-----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, Mlwp5BEHYYTzit4TDW7HXNTQk4KHQMltqQWbllz67ujX0dcwYarNJ2vxZyt88ViC 3bvXi8HegnsFnWkEUP9oWA== 0000909012-07-000859.txt : 20070523 0000909012-07-000859.hdr.sgml : 20070523 20070523155303 ACCESSION NUMBER: 0000909012-07-000859 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070523 DATE AS OF CHANGE: 20070523 EFFECTIVENESS DATE: 20070523 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: 07873984 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 t303472.txt 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, 2007 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- 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 05/22/07 - ---------------------- ----------------------- --------------- 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: $437692295.82 List of Other Included Managers: NONE
13F Holdings Report As of Date: 3/31/07 ISSUER TITLE OF CUSIP MKT SHARES/ INVESTMENT DISCRETION OTHER VOTING AUTHORITY NAME CLASS NUMBER VAL PRINC AMT SOLE(A) SHARED MNGRS SOLE SHARED NONE A D C TELECOMMUNICATIONS Common Stock 886309 1,078,056.00 64,400 64,400 - ALL 64,400 0 0 ABBOTT LABS Common Stock 2824100 279,000.00 5,000 5,000 - ALL 5,000 0 0 ACTEL CORP Common Stock 4934105 44,604.00 2,700 2,700 - ALL 2,700 0 0 ADOBE SYS INC Common Stock 00724F101 3,377,700.00 81,000 81,000 - ALL 81,000 0 0 AFFILIATED COMPUTER Common Stock 8190100 1,307,136.00 22,200 22,200 - ALL 22,200 0 0 ALABAMA PWR CO Preferred Stock 10392561 59,337.50 2,350 2,350 - ALL 2,350 0 0 ALLERGAN INC Common Stock 18490102 55,410.00 500 500 - ALL 500 0 0 ALLIED IRISH BKS P L American Deposi 19228402 682,518.00 11,400 11,400 - ALL 11,400 0 0 ALTERA CORP Common Stock 21441100 1,103,448.00 55,200 55,200 - ALL 55,200 0 0 ALTRIA GROUP INC Common Stock 02209S103 983,472.00 11,200 11,200 - ALL 11,200 0 0 AMAZON COM INC Common Stock 23135106 1,173,805.00 29,500 29,500 - ALL 29,500 0 0 AMERICAN EXPRESS CO Common Stock 25816109 5,668,200.00 100,500 100,500 - ALL 100,500 0 0 AMERIPRISE FINL INC Common Stock 03076C106 3,790,381.90 66,335 66,335 - ALL 66,335 0 0 ANALOG DEVICES INC Common Stock 32654105 3,701,984.15 107,335 107,335 - ALL 107,335 0 0 ANDREW CORP Common Stock 34425108 50,832.00 4,800 4,800 - ALL 4,800 0 0 ANGLO IRISH BK CORP American Deposi 35058106 411,051.40 19,300 19,300 - ALL 19,300 0 0 ARCHER DANIELS MIDLA Common Stock 39483102 1,277,160.00 34,800 34,800 - ALL 34,800 0 0 AUDIOVOX CORP Common Stock 50757103 53,028.00 3,600 3,600 - ALL 3,600 0 0 AUTODESK INC Common Stock 52769106 176,720.00 4,700 4,700 - ALL 4,700 0 0 AUTOMATIC DATA PROCE Common Stock 53015103 227,480.00 4,700 4,700 - ALL 4,700 0 0 AVAYA INC Common Stock 53499109 1,034,556.00 87,600 87,600 - ALL 87,600 0 0 BMC SOFTWARE INC Common Stock 55921100 1,126,914.00 36,600 36,600 - ALL 36,600 0 0 BANK AMER CORP Common Stock 60505104 739,790.00 14,500 14,500 - ALL 14,500 0 0 BANK OF AMERICA CORP Preferred Stock 60505831 39,375.00 1,500 1,500 - ALL 1,500 0 0 BANK NEW YORK INC Common Stock 64057102 4,347,973.75 107,225 107,225 - ALL 107,225 0 0 BARD C R INC Common Stock 67383109 63,608.00 800 800 - ALL 800 0 0 BARR LABS INC Common Stock 68306109 996,525.00 21,500 21,500 - ALL 21,500 0 0 BAUSCH & LOMB INC Common Stock 71707103 1,038,548.00 20,300 20,300 - ALL 20,300 0 0 BAXTER INTL INC Common Stock 71813109 189,612.00 3,600 3,600 - ALL 3,600 0 0 BEAR STEARNS COS INC Common Stock 73902108 3,879,030.00 25,800 25,800 - ALL 25,800 0 0 BEAR STEARNS COS PFD Preferred Stock 73902868 41,332.50 825 825 - ALL 825 0 0 BEAR STEARNS COS PFD Preferred Stock 73902876 25,535.00 500 500 - ALL 500 0 0 BECTON DICKINSON Common Stock 75887109 115,335.00 1,500 1,500 - ALL 1,500 0 0 BIG LOTS INC Common Stock 89302103 1,357,552.00 43,400 43,400 - ALL 43,400 0 0 BIOMET INC Common Stock 90613100 63,735.00 1,500 1,500 - ALL 1,500 0 0 BLACK BOX CORP DEL Common Stock 91826107 40,194.00 1,100 1,100 - ALL 1,100 0 0 BOSTON SCIENTIFIC CO Common Stock 101137107 93,056.00 6,400 6,400 - ALL 6,400 0 0 BRISTOL MYERS SQUIBB Common Stock 110122108 172,112.00 6,200 6,200 - ALL 6,200 0 0 C COR ELECTRS INC Common Stock 125010108 60,984.00 4,400 4,400 - ALL 4,400 0 0 CIT GROUP INC Common Stock 125581108 2,587,788.00 48,900 48,900 - ALL 48,900 0 0 CIT GROUP INC Preferred Stock 125581207 49,970.00 1,900 1,900 - ALL 1,900 0 0 CRH PLC American Deposi 12626K203 617,558.00 14,200 14,200 - ALL 14,200 0 0 CVS CORP Common Stock 126650100 406,266.00 11,900 11,900 - ALL 11,900 0 0 CA INC Common Stock 12673P105 3,664,580.85 141,435 141,435 - ALL 141,435 0 0 CAMPBELL SOUP CO Common Stock 134429109 74,005.00 1,900 1,900 - ALL 1,900 0 0 CAPITAL ONE FINL COR Common Stock 14040H105 4,338,950.00 57,500 57,500 - ALL 57,500 0 0 CHICAGO MERCANTILE H Common Stock 167760107 372,722.00 700 700 - ALL 700 0 0 CIENA CORP Common Stock 171779309 1,025,765.00 36,700 36,700 - ALL 36,700 0 0 CINTAS CORP Common Stock 172908105 487,350.00 13,500 13,500 - ALL 13,500 0 0 CITIGROUP INC Common Stock 172967101 6,920,632.00 134,800 134,800 - ALL 134,800 0 0 CITIGROUP INC PFD F DEP 1 Preferred Stock 172967309 39,145.25 775 775 - ALL 775 0 0 CITIGROUP INC Preferred Stock 172967812 33,085.00 650 650 - ALL 650 0 0 CITRIX SYS INC Common Stock 177376100 1,245,967.00 38,900 38,900 - ALL 38,900 0 0 CLOROX CO Common Stock 189054109 44,583.00 700 700 - ALL 700 0 0 COCA COLA CO Common Stock 191216100 6,398,400.00 133,300 133,300 - ALL 133,300 0 0 COCA COLA ENTERPRISE Common Stock 191219104 3,597,108.75 177,635 177,635 - ALL 177,635 0 0 COGNIZANT TECHNOLOGY Common Stock 192446102 909,181.00 10,300 10,300 - ALL 10,300 0 0 COLGATE PALMOLIVE CO Common Stock 194162103 140,259.00 2,100 2,100 - ALL 2,100 0 0 COMERICA INC Common Stock 200340107 3,561,093.20 60,235 60,235 - ALL 60,235 0 0 COMPUTER SCIENCES CO Common Stock 205363104 67,769.00 1,300 1,300 - ALL 1,300 0 0 COMPUWARE CORP Common Stock 205638109 1,178,658.00 124,200 124,200 - ALL 124,200 0 0 CONAGRA FOODS INC Common Stock 205887102 3,822,065.85 153,435 153,435 - ALL 153,435 0 0 CONVERGYS CORP Common Stock 212485106 1,076,672.52 42,372 42,372 - ALL 42,372 0 0 COUNTRYWIDE FIN CORP Common Stock 222372104 121,104.00 3,600 3,600 - ALL 3,600 0 0 DARDEN RESTAURANTS I Common Stock 237194105 3,642,637.65 88,435 88,435 - ALL 88,435 0 0 DEAN FOODS CO NEW Common Stock 242370104 51,414.00 1,100 1,100 - ALL 1,100 0 0 DILLARDS INC Common Stock 254067101 3,411,611.55 104,235 104,235 - ALL 104,235 0 0 DITECH NETWORKS INC Common Stock 25500T108 58,464.00 7,200 7,200 - ALL 7,200 0 0 DOLLAR GEN CORP Common Stock 256669102 4,526,840.25 214,035 214,035 - ALL 214,035 0 0 DONNELLEY R R & SONS Common Stock 257867101 1,053,792.00 28,800 28,800 - ALL 28,800 0 0 DOW JONES & CO INC Common Stock 260561105 41,364.00 1,200 1,200 - ALL 1,200 0 0 DU PONT E I DE N PFD Preferred Stock 263534307 43,750.00 500 500 - ALL 500 0 0 DYNEGY INC NEW Common Stock 26816Q101 1,288,066.00 139,100 139,100 - ALL 139,100 0 0 E-TRADE FINL GRP Common Stock 269246104 1,063,122.00 50,100 50,100 - ALL 50,100 0 0 EBAY INC Common Stock 278642103 1,408,875.00 42,500 42,500 - ALL 42,500 0 0 ELAN PLC American Deposi 284131208 166,125.00 12,500 12,500 - ALL 12,500 0 0 ELECTRONIC ARTS Common Stock 285512109 1,072,668.00 21,300 21,300 - ALL 21,300 0 0 ELECTRONIC DATA SYS Common Stock 285661104 3,815,272.80 137,835 137,835 - ALL 137,835 0 0 EMERSON ELEC CO Common Stock 291011104 611,878.00 14,200 14,200 - ALL 14,200 0 0 ENTERGY CORP NEW Convertible Pre 29364G202 1,399,559.65 21,535 21,535 - ALL 21,535 0 0 EQUIFAX INC Common Stock 294429105 451,980.00 12,400 12,400 - ALL 12,400 0 0 EXXON MOBIL CORP Common Stock 30231G102 15,090.00 200 200 - ALL 200 0 0 FAMILY DLR STORES IN Common Stock 307000109 3,623,562.70 122,335 122,335 - ALL 122,335 0 0 FREDDIE MAC Common Stock 313400301 3,063,735.00 51,500 51,500 - ALL 51,500 0 0 FEDERAL HOME LN MTG Preferred Stock 313400830 31,843.50 650 650 - ALL 650 0 0 FEDERAL HOME LN MTG CORP Preferred Stock 313400863 32,270.00 700 700 - ALL 700 0 0 FANNIE MAE Common Stock 313586109 4,908,652.30 89,935 89,935 - ALL 89,935 0 0 FEDERAL NATL MTG ASS Preferred Stock 313586810 201,475.32 2 2 - ALL 2 0 0 FEDERAL NATL MTG ASS Preferred Stock 313586844 34,055.00 700 700 - ALL 700 0 0 FEDERAL NATL MTG ASS Preferred Stock 313586877 32,730.75 675 675 - ALL 675 0 0 FEDERAL NATL MTG ASS Preferred Stock 313586885 33,480.00 675 675 - ALL 675 0 0 FEDERATED DEPT STORE Common Stock 31410H101 270,300.00 6,000 6,000 - ALL 6,000 0 0 FEDERATED INVS INC P Common Stock 314211103 3,082,093.20 83,935 83,935 - ALL 83,935 0 0 FIDELITY NATL INFORM Common Stock 31620M106 3,661,121.10 80,535 80,535 - ALL 80,535 0 0 FIFTH THIRD BANCORP Common Stock 316773100 3,901,306.15 100,835 100,835 - ALL 100,835 0 0 FIRST DATA CORP Common Stock 319963104 169,470.00 6,300 6,300 - ALL 6,300 0 0 FIRST HORIZON NATL C Common Stock 320517105 3,415,219.55 82,235 82,235 - ALL 82,235 0 0 FISERV INC Common Stock 337738108 74,284.00 1,400 1,400 - ALL 1,400 0 0 FOREST LABS INC Common Stock 345838106 1,255,136.00 24,400 24,400 - ALL 24,400 0 0 FORTUNE BRANDS INC Common Stock 349631101 583,268.00 7,400 7,400 - ALL 7,400 0 0 FRANKLIN RES INC Common Stock 354613101 144,996.00 1,200 1,200 - ALL 1,200 0 0 GANNETT INC Common Stock 364730101 258,934.00 4,600 4,600 - ALL 4,600 0 0 GAP INC Common Stock 364760108 3,590,608.35 208,635 208,635 - ALL 208,635 0 0 GENERAL ELEC CO Common Stock 369604103 10,608.00 300 300 - ALL 300 0 0 GENERAL MLS INC Common Stock 370334104 168,838.00 2,900 2,900 - ALL 2,900 0 0 GENUINE PARTS CO Common Stock 372460105 3,676,715.00 75,035 75,035 - ALL 75,035 0 0 GENWORTH FINL INC Convertible Pre 37247D304 1,014,560.00 27,200 27,200 - ALL 27,200 0 0 GEORGIA PWR CO Preferred Stock 373334523 33,641.75 1,325 1,325 - ALL 1,325 0 0 GOLDMAN SACHS GROUP Common Stock 38141G104 5,888,955.00 28,500 28,500 - ALL 28,500 0 0 GOLDMAN SACHS GROUP Preferred Stock 38143Y665 31,140.00 1,200 1,200 - ALL 1,200 0 0 GOLDMAN SACHS GROUP Preferred Stock 38144X500 39,075.00 1,500 1,500 - ALL 1,500 0 0 GRAINGER W W INC Common Stock 384802104 1,135,428.00 14,700 14,700 - ALL 14,700 0 0 HRPT PROPERTIES Convertible Pre 40426W507 1,031,753.80 39,410 39,410 - ALL 39,410 0 0 HSBC USA INC NEW Preferred Stock 40428H805 31,080.00 1,200 1,200 - ALL 1,200 0 0 HSBC USA INC NEW Preferred Stock 40428H862 37,030.00 1,400 1,400 - ALL 1,400 0 0 HARMONIC LIGHTWAVES Common Stock 413160102 64,812.00 6,600 6,600 - ALL 6,600 0 0 HEINZ H J CO Common Stock 423074103 131,936.00 2,800 2,800 - ALL 2,800 0 0 HERCULES INC Common Stock 427056106 1,033,666.00 52,900 52,900 - ALL 52,900 0 0 HERSHEY FOODS CORP Common Stock 427866108 76,524.00 1,400 1,400 - ALL 1,400 0 0 HOME DEPOT INC Common Stock 437076102 5,534,329.90 150,635 150,635 - ALL 150,635 0 0 HOSPIRA INC Common Stock 441060100 36,810.00 900 900 - ALL 900 0 0 IAC INTERACTIVECORP Common Stock 44919P300 1,150,155.00 30,500 30,500 - ALL 30,500 0 0 IMS HEALTH INC Common Stock 449934108 3,661,082.10 123,435 123,435 - ALL 123,435 0 0 INTER TEL INC Common Stock 458372109 52,008.00 2,200 2,200 - ALL 2,200 0 0 INTERPUBLIC GROUP CO Common Stock 460690100 1,100,514.00 89,400 89,400 - ALL 89,400 0 0 INTERSTATE PWR & LT Preferred Stock 461070864 34,488.75 1,275 1,275 - ALL 1,275 0 0 INTERSTATE PWR & LT Preferred Stock 461070872 36,060.00 1,200 1,200 - ALL 1,200 0 0 INTUIT Common Stock 461202103 1,220,256.00 44,600 44,600 - ALL 44,600 0 0 IRELAND BK American Deposi 46267Q103 553,600.00 6,400 6,400 - ALL 6,400 0 0 IS MSCI AUSTRALIA Investment Fund 464286103 3,300,840.00 127,200 127,200 - ALL 127,200 0 0 IS MSCI SINGAPORE Investment Fund 464286673 3,174,142.00 256,600 256,600 - ALL 256,600 0 0 IS MSCI UK Investment Fund 464286699 3,182,054.00 132,200 132,200 - ALL 132,200 0 0 IS MSCI SPAIN Investment Fund 464286764 3,306,212.00 58,600 58,600 - ALL 58,600 0 0 IS MSCI NETHERLND Investment Fund 464286814 3,242,138.00 114,200 114,200 - ALL 114,200 0 0 IS MSCI MEXICO Investment Fund 464286822 3,190,932.00 58,700 58,700 - ALL 58,700 0 0 IS MSCI JAPAN Investment Fund 464286848 3,117,980.00 214,000 214,000 - ALL 214,000 0 0 IS MSCI HONG KONG Investment Fund 464286871 2,853,862.00 177,700 177,700 - ALL 177,700 0 0 ISHARES LEHMN TRES Investment Fund 464287176 721,645.00 7,145 7,145 - ALL 7,145 0 0 IS S&P500 Investment Fund 464287200 8,640,038.00 60,700 60,700 - ALL 60,700 0 0 IS GS INVESTOP Investment Fund 464287242 3,418,259.40 31,860 31,860 - ALL 31,860 0 0 IS LEHMAN 20 Investment Fund 464287432 273,668.00 3,100 3,100 - ALL 3,100 0 0 IS LEHMAN 7 Investment Fund 464287440 1,062,305.65 12,785 12,785 - ALL 12,785 0 0 IS LEHMAN 1 Investment Fund 464287457 1,360,176.30 16,905 16,905 - ALL 16,905 0 0 ISHARES TR Equity Option - 464288638 1,414,029.30 14,010 14,010 - ALL 14,010 0 0 JDS UNIPHASE CORP Common Stock 46612J507 1,043,255.00 68,500 68,500 - ALL 68,500 0 0 J P MORGAN CHASE & C Common Stock 46625H100 7,931,175.30 163,935 163,935 - ALL 163,935 0 0 JABIL CIRCUIT INC Common Stock 466313103 1,213,947.00 56,700 56,700 - ALL 56,700 0 0 JANUS CAP GROUP INC Common Stock 47102X105 3,501,065.85 167,435 167,435 - ALL 167,435 0 0 JOHNSON & JOHNSON Common Stock 478160104 566,444.00 9,400 9,400 - ALL 9,400 0 0 JONES APPAREL GROUP Common Stock 480074103 3,273,820.55 106,535 106,535 - ALL 106,535 0 0 JUNIPER NETWORKS Common Stock 48203R104 1,186,704.00 60,300 60,300 - ALL 60,300 0 0 KLA-TENCOR CORP Common Stock 482480100 3,815,205.96 71,553 71,553 - ALL 71,553 0 0 KELLOGG CO Common Stock 487836108 113,146.00 2,200 2,200 - ALL 2,200 0 0 KERRY GROUP PLC American Deposi 492460100 135,671.20 4,900 4,900 - ALL 4,900 0 0 KIMBERLY CLARK CORP Common Stock 494368103 123,282.00 1,800 1,800 - ALL 1,800 0 0 KING PHARMACEUTICALS Common Stock 495582108 1,209,705.00 61,500 61,500 - ALL 61,500 0 0 KOHLS CORP Common Stock 500255104 283,457.00 3,700 3,700 - ALL 3,700 0 0 LSI LOGIC CORP Common Stock 502161102 1,240,272.00 118,800 118,800 - ALL 118,800 0 0 LABRANCHE & CO INC Common Stock 505447102 41,616.00 5,100 5,100 - ALL 5,100 0 0 LATTICE SEMICONDUCTO Common Stock 518415104 44,460.00 7,600 7,600 - ALL 7,600 0 0 LEGG MASON INC Common Stock 524901105 94,210.00 1,000 1,000 - ALL 1,000 0 0 LEHMAN BROS HLDGS IN Common Stock 524908100 4,211,207.00 60,100 60,100 - ALL 60,100 0 0 LEHMAN BROS HLDGS IN Convertible Pre 524908563 1,031,787.18 37,629 37,629 - ALL 37,629 0 0 LEHMAN BROS HLDGS IN Preferred Stock 524908720 59,650.50 2,275 2,275 - ALL 2,275 0 0 LEHMAN BROS HLDG PFD Preferred Stock 524908886 32,662.50 650 650 - ALL 650 0 0 LEXMARK INTL INC. Common Stock 529771107 1,081,510.00 18,500 18,500 - ALL 18,500 0 0 ELI LILLY & CO Common Stock 532457108 4,932,457.85 91,835 91,835 - ALL 91,835 0 0 LIMITED BRANDS INC Common Stock 532716107 276,236.00 10,600 10,600 - ALL 10,600 0 0 LINEAR TECHNOLOGY CO Common Stock 535678106 3,577,725.45 113,255 113,255 - ALL 113,255 0 0 LOWES COS INC Common Stock 548661107 4,781,284.15 151,835 151,835 - ALL 151,835 0 0 MGIC INVT CORP WIS Common Stock 552848103 3,425,314.20 58,135 58,135 - ALL 58,135 0 0 MANHATTAN ASSOCS INC Common Stock 562750109 43,888.00 1,600 1,600 - ALL 1,600 0 0 MARSHALL & ILSLEY CO Convertible Pre 571834209 1,036,577.10 39,670 39,670 - ALL 39,670 0 0 MAXIM INTEGRATED PRO Common Stock 57772K101 3,426,187.80 116,537 116,537 - ALL 116,537 0 0 MCCORMICK & CO INC Common Stock 579780206 3,610,672.20 93,735 93,735 - ALL 93,735 0 0 MCDONALDS CORP Common Stock 580135101 540,600.00 12,000 12,000 - ALL 12,000 0 0 MCGRAW HILL INC Common Stock 580645109 440,160.00 7,000 7,000 - ALL 7,000 0 0 MEDTRONIC INC Common Stock 585055106 299,266.00 6,100 6,100 - ALL 6,100 0 0 MELLON FINL CORP Common Stock 58551A108 3,940,191.90 91,335 91,335 - ALL 91,335 0 0 MERCK & CO INC Common Stock 589331107 6,154,426.95 139,335 139,335 - ALL 139,335 0 0 MEREDITH CORP Common Stock 589433101 40,173.00 700 700 - ALL 700 0 0 MERRILL LYNCH & CO Common Stock 590188108 5,237,905.45 64,135 64,135 - ALL 64,135 0 0 MERRILL LYNCH & CO INC MA Convertible Pre 59021S471 1,045,435.63 25,730 25,730 - ALL 25,730 0 0 MERRILL LYNCH & CO I Preferred Stock 59021V839 39,060.00 1,500 1,500 - ALL 1,500 0 0 METLIFE INC Preferred Stock 59156R504 31,812.00 1,200 1,200 - ALL 1,200 0 0 METLIFE INC Preferred Stock 59156R603 39,330.00 1,500 1,500 - ALL 1,500 0 0 METLIFE INC COM EQ UT6.37 Convertible Pre 59156R702 1,141,488.85 35,705 35,705 - ALL 35,705 0 0 MICROSOFT CORP Common Stock 594918104 758,064.00 27,200 27,200 - ALL 27,200 0 0 MICRON TECHNOLOGY IN Common Stock 595112103 1,177,800.00 97,500 97,500 - ALL 97,500 0 0 MISSISSIPPI POWER CO Preferred Stock 605417773 15,637.50 625 625 - ALL 625 0 0 MOLEX INC Common Stock 608554101 3,699,981.00 131,205 131,205 - ALL 131,205 0 0 MONSTER WORLDWIDE IN Common Stock 611742107 492,648.00 10,400 10,400 - ALL 10,400 0 0 MOODYS CORP Common Stock 615369105 316,506.00 5,100 5,100 - ALL 5,100 0 0 MORGAN STANLEY Common Stock 617446448 5,830,996.60 74,035 74,035 - ALL 74,035 0 0 MORGAN STANLEY Preferred Stock 61747S504 41,840.00 1,600 1,600 - ALL 1,600 0 0 MYLAN LABS INC Common Stock 628530107 3,505,751.90 165,835 165,835 - ALL 165,835 0 0 NEW YORK TIMES CO Common Stock 650111107 3,376,059.51 143,601 143,601 1 ALL 143,601 0 0 NEWELL FINL TR I Convertible Pre 651195307 990,387.54 20,409 20,409 2 ALL 20,409 0 0 NEWELL RUBBERMAID IN Common Stock 651229106 429,042.00 13,800 13,800 3 ALL 13,800 0 0 NIKE INC Common Stock 654106103 1,126,356.00 10,600 10,600 4 ALL 10,600 0 0 NORDSTROM INC Common Stock 655664100 132,350.00 2,500 2,500 5 ALL 2,500 0 0 NORTHERN TR CORP Common Stock 665859104 3,766,868.90 62,635 62,635 6 ALL 62,635 0 0 NOVELL INC Common Stock 670006105 1,138,594.00 157,700 157,700 7 ALL 157,700 0 0 NOVELLUS SYS INC Common Stock 670008101 1,123,517.76 35,088 35,088 8 ALL 35,088 0 0 ORACLE SYSTEMS CORP Common Stock 68389X105 2,059,568.00 113,600 113,600 9 ALL 113,600 0 0 PC-TEL INC Common Stock 69325Q105 57,969.00 5,700 5,700 10 ALL 5,700 0 0 PMC-SIERRA INC Common Stock 69344F106 1,093,560.00 156,000 156,000 11 ALL 156,000 0 0 PUBLIC SERVICE NM Convertible Pre 69349H206 1,147,452.86 21,257 21,257 12 ALL 21,257 0 0 PAYCHEX INC Common Stock 704326107 106,036.00 2,800 2,800 13 ALL 2,800 0 0 JC PENNEY CO Common Stock 708160106 205,400.00 2,500 2,500 14 ALL 2,500 0 0 PEPSI-COLA BOTTLING Common Stock 713409100 3,611,064.15 113,235 113,235 15 ALL 113,235 0 0 PEPSICO INC Common Stock 713448108 527,548.00 8,300 8,300 16 ALL 8,300 0 0 PFIZER INC Common Stock 717081103 573,402.00 22,700 22,700 17 ALL 22,700 0 0 PHOTON DYNAMICS INC Common Stock 719364101 54,223.00 4,300 4,300 18 ALL 4,300 0 0 PLANAR SYS INC Common Stock 726900103 43,350.00 5,000 5,000 19 ALL 5,000 0 0 T.ROWE PRICE GROUP I Common Stock 74144T108 2,708,706.00 57,400 57,400 20 ALL 57,400 0 0 PRINCIPAL FINANCIAL Preferred Stock 74251V300 58,275.00 2,100 2,100 21 ALL 2,100 0 0 PROCTER & GAMBLE CO Common Stock 742718109 764,236.00 12,100 12,100 22 ALL 12,100 0 0 QLOGIC CORP Common Stock 747277101 1,027,650.00 60,450 60,450 23 ALL 60,450 0 0 RADIOSHACK CORP Common Stock 750438103 3,879,048.27 143,509 143,509 24 ALL 143,509 0 0 REWARDS NETWORK INC Common Stock 761557107 46,110.00 8,700 8,700 25 ALL 8,700 0 0 REYNOLDS AMERICAN IN Common Stock 761713106 62,410.00 1,000 1,000 26 ALL 1,000 0 0 ROBERT HALF INTL INC Common Stock 770323103 503,336.00 13,600 13,600 27 ALL 13,600 0 0 ROCKWELL AUTOMATION Common Stock 773903109 173,623.00 2,900 2,900 28 ALL 2,900 0 0 RYANAIR HLDGS PLC American Deposi 783513104 313,530.00 7,000 7,000 29 ALL 7,000 0 0 SLM CORP Common Stock 78442P106 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918076100 45,595.00 5,500 5,500 66 ALL 5,500 0 0 VERISIGN INC Common Stock 9.23E+106 1,100,256.00 43,800 43,800 67 ALL 43,800 0 0 VULCAN MATLS CO Common Stock 929160109 1,281,280.00 11,000 11,000 68 ALL 11,000 0 0 WAL MART STORES INC Common Stock 931142103 4,009,530.00 85,400 85,400 69 ALL 85,400 0 0 WALGREEN CO Common Stock 931422109 669,994.00 14,600 14,600 70 ALL 14,600 0 0 WASHINGTON MUT INC Common Stock 939322103 230,166.00 5,700 5,700 71 ALL 5,700 0 0 WASHINGTON MUT INC Convertible Pre 939322848 385,955.54 7,157 7,157 72 ALL 7,157 0 0 WATSON PHARMACEUTICA Common Stock 942683103 1,017,555.00 38,500 38,500 73 ALL 38,500 0 0 WENDYS INTL INC Common Stock 950590109 3,447,225.50 110,135 110,135 74 ALL 110,135 0 0 WESTERN UN CO Common Stock 959802109 140,480.00 6,400 6,400 75 ALL 6,400 0 0 WESTWOOD ONE INC Common Stock 961815107 48,777.00 7,100 7,100 76 ALL 7,100 0 0 WRIGLEY WM JR CO Common Stock 982526105 91,674.00 1,800 1,800 77 ALL 1,800 0 0 WYETH Common Stock 983024100 220,132.00 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