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: March 31, 2005 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 May 09, 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: 621 Form13F Information Table Value Total: $11,482,216,700 (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 74336075 867500 SH SOLE 867500 0 0 A C MOORE ARTS & CRAFTS INC COM 00086T103 3811340 142961 SH SOLE 142961 0 0 A S V INC COM 001963107 4506724 113677 SH SOLE 113677 0 0 AAMES INVT CORP MD COM 00253G108 1211960 147800 SH SOLE 147800 0 0 ABBOTT LABS COM 002824100 1846152 39600 SH SOLE 39600 0 0 ABITIBI-CONSOLIDATED INC COM 003924107 52819559 11408112 SH SOLE 11408112 0 0 ACCENTURE LTD BERMUDA CL A G1150G111 38626717 1599450 SH SOLE 1599450 0 0 ACTEL CORP COM 004934105 2147370 139621 SH SOLE 139621 0 0 ACTIVISION INC NEW COM NEW 004930202 3525345 238199 SH SOLE 238199 0 0 ACTUANT CORP CL A NEW 00508X203 7951065 177005 SH SOLE 177005 0 0 ACXIOM CORP COM 005125109 3114384 148800 SH SOLE 148800 0 0 ADECCO SA SPONSORED ADR 006754105 113129 8300 SH SOLE 8300 0 0 ADVANCE AUTO PARTS INC COM 00751Y106 2330790 46200 SH SOLE 46200 0 0 ADVANCED DIGITAL INFORMATION COM 007525108 810980 98900 SH SOLE 98900 0 0 AES CORP COM 00130H105 5487300 335000 SH SOLE 335000 0 0 AETNA INC NEW COM 00817Y108 2555795 34100 SH SOLE 34100 0 0 AFFILIATED COMPUTER SERVICES CL A 008190100 1716990 32250 SH SOLE 32250 0 0 AFFILIATED MANAGERS GROUP NOTE 5/0 008252AC2 11338738 10156000 SH SOLE 10156000 0 0 AFFILIATED MANAGERS GROUP COM 008252108 14221866 229274 SH SOLE 229274 0 0 AFLAC INC COM 001055102 20771705 557480 SH SOLE 557480 0 0 AGCO CORP COM 001084102 26054137 1427624 SH SOLE 1427624 0 0 AGILENT TECHNOLOGIES INC DBCV 3.000%12/0 00846UAB7 9195544 9260000 SH SOLE 9260000 0 0 AIR PRODS & CHEMS INC COM 009158106 22735286 359224 SH SOLE 359224 0 0 AIRGAS INC COM 009363102 9556 400 SH SOLE 400 0 0 ALCOA INC COM 013817101 44272455 1456810 SH SOLE 1456810 0 0 ALLEGHENY TECHNOLOGIES INC COM 01741R102 1998719 82900 SH SOLE 82900 0 0 ALLIANCE DATA SYSTEMS CORP COM 018581108 2403800 59500 SH SOLE 59500 0 0 ALLIANCE RES PARTNER L P UT LTD PART 01877R108 4890422 76080 SH SOLE 76080 0 0 ALLIANT TECHSYSTEMS INC COM 018804104 6455936 90356 SH SOLE 90356 0 0 ALLSTATE CORP COM 020002101 43275516 800509 SH SOLE 800509 0 0 ALLTEL CORP COM 020039103 38520277 702284 SH SOLE 702284 0 0 ALTERA CORP COM 021441100 1564598 79100 SH SOLE 79100 0 0 ALTIRIS INC COM 02148M100 2958593 124050 SH SOLE 124050 0 0 ALZA CORP SDCV 7/2 02261WAB5 25669019 27496000 SH SOLE 27496000 0 0 AMDOCS LTD ORD G02602103 1366040 48100 SH SOLE 48100 0 0 AMERADA HESS CORP PFD CV ACES 7% 023551401 15459209 182916 SH SOLE 182916 0 0 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 4630485 156700 SH SOLE 156700 0 0 AMERICAN EXPRESS CO DBCV 1.850%12/0 025816AS8 16156830 15640000 SH SOLE 15640000 0 0 AMERICAN EXPRESS CO COM 025816109 77792878 1514364 SH SOLE 1514364 0 0 AMERICAN HEALTHWAYS INC COM 02649V104 5486768 166165 SH SOLE 166165 0 0 AMERICAN HOME MTG INVT CORP COM 02660R107 4175225 145783 SH SOLE 145783 0 0 AMERICAN INTL GROUP INC DBCV 11/0 026874AP2 13599250 20450000 SH SOLE 20450000 0 0 AMERICAN INTL GROUP INC COM 026874107 4778170 86233 SH SOLE 86233 0 0 AMERICAN REAL ESTATE PARTNR DEPOSITRY UNIT 029169109 4396903 159020 SH SOLE 159020 0 0 AMERICAN STD COS INC DEL COM 029712106 32419009 697483 SH SOLE 697483 0 0 AMGEN INC NOTE 3/0 031162AE0 64423670 86905000 SH SOLE 86905000 0 0 AMGEN INC COM 031162100 73342737 1259968 SH SOLE 1259968 0 0 AMKOR TECHNOLOGY INC NOTE 5.750% 6/0 031652AN0 56845200 59680000 SH SOLE 59680000 0 0 AMPHENOL CORP NEW CL A 032095101 8130280 219500 SH SOLE 219500 0 0 ANALOG DEVICES INC COM 032654105 34179043 945740 SH SOLE 945740 0 0 ANIXTER INTL INC COM 035290105 2610030 72200 SH SOLE 72200 0 0 AON CORP DBCV 3.500%11/1 037389AT0 25480316 21503000 SH SOLE 21503000 0 0 APOGEE ENTERPRISES INC COM 037598109 1578439 110535 SH SOLE 110535 0 0 APPLE COMPUTER INC COM 037833100 23893578 573400 SH SOLE 573400 0 0 APPLIED FILMS CORP COM 038197109 1410320 61000 SH SOLE 61000 0 0 APPLIED MATLS INC COM 038222105 27654201 1701797 SH SOLE 1701797 0 0 APRIA HEALTHCARE GROUP INC COM 037933108 11206110 349100 SH SOLE 349100 0 0 ARCH CHEMICALS INC COM 03937R102 17992356 631976 SH SOLE 631976 0 0 ARCH COAL INC COM 039380100 18687372 434489 SH SOLE 434489 0 0 ARCTIC CAT INC COM 039670104 1526184 56400 SH SOLE 56400 0 0 ARKANSAS BEST CORP DEL COM 040790107 7054130 186716 SH SOLE 186716 0 0 ARTHROCARE CORP COM 043136100 5536211 194253 SH SOLE 194253 0 0 ATMI INC COM 00207R101 200320 8000 SH SOLE 8000 0 0 ATWOOD OCEANICS INC COM 050095108 10361675 155721 SH SOLE 155721 0 0 AUTODESK INC COM 052769106 6633504 222900 SH SOLE 222900 0 0 AUTOLIV INC COM 052800109 4397856 92295 SH SOLE 92295 0 0 AVID TECHNOLOGY INC COM 05367P100 2662704 49200 SH SOLE 49200 0 0 AVOCENT CORP COM 053893103 5863053 228490 SH SOLE 228490 0 0 AXIS CAPITAL HOLDINGS SHS G0692U109 667888 24700 SH SOLE 24700 0 0 BAKER HUGHES INC COM 057224107 65409198 1470200 SH SOLE 1470200 0 0 BALDOR ELEC CO COM 057741100 4993228 193461 SH SOLE 193461 0 0 BANK NEW YORK INC COM 064057102 6733790 231800 SH SOLE 231800 0 0 BANK OF AMERICA CORPORATION COM 060505104 79711058 1807507 SH SOLE 1807507 0 0 BANTA CORP COM 066821109 2589400 60500 SH SOLE 60500 0 0 BARCLAYS PLC ADR 06738E204 4595400 111000 SH SOLE 111000 0 0 BARNES GROUP INC COM 067806109 442871 16300 SH SOLE 16300 0 0 BEAZER HOMES USA INC COM 07556Q105 6431641 128994 SH SOLE 128994 0 0 BECKMAN COULTER INC COM 075811109 2910510 43800 SH SOLE 43800 0 0 BED BATH & BEYOND INC COM 075896100 72495360 1984000 SH SOLE 1984000 0 0 BELDEN CDT INC COM 077454106 1872303 84300 SH SOLE 84300 0 0 BELLSOUTH CORP COM 079860102 25622917 974626 SH SOLE 974626 0 0 BENCHMARK ELECTRS INC COM 08160H101 1488403 46761 SH SOLE 46761 0 0 BEST BUY INC COM 086516101 65767977 1217700 SH SOLE 1217700 0 0 BIOGEN IDEC INC COM 09062X103 37961 1100 SH SOLE 1100 0 0 BJ SVCS CO COM 055482103 73901763 1424475 SH SOLE 1424475 0 0 BLACK & DECKER CORP COM 091797100 560829 7100 SH SOLE 7100 0 0 BLUEGREEN CORP COM 096231105 1689775 131500 SH SOLE 131500 0 0 BMC SOFTWARE INC COM 055921100 30020385 2001359 SH SOLE 2001359 0 0 BORG WARNER INC COM 099724106 1027148 21100 SH SOLE 21100 0 0 BOSTON SCIENTIFIC CORP COM 101137107 60723295 2073175 SH SOLE 2073175 0 0 BOWATER INC COM 102183100 77302042 2052085 SH SOLE 2052085 0 0 BOYD GAMING CORP COM 103304101 6299720 120800 SH SOLE 120800 0 0 BP PLC SPONSORED ADR 055622104 20879375 334659 SH SOLE 334659 0 0 BRADLEY PHARMACEUTICALS INC COM 104576103 1537420 160818 SH SOLE 160818 0 0 BRIGGS & STRATTON CORP COM 109043109 1452759 39900 SH SOLE 39900 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 44478034 1746977 SH SOLE 1746977 0 0 BROCADE COMMUNICATIONS SYS I NOTE 2.000% 1/0 111621AB4 6883166 7060000 SH SOLE 7060000 0 0 BROOKLINE BANCORP INC DEL COM 11373M107 1492980 100200 SH SOLE 100200 0 0 BRUNSWICK CORP COM 117043109 54016878 1152975 SH SOLE 1152975 0 0 BUNGE LTD FIN CORP NOTE 3.750%11/1 120568AE0 4234381 2500000 SH SOLE 2500000 0 0 BURLINGTON NORTHN SANTA FE C COM 12189T104 29232918 542053 SH SOLE 542053 0 0 C D W CORP COM 12512N105 1873274 33050 SH SOLE 33050 0 0 CADBURY SCHWEPPES PLC ADR 127209302 75858688 1864289 SH SOLE 1864289 0 0 CAL DIVE INTL INC COM 127914109 10542669 232730 SH SOLE 232730 0 0 CALLAWAY GOLF CO COM 131193104 1579187 123374 SH SOLE 123374 0 0 CAMBREX CORP COM 132011107 3197151 150101 SH SOLE 150101 0 0 CANON INC ADR 138006309 11762696 220028 SH SOLE 220028 0 0 CAPITAL ONE FINL CORP COM 14040H105 82353547 1101425 SH SOLE 1101425 0 0 CAREMARK RX INC COM 141705103 96560977 2427375 SH SOLE 2427375 0 0 CARNIVAL CORP DBCV 1.132% 4/2 143658AV4 22410141 28591000 SH SOLE 28591000 0 0 CARPENTER TECHNOLOGY CORP COM 144285103 2625922 44200 SH SOLE 44200 0 0 CATALYST SEMICONDUCTOR INC COM 148881105 239120 56000 SH SOLE 56000 0 0 CELGENE CORP COM 151020104 2720595 79900 SH SOLE 79900 0 0 CENDANT CORP COM 151313103 62021351 3019540 SH SOLE 3019540 0 0 CENTEX CORP COM 152312104 76008744 1327200 SH SOLE 1327200 0 0 CENTRAL EUROPEAN DIST CORP COM 153435102 6125 184 SH SOLE 184 0 0 CENTURYTEL INC COM 156700106 91952 2800 SH SOLE 2800 0 0 CERADYNE INC COM 156710105 5210845 232939 SH SOLE 232939 0 0 CHARLES RIVER ASSOCIATES COM 159852102 5755394 116624 SH SOLE 116624 0 0 CHARLOTTE RUSSE HLDG INC COM 161048103 686052 53100 SH SOLE 53100 0 0 CHATTEM INC COM 162456107 8228996 185046 SH SOLE 185046 0 0 CHEMICAL FINL CORP COM 163731102 1327796 40849 SH SOLE 40849 0 0 CHESAPEAKE ENERGY CORP PFD CONV 5% 165167800 23753928 165884 SH SOLE 165884 0 0 CHESAPEAKE ENERGY CORP COM 165167107 3514788 160200 SH SOLE 160200 0 0 CHEVRONTEXACO CORP COM 166764100 52427395 899115 SH SOLE 899115 0 0 CHICOS FAS INC COM 168615102 11772833 416590 SH SOLE 416590 0 0 CHILDRENS PL RETAIL STORES I COM 168905107 7785638 163050 SH SOLE 163050 0 0 CHITTENDEN CORP COM 170228100 1336556 51268 SH SOLE 51268 0 0 CHRISTOPHER & BANKS CORP COM 171046105 2776628 157763 SH SOLE 157763 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 70028674 82419000 SH SOLE 82419000 0 0 CIMAREX ENERGY CO COM 171798101 1401075 35925 SH SOLE 35925 0 0 CITIGROUP INC COM 172967101148300112 3299958 SH SOLE 3299958 0 0 CITY NATL CORP COM 178566105 90766 1300 SH SOLE 1300 0 0 CLARCOR INC COM 179895107 5534000 106505 SH SOLE 106505 0 0 CLECO CORP NEW COM 12561W105 639000 30000 SH SOLE 30000 0 0 CNF INC COM 12612W104 93580 2000 SH SOLE 2000 0 0 COACH INC COM 189754104 95912815 1693675 SH SOLE 1693675 0 0 COGNOS INC COM 19244C109 1560168 37200 SH SOLE 37200 0 0 COLDWATER CREEK INC COM 193068103 6302715 341056 SH SOLE 341056 0 0 COMMERCIAL CAP BANCORP INC COM 20162L105 7524982 369778 SH SOLE 369778 0 0 COMMERCIAL METALS CO COM 201723103 4775711 140918 SH SOLE 140918 0 0 COMPASS BANCSHARES INC COM 20449H109 20528654 452173 SH SOLE 452173 0 0 COMPUTER ASSOC INTL INC NOTE 1.625%12/1 204912AQ2 8094737 5620000 SH SOLE 5620000 0 0 COMPUTER ASSOC INTL INC COM 204912109 12140 448 SH SOLE 448 0 0 COMPUTER SCIENCES CORP COM 205363104 55961988 1220545 SH SOLE 1220545 0 0 CONOCOPHILLIPS COM 20825C104 34803526 322733 SH SOLE 322733 0 0 CONSECO INC PFD B CV 5.50% 208464867 23708932 860000 SH SOLE 860000 0 0 CONSTAR INTL INC NEW COM 21036U107 2156460 381000 SH SOLE 381000 0 0 CONSTELLATION ENERGY GROUP I COM 210371100 2497110 48300 SH SOLE 48300 0 0 COOPER CAMERON CORP COM 216640102 5721000 100000 SH SOLE 100000 0 0 COOPER CAMERON CORP DBCV 1.500% 5/1 216640AE2 50654749 47182000 SH SOLE 47182000 0 0 COOPER COS INC COM NEW 216648402 18385526 252202 SH SOLE 252202 0 0 CORINTHIAN COLLEGES INC COM 218868107 2207088 140400 SH SOLE 140400 0 0 CORN PRODS INTL INC COM 219023108 114356 4400 SH SOLE 4400 0 0 COVANCE INC COM 222816100 3713580 78000 SH SOLE 78000 0 0 COVENTRY HEALTH CARE INC COM 222862104 11532354 169245 SH SOLE 169245 0 0 CRANE CO COM 224399105 45948 1596 SH SOLE 1596 0 0 CREDIT SUISSE GROUP SPONSORED ADR 225401108 4657073 108861 SH SOLE 108861 0 0 CROMPTON CORP COM 227116100 12992540 889900 SH SOLE 889900 0 0 CRT PROPERTIES INC COM 22876P109 779724 35800 SH SOLE 35800 0 0 CS FIRST BOSTON NY BRH SR MT MTNF 0.500% 3/2 2254C0CL9 16643552 18060000 SH SOLE 18060000 0 0 CSK AUTO CORP COM 125965103 1190898 67473 SH SOLE 67473 0 0 CSX CORP COM 126408103 11899279 285697 SH SOLE 285697 0 0 CULLEN FROST BANKERS INC COM 229899109 2018205 44700 SH SOLE 44700 0 0 CUMMINS INC COM 231021106 5571016 79190 SH SOLE 79190 0 0 CVS CORP COM 126650100 41475294 788204 SH SOLE 788204 0 0 CYMER INC NOTE 3.500% 2/1 232572AE7 6751364 7080000 SH SOLE 7080000 0 0 CYPRESS SEMICONDUCTOR CORP NOTE 1.250% 6/1 232806AH2 13929444 12900000 SH SOLE 12900000 0 0 CYTYC CORP COM 232946103 6870786 298600 SH SOLE 298600 0 0 D R HORTON INC COM 23331A109 90891633 3108469 SH SOLE 3108469 0 0 DADE BEHRING HLDGS INC COM 23342J206 5746913 97521 SH SOLE 97521 0 0 DANAHER CORP DEL COM 235851102 87158977 1631885 SH SOLE 1631885 0 0 DELL INC COM 24702R101 82194787 2139375 SH SOLE 2139375 0 0 DELTA AIR LINES INC DEL NOTE 8.000% 6/0 247361YP7 12362283 30505000 SH SOLE 30505000 0 0 DEVON ENERGY CORP NEW DEB 4.950% 8/1 25179MAB9 414900 360000 SH SOLE 360000 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 6949511 122157 SH SOLE 122157 0 0 DIAMOND OFFSHORE DRILLING IN DBCV 1.500% 4/1 25271CAE2 33491314 28330000 SH SOLE 28330000 0 0 DIAMOND OFFSHORE DRILLING IN COM 25271C102 13353190 267599 SH SOLE 267599 0 0 DICKS SPORTING GOODS INC COM 253393102 3048590 83000 SH SOLE 83000 0 0 DIGITAS INC COM 25388K104 5159575 510849 SH SOLE 510849 0 0 DISNEY WALT CO NOTE 2.125% 4/1 254687AU0 15173160 13677000 SH SOLE 13677000 0 0 DJ ORTHOPEDICS INC COM 23325G104 1583160 63200 SH SOLE 63200 0 0 DOVER CORP COM 260003108 15432491 408375 SH SOLE 408375 0 0 DRS TECHNOLOGIES INC COM 23330X100 5172505 121706 SH SOLE 121706 0 0 DST SYS INC DEL DBCV 4.125% 8/1 233326AB3 15198823 12850000 SH SOLE 12850000 0 0 DTE ENERGY CO COM 233331107 7661697 168463 SH SOLE 168463 0 0 DUKE ENERGY CORP COM 264399106 6840098 244202 SH SOLE 244202 0 0 DUQUESNE LT HLDGS INC COM 266233105 78848 4400 SH SOLE 4400 0 0 DYCOM INDS INC COM 267475101 8046500 350000 SH SOLE 350000 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 8022678 8186000 SH SOLE 8186000 0 0 EAGLE MATERIALS INC COM 26969P108 8243720 101943 SH SOLE 101943 0 0 EATON CORP COM 278058102 1785420 27300 SH SOLE 27300 0 0 EBAY INC COM 278642103 32636034 875900 SH SOLE 875900 0 0 EFUNDS CORP COM 28224R101 2420894 108463 SH SOLE 108463 0 0 EL PASO ELEC CO COM NEW 283677854 5491 289 SH SOLE 289 0 0 ELECTRONIC DATA SYS NEW NOTE 3.875% 7/1 285661AF1 7869140 7500000 SH SOLE 7500000 0 0 ELECTRONICS BOUTIQUE HLDGS C COM 286045109 5937895 138187 SH SOLE 138187 0 0 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 3005915 133300 SH SOLE 133300 0 0 ENERGY EAST CORP COM 29266M109 6515800 248505 SH SOLE 248505 0 0 ENGINEERED SUPPORT SYS INC COM 292866100 2692056 50300 SH SOLE 50300 0 0 ENI S P A SPONSORED ADR 26874R108 2468105 18965 SH SOLE 18965 0 0 ENSCO INTL INC COM 26874Q100179594326 4768835 SH SOLE 4768835 0 0 ENTERGY CORP NEW COM 29364G103 15365299 217454 SH SOLE 217454 0 0 EPICOR SOFTWARE CORP COM 29426L108 6945795 530237 SH SOLE 530237 0 0 EQUITABLE RES INC COM 294549100 114880 2000 SH SOLE 2000 0 0 ERICSSON L M TEL CO ADR B SEK 10 294821608 4375088 155200 SH SOLE 155200 0 0 ESSEX CORP COM 296744105 1703219 104300 SH SOLE 104300 0 0 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 7247537 7330000 SH SOLE 7330000 0 0 EXXON MOBIL CORP COM 30231G102 50147260 841397 SH SOLE 841397 0 0 FACTSET RESH SYS INC COM 303075105 11891885 360251 SH SOLE 360251 0 0 FAIRCHILD SEMICONDUCTOR INTL COM 303726103 734307 47900 SH SOLE 47900 0 0 FARO TECHNOLOGIES INC COM 311642102 3905404 165905 SH SOLE 165905 0 0 FEDEX CORP COM 31428X106 94824204 1009305 SH SOLE 1009305 0 0 FIDELITY NATL FINL INC COM 316326107 4944294 150100 SH SOLE 150100 0 0 FINISH LINE INC CL A 317923100 7014 303 SH SOLE 303 0 0 FIRST MARBLEHEAD CORP COM 320771108 3750956 65200 SH SOLE 65200 0 0 FIRST NIAGARA FINL GP INC COM 33582V108 801847 60700 SH SOLE 60700 0 0 FIRSTENERGY CORP COM 337932107 13616173 324581 SH SOLE 324581 0 0 FISHER SCIENTIFIC INTL INC NOTE 2.500%10/0 338032AW5 12130562 8930000 SH SOLE 8930000 0 0 FISHER SCIENTIFIC INTL INC COM NEW 338032204 79266792 1392600 SH SOLE 1392600 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 16292820 15954000 SH SOLE 15954000 0 0 FLEXTRONICS INTL LTD NOTE 1.000% 8/0 33938EAL1 10706803 10635000 SH SOLE 10635000 0 0 FLIR SYS INC COM 302445101 6418298 211825 SH SOLE 211825 0 0 FLOWSERVE CORP COM 34354P105 162981 6300 SH SOLE 6300 0 0 FLUOR CORP NEW COM 343412102 3896729 70300 SH SOLE 70300 0 0 FORD MTR CO CAP TR II PFD TR CV6.5% 345395206 16303754 357511 SH SOLE 357511 0 0 FORRESTER RESH INC COM 346563109 839703 59638 SH SOLE 59638 0 0 FOSSIL INC COM 349882100 7869093 303533 SH SOLE 303533 0 0 FREMONT GEN CORP COM 357288109 2865297 130300 SH SOLE 130300 0 0 FULLER H B CO COM 359694106 2308400 79600 SH SOLE 79600 0 0 GAP INC DEL COM 364760108 56236973 2574953 SH SOLE 2574953 0 0 GARMIN LTD ORD G37260109 5752944 124200 SH SOLE 124200 0 0 GEN-PROBE INC NEW COM 36866T103 2878576 64600 SH SOLE 64600 0 0 GENENTECH INC COM NEW 368710406 58935255 1041075 SH SOLE 1041075 0 0 GENERAL ELEC CO COM 369604103 81003381 2246350 SH SOLE 2246350 0 0 GENERAL GROWTH PPTYS INC COM 370021107 2425123 71118 SH SOLE 71118 0 0 GENERAL MLS INC COM 370334104 57229768 1164390 SH SOLE 1164390 0 0 GENERAL MLS INC DBCV 10/2 370334AU8 5792081 8115000 SH SOLE 8115000 0 0 GENERAL MTRS CORP DEB SR CV C 33 370442717 8234617 394077 SH SOLE 394077 0 0 GENLYTE GROUP INC COM 372302109 5704098 63400 SH SOLE 63400 0 0 GENZYME CORP NOTE 1.250%12/0 372917AN4 27295051 26627000 SH SOLE 26627000 0 0 GETTY IMAGES INC COM 374276103 3207061 45100 SH SOLE 45100 0 0 GILEAD SCIENCES INC COM 375558103 51219060 1430700 SH SOLE 1430700 0 0 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 17742620 386971 SH SOLE 386971 0 0 GLOBAL IMAGING SYSTEMS COM 37934A100 7099340 200207 SH SOLE 200207 0 0 GLOBAL INDS LTD COM 379336100 2337159 248634 SH SOLE 248634 0 0 GLOBAL POWER EQUIPMENT INC COM 37941P108 843998 88100 SH SOLE 88100 0 0 GLOBALSANTAFE CORP SHS G3930E101 57464634 1551421 SH SOLE 1551421 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 43475747 395270 SH SOLE 395270 0 0 GOODYEAR TIRE & RUBR CO COM 382550101 41467102 3106150 SH SOLE 3106150 0 0 GRAFTECH INTL LTD COM 384313102 4207430 739443 SH SOLE 739443 0 0 GRANT PRIDECO INC COM 38821G101 10433424 431847 SH SOLE 431847 0 0 GREY WOLF INC COM 397888108 3399208 516597 SH SOLE 516597 0 0 GUESS INC COM 401617105 1902930 138900 SH SOLE 138900 0 0 GUITAR CTR MGMT INC COM 402040109 8415966 153492 SH SOLE 153492 0 0 HALLIBURTON CO NOTE 3.125% 7/1 406216AM3 70112542 53867000 SH SOLE 53867000 0 0 HANCOCK FABRICS INC COM 409900107 1446797 194462 SH SOLE 194462 0 0 HANMI FINL CORP COM 410495105 4742204 286538 SH SOLE 286538 0 0 HANOVER COMPRESSOR CO COM 410768105 1650137 136714 SH SOLE 136714 0 0 HARLEY DAVIDSON INC COM 412822108 76030932 1316325 SH SOLE 1316325 0 0 HARMAN INTL INDS INC COM 413086109 55895662 631875 SH SOLE 631875 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 57295728 835702 SH SOLE 835702 0 0 HCA INC COM 404119109 41840259 781039 SH SOLE 781039 0 0 HERLEY INDS INC DEL COM 427398102 1444084 84400 SH SOLE 84400 0 0 HEWLETT PACKARD CO COM 428236103 57400283 2616239 SH SOLE 2616239 0 0 HIBBETT SPORTING GOODS INC COM 428565105 4484702 149291 SH SOLE 149291 0 0 HIBERNIA CORP CL A 428656102 9093688 284089 SH SOLE 284089 0 0 HIGHWOODS PPTYS INC COM 431284108 11550032 430650 SH SOLE 430650 0 0 HILTON HOTELS CORP NOTE 3.375% 4/1 432848AZ2 44720357 38242000 SH SOLE 38242000 0 0 HOOPER HOLMES INC COM 439104100 2389314 625475 SH SOLE 625475 0 0 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 96912 2400 SH SOLE 2400 0 0 HOUSEVALUES INC COM 44183Y102 2516 200 SH SOLE 200 0 0 HOUSTON EXPL CO COM 442120101 1458945 25618 SH SOLE 25618 0 0 HOVNANIAN ENTERPRISES INC CL A 442487203 20022651 392601 SH SOLE 392601 0 0 HUDSON UNITED BANCORP COM 444165104 1459350 41400 SH SOLE 41400 0 0 HUGHES SUPPLY INC COM 444482103 7335398 246568 SH SOLE 246568 0 0 ICU MED INC COM 44930G107 898150 25300 SH SOLE 25300 0 0 ILLINOIS TOOL WKS INC COM 452308109 83897220 937085 SH SOLE 937085 0 0 IMAGISTICS INTERNATIONAL INC COM 45247T104 1674264 47932 SH SOLE 47932 0 0 IMMUCOR INC COM 452526106 10053964 333023 SH SOLE 333023 0 0 INCO LTD COM 453258402 9827575 246924 SH SOLE 246924 0 0 INDYMAC BANCORP INC COM 456607100 6941100 204150 SH SOLE 204150 0 0 INNOVATIVE SOLUTIONS & SUPPO COM 45769N105 4977067 156758 SH SOLE 156758 0 0 INPUT/OUTPUT INC COM 457652105 1773750 275000 SH SOLE 275000 0 0 INSITUFORM TECHNOLOGIES INC CL A 457667103 2379944 164021 SH SOLE 164021 0 0 INTEGRA LIFESCIENCES HLDGS C COM NEW 457985208 7578921 215188 SH SOLE 215188 0 0 INTEGRATED CIRCUIT SYS INC COM 45811K208 1086016 56800 SH SOLE 56800 0 0 INTEL CORP COM 458140100 46011661 1980700 SH SOLE 1980700 0 0 INTERDIGITAL COMMUNICATIONS COM 45866A105 811960 53000 SH SOLE 53000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 91637691 1002820 SH SOLE 1002820 0 0 INTERNATIONAL GAME TECHNOLOG DBCV 1/2 459902AL6 16970568 26120000 SH SOLE 26120000 0 0 INTERNATIONAL RECTIFIER CORP COM 460254105 1051050 23100 SH SOLE 23100 0 0 INTEROIL CORP COM 460951106 5344964 152888 SH SOLE 152888 0 0 INTERPUBLIC GROUP COS INC PFD CONV SER A 460690308 3561184 77800 SH SOLE 77800 0 0 INTL PAPER CO COM 460146103 776600 21109 SH SOLE 21109 0 0 INTL PAPER CO DBCV 6/2 460146BM4 21322691 38527000 SH SOLE 38527000 0 0 INVESTORS FINL SERVICES CORP COM 461915100 3012856 61600 SH SOLE 61600 0 0 INVITROGEN CORP NOTE 1.500% 2/1 46185RAK6 18830562 20818000 SH SOLE 20818000 0 0 IOWA TELECOMM SERVICES INC COM 462594201 1612650 82700 SH SOLE 82700 0 0 ISHARES INC MSCI UTD KINGD 464286699 16003532 882710 SH SOLE 882710 0 0 ISHARES TR RUSSELL1000VAL 464287598 16663092 253200 SH SOLE 253200 0 0 ISHARES TR MSCI EAFE IDX 464287465 4067072 25600 SH SOLE 25600 0 0 ISLE OF CAPRI CASINOS INC COM 464592104 8695831 327650 SH SOLE 327650 0 0 IXIA COM 45071R109 5725353 321881 SH SOLE 321881 0 0 J2 GLOBAL COMMUNICATIONS INC COM NEW 46626E205 2580112 75200 SH SOLE 75200 0 0 JARDEN CORP COM 471109108 10661411 232376 SH SOLE 232376 0 0 JEFFERIES GROUP INC NEW COM 472319102 6564685 174222 SH SOLE 174222 0 0 JO-ANN STORES INC COM 47758P307 907307 32300 SH SOLE 32300 0 0 JOHNSON & JOHNSON COM 478160104 88546564 1318442 SH SOLE 1318442 0 0 JOS A BANK CLOTHIERS INC COM 480838101 5658416 193120 SH SOLE 193120 0 0 JOURNAL REGISTER CO COM 481138105 993650 59500 SH SOLE 59500 0 0 JOY GLOBAL INC COM 481165108 3234004 92242 SH SOLE 92242 0 0 JPMORGAN & CHASE & CO COM 46625H100 43740420 1264174 SH SOLE 1264174 0 0 K-SWISS INC CL A 482686102 6243 189 SH SOLE 189 0 0 KADANT INC COM 48282T104 2311330 124600 SH SOLE 124600 0 0 KB HOME COM 48666K109 6137285 52250 SH SOLE 52250 0 0 KEANE INC COM 486665102 1868137 143372 SH SOLE 143372 0 0 KELLWOOD CO COM 488044108 883853 30700 SH SOLE 30700 0 0 KENNAMETAL INC COM 489170100 94980 2000 SH SOLE 2000 0 0 KERR MCGEE CORP COM 492386107 54211566 692092 SH SOLE 692092 0 0 KEY ENERGY SVCS INC COM 492914106 2740401 238919 SH SOLE 238919 0 0 KIMBERLY CLARK CORP COM 494368103 56602666 861139 SH SOLE 861139 0 0 KIRBY CORP COM 497266106 5450661 129685 SH SOLE 129685 0 0 KIRKLANDS INC COM 497498105 607194 54900 SH SOLE 54900 0 0 KLA-TENCOR CORP COM 482480100 37485037 814715 SH SOLE 814715 0 0 KNIGHT TRANSN INC COM 499064103 5319937 215644 SH SOLE 215644 0 0 KNIGHTSBRIDGE TANKERS LTD ORD G5299G106 5838974 149871 SH SOLE 149871 0 0 KOHLS CORP COM 500255104 80939060 1567675 SH SOLE 1567675 0 0 KRAFT FOODS INC CL A 50075N104 24403128 738370 SH SOLE 738370 0 0 KROGER CO COM 501044101 59784718 3729552 SH SOLE 3729552 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 79666685 1121750 SH SOLE 1121750 0 0 LA QUINTA CORP PAIRED CTF 50419U202 2372350 279100 SH SOLE 279100 0 0 LA Z BOY INC COM 505336107 2279616 163648 SH SOLE 163648 0 0 LABOR READY INC COM NEW 505401208 3435330 184200 SH SOLE 184200 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 149420 3100 SH SOLE 3100 0 0 LABORATORY CORP AMER HLDGS NOTE 9/1 50540RAC6130034750169780000 SH SOLE 169780000 0 0 LAMAR ADVERTISING CO NOTE 2.875%12/3 512815AG6 12725954 12383000 SH SOLE 12383000 0 0 LANDAMERICA FINL GROUP INC COM 514936103 3717229 74300 SH SOLE 74300 0 0 LAS VEGAS SANDS CORP COM 517834107 3937500 87500 SH SOLE 87500 0 0 LAWSON SOFTWARE INC COM 520780107 1191210 201900 SH SOLE 201900 0 0 LEARNING TREE INTL INC COM 522015106 2029720 140855 SH SOLE 140855 0 0 LEGG MASON INC COM 524901105 3582719 45850 SH SOLE 45850 0 0 LEHMAN BROS HLDGS INC NOTE 0.250% 5/0 524908FN5 25749750 26410000 SH SOLE 26410000 0 0 LEHMAN BROS HLDGS INC NOTE 1.000%11/0 524908MK3 19412822 16540000 SH SOLE 16540000 0 0 LENNAR CORP CL A 526057104 92556172 1632960 SH SOLE 1632960 0 0 LENNAR CORP CL B 526057302 321847 6106 SH SOLE 6106 0 0 LIBERTY MEDIA CORP DEB 3.500% 1/1 530715AN1 8483617 10780000 SH SOLE 10780000 0 0 LIBERTY MEDIA CORP NEW DEB 0.750% 3/3 530718AF2 888045 811000 SH SOLE 811000 0 0 LIMITED BRANDS INC COM 532716107 1562490 64300 SH SOLE 64300 0 0 LINCARE HLDGS INC DBCV 3.000% 6/1 532791AB6 59870930 57615000 SH SOLE 57615000 0 0 LINCOLN ELEC HLDGS INC COM 533900106 4692 156 SH SOLE 156 0 0 LLOYDS TSB GROUP PLC SPONSORED ADR 539439109 2153531 59375 SH SOLE 59375 0 0 LOEWS CORP NOTE 3.125% 9/1 540424AL2 10511463 9775000 SH SOLE 9775000 0 0 LOWES COS INC NOTE 0.861%10/1 548661CG0 2496825 2430000 SH SOLE 2430000 0 0 LOWES COS INC COM 548661107 85214246 1492630 SH SOLE 1492630 0 0 LSI LOGIC CORP COM 502161102 43602 7800 SH SOLE 7800 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 62160077 64486000 SH SOLE 64486000 0 0 LUCENT TECHNOLOGIES INC DBCV 2.750% 6/1 549463AH0 3344419 2980000 SH SOLE 2980000 0 0 LUCENT TECHNOLOGIES INC COM 549463107 21633502 7866728 SH SOLE 7866728 0 0 LYDALL INC DEL COM 550819106 1367520 123200 SH SOLE 123200 0 0 M D C HLDGS INC COM 552676108 11059166 158782 SH SOLE 158782 0 0 M/I HOMES INC COM 55305B101 3607071 73719 SH SOLE 73719 0 0 MANITOWOC INC COM 563571108 96936 2400 SH SOLE 2400 0 0 MANNKIND CORP COM 56400P201 1948087 136900 SH SOLE 136900 0 0 MARSHALL & ILSLEY CORP COM 571834100 7951288 190450 SH SOLE 190450 0 0 MASCO CORP COM 574599106 450710 13000 SH SOLE 13000 0 0 MASSEY ENERGY CORP COM 576206106 14210837 354916 SH SOLE 354916 0 0 MATTEL INC COM 577081102 19589799 917555 SH SOLE 917555 0 0 MAVERICK TUBE CORP COM 577914104 9953002 306152 SH SOLE 306152 0 0 MAXIM INTEGRATED PRODS INC COM 57772K101 30380714 743350 SH SOLE 743350 0 0 MCGRAW HILL COS INC COM 580645109 1596675 18300 SH SOLE 18300 0 0 MEADWESTVACO CORP COM 583334107 8982944 282305 SH SOLE 282305 0 0 MEDIACOM COMMUNICATIONS CORP CL A 58446K105 1526436 233400 SH SOLE 233400 0 0 MENS WEARHOUSE INC COM 587118100 7176 170 SH SOLE 170 0 0 MENTOR GRAPHICS CORP COM 587200106 1748120 127600 SH SOLE 127600 0 0 MERCK & CO INC COM 589331107 6166485 190500 SH SOLE 190500 0 0 MERCURY INTERACTIVE CORP COM 589405109 2430594 51300 SH SOLE 51300 0 0 MERISTAR HOSPITALITY CORP COM 58984Y103 6559700 937100 SH SOLE 937100 0 0 MERIT MED SYS INC COM 589889104 1140249 95100 SH SOLE 95100 0 0 MERITAGE HOMES CORP COM 59001A102 8111516 137670 SH SOLE 137670 0 0 MERRILL LYNCH & CO INC COM 590188108 36622011 647032 SH SOLE 647032 0 0 METRIS COS INC COM 591598107 6780150 585000 SH SOLE 585000 0 0 MICHAELS STORES INC COM 594087108 8715630 240100 SH SOLE 240100 0 0 MICROS SYS INC COM 594901100 8155310 222155 SH SOLE 222155 0 0 MICROSOFT CORP COM 594918104 53398974 2209308 SH SOLE 2209308 0 0 MINE SAFETY APPLIANCES CO COM 602720104 3498222 90300 SH SOLE 90300 0 0 MINERALS TECHNOLOGIES INC COM 603158106 144716 2200 SH SOLE 2200 0 0 MKS INSTRUMENT INC COM 55306N104 1410144 88800 SH SOLE 88800 0 0 MOBILE MINI INC COM 60740F105 884979 21900 SH SOLE 21900 0 0 MOHAWK INDS INC COM 608190104 8092800 96000 SH SOLE 96000 0 0 MOLINA HEALTHCARE INC COM 60855R100 5872972 127424 SH SOLE 127424 0 0 MORGAN STANLEY NOTE 5/3 617446JH3 8564215 5165000 SH SOLE 5165000 0 0 MORGAN STANLEY COM NEW 617446448 71520135 1249260 SH SOLE 1249260 0 0 MOSAIC CO COM 61945A107 1927780 113000 SH SOLE 113000 0 0 MOTOROLA INC COM 620076109 43964569 2936845 SH SOLE 2936845 0 0 MSC INDL DIRECT INC CL A 553530106 6824476 223314 SH SOLE 223314 0 0 NABI BIOPHARMACEUTICALS COM 629519109 967200 77500 SH SOLE 77500 0 0 NATIONAL-OILWELL INC COM 637071101 6075670 130100 SH SOLE 130100 0 0 NAVIGANT INTL INC COM 63935R108 924782 67700 SH SOLE 67700 0 0 NAVISTAR INTL CORP NEW COM 63934E108 51662264 1419293 SH SOLE 1419293 0 0 NCI BUILDING SYS INC COM 628852105 2871840 74400 SH SOLE 74400 0 0 NEKTAR THERAPEUTICS COM 640268108 3743726 268560 SH SOLE 268560 0 0 NETBANK INC COM 640933107 1865862 220031 SH SOLE 220031 0 0 NEWFIELD EXPL CO COM 651290108 11792488 158800 SH SOLE 158800 0 0 NEXSTAR BROADCASTING GROUP I CL A 65336K103 880545 124900 SH SOLE 124900 0 0 NIKE INC CL B 654106103 76863888 922625 SH SOLE 922625 0 0 NOKIA CORP SPONSORED ADR 654902204 51734888 3357158 SH SOLE 3357158 0 0 NORDIC AMERICAN TANKER SHIPP COM G65773106 6501 137 SH SOLE 137 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 98482137104993000 SH SOLE 104993000 0 0 NORTHROP GRUMMAN CORP COM 666807102 46448872 860483 SH SOLE 860483 0 0 NORTHWEST AIRLS CORP NOTE 7.625%11/1 667280AE1 6315625 10750000 SH SOLE 10750000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 17560825 375472 SH SOLE 375472 0 0 NOVELLUS SYS INC COM 670008101 1134688 42450 SH SOLE 42450 0 0 NTL INC DEL COM 62940M104 22706504 356628 SH SOLE 356628 0 0 OFFSHORE LOGISTICS INC COM 676255102 1969212 59100 SH SOLE 59100 0 0 OLD DOMINION FGHT LINES INC COM 679580100 5052997 162215 SH SOLE 162215 0 0 OLIN CORP COM PAR $1 680665205 12246067 549151 SH SOLE 549151 0 0 OMI CORP NEW COM Y6476W104 5169447 269945 SH SOLE 269945 0 0 OMNICOM GROUP INC COM 681919106 75291571 850560 SH SOLE 850560 0 0 OMNOVA SOLUTIONS INC COM 682129101 1694235 315500 SH SOLE 315500 0 0 ORACLE CORP COM 68389X105 38197311 3060682 SH SOLE 3060682 0 0 OSHKOSH B GOSH INC CL A 688222207 2411299 79059 SH SOLE 79059 0 0 OSHKOSH TRUCK CORP COM 688239201 8834422 107750 SH SOLE 107750 0 0 OVERSEAS SHIPHOLDING GROUP I COM 690368105 1138671 18100 SH SOLE 18100 0 0 OWENS ILL INC COM NEW 690768403 91567799 3642315 SH SOLE 3642315 0 0 PACIFIC SUNWEAR CALIF INC COM 694873100 4003938 143100 SH SOLE 143100 0 0 PACIFICARE HEALTH SYS DEL COM 695112102 12306104 216200 SH SOLE 216200 0 0 PALL CORP COM 696429307 105768 3900 SH SOLE 3900 0 0 PARKER DRILLING CO COM 701081101 2536900 441200 SH SOLE 441200 0 0 PAXAR CORP COM 704227107 778910 36500 SH SOLE 36500 0 0 PAYLESS SHOESOURCE INC COM 704379106 6543771 414425 SH SOLE 414425 0 0 PDI INC COM 69329V100 805650 39300 SH SOLE 39300 0 0 PEABODY ENERGY CORP COM 704549104 55645908 1200300 SH SOLE 1200300 0 0 PENN NATL GAMING INC COM 707569109 12475923 424640 SH SOLE 424640 0 0 PENTAIR INC COM 709631105 3174600 81400 SH SOLE 81400 0 0 PEPSICO INC COM 713448108 40955811 772314 SH SOLE 772314 0 0 PERFORMANCE FOOD GROUP CO COM 713755106 966032 34900 SH SOLE 34900 0 0 PETCO ANIMAL SUPPLIES COM NEW 716016209 9109039 247461 SH SOLE 247461 0 0 PETROLEUM DEV CORP COM 716578109 5047558 133923 SH SOLE 133923 0 0 PFIZER INC COM 717081103 90892912 3459951 SH SOLE 3459951 0 0 PG&E CORP COM 69331C108 5850673 171574 SH SOLE 171574 0 0 PG&E CORP NOTE 9.500% 6/3 69331CAD0 9075682 3345000 SH SOLE 3345000 0 0 PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 12589500 175000 SH SOLE 175000 0 0 PHARMACEUTICAL PROD DEV INC COM 717124101 3825127 78950 SH SOLE 78950 0 0 PHELPS DODGE CORP COM 717265102 712110 7000 SH SOLE 7000 0 0 PHILADELPHIA CONS HLDG CORP COM 717528103 6280 81 SH SOLE 81 0 0 PHOTRONICS INC COM 719405102 724000 40000 SH SOLE 40000 0 0 PINNACLE WEST CAP CORP COM 723484101 102024 2400 SH SOLE 2400 0 0 PITNEY BOWES INC COM 724479100 20439856 453011 SH SOLE 453011 0 0 PLACER DOME INC COM 725906101 4310465 265750 SH SOLE 265750 0 0 PLACER DOME INC DBCV 2.750%10/1 725906AK7 3225000 3000000 SH SOLE 3000000 0 0 PLAYTEX PRODS INC COM 72813P100 1120689 124521 SH SOLE 124521 0 0 PMA CAP CORP DBCV 6.500% 9/3 693419AD5 18728922 16465000 SH SOLE 16465000 0 0 PMA CAP CORP CL A 693419202 706400 88300 SH SOLE 88300 0 0 PMI GROUP INC DBCV 2.500% 7/1 69344MAE1 252656 245000 SH SOLE 245000 0 0 PMI GROUP INC COM 69344M101 79955593 2103541 SH SOLE 2103541 0 0 PNC FINL SVCS GROUP INC COM 693475105 24804968 481837 SH SOLE 481837 0 0 POLYONE CORP COM 73179P106 1050628 118314 SH SOLE 118314 0 0 POST PPTYS INC COM 737464107 1986560 64000 SH SOLE 64000 0 0 PPL CORP COM 69351T106 18197383 337051 SH SOLE 337051 0 0 PRAXAIR INC COM 74005P104 95292370 1991065 SH SOLE 1991065 0 0 PRIDE INTL INC DEL COM 74153Q102114543524 4611253 SH SOLE 4611253 0 0 PRIDE INTL INC DEL NOTE 3.250% 5/0 74153QAD4 71984907 60596000 SH SOLE 60596000 0 0 PRIORITY HEALTHCARE CORP CL B 74264T102 2818389 130300 SH SOLE 130300 0 0 PROCTER & GAMBLE CO COM 742718109 3220068 60756 SH SOLE 60756 0 0 PROGRESS SOFTWARE CORP COM 743312100 2658708 101400 SH SOLE 101400 0 0 PROQUEST COMPANY COM 74346P102 3174837 87824 SH SOLE 87824 0 0 PROVIDENT FINL SVCS INC COM 74386T105 897750 52500 SH SOLE 52500 0 0 PROVIDIAN FINL CORP COM 74406A102 3169452 184700 SH SOLE 184700 0 0 PROVIDIAN FINL CORP NOTE 3.250% 8/1 74406AAA0 36154199 36025000 SH SOLE 36025000 0 0 PRUDENTIAL FINL INC COM 744320102 33775997 588432 SH SOLE 588432 0 0 PULTE HOMES INC COM 745867101 883560 12000 SH SOLE 12000 0 0 QLOGIC CORP COM 747277101 3600450 88900 SH SOLE 88900 0 0 QUADRAMED CORP COM 74730W101 11677467 7073090 SH SOLE 7073090 0 0 QUALCOMM INC COM 747525103 58256091 1589525 SH SOLE 1589525 0 0 QUALITY DISTR INC FLA COM 74756M102 824600 76000 SH SOLE 76000 0 0 QUEST DIAGNOSTICS INC COM 74834L100 78463775 746350 SH SOLE 746350 0 0 RAYTHEON CO COM NEW 755111507 42488885 1097904 SH SOLE 1097904 0 0 REGAL ENTMT GROUP CL A 758766109 6919291 329020 SH SOLE 329020 0 0 REINSURANCE GROUP AMER INC COM 759351109 1362560 32000 SH SOLE 32000 0 0 RELIANT ENERGY INC NOTE 5.000% 8/1 75952BAD7 8573244 6100000 SH SOLE 6100000 0 0 REMINGTON OIL & GAS CORP COM 759594302 6134958 194637 SH SOLE 194637 0 0 REMOTE DYNAMICS INC COM 75962A105 678790 652683 SH SOLE 652683 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 6932708 148452 SH SOLE 148452 0 0 RENAL CARE GROUP INC COM 759930100 971264 25600 SH SOLE 25600 0 0 RESPIRONICS INC COM 761230101 2785306 47800 SH SOLE 47800 0 0 ROPER INDS INC NEW COM 776696106 6360050 97100 SH SOLE 97100 0 0 ROWAN COS INC COM 779382100150601893 5031804 SH SOLE 5031804 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 20442983 340830 SH SOLE 340830 0 0 RUSSELL CORP COM 782352108 1602394 88628 SH SOLE 88628 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 10350290 236524 SH SOLE 236524 0 0 RYLAND GROUP INC COM 783764103 14985210 241619 SH SOLE 241619 0 0 S & T BANCORP INC COM 783859101 1120126 31642 SH SOLE 31642 0 0 SAFENET INC COM 78645R107 2608590 89000 SH SOLE 89000 0 0 SBC COMMUNICATIONS INC COM 78387G103 28244307 1192246 SH SOLE 1192246 0 0 SCANA CORP NEW COM 80589M102 91728 2400 SH SOLE 2400 0 0 SCANSOURCE INC COM 806037107 5501806 106151 SH SOLE 106151 0 0 SCHEIN HENRY INC COM 806407102 3652096 101900 SH SOLE 101900 0 0 SCHERING PLOUGH CORP PFD CONV MAND 806605606 4054180 80600 SH SOLE 80600 0 0 SCHLUMBERGER LTD DBCV 1.500% 6/0 806857AC2 74660715 67653000 SH SOLE 67653000 0 0 SCHOLASTIC CORP COM 807066105 40579 1100 SH SOLE 1100 0 0 SCIENTIFIC GAMES CORP CL A 80874P109 2518070 110200 SH SOLE 110200 0 0 SCOTTISH RE GROUP LTD ORD G7885T104 2224976 98800 SH SOLE 98800 0 0 SCOTTS CO CL A 810186106 4375329 62300 SH SOLE 62300 0 0 SEMTECH CORP COM 816850101 821037 45945 SH SOLE 45945 0 0 SFBC INTL INC COM 784121105 2396320 68000 SH SOLE 68000 0 0 SHERWIN WILLIAMS CO COM 824348106 4399000 100000 SH SOLE 100000 0 0 SHUFFLE MASTER INC COM 825549108 2887312 99700 SH SOLE 99700 0 0 SIERRA HEALTH SVCS INC COM 826322109 15454196 242077 SH SOLE 242077 0 0 SIERRA PAC RES NEW COM 826428104 6933750 645000 SH SOLE 645000 0 0 SIGMATEL INC COM 82661W107 7898853 211030 SH SOLE 211030 0 0 SILICON GRAPHICS INC COM 827056102 1794698 1508150 SH SOLE 1508150 0 0 SILICON LABORATORIES INC COM 826919102 947749 31900 SH SOLE 31900 0 0 SIMPSON MANUFACTURING CO INC COM 829073105 5471185 177061 SH SOLE 177061 0 0 SINCLAIR BROADCAST GROUP INC CL A 829226109 3825732 476430 SH SOLE 476430 0 0 SIRIUS SATELLITE RADIO INC NOTE 2.500% 2/1 82966UAC7 5633454 3920000 SH SOLE 3920000 0 0 SKYWEST INC COM 830879102 1304460 70170 SH SOLE 70170 0 0 SL GREEN RLTY CORP COM 78440X101 146172 2600 SH SOLE 2600 0 0 SLM CORP COM 78442P106 1734432 34800 SH SOLE 34800 0 0 SMURFIT-STONE CONTAINER CORP COM 832727101 56232366 3634930 SH SOLE 3634930 0 0 SOVEREIGN BANCORP INC COM 845905108 14355624 647817 SH SOLE 647817 0 0 SPDR TR UNIT SER 1 78462F103 4246560 36000 SH SOLE 36000 0 0 SPORTS AUTH INC NEW COM 84917U109 1199000 43600 SH SOLE 43600 0 0 SPRINT CORP COM FON 852061100 72367226 3180977 SH SOLE 3180977 0 0 ST JOE CO COM 790148100 9051850 134500 SH SOLE 134500 0 0 ST PAUL TRAVELERS INC COM 792860108 41315263 1124837 SH SOLE 1124837 0 0 STANLEY WKS COM 854616109 3952071 87300 SH SOLE 87300 0 0 STARBUCKS CORP COM 855244109 309960 6000 SH SOLE 6000 0 0 STATE STR CORP COM 857477103 36384352 832213 SH SOLE 832213 0 0 STATE STR CORP SPACES 857477202 8359735 41749 SH SOLE 41749 0 0 STATION CASINOS INC COM 857689103 3499090 51800 SH SOLE 51800 0 0 STEEL DYNAMICS INC COM 858119100 2635425 76500 SH SOLE 76500 0 0 STEEL TECHNOLOGIES INC COM 858147101 4400390 183426 SH SOLE 183426 0 0 STEIN MART INC COM 858375108 1496250 66500 SH SOLE 66500 0 0 STEINER LEISURE LTD ORD P8744Y102 1912365 58500 SH SOLE 58500 0 0 STERLING FINL CORP WASH COM 859319105 4855 136 SH SOLE 136 0 0 SUN COMMUNITIES INC COM 866674104 1750620 48900 SH SOLE 48900 0 0 SUPERIOR ENERGY SVCS INC COM 868157108 2272120 132100 SH SOLE 132100 0 0 SUPERVALU INC NOTE 11/0 868536AP8 28012146 80754000 SH SOLE 80754000 0 0 SURMODICS INC COM 868873100 5459737 171098 SH SOLE 171098 0 0 SYMANTEC CORP COM 871503108 71449634 3349725 SH SOLE 3349725 0 0 TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 6295 161 SH SOLE 161 0 0 TARGET CORP COM 87612E106 77581270 1551005 SH SOLE 1551005 0 0 TECHNITROL INC COM 878555101 2048516 137300 SH SOLE 137300 0 0 TELEWEST GLOBAL INC COM 87956T107 16241754 912971 SH SOLE 912971 0 0 TEMPLE INLAND INC COM 879868107 33070902 492844 SH SOLE 492844 0 0 TEREX CORP NEW COM 880779103 16595591 383270 SH SOLE 383270 0 0 TESSERA TECHNOLOGIES INC COM 88164L100 7557814 174828 SH SOLE 174828 0 0 TETRA TECHNOLOGIES INC DEL COM 88162F105 5074322 178422 SH SOLE 178422 0 0 TEVA PHARMACEUTICAL FIN II L DBCV 0.500% 2/0 88164RAA5 12516423 12445000 SH SOLE 12445000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 64786925 2091250 SH SOLE 2091250 0 0 TEVA PHARMACEUTICALS FIN B V DBCV 0.375%11/1 88164MAB4 51508143 34839000 SH SOLE 34839000 0 0 TEXAS INSTRS INC COM 882508104 64623369 2535244 SH SOLE 2535244 0 0 THQ INC COM NEW 872443403 1482978 52700 SH SOLE 52700 0 0 TIDEWATER INC COM 886423102 10231838 263300 SH SOLE 263300 0 0 TIME WARNER INC COM 887317105 35380747 2015997 SH SOLE 2015997 0 0 TIMKEN CO COM 887389104 14367307 525505 SH SOLE 525505 0 0 TJX COS INC NEW COM 872540109 74066843 3007180 SH SOLE 3007180 0 0 TOO INC COM 890333107 3836505 155513 SH SOLE 155513 0 0 TORO CO COM 891092108 12186450 137700 SH SOLE 137700 0 0 TORONTO DOMINION BK ONT COM NEW 891160509 26215 634 SH SOLE 634 0 0 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 3105740 41800 SH SOLE 41800 0 0 TRAMMELL CROW CO COM 89288R106 2532167 123100 SH SOLE 123100 0 0 TRANSOCEAN INC ORD G90078109236726188 4600198 SH SOLE 4600198 0 0 TRANSOCEAN SEDCO FOREX INC DBCV 1.500% 5/1 893830AD1 350000 350000 SH SOLE 350000 0 0 TREX INC COM 89531P105 4480214 100883 SH SOLE 100883 0 0 TRIMBLE NAVIGATION LTD COM 896239100 6217388 183892 SH SOLE 183892 0 0 TRW AUTOMOTIVE HLDGS CORP COM 87264S106 13133981 675964 SH SOLE 675964 0 0 TYCO INTL GROUP S A DBCV 3.125% 1/1 902118BG2 1530378 967000 SH SOLE 967000 0 0 TYCO INTL GROUP S A DBCV 2.750% 1/1 902118BF4 37813868 25115000 SH SOLE 25115000 0 0 U S XPRESS ENTERPRISES INC CL A 90338N103 3008 184 SH SOLE 184 0 0 UBS AG NAMEN AKT H8920M855 9752335 115549 SH SOLE 115549 0 0 UCBH HOLDINGS INC COM 90262T308 11874759 297613 SH SOLE 297613 0 0 UGI CORP NEW COM 902681105 2475390 54500 SH SOLE 54500 0 0 UNITED DEFENSE INDS INC COM 91018B104 6879454 93700 SH SOLE 93700 0 0 UNITED TECHNOLOGIES CORP COM 913017109 88160568 867210 SH SOLE 867210 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 1672437 36600 SH SOLE 36600 0 0 UNITEDGLOBALCOM CL A 913247508154210256 16041272 SH SOLE 16041272 0 0 UNITEDHEALTH GROUP INC COM 91324P102140316570 1471132 SH SOLE 1471132 0 0 UNIVERSAL HLTH SVCS INC CL B 913903100 25418192 485080 SH SOLE 485080 0 0 UNOCAL CORP COM 915289102 9453005 153234 SH SOLE 153234 0 0 US BANCORP DEL COM NEW 902973304 41939498 1455222 SH SOLE 1455222 0 0 USF&G CORP NOTE 3/0 903290AD6 3038218 3655000 SH SOLE 3655000 0 0 VARIAN MED SYS INC COM 92220P105 3763944 109800 SH SOLE 109800 0 0 VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 916041 24100 SH SOLE 24100 0 0 VENTIV HEALTH INC COM 922793104 2608200 113400 SH SOLE 113400 0 0 VERISIGN INC COM 92343E102 5983950 208500 SH SOLE 208500 0 0 VERITAS SOFTWARE CO COM 923436109 19762658 851105 SH SOLE 851105 0 0 VERIZON COMMUNICATIONS COM 92343V104 44159337 1243925 SH SOLE 1243925 0 0 VERIZON GLOBAL FDG CORP NOTE 5/1 92344GAN6 10685837 17305000 SH SOLE 17305000 0 0 VIACOM INC CL B 925524308 1455894 41800 SH SOLE 41800 0 0 VIASYS HEALTHCARE INC COM NEW 92553Q209 2381184 124800 SH SOLE 124800 0 0 WABASH NATL CORP COM 929566107 4357523 178587 SH SOLE 178587 0 0 WABTEC CORP COM 929740108 10419575 508520 SH SOLE 508520 0 0 WACHOVIA CORP 2ND NEW COM 929903102 40033588 786360 SH SOLE 786360 0 0 WADDELL & REED FINL INC CL A 930059100 2062830 104500 SH SOLE 104500 0 0 WALGREEN CO COM 931422109 74112993 1668460 SH SOLE 1668460 0 0 WARNACO GROUP INC COM NEW 934390402 2791044 116100 SH SOLE 116100 0 0 WASHINGTON MUT INC COM 939322103 26018215 658689 SH SOLE 658689 0 0 WAUSAU-MOSINEE PAPER CORP COM 943315101 2321321 164167 SH SOLE 164167 0 0 WCI CMNTYS INC COM 92923C104 15065568 500850 SH SOLE 500850 0 0 WEATHERFORD INTERNATIONAL LT COM G95089101 76745875 1324575 SH SOLE 1324575 0 0 WEATHERFORD INTL INC DBCV 6/3 947074AB6 1380945 2141000 SH SOLE 2141000 0 0 WELLCHOICE INC COM 949475107 12815724 240400 SH SOLE 240400 0 0 WELLPOINT INC COM 94973V107103924551 829075 SH SOLE 829075 0 0 WELLS FARGO & CO NEW COM 949746101 22632566 378471 SH SOLE 378471 0 0 WESCO INTL INC COM 95082P105 4172000 149000 SH SOLE 149000 0 0 WESTCORP INC COM 957907108 12091443 286188 SH SOLE 286188 0 0 WHOLE FOODS MKT INC SDCV 3/0 966837AC0 1761021 1621000 SH SOLE 1621000 0 0 WILD OATS MARKETS INC COM 96808B107 884416 83200 SH SOLE 83200 0 0 WINNEBAGO INDS INC COM 974637100 4887920 154681 SH SOLE 154681 0 0 WINTRUST FINANCIAL CORP COM 97650W108 7928543 168370 SH SOLE 168370 0 0 WORLD FUEL SVCS CORP COM 981475106 3383100 107400 SH SOLE 107400 0 0 WYETH COM 983024100 1775778 42100 SH SOLE 42100 0 0 XEROX CORP PFD CONV SER C 984121509 10953266 82465 SH SOLE 82465 0 0 XL CAP LTD CL A G98255105 2026215 27998 SH SOLE 27998 0 0 XM SATELLITE RADIO HLDGS INC CL A 983759101 699300 22200 SH SOLE 22200 0 0 YAHOO INC FRNT 4/0 984332AB2 16862430 9833000 SH SOLE 9833000 0 0 YANKEE CANDLE INC COM 984757104 6537016 206215 SH SOLE 206215 0 0 YELLOW ROADWAY CORP COM 985577105 140496 2400 SH SOLE 2400 0 0 ZORAN CORP COM 98975F101 1311345 126700 SH SOLE 126700 0 0