##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 Form 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .


Commission file number 000-08677


Tidelands Royalty Trust B




Texas
(State or other jurisdiction 
of incorporation or organization)
    
    75-6007863
(I.R.S. Employer
Identification No.)c/o The Corporate Trustee 
Bank of America, N.A. 
P.O. Box 830650, Dallas, Texas
(Address of principal executive offices)
    
    75283-0650
(Zip Code)











o þ


o þ




þ o


þ




|Large accelerated filer o | Accelerated filer o | Non-accelerated filer o(Do not check if a smaller reporting company) | Smaller reporting company þ
|------------------------- | ------------------- | -------------------------------------------------------------------- | ---------------------------

o þ
















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##### 



TABLE OF CONTENTS
 PART IItem 1.
    
    Business
    
    
    2Item 1A.
    
    Risk Factors
    
    
    4Item 1B.
    
    Unresolved Staff Comments
    
    
    7Item 2.
    
    Properties
    
    
    7Item 3.
    
    Legal Proceedings
    
    
    9Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    9PART IIItem 5.
    
    Market for Registrants Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities
    
    
    9Item 6.
    
    Selected Financial Data
    
    
    10Item 7.
    
    Trustees Discussion and Analysis of Financial Condition and Results of
Operation
    
    
    10Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    13Item 8.
    
    Financial Statements and Supplementary Data
    
    
    13Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
    
    
    14Item 9A.
    
    Controls and Procedures
    
    
    14Item 9B.
    
    Other Information
    
    
    14PART IIIItem 10.
    
    Directors and Executive Officers of the Registrant
    
    
    14Item 11.
    
    Executive Compensation
    
    
    15Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
    
    
    15Item 13.
    
    Certain Relationships and Related Transactions
    
    
    15Item 14.
    
    Principal Accountant Fees and Services
    
    
    16PART IVItem 15.
    
    Exhibits and Financial Statement Schedules
    
    
    16Certification of the Corporate Trustee Pursuant to Section 302Certification of the Corporate Trustee Pursuant to Section 906




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Part I
 
 Item 1. Business
 Organization
     The 1951 Contract
  2




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##### Table of Contents



Area
    
    Block
    

LeaseNumber
    
    Acres
    

RoyaltyInterest
    

2007Royalties
    
    OperatorGalveston
    
    
    303
    
    
    
    4565
    
    
    
    5,760
    
    
    
    4.1662
    %
    
    $
    316
    
    
    W&T Offshore Inc.Sabine Pass
    
    
    13
    
    
    
    3959
    
    
    
    3,438
    
    
    
    4.1662
    %
    
    $
    295
    
    
    NOEX Energy, Inc.West Cameron
    
    
    165
    
    
    
    758
    
    
    
    5,000
    
    
    
    4.1662
    %
    
    $
    2,053
    
    
    Devon Energy Production Company LPWest Cameron
    
    
    225
    
    
    
    900
    
    
    
    3,750
    
    
    
    1.0416
    %
    
    $
    48
    
    
    Breton Energy LLCWest Cameron
    
    
    291
    
    
    
    4397
    
    
    
    5,000
    
    
    
    4.1662
    %
    
    $
    1,514
    
    
    Devon Energy Production Company LPTotal
    
    
    
    
    
    
    
    
    
    
    22,948
    
    
    
    
    
    
    $
    4,226
  Company
    
    2007
    
    2006
    
    2005Devon Energy Production Company LP
    
    
    74
    %
    
    
    59
    %
    
    
    90
    %Newfield Exploration Co
    
    
    10
    %
    
    
    
    
    
    
    NOEX Energy, Inc
    
    
    7
    %
    
    
    26
    %
    
    
    W&T Offshore Inc
    
    
    6
    %
    
    
    13
    %
    
    
    6
    %Barron Petroleum Inc
    
    
    2
    %
    
    
    2
    %
    
    
    2
    %Dominion Exploration & Production, Inc
    
    
    1
    %
    
    
    
    
    
    
    1
    %Forest Oil Corp
    
    
    
    
    
    
    
    
    
    
    1
    %100
    %
    
    
    100
    %
    
    
    100
    %
  Trust Functions
     3




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Item 1A. Risk Factors
  Tidelands is unable to acquire royalty interests in any more leases.
  Royalty interests are depleting assets and, if the working interest owners or other operators in
the Royalty Area do not perform additional development projects, the assets may deplete faster than
expected or entirely.
  Oil and natural gas prices are volatile and fluctuate due to a number of factors, and lower prices
may reduce royalty payments to Tidelands and distributions to unitholders.
  
    
    political conditions worldwide, in particular political
disruption, war or other armed conflicts in oil producing regions;
    
    worldwide economic conditions;
    
    weather conditions;
    
    the supply and price of foreign oil and natural gas;
    
    the level of consumer demand;
    
    the price and availability of alternative fuels;
    
    the proximity to, and capacity of, transportation facilities;
and
    
    the effect of worldwide energy conservation measures.
   4




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Operating risks for the working interest owners interests in the Royalty Area can adversely affect
distributions.
  The owner of any properties in the Royalty Area may transfer any of the properties in the Royalty
Area to another unrelated third party.
  The owner of any properties in the Royalty Area may abandon any property, terminating the related
royalty interest Tidelands may hold.
  The Trustee, Tidelands and the Trusts unitholders do not control the operation or development of
the properties in the Royalty Area and have little influence over operation or development.
  Important reserve and other information with respect to the particular leases subject to Tidelands
royalty interest is difficult to obtain.
  Terrorism and continued geopolitical hostilities could adversely affect Tidelands distributions to
its unitholders or the market price of its units.
  5




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Unitholders have limited voting rights.
  The limited liability of the unitholders is uncertain.
  Tidelands royalty interest can be sold and the Trust can be terminated.
  The operators of the working interest owner are subject to extensive governmental regulation.
  If it is determined that the Trust is subject to the Texas franchise tax, the Trustee may have to
withhold an amount from future distributions to pay any tax year 2007 tax liability.
  i.e.
  6




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Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
 General
 Reserves Difficulty in Obtaining Certain Data
   Production
 2007
    
    2006
    
    2005Quantity of royalty oil and natural gas sold:Oil (in barrels (bbls))
    
    
    6,920
    
    
    
    6,722
    
    
    
    5,839Natural gas (in thousand cubic feet (mcf))
    
    
    512,320
    
    
    
    229,697
    
    
    
    263,901Weighted average sales price for royalty oil and natural
gas sold:Oil (per bbl) (1)
    
    $
    72.51
    
    
    $
    65.04
    
    
    $
    53.74Natural gas (per mcf) (1)
    
    $
    7.26
    
    
    $
    6.91
    
    
    $
    7.76
 
 (1)
    
    The weighted average sales price is calculated from data provided by the operators.  Interests in Properties
 7




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Productive Properties.
 Gross Productive Wells:Oil
    
    
    3Natural Gas
    
    
    1215Gross Leased Acres:Productive
    
    
    22,948Non-Productive
    
    
    022,948
  Present Activities
     Difficulty in Obtaining Certain Data
 8




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Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Part II
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
   Bid Quotation
    
    DistributionsYear Ended December 31,
    
    High
    
    Low
    
    (Per Unit)2007First quarter
    
    $
    23.00
    
    
    $
    13.07
    
    
    $
    0.61Second quarter
    
    
    28.00
    
    
    
    20.20
    
    
    
    0.70Third quarter
    
    
    25.75
    
    
    
    16.10
    
    
    
    0.77Fourth quarter
    
    
    32.00
    
    
    
    20.58
    
    
    
    0.762006First quarter
    
    $
    18.00
    
    
    $
    10.25
    
    
    $
    0.08Second quarter
    
    
    12.70
    
    
    
    8.50
    
    
    
    0.13Third quarter
    
    
    11.68
    
    
    
    9.61
    
    
    
    0.41Fourth quarter
    
    
    14.20
    
    
    
    9.96
    
    
    
    0.60
      9




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Item 6. Selected Financial Data
 (In Thousands, Except Per Unit Amounts)2007
    
    2006
    
    2005
    
    2004
    
    2003Statement of Income and
Undistributed Income Selected
Data:Income
 oil and natural gas royalties
    
    $
    4,220
    
    
    $
    2,025
    
    
    $
    2,363
    
    
    $
    1,376
    
    
    $
    1,365Expense
  General and administrative expenses
    
    $
    172
    
    
    $
    136
    
    
    $
    141
    
    
    $
    118
    
    
    $
    110Expense
  Federal income taxes of subsidiary
    
    $
    52
    
    
    $
    19
    
    
    $
    18
    
    
    $
    5
    
    
    $
    5Net income
    
    $
    4,062
    
    
    $
    1,912
    
    
    $
    2,241
    
    
    $
    1,264
    
    
    $
    1,271Net income per unit
    
    $
    2.93
    
    
    $
    1.38
    
    
    $
    1.62
    
    
    $
    0.91
    
    
    $
    0.92Distributions to unitholders
    
    $
    4,028
    
    
    $
    1,040
    
    
    $
    2,663
    
    
    $
    954
    
    
    $
    1,349Distributions per unit
    
    $
    2.91
    
    
    $
    0.75
    
    
    $
    1.92
    
    
    $
    0.69
    
    
    $
    0.97Balance Sheet Selected Data:Total assets at year-end
    
    $
    2,860
    
    
    $
    2,666
    
    
    $
    1,797
    
    
    $
    1,804
    
    
    $
    1,489Trust equity at year-end
    
    $
    1,943
    
    
    $
    1,910
    
    
    $
    1,037
    
    
    $
    1,459
    
    
    $
    1,149
 
 Item 7. Trustees Discussion and Analysis of Financial Condition and Results of Operation
 Critical Accounting Policies
 Results of Operations
   10




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Summary Review
    For Year Ended December 31,2007
    
    
    2006
    
    
    % ChangeIncome:Oil royalties
    
    $
    501,759
    
    
    $
    437,209
    
    
    
    14.8
    %Natural gas royalties
    
    
    3,718,317
    
    
    
    1,588,203
    
    
    
    134.1
    %$
    4,220,076
    
    
    $
    2,025,412
    
    
    
    108.4
    %Net production quantities:Oil (bbls)
    
    
    6,920
    
    
    
    6,722
    
    
    
    2.9
    %Natural gas (mcf)
    
    
    512,320
    
    
    
    229,697
    
    
    
    123.0
    %Average net prices:Oil (1)
    
    $
    72.51
    
    
    $
    65.04
    
    
    
    11.5
    %Natural gas (1)
    
    $
    7.26
    
    
    $
    6.91
    
    
    
    5.1
    %
 
 (1)
    
    These amounts are net of the cost of transportation from offshore leases to onshore
receiving points.  For Year Ended December 31,2006
    
    
    2005
    
    
    % ChangeIncome:Oil royalties
    
    $
    437,209
    
    
    $
    313,777
    
    
    
    39.3
    %Natural gas royalties
    
    
    1,588,203
    
    
    
    2,048,982
    
    
    
    (22.5
    %)$
    2,025,412
    
    
    $
    2,362,759
    
    
    
    (14.3
    %)Net production quantities:Oil (bbls)
    
    
    6,722
    
    
    
    5,839
    
    
    
    15.1
    %Natural gas (mcf)
    
    
    229,697
    
    
    
    263,901
    
    
    
    (13.0
    %)Average net prices:Oil (1)
    
    $
    65.04
    
    
    $
    53.74
    
    
    
    21.0
    %Natural gas (1)
    
    $
    6.91
    
    
    $
    7.76
    
    
    
    (11.0
    %)
 
 (1)
    
    These amounts are net of the cost of transportation from offshore leases to onshore receiving
points. 11




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Oil and Natural Gas Royalties  2007 and 2006.
    Oil and Natural Gas Royalties  2006 and 2005.
    Capital Resources and Liquidity.
    12




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Forward-Looking Statements
 
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
     
 Item 8. Financial Statements and Supplementary Data
  Page Report of Independent Registered Public Accounting Firm
    
    17 Consolidated Balance Sheets as of December 31, 2007 and 2006
    
    18 Consolidated Statements of Income and Undistributed Income for the Three Years Ended December 31, 2007
    
    19 Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2007
    
    20 Notes to Consolidated Financial Statements
    
    21
  13




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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  Changes in Internal Control Over Financial Reporting
  Trustees Report on Internal Control Over Financial Reporting
  
 Item 9B. Other Information
  
 Part III
 
 Item 10. Directors and Executive Officers of the Registrant
 Directors and Officers.
 Section 16(a) Beneficial Ownership Reporting Compliance
 Code of Ethics. th
 14




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Committees.
 
 Item 11. Executive Compensation
  Other AnnualName of Individual or Entity
    
    Year
    
    Compensation(1)Bank of America, N.A., the Trustee
    
    
    2007
    
    
    $
    20,6112006
    
    
    $
    21,2482005
    
    
    $
    20,938
 
 (1)
    
    Under the Indenture, the Trustee is entitled to reasonable and customary fees and compensation
for its services. 
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
  Amount BeneficiallyName and Address of
    
    Owned as of
    
    PercentTitle of Class
    
    Beneficial Owner
    
    December 31, 2007
    
    of ClassUnits of Beneficial Interest
    
    Marine Petroleum Trust
    
    452,366
    
    32.6%P.O. Box 830650Dallas, Texas 75283-0650
  
 Item 13. Certain Relationships and Related Transactions
  Name of Individual or Entity
    
    Year
    
    Amount PaidMarine Petroleum Corporation
    
    
    2007
    
    
    $
    50,3632006
    
    
    $
    25,5582005
    
    
    $
    36,684
 15




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Item 14. Principal Accountant Fees and Services
  2007
    
    2006Audit Fees
    
    $
    42,400
    
    
    $
    38,400Audit-Related Fees
    
    
    
    
    
    
    Tax Fees
    
    
    
    
    
    
    All Other Fees
    
    
    
    
    
    
    
  
 Part IV
 
 Item 15. Exhibits and Financial Statement Schedules
 (a)
    
    Financial Statements  See Financial Statements and Supplementary Data above.
 (b)
    
    Exhibits
 4.1
    
    Indenture of Trust dated June 1, 1954, as amended, filed as an Exhibit to
the Trusts Quarterly Report on Form 10-Q for the period ended September 30, 2001,
filed with the Securities and Exchange Commission on November 14, 2001, and
incorporated herein by reference.21.1
    
    Subsidiaries of the Trust, filed as Exhibit 21.1 to the Trusts Annual
Report on Form 10-K of for the fiscal year ended December 31, 2006, filed with the
Securities and Exchange Commission on April 2, 2007, and incorporated herein by
reference.31.1*
    
    Certification of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley of Act of 2002.32.1*
    
    Certification of the Corporate Trustee pursuant to Section 906 of the
Sarbanes-Oxley of Act of 2002.
 
 *
    
    Filed herewith. (c)
    
    Financial Statement Schedules  All required schedules are included in the financial
statements included in this Annual Report on Form 10-K.
 16




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    Dallas, TexasMarch 28, 2008
    
    
    /s/ KPMG LLP 17




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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY
 CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2007 AND 2006
 Assets
 2007
    
    
    2006Current assets:Cash and cash equivalents
    
    $
    2,034,393
    
    
    $
    1,834,550Oil and natural gas royalties receivable
    
    
    825,486
    
    
    
    831,022Total current assets
    
    
    2,859,879
    
    
    
    2,665,572Oil, natural gas and other mineral properties
    
    
    2
    
    
    
    2$
    2,859,881
    
    
    $
    2,665,574Liabilities and Trust EquityCurrent liabilities:Accounts payable
    
    $
    12,416
    
    
    $
    25,558Federal income taxes payable
    
    
    3,451
    
    
    
    9,351Income distributable to unitholders
    
    
    900,030
    
    
    
    720,922Total current liabilities
    
    
    915,897
    
    
    
    755,831Trust equity:Corpus
 authorized 1,386,525 units of beneficial interest,issued 1,386,375 units at nominal value
    
    
    2
    
    
    
    2Undistributed income
    
    
    1,943,982
    
    
    
    1,909,741Total trust equity
    
    
    1,943,984
    
    
    
    1,909,743$
    2,859,881
    
    
    $
    2,665,574
  18




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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME
THREE YEARS ENDED DECEMBER 31, 2007
 2007
    
    
    2006
    
    
    2005Income:Oil and natural gas royalties
    
    $
    4,220,076
    
    
    $
    2,025,412
    
    
    $
    2,362,759Interest and other
    
    
    65,439
    
    
    
    41,998
    
    
    
    36,954Total income
    
    
    4,285,515
    
    
    
    2,067,410
    
    
    
    2,399,713Expenses:General and administrative
    
    
    171,807
    
    
    
    135,980
    
    
    
    140,675Income before Federal income taxes
    
    
    4,113,708
    
    
    
    1,931,430
    
    
    
    2,259,038Federal income taxes of subsidiary
    
    
    51,600
    
    
    
    19,027
    
    
    
    17,553Net income
    
    
    4,062,108
    
    
    
    1,912,403
    
    
    
    2,241,485Undistributed income at beginning of year
    
    
    1,909,741
    
    
    
    1,037,145
    
    
    
    1,459,0695,971,849
    
    
    
    2,949,548
    
    
    
    3,700,554Distributions to unitholders
    
    
    4,027,867
    
    
    
    1,039,807
    
    
    
    2,663,409Undistributed income at end of year
    
    $
    1,943,982
    
    
    $
    1,909,741
    
    
    $
    1,037,145Net income per unit
    
    $
    2.93
    
    
    $
    1.38
    
    
    $
    1.62Distributions per unit
    
    $
    2.91
    
    
    $
    0.75
    
    
    $
    1.92Weighted average units outstanding
    
    
    1,386,375
    
    
    
    1,386,375
    
    
    
    1,386,375
  19




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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE YEARS ENDED DECEMBER 31, 2007
 2007
    
    
    2006
    
    
    2005Cash flows from operating activities:Net income
    
    $
    4,062,108
    
    
    $
    1,912,403
    
    
    $
    2,241,485Adjustments to reconcile net income to net cash
provided by operating activities:Change in assets and liabilities:Oil and natural gas royalties receivable
    
    
    5,536
    
    
    
    (696,588
    )
    
    
    261,581Interest receivable
    
    
    
    
    
    
    
    
    
    
    1,403Accounts payable
    
    
    (13,142
    )
    
    
    16,859
    
    
    
    (9,285
    )Federal income tax payable
    
    
    (5,900
    )
    
    
    7,950
    
    
    
    (2,159
    )Net cash provided by operating activities
    
    
    4,048,602
    
    
    
    1,240,624
    
    
    
    2,493,025Cash flows used in investing activities:Proceeds from sale of U.S. agency bonds
    
    
    
    
    
    
    
    
    
    
    200,000Net cash provided by (used in) investing activities
    
    
    
    
    
    
    
    
    
    
    200,000Cash flows
used in financing activities  cash distributions to unitholders
    
    
    (3,848,759
    )
    
    
    (1,068,228
    )
    
    
    (2,237,675
    )Net increase (decrease) in cash and cash equivalents
    
    
    199,843
    
    
    
    172,396
    
    
    
    455,350Cash and cash equivalents at beginning of year
    
    
    1,834,550
    
    
    
    1,662,154
    
    
    
    1,206,804Cash and cash equivalents at end of year
    
    
    2,034,393
    
    
    
    1,834,550
    
    
    
    1,662,154
  20




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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007
 (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL
             21




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22




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2007
    
    2006
    
    2005Devon Energy Production Company
    
    
    74
    %
    
    
    59
    %
    
    
    90
    %Newfield Exploration Co.
    
    
    10
    %
    
    
    
    
    
    
    NOEX Energy, Inc.
    
    
    7
    %
    
    
    26
    %
    
    
    W & T Offshore
    
    
    6
    %
    
    
    13
    %
    
    
    6
    %Others
    
    
    3
    %
    
    
    2
    %
    
    
    4
    %100
    %
    
    
    100
    %
    
    
    100
    %
 23




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TIDELANDS ROYALTY TRUST B AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (CONTINUED)
 (2) UNDISTRIBUTED INCOME
  (3) SUPPLEMENTAL INFORMATION RELATING TO OIL AND NATURAL GAS RESERVES (UNAUDITED)
  For Year Ended December 31,2007
    
    
    2006
    
    
    2005Net production quantities:Oil (bbls)
    
    
    6,920
    
    
    
    6,722
    
    
    
    5,839Natural gas (mcf)
    
    
    512,320
    
    
    
    229,697
    
    
    
    263,901
 (4) SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)
  Oil andNatural Gas
    
    
    Net
    
    
    Net IncomeRoyalties
    
    
    Income
    
    
    Per UnitQuarter ended:March 31, 2007
    
    $
    991,139
    
    
    $
    950,431
    
    
    $
    0.69June 30, 2007
    
    
    1,117,443
    
    
    
    1,073,025
    
    
    
    0.77September 30, 2007
    
    
    1,034,619
    
    
    
    998,200
    
    
    
    0.72December 31, 2007
    
    
    1,076,875
    
    
    
    1,040,452
    
    
    
    0.75$
    4,220,076
    
    
    $
    4,062,108
    
    
    $
    2.93Quarter ended:March 31, 2006
    
    $
    138,299
    
    
    $
    110,576
    
    
    $
    0.08June 30, 2006
    
    
    206,577
    
    
    
    181,247
    
    
    
    0.13September 30, 2006
    
    
    599,446
    
    
    
    570,301
    
    
    
    0.41December 31, 2006
    
    
    1,081,090
    
    
    
    1,050,279
    
    
    
    0.76$
    2,025,412
    
    
    $
    1,912,403
    
    
    $
    1.38
 24




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##### Table of Contents



(5) TEXAS FRANCHISE TAX
  e.g. e.g.
   25




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##### Table of Contents



SIGNATURES
  Date: March 28, 2008
    Tidelands Royalty Trust B
(Registrant)By:
    Bank of America, N.A.(in its capacity as Corporate Trusteeof Tidelands Royalty Trust B and not in
its individual capacity or otherwise)By:

    /s/ Ron E. HooperRon E. HooperSenior Vice President  NAME

    
    CAPACITIES
    
    DATEBank of America,
N.A.

    
    Corporate Trustee
    
    March 28, 2008By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President




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EXHIBIT INDEX
 ExhibitNumber
    
    Description4.1
    
    Indenture of Trust dated June 1, 1954, as amended, filed as an Exhibit to the Trusts
Quarterly Report on Form 10-Q for the period ended September 30, 2001, filed with the
Securities and Exchange Commission on November 14, 2001, and incorporated herein by reference.21.1
    
    Subsidiaries of the Trust, filed as Exhibit 21.1 to the Trusts Annual Report on Form 10-K of
for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission
on April 2, 2007, and incorporated herein by reference.31.1*
    
    Certification of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley of Act
of 2002.32.1*
    
    Certification of the Corporate Trustee pursuant to Section 906 of the Sarbanes-Oxley of Act
of 2002.
 
 *
    
    Filed herewith. 27