C FUND FEB 07

ON 1/31/07 WIN was replaced with DUK
on 2/28/07 CZN was replaced with C
on 3/30/07 T was replaced with RAI

At the end of the quarter, the holdings were:

BAC 187 @ 51.02 = $9540.74
C 195 @ 51.34 = $10,011.30
DUK 540 @ 20.29 = $10,632.60
GE 268 @ 35.36 = $9972.28
LLY 191 @ 53.71 = $9951.10
MO 119 @ 87.81 = $9987.67
MRK 229 @ 44.17 = $9984.40
PFE 386 @ 25.26 = $9997.40
RAI 180 @ 62.41 = $11,233.80
WB 175 @ 55.05 = $9966.25
CASH $105.14

TOTAL $ 101,531.10

C FUND

THE C FUND IS A VIRTUAL FUND CONSISTING OF 10 S&P500 STOCKS WITH THE HIGHEST TRI (TOTAL RETURN INDEX). SEE SPIVEYINVESTING.BLOGSPOT.COM. EACH MONTH THE LOWEST RATED STOCK IS REPLACED WITH THE HIGHEST STOCK NOT ALREADY IN THE FUND.

STARTED 1/1/07 WITH $100,000.00

BAC 187 sh @ 53.39 = $9983.93
CZN 695 sh @ 14.37 = $9987.15
GE 268 sh @ 37.21 = $9972.28
LLY 191 sh @52.10 = $9951.10
MO 119 sh @ 83.93 = $9987.67
MRK 229 sh @ 43.60 = $9984.40
PFE 386 sh @ 25.90 = $9997.40
T 279 sh @ 35.75 = $9974.25
WB 175 sh @ 56.95 = $9966.25
WIN 703 sh @ 14.22 = $9996.66
CASH $198.91