Thomas E. Stagg jr

Time Warner (AOL) - Common Stock — Int/Div

Tyco International - Common Stock — Int/Div

Tyco International-Common Stock — Int/Div

Pfizer, Inc. - Common Stock — Int/Div

Cisco Systems, Inc. - Common Stock — None

Qualcomm, Inc. - Common Stock — Int/Div

Emerson Electric Co. - Common Stock — Int/Div

JDS Uniphase Corp. - Common Stock — None — Sold

National Semiconductor - Common Stock — None — Sold

Oracle, Corp.$0.01-Common Stock — None

Oracle Corp. $0.01-Common Stock — None

EMC Corporation - Common Stock — None

Chevron/Texaco Corp. - Common Stock — Int/Div

Chevron/Texaco Corp.-Common Stock — Int/Div

ConocoPhillips-Common Stock — Int/Div

Schlumberger Ltd. - Common Stock — Int/Div

Schlumberger Ltd.-Common Stock — Int/Div

A. CAMELLIA TRADING COMPANY

Camellia Trading Company (CTC) is dif lifJowned partnership now owned one-third by the filer an

Gradually, over several years, ownership has been transferred to,

gether with all management responsibility. In prior years, CTC was considered to

be exempt from listing individual underlying assets because I did not di

or influence the purchase, sale or disposition of property owned by CTC.

[a all management decisions.

Beginning in 2003, with the acquisition of mineral interests in which I became personally involved, the requirement of listing assets became necessary in

order to comply with the filing instructions pertaining to Section VII. The values and income codes used in this report reflect 100% of what CTC owas. My

interest, at the end of 2005, is one-third of the totals shown. CTC owns commercial real estate in Shreveport, LA, a brokerage account at Merrill-Lynch, and

mineral interests in Louisiana and Texas. The listings in Section VII are in that order.

B.

ST. VRAIN, LLC

.

Until May 19, 2003, I was separate in property from.

Effective May 19, 2003,

nated to a legal regime of community

property between us a substantial portion of her separate

assets. On

Sm—

same day, she and I further transferred

y to St. Vrain, LLC, a Louisiana limited

liability company which we had established on May 14, 2003. Our transfer of the property to St. Vrain, LLC constituted a joint community property capital

contribution by us in that company.

St. Vrain, LLC is now owned by:

CIE | am not a manager of the entity; I am not involved in its day-to-day operations; and I own a

42.5 % interest in it.

For all of the first 57 years of

roperty was|

parate and paraphemal property, and none of it fell into the community property

regime under Louisiana law. Prior to the fo;

t. Vrain, LLC, not

ne of the property, now owned by that entity, was required to be listed in any disclosure

=

filed by me because: 1) the property was {

parate and paraphemal property,

lone had the financial interest and financial responsibility of it; 2)

I did not derive or expect to derive a financr:

or economic benefit from the pr

TO]

no knowledge conceming the property. Thus, pursuant to 5

U.S.C. Appendix 4, Sec. 102 (e)(1)(B), the property formerly owned solely by,

d now owned by St. Vrain, LLC, was not listed.

PE

The listing of St. Vrain, LLC holdings begins on Line 116 and lists bonds, common stocks, mutual funds, and mineral properties in that order. St. Vrain holds

title to mineral property rights in 118 counties in 7 states, most of which are presently non-productive. These properties alone require some organizational

structure and closer management than heretofore was

possible. In accordance with the filing instructions, mineral properties with income levels less than $200 and

valuation of less than $1000 are not listed.

C. EXPLANATION OF CAMELLIA TRADING COMPANY ENTRY

On Page 6, Line 50, the ML CMA Tax Exempt Fund was merged with the ML WCMA Money Fund Class #2 & #3 listed on Page 6, Line 49.