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Ticker Symbol
Security Description
 
SWX-PX
Southwest Gas Capital B,  7.7% Cumulative Preferred
Earliest Call Date:  8/25/2008            
 Offering Prospectus
Called
3/29/2010
STL/PA
Sterling Bancorp Trust I , 8.38%, Cumulative Preferred
Earliest Call Date:  3/31/2007           
  Offering Prospectus
 
SBIBN
Sterling Bancshares Capital III, 8.3%, Cumulative Preferred
Earliest Call Date:  9/26/2007              
 Offering Prospectus
 
STI/PZ
Sun Trust Capital IX, 7 7/8% Cumulative Preferred
Earliest Call Date: 3/15/2013               
 Offering Prospectus
 
TCB/PA
TCF Capital I, Capital Securities
Earliest Call Date: 8/15/2013              
 Offering Prospectus
 
USB/PK
USB Capital XII  6.3% Trust Preferred Shares
Earliest Call Date: 2/15/2012               
 Offering Prospectus
 
WB/PD
Wachovia Capital Trust X
Earliest Call Date: 12/15/2012         
 Offering Propectus
 
GWF
Wells Fargo Capital IV     7% Preferred
Earlier Call Date:  8/29/2006               
Offering Prospectus
 
     
Trust Preferred Shares -- Page 3

Trust preferred shares are shares issued by a trust which a corporation forms exclusively to purchase subordinated debt of the corporation.  It generally
works like this---the trust issues shares of preferred stock.  From the proceeds of the sale the trust purchases a debt issue from the forming corporation.  
The corporation thus pays the trust
interest payments which are passed onto you.  Thus one level of taxation is eliminated (the corporate taxes). The
payments are not eligible for the 15% tax rate.  

Most of the issues are $25.00 issues and generally are callable at $25.00  5 years from the date of issue.  Dividends are paid quarterly on most of these
issues.

Most of the issues allow for deferrals of interest payments--yet in most instances the interest due continues to accumulate.

Below are issues traded on the New York Stock Exchange
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