13F-HR 1 d463689_13-f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended December 31, 2003 Check here if Amendment: |_|; Amendment Number: ____ This Amendment (Check only one): |_| is a restatement |_| adds new holding entries. Institutional Manager Filing this Report: Name: Tocqueville Asset Management L.P. Address: 1675 Broadway New York, New York 10019 13F File Number: 28-3063 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: Elizabeth F. Bosco Title: Compliance Officer Phone: (212) 698-0845 Signature, Place and Date of Signing: /s/ Elizabeth F. Bosco New York, New York February 13, 2004 ----------------------- -------------------------- ---------------------- [Signature] [City, State] [Date] Report Type: (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report). [_] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting managers(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 317 Form 13F Information Table Value Total: $1,517,929 (thousands) List of Other Included Managers: None
FORM 13F INFORMATION TABLE TITLE VOTING NAME OF OF SHR OR SH/PUT INVESTMENT OTHER AUTHORITY ISSUER CLASS CUSIP VALUE PRN AMT PRN/CALL DISCRETION MGRS SOLE SHARED NONE ------ ----- ----- ----- ------- -------- ---------- ---- ---- ------ ---- 3Com Corp. COM 885535104 8,069,918 987750 SH SOLE NONE 987750 3M Company COM 88579Y101 1,823,894 21450 SH SOLE NONE 21450 99 Cents Only Stores COM 65440K106 3,335,675 122500 SH SOLE NONE 122500 A T & T Wireless Services Inc. COM 00209A106 176,739 22120 SH SOLE NONE 22120 A.T. Cross Company COM 227478104 1,666,600 249865 SH SOLE NONE 249865 Abbott Laboratories COM 002824100 482,030 10344 SH SOLE NONE 10344 Agilent Technologies, Inc. COM 00846U101 480,033 16417 SH SOLE NONE 16417 Airnet Systems Inc. COM 009417106 46,125 12300 SH SOLE NONE 12300 Alcoa Inc. COM 013817101 24,516,536 645172 SH SOLE NONE 645172 Alexander & Baldwin Inc. COM 014482103 6,868,125 203500 SH SOLE NONE 203500 Allied Waste Industries Inc. COM 019589308 201,260 14500 SH SOLE NONE 14500 Allstate Corp COM 020002101 20,240,136 470482 SH SOLE NONE 470482 Amazon.com Inc. COM 023135106 368,340 7000 SH SOLE NONE 7000 Amerada Hess Corp COM 023551104 2,658,500 50000 SH SOLE NONE 50000 American Express Co. COM 025816109 1,328,495 27545 SH SOLE NONE 27545 American Int'l Group COM 026874107 1,347,671 20333 SH SOLE NONE 20333 American Management Systems, Inc. COM 027352103 13,347,082 885085 SH SOLE NONE 885085 Amgen Inc. COM 031162100 574,647 9300 SH SOLE NONE 9300 Analysts International Corp. COM 032681108 677,370 201000 SH SOLE NONE 201000 Andrew Corp. COM 034425108 2,086,200 180000 SH SOLE NONE 180000 Apache Corp. COM 037411105 462,351 5701 SH SOLE NONE 5701 Apex Silver Mines Ltd. COM G04074103 15,185,940 726600 SH SOLE NONE 726600 Applera Corp. COM 038020103 215,384 10400 SH SOLE NONE 10400 Ascential Software Corp. COM 04362P207 10,399,554 400908 SH SOLE NONE 400908 Ashanti Goldfields Co Ltd COM 043743202 20,797,496 1594900 SH SOLE NONE 1594900 Autodesk Inc. COM 052769106 1,236,374 50300 SH SOLE NONE 50300 Automatic Data Processing COM 053015103 4,107,438 103697 SH SOLE NONE 103697 Avici Systems Inc. COM 05367L802 1,729,920 217600 SH SOLE NONE 217600 Avnet Inc. COM 053807103 3,064,890 141500 SH SOLE NONE 141500 Axis Capital Holdings Ltd. COM G0692U109 2,477,088 84600 SH SOLE NONE 84600 Baldor Electric Co COM 057741100 16,667,316 729423 SH SOLE NONE 729423 Banc One Corp. COM 06423A103 415,097 9105 SH SOLE NONE 9105 Bank of New York COM 064057102 25,843,967 780313 SH SOLE NONE 780313 BankAmerica Corp. COM 060505104 349,790 4349 SH SOLE NONE 4349 Barnes Group Inc. COM 067806109 3,069,450 95000 SH SOLE NONE 95000 Bausch & Lomb Inc. COM 071707103 5,896,619 113615 SH SOLE NONE 113615 Baxter International Inc. COM 071813109 1,251,015 40990 SH SOLE NONE 40990 BellSouth Corp. COM 079860102 443,150 15659 SH SOLE NONE 15659 Berkshire-Hathaway, Inc. Class B COM 084670207 619,300 220 SH SOLE NONE 220 Bio Imaging Technologies Inc. COM 09056N103 97,188 15600 SH SOLE NONE 15600 Boeing Co. COM 097023105 24,833,102 589300 SH SOLE NONE 589300 Borders Group Inc. COM 099709107 2,608,480 119000 SH SOLE NONE 119000 Bristol Myers Squibb Co. COM 110122108 13,883,698 485444 SH SOLE NONE 485444 Bush Industries Inc Cl A COM 123164105 795,681 189900 SH SOLE NONE 189900 C & D Technologies, Inc. COM 124661109 8,092,807 422160 SH SOLE NONE 422160 C I G N A Corp. COM 125509109 20,355,000 354000 SH SOLE NONE 354000 CV Therapeutics, Inc. COM 126667104 588,800 40000 SH SOLE NONE 40000 Cameco Corp. COM 13321L108 2,592,000 45000 SH SOLE NONE 45000 Captaris Inc. COM 14071N104 4,650,719 827530 SH SOLE NONE 827530 CardioDynamics Int'l Corp. COM 141597104 8,075,052 1352605 SH SOLE NONE 1352605 Caterpillar Inc. COM 149123101 507,003 6107 SH SOLE NONE 6107 Centene Corp. COM 15135B101 4,040,106 144238 SH SOLE NONE 144238 Cerner Corp COM 156782104 378,500 10000 SH SOLE NONE 10000 Charles River Laboratories Intl COM 159864107 537,951 15670 SH SOLE NONE 15670 ChevronTexaco Corp. COM 166764100 8,214,220 95083 SH SOLE NONE 95083 Cholestech Corp. COM 170393102 7,578,574 991960 SH SOLE NONE 991960 Chordiant Software, Inc. COM 170404107 272,500 50000 SH SOLE NONE 50000 Cincinnati Bell Inc. COM 171871106 377,740 74800 SH SOLE NONE 74800 Circle Corp. COM 172559106 189,640 34480 SH SOLE NONE 34480 Circuit City Stores Inc. COM 172737108 121,560 12000 SH SOLE NONE 12000 Cisco Systems Inc. COM 17275R102 3,250,455 134150 SH SOLE NONE 134150 Coach Inc. COM 189754104 226,349 5996 SH SOLE NONE 5996 Coca-Cola Company COM 191216100 4,261,376 83968 SH SOLE NONE 83968 Colgate Palmolive Co. COM 194162103 3,492,439 69779 SH SOLE NONE 69779 Compania de Minas Buenaventurs S. A. COM 204448104 17,697,624 625800 SH SOLE NONE 625800 Computer Horizons Corp. COM 205908106 6,053,519 1544265 SH SOLE NONE 1544265 Conagra Inc. COM 205887102 374,738 14200 SH SOLE NONE 14200 ConocoPhillips COM 20825C104 6,956,453 106092 SH SOLE NONE 106092 Core Laboratories COM N22717107 13,529,665 810645 SH SOLE NONE 810645 Corn Products International, Inc. COM 219023108 3,445,000 100000 SH SOLE NONE 100000 Covance Inc. COM 222816100 607,422 22665 SH SOLE NONE 22665 Coventry Health Care Inc. COM 222862104 2,634,417 40850 SH SOLE NONE 40850 Cross Timbers Royalty Trust COM 22757R109 5,811,234 203190 SH SOLE NONE 203190 Crystallex International Corp. COM 22942F101 12,693,102 4598950 SH SOLE NONE 4598950 Cummins, Inc. COM 231021106 221,760 4800 SH SOLE NONE 4800 Cytyc Corp. COM 232946103 6,787,551 490430 SH SOLE NONE 490430 Dana Corp. COM 235811106 788,683 42980 SH SOLE NONE 42980 Datascope Corp. COM 238113104 2,186,850 61000 SH SOLE NONE 61000 Del Monte Foods Co. COM 24522P103 8,091,210 778001 SH SOLE NONE 778001 Dell Inc. COM 24702R101 2,888,300 85000 SH SOLE NONE 85000 Delta & Pine Land Co. COM 247357106 9,679,305 381075 SH SOLE NONE 381075 Dendrite International Inc COM 248239105 3,297,000 210000 SH SOLE NONE 210000 Devon Energy Corp. COM 25179M103 15,010,001 262137.64 SH SOLE NONE 62137.64 Diamonds Tr Unit Ser 1 COM 252787106 727,807 6960 SH SOLE NONE 6960 Diebold, Inc. COM 253651103 2,219,444 41200 SH SOLE NONE 41200 Disney, Walt Company COM 254687106 233,767 10020 SH SOLE NONE 10020 Dominion Res Inc./VA COM 25746U109 3,446,820 54000 SH SOLE NONE 54000 Doral Financial Corp. COM 25811P100 423,675 13125 SH SOLE NONE 13125 Dover Corp. COM 260003108 1,872,225 47100 SH SOLE NONE 47100 Du Pont De Nemours, I.E. & Co. COM 263534109 7,688,961 167552 SH SOLE NONE 167552 Duke Realty Invts Inc Com New COM 264411505 319,300 10300 SH SOLE NONE 10300 E Trade Group Inc. COM 269246104 170,775 13500 SH SOLE NONE 13500 EFunds Corp COM 28224R101 9,937,698 572778 SH SOLE NONE 572778 EMC Corp. COM 268648102 27,860,688 2156400 SH SOLE NONE 2156400 Eastman Kodak COM 277461109 4,333,096 168800 SH SOLE NONE 168800 Emerson Electric Co. COM 291011104 723,776 11178 SH SOLE NONE 11178 Ensco International Inc COM 26874Q100 1,358,500 50000 SH SOLE NONE 50000 Enzon Pharmaceuticals COM 293904108 4,546,326 379810 SH SOLE NONE 379810 Ethan Allen Interiors, Inc. COM 297602104 1,398,792 33400 SH SOLE NONE 33400 Exxon Mobil Corp. COM 30231G102 951,159 23199 SH SOLE NONE 23199 FPL Group Inc COM 302571104 13,384,932 204600 SH SOLE NONE 204600 Federal Signal Corp. COM 313855108 11,465,088 654400 SH SOLE NONE 654400 Flowserve Corp. COM 34354P105 16,054,006 768870 SH SOLE NONE 768870 Foot Locker Inc. COM 344849104 3,465,910 147800 SH SOLE NONE 147800 Furniture Brand Intl. Inc. COM 360921100 410,620 14000 SH SOLE NONE 14000 General Dynamics Corp. COM 369550108 323,235 3576 SH SOLE NONE 3576 General Electric Co. COM 369604103 5,457,840 176173 SH SOLE NONE 176173 General Growth Properties Inc. COM 370021107 12,122,282 436839 SH SOLE NONE 436839 General Mills, Inc. COM 370334104 244,620 5400 SH SOLE NONE 5400 Genuine Parts Co. COM 372460105 1,044,472 31460 SH SOLE NONE 31460 Glamis Gold Ltd. COM 376775102 9,330,400 545000 SH SOLE NONE 545000 Global Industries Ltd COM 379336100 10,537,559 2054105 SH SOLE NONE 2054105 Graco Inc. COM 384109104 802,682 20017 SH SOLE NONE 20017 Granite Construction Inc. COM 387328107 550,535 23437 SH SOLE NONE 23437 Grey Global Group, Inc. COM 39787M108 328,547 481 SH SOLE NONE 481 Gric Communications Inc. COM 398081109 53,600 10000 SH SOLE NONE 10000 Harley Davidson Inc. COM 412822108 2,039,037 42900 SH SOLE NONE 42900 Harris Interactive Inc. COM 414549105 116,200 14000 SH SOLE NONE 14000 Haverty Furniture Inc. COM 419596101 291,942 14700 SH SOLE NONE 14700 Hawaiian Electric Inds Inc COM 419870100 3,116,946 65800 SH SOLE NONE 65800 Health Care Property Invs Inc COM 421915109 227,584 4480 SH SOLE NONE 4480 Health Management Associates, Inc. COM 421933102 4,588,920 191205 SH SOLE NONE 191205 HealthExtras Inc. COM 422211102 167,500 12500 SH SOLE NONE 12500 Hercules Inc. COM 427056106 5,160,600 423000 SH SOLE NONE 423000 Hewlett-Packard Co. COM 428236103 550,132 23950 SH SOLE NONE 23950 Hexcel Corp. COM 428291108 152,646 20600 SH SOLE NONE 20600 Hibernia Corp La Cl A COM 428656102 4,137,760 176000 SH SOLE NONE 176000 Home Depot Inc. COM 437076102 3,669,489 103395 SH SOLE NONE 103395 Honeywell International Inc. COM 438516106 16,199,677 484585 SH SOLE NONE 484585 Hooper Holmes, Inc. COM 439104100 9,991,237 1616705 SH SOLE NONE 1616705 Hormel Foods COM 440452100 2,628,749 101850 SH SOLE NONE 101850 Humana Inc COM 444859102 25,622,962 1121355 SH SOLE NONE 1121355 IDT Corp. COM 448947309 2,195,037 94900 SH SOLE NONE 94900 IDT Corp. Class C COM 448947101 806,260 36400 SH SOLE NONE 36400 IMPATH Inc. COM 45255G101 156,000 40000 SH SOLE NONE 40000 IPC Holdings, Ltd. COM G4933P101 6,753,040 173600 SH SOLE NONE 173600 IShares - Russell 2000 COM 464287655 430,458 3885 SH SOLE NONE 3885 Illinois Tool Works Inc. COM 452308109 621,437 7406 SH SOLE NONE 7406 Imax Corp COM 4.52E+113 149,325 18878 SH SOLE NONE 18878 Impac Medical Sys Inc. COM 45255A104 964,251 37725 SH SOLE NONE 37725 Independent Bank Corp. COM 453838104 434,220 15311 SH SOLE NONE 15311 Infocus Corp. COM 45665B106 5,845,752 603900 SH SOLE NONE 603900 Input/Output Inc COM 457652105 2,820,103 625300 SH SOLE NONE 625300 Int'l Business Machines Corp. COM 459200101 1,860,551 20075 SH SOLE NONE 20075 Intel Corp. COM 458140100 795,481 24820 SH SOLE NONE 24820 InterDent, Inc. COM 45865R208 933 46666 SH SOLE NONE 46666 InterVoice, Inc. COM 461142101 4,042,922 340600 SH SOLE NONE 340600 International Paper Co. COM 460146103 299,270 6942 SH SOLE NONE 6942 Interpublic Group of Cos. Inc. COM 460690100 15,288,000 980000 SH SOLE NONE 980000 Interstate Bakeries COM 46072H108 1,543,955 108500 SH SOLE NONE 108500 Intl Flavors & Fragrances COM 459506101 670,464 19200 SH SOLE NONE 19200 Intuitive Surgical, Inc. COM 46120E602 6,872,778 402152 SH SOLE NONE 402152 Ionics, Inc. COM 462218108 9,991,982 313720 SH SOLE NONE 313720 Ivax Corp. COM 465823102 12,927,199 541340 SH SOLE NONE 541340 Johnson & Johnson COM 478160104 23,777,652 460272 SH SOLE NONE 460272 KEMET Corp COM 488360108 184,815 13500 SH SOLE NONE 13500 Kaydon Corp. COM 486587108 6,586,616 254900 SH SOLE NONE 254900 Keane Corp COM 486665102 12,884,591 880095 SH SOLE NONE 880095 Kendle Int'l Inc. COM 48880L107 147,722 23300 SH SOLE NONE 23300 Kennametal, Inc. COM 489170100 9,766,575 245700 SH SOLE NONE 245700 Kerr McGee COM 492386107 3,998,140 86000 SH SOLE NONE 86000 Key Energy Group Inc. COM 492914106 206,200 20000 SH SOLE NONE 20000 Keyspan Corp. COM 49337W100 3,231,040 87800 SH SOLE NONE 87800 Kimberly Clark Corp. COM 494368103 2,571,597 43520 SH SOLE NONE 43520 Kinder Morgan Energy LP COM 494550106 3,530,196 71650 SH SOLE NONE 71650 Kinder Morgan Management, LLC. COM 49455U100 868,995 20228 SH SOLE NONE 20228 Kohls Corp. COM 500255104 2,471,700 55000 SH SOLE NONE 55000 Kos Pharmaceuticals, Inc. COM 500648100 430,100 10000 SH SOLE NONE 10000 Kraft Foods Inc. COM 50075N104 289,980 9000 SH SOLE NONE 9000 LTV Corp. New COM 501921100 90 10000 SH SOLE NONE 10000 Lakeland Industries Inc. COM 511795106 967,971 53482 SH SOLE NONE 53482 Landry's Restaurants, Inc. COM 51508L103 2,627,298 102150 SH SOLE NONE 102150 Leggett & Platt Inc. COM 524660107 2,450,679 113300 SH SOLE NONE 113300 Lexington Corp Properties Trust COM 529043101 3,477,619 172244.63 SH SOLE NONE 72244.63 Liberty Media Corp. COM 530718105 297,250 25000 SH SOLE NONE 25000 Lilly, Eli & Co. COM 532457108 692,751 9850 SH SOLE NONE 9850 Longs Drug Stores Corp. COM 543162101 4,131,580 167000 SH SOLE NONE 167000 Longview Fibre Co. COM 543213102 3,390,075 274500 SH SOLE NONE 274500 Lowe's Companies, Inc. COM 548661107 5,031,628 90840 SH SOLE NONE 90840 MBNA Corp. COM 55262L100 2,614,145 105197 SH SOLE NONE 105197 MagneTek, Inc. COM 559424106 7,452,631 1130900 SH SOLE NONE 1130900 Manhattan Scientifics, Inc. COM 563122100 975 15000 SH SOLE NONE 15000 Marsh & Mclennan Companies Inc COM 571748102 2,173,631 45388 SH SOLE NONE 45388 Marshall & Ilsley Corp COM 571834100 243,500 6366 SH SOLE NONE 6366 Masco Corp. COM 574599106 4,259,514 155400 SH SOLE NONE 155400 Massey Energy Company COM 576206106 208,000 10000 SH SOLE NONE 10000 Mattel Inc. COM 577081102 14,234,749 738700 SH SOLE NONE 738700 McDonalds Corp. COM 580135101 5,974,545 240618 SH SOLE NONE 240618 Mckesson Corp. COM 58155Q103 1,103,088 34300 SH SOLE NONE 34300 MeadWestvaco Corp. COM 583334107 534,727 17974 SH SOLE NONE 17974 Medco Health Solutions Inc. COM 58405U102 371,472 10928.87 SH SOLE NONE 10928.87 Medifast Inc. COM 58470H101 141,000 10000 SH SOLE NONE 10000 Medquist Inc. COM 584949101 218,416 13600 SH SOLE NONE 13600 Medtronic Inc. COM 585055106 4,695,726 96600 SH SOLE NONE 96600 Mercantile Bankshares Corp. COM 587405101 4,617,254 101300 SH SOLE NONE 101300 Merck & Co. COM 589331107 21,354,425 462217 SH SOLE NONE 462217 Micheal Stores, Inc. COM 594087108 2,369,120 53600 SH SOLE NONE 53600 Microsoft Corp. COM 594918104 7,328,865 267770 SH SOLE NONE 267770 Microtek Medical Holdings COM 59515B109 180,000 36000 SH SOLE NONE 36000 Milestone Scientific Inc. COM 59935P100 247,200 240000 SH SOLE NONE 240000 Mim Corp COM 553044108 421,800 60000 SH SOLE NONE 60000 Mobile Mini, Inc. COM 60740F105 7,326,177 371510 SH SOLE NONE 371510 Molex Inc. COM 608554101 4,241,717 121574 SH SOLE NONE 121574 Murphy Oil Corp. COM 626717102 31,064,702 475650 SH SOLE NONE 475650 Mylan Laboratories Inc. COM 628530107 280,386 11100 SH SOLE NONE 11100 National Commerce Financial Corp. COM 63545P104 4,269,320 156500 SH SOLE NONE 156500 Network Engines Inc. COM 64121A107 43,600 10000 SH SOLE NONE 10000 Newell Rubbermaid Inc. COM 651229106 4,686,977 205840 SH SOLE NONE 205840 Newmont Mining Corp. COM 651639106 33,924,725 697896.01 SH SOLE NONE 97896.01 Noranda Inc. COM 655422103 218,868 13800 SH SOLE NONE 13800 Northrop Grumman Corp. COM 666807102 11,189,980 117050 SH SOLE NONE 117050 Oceaneering Int'l COM 675232102 13,525,960 483070 SH SOLE NONE 483070 Office Depot Inc. COM 676220106 547,253 32750 SH SOLE NONE 32750 Offshore Logistics COM 676255102 9,891,245 403395 SH SOLE NONE 403395 Olin Corp COM 680665205 26,168,170 1304495 SH SOLE NONE 1304495 Omi Corp. COM Y6476W104 133,950 15000 SH SOLE NONE 15000 Omnicare, Inc. COM 681904108 5,820,805 144115 SH SOLE NONE 144115 Openwave Systems Inc. COM 683718308 2,561,075 232825 SH SOLE NONE 232825 OrthoLogic Corp. COM 68750J107 613,000 100000 SH SOLE NONE 100000 PFSWeb Inc. COM 717098107 32,000 20000 SH SOLE NONE 20000 Pall Corp COM 696429307 9,771,218 364190 SH SOLE NONE 364190 PartnerRe Ltd. COM g6852t105 4,597,560 79200 SH SOLE NONE 79200 Paxar Corp. COM 704227107 2,948,000 220000 SH SOLE NONE 220000 Penn Virginia Resource Partners L.P. COM 707884102 961,554 28050 SH SOLE NONE 28050 PepsiAmericas Inc. COM 71343P200 180,616 10550 SH SOLE NONE 10550 Pepsico Inc. COM 713448108 306,760 6580 SH SOLE NONE 6580 Perrigo Co. COM 714290103 3,144,000 200000 SH SOLE NONE 200000 Pfizer Inc. COM 717081103 7,012,970 198499 SH SOLE NONE 198499 Pharmaceutical Product Developement In COM 717124101 12,128,274 449695 SH SOLE NONE 449695 Pharmacopeia Inc. COM 71713B104 3,851,350 270650 SH SOLE NONE 270650 Phelps Dodge COM 717265102 27,629,040 363110 SH SOLE NONE 363110 Photoworks, Inc. COM 71940B109 182,340 405200 SH SOLE NONE 405200 Plum Creek Timber Co - Dep Unit COM 729251108 296,888 9750 SH SOLE NONE 9750 Polymer Group Inc. COM 731745105 2,200 20000 SH SOLE NONE 20000 Powerwave Technologies, Inc. COM 739363109 13,239,889 1710580 SH SOLE NONE 1710580 Priority Healthcare Corp. CL B COM 74264T102 8,204,131 341270 SH SOLE NONE 341270 Procter & Gamble Co. COM 742718109 1,266,478 12680 SH SOLE NONE 12680 Providian Financial corp. COM 74406A102 136,188 11700 SH SOLE NONE 11700 Province Healthcare Co. COM 743977100 5,789,920 361870 SH SOLE NONE 361870 Proxim Corp. COM 744283102 2,738,800 1640000 SH SOLE NONE 1640000 Q-Med, Inc. COM 747914109 858,000 75000 SH SOLE NONE 75000 QLT Inc. COM 746927102 188,500 10000 SH SOLE NONE 10000 Quest Diagnostics Inc. COM 74834L100 3,703,022 50650 SH SOLE NONE 50650 Questar Corp. COM 748356102 3,065,080 87200 SH SOLE NONE 87200 Raindance Communications Inc. COM 75086X106 27,500 10000 SH SOLE NONE 10000 Rayovac Corp. COM 755081106 12,050,440 575200 SH SOLE NONE 575200 Regions Financial Corp. COM 758940100 742,720 21100 SH SOLE NONE 21100 RenaissanceRe Holdings LTD. COM G7496G103 1,545,075 31500 SH SOLE NONE 31500 Renal Care Group, Inc. COM 759930100 329,600 8000 SH SOLE NONE 8000 Restoration Hardware Inc. COM 760981100 63,585 13500 SH SOLE NONE 13500 Rouse Company COM 779273101 2,768,300 58900 SH SOLE NONE 58900 Ryan's Family Steak Houses COM 783519101 192,024 12700 SH SOLE NONE 12700 SAFECO Corp. COM 786429100 651,844 16744 SH SOLE NONE 16744 San Juan Basin Royalty Trust - UBI COM 798241105 563,940 26000 SH SOLE NONE 26000 Sara Lee Corp. COM 803111103 267,815 12336 SH SOLE NONE 12336 Schering-Plough Corp. COM 806605101 14,845,843 853700 SH SOLE NONE 853700 Schlumberger Ltd. COM 806857108 5,319,441 97212 SH SOLE NONE 97212 Schulman,A Inc. COM 808194104 5,833,685 273625 SH SOLE NONE 273625 Scientific Games Corp - A COM 80874P109 3,648,550 215000 SH SOLE NONE 215000 Sonoco Products Co. COM 835495102 1,748,020 71000 SH SOLE NONE 71000 Southern Co. COM 842587107 2,041,875 67500 SH SOLE NONE 67500 Southwest Airlines Co. COM 844741108 233,013 14437 SH SOLE NONE 14437 Spinnaker Exploration Co. COM 84855W109 12,176,923 377345 SH SOLE NONE 377345 Sprint Corp PCS Group COM 852061506 147,806 26300 SH SOLE NONE 26300 Sprint Corp. COM 852061100 292,276 17800 SH SOLE NONE 17800 St. Joe Co. COM 790148100 967,676 25950 SH SOLE NONE 25950 Standard Register Co. COM 853887107 4,633,047 275285 SH SOLE NONE 275285 Standard and Poor's Dep. Rec. COM 78462F103 606,476 5450 SH SOLE NONE 5450 Steelcase Inc. COM 858155203 21,878,968 1523605 SH SOLE NONE 1523605 Sun Microsystems Inc. COM 866810104 104,598 23400 SH SOLE NONE 23400 SunTrust Banks, Inc. COM 867914103 300,300 4200 SH SOLE NONE 4200 Symbol Technologies Inc. COM 871508107 20,936,979 1239608 SH SOLE NONE 1239608 Synovus Financial Corp. COM 87161C105 1,665,387 57586 SH SOLE NONE 57586 Sysco Corp. COM 871829107 9,046,294 242984 SH SOLE NONE 242984 Systems & Computer Technology Corp COM 871873105 7,914,895 483500 SH SOLE NONE 483500 TRC Companies COM 872625108 6,099,292 289615 SH SOLE NONE 289615 TXU Corp. COM 873168108 2,056,524 86700 SH SOLE NONE 86700 Technology Solutions Co. COM 87872T108 673,664 538500 SH SOLE NONE 538500 Tellabs Inc. COM 879664100 10,378,066 1234015 SH SOLE NONE 1234015 Temple-Inland Inc. COM 879868107 19,145,058 305490 SH SOLE NONE 305490 Tetra Technologies COM 88162F105 5,475,416 225883.5 SH SOLE NONE 225883.5 Texas Instruments Inc. COM 882508104 910,633 30995 SH SOLE NONE 30995 The Manitowoc Company, Inc. COM 563571108 7,824,960 250800 SH SOLE NONE 250800 Theragenics Corp. COM 883375107 1,915,485 350180 SH SOLE NONE 350180 Thoratec Laboratories Corp. COM 885175307 143,575 11104 SH SOLE NONE 11104 Tidewater Inc. COM 886423102 6,587,046 220450 SH SOLE NONE 220450 Timken Co. COM 887389104 5,687,010 283500 SH SOLE NONE 283500 Tower Automotive Inc. COM 891707101 11,669,738 1708600 SH SOLE NONE 1708600 Toys R Us COM 892335100 164,320 13000 SH SOLE NONE 13000 Tupperware Corp. COM 899896104 6,739,798 388685 SH SOLE NONE 388685 UTStarcom, Inc. COM 918076100 2,220,493 59900 SH SOLE NONE 59900 Unisys Corp. COM 909214108 3,575,880 240800 SH SOLE NONE 240800 United Health Group Inc. COM 91324P102 2,967,180 51000 SH SOLE NONE 51000 United Parcel Service, Inc. COM 911312106 253,470 3400 SH SOLE NONE 3400 Unitrin, Inc. COM 913275103 11,482,993 277300 SH SOLE NONE 277300 Unova Inc. COM 91529B106 5,508,000 240000 SH SOLE NONE 240000 Valmont Ind Inc COM 920253101 254,650 11000 SH SOLE NONE 11000 Varco International Inc. COM 922122106 11,940,644 578800 SH SOLE NONE 578800 Verizon Communications COM 92343V104 481,192 13717 SH SOLE NONE 13717 Viacom Inc Cl A COM 925524100 1,792,935 40500 SH SOLE NONE 40500 Viacom Inc. Cl B COM 925524308 1,109,456 24999 SH SOLE NONE 24999 Vicor Corp. COM 925815102 12,196,948 1068970 SH SOLE NONE 1068970 Visteon Corp. COM 92839U107 13,210,290 1269000 SH SOLE NONE 1269000 Vulcan Materials Company COM 929160109 451,915 9500 SH SOLE NONE 9500 Wal-Mart Stores Inc. COM 931142103 653,470 12318 SH SOLE NONE 12318 Walgreen Co. COM 931422109 793,084 21800 SH SOLE NONE 21800 Weingarten Realty Investment COM 948741103 5,250,730 118393 SH SOLE NONE 118393 Wellpoint Health Networks, Inc. COM 94973H108 3,040,249 31346 SH SOLE NONE 31346 Westell Technologies Inc. COM 957541105 5,770,495 914500 SH SOLE NONE 914500 Weyerhaeuser Co. COM 962166104 12,544,000 196000 SH SOLE NONE 196000 Wild Oats Markets, Inc. COM 96808B107 142,230 11000 SH SOLE NONE 11000 Winn-Dixie Stores Inc. COM 974280109 5,089,425 511500 SH SOLE NONE 511500 Wyeth COM 983024100 243,069 5726 SH SOLE NONE 5726 Xerox Corporation COM 984121103 248,400 18000 SH SOLE NONE 18000 Zenith National Ins Corp COM 989390109 2,506,350 77000 SH SOLE NONE 77000 Zimmer Holdings, Inc. COM 98956P102 247,808 3520 SH SOLE NONE 3520 iShares DJ Select Div Index Fund COM 464287168 215,360 4000 SH SOLE NONE 4000
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