0000885709-11-000055.txt : 20111114
0000885709-11-000055.hdr.sgml : 20111111
20111114153530
ACCESSION NUMBER: 0000885709-11-000055
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110930
FILED AS OF DATE: 20111114
DATE AS OF CHANGE: 20111114
EFFECTIVENESS DATE: 20111114
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PAYDEN & RYGEL INVESTMENT GROUP
CENTRAL INDEX KEY: 0000885709
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-04643
FILM NUMBER: 111201943
BUSINESS ADDRESS:
STREET 1: 333 S GRAND AVE
STREET 2: 32ND FL
CITY: LOS ANGELES
STATE: CA
ZIP: 90071
BUSINESS PHONE: 2136251900
MAIL ADDRESS:
STREET 1: 333 S GRAND AVE
STREET 2: 32ND FL
CITY: LOS ANGELES
STATE: CA
ZIP: 90071
FORMER COMPANY:
FORMER CONFORMED NAME: PAYDENFUNDS
DATE OF NAME CHANGE: 20010423
FORMER COMPANY:
FORMER CONFORMED NAME: PAYDEN & RYGEL INVESTMENT GROUP
DATE OF NAME CHANGE: 19940104
FORMER COMPANY:
FORMER CONFORMED NAME: P&R INVESTMENT TRUST
DATE OF NAME CHANGE: 19920929
13F-HR
1
form13fhr_0911.txt
P&RIG COVER LTR AND DATA INFO
UNITED STATES
SECRITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2011
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: Payden & Rygel
Address: 333 S. Grand Avenue
Los Angeles, CA 90071
13F File Number: 28-04643
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 submission.
Person Signing this Report on Behalf of Reporting Manager:
Name: Edward S. Garlock
Title: General Counsel
Phone: 213-830-4255
Signature, Place, and Date of Signing:
Edward S. Garlock Los Angeles, CA 90071 November 14, 2011
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: 0
Form 13F Information Table Entry Total: 253
Form 13F Information Table Value Total ($ Thousands): $198,847
List of Other Included Managers:
No. 13F File Number Name
SECURITY TYPE CUSIP MARKET SHARES OPTIONTYPE SHARES
3M COMPANY COM 88579Y101 35 484 SH SOLE 484
ADVANCE AUTO PARTS INC COM 00751Y106 1,191 20,500 SH SOLE 20,500
AFLAC COM 001055102 3 78 SH SOLE 78
ALTRIA GROUP COM 02209S103 1,162 43,342 SH SOLE 43,342
AMAZON.COM COM 023135106 1,600 7,400 SH SOLE 7,400
AMEREN COM 023608102 1,072 36,000 SH SOLE 36,000
AMERICA MOVIL ADR COM 02364W105 26 1,200 SH SOLE 1,200
AMERICAN ELECTRIC POWER COM 025537101 1,233 32,440 SH SOLE 32,440
AMERICAN EXPRESS COM 025816109 4 100 SH SOLE 100
AMGEN COM 031162100 36 650 SH SOLE 650
ANNALY MORTGAGE MANAGEMENT COM 035710409 825 49,600 SH SOLE 49,600
AON CORP COM 037389103 4 97 SH SOLE 97
APPLE COM 037833100 4,118 10,800 SH SOLE 10,800
ARTHUR J GALLAGHER & CO COM 363576109 508 19,300 SH SOLE 19,300
AT&T COM 00206R102 2,600 91,164 SH SOLE 91,164
ATMOS ENERGY CORP COM 049560105 974 30,000 SH SOLE 30,000
AVERY DENNISON CORP COM 053611109 6 246 SH SOLE 246
BAIDU.COM-ADR COM 056752108 1,593 14,900 SH SOLE 14,900
BANK OF AMERICA COM 060505104 42 6,830 SH SOLE 6,830
BANK OF NY MELLON COM 064058100 2 129 SH SOLE 129
BARRICK GOLD COM 067901108 33 700 SH SOLE 700
BED BATH & BEYOND COM 075896100 820 14,300 SH SOLE 14,300
BERKSHIRE HATHAWAY COM 084670108 214 2 SH SOLE 2
BERKSHIRE HATHAWAY INC-CL B COM 084670702 112 1,581 SH SOLE 1,581
BIOMED REALTY TRUST INC COM 09063H107 550 33,200 SH SOLE 33,200
BLACKROCK INCOME TRUST COM 09247F100 208 28,900 SH SOLE 28,900
BOEING COM 097023105 46 759 SH SOLE 759
BOSTON PROPERTIES INC COM 101121101 2 27 SH SOLE 27
BP ADR COM 055622104 17 459 SH SOLE 459
BRISTOL-MYERS SQUIBB COM 110122108 1,296 41,300 SH SOLE 41,300
CAMERON INTL COM 13342B105 1,055 25,400 SH SOLE 25,400
CAPITAL ONE FINL COM 14040H105 94 2,369 SH SOLE 2,369
CATERPILLAR COM 149123101 24 326 SH SOLE 326
CENTERPOINT ENERGY INC COM 15189T107 159 8,125 SH SOLE 8,125
CENTURYTEL, INC COM 156700106 798 24,100 SH SOLE 24,100
CH ROBINSON WORLDWDE COM 12541W209 5 71 SH SOLE 71
CHARLES SCHWAB COM 808513105 30 2,633 SH SOLE 2,633
CHEVRON COM 166764100 97 1,050 SH SOLE 1,050
CHICAGO MERCANTILE EXCHANGE COM 12572Q105 1 6 SH SOLE 6
CHUBB COM 171232101 5 78 SH SOLE 78
CINEMARK HOLDINGS INC COM 17243V102 36 1,900 SH SOLE 1,900
CISCO SYSTEMS COM 17275R102 1,624 104,800 SH SOLE 104,800
CIT GROUP INC COM 125581801 46 1,517 SH SOLE 1,517
CITIGROUP INC COM 172967424 59 2,296 SH SOLE 2,296
CITY NATIONAL CORP COM 178566105 30 800 SH SOLE 800
CMS ENERGY CORP COM 125896100 36 1,800 SH SOLE 1,800
COCA-COLA COM 191216100 2,067 30,600 SH SOLE 30,600
COGNIZANT TECH SOLUTIONS COM 192446102 1,361 21,700 SH SOLE 21,700
COLGATE-PALMOLIVE COM 194162103 27 300 SH SOLE 300
COMPASS MINERALS INT'L COM 20451N101 33 500 SH SOLE 500
CONOCOPHILLIPS COM 20825C104 1,159 18,300 SH SOLE 18,300
CONSOLIDATED EDISON COM 209115104 805 14,125 SH SOLE 14,125
COSTCO WHOLESALE COM 22160K105 944 11,500 SH SOLE 11,500
COVENTRY HEALTH CARE COM 222862104 1,216 42,200 SH SOLE 42,200
CSX COM 126408103 42 2,268 SH SOLE 2,268
CUMMINS INC COM 231021106 794 9,721 SH SOLE 9,721
DANAHER COM 235851102 849 20,252 SH SOLE 20,252
DEERE & COMPANY COM 244199105 1,282 19,861 SH SOLE 19,861
DELL COM 24702R101 759 53,700 SH SOLE 53,700
DEVON ENERGY COM 25179M103 1,597 28,800 SH SOLE 28,800
DOLLAR TREE INC COM 256746108 2,622 34,900 SH SOLE 34,900
DOVER CORP COM 260003108 9 195 SH SOLE 195
DTE ENERGY COM 233331107 1,162 23,700 SH SOLE 23,700
DUKE ENERGY COM 26441C105 1,216 60,834 SH SOLE 60,834
DUNKIN' BRANDS GROUP INC COM 265504100 1,382 49,900 SH SOLE 49,900
DUPONT COM 263534109 8 200 SH SOLE 200
EATON COM 278058102 9 246 SH SOLE 246
ECOLAB COM 278865100 44 900 SH SOLE 900
ELI LILLY COM 532457108 1,171 31,676 SH SOLE 31,676
EMC COM 268648102 1,555 74,100 SH SOLE 74,100
EMERSON ELECTRIC COM 291011104 20 486 SH SOLE 486
ENBRIDGE ENERGY PARTNERS COM 29250R106 986 35,900 SH SOLE 35,900
ENERGY SELECT SECTOR SPDR COM 81369Y506 3,534 60,400 SH SOLE 60,400
ENERGY TRANSFER EQUITY LP COM 29273V100 487 14,000 SH SOLE 14,000
ENERGY TRANSFER PARTNERS COM 29273R109 972 23,700 SH SOLE 23,700
ENTERPRISE PRODUCTS PARTNERS COM 293792107 1,032 25,700 SH SOLE 25,700
EXXON MOBIL COM 30231G102 3,679 50,656 SH SOLE 50,656
FEDEX COM 31428X106 16 234 SH SOLE 234
FIRST NIAGARA FINANCIAL COM 33582V108 6 700 SH SOLE 700
FIRSTENERGY COM 337932107 1,269 28,250 SH SOLE 28,250
FLUOR CORP COM 343412102 19 411 SH SOLE 411
FMC CORP COM 302491303 1,113 16,100 SH SOLE 16,100
FORD MOTOR COM 345370860 5 500 SH SOLE 500
FRANKLIN RESOURCES COM 354613101 2 22 SH SOLE 22
FREEPORT-MCM COPPER & GOLD COM 35671D857 18 600 SH SOLE 600
FRONTIER COMMUNICATIONS CORP COM 35906A108 586 95,900 SH SOLE 95,900
GENERAL DYNAMICS CORP COM 369550108 14 247 SH SOLE 247
GENERAL ELECTRIC COM 369604103 129 8,488 SH SOLE 8,488
GENERAL MILLS COM 370334104 31 800 SH SOLE 800
GENERAL MOTORS COM 37045V100 8 400 SH SOLE 400
GILEAD SCIENCES COM 375558103 1,331 34,300 SH SOLE 34,300
GLAXOSMITHKLINE ADR COM 37733W105 12 300 SH SOLE 300
GOLDMAN SACHS GROUP COM 38141G104 3 30 SH SOLE 30
GOODRICH COM 382388106 9 76 SH SOLE 76
GOOGLE COM 38259P508 3,245 6,300 SH SOLE 6,300
HALLIBURTON COM 406216101 1,065 34,900 SH SOLE 34,900
HCP INC COM 40414L109 996 28,400 SH SOLE 28,400
HEALTH CARE REIT INC COM 42217K106 744 15,900 SH SOLE 15,900
HEWLETT-PACKARD COM 428236103 27 1,200 SH SOLE 1,200
HONEYWELL INTL COM 438516106 21 488 SH SOLE 488
HUMAN GENOME SCIENCES INC COM 444903108 740 58,300 SH SOLE 58,300
HUNTINGTON INGALLS INDUSTRIES COM 446413106 0 19 SH SOLE 19
ILLINOIS TOOL WORKS COM 452308109 38 905 SH SOLE 905
INDUSTRIAL SELECT SECTOR SPDR COM 81369Y704 7,819 267,600 SH SOLE 267,600
INTEGRYS ENERGY GROUP INC COM 45822P105 545 11,200 SH SOLE 11,200
INTEL COM 458140100 1,845 86,500 SH SOLE 86,500
INTL BUSINESS MACHINES COM 459200101 4,005 22,900 SH SOLE 22,900
INVESCO MORTGAGE CAPITAL COM 46131B100 11 800 SH SOLE 800
ISHARES 2015 S&P AMT-FREE MUNICIPAL COM 464289339 143 2,718 SH SOLE 2,718
ISHARES 2017 S&P AMT-FREE MUNICIPAL COM 464289271 91 1,692 SH SOLE 1,692
ISHARES BARCLAYS INTERMEDIATE COM 464288638 3,144 29,442 SH SOLE 29,442
ISHARES BARCLAYS TIPS BOND FUND COM 464287176 54 475 SH SOLE 475
ISHARES DJ US FINANCIAL COM 464287788 1,439 32,600 SH SOLE 32,600
ISHARES LEHMAN 1-3 YEAR CREDIT COM 464288646 896 8,613 SH SOLE 8,613
ISHARES MSCI EAFE INDEX COM 464287465 86 1,800 SH SOLE 1,800
ISHARES MSCI EMERGING MARKETS COM 464287234 32 900 SH SOLE 900
ISHARES MSCI GERMANY INDEX COM 464286806 79 4,300 SH SOLE 4,300
ISHARES MSCI HONG KONG I COM 464286871 73 5,100 SH SOLE 5,100
ISHARES MSCI SINGAPORE COM 464286673 2,613 237,500 SH SOLE 237,500
ISHARES MSCI SOUTH KOREA COM 464286772 4,103 88,100 SH SOLE 88,100
ISHARES MSCI TAIWAN INDEX FUND COM 464286731 671 56,800 SH SOLE 56,800
ISHARES RUSSELL 1000 GROWTH COM 464287614 451 8,570 SH SOLE 8,570
ITT COM 450911102 42 1,009 SH SOLE 1,009
JACOBS ENGINEERING COM 469814107 23 700 SH SOLE 700
JOHNSON & JOHNSON COM 478160104 57 900 SH SOLE 900
JPMORGAN CHASE & CO COM 46625H100 58 1,934 SH SOLE 1,934
KIMBERLY-CLARK COM 494368103 540 7,600 SH SOLE 7,600
KINDER MORGAN ENERGY PARTNERS COM 494550106 998 14,600 SH SOLE 14,600
KINDER MORGAN INC COM 49456B101 541 20,900 SH SOLE 20,900
KRAFT FOODS COM 50075N104 833 24,800 SH SOLE 24,800
L-3 COMMUNICATIONS TITAN COM 502424104 19 300 SH SOLE 300
LABORATORY CORP OF AMERICA HLDG COM 50540R409 40 500 SH SOLE 500
LEGGETT & PLATT INC COM 524660107 1,049 53,000 SH SOLE 53,000
LIBERTY PROPERTY TRUST COM 531172104 539 18,500 SH SOLE 18,500
LIFE TECHNOLOGIES CORP COM 53217V109 23 600 SH SOLE 600
LOCKHEED MARTIN COM 539830109 45 620 SH SOLE 620
LOEWS COM 540424108 4 112 SH SOLE 112
M & T BANK CORP COM 55261F104 21 300 SH SOLE 300
MACK-CALI REALTY CORP COM 554489104 37 1,400 SH SOLE 1,400
MARKET VECTORS GOLD MINERS FUND COM 57060U100 17 300 SH SOLE 300
MARSH & MCLENNAN COM 571748102 794 29,900 SH SOLE 29,900
MASTERCARD COM 57636Q104 1,173 3,700 SH SOLE 3,700
MCDONALD'S COM 580135101 2,371 27,000 SH SOLE 27,000
MCKESSON CORP COM 58155Q103 15 200 SH SOLE 200
MERCK & CO COM 58933Y105 1,164 35,600 SH SOLE 35,600
MERITOR INC COM 59001K100 7 1,000 SH SOLE 1,000
METLIFE COM 59156R108 3 100 SH SOLE 100
MFS CHARTER INCOME TRUST COM 552727109 80 9,400 SH SOLE 9,400
MFS GOVT MARKETS INC TRUST COM 552939100 83 12,433 SH SOLE 12,433
MFS INTERMEDIATE INC TRUST COM 55273C107 120 20,000 SH SOLE 20,000
MFS MULTIMARKET INC TRUST COM 552737108 126 20,000 SH SOLE 20,000
MICROCHIP TECHNOLOGY INC COM 595017104 507 16,300 SH SOLE 16,300
MICROSOFT COM 594918104 2,026 81,400 SH SOLE 81,400
MOLEX INC-CL A COM 608554200 530 31,400 SH SOLE 31,400
MONSANTO COM 61166W101 1,177 19,600 SH SOLE 19,600
MORGAN STANLEY COM 617446448 1 107 SH SOLE 107
NEWMONT MINING COM 651639106 1,215 19,300 SH SOLE 19,300
NIKE INC-B COM 654106103 43 500 SH SOLE 500
NISOURCE INC COM 65473P105 51 2,400 SH SOLE 2,400
NORDSTROM COM 655664100 991 21,700 SH SOLE 21,700
NORFOLK SOUTHERN COM 655844108 16 257 SH SOLE 257
NORTEL NETWORKS CORP COM 656568508 0 1,261 SH SOLE 1,261
NORTHROP GRUMMAN COM 666807102 11 215 SH SOLE 215
NOVARTIS AG-ADR COM 66987V109 82 1,476 SH SOLE 1,476
ORACLE COM 68389X105 1,905 66,300 SH SOLE 66,300
PACCAR COM 693718108 9 254 SH SOLE 254
PARKER HANNIFIN CORP COM 701094104 5 77 SH SOLE 77
PEPCO HOLDINGS COM 713291102 1,105 58,400 SH SOLE 58,400
PEPSICO COM 713448108 805 13,000 SH SOLE 13,000
PFIZER COM 717081103 2,146 121,400 SH SOLE 121,400
PHILIP MORRIS INTERNATIONAL COM 718172109 2,913 46,700 SH SOLE 46,700
PINNACLE WEST CAPITAL CORP. COM 723484101 1,069 24,900 SH SOLE 24,900
PITNEY BOWES COM 724479100 1,093 58,142 SH SOLE 58,142
PLAINS ALL AMERICAN PIPELINE COM 726503105 972 16,500 SH SOLE 16,500
PNC FINANCIAL SERVICES GROUP COM 693475105 4 75 SH SOLE 75
POTASH CORP SASKATCH COM 73755L107 1,098 25,400 SH SOLE 25,400
POWERSHARES QQQ COM 73935A104 997 19,000 SH SOLE 19,000
PPL COM 69351T106 1,155 40,475 SH SOLE 40,475
PRAXAIR COM 74005P104 1,271 13,600 SH SOLE 13,600
PRECISION CASTPARTS COM 740189105 102 657 SH SOLE 657
PRICELINE.COM COM 741503403 854 1,900 SH SOLE 1,900
PROGRESS ENERGY COM 743263105 1,117 21,600 SH SOLE 21,600
PRUDENTIAL FINL COM 744320102 4 82 SH SOLE 82
PUTMAN MASTER INTER INCOME TRUST COM 746909100 69 13,690 SH SOLE 13,690
PUTNAM PREMIER INCOME TRUST COM 746853100 72 13,464 SH SOLE 13,464
QUALCOMM COM 747525103 1,702 35,000 SH SOLE 35,000
RAYTHEON COMPANY COM 755111507 10 253 SH SOLE 253
RED HAT INC COM 756577102 17 400 SH SOLE 400
REGAL ENTERTAINMENT GROUP-A COM 758766109 980 83,450 SH SOLE 83,450
REPUBLIC SERVICES INC-CL A COM 760759100 8 280 SH SOLE 280
REYNOLDS AMERICAN INC COM 761713106 1,101 29,374 SH SOLE 29,374
ROCKWELL COLLINS INC COM 774341101 12 221 SH SOLE 221
RR DONNELLEY & SONS COM 257867101 67 4,750 SH SOLE 4,750
S&P 400 DEPOSITARY RECEIPTS COM 78467Y107 47 330 SH SOLE 330
SILVER WHEATON CORP COM 828336107 616 20,900 SH SOLE 20,900
SIMON PROPERTY GROUP COM 828806109 3 27 SH SOLE 27
SOUTHERN COMPANY COM 842587107 1,282 30,250 SH SOLE 30,250
SOUTHWESTERN ENERGY CO. COM 845467109 13 400 SH SOLE 400
SPDR NUVEEN BARCLAYS CAPITAL S-T MUNI COM 78464A425 2,343 96,219 SH SOLE 96,219
SPECTRA ENERGY COM 847560109 535 21,800 SH SOLE 21,800
STERICYCLE COM 858912108 920 11,400 SH SOLE 11,400
STERLITE INDUSTRIES INDI-ADR COM 859737207 2 200 SH SOLE 200
TARGA RESOURCES PARTNERS COM 87611X105 1,029 31,300 SH SOLE 31,300
THE DIRECTV GROUP, INC COM 25490A101 1,264 29,900 SH SOLE 29,900
THE MACERICH CO COM 554382101 891 20,900 SH SOLE 20,900
THE MOSAIC CO COM 61945C103 627 12,800 SH SOLE 12,800
THE TRAVELERS COS COM 89417E109 4 78 SH SOLE 78
THERMO FISHER SCIENTIFIC COM 883556102 35 700 SH SOLE 700
TORTOISE ENERGY INFRASTRUCTURE COM 89147L100 7 203 SH SOLE 203
U.S. BANCORP COM 902973304 5 192 SH SOLE 192
UNION PACIFIC COM 907818108 23 280 SH SOLE 280
UNITED PARCEL SERVICE COM 911312106 34 541 SH SOLE 541
UNITED TECHNOLOGIES COM 913017109 37 522 SH SOLE 522
UNITEDHEALTH GROUP COM 91324P102 1,158 25,100 SH SOLE 25,100
URBAN OUTFITTERS INC COM 917047102 27 1,200 SH SOLE 1,200
VALERO ENERGY COM 91913Y100 16 900 SH SOLE 900
VALLEY NATIONAL BANCORP COM 919794107 27 2,520 SH SOLE 2,520
VANGUARD MSCI EMERGING MARKETS ETF COM 922042858 7,223 201,600 SH SOLE 201,600
VANGUARD REIT ETF COM 922908553 49 955 SH SOLE 955
VENTAS INC COM 92276F100 19 393 SH SOLE 393
VERIZON COMMUNICATIONS COM 92343V104 2,610 70,918 SH SOLE 70,918
VORNADO REALTY TRUST COM 929042109 2 27 SH SOLE 27
WA/CLAY US INFL-LKD OPP&INC COM 95766R104 248 19,600 SH SOLE 19,600
WA/CLAY US INFL-LKD SEC&INC COM 95766Q106 368 29,100 SH SOLE 29,100
WAL-MART STORES COM 931142103 1,693 32,620 SH SOLE 32,620
WASTE MANAGEMENT COM 94106L109 544 16,713 SH SOLE 16,713
WELLS FARGO COM 949746101 51 2,118 SH SOLE 2,118
WESTAR ENERGY INC COM 95709T100 684 25,900 SH SOLE 25,900
WESTERN DIGITAL CORP COM 958102105 728 28,300 SH SOLE 28,300
WILLIAMS PARTNERS LP COM 96950F104 1,106 20,400 SH SOLE 20,400
WINDSTREAM COM 97381W104 1,105 94,890 SH SOLE 94,890
XCEL ENERGY COM 98389B100 10 400 SH SOLE 400
YUM! BRANDS INC COM 988498101 1,566 31,700 SH SOLE 31,700
SPY US 01/21/12 C122 CALL 78462F103 1,267 11,200 SH SOLE 11,200
UNG US 01/19/13 C20 CALL 912318110 477 53,000 SH SOLE 53,000
USO US 11/19/11 C38 CALL 91232N108 893 29,300 SH SOLE 29,300
AMERICAN FINANCIAL GROUP PFD 025932302 5,080 197,833 SH SOLE 197,833
ARES CAPITAL CORP PFD 04010L202 673 27,400 SH SOLE 27,400
ASSURED GUARANTY MUNI PFD 04623A304 5,116 224,366 SH SOLE 224,366
CBS CORP PFD 124857400 1,099 43,620 SH SOLE 43,620
CITIGROUP CAPITAL XII PFD 17315D204 20 800 SH SOLE 800
COMMONWEALTH REIT PFD 203233507 2,573 118,225 SH SOLE 118,225
COUNTRYWIDE V PFD 222388209 38 2,000 SH SOLE 2,000
ENTERGY ARKANSAS PFD 29364D779 5,800 219,708 SH SOLE 219,708
EVEREST RE CAPITAL TRUST II PFD 29980R202 3,211 129,484 SH SOLE 129,484
GENERAL MOTORS PFD PFD 37045V209 789 22,500 SH SOLE 22,500
GOLDMAN SACHS PFD 38145X111 620 25,000 SH SOLE 25,000
ISHARES S&P PREFERRED STOCK INDEX PFD 464288687 531 14,900 SH SOLE 14,900
JPM CAPITAL XXXIX PFD 48125E207 1,083 43,220 SH SOLE 43,220
PNC CAPITAL TRUST E PFD 69350S208 1,100 42,610 SH SOLE 42,610
PUBLIC STORAGE PFD 74460D232 1,049 41,300 SH SOLE 41,300
VORNADO REALTY TRUST PFD 929042869 1,339 52,200 SH SOLE 52,200
WACHOVIA CAPITAL TRUST III FRN PFD 92978AAA0 203 240,000 SH SOLE 240,000