13F-HR 1 mack3q05.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: September 30, 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, 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 14, 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: 594 Form13F Information Table Value Total: $11,440,861 (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 57833 788350 SH SOLE 788350 0 0 A C MOORE ARTS & CRAFTS INC COM 00086T103 2762 143968 SH SOLE 143968 0 0 A S V INC COM 001963107 5181 228710 SH SOLE 228710 0 0 AAMES INVT CORP MD COM 00253G108 1407 224075 SH SOLE 224075 0 0 ABBOTT LABS COM 002824100 1679 39600 SH SOLE 39600 0 0 ABITIBI-CONSOLIDATED INC COM 003924107 69237 17095471 SH SOLE 17095471 0 0 ACTEL CORP COM 004934105 2669 184571 SH SOLE 184571 0 0 ACTIVISION INC NEW COM NEW 004930202 5728 280099 SH SOLE 280099 0 0 ACTUANT CORP CL A NEW 00508X203 7757 165744 SH SOLE 165744 0 0 ADVANCE AUTO PARTS INC COM 00751Y106 2681 69300 SH SOLE 69300 0 0 ADVANCED DIGITAL INFORMATION COM 007525108 2536 269740 SH SOLE 269740 0 0 AES CORP COM 00130H105 5504 335000 SH SOLE 335000 0 0 AETNA INC NEW COM 00817Y108 1667 19350 SH SOLE 19350 0 0 AFFILIATED COMPUTER SERVICES CL A 008190100 1919 35150 SH SOLE 35150 0 0 AFFILIATED MANAGERS GROUP COM 008252108 16329 225475 SH SOLE 225475 0 0 AFFILIATED MANAGERS GROUP NOTE 5/0 008252AC2 14950 11845000 PRN SOLE 11845000 0 0 AFLAC INC COM 001055102 34260 756302 SH SOLE 756302 0 0 AGCO CORP COM 001084102 31268 1718028 SH SOLE 1718028 0 0 AIR PRODS & CHEMS INC COM 009158106 4087 74119 SH SOLE 74119 0 0 ALCOA INC COM 013817101 37580 1538926 SH SOLE 1538926 0 0 ALLEGHENY TECHNOLOGIES INC COM 01741R102 1408 45440 SH SOLE 45440 0 0 ALLIANCE DATA SYSTEMS CORP COM 018581108 1883 48100 SH SOLE 48100 0 0 ALLIANCE RES PARTNER L P UT LTD PART 01877R108 7041 153268 SH SOLE 153268 0 0 ALLIANT TECHSYSTEMS INC COM 018804104 9626 128950 SH SOLE 128950 0 0 ALLSTATE CORP COM 020002101 37922 685864 SH SOLE 685864 0 0 ALLTEL CORP COM 020039103 51719 794341 SH SOLE 794341 0 0 ALPHA NATURAL RESOURCES INC COM 02076X102 403 13400 SH SOLE 13400 0 0 ALTERA CORP COM 021441100 1691 88500 SH SOLE 88500 0 0 ALZA CORP SDCV 7/2 02261WAB5 1278 1471000 SH SOLE 1471000 0 0 ALZA CORP SDCV 7/2 02261WAB5 20861 23765000 PRN SOLE 23765000 0 0 AMAZON COM INC NOTE 4.750% 2/0 023135AF3 14875 15140000 PRN SOLE 15140000 0 0 AMDOCS LTD ORD G02602103 1459 52600 SH SOLE 52600 0 0 AMERADA HESS CORP PFD CV ACES 7% 023551401 46454 395946 SH SOLE 395946 0 0 AMERICAN AXLE & MFG HLDGS IN COM 024061103 1956 84755 SH SOLE 84755 0 0 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 5033 213900 SH SOLE 213900 0 0 AMERICAN EXPRESS CO DBCV 1.850%12/0 025816AS8 30662 28885000 PRN SOLE 28885000 0 0 AMERICAN EXPRESS CO COM 025816109 75568 1315594 SH SOLE 1315594 0 0 AMERICAN HEALTHWAYS INC COM 02649V104 7088 167175 SH SOLE 167175 0 0 AMERICAN HOME MTG INVT CORP COM 02660R107 4445 146681 SH SOLE 146681 0 0 AMERICAN INTL GROUP INC DBCV 11/0 026874AP2 9027 13300000 PRN SOLE 13300000 0 0 AMERICAN REAL ESTATE PARTNR DEPOSITRY UNIT 029169109 1056 28170 SH SOLE 28170 0 0 AMERICAN STD COS INC DEL COM 029712106 33592 721632 SH SOLE 721632 0 0 AMGEN INC COM 031162100 89459 1122868 SH SOLE 1122868 0 0 AMGEN INC NOTE 3/0 031162AL4 70581 87535000 PRN SOLE 87535000 0 0 AMGEN INC NOTE 3/0 031162AL4 1834 2318000 SH SOLE 2318000 0 0 AMKOR TECHNOLOGY INC NOTE 5.750% 6/0 031652AN0 31728 33180000 PRN SOLE 33180000 0 0 AMPHENOL CORP NEW CL A 032095101 8358 207200 SH SOLE 207200 0 0 ANALOG DEVICES INC COM 032654105 40367 1086900 SH SOLE 1086900 0 0 ANGIOTECH PHARMACEUTICALS IN COM 034918102 353 25200 SH SOLE 25200 0 0 ANIXTER INTL INC COM 035290105 2363 58600 SH SOLE 58600 0 0 AON CORP DBCV 3.500%11/1 037389AT0 19487 12685000 PRN SOLE 12685000 0 0 AON CORP DBCV 3.500%11/1 037389AT0 1595 1045000 SH SOLE 1045000 0 0 APACHE CORP COM 037411105 14186 188600 SH SOLE 188600 0 0 APOGEE ENTERPRISES INC COM 037598109 1467 85795 SH SOLE 85795 0 0 APPLE COMPUTER INC COM 037833100 81261 1515775 SH SOLE 1515775 0 0 APPLIED FILMS CORP COM 038197109 1285 61185 SH SOLE 61185 0 0 APRIA HEALTHCARE GROUP INC COM 037933108 11281 353536 SH SOLE 353536 0 0 ARAMARK CORP CL B 038521100 6950 260206 SH SOLE 260206 0 0 ARCH CHEMICALS INC COM 03937R102 15803 679705 SH SOLE 679705 0 0 ARCH COAL INC COM 039380100 26461 392015 SH SOLE 392015 0 0 ARCTIC CAT INC COM 039670104 1952 95050 SH SOLE 95050 0 0 ARRIS GROUP INC COM 04269Q100 760 64100 SH SOLE 64100 0 0 ARTHROCARE CORP COM 043136100 7395 183863 SH SOLE 183863 0 0 ASM INTL NV NOTE 4.250%12/0 00207DAG7 3480 3710000 PRN SOLE 3710000 0 0 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 4433 150000 SH SOLE 150000 0 0 ASTEC INDS INC COM 046224101 1229 43300 SH SOLE 43300 0 0 ATMI INC COM 00207R101 254 8200 SH SOLE 8200 0 0 ATWOOD OCEANICS INC COM 050095108 14101 167450 SH SOLE 167450 0 0 AUDIOCODES LTD NOTE 2.000%11/0 050732AB2 7532 8370000 PRN SOLE 8370000 0 0 AUTODESK INC COM 052769106 9381 202000 SH SOLE 202000 0 0 AVID TECHNOLOGY INC COM 05367P100 1321 31900 SH SOLE 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SOLE 357077 0 0 BOSTON SCIENTIFIC CORP COM 101137107 8040 344035 SH SOLE 344035 0 0 BOWATER INC COM 102183100 33788 1195204 SH SOLE 1195204 0 0 BOYD GAMING CORP COM 103304101 5851 135700 SH SOLE 135700 0 0 BP PLC SPONSORED ADR 055622104 23066 325559 SH SOLE 325559 0 0 BRADLEY PHARMACEUTICALS INC COM 104576103 1555 142379 SH SOLE 142379 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 24830 1032015 SH SOLE 1032015 0 0 BRONCO DRILLING CO INC COM 112211107 3989 144801 SH SOLE 144801 0 0 BROOKLINE BANCORP INC DEL COM 11373M107 1590 100500 SH SOLE 100500 0 0 BRUNSWICK CORP COM 117043109 39693 1052025 SH SOLE 1052025 0 0 BUILDERS FIRSTSOURCE INC COM 12008R107 6899 308962 SH SOLE 308962 0 0 BUNGE LTD FIN CORP NOTE 3.750%11/1 120568AE0 3781 2295000 PRN SOLE 2295000 0 0 BURLINGTON NORTHN SANTA FE C COM 12189T104 17057 285235 SH SOLE 285235 0 0 C D W CORP COM 12512N105 1950 33100 SH SOLE 33100 0 0 CADBURY SCHWEPPES PLC ADR 127209302 82607 2030999 SH SOLE 2030999 0 0 CAL DIVE INTL INC COM 127914109 13604 214551 SH SOLE 214551 0 0 CALLAWAY GOLF CO COM 131193104 1111 73604 SH SOLE 73604 0 0 CAMBREX CORP COM 132011107 2647 139621 SH SOLE 139621 0 0 CANON INC ADR 138006309 13000 239628 SH SOLE 239628 0 0 CAPITAL ONE FINL CORP COM 14040H105 74119 932075 SH SOLE 932075 0 0 CAREMARK RX INC COM 141705103 96869 1940100 SH SOLE 1940100 0 0 CARMIKE CINEMAS INC COM 143436400 2805 122270 SH SOLE 122270 0 0 CARNIVAL CORP PAIRED CTF 143658300 44205 884450 SH SOLE 884450 0 0 CARNIVAL CORP DBCV 1.132% 4/2 143658AV4 18633 24865000 PRN SOLE 24865000 0 0 CARNIVAL CORP DBCV 1.132% 4/2 143658AV4 1460 1967000 SH SOLE 1967000 0 0 CARPENTER TECHNOLOGY CORP COM 144285103 926 15800 SH SOLE 15800 0 0 CATALYST SEMICONDUCTOR INC COM 148881105 500 100000 SH SOLE 100000 0 0 CELGENE CORP COM 151020104 2906 53500 SH SOLE 53500 0 0 CENDANT CORP COM 151313103 16449 796950 SH SOLE 796950 0 0 CENTEX CORP COM 152312104 79094 1224750 SH SOLE 1224750 0 0 CERADYNE INC COM 156710105 8577 233830 SH SOLE 233830 0 0 CHATTEM INC COM 162456107 6608 186130 SH SOLE 186130 0 0 CHEMTURA CORP COM 163893100 11244 905300 SH SOLE 905300 0 0 CHESAPEAKE ENERGY CORP COM 165167107 4112 107500 SH SOLE 107500 0 0 CHEVRON CORP NEW COM 166764100 38715 598107 SH SOLE 598107 0 0 CHICOS FAS INC COM 168615102 14749 400790 SH SOLE 400790 0 0 CHILDRENS PL RETAIL STORES I COM 168905107 5847 164068 SH SOLE 164068 0 0 CHITTENDEN CORP COM 170228100 1922 72488 SH SOLE 72488 0 0 CHRISTOPHER & BANKS CORP COM 171046105 2903 209288 SH SOLE 209288 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 73296 80800000 PRN SOLE 80800000 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 639 699000 SH SOLE 699000 0 0 CIMAREX ENERGY CO COM 171798101 1906 42050 SH SOLE 42050 0 0 CITIGROUP INC COM 172967101 118364 2600271 SH SOLE 2600271 0 0 CLARCOR INC COM 179895107 5049 175803 SH SOLE 175803 0 0 CLECO CORP NEW COM 12561W105 1663 70510 SH SOLE 70510 0 0 COACH INC COM 189754104 92525 2950400 SH SOLE 2950400 0 0 COLDWATER CREEK INC COM 193068103 8653 343094 SH SOLE 343094 0 0 COMMERCIAL CAP BANCORP INC COM 20162L105 6005 353269 SH SOLE 353269 0 0 COMMERCIAL METALS CO COM 201723103 4562 135200 SH SOLE 135200 0 0 COMPASS BANCSHARES INC COM 20449H109 23213 506503 SH SOLE 506503 0 0 COMPUTER ASSOC INTL INC NOTE 1.625%12/1 204912AQ2 1205 841000 SH SOLE 841000 0 0 COMPUTER ASSOC INTL INC NOTE 1.625%12/1 204912AQ2 7327 5080000 PRN SOLE 5080000 0 0 COMPUTER SCIENCES CORP COM 205363104 65051 1374995 SH SOLE 1374995 0 0 CONOCOPHILLIPS COM 20825C104 45059 644527 SH SOLE 644527 0 0 CONSECO INC PFD B CV 5.50% 208464867 52888 1927837 SH SOLE 1927837 0 0 CONSTAR INTL INC NEW COM 21036U107 770 381000 SH SOLE 381000 0 0 CONSTELLATION ENERGY GROUP I COM 210371100 3296 53500 SH SOLE 53500 0 0 COOPER CAMERON CORP COM 216640102 1856 25100 SH SOLE 25100 0 0 COOPER CAMERON CORP DBCV 1.500% 5/1 216640AE2 36153 29830000 PRN SOLE 29830000 0 0 COOPER CAMERON CORP DBCV 1.500% 5/1 216640AE2 2014 1675000 SH SOLE 1675000 0 0 COOPER COS INC COM NEW 216648402 18620 243049 SH SOLE 243049 0 0 CORNING INC COM 219350105 81090 4195050 SH SOLE 4195050 0 0 COST PLUS INC CALIF COM 221485105 4025 221775 SH SOLE 221775 0 0 COSTCO COMPANIES INC NOTE 8/1 22160QAC6 19814 20050000 PRN SOLE 20050000 0 0 COSTCO COMPANIES INC NOTE 8/1 22160QAC6 1230 1255000 SH SOLE 1255000 0 0 COVANCE INC COM 222816100 3033 63200 SH SOLE 63200 0 0 COVENTRY HEALTH CARE INC COM 222862104 55227 642020 SH SOLE 642020 0 0 CRA INTL INC COM 12618T105 4888 117247 SH SOLE 117247 0 0 CS FIRST BOSTON NY BRH SR MT MTNF 0.500% 3/2 2254C0CL9 14269 16425000 PRN SOLE 16425000 0 0 CSK AUTO CORP COM 125965103 1007 67678 SH SOLE 67678 0 0 CSX CORP COM 126408103 14505 312058 SH SOLE 312058 0 0 CULLEN FROST BANKERS INC COM 229899109 2212 44835 SH SOLE 44835 0 0 CV THERAPEUTICS INC COM 126667104 3127 116900 SH SOLE 116900 0 0 CVS CORP COM 126650100 34091 1175154 SH SOLE 1175154 0 0 CYMER INC NOTE 3.500% 2/1 232572AE7 6375 6530000 PRN SOLE 6530000 0 0 CYPRESS SEMICONDUCTOR CORP NOTE 1.250% 6/1 232806AH2 16181 13715000 PRN SOLE 13715000 0 0 CYTYC CORP COM 232946103 6772 252200 SH SOLE 252200 0 0 D R HORTON INC COM 23331A109 96537 2665289 SH SOLE 2665289 0 0 DADE BEHRING HLDGS INC COM 23342J206 7195 196248 SH SOLE 196248 0 0 DANAHER CORP DEL COM 235851102 74953 1392400 SH SOLE 1392400 0 0 DELL INC COM 24702R101 67701 1979575 SH SOLE 1979575 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 10455 180257 SH SOLE 180257 0 0 DIAMOND OFFSHORE DRILLING IN COM 25271C102 17069 278671 SH SOLE 278671 0 0 DIAMOND OFFSHORE DRILLING IN DBCV 1.500% 4/1 25271CAE2 16865 12735000 PRN SOLE 12735000 0 0 DICKS SPORTING GOODS INC COM 253393102 2020 67100 SH SOLE 67100 0 0 DIGITAS INC COM 25388K104 5837 513819 SH SOLE 513819 0 0 DIODES INC COM 254543101 5439 150000 SH SOLE 150000 0 0 DIRECT GEN CORP COM 25456W204 878 44525 SH SOLE 44525 0 0 DISNEY WALT CO NOTE 2.125% 4/1 254687AU0 13848 13515000 PRN SOLE 13515000 0 0 DISNEY WALT CO NOTE 2.125% 4/1 254687AU0 1354 1332000 SH SOLE 1332000 0 0 DOBSON COMMUNICATIONS CORP CL A 256069105 458 59586 SH SOLE 59586 0 0 DOVER CORP COM 260003108 4643 113825 SH SOLE 113825 0 0 DRESSER-RAND GROUP INC COM 261608103 2829 114859 SH SOLE 114859 0 0 DRS TECHNOLOGIES INC COM 23330X100 6039 122330 SH SOLE 122330 0 0 DST SYS INC DEL DBCV 4.125% 8/1 233326AB3 11045 8730000 PRN SOLE 8730000 0 0 DTE ENERGY CO COM 233331107 8196 178713 SH SOLE 178713 0 0 DUKE ENERGY CORP COM 264399106 8190 280765 SH SOLE 280765 0 0 E M C CORP MASS COM 268648102 45479 3514625 SH SOLE 3514625 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 8031 8181000 PRN SOLE 8181000 0 0 EAGLE MATERIALS INC COM 26969P108 16711 137798 SH SOLE 137798 0 0 EATON CORP COM 278058102 1735 27300 SH SOLE 27300 0 0 EBAY INC COM 278642103 33172 805150 SH SOLE 805150 0 0 EFUNDS CORP COM 28224R101 1707 90633 SH SOLE 90633 0 0 EL PASO CORP COM 28336L109 3111 223811 SH SOLE 223811 0 0 ELECTRONICS BOUTIQUE HLDGS C COM 286045109 7195 114504 SH SOLE 114504 0 0 ENDO PHARMACEUTICALS HLDGS I COM 29264F205 4987 187000 SH SOLE 187000 0 0 ENERGY EAST CORP COM 29266M109 6169 244911 SH SOLE 244911 0 0 ENGINEERED SUPPORT SYS INC COM 292866100 2497 60850 SH SOLE 60850 0 0 ENI S P A SPONSORED ADR 26874R108 2807 18965 SH SOLE 18965 0 0 ENSCO INTL INC COM 26874Q100 182148 3909594 SH SOLE 3909594 0 0 ENTERGY CORP NEW COM 29364G103 18859 253750 SH SOLE 253750 0 0 EPICOR SOFTWARE CORP COM 29426L108 6597 507471 SH SOLE 507471 0 0 ESSEX CORP COM 296744105 1049 48400 SH SOLE 48400 0 0 EURONET WORLDWIDE INC COM 298736109 1053 35600 SH SOLE 35600 0 0 EURONET WORLDWIDE INC DBCV 1.625%12/1 298736AD1 2120 2000000 PRN SOLE 2000000 0 0 EXXON MOBIL CORP COM 30231G102 67671 1065010 SH SOLE 1065010 0 0 FACTSET RESH SYS INC COM 303075105 13091 371481 SH SOLE 371481 0 0 FAIRCHILD SEMICONDUCTOR INTL COM 303726103 571 38400 SH SOLE 38400 0 0 FARO TECHNOLOGIES INC COM 311642102 3254 166941 SH SOLE 166941 0 0 FEDEX CORP COM 31428X106 71296 818275 SH SOLE 818275 0 0 FIDELITY NATL FINL INC COM 316326107 7381 165800 SH SOLE 165800 0 0 FIRST NIAGARA FINL GP INC COM 33582V108 1027 71115 SH SOLE 71115 0 0 FIRSTENERGY CORP COM 337932107 17752 340610 SH SOLE 340610 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 13555 13265000 PRN SOLE 13265000 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 1716 1691000 SH SOLE 1691000 0 0 FISHER SCIENTIFIC INTL INC NOTE 2.500%10/0 338032AW5 12010 8440000 PRN SOLE 8440000 0 0 FISHER SCIENTIFIC INTL INC COM NEW 338032204 77826 1254250 SH SOLE 1254250 0 0 FLIR SYS INC COM 302445101 5981 202200 SH SOLE 202200 0 0 FLOWSERVE CORP COM 34354P105 229 6300 SH SOLE 6300 0 0 FLUOR CORP NEW COM 343412102 5054 78500 SH SOLE 78500 0 0 FORD MTR CO CAP TR II PFD TR CV6.5% 345395206 12339 337277 SH SOLE 337277 0 0 FOUNDATION COAL HLDGS INC COM 35039W100 2884 75000 SH SOLE 75000 0 0 FREMONT GEN CORP COM 357288109 2281 104500 SH SOLE 104500 0 0 GANNETT INC COM 364730101 25592 371817 SH SOLE 371817 0 0 GAP INC DEL COM 364760108 46280 2655188 SH SOLE 2655188 0 0 GARMIN LTD ORD G37260109 5976 88100 SH SOLE 88100 0 0 GEN-PROBE INC NEW COM 36866T103 5268 106535 SH SOLE 106535 0 0 GENCO SHIPPING & TRADING LTD SHS Y2685T107 2327 122000 SH SOLE 122000 0 0 GENENTECH INC COM NEW 368710406 64383 764550 SH SOLE 764550 0 0 GENERAL ELEC CO COM 369604103 73645 2187250 SH SOLE 2187250 0 0 GENERAL GROWTH PPTYS INC COM 370021107 9006 200448 SH SOLE 200448 0 0 GENERAL MLS INC COM 370334104 46054 955471 SH SOLE 955471 0 0 GENERAL MLS INC DBCV 10/2 370334AU8 9340 13040000 PRN SOLE 13040000 0 0 GENERAL MTRS CORP DEB SR CV C 33 370442717 5978 300000 SH SOLE 300000 0 0 GENERAL MTRS CORP DEB SR CONV A 370442741 14941 624854 SH SOLE 624854 0 0 GENLYTE GROUP INC COM 372302109 6126 127425 SH SOLE 127425 0 0 GENZYME CORP NOTE 1.250%12/0 372917AN4 2005 1749000 SH SOLE 1749000 0 0 GENZYME CORP NOTE 1.250%12/0 372917AN4 26960 23335000 PRN SOLE 23335000 0 0 GETTY IMAGES INC COM 374276103 3106 36100 SH SOLE 36100 0 0 GIANT INDS INC COM 374508109 719 12290 SH SOLE 12290 0 0 GILEAD SCIENCES INC COM 375558103 64430 1321375 SH SOLE 1321375 0 0 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 7426 144871 SH SOLE 144871 0 0 GLOBAL IMAGING SYSTEMS COM 37934A100 5959 175011 SH SOLE 175011 0 0 GLOBAL INDS LTD COM 379336100 2920 198109 SH SOLE 198109 0 0 GLOBAL POWER EQUIPMENT INC COM 37941P108 2288 320840 SH SOLE 320840 0 0 GLOBALSANTAFE CORP SHS G3930E101 63688 1396055 SH SOLE 1396055 0 0 GLOBIX CORP COM NEW 37957F200 17580 12818882 SH SOLE 12818882 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 34621 284765 SH SOLE 284765 0 0 GOODYEAR TIRE & RUBR CO COM 382550101 43989 2821600 SH SOLE 2821600 0 0 GRAFTECH INTL LTD COM 384313102 4932 908373 SH SOLE 908373 0 0 GRANT PRIDECO INC COM 38821G101 12229 300828 SH SOLE 300828 0 0 GREEN MOUNTAIN PWR CORP COM 393154109 692 21000 SH SOLE 21000 0 0 GREY WOLF INC COM 397888108 4385 520092 SH SOLE 520092 0 0 GUESS INC COM 401617105 1717 80100 SH SOLE 80100 0 0 GUITAR CTR MGMT INC COM 402040109 8526 154421 SH SOLE 154421 0 0 HALLIBURTON CO NOTE 3.125% 7/1 406216AM3 46499 24605000 PRN SOLE 24605000 0 0 HALLIBURTON CO NOTE 3.125% 7/1 406216AM3 1623 864000 SH SOLE 864000 0 0 HANMI FINL CORP COM 410495105 5175 288276 SH SOLE 288276 0 0 HANOVER COMPRESSOR CO COM 410768105 2762 199314 SH SOLE 199314 0 0 HARLEY DAVIDSON INC COM 412822108 65669 1355675 SH SOLE 1355675 0 0 HARMAN INTL INDS INC COM 413086109 61091 597350 SH SOLE 597350 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 65324 846495 SH SOLE 846495 0 0 HCA INC COM 404119109 18214 380103 SH SOLE 380103 0 0 HEALTH MGMT ASSOC INC NEW NOTE 1.500% 8/0 421933AF9 14619 14070000 PRN SOLE 14070000 0 0 HEALTH MGMT ASSOC INC NEW CL A 421933102 3396 144700 SH SOLE 144700 0 0 HEALTH NET INC COM 42222G108 7178 151700 SH SOLE 151700 0 0 HEALTHTRONICS INC COM 42222L107 1397 140300 SH SOLE 140300 0 0 HERLEY INDS INC DEL COM 427398102 1577 84655 SH SOLE 84655 0 0 HIBBETT SPORTING GOODS INC COM 428565105 5010 225192 SH SOLE 225192 0 0 HIBERNIA CORP CL A 428656102 9098 302871 SH SOLE 302871 0 0 HIGHWOODS PPTYS INC COM 431284108 15191 514777 SH SOLE 514777 0 0 HILTON HOTELS CORP NOTE 3.375% 4/1 432848AZ2 38241 33265000 PRN SOLE 33265000 0 0 HILTON HOTELS CORP NOTE 3.375% 4/1 432848AZ2 2257 1978000 SH SOLE 1978000 0 0 HOLLY CORP COM PAR $0.01 435758305 5082 79427 SH SOLE 79427 0 0 HOME DEPOT INC COM 437076102 19084 500367 SH SOLE 500367 0 0 HOOPER HOLMES INC COM 439104100 2037 518330 SH SOLE 518330 0 0 HOSPIRA INC COM 441060100 4003 97700 SH SOLE 97700 0 0 HOUSTON EXPL CO COM 442120101 1728 25693 SH SOLE 25693 0 0 HOVNANIAN ENTERPRISES INC CL A 442487203 18384 359051 SH SOLE 359051 0 0 HSBC HLDGS PLC SPON ADR NEW 404280406 11713 144200 SH SOLE 144200 0 0 HUGHES SUPPLY INC COM 444482103 6866 210634 SH SOLE 210634 0 0 ILLINOIS TOOL WKS INC COM 452308109 67142 815525 SH SOLE 815525 0 0 IMMUCOR INC COM 452526106 7248 264153 SH SOLE 264153 0 0 INCO LTD COM 453258402 48599 1026387 SH SOLE 1026387 0 0 INCO LTD DBCV 1.000% 3/1 453258AT2 16412 10710000 PRN SOLE 10710000 0 0 INDYMAC BANCORP INC 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14800 0 0 INTL PAPER CO DBCV 6/2 460146BM4 1640 2955000 SH SOLE 2955000 0 0 INVITROGEN CORP NOTE 1.500% 2/1 46185RAK6 16635 18140000 PRN SOLE 18140000 0 0 INVITROGEN CORP NOTE 1.500% 2/1 46185RAK6 1158 1274000 SH SOLE 1274000 0 0 INVITROGEN CORP COM 46185R100 6161 81900 SH SOLE 81900 0 0 IOWA TELECOMM SERVICES INC COM 462594201 1899 112885 SH SOLE 112885 0 0 ISHARES INC MSCI UTD KINGD 464286699 11759 620210 SH SOLE 620210 0 0 ISHARES TR MSCI EAFE IDX 464287465 6385 109900 SH SOLE 109900 0 0 ISHARES TR RUSSELL1000VAL 464287598 6278 91200 SH SOLE 91200 0 0 ISLE OF CAPRI CASINOS INC COM 464592104 6319 295550 SH SOLE 295550 0 0 ITC HLDGS CORP COM 465685105 580 20000 SH SOLE 20000 0 0 IVAX CORP NOTE 1.875%12/1 465823AN2 8033 6180000 PRN SOLE 6180000 0 0 IXIA COM 45071R109 4764 323884 SH SOLE 323884 0 0 J2 GLOBAL COMMUNICATIONS INC COM NEW 46626E205 2449 60600 SH SOLE 60600 0 0 JAMES RIVER COAL CO COM NEW 470355207 8403 166502 SH SOLE 166502 0 0 JARDEN CORP COM 471109108 13556 330071 SH SOLE 330071 0 0 JDS UNIPHASE CORP NOTE 11/1 46612JAB7 2945 3465000 PRN SOLE 3465000 0 0 JEFFERIES GROUP INC NEW COM 472319102 7644 175523 SH SOLE 175523 0 0 JO-ANN STORES INC COM 47758P307 2659 153700 SH SOLE 153700 0 0 JOHNSON & JOHNSON COM 478160104 76570 1210017 SH SOLE 1210017 0 0 JOS A BANK CLOTHIERS INC COM 480838101 8399 194314 SH SOLE 194314 0 0 JOURNAL REGISTER CO COM 481138105 2319 143295 SH SOLE 143295 0 0 JOY GLOBAL INC COM 481165108 3739 74100 SH SOLE 74100 0 0 JPMORGAN & CHASE & CO COM 46625H100 47201 1391140 SH SOLE 1391140 0 0 KADANT INC COM 48282T104 2787 138915 SH SOLE 138915 0 0 KB HOME COM 48666K109 7444 101700 SH SOLE 101700 0 0 KEANE INC COM 486665102 1109 97002 SH SOLE 97002 0 0 KELLWOOD CO COM 488044108 1411 54580 SH SOLE 54580 0 0 KERR MCGEE CORP COM 492386107 25128 258765 SH SOLE 258765 0 0 KIMBERLY CLARK CORP COM 494368103 51087 858174 SH SOLE 858174 0 0 KIRBY CORP COM 497266106 6442 130316 SH SOLE 130316 0 0 KNIGHT TRANSN INC COM 499064103 4551 186803 SH SOLE 186803 0 0 KOHLS CORP COM 500255104 71815 1431150 SH SOLE 1431150 0 0 KRAFT FOODS INC CL A 50075N104 12464 407431 SH SOLE 407431 0 0 KROGER CO COM 501044101 84646 4111013 SH SOLE 4111013 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 80825 1022200 SH SOLE 1022200 0 0 LA QUINTA CORP PAIRED CTF 50419U202 2433 279940 SH SOLE 279940 0 0 LA Z BOY INC COM 505336107 2469 187203 SH SOLE 187203 0 0 LABOR READY INC COM NEW 505401208 3796 148000 SH SOLE 148000 0 0 LABORATORY CORP AMER HLDGS NOTE 9/1 50540RAC6 118352158280000 PRN SOLE 158280000 0 0 LAMAR ADVERTISING CO NOTE 2.875%12/3 512815AG6 37309 34605000 PRN SOLE 34605000 0 0 LANDAMERICA FINL GROUP INC COM 514936103 4668 72200 SH SOLE 72200 0 0 LAS VEGAS SANDS CORP COM 517834107 3087 93800 SH SOLE 93800 0 0 LEARNING TREE INTL INC COM 522015106 1227 92955 SH SOLE 92955 0 0 LEGG MASON INC COM 524901105 1404 12800 SH SOLE 12800 0 0 LENNAR CORP CL A 526057104 86875 1453735 SH SOLE 1453735 0 0 LEXMARK INTL NEW CL A 529771107 21027 344429 SH SOLE 344429 0 0 LIBERTY GLOBAL INC COM SER A 530555101 25273 917315 SH SOLE 917315 0 0 LIBERTY GLOBAL INC COM SER C 530555309 24031 917315 SH SOLE 917315 0 0 LIBERTY MEDIA CORP NEW DEB 0.750% 3/3 530718AF2 1138 1025000 SH SOLE 1025000 0 0 LIMITED BRANDS INC COM 532716107 1845 90300 SH SOLE 90300 0 0 LINCARE HLDGS INC DBCV 3.000% 6/1 532791AB6 56926 57450000 PRN SOLE 57450000 0 0 LINEAR TECHNOLOGY CORP COM 535678106 50185 1335075 SH SOLE 1335075 0 0 LLOYDS TSB GROUP PLC SPONSORED ADR 539439109 1973 59375 SH SOLE 59375 0 0 LOWES COS INC COM 548661107 81931 1272225 SH SOLE 1272225 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 37662 38516000 PRN SOLE 38516000 0 0 LUCENT TECHNOLOGIES INC COM 549463107 42861 13187792 SH SOLE 13187792 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 49271 46855000 PRN SOLE 46855000 0 0 LUCENT TECHNOLOGIES INC DBCV 2.750% 6/1 549463AH0 3335 2760000 PRN SOLE 2760000 0 0 LYDALL INC DEL COM 550819106 1744 195285 SH SOLE 195285 0 0 M D C HLDGS INC COM 552676108 11883 150625 SH SOLE 150625 0 0 M/I HOMES INC COM 55305B101 4013 73956 SH SOLE 73956 0 0 MAGMA DESIGN AUTOMATION COM 559181102 844 104000 SH SOLE 104000 0 0 MANNKIND CORP COM 56400P201 4076 297700 SH SOLE 297700 0 0 MARSHALL & ILSLEY CORP COM 571834100 13887 319175 SH SOLE 319175 0 0 MASCO CORP COM 574599106 482 15700 SH SOLE 15700 0 0 MASSEY ENERGY CORP COM 576206106 17024 333339 SH SOLE 333339 0 0 MATRIA HEALTHCARE INC COM NEW 576817209 4480 118679 SH SOLE 118679 0 0 MATTEL INC COM 577081102 23995 1438516 SH SOLE 1438516 0 0 MATTSON TECHNOLOGY INC COM 577223100 1657 220665 SH SOLE 220665 0 0 MAXIM INTEGRATED PRODS INC COM 57772K101 29953 702300 SH SOLE 702300 0 0 MBNA CORP COM 55262L100 12508 507635 SH SOLE 507635 0 0 MCDERMOTT INTL INC COM 580037109 5492 150000 SH SOLE 150000 0 0 MCGRAW HILL COS INC COM 580645109 1758 36600 SH SOLE 36600 0 0 MEDTRONIC INC DBCV 1.250% 9/1 585055AD8 1790 1792000 SH SOLE 1792000 0 0 MEDTRONIC INC DBCV 1.250% 9/1 585055AD8 25450 25220000 PRN SOLE 25220000 0 0 MENTOR GRAPHICS CORP COM 587200106 2235 259910 SH SOLE 259910 0 0 MERCANTILE BANK CORP COM 587376104 1100 25698 SH SOLE 25698 0 0 MERCURY INTERACTIVE CORP COM 589405109 1200 30300 SH SOLE 30300 0 0 MERISTAR HOSPITALITY CORP COM 58984Y103 6314 691600 SH SOLE 691600 0 0 MERIT MED SYS INC COM 589889104 1070 60340 SH SOLE 60340 0 0 MERITAGE HOMES CORP COM 59001A102 10092 131641 SH SOLE 131641 0 0 MERRILL LYNCH & CO INC COM 590188108 44157 719763 SH SOLE 719763 0 0 MGI PHARMA INC COM 552880106 1105 47400 SH SOLE 47400 0 0 MICHAELS STORES INC COM 594087108 6982 211200 SH SOLE 211200 0 0 MICROS SYS INC COM 594901100 8471 193629 SH SOLE 193629 0 0 MICROSOFT CORP COM 594918104 28611 1111978 SH SOLE 1111978 0 0 MINE SAFETY APPLIANCES CO COM 602720104 3084 79700 SH SOLE 79700 0 0 MKS INSTRUMENT INC COM 55306N104 1562 90670 SH SOLE 90670 0 0 MOBILE MINI INC COM 60740F105 2354 54300 SH SOLE 54300 0 0 MOHAWK INDS INC COM 608190104 7696 95900 SH SOLE 95900 0 0 MOLEX INC CL A 608554200 29228 1136827 SH SOLE 1136827 0 0 MONTPELIER RE HOLDINGS LTD SHS G62185106 2050 82500 SH SOLE 82500 0 0 MORGAN STANLEY COM NEW 617446448 47842 886934 SH SOLE 886934 0 0 MOSAIC CO COM 61945A107 1251 78100 SH SOLE 78100 0 0 MOTOROLA INC COM 620076109 136002 6156836 SH SOLE 6156836 0 0 MSC INDL DIRECT INC CL A 553530106 7454 224730 SH SOLE 224730 0 0 NABI BIOPHARMACEUTICALS COM 629519109 821 62700 SH SOLE 62700 0 0 NATIONAL OILWELL VARCO INC COM 637071101 8343 126800 SH SOLE 126800 0 0 NATIONAL SEMICONDUCTOR CORP COM 637640103 12769 485525 SH SOLE 485525 0 0 NAVARRE CORP COM 639208107 1216 210000 SH SOLE 210000 0 0 NAVISTAR INTL CORP NEW COM 63934E108 34590 1066588 SH SOLE 1066588 0 0 NEKTAR THERAPEUTICS COM 640268108 4394 259277 SH SOLE 259277 0 0 NEWFIELD EXPL CO COM 651290108 14421 293700 SH SOLE 293700 0 0 NEXSTAR BROADCASTING GROUP I CL A 65336K103 2425 425450 SH SOLE 425450 0 0 NIKE INC CL B 654106103 70006 857075 SH SOLE 857075 0 0 NOKIA CORP SPONSORED ADR 654902204 57067 3378695 SH SOLE 3378695 0 0 NORFOLK SOUTHERN CORP COM 655844108 33996 838175 SH SOLE 838175 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 98821103613000 PRN SOLE 103613000 0 0 NORTHROP GRUMMAN CORP COM 666807102 49510 910946 SH SOLE 910946 0 0 NOVARTIS A G SPONSORED ADR 66987V109 19938 391172 SH SOLE 391172 0 0 NOVELL INC DBCV 0.500% 7/1 670006AC9 3420 3805000 PRN SOLE 3805000 0 0 NTL INC DEL COM 62940M104 35857 536779 SH SOLE 536779 0 0 OLD DOMINION FGHT LINES INC COM 679580100 5466 163218 SH SOLE 163218 0 0 OLIN CORP COM PAR $1 680665205 14382 757319 SH SOLE 757319 0 0 OMI CORP NEW COM Y6476W104 4852 271519 SH SOLE 271519 0 0 OMNICARE INC COM 681904108 7029 125000 SH SOLE 125000 0 0 OMNICOM GROUP INC COM 681919106 61272 732650 SH SOLE 732650 0 0 OMNOVA SOLUTIONS INC COM 682129101 2355 538985 SH SOLE 538985 0 0 ORACLE CORP COM 68389X105 55896 4511405 SH SOLE 4511405 0 0 OSHKOSH TRUCK CORP COM 688239201 8442 195600 SH SOLE 195600 0 0 OWENS ILL INC COM NEW 690768403 86772 4208147 SH SOLE 4208147 0 0 PACIFICARE HEALTH SYS DEL COM 695112102 17001 213100 SH SOLE 213100 0 0 PACKAGING DYNAMICS CORP COM 695160101 777 61685 SH SOLE 61685 0 0 PARKER DRILLING CO COM 701081101 1160 125100 SH SOLE 125100 0 0 PEABODY ENERGY CORP COM 704549104 92114 1092050 SH SOLE 1092050 0 0 PENN NATL GAMING INC COM 707569109 12505 401977 SH SOLE 401977 0 0 PENTAIR INC COM 709631105 2420 66300 SH SOLE 66300 0 0 PEPSICO INC COM 713448108 40860 720514 SH SOLE 720514 0 0 PERFORMANCE FOOD GROUP CO COM 713755106 1105 35005 SH SOLE 35005 0 0 PETCO ANIMAL SUPPLIES COM NEW 716016209 2499 118139 SH SOLE 118139 0 0 PFIZER INC COM 717081103 89314 3576847 SH SOLE 3576847 0 0 PG&E CORP NOTE 9.500% 6/3 69331CAD0 9195 3100000 PRN SOLE 3100000 0 0 PG&E CORP COM 69331C108 7562 192674 SH SOLE 192674 0 0 PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 11628 165500 SH SOLE 165500 0 0 PHARMACEUTICAL PROD DEV INC COM 717124101 4966 86350 SH SOLE 86350 0 0 PHELPS DODGE CORP COM 717265102 910 7000 SH SOLE 7000 0 0 PHH CORP COM NEW 693320202 1132 41234 SH SOLE 41234 0 0 PIONEER NAT RES CO COM 723787107 4778 87000 SH SOLE 87000 0 0 PITNEY BOWES INC COM 724479100 19556 468511 SH SOLE 468511 0 0 PLACER DOME INC COM 725906101 5222 304500 SH SOLE 304500 0 0 PMA CAP CORP DBCV 6.500% 9/3 693419AD5 18104 16050000 PRN SOLE 16050000 0 0 PMI GROUP INC DBCV 2.500% 7/1 69344MAE1 253 245000 PRN SOLE 245000 0 0 PMI GROUP INC COM 69344M101 101251 2539519 SH SOLE 2539519 0 0 PNC FINL SVCS GROUP INC COM 693475105 27121 467437 SH SOLE 467437 0 0 POLYONE CORP COM 73179P106 130 21500 SH SOLE 21500 0 0 PPL CORP COM 69351T106 25138 777533 SH SOLE 777533 0 0 PRA INTL COM 69353C101 3076 101500 SH SOLE 101500 0 0 PRAXAIR INC COM 74005P104 84042 1753425 SH SOLE 1753425 0 0 PREMIERE GLOBAL SVCS INC COM 740585104 2587 316250 SH SOLE 316250 0 0 PRIDE INTL INC DEL NOTE 3.250% 5/0 74153QAD4 2634 2095000 SH SOLE 2095000 0 0 PRIDE INTL INC DEL NOTE 3.250% 5/0 74153QAD4 54679 43155000 PRN SOLE 43155000 0 0 PRIDE INTL INC DEL COM 74153Q102 120048 4210732 SH SOLE 4210732 0 0 PROCTER & GAMBLE CO COM 742718109 3747 63017 SH SOLE 63017 0 0 PROGRESS SOFTWARE CORP COM 743312100 2608 82100 SH SOLE 82100 0 0 PROQUEST COMPANY COM 74346P102 3189 88089 SH SOLE 88089 0 0 PROVIDENT FINL SVCS INC COM 74386T105 1350 76730 SH SOLE 76730 0 0 PROVIDIAN FINL CORP COM 74406A102 2212 125100 SH SOLE 125100 0 0 PRUDENTIAL FINL INC COM 744320102 39099 578736 SH SOLE 578736 0 0 PUBLIC SVC ENTERPRISE GROUP COM 744573106 16296 253200 SH SOLE 253200 0 0 PULTE HOMES INC COM 745867101 1077 25100 SH SOLE 25100 0 0 QLOGIC CORP COM 747277101 3249 95000 SH SOLE 95000 0 0 QUADRAMED CORP COM 74730W101 13184 6828317 SH SOLE 6828317 0 0 QUALCOMM INC COM 747525103 34387 768425 SH SOLE 768425 0 0 QUALITY DISTR INC FLA COM 74756M102 2463 308235 SH SOLE 308235 0 0 QUEST DIAGNOSTICS INC COM 74834L100 69902 1383100 SH SOLE 1383100 0 0 RAYTHEON CO COM NEW 755111507 44290 1164910 SH SOLE 1164910 0 0 REGAL ENTMT GROUP CL A 758766109 7754 386905 SH SOLE 386905 0 0 REINSURANCE GROUP AMER INC COM 759351109 1211 27095 SH SOLE 27095 0 0 RELIANT ENERGY INC NOTE 5.000% 8/1 75952BAD7 1308 753000 SH SOLE 753000 0 0 RELIANT ENERGY INC NOTE 5.000% 8/1 75952BAD7 11792 6750000 PRN SOLE 6750000 0 0 REMINGTON OIL & GAS CORP COM 759594302 8122 195721 SH SOLE 195721 0 0 REMOTE DYNAMICS INC COM 75962A105 530 645736 SH SOLE 645736 0 0 RESEARCH IN MOTION LTD COM 760975102 25901 378675 SH SOLE 378675 0 0 RESPIRONICS INC COM 761230101 3244 76900 SH SOLE 76900 0 0 ROPER INDS INC NEW COM 776696106 6082 154800 SH SOLE 154800 0 0 ROWAN COS INC COM 779382100 134129 3779342 SH SOLE 3779342 0 0 RUSSELL CORP COM 782352108 1219 86828 SH SOLE 86828 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 10752 236524 SH SOLE 236524 0 0 RYLAND GROUP INC COM 783764103 13439 196422 SH SOLE 196422 0 0 S & T BANCORP INC COM 783859101 1200 31737 SH SOLE 31737 0 0 SAFENET INC COM 78645R107 2480 68305 SH SOLE 68305 0 0 SANDY SPRING BANCORP INC COM 800363103 762 22615 SH SOLE 22615 0 0 SANOFI AVENTIS SPONSORED ADR 80105N105 4037 97300 SH SOLE 97300 0 0 SBC COMMUNICATIONS INC COM 78387G103 28586 1192583 SH SOLE 1192583 0 0 SCHEIN HENRY INC COM 806407102 4228 99200 SH SOLE 99200 0 0 SCHERING PLOUGH CORP PFD CONV MAND 806605606 3623 66800 SH SOLE 66800 0 0 SCHLUMBERGER LTD DBCV 1.500% 6/0 806857AC2 44530 35870000 PRN SOLE 35870000 0 0 SCHLUMBERGER LTD DBCV 1.500% 6/0 806857AC2 2753 2234000 SH SOLE 2234000 0 0 SCIENTIFIC GAMES CORP CL A 80874P109 2759 89000 SH SOLE 89000 0 0 SCOTTISH RE GROUP LTD ORD G7885T104 2106 88325 SH SOLE 88325 0 0 SCOTTS MIRACLE GRO CO CL A 810186106 5786 65800 SH SOLE 65800 0 0 SEACHANGE INTL INC COM 811699107 1076 169220 SH SOLE 169220 0 0 SEMCO ENERGY INC COM 78412D109 431 65380 SH SOLE 65380 0 0 SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 3310 89600 SH SOLE 89600 0 0 SFBC INTL INC COM 784121105 5608 126346 SH SOLE 126346 0 0 SHERWIN WILLIAMS CO COM 824348106 4292 97400 SH SOLE 97400 0 0 SHUFFLE MASTER INC COM 825549108 2121 80250 SH SOLE 80250 0 0 SIERRA HEALTH SVCS INC COM 826322109 16578 240714 SH SOLE 240714 0 0 SIERRA PAC RES NEW COM 826428104 2041 137415 SH SOLE 137415 0 0 SIGMATEL INC COM 82661W107 4495 222105 SH SOLE 222105 0 0 SIMPSON MANUFACTURING CO INC COM 829073105 9030 230712 SH SOLE 230712 0 0 SINCLAIR BROADCAST GROUP INC CL A 829226109 1279 144180 SH SOLE 144180 0 0 SIRIUS SATELLITE RADIO INC NOTE 2.500% 2/1 82966UAC7 1481 936000 SH SOLE 936000 0 0 SIRIUS SATELLITE RADIO INC COM 82966U103 4854 741100 SH SOLE 741100 0 0 SIRIUS SATELLITE RADIO INC NOTE 2.500% 2/1 82966UAC7 10709 6725000 PRN SOLE 6725000 0 0 SLM CORP DBCV 7/2 78442PAC0 1220 1191000 SH SOLE 1191000 0 0 SMART & FINAL INC COM 831683107 520 40190 SH SOLE 40190 0 0 SMURFIT-STONE CONTAINER CORP COM 832727101 42562 4108300 SH SOLE 4108300 0 0 SOVEREIGN BANCORP INC COM 845905108 30075 1364565 SH SOLE 1364565 0 0 SPARTECH CORP COM NEW 847220209 1274 65195 SH SOLE 65195 0 0 SPDR TR UNIT SER 1 78462F103 14008 113850 SH SOLE 113850 0 0 SPRINT NEXTEL CORP COM FON 852061100 87787 3691647 SH SOLE 3691647 0 0 ST JOE CO COM 790148100 8612 137900 SH SOLE 137900 0 0 ST PAUL TRAVELERS INC COM 792860108 44406 989667 SH SOLE 989667 0 0 STANLEY WKS COM 854616109 4229 90600 SH SOLE 90600 0 0 STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 1476 600000 SH SOLE 600000 0 0 STARBUCKS CORP COM 855244109 361 7200 SH SOLE 7200 0 0 STATE STR CORP COM 857477103 47054 961849 SH SOLE 961849 0 0 STATE STR CORP SPACES 857477202 8642 39984 SH SOLE 39984 0 0 STATION CASINOS INC COM 857689103 2767 41700 SH SOLE 41700 0 0 STEEL DYNAMICS INC COM 858119100 842 24800 SH SOLE 24800 0 0 STEIN MART INC COM 858375108 1965 96800 SH SOLE 96800 0 0 STEWART ENTERPRISES INC CL A 860370105 898 135430 SH SOLE 135430 0 0 SUPERIOR ENERGY SVCS INC COM 868157108 2454 106300 SH SOLE 106300 0 0 SUPERVALU INC NOTE 11/0 868536AP8 7095 21020000 PRN SOLE 21020000 0 0 SURMODICS INC COM 868873100 5095 131691 SH SOLE 131691 0 0 SYMBION INC DEL COM 871507109 2630 101682 SH SOLE 101682 0 0 TARGET CORP COM 87612E106 69179 1332150 SH SOLE 1332150 0 0 TELEWEST GLOBAL INC COM 87956T107 30918 1347185 SH SOLE 1347185 0 0 TEMPLE INLAND INC COM 879868107 15906 389393 SH SOLE 389393 0 0 TEREX CORP NEW COM 880779103 18398 372199 SH SOLE 372199 0 0 TESORO CORP COM 881609101 13798 205200 SH SOLE 205200 0 0 TESSERA TECHNOLOGIES INC COM 88164L100 5264 175968 SH SOLE 175968 0 0 TETRA TECHNOLOGIES INC DEL COM 88162F105 8404 269197 SH SOLE 269197 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 9506 284600 SH SOLE 284600 0 0 TEVA PHARMACEUTICALS FIN B V DBCV 0.375%11/1 88164MAB4 51369 32750000 PRN SOLE 32750000 0 0 TEVA PHARMACEUTICALS FIN B V DBCV 0.375%11/1 88164MAB4 2299 1475000 SH SOLE 1475000 0 0 TEXAS INSTRS INC COM 882508104 76651 2261082 SH SOLE 2261082 0 0 TIDEWATER INC COM 886423102 8357 171700 SH SOLE 171700 0 0 TIME WARNER INC COM 887317105 55893 3086328 SH SOLE 3086328 0 0 TIMKEN CO COM 887389104 15070 508597 SH SOLE 508597 0 0 TJX COS INC NEW COM 872540109 5472 267200 SH SOLE 267200 0 0 TOO INC COM 890333107 1882 68613 SH SOLE 68613 0 0 TORO CO COM 891092108 9128 248300 SH SOLE 248300 0 0 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 8460 91600 SH SOLE 91600 0 0 TRAMMELL CROW CO COM 89288R106 2347 95085 SH SOLE 95085 0 0 TRANSOCEAN INC ORD G90078109 201281 3283000 SH SOLE 3283000 0 0 TRIMBLE NAVIGATION LTD COM 896239100 6234 185043 SH SOLE 185043 0 0 TRW AUTOMOTIVE HLDGS CORP COM 87264S106 22269 758990 SH SOLE 758990 0 0 TYCO INTL GROUP S A DBCV 3.125% 1/1 902118BG2 1595 1205000 SH SOLE 1205000 0 0 TYCO INTL GROUP S A DBCV 2.750% 1/1 902118BF4 34971 28235000 PRN SOLE 28235000 0 0 U S XPRESS ENTERPRISES INC CL A 90338N103 781 67000 SH SOLE 67000 0 0 UBS AG NAMEN AKT H8920M855 9879 115549 SH SOLE 115549 0 0 UCBH HOLDINGS INC COM 90262T308 10473 571651 SH SOLE 571651 0 0 UGI CORP NEW COM 902681105 2711 96290 SH SOLE 96290 0 0 UNITED TECHNOLOGIES CORP COM 913017109 78584 1515900 SH SOLE 1515900 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 2066 29600 SH SOLE 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