FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31,2007
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: CNA Financial Corporation
Address: 333 S. Wabash
Chicago,IL 60604
13F File Number: 28-346
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct, and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Lynne Gugenheim
Title: Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
May 15,2007
Chicago, Illinois,60685
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
Assets reported herein are described as having shared
investment discretion among Loews Corporation, CNA
Financial Corporation,The Continental Corporation,
Continental Casualty Company and Continental Assurance
Company. Each of the foregoing entities specifically disclaims
ownership of any securities in this report which are not
beneficially owned by that entity and states that such
assets are solely under the control of its board of directors.
The characterization of shared investment discretion with parent
holding companies is made solely as a consequence of SEC
interpretations regarding control of the subsidiary through
share ownership. Loews Corporation owns approximately 90%
of the outstanding shares of CNA Financial Corporation;
CNA Financial Corporation owns 100% of the outstanding
shares of Continental Casualty Company and The Continental
Corporation; and Continental Casualty Company owns 100%
of the outstanding shares of Continental Assurance Company.
Loews Corporation will report separately on securities over which
it has investment discretion which are not part of this report.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 4
Form 13F Information Table Entry Total: 633
Form 13F Information Table Value Total: 1,424,756 (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 83 1,080 SH DEFINED 1,2 1,080
A D C TELECOMMUNICATIONS COM 000886309 3 167 SH DEFINED 1,2 167
ABBOTT LABORATORIES COM 002824100 122 2,190 SH DEFINED 1,2 2,190
ACE LTD ORD G0070K103 27 470 SH DEFINED 1,2 470
ADOBE SYSTEMS INC COM 00724F101 35 830 SH DEFINED 1,2 830
ADVANCED MICRO DEVICES INC COM 007903107 9 690 SH DEFINED 1,2 690
AES CORPORATION COM 00130H105 20 940 SH DEFINED 1,2 940
AETNA INC COM 00817Y108 4,633 105,790 SH DEFINED 1,2 105,790
AFFILIATED COMPUTER SVCS-A CL A 008190100 2,665 45,270 SH DEFINED 1,2 45,270
AFLAC INC COM 001055102 33 710 SH DEFINED 1,2 710
AFTERMARKET TECHNOLOGY CORP COM 008318107 1,531 63,075 SH DEFINED 2 63,075
AGILENT TECHNOLOGIES INC COM 00846U101 3,542 105,130 SH DEFINED 1,2 105,130
AIR PRODUCTS & CHEMICAL COM 009158106 24 320 SH DEFINED 1,2 320
ALBERTO CULVER CO COM 013078100 3 110 SH DEFINED 1,2 110
ALCAN ALUMINUM LTD NEW COM 013716105 5,742 110,000 SH DEFINED 2 110,000
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
ALCATEL-LUCENT SPONSORE013904305 3,365 284,678 SH DEFINED 1,2 284,678
ALCOA INC COM 013817101 4,202 123,940 SH DEFINED 1,2 123,940
ALCON INC COM SHS H01301102 185 1,400 SH DEFINED 2 1,400
ALLEGHENY ENERGY COM 017361106 12 240 SH DEFINED 1,2 240
ALLEGHENY TECHNOLOGIES INC COM 01741R102 16 150 SH DEFINED 1,2 150
ALLERGAN INC COM 018490102 24 220 SH DEFINED 1,2 220
ALLIANCE HOLDINGS GP LP COM 01861G100 4,793 204,063 SH DEFINED 2,4 204,063
ALLIED WASTE INDS INC COM 019589308 5 360 SH DEFINED 1,2 360
ALLSTATE CORPORATION COM 020002101 2,584 43,025 SH DEFINED 1,2 43,025
ALLTEL CORP COM 020039103 35 560 SH DEFINED 1,2 560
ALTERA CORP COM 021441100 10 510 SH DEFINED 1,2 510
ALTRIA GROUP INC COM 02209S103 1,581 18,000 SH DEFINED 1,2 18,000
AMAZON.COM INC COM 023135106 1,041 26,150 SH DEFINED 1,2 26,150
AMBAC FINL GROUP INC COM 023139108 13 150 SH DEFINED 1,2 150
AMDOCS LIMITED NOTE 02342TAD1 501 500,000 PRN DEFINED 2,3 11,596
AMEREN CORP COM 023608102 15 300 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 ELECT PWR INC COM 025537101 4,614 94,640 SH DEFINED 1,2 94,640
AMERICAN EQUITY INVT LIFE HLCOM 025676206 891 67,875 SH DEFINED 2 67,875
AMERICAN EXPRESS COM 025816109 944 16,740 SH DEFINED 1,2 16,740
AMERICAN HOME MORTGAGE INVESCOM 02660R107 698 25,875 SH DEFINED 2 25,875
AMERICAN INTL GROUP INC COM 026874107 11,605 172,642 SH DEFINED 1,2 172,642
AMERICAN NATIONAL INSURANCE COM 028591105 691 5,400 SH DEFINED 2 5,400
AMERICAN STD COS INC COM 029712106 13 250 SH DEFINED 1,2 250
AMERIPRISE FINL INC COM 03076C106 20 350 SH DEFINED 1,2 350
AMERISOURCE HEALTH CORP COM 03073E105 1,798 34,090 SH DEFINED 1,2 34,090
AMGEN INC COM 031162100 1,076 19,260 SH DEFINED 1,2 19,260
ANADARKO PETROLEUM CORP COM 032511107 12,922 300,660 SH DEFINED 1,2 300,660
ANALOG DEVICES INC COM 032654105 17 500 SH DEFINED 1,2 500
ANHEUSER BUSCH CO COM 035229103 1,456 28,850 SH DEFINED 1,2 28,850
ANSYS INC COM 03662Q105 122 2,412 SH DEFINED 2,4 2,412
AON CORP COM 037389103 1,535 40,425 SH DEFINED 1,2 40,425
APACHE CORP COM 037411105 33 470 SH DEFINED 1,2 470
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
APARTMENT INVT & MGMT CO CL A 03748R101 8 140 SH DEFINED 1,2 140
APOLLO GROUP INC CL A 037604105 9 200 SH DEFINED 1,2 200
APPLE INC COM 037833100 113 1,220 SH DEFINED 1,2 1,220
APPLERA CORP GRP 038020103 8 260 SH DEFINED 1,2 260
APPLIED MATLS INC COM 038222105 36 1,990 SH DEFINED 1,2 1,990
AQUILA INC COM 03840P102 2,822 675,116 SH DEFINED 2 675,116
ARCHER DANIELS MIDLAND CO COM 039483102 34 940 SH DEFINED 1,2 940
ARCHSTONE SMITH TR COM 039583109 17 310 SH DEFINED 1,2 310
ARIZONA STAR RESOURCE CORP COM 04059G106 53,785 4,550,100 SH DEFINED 2,4 4,550,100
ARVINMERITOR INC COM 043353101 809 44,350 SH DEFINED 2 44,350
ASHLAND INC COM 044209104 6 90 SH DEFINED 1,2 90
AT&T INC COM 00206R102 355 9,015 SH DEFINED 1,2 9,015
ATLAS PIPELINE HOLDINGS LP COM 04939R108 3,181 130,000 SH DEFINED 2,4 130,000
ATLAS PIPELINE PARTNERS-UTS.INT 049392103 2,875 60,050 SH DEFINED 2,4 60,050
ATWOOD OCEANICS INC COM 050095108 1,174 20,000 SH DEFINED 2 20,000
AUTODESK INC COM 052769106 637 16,930 SH DEFINED 1,2 16,930
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
AUTOMATIC DATA PROCESSING INCOM 053015103 39 800 SH DEFINED 1,2 800
AUTONATION INC COM 05329W102 4 210 SH DEFINED 1,2 210
AUTOZONE INC. COM 053332102 1,692 13,205 SH DEFINED 1,2 13,205
AVAYA INC COM 053499109 8 650 SH DEFINED 1,2 650
AVERY DENNISON CORP COM 053611109 9 140 SH DEFINED 1,2 140
AVON PRODS INC COM 054303102 24 640 SH DEFINED 1,2 640
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,608 47,500 SH DEFINED 2 47,500
BAKER HUGHES INC COM 057224107 31 470 SH DEFINED 1,2 470
BALL CORP COM 058498106 7 150 SH DEFINED 1,2 150
BANK OF AMERICA CORP COM 060505104 7,474 146,491 SH DEFINED 1,2 146,491
BANK OF NEW YORK COM 064057102 7,509 185,170 SH DEFINED 1,2 185,170
BARD C R INC COM 067383109 12 150 SH DEFINED 1,2 150
BARR PHARMACEUTICALS INC COM 068306109 7 150 SH DEFINED 1,2 150
BARRICK GOLD CORP COM 067901108 936 32,801 SH DEFINED 2 32,801
BAUSCH & LOMB INC COM 071707103 4 80 SH DEFINED 1,2 80
BAUSCH & LOMB INC FRNT 071707AM5 899 800,000 PRN DEFINED 2,3 13,021
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
BAXTER INTL COM 071813109 50 940 SH DEFINED 1,2 940
BB&T CORP COM 054937107 32 770 SH DEFINED 1,2 770
BEAR STEARNS COS INC COM 073902108 27 180 SH DEFINED 1,2 180
BEARINGPOINT INC COM 074002106 455 59,450 SH DEFINED 2 59,450
BECTON DICKINSON & CO COM 075887109 27 350 SH DEFINED 1,2 350
BED BATH & BEYOND INC COM 075896100 16 400 SH DEFINED 1,2 400
BEMIS INC COM 081437105 5 150 SH DEFINED 1,2 150
BEST BUY INC COM 086516101 28 580 SH DEFINED 1,2 580
BIG LOTS INC COM 089302103 5 150 SH DEFINED 1,2 150
BIOGEN IDEC INC COM 09062X103 22 490 SH DEFINED 1,2 490
BIOMARIN PHARMACEUTICAL NOTE 09061GAC5 1,015 800,000 PRN DEFINED 2,3 48,265
BIOMET INC COM 090613100 15 350 SH DEFINED 1,2 350
BJ SVCS CO COM 055482103 12 430 SH DEFINED 1,2 430
BLACK & DECKER MFG CO COM 091797100 903 11,060 SH DEFINED 1,2 11,060
BLOCK H & R INC COM 093671105 10 460 SH DEFINED 1,2 460
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
BLOUNT INTERNATIONAL INC COM 095180105 167 13,425 SH DEFINED 2 13,425
BMC SOFTWARE INC COM 055921100 9 290 SH DEFINED 1,2 290
BOEING COMPANY COM 097023105 1,062 11,940 SH DEFINED 1,2 11,940
BOSTON PROPERTIES INC COM 101121101 20 170 SH DEFINED 1,2 170
BOSTON SCIENTIFIC CORP COM 101137107 720 49,514 SH DEFINED 1,2 49,514
BOWNE & CO INC COM 103043105 927 58,950 SH DEFINED 2 58,950
BRISTOL-MYERS SQUIBB CO COM 110122108 2,421 87,220 SH DEFINED 1,2 87,220
BROADCOM CORP CL A 111320107 21 670 SH DEFINED 1,2 670
BROOKFIELD HOMES CORP COM 112723101 803 25,000 SH DEFINED 2 25,000
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 5,928 285,000 SH DEFINED 2,4 285,000
BURLINGTON NORTHERN SANTA FECOM 12189T104 42 520 SH DEFINED 1,2 520
C H ROBINSON WORLDWIDE INC CCOM 12541W209 441 9,180 SH DEFINED 1,2 9,180
CABOT MICROELECTRONICS CORP COM 12709P103 659 19,675 SH DEFINED 2 19,675
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
CALUMET SPECIALTY PRODUCTS LTD PART131476103 5,006 103,973 SH DEFINED 2,4 103,973
CAMPBELL SOUP CO COM 134429109 13 330 SH DEFINED 1,2 330
CANADIAN NATURAL RESOURCES COM 136385101 1,931 34,980 SH DEFINED 2 34,980
CAPITAL ONE FINANCIAL CORP COM 14040H105 34 451 SH DEFINED 1,2 451
CARDINAL HEALTH INC COM 14149Y108 42 580 SH DEFINED 1,2 580
CARNIVAL CORP DBCV 143658AV4 2,507 3,600,000 PRN DEFINED 2,3 43,848
CARNIVAL CORP PAIRED C143658300 30 640 SH DEFINED 1,2 640
CATERPILLAR INC COM 149123101 1,367 20,390 SH DEFINED 1,2 20,390
CBS CORP-CLASS B CL B 124857202 1,564 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 DBCV 156700AH9 4,163 3,600,000 PRN DEFINED 2,3 88,988
CENTURYTEL INC COM 156700106 8 170 SH DEFINED 1,2 170
CERNER CORP COM 156782104 370 6,800 SH DEFINED 1,2 6,800
CHEMICAL FINANCIAL CORP COM 163731102 377 12,650 SH DEFINED 2 12,650
CHESAPEAKE ENERGY CORP COM 165167107 17 540 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
CHEVRON CORP COM 166764100 233 3,150 SH DEFINED 1,2 3,150
CHICAGO MERCANTILE HLDGS INCCL A 167760107 32 60 SH DEFINED 1,2 60
CHUBB CORP COM 171232101 30 590 SH DEFINED 1,2 590
CIBER INC COM 17163B102 1,484 188,575 SH DEFINED 2 188,575
CIENA CORP COM 171779309 3 120 SH DEFINED 1,2 120
CIGNA CORP COM 125509109 23 160 SH DEFINED 1,2 160
CINCINNATI FINANCIAL CORP COM 172062101 11 250 SH DEFINED 1,2 250
CINTAS CORP COM 172908105 7 200 SH DEFINED 1,2 200
CIRCUIT CITY STORE INC COM 172737108 4 200 SH DEFINED 1,2 200
CISCO SYSTEMS INC COM 17275R102 1,245 48,750 SH DEFINED 1,2 48,750
CIT GROUP INC COM 125581108 4,021 75,990 SH DEFINED 1,2 75,990
CITIGROUP INC COM 172967101 8,795 171,305 SH DEFINED 1,2 171,305
CITIZENS COMMUNICATIONS CO COM 17453B101 7 460 SH DEFINED 1,2 460
CITRIX SYS INC COM 177376100 8 260 SH DEFINED 1,2 260
CLEAR CHANNEL COMMUNICATIONSCOM 184502102 25 710 SH DEFINED 1,2 710
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
CLOROX CO COM 189054109 14 220 SH DEFINED 1,2 220
CMS ENERGY CORP COM 125896100 6 310 SH DEFINED 1,2 310
CNA SURETY CORPORATION COM 12612L108 578,671 27,425,147 SH DEFINED 1,2,4 27,425,147
COACH INC COM 189754104 1,528 30,520 SH DEFINED 1,2 30,520
COCA COLA CO COM 191216100 539 11,220 SH DEFINED 1,2 11,220
COCA COLA ENTERPRISES INC COM 191219104 8 390 SH DEFINED 1,2 390
COLGATE PALMOLIVE CO COM 194162103 49 740 SH DEFINED 1,2 740
COMCAST CORP-CL A CLA 20030N101 1,037 39,960 SH DEFINED 1,2 39,960
COMERICA COM 200340107 1,500 25,380 SH DEFINED 1,2 25,380
COMMERCE BANCORP INC/NJ COM 200519106 649 19,450 SH DEFINED 1,2 19,450
COMPASS BANCSHARES INC COM 20449H109 13 190 SH DEFINED 1,2 190
COMPUTER ASSOCIATES INTL INCCOM 12673P105 2,448 94,492 SH DEFINED 1,2 94,492
COMPUTER SCIENCES CORP COM 205363104 743 14,250 SH DEFINED 1,2 14,250
COMPUWARE CORP COM 205638109 5 530 SH DEFINED 1,2 530
COMVERSE TECHNOLOGY INC COM 205862402 6 290 SH DEFINED 1,2 290
CONAGRA FOODS INC COM 205887102 18 730 SH DEFINED 1,2 730
CONMED CORP COM 207410101 696 23,825 SH DEFINED 2 23,825
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
CONSOL ENERGY INC COM 20854P109 10 260 SH DEFINED 1,2 260
CONSOLIDATED EDISON INC COM 209115104 18 350 SH DEFINED 1,2 350
CONSTELLATION BRANDS INC CL A 21036P108 6 300 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 67 1,350 SH DEFINED 2 1,350
COOPER INDS LTD CL A G24182100 12 260 SH DEFINED 1,2 260
COPANO ENERGY LLC COM 217202100 7,260 106,019 SH DEFINED 2,4 106,019
CORNING INC. COM 219350105 847 37,230 SH DEFINED 1,2 37,230
COSTCO WHSL CORP COM 22160K105 36 670 SH DEFINED 1,2 670
COUNTRYWIDE CREDIT IND INC COM 222372104 692 20,578 SH DEFINED 1,2 20,578
COUNTRYWIDE CREDIT IND INC COM 222862104 13 230 SH DEFINED 1,2 230
CSX CORP. COM 126408103 1,467 36,630 SH DEFINED 1,2 36,630
CUMMINS INC COM 231021106 12 80 SH DEFINED 1,2 80
CVS CORP COM 126650100 929 27,199 SH DEFINED 1,2 27,199
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
CYMER INC NOTE 232572AE7 2,472 2,400,000 PRN DEFINED 2,3 48,000
D R HORTON INC COM 23331A109 9 390 SH DEFINED 1,2 390
DANAHER CORP COM 235851102 24 340 SH DEFINED 1,2 340
DARDEN RESTAURANTS INC COM 237194105 9 210 SH DEFINED 1,2 210
DCP MIDSTREAM PARTNERS LP LTD PART23311P100 3,554 90,900 SH DEFINED 2,4 90,900
DEAN FOODS CO COM 242370104 9 190 SH DEFINED 1,2 190
DEERE & CO COM 244199105 36 330 SH DEFINED 1,2 330
DEL MONTE FOODS CO COM 24522P103 756 65,825 SH DEFINED 2 65,825
DELL INC COM 24702R101 326 14,050 SH DEFINED 1,2 14,050
DELPHI FINANCIAL GROUP CLA 247131105 782 19,438 SH DEFINED 2 19,438
DEVON ENERGY CORP COM 25179M103 44 630 SH DEFINED 1,2 630
DIAGEO PLC ADR 25243Q205 2,327 28,740 SH DEFINED 2 28,740
DIAMONDS TRUST SERIES I UNIT SER252787106 61,795 500,000 SH DEFINED 2 500,000
DILLARDS INC CL A 254067101 3 80 SH DEFINED 1,2 80
DISNEY (WALT) CO NOTE 254687AU0 2,418 2,000,000 PRN DEFINED 2,3 67,889
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
DISNEY WALT CO COM 254687106 103 3,000 SH DEFINED 1,2 3,000
DOLLAR GEN CORP COM 256669102 9 440 SH DEFINED 1,2 440
DOMINION RESOURCES INC COM 25746U109 45 510 SH DEFINED 1,2 510
DOMTAR CORP COM 257559104 354 38,068 SH DEFINED 2 38,068
DONNELLEY RR & SONS CO COM 257867101 11 310 SH DEFINED 1,2 310
DOVER CORP COM 260003108 14 290 SH DEFINED 1,2 290
DOW CHEMICAL CORP COM 260543103 63 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 2,313 74,400 SH DEFINED 2 74,400
DRESSER-RAND GROUP INC COM 261608103 929 30,483 SH DEFINED 2 30,483
DTE ENERGY COMPANY COM 233331107 12 260 SH DEFINED 1,2 260
DU PONT DE NEMOURS E.I COM 263534109 65 1,320 SH DEFINED 1,2 1,320
DUKE ENERGY CORP COM 26441C105 851 41,936 SH DEFINED 1,2 41,936
E M C CORP MASS COM 268648102 46 3,290 SH DEFINED 1,2 3,290
E TRADE FINANCIAL CORP COM 269246104 13 610 SH DEFINED 1,2 610
EASTMAN CHEM CO COM 277432100 8 120 SH DEFINED 1,2 120
EASTMAN KODAK CO COM 277461109 9 410 SH DEFINED 1,2 410
EATON CORP COM 278058102 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
EBAY INC COM 278642103 775 23,380 SH DEFINED 1,2 23,380
ECOLAB INC COM 278865100 11 260 SH DEFINED 1,2 260
EDISON INTL COM 281020107 23 470 SH DEFINED 1,2 470
EL PASO CORP COM 28336L109 14 990 SH DEFINED 1,2 990
ELECTRONIC _DATA SYSTEMS_CORCOM 285661104 20 740 SH DEFINED 1,2 740
ELECTRONIC ARTS INC COM 285512109 22 440 SH DEFINED 1,2 440
EMBARQ CORP COM 29078E105 12 216 SH DEFINED 1,2 216
EMERSON ELEC CO COM 291011104 51 1,180 SH DEFINED 1,2 1,180
EMPLOYERS HOLDINGS INC COM 292218104 258 12,875 SH DEFINED 2 12,875
ENCANA CORP COM 292505104 5,063 100,000 SH DEFINED 2 100,000
ENERGY TRANSFER EQUITY LP LTD PART29273V100 6,048 164,800 SH DEFINED 2,4 164,800
ENSCO INTERNATIONAL INC COM 26874Q100 734 13,500 SH DEFINED 2 13,500
ENTERGY CORP COM 29364G103 31 300 SH DEFINED 1,2 300
ENTERPRISE PRODUCTS PARTNERSCOM 293792107 4,271 134,300 SH DEFINED 2,4 134,300
EOG RES INC COM 26875P101 25 350 SH DEFINED 1,2 350
EQUIFAX INC COM 294429105 7 180 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
EQUITY RESIDENTIAL INT 29476L107 20 420 SH DEFINED 1,2 420
EXELON CORP COM 30161N101 2,230 32,460 SH DEFINED 1,2 32,460
EXPEDITORS INTL WASH INC COM 302130109 380 9,200 SH DEFINED 1,2 9,200
EXPRESS SCRIPTS INC COM 302182100 16 200 SH DEFINED 1,2 200
EXPRESSJET HOLDINGS NOTE 30218UAB4 1,438 1,500,000 PRN DEFINED 2,3 82,418
EXXON MOBIL CORP COM 30231G102 1,851 24,530 SH DEFINED 1,2 24,530
FAIR ISAAC CORP NOTE 303250AD6 1,034 1,000,000 PRN DEFINED 2,3 22,752
FAMILY DLR STORES INC COM 307000109 7 220 SH DEFINED 1,2 220
FEDERAL HM LOAN MORTGAGE CORCOM 313400301 3,509 58,990 SH DEFINED 1,2 58,990
FEDERAL NATL MTGE ASSN. COM 313586109 3,785 69,340 SH DEFINED 1,2 69,340
FEDERATED DEPT STORES INC COM 31410H101 35 778 SH DEFINED 1,2 778
FEDERATED INVS INC CL B 314211103 5 130 SH DEFINED 1,2 130
FEDEX CORP COM 31428X106 47 440 SH DEFINED 1,2 440
FEI COMPANY NOTE 30241LAD1 1,768 1,300,000 PRN DEFINED 2,3 47,914
FIFTH THIRD BANCORP COM 316773100 31 800 SH DEFINED 1,2 800
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
FIRST AMERICAN CORPORATION COM 318522307 2,691 53,050 SH DEFINED 2 53,050
FIRST DATA CORP COM 319963104 29 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 31 470 SH DEFINED 1,2 470
FISERV INC COM 337738108 13 250 SH DEFINED 1,2 250
FLEXTRONICS INTL LTD NOTE 33938EAL1 2,400 2,500,000 PRN DEFINED 2,3 161,031
FLUOR CORP (NEW) COM 343412102 640 7,130 SH DEFINED 1,2 7,130
FMC CORP (NEW) COM 302491303 622 8,250 SH DEFINED 2 8,250
FORD MOTOR COMPANY COM 345370860 178 22,600 SH DEFINED 1,2 22,600
FOREST LABS INC COM 345838106 24 460 SH DEFINED 1,2 460
FORTUNE BRANDS INC COM 349631101 17 220 SH DEFINED 1,2 220
FPL GROUP INC COM 302571104 35 580 SH DEFINED 1,2 580
FRANKLIN RES INC COM 354613101 29 240 SH DEFINED 1,2 240
FREEPORT MCMORAN COPPER&GOLDCL B 35671D857 32 481 SH DEFINED 1,2 481
GANNETT INC COM 364730101 19 340 SH DEFINED 1,2 340
GAP INC COM 364760108 13 770 SH DEFINED 1,2 770
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
GENENTECH INC COM 368710406 843 10,260 SH DEFINED 1,2 10,260
GENERAL DYNAMICS CORP COM 369550108 44 580 SH DEFINED 1,2 580
GENERAL ELECTRIC CO COM 369604103 5,429 153,521 SH DEFINED 1,2 153,521
GENERAL MLS INC COM 370334104 30 510 SH DEFINED 1,2 510
GENERAL MOTORS CORP COM 370442105 25 800 SH DEFINED 1,2 800
GENESIS ENERGY L.P. COM 371927104 5,124 240,120 SH DEFINED 2,4 240,120
GENUINE PARTS CO COM 372460105 12 250 SH DEFINED 1,2 250
GENWORTH FINANCIAL INC CL A 37247D106 23 650 SH DEFINED 1,2 650
GENZYME CORP COM 372917104 491 8,180 SH DEFINED 1,2 8,180
GILEAD SCIENCES INC COM 375558103 242 3,160 SH DEFINED 1,2 3,160
GLOBAL IMAGING SYSTEMS INC COM 37934A100 1,668 85,550 SH DEFINED 2 85,550
GLOBAL PARTNERS LP COM 37946R109 4,024 112,220 SH DEFINED 2,4 112,220
GOLDMAN SACHS GROUP INC COM 38141G104 128 620 SH DEFINED 1,2 620
GOODRICH CORP COM 382388106 9 180 SH DEFINED 1,2 180
GOODYEAR TIRE & RUBR CO COM 382550101 8 250 SH DEFINED 1,2 250
GOOGLE INC-CL A CL A 38259P508 3,530 7,705 SH DEFINED 1,2 7,705
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
GRAINGER W W INC COM 384802104 8 110 SH DEFINED 1,2 110
GRIFFON CORPORATION COM 398433102 472 19,075 SH DEFINED 2 19,075
HALLIBURTON COMPANY COM 406216101 999 31,480 SH DEFINED 1,2 31,480
HANGER ORTHOPEDIC GROUP INC COM 41043F208 643 55,075 SH DEFINED 2 55,075
HARLEY DAVIDSON INC COM 412822108 22 380 SH DEFINED 1,2 380
HARMAN INTL INDS INC COM 413086109 10 100 SH DEFINED 1,2 100
HARRAHS ENTMT INC COM 413619107 23 270 SH DEFINED 1,2 270
HARTFORD FINANCIAL SVCS GRP COM 416515104 7,211 75,440 SH DEFINED 1,2 75,440
HASBRO INC COM 418056107 7 230 SH DEFINED 1,2 230
HEALTH MGMT ASSOC INC CL A 421933102 4 340 SH DEFINED 1,2 340
HEINZ H J CO COM 423074103 23 480 SH DEFINED 1,2 480
HERCULES INC COM 427056106 3 160 SH DEFINED 1,2 160
HERSHEY CO COM 427866108 14 250 SH DEFINED 1,2 250
HESS CORP LTD PART42809H107 19 350 SH DEFINED 1,2 350
HEWLETT-PACKARD CO. COM 428236103 1,362 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 5,460 177,000 SH DEFINED 2,4 177,000
HILAND PARTNERS LP LTD PART431291103 5,521 95,600 SH DEFINED 2,4 95,600
HILTON HOTELS CORP COM 432848109 20 550 SH DEFINED 1,2 550
HOME DEPOT COM 437076102 1,842 50,135 SH DEFINED 1,2 50,135
HONEYWELL INTL INC COM 438516106 54 1,170 SH DEFINED 1,2 1,170
HORACE MANN EDUCATORS COM 440327104 1,046 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
HUB INTERNATIONAL LIMITED COM 44332P101 1,017 24,400 SH DEFINED 2 24,400
HUMANA INC COM 444859102 14 240 SH DEFINED 1,2 240
HUNTINGTON BANCSHARES INC COM 446150104 7 340 SH DEFINED 1,2 340
IDACORP INC COM 451107106 774 22,875 SH DEFINED 2 22,875
IDEARC INC COM 451663108 7 208 SH DEFINED 1,2 208
IKON MBIA INC. COM 55262C100 4,269 65,190 SH DEFINED 1,2 65,190
ILLINOIS TOOL WKS INC COM 452308109 31 600 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 1,981 66,790 SH DEFINED 1,2 66,790
INERGY HOLDINGS LP COM 45661Q107 2,561 56,266 SH DEFINED 2,4 56,266
INERGY LP LTD PTNR456615103 7,039 215,400 SH DEFINED 2,4 215,400
INFORMATICA CORP NOTE 45666QAB8 1,333 1,300,000 PRN DEFINED 2,3 65,000
INGERSOLL RAND CO CL A G4776G101 2,622 60,460 SH DEFINED 1,2 60,460
INTEGRYS ENERGY GROUP INC COM 45822P105 3 49 SH DEFINED 1,2 49
INTEL CORP COM 458140100 1,115 58,270 SH DEFINED 1,2 58,270
INTERNATIONAL BUSINESS MACHICOM 459200101 11,501 122,010 SH DEFINED 1,2 122,010
INTERNATIONAL FLAVORS&FRAGRACOM 459506101 5 110 SH DEFINED 1,2 110
INTERNATIONAL GAME TECHNOLOGCOM 459902102 20 490 SH DEFINED 1,2 490
INTERPUBLIC GROUP COS COM 460690100 8 624 SH DEFINED 1,2 624
INTL PAPER CO COM 460146103 24 650 SH DEFINED 1,2 650
INTUIT COM 461202103 13 490 SH DEFINED 1,2 490
IPC HOLDINGS LTD ORD G4933P101 2,037 70,600 SH DEFINED 2 70,600
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
ISHARES MSCI JAPAN INDEX FD MSCI JAP464286848 36,425 2,500,000 SH DEFINED 2 2,500,000
ITT CORP COM 450911102 16 270 SH DEFINED 1,2 270
JABIL CIRCUIT INC COM 466313103 6 260 SH DEFINED 1,2 260
JANUS CAP GROUP INC COM 47102X105 6 290 SH DEFINED 1,2 290
JDS UNIPHASE CORP COM 46612J507 5 301 SH DEFINED 1,2 301
JETBLUE AIRWAYS CORP NOTE 477143AB7 723 750,000 PRN DEFINED 2,3 26,471
JOHNSON & JOHNSON COM 478160104 4,564 75,735 SH DEFINED 1,2 75,735
JOHNSON CONTROL INC COM 478366107 1,921 20,305 SH DEFINED 1,2 20,305
JONES APPAREL GROUP INC COM 480074103 5 160 SH DEFINED 1,2 160
JPMORGAN CHASE & COMPANY COM 46625H100 2,159 44,630 SH DEFINED 1,2 44,630
JUNIPER NETWORKS INC COM 48203R104 16 810 SH DEFINED 1,2 810
KB HOME COM 48666K109 5 110 SH DEFINED 1,2 110
KELLOGG CO COM 487836108 19 360 SH DEFINED 1,2 360
KELLY SERVICES INC CL A 488152208 1,404 43,596 SH DEFINED 2 43,596
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
KENNAMETAL INC COM 489170100 830 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
KIMBERLY CLARK CORP COM 494368103 45 660 SH DEFINED 1,2 660
KIMCO REALTY CORP COM 49446R109 15 310 SH DEFINED 1,2 310
KINDER MORGAN INC COM 49455P101 17 160 SH DEFINED 1,2 160
KING PHARMACEUTICALS INC COM 495582108 7 340 SH DEFINED 1,2 340
KLA-TENCOR CORP COM 482480100 15 290 SH DEFINED 1,2 290
KOHLS CORP COM 500255104 36 470 SH DEFINED 1,2 470
KROGER CO COM 501044101 29 1,030 SH DEFINED 1,2 1,030
L-3 COMMUNICATIONS CORP COM 502424104 890 10,180 SH DEFINED 1,2 10,180
LABORATORY CORP AMER HLDGS COM 50540R409 13 180 SH DEFINED 1,2 180
LAUDER ESTEE COS INC CL A 518439104 9 190 SH DEFINED 1,2 190
LEAR SEATING CORP COM 521865105 4,317 118,250 SH DEFINED 2 118,250
LEGG MASON INC COM 524901105 18 190 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
LEGGETT & PLATT INC COM 524660107 6 260 SH DEFINED 1,2 260
LEHMAN_BROTHERS_HOLDING INC COM 524908100 1,946 27,770 SH DEFINED 1,2 27,770
LENNAR CORP CL A 526057104 8 200 SH DEFINED 1,2 200
LEVEL 3 COMMUNICATIONS NOTE 52729NAS9 1,104 1,150,000 PRN DEFINED 2,3 8,528
LEVEL 3 COMMUNICATIONS NOTE 52729NBA7 782 700,000 PRN DEFINED 2,3 97,493
LEVEL 3 COMMUNICATIONS NOTE 52729NBK5 3,524 2,700,000 PRN DEFINED 2,3 494,506
LEXMARK INTL CL A 529771107 9 150 SH DEFINED 1,2 150
LIBERTY MEDIA DEB 530718AF2 3,280 2,800,000 PRN DEFINED 2,3 160,742
LILLY ELI & CO COM 532457108 76 1,410 SH DEFINED 1,2 1,410
LIMITED BRANDS INC COM 532716107 13 480 SH DEFINED 1,2 480
LINCOLN NATIONAL CORP INDIANCOM 534187109 6,807 100,419 SH DEFINED 1,2 100,419
LINEAR TECHNOLOGY CORP COM 535678106 14 430 SH DEFINED 1,2 430
LIZ CLAIBORNE INC COM 539320101 6 150 SH DEFINED 1,2 150
LOCKHEED MARTIN CORP COM 539830109 49 510 SH DEFINED 1,2 510
LOUISIANA PAC CORP COM 546347105 3 150 SH DEFINED 1,2 150
LOWE'S COS INC COM 548661107 69 2,190 SH DEFINED 1,2 2,190
LSI LOGIC CORP COM 502161102 6 570 SH DEFINED 1,2 570
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
M & T BANK CORP COM 55261F104 13 110 SH DEFINED 1,2 110
MACQUARIE INFRASTRUCTURE CO INT 55607X108 3,812 97,000 SH DEFINED 2,4 97,000
MAGELLAN MIDSTREAM HOLDINGS COM 55907R108 7,107 269,400 SH DEFINED 2,4 269,400
MAGNA INTERNATIONAL INC CL A 559222401 1,694 22,550 SH DEFINED 2 22,550
MANOR CARE INC COM 564055101 6 110 SH DEFINED 1,2 110
MARATHON OIL CORP COM 565849106 51 513 SH DEFINED 1,2 513
MARKWEST ENERGY PARTNERS LP LTD PART570759100 6,248 176,000 SH DEFINED 2,4 176,000
MARKWEST HYDROCARBON INC COM 570762104 6,219 100,300 SH DEFINED 2,4 100,300
MARRIOTT INTERNATIONAL CLA 571903202 2,031 41,490 SH DEFINED 1,2 41,490
MARSH & MCLENNAN COS INC COM 571748102 23 790 SH DEFINED 1,2 790
MARSHALL & ILSLEY CORP COM 571834100 17 370 SH DEFINED 1,2 370
MARTIN MIDSTREAM PARTNERS LPINT 573331105 4,245 108,723 SH DEFINED 2,4 108,723
MASCO CORP COM 574599106 16 570 SH DEFINED 1,2 570
MASTERCARD INC-CLASS A COM 57636Q104 2,146 20,200 SH DEFINED 2 20,200
MATTEL INC COM 577081102 15 540 SH DEFINED 1,2 540
MAXIM INTEGRATED PRODUCTS COM 57772K101 14 460 SH DEFINED 1,2 460
MCCORMICK & CO INC COM 579780206 7 190 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
MCDONALD'S CORP COM 580135101 1,420 31,517 SH DEFINED 1,2 31,517
MCGRAW HILL COS INC COM 580645109 32 510 SH DEFINED 1,2 510
MCKESSON CORP COM 58155Q103 25 430 SH DEFINED 1,2 430
MEADWESTVACO CORP COM 583334107 8 260 SH DEFINED 1,2 260
MEDCO HEALTH SOLUTIONS INC COM 58405U102 31 421 SH DEFINED 1,2 421
MEDIACOM COMMUNICATIONS CORPCL A 58446K105 2,035 250,000 SH DEFINED 2 250,000
MEDIMMUNE INC COM 584699102 12 340 SH DEFINED 1,2 340
MEDTRONIC INC COM 585055106 228 4,650 SH DEFINED 1,2 4,650
MEDTRONIC INC NOTE 585055AM8 1,023 1,000,000 PRN DEFINED 2,3 17,811
MELLON BANK CORP COM 58551A108 6,968 161,530 SH DEFINED 1,2 161,530
MERCK & CO INC COM 589331107 138 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 104 1,270 SH DEFINED 1,2 1,270
METLIFE INC COM 59156R108 2,410 38,165 SH DEFINED 1,2 38,165
MGIC INVT CORP WIS COM 552848103 7 120 SH DEFINED 1,2 120
MI DEVELOPMENTS INC CL A 55304X104 1,182 31,625 SH DEFINED 2 31,625
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
MICRON TECHNOLOGY INC COM 595112103 13 1,040 SH DEFINED 1,2 1,040
MICROSOFT CORP COM 594918104 6,004 215,435 SH DEFINED 1,2 215,435
MILACRON INC COM 598709103 60 91,150 SH DEFINED 2 91,150
MILLIPORE CORP COM 601073109 6 80 SH DEFINED 1,2 80
MOLEX INC COM 608554101 6 200 SH DEFINED 1,2 200
MOLSON COORS BREWING CO CL B 60871R209 7 70 SH DEFINED 1,2 70
MONSANTO CO COM 61166W101 43 782 SH DEFINED 1,2 782
MONSTER WORLDWIDE INC COM 611742107 9 180 SH DEFINED 1,2 180
MOODYS CORP COM 615369105 21 340 SH DEFINED 1,2 340
MORGAN ST DEAN WITTER DISCOVCOM 617446448 2,547 32,340 SH DEFINED 1,2 32,340
MOTOROLA INC COM 620076109 822 46,510 SH DEFINED 1,2 46,510
MURPHY OIL CORP COM 626717102 14 270 SH DEFINED 1,2 270
MYLAN LABS INC COM 628530107 6 300 SH DEFINED 1,2 300
NABORS INDUSTRIES INC 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 19 250 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
NATIONAL SEMICONDUCTOR CORP COM 637640103 10 420 SH DEFINED 1,2 420
NATURAL RESOURCE PARTNERS LPCOM 63900P103 4,368 65,000 SH DEFINED 2,4 65,000
NATURAL RESOURCE PARTNERS LPLTD PART63900P509 997 14,849 SH DEFINED 2,4 14,849
NAVISTAR INTL CORP COM 63934E108 4 90 SH DEFINED 1,2 90
NCI BUILDING SYSTEMS INC COM 628852105 351 7,350 SH DEFINED 2 7,350
NCR CORP COM 62886E108 12 260 SH DEFINED 1,2 260
NETWORK APPLIANCE INC COM 64120L104 1,071 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 12 390 SH DEFINED 1,2 390
NEWMONT MINING CORP COM 651639106 27 640 SH DEFINED 1,2 640
NEWS CORP LTD CL A 65248E104 7,013 303,350 SH DEFINED 1,2 303,350
NICOR INC COM 654086107 3 60 SH DEFINED 1,2 60
NIKE INC CL B 654106103 30 280 SH DEFINED 1,2 280
NISOURCE INC COM 65473P105 10 390 SH DEFINED 1,2 390
NOBLE CORPORATION SHS G65422100 16 200 SH DEFINED 1,2 200
NORDSTROM INC COM 655664100 17 330 SH DEFINED 1,2 330
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
NORFOLK SOUTHERN CORP COM 655844108 30 590 SH DEFINED 1,2 590
NORTEL NETWORKS NOTE 656568AB8 8,888 9,000,000 PRN DEFINED 2,4 900,000
NORTHERN TRUST CORP COM 665859104 1,285 21,370 SH DEFINED 1,2 21,370
NORTHROP GRUMMAN CORP COM 666807102 37 498 SH DEFINED 1,2 498
NOVELL INC COM 670006105 3 480 SH DEFINED 1,2 480
NOVELL INC DBCV 670006AC9 2,558 2,600,000 PRN DEFINED 2,3 225,655
NOVELLUS SYS INC COM 670008101 5 170 SH DEFINED 1,2 170
NRG ENERGY INC COM 629377508 1,858 25,790 SH DEFINED 2 25,790
NUCOR CORP COM 670346105 29 440 SH DEFINED 1,2 440
NVIDIA CORP COM 67066G104 14 500 SH DEFINED 1,2 500
OCCIDENTAL PETROLEUM COM 674599105 4,499 91,240 SH DEFINED 1,2 91,240
OFFICE DEPOT INC COM 676220106 14 410 SH DEFINED 1,2 410
OFFICEMAX INC COM 67622P101 6 110 SH DEFINED 1,2 110
OLD REPUBLIC INTL CORP COM 680223104 1,502 67,922 SH DEFINED 2 67,922
OMNICOM GROUP INC COM 681919106 26 250 SH DEFINED 1,2 250
ORACLE CORP COM 68389X105 1,995 110,055 SH DEFINED 1,2 110,055
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
PACCAR INC COM 693718108 26 360 SH DEFINED 1,2 360
PACTIV CORP COM 695257105 7 200 SH DEFINED 1,2 200
PALL CORP COM 696429307 7 180 SH DEFINED 1,2 180
PARAMETRIC TECHNOLOGY CORP COM 699173209 3 160 SH DEFINED 1,2 160
PARKER HANNIFIN CORP COM 701094104 15 170 SH DEFINED 1,2 170
PATTERSON COMPANIES 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 247 250,000 PRN DEFINED 2,3 4,036
PENNEY J C INC COM 708160106 26 320 SH DEFINED 1,2 320
PEPSI BOTTLING GROUP INC COM 713409100 6 190 SH DEFINED 1,2 190
PEPSICO INCORPORATED COM 713448108 1,549 24,370 SH DEFINED 1,2 24,370
PERKINELMER INC COM 714046109 4 180 SH DEFINED 1,2 180
PETRO-CANADA COM 71644E102 2,353 60,000 SH DEFINED 2 60,000
PFIZER INC COM 717081103 4,080 161,525 SH DEFINED 1,2 161,525
PG&E CORP COM 69331C108 24 500 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
PHARMANET DEVELOPMENT GROUP COM 717148100 744 28,600 SH DEFINED 2 28,600
PHH CORP COM 693320202 924 30,225 SH DEFINED 2 30,225
PHILLIPS PETROLEUM COMPANY COM 20825C104 4,262 62,360 SH DEFINED 1,2 62,360
PIKE ELECTRIC CORP COM 721283109 1,393 77,050 SH DEFINED 2 77,050
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 INC 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 678 15,000 SH DEFINED 2 15,000
PNC FINANCIAL SERVICES GROUPCOM 693475105 30 420 SH DEFINED 1,2 420
PPG INDS INC COM 693506107 17 240 SH DEFINED 1,2 240
PPL CORP COM 69351T106 22 550 SH DEFINED 1,2 550
PRAXAIR INC COM 74005P104 1,288 20,460 SH DEFINED 1,2 20,460
PRINCIPAL FINANCIAL GROUP INCOM 74251V102 23 390 SH DEFINED 1,2 390
PROCTER & GAMBLE CO COM 742718109 1,172 18,550 SH DEFINED 1,2 18,550
PROGRESS ENERGY INC COM 743263105 18 360 SH DEFINED 1,2 360
PROGRESSIVE CORP COM 743315103 977 44,780 SH DEFINED 1,2 44,780
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
PROLOGIS TRUST INT 743410102 23 350 SH DEFINED 1,2 350
PRUDENTIAL FINL INC COM 744320102 63 700 SH DEFINED 1,2 700
PUBLIC STORAGE INC COM 74460D109 17 180 SH DEFINED 1,2 180
PUBLIC SVC ENTERPRISE GROUP COM 744573106 30 360 SH DEFINED 1,2 360
PULTE CORP COM 745867101 395 14,930 SH DEFINED 1,2 14,930
QLOGIC CORP COM 747277101 4 220 SH DEFINED 1,2 220
QUALCOMM INC COM 747525103 1,675 39,270 SH DEFINED 1,2 39,270
QUEST DIAGNOSTICS INC COM 74834L100 11 230 SH DEFINED 1,2 230
QUIKSILVER INC COM 74838C106 580 50,000 SH DEFINED 2,4 50,000
QWEST COMMUNICATIONS INTL COM 749121109 21 2,290 SH DEFINED 1,2 2,290
RADIO ONE INC -CL D CL D 75040P405 683 105,700 SH DEFINED 2 105,700
RADIOSHACK CORP COM 750438103 5 190 SH DEFINED 1,2 190
RAIT FINANCIAL TRUST COM 749227104 12,572 449,981 SH DEFINED 2,4 449,981
RAYTHEON CO 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 4,022 3,750,000 PRN DEFINED 2,3 146,532
REGENCY ENERGY PARTNERS LP COM 75885Y107 1,999 75,935 SH DEFINED 2,4 75,935
REGIONS FINANCIAL CORP COM 7591EP100 37 1,040 SH DEFINED 1,2 1,040
REGIS CORP COM 758932107 1,064 26,350 SH DEFINED 2 26,350
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
RENAISSANCERE HOLDINGS LTD COM G7496G103 3,440 68,600 SH DEFINED 2 68,600
RENT-A-CENTER INC COM 76009N100 3,898 139,300 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 COLLINS INC COM 774341101 17 250 SH DEFINED 1,2 250
ROCKWELL INTL CORP COM 773903109 1,212 20,250 SH DEFINED 1,2 20,250
ROHM & HAAS CO COM 775371107 11 210 SH DEFINED 1,2 210
ROWAN COS INC COM 779382100 5 160 SH DEFINED 1,2 160
RYDER SYS INC COM 783549108 4 90 SH DEFINED 1,2 90
SABRE HLDGS 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 23 640 SH DEFINED 1,2 640
SALESFORCE.COM INC COM 79466L302 639 14,915 SH DEFINED 1,2 14,915
SALLY BEAUTY HLDGS INC COM 79546E104 1 110 SH DEFINED 1,2 110
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 1,466 86,630 SH DEFINED 1,2 86,630
SCANA CORP COM 80589M102 1,464 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 COM 806605101 54 2,120 SH DEFINED 1,2 2,120
SCHLUMBERGER LIMITED COM 806857108 3,150 45,585 SH DEFINED 1,2 45,585
SCHWAB CHARLES CORP COM 808513105 27 1,480 SH DEFINED 1,2 1,480
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,512 60,850 SH DEFINED 2 60,850
SCRIPPS E W CO OHIO CL A 811054204 5 120 SH DEFINED 1,2 120
SEALED AIR CORP COM 81211K100 8 240 SH DEFINED 1,2 240
SEALY CORP COM 812139301 1,157 66,175 SH DEFINED 2 66,175
SEARS HOLDINGS CORP COM 812350106 1,906 10,579 SH DEFINED 1,2,4 10,579
SEMPRA ENERGY COM 816851109 2,079 34,080 SH DEFINED 1,2 34,080
SHERWIN WILLIAMS CO COM 824348106 11 160 SH DEFINED 1,2 160
SIGMA ALDRICH CORP COM 826552101 8 200 SH DEFINED 1,2 200
SIMON PPTY GROUP INC COM 828806109 36 320 SH DEFINED 1,2 320
SLM CORP COM 78442P106 445 10,885 SH DEFINED 1,2 10,885
SMITH INTL INC COM 832110100 14 290 SH DEFINED 1,2 290
SNAP ON INC COM 833034101 4 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
SOLECTRON CORP COM 834182107 4 1,310 SH DEFINED 1,2 1,310
SOUTHERN COMPANY COM 842587107 39 1,060 SH DEFINED 1,2 1,060
SOUTHWEST AIR CO COM 844741108 16 1,120 SH DEFINED 1,2 1,120
SOVEREIGN BANCORP INC COM 845905108 13 515 SH DEFINED 1,2 515
SPECTRA ENERGY CORP COM 847560109 24 899 SH DEFINED 1,2 899
SPHERION CORPORATION COM 848420105 151 17,125 SH DEFINED 2 17,125
SPRINT CORP COM 852061100 4,063 214,278 SH DEFINED 1,2 214,278
ST JUDE MEDICAL INC COM 790849103 771 20,510 SH DEFINED 1,2 20,510
STANLEY WKS COM 854616109 7 120 SH DEFINED 1,2 120
STAPLES INC COM 855030102 259 10,040 SH DEFINED 1,2 10,040
STARBUCKS CORP COM 855244109 975 31,080 SH DEFINED 1,2 31,080
STARWOOD HOTELS&RESORTS WRLDCOM 85590A401 20 310 SH DEFINED 1,2 310
STATE STREET CORP COM 857477103 31 480 SH DEFINED 1,2 480
STEWART INFORMATION SERVICESCOM 860372101 560 13,400 SH DEFINED 2 13,400
STONE CONTAINER CORP COM 832727101 1,126 100,000 SH DEFINED 2 100,000
STREETTRACKS GOLD TRUST SHS 863307104 49,305 750,000 SH DEFINED 2 750,000
STRYKER CORP COM 863667101 29 430 SH DEFINED 1,2 430
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
SUN MICROSYSTEMS INC COM 866810104 30 5,030 SH DEFINED 1,2 5,030
SUNOCO INC COM 86764P109 13 190 SH DEFINED 1,2 190
SUNTRUST BANKS INC COM 867914103 44 530 SH DEFINED 1,2 530
SUPERVALU INC COM 868536103 12 301 SH DEFINED 1,2 301
SYMANTEC CORP COM 871503108 24 1,414 SH DEFINED 1,2 1,414
SYNOVUS FINL CORP COM 87161C105 15 460 SH DEFINED 1,2 460
SYSCO CORP COM 871829107 30 890 SH DEFINED 1,2 890
T ROWE PRICE GROUP INC COM 74144T108 18 380 SH DEFINED 1,2 380
TARGET CORP COM 87612E106 1,258 21,230 SH DEFINED 1,2 21,230
TECO ENERGY INC COM 872375100 5 290 SH DEFINED 1,2 290
TEEKAY OFFSHORE PARTNERS LP LP PARTNY8565J101 5,156 177,800 SH DEFINED 2,4 177,800
TEKTRONIX INC COM 879131100 3 120 SH DEFINED 1,2 120
TELLABS INC COM 879664100 6 640 SH DEFINED 1,2 640
TEMPLE INLAND INC COM 879868107 10 160 SH DEFINED 1,2 160
TEMPUR-PEDIC INTERNATIONAL COM 88023U101 1,249 48,050 SH DEFINED 2 48,050
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
TENET HEALTHCARE CORP CL A 88033G100 4 670 SH DEFINED 1,2 670
TEPPCO PARTNERS LP LTD PART872384102 633 14,263 SH DEFINED 2,4 14,263
TERADYNE INC COM 880770102 5 280 SH DEFINED 1,2 280
TESORO PETROLEUM CORP COM 881609101 8,034 80,000 SH DEFINED 2 80,000
TEXAS INSTRS INC COM 882508104 66 2,200 SH DEFINED 1,2 2,200
TEXTRON INC COM 883203101 1,651 18,380 SH DEFINED 1,2 18,380
THERMO FISHER SCIENTIFIC INCCOM 883556102 28 590 SH DEFINED 1,2 590
TIFFANY & CO NEW COM COM 886547108 9 200 SH DEFINED 1,2 200
TIME WARNER INC COM 887317105 115 5,830 SH DEFINED 1,2 5,830
TJX COS. INC. NEW COM 872540109 2,911 107,990 SH DEFINED 1,2 107,990
TORCHMARK CORP COM 891027104 2,552 38,915 SH DEFINED 1,2 38,915
TRANSMONTAIGNE PARTNERS LP COM 89376V100 5,037 141,900 SH DEFINED 2,4 141,900
TRANSOCEON SEDCO FOREX INC ORD G90078109 37 450 SH DEFINED 1,2 450
TRAVELERS COS INC/THE COM 89417E109 52 997 SH DEFINED 1,2 997
TREX COMPANY INC COM 89531P105 1,193 55,425 SH DEFINED 2 55,425
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
TXU CORP COM 873168108 42 660 SH DEFINED 1,2 660
TYCO INTERNATIONAL LTD COM 902124106 1,747 55,365 SH DEFINED 1,2 55,365
TYSON FOODS INC CL A 902494103 7 360 SH DEFINED 1,2 360
UNILEVER NV SHS 904784709 3,724 127,450 SH DEFINED 2 127,450
UNION PACIFIC COM 907818108 1,824 17,965 SH DEFINED 1,2 17,965
UNISYS CORP COM 909214108 4 490 SH DEFINED 1,2 490
UNITED NATIONAL GROUP LTD-A COM 90933T109 1,267 54,600 SH DEFINED 2 54,600
UNITED PARCEL SERVICE CL B 911312106 1,403 20,011 SH DEFINED 1,2 20,011
UNITED STATES STL CORP COM 912909108 18 180 SH DEFINED 1,2 180
UNITED STATIONERS INC COM 913004107 1,147 19,150 SH DEFINED 2 19,150
UNITED TECHNOLOGIES CORP. COM 913017109 1,134 17,450 SH DEFINED 1,2 17,450
UNITEDHEALTH GROUP INC COM 91324P102 1,479 27,930 SH DEFINED 1,2 27,930
UNIVERSAL COMPRESSION PARTNEINT 913430104 3,676 118,964 SH DEFINED 2,4 118,964
UNIVERSAL CORP-VA COM 913456109 1,264 20,600 SH DEFINED 2 20,600
UNUM GROUP COM 91529Y106 11 490 SH DEFINED 1,2 490
US BANCORP COM 902973304 4,097 117,170 SH DEFINED 1,2 117,170
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
USI HOLDINGS CORP COM 90333H101 1,179 69,950 SH DEFINED 2 69,950
UST INC COM 902911106 13 230 SH DEFINED 1,2 230
V F CORP COM 918204108 11 130 SH DEFINED 1,2 130
VALERO ENERGY CORP COM 91913Y100 14,245 220,880 SH DEFINED 1,2 220,880
VALERO GP HOLDINGS LLC INT 91914G108 4,163 150,000 SH DEFINED 2,4 150,000
VARIAN MED SYS INC COM 92220P105 477 10,000 SH DEFINED 1,2 10,000
VERIGY SHS Y93691106 2 71 SH DEFINED 1,2 71
VERISIGN INC COM 92343E102 48 1,915 SH DEFINED 1,2 1,915
VERIZON COMMUNICATIONS INC COM 92343V104 158 4,160 SH DEFINED 1,2 4,160
VIACOM INC CL B 92553P201 42 1,020 SH DEFINED 1,2 1,020
VIAD CORP COM 92552R406 825 21,369 SH DEFINED 2 21,369
VISHAY INTERTECHNOLOGY NOTE 928298AF5 2,503 2,500,000 PRN DEFINED 2,3 117,481
VORNADO RLTY TR INT 929042109 21 180 SH DEFINED 1,2 180
VULCAN MATLS CO COM 929160109 16 140 SH DEFINED 1,2 140
WACHOVIA CORP COM 929903102 151 2,750 SH DEFINED 1,2 2,750
WAL MART STORES INC COM 931142103 5,645 120,230 SH DEFINED 1,2 120,230
WALGREEN CO COM 931422109 291 6,345 SH DEFINED 1,2 6,345
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 747 18,505 SH DEFINED 1,2 18,505
WASTE MGMT INC COM 94106L109 26 770 SH DEFINED 1,2 770
WATERS CORP COM 941848103 9 150 SH DEFINED 1,2 150
WATSON PHARMACEUTICALS INC COM 942683103 4 140 SH DEFINED 1,2 140
WEATHERFORD INTL LTD COM G95089101 1,015 22,500 SH DEFINED 1,2 22,500
WELLPOINT INC COM 94973V107 486 5,990 SH DEFINED 1,2 5,990
WELLS FARGO & COMPANY COM 949746101 166 4,830 SH DEFINED 1,2 4,830
WENDYS INTL INC COM 950590109 5 170 SH DEFINED 1,2 170
WESTERN UN CO COM 959802109 24 1,089 SH DEFINED 1,2 1,089
WEYERHAEUSER COMPANY COM 962166104 922 12,334 SH DEFINED 1,2 12,334
WHIRLPOOL CORPORATION COM 963320106 3,105 36,568 SH DEFINED 1,2 36,568
WHOLE FOODS MKT INC COM 966837106 9 200 SH DEFINED 1,2 200
WILLIAMS COS INC COM 969457100 7,200 252,980 SH DEFINED 1,2 252,980
WILLIAMS PARTNERS LP COM 96950F104 4,749 99,500 SH DEFINED 2,4 99,500
WINDSTREAM CORP COM 97381W104 10 676 SH DEFINED 1,2 676
WISCONSIN ENERGY CORP COM 976657106 1,947 40,125 SH DEFINED 2 40,125
WRIGLEY WM JR CO COM 982526105 16 310 SH DEFINED 1,2 310
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
WYETH COM 983024100 4,647 92,880 SH DEFINED 1,2 92,880
WYNDHAM WORLDWIDE CORP COM 98310W108 2,059 60,290 SH DEFINED 1,2 60,290
XCEL ENERGY INC COM 98389B100 14 580 SH DEFINED 1,2 580
XEROX CORP COM 984121103 7,624 451,400 SH DEFINED 1,2 451,400
XILINX INC COM 983919101 12 480 SH DEFINED 1,2 480
XL CAPITAL LTD-CLASS A CL A G98255105 2,208 31,560 SH DEFINED 1,2 31,560
XM SATELLITE RADIO HLDGS NOTE 983759AC5 1,725 2,000,000 PRN DEFINED 2,3 40,000
XTO ENERGY INC COM 98385X106 29 520 SH DEFINED 1,2 520
YAHOO! INC COM 984332106 226 7,210 SH DEFINED 1,2 7,210
YUM BRANDS INC COM 988498101 23 390 SH DEFINED 1,2 390
ZIMMER HOLDINGS INC COM 98956P102 119 1,390 SH DEFINED 1,2 1,390
ZIONS BANCORPORATION COM 989701107 14 160 SH DEFINED 1,2 160