FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31,2006
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: 651
Form 13F Information Table Value Total: 1,425,847 (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 84 1,080 SH DEFINED 1,2 1,080
ABBOTT LABORATORIES COM 002824100 107 2,190 SH DEFINED 1,2 2,190
ACE LTD ORD G0070K103 28 470 SH DEFINED 1,2 470
ACTUANT CORPORATION SDCV 00508XAB0 978 750,000 PRN DEFINED 2,3 18,792
ADC TELECOMMUNICATIONS INC COM 000886309 2 167 SH DEFINED 1,2 167
ADOBE SYSTEMS INC COM 00724F101 34 830 SH DEFINED 1,2 830
ADVANCED MEDICAL OPTICS NOTE 00763MAG3 971 1,000,000 PRN DEFINED 2,3 19,905
ADVANCED MICRO DEVICES COM 007903107 14 690 SH DEFINED 1,2 690
AES CORP COM 00130H105 21 940 SH DEFINED 1,2 940
AETNA INC COM 00817Y108 34 790 SH DEFINED 1,2 790
AFFILIATED COMPUTER SVCS CL A 008190100 1,988 40,695 SH DEFINED 1,2 40,695
AFLAC INC COM 001055102 33 710 SH DEFINED 1,2 710
AFTERMARKET TECHNOLOGY CORP COM 008318107 1,342 63,075 SH DEFINED 2 63,075
AGILENT TECHNOLOGIES INC COM 00846U101 3,664 105,130 SH DEFINED 1,2 105,130
AIR PRODUCTS & CHEMICALS INCCOM 009158106 2,714 38,610 SH DEFINED 1,2 38,610
ALBERTO-CULVER CO COM 013078100 2 110 SH DEFINED 1,2 110
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
ALCAN ALUMINUM LTD COM 013716105 5,361 110,000 SH DEFINED 2 110,000
ALCATEL-LUCENT SPONSORE013904305 4,048 284,678 SH DEFINED 1,2 284,678
ALCOA INC COM 013817101 37 1,240 SH DEFINED 1,2 1,240
ALCON INC COM SHS H01301102 156 1,400 SH DEFINED 2 1,400
ALLEGHENY ENERGY INC COM 017361106 11 240 SH DEFINED 1,2 240
ALLEGHENY TECHNOLOGIES INC COM 01741R102 14 150 SH DEFINED 1,2 150
ALLERGAN INC COM 018490102 26 220 SH DEFINED 1,2 220
ALLIED WASTE INDUSTRIES INC COM 019589308 4 360 SH DEFINED 1,2 360
ALLSTATE CORP COM 020002101 2,801 43,025 SH DEFINED 1,2 43,025
ALLTEL CORP COM 020039103 34 560 SH DEFINED 1,2 560
ALTERA CORPORATION COM 021441100 10 510 SH DEFINED 1,2 510
ALTRIA GROUP INC COM 02209S103 1,545 18,000 SH DEFINED 1,2 18,000
AMAZON.COM INC COM 023135106 827 20,950 SH DEFINED 1,2 20,950
AMBAC FINANCIAL GROUP INC COM 023139108 13 150 SH DEFINED 1,2 150
AMDOCS LIMITED NOTE 02342TAD1 531 500,000 PRN DEFINED 2,3 11,596
AMEREN CORPORATION COM 023608102 16 300 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
AMERICAN ELECTRIC POWER COM 025537101 3,858 90,600 SH DEFINED 1,2 90,600
AMERICAN EQUITY INVT LIFE HLCOM 025676206 884 67,875 SH DEFINED 2 67,875
AMERICAN EXPRESS CO COM 025816109 1,016 16,740 SH DEFINED 1,2 16,740
AMERICAN HOME MORTGAGE INVESCOM 02660R107 1,118 31,825 SH DEFINED 2 31,825
AMERICAN INTERNATIONAL GROUPCOM 026874107 12,372 172,642 SH DEFINED 1,2 172,642
AMERICAN MEDICAL SYSTEMS NOTE 02744MAA6 303 260,000 PRN DEFINED 2,3 13,398
AMERICAN NATIONAL INSURANCE COM 028591105 616 5,400 SH DEFINED 2 5,400
AMERICAN POWER CONVERSION COM 029066107 7 240 SH DEFINED 1,2 240
AMERICAN STANDARD COS INC COM 029712106 11 250 SH DEFINED 1,2 250
AMERIPRISE FINANCIAL INC COM 03076C106 19 350 SH DEFINED 1,2 350
AMERISOURCEBERGEN CORP COM 03073E105 1,533 34,090 SH DEFINED 1,2 34,090
AMGEN INC COM 031162100 279 4,080 SH DEFINED 1,2 4,080
AMGEN INC NOTE 031162AL4 2,097 2,800,000 PRN DEFINED 2,3 24,808
ANADARKO PETROLEUM CORP COM 032511107 13,085 300,660 SH DEFINED 1,2 300,660
ANALOG DEVICES COM 032654105 16 500 SH DEFINED 1,2 500
ANHEUSER-BUSCH COS INC. COM 035229103 2,785 56,600 SH DEFINED 1,2 56,600
ANSYS INC COM 03662Q105 105 2,412 SH DEFINED 2,4 2,412
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
AON CORP COM 037389103 1,429 40,425 SH DEFINED 1,2 40,425
APACHE CORP COM 037411105 31 470 SH DEFINED 1,2 470
APARTMENT INVT & MGMT CO CL A 03748R101 8 140 SH DEFINED 1,2 140
APOLLO GROUP INC CL A 037604105 8 200 SH DEFINED 1,2 200
APPLE COMPUTER INC COM 037833100 104 1,220 SH DEFINED 1,2 1,220
APPLIED BIOSYSTEMS GROUP GRP 038020103 10 260 SH DEFINED 1,2 260
APPLIED MATERIALS INC COM 038222105 37 1,990 SH DEFINED 1,2 1,990
AQUILA INC COM 03840P102 3,059 650,768 SH DEFINED 2 650,768
ARCHER-DANIELS-MIDLAND CO COM 039483102 30 940 SH DEFINED 1,2 940
ARCHSTONE-SMITH TRUST COM 039583109 18 310 SH DEFINED 1,2 310
ARIZONA STAR RESOURCE CORP COM 04059G106 54,107 4,550,100 SH DEFINED 2,4 4,550,100
ARMOR HOLDINGS INC NOTE 042260AC3 1,205 1,000,000 PRN DEFINED 2,3 18,515
ARVINMERITOR INC COM 043353101 1,217 66,750 SH DEFINED 2 66,750
ASHLAND INC COM 044209104 6 90 SH DEFINED 1,2 90
AT&T INC COM 00206R102 199 5,570 SH DEFINED 1,2 5,570
ATLAS PIPELINE HOLDINGS LP COM 04939R108 3,106 130,000 SH DEFINED 2,4 130,000
ATLAS PIPELINE PARTNERS INT 049392103 2,882 60,050 SH DEFINED 2,4 60,050
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
ATWOOD OCEANICS INC COM 050095108 979 20,000 SH DEFINED 2 20,000
AUTODESK INC COM 052769106 268 6,630 SH DEFINED 1,2 6,630
AUTOMATIC DATA PROCESSING COM 053015103 39 800 SH DEFINED 1,2 800
AUTONATION INC COM 05329W102 4 210 SH DEFINED 1,2 210
AUTOZONE INC COM 053332102 1,939 16,780 SH DEFINED 1,2 16,780
AVAYA INC COM 053499109 9 650 SH DEFINED 1,2 650
AVERY DENNISON CORP COM 053611109 10 140 SH DEFINED 1,2 140
AVON PRODUCTS INC COM 054303102 21 640 SH DEFINED 1,2 640
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,585 47,500 SH DEFINED 2 47,500
BAKER HUGHES INC COM 057224107 35 470 SH DEFINED 1,2 470
BALL CORP COM 058498106 7 150 SH DEFINED 1,2 150
BANK OF AMERICA CORP COM 060505104 7,330 137,291 SH DEFINED 1,2 137,291
BANK OF NEW YORK CO INC COM 064057102 7,290 185,170 SH DEFINED 1,2 185,170
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 1,007 32,801 SH DEFINED 2 32,801
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
BAUSCH & LOMB INC COM 071707103 4 80 SH DEFINED 1,2 80
BAUSCH & LOMB INC FRNT 071707AM5 929 800,000 PRN DEFINED 2,3 13,021
BAXTER INTERNATIONAL INC COM 071813109 44 940 SH DEFINED 1,2 940
BB&T CORP COM 054937107 34 770 SH DEFINED 1,2 770
BEAR STEARNS COMPANIES INC COM 073902108 29 180 SH DEFINED 1,2 180
BEARINGPOINT INC COM 074002106 468 59,450 SH DEFINED 2 59,450
BECTON DICKINSON & CO COM 075887109 25 350 SH DEFINED 1,2 350
BED BATH & BEYOND INC COM 075896100 15 400 SH DEFINED 1,2 400
BELLSOUTH CORP COM 079860102 122 2,600 SH DEFINED 1,2 2,600
BEMIS COMPANY COM 081437105 5 150 SH DEFINED 1,2 150
BEST BUY CO INC COM 086516101 29 580 SH DEFINED 1,2 580
BIG LOTS INC COM 089302103 3 150 SH DEFINED 1,2 150
BIOGEN IDEC INC COM 09062X103 24 490 SH DEFINED 1,2 490
BIOMARIN PHARMACEUTICAL NOTE 09061GAB7 2,737 2,300,000 PRN DEFINED 2,3 164,122
BIOMARIN PHARMACEUTICAL NOTE 09061GAC5 968 800,000 PRN DEFINED 2,3 48,265
BIOMET INC COM 090613100 14 350 SH DEFINED 1,2 350
BJ SERVICES CO COM 055482103 13 430 SH DEFINED 1,2 430
BLACK & DECKER CORP COM 091797100 9 110 SH DEFINED 1,2 110
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
BMC SOFTWARE INC COM 055921100 9 290 SH DEFINED 1,2 290
BOEING CO COM 097023105 1,061 11,940 SH DEFINED 1,2 11,940
BOSTON PROPERTIES INC COM 101121101 19 170 SH DEFINED 1,2 170
BOSTON SCIENTIFIC CORP COM 101137107 851 49,514 SH DEFINED 1,2 49,514
BOWNE & CO INC COM 103043105 940 58,950 SH DEFINED 2 58,950
BRISTOL-MYERS SQUIBB CO COM 110122108 3,985 151,395 SH DEFINED 1,2 151,395
BROADCOM CORP CL A 111320107 22 670 SH DEFINED 1,2 670
BROWN-FORMAN CORP CL B 115637209 7 110 SH DEFINED 1,2 110
BRUNSWICK CORP COM 117043109 4 130 SH DEFINED 1,2 130
BUCKEYE GP HOLDINGS LP COM 118167105 3,849 235,000 SH DEFINED 2,4 235,000
BURLINGTON NORTHERN SANTA FECOM 12189T104 38 520 SH DEFINED 1,2 520
CA INC COM 12673P105 2,140 94,492 SH DEFINED 1,2 94,492
CAL DIVE INTERNATIONAL NOTE 127914AB5 883 700,000 PRN DEFINED 2,3 21,784
CALUMET SPECIALTY PRODUCTS LTD PART131476103 5,092 127,173 SH DEFINED 2,4 127,173
CAMPBELL SOUP CO COM 134429109 13 330 SH DEFINED 1,2 330
CANADIAN NATURAL RESOURCES COM 136385101 1,532 28,780 SH DEFINED 2 28,780
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
CAPITAL ONE FINANCIAL CORP COM 14040H105 35 451 SH DEFINED 1,2 451
CARDINAL HEALTH INC COM 14149Y108 37 580 SH DEFINED 1,2 580
CAREMARK RX INC COM 141705103 2,343 41,020 SH DEFINED 1,2 41,020
CARNIVAL CORP PAIRED C143658300 31 640 SH DEFINED 1,2 640
CARNIVAL CORP DBCV 143658AV4 2,619 3,600,000 PRN DEFINED 2,3 43,848
CATERPILLAR INC COM 149123101 2,586 42,160 SH DEFINED 1,2 42,160
CBS CORP CL B 124857202 35 1,120 SH DEFINED 1,2 1,120
CENTERPOINT ENERGY INC COM 15189T107 7 440 SH DEFINED 1,2 440
CENTEX CORP COM 152312104 4,961 88,170 SH DEFINED 1,2 88,170
CENTURYTEL INC COM 156700106 7 170 SH DEFINED 1,2 170
CENTURYTEL INC DBCV 156700AH9 3,942 3,600,000 PRN DEFINED 2,3 88,988
CERADYNE INC NOTE 156710AA3 478 400,000 PRN DEFINED 2,3 6,841
CERNER CORP COM 156782104 268 5,900 SH DEFINED 1,2 5,900
CH ROBINSON WORLDWIDE INC COM 12541W209 241 5,900 SH DEFINED 1,2 5,900
CHEMICAL FINANCIAL CORP COM 163731102 306 9,175 SH DEFINED 2 9,175
CHESAPEAKE ENERGY CORP COM 165167107 16 540 SH DEFINED 1,2 540
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
CHESAPEAKE ENERGY CORP NOTE 165167BW6 831 820,000 PRN DEFINED 2,3 20,988
CHEVRON CORP COM 166764100 2,614 35,545 SH DEFINED 1,2 35,545
CHICAGO MERCANTILE EXCHANG CL A 167760107 31 60 SH DEFINED 1,2 60
CHUBB CORP COM 171232101 31 590 SH DEFINED 1,2 590
CIBER INC COM 17163B102 1,279 188,575 SH DEFINED 2 188,575
CIENA CORP COM 171779309 3 120 SH DEFINED 1,2 120
CIGNA CORP COM 125509109 21 160 SH DEFINED 1,2 160
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 4 200 SH DEFINED 1,2 200
CISCO SYSTEMS INC COM 17275R102 239 8,750 SH DEFINED 1,2 8,750
CIT GROUP INC COM 125581108 4,238 75,990 SH DEFINED 1,2 75,990
CITIGROUP INC COM 172967101 9,542 171,305 SH DEFINED 1,2 171,305
CITIZENS COMMUNICATIONS CO COM 17453B101 7 460 SH DEFINED 1,2 460
CITRIX SYSTEMS INC COM 177376100 7 260 SH DEFINED 1,2 260
CLEAR CHANNEL COMMUNICATIONSCOM 184502102 25 710 SH DEFINED 1,2 710
CLOROX COMPANY COM 189054109 14 220 SH DEFINED 1,2 220
CMS ENERGY CORP COM 125896100 5 310 SH DEFINED 1,2 310
CNA SURETY CORPORATION COM 12612L108 589,641 27,425,147 SH DEFINED 1,2,4 27,425,147
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
COACH INC COM 189754104 1,311 30,520 SH DEFINED 1,2 30,520
COCA-COLA CO/THE COM 191216100 541 11,220 SH DEFINED 1,2 11,220
COCA-COLA ENTERPRISES COM 191219104 8 390 SH DEFINED 1,2 390
COLGATE-PALMOLIVE CO COM 194162103 48 740 SH DEFINED 1,2 740
COMCAST CORP CLA 20030N101 1,448 34,210 SH DEFINED 1,2 34,210
COMERICA INC COM 200340107 1,489 25,380 SH DEFINED 1,2 25,380
COMMERCE BANCORP INC/NJ COM 200519106 561 15,910 SH DEFINED 1,2 15,910
COMPASS BANCSHARES INC COM 20449H109 11 190 SH DEFINED 1,2 190
COMPUTER SCIENCES CORP COM 205363104 761 14,250 SH DEFINED 1,2 14,250
COMPUWARE CORP COM 205638109 4 530 SH DEFINED 1,2 530
COMVERSE TECHNOLOGY INC COM 205862402 6 290 SH DEFINED 1,2 290
CONAGRA FOODS INC COM 205887102 20 730 SH DEFINED 1,2 730
CONMED CORP COM 207410101 1,152 49,825 SH DEFINED 2 49,825
CONOCOPHILLIPS COM 20825C104 4,487 62,360 SH DEFINED 1,2 62,360
CONSOL ENERGY INC COM 20854P109 8 260 SH DEFINED 1,2 260
CONSOLIDATED EDISON INC COM 209115104 17 350 SH DEFINED 1,2 350
CONSTELLATION BRANDS CL A 21036P108 9 300 SH DEFINED 1,2 300
CONSTELLATION ENERGY GROUP COM 210371100 18 260 SH DEFINED 1,2 260
CONVERGYS CORP COM 212485106 5 190 SH DEFINED 1,2 190
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
COOPER INDUSTRIES LTD CL A G24182100 12 130 SH DEFINED 1,2 130
COPANO ENERGY LLC COM 217202100 7,332 123,019 SH DEFINED 2,4 123,019
CORNING INC COM 219350105 697 37,230 SH DEFINED 1,2 37,230
COSTCO WHOLESALE CORP COM 22160K105 35 670 SH DEFINED 1,2 670
COUNTRYWIDE FINANCIAL CORP COM 222372104 874 20,578 SH DEFINED 1,2 20,578
COVENTRY HEALTH CARE INC COM 222862104 12 230 SH DEFINED 1,2 230
CSX CORP COM 126408103 1,261 36,630 SH DEFINED 1,2 36,630
CUMMINS INC COM 231021106 9 80 SH DEFINED 1,2 80
CVS CORP COM 126650100 927 29,980 SH DEFINED 1,2 29,980
CYMER INC NOTE 232572AE7 2,514 2,400,000 PRN DEFINED 2,3 48,000
DANAHER CORP COM 235851102 25 340 SH DEFINED 1,2 340
DARDEN RESTAURANTS INC COM 237194105 8 210 SH DEFINED 1,2 210
DCP MIDSTREAM PARTNERS LTD PART23311P100 4,125 119,400 SH DEFINED 2,4 119,400
DEAN FOODS CO COM 242370104 8 190 SH DEFINED 1,2 190
DEERE & CO COM 244199105 31 330 SH DEFINED 1,2 330
DEL MONTE FOODS CO COM 24522P103 726 65,825 SH DEFINED 2 65,825
DELL INC COM 24702R101 353 14,050 SH DEFINED 1,2 14,050
DELPHI FINANCIAL GROUP CLA 247131105 786 19,438 SH DEFINED 2 19,438
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
DEVON ENERGY CORPORATION COM 25179M103 42 630 SH DEFINED 1,2 630
DIAGEO PLC ADR 25243Q205 2,808 35,400 SH DEFINED 2 35,400
DILLARDS INC CL A 254067101 3 80 SH DEFINED 1,2 80
DISNEY (WALT) CO NOTE 254687AU0 2,430 2,000,000 PRN DEFINED 2,3 67,889
DOLLAR GENERAL CORP COM 256669102 7 440 SH DEFINED 1,2 440
DOMINION RESOURCES INC/VA COM 25746U109 43 510 SH DEFINED 1,2 510
DOVER CORP COM 260003108 14 290 SH DEFINED 1,2 290
DOW CHEMICAL COM 260543103 55 1,380 SH DEFINED 1,2 1,380
DOW JONES & CO INC COM 260561105 3 90 SH DEFINED 1,2 90
DPL INC COM 233293109 4,133 148,790 SH DEFINED 2 148,790
DR HORTON INC COM 23331A109 10 390 SH DEFINED 1,2 390
DRESSER-RAND GROUP INC COM 261608103 2,145 87,653 SH DEFINED 2 87,653
DST SYSTEMS INC DBCV 233326AB3 695 500,000 PRN DEFINED 2,3 10,187
DTE ENERGY COMPANY COM 233331107 13 260 SH DEFINED 1,2 260
DU PONT (E.I.) DE NEMOURS COM 263534109 64 1,320 SH DEFINED 1,2 1,320
DUKE ENERGY CORP COM 26441C105 1,393 41,936 SH DEFINED 1,2 41,936
DYNEGY INC CL A 26816Q101 4 540 SH DEFINED 1,2 540
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
E*TRADE FINANCIAL CORP COM 269246104 14 610 SH DEFINED 1,2 610
EAGLE ROCK ENERGY PARTNERS UNIT 26985R104 4,282 210,008 SH DEFINED 2,4 210,008
EASTMAN CHEMICAL COMPANY COM 277432100 7 120 SH DEFINED 1,2 120
EASTMAN KODAK CO COM 277461109 11 410 SH DEFINED 1,2 410
EATON CORP COM 278058102 17 220 SH DEFINED 1,2 220
EBAY INC COM 278642103 703 23,380 SH DEFINED 1,2 23,380
ECOLAB INC COM 278865100 12 260 SH DEFINED 1,2 260
EDISON INTERNATIONAL COM 281020107 21 470 SH DEFINED 1,2 470
EL PASO CORP COM 28336L109 15 990 SH DEFINED 1,2 990
ELECTRONIC ARTS INC COM 285512109 22 440 SH DEFINED 1,2 440
ELECTRONIC DATA SYSTEMS CORPCOM 285661104 20 740 SH DEFINED 1,2 740
ELI LILLY & CO COM 532457108 73 1,410 SH DEFINED 1,2 1,410
EMBARQ CORP COM 29078E105 11 216 SH DEFINED 1,2 216
EMC CORP/MASS COM 268648102 43 3,290 SH DEFINED 1,2 3,290
EMERSON ELECTRIC CO COM 291011104 52 1,180 SH DEFINED 1,2 1,180
ENCANA CORP COM 292505104 4,595 100,000 SH DEFINED 2 100,000
ENERGY TRANSFER EQUITY LP LTD PART29273V100 5,583 177,800 SH DEFINED 2,4 177,800
ENSCO INTERNATIONAL INC COM 26874Q100 676 13,500 SH DEFINED 2 13,500
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 ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
ENTERGY CORP COM 29364G103 1,206 13,060 SH DEFINED 1,2 13,060
ENTERPRISE PRODUCTS PARTNERSCOM 293792107 6,152 212,300 SH DEFINED 2,4 212,300
EOG RESOURCES INC COM 26875P101 22 350 SH DEFINED 1,2 350
EQUIFAX INC COM 294429105 7 180 SH DEFINED 1,2 180
EQUITY OFFICE PROPERTIES TR COM 294741103 24 500 SH DEFINED 1,2 500
EQUITY RESIDENTIAL INT 29476L107 21 420 SH DEFINED 1,2 420
ESTEE LAUDER COMPANIES CL A 518439104 8 190 SH DEFINED 1,2 190
EW SCRIPPS CO CL A 811054204 6 120 SH DEFINED 1,2 120
EXELON CORP COM 30161N101 3,515 56,792 SH DEFINED 1,2 56,792
EXPEDITORS INTERNATIONAL WASCOM 302130109 373 9,200 SH DEFINED 1,2 9,200
EXPRESS SCRIPTS INC COM 302182100 14 200 SH DEFINED 1,2 200
EXPRESSJET HOLDINGS NOTE 30218UAB4 1,321 1,400,000 PRN DEFINED 2,3 76,923
EXXON MOBIL CORP COM 30231G102 2,186 28,530 SH DEFINED 1,2 28,530
FAMILY DOLLAR STORES COM 307000109 6 220 SH DEFINED 1,2 220
FANNIE MAE COM 313586109 4,118 69,340 SH DEFINED 1,2 69,340
FEDERATED DEPARTMENT STORES COM 31410H101 30 778 SH DEFINED 1,2 778
FEDERATED INVESTORS INC CL B 314211103 4 130 SH DEFINED 1,2 130
FEDEX CORP COM 31428X106 48 440 SH DEFINED 1,2 440
FEI COMPANY NOTE 30241LAD1 1,378 1,300,000 PRN DEFINED 2,3 47,914
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 33 800 SH DEFINED 1,2 800
FIRST AMERICAN CORPORATION COM 318522307 2,691 66,150 SH DEFINED 2 66,150
FIRST DATA CORP COM 319963104 28 1,089 SH DEFINED 1,2 1,089
FIRST HORIZON NATIONAL CORP COM 320517105 8 180 SH DEFINED 1,2 180
FIRSTENERGY CORP COM 337932107 28 470 SH DEFINED 1,2 470
FISERV INC COM 337738108 13 250 SH DEFINED 1,2 250
FLIR SYSTEMS INC NOTE 302445AB7 1,339 870,000 PRN DEFINED 2,3 19,602
FLUOR CORP COM 343412102 582 7,130 SH DEFINED 1,2 7,130
FMC CORP COM 302491303 926 12,100 SH DEFINED 2 12,100
FORD MOTOR CO COM 345370860 245 32,600 SH DEFINED 1,2 32,600
FORD MOTOR COMPANY NOTE 345370CF5 1,603 1,500,000 PRN DEFINED 2,3 163,044
FOREST LABORATORIES INC COM 345838106 23 460 SH DEFINED 1,2 460
FORTUNE BRANDS INC COM 349631101 19 220 SH DEFINED 1,2 220
FPL GROUP INC COM 302571104 32 580 SH DEFINED 1,2 580
FRANKLIN RESOURCES INC COM 354613101 26 240 SH DEFINED 1,2 240
FREDDIE MAC COM 313400301 2,985 43,965 SH DEFINED 1,2 43,965
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
FREEPORT-MCMORAN COPPER CL B 35671D857 16 280 SH DEFINED 1,2 280
GANNETT CO COM 364730101 21 340 SH DEFINED 1,2 340
GAP INC/THE COM 364760108 15 770 SH DEFINED 1,2 770
GENENTECH INC COM 368710406 1,068 13,160 SH DEFINED 1,2 13,160
GENERAL DYNAMICS CORP COM 369550108 43 580 SH DEFINED 1,2 580
GENERAL ELECTRIC CO COM 369604103 5,713 153,521 SH DEFINED 1,2 153,521
GENERAL MILLS INC COM 370334104 29 510 SH DEFINED 1,2 510
GENERAL MOTORS CORP COM 370442105 25 800 SH DEFINED 1,2 800
GENESIS ENERGY L.P. COM 371927104 5,375 275,900 SH DEFINED 2,4 275,900
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 504 8,180 SH DEFINED 1,2 8,180
GENZYME CORP NOTE 372917AN4 884 850,000 PRN DEFINED 2,3 11,931
GILEAD SCIENCES INC COM 375558103 270 4,160 SH DEFINED 1,2 4,160
GLOBAL IMAGING SYSTEMS INC COM 37934A100 1,248 56,875 SH DEFINED 2 56,875
GLOBAL PARTNERS LP COM 37946R109 3,245 124,900 SH DEFINED 2,4 124,900
GOLDMAN SACHS GROUP INC COM 38141G104 124 620 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 8 180 SH DEFINED 1,2 180
GOODYEAR TIRE & RUBBER CO COM 382550101 5 250 SH DEFINED 1,2 250
GOOGLE INC CL A 38259P508 3,640 7,905 SH DEFINED 1,2 7,905
H&R BLOCK INC COM 093671105 11 460 SH DEFINED 1,2 460
HALLIBURTON CO COM 406216101 977 31,480 SH DEFINED 1,2 31,480
HANGER ORTHOPEDIC GROUP COM 41043F208 415 55,075 SH DEFINED 2 55,075
HARLEY-DAVIDSON INC COM 412822108 27 380 SH DEFINED 1,2 380
HARMAN INTERNATIONAL COM 413086109 10 100 SH DEFINED 1,2 100
HARRAHS ENTERTAINMENT INC COM 413619107 22 270 SH DEFINED 1,2 270
HARTFORD FINANCIAL SVCS GRP COM 416515104 41 440 SH DEFINED 1,2 440
HASBRO INC COM 418056107 1,059 38,855 SH DEFINED 1,2 38,855
HEALTH MGMT ASSOCIATES INC CL A 421933102 7 340 SH DEFINED 1,2 340
HENRY SCHEIN INC NOTE 806407AB8 1,090 900,000 PRN DEFINED 2,3 19,422
HERCULES INC COM 427056106 3 160 SH DEFINED 1,2 160
HERSHEY CO/THE COM 427866108 12 250 SH DEFINED 1,2 250
HESS CORP LTD PART42809H107 17 350 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
HEWLETT-PACKARD CO COM 428236103 1,398 33,930 SH DEFINED 1,2 33,930
HILAND HOLDINGS GP LP INT 43129M107 4,624 160,000 SH DEFINED 2,4 160,000
HILAND PARTNERS LP LTD PART431291103 5,886 107,600 SH DEFINED 2,4 107,600
HILTON HOTELS CORP COM 432848109 19 550 SH DEFINED 1,2 550
HJ HEINZ CO COM 423074103 22 480 SH DEFINED 1,2 480
HOME DEPOT INC COM 437076102 4,215 104,960 SH DEFINED 1,2 104,960
HONEYWELL INTERNATIONAL INC COM 438516106 53 1,170 SH DEFINED 1,2 1,170
HORACE MANN EDUCATORS COM 440327104 1,028 50,900 SH DEFINED 2 50,900
HORMEL FOODS CORP COM 440452100 190 5,100 SH DEFINED 2 5,100
HOSPIRA INC COM 441060100 7 220 SH DEFINED 1,2 220
HUB INTERNATIONAL LIMITED COM 44332P101 676 21,550 SH DEFINED 2 21,550
HUMANA INC COM 444859102 13 240 SH DEFINED 1,2 240
HUNTINGTON BANCSHARES INC COM 446150104 8 340 SH DEFINED 1,2 340
HUTCHINSON TECH NOTE 448407AE6 971 1,000,000 PRN DEFINED 2,3 33,512
IDACORP INC COM 451107106 884 22,875 SH DEFINED 2 22,875
IDEARC INC COM 451663108 6 208 SH DEFINED 1,2 208
ILLINOIS TOOL WORKS COM 452308109 28 600 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
IMS HEALTH INC COM 449934108 1,835 66,790 SH DEFINED 1,2 66,790
INERGY LP LTD PTNR456615103 2,754 92,400 SH DEFINED 2,4 92,400
INFORMATICA CORP NOTE 45666QAB8 296 300,000 PRN DEFINED 2,3 15,000
INGERSOLL-RAND CO LTD CL A G4776G101 2,366 60,460 SH DEFINED 1,2 60,460
INTEGRA LIFESCIENCES HLD NOTE 457985AD1 821 635,000 PRN DEFINED 2,3 18,596
INTEL CORP COM 458140100 1,180 58,270 SH DEFINED 1,2 58,270
INTERNATIONAL PAPER CO COM 460146103 22 650 SH DEFINED 1,2 650
INTERPUBLIC GROUP COS NOTE 460690AT7 1,100 930,000 PRN DEFINED 2,3 74,879
INTERPUBLIC GROUP OF COS INCCOM 460690100 8 624 SH DEFINED 1,2 624
INTL BUSINESS MACHINES CORP COM 459200101 9,927 102,180 SH DEFINED 1,2 102,180
INTL FLAVORS & FRAGRANCES COM 459506101 5 110 SH DEFINED 1,2 110
INTL GAME TECHNOLOGY COM 459902102 23 490 SH DEFINED 1,2 490
INTUIT INC COM 461202103 15 490 SH DEFINED 1,2 490
INVITROGEN INC NOTE 46185RAJ9 902 900,000 PRN DEFINED 2,3 13,189
IPC HOLDINGS LTD ORD G4933P101 2,645 84,100 SH DEFINED 2 84,100
ISHARES MSCI JAPAN INDEX FD MSCI JAP464286848 42,630 3,000,000 SH DEFINED 2 3,000,000
ITRON INC NOTE 465741AJ5 910 850,000 PRN DEFINED 2,3 13,046
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 15 270 SH DEFINED 1,2 270
J.C. PENNEY CO INC COM 708160106 25 320 SH DEFINED 1,2 320
JABIL CIRCUIT INC COM 466313103 6 260 SH DEFINED 1,2 260
JANUS CAPITAL GROUP INC COM 47102X105 6 290 SH DEFINED 1,2 290
JDS UNIPHASE CORP COM 46612J507 5 301 SH DEFINED 1,2 301
JDS UNIPHASE CORPORATION NOTE 46612JAB7 1,359 1,500,000 PRN DEFINED 2,3 37,955
JOHNSON & JOHNSON COM 478160104 3,612 54,710 SH DEFINED 1,2 54,710
JOHNSON CONTROLS INC COM 478366107 2,069 24,080 SH DEFINED 1,2 24,080
JONES APPAREL GROUP INC COM 480074103 5 160 SH DEFINED 1,2 160
JPMORGAN CHASE & CO COM 46625H100 2,156 44,630 SH DEFINED 1,2 44,630
JUNIPER NETWORKS INC COM 48203R104 15 810 SH DEFINED 1,2 810
KB HOME COM 48666K109 6 110 SH DEFINED 1,2 110
KELLOGG CO COM 487836108 18 360 SH DEFINED 1,2 360
KELLY SERVICES INC CL A 488152208 1,406 48,571 SH DEFINED 2 48,571
KENNAMETAL INC COM 489170100 722 12,275 SH DEFINED 2 12,275
KEYCORP COM 493267108 22 580 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 45 660 SH DEFINED 1,2 660
KIMCO REALTY CORP COM 49446R109 14 310 SH DEFINED 1,2 310
KINDER MORGAN INC COM 49455P101 17 160 SH DEFINED 1,2 160
KING PHARMACEUTICALS INC COM 495582108 5 340 SH DEFINED 1,2 340
KLA-TENCOR CORPORATION COM 482480100 14 290 SH DEFINED 1,2 290
KOHLS CORP COM 500255104 32 470 SH DEFINED 1,2 470
KROGER CO COM 501044101 24 1,030 SH DEFINED 1,2 1,030
L-3 COMMUNICATIONS HOLDINGS COM 502424104 833 10,180 SH DEFINED 1,2 10,180
LABORATORY CRP OF AMER HLDGSCOM 50540R409 13 180 SH DEFINED 1,2 180
LEAR SEATING CORP COM 521865105 3,492 118,250 SH DEFINED 2 118,250
LEGG MASON INC COM 524901105 18 190 SH DEFINED 1,2 190
LEGGETT & PLATT INC COM 524660107 6 260 SH DEFINED 1,2 260
LEHMAN BROTHERS HOLDINGS INCCOM 524908100 2,169 27,770 SH DEFINED 1,2 27,770
LENNAR CORP CL A 526057104 10 200 SH DEFINED 1,2 200
LEVEL 3 COMMUNICATIONS NOTE 52729NAS9 1,061 1,150,000 PRN DEFINED 2,3 8,528
LEVEL 3 COMMUNICATIONS NOTE 52729NBA7 734 700,000 PRN DEFINED 2,3 97,493
LEVEL 3 COMMUNICATIONS NOTE 52729NBK5 3,355 2,700,000 PRN DEFINED 2,3 494,506
LEXMARK INTERNATIONAL INC CL A 529771107 11 150 SH DEFINED 1,2 150
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
LIBERTY MEDIA DEB 530718AF2 3,549 2,800,000 PRN DEFINED 2,3 160,742
LIMITED BRANDS INC COM 532716107 14 480 SH DEFINED 1,2 480
LINCOLN NATIONAL CORP COM 534187109 6,668 100,419 SH DEFINED 1,2 100,419
LINEAR TECHNOLOGY CORP COM 535678106 13 430 SH DEFINED 1,2 430
LIZ CLAIBORNE INC COM 539320101 7 150 SH DEFINED 1,2 150
LOCKHEED MARTIN CORP COM 539830109 47 510 SH DEFINED 1,2 510
LOUISIANA-PACIFIC CORP COM 546347105 3 150 SH DEFINED 1,2 150
LOWES COS INC COM 548661107 68 2,190 SH DEFINED 1,2 2,190
LSI LOGIC CORP COM 502161102 5 570 SH DEFINED 1,2 570
M & T BANK CORP COM 55261F104 13 110 SH DEFINED 1,2 110
MACQUARIE INFRASTRUCTURE CO INT 55607X108 3,442 97,000 SH DEFINED 2,4 97,000
MAGELLAN MIDSTREAM HOLDINGS COM 55907R108 4,795 215,000 SH DEFINED 2,4 215,000
MAGNA INTERNATIONAL INC CL A 559222401 1,816 22,550 SH DEFINED 2 22,550
MANOR CARE INC COM 564055101 5 110 SH DEFINED 1,2 110
MARATHON OIL CORP COM 565849106 47 513 SH DEFINED 1,2 513
MARKWEST ENERGY PARTNERS LP LTD PART570759100 6,562 110,000 SH DEFINED 2,4 110,000
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
MARKWEST HYDROCARBON INC COM 570762104 7,851 161,700 SH DEFINED 2,4 161,700
MARRIOTT INTERNATIONAL CLA 571903202 1,980 41,490 SH DEFINED 1,2 41,490
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 5,345 160,805 SH DEFINED 2,4 160,805
MASCO CORP COM 574599106 17 570 SH DEFINED 1,2 570
MASTERCARD INC COM 57636Q104 1,989 20,200 SH DEFINED 2 20,200
MATTEL INC COM 577081102 12 540 SH DEFINED 1,2 540
MAXIM INTEGRATED PRODUCTS COM 57772K101 14 460 SH DEFINED 1,2 460
MBIA INC COM 55262C100 4,763 65,190 SH DEFINED 1,2 65,190
MCCORMICK & CO COM 579780206 7 190 SH DEFINED 1,2 190
MCDONALDS CORP COM 580135101 1,397 31,517 SH DEFINED 1,2 31,517
MCGRAW-HILL COMPANIES INC COM 580645109 35 510 SH DEFINED 1,2 510
MCKESSON CORP COM 58155Q103 22 430 SH DEFINED 1,2 430
MEADWESTVACO CORP COM 583334107 8 260 SH DEFINED 1,2 260
MEDCO HEALTH SOLUTIONS INC COM 58405U102 22 421 SH DEFINED 1,2 421
MEDIACOM COMMUNICATIONS CORPCL A 58446K105 1,608 200,000 SH DEFINED 2 200,000
MEDIMMUNE INC COM 584699102 11 340 SH DEFINED 1,2 340
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
MEDTRONIC INC COM 585055106 249 4,650 SH DEFINED 1,2 4,650
MEDTRONIC INC NOTE 585055AM8 1,066 1,000,000 PRN DEFINED 2,3 17,811
MELLON FINANCIAL CORP COM 58551A108 4,417 104,790 SH DEFINED 1,2 104,790
MERCK & CO. INC. COM 589331107 136 3,120 SH DEFINED 1,2 3,120
MEREDITH CORP COM 589433101 3 60 SH DEFINED 1,2 60
MERRILL LYNCH & CO INC COM 590188108 118 1,270 SH DEFINED 1,2 1,270
METLIFE INC COM 59156R108 2,796 47,390 SH DEFINED 1,2 47,390
MGIC INVESTMENT CORP COM 552848103 8 120 SH DEFINED 1,2 120
MI DEVELOPMENTS INC CL A 55304X104 1,129 31,625 SH DEFINED 2 31,625
MICRON TECHNOLOGY INC COM 595112103 15 1,040 SH DEFINED 1,2 1,040
MICROSOFT CORP COM 594918104 10,043 336,335 SH DEFINED 1,2 336,335
MILACRON INC COM 598709103 73 91,150 SH DEFINED 2 91,150
MILLIPORE CORP COM 601073109 5 80 SH DEFINED 1,2 80
MOLEX INC COM 608554101 6 200 SH DEFINED 1,2 200
MOLSON COORS BREWING CO CL B 60871R209 5 70 SH DEFINED 1,2 70
MONSANTO CO COM 61166W101 41 782 SH DEFINED 1,2 782
MONSTER WORLDWIDE INC COM 611742107 8 180 SH DEFINED 1,2 180
MOODYS CORP COM 615369105 23 340 SH DEFINED 1,2 340
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
MORGAN STANLEY COM 617446448 3,611 44,340 SH DEFINED 1,2 44,340
MOTOROLA INC COM 620076109 956 46,510 SH DEFINED 1,2 46,510
MURPHY OIL CORP COM 626717102 14 270 SH DEFINED 1,2 270
MYLAN LABORATORIES INC COM 628530107 6 300 SH DEFINED 1,2 300
NABORS INDUSTRIES LTD SHS G6359F103 13 450 SH DEFINED 1,2 450
NATIONAL CITY CORP COM 635405103 32 870 SH DEFINED 1,2 870
NATIONAL OILWELL VARCO INC COM 637071101 15 250 SH DEFINED 1,2 250
NATIONAL SEMICONDUCTOR CORP COM 637640103 10 420 SH DEFINED 1,2 420
NATURAL RESOURCE PARTNERS LPCOM 63900P103 2,028 35,000 SH DEFINED 2,4 35,000
NATURAL RESOURCE PARTNERS LPLTD PART63900P509 198 3,449 SH DEFINED 2,4 3,449
NAVISTAR INTERNATIONAL COM 63934E108 3 90 SH DEFINED 1,2 90
NCI BUILDING SYSTEMS INC COM 628852105 380 7,350 SH DEFINED 2 7,350
NCR CORPORATION COM 62886E108 11 260 SH DEFINED 1,2 260
NETWORK APPLIANCE INC COM 64120L104 1,086 27,635 SH DEFINED 1,2 27,635
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
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
NEWMONT MINING CORP COM 651639106 29 640 SH DEFINED 1,2 640
NEWS CORP CL A 65248E104 6,516 303,350 SH DEFINED 1,2 303,350
NICOR INC COM 654086107 3 60 SH DEFINED 1,2 60
NII HOLDINGS INC NOTE 62913FAF9 940 650,000 PRN DEFINED 2,3 12,979
NIKE INC CL B 654106103 28 280 SH DEFINED 1,2 280
NISOURCE INC COM 65473P105 9 390 SH DEFINED 1,2 390
NOBLE CORP SHS G65422100 15 200 SH DEFINED 1,2 200
NORDSTROM INC COM 655664100 16 330 SH DEFINED 1,2 330
NORFOLK SOUTHERN CORP COM 655844108 30 590 SH DEFINED 1,2 590
NORTEL NETWORKS NOTE 656568AB8 9,869 10,200,000 PRN DEFINED 2,3,4 1,020,000
NORTHERN TRUST CORP COM 665859104 1,297 21,370 SH DEFINED 1,2 21,370
NORTHROP GRUMMAN CORP COM 666807102 34 498 SH DEFINED 1,2 498
NOVELL INC COM 670006105 3 480 SH DEFINED 1,2 480
NOVELL INC DBCV 670006AC9 2,516 2,600,000 PRN DEFINED 2,3 225,655
NOVELLUS SYSTEMS INC COM 670008101 6 170 SH DEFINED 1,2 170
NUCOR CORP COM 670346105 24 440 SH DEFINED 1,2 440
NVIDIA CORP COM 67066G104 19 500 SH DEFINED 1,2 500
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 ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
OCCIDENTAL PETROLEUM CORP COM 674599105 61 1,240 SH DEFINED 1,2 1,240
OFFICE DEPOT INC COM 676220106 16 410 SH DEFINED 1,2 410
OFFICEMAX INC COM 67622P101 5 110 SH DEFINED 1,2 110
OLD REPUBLIC INTL CORP COM 680223104 1,581 67,922 SH DEFINED 2 67,922
OMNICOM GROUP COM 681919106 26 250 SH DEFINED 1,2 250
ORACLE CORP COM 68389X105 99 5,780 SH DEFINED 1,2 5,780
P G & E CORP COM 69331C108 4,444 93,900 SH DEFINED 1,2 93,900
PACCAR INC COM 693718108 23 360 SH DEFINED 1,2 360
PACTIV CORPORATION COM 695257105 7 200 SH DEFINED 1,2 200
PALL CORP COM 696429307 6 180 SH DEFINED 1,2 180
PANTRY INC NOTE 698657AL7 785 660,000 PRN DEFINED 2,3 13,175
PARAMETRIC TECHNOLOGY CORP COM 699173209 3 160 SH DEFINED 1,2 160
PARKER HANNIFIN CORP COM 701094104 13 170 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
PEOPLES ENERGY CORP COM 711030106 3 60 SH DEFINED 1,2 60
PEPSI BOTTLING GROUP INC COM 713409100 6 190 SH DEFINED 1,2 190
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
PEPSICO INC COM 713448108 1,524 24,370 SH DEFINED 1,2 24,370
PERKINELMER INC COM 714046109 4 180 SH DEFINED 1,2 180
PETRO-CANADA COM 71644E102 2,462 60,000 SH DEFINED 2 60,000
PFIZER INC COM 717081103 4,183 161,525 SH DEFINED 1,2 161,525
PHARMACEUTICAL HOLDRS TRUST DEPOSIT71712A206 38,475 500,000 SH DEFINED 2 500,000
PHELPS DODGE CORP COM 717265102 36 300 SH DEFINED 1,2 300
PHH CORP COM 693320202 873 30,225 SH DEFINED 2 30,225
PIKE ELECTRIC CORP COM 721283109 994 60,875 SH DEFINED 2 60,875
PINNACLE WEST CAPITAL COM 723484101 7 140 SH DEFINED 1,2 140
PITNEY BOWES INC COM 724479100 15 320 SH DEFINED 1,2 320
PLUM CREEK TIMBER CO COM 729251108 10 260 SH DEFINED 1,2 260
PMC - SIERRA INC COM 69344F106 2 290 SH DEFINED 1,2 290
PMI GROUP INC COM 69344M101 708 15,000 SH DEFINED 2 15,000
PNC FINANCIAL SERVICES GROUPCOM 693475105 31 420 SH DEFINED 1,2 420
PPG INDUSTRIES INC COM 693506107 15 240 SH DEFINED 1,2 240
PPL CORPORATION COM 69351T106 20 550 SH DEFINED 1,2 550
PRAXAIR INC COM 74005P104 1,392 23,460 SH DEFINED 1,2 23,460
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
PRINCIPAL FINANCIAL GROUP COM 74251V102 23 390 SH DEFINED 1,2 390
PROCTER & GAMBLE CO COM 742718109 1,192 18,550 SH DEFINED 1,2 18,550
PROGRESS ENERGY INC COM 743263105 18 360 SH DEFINED 1,2 360
PROGRESSIVE CORP COM 743315103 1,085 44,780 SH DEFINED 1,2 44,780
PROLOGIS INT 743410102 21 350 SH DEFINED 1,2 350
PRUDENTIAL FINANCIAL INC COM 744320102 60 700 SH DEFINED 1,2 700
PUBLIC SERVICE ENTERPRISE GPCOM 744573106 24 360 SH DEFINED 1,2 360
PUBLIC STORAGE INC COM 74460D109 18 180 SH DEFINED 1,2 180
PULTE HOMES INC COM 745867101 8,112 244,930 SH DEFINED 1,2 244,930
QLOGIC CORP COM 747277101 5 220 SH DEFINED 1,2 220
QUALCOMM INC COM 747525103 1,392 36,825 SH DEFINED 1,2 36,825
QUANTA SERVICES INC SDCV 74762EAC6 1,288 700,000 PRN DEFINED 2,3 62,859
QUEST DIAGNOSTICS COM 74834L100 12 230 SH DEFINED 1,2 230
QWEST COMMUNICATIONS INTL COM 749121109 19 2,290 SH DEFINED 1,2 2,290
RADIO ONE INC CL D 75040P405 712 105,700 SH DEFINED 2 105,700
RADIOSHACK CORP COM 750438103 1,427 85,065 SH DEFINED 1,2 85,065
RAIT FINANCIAL TRUST COM 749227104 15,515 449,981 SH DEFINED 2,4 449,981
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
RAYTHEON COMPANY COM 755111507 34 640 SH DEFINED 1,2 640
REALOGY CORP COM 75605E100 9 305 SH DEFINED 1,2 305
RED HAT INC DBCV 756577AB8 2,939 2,750,000 PRN DEFINED 2,3 107,457
REGENCY ENERGY PARTNERS LP COM 75885Y107 5,194 191,300 SH DEFINED 2,4 191,300
REGIONS FINANCIAL CORP COM 7591EP100 39 1,040 SH DEFINED 1,2 1,040
RENAISSANCERE HOLDINGS LTD COM G7496G103 4,116 68,600 SH DEFINED 2 68,600
RENT-A-CENTER INC COM 76009N100 4,111 139,300 SH DEFINED 2 139,300
REYNOLDS AMERICAN INC COM 761713106 16 250 SH DEFINED 1,2 250
ROBERT HALF INTL INC COM 770323103 9 240 SH DEFINED 1,2 240
ROCKWELL AUTOMATION INC COM 773903109 15 250 SH DEFINED 1,2 250
ROCKWELL COLLINS INC. COM 774341101 16 250 SH DEFINED 1,2 250
ROHM AND HAAS CO COM 775371107 11 210 SH DEFINED 1,2 210
ROWAN COMPANIES INC COM 779382100 5 160 SH DEFINED 1,2 160
RR DONNELLEY & SONS CO COM 257867101 11 310 SH DEFINED 1,2 310
RYDER SYSTEM INC COM 783549108 5 90 SH DEFINED 1,2 90
SABRE HOLDINGS CORP CL A 785905100 6 190 SH DEFINED 1,2 190
SAFECO CORP COM 786429100 11 170 SH DEFINED 1,2 170
SAFEWAY INC COM 786514208 22 640 SH DEFINED 1,2 640
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
SALESFORCE.COM INC COM 79466L302 474 13,000 SH DEFINED 1,2 13,000
SALLY BEAUTY HOLDINGS INC COM 79546E104 391 50,110 SH DEFINED 1,2,4 50,110
SANDISK CORP COM 80004C101 12 280 SH DEFINED 1,2 280
SANMINA-SCI CORP COM 800907107 3 760 SH DEFINED 1,2 760
SARA LEE CORP COM 803111103 1,475 86,630 SH DEFINED 1,2 86,630
SCANA CORP COM 80589M102 1,377 33,902 SH DEFINED 2 33,902
SCHERING-PLOUGH CORP COM 806605101 50 2,120 SH DEFINED 1,2 2,120
SCHLUMBERGER LTD COM 806857108 2,521 39,915 SH DEFINED 1,2 39,915
SCHWAB (CHARLES) CORP COM 808513105 29 1,480 SH DEFINED 1,2 1,480
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,585 60,850 SH DEFINED 2 60,850
SEALED AIR CORP COM 81211K100 8 120 SH DEFINED 1,2 120
SEALY CORP COM 812139301 976 66,175 SH DEFINED 2 66,175
SEARS HOLDINGS CORP COM 812350106 1,658 9,871 SH DEFINED 1,2,4 9,871
SEMPRA ENERGY COM 816851109 1,910 34,080 SH DEFINED 1,2 34,080
SHERWIN-WILLIAMS CO/THE COM 824348106 10 160 SH DEFINED 1,2 160
SIGMA-ALDRICH COM 826552101 8 100 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
SIMON PROPERTY GROUP INC COM 828806109 32 320 SH DEFINED 1,2 320
SLM CORP COM 78442P106 955 19,590 SH DEFINED 1,2 19,590
SMITH INTERNATIONAL INC COM 832110100 12 290 SH DEFINED 1,2 290
SNAP-ON INC COM 833034101 4 80 SH DEFINED 1,2 80
SOLECTRON CORP COM 834182107 4 1,310 SH DEFINED 1,2 1,310
SOUTHERN CO COM 842587107 39 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 13 515 SH DEFINED 1,2 515
SPRINT NEXTEL CORP COM 852061100 4,048 214,278 SH DEFINED 1,2 214,278
ST JUDE MEDICAL INC COM 790849103 750 20,510 SH DEFINED 1,2 20,510
ST PAUL TRAVELERS COS INC COM 792860108 54 997 SH DEFINED 1,2 997
STANLEY WORKS/THE COM 854616109 6 120 SH DEFINED 1,2 120
STAPLES INC COM 855030102 268 10,040 SH DEFINED 1,2 10,040
STARBUCKS CORP COM 855244109 1,101 31,080 SH DEFINED 1,2 31,080
STARWOOD HOTELS & RESORTS COM 85590A401 19 310 SH DEFINED 1,2 310
STATE STREET CORP COM 857477103 32 480 SH DEFINED 1,2 480
STEWART INFORMATION SERVICESCOM 860372101 241 5,550 SH DEFINED 2 5,550
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
STONE CONTAINER CORP COM 832727101 1,056 100,000 SH DEFINED 2 100,000
STREETTRACKS GOLD TRUST SHS 863307104 44,247 700,000 SH DEFINED 2 700,000
STRYKER CORP COM 863667101 24 430 SH DEFINED 1,2 430
SUN MICROSYSTEMS INC COM 866810104 27 5,030 SH DEFINED 1,2 5,030
SUNOCO INC COM 86764P109 12 190 SH DEFINED 1,2 190
SUNTRUST BANKS INC COM 867914103 45 530 SH DEFINED 1,2 530
SUPERVALU INC COM 868536103 11 301 SH DEFINED 1,2 301
SYMANTEC CORP COM 871503108 29 1,414 SH DEFINED 1,2 1,414
SYMBOL TECHNOLOGIES INC COM 871508107 5 361 SH DEFINED 1,2 361
SYNOVUS FINANCIAL CORP COM 87161C105 14 460 SH DEFINED 1,2 460
SYSCO CORP COM 871829107 33 890 SH DEFINED 1,2 890
T ROWE PRICE GROUP INC COM 74144T108 17 380 SH DEFINED 1,2 380
TARGET CORP COM 87612E106 1,211 21,230 SH DEFINED 1,2 21,230
TECO ENERGY INC COM 872375100 5 290 SH DEFINED 1,2 290
TEEKAY LNG PARTNERS LP LTD PARTY8564M105 3,055 91,700 SH DEFINED 2,4 91,700
TEEKAY OFFSHORE PARTNERS LP LP PARTNY8565J101 4,291 162,800 SH DEFINED 2,4 162,800
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
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 7 160 SH DEFINED 1,2 160
TEMPUR-PEDIC INTERNATIONAL COM 88023U101 983 48,050 SH DEFINED 2 48,050
TENET HEALTHCARE CORP CL A 88033G100 5 670 SH DEFINED 1,2 670
TEPPCO PARTNERS LP LTD PART872384102 3,418 84,800 SH DEFINED 2,4 84,800
TERADYNE INC COM 880770102 4 280 SH DEFINED 1,2 280
TESORO PETROLEUM CORP COM 881609101 5,262 80,000 SH DEFINED 2 80,000
TEXAS INSTRUMENTS INC COM 882508104 63 2,200 SH DEFINED 1,2 2,200
TEXTRON INC COM 883203101 1,723 18,380 SH DEFINED 1,2 18,380
THE WALT DISNEY CO. COM 254687106 103 3,000 SH DEFINED 1,2 3,000
THERMO FISHER SCIENTIFIC COM 883556102 2,038 45,000 SH DEFINED 1,2,3 45,000
TIFFANY & CO COM 886547108 8 200 SH DEFINED 1,2 200
TIME WARNER INC COM 887317105 127 5,830 SH DEFINED 1,2 5,830
TJX COMPANIES INC COM 872540109 3,080 107,990 SH DEFINED 1,2 107,990
TORCHMARK CORP COM 891027104 2,481 38,915 SH DEFINED 1,2 38,915
TRANSMONTAIGNE PARTNERS LP COM 89376V100 2,926 95,900 SH DEFINED 2,4 95,900
TRANSOCEAN INC ORD G90078109 36 450 SH DEFINED 1,2 450
TREDEGAR CORP COM 894650100 523 23,125 SH DEFINED 2 23,125
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
TREX COMPANY INC COM 89531P105 1,269 55,425 SH DEFINED 2 55,425
TRIBUNE CO COM 896047107 8 270 SH DEFINED 1,2 270
TRINITY INDUSTRIES INC NOTE 896522AF6 857 850,000 PRN DEFINED 2,3 16,275
TXU CORP COM 873168108 36 660 SH DEFINED 1,2 660
TYCO INTERNATIONAL LTD COM 902124106 1,683 55,365 SH DEFINED 1,2 55,365
TYSON FOODS INC CL A 902494103 6 360 SH DEFINED 1,2 360
UNION PACIFIC CORP COM 907818108 1,653 17,965 SH DEFINED 1,2 17,965
UNISYS CORP COM 909214108 4 490 SH DEFINED 1,2 490
UNITED NATIONAL GROUP LTD COM 90933T109 740 29,200 SH DEFINED 2 29,200
UNITED PARCEL SERVICE CL B 911312106 1,847 24,631 SH DEFINED 1,2 24,631
UNITED STATES STEEL CORP COM 912909108 13 180 SH DEFINED 1,2 180
UNITED STATIONERS INC COM 913004107 894 19,150 SH DEFINED 2 19,150
UNITED TECHNOLOGIES CORP COM 913017109 1,091 17,450 SH DEFINED 1,2 17,450
UNITEDHEALTH GROUP INC COM 91324P102 1,501 27,930 SH DEFINED 1,2 27,930
UNIVERSAL COMPRESSION PARTNEINT 913430104 2,550 95,000 SH DEFINED 2,4 95,000
UNIVERSAL CORP COM 913456109 1,599 32,625 SH DEFINED 2 32,625
UNIVISION COMMUNICATIONS CL A 914906102 13 360 SH DEFINED 1,2 360
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
UNUMPROVIDENT CORP COM 91529Y106 10 490 SH DEFINED 1,2 490
US BANCORP COM 902973304 5,235 144,660 SH DEFINED 1,2 144,660
USI HOLDINGS CORP COM 90333H101 1,074 69,950 SH DEFINED 2 69,950
UST INC COM 902911106 13 230 SH DEFINED 1,2 230
VALERO ENERGY CORP COM 91913Y100 11,300 220,880 SH DEFINED 1,2 220,880
VALERO GP HOLDINGS LLC INT 91914G108 1,737 70,000 SH DEFINED 2,4 70,000
VARIAN MEDICAL SYSTEMS INC COM 92220P105 476 10,000 SH DEFINED 1,2 10,000
VERIGY LTD SHS Y93691106 1 71 SH DEFINED 1,2 71
VERISIGN INC COM 92343E102 8 350 SH DEFINED 1,2 350
VERIZON COMMUNICATIONS INC COM 92343V104 155 4,160 SH DEFINED 1,2 4,160
VF CORP COM 918204108 11 130 SH DEFINED 1,2 130
VIACOM INC CL B 92553P201 42 1,020 SH DEFINED 1,2 1,020
VIAD CORP COM 92552R406 868 21,369 SH DEFINED 2 21,369
VISHAY INTERTECHNOLOGY NOTE 928298AF5 2,497 2,500,000 PRN DEFINED 2,3 117,481
VORNADO REALTY TRUST INT 929042109 22 180 SH DEFINED 1,2 180
VULCAN MATERIALS CO COM 929160109 13 140 SH DEFINED 1,2 140
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
WACHOVIA CORP COM 929903102 157 2,750 SH DEFINED 1,2 2,750
WALGREEN CO COM 931422109 305 6,650 SH DEFINED 1,2 6,650
WAL-MART STORES INC COM 931142103 5,552 120,230 SH DEFINED 1,2 120,230
WASHINGTON MUTUAL INC COM 939322103 842 18,505 SH DEFINED 1,2 18,505
WASTE MANAGEMENT INC COM 94106L109 28 770 SH DEFINED 1,2 770
WATERS CORP COM 941848103 7 150 SH DEFINED 1,2 150
WATSON PHARMACEUTICALS INC COM 942683103 4 140 SH DEFINED 1,2 140
WCI COMMUNITIES INC COM 92923C104 1,822 95,000 SH DEFINED 2 95,000
WEATHERFORD INTL LTD COM G95089101 940 22,500 SH DEFINED 1,2 22,500
WELLPOINT INC COM 94973V107 471 5,990 SH DEFINED 1,2 5,990
WELLS FARGO & COMPANY COM 949746101 172 4,830 SH DEFINED 1,2 4,830
WENDYS INTERNATIONAL INC COM 950590109 6 170 SH DEFINED 1,2 170
WESCO INTERNATIONAL INC DBCV 95082PAE5 310 200,000 PRN DEFINED 2,3 4,777
WESTERN UNION CO COM 959802109 24 1,089 SH DEFINED 1,2 1,089
WEYERHAEUSER CO COM 962166104 1,113 15,750 SH DEFINED 1,2 15,750
WHIRLPOOL CORP COM 963320106 3,036 36,568 SH DEFINED 1,2 36,568
WHOLE FOODS MARKET INC COM 966837106 9 200 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
WILLIAMS COS INC COM 969457100 8,032 307,490 SH DEFINED 1,2 307,490
WILLIAMS PARTNERS LP COM 96950F104 4,896 126,500 SH DEFINED 2,4 126,500
WINDSTREAM CORP COM 97381W104 10 676 SH DEFINED 1,2 676
WISCONSIN ENERGY CORP COM 976657106 1,904 40,125 SH DEFINED 2 40,125
WRIGLEY WM JR CO COM 982526105 16 310 SH DEFINED 1,2 310
WW GRAINGER INC COM 384802104 8 110 SH DEFINED 1,2 110
WYETH COM 983024100 2,530 49,690 SH DEFINED 1,2 49,690
WYNDHAM WORLDWIDE CORP COM 98310W108 1,930 60,290 SH DEFINED 1,2 60,290
XCEL ENERGY INC COM 98389B100 13 580 SH DEFINED 1,2 580
XEROX CORP COM 984121103 5,109 301,400 SH DEFINED 1,2 301,400
XILINX INC COM 983919101 11 480 SH DEFINED 1,2 480
XL CAPITAL LTD CL A G98255105 2,273 31,560 SH DEFINED 1,2 31,560
XM SATELLITE RADIO HLDGS NOTE 983759AC5 1,698 2,000,000 PRN DEFINED 2,3 40,000
XTO ENERGY INC COM 98385X106 24 520 SH DEFINED 1,2 520
YAHOO! INC COM 984332106 268 10,480 SH DEFINED 1,2 10,480
YELLOW ROADWAY CORP NOTE 985577AA3 841 670,000 PRN DEFINED 2,3 17,074
YUM! BRANDS INC COM 988498101 23 390 SH DEFINED 1,2 390
ZIMMER HOLDINGS INC COM 98956P102 513 6,550 SH DEFINED 1,2 6,550
ZIONS BANCORPORATION COM 989701107 13 160 SH DEFINED 1,2 160