13F-HR/A 1 macs2q05.txt MACKAY SHIELDS LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2005 Check here if Amendment [ X]; Amendment Number: 1 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, NY 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: /s/ Rene A. Bustamante New York, NY October 03, 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: 561 Form13F Information Table Value Total: $11,325,772 (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 61119 845350 SH SOLE 845350 0 0 A C MOORE ARTS & CRAFTS INC COM 00086T103 4494 142182 SH SOLE 142182 0 0 A S V INC COM 001963107 4576 112891 SH SOLE 112891 0 0 AAMES INVT CORP MD COM 00253G108 1534 157800 SH SOLE 157800 0 0 ABBOTT LABS COM 002824100 1941 39600 SH SOLE 39600 0 0 ABITIBI-CONSOLIDATED INC COM 003924107 68851 15368608 SH SOLE 15368608 0 0 ACTEL CORP COM 004934105 2739 197021 SH SOLE 197021 0 0 ACTIVISION INC NEW COM NEW 004930202 4510 272999 SH SOLE 272999 0 0 ACTUANT CORP CL A NEW 00508X203 7864 164040 SH SOLE 164040 0 0 ADVANCE AUTO PARTS INC COM 00751Y106 2982 46200 SH SOLE 46200 0 0 ADVANCED DIGITAL INFORMATION COM 007525108 2120 278900 SH SOLE 278900 0 0 AEROPOSTALE COM 007865108 1401 41700 SH SOLE 41700 0 0 AES CORP COM 00130H105 5487 335000 SH SOLE 335000 0 0 AETNA INC NEW COM 00817Y108 1180 14250 SH SOLE 14250 0 0 AFFILIATED COMPUTER SERVICES CL A 008190100 1556 30450 SH SOLE 30450 0 0 AFFILIATED MANAGERS GROUP NOTE 5/0 008252AC2 14542 11915000 PRN SOLE 11915000 0 0 AFFILIATED MANAGERS GROUP COM 008252108 14910 218200 SH SOLE 218200 0 0 AFLAC INC COM 001055102 29949 691986 SH SOLE 691986 0 0 AGCO CORP COM 001084102 32095 1678590 SH SOLE 1678590 0 0 AIR PRODS & CHEMS INC COM 009158106 26484 439200 SH SOLE 439200 0 0 ALCOA INC COM 013817101 38460 1471884 SH SOLE 1471884 0 0 ALLEGHENY TECHNOLOGIES INC COM 01741R102 1718 77900 SH SOLE 77900 0 0 ALLIANCE DATA SYSTEMS CORP COM 018581108 1935 47700 SH SOLE 47700 0 0 ALLIANCE RES PARTNER L P UT LTD PART 01877R108 5589 75526 SH SOLE 75526 0 0 ALLIANT TECHSYSTEMS INC COM 018804104 7487 106050 SH SOLE 106050 0 0 ALLSTATE CORP COM 020002101 41643 696952 SH SOLE 696952 0 0 ALLTEL CORP COM 020039103 54619 876993 SH SOLE 876993 0 0 ALPHA NATURAL RESOURCES INC COM 02076X102 1373 57500 SH SOLE 57500 0 0 ALTERA CORP COM 021441100 1473 74300 SH SOLE 74300 0 0 ALZA CORP SDCV 7/2 02261WAB5 23024 25464000 PRN SOLE 25464000 0 0 AMAZON COM INC NOTE 4.750% 2/0 023135AF3 14572 15140000 PRN SOLE 15140000 0 0 AMDOCS LTD ORD G02602103 1200 45400 SH SOLE 45400 0 0 AMERADA HESS CORP PFD CV ACES 7% 023551401 29280 318099 SH SOLE 318099 0 0 AMERICAN AXLE & MFG HLDGS IN COM 024061103 2135 84500 SH SOLE 84500 0 0 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 5134 167500 SH SOLE 167500 0 0 AMERICAN EXPRESS CO DBCV 1.850%12/0 025816AS8 17673 17280000 PRN SOLE 17280000 0 0 AMERICAN EXPRESS CO COM 025816109 76731 1441494 SH SOLE 1441494 0 0 AMERICAN HEALTHWAYS INC COM 02649V104 6973 164961 SH SOLE 164961 0 0 AMERICAN HOME MTG INVT CORP COM 02660R107 5057 144656 SH SOLE 144656 0 0 AMERICAN INTL GROUP INC DBCV 11/0 026874AP2 9230 13750000 PRN SOLE 13750000 0 0 AMERICAN REAL ESTATE PARTNR 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INC COM 075896100 80823 1934500 SH SOLE 1934500 0 0 BELDEN CDT INC COM 077454106 2275 107300 SH SOLE 107300 0 0 BELLSOUTH CORP COM 079860102 25763 969628 SH SOLE 969628 0 0 BENCHMARK ELECTRS INC COM 08160H101 1874 61600 SH SOLE 61600 0 0 BEST BUY INC COM 086516101 81263 1185450 SH SOLE 1185450 0 0 BJ SVCS CO COM 055482103 72981 1390650 SH SOLE 1390650 0 0 BLACK & DECKER CORP COM 091797100 638 7100 SH SOLE 7100 0 0 BMC SOFTWARE INC COM 055921100 26782 1492037 SH SOLE 1492037 0 0 BOB EVANS FARMS INC COM 096761101 886 38000 SH SOLE 38000 0 0 BOSTON SCIENTIFIC CORP COM 101137107 32108 1189175 SH SOLE 1189175 0 0 BOWATER INC COM 102183100 53020 1637962 SH SOLE 1637962 0 0 BOYD GAMING CORP COM 103304101 5829 114000 SH SOLE 114000 0 0 BP PLC SPONSORED ADR 055622104 20866 334659 SH SOLE 334659 0 0 BRADLEY PHARMACEUTICALS INC COM 104576103 1492 138806 SH SOLE 138806 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 30648 1226939 SH SOLE 1226939 0 0 BROOKLINE BANCORP INC DEL COM 11373M107 1629 100200 SH SOLE 100200 0 0 BRUNSWICK CORP COM 117043109 48034 1108825 SH SOLE 1108825 0 0 BUNGE LTD FIN CORP NOTE 3.750%11/1 120568AE0 4690 2355000 PRN SOLE 2355000 0 0 BURLINGTON NORTHN SANTA FE C COM 12189T104 13429 285224 SH SOLE 285224 0 0 C D W CORP COM 12512N105 1684 29500 SH SOLE 29500 0 0 CADBURY SCHWEPPES PLC ADR 127209302 71254 1859427 SH SOLE 1859427 0 0 CAL DIVE INTL INC COM 127914109 11106 212057 SH SOLE 212057 0 0 CALLAWAY GOLF CO COM 131193104 1132 73374 SH SOLE 73374 0 0 CAMBREX CORP COM 132011107 3604 189201 SH SOLE 189201 0 0 CANON INC ADR 138006309 11571 220028 SH SOLE 220028 0 0 CAPITAL ONE FINL CORP COM 14040H105 80520 1006375 SH SOLE 1006375 0 0 CAREMARK RX INC COM 141705103 95985 2156000 SH SOLE 2156000 0 0 CARNIVAL CORP DBCV 1.132% 4/2 143658AV4 21953 26920000 PRN SOLE 26920000 0 0 CARNIVAL CORP PAIRED CTF 143658300 50511 925950 SH SOLE 925950 0 0 CARPENTER TECHNOLOGY CORP COM 144285103 1430 27600 SH SOLE 27600 0 0 CATALYST SEMICONDUCTOR INC COM 148881105 373 85000 SH SOLE 85000 0 0 CELGENE CORP COM 151020104 2181 53500 SH SOLE 53500 0 0 CENDANT CORP COM 151313103 58539 2616850 SH SOLE 2616850 0 0 CENTEX CORP COM 152312104 90885 1286050 SH SOLE 1286050 0 0 CERADYNE INC COM 156710105 5569 231383 SH SOLE 231383 0 0 CHATTEM INC COM 162456107 7605 183702 SH SOLE 183702 0 0 CHESAPEAKE ENERGY CORP COM 165167107 2435 106800 SH SOLE 106800 0 0 CHESAPEAKE ENERGY CORP PFD CONV 5% 165167800 23407 155904 SH SOLE 155904 0 0 CHEVRON CORP NEW COM 166764100 33562 600189 SH SOLE 600189 0 0 CHICOS FAS INC COM 168615102 13537 394890 SH SOLE 394890 0 0 CHILDRENS PL RETAIL STORES I COM 168905107 7557 161912 SH SOLE 161912 0 0 CHITTENDEN CORP COM 170228100 1966 72268 SH SOLE 72268 0 0 CHRISTOPHER & BANKS CORP COM 171046105 2881 157763 SH SOLE 157763 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 71054 80880000 PRN SOLE 80880000 0 0 CIMAREX ENERGY CO COM 171798101 1631 41925 SH SOLE 41925 0 0 CITIGROUP INC COM 172967101 128688 2783649 SH SOLE 2783649 0 0 CLARCOR INC COM 179895107 6185 211472 SH SOLE 211472 0 0 CLECO CORP NEW COM 12561W105 1516 70300 SH SOLE 70300 0 0 COACH INC COM 189754104 106266 3165500 SH SOLE 3165500 0 0 COLDWATER CREEK INC COM 193068103 8441 338855 SH SOLE 338855 0 0 COMMERCIAL CAP BANCORP INC COM 20162L105 5837 349256 SH SOLE 349256 0 0 COMMERCIAL METALS CO COM 201723103 3168 133000 SH SOLE 133000 0 0 COMPASS BANCSHARES INC COM 20449H109 22471 499361 SH SOLE 499361 0 0 COMPUTER ASSOC INTL INC NOTE 1.625%12/1 204912AQ2 7305 5100000 PRN SOLE 5100000 0 0 COMPUTER SCIENCES CORP COM 205363104 59369 1358563 SH SOLE 1358563 0 0 CONOCOPHILLIPS COM 20825C104 37152 646241 SH SOLE 646241 0 0 CONSECO INC PFD B CV 5.50% 208464867 51567 1823731 SH SOLE 1823731 0 0 CONSTAR INTL INC NEW COM 21036U107 1425 381000 SH SOLE 381000 0 0 CONSTELLATION ENERGY GROUP I COM 210371100 3086 53500 SH SOLE 53500 0 0 COOPER CAMERON CORP COM 216640102 3103 50000 SH SOLE 50000 0 0 COOPER CAMERON CORP DBCV 1.500% 5/1 216640AE2 51178 46029000 PRN SOLE 46029000 0 0 COOPER COS INC COM NEW 216648402 14595 239812 SH SOLE 239812 0 0 CORINTHIAN COLLEGES INC COM 218868107 761 59600 SH SOLE 59600 0 0 CORNING INC COM 219350105 64955 3908250 SH SOLE 3908250 0 0 COST PLUS INC CALIF COM 221485105 1683 67500 SH SOLE 67500 0 0 COSTCO COMPANIES INC NOTE 8/1 22160QAC6 22110 21481000 PRN SOLE 21481000 0 0 COVANCE INC COM 222816100 2836 63200 SH SOLE 63200 0 0 COVENTRY HEALTH CARE INC COM 222862104 9317 131695 SH SOLE 131695 0 0 CRA INTL INC COM 12618T105 6232 115740 SH SOLE 115740 0 0 CROMPTON CORP COM 227116100 12810 905300 SH SOLE 905300 0 0 CS FIRST BOSTON NY BRH SR MT MTNF 0.500% 3/2 2254C0CL9 15852 16875000 PRN SOLE 16875000 0 0 CSK AUTO CORP COM 125965103 1125 67473 SH SOLE 67473 0 0 CSX CORP COM 126408103 12941 303348 SH SOLE 303348 0 0 CULLEN FROST BANKERS INC COM 229899109 2130 44700 SH SOLE 44700 0 0 CUMMINS INC COM 231021106 1410 18901 SH SOLE 18901 0 0 CV THERAPEUTICS INC COM 126667104 2578 115000 SH SOLE 115000 0 0 CVS CORP COM 126650100 45846 1577099 SH SOLE 1577099 0 0 CYMER INC NOTE 3.500% 2/1 232572AE7 6324 6600000 PRN SOLE 6600000 0 0 CYPRESS SEMICONDUCTOR CORP NOTE 1.250% 6/1 232806AH2 14790 13795000 PRN SOLE 13795000 0 0 CYTYC CORP COM 232946103 5815 263600 SH SOLE 263600 0 0 D R HORTON INC COM 23331A109 107775 2865587 SH SOLE 2865587 0 0 DADE BEHRING HLDGS INC COM 23342J206 6300 96911 SH SOLE 96911 0 0 DANAHER CORP DEL COM 235851102 76778 1466900 SH SOLE 1466900 0 0 DELL INC COM 24702R101 83527 2114075 SH SOLE 2114075 0 0 DELTA AIR LINES INC DEL NOTE 8.000% 6/0 247361YP7 10953 30340000 PRN SOLE 30340000 0 0 DEVON ENERGY CORP NEW DEB 4.950% 8/1 25179MAB9 406 360000 PRN SOLE 360000 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 7751 130757 SH SOLE 130757 0 0 DIAMOND OFFSHORE DRILLING IN COM 25271C102 14682 274786 SH SOLE 274786 0 0 DIAMOND OFFSHORE DRILLING IN DBCV 1.500% 4/1 25271CAE2 32881 26581000 PRN SOLE 26581000 0 0 DICKS SPORTING GOODS INC COM 253393102 2570 66600 SH SOLE 66600 0 0 DIGITAS INC COM 25388K104 5794 507812 SH SOLE 507812 0 0 DISNEY WALT CO NOTE 2.125% 4/1 254687AU0 15597 15048000 PRN SOLE 15048000 0 0 DOVER CORP COM 260003108 10262 282075 SH SOLE 282075 0 0 DRS TECHNOLOGIES INC COM 23330X100 6196 120825 SH SOLE 120825 0 0 DST SYS INC DEL DBCV 4.125% 8/1 233326AB3 10084 8765000 PRN SOLE 8765000 0 0 DTE ENERGY CO COM 233331107 8396 179513 SH SOLE 179513 0 0 DUKE ENERGY CORP COM 264399106 7395 248747 SH SOLE 248747 0 0 E M C CORP MASS COM 268648102 29928 2182900 SH SOLE 2182900 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 7992 8186000 PRN SOLE 8186000 0 0 EAGLE MATERIALS INC COM 26969P108 10430 112698 SH SOLE 112698 0 0 EATON CORP COM 278058102 1635 27300 SH SOLE 27300 0 0 EBAY INC COM 278642103 28179 853650 SH SOLE 853650 0 0 EFUNDS CORP COM 28224R101 1626 90363 SH SOLE 90363 0 0 ELECTRONICS BOUTIQUE HLDGS C COM 286045109 7181 113106 SH SOLE 113106 0 0 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 4772 181600 SH SOLE 181600 0 0 ENERGY EAST CORP COM 29266M109 7212 248872 SH SOLE 248872 0 0 ENGINEERED SUPPORT SYS INC COM 292866100 2166 60450 SH SOLE 60450 0 0 ENI S P A SPONSORED ADR 26874R108 2428 18965 SH SOLE 18965 0 0 ENSCO INTL INC COM 26874Q100 156573 4379659 SH SOLE 4379659 0 0 ENTERGY CORP NEW COM 29364G103 18803 248877 SH SOLE 248877 0 0 EPICOR SOFTWARE CORP COM 29426L108 6632 502395 SH SOLE 502395 0 0 ESSEX CORP COM 296744105 1107 48400 SH SOLE 48400 0 0 EURONET WORLDWIDE INC COM 298736109 1023 35200 SH SOLE 35200 0 0 EXXON MOBIL CORP COM 30231G102 48565 845047 SH SOLE 845047 0 0 FACTSET RESH SYS INC COM 303075105 12646 352842 SH SOLE 352842 0 0 FAIRCHILD SEMICONDUCTOR INTL COM 303726103 566 38400 SH SOLE 38400 0 0 FARO TECHNOLOGIES INC COM 311642102 4493 164826 SH SOLE 164826 0 0 FEDEX CORP COM 31428X106 76034 938575 SH SOLE 938575 0 0 FIDELITY NATL FINL INC COM 316326107 7142 200100 SH SOLE 200100 0 0 FIRST MARBLEHEAD CORP COM 320771108 3217 91750 SH SOLE 91750 0 0 FIRST NIAGARA FINL GP INC COM 33582V108 1034 70900 SH SOLE 70900 0 0 FIRSTENERGY CORP COM 337932107 16272 338230 SH SOLE 338230 0 0 FISHER SCIENTIFIC INTL INC COM NEW 338032204 85353 1315150 SH SOLE 1315150 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 15351 14719000 PRN SOLE 14719000 0 0 FLIR SYS INC COM 302445101 5978 200332 SH SOLE 200332 0 0 FLUOR CORP NEW COM 343412102 3824 66400 SH SOLE 66400 0 0 FORD MTR CO CAP TR II PFD TR CV6.5% 345395206 13595 334890 SH SOLE 334890 0 0 FOSSIL INC COM 349882100 6439 283647 SH SOLE 283647 0 0 FREMONT GEN CORP COM 357288109 2997 123200 SH SOLE 123200 0 0 GANNETT INC COM 364730101 12872 180960 SH SOLE 180960 0 0 GAP INC DEL COM 364760108 50932 2578873 SH SOLE 2578873 0 0 GARMIN LTD ORD G37260109 3659 85600 SH SOLE 85600 0 0 GEN-PROBE INC NEW COM 36866T103 1877 51800 SH SOLE 51800 0 0 GENENTECH INC COM NEW 368710406 67696 843250 SH SOLE 843250 0 0 GENERAL ELEC CO COM 369604103 75772 2186775 SH SOLE 2186775 0 0 GENERAL GROWTH PPTYS INC COM 370021107 8511 207129 SH SOLE 207129 0 0 GENERAL MLS INC COM 370334104 45577 974075 SH SOLE 974075 0 0 GENERAL MLS INC DBCV 10/2 370334AU8 5708 8040000 PRN SOLE 8040000 0 0 GENERAL MTRS CORP DEB SR CONV A 370442741 15554 635800 SH SOLE 635800 0 0 GENERAL MTRS CORP DEB SR CV C 33 370442717 6387 300000 SH SOLE 300000 0 0 GENLYTE GROUP INC COM 372302109 6133 125828 SH SOLE 125828 0 0 GENZYME CORP NOTE 1.250%12/0 372917AN4 26107 24902000 PRN SOLE 24902000 0 0 GETTY IMAGES INC COM 374276103 2681 36100 SH SOLE 36100 0 0 GILEAD SCIENCES INC COM 375558103 61330 1394175 SH SOLE 1394175 0 0 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 7023 144871 SH SOLE 144871 0 0 GLOBAL IMAGING SYSTEMS COM 37934A100 5528 173526 SH SOLE 173526 0 0 GLOBAL INDS LTD COM 379336100 1901 223634 SH SOLE 223634 0 0 GLOBAL POWER EQUIPMENT INC COM 37941P108 2214 278500 SH SOLE 278500 0 0 GLOBALSANTAFE CORP SHS G3930E101 62417 1529845 SH SOLE 1529845 0 0 GLOBIX CORP COM NEW 37957F200 22034 12818875 SH SOLE 12818875 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 39971 391798 SH SOLE 391798 0 0 GOODYEAR TIRE & RUBR CO COM 382550101 44291 2972550 SH SOLE 2972550 0 0 GRAFTECH INTL LTD COM 384313102 4129 960243 SH SOLE 960243 0 0 GRANT PRIDECO INC COM 38821G101 6979 263864 SH SOLE 263864 0 0 GREEN MOUNTAIN PWR CORP COM 393154109 627 21000 SH SOLE 21000 0 0 GREY WOLF INC COM 397888108 3804 513436 SH SOLE 513436 0 0 GUESS INC COM 401617105 1830 110400 SH SOLE 110400 0 0 GUITAR CTR MGMT INC COM 402040109 8899 152456 SH SOLE 152456 0 0 HALLIBURTON CO NOTE 3.125% 7/1 406216AM3 71089 50945000 PRN SOLE 50945000 0 0 HANMI FINL CORP COM 410495105 4750 284398 SH SOLE 284398 0 0 HANOVER COMPRESSOR CO COM 410768105 2287 198714 SH SOLE 198714 0 0 HARLEY DAVIDSON INC COM 412822108 70247 1416275 SH SOLE 1416275 0 0 HARMAN INTL INDS INC COM 413086109 51485 632800 SH SOLE 632800 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 63236 845631 SH SOLE 845631 0 0 HCA INC COM 404119109 31019 547354 SH SOLE 547354 0 0 HEALTH MGMT ASSOC INC NEW CL A 421933102 2623 100200 SH SOLE 100200 0 0 HEALTH NET INC COM 42222G108 4095 107300 SH SOLE 107300 0 0 HEALTHTRONICS INC COM 42222L107 1472 113300 SH SOLE 113300 0 0 HERLEY INDS INC DEL COM 427398102 1539 84400 SH SOLE 84400 0 0 HEWLETT PACKARD CO COM 428236103 20216 859921 SH SOLE 859921 0 0 HIBBETT SPORTING GOODS INC COM 428565105 5606 148146 SH SOLE 148146 0 0 HIBERNIA CORP CL A 428656102 9787 294968 SH SOLE 294968 0 0 HIGHWOODS PPTYS INC COM 431284108 14543 488648 SH SOLE 488648 0 0 HILTON HOTELS CORP NOTE 3.375% 4/1 432848AZ2 43067 35389000 PRN SOLE 35389000 0 0 HOOPER HOLMES INC COM 439104100 2145 516775 SH SOLE 516775 0 0 HOUSTON EXPL CO COM 442120101 1359 25618 SH SOLE 25618 0 0 HOVNANIAN ENTERPRISES INC CL A 442487203 23632 362450 SH SOLE 362450 0 0 HSBC HLDGS PLC SPON ADR NEW 404280406 14140 177550 SH SOLE 177550 0 0 HUGHES SUPPLY INC COM 444482103 5845 208001 SH SOLE 208001 0 0 ILLINOIS TOOL WKS INC COM 452308109 68176 855625 SH SOLE 855625 0 0 IMAGISTICS INTERNATIONAL INC COM 45247T104 2601 92900 SH SOLE 92900 0 0 IMMUCOR INC COM 452526106 9014 311369 SH SOLE 311369 0 0 INCO LTD COM 453258402 32105 850481 SH SOLE 850481 0 0 INDYMAC BANCORP INC COM 456607100 8005 196550 SH SOLE 196550 0 0 INFOSPACE INC COM NEW 45678T201 1459 44300 SH SOLE 44300 0 0 INGLES MKTS INC CL A 457030104 449 32600 SH SOLE 32600 0 0 INNOVATIVE SOLUTIONS & SUPPO COM 45769N105 5224 155631 SH SOLE 155631 0 0 INPUT/OUTPUT INC COM 457652105 1727 275000 SH SOLE 275000 0 0 INSITUFORM TECHNOLOGIES INC CL A 457667103 2629 164021 SH SOLE 164021 0 0 INTEGRA LIFESCIENCES HLDGS C COM NEW 457985208 4731 162029 SH SOLE 162029 0 0 INTEL CORP COM 458140100 100295 3848625 SH SOLE 3848625 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 80949 1090958 SH SOLE 1090958 0 0 INTERNATIONAL GAME TECHNOLOG DBCV 1/2 459902AL6 16141 24542000 PRN SOLE 24542000 0 0 INTERNATIONAL RECTIFIER CORP COM 460254105 883 18500 SH SOLE 18500 0 0 INTEROIL CORP COM 460951106 4126 151796 SH SOLE 151796 0 0 INTL PAPER CO COM 460146103 748 24757 SH SOLE 24757 0 0 INTL PAPER CO DBCV 6/2 460146BM4 18784 34174000 PRN SOLE 34174000 0 0 INVESTORS FINL SERVICES CORP COM 461915100 1380 36500 SH SOLE 36500 0 0 INVITROGEN CORP NOTE 1.500% 2/1 46185RAK6 18763 19282000 PRN SOLE 19282000 0 0 INVITROGEN CORP COM 46185R100 5181 62200 SH SOLE 62200 0 0 IOWA TELECOMM SERVICES INC COM 462594201 2113 112700 SH SOLE 112700 0 0 ISHARES INC MSCI UTD KINGD 464286699 14860 826910 SH SOLE 826910 0 0 ISHARES TR MSCI EAFE IDX 464287465 6649 127100 SH SOLE 127100 0 0 ISHARES TR RUSSELL1000VAL 464287598 16901 253312 SH SOLE 253312 0 0 ISLE OF CAPRI CASINOS INC COM 464592104 7874 300550 SH SOLE 300550 0 0 IVAX CORP NOTE 1.875%12/1 465823AN2 14786 12705000 PRN SOLE 12705000 0 0 IXIA COM 45071R109 6222 320078 SH SOLE 320078 0 0 J2 GLOBAL COMMUNICATIONS INC COM NEW 46626E205 2070 60100 SH SOLE 60100 0 0 JAMES RIVER COAL CO COM NEW 470355207 5693 164289 SH SOLE 164289 0 0 JARDEN CORP COM 471109108 11740 217732 SH SOLE 217732 0 0 JEFFERIES GROUP INC NEW COM 472319102 6559 173123 SH SOLE 173123 0 0 JO-ANN STORES INC COM 47758P307 1222 46300 SH SOLE 46300 0 0 JOHNSON & JOHNSON COM 478160104 83390 1282917 SH SOLE 1282917 0 0 JOS A BANK CLOTHIERS INC COM 480838101 8304 191772 SH SOLE 191772 0 0 JOURNAL REGISTER CO COM 481138105 2283 130400 SH SOLE 130400 0 0 JOY GLOBAL INC COM 481165108 2472 73600 SH SOLE 73600 0 0 JPMORGAN & CHASE & CO COM 46625H100 43729 1238070 SH SOLE 1238070 0 0 KADANT INC COM 48282T104 3039 138600 SH SOLE 138600 0 0 KB HOME COM 48666K109 7539 98900 SH SOLE 98900 0 0 KEANE INC COM 486665102 1964 143372 SH SOLE 143372 0 0 KELLWOOD CO COM 488044108 2141 79600 SH SOLE 79600 0 0 KERR MCGEE CORP COM 492386107 22246 291521 SH SOLE 291521 0 0 KIMBERLY CLARK CORP COM 494368103 53859 860519 SH SOLE 860519 0 0 KIRBY CORP COM 497266106 5810 128828 SH SOLE 128828 0 0 KNIGHT TRANSN INC COM 499064103 4477 184039 SH SOLE 184039 0 0 KOHLS CORP COM 500255104 85506 1529350 SH SOLE 1529350 0 0 KRAFT FOODS INC CL A 50075N104 23282 731921 SH SOLE 731921 0 0 KROGER CO COM 501044101 75960 3991560 SH SOLE 3991560 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 81933 1069900 SH SOLE 1069900 0 0 LA QUINTA CORP PAIRED CTF 50419U202 2604 279100 SH SOLE 279100 0 0 LA Z BOY INC COM 505336107 2676 183648 SH SOLE 183648 0 0 LABOR READY INC COM NEW 505401208 3450 148000 SH SOLE 148000 0 0 LABORATORY CORP AMER HLDGS NOTE 9/1 50540RAC6 127831167900000 PRN SOLE 167900000 0 0 LAMAR ADVERTISING CO NOTE 2.875%12/3 512815AG6 12098 11630000 PRN SOLE 11630000 0 0 LANDAMERICA FINL GROUP INC COM 514936103 4168 70200 SH SOLE 70200 0 0 LAS VEGAS SANDS CORP COM 517834107 2960 82800 SH SOLE 82800 0 0 LEARNING TREE INTL INC COM 522015106 1117 92955 SH SOLE 92955 0 0 LEGG MASON INC COM 524901105 2624 25200 SH SOLE 25200 0 0 LENNAR CORP CL A 526057104 100621 1585835 SH SOLE 1585835 0 0 LIBERTY MEDIA CORP NEW DEB 0.750% 3/3 530718AF2 915 867000 PRN SOLE 867000 0 0 LIMITED BRANDS INC COM 532716107 1934 90300 SH SOLE 90300 0 0 LINCARE HLDGS INC DBCV 3.000% 6/1 532791AB6 57505 57615000 PRN SOLE 57615000 0 0 LLOYDS TSB GROUP PLC SPONSORED ADR 539439109 2019 59375 SH SOLE 59375 0 0 LOWES COS INC COM 548661107 77941 1338725 SH SOLE 1338725 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 38424 39486000 PRN SOLE 39486000 0 0 LUCENT TECHNOLOGIES INC COM 549463107 29390 10099823 SH SOLE 10099823 0 0 LUCENT TECHNOLOGIES INC DBCV 2.750% 6/1 549463AH0 3149 2775000 PRN SOLE 2775000 0 0 LYDALL INC DEL COM 550819106 1592 184700 SH SOLE 184700 0 0 M D C HLDGS INC COM 552676108 12139 147587 SH SOLE 147587 0 0 M/I HOMES INC COM 55305B101 3963 73241 SH SOLE 73241 0 0 MANNKIND CORP COM 56400P201 2101 209100 SH SOLE 209100 0 0 MARSHALL & ILSLEY CORP COM 571834100 9290 208989 SH SOLE 208989 0 0 MASCO CORP COM 574599106 413 13000 SH SOLE 13000 0 0 MASSEY ENERGY CORP COM 576206106 12343 327243 SH SOLE 327243 0 0 MATTEL INC COM 577081102 22862 1249326 SH SOLE 1249326 0 0 MATTSON TECHNOLOGY INC COM 577223100 1575 220000 SH SOLE 220000 0 0 MAVERICK TUBE CORP COM 577914104 9953 334017 SH SOLE 334017 0 0 MAXIM INTEGRATED PRODS INC COM 57772K101 28077 734800 SH SOLE 734800 0 0 MBNA CORP COM 55262L100 13286 507860 SH SOLE 507860 0 0 MCGRAW HILL COS INC COM 580645109 1620 36600 SH SOLE 36600 0 0 MEDTRONIC INC DBCV 1.250% 9/1 585055AD8 27476 27319000 PRN SOLE 27319000 0 0 MENTOR GRAPHICS CORP COM 587200106 1390 135600 SH SOLE 135600 0 0 MERCANTILE BANK CORP COM 587376104 1073 24400 SH SOLE 24400 0 0 MERCK & CO INC COM 589331107 5867 190500 SH SOLE 190500 0 0 MERCURY INTERACTIVE CORP COM 589405109 1561 40700 SH SOLE 40700 0 0 MERISTAR HOSPITALITY CORP COM 58984Y103 8059 937100 SH SOLE 937100 0 0 MERIT MED SYS INC COM 589889104 1543 100100 SH SOLE 100100 0 0 MERITAGE HOMES CORP COM 59001A102 10874 136768 SH SOLE 136768 0 0 MERRILL LYNCH & CO INC COM 590188108 35655 648138 SH SOLE 648138 0 0 METRIS COS INC COM 591598107 6290 435000 SH SOLE 435000 0 0 MGI PHARMA INC COM 552880106 1031 47400 SH SOLE 47400 0 0 MICHAELS STORES INC COM 594087108 8783 212300 SH SOLE 212300 0 0 MICROS SYS INC COM 594901100 8564 191376 SH SOLE 191376 0 0 MICROSOFT CORP COM 594918104 53131 2138928 SH SOLE 2138928 0 0 MINE SAFETY APPLIANCES CO COM 602720104 3617 78300 SH SOLE 78300 0 0 MKS INSTRUMENT INC COM 55306N104 1527 90400 SH SOLE 90400 0 0 MOBILE MINI INC COM 60740F105 1852 53700 SH SOLE 53700 0 0 MOHAWK INDS INC COM 608190104 7780 94300 SH SOLE 94300 0 0 MOLINA HEALTHCARE INC COM 60855R100 5603 126601 SH SOLE 126601 0 0 MOLSON COORS BREWING CO CL B 60871R209 19437 313491 SH SOLE 313491 0 0 MORGAN STANLEY COM NEW 617446448 65079 1240301 SH SOLE 1240301 0 0 MOSAIC CO COM 61945A107 1215 78100 SH SOLE 78100 0 0 MOTOROLA INC COM 620076109 96095 5262638 SH SOLE 5262638 0 0 MSC INDL DIRECT INC CL A 553530106 7486 221825 SH SOLE 221825 0 0 NABI BIOPHARMACEUTICALS COM 629519109 949 62300 SH SOLE 62300 0 0 NATIONAL OILWELL VARCO INC COM 637071101 5852 123100 SH SOLE 123100 0 0 NAVIGANT INTL INC COM 63935R108 995 67700 SH SOLE 67700 0 0 NAVISTAR INTL CORP NEW COM 63934E108 33921 1060021 SH SOLE 1060021 0 0 NCI BUILDING SYS INC COM 628852105 1076 32800 SH SOLE 32800 0 0 NEKTAR THERAPEUTICS COM 640268108 4314 256167 SH SOLE 256167 0 0 NEWFIELD EXPL CO COM 651290108 11520 288800 SH SOLE 288800 0 0 NEXSTAR BROADCASTING GROUP I CL A 65336K103 2148 346400 SH SOLE 346400 0 0 NIKE INC CL B 654106103 78258 903675 SH SOLE 903675 0 0 NOKIA CORP SPONSORED ADR 654902204 56354 3388674 SH SOLE 3388674 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 97783103323000 PRN SOLE 103323000 0 0 NORTHROP GRUMMAN CORP COM 666807102 47607 861673 SH SOLE 861673 0 0 NORTHWEST AIRLS CORP NOTE 7.625%11/1 667280AE1 5312 13405000 PRN SOLE 13405000 0 0 NOVARTIS A G SPONSORED ADR 66987V109 15001 316272 SH SOLE 316272 0 0 NTL INC DEL COM 62940M104 36726 536779 SH SOLE 536779 0 0 OFFSHORE LOGISTICS INC COM 676255102 1941 59100 SH SOLE 59100 0 0 OLD DOMINION FGHT LINES INC COM 679580100 4319 160981 SH SOLE 160981 0 0 OLIN CORP COM PAR $1 680665205 13543 742516 SH SOLE 742516 0 0 OMI CORP NEW COM Y6476W104 5096 268081 SH SOLE 268081 0 0 OMNICARE INC COM 681904108 5151 121400 SH SOLE 121400 0 0 OMNICOM GROUP INC COM 681919106 62526 782950 SH SOLE 782950 0 0 OMNOVA SOLUTIONS INC COM 682129101 2451 526000 SH SOLE 526000 0 0 ORACLE CORP COM 68389X105 42911 3250802 SH SOLE 3250802 0 0 OSHKOSH B GOSH INC CL A 688222207 1096 42159 SH SOLE 42159 0 0 OSHKOSH TRUCK CORP COM 688239201 7487 95650 SH SOLE 95650 0 0 OVERSEAS SHIPHOLDING GROUP I COM 690368105 865 14500 SH SOLE 14500 0 0 OWENS ILL INC COM NEW 690768403 100282 4003256 SH SOLE 4003256 0 0 PACIFICARE HEALTH SYS DEL COM 695112102 14976 209600 SH SOLE 209600 0 0 PACKAGING DYNAMICS CORP COM 695160101 431 30800 SH SOLE 30800 0 0 PARKER DRILLING CO COM 701081101 1527 217800 SH SOLE 217800 0 0 PEABODY ENERGY CORP COM 704549104 60093 1154750 SH SOLE 1154750 0 0 PENN NATL GAMING INC COM 707569109 14384 394083 SH SOLE 394083 0 0 PENTAIR INC COM 709631105 2821 65900 SH SOLE 65900 0 0 PEPSICO INC COM 713448108 41015 760514 SH SOLE 760514 0 0 PERFORMANCE FOOD GROUP CO COM 713755106 1054 34900 SH SOLE 34900 0 0 PETCO ANIMAL SUPPLIES COM NEW 716016209 3417 116545 SH SOLE 116545 0 0 PFIZER INC COM 717081103 85894 3114359 SH SOLE 3114359 0 0 PG&E CORP COM 69331C108 7233 192674 SH SOLE 192674 0 0 PG&E CORP NOTE 9.500% 6/3 69331CAD0 9266 3115000 PRN SOLE 3115000 0 0 PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 12134 165500 SH SOLE 165500 0 0 PHARMACEUTICAL PROD DEV INC COM 717124101 3503 74750 SH SOLE 74750 0 0 PHELPS DODGE CORP COM 717265102 648 7000 SH SOLE 7000 0 0 PHH CORP COM NEW 693320202 1244 48349 SH SOLE 48349 0 0 PIONEER NAT RES CO COM 723787107 2399 57000 SH SOLE 57000 0 0 PITNEY BOWES INC COM 724479100 20404 468511 SH SOLE 468511 0 0 PLACER DOME INC DBCV 2.750%10/1 725906AK7 2963 2785000 PRN SOLE 2785000 0 0 PLACER DOME INC COM 725906101 6102 396750 SH SOLE 396750 0 0 PMA CAP CORP DBCV 6.500% 9/3 693419AD5 18078 16050000 PRN SOLE 16050000 0 0 PMI GROUP INC COM 69344M101 88823 2278665 SH SOLE 2278665 0 0 PMI GROUP INC DBCV 2.500% 7/1 69344MAE1 253 245000 PRN SOLE 245000 0 0 PNC FINL SVCS GROUP INC COM 693475105 25549 469137 SH SOLE 469137 0 0 POLYONE CORP COM 73179P106 142 21500 SH SOLE 21500 0 0 PPL CORP COM 69351T106 22835 384556 SH SOLE 384556 0 0 PRA INTL COM 69353C101 2678 100000 SH SOLE 100000 0 0 PRAXAIR INC COM 74005P104 85671 1838425 SH SOLE 1838425 0 0 PREMIERE GLOBAL SVCS INC COM 740585104 1682 149000 SH SOLE 149000 0 0 PRIDE INTL INC DEL COM 74153Q102 110860 4313609 SH SOLE 4313609 0 0 PRIDE INTL INC DEL NOTE 3.250% 5/0 74153QAD4 71977 59555000 PRN SOLE 59555000 0 0 PRIORITY HEALTHCARE CORP CL B 74264T102 2665 105100 SH SOLE 105100 0 0 PROCTER & GAMBLE CO COM 742718109 3306 62670 SH SOLE 62670 0 0 PROGRESS SOFTWARE CORP COM 743312100 2460 81600 SH SOLE 81600 0 0 PROQUEST COMPANY COM 74346P102 2880 87824 SH SOLE 87824 0 0 PROVIDENT FINL SVCS INC COM 74386T105 1344 76500 SH SOLE 76500 0 0 PROVIDIAN FINL CORP NOTE 3.250% 8/1 74406AAA0 36160 36025000 PRN SOLE 36025000 0 0 PROVIDIAN FINL CORP COM 74406A102 3080 174700 SH SOLE 174700 0 0 PRUDENTIAL FINL INC COM 744320102 38104 580312 SH SOLE 580312 0 0 PUBLIC SVC ENTERPRISE GROUP COM 744573106 15400 253200 SH SOLE 253200 0 0 PULTE HOMES INC COM 745867101 1011 12000 SH SOLE 12000 0 0 QLOGIC CORP COM 747277101 2534 82100 SH SOLE 82100 0 0 QUADRAMED CORP COM 74730W101 12987 7047617 SH SOLE 7047617 0 0 QUALCOMM INC COM 747525103 26666 807825 SH SOLE 807825 0 0 QUALITY DISTR INC FLA COM 74756M102 2455 277400 SH SOLE 277400 0 0 QUEST DIAGNOSTICS INC COM 74834L100 77284 1450800 SH SOLE 1450800 0 0 RAYTHEON CO COM NEW 755111507 43740 1118105 SH SOLE 1118105 0 0 REGAL ENTMT GROUP CL A 758766109 7111 376615 SH SOLE 376615 0 0 REINSURANCE GROUP AMER INC COM 759351109 1488 32000 SH SOLE 32000 0 0 RELIANT ENERGY INC NOTE 5.000% 8/1 75952BAD7 10091 6770000 PRN SOLE 6770000 0 0 REMINGTON OIL & GAS CORP COM 759594302 6897 193202 SH SOLE 193202 0 0 REMOTE DYNAMICS INC COM 75962A105 943 645735 SH SOLE 645735 0 0 RESEARCH IN MOTION LTD COM 760975102 17031 230925 SH SOLE 230925 0 0 RESPIRONICS INC COM 761230101 2759 76400 SH SOLE 76400 0 0 ROPER INDS INC NEW COM 776696106 5495 77000 SH SOLE 77000 0 0 ROWAN COS INC COM 779382100 132871 4472236 SH SOLE 4472236 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 21640 333430 SH SOLE 333430 0 0 RUSSELL CORP COM 782352108 1363 66628 SH SOLE 66628 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 10606 236524 SH SOLE 236524 0 0 RYLAND GROUP INC COM 783764103 16875 222424 SH SOLE 222424 0 0 S & T BANCORP INC COM 783859101 1142 31642 SH SOLE 31642 0 0 SAFENET INC COM 78645R107 3031 89000 SH SOLE 89000 0 0 SANDY SPRING BANCORP INC COM 800363103 525 15000 SH SOLE 15000 0 0 SBC COMMUNICATIONS INC COM 78387G103 28408 1196119 SH SOLE 1196119 0 0 SCANSOURCE INC COM 806037107 4534 105588 SH SOLE 105588 0 0 SCHEIN HENRY INC COM 806407102 3998 96300 SH SOLE 96300 0 0 SCHERING PLOUGH CORP PFD CONV MAND 806605606 3405 66800 SH SOLE 66800 0 0 SCHLUMBERGER LTD DBCV 1.500% 6/0 806857AC2 75291 64931000 PRN SOLE 64931000 0 0 SCIENTIFIC GAMES CORP CL A 80874P109 2381 88400 SH SOLE 88400 0 0 SCOTTISH RE GROUP LTD ORD G7885T104 2395 98800 SH SOLE 98800 0 0 SCOTTS MIRACLE GRO CO CL A 810186106 4194 58900 SH SOLE 58900 0 0 SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 3017 89600 SH SOLE 89600 0 0 SFBC INTL INC COM 784121105 2438 63100 SH SOLE 63100 0 0 SHERWIN WILLIAMS CO COM 824348106 4455 94600 SH SOLE 94600 0 0 SHUFFLE MASTER INC COM 825549108 2235 79750 SH SOLE 79750 0 0 SIERRA HEALTH SVCS INC COM 826322109 16863 235981 SH SOLE 235981 0 0 SIERRA PAC RES NEW COM 826428104 1706 137000 SH SOLE 137000 0 0 SIGMATEL INC COM 82661W107 4161 242470 SH SOLE 242470 0 0 SILICON GRAPHICS INC COM 827056102 1071 1508150 SH SOLE 1508150 0 0 SIMPSON MANUFACTURING CO INC COM 829073105 5221 170903 SH SOLE 170903 0 0 SINCLAIR BROADCAST GROUP INC CL A 829226109 4326 476430 SH SOLE 476430 0 0 SIRIUS SATELLITE RADIO INC COM 82966U103 4802 741100 SH SOLE 741100 0 0 SIRIUS SATELLITE RADIO INC NOTE 2.500% 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SOLE 41400 0 0 STEEL DYNAMICS INC COM 858119100 948 36100 SH SOLE 36100 0 0 STEEL TECHNOLOGIES INC COM 858147101 1543 91285 SH SOLE 91285 0 0 STEIN MART INC COM 858375108 2114 96100 SH SOLE 96100 0 0 STEWART ENTERPRISES INC CL A 860370105 719 110000 SH SOLE 110000 0 0 SUN COMMUNITIES INC COM 866674104 1819 48900 SH SOLE 48900 0 0 SUPERIOR ENERGY SVCS INC COM 868157108 1880 105600 SH SOLE 105600 0 0 SUPERVALU INC NOTE 11/0 868536AP8 10130 29080000 PRN SOLE 29080000 0 0 SURMODICS INC COM 868873100 7365 169803 SH SOLE 169803 0 0 SYMANTEC CORP COM 871503108 62482 2874075 SH SOLE 2874075 0 0 TARGET CORP COM 87612E106 78125 1435850 SH SOLE 1435850 0 0 TELEWEST GLOBAL INC COM 87956T107 30689 1347185 SH SOLE 1347185 0 0 TEMPLE INLAND INC COM 879868107 14608 393213 SH SOLE 393213 0 0 TEREX CORP NEW COM 880779103 14462 367071 SH SOLE 367071 0 0 TESORO CORP COM 881609101 4173 89700 SH SOLE 89700 0 0 TESSERA TECHNOLOGIES INC COM 88164L100 5807 173796 SH SOLE 173796 0 0 TETRA TECHNOLOGIES INC DEL COM 88162F105 5642 177151 SH SOLE 177151 0 0 TEVA PHARMACEUTICAL FIN II L DBCV 0.500% 2/0 88164RAA5 11461 11560000 PRN SOLE 11560000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 58542 1880550 SH SOLE 1880550 0 0 TEVA PHARMACEUTICALS FIN B V DBCV 0.375%11/1 88164MAB4 50416 33997000 PRN SOLE 33997000 0 0 TEXAS INSTRS INC COM 882508104 98624 3513482 SH SOLE 3513482 0 0 THQ INC COM NEW 872443403 1396 47700 SH SOLE 47700 0 0 TIDEWATER INC COM 886423102 10037 263300 SH SOLE 263300 0 0 TIME WARNER INC COM 887317105 47636 2850727 SH SOLE 2850727 0 0 TIMKEN CO COM 887389104 3319 143684 SH SOLE 143684 0 0 TJX COS INC NEW COM 872540109 55733 2288850 SH SOLE 2288850 0 0 TOO INC COM 890333107 1797 76913 SH SOLE 76913 0 0 TORO CO COM 891092108 8699 225300 SH SOLE 225300 0 0 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 21175 296200 SH SOLE 296200 0 0 TRAMMELL CROW CO COM 89288R106 2446 100900 SH SOLE 100900 0 0 TRANSOCEAN INC ORD G90078109 223717 4145207 SH SOLE 4145207 0 0 TRANSOCEAN SEDCO FOREX INC DBCV 1.500% 5/1 893830AD1 354 350000 PRN SOLE 350000 0 0 TREX INC COM 89531P105 2575 100176 SH SOLE 100176 0 0 TRIMBLE NAVIGATION LTD COM 896239100 7124 182797 SH SOLE 182797 0 0 TRW AUTOMOTIVE HLDGS CORP COM 87264S106 18838 768605 SH SOLE 768605 0 0 TYCO INTL GROUP S A DBCV 3.125% 1/1 902118BG2 1399 1012000 PRN SOLE 1012000 0 0 TYCO INTL GROUP S A DBCV 2.750% 1/1 902118BF4 37276 28565000 PRN SOLE 28565000 0 0 UBS AG NAMEN AKT H8920M855 8995 115549 SH SOLE 115549 0 0 UCBH HOLDINGS INC COM 90262T308 9135 562506 SH SOLE 562506 0 0 UGI CORP NEW COM 902681105 2678 96000 SH SOLE 96000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 82674 1610000 SH SOLE 1610000 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 1407 29200 SH SOLE 29200 0 0 UNITEDHEALTH GROUP INC COM 91324P102 143576 2753654 SH SOLE 2753654 0 0 UNIVERSAL HLTH SVCS INC CL B 913903100 14172 227912 SH SOLE 227912 0 0 US BANCORP DEL COM NEW 902973304 42551 1457216 SH SOLE 1457216 0 0 VARIAN MED SYS INC COM 92220P105 7029 188300 SH SOLE 188300 0 0 VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 714 19300 SH SOLE 19300 0 0 VENTIV HEALTH INC COM 922793104 1749 90700 SH SOLE 90700 0 0 VERISIGN INC COM 92343E102 5766 200500 SH SOLE 200500 0 0 VERITAS SOFTWARE CO COM 923436109 3708 151975 SH SOLE 151975 0 0 VERIZON COMMUNICATIONS COM 92343V104 43332 1254196 SH SOLE 1254196 0 0 VERIZON GLOBAL FDG CORP NOTE 5/1 92344GAN6 9578 15355000 PRN SOLE 15355000 0 0 VIACOM INC CL B 925524308 1338 41800 SH SOLE 41800 0 0 VIASYS HEALTHCARE INC COM NEW 92553Q209 2300 101800 SH SOLE 101800 0 0 VITESSE SEMICONDUCTOR CORP SDCV 1.500%10/0 928497AD8 3679 4525000 PRN SOLE 4525000 0 0 W HLDG CO INC COM 929251106 2570 251500 SH SOLE 251500 0 0 WABASH NATL CORP COM 929566107 4302 177549 SH SOLE 177549 0 0 WABTEC CORP COM 929740108 10361 482319 SH SOLE 482319 0 0 WACHOVIA CORP 2ND NEW COM 929903102 39090 788117 SH SOLE 788117 0 0 WADDELL & REED FINL INC CL A 930059100 1933 104500 SH SOLE 104500 0 0 WALGREEN CO COM 931422109 74600 1622100 SH SOLE 1622100 0 0 WARNACO GROUP INC COM NEW 934390402 2155 92700 SH SOLE 92700 0 0 WASHINGTON MUT INC COM 939322103 26545 652351 SH SOLE 652351 0 0 WAUSAU PAPER CORP COM 943315101 3153 263167 SH SOLE 263167 0 0 WCI CMNTYS INC COM 92923C104 16963 529619 SH SOLE 529619 0 0 WEATHERFORD INTERNATIONAL LT COM G95089101 73736 1271750 SH SOLE 1271750 0 0 WEATHERFORD INTL INC DBCV 6/3 947074AB6 1483 2340000 PRN SOLE 2340000 0 0 WELLCHOICE INC COM 949475107 14880 214200 SH SOLE 214200 0 0 WELLPOINT INC COM 94973V107 107416 1542450 SH SOLE 1542450 0 0 WELLS FARGO & CO NEW COM 949746101 32244 523613 SH SOLE 523613 0 0 WESCO INTL INC COM 95082P105 4710 150100 SH SOLE 150100 0 0 WESTCORP INC COM 957907108 13261 252972 SH SOLE 252972 0 0 WHOLE FOODS MKT INC SDCV 3/0 966837AC0 2106 1675000 PRN SOLE 1675000 0 0 WINNEBAGO INDS INC COM 974637100 3183 97200 SH SOLE 97200 0 0 WINTRUST FINANCIAL CORP COM 97650W108 8317 158880 SH SOLE 158880 0 0 WORLD FUEL SVCS CORP COM 981475106 2013 86000 SH SOLE 86000 0 0 WYETH COM 983024100 18594 417833 SH SOLE 417833 0 0 XEROX CORP PFD CONV SER C 984121509 8977 74575 SH SOLE 74575 0 0 XL CAP LTD CL A G98255105 2388 32092 SH SOLE 32092 0 0 YAHOO INC FRNT 4/0 984332AB2 16014 9203000 PRN SOLE 9203000 0 0 YANKEE CANDLE INC COM 984757104 6575 204835 SH SOLE 204835 0 0 ZORAN CORP COM 98975F101 2627 197700 SH SOLE 197700 0 0