FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30,2007
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: CNA Financial Corporation
Address: 333 S. Wabash
Chicago,IL 60604
13F File Number: 28-346
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct, and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Lynne Gugenheim
Title: Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
November 15,2007
Chicago, Illinois,60685
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
Assets reported herein are described as having shared
investment discretion among Loews Corporation, CNA
Financial Corporation,The Continental Corporation,
Continental Casualty Company and Continental Assurance
Company. Each of the foregoing entities specifically disclaims
ownership of any securities in this report which are not
beneficially owned by that entity and states that such
assets are solely under the control of its board of directors.
The characterization of shared investment discretion with parent
holding companies is made solely as a consequence of SEC
interpretations regarding control of the subsidiary through
share ownership. Loews Corporation owns approximately 90%
of the outstanding shares of CNA Financial Corporation;
CNA Financial Corporation owns 100% of the outstanding
shares of Continental Casualty Company and The Continental
Corporation; and Continental Casualty Company owns 100%
of the outstanding shares of Continental Assurance Company.
Loews Corporation will report separately on securities over which
it has investment discretion which are not part of this report.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 4
Form 13F Information Table Entry Total: 636
Form 13F Information Table Value Total: 1,267,769 (in thousands)
List of Other Included Managers:
No. 13F File Number Name
1 28-172 The Continental Corporation
2 28-217 Loews Corporation
3 28-386 Continental Assurance Company
4 28-387 Continental Casualty Company
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
3M CO COM 88579Y101 138 1,480 SH DEFINED 1,2 1,480
ABBOTT LABORATORIES COM 002824100 160 2,990 SH DEFINED 1,2 2,990
ABERCROMBIE & FITCH CO CL A 002896207 16 200 SH DEFINED 1,2 200
ACE LTD ORD G0070K103 41 670 SH DEFINED 1,2 670
ADOBE SYSTEMS INC COM 00724F101 1,075 24,630 SH DEFINED 1,2 24,630
ADVANCED MICRO DEVICES COM 007903107 14 1,090 SH DEFINED 1,2 1,090
AES CORP COM 00130H105 25 1,240 SH DEFINED 1,2 1,240
AETNA INC COM 00817Y108 1,953 35,990 SH DEFINED 1,2 35,990
AFFILIATED COMPUTER SVCS CL A 008190100 2,774 55,220 SH DEFINED 1,2 55,220
AFLAC INC COM 001055102 52 910 SH DEFINED 1,2 910
AFTERMARKET TECHNOLOGY CORP COM 008318107 1,139 35,875 SH DEFINED 2 35,875
AGERE SYSTEMS NOTE 00845VAA8 1,515 1,500,000 PRN DEFINED 2,3 97,959
AGILENT TECHNOLOGIES INC COM 00846U101 29 780 SH DEFINED 1,2 780
AIR PRODUCTS & CHEMICALS INCCOM 009158106 51 520 SH DEFINED 1,2 520
AKAMAI TECHNOLOGIES COM 00971T101 9 300 SH DEFINED 1,2 300
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
ALCATEL-LUCENT SPONSORE013904305 4,707 462,375 SH DEFINED 2 462,375
ALCOA INC COM 013817101 5,932 151,640 SH DEFINED 1,2 151,640
ALCON INC COM SHS H01301102 201 1,400 SH DEFINED 2 1,400
ALLEGHENY ENERGY INC COM 017361106 13 240 SH DEFINED 1,2 240
ALLEGHENY TECHNOLOGIES INC COM 01741R102 27 250 SH DEFINED 1,2 250
ALLERGAN INC COM 018490102 41 640 SH DEFINED 1,2 640
ALLIED WASTE INDUSTRIES INC COM 019589308 6 460 SH DEFINED 1,2 460
ALLSTATE CORP COM 020002101 2,483 43,425 SH DEFINED 1,2 43,425
ALLTEL CORP COM 020039103 53 760 SH DEFINED 1,2 760
ALTERA CORPORATION COM 021441100 15 610 SH DEFINED 1,2 610
ALTRIA GROUP INC COM 02209S103 1,335 19,200 SH DEFINED 1,2 19,200
AMAZON.COM INC COM 023135106 61 650 SH DEFINED 1,2 650
AMAZON.COM INC NOTE 023135AF3 2,586 2,100,000 PRN DEFINED 2,3 26,914
AMBAC FINANCIAL GROUP INC COM 023139108 16 250 SH DEFINED 1,2 250
AMDOCS LIMITED NOTE 02342TAD1 526 500,000 PRN DEFINED 2,3 11,596
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
AMEREN CORPORATION COM 023608102 21 400 SH DEFINED 1,2 400
AMERICAN CAPITAL STRATEGIES COM 024937104 13 300 SH DEFINED 1,2 300
AMERICAN ELECT PWR INC COM 025537101 6,447 139,910 SH DEFINED 1,2 139,910
AMERICAN EQUITY INVT LIFE HLCOM 025676206 1,200 112,675 SH DEFINED 2 112,675
AMERICAN EXPRESS COM 025816109 1,035 17,440 SH DEFINED 1,2 17,440
AMERICAN INTERNATIONAL GROUPCOM 026874107 11,516 170,230 SH DEFINED 1,2 170,230
AMERICAN NATIONAL INSURANCE COM 028591105 710 5,400 SH DEFINED 2 5,400
AMERICAN STANDARD COS INC COM 029712106 9 250 SH DEFINED 1,2 250
AMERIPRISE FINANCIAL INC COM 03076C106 35 550 SH DEFINED 1,2 550
AMERISOURCE HEALTH CORP COM 03073E105 1,545 34,090 SH DEFINED 1,2 34,090
AMGEN INC COM 031162100 1,929 34,105 SH DEFINED 1,2 34,105
ANADARKO PETROLEUM CORP COM 032511107 16,171 300,860 SH DEFINED 1,2 300,860
ANALOG DEVICES COM 032654105 22 600 SH DEFINED 1,2 600
ANHEUSER BUSCH CO COM 035229103 1,462 29,250 SH DEFINED 1,2 29,250
ANSYS INC COM 03662Q105 165 4,824 SH DEFINED 2,4 4,824
AON CORP COM 037389103 25 550 SH DEFINED 1,2 550
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
APACHE CORP COM 037411105 5,914 65,670 SH DEFINED 1,2 65,670
APARTMENT INVT & MGMT CO CL A 03748R101 6 140 SH DEFINED 1,2 140
APOLLO GROUP INC CL A 037604105 18 300 SH DEFINED 1,2 300
APPLE INC COM 037833100 264 1,720 SH DEFINED 1,2 1,720
APPLIED BIOSYSTEMS GROUP GRP 038020103 12 360 SH DEFINED 1,2 360
APPLIED MATERIALS INC COM 038222105 56 2,690 SH DEFINED 1,2 2,690
ARCHER-DANIELS-MIDLAND CO COM 039483102 41 1,240 SH DEFINED 1,2 1,240
ARCHSTONE-SMITH TRUST COM 039583109 31 510 SH DEFINED 1,2 510
ARGO GROUP INTERNATIONAL COM G0464B107 772 17,750 SH DEFINED 2 17,750
ARIZONA STAR RESOURCE CORP COM 04059G106 62,445 4,550,100 SH DEFINED 2,4 4,550,100
ARVINMERITOR INC COM 043353101 746 44,350 SH DEFINED 2 44,350
ASHLAND INC COM 044209104 5 90 SH DEFINED 1,2 90
ASSURANT INC COM 04621X108 5 100 SH DEFINED 1,2 100
AT&T INC COM 00206R102 517 12,215 SH DEFINED 1,2 12,215
ATLAS PIPELINE HOLDINGS LP COM 04939R108 9,617 237,222 SH DEFINED 2,4 237,222
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
ATLAS PIPELINE PARTNERS INT 049392103 5,583 119,043 SH DEFINED 2,4 119,043
AUTODESK INC COM 052769106 21 430 SH DEFINED 1,2 430
AUTOMATIC DATA PROCESSING COM 053015103 46 1,000 SH DEFINED 1,2 1,000
AUTONATION INC COM 05329W102 4 210 SH DEFINED 1,2 210
AUTOZONE INC COM 053332102 21 180 SH DEFINED 1,2 180
AVALONBAY COMMUNITIES INC COM 053484101 24 200 SH DEFINED 1,2 200
AVAYA INC COM 053499109 14 850 SH DEFINED 1,2 850
AVERY DENNISON CORP COM 053611109 14 240 SH DEFINED 1,2 240
AVON PRODUCTS INC COM 054303102 32 840 SH DEFINED 1,2 840
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,848 47,500 SH DEFINED 2 47,500
BAKER HUGHES INC COM 057224107 61 670 SH DEFINED 1,2 670
BALL CORP COM 058498106 8 150 SH DEFINED 1,2 150
BANCO BILBAO VIZCAYA SPONSORE05946K101 8 327 SH DEFINED 1,2 327
BANK OF AMERICA CORP COM 060505104 7,480 148,791 SH DEFINED 1,2 148,791
BANK OF NEW YORK COM 064058100 13,911 315,157 SH DEFINED 1,2 315,157
BARD (C.R.) INC COM 067383109 22 250 SH DEFINED 1,2 250
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
BARR PHARMACEUTICALS INC COM 068306109 9 150 SH DEFINED 1,2 150
BARRICK GOLD CORP COM 067901108 1,321 32,801 SH DEFINED 2 32,801
BAUSCH & LOMB INC COM 071707103 12 180 SH DEFINED 1,2 180
BAXTER INTERNATIONAL INC COM 071813109 70 1,240 SH DEFINED 1,2 1,240
BB&T CORP COM 054937107 43 1,070 SH DEFINED 1,2 1,070
BEAR STEARNS COMPANIES INC COM 073902108 34 280 SH DEFINED 1,2 280
BEARINGPOINT INC COM 074002106 241 59,450 SH DEFINED 2 59,450
BECTON DICKINSON & CO COM 075887109 45 550 SH DEFINED 1,2 550
BED BATH & BEYOND INC COM 075896100 17 500 SH DEFINED 1,2 500
BEMIS COMPANY COM 081437105 4 150 SH DEFINED 1,2 150
BEST BUY CO INC COM 086516101 36 780 SH DEFINED 1,2 780
BIG LOTS INC COM 089302103 4 150 SH DEFINED 1,2 150
BIOGEN IDEC INC COM 09062X103 39 590 SH DEFINED 1,2 590
BJ SERVICES CO COM 055482103 14 530 SH DEFINED 1,2 530
BLACK & DECKER CORP COM 091797100 2,635 31,635 SH DEFINED 1,2 31,635
BLACKROCK FLORIDA INSD MUNI COM 09250G102 543 38,900 SH DEFINED 2,4 38,900
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
BLACKROCK MUNIYIELD INSURED COM 09254E103 1,564 116,400 SH DEFINED 2,4 116,400
BLACKROCK MUNIYIELD NY INSURCOM 09255E102 721 55,900 SH DEFINED 2,4 55,900
BLOUNT INTERNATIONAL INC COM 095180105 153 13,425 SH DEFINED 2 13,425
BMC SOFTWARE INC COM 055921100 12 390 SH DEFINED 1,2 390
BOEING CO COM 097023105 1,306 12,440 SH DEFINED 1,2 12,440
BOSTON PROPERTIES INC COM 101121101 28 270 SH DEFINED 1,2 270
BOSTON SCIENTIFIC CORP COM 101137107 32 2,289 SH DEFINED 1,2 2,289
BOWNE & CO INC COM 103043105 797 47,850 SH DEFINED 2 47,850
BRADY CORPORATION CL A 104674106 667 18,600 SH DEFINED 2 18,600
BRISTOL-MYERS SQUIBB CO COM 110122108 2,035 70,595 SH DEFINED 1,2 70,595
BROADCOM CORP CL A 111320107 32 870 SH DEFINED 1,2 870
BROOKFIELD HOMES CORP COM 112723101 464 25,000 SH DEFINED 2 25,000
BROWN-FORMAN CORP CL B 115637209 16 210 SH DEFINED 1,2 210
BRUNSWICK CORP COM 117043109 3 130 SH DEFINED 1,2 130
BUCKEYE GP HOLDINGS LP COM 118167105 4,543 150,870 SH DEFINED 2,4 150,870
BUCKEYE PARTNERS LP LTD PART118230101 2,951 60,300 SH DEFINED 2,4 60,300
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
BURLINGTON NORTHERN SANTA FECOM 12189T104 58 720 SH DEFINED 1,2 720
C.H. ROBINSON WORLDWIDE INC COM 12541W209 16 300 SH DEFINED 1,2 300
CA INC COM 12673P105 2,435 94,692 SH DEFINED 1,2 94,692
CABOT MICROELECTRONICS CORP COM 12709P103 398 9,300 SH DEFINED 2 9,300
CALUMET SPECIALTY PRODUCTS LTD PART131476103 4,368 88,851 SH DEFINED 2,4 88,851
CAMPBELL SOUP CO COM 134429109 16 430 SH DEFINED 1,2 430
CAPITAL ONE FINANCIAL CORP COM 14040H105 2,302 34,651 SH DEFINED 1,2 34,651
CAPITAL PRODUCT PARTNERS LP COM Y11082107 4,173 169,000 SH DEFINED 2,4 169,000
CARDINAL HEALTH INC COM 14149Y108 49 780 SH DEFINED 1,2 780
CARNIVAL CORP PAIRED C143658300 41 840 SH DEFINED 1,2 840
CARTER'S INC COM 146229109 407 20,400 SH DEFINED 2 20,400
CATERPILLAR INC COM 149123101 1,631 20,790 SH DEFINED 1,2 20,790
CB RICHARD ELLIS GROUP INC CL A 12497T101 8 300 SH DEFINED 1,2 300
CBS CORP CL B 124857202 3,195 101,420 SH DEFINED 1,2 101,420
CELGENE CORP COM 151020104 57 800 SH DEFINED 1,2 800
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
CENTERPOINT ENERGY INC COM 15189T107 9 540 SH DEFINED 1,2 540
CENTEX CORP COM 152312104 5 170 SH DEFINED 1,2 170
CENTURYTEL INC COM 156700106 8 170 SH DEFINED 1,2 170
CHEMICAL FINANCIAL CORP COM 163731102 911 37,575 SH DEFINED 2 37,575
CHESAPEAKE ENERGY CORP COM 165167107 26 740 SH DEFINED 1,2 740
CHESAPEAKE ENERGY CORP NOTE 165167CA3 2,553 2,500,000 PRN DEFINED 2,3 48,467
CHEVRON CORP COM 166764100 407 4,350 SH DEFINED 1,2 4,350
CHUBB CORP COM 171232101 42 790 SH DEFINED 1,2 790
CIBER INC COM 17163B102 1,473 188,575 SH DEFINED 2 188,575
CIENA CORP COM 171779309 5 120 SH DEFINED 1,2 120
CIGNA CORP COM 125509109 26 480 SH DEFINED 1,2 480
CINCINNATI FINANCIAL CORP COM 172062101 11 250 SH DEFINED 1,2 250
CINTAS CORP COM 172908105 7 200 SH DEFINED 1,2 200
CIRCUIT CITY STORES INC COM 172737108 2 200 SH DEFINED 1,2 200
CISCO SYSTEMS INC COM 17275R102 1,790 54,050 SH DEFINED 1,2 54,050
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
CIT GROUP INC COM 125581108 3,256 80,990 SH DEFINED 1,2 80,990
CITIGROUP INC COM 172967101 10,716 229,610 SH DEFINED 1,2 229,610
CITIZENS COMMUNICATIONS CO COM 17453B101 9 660 SH DEFINED 1,2 660
CITRIX SYSTEMS INC COM 177376100 10 260 SH DEFINED 1,2 260
CLEAR CHANNEL COMMUNICATIONSCOM 184502102 34 910 SH DEFINED 1,2 910
CLECO CORPORATION COM 12561W105 1,153 45,610 SH DEFINED 2 45,610
CLOROX CO COM 189054109 934 15,320 SH DEFINED 1,2 15,320
CME GROUP INC COM 12572Q105 94 160 SH DEFINED 1,2 160
CMS ENERGY CORP COM 125896100 7 410 SH DEFINED 1,2 410
CNA SURETY CORPORATION COM 12612L108 483,505 27,425,147 SH DEFINED 1,4 27,425,147
COACH INC COM 189754104 1,452 30,720 SH DEFINED 1,2 30,720
COCA COLA CO COM 191216100 702 12,220 SH DEFINED 1,2 12,220
COCA-COLA ENTERPRISES COM 191219104 12 490 SH DEFINED 1,2 490
COGNIZANT TECH SOLUTIONS CL A 192446102 24 300 SH DEFINED 1,2 300
COLGATE-PALMOLIVE CO COM 194162103 74 1,040 SH DEFINED 1,2 1,040
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
COMCAST CORP CL A 20030N200 3,111 129,860 SH DEFINED 2 129,860
COMCAST CORP CLA 20030N101 1,580 65,350 SH DEFINED 1,2 65,350
COMERICA COM 200340107 1,307 25,480 SH DEFINED 1,2 25,480
COMMERCE BANCORP INC/NJ COM 200519106 14 370 SH DEFINED 1,2 370
COMPUTER SCIENCES CORP COM 205363104 14 250 SH DEFINED 1,2 250
COMPUWARE CORP COM 205638109 4 530 SH DEFINED 1,2 530
CONAGRA FOODS INC COM 205887102 24 930 SH DEFINED 1,2 930
CONMED CORP COM 207410101 667 23,825 SH DEFINED 2 23,825
CONOCOPHILLIPS COM 20825C104 5,552 63,260 SH DEFINED 1,2 63,260
CONSOL ENERGY INC COM 20854P109 17 360 SH DEFINED 1,2 360
CONSOLIDATED EDISON INC COM 209115104 21 450 SH DEFINED 1,2 450
CONSTELLATION BRANDS INC CL A 21036P108 7 300 SH DEFINED 1,2 300
CONSTELLATION ENERGY GROUP COM 210371100 31 360 SH DEFINED 1,2 360
CONVERGYS CORP COM 212485106 3 190 SH DEFINED 1,2 190
CON-WAY INC COM 205944101 397 8,625 SH DEFINED 2 8,625
COOPER INDUSTRIES LTD CL A G24182100 18 360 SH DEFINED 1,2 360
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
COPANO ENERGY LLC COM 217202100 4,078 111,038 SH DEFINED 2,4 111,038
CORNING INC COM 219350105 937 38,030 SH DEFINED 1,2 38,030
COSTCO WHOLESALE CORP COM 22160K105 60 970 SH DEFINED 1,2 970
COUNTRYWIDE CREDIT IND INC COM 222372104 1,203 63,303 SH DEFINED 1,2 63,303
COVENTRY HEALTH CARE INC COM 222862104 14 230 SH DEFINED 1,2 230
COVIDIEN LTD COM G2552X108 38 922 SH DEFINED 1,2 922
CSX CORP COM 126408103 1,574 36,830 SH DEFINED 1,2 36,830
CUMMINS INC COM 231021106 33 260 SH DEFINED 1,2 260
CVS CAREMARK CORP COM 126650100 1,110 27,998 SH DEFINED 1,2 27,998
CYMER INC NOTE 232572AE7 3,421 3,400,000 PRN DEFINED 2,3 68,000
DANAHER CORP COM 235851102 45 540 SH DEFINED 1,2 540
DARDEN RESTAURANTS INC COM 237194105 9 210 SH DEFINED 1,2 210
DCP MIDSTREAM PARTNERS LP LTD PART23311P100 3,634 84,549 SH DEFINED 2,4 84,549
DEAN FOODS CO COM 242370104 5 190 SH DEFINED 1,2 190
DEERE & CO COM 244199105 79 530 SH DEFINED 1,2 530
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
DEL MONTE FOODS CO COM 24522P103 691 65,825 SH DEFINED 2 65,825
DELL INC COM 24702R101 123 4,450 SH DEFINED 1,2 4,450
DELPHI FINANCIAL GROUP CLA 247131105 786 19,438 SH DEFINED 2 19,438
DEVELOPERS DIVERSIFIED RLTY COM 251591103 11 200 SH DEFINED 1,2 200
DEVON ENERGY CORPORATION COM 25179M103 77 930 SH DEFINED 1,2 930
DIAGEO PLC ADR 25243Q205 1,395 15,900 SH DEFINED 2 15,900
DIAMONDS TRUST SERIES I UNIT 252787106 83,346 600,000 SH DEFINED 2 600,000
DILLARDS INC CL A 254067101 2 80 SH DEFINED 1,2 80
DIRECTV GROUP INC/THE COM 25459L106 36 1,500 SH DEFINED 1,2 1,500
DISCOVER FINANCIAL SERVICES COM 254709108 257 12,370 SH DEFINED 1,2 12,370
DOMINION RESOURCES INC/VA COM 25746U109 43 510 SH DEFINED 1,2 510
DOVER CORP COM 260003108 20 390 SH DEFINED 1,2 390
DOW CHEMICAL COM 260543103 81 1,880 SH DEFINED 1,2 1,880
DOW JONES & CO INC COM 260561105 11 190 SH DEFINED 1,2 190
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
DR HORTON INC COM 23331A109 6 490 SH DEFINED 1,2 490
DTE ENERGY COMPANY COM 233331107 13 260 SH DEFINED 1,2 260
DU PONT (E.I.) DE NEMOURS COM 263534109 90 1,820 SH DEFINED 1,2 1,820
DUKE ENERGY CORP COM 26441C105 47 2,498 SH DEFINED 1,2 2,498
DUNCAN ENERGY PARTNERS LP COM 265026104 4,036 177,076 SH DEFINED 2,4 177,076
DYNEGY INC CL A 26817G102 7 710 SH DEFINED 1,2 710
E*TRADE FINANCIAL CORP COM 269246104 11 810 SH DEFINED 1,2 810
EARTHLINK INC NOTE 270321AA0 1,096 1,000,000 PRN DEFINED 2,3 109,649
EASTMAN CHEMICAL COMPANY COM 277432100 15 220 SH DEFINED 1,2 220
EASTMAN KODAK CO COM 277461109 14 510 SH DEFINED 1,2 510
EATON CORP COM 278058102 32 320 SH DEFINED 1,2 320
EBAY INC COM 278642103 85 2,180 SH DEFINED 1,2 2,180
ECOLAB INC COM 278865100 12 260 SH DEFINED 1,2 260
EDISON INTERNATIONAL COM 281020107 32 570 SH DEFINED 1,2 570
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
EL PASO CORP COM 28336L109 24 1,390 SH DEFINED 1,2 1,390
ELECTRONIC ARTS INC COM 285512109 30 540 SH DEFINED 1,2 540
ELECTRONIC DATA SYSTEMS CORPCOM 285661104 21 940 SH DEFINED 1,2 940
ELI LILLY & CO COM 532457108 114 2,010 SH DEFINED 1,2 2,010
EMBARQ CORP COM 29078E105 18 316 SH DEFINED 1,2 316
EMC CORP/MASS COM 268648102 3,191 153,410 SH DEFINED 1,2 153,410
EMERSON ELECTRIC CO COM 291011104 79 1,480 SH DEFINED 1,2 1,480
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 7,840 160,558 SH DEFINED 2,4 160,558
ENCANA CORP COM 292505104 6,185 100,000 SH DEFINED 2 100,000
ENERGY TRANSFER EQUITY LP LTD PART29273V100 172 5,000 SH DEFINED 2,4 5,000
ENERGY TRANSFER PARTNERS LP LTD PART29273R109 2,638 54,000 SH DEFINED 2,4 54,000
ENSCO INTERNATIONAL INC COM 26874Q100 3,405 60,700 SH DEFINED 1,2 60,700
ENTERGY CORP COM 29364G103 43 400 SH DEFINED 1,2 400
ENTERPRISE PRODUCTS PARTNERSCOM 293792107 6,059 200,300 SH DEFINED 2,4 200,300
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
EOG RESOURCES INC COM 26875P101 40 550 SH DEFINED 1,2 550
EPIX PHARMACEUTICALS INC COM 26881Q309 366 844 SH DEFINED 2,4 844
EQUIFAX INC COM 294429105 11 280 SH DEFINED 1,2 280
EQUITY RESIDENTIAL INT 29476L107 22 520 SH DEFINED 1,2 520
ESTEE LAUDER COMPANIES CL A 518439104 8 190 SH DEFINED 1,2 190
EW SCRIPPS CO CL A 811054204 5 120 SH DEFINED 1,2 120
EXELON CORP COM 30161N101 3,969 52,670 SH DEFINED 1,2 52,670
EXPRESS SCRIPTS INC COM 302182100 28 500 SH DEFINED 1,2 500
EXPRESSJET HOLDINGS INC CL A 30218U108 252 81,600 SH DEFINED 2 81,600
EXXON MOBIL CORP COM 30231G102 2,520 27,230 SH DEFINED 1,2 27,230
FAMILY DOLLAR STORES COM 307000109 6 220 SH DEFINED 1,2 220
FANNIE MAE COM 313586109 3,131 51,490 SH DEFINED 1,2 51,490
FBL FINANCIAL GROUP INC CL A 30239F106 944 23,900 SH DEFINED 2 23,900
FEDERAL HM LOAN MORTGAGE CORCOM 313400301 4,254 72,090 SH DEFINED 1,2 72,090
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
FEDERATED INVESTORS INC CL B 314211103 5 130 SH DEFINED 1,2 130
FEDEX CORP COM 31428X106 67 640 SH DEFINED 1,2 640
FEI COMPANY NOTE 30241LAD1 1,581 1,300,000 PRN DEFINED 2,3 47,914
FIDELITY NATIONAL INFORMATIOCOM 31620M106 13 300 SH DEFINED 1,2 300
FIFTH THIRD BANCORP COM 316773100 34 1,000 SH DEFINED 1,2 1,000
FIRST AMERICAN CORPORATION COM 318522307 1,943 53,050 SH DEFINED 2 53,050
FIRST HORIZON NATIONAL CORP COM 320517105 5 180 SH DEFINED 1,2 180
FIRSTENERGY CORP COM 337932107 42 670 SH DEFINED 1,2 670
FISERV INC COM 337738108 13 250 SH DEFINED 1,2 250
FLEXTRONICS INTL LTD NOTE 33938EAL1 3,334 3,500,000 PRN DEFINED 2,3 225,443
FLUOR CORP COM 343412102 1,041 7,230 SH DEFINED 1,2 7,230
FORD MOTOR CO COM 345370860 22 2,600 SH DEFINED 1,2 2,600
FORDING CANADIAN COAL TRUST UNIT 345425102 5,390 139,000 SH DEFINED 2,4 139,000
FOREST LABORATORIES INC COM 345838106 21 560 SH DEFINED 1,2 560
FORTUNE BRANDS INC COM 349631101 26 320 SH DEFINED 1,2 320
FPL GROUP INC COM 302571104 54 880 SH DEFINED 1,2 880
FRANKLIN RESOURCES INC COM 354613101 43 340 SH DEFINED 1,2 340
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
FREEPORT-MCMORAN COPPER CL B 35671D857 82 781 SH DEFINED 1,2 781
GANNETT CO COM 364730101 19 440 SH DEFINED 1,2 440
GAP INC/THE COM 364760108 18 970 SH DEFINED 1,2 970
GATEWAY INC NOTE 367626AB4 486 500,000 PRN DEFINED 2,3 57,937
GENENTECH INC COM 368710406 94 1,200 SH DEFINED 2 1,200
GENERAL DYNAMICS CORP COM 369550108 74 880 SH DEFINED 1,2 880
GENERAL ELECTRIC CO COM 369604103 9,717 234,711 SH DEFINED 1,2 234,711
GENERAL GROWTH PROPERTIES COM 370021107 21 400 SH DEFINED 1,2 400
GENERAL MILLS INC COM 370334104 41 710 SH DEFINED 1,2 710
GENERAL MOTORS CORP COM 370442105 29 800 SH DEFINED 1,2 800
GENESIS ENERGY L.P. COM 371927104 3,735 134,120 SH DEFINED 2,4 134,120
GENUINE PARTS CO COM 372460105 13 250 SH DEFINED 1,2 250
GENWORTH FINANCIAL INC CL A 37247D106 26 850 SH DEFINED 1,2 850
GENZYME CORP COM 372917104 36 580 SH DEFINED 1,2 580
GILEAD SCIENCES INC COM 375558103 953 23,320 SH DEFINED 1,2 23,320
GOLDMAN SACHS GROUP INC COM 38141G104 178 820 SH DEFINED 1,2 820
GOODRICH CORP COM 382388106 19 280 SH DEFINED 1,2 280
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
GOODYEAR TIRE & RUBBER CO COM 382550101 11 350 SH DEFINED 1,2 350
GOOGLE INC CL A 38259P508 3,126 5,510 SH DEFINED 1,2 5,510
GRIFFON CORPORATION COM 398433102 1,062 70,350 SH DEFINED 2 70,350
H&R BLOCK INC COM 093671105 12 560 SH DEFINED 1,2 560
HALLIBURTON CO COM 406216101 1,220 31,780 SH DEFINED 1,2 31,780
HANGER ORTHOPEDIC GROUP INC COM 41043F208 624 55,075 SH DEFINED 2 55,075
HARLEY-DAVIDSON INC COM 412822108 27 580 SH DEFINED 1,2 580
HARMAN INTERNATIONAL COM 413086109 17 200 SH DEFINED 1,2 200
HARRAHS ENTERTAINMENT INC COM 413619107 41 470 SH DEFINED 1,2 470
HARTFORD FINANCIAL SVCS GRP COM 416515104 9,777 105,640 SH DEFINED 1,2 105,640
HASBRO INC COM 418056107 6 230 SH DEFINED 1,2 230
HERCULES INC COM 427056106 3 160 SH DEFINED 1,2 160
HERSHEY CO/THE COM 427866108 12 250 SH DEFINED 1,2 250
HESS CORP LTD PART42809H107 37 550 SH DEFINED 1,2 550
HEWLETT-PACKARD CO COM 428236103 1,749 35,130 SH DEFINED 1,2 35,130
HILAND HOLDINGS GP LP INT 43129M107 4,252 150,179 SH DEFINED 2,4 150,179
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
HILAND PARTNERS LP LTD PART431291103 5,658 114,498 SH DEFINED 2,4 114,498
HILTON HOTELS CORP COM 432848109 35 750 SH DEFINED 1,2 750
HJ HEINZ CO COM 423074103 27 580 SH DEFINED 1,2 580
HOLLY ENERGY PARTNERS LP LTD PTNR435763107 3,854 83,700 SH DEFINED 2,4 83,700
HOME DEPOT COM 437076102 3,695 113,910 SH DEFINED 1,2 113,910
HONEYWELL INTERNATIONAL INC COM 438516106 87 1,470 SH DEFINED 1,2 1,470
HORACE MANN EDUCATORS COM 440327104 1,003 50,900 SH DEFINED 2 50,900
HORMEL FOODS CORP COM 440452100 182 5,100 SH DEFINED 2 5,100
HOSPIRA INC COM 441060100 9 220 SH DEFINED 1,2 220
HOST HOTELS & RESORTS INC COM 44107P104 22 1,000 SH DEFINED 1,2 1,000
HUDSON CITY BANCORP INC COM 443683107 14 900 SH DEFINED 1,2 900
HUMANA INC COM 444859102 24 340 SH DEFINED 1,2 340
HUNTINGTON BANCSHARES INC COM 446150104 11 640 SH DEFINED 1,2 640
IAC/INTERACTIVECORP COM 44919P300 12 400 SH DEFINED 1,2 400
IDACORP INC COM 451107106 749 22,875 SH DEFINED 2 22,875
ILLINOIS TOOL WORKS COM 452308109 48 800 SH DEFINED 1,2 800
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
IMS HEALTH INC COM 449934108 2,046 66,790 SH DEFINED 1,2 66,790
INDYMAC BANCORP INC COM 456607100 349 14,775 SH DEFINED 2 14,775
INERGY HOLDINGS LP COM 45661Q107 4,627 97,000 SH DEFINED 2,4 97,000
INERGY LP LTD PTNR456615103 5,451 172,400 SH DEFINED 2,4 172,400
INFORMATICA CORP NOTE 45666QAB8 3,153 3,050,000 PRN DEFINED 2,3 152,500
INGERSOLL-RAND CO LTD CL A G4776G101 31 560 SH DEFINED 1,2 560
INTEGRYS ENERGY GROUP INC COM 45822P105 8 149 SH DEFINED 1,2 149
INTEL CORP COM 458140100 1,590 61,470 SH DEFINED 1,2 61,470
INTERNATIONAL BUSINESS MACHICOM 459200101 16,651 141,350 SH DEFINED 1,2 141,350
INTERNATIONAL PAPER CO COM 460146103 30 850 SH DEFINED 1,2 850
INTERPUBLIC GROUP OF COS INCCOM 460690100 10 924 SH DEFINED 1,2 924
INTL FLAVORS & FRAGRANCES COM 459506101 6 110 SH DEFINED 1,2 110
INTL GAME TECHNOLOGY COM 459902102 25 590 SH DEFINED 1,2 590
INTUIT INC COM 461202103 18 590 SH DEFINED 1,2 590
IPC HOLDINGS LTD ORD G4933P101 2,037 70,600 SH DEFINED 2 70,600
ITT CORP COM 450911102 25 370 SH DEFINED 1,2 370
IVAX CORP NOTE 465823AG7 1,280 1,240,000 PRN DEFINED 2,3 46,901
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
J.C. PENNEY CO INC COM 708160106 33 520 SH DEFINED 1,2 520
JABIL CIRCUIT INC COM 466313103 6 260 SH DEFINED 1,2 260
JANUS CAPITAL GROUP INC COM 47102X105 8 290 SH DEFINED 1,2 290
JDS UNIPHASE CORP COM 46612J507 6 401 SH DEFINED 1,2 401
JETBLUE AIRWAYS CORP NOTE 477143AB7 2,664 2,750,000 PRN DEFINED 2,3 97,059
JOHNSON & JOHNSON COM 478160104 6,674 101,585 SH DEFINED 1,2 101,585
JOHNSON CONTROLS INC COM 478366107 57 480 SH DEFINED 1,2 480
JONES APPAREL GROUP INC COM 480074103 416 19,685 SH DEFINED 1,2 19,685
JPMORGAN CHASE & CO COM 46625H100 3,080 67,230 SH DEFINED 1,2 67,230
JUNIPER NETWORKS INC COM 48203R104 37 1,010 SH DEFINED 1,2 1,010
KB HOME COM 48666K109 3 110 SH DEFINED 1,2 110
KELLOGG CO COM 487836108 26 460 SH DEFINED 1,2 460
KELLY SERVICES INC CL A 488152208 1,083 54,646 SH DEFINED 2 54,646
KEYCORP COM 493267108 22 680 SH DEFINED 1,2 680
KIMBERLY-CLARK CORP COM 494368103 60 860 SH DEFINED 1,2 860
KIMCO REALTY CORP COM 49446R109 19 410 SH DEFINED 1,2 410
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
KING PHARMACEUTICALS INC COM 495582108 5 440 SH DEFINED 1,2 440
KLA-TENCOR CORPORATION COM 482480100 22 390 SH DEFINED 1,2 390
KOHLS CORP COM 500255104 38 670 SH DEFINED 1,2 670
KRAFT FOODS INC CL A 50075N104 110 3,176 SH DEFINED 1,2 3,176
KROGER CO COM 501044101 38 1,330 SH DEFINED 1,2 1,330
L-3 COMMUNICATIONS CORP COM 502424104 1,050 10,280 SH DEFINED 1,2 10,280
LABORATORY CRP OF AMER HLDGSCOM 50540R409 22 280 SH DEFINED 1,2 280
LEAR SEATING CORP COM 521865105 3,990 124,300 SH DEFINED 2 124,300
LEGG MASON INC COM 524901105 24 290 SH DEFINED 1,2 290
LEGGETT & PLATT INC COM 524660107 5 260 SH DEFINED 1,2 260
LEHMAN BROTHERS HOLDINGS INCCOM 524908100 3,173 51,395 SH DEFINED 1,2 51,395
LENNAR CORP CL A 526057104 5 200 SH DEFINED 1,2 200
LEVEL 3 COMMUNICATIONS NOTE 52729NBA7 672 700,000 PRN DEFINED 2,3 97,493
LEVEL 3 COMMUNICATIONS NOTE 52729NBK5 2,923 2,700,000 PRN DEFINED 2,3 494,506
LEXMARK INTERNATIONAL INC CL A 529771107 6 150 SH DEFINED 1,2 150
LIBERTY MEDIA DEB 530718AF2 1,987 1,800,000 PRN DEFINED 2,3 103,334
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
LIMITED BRANDS INC COM 532716107 13 580 SH DEFINED 1,2 580
LINCOLN NATIONAL CORP COM 534187109 6,638 100,619 SH DEFINED 1,2 100,619
LINEAR TECHNOLOGY CORP COM 535678106 15 430 SH DEFINED 1,2 430
LIZ CLAIBORNE INC COM 539320101 5 150 SH DEFINED 1,2 150
LOCKHEED MARTIN CORP COM 539830109 77 710 SH DEFINED 1,2 710
LOWES COS INC COM 548661107 84 2,990 SH DEFINED 1,2 2,990
LSI CORP COM 502161102 10 1,370 SH DEFINED 1,2 1,370
M & T BANK CORP COM 55261F104 22 210 SH DEFINED 1,2 210
MACYS INC COM 55616P104 28 878 SH DEFINED 1,2 878
MAGELLAN MIDSTREAM HOLDINGS COM 55907R108 4,270 161,752 SH DEFINED 2,4 161,752
MAGNA INTERNATIONAL INC CL A 559222401 2,172 22,550 SH DEFINED 2 22,550
MANOR CARE INC COM 564055101 14 210 SH DEFINED 1,2 210
MANOR CARE INC NOTE 564055AM3 731 500,000 PRN DEFINED 2,3 11,174
MARATHON OIL CORP COM 565849106 76 1,326 SH DEFINED 1,2 1,326
MARKWEST ENERGY PARTNERS LP LTD PART570759100 6,805 221,875 SH DEFINED 2,4 221,875
MARKWEST HYDROCARBON INC COM 570762104 4,636 79,749 SH DEFINED 2,4 79,749
MARRIOTT INTERNATIONAL CLA 571903202 1,417 32,590 SH DEFINED 1,2 32,590
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
MARSH & MCLENNAN COS COM 571748102 28 1,090 SH DEFINED 1,2 1,090
MARSHALL & ILSLEY CORP COM 571834100 21 470 SH DEFINED 1,2 470
MASCO CORP COM 574599106 16 670 SH DEFINED 1,2 670
MASTERCARD INC COM 57636Q104 1,480 10,000 SH DEFINED 2 10,000
MATTEL INC COM 577081102 17 740 SH DEFINED 1,2 740
MAXIM INTEGRATED PRODUCTS COM 57772K101 16 560 SH DEFINED 1,2 560
MBIA INC COM 55262C100 18 290 SH DEFINED 1,2 290
MCCORMICK & CO COM 579780206 7 190 SH DEFINED 1,2 190
MCDATA CORP NOTE 580031AD4 1,203 1,250,000 PRN DEFINED 2,3 87,561
MCDONALDS CORP COM 580135101 1,749 32,117 SH DEFINED 1,2 32,117
MCGRAW-HILL COMPANIES INC COM 580645109 31 610 SH DEFINED 1,2 610
MCKESSON CORP COM 58155Q103 37 630 SH DEFINED 1,2 630
MEADWESTVACO CORP COM 583334107 11 360 SH DEFINED 1,2 360
MEDCO HEALTH SOLUTIONS INC COM 58405U102 56 621 SH DEFINED 1,2 621
MEDIACOM COMMUNICATIONS CORPCL A 58446K105 1,763 250,000 SH DEFINED 2 250,000
MEDTRONIC INC COM 585055106 296 5,250 SH DEFINED 1,2 5,250
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
MEMC ELECTRONIC MATERIALS COM 552715104 24 400 SH DEFINED 1,2 400
MERCK & CO. INC. COM 589331107 218 4,220 SH DEFINED 1,2 4,220
MEREDITH CORP COM 589433101 3 60 SH DEFINED 1,2 60
MERRILL LYNCH & CO INC COM 590188108 126 1,770 SH DEFINED 1,2 1,770
METLIFE INC COM 59156R108 1,188 17,040 SH DEFINED 1,2 17,040
MGIC INVESTMENT CORP COM 552848103 4 120 SH DEFINED 1,2 120
MI DEVELOPMENTS INC CL A 55304X104 1,347 40,675 SH DEFINED 2 40,675
MICRON TECHNOLOGY INC COM 595112103 16 1,440 SH DEFINED 1,2 1,440
MICROSOFT CORP COM 594918104 5,872 199,310 SH DEFINED 1,2 199,310
MILACRON INC COM 598709301 65 9,115 SH DEFINED 2 9,115
MILLIPORE CORP COM 601073109 14 180 SH DEFINED 1,2 180
MOLEX INC COM 608554101 5 200 SH DEFINED 1,2 200
MOLSON COORS BREWING CO CL B 60871R209 17 170 SH DEFINED 1,2 170
MONSANTO CO COM 61166W101 93 1,082 SH DEFINED 1,2 1,082
MONSTER WORLDWIDE INC COM 611742107 6 180 SH DEFINED 1,2 180
MOODYS CORP COM 615369105 22 440 SH DEFINED 1,2 440
MORGAN ST DEAN WITTER DISCOVCOM 617446448 1,571 24,940 SH DEFINED 1,2 24,940
MORGAN STANLEY QUAL MUNI SECSECS 61745P585 327 23,400 SH DEFINED 2,4 23,400
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
MOTOROLA INC COM 620076109 84 4,510 SH DEFINED 1,2 4,510
MURPHY OIL CORP COM 626717102 33 470 SH DEFINED 1,2 470
MYLAN INC COM 628530107 6 400 SH DEFINED 1,2 400
NABORS INDUSTRIES INC SHS G6359F103 2,479 80,550 SH DEFINED 1,2 80,550
NATIONAL CITY CORP COM 635405103 27 1,070 SH DEFINED 1,2 1,070
NATIONAL OILWELL VARCO INC COM 637071101 65 450 SH DEFINED 1,2 450
NATIONAL SEMICONDUCTOR CORP COM 637640103 11 420 SH DEFINED 1,2 420
NATURAL RESOURCE PARTNERS LPCOM 63900P103 4,795 153,800 SH DEFINED 2,4 153,800
NATURAL RESOURCE PARTNERS LPLTD PART63900P509 1,096 35,598 SH DEFINED 2,4 35,598
NCI BUILDING SYSTEMS INC COM 628852105 318 7,350 SH DEFINED 2 7,350
NCR CORPORATION COM 62886E108 13 260 SH DEFINED 1,2 260
NETWORK APPLIANCE INC COM 64120L104 20 730 SH DEFINED 1,2 730
NEW YORK TIMES CO CL A 650111107 4 200 SH DEFINED 1,2 200
NEWELL RUBBERMAID INC COM 651229106 14 490 SH DEFINED 1,2 490
NEWMONT MINING CORP COM 651639106 38 840 SH DEFINED 1,2 840
NEWS CORP LTD CL A 65248E104 8,896 404,550 SH DEFINED 1,2 404,550
NICOR INC COM 654086107 3 60 SH DEFINED 1,2 60
NIKE INC CL B 654106103 39 660 SH DEFINED 1,2 660
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
NISOURCE INC COM 65473P105 9 490 SH DEFINED 1,2 490
NOBLE CORP SHS G65422100 29 600 SH DEFINED 1,2 600
NORDSTROM INC COM 655664100 20 430 SH DEFINED 1,2 430
NORFOLK SOUTHERN CORP COM 655844108 36 690 SH DEFINED 1,2 690
NORTEL NETWORKS NOTE 656568AB8 3,312 3,375,000 PRN DEFINED 2,4 337,500
NORTHERN TRUST CORP COM 665859104 1,429 21,570 SH DEFINED 1,2 21,570
NORTHROP GRUMMAN CORP COM 666807102 54 698 SH DEFINED 1,2 698
NORTHWESTERN CORP COM 668074305 1,548 56,987 SH DEFINED 2 56,987
NOVELL INC COM 670006105 5 680 SH DEFINED 1,2 680
NOVELL INC DBCV 670006AC9 1,524 1,600,000 PRN DEFINED 2,3 138,865
NOVELLUS SYSTEMS INC COM 670008101 5 170 SH DEFINED 1,2 170
NRG ENERGY INC COM 629377508 1,201 28,400 SH DEFINED 2 28,400
NUCOR CORP COM 670346105 32 540 SH DEFINED 1,2 540
NVIDIA CORP COM 67066G104 38 1,050 SH DEFINED 1,2 1,050
OCCIDENTAL PETROLEUM COM 674599105 5,872 91,640 SH DEFINED 1,2 91,640
OFFICE DEPOT INC COM 676220106 11 510 SH DEFINED 1,2 510
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
OFFICEMAX INC COM 67622P101 4 110 SH DEFINED 1,2 110
OLD REPUBLIC INTL CORP COM 680223104 1,273 67,922 SH DEFINED 2 67,922
OMNICOM GROUP COM 681919106 29 600 SH DEFINED 1,2 600
ONEOK PARTNERS LP LTD PART68268N103 458 7,700 SH DEFINED 2,4 7,700
ORACLE CORP COM 68389X105 1,108 51,180 SH DEFINED 1,2 51,180
P G & E CORP COM 69331C108 29 600 SH DEFINED 1,2 600
PACCAR INC COM 693718108 48 560 SH DEFINED 1,2 560
PACTIV CORPORATION COM 695257105 6 200 SH DEFINED 1,2 200
PALL CORP COM 696429307 7 180 SH DEFINED 1,2 180
PARKER HANNIFIN CORP COM 701094104 30 270 SH DEFINED 1,2 270
PATTERSON COS INC COM 703395103 8 200 SH DEFINED 1,2 200
PAYCHEX INC COM 704326107 24 590 SH DEFINED 1,2 590
PEABODY ENERGY CORP COM 704549104 24 500 SH DEFINED 1,2 500
PEDIATRIX MEDICAL GROUP INC COM 705324101 532 8,125 SH DEFINED 2 8,125
PEPSI BOTTLING GROUP INC COM 713409100 7 190 SH DEFINED 1,2 190
PEPSICO INC COM 713448108 1,917 26,170 SH DEFINED 1,2 26,170
PERKINELMER INC COM 714046109 5 180 SH DEFINED 1,2 180
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
PETRO-CANADA COM 71644E102 3,443 60,000 SH DEFINED 2 60,000
PFIZER INC COM 717081103 3,490 142,850 SH DEFINED 1,2 142,850
PHARMERICA CORP-W/I COM 71714F104 42 2,818 SH DEFINED 2 2,818
PHH CORP COM 693320202 1,207 45,925 SH DEFINED 2 45,925
PIKE ELECTRIC CORP COM 721283109 1,239 66,050 SH DEFINED 2 66,050
PINNACLE WEST CAPITAL COM 723484101 6 140 SH DEFINED 1,2 140
PITNEY BOWES INC COM 724479100 19 420 SH DEFINED 1,2 420
PLANTRONICS INC COM 727493108 1,113 39,000 SH DEFINED 2 39,000
PLUM CREEK TIMBER CO COM 729251108 12 260 SH DEFINED 1,2 260
PMI GROUP INC COM 69344M101 491 15,000 SH DEFINED 2 15,000
PNC FINANCIAL SERVICES GROUPCOM 693475105 49 720 SH DEFINED 1,2 720
POLO RALPH LAUREN CORP CL A 731572103 16 200 SH DEFINED 1,2 200
PPG INDUSTRIES INC COM 693506107 26 340 SH DEFINED 1,2 340
PPL CORPORATION COM 69351T106 35 750 SH DEFINED 1,2 750
PRAXAIR INC COM 74005P104 1,730 20,660 SH DEFINED 1,2 20,660
PRECISION CASTPARTS CORP COM 740189105 44 300 SH DEFINED 1,2 300
PRINCIPAL FINANCIAL GROUP COM 74251V102 37 590 SH DEFINED 1,2 590
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
PROCTER & GAMBLE CO COM 742718109 1,431 20,350 SH DEFINED 1,2 20,350
PROGRESS ENERGY INC COM 743263105 22 460 SH DEFINED 1,2 460
PROGRESSIVE CORP COM 743315103 859 44,250 SH DEFINED 1,2 44,250
PROLOGIS INT 743410102 36 550 SH DEFINED 1,2 550
PRUDENTIAL FINANCIAL INC COM 744320102 98 1,000 SH DEFINED 1,2 1,000
PUBLIC SERVICE ENTERPRISE GPCOM 744573106 49 560 SH DEFINED 1,2 560
PUBLIC STORAGE COM 74460D109 22 280 SH DEFINED 1,2 280
PULTE HOMES INC COM 745867101 5 400 SH DEFINED 1,2 400
QLOGIC CORP COM 747277101 3 220 SH DEFINED 1,2 220
QUALCOMM INC COM 747525103 138 3,270 SH DEFINED 1,2 3,270
QUEST DIAGNOSTICS COM 74834L100 13 230 SH DEFINED 1,2 230
QUESTAR CORP COM 748356102 16 300 SH DEFINED 1,2 300
QWEST COMMUNICATIONS INTL COM 749121109 27 2,990 SH DEFINED 1,2 2,990
RADIO ONE INC CL D 75040P405 394 105,700 SH DEFINED 2 105,700
RADIOSHACK CORP COM 750438103 4 190 SH DEFINED 1,2 190
RAIT FINANCIAL TRUST COM 749227104 743 90,281 SH DEFINED 2,4 90,281
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
RAYTHEON COMPANY COM 755111507 60 940 SH DEFINED 1,2 940
RED HAT INC DBCV 756577AB8 4,277 4,250,000 PRN DEFINED 2,3 166,070
REGENCY ENERGY PARTNERS LP COM 75885Y107 5,314 180,754 SH DEFINED 2,4 180,754
REGIONS FINANCIAL CORP COM 7591EP100 40 1,340 SH DEFINED 1,2 1,340
REGIS CORP COM 758932107 1,063 33,325 SH DEFINED 2 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 3,342 51,100 SH DEFINED 2 51,100
RENT-A-CENTER INC COM 76009N100 2,526 139,300 SH DEFINED 2 139,300
REYNOLDS AMERICAN INC COM 761713106 22 350 SH DEFINED 1,2 350
ROBERT HALF INTL INC COM 770323103 7 240 SH DEFINED 1,2 240
ROCKWELL AUTOMATION INC COM 773903109 8,539 122,850 SH DEFINED 1,2 122,850
ROCKWELL COLLINS INC. COM 774341101 26 350 SH DEFINED 1,2 350
ROHM AND HAAS CO COM 775371107 17 310 SH DEFINED 1,2 310
ROWAN COMPANIES INC COM 779382100 6 160 SH DEFINED 1,2 160
RR DONNELLEY & SONS CO COM 257867101 15 410 SH DEFINED 1,2 410
RYDER SYSTEM INC COM 783549108 4 90 SH DEFINED 1,2 90
SAFECO CORP COM 786429100 17 270 SH DEFINED 1,2 270
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
SAFEWAY INC COM 786514208 28 840 SH DEFINED 1,2 840
SANDISK CORP COM 80004C101 21 380 SH DEFINED 1,2 380
SANGAMO BIOSCIENCES INC COM 800677106 1,717 121,665 SH DEFINED 2 121,665
SARA LEE CORP COM 803111103 772 46,236 SH DEFINED 1,2 46,236
SCANA CORP COM 80589M102 1,313 33,902 SH DEFINED 2 33,902
SCHERING-PLOUGH CORP COM 806605101 92 2,920 SH DEFINED 1,2 2,920
SCHLUMBERGER LIMITED COM 806857108 2,667 25,400 SH DEFINED 1,2 25,400
SCHWAB (CHARLES) CORP COM 808513105 38 1,780 SH DEFINED 1,2 1,780
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,418 60,850 SH DEFINED 2 60,850
SEALED AIR CORP COM 81211K100 6 240 SH DEFINED 1,2 240
SEALY CORP COM 812139301 1,204 85,775 SH DEFINED 2 85,775
SEARS HOLDINGS CORP COM 812350106 1,635 12,850 SH DEFINED 1,4 12,850
SEMGROUP ENERGY PARTNERS LP UNIT LP 81662W108 1,276 44,000 SH DEFINED 2,4 44,000
SEMPRA ENERGY COM 816851109 1,987 34,180 SH DEFINED 1,2 34,180
SHERWIN-WILLIAMS CO/THE COM 824348106 17 260 SH DEFINED 1,2 260
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
SIGMA-ALDRICH COM 826552101 10 200 SH DEFINED 1,2 200
SIMON PROPERTY GROUP INC COM 828806109 52 520 SH DEFINED 1,2 520
SLM CORP COM 78442P106 39 790 SH DEFINED 1,2 790
SMITH INTERNATIONAL INC COM 832110100 35 490 SH DEFINED 1,2 490
SNAP-ON INC COM 833034101 4 80 SH DEFINED 1,2 80
SOLECTRON CORP COM 834182107 7 1,710 SH DEFINED 1,2 1,710
SOUTHERN CO COM 842587107 53 1,460 SH DEFINED 1,2 1,460
SOUTHWEST AIRLINES CO COM 844741108 22 1,520 SH DEFINED 1,2 1,520
SOVEREIGN BANCORP INC COM 845905108 12 715 SH DEFINED 1,2 715
SPECTRA ENERGY CORP COM 847560109 29 1,199 SH DEFINED 1,2 1,199
SPHERION CORPORATION COM 848420105 141 17,125 SH DEFINED 2 17,125
SPRINT CORP COM 852061100 4,098 215,678 SH DEFINED 1,2 215,678
ST JUDE MEDICAL INC COM 790849103 908 20,610 SH DEFINED 1,2 20,610
STANLEY WORKS/THE COM 854616109 12 220 SH DEFINED 1,2 220
STAPLES INC COM 855030102 126 5,840 SH DEFINED 1,2 5,840
STARBUCKS CORP COM 855244109 875 33,380 SH DEFINED 1,2 33,380
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
STARWOOD HOTELS & RESORTS COM 85590A401 31 510 SH DEFINED 1,2 510
STATE STREET CORP COM 857477103 60 880 SH DEFINED 1,2 880
STEWART INFORMATION SERVICESCOM 860372101 835 24,375 SH DEFINED 2 24,375
STONE CONTAINER CORP COM 832727101 1,168 100,000 SH DEFINED 2 100,000
STRYKER CORP COM 863667101 43 630 SH DEFINED 1,2 630
SUN MICROSYSTEMS INC COM 866810104 40 7,030 SH DEFINED 1,2 7,030
SUNOCO INC COM 86764P109 21 290 SH DEFINED 1,2 290
SUNTRUST BANKS INC COM 867914103 55 730 SH DEFINED 1,2 730
SUPERVALU INC COM 868536103 16 401 SH DEFINED 1,2 401
SYMANTEC CORP COM 871503108 33 1,714 SH DEFINED 1,2 1,714
SYNOVUS FINANCIAL CORP COM 87161C105 16 560 SH DEFINED 1,2 560
SYSCO CORP COM 871829107 42 1,190 SH DEFINED 1,2 1,190
T ROWE PRICE GROUP INC COM 74144T108 27 480 SH DEFINED 1,2 480
TARGET CORP COM 87612E106 1,064 16,730 SH DEFINED 1,2 16,730
TC PIPELINES LP LTD PART87233Q108 696 19,515 SH DEFINED 2,4 19,515
TECH DATA CORP COM 878237106 886 22,075 SH DEFINED 2 22,075
TECO ENERGY INC COM 872375100 6 390 SH DEFINED 1,2 390
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
TEEKAY OFFSHORE PARTNERS LP LP PARTNY8565J101 3,701 130,100 SH DEFINED 2,4 130,100
TEKTRONIX INC COM 879131100 3 120 SH DEFINED 1,2 120
TELLABS INC COM 879664100 8 840 SH DEFINED 1,2 840
TEMPLE-INLAND INC COM 879868107 8 160 SH DEFINED 1,2 160
TEMPUR-PEDIC INTERNATIONAL COM 88023U101 206 5,750 SH DEFINED 2 5,750
TENET HEALTHCARE CORP CL A 88033G100 3 870 SH DEFINED 1,2 870
TERADYNE INC COM 880770102 4 280 SH DEFINED 1,2 280
TEREX CORP COM 880779103 27 300 SH DEFINED 1,2 300
TEXAS INSTRUMENTS INC COM 882508104 102 2,800 SH DEFINED 1,2 2,800
TEXTRON INC COM 883203101 1,167 18,760 SH DEFINED 1,2 18,760
TFS FINANCIAL CORP COM 87240R107 1,332 102,950 SH DEFINED 2 102,950
THE WALT DISNEY CO COM 254687106 134 3,900 SH DEFINED 1,2 3,900
THERMO FISHER SCIENTIFIC INCCOM 883556102 46 790 SH DEFINED 1,2 790
TIFFANY & CO COM 886547108 10 200 SH DEFINED 1,2 200
TIME WARNER INC COM 887317105 136 7,430 SH DEFINED 1,2 7,430
TJX COMPANIES INC COM 872540109 1,767 60,790 SH DEFINED 1,2 60,790
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
TORCHMARK CORP COM 891027104 1,877 30,115 SH DEFINED 1,2 30,115
TRANSMONTAIGNE PARTNERS LP COM 89376V100 5,145 155,900 SH DEFINED 2,4 155,900
TRANSOCEAN INC ORD G90078109 73 650 SH DEFINED 1,2 650
TRAVELERS COS INC/THE COM 89417E109 65 1,297 SH DEFINED 1,2 1,297
TREX COMPANY INC COM 89531P105 616 55,425 SH DEFINED 2 55,425
TRIBUNE CO COM 896047107 7 270 SH DEFINED 1,2 270
TXU CORP COM 873168108 66 960 SH DEFINED 1,2 960
TYCO ELECTRONICS COM G9144P105 449 12,666 SH DEFINED 1,2 12,666
TYCO INTERNATIONAL LTD SHS G9143X208 41 922 SH DEFINED 1,2 922
TYSON FOODS INC CL A 902494103 8 460 SH DEFINED 1,2 460
UNILEVER NV SHS 904784709 2,019 65,450 SH DEFINED 2 65,450
UNION PACIFIC CORP COM 907818108 67 590 SH DEFINED 1,2 590
UNISYS CORP COM 909214108 5 690 SH DEFINED 1,2 690
UNITED NATIONAL GROUP LTD COM 90933T109 1,424 66,200 SH DEFINED 2 66,200
UNITED PARCEL SERVICE CL B 911312106 1,548 20,611 SH DEFINED 1,2 20,611
UNITED STATES STEEL CORP COM 912909108 30 280 SH DEFINED 1,2 280
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
UNITED STATIONERS INC COM 913004107 779 14,025 SH DEFINED 2 14,025
UNITED TECHNOLOGIES CORP COM 913017109 1,453 18,050 SH DEFINED 1,2 18,050
UNITEDHEALTH GROUP INC COM 91324P102 1,387 28,630 SH DEFINED 1,2 28,630
UNIVERSAL CORP-VA COM 913456109 1,175 24,000 SH DEFINED 2 24,000
UNUM GROUP COM 91529Y106 17 690 SH DEFINED 1,2 690
US BANCORP COM 902973304 2,427 74,600 SH DEFINED 1,2 74,600
UST INC COM 902911106 11 230 SH DEFINED 1,2 230
VALERO ENERGY CORP COM 91913Y100 14,859 221,180 SH DEFINED 1,2 221,180
VARIAN MEDICAL SYSTEMS INC COM 92220P105 8 200 SH DEFINED 1,2 200
VERISIGN INC COM 92343E102 15 450 SH DEFINED 1,2 450
VERIZON COMMUNICATIONS INC COM 92343V104 255 5,760 SH DEFINED 1,2 5,760
VF CORP COM 918204108 19 230 SH DEFINED 1,2 230
VIACOM INC CL B 92553P201 51 1,320 SH DEFINED 1,2 1,320
VIAD CORP COM 92552R406 769 21,369 SH DEFINED 2 21,369
VORNADO REALTY TRUST INT 929042109 31 280 SH DEFINED 1,2 280
VULCAN MATERIALS CO COM 929160109 21 240 SH DEFINED 1,2 240
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
WACHOVIA CORP COM 929903102 188 3,750 SH DEFINED 1,2 3,750
WAL MART STORES INC COM 931142103 5,300 121,430 SH DEFINED 1,2 121,430
WALGREEN CO COM 931422109 92 1,950 SH DEFINED 1,2 1,950
WASHINGTON MUTUAL INC COM 939322103 664 18,805 SH DEFINED 1,2 18,805
WASTE MANAGEMENT INC COM 94106L109 37 970 SH DEFINED 1,2 970
WATERS CORP COM 941848103 17 250 SH DEFINED 1,2 250
WATSON PHARMACEUTICALS INC COM 942683103 5 140 SH DEFINED 1,2 140
WEATHERFORD INTL LTD COM G95089101 1,518 22,600 SH DEFINED 1,2 22,600
WELLPOINT INC COM 94973V107 102 1,290 SH DEFINED 1,2 1,290
WELLS FARGO & COMPANY COM 949746101 236 6,630 SH DEFINED 1,2 6,630
WENDYS INTERNATIONAL INC COM 950590109 6 170 SH DEFINED 1,2 170
WESTERN UNION CO COM 959802109 31 1,489 SH DEFINED 1,2 1,489
WEYERHAEUSER CO COM 962166104 33 450 SH DEFINED 1,2 450
WHIRLPOOL CORP COM 963320106 2,991 33,568 SH DEFINED 1,2 33,568
WHOLE FOODS MARKET INC COM 966837106 10 200 SH DEFINED 1,2 200
WILLIAMS COS INC COM 969457100 2,836 83,270 SH DEFINED 1,2 83,270
WINDSTREAM CORP COM 97381W104 12 876 SH DEFINED 1,2 876
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
WISCONSIN ENERGY CORP COM 976657106 2,577 57,225 SH DEFINED 2 57,225
WRIGLEY WM JR CO COM 982526105 31 485 SH DEFINED 1,2 485
WW GRAINGER INC COM 384802104 19 210 SH DEFINED 1,2 210
WYETH COM 983024100 3,888 87,270 SH DEFINED 1,2 87,270
WYETH DBCV 983024AD2 9,714 9,218,000 PRN DEFINED 2 152,641
WYNDHAM WORLDWIDE CORP COM 98310W108 10 290 SH DEFINED 1,2 290
XCEL ENERGY INC COM 98389B100 17 780 SH DEFINED 1,2 780
XEROX CORP COM 984121103 8,701 501,800 SH DEFINED 1,2 501,800
XILINX INC COM 983919101 15 580 SH DEFINED 1,2 580
XL CAPITAL LTD CL A G98255105 3,763 47,510 SH DEFINED 1,2 47,510
XM SATELLITE RADIO HLDGS NOTE 983759AC5 1,755 2,000,000 PRN DEFINED 2,3 40,000
XTO ENERGY INC COM 98385X106 51 820 SH DEFINED 1,2 820
YAHOO! INC COM 984332106 64 2,380 SH DEFINED 1,2 2,380
YUM! BRANDS INC COM 988498101 33 980 SH DEFINED 1,2 980
ZIMMER HOLDINGS INC COM 98956P102 45 550 SH DEFINED 1,2 550
ZIONS BANCORPORATION COM 989701107 18 260 SH DEFINED 1,2 260