FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31,2008
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: CNA Financial Corporation
Address: 333 S. Wabash
Chicago,IL 60604
13F File Number: 28-346
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct, and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Lynne Gugenheim
Title: Senior Vice President and Deputy General Counsel
Phone: (312) 822 4921
Signature, Place, and Date of Signing:
February 16,2009
Chicago, Illinois,60685
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
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.
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 5
Form 13F Information Table Entry Total: 607
Form 13F Information Table Value Total: 926,862 (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
5 28-12384 Swank Energy Income Advisors, LP
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 5,260 91,410 SH DEFINED 1,2 91,410
ABBOTT LABORATORIES COM 002824100 1,045 19,580 SH DEFINED 1,2 19,580
ABERCROMBIE & FITCH CO CL A 002896207 4 170 SH DEFINED 1,2 170
ACE LTD SHS H0023R105 35 660 SH DEFINED 1,2 660
ADOBE SYSTEMS INC COM 00724F101 23 1,060 SH DEFINED 1,2 1,060
ADVANCED MICRO DEVICES COM 007903107 3 1,200 SH DEFINED 1,2 1,200
AES CORP COM 00130H105 11 1,330 SH DEFINED 1,2 1,330
AETNA INC COM 00817Y108 28 990 SH DEFINED 1,2 990
AFFILIATED COMPUTER SVCS CL A 008190100 913 19,865 SH DEFINED 1,2 19,865
AFLAC INC COM 001055102 44 950 SH DEFINED 1,2 950
AFTERMARKET TECHNOLOGY CORP COM 00211W104 380 25,950 SH DEFINED 2 25,950
AGILENT TECHNOLOGIES INC COM 00846U101 11 730 SH DEFINED 1,2 730
AIR PRODUCTS & CHEMICALS INCCOM 009158106 22 430 SH DEFINED 1,2 430
AKAMAI TECHNOLOGIES COM 00971T101 5 330 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
ALCATEL-LUCENT SPONSORE013904305 1,168 543,425 SH DEFINED 2 543,425
ALCOA INC COM 013817101 18 1,620 SH DEFINED 1,2 1,620
ALCON INC COM SHS H01301102 125 1,400 SH DEFINED 2 1,400
ALLEGHENY ENERGY INC COM 017361106 1,074 31,710 SH DEFINED 1,2 31,710
ALLEGHENY TECHNOLOGIES INC COM 01741R102 5 200 SH DEFINED 1,2 200
ALLERGAN INC COM 018490102 25 610 SH DEFINED 1,2 610
ALLSTATE CORP COM 020002101 1,417 43,245 SH DEFINED 1,2 43,245
ALTERA CORPORATION COM 021441100 10 610 SH DEFINED 1,2 610
ALTRIA GROUP INC COM 02209S103 63 4,200 SH DEFINED 1,2 4,200
AMAZON.COM INC COM 023135106 32 620 SH DEFINED 1,2 620
AMBAC FINANCIAL GROUP INC COM 023139108 1 570 SH DEFINED 1,2 570
AMEREN CORPORATION COM 023608102 14 420 SH DEFINED 1,2 420
AMERICAN CAPITAL LTD COM 02503Y103 1 390 SH DEFINED 1,2 390
AMERICAN ELECTRIC POWER COM 025537101 1,902 57,150 SH DEFINED 1,2 57,150
AMERICAN EQUITY INVT LIFE HLCOM 025676206 992 141,675 SH DEFINED 2 141,6755
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
AMERICAN EXPRESS COM 025816109 614 33,080 SH DEFINED 1,2 33,080
AMERICAN INTERNATIONAL GROUPCOM 026874107 8 5,370 SH DEFINED 1,2 5,370
AMERICAN NATIONAL INSURANCE COM 028591105 398 5,400 SH DEFINED 2 5,400
AMERICAN TOWER CORP-CL A CL A 029912201 24 810 SH DEFINED 1,2 810
AMERIPRISE FINANCIAL INC COM 03076C106 11 450 SH DEFINED 1,2 450
AMERISOURCE HEALTH CORP COM 03073E105 1,217 34,130 SH DEFINED 1,2 34,130
AMGEN INC COM 031162100 1,184 20,495 SH DEFINED 1,2 20,495
ANADARKO PETROLEUM CORP COM 032511107 13,667 354,520 SH DEFINED 1,2 354,520
ANALOG DEVICES COM 032654105 11 590 SH DEFINED 1,2 590
ANSYS INC COM 03662Q105 135 4,824 SH DEFINED 2,4 4,824
AON CORP COM 037389103 28 610 SH DEFINED 1,2 610
APACHE CORP COM 037411105 4,894 65,670 SH DEFINED 1,2 65,670
APARTMENT INVT & MGMT CO CL A 03748R101 3 224 SH DEFINED 1,2 224
APOLLO GROUP INC-CL A CL A 037604105 21 280 SH DEFINED 1,2 280
APPLE INC COM 037833100 150 1,760 SH DEFINED 1,2 1,760
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
APPLIED MATERIALS INC. COM 038222105 458 45,190 SH DEFINED 1,2 45,190
ARCHER-DANIELS-MIDLAND CO COM 039483102 37 1,280 SH DEFINED 1,2 1,280
ARGO GROUP INTERNATIONAL COM G0464B107 1,020 30,075 SH DEFINED 2 30,075
ARMSTRONG WORLD INDUSTRIES COM 04247X102 7 325 SH DEFINED 2 325
ARTHUR J GALLAGHER & CO COM 363576109 264 10,175 SH DEFINED 2 10,175
ARVINMERITOR INC COM 043353101 126 44,350 SH DEFINED 2 44,350
ASHLAND INC COM 044209104 1 130 SH DEFINED 1,2 130
ASSURANT INC COM 04621X108 6 190 SH DEFINED 1,2 190
AT&T INC COM 00206R102 343 12,035 SH DEFINED 1,2 12,035
ATLAS PIPELINE HOLDINGS LP COM 04939R108 730 193,024 SH DEFINED 2,5 193,024
ATLAS PIPELINE PARTNERS-UTS.INT 049392103 1,147 191,115 SH DEFINED 2,5 191,115
AUTODESK INC COM 052769106 9 460 SH DEFINED 1,2 460
AUTOMATIC DATA PROCESSING COM 053015103 41 1,040 SH DEFINED 1,2 1,040
AUTONATION INC COM 05329W102 3 260 SH DEFINED 1,2 260
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
AUTOZONE INC COM 053332102 13 90 SH DEFINED 1,2 90
AVALONBAY COMMUNITIES INC COM 053484101 10 160 SH DEFINED 1,2 160
AVERY DENNISON CORP COM 053611109 7 210 SH DEFINED 1,2 210
AVNET INC COM 053807103 1,575 86,475 SH DEFINED 2 86,475
AVON PRODUCTS INC COM 054303102 20 850 SH DEFINED 1,2 850
BAKER HUGHES INC COM 057224107 20 620 SH DEFINED 1,2 620
BALL CORP COM 058498106 8 200 SH DEFINED 1,2 200
BANK OF AMERICA CORP COM 060505104 2,988 212,236 SH DEFINED 1,2 212,236
BANK OF NEW YORK COM 064058100 2,969 104,783 SH DEFINED 1,2 104,783
BARRICK GOLD CORP COM 067901108 4,492 122,171 SH DEFINED 2 122,171
BAXTER INTL COM 071813109 604 11,270 SH DEFINED 1,2 11,270
BB&T CORP COM 054937107 30 1,090 SH DEFINED 1,2 1,090
BECTON DICKINSON & CO COM 075887109 34 490 SH DEFINED 1,2 490
BED BATH & BEYOND INC COM 075896100 13 520 SH DEFINED 1,2 520
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
BEMIS COMPANY COM 081437105 5 200 SH DEFINED 1,2 200
BEST BUY CO INC COM 086516101 20 700 SH DEFINED 1,2 700
BIG LOTS INC COM 089302103 2 160 SH DEFINED 1,2 160
BIOGEN IDEC INC COM 09062X103 29 600 SH DEFINED 1,2 600
BJ SERVICES CO COM 055482103 473 40,505 SH DEFINED 1,2 40,505
BLACK & DECKER MFG CO COM 091797100 1,319 31,545 SH DEFINED 1,2 31,545
BLACKROCK FLORIDA INSD MUNI COM 09250G102 378 38,900 SH DEFINED 2,4 38,900
BLACKROCK MUNIYIELD INSURED COM 09254E103 1,055 116,400 SH DEFINED 2,4 116,400
BLACKROCK MUNIYIELD NY INSURCOM 09255E102 481 55,900 SH DEFINED 2,4 55,900
BLOUNT INTERNATIONAL INC COM 095180105 552 58,182 SH DEFINED 2 58,182
BMC SOFTWARE INC COM 055921100 10 380 SH DEFINED 1,2 380
BOEING COMPANY COM 097023105 1,423 33,355 SH DEFINED 1,2 33,355
BOSTON PROPERTIES INC COM 101121101 13 240 SH DEFINED 1,2 240
BOSTON SCIENTIFIC CORP COM 101137107 21 2,669 SH DEFINED 1,2 2,669
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
BOWNE & CO INC COM 103043105 42 7,150 SH DEFINED 2 7,150
BRADY CORPORATION CL A 104674106 445 18,600 SH DEFINED 2 18,600
BRISTOL-MYERS SQUIBB CO COM 110122108 561 24,140 SH DEFINED 1,2 24,140
BROADCOM CORP CL A 111320107 16 930 SH DEFINED 1,2 930
BROWN-FORMAN CORP CL B 115637209 11 212 SH DEFINED 1,2 212
BRUNSWICK CORP COM 117043109 1 170 SH DEFINED 1,2 170
BUCKEYE PARTNERS LP UNIT 118230101 4,031 125,000 SH DEFINED 2,5 125,000
BURLINGTON NORTHERN SANTA FECOM 12189T104 45 590 SH DEFINED 1,2 590
C.H. ROBINSON WORLDWIDE INC COM 12541W209 19 340 SH DEFINED 1,2 340
CALPINE CORP COM 131347304 1,354 186,030 SH DEFINED 2 186,030
CAMERON INTERNATIONAL CORP COM 13342B105 9 440 SH DEFINED 1,2 440
CAMPBELL SOUP CO COM 134429109 13 440 SH DEFINED 1,2 440
CAPITAL ONE FINANCIAL CORP COM 14040H105 1,630 51,101 SH DEFINED 1,2 51,101
CARDINAL HEALTH INC COM 14149Y108 24 710 SH DEFINED 1,2 710
CARNIVAL CORP PAIRED C143658300 21 870 SH DEFINED 1,2 870
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
CARTER'S INC COM 146229109 662 34,350 SH DEFINED 2 34,350
CATERPILLAR INC COM 149123101 958 21,440 SH DEFINED 1,2 21,440
CB RICHARD ELLIS GROUP INC CL A 12497T101 1 340 SH DEFINED 1,2 340
CBS CORP-CLASS B CL B 124857202 830 101,350 SH DEFINED 1,2 101,350
CELGENE CORP COM 151020104 48 870 SH DEFINED 1,2 870
CENTERPOINT ENERGY INC COM 15189T107 8 650 SH DEFINED 1,2 650
CENTEX CORP COM 152312104 3 240 SH DEFINED 1,2 240
CENTURYTEL INC COM 156700106 6 210 SH DEFINED 1,2 210
CHEMICAL FINANCIAL CORP COM 163731102 877 31,450 SH DEFINED 2 31,450
CHESAPEAKE ENERGY CORP COM 165167107 16 960 SH DEFINED 1,2 960
CHEVRON CORP COM 166764100 306 4,140 SH DEFINED 1,2 4,140
CHUBB CORP COM 171232101 38 740 SH DEFINED 1,2 740
CIBER INC COM 17163B102 655 136,275 SH DEFINED 2 136,275
CIENA CORP COM 171779309 1 170 SH DEFINED 1,2 170
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
CIGNA CORP COM 125509109 9 560 SH DEFINED 1,2 560
CINCINNATI FINANCIAL CORP COM 172062101 10 330 SH DEFINED 1,2 330
CINTAS CORP COM 172908105 6 260 SH DEFINED 1,2 260
CISCO SYSTEMS INC COM 17275R102 1,358 83,320 SH DEFINED 1,2 83,320
CIT GROUP INC COM 125581108 1 290 SH DEFINED 1,2 290
CITIGROUP INC COM 172967101 1,768 263,555 SH DEFINED 1,2 263,555
CITRIX SYSTEMS INC COM 177376100 9 370 SH DEFINED 1,2 370
CLOROX COMPANY COM 189054109 16 280 SH DEFINED 1,2 280
CME GROUP INC COM 12572Q105 23 110 SH DEFINED 1,2 110
CMS ENERGY CORP COM 125896100 4 440 SH DEFINED 1,2 440
CNA SURETY CORPORATION COM 12612L108 526,563 27,425,147 SH DEFINED 1,2,4 27,425,147
COACH INC COM 189754104 15 700 SH DEFINED 1,2 700
COCA COLA CO COM 191216100 692 15,290 SH DEFINED 1,2 15,290
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
COCA-COLA ENTERPRISES COM 191219104 7 570 SH DEFINED 1,2 570
COGNIZANT TECH SOLUTIONS-A CL A 192446102 10 580 SH DEFINED 1,2 580
COLGATE-PALMOLIVE CO COM 194162103 70 1,020 SH DEFINED 1,2 1,020
COMCAST CORP CL A SPL CL A 20030N200 1,884 116,640 SH DEFINED 2 116,640
COMCAST CORP-CL A CLA 20030N101 2,085 123,490 SH DEFINED 1,2 123,490
COMERICA INC COM 200340107 505 25,450 SH DEFINED 1,2 25,450
COMPUTER ASSOCIATES INTL INCCOM 12673P105 1,931 104,232 SH DEFINED 1,2 104,232
COMPUTER SCIENCES CORP COM 205363104 11 300 SH DEFINED 1,2 300
COMPUWARE CORP COM 205638109 4 540 SH DEFINED 1,2 540
CONAGRA FOODS INC COM 205887102 16 970 SH DEFINED 1,2 970
CONOCOPHILLIPS COM 20825C104 162 3,120 SH DEFINED 1,2 3,120
CONSECO INC COM 208464883 307 59,250 SH DEFINED 2 59,250
CONSOL ENERGY INC COM 20854P109 11 370 SH DEFINED 1,2 370
CONSOLIDATED EDISON INC COM 209115104 21 540 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
CONSTELLATION BRANDS INC CL A 21036P108 6 380 SH DEFINED 1,2 380
CONSTELLATION ENERGY GROUP COM 210371100 9 360 SH DEFINED 1,2 360
CONSTELLATION ENERGY PARTNERCOM 21038E101 645 231,960 SH DEFINED 2,4 231,960
CONVERGYS CORP COM 212485106 2 250 SH DEFINED 1,2 250
CON-WAY INC COM 205944101 170 6,400 SH DEFINED 2 6,400
COOPER INDUSTRIES LTD CL A G24182100 10 350 SH DEFINED 1,2 350
CORNING INC. COM 219350105 363 38,140 SH DEFINED 1,2 38,140
COSTCO WHOLESALE CORP COM 22160K105 46 870 SH DEFINED 1,2 870
COVENTRY HEALTH CARE INC COM 222862104 5 310 SH DEFINED 1,2 310
COVIDIEN LTD COM G2552X108 36 992 SH DEFINED 1,2 992
CR BARD INC COM 067383109 17 200 SH DEFINED 1,2 200
CSX CORP. COM 126408103 1,195 36,810 SH DEFINED 1,2 36,810
CUMMINS INC COM 231021106 11 410 SH DEFINED 1,2 410
CVS CORP COM 126650100 801 27,858 SH DEFINED 1,2 27,858
DANAHER CORP COM 235851102 29 510 SH DEFINED 1,2 510
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
DARDEN RESTAURANTS INC COM 237194105 8 290 SH DEFINED 1,2 290
DEAN FOODS CO COM 242370104 5 300 SH DEFINED 1,2 300
DEERE & CO COM 244199105 5,590 145,870 SH DEFINED 1,2 145,870
DEL MONTE FOODS CO COM 24522P103 489 68,525 SH DEFINED 2 68,525
DELL COMPUTER CORP COM 24702R101 424 41,370 SH DEFINED 1,2 41,370
DELPHI FINANCIAL GROUP CLA 247131105 637 34,538 SH DEFINED 2 34,538
DELTA AIR LINES INC COM 247361702 2,144 187,087 SH DEFINED 2 187,087
DEVELOPERS DIVERSIFIED RLTY COM 251591103 1 240 SH DEFINED 1,2 240
DEVON ENERGY CORP COM 25179M103 2,358 35,890 SH DEFINED 1,2 35,890
DIAGEO PLC-SPONSORED ADR ADR 25243Q205 902 15,900 SH DEFINED 2 15,900
DILLARDS INC-CL A CL A 254067101 0 110 SH DEFINED 1,2 110
DIRECTV GROUP INC/THE COM 25459L106 33 1,420 SH DEFINED 1,2 1,420
DISCOVER FINANCIAL SERVICES COM 254709108 9 950 SH DEFINED 1,2 950
DOMINION RESOURCES INC/VA COM 25746U109 37 1,020 SH DEFINED 1,2 1,020
DOVER CORP COM 260003108 13 380 SH DEFINED 1,2 380
DOW CHEMICAL COM 260543103 28 1,870 SH DEFINED 1,2 1,870
DR HORTON INC COM 23331A109 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
DRESS BARN INC COM 261570105 258 24,001 SH DEFINED 2 24,001
DTE ENERGY COMPANY COM 233331107 9 260 SH DEFINED 1,2 260
DU PONT (E.I.) DE NEMOURS COM 263534109 45 1,790 SH DEFINED 1,2 1,790
DUKE ENERGY CORP COM 26441C105 38 2,518 SH DEFINED 1,2 2,518
DYNEGY INC-CL A CL A 26817G102 2,226 1,112,810 SH DEFINED 1,2 1,112,810
E*TRADE FINANCIAL CORP COM 269246104 1 920 SH DEFINED 1,2 920
EASTMAN CHEMICAL COMPANY COM 277432100 5 160 SH DEFINED 1,2 160
EASTMAN KODAK CO COM 277461109 4 570 SH DEFINED 1,2 570
EATON CORP COM 278058102 16 330 SH DEFINED 1,2 330
EBAY INC COM 278642103 31 2,220 SH DEFINED 1,2 2,220
ECOLAB INC COM 278865100 12 350 SH DEFINED 1,2 350
EDISON INTERNATIONAL COM 281020107 21 650 SH DEFINED 1,2 650
EL PASO CORP COM 28336L109 11 1,390 SH DEFINED 1,2 1,390
EL PASO PIPELINE PARTNERS LPCOM 283702108 7,566 485,000 SH DEFINED 2,4,5 485,000
ELECTRONIC ARTS INC COM 285512109 10 630 SH DEFINED 1,2 630
ELI LILLY & CO COM 532457108 79 1,970 SH DEFINED 1,2 1,970
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
EMBARQ CORP COM 29078E105 11 306 SH DEFINED 1,2 306
EMC CORP/MASS COM 268648102 44 4,180 SH DEFINED 1,2 4,180
EMERSON ELECTRIC CO COM 291011104 57 1,570 SH DEFINED 1,2 1,570
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 4,619 181,148 SH DEFINED 2,5 181,148
ENCANA CORP COM 292505104 4,648 100,000 SH DEFINED 2 100,000
ENERGY TRANSFER EQUITY LP LTD PART29273V100 4,390 270,812 SH DEFINED 2,5 270,812
ENSCO INTERNATIONAL INC COM 26874Q100 2,436 85,790 SH DEFINED 1,2 85,790
ENTERGY CORP COM 29364G103 32 380 SH DEFINED 1,2 380
ENTERPRISE PRODUCTS PARTNERSCOM 293792107 6,633 319,984 SH DEFINED 2,5 319,984
EOG RESOURCES INC COM 26875P101 33 500 SH DEFINED 1,2 500
EQUIFAX INC COM 294429105 7 260 SH DEFINED 1,2 260
EQUITY RESIDENTIAL INT 29476L107 16 540 SH DEFINED 1,2 540
ESTEE LAUDER COMPANIES CL A 518439104 7 230 SH DEFINED 1,2 230
EVERCORE PARTNERS INC CL A 29977A105 55 4,375 SH DEFINED 2 4,375
EW SCRIPPS CO-CL A CL A 811054402 0 59 SH DEFINED 1,2 59
EXELON CORP COM 30161N101 3,223 57,960 SH DEFINED 1,2 57,960
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
EXPEDIA INC COM 30212P105 3 410 SH DEFINED 1,2 410
EXPEDITORS INTL WASH INC COM 302130109 14 430 SH DEFINED 1,2 430
EXPRESS SCRIPTS INC COM 302182100 28 510 SH DEFINED 1,2 510
EXXON MOBIL CORP COM 30231G102 2,129 26,670 SH DEFINED 1,2 26,670
FAMILY DOLLAR STORES COM 307000109 7 280 SH DEFINED 1,2 280
FANNIE MAE COM 313586109 2 2,110 SH DEFINED 1,2 2,110
FBL FINANCIAL GROUP INC CL A 30239F106 369 23,900 SH DEFINED 2 23,900
FEDERATED INVESTORS INC CL B 314211103 3 170 SH DEFINED 1,2 170
FEDEX CORP COM 31428X106 40 620 SH DEFINED 1,2 620
FIDELITY NATIONAL INFORMATIOCOM 31620M106 6 340 SH DEFINED 1,2 340
FIFTH THIRD BANCORP COM 316773100 9 1,060 SH DEFINED 1,2 1,060
FINANCIAL SELECT SECTOR SPDRSBI INT-81369Y605 11,268 900,000 SH DEFINED 2 900,000
FIRST AMERICAN CORPORATION COM 318522307 532 18,400 SH DEFINED 2 18,400
FIRST HORIZON NATIONAL CORP COM 320517105 4 381 SH DEFINED 1,2 381
FIRSTENERGY CORP COM 337932107 30 610 SH DEFINED 1,2 610
FISERV INC COM 337738108 12 330 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
FLUOR CORP COM 343412102 16 360 SH DEFINED 1,2 360
FORD MOTOR CO COM 345370860 10 4,327 SH DEFINED 1,2 4,327
FOREST LABORATORIES INC COM 345838106 16 620 SH DEFINED 1,2 620
FORTUNE BRANDS INC COM 349631101 13 310 SH DEFINED 1,2 310
FPL GROUP INC COM 302571104 41 810 SH DEFINED 1,2 810
FRANKLIN RESOURCES INC COM 354613101 20 320 SH DEFINED 1,2 320
FREDDIE MAC COM 313400301 1 1,290 SH DEFINED 1,2 1,290
FREEPORT-MCMORAN COPPER CL B 35671D857 19 771 SH DEFINED 1,2 771
FRONTIER COMMUNICATIONS CORPCOM 35906A108 6 650 SH DEFINED 1,2 650
GAMESTOP CORP CL A 36467W109 7 320 SH DEFINED 1,2 320
GANNETT CO COM 364730101 4 460 SH DEFINED 1,2 460
GAP INC/THE COM 364760108 12 900 SH DEFINED 1,2 900
GENERAL DYNAMICS CORP COM 369550108 46 800 SH DEFINED 1,2 800
GENERAL ELECTRIC CO COM 369604103 2,327 143,620 SH DEFINED 1,2 143,620
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
GENERAL GROWTH PROPERTIES COM 370021107 1 530 SH DEFINED 1,2 530
GENERAL MILLS INC COM 370334104 41 670 SH DEFINED 1,2 670
GENERAL MOTORS CORP COM 370442105 4 1,120 SH DEFINED 1,2 1,120
GENESIS ENERGY L.P. COM 371927104 3,649 420,000 SH DEFINED 2,5 420,000
GENUINE PARTS CO COM 372460105 12 330 SH DEFINED 1,2 330
GENWORTH FINANCIAL INC CL A 37247D106 2 860 SH DEFINED 1,2 860
GENZYME CORP COM 372917104 36 540 SH DEFINED 1,2 540
GILEAD SCIENCES INC COM 375558103 1,194 23,350 SH DEFINED 1,2 23,350
GOLDMAN SACHS GROUP INC COM 38141G104 67 790 SH DEFINED 1,2 790
GOODRICH CORP COM 382388106 9 250 SH DEFINED 1,2 250
GOODYEAR TIRE & RUBBER CO COM 382550101 3 480 SH DEFINED 1,2 480
GOOGLE INC-CL A CL A 38259P508 2,624 8,530 SH DEFINED 1,2 8,530
GRAY TELEVISION INC COM 389375106 22 55,500 SH DEFINED 2,4 55,500
GRIFFON CORPORATION COM 398433102 1,163 124,619 SH DEFINED 2 124,619
H&R BLOCK INC COM 093671105 15 650 SH DEFINED 1,2 650
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
HALLIBURTON COMPANY COM 406216101 577 31,760 SH DEFINED 1,2 31,760
HARLEY-DAVIDSON INC COM 412822108 8 480 SH DEFINED 1,2 480
HARMAN INTERNATIONAL COM 413086109 122 7,320 SH DEFINED 1,2 7,320
HARTE-HANKS INC COM 416196103 567 90,800 SH DEFINED 2 90,800
HARTFORD FINANCIAL SVCS GRP COM 416515104 10 630 SH DEFINED 1,2 630
HASBRO INC COM 418056107 8 280 SH DEFINED 1,2 280
HCP INC COM 40414L109 13 470 SH DEFINED 1,2 470
HERSHEY CO/THE COM 427866108 12 340 SH DEFINED 1,2 340
HESS CORP LTD PART42809H107 30 560 SH DEFINED 1,2 560
HEWLETT-PACKARD CO. COM 428236103 1,267 34,920 SH DEFINED 1,2 34,920
HILAND HOLDINGS GP LP INT 43129M107 381 160,656 SH DEFINED 2,5 160,656
HJ HEINZ CO COM 423074103 24 630 SH DEFINED 1,2 630
HOME DEPOT COM 437076102 1,357 58,935 SH DEFINED 1,2 58,935
HONEYWELL INTERNATIONAL INC COM 438516106 49 1,490 SH DEFINED 1,2 1,490
HORMEL FOODS CORP COM 440452100 190 6,100 SH DEFINED 2 6,100
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
HOSPIRA INC COM 441060100 9 320 SH DEFINED 1,2 320
HOST HOTELS & RESORTS INC COM 44107P104 8 1,040 SH DEFINED 1,2 1,040
HSN INC COM 404303109 1 72 SH DEFINED 1,2 72
HUDSON CITY BANCORP INC COM 443683107 16 1,030 SH DEFINED 1,2 1,030
HUMANA INC COM 444859102 13 340 SH DEFINED 1,2 340
HUNTINGTON BANCSHARES INC COM 446150104 6 730 SH DEFINED 1,2 730
IAC/INTERACTIVECORP COM 44919P508 3 180 SH DEFINED 1,2 180
IDACORP INC COM 451107106 152 5,175 SH DEFINED 2 5,175
ILLINOIS TOOL WORKS COM 452308109 28 800 SH DEFINED 1,2 800
IMS HEALTH INC COM 449934108 1,258 82,960 SH DEFINED 1,2 82,960
INERGY HOLDINGS LP COM 45661Q107 1,580 72,900 SH DEFINED 2,5 72,900
INERGY LP LTD PTNR456615103 1,704 100,000 SH DEFINED 2,5 100,000
INGERSOLL RAND CO CL A G4776G101 1,587 91,498 SH DEFINED 1,2 91,498
INTEGRYS ENERGY GROUP INC COM 45822P105 7 159 SH DEFINED 1,2 159
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
INTEL CORP COM 458140100 169 11,540 SH DEFINED 1,2 11,540
INTERCONTINENTALEXCHANGE INCCOM 45865V100 12 140 SH DEFINED 1,2 140
INTERNATIONAL BUSINESS MACHICOM 459200101 10,762 127,880 SH DEFINED 1,2 127,880
INTERNATIONAL PAPER CO COM 460146103 10 850 SH DEFINED 1,2 850
INTERPUBLIC GROUP OF COS INCCOM 460690100 4 934 SH DEFINED 1,2 934
INTERVAL LEISURE GROUP COM 46113M108 0 72 SH DEFINED 1,2 72
INTL FLAVORS & FRAGRANCES COM 459506101 5 160 SH DEFINED 1,2 160
INTL GAME TECHNOLOGY COM 459902102 7 620 SH DEFINED 1,2 620
INTUIT INC COM 461202103 15 650 SH DEFINED 1,2 650
INTUITIVE SURGICAL INC COM 46120E602 10 80 SH DEFINED 1,2 80
IPC HOLDINGS LTD ORD G4933P101 1,005 33,625 SH DEFINED 2 33,625
ITT CORP COM 450911102 17 360 SH DEFINED 1,2 360
J.C. PENNY CO INC (HLDG CO) COM 708160106 1,918 97,340 SH DEFINED 1,2 97,340
JABIL CIRCUIT INC COM 466313103 3 410 SH DEFINED 1,2 410
JACOBS ENGINEERING GROUP INCCOM 469814107 12 250 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
JANUS CAPITAL GROUP INC COM 47102X105 2 290 SH DEFINED 1,2 290
JDS UNIPHASE CORP COM 46612J507 2 441 SH DEFINED 1,2 441
JOHNSON & JOHNSON COM 478160104 8,683 145,135 SH DEFINED 1,2 145,135
JOHNSON CONTROLS INC COM 478366107 21 1,180 SH DEFINED 1,2 1,180
JONES APPAREL GROUP INC COM 480074103 313 53,345 SH DEFINED 1,2 53,345
JPMORGAN CHASE & COMPANY COM 46625H100 1,886 59,820 SH DEFINED 1,2 59,820
JUNIPER NETWORKS INC COM 48203R104 18 1,040 SH DEFINED 1,2 1,040
KB HOME COM 48666K109 2 150 SH DEFINED 1,2 150
KELLOGG CO COM 487836108 23 520 SH DEFINED 1,2 520
KELLY SERVICES INC CL A 488152208 720 55,321 SH DEFINED 2 55,321
KEYCORP COM 493267108 7 790 SH DEFINED 1,2 790
KIMBERLY-CLARK CORP COM 494368103 44 840 SH DEFINED 1,2 840
KIMCO REALTY CORP COM 49446R109 9 500 SH DEFINED 1,2 500
KINDER MORGAN ENERGY PRTNRS LTD PART494550106 1,830 40,000 SH DEFINED 2,5 40,000
KINDER MORGAN MANAGEMENT LLCSHS 49455U100 11,331 283,411 SH DEFINED 2,4,5 283,411
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
KING PHARMACEUTICALS INC COM 495582108 5 490 SH DEFINED 1,2 490
KLA-TENCOR CORPORATION COM 482480100 7 340 SH DEFINED 1,2 340
KOHLS CORP COM 500255104 23 630 SH DEFINED 1,2 630
KRAFT FOODS INC-A CL A 50075N104 485 18,056 SH DEFINED 1,2 18,056
KROGER CO COM 501044101 35 1,340 SH DEFINED 1,2 1,340
L-3 COMMUNICATIONS CORP COM 502424104 756 10,250 SH DEFINED 1,2 10,250
LABORATORY CRP OF AMER HLDGSCOM 50540R409 14 220 SH DEFINED 1,2 220
LEAR SEATING CORP COM 521865105 175 124,300 SH DEFINED 2 124,300
LEGG MASON INC COM 524901105 6 270 SH DEFINED 1,2 270
LEGGETT & PLATT INC COM 524660107 5 330 SH DEFINED 1,2 330
LENDER PROCESSING SERVICES COM 52602E102 5 170 SH DEFINED 1,2 170
LENNAR CORP-CL A CL A 526057104 2 270 SH DEFINED 1,2 270
LEUCADIA NATIONAL CORP COM 527288104 7 340 SH DEFINED 1,2 340
LEXMARK INTERNATIONAL INC-A CL A 529771107 5 190 SH DEFINED 1,2 190
LIFE TECHNOLOGIES CORP COM 53217V109 3 146 SH DEFINED 1,2 146
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
LIMITED BRANDS INC COM 532716107 6 620 SH DEFINED 1,2 620
LINCOLN NATIONAL CORP COM 534187109 10 529 SH DEFINED 1,2 529
LINEAR TECHNOLOGY CORP COM 535678106 10 440 SH DEFINED 1,2 440
LIZ CLAIBORNE INC COM 539320101 0 190 SH DEFINED 1,2 190
LOCKHEED MARTIN CORP COM 539830109 58 690 SH DEFINED 1,2 690
LOWES COS INC COM 548661107 63 2,910 SH DEFINED 1,2 2,910
LSI CORP COM 502161102 4 1,310 SH DEFINED 1,2 1,310
M & T BANK CORP COM 55261F104 9 160 SH DEFINED 1,2 160
MACYS INC COM 55616P104 9 858 SH DEFINED 1,2 858
MAGELLAN MIDSTREAM HOLDINGS COM 55907R108 7,047 508,100 SH DEFINED 2,4,5 508,100
MAGELLAN MIDSTREAM PARTNERS UNIT LP 559080106 1,511 50,000 SH DEFINED 2,5 50,000
MAGNA INTERNATIONAL INC CL A 559222401 1,191 39,800 SH DEFINED 2 39,800
MANITOWOC COMPANY INC COM 563571108 2 260 SH DEFINED 1,2 260
MARKWEST ENERGY PARTNERS LP LTD PART570759100 1,596 200,000 SH DEFINED 2,5 200,000
MARRIOTT INTERNATIONAL CLA 571903202 634 32,600 SH DEFINED 1,2 32,600
MARSH & MCLENNAN COS COM 571748102 25 1,040 SH DEFINED 1,2 1,040
MARSHALL & ILSLEY CORP COM 571837103 7 520 SH DEFINED 1,2 520
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
MASCO CORP COM 574599106 8 720 SH DEFINED 1,2 720
MASTERCARD INC CL A 57636Q104 1,429 10,000 SH DEFINED 2 10,000
MATTEL INC COM 577081102 1,340 83,770 SH DEFINED 1,2 83,770
MBIA INC COM 55262C100 2 410 SH DEFINED 1,2 410
MCCORMICK & CO-NON VTG SHRS COM 579780206 8 260 SH DEFINED 1,2 260
MCDONALDS CORP COM 580135101 143 2,300 SH DEFINED 1,2 2,300
MCGRAW-HILL COMPANIES INC COM 580645109 15 640 SH DEFINED 1,2 640
MCKESSON CORP COM 58155Q103 22 580 SH DEFINED 1,2 580
MEADWESTVACO CORP COM 583334107 4 350 SH DEFINED 1,2 350
MEDCO HEALTH SOLUTIONS INC COM 58405U102 44 1,042 SH DEFINED 1,2 1,042
MEDIACOM COMMUNICATIONS CORPCL A 58446K105 1,075 250,000 SH DEFINED 2 250,000
MEDTRONIC INC COM 585055106 165 5,240 SH DEFINED 1,2 5,240
MEMC ELECTRONIC MATERIALS COM 552715104 7 460 SH DEFINED 1,2 460
MERCK & CO. INC. COM 589331107 131 4,320 SH DEFINED 1,2 4,320
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
MEREDITH CORP COM 589433101 1 80 SH DEFINED 1,2 80
MERRILL LYNCH & CO INC COM 590188108 23 1,940 SH DEFINED 1,2 1,940
METLIFE INC COM 59156R108 50 1,420 SH DEFINED 1,2 1,420
MGIC INVESTMENT CORP COM 552848103 1 240 SH DEFINED 1,2 240
MI DEVELOPMENTS INC CL A 55304X104 303 40,675 SH DEFINED 2 40,675
MICROCHIP TECHNOLOGY INC COM 595017104 7 380 SH DEFINED 1,2 380
MICRON TECHNOLOGY INC COM 595112103 4 1,510 SH DEFINED 1,2 1,510
MICROSOFT CORP COM 594918104 3,072 158,015 SH DEFINED 1,2 158,015
MILLIPORE CORP COM 601073109 6 110 SH DEFINED 1,2 110
MOLEX INC COM 608554101 4 280 SH DEFINED 1,2 280
MOLSON COORS BREWING CO -B CL B 60871R209 821 16,780 SH DEFINED 1,2 16,780
MONSANTO CO COM 61166W101 77 1,092 SH DEFINED 1,2 1,092
MONSTER WORLDWIDE INC COM 611742107 3 250 SH DEFINED 1,2 250
MOODYS CORP COM 615369105 8 410 SH DEFINED 1,2 410
MORGAN ST DEAN WITTER DISCOVCOM 617446448 538 33,525 SH DEFINED 1,2 33,525
MORGAN STANLEY QUAL MUNI SECSECS 61745P585 275 28,600 SH DEFINED 2,4 28,600
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
MOTOROLA INC COM 620076109 1,278 288,490 SH DEFINED 1,2 288,490
MURPHY OIL CORP COM 626717102 17 380 SH DEFINED 1,2 380
MYLAN INC COM 628530107 6 600 SH DEFINED 1,2 600
NABORS INDUSTRIES LTD SHS G6359F103 7 560 SH DEFINED 1,2 560
NARA BANCORP INC COM 63080P105 634 64,525 SH DEFINED 2 64,525
NATIONAL CITY CORP COM 635405103 488 269,860 SH DEFINED 1,2 269,860
NATIONAL OILWELL VARCO INC COM 637071101 20 830 SH DEFINED 1,2 830
NATIONAL SEMICONDUCTOR CORP COM 637640103 5 450 SH DEFINED 1,2 450
NCI BUILDING SYSTEMS INC COM 628852105 200 12,250 SH DEFINED 2 12,250
NETAPP INC COM 64110D104 9 680 SH DEFINED 1,2 680
NEW YORK TIMES CO CL A 650111107 1 200 SH DEFINED 1,2 200
NEWELL RUBBERMAID INC COM 651229106 5 550 SH DEFINED 1,2 550
NEWMONT MINING CORP COM 651639106 37 910 SH DEFINED 1,2 910
NEWS CORP-CL A CL A 65248E104 3,678 404,580 SH DEFINED 1,2 404,580
NICOR INC COM 654086107 3 90 SH DEFINED 1,2 90
NIKE INC -CL B CL B 654106103 39 770 SH DEFINED 1,2 770
NISOURCE INC COM 65473P105 6 540 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
NOBLE CORP SHS G65422100 12 540 SH DEFINED 1,2 540
NOBLE ENERGY INC COM 655044105 17 350 SH DEFINED 1,2 350
NORDSTROM INC COM 655664100 403 30,260 SH DEFINED 1,2 30,260
NORFOLK SOUTHERN CORP COM 655844108 35 750 SH DEFINED 1,2 750
NORTHERN TRUST CORP COM 665859104 2,401 46,050 SH DEFINED 1,2 46,050
NORTHROP GRUMMAN CORP COM 666807102 1,825 40,528 SH DEFINED 1,2 40,528
NOVELL INC COM 670006105 3 700 SH DEFINED 1,2 700
NOVELLUS SYSTEMS INC COM 670008101 2 200 SH DEFINED 1,2 200
NRG ENERGY INC COM 629377508 995 42,670 SH DEFINED 2 42,670
NUCOR CORP COM 670346105 29 630 SH DEFINED 1,2 630
NVIDIA CORP COM 67066G104 9 1,110 SH DEFINED 1,2 1,110
NYSE EURONEXT COM 629491101 15 530 SH DEFINED 1,2 530
OCCIDENTAL PETROLEUM COM 674599105 5,497 91,640 SH DEFINED 1,2 91,640
OFFICE DEPOT INC COM 676220106 2 540 SH DEFINED 1,2 540
OFFICEMAX INC COM 67622P101 1 150 SH DEFINED 1,2 150
OLD REPUBLIC INTL CORP COM 680223104 485 40,722 SH DEFINED 2 40,722
OMNICOM GROUP COM 681919106 1,164 43,240 SH DEFINED 1,2 43,240
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
ONEOK PARTNERS LP UNIT LP 68268N103 4,555 100,000 SH DEFINED 2,5 100,000
OPNEXT INC COM 68375V105 59 33,508 SH DEFINED 2,4 33,508
ORACLE CORP COM 68389X105 4,572 257,880 SH DEFINED 1,2 257,880
P G & E CORP COM 69331C108 27 710 SH DEFINED 1,2 710
PACCAR INC COM 693718108 21 730 SH DEFINED 1,2 730
PACTIV CORPORATION COM 695257105 6 260 SH DEFINED 1,2 260
PALL CORP COM 696429307 7 250 SH DEFINED 1,2 250
PARKER HANNIFIN CORP COM 701094104 14 335 SH DEFINED 1,2 335
PATTERSON COS INC COM 703395103 5 260 SH DEFINED 1,2 260
PAYCHEX INC COM 704326107 17 650 SH DEFINED 1,2 650
PEABODY ENERGY CORP COM 704549104 12 540 SH DEFINED 1,2 540
PEDIATRIX MEDICAL GROUP INC COM 705324101 246 7,775 SH DEFINED 2 7,775
PEPCO HOLDINGS INC COM 713291102 7 400 SH DEFINED 1,2 400
PEPSI BOTTLING GROUP INC COM 713409100 6 270 SH DEFINED 1,2 270
PEPSICO INCORPORATED COM 713448108 1,429 26,100 SH DEFINED 1,2 26,100
PERKINELMER INC COM 714046109 3 230 SH DEFINED 1,2 230
PETROLEO BRASILEIRO S.A ADR 71654V101 1,327 65,000 SH DEFINED 2 65,000
PFIZER INC COM 717081103 239 13,470 SH DEFINED 1,2 13,470
PHARMACEUTICAL HOLDRS TRUST DEPOSITR71712A206 767 12,500 SH DEFINED 2 12,500
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 ------------------
PHARMANET DEVELOPMENT GROUP COM 717148100 19 20,950 SH DEFINED 2 20,950
PHH CORP COM 693320202 726 57,050 SH DEFINED 2 57,050
PHILIP MORRIS INTERNATIONAL COM 718172109 835 19,200 SH DEFINED 1,2 19,200
PIKE ELECTRIC CORP COM 721283109 577 46,925 SH DEFINED 2 46,925
PINNACLE WEST CAPITAL COM 723484101 6 200 SH DEFINED 1,2 200
PITNEY BOWES INC COM 724479100 11 420 SH DEFINED 1,2 420
PLAIMS ALL AMER PIPELINE LP UNIT LP 726503105 4,985 143,700 SH DEFINED 2,5 143,700
PLANTRONICS INC COM 727493108 515 39,000 SH DEFINED 2 39,000
PLUM CREEK TIMBER CO COM 729251108 12 340 SH DEFINED 1,2 340
PNC FINANCIAL SERVICES GROUPCOM 693475105 33 680 SH DEFINED 1,2 680
POLO RALPH LAUREN CORP CL A 731572103 5 120 SH DEFINED 1,2 120
POPULAR INC COM 733174106 1,219 236,250 SH DEFINED 2 236,250
POTASH CORP OF SASKATCHEWAN COM 73755L107 4,189 57,206 SH DEFINED 2 57,206
PPG INDUSTRIES INC COM 693506107 14 330 SH DEFINED 1,2 330
PPL CORPORATION COM 69351T106 23 750 SH DEFINED 1,2 750
PRAXAIR INC COM 74005P104 1,225 20,630 SH DEFINED 1,2 20,630
PRECISION CASTPARTS CORP COM 740189105 17 280 SH DEFINED 1,2 280
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
PRIDE INTERNATIONAL INC COM 74153Q102 1,438 90,000 SH DEFINED 2 90,000
PRINCIPAL FINANCIAL GROUP COM 74251V102 12 520 SH DEFINED 1,2 520
PROCTER & GAMBLE CO COM 742718109 1,245 20,140 SH DEFINED 1,2 20,140
PROGRESS ENERGY INC COM 743263105 21 520 SH DEFINED 1,2 520
PROGRESSIVE CORP COM 743315103 20 1,350 SH DEFINED 1,2 1,350
PROLOGIS INT 743410102 7 520 SH DEFINED 1,2 520
PRUDENTIAL FINANCIAL INC COM 744320102 27 890 SH DEFINED 1,2 890
PUBLIC SERVICE CO OF N MEX COM 69349H107 620 61,475 SH DEFINED 2 61,475
PUBLIC SERVICE ENTERPRISE GPCOM 744573106 30 1,020 SH DEFINED 1,2 1,020
PUBLIC STORAGE COM 74460D109 20 250 SH DEFINED 1,2 250
PULTE HOMES INC COM 745867101 5 420 SH DEFINED 1,2 420
QLOGIC CORP COM 747277101 3 260 SH DEFINED 1,2 260
QUALCOMM INC COM 747525103 653 18,220 SH DEFINED 1,2 18,220
QUEST DIAGNOSTICS COM 74834L100 17 320 SH DEFINED 1,2 320
QUESTAR CORP COM 748356102 11 350 SH DEFINED 1,2 350
QUICKSILVER GAS SERVICES LP COM 74839G106 948 100,000 SH DEFINED 2,5 100,000
QWEST COMMUNICATIONS INTL COM 749121109 11 3,060 SH DEFINED 1,2 3,060
RADIOSHACK CORP COM 750438103 3 260 SH DEFINED 1,2 260
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
RANGE RESOURCES CORP COM 75281A109 10 300 SH DEFINED 1,2 300
RAYTHEON COMPANY COM 755111507 43 850 SH DEFINED 1,2 850
REGENCY ENERGY PARTNERS LP COM 75885Y107 3,186 395,715 SH DEFINED 2,5 395,715
REGIONS FINANCIAL CORP COM 7591EP100 11 1,380 SH DEFINED 1,2 1,380
REGIS CORP COM 758932107 484 33,325 SH DEFINED 2 33,325
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,788 34,675 SH DEFINED 2 34,675
RENT-A-CENTER INC COM 76009N100 2,263 128,225 SH DEFINED 2 128,225
REPUBLIC SERVICES INC COM 760759100 7 301 SH DEFINED 1,2 301
REYNOLDS AMERICAN INC COM 761713106 14 340 SH DEFINED 1,2 340
ROBERT HALF INTL INC COM 770323103 7 320 SH DEFINED 1,2 320
ROCKWELL COLLINS INC. COM 774341101 13 330 SH DEFINED 1,2 330
ROCKWELL INTL CORP COM 773903109 3,959 122,800 SH DEFINED 1,2 122,800
ROHM AND HAAS CO COM 775371107 15 250 SH DEFINED 1,2 250
ROWAN COMPANIES INC COM 779382100 3 220 SH DEFINED 1,2 220
RR DONNELLEY & SONS CO COM 257867101 6 430 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
RYDER SYSTEM INC COM 783549108 5 120 SH DEFINED 1,2 120
SAFEWAY INC COM 786514208 21 880 SH DEFINED 1,2 880
SANDISK CORP COM 80004C101 461 47,985 SH DEFINED 1,2 47,985
SARA LEE CORP COM 803111103 14 1,410 SH DEFINED 1,2 1,410
SCHERING PLOUGH COM 806605101 1,240 72,805 SH DEFINED 1,2 72,805
SCHLUMBERGER LIMITED COM 806857108 647 15,290 SH DEFINED 1,2 15,290
SCHWAB (CHARLES) CORP COM 808513105 30 1,870 SH DEFINED 1,2 1,870
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,015 50,700 SH DEFINED 2 50,700
SCRIPPS NETWORKS INTER COM 811065101 4 180 SH DEFINED 1,2 180
SEALED AIR CORP COM 81211K100 5 320 SH DEFINED 1,2 320
SEALY CORP COM 812139301 215 85,775 SH DEFINED 2 85,775
SEARS HOLDINGS CORP COM 812350106 496 12,770 SH DEFINED 1,2,4 12,770
SEMGROUP ENERGY PARTNERS LP UNIT LP 81662W108 1,463 580,460 SH DEFINED 2,5 580,460
SEMPRA ENERGY COM 816851109 1,456 34,145 SH DEFINED 1,2 34,145
SHERWIN-WILLIAMS CO/THE COM 824348106 12 200 SH DEFINED 1,2 200
SIGMA-ALDRICH COM 826552101 11 260 SH DEFINED 1,2 260
SIMON PROPERTY GROUP INC COM 828806109 24 450 SH DEFINED 1,2 450
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
SKECHERS USA INC-CL A CL A 830566105 246 19,225 SH DEFINED 2 19,225
SLM CORP COM 78442P106 8 930 SH DEFINED 1,2 930
SMITH INTERNATIONAL INC COM 832110100 9 400 SH DEFINED 1,2 400
SNAP-ON INC COM 833034101 5 120 SH DEFINED 1,2 120
SOUTHERN CO COM 842587107 56 1,520 SH DEFINED 1,2 1,520
SOUTHWEST AIRLINES CO COM 844741108 13 1,460 SH DEFINED 1,2 1,460
SOUTHWESTERN ENERGY CO COM 845467109 20 680 SH DEFINED 1,2 680
SOVEREIGN BANCORP INC COM 845905108 3 945 SH DEFINED 1,2 945
SPDR GOLD TRUST SHS 78463V107 43,260 500,000 SH DEFINED 2 500,000
SPECTRA ENERGY CORP COM 847560109 20 1,259 SH DEFINED 1,2 1,259
SPECTRA ENERGY PARTNERS LP COM 84756N109 4,582 231,646 SH DEFINED 2,4 231,646
SPHERION CORPORATION COM 848420105 38 17,125 SH DEFINED 2 17,125
SPRINT NEXTEL CORP COM 852061100 10 5,678 SH DEFINED 1,2 5,678
ST JUDE MEDICAL INC COM 790849103 682 20,690 SH DEFINED 1,2 20,690
STANLEY WORKS/THE COM 854616109 5 160 SH DEFINED 1,2 160
STAPLES INC COM 855030102 106 5,900 SH DEFINED 1,2 5,900
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
STARBUCKS CORP COM 855244109 33 3,450 SH DEFINED 1,2 3,450
STARWOOD HOTELS & RESORTS COM 85590A401 7 380 SH DEFINED 1,2 380
STATE STREET CORP COM 857477103 33 850 SH DEFINED 1,2 850
STEWART INFORMATION SERVICESCOM 860372101 573 24,375 SH DEFINED 2 24,375
STRYKER CORP COM 863667101 19 480 SH DEFINED 1,2 480
SUN MICROSYSTEMS INC COM 866810203 6 1,577 SH DEFINED 1,2 1,577
SUNOCO INC COM 86764P109 10 240 SH DEFINED 1,2 240
SUNTRUST BANKS INC COM 867914103 21 700 SH DEFINED 1,2 700
SUPERVALU INC COM 868536103 6 421 SH DEFINED 1,2 421
SYMANTEC CORP COM 871503108 23 1,684 SH DEFINED 1,2 1,684
SYSCO CORP COM 871829107 28 1,200 SH DEFINED 1,2 1,200
T ROWE PRICE GROUP INC COM 74144T108 19 530 SH DEFINED 1,2 530
TALISMAN ENERGY INC COM 87425E103 2,997 300,000 SH DEFINED 2 300,000
TARGA RESOURCES PARTNERS LP UNIT 87611X105 465 60,000 SH DEFINED 2,5 60,000
TARGET CORP COM 87612E106 56 1,630 SH DEFINED 1,2 1,630
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
TECH DATA CORP COM 878237106 483 27,062 SH DEFINED 2 27,062
TECO ENERGY INC COM 872375100 5 420 SH DEFINED 1,2 420
TELLABS INC COM 879664100 3 820 SH DEFINED 1,2 820
TENET HEALTHCARE CORP CL A 88033G100 1 940 SH DEFINED 1,2 940
TERADATA CORP COM 88076W103 5 360 SH DEFINED 1,2 360
TERADYNE INC COM 880770102 1 340 SH DEFINED 1,2 340
TEREX CORP COM 880779103 4 210 SH DEFINED 1,2 210
TESORO CORP COM 881609101 4 270 SH DEFINED 1,2 270
TEVA PHARMACEUTICAL ADR 881624209 6 138 SH DEFINED 1,2 138
TEXAS INSTRUMENTS INC COM 882508104 41 2,640 SH DEFINED 1,2 2,640
TEXTRON INC COM 883203101 7 500 SH DEFINED 1,2 500
THERMO FISHER SCIENTIFIC INCCOM 883556102 29 840 SH DEFINED 1,2 840
TICKETMASTER ENTERTAINMENT COM 88633P302 0 72 SH DEFINED 1,2 72
TIFFANY & CO COM 886547108 6 250 SH DEFINED 1,2 250
TIME WARNER INC COM 887317105 72 7,120 SH DEFINED 1,2 7,120
TITANIUM METALS CORP COM 888339207 2 190 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
TJX COS. INC. NEW COM 872540109 399 19,420 SH DEFINED 1,2 19,420
TORCHMARK CORP COM 891027104 883 19,755 SH DEFINED 1,2 19,755
TOTAL SYSTEM SERVICES INC COM 891906109 5 390 SH DEFINED 1,2 390
TRANSMONTAIGNE PARTNERS LP COM 89376V100 5,033 378,400 SH DEFINED 2,5 378,400
TRAVELERS COS INC/THE COM 89417E109 56 1,237 SH DEFINED 1,2 1,237
TREE.COM INC COM 894675107 0 11 SH DEFINED 1,2 11
TREX COMPANY INC COM 89531P105 912 55,425 SH DEFINED 2 55,425
TYCO ELECTRONICS COM G9144P105 455 28,072 SH DEFINED 1,2 28,072
TYCO INTERNATIONAL LTD SHS G9143X208 21 972 SH DEFINED 1,2 972
TYSON FOODS INC-CL A CL A 902494103 5 540 SH DEFINED 1,2 540
UNILEVER NV SHS 904784709 5,903 240,450 SH DEFINED 2 240,450
UNION PACIFIC CORP COM 907818108 50 1,040 SH DEFINED 1,2 1,040
UNISYS CORP COM 909214108 1 700 SH DEFINED 1,2 700
UNITED NATIONAL GROUP LTD COM 90933T109 848 66,200 SH DEFINED 2 66,200
UNITED PARCEL SERVICE CL B 911312106 114 2,060 SH DEFINED 1,2 2,060
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
UNITED STATES STEEL CORP COM 912909108 9 240 SH DEFINED 1,2 240
UNITED STATIONERS INC COM 913004107 470 14,025 SH DEFINED 2 14,025
UNITED TECHNOLOGIES CORP. COM 913017109 963 17,960 SH DEFINED 1,2 17,960
UNITEDHEALTH GROUP INC COM 91324P102 66 2,490 SH DEFINED 1,2 2,490
UNIVERSAL CORP-VA COM 913456109 364 12,175 SH DEFINED 2 12,175
UNUM GROUP COM 91529Y106 13 690 SH DEFINED 1,2 690
US BANCORP COM 902973304 86 3,450 SH DEFINED 1,2 3,450
UST INC COM 902911106 21 300 SH DEFINED 1,2 300
USX - MARATHON GROUP INC COM 565849106 367 13,416 SH DEFINED 1,2 13,416
VALERO ENERGY CORP COM 91913Y100 23 1,070 SH DEFINED 1,2 1,070
VARIAN MEDICAL SYSTEMS INC COM 92220P105 9 250 SH DEFINED 1,2 250
VERISIGN INC COM 92343E102 7 390 SH DEFINED 1,2 390
VERIZON COMMUNICATIONS INC COM 92343V104 194 5,720 SH DEFINED 1,2 5,720
VF CORP COM 918204108 10 180 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
VIACOM INC-CLASS B CL B 92553P201 24 1,280 SH DEFINED 1,2 1,280
VIAD CORP COM 92552R406 237 9,569 SH DEFINED 2 9,569
VISA INC-CLASS A SHARES CL A 92826C839 905 17,250 SH DEFINED 2 17,250
VORNADO REALTY TRUST INT 929042109 16 270 SH DEFINED 1,2 270
VULCAN MATERIALS CO COM 929160109 15 220 SH DEFINED 1,2 220
WACHOVIA CORP COM 929903102 23 4,240 SH DEFINED 1,2 4,240
WALGREEN CO COM 931422109 49 1,980 SH DEFINED 1,2 1,980
WAL-MART STORES INC COM 931142103 264 4,710 SH DEFINED 1,2 4,710
WALT DISNEY CO/THE COM 254687106 85 3,750 SH DEFINED 1,2 3,750
WASHINGTON POST CL B 939640108 8 20 SH DEFINED 1,2 20
WASTE MANAGEMENT INC COM 94106L109 33 990 SH DEFINED 1,2 990
WATERS CORP COM 941848103 7 200 SH DEFINED 1,2 200
WATSON PHARMACEUTICALS INC COM 942683103 6 210 SH DEFINED 1,2 210
WEATHERFORD INTL LTD COM G95089101 285 26,350 SH DEFINED 1,2 26,350
WEBSTER FINANCIAL CORP COM 947890109 282 20,450 SH DEFINED 2 20,450
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Name Title Shares or Voting Authority
of of CUSIP Value Principal SH/ Put/ Investment Other ------------------
Issuer Class Number (x$1000) Amount PRN Call Discretion Mgrs Sole Shared None
WELLPOINT INC COM 94973V107 46 1,080 SH DEFINED 1,2 1,080
WELLS FARGO & CO COM 949746101 194 6,570 SH DEFINED 1,2 6,570
WENDYS/ARBYS GROUP INC COM 950587105 3 558 SH DEFINED 1,2 558
WESTERN UNION CO COM 959802109 21 1,489 SH DEFINED 1,2 1,489
WEYERHAEUSER CO COM 962166104 13 420 SH DEFINED 1,2 420
WHIRLPOOL CORPORATION COM 963320106 891 21,550 SH DEFINED 1,2 21,550
WHOLE FOODS MARKET INC COM 966837106 3 280 SH DEFINED 1,2 280
WILLIAMS COS INC COM 969457100 2,138 147,640 SH DEFINED 1,2 147,640
WILLIAMS PIPELINE PARTNERS LCOM 96950K103 4,410 311,205 SH DEFINED 2,4 311,205
WINDSTREAM CORP COM 97381W104 8 896 SH DEFINED 1,2 896
WISCONSIN ENERGY CORP COM 976657106 826 19,675 SH DEFINED 2 19,675
WW GRAINGER INC COM 384802104 11 140 SH DEFINED 1,2 140
WYETH COM 983024100 2,159 57,570 SH DEFINED 1,2 57,570
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
WYETH DBCV 983024AD2 5,155 5,203,000 PRN DEFINED 2 86,156
WYNDHAM WORLDWIDE CORP COM 98310W108 2 350 SH DEFINED 1,2 350
XCEL ENERGY INC COM 98389B100 16 850 SH DEFINED 1,2 850
XEROX CORP COM 984121103 4,797 601,820 SH DEFINED 1,2 601,820
XILINX INC COM 983919101 10 570 SH DEFINED 1,2 570
XL CAPITAL LTD CL A G98255105 1 350 SH DEFINED 1,2 350
XTO ENERGY INC COM 98385X106 36 1,015 SH DEFINED 1,2 1,015
YAHOO! INC COM 984332106 32 2,660 SH DEFINED 1,2 2,660
YUM! BRANDS INC COM 988498101 30 950 SH DEFINED 1,2 950
ZIMMER HOLDINGS INC COM 98956P102 19 470 SH DEFINED 1,2 470
ZIONS BANCORPORATION COM 989701107 5 210 SH DEFINED 1,2 210