13F-HR 1 d13fhr.txt FORM 13F -------------------------- OMB APPROVAL -------------------------- OMB Number: 3235-0006 Expires: October 31, 2000 Estimated average burden hours per response .... 24.7 -------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended December 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: David M. Knott -------------------------------------------------------------------------- Address: 485 Underhill Boulevard ----------------------------------------------------------------------- Suite 205 ----------------------------------------------------------------------- Syosset, NY 11791 ----------------------------------------------------------------------- Form 13F File Number: 28-03121 ------------------------------------------------------- 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: Reporting Manager: Name: David M. Knott -------------------------------------------------------------------------- Title: Investment Manager ------------------------------------------------------------------------- Phone: (516) 364-0303 ------------------------------------------------------------------------- Signature, Place and Date of Signing: /s/ David M. Knott -------------------------------------------------------------------------------- [Signature] Syosset, New York -------------------------------------------------------------------------------- [City, State] February 11, 2004 -------------------------------------------------------------------------------- [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [_] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F Summary Page Report Summary: Number of Other Included Managers: 1 ----------------------------------------------------------------------- Form 13F Information Table Entry Total: 171 ----------------------------------------------------------------------- Form 13F Information Table Value Total: $907,177 (thousands) ------------------- List of Other Included Managers: Dorset Management Corporation ("Dorset") Page 2 of 10
Form 13F Information Table ------------------------------------------------------------------------------------------------------------------------------------ Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ Name of Issuer Title of CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority Class ($) prn amt PRN Call discretion Managers ------------------ Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ Alberto-Culver Company Common 013068200 1,444,532 22,900 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Alberto-Culver Company Common 013068200 948,723 15,040 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Ambac Financial Group Inc. Common 023139108 11,379,960 164,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Ambac Financial Group Inc. Common 023139108 10,672,182 153,800 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ American Int'l Group Inc. Common 026874107 26,512,000 400,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ American Int'l Group Inc. Common 026874107 24,365,853 367,620 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ American Medical Sec Group Inc. Common 02744P101 1,816,020 81,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ American Medical Sec Group Inc. Common 02744P101 1,560,432 69,600 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ American Service Group Inc. Common 02364L109 6,059,441 196,200 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ American Service Group Inc. Common 02364L109 5,024,176 162,700 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Anadarko Petroleum Corp. Common 032511107 7,651,500 150,000 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Applied Digital Solutions Common 038188108 108,801 231,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Applied Digital Solutions Common 038188108 47,705 101,500 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Applied Graphics Technologies Inc. Common 037937208 215,050 253,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Applied Graphics Technologies Inc. Common 037937208 184,450 217,000 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Aristotle Corp. Common 040448201 17,576 3,380 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Astro Power, Inc. Common 04644A101 11,083 17,050 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Bayview Capital Corp. Common 07262L101 1,282,555 599,325 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Bayview Capital Corp. Common 07262L101 1,074,659 502,177 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Beazer Home's USA Inc. Common 07556Q105 30,274,600 310,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Beazer Home's USA Inc. Common 07556Q105 27,901,462 285,700 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------
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Form 13F Information Table ------------------------------------------------------------------------------------------------------------------------------------ Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ Name of Issuer Title of Class CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority ($) prn amt PRN Call discretion Managers ---------------- Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ Benihana Inc. Common 082047200 1,648,607 129,100 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Benihana Inc. Common 082047200 1,498,176 117,320 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Butler International Inc. Common 123649105 813,890 539,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Butler International Inc. Common 123649105 508,115 336,500 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Calpine Corp. Common 131347106 1,381,432 287,200 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Calpine Corp. Common 131347106 6,253 1,300 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Calypte Biomedical Common 131722605 731,631 1,573,400 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Calypte Biomedical Common 131722605 657,220 1,428,739 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Canadian Natural Resources Ltd. Common 136385101 20,663,590 410,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Canadian Natural Resources Ltd. Common 136385101 24,222,240 480,600 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Caremark RX Inc. Common 141705131 7,629,396 301,200 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Caremark RX Inc. Common 141705131 6,817,316 269,140 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Cavco Industries Common 149568107 388,220 16,175 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Cavco Industries Common 149568107 352,704 14,696 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Cellegy Pharmaceuticals Common 15115L103 405,855 130,500 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Cellegy Pharmaceuticals Common 15115L103 262,795 84,500 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Centex Construction Products Common 15231R109 3,230,472 53,600 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Centex Construction Products Common 15231R109 2,966,489 49,220 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Centex Corporation Common 152312104 34,448,000 320,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Centex Corporation Common 152312104 31,189,434 289,730 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ CINAR Corporation Common 171905300 60,287 16,700 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ CINAR Corporation Common 171905300 51,190 14,180 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------
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Form 13F Information Table ------------------------------------------------------------------------------------------------------------------------------------ Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ Name of Issuer Title of CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority Class ($) prn amt PRN Call discretion Managers ------------------ Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ Citadel Security Software Inc. Common 17288Q109 808,260 212,700 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Citadel Security Software Inc. Common 17288Q109 734,540 193,300 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Inc. Common 172967101 27,182,400 560,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Inc. Common 172967101 25,064,114 516,360 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Click Software Technologies Inc. Common M25082104 517,344 126,800 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Click Software Technologies Inc. Common M25082104 468,666 114,869 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Columbia Labs Inc. Common 197779101 4,871,160 773,200 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Columbia Labs Inc. Common 197779101 6,032,987 957,617 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Connetics Corporation Common 208192104 4,287,576 236,100 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Connetics Corporation Common 208192104 3,650,160 201,000 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Crucell NV Common 228769105 2,240,230 379,700 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Crucell NV Common 228769105 2,037,270 345,300 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ D.R. Horton Inc. Common 23331A109 58,574,040 1,354,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ D.R. Horton Inc. Common 23331A109 51,986,407 1,201,720 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Danka Business Systems Common 236277109 2,200,000 500,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Danka Business Systems Common 236277109 2,017,950 458,625 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Devon Energy Corp. Common 25179M103 4,008,200 70,000 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Exegenics Inc. Common 301610101 367,691 409,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Exegenics Inc. Common 301610101 311,400 346,000 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Fifth Third Bancorp Common 316773100 18,912,000 320,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Fifth Third Bancorp Common 316773100 16,929,786 286,460 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ First Keystone Financial Inc Common 320655103 955,500 35,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------
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Form 13F Information Table ------------------------------------------------------------------------------------------------------------------------------------ Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ Name of Issuer Title of CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority Class ($) prn amt PRN Call discretion Managers ------------------ Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ First Keystone Financial Inc Common 320655103 778,050 28,500 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Foot Locker, Inc. Common 344849104 5,628,000 240,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Foot Locker, Inc. Common 344849104 5,121,832 218,415 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Foot Locker Inc. @ 15 Exp. 1/05 Common 344849904 51,040 58 SH Call SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Foot Locker Inc. @ 15 Exp. 1/05 Common 344849904 36,960 42 SH Call DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Foot Star Common 344912100 70,455 18,300 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Foot Star Common 344912100 54,670 14,200 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Fuel-Tech N.V. Common 359523107 1,210,905 341,100 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Fuel-Tech N.V. Common 359523107 1,091,270 307,400 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Gemstar-TV Guide International Common 36866W106 1,968,324 388,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Gemstar-TV Guide International Common 36866W106 1,267,500 250,000 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Gentiva Health Services Common 37247A102 6,471,680 512,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Gentiva Health Services Common 37247A102 5,893,324 466,244 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Genzyme Corp. Common 372917104 4,015,859 81,474 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Genzyme Corp. Common 372917104 3,099,552 62,884 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Genzyme Corp. @ 60 Exp 1/04 Common 372917954 26,160 24 SH Puts SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Hollinger International Common 435569108 6,424,506 411,300 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Hollinger International Common 435569108 5,680,994 363,700 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Hollis-Eden Pharmaceutical Common 435902101 464,622 42,200 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Hollis-Eden Pharmaceutical Common 435902101 404,067 36,700 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Imclone Systems Common 45245W109 832,860 21,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Imclone Systems Common 45245W109 321,246 8,100 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------
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Form 13F Information Table ------------------------------------------------------------------------------------------------------------------------------------ Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ Name of Issuer Title of CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority Class ($) prn amt PRN Call discretion Managers ------------------ Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ Information Resources Inc. Common 456905108 207,900 115,500 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Information Resources Inc. Common 456905108 188,100 104,500 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ IONA Technologies plc Common 46206P109 271,041 54,100 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ IONA Technologies plc Common 46206P109 177,354 35,400 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ iVillage Inc. Common 46588H105 3,196,940 893,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ iVillage Inc. Common 46588H105 2,324,354 649,261 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Korea Fund Common 500634100 1,550,575 84,500 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Korea Fund Common 500634100 963,742 52,520 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp. Common 526057104 21,504,000 224,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp. Common 526057104 19,545,600 203,600 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp. CLB Common 526057302 2,047,360 22,400 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp. CLB Common 526057302 1,846,280 20,200 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Live Person Inc. n Common 538146101 923,500 184,700 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Live Person Inc. Common 538146101 609,500 121,900 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ M&T Bank Common 55261F104 5,947,150 60,500 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ M&T Bank Common 55261F104 4,951,371 50,370 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Magna Entertainment Corp. Common 559211107 6,065,050 1,201,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Magna Entertainment Corp. Common 559211107 5,570,473 1,103,064 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Mercer Int'l Inc. Common 588056101 248,285 39,100 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Mercer Int'l Inc. Common 588056101 226,695 35,700 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Methanex Corp. Common 59151K108 3,270,984 292,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Methanex Corp. Common 59151K108 2,783,088 248,490 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------
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Form 13F Information Table ------------------------------------------------------------------------------------------------------------------------------------ Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ Name of Issuer Title of CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority Class ($) prn amt PRN Call discretion Managers ------------------ Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ MI Developments Inc. Common 55304X104 3,442,536 123,300 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- MI Developments Inc. Common 55304X104 3,129,832 112,100 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Miramar Mining Corp. Common 60466E100 2,027,138 784,800 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- Miramar Mining Corp. Common 60466E100 1,770,396 686,200 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Murphys Oil Corporation Common 626717102 6,204,450 95,000 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Nabi Common 629519109 4,906,060 386,000 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- Nabi Common 629519109 3,919,764 308,400 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- NEO Pharm Inc. Common 640919106 10,932,000 600,000 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- NEO Pharm Inc. Common 640919106 9,940,158 545,563 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Norsk Hydro Common 656531605 2,088,840 33,800 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Omni Vision Tech Common 682128103 2,431,000 44,000 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- Omni Vision Tech Common 682128103 1,734,850 31,400 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Omnova Solutions Inc. Common 682129101 5,760 1,200 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- Omnova Solutions Inc. Common 682129101 4,992 1,040 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Orthodontic Centers of America Inc. Common 68750P103 368,690 45,800 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- PCTel Inc. Common 69325Q105 3,391,625 315,500 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- PCTel Inc. Common 69325Q105 3,087,400 287,200 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Penwest Pharmaceuticals Co. Common 709754105 5,579,712 322,900 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- Penwest Pharmaceuticals Co. Common 709754105 5,187,456 300,200 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Photo Medex Inc. Common 719358103 782,936 315,700 SH SOLE X ----------------------------------------------------------------------------------------------------------------------------------- Photo Medex Inc. Common 719358103 699,112 281,900 SH DEFINED Dorset X ----------------------------------------------------------------------------------------------------------------------------------- Pogo Producing Co. Common 730448107 4,269,720 88,400 SH DEFINED Dorset X -----------------------------------------------------------------------------------------------------------------------------------
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Form 13F Information Table ------------------------------------------------------------------------------------------------------------------------------------ Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ Name of Issuer Title of CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority Class ($) prn amt PRN Call discretion Managers ------------------ Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ Presstek Common 741113104 4,189,010 581,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Presstek Common 741113104 3,813,369 528,900 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ QuadraMed Corp. Common 74730W101 2,370,955 894,700 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ QuadraMed Corp. Common 74730W101 2,155,245 813,300 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Quovadx Inc. Common 74913K106 288,091 58,794 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Quovadx Inc. Common 74913K106 261,822 53,433 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Rainier Pacific Financial Group Common 75087U101 7,307 459 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ RC2 Common 749388104 3,003,686 144,200 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ RC2 Common 749388104 2,727,689 130,950 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Scientific Games Corporation Common 80874P109 5,847,862 344,600 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Scientific Games Corporation Common 80874P109 4,316,370 254,353 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Sotheby's Holdings Inc. -Class A Common 835898107 71,032 5,200 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ SRS Labs Inc. Common 78464M106 1,062,687 113,900 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ SRS Labs Inc. Common 78464M106 963,789 103,300 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Sunguard Data Systems Inc. Common 867363103 1,925,845 69,500 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Sunguard Data Systems Inc. Common 867363103 1,261,913 45,540 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ SWS Group Inc. Common 78503N107 1,763,606 99,079 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ SWS Group Inc. Common 78503N107 697,760 39,200 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ Talisman Energy Inc. Common 87425E103 10,344,465 182,500 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------ Talisman Energy Inc. Common 87425E103 15,133,560 267,000 SH DEFINED Dorset X ------------------------------------------------------------------------------------------------------------------------------------ The Stephan Co. Common 858603103 862,000 200,000 SH SOLE X ------------------------------------------------------------------------------------------------------------------------------------
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Form 13F Information Table --------------------------------------------------------------------------------------------------------------------------------- Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 --------------------------------------------------------------------------------------------------------------------------------- Name of Issuer Title of CUSIP Value Shrs or SH/ Put/ Investment Other Voting Authority Class ($) prn amt PRN Call discretion Managers ------------------ Sole Shared None --------------------------------------------------------------------------------------------------------------------------------- The Stephan Co. Common 858603103 643,397 149,280 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Toll Brothers Inc. Common 889478103 3,976,000 100,000 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Toll Brothers Inc. Common 889478103 3,618,160 91,000 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Unocal Corp. Common 915289102 3,233,674 87,800 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Unocal Corp. Common 915289102 10,674,807 289,840 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Vasogen Inc. Common 92232F103 6,603,000 880,400 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Vasogen Inc. Common 92232F103 5,924,850 789,980 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Verso Technologies Inc. Common 925317109 4,832,564 1,496,150 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Verso Technologies Inc. Common 925317109 4,372,241 1,353,635 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Vignette Corp. Common 926734104 536,401 236,300 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Vignette Corp. Common 926734104 488,504 215,200 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- WCI Communities Inc. Common 92923C104 5,869,728 284,800 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- WCI Communities Inc. Common 92923C104 5,288,526 256,600 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. Common 949746101 10,011,300 170,000 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Wells Fargo & Co. Common 949746101 9,238,663 156,880 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Willis Group Holdings Ltd. Common G96655108 10,902,400 320,000 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Willis Group Holdings Ltd. Common G96655108 9,917,777 291,100 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- Zions Bancorp Common 989701107 2,490,404 40,600 SH SOLE X --------------------------------------------------------------------------------------------------------------------------------- Zions Bancorp Common 989701107 1,604,654 26,160 SH DEFINED Dorset X --------------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL 907,176,511 48,247,025 ---------------------------------------------------------------------------------------------------------------------------------
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