N-Q 1 vl-ssf045622_nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file Number 811-719 ------- The Value Line Special Situations Fund, Inc. -------------------------------------------- (Exact name of registrant as specified in charter) 220 East 42nd Street, New York, NY 10017 ---------------------------------------- David T. Henigson ----------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-907-1500 ------------ Date of fiscal year end: December 31, 2004 ------------------ Date of reporting period: September 30, 2004 ------------------ ITEM 1: SCHEDULE OF INVESTMENTS. A copy of Schedule of Investments for the period ended 9/30/04 is included with this Form. VALUE LINE SPECIAL SITUATION FUND, INC Schedule of Investments September 30, 2004(Unaudited)
PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- ADVERTISING HARTE HANKS INC 28,500 712,785 RH DONNELLEY CORP 17,000 839,120 -------------------------------------- 1,551,905 0.5% AEROSPACE/DEFENSE ARMOR HLDGS INC 30,000 1,248,300 ENGINEERED SUPPORT SYS INC 19,000 867,160 PRECISION CASTPARTS CORP 11,000 660,550 ROCKWELL COLLINS INC 18,200 675,948 UNITED DEFENSE INDS INC 19,000 759,810 -------------------------------------- 4,211,768 1.2% AIR TRANSPORT EGL INC 25,000 756,500 FEDEX CORP 10,000 856,900 -------------------------------------- 1,613,400 0.5% APPAREL COLUMBIA SPORTSWEAR CO 5,000 272,500 JOS A BANK CLOTHIERS INC 16,000 442,880 KELLWOOD CO 16,000 583,200 OXFORD INDS INC 17,500 651,875 POLO RALPH LAUREN CORP 19,800 720,126 -------------------------------------- 2,670,581 0.8% AUTO & TRUCK OSHKOSH TRUCK CORP 19,000 1,084,140 0.3% AUTO PARTS (DEM) AMERICAN AXLE + MFG HLDGS INC 10,000 292,600 AUTOLIV 19,000 767,600 BORG WARNER INC 15,600 675,324 EATON CORP 12,000 760,920 GENTEX CORP 11,000 386,430 JOHNSON CTLS INC 20,000 1,136,200 LEAR CORP 12,000 653,400 -------------------------------------- 4,672,474 1.4% BANK BANCO ITAU S A 13,100 727,050 BANCORPSOUTH INC 26,000 597,740 BANK HAWAII CORP 25,000 1,181,250 CITY NATL CORP 10,400 675,480 COMMUNITY FIRST BANKSHARES INC 18,000 577,080 COMPASS BANCSHARES INC 21,000 920,220 HIBERNIA CORP 37,000 977,170 M + T BK CORP 7,200 689,040 POPULAR INC 13,200 347,160 R + G FINANCIAL CORP 18,600 718,890
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- SOUTH FINL GROUP INC 23,000 648,600 UCBH HLDGS INC 22,000 859,540 W HLDG CO INC 22,950 436,050 WEBSTER FINL CORP WATERBURY 17,000 839,630 WELLS FARGO + CO NEW 13,000 775,190 WESTAMERICA BANCORPORATION 17,000 933,130 -------------------------------------- 11,903,220 3.5% BANK (CANADIAN) BANK MONTREAL QUE 17,000 742,220 CDN IMPERIAL BK OF COMMERCE 9,000 480,420 -------------------------------------- 1,222,640 0.4% BANK (MIDWEST) ASSOCIATED BANC CORP 22,900 734,403 COMMERCE BANCSHARES INC 14,332 689,226 FIRST HORIZON NATL CORP 12,000 520,320 HUNTINGTON BANCSHARES INC 27,000 672,570 MARSHALL + ILSLEY CORP 18,000 725,400 TCF FINANCIAL CORP 23,200 702,728 -------------------------------------- 4,044,647 1.2% BEVERAGE (ALCOHOLIC) CONSTELLATION BRANDS INC 18,000 685,080 0.2% BEVERAGE (SOFT DRINK) COTT CORP QUE 21,000 605,640 0.2% BIOTECHNOLOGY GEN PROBE INC NEW 19,000 757,530 GENENTECH INC 12,800 670,976 MARTEK BIOSCIENCES CORP 5,000 243,200 MEDICINES CO 29,000 700,060 TELIK INC 24,000 535,200 UNITED THERAPEUTICS CORP DEL 11,000 384,230 -------------------------------------- 3,291,196 1.0% BUILDING MATERIALS JACOBS ENGR GROUP INC 20,000 765,800 SIMPSON MFG INC 12,000 758,400 TREX INC 2,000 88,560 -------------------------------------- 1,612,760 0.5% CANADIAN ENERGY ENCANA CORP 14,500 671,350 IMPERIAL OIL LTD 15,000 775,650 NOVA CHEMICALS CORP 21,400 828,180 TALISMAN ENERGY INC 29,000 751,100 -------------------------------------- 3,026,280 0.9% CEMENT & AGGREGATES CERADYNE INC CALIF 16,000 702,560 FLORIDA ROCK INDS INC 17,100 837,729 -------------------------------------- 1,540,289 0.5% CHEMICAL (DIVERSIFIED) CYTEC INDS INC 14,300 699,985 POTASH CORP SASK INC 13,200 847,044 3M CO 14,000 1,119,580 -------------------------------------- 2,666,609 0.8%
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- CHEMICAL (SPECIALITY) AIRGAS INC 26,000 625,820 ECOLAB INC 24,000 754,560 PRAXAIR INC 30,000 1,282,200 VALSPAR CORP 11,000 513,480 -------------------------------------- 3,176,060 0.9% COAL JOY GLOBAL INC 23,000 790,740 PEABODY ENERGY CORP 13,300 791,350 -------------------------------------- 1,582,090 0.5% COMPUTER & PERIFERALS SCANSOURCE INC 12,500 797,500 ZEBRA TECHNOLOGIES CORP 20,250 1,235,453 -------------------------------------- 2,032,953 0.6% COMPUTER SOFTWARE SRVS ANSYS INC 15,000 745,950 AUTODESK INCORPORATED 19,000 923,970 CACI INTL INC 9,000 475,020 COGNIZANT TECHNOLOGY SOLUTIONS 50,000 1,525,500 COGNOS INC 21,000 745,920 DIGITAL RIV INC 21,700 646,226 HYPERION SOLUTIONS CORP 2,000 67,980 INFOSYS TECHNOLOGIES LTD 14,200 803,720 INTERGRAPH CORP 29,000 787,930 SYMANTEC CORP 28,000 1,536,640 -------------------------------------- 8,258,856 2.4% DIVERSIFIED COMPANY ACUITY BRANDS INC 13,000 309,010 AMERICAN STD COS INC DEL 30,000 1,167,300 AMETEK INC NEW 22,000 667,040 BRASCAN CORP 8,400 253,680 BRINKS CO 21,000 633,570 DANAHER CORP 15,800 810,224 ESCO TECHNOLOGIES INC 12,000 813,120 FORTUNE BRANDS INC 9,600 711,264 GRIFFON CORP 25,400 535,940 ITT INDS INC 8,600 687,914 PENTAIR INC 20,000 698,200 TEXTRON INC 11,500 739,105 UNITED TECHNOLOGIES CORP 7,000 653,660 -------------------------------------- 8,680,027 2.6% DRUG ANGIOTECH PHARMACEUTICALS INC 15,000 304,050 ARIAD PHARMACEUTICALS INC 12,000 80,280 BIOGEN IDEC INC 12,000 734,040 CELGENE CORP 12,000 698,760 COVANCE INC 16,800 671,496 ELAN PLC 28,000 655,200 EON LABS INC 14,000 303,800 FOREST LABS INC 9,000 404,820 GILEAD SCIENCES INC 20,000 747,600 IMPAX LABORATORIES INC 33,000 506,880 MEDICIS PHARMACEUTICAL CORP 17,000 663,680
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- MGI PHARMA INC 29,000 774,010 NEUROCRINE BIOSCIENCES INC 13,000 613,080 PHARMION CORP 15,000 775,440 SALIX PHARMACEUTICALS LTD 22,050 474,516 TEVA PHARMACEUTICAL INDS LTD 40,000 1,038,000 -------------------------------------- 9,445,652 2.8% E-COMMERCE TIBCO SOFTWARE INC 90,000 765,900 WEBSENSE INC 6,000 250,020 -------------------------------------- 1,015,920 0.3% EDUCATIONAL SERVICES APOLLO GROUP INC 20,750 1,522,428 CAREER ED CORP 42,000 1,194,060 EDUCATION MGMT CORP 27,000 719,280 STRAYER ED INC 8,500 977,585 -------------------------------------- 4,413,353 1.3% ELECTRICAL EQUIPMENT FLIR SYS INC 24,000 1,404,000 RAYOVAC CORP 8,000 210,800 ROCKWELL AUTOMATION INC 22,000 851,400 WESCO INTL INC 2,700 65,475 -------------------------------------- 2,531,675 0.8% ELECTRICAL UTILITY (CENTRAL) ENTERGY CORP 12,000 727,320 TXU CORP 24,000 1,150,080 -------------------------------------- 1,877,400 0.6% ELECTRICAL UTILITY (EAST) EXELON CORP 18,000 660,420 0.2% ELECTRICAL UTILITY (WEST) SEMPRA ENERGY 18,500 669,515 0.2% ELECTRONICS AMPHENOL CORP NEW 20,400 698,904 HARMAN INTL INDS INC NEW 28,000 3,017,000 HARRIS CORP DEL 14,700 807,618 PAXAR CORP 36,000 816,480 PLANTRONICS INC NEW 17,000 735,080 SONIC SOLUTIONS 22,000 359,040 TRIMBLE NAVIGATION LTD 31,500 995,400 -------------------------------------- 7,429,522 2.2% ENTERTAINMENT TECHNOLOGY AVID TECHNOLOGY INC 13,000 609,310 MACROVISION CORP 8,000 192,640 SCIENTIFIC GAMES CORP 38,000 725,800 -------------------------------------- 1,527,750 0.5% ENVIRONMENTAL REPUBLIC SVCS INC 22,000 654,720 STERICYCLE INC 24,000 1,101,600 -------------------------------------- 1,756,320 0.5% FINANCIAL SERVICES BLACKROCK INC 6,000 440,940 CASH AMER INTL INC 16,000 391,360
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- COUNTRYWIDE FINL CORP 24,000 945,360 DORAL FINL CORP 36,000 1,492,920 FIRST CASH FINANCIAL SERVICES 7,000 140,210 GLOBAL PMTS INC 14,100 755,055 INVESTORS FINL SERVICES CORP 16,000 722,080 LEUCADIA NATL CORP 12,000 679,800 NEW CENTY FINL CORP 13,200 794,904 PROASSURANCE CORP 21,000 735,420 SLM CORP 15,000 669,000 UNITRIN INC 2,000 83,140 WINTRUST FINL CORP 15,000 859,200 -------------------------------------- 8,709,389 2.6% FOOD PROCESSING BUNGE LIMITED 16,000 639,680 DEAN FOODS CO NEW 24,000 720,480 FLOWERS FOODS INC 6,000 155,100 MCCORMICK + CO INC 18,000 618,120 RALCORP HLDGS INC NEW 19,000 685,900 SMUCKER J M CO 9,200 408,572 UNITED NAT FOODS INC 41,000 1,090,600 -------------------------------------- 4,318,452 1.3% FOOD WHOLESALERS SYSCO CORP 17,000 508,640 0.2% FOREIGN TELECOM ERICSSON L M TEL CO 17,000 531,080 0.2% FURN/HOME FURNISHINGS HNI CORP 5,000 197,900 SELECT COMFORT CORP 3,700 67,340 TUESDAY MORNING CORP 21,900 677,148 -------------------------------------- 942,388 0.3% GROCERY WHOLE FOODS MKT INC 6,000 514,740 0.2% HEALTH CARE INFO SYSTEMS ERESEARCHTECHNOLOGY INC 40,000 533,200 0.2% HOME APPLIANCES BLACK + DECKER CORPORATION 10,000 774,400 TORO CO 20,000 1,366,000 -------------------------------------- 2,140,400 0.6% HOME BUILDING ST JOE CO 13,500 644,895 0.2% HOTEL/GAMING BOYD GAMING CORP 25,000 703,750 CHOICE HOTELS INC 18,000 1,036,620 GTECH HLDGS CORP 10,000 253,200 HARRAHS ENTMT INC 7,000 370,860 INTERNATIONAL GAME TECHNOLOGY 17,000 611,150 MGM MIRAGEINC 14,000 695,100 PENN NATL GAMING INC 32,000 1,292,800
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- STATION CASINOS INC 23,000 1,127,920 WMS INDUSTRIES INC 22,000 565,180 -------------------------------------- 6,656,580 2.0% HOUSEHOLD PRODUCTS CHURCH + DWIGHT INC 22,500 631,350 ENERGIZER HLDGS INC 22,000 1,014,200 PROCTER AND GAMBLE CO 20,000 1,082,400 SCOTTS CO 11,000 705,650 YANKEE CANDLE INC 23,000 666,080 -------------------------------------- 4,099,680 1.2% HUMAN RESOURCES GEVITY HR INC 16,500 253,770 RESOURCES CONNECTION INC 6,700 253,126 -------------------------------------- 506,896 0.2% INDUSTRIAL SERVICES AARON RENTS INC 41,250 897,600 C H ROBINSON WORLDWIDE 15,000 695,850 EXPEDITORS INTL WA INC 17,000 878,900 IRON MTN INC PA 22,500 761,625 NAVIGANT CONSULTING CO 13,000 285,480 -------------------------------------- 3,519,455 1.0% INFORMATION SERVICES ALLIANCE DATA SYSTEMS CORP 23,500 953,160 ARBITRON INC 7,000 256,270 CORPORATE EXECUTIVE BRD CO 11,700 716,508 DUN + BRADSTREET CORP DEL NEW 13,000 763,100 MOODYS CORP 10,000 732,500 -------------------------------------- 3,421,538 1.0% INSURANCE (LIFE) AFLAC INC 16,000 627,360 DELPHI FINL GROUP INC 17,400 698,958 TORCHMARK INC 13,500 717,930 -------------------------------------- 2,044,248 0.6% INSURANCE PROP (CASUALTY) BERKLEY W R CORP 24,750 1,043,460 EVEREST REINSURANCE GROUP LTD 7,000 520,310 FIDELITY NATL FINL INC 29,700 1,131,570 HCC INS HLDGS INC 21,000 633,150 IPC HOLDINGS LTD BERMUDA 16,500 627,165 MARKEL CORP 2,300 709,320 MERCURY GEN CORP 4,500 238,005 OLD REP INTL CORP 25,000 625,750 RENAISSANCERE HOLDINGS LTD 17,400 897,492 RLI CORP 18,000 675,900 -------------------------------------- 7,102,122 2.1% INTERNET AKAMAI TECHNOLOGIES INC 31,000 435,550 EBAY INC 12,000 1,103,280 INFOSPACE INC 3,000 142,170 OPSWARE INC 54,000 302,940 VALUECLICK INC 49,000 462,560 -------------------------------------- 2,446,500 0.7%
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- MACHINERY ACTUANT CORP 20,000 824,200 BRIGGS + STRATTON CORP 7,500 609,000 CATERPILLAR INC 9,000 724,050 DONALDSON CO INC 14,000 397,460 GRACO INC 28,125 942,188 IDEX CORP 19,900 675,804 MINE SAFETY APPLIANCES CO 18,000 732,960 MSC INDL DIRECT INC 14,000 477,120 NORDSON CORP 4,100 140,753 ROPER INDS 13,000 746,980 -------------------------------------- 6,270,515 1.9% MANUF.HOUSING/REC. VEHICLES THOR INDS INC 10,000 264,700 WINNEBAGO IND INC. 27,200 942,208 -------------------------------------- 1,206,908 0.4% MEDICAL SERVICES AMEDISYS INC 21,000 628,950 AMERICAN HEALTHWAYS INC 20,000 582,200 CENTENE CORP DEL 20,000 851,600 COVENTRY HEALTH CARE INC 10,500 560,385 DAVITA INC 24,000 747,600 GENTIVA HEALTH SVCS INC 22,000 360,140 GIVEN IMAGING 8,400 322,980 NABI BIOPHARMACEUTICALS 29,000 388,020 NEIGHBORCARE INC 21,000 532,350 RENAL CARE GROUP INC 24,000 773,520 SIERRA HEALTH SVCS INC 18,000 862,740 UNITED SURGICAL PARTNERS 17,000 583,950 UNITEDHEALTH GROUP INC 13,940 1,027,936 VCA ANTECH INC 21,000 433,230 WELLCHOICE INC 13,400 500,222 WELLPOINT HEALTH NETWORKS INC 8,000 840,720 -------------------------------------- 9,996,543 3.0% MEDICAL SUPPLIES ADVANCED MED OPTICS INC 28,500 1,127,745 ADVANCED NEUROMODULATION SYS 11,000 333,850 ALCON INC 11,000 882,200 ALIGN TECHNOLOGY INC 19,000 290,320 BARD C R INC 16,000 906,080 BECTON DICKINSON + CO 13,000 672,100 BIO RAD LABORATORIES INC 4,000 204,400 BIOMET INC 23,750 1,113,400 BOSTON SCIENTIFIC CORP 28,000 1,112,440 CONNETICS CORP 26,000 702,520 COOPER COS INC 33,500 2,296,425 DADE BEHRING HLDGS INC 23,000 1,281,514 DENTSPLY INTL INC NEW 18,500 960,890 FISHER SCIENTIFIC INTL INC 19,000 1,108,270 IDEXX LABS INC 15,000 761,100 INAMED CORP 31,500 1,501,605 INTEGRA LIFESCIENCES CORP 21,000 674,310 INTUITIVE SURGICAL INC 17,000 420,750 KYPHON INC 15,000 371,700
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- MENTOR CORP MINN 21,600 727,488 PATTERSON COS INC 22,000 1,684,320 POLYMEDICA CORP 23,000 708,400 RESPIRONICS INC 17,000 908,480 SCHEIN HENRY INC 28,000 1,744,680 ST JUDE MED INC 14,000 1,053,780 SYBRON DENTAL SPECIALTIES 21,000 623,490 VARIAN MED SYS INC 50,000 1,728,500 WRIGHT MED GROUP INC 23,000 577,760 ZIMMER HOLDINGS INC 13,000 1,027,520 -------------------------------------- 27,506,037 8.2% METAL FABRICATING ILLINOIS TOOL WKS INC 7,200 670,824 0.2% METALS & MINING (DIV) ALLEGHENY TECHNOLOGIES INC 36,000 657,000 COMPANHIA VALE DO RIO DOCE 12,000 269,640 -------------------------------------- 926,640 0.3% NATURAL GAS (DISTRIBUTION) AGL RES INC 22,000 676,940 ENERGEN CORP 16,000 824,800 UGI CORP NEW 19,000 707,940 -------------------------------------- 2,209,680 0.7% NATURAL GAS (DIVERSIFIED) EQUITABLE RES INC 15,000 814,650 PATINA OIL + GAS CORP 40,000 1,182,800 QUESTAR CORP 17,000 778,940 SOUTHWESTERN ENERGY CO 26,000 1,091,740 XTO ENERGY INC 32,082 1,042,023 -------------------------------------- 4,910,153 1.5% NEWSPAPER GANNETT INC 7,000 586,320 KNIGHT RIDDER INC 8,500 556,325 LEE ENTERPRISES INC 16,500 764,610 MCCLATCHY CO 9,000 637,470 SCRIPPS E W CO OH 14,000 668,920 WASHINGTON POST CO 800 736,000 -------------------------------------- 3,949,645 1.2% OFFICE EQUIP. & SUPPLIES GLOBAL IMAGING SYS INC 22,400 696,192 STAPLES INC 30,000 894,600 -------------------------------------- 1,590,792 0.5% OILFIELD SERVICES/EQUIPMENT CAL DIVE INTL INC 12,000 427,440 CARBO CERAMICS INC 10,600 764,684 FMC TECHNOLOGIES INC 22,000 734,800 TEEKAY SHIPPING CORP 11,400 491,226 -------------------------------------- 2,418,150 0.7% OTHER SYNGENTA AG 6,000 114,540 0.03%
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- PACKAGING & CONTAINER BALL CORP 24,000 898,320 CLARCOR INC 17,000 810,390 JARDEN CORP 28,800 1,050,912 -------------------------------------- 2,759,622 0.8% PETROLEUM (INTEGRATED) DENBURY RES INC 30,500 774,700 MURPHY OIL CORP 11,000 954,470 PREMCOR INC 17,500 673,750 -------------------------------------- 2,402,920 0.7% PETROLEUM (PRODUCING) APACHE CORP 16,800 841,848 BURLINGTON RES INC 18,000 734,400 CANADIAN NATURAL RES LTD 21,600 860,328 CHESAPEAKE ENERGY CORP 50,000 791,500 COMSTOCK RES INC 25,000 523,000 EVERGREEN RESOURCES 20,000 787,000 POGO PRODUCING CO 14,000 664,300 PRECISION DRILLING CORP 4,000 230,000 RANGE RES CORP 41,000 717,090 SUNCOR ENERGY INC 28,000 896,280 TENARIS S A 15,500 706,645 ULTRA PETE CORP 24,500 1,201,725 UNIT CORP 29,000 1,017,320 -------------------------------------- 9,971,436 3.0% PHARMACY CAREMARK RX INC 40,000 1,282,800 EXPRESS SCRIPTS INC 12,000 784,080 -------------------------------------- 2,066,880 0.6% PRECISION INSTRUMENT DIONEX CORP 13,500 738,450 KRONOS INC 17,700 783,933 -------------------------------------- 1,522,383 0.5% PUBLISHING DONNELLEY R R + SONS CO 25,200 789,264 MCGRAW HILL COS INC 9,000 717,210 MEREDITH CORP 13,200 678,216 -------------------------------------- 2,184,690 0.6% R.E.I.T. CORRECTIONS CORP AMER NEW 23,700 838,032 ESSEX PROPERTY TRUST 7,000 502,950 IMPAC MORT HOLDINGS INC 16,200 426,060 ISTAR FINL INC 7,000 288,610 NEWCASTLE INVT CORP NEW 17,000 521,900 PAN PAC RETAIL PPTYS INC 14,500 784,450 PENNSYLVANIA REAL ESTATE INVT 17,000 657,220 PROLOGIS 21,000 740,040 REDWOOD TR INC. 3,000 187,260 REGENCY CTRS CORP 9,000 418,410 -------------------------------------- 5,364,932 1.6% RAILROAD CANADIAN NATL RY CO 15,450 749,325 GENESEE + WYO INC 12,000 303,840 -------------------------------------- 1,053,165 0.3%
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- RECREATION BRUNSWICK CORP 16,000 732,160 HARLEY DAVIDSON INC 11,000 653,840 MULTIMEDIA GAMES INC 12,000 186,000 ROYAL CARIBBEAN CRUISES LTD 16,000 697,600 SCP POOL CORP 45,000 1,203,300 SHUFFLE MASTER INC 37,500 1,404,750 -------------------------------------- 4,877,650 1.4% RESTAURANT APPLEBEES INTL INC 33,750 853,200 CKE RESTAURANTS INC 26,000 287,300 MCDONALDS CORP 25,000 700,750 P F CHANGS CHINA BISTRO INC 14,500 703,105 RARE HOSPITALITY INTL INC 28,500 759,525 RUBY TUESDAY INC 49,800 1,387,926 SONIC CORP 84,375 2,162,531 STARBUCKS CORP 25,000 1,136,500 YUM BRANDS INC 19,000 772,540 -------------------------------------- 8,763,377 2.6% RETAIL (SPECIAL LINES) AEROPOSTALE 31,500 825,300 AMERICAN EAGLE OUTFITTERS INC 17,500 644,875 BED BATH + BEYOND INC 17,000 630,870 CHICOS FAS INC 28,000 957,600 CLAIRE S STORES INC 31,000 776,240 COACH INC 25,000 1,060,500 COLDWATER CREEK INC 29,000 605,230 DICKS SPORTING GOODS INC 22,500 801,450 FINISH LINE INC 19,500 602,940 FOSSIL INC 36,000 1,113,840 GUITAR CTR INC 25,000 1,082,500 MICHAELS STORES INC 5,000 296,050 PETCO ANIMAL SUPPLIES INC 19,500 636,870 PETSMART INC 24,000 681,360 QUIKSILVER INC 29,000 737,180 ROSS STORES INC 28,000 656,320 TJX COS INC NEW 28,000 617,120 URBAN OUTFITTERS INC 24,000 825,600 WILLIAMS SONOMA INC 13,000 488,150 ZALE CORP NEW 24,600 691,260 -------------------------------------- 14,731,255 4.4% RETAIL AUTOMOTIVE ADVANCE AUTO PARTS 16,600 571,040 CSK AUTO CORP 26,000 346,320 O REILLY AUTOMOTIVE INC 14,000 536,060 -------------------------------------- 1,453,420 0.4% RETAIL BUILDING SUPPLY FASTENAL CO 14,000 806,400 HUGHES SUPPLY INC 25,000 751,750 LOWES COS INC 19,000 1,032,650 TRACTOR SUPPLY CO 28,000 880,320 -------------------------------------- 3,471,120 1.0%
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- RETAIL STORE KMART HLDG CORPORATON 15,400 1,347,038 PENNEY J C INC 20,000 705,600 TARGET CORP 15,000 678,750 -------------------------------------- 2,731,388 0.8% SECURITIES BROKERAGE BEAR STEARNS COS INC 8,000 769,360 0.2% SEMICONDUCTOR ANALOG DEVICES INC 13,000 504,140 0.1% SHOE BROWN SHOE INC NEW 9,000 225,540 GENESCO INC 30,200 711,210 NIKE INC 9,000 709,200 TIMBERLAND CO 4,000 227,200 -------------------------------------- 1,873,150 0.6% STEEL (GENERAL) CLEVELAND CLIFFS INC 3,000 242,610 GERDAU S A 36,000 588,600 -------------------------------------- 831,210 0.2% TELECOM. EQUIPMENT AVAYA INC 43,000 599,420 COMMSCOPE INC 9,000 194,400 MARVELL TECHNOLOGY GROUP LTD 25,400 663,702 -------------------------------------- 1,457,522 0.4% TELECOM. SERVICES DYCOM INDS INC 27,000 766,530 MOBILE TELESYSTEMS 8,500 1,232,415 NEXTEL COMMUNICATIONS INC 30,000 715,200 NII HLDGS INC 19,500 803,595 OPEN JT STK CO VIMPEL COMMN 8,500 924,800 SPRINT CORP 33,000 664,290 WESTERN WIRELESS CORP 27,000 694,170 -------------------------------------- 5,801,000 1.7% THRIFT BANKATLANTIC BANCORP INC 37,000 677,840 BROOKLINE BANCORP INC DEL 13,000 203,710 COMMERCIAL CAP BANCORP INC 23,000 521,870 FIRST BANCORP P R 18,500 893,550 FIRSTFED FINL CORP DEL 13,000 635,440 GOLDEN WEST FINL CORP DEL 11,000 1,220,450 GREENPOINT FINL CORP 14,500 670,770 HUDSON CITY BANCORP INC 28,000 1,000,720 SOVEREIGN BANCORP INC 63,000 1,374,660 WASHINGTON FED INC 30,800 774,620 WESTCORP INC 16,000 680,320 -------------------------------------- 8,653,950 2.6% TIRE & RUBBER CARLISLE COS INC 10,500 671,265 0.2% TOBACCO UNIVERSAL CORP VA 5,000 223,200 0.1%
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PERCENT OF TOTAL NET Security Description SHARES MARKET VALUE ASSETS ---------- TOILETRIES/COSMETICS AVON PRODS INC 22,000 960,960 HELEN OF TROY LTD 14,000 381,080 LAUDER ESTEE COS INC 14,000 585,200 NU SKIN ENTERPRISES INC 33,000 775,830 REGIS CORP MINNESOTA 16,500 663,630 -------------------------------------- 3,366,700 1.0% TRUCKING ARKANSAS BEST CORP 19,000 695,780 HEARTLAND EXPRESS INC 20,000 369,000 HUNT J B TRANS SVCS INC 21,000 779,940 LANDSTAR SYS INC 38,000 2,229,840 WERNER ENTERPRISES INC 31,250 603,438 YELLOW ROADWAY CORP 21,000 984,690 -------------------------------------- 5,662,688 1.7% WATER UTILITY AQUA AMER INC 31,000 685,410 0.2% WIRELESS NETWORKING (1.0%) ALAMOSA HOLDINGS INC 86,000 657,040 ALVARION LTD 12,000 155,280 NOVATEL WIRELESS INC 10,000 235,000 RESEARCH IN MOTION LTD 20,000 1,526,800 SPECTRASITE INC 15,000 697,500 -------------------------------------- 3,271,620 1.0% TOTAL COMMON STOCK AND TOTAL -------------------------------------- INVESTMENT SECURITIES 308,996,223 91.6% ====================================== REPURCHASE AGREEMENT PAR VALUE 8.5% (including accrued interest) ----------- Collateralized by $11,426,000 U.S. Treasury Bonds 6.875%, due 8/15/25, with a value of $14,402,116(with UBS Warburg LLC, 1.55% dated 9/30/04, due 10/1/04 14,100,000 delivery value $14,100,607).................... 14,100,607 Collateralized by $14,440,000 U.S. Treasury Bonds 4.25%, due 11/15/13, with a value of $14,866,431(with Morgan Stanley, 1.59%, dated 9/30/04, due 10/1/04, 14,600,000 delivery value $14,600,645).................... 14,600,645 --------------------- TOTAL PURCHASE AGREEMENTS (COST $28,701,252)............................. 28,701,252 EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS......................................... (386,271) -0.1% -------------------------------------- NET ASSETS..................................... 337,311,204 100% ====================================== NET ASSET VALUE PER OUTSTANDING OUTSTANDING SHARE ($337,311,204 / 15,248,751 SHARES OUTSTANDING)................................... $ 22.12 =====================
Page 12 of 12 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)) based on their evaluation of these controls and procedures as of a date within 90 days of filing date of this report, are approximately designed to ensure that material information relating to the registrant is made known to such officers and are operating effectively. (b) The registrant's principal executive officer and principal financial officer have determined that there have been no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including corrective actions with regard to significant deficiencies and material weaknesses. ITEM 3. EXHIBITS: (a) Certifications of principal executive officer and principal financial officer of the registrant. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. By: Jean B. Buttner -------------------------- Jean B. Buttner, President Date: November 29, 2004 ----------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Jean B. Buttner ------------------------------------------------------- Jean B. Buttner, President, Principal Executive Officer By: /s/ David T. Henigson ------------------------------------------------------------------------- David T. Henigson, Vice President, Treasurer, Principal Financial Officer Date: November 29, 2004 -----------------