Avern Levin Cohn

MICROSOFT — None — SELL

AMERICAN INTL GROUP — Int/Div — SALE

AMERICAN INTERNATIONL GROUP — None — DONATIO

BRISTOL MYERS SQUIBB — Int/Div — DONATIO

INTEL CORP — Int/Div

GILLETE COMPANY — Int/Div — DONATIO

ROYAL DUTCH PETROLEUM — Int/Div — DONATIO

SCHLUMBERGER, LTD — Int/Div

MERCK & CO. — Int/Div — D

INTERPUBLIC GROUP — None

SIGMA ALDRICH CORP — Int/Div

HJ HEINZ COMPANY — Int/Div

KIMBERLY CLARK — Int/Div — DONATIO

WALT DISNEY CO. — Int/Div

QUALCOMM INC — Int/Div

GE — Int/Div

AMERICAN EXPRESS CORP — Int/Div

ORACLE CORP — None

SUN MICROSYSTEMS — None

CITIGROUP INC. — Int/Div — BUY

TIME WARNER INC — None

BOEING — Int/Div

ARCHER DANIELS MIDLAND — Int/Div

JDS UNIPAHSE — None

RAYTHEON NEW — Int/Div

LIBERTY MEDIA A — None

JOHNSON & JOHNSON — Int/Div

COCA COLA CO. — Int/Div

EMC CORP MA — None

MEDTRONICS, INC — Int/Div

COX COMMUNICATIONS — None

INTERNATIONAL PAPER — Int/Div

PEPSICO — Int/Div

LOCKHEED MARTIN — Int/Div

GEMSTAR TV GUIDE INTL INC — None

ONE GRP HIGH YIELD BOND FUND — Int/Div

ISHARES TR RUSSELL 2000 VALUE INDEX FUND — Int/Div — BUY

ISHARES TR MSCI EAFE INX FD — Int/Div — BUY

ISHARES TR S&P MIDCAP 400/BARRA VAIL — Int/Div

ISHARES S&P MIDCAP 400/BARRA GR IDX — Int/Div

BAXTER INTL — Int/Div

BAXTER INTL CORP UNIT 7% — Int/Div

MICROSOFT CORP — Int/Div — BUY

SAFEWAY INC — None

NORTHFORK BANCORP — Int/Div

WASHINGTON MUTUAL INC — Int/Div

WACHOVIA CORP — Int/Div

NORTHROP GRUMMAN PFD 7.25% — Int/Div

AMGEN INC — None

PFIZER — Int/Div

CUMMINS INC — Int/Div

EMCOR GROUP INC — None — BUY

SPX CORP — Int/Div — BUY

KINDER MORGAN INC KANS — Int/Div — BUY

VIACOM INC — Int/Div — BUY

PRAXAIR INC - — Int/Div — BUY

LUBRIZOL INC — Int/Div — BUY

ISHARES TR NSCI EMERGING MKTS INDX FUND — Int/Div — BUY

ISHARES RUSSELL 2000 GROWTH INDX FUND — Int/Div — BUY

CENTURYTEL INC — Int/Div — BUY

CHUBB CORP — Int/Div — BUY

3M CO — Int/Div — BUY

DOMINION RES INC — Int/Div — BUY

LIBERTY MEDIA INTL — None — SPINOFF

NEENAH PAPER — None — SPINOFF

ONE GROUP MUN M/M FUND — None — SALE

ONE GROUP MI MUN BOND FUND — Int/Div — BUY

ONE GROUP MI MUN BOND FUND — None — SALE

BANK & TR PR CTF DEP — Interest

CNL BK CTF OF DEP — Interest

COASTAL FED BK CTF OF DEP — Interest

EQUITABLE FED SVGS BK CERT OF DEP — Interest

E*TRADE BK CERT OF DEP — Interest

NORTH HILL CENTER, LLC — Rent

BLOOMFIELD PLAZA II LLC — Interest

BLOOMFIELD PLAZA TI LLC — Rent

HOLLY RESIDENTIAL LP — PART — IN 2004

THE THING ABOUT MEN LTD PART — Interest

BRANDON LONG LAKE LTD PART — None

CEDAR SPRINGS, MI PUBLIC SCHOOLS — Interest — CALLED

LANSE CREUSE PUB SCHOOLS — Interest — D

MISTATE HOSP FIN AUTH — Interest — D

MARICOPA CO ARIZONA — Interest

GLOUCESTER MA GO — Interest

OAKLAND COUNTY MI — Interest

ALMA, MI PUB SCHOOLS — Interest

YPSILANTI, MI — Interest

WHITE CLOUD, MI — Interest

MI STATE TRUNK LINE HOSP FIN AUTH — Interest — D

MUSKEGON HTS, MI — Interest

TECUMSEH, MI SCHOOLS — Interest

MANISTEE MI SCHOOLS BOND — Interest

LAKEVIEW MISCHOOLS BOND — Interest

HURON MI SCHOOLS BOND — Interest

ELK RAPIDS, MI SCHOOLS BOND — Interest

GRAND RAPIDS & KENT CNTY, MIBOND — Interest

CANTON CHARTER TWP, MI BOND — Interest — D

LAKE ORION, MI SCHOOLS BOND — Interest

BAD AXE MI SCHOOLS — Interest — BUY

DAVISON MI — None — BUY

CONDOMINIUM-CHARLEVOIXMI — None

SPOUSES HOLDINGS: — None

SSGA TAX-FREE MM FUND — Int/Div — BUY

STATE STREET MM FUND — Int/Div — BUY

EXXON/MOBIL CORP — Int/Div — SELL

EXXON/MOBIL CORP — Int/Div — BUY

EXXON/MOBIL CORP — None — SELL

INTELCORP — Int/Div — SELL

SCHERING PLOUGH — Int/Div — SELL

MICROSOFT — Int/Div — BUY

AMERICAN INTL GRP — Int/Div — SELL

IBM — Int/Div

PFIZER — Int/Div — SELL

VIACOM B — None — SELL

WAL MART — Int/Div — SELL

FLEETBOSTON FINANCIAL — None — SELL

AT&T — None — SELL

PROCTER & GAMBLE — Int/Div

GILLETTE — Int/Div — SELL

NY TIMES CLA — None — SELL

HSBC HOLDINGS PLC — Int/Div — BUY

EMC CORP — None — SELL

JABIL CIRCUIT — None — SELL

TEXAS INSTRUMENTS — None — SELL

EIDUPONT — None — SELL

STARBUCKS CORP — None — BUY

FEDEX — Int/Div — BUY

FEDEX — None — SELL

TEVA PHARMACEUTICAL — Int/Div — BUY

ADOBE SYSTEMS INC — Int/Div — BUY

ALCON — None — BUY

AMERICAN EXPRESS CO — Int/Div — BUY

ANHEUSER BUSCH CO — Int/Div — BUY

APPLE COMPUTER — None — BUY

BAKER HUGHES INC — None — BUY

BANK OF AMERICA — Int/Div — BUY

BPPLC — Int/Div — BUY

CINTAS CORP — None — BUY

CLOROX — Int/Div — BUY

NV — S

MISTATE TRUNK LINE — Interest — D

MIMUN BOND AUTH — Interest — SELL

ANN ARBOR, MI DEV — Interest

MARQUETTE, MI PUBLIC SCHOOLS — Interest — SELL

HOWELL, MI PUBLIC SCHOOLS — None — SELL

DEXTER MI SCHOOLS — None — SELL

MISTATE BLDG AUTH — Interest — SELL

MISTATE BLDG AUTH — Interest

FERNDALE, MI SCHOOLS — Interest

CRAWFORD AUSABLE MI SCHOOLS — Interest — SELL

GREENVILLE MI SCHOOLS — Interest — D

HOLT MI SCHOOLS — Interest — SELL

ROCHESTER MI SCHOOLS — Interest

LANSING, MI SCHOOLS — Interest

MISTATE GO — Interest — D

DETROIT, MI WATER — Interest — SELL

MI STATE(PRERFD) — Interest

PUERTO RICO — None — D

MISTATE HOSP — Interest

DETROIT, MI SEWER — Interest — SELL

MISTATE GO — Interest

PUERTO RICO HWY — None — D

OXFORD, MI — Interest

ROCHESTER, MI CSP — Interest

UTICA, MIGO — Interest — SELL

MI STATE GO ENVIRON — Interest — SELL

BIRMINGHAM, MI-3% — Interest — BUY

BIRMINGHAM, MI-4% — Interest — BUY

CONNECTICUT ST — Interest — BUY

KENT COUNTY MI GO — Interest — BUY

MASS GO — Interest — BUY

MIST GO ULT — Interest — BUY

MISTGO ULT — Interest — BUY

MIST GO ULT SCHL LN — Interest — BUY

MISTATE TRUNK — Interest — BUY

MINN ST GO — Interest — BUY

MINNSTGO — Interest — BUY

OAKLAND CNTY MI BLDG AUTH — Interest — BUY

OAKLAND CNTY MI LUEDERS — Interest — BUY

OAKLAND CNTY MI ORCHARD — Interest — BUY

PA STATE — Interest — BUY

ROCHESTER MI GO — Interest — BUY

TROY MI PUBLIC SAFETY — Interest — BUY

WISCONSIN SCH DIST — Interest — BUY

ARTSPACE, INC — S-CORP

WASHTENAW CO — PART

COMMERCE CENTER BLDG — None

TALLAHASSEE MALL PARTNERS, LTD — PART

VICTORY VALLEY PART — PART

TPIUMFG INVESTORS LP — None

CHICO MALL PARTNERS — PART

BROADWAY MALL PARTNERS — PART

SOUTH PARK PARTNERS — PART

MERCURY PAZA SHOPPING CENTER — PART

MERCURY PAZA SHOPPING CENTER — PART — BUY

TERPRISES — None — BUY

BROCKTON PARTNERS — PART — BUY

PARTNERS — None — BUY

Interest — uU — "TION

TWO PARTNERSHIP INTERESTS OWNED BY MRS. COHN WERE INADVERTANTLY OMITTED FROM PART VII OF THE 2003 REPORT;

THEY WERE PURCHASED IN 2003. THEY ARE THE THING ABOUT MEN AND LAYTON HILLS PARTNERS. THEY ARE NOW INCLUDED

IN PART VIL