13F-HR 1 mack4q08.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: December 31, 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 January 17, 2009 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: 511 Form13F Information Table Value Total: $4,609,655 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3COM CORP COM 885535104 710 311282 SH SOLE 311282 0 0 3M CO COM 88579Y101 6370 110720 SH SOLE 110720 0 0 A D C TELECOMMUNICATIONS COM NEW 000886309 388 70889 SH SOLE 70889 0 0 A H BELO CORP COM CL A 001282102 363 166340 SH SOLE 166340 0 0 ABBOTT LABS COM 002824100 28179 528000 SH SOLE 528000 0 0 ACTUANT CORP CL A NEW 00508X203 9415 495000 SH SOLE 495000 0 0 ACXIOM CORP COM 005125109 495 61024 SH SOLE 61024 0 0 ADVANCE AUTO PARTS INC COM 00751Y106 474 14100 SH SOLE 14100 0 0 ADVANCED ANALOGIC TECHNOLOGI COM 00752J108 542 179462 SH SOLE 179462 0 0 AERCAP HOLDINGS NV SHS N00985106 158 52446 SH SOLE 52446 0 0 AEROPOSTALE COM 007865108 1034 64200 SH SOLE 64200 0 0 AFC ENTERPRISES INC COM 00104Q107 529 112750 SH SOLE 112750 0 0 AFFILIATED COMPUTER SERVICES CL A 008190100 8982 195479 SH SOLE 195479 0 0 AFFILIATED MANAGERS GROUP COM 008252108 6892 164400 SH SOLE 164400 0 0 AFLAC INC COM 001055102 11313 246789 SH SOLE 246789 0 0 AGL RES INC COM 001204106 7321 233519 SH SOLE 233519 0 0 AKAMAI TECHNOLOGIES INC COM 00971T101 21445 1421150 SH SOLE 1421150 0 0 ALASKA AIR GROUP INC COM 011659109 385 13179 SH SOLE 13179 0 0 ALCON INC COM SHS H01301102 47705 534865 SH SOLE 534865 0 0 ALEXION PHARMACEUTICALS INC COM 015351109 5378 148600 SH SOLE 148600 0 0 ALLIANCE DATA SYSTEMS CORP COM 018581108 11665 250700 SH SOLE 250700 0 0 ALLIANT TECHSYSTEMS INC COM 018804104 18477 215450 SH SOLE 215450 0 0 ALZA CORP SDCV 7/2 02261WAB5 16365 18272000 PRN SOLE 18272000 0 0 AMBAC FINL GROUP INC COM 023139108 117 89673 SH SOLE 89673 0 0 AMEDISYS INC COM 023436108 1087 26300 SH SOLE 26300 0 0 AMEREN CORP COM 023608102 8485 255111 SH SOLE 255111 0 0 AMERICAN EAGLE OUTFITTERS NE COM 02553E106 3730 398447 SH SOLE 398447 0 0 AMERICAN ELEC PWR INC COM 025537101 5186 155819 SH SOLE 155819 0 0 AMERICAN INTL GROUP INC UNIT 99/99/9999 026874115 4570 537732 SH SOLE 537732 0 0 AMERICAN TOWER CORP CL A 029912201 9819 334900 SH SOLE 334900 0 0 AMERIPRISE FINL INC COM 03076C106 3056 130827 SH SOLE 130827 0 0 AMGEN INC NOTE 0.125% 2/0 031162AN0 36971 38285000 PRN SOLE 38285000 0 0 AMGEN INC COM 031162100 7219 124995 SH SOLE 124995 0 0 AMPHENOL CORP NEW CL A 032095101 32733 1365000 SH SOLE 1365000 0 0 AMR CORP NOTE 4.500% 2/1 001765BB1 9239 9485000 PRN SOLE 9485000 0 0 ANIXTER INTL INC COM 035290105 9632 319800 SH SOLE 319800 0 0 ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 9216 14674000 PRN SOLE 14674000 0 0 ANNTAYLOR STORES CORP COM 036115103 453 78432 SH SOLE 78432 0 0 ANSYS INC COM 03662Q105 2672 95800 SH SOLE 95800 0 0 APACHE CORP COM 037411105 4323 58003 SH SOLE 58003 0 0 APOLLO GROUP INC CL A 037604105 4245 55400 SH SOLE 55400 0 0 APPLE INC COM 037833100 27052 316950 SH SOLE 316950 0 0 ARCH CHEMICALS INC COM 03937R102 2795 107236 SH SOLE 107236 0 0 ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 3896 3976000 PRN SOLE 3976000 0 0 ARENA RESOURCES INC COM 040049108 646 23000 SH SOLE 23000 0 0 ARIBA INC COM NEW 04033V203 692 96000 SH SOLE 96000 0 0 ARRIS GROUP INC COM 04269Q100 1010 127000 SH SOLE 127000 0 0 ARVINMERITOR INC NOTE 4.000% 2/1 043353AH4 1133 4822000 PRN SOLE 4822000 0 0 ARVINMERITOR INC COM 043353101 109 38373 SH SOLE 38373 0 0 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 12072 497806 SH SOLE 497806 0 0 ASSET ACCEP CAP CORP COM 04543P100 222 43454 SH SOLE 43454 0 0 ASTEC INDS INC COM 046224101 683 21800 SH SOLE 21800 0 0 AT&T INC COM 00206R102 22794 799769 SH SOLE 799769 0 0 ATWOOD OCEANICS INC COM 050095108 5189 339600 SH SOLE 339600 0 0 AUTODESK INC COM 052769106 19458 990250 SH SOLE 990250 0 0 AUTOZONE INC COM 053332102 28333 203151 SH SOLE 203151 0 0 AUXILIUM PHARMACEUTICALS INC COM 05334D107 836 29400 SH SOLE 29400 0 0 AVERY DENNISON CORP COM 053611109 4129 126164 SH SOLE 126164 0 0 AVNET INC COM 053807103 14572 800204 SH SOLE 800204 0 0 AVOCENT CORP COM 053893103 421 23509 SH SOLE 23509 0 0 AVON PRODS INC COM 054303102 9055 376800 SH SOLE 376800 0 0 BAKER HUGHES INC COM 057224107 17440 543808 SH SOLE 543808 0 0 BALL CORP COM 058498106 6211 149340 SH SOLE 149340 0 0 BALLY TECHNOLOGIES INC COM 05874B107 1048 43600 SH SOLE 43600 0 0 BANK MUTUAL CORP NEW COM 063750103 419 36328 SH SOLE 36328 0 0 BANK OF AMERICA CORPORATION COM 060505104 14330 1017754 SH SOLE 1017754 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 8858 312657 SH SOLE 312657 0 0 BANKRATE INC COM 06646V108 1911 50300 SH SOLE 50300 0 0 BARD C R INC COM 067383109 13566 161000 SH SOLE 161000 0 0 BAXTER INTL INC COM 071813109 19641 366500 SH SOLE 366500 0 0 BB&T CORP COM 054937107 6489 236300 SH SOLE 236300 0 0 BEAZER HOMES USA INC NOTE 4.625% 6/1 07556QAL9 870 2000000 PRN SOLE 2000000 0 0 BECTON DICKINSON & CO COM 075887109 35467 518600 SH SOLE 518600 0 0 BED BATH & BEYOND INC COM 075896100 4314 169735 SH SOLE 169735 0 0 BIO-REFERENCE LABS INC COM $.01 NEW 09057G602 3064 116800 SH SOLE 116800 0 0 BIOMARIN PHARMACEUTICAL INC COM 09061G101 1454 81700 SH SOLE 81700 0 0 BOSTON PPTYS LTD PARTNERSHIP NOTE 3.750% 5/1 10112RAG9 867 1099000 PRN SOLE 1099000 0 0 BOSTON PROPERTIES INC COM 101121101 2267 41227 SH SOLE 41227 0 0 BOSTON SCIENTIFIC CORP COM 101137107 3865 499300 SH SOLE 499300 0 0 BP PLC SPONSORED ADR 055622104 70934 1519589 SH SOLE 1519589 0 0 BRINKER INTL INC COM 109641100 392 37200 SH SOLE 37200 0 0 BRINKS HOME SEC HLDGS INC COM 109699108 553 25229 SH SOLE 25229 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 18044 776100 SH SOLE 776100 0 0 BROOKLINE BANCORP INC DEL COM 11373M107 457 42910 SH SOLE 42910 0 0 BRUSH ENGINEERED MATLS INC COM 117421107 461 36224 SH SOLE 36224 0 0 BUCKEYE TECHNOLOGIES INC COM 118255108 415 113925 SH SOLE 113925 0 0 BUCYRUS INTL INC NEW COM 118759109 1143 61700 SH SOLE 61700 0 0 C&D TECHNOLOGIES INC COM 124661109 725 231663 SH SOLE 231663 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 14237 845405 SH SOLE 845405 0 0 CABOT CORP COM 127055101 659 43093 SH SOLE 43093 0 0 CACI INTL INC NOTE 2.125% 5/0 127190AD8 15117 16017000 PRN SOLE 16017000 0 0 CAMERON INTERNATIONAL CORP COM 13342B105 15133 738200 SH SOLE 738200 0 0 CAMERON INTERNATIONAL CORP NOTE 2.500% 6/1 13342BAB1 20314 20493000 PRN SOLE 20493000 0 0 CANON INC ADR 138006309 860 27400 SH SOLE 27400 0 0 CAPELLA EDUCATION COMPANY COM 139594105 11253 191500 SH SOLE 191500 0 0 CAPITAL ONE FINL CORP COM 14040H105 1808 56700 SH SOLE 56700 0 0 CARDINAL HEALTH INC COM 14149Y108 13768 399436 SH SOLE 399436 0 0 CASH AMER INTL INC COM 14754D100 2954 108000 SH SOLE 108000 0 0 CATALYST HEALTH SOLUTIONS IN COM 14888B103 1485 61000 SH SOLE 61000 0 0 CATERPILLAR INC DEL COM 149123101 9108 203900 SH SOLE 203900 0 0 CELANESE CORP DEL PFD 4.25% CONV 150870202 9676 573643 SH SOLE 573643 0 0 CELERA CORP COM 15100E106 572 51389 SH SOLE 51389 0 0 CELGENE CORP COM 151020104 28171 509600 SH SOLE 509600 0 0 CENTENNIAL COMMUNCTNS CORP N CL A NEW 15133V208 265 32854 SH SOLE 32854 0 0 CENTERPOINT ENERGY INC COM 15189T107 19149 1517364 SH SOLE 1517364 0 0 CENTRAL EUROPEAN DIST CORP COM 153435102 489 24800 SH SOLE 24800 0 0 CENTURY ALUM CO COM 156431108 336 33600 SH SOLE 33600 0 0 CEPHALON INC COM 156708109 12665 164400 SH SOLE 164400 0 0 CHARTER COMMUNICATIONS INC D CL A 16117M107 4 51742 SH SOLE 51742 0 0 CHATTEM INC COM 162456107 18934 264700 SH SOLE 264700 0 0 CHESAPEAKE ENERGY CORP NOTE 2.500% 5/1 165167BZ9 27094 46019000 PRN SOLE 46019000 0 0 CHESAPEAKE ENERGY CORP NOTE 2.750%11/1 165167BW6 2569 4069000 PRN SOLE 4069000 0 0 CHEVRON CORP NEW COM 166764100 21738 293873 SH SOLE 293873 0 0 CHICOS FAS INC COM 168615102 421 100789 SH SOLE 100789 0 0 CHURCH & DWIGHT INC COM 171340102 10893 194100 SH SOLE 194100 0 0 CISCO SYS INC COM 17275R102 12559 770500 SH SOLE 770500 0 0 CIT GROUP INC COM 125581108 531 117027 SH SOLE 117027 0 0 CITIGROUP INC COM 172967101 8364 1246591 SH SOLE 1246591 0 0 CLEAN HARBORS INC COM 184496107 2335 36800 SH SOLE 36800 0 0 CLECO CORP NEW COM 12561W105 363 15879 SH SOLE 15879 0 0 COACH INC COM 189754104 21777 1048500 SH SOLE 1048500 0 0 COCA COLA CO COM 191216100 27855 615300 SH SOLE 615300 0 0 COLGATE PALMOLIVE CO COM 194162103 25298 369100 SH SOLE 369100 0 0 COLLECTIVE BRANDS INC COM 19421W100 535 45607 SH SOLE 45607 0 0 COMCAST CORP NEW CL A 20030N101 3800 225124 SH SOLE 225124 0 0 COMERICA INC COM 200340107 368 18534 SH SOLE 18534 0 0 COMMERCIAL VEH GROUP INC COM 202608105 313 336581 SH SOLE 336581 0 0 COMPUTER SCIENCES CORP COM 205363104 8434 240027 SH SOLE 240027 0 0 COMSTOCK RES INC COM NEW 205768203 2830 59900 SH SOLE 59900 0 0 COMTECH TELECOMMUNICATIONS C NOTE 2.000% 2/0 205826AD2 11346 7745000 PRN SOLE 7745000 0 0 CONAGRA FOODS INC COM 205887102 11942 723787 SH SOLE 723787 0 0 CONCUR TECHNOLOGIES INC COM 206708109 1103 33600 SH SOLE 33600 0 0 CONOCOPHILLIPS COM 20825C104 10926 210940 SH SOLE 210940 0 0 CONSECO INC COM NEW 208464883 805 155369 SH SOLE 155369 0 0 CONSTELLATION BRANDS INC CL A 21036P108 9661 612634 SH SOLE 612634 0 0 COOPER TIRE & RUBR CO COM 216831107 521 84557 SH SOLE 84557 0 0 COPART INC COM 217204106 5087 187100 SH SOLE 187100 0 0 CORN PRODS INTL INC COM 219023108 12526 434190 SH SOLE 434190 0 0 COSTCO COMPANIES INC NOTE 8/1 22160QAC6 4387 3671000 PRN SOLE 3671000 0 0 COSTCO WHSL CORP NEW COM 22160K105 7082 134895 SH SOLE 134895 0 0 COVANCE INC COM 222816100 3153 68500 SH SOLE 68500 0 0 COVANTA HLDG CORP DBCV 1.000% 2/0 22282EAA0 44000 48125000 PRN SOLE 48125000 0 0 COVANTA HLDG CORP COM 22282E102 4225 192400 SH SOLE 192400 0 0 COVENTRY HEALTH CARE INC COM 222862104 4836 324992 SH SOLE 324992 0 0 CROWN HOLDINGS INC COM 228368106 14108 734800 SH SOLE 734800 0 0 CVS CAREMARK CORPORATION COM 126650100 9877 343697 SH SOLE 343697 0 0 CYBERSOURCE CORP COM 23251J106 2571 214400 SH SOLE 214400 0 0 DANAHER CORP DEL COM 235851102 18715 330600 SH SOLE 330600 0 0 DAVITA INC COM 23918K108 4491 90600 SH SOLE 90600 0 0 DAWSON GEOPHYSICAL CO COM 239359102 531 29800 SH SOLE 29800 0 0 DELTA AIR LINES INC DEL COM NEW 247361702 28093 2451410 SH SOLE 2451410 0 0 DENTSPLY INTL INC NEW COM 249030107 1248 44200 SH SOLE 44200 0 0 DEVON ENERGY CORP NEW COM 25179M103 5870 89326 SH SOLE 89326 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 71 19200 SH PUT SOLE 19200 0 0 DIAMOND OFFSHORE DRILLING IN COM 25271C102 6392 108436 SH SOLE 108436 0 0 DIGITAL RLTY TR INC COM 253868103 4681 142500 SH SOLE 142500 0 0 DIRECTV GROUP INC COM 25459L106 38342 1673600 SH SOLE 1673600 0 0 DISNEY WALT CO COM DISNEY 254687106 12777 563113 SH SOLE 563113 0 0 DOLLAR TREE INC COM 256746108 3294 78800 SH SOLE 78800 0 0 DOMINION RES INC VA NEW COM 25746U109 2493 69561 SH SOLE 69561 0 0 DPL INC COM 233293109 4571 200139 SH SOLE 200139 0 0 DRIL-QUIP INC COM 262037104 800 39000 SH SOLE 39000 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 7947 314104 SH SOLE 314104 0 0 DUKE ENERGY CORP NEW COM 26441C105 7293 485910 SH SOLE 485910 0 0 E M C CORP MASS COM 268648102 18296 1747497 SH SOLE 1747497 0 0 E M C CORP MASS NOTE 1.750%12/0 268648AK8 49641 50624000 PRN SOLE 50624000 0 0 EDISON INTL COM 281020107 8061 250981 SH SOLE 250981 0 0 EDWARDS LIFESCIENCES CORP COM 28176E108 1214 22100 SH SOLE 22100 0 0 ELECTRONICS FOR IMAGING INC COM 286082102 610 63811 SH SOLE 63811 0 0 EMBARQ CORP COM 29078E105 8909 247735 SH SOLE 247735 0 0 EMULEX CORP COM NEW 292475209 4822 690807 SH SOLE 690807 0 0 ENERGIZER HLDGS INC COM 29266R108 7769 143500 SH SOLE 143500 0 0 ENERGY CONVERSION DEVICES IN NOTE 3.000% 6/1 292659AA7 586 1189000 PRN SOLE 1189000 0 0 ENERSYS NOTE 3.375% 6/0 29275YAA0 3216 6040000 PRN SOLE 6040000 0 0 ENI S P A SPONSORED ADR 26874R108 6052 126550 SH SOLE 126550 0 0 ENZON PHARMACEUTICALS INC NOTE 4.000% 6/0 293904AE8 1468 2000000 PRN SOLE 2000000 0 0 ENZON PHARMACEUTICALS INC COM 293904108 359 61639 SH SOLE 61639 0 0 EQUINIX INC COM NEW 29444U502 15792 296900 SH SOLE 296900 0 0 EQUITY RESIDENTIAL SH BEN INT 29476L107 2051 68784 SH SOLE 68784 0 0 ERICSSON L M TEL CO ADR B SEK 10 294821608 3708 476000 SH SOLE 476000 0 0 EXTREME NETWORKS INC COM 30226D106 624 266596 SH SOLE 266596 0 0 EXXON MOBIL CORP COM 30231G102 19449 243629 SH SOLE 243629 0 0 FACTSET RESH SYS INC COM 303075105 5691 128650 SH SOLE 128650 0 0 FEDEX CORP COM 31428X106 6426 100177 SH SOLE 100177 0 0 FIDELITY NATIONAL FINANCIAL CL A 31620R105 731 41175 SH SOLE 41175 0 0 FIFTH STREET FINANCE CORP COM 31678A103 222 29400 SH SOLE 29400 0 0 FIFTH THIRD BANCORP COM 316773100 2803 339407 SH SOLE 339407 0 0 FIRST HORIZON NATL CORP COM 320517105 518 48988 SH SOLE 48988 0 0 FIRSTENERGY CORP COM 337932107 7229 148800 SH SOLE 148800 0 0 FISERV INC COM 337738108 9078 249600 SH SOLE 249600 0 0 FISHER SCIENTIFIC INTL INC NOTE 3.250% 3/0 338032AX3 32626 28981000 PRN SOLE 28981000 0 0 FLAGSTONE REINSURANCE HLDGS SHS G3529T105 375 38400 SH SOLE 38400 0 0 FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 317 80038 SH SOLE 80038 0 0 FLEXTRONICS INTL LTD NOTE 1.000% 8/0 33938EAL1 39 47000 PRN SOLE 47000 0 0 FLIR SYS INC COM 302445101 2608 85000 SH SOLE 85000 0 0 FLOWSERVE CORP COM 34354P105 721 14000 SH SOLE 14000 0 0 FLUOR CORP NEW COM 343412102 9180 204600 SH SOLE 204600 0 0 FMC TECHNOLOGIES INC COM 30249U101 481 20200 SH SOLE 20200 0 0 FOOT LOCKER INC COM 344849104 389 53044 SH SOLE 53044 0 0 FORD MTR CO DEL NOTE 4.250%12/1 345370CF5 4527 17317000 PRN SOLE 17317000 0 0 FOREST LABS INC COM 345838106 7728 303428 SH SOLE 303428 0 0 FORMFACTOR INC COM 346375108 538 36853 SH SOLE 36853 0 0 FREEPORT-MCMORAN COPPER & GO COM 35671D857 7172 293447 SH SOLE 293447 0 0 FREEPORT-MCMORAN COPPER & GO PFD CONV 35671D782 5999 126414 SH SOLE 126414 0 0 FRONTIER OIL CORP COM 35914P105 9876 781985 SH SOLE 781985 0 0 FTI CONSULTING INC COM 302941109 2140 47900 SH SOLE 47900 0 0 GAMESTOP CORP NEW CL A 36467W109 1492 68900 SH SOLE 68900 0 0 GAP INC DEL COM 364760108 8275 618008 SH SOLE 618008 0 0 GARDNER DENVER INC COM 365558105 1015 43500 SH SOLE 43500 0 0 GEN-PROBE INC NEW COM 36866T103 2172 50700 SH SOLE 50700 0 0 GENENTECH INC COM NEW 368710406 25909 312500 SH SOLE 312500 0 0 GENERAL CABLE CORP DEL NEW COM 369300108 2137 120800 SH SOLE 120800 0 0 GENERAL CABLE CORP DEL NEW NOTE 0.875%11/1 369300AD0 10066 17243000 PRN SOLE 17243000 0 0 GENERAL ELECTRIC CO COM 369604103 10293 635384 SH SOLE 635384 0 0 GENERAL MLS INC COM 370334104 33386 549555 SH SOLE 549555 0 0 GENESEE & WYO INC CL A 371559105 2870 94100 SH SOLE 94100 0 0 GENOPTIX INC COM 37243V100 1953 57300 SH SOLE 57300 0 0 GILEAD SCIENCES INC COM 375558103 35604 696200 SH SOLE 696200 0 0 GILEAD SCIENCES INC NOTE 0.625% 5/0 375558AH6 13680 10013000 PRN SOLE 10013000 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 10864 128737 SH SOLE 128737 0 0 GREAT ATLANTIC & PAC TEA INC NOTE 6.750%12/1 390064AK9 5939 10750000 PRN SOLE 10750000 0 0 GUESS INC COM 401617105 9661 629400 SH SOLE 629400 0 0 GULF ISLAND FABRICATION INC COM 402307102 432 30000 SH SOLE 30000 0 0 GULFMARK OFFSHORE INC COM 402629109 1278 53700 SH SOLE 53700 0 0 GYMBOREE CORP COM 403777105 1894 72600 SH SOLE 72600 0 0 HAEMONETICS CORP COM 405024100 1040 18400 SH SOLE 18400 0 0 HALLIBURTON CO COM 406216101 19784 1088239 SH SOLE 1088239 0 0 HANSEN NAT CORP COM 411310105 4315 128700 SH SOLE 128700 0 0 HARRIS CORP DEL COM 413875105 13820 363200 SH SOLE 363200 0 0 HCC INS HLDGS INC COM 404132102 10741 401515 SH SOLE 401515 0 0 HEALTHSPRING INC COM 42224N101 2233 111800 SH SOLE 111800 0 0 HELIX ENERGY SOLUTIONS GRP I COM 42330P107 451 62300 SH SOLE 62300 0 0 HESS CORP COM 42809H107 14925 278249 SH SOLE 278249 0 0 HEWLETT PACKARD CO COM 428236103 42452 1169803 SH SOLE 1169803 0 0 HIGHWOODS PPTYS INC COM 431284108 7020 256572 SH SOLE 256572 0 0 HITTITE MICROWAVE CORP COM 43365Y104 2366 80300 SH SOLE 80300 0 0 HOLOGIC INC COM 436440101 3757 287480 SH SOLE 287480 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 14444 24677000 PRN SOLE 24677000 0 0 HOME DEPOT INC COM 437076102 9055 393336 SH SOLE 393336 0 0 HOME DIAGNOSTICS INC DEL COM 437080104 339 68259 SH SOLE 68259 0 0 HONEYWELL INTL INC COM 438516106 11832 360419 SH SOLE 360419 0 0 HORNBECK OFFSHORE SVCS INC N COM 440543106 886 54200 SH SOLE 54200 0 0 HOSPIRA INC COM 441060100 6764 252200 SH SOLE 252200 0 0 HUB GROUP INC CL A 443320106 2351 88600 SH SOLE 88600 0 0 HUMANA INC COM 444859102 2931 78640 SH SOLE 78640 0 0 ICON PUB LTD CO SPONSORED ADR 45103T107 2598 132200 SH SOLE 132200 0 0 IDACORP INC COM 451107106 430 14592 SH SOLE 14592 0 0 II VI INC COM 902104108 746 39100 SH SOLE 39100 0 0 ILLINOIS TOOL WKS INC COM 452308109 12600 359500 SH SOLE 359500 0 0 IMMUCOR INC COM 452526106 4302 161850 SH SOLE 161850 0 0 IMS HEALTH INC COM 449934108 453 29876 SH SOLE 29876 0 0 INFORMATICA CORP COM 45666Q102 2021 147200 SH SOLE 147200 0 0 INGRAM MICRO INC CL A 457153104 4996 373151 SH SOLE 373151 0 0 INTEL CORP SDCV 2.950%12/1 458140AD2 19296 22160000 PRN SOLE 22160000 0 0 INTEL CORP COM 458140100 18573 1266859 SH SOLE 1266859 0 0 INTERLINE BRANDS INC COM 458743101 889 83600 SH SOLE 83600 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 49835 592148 SH SOLE 592148 0 0 INTERNATIONAL COAL GRP INC N COM 45928H106 213 92736 SH SOLE 92736 0 0 INVESTMENT TECHNOLOGY GRP NE COM 46145F105 8584 377817 SH SOLE 377817 0 0 ION GEOPHYSICAL CORP COM 462044108 1170 341000 SH SOLE 341000 0 0 IRON MTN INC COM 462846106 10396 420400 SH SOLE 420400 0 0 ISHARES TR RUSL 2000 GROW 464287648 1958 38500 SH SOLE 38500 0 0 ISHARES TR S&P EURO PLUS 464287861 48414 1554730 SH SOLE 1554730 0 0 ISHARES TR RUSSELL1000VAL 464287598 12881 260131 SH SOLE 260131 0 0 ISHARES TR RUSSELL1000GRW 464287614 13523 364900 SH SOLE 364900 0 0 ISHARES TR RUSSELL MCP VL 464287473 418 14700 SH SOLE 14700 0 0 ISHARES TR RUSSELL 3000 464287689 876 16841 SH SOLE 16841 0 0 ISHARES TR MSCI EAFE IDX 464287465 21912 488350 SH SOLE 488350 0 0 ISHARES TR RUSSELL MCP GR 464287481 5099 162800 SH SOLE 162800 0 0 ITRON INC NOTE 2.500% 8/0 465741AJ5 13075 12143000 PRN SOLE 12143000 0 0 ITRON INC COM 465741106 3958 62100 SH SOLE 62100 0 0 JACK IN THE BOX INC COM 466367109 747 33800 SH SOLE 33800 0 0 JETBLUE AIRWAYS CORP DBCV 3.750% 3/1 477143AC5 8138 10500000 PRN SOLE 10500000 0 0 JOHNSON & JOHNSON COM 478160104 32927 550345 SH SOLE 550345 0 0 JOY GLOBAL INC COM 481165108 6500 283956 SH SOLE 283956 0 0 JPMORGAN & CHASE & CO COM 46625H100 30881 979422 SH SOLE 979422 0 0 KAYDON CORP COM 486587108 962 28000 SH SOLE 28000 0 0 KENNAMETAL INC COM 489170100 577 25989 SH SOLE 25989 0 0 KEY ENERGY SVCS INC COM 492914106 447 101319 SH SOLE 101319 0 0 KEYCORP NEW COM 493267108 6358 746220 SH SOLE 746220 0 0 KIMBERLY CLARK CORP COM 494368103 13543 256789 SH SOLE 256789 0 0 KKR FINANCIAL HLDGS LLC COM 48248A306 114 71896 SH SOLE 71896 0 0 KOHLS CORP COM 500255104 39384 1087954 SH SOLE 1087954 0 0 KROGER CO COM 501044101 44634 1690031 SH SOLE 1690031 0 0 L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 23051 23071000 PRN SOLE 23071000 0 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 16896 229000 SH SOLE 229000 0 0 LINCOLN NATL CORP IND COM 534187109 2544 135066 SH SOLE 135066 0 0 LIONS GATE ENTMNT CORP NOTE 3.625% 3/1 535919AG9 10269 16014000 PRN SOLE 16014000 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 2261 3236000 PRN SOLE 3236000 0 0 LKQ CORP COM 501889208 8199 703200 SH SOLE 703200 0 0 LOGITECH INTL S A SHS H50430232 4071 261300 SH SOLE 261300 0 0 LORAL SPACE & COMMUNICATNS I COM 543881106 7417 510437 SH SOLE 510437 0 0 LOWES COS INC COM 548661107 11425 530890 SH SOLE 530890 0 0 LUFKIN INDS INC COM 549764108 707 20500 SH SOLE 20500 0 0 MARKET VECTORS ETF TR AGRIBUS ETF 57060U605 2267 81400 SH SOLE 81400 0 0 MARSHALL & ILSLEY CORP NEW COM 571837103 7134 522982 SH SOLE 522982 0 0 MCAFEE INC COM 579064106 4663 134900 SH SOLE 134900 0 0 MCDERMOTT INTL INC COM 580037109 1502 152000 SH SOLE 152000 0 0 MCDONALDS CORP COM 580135101 24832 399300 SH SOLE 399300 0 0 MDS INC COM 55269P302 721 117674 SH SOLE 117674 0 0 MEDCO HEALTH SOLUTIONS INC COM 58405U102 42317 1009700 SH SOLE 1009700 0 0 MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 49835 56199000 PRN SOLE 56199000 0 0 MEDTRONIC INC NOTE 1.500% 4/1 585055AL0 327 350000 PRN SOLE 350000 0 0 MERCK & CO INC COM 589331107 274 9000 SH SOLE 9000 0 0 MERIDIAN BIOSCIENCE INC COM 589584101 2618 102800 SH SOLE 102800 0 0 MERIX CORP NOTE 4.000% 5/1 590049AB8 2241 8875000 PRN SOLE 8875000 0 0 MERRILL LYNCH & CO INC NOTE 3/1 590188W46 19046 17554000 PRN SOLE 17554000 0 0 MERRILL LYNCH & CO INC NOTE 3/1 590188W46 1715 1588000 SH SOLE 1588000 0 0 METHODE ELECTRS INC COM 591520200 329 48877 SH SOLE 48877 0 0 METLIFE INC UNIT 02/15/2010 59156R702 7969 773665 SH SOLE 773665 0 0 METLIFE INC COM 59156R108 11702 335662 SH SOLE 335662 0 0 METTLER TOLEDO INTERNATIONAL COM 592688105 2332 34600 SH SOLE 34600 0 0 MICROS SYS INC COM 594901100 6877 421400 SH SOLE 421400 0 0 MICROSOFT CORP COM 594918104 70347 3618695 SH SOLE 3618695 0 0 MIDDLEBY CORP COM 596278101 829 30400 SH SOLE 30400 0 0 MILLIPORE CORP COM 601073109 7460 144800 SH SOLE 144800 0 0 MKS INSTRUMENT INC COM 55306N104 412 27829 SH SOLE 27829 0 0 MOBILE MINI INC COM 60740F105 1266 87800 SH SOLE 87800 0 0 MODINE MFG CO COM 607828100 186 38233 SH SOLE 38233 0 0 MOLEX INC CL A 608554200 4935 381088 SH SOLE 381088 0 0 MOLSON COORS BREWING CO NOTE 2.500% 7/3 60871RAA8 17103 14297000 PRN SOLE 14297000 0 0 MONOLITHIC PWR SYS INC COM 609839105 808 64100 SH SOLE 64100 0 0 MONSANTO CO NEW COM 61166W101 18235 259200 SH SOLE 259200 0 0 MYERS INDS INC COM 628464109 515 64420 SH SOLE 64420 0 0 MYRIAD GENETICS INC COM 62855J104 2379 35900 SH SOLE 35900 0 0 NABORS INDS INC NOTE 0.940% 5/1 629568AP1 1031 1244000 PRN SOLE 1244000 0 0 NATCO GROUP INC CL A 63227W203 833 54900 SH SOLE 54900 0 0 NATIONAL OILWELL VARCO INC COM 637071101 21119 864100 SH SOLE 864100 0 0 NCR CORP NEW COM 62886E108 380 26900 SH SOLE 26900 0 0 NEUSTAR INC CL A 64126X201 2472 129200 SH SOLE 129200 0 0 NEW YORK CMNTY BANCORP INC COM 649445103 3447 288200 SH SOLE 288200 0 0 NEWALLIANCE BANCSHARES INC COM 650203102 14032 1065431 SH SOLE 1065431 0 0 NEWFIELD EXPL CO COM 651290108 5376 272200 SH SOLE 272200 0 0 NII HLDGS INC NOTE 3.125% 6/1 62913FAJ1 8168 13384000 PRN SOLE 13384000 0 0 NIKE INC CL B 654106103 13255 259900 SH SOLE 259900 0 0 NOKIA CORP SPONSORED ADR 654902204 8495 544559 SH SOLE 544559 0 0 NORFOLK SOUTHERN CORP COM 655844108 31135 661750 SH SOLE 661750 0 0 NORTHERN TR CORP COM 665859104 2404 46107 SH SOLE 46107 0 0 NORTHROP GRUMMAN CORP COM 666807102 8677 192657 SH SOLE 192657 0 0 NOVARTIS A G SPONSORED ADR 66987V109 33583 675026 SH SOLE 675026 0 0 NRG ENERGY INC COM NEW 629377508 26321 1128212 SH SOLE 1128212 0 0 NTELOS HLDGS CORP COM 67020Q107 12737 516500 SH SOLE 516500 0 0 NTT DOCOMO INC SPONS ADR 62942M201 2329 118700 SH SOLE 118700 0 0 NUCOR CORP COM 670346105 13618 294751 SH SOLE 294751 0 0 NUVASIVE INC COM 670704105 2401 69300 SH SOLE 69300 0 0 OCEANEERING INTL INC COM 675232102 594 20400 SH SOLE 20400 0 0 OLD REP INTL CORP COM 680223104 552 46314 SH SOLE 46314 0 0 OLIN CORP COM PAR $1 680665205 4345 240335 SH SOLE 240335 0 0 OLYMPIC STEEL INC COM 68162K106 475 23300 SH SOLE 23300 0 0 OMNICARE INC COM 681904108 623 22444 SH SOLE 22444 0 0 OMNICOM GROUP INC NOTE 2/0 681919AK2 8521 8585000 PRN SOLE 8585000 0 0 OMNITURE INC COM 68212S109 611 57400 SH SOLE 57400 0 0 ON SEMICONDUCTOR CORP NOTE 2.625%12/1 682189AG0 6517 11921000 PRN SOLE 11921000 0 0 ONEBEACON INSURANCE GROUP LT CL A G67742109 408 39033 SH SOLE 39033 0 0 ONYX PHARMACEUTICALS INC COM 683399109 2774 81200 SH SOLE 81200 0 0 OPTIONSXPRESS HLDGS INC COM 684010101 2883 215800 SH SOLE 215800 0 0 ORACLE CORP COM 68389X105 24895 1404100 SH SOLE 1404100 0 0 OWENS ILL INC COM NEW 690768403 3373 123400 SH SOLE 123400 0 0 P A M TRANSN SVCS INC COM 693149106 225 32200 SH SOLE 32200 0 0 PACER INTL INC TENN COM 69373H106 372 35636 SH SOLE 35636 0 0 PACIFIC SUNWEAR CALIF INC COM 694873100 432 271967 SH SOLE 271967 0 0 PANERA BREAD CO CL A 69840W108 2811 53800 SH SOLE 53800 0 0 PARAMETRIC TECHNOLOGY CORP COM NEW 699173209 893 70600 SH SOLE 70600 0 0 PAREXEL INTL CORP COM 699462107 581 59800 SH SOLE 59800 0 0 PARTNERRE LTD COM G6852T105 13385 187817 SH SOLE 187817 0 0 PDL BIOPHARMA INC COM 69329Y104 318 51391 SH SOLE 51391 0 0 PEABODY ENERGY CORP COM 704549104 3205 140900 SH SOLE 140900 0 0 PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 10178 16876000 PRN SOLE 16876000 0 0 PENN VA CORP COM 707882106 1782 68600 SH SOLE 68600 0 0 PENTAIR INC COM 709631105 2885 121887 SH SOLE 121887 0 0 PEPCO HOLDINGS INC COM 713291102 9978 561788 SH SOLE 561788 0 0 PEPSICO INC COM 713448108 33744 616100 SH SOLE 616100 0 0 PETSMART INC COM 716768106 6354 344400 SH SOLE 344400 0 0 PFIZER INC COM 717081103 14479 817549 SH SOLE 817549 0 0 PG&E CORP COM 69331C108 9142 236146 SH SOLE 236146 0 0 PHARMACEUTICAL PROD DEV INC COM 717124101 2605 89800 SH SOLE 89800 0 0 PHILIP MORRIS INTL INC COM 718172109 32215 740400 SH SOLE 740400 0 0 PHILLIPS VAN HEUSEN CORP COM 718592108 6792 337400 SH SOLE 337400 0 0 PHOENIX COS INC NEW COM 71902E109 594 181694 SH SOLE 181694 0 0 PIKE ELEC CORP COM 721283109 381 31013 SH SOLE 31013 0 0 PITNEY BOWES INC COM 724479100 8362 328162 SH SOLE 328162 0 0 PMA CAP CORP CL A 693419202 193 27190 SH SOLE 27190 0 0 PMI GROUP INC COM 69344M101 250 128349 SH SOLE 128349 0 0 PNC FINL SVCS GROUP INC COM 693475105 19047 388727 SH SOLE 388727 0 0 POLO RALPH LAUREN CORP CL A 731572103 9091 200200 SH SOLE 200200 0 0 PRAXAIR INC COM 74005P104 25804 434700 SH SOLE 434700 0 0 PRECISION CASTPARTS CORP COM 740189105 32458 545700 SH SOLE 545700 0 0 PRESIDENTIAL LIFE CORP COM 740884101 133 13400 SH SOLE 13400 0 0 PRICELINE COM INC COM NEW 741503403 1112 15100 SH SOLE 15100 0 0 PRIVATEBANCORP INC COM 742962103 487 15000 SH SOLE 15000 0 0 PROCTER & GAMBLE CO COM 742718109 22088 357300 SH SOLE 357300 0 0 PROSHARES TR PSHS ULT S&P 500 74347R107 8530 324200 SH SOLE 324200 0 0 PRUDENTIAL FINL INC FRNT 12/1 744320AJ1 19162 20139000 PRN SOLE 20139000 0 0 PUBLIC STORAGE COM 74460D109 2568 32295 SH SOLE 32295 0 0 QUADRAMED CORP COM NEW 74730W507 3993 814944 SH SOLE 814944 0 0 QUALCOMM INC COM 747525103 24759 691000 SH SOLE 691000 0 0 QUALITY SYS INC COM 747582104 3141 72000 SH SOLE 72000 0 0 QUANTA SVCS INC COM 74762E102 15222 768800 SH SOLE 768800 0 0 QUEST DIAGNOSTICS INC COM 74834L100 10321 198818 SH SOLE 198818 0 0 RADIAN GROUP INC COM 750236101 371 100818 SH SOLE 100818 0 0 RAYTHEON CO COM NEW 755111507 10686 209365 SH SOLE 209365 0 0 RBC BEARINGS INC COM 75524B104 1046 51600 SH SOLE 51600 0 0 RELIANT ENERGY INC COM 75952B105 588 101702 SH SOLE 101702 0 0 RESEARCH IN MOTION LTD COM 760975102 44745 1102625 SH SOLE 1102625 0 0 RF MICRODEVICES INC COM 749941100 853 1093600 SH SOLE 1093600 0 0 ROCKWELL AUTOMATION INC COM 773903109 15806 490257 SH SOLE 490257 0 0 ROPER INDS INC NEW COM 776696106 13700 315600 SH SOLE 315600 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 39890 753493 SH SOLE 753493 0 0 SBA COMMUNICATIONS CORP NOTE 0.375%12/0 78388JAJ5 4775 6042000 PRN SOLE 6042000 0 0 SBA COMMUNICATIONS CORP COM 78388J106 11222 687600 SH SOLE 687600 0 0 SCHEIN HENRY INC COM 806407102 7940 216400 SH SOLE 216400 0 0 SCHERING PLOUGH CORP PFD CONV MAN07 806605705 40315 231129 SH SOLE 231129 0 0 SCHLUMBERGER LTD DBCV 2.125% 6/0 806857AD0 38549 30890000 PRN SOLE 30890000 0 0 SCOTTS MIRACLE GRO CO CL A 810186106 3382 113800 SH SOLE 113800 0 0 SEPRACOR INC COM 817315104 739 67316 SH SOLE 67316 0 0 SHIRE PLC SPONSORED ADR 82481R106 42 13500 SH PUT SOLE 13500 0 0 SHIRE PLC SPONSORED ADR 82481R106 1761 39330 SH SOLE 39330 0 0 SIEMENS A G SPONSORED ADR 826197501 3436 45420 SH SOLE 45420 0 0 SIEMENS A G SPONSORED ADR 826197501 23 41600 SH PUT SOLE 41600 0 0 SIGNATURE BK NEW YORK N Y COM 82669G104 491 17100 SH SOLE 17100 0 0 SINCLAIR BROADCAST GROUP INC NOTE 3.000% 5/1 829226AW9 23374 43285000 PRN SOLE 43285000 0 0 SKYWORKS SOLUTIONS INC COM 83088M102 920 166000 SH SOLE 166000 0 0 SMART BALANCE INC COM 83169Y108 495 72780 SH SOLE 72780 0 0 SMITH INTL INC COM 832110100 7068 308800 SH SOLE 308800 0 0 SMUCKER J M CO COM NEW 832696405 7489 172703 SH SOLE 172703 0 0 SOLERA HOLDINGS INC COM 83421A104 3572 148200 SH SOLE 148200 0 0 SOUTHERN CO COM 842587107 4499 121616 SH SOLE 121616 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 9751 12542000 PRN SOLE 12542000 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 1186 13700 SH SOLE 13700 0 0 SPDR SERIES TRUST KBW REGN BK ETF 78464A698 4310 147800 SH SOLE 147800 0 0 SPDR TR UNIT SER 1 78462F103 40571 449595 SH SOLE 449595 0 0 SPECTRA ENERGY CORP COM 847560109 8780 557799 SH SOLE 557799 0 0 SPHERION CORP COM 848420105 465 210184 SH SOLE 210184 0 0 ST JUDE MED INC COM 790849103 35478 1076400 SH SOLE 1076400 0 0 ST MARY LD & EXPL CO NOTE 3.500% 4/0 792228AD0 13513 19513000 PRN SOLE 19513000 0 0 STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 12522 5239198 SH SOLE 5239198 0 0 STEAK N SHAKE CO COM 857873103 222 37333 SH SOLE 37333 0 0 STEC INC COM 784774101 502 117724 SH SOLE 117724 0 0 STEELCASE INC CL A 858155203 258 45900 SH SOLE 45900 0 0 STERICYCLE INC COM 858912108 3458 66400 SH SOLE 66400 0 0 STERIS CORP COM 859152100 1364 57100 SH SOLE 57100 0 0 STILLWATER MNG CO COM 86074Q102 429 86943 SH SOLE 86943 0 0 STONE ENERGY CORP COM 861642106 125 11376 SH SOLE 11376 0 0 SUCAMPO PHARMACEUTICALS INC CL A 864909106 128 22342 SH SOLE 22342 0 0 SUNCOR ENERGY INC COM 867229106 2988 153255 SH SOLE 153255 0 0 SUPERIOR ENERGY SVCS INC COM 868157108 1055 66200 SH SOLE 66200 0 0 SYBASE INC COM 871130100 3081 124400 SH SOLE 124400 0 0 SYBASE INC NOTE 1.750% 2/2 871130AB6 16255 14859000 PRN SOLE 14859000 0 0 SYKES ENTERPRISES INC COM 871237103 3310 173100 SH SOLE 173100 0 0 SYNOVUS FINL CORP COM 87161C105 491 59142 SH SOLE 59142 0 0 TARGET CORP COM 87612E106 6512 188611 SH SOLE 188611 0 0 TERADYNE INC COM 880770102 596 141204 SH SOLE 141204 0 0 TESCO CORP COM 88157K101 12 99200 SH PUT SOLE 99200 0 0 TEVA PHARMACEUTICAL FIN CO B NOTE 1.750% 2/0 88165FAA0 41849 37915000 PRN SOLE 37915000 0 0 TEVA PHARMACEUTICAL FIN II L DBCV 0.500% 2/0 88164RAA5 8481 7505000 PRN SOLE 7505000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 45977 1084314 SH SOLE 1084314 0 0 THERMO FISHER SCIENTIFIC INC COM 883556102 45303 1329700 SH SOLE 1329700 0 0 THOMAS WEISEL PARTNERS GRP I COM 884481102 309 65548 SH SOLE 65548 0 0 TIDEWATER INC COM 886423102 11937 296429 SH SOLE 296429 0 0 TIM HORTONS INC COM 88706M103 87 105100 SH PUT SOLE 105100 0 0 TIMKEN CO COM 887389104 2255 114905 SH SOLE 114905 0 0 TJX COS INC NEW NOTE 2/1 872540AL3 8391 11059000 PRN SOLE 11059000 0 0 TJX COS INC NEW COM 872540109 24907 1210833 SH SOLE 1210833 0 0 TRACTOR SUPPLY CO COM 892356106 5207 144078 SH SOLE 144078 0 0 TRIMBLE NAVIGATION LTD COM 896239100 1219 56400 SH SOLE 56400 0 0 TRINITY INDS INC COM 896522109 415 26327 SH SOLE 26327 0 0 TRIUMPH GROUP INC NEW COM 896818101 3316 78100 SH SOLE 78100 0 0 TRIUMPH GROUP INC NEW NOTE 2.625%10/0 896818AB7 10758 11709000 PRN SOLE 11709000 0 0 TTM TECHNOLOGIES INC COM 87305R109 535 102600 SH SOLE 102600 0 0 TTM TECHNOLOGIES INC NOTE 3.250% 5/1 87305RAC3 8354 17049000 PRN SOLE 17049000 0 0 TYSON FOODS INC NOTE 3.250%10/1 902494AP8 7796 9610000 PRN SOLE 9610000 0 0 UBS AG SHS NEW H89231338 68 219000 SH PUT SOLE 219000 0 0 UNITED AUTO GROUP INC NOTE 3.500% 4/0 909440AH2 6442 11426000 PRN SOLE 11426000 0 0 UNITED RENTALS INC COM 911363109 416 45587 SH SOLE 45587 0 0 UNITED TECHNOLOGIES CORP COM 913017109 41462 773549 SH SOLE 773549 0 0 UNITED THERAPEUTICS CORP DEL COM 91307C102 4554 72800 SH SOLE 72800 0 0 URBAN OUTFITTERS INC COM 917047102 3682 245800 SH SOLE 245800 0 0 US BANCORP DEL COM NEW 902973304 18391 735342 SH SOLE 735342 0 0 VALE CAP LTD NT RIO CV VALE 91912C208 8983 323161 SH SOLE 323161 0 0 VANGUARD TAX-MANAGED FD EUROPE PAC ETF 921943858 18045 656900 SH SOLE 656900 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 21089 622083 SH SOLE 622083 0 0 VISHAY INTERTECHNOLOGY INC COM 928298108 404 118032 SH SOLE 118032 0 0 VOCUS INC COM 92858J108 819 45000 SH SOLE 45000 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 38335 1880102 SH SOLE 1880102 0 0 VORNADO RLTY L P DBCV 3.625%11/1 929043AE7 12567 15786000 PRN SOLE 15786000 0 0 VORNADO RLTY TR SH BEN INT 929042109 1233 20436 SH SOLE 20436 0 0 WABTEC CORP COM 929740108 3407 85700 SH SOLE 85700 0 0 WACHOVIA CORP NEW CONV7.5%PFD CL A 929903219 13395 17860 SH SOLE 17860 0 0 WADDELL & REED FINL INC CL A 930059100 264 17054 SH SOLE 17054 0 0 WAL MART STORES INC COM 931142103 50043 892663 SH SOLE 892663 0 0 WARNACO GROUP INC COM NEW 934390402 1637 83400 SH SOLE 83400 0 0 WASTE CONNECTIONS INC COM 941053100 2169 68700 SH SOLE 68700 0 0 WASTE CONNECTIONS INC NOTE 3.750% 4/0 941053AG5 33387 31077000 PRN SOLE 31077000 0 0 WATSON PHARMACEUTICALS INC DBCV 1.750% 3/1 942683AC7 4019 4321000 PRN SOLE 4321000 0 0 WATSON PHARMACEUTICALS INC COM 942683103 5142 193550 SH SOLE 193550 0 0 WEATHERFORD INTERNATIONAL LT COM G95089101 4345 401600 SH SOLE 401600 0 0 WELLS FARGO & CO NEW COM 949746101 21946 744444 SH SOLE 744444 0 0 WENDYS ARBYS GROUP INC COM 950587105 1282 259562 SH SOLE 259562 0 0 WERNER ENTERPRISES INC COM 950755108 2413 139165 SH SOLE 139165 0 0 WESCO INTL INC COM 95082P105 3671 190942 SH SOLE 190942 0 0 WESCO INTL INC NOTE 1.750%11/1 95082PAG0 9826 17665000 PRN SOLE 17665000 0 0 WILLIAMS COS INC DEL COM 969457100 15669 1082100 SH SOLE 1082100 0 0 WILMINGTON TRUST CORP COM 971807102 3387 152292 SH SOLE 152292 0 0 WMS INDS INC COM 929297109 3779 140500 SH SOLE 140500 0 0 WRIGHT MED GROUP INC COM 98235T107 1583 77500 SH SOLE 77500 0 0 WYETH COM 983024100 16566 441636 SH SOLE 441636 0 0 XERIUM TECHNOLOGIES INC COM 98416J100 41 62700 SH SOLE 62700 0 0 XEROX CORP COM 984121103 3350 420323 SH SOLE 420323 0 0 XTO ENERGY INC COM 98385X106 15400 436625 SH SOLE 436625 0 0 YAMANA GOLD INC COM 98462Y100 8396 1087546 SH SOLE 1087546 0 0 YUM BRANDS INC COM 988498101 4007 127200 SH SOLE 127200 0 0