~~Signature~~Market ~~Place~~Name ~~Date~~Of ofissuer ~~Signing:~~Title Of Cusip Value Shares/S SH/ ~~DAVID~~PUT/ ~~SACHS~~Investment ~~MT.~~Managers ~~KISCO~~Sole NYShared 7None Class * 1000 Prn Amt Prn CALL Discretion ***ABITIBI-28CONSOLIDATED INC COMMON STOCK 003924107 5480 2000000 SH SOLE 1884000 116000 BAXTER INTERNATIONAL INC COMMON STOCK 071813109 17112 465500 SH SOLE 440500 25000 DST SYSTEMS INC-~~2005~~DEL COMMON STOCK 233326107 18850 316800 SH SOLE 298700 18100 DELL INC COMMON STOCK 24702R101 6713 275000 SH SOLE 258700 16300 EMMIS COMMUNICATIONS CORP-~~--------------~~CL A COMMON STOCK 291525103 8106 518287 SH SOLE 497500 20787 EXPEDIA INC DEL COMMON STOCK 30212P105 561 37503 SH SOLE 37503 FINISH LINE INC-~~------------------~~CL A COMMON STOCK 317923100 5582 471840 SH SOLE 443800 28040 FLOWSERVE CORP COMMON STOCK 34354P105 15960 280500 SH SOLE 265700 14800 ***FOMENTO ECONOMICO MEXICANO COMMON STOCK 344419106 12391 148000 SH SOLE 140400 7600 HEXCEL CORP NEW COMMON STOCK 428291108 7033 447700 SH SOLE 431000 16700 HILLENBRAND INDUSTRIES INC COMMON STOCK 431573104 9361 193000 SH SOLE 183000 10000 HOVNANIAN ENTERPRISES INC-~~------------~~CL A COMMON STOCK 442487203 1805 60000 SH SOLE 56600 3400 IAC/INTERACTIVECORP COMMON STOCK 44919P300 993 37503 SH SOLE 37503 INTERMUNE INC COMMON STOCK 45884X103 8117 493447 SH SOLE 461500 31947 INTERNET CAP GROUP INC COMMON STOCK 46059C205 2543 282600 SH SOLE 264200 18400 KOPPERS HLDGS INC COMMON STOCK 50060P106 16032 802000 SH SOLE 757500 44500 KROGER CO COMMON STOCK 501044101 1924 88000 SH SOLE 88000 NALCO HOLDING COMPANY COMMON STOCK 62985Q101 16706 947600 SH SOLE 892200 55400 OREGON STEEL MILLS INC COMMON STOCK 686079104 9554 188600 SH SOLE 180200 8400 PALL CORP COMMON STOCK 696429307 7398 264200 SH SOLE 249000 15200 PAXAR CORP COMMON STOCK 704227107 934 45400 SH SOLE 45400 READERS DIGEST ASSOCIATION INC COMMON STOCK 755267101 6910 495000 SH SOLE 465400 29600 REDWOOD TRUST INC COMMON STOCK 758075402 11050 226300 SH SOLE 213100 13200 ***TYCO INTERNATIONAL LTD COMMON STOCK 902124106 14330 521100 SH SOLE 494300 26800 UNITED STATES STL CORP NEW COMMON STOCK 912909108 16597 236700 SH SOLE 224600 12100 VALASSIS COMMUNICATIONS INC COMMON STOCK 918866104 6494 275300 SH SOLE 260900 14400 VALSPAR CORP COMMON STOCK 920355104 10031 379800 SH SOLE 357600 22200 No. of Other Managers 0 238568

------------------------------------------------------------------------------------------------------------------------------------ NAME OF ISSUER TITLE OF CLASS CUSIP MARKET SHARES/PRN AMT SH/PRN PUT INVESTMENT MANAGERS SOLE SHARED NONE VALUE ------------------------------------------------------------------------------------------------------------------------------------ * 1000 /CALL DISCRETION ------------------------------------------------------------------------------------------------------------------------------------ BAXTER INTERNATIONAL INC COMMON STOCK 071813109 10574 285000 SH SOLE 269600 15400 ------------------------------------------------------------------------------------------------------------------------------------ CHARTER COMM INC DEL CL A COMMON STOCK 16117M107 649 550000 SH SOLE 516600 33400 ------------------------------------------------------------------------------------------------------------------------------------ DST SYSTEMS INC-DEL COMMON STOCK 233326107 16862 360300 SH SOLE 339800 20500 ------------------------------------------------------------------------------------------------------------------------------------ ***DIAGEO PLC-SPONSORED ADR COMMON STOCK 25243Q205 10994 185400 SH SOLE 175200 10200 ------------------------------------------------------------------------------------------------------------------------------------ EMMIS COMMUNICATIONS CORP-CL A COMMON STOCK 291525103 7165 405500 SH SOLE 381400 24100 ------------------------------------------------------------------------------------------------------------------------------------ FIRST ACCEPTANCE CORP COMMON STOCK 318457108 8703 920000 SH SOLE 869797 50203 ------------------------------------------------------------------------------------------------------------------------------------ FIRST DATA CORP COMMON STOCK 319963104 401 10000 SH SOLE 10000 ------------------------------------------------------------------------------------------------------------------------------------ FLOWSERVE CORP COMMON STOCK 34354P105 14800 489100 SH SOLE 459900 29200 ------------------------------------------------------------------------------------------------------------------------------------ ***FOMENTO ECONOMICO MEXICANO COMMON STOCK 344419106 11974 201000 SH SOLE 189500 11500 ------------------------------------------------------------------------------------------------------------------------------------ GTECH HOLDINGS CORP COMMON STOCK 400518106 19170 655600 SH SOLE 617600 38000 ------------------------------------------------------------------------------------------------------------------------------------ IAC/INTERACTIVECORP COMMON STOCK 44919P102 1804 75007 SH SOLE 75007 ------------------------------------------------------------------------------------------------------------------------------------ INTERMUNE INC COMMON STOCK 45884X103 7172 550000 SH SOLE 515200 34800 ------------------------------------------------------------------------------------------------------------------------------------ J P MORGAN CHASE & CO COMMON STOCK 46625H100 10702 303000 SH SOLE 283700 19300 ------------------------------------------------------------------------------------------------------------------------------------ KROGER CO COMMON STOCK 501044101 1675 88000 SH SOLE 88000 ------------------------------------------------------------------------------------------------------------------------------------ LIBERTY MEDIA CORP SER A NEW COMMON STOCK 530718105 9267 909377 SH SOLE 867498 41879 ------------------------------------------------------------------------------------------------------------------------------------ LOWES CO INC COMMON STOCK 548661107 10008 171900 SH SOLE 161900 10000 ------------------------------------------------------------------------------------------------------------------------------------ NBTY INC COMMON STOCK 628782104 10835 417700 SH SOLE 391700 26000 ------------------------------------------------------------------------------------------------------------------------------------ NALCO HOLDING COMPANY COMMON STOCK 62985Q101 10875 554000 SH SOLE 526200 27800 ------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------ NAME OF ISSUER TITLE OF CLASS CUSIP MARKET SHARES/PRN AMT SH/PRN PUT INVESTMENT MANAGERS SOLE SHARED NONE VALUE ------------------------------------------------------------------------------------------------------------------------------------ * 1000 /CALL DISCRETION ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ OREGON STEEL MILLS INC COMMON STOCK 686079104 5908 343300 SH SOLE 323300 20000 ------------------------------------------------------------------------------------------------------------------------------------ PAXAR CORP COMMON STOCK 704227107 9319 525000 SH SOLE 494500 30500 ------------------------------------------------------------------------------------------------------------------------------------ PERFORMANCE FOOD GROUP CO COMMON STOCK 713755106 9660 319774 SH SOLE 301800 17974 ------------------------------------------------------------------------------------------------------------------------------------ REWARDS NETWORK INC COMMON STOCK 761557107 1628 301500 SH SOLE 285000 16500 ------------------------------------------------------------------------------------------------------------------------------------ ***SONY CORP-ADR NEW COMMON STOCK 835699307 6819 198000 SH SOLE 184900 13100 ------------------------------------------------------------------------------------------------------------------------------------ SPIRIT FINANCE CORPORATION COMMON STOCK 848568309 9152 778900 SH SOLE 726600 52300 ------------------------------------------------------------------------------------------------------------------------------------ TIFFANY & CO NEW COMMON STOCK 886547108 8855 270300 SH SOLE 255500 14800 ------------------------------------------------------------------------------------------------------------------------------------ ***TYCO INTERNATIONAL LTD COMMON STOCK 902124106 21030 720200 SH SOLE 679300 40900 ------------------------------------------------------------------------------------------------------------------------------------ XEROX CORP COMMON STOCK 984121103 8550 620000 SH SOLE 586300 33700 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ 244551 No. of 0 Other Managers ------------------------------------------------------------------------------------------------------------------------------------

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