William Henry Stafford jr

New York Life Insurance Co. — Int/Div

Prudential Life Insurance Co. (policy) — Int/Div

EIR (time share) Pensacol: Bch FI. — None

Brak erage Account #1

Memll Lynch Bank Deposit Program Money Market — Interest

Cinergy Corp (common stock) — Int/Div

Compass Bancshares (common stock) — Int/Div

General Electric (common stock) — Int/Div

Qoodyear Tire & Rubber (common stock) — Int/Div

Johnson & Jolmson (common stock) — Int/Div

NVIDIA Corp (common stock) — None

WalMart (common stock) — Int/Div

Wells Fargo & Co. (common stock) — Int/Div

Nuveen INSD Qual Muni Fund — Interest

Southwest Airlines (common stock) — Int/Div — Gift — Part VIII for details.

Lyondell Chemical (common stock) — Int/Div

Allied Capital Corp. (common stock) — Int/Div

TYCO Int! (common stock) — Int/Div

Cohen & Steers Select Utility Fund (Closed End) — Int/Div — Buy

Memill Lynch Global Growth Fund — Int/Div

IRA - Merrill Lynch (Aggregate Ownership)

Global Technology — Int/Div — Sell

Brokerage Account #2

S&P 500 Index Fund -ETF — Int/Div — Buy

Diamonds Trust Series 1 - ETF — Int/Div — Buy

IRA's - Morgan Stanley (Aggregate Ownership) — Int/Div

Blackrock Lo Duration (mutual fund)

Liquid Asset Fund (money market)

Emterpnise Growth Fund (mutual fund)

T Rowe Price Eq Inc (mutual fund)

PIMCO Total Retum A (mutual fund)

Templeton Developing Markets A (mutual fund) — Sell

PIMCO High Yield A (mutual fund)

Blackrock (ntermediate BD (mutual fund)

PIMCO Small Cap Value A (mutual fund)

Strong Opportunity INV Fd (mutual fund)

ING Intl Value A (mutual fund)

Brokerage Account #3

Memll Lynch Bank Deposit Program Money Market — Interest

Spouse's income — Montana State University and Foundation for Research on ‘Economics and the Environment — Big Sky, Montena. July 6-11. Seminar for judges and law professors. (lodging, meals & trarsportation)

(Indicate part of Report.)

Many of the entries for ERR and me in previous reports were, and continue to be, held as IRA's with Morgan Stanley and are reported under the Aggregate

of Ownership Arrangement.

Line item #1 from the 2003 report has been deleted. Investors Syndicate Ltd IV ceased operations on in 2003; therefore, the final report on this investment was

made in the 2003 report. No cash was received by termination of operations.

This year, line items #5 through #20 have been grouped under Brokerage Account #1 to show their inclusion in that account. Further, Brokerage Accounts #2

and #3 have been delineated this year. Brokerage Account #2 had been used solely to house money market funds until 2004 when two purchases of Exchange

Traded Funds (ETFs) were made. Brokerage Account #3 is technically a brokerage account; however, no investments were purchased in 2004 with the money

market funds in this account.

Item # 15 reports a gift of stock to a charity. The gift was completed on 12/23/2004.

Item #19 on last year’s report was liquidated and the account (item #18 on last year's report) was closed.

Line item #34 and 35 from last year’s report have been moved to show their inclusion in Brokerage Account #1.