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The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLSTATE CORP PFD 020002309 1,929 80,000 SH   SOLE   0 0 0
BANK OF AMERICA PFD 060505831 1,445 60,000 SH   SOLE   0 0 0
COBANK PFD 19075Q805 4,791 50,000 SH   SOLE   0 0 0
DIAMOND HILL SMALL CAP FD - I MF 25264S858 1,795 54,218 SH   SOLE   0 0 0
ENTERGY ARKANSAS PFD 29364D761 810 40,000 SH   SOLE   0 0 0
ENTERGY MISSISSIPPI INC PFD 29364N850 1,181 50,000 SH   SOLE   0 0 0
FEDERATED EQUITY INCOME FUND COM 313915506 2,377 99,630 SH   SOLE   0 0 0
FEDERATED BOND FUND COM 31420F509 1,016 109,448 SH   SOLE   0 0 0
FEDERATED TOTAL RETURN BD-IS COM 31428Q101 155 14,193 SH   SOLE   0 0 0
FIFTH STREET FINANCE CORP PFD 31679B308 4,250 200,000 SH   SOLE   0 0 0
FRANKLIN GROWTH FUND MF 353496839 2,681 41,067 SH   SOLE   0 0 0
T ROWE PRICE GROWTH STOCK FUND MF 741479109 3,210 61,070 SH   SOLE   0 0 0
PRINCIPAL FINANCIAL GROUP PFD 74251V201 6,000 60,000 SH   SOLE   0 0 0
PRINCIPAL FINANCIAL GROUP PFD 74251V300 4,772 200,000 SH   SOLE   0 0 0
REINSURANCE GROUP OF AMERICA PFD 759351703 4,854 200,000 SH   SOLE   0 0 0
STANDARD AND POORS 500 INDEX MF 78462F103 6,943 37,595 SH   SOLE   0 0 0
SPDR MF 78464A367 509 13,700 SH   SOLE   0 0 0
SPDR BARCLAYS MF 78468R408 2,517 81,600 SH   SOLE   0 0 0
SOUTHERN CALIFORNIA EDISON PFD 842400756 1,229 12,186 SH   SOLE   0 0 0
U S BANCORP PFD 902973817 7,664 280,000 SH   SOLE   0 0 0
U S BANCORP PFD 902973833 4,734 180,000 SH   SOLE   0 0 0
U S BANCORP PFD 902973866 1,540 2,000 SH   SOLE   0 0 0
VANGUARD MEGA CAP MF 921910816 8,589 118,500 SH   SOLE   0 0 0
VANGUARD WINDSOR II MF 922018304 3,170 48,584 SH   SOLE   0 0 0
VANGUARD MF 922031794 209 20,020 SH   SOLE   0 0 0
VANGUARD MF 922031810 425 43,913 SH   SOLE   0 0 0
VANGUARD INDEX FUNDS MSCI EMER MF 922042841 1,777 52,335 SH   SOLE   0 0 0
VANGUARD INDEX FUNDS MSCI EMER MF 922042858 11,426 277,725 SH   SOLE   0 0 0
VANGUARD MF 92206C870 1,518 18,350 SH   SOLE   0 0 0
VANGUARD MF 922908553 3,912 60,600 SH   SOLE   0 0 0
VANGUARD MF 922908736 6,188 66,500 SH   SOLE   0 0 0
WACHOVIA PFD FUNDING PFD 92977V206 900 36,000 SH   SOLE   0 0 0
T ROWE PRICE INST LARGE CAP MF 45775L200 4,044 215,461 SH   SOLE   0 0 0
ISHARES MF 464287101 2,401 29,155 SH   SOLE   0 0 0
ISHARES MF 464287200 19,511 105,095 SH   SOLE   0 0 0
ISHARES MF 464287226 350 3,285 SH   SOLE   0 0 0
ISHARES MF 464287242 6,555 57,405 SH   SOLE   0 0 0
ISHARES MF 464287465 13,562 202,135 SH   SOLE   0 0 0
ISHARES MF 464287598 18,178 193,039 SH   SOLE   0 0 0
ISHARES MF 464287614 7,576 88,140 SH   SOLE   0 0 0
ISHARES MF 464287630 16,465 165,475 SH   SOLE   0 0 0
ISHARES MF 464287648 15,123 111,600 SH   SOLE   0 0 0
ISHARES MF 464288588 666 6,365 SH   SOLE   0 0 0
JP MORGAN CHASE & CO PFD 46625HHA1 1,103 1,000 SH   SOLE   0 0 0
JP MORGAN CHASE & CO PFD 48126HAA8 4,781 5,000 SH   SOLE   0 0 0
JPMORGAN US TREAS PL  MMK-AG MF 4812C2012 104,801 104,800,970 SH   SOLE   0 0 0
JPMORGAN US TREAS PL  MMK-AG MF 4812C2013 2,727 2,726,834 SH   SOLE   0 0 0
JPMORGAN US TREAS PL  MMK-AG MF 4812C20J9 60,256 60,256,283 SH   SOLE   0 0 0
M&T BANK CORP PFD 55261F708 4,574 5,000 SH   SOLE   0 0 0
MERIDIAN GROWTH FUND INC MF 589619105 3,851 103,409 SH   SOLE   0 0 0
METLIFE INC PFD 59156R504 1,263 60,000 SH   SOLE   0 0 0
NORTHERN INSTL MF 665278107 6,982 6,981,535 SH   SOLE   0 0 0
PNC FINANCIAL SERVICES PFD 693475857 5,808 230,000 SH   SOLE   0 0 0
PNC FINANCIAL SERVICES PFD 693475AJ4 4,489 4,500 SH   SOLE   0 0 0
WELLS FARGO CO PFD 949746465 10,288 400,000 SH   SOLE   0 0 0
WELLS FARGO CO PFD 949746556 6,600 280,000 SH   SOLE   0 0 0