13F-HR 1 g93253e13fvhr.txt OTTER CREEK MANAGEMENT, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12-31-04 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one): [ ] is a restatement [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Otter Creek Management, Inc. Address: 400 Royal Palm Way Suite 212 Palm Beach, FL 33480 Form 13F File Number: 28- 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 form. Person Signing this Report on Behalf of Reporting Manager: Name: Joseph W. O'Neill, Jr. Title: Chief Financial Officer Phone: 561-832-4110 Signature, Place and Date of Signing: /s/ Joseph W. O'Neill, Jr. Palm Beach, FL 2-14-05 -------------------------- --------------------- --------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDING 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)) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s)) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section] Form 13F File Number Name 28-___________________ _______________________________________ [Repeat as necessary FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 200 Form 13F Information Table Value Total: 231,335 ----------- (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. 13F File Number Name ___ 28-_________________ _____________________________ [Repeat as necessary] Otter Creek Management PORTFOLIO APPRAISAL 31-Dec-04 FOR M 13F SUMMARY PAGE Report Summary: Number of other Included Managers: - Form 13F Information Table Entry Total: 200 Form 13F Information Table Value Total: 231,335 FORM 13F INFORMATION TABLE
SHARES/ VOTING AUTHORITY VALUE PRN SH/ PUT/ INVSTMT OTHER ---------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) AMT PRN CALL DSCRETN MANAGERS SOLE SHARED --------------- -------------- ----- ------- ------ --- ---- ------- -------- ------- ------ 3COM CORP COM COMMON STOCK - LONG 885535104 1038 249,000 SH SOLE 249,000 3M COMPANY COMMON STOCK - LONG 88579y101 944 11,500 SH SOLE 11,500 ABERDEEN ASIA PACIFIC INCOME FUND INC MUTUAL FUNDS - LONG 003009107 2257 348,378 SH SOLE 348,378 ADVANCED DIGITAL INFORMATION CORP COMMON STOCK - LONG 007525108 301 30,000 SH SOLE 30,000 AEROPOSTALE COMMON STOCK - LONG 007865108 206 7,000 SH SOLE 7,000 AMAZON COM INC CONV SUB NTS ONVERTIBLE BONDS - LONG 023135af3 7803 7,793,000 PRN SOLE 7,793,000 APACHE CORP COMMON STOCK - LONG 037411105 657 13,000 SH SOLE 13,000 APPLIED FILMS CORP COM COMMON STOCK - LONG 038197109 520 24,100 SH SOLE 24,100 APPLIED MATERIALS INC COMMON STOCK - LONG 038222105 214 12,500 SH SOLE 12,500 ARCHER-DANIELS- MIDLAND CO COMMON STOCK - LONG 039483102 803 36,000 SH SOLE 36,000 ATARI INC COMMON STOCK - LONG 04651M105 172 58,820 SH SOLE 58,820 ATMEL CORP SUB DEB CONV 0% 05-23-21 CONVERTIBLE BONDS - LONG 049513ae4 458 1,000,000 PRN SOLE 1,000,000 ATMOS ENERGY CORP COMMON STOCK - LONG 049560105 446 16,300 SH SOLE 16,300 AUTOMATIC DATA PROCESSING INC COMMON STOCK - LONG 053015103 1109 25,000 SH SOLE 25,000 AXONYX INC COMMON STOCK - LONG 05461r101 215 34,678 SH SOLE 34,678 BAXTER INTERNATIONAL INC 7.00% PFD DUE 2/1 CONVERTIBLE PREFERRE 071813406 226 4,000 SH SOLE 4,000 BEAR STEARNS COMPANIES INC COMMON STOCK - LONG 073902108 563 5,500 SH SOLE 5,500 BLACKROCK INCOME OPPORTUNITY TRUST INC MUTUAL FUNDS - LONG 092475102 109 10,000 SH SOLE 10,000 BOK FINANCIAL CORP NEW COMMON STOCK - LONG 05561Q201 2442 50,080 SH SOLE 50,080 BORLAND SOFTWARE CORP COMMON STOCK - LONG 099849101 339 29,000 SH SOLE 29,000 BURLINGTON RESOURCES INC COMMON STOCK - LONG 122014103 14342 329,700 SH SOLE 329,700 CABLE & WIRELESS PLC SPONSORED ADR AMERICAN DEPOSITORY RECEIPTS 126830207 396 57,900 SH SOLE 57,900 CALL 3COM CORP JAN 005 **** LONG TERM O CALLS - LONG 88553n9a5 30 460 CALL SOLE 460 CALL FIRST DATA JAN 040 **** CALLS - LONG 3199639a4 31 120 CALL SOLE 120 CALL FOSSIL INC JAN 025 PBW CALLS - LONG 3498829a0 9 70 CALL SOLE 70 CALL PFIZER INC JAN 025 **** CALLS - LONG 7170819a3 10 50 CALL SOLE 50 CALL WAL-MART STR JAN 050 **** CALLS - LONG 9311429a3wi 27 90 CALL SOLE 90 CHIRON CORP COMMON STOCK - LONG 170040109 267 8,000 SH SOLE 8,000 CHRISTOPHER & BANKS CORP COMMON STOCK - LONG 171046105 258 14,000 SH SOLE 14,000 CINCINNATI BELL INC NEW COM COMMON STOCK - LONG 171871106 146 35,100 SH SOLE 35,100 CISCO SYSTEMS INC COMMON STOCK - LONG 17275r102 290 15,000 SH SOLE 15,000 CLARENT CORP COMMON STOCK - LONG 180461105 33 600,000 SH SOLE 600,000 CNA FINANCIAL CORP NOTES CORPORATE BONDS 126117aj9 543 538,000 PRN SOLE 538,000 COMPASS BANCSHARES INC COMMON STOCK - LONG 20449h109 730 15,000 SH SOLE 15,000 CONAGRA FOODS INC COMMON STOCK - LONG 205887102 839 28,500 SH SOLE 28,500 CORILLIAN CORP COMMON STOCK - LONG 218725109 229 46,643 SH SOLE 46,643 CORNING INC CONV DEBS CONVERTIBLE BONDS - LONG 219350aj4 69 87,000 PRN SOLE 87,000 CUMULUS MEDIA INC-CL A COMMON STOCK - LONG 231082108 302 20,000 SH SOLE 20,000 CYMER INC CONV SENIOR SUB NOTE CONVERTIBLE BONDS - LONG 232572AE7 2727 2,741,000 PRN SOLE 2,741,000 CYPRESS SEMICONDUCTOR CORP COMMON STOCK - LONG 232806109 199 17,001 SH SOLE 17,001 DAN RIVER INC SENIOR NOTES 144A CPN RT 12.75% DEFAULTED CORPORATE BONDS 23528AA71 96 500,000 PRN SOLE 500,000 DAVITA INC COMMON STOCK - LONG 23918k108 632 16,000 SH SOLE 16,000 DEAN FOODS CO NEW COMMON STOCK - LONG 242370104 5242 159,100 SH SOLE 159,100 DENDRITE INTERNATIONAL INC COMMON STOCK - LONG 248239105 388 20,000 SH SOLE 20,000 DEVON ENERGY CORP NEW SR DEB CONVERTIBLE BONDS - LONG 25179MAA1 3516 3,200,000 PRN SOLE 3,200,000
SHARES/ VOTING AUTHORITY VALUE PRN SH/ PUT/ INVSTMT OTHER ---------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) AMT PRN CALL DSCRETN MANAGERS SOLE SHARED --------------- -------------- ----- ------- ------ --- ---- ------- -------- ------- ------ DEVON ENERGY CORPORATION NEW COMMON STOCK - LONG 25179M103 1311 33,672 SH SOLE 33,672 DEVON ENERGY CORPORATION NEW SR DEB CONV ZERO CPN CONVERTIBLE BONDS - LONG 25179MAD5 8007 14,299,000 PRN SOLE 14,299,000 DIEBOLD INC COMMON STOCK - LONG 253651103 953 17,100 SH SOLE 17,100 EMERSON ELECTRIC CO COMMON STOCK - LONG 291011104 561 8,000 SH SOLE 8,000 ENDO PHARMACEUTICALS HLDGS INC COMMON STOCK - LONG 29264f205 336 16,000 SH SOLE 16,000 ENTEGRIS INC COMMON STOCK - LONG 29362U104 708 71,200 SH SOLE 71,200 EXPRESS SCRIPTS INC COMMON COMMON STOCK - LONG 302182100 764 10,000 SH SOLE 10,000 EXTREME NETWORKS INC CONV NOTE CONVERTIBLE BONDS - LONG 30226dab2 49 50,000 PRN SOLE 50,000 EXTREME NETWORKS INC CONV NTS 144A CONVERTIBLE BONDS - LONG 30226DAA4 293 300,000 PRN SOLE 300,000 EXULT INC CONV SENIOR NOTE 144A CONVERTIBLE BONDS - LONG 302284aa2 564 600,000 PRN SOLE 600,000 FINANCIAL INDUSTRIES CORP COMMON STOCK - LONG 317574101 3357 419,681 SH SOLE 419,681 FIRST HORIZON NATL CORP COMMON STOCK - LONG 320517105 948 22,000 SH SOLE 22,000 FLEXTRONICS INTERNATIONAL LTD COMMON STOCK - LONG y2573f102 187 13,500 SH SOLE 13,500 FLOW INTERNATIONAL CORP COMMON STOCK - LONG 343468104 1281 428,592 SH SOLE 428,592 FSI INTL INC COMMON STOCK - LONG 302633102 1170 250,457 SH SOLE 250,457 GABELLI DIVIDEND & INCOME FUND MUTUAL FUNDS - LONG 36242h104 269 15,000 SH SOLE 15,000 GANNETT CO INC COMMON STOCK - LONG 364730101 2263 27,700 SH SOLE 27,700 GAP INC COMMON STOCK - LONG 364760108 317 15,000 SH SOLE 15,000 GAYLORD ENTERTAINMENT CO NEW COMMON STOCK - LONG 367905106 382 9,200 SH SOLE 9,200 GOODRICH CORPORATION (FRM B F GOODRICH CO) COMMON STOCK - LONG 382388106 392 12,000 SH SOLE 12,000 GOREMOTE INTERNET COMMUNICATIONS INC COMMON STOCK - LONG 382859106 682 327,887 SH SOLE 327,887 GREAT LAKES CHEMICAL CORP COMMON STOCK - LONG 390568103 419 14,701 SH SOLE 14,701 GREAT PLAINS ENERGY INC COM COMMON STOCK - LONG 391164100 4079 134,700 SH SOLE 134,700 GULF ISLAND FABRICATION INC COMMON STOCK - LONG 402307102 1765 80,869 SH SOLE 80,869 HANOVER COMPRESSOR CO CONV ST NT CONVERTIBLE BONDS - LONG 410768ac9 388 400,000 PRN SOLE 400,000 HARBOR GLOBAL COMPANY LTD LIMITED PARTNERSHIPS - LONG g4285w100 547 58,800 SH SOLE 58,800 HELIX TECHNOLOGY CORP COMMON STOCK - LONG 423319102 1212 69,707 SH SOLE 69,707 HOME DEPOT INC COMMON STOCK - LONG 437076102 385 9,000 SH SOLE 9,000 HYPERION 2005 INVESTMENT GRADE OPPORTUNITY MUTUAL FUNDS - LONG 448918102 214 22,000 SH SOLE 22,000 INFOCUS CORP COM COMMON STOCK - LONG 45665B106 5340 582,930 SH SOLE 582,930 INGERSOLL RAND CO LTD CL A COMMON STOCK - LONG g4776g101 803 10,000 SH SOLE 10,000 INTEGRATED DEVICE TECH INC COMMON STOCK - LONG 458118106 578 50,000 SH SOLE 50,000 INTEL CORP COMMON STOCK - LONG 458140100 222 9,500 SH SOLE 9,500 INTERNAP NETWORK SVCS CORP COMMON STOCK - LONG 45885A102 355 382,050 SH SOLE 382,050 ISHARES TRUST 1-3 YR TREASURY INDEX FUND MUTUAL FUNDS - LONG 464287457 977 12,000 SH SOLE 12,000 IXYS CORP DEL COMMON STOCK - LONG 46600W106 1127 109,241 SH SOLE 109,241 JOHNSON & JOHNSON COMMON STOCK - LONG 478160104 381 6,000 SH SOLE 6,000 KENNAMETAL INC COMMON STOCK - LONG 489170100 443 8,900 SH SOLE 8,900 KENNETH COLE PRODUCTIONS INC CL A COMMON STOCK - LONG 193294105 401 13,000 SH SOLE 13,000 LIBERTY MEDIA CORP SER A NEW COMMON STOCK - LONG 530718105 551 50,200 SH SOLE 50,200 LONE STAR TECHNOLOGIES INC SR SUB NT SER-B CORPORATE BONDS 542312AB9 14370 13,430,000 PRN SOLE 13,430,000 MAGNETEK INC COMMON STOCK - LONG 559424106 295 42,800 SH SOLE 42,800 MASCO CORP COMMON STOCK - LONG 574599106 329 9,000 SH SOLE 9,000 MAVERICK TUBE CORP COM COMMON STOCK - LONG 577914104 5587 184,400 SH SOLE 184,400 MEDCO HEALTH SOLUTIONS INC COMMON STOCK - LONG 58405u102 416 10,000 SH SOLE 10,000 MFS GOVERNMENT MARKETS INCOME TRUST-SBI MUTUAL FUNDS - LONG 552939100 66 10,000 SH SOLE 10,000 MICROCHIP TECHNOLOGY INC COMMON STOCK - LONG 595017104 227 8,500 SH SOLE 8,500 MICROSOFT CORP COMMON STOCK - LONG 594918104 267 10,000 SH SOLE 10,000 MISSION RESOURCES CORP SR NOTE CORPORATE BONDS 605109AE7 3203 3,000,000 PRN SOLE 3,000,000 MONROE BANCORP-IND COMMON STOCK - LONG 610313108 733 40,400 SH SOLE 40,400 MORGAN STANLEY GOVT INCOME TR MUTUAL FUNDS - LONG 61745P106 201 22,900 SH SOLE 22,900 NATIONAL SEMICONDUCTOR CORP COMMON STOCK - LONG 637640103 422 23,500 SH SOLE 23,500 NATIONAL-OILWELL INC COMMON STOCK - LONG 637071101 2470 70,000 SH SOLE 70,000 NATURAL MICROSYSTEMS CORP CONV SUB NOTES CONVERTIBLE BONDS - LONG 638882aa8 989 1,000,000 PRN SOLE 1,000,000
SHARES/ VOTING AUTHORITY VALUE PRN SH/ PUT/ INVSTMT OTHER ---------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) AMT PRN CALL DSCRETN MANAGERS SOLE SHARED --------------- -------------- ----- ------- ------ --- ---- ------- -------- ------- ------ NEW YORK TIMES CO-CL A COMMON STOCK - LONG 650111107 1093 26,800 SH SOLE 26,800 NOKIA CORP-SPONSORED ADR REPSTG 1 SER A FM AMERICAN DEPOSITORY RECEIPTS 654902204 1128 72,000 SH SOLE 72,000 NORFOLK SOUTHERN CORP COMMON STOCK - LONG 655844108 470 13,000 SH SOLE 13,000 NOVATEL WIRELESS INC COMMON STOCK - LONG 66987m604 291 15,000 SH SOLE 15,000 OAK INDUSTRIES INC SUB CONV NTS CONVERTIBLE BONDS - LONG 671400AL3 3470 3,353,000 PRN SOLE 3,353,000 OFFICEMAX INCORPORATED COMMON STOCK - LONG 67622P101 929 29,600 SH SOLE 29,600 PANAMSAT CORP NEW NOTES CORPORATE BONDS 697933al3 1033 1,000,000 PRN SOLE 1,000,000 PARKER HANNIFIN CORP COMMON STOCK - LONG 701094104 613 8,100 SH SOLE 8,100 PC-TEL INC COM COMMON STOCK - LONG 69325Q105 790 99,600 SH SOLE 99,600 PERKINELMER INC COMMON STOCK - LONG 714046109 290 12,900 SH SOLE 12,900 POWER-ONE INC COMMON STOCK - LONG 739308104 268 30,000 SH SOLE 30,000 PPG INDUSTRIES INC COMMON STOCK - LONG 693506107 838 12,300 SH SOLE 12,300 Progress Energy-CONT. VALUE OBLIG. COMMON STOCK - LONG 743263aa3 115 337,000 SH SOLE 337,000 PUT ALLIED CAP FEB 020 **** PUTS - LONG 01903q9n0 3 230 PUT SOLE 230 PUT AMBAC FINL JAN 080 **** LONG TERM O PUTS - LONG 0e799w9m8wi 93 185 PUT SOLE 185 PUT APPLIED MAT JAN 025 **** PUTS - LONG 0382229m9 376 470 PUT SOLE 470 PUT BRLNGTON RES FEB42.50**** PUTS - LONG 1220149n5 34 280 PUT SOLE 280 PUT CENTEX CORP JAN 045 **** LONG TERM O PUTS - LONG 1k599w9m5 48 200 PUT SOLE 200 PUT CENTEX CORP JAN 055 **** LONG TERM O PUTS - LONG 1k599w9m5wi 51 100 PUT SOLE 100 PUT CENTEX CORP JAN 060 **** LONG TERM O PUTS - LONG 1k599w9m5wi 304 400 PUT SOLE 400 PUT CENTEX CORP JUL 060 CBOE PUTS - LONG 1523129s5wi 133 230 PUT SOLE 230 PUT CHICOS FAS MAY 045 **** PUTS - LONG 1686159q7 64 200 PUT SOLE 200 PUT COLONIAL BAN JUN22.50**** PUTS - LONG 1954939r4 220 1,421 PUT SOLE 1,421 PUT COLONIAL BAN MAR 020 **** PUTS - LONG 1954939o1 18 440 PUT SOLE 440 PUT COLONIAL BAN MAR22.50**** PUTS - LONG 1954939o1 196 1,565 PUT SOLE 1,565 PUT CORNING INC JAN 015 **** PUTS - LONG 2193509m9 296 925 PUT SOLE 925 PUT DANAHER CORP JAN 055 **** LONG TERM O PUTS - LONG 3t699w9m3wi 170 500 PUT SOLE 500 PUT DANAHER CORP JAN42.50**** PUTS - LONG 2358519m6 0 30 PUT SOLE 30 PUT EBAY INC JUL 090 **** PUTS - LONG 2p799w9s8wi 125 580 PUT SOLE 580 PUT EBAY INC JUL 100 **** PUTS - LONG 2p799w9s8 228 600 PUT SOLE 600 PUT EBAY INC JUL 120 **** PUTS - LONG 2p799w9s8 560 500 PUT SOLE 500 PUT EMBRAER AIRC FEB 035 CBOE PUTS - LONG 29081m9n4 40 150 PUT SOLE 150 PUT HARMAN INTL APR 095 AMEX PUTS - LONG 4130869p6wi 9 94 PUT SOLE 94 PUT HARMAN INTL APR 110 AMEX PUTS - LONG 4130869p6 30 97 PUT SOLE 97 PUT HARMAN INTL APR 125 AMEX PUTS - LONG 4130869p6 134 186 PUT SOLE 186 PUT HARMAN INTL JAN 095 AMEX PUTS - LONG 4130869m3wi 1 123 PUT SOLE 123 PUT INGERSOLL RA JAN 080 **** PUTS - LONG g4776g9m5wi 11 100 PUT SOLE 100 PUT MAF BANCORP AUG 045 AMEX PUTS - LONG 55261r9t7 8 40 PUT SOLE 40 PUT MAF BANCORP FEB 045 AMEX PUTS - LONG 55261r9n0 32 280 PUT SOLE 280 PUT MAF BANCORP MAY 045 AMEX PUTS - LONG 55261r9q3 64 412 PUT SOLE 412 PUT MAY DEPT STR JAN27.50**** PUTS - LONG 5777789m7 3 140 PUT SOLE 140 PUT MBIA INC JAN 050 **** LONG TERM O PUTS - LONG 5x599w9m3wi 31 150 PUT SOLE 150 PUT MBIA INC JAN 060 **** LONG TERM O PUTS - LONG 5x599w9m3wi 165 350 PUT SOLE 350 PUT MBIA INC JAN 070 **** LONG TERM O PUTS - LONG 5x599w9m3wi 294 350 PUT SOLE 350 PUT NEW CENTURY JAN 040 **** LONG TERM O PUTS - LONG 6x099w9m7 103 287 PUT SOLE 287 PUT NEW CENTURY JAN 060 **** LONG TERM O PUTS - LONG 6x099w9m7wi 115 111 PUT SOLE 111 PUT NEW CENTURY MAY 065 **** PUTS - LONG 6435ev9q3wi 73 100 PUT SOLE 100 PUT NEW CENTURY MAY 070 **** PUTS - LONG 6435ev9q3wi 372 335 PUT SOLE 335 PUT POLARIS INDS JAN 060 AMEX PUTS - LONG 7310689m6wi 2 100 PUT SOLE 100 PUT POLARIS INDS JUN 060 AMEX PUTS - LONG 7310689r5wi 146 561 PUT SOLE 561 PUT POLARIS INDS JUN 065 AMEX PUTS - LONG 7310689r5wi 402 980 PUT SOLE 980 PUT POLARIS INDS MAR 050 AMEX PUTS - LONG 7310689o2wi 4 280 PUT SOLE 280 PUT POLARIS INDS MAR 055 AMEX PUTS - LONG 7310689o2wi 23 327 PUT SOLE 327
SHARES/ VOTING AUTHORITY VALUE PRN SH/ PUT/ INVSTMT OTHER ---------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) AMT PRN CALL DSCRETN MANAGERS SOLE SHARED --------------- -------------- ----- ------- ------ --- ---- ------- -------- ------- ------ PUT POLARIS INDS MAR 060 AMEX PUTS - LONG 7310689o2wi 10 186 PUT SOLE 186 PUT S&P 500 INDX JAN 1165CBOE PUTS - LONG 12486t9m8wi 3 12 PUT SOLE 12 PUT SCIENTIFIC A JAN 030 **** LONG TERM O PUTS - LONG 80865p9m4 1 50 PUT SOLE 50 PUT SOUTH FINL MAY 030 **** PUTS - LONG 8378419q0 30 300 PUT SOLE 300 PUT SOUTH FINL MAY 035 **** PUTS - LONG 8378419q0 40 115 PUT SOLE 115 PUT STERICYCLE FEB 055 **** PUTS - LONG 8589129n0wi 123 140 PUT SOLE 140 PUT WACHOVIA CRP JAN 050 **** LONG TERM O PUTS - LONG 9r299w9m5wi 664 2,710 PUT SOLE 2,710 PUT WACHOVIA CRP JAN 055 **** LONG TERM O PUTS - LONG 9r299w9m5wi 184 473 PUT SOLE 473 QLOGIC CORP COMMON STOCK - LONG 747277101 331 9,000 SH SOLE 9,000 REGIONAL BK HOLDRS TR DEPOSITARY RCPT COMMON STOCK - LONG 75902e100 994 7,000 SH SOLE 7,000 REMEC INC COMMON STOCK - LONG 759543101 216 30,000 SH SOLE 30,000 RIO TINTO PLC SPONSORED ADR AMERICAN DEPOSITORY RECEIPTS 767204100 3517 29,500 SH SOLE 29,500 S&P 500 PROTECTED EQUITY FD INC MUTUAL FUNDS - LONG 78379p103 2025 227,474 SH SOLE 227,474 SCUDDER INTER GOVT TR SHS MUTUAL FUNDS - LONG 811163104 10722 1,607,441 SH SOLE 1,607,441 SEABULK INTERNATIONAL INC SENIOR NOTE CORPORATE BONDS 81169PAD3 5375 5,000,000 PRN SOLE 5,000,000 SEABULK INTL INC COM COMMON STOCK - LONG 81169P101 9121 753,140 SH SOLE 753,140 SELECT SECTOR SPDR AMEX UTILITIES SELECT I COMMON STOCK - LONG 81369y886 473 17,000 SH SOLE 17,000 SELECTICA INC DEL COMMON STOCK - LONG 816288104 608 169,700 SH SOLE 169,700 SMITHFIELD FOODS INC COMMON STOCK - LONG 832248108 592 20,000 SH SOLE 20,000 SOUTHWEST GAS CORP COM COMMON STOCK - LONG 844895102 4044 159,200 SH SOLE 159,200 SPINNAKER EXPL CO COMMON STOCK - LONG 84855w109 719 20,500 SH SOLE 20,500 SPORTS AUTHORITY INC NEW COMMON STOCK - LONG 84917u109 227 8,800 SH SOLE 8,800 ST JOSEPH CAPITAL CORP COMMON STOCK - LONG 790595102 622 23,400 SH SOLE 23,400 STANDARD & POORS DEPOSITARY RECEIPTS (SPDR COMMON STOCK - LONG 78462f103 1076 8,900 SH SOLE 8,900 STEWART W.P. & CO LTD COMMON STOCK - LONG g84922106 686 29,000 SH SOLE 29,000 STREETTRACKS GOLD TRUST COMMON STOCK - LONG 863307104 447 10,200 SH SOLE 10,200 STRYKER CORP COMMON STOCK - LONG 863667101 338 7,000 SH SOLE 7,000 SUN MICROSYSTEMS INC COM COMMON STOCK - LONG 866810104 448 83,200 SH SOLE 83,200 SUN MICROSYSTEMS INC SR NOTE CORPORATE BONDS 866810ae4 180 170,000 PRN SOLE 170,000 SUNNCOMM INTERNATIONAL INC COMMON STOCK - LONG 86744m101 92 1,466,000 SH SOLE 1,466,000 SYPRIS SOLUTIONS INC COMMON STOCK - LONG 871655106 1268 82,809 SH SOLE 82,809 TC PIPELINES LP UNIT COM LTD PARTNERSHIP I LIMITED PARTNERSHIPS - LONG 87233q108 101 2,683 SH SOLE 2,683 TEXAS INSTRUMENTS INC COMMON STOCK - LONG 882508104 222 9,000 SH SOLE 9,000 THREE-FIVE SYS INC COMMON STOCK - LONG 88554L108 1472 608,100 SH SOLE 608,100 TIME WARNER INC NEW COMMON STOCK - LONG 887317105 544 28,000 SH SOLE 28,000 TIVO INC COMMON STOCK - LONG 888706108 1158 197,246 SH SOLE 197,246 TRIBUNE CO NEW COMMON STOCK - LONG 896047107 737 17,500 SH SOLE 17,500 TRIMBLE NAV LTD COMMON STOCK - LONG 896239100 4959 150,100 SH SOLE 150,100 TTM TECHNOLOGIES INC COMMON STOCK - LONG 87305r109 838 71,000 SH SOLE 71,000 TUMBLEWEED COMMUNICATIONS CORP COMMON STOCK - LONG 899690101 172 51,500 SH SOLE 51,500 TYSON FOODS INC CL A COMMON STOCK - LONG 902494103 1720 93,500 SH SOLE 93,500 TYSON FOODS INC MEDIUM TERM NOTE CORPORATE BONDS 90247GAD0 3070 3,000,000 PRN SOLE 3,000,000 ULTRA CLEAN HOLDINGS INC COMMON STOCK - LONG 90385v107 853 140,755 SH SOLE 140,755 UNITED STATES TREASURY NOTE GOVERNMENT BONDS - LONG 912828cj7 25011 24,000,000 PRN SOLE 24,000,000 VESTA INSURANCE GROUP INC COMMON STOCK - LONG 925391104 322 87,500 SH SOLE 87,500 VIACOM INC-CL A COMMON STOCK - LONG 925524100 966 26,055 SH SOLE 26,055 WORTHINGTON INDUSTRIES INC COMMON STOCK - LONG 981811102 529 27,000 SH SOLE 27,000 WYETH COM COMMON STOCK - LONG 983024100 447 10,500 SH SOLE 10,500