-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q9ksrJbZQbcLSpOGKSERix6ohCe5iT/fFh7Irn0BnGVdriYjCphfhQoO/RldJO84 eBiW3IUN9jQYGLqHjC3kFg== 0000909012-08-000610.txt : 20080513 0000909012-08-000610.hdr.sgml : 20080513 20080513153734 ACCESSION NUMBER: 0000909012-08-000610 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080513 DATE AS OF CHANGE: 20080513 EFFECTIVENESS DATE: 20080513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Laffer Investments CENTRAL INDEX KEY: 0001307878 IRS NUMBER: 200536838 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10975 FILM NUMBER: 08827455 BUSINESS ADDRESS: STREET 1: 2908 POSTON AVENUE STREET 2: SUITE 101 CITY: NASHVILLE STATE: TN ZIP: 37203 BUSINESS PHONE: 6153203989 MAIL ADDRESS: STREET 1: 2908 POSTON AVENUE STREET 2: SUITE 101 CITY: NASHVILLE STATE: TN ZIP: 37203 13F-HR 1 t304313.txt LAFFER INVESTMENTS 13F-HR FORM 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ]; Amendment Number: This Amendment: [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Laffer Investments, Inc. Address: 2909 Poston Avenue 2nd Floor Nashville, TN 37203 Form 13F File Number: 28-10975 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: Arthur B. Laffer, Jr. Title: Chief Executive Officer Phone: 615-320-3989 Signature City State and Date of Signing: Arthur B. Laffer Nashville TN 05/12/08 - ------------------------------ ------------------- --------------- Signature City State Date Report Type: [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: --- Form 13F Information Table Value Total: $374002163 List of Other Included Managers: NONE
13F HOLDINGS REPORT As of Date: 3/31/08 INVESTMENT ISSUER TITLE OF CUSIP MKT SHARES/ DISCRETION OTHER NAME CLASS NUMBER VAL PRINC AMT SOLE(A) SHARED MGRS SOLE SHARED NONE - ------------------------------------------------------------------------------------------------------------------------------------ AFLAC INC Common Stock 001055102 1,344,465.00 20,700.00 20,700.00- ALL 20,700.000 0 ACTEL CORP Common Stock 004934105 41,337.00 2,700.00 2,700.00- ALL 2,700.000 0 ADOBE SYS INC Common Stock 00724F101 2,384,530.00 67,000.00 67,000.00- ALL 67,000.000 0 AETNA INC Common Stock 00817Y108 930,189.00 22,100.00 22,100.00- ALL 22,100.000 0 AFFILIATED COMPUTER Common Stock 008190100 556,221.00 11,100.00 11,100.00- ALL 11,100.000 0 AIR PRODS & CHEMS IN Common Stock 009158106 230,000.00 2,500.00 2,500.00- ALL 2,500.000 0 AKAMAI TECHNOLOGIES Common Stock 00971T101 121,088.00 4,300.00 4,300.00- ALL 4,300.000 0 ALABAMA PWR CO NON CUM PFD Preferred Stock 010392488 24,000.00 1,000.00 1,000.00- ALL 1,000.000 0 ALABAMA PWR CO Preferred Stock 010392561 33,968.25 1,550.00 1,550.00- ALL 1,550.000 0 ALABAMA PWR CO Preferred Stock 010392611 19,600.00 800.00 800.00- ALL 800.000 0 ALLIED WASTE INDS IN Common Stock 019589308 514,556.00 47,600.00 47,600.00- ALL 47,600.000 0 ALLSTATE CORP Common Stock 020002101 1,177,470.00 24,500.00 24,500.00- ALL 24,500.000 0 AMBAC FINL GROUP INC Common Stock 023139108 113,275.00 19,700.00 19,700.00- ALL 19,700.000 0 AMERICAN CAPITAL STR Common Stock 024937104 143,472.00 4,200.00 4,200.00- ALL 4,200.000 0 AMERICAN EXPRESS CO Common Stock 025816109 5,788,528.00 132,400.00 132,400.00- ALL 132,400.000 0 AMERICAN INTL GROUP Common Stock 026874107 6,945,950.00 160,600.00 160,600.00- ALL 160,600.000 0 AMERIPRISE FINL INC Common Stock 03076C106 1,431,060.00 27,600.00 27,600.00- ALL 27,600.000 0 ANALOG DEVICES INC Common Stock 032654105 992,905.20 33,635.00 33,635.00- ALL 33,635.000 0 ANHEUSER BUSCH COS Common Stock 035229103 3,710,590.00 78,200.00 78,200.00- ALL 78,200.000 0 APACHE CORP Common Stock 037411105 604,100.00 5,000.00 5,000.00- ALL 5,000.000 0 APOLLO GROUP INC Common Stock 037604105 414,720.00 9,600.00 9,600.00- ALL 9,600.000 0 APPLIED MATERIALS IN Common Stock 038222105 2,774,322.00 142,200.00 142,200.00- ALL 142,200.000 0 ARCHER DANIELS MIDLA Common Stock 039483102 271,656.00 6,600.00 6,600.00- ALL 6,600.000 0 ARRIS GROUP INC Common Stock 04269Q100 26,230.74 4,507.00 4,507.00- ALL 4,507.000 0 ASHLAND INC NEW Common Stock 044209104 122,980.00 2,600.00 2,600.00- ALL 2,600.000 0 ASSURANT INC Common Stock 04621X108 127,806.00 2,100.00 2,100.00- ALL 2,100.000 0 AUDIOVOX CORP Common Stock 050757103 38,448.00 3,600.00 3,600.00- ALL 3,600.000 0 AUTODESK INC Common Stock 052769106 871,996.00 27,700.00 27,700.00- ALL 27,700.000 0 AUTONATION INC Common Stock 05329W102 434,130.00 29,000.00 29,000.00- ALL 29,000.000 0 AUTOZONE INC Common Stock 053332102 318,724.00 2,800.00 2,800.00- ALL 2,800.000 0 AVERY DENNISON CORP HIMEDS UN Convertible Preferred 053611307 944,575.50 18,975.00 18,975.00- ALL 18,975.000 0 AVON PRODS INC Common Stock 054303102 2,708,490.00 68,500.00 68,500.00- ALL 68,500.000 0 BMC SOFTWARE INC Common Stock 055921100 367,476.00 11,300.00 11,300.00- ALL 11,300.000 0 BALL CORP Common Stock 058498106 532,904.00 11,600.00 11,600.00- ALL 11,600.000 0 BANK AMER CORP Common Stock 060505104 4,734,959.00 124,900.00 124,900.00- ALL 124,900.000 0 BANK OF AMERICA CORPORA Preferred Stock 060505682 1,163,158.00 1,126.00 1,126.00- ALL 1,126.000 0 BANK OF AMERICA CORPORATION D Preferred Stock 060505724 50,400.00 2,000.00 2,000.00- ALL 2,000.000 0 BANK OF AMERICA CORP Preferred Stock 060505831 32,610.00 1,500.00 1,500.00- ALL 1,500.000 0 BANK OF NEW YORK MELLON Common Stock 064058100 418,343.25 10,025.00 10,025.00- ALL 10,025.000 0 BARD C R INC Common Stock 067383109 857,960.00 8,900.00 8,900.00- ALL 8,900.000 0 BARR PHARMACEUTICALS IN Common Stock 068306109 304,353.00 6,300.00 6,300.00- ALL 6,300.000 0 BAXTER INTL INC Common Stock 071813109 341,138.00 5,900.00 5,900.00- ALL 5,900.000 0 BEAR STEARNS COS INC Common Stock 073902108 18,882.00 1,800.00 1,800.00- ALL 1,800.000 0 BEAR STEARNS COS PFD Unit 073902868 31,143.75 825.00 825.00- ALL 825.000 0 BEAR STEARNS COS PFD Unit 073902876 39,000.00 1,000.00 1,000.00- ALL 1,000.000 0 BECTON DICKINSON Common Stock 075887109 618,120.00 7,200.00 7,200.00- ALL 7,200.000 0 BIG LOTS INC Common Stock 089302103 147,180.00 6,600.00 6,600.00- ALL 6,600.000 0 BLACK & DECKER MFG Common Stock 091797100 495,750.00 7,500.00 7,500.00- ALL 7,500.000 0 BLACK BOX CORP DEL Common Stock 091826107 33,935.00 1,100.00 1,100.00- ALL 1,100.000 0 BLOCK H & R INC Common Stock 093671105 626,952.00 30,200.00 30,200.00- ALL 30,200.000 0 BOEING CO Common Stock 097023105 475,968.00 6,400.00 6,400.00- ALL 6,400.000 0 BOSTON SCIENTIFIC CO Common Stock 101137107 222,651.00 17,300.00 17,300.00- ALL 17,300.000 0 CBS CORP Common Stock 124857202 1,664,832.00 75,400.00 75,400.00- ALL 75,400.000 0 CIT GROUP INC Common Stock 125581108 58,065.00 4,900.00 4,900.00- ALL 4,900.000 0 CIT GROUP INC Preferred Stock 125581207 33,775.00 2,500.00 2,500.00- ALL 2,500.000 0 CIT Group Inc. 7.75% Convertible Preferred 125581405 676,237.20 56,353.10 56,353.10- ALL 56,353.100 0 CME GROUP INC Common Stock 12572Q105 234,550.00 500.00 500.00- ALL 500.000 0 CA INC Common Stock 12673P105 1,110,037.50 49,335.00 49,335.00- ALL 49,335.000 0 CAPITAL ONE FINL COR Common Stock 14040H105 2,323,184.00 47,200.00 47,200.00- ALL 47,200.000 0 CARNIVAL CORP Common Stock 143658300 2,044,240.00 50,500.00 50,500.00- ALL 50,500.000 0 CHESAPEAKE ENERGY CO Common Stock 165167107 392,275.00 8,500.00 8,500.00- ALL 8,500.000 0 CIENA CORP Common Stock 171779309 52,411.00 1,700.00 1,700.00- ALL 1,700.000 0 CINCINNATI FINL CORP Common Stock 172062101 578,208.00 15,200.00 15,200.00- ALL 15,200.000 0 CITIGROUP INC Common Stock 172967101 2,394,756.00 111,800.00 111,800.00- ALL 111,800.000 0 CITIGROUP FDG INC Convertible Preferred 17308C858 863,572.10 38,245.00 38,245.00- ALL 38,245.000 0 CITRIX SYS INC Common Stock 177376100 120,253.00 4,100.00 4,100.00- ALL 4,100.000 0 CLEAR CHANNEL COMMUN Common Stock 184502102 1,493,142.00 51,100.00 51,100.00- ALL 51,100.000 0 CLOROX CO Common Stock 189054109 730,656.00 12,900.00 12,900.00- ALL 12,900.000 0 COACH INC Common Stock 189754104 443,205.00 14,700.00 14,700.00- ALL 14,700.000 0 COCA COLA CO Common Stock 191216100 11,528,778.00 189,400.00 189,400.00- ALL 189,400.000 0 COCA COLA ENTERPRISE Common Stock 191219104 694,540.00 28,700.00 28,700.00- ALL 28,700.000 0 COGNIZANT TECHNOLOGY Common Stock 192446102 792,825.00 27,500.00 27,500.00- ALL 27,500.000 0 COLGATE PALMOLIVE CO Common Stock 194162103 1,355,634.00 17,400.00 17,400.00- ALL 17,400.000 0 COMERICA INC Common Stock 200340107 562,507.80 16,035.00 16,035.00- ALL 16,035.000 0 COMMSCOPE INC Common Stock 203372107 5,259.34 151.00 151.00- ALL 151.000 0 COMPUWARE CORP Common Stock 205638109 102,760.00 14,000.00 14,000.00- ALL 14,000.000 0 CONAGRA FOODS INC Common Stock 205887102 474,210.00 19,800.00 19,800.00- ALL 19,800.000 0 CONSOLIDATED EDISON Common Stock 209115104 1,778,560.00 44,800.00 44,800.00- ALL 44,800.000 0 CONSTELLATION BRANDS Common Stock 21036P108 259,749.00 14,700.00 14,700.00- ALL 14,700.000 0 COSTCO WHSL CORP NEW Common Stock 22160K105 285,868.00 4,400.00 4,400.00- ALL 4,400.000 0 COUNTRYWIDE FIN CORP Common Stock 222372104 108,350.00 19,700.00 19,700.00- ALL 19,700.000 0 DTE ENERGY CO Common Stock 233331107 703,909.00 18,100.00 18,100.00- ALL 18,100.000 0 DARDEN RESTAURANTS I Common Stock 237194105 143,220.00 4,400.00 4,400.00- ALL 4,400.000 0 DEAN FOODS CO NEW Common Stock 242370104 377,692.00 18,800.00 18,800.00- ALL 18,800.000 0 DELL INC Common Stock 24702R101 1,703,160.00 85,500.00 85,500.00- ALL 85,500.000 0 DEVON ENERGY CORP Common Stock 25179M103 678,145.00 6,500.00 6,500.00- ALL 6,500.000 0 DISCOVER FINL SVCS Common Stock 254709108 149,785.50 9,150.00 9,150.00- ALL 9,150.000 0 DITECH NETWORKS INC Common Stock 25500T108 21,168.00 7,200.00 7,200.00- ALL 7,200.000 0 DOW CHEM CO Common Stock 260543103 324,280.00 8,800.00 8,800.00- ALL 8,800.000 0 DU PONT E I DE NEMOU Common Stock 263534109 378,756.00 8,100.00 8,100.00- ALL 8,100.000 0 DU PONT E I DE N PFD Preferred Stock 263534307 40,250.00 500.00 500.00- ALL 500.000 0 E M C CORP MASS Common Stock 268648102 286,800.00 20,000.00 20,000.00- ALL 20,000.000 0 EOG RES INC Common Stock 26875P101 516,000.00 4,300.00 4,300.00- ALL 4,300.000 0 E-TRADE FINL GRP Common Stock 269246104 104,606.00 27,100.00 27,100.00- ALL 27,100.000 0 EASTMAN CHEM CO Common Stock 277432100 118,655.00 1,900.00 1,900.00- ALL 1,900.000 0 EBAY INC Common Stock 278642103 1,745,640.00 58,500.00 58,500.00- ALL 58,500.000 0 ECOLAB INC Common Stock 278865100 725,281.00 16,700.00 16,700.00- ALL 16,700.000 0 ELECTRONIC ARTS Common Stock 285512109 1,083,264.00 21,700.00 21,700.00- ALL 21,700.000 0 ENTERGY CORP NEW Common Stock 29364G103 1,014,444.00 9,300.00 9,300.00- ALL 9,300.000 0 ENTERGY CORP NEW Convertible Preferred 29364G202 1,646,777.00 25,300.00 25,300.00- ALL 25,300.000 0 EXELON CORP Common Stock 30161N101 1,243,431.00 15,300.00 15,300.00- ALL 15,300.000 0 EXXON MOBIL CORP Common Stock 30231G102 16,916.00 200.00 200.00- ALL 200.000 0 FAMILY DLR STORES IN Common Stock 307000109 867,750.00 44,500.00 44,500.00- ALL 44,500.000 0 FREDDIE MAC Common Stock 313400301 1,919,256.00 75,800.00 75,800.00- ALL 75,800.000 0 FEDERAL HOME LN MTG Preferred Stock 313400830 24,943.75 650.00 650.00- ALL 650.000 0 FEDERAL HOME LN MTG Preferred Stock 313400863 23,800.00 700.00 700.00- ALL 700.000 0 FANNIE MAE Common Stock 313586109 2,910,992.00 110,600.00 110,600.00- ALL 110,600.000 0 FEDERAL NATL MTG ASS Convertible Preferred 313586810 205,312.50 3.00 3.00- ALL 3.000 0 FEDERAL NATL MTG ASS Unit 313586844 24,850.00 700.00 700.00- ALL 700.000 0 FEDERAL NATL MTG ASS Unit 313586877 25,245.00 675.00 675.00- ALL 675.000 0 FEDERAL NATL MTG ASS Preferred Stock 313586885 26,838.00 675.00 675.00- ALL 675.000 0 FEDERATED INVS INC P Common Stock 314211103 109,648.00 2,800.00 2,800.00- ALL 2,800.000 0 FEDEX CORP Common Stock 31428X106 1,251,045.00 13,500.00 13,500.00- ALL 13,500.000 0 FIFTH THIRD BANCORP Common Stock 316773100 1,209,908.20 57,835.00 57,835.00- ALL 57,835.000 0 FIRST HORIZON NATL C Common Stock 320517105 382,963.35 27,335.00 27,335.00- ALL 27,335.000 0 FISERV INC Common Stock 337738108 605,934.00 12,600.00 12,600.00- ALL 12,600.000 0 FORD MTR CO DEL Common Stock 345370860 1,106,820.00 193,500.00 193,500.00- ALL 193,500.000 0 FORTUNE BRANDS INC Common Stock 349631101 889,600.00 12,800.00 12,800.00- ALL 12,800.000 0 FRANKLIN RES INC Common Stock 354613101 193,980.00 2,000.00 2,000.00- ALL 2,000.000 0 GANNETT INC Common Stock 364730101 119,105.00 4,100.00 4,100.00- ALL 4,100.000 0 GAP INC Common Stock 364760108 1,073,248.80 54,535.00 54,535.00- ALL 54,535.000 0 GENERAL DYNAMICS COR Common Stock 369550108 325,143.00 3,900.00 3,900.00- ALL 3,900.000 0 GENERAL ELEC CO Common Stock 369604103 11,103.00 300.00 300.00- ALL 300.000 0 GENERAL MTRS CORP Common Stock 370442105 1,108,710.00 58,200.00 58,200.00- ALL 58,200.000 0 GENUINE PARTS CO Common Stock 372460105 703,850.00 17,500.00 17,500.00- ALL 17,500.000 0 GENWORTH FINL INC Common Stock 37247D106 160,744.00 7,100.00 7,100.00- ALL 7,100.000 0 GENZYME CORP Common Stock 372917104 969,020.00 13,000.00 13,000.00- ALL 13,000.000 0 GEORGIA PWR CO Preferred Stock 373334523 32,502.25 1,325.00 1,325.00- ALL 1,325.000 0 GILEAD SCIENCES INC Common Stock 375558103 1,860,233.00 36,100.00 36,100.00- ALL 36,100.000 0 GOLDMAN SACHS GROUP Common Stock 38141G104 7,492,167.00 45,300.00 45,300.00- ALL 45,300.000 0 GOLDMAN SACHS GROUP Preferred Stock 38143Y665 26,685.00 1,500.00 1,500.00- ALL 1,500.000 0 GOLDMAN SACHS GROUP Preferred Stock 38144X500 35,805.00 1,500.00 1,500.00- ALL 1,500.000 0 GOODRICH B F CO Common Stock 382388106 138,024.00 2,400.00 2,400.00- ALL 2,400.000 0 GOOGLE INC Common Stock 38259P508 748,799.00 1,700.00 1,700.00- ALL 1,700.000 0 HRPT PROPERTIES Convertible Preferred 40426W507 946,901.50 52,315.00 52,315.00- ALL 52,315.000 0 HSBC USA INC NEW Preferred Stock 40428H805 21,408.00 1,200.00 1,200.00- ALL 1,200.000 0 HSBC USA INC NEW Preferred Stock 40428H862 31,500.00 1,400.00 1,400.00- ALL 1,400.000 0 HARMAN INTL INDS INC Common Stock 413086109 291,718.00 6,700.00 6,700.00- ALL 6,700.000 0 HARMONIC LIGHTWAVES Common Stock 413160102 50,160.00 6,600.00 6,600.00- ALL 6,600.000 0 HARTFORD FINL SVCS G Common Stock 416515104 250,041.00 3,300.00 3,300.00- ALL 3,300.000 0 HASBRO BRADLEY INC Common Stock 418056107 541,260.00 19,400.00 19,400.00- ALL 19,400.000 0 HERCULES INC Common Stock 427056106 113,398.00 6,200.00 6,200.00- ALL 6,200.000 0 HERSHEY FOODS CORP Common Stock 427866108 587,652.00 15,600.00 15,600.00- ALL 15,600.000 0 HOME DEPOT INC Common Stock 437076102 6,101,235.95 218,135.00 218,135.00- ALL 218,135.000 0 HONEYWELL INTL INC Common Stock 438516106 366,730.00 6,500.00 6,500.00- ALL 6,500.000 0 HOSPIRA INC Common Stock 441060100 145,418.00 3,400.00 3,400.00- ALL 3,400.000 0 HUDSON CITY BANCORP Common Stock 443683107 862,784.00 48,800.00 48,800.00- ALL 48,800.000 0 HUNTINGTON BANCSHARE Common Stock 446150104 281,650.00 26,200.00 26,200.00- ALL 26,200.000 0 IAC INTERACTIVECORP Common Stock 44919P300 26,988.00 1,300.00 1,300.00- ALL 1,300.000 0 ITT INDS INC IND Common Stock 450911102 378,213.00 7,300.00 7,300.00- ALL 7,300.000 0 INTEL CORP Common Stock 458140100 8,740,986.00 412,700.00 412,700.00- ALL 412,700.000 0 INTEGRYS ENERGY GROU Common Stock 45822P105 834,856.00 17,900.00 17,900.00- ALL 17,900.000 0 INTERCONTINENTALEXCH Common Stock 45865V100 143,550.00 1,100.00 1,100.00- ALL 1,100.000 0 INTL BUSINESS MCHN Common Stock 459200101 10,869,216.00 94,400.00 94,400.00- ALL 94,400.000 0 INTERNATIONAL FLAV&F Common Stock 459506101 612,295.00 13,900.00 13,900.00- ALL 13,900.000 0 INTERNATIONAL GAME Common Stock 459902102 735,843.00 18,300.00 18,300.00- ALL 18,300.000 0 INTERNATIONAL PAPER Common Stock 460146103 1,221,280.00 44,900.00 44,900.00- ALL 44,900.000 0 INTERPUBLIC GROUP CO Common Stock 460690100 117,740.00 14,000.00 14,000.00- ALL 14,000.000 0 INTERSTATE PWR & LT Preferred Stock 461070864 33,086.25 1,275.00 1,275.00- ALL 1,275.000 0 INTERSTATE PWR & LT Preferred Stock 461070872 33,168.00 1,200.00 1,200.00- ALL 1,200.000 0 INTUIT Common Stock 461202103 399,748.00 14,800.00 14,800.00- ALL 14,800.000 0 IS MSCI AUSTRIA Investment Fund 464286202 4,067,011.40 120,970.00 120,970.00- ALL 120,970.000 0 IS MSCI SINGAPORE Investment Fund 464286673 4,051,921.00 317,300.00 317,300.00- ALL 317,300.000 0 IS MSCI FRANCE Investment Fund 464286707 4,038,365.20 115,580.00 115,580.00- ALL 115,580.000 0 IS MSCI SPAIN Investment Fund 464286764 4,256,941.20 69,320.00 69,320.00- ALL 69,320.000 0 IS MSCI SAFRICA Investment Fund 464286780 3,632,739.20 32,080.00 32,080.00- ALL 32,080.000 0 IS MSCI GERMAN Investment Fund 464286806 4,048,089.70 128,470.00 128,470.00- ALL 128,470.000 0 IS MSCI NETHERLND Investment Fund 464286814 4,164,949.60 146,860.00 146,860.00- ALL 146,860.000 0 IS MSCI HONG KONG Investment Fund 464286871 3,564,870.00 198,600.00 198,600.00- ALL 198,600.000 0 ISHARES LEHMN TRES Investment Fund 464287176 1,492,991.50 13,585.00 13,585.00- ALL 13,585.000 0 IS GS INVESTOP Investment Fund 464287242 6,015,862.00 57,185.00 57,185.00- ALL 57,185.000 0 IS LEHMAN 20 Investment Fund 464287432 21,095.80 220.00 220.00- ALL 220.000 0 IS LEHMAN 7 Investment Fund 464287440 539,779.03 5,887.00 5,887.00- ALL 5,887.000 0 IS LEHMAN 1 Investment Fund 464287457 2,158,105.82 25,620.00 25,620.00- ALL 25,620.000 0 JDS UNIPHASE CORP Common Stock 46612J507 37,492.00 2,800.00 2,800.00- ALL 2,800.000 0 J P MORGAN CHASE & C Common Stock 46625H100 1,090,930.00 25,400.00 25,400.00- ALL 25,400.000 0 JABIL CIRCUIT INC Common Stock 466313103 122,980.00 13,000.00 13,000.00- ALL 13,000.000 0 JACOBS ENGR GROUP IN Common Stock 469814107 618,156.00 8,400.00 8,400.00- ALL 8,400.000 0 JANUS CAP GROUP INC Common Stock 47102X105 546,845.00 23,500.00 23,500.00- ALL 23,500.000 0 JOHNSON & JOHNSON Common Stock 478160104 3,950,583.00 60,900.00 60,900.00- ALL 60,900.000 0 JOHNSON CTLS INC Common Stock 478366107 983,580.00 29,100.00 29,100.00- ALL 29,100.000 0 JONES APPAREL GROUP Common Stock 480074103 150,773.70 11,235.00 11,235.00- ALL 11,235.000 0 KLA-TENCOR CORP Common Stock 482480100 732,168.50 19,735.00 19,735.00- ALL 19,735.000 0 KELLOGG CO Common Stock 487836108 819,936.00 15,600.00 15,600.00- ALL 15,600.000 0 KEYCORP Common Stock 493267108 590,455.00 26,900.00 26,900.00- ALL 26,900.000 0 KIMBERLY CLARK CORP Common Stock 494368103 284,020.00 4,400.00 4,400.00- ALL 4,400.000 0 L-3 COMMUNICATIONS H Common Stock 502424104 185,878.00 1,700.00 1,700.00- ALL 1,700.000 0 LABRANCHE & CO INC Common Stock 505447102 22,185.00 5,100.00 5,100.00- ALL 5,100.000 0 LATTICE SEMICONDUCTO Common Stock 518415104 21,584.00 7,600.00 7,600.00- ALL 7,600.000 0 LEGG MASON INC Common Stock 524901105 123,156.00 2,200.00 2,200.00- ALL 2,200.000 0 LEHMAN BROS HLDGS IN Investment Fund 524908100 195,728.00 5,200.00 5,200.00- ALL 5,200.000 0 LEHMAN BROS HLDGS IN Investment Fund 524908720 41,814.50 2,275.00 2,275.00- ALL 2,275.000 0 LEHMAN BROS HLDG PFD Investment Fund 524908886 21,846.50 650.00 650.00- ALL 650.000 0 LEUCADIA NATL CO Common Stock 527288104 149,226.00 3,300.00 3,300.00- ALL 3,300.000 0 LEXMARK INTL INC. Common Stock 529771107 297,984.00 9,700.00 9,700.00- ALL 9,700.000 0 LINEAR TECHNOLOGY CO Common Stock 535678106 801,009.00 26,100.00 26,100.00- ALL 26,100.000 0 LIZ CLAIBORNE Common Stock 539320101 606,210.00 33,400.00 33,400.00- ALL 33,400.000 0 LOCKHEED MARTIN CORP Common Stock 539830109 317,760.00 3,200.00 3,200.00- ALL 3,200.000 0 LOEWS CORP Common Stock 540424108 197,078.00 4,900.00 4,900.00- ALL 4,900.000 0 LOWES COS INC Common Stock 548661107 3,873,074.90 168,835.00 168,835.00- ALL 168,835.000 0 M & T BK CORP Common Stock 55261F104 338,016.00 4,200.00 4,200.00- ALL 4,200.000 0 MGIC INVT CORP WIS Common Stock 552848103 153,053.55 14,535.00 14,535.00- ALL 14,535.000 0 MANHATTAN ASSOCS INC Common Stock 562750109 36,688.00 1,600.00 1,600.00- ALL 1,600.000 0 MARATHON OIL CORP Common Stock 565849106 483,360.00 10,600.00 10,600.00- ALL 10,600.000 0 MARSH & MCLENNAN COS Common Stock 571748102 1,390,385.00 57,100.00 57,100.00- ALL 57,100.000 0 MARSHALL & ILSLEY CO Common Stock 571837103 538,240.00 23,200.00 23,200.00- ALL 23,200.000 0 MARRIOTT INTL INC NE Common Stock 571903202 164,928.00 4,800.00 4,800.00- ALL 4,800.000 0 MASCO CORP Common Stock 574599106 584,985.00 29,500.00 29,500.00- ALL 29,500.000 0 MAXIM INTEGRATED PRO Common Stock 57772K101 673,583.65 33,035.00 33,035.00- ALL 33,035.000 0 MCCORMICK & CO INC Common Stock 579780206 558,247.00 15,100.00 15,100.00- ALL 15,100.000 0 MCDONALDS CORP Common Stock 580135101 563,277.00 10,100.00 10,100.00- ALL 10,100.000 0 MCGRAW HILL INC Common Stock 580645109 169,970.00 4,600.00 4,600.00- ALL 4,600.000 0 MEDTRONIC INC Common Stock 585055106 478,863.00 9,900.00 9,900.00- ALL 9,900.000 0 MEREDITH CORP Common Stock 589433101 451,350.00 11,800.00 11,800.00- ALL 11,800.000 0 MERRILL LYNCH & CO Common Stock 590188108 309,624.00 7,600.00 7,600.00- ALL 7,600.000 0 MERRILL LYNCH & CO I Preferred Stock 59021V839 41,120.00 2,000.00 2,000.00- ALL 2,000.000 0 METLIFE INC Preferred Stock 59156R504 24,000.00 1,200.00 1,200.00- ALL 1,200.000 0 METLIFE INC Preferred Stock 59156R603 34,410.00 1,500.00 1,500.00- ALL 1,500.000 0 METLIFE INC COM EQ UT6.375 Convertible Preferred 59156R702 1,399,533.90 47,170.00 47,170.00- ALL 47,170.000 0 MICROSOFT CORP Common Stock 594918104 10,778,724.00 379,800.00 379,800.00- ALL 379,800.000 0 MISSISSIPPI POWER CO Preferred Stock 605417773 44,721.00 1,800.00 1,800.00- ALL 1,800.000 0 MOLEX INC Common Stock 608554101 338,946.60 14,635.00 14,635.00- ALL 14,635.000 0 MOLSON COORS BREWING Common Stock 60871R209 404,789.00 7,700.00 7,700.00- ALL 7,700.000 0 MONSTER WORLDWIDE IN Common Stock 611742107 104,103.00 4,300.00 4,300.00- ALL 4,300.000 0 MOODYS CORP Common Stock 615369105 146,286.00 4,200.00 4,200.00- ALL 4,200.000 0 MORGAN STANLEY Common Stock 617446448 5,378,890.00 117,700.00 117,700.00- ALL 117,700.000 0 MORGAN STANLEY Preferred Stock 61747S504 40,645.00 2,200.00 2,200.00- ALL 2,200.000 0 MOTOROLA INC Common Stock 620076109 2,215,260.00 238,200.00 238,200.00- ALL 238,200.000 0 MURPHY OIL CORP Common Stock 626717102 336,774.00 4,100.00 4,100.00- ALL 4,100.000 0 MYLAN LABS INC Common Stock 628530107 423,400.00 36,500.00 36,500.00- ALL 36,500.000 0 NYSE EURONEXT Common Stock 629491101 191,301.00 3,100.00 3,100.00- ALL 3,100.000 0 NETAPP INC Common Stock 64110D104 130,325.00 6,500.00 6,500.00- ALL 6,500.000 0 NEW YORK TIMES CO Common Stock 650111107 408,468.80 21,635.00 21,635.00- ALL 21,635.000 0 NEWELL FINL TR I Convertible Preferred 651195307 1,334,565.00 29,657.00 29,657.00- ALL 29,657.000 0 NEWELL RUBBERMAID IN Common Stock 651229106 130,359.00 5,700.00 5,700.00- ALL 5,700.000 0 NIKE INC Common Stock 654106103 292,400.00 4,300.00 4,300.00- ALL 4,300.000 0 NISOURCE INC Common Stock 65473P105 486,168.00 28,200.00 28,200.00- ALL 28,200.000 0 NOBLE ENERGY INC Common Stock 655044105 283,920.00 3,900.00 3,900.00- ALL 3,900.000 0 NORTHERN TR CORP Common Stock 665859104 179,469.00 2,700.00 2,700.00- ALL 2,700.000 0 NORTHROP CORP Common Stock 666807102 264,554.00 3,400.00 3,400.00- ALL 3,400.000 0 NOVELL INC Common Stock 670006105 112,591.00 17,900.00 17,900.00- ALL 17,900.000 0 OMNICOM GROUP Common Stock 681919106 189,974.00 4,300.00 4,300.00- ALL 4,300.000 0 ORACLE SYSTEMS CORP Common Stock 68389X105 625,920.00 32,000.00 32,000.00- ALL 32,000.000 0 PC-TEL INC Common Stock 69325Q105 38,760.00 5,700.00 5,700.00- ALL 5,700.000 0 PUBLIC SERVICE NM Convertible Preferred 69349H206 552,020.40 23,292.00 23,292.00- ALL 23,292.000 0 PPG INDS INC Common Stock 693506107 157,326.00 2,600.00 2,600.00- ALL 2,600.000 0 PPL CORP Common Stock 69351T106 872,480.00 19,000.00 19,000.00- ALL 19,000.000 0 PACTIV CORP Common Stock 695257105 495,369.00 18,900.00 18,900.00- ALL 18,900.000 0 PALL CORP Common Stock 696429307 932,862.00 26,600.00 26,600.00- ALL 26,600.000 0 PATTERSON COMPANIES Common Stock 703395103 566,280.00 15,600.00 15,600.00- ALL 15,600.000 0 PAYCHEX INC Common Stock 704326107 736,590.00 21,500.00 21,500.00- ALL 21,500.000 0 PERKINELMER INC Common Stock 714046109 298,275.00 12,300.00 12,300.00- ALL 12,300.000 0 PHOTON DYNAMICS INC Common Stock 719364101 45,580.00 4,300.00 4,300.00- ALL 4,300.000 0 PITNEY BOWES INC Common Stock 724479100 619,854.00 17,700.00 17,700.00- ALL 17,700.000 0 PLANAR SYS INC Common Stock 726900103 20,050.00 5,000.00 5,000.00- ALL 5,000.000 0 PRAXAIR INC Common Stock 74005P104 1,490,871.00 17,700.00 17,700.00- ALL 17,700.000 0 PRECISION CASTPARTS Common Stock 740189105 183,744.00 1,800.00 1,800.00- ALL 1,800.000 0 T.ROWE PRICE GROUP I Common Stock 74144T108 175,000.00 3,500.00 3,500.00- ALL 3,500.000 0 PRINCIPAL FINANCIAL Preferred Stock 74251V300 52,500.00 2,100.00 2,100.00- ALL 2,100.000 0 PROCTER & GAMBLE CO Common Stock 742718109 5,598,593.00 79,900.00 79,900.00- ALL 79,900.000 0 PROGRESS ENERGY INC Common Stock 743263105 679,710.00 16,300.00 16,300.00- ALL 16,300.000 0 PROGRESSIVE CORP OHI Common Stock 743315103 654,049.00 40,700.00 40,700.00- ALL 40,700.000 0 QLOGIC CORP Common Stock 747277101 116,660.00 7,600.00 7,600.00- ALL 7,600.000 0 QUALCOMM INC Common Stock 747525103 7,031,500.00 171,500.00 171,500.00- ALL 171,500.000 0 RADIOSHACK CORP Common Stock 750438103 227,500.00 14,000.00 14,000.00- ALL 14,000.000 0 RANGE RES CORP Common Stock 75281A109 260,145.00 4,100.00 4,100.00- ALL 4,100.000 0 RAYTHEON CO Common Stock 755111507 277,823.00 4,300.00 4,300.00- ALL 4,300.000 0 REGIONS FINL CORP Common Stock 7591EP100 466,100.00 23,600.00 23,600.00- ALL 23,600.000 0 REWARDS NETWORK INC Common Stock 761557107 38,976.00 8,700.00 8,700.00- ALL 8,700.000 0 ROBERT HALF INTL INC Common Stock 770323103 126,126.00 4,900.00 4,900.00- ALL 4,900.000 0 ROCKWELL COLLINS INC Common Stock 774341101 148,590.00 2,600.00 2,600.00- ALL 2,600.000 0 ROHM & HAAS CO Common Stock 775371107 140,608.00 2,600.00 2,600.00- ALL 2,600.000 0 RYDER SYS INC Common Stock 783549108 548,190.00 9,000.00 9,000.00- ALL 9,000.000 0 SLM CORP Common Stock 78442P106 124,335.00 8,100.00 8,100.00- ALL 8,100.000 0 SLM CORP Preferred Stock 78442P205 28,869.50 725.00 725.00- ALL 725.000 0 S&P500 SPDR Unit 78462F103 35,355,554.82 267,906.00 267,906.00- ALL 267,906.000 0 SAFECO CORP Common Stock 786429100 456,352.00 10,400.00 10,400.00- ALL 10,400.000 0 ST JUDE MED INC Common Stock 790849103 202,993.00 4,700.00 4,700.00- ALL 4,700.000 0 SANDISK CORP Common Stock 80004C101 306,952.00 13,600.00 13,600.00- ALL 13,600.000 0 SARA LEE CORP Common Stock 803111103 1,057,377.30 75,635.00 75,635.00- ALL 75,635.000 0 SCHERING PLOUGH CORP Convertible Preferred 806605705 1,069,962.30 6,985.00 6,985.00- ALL 6,985.000 0 SCHWAB CHARLES CP NE Common Stock 808513105 2,165,450.00 115,000.00 115,000.00- ALL 115,000.000 0 SCRIPPS (Ew) Co Common Stock 811054204 361,286.00 8,600.00 8,600.00- ALL 8,600.000 0 SHERWIN WILLIAMS CO Common Stock 824348106 122,496.00 2,400.00 2,400.00- ALL 2,400.000 0 SIGMA ALDRICH CORP Common Stock 826552101 841,065.00 14,100.00 14,100.00- ALL 14,100.000 0 SIMON PPTY GROUP INC Convertible Preferred 828806802 1,376,377.80 18,235.00 18,235.00- ALL 18,235.000 0 SOUTHERN CALIF EDISO Preferred Stock 842400202 29,280.00 1,600.00 1,600.00- ALL 1,600.000 0 SOUTHERN CO Common Stock 842587107 1,168,008.00 32,800.00 32,800.00- ALL 32,800.000 0 SOUTHWEST AIRLS CO Common Stock 844741108 996,960.00 80,400.00 80,400.00- ALL 80,400.000 0 SOVEREIGN BANCORP IN Common Stock 845905108 447,686.20 48,035.00 48,035.00- ALL 48,035.000 0 SPRINT NEXTEL CORP Common Stock 852061100 1,987,599.00 297,100.00 297,100.00- ALL 297,100.000 0 STANLEY WKS Preferred Stock 854616208 1,054,273.36 1,239.00 1,239.00- ALL 1,239.000 0 STAPLES INC Common Stock 855030102 818,070.00 37,000.00 37,000.00- ALL 37,000.000 0 STARBUCKS CORP Common Stock 855244109 616,000.00 35,200.00 35,200.00- ALL 35,200.000 0 STARWOOD HOTELS&RESO Common Stock 85590A401 175,950.00 3,400.00 3,400.00- ALL 3,400.000 0 STATE STR CORP Common Stock 857477103 308,100.00 3,900.00 3,900.00- ALL 3,900.000 0 STRYKER CORP Common Stock 863667101 1,027,790.00 15,800.00 15,800.00- ALL 15,800.000 0 SUNTRUST BKS INC Common Stock 867914103 898,782.00 16,300.00 16,300.00- ALL 16,300.000 0 SUNTRUST BKS INC Preferred Stock 867914509 14,408.00 800.00 800.00- ALL 800.000 0 SUPERVALU INC Common Stock 868536103 590,606.00 19,700.00 19,700.00- ALL 19,700.000 0 SYMANTEC CORP Common Stock 871503108 1,017,144.00 61,200.00 61,200.00- ALL 61,200.000 0 SYNOPSYS INC Common Stock 871607107 40,878.00 1,800.00 1,800.00- ALL 1,800.000 0 SYSCO CORP Common Stock 871829107 911,228.00 31,400.00 31,400.00- ALL 31,400.000 0 TECO ENERGY INC Common Stock 872375100 343,483.25 21,535.00 21,535.00- ALL 21,535.000 0 TJX COS INC NEW Common Stock 872540109 820,136.00 24,800.00 24,800.00- ALL 24,800.000 0 TARGET CORP Common Stock 87612E106 380,100.00 7,500.00 7,500.00- ALL 7,500.000 0 TEXAS INSTRS INC Common Stock 882508104 4,169,825.00 147,500.00 147,500.00- ALL 147,500.000 0 3COM CORP Common Stock 885535104 28,625.00 12,500.00 12,500.00- ALL 12,500.000 0 3M CO Common Stock 88579Y101 2,049,985.00 25,900.00 25,900.00- ALL 25,900.000 0 TIME WARNER INC Common Stock 887317105 5,462,192.00 389,600.00 389,600.00- ALL 389,600.000 0 TOLLGRADE COMMUNICAT Common Stock 889542106 27,248.00 5,200.00 5,200.00- ALL 5,200.000 0 TORCHMARK CORP Common Stock 891027104 553,012.00 9,200.00 9,200.00- ALL 9,200.000 0 TOTAL SYS SVCS INC Common Stock 891906109 212,940.00 9,000.00 9,000.00- ALL 9,000.000 0 TRANE INC Common Stock 892893108 380,970.00 8,300.00 8,300.00- ALL 8,300.000 0 UST INC Common Stock 902911106 626,980.00 11,500.00 11,500.00- ALL 11,500.000 0 US BANCORP DEL Convertible Preferred 902973155 28,800.00 1,600.00 1,600.00- ALL 1,600.000 0 US BANCORP DEL Common Stock 902973304 2,025,736.00 62,600.00 62,600.00- ALL 62,600.000 0 UNISYS CORP Common Stock 909214108 131,128.00 29,600.00 29,600.00- ALL 29,600.000 0 UNITED PARCEL SERVIC Common Stock 911312106 2,650,626.00 36,300.00 36,300.00- ALL 36,300.000 0 UNITED TECHNOLOGIES Common Stock 913017109 543,678.00 7,900.00 7,900.00- ALL 7,900.000 0 UTSTARCOM INC Common Stock 918076100 15,620.00 5,500.00 5,500.00- ALL 5,500.000 0 VALE CAP LTD Convertible Preferred 91912C208 1,473,789.60 22,320.00 22,320.00- ALL 22,320.000 0 VARIAN MED SYS INC Common Stock 92220P105 121,784.00 2,600.00 2,600.00- ALL 2,600.000 0 VERISIGN INC Common Stock 92343E102 142,932.00 4,300.00 4,300.00- ALL 4,300.000 0 WACHOVIA CORP 2ND NE Common Stock 929903102 1,871,100.00 69,300.00 69,300.00- ALL 69,300.000 0 WAL MART STORES INC Common Stock 931142103 11,816,124.00 224,300.00 224,300.00- ALL 224,300.000 0 WASHINGTON MUT INC Common Stock 939322103 119,480.00 11,600.00 11,600.00- ALL 11,600.000 0 WASHINGTON MUT INC Preferred Stock 939322830 10,600.00 800.00 800.00- ALL 800.000 0 WASHINGTON MUT INC Convertible Preferred 939322848 584,898.00 20,595.00 20,595.00- ALL 20,595.000 0 WASHINGTON POST CO Common Stock 939640108 595,350.00 900.00 900.00- ALL 900.000 0 WASTE MGMT INC DEL Common Stock 94106L109 906,120.00 27,000.00 27,000.00- ALL 27,000.000 0 WENDYS INTL INC Common Stock 950590109 103,770.00 4,500.00 4,500.00- ALL 4,500.000 0 WESTERN UN CO Common Stock 959802109 323,304.00 15,200.00 15,200.00- ALL 15,200.000 0 WESTWOOD ONE INC Common Stock 961815107 14,910.00 7,100.00 7,100.00- ALL 7,100.000 0 WHOLE FOODS MKT INC Common Stock 966837106 283,542.00 8,600.00 8,600.00- ALL 8,600.000 0 WINDSTREAM CORP Common Stock 97381W104 218,685.00 18,300.00 18,300.00- ALL 18,300.000 0 WRIGLEY WM JR CO Common Stock 982526105 810,636.00 12,900.00 12,900.00- ALL 12,900.000 0 WYNDHAM WORLDWIDE CO Common Stock 98310W108 109,604.00 5,300.00 5,300.00- ALL 5,300.000 0 XTO ENERGY CORP Common Stock 98385X106 494,880.00 8,000.00 8,000.00- ALL 8,000.000 0 XILINX INC Common Stock 983919101 727,581.25 30,635.00 30,635.00- ALL 30,635.000 0 XEROX CORP Common Stock 984121103 826,344.00 55,200.00 55,200.00- ALL 55,200.000 0 YAHOO INC Common Stock 984332106 399,234.00 13,800.00 13,800.00- ALL 13,800.000 0 YUM BRANDS INC Common Stock 988498101 1,186,999.00 31,900.00 31,900.00- ALL 31,900.000 0 ZIMMER HLDGS INC Common Stock 98956P102 1,199,044.00 15,400.00 15,400.00- ALL 15,400.000 0 ZIONS BANCORP Common Stock 989701107 514,715.00 11,300.00 11,300.00- ALL 11,300.000 0 ACE LTD Common Stock - Foreign G0070K103 891,972.00 16,200.00 16,200.00- ALL 16,200.000 0 COVIDIEN LTD Common Stock - Foreign G2552X108 252,225.00 5,700.00 5,700.00- ALL 5,700.000 0 IPC HLDGS LTD Convertible Preferred G4933P119 193,780.00 7,500.00 7,500.00- ALL 7,500.000 0 XL CAP LTD Common Stock - Foreign G98255105 434,385.00 14,700.00 14,700.00- ALL 14,700.000 0 XL CAP LTD Common Stock - Foreign G98255121 546,229.05 44,445.00 44,445.00- ALL 44,445.000 0
-----END PRIVACY-ENHANCED MESSAGE-----