Stevens Capital Management

Stevens Capital Management as of Sept. 30, 2007

Portfolio Holdings for Stevens Capital Management

Stevens Capital Management holds 0 positions in its portfolio as reported in the September 2007 quarterly 13F filing

                {S} {C}

                                                             VALUE    SHRS/PRN   SH/  PUT/   INV    OTHER   VOTING AUTHORITY
NAME OF ISSUER               TITLE OF CLASS      CUSIP      (x$1000)   AMOUNT    PRN  CALL  DISCR  MANAGERS      SOLE
21ST CENTY INS GROUP         COM                 90130N103     1073    48756       SH        SOLE               48756
3M CO                        COM                 88579Y101     5956    63644       SH        SOLE               63644
99 CENTS ONLY STORES         COM                 65440K106      926    90210       SH        SOLE               90210
A D C TELECOMMUNICATIONS     COM NEW             000886309     2649   135086       SH        SOLE              135086
ABB LTD                      SPONSORED ADR       000375204      696    26533       SH        SOLE               26533
ABX AIR INC                  COM                 00080S101      272    38438       SH        SOLE               38438
ACERGY S A                   SPONSORED ADR       00443E104      445    14997       SH        SOLE               14997
ACI WORLDWIDE INC            COM                 004498101      920    41164       SH        SOLE               41164
ACME PACKET INC              COM                 004764106      429    27808       SH        SOLE               27808
ACTUANT CORP                 SDCV     2.000%11/1 00508XAB0      834   500000      PRN        SOLE              500000
ADAPTEC INC                  COM                 00651F108      310    81217       SH        SOLE               81217
ADAPTEC INC                  NOTE     0.750%12/2 00651FAG3      463   500000      PRN        SOLE              500000
ADOBE SYS INC                COM                 00724F101    10851   248540       SH        SOLE              248540
AEGON N V                    ORD AMER REG        007924103      637    33465       SH        SOLE               33465
AEROPOSTALE                  COM                 007865108     1783    93559       SH        SOLE               93559
AES CORP                     COM                 00130H105     4845   241757       SH        SOLE              241757
AFLAC INC                    COM                 001055102     3808    66754       SH        SOLE               66754
AGCO CORP                    NOTE   1.250%12/1   001084AM4      688   500000      PRN        SOLE              500000
AGL RES INC                  COM                 001204106     4080   102978       SH        SOLE              102978
AGNICO EAGLE MINES LTD       COM                 008474108     1455    29211       SH        SOLE               29211
AIRTRAN HLDGS INC            COM                 00949P108      607    61678       SH        SOLE               61678
AKAMAI TECHNOLOGIES INC      COM                 00971T101     4201   146218       SH        SOLE              146218
ALABAMA NATL BANCORP DELA    COM                 010317105     4169    53510       SH        SOLE               53510
ALASKA AIR GROUP INC         COM                 011659109      851    36852       SH        SOLE               36852
ALBERTO CULVER CO NEW        COM                 013078100     3269   131866       SH        SOLE              131866
ALCAN INC                    COM                 013716105     8130    81234       SH        SOLE               81234
ALEXANDER & BALDWIN INC      COM                 014482103      916    18273       SH        SOLE               18273
ALEXION PHARMACEUTICALS INC  NOTE   1.375% 2/0   015351AF6     1066   500000      PRN        SOLE              500000
ALFA CORP                    COM                 015385107     6120   336635       SH        SOLE              336635
ALLEGHENY ENERGY INC         COM                 017361106     4900    93761       SH        SOLE               93761
ALLERGAN INC                 NOTE    1.500% 4/0  018490AL6     1152  1000000      PRN        SOLE             1000000
ALLIANCE DATA SYSTEMS CORP   COM                 018581108     1471    18993       SH        SOLE               18993
ALLIANT TECHSYSTEMS INC      NOTE   2.750% 2/1   018804AH7      715   500000      PRN        SOLE              500000
ALLIANT TECHSYSTEMS INC      NOTE   3.000% 8/1   018804AK0      766   500000      PRN        SOLE              500000
ALLIED WASTE INDS INC        COM PAR$.01NEW      019589308     2204   172871       SH        SOLE              172871
ALLSCRIPTS HEALTHCARE SOLUTI DBCV   3.500% 7/1   01988PAB4     2226   905000      PRN        SOLE              905000
ALLTEL CORP                  COM                 020039103     1695    24327       SH        SOLE               24327
ALPHARMA INC                 NOTE   2.125% 3/1   020813AH4      450   500000      PRN        SOLE              500000
ALTERA CORP                  COM                 021441100     4369   181455       SH        SOLE              181455
ALTRA HOLDINGS INC           COM                 02208R106      706    42344       SH        SOLE               42344
ALUMINUM CORP CHINA LTD      SPON ADR H SHS      022276109     2303    32891       SH        SOLE               32891
AMAZON COM INC               NOTE    4.750% 2/0  023135AF3      613   500000      PRN        SOLE              500000
AMBAC FINL GROUP INC         COM                 023139108     4906    77985       SH        SOLE               77985
AMDOCS LTD                   NOTE    0.500% 3/1  02342TAD1      263   250000      PRN        SOLE              250000
AMERICAN CAMPUS CMNTYS INC   COM                 024835100     1079    36841       SH        SOLE               36841
AMERICAN ELEC PWR INC        COM                 025537101     4903   106408       SH        SOLE              106408
AMERICAN EXPRESS CO          COM                 025816109     4656    78417       SH        SOLE               78417
AMERICAN FINL GROUP INC OHIO NOTE   1.486% 6/0   025932AD6      249   500000      PRN        SOLE              500000
AMERICAN FINL RLTY TR        COM                 02607P305      999   124122       SH        SOLE              124122
AMERICAN TOWER CORP          NOTE   3.000% 8/1   029912AR3     1084   500000      PRN        SOLE              500000
AMERIS BANCORP               COM                 03076K108      608    33621       SH        SOLE               33621
AMKOR TECHNOLOGY INC         NOTE   2.500% 5/1   031652AX8     1271  1222000      PRN        SOLE             1222000
AMR CORP                     NOTE   4.500% 2/1   001765BB1     1198  1000000      PRN        SOLE             1000000
AMYLIN PHARMACEUTICALS INC   NOTE     3.000% 6/1 032346AE8      547   500000      PRN        SOLE              500000
ANALOG DEVICES INC           COM                 032654105     6330   175044       SH        SOLE              175044
ANDREW CORP                  COM                 034425108     6041   436209       SH        SOLE              436209
ANHEUSER BUSCH COS INC       COM                 035229103     5540   110818       SH        SOLE              110818
ANWORTH MORTGAGE ASSET CP    COM                 037347101      791   146675       SH        SOLE              146675
AON CORP                     DBCV   3.500%11/1   037389AT0     1042   500000      PRN        SOLE              500000
APEX SILVER MINES LTD        NOTE   2.875% 3/1   03760XAB7      435   481000      PRN        SOLE              481000
APOLLO GROUP INC             CL A                037604105     1211    20135       SH        SOLE               20135
APPALACHIAN BANCSHARES INC   COM                 037675105      352    24900       SH        SOLE               24900
APPLE INC                    COM                 037833100    29020   189004       SH        SOLE              189004
APPLEBEES INTL INC           COM                 037899101     3170   127417       SH        SOLE              127417
APPLERA CORP                 COM AP BIO GRP      038020103      694    20039       SH        SOLE               20039
APPLIED MATLS INC            COM                 038222105     1063    51366       SH        SOLE               51366
APPLIX INC                   COM                 038316105     1578    88768       SH        SOLE               88768
APTIMUS INC                  COM                 03833V108      639   104359       SH        SOLE              104359
AQUILA INC                   COM                 03840P102     8558  2134077       SH        SOLE             2134077
ARCHER DANIELS MIDLAND CO    COM                 039483102     4195   126815       SH        SOLE              126815
ARCHSTONE SMITH OPER TR      NOTE     4.000% 7/1 039584AC1     1045  1000000      PRN        SOLE             1000000
ARMSTRONG WORLD INDS INC NEW COM                 04247X102      552    13610       SH        SOLE               13610
ARROW INTL INC               COM                 042764100     3176    69813       SH        SOLE               69813
ARVINMERITOR INC             COM                 043353101     1168    69425       SH        SOLE               69425
ASE TEST LTD                 ORD                 Y02516105     3072   213747       SH        SOLE              213747
ASIAINFO HLDGS INC           COM                 04518A104      378    41703       SH        SOLE               41703
ASTRAZENECA PLC              SPONSORED ADR       046353108      773    15431       SH        SOLE               15431
AT^T INC                     COM                 00206R102     3342    78995       SH        SOLE               78995
AUBURN NATL BANCORP          COM                 050473107      627    25600       SH        SOLE               25600
AUTHORIZE NET HLDGS INC      COM                 052686102     6916   392267       SH        SOLE              392267
AUTOLIV INC                  COM                 052800109     1189    19899       SH        SOLE               19899
AUTOMATIC DATA PROCESSING IN COM                 053015103     3475    75659       SH        SOLE               75659
AUTOZONE INC                 COM                 053332102     3581    30831       SH        SOLE               30831
AVALONBAY CMNTYS INC         COM                 053484101     6403    54238       SH        SOLE               54238
AVAYA INC                    COM                 053499109      498    29351       SH        SOLE               29351
AVNET INC                    DBCV   2.000% 3/1   053807AL7     1280  1000000      PRN        SOLE             1000000
BACK YD BURGERS INC          COM                 05635W101      713   125100       SH        SOLE              125100
BANK MUTUAL CORP NEW         COM                 063750103      375    31784       SH        SOLE               31784
BANK OF NEW YORK MELLON CORP COM                 064058100      674    15259       SH        SOLE               15259
BANKFINANCIAL CORP           COM                 06643P104      726    45912       SH        SOLE               45912
BANNER CORP                  COM                 06652V109     2339    68021       SH        SOLE               68021
BARD C R INC                 COM                 067383109     1721    19510       SH        SOLE               19510
BEARINGPOINT INC             COM                 074002106      228    56331       SH        SOLE               56331
BEAZER HOMES USA INC         COM                 07556Q105     1627   197248       SH        SOLE              197248
BECTON DICKINSON & CO        COM                 075887109     1309    15956       SH        SOLE               15956
BENEFICIAL MUTUAL BANCORP IN COM                 08173R104      323    33179       SH        SOLE               33179
BERKLEY W R CORP             COM                 084423102      370    12500       SH        SOLE               12500
BEST BUY INC                 COM                 086516101     5626   122247       SH        SOLE              122247
BEST BUY INC                 SDCV   2.250% 1/1   086516AF8      547   500000      PRN        SOLE              500000
BIOVAIL CORP                 COM                 09067J109      524    30188       SH        SOLE               30188
BIW LTD                      COM                 05547U102      751    32300       SH        SOLE               32300
BJS WHOLESALE CLUB INC       COM                 05548J106     1542    46512       SH        SOLE               46512
BLACKBAUD INC                COM                 09227Q100      414    16399       SH        SOLE               16399
BMC SOFTWARE INC             COM                 055921100      748    23941       SH        SOLE               23941
BOARDWALK BANCORP INC        COM                 09661Q103     1281    59100       SH        SOLE               59100
BOB EVANS FARMS INC          COM                 096761101     1040    34466       SH        SOLE               34466
BORDERS GROUP INC            COM                 099709107     1781   133596       SH        SOLE              133596
BOSTON PROPERTIES INC        COM                 101121101     8086    77829       SH        SOLE               77829
BOWATER INC                  COM                 102183100      893    59837       SH        SOLE               59837
BOYD GAMING CORP             COM                 103304101      574    13395       SH        SOLE               13395
BP PLC                       SPONSORED ADR       055622104     1451    20917       SH        SOLE               20917
BRE PROPERTIES INC           CL A                05564E106     1320    23598       SH        SOLE               23598
BRIDGE CAP HLDGS             COM                 108030107     1160    52100       SH        SOLE               52100
BRINKS CO                    COM                 109696104      868    15536       SH        SOLE               15536
BROOKFIELD ASSET MGMT INC    CL A LTD VT SH      112585104      534    13879       SH        SOLE               13879
BROOKFIELD PPTYS CORP        COM                 112900105     2556   102670       SH        SOLE              102670
BROOKLINE BANCORP INC DEL    COM                 11373M107     1145    98749       SH        SOLE               98749
BROWN & BROWN INC            COM                 115236101     1578    60016       SH        SOLE               60016
BRUNSWICK CORP               COM                 117043109     2184    95545       SH        SOLE               95545
BUILDING MATLS HLDG CORP     COM                 120113105      565    53408       SH        SOLE               53408
BUSINESS OBJECTS S A         SPONSORED ADR       12328X107     1775    39563       SH        SOLE               39563
C COR INC                    COM                 125010108      320    27880       SH        SOLE               27880
C D W CORP                   COM                 12512N105     1329    15244       SH        SOLE               15244
CAMCO FINL CORP              COM                 132618109      424    31700       SH        SOLE               31700
CAMDEN PPTY TR               SH BEN INT          133131102     1959    30492       SH        SOLE               30492
CANADIAN NAT RES LTD         COM                 136385101     2575    33987       SH        SOLE               33987
CAPITAL ONE FINL CORP        COM                 14040H105     3733    56189       SH        SOLE               56189
CARDIAC SCIENCE CORP         COM                 14141A108      309    30700       SH        SOLE               30700
CARDINAL FINL CORP           COM                 14149F109     1135   113592       SH        SOLE              113592
CARDINAL HEALTH INC          COM                 14149Y108     3321    53104       SH        SOLE               53104
CARDINAL STATE BANK DURHAM N COM                 141546101      859    52600       SH        SOLE               52600
CAREER EDUCATION CORP        COM                 141665109     1666    59538       SH        SOLE               59538
CARLISLE COS INC             COM                 142339100     1196    24610       SH        SOLE               24610
CARNIVAL CORP                DBCV     2.000% 4/1 143658AN2      628   500000      PRN        SOLE              500000
CAROLINA NATL CORP           COM                 144060100      234    12300       SH        SOLE               12300
CBS CORP NEW                 CL B                124857202      913    28983       SH        SOLE               28983
CENTENNIAL BK HLDGS INC DEL  COM                 151345303      566    88395       SH        SOLE               88395
CENTER BANCORP INC           COM                 151408101      269    22380       SH        SOLE               22380
CENTERPOINT ENERGY INC       COM                 15189T107     3789   236358       SH        SOLE              236358
CENTERPOINT ENERGY INC       NOTE   3.750% 5/1   15189TAM9      716   500000      PRN        SOLE              500000
CENTEX CORP                  COM                 152312104     7135   268530       SH        SOLE              268530
CENTRAL VA BANKSHARES INC    COM                 155792104      321    16900       SH        SOLE               16900
CENTURY ALUM CO              NOTE   1.750% 8/0   156431AE8      895   500000      PRN        SOLE              500000
CENTURYTEL INC               COM                 156700106     3670    79410       SH        SOLE               79410
CEPHALON INC                 NOTE           6/1  156708AL3      674   500000      PRN        SOLE              500000
CEPHALON INC                 NOTE   2.000% 6/0   156708AP4     2046  1219000      PRN        SOLE             1219000
CHAMPION ENTERPRISES INC     COM                 158496109      441    40146       SH        SOLE               40146
CHAMPS ENTMT INC DEL         COM                 158787101     1359   244900       SH        SOLE              244900
CHARLES RIV LABS INTL INC    NOTE   2.250% 6/1   159864AB3     1280  1000000      PRN        SOLE             1000000
CHARTER COMMUNICATIONS INC D NOTE   5.875%11/1   16117MAE7      374   291000      PRN        SOLE              291000
CHECKFREE CORP NEW           COM                 162813109     3410    73280       SH        SOLE               73280
CHEESECAKE FACTORY INC       COM                 163072101     3407   145162       SH        SOLE              145162
CHEMTURA CORP                COM                 163893100     1337   150412       SH        SOLE              150412
CHENIERE ENERGY INC          COM NEW             16411R208     1206    30800       SH        SOLE               30800
CHESAPEAKE ENERGY CORP       COM                 165167107      675    19146       SH        SOLE               19146
CHESAPEAKE ENERGY CORP       NOTE     2.500% 5/1 165167BZ9     1016  1000000      PRN        SOLE             1000000
CHICAGO BRIDGE & IRON CO N V N Y REGISTRY SH     167250109      529    12289       SH        SOLE               12289
CHICOS FAS INC               COM                 168615102     1270    90402       SH        SOLE               90402
CHINA LIFE INS CO LTD        SPON ADR REP H      16939P106     2667    30933       SH        SOLE               30933
CHINA MOBILE LIMITED         SPONSORED ADR       16941M109     1229    14978       SH        SOLE               14978
CHINA PRECISION STEEL INC    COM                 16941J106      323    41503       SH        SOLE               41503
CHINA UNICOM LTD             SPONSORED ADR       16945R104      359    17250       SH        SOLE               17250
CHITTENDEN CORP              COM                 170228100     5532   157346       SH        SOLE              157346
CHOICEPOINT INC              COM                 170388102      659    17378       SH        SOLE               17378
CIENA CORP                   NOTE   0.875% 6/1   171779AE1     1123  1000000      PRN        SOLE             1000000
CIGNA CORP                   COM                 125509109     2094    39303       SH        SOLE               39303
CITY HLDG CO                 COM                 177835105     1192    32741       SH        SOLE               32741
CKE RESTAURANTS INC          NOTE   4.000%10/0   12561EAG0     1897  1000000      PRN        SOLE             1000000
CLEAR CHANNEL COMMUNICATIONS COM                 184502102      587    15683       SH        SOLE               15683
CLOROX CO DEL                COM                 189054109     1710    28030       SH        SOLE               28030
CMS ENERGY CORP              NOTE   2.875%12/0   125896AW0      641   500000      PRN        SOLE              500000
CMS ENERGY CORP              NOTE   3.375% 7/1   125896AY6     1654  1028000      PRN        SOLE             1028000
CNA FINL CORP                COM                 126117100      968    24627       SH        SOLE               24627
COACH INC                    COM                 189754104     1435    30352       SH        SOLE               30352
COCA COLA CO                 COM                 191216100     8349   145275       SH        SOLE              145275
COGNIZANT TECHNOLOGY SOLUTIO CL A                192446102     2602    32607       SH        SOLE               32607
COGNOS INC                   COM                 19244C109      797    19179       SH        SOLE               19179
COINMACH SVC CORP            CL A                19259W206     4121   343700       SH        SOLE              343700
COLDWATER CREEK INC          COM                 193068103      997    91827       SH        SOLE               91827
COLLECTIVE BRANDS INC        COM                 19421W100      488    22142       SH        SOLE               22142
COMCAST HOLDINGS CORP        ZONES CV2% PCS      200300507      650    15550      PRN        SOLE               15550
COMERICA INC                 COM                 200340107     5749   112113       SH        SOLE              112113
COMMERCE GROUP INC MASS      COM                 200641108     1145    38855       SH        SOLE               38855
COMMERCIAL METALS CO         COM                 201723103     1993    62966       SH        SOLE               62966
COMMSCOPE INC                COM                 203372107     2113    42055       SH        SOLE               42055
COMMSCOPE INC                SDCV     1.000% 3/1 203372AD9     1161   500000      PRN        SOLE              500000
COMMUNITY BKS INC MILLERSBUR COM                 203628102     2767    92888       SH        SOLE               92888
COMMUNITY CAP CORP S C       COM                 20363C102      853    41600       SH        SOLE               41600
COMMUNITY FINL CORP VA       COM                 20365L100      619    66600       SH        SOLE               66600
COMMUNITY HEALTH SYS INC NEW COM                 203668108     2755    87615       SH        SOLE               87615
COMMUNITY TR BANCORP INC     COM                 204149108     1779    59219       SH        SOLE               59219
COMMUNITY WEST BANCSHARES    COM                 204157101      289    27100       SH        SOLE               27100
COMMVAULT SYSTEMS INC        COM                 204166102      369    19918       SH        SOLE               19918
COMPANHIA VALE DO RIO DOCE   SPON ADR PFD        204412100      685    24074       SH        SOLE               24074
COMPUTER ASSOC INTL INC      NOTE   1.625%12/1   204912AQ2     1336  1000000      PRN        SOLE             1000000
COMTECH TELECOMMUNICATIONS C NOTE    2.000% 2/0  205826AD2      663   384000      PRN        SOLE              384000
CON-WAY INC                  COM                 205944101      717    15589       SH        SOLE               15589
CONAGRA FOODS INC            COM                 205887102     2357    90186       SH        SOLE               90186
CONOCOPHILLIPS               COM                 20825C104     4203    47887       SH        SOLE               47887
CONSECO INC                  COM NEW             208464883      452    28228       SH        SOLE               28228
CONSOLIDATED EDISON INC      COM                 209115104     3394    73310       SH        SOLE               73310
CONSTELLATION BRANDS INC     CL A                21036P108      596    24609       SH        SOLE               24609
CONTINENTAL AIRLS INC        CL B                210795308      444    13452       SH        SOLE               13452
COOPER CAMERON CORP          DBCV    1.500% 5/1  216640AE2     1341   500000      PRN        SOLE              500000
COOPER INDS LTD              CL A                G24182100     1339    26200       SH        SOLE               26200
COPART INC                   COM                 217204106     1378    40063       SH        SOLE               40063
CORE LABORATORIES LP         NOTE   0.250%10/3   21868FAB9     1776  1250000      PRN        SOLE             1250000
CORNING INC                  COM                 219350105     7827   317516       SH        SOLE              317516
COUSINS PPTYS INC            COM                 222795106     1270    43240       SH        SOLE               43240
COVANTA HLDG CORP            DBCV   1.000% 2/0   22282EAA0     1531  1500000      PRN        SOLE             1500000
COVIDIEN LTD                 COM                 G2552X108      534    12876       SH        SOLE               12876
COWEN GROUP INC              COM                 223621103      412    29805       SH        SOLE               29805
CRESCENT BKG CO              COM                 225646108      649    20000       SH        SOLE               20000
CRESCENT FINL CORP           COM                 225744101      293    26300       SH        SOLE               26300
CSG SYS INTL INC             COM                 126349109      888    41803       SH        SOLE               41803
CSG SYS INTL INC             NOTE   2.500% 6/1   126349AB5      493   500000      PRN        SOLE              500000
CUMULUS MEDIA INC            CL A                231082108     1482   144963       SH        SOLE              144963
CV THERAPEUTICS INC          NOTE   2.750% 5/1   126667AF1      243   296000      PRN        SOLE              296000
CVS CAREMARK CORPORATION     COM                 126650100     8814   222396       SH        SOLE              222396
CYMER INC                    COM                 232572107     2224    57921       SH        SOLE               57921
CYTYC CORP                   COM                 232946103     7406   155419       SH        SOLE              155419
DADE BEHRING HLDGS INC       COM                 23342J206     3186    41733       SH        SOLE               41733
DELL INC                     COM                 24702R101    11442   414573       SH        SOLE              414573
DELTA PETE CORP              COM NEW             247907207      327    18199       SH        SOLE               18199
DENDREON CORP                COM                 24823Q107      523    68070       SH        SOLE               68070
DEUTSCHE TELEKOM AG          SPONSORED ADR       251566105      953    48559       SH        SOLE               48559
DIAMONDROCK HOSPITALITY CO   COM                 252784301      260    14921       SH        SOLE               14921
DICKS SPORTING GOODS INC     NOTE     1.606% 2/1 253393AB8      589   500000      PRN        SOLE              500000
DIGITAL RIV INC              COM                 25388B104     1653    36942       SH        SOLE               36942
DISCOVER FINL SVCS           COM                 254709108      731    35127       SH        SOLE               35127
DISNEY WALT CO               COM DISNEY          254687106     7039   204680       SH        SOLE              204680
DISNEY WALT CO               NOTE    2.125% 4/1  254687AU0      605   500000      PRN        SOLE              500000
DOCUMENT SCIENCES CORP       COM                 25614R105      318    34600       SH        SOLE               34600
DOLLAR TREE STORES INC       COM                 256747106      527    12992       SH        SOLE               12992
DOMINION RES INC VA NEW      NOTE     2.125%12/1 25746UAT6      574   500000      PRN        SOLE              500000
DONNELLEY R R & SONS CO      COM                 257867101     2489    68080       SH        SOLE               68080
DOVER CORP                   COM                 260003108     1353    26561       SH        SOLE               26561
DOW CHEM CO                  COM                 260543103    12755   296224       SH        SOLE              296224
DPL INC                      COM                 233293109     1527    58160       SH        SOLE               58160
DST SYS INC DEL              DBCV   4.125% 8/1   233326AB3      670   370000      PRN        SOLE              370000
DST SYS INC DEL              DBCV   3.625% 8/1   233326AD9     1305   737000      PRN        SOLE              737000
DUCKWALL-ALCO STORES INC NEW COM                 264142100      751    20386       SH        SOLE               20386
DWS GLOBAL COMMODITIES STK F COM                 23338Y100     1035    52800       SH        SOLE               52800
DYCOM INDS INC               COM                 267475101     1159    37834       SH        SOLE               37834
DYNEGY INC DEL               CL A                26817G102      212    22910       SH        SOLE               22910
E M C CORP MASS              COM                 268648102     4959   238432       SH        SOLE              238432
E M C CORP MASS              NOTE    1.750%12/0  268648AM4     1428  1000000      PRN        SOLE             1000000
EAGLE BANCORP INC MD         COM                 268948106     1127    85000       SH        SOLE               85000
EARTHLINK INC                NOTE    3.250%11/1  270321AA0      546   500000      PRN        SOLE              500000
EASTMAN CHEM CO              COM                 277432100     1851    27746       SH        SOLE               27746
EASTMAN KODAK CO             NOTE   3.375%10/1   277461BE8      530   500000      PRN        SOLE              500000
EATON VANCE CORP             COM NON VTG         278265103     1631    40820       SH        SOLE               40820
EDISON INTL                  COM                 281020107     1152    20770       SH        SOLE               20770
EDWARDS AG INC               COM                 281760108     6971    83232       SH        SOLE               83232
ELECTRONIC DATA SYS NEW      COM                 285661104     7755   355095       SH        SOLE              355095
EMPLOYERS HOLDINGS INC       COM                 292218104      219    10650       SH        SOLE               10650
ENCANA CORP                  COM                 292505104     1359    21974       SH        SOLE               21974
ENCORE ACQUISITION CO        COM                 29255W100     2175    68727       SH        SOLE               68727
ENSCO INTL INC               COM                 26874Q100     3444    61398       SH        SOLE               61398
ENTERCOM COMMUNICATIONS CORP CL A                293639100      541    28011       SH        SOLE               28011
EOG RES INC                  COM                 26875P101     5978    82643       SH        SOLE               82643
EPIC BANCORP                 COM                 294250105      581    45400       SH        SOLE               45400
EPICOR SOFTWARE CORP         NOTE   2.375% 5/1   29426LAA6      977  1000000      PRN        SOLE             1000000
EQUIFAX INC                  COM                 294429105     1867    48988       SH        SOLE               48988
EQUINIX INC                  DBCV   2.500% 2/1   29444UAE6     1398   613000      PRN        SOLE              613000
EQUITABLE RES INC            COM                 294549100     1980    38171       SH        SOLE               38171
EQUITY LIFESTYLE PPTYS INC   COM                 29472R108     1166    22513       SH        SOLE               22513
ERICSSON L M TEL CO          ADR B SEK 10        294821608     2637    66260       SH        SOLE               66260
ESSA BANCORP INC             COM                 29667D104      531    47600       SH        SOLE               47600
EXELON CORP                  COM                 30161N101     5773    76606       SH        SOLE               76606
EXPRESS SCRIPTS INC          COM                 302182100     2164    38763       SH        SOLE               38763
EXPRESSJET HOLDINGS INC      NOTE    4.250% 8/0  30218UAB4      289   300000      PRN        SOLE              300000
F N B CORP VA                COM                 302930102     1101    36600       SH        SOLE               36600
F N B UNITED CORP            COM                 302519103      721    44960       SH        SOLE               44960
F5 NETWORKS INC              COM                 315616102     1048    28192       SH        SOLE               28192
FACTORY CARD OUTLET & PARTY  COM                 303051106     2186   134200       SH        SOLE              134200
FAIR ISAAC CORP              COM                 303250104     2215    61344       SH        SOLE               61344
FAIRFAX FINL HLDGS LTD       DBCV     5.000% 7/1 303901AL6      594   500000      PRN        SOLE              500000
FAMILY DLR STORES INC        COM                 307000109     4112   154807       SH        SOLE              154807
FEDERAL HOME LN MTG CORP     COM                 313400301     6874   116484       SH        SOLE              116484
FEDERAL NATL MTG ASSN        COM                 313586109    19194   315641       SH        SOLE              315641
FEDERAL REALTY INVT TR       SH BEN INT NEW      313747206     3759    42424       SH        SOLE               42424
FEDEX CORP                   COM                 31428X106    19165   182957       SH        SOLE              182957
FEI CO                       NOTE     2.875% 6/0 30241LAF6      634   500000      PRN        SOLE              500000
FEI CO                       NOTE            6/1 30241LAD1     1208  1000000      PRN        SOLE             1000000
FELCOR LODGING TR INC        COM                 31430F101      303    15196       SH        SOLE               15196
FELDMAN MALL PPTYS INC       COM                 314308107      408    54000       SH        SOLE               54000
FIBERTOWER CORP              COM                 31567R100      250    64977       SH        SOLE               64977
FIDELITY NATL INFORMATION SV COM                 31620M106     5654   127423       SH        SOLE              127423
FINISH LINE INC              CL A                317923100      250    57550       SH        SOLE               57550
FIRST AMERN CORP CALIF       COM                 318522307     2103    57429       SH        SOLE               57429
FIRST CHARTER CORP           COM                 319439105     3031   100451       SH        SOLE              100451
FIRST COMWLTH FINL CORP PA   COM                 319829107      765    69162       SH        SOLE               69162
FIRST HORIZON NATL CORP      COM                 320517105     3627   136060       SH        SOLE              136060
FIRST IND CORP               COM                 32054R108     6585   210246       SH        SOLE              210246
FIRST M & F CORP             COM                 320744105      649    37000       SH        SOLE               37000
FIRST MUTUAL BANCSHARES INC  COM                 32190E102     2805   105100       SH        SOLE              105100
FIRST SEC GROUP INC          COM                 336312103      748    74800       SH        SOLE               74800
FIRST ST BANCORPORATION      COM                 336453105     1681    85587       SH        SOLE               85587
FLEXTRONICS INTL LTD         NOTE     1.000% 8/0 33938EAL1      950  1000000      PRN        SOLE             1000000
FLIR SYS INC                 NOTE     3.000% 6/0 302445AB7     2519  1000000      PRN        SOLE             1000000
FLORIDA ROCK INDS INC        COM                 341140101     8127   130060       SH        SOLE              130060
FLUOR CORP NEW               NOTE   1.500% 2/1   343412AA0     1286   500000      PRN        SOLE              500000
FLUSHING FINL CORP           COM                 343873105     1000    59521       SH        SOLE               59521
FOOT LOCKER INC              COM                 344849104      431    28101       SH        SOLE               28101
FORD MTR CO DEL              COM PAR $0.01       345370860     1569   184859       SH        SOLE              184859
FOREST LABS INC              COM                 345838106    10398   278850       SH        SOLE              278850
FOX CHASE BANCORP            COM                 35137P106      318    24000       SH        SOLE               24000
FOXHOLLOW TECHNOLOGIES INC   COM                 35166A103     6930   262482       SH        SOLE              262482
FPL GROUP INC                COM                 302571104    16293   267633       SH        SOLE              267633
FRANKLIN RES INC             COM                 354613101    15249   119599       SH        SOLE              119599
GABELLI GLOBAL MULTIMEDIA TR COM                 36239Q109      364    26340       SH        SOLE               26340
GALLAGHER ARTHUR J & CO      COM                 363576109     1628    56192       SH        SOLE               56192
GANNETT INC                  COM                 364730101      635    14521       SH        SOLE               14521
GATEWAY INC                  COM                 367626108     3022  1607200       SH        SOLE             1607200
GATX CORP                    COM                 361448103     1104    25836       SH        SOLE               25836
GENCORP INC                  SDCV    2.250%11/1  368682AL4      693   766000      PRN        SOLE              766000
GENERAL CABLE CORP DEL NEW   NOTE    0.875%11/1  369300AD0      732   500000      PRN        SOLE              500000
GENERAL GROWTH PPTYS INC     COM                 370021107     5260    98089       SH        SOLE               98089
GENERAL MLS INC              COM                 370334104     3304    56949       SH        SOLE               56949
GENERAL MTRS CORP            DEB SR CV C 33      370442717     1250    51350      PRN        SOLE               51350
GENESCO INC                  COM                 371532102     2150    46607       SH        SOLE               46607
GENZYME CORP                 COM                 372917104    13049   210599       SH        SOLE              210599
GILAT SATELLITE NETWORKS LTD SHS NEW             M51474118      288    28278       SH        SOLE               28278
GLAXOSMITHKLINE PLC          SPONSORED ADR       37733W105     2472    46462       SH        SOLE               46462
GLOBALSANTAFE CORP           SHS                 G3930E101    10961   144181       SH        SOLE              144181
GOODRICH CORP                COM                 382388106     5199    76198       SH        SOLE               76198
GOOGLE INC                   CL A                38259P508     6735    11873       SH        SOLE               11873
GRACO INC                    COM                 384109104     1537    39312       SH        SOLE               39312
GRANITE CONSTR INC           COM                 387328107     3688    69567       SH        SOLE               69567
GRANT PRIDECO INC            COM                 38821G101     1624    29787       SH        SOLE               29787
GREAT LAKES BANCORP INC NEW  COM                 390914109      367    27300       SH        SOLE               27300
GREAT PEE DEE BANCORP INC    COM                 39115R100     1532    66600       SH        SOLE               66600
GREATER BAY BANCORP          COM                 391648102     6816   245169       SH        SOLE              245169
GREEN BANKSHARES INC         COM NEW             394361208     1456    39955       SH        SOLE               39955
GREENLIGHT CAPITAL RE LTD    CLASS A             G4095J109      609    30032       SH        SOLE               30032
GREY WOLF INC                NOTE   3.750% 5/0   397888AD0      280   256000      PRN        SOLE              256000
GRUPO TELEVISA SA DE CV      SP ADR REP ORD      40049J206     3871   160175       SH        SOLE              160175
H & Q HEALTHCARE FD          SH BEN INT          404052102      250    14475       SH        SOLE               14475
HALLIBURTON CO               COM                 406216101     6144   160008       SH        SOLE              160008
HANCOCK JOHN PATRIOT PREM II COM SH BEN INT      41013T105      396    37422       SH        SOLE               37422
HANCOCK JOHN PATRIOT SELCT D COM                 41013U102      315    24800       SH        SOLE               24800
HANESBRANDS INC              COM                 410345102      703    25047       SH        SOLE               25047
HANMI FINL CORP              COM                 410495105     1365    88116       SH        SOLE               88116
HANOVER INS GROUP INC        COM                 410867105      699    15825       SH        SOLE               15825
HARMAN INTL INDS INC         COM                 413086109     3307    38217       SH        SOLE               38217
HARRAHS ENTMT INC            COM                 413619107     1748    20107       SH        SOLE               20107
HARRINGTON WEST FINL GROUP I COM                 41383L104     2098   132900       SH        SOLE              132900
HARRIS CORP DEL              COM                 413875105     1344    23255       SH        SOLE               23255
HARTE-HANKS INC              COM                 416196103      670    34036       SH        SOLE               34036
HARTFORD FINL SVCS GROUP INC COM                 416515104     4057    43831       SH        SOLE               43831
HASBRO INC                   COM                 418056107     1418    50858       SH        SOLE               50858
HASBRO INC                   DBCV     2.750%12/0 418056AN7      661   500000      PRN        SOLE              500000
HCC INS HLDGS INC            COM                 404132102     1205    42059       SH        SOLE               42059
HCC INS HLDGS INC            NOTE   1.300% 4/0   404132AB8      930   722000      PRN        SOLE              722000
HCP INC                      COM                 40414L109     4056   122266       SH        SOLE              122266
HEALTH CARE REIT INC         NOTE   4.750%12/0   42217KAP1      517   500000      PRN        SOLE              500000
HEALTH MGMT ASSOC INC NEW    CL A                421933102      628    90555       SH        SOLE               90555
HEALTH NET INC               COM                 42222G108      932    17236       SH        SOLE               17236
HEINZ H J CO                 COM                 423074103      672    14550       SH        SOLE               14550
HEMOSENSE INC                COM                 423691104     3679   245600       SH        SOLE              245600
HENRY JACK & ASSOC INC       COM                 426281101      821    31751       SH        SOLE               31751
HERCULES INC                 COM                 427056106      258    12261       SH        SOLE               12261
HERITAGE FINL CORP WASH      COM                 42722X106      913    41400       SH        SOLE               41400
HERSHA HOSPITALITY TR        SH BEN INT A        427825104      209    21154       SH        SOLE               21154
HESS CORP                    COM                 42809H107     2130    32019       SH        SOLE               32019
HEWLETT PACKARD CO           COM                 428236103     2438    48957       SH        SOLE               48957
HILLENBRAND INDS INC         COM                 431573104     1512    27485       SH        SOLE               27485
HILTON HOTELS CORP           COM                 432848109      849    18253       SH        SOLE               18253
HILTON HOTELS CORP           NOTE   3.375% 4/1   432848AZ2      620   300000      PRN        SOLE              300000
HLTH CORPORATION             COM                 40422Y101      237    16750       SH        SOLE               16750
HNI CORP                     COM                 404251100      860    23876       SH        SOLE               23876
HOME DEPOT INC               COM                 437076102     6267   193179       SH        SOLE              193179
HONDA MOTOR LTD              AMERN SHS           438128308      925    27741       SH        SOLE               27741
HONEYWELL INTL INC           COM                 438516106     1158    19474       SH        SOLE               19474
HORACE MANN EDUCATORS CORP N COM                 440327104      395    20026       SH        SOLE               20026
HORIZON OFFSHORE INC         COM NEW             44043J204     4475   271183       SH        SOLE              271183
HORSEHEAD HLDG CORP          COM                 440694305      245    10907       SH        SOLE               10907
HOST HOTELS & RESORTS INC    COM                 44107P104      665    29613       SH        SOLE               29613
HSBC HLDGS PLC               SPON ADR NEW        404280406     2651    28633       SH        SOLE               28633
HUNT J B TRANS SVCS INC      COM                 445658107     3171   120568       SH        SOLE              120568
IAMGOLD CORP                 COM                 450913108      295    33993       SH        SOLE               33993
IDEX CORP                    COM                 45167R104     1331    36563       SH        SOLE               36563
IMAGE ENTMT INC              COM NEW             452439201     1506   351100       SH        SOLE              351100
IMAGE SENSING SYS INC        COM                 45244C104      206    16100       SH        SOLE               16100
IMATION CORP                 COM                 45245A107      841    34273       SH        SOLE               34273
INFINEON TECHNOLOGIES AG     SPONSORED ADR       45662N103      901    52472       SH        SOLE               52472
INGRAM MICRO INC             CL A                457153104     1635    83393       SH        SOLE               83393
INTEGRATED DEVICE TECHNOLOGY COM                 458118106     2280   147259       SH        SOLE              147259
INTEL CORP                   COM                 458140100    10954   423589       SH        SOLE              423589
INTERLINE BRANDS INC         COM                 458743101      565    24575       SH        SOLE               24575
INTERNATIONAL BUSINESS MACHS COM                 459200101    10542    89491       SH        SOLE               89491
INTERNATIONAL GAME TECHNOLOG COM                 459902102     1187    27534       SH        SOLE               27534
INTERNATIONAL SPEEDWAY CORP  CL A                460335201      730    15927       SH        SOLE               15927
INTEROIL CORP                COM                 460951106      588    18600       SH        SOLE               18600
INTERPUBLIC GROUP COS INC    COM                 460690100      686    66082       SH        SOLE               66082
INTERPUBLIC GROUP COS INC    NOTE     4.500% 3/1 460690AT7     2017  1880000      PRN        SOLE             1880000
INTL SECS EXCHANGE HLDGS INC CL A                46031W204     3215    48362       SH        SOLE               48362
INVESTOOLS INC               COM                 46145P103     1160    95982       SH        SOLE               95982
INVESTORS BANCORP INC        COM                 46146P102      501    35390       SH        SOLE               35390
INVITROGEN CORP              NOTE   3.250% 6/1   46185RAM2      537   500000      PRN        SOLE              500000
INVITROGEN CORP              NOTE   2.000% 8/0   46185RAJ9      640   500000      PRN        SOLE              500000
ISHARES SILVER TRUST         ISHARES             46428Q109     1503    10987       SH        SOLE               10987
ISHARES TR                   S^P GBL FIN         464287333     3382    37600       SH        SOLE               37600
ISHARES TR                   DJ US REAL EST      464287739     6124    80060       SH        SOLE               80060
ISHARES TR                   S^P GBL HLTHCR      464287325     5061    84654       SH        SOLE               84654
ISOTIS INC                   COM                 46489T109     2011   282400       SH        SOLE              282400
ITC HLDGS CORP               COM                 465685105     2995    60435       SH        SOLE               60435
ITT CORP NEW                 COM                 450911102     2437    35881       SH        SOLE               35881
JAPAN EQUITY FD INC          COM                 471057109      411    51400       SH        SOLE               51400
JAPAN SMALLER CAPTLZTN FD IN COM                 47109U104      387    37300       SH        SOLE               37300
JDS UNIPHASE CORP            COM PAR $0.001      46612J507     1059    70782       SH        SOLE               70782
JEFFERIES GROUP INC NEW      COM                 472319102     1082    38877       SH        SOLE               38877
JEFFERSON BANCSHARES INC TEN COM                 472375104      857    78800       SH        SOLE               78800
JETBLUE AWYS CORP            COM                 477143101      649    70424       SH        SOLE               70424
JETBLUE AWYS CORP            NOTE   3.500% 7/1   477143AB7      483   500000      PRN        SOLE              500000
JP MORGAN CHASE & CO         COM                 46625H100     3129    68279       SH        SOLE               68279
JUNIPER NETWORKS INC         NOTE          6/1   48203RAC8     1822  1000000      PRN        SOLE             1000000
K V PHARMACEUTICAL CO        NOTE   2.500% 5/1   482740AC1      315   250000      PRN        SOLE              250000
KB HOME                      COM                 48666K109     3322   132543       SH        SOLE              132543
KBR INC                      COM                 48242W106      459    11828       SH        SOLE               11828
KEARNY FINL CORP             COM                 487169104      262    20500       SH        SOLE               20500
KEYSTONE AUTOMOTIVE INDS INC COM                 49338N109     3068    64232       SH        SOLE               64232
KIMBERLY CLARK CORP          COM                 494368103     8919   126948       SH        SOLE              126948
KINDRED HEALTHCARE INC       COM                 494580103     1107    61809       SH        SOLE               61809
KINETIC CONCEPTS INC         COM NEW             49460W208     1479    26287       SH        SOLE               26287
KING PHARMACEUTICALS INC     COM                 495582108     2586   220657       SH        SOLE              220657
KMG AMER CORP                COM                 482563103     3286   555000       SH        SOLE              555000
KNBT BANCORP INC             COM                 482921103     3326   201059       SH        SOLE              201059
KOHLS CORP                   COM                 500255104     7828   136545       SH        SOLE              136545
KOREA EQUITY FD INC          COM                 50063B104     1225    90000       SH        SOLE               90000
KOREA FD                     COM                 500634100     1956    42800       SH        SOLE               42800
KORN FERRY INTL              COM NEW             500643200      556    33700       SH        SOLE               33700
KROGER CO                    COM                 501044101     2289    80266       SH        SOLE               80266
KT CORP                      SPONSORED ADR       48268K101      794    31700       SH        SOLE               31700
KYPHON INC                   COM                 501577100     3676    52511       SH        SOLE               52511
LABORATORY CORP AMER HLDGS   COM NEW             50540R409     3907    49941       SH        SOLE               49941
LABORATORY CORP AMER HLDGS   NOTE          9/1   50540RAG7      525   500000      PRN        SOLE              500000
LAIDLAW INTL INC             COM                 50730R102     3314    94104       SH        SOLE               94104
LAM RESEARCH CORP            COM                 512807108      954    17919       SH        SOLE               17919
LAMAR ADVERTISING CO         NOTE   2.875%12/3   512815AH4      571   500000      PRN        SOLE              500000
LAMSON & SESSIONS CO         COM                 513696104     2034    75444       SH        SOLE               75444
LANDAMERICA FINL GROUP INC   DBCV   3.250% 5/1   514936AD5      468   500000      PRN        SOLE              500000
LATTICE SEMICONDUCTOR CORP   COM                 518415104      358    79807       SH        SOLE               79807
LEAP WIRELESS INTL INC       COM NEW             521863308     4068    49994       SH        SOLE               49994
LEGG MASON INC               COM                 524901105     7464    88556       SH        SOLE               88556
LEGGETT & PLATT INC          COM                 524660107     1596    83297       SH        SOLE               83297
LEUCADIA NATL CORP           NOTE   3.750% 4/1   527288AX2     2979  1360000      PRN        SOLE             1360000
LEVEL 3 COMMUNICATIONS INC   COM                 52729N100      235    50619       SH        SOLE               50619
LEXINGTON REALTY TRUST       COM                 529043101      333    16655       SH        SOLE               16655
LIBERTY MEDIA CORP           DEB      3.500% 1/1 530715AN1      486   626000      PRN        SOLE              626000
LIBERTY MEDIA CORP NEW       DEB      0.750% 3/3 530718AF2     1103  1000000      PRN        SOLE             1000000
LILLY ELI & CO               COM                 532457108     2436    42791       SH        SOLE               42791
LINCARE HLDGS INC            COM                 532791100     2356    64296       SH        SOLE               64296
LOCKHEED MARTIN CORP         DBCV            8/1 539830AP4      759   500000      PRN        SOLE              500000
LOEWS CORP                   COM                 540424108     2412    49891       SH        SOLE               49891
LOUISIANA PAC CORP           COM                 546347105     2341   137958       SH        SOLE              137958
LOWES COS INC                NOTE          10/1  548661CG0      501   500000      PRN        SOLE              500000
LUCENT TECHNOLOGIES INC      DBCV   2.750% 6/1   549463AH0     1894  2022000      PRN        SOLE             2022000
LYONDELL CHEMICAL CO         COM                 552078107     3192    68862       SH        SOLE               68862
MACERICH CO                  COM                 554382101     7038    80356       SH        SOLE               80356
MAGNA INTL INC               CL A                559222401     1022    10610       SH        SOLE               10610
MALAYSIA FD INC              COM                 560905101      236    24400       SH        SOLE               24400
MANOR CARE INC NEW           NOTE     2.125% 4/1 564055AK7     2054   991000      PRN        SOLE              991000
MANPOWER INC                 COM                 56418H100     1423    22112       SH        SOLE               22112
MANULIFE FINL CORP           COM                 56501R106     1075    26045       SH        SOLE               26045
MARATHON OIL CORP            COM                 565849106    13795   241934       SH        SOLE              241934
MARRIOTT INTL INC NEW        CL A                571903202     4198    96569       SH        SOLE               96569
MARSHALL & ILSLEY CORP       COM                 571834100     1534    35058       SH        SOLE               35058
MASIMO CORP                  COM                 574795100      286    11163       SH        SOLE               11163
MAXIM INTEGRATED PRODS INC   COM                 57772K101     3142   107048       SH        SOLE              107048
MAXXAM INC                   COM                 577913106      591    20700       SH        SOLE               20700
MCAFEE INC                   COM                 579064106      621    17809       SH        SOLE               17809
MCDERMOTT INTL INC           COM                 580037109     1295    23953       SH        SOLE               23953
MCGRAW HILL COS INC          COM                 580645109    10880   213703       SH        SOLE              213703
MDU RES GROUP INC            COM                 552690109     1639    58877       SH        SOLE               58877
MEADWESTVACO CORP            COM                 583334107     4174   141359       SH        SOLE              141359
MEDICAL PPTYS TRUST INC      COM                 58463J304      221    16574       SH        SOLE               16574
MEDICIS PHARMACEUTICAL CORP  NOTE     2.500% 6/0 58470KAA2      556   500000      PRN        SOLE              500000
MEDTRONIC INC                NOTE     1.500% 4/1 585055AL0     1106  1000000      PRN        SOLE             1000000
MEMC ELECTR MATLS INC        COM                 552715104      639    10858       SH        SOLE               10858
MERRILL LYNCH & CO INC       COM                 590188108    26392   370264       SH        SOLE              370264
MEXICO FD INC                COM                 592835102     3121    73600       SH        SOLE               73600
MGIC INVT CORP WIS           COM                 552848103      376    11624       SH        SOLE               11624
MICROCHIP TECHNOLOGY INC     COM                 595017104     6791   186986       SH        SOLE              186986
MICRON TECHNOLOGY INC        COM                 595112103     6707   604190       SH        SOLE              604190
MICRON TECHNOLOGY INC        NOTE    1.875% 6/0  595112AH6      975  1000000      PRN        SOLE             1000000
MICROTEK MEDICAL HLDGS INC   COM                 59515B109     2429   393065       SH        SOLE              393065
MIDCAP SPDR TR               UNIT SER 1          595635103     1947    12100       SH        SOLE               12100
MIDWEST AIR GROUP INC        COM                 597911106     1536    93400       SH        SOLE               93400
MILLENNIUM PHARMACEUTICALS I COM                 599902103     2068   203717       SH        SOLE              203717
MILLER HERMAN INC            COM                 600544100     1383    50975       SH        SOLE               50975
MIRANT CORP NEW              COM                 60467R100     1094    26895       SH        SOLE               26895
MOHAWK INDS INC              COM                 608190104     2170    26692       SH        SOLE               26692
MOLSON COORS BREWING CO      NOTE   2.500% 7/3   60871RAA8     1111  1000000      PRN        SOLE             1000000
MONEYGRAM INTL INC           COM                 60935Y109      259    11480       SH        SOLE               11480
MONSTER WORLDWIDE INC        COM                 611742107     2189    64257       SH        SOLE               64257
MOODYS CORP                  COM                 615369105     5602   111146       SH        SOLE              111146
MORGAN STANLEY ASIA PAC FD I COM                 61744U106      243    10800       SH        SOLE               10800
MORGAN STANLEY INDIA INVS FD COM                 61745C105      580    11400       SH        SOLE               11400
MORGANS HOTEL GROUP CO       COM                 61748W108      391    17960       SH        SOLE               17960
MPS GROUP INC                COM                 553409103      461    41329       SH        SOLE               41329
MSC INDL DIRECT INC          CL A                553530106     1616    31946       SH        SOLE               31946
MVC CAPITAL INC              COM                 553829102      249    13437       SH        SOLE               13437
MYLAN LABS INC               NOTE   1.250% 3/1   628530AG2      926  1000000      PRN        SOLE             1000000
NABORS INDS INC              NOTE            6/1 629568AL0      520   500000      PRN        SOLE              500000
NABORS INDS INC              NOTE   0.940% 5/1   629568AP1      958  1000000      PRN        SOLE             1000000
NATIONAL BANKSHARES INC VA   COM                 634865109      586    30200       SH        SOLE               30200
NATIONAL FINL PARTNERS CORP  NOTE   0.750% 2/0   63607PAA7     1047  1000000      PRN        SOLE             1000000
NATIONAL HOME HEALTH CARE CO COM                 636380107      527    42700       SH        SOLE               42700
NATIONAL RETAIL PROPERTIES I NOTE   3.950% 9/1   637417AA4      529   500000      PRN        SOLE              500000
NAVIGANT CONSULTING INC      COM                 63935N107      792    62570       SH        SOLE               62570
NBTY INC                     COM                 628782104      749    18459       SH        SOLE               18459
NCR CORP NEW                 COM                 62886E108     5340   107230       SH        SOLE              107230
NEOWARE INC                  COM                 64065P102      349    21547       SH        SOLE               21547
NEW GERMANY FD INC           COM                 644465106      295    16800       SH        SOLE               16800
NEW YORK TIMES CO            CL A                650111107      426    21535       SH        SOLE               21535
NEWALLIANCE BANCSHARES INC   COM                 650203102     1656   112826       SH        SOLE              112826
NEWELL RUBBERMAID INC        COM                 651229106     5128   177930       SH        SOLE              177930
NEWMONT MINING CORP          COM                 651639106     2104    47032       SH        SOLE               47032
NEXCEN BRANDS INC            COM                 653351106      446    66420       SH        SOLE               66420
NII HLDGS INC                NOTE   2.750% 8/1   62913FAF9     1748  1000000      PRN        SOLE             1000000
NIKE INC                     CL B                654106103      647    11024       SH        SOLE               11024
NISOURCE INC                 COM                 65473P105     1561    81552       SH        SOLE               81552
NOBLE CORPORATION            SHS                 G65422100     3676    74941       SH        SOLE               74941
NORDSTROM INC                COM                 655664100     2444    52125       SH        SOLE               52125
NORTH PITTSBURGH SYS INC     COM                 661562108     3173   133530       SH        SOLE              133530
NORTH VALLEY BANCORP         COM                 66304M105     5987   262598       SH        SOLE              262598
NORTHERN ORION RES INC       COM                 665575106     7587  1180000       SH        SOLE             1180000
NORTHERN STS FINL CORP       COM                 665751103     1758    79900       SH        SOLE               79900
NORTHROP GRUMMAN CORP        COM                 666807102     6048    77544       SH        SOLE               77544
NOVA CHEMICALS CORP          COM                 66977W109     1064    27568       SH        SOLE               27568
NOVARTIS A G                 SPONSORED ADR       66987V109     2144    39010       SH        SOLE               39010
NUCOR CORP                   COM                 670346105     1863    31320       SH        SOLE               31320
O REILLY AUTOMOTIVE INC      COM                 686091109      756    22632       SH        SOLE               22632
OAK HILL FINL INC            COM                 671337103     6374   203900       SH        SOLE              203900
OAKLEY INC                   COM                 673662102     3058   105342       SH        SOLE              105342
OFFICEMAX INC DEL            COM                 67622P101      539    15732       SH        SOLE               15732
OMNICOM GROUP INC            COM                 681919106     9101   189248       SH        SOLE              189248
ONEBEACON INSURANCE GROUP LT CL A                G67742109      297    13761       SH        SOLE               13761
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR       68370R109     1233    45607       SH        SOLE               45607
OPEN TEXT CORP               COM                 683715106      396    15245       SH        SOLE               15245
OPTICAL COMMUNICATION PRODS  CL A                68382T101     1470   896500       SH        SOLE              896500
ORACLE CORP                  COM                 68389X105     4123   190430       SH        SOLE              190430
ORTHOVITA INC                COM                 68750U102      272    89920       SH        SOLE               89920
OSHKOSH TRUCK CORP           COM                 688239201      726    11716       SH        SOLE               11716
OWENS ILL INC                COM NEW             690768403      982    23695       SH        SOLE               23695
PACIFIC PREMIER BANCORP      COM                 69478X105      550    52000       SH        SOLE               52000
PACTIV CORP                  COM                 695257105     3731   130169       SH        SOLE              130169
PALL CORP                    COM                 696429307     3091    79471       SH        SOLE               79471
PARKER DRILLING CO           NOTE   2.125% 7/1   701081AR2      460   500000      PRN        SOLE              500000
PARTNERS TR FINL GROUP INC N COM                 70213F102     4735   389104       SH        SOLE              389104
PATHMARK STORES INC NEW      COM                 70322A101     3085   241997       SH        SOLE              241997
PAYCHEX INC                  COM                 704326107     7467   182128       SH        SOLE              182128
PEABODY ENERGY CORP          COM                 704549104     1440    30078       SH        SOLE               30078
PENNEY J C INC               COM                 708160106    11017   173854       SH        SOLE              173854
PENTAIR INC                  COM                 709631105     1873    56443       SH        SOLE               56443
PEOPLES BANCORP INC          COM                 709789101     1982    75725       SH        SOLE               75725
PEOPLES BANCTRUST INC        COM                 709796106     1220    56000       SH        SOLE               56000
PEPCO HOLDINGS INC           COM                 713291102      347    12815       SH        SOLE               12815
PEPSICO INC                  COM                 713448108     8461   115494       SH        SOLE              115494
PERKINELMER INC              COM                 714046109     1750    59923       SH        SOLE               59923
PERRIGO CO                   COM                 714290103      838    39261       SH        SOLE               39261
PETSMART INC                 COM                 716768106     1309    41020       SH        SOLE               41020
PFIZER INC                   COM                 717081103      519    21244       SH        SOLE               21244
PG^E CORP                    COM                 69331C108     2153    45046       SH        SOLE               45046
PHARMACEUTICAL PROD DEV INC  COM                 717124101     3230    91133       SH        SOLE               91133
PHH CORP                     COM NEW             693320202      908    34559       SH        SOLE               34559
PHILLIPS VAN HEUSEN CORP     COM                 718592108     3911    74522       SH        SOLE               74522
PHOENIX COS INC NEW          COM                 71902E109      250    17715       SH        SOLE               17715
PINNACLE BANCSHARES INC      COM                 722903101      378    26100       SH        SOLE               26100
PITNEY BOWES INC             COM                 724479100      574    12643       SH        SOLE               12643
PLAYTEX PRODS INC            COM                 72813P100     3109   170073       SH        SOLE              170073
PNC FINL SVCS GROUP INC      COM                 693475105     6406    94063       SH        SOLE               94063
POGO PRODUCING CO            COM                 730448107     6972   131267       SH        SOLE              131267
POLO RALPH LAUREN CORP       CL A                731572103     5185    66684       SH        SOLE               66684
POLYCOM INC                  COM                 73172K104     3232   120315       SH        SOLE              120315
POPULAR INC                  COM                 733174106      232    18896       SH        SOLE               18896
PORTLAND GEN ELEC CO         COM NEW             736508847     1355    48747       SH        SOLE               48747
POST PPTYS INC               COM                 737464107     3580    92506       SH        SOLE               92506
POTLATCH CORP NEW            COM                 737630103      755    16758       SH        SOLE               16758
POWERWAVE TECHNOLOGIES INC   COM                 739363109      482    78253       SH        SOLE               78253
PPG INDS INC                 COM                 693506107     7089    93830       SH        SOLE               93830
PPL CORP                     COM                 69351T106     8722   188373       SH        SOLE              188373
PPL ENERGY SUPPLY LLC        NOTE   2.625% 5/1   69352JAE7      741   400000      PRN        SOLE              400000
PRECISION CASTPARTS CORP     COM                 740189105     3207    21673       SH        SOLE               21673
PREMIERWEST BANCORP          COM                 740921101     2102   162931       SH        SOLE              162931
PRICELINE COM INC            NOTE    0.500% 9/3  741503AK2      675   304000      PRN        SOLE              304000
PRIDE INTL INC DEL           COM                 74153Q102      970    26550       SH        SOLE               26550
PROASSURANCE CORP            DBCV    3.900% 6/3  74267CAB2      667   500000      PRN        SOLE              500000
PROGRESSIVE CORP OHIO        COM                 743315103     7846   404204       SH        SOLE              404204
PROLOGIS                     SH BEN INT          743410102     5802    87448       SH        SOLE               87448
PROTECTIVE LIFE CORP         COM                 743674103      894    21060       SH        SOLE               21060
PUBLIC STORAGE               COM                 74460D109     8764   111435       SH        SOLE              111435
PUGET ENERGY INC NEW         COM                 745310102     1009    41230       SH        SOLE               41230
PVF CAPITAL CORP             COM                 693654105     4437   287200       SH        SOLE              287200
QUALCOMM INC                 COM                 747525103     9514   225121       SH        SOLE              225121
QUANEX CORP                  DBCV     2.500% 5/1 747620AE2      945   500000      PRN        SOLE              500000
QUANTA SVCS INC              COM                 74762E102     1357    51298       SH        SOLE               51298
QUANTA SVCS INC              SDCV     4.500%10/0 74762EAC6      891   369000      PRN        SOLE              369000
QUESTAR CORP                 COM                 748356102     1127    21445       SH        SOLE               21445
QWEST COMMUNICATIONS INTL IN NOTE   3.500%11/1   749121BY4     3175  1917000      PRN        SOLE             1917000
RADIOSHACK CORP              COM                 750438103     2664   128966       SH        SOLE              128966
RARE HOSPITALITY INTL INC    COM                 753820109     3687    96740       SH        SOLE               96740
RED HAT INC                  DBCV   0.500% 1/1   756577AB8     1003  1000000      PRN        SOLE             1000000
REGENCY CTRS CORP            COM                 758849103     3402    44330       SH        SOLE               44330
REGIONS FINANCIAL CORP NEW   COM                 7591EP100     8457   286884       SH        SOLE              286884
REGIS CORP MINN              COM                 758932107      759    23783       SH        SOLE               23783
RELIANT ENERGY INC           COM                 75952B105      552    21553       SH        SOLE               21553
RENT A CTR INC NEW           COM                 76009N100      948    52273       SH        SOLE               52273
REPUBLIC PROPERTY TR         COM                 760737106     1421    96894       SH        SOLE               96894
RESEARCH IN MOTION LTD       COM                 760975102     5495    55760       SH        SOLE               55760
REYNOLDS AMERICAN INC        COM                 761713106     2446    38463       SH        SOLE               38463
RMR REAL ESTATE FD           SH BEN INT          74963F106      254    17500       SH        SOLE               17500
ROCKWELL AUTOMATION INC      COM                 773903109     5483    78882       SH        SOLE               78882
ROCKWELL COLLINS INC         COM                 774341101     2872    39323       SH        SOLE               39323
ROGERS COMMUNICATIONS INC    CL B                775109200     1393    30601       SH        SOLE               30601
ROHM & HAAS CO               COM                 775371107     5479    98420       SH        SOLE               98420
ROMA FINANCIAL CORP          COM                 77581P109     1036    60583       SH        SOLE               60583
ROSS STORES INC              COM                 778296103      537    20941       SH        SOLE               20941
ROWAN COS INC                COM                 779382100     3202    87530       SH        SOLE               87530
ROYAL DUTCH SHELL PLC        SPONS ADR A         780259206     1017    12372       SH        SOLE               12372
ROYAL DUTCH SHELL PLC        SPON ADR B          780259107     6225    75822       SH        SOLE               75822
RPM INTL INC                 COM                 749685103      247    10301       SH        SOLE               10301
RPM INTL INC                 NOTE   1.389% 5/1   749685AK9      262   400000      PRN        SOLE              400000
RTW INC                      COM NEW             74974R206     1516   125700       SH        SOLE              125700
RUBY TUESDAY INC             COM                 781182100     1081    58937       SH        SOLE               58937
RYDER SYS INC                COM                 783549108     3295    67249       SH        SOLE               67249
RYLAND GROUP INC             COM                 783764103     2281   106454       SH        SOLE              106454
SAIC INC                     COM                 78390X101      529    27549       SH        SOLE               27549
SALLY BEAUTY HLDGS INC       COM                 79546E104      225    26668       SH        SOLE               26668
SANDISK CORP                 COM                 80004C101     1406    25510       SH        SOLE               25510
SANOFI AVENTIS               SPONSORED ADR       80105N105     3372    79500       SH        SOLE               79500
SASOL LTD                    SPONSORED ADR       803866300      606    14097       SH        SOLE               14097
SCHLUMBERGER LTD             COM                 806857108     3927    37396       SH        SOLE               37396
SCHLUMBERGER LTD             DBCV     2.125% 6/0 806857AD0     2627  1000000      PRN        SOLE             1000000
SCIELE PHARMA INC            NOTE   2.625% 5/1   808627AA1      277   259000      PRN        SOLE              259000
SCIENTIFIC GAMES CORP        CL A                80874P109      953    25349       SH        SOLE               25349
SCOTTS MIRACLE GRO CO        CL A                810186106     2258    52815       SH        SOLE               52815
SCPIE HLDGS INC              COM                 78402P104     1086    48800       SH        SOLE               48800
SEACOR HOLDINGS INC          DBCV     2.875%12/1 811904AH4      698   500000      PRN        SOLE              500000
SEAGATE TECHNOLOGY           SHS                 G7945J104     1648    64434       SH        SOLE               64434
SEALED AIR CORP NEW          COM                 81211K100     2147    83980       SH        SOLE               83980
SELECT SECTOR SPDR TR        SBI CONS DISCR      81369Y407     1814    49400       SH        SOLE               49400
SELECT SECTOR SPDR TR        SBI HEALTHCARE      81369Y209     2520    71200       SH        SOLE               71200
SELECT SECTOR SPDR TR        SBI MATERIALS       81369Y100     4871   115647       SH        SOLE              115647
SEMCO ENERGY INC             COM                 78412D109     7080   897278       SH        SOLE              897278
SEMICONDUCTOR HLDRS TR       DEP RCPT            816636203     6392   166900       SH        SOLE              166900
SEVERN BANCORP     ANNAPOLIS MD COM                 81811M100      223    16800       SH        SOLE               16800
SHAW COMMUNICATIONS INC      CL B CONV           82028K200      254    10216       SH        SOLE               10216
SHIRE PLC                    SPONSORED ADR       82481R106     1691    22853       SH        SOLE               22853
SIEMENS A G                  SPONSORED ADR       826197501     1584    11540       SH        SOLE               11540
SIERRA HEALTH SVCS INC       COM                 826322109     3623    85874       SH        SOLE               85874
SIERRA PAC RES NEW           COM                 826428104      432    27445       SH        SOLE               27445
SIERRA WIRELESS INC          COM                 826516106      451    21415       SH        SOLE               21415
SIGMA ALDRICH CORP           COM                 826552101     1656    33982       SH        SOLE               33982
SIMON PPTY GROUP INC NEW     COM                 828806109     1088    10876       SH        SOLE               10876
SINGAPORE FD INC             COM                 82929L109      594    31500       SH        SOLE               31500
SIRENZA MICRODEVICES INC     COM                 82966T106     3438   198845       SH        SOLE              198845
SIRIUS SATELLITE RADIO INC   NOTE   2.500% 2/1   82966UAC7      543   519000      PRN        SOLE              519000
SL GREEN RLTY CORP           COM                 78440X101     6583    56374       SH        SOLE               56374
SLADES FERRY BANCORP         COM                 830896106      236    15800       SH        SOLE               15800
SMITHWAY MTR XPRESS CORP     CL A                832653109      328    34200       SH        SOLE               34200
SMUCKER J M CO               COM NEW             832696405     1591    29779       SH        SOLE               29779
SOLECTRON CORP               COM                 834182107     6900  1769300       SH        SOLE             1769300
SONIC AUTOMOTIVE INC         NOTE    4.250%11/3  83545GAK8     1998  1740000      PRN        SOLE             1740000
SONOCO PRODS CO              COM                 835495102     1596    52895       SH        SOLE               52895
SOTHEBYS                     COM                 835898107      920    19258       SH        SOLE               19258
SOUTHCOAST FINANCIAL CORP    COM                 84129R100      271    14818       SH        SOLE               14818
SOUTHWESTERN ENERGY CO       COM                 845467109     3588    85737       SH        SOLE               85737
SOVEREIGN BANCORP INC        COM                 845905108     6034   354119       SH        SOLE              354119
SPANSION INC                 COM CL A            84649R101      208    24618       SH        SOLE               24618
SPECTRA ENERGY CORP          COM                 847560109      828    33843       SH        SOLE               33843
SPX CORP                     COM                 784635104     1097    11847       SH        SOLE               11847
STAPLES INC                  COM                 855030102     9128   424746       SH        SOLE              424746
STARBUCKS CORP               COM                 855244109     2331    88955       SH        SOLE               88955
STATS CHIPPAC LTD            SPONSORED ADR       85771T104      481    44610       SH        SOLE               44610
STERLING FINL CORP           COM                 859317109     2108   122916       SH        SOLE              122916
STMICROELECTRONICS N V       NY REGISTRY         861012102     1250    74647       SH        SOLE               74647
STRATEGIC HOTELS & RESORTS I COM                 86272T106      346    16800       SH        SOLE               16800
STREETTRACKS GOLD TR         GOLD SHS            863307104     9981   135800       SH        SOLE              135800
STRYKER CORP                 COM                 863667101     3469    50445       SH        SOLE               50445
SUNAMERICA FOCUSE ALPHA LC F COM                 867038101      266    13400       SH        SOLE               13400
SUNCOR ENERGY INC            COM                 867229106     8717    91945       SH        SOLE               91945
SUNOCO INC                   COM                 86764P109     1055    14899       SH        SOLE               14899
SUNTECH PWR HLDGS CO LTD     ADR                 86800C104     1263    31657       SH        SOLE               31657
SUNTRUST BKS INC             COM                 867914103     1792    23676       SH        SOLE               23676
SUPERIOR BANCORP             COM                 86806M106      400    45300       SH        SOLE               45300
SUPERIOR ENERGY SVCS INC     COM                 868157108     4134   116657       SH        SOLE              116657
SUPERVALU INC                COM                 868536103     7064   181091       SH        SOLE              181091
SWISS HELVETIA FD INC        COM                 870875101     1309    72400       SH        SOLE               72400
SYBASE INC                   COM                 871130100     2144    92699       SH        SOLE               92699
SYBASE INC                   NOTE     1.750% 2/2 871130AB6      536   500000      PRN        SOLE              500000
SYMANTEC CORP                COM                 871503108     2040   105243       SH        SOLE              105243
SYNERGY FINANCIAL GROUP INC  COM                 87162V102     4951   326600       SH        SOLE              326600
SYNGENTA AG                  SPONSORED ADR       87160A100      449    10372       SH        SOLE               10372
SYNOVUS FINL CORP            COM                 87161C105     1613    57497       SH        SOLE               57497
TAIWAN FD INC                COM                 874036106      335    15350       SH        SOLE               15350
TAIWAN GREATER CHINA FD      SH BEN INT          874037104      608    78300       SH        SOLE               78300
TANGER PPTYS LTD PARTNERSHIP NOTE   3.750% 8/1   875484AE7      590   500000      PRN        SOLE              500000
TARGET LOGISTICS INC         COM                 876123100     1174   483100       SH        SOLE              483100
TAUBMAN CTRS INC             COM                 876664103     2072    37851       SH        SOLE               37851
TD AMERITRADE HLDG CORP      COM                 87236Y108     2662   146127       SH        SOLE              146127
TECHNE CORP                  COM                 878377100      717    11369       SH        SOLE               11369
TECK COMINCO LTD             CL B                878742204      792    16598       SH        SOLE               16598
TEEKAY CORPORATION           COM                 Y8564W103      753    12811       SH        SOLE               12811
TEKTRONIX INC                COM                 879131100     2060    74252       SH        SOLE               74252
TELEFONICA S A               SPONSORED ADR       879382208     1121    13381       SH        SOLE               13381
TELEFONOS DE MEXICO S A B    SPON ADR ORD L      879403780     3746   113950       SH        SOLE              113950
TELETECH HOLDINGS INC        COM                 879939106      836    34961       SH        SOLE               34961
TEMPLE INLAND INC            COM                 879868107     5000    95001       SH        SOLE               95001
TEMPLETON DRAGON FD INC      COM                 88018T101      345    10900       SH        SOLE               10900
TERADYNE INC                 COM                 880770102     2085   151096       SH        SOLE              151096
TERNIUM SA                   SPON ADR            880890108      348    11083       SH        SOLE               11083
TESORO CORP                  COM                 881609101     1256    27300       SH        SOLE               27300
TEVA PHARMACEUTICAL FIN CO B NOTE   1.750% 2/0   88165FAA0     1052  1000000      PRN        SOLE             1000000
TEVA PHARMACEUTICAL FIN II L DBCV   0.500% 2/0   88164RAA5     1210  1000000      PRN        SOLE             1000000
TEVA PHARMACEUTICAL FIN LLC  DBCV   0.250% 2/0   88163VAE9      308   300000      PRN        SOLE              300000
TFS FINL CORP                COM                 87240R107      492    38052       SH        SOLE               38052
THOMAS & BETTS CORP          COM                 884315102     1310    22332       SH        SOLE               22332
TIDELANDS BANCSHARES INC     COM                 886374107      852    65000       SH        SOLE               65000
TIDEWATER INC                COM                 886423102     3725    59281       SH        SOLE               59281
TIERONE CORP                 COM                 88650R108     2456    92782       SH        SOLE               92782
TIMBERLAND BANCORP INC       COM                 887098101      459    29300       SH        SOLE               29300
TIME WARNER CABLE INC        CL A                88732J108      491    14964       SH        SOLE               14964
TIME WARNER INC              COM                 887317105     4250   231494       SH        SOLE              231494
TIME WARNER TELECOM INC      CL A                887319101      347    15789       SH        SOLE               15789
TITANIUM METALS CORP         COM NEW             888339207     1283    38234       SH        SOLE               38234
TJX COS INC NEW              NOTE           2/1  872540AL3      486   500000      PRN        SOLE              500000
TORCHMARK CORP               COM                 891027104     2867    46000       SH        SOLE               46000
TOTAL SYS SVCS INC           COM                 891906109      290    10444       SH        SOLE               10444
TOYOTA MOTOR CORP            SP ADR REP2COM      892331307     1840    15746       SH        SOLE               15746
TRAVELERS COMPANIES INC      COM                 89417E109    12370   245726       SH        SOLE              245726
TRICO BANCSHARES             COM                 896095106      856    38434       SH        SOLE               38434
TRINITY INDS INC             COM                 896522109     3269    87073       SH        SOLE               87073
TRONOX INC                   CL A                897051108      507    54549       SH        SOLE               54549
TUPPERWARE BRANDS CORP       COM                 899896104      393    12487       SH        SOLE               12487
TXU CORP                     COM                 873168108     1305    19056       SH        SOLE               19056
U S B HLDG INC               COM                 902910108     9262   398700       SH        SOLE              398700
UBS AG                       SHS NEW             H89231338     2739    51430       SH        SOLE               51430
UIL HLDG CORP                COM                 902748102     1697    53875       SH        SOLE               53875
UNILEVER N V                 N Y SHS NEW         904784709      423    13725       SH        SOLE               13725
UNION PAC CORP               COM                 907818108     4851    42905       SH        SOLE               42905
UNITED FINANCIAL BANCORP INC COM                 91030R103      270    21500       SH        SOLE               21500
UNITED RENTALS INC           COM                 911363109     1411    43867       SH        SOLE               43867
UNITED RETAIL GROUP INC      COM                 911380103     3069   225801       SH        SOLE              225801
UNITED THERAPEUTICS CORP DEL NOTE   0.500%10/1   91307CAD4     1073  1000000      PRN        SOLE             1000000
UNITEDHEALTH GROUP INC       COM                 91324P102    22224   458884       SH        SOLE              458884
UNIVERSAL ELECTRS INC        COM                 913483103      511    15729       SH        SOLE               15729
UNUM GROUP                   COM                 91529Y106     2946   120412       SH        SOLE              120412
USEC INC                     COM                 90333E108      361    35179       SH        SOLE               35179
UST INC                      COM                 902911106     1540    31044       SH        SOLE               31044
V F CORP                     COM                 918204108     5604    69399       SH        SOLE               69399
VALASSIS COMMUNICATIONS INC  COM                 918866104      319    35815       SH        SOLE               35815
VALASSIS COMMUNICATIONS INC  NOTE   1.625% 5/2   918866AK0      255   400000      PRN        SOLE              400000
VALEANT PHARMACEUTICALS INTL COM                 91911X104     1221    78873       SH        SOLE               78873
VALUECLICK INC               COM                 92046N102      237    10542       SH        SOLE               10542
VARIAN MED SYS INC           COM                 92220P105     3111    74268       SH        SOLE               74268
VECTREN CORP                 COM                 92240G101      461    16877       SH        SOLE               16877
VENTAS INC                   COM                 92276F100     5964   144054       SH        SOLE              144054
VERTEX PHARMACEUTICALS INC   COM                 92532F100      577    15014       SH        SOLE               15014
VIEWPOINT FINL GROUP         COM                 926727108      491    26566       SH        SOLE               26566
VIGNETTE CORP                COM NEW             926734401      283    14084       SH        SOLE               14084
VISHAY INTERTECHNOLOGY INC   COM                 928298108      303    23241       SH        SOLE               23241
VIVO PARTICIPACOES S A       SPON ADR PFD        92855S101      204    41053       SH        SOLE               41053
VORNADO RLTY L P             DEB     3.875% 4/1  929043AC1      644   500000      PRN        SOLE              500000
VORNADO RLTY TR              SH BEN INT          929042109     3016    27580       SH        SOLE               27580
VULCAN MATLS CO              COM                 929160109     1820    20410       SH        SOLE               20410
WABCO HLDGS INC              COM                 92927K102      958    20486       SH        SOLE               20486
WAL MART STORES INC          COM                 931142103     1324    30323       SH        SOLE               30323
WALTER INDS INC              COM                 93317Q105      947    35189       SH        SOLE               35189
WASHINGTON BKG CO OAK HBR WA COM                 937303105      977    48398       SH        SOLE               48398
WASHINGTON GROUP INTL INC    COM NEW             938862208     7517    85607       SH        SOLE               85607
WASHINGTON REAL ESTATE INVT  NOTE   3.875% 9/1   939653AJ0      469   500000      PRN        SOLE              500000
WASTE MGMT INC DEL           COM                 94106L109     5984   158559       SH        SOLE              158559
WAUWATOSA HLDGS INC          COM                 94348P108      260    15998       SH        SOLE               15998
WEB COM INC                  COM NEW             94732Q100     3663   512300       SH        SOLE              512300
WEINGARTEN RLTY INVS         NOTE     3.950% 8/0 948741AF0     1014  1000000      PRN        SOLE             1000000
WESCO INTL INC               DBCV    2.625%10/1  95082PAE5     1205  1000000      PRN        SOLE             1000000
WESTERN ASSET INFL MGMT FD I COM                 95766U107      618    38700       SH        SOLE               38700
WESTERN UN CO                COM                 959802109      893    42593       SH        SOLE               42593
WESTFIELD FINANCIAL INC NEW  COM                 96008P104      743    76487       SH        SOLE               76487
WHIRLPOOL CORP               COM                 963320106     7509    84272       SH        SOLE               84272
WILLIAMS SCOTSMAN INTL INC   COM                 96950G102      295    10642       SH        SOLE               10642
WILMINGTON TRUST CORP        COM                 971807102     1256    32287       SH        SOLE               32287
WILSHIRE ENTERPRISES INC     COM                 971889100      226    51900       SH        SOLE               51900
WMS INDS INC                 NOTE   2.750% 7/1   929297AE9      682   269000      PRN        SOLE              269000
WYETH                        COM                 983024100     4791   107549       SH        SOLE              107549
WYETH                        DBCV            1/1 983024AD2      523   500000      PRN        SOLE              500000
WYNDHAM WORLDWIDE CORP       COM                 98310W108      399    12183       SH        SOLE               12183
XILINX INC                   COM                 983919101     5079   194306       SH        SOLE              194306
XM SATELLITE RADIO HLDGS INC CL A                983759101     8653   610625       SH        SOLE              610625
YARDVILLE NATL BANCORP       COM                 985021104     8486   252323       SH        SOLE              252323
YELLOW ROADWAY CORP          NOTE   3.375%11/2   985577AB1      982  1000000      PRN        SOLE             1000000
YELLOW ROADWAY CORP          NOTE   5.000% 8/0   985577AA3     1608  1500000      PRN        SOLE             1500000
ZALE CORP NEW                COM                 988858106      419    18114       SH        SOLE               18114
ZIMMER HLDGS INC             COM                 98956P102     4043    49917       SH        SOLE               49917
ZIONS BANCORPORATION         COM                 989701107     1826    26595       SH        SOLE               26595
ZWEIG FD                     COM                 989834106     1260   241905       SH        SOLE              241905