13F-HR 1 valu1q03.txt VALUE LINE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2003 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: Value Line Inc Address: 220 East 42nd Street New York, NY 10017 13F File Number: 28-00401 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: David Henigson Title: Vice President Phone: 212-907-1600 Signature, Place, and Date of Signing: /s/ David Henigson New York, NY April 14, 2003 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: 851 Form13F Information Table Value Total: $2,148,379 (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 8842 68000 SH DEFINED 0 68000 0 99 CENTS ONLY STORES COM 65440K106 1352 53000 SH DEFINED 0 53000 0 AAIPHARMA INC COM 00252W104 565 65500 SH DEFINED 0 65500 0 ABERCROMBIE & FITCH CO CL A 002896207 15441 514200 SH DEFINED 0 514200 0 ACCREDO HEALTH INC COM 00437V104 1898 78000 SH DEFINED 0 78000 0 ACTUANT CORP CL A NEW 00508X203 288 8200 SH DEFINED 0 8200 0 ACUITY BRANDS INC COM 00508Y102 202 15000 SH DEFINED 0 15000 0 ACXIOM CORP NOTE 3.750% 2/1 005125AB5 240 200000 PRN DEFINED 0 200000 0 ADVANCED AUTO PARTS INC COM 00751Y106 731 15800 SH DEFINED 0 15800 0 ADVANCED MEDICAL OPTICS INC COM 00763M108 317 23600 SH DEFINED 0 23600 0 ADVANCED MICRO DEVICES INC DBCV 4.750% 2/0 007903AE7 168 250000 PRN DEFINED 0 250000 0 ADVANCED NEUROMODULATION SYS COM 00757T101 330 7700 SH DEFINED 0 7700 0 ADVANCEPCS COM 00790K109 4024 142000 SH DEFINED 0 142000 0 AFFILIATED COMPUTER SERVICES CL A 008190100 8852 200000 SH DEFINED 0 200000 0 AFFILIATED COMPUTER SERVICES NOTE 3.500% 2/1 008190AF7 426 350000 PRN DEFINED 0 350000 0 AFFILIATED MANAGERS GROUP COM 008252108 831 20000 SH DEFINED 0 20000 0 AFFYMETRIX INC COM 00826T108 1079 41500 SH DEFINED 0 41500 0 AFLAC INC COM 001055102 11964 373300 SH DEFINED 0 373300 0 AGCO CORP COM 001084102 869 54000 SH DEFINED 0 54000 0 AGILENT TECHNOLOGIES INC DBCV 3.000%12/0 00846UAB7 411 450000 PRN DEFINED 0 450000 0 AGILENT TECHNOLOGIES INC COM 00846U101 132 10000 SH DEFINED 0 10000 0 AGL RES INC COM 001204106 1125 47600 SH DEFINED 0 47600 0 AIRGAS INC COM 009363102 1099 59400 SH DEFINED 0 59400 0 ALBEMARLE CORP COM 012653101 964 39600 SH DEFINED 0 39600 0 ALBERTO CULVER CO CL B CONV 013068101 493 10000 SH DEFINED 0 10000 0 ALBERTSONS INC COM 013104104 415 22000 SH DEFINED 0 22000 0 ALCATEL SPONSORED ADR 013904305 276 40000 SH DEFINED 0 40000 0 ALCOA INC COM 013817101 233 12000 SH DEFINED 0 12000 0 ALCON INC COM SHS H01301102 820 20000 SH DEFINED 0 20000 0 ALEXANDER & BALDWIN INC COM 014482103 249 10000 SH DEFINED 0 10000 0 ALLEGHANY CORP DEL COM 017175100 337 2060 SH DEFINED 0 2060 0 ALLIANCE GAMING CORP COM NEW 01859P609 2553 170200 SH DEFINED 0 170200 0 ALLIANT ENERGY CORP COM 018802108 321 20000 SH DEFINED 0 20000 0 ALLIANT TECHSYSTEMS INC COM 018804104 1833 33937 SH DEFINED 0 33937 0 ALLTEL CORP COM 020039103 537 12000 SH DEFINED 0 12000 0 ALTIRIS INC COM 02148M100 244 19500 SH DEFINED 0 19500 0 ALTRIA GROUP INC COM 02209S103 4722 157600 SH DEFINED 0 156700 900 ALZA CORP SDCV 0. 07/2 02261WAA7 325 400000 PRN DEFINED 0 400000 0 AMEREN CORP COM 023608102 781 20000 SH DEFINED 0 20000 0 AMERICAN AXLE & MFG HLDGS IN COM 024061103 3457 164300 SH DEFINED 0 164000 300 AMERICAN EXPRESS CO COM 025816109 665 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ANGELICA CORP COM 034663104 205 12000 SH DEFINED 0 12000 0 ANGLOGOLD LTD SPONSORED ADR 035128206 604 20000 SH DEFINED 0 20000 0 ANHEUSER BUSCH COS INC COM 035229103 8837 189600 SH DEFINED 0 189600 0 ANNALY MTG MGMT INC COM 035710409 175 10000 SH DEFINED 0 10000 0 ANNTAYLOR STORES CORP COM 036115103 13102 638200 SH DEFINED 0 638200 0 ANSYS INC COM 03662Q105 359 15000 SH DEFINED 0 15000 0 ANTHEM INC COM 03674B104 6094 91986 SH DEFINED 0 91986 0 APACHE CORP COM 037411105 7962 128960 SH DEFINED 0 128960 0 APARTMENT INVT & MGMT CO CL A 03748R101 547 15000 SH DEFINED 0 15000 0 APEX SILVER MINES LTD ORD G04074103 188 14000 SH DEFINED 0 14000 0 APOLLO GROUP INC CL A 037604105 14709 294775 SH DEFINED 0 294775 0 APPLEBEES INTL INC COM 037899101 3871 138050 SH DEFINED 0 138050 0 APPLERA CORP COM CE GEN GRP 038020202 129 15000 SH DEFINED 0 15000 0 APPLIED MATLS INC COM 038222105 199 15800 SH DEFINED 0 15000 800 APPLIED SIGNAL TECHNOLOGY IN COM 038237103 212 15000 SH DEFINED 0 15000 0 APRIA HEALTHCARE GROUP INC COM 037933108 3023 129400 SH DEFINED 0 129400 0 ARAMARK CORP CL B 038521100 1296 56600 SH DEFINED 0 56600 0 ARBITRON INC COM 03875Q108 1056 33300 SH DEFINED 0 33300 0 ARCH CAP GROUP LTD ORD G0450A105 312 9200 SH DEFINED 0 9200 0 ARCHER DANIELS MIDLAND CO COM 039483102 194 18000 SH DEFINED 0 18000 0 ARKANSAS BEST CORP DEL COM 040790107 1047 41200 SH DEFINED 0 41200 0 ARROW ELECTRS INC COM 042735100 294 20000 SH DEFINED 0 20000 0 ARTISAN COMPONENTS INC COM 042923102 307 19000 SH DEFINED 0 19000 0 ASM LITHOGRAPHY HOLDING NOTE 4.250 11/3 00207EAB6 275 300000 PRN DEFINED 0 300000 0 ASSOCIATED BANC CORP COM 045487105 970 30000 SH DEFINED 0 30000 0 ASTROPOWER INC COM 04644A101 130 31000 SH DEFINED 0 31000 0 AT HOME CORP NOTE 4.750 12/1 045919AD9 68 500000 PRN DEFINED 0 500000 0 AT RD INC COM 04648K105 135 20000 SH DEFINED 0 20000 0 ATI TECHNOLOGIES INC COM 001941103 51 10000 SH DEFINED 0 10000 0 AUTOMATIC DATA PROCESSING IN COM 053015103 462 15000 SH DEFINED 0 15000 0 AUTOZONE INC COM 053332102 2817 41000 SH DEFINED 0 41000 0 AVERY DENNISON CORP COM 053611109 3039 51800 SH DEFINED 0 51800 0 AVOCENT CORP COM 053893103 927 39700 SH DEFINED 0 39700 0 AVON PRODS INC COM 054303102 3537 62000 SH DEFINED 0 62000 0 AZTAR CORP COM 054802103 269 20000 SH DEFINED 0 20000 0 BALL CORP COM 058498106 2941 52800 SH DEFINED 0 52800 0 BANCORPSOUTH INC COM 059692103 743 40400 SH DEFINED 0 40400 0 BANK HAWAII CORP COM 062540109 3690 119800 SH DEFINED 0 119800 0 BANK MONTREAL QUE COM 063671101 737 27000 SH DEFINED 0 27000 0 BANK OF AMERICA CORPORATION COM 060505104 5748 86000 SH DEFINED 0 86000 0 BANK OF THE OZARKS INC COM 063904106 290 10400 SH DEFINED 0 10400 0 BANK ONE CORP COM 06423A103 346 10000 SH DEFINED 0 10000 0 BANKATLANTIC BANCORP CL A 065908501 499 51000 SH DEFINED 0 51000 0 BANKNORTH GROUP INC NEW COM 06646R107 3113 142716 SH DEFINED 0 142716 0 BANKUNITED FINL CORP CL A 06652B103 198 11200 SH DEFINED 0 11200 0 BARNES & NOBLE INC COM 067774109 237 12500 SH DEFINED 0 12500 0 BARNES & NOBLE INC NOTE 5.250 3/1 067774AC3 245 250000 PRN DEFINED 0 250000 0 BARR LABS INC COM 068306109 855 15000 SH DEFINED 0 15000 0 BARRA INC COM 068313105 327 11000 SH DEFINED 0 11000 0 BAXTER INTL INC COM 071813109 373 20000 SH DEFINED 0 20000 0 BB&T CORP COM 054937107 12019 382400 SH DEFINED 0 382400 0 BEA SYS INC NOTE 4.000 12/1 073325AC6 278 300000 PRN DEFINED 0 300000 0 BECKMAN COULTER INC COM 075811109 374 11000 SH DEFINED 0 11000 0 BED BATH & BEYOND INC COM 075896100 39849 1153700 SH DEFINED 0 1145900 7800 BEMIS INC COM 081437105 2679 63700 SH DEFINED 0 63700 0 BENTLEY PHARMACEUTICALS INC COM 082657107 120 15000 SH DEFINED 0 15000 0 BERKLEY W R CORP COM 084423102 4341 101300 SH DEFINED 0 101300 0 BEST BUY INC COM 086516101 472 17500 SH DEFINED 0 12000 5500 BEST BUY INC SDCV 2.250% 1/1 086516AF8 585 650000 PRN DEFINED 0 650000 0 BHP BILLITON LTD SPONSORED ADR 088606108 222 20000 SH DEFINED 0 20000 0 BIO RAD LABS INC CL A 090572207 583 16300 SH DEFINED 0 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156708109 1238 31000 SH DEFINED 0 31000 0 CERNER CORP COM 156782104 3400 105000 SH DEFINED 0 105000 0 CHARLES RIV LABS INTL INC COM 159864107 2399 94000 SH DEFINED 0 94000 0 CHARMING SHOPPES INC NOTE 4.750% 6/0 161133AC7 198 250000 PRN DEFINED 0 250000 0 CHARTER MUN MTG ACCEP CO SH BEN INT 160908109 264 15000 SH DEFINED 0 15000 0 CHARTER ONE FINL INC COM 160903100 5367 194039 SH DEFINED 0 194039 0 CHECK POINT SOFTWARE TECH LT ORD M22465104 145 10000 SH DEFINED 0 10000 0 CHECKFREE CORP NEW NOTE 6.500 12/0 162813AA7 253 300000 PRN DEFINED 0 300000 0 CHEESECAKE FACTORY INC COM 163072101 12384 383750 SH DEFINED 0 383750 0 CHELSEA PPTY GROUP INC COM 163421100 1501 40300 SH DEFINED 0 40300 0 CHESAPEAKE CORP COM 165159104 187 11100 SH DEFINED 0 11100 0 CHESAPEAKE ENERGY CORP COM 165167107 118 15000 SH DEFINED 0 15000 0 CHEVRONTEXACO CORP COM 166764100 1099 17000 SH DEFINED 0 17000 0 CHICAGO BRIDGE & IRON CO N V N Y REGISTRY SH 167250109 309 19000 SH DEFINED 0 19000 0 CHICOS FAS INC COM 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23330X100 206 8250 SH DEFINED 0 7600 650 DTE ENERGY CO COM 233331107 931 24100 SH DEFINED 0 24100 0 DU PONT E I DE NEMOURS & CO COM 263534109 583 15000 SH DEFINED 0 15000 0 DUKE ENERGY CORP COM 264399106 378 26000 SH DEFINED 0 26000 0 DUN & BRADSTREET CORP DEL NE COM 26483E100 3465 90600 SH DEFINED 0 90600 0 E TRADE GROUP INC NOTE 6.000% 2/0 269246AB0 395 500000 PRN DEFINED 0 500000 0 E TRADE GROUP INC NOTE 6.750% 5/1 269246AD6 213 250000 PRN DEFINED 0 250000 0 E TRADE GROUP INC COM 269246104 84 20000 SH DEFINED 0 20000 0 EASTMAN KODAK CO COM 277461109 296 10000 SH DEFINED 0 10000 0 EBAY INC COM 278642103 18316 214700 SH DEFINED 0 213400 1300 ECHELON CORP COM 27874N105 169 16000 SH DEFINED 0 16000 0 ECHOSTAR COMMUNICATIONS NOTE 4.875 1/0 278762AB5 581 600000 PRN DEFINED 0 600000 0 ECOLAB INC COM 278865100 4055 82200 SH DEFINED 0 82200 0 EDUCATION MGMT CORP COM 28139T101 12285 308900 SH DEFINED 0 306200 2700 EDWARDS LIFESCIENCES CORP COM 28176E108 2926 106800 SH DEFINED 0 106800 0 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NEW 302491303 157 10000 SH DEFINED 0 10000 0 FAIR ISAAC & CO INC COM 303250104 4548 89500 SH DEFINED 0 89500 0 FAMILY DLR STORES INC COM 307000109 4499 145700 SH DEFINED 0 143400 2300 FASTENAL CO COM 311900104 2585 91700 SH DEFINED 0 91700 0 FEDERAL HOME LN MTG CORP COM 313400301 10586 199368 SH DEFINED 0 194900 4468 FEDERAL NATL MTG ASSN COM 313586109 9633 147400 SH DEFINED 0 145800 1600 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 364 12000 SH DEFINED 0 12000 0 FEDERATED DEPT STORES INC DE COM 31410H101 420 15000 SH DEFINED 0 15000 0 FEDEX CORP COM 31428X106 3249 59000 SH DEFINED 0 59000 0 FEI CO NOTE 5.500% 8/1 30241LAB5 273 300000 PRN DEFINED 0 300000 0 FERRELLGAS PARTNERS L.P. UNIT LTD PART 315293100 457 22000 SH DEFINED 0 22000 0 FIDELITY BANKSHARES INC NEW COM 31604Q107 194 10600 SH DEFINED 0 10600 0 FIDELITY NATL FINL INC COM 316326107 3666 107360 SH DEFINED 0 107360 0 FIFTH THIRD BANCORP COM 316773100 32798 652947 SH DEFINED 0 651847 1100 FIRST AMERN CORP CALIF DBCV 4.500% 4/1 318522AD1 496 450000 PRN DEFINED 0 450000 0 FIRST BANCORP P R COM 318672102 813 30150 SH DEFINED 0 30150 0 FIRST CMNTY BANCORP CALIF COM 31983B101 240 8300 SH DEFINED 0 8300 0 FIRST DATA CORP DEBT 2.000% 3/0 319963AD6 498 450000 PRN DEFINED 0 450000 0 FIRST DATA CORP COM 319963104 1813 49000 SH DEFINED 0 49000 0 FIRST ESSEX BANCORP INC COM 320103104 217 7000 SH DEFINED 0 7000 0 FIRST HEALTH GROUP CORP COM 320960107 3027 119000 SH DEFINED 0 119000 0 FIRST MIDWEST BANCORP DEL COM 320867104 876 33950 SH DEFINED 0 33950 0 FIRST NIAGARA FINL GP INC COM 33582V108 273 23246 SH DEFINED 0 23246 0 FIRST VA BANKS INC COM 337477103 1224 31200 SH DEFINED 0 31200 0 FISERV INC COM 337738108 21783 691975 SH DEFINED 0 691975 0 FISHER SCIENTIFIC INTL INC COM NEW 338032204 11005 393600 SH DEFINED 0 393600 0 FLAGSTAR BANCORP INC COM 337930101 1207 45775 SH DEFINED 0 45775 0 FLEETBOSTON FINL CORP COM 339030108 287 12000 SH DEFINED 0 12000 0 FLEMING COS INC NOTE 5.250% 3/1 339130AR7 44 500000 PRN DEFINED 0 500000 0 FLEMING COS INC NOTE 5.250 3/1 339130AQ9 44 500000 PRN DEFINED 0 500000 0 FLIR SYS INC COM 302445101 2356 49700 SH DEFINED 0 49700 0 FMC TECHNOLOGIES INC COM 30249U101 230 12000 SH DEFINED 0 12000 0 FNB CORP PA COM 302520101 544 19000 SH DEFINED 0 19000 0 FOREST LABS INC COM 345838106 30828 571200 SH DEFINED 0 571200 0 FORTUNE BRANDS INC COM 349631101 750 17500 SH DEFINED 0 17500 0 FOSSIL INC COM 349882100 615 35700 SH DEFINED 0 35700 0 FOX ENTMT GROUP INC CL A 35138T107 2987 112000 SH DEFINED 0 112000 0 FPL GROUP INC COM 302571104 295 5000 SH DEFINED 0 5000 0 FRESH DEL MONTE PRODUCE INC ORD G36738105 1144 75000 SH DEFINED 0 75000 0 FTI CONSULTING INC COM 302941109 3882 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500000 PRN DEFINED 0 500000 0 GILAT SATELLITE NETWORKS NOTE 4.250 3/1 375255AC0 98 500000 PRN DEFINED 0 500000 0 GILEAD SCIENCES INC COM 375558103 7726 184000 SH DEFINED 0 184000 0 GILLETTE CO COM 375766102 402 13000 SH DEFINED 0 13000 0 GLOBAL IMAGING SYSTEMS COM 37934A100 768 41500 SH DEFINED 0 41500 0 GLOBAL PMTS INC COM 37940X102 1038 34000 SH DEFINED 0 34000 0 GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 473 45000 SH DEFINED 0 45000 0 GOLDCORP INC NEW COM 380956409 371 35000 SH DEFINED 0 35000 0 GOLDEN WEST FINL CORP DEL COM 381317106 10261 142650 SH DEFINED 0 140700 1950 GRACO INC COM 384109104 1131 40250 SH DEFINED 0 40250 0 GREENPOINT FINL CORP COM 395384100 3450 77000 SH DEFINED 0 77000 0 GROUP 1 SOFTWARE INC NEW COM 39943Y103 234 13000 SH DEFINED 0 13000 0 GST TELECOMMUNICATIONS I COMMON 361942105 0 17657 SH DEFINED 0 17657 0 GTECH HLDGS CORP COM 400518106 4422 135400 SH DEFINED 0 135400 0 GUITAR CTR MGMT INC COM 402040109 825 40500 SH DEFINED 0 40500 0 GYMBOREE CORP COM 403777105 632 42000 SH DEFINED 0 42000 0 HALLIBURTON CO COM 406216101 265 12800 SH DEFINED 0 12000 800 HANCOCK FABRICS INC COM 409900107 170 12200 SH DEFINED 0 12200 0 HANCOCK HLDG CO COM 410120109 271 6300 SH DEFINED 0 6300 0 HANGER ORTHOPEDIC GROUP INC COM NEW 41043F208 400 35000 SH DEFINED 0 35000 0 HARBOR FLA BANCSHARES INC COM 411901101 287 12300 SH DEFINED 0 12300 0 HARLEY DAVIDSON INC COM 412822108 28931 728550 SH DEFINED 0 723600 4950 HARMAN INTL INDS INC COM 413086109 3994 68200 SH DEFINED 0 68200 0 HARMONIC INC COM 413160102 53 16000 SH DEFINED 0 16000 0 HARMONY GOLD MNG LTD SPONSORED ADR 413216300 428 35000 SH DEFINED 0 35000 0 HARRAHS ENTMT INC COM 413619107 4855 136000 SH DEFINED 0 124200 11800 HARRIS CORP DEL COM 413875105 278 10000 SH DEFINED 0 10000 0 HARTE-HANKS INC COM 416196103 1103 57750 SH DEFINED 0 57750 0 HARTFORD FINL SVCS GROUP INC COM 416515104 886 25100 SH DEFINED 0 25100 0 HASBRO INC COM 418056107 417 30000 SH DEFINED 0 30000 0 HCA INC COM 404119109 25449 615300 SH DEFINED 0 614700 600 HCC INS HLDGS INC COM 404132102 383 15000 SH DEFINED 0 15000 0 HEADWATERS INC COM 42210P102 829 59000 SH DEFINED 0 59000 0 HEALTH MANGEMENT SDCV 0.250 08/1 421933AA0 132 200000 PRN DEFINED 0 200000 0 HEALTH NET INC COM 42222G108 468 17500 SH DEFINED 0 17500 0 HELEN OF TROY CORP LTD COM G4388N106 262 20000 SH DEFINED 0 20000 0 HERCULES INC COM 427056106 322 37000 SH DEFINED 0 37000 0 HERLEY INDS INC DEL COM 427398102 268 15600 SH DEFINED 0 15600 0 HERSHEY FOODS CORP COM 427866108 564 9000 SH DEFINED 0 9000 0 HEWLETT PACKARD CO NOTE 10/1 428236AC7 144 300000 PRN DEFINED 0 300000 0 HIBERNIA CORP CL A 428656102 628 37000 SH DEFINED 0 37000 0 HILLENBRAND INDS INC COM 431573104 5414 106200 SH DEFINED 0 106200 0 HILTON HOTELS CORP NOTE 5.000% 5/1 432848AL3 384 400000 PRN DEFINED 0 400000 0 HOLLYWOOD ENTMT CORP COM 436141105 1039 65000 SH DEFINED 0 65000 0 HOME DEPOT INC COM 437076102 3152 129403 SH DEFINED 0 128003 1400 HONDA MOTOR LTD AMERN SHS 438128308 415 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1.800% 9/1 460690AF7 234 250000 PRN DEFINED 0 250000 0 INTERSTATE BAKERIES CORP DEL COM 46072H108 168 16000 SH DEFINED 0 16000 0 INVERESK RESH GROUP INC COM 461238107 170 11700 SH DEFINED 0 11700 0 IOS CAP LLC SDCV 5.000 5/0 462230AA1 371 400000 PRN DEFINED 0 400000 0 IPC HLDGS LTD ORD G4933P101 764 25400 SH DEFINED 0 25400 0 IRON MTN INC PA COM 462846106 3278 85700 SH DEFINED 0 85700 0 IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 79 10000 SH DEFINED 0 10000 0 ISLE OF CAPRI CASINOS INC COM 464592104 188 16000 SH DEFINED 0 16000 0 ITT EDUCATIONAL SERVICES INC COM 45068B109 1736 62000 SH DEFINED 0 62000 0 ITT INDS INC IND COM 450911102 5352 100200 SH DEFINED 0 100200 0 IVAX CORP NOTE 4.500% 5/1 465823AG7 878 1000000 PRN DEFINED 0 1000000 0 JACK IN THE BOX INC COM 466367109 362 20000 SH DEFINED 0 20000 0 JACOBS ENGR GROUP INC DEL COM 469814107 4121 98100 SH DEFINED 0 98100 0 JAG MEDIA HOLDINGS INC CL A 470080102 7 10000 SH DEFINED 0 10000 0 JAKKS PAC INC COM 47012E106 363 35000 SH DEFINED 0 35000 0 JARDEN CORP COM 471109108 1071 41200 SH DEFINED 0 41200 0 JOHNSON & JOHNSON COM 478160104 35960 621400 SH DEFINED 0 615600 5800 JOHNSON CTLS INC COM 478366107 4419 61000 SH DEFINED 0 61000 0 JOS A BANK CLOTHIERS INC COM 480838101 317 13000 SH DEFINED 0 13000 0 JUNIPER NETWORKS INC NOTE 4.750% 3/1 48203RAA2 298 350000 PRN DEFINED 0 350000 0 K-SWISS INC CL A 482686102 317 12400 SH DEFINED 0 12400 0 KB HOME COM 48666K109 10435 229600 SH DEFINED 0 228100 1500 KELLWOOD CO COM 488044108 260 9000 SH DEFINED 0 9000 0 KERR MCGEE CORP SDCV 5.250% 2/1 492386AP2 530 500000 PRN DEFINED 0 500000 0 KEYCORP NEW COM 493267108 226 10000 SH DEFINED 0 10000 0 KEYSPAN CORP COM 49337W100 774 24000 SH DEFINED 0 24000 0 KIMBERLY CLARK CORP COM 494368103 455 10000 SH DEFINED 0 10000 0 KINDER MORGAN INC KANS COM 49455P101 225 5000 SH DEFINED 0 5000 0 KNIGHT RIDDER INC COM 499040103 708 12100 SH DEFINED 0 12100 0 KOHLS CORP COM 500255104 38310 677100 SH DEFINED 0 671900 5200 KONINKLIJKE PHILIPS ELECTRS NY REG SH NEW 500472303 351 22500 SH DEFINED 0 22500 0 KROGER CO COM 501044101 156 11900 SH DEFINED 0 10000 1900 KROLL INC COM 501049100 310 14500 SH DEFINED 0 14500 0 KULICKE & SOFFA INDS INC NOTE 5.250% 8/1 501242AJ0 245 350000 PRN DEFINED 0 350000 0 L-3 COMMUNICATIONS HLDGS INC COM 502424104 12816 319050 SH DEFINED 0 311800 7250 L-3 COMMUNICATIONS HLDGS INC DEBT 4.000% 9/1 502424AD6 371 350000 PRN DEFINED 0 350000 0 LA Z BOY INC COM 505336107 346 20000 SH DEFINED 0 20000 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 8982 302950 SH DEFINED 0 301900 1050 LAM RESEARCH CORP NOTE 4.000% 6/0 512807AE8 271 300000 PRN DEFINED 0 300000 0 LANCASTER COLONY CORP COM 513847103 345 9000 SH DEFINED 0 9000 0 LANDAUER INC COM 51476K103 220 6000 SH DEFINED 0 6000 0 LANDSTAR SYS INC COM 515098101 1788 31100 SH DEFINED 0 31100 0 LEAPFROG ENTERPRISES INC CL A 52186N106 286 12000 SH DEFINED 0 12000 0 LEAR CORP COM 521865105 1506 42600 SH DEFINED 0 42600 0 LEE ENTERPRISES INC COM 523768109 1147 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562750109 175 10000 SH DEFINED 0 10000 0 MANPOWER INC DBCV 8/1 56418HAC4 180 300000 PRN DEFINED 0 300000 0 MANUGISTICS GROUP INC NOTE 5.000 11/0 565011AA1 641 1250000 PRN DEFINED 0 1250000 0 MARKEL CORP COM 570535104 1141 5100 SH DEFINED 0 5100 0 MARSH & MCLENNAN COS INC COM 571748102 512 12000 SH DEFINED 0 12000 0 MARSHALL & ILSLEY CORP COM 571834100 460 18000 SH DEFINED 0 18000 0 MARVEL ENTERPRISES INC COM 57383M108 1278 92500 SH DEFINED 0 92500 0 MASCO CORP COM 574599106 559 30000 SH DEFINED 0 30000 0 MATTEL INC COM 577081102 21629 961300 SH DEFINED 0 960000 1300 MATTHEWS INTL CORP CL A 577128101 231 10000 SH DEFINED 0 10000 0 MAY DEPT STORES CO COM 577778103 398 20000 SH DEFINED 0 20000 0 MAYTAG CORP COM 578592107 381 20000 SH DEFINED 0 20000 0 MB FINANCIAL INC NEW COM 55264U108 233 6500 SH DEFINED 0 6500 0 MCCLATCHY CO CL A 579489105 1040 19400 SH DEFINED 0 19400 0 MCDONALDS CORP COM 580135101 289 20000 SH DEFINED 0 20000 0 MEDAREX INC NOTE 4.500% 7/0 583916AA9 886 1300000 PRN 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12000 MICHAELS STORES INC COM 594087108 1751 70000 SH DEFINED 0 70000 0 MICROCHIP TECHNOLOGY INC COM 595017104 2539 127600 SH DEFINED 0 127600 0 MICROSOFT CORP COM 594918104 34596 1429000 SH DEFINED 0 1415300 13700 MID ATLANTIC MED SVCS INC COM 59523C107 3548 87500 SH DEFINED 0 87500 0 MILLENNIUM PHARMACEUTICALS I COM 599902103 236 30000 SH DEFINED 0 30000 0 MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 745 18100 SH DEFINED 0 18100 0 MOHAWK INDS INC COM 608190104 8101 168988 SH DEFINED 0 168988 0 MONSANTO CO NEW COM 61166W101 164 10000 SH DEFINED 0 10000 0 MOODYS CORP COM 615369105 324 7000 SH DEFINED 0 7000 0 MOORE LTD COM 615785102 419 40000 SH DEFINED 0 40000 0 MOVIE GALLERY INC COM 624581104 1036 59500 SH DEFINED 0 59500 0 MYLAN LABS INC COM 628530107 3568 124100 SH DEFINED 0 124100 0 NATIONAL COMMERCE FINL CORP COM 63545P104 995 42000 SH DEFINED 0 42000 0 NATIONWIDE HEALTH PPTYS INC COM 638620104 501 39000 SH DEFINED 0 39000 0 NAVISTAR FINL CORP NOTE 4.750% 4/0 638902AM8 282 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CORP COM 91529Y106 3118 318200 SH DEFINED 0 317200 1000 US BANCORP DEL COM NEW 902973304 5094 268400 SH DEFINED 0 266200 2200 USA INTERACTIVE COM 902984103 402 15000 SH DEFINED 0 15000 0 USFREIGHTWAYS CORP COM 916906100 456 18000 SH DEFINED 0 18000 0 UTI WORLDWIDE INC ORD G87210103 322 11500 SH DEFINED 0 11500 0 UTSTARCOM INC COM 918076100 400 20000 SH DEFINED 0 20000 0 V F CORP COM 918204108 2973 79000 SH DEFINED 0 79000 0 VALERO ENERGY CORP NEW COM 91913Y100 828 20000 SH DEFINED 0 20000 0 VALMONT INDS INC COM 920253101 205 9500 SH DEFINED 0 9500 0 VALSPAR CORP COM 920355104 749 18300 SH DEFINED 0 18300 0 VARIAN INC COM 922206107 602 21000 SH DEFINED 0 21000 0 VARIAN MED SYS INC COM 92220P105 12976 240600 SH DEFINED 0 240600 0 VCA ANTECH INC COM 918194101 294 19000 SH DEFINED 0 19000 0 VECTOR GROUP LTD NOTE 6.250 7/1 92240MAA6 378 500000 PRN DEFINED 0 500000 0 VERITAS DGC INC COM 92343P107 146 22000 SH DEFINED 0 22000 0 VERITAS SOFTWARE CO COM 923436109 304 17300 SH DEFINED 0 17000 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966612103 315 9200 SH DEFINED 0 9200 0 WHOLE FOODS MKT INC COM 966837106 6126 110100 SH DEFINED 0 110100 0 WILLIAMS SONOMA INC COM 969904101 275 12600 SH DEFINED 0 12600 0 WILLIS GROUP HOLDINGS LTD SHS G96655108 2368 85500 SH DEFINED 0 85500 0 WINN DIXIE STORES INC COM 974280109 264 20000 SH DEFINED 0 20000 0 WINNEBAGO INDS INC COM 974637100 778 28600 SH DEFINED 0 28600 0 WINTRUST FINANCIAL CORP COM 97650W108 695 24300 SH DEFINED 0 24300 0 WRIGLEY WM JR CO COM 982526105 3051 54000 SH DEFINED 0 54000 0 WSFS FINL CORP COM 929328102 288 9100 SH DEFINED 0 9100 0 XCEL ENERGY INC COM 98389B100 384 30000 SH DEFINED 0 30000 0 XL CAP LTD CL A G98255105 5309 75000 SH DEFINED 0 75000 0 XTO ENERGY CORP COM 98385X106 3174 167065 SH DEFINED 0 167065 0 YELLOW CORP COM 985509108 730 30300 SH DEFINED 0 30300 0 YORK INTL CORP NEW COM 986670107 420 20000 SH DEFINED 0 20000 0 YOUNG & RUBICAM INC NOTE 3.000% 1/1 987425AC9 337 350000 PRN DEFINED 0 350000 0 YUM BRANDS INC COM 988498101 487 20000 SH DEFINED 0 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