12-IS-04 27 .S300 660 .72 657 .12 (3 .60) Short Term

WYETH is 09-02-04 37 .3526 S60 .29 638 .9s 78 .S6 Short Term 17 09-29-04 37 .5617 638 .55 724 .03 8S .48 Short Term 16 12-01-04 40 .3500 645 .60 681 .44 3S .94 Short Term 48 38 .42SS 1,844 .44 2,044 .32 199 .-Sa

- - ------- - - - -------- ------------ q"#W -Wit cbs --- - ------------------- --- T A -1 J ---- ------ - K_ dVa- .. .. . .. . . . . . . . . . . . - --- -------------- IOS-. -A a - - ---------- --2 -------- - - - --------------- -------------- - - - - ------ . . . . .. . . . . . . . . . . . . ------ - - - - --- -- --------- ---- -- -- ------- ------ m TOW Market Vatb-- N&ff~oWidni%' --- --- - - ----------- - ------ - -- -------------- e- iid7iib~yg - -------------- i - ----- - - ---- - - --------- - --- - ---------- ----------- ----- --------

The 'Total Cost' and 'Unit Cost' for Fixed Income Unit Trusts . Mortgage-Backed Securities, and Zero Coupon Bonds has been adjusted to reflect any partial return of principal or capital that may have been paid to you, or accreted interest earned, since your purchase date . In the event that the accumulated total return of principal or capital is greater than the provided original cost, the adjusted cost will be '0.0(r .

Date Date Adjusted Realized Additional Realized Gain/(Loss) Quantity Acguired Sold Total Cost Proceeds Gainl(Loss) Information

Short Term

ALTRIA GROUP INC 9 06-13-03 04-29-04 381 .06 495 .SS 114 .79 Short Term BANK OF AMERICA CORP 20 06-13-03 03-31-04 1,570 .80 1,628 .33 57 .S3 Short Term BANK OF AMERICA CORP .868 06-13-03 04-01-04 48 .31 70 .57 22 .26 Short Term BANK ONE CORP 13 01-12-04 05-20-04 579 .29 617 .07 37 .78 Short Term BANK ONE CORP 4 01-29-04 OS-20-04 201 .92 189 .87 (12 .05) Short Term BAXTER INTL INC 19 02-06-04 11-29-04 562 .87 612 .98 SO .11 Short Term BKP BILLITON LTD 28 09-23-03 01-30-04 404 .70 480 .12 75 .42 Short Term SHP BILLITON LTD 56 11-07-03 01-30-04 937 .51 960 .23 22 .72 Short Term BHP BILLITON LTD 6 11-10-03 01-30-04 99 .99 102 .88 2 .89 Short Term BURLINGTON NO SANTA FE CP 16 05-05-04 10-20-04 S29 .14 634 .73 105 .59 Short Term BURLINGTON NO SANTA FE CP I 05-CS-04 10-21-04 33 .07 40 .48 7 .41 Short Term BURLINGTON NO SANTA FE CP is OS-05-04 11-22-04 429 .93 581 .42 IS1 .49 Short Term CHEVRON TEXACO CORP 13 06-13-03 01-12-04 970 .04 1,103 .76 133 .72 Short Term CHEVRON TEXACO CORP 2 06-24-03 01-12-04 147 .24 169 .81 22 .57 Short Term CINERGY CORPORATION 7 10-15-03 04-15-04 254 .80 268 .53 13 .73 Short Term CINERGY CORPORATION 7 10-15-03 07-06-04 2.54 .80 266 .40 11 .60 Short Term CINERGY CORPORATION 6 11-13-03 07-06-04 220 .66 228 .35 7 .69 Short Term CINERGY CORPORATION 6 12-12-03 07-06-04 226 .14 228 .35 2 .21 Short Term


Investments and services are offered thr,- n Morgan Stanley DW Inc., member SIPC .



Date - Date Adjusted Realized Additional Realized Gain/(Loss) Quantity Acquired' Sold Total Cost Proceeds Gainl(Loss) Information

CINERGY CORPORATION 8 02-18-04 07-06-04 310 .22 304 .46- (5- * 76) Short Term

EMERSON ELECTRIC CO 9 06-13-03 01-14-04 472 .59 589 .48 116 .89 Short Term EOG RESOURCES INC 21 05-17-04 09-08-04 1,14ii.35 1,247 .54 99tig Short Term EXELON CORP 14 12-23-03 06-18-04 452 .39 459 .14 ~-75- Short Term EXELON CORP 20 12-23-03 09-08-04 646 .26 745 .17' 98 .91 Short Term EXELON CORP a 01-08-04 09-08-04 264 .47 298 .07 33 .60 Short Term EXELON CORP 8 02-18-04 09-08-04 2 6s~ . 7 1- 2§s .07 3~'.'t6-- Short Ter-m EXXON MOBIL CORP 15 06-13-03 03-03-04 568 .20- 625 .03 56-.83 Short Term- EXXON MOBIL CORP 4 06-13-03 04r14-04 151 .52 170-22 18 .70 Short Term EXXON MOBIL CORP 13 06-13-03 05-1-4-04 492 .44 559 4r -C6 -.'9 7 S~or:t Term FLEETBOSTON FINANCIAL CP 14 06-13-03 02-04-04 423 .50 --~26 .92 203 .42 Short Term

234 .50 Short Term HALLIBURTON CO HLOG CO 17 12-19-03 11-24-04 454 .20 688 .70 HOSPIRA INC 02-18--04 04-30-04 0 .00 2 .64 2 .64 Cash in Lieu HOSPIRA INC 3 02-18-04 05- 12-04 66 .

- 17 78 .93- (7 .24) Short Term

HOSPIRA INC 3 03-15-04 05-12-04 7~ .66 78 .43 2 .27 Short Term INTL BUSINESS MACHINES CORP 2 08-12-03 08-04-04 162.96 172 .11 9 .15 Short Term INTL BUSINESS MACHINES CORP 4 08-18-03 08-04-04 334.48 344 .22 9 .74 Shor

' t Term

INTL BUSINESS MACHINES CORP 3 08-19-03 08-04-04 246 .70 258 .17 9 .47 Short Term JP MORGAN CHASE&CO .080 03-31-04 07-01-04 3 .35 ( .30) Short Term JPMORGAN CHASE & CO 16 03-31-04 08-18-04 670 .75 608 .52 (62 .23) Short Term JPMORGAN CHASE & CO 13 03-31-04 11-02'-04 544 .98 500 .95 (44 .03) Short Term JPMORGAN CHASE 9 CO 10 01-29-04 12-15-04 403 .85 390 .78 (13 .07) Short Term JPMORGAN CHASE & CO is 02-04-DA 12-15-04 560 .45 586-.18 25 .73 Short Term JPMORGAN CHASE & CO 7 03-31-04 12-15-04 293 .45 273 .55 (19.90) Short Term KEYSPAN CORPORATION 25 06-13-03 02-11-04 905 .25 912 .80 7 .55 Short Term KIMBERLY CLARK CORP 10 06-13-03 05-05-04 530 .90 660 .85 129 .95 Short Term MELLON FINCL CORP 23 06-13-03 05-19-04 630 .66 657 .21 26-

* 55- Short Term

MOTOROLA INC 14 06-13-03 01-20-04 122 .22 238 .19 115 .97 Short Term MOTOROLA INC 22 06-13-03 04-01-04 192 .06 396 .27 204

* 21 Short Term

MOTOROLA INC 40 06-13-03 04-21-04 349 .20 769 .08 419 .88 Short Term NOBLE CORPORATION 15 06-13-03 04-28-04 536 .10 570 .90 34 .80 Short Term NOBLE CORPORATION 18 06-13-03 05-12-04 643 .32 626 .51 (16 .81) Short Term NORTHROP GRUMMAN CP(HLOG CO) 9 06-13-03 03-24-04

- 773 .19 867 .48 94 .29 Short Term

NOVARTIS AG AOR 3 06-13-03 01-14-04 120 .45 - 14

' 6 .98 20 .53

' Short Term

NOVARTIS AG ADR 37 06-13-03 01-21-04 1,485 .55 11709 .15 223-.60 Short Term NY TIMES CL A COMMON 12 01-20-04 05-20-04 -572 .77 556 .86 (15 .91) Short Term PFIZER INC 16 06-13-03 02-04-04 529 .44 610 .40 80 .96 Short Term PFIZER INC 56 06-13-03 03-11-04 1,853 .04 2,006 .24 lti.20 Short Term REED ELSEVIER PLC is 06-13-03 03-04-04 538 .95 - 541 .55 2.60 Short Term ROCHE HOLDINGS ADR 6 01-21-04 11-03-04 603 .01 626 .76 23 .75 Short-Term ROCHE HOLDINGS ADR 7 01-21-04 11-10-04 703 .52 741 .18 37 .66 Short Term SBC COMMUNICATIONS 44 06-13-03 02-20-04 1,118 .48 1,055 .96 (62 .52) Short Term SBC COMMUNICATIONS is 10-22-03 02-20-04 394 .89 431 .98 37 .09 Short Term SBC COMMUNICATIONS 7 10-30-03 02-20-04 164 .31 167 .99 3 .68 Short Term



~9Stan~ey BUSINESSICAPE-AccouNT Morgan FOR YEAR ENDING DECEMBER 31, 2004 PAGE 21 OF 22

ROSE C. STONE FOUNDATION Account Number ATTENTION : EDWARD WRIGHT 131 013900 149

Date Date Adjusted Realized Additional Realized Gain/(Loss)- - Quantity Acquired Sold Total Cost Proceeds Gainl(Loss) Information

SBC COMMUNICATIONS 7 10-30-03 03-OS-04 164 .31 175.91 11 .60 Short Term SBC COMMUNICATIONS 24 11-11-03 03-OS-04 563 .43 603.13 39 .70 Short Term SBC COMMUNICATIONS 18 11-17-03 03-05-04 420 .31 452.3S 32 .04 Short Term SCHERING PLOUGH CORP 95 06-13-03 02-27-04 1,799 .30 lo709.94 (99.36) Short Term SCHERING PLOUGH CORP 10 07-22-03 02-27-04 170 .10 179.99 9.89 Short Term SCARS ROEBUCK & CO 13 07-18-03 01-28-04 495 .69 614 .42 118.73 Short Term SEARS ROEBUCK & CC 4 07-22-05 01-28-04 157 .99 189.05 31 .06 Short Term SEARS ROEBUCK 9 CO 4 09-11-03 01-28-04 175 .00 189.05 14 .05 Short Term SPRINT CP(FON GP) SERS 1 26 02-24-04 12-15-04 467 .16 639.09 171 .93 Short Term ST PAUL TRAVELERS COS INC .344 06-13-03 04-07-04 13 .10 14.60 1 .S0 Short Term ST PAUL TRAVELERS COS INC 9 10-06-03 07-29-04 333 .62 333.03 ( .S9) Short Term ST PAUL TRAVELERS COS INC is 12-31-03 07-29-04 740 .87 666 .06 (74 .81) Short Term ST PAUL TRAVELERS COS INC 3 01-06-04 07-29-04 33 .40 111 .01 77 .61 Short Term SUNTRUST SKS a 06-13-03 03-17-04 486 .72 566 .3S 79 .63 Short Term SYNGENTA AG ADR 41 06-13-03 05-14-04 442 .87 631 .04 198 .17 Short Term SYNGENTA AG ADR 16 06-13-03 05-27-04 172 .83 2S7 .66 84 .83 Short Term TIME WARNER INC NEW 34 10-29-05 07-01-04 S20 .00 S93 .72 73 .72 Short Term TIME WARNER INC NEW 3 11-06-03 07-01-04 46 .63 S2 .39 S .76 Short Term TIME WARNER INC NEW 38 11-06-03 09-15-04 590 .65 634 .39 43 .74 Short Term TIME WARNER INC NEW 14 11-06-03 10-06-04 217 .61 233 .76 16 .15 Short Term TIME WARNER INC NEW 35 12-03-03 10-06-04 583 .50 584 .40 .90 Short Term TIME WARNER INC NEW 8 12-04-03 10-06-04 131 .61 133 .58 1 .77 Short Term TRIBUNE CO DELAWARE NEW 10 06-11-03 01-05-04 478 .74 515.55 36 .81 Short Term TRIBUNE CO DELAWARE NEW 1 08-19-03 01-OS-04 47 .02 51 .56 4 .S4 Short Term TRIBUNE CO DELAWARE NEW 9 08-19-05 01-16-04 423 .19 450 .93 27 .74 Short Term TXU CORPORATION 12 06-13-03 01-16-04 262 .44 281 .69 19 .25 Short Term TXU CORPORATION 9 09-18-03 01-16-04 205 .90 211 .27 S .37 Short Term TXU CORPORATION 12 09-23-03 01-16-04 281 .75 281 .69 ( .06) Short Term TXU CORPORATION 10 04-20-04 10-28-04 287 .49 598.38 310 .89 Short Term TXU CORPORATION 10 04-20-04 11-29-04 287 .49 655 .48 367 .99 Short Term TXU CORPORATION 1 06-09-04 11-29-04 36 .48 65 .55 29 .07 Short Term UNION PACIFIC CORP 16 06-13-03 05-04-04 967 .52 939 .55 (27 .97) Short Term UNION PACIFIC CORP 3 08-06-03 05-04-04 180 .58 176 .17 (4 .41) Short Term UNION PACIFIC CORP 4 08-12-03 05-04-04 244 .31 234 .89 (9 .42) Short Term UNION PACIFIC CORP 3 11-18-03 05-04-04 191 .38 176 .17 (15 .21) Short Term UNION PACIFIC CORP 9 12-02-03 05-04-04 580 .34 528 .50 (51 .84) Short Term

Sub Total Short Term $42,856 .76 $47,610 .61 04,753 .85

Long Term

BANK OF AMERICA CORP 1 06-13-03 07-IS-Oq 78 .54 84 .49 5 .95 Long Term BANK OF AMERICA CORP 5 06-13-03 08-11-04 392 .70 423 .79 31 .09 Long Term BP PLC ADS 10 06-13-03 07-15-04 441 .00 549 .38 108 .58 Long Term


BUSINESSCAPE-Accoulff FOR YEAR ENDING DECEMBER 31, 2004 PAGE 22 OF 22


Date Date Adjusted Realized Additional Quantity Acquired Sold Total Cost Pr6f&edf -Gainl(Losi) Information

10 06-13-03 12-01-04 441 .00 616 . 62 175 62 Long Term

a 06-13-03'- 08-11-04- 303 .04- 361 .21 58 .17 Long Term 13 06-13-03 12701-04 492 .44 -6-67-1-6-6-- 175 .36 Long Term 6 06-i6-03 07-28-04 503 .70 511 .34 7

- .64~ Lo -nq Term

10 06-13-03 06-16-04 527 .90 560 .32- 32 .42 Long Term 10 06-13LO3 09-29-04 527-.90 --569-.63 41 .73 Long Term 12 06-13-03 06-21-04 418 .56 494 .35- 75 .79 Long Term 8 06 13-03 08-18-04 424 .72 515 .00 90 .28 Long.Term 51 06--13-03- 10--13704 1,398 .42- 1,387-47 (-10 .95) Long Term 5 06-18LO3 10-13-04 144 .11 136.03 (8 .08) L6ng Term

12 06-13-03 16-20-04 564 .00 614-.92-- 50 .92 Long Term 11 06-13-03- 11-12-04 517 .00 --619 .39-- 102 .39 Long Term 4 06-13~03 11-24~04 188 .00- 226-.01- 38 .01 Long Term 5 07-22-03- 11-24-04 259 .15 26231- 23 .36 Long Term

06-13-03 11-30-D4 0 .oo 6 .56,- 6 .50 Cash in Lieu 1 06-13-03- 12-:08704 16 .16 30 .09 13 .93 Long Term

13 06-13-03 07-01- 04 467 .09 5017.04--- 33 .95 Long Term 6 08-19-03 09-02-04 485 .10 566'.64 103 .54 Long Term 2 08-19-03 10-13-'04 161 .76 - 262.0 40-t37 Long Term 4 09-16-03 10-13-04 331 .33 -404 .13 72.80 Long Term

34 06-13-03 07-29-04 1,295-.14 1"258 .11 (37 .03) Long Term 5 06-24-03 07-29-04 215 .28

- 185 .02 (30 .26) Long Term

is 06-13-03 10-20-04 588 .30 597 .41 . 9 .11 Long Term

$11,182 .28 $12,393.27 $1,210 .99

$54,039,04 $60,003,88 $5,964 .84

$60,003 .88--

Sub Total Long Term

$23,431 .50 ($615 .29)

$6,584 .65 ($619 .81)

Unrealized gain . . .. . . . . . . . . . . . . . . . . . . . Unrealized (loss) . . . . . . . . . . . . . . . . . . . . . Realized gain YTD . . . . . . . . . . . . . . . . . . . Realized (loss) YTD . . . . . . . . . . . . . . . . .

$16,674 .17 ($425 .95)

$1,297 .31 ($86 .32)

$6,757 .33 ($189 .34)

$5,287 .34 ($533 .49)

Investments and services are offered thrL,- .n Morgan Stanley DW Inc:,-member SIPC .

QN, MorganStanley

Realized Gain/(Loss)

BP PLC ADS EXXON MOBIL CORP EXXON MOBIL CORP INTL B US'INESS MACHINES CORP JOHNSON & JOHNSON JOHNSON & JOHNSON KELLOGG CO KIMBERLY CLARK CORP MELLON FINCL CORP MELLON FINCL CORP MERRILL LYNCH & CO INC MERRILL LYNCH & CO INC MERRILL LYNCH & CC INC MERRILL LYNCH & CO INC NEENAH PAPER INC NEENAH PAPER INC REED ELSEVIER PLC ROCHE HOLDINGS ADR ROCHE HOLDINGS ADR ROCHE HOLDINGS ADR ST PAUL TRAVELERS COS INC ST PAUL TRAVELERS COS INC VERIZON COMMUNICATIONS



Total Proceeds

SummarV Short Term Long Term Total

Documents

I Treated as a Private Foundation 2004990s.foundationcenter.org/990pf_pdf_archive/521/521271216/... · eginning of ye; (a) Book Value year (b) Book Value I (c) Fair Market Value 7,565.1