Paul Neeley Brown

STOCKS AND BONDS:

Com. Stk. Quantro — None

Huntsville TX ISD Bonds — Interest — Redeemed

Dreyfuss Strg. Mun B/F — Int/Div

Debt Strategies Fund II — Int/Div

Victoria, TX Water & Sewer — Interest

TX Student Loan Bds. — Interest

Harris Co. Tx — Interest

TXU Corp. (Lines 5, 9 & 13 in previous report) — Int/Div — Sell

Prudential Financial Corp. — Int/Div

REAL ESTATE

1/4 int. rent prpty No. 1, Sherman, Tx — Rent

Rent prpty No. 2, Sherman, TX — Rent

Farm Prpty. No. 1, Grayson Co., Tx.-see VIII — None

2/3 int., Rent Prpty. #3, Grayson Co., Tx — Rent

1/3 int., Grayson Co., Tx--See VIII — None

1/2 int., Blagg Svy., Grayson Co., Tx — None

Farm Prpty No. 2, Grayson County, Tx-See VIII — None

OTHER PROPERTY

Cash-American Bank of Shennan, N.A. — Interest

Bank of Texas — Interest

Note Receivable--C&D Prop — Interest — Off

Farm Equipment—See VIII — None

Cattle, See VIII — None

Cash value--life insurance — Interest

PRODUCING OG&M INTERESTS:

3/8 WI, King Svy., Grayson Co., TX (Shankles) — W.I

ORI&R]I, Hall-Mitchell Wells, McAnair Svy- Grayson Co., T — W.1L

01402 RI VanAntwerp-Thompson Svys-Grayson Co., TX-AC Brown — Royalty

RI & WI, McAnair Svy-Burton Les-Grayson Co., TX — W.I1

2.5% ORI, Calhoun Ls-Grayson Co., TX — Royalty

2.08% ORR], Elliott-Wright Ls-Grayson Co., TX — Royalty

00177735 RI Yates-Grayson Co., TX — Royalty

000662 RI-Bailey-et al Svys.-Crayson C, TX-Kusch — Royalty

0156250 ORI-EN Fain, Grayson Co, TX — Royalty

0e8l oe) Antwerp Svy., Grayson Co., 14 — Royalty

008854 RI, Vanderen Svy., Grayson Co.,TX, RO Brown . — Royalty

NON-PRODUCING OG&M LEASES:

50% min rights-Pushmataha Co,0K — None — Gift

1/4 min int, Robardy/Grayson Co, TX — None

1/8 min int, Dunn Prpty-Grayzoa Co, TX — None

Min int Harmon/Kepler Svys-Grayson Co, TX — None

Kepler Svys-Grayson Co, TX — None

Spouse's income — 12/31/03 — Bookkeeping—Real Estate Partnership

VII. Investments and Trusts: Lines 14, 17, 18, 23 and 24, cattle, ferme equipment and farm property, togesher produced no gain.