13F-HR/A 1 sdc500.txt 13F AMENDMENT - HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2003 Check here if Amendment [x]; Amendment Number: This Amendment (Check only one.): [x] is a restatement. [ ] adds new holdings entries. Institutional investment Manager Filing this Report: Name: Keeley Asset Management Corp. Address: 401 S. LaSalle Street Suite 1201 Chicago, IL 60605 13F File Number: 28-6810 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: John L. Keeley, Jr. Title: President Phone: 312-786-5000 Signature, Place, and Date of Signing: John L. Keeley, Jr., Chicago, IL, June 30, 2003 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT List of other Managers Reporting for this Manager: None I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 208 Form 13F Information Table Value Total: 787,827 List of Other Included Managers: None
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- AMR Corp COM 001765106 297 27,000 SH SOLE 27,000 ------------------------------------------------------------------------------------------------------------------------------------ AT&T Wireless Svcs Inc COM 00209a106 328 40,000 SH SOLE 40,000 ------------------------------------------------------------------------------------------------------------------------------------ Allegiant Bancorp Inc COM 017476102 253 12,500 SH SOLE 12,500 ------------------------------------------------------------------------------------------------------------------------------------ Allstate Corp COM 020002101 5,308 148,890 SH SOLE 64,390 84,500 ------------------------------------------------------------------------------------------------------------------------------------ American Axl&Mfg Holdings COM 024061103 2,612 109,300 SH SOLE 92,300 17,000 ------------------------------------------------------------------------------------------------------------------------------------ Ametek COM 031100100 1,961 53,500 SH SOLE 29,500 24,000 ------------------------------------------------------------------------------------------------------------------------------------ Apache Corp COM 037411105 6,040 92,830 SH SOLE 30,240 62,590 ------------------------------------------------------------------------------------------------------------------------------------ Apogent Technologies COM 03760a101 212 10,600 SH SOLE 10,600 ------------------------------------------------------------------------------------------------------------------------------------ Arch Chemicals Inc. COM 03937r102 937 49,070 SH SOLE 48,815 255 ------------------------------------------------------------------------------------------------------------------------------------ Aztar Corp COM 054802103 3,147 195,350 SH SOLE 140,350 55,000 ------------------------------------------------------------------------------------------------------------------------------------ BKF Capital Group Inc. COM 05548g102 622 28,500 SH SOLE 28,500 ------------------------------------------------------------------------------------------------------------------------------------ Banc One Corp. COM 06423a103 279 7,500 SH SOLE 7,500 ------------------------------------------------------------------------------------------------------------------------------------ Berkshire Hills Bancorp Inc. COM 084680107 7,593 267,360 SH SOLE 219,975 47,385 ------------------------------------------------------------------------------------------------------------------------------------ Boston Private Financial Hldgs COM 101119105 2,862 135,500 SH SOLE 120,500 15,000 ------------------------------------------------------------------------------------------------------------------------------------ Bowne & Co Inc COM 103043105 1,660 127,390 SH SOLE 116,955 10,435 ------------------------------------------------------------------------------------------------------------------------------------ Brookline Bancorp Inc COM 11373m107 4,404 314,605 SH SOLE 314,605 ------------------------------------------------------------------------------------------------------------------------------------ CFS Bancorp COM 12525d102 5,199 346,604 SH SOLE 289,975 56,629 ------------------------------------------------------------------------------------------------------------------------------------ C I T Group COM 125581108 10,718 434,825 SH SOLE 226,425 208,400 ------------------------------------------------------------------------------------------------------------------------------------ C K E Restaurants Inc COM 12561E105 240 43,000 SH SOLE 43,000 ------------------------------------------------------------------------------------------------------------------------------------ CMS Energy Corp COM 125896100 1,367 168,800 SH SOLE 168,800 ------------------------------------------------------------------------------------------------------------------------------------ Cuno Inc COM 126583103 833 23,000 SH SOLE 23,000 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Canadian Pacific Limited COM 13645t100 7,664 339,115 SH SOLE 170,615 168,500 ------------------------------------------------------------------------------------------------------------------------------------ Capitol Federal Financial COM 14057c106 290 10,275 SH SOLE 10,275 ------------------------------------------------------------------------------------------------------------------------------------ Catellus Developement COM 149111106 11,511 523,246 SH SOLE 328,641 194,605 ------------------------------------------------------------------------------------------------------------------------------------ Cendant Corp. COM 151313103 341 18,600 SH SOLE 18,600 ------------------------------------------------------------------------------------------------------------------------------------ Ceridian Corp COM 156779100 4,720 278,160 SH SOLE 115,640 162,520 ------------------------------------------------------------------------------------------------------------------------------------ Certegy Inc COM 156880106 2,171 78,232 SH SOLE 58,232 20,000 ------------------------------------------------------------------------------------------------------------------------------------ Chesapeake Energy COM 165167107 1,959 194,000 SH SOLE 152,000 42,000 ------------------------------------------------------------------------------------------------------------------------------------ Chesterfield Financial Corp COM 166435107 5,733 271,080 SH SOLE 250,275 20,805 ------------------------------------------------------------------------------------------------------------------------------------ Chicago Bridge & NY REGIS- Iron Company TRY SH 167250109 11,389 502,165 SH SOLE 416,985 85,180 ------------------------------------------------------------------------------------------------------------------------------------ Choice Hotels Holding Inc COM 169905106 15,353 562,170 SH SOLE 349,905 212,265 ------------------------------------------------------------------------------------------------------------------------------------ Chiquita Brands Intl Wts Exp 3 *W EXP 01/01/200 170032114 116 32,600 SH SOLE 32,600 ------------------------------------------------------------------------------------------------------------------------------------ Chiquita Brands Int'l Inc. COM 170032809 5,044 347,870 SH SOLE 278,040 69,830 ------------------------------------------------------------------------------------------------------------------------------------ Cimarex Energy Co COM 171798101 4,840 203,800 SH SOLE 147,900 55,900 ------------------------------------------------------------------------------------------------------------------------------------ Cincinnati Bell Inc COM 171871106 328 49,000 SH SOLE 49,000 ------------------------------------------------------------------------------------------------------------------------------------ Cincinnati Financial COM 172062101 2,574 69,480 SH SOLE 50,810 18,670 ------------------------------------------------------------------------------------------------------------------------------------ Circor Intl Inc COM 17273k109 3,534 198,205 SH SOLE 168,745 29,460 ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Inc COM 172967101 736 17,200 SH SOLE 17,200 ------------------------------------------------------------------------------------------------------------------------------------ Citizens Communications COM 17453b101 5,941 460,924 SH SOLE 403,579 57,345 ------------------------------------------------------------------------------------------------------------------------------------ Citizens First Bancorp COM 17461r106 4,663 221,000 SH SOLE 165,400 55,600 ------------------------------------------------------------------------------------------------------------------------------------ Clarcor Inc. COM 179895107 3,096 80,300 SH SOLE 55,800 24,500 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Commercial Metals Co COM 201723103 5,136 288,701 SH SOLE 228,306 60,395 ------------------------------------------------------------------------------------------------------------------------------------ Comstock Resources Inc. COM 205768203 5,044 368,725 SH SOLE 271,235 97,490 ------------------------------------------------------------------------------------------------------------------------------------ Connecticut Bankshares COM 207540105 842 21,500 SH SOLE 21,500 ------------------------------------------------------------------------------------------------------------------------------------ Conocophillips COM 20825c104 214 3,900 SH SOLE 3,900 ------------------------------------------------------------------------------------------------------------------------------------ Cox Communications, Inc Cl A COM 224044107 2,074 65,000 SH SOLE 65,000 ------------------------------------------------------------------------------------------------------------------------------------ Crane Co. COM 224399105 1,571 69,440 SH SOLE 50,000 19,440 ------------------------------------------------------------------------------------------------------------------------------------ Curtiss-Wright Class B CL B 231561408 202 3,247 SH SOLE 3,247 ------------------------------------------------------------------------------------------------------------------------------------ DQE Inc Holding Co. COM 23329j104 6,116 405,825 SH SOLE 310,225 95,600 ------------------------------------------------------------------------------------------------------------------------------------ Del Monte Foods Co. COM 24522P103 2,768 313,175 SH SOLE 226,195 86,980 ------------------------------------------------------------------------------------------------------------------------------------ Deltic Timber Corp COM 247850100 5,286 185,815 SH SOLE 145,760 40,055 ------------------------------------------------------------------------------------------------------------------------------------ Dover Corp. COM 260003108 1,590 53,080 SH SOLE 43,580 9,500 ------------------------------------------------------------------------------------------------------------------------------------ Dover Downs Gaming & Entertain COM 260095104 3,270 353,477 SH SOLE 277,477 76,000 ------------------------------------------------------------------------------------------------------------------------------------ Duke Power COM 264399106 359 18,000 SH SOLE 18,000 ------------------------------------------------------------------------------------------------------------------------------------ Dun & Bradstreet COM 26483e100 16,671 405,632 SH SOLE 255,127 150,505 ------------------------------------------------------------------------------------------------------------------------------------ El Paso Corporation COM 28336l109 250 31,000 SH SOLE 31,000 ------------------------------------------------------------------------------------------------------------------------------------ Encore Acquisition Co. COM 29255w100 958 50,000 SH SOLE 50,000 ------------------------------------------------------------------------------------------------------------------------------------ Energizer Holdings Inc. COM 29266r108 3,069 97,750 SH SOLE 69,400 28,350 ------------------------------------------------------------------------------------------------------------------------------------ Enpro Industries Inc. COM 29355x107 5,344 499,885 SH SOLE 379,185 120,700 ------------------------------------------------------------------------------------------------------------------------------------ Equifax Inc. COM 294429105 7,473 287,405 SH SOLE 115,125 172,280 ------------------------------------------------------------------------------------------------------------------------------------ Evergreen Resource Inc. COM 299900308 5,498 101,235 SH SOLE 83,685 17,550 ------------------------------------------------------------------------------------------------------------------------------------ FMC Technologies Inc. COM 30249u101 11,796 560,400 SH SOLE 357,000 203,400 ------------------------------------------------------------------------------------------------------------------------------------ Fidelity National Financial In COM 316326107 9,932 322,882 SH SOLE 156,670 166,212 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- First Niagara Financial COM 33582v108 1,670 120,000 SH SOLE 120,000 ------------------------------------------------------------------------------------------------------------------------------------ First Federal Florida COM 343258109 240 10,000 SH SOLE 10,000 ------------------------------------------------------------------------------------------------------------------------------------ Flowers Foods Inc COM 343498101 16,908 855,657 SH SOLE 538,549 317,108 ------------------------------------------------------------------------------------------------------------------------------------ Flowserve Corp. COM 34354p105 1,054 53,575 SH SOLE 53,575 ------------------------------------------------------------------------------------------------------------------------------------ Fortune Brands COM 349631101 8,117 155,490 SH SOLE 72,660 82,830 ------------------------------------------------------------------------------------------------------------------------------------ Friedman Billings Ramsey Cl A CL A 358434108 379 28,300 SH SOLE 28,300 ------------------------------------------------------------------------------------------------------------------------------------ Furniture Brands Int'l Inc COM 360921100 4,238 162,365 SH SOLE 122,865 39,500 ------------------------------------------------------------------------------------------------------------------------------------ Gardner Denver Inc COM 365558105 1,882 92,000 SH SOLE 54,000 38,000 ------------------------------------------------------------------------------------------------------------------------------------ Gaylord Entmt Co. COM 367905106 2,587 132,180 SH SOLE 115,180 17,000 ------------------------------------------------------------------------------------------------------------------------------------ Getty Realty Corporation COM 374297109 1,986 89,000 SH SOLE 89,000 ------------------------------------------------------------------------------------------------------------------------------------ Gray Comunications Systems Inc COM 389375106 2,427 195,700 SH SOLE 125,200 70,500 ------------------------------------------------------------------------------------------------------------------------------------ Gray Television Cl A CL A 389375205 547 44,500 SH SOLE 44,500 ------------------------------------------------------------------------------------------------------------------------------------ Greenpoint Financial Corp COM 395384100 6,830 134,070 SH SOLE 68,870 65,200 ------------------------------------------------------------------------------------------------------------------------------------ Griffon Corp COM 398433102 3,698 231,140 SH SOLE 231,140 ------------------------------------------------------------------------------------------------------------------------------------ Hancock John Financial Service COM 41014s106 8,756 284,919 SH SOLE 148,219 136,700 ------------------------------------------------------------------------------------------------------------------------------------ Harbor FL Bancshares COM 411901101 3,140 131,010 SH SOLE 94,110 36,900 ------------------------------------------------------------------------------------------------------------------------------------ Hartford Financial Svcs Group COM 416515104 5,888 116,915 SH SOLE 47,015 69,900 ------------------------------------------------------------------------------------------------------------------------------------ Harvest Natural Resources Inc. COM 41754v103 828 130,000 SH SOLE 130,000 ------------------------------------------------------------------------------------------------------------------------------------ Hearst-Argyle Television COM 422317107 5,992 231,370 SH SOLE 86,310 145,060 ------------------------------------------------------------------------------------------------------------------------------------ Hewlett Packard Co COM 428236103 209 9,800 SH SOLE 9,800 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Hudson City Bancorp Inc. COM 443683107 5,368 210,500 SH SOLE 170,500 40,000 ------------------------------------------------------------------------------------------------------------------------------------ Hudson River Bancorp Inc COM 444128102 4,500 161,180 SH SOLE 154,980 6,200 ------------------------------------------------------------------------------------------------------------------------------------ IHOP Corporation COM 449623107 3,828 121,265 SH SOLE 85,265 36,000 ------------------------------------------------------------------------------------------------------------------------------------ ITT Corp. COM 450911102 8,182 124,995 SH SOLE 64,865 60,130 ------------------------------------------------------------------------------------------------------------------------------------ Impco Technologies COM 45255w106 308 50,000 SH SOLE 50,000 ------------------------------------------------------------------------------------------------------------------------------------ Indymac Bancorp. COM 456607100 343 13,500 SH SOLE 13,500 ------------------------------------------------------------------------------------------------------------------------------------ Interactive Data Corp COM 45840j107 3,575 211,550 SH SOLE 196,550 15,000 ------------------------------------------------------------------------------------------------------------------------------------ IShares Russell 2000 RUSSELL 464287655 551 6,200 SH SOLE 6,200 2000 ------------------------------------------------------------------------------------------------------------------------------------ IShares Tr Dow Jones US Finl S DJ US FINL SEC 464287788 739 9,700 SH SOLE 9,700 ------------------------------------------------------------------------------------------------------------------------------------ JLG Industries Inc. COM 466210101 238 35,000 SH SOLE 35,000 ------------------------------------------------------------------------------------------------------------------------------------ Janus Cap Group Inc COM 47102x105 9,503 579,435 SH SOLE 265,635 313,800 ------------------------------------------------------------------------------------------------------------------------------------ Jefferies Group Inc. COM 472319102 6,318 126,900 SH SOLE 102,700 24,200 ------------------------------------------------------------------------------------------------------------------------------------ Journal Register Co COM 481138105 4,536 250,720 SH SOLE 188,620 62,100 ------------------------------------------------------------------------------------------------------------------------------------ Joy Global Inc COM 481165108 4,909 332,159 SH SOLE 264,761 67,398 ------------------------------------------------------------------------------------------------------------------------------------ Kansas City Southern Ind Inc COM 485170302 6,475 538,242 SH SOLE 433,427 104,815 ------------------------------------------------------------------------------------------------------------------------------------ KB Home COM 48666k109 930 15,000 SH SOLE 15,000 ------------------------------------------------------------------------------------------------------------------------------------ Key Energy Service COM 492914106 3,135 292,450 SH SOLE 236,250 56,200 ------------------------------------------------------------------------------------------------------------------------------------ Kimberly Clark COM 494368103 203 3,900 SH SOLE 3,900 ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp Cl A CL A 526057104 15,325 214,335 SH SOLE 127,835 86,500 ------------------------------------------------------------------------------------------------------------------------------------ Lennar Corp Cl B CL B 526057302 1,022 14,878 SH SOLE 12,278 2,600 ------------------------------------------------------------------------------------------------------------------------------------ Leucadia National Corp COM 527288104 8,642 232,825 SH SOLE 112,025 120,800 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Liberty Media Corp Ser A SER A 530718105 1,792 155,000 SH SOLE 155,000 ------------------------------------------------------------------------------------------------------------------------------------ Limited Brands Inc COM 532716107 1,248 80,500 SH SOLE 80,500 ------------------------------------------------------------------------------------------------------------------------------------ Local Financial Corp. COM 539553107 251 17,500 SH SOLE 17,500 ------------------------------------------------------------------------------------------------------------------------------------ MSH Entertainment COM 553574104 1 250,000 SH SOLE 250,000 ------------------------------------------------------------------------------------------------------------------------------------ Magnum Hunter Res Wts Exp 3/22 *W EXP 03/21/200 55972f138 22 61,984 SH SOLE 47,408 14,576 ------------------------------------------------------------------------------------------------------------------------------------ Magnum Hunter Res COM 55972f203 4,781 598,340 SH SOLE 497,050 101,290 ------------------------------------------------------------------------------------------------------------------------------------ Manitowoc Company Inc. COM 563571108 3,708 166,280 SH SOLE 121,580 44,700 ------------------------------------------------------------------------------------------------------------------------------------ Marathon Oil Corp COM 565849106 1,560 59,200 SH SOLE 50,800 8,400 ------------------------------------------------------------------------------------------------------------------------------------ Marshall & Ilsley Corp COM 571834100 202 6,600 SH SOLE 6,600 ------------------------------------------------------------------------------------------------------------------------------------ Marriott Intl Cl A CL A 571903202 6,525 169,825 SH SOLE 72,145 97,680 ------------------------------------------------------------------------------------------------------------------------------------ Martin Marietta Mater COM 573284106 2,489 74,060 SH SOLE 58,370 15,690 ------------------------------------------------------------------------------------------------------------------------------------ Masco Corp. COM 574599106 5,323 223,207 SH SOLE 120,207 103,000 ------------------------------------------------------------------------------------------------------------------------------------ Media General Inc CL A 584404107 7,653 133,795 SH SOLE 67,445 66,350 ------------------------------------------------------------------------------------------------------------------------------------ Meredith Corp. COM 589433101 8,558 194,495 SH SOLE 99,895 94,600 ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch & Co. COM 590188108 373 8,000 SH SOLE 8,000 ------------------------------------------------------------------------------------------------------------------------------------ Methode Electrs Cl A CL A 591520200 6,832 635,518 SH SOLE 514,448 121,070 ------------------------------------------------------------------------------------------------------------------------------------ MetLife Inc COM 59156r108 6,566 231,840 SH SOLE 95,240 136,600 ------------------------------------------------------------------------------------------------------------------------------------ Mettler-Toledo Intl. COM 592688105 209 5,700 SH SOLE 5,700 ------------------------------------------------------------------------------------------------------------------------------------ Mony Group Inc. COM 615337102 9,725 360,854 SH SOLE 207,780 153,074 ------------------------------------------------------------------------------------------------------------------------------------ Moody Corp COM 615369105 10,052 190,700 SH SOLE 89,300 101,400 ------------------------------------------------------------------------------------------------------------------------------------ Moog Inc. Cl A CL A 615394202 1,633 47,000 SH SOLE 34,000 13,000 ------------------------------------------------------------------------------------------------------------------------------------ Moog Inc. Cl B CL B 615394301 626 18,000 SH SOLE 18,000 ------------------------------------------------------------------------------------------------------------------------------------ Moore Wallace Inc COM 615857109 6,740 459,125 SH SOLE 366,270 92,855 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Myers Inds. Inc. COM 628464109 1,596 168,000 SH SOLE 106,000 62,000 ------------------------------------------------------------------------------------------------------------------------------------ Neiman Marcus Group Cl B CL B 640204301 3,507 101,655 SH SOLE 74,235 27,420 ------------------------------------------------------------------------------------------------------------------------------------ Netbank Inc. COM 640933107 294 22,500 SH SOLE 22,500 ------------------------------------------------------------------------------------------------------------------------------------ New York Times Cl A CL A 650111107 738 16,220 SH SOLE 13,220 3,000 ------------------------------------------------------------------------------------------------------------------------------------ Northern Trust Corp. COM 665859104 229 5,500 SH SOLE 5,500 ------------------------------------------------------------------------------------------------------------------------------------ Occidental Petroleum COM 674599105 3,917 116,765 SH SOLE 87,315 29,450 ------------------------------------------------------------------------------------------------------------------------------------ OceanFirst Financial Corp COM 675234108 904 36,000 SH SOLE 36,000 ------------------------------------------------------------------------------------------------------------------------------------ Old Republic Intl COM 680223104 14,195 414,224 SH SOLE 233,104 181,120 ------------------------------------------------------------------------------------------------------------------------------------ Pactiv Corporation COM 695257105 4,919 249,580 SH SOLE 126,580 123,000 ------------------------------------------------------------------------------------------------------------------------------------ Park Place Entertainment COM 700690100 1,023 112,500 SH SOLE 112,500 ------------------------------------------------------------------------------------------------------------------------------------ Partners Trust Financial Group COM 70213a103 6,220 325,985 SH SOLE 278,140 47,845 ------------------------------------------------------------------------------------------------------------------------------------ Pepsi Bottling Group Inc. COM 713409100 5,306 265,020 SH SOLE 113,820 151,200 ------------------------------------------------------------------------------------------------------------------------------------ PepsiAmericas Inc COM 71343p200 427 34,000 SH SOLE 20,000 14,000 ------------------------------------------------------------------------------------------------------------------------------------ Pepsico Inc COM 713448108 5,785 130,010 SH SOLE 46,700 83,310 ------------------------------------------------------------------------------------------------------------------------------------ Pfizer Inc. COM 717081103 219 6,407 SH SOLE 6,407 ------------------------------------------------------------------------------------------------------------------------------------ Pinnacle Entertainment Inc. COM 723456109 809 119,000 SH SOLE 119,000 ------------------------------------------------------------------------------------------------------------------------------------ Plains Expl & Prod Co COM 726505100 5,137 475,175 SH SOLE 369,175 106,000 ------------------------------------------------------------------------------------------------------------------------------------ Principal Financial Group Inc. COM 74251v102 8,536 264,675 SH SOLE 129,675 135,000 ------------------------------------------------------------------------------------------------------------------------------------ Private Bancorp Inc. COM 742962103 914 33,500 SH SOLE 33,500 ------------------------------------------------------------------------------------------------------------------------------------ Proquest Co COM 74346p102 232 9,000 SH SOLE 9,000 ------------------------------------------------------------------------------------------------------------------------------------ Providence & Worcester RR COM 743737108 1,762 250,965 SH SOLE 177,265 73,700 ------------------------------------------------------------------------------------------------------------------------------------ Provident Finl Holding Inc COM 743868101 1,057 36,029 SH SOLE 36,029 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Provident Financial Services COM 74386t105 13,645 716,250 SH SOLE 434,910 281,340 ------------------------------------------------------------------------------------------------------------------------------------ Prudential Financial Inc. COM 744320102 7,250 215,465 SH SOLE 106,805 108,660 ------------------------------------------------------------------------------------------------------------------------------------ Pulitzer Pubg Co COM 745769109 5,014 101,450 SH SOLE 76,250 25,200 ------------------------------------------------------------------------------------------------------------------------------------ R & G Finl Corp Cl B CL B 749136107 297 10,000 SH SOLE 10,000 ------------------------------------------------------------------------------------------------------------------------------------ RH Donnelly Corp. COM 74955w307 8,142 223,249 SH SOLE 179,399 43,850 ------------------------------------------------------------------------------------------------------------------------------------ RPM International Inc. COM 749685103 1,704 123,900 SH SOLE 115,900 8,000 ------------------------------------------------------------------------------------------------------------------------------------ Ralcorp Holdings Inc COM 751028101 7,298 292,400 SH SOLE 249,475 42,925 ------------------------------------------------------------------------------------------------------------------------------------ Regal Beloit Corp. COM 758750103 971 50,831 SH SOLE 27,800 23,031 ------------------------------------------------------------------------------------------------------------------------------------ Regional Bk Holders Trust COM 75902e100 670 6,000 SH SOLE 6,000 ------------------------------------------------------------------------------------------------------------------------------------ Red Roof Inns Inc COM 75952B105 257 42,000 SH SOLE 42,000 ------------------------------------------------------------------------------------------------------------------------------------ Rockwell Automation Corp. COM 773903109 8,102 339,830 SH SOLE 149,170 190,660 ------------------------------------------------------------------------------------------------------------------------------------ Roto Rooter Inc COM 778787101 8,212 215,310 SH SOLE 110,110 105,200 ------------------------------------------------------------------------------------------------------------------------------------ Ryder Systems COM 783549108 2,075 81,000 SH SOLE 60,000 21,000 ------------------------------------------------------------------------------------------------------------------------------------ SPDR Trust Ser 1 Unit UNIT 78462f103 732 7,500 SH SOLE 7,500 SER 1 ------------------------------------------------------------------------------------------------------------------------------------ St. Joe Corp. COM 790148100 8,285 265,560 SH SOLE 149,810 115,750 ------------------------------------------------------------------------------------------------------------------------------------ Sara Lee Corp COM 803111103 2,420 128,640 SH SOLE 128,640 ------------------------------------------------------------------------------------------------------------------------------------ Sauer Danfoss Inc. COM 804137107 1,795 166,950 SH SOLE 125,450 41,500 ------------------------------------------------------------------------------------------------------------------------------------ Henry Schein Inc. COM 806407102 221 4,200 SH SOLE 4,200 ------------------------------------------------------------------------------------------------------------------------------------ Schwab Corp COM 808513105 232 23,000 SH SOLE 23,000 ------------------------------------------------------------------------------------------------------------------------------------ ServiceMaster Co COM 81760n109 184 17,200 SH SOLE 17,200 ------------------------------------------------------------------------------------------------------------------------------------ Smucker JM Co. COM 832696405 10,215 256,077 SH SOLE 132,396 123,681 ------------------------------------------------------------------------------------------------------------------------------------ Spinnaker Exploration Co. COM 84855w109 3,580 136,650 SH SOLE 95,550 41,100 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Sprint Corp PCS PCS COM 852061506 288 50,000 SH SOLE 50,000 Group Ser I SER 1 ------------------------------------------------------------------------------------------------------------------------------------ Stage Stores Inc COM 85254c305 1,589 67,600 SH SOLE 67,600 ------------------------------------------------------------------------------------------------------------------------------------ Stancorp Financial Corp COM 852891100 3,390 64,925 SH SOLE 64,925 ------------------------------------------------------------------------------------------------------------------------------------ Steak N Shake COM 857873103 2,867 188,010 SH SOLE 114,010 74,000 ------------------------------------------------------------------------------------------------------------------------------------ Sybron Dental Specialties Inc. COM 871142105 14,698 622,815 SH SOLE 373,115 249,700 ------------------------------------------------------------------------------------------------------------------------------------ Terex Corp. COM 880779103 4,965 254,355 SH SOLE 201,355 53,000 ------------------------------------------------------------------------------------------------------------------------------------ Texas Genco Holdings Inc COM 882443104 1,942 83,533 SH SOLE 74,533 9,000 ------------------------------------------------------------------------------------------------------------------------------------ Textron COM 883203101 4,636 118,805 SH SOLE 52,405 66,400 ------------------------------------------------------------------------------------------------------------------------------------ Thomas & Betts Corp. COM 884315102 1,812 125,390 SH SOLE 77,990 47,400 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Indust COM 884425109 3,909 144,500 SH SOLE 144,500 ------------------------------------------------------------------------------------------------------------------------------------ Tierone Corporation COM 88650r108 5,981 305,950 SH SOLE 245,750 60,200 ------------------------------------------------------------------------------------------------------------------------------------ Timken Co. COM 887389104 4,147 236,820 SH SOLE 188,430 48,390 ------------------------------------------------------------------------------------------------------------------------------------ Triarc Co. Inc. CL A 895927101 6,015 200,565 SH SOLE 157,990 42,575 ------------------------------------------------------------------------------------------------------------------------------------ Tyco Intl Inc. COM 902124106 285 15,000 SH SOLE 15,000 ------------------------------------------------------------------------------------------------------------------------------------ Tyler Corp COM 902252105 704 165,705 SH SOLE 165,705 ------------------------------------------------------------------------------------------------------------------------------------ Union Pacific Corp COM 907818108 5,703 98,300 SH SOLE 43,900 54,400 ------------------------------------------------------------------------------------------------------------------------------------ Unionbancal Corp COM 908906100 352 8,500 SH SOLE 8,500 ------------------------------------------------------------------------------------------------------------------------------------ United Financial Corp COM 909919102 332 12,100 SH SOLE 12,100 ------------------------------------------------------------------------------------------------------------------------------------ Unitrin Inc COM 913275103 8,819 325,175 SH SOLE 197,325 127,850 ------------------------------------------------------------------------------------------------------------------------------------ Veritas DGC Inc. COM 92343p107 1,047 91,000 SH SOLE 91,000 ------------------------------------------------------------------------------------------------------------------------------------ Viacom Inc Cl B CL B 925524308 6,097 139,636 SH SOLE 53,996 85,640 ------------------------------------------------------------------------------------------------------------------------------------ Wabtec COM 929740108 2,980 214,222 SH SOLE 205,822 8,400 ------------------------------------------------------------------------------------------------------------------------------------ Waddell & Reed Fin Cl A CL A 930059100 12,684 494,125 SH SOLE 276,825 217,300 ------------------------------------------------------------------------------------------------------------------------------------
TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMNT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- ------- --- ---- ---------- -------- ------- ------ ---- Wal Mart Stores COM 931142103 322 6,000 SH SOLE 6,000 ------------------------------------------------------------------------------------------------------------------------------------ Walter Industries COM 93317Q105 2,297 195,500 SH SOLE 187,000 8,500 ------------------------------------------------------------------------------------------------------------------------------------ Washington Mutual Inc. COM 939322103 235 5,700 SH SOLE 5,700 ------------------------------------------------------------------------------------------------------------------------------------ Water Pik Technologies Inc. COM 94113u100 3,237 416,565 SH SOLE 347,415 69,150 ------------------------------------------------------------------------------------------------------------------------------------ Watts Industries Inc. CL A 942749102 1,480 82,890 SH SOLE 76,090 6,800 ------------------------------------------------------------------------------------------------------------------------------------ Waypoint Financial COM 946756103 3,820 211,260 SH SOLE 172,600 38,660 ------------------------------------------------------------------------------------------------------------------------------------ Webster Finl Corp Waterbury CT COM 947890109 5,998 158,675 SH SOLE 48,375 110,300 ------------------------------------------------------------------------------------------------------------------------------------ Westar Energy Inc COM 95709t100 12,906 795,175 SH SOLE 462,190 332,985 ------------------------------------------------------------------------------------------------------------------------------------ Westwood Hldg Group COM 961765104 856 45,000 SH SOLE 45,000 ------------------------------------------------------------------------------------------------------------------------------------ Willbros Group Inc COM 969199108 237 22,820 SH SOLE 22,430 390 ------------------------------------------------------------------------------------------------------------------------------------ Williams Cos. COM 969457100 237 30,000 SH SOLE 30,000 ------------------------------------------------------------------------------------------------------------------------------------ Wintrust Financial Corp COM 97650W108 685 23,000 SH SOLE 23,000 ------------------------------------------------------------------------------------------------------------------------------------ Zale Corp COM 988858106 3,612 90,305 SH SOLE 69,305 21,000 ------------------------------------------------------------------------------------------------------------------------------------ WP Stewart & Co. Ltd. COM g84922106 423 18,886 SH SOLE 18,686 200 ------------------------------------------------------------------------------------------------------------------------------------