Milan Dale Smith jr

General Electric Co. — Int/Div

Johnson & Johnson — Int/Div

Microsoft Corporation — Int/Div

Blackrock CA Ins Muni 2008 — Int/Div — Buy (add'l)

Blackrock CA Ins Muni 2008 — Int/Div — Buy (add'l)

Blackrock CA Ins Muni 2008 — Int/Div — Sold (part)

Coca-Cola Company — Int/Div

Intuitive Surgical Inc. — None

Somanetics Corp New — None — Sold

Kinder Morgan Energy Partners LP Unit Ltd Partnershihp — Distribution

American Tower Corp CL A — None

Constellation Brands, Inc Cl A — None — Buy (add'l)

Constellation Energy Group — Int/Div — Sold

Devon Energy Corp New — Int/Div — Sold (part)

Fortune Brands Inc — Int/Div — Sold (part)

Intl Game Technology — Int/Div — Sold (part)

L-3 Communications Holdings Inc — Int/Div

Pepsico Incorporated — Int/Div

Time Warmer Inc — None — Sold (part)

Canadian Natl Ry Co. — Int/Div — Buy (add'l)

Koninklijke Philips Electrs NV (New) — Int/Div — Sold

Teco Energy Inc — Int/Div — Sold (part)

Boeing Co — Int/Div

Intel Corp — None — Sold

Templeton Growth Fund Class A — Int/Div — Buy (add'l)

First Colony Life Policy — None

Aetna Life Policy — None

California Pizza Kitchen — None

Quanta SVCS Inc — None — Buy (add'l)

Encana Corp — Int/Div — Buy

Petrochina Company Ltd Adr Shs Ser H — Int/Div — Sold

Ameritech Cap Fdg Corp 6.150 1/15/08 — Interest — Redeemed

CNA Financial Corp 6.6000 12/15/08 — Interest — Redeemed

DaimlerChrysler NA Hldg 7.200 9/1/09 — Interest

Dow Chemical Company 5.750 12/15/12 — Interest

Dow Chemical Company 5.3000 3/15/13 — Interest

Franklin Universal Trust — Int/Div — Buy (add'l)

General Electric Cap Corp 8.125 5/15/12 — Interest

General Electric Cap Corp 4.000 4/15/10 — Interest

Goldman Sachs 5.250 10/15/13 — Interest

HartfordLife 4.5006/15/12 — Interest — Redeemed

Household Fin Corp 5.875 2/1/09 — Interest

Intl Lease Fin Corp 4.37511/1/09 — Interest

Intl Lease Fin Corp 4.200 2/15/10 — Interest

John Hancock Life Ins Co 4.150 2/15/12 — None

La Salle Fndg LLC Multi 3.000 1/15/11 — Interest

McDonald's Corp 6.0004/15/11 — Interest

MFS Charter Income Trust — Int/Div — Sold

MFS Charter Income Trust — None — Sold (part)

MEFS Intermediate Income Trust — Int/Div

Motorolalnc. 7.625 11/15/10 — None

Oneok Inc New — Int/Div — Buy (add'l)

Mississippi St. Go 5.250 07/01/08 — Interest — Redeemed

Franklin Low Duration Total Retum CL A — Int/Div — Sold

Franklin/Templeton Hard Cur Cl A — Int/Div — Sold

Russell Money Market S — Int/Div — Buy (add'l)

Russell Money Market S — None — Sold (part)

Templeton Global Bond Fd A — Int/Div — Sold

Century Tel., Inc. Cpn 5.000% Due 2/15/15 — None

CIT Group, Inc. Sr Unsecured Notes 6.00% 3/15/16 — Interest — Sold

Countrywide Fin Cpn 4.000% due 7/28/15 — Interest — Sold

Dean Witter Discover Odd Cpn Med Term Notes 7.07% 2/10/14 — None

IBM Corp Intemotes Mts. B/E Cpn 5.00% Due 11/15/14 — None — Redeemed

John Hancock Life Ins Co Sr. Uns 4.15% Due 2/15/12 — Int/Div

Motorola Inc. Notes call @market+25 BP — Interest

Gabelli GIbl Util Inc Tr — Int/Div — Sold (part)

Gabelli GIbl Util Inc Tr — Int/Div — Sold

Tamarack Invt Fds Pnme — Int/Div

UltraShort Midcap 400 Proshare — None — Sold

Ultrashort Russell 2000 Reg ETF — Distribution

Rydex Inverse High Yield Strategy CL H — None — Sold

Rydex Inverse High Yield Strategy CL H — None — Buy

Pimco Mun Adv Inc — Int/Div — Sold (part)

Pimco Mun Adv Inc — None — Sold (part)

Pimco Mun Adv Inc — None — Sold

MBIA/Claymore MGD Dura Inv Grd Muni Fd — Int/Div — Buy (add'l)

Los Angeles CA USD GO B/E 7-1-09 — None

Tamarack Inst] Prime Fd — Int/Div

Bank of NY Mellon Corp — Int/Div

Money Mkt Oblig Trust Auto Cash Mgmt — Int/Div

American Capital Agency Corp — None — Buy

Proshares Ultrashort S&P 500 ETF — Distribution — Sold (part)

Williams Partners LP Com Unit Ltd Part Int — None — Buy

Proshares Ultrashort MSC] EAFE ETF — Int/Div — Buy

Ishares Barclays Short Treasury Bond Fund ETF — None — Buy

Ishares Trust Barclays 1-3 Yr. Treasury Bd FD — None — Buy

CapsteadMtg Corp Com No Par — Distribution — Buy

MFA Mortgage Investments Inc — None — Buy

Proshares Ultrashort Financials ETF — Int/Div — Buy

Proshares Trust Ultrashort MSCI Emerging Mkt ETF — Int/Div — Buy

Proshares Trust Ultrashort Basic Materials — None — Buy

Ultrashort MSCI Emerging Mkt ETF — Int/Div — Buy (add'l)

Western Asset/Claymore Infl Lkd Opp & 1 nc Fund — Int/Div — Buy

Ultrashort Financials Proshares — Int/Div — Buy (add'l)

Annaly Capital Mgmt Inc. — Int/Div — Buy

Western Asset/Claymore Infl Lkd Opp & 1 nc Fund — Int/Div — Buy (add'l)

Ishares Lehman Short Tresury Bond Fund ETF — Int/Div — Buy

Morgan Stanley Shrt Eur ETN20 — None — Buy

Proshares Ultrashort Real Estate ETF — None — Buy

Western Asset 2008 Worldwide DLR Govt Term Tr inc — Distribution — Buy

Western Asset 2008 Worldwide DLR Govt Term Tr Inc — None — Buy (add'l)

Western Asset 2008 Worldwide DLR Govt Term Tr Inc — None — Buy (add'l)

Western Asset 2008 Worldwide DLR Govt Term Tr Inc — None — Buy (add'l)

American Capital Agency Corp — None — Buy (add'l)

Capstead Mtg Corp Com No Par — Int/Div — Buy (add'l)

Markwest Energy Partners LP Unit Ltd Part Int — None — Buy

Capstead Mtg Corp Com No Par — Int/Div — Buy (add'l)

Ishares Lehman Short Treasury Bond Fund ETF — None — Buy (add'l)

Markwest Energy Partners LP Unit Ltd Part Int — None — Buy (add'l)

MFA Mortgage Investments Inc — None — Buy (add'l)

Wilhams Partners LP Com Unit Ltd Part Int — None — Buy (add'l)

shares Trust 1-3 Yr Treasury Index Fund — Int/Div — Buy

Proshares Ultrashort MSCI EAFE ETF — Distribution — Sold (part)

Annaly Capital Mgmt Inc — None — Sold

Capstead Mtg Corp Com No Par — None — Sold (part)

Constellation Brands Inc Cl A — None — Sold (part)

Markwest Energy Partners LP Unit Ltd Part Int — None — Sold

Morgan Stanley Mkt Vectors Based Perfor mance — None — Sold

Proshares Ultrashort Financials ETF — None — Sold (part)

Proshares Ultrashort Financials ETF — None — Sold (part)

Proshkares Ultrashort Basic Materials ETF — Int/Div — Sold (part)

Ultrashort MSCI Emerging Mkt ETF — None — Sold

Proshares Ultrashort MSCI1 EAFE ETF — None — Sold

Proshares Ultrashort Real Estate ETF — None — Sold

Proshares Ultrashort S&P 500 ETF — None — Sold (part)

Proshares UltrashortS&P S00 ETF — None — Sold

Western Asset 2008 Worldwide DLR Govt Term Trinc — None — Sold

Western Asset/Claymore Infl Lkd Opp & 1 nc Fund — None — Sold (part)

Western Asset/Claymore Infl Lkd Opp & 1 nc Fund — None — Sold

Constellation Brands Inc Cl A — None — Sold

Encana Corp — None — Sold (part)

Franklin/Templeton Hard Cur CIA ~ — None — Sold (part)

Teco Energy Inc — None — Sold

Hatteras Financial Corp — None — Buy

Annaly Capital Mgmt Inc — None — Buy (add'l)

Capstead Mtg Corp Com No Par — None — Buy (add'l)

Delaware Investments National Municipal Ir come Fund — Int/Div — Buy

Delaware Investments National Municipal In come Fund — None — Buy (add'l)

MBIA/Claymore MGD Dura Inv Grd Muni Fd — None — Buy (add'l)

Seligman Select Municipal Fund Inc — None — Buy (add'l)

Putnam Managed Municipal Income Trust-S BI — None — Buy (add'l)

MBIA/Claymore MGD Dura Inv Grd Muni Fd — None — Buy (add'l)

Blackrock CA Ins Muni 2008 — None — Sold

Delaware Investments National Municipal In come Fund — None — Sold (part)

Delaware Investments National Municipal Ir come Fund — None — Sold (part)

Delaware Investments National Municipal In come Fund nN — None — Sold (part)

MBIA/Claymore MGD Dura Inv Grd Muni Fd — None — Sold (part)

MBIA/Claymore MGD Dura Inv Grd Muni Fd — None — Sold (part)

MBIA/Claymore MGD Dura Inv Grd Muni Fd — None — Sold (part)

Russell Money Market S — None — Sold (part)

Russell Money Market S — None — Sold (part)

Blackrock CA Ins Muni 2008 — None — Sold (part)

Discover Bank Greenwood DE 4.400%; 8 103/09 — None — Buy

Comerica Bank Detroit, MI; 4.16%; 08/07 109 — Interest — Buy

Westermbank PR; 5.20%: 08/07/10 — None — Buy

Comerica Bank Detroit, MI: 2.536%: 8/7/09 — Interest — Buy

Franklin Templeton Funds Inc Series Class A — Int/Div — Sold

Franklin Universal Trust-SBI — None — Sold

Huntington Natl Bank Columbus, OH; 3.06 %: 09/03/09 — None — Buy

Fidelity Advisor Mun Income Fund CL T — Int/Div

California St. Dept Trans COPS Zero Cpn Ser A: 03/01/08 — None — Redeemed

Blackrock CA Ins Muni 2008 — None — Sold

Intl Game Technology — None — Sold

Capital One Bank Glen Allen, VA; 2.27%; 02/23/09 — Interest — Buy

Bank North GA Alpharetta; 3.35%; 04/30/05 — None — Buy

Huntington Natl Bank Columbus, OH; 2.47 %: 09/03/09 — Interest — Buy (add'l)

Dell Inc. — None — Sold

Medcohealth Solutions — None — Sold

Fortune Brands Inc — None — Sold

Fortune Brands Inc — None — Buy (add'l)

Morgan Stanley Shrt Eur ETN20 — None — Buy

Gabelli HIbl Util Inc Trust — None — Buy (add'l)

Annaly Capital Mgmt Inc — None — Buy (add'l)

Ishares Trust 1-3 Yr Treasury Index Fund — None — Buy (add'l)