13F-HR 1 f13.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2004 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: MacKay Shields LLC Address: 9 West 57th Street 34th Floor New York, New York 10019 13F File Number: 28-00046 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: Rene A. Bustamante Title: Chief Compliance Officer Phone: (212) 230-3811 Signature, Place, and Date of Signing: Rene A. Bustamante New York, New York/USA February 11, 2005 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 575 Form13F Information Table Value Total: $10,761,253,246 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M CO COM 88579Y101 74812960 911575 SH SOLE 911575 0 0 A C MOORE ARTS & CRAFTS INC COM 00086T103 4065120 141101 SH SOLE 141101 0 0 AAMES INVT CORP MD COM 00253G108 562820 52600 SH SOLE 52600 0 0 ACCENTURE LTD BERMUDA CL A G1150G111 44321175 1641525 SH SOLE 1641525 0 0 ACTUANT CORP CL A NEW 00508X203 9192011 176261 SH SOLE 176261 0 0 ADVANCE AUTO PARTS INC COM 00751Y106 2018016 46200 SH SOLE 46200 0 0 ADVANCED MICRO DEVICES INC DBCV 4.750% 2/0 007903AE7 10260661 8849000 SH SOLE 8849000 0 0 AES CORP COM 00130H105 3212450 235000 SH SOLE 235000 0 0 AFFILIATED MANAGERS GROUP NOTE 5/0 008252AC2 12039321 9972000 SH SOLE 9972000 0 0 AGILENT TECHNOLOGIES INC DBCV 3.000%12/0 00846UAB7 9438613 9260000 SH SOLE 9260000 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 41058568 1703675 SH SOLE 1703675 0 0 AKAMAI TECHNOLOGIES INC COM 00971T101 1967530 151000 SH SOLE 151000 0 0 ALLEGHENY TECHNOLOGIES INC COM 01741R102 1451890 67000 SH SOLE 67000 0 0 ALLIANCE RES PARTNER L P UT LTD PART 01877R108 5575308 75342 SH SOLE 75342 0 0 ALTIRIS INC COM 02148M100 5349399 150985 SH SOLE 150985 0 0 ALZA CORP SDCV 7/2 02261WAB5 24220311 27465000 SH SOLE 27465000 0 0 AMDOCS LTD ORD G02602103 1233750 47000 SH SOLE 47000 0 0 AMERICAN EXPRESS CO DBCV 1.850%12/0 025816AS8 676575 620000 SH SOLE 620000 0 0 AMERICAN HEALTHWAYS INC COM 02649V104 5285871 159984 SH SOLE 159984 0 0 AMERICAN HOME MTG INVT CORP COM 02660R107 5296386 154639 SH SOLE 154639 0 0 AMERICAN INTL GROUP INC DBCV 11/0 026874AP2 299813 450000 SH SOLE 450000 0 0 AMGEN INC NOTE 3/0 031162AE0 7418938 9925000 SH SOLE 9925000 0 0 AMKOR TECHNOLOGY INC NOTE 5.750% 6/0 031652AN0 9564350 9710000 SH SOLE 9710000 0 0 AON CORP DBCV 3.500%11/1 037389AT0 17539523 14080000 SH SOLE 14080000 0 0 ARCH CHEMICALS INC COM 03937R102 17433399 605747 SH SOLE 605747 0 0 ATMI INC COM 00207R101 461865 20500 SH SOLE 20500 0 0 AVID TECHNOLOGY INC COM 05367P100 3106025 50300 SH SOLE 50300 0 0 AXIS CAPITAL HOLDINGS SHS G0692U109 659376 24100 SH SOLE 24100 0 0 BANKNORTH GROUP INC NEW COM 06646R107 98820 2700 SH SOLE 2700 0 0 BENCHMARK ELECTRS INC COM 08160H101 1331946 39060 SH SOLE 39060 0 0 BIOGEN IDEC INC COM 09062X103 932540 14000 SH SOLE 14000 0 0 BJ SVCS CO NOTE 0.500% 4/2 055482AF0 38244401 45566000 SH SOLE 45566000 0 0 BOSTON SCIENTIFIC CORP COM 101137107 76692904 2157325 SH SOLE 2157325 0 0 BOWATER INC COM 102183100104676609 2380637 SH SOLE 2380637 0 0 BOYD GAMING CORP COM 103304101 4914700 118000 SH SOLE 118000 0 0 BRADLEY PHARMACEUTICALS INC COM 104576103 5200422 268063 SH SOLE 268063 0 0 BRIGGS & STRATTON CORP COM 109043109 2353428 56600 SH SOLE 56600 0 0 BRINKER INTL INC DBCV 10/1 109641AC4 20228923 30957000 SH SOLE 30957000 0 0 BRINKER INTL INC DBCV 10/1 109641AC4 866090 1348000 SH SOLE 1348000 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 48140159 1879007 SH SOLE 1879007 0 0 BROCADE COMMUNICATIONS SYS I NOTE 2.000% 1/0 111621AB4 6835911 7060000 SH SOLE 7060000 0 0 BROOKLINE BANCORP INC DEL COM 11373M107 1361088 83400 SH SOLE 83400 0 0 BRUNSWICK CORP COM 117043109 58315950 1178100 SH SOLE 1178100 0 0 BURLINGTON NORTHN SANTA FE C COM 12189T104 40044698 846432 SH SOLE 846432 0 0 C D W CORP COM 12512N105 3101863 46750 SH SOLE 46750 0 0 CADBURY SCHWEPPES PLC ADR 127209302 77406179 2054798 SH SOLE 2054798 0 0 CAL DIVE INTL INC COM 127914109 10348544 253952 SH SOLE 253952 0 0 CALLAWAY GOLF CO COM 131193104 1386099 102674 SH SOLE 102674 0 0 CALPINE CORP NOTE 4.750%11/1 131347BJ4 11592919 13170000 SH SOLE 13170000 0 0 CAMBREX CORP COM 132011107 3498637 129101 SH SOLE 129101 0 0 CANON INC ADR 138006309 11851903 218428 SH SOLE 218428 0 0 CAPITAL ONE FINL CORP COM 14040H105 96967815 1151500 SH SOLE 1151500 0 0 CAREMARK RX INC COM 141705103101127107 2564725 SH SOLE 2564725 0 0 CARNIVAL CORP DBCV 1.132% 4/2 143658AV4 227500 250000 SH SOLE 250000 0 0 CELGENE CORP COM 151020104 2138318 80600 SH SOLE 80600 0 0 CENDANT CORP COM 151313103 80166864 3428865 SH SOLE 3428865 0 0 CENTEX CORP COM 152312104 70512930 1183500 SH SOLE 1183500 0 0 CENTRAL EUROPEAN DIST CORP COM 153435102 8773 297 SH SOLE 297 0 0 CENTURYTEL INC COM 156700106 99316 2800 SH SOLE 2800 0 0 CEPHALON INC NOTE 6/1 156708AG4 8080 8000 SH SOLE 8000 0 0 CEPHALON INC NOTE 6/1 156708AJ8 1025 1000 SH SOLE 1000 0 0 CERADYNE INC COM 156710105 8408383 146974 SH SOLE 146974 0 0 CHARLES RIVER ASSOCIATES COM 159852102 5248108 112211 SH SOLE 112211 0 0 CHATTEM INC COM 162456107 6128300 185145 SH SOLE 185145 0 0 CHEMICAL FINL CORP COM 163731102 1391810 32428 SH SOLE 32428 0 0 CHESAPEAKE ENERGY CORP COM 165167107 3158100 191400 SH SOLE 191400 0 0 CHESAPEAKE ENERGY CORP PFD CONV 5% 165167800 20183154 163247 SH SOLE 163247 0 0 CHEVRONTEXACO CORP COM 166764100 50359348 959043 SH SOLE 959043 0 0 CHICOS FAS INC COM 168615102 9169514 201395 SH SOLE 201395 0 0 CHILDRENS PL RETAIL STORES I COM 168905107 6033927 162947 SH SOLE 162947 0 0 CHITTENDEN CORP COM 170228100 1225852 42668 SH SOLE 42668 0 0 CHRISTOPHER & BANKS CORP COM 171046105 3491902 189263 SH SOLE 189263 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 73090094 82780000 SH SOLE 82780000 0 0 CIMAREX ENERGY CO COM 171798101 1266808 33425 SH SOLE 33425 0 0 CISCO SYS INC COM 17275R102 54162304 2806337 SH SOLE 2806337 0 0 CITIGROUP INC COM 172967101173669628 3604600 SH SOLE 3604600 0 0 CITY NATL CORP COM 178566105 91845 1300 SH SOLE 1300 0 0 CLAIRES STORES INC COM 179584107 3762355 177052 SH SOLE 177052 0 0 CLARCOR INC COM 179895107 5725765 104542 SH SOLE 104542 0 0 CNF INC COM 12612W104 100200 2000 SH SOLE 2000 0 0 COACH INC COM 189754104 99633420 1766550 SH SOLE 1766550 0 0 COGNOS INC COM 19244C109 1696310 38500 SH SOLE 38500 0 0 COLDWATER CREEK INC COM 193068103 6900525 223535 SH SOLE 223535 0 0 COMMERCIAL CAP BANCORP INC COM 20162L105 8768670 378286 SH SOLE 378286 0 0 COMMERCIAL METALS CO COM 201723103 8848 175 SH SOLE 175 0 0 COMPASS BANCSHARES INC COM 20449H109 21149402 434547 SH SOLE 434547 0 0 COMPUTER ASSOC INTL INC NOTE 1.625%12/1 204912AQ2 9365733 5620000 SH SOLE 5620000 0 0 COMPUTER SCIENCES CORP COM 205363104 69755507 1237458 SH SOLE 1237458 0 0 CONOCOPHILLIPS COM 20825C104 36686977 422515 SH SOLE 422515 0 0 CONSTAR INTL INC NEW COM 21036U107 2183988 282900 SH SOLE 282900 0 0 CONSTELLATION ENERGY GROUP I COM 210371100 1945095 44500 SH SOLE 44500 0 0 COOPER CAMERON CORP COM 216640102 5381000 100000 SH SOLE 100000 0 0 COOPER CAMERON CORP DBCV 1.500% 5/1 216640AE2 50091561 47048000 SH SOLE 47048000 0 0 COOPER COS INC COM NEW 216648402 18026004 255362 SH SOLE 255362 0 0 COOPER INDS LTD CL A G24182100 1133763 16700 SH SOLE 16700 0 0 COORS ADOLPH CO CL B 217016104 113505 1500 SH SOLE 1500 0 0 CORINTHIAN COLLEGES INC COM 218868107 8772103 465487 SH SOLE 465487 0 0 CORN PRODS INTL INC COM 219023108 117832 2200 SH SOLE 2200 0 0 COUNTRYWIDE FINANCIAL CORP NOTE 2/0 222372AG9 3430 2000 SH SOLE 2000 0 0 COVANCE INC COM 222816100 3878875 100100 SH SOLE 100100 0 0 COVENTRY HEALTH CARE INC COM 222862104 10357819 195136 SH SOLE 195136 0 0 CRANE CO COM 224399105 46029 1596 SH SOLE 1596 0 0 CREDIT SUISSE GROUP SPONSORED ADR 225401108 4586314 108861 SH SOLE 108861 0 0 CROMPTON CORP COM 227116100 9779840 828800 SH SOLE 828800 0 0 CRT PROPERTIES INC COM 22876P109 711028 29800 SH SOLE 29800 0 0 CS FIRST BOSTON NY BRH SR MT MTNF 0.500% 3/2 2254C0CL9 17530006 18205000 SH SOLE 18205000 0 0 CSK AUTO CORP COM 125965103 940336 56173 SH SOLE 56173 0 0 CSX CORP COM 126408103 10848975 270683 SH SOLE 270683 0 0 CULLEN FROST BANKERS INC COM 229899109 1807920 37200 SH SOLE 37200 0 0 CUMMINS INC COM 231021106 36667258 437609 SH SOLE 437609 0 0 CVS CORP COM 126650100 52465311 1164085 SH SOLE 1164085 0 0 CYMER INC NOTE 3.500% 2/1 232572AE7 7179268 7135000 SH SOLE 7135000 0 0 CYPRESS SEMICONDUCTOR CORP NOTE 1.250% 6/1 232806AH2 13838803 12925000 SH SOLE 12925000 0 0 CYTEC INDS INC COM 232820100 2684124 52200 SH SOLE 52200 0 0 CYTYC CORP COM 232946103 7915347 287100 SH SOLE 287100 0 0 D R HORTON INC COM 23331A109 94397434 2341787 SH SOLE 2341787 0 0 DADE BEHRING HLDGS INC COM 23342J206 5377288 96023 SH SOLE 96023 0 0 DANAHER CORP DEL COM 235851102 98277883 1711860 SH SOLE 1711860 0 0 DDI CORP COM PAR $ .001 233162304 501804 157800 SH SOLE 157800 0 0 DELL INC COM 24702R101 93846834 2227025 SH SOLE 2227025 0 0 DELTA AIR LINES INC DEL NOTE 8.000% 6/0 247361YP7 20022447 30525000 SH SOLE 30525000 0 0 DENDREON CORP COM 24823Q107 1345344 124800 SH SOLE 124800 0 0 DEVON ENERGY CORP NEW DEB 4.950% 8/1 25179MAB9 397350 360000 SH SOLE 360000 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 7059453 122157 SH SOLE 122157 0 0 DIAMOND OFFSHORE DRILLING IN COM 25271C102 12497402 312045 SH SOLE 312045 0 0 DICKS SPORTING GOODS INC COM 253393102 2942055 83700 SH SOLE 83700 0 0 DIGITAS INC COM 25388K104 4803889 503025 SH SOLE 503025 0 0 DISNEY WALT CO NOTE 2.125% 4/1 254687AU0 15131099 13471000 SH SOLE 13471000 0 0 DJ ORTHOPEDICS INC COM 23325G104 1394442 65100 SH SOLE 65100 0 0 DORAL FINL CORP COM 25811P100 13138669 266775 SH SOLE 266775 0 0 DOVER CORP COM 260003108 84058245 2004250 SH SOLE 2004250 0 0 DRS TECHNOLOGIES INC COM 23330X100 5005954 117208 SH SOLE 117208 0 0 DST SYS INC DEL DBCV 4.125% 8/1 233326AB3 13122413 9875000 SH SOLE 9875000 0 0 DTE ENERGY CO COM 233331107 8206043 190263 SH SOLE 190263 0 0 DUKE ENERGY CORP COM 264399106 5842314 230648 SH SOLE 230648 0 0 DUQUESNE LT HLDGS INC COM 266233105 82940 4400 SH SOLE 4400 0 0 E TRADE FINANCIAL CORP COM 269246104 3744975 250500 SH SOLE 250500 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 8086183 8186000 SH SOLE 8186000 0 0 EAGLE MATERIALS INC COM 26969P108 8743222 101337 SH SOLE 101337 0 0 EBAY INC COM 278642103 51750414 445050 SH SOLE 445050 0 0 EFUNDS CORP COM 28224R101 2167215 90263 SH SOLE 90263 0 0 EL PASO ELEC CO COM NEW 283677854 8845 467 SH SOLE 467 0 0 ELECTRONIC ARTS INC COM 285512109 36970992 599400 SH SOLE 599400 0 0 ELECTRONIC DATA SYS NEW NOTE 3.875% 7/1 285661AF1 21670875 19455000 SH SOLE 19455000 0 0 ELECTRONICS BOUTIQUE HLDGS C COM 286045109 5836877 135931 SH SOLE 135931 0 0 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 2738906 130300 SH SOLE 130300 0 0 ENERGIZER HLDGS INC COM 29266R108 367905 7404 SH SOLE 7404 0 0 ENERGY EAST CORP COM 29266M109 8441205 316387 SH SOLE 316387 0 0 ENGINEERED SUPPORT SYS INC COM 292866100 3037986 51300 SH SOLE 51300 0 0 ENI S P A SPONSORED ADR 26874R108 2384849 18965 SH SOLE 18965 0 0 ENSCO INTL INC COM 26874Q100 96666455 3045572 SH SOLE 3045572 0 0 ENTERGY CORP NEW COM 29364G103 14012758 207320 SH SOLE 207320 0 0 EPICOR SOFTWARE CORP COM 29426L108 7420682 526663 SH SOLE 526663 0 0 EQUITABLE RES INC COM 294549100 121320 2000 SH SOLE 2000 0 0 ESSEX CORP COM 296744105 1518750 75000 SH SOLE 75000 0 0 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 5899913 6005000 SH SOLE 6005000 0 0 EXXON MOBIL CORP COM 30231G102 47456661 925803 SH SOLE 925803 0 0 FACTSET RESH SYS INC COM 303075105 13524243 231421 SH SOLE 231421 0 0 FAIRCHILD SEMICONDUCTOR CORP NOTE 5.000%11/0 303727AJ0 16325860 15940000 SH SOLE 15940000 0 0 FAIRCHILD SEMICONDUCTOR INTL COM 303726103 1534944 94400 SH SOLE 94400 0 0 FARO TECHNOLOGIES INC COM 311642102 5089262 163222 SH SOLE 163222 0 0 FEDEX CORP COM 31428X106106475569 1081080 SH SOLE 1081080 0 0 FIDELITY NATL FINL INC COM 316326107 4206207 92100 SH SOLE 92100 0 0 FINISH LINE INC CL A 317923100 8967 490 SH SOLE 490 0 0 FIRST DATA CORP COM 319963104 33100587 778105 SH SOLE 778105 0 0 FIRST HEALTH GROUP CORP COM 320960107 2020680 108000 SH SOLE 108000 0 0 FIRST NIAGARA FINL GP INC COM 33582V108 704475 50500 SH SOLE 50500 0 0 FIRSTENERGY CORP COM 337932107 14592900 369347 SH SOLE 369347 0 0 FISERV INC COM 337738108 413957 10300 SH SOLE 10300 0 0 FISHER SCIENTIFIC INTL INC COM NEW 338032204 90212397 1446175 SH SOLE 1446175 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 17658235 15639000 SH SOLE 15639000 0 0 FISHER SCIENTIFIC INTL INC NOTE 2.500%10/0 338032AW5 13469604 8930000 SH SOLE 8930000 0 0 FLIR SYS INC COM 302445101 6622486 103817 SH SOLE 103817 0 0 FLOWSERVE CORP COM 34354P105 173502 6300 SH SOLE 6300 0 0 FLUOR CORP NEW COM 343412102 3750288 68800 SH SOLE 68800 0 0 FORD MTR CO CAP TR II PFD TR CV6.5% 345395206 18824739 354573 SH SOLE 354573 0 0 FORRESTER RESH INC COM 346563109 965854 53838 SH SOLE 53838 0 0 FOSSIL INC COM 349882100 7036257 274425 SH SOLE 274425 0 0 FREESCALE SEMICONDUCTOR INC CL B 35687M206 300627 16374 SH SOLE 16374 0 0 FRESH DEL MONTE PRODUCE INC ORD G36738105 2809989 94900 SH SOLE 94900 0 0 FULLER H B CO COM 359694106 1804683 63300 SH SOLE 63300 0 0 GAP INC DEL COM 364760108 59703325 2826862 SH SOLE 2826862 0 0 GARMIN LTD ORD G37260109 5408676 88900 SH SOLE 88900 0 0 GEN-PROBE INC NEW COM 36866T103 2947692 65200 SH SOLE 65200 0 0 GENENTECH INC COM NEW 368710406 59004794 1083850 SH SOLE 1083850 0 0 GENERAL ELEC CO COM 369604103 84654450 2319300 SH SOLE 2319300 0 0 GENERAL GROWTH PPTYS INC COM 370021107 2485711 68742 SH SOLE 68742 0 0 GENERAL MLS INC COM 370334104 64704773 1301645 SH SOLE 1301645 0 0 GENERAL MLS INC DBCV 10/2 370334AU8 5792081 8115000 SH SOLE 8115000 0 0 GENLYTE GROUP INC COM 372302109 5227165 61008 SH SOLE 61008 0 0 GENZYME CORP NOTE 1.250%12/0 372917AN4 20936386 19556000 SH SOLE 19556000 0 0 GETTY IMAGES INC COM 374276103 3160215 45900 SH SOLE 45900 0 0 GILEAD SCIENCES INC COM 375558103 52256690 1493475 SH SOLE 1493475 0 0 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 20020901 422471 SH SOLE 422471 0 0 GLOBAL IMAGING SYSTEMS COM 37934A100 8436252 213576 SH SOLE 213576 0 0 GLOBAL INDS LTD COM 379336100 1839004 221834 SH SOLE 221834 0 0 GLOBALSANTAFE CORP SHS G3930E101 49444686 1493346 SH SOLE 1493346 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 46330988 445319 SH SOLE 445319 0 0 GOODYEAR TIRE & RUBR CO COM 382550101 43577583 2972550 SH SOLE 2972550 0 0 GRAFTECH INTL LTD DBCV 1.625% 1/1 384313AB8 4844009 5170000 SH SOLE 5170000 0 0 GRAFTECH INTL LTD COM 384313102 3240457 342543 SH SOLE 342543 0 0 GRANT PRIDECO INC COM 38821G101 3007500 150000 SH SOLE 150000 0 0 GREY WOLF INC COM 397888108 4005301 760019 SH SOLE 760019 0 0 GUESS INC COM 401617105 2668130 212600 SH SOLE 212600 0 0 GUITAR CTR MGMT INC COM 402040109 8092973 153596 SH SOLE 153596 0 0 HALLIBURTON CO NOTE 3.125% 7/1 406216AM3 24387181 19479000 SH SOLE 19479000 0 0 HANCOCK FABRICS INC COM 409900107 1479405 142662 SH SOLE 142662 0 0 HANMI FINL CORP COM 410495105 5334826 148437 SH SOLE 148437 0 0 HANOVER COMPRESSOR CO COM 410768105 1608192 113814 SH SOLE 113814 0 0 HARLEY DAVIDSON INC COM 412822108 83971688 1382250 SH SOLE 1382250 0 0 HARMAN INTL INDS INC COM 413086109 88414225 696175 SH SOLE 696175 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 69828370 1007479 SH SOLE 1007479 0 0 HCA INC COM 404119109 34090395 853113 SH SOLE 853113 0 0 HERLEY INDS INC DEL COM 427398102 870552 42800 SH SOLE 42800 0 0 HEWLETT PACKARD CO COM 428236103 90481859 4314824 SH SOLE 4314824 0 0 HIBBETT SPORTING GOODS INC COM 428565105 3864437 145225 SH SOLE 145225 0 0 HIBERNIA CORP CL A 428656102 7968615 270031 SH SOLE 270031 0 0 HIGHWOODS PPTYS INC COM 431284108 11346751 409630 SH SOLE 409630 0 0 HILTON HOTELS CORP NOTE 3.375% 4/1 432848AZ2 34980341 28969000 SH SOLE 28969000 0 0 HOOPER HOLMES INC COM 439104100 2317532 391475 SH SOLE 391475 0 0 HORNBECK OFFSHORE SVCS INC N COM 440543106 1931930 100100 SH SOLE 100100 0 0 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 110400 2400 SH SOLE 2400 0 0 HOUSEVALUES INC COM 44183Y102 66088 4400 SH SOLE 4400 0 0 HOUSTON EXPL CO COM 442120101 1296144 23018 SH SOLE 23018 0 0 HOVNANIAN ENTERPRISES INC CL A 442487203 16515366 333509 SH SOLE 333509 0 0 HUDSON UNITED BANCORP COM 444165104 1358610 34500 SH SOLE 34500 0 0 HUGHES SUPPLY INC COM 444482103 8772511 271175 SH SOLE 271175 0 0 ICU MED INC COM 44930G107 1167418 42700 SH SOLE 42700 0 0 ILLINOIS TOOL WKS INC COM 452308109 89821749 969160 SH SOLE 969160 0 0 IMAGISTICS INTERNATIONAL INC COM 45247T104 617055 18332 SH SOLE 18332 0 0 IMMUCOR INC COM 452526106 7759500 330051 SH SOLE 330051 0 0 INCO LTD DBCV 1.000% 3/1 453258AT2 2086875 1590000 SH SOLE 1590000 0 0 INDYMAC BANCORP INC COM 456607100 6926173 201050 SH SOLE 201050 0 0 INNOVATIVE SOLUTIONS & SUPPO COM 45769N105 5031355 150820 SH SOLE 150820 0 0 INPUT/OUTPUT INC COM 457652105 2431000 275000 SH SOLE 275000 0 0 INSITUFORM TECHNOLOGIES INC CL A 457667103 3745560 165221 SH SOLE 165221 0 0 INTEGRA LIFESCIENCES HLDGS C COM NEW 457985208 7886660 213557 SH SOLE 213557 0 0 INTEGRATED CIRCUIT SYS INC COM 45811K208 1200808 57400 SH SOLE 57400 0 0 INTEL CORP COM 458140100 47501582 2030850 SH SOLE 2030850 0 0 INTERDIGITAL COMMUNICATIONS COM 45866A105 1140360 51600 SH SOLE 51600 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101113626266 1152630 SH SOLE 1152630 0 0 INTERNATIONAL GAME TECHNOLOG DBCV 1/2 459902AL6 20506000 26534000 SH SOLE 26534000 0 0 INTERNATIONAL RECTIFIER CORP COM 460254105 1698117 38100 SH SOLE 38100 0 0 INTERPUBLIC GROUP COS INC PFD CONV SER A 460690308 3836990 77800 SH SOLE 77800 0 0 INTL PAPER CO COM 460146103 27148968 646404 SH SOLE 646404 0 0 INTL PAPER CO DBCV 6/2 460146BM4 14476055 25982000 SH SOLE 25982000 0 0 INVESTORS FINL SERVICES CORP COM 461915100 3713514 74300 SH SOLE 74300 0 0 INVITROGEN CORP NOTE 1.500% 2/1 46185RAK6 17758111 18738000 SH SOLE 18738000 0 0 IOWA TELECOMM SERVICES INC COM 462594201 323550 15000 SH SOLE 15000 0 0 ISHARES INC MSCI JAPAN 464286848 3231228 295900 SH SOLE 295900 0 0 ISHARES INC MSCI UTD KINGD 464286699 13032217 720410 SH SOLE 720410 0 0 ISHARES TR MSCI EAFE IDX 464287465 23124075 144300 SH SOLE 144300 0 0 ISHARES TR RUSSELL 2000 464287655 5050500 39000 SH SOLE 39000 0 0 ISHARES TR RUSL 2000 VALU 464287630 6483456 33600 SH SOLE 33600 0 0 ISHARES TR RUSSELL MCP VL 464287473 70619 626 SH SOLE 626 0 0 ISHARES TR RUSSELL1000VAL 464287598 23433455 353073 SH SOLE 353073 0 0 ISLE OF CAPRI CASINOS INC COM 464592104 6938325 270500 SH SOLE 270500 0 0 IXIA COM 45071R109 5333510 317282 SH SOLE 317282 0 0 JARDEN CORP COM 471109108 10028906 230868 SH SOLE 230868 0 0 JEFFERIES GROUP INC NEW COM 472319102 8366237 207702 SH SOLE 207702 0 0 JO-ANN STORES INC COM 47758P307 740826 26900 SH SOLE 26900 0 0 JOHNSON & JOHNSON COM 478160104 90330184 1424317 SH SOLE 1424317 0 0 JOS A BANK CLOTHIERS INC COM 480838101 5373321 189870 SH SOLE 189870 0 0 JOY GLOBAL INC COM 481165108 7051903 162374 SH SOLE 162374 0 0 JPMORGAN & CHASE & CO COM 46625H100 73543330 1885243 SH SOLE 1885243 0 0 K-SWISS INC CL A 482686102 8852 304 SH SOLE 304 0 0 KADANT INC COM 48282T104 588350 28700 SH SOLE 28700 0 0 KB HOME COM 48666K109 5329620 51050 SH SOLE 51050 0 0 KEANE INC COM 486665102 1593068 108372 SH SOLE 108372 0 0 KENNAMETAL INC COM 489170100 99540 2000 SH SOLE 2000 0 0 KERR MCGEE CORP COM 492386107 52684253 911650 SH SOLE 911650 0 0 KEY ENERGY SVCS INC COM 492914106 2165300 183500 SH SOLE 183500 0 0 KIMBERLY CLARK CORP COM 494368103 60151788 914022 SH SOLE 914022 0 0 KIRBY CORP COM 497266106 5660403 127544 SH SOLE 127544 0 0 KIRKLANDS INC COM 497498105 561653 45700 SH SOLE 45700 0 0 KLA-TENCOR CORP COM 482480100 40472896 868890 SH SOLE 868890 0 0 KNIGHT TRANSN INC COM 499064103 5142751 207369 SH SOLE 207369 0 0 KNIGHTSBRIDGE TANKERS LTD ORD G5299G106 4926178 147358 SH SOLE 147358 0 0 KOHLS CORP COM 500255104 80006966 1627150 SH SOLE 1627150 0 0 KRAFT FOODS INC CL A 50075N104 29335340 823795 SH SOLE 823795 0 0 KROGER CO COM 501044101 65209142 3717739 SH SOLE 3717739 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 84894315 1159125 SH SOLE 1159125 0 0 LA QUINTA CORP PAIRED CTF 50419U202 2110698 232200 SH SOLE 232200 0 0 LA Z BOY INC COM 505336107 861458 56048 SH SOLE 56048 0 0 LABOR READY INC COM NEW 505401208 3170808 187400 SH SOLE 187400 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 657624 13200 SH SOLE 13200 0 0 LABORATORY CORP AMER HLDGS NOTE 9/1 50540RAC6 63361897 80425000 SH SOLE 80425000 0 0 LAMAR ADVERTISING CO NOTE 2.875%12/3 512815AG6 13593509 12153000 SH SOLE 12153000 0 0 LAS VEGAS SANDS CORP COM 517834107 336000 7000 SH SOLE 7000 0 0 LAWSON SOFTWARE INC COM 520780107 500136 72800 SH SOLE 72800 0 0 LEAR CORP COM 521865105 91515 1500 SH SOLE 1500 0 0 LEARNING TREE INTL INC COM 522015106 1655637 123555 SH SOLE 123555 0 0 LEGG MASON INC COM 524901105 3813183 52050 SH SOLE 52050 0 0 LEHMAN BROS HLDGS INC COM 524908100 1355940 15500 SH SOLE 15500 0 0 LEHMAN BROS HLDGS INC NOTE 1.000%11/0 524908MK3 32615210 31750000 SH SOLE 31750000 0 0 LEHMAN BROS HLDGS INC NOTE 0.250% 5/0 524908FN5 28852925 26410000 SH SOLE 26410000 0 0 LEHMAN BROS HLDGS INC MTN BE MTNF 0.250% 9/2 52517PVE8 40605188 29265000 SH SOLE 29265000 0 0 LENNAR CORP CL A 526057104 94810620 1672735 SH SOLE 1672735 0 0 LENNAR CORP CL B 526057302 318794 6106 SH SOLE 6106 0 0 LIBERTY MEDIA CORP DEB 3.500% 1/1 530715AN1 10322474 10820000 SH SOLE 10820000 0 0 LIBERTY MEDIA CORP NEW DEB 0.750% 3/3 530718AF2 754751 627000 SH SOLE 627000 0 0 LIMITED BRANDS INC COM 532716107 1362784 59200 SH SOLE 59200 0 0 LINCARE HLDGS INC DBCV 3.000% 6/1 532791AB6 57373531 54245000 SH SOLE 54245000 0 0 LINCOLN ELEC HLDGS INC COM 533900106 8704 252 SH SOLE 252 0 0 LLOYDS TSB GROUP PLC SPONSORED ADR 539439109 2180844 59375 SH SOLE 59375 0 0 LOEWS CORP NOTE 3.125% 9/1 540424AL2 10286052 9815000 SH SOLE 9815000 0 0 LOWES COS INC NOTE 0.861%10/1 548661CG0 2569725 2430000 SH SOLE 2430000 0 0 LOWES COS INC COM 548661107 88199373 1531505 SH SOLE 1531505 0 0 LSI LOGIC CORP COM 502161102 42744 7800 SH SOLE 7800 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 63234545 65441000 SH SOLE 65441000 0 0 LUCENT TECHNOLOGIES INC COM 549463107 112093 29812 SH SOLE 29812 0 0 LUCENT TECHNOLOGIES INC DBCV 2.750% 6/1 549463AH0 4382248 2980000 SH SOLE 2980000 0 0 LYDALL INC DEL COM 550819106 1215650 102500 SH SOLE 102500 0 0 M D C HLDGS INC COM 552676108 11265379 130326 SH SOLE 130326 0 0 M/I HOMES INC COM 55305B101 5333380 96777 SH SOLE 96777 0 0 MANITOWOC INC COM 563571108 90360 2400 SH SOLE 2400 0 0 MANNKIND CORP COM 56400P201 2107350 133800 SH SOLE 133800 0 0 MARSH & MCLENNAN COS INC COM 571748102 1645000 50000 SH SOLE 50000 0 0 MARSHALL & ILSLEY CORP COM 571834100 8007625 181168 SH SOLE 181168 0 0 MASCO CORP COM 574599106 474890 13000 SH SOLE 13000 0 0 MASCO CORP NOTE 7/2 574599AW6 2425 5000 SH SOLE 5000 0 0 MASSEY ENERGY CORP COM 576206106 12273601 351176 SH SOLE 351176 0 0 MATTEL INC COM 577081102 21174677 1086438 SH SOLE 1086438 0 0 MAVERICK TUBE CORP COM 577914104 5680765 187484 SH SOLE 187484 0 0 MAXIM INTEGRATED PRODS INC COM 57772K101 33345034 786625 SH SOLE 786625 0 0 MCAFEE INC COM 579064106 2551626 88200 SH SOLE 88200 0 0 MCGRAW HILL COS INC COM 580645109 1318176 14400 SH SOLE 14400 0 0 MEADWESTVACO CORP COM 583334107 19425274 573186 SH SOLE 573186 0 0 MEDIACOM COMMUNICATIONS CORP CL A 58446K105 1253750 200600 SH SOLE 200600 0 0 MEDICIS PHARMACEUTICAL CORP CL A NEW 584690309 87529 2493 SH SOLE 2493 0 0 MEDTRONIC INC DBCV 1.250% 9/1 585055AB2 27088562 26414000 SH SOLE 26414000 0 0 MENS WEARHOUSE INC COM 587118100 8725 273 SH SOLE 273 0 0 MENTOR GRAPHICS CORP COM 587200106 1623798 106200 SH SOLE 106200 0 0 MERCK & CO INC COM 589331107 6133276 190830 SH SOLE 190830 0 0 MERCURY INTERACTIVE CORP COM 589405109 2473365 54300 SH SOLE 54300 0 0 MERISTAR HOSPITALITY CORP COM 58984Y103 5012088 600250 SH SOLE 600250 0 0 MERIT MED SYS INC COM 589889104 916800 60000 SH SOLE 60000 0 0 MERITAGE HOMES CORP COM 59001A102 7755451 68815 SH SOLE 68815 0 0 MERRILL LYNCH & CO INC COM 590188108 43853368 733702 SH SOLE 733702 0 0 MERRILL LYNCH CO INC MTN BE MTNF 0.250% 7/2 59018YRQ6 12981744 10565000 SH SOLE 10565000 0 0 MGI PHARMA INC COM 552880106 96943 3461 SH SOLE 3461 0 0 MICHAELS STORES INC COM 594087108 8607384 287200 SH SOLE 287200 0 0 MICROS SYS INC COM 594901100 8011766 102636 SH SOLE 102636 0 0 MICROSOFT CORP COM 594918104 69038896 2584758 SH SOLE 2584758 0 0 MINE SAFETY APPLIANCES CO COM 602720104 6185501 122002 SH SOLE 122002 0 0 MINERALS TECHNOLOGIES INC COM 603158106 146740 2200 SH SOLE 2200 0 0 MKS INSTRUMENT INC COM 55306N104 1370845 73900 SH SOLE 73900 0 0 MOHAWK INDS INC COM 608190104 8650500 94800 SH SOLE 94800 0 0 MOLINA HEALTHCARE INC COM 60855R100 5809234 125253 SH SOLE 125253 0 0 MORGAN STANLEY COM NEW 617446448 70370767 1267485 SH SOLE 1267485 0 0 MORGAN STANLEY NOTE 5/3 617446JH3 16410122 10165000 SH SOLE 10165000 0 0 MOSAIC CO COM 61945A107 1671168 102400 SH SOLE 102400 0 0 MOTOROLA INC COM 620076109 53073713 3085681 SH SOLE 3085681 0 0 MSC INDL DIRECT INC CL A 553530106 7901784 219616 SH SOLE 219616 0 0 NABI BIOPHARMACEUTICALS COM 629519109 4484980 306142 SH SOLE 306142 0 0 NATIONAL-OILWELL INC COM 637071101 7513241 212900 SH SOLE 212900 0 0 NAVISTAR FINL CORP NOTE 4.750% 4/0 638902AM8 18380438 17610000 SH SOLE 17610000 0 0 NEKTAR THERAPEUTICS COM 640268108 5654004 279348 SH SOLE 279348 0 0 NETBANK INC COM 640933107 2157275 207231 SH SOLE 207231 0 0 NEWFIELD EXPL CO COM 651290108 8650825 146500 SH SOLE 146500 0 0 NEXSTAR BROADCASTING GROUP I CL A 65336K103 375254 40700 SH SOLE 40700 0 0 NIKE INC CL B 654106103 87996507 970300 SH SOLE 970300 0 0 NOKIA CORP SPONSORED ADR 654902204 52783268 3370566 SH SOLE 3370566 0 0 NORDIC AMERICAN TANKER SHIPP COM G65773106 8630 221 SH SOLE 221 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8109910778111573000 SH SOLE 111573000 0 0 NORTHROP GRUMMAN CORP COM 666807102 49482603 910276 SH SOLE 910276 0 0 NORTHWEST AIRLS CORP NOTE 7.625%11/1 667280AE1 3215000 4000000 SH SOLE 4000000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 18557336 367472 SH SOLE 367472 0 0 NOVELLUS SYS INC COM 670008101 1156041 41450 SH SOLE 41450 0 0 NTT DOCOMO INC SPONS ADR 62942M201 1015560 54600 SH SOLE 54600 0 0 OFFICEMAX INC DEL COM 67622P101 27460450 875094 SH SOLE 875094 0 0 OFFSHORE LOGISTICS INC COM 676255102 6740967 207606 SH SOLE 207606 0 0 OLD DOMINION FGHT LINES INC COM 679580100 5438196 156270 SH SOLE 156270 0 0 OLIN CORP COM PAR $1 680665205 11720563 532269 SH SOLE 532269 0 0 OMI CORP NEW COM Y6476W104 4467525 265135 SH SOLE 265135 0 0 OMNICOM GROUP INC COM 681919106 83117175 985735 SH SOLE 985735 0 0 OMNOVA SOLUTIONS INC COM 682129101 1277988 227400 SH SOLE 227400 0 0 OPEN SOLUTIONS INC COM 68371P102 84318 3248 SH SOLE 3248 0 0 ORACLE CORP COM 68389X105 44028879 3209102 SH SOLE 3209102 0 0 OSHKOSH B GOSH INC CL A 688222207 1394403 65159 SH SOLE 65159 0 0 OSHKOSH TRUCK CORP COM 688239201 8181667 119650 SH SOLE 119650 0 0 OSI PHARMACEUTICALS INC COM 671040103 1407180 18800 SH SOLE 18800 0 0 OSI SYSTEMS INC COM 671044105 5369075 236419 SH SOLE 236419 0 0 OWENS ILL INC COM NEW 690768403 21863773 965288 SH SOLE 965288 0 0 P F CHANGS CHINA BISTRO INC COM 69333Y108 122843 2180 SH SOLE 2180 0 0 PACIFICARE HEALTH SYS DEL COM 695112102 12067020 213500 SH SOLE 213500 0 0 PALL CORP COM 696429307 112905 3900 SH SOLE 3900 0 0 PARKER DRILLING CO COM 701081101 6016504 1530917 SH SOLE 1530917 0 0 PATHMARK STORES INC NEW COM 70322A101 1937635 333500 SH SOLE 333500 0 0 PATTERSON COMPANIES INC COM 703395103 2364755 54500 SH SOLE 54500 0 0 PAXAR CORP COM 704227107 806988 36400 SH SOLE 36400 0 0 PAYLESS SHOESOURCE INC COM 704379106 4742056 385533 SH SOLE 385533 0 0 PEABODY ENERGY CORP COM 704549104 15951407 197150 SH SOLE 197150 0 0 PENN NATL GAMING INC COM 707569109 12619347 208412 SH SOLE 208412 0 0 PENTAIR INC COM 709631105 4730616 108600 SH SOLE 108600 0 0 PEPSICO INC COM 713448108 43570766 834689 SH SOLE 834689 0 0 PERFORMANCE FOOD GROUP CO COM 713755106 360594 13400 SH SOLE 13400 0 0 PETCO ANIMAL SUPPLIES COM NEW 716016209 10597222 268420 SH SOLE 268420 0 0 PETROLEUM DEV CORP COM 716578109 5072495 131514 SH SOLE 131514 0 0 PFIZER INC COM 717081103 48185697 1791956 SH SOLE 1791956 0 0 PG&E CORP COM 69331C108 5586847 167874 SH SOLE 167874 0 0 PG&E CORP NOTE 9.500% 6/3 69331CAD0 8990215 3345000 SH SOLE 3345000 0 0 PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 12720750 175000 SH SOLE 175000 0 0 PHARMACEUTICAL PROD DEV INC COM 717124101 4440740 107550 SH SOLE 107550 0 0 PHILADELPHIA CONS HLDG CORP COM 717528103 8664 131 SH SOLE 131 0 0 PINNACLE WEST CAP CORP COM 723484101 106584 2400 SH SOLE 2400 0 0 PITNEY BOWES INC COM 724479100 20238753 437311 SH SOLE 437311 0 0 PLACER DOME INC DBCV 2.750%10/1 725906AK7 3754047 3030000 SH SOLE 3030000 0 0 PLACER DOME INC COM 725906101 3933253 208550 SH SOLE 208550 0 0 PLAYTEX PRODS INC COM 72813P100 866284 108421 SH SOLE 108421 0 0 PMA CAP CORP DBCV 6.500% 9/3 693419AD5 20999791 18065000 SH SOLE 18065000 0 0 PMA CAP CORP CL A 693419202 1035000 100000 SH SOLE 100000 0 0 PMI GROUP INC COM 69344M101 63451275 1519791 SH SOLE 1519791 0 0 PMI GROUP INC DBCV 2.500% 7/1 69344MAE1 271644 245000 SH SOLE 245000 0 0 PNC FINL SVCS GROUP INC COM 693475105 35471785 617545 SH SOLE 617545 0 0 POLYONE CORP COM 73179P106 1218697 134514 SH SOLE 134514 0 0 POST PPTYS INC COM 737464107 1860170 53300 SH SOLE 53300 0 0 PPL CORP COM 69351T106 18011677 338057 SH SOLE 338057 0 0 PRAXAIR INC COM 74005P104 92101977 2086115 SH SOLE 2086115 0 0 PREMCOR INC COM 74045Q104 11891434 281988 SH SOLE 281988 0 0 PRIDE INTL INC DEL COM 74153Q102 95019765 4626084 SH SOLE 4626084 0 0 PRIDE INTL INC DEL FRNT 2.500% 3/0 74153QAB8 62575673 48966000 SH SOLE 48966000 0 0 PRIORITY HEALTHCARE CORP CL B 74264T102 2359868 108400 SH SOLE 108400 0 0 PROCTER & GAMBLE CO COM 742718109 4312268 78291 SH SOLE 78291 0 0 PROGRESS SOFTWARE CORP COM 743312100 6359653 272362 SH SOLE 272362 0 0 PROQUEST COMPANY COM 74346P102 2171783 73124 SH SOLE 73124 0 0 PROVIDENT FINL SVCS INC COM 74386T105 846469 43700 SH SOLE 43700 0 0 PROVIDIAN FINL CORP COM 74406A102 2972835 180500 SH SOLE 180500 0 0 PROVIDIAN FINL CORP NOTE 3.250% 8/1 74406AAA0 28700912 29310000 SH SOLE 29310000 0 0 PRUDENTIAL FINL INC COM 744320102 42163168 767161 SH SOLE 767161 0 0 PTEK HLDGS INC COM 69366M104 1328040 124000 SH SOLE 124000 0 0 PULTE HOMES INC COM 745867101 765600 12000 SH SOLE 12000 0 0 QLOGIC CORP COM 747277101 1990766 54200 SH SOLE 54200 0 0 QUADRAMED CORP COM 74730W101 18704633 7073090 SH SOLE 7073090 0 0 QUALCOMM INC COM 747525103 69951520 1649800 SH SOLE 1649800 0 0 QUALITY DISTR INC FLA COM 74756M102 534252 63300 SH SOLE 63300 0 0 QUEST DIAGNOSTICS INC DBCV 1.750%11/3 74834LAF7 14551589 13166000 SH SOLE 13166000 0 0 QUEST DIAGNOSTICS INC COM 74834L100 74474059 779425 SH SOLE 779425 0 0 RAYTHEON CO COM NEW 755111507 44831643 1154562 SH SOLE 1154562 0 0 REGAL ENTMT GROUP CL A 758766109 6280237 302662 SH SOLE 302662 0 0 REINSURANCE GROUP AMER INC COM 759351109 1293615 26700 SH SOLE 26700 0 0 RELIANT ENERGY INC NOTE 5.000% 8/1 75952BAD7 15147557 9150000 SH SOLE 9150000 0 0 REMINGTON OIL & GAS CORP COM 759594302 5212217 191274 SH SOLE 191274 0 0 REMOTE DYNAMICS INC COM 75962A105 667073 660468 SH SOLE 660468 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 7517852 144352 SH SOLE 144352 0 0 RENAL CARE GROUP INC COM 759930100 971730 27000 SH SOLE 27000 0 0 RESPIRONICS INC COM 761230101 2414236 44412 SH SOLE 44412 0 0 ROPER INDS INC NEW COM 776696106 6447697 106100 SH SOLE 106100 0 0 ROWAN COS INC COM 779382100132740686 5125123 SH SOLE 5125123 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 16481249 287330 SH SOLE 287330 0 0 RUSSELL CORP COM 782352108 896625 46028 SH SOLE 46028 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 11234312 275824 SH SOLE 275824 0 0 RYLAND GROUP INC COM 783764103 13785606 239583 SH SOLE 239583 0 0 S & T BANCORP INC COM 783859101 992830 26342 SH SOLE 26342 0 0 SAFENET INC COM 78645R107 2722434 74100 SH SOLE 74100 0 0 SBC COMMUNICATIONS INC COM 78387G103 44265000 1717695 SH SOLE 1717695 0 0 SCANA CORP NEW COM 80589M102 94560 2400 SH SOLE 2400 0 0 SCANSOURCE INC COM 806037107 6510576 104739 SH SOLE 104739 0 0 SCHEIN HENRY INC COM 806407102 3468072 49800 SH SOLE 49800 0 0 SCHERING PLOUGH CORP PFD CONV MAND 806605606 4521660 80600 SH SOLE 80600 0 0 SCHLUMBERGER LTD DBCV 1.500% 6/0 806857AC2 72796793 65812000 SH SOLE 65812000 0 0 SCHOLASTIC CORP COM 807066105 40656 1100 SH SOLE 1100 0 0 SCIENTIFIC GAMES CORP CL A 80874P109 2651008 111200 SH SOLE 111200 0 0 SCOTTISH RE GROUP LTD ORD G7885T104 2128980 82200 SH SOLE 82200 0 0 SCOTTS CO CL A 810186106 3999488 54400 SH SOLE 54400 0 0 SEMTECH CORP COM 816850101 982947 44945 SH SOLE 44945 0 0 SHERWIN WILLIAMS CO COM 824348106 4114886 92200 SH SOLE 92200 0 0 SHUFFLE MASTER INC COM 825549108 3202800 68000 SH SOLE 68000 0 0 SIERRA HEALTH SVCS INC COM 826322109 13635206 247418 SH SOLE 247418 0 0 SIERRA PAC RES NEW COM 826428104 7551075 719150 SH SOLE 719150 0 0 SIGMATEL INC COM 82661W107 7493099 210895 SH SOLE 210895 0 0 SILICON GRAPHICS INC COM 827056102 2609100 1508150 SH SOLE 1508150 0 0 SILICON LABORATORIES INC COM 826919102 1098141 31100 SH SOLE 31100 0 0 SINCLAIR BROADCAST GROUP INC CL A 829226109 2683610 291380 SH SOLE 291380 0 0 SIRIUS SATELLITE RADIO INC NOTE 2.500% 2/1 82966UAC7 5345580 2815000 SH SOLE 2815000 0 0 SKYWEST INC COM 830879102 1176238 58636 SH SOLE 58636 0 0 SL GREEN RLTY CORP COM 78440X101 157430 2600 SH SOLE 2600 0 0 SMURFIT-STONE CONTAINER CORP COM 832727101 76976918 4120820 SH SOLE 4120820 0 0 SOUTHERN CO COM 842587107 465928 13900 SH SOLE 13900 0 0 SOVEREIGN BANCORP INC COM 845905108 14099252 625244 SH SOLE 625244 0 0 SPDR TR UNIT SER 1 78462F103 4351320 36000 SH SOLE 36000 0 0 SPORTS AUTH INC NEW COM 84917U109 772500 30000 SH SOLE 30000 0 0 SPRINT CORP COM FON 852061100 69307222 2789023 SH SOLE 2789023 0 0 ST JOE CO COM 790148100 8500080 132400 SH SOLE 132400 0 0 ST PAUL TRAVELERS INC COM 792860108 48835425 1317384 SH SOLE 1317384 0 0 STANLEY WKS COM 854616109 4183746 85400 SH SOLE 85400 0 0 STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 3091378 414950 SH SOLE 414950 0 0 STARBUCKS CORP COM 855244109 723376 11600 SH SOLE 11600 0 0 STARTEK INC COM 85569C107 98750 3471 SH SOLE 3471 0 0 STATE STR CORP COM 857477103 43138608 878229 SH SOLE 878229 0 0 STATE STR CORP SPACES 857477202 9186455 40758 SH SOLE 40758 0 0 STATION CASINOS INC COM 857689103 3460807 63292 SH SOLE 63292 0 0 STEEL DYNAMICS INC COM 858119100 4049372 106900 SH SOLE 106900 0 0 STEINER LEISURE LTD ORD P8744Y102 1876464 62800 SH SOLE 62800 0 0 STERLING FINL CORP WASH COM 859319105 8598 219 SH SOLE 219 0 0 SUN COMMUNITIES INC COM 866674104 1638175 40700 SH SOLE 40700 0 0 SUPERIOR ENERGY SVCS INC COM 868157108 130831 8490 SH SOLE 8490 0 0 SUPERVALU INC NOTE 11/0 868536AP8 29092967 79813000 SH SOLE 79813000 0 0 SURMODICS INC COM 868873100 5468410 168207 SH SOLE 168207 0 0 SYMANTEC CORP COM 871503108 89810952 3486450 SH SOLE 3486450 0 0 TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 9011 259 SH SOLE 259 0 0 TECHNITROL INC COM 878555101 2151240 118200 SH SOLE 118200 0 0 TEKELEC COM 879101103 5333573 260938 SH SOLE 260938 0 0 TEMPLE INLAND INC COM 879868107 44076686 644396 SH SOLE 644396 0 0 TEREX CORP NEW COM 880779103 20186541 423642 SH SOLE 423642 0 0 TESSERA TECHNOLOGIES INC COM 88164L100 6392120 171785 SH SOLE 171785 0 0 TETRA TECHNOLOGIES INC DEL COM 88162F105 4961499 175318 SH SOLE 175318 0 0 TEVA PHARMACEUTICAL FIN II L DBCV 0.500% 2/0 88164RAA5 12811785 12445000 SH SOLE 12445000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 77629282 2599775 SH SOLE 2599775 0 0 TEVA PHARMACEUTICALS FIN B V DBCV 0.375%11/1 88164MAB4 50944136 34757000 SH SOLE 34757000 0 0 TEXAS INSTRS INC COM 882508104 29869772 1213232 SH SOLE 1213232 0 0 THOMAS INDS INC COM 884425109 1225544 30700 SH SOLE 30700 0 0 THQ INC COM NEW 872443403 2016426 87900 SH SOLE 87900 0 0 TIDEWATER INC COM 886423102 6801510 191000 SH SOLE 191000 0 0 TIME WARNER INC COM 887317105 31921025 1642024 SH SOLE 1642024 0 0 TIMKEN CO COM 887389104 19493924 749190 SH SOLE 749190 0 0 TJX COS INC NEW COM 872540109 82863788 3297405 SH SOLE 3297405 0 0 TOO INC COM 890333107 7829304 320086 SH SOLE 320086 0 0 TORO CO COM 891092108 11144950 137000 SH SOLE 137000 0 0 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 3417568 41800 SH SOLE 41800 0 0 TRAMMELL CROW CO COM 89288R106 2102571 116100 SH SOLE 116100 0 0 TRANSOCEAN INC ORD G90078109155961415 3679203 SH SOLE 3679203 0 0 TREX INC COM 89531P105 5085421 96976 SH SOLE 96976 0 0 TRIMBLE NAVIGATION LTD COM 896239100 5990482 181310 SH SOLE 181310 0 0 TRW AUTOMOTIVE HLDGS CORP COM 87264S106 14477911 699416 SH SOLE 699416 0 0 TYCO INTL GROUP S A DBCV 3.125% 1/1 902118BG2 5107672 2967000 SH SOLE 2967000 0 0 TYCO INTL GROUP S A DBCV 2.750% 1/1 902118BF4 62862781 39315000 SH SOLE 39315000 0 0 U S XPRESS ENTERPRISES INC CL A 90338N103 8673 296 SH SOLE 296 0 0 UBS AG NAMEN AKT H8920M855 9687628 115549 SH SOLE 115549 0 0 UCBH HOLDINGS INC COM 90262T308 14142755 308659 SH SOLE 308659 0 0 UGI CORP NEW COM 902681105 2086410 51000 SH SOLE 51000 0 0 UNITED DEFENSE INDS INC COM 91018B104 4332825 91700 SH SOLE 91700 0 0 UNITED TECHNOLOGIES CORP COM 913017109 93933265 908885 SH SOLE 908885 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 1471890 32600 SH SOLE 32600 0 0 UNITEDGLOBALCOM CL A 913247508158071982 16109586 SH SOLE 16109586 0 0 UNITEDHEALTH GROUP INC COM 91324P102139589787 1585707 SH SOLE 1585707 0 0 UNIVERSAL HLTH SVCS INC CL B 913903100 27014571 607069 SH SOLE 607069 0 0 UNOCAL CORP COM 915289102 14867382 343834 SH SOLE 343834 0 0 US BANCORP DEL COM NEW 902973304 48306277 1542346 SH SOLE 1542346 0 0 USF&G CORP NOTE 3/0 903290AD6 3038219 3655000 SH SOLE 3655000 0 0 VALMONT INDS INC COM 920253101 1004400 40000 SH SOLE 40000 0 0 VARIAN MED SYS INC COM 92220P105 4643976 107400 SH SOLE 107400 0 0 VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 1599290 43400 SH SOLE 43400 0 0 VERITAS SOFTWARE CO COM 923436109 46920640 1643455 SH SOLE 1643455 0 0 VERIZON COMMUNICATIONS COM 92343V104 53780631 1327589 SH SOLE 1327589 0 0 VERIZON GLOBAL FDG CORP NOTE 5/1 92344GAN6 10664206 17305000 SH SOLE 17305000 0 0 VIASYS HEALTHCARE INC COM NEW 92553Q209 2052000 108000 SH SOLE 108000 0 0 WABASH NATL CORP COM 929566107 6754717 250825 SH SOLE 250825 0 0 WABASH NATL 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