13F-HR 1 mack2q08.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, 2008 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 July 09, 2008 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: 537 Form13F Information Table Value Total: $7,217,760 (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 15076 216639 SH SOLE 216639 0 0 A H BELO CORP COM CL A 001282102 1219 213840 SH SOLE 213840 0 0 ABERCROMBIE & FITCH CO CL A 002896207 35527 566800 SH SOLE 566800 0 0 ACTUANT CORP CL A NEW 00508X203 14161 451700 SH SOLE 451700 0 0 AEROPOSTALE COM 007865108 3468 110700 SH SOLE 110700 0 0 AFFILIATED COMPUTER SERVICES CL A 008190100 13697 256059 SH SOLE 256059 0 0 AFFILIATED MANAGERS GROUP COM 008252108 20327 225700 SH SOLE 225700 0 0 AFLAC INC COM 001055102 72544 1155159 SH SOLE 1155159 0 0 AGL RES INC COM 001204106 8410 243199 SH SOLE 243199 0 0 AIR PRODS & CHEMS INC COM 009158106 242 2450 SH SOLE 2450 0 0 AKAMAI TECHNOLOGIES INC COM 00971T101 18580 534050 SH SOLE 534050 0 0 ALCOA INC COM 013817101 5587 156853 SH SOLE 156853 0 0 ALCON INC COM SHS H01301102 8266 50781 SH SOLE 50781 0 0 ALCON INC COM SHS H01301102 81 23100 SH PUT SOLE 23100 0 0 ALEXION PHARMACEUTICALS INC COM 015351109 1639 22600 SH SOLE 22600 0 0 ALLEGHENY TECHNOLOGIES INC COM 01741R102 13451 226900 SH SOLE 226900 0 0 ALLIANCE DATA SYSTEMS CORP COM 018581108 11027 195000 SH SOLE 195000 0 0 ALLIANT TECHSYSTEMS INC COM 018804104 24683 242750 SH SOLE 242750 0 0 ALTRIA GROUP INC COM 02209S103 10190 495600 SH SOLE 495600 0 0 ALZA CORP SDCV 7/2 02261WAB5 13085 14567000 PRN SOLE 14567000 0 0 AMEDISYS INC COM 023436108 6131 121600 SH SOLE 121600 0 0 AMEREN CORP COM 023608102 11279 267082 SH SOLE 267082 0 0 AMERICAN AXLE & MFG HLDGS IN COM 024061103 168 20965 SH SOLE 20965 0 0 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 5248 385024 SH SOLE 385024 0 0 AMERICAN ELEC PWR INC COM 025537101 6137 152562 SH SOLE 152562 0 0 AMERICAN ORIENTAL BIOENGR IN COM 028731107 1364 138200 SH SOLE 138200 0 0 AMERICAN TOWER CORP CL A 029912201 11483 271790 SH SOLE 271790 0 0 AMERIPRISE FINL INC COM 03076C106 8376 205960 SH SOLE 205960 0 0 AMERISTAR CASINOS INC COM 03070Q101 337 24395 SH SOLE 24395 0 0 AMGEN INC COM 031162100 4669 99009 SH SOLE 99009 0 0 AMGEN INC NOTE 0.125% 2/0 031162AN0 32868 36038000 PRN SOLE 36038000 0 0 AMPHENOL CORP NEW CL A 032095101 84724 1887800 SH SOLE 1887800 0 0 AMR CORP NOTE 4.500% 2/1 001765BB1 18513 24734000 PRN SOLE 24734000 0 0 ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 18109 16432000 PRN SOLE 16432000 0 0 ANIXTER INTL INC COM 035290105 18192 305800 SH SOLE 305800 0 0 ANSYS INC COM 03662Q105 4005 85000 SH SOLE 85000 0 0 APPLE INC COM 037833100 76848 458956 SH SOLE 458956 0 0 ARCH CHEMICALS INC COM 03937R102 3626 109365 SH SOLE 109365 0 0 ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 4021 3976000 PRN SOLE 3976000 0 0 ARCTIC CAT INC COM 039670104 507 64610 SH SOLE 64610 0 0 ARRIS GROUP INC COM 04269Q100 978 115700 SH SOLE 115700 0 0 ARVINMERITOR INC COM 043353101 449 35985 SH SOLE 35985 0 0 ARVINMERITOR INC NOTE 4.000% 2/1 043353AH4 3424 4822000 PRN SOLE 4822000 0 0 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 14796 625110 SH SOLE 625110 0 0 ASSURANT INC COM 04621X108 47656 722500 SH SOLE 722500 0 0 ASTEC INDS INC COM 046224101 1176 36600 SH SOLE 36600 0 0 AT&T INC COM 00206R102 31535 936022 SH SOLE 936022 0 0 ATMI INC COM 00207R101 1114 39900 SH SOLE 39900 0 0 ATWOOD OCEANICS INC COM 050095108 33696 271000 SH SOLE 271000 0 0 AUTODESK INC COM 052769106 39069 1155565 SH SOLE 1155565 0 0 AUTOZONE INC COM 053332102 36660 302951 SH SOLE 302951 0 0 AVENTINE RENEWABLE ENERGY COM 05356X403 458 104120 SH SOLE 104120 0 0 AVERY DENNISON CORP COM 053611109 11682 265927 SH SOLE 265927 0 0 AVNET INC COM 053807103 28594 1048171 SH SOLE 1048171 0 0 AVON PRODS INC COM 054303102 12339 342565 SH SOLE 342565 0 0 BAKER HUGHES INC COM 057224107 49054 561647 SH SOLE 561647 0 0 BALL CORP COM 058498106 9592 200917 SH SOLE 200917 0 0 BALLY TECHNOLOGIES INC COM 05874B107 2089 61800 SH SOLE 61800 0 0 BANK OF AMERICA CORPORATION COM 060505104 17845 747614 SH SOLE 747614 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 4834 127776 SH SOLE 127776 0 0 BANKRATE INC COM 06646V108 1098 28100 SH SOLE 28100 0 0 BARD C R INC COM 067383109 13351 151800 SH SOLE 151800 0 0 BARR PHARMACEUTICALS INC COM 068306109 29999 665457 SH SOLE 665457 0 0 BASIC ENERGY SVCS INC NEW COM 06985P100 498 15825 SH SOLE 15825 0 0 BEAZER HOMES USA INC NOTE 4.625% 6/1 07556QAL9 763 1000000 PRN SOLE 1000000 0 0 BECTON DICKINSON & CO COM 075887109 21788 268000 SH SOLE 268000 0 0 BED BATH & BEYOND INC COM 075896100 7230 257294 SH SOLE 257294 0 0 BIO-REFERENCE LABS INC COM $.01 NEW 09057G602 2309 103500 SH SOLE 103500 0 0 BIOMARIN PHARMACEUTICAL INC COM 09061G101 2197 75800 SH SOLE 75800 0 0 BJ SVCS CO COM 055482103 20914 654811 SH SOLE 654811 0 0 BOSTON SCIENTIFIC CORP COM 101137107 6136 499300 SH SOLE 499300 0 0 BOYD GAMING CORP COM 103304101 170 13500 SH SOLE 13500 0 0 BP PLC SPONSORED ADR 055622104 81781 1176704 SH SOLE 1176704 0 0 BRISTOL MYERS SQUIBB CO DBCV 9/1 110122AN8 849 850000 PRN SOLE 850000 0 0 BROWN SHOE INC NEW COM 115736100 448 33060 SH SOLE 33060 0 0 BUCKEYE TECHNOLOGIES INC COM 118255108 440 52010 SH SOLE 52010 0 0 BUCYRUS INTL INC NEW COM 118759109 5155 70600 SH SOLE 70600 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 18371 812866 SH SOLE 812866 0 0 CACI INTL INC NOTE 2.125% 5/0 127190AD8 15408 14566000 PRN SOLE 14566000 0 0 CALIFORNIA PIZZA KITCHEN INC COM 13054D109 381 34040 SH SOLE 34040 0 0 CALLON PETE CO DEL COM 13123X102 452 16530 SH SOLE 16530 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 381 26510 SH SOLE 26510 0 0 CAMERON INTERNATIONAL CORP COM 13342B105 60188 1087400 SH SOLE 1087400 0 0 CAMERON INTERNATIONAL CORP NOTE 2.500% 6/1 13342BAB1 33165 19615000 PRN SOLE 19615000 0 0 CAPELLA EDUCATION COMPANY COM 139594105 11429 191600 SH SOLE 191600 0 0 CAPITAL ONE FINL CORP COM 14040H105 2927 77000 SH SOLE 77000 0 0 CARNIVAL CORP PAIRED CTF 143658300 9388 284851 SH SOLE 284851 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 269 51910 SH SOLE 51910 0 0 CASH AMER INTL INC COM 14754D100 2734 88200 SH SOLE 88200 0 0 CATERPILLAR INC DEL COM 149123101 23645 320300 SH SOLE 320300 0 0 CEDAR SHOPPING CTRS INC COM NEW 150602209 477 40720 SH SOLE 40720 0 0 CELANESE CORP DEL PFD 4.25% CONV 150870202 31431 535000 SH SOLE 535000 0 0 CELGENE CORP COM 151020104 33354 522212 SH SOLE 522212 0 0 CENTENNIAL COMMUNCTNS CORP N CL A NEW 15133V208 699 100000 SH SOLE 100000 0 0 CENTER FINL CORP CALIF COM 15146E102 288 33965 SH SOLE 33965 0 0 CENTERPOINT ENERGY INC COM 15189T107 24556 1529947 SH SOLE 1529947 0 0 CENTRAL EUROPEAN DIST CORP COM 153435102 7682 103600 SH SOLE 103600 0 0 CEPHALON INC COM 156708109 10857 162800 SH SOLE 162800 0 0 CF INDS HLDGS INC COM 125269100 3698 24200 SH SOLE 24200 0 0 CHARMING SHOPPES INC COM 161133103 455 99080 SH SOLE 99080 0 0 CHATTEM INC COM 162456107 15755 242200 SH SOLE 242200 0 0 CHEMTURA CORP COM 163893100 8446 1446277 SH SOLE 1446277 0 0 CHESAPEAKE CORP COM 165159104 488 207835 SH SOLE 207835 0 0 CHESAPEAKE ENERGY CORP NOTE 2.500% 5/1 165167BZ9 48231 27115000 PRN SOLE 27115000 0 0 CHESAPEAKE ENERGY CORP NOTE 2.750%11/1 165167BW6 5560 3093000 PRN SOLE 3093000 0 0 CHEVRON CORP NEW COM 166764100 27597 278391 SH SOLE 278391 0 0 CHURCH & DWIGHT INC DBCV 5.250% 8/1 171340AC6 30921 16916000 PRN SOLE 16916000 0 0 CIGNA CORP COM 125509109 2516 71100 SH SOLE 71100 0 0 CISCO SYS INC COM 17275R102 43500 1870191 SH SOLE 1870191 0 0 CITIGROUP INC COM 172967101 15192 906473 SH SOLE 906473 0 0 COACH INC COM 189754104 26711 924900 SH SOLE 924900 0 0 COCA COLA CO COM 191216100 33678 647900 SH SOLE 647900 0 0 COLGATE PALMOLIVE CO COM 194162103 25007 361900 SH SOLE 361900 0 0 COMMERCIAL METALS CO COM 201723103 4984 132200 SH SOLE 132200 0 0 COMPLETE PRODUCTION SERVICES COM 20453E109 855 23485 SH SOLE 23485 0 0 COMPUTER SCIENCES CORP COM 205363104 14204 303238 SH SOLE 303238 0 0 COMSTOCK RES INC COM NEW 205768203 2837 33600 SH SOLE 33600 0 0 COMTECH TELECOMMUNICATIONS C NOTE 2.000% 2/0 205826AD2 11975 7745000 PRN SOLE 7745000 0 0 CONOCOPHILLIPS COM 20825C104 31321 331825 SH SOLE 331825 0 0 CONSECO INC DBCV 3.500% 9/3 208464BH9 14829 18195000 PRN SOLE 18195000 0 0 CONSOLIDATED COMM HLDGS INC COM 209034107 465 31245 SH SOLE 31245 0 0 CONSOLIDATED GRAPHICS INC COM 209341106 427 8670 SH SOLE 8670 0 0 COPART INC COM 217204106 3965 92600 SH SOLE 92600 0 0 CORN PRODS INTL INC COM 219023108 12698 258552 SH SOLE 258552 0 0 CORNING INC COM 219350105 10623 460848 SH SOLE 460848 0 0 COSTCO COMPANIES INC NOTE 8/1 22160QAC6 5245 3283000 PRN SOLE 3283000 0 0 COSTCO WHSL CORP NEW COM 22160K105 9462 134895 SH SOLE 134895 0 0 COUNTRYWIDE FINANCIAL CORP DBCV 4/1 222372AN4 3236 3340000 PRN SOLE 3340000 0 0 COVANCE INC COM 222816100 9385 109100 SH SOLE 109100 0 0 COVANTA HLDG CORP DBCV 1.000% 2/0 22282EAA0 47412 44490000 PRN SOLE 44490000 0 0 COVENTRY HEALTH CARE INC COM 222862104 19953 655922 SH SOLE 655922 0 0 CROWN HOLDINGS INC COM 228368106 18630 716800 SH SOLE 716800 0 0 CVS CAREMARK CORPORATION COM 126650100 24845 627891 SH SOLE 627891 0 0 CYBERSOURCE CORP COM 23251J106 2314 138300 SH SOLE 138300 0 0 CYPRESS SEMICONDUCTOR CORP NOTE 1.000% 9/1 232806AK5 13935 12007000 PRN SOLE 12007000 0 0 DANAHER CORP DEL COM 235851102 17848 230886 SH SOLE 230886 0 0 DAVITA INC COM 23918K108 4606 86700 SH SOLE 86700 0 0 DAWSON GEOPHYSICAL CO COM 239359102 2331 39200 SH SOLE 39200 0 0 DCT INDUSTRIAL TRUST INC COM 233153105 412 49790 SH SOLE 49790 0 0 DELEK US HLDGS INC COM 246647101 284 30845 SH SOLE 30845 0 0 DELPHI FINL GROUP INC CL A 247131105 264 11390 SH SOLE 11390 0 0 DELTA AIR LINES INC DEL COM NEW 247361702 6155 1079851 SH SOLE 1079851 0 0 DELUXE CORP COM 248019101 500 28060 SH SOLE 28060 0 0 DEVON ENERGY CORP NEW DEB 4.900% 8/1 25179MAA1 6461 3475000 PRN SOLE 3475000 0 0 DIAMOND OFFSHORE DRILLING IN COM 25271C102 20160 144889 SH SOLE 144889 0 0 DICKS SPORTING GOODS INC COM 253393102 7969 449222 SH SOLE 449222 0 0 DIODES INC COM 254543101 5272 190749 SH SOLE 190749 0 0 DIRECTV GROUP INC COM 25459L106 45630 1761100 SH SOLE 1761100 0 0 DISNEY WALT CO COM DISNEY 254687106 15579 499305 SH SOLE 499305 0 0 DOLLAR TREE INC COM 256746108 6669 204000 SH SOLE 204000 0 0 DOMINOS PIZZA INC COM 25754A201 510 44350 SH SOLE 44350 0 0 DOUGLAS EMMETT INC COM 25960P109 8034 365666 SH SOLE 365666 0 0 DPL INC COM 233293109 6054 229500 SH SOLE 229500 0 0 DRESS BARN INC COM 261570105 471 35175 SH SOLE 35175 0 0 DRIL-QUIP INC COM 262037104 2974 47200 SH SOLE 47200 0 0 DRS TECHNOLOGIES INC COM 23330X100 1261 16016 SH SOLE 16016 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 14486 337748 SH SOLE 337748 0 0 DUKE ENERGY CORP NEW COM 26441C105 11056 636117 SH SOLE 636117 0 0 E M C CORP MASS COM 268648102 27975 1904356 SH SOLE 1904356 0 0 E M C CORP MASS NOTE 1.750%12/0 268648AK8 53643 46922000 PRN SOLE 46922000 0 0 EDGE PETE CORP DEL COM 279862106 159 29430 SH SOLE 29430 0 0 EDISON INTL COM 281020107 12422 241769 SH SOLE 241769 0 0 EMBARQ CORP COM 29078E105 18768 397039 SH SOLE 397039 0 0 EMERGENCY MEDICAL SVCS CORP CL A 29100P102 429 18950 SH SOLE 18950 0 0 EMERGENT BIOSOLUTIONS INC COM 29089Q105 529 53320 SH SOLE 53320 0 0 EMULEX CORP COM NEW 292475209 10521 903060 SH SOLE 903060 0 0 ENI S P A SPONSORED ADR 26874R108 2045 27550 SH SOLE 27550 0 0 ENNIS INC COM 293389102 372 23785 SH SOLE 23785 0 0 ENTERTAINMENT PPTYS TR COM SH BEN INT 29380T105 448 9070 SH SOLE 9070 0 0 EQUINIX INC COM NEW 29444U502 23968 268640 SH SOLE 268640 0 0 EXXON MOBIL CORP COM 30231G102 51792 587683 SH SOLE 587683 0 0 FACTSET RESH SYS INC COM 303075105 14149 251050 SH SOLE 251050 0 0 FAIRPOINT COMMUNICATIONS INC COM 305560104 85 11794 SH SOLE 11794 0 0 FEDERAL HOME LN MTG CORP COM 313400301 19355 1180172 SH SOLE 1180172 0 0 FEDERAL NATL MTG ASSN COM 313586109 3914 200582 SH SOLE 200582 0 0 FEDEX CORP COM 31428X106 9360 118786 SH SOLE 118786 0 0 FELCOR LODGING TR INC COM 31430F101 321 30530 SH SOLE 30530 0 0 FIRST COMWLTH FINL CORP PA COM 319829107 366 39210 SH SOLE 39210 0 0 FIRST FINL HLDGS INC COM 320239106 507 29530 SH SOLE 29530 0 0 FIRST REGL BANCORP COM 33615C101 214 38100 SH SOLE 38100 0 0 FIRSTENERGY CORP COM 337932107 17703 215025 SH SOLE 215025 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 28947 19082000 PRN SOLE 19082000 0 0 FIVE STAR QUALITY CARE INC COM 33832D106 330 69850 SH SOLE 69850 0 0 FLIR SYS INC COM 302445101 4313 106300 SH SOLE 106300 0 0 FLOWSERVE CORP COM 34354P105 1695 12400 SH SOLE 12400 0 0 FLUOR CORP NEW COM 343412102 25812 138717 SH SOLE 138717 0 0 FMC TECHNOLOGIES INC COM 30249U101 8910 115832 SH SOLE 115832 0 0 FNB CORP PA COM 302520101 452 38377 SH SOLE 38377 0 0 FORD MTR CO DEL COM PAR $0.01 345370860 481 100000 SH SOLE 100000 0 0 FORD MTR CO DEL NOTE 4.250%12/1 345370CF5 11275 15412000 PRN SOLE 15412000 0 0 FOREST LABS INC COM 345838106 17813 512758 SH SOLE 512758 0 0 FOSSIL INC COM 349882100 3462 119100 SH SOLE 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INC COM 370334104 27309 449386 SH SOLE 449386 0 0 GENERAL MTRS CORP DEB SR CV C 33 370442717 21871 1649186 SH SOLE 1649186 0 0 GENESEE & WYO INC CL A 371559105 2841 83500 SH SOLE 83500 0 0 GENESIS LEASE LTD ADR 37183T107 459 44650 SH SOLE 44650 0 0 GENWORTH FINL INC COM CL A 37247D106 27659 1552996 SH SOLE 1552996 0 0 GEORGIA GULF CORP COM PAR $0.01 373200203 108 37400 SH SOLE 37400 0 0 GILEAD SCIENCES INC COM 375558103 33884 639928 SH SOLE 639928 0 0 GLATFELTER COM 377316104 323 23885 SH SOLE 23885 0 0 GLOBAL PARTNERS LP COM UNITS 37946R109 504 31850 SH SOLE 31850 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 37606 215016 SH SOLE 215016 0 0 GOOGLE INC CL A 38259P508 61429 116692 SH SOLE 116692 0 0 GRAFTECH INTL LTD COM 384313102 2203 82100 SH SOLE 82100 0 0 GREAT ATLANTIC & PAC TEA INC COM 390064103 596 26105 SH SOLE 26105 0 0 GUESS INC COM 401617105 14856 396700 SH SOLE 396700 0 0 GULF ISLAND FABRICATION INC COM 402307102 5382 110000 SH SOLE 110000 0 0 GULFMARK OFFSHORE INC COM 402629109 3892 66900 SH SOLE 66900 0 0 GYMBOREE CORP COM 403777105 3370 84100 SH SOLE 84100 0 0 H & E EQUIPMENT SERVICES INC COM 404030108 487 40520 SH SOLE 40520 0 0 HALLIBURTON CO COM 406216101 51303 966700 SH SOLE 966700 0 0 HALLIBURTON CO NOTE 3.125% 7/1 406216AM3 58182 20508000 PRN SOLE 20508000 0 0 HALLMARK FINL SVCS INC EC COM NEW 40624Q203 481 49790 SH SOLE 49790 0 0 HANSEN NAT CORP COM 411310105 4133 143400 SH SOLE 143400 0 0 HARRIS CORP DEL COM 413875105 18252 361500 SH SOLE 361500 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 30217 467959 SH SOLE 467959 0 0 HCC INS HLDGS INC COM 404132102 7182 339737 SH SOLE 339737 0 0 HEALTHSPRING INC COM 42224N101 1678 99400 SH SOLE 99400 0 0 HELIX ENERGY SOLUTIONS GRP I COM 42330P107 2594 62300 SH SOLE 62300 0 0 HERCULES TECH GROWTH CAP INC COM 427096508 360 40315 SH SOLE 40315 0 0 HERSHA HOSPITALITY TR SH BEN INT A 427825104 311 41225 SH SOLE 41225 0 0 HESS CORP COM 42809H107 35012 277455 SH SOLE 277455 0 0 HEWLETT PACKARD CO COM 428236103 58785 1329676 SH SOLE 1329676 0 0 HEXCEL CORP NEW COM 428291108 294 15220 SH SOLE 15220 0 0 HIGHWOODS PPTYS INC COM 431284108 10951 348534 SH SOLE 348534 0 0 HITTITE MICROWAVE CORP COM 43365Y104 3138 88100 SH SOLE 88100 0 0 HOLLY CORP COM PAR $0.01 435758305 4973 134700 SH SOLE 134700 0 0 HOLOGIC INC COM 436440101 22886 1049820 SH SOLE 1049820 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 19703 23200000 PRN SOLE 23200000 0 0 HOME DEPOT INC COM 437076102 9292 396724 SH SOLE 396724 0 0 HONEYWELL INTL INC COM 438516106 17505 348148 SH SOLE 348148 0 0 HORNBECK OFFSHORE SVCS INC N COM 440543106 3865 68400 SH SOLE 68400 0 0 HOSPIRA INC COM 441060100 9342 232900 SH SOLE 232900 0 0 HUB GROUP INC CL A 443320106 3717 108900 SH SOLE 108900 0 0 HUMANA INC COM 444859102 3938 99001 SH SOLE 99001 0 0 ICF INTL INC COM 44925C103 553 33260 SH SOLE 33260 0 0 ICON PUB LTD CO SPONSORED ADR 45103T107 16690 221000 SH SOLE 221000 0 0 IDEARC INC COM 451663108 230 97770 SH SOLE 97770 0 0 II VI INC COM 902104108 4721 135200 SH SOLE 135200 0 0 ILLINOIS TOOL WKS INC COM 452308109 14994 315600 SH SOLE 315600 0 0 IMMUCOR INC COM 452526106 3187 123150 SH SOLE 123150 0 0 IMPERIAL SUGAR CO NEW COM NEW 453096208 568 36590 SH SOLE 36590 0 0 INFOGROUP INC COM 45670G108 374 85270 SH SOLE 85270 0 0 INFOSYS TECHNOLOGIES LTD SPONSORED ADR 456788108 2328 53589 SH SOLE 53589 0 0 INGRAM MICRO INC CL A 457153104 7557 425711 SH SOLE 425711 0 0 INSIGHT ENTERPRISES INC COM 45765U103 472 40215 SH SOLE 40215 0 0 INTEL CORP COM 458140100 51093 2378636 SH SOLE 2378636 0 0 INTEL CORP SDCV 2.950%12/1 458140AD2 20544 20998000 PRN SOLE 20998000 0 0 INTERCONTINENTALEXCHANGE INC COM 45865V100 49334 432760 SH SOLE 432760 0 0 INTERLINE BRANDS INC COM 458743101 1332 83600 SH SOLE 83600 0 0 INTERNATIONAL BANCSHARES COR COM 459044103 539 25200 SH SOLE 25200 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 38988 328924 SH SOLE 328924 0 0 INVENTIV HEALTH INC COM 46122E105 1537 55300 SH SOLE 55300 0 0 INVESTMENT TECHNOLOGY GRP NE COM 46145F105 11696 349538 SH SOLE 349538 0 0 ION GEOPHYSICAL CORP COM 462044108 5950 341000 SH SOLE 341000 0 0 ISHARES TR RUSSELL MCP GR 464287481 5855 55300 SH SOLE 55300 0 0 ISHARES TR MSCI EAFE IDX 464287465 26295 382750 SH SOLE 382750 0 0 ISHARES TR RUSSELL MCP VL 464287473 11385 88500 SH SOLE 88500 0 0 ISHARES TR RUSSELL1000VAL 464287598 9867 142892 SH SOLE 142892 0 0 ISHARES TR S&P EURO PLUS 464287861 52967 544815 SH SOLE 544815 0 0 ISHARES TR DJ US REAL EST 464287739 6351 104200 SH SOLE 104200 0 0 ISLE OF CAPRI CASINOS INC COM 464592104 705 147264 SH SOLE 147264 0 0 ITRON INC COM 465741106 5793 58900 SH SOLE 58900 0 0 JOHNSON & JOHNSON COM 478160104 38108 592292 SH SOLE 592292 0 0 JOY GLOBAL INC COM 481165108 25544 336856 SH SOLE 336856 0 0 JP MORGAN CHASE & CO COM 46625H100 20807 606448 SH SOLE 606448 0 0 KAPSTONE PAPER & PACKAGING C COM 48562P103 183 27400 SH SOLE 27400 0 0 KBW INC COM 482423100 541 26305 SH SOLE 26305 0 0 KEYCORP NEW COM 493267108 4500 409823 SH SOLE 409823 0 0 KIMBERLY CLARK CORP COM 494368103 14242 238244 SH SOLE 238244 0 0 KNIGHT CAPITAL GROUP INC CL A 499005106 491 27315 SH SOLE 27315 0 0 KOHLS CORP COM 500255104 39879 996001 SH SOLE 996001 0 0 KROGER CO COM 501044101 43042 1490894 SH SOLE 1490894 0 0 L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 23548 21204000 PRN SOLE 21204000 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 21836 240300 SH SOLE 240300 0 0 LANDRYS RESTAURANTS INC COM 51508L103 516 28725 SH SOLE 28725 0 0 LAYNE CHRISTENSEN CO COM 521050104 3316 75720 SH SOLE 75720 0 0 LEHMAN BROS HLDGS INC 7.25%CONV SR P 52523J453 4475 5563 SH SOLE 5563 0 0 LIBBEY INC COM 529898108 330 44422 SH SOLE 44422 0 0 LINCOLN NATL CORP IND COM 534187109 7712 170157 SH SOLE 170157 0 0 LKQ CORP COM 501889208 18233 1009000 SH SOLE 1009000 0 0 LLOYDS TSB GROUP PLC SPONSORED ADR 539439109 382 15500 SH SOLE 15500 0 0 LOCKHEED MARTIN CORP DBCV 8/1 539830AP4 6889 5047000 PRN SOLE 5047000 0 0 LODGENET INTERACTIVE CORP COM 540211109 429 87285 SH SOLE 87285 0 0 LOGITECH INTL S A SHS H50430232 4458 166341 SH SOLE 166341 0 0 LORAL SPACE & COMMUNICATNS L COM 543881106 9195 521857 SH SOLE 521857 0 0 LOWES COS INC COM 548661107 13613 656040 SH SOLE 656040 0 0 LUBYS INC COM 549282101 395 64810 SH SOLE 64810 0 0 LUFKIN INDS INC COM 549764108 3506 42100 SH SOLE 42100 0 0 MADDEN STEVEN LTD COM 556269108 428 23285 SH SOLE 23285 0 0 MANPOWER INC COM 56418H100 11846 203400 SH SOLE 203400 0 0 MARATHON OIL CORP COM 565849106 11074 213492 SH SOLE 213492 0 0 MARINER ENERGY INC COM 56845T305 3630 98200 SH SOLE 98200 0 0 MARKET VECTORS ETF TR AGRIBUS ETF 57060U605 7087 114400 SH SOLE 114400 0 0 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 520 10700 SH SOLE 10700 0 0 MARSHALL & ILSLEY CORP NEW COM 571837103 8319 542648 SH SOLE 542648 0 0 MCDERMOTT INTL INC COM 580037109 4735 76500 SH SOLE 76500 0 0 MEADOWBROOK INS GROUP INC COM 58319P108 354 66725 SH SOLE 66725 0 0 MEDCATH CORP COM 58404W109 567 31550 SH SOLE 31550 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 40830 865049 SH SOLE 865049 0 0 MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 55823 52018000 PRN SOLE 52018000 0 0 MEMC ELECTR MATLS INC COM 552715104 75235 1222538 SH SOLE 1222538 0 0 MERRILL LYNCH & CO INC COM 590188108 6394 201648 SH SOLE 201648 0 0 MERRILL LYNCH & CO INC NOTE 3/1 590188W46 19378 18953000 PRN SOLE 18953000 0 0 METTLER TOLEDO INTERNATIONAL COM 592688105 2002 21100 SH SOLE 21100 0 0 MICROCHIP TECHNOLOGY INC SDCV 2.125%12/1 595017AB0 711 689000 PRN SOLE 689000 0 0 MICROS SYS INC COM 594901100 12278 402700 SH SOLE 402700 0 0 MICROSEMI CORP COM 595137100 2128 84500 SH SOLE 84500 0 0 MICROSOFT CORP COM 594918104 85570 3110481 SH SOLE 3110481 0 0 MIDDLEBY CORP COM 596278101 1186 27000 SH SOLE 27000 0 0 MILLER HERMAN INC COM 600544100 479 19250 SH SOLE 19250 0 0 MILLER INDS INC TENN COM NEW 600551204 379 38100 SH SOLE 38100 0 0 MILLIPORE CORP COM 601073109 9663 142400 SH SOLE 142400 0 0 MOBILE MINI INC COM 60740F105 1628 81400 SH SOLE 81400 0 0 MOLEX INC CL A 608554200 11536 503556 SH SOLE 503556 0 0 MOLSON COORS BREWING CO NOTE 2.500% 7/3 60871RAA8 5836 4779000 PRN SOLE 4779000 0 0 MONSANTO CO NEW COM 61166W101 7034 55629 SH SOLE 55629 0 0 MORGAN STANLEY COM NEW 617446448 9378 260005 SH SOLE 260005 0 0 MOSAIC CO COM 61945A107 16542 114321 SH SOLE 114321 0 0 NATCO GROUP INC CL A 63227W203 4144 76000 SH SOLE 76000 0 0 NATIONAL OILWELL VARCO INC COM 637071101 100441 1132108 SH SOLE 1132108 0 0 NATIONAL RETAIL PROPERTIES I COM 637417106 537 25700 SH SOLE 25700 0 0 NCI BUILDING SYS INC COM 628852105 603 16430 SH SOLE 16430 0 0 NETFLIX INC COM 64110L106 349 13405 SH SOLE 13405 0 0 NETGEAR INC COM 64111Q104 1927 139000 SH SOLE 139000 0 0 NEUSTAR INC CL A 64126X201 2786 129200 SH SOLE 129200 0 0 NEWALLIANCE BANCSHARES INC COM 650203102 17452 1398431 SH SOLE 1398431 0 0 NEWCASTLE INVT CORP COM 65105M108 283 40420 SH SOLE 40420 0 0 NEWFIELD EXPL CO COM 651290108 18701 286600 SH SOLE 286600 0 0 NEWS CORP CL A 65248E104 6112 406400 SH SOLE 406400 0 0 NEWSTAR FINANCIAL INC COM 65251F105 459 77610 SH SOLE 77610 0 0 NIKE INC CL B 654106103 4948 83000 SH SOLE 83000 0 0 NOKIA CORP SPONSORED ADR 654902204 25998 1061158 SH SOLE 1061158 0 0 NORDSTROM INC COM 655664100 14260 470604 SH SOLE 470604 0 0 NORFOLK SOUTHERN CORP COM 655844108 46360 739750 SH SOLE 739750 0 0 NORTHROP GRUMMAN CORP COM 666807102 14887 222521 SH SOLE 222521 0 0 NORTHSTAR RLTY FIN CORP COM 66704R100 483 58055 SH SOLE 58055 0 0 NORTHWEST AIRLS CORP COM 667280408 54660 8207198 SH SOLE 8207198 0 0 NOVARTIS A G SPONSORED ADR 66987V109 39552 719526 SH SOLE 719526 0 0 NRG ENERGY INC COM NEW 629377508 57135 1331812 SH SOLE 1331812 0 0 NTELOS HLDGS CORP COM 67020Q107 11647 459100 SH SOLE 459100 0 0 NTT DOCOMO INC SPONS ADR 62942M201 1556 106600 SH SOLE 106600 0 0 NVIDIA CORP COM 67066G104 9724 519450 SH SOLE 519450 0 0 OCEANEERING INTL INC COM 675232102 1572 20400 SH SOLE 20400 0 0 OLD DOMINION FGHT LINES INC COM 679580100 654 21770 SH SOLE 21770 0 0 OLD NATL BANCORP IND COM 680033107 315 22075 SH SOLE 22075 0 0 OLIN CORP COM PAR $1 680665205 7014 267930 SH SOLE 267930 0 0 OMNICOM GROUP INC COM 681919106 3164 70500 SH SOLE 70500 0 0 OMNICOM GROUP INC NOTE 2/0 681919AK2 8553 8585000 PRN SOLE 8585000 0 0 OMNITURE INC COM 68212S109 945 50900 SH SOLE 50900 0 0 ON SEMICONDUCTOR CORP NOTE 2.625%12/1 682189AG0 26936 24529000 PRN SOLE 24529000 0 0 ONYX PHARMACEUTICALS INC COM 683399109 1032 29000 SH SOLE 29000 0 0 OPTIONSXPRESS HLDGS INC COM 684010101 4276 191400 SH SOLE 191400 0 0 ORACLE CORP COM 68389X105 58632 2791980 SH SOLE 2791980 0 0 OSHKOSH CORP COM 688239201 12299 594426 SH SOLE 594426 0 0 OWENS ILL INC COM NEW 690768403 9630 231000 SH SOLE 231000 0 0 P A M TRANSN SVCS INC COM 693149106 408 38300 SH SOLE 38300 0 0 PACWEST BANCORP DEL COM 695263103 303 20360 SH SOLE 20360 0 0 PAREXEL INTL CORP COM 699462107 6130 233000 SH SOLE 233000 0 0 PARK ELECTROCHEMICAL CORP COM 700416209 328 13505 SH SOLE 13505 0 0 PARK NATL CORP COM 700658107 234 4335 SH SOLE 4335 0 0 PARKER DRILLING CO COM 701081101 581 58055 SH SOLE 58055 0 0 PARTNERRE LTD COM G6852T105 13301 192412 SH SOLE 192412 0 0 PATRIOT COAL CORP COM 70336T104 2404 15680 SH SOLE 15680 0 0 PEABODY ENERGY CORP COM 704549104 13774 156431 SH SOLE 156431 0 0 PENN VA CORP COM 707882106 2104 27900 SH SOLE 27900 0 0 PENTAIR INC COM 709631105 10602 302760 SH SOLE 302760 0 0 PEPCO HOLDINGS INC COM 713291102 15224 593497 SH SOLE 593497 0 0 PEPSICO INC COM 713448108 23458 368900 SH SOLE 368900 0 0 PFIZER INC COM 717081103 9475 542379 SH SOLE 542379 0 0 PG&E CORP COM 69331C108 9535 240216 SH SOLE 240216 0 0 PHARMACEUTICAL PROD DEV INC COM 717124101 14582 339900 SH SOLE 339900 0 0 PHILIP MORRIS INTL INC COM 718172109 24506 496180 SH SOLE 496180 0 0 PHILLIPS VAN HEUSEN CORP COM 718592108 7983 218000 SH SOLE 218000 0 0 PITNEY BOWES INC COM 724479100 14227 417186 SH SOLE 417186 0 0 PLAYBOY ENTERPRISES INC CL B 728117300 319 64505 SH SOLE 64505 0 0 PMA CAP CORP CL A 693419202 612 66400 SH SOLE 66400 0 0 PNC FINL SVCS GROUP INC COM 693475105 32310 565855 SH SOLE 565855 0 0 PNM RES INC COM 69349H107 356 29735 SH SOLE 29735 0 0 POLO RALPH LAUREN CORP CL A 731572103 12782 203600 SH SOLE 203600 0 0 POLYPORE INTL INC COM 73179V103 1028 40600 SH SOLE 40600 0 0 PORTFOLIO RECOVERY ASSOCS IN COM 73640Q105 469 12500 SH SOLE 12500 0 0 PRAXAIR INC COM 74005P104 35397 375600 SH SOLE 375600 0 0 PRE PAID LEGAL SVCS INC COM 740065107 667 16430 SH SOLE 16430 0 0 PRECISION CASTPARTS CORP COM 740189105 67134 696630 SH SOLE 696630 0 0 PRESIDENTIAL LIFE CORP COM 740884101 1119 72595 SH SOLE 72595 0 0 PRESTIGE BRANDS HLDGS INC COM 74112D101 391 36690 SH SOLE 36690 0 0 PRICELINE COM INC COM NEW 741503403 3421 29629 SH SOLE 29629 0 0 PROCTER & GAMBLE CO COM 742718109 343 5636 SH SOLE 5636 0 0 PROGRESS SOFTWARE CORP COM 743312100 9011 352400 SH SOLE 352400 0 0 PROSPECT CAPITAL CORPORATION COM 74348T102 441 33465 SH SOLE 33465 0 0 PRUDENTIAL FINL INC FRNT 12/1 744320AJ1 19359 20139000 PRN SOLE 20139000 0 0 PRUDENTIAL FINL INC COM 744320102 36775 615577 SH SOLE 615577 0 0 QUADRAMED CORP COM 74730W507 8406 832285 SH SOLE 832285 0 0 QUALCOMM INC COM 747525103 18469 416248 SH SOLE 416248 0 0 QUALITY SYS INC COM 747582104 1607 54900 SH SOLE 54900 0 0 QUANTA SVCS INC COM 74762E102 22630 680200 SH SOLE 680200 0 0 QUEST DIAGNOSTICS INC COM 74834L100 19729 407030 SH SOLE 407030 0 0 RAM ENERGY RESOURCES INC COM 75130P109 314 49890 SH SOLE 49890 0 0 RAYTHEON CO COM NEW 755111507 12561 223195 SH SOLE 223195 0 0 RBC BEARINGS INC COM 75524B104 1719 51600 SH SOLE 51600 0 0 RCN CORP COM NEW 749361200 278 25805 SH SOLE 25805 0 0 RENASANT CORP COM 75970E107 324 21975 SH SOLE 21975 0 0 REPUBLIC AWYS HLDGS INC COM 760276105 379 43745 SH SOLE 43745 0 0 RESEARCH IN MOTION LTD COM 760975102 47313 404732 SH SOLE 404732 0 0 RESOURCE CAP CORP COM 76120W302 376 52110 SH SOLE 52110 0 0 RF MICRODEVICES INC COM 749941100 3325 1146700 SH SOLE 1146700 0 0 RIMAGE CORP COM 766721104 298 24090 SH SOLE 24090 0 0 RLI CORP COM 749607107 299 6050 SH SOLE 6050 0 0 ROCK-TENN CO CL A 772739207 378 12600 SH SOLE 12600 0 0 ROCKWELL AUTOMATION INC COM 773903109 16451 376188 SH SOLE 376188 0 0 ROPER INDS INC NEW COM 776696106 29995 455300 SH SOLE 455300 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 44300 542233 SH SOLE 542233 0 0 RTI INTL METALS INC COM 74973W107 1589 44600 SH SOLE 44600 0 0 RUDOLPH TECHNOLOGIES INC COM 781270103 302 39210 SH SOLE 39210 0 0 RURAL / METRO CORP COM 781748108 226 111900 SH SOLE 111900 0 0 RUTHS HOSPITALITY GROUP INC COM 783332109 321 61990 SH SOLE 61990 0 0 RYANAIR HLDGS PLC SPONSORED ADR 783513104 15380 536444 SH SOLE 536444 0 0 SANDERSON FARMS INC COM 800013104 3614 104700 SH SOLE 104700 0 0 SANOFI AVENTIS SPONSORED ADR 80105N105 6621 199500 SH SOLE 199500 0 0 SBA COMMUNICATIONS CORP COM 78388J106 23536 653600 SH SOLE 653600 0 0 SBA COMMUNICATIONS CORP NOTE 0.375%12/0 78388JAJ5 43502 36879000 PRN SOLE 36879000 0 0 SCHEIN HENRY INC COM 806407102 11454 222100 SH SOLE 222100 0 0 SCHERING PLOUGH CORP PFD CONV MAN07 806605705 23196 121124 SH SOLE 121124 0 0 SCHLUMBERGER LTD DBCV 2.125% 6/0 806857AD0 73564 27213000 PRN SOLE 27213000 0 0 SCIELE PHARMA INC COM 808627103 2415 124800 SH SOLE 124800 0 0 SELECTIVE INS GROUP INC COM 816300107 267 14247 SH SOLE 14247 0 0 SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 1248 42100 SH SOLE 42100 0 0 SHIRE LIMITED SPONSORED ADR 82481R106 3685 75000 SH SOLE 75000 0 0 SIMPSON MANUFACTURING CO INC COM 829073105 498 20965 SH SOLE 20965 0 0 SINCLAIR BROADCAST GROUP INC NOTE 3.000% 5/1 829226AW9 39930 43285000 PRN SOLE 43285000 0 0 SINCLAIR BROADCAST GROUP INC CL A 829226109 340 44750 SH SOLE 44750 0 0 SIRIUS SATELLITE RADIO INC NOTE 3.250%10/1 82966UAD5 2975 3754000 PRN SOLE 3754000 0 0 SKYWORKS SOLUTIONS INC COM 83088M102 8709 882400 SH SOLE 882400 0 0 SMITH INTL INC COM 832110100 32341 389000 SH SOLE 389000 0 0 SMUCKER J M CO COM NEW 832696405 7804 192022 SH SOLE 192022 0 0 SOLERA HOLDINGS INC COM 83421A104 1242 44900 SH SOLE 44900 0 0 SOUTHERN COPPER CORP COM 84265V105 56525 530100 SH SOLE 530100 0 0 SOVEREIGN BANCORP INC COM 845905108 2614 355235 SH SOLE 355235 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 10368 11682000 PRN SOLE 11682000 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 548 6000 SH SOLE 6000 0 0 SPECTRA ENERGY CORP COM 847560109 16520 574798 SH SOLE 574798 0 0 SPEEDWAY MOTORSPORTS INC COM 847788106 245 12000 SH SOLE 12000 0 0 ST JUDE MED INC COM 790849103 44341 1084684 SH SOLE 1084684 0 0 STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 15172 5437848 SH SOLE 5437848 0 0 STEEL DYNAMICS INC COM 858119100 10967 280700 SH SOLE 280700 0 0 STONE ENERGY CORP COM 861642106 398 6045 SH SOLE 6045 0 0 SUNCOR ENERGY INC COM 867229106 16502 283932 SH SOLE 283932 0 0 SUPERIOR ENERGY SVCS INC COM 868157108 3650 66200 SH SOLE 66200 0 0 SWIFT ENERGY CO COM 870738101 4433 67100 SH SOLE 67100 0 0 SYBASE INC NOTE 1.750% 2/2 871130AB6 31067 24622000 PRN SOLE 24622000 0 0 SYKES ENTERPRISES INC COM 871237103 3889 206200 SH SOLE 206200 0 0 SYNNEX CORP COM 87162W100 314 12500 SH SOLE 12500 0 0 TALBOTS INC COM 874161102 699 60280 SH SOLE 60280 0 0 TARGET CORP COM 87612E106 15988 343895 SH SOLE 343895 0 0 TECHNITROL INC COM 878555101 2293 134950 SH SOLE 134950 0 0 TECK COMINCO LTD CL B 878742204 10209 212907 SH SOLE 212907 0 0 TEREX CORP NEW COM 880779103 23296 453500 SH SOLE 453500 0 0 TERRA INDS INC COM 880915103 1782 36100 SH SOLE 36100 0 0 TESSERA TECHNOLOGIES INC COM 88164L100 481 29400 SH SOLE 29400 0 0 TEVA PHARMACEUTICAL FIN CO B NOTE 1.750% 2/0 88165FAA0 20883 18708000 PRN SOLE 18708000 0 0 TEVA PHARMACEUTICAL FIN II L DBCV 0.500% 2/0 88164RAA5 45460 37057000 PRN SOLE 37057000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 30879 674074 SH SOLE 674074 0 0 THERMO FISHER SCIENTIFIC INC COM 883556102 95806 1719112 SH SOLE 1719112 0 0 TIDEWATER INC COM 886423102 15083 231934 SH SOLE 231934 0 0 TIMKEN CO COM 887389104 4719 143267 SH SOLE 143267 0 0 TJX COS INC NEW COM 872540109 73981 2350824 SH SOLE 2350824 0 0 TNS INC COM 872960109 394 16430 SH SOLE 16430 0 0 TOWER GROUP INC COM 891777104 1087 51300 SH SOLE 51300 0 0 TOWN SPORTS INTL HLDGS INC COM 89214A102 423 45260 SH SOLE 45260 0 0 TRACTOR SUPPLY CO COM 892356106 5814 200207 SH SOLE 200207 0 0 TRANSOCEAN INC NEW SHS G90073100 40818 267854 SH SOLE 267854 0 0 TRANSOCEAN SEDCO FOREX INC NOTE 1.500%12/1 893830AW9 72280 63293000 PRN SOLE 63293000 0 0 TRANSOCEAN SEDCO FOREX INC NOTE 1.625%12/1 893830AU3 5361 4755000 PRN SOLE 4755000 0 0 TRICO BANCSHARES COM 896095106 301 27515 SH SOLE 27515 0 0 TRIMBLE NAVIGATION LTD COM 896239100 1892 53000 SH SOLE 53000 0 0 TRIMERIS INC COM 896263100 392 83155 SH SOLE 83155 0 0 TRIUMPH GROUP INC NEW NOTE 2.625%10/0 896818AB7 30498 28057000 PRN SOLE 28057000 0 0 TRIUMPH GROUP INC NEW COM 896818101 3744 79500 SH SOLE 79500 0 0 TRONOX INC CL A 897051108 627 198510 SH SOLE 198510 0 0 TRUE RELIGION APPAREL INC COM 89784N104 2468 92600 SH SOLE 92600 0 0 TRUEBLUE INC COM 89785X101 475 35985 SH SOLE 35985 0 0 TUESDAY MORNING CORP COM NEW 899035505 390 94845 SH SOLE 94845 0 0 UNION BANKSHARES CORP COM 905399101 329 22075 SH SOLE 22075 0 0 UNISOURCE ENERGY CORP COM 909205106 378 12195 SH SOLE 12195 0 0 UNITED BANKSHARES INC WEST V COM 909907107 379 16530 SH SOLE 16530 0 0 UNITED CMNTY FINL CORP OHIO COM 909839102 219 58360 SH SOLE 58360 0 0 UNITED TECHNOLOGIES CORP COM 913017109 36723 595175 SH SOLE 595175 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 9149 93600 SH SOLE 93600 0 0 US BANCORP DEL COM NEW 902973304 11011 394788 SH SOLE 394788 0 0 USEC INC COM 90333E108 308 50700 SH SOLE 50700 0 0 VALE CAP LTD NT RIO CV VALE 91912C208 30450 450105 SH SOLE 450105 0 0 VANGUARD TAX-MANAGED FD EUROPE PAC ETF 921943858 18185 423600 SH SOLE 423600 0 0 VARIAN SEMICONDUCTOR EQUIPMN COM 922207105 11198 321600 SH SOLE 321600 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 29329 828510 SH SOLE 828510 0 0 VIRGIN MEDIA INC COM 92769L101 566 41602 SH SOLE 41602 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 34644 1175963 SH SOLE 1175963 0 0 VSE CORP COM 918284100 366 13305 SH SOLE 13305 0 0 W-H ENERGY SVCS INC COM 92925E108 4873 50900 SH SOLE 50900 0 0 WABTEC CORP COM 929740108 2912 59900 SH SOLE 59900 0 0 WAL MART STORES INC COM 931142103 47163 839185 SH SOLE 839185 0 0 WARNACO GROUP INC COM NEW 934390402 4217 95700 SH SOLE 95700 0 0 WASTE CONNECTIONS INC NOTE 3.750% 4/0 941053AG5 35890 32457000 PRN SOLE 32457000 0 0 WATSON PHARMACEUTICALS INC DBCV 1.750% 3/1 942683AC7 10294 10767000 PRN SOLE 10767000 0 0 WATTS WATER TECHNOLOGIES INC CL A 942749102 323 12985 SH SOLE 12985 0 0 WEATHERFORD INTERNATIONAL LT COM G95089101 25842 521122 SH SOLE 521122 0 0 WELLS FARGO & CO NEW COM 949746101 12974 546262 SH SOLE 546262 0 0 WERNER ENTERPRISES INC COM 950755108 7239 389639 SH SOLE 389639 0 0 WESCO INTL INC COM 95082P105 10695 267090 SH SOLE 267090 0 0 WESCO INTL INC DBCV 2.625%10/1 95082PAE5 27141 23536000 PRN SOLE 23536000 0 0 WESTERN REFNG INC COM 959319104 356 30035 SH SOLE 30035 0 0 WESTLAKE CHEM CORP COM 960413102 433 29130 SH SOLE 29130 0 0 WHITNEY HLDG CORP COM 966612103 369 20160 SH SOLE 20160 0 0 WILLIAMS COS INC DEL COM 969457100 59723 1481600 SH SOLE 1481600 0 0 WILLIAMS SONOMA INC COM 969904101 10696 539101 SH SOLE 539101 0 0 WMS INDS INC COM 929297109 2444 82100 SH SOLE 82100 0 0 WORTHINGTON INDS INC COM 981811102 498 24290 SH SOLE 24290 0 0 WYETH COM 983024100 21401 446214 SH SOLE 446214 0 0 XERIUM TECHNOLOGIES INC COM 98416J100 300 75695 SH SOLE 75695 0 0 XTO ENERGY INC COM 98385X106 73333 1070411 SH SOLE 1070411 0 0 ZENITH NATL INS CORP COM 989390109 478 13605 SH SOLE 13605 0 0 ZYGO CORP COM 989855101 439 44650 SH SOLE 44650 0 0