FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31,2008
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:
May 15,2008
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: 641
Form 13F Information Table Value Total: 1,183,388 (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 117 1,480 SH DEFINED 1,2 1,480
ABBOTT LABORATORIES COM 002824100 165 2,990 SH DEFINED 1,2 2,990
ABERCROMBIE & FITCH CO CL A 002896207 15 200 SH DEFINED 1,2 200
ACE LTD ORD G0070K103 37 670 SH DEFINED 1,2 670
ADC TELECOMMUNICATIONS I NOTE 000886AE1 895 1,000,000 PRN DEFINED 2,3 37,034
ADOBE SYSTEMS INC COM 00724F101 40 1,130 SH DEFINED 1,2 1,130
ADVANCED MICRO DEVICES COM 007903107 6 1,090 SH DEFINED 1,2 1,090
AES CORP COM 00130H105 21 1,240 SH DEFINED 1,2 1,240
AETNA INC COM 00817Y108 42 990 SH DEFINED 1,2 990
AFFILIATED COMPUTER SVCS CL A 008190100 2,599 51,870 SH DEFINED 1,2 51,870
AFLAC INC COM 001055102 59 910 SH DEFINED 1,2 910
AFTERMARKET TECHNOLOGY CORP COM 008318107 504 25,950 SH DEFINED 2 25,950
AGILENT TECHNOLOGIES INC COM 00846U101 23 780 SH DEFINED 1,2 780
AIR PRODUCTS & CHEMICALS INCCOM 009158106 48 520 SH DEFINED 1,2 520
AKAMAI TECHNOLOGIES COM 00971T101 8 300 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 2,813 488,350 SH DEFINED 2 488,350
ALCOA INC COM 013817101 9,074 251,640 SH DEFINED 1,2 251,640
ALCON INC COM SHS H01301102 199 1,400 SH DEFINED 2 1,400
ALLEGHENY ENERGY INC COM 017361106 681 13,490 SH DEFINED 1,2 13,490
ALLEGHENY TECHNOLOGIES INC COM 01741R102 18 250 SH DEFINED 1,2 250
ALLERGAN INC COM 018490102 36 640 SH DEFINED 1,2 640
ALLIANCE HOLDINGS GP LP UNIT LP 01861G100 23 1,000 SH DEFINED 2,4 1,000
ALLIANCE RESOURCE PARTNERS LTD PART01877R108 3,590 102,580 SH DEFINED 2,4 102,580
ALLIED WASTE INDUSTRIES INC COM 019589308 5 460 SH DEFINED 1,2 460
ALLSTATE CORP COM 020002101 2,087 43,425 SH DEFINED 1,2 43,425
ALTERA CORPORATION COM 021441100 11 610 SH DEFINED 1,2 610
ALTRIA GROUP INC COM 02209S103 502 22,600 SH DEFINED 1,2 22,600
AMAZON.COM INC COM 023135106 46 650 SH DEFINED 1,2 650
AMBAC FINANCIAL GROUP INC COM 023139108 1 250 SH DEFINED 1,2 250
AMDOCS LIMITED NOTE 02342TAD1 495 500,000 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 18 400 SH DEFINED 1,2 400
AMERICAN CAPITAL STRATEGIES COM 024937104 10 300 SH DEFINED 1,2 300
AMERICAN ELECTRIC POWER COM 025537101 4,781 114,840 SH DEFINED 1,2 114,840
AMERICAN EQUITY INVT LIFE HLCOM 025676206 1,215 130,975 SH DEFINED 2 130,975
AMERICAN EXPRESS COM 025816109 3,381 77,330 SH DEFINED 1,2 77,330
AMERICAN INTL GROUP INC COM 026874107 7,362 170,230 SH DEFINED 1,2 170,230
AMERICAN NATIONAL INSURANCE COM 028591105 576 5,400 SH DEFINED 2 5,400
AMERIPRISE FINANCIAL INC COM 03076C106 29 550 SH DEFINED 1,2 550
AMERISOURCE HEALTH CORP COM 03073E105 1,397 34,090 SH DEFINED 1,2 34,090
AMGEN INC COM 031162100 2,357 56,405 SH DEFINED 1,2 56,405
AMGEN INC NOTE 031162AE0 32 48,000 PRN DEFINED 2,3 425
AMGEN INC NOTE 031162AL4 33 50,000 PRN DEFINED 2,3 443
ANADARKO PETROLEUM CORP COM 032511107 18,963 300,860 SH DEFINED 1,2 300,860
ANALOG DEVICES COM 032654105 18 600 SH DEFINED 1,2 600
ANHEUSER BUSCH CO COM 035229103 1,388 29,250 SH DEFINED 1,2 29,250
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
ANSYS INC COM 03662Q105 167 4,824 SH DEFINED 2,4 4,824
AON CORP COM 037389103 22 550 SH DEFINED 1,2 550
APACHE CORP COM 037411105 7,934 65,670 SH DEFINED 1,2 65,670
APARTMENT INVT & MGMT CO CL A 03748R101 5 146 SH DEFINED 1,2 146
APOLLO GROUP INC CL A 037604105 13 300 SH DEFINED 1,2 300
APPLE INC COM 037833100 247 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 52 2,690 SH DEFINED 1,2 2,690
AQUILA INC COM 03840P102 2,526 786,960 SH DEFINED 2 786,960
ARCHER-DANIELS-MIDLAND CO COM 039483102 51 1,240 SH DEFINED 1,2 1,240
ARGO GROUP INTERNATIONAL COM G0464B107 779 21,925 SH DEFINED 2 21,925
ARVINMERITOR INC COM 043353101 555 44,350 SH DEFINED 2 44,350
ASHLAND INC COM 044209104 4 90 SH DEFINED 1,2 90
ASSURANT INC COM 04621X108 6 100 SH DEFINED 1,2 100
AT&T INC COM 00206R102 468 12,215 SH DEFINED 1,2 12,215
ATLAS PIPELINE HOLDINGS LP COM 04939R108 8,195 299,522 SH DEFINED 2,4 299,522
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 15,779 393,893 SH DEFINED 2,4 393,893
AUTODESK INC COM 052769106 14 430 SH DEFINED 1,2 430
AUTOMATIC DATA PROCESSING COM 053015103 42 1,000 SH DEFINED 1,2 1,000
AUTONATION INC COM 05329W102 3 210 SH DEFINED 1,2 210
AUTOZONE INC COM 053332102 20 180 SH DEFINED 1,2 180
AVALONBAY COMMUNITIES INC COM 053484101 19 200 SH DEFINED 1,2 200
AVERY DENNISON CORP COM 053611109 12 240 SH DEFINED 1,2 240
AVON PRODUCTS INC COM 054303102 33 840 SH DEFINED 1,2 840
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,614 47,500 SH DEFINED 2 47,500
BAKER HUGHES INC COM 057224107 46 670 SH DEFINED 1,2 670
BALL CORP COM 058498106 7 150 SH DEFINED 1,2 150
BANCO BILBAO VIZCAYA SPONSORE05946K101 7 326 SH DEFINED 1,2 326
BANK OF AMERICA CORP COM 060505104 7,853 207,141 SH DEFINED 1,2 207,141
BANK OF NEW YORK COM 064058100 7,801 186,937 SH DEFINED 1,2 186,937
BARD (C.R.) INC COM 067383109 24 250 SH DEFINED 1,2 250
BARR PHARMACEUTICALS INC COM 068306109 7 150 SH DEFINED 1,2 150
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
BARRICK GOLD CORP COM 067901108 4,320 99,431 SH DEFINED 2 99,431
BAXTER INTERNATIONAL INC COM 071813109 72 1,240 SH DEFINED 1,2 1,240
BB&T CORP COM 054937107 34 1,070 SH DEFINED 1,2 1,070
BEAR STEARNS COMPANIES INC COM 073902108 3 280 SH DEFINED 1,2 280
BEARINGPOINT INC COM 074002106 100 59,450 SH DEFINED 2 59,450
BECTON DICKINSON & CO COM 075887109 47 550 SH DEFINED 1,2 550
BED BATH & BEYOND INC COM 075896100 15 500 SH DEFINED 1,2 500
BEMIS COMPANY COM 081437105 4 150 SH DEFINED 1,2 150
BEST BUY CO INC COM 086516101 32 780 SH DEFINED 1,2 780
BIG LOTS INC COM 089302103 3 150 SH DEFINED 1,2 150
BIOGEN IDEC INC COM 09062X103 36 590 SH DEFINED 1,2 590
BJ SERVICES CO COM 055482103 15 530 SH DEFINED 1,2 530
BLACK & DECKER MFG CO COM 091797100 2,091 31,635 SH DEFINED 1,2 31,635
BLACKROCK FLORIDA INSD MUNI COM 09250G102 491 38,900 SH DEFINED 2,4 38,900
BLACKROCK MUNIYIELD INSURED COM 09254E103 1,445 116,400 SH DEFINED 2,4 116,400
BLACKROCK MUNIYIELD NY INSURCOM 09255E102 689 55,900 SH DEFINED 2,4 55,900
BLOUNT INTERNATIONAL INC COM 095180105 995 80,475 SH DEFINED 2 80,475
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
BMC SOFTWARE INC COM 055921100 13 390 SH DEFINED 1,2 390
BOEING COMPANY COM 097023105 925 12,440 SH DEFINED 1,2 12,440
BOSTON PROPERTIES INC COM 101121101 25 270 SH DEFINED 1,2 270
BOSTON SCIENTIFIC CORP COM 101137107 29 2,289 SH DEFINED 1,2 2,289
BOWNE & CO INC COM 103043105 428 28,037 SH DEFINED 2 28,037
BRADY CORPORATION CL A 104674106 622 18,600 SH DEFINED 2 18,600
BRISTOL-MYERS SQUIBB CO COM 110122108 1,504 70,595 SH DEFINED 1,2 70,595
BROADCOM CORP CL A 111320107 17 870 SH DEFINED 1,2 870
BROOKFIELD HOMES CORP COM 112723101 420 25,000 SH DEFINED 2 25,000
BROWN-FORMAN CORP CL B 115637209 14 210 SH DEFINED 1,2 210
BRUNSWICK CORP COM 117043109 2 130 SH DEFINED 1,2 130
BUCKEYE GP HOLDINGS LP COM 118167105 333 14,448 SH DEFINED 2,4 14,448
BURLINGTON NORTHERN SANTA FECOM 12189T104 66 720 SH DEFINED 1,2 720
C.H. ROBINSON WORLDWIDE INC COM 12541W209 16 300 SH DEFINED 1,2 300
CABOT MICROELECTRONICS CORP COM 12709P103 154 4,800 SH DEFINED 2 4,800
CADENCE DESIGN SYS INC NOTE 127387AD0 1,760 2,000,000 PRN DEFINED 2,3 94,563
CALUMET SPECIALTY PRODUCTS LTD PART131476103 5,728 243,851 SH DEFINED 2,4 243,851
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
CAMPBELL SOUP CO COM 134429109 15 430 SH DEFINED 1,2 430
CAPITAL ONE FINANCIAL CORP COM 14040H105 2,856 58,026 SH DEFINED 1,2 58,026
CARDINAL HEALTH INC COM 14149Y108 41 780 SH DEFINED 1,2 780
CARNIVAL CORP PAIRED C143658300 34 840 SH DEFINED 1,2 840
CARTER'S INC COM 146229109 1,154 71,475 SH DEFINED 2 71,475
CATERPILLAR INC COM 149123101 2,414 30,830 SH DEFINED 1,2 30,830
CB RICHARD ELLIS GROUP INC CL A 12497T101 6 300 SH DEFINED 1,2 300
CBS CORP CL B 124857202 2,239 101,420 SH DEFINED 1,2 101,420
CELGENE CORP COM 151020104 49 800 SH DEFINED 1,2 800
CENTERPOINT ENERGY INC COM 15189T107 8 540 SH DEFINED 1,2 540
CENTEX CORP COM 152312104 4 170 SH DEFINED 1,2 170
CENTURYTEL INC COM 156700106 6 170 SH DEFINED 1,2 170
CHEMICAL FINANCIAL CORP COM 163731102 896 37,575 SH DEFINED 2 37,575
CHESAPEAKE ENERGY CORP COM 165167107 34 740 SH DEFINED 1,2 740
CHEVRON CORP COM 166764100 371 4,350 SH DEFINED 1,2 4,350
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
CHUBB CORP COM 171232101 39 790 SH DEFINED 1,2 790
CIBER INC COM 17163B102 924 188,575 SH DEFINED 2 188,575
CIENA CORP COM 171779309 4 120 SH DEFINED 1,2 120
CIGNA CORP COM 125509109 19 480 SH DEFINED 1,2 480
CINCINNATI FINANCIAL CORP COM 172062101 10 250 SH DEFINED 1,2 250
CINTAS CORP COM 172908105 6 200 SH DEFINED 1,2 200
CIRCUIT CITY STORES INC COM 172737108 1 200 SH DEFINED 1,2 200
CISCO SYSTEMS INC COM 17275R102 1,302 54,050 SH DEFINED 1,2 54,050
CIT GROUP INC COM 125581108 3 290 SH DEFINED 1,2 290
CITIGROUP INC COM 172967101 5,338 249,200 SH DEFINED 1,2 249,200
CITIZENS COMMUNICATIONS CO COM 17453B101 7 660 SH DEFINED 1,2 660
CITRIX SYSTEMS INC COM 177376100 8 260 SH DEFINED 1,2 260
CLEAR CHANNEL COMMUNICATIONSCOM 184502102 27 910 SH DEFINED 1,2 910
CLOROX CO COM 189054109 868 15,320 SH DEFINED 1,2 15,320
CME GROUP INC COM 12572Q105 75 160 SH DEFINED 1,2 160
CMS ENERGY CORP COM 125896100 6 410 SH DEFINED 1,2 410
CNA SURETY CORPORATION COM 12612L108 421,799 27,425,147 SH DEFINED 1,2,4 27,425,147
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
COACH INC COM 189754104 655 21,720 SH DEFINED 1,2 21,720
COCA COLA CO COM 191216100 926 15,220 SH DEFINED 1,2 15,220
COCA-COLA ENTERPRISES COM 191219104 12 490 SH DEFINED 1,2 490
COGNIZANT TECH SOLUTIONS CL A 192446102 17 600 SH DEFINED 1,2 600
COLGATE-PALMOLIVE CO COM 194162103 81 1,040 SH DEFINED 1,2 1,040
COMCAST CORP CLA 20030N101 2,390 123,590 SH DEFINED 1,2 123,590
COMCAST CORP CL A 20030N200 2,213 116,640 SH DEFINED 2 116,640
COMERICA INC COM 200340107 894 25,480 SH DEFINED 1,2 25,480
COMPUTER ASSOCIATES INTL INCCOM 12673P105 1,426 63,392 SH DEFINED 1,2 63,392
COMPUTER SCIENCES CORP COM 205363104 10 250 SH DEFINED 1,2 250
COMPUWARE CORP COM 205638109 4 530 SH DEFINED 1,2 530
CONAGRA FOODS INC COM 205887102 22 930 SH DEFINED 1,2 930
CONMED CORP COM 207410101 321 12,500 SH DEFINED 2 12,500
CONOCOPHILLIPS COM 20825C104 248 3,260 SH DEFINED 1,2 3,260
CONSECO INC COM 208464883 604 59,250 SH DEFINED 2 59,250
CONSOL ENERGY INC COM 20854P109 25 360 SH DEFINED 1,2 360
CONSOLIDATED EDISON INC COM 209115104 18 450 SH DEFINED 1,2 450
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
CONSTELLATION BRANDS INC CL A 21036P108 5 300 SH DEFINED 1,2 300
CONSTELLATION ENERGY GROUP COM 210371100 32 360 SH DEFINED 1,2 360
CONSTELLATION ENERGY PARTNERCOM 21038E101 3,791 207,500 SH DEFINED 2,4 207,500
CONVERGYS CORP COM 212485106 3 190 SH DEFINED 1,2 190
CON-WAY INC COM 205944101 427 8,625 SH DEFINED 2 8,625
COOPER INDUSTRIES LTD CL A G24182100 14 360 SH DEFINED 1,2 360
CORNING INC. COM 219350105 914 38,030 SH DEFINED 1,2 38,030
COSTCO WHOLESALE CORP COM 22160K105 63 970 SH DEFINED 1,2 970
COUNTRYWIDE CREDIT IND INC COM 222372104 348 63,303 SH DEFINED 1,2 63,303
COVENTRY HEALTH CARE INC COM 222862104 9 230 SH DEFINED 1,2 230
COVIDIEN LTD COM G2552X108 41 922 SH DEFINED 1,2 922
CSG SYSTEMS INTL INC NOTE 126349AB5 1,610 2,000,000 PRN DEFINED 2,3 74,710
CSX CORP. COM 126408103 2,065 36,830 SH DEFINED 1,2 36,830
CUMMINS INC COM 231021106 24 520 SH DEFINED 1,2 520
CVS CORP COM 126650100 1,134 27,998 SH DEFINED 1,2 27,998
DANAHER CORP COM 235851102 41 540 SH DEFINED 1,2 540
DARDEN RESTAURANTS INC COM 237194105 7 210 SH DEFINED 1,2 210
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 ------------------
DCP MIDSTREAM PARTNERS LP LTD PART23311P100 2,213 76,307 SH DEFINED 2,4 76,307
DEAN FOODS CO COM 242370104 4 190 SH DEFINED 1,2 190
DEERE & CO COM 244199105 85 1,060 SH DEFINED 1,2 1,060
DEL MONTE FOODS CO COM 24522P103 860 90,250 SH DEFINED 2 90,250
DELL INC COM 24702R101 89 4,450 SH DEFINED 1,2 4,450
DELPHI FINANCIAL GROUP CLA 247131105 568 19,438 SH DEFINED 2 19,438
DEVELOPERS DIVERSIFIED RLTY COM 251591103 8 200 SH DEFINED 1,2 200
DEVON ENERGY CORP COM 25179M103 3,749 35,930 SH DEFINED 1,2 35,930
DIAGEO PLC ADR 25243Q205 1,293 15,900 SH DEFINED 2 15,900
DIAMONDS TRUST SERIES I UNIT SER252787106 91,800 750,000 SH DEFINED 2 750,000
DILLARDS INC-CL A CL A 254067101 1 80 SH DEFINED 1,2 80
DIRECTV GROUP INC/THE COM 25459L106 37 1,500 SH DEFINED 1,2 1,500
DISCOVER FINANCIAL-W/I COM 254709108 202 12,370 SH DEFINED 1,2 12,370
DOMINION RESOURCES INC/VA COM 25746U109 42 1,020 SH DEFINED 1,2 1,020
DOVER CORP COM 260003108 16 390 SH DEFINED 1,2 390
DOW CHEMICAL COM 260543103 69 1,880 SH DEFINED 1,2 1,880
DR HORTON INC COM 23331A109 8 490 SH DEFINED 1,2 490
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
DRESS BARN INC COM 261570105 18 1,426 SH DEFINED 2 1,426
DTE ENERGY COMPANY COM 233331107 10 260 SH DEFINED 1,2 260
DU PONT (E.I.) DE NEMOURS COM 263534109 85 1,820 SH DEFINED 1,2 1,820
DUKE ENERGY CORP COM 26441C105 45 2,498 SH DEFINED 1,2 2,498
DUNCAN ENERGY PARTNERS LP COM 265026104 3,272 177,076 SH DEFINED 2,4 177,076
DYNEGY INC-CL A CL A 26817G102 4,740 600,770 SH DEFINED 1,2 600,770
E*TRADE FINANCIAL CORP COM 269246104 3 810 SH DEFINED 1,2 810
EARTHLINK INC NOTE 270321AA0 2,130 2,000,000 PRN DEFINED 2,3 219,298
EASTMAN CHEMICAL COMPANY COM 277432100 14 220 SH DEFINED 1,2 220
EASTMAN KODAK CO COM 277461109 9 510 SH DEFINED 1,2 510
EATON CORP COM 278058102 25 320 SH DEFINED 1,2 320
EBAY INC COM 278642103 65 2,180 SH DEFINED 1,2 2,180
ECOLAB INC COM 278865100 11 260 SH DEFINED 1,2 260
EDISON INTERNATIONAL COM 281020107 28 570 SH DEFINED 1,2 570
EL PASO CORP COM 28336L109 23 1,390 SH DEFINED 1,2 1,390
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
EL PASO PIPELINE PARTNERS LPCOM 283702108 1,240 54,700 SH DEFINED 2,4 54,700
ELECTRONCIS FOR IMAGING DBCV 286082AA0 986 1,000,000 PRN DEFINED 2,3 37,851
ELECTRONIC ARTS INC COM 285512109 27 540 SH DEFINED 1,2 540
ELECTRONIC DATA SYSTEMS CORPCOM 285661104 16 940 SH DEFINED 1,2 940
ELI LILLY & CO COM 532457108 104 2,010 SH DEFINED 1,2 2,010
EMBARQ CORP COM 29078E105 13 316 SH DEFINED 1,2 316
EMC CORPORATION COM 268648102 2,033 141,760 SH DEFINED 1,2 141,760
EMERSON ELECTRIC CO COM 291011104 76 1,480 SH DEFINED 1,2 1,480
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 10,345 217,558 SH DEFINED 2,4 217,558
ENCANA CORP COM 292505104 7,575 100,000 SH DEFINED 2 100,000
ENERGY TRANSFER EQUITY LP LTD PART29273V100 5,264 168,500 SH DEFINED 2,4 168,500
ENERGY TRANSFER PARTNERS LP LTD PART29273R109 2,046 44,800 SH DEFINED 2,4 44,800
ENSCO INTERNATIONAL INC COM 26874Q100 5,367 85,700 SH DEFINED 1,2 85,700
ENTERGY CORP COM 29364G103 44 400 SH DEFINED 1,2 400
ENTERPRISE GP HOLDINGS LP UNIT LP 293716106 905 30,275 SH DEFINED 2,4 30,275
EOG RESOURCES INC COM 26875P101 66 550 SH DEFINED 1,2 550
EQUIFAX INC COM 294429105 10 280 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
EQUITY RESIDENTIAL INT 29476L107 22 520 SH DEFINED 1,2 520
ESMARK INC COM 296475106 2 134 SH DEFINED 1,2 134
ESTEE LAUDER COMPANIES CL A 518439104 9 190 SH DEFINED 1,2 190
EW SCRIPPS CO CL A 811054204 5 120 SH DEFINED 1,2 120
EXELON CORP COM 30161N101 4,159 51,170 SH DEFINED 1,2 51,170
EXPRESS SCRIPTS INC COM 302182100 32 500 SH DEFINED 1,2 500
EXPRESSJET HOLDINGS INC CL A 30218U108 215 81,600 SH DEFINED 2 81,600
EXXON MOBIL CORP COM 30231G102 2,303 27,230 SH DEFINED 1,2 27,230
FAMILY DOLLAR STORES COM 307000109 4 220 SH DEFINED 1,2 220
FBL FINANCIAL GROUP INC CL A 30239F106 681 23,900 SH DEFINED 2 23,900
FEDERAL HM LOAN MORTGAGE CORCOM 313400301 3,074 121,390 SH DEFINED 1,2 121,390
FEDERAL NATL MTGE ASSN. COM 313586109 2,024 76,915 SH DEFINED 1,2 76,915
FEDERATED INVESTORS INC CL B 314211103 5 130 SH DEFINED 1,2 130
FEDEX CORP COM 31428X106 59 640 SH DEFINED 1,2 640
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
FEI COMPANY NOTE 30241LAD1 2,288 2,291,000 PRN DEFINED 2,3 84,439
FIDELITY NATIONAL INFORMATIOCOM 31620M106 11 300 SH DEFINED 1,2 300
FIFTH THIRD BANCORP COM 316773100 21 1,000 SH DEFINED 1,2 1,000
FINANCIAL SELECT SECTOR SPDRSBI INT-81369Y605 7,461 300,000 SH DEFINED 2 300,000
FIRST AMERICAN CORPORATION COM 318522307 624 18,400 SH DEFINED 2 18,400
FIRST HORIZON NATIONAL CORP COM 320517105 3 180 SH DEFINED 1,2 180
FIRSTENERGY CORP COM 337932107 46 670 SH DEFINED 1,2 670
FISERV INC COM 337738108 12 250 SH DEFINED 1,2 250
FLEXTRONICS INTL LTD NOTE 33938EAL1 3,343 3,500,000 PRN DEFINED 2,3 225,443
FLUOR CORP (NEW) COM 343412102 1,021 7,230 SH DEFINED 1,2 7,230
FOMENTO ECONOMICO MEX SPON ADR344419106 1,962 46,960 SH DEFINED 2 46,960
FORD MOTOR CO COM 345370860 15 2,600 SH DEFINED 1,2 2,600
FOREST LABORATORIES INC COM 345838106 22 560 SH DEFINED 1,2 560
FORESTAR REAL ESTATE GROUP COM 346233109 1 53 SH DEFINED 1,2 53
FORTUNE BRANDS INC COM 349631101 22 320 SH DEFINED 1,2 320
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
FPL GROUP INC COM 302571104 55 880 SH DEFINED 1,2 880
FRANKLIN RESOURCES INC COM 354613101 33 340 SH DEFINED 1,2 340
FREEPORT-MCMORAN COPPER CL B 35671D857 75 781 SH DEFINED 1,2 781
GANNETT CO COM 364730101 13 440 SH DEFINED 1,2 440
GAP INC/THE COM 364760108 19 970 SH DEFINED 1,2 970
GENERAL DYNAMICS CORP COM 369550108 73 880 SH DEFINED 1,2 880
GENERAL ELECTRIC CO COM 369604103 8,687 234,711 SH DEFINED 1,2 234,711
GENERAL GROWTH PROPERTIES COM 370021107 15 400 SH DEFINED 1,2 400
GENERAL MILLS INC COM 370334104 43 710 SH DEFINED 1,2 710
GENERAL MOTORS CORP COM 370442105 15 800 SH DEFINED 1,2 800
GENESIS ENERGY L.P. COM 371927104 4,124 218,920 SH DEFINED 2,4 218,920
GENUINE PARTS CO COM 372460105 10 250 SH DEFINED 1,2 250
GENWORTH FINANCIAL INC CL A 37247D106 19 850 SH DEFINED 1,2 850
GENZYME CORP COM 372917104 43 580 SH DEFINED 1,2 580
GILEAD SCIENCES INC COM 375558103 1,202 23,320 SH DEFINED 1,2 23,320
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
GOLDMAN SACHS GROUP INC COM 38141G104 136 820 SH DEFINED 1,2 820
GOODRICH CORP COM 382388106 16 280 SH DEFINED 1,2 280
GOODYEAR TIRE & RUBBER CO COM 382550101 9 350 SH DEFINED 1,2 350
GOOGLE INC-CL A CL A 38259P508 3,330 7,560 SH DEFINED 1,2 7,560
GRIFFON CORPORATION COM 398433102 953 110,850 SH DEFINED 2 110,850
GUARANTY FINANCIAL GROUP COM 40108N106 1 53 SH DEFINED 1,2 53
H&R BLOCK INC COM 093671105 12 560 SH DEFINED 1,2 560
HALLIBURTON COMPANY COM 406216101 1,250 31,780 SH DEFINED 1,2 31,780
HANGER ORTHOPEDIC GROUP INC COM 41043F208 594 55,075 SH DEFINED 2 55,075
HARLEY-DAVIDSON INC COM 412822108 22 580 SH DEFINED 1,2 580
HARMAN INTERNATIONAL COM 413086109 9 200 SH DEFINED 1,2 200
HARTE-HANKS INC COM 416196103 274 20,025 SH DEFINED 2 20,025
HARTFORD FINANCIAL SVCS GRP COM 416515104 8,004 105,640 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 9 250 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
HESS CORP LTD PART42809H107 48 550 SH DEFINED 1,2 550
HEWLETT-PACKARD CO. COM 428236103 1,604 35,130 SH DEFINED 1,2 35,130
HILAND HOLDINGS GP LP INT 43129M107 5,889 256,030 SH DEFINED 2,4 256,030
HILAND PARTNERS LP LTD PART431291103 8,037 176,685 SH DEFINED 2,4 176,685
HJ HEINZ CO COM 423074103 27 580 SH DEFINED 1,2 580
HOLLY ENERGY PARTNERS LP LTD PTNR435763107 4,365 113,700 SH DEFINED 2,4 113,700
HOME DEPOT COM 437076102 3,186 113,910 SH DEFINED 1,2 113,910
HONEYWELL INTERNATIONAL INC COM 438516106 83 1,470 SH DEFINED 1,2 1,470
HORACE MANN EDUCATORS COM 440327104 331 18,950 SH DEFINED 2 18,950
HORMEL FOODS CORP COM 440452100 629 15,100 SH DEFINED 2 15,100
HOSPIRA INC COM 441060100 9 220 SH DEFINED 1,2 220
HOST HOTELS & RESORTS INC COM 44107P104 16 1,000 SH DEFINED 1,2 1,000
HUDSON CITY BANCORP INC COM 443683107 16 900 SH DEFINED 1,2 900
HUMANA INC COM 444859102 15 340 SH DEFINED 1,2 340
HUNTINGTON BANCSHARES INC COM 446150104 7 640 SH DEFINED 1,2 640
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
IAC/INTERACTIVECORP COM 44919P300 8 400 SH DEFINED 1,2 400
IDACORP INC COM 451107106 166 5,175 SH DEFINED 2 5,175
ILLINOIS TOOL WORKS COM 452308109 39 800 SH DEFINED 1,2 800
IMS HEALTH INC COM 449934108 1,742 82,890 SH DEFINED 1,2 82,890
INDYMAC BANCORP INC COM 456607100 138 27,800 SH DEFINED 2 27,800
INERGY HOLDINGS LP COM 45661Q107 4,904 125,900 SH DEFINED 2,4 125,900
INERGY LP LTD PTNR456615103 6,107 218,800 SH DEFINED 2,4 218,800
INFORMATICA CORP NOTE 45666QAB8 1,547 1,400,000 PRN DEFINED 2,3 70,000
INGERSOLL RAND CO CL A G4776G101 4,063 91,150 SH DEFINED 1,2 91,150
INTEGRYS ENERGY GROUP INC COM 45822P105 7 149 SH DEFINED 1,2 149
INTEL CORP COM 458140100 1,302 61,470 SH DEFINED 1,2 61,470
INTERNATIONAL BUSINESS MACHICOM 459200101 15,895 138,050 SH DEFINED 1,2 138,050
INTERNATIONAL PAPER CO COM 460146103 23 850 SH DEFINED 1,2 850
INTERPUBLIC GROUP OF COS INCCOM 460690100 8 924 SH DEFINED 1,2 924
INTL FLAVORS & FRAGRANCES COM 459506101 5 110 SH DEFINED 1,2 110
INTL GAME TECHNOLOGY COM 459902102 24 590 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
INTUIT INC COM 461202103 16 590 SH DEFINED 1,2 590
IPC HOLDINGS LTD ORD G4933P101 1,134 40,500 SH DEFINED 2 40,500
ISHARES MSCI JAPAN MSCI JAP464286848 18,555 1,500,000 SH DEFINED 2 1,500,000
ITT CORP COM 450911102 19 370 SH DEFINED 1,2 370
IVAX CORP NOTE 465823AG7 3,989 3,840,000 PRN DEFINED 2,3 145,240
J.C. PENNY CO INC (HLDG CO) COM 708160106 681 18,070 SH DEFINED 1,2 18,070
JABIL CIRCUIT INC COM 466313103 2 260 SH DEFINED 1,2 260
JANUS CAPITAL GROUP INC COM 47102X105 7 290 SH DEFINED 1,2 290
JDS UNIPHASE CORP COM 46612J507 5 401 SH DEFINED 1,2 401
JETBLUE AIRWAYS CORP NOTE 477143AB7 2,243 2,300,000 PRN DEFINED 2,3 81,177
JOHNSON & JOHNSON COM 478160104 4,712 72,635 SH DEFINED 1,2 72,635
JOHNSON CONTROLS INC COM 478366107 49 1,440 SH DEFINED 1,2 1,440
JONES APPAREL GROUP INC COM 480074103 807 60,110 SH DEFINED 1,2 60,110
JPMORGAN CHASE & COMP COM 46625H100 3,137 73,030 SH DEFINED 1,2 73,030
JUNIPER NETWORKS INC COM 48203R104 25 1,010 SH DEFINED 1,2 1,010
K12 INC COM 48273U102 7,188 365,818 SH DEFINED 2,4 365,818
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
KB HOME COM 48666K109 3 110 SH DEFINED 1,2 110
KELLOGG CO COM 487836108 24 460 SH DEFINED 1,2 460
KELLY SERVICES INC CL A 488152208 1,284 62,446 SH DEFINED 2 62,446
KEYCORP COM 493267108 15 680 SH DEFINED 1,2 680
KIMBERLY-CLARK CORP COM 494368103 56 860 SH DEFINED 1,2 860
KIMCO REALTY CORP COM 49446R109 16 410 SH DEFINED 1,2 410
KINDER MORGAN MANAGEMENT LLCSHS 49455U100 3,211 63,000 SH DEFINED 2,4 63,000
KING PHARMACEUTICALS INC COM 495582108 4 440 SH DEFINED 1,2 440
KINROSS GOLD CORP NOTE 496902AB3 219 200,000 PRN DEFINED 2,3 7,023
KLA-TENCOR CORPORATION COM 482480100 14 390 SH DEFINED 1,2 390
KOHLS CORP COM 500255104 726 16,920 SH DEFINED 1,2 16,920
KRAFT FOODS INC CL A 50075N104 98 3,176 SH DEFINED 1,2 3,176
KROGER CO COM 501044101 34 1,330 SH DEFINED 1,2 1,330
L-3 COMMUNICATIONS CORP COM 502424104 1,124 10,280 SH DEFINED 1,2 10,280
LABORATORY CRP OF AMER HLDGSCOM 50540R409 21 280 SH DEFINED 1,2 280
LEAR SEATING CORP COM 521865105 3,221 124,300 SH DEFINED 2 124,300
LEGG MASON INC COM 524901105 16 290 SH DEFINED 1,2 290
LEGGETT & PLATT INC COM 524660107 4 260 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
LEHMAN_BROTHERS_HOLDING INC COM 524908100 1,182 31,395 SH DEFINED 1,2 31,395
LENNAR CORP CL A 526057104 4 200 SH DEFINED 1,2 200
LEVEL 3 COMMUNICATIONS NOTE 52729NBE9 1,121 1,200,000 PRN DEFINED 2,3 333,336
LEVEL 3 COMMUNICATIONS NOTE 52729NBK5 1,850 2,700,000 PRN DEFINED 2,3 494,506
LEXMARK INTERNATIONAL INC CL A 529771107 5 150 SH DEFINED 1,2 150
LIBERTY MEDIA DEB 530718AF2 1,782 1,800,000 PRN DEFINED 2,3 103,334
LIMITED BRANDS INC COM 532716107 10 580 SH DEFINED 1,2 580
LINCOLN NATIONAL CORP COM 534187109 5,232 100,619 SH DEFINED 1,2 100,619
LINEAR TECHNOLOGY CORP COM 535678106 13 430 SH DEFINED 1,2 430
LIZ CLAIBORNE INC COM 539320101 3 150 SH DEFINED 1,2 150
LOCKHEED MARTIN CORP COM 539830109 71 710 SH DEFINED 1,2 710
LOWES COS INC COM 548661107 69 2,990 SH DEFINED 1,2 2,990
LSI CORP COM 502161102 7 1,370 SH DEFINED 1,2 1,370
M & T BANK CORP COM 55261F104 17 210 SH DEFINED 1,2 210
MACYS INC COM 55616P104 20 878 SH DEFINED 1,2 878
MAGELLAN MIDSTREAM HOLDINGS COM 55907R108 6,776 295,752 SH DEFINED 2,4 295,752
MAGNA INTERNATIONAL INC CL A 559222401 1,627 22,550 SH DEFINED 2 22,550
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
MARATHON OIL CORP COM 565849106 60 1,326 SH DEFINED 1,2 1,326
MARKWEST ENERGY PARTNERS LP LTD PART570759100 12,594 408,352 SH DEFINED 2,4 408,352
MARRIOTT INTERNATIONAL CLA 571903202 1,120 32,590 SH DEFINED 1,2 32,590
MARSH & MCLENNAN COS COM 571748102 27 1,090 SH DEFINED 1,2 1,090
MARSHALL & ILSLEY CORP COM 571837103 11 470 SH DEFINED 1,2 470
MASCO CORP COM 574599106 13 670 SH DEFINED 1,2 670
MASTERCARD INC-CLASS A CL A 57636Q104 2,230 10,000 SH DEFINED 2 10,000
MATTEL INC COM 577081102 15 740 SH DEFINED 1,2 740
MBIA INC COM 55262C100 4 290 SH DEFINED 1,2 290
MCCORMICK & CO-NON VTG SHRS COM 579780206 7 190 SH DEFINED 1,2 190
MCDONALDS CORP COM 580135101 132 2,360 SH DEFINED 1,2 2,360
MCGRAW-HILL COMPANIES INC COM 580645109 23 610 SH DEFINED 1,2 610
MCKESSON CORP COM 58155Q103 33 630 SH DEFINED 1,2 630
MEADWESTVACO CORP COM 583334107 10 360 SH DEFINED 1,2 360
MEDCO HEALTH SOLUTIONS INC COM 58405U102 54 1,242 SH DEFINED 1,2 1,242
MEDIACOM COMMUNICATIONS CORPCL A 58446K105 1,083 250,000 SH DEFINED 2 250,000
MEDTRONIC INC COM 585055106 254 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 28 400 SH DEFINED 1,2 400
MERCK & CO. INC. COM 589331107 160 4,220 SH DEFINED 1,2 4,220
MEREDITH CORP COM 589433101 2 60 SH DEFINED 1,2 60
MERRILL LYNCH & CO INC COM 590188108 72 1,770 SH DEFINED 1,2 1,770
METAVANTE TECHNOLOGIES INC COM 591407101 3 156 SH DEFINED 1,2 156
METLIFE INC COM 59156R108 90 1,490 SH DEFINED 1,2 1,490
METROPCS COMMUNICATIONS INC COM 591708102 1,436 84,484 SH DEFINED 2,4 84,484
MGIC INVESTMENT CORP COM 552848103 1 120 SH DEFINED 1,2 120
MI DEVELOPMENTS INC CL A 55304X104 1,168 40,675 SH DEFINED 2 40,675
MICRON TECHNOLOGY INC COM 595112103 9 1,440 SH DEFINED 1,2 1,440
MICROSOFT CORP COM 594918104 4,017 141,535 SH DEFINED 1,2 141,535
MILACRON INC COM 598709301 23 9,115 SH DEFINED 2 9,115
MILLIPORE CORP COM 601073109 12 180 SH DEFINED 1,2 180
MOLEX INC COM 608554101 5 200 SH DEFINED 1,2 200
MOLSON COORS BREWING CO CL B 60871R209 18 340 SH DEFINED 1,2 340
MONSANTO CO COM 61166W101 121 1,082 SH DEFINED 1,2 1,082
MONSTER WORLDWIDE INC COM 611742107 4 180 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
MOODYS CORP COM 615369105 15 440 SH DEFINED 1,2 440
MORGAN ST DEAN WITTER DISCOVCOM 617446448 1,751 38,315 SH DEFINED 1,2 38,315
MORGAN STANLEY QUAL MUNI SECSECS 61745P585 377 28,600 SH DEFINED 2,4 28,600
MOTOROLA INC COM 620076109 2,683 288,490 SH DEFINED 1,2 288,490
MURPHY OIL CORP COM 626717102 39 470 SH DEFINED 1,2 470
MYLAN INC COM 628530107 5 400 SH DEFINED 1,2 400
NABORS INDUSTRIES LTD SHS G6359F103 19 550 SH DEFINED 1,2 550
NATIONAL CITY CORP COM 635405103 11 1,070 SH DEFINED 1,2 1,070
NATIONAL OILWELL VARCO INC COM 637071101 53 900 SH DEFINED 1,2 900
NATIONAL SEMICONDUCTOR CORP COM 637640103 8 420 SH DEFINED 1,2 420
NATURAL RESOURCE PARTNERS LPCOM 63900P103 5,304 187,098 SH DEFINED 2,4 187,098
NCI BUILDING SYSTEMS INC COM 628852105 306 12,625 SH DEFINED 2 12,625
NCR CORPORATION COM 62886E108 6 260 SH DEFINED 1,2 260
NEW YORK TIMES CO CL A 650111107 4 200 SH DEFINED 1,2 200
NEWELL RUBBERMAID INC COM 651229106 11 490 SH DEFINED 1,2 490
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
NEWMONT MINING CORP COM 651639106 38 840 SH DEFINED 1,2 840
NEWS CORP CL A 65248E104 7,585 404,550 SH DEFINED 1,2 404,550
NICOR INC COM 654086107 2 60 SH DEFINED 1,2 60
NII HOLDINGS NOTE 62913FAJ1 992 1,250,000 PRN DEFINED 2,3 10,565
NII HOLDINGS INC NOTE 62913FAF9 2,772 2,800,000 PRN DEFINED 2,3 55,908
NIKE INC CL B 654106103 45 660 SH DEFINED 1,2 660
NISOURCE INC COM 65473P105 8 490 SH DEFINED 1,2 490
NOBLE CORP SHS G65422100 30 600 SH DEFINED 1,2 600
NORDSTROM INC COM 655664100 247 7,580 SH DEFINED 1,2 7,580
NORFOLK SOUTHERN CORP COM 655844108 37 690 SH DEFINED 1,2 690
NORTEL NETWORKS NOTE 656568AB8 3,333 3,375,000 PRN DEFINED 2,4 337,500
NORTHERN TRUST CORP COM 665859104 1,434 21,570 SH DEFINED 1,2 21,570
NORTHROP GRUMMAN CORP COM 666807102 54 698 SH DEFINED 1,2 698
NORTHWEST AIRLINES CORP COM 667280408 548 60,930 SH DEFINED 2 60,930
NOVELL INC COM 670006105 4 680 SH DEFINED 1,2 680
NOVELL INC DBCV 670006AC9 2,350 2,500,000 PRN DEFINED 2,3 216,976
NOVELLUS SYSTEMS INC COM 670008101 4 170 SH DEFINED 1,2 170
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
NRG ENERGY INC COM 629377508 1,107 28,400 SH DEFINED 2 28,400
NUCOR CORP COM 670346105 37 540 SH DEFINED 1,2 540
NVIDIA CORP COM 67066G104 21 1,050 SH DEFINED 1,2 1,050
OCCIDENTAL PETROLEUM COM 674599105 6,705 91,640 SH DEFINED 1,2 91,640
OFFICE DEPOT INC COM 676220106 6 510 SH DEFINED 1,2 510
OFFICEMAX INC COM 67622P101 2 110 SH DEFINED 1,2 110
OLD REPUBLIC INTL CORP COM 680223104 877 67,922 SH DEFINED 2 67,922
OMNICOM GROUP COM 681919106 27 600 SH DEFINED 1,2 600
OPNEXT INC COM 68375V105 1,272 233,426 SH DEFINED 2,4 233,426
ORACLE CORP COM 68389X105 152 7,780 SH DEFINED 1,2 7,780
OSG AMERICA LP COM 671028108 2,437 177,261 SH DEFINED 2,4 177,261
P G & E CORP COM 69331C108 22 600 SH DEFINED 1,2 600
PACCAR INC COM 693718108 38 840 SH DEFINED 1,2 840
PACTIV CORPORATION COM 695257105 5 200 SH DEFINED 1,2 200
PALL CORP COM 696429307 6 180 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 ------------------
PARKER HANNIFIN CORP COM 701094104 28 405 SH DEFINED 1,2 405
PATRIOT COAL CORP COM 70336T104 2 50 SH DEFINED 1,2 50
PATTERSON COS INC COM 703395103 7 200 SH DEFINED 1,2 200
PAYCHEX INC COM 704326107 20 590 SH DEFINED 1,2 590
PEABODY ENERGY CORP COM 704549104 26 500 SH DEFINED 1,2 500
PENN VIRGINIA GP HOLDINGS LPCOM 70788P105 948 35,000 SH DEFINED 2,4 35,000
PENN VIRGINIA RESOURCE PARTNCOM 707884102 2,706 108,448 SH DEFINED 2,4 108,448
PEPSI BOTTLING GROUP INC COM 713409100 6 190 SH DEFINED 1,2 190
PEPSICO INCORPORATED COM 713448108 1,889 26,170 SH DEFINED 1,2 26,170
PERKINELMER INC COM 714046109 4 180 SH DEFINED 1,2 180
PETRO-CANADA COM 71644E102 2,605 60,000 SH DEFINED 2 60,000
PFIZER INC COM 717081103 2,990 142,850 SH DEFINED 1,2 142,850
PHARMACEUTICAL HOLDRS TRUST DEPOSITR71712A206 21,794 312,500 SH DEFINED 2 312,500
PHH CORP COM 693320202 800 45,925 SH DEFINED 2 45,925
PIKE ELECTRIC CORP COM 721283109 920 66,050 SH DEFINED 2 66,050
PINNACLE WEST CAPITAL COM 723484101 5 140 SH DEFINED 1,2 140
PITNEY BOWES INC COM 724479100 15 420 SH DEFINED 1,2 420
PLANTRONICS INC COM 727493108 753 39,000 SH DEFINED 2 39,000
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
PLUM CREEK TIMBER CO COM 729251108 11 260 SH DEFINED 1,2 260
PNC FINANCIAL SERVICES GROUPCOM 693475105 47 720 SH DEFINED 1,2 720
POLO RALPH LAUREN CORP CL A 731572103 12 200 SH DEFINED 1,2 200
POPULAR INC COM 733174106 1,115 95,650 SH DEFINED 2 95,650
PPG INDUSTRIES INC COM 693506107 21 340 SH DEFINED 1,2 340
PPL CORPORATION COM 69351T106 34 750 SH DEFINED 1,2 750
PRAXAIR INC COM 74005P104 1,740 20,660 SH DEFINED 1,2 20,660
PRECISION CASTPARTS CORP COM 740189105 31 300 SH DEFINED 1,2 300
PRINCIPAL FINANCIAL GROUP COM 74251V102 33 590 SH DEFINED 1,2 590
PROCTER & GAMBLE CO COM 742718109 1,426 20,350 SH DEFINED 1,2 20,350
PROGRESS ENERGY INC COM 743263105 19 460 SH DEFINED 1,2 460
PROGRESSIVE CORP COM 743315103 22 1,400 SH DEFINED 1,2 1,400
PROLOGIS INT 743410102 32 550 SH DEFINED 1,2 550
PRUDENTIAL FINANCIAL INC COM 744320102 78 1,000 SH DEFINED 1,2 1,000
PUBLIC SERVICE ENTERPRISE GPCOM 744573106 45 1,120 SH DEFINED 1,2 1,120
PUBLIC STORAGE COM 74460D109 25 280 SH DEFINED 1,2 280
PULTE HOMES INC COM 745867101 6 400 SH DEFINED 1,2 400
QLOGIC CORP COM 747277101 3 220 SH DEFINED 1,2 220
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
QUALCOMM INC COM 747525103 390 9,520 SH DEFINED 1,2 9,520
QUEST DIAGNOSTICS COM 74834L100 10 230 SH DEFINED 1,2 230
QUESTAR CORP COM 748356102 17 300 SH DEFINED 1,2 300
QUICKSILVER GAS SERVICES LP COM 74839G106 383 15,659 SH DEFINED 2,4 15,659
QWEST COMMUNICATIONS INTL COM 749121109 14 2,990 SH DEFINED 1,2 2,990
RADIO ONE INC -CL D CL D 75040P405 161 105,700 SH DEFINED 2 105,700
RADIOSHACK CORP COM 750438103 3 190 SH DEFINED 1,2 190
RAIT FINANCIAL TRUST COM 749227104 352 50,781 SH DEFINED 2,4 50,781
RAYTHEON COMPANY COM 755111507 61 940 SH DEFINED 1,2 940
RED HAT INC DBCV 756577AB8 4,192 4,250,000 PRN DEFINED 2,3 166,070
REGENCY ENERGY PARTNERS LP COM 75885Y107 4,833 180,754 SH DEFINED 2,4 180,754
REGIONS FINANCIAL CORP COM 7591EP100 26 1,340 SH DEFINED 1,2 1,340
REGIS CORP COM 758932107 916 33,325 SH DEFINED 2 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 2,339 45,050 SH DEFINED 2 45,050
RENT-A-CENTER INC COM 76009N100 2,556 139,300 SH DEFINED 2 139,300
REYNOLDS AMERICAN INC COM 761713106 21 350 SH DEFINED 1,2 350
RF MICRO DEVICES INC NOTE 749941AG5 699 1,000,000 PRN DEFINED 2,3 124,297
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
ROBERT HALF INTL INC COM 770323103 6 240 SH DEFINED 1,2 240
ROCKWELL COLLINS INC. COM 774341101 20 350 SH DEFINED 1,2 350
ROCKWELL INTL CORP COM 773903109 7,054 122,850 SH DEFINED 1,2 122,850
ROHM AND HAAS CO COM 775371107 17 310 SH DEFINED 1,2 310
ROWAN COS INC COM 779382100 1,860 45,160 SH DEFINED 1,2 45,160
RR DONNELLEY & SONS CO COM 257867101 12 410 SH DEFINED 1,2 410
RYDER SYSTEM INC COM 783549108 5 90 SH DEFINED 1,2 90
SAFECO CORP COM 786429100 12 270 SH DEFINED 1,2 270
SAFEWAY INC COM 786514208 25 840 SH DEFINED 1,2 840
SANDISK CORP COM 80004C101 9 380 SH DEFINED 1,2 380
SANGAMO BIOSCIENCES INC COM 800677106 856 84,275 SH DEFINED 2 84,275
SARA LEE CORP COM 803111103 646 46,236 SH DEFINED 1,2 46,236
SCANA CORP COM 80589M102 1,240 33,902 SH DEFINED 2 33,902
SCHERING-PLOUGH CORP COM 806605101 42 2,920 SH DEFINED 1,2 2,920
SCHLUMBERGER LIMITED COM 806857108 2,201 25,300 SH DEFINED 1,2 25,300
SCHWAB (CHARLES) CORP COM 808513105 34 1,780 SH DEFINED 1,2 1,780
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,173 50,700 SH DEFINED 2 50,700
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
SEALED AIR CORP COM 81211K100 6 240 SH DEFINED 1,2 240
SEALY CORP COM 812139301 652 85,775 SH DEFINED 2 85,775
SEARS HOLDINGS CORP COM 812350106 1,312 12,850 SH DEFINED 1,2,4 12,850
SEMGROUP ENERGY PARTNERS LP UNIT LP 81662W108 14,657 580,460 SH DEFINED 2,4 580,460
SEMPRA ENERGY COM 816851109 1,821 34,180 SH DEFINED 1,2 34,180
SEPRACOR INC NOTE 817315AT1 2,499 2,600,000 PRN DEFINED 2,3 81,523
SHERWIN-WILLIAMS CO/THE COM 824348106 13 260 SH DEFINED 1,2 260
SIGMA-ALDRICH COM 826552101 12 200 SH DEFINED 1,2 200
SIMON PROPERTY GROUP INC COM 828806109 48 520 SH DEFINED 1,2 520
SLM CORP COM 78442P106 12 790 SH DEFINED 1,2 790
SMITH INTERNATIONAL INC COM 832110100 31 490 SH DEFINED 1,2 490
SNAP-ON INC COM 833034101 4 80 SH DEFINED 1,2 80
SOUTHERN CO COM 842587107 52 1,460 SH DEFINED 1,2 1,460
SOUTHWEST AIRLINES CO COM 844741108 19 1,520 SH DEFINED 1,2 1,520
SOVEREIGN BANCORP INC COM 845905108 7 715 SH DEFINED 1,2 715
SPECTRA ENERGY CORP COM 847560109 27 1,199 SH DEFINED 1,2 1,199
SPECTRA ENERGY PARTNERS LP COM 84756N109 3,648 150,500 SH DEFINED 2,4 150,500
SPHERION CORPORATION COM 848420105 105 17,125 SH DEFINED 2 17,125
SPRINT NEXTEL CORP COM 852061100 38 5,678 SH DEFINED 1,2 5,678
ST JUDE MEDICAL INC COM 790849103 890 20,610 SH DEFINED 1,2 20,610
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
ST JUDE MEDICAL INC DBCV 790849AD5 1,521 1,500,000 PRN DEFINED 2,3 28,815
STANLEY WORKS/THE COM 854616109 10 220 SH DEFINED 1,2 220
STAPLES INC COM 855030102 129 5,840 SH DEFINED 1,2 5,840
STARBUCKS CORP COM 855244109 59 3,380 SH DEFINED 1,2 3,380
STARWOOD HOTELS & RESORTS COM 85590A401 26 510 SH DEFINED 1,2 510
STATE STREET CORP COM 857477103 70 880 SH DEFINED 1,2 880
STEWART INFORMATION SERVICESCOM 860372101 682 24,375 SH DEFINED 2 24,375
STONE CONTAINER CORP COM 832727101 1,540 200,000 SH DEFINED 2 200,000
STRYKER CORP COM 863667101 41 630 SH DEFINED 1,2 630
SUN MICROSYSTEMS INC COM 866810203 27 1,757 SH DEFINED 1,2 1,757
SUNOCO INC COM 86764P109 15 290 SH DEFINED 1,2 290
SUNTRUST BANKS INC COM 867914103 40 730 SH DEFINED 1,2 730
SUPERVALU INC COM 868536103 12 401 SH DEFINED 1,2 401
SYMANTEC CORP COM 871503108 28 1,714 SH DEFINED 1,2 1,714
SYNOVUS FINANCIAL CORP COM 87161C105 6 560 SH DEFINED 1,2 560
SYSCO CORP COM 871829107 35 1,190 SH DEFINED 1,2 1,190
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
T ROWE PRICE GROUP INC COM 74144T108 24 480 SH DEFINED 1,2 480
TALISMAN ENERGY INC COM 87425E103 5,310 300,000 SH DEFINED 2 300,000
TARGET CORP COM 87612E106 88 1,730 SH DEFINED 1,2 1,730
TECH DATA CORP COM 878237106 724 22,075 SH DEFINED 2 22,075
TECO ENERGY INC COM 872375100 6 390 SH DEFINED 1,2 390
TELLABS INC COM 879664100 5 840 SH DEFINED 1,2 840
TEMPLE-INLAND INC COM 879868107 2 160 SH DEFINED 1,2 160
TENET HEALTHCARE CORP CL A 88033G100 5 870 SH DEFINED 1,2 870
TERADATA CORP COM 88076W103 6 260 SH DEFINED 1,2 260
TERADYNE INC COM 880770102 3 280 SH DEFINED 1,2 280
TEREX CORP COM 880779103 19 300 SH DEFINED 1,2 300
TEXAS INSTRUMENTS INC COM 882508104 79 2,800 SH DEFINED 1,2 2,800
TEXTRON INC COM 883203101 1,040 18,760 SH DEFINED 1,2 18,760
THE WALT DISNEY CO COM 254687106 122 3,900 SH DEFINED 1,2 3,900
THERMO FISHER SCIENTIFIC INCCOM 883556102 45 790 SH DEFINED 1,2 790
TIFFANY & CO COM 886547108 8 200 SH DEFINED 1,2 200
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
TIME WARNER INC COM 887317105 104 7,430 SH DEFINED 1,2 7,430
TJX COS. INC. NEW COM 872540109 1,704 51,540 SH DEFINED 1,2 51,540
TORCHMARK CORP COM 891027104 1,191 19,815 SH DEFINED 1,2 19,815
TORONTO-DOMINION BANK COM 891160509 9 153 SH DEFINED 1,2 153
TOTAL SYSTEM SERVICES INC COM 891906109 6 270 SH DEFINED 1,2 270
TRANE INC COM 892893108 11 250 SH DEFINED 1,2 250
TRANSMONTAIGNE PARTNERS LP COM 89376V100 7,087 249,900 SH DEFINED 2,4 249,900
TRANSOCEAN INC NOTE 893830AU3 2,188 2,000,000 PRN DEFINED 2,3 11,862
TRANSOCEAN INC SHS G90073100 61 454 SH DEFINED 1,2 454
TRAVELERS COS INC/THE COM 89417E109 62 1,297 SH DEFINED 1,2 1,297
TREX COMPANY INC COM 89531P105 437 55,425 SH DEFINED 2 55,425
TYCO ELECTRONICS LTD COM G9144P105 32 922 SH DEFINED 1,2 922
TYCO INTERNATIONAL LTD SHS G9143X208 41 922 SH DEFINED 1,2 922
TYSON FOODS INC CL A 902494103 7 460 SH DEFINED 1,2 460
UNILEVER NV SHS 904784709 2,208 65,450 SH DEFINED 2 65,450
UNION PACIFIC CORP COM 907818108 74 590 SH DEFINED 1,2 590
UNISYS CORP COM 909214108 3 690 SH DEFINED 1,2 690
UNITED NATIONAL GROUP LTD COM 90933T109 1,275 66,200 SH DEFINED 2 66,200
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 PARCEL SERVICE CL B 911312106 157 2,150 SH DEFINED 1,2 2,150
UNITED STATES STEEL CORP COM 912909108 36 280 SH DEFINED 1,2 280
UNITED STATIONERS INC COM 913004107 669 14,025 SH DEFINED 2 14,025
UNITED TECHNOLOGIES CORP. COM 913017109 1,242 18,050 SH DEFINED 1,2 18,050
UNITEDHEALTH GROUP INC COM 91324P102 984 28,630 SH DEFINED 1,2 28,630
UNIVERSAL CORP-VA COM 913456109 798 12,175 SH DEFINED 2 12,175
UNUM GROUP COM 91529Y106 15 690 SH DEFINED 1,2 690
US BANCORP COM 902973304 112 3,450 SH DEFINED 1,2 3,450
UST INC COM 902911106 13 230 SH DEFINED 1,2 230
VALERO ENERGY CORP COM 91913Y100 7,424 151,180 SH DEFINED 1,2 151,180
VARIAN MEDICAL SYSTEMS INC COM 92220P105 9 200 SH DEFINED 1,2 200
VERISIGN INC COM 92343E102 15 450 SH DEFINED 1,2 450
VERIZON COMMUNICATIONS INC COM 92343V104 210 5,760 SH DEFINED 1,2 5,760
VF CORP COM 918204108 18 230 SH DEFINED 1,2 230
VIACOM INC-CLASS B CL B 92553P201 52 1,320 SH DEFINED 1,2 1,320
VIAD CORP COM 92552R406 769 21,369 SH DEFINED 2 21,369
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
VORNADO REALTY TRUST INT 929042109 24 280 SH DEFINED 1,2 280
VULCAN MATERIALS CO COM 929160109 16 240 SH DEFINED 1,2 240
WACHOVIA CORP COM 929903102 101 3,750 SH DEFINED 1,2 3,750
WAL MART STORES INC COM 931142103 2,117 40,180 SH DEFINED 1,2 40,180
WALGREEN CO COM 931422109 74 1,950 SH DEFINED 1,2 1,950
WASHINGTON MUTUAL INC COM 939322103 194 18,805 SH DEFINED 1,2 18,805
WASTE MANAGEMENT INC COM 94106L109 33 970 SH DEFINED 1,2 970
WATERS CORP COM 941848103 14 250 SH DEFINED 1,2 250
WATSON PHARMACEUTICALS INC COM 942683103 4 140 SH DEFINED 1,2 140
WEATHERFORD INTL LTD COM G95089101 1,638 22,600 SH DEFINED 1,2 22,600
WELLPOINT INC COM 94973V107 57 1,290 SH DEFINED 1,2 1,290
WELLS FARGO & COMPANY COM 949746101 193 6,630 SH DEFINED 1,2 6,630
WENDYS INTERNATIONAL INC COM 950590109 4 170 SH DEFINED 1,2 170
WESTERN UNION CO COM 959802109 32 1,489 SH DEFINED 1,2 1,489
WEYERHAEUSER CO COM 962166104 29 450 SH DEFINED 1,2 450
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
WHIRLPOOL CORPORATION COM 963320106 2,913 33,568 SH DEFINED 1,2 33,568
WHOLE FOODS MARKET INC COM 966837106 7 200 SH DEFINED 1,2 200
WILLIAMS COS INC COM 969457100 2,746 83,270 SH DEFINED 1,2 83,270
WILLIAMS PIPELINE PARTNERS LCOM 96950K103 1,910 109,455 SH DEFINED 2,4 109,455
WINDSTREAM CORP COM 97381W104 10 876 SH DEFINED 1,2 876
WISCONSIN ENERGY CORP COM 976657106 1,552 35,275 SH DEFINED 2 35,275
WRIGLEY WM JR CO COM 982526105 30 485 SH DEFINED 1,2 485
WW GRAINGER INC COM 384802104 16 210 SH DEFINED 1,2 210
WYETH COM 983024100 3,644 87,270 SH DEFINED 1,2 87,270
WYETH DBCV 983024AD2 6,201 6,183,000 PRN DEFINED 2 102,384
WYNDHAM WORLDWIDE CORP COM 98310W108 6 290 SH DEFINED 1,2 290
XCEL ENERGY INC COM 98389B100 16 780 SH DEFINED 1,2 780
XEROX CORP COM 984121103 7,512 501,800 SH DEFINED 1,2 501,800
XILINX INC COM 983919101 14 580 SH DEFINED 1,2 580
XL CAPITAL LTD CL A G98255105 1,404 47,510 SH DEFINED 1,2 47,510
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 ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
XM SATELLITE RADIO HLDGS NOTE 983759AC5 1,750 2,000,000 PRN DEFINED 2,3 40,000
XTO ENERGY INC COM 98385X106 63 1,025 SH DEFINED 1,2 1,025
YAHOO! INC COM 984332106 69 2,380 SH DEFINED 1,2 2,380
YUM! BRANDS INC COM 988498101 36 980 SH DEFINED 1,2 980
ZIMMER HOLDINGS INC COM 98956P102 43 550 SH DEFINED 1,2 550
ZIONS BANCORPORATION COM 989701107 12 260 SH DEFINED 1,2 260