FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30,2007
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: CNA Financial Corporation
Address: 333 S. Wabash
Chicago,IL 60604
13F File Number: 28-346
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct, and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Lynne Gugenheim
Title: Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
August 9,2007
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: 634
Form 13F Information Table Value Total: 1,337,155 (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 94 1,080 SH DEFINED 1,2 1,080
ABBOTT LABORATORIES COM 002824100 117 2,190 SH DEFINED 1,2 2,190
ACE LTD ORD G0070K103 29 470 SH DEFINED 1,2 470
ADC TELECOMMUNICATIONS INC COM 000886309 3 167 SH DEFINED 1,2 167
ADOBE SYSTEMS INC COM 00724F101 33 830 SH DEFINED 1,2 830
ADVANCED MICRO DEVICES COM 007903107 10 690 SH DEFINED 1,2 690
AES CORP COM 00130H105 21 940 SH DEFINED 1,2 940
AETNA INC COM 00817Y108 5,720 115,790 SH DEFINED 1,2 115,790
AFFILIATED COMPUTER SVCS CL A 008190100 2,568 45,270 SH DEFINED 1,2 45,270
AFLAC INC COM 001055102 36 710 SH DEFINED 1,2 710
AFTERMARKET TECHNOLOGY CORP COM 008318107 1,621 54,600 SH DEFINED 2 54,600
AGILENT TECHNOLOGIES INC COM 00846U101 22 580 SH DEFINED 1,2 580
AIR PRODUCTS & CHEMICALS INCCOM 009158106 26 320 SH DEFINED 1,2 320
ALBERTO-CULVER CO COM 013078100 3 110 SH DEFINED 1,2 110
ALCATEL-LUCENT SPONSORE013904305 3,985 284,678 SH DEFINED 1,2 284,678
ALCOA INC COM 013817101 50 1,240 SH DEFINED 1,2 1,240
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
ALCON INC COM SHS H01301102 189 1,400 SH DEFINED 2 1,400
ALLEGHENY ENERGY INC COM 017361106 12 240 SH DEFINED 1,2 240
ALLEGHENY TECHNOLOGIES INC COM 01741R102 278 2,650 SH DEFINED 1,2 2,650
ALLERGAN INC COM 018490102 25 440 SH DEFINED 1,2 440
ALLIED WASTE INDUSTRIES INC COM 019589308 5 360 SH DEFINED 1,2 360
ALLSTATE CORP COM 020002101 2,646 43,025 SH DEFINED 1,2 43,025
ALLTEL CORP COM 020039103 38 560 SH DEFINED 1,2 560
ALTERA CORPORATION COM 021441100 11 510 SH DEFINED 1,2 510
ALTRIA GROUP INC COM 02209S103 1,263 18,000 SH DEFINED 1,2 18,000
AMAZON.COM INC COM 023135106 1,592 23,265 SH DEFINED 1,2 23,265
AMAZON.COM INC NOTE 023135AF3 3,056 3,000,000 PRN DEFINED 2,3 38,448
AMBAC FINANCIAL GROUP INC COM 023139108 13 150 SH DEFINED 1,2 150
AMDOCS LIMITED NOTE 02342TAD1 516 500,000 PRN DEFINED 2,3 11,596
AMEREN CORPORATION COM 023608102 15 300 SH DEFINED 1,2 300
AMERICAN ELECTRIC POWER COM 025537101 7,294 161,950 SH DEFINED 1,2 161,950
AMERICAN EQUITY INVT LIFE HLCOM 025676206 1,361 112,675 SH DEFINED 2 112,675
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
AMERICAN EXPRESS CO COM 025816109 1,024 16,740 SH DEFINED 1,2 16,740
AMERICAN HOME MORTGAGE INVESCOM 02660R107 476 25,875 SH DEFINED 2 25,875
AMERICAN INTERNATIONAL GROUPCOM 026874107 12,090 172,642 SH DEFINED 1,2 172,642
AMERICAN NATIONAL INSURANCE COM 028591105 824 5,400 SH DEFINED 2 5,400
AMERICAN STANDARD COS INC COM 029712106 15 250 SH DEFINED 1,2 250
AMERIPRISE FINANCIAL INC COM 03076C106 22 350 SH DEFINED 1,2 350
AMERISOURCEBERGEN CORP COM 03073E105 1,686 34,090 SH DEFINED 1,2 34,090
AMGEN INC COM 031162100 1,864 33,705 SH DEFINED 1,2 33,705
ANADARKO PETROLEUM CORP COM 032511107 15,631 300,660 SH DEFINED 1,2 300,660
ANALOG DEVICES COM 032654105 19 500 SH DEFINED 1,2 500
ANHEUSER-BUSCH COS INC. COM 035229103 1,505 28,850 SH DEFINED 1,2 28,850
ANSYS INC COM 03662Q105 128 4,824 SH DEFINED 2,4 4,824
AON CORP COM 037389103 1,723 40,425 SH DEFINED 1,2 40,425
APACHE CORP COM 037411105 5,342 65,470 SH DEFINED 1,2 65,470
APARTMENT INVT & MGMT CO CL A 03748R101 7 140 SH DEFINED 1,2 140
APOLLO GROUP INC CL A 037604105 12 200 SH DEFINED 1,2 200
APPLE INC COM 037833100 149 1,220 SH DEFINED 1,2 1,220
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
APPLIED BIOSYSTEMS GROUP GRP 038020103 8 260 SH DEFINED 1,2 260
APPLIED MATERIALS INC COM 038222105 40 1,990 SH DEFINED 1,2 1,990
AQUILA INC COM 03840P102 1,323 323,458 SH DEFINED 2 323,458
ARCHER-DANIELS COM 039483102 31 940 SH DEFINED 1,2 940
ARCHSTONE-SMITH TRUST COM 039583109 18 310 SH DEFINED 1,2 310
ARIZONA STAR RESOURCE COM 04059G106 51,411 4,550,100 SH DEFINED 2,4 4,550,100
ARVINMERITOR INC COM 043353101 985 44,350 SH DEFINED 2 44,350
ASHLAND INC COM 044209104 6 90 SH DEFINED 1,2 90
AT&T INC COM 00206R102 374 9,015 SH DEFINED 1,2 9,015
ATLAS PIPELINE HOLDINGS LP COM 04939R108 5,421 129,542 SH DEFINED 2,4 129,542
ATLAS PIPELINE PARTNERS INT 049392103 6,189 114,043 SH DEFINED 2,4 114,043
ATWOOD OCEANICS INC COM 050095108 1,372 20,000 SH DEFINED 2 20,000
AUTODESK INC COM 052769106 797 16,930 SH DEFINED 1,2 16,930
AUTOMATIC DATA PROCESSING COM 053015103 39 800 SH DEFINED 1,2 800
AUTONATION INC COM 05329W102 5 210 SH DEFINED 1,2 210
AUTOZONE INC COM 053332102 11 80 SH DEFINED 1,2 80
AVAYA INC COM 053499109 11 650 SH DEFINED 1,2 650
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
AVERY DENNISON CORP COM 053611109 9 140 SH DEFINED 1,2 140
AVON PRODUCTS INC COM 054303102 24 640 SH DEFINED 1,2 640
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,931 47,500 SH DEFINED 2 47,500
BAKER HUGHES INC COM 057224107 40 470 SH DEFINED 1,2 470
BALL CORP COM 058498106 8 150 SH DEFINED 1,2 150
BANK OF AMERICA CORP COM 060505104 7,162 146,491 SH DEFINED 1,2 146,491
BANK OF NEW YORK CO INC COM 064057102 3,919 94,570 SH DEFINED 1,2 94,570
BARD (C.R.) INC COM 067383109 12 150 SH DEFINED 1,2 150
BARR PHARMACEUTICALS INC COM 068306109 8 150 SH DEFINED 1,2 150
BARRICK GOLD CORP COM 067901108 954 32,801 SH DEFINED 2 32,801
BAUSCH & LOMB INC COM 071707103 6 80 SH DEFINED 1,2 80
BAXTER INTERNATIONAL INC COM 071813109 53 940 SH DEFINED 1,2 940
BB&T CORP COM 054937107 31 770 SH DEFINED 1,2 770
BEAR STEARNS COMPANIES INC COM 073902108 25 180 SH DEFINED 1,2 180
BEARINGPOINT INC COM 074002106 435 59,450 SH DEFINED 2 59,450
BECTON DICKINSON & CO COM 075887109 26 350 SH DEFINED 1,2 350
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
BED BATH & BEYOND INC COM 075896100 14 400 SH DEFINED 1,2 400
BEMIS COMPANY COM 081437105 5 150 SH DEFINED 1,2 150
BEST BUY CO INC COM 086516101 27 580 SH DEFINED 1,2 580
BIG LOTS INC COM 089302103 4 150 SH DEFINED 1,2 150
BIOGEN IDEC INC COM 09062X103 26 490 SH DEFINED 1,2 490
BIOMARIN PHARMACEUTICAL NOTE 09061GAC5 1,026 800,000 PRN DEFINED 2,3 48,265
BIOMET INC COM 090613100 16 350 SH DEFINED 1,2 350
BJ SERVICES CO COM 055482103 12 430 SH DEFINED 1,2 430
BLACK & DECKER CORP COM 091797100 977 11,060 SH DEFINED 1,2 11,060
BLACKROCK FLORIDA INSD MUNI COM 09250G102 289 20,900 SH DEFINED 2,4 20,900
BLACKROCK MUNIYIELD NY INSURCOM 09255E102 251 18,400 SH DEFINED 2,4 18,400
BLOUNT INTERNATIONAL INC COM 095180105 176 13,425 SH DEFINED 2 13,425
BMC SOFTWARE INC COM 055921100 9 290 SH DEFINED 1,2 290
BOEING CO COM 097023105 1,148 11,940 SH DEFINED 1,2 11,940
BOSTON PROPERTIES INC COM 101121101 17 170 SH DEFINED 1,2 170
BOSTON SCIENTIFIC CORP COM 101137107 760 49,514 SH DEFINED 1,2 49,514
BOWNE & CO INC COM 103043105 934 47,850 SH DEFINED 2 47,850
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
BRISTOL-MYERS SQUIBB CO COM 110122108 2,196 69,595 SH DEFINED 1,2 69,595
BROADCOM CORP CL A 111320107 20 670 SH DEFINED 1,2 670
BROADRIDGE FINANCIAL SOLUTIOCOM 11133T103 4 200 SH DEFINED 1,2 200
BROOKFIELD HOMES CORP COM 112723101 727 25,000 SH DEFINED 2 25,000
BROWN-FORMAN CORP CL B 115637209 8 110 SH DEFINED 1,2 110
BRUNSWICK CORP COM 117043109 4 130 SH DEFINED 1,2 130
BUCKEYE GP HOLDINGS LP COM 118167105 8,515 255,870 SH DEFINED 2,4 255,870
BURLINGTON NORTHERN SANTA FECOM 12189T104 44 520 SH DEFINED 1,2 520
C.H. ROBINSON WORLDWIDE INC COM 12541W209 540 10,285 SH DEFINED 1,2 10,285
CA INC COM 12673P105 2,441 94,492 SH DEFINED 1,2 94,492
CABOT MICROELECTRONICS CORP COM 12709P103 963 27,125 SH DEFINED 2 27,125
CALUMET SPECIALTY PRODUCTS LTD PART131476103 2,623 53,973 SH DEFINED 2,4 53,973
CAMPBELL SOUP CO COM 134429109 13 330 SH DEFINED 1,2 330
CAPITAL ONE FINANCIAL CORP COM 14040H105 2,065 26,326 SH DEFINED 1,2 26,326
CAPITAL PRODUCT PARTNERS LP COM Y11082107 5,961 209,000 SH DEFINED 2,4 209,000
CARDINAL HEALTH INC COM 14149Y108 41 580 SH DEFINED 1,2 580
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
CARNIVAL CORP PAIRED C143658300 31 640 SH DEFINED 1,2 640
CARNIVAL CORP DBCV 143658AV4 1,439 2,100,000 PRN DEFINED 2,3 25,578
CATERPILLAR INC COM 149123101 1,597 20,390 SH DEFINED 1,2 20,390
CBS CORP CL B 124857202 1,703 51,120 SH DEFINED 1,2 51,120
CENTERPOINT ENERGY INC COM 15189T107 8 440 SH DEFINED 1,2 440
CENTEX CORP COM 152312104 7 170 SH DEFINED 1,2 170
CENTURYTEL INC COM 156700106 8 170 SH DEFINED 1,2 170
CENTURYTEL INC DBCV 156700AH9 4,473 3,600,000 PRN DEFINED 2,3 88,988
CEPHALON INC COM 156708109 281 3,500 SH DEFINED 1,2 3,500
CERNER CORP COM 156782104 324 5,845 SH DEFINED 1,2 5,845
CHEMICAL FINANCIAL CORP COM 163731102 756 29,225 SH DEFINED 2 29,225
CHESAPEAKE ENERGY CORP COM 165167107 19 540 SH DEFINED 1,2 540
CHEVRON CORP COM 166764100 265 3,150 SH DEFINED 1,2 3,150
CHICAGO MERCANTILE EXCHANG CL A 167760107 32 60 SH DEFINED 1,2 60
CHUBB CORP COM 171232101 32 590 SH DEFINED 1,2 590
CIBER INC COM 17163B102 1,543 188,575 SH DEFINED 2 188,575
CIENA CORP COM 171779309 4 120 SH DEFINED 1,2 120
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
CIGNA CORP COM 125509109 25 480 SH DEFINED 1,2 480
CINCINNATI FINANCIAL CORP COM 172062101 11 250 SH DEFINED 1,2 250
CINTAS CORP COM 172908105 8 200 SH DEFINED 1,2 200
CIRCUIT CITY STORES INC COM 172737108 3 200 SH DEFINED 1,2 200
CISCO SYSTEMS INC COM 17275R102 1,358 48,750 SH DEFINED 1,2 48,750
CIT GROUP INC COM 125581108 4,167 75,990 SH DEFINED 1,2 75,990
CITADEL BROADCASTING CORP COM 17285T106 1 230 SH DEFINED 1,2 230
CITIGROUP INC COM 172967101 11,395 222,160 SH DEFINED 1,2 222,160
CITIZENS COMMUNICATIONS CO COM 17453B101 7 460 SH DEFINED 1,2 460
CITRIX SYSTEMS INC COM 177376100 9 260 SH DEFINED 1,2 260
CLEAR CHANNEL COMMUNICATIONSCOM 184502102 27 710 SH DEFINED 1,2 710
CLOROX COMPANY COM 189054109 945 15,220 SH DEFINED 1,2 15,220
CMS ENERGY CORP COM 125896100 5 310 SH DEFINED 1,2 310
CNA SURETY CORPORATION COM 12612L108 518,610 27,425,147 SH DEFINED 1,2,4 27,425,147
COACH INC COM 189754104 1,446 30,520 SH DEFINED 1,2 30,520
COCA-COLA CO/THE COM 191216100 587 11,220 SH DEFINED 1,2 11,220
COCA-COLA ENTERPRISES COM 191219104 9 390 SH DEFINED 1,2 390
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
COLGATE-PALMOLIVE CO COM 194162103 48 740 SH DEFINED 1,2 740
COMCAST CORP CLA 20030N101 1,124 39,960 SH DEFINED 1,2 39,960
COMERICA INC COM 200340107 1,509 25,380 SH DEFINED 1,2 25,380
COMMERCE BANCORP INC/NJ COM 200519106 719 19,450 SH DEFINED 1,2 19,450
COMPASS BANCSHARES INC COM 20449H109 13 190 SH DEFINED 1,2 190
COMPUTER SCIENCES CORP COM 205363104 843 14,250 SH DEFINED 1,2 14,250
COMPUWARE CORP COM 205638109 6 530 SH DEFINED 1,2 530
CONAGRA FOODS INC COM 205887102 20 730 SH DEFINED 1,2 730
CONMED CORP COM 207410101 698 23,825 SH DEFINED 2 23,825
CONOCOPHILLIPS COM 20825C104 4,895 62,360 SH DEFINED 1,2 62,360
CONSOL ENERGY INC COM 20854P109 12 260 SH DEFINED 1,2 260
CONSOLIDATED EDISON INC COM 209115104 16 350 SH DEFINED 1,2 350
CONSTELLATION BRANDS CL A 21036P108 7 300 SH DEFINED 1,2 300
CONSTELLATION ENERGY GROUP COM 210371100 23 260 SH DEFINED 1,2 260
CONVERGYS CORP COM 212485106 5 190 SH DEFINED 1,2 190
CON-WAY INC COM 205944101 139 2,775 SH DEFINED 2 2,775
COOPER INDUSTRIES LTD CL A G24182100 15 260 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
COPANO ENERGY LLC COM 217202100 8,194 192,038 SH DEFINED 2,4 192,038
CORNING INC COM 219350105 951 37,230 SH DEFINED 1,2 37,230
COSTCO WHOLESALE CORP COM 22160K105 39 670 SH DEFINED 1,2 670
COUNTRYWIDE FINANCIAL CORP COM 222372104 2,740 75,378 SH DEFINED 1,2 75,378
COVENTRY HEALTH CARE INC COM 222862104 13 230 SH DEFINED 1,2 230
CSX CORP COM 126408103 1,651 36,630 SH DEFINED 1,2 36,630
CUMMINS INC COM 231021106 16 160 SH DEFINED 1,2 160
CVS CAREMARK CORP COM 126650100 991 27,198 SH DEFINED 1,2 27,198
CYMER INC NOTE 232572AE7 3,464 3,400,000 PRN DEFINED 2,3 68,000
DANAHER CORP COM 235851102 26 340 SH DEFINED 1,2 340
DARDEN RESTAURANTS INC COM 237194105 9 210 SH DEFINED 1,2 210
DCP MIDSTREAM PARTNERS LP LTD PART23311P100 4,238 90,900 SH DEFINED 2,4 90,900
DEAN FOODS CO COM 242370104 6 190 SH DEFINED 1,2 190
DEERE & CO COM 244199105 40 330 SH DEFINED 1,2 330
DEL MONTE FOODS CO COM 24522P103 800 65,825 SH DEFINED 2 65,825
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
DELL INC COM 24702R101 401 14,050 SH DEFINED 1,2 14,050
DELPHI FINANCIAL GROUP CLA 247131105 813 19,438 SH DEFINED 2 19,438
DEVON ENERGY CORPORATION COM 25179M103 49 630 SH DEFINED 1,2 630
DIAGEO PLC ADR 25243Q205 2,394 28,740 SH DEFINED 2 28,740
DILLARDS INC CL A 254067101 3 80 SH DEFINED 1,2 80
DOLLAR GENERAL CORP COM 256669102 10 440 SH DEFINED 1,2 440
DOMINION RESOURCES INC/VA COM 25746U109 44 510 SH DEFINED 1,2 510
DOVER CORP COM 260003108 15 290 SH DEFINED 1,2 290
DOW CHEMICAL COM 260543103 61 1,380 SH DEFINED 1,2 1,380
DOW JONES & CO INC COM 260561105 5 90 SH DEFINED 1,2 90
DR HORTON INC COM 23331A109 8 390 SH DEFINED 1,2 390
DTE ENERGY COMPANY COM 233331107 13 260 SH DEFINED 1,2 260
DU PONT (E.I.) DE NEMOURS COM 263534109 67 1,320 SH DEFINED 1,2 1,320
DUKE ENERGY CORP COM 26441C105 33 1,798 SH DEFINED 1,2 1,798
DYNEGY INC CL A 26817G102 6 610 SH DEFINED 1,2 610
E*TRADE FINANCIAL CORP COM 269246104 13 610 SH DEFINED 1,2 610
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
EASTMAN CHEMICAL COMPANY COM 277432100 8 120 SH DEFINED 1,2 120
EASTMAN KODAK CO COM 277461109 11 410 SH DEFINED 1,2 410
EATON CORP COM 278058102 20 220 SH DEFINED 1,2 220
EBAY INC COM 278642103 752 23,380 SH DEFINED 1,2 23,380
ECOLAB INC COM 278865100 11 260 SH DEFINED 1,2 260
EDISON INTERNATIONAL COM 281020107 26 470 SH DEFINED 1,2 470
EL PASO CORP COM 28336L109 17 990 SH DEFINED 1,2 990
ELECTRONIC ARTS INC COM 285512109 21 440 SH DEFINED 1,2 440
ELECTRONIC DATA SYSTEMS CORPCOM 285661104 21 740 SH DEFINED 1,2 740
ELI LILLY & CO COM 532457108 79 1,410 SH DEFINED 1,2 1,410
EMBARQ CORP COM 29078E105 14 216 SH DEFINED 1,2 216
EMC CORP/MASS COM 268648102 60 3,290 SH DEFINED 1,2 3,290
EMERSON ELECTRIC CO COM 291011104 55 1,180 SH DEFINED 1,2 1,180
EMPLOYERS HOLDINGS INC COM 292218104 273 12,875 SH DEFINED 2 12,875
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 5,767 103,808 SH DEFINED 2,4 103,808
ENCANA CORP COM 292505104 6,145 100,000 SH DEFINED 2 100,000
ENERGY TRANSFER EQUITY LP LTD PART29273V100 4,249 100,000 SH DEFINED 2,4 100,000
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
ENSCO INTERNATIONAL INC COM 26874Q100 1,830 30,000 SH DEFINED 2 30,000
ENTERGY CORP COM 29364G103 32 300 SH DEFINED 1,2 300
ENTERPRISE PRODUCTS PARTNERSCOM 293792107 5,863 184,300 SH DEFINED 2,4 184,300
EOG RESOURCES INC COM 26875P101 26 350 SH DEFINED 1,2 350
EQUIFAX INC COM 294429105 8 180 SH DEFINED 1,2 180
EQUITY RESIDENTIAL INT 29476L107 19 420 SH DEFINED 1,2 420
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 2,860 39,400 SH DEFINED 1,2 39,400
EXPEDITORS INTERNATIONAL WASCOM 302130109 380 9,200 SH DEFINED 1,2 9,200
EXPRESS SCRIPTS INC COM 302182100 20 400 SH DEFINED 1,2 400
EXPRESSJET HOLDINGS NOTE 30218UAB4 1,455 1,500,000 PRN DEFINED 2,3 82,418
EXPRESSJET HOLDINGS INC CL A 30218U108 226 37,825 SH DEFINED 2 37,825
EXXON MOBIL CORP COM 30231G102 2,058 24,530 SH DEFINED 1,2 24,530
FAMILY DOLLAR STORES COM 307000109 8 220 SH DEFINED 1,2 220
FANNIE MAE COM 313586109 3,908 59,815 SH DEFINED 1,2 59,815
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
FBL FINANCIAL GROUP INC CL A 30239F106 457 11,625 SH DEFINED 2 11,625
FEDERATED INVESTORS INC CL B 314211103 5 130 SH DEFINED 1,2 130
FEDEX CORP COM 31428X106 49 440 SH DEFINED 1,2 440
FEI COMPANY COM 30241L109 33 1,000 SH DEFINED 2,3 1,000
FEI COMPANY NOTE 30241LAD1 1,632 1,300,000 PRN DEFINED 2,3 47,914
FIFTH THIRD BANCORP COM 316773100 32 800 SH DEFINED 1,2 800
FIRST AMERICAN CORPORATION COM 318522307 2,626 53,050 SH DEFINED 2 53,050
FIRST DATA CORP COM 319963104 36 1,089 SH DEFINED 1,2 1,089
FIRST HORIZON NATIONAL CORP COM 320517105 7 180 SH DEFINED 1,2 180
FIRSTENERGY CORP COM 337932107 30 470 SH DEFINED 1,2 470
FISERV INC COM 337738108 14 250 SH DEFINED 1,2 250
FLEXTRONICS INTL LTD NOTE 33938EAL1 2,325 2,500,000 PRN DEFINED 2,3 161,031
FLUOR CORP COM 343412102 794 7,130 SH DEFINED 1,2 7,130
FMC CORP (NEW) COM 302491303 320 3,578 SH DEFINED 2 3,578
FORD MOTOR CO COM 345370860 24 2,600 SH DEFINED 1,2 2,600
FOREST LABORATORIES INC COM 345838106 21 460 SH DEFINED 1,2 460
FORTUNE BRANDS INC COM 349631101 18 220 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
FPL GROUP INC COM 302571104 33 580 SH DEFINED 1,2 580
FRANKLIN RESOURCES INC COM 354613101 32 240 SH DEFINED 1,2 240
FREDDIE MAC COM 313400301 4,352 71,690 SH DEFINED 1,2 71,690
FREEPORT-MCMORAN COPPER CL B 35671D857 40 481 SH DEFINED 1,2 481
GANNETT CO COM 364730101 19 340 SH DEFINED 1,2 340
GAP INC/THE COM 364760108 15 770 SH DEFINED 1,2 770
GENENTECH INC COM 368710406 776 10,260 SH DEFINED 1,2 10,260
GENERAL DYNAMICS CORP COM 369550108 45 580 SH DEFINED 1,2 580
GENERAL ELECTRIC CO COM 369604103 9,295 242,811 SH DEFINED 1,2 242,811
GENERAL MILLS INC COM 370334104 30 510 SH DEFINED 1,2 510
GENERAL MOTORS CORP COM 370442105 30 800 SH DEFINED 1,2 800
GENESIS ENERGY L.P. COM 371927104 8,375 240,120 SH DEFINED 2,4 240,120
GENUINE PARTS CO COM 372460105 12 250 SH DEFINED 1,2 250
GENWORTH FINANCIAL INC CL A 37247D106 22 650 SH DEFINED 1,2 650
GENZYME CORP COM 372917104 527 8,180 SH DEFINED 1,2 8,180
GILEAD SCIENCES INC COM 375558103 1,020 26,320 SH DEFINED 1,2 26,320
GOLDMAN SACHS GROUP INC COM 38141G104 134 620 SH DEFINED 1,2 620
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
GOODRICH CORP COM 382388106 11 180 SH DEFINED 1,2 180
GOODYEAR TIRE & RUBBER CO COM 382550101 9 250 SH DEFINED 1,2 250
GOOGLE INC CL A 38259P508 4,031 7,705 SH DEFINED 1,2 7,705
GRIFFON CORPORATION COM 398433102 923 42,375 SH DEFINED 2 42,375
H&R BLOCK INC COM 093671105 11 460 SH DEFINED 1,2 460
HALLIBURTON CO COM 406216101 1,086 31,480 SH DEFINED 1,2 31,480
HANGER ORTHOPEDIC GROUP INC COM 41043F208 595 55,075 SH DEFINED 2 55,075
HARLEY-DAVIDSON INC COM 412822108 23 380 SH DEFINED 1,2 380
HARMAN INTERNATIONAL COM 413086109 12 100 SH DEFINED 1,2 100
HARRAHS ENTERTAINMENT INC COM 413619107 23 270 SH DEFINED 1,2 270
HARTFORD FINANCIAL SVCS COM 416515104 8,909 90,440 SH DEFINED 1,2 90,440
HASBRO INC COM 418056107 7 230 SH DEFINED 1,2 230
HEALTH MGMT ASSOCIATES INC CL A 421933102 4 340 SH DEFINED 1,2 340
HERCULES INC COM 427056106 3 160 SH DEFINED 1,2 160
HERSHEY CO/THE COM 427866108 13 250 SH DEFINED 1,2 250
HESS CORP LTD PART42809H107 21 350 SH DEFINED 1,2 350
HEWLETT-PACKARD CO COM 428236103 1,514 33,930 SH DEFINED 1,2 33,930
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
HILAND HOLDINGS GP LP INT 43129M107 1,548 43,179 SH DEFINED 2,4 43,179
HILAND PARTNERS LP LTD PART431291103 6,841 125,498 SH DEFINED 2,4 125,498
HILTON HOTELS CORP COM 432848109 18 550 SH DEFINED 1,2 550
HJ HEINZ CO COM 423074103 23 480 SH DEFINED 1,2 480
HOLLY ENERGY PARTNERS LP LTD PTNR435763107 4,260 83,700 SH DEFINED 2,4 83,700
HOME DEPOT INC COM 437076102 3,146 79,960 SH DEFINED 1,2 79,960
HONEYWELL INTERNATIONAL INC COM 438516106 66 1,170 SH DEFINED 1,2 1,170
HORACE MANN EDUCATORS COM 440327104 1,081 50,900 SH DEFINED 2 50,900
HORMEL FOODS CORP COM 440452100 190 5,100 SH DEFINED 2 5,100
HOSPIRA INC COM 441060100 9 220 SH DEFINED 1,2 220
HUMANA INC COM 444859102 15 240 SH DEFINED 1,2 240
HUNTINGTON BANCSHARES INC COM 446150104 8 340 SH DEFINED 1,2 340
IDACORP INC COM 451107106 733 22,875 SH DEFINED 2 22,875
IDEARC INC COM 451663108 7 208 SH DEFINED 1,2 208
ILLINOIS TOOL WORKS COM 452308109 33 600 SH DEFINED 1,2 600
IMS HEALTH INC COM 449934108 2,146 66,790 SH DEFINED 1,2 66,790
INDYMAC BANCORP INC COM 456607100 431 14,775 SH DEFINED 2 14,775
INERGY HOLDINGS LP COM 45661Q107 4,936 97,000 SH DEFINED 2,4 97,000
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
INERGY LP LTD PTNR456615103 7,797 215,400 SH DEFINED 2,4 215,400
INFORMATICA CORP NOTE 45666QAB8 3,073 3,050,000 PRN DEFINED 2,3 152,500
INGERSOLL-RAND CO LTD CL A G4776G101 5,242 95,630 SH DEFINED 1,2 95,630
INTEGRYS ENERGY GROUP INC COM 45822P105 2 49 SH DEFINED 1,2 49
INTEL CORP COM 458140100 1,384 58,270 SH DEFINED 1,2 58,270
INTEL CORP SDCV 458140AD2 1,867 1,958,000 PRN DEFINED 2 62,100
INTERNATIONAL PAPER CO COM 460146103 25 650 SH DEFINED 1,2 650
INTERPUBLIC GROUP OF COS INCCOM 460690100 7 624 SH DEFINED 1,2 624
INTL BUSINESS MACHINES CORP COM 459200101 14,077 133,750 SH DEFINED 1,2 133,750
INTL FLAVORS & FRAGRANCES COM 459506101 6 110 SH DEFINED 1,2 110
INTL GAME TECHNOLOGY COM 459902102 19 490 SH DEFINED 1,2 490
INTUIT INC COM 461202103 15 490 SH DEFINED 1,2 490
IPC HOLDINGS LTD ORD G4933P101 2,280 70,600 SH DEFINED 2 70,600
ISHARES MSCI JAPAN INDEX FD MSCI JAP464286848 73,276 5,050,000 SH DEFINED 2 5,050,000
ITT CORP COM 450911102 18 270 SH DEFINED 1,2 270
J.C. PENNEY CO INC COM 708160106 23 320 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
JABIL CIRCUIT INC COM 466313103 6 260 SH DEFINED 1,2 260
JANUS CAPITAL GROUP INC COM 47102X105 8 290 SH DEFINED 1,2 290
JDS UNIPHASE CORP COM 46612J507 4 301 SH DEFINED 1,2 301
JETBLUE AIRWAYS CORP NOTE 477143AB7 728 750,000 PRN DEFINED 2,3 26,471
JOHNSON & JOHNSON COM 478160104 4,667 75,735 SH DEFINED 1,2 75,735
JOHNSON CONTROLS INC COM 478366107 32 280 SH DEFINED 1,2 280
JONES APPAREL GROUP INC COM 480074103 5 160 SH DEFINED 1,2 160
JPMORGAN CHASE & CO COM 46625H100 2,162 44,630 SH DEFINED 1,2 44,630
JUNIPER NETWORKS INC COM 48203R104 20 810 SH DEFINED 1,2 810
KB HOME COM 48666K109 4 110 SH DEFINED 1,2 110
KELLOGG CO COM 487836108 19 360 SH DEFINED 1,2 360
KELLY SERVICES INC CL A 488152208 1,197 43,596 SH DEFINED 2 43,596
KENNAMETAL INC COM 489170100 1,007 12,275 SH DEFINED 2 12,275
KEYCORP COM 493267108 20 580 SH DEFINED 1,2 580
KEYSPAN CORP COM 49337W100 10 250 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
KIMBERLY-CLARK CORP COM 494368103 44 660 SH DEFINED 1,2 660
KIMCO REALTY CORP COM 49446R109 12 310 SH DEFINED 1,2 310
KING PHARMACEUTICALS INC COM 495582108 7 340 SH DEFINED 1,2 340
KLA-TENCOR CORPORATION COM 482480100 16 290 SH DEFINED 1,2 290
KOHLS CORP COM 500255104 33 470 SH DEFINED 1,2 470
KRAFT FOODS INC CL A 50075N104 73 2,076 SH DEFINED 1,2 2,076
KROGER CO COM 501044101 29 1,030 SH DEFINED 1,2 1,030
L-3 COMMUNICATIONS HOLDINGS COM 502424104 991 10,180 SH DEFINED 1,2 10,180
LABORATORY CRP OF AMER HLDGSCOM 50540R409 14 180 SH DEFINED 1,2 180
LEAR SEATING CORP COM 521865105 4,211 118,250 SH DEFINED 2 118,250
LEGG MASON INC COM 524901105 19 190 SH DEFINED 1,2 190
LEGGETT & PLATT INC COM 524660107 6 260 SH DEFINED 1,2 260
LEHMAN BROTHERS HOLDINGS INCCOM 524908100 1,549 20,770 SH DEFINED 1,2 20,770
LENNAR CORP CL A 526057104 7 200 SH DEFINED 1,2 200
LEVEL 3 COMMUNICATIONS NOTE 52729NAS9 1,481 1,545,000 PRN DEFINED 2,3 11,458
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 762 700,000 PRN DEFINED 2,3 97,493
LEVEL 3 COMMUNICATIONS NOTE 52729NBK5 3,405 2,700,000 PRN DEFINED 2,3 494,506
LEXMARK INTERNATIONAL INC CL A 529771107 7 150 SH DEFINED 1,2 150
LIBERTY MEDIA DEB 530718AF2 2,201 1,800,000 PRN DEFINED 2,3 103,334
LIMITED BRANDS INC COM 532716107 13 480 SH DEFINED 1,2 480
LINCOLN NATIONAL CORP COM 534187109 7,125 100,419 SH DEFINED 1,2 100,419
LINEAR TECHNOLOGY CORP COM 535678106 16 430 SH DEFINED 1,2 430
LIZ CLAIBORNE INC COM 539320101 6 150 SH DEFINED 1,2 150
LOCKHEED MARTIN CORP COM 539830109 48 510 SH DEFINED 1,2 510
LOUISIANA-PACIFIC CORP COM 546347105 3 150 SH DEFINED 1,2 150
LOWES COS INC COM 548661107 67 2,190 SH DEFINED 1,2 2,190
LSI CORP COM 502161102 4 570 SH DEFINED 1,2 570
M & T BANK CORP COM 55261F104 12 110 SH DEFINED 1,2 110
MACYS INC COM 55616P104 31 778 SH DEFINED 1,2 778
MAGELLAN MIDSTREAM HOLDINGS COM 55907R108 4,853 161,752 SH DEFINED 2,4 161,752
MAGNA INTERNATIONAL INC CL A 559222401 2,052 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
MANOR CARE INC COM 564055101 7 110 SH DEFINED 1,2 110
MARATHON OIL CORP COM 565849106 62 1,026 SH DEFINED 1,2 1,026
MARKWEST ENERGY PARTNERS LP LTD PART570759100 6,125 176,000 SH DEFINED 2,4 176,000
MARKWEST HYDROCARBON INC COM 570762104 4,126 71,849 SH DEFINED 2,4 71,849
MARRIOTT INTERNATIONAL CLA 571903202 1,664 38,490 SH DEFINED 1,2 38,490
MARSH & MCLENNAN COS COM 571748102 24 790 SH DEFINED 1,2 790
MARSHALL & ILSLEY CORP COM 571834100 18 370 SH DEFINED 1,2 370
MARTIN MIDSTREAM PARTNERS LPINT 573331105 4,512 108,723 SH DEFINED 2,4 108,723
MASCO CORP COM 574599106 16 570 SH DEFINED 1,2 570
MASTERCARD INC COM 57636Q104 3,351 20,200 SH DEFINED 2 20,200
MATTEL INC COM 577081102 14 540 SH DEFINED 1,2 540
MAXIM INTEGRATED PRODUCTS COM 57772K101 15 460 SH DEFINED 1,2 460
MBIA INC COM 55262C100 12 190 SH DEFINED 1,2 190
MCCORMICK & CO COM 579780206 7 190 SH DEFINED 1,2 190
MCDONALDS CORP COM 580135101 1,600 31,517 SH DEFINED 1,2 31,517
MCGRAW-HILL COMPANIES INC COM 580645109 35 510 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
MCKESSON CORP COM 58155Q103 26 430 SH DEFINED 1,2 430
MEADWESTVACO CORP COM 583334107 9 260 SH DEFINED 1,2 260
MEDCO HEALTH SOLUTIONS INC COM 58405U102 33 421 SH DEFINED 1,2 421
MEDIACOM COMMUNICATIONS CORPCL A 58446K105 2,423 250,000 SH DEFINED 2 250,000
MEDTRONIC INC COM 585055106 241 4,650 SH DEFINED 1,2 4,650
MELLON FINANCIAL CORP COM 58551A108 12,078 274,510 SH DEFINED 1,2 274,510
MERCK & CO. INC. COM 589331107 155 3,120 SH DEFINED 1,2 3,120
MEREDITH CORP COM 589433101 4 60 SH DEFINED 1,2 60
MERRILL LYNCH & CO INC COM 590188108 106 1,270 SH DEFINED 1,2 1,270
METLIFE INC COM 59156R108 2,461 38,165 SH DEFINED 1,2 38,165
MGIC INVESTMENT CORP COM 552848103 7 120 SH DEFINED 1,2 120
MI DEVELOPMENTS INC CL A 55304X104 1,152 31,625 SH DEFINED 2 31,625
MICRON TECHNOLOGY INC COM 595112103 13 1,040 SH DEFINED 1,2 1,040
MICROSOFT CORP COM 594918104 6,349 215,435 SH DEFINED 1,2 215,435
MILACRON INC COM 598709301 80 9,115 SH DEFINED 2 9,115
MILLIPORE CORP COM 601073109 6 80 SH DEFINED 1,2 80
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
MOLEX INC COM 608554101 6 200 SH DEFINED 1,2 200
MOLSON COORS BREWING CO CL B 60871R209 6 70 SH DEFINED 1,2 70
MONSANTO CO COM 61166W101 53 782 SH DEFINED 1,2 782
MONSTER WORLDWIDE INC COM 611742107 7 180 SH DEFINED 1,2 180
MOODYS CORP COM 615369105 21 340 SH DEFINED 1,2 340
MORGAN STANLEY COM 617446448 2,042 24,340 SH DEFINED 1,2 24,340
MORGAN STANLEY QUAL MUNI SECSECS 61745P585 156 11,000 SH DEFINED 2,4 11,000
MOTOROLA INC COM 620076109 62 3,510 SH DEFINED 1,2 3,510
MURPHY OIL CORP COM 626717102 16 270 SH DEFINED 1,2 270
MYLAN LABORATORIES INC COM 628530107 5 300 SH DEFINED 1,2 300
NABORS INDUSTRIES LTD SHS G6359F103 1,684 50,450 SH DEFINED 1,2 50,450
NATIONAL CITY CORP COM 635405103 29 870 SH DEFINED 1,2 870
NATIONAL OILWELL VARCO INC COM 637071101 26 250 SH DEFINED 1,2 250
NATIONAL SEMICONDUCTOR CORP COM 637640103 12 420 SH DEFINED 1,2 420
NATURAL RESOURCE PARTNERS LPCOM 63900P103 5,851 153,800 SH DEFINED 2,4 153,800
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
NATURAL RESOURCE PARTNERS LPLTD PART63900P509 1,347 35,598 SH DEFINED 2,4 35,598
NCI BUILDING SYSTEMS INC COM 628852105 363 7,350 SH DEFINED 2 7,350
NCR CORPORATION COM 62886E108 14 260 SH DEFINED 1,2 260
NETWORK APPLIANCE INC COM 64120L104 856 29,335 SH DEFINED 1,2 29,335
NEW YORK TIMES CO CL A 650111107 5 200 SH DEFINED 1,2 200
NEWELL RUBBERMAID INC COM 651229106 11 390 SH DEFINED 1,2 390
NEWMONT MINING CORP COM 651639106 25 640 SH DEFINED 1,2 640
NEWS CORP CL A 65248E104 8,555 403,350 SH DEFINED 1,2 403,350
NICOR INC COM 654086107 3 60 SH DEFINED 1,2 60
NIKE INC CL B 654106103 33 560 SH DEFINED 1,2 560
NISOURCE INC COM 65473P105 8 390 SH DEFINED 1,2 390
NOBLE CORP SHS G65422100 20 200 SH DEFINED 1,2 200
NORDSTROM INC COM 655664100 17 330 SH DEFINED 1,2 330
NORFOLK SOUTHERN CORP COM 655844108 31 590 SH DEFINED 1,2 590
NORTEL NETWORKS NOTE 656568AB8 8,876 9,000,000 PRN DEFINED 2,4 900,000
NORTHERN TRUST CORP COM 665859104 1,373 21,370 SH DEFINED 1,2 21,370
NORTHROP GRUMMAN CORP COM 666807102 39 498 SH DEFINED 1,2 498
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
NOVELL INC COM 670006105 4 480 SH DEFINED 1,2 480
NOVELL INC DBCV 670006AC9 2,522 2,600,000 PRN DEFINED 2,3 225,655
NOVELLUS SYSTEMS INC COM 670008101 5 170 SH DEFINED 1,2 170
NRG ENERGY INC COM 629377508 1,428 34,350 SH DEFINED 2 34,350
NUCOR CORP COM 670346105 26 440 SH DEFINED 1,2 440
NVIDIA CORP COM 67066G104 21 500 SH DEFINED 1,2 500
OCCIDENTAL PETROLEUM CORP COM 674599105 5,281 91,240 SH DEFINED 1,2 91,240
OFFICE DEPOT INC COM 676220106 12 410 SH DEFINED 1,2 410
OFFICEMAX INC COM 67622P101 4 110 SH DEFINED 1,2 110
OLD REPUBLIC INTL CORP COM 680223104 1,444 67,922 SH DEFINED 2 67,922
OMNICOM GROUP COM 681919106 26 500 SH DEFINED 1,2 500
ORACLE CORP COM 68389X105 2,169 110,055 SH DEFINED 1,2 110,055
P G & E CORP COM 69331C108 23 500 SH DEFINED 1,2 500
PACCAR INC COM 693718108 31 360 SH DEFINED 1,2 360
PACTIV CORPORATION COM 695257105 6 200 SH DEFINED 1,2 200
PALL CORP COM 696429307 8 180 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
PARAMETRIC TECHNOLOGY CORP COM 699173209 3 160 SH DEFINED 1,2 160
PARKER HANNIFIN CORP COM 701094104 17 170 SH DEFINED 1,2 170
PATTERSON COS INC COM 703395103 7 200 SH DEFINED 1,2 200
PAYCHEX INC COM 704326107 19 490 SH DEFINED 1,2 490
PEABODY ENERGY CORP SDCV 704549AG9 317 300,000 PRN DEFINED 2,3 4,843
PEDIATRIX MEDICAL GROUP INC COM 705324101 448 8,125 SH DEFINED 2 8,125
PEPSI BOTTLING GROUP INC COM 713409100 6 190 SH DEFINED 1,2 190
PEPSICO INC COM 713448108 1,639 25,270 SH DEFINED 1,2 25,270
PERKINELMER INC COM 714046109 5 180 SH DEFINED 1,2 180
PETRO-CANADA COM 71644E102 3,190 60,000 SH DEFINED 2 60,000
PFIZER INC COM 717081103 3,566 139,450 SH DEFINED 1,2 139,450
PHARMANET DEVELOPMENT GROUP COM 717148100 297 9,325 SH DEFINED 2 9,325
PHH CORP COM 693320202 1,433 45,925 SH DEFINED 2 45,925
PIKE ELECTRIC CORP COM 721283109 1,478 66,050 SH DEFINED 2 66,050
PINNACLE WEST CAPITAL COM 723484101 6 140 SH DEFINED 1,2 140
PITNEY BOWES INC COM 724479100 15 320 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
PLANTRONICS INC COM 727493108 1,023 39,000 SH DEFINED 2 39,000
PLUM CREEK TIMBER CO COM 729251108 11 260 SH DEFINED 1,2 260
PMC - SIERRA INC COM 69344F106 2 290 SH DEFINED 1,2 290
PMI GROUP INC COM 69344M101 670 15,000 SH DEFINED 2 15,000
PNC FINANCIAL SERVICES GROUPCOM 693475105 30 420 SH DEFINED 1,2 420
PPG INDUSTRIES INC COM 693506107 18 240 SH DEFINED 1,2 240
PPL CORPORATION COM 69351T106 26 550 SH DEFINED 1,2 550
PRAXAIR INC COM 74005P104 1,473 20,460 SH DEFINED 1,2 20,460
PRINCIPAL FINANCIAL GROUP COM 74251V102 23 390 SH DEFINED 1,2 390
PROCTER & GAMBLE CO COM 742718109 1,135 18,550 SH DEFINED 1,2 18,550
PROGRESS ENERGY INC COM 743263105 16 360 SH DEFINED 1,2 360
PROGRESSIVE CORP COM 743315103 2,097 87,630 SH DEFINED 1,2 87,630
PROLOGIS INT 743410102 20 350 SH DEFINED 1,2 350
PRUDENTIAL FINANCIAL INC COM 744320102 68 700 SH DEFINED 1,2 700
PUBLIC SERVICE ENTERPRISE GPCOM 744573106 32 360 SH DEFINED 1,2 360
PUBLIC STORAGE COM 74460D109 14 180 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
PULTE HOMES INC COM 745867101 335 14,930 SH DEFINED 1,2 14,930
QLOGIC CORP COM 747277101 4 220 SH DEFINED 1,2 220
QUALCOMM INC COM 747525103 1,704 39,270 SH DEFINED 1,2 39,270
QUEST DIAGNOSTICS COM 74834L100 12 230 SH DEFINED 1,2 230
QWEST COMMUNICATIONS INTL COM 749121109 22 2,290 SH DEFINED 1,2 2,290
RADIO ONE INC CL D 75040P405 746 105,700 SH DEFINED 2 105,700
RADIOSHACK CORP COM 750438103 6 190 SH DEFINED 1,2 190
RAIT FINANCIAL TRUST COM 749227104 6,825 262,281 SH DEFINED 2,4 262,281
RAYTHEON COMPANY COM 755111507 34 640 SH DEFINED 1,2 640
RED HAT INC DBCV 756577AB8 3,905 3,750,000 PRN DEFINED 2,3 146,532
REGENCY ENERGY PARTNERS LP COM 75885Y107 2,138 64,435 SH DEFINED 2,4 64,435
REGIONS FINANCIAL CORP COM 7591EP100 34 1,040 SH DEFINED 1,2 1,040
REGIS CORP COM 758932107 1,275 33,325 SH DEFINED 2 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 3,168 51,100 SH DEFINED 2 51,100
RENT-A-CENTER INC COM 76009N100 3,654 139,300 SH DEFINED 2 139,300
REYNOLDS AMERICAN INC COM 761713106 16 250 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
ROBERT HALF INTL INC COM 770323103 9 240 SH DEFINED 1,2 240
ROCKWELL AUTOMATION INC COM 773903109 8,524 122,750 SH DEFINED 1,2 122,750
ROCKWELL COLLINS INC. COM 774341101 18 250 SH DEFINED 1,2 250
ROHM AND HAAS CO COM 775371107 11 210 SH DEFINED 1,2 210
ROWAN COMPANIES INC COM 779382100 7 160 SH DEFINED 1,2 160
RR DONNELLEY & SONS CO COM 257867101 13 310 SH DEFINED 1,2 310
RYDER SYSTEM INC COM 783549108 5 90 SH DEFINED 1,2 90
SAFECO CORP COM 786429100 11 170 SH DEFINED 1,2 170
SAFEWAY INC COM 786514208 22 640 SH DEFINED 1,2 640
SALESFORCE.COM INC COM 79466L302 986 23,000 SH DEFINED 1,2 23,000
SALLY BEAUTY HOLDINGS INC COM 79546E104 1 110 SH DEFINED 1,2 110
SANDISK CORP COM 80004C101 14 280 SH DEFINED 1,2 280
SANGAMO BIOSCIENCES INC COM 800677106 766 94,321 SH DEFINED 2 94,321
SANMINA-SCI CORP COM 800907107 2 760 SH DEFINED 1,2 760
SARA LEE CORP COM 803111103 799 45,936 SH DEFINED 1,2 45,936
SCANA CORP COM 80589M102 1,298 33,902 SH DEFINED 2 33,902
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
SCHERING-PLOUGH CORP COM 806605101 65 2,120 SH DEFINED 1,2 2,120
SCHLUMBERGER LTD COM 806857108 3,872 45,585 SH DEFINED 1,2 45,585
SCHWAB (CHARLES) CORP COM 808513105 30 1,480 SH DEFINED 1,2 1,480
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,886 60,850 SH DEFINED 2 60,850
SEALED AIR CORP COM 81211K100 7 240 SH DEFINED 1,2 240
SEALY CORP COM 812139301 1,417 85,775 SH DEFINED 2 85,775
SEARS HOLDINGS CORP COM 812350106 1,793 10,579 SH DEFINED 1,2,4 10,579
SEMPRA ENERGY COM 816851109 2,019 34,080 SH DEFINED 1,2 34,080
SHERWIN-WILLIAMS CO/THE COM 824348106 11 160 SH DEFINED 1,2 160
SIGMA-ALDRICH COM 826552101 9 200 SH DEFINED 1,2 200
SIMON PROPERTY GROUP INC COM 828806109 30 320 SH DEFINED 1,2 320
SIRIUS SATELLITE RADIO INC COM 82966U103 151 50,000 SH DEFINED 2,4 50,000
SLM CORP COM 78442P106 247 4,290 SH DEFINED 1,2 4,290
SMITH INTERNATIONAL INC COM 832110100 17 290 SH DEFINED 1,2 290
SNAP-ON INC COM 833034101 4 80 SH DEFINED 1,2 80
SOLECTRON CORP COM 834182107 5 1,310 SH DEFINED 1,2 1,310
SOLECTRON CORP NOTE 834182AT4 1,335 1,400,000 PRN DEFINED 2,3 144,826
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
SOUTHERN CO COM 842587107 36 1,060 SH DEFINED 1,2 1,060
SOUTHWEST AIRLINES CO COM 844741108 17 1,120 SH DEFINED 1,2 1,120
SOVEREIGN BANCORP INC COM 845905108 11 515 SH DEFINED 1,2 515
SPECTRA ENERGY CORP COM 847560109 23 899 SH DEFINED 1,2 899
SPHERION CORPORATION COM 848420105 161 17,125 SH DEFINED 2 17,125
SPRINT NEXTEL CORP COM 852061100 4,438 214,278 SH DEFINED 1,2 214,278
ST JUDE MEDICAL INC COM 790849103 851 20,510 SH DEFINED 1,2 20,510
STANLEY WORKS/THE COM 854616109 7 120 SH DEFINED 1,2 120
STAPLES INC COM 855030102 131 5,540 SH DEFINED 1,2 5,540
STARBUCKS CORP COM 855244109 816 31,080 SH DEFINED 1,2 31,080
STARWOOD HOTELS & RESORTS COM 85590A401 21 310 SH DEFINED 1,2 310
STATE STREET CORP COM 857477103 33 480 SH DEFINED 1,2 480
STEWART INFORMATION SERVICESCOM 860372101 930 23,350 SH DEFINED 2 23,350
STONE CONTAINER CORP COM 832727101 1,331 100,000 SH DEFINED 2 100,000
STRYKER CORP COM 863667101 27 430 SH DEFINED 1,2 430
SUN MICROSYSTEMS INC COM 866810104 26 5,030 SH DEFINED 1,2 5,030
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
SUNOCO INC COM 86764P109 15 190 SH DEFINED 1,2 190
SUNTRUST BANKS INC COM 867914103 45 530 SH DEFINED 1,2 530
SUPERVALU INC COM 868536103 14 301 SH DEFINED 1,2 301
SYMANTEC CORP COM 871503108 29 1,414 SH DEFINED 1,2 1,414
SYNOVUS FINANCIAL CORP COM 87161C105 14 460 SH DEFINED 1,2 460
SYSCO CORP COM 871829107 29 890 SH DEFINED 1,2 890
T ROWE PRICE GROUP INC COM 74144T108 20 380 SH DEFINED 1,2 380
TARGET CORP COM 87612E106 1,032 16,230 SH DEFINED 1,2 16,230
TC PIPELINES LP LTD PART87233Q108 4,968 126,000 SH DEFINED 2,4 126,000
TECH DATA CORP COM 878237106 497 12,925 SH DEFINED 2 12,925
TECO ENERGY INC COM 872375100 5 290 SH DEFINED 1,2 290
TEEKAY OFFSHORE PARTNERS LP PARTNY8565J101 4,334 127,100 SH DEFINED 2,4 127,100
TEKTRONIX INC COM 879131100 4 120 SH DEFINED 1,2 120
TELLABS INC COM 879664100 7 640 SH DEFINED 1,2 640
TEMPLE-INLAND INC COM 879868107 10 160 SH DEFINED 1,2 160
TEMPUR-PEDIC INTERNATIONAL COM 88023U101 896 34,600 SH DEFINED 2 34,600
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
TENET HEALTHCARE CORP CL A 88033G100 4 670 SH DEFINED 1,2 670
TEPPCO PARTNERS LP LTD PART872384102 3,105 70,000 SH DEFINED 2,4 70,000
TERADYNE INC COM 880770102 5 280 SH DEFINED 1,2 280
TEXAS INSTRUMENTS INC COM 882508104 83 2,200 SH DEFINED 1,2 2,200
TEXTRON INC COM 883203101 2,024 18,380 SH DEFINED 1,2 18,380
TFS FINANCIAL CORP COM 87240R107 1,188 102,950 SH DEFINED 2 102,950
THE WALT DISNEY CO COM 254687106 102 3,000 SH DEFINED 1,2 3,000
THERMO FISHER SCIENTIFIC INCCOM 883556102 31 590 SH DEFINED 1,2 590
TIFFANY & CO COM 886547108 11 200 SH DEFINED 1,2 200
TIME WARNER INC COM 887317105 123 5,830 SH DEFINED 1,2 5,830
TJX COMPANIES INC COM 872540109 2,970 107,990 SH DEFINED 1,2 107,990
TORCHMARK CORP COM 891027104 2,607 38,915 SH DEFINED 1,2 38,915
TRANSMONTAIGNE PARTNERS LP COM 89376V100 5,012 141,900 SH DEFINED 2,4 141,900
TRANSOCEAN INC ORD G90078109 48 450 SH DEFINED 1,2 450
TRAVELERS COS INC/THE COM 89417E109 53 997 SH DEFINED 1,2 997
TREX COMPANY INC COM 89531P105 1,088 55,425 SH DEFINED 2 55,425
TRIBUNE CO COM 896047107 8 270 SH DEFINED 1,2 270
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
TXU CORP COM 873168108 44 660 SH DEFINED 1,2 660
TYCO INTERNATIONAL LTD COM 902124106 1,871 55,365 SH DEFINED 1,2 55,365
TYSON FOODS INC CL A 902494103 8 360 SH DEFINED 1,2 360
UNILEVER NV SHS 904784709 2,634 84,920 SH DEFINED 2 84,920
UNION PACIFIC CORP COM 907818108 1,027 8,915 SH DEFINED 1,2 8,915
UNISYS CORP COM 909214108 4 490 SH DEFINED 1,2 490
UNITED NATIONAL GROUP LTD COM 90933T109 1,358 54,600 SH DEFINED 2 54,600
UNITED PARCEL SERVICE CL B 911312106 1,461 20,011 SH DEFINED 1,2 20,011
UNITED STATES STEEL CORP COM 912909108 20 180 SH DEFINED 1,2 180
UNITED STATIONERS INC COM 913004107 1,276 19,150 SH DEFINED 2 19,150
UNITED TECHNOLOGIES CORP COM 913017109 1,238 17,450 SH DEFINED 1,2 17,450
UNITEDHEALTH GROUP INC COM 91324P102 1,428 27,930 SH DEFINED 1,2 27,930
UNIVERSAL COMPRESSION PARTNEINT 913430104 4,353 118,964 SH DEFINED 2,4 118,964
UNIVERSAL CORP COM 913456109 1,255 20,600 SH DEFINED 2 20,600
UNUM GROUP COM 91529Y106 13 490 SH DEFINED 1,2 490
US BANCORP COM 902973304 2,914 88,440 SH DEFINED 1,2 88,440
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
TRIBUNE CO COM 896047107 9 270 SH DEFINED 1,2 270
US BANCORP INC DBCV 902973AQ9 4,915 4,942,000 PRN DEFINED 2 129,101
UST INC COM 902911106 12 230 SH DEFINED 1,2 230
VALERO ENERGY CORP COM 91913Y100 16,314 220,880 SH DEFINED 1,2 220,880
VARIAN MEDICAL SYSTEMS INC COM 92220P105 425 10,000 SH DEFINED 1,2 10,000
VERIGY LTD SHS Y93691106 2 71 SH DEFINED 1,2 71
VERISIGN INC COM 92343E102 442 13,940 SH DEFINED 1,2 13,940
VERIZON COMMUNICATIONS INC COM 92343V104 171 4,160 SH DEFINED 1,2 4,160
VF CORP COM 918204108 12 130 SH DEFINED 1,2 130
VIACOM INC CL B 92553P201 42 1,020 SH DEFINED 1,2 1,020
VIAD CORP COM 92552R406 901 21,369 SH DEFINED 2 21,369
VISHAY INTERTECHNOLOGY NOTE 928298AF5 3,561 3,500,000 PRN DEFINED 2,3 164,474
VORNADO REALTY TRUST INT 929042109 20 180 SH DEFINED 1,2 180
VULCAN MATERIALS CO COM 929160109 16 140 SH DEFINED 1,2 140
WACHOVIA CORP COM 929903102 141 2,750 SH DEFINED 1,2 2,750
WALGREEN CO COM 931422109 216 4,950 SH DEFINED 1,2 4,950
WAL-MART STORES INC COM 931142103 5,784 120,230 SH DEFINED 1,2 120,230
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
WASHINGTON MUTUAL INC COM 939322103 789 18,505 SH DEFINED 1,2 18,505
WASTE MANAGEMENT INC COM 94106L109 30 770 SH DEFINED 1,2 770
WATERS CORP COM 941848103 9 150 SH DEFINED 1,2 150
WATSON PHARMACEUTICALS INC COM 942683103 5 140 SH DEFINED 1,2 140
WEATHERFORD INTL LTD COM G95089101 1,243 22,500 SH DEFINED 1,2 22,500
WELLPOINT INC COM 94973V107 478 5,990 SH DEFINED 1,2 5,990
WELLS FARGO & COMPANY COM 949746101 170 4,830 SH DEFINED 1,2 4,830
WENDYS INTERNATIONAL INC COM 950590109 6 170 SH DEFINED 1,2 170
WESTERN UNION CO COM 959802109 23 1,089 SH DEFINED 1,2 1,089
WEYERHAEUSER CO COM 962166104 974 12,334 SH DEFINED 1,2 12,334
WHIRLPOOL CORP COM 963320106 2,852 25,643 SH DEFINED 1,2 25,643
WHOLE FOODS MARKET INC COM 966837106 8 200 SH DEFINED 1,2 200
WILLIAMS COS INC COM 969457100 6,476 204,810 SH DEFINED 1,2 204,810
WILLIAMS PARTNERS LP COM 96950F104 4,804 99,500 SH DEFINED 2,4 99,500
WINDSTREAM CORP COM 97381W104 10 676 SH DEFINED 1,2 676
WISCONSIN ENERGY CORP COM 976657106 1,775 40,125 SH DEFINED 2 40,125
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
WRIGLEY WM JR CO COM 982526105 21 385 SH DEFINED 1,2 385
WW GRAINGER INC COM 384802104 10 110 SH DEFINED 1,2 110
WYETH COM 983024100 5,326 92,880 SH DEFINED 1,2 92,880
WYETH DBCV 983024AD2 5,631 4,978,000 PRN DEFINED 2 82,431
WYNDHAM WORLDWIDE CORP COM 98310W108 1,280 35,290 SH DEFINED 1,2 35,290
XCEL ENERGY INC COM 98389B100 12 580 SH DEFINED 1,2 580
XEROX CORP COM 984121103 8,342 451,400 SH DEFINED 1,2 451,400
XILINX INC COM 983919101 13 480 SH DEFINED 1,2 480
XL CAPITAL LTD CL A G98255105 3,988 47,310 SH DEFINED 1,2 47,310
XM SATELLITE RADIO HLDGS NOTE 983759AC5 1,713 2,000,000 PRN DEFINED 2,3 40,000
XTO ENERGY INC COM 98385X106 31 520 SH DEFINED 1,2 520
YAHOO! INC COM 984332106 48 1,780 SH DEFINED 1,2 1,780
YUM! BRANDS INC COM 988498101 26 780 SH DEFINED 1,2 780
ZIMMER HOLDINGS INC COM 98956P102 30 350 SH DEFINED 1,2 350
ZIONS BANCORPORATION COM 989701107 12 160 SH DEFINED 1,2 160