<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>obermeyer13f20084q.txt
<TEXT>
FORM 13F
FORM 13F COVER PAGE
Check here if Amendment [ ];
This Amendment (Check only one.): [] is a restatement.
[] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Obermeyer Asset Management Co
Address: 616 EAST HYMAN STE 101
Aspen, CO 81611
Form 13F File Number: 028-11588
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: Roger Hennefeld
Title: Director of Fixed Income
Phone: 970.925.8747
Report Type (Check only one.):
[x] 13F HOLDINGS REPORT. (Check here if all holdings of
this reporting manager 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).)
List of Other Managers Reporting for this Manager:
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: NONE (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.]
<PAGE>
<TABLE> <C> <C>
Form 13 F Information Table
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
NAME TITLE CUSIP VALUE SHRS OR -SH/ INVESTMENT OTHER VOTING
OF ISSUER OF CLASS -PUT/PRN DISCRETION MAN. AUTHORITY
AMT-PRN-CALL SOLE/SHARED
OR NONE
-------------------------------------------------------------------------------------------------------------------------------
1/100 SHARE BERKSHIRE HATHAWAY Common 084670108 869.400 900SH SOLE None SOLE
ABBOTT LABS Common 002824100 157.815 2957SH SOLE None SOLE
ACTIVISION BLIZZARD INC Common 00507V109 0.933 108SH SOLE None SOLE
AEGON N V ORD AMER REG Common 007924103 0.018 3SH SOLE None SOLE
AIR PRODS & CHEMS INC COM Common 009158106 6.837 136SH SOLE None SOLE
ALCATEL LUCENT ADR Common 013904305 0.307 143SH SOLE None SOLE
ALCOA Common 013817101 7.420 659SH SOLE None SOLE
ALCON INC Common H01301102 4.460 50SH SOLE None SOLE
ALEXION PHARMACEUTICAL COM Common 015351109 -9.048 -250SH SOLE None SOLE
ALLSTATE CORPORATION Common 020002101 10.385 317SH SOLE None SOLE
ALSERES PHARMACEUTICALS Common 021152103 0.008 6SH SOLE None SOLE
ALTRIA GROUP INC Common 02209S103 102.454 6803.0521SH SOLE None SOLE
AMAZON INC. Common 023135106 -5.128 -100SH SOLE None SOLE
AMEREN CORP COM Common 023608102 11.641 350SH SOLE None SOLE
AMERICAN ELECTRIC POWER Common 025537101 13.312 400SH SOLE None SOLE
AMERICAN EXPRESS CO Common 025816109 37.100 2000SH SOLE None SOLE
AMGEN INC Common 031162100 28.875 500SH SOLE None SOLE
AMSURG CORP Common 03232P405 5859.227 251038SH SOLE None SOLE
ANADARKO PETROLEUM CORP Common 032511107 58.133 1508SH SOLE None SOLE
APACHE CORP Common 037411105 5310.337 71251SH SOLE None SOLE
APOLLO GROUP INC CL A Common 037604105 2.528 33SH SOLE None SOLE
APPLE COMPUTER INC Common 037833100 47.455 556SH SOLE None SOLE
APPROACH RESOURCES INC COM Common 03834A103 0.512 70SH SOLE None SOLE
ARCHER DANIELS MIDLAND Common 039483102 3.171 110SH SOLE None SOLE
ASCENT MEDIA CORP Common 043632108 0.131 6SH SOLE None SOLE
AT&T CORP Common 00206R102 163.562 5739SH SOLE None SOLE
ATLAS CORP Common 049268105 0.005 100SH SOLE None SOLE
AUTO DATA PROCESSING Common 053015103 35.406 900SH SOLE None SOLE
AXSYS TECHNOLOGIES INC Common 054615109 5.486 100SH SOLE None SOLE
BANK MONTREAL QUE COM Common 063671101 2.184 85SH SOLE None SOLE
BANK NEW YORK INC Common 064058100 25.384 896SH SOLE None SOLE
BAXTER INTERNATIONAL INC. Common 071813109 21.436 400SH SOLE None SOLE
BERKSHIRE HATHAWAY (CLASS B) Common 084670207 12904.210 4015SH SOLE None SOLE
BHP BILLITON LTD Common 088606108 541.827 12630SH SOLE None SOLE
BLACK & DECKER CORP COM Common 091797100 4.599 110SH SOLE None SOLE
BOEING CO Common 097023105 7.126 167SH SOLE None SOLE
BOK FINANCIAL CORP NEW Common 05561Q201 110.494 2735SH SOLE None SOLE
BP PLC ADR Common 055622104 68.240 1460SH SOLE None SOLE
BRISTOL MYERS SQUIBB Common 110122108 224.442 9653.4295SH SOLE None SOLE
BRITISH PETE PLC AMERN SH Common 055622104 14.536 311SH SOLE None SOLE
BROOKFIELD ASSET MGMT Common 112585104 6650.879 435552SH SOLE None SOLE
BURLINGTON NORTH SANTA FE Common 12189T104 121.893 1610SH SOLE None SOLE
CAL MAINE FOODS INC COM NEW Common 128030202 5.166 180SH SOLE None SOLE
CAMECO CORP Common 13321L108 4.313 250SH SOLE None SOLE
CAMPBELL SOUP COMPANY Common 134429109 70.524 2350SH SOLE None SOLE
CANADIAN NAT RES LTD COM Common 136385101 135.092 3379SH SOLE None SOLE
CANADIAN NATL RAILWAY CO Common 136375102 4786.520 130210SH SOLE None SOLE
CATERPILLAR INC DEL Common 149123101 46.099 1032SH SOLE None SOLE
CEMEX SA ADR Common 151290889 0.960 105SH SOLE None SOLE
CHEROKEE INC NEW Common 16444H102 45.110 2600SH SOLE None SOLE
CHESAPEAKE ENERGY CORP Common 165167107 1.213 75SH SOLE None SOLE
CHEVRON TEXACO CORPORATION Common 166764100 809.676 10946SH SOLE None SOLE
CHICAGO MERCANTILE EXCHANGE Common 12572Q105 4.162 20SH SOLE None SOLE
CIGNA CORP COM Common 125509109 23.253 1380SH SOLE None SOLE
CISCO SYSTEMS Common 17275R102 6.520 400SH SOLE None SOLE
CLEARWATER PAPER CORP Common 18538R103 0.005 0.571429SH SOLE None SOLE
CLOROX CO DEL Common 189054109 69.450 1250SH SOLE None SOLE
COACH INC COM Common 189754104 18.215 877SH SOLE None SOLE
COCA COLA CO Common 191216100 9922.784 219191.1634SH SOLE None SOLE
COHEN & STEERS PREM COM Common 19247V104 4.577 1282SH SOLE None SOLE
COMCAST CORP NEW CLASS A Common 20030N101 1.283 76SH SOLE None SOLE
COMMERCIAL NET LEASE COM Common 637417106 42.975 2500SH SOLE None SOLE
CONAGRA INCORPORATED Common 205887102 5.346 324SH SOLE None SOLE
CONOCO PHILLIPS Common 20825C104 248.070 4789SH SOLE None SOLE
CONSOLIDATED EDISON COM Common 209115104 77.860 2000SH SOLE None SOLE
CONSTELLATION BRAND Common 21036P108 9.304 590SH SOLE None SOLE
CORN PRODS INTL INC Common 219023108 2.885 100SH SOLE None SOLE
COSTCO COMPANIES INC Common 22160K105 4668.458 88923SH SOLE None SOLE
COVIDIEN LTD COM Common G2552X108 5.508 152SH SOLE None SOLE
CROCS INC Common 227046109 0.031 25SH SOLE None SOLE
CSX CORP Common 126408103 2.435 75SH SOLE None SOLE
CVS CORP Common 126650100 32.591 1134SH SOLE None SOLE
DEERE & CO Common 244199105 5335.562 139237SH SOLE None SOLE
DEL MONTE CORPORATION Common 24522P103 1.428 200SH SOLE None SOLE
DELL INC Common 24702R101 2.048 200SH SOLE None SOLE
DEUTSCHE TELEKOM AG ADR Common 251566105 177.480 11600SH SOLE None SOLE
DEVON ENERGY CORP Common 25179M103 13.733 209SH SOLE None SOLE
DEVRY INC DEL Common 251893103 2.871 50SH SOLE None SOLE
DIRECTV GROUP INC Common 25459L106 35.144 1534SH SOLE None SOLE
DISCOVERY COMMUNICATIONS Common 25470F302 0.803 60SH SOLE None SOLE
DISCOVERY HOLDING CL A Common 25470F104 0.850 60SH SOLE None SOLE
DISNEY WALT CO Common 254687106 27.092 1194SH SOLE None SOLE
DOMINION RES INC VA NEW Common 25746U109 28.744 802SH SOLE None SOLE
DRYSHIPS INC SHS Common Y2109Q101 42.640 4000SH SOLE None SOLE
DUKE ENERGY CORP Common 26441C105 5071.429 337870SH SOLE None SOLE
EASTMAN KODAK CO Common 277461109 3.290 500SH SOLE None SOLE
EATON VANCE CORP Common 278265103 2.101 100SH SOLE None SOLE
EDISON INTERNATIONAL Common 281020107 16.156 503SH SOLE None SOLE
EMERGING MKT TELE FUND NEW Common 290890102 8.092 599SH SOLE None SOLE
ENBRIDGE INC COM Common 29250N105 8.767 270SH SOLE None SOLE
ENERGY CONVERSN DEVICE COM Common 292659109 2.017 80SH SOLE None SOLE
ENRON CAP 8% Common Y50124521 0.002 200SH SOLE None SOLE
ENRON CORP Common 293561106 0.000 200SH SOLE None SOLE
ENTERGY CORP Common 29364G103 22.362 269SH SOLE None SOLE
EQUITABLE RESOURCES INC Common 294549100 10.065 300SH SOLE None SOLE
EXCHANGE APPLICATION NEW Common 300867306 0.000 67SH SOLE None SOLE
EXELON CORP Common 30161N101 5253.087 94463SH SOLE None SOLE
EXXON MOBIL CORPORATION Common 30231G102 1698.590 21277.5888SH SOLE None SOLE
EYECASHNETWORKS INC COM Common 29365J106 0.000 5SH SOLE None SOLE
FISERV INC COM Common 337738108 52.591 1446SH SOLE None SOLE
FLIR SYS INC COM Common 302445101 3.068 100SH SOLE None SOLE
FREEPORT MCMORAN COPPER Common 35671D857 3893.048 159290SH SOLE None SOLE
FRONTIER AIRLINES Common 359059102 1.800 10000SH SOLE None SOLE
FRONTIER COMMUNICATIONS Common 35906A108 2.622 300SH SOLE None SOLE
FUTURELINK CORP Common 36114Q307 0.000 143SH SOLE None SOLE
GENENTECH INC COM NEW Common 368710406 5.555 67SH SOLE None SOLE
GENERAL DYNAMICS CORP COM Common 369550108 29.601 514SH SOLE None SOLE
GENERAL ELEC CO Common 369604103 43.465 2683SH SOLE None SOLE
GENERAL MTRS CORP Common 370442105 1.014 317SH SOLE None SOLE
GILEAD SCIENCES INC COM Common 375558103 5.114 100SH SOLE None SOLE
GOOGLE INC CL A Common 38259P508 -4.615 -15SH SOLE None SOLE
GORMAN RUPP CO COM Common 383082104 4.201 135SH SOLE None SOLE
GREENS WORLDWIDE INC Common 39540P208 0.000 1SH SOLE None SOLE
HANESBRANDS INC Common 410345102 0.701 55SH SOLE None SOLE
HARSCO CORP COM Common 415864107 7.750 280SH SOLE None SOLE
HARTFORD FINL SVCS Common 416515104 5.895 359SH SOLE None SOLE
HERCULES OFFSHORE INC Common 427093109 0.214 45SH SOLE None SOLE
HESS CORPORATION Common 42809H107 49.349 920SH SOLE None SOLE
HEWLETT PACKARD CO COM Common 428236103 11.177 308SH SOLE None SOLE
HIGHLANDS INSURANCE GROUP Common 431032101 0.000 10SH SOLE None SOLE
HOME DEPOT INC. Common 437076102 8.149 354SH SOLE None SOLE
HOSPIRA INC COM Common 441060100 1.341 50SH SOLE None SOLE
HOST HOTELS&RESORTS COM Common 44107P104 1.529 202SH SOLE None SOLE
HUMANA INC Common 444859102 4878.983 130874SH SOLE None SOLE
I T T INDUSTRIES INC INDIANA Common 450911102 9.198 200SH SOLE None SOLE
ILLINOIS TOOL WKS INC COM Common 452308109 3.505 100SH SOLE None SOLE
ING GROEP N V PERP DEBT 6.2% Common 456837400 12.100 1100SH SOLE None SOLE
INTEL CORP Common 458140100 17.489 1193SH SOLE None SOLE
INTERNATIONAL BUS MACH Common 459200101 34.421 409SH SOLE None SOLE
INTL PAPER CO Common 460146103 4.791 406SH SOLE None SOLE
ISHARES HIGH YIELD CORP BD Common 464288513 10.641 140SH SOLE None SOLE
ISHARES SILVER TRUST Common 46428Q109 55.216 4930SH SOLE None SOLE
ISHARES TR MSCI EAFE IDX Common 464287465 16.239 362SH SOLE None SOLE
JM SMUCKERS CO NEW Common 832696405 4.509 104SH SOLE None SOLE
JOHNSON & JOHNSON Common 478160104 6814.099 113891SH SOLE None SOLE
JOS A BANK CLOTHIERS COM Common 480838101 5279.554 201895SH SOLE None SOLE
JP MORGAN CHASE & CO Common 46625H100 30.899 980SH SOLE None SOLE
KIMBERLY CLARK CORP Common 494368103 42.192 800SH SOLE None SOLE
KINDER MORGAN ENERGY UT LTD PA Common 494550106 73.200 1600SH SOLE None SOLE
KOREA ELECTRIC PWR ADR Common 500631106 9.288 800SH SOLE None SOLE
KOREA FD COM Common 500634209 4.819 140SH SOLE None SOLE
KRAFT FOODS INC CL A Common 50075N104 34.261 1276SH SOLE None SOLE
KROGER COMPANY Common 501044101 28.391 1075SH SOLE None SOLE
LIBBEY INC Common 529898108 2.500 2000SH SOLE None SOLE
LIBERTY GLOBAL Common 530555101 0.911 60SH SOLE None SOLE
LIBERTY MEDIA CORP CLASS A Common 53071M500 4.195 240SH SOLE None SOLE
LIBERTY MEDIA HLDG CP A SER A Common 53071M302 0.283 60SH SOLE None SOLE
LIBERTY MEDIA HOLDING CP A Common 53071M104 0.936 300SH SOLE None SOLE
LIBERTY MEDIA NEW SERIES A Common 540424108 5.650 200SH SOLE None SOLE
LILLY ELI & CO Common 532457108 157.254 3905SH SOLE None SOLE
LOCKHEED MARTIN CORP Common 539830109 46.244 550SH SOLE None SOLE
LUXOTTICA GROUP SPA ADR Common 55068R202 3.624 200SH SOLE None SOLE
MANULIFE FINL CORP COM Common 56501R106 20.164 1184SH SOLE None SOLE
MARATHON OIL CORP COM Common 565849106 8.208 300SH SOLE None SOLE
MARCH FIRST INC Common 566244109 0.000 100SH SOLE None SOLE
MARKET VECTORS ETF TR GOLD MIN Common 57060U100 16991.498 501520SH SOLE None SOLE
MAUI LAND & PINEAPPLE CO Common 577345101 1773.512 132056SH SOLE None SOLE
MCDONALDS CORP Common 580135101 5846.109 94004SH SOLE None SOLE
MDU RESOURCES GROUP Common 552690109 14.027 650SH SOLE None SOLE
MEDTRONIC INC Common 585055106 3592.154 114327SH SOLE None SOLE
MEREDITH CORP COM Common 589433101 0.856 50SH SOLE None SOLE
METLIFE B 6.5% PERP Common 59156R603 17.070 1000SH SOLE None SOLE
METTLER TOLEDO INTL COM Common 592688105 17.591 261SH SOLE None SOLE
MEXICO FD INC COM Common 592835102 3.040 200SH SOLE None SOLE
MICROSOFT CORP Common 594918104 35.925 1848SH SOLE None SOLE
MINNESOTA MNG & MFG CO Common 88579Y101 209.158 3635SH SOLE None SOLE
MISONIX INC COM Common 604871103 0.390 500SH SOLE None SOLE
MONSANTO CO NEW COM Common 61166W101 73.868 1050SH SOLE None SOLE
MORGAN STANLEY DEAN WITTER Common 617446448 12.832 800SH SOLE None SOLE
MURPHY OIL CORP COM Common 626717102 75.395 1700SH SOLE None SOLE
N Q L INC Common 629369109 0.000 450SH SOLE None SOLE
NATIONAL GRID PLC SPON ADR NEW Common 636274300 7.569 150SH SOLE None SOLE
NATL ENERGY GROUP NEW Common 635812209 0.046 14SH SOLE None SOLE
NATURAL RESOURCE PRTNR COM UNI Common 63900P103 14.833 850SH SOLE None SOLE
NEWMONT MINING CORP COM Common 651639106 10.175 250SH SOLE None SOLE
NOBLE ENRGY INC COM Common 655044105 14.864 302SH SOLE None SOLE
NORDIC AMERICAN TANKER Common G65773106 3529.744 104585SH SOLE None SOLE
NOVELLUS SYSTEMS INC Common 670008101 -2.468 -200SH SOLE None SOLE
NUVEEN FLOATING RT INC COM Common 67072T108 60.400 10000SH SOLE None SOLE
OCCIDENTAL PETE CO Common 674599105 47.992 800SH SOLE None SOLE
OCH ZIFF CAPITAL MGMT A Common 67551U105 -12.875 -2500SH SOLE None SOLE
ONEOK PARTNERS LP Common 68268N103 36.440 800SH SOLE None SOLE
PACWEST BANCORP CALIFORNIA Common 695263103 40.296 1498SH SOLE None SOLE
PATRIOT SCIENTFC CORP COM Common 70336N107 0.153 1250SH SOLE None SOLE
PATTERSON UTI ENERGY INC Common 703481101 6400.020 556040SH SOLE None SOLE
PCCW LIMITED Common Y6802P120 0.095 200SH SOLE None SOLE
PCCW LIMITED NEW ADR F Common 70454G207 0.940 197SH SOLE None SOLE
PEPSICO INC Common 713448108 156.423 2856SH SOLE None SOLE
PETROCHINA CO F SPON ADR Common 71646E100 11.123 125SH SOLE None SOLE
PETSMART INC COM Common 716768106 1.476 80SH SOLE None SOLE
PFIZER INC Common 717081103 32.905 1858SH SOLE None SOLE
PHILIP MORRIS INTL INC Common 718172109 98.637 2267SH SOLE None SOLE
PIONEER NAT RES CO COM Common 723787107 7.038 435SH SOLE None SOLE
PLAINS ALL AM PIPELINE UNIT LT Common 726503105 34.690 1000SH SOLE None SOLE
PNC FINL SVCS GROUP COM Common 693475105 63.700 1300SH SOLE None SOLE
POSCO ADR Common 693483109 44.548 592SH SOLE None SOLE
POTASH CORP SASK INC Common 73755L107 4553.552 62190SH SOLE None SOLE
POTLATCH CORPORATION NEW Common 737630103 4157.568 159845SH SOLE None SOLE
POWERSHS DB MULTI SECTOR POWER Common 73935S105 9.818 375SH SOLE None SOLE
PPG INDUSTRIES INC Common 693506107 11.244 265SH SOLE None SOLE
PPL CORP COM Common 69351T106 77.431 2523SH SOLE None SOLE
PRAXAIR INC Common 74005P104 17.808 300SH SOLE None SOLE
PRINCIPAL FINANCIAL GROUP Common 74251V102 4.807 213SH SOLE None SOLE
PRIVATE BANCORP INC Common 742962103 4.901 151SH SOLE None SOLE
PROCTER & GAMBLE CO Common 742718109 294.325 4761SH SOLE None SOLE
PROGRESS ENERGY CVO Common 743263AA3 0.050 150SH SOLE None SOLE
PROGRESS ENERGY INC COM Common 743263105 13.948 350SH SOLE None SOLE
PROSHARES TR PSHS ULT S&P 500 Common 74347R107 4957.674 188720SH SOLE None SOLE
PROSHARES TR ULTRSHRT 20YRS Common 74347R297 7449.600 197445SH SOLE None SOLE
PUBLIC STORAGE 6.75% 1/1000 SE Common 74460D398 7.360 400SH SOLE None SOLE
PUBLIC SVC CO N MEX Common 69349H107 4.133 410SH SOLE None SOLE
QUEST DIAGNOSTICS INC COM Common 74834L100 100.705 1940SH SOLE None SOLE
QWEST COMMUNICATIONS INT Common 749121109 54.385 14941SH SOLE None SOLE
RALCORP HOLDINGS INC NEW Common 751028101 5433.244 93035SH SOLE None SOLE
RAYONIER INC Common 754907103 11.662 371.99997SH SOLE None SOLE
REVETT MINERALS INC F Common 761505106 0.063 1300SH SOLE None SOLE
REVLON INC CL A Common 761525609 1.134 170SH SOLE None SOLE
REYNOLDS AMERICAN INC COM Common 761713106 19.792 491SH SOLE None SOLE
RIO TINTO PLC ADR Common 767204100 7.202 81SH SOLE None SOLE
ROYAL DUTCH ADR Common 780259107 52.940 1000SH SOLE None SOLE
SARA LEE CORP Common 803111103 4.640 474SH SOLE None SOLE
SCHLUMBERGER LTD Common 806857108 16.509 390SH SOLE None SOLE
SCIENT INC NEW Common 808649305 0.000 4SH SOLE None SOLE
SCRIPPS E W CO OHIO CL A Common 811054402 0.029 13.000013SH SOLE None SOLE
SCRIPPS NTWK INTERACTIVE Common 811065101 0.880 40SH SOLE None SOLE
SEASPAN CORP Common Y75638109 9.140 1028.1264SH SOLE None SOLE
SKECHERS U S A INC CL A Common 830566105 8.654 675SH SOLE None SOLE
SOC QUIMICA MINERALA B ADR F D Common 833635105 29.268 1200SH SOLE None SOLE
SOUTHWESTERN ENERGY CO COM Common 845467109 61.011 2106SH SOLE None SOLE
SPDR S&P500 INDEX Common 78462F103 406.080 4500SH SOLE None SOLE
SPDR KBW BANK ETF Common 78464A797 3079.859 139930SH SOLE None SOLE
STARWOOD HOTELS & RESORT Common 85590A401 5.907 330SH SOLE None SOLE
STATE STREET CORP Common 857477103 16.007 407SH SOLE None SOLE
STATSURE DIAGNOSTIC SYSTEMS Common 85771V109 0.000 4SH SOLE None SOLE
STREETTRACKS GOLD TR Common 863307104 20615.553 238275SH SOLE None SOLE
SUBURBAN PROPANE L P UNIT LTD Common 864482104 35.450 1000SH SOLE None SOLE
SUNCOR ENERGY INC COM Common 867229106 231.563 11875SH SOLE None SOLE
SUNRISE SENIOR LIVING COM Common 86768K106 -3.360 -2000SH SOLE None SOLE
SYNGENTA AG ADR Common 87160A100 5560.542 142068SH SOLE None SOLE
TATA MTRS LTD ADR Common 876568502 2.781 625SH SOLE None SOLE
TELE M A LIB MEDIA GP Common 530555101 0.955 60SH SOLE None SOLE
TEVA PHARMACEUTCL INDS ADR Common 881624209 8.514 200SH SOLE None SOLE
TEXAS INSTRS INC Common 882508104 2.592 167SH SOLE None SOLE
TEXTRON INC Common 883203101 5.770 416SH SOLE None SOLE
TG PIPELINES LP Common 87233Q108 66.960 2880SH SOLE None SOLE
THE SOUTHERN COMPANY Common 842587107 25.900 700SH SOLE None SOLE
TIME WARNER INC Common 887317105 1.006 100SH SOLE None SOLE
TM CORPORATE BOND FUND Common 464287242 26.937 265SH SOLE None SOLE
TRAVELERS GROUP INC Common 89417E109 45.200 1000SH SOLE None SOLE
UNION PAC CORP Common 907818108 99.424 2080SH SOLE None SOLE
UNITED DOMINION REALTY TRUST Common 902653104 10.224 741.4224SH SOLE None SOLE
UNITED TECHNOLOGIES CP Common 913017109 230.373 4298SH SOLE None SOLE
VALERO ENERGY CORP Common 91913Y100 1.407 65SH SOLE None SOLE
VAST SOLUTIONS INC CL B1 Common 92237T108 0.000 6SH SOLE None SOLE
VAST SOLUTIONS INC CL B2 Common 92237T207 0.000 6SH SOLE None SOLE
VAST SOLUTIONS INC CL B3 Common 92237T306 0.000 6SH SOLE None SOLE
VELOCITY HSI INC Common 92257K102 0.000 114SH SOLE None SOLE
VERIZON COMMUNICATIONS Common 92343V104 153.402 4525.1335SH SOLE None SOLE
VIACOM INC NEW CL B Common 92553P102 3.297 173SH SOLE None SOLE
VODAFONE GROUP PLC ADR F Common 92857W209 1.860 91SH SOLE None SOLE
WACHOVIA CORP NEW Common 929903102 2.859 516SH SOLE None SOLE
WALGREEN CO Common 931422109 37.202 1508SH SOLE None SOLE
WASTE CONNECTIONS INC Common 941053100 14.207 450SH SOLE None SOLE
WEIGHT WATCHERS INTL COM Common 948626106 1.471 50SH SOLE None SOLE
WELLS FARGO & CO Common 949746101 123.433 4187SH SOLE None SOLE
WELLS FARGO CAP VII TRUPS 5.85 Common 94979B204 8.320 400SH SOLE None SOLE
WESTERN REFINING INC Common 959319104 12.959 1670SH SOLE None SOLE
WESTERN UNION COMPANY Common 959802109 4402.911 307037SH SOLE None SOLE
WHOLE FOODS MKT INC COM Common 966837106 -18.880 -2000SH SOLE None SOLE
WILEY JOHN & SONS CL A Common 968223206 26.685 750SH SOLE None SOLE
WYETH Common 983024100 46.062 1228SH SOLE None SOLE
XCEL ENERGY INC Common 98389B100 15.304 825.0013SH SOLE None SOLE
YUM BRANDS Common 988498101 11.340 360SH SOLE None SOLE
ZIMMER HOLDINGS INC Common 98956P102 4.325 107SH SOLE None SOLE
TOTALS: $195932.130
5705274.488812SH
</table>
</TEXT>
</DOCUMENT>