UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 6/30/2007
Check here is Amendment [X]; Amendment Number: 1
This Amendment (Check only one.): [X] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: M&T Bank Corporation
Address: One M&T Plaza
Buffalo, NY 14240
Form 13-F File Number: 028-00267
This 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 part of this form.
Person Signing this Report on Behalf of Reporting Manager
Name: Mark Czarnecki
Title: President
Phone: (716) 842-5291
Signature, Place & Date of Signing:
Mark Czarnecki, President Buffalo, New York 10/11/2007
-------------------------- ------------------------ ------------------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting managers
are reported in this report).
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting managers are reported in this report and a portion are reported
by other reporting managers(s).)
FORM 13-F SUMMARY PAGE
AMENDMENT 1
Report Summary:
Number of Other Included Managers: 4
Form 13-F Information Table Entry Total: 3,348
Form 13-F Information Table Value Total: 4,140,178
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column
headings and list entries.]
No. Form 13F File Number Name
--- -------------------- -------------------------------------
1 028-39800 Manufacturers & Traders Trust Company
2 028-10910 Zirkin-Cutler Investments, Inc.
3 028-10909 MTB Investment Advisors, Inc.
4 028-11878 M&T Trust Company of Delaware, Inc.
SEC USE _______________________________________
COLUMN 5
------------------------
COLUMN 6 COLUMN 8
SHARES INVESTMENT AUTHORITY VOTING AUTHORITY
COLUMN 2 COLUMN 4 OR SHARES PUT ---------------------- COLUMN 7 -------------------
COLUMN 1 TITLE OF COLUMN 3 VALUE PRINCIPAL OR OR SHARED - SHARED - OTHER
NAME OF ISSUER CLASS CUSIP (X $1,000) AMOUNT PRINCIPAL CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED OTHER
-------------- -------- --------- ---------- --------- --------- ---- ---- -------- -------- -------- ------ ------ -----
AFLAC INC COMMON 001055102 4056 78900 SHARES X 78900 0 0
AES CORP COM COMMON 00130H105 17827 814729 SHARES X 814729 0 0
AT&T INC COMMON 00206R102 16217 390769 SHARES X 390769 0 0
ABBOTT LABORATORIES COMMON 002824100 1122 20950 SHARES X 20950 0 0
ABIGAIL ADAMS
NATIONAL BANCORP COMMON 003390101 2 137 SHARES X 137 0 0
ACTUANT CORP CL A NEW COMMON 00508X203 158 2500 SHARES X 2500 0 0
ACUITY BRANDS INC COMMON 00508Y102 12 200 SHARES X 200 0 0
ADOBE SYS INC COM COMMON 00724F101 1819 45318 SHARES X 45318 0 0
ADVANTAGE ENERGY
INCOME FUND COMMON 00762L101 49 3500 SHARES X 3500 0 0
AES TRUST III PFD CONV
CONV 6.75% 10/29 PFD
STOCK 00808N202 4420 88200 SHARES X 88200 0 0
AETNA INC NEW COM COMMON 00817Y108 48 980 SHARES X 980 0 0
AGILENT TECHNOLOGIES
INC COM COMMON 00846U101 88 2288 SHARES X 2288 0 0
ALLIANCE HOLDINGS GP
LP COMMON 01861G100 48 1600 SHARES X 1600 0 0
ALLIANT TECHSYSTEMS
INC COMMON 018804104 67 675 SHARES X 675 0 0
ALLIANCEBERNSTEIN
HOLDING LP COMMON 01881G106 2025 23250 SHARES X 23250 0 0
ALLIED CAPITAL CORP
NEW COM COMMON 01903Q108 2198 70997 SHARES X 70997 0 0
ALLIANCE FINANCIAL
CORP COMMON 019205103 80 3027 SHARES X 3027 0 0
ALLSTATE CORP COMMON 020002101 3435 55852 SHARES X 55852 0 0
ALLTEL CORP COMMON 020039103 4629 68524 SHARES X 68524 0 0
ALNYLAM
PHARMACEUTICALS INC COMMON 02043Q107 53 3500 SHARES X 3500 0 0
ALTRIA GROUP INC COMMON 02209S103 1620 23100 SHARES X 23100 0 0
AMBAC FINANCIAL
GROUP INC COMMON 023139108 52 600 SHARES X 600 0 0
AMERICA MOVIL
SA--SPONS ADR SER L COMMON 02364W105 124 2000 SHARES X 2000 0 0
AMERICAN CAPITAL
STRATEGIES LTD COMMON 024937104 9559 224800 SHARES X 224800 0 0
AMERICAN ELECTRIC
POWER CO INC COMMON 025537101 23 500 SHARES X 500 0 0
AMERICAN ELECTRIC
TECHNOLOGIES INC COMMON 025576109 1 160 SHARES X 160 0 0
AMERICAN EXPRESS CO COMMON 025816109 2715 44379 SHARES X 44379 0 0
AMERICAN FINANCIAL
REALTY TRUST COMMON 02607P305 4700 455450 SHARES X 455450 0 0
AMERICAN
INTERNATIONAL
GROUP INC COMMON 026874107 21253 303481 SHARES X 303481 0 0
AMERON INTERNATIONAL
CORP COMMON 030710107 72 800 SHARES X 800 0 0
AMERIPRISE FINANCIAL
INC COMMON 03076C106 158 2490 SHARES X 2490 0 0
AMGEN INC COM COMMON 031162100 1991 36013 SHARES X 36013 0 0
ANADARKO PETROLEUM
CORP COMMON 032511107 310 5954 SHARES X 5954 0 0
ANALOG DEVICES INC COMMON 032654105 790 21000 SHARES X 21000 0 0
ANHEUSER BUSCH COS
INC COM COMMON 035229103 956 18322 SHARES X 18322 0 0
ANNALY CAPITAL
MANAGEMENT INC
(REIT) COMMON 035710409 108 7500 SHARES X 7500 0 0
APACHE CORP COM COMMON 037411105 471 5774 SHARES X 5774 0 0
APARTMENT INVT &
MGMT CL A COMMON 03748R101 151 3000 SHARES X 3000 0 0
APPLE INC COMMON 037833100 16916 138610 SHARES X 138610 0 0
APPLIED MATERIALS
INC COM COMMON 038222105 1779 89575 SHARES X 89575 0 0
ARCHER DANIELS
MIDLAND CO COM COMMON 039483102 103 3102 SHARES X 3102 0 0
ARCHSTONE-SMITH
TRUST (REIT) COMMON 039583109 2124 35939 SHARES X 35939 0 0
ASPECT MEDICAL
SYSTEMS
INCORPORATED COMMON 045235108 30 2000 SHARES X 2000 0 0
ATLAS PIPELINE
HOLDINGS LP COMMON 04939R108 67 1600 SHARES X 1600 0 0
ATMOS ENERGY CORP COMMON 049560105 14 476 SHARES X 476 0 0
AUTOMATIC DATA
PROCESSING INC COMMON 053015103 2530 52198 SHARES X 52198 0 0
BB&T CORP COM COMMON 054937107 2733 67196 SHARES X 67196 0 0
BJ'S WHOLESALE CLUB
INC COM COMMON 05548J106 14 400 SHARES X 400 0 0
BP PLC SPONSORED ADR COMMON 055622104 1295 17952 SHARES X 17952 0 0
BAKER HUGHES INC COM COMMON 057224107 1123 13350 SHARES X 13350 0 0
BANK AMER CORP COMMON 060505104 19651 401952 SHARES X 401952 0 0
BANK NEW YORK INC COM COMMON 064057102 4097 98880 SHARES X 98880 0 0
BASIN WATER INC COMMON 07011T306 174 20000 SHARES X 20000 0 0
BAYTEX ENERGY
TRUST--UNITS COMMON 073176109 44 2200 SHARES X 2200 0 0
BECKMAN COULTER INC COMMON 075811109 1035 16000 SHARES X 16000 0 0
BED BATH & BEYOND
INC COM COMMON 075896100 43 1200 SHARES X 1200 0 0
BERKSHIRE HATHAWAY
INC CLASS A COMMON 084670108 1095 10 SHARES X 10 0 0
BERKSHIRE HATHAWAY
INC CLASS B COMMON 084670207 469 130 SHARES X 130 0 0
BIOGEN IDEC INC COMMON 09062X103 997 18630 SHARES X 18630 0 0
BLACKROCK MARYLAND
MUNI BD TR COMMON 09249L105 53 3000 SHARES X 3000 0 0
BLACKROCK MUNI
INTERM DURATION FD COMMON 09253X102 6 450 SHARES X 450 0 0
BOARDWALK PIPELINE
PARTNERS LP COMMON 096627104 35 1000 SHARES X 1000 0 0
BOEING CO COM COMMON 097023105 96 1000 SHARES X 1000 0 0
BOSTON PROPERTIES
INC (REIT) COMMON 101121101 357 3500 SHARES X 3500 0 0
BOSTON SCIENTIFIC
CORP COM COMMON 101137107 208 13600 SHARES X 13600 0 0
BRANDYWINE REALTY
TRUST (REIT) COMMON 105368203 83 2900 SHARES X 2900 0 0
BRIGHT HORIZONS
FAMILY SOLUTIONS
INC COMMON 109195107 1446 37150 SHARES X 37150 0 0
BRISTOL-MYERS SQUIBB
CO COMMON 110122108 2777 87986 SHARES X 87986 0 0
BROADRIDGE FINANCIAL
SOLUTIONS LLC COMMON 11133T103 44 2325 SHARES X 2325 0 0
BROWN-FORMAN CORP CL
B COMMON 115637209 395 5400 SHARES X 5400 0 0
BUCKEYE PARTNERS LP
UNIT LTD PARTNER COMMON 118230101 411 8000 SHARES X 8000 0 0
BURLINGTON NORTHERN
SANTA FE CORP COMMON 12189T104 13 150 SHARES X 150 0 0
CBS CORP CL B COMMON 124857202 11 331 SHARES X 331 0 0
CB RICHARD ELLIS
GROUP INC-A COMMON 12497T101 2200 60275 SHARES X 60275 0 0
CSX CORP COMMON 126408103 23 512 SHARES X 512 0 0
CVS /CAREMARK CORP COMMON 126650100 452 12400 SHARES X 12400 0 0
1 of 7
SEC USE _______________________________________
COLUMN 5
------------------------
COLUMN 6 COLUMN 8
SHARES INVESTMENT AUTHORITY VOTING AUTHORITY
COLUMN 2 COLUMN 4 OR SHARES PUT ---------------------- COLUMN 7 -------------------
COLUMN 1 TITLE OF COLUMN 3 VALUE PRINCIPAL OR OR SHARED - SHARED - OTHER
NAME OF ISSUER CLASS CUSIP (X $1,000) AMOUNT PRINCIPAL CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED OTHER
-------------- -------- --------- ---------- --------- --------- ---- ---- -------- -------- -------- ------ ------ -----
CAMDEN PROPERTY
TRUST (REIT) COMMON 133131102 33 500 SHARES X 500 0 0
CANETIC RESOURCES
TRUST COMMON 137513107 50 3100 SHARES X 3100 0 0
CANON INC SPONS ADR COMMON 138006309 12 202 SHARES X 202 0 0
CAPITAL ONE
FINANCIAL CORP COMMON 14040H105 13363 170361 SHARES X 170361 0 0
CAPITALSOURCE INC COMMON 14055X102 10573 429950 SHARES X 429950 0 0
CARDINAL HEALTH
INCORPORATED COMMON 14149Y108 424 6000 SHARES X 6000 0 0
CARMAX INC COMMON 143130102 255 10000 SHARES X 10000 0 0
CATERPILLAR INC COMMON 149123101 394 5036 SHARES X 5036 0 0
CENTRAL VIRGINIA
BANKSHARES INC COMMON 155792104 5 231 SHARES X 231 0 0
CERNER CORP COMMON 156782104 333 6000 SHARES X 6000 0 0
CHECKFREE CORP COM COMMON 162813109 20 500 SHARES X 500 0 0
THE CHEESECAKE
FACTORY COMMON 163072101 25 1012 SHARES X 1012 0 0
CHENIERE ENERGY INC COMMON 16411R208 1076 27749 SHARES X 27749 0 0
CHEVRON CORP COMMON 166764100 6167 73204 SHARES X 73204 0 0
CHICAGO BRIDGE &
IRON CO N V COM COMMON 167250109 340 9000 SHARES X 9000 0 0
CHOICE HOTELS
INTERNATIONAL INC COMMON 169905106 40 1000 SHARES X 1000 0 0
CHUBB CORP COMMON 171232101 5533 102198 SHARES X 102198 0 0
CINCINNATI FINL CORP
COM COMMON 172062101 456 10509 SHARES X 10509 0 0
CIPHERGEN BIOSYSTEMS
INCORPORATED COMMON 17252Y104 0 130 SHARES X 130 0 0
CISCO SYSTEMS INC COMMON 17275R102 9594 344503 SHARES X 344503 0 0
CITADEL BROADCASTING
COMPANY COMMON 17285T106 13 2012 SHARES X 2012 0 0
CITIGROUP INC COM COMMON 172967101 17970 350364 SHARES X 350364 0 0
CITIZENS
COMMUNICATIONS CO COMMON 17453B101 49 3200 SHARES X 3200 0 0
CITY NATIONAL CORP
COM COMMON 178566105 19 250 SHARES X 250 0 0
CLOROX COMPANY COMMON 189054109 435 7000 SHARES X 7000 0 0
COCA COLA CO COM COMMON 191216100 377 7203 SHARES X 7203 0 0
COHEN & STEERS
QUALITY INC RLTY FD COMMON 19247L106 21 1025 SHARES X 1025 0 0
COHEN & STEERS
ADVANTAGE INC RLTY
FD COMMON 19247W102 22 1000 SHARES X 1000 0 0
COHEN & STEERS
REIT & PFD INC FD COMMON 19247X100 22 800 SHARES X 800 0 0
COHEN & STEERS REIT
AND UTILITY FUND COMMON 19247Y108 13 600 SHARES X 600 0 0
COLGATE PALMOLIVE CO
COM COMMON 194162103 10619 163749 SHARES X 163749 0 0
COMCAST CORP NEW A COMMON 20030N101 1639 58294 SHARES X 58294 0 0
COMCAST CORP-
SPECIAL CL A COMMON 20030N200 681 24350 SHARES X 24350 0 0
COMMERCE BANCORP INC
N J COMMON 200519106 481 13000 SHARES X 13000 0 0
COMPANHIA VALE DO
RIO DOCE-ADR COMMON 204412209 22 500 SHARES X 500 0 0
COMPTON PETROLEUM
CORP COMMON 204940100 37 3700 SHARES X 3700 0 0
COMSTOCK
HOMEBUILDING COS
INC CL A COMMON 205684103 10 3500 SHARES X 3500 0 0
CONOCOPHILLIPS COMMON 20825C104 800 10196 SHARES X 10196 0 0
CONSTELLATION BRANDS
INC CL A COMMON 21036P108 2973 122446 SHARES X 122446 0 0
CORNING INC COMMON 219350105 1293 50590 SHARES X 50590 0 0
CORP OFFICE
PROPERTIES TR
(REIT) COMMON 22002T108 49 1200 SHARES X 1200 0 0
COSTCO WHOLESALE
CORP COM COMMON 22160K105 275 4700 SHARES X 4700 0 0
COVENTRY HEALTH CARE
INC COMMON 222862104 7189 124700 SHARES X 124700 0 0
CROSSTEX ENERGY LP COMMON 22765U102 42 1200 SHARES X 1200 0 0
CUISINE SOLUTIONS INC COMMON 229904107 154 25500 SHARES X 25500 0 0
CURTISS WRIGHT CORP COMMON 231561101 34 728 SHARES X 728 0 0
CYMER INC COMMON 232572107 12 300 SHARES X 300 0 0
DCP MIDSTREAM
PARTNERS LP COMMON 23311P100 47 1000 SHARES X 1000 0 0
DRS TECHNOLOGIES INC COMMON 23330X100 1622 28325 SHARES X 28325 0 0
DANAHER CORP COM COMMON 235851102 4228 56001 SHARES X 56001 0 0
DELL INC COMMON 24702R101 31 1100 SHARES X 1100 0 0
DEVON ENERGY CORP COMMON 25179M103 78 1000 SHARES X 1000 0 0
DIAMONDS TR UNIT SER
1 COMMON 252787106 253 1884 SHARES X 1884 0 0
DIONEX CORP COMMON 254546104 1090 15350 SHARES X 15350 0 0
DISNEY WALT CO COMMON 254687106 867 25400 SHARES X 25400 0 0
DOMINION RESOURCES
INC COMMON 25746U109 354 4100 SHARES X 4100 0 0
DONNELLEY R R & SONS
CO COMMON 257867101 186 4280 SHARES X 4280 0 0
DOW CHEMICAL CO COMMON 260543103 4864 109975 SHARES X 109975 0 0
DUPONT EI DE
NEMOURS & CO COM COMMON 263534109 1832 36036 SHARES X 36036 0 0
DUKE REALTY CORP COMMON 264411505 330 9247 SHARES X 9247 0 0
DYADIC INTERNATIONAL
INC COMMON 26745T101 111 21000 SHARES X 21000 0 0
EMC CORP MASS COM COMMON 268648102 9613 531099 SHARES X 531099 0 0
ENI SPA-SPONS ADR COMMON 26874R108 15 212 SHARES X 212 0 0
EP MEDSYSTEMS INC COM COMMON 26881P103 46 25000 SHARES X 25000 0 0
EAGLE BANCORP INC MD COMMON 268948106 1338 80981 SHARES X 80981 0 0
EV ENERGY PARTNER LP COMMON 26926V107 44 1200 SHARES X 1200 0 0
EAST WEST BANCORP INC COMMON 27579R104 389 10000 SHARES X 10000 0 0
EASTGROUP PROPERTIES
INCORPORATED COMMON 277276101 3328 75950 SHARES X 75950 0 0
EBAY INC COM COMMON 278642103 277 8600 SHARES X 8600 0 0
EL PASO CORP COM COMMON 28336L109 258 15000 SHARES X 15000 0 0
EMERSON ELECTRIC CO COMMON 291011104 3904 83410 SHARES X 83410 0 0
ENCANA CORP COMMON 292505104 61 1000 SHARES X 1000 0 0
ENERGY EAST CORP COM COMMON 29266M109 157 6000 SHARES X 6000 0 0
ENERGY TRANSFER
PARTNERS LP COMMON 29273R109 105 1700 SHARES X 1700 0 0
ENERGY TRANSFER
EQUITY LP COMMON 29273V100 47 1100 SHARES X 1100 0 0
ENERPLUS RESOURCES
FUND COMMON 29274D604 47 1000 SHARES X 1000 0 0
ENTERPRISE GP
HOLDINGS LP COMMON 293716106 38 1000 SHARES X 1000 0 0
ENTERPRISE PRODUCTS
PARTNERS LP COMMON 293792107 2650 83300 SHARES X 83300 0 0
EQUITY RESIDENTIAL
(REIT) COMMON 29476L107 15 325 SHARES X 325 0 0
EXPEDITORS INTL WASH
INC COM COMMON 302130109 103 2500 SHARES X 2500 0 0
EXXON MOBIL CORP COMMON 30231G102 5980 71300 SHARES X 71300 0 0
2 of 7
SEC USE _______________________________________
COLUMN 5
------------------------
COLUMN 6 COLUMN 8
SHARES INVESTMENT AUTHORITY VOTING AUTHORITY
COLUMN 2 COLUMN 4 OR SHARES PUT ---------------------- COLUMN 7 -------------------
COLUMN 1 TITLE OF COLUMN 3 VALUE PRINCIPAL OR OR SHARED - SHARED - OTHER
NAME OF ISSUER CLASS CUSIP (X $1,000) AMOUNT PRINCIPAL CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED OTHER
-------------- -------- --------- ---------- --------- --------- ---- ---- -------- -------- -------- ------ ------ -----
FASTENAL CO COMMON 311900104 670 16000 SHARES X 16000 0 0
FREDDIE MAC COMMON 313400301 14115 232534 SHARES X 232534 0 0
FED NATL MTG ASSN COM COMMON 313586109 1274 19500 SHARES X 19500 0 0
FEDERAL REALTY INV
TR (REIT) COMMON 313747206 442 5719 SHARES X 5719 0 0
FEDEX CORP COM COMMON 31428X106 227 2050 SHARES X 2050 0 0
FIDELITY NATIONAL
FINANCIAL--A COMMON 31620R105 34 1441 SHARES X 1441 0 0
FIFTH THIRD BANCORP
COM COMMON 316773100 3034 76281 SHARES X 76281 0 0
FIRST DATA CORP COM COMMON 319963104 339 10386 SHARES X 10386 0 0
THE FIRST MARBLEHEAD
CORPORATION COMMON 320771108 3938 101925 SHARES X 101925 0 0
FISERV INC COMMON 337738108 4441 78186 SHARES X 78186 0 0
FIRSTENERGY CORP COM COMMON 337932107 78 1200 SHARES X 1200 0 0
FLANDERS CORPORATION COMMON 338494107 2682 349773 SHARES X 349773 0 0
FLORIDA EAST COAST
INDUSTRIES COMMON 340632108 50 600 SHARES X 600 0 0
FLOWERS FOODS INC COM COMMON 343498101 158 4724 SHARES X 4724 0 0
FORD MOTOR COMPANY COMMON 345370860 135 14283 SHARES X 14283 0 0
FOREST CITY
ENTERPRISES INC COMMON 345550107 61 1000 SHARES X 1000 0 0
FORTUNE BRANDS INC COMMON 349631101 21 250 SHARES X 250 0 0
GANNETT CO INC COMMON 364730101 293 5332 SHARES X 5332 0 0
GAP INC COM COMMON 364760108 103 5400 SHARES X 5400 0 0
GENERAL AMERICAN
INVESTORS CO COMMON 368802104 74 1829 SHARES X 1829 0 0
GENERAL
COMMUNICATIONS INC
CLASS A COMMON 369385109 3 200 SHARES X 200 0 0
GENERAL DYNAMICS
CORP COM COMMON 369550108 16 200 SHARES X 200 0 0
GENERAL ELECTRIC
COMPANY COMMON 369604103 23626 617186 SHARES X 617186 0 0
GENERAL GROWTH PPTYS
INC COMMON 370021107 29 550 SHARES X 550 0 0
GENERAL MILLS INC COMMON 370334104 117 2000 SHARES X 2000 0 0
GENESIS ENERGY LP COMMON 371927104 70 2000 SHARES X 2000 0 0
GENUINE PARTS INC COMMON 372460105 824 16600 SHARES X 16600 0 0
GENZYME CORP COM COMMON 372917104 344 5344 SHARES X 5344 0 0
GLADSTONE CAPITAL
CORP COMMON 376535100 8088 376905 SHARES X 376905 0 0
GLADSTONE COMMERCIAL
CORP COMMON 376536108 3418 174406 SHARES X 174406 0 0
GLAXOSMITHKLINE PLC
ADR COMMON 37733W105 250 4782 SHARES X 4782 0 0
GOLDMAN SACHS GROUP
INC COM COMMON 38141G104 228 1050 SHARES X 1050 0 0
GOOGLE INC CL A COMMON 38259P508 12599 24104 SHARES X 24104 0 0
GRACO INC COM COMMON 384109104 161 4000 SHARES X 4000 0 0
W W GRAINGER INC COM COMMON 384802104 93 1000 SHARES X 1000 0 0
GREENBRIER COMPANIES
INC COMMON 393657101 592 19600 SHARES X 19600 0 0
GREENBRIER COS CONV
2.375% 5/15/26 COMMON 393657AD3 443 500000 SHARES X 500000 0 0
CGI GROUP INC--CL A COMMON 39945C109 17 1500 SHARES X 1500 0 0
JOHN HANCOCK BANK &
THRIFT OPP FD COMMON 409735107 15 1616 SHARES X 1616 0 0
HARTFORD FINANCIAL
SVCS GRP INC COM COMMON 416515104 142 1440 SHARES X 1440 0 0
HARVEST ENERGY
TRUST-UNITS COMMON 41752X101 56 1800 SHARES X 1800 0 0
HEALTH CARE PROPERTY
(REIT) COMMON 421915109 183 6316 SHARES X 6316 0 0
HEALTHCARE REALTY
TRUST INC (REIT) COMMON 421946104 183 6600 SHARES X 6600 0 0
HEALTH CARE REIT INC COMMON 42217K106 182 4500 SHARES X 4500 0 0
HEALTHEXTRAS
INCORPORATED COMMON 422211102 74 2500 SHARES X 2500 0 0
HEALTHWAYS INC COMMON 422245100 86 1820 SHARES X 1820 0 0
HEARTLAND PAYMENT
SYSTEMS INC COMMON 42235N108 109 3700 SHARES X 3700 0 0
HEINZ H J CO COM COMMON 423074103 632 13312 SHARES X 13312 0 0
THE HERSHEY COMPANY COMMON 427866108 40 800 SHARES X 800 0 0
HEWLETT-PACKARD CO COMMON 428236103 2066 46304 SHARES X 46304 0 0
HILAND PARTNERS LP COMMON 431291103 38 700 SHARES X 700 0 0
HILB ROGAL & HOBBS CO COMMON 431294107 110 2576 SHARES X 2576 0 0
HILAND HOLDINGS GP LP COMMON 43129M107 97 2700 SHARES X 2700 0 0
HOME DEPOT INC COM COMMON 437076102 4004 101749 SHARES X 101749 0 0
HOME PROPERTIES INC
(REIT) COMMON 437306103 7487 144163 SHARES X 144163 0 0
HONEYWELL INTL INC
COM COMMON 438516106 1920 34112 SHARES X 34112 0 0
HOST HOTELS &
RESORTS INC COMMON 44107P104 300 12978 SHARES X 12978 0 0
HOUSTON WIRE & CABLE
CO COMMON 44244K109 114 4000 SHARES X 4000 0 0
HUMAN GENOME
SCIENCES INC COMMON 444903108 16 1840 SHARES X 1840 0 0
ISTAR FINL INC COM COMMON 45031U101 8473 191145 SHARES X 191145 0 0
ITT CORP COMMON 450911102 57 840 SHARES X 840 0 0
IDEXX CORP COMMON 45168D104 189 2000 SHARES X 2000 0 0
ILLINOIS TOOL WKS
INC COM COMMON 452308109 1603 29580 SHARES X 29580 0 0
IMAGEWARE SYSTEMS INC COMMON 45245S108 44 20000 SHARES X 20000 0 0
IMPERIAL OIL LTD COMMON 453038408 139 3000 SHARES X 3000 0 0
INERGY HOLDINGS LP COMMON 45661Q107 46 900 SHARES X 900 0 0
ING GROEP NV
SPONSORED ADR COMMON 456837103 23 525 SHARES X 525 0 0
INSURED MUNICIPAL
INCOME FD COMMON 45809F104 39 2964 SHARES X 2964 0 0
INTEL CORP COM COMMON 458140100 1277 53813 SHARES X 53813 0 0
INTERACTIVE
INTELLIGENCE INC COMMON 45839M103 4 200 SHARES X 200 0 0
INTERDIGITAL COMM
CORP COMMON 45866A105 3714 115450 SHARES X 115450 0 0
INTERNATIONAL
BUSINESS MACHINES
CORP COMMON 459200101 14124 134192 SHARES X 134192 0 0
INVESTORS FINANCIAL
SERVICES CORP COMMON 461915100 1357 22000 SHARES X 22000 0 0
IOWA
TELECOMMUNICATIONS
SERVICES COMMON 462594201 49 2150 SHARES X 2150 0 0
IRON MTN INC PA COM COMMON 462846106 196 7500 SHARES X 7500 0 0
ISHARES MSCI
AUSTRALIA INDEX
FUND COMMON 464286103 21 750 SHARES X 750 0 0
ISHARES MSCI AUSTRIA
INDEX FUND COMMON 464286202 20 500 SHARES X 500 0 0
ISHARES MSCI BELGIUM
INDEX FUND COMMON 464286301 19 700 SHARES X 700 0 0
ISHARES MSCI BRAZIL
INDEX FUND COMMON 464286400 24 383 SHARES X 383 0 0
ISHARES MSCI CANADA
INDEX FD COMMON 464286509 45 1500 SHARES X 1500 0 0
ISHARES MSCI PACIFIC
EX-JAPAN INDEX COMMON 464286665 366 2500 SHARES X 2500 0 0
3 of 7
SEC USE _______________________________________
COLUMN 5
------------------------
COLUMN 6 COLUMN 8
SHARES INVESTMENT AUTHORITY VOTING AUTHORITY
COLUMN 2 COLUMN 4 OR SHARES PUT ---------------------- COLUMN 7 -------------------
COLUMN 1 TITLE OF COLUMN 3 VALUE PRINCIPAL OR OR SHARED - SHARED - OTHER
NAME OF ISSUER CLASS CUSIP (X $1,000) AMOUNT PRINCIPAL CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED OTHER
-------------- -------- --------- ---------- --------- --------- ---- ---- -------- -------- -------- ------ ------ -----
ISHARES MSCI
SINGAPORE INDEX FD COMMON 464286673 20 1500 SHARES X 1500 0 0
ISHARES MSCI SWEDEN
INDEX FUND COMMON 464286756 20 550 SHARES X 550 0 0
ISHARES MSCI SPAIN
INDEX FD COMMON 464286764 64 1100 SHARES X 1100 0 0
ISHARES MSCI GERMANY
INDEX FD COMMON 464286806 22 650 SHARES X 650 0 0
ISHARES MSCI MEXICO
INDEX FUND COMMON 464286822 22 350 SHARES X 350 0 0
ISHARES MSCI
MALAYSIA INDEX FD COMMON 464286830 20 1700 SHARES X 1700 0 0
ISHARES S&P 100
INDEX FUND COMMON 464287101 144 2080 SHARES X 2080 0 0
ISHARES FTSE/ XINHUA
CHINA 25 COMMON 464287184 799 6200 SHARES X 6200 0 0
ISHARES MSCI
EMERGING MARKETS
INDEX COMMON 464287234 26 200 SHARES X 200 0 0
ISHARES S&P GLOBAL
ENERGY SECT COMMON 464287341 65 500 SHARES X 500 0 0
ISHARES S&P TOPIX
150 INDEX COMMON 464287382 19 150 SHARES X 150 0 0
ISHARES MSCI EAFE
INDEX FD COMMON 464287465 2690 33310 SHARES X 33310 0 0
ISHARES RUSSELL MID
CAP GROWTH INDEX COMMON 464287481 136 1190 SHARES X 1190 0 0
ISHARES S&P MIDCAP
400 BARRA GRWTH I COMMON 464287606 699 7750 SHARES X 7750 0 0
ISHARES S&P MIDCAP
400/BARRA VAL IND COMMON 464287705 415 4788 SHARES X 4788 0 0
ISHARES DJ US TECH
SEC INDEX FD COMMON 464287721 5782 97143 SHARES X 97143 0 0
ISHARES S&P SMALLCAP
600 INDEX FD COMMON 464287804 31 440 SHARES X 440 0 0
ISHARES S&P EUROPE
350 INDEX FD COMMON 464287861 29 250 SHARES X 250 0 0
ISHARES DJ US HOME
CONSTRUCT FD COMMON 464288752 2478 79150 SHARES X 79150 0 0
JDS UNIPHASE CORP COMMON 46612J507 262 19536 SHARES X 19536 0 0
JER INVESTORS TRUST
INC REIT COMMON 46614H301 3717 247800 SHARES X 247800 0 0
JPMORGAN CHASE & CO COMMON 46625H100 16236 335118 SHARES X 335118 0 0
JETBLUE AIRWAYS
CORPORATION COMMON 477143101 10 843 SHARES X 843 0 0
JOHNSON & JOHNSON COMMON 478160104 6801 110371 SHARES X 110371 0 0
KKR FINANCIAL CORP
REIT COMMON 48248A306 8917 357950 SHARES X 357950 0 0
KELLOGG CO COM COMMON 487836108 41 800 SHARES X 800 0 0
KEYCORP NEW COM COMMON 493267108 934 27200 SHARES X 27200 0 0
KIMBERLY CLARK CORP COMMON 494368103 422 6316 SHARES X 6316 0 0
KIMCO REALTY CORP
(REIT) COMMON 49446R109 145 3800 SHARES X 3800 0 0
KINDER MORGAN ENERGY
PARTNERS LP COMMON 494550106 7263 131600 SHARES X 131600 0 0
KINDER MORGAN
MANAGEMENT LLC COMMON 49455U100 4936 95106 SHARES X 95106 0 0
KING PHARMACEUTICALS
INC COM COMMON 495582108 22 1066 SHARES X 1066 0 0
KNOLOGY INC COMMON 499183804 445 25642 SHARES X 25642 0 0
KONINKLIJKE PHILIPS
ELEC N V NY SHR COMMON 500472303 42 1000 SHARES X 1000 0 0
KRAFT FOODS INC CL A COMMON 50075N104 351 9957 SHARES X 9957 0 0
LABORATORY CRP OF
AMER HLDGS COM NEW COMMON 50540R409 13383 171005 SHARES X 171005 0 0
LASERCARD CORP COMMON 51807U101 5 500 SHARES X 500 0 0
LEHMAN BROTHERS
HLDGS INC COM COMMON 524908100 15 200 SHARES X 200 0 0
LEVEL 3
COMMUNICATIONS
INCORPORATED COMMON 52729N100 228 39000 SHARES X 39000 0 0
LIBERTY MEDIA HLDG
CORP-- INTERACT A COMMON 53071M104 16 725 SHARES X 725 0 0
LIBERTY MEDIA HLDG
CORP--CAP SER A COMMON 53071M302 17 145 SHARES X 145 0 0
LIBERTY PROPERTY
TRUST (REIT) COMMON 531172104 44 1000 SHARES X 1000 0 0
LILLY ELI & CO COMMON 532457108 507 9079 SHARES X 9079 0 0
LINCOLN NATIONAL CORP COMMON 534187109 4118 58049 SHARES X 58049 0 0
LOCKHEED MARTIN
CORPORATION COM COMMON 539830109 1111 11798 SHARES X 11798 0 0
LOEWS CORP COM COMMON 540424108 184 3600 SHARES X 3600 0 0
LUMINENT MORTGAGE
CAPITAL INC COMMON 550278303 58 5700 SHARES X 5700 0 0
M & T BANK CORP COMMON 55261F104 321 3000 SHARES X 3000 0 0
MBIA INC COM COMMON 55262C100 78 1250 SHARES X 1250 0 0
MRV COMMUNICATIONS
INC COMMON 553477100 2 645 SHARES X 645 0 0
MAGELLAN MIDSTREAM
HOLDINGS COMMON 55907R108 45 1500 SHARES X 1500 0 0
MAGELLAN MIDSTREAM
PARTNERS L.P. COMMON 559080106 3335 71600 SHARES X 71600 0 0
MAGUIRE PROPERTIES
INC COMMON 559775101 137 4000 SHARES X 4000 0 0
MANOR CARE INC COM COMMON 564055101 264 4042 SHARES X 4042 0 0
MANULIFE FINANCIAL
CORP COMMON 56501R106 955 25600 SHARES X 25600 0 0
MARATHON OIL CORP COMMON 565849106 40 660 SHARES X 660 0 0
MARKEL CORP COM COMMON 570535104 286 590 SHARES X 590 0 0
MARKWEST ENERGY
PARTNERS LP COMMON 570759100 38 1100 SHARES X 1100 0 0
MARSH & MCLENNAN COS
INC COM COMMON 571748102 31 1000 SHARES X 1000 0 0
MARRIOTT INTL INC CL
A COMMON 571903202 1389 32120 SHARES X 32120 0 0
MARTIN MARIETTA
MATERIALS INC COMMON 573284106 81 500 SHARES X 500 0 0
MASTERCARD INC CL A COMMON 57636Q104 25 150 SHARES X 150 0 0
MCDONALD'S
CORPORATION COMMON 580135101 15 300 SHARES X 300 0 0
MC GRAW HILL
COMPANIES INC COMMON 580645109 102 1500 SHARES X 1500 0 0
MEADOW VALLEY
CORPORATION COMMON 583185103 313 22220 SHARES X 22220 0 0
MEDCO HEALTH
SOLUTIONS INC COMMON 58405U102 94 1206 SHARES X 1206 0 0
MEDICIS
PHARMACEUTICAL
CORP CL A NEW COMMON 584690309 24 800 SHARES X 800 0 0
MEDTRONIC INC COMMON 585055106 20739 399898 SHARES X 399898 0 0
MERCK & CO INC COM COMMON 589331107 798 16028 SHARES X 16028 0 0
MERRILL LYNCH & CO
INC COMMON 590188108 2160 25848 SHARES X 25848 0 0
METLIFE CAP TR I COMMON 59156R108 23 350 SHARES X 350 0 0
MICROSOFT CORP COMMON 594918104 1700 57692 SHARES X 57692 0 0
MICROSTRATEGY INC COMMON 594972408 3 27 SHARES X 27 0 0
MID-AMERICA
APARTMENT
COMMUNITIES COMMON 59522J103 79 1500 SHARES X 1500 0 0
MIDCAP SPDR TRUST
SERIES 1 S&P 400 COMMON 595635103 216 1325 SHARES X 1325 0 0
MILLENNIUM
PHARMACEUTICALS COM COMMON 599902103 11 1072 SHARES X 1072 0 0
MONOGRAM BIOSCIENCES
INC COMMON 60975U108 8 5000 SHARES X 5000 0 0
MOTOROLA INC COMMON 620076109 372 21000 SHARES X 21000 0 0
MURPHY OIL CORP COMMON 626717102 48 800 SHARES X 800 0 0
NYSE EURONEXT COMMON 629491101 29 400 SHARES X 400 0 0
NATIONAL CITY CORP
COM COMMON 635405103 353 10600 SHARES X 10600 0 0
4 of 7
SEC USE _______________________________________
COLUMN 5
------------------------
COLUMN 6 COLUMN 8
SHARES INVESTMENT AUTHORITY VOTING AUTHORITY
COLUMN 2 COLUMN 4 OR SHARES PUT ---------------------- COLUMN 7 -------------------
COLUMN 1 TITLE OF COLUMN 3 VALUE PRINCIPAL OR OR SHARED - SHARED - OTHER
NAME OF ISSUER CLASS CUSIP (X $1,000) AMOUNT PRINCIPAL CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED OTHER
-------------- -------- --------- ---------- --------- --------- ---- ---- -------- -------- -------- ------ ------ -----
NATIONWIDE HEALTH
PROPERTIES (REIT) COMMON 638620104 54 2000 SHARES X 2000 0 0
NATURAL RESOURCE
PARTNERS L P COMMON 63900P103 951 25000 SHARES X 25000 0 0
NEENAH PAPER INC COMMON 640079109 0 9 SHARES X 9 0 0
NORFOLK SOUTHERN CORP COMMON 655844108 11 200 SHARES X 200 0 0
NOVO-NORDISK A/S
SPONS ADR COMMON 670100205 271 2500 SHARES X 2500 0 0
NU SKIN ENTERPRISES
INC COMMON 67018T105 13 800 SHARES X 800 0 0
NUSTAR GP HOLDINGS
LLC COMMON 67059L102 57 1500 SHARES X 1500 0 0
NUVEEN MARYLAND PREM
INC MUN FD COMMON 67061Q107 36 2600 SHARES X 2600 0 0
NUVEEN INSD QUALITY
MUN FD COMMON 67062N103 11 760 SHARES X 760 0 0
NUVEEN VA DVD ADV
MUNI BOND FUND COMMON 67069M108 10 625 SHARES X 625 0 0
NUVEEN INSURED PREM
INC MUNI FD II COMMON 6706D8104 40 3100 SHARES X 3100 0 0
NUVEEN MD DIV
ADVANTAGE MUN FD 2 COMMON 67070V105 15 1000 SHARES X 1000 0 0
NUVEEN VA DVD ADV
MUNI FD 2 COMMON 67071C106 10 650 SHARES X 650 0 0
NUVEEN INVESTMENTS
INC COMMON 67090F106 963 15500 SHARES X 15500 0 0
NUVEEN SELECT
QUALITY MUN FD COMMON 670973106 7 450 SHARES X 450 0 0
NUVEEN INSD MUNI
OPPORTUNITY COMMON 670984103 7 500 SHARES X 500 0 0
NUVEEN PREMIER INSD
MUNI INC FD COMMON 670987106 15 1050 SHARES X 1050 0 0
OCCIDENTAL PETE CORP
COM COMMON 674599105 865 14930 SHARES X 14930 0 0
ONEOK PARTNERS LP COMMON 68268N103 41 600 SHARES X 600 0 0
ORACLE CORPORATION
COM COMMON 68389X105 1009 51166 SHARES X 51166 0 0
O'REILLY AUTOMOTIVE
INC COM COMMON 686091109 475 13000 SHARES X 13000 0 0
THE PMI GROUP INC COMMON 69344M101 125 2800 SHARES X 2800 0 0
PNC FINANCIAL
SERVICES GROUP INC COMMON 693475105 1098 15344 SHARES X 15344 0 0
PSS WORLD MED INC COM COMMON 69366A100 91 5000 SHARES X 5000 0 0
PACCAR INC COMMON 693718108 409 4700 SHARES X 4700 0 0
PALATIN TECHNOLOGIES
INC COMMON 696077304 10 5000 SHARES X 5000 0 0
PARKWAY PROPERTIES
INCORPORATED COMMON 70159Q104 72 1500 SHARES X 1500 0 0
PAYCHEX INC COM COMMON 704326107 303 7750 SHARES X 7750 0 0
PENGROWTH ENERGY
TRUST COMMON 706902509 44 2300 SHARES X 2300 0 0
PENNWEST ENERGY TRUST COMMON 707885109 43 1300 SHARES X 1300 0 0
PENN VIRGINIA GP
HOLDINGS LP COMMON 70788P105 53 1700 SHARES X 1700 0 0
PENNEY JC CO INC COMMON 708160106 72 1000 SHARES X 1000 0 0
PENN ESTATE INV TR
(REIT) COMMON 709102107 49 1100 SHARES X 1100 0 0
PEOPLES UNITED
FINANCIAL INC COMMON 712704105 126 7084 SHARES X 7084 0 0
PEPCO HOLDINGS INC COMMON 713291102 103 3655 SHARES X 3655 0 0
PEPSICO INC COM COMMON 713448108 4905 75632 SHARES X 75632 0 0
PETROLEO BRASILEIRO
SA ADR COMMON 71654V101 23 220 SHARES X 220 0 0
PFIZER INC COMMON 717081103 7889 308558 SHARES X 308558 0 0
PHOENIX COS INC COM COMMON 71902E109 27 1798 SHARES X 1798 0 0
PIMCO MUNICIPAL
INCOME FUND COMMON 72200R107 16 1000 SHARES X 1000 0 0
PITNEY BOWES INC COM COMMON 724479100 117 2500 SHARES X 2500 0 0
PLAINS ALL AMERICAN
PIPELINE L P COMMON 726503105 9659 151750 SHARES X 151750 0 0
PLUM CREEK TIMBER CO
INC COMMON 729251108 73 1750 SHARES X 1750 0 0
POOL CORP COMMON 73278L105 117 3000 SHARES X 3000 0 0
POWERSHARES QQQ COMMON 73935A104 274 5752 SHARES X 5752 0 0
PRAXAIR INC COM COMMON 74005P104 490 6800 SHARES X 6800 0 0
PRECISION DRILLING
CORP-US$ COMMON 740215108 42 1700 SHARES X 1700 0 0
PRICE T ROWE GROUP
INC COM COMMON 74144T108 820 15800 SHARES X 15800 0 0
PRIMEWEST ENERGY
TRUST COMMON 741930309 42 2000 SHARES X 2000 0 0
PROCTER & GAMBLE CO
COM COMMON 742718109 19822 323942 SHARES X 323942 0 0
PROLOGIS (REIT) COMMON 743410102 96 1688 SHARES X 1688 0 0
PROVIDENT ENERGY
TRUST UNITS COMMON 74386K104 40 3400 SHARES X 3400 0 0
PULTE HOMES INC COM COMMON 745867101 112 5000 SHARES X 5000 0 0
QUALCOMM INC COM COMMON 747525103 304 7000 SHARES X 7000 0 0
QUEST DIAGNOSTICS INC COMMON 74834L100 93 1800 SHARES X 1800 0 0
QWEST COMMUNICATIONS
INTL INC COMMON 749121109 3200 329955 SHARES X 329955 0 0
RPM INTL INC COMMON 749685103 827 35800 SHARES X 35800 0 0
RAINING DATA
CORPORATION COMMON 75087R108 231 70000 SHARES X 70000 0 0
RAYONIER INC COM COMMON 754907103 2605 57700 SHARES X 57700 0 0
REALTY INCOME CORP COMMON 756109104 151 6000 SHARES X 6000 0 0
RED HAT INC COM COMMON 756577102 11 500 SHARES X 500 0 0
REDWOOD TRUST
INC-REIT COMMON 758075402 48 1000 SHARES X 1000 0 0
REGENERX
BIOPHARMACEUTICALS
INC COMMON 75886X108 24 11400 SHARES X 11400 0 0
REGIONS FINANCIAL
CORP COMMON 7591EP100 5 164 SHARES X 164 0 0
RESEARCH IN MOTION
LIMITED COMMON 760975102 11699 58500 SHARES X 58500 0 0
ROCKWELL AUTOMATION
INC. COMMON 773903109 113 1632 SHARES X 1632 0 0
ROCKWELL COLLINS COM COMMON 774341101 115 1632 SHARES X 1632 0 0
ROYAL BK CANADA COMMON 780087102 42 800 SHARES X 800 0 0
ROYAL DUTCH SHELL
PLC-ADR B COMMON 780259107 67 800 SHARES X 800 0 0
ROYAL DUTCH SHELL
PLC-ADR A COMMON 780259206 407 5014 SHARES X 5014 0 0
RYLAND GROUP INC COMMON 783764103 41 1100 SHARES X 1100 0 0
SCOLR PHARMA INC COMMON 78402X107 45 20000 SHARES X 20000 0 0
SLM CORP COM COMMON 78442P106 10158 176425 SHARES X 176425 0 0
SPDR TRUST SERIES 1
S&P 500 INDEX FD COMMON 78462F103 877 5830 SHARES X 5830 0 0
SRA INTERNATIONAL
INCORPORATED CL A COMMON 78464R105 88 3500 SHARES X 3500 0 0
ST JOE CORP COMMON 790148100 7383 159313 SHARES X 159313 0 0
ST MARY LAND &
EXPLORATION COMPANY COMMON 792228108 220 6000 SHARES X 6000 0 0
SAP AG SPONS ADR COMMON 803054204 13 250 SHARES X 250 0 0
SAUL CENTERS
INCORPORATED COMMON 804395101 113 2500 SHARES X 2500 0 0
SCHERING PLOUGH CORP COMMON 806605101 645 21200 SHARES X 21200 0 0
SCHLUMBERGER LTD COMMON 806857108 3118 36706 SHARES X 36706 0 0
5 of 7
SEC USE _______________________________________
COLUMN 5
------------------------
COLUMN 6 COLUMN 8
SHARES INVESTMENT AUTHORITY VOTING AUTHORITY
COLUMN 2 COLUMN 4 OR SHARES PUT ---------------------- COLUMN 7 -------------------
COLUMN 1 TITLE OF COLUMN 3 VALUE PRINCIPAL OR OR SHARED - SHARED - OTHER
NAME OF ISSUER CLASS CUSIP (X $1,000) AMOUNT PRINCIPAL CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED OTHER
-------------- -------- --------- ---------- --------- --------- ---- ---- -------- -------- -------- ------ ------ -----
THE SCOTTS
MIRACLE-GRO
COMPANY CL A COMMON 810186106 150 3500 SHARES X 3500 0 0
ENERGY SELECT SECTOR
SPDR FD COMMON 81369Y506 34 500 SHARES X 500 0 0
SEMICONDUCTOR MFG
INTL CORP-ADR COMMON 81663N206 7 1000 SHARES X 1000 0 0
SERVICE CORPORATION
INTL COMMON 817565104 93 7300 SHARES X 7300 0 0
SIMON PROPERTY GRP
INC (REIT) COMMON 828806109 1875 20150 SHARES X 20150 0 0
SIRIUS SATELLITE
RADIO INC COM COMMON 82966U103 59 19500 SHARES X 19500 0 0
SIX FLAGS INC COMMON 83001P109 24 4000 SHARES X 4000 0 0
SMITHFIELD FOODS INC COMMON 832248108 28 900 SHARES X 900 0 0
SOLECTRON CORPORATION COMMON 834182107 49 13400 SHARES X 13400 0 0
SOUTHERN CO COM COMMON 842587107 103 3003 SHARES X 3003 0 0
SPRINT NEXTEL CORP COMMON 852061100 3208 154896 SHARES X 154896 0 0
STAPLES INC COM COMMON 855030102 494 20800 SHARES X 20800 0 0
STARBUCKS CORP COM COMMON 855244109 4531 172650 SHARES X 172650 0 0
STATE STREET CORP COMMON 857477103 616 9000 SHARES X 9000 0 0
STEMCELLS
INCORPORATED COMMON 85857R105 2 1000 SHARES X 1000 0 0
STERICYCLE INC COM COMMON 858912108 18 400 SHARES X 400 0 0
STIFEL FINANCIAL
CORPORATION COMMON 860630102 10 176 SHARES X 176 0 0
STORM CAT ENERGY CORP COMMON 862168101 23 20000 SHARES X 20000 0 0
STRYKER CORP COM COMMON 863667101 4377 69375 SHARES X 69375 0 0
SUBURBAN PROPANE
PARTNERS LP LIMITED COMMON 864482104 48 1000 SHARES X 1000 0 0
SUN MICROSYSTEMS INC
COM COMMON 866810104 106 20000 SHARES X 20000 0 0
SUNCOR ENERGY INC COMMON 867229106 27 300 SHARES X 300 0 0
SUNOCO LOGISTICS
PARTNERS LP COMMON 86764L108 907 15100 SHARES X 15100 0 0
SUNRISE SENIOR
LIVING INC COMMON 86768K106 8718 217997 SHARES X 217997 0 0
SUNTRUST BANKS INC COMMON 867914103 1094 12764 SHARES X 12764 0 0
SYSCO CORP COMMON 871829107 5398 163621 SHARES X 163621 0 0
TEPPCO PARTNERS LTD
PARTNERS COMMON 872384102 4141 93350 SHARES X 93350 0 0
TARGET CORP COM COMMON 87612E106 1075 16900 SHARES X 16900 0 0
TECHNE CORP COMMON 878377100 556 9723 SHARES X 9723 0 0
TECHTARGET COMMON 87874R100 26 2000 SHARES X 2000 0 0
TELEFLEX INC COM COMMON 879369106 204 2500 SHARES X 2500 0 0
TELEFONICA S A
SPONSORED ADR COMMON 879382208 37 555 SHARES X 555 0 0
TEMPLE INLAND INC COMMON 879868107 49 800 SHARES X 800 0 0
TEVA PHARMACEUTICAL
SPONS ADR COMMON 881624209 41 1000 SHARES X 1000 0 0
TEXAS INSTRUMENTS INC COMMON 882508104 3861 102588 SHARES X 102588 0 0
THERMO FISHER
SCIENTIFIC INC COMMON 883556102 103 2000 SHARES X 2000 0 0
THORNBURG MTG INC
(REIT) COMMON 885218107 52 2000 SHARES X 2000 0 0
3M CO COMMON 88579Y101 9602 110635 SHARES X 110635 0 0
TIFFANY & CO COMMON 886547108 1220 23000 SHARES X 23000 0 0
TIME WARNER INC COMMON 887317105 2357 112006 SHARES X 112006 0 0
TOLL BROS INC COMMON 889478103 134 5350 SHARES X 5350 0 0
TRACTOR SUPPLY
COMPANY COMMON 892356106 208 4000 SHARES X 4000 0 0
TRANSMONTAIGNE
PARTNERS LP COMMON 89376V100 42 1200 SHARES X 1200 0 0
THE TRAVELERS
COMPANIES INC COMMON 89417E109 800 14944 SHARES X 14944 0 0
TRIMBLE NAV LTD COM COMMON 896239100 225 7000 SHARES X 7000 0 0
TYCO INTERNATIONAL
LTD COMMON 902124106 10598 313635 SHARES X 313635 0 0
TYLER TECHNOLOGIES
INC COMMON 902252105 3300 265900 SHARES X 265900 0 0
UAL CORPORATION COMMON 902549807 8 193 SHARES X 193 0 0
U S BANCORP DEL COM
NEW COMMON 902973304 643 19500 SHARES X 19500 0 0
UNDER ARMOUR
INC-CLASS A COMMON 904311107 100 2200 SHARES X 2200 0 0
UNION PACIFIC CORP
COM COMMON 907818108 945 8207 SHARES X 8207 0 0
UNITED BANKSHARES INC COMMON 909907107 26 824 SHARES X 824 0 0
UNITED PARCEL
SERVICE CL B COMMON 911312106 11816 161874 SHARES X 161874 0 0
UNITED TECHNOLOGIES
CORP COM COMMON 913017109 2518 35510 SHARES X 35510 0 0
UNITEDHEALTH GROUP
INC COMMON 91324P102 14692 287287 SHARES X 287287 0 0
UNIVERSAL DISPLAY
CORP COMMON 91347P105 8 500 SHARES X 500 0 0
UNUM GROUP COMMON 91529Y106 3012 115373 SHARES X 115373 0 0
URANIUM RESOURCES INC COMMON 916901507 276 25000 SHARES X 25000 0 0
VARIAN MEDICAL SYS
INC COM COMMON 92220P105 43 1000 SHARES X 1000 0 0
VERIFONE HOLDINGS INC COMMON 92342Y109 35 1000 SHARES X 1000 0 0
VERIZON
COMMUNICATIONS COM COMMON 92343V104 11158 271032 SHARES X 271032 0 0
VIACOM INC-CLASS B COMMON 92553P201 35 831 SHARES X 831 0 0
VITAL IMAGES INC COMMON 92846N104 41 1500 SHARES X 1500 0 0
VODAFONE GROUP
PLC--SP ADR COMMON 92857W209 268 7964 SHARES X 7964 0 0
VORNADO REALTY TRUST
(REIT) COMMON 929042109 319 2900 SHARES X 2900 0 0
WCI INDUSTRIES COMMON 92923C104 25 1500 SHARES X 1500 0 0
WGL HLDGS INC COM COMMON 92924F106 59 1796 SHARES X 1796 0 0
WACHOVIA CORP COM COMMON 929903102 2815 54935 SHARES X 54935 0 0
WAL MART STORES INC
COM COMMON 931142103 443 9216 SHARES X 9216 0 0
WALGREEN CO COMMON 931422109 87 2000 SHARES X 2000 0 0
WASHINGTON MUTUAL COM COMMON 939322103 5432 127380 SHARES X 127380 0 0
WASHINGTON POST CO
CL B COMMON 939640108 582 750 SHARES X 750 0 0
WEINGARTEN REALTY
INVESTORS (REIT) COMMON 948741103 5076 123523 SHARES X 123523 0 0
WELLS FARGO & CO COMMON 949746101 12003 341276 SHARES X 341276 0 0
WESTERN ASSET
MANAGED MUNICIPALS
FD COMMON 95766M105 254 22791 SHARES X 22791 0 0
WESTERN ASSET/
CLAYMORE US TREAS
INFL COMMON 95766R104 46 4000 SHARES X 4000 0 0
WHOLE FOODS MKT INC
COM COMMON 966837106 655 17120 SHARES X 17120 0 0
WILLIAMS COMPANY INC
(THE) COMMON 969457100 300 9500 SHARES X 9500 0 0
WILLIAMS PARTNERS LP COMMON 96950F104 43 900 SHARES X 900 0 0
WRIGLEY WM JR CO COMMON 982526105 985 17808 SHARES X 17808 0 0
WYETH COMMON 983024100 3016 52600 SHARES X 52600 0 0
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SEC USE _______________________________________
COLUMN 5
------------------------
COLUMN 6 COLUMN 8
SHARES INVESTMENT AUTHORITY VOTING AUTHORITY
COLUMN 2 COLUMN 4 OR SHARES PUT ---------------------- COLUMN 7 -------------------
COLUMN 1 TITLE OF COLUMN 3 VALUE PRINCIPAL OR OR SHARED - SHARED - OTHER
NAME OF ISSUER CLASS CUSIP (X $1,000) AMOUNT PRINCIPAL CALL SOLE DEFINED OTHER MANAGERS SOLE SHARED OTHER
-------------- -------- --------- ---------- --------- --------- ---- ---- -------- -------- -------- ------ ------ -----
XM SATELLITE RADIO
HLDGS INC CL A COMMON 983759101 162 13800 SHARES X 13800 0 0
YAHOO INC COM COMMON 984332106 163 6000 SHARES X 6000 0 0
YUM! BRANDS INC COMMON 988498101 1066 32580 SHARES X 32580 0 0
ZENITH NATIONAL
INSURANCE CORP COMMON 989390109 66 1400 SHARES X 1400 0 0
ZIMMER HLDGS INC COM COMMON 98956P102 6156 72523 SHARES X 72523 0 0
DAIMLERCHRYSLER AG COMMON D1668R123 11 124 SHARES X 124 0 0
ARLINGTON TANKERS LTD COMMON G04899103 4128 143949 SHARES X 143949 0 0
BUNGE LIMITED COMMON G16962105 597 7065 SHARES X 7065 0 0
GARMIN LIMITED ORD COMMON G37260109 222 3000 SHARES X 3000 0 0
GLOBALSANTAFE CORP COMMON G3930E101 43 600 SHARES X 600 0 0
INGERSOLL-RAND
COMPANY LTD-A COMMON G4776G101 9605 175210 SHARES X 175210 0 0
UTI WORLDWIDE INC COMMON G87210103 107 4000 SHARES X 4000 0 0
TRANSOCEAN INC COMMON G90078109 329 3100 SHARES X 3100 0 0
WHITE MOUNTAINS
INSURANCE GROUP LTD COMMON G9618E107 303 500 SHARES X 500 0 0
ALCON INC COMMON H01301102 162 1200 SHARES X 1200 0 0
CHECK POINT SOFTWARE
TECH COM COMMON M22465104 360 15800 SHARES X 15800 0 0
VERIGY LTD COMMON Y93691106 8 280 SHARES X 280 0 0
823745 20235776
7 of 7