FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31,2007
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:
February 14,2007
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: 631
Form 13F Information Table Value Total: 1,184,168 (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 125 1,480 SH DEFINED 1,2 1,480
ABBOTT LABORATORIES COM 002824100 168 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 48 1,130 SH DEFINED 1,2 1,130
ADVANCED MICRO DEVICES COM 007903107 8 1,090 SH DEFINED 1,2 1,090
AES CORP COM 00130H105 27 1,240 SH DEFINED 1,2 1,240
AETNA INC COM 00817Y108 57 990 SH DEFINED 1,2 990
AFFILIATED COMPUTER SVCS CL A 008190100 2,490 55,220 SH DEFINED 1,2 55,220
AFLAC INC COM 001055102 57 910 SH DEFINED 1,2 910
AFTERMARKET TECHNOLOGY CORP COM 008318107 707 25,950 SH DEFINED 2 25,950
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 10 300 SH DEFINED 1,2 300
ALCATEL-LUCENT SPONSORE013904305 3,385 462,375 SH DEFINED 2 462,375
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
ALCOA INC COM 013817101 5,542 151,640 SH DEFINED 1,2 151,640
ALCON INC COM SHS H01301102 200 1,400 SH DEFINED 2 1,400
ALLEGHENY ENERGY INC COM 017361106 15 240 SH DEFINED 1,2 240
ALLEGHENY TECHNOLOGIES INC COM 01741R102 22 250 SH DEFINED 1,2 250
ALLERGAN INC COM 018490102 41 640 SH DEFINED 1,2 640
ALLIANCE HOLDINGS GP LP UNIT LP 01861G100 24 1,000 SH DEFINED 2,4 1,000
ALLIANCE RESOURCE PART LTD PART01877R108 4,577 126,180 SH DEFINED 2,4 126,180
ALLIED WASTE INDUSTRIES INC COM 019589308 5 460 SH DEFINED 1,2 460
ALLSTATE CORP COM 020002101 2,268 43,425 SH DEFINED 1,2 43,425
ALTERA CORPORATION COM 021441100 12 610 SH DEFINED 1,2 610
ALTRIA GROUP INC COM 02209S103 317 4,200 SH DEFINED 1,2 4,200
AMAZON.COM INC COM 023135106 60 650 SH DEFINED 1,2 650
AMAZON.COM INC NOTE 023135AF3 2,488 2,050,000 PRN DEFINED 2,3 26,273
AMBAC FINANCIAL GROUP INC COM 023139108 6 250 SH DEFINED 1,2 250
AMDOCS LIMITED NOTE 02342TAD1 508 500,000 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 22 400 SH DEFINED 1,2 400
AMERICAN CAPITAL STRATEGIES COM 024937104 10 300 SH DEFINED 1,2 300
AMERICAN ELECT PWR INC COM 025537101 5,347 114,840 SH DEFINED 1,2 114,840
AMERICAN EQUITY INVT LIFE COM 025676206 934 112,675 SH DEFINED 2 112,675
AMERICAN EXPRESS CO COM 025816109 127 2,440 SH DEFINED 1,2 2,440
AMERICAN INTL GROUP INC COM 026874107 9,924 170,230 SH DEFINED 1,2 170,230
AMERICAN NATIONAL INSUR COM 028591105 655 5,400 SH DEFINED 2 5,400
AMERIPRISE FINANCIAL INC COM 03076C106 30 550 SH DEFINED 1,2 550
AMERISOURCE HEALTH CORP COM 03073E105 1,530 34,090 SH DEFINED 1,2 34,090
AMGEN INC COM 031162100 1,584 34,105 SH DEFINED 1,2 34,105
AMGEN INC NOTE 031162AE0 31 48,000 PRN DEFINED 2,3 425
AMGEN INC NOTE 031162AL4 33 50,000 PRN DEFINED 2,3 443
ANADARKO PETROLEUM CORP COM 032511107 19,763 300,860 SH DEFINED 1,2 300,860
ANALOG DEVICES COM 032654105 19 600 SH DEFINED 1,2 600
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
ANHEUSER BUSCH CO COM 035229103 1,531 29,250 SH DEFINED 1,2 29,250
ANSYS INC COM 03662Q105 200 4,824 SH DEFINED 2,4 4,824
AON CORP COM 037389103 26 550 SH DEFINED 1,2 550
APACHE CORP COM 037411105 7,062 65,670 SH DEFINED 1,2 65,670
APARTMENT INVT & MGMT CO CL A 03748R101 5 140 SH DEFINED 1,2 140
APOLLO GROUP INC CL A 037604105 21 300 SH DEFINED 1,2 300
APPLE INC COM 037833100 341 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 48 2,690 SH DEFINED 1,2 2,690
AQUILA INC COM 03840P102 1,931 517,690 SH DEFINED 2 517,690
ARCHER-DANIELS-MIDLAND CO COM 039483102 58 1,240 SH DEFINED 1,2 1,240
ARGO GROUP INTERNATIONAL COM G0464B107 793 18,825 SH DEFINED 2 18,825
ARVINMERITOR INC COM 043353101 520 44,350 SH DEFINED 2 44,350
ASHLAND INC COM 044209104 4 90 SH DEFINED 1,2 90
ASSURANT INC COM 04621X108 7 100 SH DEFINED 1,2 100
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
AT&T INC COM 00206R102 508 12,215 SH DEFINED 1,2 12,215
ATLAS PIPELINE HOLDINGS LP COM 04939R108 8,064 297,222 SH DEFINED 2,4 297,222
ATLAS PIPELINE PARTNERS-UTS.INT 049392103 11,951 278,893 SH DEFINED 2,4 278,893
AUTODESK INC COM 052769106 21 430 SH DEFINED 1,2 430
AUTOMATIC DATA PROCESSING COM 053015103 45 1,000 SH DEFINED 1,2 1,000
AUTONATION INC COM 05329W102 3 210 SH DEFINED 1,2 210
AUTOZONE INC COM 053332102 22 180 SH DEFINED 1,2 180
AVALONBAY COMMUNITIES INC COM 053484101 19 200 SH DEFINED 1,2 200
AVERY DENNISON CORP COM 053611109 13 240 SH DEFINED 1,2 240
AVON PRODUCTS INC COM 054303102 33 840 SH DEFINED 1,2 840
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,851 47,500 SH DEFINED 2 47,500
BAKER HUGHES INC COM 057224107 54 670 SH DEFINED 1,2 670
BALL CORP COM 058498106 7 150 SH DEFINED 1,2 150
BANCO BILBAO VIZCAYA SPONSORE05946K101 8 326 SH DEFINED 1,2 326
BANK OF AMERICA CORP COM 060505104 7,703 186,691 SH DEFINED 1,2 186,691
BANK OF NEW YORK COM 064058100 14,371 296,289 SH DEFINED 1,2 296,289
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
BARD (C.R.) INC COM 067383109 24 250 SH DEFINED 1,2 250
BARR PHARMACEUTICALS INC COM 068306109 8 150 SH DEFINED 1,2 150
BARRICK GOLD CORP COM 067901108 1,379 32,801 SH DEFINED 2 32,801
BAXTER INTERNATIONAL INC COM 071813109 72 1,240 SH DEFINED 1,2 1,240
BB&T CORP COM 054937107 33 1,070 SH DEFINED 1,2 1,070
BEAR STEARNS COMPANIES INC COM 073902108 25 280 SH DEFINED 1,2 280
BEARINGPOINT INC COM 074002106 168 59,450 SH DEFINED 2 59,450
BECTON DICKINSON & CO COM 075887109 46 550 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 41 780 SH DEFINED 1,2 780
BIG LOTS INC COM 089302103 2 150 SH DEFINED 1,2 150
BIOGEN IDEC INC COM 09062X103 34 590 SH DEFINED 1,2 590
BJ SERVICES CO COM 055482103 13 530 SH DEFINED 1,2 530
BLACK & DECKER MFG CO COM 091797100 2,203 31,635 SH DEFINED 1,2 31,635
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 FLORIDA INSD MUNI COM 09250G102 508 38,900 SH DEFINED 2,4 38,900
BLACKROCK MUNIYIELD INSURED COM 09254E103 1,478 116,400 SH DEFINED 2,4 116,400
BLACKROCK MUNIYIELD NY INSURCOM 09255E102 691 55,900 SH DEFINED 2,4 55,900
BLOUNT INTERNATIONAL INC COM 095180105 991 80,475 SH DEFINED 2 80,475
BMC SOFTWARE INC COM 055921100 14 390 SH DEFINED 1,2 390
BOEING CO COM 097023105 143 1,640 SH DEFINED 1,2 1,640
BOSTON PROPERTIES INC COM 101121101 25 270 SH DEFINED 1,2 270
BOSTON SCIENTIFIC CORP COM 101137107 27 2,289 SH DEFINED 1,2 2,289
BOWNE & CO INC COM 103043105 609 34,600 SH DEFINED 2 34,600
BRADY CORPORATION CL A 104674106 653 18,600 SH DEFINED 2 18,600
BRISTOL-MYERS SQUIBB CO COM 110122108 1,872 70,595 SH DEFINED 1,2 70,595
BROADCOM CORP CL A 111320107 23 870 SH DEFINED 1,2 870
BROOKFIELD HOMES CORP COM 112723101 395 25,000 SH DEFINED 2 25,000
BROWN-FORMAN CORP CL B 115637209 16 210 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 ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
BRUNSWICK CORP COM 117043109 2 130 SH DEFINED 1,2 130
BUCKEYE GP HOLDINGS LP COM 118167105 2,838 100,666 SH DEFINED 2,4 100,666
BUCKEYE PARTNERS LP LTD PART118230101 5,277 106,800 SH DEFINED 2,4 106,800
BURLINGTON NORTHERN SANTA FECOM 12189T104 60 720 SH DEFINED 1,2 720
C.H. ROBINSON WORLDWIDE INC COM 12541W209 16 300 SH DEFINED 1,2 300
CABOT MICROELECTRONICS CORP COM 12709P103 172 4,800 SH DEFINED 2 4,800
CALUMET SPECIALTY PRODUCTS LTD PART131476103 9,030 243,851 SH DEFINED 2,4 243,851
CAMPBELL SOUP CO COM 134429109 15 430 SH DEFINED 1,2 430
CAPITAL ONE FINANCIAL CORP COM 14040H105 2,243 47,451 SH DEFINED 1,2 47,451
CARDINAL HEALTH INC COM 14149Y108 45 780 SH DEFINED 1,2 780
CARNIVAL CORP PAIRED C143658300 37 840 SH DEFINED 1,2 840
CARTER'S INC COM 146229109 600 31,000 SH DEFINED 2 31,000
CATERPILLAR INC COM 149123101 97 1,340 SH DEFINED 1,2 1,340
CB RICHARD ELLIS GROUP INC CL A 12497T101 6 300 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
CBS CORP-CLASS B CL B 124857202 2,764 101,420 SH DEFINED 1,2 101,420
CELGENE CORP COM 151020104 37 800 SH DEFINED 1,2 800
CENTERPOINT ENERGY INC COM 15189T107 9 540 SH DEFINED 1,2 540
CENTEX CORP COM 152312104 4 170 SH DEFINED 1,2 170
CENTURYTEL INC COM 156700106 7 170 SH DEFINED 1,2 170
CHEMICAL FINANCIAL CORP COM 163731102 894 37,575 SH DEFINED 2 37,575
CHESAPEAKE ENERGY CORP COM 165167107 29 740 SH DEFINED 1,2 740
CHESAPEAKE ENERGY CORP NOTE 165167CA3 2,778 2,500,000 PRN DEFINED 2,3 48,467
CHEVRON CORP COM 166764100 406 4,350 SH DEFINED 1,2 4,350
CHUBB CORP COM 171232101 43 790 SH DEFINED 1,2 790
CIBER INC COM 17163B102 1,152 188,575 SH DEFINED 2 188,575
CIENA CORP COM 171779309 4 120 SH DEFINED 1,2 120
CIGNA CORP COM 125509109 26 480 SH DEFINED 1,2 480
CINCINNATI FINANCIAL CORP COM 172062101 10 250 SH DEFINED 1,2 250
CINTAS CORP COM 172908105 7 200 SH DEFINED 1,2 200
CIRCUIT CITY STORES INC COM 172737108 1 200 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
CISCO SYSTEMS INC COM 17275R102 380 14,050 SH DEFINED 1,2 14,050
CIT GROUP INC COM 125581108 1,946 80,990 SH DEFINED 1,2 80,990
CITIGROUP INC COM 172967101 5,850 198,725 SH DEFINED 1,2 198,725
CITIZENS COMMUNICATIONS CO COM 17453B101 8 660 SH DEFINED 1,2 660
CITRIX SYSTEMS INC COM 177376100 10 260 SH DEFINED 1,2 260
CLEAR CHANNEL COMMUNICATIONSCOM 184502102 31 910 SH DEFINED 1,2 910
CLOROX COMPANY COM 189054109 21 320 SH DEFINED 1,2 320
CME GROUP INC COM 12572Q105 110 160 SH DEFINED 1,2 160
CMS ENERGY CORP COM 125896100 7 410 SH DEFINED 1,2 410
CNA SURETY CORPORATION COM 12612L108 542,744 27,425,147 SH DEFINED 1,2,4 27,425,147
COACH INC COM 189754104 22 720 SH DEFINED 1,2 720
COCA COLA CO COM 191216100 750 12,220 SH DEFINED 1,2 12,220
COCA-COLA ENTERPRISES COM 191219104 13 490 SH DEFINED 1,2 490
COGNIZANT TECH SOLUTIONS CL A 192446102 20 600 SH DEFINED 1,2 600
COLGATE-PALMOLIVE CO COM 194162103 81 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 CLA 20030N101 2,257 123,590 SH DEFINED 1,2 123,590
COMCAST CORP CL A 20030N200 2,114 116,640 SH DEFINED 2 116,640
COMERICA INC COM 200340107 1,109 25,480 SH DEFINED 1,2 25,480
COMMERCE BANCORP INC/NJ COM 200519106 14 370 SH DEFINED 1,2 370
COMPUTER ASSOCIATES INTL INCCOM 12673P105 1,582 63,392 SH DEFINED 1,2 63,392
COMPUTER SCIENCES CORP COM 205363104 12 250 SH DEFINED 1,2 250
COMPUWARE CORP COM 205638109 5 530 SH DEFINED 1,2 530
CONAGRA FOODS INC COM 205887102 22 930 SH DEFINED 1,2 930
CONMED CORP COM 207410101 551 23,825 SH DEFINED 2 23,825
CONSECO INC COM 208464883 543 43,250 SH DEFINED 2 43,250
CONSOL ENERGY INC COM 20854P109 26 360 SH DEFINED 1,2 360
CONSOLIDATED EDISON INC COM 209115104 22 450 SH DEFINED 1,2 450
CONSTELLATION BRANDS INC CL A 21036P108 7 300 SH DEFINED 1,2 300
CONSTELLATION ENERGY GROUP COM 210371100 37 360 SH DEFINED 1,2 360
CONVERGYS CORP COM 212485106 3 190 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 ------------------
CON-WAY INC COM 205944101 358 8,625 SH DEFINED 2 8,625
COOPER INDUSTRIES LTD CL A G24182100 19 360 SH DEFINED 1,2 360
CORNING INC COM 219350105 73 3,030 SH DEFINED 1,2 3,030
COSTCO WHOLESALE CORP COM 22160K105 68 970 SH DEFINED 1,2 970
COUNTRYWIDE CREDIT IND INC COM 222372104 566 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 41 922 SH DEFINED 1,2 922
CSX CORP COM 126408103 37 830 SH DEFINED 1,2 830
CUMMINS INC COM 231021106 33 260 SH DEFINED 1,2 260
CVS CAREMARK CORP COM 126650100 119 2,998 SH DEFINED 1,2 2,998
CYMER INC NOTE 232572AE7 3,438 3,400,000 PRN DEFINED 2,3 68,000
DANAHER CORP COM 235851102 47 540 SH DEFINED 1,2 540
DARDEN RESTAURANTS INC COM 237194105 6 210 SH DEFINED 1,2 210
DCP MIDSTREAM PARTNERS LP LTD PART23311P100 2,137 46,507 SH DEFINED 2,4 46,507
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
DEAN FOODS CO COM 242370104 5 190 SH DEFINED 1,2 190
DEERE & CO COM 244199105 99 1,060 SH DEFINED 1,2 1,060
DEL MONTE FOODS CO COM 24522P103 623 65,825 SH DEFINED 2 65,825
DELL INC COM 24702R101 109 4,450 SH DEFINED 1,2 4,450
DELPHI FINANCIAL GROUP CLA 247131105 686 19,438 SH DEFINED 2 19,438
DEVELOPERS DIVERSIFIED RLTY COM 251591103 8 200 SH DEFINED 1,2 200
DEVON ENERGY CORP COM 25179M103 3,195 35,930 SH DEFINED 1,2 35,930
DIAGEO PLC ADR 25243Q205 1,365 15,900 SH DEFINED 2 15,900
DILLARDS INC CL A 254067101 2 80 SH DEFINED 1,2 80
DIRECTV GROUP INC/THE COM 25459L106 35 1,500 SH DEFINED 1,2 1,500
DISCOVER FINANCIAL-W/I COM 254709108 187 12,370 SH DEFINED 1,2 12,370
DOMINION RESOURCES INC/VA COM 25746U109 48 1,020 SH DEFINED 1,2 1,020
DOVER CORP COM 260003108 18 390 SH DEFINED 1,2 390
DOW CHEMICAL COM 260543103 74 1,880 SH DEFINED 1,2 1,880
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
DPL INC COM 233293109 752 25,353 SH DEFINED 2 25,353
DR HORTON INC COM 23331A109 6 490 SH DEFINED 1,2 490
DTE ENERGY COMPANY COM 233331107 11 260 SH DEFINED 1,2 260
DU PONT (E.I.) DE NEMOURS COM 263534109 80 1,820 SH DEFINED 1,2 1,820
DUKE ENERGY CORP COM 26441C105 50 2,498 SH DEFINED 1,2 2,498
DUNCAN ENERGY PARTNERS LP COM 265026104 3,866 177,076 SH DEFINED 2,4 177,076
DYNEGY INC CL A 26817G102 2,795 391,480 SH DEFINED 1,2 391,480
E*TRADE FINANCIAL CORP COM 269246104 3 810 SH DEFINED 1,2 810
EARTHLINK INC NOTE 270321AA0 1,033 1,000,000 PRN DEFINED 2,3 109,649
EASTMAN CHEMICAL COMPANY COM 277432100 13 220 SH DEFINED 1,2 220
EASTMAN KODAK CO COM 277461109 11 510 SH DEFINED 1,2 510
EATON CORP COM 278058102 31 320 SH DEFINED 1,2 320
EBAY INC COM 278642103 72 2,180 SH DEFINED 1,2 2,180
ECOLAB INC COM 278865100 13 260 SH DEFINED 1,2 260
EDISON INTERNATIONAL COM 281020107 30 570 SH DEFINED 1,2 570
EL PASO CORP COM 28336L109 24 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
ELECTRONIC ARTS INC COM 285512109 32 540 SH DEFINED 1,2 540
ELECTRONIC DATA SYSTEMS CORPCOM 285661104 19 940 SH DEFINED 1,2 940
ELI LILLY & CO COM 532457108 107 2,010 SH DEFINED 1,2 2,010
EMBARQ CORP COM 29078E105 16 316 SH DEFINED 1,2 316
EMC CORPORATION COM 268648102 1,911 103,610 SH DEFINED 1,2 103,610
EMERSON ELECTRIC CO COM 291011104 84 1,480 SH DEFINED 1,2 1,480
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 9,732 192,558 SH DEFINED 2,4 192,558
ENCANA CORP COM 292505104 6,796 100,000 SH DEFINED 2 100,000
ENERGY TRANSFER EQUITY LP LTD PART29273V100 2,713 77,000 SH DEFINED 2,4 77,000
ENERGY TRANSFER PARTNERS LP LTD PART29273R109 5,447 101,100 SH DEFINED 2,4 101,100
ENSCO INTERNATIONAL INC COM 26874Q100 3,619 60,700 SH DEFINED 1,2 60,700
ENTERGY CORP COM 29364G103 48 400 SH DEFINED 1,2 400
ENTERPRISE GP HOLDINGS LP UNIT LP 293716106 1,121 30,275 SH DEFINED 2,4 30,275
ENTERPRISE PRODUCTS PARTNERSCOM 293792107 3,791 118,900 SH DEFINED 2,4 118,900
EOG RESOURCES INC COM 26875P101 49 550 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 19 520 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 2,991 36,170 SH DEFINED 1,2 36,170
EXPRESS SCRIPTS INC COM 302182100 37 500 SH DEFINED 1,2 500
EXPRESSJET HOLDINGS INC CL A 30218U108 202 81,600 SH DEFINED 2 81,600
EXXON MOBIL CORP COM 30231G102 1,052 11,230 SH DEFINED 1,2 11,230
FAMILY DOLLAR STORES COM 307000109 4 220 SH DEFINED 1,2 220
FBL FINANCIAL GROUP INC CL A 30239F106 825 23,900 SH DEFINED 2 23,900
FEDERAL HM LOAN MORTGAGE CORCOM 313400301 2,971 87,215 SH DEFINED 1,2 87,215
FEDERAL NATL MTGE ASSN. COM 313586109 3,075 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 57 640 SH DEFINED 1,2 640
FEI COMPANY NOTE 30241LAD1 1,341 1,300,000 PRN DEFINED 2,3 47,914
FIDELITY NATIONAL INFORMATIOCOM 31620M106 12 300 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
FIFTH THIRD BANCORP COM 316773100 25 1,000 SH DEFINED 1,2 1,000
FIRST AMERICAN CORPORATION COM 318522307 1,810 53,050 SH DEFINED 2 53,050
FIRST HORIZON NATIONAL CORP COM 320517105 3 180 SH DEFINED 1,2 180
FIRSTENERGY CORP COM 337932107 48 670 SH DEFINED 1,2 670
FISERV INC COM 337738108 14 250 SH DEFINED 1,2 250
FLEXTRONICS INTL LTD NOTE 33938EAL1 3,601 3,500,000 PRN DEFINED 2,3 225,443
FLUOR CORP COM 343412102 34 230 SH DEFINED 1,2 230
FORD MOTOR CO COM 345370860 17 2,600 SH DEFINED 1,2 2,600
FOREST LABORATORIES INC COM 345838106 20 560 SH DEFINED 1,2 560
FORESTAR REAL ESTATE GROUP COM 346233109 1 53 SH DEFINED 1,2 53
FORTUNE BRANDS INC COM 349631101 23 320 SH DEFINED 1,2 320
FPL GROUP INC COM 302571104 60 880 SH DEFINED 1,2 880
FRANKLIN RESOURCES INC COM 354613101 39 340 SH DEFINED 1,2 340
FREEPORT-MCMORAN COPPER CL B 35671D857 80 781 SH DEFINED 1,2 781
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
GANNETT CO COM 364730101 17 440 SH DEFINED 1,2 440
GAP INC/THE COM 364760108 21 970 SH DEFINED 1,2 970
GENERAL DYNAMICS CORP COM 369550108 78 880 SH DEFINED 1,2 880
GENERAL ELECTRIC CO COM 369604103 7,638 204,711 SH DEFINED 1,2 204,711
GENERAL GROWTH PROPERTIES COM 370021107 16 400 SH DEFINED 1,2 400
GENERAL MILLS INC COM 370334104 40 710 SH DEFINED 1,2 710
GENERAL MOTORS CORP COM 370442105 20 800 SH DEFINED 1,2 800
GENESIS ENERGY L.P. COM 371927104 4,322 183,920 SH DEFINED 2,4 183,920
GENUINE PARTS CO COM 372460105 12 250 SH DEFINED 1,2 250
GENWORTH FINANCIAL INC CL A 37247D106 22 850 SH DEFINED 1,2 850
GENZYME CORP COM 372917104 43 580 SH DEFINED 1,2 580
GILEAD SCIENCES INC COM 375558103 153 3,320 SH DEFINED 1,2 3,320
GOLDMAN SACHS GROUP INC COM 38141G104 176 820 SH DEFINED 1,2 820
GOODRICH CORP COM 382388106 20 280 SH DEFINED 1,2 280
GOODYEAR TIRE & RUBBER CO COM 382550101 10 350 SH DEFINED 1,2 350
GOOGLE INC CL A 38259P508 353 510 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 ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
GRIFFON CORPORATION COM 398433102 1,173 94,200 SH DEFINED 2 94,200
GUARANTY FINANCIAL GROUP COM 40108N106 1 53 SH DEFINED 1,2 53
H&R BLOCK INC COM 093671105 10 560 SH DEFINED 1,2 560
HALLIBURTON CO COM 406216101 67 1,780 SH DEFINED 1,2 1,780
HANGER ORTHOPEDIC GROUP INC COM 41043F208 606 55,075 SH DEFINED 2 55,075
HANOVER COMPRESS NOTE 410768AC9 988 1,000,000 PRN DEFINED 2,3 7,397
HARLEY-DAVIDSON INC COM 412822108 27 580 SH DEFINED 1,2 580
HARMAN INTERNATIONAL COM 413086109 15 200 SH DEFINED 1,2 200
HARRAHS ENTERTAINMENT INC COM 413619107 42 470 SH DEFINED 1,2 470
HARTFORD FINANCIAL SVCS GRP COM 416515104 9,211 105,640 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 10 250 SH DEFINED 1,2 250
HESS CORP LTD PART42809H107 55 550 SH DEFINED 1,2 550
HEWLETT-PACKARD CO COM 428236103 259 5,130 SH DEFINED 1,2 5,130
HILAND HOLDINGS GP LP INT 43129M107 5,147 188,179 SH DEFINED 2,4 188,179
HILAND PARTNERS LP LTD PART431291103 7,720 152,714 SH DEFINED 2,4 152,714
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
HJ HEINZ CO COM 423074103 27 580 SH DEFINED 1,2 580
HOLLY ENERGY PARTNERS LP LTD PTNR435763107 3,662 83,700 SH DEFINED 2,4 83,700
HOME DEPOT COM 437076102 3,069 113,910 SH DEFINED 1,2 113,910
HONEYWELL INTERNATIONAL INC COM 438516106 91 1,470 SH DEFINED 1,2 1,470
HORACE MANN EDUCATORS COM 440327104 771 40,725 SH DEFINED 2 40,725
HORMEL FOODS CORP COM 440452100 206 5,100 SH DEFINED 2 5,100
HOSPIRA INC COM 441060100 9 220 SH DEFINED 1,2 220
HOST HOTELS & RESORTS INC COM 44107P104 17 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 26 340 SH DEFINED 1,2 340
HUNTINGTON BANCSHARES INC COM 446150104 9 640 SH DEFINED 1,2 640
IAC/INTERACTIVECORP COM 44919P300 11 400 SH DEFINED 1,2 400
IDACORP INC COM 451107106 251 7,125 SH DEFINED 2 7,125
ILLINOIS TOOL WORKS COM 452308109 43 800 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 1,910 82,890 SH DEFINED 1,2 82,890
INDYMAC BANCORP INC COM 456607100 165 27,800 SH DEFINED 2 27,800
INERGY HOLDINGS LP COM 45661Q107 5,444 125,900 SH DEFINED 2,4 125,900
INERGY LP LTD PTNR456615103 6,217 199,900 SH DEFINED 2,4 199,900
INFORMATICA CORP NOTE 45666QAB8 3,454 3,050,000 PRN DEFINED 2,3 152,500
INGERSOLL-RAND CO LTD CL A G4776G101 26 560 SH DEFINED 1,2 560
INTEGRYS ENERGY GROUP INC COM 45822P105 8 149 SH DEFINED 1,2 149
INTEL CORP COM 458140100 306 11,470 SH DEFINED 1,2 11,470
INTERNATIONAL BUSINESS MACHICOM 459200101 14,923 138,050 SH DEFINED 1,2 138,050
INTERNATIONAL PAPER CO COM 460146103 28 850 SH DEFINED 1,2 850
INTERPUBLIC GROUP OF COS INCCOM 460690100 7 924 SH DEFINED 1,2 924
INTL FLAVORS & FRAGRANCES COM 459506101 5 110 SH DEFINED 1,2 110
INTL GAME TECHNOLOGY COM 459902102 26 590 SH DEFINED 1,2 590
INTUIT INC COM 461202103 19 590 SH DEFINED 1,2 590
IPC HOLDINGS LTD ORD G4933P101 2,038 70,600 SH DEFINED 2 70,600
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
ITT CORP COM 450911102 24 370 SH DEFINED 1,2 370
IVAX CORP NOTE 465823AG7 5,046 4,840,000 PRN DEFINED 2,3 183,063
J.C. PENNEY CO INC COM 708160106 23 520 SH DEFINED 1,2 520
JABIL CIRCUIT INC COM 466313103 4 260 SH DEFINED 1,2 260
JANUS CAPITAL GROUP INC COM 47102X105 10 290 SH DEFINED 1,2 290
JDS UNIPHASE CORP COM 46612J507 5 401 SH DEFINED 1,2 401
JETBLUE AIRWAYS CORP NOTE 477143AB7 2,688 2,750,000 PRN DEFINED 2,3 97,059
JOHNSON & JOHNSON COM 478160104 5,419 80,485 SH DEFINED 1,2 80,485
JOHNSON CONTROLS INC COM 478366107 52 1,440 SH DEFINED 1,2 1,440
JONES APPAREL GROUP INC COM 480074103 801 50,110 SH DEFINED 1,2 50,110
JPMORGAN CHASE & COMPANY COM 46625H100 2,089 48,230 SH DEFINED 1,2 48,230
JUNIPER NETWORKS INC COM 48203R104 34 1,010 SH DEFINED 1,2 1,010
K12 INC COM 48273U102 9,464 365,818 SH DEFINED 2,4 365,818
KB HOME COM 48666K109 2 110 SH DEFINED 1,2 110
KELLOGG CO COM 487836108 24 460 SH DEFINED 1,2 460
KELLY SERVICES INC CL A 488152208 1,165 62,446 SH DEFINED 2 62,446
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
KEYCORP COM 493267108 16 680 SH DEFINED 1,2 680
KIMBERLY-CLARK CORP COM 494368103 60 860 SH DEFINED 1,2 860
KIMCO REALTY CORP COM 49446R109 15 410 SH DEFINED 1,2 410
KINDER MORGAN MANAGEMENT LLCSHS 49455U100 8,259 156,016 SH DEFINED 2,4 156,016
KING PHARMACEUTICALS INC COM 495582108 5 440 SH DEFINED 1,2 440
KLA-TENCOR CORPORATION COM 482480100 19 390 SH DEFINED 1,2 390
KOHLS CORP COM 500255104 31 670 SH DEFINED 1,2 670
KRAFT FOODS INC CL A 50075N104 104 3,176 SH DEFINED 1,2 3,176
KROGER CO COM 501044101 36 1,330 SH DEFINED 1,2 1,330
L-3 COMMUNICATIONS HOLDINGS COM 502424104 30 280 SH DEFINED 1,2 280
LABORATORY CRP OF AMER HLDGSCOM 50540R409 21 280 SH DEFINED 1,2 280
LEAR SEATING CORP COM 521865105 3,438 124,300 SH DEFINED 2 124,300
LEGG MASON INC COM 524901105 21 290 SH DEFINED 1,2 290
LEGGETT & PLATT INC COM 524660107 5 260 SH DEFINED 1,2 260
LEHMAN_BROTHERS_HOLDING INC COM 524908100 2,031 31,395 SH DEFINED 1,2 31,395
LENNAR CORP CL A 526057104 4 200 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
LEVEL 3 COMMUNICATIONS NOTE 52729NBA7 611 700,000 PRN DEFINED 2,3 97,493
LEVEL 3 COMMUNICATIONS NOTE 52729NBE9 1,361 1,200,000 PRN DEFINED 2,3 333,336
LEVEL 3 COMMUNICATIONS NOTE 52729NBK5 2,366 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 1,874 1,800,000 PRN DEFINED 2,3 103,334
LIMITED BRANDS INC COM 532716107 11 580 SH DEFINED 1,2 580
LINCOLN NATIONAL CORP COM 534187109 5,858 100,619 SH DEFINED 1,2 100,619
LINEAR TECHNOLOGY CORP COM 535678106 14 430 SH DEFINED 1,2 430
LIZ CLAIBORNE INC COM 539320101 3 150 SH DEFINED 1,2 150
LOCKHEED MARTIN CORP COM 539830109 75 710 SH DEFINED 1,2 710
LOWES COS INC COM 548661107 68 2,990 SH DEFINED 1,2 2,990
LSI CORP COM 502161102 7 1,370 SH DEFINED 1,2 1,370
LSI CORP NOTE 502161AJ1 3,456 3,600,000 PRN DEFINED 2,3 268,256
M & T BANK CORP COM 55261F104 17 210 SH DEFINED 1,2 210
MACYS INC COM 55616P104 23 878 SH DEFINED 1,2 878
MAGELLAN MIDSTREAM HOLDINGS COM 55907R108 7,926 295,752 SH DEFINED 2,4 295,752
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
MAGNA INTERNATIONAL INC CL A 559222401 1,814 22,550 SH DEFINED 2 22,550
MARATHON OIL CORP COM 565849106 81 1,326 SH DEFINED 1,2 1,326
MARKWEST ENERGY PARTNERS LP LTD PART570759100 9,349 276,775 SH DEFINED 2,4 276,775
MARKWEST HYDROCARBON INC COM 570762104 4,996 79,749 SH DEFINED 2,4 79,749
MARRIOTT INTERNATIONAL CLA 571903202 54 1,590 SH DEFINED 1,2 1,590
MARSH & MCLENNAN COS COM 571748102 29 1,090 SH DEFINED 1,2 1,090
MARSHALL & ILSLEY CORP COM 571837103 12 470 SH DEFINED 1,2 470
MASCO CORP COM 574599106 14 670 SH DEFINED 1,2 670
MATTEL INC COM 577081102 14 740 SH DEFINED 1,2 740
MBIA INC COM 55262C100 5 290 SH DEFINED 1,2 290
MCCORMICK & CO COM 579780206 7 190 SH DEFINED 1,2 190
MCDATA CORP NOTE 580031AD4 3,100 3,250,000 PRN DEFINED 2,3 227,659
MCDONALD'S CORP COM 580135101 1,892 32,117 SH DEFINED 1,2 32,117
MCGRAW-HILL COMPANIES INC COM 580645109 27 610 SH DEFINED 1,2 610
MCKESSON CORP COM 58155Q103 41 630 SH DEFINED 1,2 630
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
MEADWESTVACO CORP COM 583334107 11 360 SH DEFINED 1,2 360
MEDCO HEALTH SOLUTIONS INC COM 58405U102 63 621 SH DEFINED 1,2 621
MEDIACOM COMMUNICATIONS CORPCL A 58446K105 1,148 250,000 SH DEFINED 2 250,000
MEDTRONIC INC COM 585055106 264 5,250 SH DEFINED 1,2 5,250
MEMC ELECTRONIC MATERIALS COM 552715104 35 400 SH DEFINED 1,2 400
MERCK & CO. INC. COM 589331107 245 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 95 1,770 SH DEFINED 1,2 1,770
METAVANTE TECHNOLOGIES INC COM 591407101 4 156 SH DEFINED 1,2 156
METLIFE INC COM 59156R108 92 1,490 SH DEFINED 1,2 1,490
METROPCS COMMUNICATIONS INC COM 591708102 1,643 84,484 SH DEFINED 2,4 84,484
MGIC INVESTMENT CORP COM 552848103 3 120 SH DEFINED 1,2 120
MI DEVELOPMENTS INC CL A 55304X104 1,134 40,675 SH DEFINED 2 40,675
MICRON TECHNOLOGY INC COM 595112103 10 1,440 SH DEFINED 1,2 1,440
MICROSOFT CORP COM 594918104 5,039 141,535 SH DEFINED 1,2 141,535
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
MILACRON INC COM 598709301 28 9,115 SH DEFINED 2 9,115
MILLIPORE CORP COM 601073109 13 180 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 6 180 SH DEFINED 1,2 180
MOODYS CORP COM 615369105 16 440 SH DEFINED 1,2 440
MORGAN ST DEAN WITTER DISCOVCOM 617446448 1,325 24,940 SH DEFINED 1,2 24,940
MORGAN STANLEY QUAL MUNI SECSECS 61745P585 386 28,600 SH DEFINED 2,4 28,600
MOTOROLA INC COM 620076109 72 4,510 SH DEFINED 1,2 4,510
MURPHY OIL CORP COM 626717102 40 470 SH DEFINED 1,2 470
MYLAN INC COM 628530107 6 400 SH DEFINED 1,2 400
NABORS INDUSTRIES INC SHS G6359F103 2,206 80,550 SH DEFINED 1,2 80,550
NATIONAL CITY CORP COM 635405103 18 1,070 SH DEFINED 1,2 1,070
NATIONAL OILWELL VARCO INC COM 637071101 66 900 SH DEFINED 1,2 900
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
NATIONAL SEMICONDUCTOR CORP COM 637640103 10 420 SH DEFINED 1,2 420
NATURAL RESOURCE PARTNERS LPCOM 63900P103 6,576 202,598 SH DEFINED 2,4 202,598
NCI BUILDING SYSTEMS INC COM 628852105 212 7,350 SH DEFINED 2 7,350
NCR CORPORATION COM 62886E108 7 260 SH DEFINED 1,2 260
NETWORK APPLIANCE INC COM 64120L104 18 730 SH DEFINED 1,2 730
NEW YORK TIMES CO CL A 650111107 4 200 SH DEFINED 1,2 200
NEWELL RUBBERMAID INC COM 651229106 13 490 SH DEFINED 1,2 490
NEWMONT MINING CORP COM 651639106 41 840 SH DEFINED 1,2 840
NEWS CORP CL A 65248E104 8,289 404,550 SH DEFINED 1,2 404,550
NICOR INC COM 654086107 3 60 SH DEFINED 1,2 60
NIKE INC CL B 654106103 42 660 SH DEFINED 1,2 660
NISOURCE INC COM 65473P105 9 490 SH DEFINED 1,2 490
NOBLE CORP SHS G65422100 34 600 SH DEFINED 1,2 600
NORDSTROM INC COM 655664100 16 430 SH DEFINED 1,2 430
NORFOLK SOUTHERN CORP COM 655844108 35 690 SH DEFINED 1,2 690
NORTEL NETWORKS NOTE 656568AB8 3,312 3,375,000 PRN DEFINED 2,4 337,500
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 ------------------
NORTHERN TRUST CORP COM 665859104 1,652 21,570 SH DEFINED 1,2 21,570
NORTHROP GRUMMAN CORP COM 666807102 55 698 SH DEFINED 1,2 698
NORTHWESTERN CORP COM 668074305 1,681 56,987 SH DEFINED 2 56,987
NOVELL INC COM 670006105 5 680 SH DEFINED 1,2 680
NOVELL INC DBCV 670006AC9 1,506 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 1,231 28,400 SH DEFINED 2 28,400
NUCOR CORP COM 670346105 32 540 SH DEFINED 1,2 540
NVIDIA CORP COM 67066G104 36 1,050 SH DEFINED 1,2 1,050
OCCIDENTAL PETROLEUM COM 674599105 7,055 91,640 SH DEFINED 1,2 91,640
OFFICE DEPOT INC COM 676220106 7 510 SH DEFINED 1,2 510
OFFICEMAX INC COM 67622P101 2 110 SH DEFINED 1,2 110
OLD REPUBLIC INTL CORP COM 680223104 1,047 67,922 SH DEFINED 2 67,922
OMNICOM GROUP COM 681919106 29 600 SH DEFINED 1,2 600
OPNEXT INC COM 68375V105 2,066 233,426 SH DEFINED 2,4 233,426
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
ORACLE CORP COM 68389X105 1,156 51,180 SH DEFINED 1,2 51,180
OSG AMERICA LP COM 671028108 1,737 93,663 SH DEFINED 2,4 93,663
P G & E CORP COM 69331C108 26 600 SH DEFINED 1,2 600
PACCAR INC COM 693718108 46 840 SH DEFINED 1,2 840
PACTIV CORPORATION COM 695257105 5 200 SH DEFINED 1,2 200
PALL CORP COM 696429307 7 180 SH DEFINED 1,2 180
PARKER HANNIFIN CORP COM 701094104 31 405 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 21 590 SH DEFINED 1,2 590
PEABODY ENERGY CORP COM 704549104 31 500 SH DEFINED 1,2 500
PEDIATRIX MEDICAL GROUP INC COM 705324101 554 8,125 SH DEFINED 2 8,125
PENN VIRGINIA GP HOLDINGS LPCOM 70788P105 1,002 35,000 SH DEFINED 2,4 35,000
PEPSI BOTTLING GROUP INC COM 713409100 7 190 SH DEFINED 1,2 190
PEPSICO INCORPORATED COM 713448108 317 4,170 SH DEFINED 1,2 4,170
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
PERKINELMER INC COM 714046109 5 180 SH DEFINED 1,2 180
PETRO-CANADA COM 71644E102 3,217 60,000 SH DEFINED 2 60,000
PFIZER INC COM 717081103 3,247 142,850 SH DEFINED 1,2 142,850
PHH CORP COM 693320202 810 45,925 SH DEFINED 2 45,925
PHILLIPS PETROLEUM COMPANY COM 20825C104 1,966 22,260 SH DEFINED 1,2 22,260
PIKE ELECTRIC CORP COM 721283109 1,107 66,050 SH DEFINED 2 66,050
PINNACLE WEST CAPITAL COM 723484101 6 140 SH DEFINED 1,2 140
PITNEY-BOWES INC COM 724479100 2,021 53,140 SH DEFINED 1,2 53,140
PLANTRONICS INC COM 727493108 1,014 39,000 SH DEFINED 2 39,000
PLUM CREEK TIMBER CO COM 729251108 12 260 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 884 83,375 SH DEFINED 2 83,375
PPG INDUSTRIES INC COM 693506107 24 340 SH DEFINED 1,2 340
PPL CORPORATION COM 69351T106 39 750 SH DEFINED 1,2 750
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
PRAXAIR INC COM 74005P104 59 660 SH DEFINED 1,2 660
PRECISION CASTPARTS CORP COM 740189105 42 300 SH DEFINED 1,2 300
PRINCIPAL FINANCIAL GROUP COM 74251V102 41 590 SH DEFINED 1,2 590
PROCTER & GAMBLE CO COM 742718109 466 6,350 SH DEFINED 1,2 6,350
PROGRESS ENERGY INC COM 743263105 22 460 SH DEFINED 1,2 460
PROGRESSIVE CORP COM 743315103 27 1,400 SH DEFINED 1,2 1,400
PROLOGIS INT 743410102 35 550 SH DEFINED 1,2 550
PRUDENTIAL FINANCIAL INC COM 744320102 93 1,000 SH DEFINED 1,2 1,000
PUBLIC SERVICE ENTERPRISE GPCOM 744573106 55 560 SH DEFINED 1,2 560
PUBLIC STORAGE COM 74460D109 21 280 SH DEFINED 1,2 280
PULTE HOMES INC COM 745867101 4 400 SH DEFINED 1,2 400
QLOGIC CORP COM 747277101 3 220 SH DEFINED 1,2 220
QUALCOMM INC COM 747525103 129 3,270 SH DEFINED 1,2 3,270
QUEST DIAGNOSTICS COM 74834L100 12 230 SH DEFINED 1,2 230
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
QUESTAR CORP COM 748356102 16 300 SH DEFINED 1,2 300
QWEST COMMUNICATIONS INTL COM 749121109 21 2,990 SH DEFINED 1,2 2,990
RADIO ONE INC CL D 75040P405 251 105,700 SH DEFINED 2 105,700
RADIOSHACK CORP COM 750438103 3 190 SH DEFINED 1,2 190
RAIT FINANCIAL TRUST COM 749227104 438 50,781 SH DEFINED 2,4 50,781
RAYTHEON COMPANY COM 755111507 57 940 SH DEFINED 1,2 940
RED HAT INC DBCV 756577AB8 4,303 4,250,000 PRN DEFINED 2,3 166,070
REGENCY ENERGY PARTNERS LP COM 75885Y107 6,032 180,754 SH DEFINED 2,4 180,754
REGIONS FINANCIAL CORP COM 7591EP100 32 1,340 SH DEFINED 1,2 1,340
REGIS CORP COM 758932107 932 33,325 SH DEFINED 2 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 3,078 51,100 SH DEFINED 2 51,100
RENT-A-CENTER INC COM 76009N100 2,023 139,300 SH DEFINED 2 139,300
REYNOLDS AMERICAN INC COM 761713106 23 350 SH DEFINED 1,2 350
RF MICRO DEVICES INC NOTE 749941AG5 944 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 25 350 SH DEFINED 1,2 350
ROCKWELL INTL CORP COM 773903109 8,472 122,850 SH DEFINED 1,2 122,850
ROHM AND HAAS CO COM 775371107 16 310 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 15 270 SH DEFINED 1,2 270
SAFEWAY INC COM 786514208 29 840 SH DEFINED 1,2 840
SANDISK CORP COM 80004C101 13 380 SH DEFINED 1,2 380
SANGAMO BIOSCIENCES INC COM 800677106 1,097 84,275 SH DEFINED 2 84,275
SARA LEE CORP COM 803111103 743 46,236 SH DEFINED 1,2 46,236
SCANA CORP COM 80589M102 1,429 33,902 SH DEFINED 2 33,902
SCHERING-PLOUGH CORP COM 806605101 78 2,920 SH DEFINED 1,2 2,920
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
SCHLUMBERGER LIMITED COM 806857108 531 5,400 SH DEFINED 1,2 5,400
SCHWAB (CHARLES) CORP COM 808513105 45 1,780 SH DEFINED 1,2 1,780
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,314 50,700 SH DEFINED 2 50,700
SEALED AIR CORP COM 81211K100 6 240 SH DEFINED 1,2 240
SEALY CORP COM 812139301 960 85,775 SH DEFINED 2 85,775
SEARS HOLDINGS CORP COM 812350106 1,311 12,850 SH DEFINED 1,2,4 12,850
SEMGROUP ENERGY PARTNERS LP UNIT LP 81662W108 5,564 193,000 SH DEFINED 2,4 193,000
SEMPRA ENERGY COM 816851109 2,115 34,180 SH DEFINED 1,2 34,180
SEPRACOR INC NOTE 817315AT1 2,023 2,000,000 PRN DEFINED 2,3 62,710
SHERWIN-WILLIAMS CO/THE COM 824348106 15 260 SH DEFINED 1,2 260
SIGMA-ALDRICH COM 826552101 11 200 SH DEFINED 1,2 200
SIMON PROPERTY GROUP INC COM 828806109 45 520 SH DEFINED 1,2 520
SLM CORP COM 78442P106 16 790 SH DEFINED 1,2 790
SMITH INTERNATIONAL INC COM 832110100 36 490 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
SNAP-ON INC COM 833034101 4 80 SH DEFINED 1,2 80
SOUTHERN CO COM 842587107 57 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 8 715 SH DEFINED 1,2 715
SPECTRA ENERGY CORP COM 847560109 31 1,199 SH DEFINED 1,2 1,199
SPHERION CORPORATION COM 848420105 125 17,125 SH DEFINED 2 17,125
SPRINT CORP COM 852061100 2,832 215,678 SH DEFINED 1,2 215,678
ST JUDE MEDICAL INC COM 790849103 25 610 SH DEFINED 1,2 610
STANLEY WORKS/THE COM 854616109 11 220 SH DEFINED 1,2 220
STAPLES INC COM 855030102 135 5,840 SH DEFINED 1,2 5,840
STARBUCKS CORP COM 855244109 69 3,380 SH DEFINED 1,2 3,380
STARWOOD HOTELS & RESORTS COM 85590A401 22 510 SH DEFINED 1,2 510
STATE STREET CORP COM 857477103 71 880 SH DEFINED 1,2 880
STEWART INFORMATION SERVICESCOM 860372101 636 24,375 SH DEFINED 2 24,375
STONE CONTAINER CORP COM 832727101 2,112 200,000 SH DEFINED 2 200,000
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
STREETTRACKS GOLD TRUST SHS 863307104 20,615 250,000 SH DEFINED 2 250,000
STRYKER CORP COM 863667101 47 630 SH DEFINED 1,2 630
SUN MICROSYSTEMS INC COM 866810203 32 1,757 SH DEFINED 1,2 1,757
SUNOCO INC COM 86764P109 21 290 SH DEFINED 1,2 290
SUNTRUST BANKS INC COM 867914103 46 730 SH DEFINED 1,2 730
SUPERVALU INC COM 868536103 15 401 SH DEFINED 1,2 401
SYMANTEC CORP COM 871503108 28 1,714 SH DEFINED 1,2 1,714
SYNOVUS FINANCIAL CORP COM 87161C105 13 560 SH DEFINED 1,2 560
SYSCO CORP COM 871829107 37 1,190 SH DEFINED 1,2 1,190
T ROWE PRICE GROUP INC COM 74144T108 29 480 SH DEFINED 1,2 480
TARGET CORP COM 87612E106 87 1,730 SH DEFINED 1,2 1,730
TECH DATA CORP COM 878237106 833 22,075 SH DEFINED 2 22,075
TECO ENERGY INC COM 872375100 7 390 SH DEFINED 1,2 390
TELLABS INC COM 879664100 5 840 SH DEFINED 1,2 840
TEMPLE-INLAND INC COM 879868107 3 160 SH DEFINED 1,2 160
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
TENET HEALTHCARE CORP CL A 88033G100 4 870 SH DEFINED 1,2 870
TERADATA CORP COM 88076W103 7 260 SH DEFINED 1,2 260
TERADYNE INC COM 880770102 3 280 SH DEFINED 1,2 280
TEREX CORP COM 880779103 20 300 SH DEFINED 1,2 300
TEXAS INSTRUMENTS INC COM 882508104 94 2,800 SH DEFINED 1,2 2,800
TEXTRON INC COM 883203101 1,338 18,760 SH DEFINED 1,2 18,760
THE WALT DISNEY CO COM 254687106 126 3,900 SH DEFINED 1,2 3,900
THERMO FISHER SCIENTIFIC INCCOM 883556102 46 790 SH DEFINED 1,2 790
TIFFANY & CO COM 886547108 9 200 SH DEFINED 1,2 200
TIME WARNER INC COM 887317105 123 7,430 SH DEFINED 1,2 7,430
TJX COS. INC. NEW COM 872540109 1,746 60,790 SH DEFINED 1,2 60,790
TORCHMARK CORP COM 891027104 1,199 19,815 SH DEFINED 1,2 19,815
TRANE INC COM 892893108 12 250 SH DEFINED 1,2 250
TRANSMONTAIGNE PARTNERS LP COM 89376V100 6,129 215,900 SH DEFINED 2,4 215,900
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
TRANSOCEAN INC NOTE 893830AU3 2,168 2,000,000 PRN DEFINED 2,3 11,862
TRANSOCEAN INC SHS G90073100 65 454 SH DEFINED 1,2 454
TRAVELERS COS INC/THE COM 89417E109 70 1,297 SH DEFINED 1,2 1,297
TREX COMPANY INC COM 89531P105 472 55,425 SH DEFINED 2 55,425
TYCO ELECTRONICS COM G9144P105 470 12,666 SH DEFINED 1,2 12,666
TYCO INTERNATIONAL LTD SHS G9143X208 37 922 SH DEFINED 1,2 922
TYSON FOODS INC CL A 902494103 7 460 SH DEFINED 1,2 460
UNILEVER NV SHS 904784709 2,386 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 1,319 66,200 SH DEFINED 2 66,200
UNITED PARCEL SERVICE CL B 911312106 152 2,150 SH DEFINED 1,2 2,150
UNITED STATES STEEL CORP COM 912909108 34 280 SH DEFINED 1,2 280
UNITED STATIONERS INC COM 913004107 648 14,025 SH DEFINED 2 14,025
UNITED TECHNOLOGIES CORP COM 913017109 157 2,050 SH DEFINED 1,2 2,050
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
UNITEDHEALTH GROUP INC COM 91324P102 153 2,630 SH DEFINED 1,2 2,630
UNIVERSAL CORP-VA COM 913456109 1,229 24,000 SH DEFINED 2 24,000
UNUM GROUP COM 91529Y106 16 690 SH DEFINED 1,2 690
US BANCORP COM 902973304 110 3,450 SH DEFINED 1,2 3,450
UST INC COM 902911106 13 230 SH DEFINED 1,2 230
VALERO ENERGY CORP COM 91913Y100 15,489 221,180 SH DEFINED 1,2 221,180
VARIAN MEDICAL SYSTEMS INC COM 92220P105 10 200 SH DEFINED 1,2 200
VERISIGN INC COM 92343E102 17 450 SH DEFINED 1,2 450
VERIZON COMMUNICATIONS INC COM 92343V104 252 5,760 SH DEFINED 1,2 5,760
VF CORP COM 918204108 16 230 SH DEFINED 1,2 230
VIACOM INC CL B 92553P201 58 1,320 SH DEFINED 1,2 1,320
VIAD CORP COM 92552R406 675 21,369 SH DEFINED 2 21,369
VORNADO REALTY TRUST INT 929042109 25 280 SH DEFINED 1,2 280
VULCAN MATERIALS CO COM 929160109 19 240 SH DEFINED 1,2 240
WACHOVIA CORP COM 929903102 143 3,750 SH DEFINED 1,2 3,750
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
WAL MART STORES INC COM 931142103 5,772 121,430 SH DEFINED 1,2 121,430
WALGREEN CO COM 931422109 74 1,950 SH DEFINED 1,2 1,950
WASHINGTON MUTUAL INC COM 939322103 256 18,805 SH DEFINED 1,2 18,805
WASTE MANAGEMENT INC COM 94106L109 32 970 SH DEFINED 1,2 970
WATERS CORP COM 941848103 20 250 SH DEFINED 1,2 250
WATSON PHARMACEUTICALS INC COM 942683103 4 140 SH DEFINED 1,2 140
WEATHERFORD INTL LTD COM G95089101 41 600 SH DEFINED 1,2 600
WELLPOINT INC COM 94973V107 113 1,290 SH DEFINED 1,2 1,290
WELLS FARGO & COMPANY COM 949746101 200 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 36 1,489 SH DEFINED 1,2 1,489
WEYERHAEUSER CO COM 962166104 33 450 SH DEFINED 1,2 450
WHIRLPOOL CORPORATION COM 963320106 2,740 33,568 SH DEFINED 1,2 33,568
WHOLE FOODS MARKET INC COM 966837106 8 200 SH DEFINED 1,2 200
WILLIAMS COS INC COM 969457100 2,979 83,270 SH DEFINED 1,2 83,270
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
WINDSTREAM CORP COM 97381W104 11 876 SH DEFINED 1,2 876
WISCONSIN ENERGY CORP COM 976657106 1,718 35,275 SH DEFINED 2 35,275
WRIGLEY WM JR CO COM 982526105 28 485 SH DEFINED 1,2 485
WW GRAINGER INC COM 384802104 18 210 SH DEFINED 1,2 210
WYETH COM 983024100 3,856 87,270 SH DEFINED 1,2 87,270
WYETH DBCV 983024AD2 10,849 10,283,000 PRN DEFINED 2 170,276
WYNDHAM WORLDWIDE CORP COM 98310W108 7 290 SH DEFINED 1,2 290
XCEL ENERGY INC COM 98389B100 18 780 SH DEFINED 1,2 780
XEROX CORP COM 984121103 8,124 501,800 SH DEFINED 1,2 501,800
XILINX INC COM 983919101 13 580 SH DEFINED 1,2 580
XL CAPITAL LTD CL A G98255105 2,390 47,510 SH DEFINED 1,2 47,510
XM SATELLITE RADIO HLDGS NOTE 983759AC5 1,760 2,000,000 PRN DEFINED 2,3 40,000
XTO ENERGY INC COM 98385X106 53 1,025 SH DEFINED 1,2 1,025
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
YAHOO! INC COM 984332106 55 2,380 SH DEFINED 1,2 2,380
YUM! BRANDS INC COM 988498101 38 980 SH DEFINED 1,2 980
ZIMMER HOLDINGS INC COM 98956P102 36 550 SH DEFINED 1,2 550
ZIONS BANCORPORATION COM 989701107 12 260 SH DEFINED 1,2 260