0000885709-11-000019.txt : 20110510
0000885709-11-000019.hdr.sgml : 20110510
20110510124937
ACCESSION NUMBER: 0000885709-11-000019
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110331
FILED AS OF DATE: 20110510
DATE AS OF CHANGE: 20110510
EFFECTIVENESS DATE: 20110510
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PAYDEN & RYGEL
CENTRAL INDEX KEY: 0000919219
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-14013
FILM NUMBER: 11826843
BUSINESS ADDRESS:
STREET 1: 333 SOUTH GRAND
STREET 2: 32ND FLOOR
CITY: LOS ANGELES
STATE: CA
ZIP: 90071
13F-HR
1
form13f-hr_0311.txt
PAYDEN & RYGEL COVERT LTR AND DATA INFORMATION
UNITED STATES
SECRITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 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 May 10, 2010
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: 264
Form 13F Information Table Value Total ($ Thousands): $284,725
List of Other Included Managers:
No. 13F File Number Name
SECURITY TYPE CUSIP MARKET SHARES OPTIONTYPE SHARES
AFLAC COM 001055102 5 101 SH SOLE 101
ABBOTT LABORATORIES COM 002824100 113 2,305 SH SOLE 2,305
ALCOA COM 013817101 5 300 SH SOLE 300
ALTERA COM 021441100 13 300 SH SOLE 300
AMAZON.COM COM 023135106 2,035 11,300 SH SOLE 11,300
AMERICAN ELECTRIC POWER COM 025537101 850 24,200 SH SOLE 24,200
AMERICAN EXPRESS COM 025816109 7 159 SH SOLE 159
AMERICAN TOWER CORP-CL A COM 029912201 1,347 26,000 SH SOLE 26,000
AMGEN COM 031162100 2,674 50,025 SH SOLE 50,025
ANNALY MORTGAGE MANAGEMENT COM 035710409 511 29,300 SH SOLE 29,300
AON CORP COM 037389103 8 150 SH SOLE 150
APOLLO GROUP COM 037604105 63 1,500 SH SOLE 1,500
APPLE COM 037833100 7,005 20,100 SH SOLE 20,100
ARCHER DANIELS COM 039483102 11 300 SH SOLE 300
ATMOS ENERGY CORP COM 049560105 795 23,300 SH SOLE 23,300
AVERY DENNISON CORP COM 053611109 6 146 SH SOLE 146
BB&T CORP COM 054937107 14 500 SH SOLE 500
BP ADR COM 055622104 20 459 SH SOLE 459
BAIDU.COM-ADR COM 056752108 2,481 18,000 SH SOLE 18,000
BANK OF AMERICA COM 060505104 21 1,553 SH SOLE 1,553
BANK OF NY MELLON COM 064058100 7 234 SH SOLE 234
BARRICK GOLD COM 067901108 203 3,920 SH SOLE 3,920
BE AEROSPACE INC COM 073302101 1,418 39,900 SH SOLE 39,900
BECTON DICKINSON COM 075887109 130 1,635 SH SOLE 1,635
BERKSHIRE HATHAWAY COM 084670108 251 2 SH SOLE 2
BERKSHIRE HATHAWAY INC-CL B COM 084670702 135 1,617 SH SOLE 1,617
BOEING COM 097023105 49 659 SH SOLE 659
BOSTON PROPERTIES INC COM 101121101 7 70 SH SOLE 70
BRISTOL-MYERS SQUIBB COM 110122108 986 37,300 SH SOLE 37,300
BROADCOM COM 111320107 1,339 34,000 SH SOLE 34,000
CIT GROUP INC COM 125581801 184 4,317 SH SOLE 4,317
CMS ENERGY CORP COM 125896100 791 40,300 SH SOLE 40,300
CSX COM 126408103 52 656 SH SOLE 656
CVS/CAREMARK COM 126650100 10 300 SH SOLE 300
CATERPILLAR COM 149123101 2,174 19,526 SH SOLE 19,526
CENTURYTEL, INC COM 156700106 191 4,600 SH SOLE 4,600
CHEVRON COM 166764100 113 1,050 SH SOLE 1,050
CHUBB COM 171232101 6 101 SH SOLE 101
CIMAREX ENERGY CO COM 171798101 2,178 18,900 SH SOLE 18,900
CITIGROUP COM 172967101 20 4,599 SH SOLE 4,599
CITY NATIONAL CORP COM 178566105 17 300 SH SOLE 300
COCA-COLA COM 191216100 3,105 46,800 SH SOLE 46,800
COGNIZANT TECH SOLUTIONS COM 192446102 3,061 37,600 SH SOLE 37,600
COLGATE-PALMOLIVE COM 194162103 24 300 SH SOLE 300
COMPUTER SCIENCES COM 205363104 5 100 SH SOLE 100
CONAGRA COM 205887102 12 500 SH SOLE 500
CONSOLIDATED EDISON COM 209115104 1,056 20,825 SH SOLE 20,825
CORNING COM 219350105 6 300 SH SOLE 300
COVENTRY HEALTH CARE INC COM 222862104 2,195 68,900 SH SOLE 68,900
CUMMINS INC COM 231021106 1,340 12,221 SH SOLE 12,221
DPL INC COM 233293109 414 15,100 SH SOLE 15,100
DTE ENERGY COM 233331107 994 20,300 SH SOLE 20,300
DANAHER COM 235851102 1,674 32,262 SH SOLE 32,262
DEERE & COMPANY COM 244199105 2,360 24,361 SH SOLE 24,361
DIGITAL REALTY REIT COM 253868103 407 7,000 SH SOLE 7,000
WALT DISNEY CO COM 254687106 267 6,185 SH SOLE 6,185
DOLLAR TREE INC COM 256746108 3,225 58,095 SH SOLE 58,095
RR DONNELLEY & SONS COM 257867101 970 51,280 SH SOLE 51,280
DOVER CORP COM 260003108 2,143 32,595 SH SOLE 32,595
DUPONT COM 263534109 11 200 SH SOLE 200
EMC COM 268648102 3,015 113,500 SH SOLE 113,500
EATON COM 278058102 8 146 SH SOLE 146
ECOLAB COM 278865100 46 900 SH SOLE 900
EMERSON ELECTRIC COM 291011104 1,448 24,786 SH SOLE 24,786
ENTERPRISE PRODUCTS PARTNERS COM 293792107 1,016 23,600 SH SOLE 23,600
FIRST SOLAR INC COM 336433107 1,528 9,500 SH SOLE 9,500
FIRSTENERGY COM 337932107 966 26,050 SH SOLE 26,050
FLUOR CORP COM 343412102 250 3,396 SH SOLE 3,396
FORD MOTOR COM 345370860 30 2,000 SH SOLE 2,000
FRANKLIN RESOURCES COM 354613101 7 56 SH SOLE 56
GENERAL DYNAMICS CORP COM 369550108 11 147 SH SOLE 147
GENERAL ELECTRIC COM 369604103 138 6,888 SH SOLE 6,888
GENERAL MILLS COM 370334104 29 800 SH SOLE 800
GILEAD SCIENCES COM 375558103 2,317 54,550 SH SOLE 54,550
GOODRICH COM 382388106 7 76 SH SOLE 76
HEWLETT-PACKARD COM 428236103 255 6,220 SH SOLE 6,220
HONEYWELL INTL COM 438516106 17 288 SH SOLE 288
HUNTINGTON INGALLS INDUSTRIES COM 446413106 1 19 SH SOLE 19
ITT COM 450911102 55 909 SH SOLE 909
ILLINOIS TOOL WORKS COM 452308109 43 805 SH SOLE 805
INTEL COM 458140100 2,294 113,700 SH SOLE 113,700
INTL BUSINESS MACHINES COM 459200101 3,186 19,535 SH SOLE 19,535
INTUIT COM 461202103 2,183 41,100 SH SOLE 41,100
ISHARES MSCI CANADA COM 464286509 353 10,500 SH SOLE 10,500
ISHARES MSCI GERMANY INDEX COM 464286806 337 13,000 SH SOLE 13,000
ISHARES DJ SELECT DIVIDEND COM 464287168 605 11,600 SH SOLE 11,600
ISHARES BARCLAYS TIPS BOND FUND COM 464287176 52 475 SH SOLE 475
ISHARES MSCI EMERGING MARKETS COM 464287234 44 900 SH SOLE 900
ISHARES MSCI EAFE INDEX COM 464287465 108 1,800 SH SOLE 1,800
ISHARES RUSSELL 1000 GROWTH COM 464287614 287 4,740 SH SOLE 4,740
ISHARES DJ US FINANCIAL COM 464287788 8,834 149,400 SH SOLE 149,400
ISHARES BARCLAYS INTERMEDIATE COM 464288638 3,431 32,589 SH SOLE 32,589
ISHARES LEHMAN 1-3 YEAR CREDIT COM 464288646 327 3,130 SH SOLE 3,130
JACOBS ENGINEERING COM 469814107 36 700 SH SOLE 700
JOHNSON & JOHNSON COM 478160104 175 2,960 SH SOLE 2,960
KELLOGG CO COM 487836108 5 100 SH SOLE 100
KIMBERLY-CLARK COM 494368103 790 12,100 SH SOLE 12,100
KINDER MORGAN ENERGY PARTNERS COM 494550106 1,178 15,900 SH SOLE 15,900
KRISPY KREME DOUGHNUTS COM 501014112 0 4 SH SOLE 4
L-3 COMMUNICATIONS TITAN COM 502424104 23 300 SH SOLE 300
LEGGETT & PLATT INC COM 524660107 831 33,900 SH SOLE 33,900
ELI LILLY COM 532457108 1,023 29,076 SH SOLE 29,076
LOCKHEED MARTIN COM 539830109 42 520 SH SOLE 520
LOEWS COM 540424108 8 191 SH SOLE 191
LOWE'S COMPANIES COM 548661107 1,356 51,300 SH SOLE 51,300
MFS CHARTER INCOME TRUST COM 552727109 86 9,400 SH SOLE 9,400
MFS MULTIMARKET INC TRUST COM 552737108 134 20,000 SH SOLE 20,000
MFS GOVT MARKETS INC TRUST COM 552939100 80 12,433 SH SOLE 12,433
THE MACERICH CO COM 554382101 951 19,200 SH SOLE 19,200
MACK-CALI REALTY CORP COM 554489104 556 16,400 SH SOLE 16,400
MARATHON OIL COM 565849106 16 300 SH SOLE 300
MARSH & MCLENNAN COM 571748102 2,209 74,100 SH SOLE 74,100
MCDONALD'S COM 580135101 2,350 30,890 SH SOLE 30,890
MEDTRONIC COM 585055106 1,377 35,000 SH SOLE 35,000
MICROSOFT COM 594918104 245 9,650 SH SOLE 9,650
MORGAN STANLEY COM 617446448 18 676 SH SOLE 676
MYLAN INC COM 628530107 7 300 SH SOLE 300
NATIONWIDE HEALTH PP COM 638620104 957 22,500 SH SOLE 22,500
NY COMMUNITY BANCORP COM 649445103 359 20,800 SH SOLE 20,800
NEWMONT MINING COM 651639106 1,430 26,200 SH SOLE 26,200
NIKE INC-B COM 654106103 38 500 SH SOLE 500
NORFOLK SOUTHERN COM 655844108 11 157 SH SOLE 157
NORTEL NETWORKS CORP COM 656568508 0 1,261 SH SOLE 1,261
NORTHROP GRUMMAN COM 666807102 7 115 SH SOLE 115
OCCIDENTAL PETROLEUM COM 674599105 228 2,185 SH SOLE 2,185
OMEGA HEALTHCARE INVESTORS COM 681936100 927 41,500 SH SOLE 41,500
PNC FINANCIAL SERVICES GROUP COM 693475105 2,859 45,394 SH SOLE 45,394
PACCAR COM 693718108 8 154 SH SOLE 154
PARKER HANNIFIN CORP COM 701094104 7 77 SH SOLE 77
PEPSICO COM 713448108 19 300 SH SOLE 300
PFIZER COM 717081103 1,161 57,145 SH SOLE 57,145
PHILIP MORRIS INTERNATIONAL COM 718172109 3,459 52,700 SH SOLE 52,700
PINNACLE WEST CAPITAL CORP. COM 723484101 398 9,300 SH SOLE 9,300
PITNEY BOWES COM 724479100 1,018 39,642 SH SOLE 39,642
PLAINS ALL AMERICAN PIPELINE COM 726503105 975 15,300 SH SOLE 15,300
PRECISION CASTPARTS COM 740189105 97 657 SH SOLE 657
PRICELINE.COM COM 741503403 2,127 4,200 SH SOLE 4,200
PROCTER & GAMBLE COM 742718109 135 2,195 SH SOLE 2,195
PROGRESS ENERGY COM 743263105 9 200 SH SOLE 200
PRUDENTIAL FINL COM 744320102 7 111 SH SOLE 111
PUTNAM PREMIER INCOME TRUST COM 746853100 87 13,464 SH SOLE 13,464
PUTMAN MASTER INTER INCOME TRUST COM 746909100 81 13,690 SH SOLE 13,690
QUALCOMM COM 747525103 2,917 53,200 SH SOLE 53,200
RAYTHEON COMPANY COM 755111507 1,407 27,653 SH SOLE 27,653
REGAL ENTERTAINMENT GROUP-A COM 758766109 71 5,250 SH SOLE 5,250
REPUBLIC SERVICES INC-CL A COM 760759100 5 180 SH SOLE 180
REYNOLDS AMERICAN INC COM 761713106 781 21,974 SH SOLE 21,974
ROCKWELL COLLINS INC COM 774341101 8 121 SH SOLE 121
SCHLUMBERGER COM 806857108 3,182 34,115 SH SOLE 34,115
CHARLES SCHWAB COM 808513105 47 2,633 SH SOLE 2,633
SIMON PROPERTY GROUP COM 828806109 8 70 SH SOLE 70
SOUTHERN COMPANY COM 842587107 909 23,850 SH SOLE 23,850
SOUTHWESTERN ENERGY COMPANY COM 845467109 17 400 SH SOLE 400
STERICYCLE COM 858912108 3,893 43,900 SH SOLE 43,900
SUNPOWER COM 867652109 5 300 SH SOLE 300
SYSCO COM 871829107 6 200 SH SOLE 200
TEREX COM 880779103 1,504 40,600 SH SOLE 40,600
TESORO CORP COM 881609101 1,626 60,600 SH SOLE 60,600
THERMO FISHER SCIENTIFIC COM 883556102 39 700 SH SOLE 700
U.S. BANCORP COM 902973304 8 297 SH SOLE 297
UNION PACIFIC COM 907818108 2,555 25,980 SH SOLE 25,980
UNITED PARCEL SERVICE COM 911312106 2,493 33,541 SH SOLE 33,541
UNITED STATES STEEL COM 912909108 27 500 SH SOLE 500
UNITED TECHNOLOGIES COM 913017109 1,788 21,122 SH SOLE 21,122
URBAN OUTFITTERS INC COM 917047102 36 1,200 SH SOLE 1,200
VALLEY NATIONAL BANCORP COM 919794107 864 61,900 SH SOLE 61,900
VANGUARD MSCI EMERGING MARKETS ETF COM 922042858 10,167 207,700 SH SOLE 207,700
VORNADO REALTY TRUST COM 929042109 6 69 SH SOLE 69
WAL-MART STORES COM 931142103 270 5,195 SH SOLE 5,195
WELLS FARGO COM 949746101 53 1,684 SH SOLE 1,684
WESTERN UNION CO COM 959802109 6 300 SH SOLE 300
XILINX COM 983919101 10 300 SH SOLE 300
VERISIGN COM 92343E102 2,169 59,900 SH SOLE 59,900
THE TRAVELERS COS COM 89417E109 6 103 SH SOLE 103
AMB PROPERTY CORP COM 00163T109 327 9,100 SH SOLE 9,100
AT&T COM 00206R102 1,619 52,884 SH SOLE 52,884
ALTRIA GROUP COM 02209S103 4,095 157,312 SH SOLE 157,312
AMERICA MOVIL ADR COM 02364W105 35 600 SH SOLE 600
APOLLO INVESTMENT CORP COM 03761U106 795 65,900 SH SOLE 65,900
ARES CAPITAL CORP COM 04010L103 613 36,200 SH SOLE 36,200
BLACKROCK INCOME TRUST COM 09247F100 194 28,900 SH SOLE 28,900
BLACKROCK INC COM 09247X101 3,357 16,700 SH SOLE 16,700
CH ROBINSON WORLDWDE COM 12541W209 5 71 SH SOLE 71
CHICAGO MERCANTILE EXCHANGE COM 12572Q105 5 16 SH SOLE 16
CAPITAL ONE FINL COM 14040H105 102 1,969 SH SOLE 1,969
CENTERPOINT ENERGY INC COM 15189T107 1,170 66,625 SH SOLE 66,625
CHIMERA INVESTMENT CORP COM 16934Q109 350 88,300 SH SOLE 88,300
CINEMARK HOLDINGS INC COM 17243V102 435 22,500 SH SOLE 22,500
CISCO SYSTEMS COM 17275R102 3,399 198,220 SH SOLE 198,220
COMPASS MINERALS INTERNATIONAL COM 20451N101 28 300 SH SOLE 300
CONOCOPHILLIPS COM 20825C104 1,821 22,800 SH SOLE 22,800
DEVON ENERGY COM 25179M103 3,093 33,700 SH SOLE 33,700
THE DIRECTV GROUP, INC COM 25490A101 2,134 45,600 SH SOLE 45,600
DOMINION RESOURCES COM 25746U109 389 8,700 SH SOLE 8,700
DUKE ENERGY COM 26441C105 877 48,334 SH SOLE 48,334
ENBRIDGE ENERGY PARTNERS COM 29250R106 1,124 17,400 SH SOLE 17,400
ENERGY TRANSFER PARTNERS COM 29273R109 947 18,300 SH SOLE 18,300
ENERGY TRANSFER EQUITY LP COM 29273V100 387 8,600 SH SOLE 8,600
EXELON COM 30161N101 86 2,075 SH SOLE 2,075
EXXON MOBIL COM 30231G102 7,677 91,246 SH SOLE 91,246
FEDEX COM 31428X106 13 134 SH SOLE 134
FREEPORT-MCM COPPER & GOLD COM 35671D857 50 900 SH SOLE 900
FRONTIER COMMUNICATIONS CORP COM 35906A108 486 59,100 SH SOLE 59,100
GLAXOSMITHKLINE ADR COM 37733W105 12 300 SH SOLE 300
GOLDMAN SACHS GROUP COM 38141G104 12 76 SH SOLE 76
GOOGLE COM 38259P508 3,045 5,190 SH SOLE 5,190
HCP INC COM 40414L109 990 26,100 SH SOLE 26,100
INVESCO MORTGAGE CAPITAL COM 46131B100 380 17,400 SH SOLE 17,400
JPMORGAN CHASE & CO COM 46625H100 85 1,838 SH SOLE 1,838
JUNIPER NETWORKS COM 48203R104 1,359 32,300 SH SOLE 32,300
KRAFT FOODS COM 50075N104 155 4,955 SH SOLE 4,955
LABORATORY CORP OF AMERICA HOLDINGS COM 50540R409 28 300 SH SOLE 300
LIFE TECHNOLOGIES CORP COM 53217V109 31 600 SH SOLE 600
M & T BANK CORP COM 55261F104 27 300 SH SOLE 300
MFS INTERMEDIATE INC TRUST COM 55273C107 122 20,000 SH SOLE 20,000
MARKET VECTORS GOLD MINERS FUND COM 57060U100 18 300 SH SOLE 300
MARKET VECTORS RUSSIA ETF COM 57060U506 12,801 307,500 SH SOLE 307,500
MCKESSON CORP COM 58155Q103 16 200 SH SOLE 200
MERCK & CO COM 58933Y105 961 29,100 SH SOLE 29,100
MERITOR INC COM 59001K100 17 1,000 SH SOLE 1,000
METLIFE COM 59156R108 7 159 SH SOLE 159
MONSANTO COM 61166W101 3,135 43,380 SH SOLE 43,380
NISOURCE INC COM 65473P105 6 300 SH SOLE 300
NOVARTIS AG-ADR COM 66987V109 22 400 SH SOLE 400
ORACLE COM 68389X105 4,092 122,400 SH SOLE 122,400
PPL COM 69351T106 70 2,775 SH SOLE 2,775
PETROLEO BRASILEIRO SA COM 71654V408 2,114 52,300 SH SOLE 52,300
POTASH CORP SASKATCH COM 73755L107 1,444 24,500 SH SOLE 24,500
POWERSHARES QQQ COM 73935A104 1,723 30,000 SH SOLE 30,000
SPDR NUVEEN BARCLAYS CAPITAL S-T MUNI COM 78464A425 1,423 59,707 SH SOLE 59,707
S&P 400 DEPOSITARY RECEIPTS COM 78467Y107 72 400 SH SOLE 400
SCANA CORP COM 80589M102 791 20,100 SH SOLE 20,100
ENERGY SELECT SECTOR SPDR COM 81369Y506 3,900 48,900 SH SOLE 48,900
FINANCIAL SELECT SECTOR SPDR COM 81369Y605 12,135 740,400 SH SOLE 740,400
INDUSTRIAL SELECT SECTOR SPDR COM 81369Y704 27,160 721,100 SH SOLE 721,100
SKYWORKS SOLUTIONS INC COM 83088M102 32 1,000 SH SOLE 1,000
SOUTHERN COPPER CORP COM 84265V105 8 200 SH SOLE 200
TARGA RESOURCES PARTNERS COM 87611X105 999 28,800 SH SOLE 28,800
3M COMPANY COM 88579Y101 27 284 SH SOLE 284
TORTOISE ENERGY INFRASTRUCTURE COM 89147L100 8 200 SH SOLE 200
UNITEDHEALTH GROUP COM 91324P102 2,680 59,300 SH SOLE 59,300
VALERO ENERGY COM 91913Y100 27 900 SH SOLE 900
VERIZON COMMUNICATIONS COM 92343V104 1,188 30,818 SH SOLE 30,818
VERTEX PHARMACEUTICALS INC COM 92532F100 1,419 29,600 SH SOLE 29,600
VODAFONE GROUP PLC-SP ADR COM 92857W209 2,107 73,300 SH SOLE 73,300
WASTE MANAGEMENT INC COM 94106L109 8 213 SH SOLE 213
WESTAR ENERGY INC COM 95709T100 378 14,300 SH SOLE 14,300
WA/CLAY US INFL-LKD SEC&INC COM 95766Q106 363 29,100 SH SOLE 29,100
WA/CLAY US INFL-LKD OPP&INC COM 95766R104 242 19,600 SH SOLE 19,600
WINDSTREAM COM 97381W104 989 76,790 SH SOLE 76,790
XCEL ENERGY COM 98389B100 10 400 SH SOLE 400
AMAZON.COM CALL OPTION CALL 023135906 6 1,100 SH CALL SOLE 1,100
GENERAL MOTORS PREFERRED PFD 37045V209 458 9,500 SH SOLE 9,500
GOODYEAR TIRE PFD 382550309 2,043 40,000 SH SOLE 40,000
PNC CAPITAL TRUST E PFD 69350S208 741 28,200 SH SOLE 28,200
PPTT 2006-B BAC CLASS B 144A PFD 74039G203 1 9,621 SH SOLE 9,621
ARES CAPITAL CORP PFD 04010L202 679 27,500 SH SOLE 27,500
COUNTRYWIDE V PFD 222388209 398 15,900 SH SOLE 15,900
CBS CORP PFD 124857400 1,119 44,500 SH SOLE 44,500
GOLDMAN SACHS PFD 38145X111 679 27,900 SH SOLE 27,900
JPM CAPITAL XXXIX PFD 48125E207 668 26,200 SH SOLE 26,200
PUBLIC STORAGE PFD 74460D232 811 32,200 SH SOLE 32,200
ISHARES S&P PREFERRED STOCK INDEX PFD 464288687 607 15,300 SH SOLE 15,300
XL CAPITAL LTD PFD 98372P876 740 32,000 SH SOLE 32,000