Capital Management Associates

Passive Fixed Income Portfolio Company Descriptions

(This is a description of the underlying issuer companies of a large cross section of the investment holdings within the Passive Fixed Income Account portfolio. )

Aon Corp. is a holding company that comprises a family of insurance brokerage, consulting and insurance underwriting subsidiaries.

American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a nearly 39,000-mile network that includes more 765 kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined.

Apartment Investment and Management Co. is a real estate investment trust with headquarters in Denver, Colorado and 18 regional operating centers, which holds a geographically diversified portfolio of apartment communities. AIMCO, through its subsidiaries, operates approximately 1,600 properties, including approximately 304,000 apartment units, and serves approximately one million residents.

Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.

AvalonBay Communities, Inc. headquartered in Alexandria, Virginia, owns or holds an ownership interest in over 140 apartment communities containing over 41,000 apartment homes in eleven states and the District of Columbia. AvalonBay is in the business of developing, redeveloping, acquiring and managing luxury apartment communities in high barrier-to-entry markets of the United States.

AT&T Inc. A premier communications holding company in the United States and around the world, with operating subsidiaries providing services under the AT&T brand. AT&T is the recognized world leader in providing IP-based communications services to businesses and the U.S. leader in providing wireless, high speed Internet access, local and long distance voice, and directory publishing and advertising through its Yellow Pages and YELLOWPAGES.COM organizations.

Bank of Montreal Canada's first bank, is a highly diversified financial services institution. The bank operates more than 30 lines of business within its group of companies, including BMO Nesbitt Burns, one of Canada's largest full-service investment firms, and Chicago-based Harris Bank, a major U.S. mid-west financial services provider.

BancorpSouth, Inc. is a bank holding company headquartered in Tupelo, Mississippi with $9.4 billion in assets. BancorpSouth operates approximately 250 commercial banking, insurance, trust, broker/dealer and consumer finance locations in Alabama, Arkansas, Louisiana, Mississippi, Tennessee and Texas.

CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $27 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York state and adjacent sections of northern New Jersey and northeastern Pennsylvania; Consolidated Edison Solutions, Inc., a retail energy supply and services company; Consolidated Edison Energy, Inc., a wholesale energy supply company; and Consolidated Edison Development, Inc., a company that owns and operates generating plants and participates in other infrastructure projects.

Cooper Tire & Rubber Co. is a leading manufacturer of tires and engineered rubber products that is widely recognized for its strong customer service commitment.

DPL Inc. is a diversified regional energy company. DPL's principal subsidiaries include The DAYTON POWER & LIGHT Company (DP&L) and DPL Energy. DP&L provides electric services to 500,000 retail customers in West Central Ohio.

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company.

Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail real estate. It is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. The company owns, manages or has under development more than 130 million rentable square feet in 22 major U.S. cities. Duke, which controls approximately 7,700 acres of land for over 113 million square feet of future development, also provides nationwide real estate solutions through its national development division.

El Paso Corporation is North America's leading provider of natural gas services. The company has core businesses in natural gas production, gathering and processing, and transmission, as well as liquefied natural gas transport and receiving, petroleum logistics, power generation, and merchant energy services. El Paso Corporation, rich in assets and fully integrated across the natural gas value chain, is committed to developing new supplies and technologies to deliver energy to communities around the world.

Ford Motor Company is the world's second largest automaker, selling vehicles in 200 markets and with approximately 345,000 employees on six continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Hertz and Quality Care.

Frontier Communications Co has 2.5 million revenue generating units (RGUs), which consist of access lines plus high-speed Internet subscribers. The company operates in 23 states under the brand name of Frontier. The company also offers television in partnership with EchoStar's DISH Network, ESPN360 streaming video, security solutions and other communications services and products including bundled services for families, small businesses or home offices and more.

Goodrich Corporation, a Fortune 500 company, is a leading global supplier of systems and services to the aerospace and defense industry. Goodrich technology is involved in making aircraft fly ... helping them land ... and keeping them safe. Serving a global customer base with significant worldwide manufacturing and service facilities, Goodrich is one of the largest "pure play" aerospace companies in the world.

Goodyear is the world's largest tire company. Headquartered in Akron, Ohio, the company manufactures tires, engineered rubber products and chemicals in more than 80 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs about 85,000 people worldwide.

Health Care Property Investors, Inc. is a self-administered, equity real estate investment trust (REIT) that invests exclusively in health care facilities throughout the United States. Properties include acute care and other specialty hospitals, long term care facilities, medical office buildings, congregate care and assisted living facilities, and physician group practice clinics. Acquired properties are leased long term to established health care providers. The Company commenced business in 1985 and is headquartered in Newport Beach, California.

Hertz Global Holdings, Inc., the indirect parent corporation of The Hertz Corporation, is the largest worldwide general use car rental brand and one of the largest equipment rental businesses in the United States. In its car rental business segment, Hertz and its independent licensees and associates accept reservations for car rentals at approximately 7,600 locations in approximately 145 countries.

Hospitality Properties Trust is a real estate investment trust, or REIT, which owns over 300 hotels and more than 140 travel centers located in 44 states, Puerto Rico and Canada. HPT is headquartered in Newton, Massachusetts.

HRPT Properties Trust is a real estate investment trust headquartered in Newton, MA. HRPT currently owns office buildings with approximately 19 million square feet that are located throughout the United States.

J. C. Penney Company, Inc., a wholly-owned subsidiary of the Company, is one of America's largest department store, drugstore, catalog, and e-commerce retailers, employing approximately 250,000 associates. It operates over 1,075 JCPenney department stores in all 50 states, Puerto Rico, and Mexico, and over 50 Renner department stores in Brazil. Eckerd operates more than 2,600 drugstores throughout the Southeast, Sunbelt, and Northeast regions of the U.S. JCPenney Catalog, including e-commerce, is the nation's largest catalog merchant of general merchandise.

Kinder Morgan, Inc. is one of the largest midstream energy companies in America, operating more than 30,000 miles of natural gas and products pipelines. It also has significant retail distribution, electric generation and terminal assets.

LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, which owns interests in 17 upscale and luxury full- service hotels, totaling approximately 5,900 guest rooms in 13 markets in 11 states and the District of Columbia. LaSalle Hotel Properties focuses on investing in upscale and luxury full-service hotels located in urban, resort and convention markets. The Company seeks to grow through strategic relationships with premier internationally recognized hotel operating companies including Marriott International, Inc., Radisson Hotels International, Inc., Starwood Hotels & Resorts Worldwide, Inc., Crestline Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, and the Kimpton Hotel & Restaurant Group, LLC.

Lexington Realty Trust, formerly Lexington Corporate Properties Trust, is a real estate investment trust that owns and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area.

LTC Properties, Inc. has investments in over 80 skilled nursing facilities, more than 95 assisted living residences and one school in 30 states. The Company is a self-administered real estate investment trust that primarily invests in long-term care and other health care-related facilities through mortgage loans, facility lease transactions and other investments.

Mid-America Apartment Communities, Inc. is a self-administered, self-managed apartment-only real estate investment trust, which owns or has ownership interest in approximately 40,000 apartment units throughout the Sunbelt region of the U.S.

Penn West Energy Trust is the largest conventional oil and natural gas producing income trust in North America. In May 2005 Penn West converted from a senior independent exploration and production company into an income trust. Based in Calgary, Alberta, Penn West operates in five core areas throughout the Western Canada Sedimentary Basin. Penn West is an actively managed trust with a large and diversified asset portfolio, experienced and specialized technical teams, and an extensive inventory of internal opportunities. The Trust conducts a substantial capital program funded by retaining a proportion of cash flow. In addition, Penn West’s extensive undeveloped lands create a source of additional value through land monetization, farm-outs and exploration joint ventures.

Pfizer Inc is a research-based, global pharmaceutical company. They discover and develop innovative, value-added products that improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. The company has three business segments: health care, animal health and consumer health care. Their products are available in more than 150 countries.

Post Properties, Inc., the preeminent developer and operator of upscale apartment communities in the United States, pioneered building and branding resort-style garden apartments for over 30 years. Post now focuses on the creation of high-density, live-work-walk neighborhoods in infill locations in major urban markets across the country. The company has been recognized locally, nationally and internationally for building better neighborhoods and the preservation of historic buildings. Operating as a self-administered and self-managed equity real estate investment trust (REIT), the company's primary business consists of developing and managing Post(R) brand-name apartment communities. Nationwide, Post Properties owns approximately 32,778 apartment homes in 95 communities, including 2,598 units currently under development.

Progress Energy is a Fortune 250 diversified holding company headquartered in Raleigh, N.C., with more than 20,000 megawatts of generation capacity and $8 billion in annual revenues. The company's diverse portfolio includes two major electric utility companies, CP&L and Florida Power, as well as NCNG, SRS, Progress Rail, Progress Telecom and an important new organization, Progress Ventures, which was created to manage fuel extraction, manufacturing and delivery; merchant generation; and energy marketing and trading. These companies serve 2.9 million customers across the Southeast, providing electricity, natural gas, energy services and broadband capacity.

Royal Caribbean Cruises Ltd is a global cruise company operating two cruise brands, Royal Caribbean Intl and Celebrity Cruises.

Southwest Gas Corporation provides natural gas service to approximately 1,371,000 customers in Arizona, Nevada, and California. Its service territories are centered in the fastest-growing region of the country.

Sprint Nextel offers a comprehensive range of communications services bringing mobility to consumer, business and government customers. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks offering industry leading mobile data services; instant national and international walkie-talkie capabilities; and an award-winning and global Tier 1 Internet backbone.

Sunstone Hotel Investors, Inc. is a Southern California-based lodging real estate investment trust (REIT). The Company has interests in 47 hotels with an aggregate of 16,426 rooms primarily in the luxury and upper-upscale segments operated under nationally recognized brands such as Marriott, Hyatt, Hilton, Starwood and Fairmont.

Telephone and Data Systems, Inc.,a FORTUNE 500 company, is a diversified telecommunications corporation founded in 1969. Through its strategic business units, U.S. Cellular and TDS Telecom, TDS operates primarily by providing wireless and wireline service. TDS builds value for its shareholders by providing excellent communications services in growing, closely related segments of the telecommunications industry. The company employs approximately 11,500 people and serves nearly 6.1 million customers/units in 36 states.

Valero Energy Corporation is a Fortune 500 company based in San Antonio, with more than 3,500 employees and annual revenues of more than $15 billion. The company currently owns and operates six refineries in Texas, California, Louisiana and New Jersey with a combined throughput capacity of more than one million barrels per day, making it the nation's largest independent refining company.

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