13F-HR 1 u46714e13fvhr.txt SHELL PENSIONS MANAGEMENT SERVICES LIMITED 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Report for the Calendar Year or Quarter Ended: 09/30/2003 CHECK HERE IF AMENDMENT [ ]; AMENDMENT NUMBER: This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries. INSTITUTIONAL INVESTMENT MANAGER FILING THIS REPORT: Name: Shell Pensions Management Services Limited Address: Shell Centre York Road London SE1 7NA Form 13F File Number: 28- 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: Neill Hamilton Title: Director Phone: 44 20 7934 3399 SIGNATURE, PLACE, AND DATE OF SIGNING: N. HAMILTON LONDON 31 JULY 2003 -------------------------------- [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 manager(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).)

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ 3COM CORP COM 885535104 ~~1,361~~3528 ~~291,417~~597003 SOLE NONE ~~291,417~~597003 3M CO. COM STK NPV COM 88579Y101 ~~11,118~~8791 ~~86,196~~127270 SOLE NONE ~~86,196~~127270 ABBOTT LABORATORIES NPV COM 002824100 ~~15,226~~13978 ~~347,932~~328515 SOLE NONE ~~347,932~~328515 ABERCROMBIE & FITC a USD0.01 CL A 002896207 354 12784 SOLE NONE 12784 ACCENTURE LTD BERM CLS'A'COM $0.0000225 CL A G1150G111 7464 ~~4,113~~2861 SOLE NONE ~~4,113~~2861 ACE LTD COM G0070K103 ~~232~~224 ~~6,766~~6766 SOLE NONE ~~6,766~~6766 ADC TELECOMMUNICATIONS USD0.20 COM 000886101 4542 ~~19,368~~18200 SOLE NONE ~~19,368~~18200 ADOBE SYS INC USD0.0001 COM 00724F101 ~~1,288~~1765 ~~40,156~~44812 SOLE NONE ~~40,156~~44812 ADVANCED MICRO ~~DEVICES US~~DEVICESUS$0.01 COM 007903107 ~~950~~1578 ~~148,246~~141998 SOLE NONE ~~148,246~~141998 AES CORP. USD0.01 COM 00130H105 ~~744~~1172 ~~117,242~~157947 SOLE NONE ~~117,242~~157947 AETNA INC(NEW) COM USD0.001 COM 00817Y108 ~~1,754~~1534 ~~29,136~~25127 SOLE NONE ~~29,136~~25127 AFFILIATED COMPUTR CLASS'A'COM USD0.01 CL A 008190100 ~~382~~827 ~~8,351~~16982 SOLE NONE ~~8,351~~16982 AFLAC INC COM USD0.10 COM 001055102 ~~2,759~~2833 ~~89,717~~87707 SOLE NONE ~~89,717~~87707 AGERE SYSTEM INC COM USD0.01 CLASS'B' CL B 00845V209 52382 ~~22,508~~132276 SOLE NONE ~~22,508~~132276 ~~AGERE SYSTEMS INC COM USD0.01 CLASS A CL A 00845V100 4 1,748 SOLE NONE 1,748~~ AGILENT TECHS INC - COM USD0.01 COM 00846U101 ~~2,089~~2620 ~~106,858~~118483 SOLE NONE ~~106,858~~118483 AIR PRODS. & CHEMS. COM STK US$1 COM 009158106 ~~1,578~~1695 ~~37,934~~37584 SOLE NONE ~~37,934~~37584 ALBERTO CULVER 'A' COM 013068200 27 467 SOLE NONE 467 ALBERTO CULVER 'B' COM 013068101 21 358 SOLE NONE 358 ALBERTSON'S ~~INC US~~INCUS$1.00 COM 013104104 ~~2,180~~2115 ~~113,529~~102821 SOLE NONE ~~113,529~~102821 ALCOA ~~INC~~INCUSD1 ~~USD1~~ COM 013817101 ~~3,711~~3608 ~~145,526~~137930 SOLE NONE ~~145,526~~137930 ~~ALLEGHENY~~ALLERGAN ~~ENERGY~~US$ ~~INC.~~COM ~~USD1~~018490102 1358 17249 SOLE NONE 17249 ALLIED CAPITAL CP COM USD0.250001 COM ~~017361106~~01903Q108 2195 ~~2,451~~3853 SOLE NONE ~~2,451~~3853 ALLSTATE CORP COM STK US$0.1 COM 020002101 ~~6,732~~6666 ~~188,838~~182487 SOLE NONE ~~188,838~~182487 ALLTEL CORP COM US$1 COM 020039103 ~~3,355~~3063 ~~69,571~~66094 SOLE NONE ~~69,571~~66094 ALTERA CORP. COM 021441100 ~~1,097~~1248 ~~66,779~~65940 SOLE NONE ~~66,779~~65940 ALTRIA GROUP INC COM USD 0.333333 COM 02209S103 ~~20,566~~18173 ~~452,589~~414899 SOLE NONE ~~452,589~~414899 AMAZON COM INC USD 0.01 COM 023135106 ~~2,656~~3314 ~~73,138~~68436 SOLE NONE ~~73,138~~68436 AMBAC FINANCIAL GRP COM USD0.01 COM 023139108 ~~1,303~~2171 ~~19,673~~33923 SOLE NONE ~~19,673~~33923 AMDOCS LTD COM G02602103 ~~727~~785 ~~30,277~~41766 SOLE NONE ~~30,277~~41766 AMERADA HESS CORP COM STK US$1 COM 023551104 ~~694~~698 ~~14,120~~13925 SOLE NONE ~~14,120~~13925 AMEREN CORP. USD0.01 COM 023608102 ~~1,283~~1866 ~~29,087~~43495 SOLE NONE ~~29,087~~43495 AMERICAN ELEC POWER INC COM USD6.50 COM 025537101 ~~2,089~~2394 ~~70,029~~79794 SOLE NONE ~~70,029~~79794 AMERICAN EXPRESS COM US $ 0.60 COM 025816109 ~~9,758~~9600 ~~233,389~~213043 SOLE NONE ~~233,389~~213043 AMERICAN INTL GRP COM STKUS$ 2.50 COM 026874107 ~~31,963~~31532 ~~579,244~~546474 SOLE NONE ~~579,244~~546474 AMERICAN MEDICAL SYSTEMS (AR) COM 02744M108 349 16000 SOLE NONE 16000 AMERICAN POWER CONVERS USD0.01 COM 029066107 ~~362~~517 ~~23,206~~29889 SOLE NONE ~~23,206~~29889 AMERICAN STANDARD COMPANIES USD0.01 COM 029712106 20852 ~~277~~10109 SOLE NONE ~~277~~10109 AMERISOURCEBERGEN COM CLASS'A'USD0.01 CL A 03073E105 ~~1,774~~1502 ~~25,584~~27797 SOLE NONE ~~25,584~~27797 ~~AMGEN~~AMERITRADE ~~USD0.0001~~HLDG ~~COM~~CO ~~031162100 18,537 281,122 SOLE NONE 281,122 AMR CORP USD1~~ COM ~~001765106~~USD0.01 ~~123 11,185 SOLE NONE 11,185 AMSOUTH BANCORP USD1~~ COM ~~032165102~~03074K100 ~~874~~671 ~~40,022~~58675 SOLE NONE ~~40,022~~58675

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ AMGEN USD0.0001 COM 031162100 17456 270556 SOLE NONE 270556 AMSOUTH BANCORP USD1 COM 032165102 993 46782 SOLE NONE 46782 ANADARKO PETROLEUM US$0.10 COM 032511107 ~~2,815~~2593 ~~63,296~~62088 SOLE NONE ~~63,296~~62088 ANALOG DEVICES USD0.16 2/3 COM 032654105 ~~2,332~~2320 ~~66,980~~61027 SOLE NONE ~~66,980~~61027 ~~ANDREW CORP US$0.01 COM 034425108 45 4,804 SOLE NONE 4,804~~ ANHEUSER-BUSCH COS COM STK US$ 1 COM 035229103 ~~7,649~~6898 ~~149,838~~139815 SOLE NONE ~~149,838~~139815 ANTHEM SOUTHEAST INC COM USD0.01 COM 03674B104 ~~1,833~~1720 ~~23,759~~24108 SOLE NONE ~~23,759~~24108 ~~AOLTIME WARNER COM USD 0.01 COM 00184A105 14,325 890,289 SOLE NONE 890,289~~ AON CORP US$1.00 COM 037389103 ~~1,621~~1346 ~~67,335~~64575 SOLE NONE ~~67,335~~64575 APACHE CORP USD1.25 COM 037411105 ~~2,843~~3574 ~~43,703~~51549 SOLE NONE ~~43,703~~51549 APARTMENT INV&MGMT COM USD0.01 CL'A' CL A 03748R101 78595 ~~2,253~~15118 SOLE NONE ~~2,253~~15118 APOLLO GROUP INC CLASS'A'COM NPV CL A 037604105 ~~1,164~~1280 ~~18,829~~19392 SOLE NONE ~~18,829~~19392 APPLE COMPUTER NPV COM 037833100 ~~1,947~~1273 ~~102,177~~61453 SOLE NONE ~~102,177~~61453 APPLERA CORP ~~COM CELERA GENOMICS USD0.01 COM 038020202 26 2,545 SOLE NONE 2,545 APPLERA CORP~~-APPLIED BIOSYSTEMS GRP USD1 COM 038020103 ~~965~~876 ~~50,704~~39256 SOLE NONE ~~50,704~~39256 APPLIED MATERILS USD0.01 COM 038222105 ~~5,789~~5050 ~~365,488~~278519 SOLE NONE ~~365,488~~278519 ~~APPLIED MICROCIRCU USD0.01 COM 03822W109 12 2,044 SOLE NONE 2,044~~ ARCHER-DANIELS-MIDLAND NPV COM 039483102 ~~3,336~~3290 ~~259,214~~250966 SOLE NONE ~~259,214~~250966 ARCHSTONE SMITH TR SBI USD1 COM 039583109 ~~684~~727 ~~28,497~~27551 SOLE NONE ~~28,497~~27551 ARROW ELECTRONICS USD1 COM 042735100 ~~200~~242 ~~13,134~~13134 SOLE NONE ~~13,134~~13134 ASHLAND INC USD1 COM 044204105 ~~301~~1617 ~~9,804~~49229 SOLE NONE ~~9,804~~49229 ASIA TIGERS ~~FUND~~FUNDCOM ~~COM~~ USD 0.001 COM 04516T105 ~~694~~811 ~~90,143~~90143 SOLE NONE ~~90,143~~90143 ASSOCIATED BANC-CORP US$0.10 COM 045487105 319 8416 SOLE NONE 8416 ASTORIA FINANCIAL COM USD0.01 COM 046265104 293 9481 SOLE NONE 9481 AT&T CORP COM USD1 COM 001957505 ~~3,689~~4323 ~~191,632~~200619 SOLE NONE ~~191,632~~200619 AT&T WIRELESS SERV COM USD 0.01 COM 00209A106 ~~6,109~~5835 ~~744,043~~713321 SOLE NONE ~~744,043~~713321 ~~ATMEL CORP USD0.001 COM 049513104 34 13,417 SOLE NONE 13,417~~ AUTOMATIC DATA PROCESSING US$0.1 COM 053015103 ~~5,662~~4624 ~~167,206~~128977 SOLE NONE ~~167,206~~128977 AUTONATION INC COM USD 0.01 COM 05329W102 ~~767~~494 ~~48,764~~28185 SOLE NONE ~~48,764~~28185 AUTOZONE INC COM USD0.01 COM 053332102 ~~2,542~~2393 ~~33,454~~26731 SOLE NONE ~~33,454~~26731 AVALONBAY COMMUNI COM USD0.01 COM 053484101 ~~182~~682 ~~4,260~~14571 SOLE NONE ~~4,260~~14571 ~~AVAYA INC COM STK USD 0.01 COM 053499109 18 2,793 SOLE NONE 2,793~~ AVERY DENNISON USD1 COM 053611109 ~~774~~917 ~~15,410~~18159 SOLE NONE ~~15,410~~18159 ~~AVNET INC US$1.00 COM 053807103 198 15,619 SOLE NONE 15,619~~ AVON PRODUCTS USD0.25 COM 054303102 ~~2,298~~2542 ~~36,941~~39374 SOLE NONE ~~36,941~~39374 BAKER HUGHES INC US$1.00 COM 057224107 ~~2,137~~1757 ~~63,664~~59364 SOLE NONE ~~63,664~~59364 BALL CORP COM 058498106 357 6611 SOLE NONE 6611 BANK AMERICA CORP COM USD0.01 COM 060505104 ~~31,006~~27175 ~~392,333~~348225 SOLE NONE ~~392,333~~348225 BANK OF NEW YORK CO. US$7.50 COM 064057102 ~~3,813~~3533 ~~132,632~~121358 SOLE NONE ~~132,632~~121358 BANK ONE CORP USD0.01 COM 06423A103 ~~8,626~~7775 ~~232,002~~201153 SOLE NONE ~~232,002~~201153 BANKNORTH GROUP COM USD0.01 COM 06646R107 21661 ~~804~~23433 SOLE NONE ~~804~~23433 BARD C R US$0.25 COM 067383109 498 7014 SOLE NONE 7014 BARR LABORATORIES COM USD0.01 COM 068306109 464 6802 SOLE NONE 6802 BAUSCH & LOMB US$ 0.40 COM 071707103 ~~324~~436 ~~8,636~~9875 SOLE NONE ~~8,636~~9875 BAXTER INTL INC COM STK US$1 COM 071813109 3060 105295 SOLE NONE 105295 BB&T CORPORATION USD5 COM 054937107 3039 84616 SOLE NONE 84616

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~BAXTER~~BEA ~~INTL~~SYSTEMS INC ~~COM~~USD0.001 ~~STK US$1~~ COM ~~071813109~~073325102 ~~3,180~~756 ~~122,314~~62759 SOLE NONE ~~122,314~~62759 ~~BB&T~~BEAR ~~CORPORATION~~STEARNS ~~USD5~~ COS.COM ~~054937107~~USD1 ~~4,130 120,418 SOLE NONE 120,418 BEA SYSTEMS INC USD0.001~~ COM ~~073325102~~073902108 ~~704~~1003 ~~64,662~~13412 SOLE NONE ~~64,662~~13412 ~~BEAR~~BECKMAN ~~STEARNS~~COULTER ~~COS.~~COM ~~USD1~~USD0.10 COM ~~073902108~~075811109 ~~587~~382 ~~8,110~~8386 SOLE NONE ~~8,110~~8386 BECTON DICKINSON US$ 1 COM 075887109 ~~1,852~~1675 ~~47,682~~46360 SOLE NONE ~~47,682~~46360 BED BATH & BEYOND COM USD0.01 COM 075896100 ~~1,754~~1863 ~~45,178~~48690 SOLE NONE ~~45,178~~48690 BELLSOUTH CORP COM STK US$ 1 COM 079860102 ~~10,623~~9322 ~~398,917~~393672 SOLE NONE ~~398,917~~393672 BERKLEY (WR) CORP COM USD0.20 COM 084423102 382 11137 SOLE NONE 11137 BERKSHIRE HATHAWAY INC-CL A USD5 CL A 084670108 ~~10,150~~10125 ~~140~~135 SOLE NONE ~~140~~135 BEST BUY CO INC COM USD0.10 COM 086516101 ~~3,195~~3234 ~~72,754~~68057 SOLE NONE ~~72,754~~68057 BIOGEN INC COM USD0.01 COM 090597105 ~~2,917~~2473 ~~76,832~~64866 SOLE NONE ~~76,832~~64866 BIOMET INC COM NPV COM 090613100 ~~240~~1382 ~~8,352~~41265 SOLE NONE ~~8,352~~41265 BJ SERVICES COM USD0.01 COM 055482103 ~~249~~865 ~~6,654~~25321 SOLE NONE ~~6,654~~25321 BLACK & DECKER MFG C/STK US$0.50 COM 091797100 ~~319~~528 ~~7,333~~13031 SOLE NONE ~~7,333~~13031 BLOCK (H&R) COM NPV COM 093671105 ~~2,253~~2836 ~~52,082~~65733 SOLE NONE ~~52,082~~65733 BMC SOFTWARE INC COM US$0.01 COM 055921100 ~~2,097~~2597 ~~128,438~~186442 SOLE NONE ~~128,438~~186442 BOEING CO COM STK US$ 5.00 COM 097023105 ~~4,867~~4518 ~~141,807~~131597 SOLE NONE ~~141,807~~131597 BOSTON PROPERTIES COM USD 0.019 (REIT) COM 101121101 74493 ~~1,692~~11351 SOLE NONE ~~1,692~~11351 BOSTON SCIENTIFIC ~~COM USD0~~COMUSD0.01(SI 6/11)(~) COM 101137107 ~~3,723~~3859 ~~60,926~~60485 SOLE NONE ~~60,926~~60485 BOWATER COM USD1 COM 102183100 ~~269~~328 ~~7,182~~7797 SOLE NONE ~~7,182~~7797 BRINKER INTL INC COM USD0.10 COM 109641100 437 13086 SOLE NONE 13086 BRISTOL MYERS SQUIBB COM STK COM 110122108 ~~11,855~~9552 ~~436,655~~372246 SOLE NONE ~~436,655~~372246 BROADCOM CORP CL A COM USD0.0001 CL A 111320107 ~~1,049~~1704 ~~42,104~~63909 SOLE NONE ~~42,104~~63909 BROCADE COMMS SYS - COM USD0.001 COM 111621108 ~~208~~20 ~~35,245~~3797 SOLE NONE ~~35,245~~3797 BROWN-FORMAN 'B' US$0.15 ~~(CA)(~)~~ CL B 115637209 ~~398~~388 ~~5,058~~4898 SOLE NONE ~~5,058~~4898 BUNGE LTD COM USD 0.01 COM G16962105 292 10613 SOLE NONE 10613 BURLINGTON NTH SANTA FE COM STK USD0.01 COM 12189T104 ~~2,594~~4968 ~~91,224~~172090 SOLE NONE ~~91,224~~172090 BURLINGTON RESOURCES COM STK USD0.01 COM 122014103 ~~4,135~~3631 ~~76,468~~75323 SOLE NONE ~~76,468~~75323 CABLEVISION NY GROUP CLASS A COM USD0.01 CL A 12686C109 ~~656~~509 ~~31,602~~28120 SOLE NONE ~~31,602~~28120 CABOT CORP US$1.00 COM 127055101 ~~247~~1028 ~~8,609~~36066 SOLE NONE ~~8,609~~36066 CADENCE DESIGN SYSTEMS USD0.01 COM 127387108 ~~1,717~~2241 ~~142,333~~167255 SOLE NONE ~~142,333~~167255 ~~CALPINE CORP - COM USD0.001 COM 131347106 17 2,627 SOLE NONE 2,627~~ CAMPBELL SOUP CO CAP STK USD0.0375 COM 134429109 ~~1,247~~1324 ~~50,878~~49981 SOLE NONE ~~50,878~~49981 CAPITAL ONE FINANCIAL USD0.01 COM 14040H105 ~~1,988~~2413 ~~40,417~~42301 SOLE NONE ~~40,417~~42301 CARDINAL HEALTH COM COM 14149Y108 ~~7,360~~6304 ~~114,463~~107968 SOLE NONE ~~114,463~~107968 CAREER EDUCATION C COM USD0.01 COM 141665109 599 13220 SOLE NONE 13220 CAREMARK RX INC COM USD0.001 COM 141705103 ~~320~~870 ~~12,475~~38514 SOLE NONE ~~12,475~~38514 CARMAX INC COM USD0.50 COM 143130102 8845 ~~2,909~~1373 SOLE NONE ~~2,909~~1373 CARNIVAL CORP COM USD0.01(PAIRED STK) COM 143658300 ~~6,955~~5918 ~~213,928~~179937 SOLE NONE ~~140,993~~179937 CATERPILLAR INC US$1.00 COM 149123101 ~~4,112~~4818 ~~73,878~~69995 SOLE NONE ~~73,878~~69995 ~~CEMEX~~CAVCO SAINDUSTRIES ~~SPON~~COM ~~ADR~~USD0.10 ~~EACH~~COM ~~REP~~149568107 52 ~~CPO~~82 ~~ADR 151290889 13,275 593,910~~ SOLE NONE ~~593,910~~82

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ CDW CORP COM USD0.01 COM 12512N105 563 9770 SOLE NONE 9770 CEMEX SA SPON ADR EACH REP 5 CPO ADR 151290889 13095 527010 SOLE NONE 527010 CENDANT CORP USD0.01 COM 151313103 ~~4,707~~3962 ~~256,935~~212009 SOLE NONE ~~256,935~~212009 CENTERPOINT ENERGY INC COM NPV COM 15189T107 ~~721~~811 ~~88,414~~88414 SOLE NONE ~~88,414~~88414 CENTEX CORP US$0.25~~(dmgr~~ ~~01/07/03)~~ COM 152312104 ~~129~~746 ~~1,653~~9579 SOLE NONE 9579 CENTURYTEL INC COM US$1~~,653~~ COM 156700106 615 18150 SOLE NONE 18150 CEPHALON INC COM USD0.01 COM 156708109 69 1506 SOLE NONE 1506 CERIDIAN CORP COM USD0.5 COM 156779100 ~~575~~599 ~~33,897~~32188 SOLE NONE ~~33,897~~32188 CERTEGY INC COM USD 0.01 COM 156880106 ~~340~~382 ~~12,252~~11891 SOLE NONE ~~12,252~~11891 CH ROBINSON WORLDWIDE INC COM USD0.10 COM 12541W100 423 11367 SOLE NONE 11367 CHARTER ONE FINL COM USD0.01 COM 160903100 ~~165~~1061 ~~5,294~~34682 SOLE NONE ~~5,294~~34682 CHECK POINT SOFTWARE ORD ILS0.01 COM 001082411 414 24555 SOLE NONE 24555 CHEVRON TEXACO CORP COM US$ 1.5 COM 166764100 ~~19,435~~18246 ~~269,188~~255364 SOLE NONE ~~269,188~~255364 CHIRON CORP COM US$0.01 COM 170040109 ~~887~~1047 ~~20,215~~20211 SOLE NONE ~~20,215~~20211 ~~CHUBB~~CHOICEPOINT ~~CORP~~INC USCOM USD0.10 COM 170388102 412 12304 SOLE NONE 12304 CHUBB CORPUS$1.00 COM 171232101 ~~2,401~~2143 ~~40,016~~33035 SOLE NONE ~~40,016~~33035 CIENA CORP. USD0.01 COM 171779101 ~~349~~403 ~~67,443~~68794 SOLE NONE ~~67,443~~68794 CIGNA CORP US$1 COM 125509109 ~~1,772~~1706 ~~37,752~~38201 SOLE NONE ~~37,752~~38201 CINCINNATI ~~BELL INC COM USD0.01 COM 171871106 18 2,656 SOLE NONE 2,656 CINCINNATI~~ FIN CP COM $2 COM 172062101 ~~969~~1013 ~~26,162~~25319 SOLE NONE ~~26,162~~25319 CINERGY CORP COM STK US$0.01 COM 172474108 ~~1,013~~971 ~~27,524~~26450 SOLE NONE ~~27,524~~26450 CINTAS CORP COM NPV COM 172908105 ~~131~~775 ~~3,706~~20951 SOLE NONE ~~3,706~~20951 CIRCUIT CITY STORES US$0.5 COM 172737108 ~~266~~11 ~~30,189~~1164 SOLE NONE ~~30,189~~1164 CISCO SYSTEMS US$ COM 17275R102 ~~27,339~~28971 ~~1,628,278~~1478852 SOLE NONE ~~1,628,278~~1478852 CIT GROUP INC COM USD0.01 COM 125581108 ~~200~~1065 ~~8,118~~37047 SOLE NONE ~~8,118~~37047 CITIGROUP INC COM USD0.01 COM 172967101 ~~50,813~~50689 ~~1,187,218~~1113799 SOLE NONE ~~1,187,218~~1113799 CITIZENS UTILITIES CL B USD0.25 CL B 17453B101 ~~508~~1038 ~~39,373~~92610 SOLE NONE ~~39,373~~92610 CLEAR CHANNEL COMM USD0.10 COM 184502102 ~~5,807~~4822 ~~136,991~~125907 SOLE NONE ~~136,991~~125907 CLOROX CO COM USD1 COM 189054109 ~~1,695~~2844 ~~39,736~~62012 SOLE NONE ~~39,736~~62012 ~~CMS ENERGY CORP COM $US0.01 COM 125896100 20 2,467 SOLE NONE 2,467~~ COACH INC COM USD0.01 COM 189754104 20713 ~~412~~13053 SOLE NONE ~~412~~13053 COCA COLA USD0.25 COM 191216100 ~~25,483~~22212 ~~549,087~~517036 SOLE NONE ~~549,087~~517036 COCA-COLA ENTERPRISES USD1 COM 191219104 ~~826~~843 ~~45,520~~44204 SOLE NONE ~~45,520~~44204 COGNIZANT TECH COM CL'A'USD0.01 CL A 192446102 ~~183~~27 ~~7,512~~732 SOLE NONE ~~7,512~~732 COLGATE-PALMOLIVE COM STK US$1 COM 194162103 ~~5,775~~5749 ~~99,657~~102871 SOLE NONE ~~99,657~~102871 COMCAST CORP 'A'SPL COM USD0.01 CL A SPSPL 20030N200 ~~6,418~~5930 ~~221,374~~200083 SOLE NONE ~~221,374~~200083 COMCAST CORP COM CLS'A' USD0.01 CL A 20030N101 ~~7,930~~8353 ~~262,754~~271040 SOLE NONE ~~262,754~~271040 COMERICA INC US$5.00 COM 200340107 ~~1,476~~1403 ~~31,739~~30111 SOLE NONE ~~31,739~~30111 ~~COMPASS~~COMMERCE ~~BANCSHARES~~BANCP INC ~~US$2~~ COM ~~20449H109~~USD1 ~~20 585 SOLE NONE 585 COMPUTER ASSOCIATES USD0.10~~ COM ~~204912109~~200519106 ~~1,763~~103 ~~79,125~~2141 SOLE NONE ~~79,125~~2141 ~~COMPUTER~~COMMERCE ~~SCIENCES~~BANCSHS ~~US$1.00~~ COM ~~205363104~~USD5 ~~3,152 82,688 SOLE NONE 82,688 COMPUWARE CORP.USD0.01~~ COM ~~205638109~~200525103 14452 ~~2,500~~10323 SOLE NONE ~~2,500~~10323 ~~COMVERSE~~COMPASS ~~TECH~~BANCSHARES INC ~~COM USD0.10 COM 205862402 521 34,703 SOLE NONE 34,703 CONAGRA FOODS INC~~ US$~~5.00~~2 COM ~~205887102~~20449H109 ~~2,172~~625 ~~92,029~~18014 SOLE NONE ~~92,029~~18014

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~CONCORD~~COMPUTER ~~EFS~~ASSOCIATES ~~COM~~ USD0.3310 COM 204912109 1875 71798 SOLE NONE 71798 COMPUTER SCIENCES US$1/3.00 COM ~~206197105~~205363104 ~~1,933~~1422 ~~131,347~~37848 SOLE NONE ~~131,347~~37848 ~~CONEXANT~~COMVERSE ~~SYSTEMS~~TECH INC COM ~~USD~~USD0.10 0COM 205862402 1009 67386 SOLE NONE 67386 CONAGRA FOODS INC US$5.~~01(si~~00 30COM 205887102 1888 88870 SOLE NONE 88870 CONCORD EFS COM USD0.33 1/~~06)~~3 COM ~~207142100~~206197105 301754 ~~7,191~~128320 SOLE NONE ~~7,191~~128320 CONOCOPHILLIPS C/SK US$ 1.25 COM 20825C104 ~~6,901~~4954 ~~125,931~~90477 SOLE NONE ~~125,931~~90477 CONSOLIDATED EDISON INC USD0.10 COM 209115104 ~~1,631~~1552 ~~37,686~~38071 SOLE NONE ~~37,686~~38071 CONSTELLATION ENERGY COM NPV COM 210371100 ~~1,010~~1005 ~~29,460~~28080 SOLE NONE ~~29,460~~28080 CONVERGYS CORP COM NPV COM 212485106 429 23398 SOLE NONE 23398 COOPER CAMERON CP COM USD0.01 COM 216640102 279 6048 SOLE NONE 6048 COOPER INDS COM USD5 CL 'A'(BERMUDA REG) CL A G24182100 ~~869~~692 ~~21,051~~14407 SOLE NONE ~~21,051~~14407 CORNING INC USD0.50 COM 219350105 ~~1,391~~2374 ~~188,257~~252044 SOLE NONE ~~188,257~~252044 COSTCO WHSL CORP COM STK USD0.01 COM 22160K105 ~~2,882~~2370 ~~78,736~~76099 SOLE NONE ~~78,736~~76099 COUNTRYWIDE FINANCIAL CORP USD0.05 COM 222372104 ~~2,837~~3130 ~~40,785~~39984 SOLE NONE ~~40,785~~39984 COVENTRY HEALTHCARE COM STK USD 0.01 COM 222862104 1266 24000 SOLE NONE 24000 COX COMMUNICATIONS A USD1 CL A 224044107 ~~1,865~~1311 ~~58,458~~41452 SOLE NONE ~~58,458~~41452 CRESCENT REAL ESTATES COM USD0.01(REIT) COM 225756105 9764 ~~5,817~~4433 SOLE NONE ~~5,817~~4433 CSX CORP COM USD1 COM 126408103 ~~1,226~~1145 ~~40,752~~39145 SOLE NONE ~~40,752~~39145 CURTIS WRIGHT CLB COM STK USD CL B 231561408 3 43 SOLE NONE 43 CVS CORP USD0.01 COM 126650100 ~~3,149~~4155 ~~112,331~~133763 SOLE NONE ~~112,331~~133763 ~~CYPRESS SEMICONDUCTOR US$0.01 COM 232806109 8 625 SOLE NONE 625 DANA CORP USD1 COM 235811106 236 20,443 SOLE NONE 20,443~~ DANAHER CORP USD0.01 COM 235851102 ~~1,277~~1418 ~~18,760~~19197 SOLE NONE ~~18,760~~19197 DARDEN RESTAURANTS US$0.01 COM 237194105 ~~1,326~~1609 ~~69,839~~84683 SOLE NONE ~~69,839~~84683 DEAN FOODS CO COM USD0.01 COM 242370104 34530 ~~1,090~~17085 SOLE NONE ~~1,090~~17085 DEERE & ~~CO US~~COUS$1.00 COM 244199105 ~~2,650~~2207 ~~57,982~~41394 SOLE NONE ~~57,982~~41394 DEL MONTE FOODS CO COM USD 0.01 COM 24522P103 ~~214~~246 ~~24,187~~28211 SOLE NONE ~~24,187~~28211 DELL INC USD0.01 COM 24702R101 ~~17,574~~15878 ~~551,941~~475100 SOLE NONE ~~551,941~~475100 DELPHI CORPORATION COM USD0.01 COM 247126105 ~~972~~1741 ~~112,622~~192430 SOLE NONE ~~112,622~~192430 ~~DELTA~~DENTSPLY ~~AIR~~INTL ~~LINES~~INC ~~USD1.50~~COM U$1 COM ~~247361108~~249030107 10505 ~~675~~11271 SOLE NONE ~~675~~11271 DEVON ENERGY(NEW) COM USD0.10 COM 25179M103 ~~2,355~~3583 ~~44,095~~74359 SOLE NONE ~~44,095~~74359 DIAMOND OFFSHORE DRILLING USD0.01 COM 25271C102 ~~209~~211 ~~9,944~~11056 SOLE NONE ~~9,944~~11056 DIEBOLD INC US$1.25 COM 253651103 592 11679 SOLE NONE 11679 DOLLAR GENERAL USD0.50 COM 256669102 ~~698~~830 ~~38,242~~41487 SOLE NONE ~~38,242~~41487 DOLLAR TREE STORES COM USD0.01 COM 256747106 551 16426 SOLE NONE 16426 DOMINION RESOURCES (VIR) COM NPV COM 25746U109 ~~3,647~~3363 ~~56,743~~54336 SOLE NONE ~~56,743~~54336 DONNELLEY R.R. US$1.25 COM 257867101 ~~445~~383 ~~17,011~~15411 SOLE NONE ~~17,011~~15411 ~~DOUBLECLICK~~DORAL ~~INC~~FINANCIAL CP COM ~~USD~~USD1 ~~0.001~~ COM ~~258609304~~25811P100 29456 ~~3,126~~9707 SOLE NONE ~~3,126~~9707 DOVER CORP COM STK US$ 1 COM 260003108 ~~1,098~~1356 ~~36,654~~38328 SOLE NONE ~~36,654~~38328 DOW CHEMICAL USD $2.50 COM 260543103 ~~5,542~~4975 ~~179,004~~152896 SOLE NONE ~~179,004~~152896 DOW JONES & CO US$1.00 COM 260561105 ~~483~~707 ~~11,220~~14931 SOLE NONE 11,220 DTE ENERGY CO COM 233331107 1,111 28,752 SOLE NONE 28,752 DU PONT DE NEMOURS COM USD0.30 COM 263534109 7,323 175,872 SOLE NONE 175,872 DUKE ENERGY CORP COM USD NPV COM 264399106 3,987 199,826 SOLE NONE 199,826 DUN & BRADSTREET C COM USD 0.01 COM 26483E100 552 13,442 SOLE NONE 13,44214931

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ DR HORTON INC COM USD0.01 COM 23331A109 611 18687 SOLE NONE 18687 DST SYST INC DEL COM USD0.01 COM 233326107 596 15861 SOLE NONE 15861 DTE ENERGY CO COM 233331107 1048 28416 SOLE NONE 28416 DU PONT DE NEMOURS COM USD0.30 COM 263534109 6705 167581 SOLE NONE 167581 DUKE ENERGY CORP COM USD NPV COM 264399106 3378 189690 SOLE NONE 189690 DUKE WEEKS REALTY COM USD0.01 COM 264411505 623 21350 SOLE NONE 21350 DUN & BRADSTREET C COM USD 0.01 COM 26483E100 524 12605 SOLE NONE 12605 DYNEGY INC CLASS A COM NPV CL A 26816Q101 487 ~~11,429~~1859 SOLE NONE ~~11,429~~1859 E M C CORP MASS USD0.01 COM 268648102 ~~4,857~~5790 ~~463,908~~458414 SOLE NONE ~~463,908~~458414 EASTMAN CHEMICAL COM STK USD0.01 COM 277432100 ~~2,925~~1657 ~~92,370~~49473 SOLE NONE ~~92,370~~49473 EASTMAN KODAK US$2.50 COM 277461109 ~~1,435~~1045 ~~52,452~~49892 SOLE NONE ~~52,452~~49892 EATON CORP COM USD0.50 COM 278058102 ~~931~~1123 ~~11,847~~12670 SOLE NONE ~~11,847~~12670 EBAY INC COM USD0.001 COM 278642103 ~~5,277~~5640 ~~50,736~~105150 SOLE NONE ~~50,736~~105150 ECHOSTAR COMMUNICATIONS CORP A USD0.01 CL A 278762109 ~~2,197~~2351 ~~63,456~~61367 SOLE NONE ~~63,456~~61367 ECOLAB INC US$1.00 ~~(ar)(~)~~ COM 278865100 ~~926~~1139 ~~36,174~~45092 SOLE NONE ~~36,174~~45092 EDISON INTL COM 281020107 ~~1,460~~1693 ~~88,863~~88660 SOLE NONE ~~88,863~~88660 EDWARDS (A.G.) INC US$1.00 COM 281760108 ~~307~~513 ~~8,965~~13359 SOLE NONE ~~8,965~~13359 EL PASO CORP US$3 COM 28336L109 ~~1,278~~1099 ~~158,116~~150565 SOLE NONE ~~158,116~~150565 ELECTRONIC ARTS INC COM 285512109 ~~2,393~~2405 ~~32,384~~26090 SOLE NONE ~~32,384~~26090 ELECTRONIC DATA SYS CORP US$ 0.01 COM 285661104 ~~2,119~~1743 ~~98,797~~86310 SOLE NONE ~~98,797~~86310 EMERSON ELECTRIC COM STK US $1 COM 291011104 ~~3,868~~3875 ~~75,702~~73590 SOLE NONE ~~75,702~~73590 ~~ENGLEHARD~~ENERGIZER ~~CORP~~HLDGS ~~US$1~~IN COM USD0.0001 COM ~~292845104~~29266R108 ~~1,015~~417 ~~40,967~~11354 SOLE NONE ~~40,967~~11354 ~~ENPRO~~ENERGY ~~INDUSRTIES~~EAST ICORP COM ~~US0~~USD0.01 COM ~~29355X107~~29266M109 9329 ~~884~~14686 SOLE NONE ~~884~~14686 ENGLEHARD CORP US$1.00 COM 292845104 1110 40101 SOLE NONE 40101 ENSCO INT'L COM 26874Q100 ~~600~~598 ~~22,292~~22292 SOLE NONE ~~22,292~~22292 ~~ENTERASYS~~ENTERGY ~~NETWORKS COM~~ US$~~0.01~~5 COM ~~293637104~~29364G103 244119 ~~8,084~~76075 SOLE NONE ~~8,084~~76075 ~~ENTERGY~~EOG ~~US$5~~RESOURCES INC COM ~~29364G103~~USD0.01 ~~4,986~~COM ~~94,465~~26875P101 698 16734 SOLE NONE ~~94,465~~16734 EQUIFAX INC US$2.50 COM 294429105 ~~395~~472 ~~15,193~~21196 SOLE NONE ~~15,193~~21196 EQUITABLE RESOURCES INC COM NPV COM 294549100 357 8696 SOLE NONE 8696 EQUITY OFFICE PROPS COM USD 0.01(REIT) COM 294741103 ~~1,996~~1918 ~~73,895~~69663 SOLE NONE ~~73,895~~69663 EQUITY RESIDENTIAL COM 29476L107 ~~262~~1334 ~~10,086~~45546 SOLE NONE ~~10,086~~45546 ESTEE LAUDER CL A COM USD0.01 CL A 518439104 ~~890~~544 ~~26,554~~15951 SOLE NONE ~~26,554~~15951 EXELON CORP COM NPV COM 30161N101 ~~3,412~~3514 ~~57,039~~55335 SOLE NONE ~~57,039~~55335 ~~EXPRESS~~EXPEDITERS ~~SCRIPTS~~INTL INWASH COM. ~~USD0~~US$ 0.01 COM ~~302182100~~302130109 35481 ~~509~~13978 SOLE NONE ~~509~~13978 ~~EXTREME~~EXPRESS ~~NETWORKS~~SCRIPTS IN COM USD0.~~001~~01 COM ~~30226D106~~302182100 24722 ~~4,597~~11811 SOLE NONE ~~4,597~~11811 EXXON MOBIL CORP CAP STK NPV COM 30231G102 ~~50,880~~48932 ~~1,416,889~~1336931 SOLE NONE ~~1,416,889~~1336931 ~~FAMILY~~FAIR ~~DOLLAR~~ISAAC ~~STRS~~CORP COM USD0.1001 COM ~~307000109~~303250104 35400 ~~905~~6791 SOLE NONE ~~905~~6791 ~~FANNIE~~FAMILY ~~MAE~~DOLLAR ~~USD~~STRS COM ~~NPV COM 313586109 16,479 244,352 SOLE NONE 244,352 FED HOME LOAN MTG COM~~ USD0.~~21 COM 313400301 9,303 183,240 SOLE NONE 183,240 FEDERATED DEPT STORES COM USD0.01 COM 31410H101 2,066 56,078 SOLE NONE 56,078 FEDEX CORP COMM USD0.~~10 COM ~~31428X106~~307000109 ~~3,242~~977 ~~52,259~~24481 SOLE NONE ~~52,259~~24481 ~~FIDELITY~~FANNIE ~~ADV~~MAE ~~EMERG~~USD ~~ASIA~~ COM NPV COM ~~315920413~~313586109 ~~2,116~~18168 ~~198,981~~258806 SOLE NONE 198,981 FIFTH THIRD BANCORP COM 316773100 5,618 97,848 SOLE NONE 97,848 FIRST DATA CORP US$0.01 COM 319963104 8,094 195,318 SOLE NONE 195,318 FIRST TENN NATL COM 337162101 495 11,277 SOLE NONE 11,277 FIRST VIRGINIA BANKS COM 337477103 833 19,318 SOLE NONE 19,318258806

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ FASTENAL COM USD0.01 COM 311900104 402 10634 SOLE NONE 10634 FED HOME LOAN MTG COM USD0.21 COM 313400301 7684 146773 SOLE NONE 146773 FEDERATED DEPT STORES COM USD0.01 COM 31410H101 1633 38984 SOLE NONE 38984 FEDEX CORP COMM USD0.10 COM 31428X106 3238 50259 SOLE NONE 50259 FIDELITY ADV EMERG ASIA COM NPV COM 315920413 2483 198981 SOLE NONE 198981 FIDELITY NATL FINL COM USD0.0001 COM 316326107 504 16755 SOLE NONE 16755 FIFTH THIRD BANCORP COM 316773100 5182 93306 SOLE NONE 93306 FIRST DATA CORP US$0.01 COM 319963104 6669 166894 SOLE NONE 166894 FIRST HEALTH GROUP COM USD0.01 COM 320960107 386 14705 SOLE NONE 14705 FIRST TENN NATL COM 337162101 770 18146 SOLE NONE 18146 FIRSTENERGY CORP USD0.10 COM 337932107 ~~2,087~~1677 ~~54,289~~52577 SOLE NONE ~~54,289~~52577 FISERV INC COM USD0.01 COM 337738108 ~~276~~1198 ~~7,746~~33007 SOLE NONE ~~7,746~~33007 FLEETBOSTON FINANCIAL COM USD0.01 COM 339030108 ~~7,105~~6768 ~~239,156~~224467 SOLE NONE ~~239,156~~224467 FLEXTRONICS INTL ORD USD0.01 COM 999900002 ~~178~~1229 ~~17,041~~86438 SOLE NONE ~~17,041~~86438 FLUOR CORP COM NPV (W/I) COM 343412102 ~~398~~436 ~~11,822~~11679 SOLE NONE ~~11,822~~11679 FORD MOTOR CO COM STK USD0.01 COM 345370860 ~~3,939~~3158 ~~358,457~~293204 SOLE NONE ~~358,457~~293204 FOREST LABS US$0.10 COM 345838106 ~~2,775~~4508 ~~50,686~~87622 SOLE NONE ~~50,686~~87622 FORTUNE BRANDS INC COM 349631101 ~~3,212~~2557 ~~61,535~~45050 SOLE NONE ~~61,535~~45050 FOX ENTERTAINMENT COM STK USD0.01CLASS A CL A 35138T107 ~~1,814~~697 ~~63,032~~24891 SOLE NONE ~~63,032~~24891 FPL GROUP INC COM USD0.01 COM 302571104 ~~2,122~~1977 ~~31,740~~31281 SOLE NONE ~~31,740~~31281 FRANKLIN RESOURCES COMM STK USD0.10 COM 354613101 ~~1,115~~1239 ~~28,547~~28016 SOLE NONE ~~28,547~~28016 ~~GANNETT~~FREEPORT-MCMORAN COCOPPE ~~INC~~CLASS ~~USD1~~'B' COM ~~364730101~~CL ~~3,535~~B ~~46,023~~35671D857 720 21762 SOLE NONE ~~46,023~~21762 ~~GAP~~GANNETT CO INC ~~US$0.05~~USD1 COM ~~364760108~~364730101 ~~2,194~~3507 ~~116,947~~45222 SOLE NONE ~~116,947~~45222 ~~GATEWAY~~GAP INC US$0.05 COM ~~367626108~~364760108 82117 ~~2,122~~123654 SOLE NONE ~~2,122~~123654 GEMSTARTV GUIDE INTERNATIONAL COM 36866W106 86 ~~1,588~~1322 SOLE NONE ~~1,588~~1322 GEN GROWTH PPTYS COM USD0.10 COM 370021107 47532 ~~760~~7426 SOLE NONE ~~760~~7426 GEN MILLS INC COM STK USD0.1 COM 370334104 ~~2,977~~2873 ~~62,791~~61034 SOLE NONE ~~62,791~~61034 GEN-PROBE INC COM NPV (S.I. 1/10)(AR)(~) COM 36866T103 2514 ~~602~~258 SOLE NONE ~~602~~258 GENENTECH INC COM 368710406 ~~2,771~~3050 ~~38,418~~38053 SOLE NONE ~~38,418~~38053 GENERAL ~~DYNAMICS US~~DYNAMICSUS$1.00 COM 369550108 ~~4,390~~3921 ~~60,555~~50235 SOLE NONE ~~60,555~~50235 GENERAL ELECTRIC COM STK USD.16 COM 369604103 ~~63,674~~62844 ~~2,220,153~~2108139 SOLE NONE ~~2,220,153~~2108139 GENERAL MOTORS CORP CL'H'COM USD0.10 CL H 370442832 ~~1,174~~1276 ~~91,678~~89191 SOLE NONE ~~91,678~~89191 GENERAL MOTORS CORP COM US$ 1 2/3 COM 370442105 ~~3,987~~4295 ~~110,746~~104927 SOLE NONE ~~110,746~~104927 ~~GENUINE~~GENTEX ~~PARTS~~CORP USCOM USD0.06 COM 371901109 454 13037 SOLE NONE 13037 GENUINE PARTSUS$1.00 COM 372460105 ~~861~~1040 ~~26,910~~32529 SOLE NONE ~~26,910~~32529 GENZYME CORP-GENERAL DIV USD0.01 COM 372917104 ~~341~~1618 ~~8,142~~34942 SOLE NONE ~~8,142~~34942 GEORGIA PACIFIC CORPORATION US$ 0.80 COM 373298108 ~~1,565~~1946 ~~82,577~~80274 SOLE NONE ~~82,577~~80274 GILEAD SCIENCES COM USD0.001 COM 375558103 ~~468~~1853 ~~8,433~~33065 SOLE NONE ~~8,433~~33065 GILLETTE CO US$1.00 COM 375766102 ~~5,643~~5512 ~~177,117~~172364 SOLE NONE 177,117 GLOBALSANTAFE CORP COM USD0.01 COM G3930E101 1,317 56,417 SOLE NONE 56,417 GOLDEN WEST FIN CP C/STK US$0.10 COM 381317106 2,002 25,019 SOLE NONE 25,019 GOLDMAN SACHS GROUP COM USD 0.01 COM 38141G104 3,275 39,107 SOLE NONE 39,107 GOODRICH CORP COM STK USD5 COM 382388106 444 21,136 SOLE NONE 21,136 GOODYEAR TYRE & RUBBER COM 382550101 106 20,139 SOLE NONE 20,139 GRAINGER W.W. US$1.00 COM 384802104 1,192 25,488 SOLE NONE 25,488 GREENPOINT FINL COM 395384100 2,776 54,493 SOLE NONE 54,493 GUIDANT CORP COM 401698105 3,367 75,852 SOLE NONE 75,852 HALLIBURTON CO COM STK US$ 2.50 COM 406216101 1,884 81,904 SOLE NONE 81,904172364

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ GLOBALSANTAFE CORP COM USD0.01 COM G3930E101 911 38026 SOLE NONE 38026 GOLDEN WEST FIN CP C/STK US$0.10 COM 381317106 3760 42009 SOLE NONE 42009 GOLDMAN SACHS GROUP COM USD 0.01 COM 38141G104 3312 39476 SOLE NONE 39476 GOODRICH CORP COM STK USD5 COM 382388106 425 17516 SOLE NONE 17516 GRAINGER W.W.US$1.00 COM 384802104 621 13051 SOLE NONE 13051 GREENPOINT FINL COM 395384100 2514 84198 SOLE NONE 84198 GUIDANT CORP COM 401698105 3716 79318 SOLE NONE 79318 HALLIBURTON CO COM STK US$ 2.50 COM 406216101 1831 75497 SOLE NONE 75497 HARLEY DAVIDSON INC COM 412822108 ~~4,502~~5789 ~~112,935~~120095 SOLE NONE ~~112,935~~120095 HARRAHS ENTERTMT COM USD0.10 COM 413619107 ~~1,252~~1014 ~~31,121~~24086 SOLE NONE ~~31,121~~24086 HARRIS ~~CORP US~~CORPUS$1.00 COM 413875105 1876 ~~601~~2117 SOLE NONE ~~601~~2117 HARTFORD FINANCIAL SVCS GROUP INC COM 416515104 ~~3,705~~2459 ~~73,572~~46716 SOLE NONE ~~73,572~~46716 HASBRO INC US$0.50 COM 418056107 ~~356~~627 ~~20,365~~33576 SOLE NONE ~~20,365~~33576 HCA INC US$.01 COM 404119109 ~~6,482~~5303 ~~202,297~~143880 SOLE NONE ~~202,297~~143880 HCR MANOR CARE INC COM USD0.01 COM 564055101 51 1700 SOLE NONE 1700 HEALTH MGMT ASSOC 'A' USD0.01 CL A 421933102 ~~164~~869 ~~8,878~~39843 SOLE NONE ~~8,878~~39843 HEALTH NET INC CLASS'A'COM USD0.001 CL A 42222G108 35564 ~~1,068~~17794 SOLE NONE ~~1,068~~17794 HEALTHSOUTH CORP COM USD0.01 COM 421924101 294 ~~56,713~~1513 SOLE NONE ~~56,713~~1513 HEINZ H.J. USD0.25 COM 423074103 ~~2,182~~2205 ~~66,169~~64311 SOLE NONE ~~66,169~~64311 HERSHEY ~~FOODS US~~FOODSUS$1.00 COM 427866108 ~~1,825~~974 ~~26,197~~13405 SOLE NONE ~~26,197~~13405 HEWLETT PACKARD COM STK US$1 COM 428236103 ~~14,384~~12549 ~~675,285~~648190 SOLE NONE ~~675,285~~648190 HIBERNIA CORP 'A' NPV CL A 428656102 111 5468 SOLE NONE 5468 HILLENBRAND INDS NPV COM 431573104 ~~2,033~~4445 ~~40,293~~78777 SOLE NONE ~~40,293~~78777 HILTON HOTELS US$2.50 COM 432848109 ~~761~~953 ~~59,492~~58739 SOLE NONE ~~59,492~~58739 HOME ~~DEPOT US~~DEPOTUS$0.05 COM 437076102 ~~17,749~~16346 ~~535,886~~513223 SOLE NONE ~~535,886~~513223 HONEYWELL INTL INC COM USD1 COM 438516106 ~~3,987~~3738 ~~148,478~~141861 SOLE NONE ~~148,478~~141861 ~~HOST~~HORMEL ~~MARRIOTT~~FOODS CORP ~~US$1.00~~ COM ~~44107P104 362 39,542 SOLE NONE 39,542 HSBC HLDGS ADR(CNV TO 5~~ USD0.~~50)~~0586 ~~ADR~~COM ~~404280406~~440452100 ~~2,685~~21 ~~45,270~~916 SOLE NONE ~~45,270~~916 ~~HUMAN~~HOST ~~GENOME~~MARRIOTT ~~SCIEN COM USD0~~CORPUS$1.0100 COM ~~444903108~~44107P104 10404 ~~828~~37613 SOLE NONE ~~828~~37613 HUNTINGTON BANCSHARES NPV COM 446150104 ~~823~~774 ~~42,203~~39016 SOLE NONE ~~42,203~~39016 I2 TECHNOLOGIES INC COM 465754109 148 ~~13,593~~6620 SOLE NONE ~~13,593~~6620 IDEC PHARMS COM NPV COM 449370105 ~~187~~884 ~~5,509~~26562 SOLE NONE ~~5,509~~26562 ILLINOIS TOOL WORKS NPV COM 452308109 ~~3,764~~3767 ~~57,166~~56850 SOLE NONE ~~57,166~~56850 IMAGISTICS INTL IN COM USD 0.01 COM 45247T104 ~~205~~1 ~~7,962~~46 SOLE NONE ~~7,962~~46 IMS HEALTH COM USD0.01 COM 449934108 ~~714~~842 ~~39,707~~39918 SOLE NONE ~~39,707~~39918 INGERSOLL-RAND CO COM USD2(CL'A' BERMUDA CL A ~~G4776G101~~G47769101 ~~1,873~~2243 ~~39,592~~41975 SOLE NONE ~~39,592~~41975 INTEL CORP NPV COM 458140100 ~~30,649~~38191 ~~1,472,802~~1387765 SOLE NONE ~~1,472,802~~1387765 INTERACTIVE CORP COM USD0.01 COM 45840Q101 ~~456~~1323 ~~11,590~~39871 SOLE NONE ~~11,590~~39871 INTERNATIONAL GAME TEC COM 459902102 ~~359~~1567 ~~3,507~~55670 SOLE NONE ~~3,507~~55670 INTERNATIONAL PAPER US $1 COM 460146103 ~~4,061~~3252 ~~113,666~~83339 SOLE NONE 113,666 INTERPUBLIC GRP COS INC (UK) COM 460690100 851 63,639 SOLE NONE 63,639 INTL BUSINESS MACH. COMMON USD 0.50 COM 459200101 29,960 363,151 SOLE NONE 363,151 INTUIT INC - COM USD0.01 COM 461202103 1,967 44,097 SOLE NONE 44,097 ITT INDUSTRIES INC COM USD1 COM 450911102 1,293 19,753 SOLE NONE 19,753 IVAX CORP COM 465823102 486 27,221 SOLE NONE 27,221 J.P. MORGAN CHASE AND CO COM 46625H100 15,350 449,087 SOLE NONE 449,087 JABIL CIRCUIT INC COM USD0.001 COM 466313103 109 4,943 SOLE NONE 4,94383339

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~JANUS~~INTERPUBLIC ~~CAPITAL~~GRP ~~GROUP~~COS INC ~~USD0.01~~(UK) COM ~~47102X105~~460690100 ~~505~~860 ~~30,784~~60914 SOLE NONE ~~30,784~~60914 ~~JDS~~INTL ~~UNIPHASE~~BUSINESS ~~CORPORATION~~MACH. ~~COM~~COMMON ~~USD0~~USD 0.~~001~~50 COM ~~46612J101~~459200101 ~~773~~30021 ~~220,914~~339869 SOLE NONE ~~220,914~~339869 ~~JEFFERSON~~INTL ~~PILOT~~FLAVOUR ~~USD1~~& FRAGRANCE US$.25125 COM ~~475070108~~459506101 ~~1,602~~354 ~~38,638~~10703 SOLE NONE ~~38,638~~10703 ~~JOHN~~INTUIT ~~HANCOCK~~INC ~~FINAN~~- COM USD0.01 COM ~~41014S106~~461202103 ~~2,101~~2302 ~~68,363~~47720 SOLE NONE ~~68,363~~47720 ~~JOHNSON~~IRON &MOUNTAIN ~~JOHNSON~~INC COM ~~STK~~USD0.01 ~~US$ 1~~ COM ~~478160104~~462846106 ~~37,367~~386 ~~722,759~~10763 SOLE NONE ~~722,759~~10763 ~~JOHNSON~~ISTAR ~~CONTROLS~~FINANCIAL ~~COM~~CLASS ~~478366107~~A ~~1,084~~SBI ~~12,662~~USD0.001 CL A 45031U101 385 9894 SOLE NONE ~~12,662~~9894 ~~JONES~~ITT ~~APPAREL~~INDUSTRIES ~~GRP~~INC ~~USD~~COM ~~0.01~~USD1 COM ~~480074103~~450911102 271200 ~~929~~20054 SOLE NONE ~~929~~20054 ~~JUNIPER~~IVAX ~~NETWORKS~~CORP COM ~~48203R104~~465823102 ~~729~~519 ~~58,448~~26480 SOLE NONE ~~58,448~~26480 ~~KELLOGG~~J.P. COMORGAN ~~US$0.25~~CHASE AND CO COM ~~487836108~~46625H100 ~~1,670~~14859 ~~48,598~~432829 SOLE NONE ~~48,598~~432829 ~~KERR-MCGEE~~JABIL ~~COM.~~CIRCUIT ~~US$~~INC 1COM USD0.001 COM ~~492386107~~466313103 ~~1,222~~850 ~~27,282~~32611 SOLE NONE ~~27,282~~32611 ~~KEYCORP~~JACOBS ENG GROUP COM ~~USD1~~NPV COM ~~493267108~~469814107 ~~1,922~~262 ~~76,048~~5806 SOLE NONE ~~76,048~~5806 ~~KEYSPAN~~JANUS ~~ENERGY~~CAPITAL ~~USD5~~GROUP INC USD0.01 COM ~~49337W100~~47102X105 ~~909~~511 ~~25,639~~36567 SOLE NONE ~~25,639~~36567 ~~KIMBERLY-CLARK~~JDS UNIPHASE CORPORATION COM ~~494368103~~USD0.001 ~~6,237~~COM ~~119,619~~46612J101 775 215291 SOLE NONE ~~119,619~~215291 ~~KINDER~~JEFFERSON ~~MORGAN~~PILOT ~~KANS~~USD1.25 COM ~~USD5~~475070108 ~~COM~~2681 ~~49455P101~~60416 ~~112 2,053~~ SOLE NONE ~~2,053~~60416 ~~KLA-TENCOR~~JOHN ~~CORP~~HANCOCK FINAN COM USD0.01 COM ~~482480100~~41014S106 ~~1,530~~2286 ~~32,937~~67633 SOLE NONE ~~32,937~~67633 ~~KNIGHT-RIDDER~~JOHNSON ~~INC~~& JOHNSON COM STK US$~~0.02~~ 1~~/12~~ COM ~~499040103~~478160104 ~~899~~33796 ~~13,047~~682475 SOLE NONE ~~13,047~~682475 ~~KOHL~~JOHNSON "SCONTROLS ~~CORP.~~ COM ~~500255104~~478366107 ~~3,027~~1564 ~~58,916~~16532 SOLE NONE ~~58,916~~16532 ~~KRAFT~~JONES ~~FOOD~~APPAREL ~~INC~~GRP ~~COM~~USD ~~STK~~0.01 ~~NPV~~COM ~~CLS'A'~~480074103 CL533 A17808 ~~50075N104 3,024 92,915~~ SOLE NONE ~~92,915~~17808 ~~KROGER~~JUNIPER $1NETWORKS ~~COMM STK~~ COM ~~501044101~~48203R104 ~~3,304~~1005 ~~198,103~~66974 SOLE NONE ~~198,103~~66974 ~~LAB~~KAUFMAN ~~CORP~~& ~~AMER~~BROAD ~~HLDG~~HOME ~~COM USD0.~~US$1 COM ~~50540R409~~48666K109 58426 ~~1,925~~7143 SOLE NONE ~~1,925~~7143 ~~LEGG~~KELLOGG ~~MASON~~CO ~~INC COM USD0~~US$0.1025 COM ~~524901105~~487836108 681612 ~~1,053~~48350 SOLE NONE ~~1,053~~48350 ~~LEGGETT~~KERR-MCGEE &COM. ~~PLATT INC~~ US$~~0.01~~ 1 COM ~~524660107~~492386107 ~~573~~2187 ~~27,940~~48993 SOLE NONE ~~27,940~~48993 ~~LEHMAN~~KEYCORP ~~BROTHERS~~COM ~~CMN~~USD1 ~~SHS~~ COM ~~524908100~~493267108 ~~2,647~~1914 ~~39,815~~74836 SOLE NONE ~~39,815~~74836 ~~LENNAR~~KEYSPAN ~~CORP~~ENERGY USD5 COM ~~CL'A'USD0.10~~49337W100 CL919 A26194 ~~526057104~~SOLE 13NONE ~~178~~26194 KIMBERLY-CLARK COM 494368103 6245 121694 SOLE NONE ~~178~~121694 ~~LEVEL~~KIMCO 3REALTY ~~COMMUNICATIONS~~COM USD0.01 COM ~~52729N100~~49446R109 ~~379~~628 ~~56,890~~15323 SOLE NONE ~~56,890~~15323 ~~LEXMARK~~KINDER ~~INTL~~MORGAN ~~INC~~KANS -COM ~~CLASS~~USD5 ~~'A'~~ COM ~~USD0.01~~49455P101 CL819 A15165 ~~529771107~~SOLE ~~3,056~~NONE ~~43,181~~15165 ~~SOLE~~KLA-TENCOR ~~NONE~~CORP. ~~43,181~~COM ~~LIBERTY~~482480100 ~~MEDIA~~1654 ~~CORP~~32049 ~~SER~~SOLE ANONE 32049 KNIGHT-RIDDER INC COM ~~USD1~~US$0.02 ~~SER~~1/12 ACOM ~~530718105~~499040103 ~~5,393~~799 ~~466,486~~11982 SOLE NONE ~~466,486~~11982 ~~LILLY~~KOHL ~~(ELI)~~"S ~~COM~~CORP. ~~STK NPV~~ COM ~~532457108~~500255104 ~~13,904~~3041 ~~201,599~~56846 SOLE NONE ~~201,599~~56846 ~~LIMITED~~KRAFT ~~BRANDS~~FOOD INC COM STK ~~US$~~NPV ~~0.50~~CLS'A' ~~COM~~CL ~~532716107~~A ~~1,878~~50075N104 ~~121,169~~2522 85496 SOLE NONE ~~121,169~~85496 ~~LINCARE~~KROGER ~~HLDGS~~$1 ~~INC~~COMM ~~COM~~STK ~~USD0.01~~ COM ~~532791100~~501044101 133657 ~~418~~204657 SOLE NONE ~~418~~204657 ~~LINCOLN~~L ~~NATL~~3 ~~CORP~~COMMUNICATIONS COM ~~USD1~~USD0.2501 COM ~~534187109~~502424104 ~~1,123~~558 ~~31,532~~12909 SOLE NONE ~~31,532~~12909 ~~LINEAR~~LAB ~~TECHNOLOGY~~ CORP ~~COM~~AMER ~~535678106~~HLDG COM USD0.1~~,921~~ ~~59,333~~COM 50540R409 671 23390 SOLE NONE ~~59,333~~23390 ~~LIZ~~LAFARGE ~~CLAIBORNE~~CORP ~~US$1.00~~USD1 COM ~~539320101~~505862102 ~~2,244~~20 ~~63,657~~585 SOLE NONE ~~63,657~~585 ~~LOCKHEED~~LEAR ~~MARTIN~~CORP CO USD0.01 COM ~~539830109~~521865105 ~~3,716~~459 ~~78,115~~8718 SOLE NONE ~~78,115~~8718 ~~LOEWS~~LEGG ~~CORP~~MASON ~~US$1~~INC COM ~~540424108~~USD0.10 ~~2,523~~COM ~~53,349~~524901105 711 9845 SOLE NONE ~~53,349~~9845 ~~LOWES~~LEGGETT ~~COS~~& PLATT INC. US$0.5001 COM ~~548661107~~524660107 ~~6,898~~581 ~~160,611~~26851 SOLE NONE ~~160,611~~26851 ~~LSI~~LEHMAN ~~LOGIC~~BROTHERS ~~COM~~CMN ~~STK~~SHS ~~NPV~~ COM ~~502161102~~524908100 ~~1,246~~3340 ~~175,939~~48350 SOLE NONE ~~175,939~~48350

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~LUCENT~~LENNAR ~~TECHNOLOGIES~~CORP COM ~~US$0~~CL'A'USD0.0110 ~~COM~~CL ~~549463107~~A ~~1,449~~526057104 ~~714,000~~616 7918 SOLE NONE ~~714,000~~7918 MLEVEL &3 TCOMMUNICATIONS ~~BANK CORP~~ COM ~~USD0.50~~52729N100 ~~COM~~361 ~~55261F104~~66630 ~~20 239~~ SOLE NONE ~~239~~66630 ~~MARATHON~~LEXMARK ~~OIL~~INTL ~~CORP~~INC ~~COM~~- ~~USD1~~CLASS 'A' COM ~~565849106~~USD0.01 ~~1,683~~CL ~~63,853~~A 529771107 2644 41957 SOLE NONE ~~63,853~~41957 ~~MARRIOTT~~LIBERTY ~~INT~~MEDIA ~~CLASS~~CORP SER A ~~USD~~COM 1USD1 CLSER A ~~571903202~~530718105 ~~1,613~~4070 ~~41,989~~408250 SOLE NONE ~~41,989~~408250 ~~MARSH~~LIBERTY &PROPERTY ~~MCLENNAN~~TRUST ~~COM~~SBI ~~US$~~USD0.001 1SBI ~~COM~~531172104 ~~571748102~~604 ~~6,684~~16343 ~~130,884~~ SOLE NONE ~~130,884~~16343 ~~MARSHALL~~LILLY &(ELI) ~~ILSLEY~~COM STK NPV COM ~~571834100~~532457108 ~~889~~11082 ~~29,074~~186566 SOLE NONE ~~29,074~~186566 ~~MASCO~~LIMITED ~~CORP~~BRANDS INC COM STK US$1 0.0050 COM ~~574599106~~532716107 ~~4,164~~1405 ~~174,574~~93159 SOLE NONE ~~174,574~~93159 ~~MATTEL~~LINCARE HLDGS INC COM ~~577081102~~USD0.01 ~~3,007~~COM ~~158,944~~532791100 635 17349 SOLE NONE ~~158,944~~17349 ~~MAXIM~~LINCOLN ~~INTEGRATED~~NATL ~~PROD~~CORP COM USD1.25 COM ~~57772K101~~534187109 ~~2,459~~1054 ~~72,116~~29798 SOLE NONE ~~72,116~~29798 ~~MAY~~LINEAR ~~DEPT~~TECHNOLOGY ~~STORES~~CORP ~~US$0.5~~ COM ~~577778103~~535678106 ~~1,915~~1946 ~~86,014~~54172 SOLE NONE ~~86,014~~54172 ~~MAYTAG~~LIZ ~~CORP US~~CLAIBORNEUS$1.2500 COM ~~578592107~~539320101 ~~615~~2321 ~~25,173~~68154 SOLE NONE ~~25,173~~68154 ~~MBIA~~LOCKHEED ~~INC~~MARTIN ~~COM~~CO ~~US$1~~USD0.01 COM ~~55262C100~~539830109 ~~1,222~~3402 ~~25,064~~73725 SOLE NONE ~~25,064~~73725 ~~MBNA~~LOEWS CORP ~~USD0.01~~US$1 COM ~~55262L100~~540424108 ~~6,232~~2766 ~~299,035~~68506 SOLE NONE ~~299,035~~68506 ~~MCDATA~~LOWES ~~CORP~~COS ~~CLASS~~INC. ~~A COM USD~~ US$0.0150 CLCOM A548661107 ~~580031201~~7618 53146773 ~~3,590~~ SOLE NONE ~~3,590~~146773 ~~MCDONALD'S~~LSI ~~CORP~~LOGIC COM STK NPV COM ~~580135101~~502161102 ~~5,926~~562 ~~268,611~~62466 SOLE NONE ~~268,611~~62466 ~~MCGRAW-HILL~~LUCENT ~~INC~~TECHNOLOGIES COM ~~STK~~ US$0.01 1 COM ~~580645109~~549463107 ~~4,858~~1577 ~~78,348~~730063 SOLE NONE ~~78,348~~730063 ~~MCKESSON~~M ~~CORPORATION~~& ~~USD0.01~~T ~~COM~~BANK ~~58155Q103 2,776 77,684 SOLE NONE 77,684 MEADWESTVACO~~ CORP COM USD0.0150 COM ~~583334107~~55261F104 ~~943~~1364 ~~38,189~~15628 SOLE NONE ~~38,189~~15628 ~~MEDIMMUNE~~MANPOWER INC COM ~~584699102~~56418H100 ~~1,612~~384 ~~44,315~~10358 SOLE NONE ~~44,315~~10358 ~~MEDTRONIC~~MARATHON ~~INC~~OIL ~~US$0.10~~CORP COM ~~585055106~~USD1 ~~11,969~~COM ~~249,503~~565849106 1739 61011 SOLE NONE ~~249,503~~61011 ~~MELLON~~MARRIOTT ~~FINL~~INT ~~CORP~~CLASS ~~COM~~A ~~USD0.50~~USD ~~COM~~1 ~~58551A108~~CL ~~2,335~~A ~~84,133~~571903202 1831 42555 SOLE NONE ~~84,133~~42555 ~~MERCK~~MARSH & ~~CO.~~MCLENNAN ~~COMMON~~COM ~~NPV~~US$ 1 COM ~~589331107~~571748102 ~~30,917~~5755 ~~510,609~~120875 SOLE NONE ~~510,609~~120875 ~~MERCURY~~MARSHALL ~~INTERACTIVE~~& ~~CORP~~ILSLEY COM ~~589405109~~571834100 ~~474~~961 ~~12,238~~30484 SOLE NONE ~~12,238~~30484 ~~MERRILL~~MASCO ~~LYNCH~~CORP US$1.3300 COM ~~590188108~~574599106 ~~7,014~~3725 ~~150,254~~152185 SOLE NONE ~~150,254~~152185 ~~METLIFE~~MATTEL INC COM ~~59156R108~~577081102 ~~5,091~~3139 ~~179,762~~165555 SOLE NONE ~~179,762~~165555 ~~MGIC~~MAXIM ~~INVESTMENT~~INTEGRATED PROD. COM ~~552848103~~57772K101 ~~843~~2172 ~~18,072~~55142 SOLE NONE ~~18,072~~55142 ~~MICROCHIP~~MAY ~~TECHNLGY~~DEPT ~~COM~~STORES ~~USD0~~US$0.~~001~~5 COM ~~595017104~~577778103 221771 ~~887~~71899 SOLE NONE ~~887~~71899 ~~MICRON~~MAYTAG ~~TECHNOLOGY~~CORP US$01.1025 COM ~~595112103~~578592107 ~~2,408~~629 ~~207,062~~25173 SOLE NONE ~~207,062~~25173 ~~MICROSOFT~~MBIA ~~CORP~~INC COM US$01 COM 55262C100 2124 38641 SOLE NONE 38641 MBNA CORP USD0.~~000025~~01 COM ~~594918104~~55262L100 ~~59,457~~6534 ~~2,318,915~~286559 SOLE NONE ~~2,318,915~~286559 ~~MILLENIUM~~MCCORMICK ~~PHARMACEUTICALS~~& CO INC COM ~~599902103~~N/VTG ~~740~~NPV ~~47,050~~COM 579780206 461 16804 SOLE NONE ~~47,050~~16804 ~~MILLIPORE~~MCDONALD'S CORP ~~US$1.00~~COM STK NPV COM ~~601073109~~580135101 ~~287~~5987 ~~6,463~~254339 SOLE NONE ~~6,463~~254339 ~~MINDSPEED~~MCGRAW-HILL ~~TECH~~ INC COM STK US$ 1 COM 580645109 2661 42826 SOLE NONE 42826 MCKESSON CORPORATION USD0.01 ~~(ar)~~ COM ~~602682106~~58155Q103 62134 ~~2,395~~64101 SOLE NONE ~~2,395~~64101 ~~MIRANT~~MEADWESTVACO CORP- COM USD0.01 COM ~~604675108~~583334107 15915 ~~5,311~~35880 SOLE NONE ~~5,311~~35880 ~~MOLEX~~MEDCOHEALTH ~~INC~~SOLUTI ~~US$0~~COM USD0.0501 COM ~~608554101~~58405U102 ~~290~~1506 ~~10,737~~58076 SOLE NONE ~~10,737~~58076 ~~MOLEX~~MEDIMMUNE INC ~~CLASS~~COM ~~'A'~~584699102 ~~USD0.05~~1403 CL42481 ASOLE ~~608554200~~NONE ~~495~~42481 ~~21,397~~MEDTRONIC INC US$0.10 COM 585055106 10867 231617 SOLE NONE ~~21,397~~231617 ~~MONSANTO~~MELLON FINL CORP COM USD0.0150 COM ~~61166W101~~58551A108 ~~285~~2226 ~~13,149~~73861 SOLE NONE ~~13,149~~73861 ~~MOODYS~~MERCANTILE ~~CORP~~BANKSHS COM ~~USD~~USD2 1 COM ~~615369105~~587405101 ~~5,420~~532 ~~102,823~~13292 SOLE NONE ~~102,823~~13292

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~MORGAN~~MERCK ~~STANLEY~~& ~~COM~~CO. ~~STK~~COMMON ~~USD0.01~~NPV COM ~~617446448~~589331107 ~~10,249~~24318 ~~239,744~~480398 SOLE NONE ~~239,744~~480398 ~~MOTOROLA~~MERCURY ~~ORD~~GENERAL $3CP COM ~~620076109~~NPV ~~5,754~~COM ~~610,145~~589400100 21 475 SOLE NONE ~~610,145~~475 ~~MYKROLIS~~MERCURY INTERACTIVE CORP COM ~~USD0~~589405109 549 12047 SOLE NONE 12047 MERRILL LYNCH US$1.0133 COM ~~62852P103~~590188108 138661 ~~1,244~~161802 SOLE NONE ~~1,244~~161802 ~~MYLAN~~METLIFE ~~LABS~~INC ~~US$0.50~~COM 59156R108 5775 205899 SOLE NONE 205899 MGIC INVESTMENT COM ~~628530107~~552848103 ~~1,993~~890 ~~57,311~~17093 SOLE NONE ~~57,311~~17093 ~~NABORS~~MGM ~~INDS~~MIRAGE ~~LTD~~INC COM USD0.~~10(BERMUDA~~01 ~~REG)~~ COM ~~G6359F103~~552953101 ~~212~~394 ~~5,353~~10782 SOLE NONE ~~5,353~~10782 ~~NASDAQ~~MICHAELS ~~100~~STORE ~~TRUST~~INC -COM ~~UNIT~~USD0.10 ~~SER1~~COM ~~SER~~594087108 1356 ~~631100104~~8724 ~~2,396 80,000~~ SOLE NONE ~~80,000~~8724 ~~NATIONAL~~MICROCHIP ~~CITY~~TECHNOLOGY ~~CORP~~ COM ~~USD4(NEW)~~USD0.001 COM ~~635405103~~595017104 ~~5,520~~728 ~~168,760~~30403 SOLE NONE ~~168,760~~30403 ~~NATIONAL~~MICRON ~~SEMICONDUCTOR~~TECHNOLOGY US$ 0.5010 COM ~~637640103~~595112103 ~~648~~1963 ~~32,837~~146240 SOLE NONE ~~32,837~~146240 ~~NATL~~MICROSOFT ~~COMMERCE~~CORP ~~FINC~~US$0.000025 COM ~~USD2~~594918104 60014 2158783 SOLE NONE 2158783 MILLENIUM PHARMACEUTICALS COM ~~63545P104~~599902103 43783 ~~1,930~~50694 SOLE NONE ~~1,930~~50694 ~~NCR~~MILLIPORE CORP US$1.00 COM ~~62886E108~~601073109 ~~342~~379 ~~13,365~~8235 SOLE NONE ~~13,365~~8235 ~~NETWORK~~MINDSPEED ~~APPLIANCE~~TECH INC COM ~~64120L104~~USD0.01 ~~879~~(ar) ~~54,662~~COM ~~SOLE~~602682106 ~~NONE~~4 ~~54,662~~788 ~~NEW~~SOLE ~~YORK~~NONE ~~TIMES~~788 ~~CLASS~~MIRANT ~~'A'~~CORP-COM ~~US$0~~USD0.1001 CLCOM A604675108 ~~650111107~~3 ~~1,377~~5311 ~~30,255~~ SOLE NONE ~~30,255~~5311 ~~NEWELL~~MOHAWK ~~RUBBERMAID~~INDS COM ~~STK~~USD0.01 ~~USD1~~ COM ~~651229106~~608190104 ~~1,335~~677 ~~47,691~~9495 SOLE NONE ~~47,691~~9495 ~~NEWMONT~~MOLEX ~~MINING~~INC ~~CORPORATION~~ US$10.6005 COM ~~651639106~~608554101 ~~2,423~~155 ~~74,660~~5411 SOLE NONE ~~74,660~~5411 ~~NEXTEL~~MOLEX ~~COMMNS~~ INC CLASS 'A' ~~COM~~ USD0.~~001~~05 CL A ~~65332V103~~608554200 ~~3,193~~313 ~~176,692~~12775 SOLE NONE ~~176,692~~12775 ~~NIKE~~MONSANTO ~~INC~~COM ~~'B'~~USD0.01 ~~NPV~~COM CL61166W101 B125 ~~654106103~~5233 ~~1,212 22,656~~ SOLE NONE ~~22,656~~5233 ~~NISOURCE~~MOODYS ~~INC~~CORP - COM ~~NPV~~USD 1 COM ~~65473P105~~615369105 ~~4,682~~1745 ~~246,421~~31737 SOLE NONE ~~246,421~~31737 ~~NOBLE~~MORGAN ~~CORPORATION~~STANLEY COM ~~USD~~STK 0USD0.1001 ~~(AR)~~ COM ~~G65422100~~617446448 ~~165~~11428 ~~4,817~~226483 SOLE NONE ~~4,817~~226483 ~~NORDSTROM~~MOTOROLA ~~INC~~ORD ~~NPV~~$3 COM ~~655664100~~620076109 ~~339~~8072 ~~17,387~~675452 SOLE NONE ~~17,387~~675452 ~~NORFOLK~~MURPHY &OIL ~~SOUTHERN~~ CORP ~~US $0.33~~ COM ~~655844108~~626717102 ~~1,401~~718 ~~72,977~~12227 SOLE NONE ~~72,977~~12227 ~~NORTH~~MYLAN ~~FORK~~LABS ~~BANCORP COM USD2~~US$0.50 (S.I.9/10/03)(CA)(~) COM ~~659424105~~628530107 781847 ~~2,288~~47780 SOLE NONE ~~2,288~~47780 ~~NORTHEAST~~NABORS ~~UTILS~~INDS LTD COM ~~664397106~~USD0.10(BERMUDA ~~386~~REG) ~~23,034~~COM G6359F103 152 4074 SOLE NONE ~~23,034~~4074 ~~NORTHERN~~NASDAQ 100 TRUST ~~COM~~- ~~665859104~~UNIT SER1 SER 1~~,622~~ ~~39,001~~631100104 2594 80000 SOLE NONE ~~39,001~~80000 ~~NORTHROP~~NATIONAL ~~GRUMMANOM~~CITY CORP COM ~~666807102~~USD4(NEW) ~~3,273~~COM ~~37,926~~635405103 5097 173023 SOLE NONE ~~37,926~~173023 ~~NOVELL~~NATIONAL ~~INC~~SEMICONDUCTOR ~~COM~~ US$ 0.1050 COM ~~670006105~~637640103 421556 ~~13,379~~48203 SOLE NONE ~~13,379~~48203 ~~NOVELLUS~~NATL ~~SYS~~COMMERCE ~~INC~~FINC COM ~~NPV~~USD2 COM ~~670008101~~63545P104 ~~217~~759 ~~5,926~~30518 SOLE NONE ~~5,926~~30518 ~~NUCOR~~NCR CORP ~~US$0.40~~ COM ~~670346105~~62886E108 ~~1,407~~507 ~~28,796~~16007 SOLE NONE ~~28,796~~16007 ~~OCCIDENTAL~~NETWORK ~~PETROLEUM~~APPLIANCE INC COM ~~674599105~~64120L104 ~~2,118~~1126 ~~63,118~~54840 SOLE NONE ~~63,118~~54840 ~~OFFICE~~NETWORK ~~DEPOT~~ASSOCIATES COM ~~676220106~~USD0.01 ~~1,236~~COM ~~85,177~~640938106 226 16400 SOLE NONE ~~85,177~~16400 ~~OLD~~NEW ~~REPUBLIC~~YORK ~~INTL~~COMMTY COM ~~680223104~~USD0.01 ~~1,593~~COM ~~46,475~~649445103 635 20161 SOLE NONE ~~46,475~~20161 ~~OMNICOM~~NEW ~~GROUP~~YORK ~~COM~~TIMES CLASS 'A' US$ 0.1510 ~~COM~~CL ~~681919106~~A ~~4,801~~650111107 ~~66,953~~1290 29682 SOLE NONE ~~66,953~~29682 ~~OPENWAVE~~NEWELL ~~SYSTEMS~~RUBBERMAID ~~INC~~ COM ~~683718100~~STK 16USD1 ~~7,784 SOLE NONE 7,784 ORACLE SYSTEMS NPV~~ COM ~~68389X105~~651229106 ~~13,881~~1033 ~~1,155,810~~47664 SOLE NONE ~~1,155,810~~47664 ~~OXFORD~~NEWMONT ~~HEALTH~~MINING ~~PLANS~~CORPORATION INUS$1.60 COM ~~691471106~~651639106 ~~522~~2770 ~~12,415~~70874 SOLE NONE ~~12,415~~70874 PNEXTEL PCOMMNS &INC LCLASS ~~RES~~A ~~INC~~ COM ~~69351T106~~USD0.001 ~~1,132~~CL ~~26,328~~A 65332V103 4111 208597 SOLE NONE ~~26,328~~208597 ~~PACCAR~~NIKE INC ~~COM~~'B' ~~693718108~~NPV ~~2,159~~CL ~~31,867~~B 654106103 1889 31051 SOLE NONE ~~31,867~~31051 ~~PACTIV~~NISOURCE ~~CORP~~INC - COM ~~USD0.01~~NPV COM ~~695257105~~65473P105 734054 ~~3,681~~202919 SOLE NONE ~~3,681~~202919

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~PALL~~NOBLE ~~CORP~~CORPORATION ~~US$~~COM USD 0.2510 COM ~~696429307~~G65422100 ~~344~~727 ~~15,300~~21377 SOLE NONE ~~15,300~~21377 ~~PALM~~NORDSTROM INC ~~COM~~NPV ~~USD0.001~~ COM ~~696642206~~655664100 32431 ~~1,967~~17387 SOLE NONE ~~1,967~~17387 ~~PARAMETRIC~~NORFOLK ~~TECHNOLOGY~~& SOUTHERN CORP US $0.33 COM ~~699173100~~655844108 341392 ~~11,187~~75238 SOLE NONE ~~11,187~~75238 ~~PARKER-HANNIFIN~~NORTH ~~NPV~~FORK BANCORP COM ~~701094104~~USD2.50 ~~834~~COM ~~19,865~~659424105 806 23194 SOLE NONE ~~19,865~~23194 ~~PAYCHEX~~NORTHEAST ~~INC.~~UTILS COM ~~704326107~~664397106 ~~2,001~~413 ~~68,080~~23034 SOLE NONE ~~68,080~~23034 ~~PENNEY~~NORTHERN ~~J.C.~~TRUST COM ~~708160106~~665859104 ~~639~~1603 ~~37,936~~37860 SOLE NONE ~~37,936~~37860 ~~PEOPLESOFT~~NORTHROP ~~INC~~GRUMMANOM ~~(CA)(~)~~CORP COM ~~712713106~~666807102 ~~981~~2487 ~~55,888~~28849 SOLE NONE ~~55,888~~28849 ~~PEPCO~~NOVELLUS ~~HOLDINGS~~SYS INC COM ~~USD~~NPV COM 670008101 855 25453 SOLE NONE 25453 NUCOR CORPUS$0.0140 COM ~~713291102~~670346105 ~~788~~1126 ~~41,127~~24532 SOLE NONE ~~41,127~~24532 ~~PEPSICO~~NVR INC ~~CAP~~COM ~~STK US$ 0~~USD0.01 ~~2/3~~ COM ~~713448108~~62944T105 ~~18,948~~461 ~~425,796~~989 SOLE NONE ~~425,796~~989 ~~PFIZER~~OCCIDENTAL ~~INC~~PETROLEUM COM ~~STK~~674599105 ~~US$~~2173 ~~0.05~~61685 SOLE NONE 61685 OFFICE DEPOT COM ~~717081103~~676220106 ~~62,062~~1006 ~~1,817,321~~71627 SOLE NONE ~~1,817,321~~71627 ~~PG&E~~OLD ~~CORP~~REPUBLIC INTL COM ~~69331C108~~680223104 ~~1,395~~1538 ~~65,968~~46475 SOLE NONE ~~65,968~~46475 ~~PHELPS~~OMNICARE ~~DODGE~~INC ~~COM STK~~ US$61.2500 COM ~~717265102~~681904108 ~~1,223~~501 ~~31,888~~13890 SOLE NONE ~~31,888~~13890 ~~PINNACLE~~OMNICOM ~~WEST~~GROUP ~~CAPITAL~~COM ~~CORP~~US$ 0.15 COM ~~723484101~~681919106 ~~459~~4539 ~~12,243~~63172 SOLE NONE ~~12,243~~63172 ~~PITNEY~~ORACLE ~~BOWES~~SYSTEMS ~~'A'~~NPV ~~STK~~COM ~~US$~~68389X105 213507 CL1200588 ~~A 724479100 2,380 61,971~~ SOLE NONE ~~61,971~~1200588 ~~PMC-SIERRA~~OUTBACK ~~INC~~STEAKHOUSE COM ~~69344F106~~USD0.01 2COM ~~208~~689899102 381 10068 SOLE NONE ~~208~~10068 ~~PMI~~OXFORD ~~GROUP~~HEALTH PLANS IN COM ~~69344M101~~691471106 ~~337~~1002 ~~12,545~~24256 SOLE NONE ~~12,545~~24256 ~~PNC~~P ~~FINANCIAL~~P ~~SERVICES~~& ~~GROUP~~L ~~US$5.00~~RES INC COM ~~693475105~~69351T106 ~~2,512~~1106 ~~51,458~~27001 SOLE NONE ~~51,458~~27001 ~~PPG~~PACCAR ~~INDS~~INC COM ~~693506107~~693718108 ~~1,611~~1993 ~~31,749~~26793 SOLE NONE ~~31,749~~26793 ~~PRAXAIR~~PACTIV ~~INC~~CORP COM USD0.01 COM ~~74005P104~~695257105 ~~1,362~~491 ~~22,655~~24214 SOLE NONE ~~22,655~~24214 ~~PRICE~~PALL TCORP ~~ROWE GROUP COM USD0~~US$0.2025 COM ~~74144T108~~696429307 22368 ~~574~~16421 SOLE NONE ~~574~~16421 ~~PRINCIPAL~~PARK ~~FINL~~PLACE GPENTERTA COM USD0.01 COM ~~74251V102~~700690100 ~~1,389~~309 ~~43,056~~34247 SOLE NONE ~~43,056~~34247 ~~PROCTER~~PARKER-HANNIFINNPV ~~& GAMBLE~~ COM ~~STK~~701094104 ~~NPV~~906 ~~COM~~20279 ~~742718109 27,113 304,021~~ SOLE NONE ~~304,021~~20279 ~~PROGRESS~~PATTERSON ~~ENERGY~~DENTAL ~~INC~~ COM ~~NPV~~USD0.01 COM ~~743263105~~703412106 ~~1,837~~566 ~~41,849~~9835 SOLE NONE ~~41,849~~9835 ~~PROGRESSIVE~~PATTERSON ~~CORP~~UTI ~~OHIO~~ENERGY ~~US$1~~COM USD0.0001 COM ~~743315103~~703481101 ~~2,593~~42 ~~35,466~~1565 SOLE NONE ~~35,466~~1565 ~~PROVIDIAN~~PAYCHEX ~~FINCL~~INC. ~~CP US$1~~ COM ~~74406A102~~704326107 402190 ~~4,337~~64216 SOLE NONE ~~4,337~~64216 ~~PRUDENTIAL~~PENNEY ~~FINANCI COM USD0~~J.01C. COM ~~744320102~~708160106 ~~1,084~~811 ~~32,211~~37936 SOLE NONE ~~32,211~~37936 ~~PUBLIC~~PEOPLESOFT ~~SERVICES~~INC &(CA)(~) ~~ENTERPRISES~~ COM ~~744573106~~712713106 ~~2,232~~915 ~~52,839~~50074 SOLE NONE ~~52,839~~50074 ~~PUGET~~PEPCO ~~SOUND~~HOLDINGS ~~ENERGY~~ COM ~~STK~~USD ~~NPV~~0.01 COM ~~745310102~~713291102 ~~710~~405 ~~29,753~~23443 SOLE NONE ~~29,753~~23443 ~~QLOGIC~~PEPSI ~~CORP~~BOTTLING -GRP COM USD0.~~001~~01 COM ~~747277101~~713409100 ~~108~~552 ~~2,240~~26827 SOLE NONE ~~2,240~~26827 ~~QUALCOMM~~PEPSICO INC CAP STK US$ 0.01 2/3 COM ~~747525103~~713448108 ~~5,043~~18285 ~~140,311~~398980 SOLE NONE ~~140,311~~398980 ~~QUEST~~PETSMART ~~DIAGNOSTICS~~INC COM USD0.010001 COM ~~74834L100~~716768106 ~~141~~432 ~~2,211~~18959 SOLE NONE ~~2,211~~18959 ~~QWEST~~PFIZER ~~COMMUNICATIONS~~INC COM ~~USD0~~STK US$ 0.0105 COM ~~749121109~~717081103 ~~1,605~~52771 ~~335,840~~1737046 SOLE NONE ~~335,840~~1737046 ~~RADIOSHACK~~PG&E CORP - COM ~~USD1~~69331C108 ~~COM~~1659 ~~750438103~~69416 ~~658 24,991~~ SOLE NONE ~~24,991~~69416 ~~RAYTHEON~~PHELPS CODODGE COM ~~USD0~~STK US$6.0125 COM ~~755111507~~717265102 ~~2,438~~1375 ~~74,226~~29370 SOLE NONE ~~74,226~~29370 ~~READERS~~PINNACLE ~~DIGEST~~WEST ~~(N/V)~~CAPITAL ~~$0.01~~CORP COM ~~755267101~~723484101 ~~250~~435 ~~18,562~~12243 SOLE NONE ~~18,562~~12243 ~~REGIONS~~PITNEY ~~FINANCIAL~~BOWES ~~CORP~~'A' STK US$ ~~0.625~~2 ~~COM~~CL ~~758940100~~A ~~999~~724479100 ~~29,577~~1690 44102 SOLE NONE ~~29,577~~44102 ~~RELIANT~~PLUM ~~RESOURCES~~CREEK TMBR CO COM USD0.~~001~~01 COM ~~75952B105~~729251108 51573 ~~8,293~~22521 SOLE NONE ~~8,293~~22521

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~REPUBLIC~~PMI ~~SERVICES~~GROUP COM ~~USD0.01~~69344M101 ~~COM~~423 ~~760759100~~12545 ~~13 560~~ SOLE NONE ~~560~~12545 ~~ROBERT~~PNC ~~HALF~~FINANCIAL ~~INTL~~SERVICES ~~USD~~GROUP 0US$5.~~001~~00 COM ~~770323103~~693475105 252349 ~~1,337~~49372 SOLE NONE ~~1,337~~49372 ~~ROCKWELL~~POGO ~~AUTOMATION~~PRODUCING ~~INC~~CO COM USD1 COM ~~773903109~~730448107 ~~650~~443 ~~27,275~~9790 SOLE NONE ~~27,275~~9790 ~~ROCKWELL~~POPULAR ~~COLLINS~~INC COM ~~USD~~USD6 ~~0.01~~ COM ~~774341101~~733174106 ~~521~~693 ~~21,137~~17406 SOLE NONE ~~21,137~~17406 ~~ROHM~~PPG &INDS ~~HAAS US$2.50~~ COM ~~775371107~~693506107 ~~808~~1677 ~~26,039~~32121 SOLE NONE ~~26,039~~32121 ~~ROUSE~~PRAXAIR COINC ~~(REIT)~~COM USD0.01 COM ~~779273101~~74005P104 441753 ~~1,153~~28290 SOLE NONE ~~1,153~~28290 ~~SABRE~~PRICE ~~HLDS~~T ~~CORP~~ROWE GROUP COM USD0.0120 CLCOM ~~'A'~~74144T108 CL726 A17579 ~~785905100~~SOLE 66NONE ~~2,658~~17579 ~~SOLE~~PRIDE ~~NONE~~INTL ~~2,658~~INC ~~SAFECO~~NEW ~~CORP~~COM USD0.01 COM ~~786429100~~74153Q102 ~~649~~53 ~~18,390~~3100 SOLE NONE ~~18,390~~3100 ~~SAFEWAY~~PRINCIPAL ~~INC~~FINL GP COM USD0.01 COM ~~786514208~~74251V102 ~~2,651~~1440 ~~129,575~~46468 SOLE NONE ~~129,575~~46468 ~~SANMINA-SCI~~PROCTER ~~CORP~~& -GAMBLE COM ~~USD0.01~~STK NPV COM ~~800907107~~742718109 ~~544~~25761 ~~86,005~~277541 SOLE NONE ~~86,005~~277541 ~~SARA~~PROGRESS ~~LEE~~ENERGY ~~CORP~~INC COM ~~STK~~NPV ~~USD1.33 1/3~~ COM ~~803111103~~743263105 ~~7,058~~1785 ~~375,246~~40139 SOLE NONE ~~375,246~~40139 ~~SBC~~PROGRESSIVE ~~COMMUNS~~CORP ~~INC~~OHIO US$1.00 COM ~~78387G103~~743315103 ~~19,299~~2868 ~~755,337~~41503 SOLE NONE ~~755,337~~41503 ~~SCHERING-PLOUGH~~PROLOGIS CPTR ~~COM~~SH ~~STK~~BEN INT SBI 743410102 856 28287 SOLE NONE 28287 PROVIDIAN FINCL CP US$ 1 COM ~~806605101~~74406A102 ~~3,860~~51 ~~207,540~~4337 SOLE NONE ~~207,540~~4337 ~~SCHLUMBERGER~~PRUDENTIAL ~~'A'~~FINANCI ~~STOCK~~COM ~~US$~~ USD0.01 CLCOM A744320102 ~~806857108~~1146 ~~5,081~~30680 ~~106,817~~ SOLE NONE ~~106,817~~30680 ~~SCHWAB~~PUBLIC ~~CHARLES~~SERVICES ~~CORP~~& NEENTERPRISES COM ~~808513105~~744573106 ~~2,327~~2105 ~~230,649~~50122 SOLE NONE ~~230,649~~50122 ~~SCIENTIFIC-ATLANTA~~PUBLIC ~~US$0~~STORAGE INC COM USD0.5010 COM ~~808655104~~74460D109 ~~574~~473 ~~24,074~~12053 SOLE NONE ~~24,074~~12053 ~~SCRIPPS~~PUGET ~~(E.W)~~SOUND ENERGY COM STK ~~$US1~~NPV ~~'A'~~COM CL745310102 A533 ~~811054204~~23783 ~~439 4,947~~ SOLE NONE ~~4,947~~23783 ~~SEALED~~PULTE ~~AIR~~ CORP COM ~~USD0.01~~745867101 ~~COM~~603 ~~81211K100~~8872 ~~1,263 26,508~~ SOLE NONE ~~26,508~~8872 ~~SEARS~~QLOGIC ~~ROEBUCK~~CORP - COM ~~812387108~~USD0.001 ~~2,374~~COM ~~70,573~~747277101 708 15058 SOLE NONE ~~70,573~~15058 ~~SEMPRA~~QUALCOMM ~~ENERGY~~INC ~~CORP~~ COM ~~816851109~~747525103 ~~876~~5562 ~~30,717~~133480 SOLE NONE ~~30,717~~133480 ~~SERVICE~~QUEST ~~MASTER~~DIAGNOSTICS COCOM USD0.01 COM ~~81760N109~~74834L100 ~~359~~731 ~~33,569~~12051 SOLE NONE ~~33,569~~12051 ~~SHERWIN-WILLIAMS~~QWEST COMMUNICATIONS COM ~~STK~~USD0.01 ~~US$ 1~~ COM ~~824348106~~749121109 ~~1,985~~929 ~~73,854~~273104 SOLE NONE ~~73,854~~273104 ~~SIEBEL~~RADIAN ~~SYSTEMS~~GROUP INC - COM USD0.001 COM ~~826170102~~750236101 ~~877~~559 ~~92,471~~12581 SOLE NONE ~~92,471~~12581 ~~SIGMA~~RADIOSHACK CORP -~~ALDRICH~~ ~~US$1.00~~COM USD1 COM ~~826552101~~750438103 ~~213~~686 ~~3,926~~24144 SOLE NONE ~~3,926~~24144 ~~SIMON~~RAYTHEON ~~PROP~~CO ~~GROUP~~COM USD0.~~0001~~01 COM ~~828806109~~755111507 ~~736~~1967 ~~18,850~~70250 SOLE NONE ~~18,850~~70250 ~~SIX~~REGIONS ~~FLAGS~~FINANCIAL ~~INC~~CORP ~~COM~~US$ ~~STK USD0~~0.~~025~~625 COM ~~83001P109~~758940100 91014 ~~1,297~~29608 SOLE NONE ~~1,297~~29608 ~~SKYWORKS~~RELIANT ~~SOLUTIONS~~RESOURCES COM USD0.25001 COM ~~83088M102~~75952B105 24 ~~3,497~~4772 SOLE NONE ~~3,497~~4772 ~~SLM~~REPUBLIC ~~CORP~~SERVICES ~~SECURITIES~~ COM USD0.~~20(AR)(~)~~01 COM ~~78442P106~~760759100 ~~3,349~~468 ~~85,500~~20669 SOLE NONE ~~85,500~~20669 ~~SMITH~~RJ ~~INTL~~REYNOLDS ~~INC~~TOBACCO COM ~~STK~~USD0.01 ~~NPV~~ COM ~~832110100~~76182K105 74461 ~~2,013~~11670 SOLE NONE ~~2,013~~11670 ~~SMUCKER(JM)CO~~ROBERT ~~COM~~HALF ~~USD0~~INTL USD 0.001 COM ~~832696405~~770323103 46499 ~~1,155~~25578 SOLE NONE ~~1,155~~25578 ~~SMURFIT-STONE~~ROCKWELL ~~CONTAINER~~AUTOMATION INC COM ~~832727101~~USD1 ~~177~~COM ~~13,607~~773903109 717 27328 SOLE NONE ~~13,607~~27328 ~~SOLECTRON~~ROCKWELL ~~CORP~~COLLINS COM USD 0.01 COM ~~834182107~~774341101 ~~476~~632 ~~127,175~~25028 SOLE NONE ~~127,175~~25028 ~~SOUTHERN~~ROHM CO& HAASUS$2.50 COM ~~842587107~~775371107 ~~3,946~~919 ~~126,627~~27480 SOLE NONE ~~126,627~~27480 ~~SOUTHTRUST~~ROSS ~~CORP~~STORES INC COM ~~844730101~~USD0.01 ~~1,620~~COM ~~60,015~~778296103 533 11479 SOLE NONE ~~60,015~~11479 ~~SOUTHWEST~~ROUSE ~~AIRLINES~~CO ~~US$1~~(REIT) COM ~~844741108~~779273101 ~~1,922~~570 ~~111,758~~13668 SOLE NONE ~~111,758~~13668 ~~SOVEREIGN~~ROYAL ~~BANCORP~~CARIBBEAN COM ~~NPV~~USD0.01 COM ~~845905108~~000886286 ~~118~~529 ~~7,567~~18821 SOLE NONE ~~7,567~~18821 ~~SPANISH~~SABRE ~~BROADCASTING-NEW~~HLDS CORP COM USD0.01 CL 'A' ~~COM USD~~ CL A ~~846425882~~785905100 19515 ~~2,350~~23986 SOLE NONE ~~2,350~~23986 SAFECO CORP COM 786429100 671 18968 SOLE NONE 18968

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~SPDR~~SAFEWAY ~~TRUST~~INC -COM ~~UNIT~~USD0.01 ~~SER~~COM 1786514208 ~~NPV~~3461 ~~SER~~150884 ~~1 78462F103 41,324 423,275~~ SOLE NONE ~~423,275~~150884 ~~SPRINT~~SANMINA-SCI CORP ~~FON~~- ~~GROUP~~COM ~~USD2~~USD0.5001 COM ~~852061100~~800907107 ~~3,323~~786 ~~230,775~~81416 SOLE NONE ~~230,775~~81416 ~~SPRINT~~SARA ~~PCS~~LEE ~~GROUP~~CORP COM STK USD1.33 ~~PCS~~1/3 ~~SER~~COM ~~852061506~~803111103 ~~668~~5864 ~~116,091~~319403 SOLE NONE ~~116,091~~319403 ~~SPX~~SBC ~~CORP~~COMMUNS INC. COM ~~784635104~~78387G103 ~~685~~16078 ~~15,543~~722601 SOLE NONE ~~15,543~~722601 STSCANA ~~PAUL~~CORP ~~COS~~COM ~~US$1.50~~NPV COM ~~792860108~~80589M102 ~~2,159~~454 ~~59,127~~13265 SOLE NONE ~~59,127~~13265 ~~ST.~~SCHERING-PLOUGH ~~JOE~~CP ~~PAPER~~COM STK US$ 1 COM ~~790148100~~806605101 ~~119~~2957 ~~3,826~~194016 SOLE NONE ~~3,826~~194016 ~~ST.JUDE~~SCHLUMBERGER ~~MEDICAL~~'A' STOCK US$0 .1001 ~~COM~~CL ~~790849103~~A ~~1,922~~806857108 ~~33,422~~4747 98069 SOLE NONE ~~33,422~~98069 ~~STANLEY~~SCHWAB ~~WORKS~~CHARLES ~~US$2.50~~CORP NE COM ~~854616109~~808513105 ~~315~~2523 ~~11,417~~211835 SOLE NONE ~~11,417~~211835 ~~STAPLES~~SCIENTIFIC-ATLANTA ~~INC~~US$0.50 COM ~~855030102~~808655104 ~~1,585~~763 ~~86,380~~24505 SOLE NONE ~~86,380~~24505 ~~STARBUCKS~~SCRIPPS ~~CORP~~(E.W) COM ~~NPV~~STK ~~COM~~$US1 ~~855244109~~'A' ~~1,271~~CL ~~51,784~~A ~~SOLE~~811054204 ~~NONE~~521 ~~51,784~~6123 ~~STARWOOD~~SOLE ~~HOTELS~~NONE ~~PAIRED~~6123 ~~CERTS~~SEALED BAIR ~~(REIT)~~CORP ~~CTF~~COM BUSD0.01 ~~85590A203~~COM ~~1,180~~81211K100 ~~41,289~~1127 23856 SOLE NONE ~~41,289~~23856 ~~STATE~~SEARS ~~STREET~~ROEBUCK ~~CORP US$1.00~~ COM ~~857477103~~812387108 ~~2,407~~2875 ~~61,090~~65743 SOLE NONE ~~61,090~~65743 ~~STRYKER~~SEI ~~CORP~~INVESTMENT COM USD0.1001 COM ~~863667101~~784117103 ~~2,122~~72 ~~30,584~~2212 SOLE NONE ~~30,584~~2212 ~~SUN~~SEMPRA ~~MICROSYSTEMS~~ENERGY CORP COM ~~US$0.00067~~816851109 902 30710 SOLE NONE 30710 SERVICE MASTER CO COM ~~866810104~~81760N109 ~~4,306~~462 ~~926,072~~45067 SOLE NONE ~~926,072~~45067 ~~SUNGARD~~SHERWIN-WILLIAMS ~~DATA~~COM ~~SYS~~STK ~~COM~~US$ ~~USD0.01~~1 COM ~~867363103~~824348106 ~~279~~1659 ~~10,767~~56403 SOLE NONE ~~10,767~~56403 ~~SUNOCO~~SIEBEL SYSTEMS INC - COM ~~USD1~~USD0.001 COM ~~86764P109~~826170102 ~~509~~867 ~~13,496~~88879 SOLE NONE ~~13,496~~88879 ~~SUNTRUST BANKS US~~SIGMA-ALDRICHUS$1.00 COM ~~867914103~~826552101 ~~2,893~~500 ~~48,748~~9589 SOLE NONE ~~48,748~~9589 ~~SUPER~~SIMON ~~VALU~~PROP ~~STORES~~GROUP ~~'A'~~USD0.0001 ~~STOCK~~COM ~~US$1~~828806109 CL968 A22220 ~~868536103 647 30,355~~ SOLE NONE ~~30,355~~22220 ~~SYNOPSYS~~SLM ~~INC~~CORP SECURITIES COM USD0.0120 COM ~~871607107~~78442P106 973349 ~~1,559~~85949 SOLE NONE ~~1,559~~85949 ~~SYNOVUS~~SMITH ~~FINANCIAL~~INTL INC COM ~~87161C105~~STK ~~955~~NPV ~~44,425~~COM 832110100 598 16610 SOLE NONE ~~44,425~~16610 ~~SYSCO~~SMUCKER(JM)CO ~~CORP~~COM ~~US$1~~USD0.00001 COM ~~871829107~~832696405 3~~,533~~ ~~117,611~~79 SOLE NONE ~~117,611~~79 ~~TARGET~~SMURFIT-STONE ~~CORP~~CONTAINER COM ~~STK~~832727101 ~~US$~~413 027636 SOLE NONE 27636 SOLECTRON CORP.~~1667~~ COM ~~87612E106~~834182107 ~~7,681~~701 ~~202,984~~119774 SOLE NONE ~~202,984~~119774 ~~TECO~~SOUTHERN ~~ENERGY~~CO. COM ~~872375100~~842587107 ~~272~~3507 ~~22,664~~119497 SOLE NONE ~~22,664~~119497 ~~TEKTRONIX~~SOUTHTRUST ~~INC~~CORP ~~NPV~~ COM ~~879131100~~844730101 ~~216~~1738 ~~10,009~~59190 SOLE NONE ~~10,009~~59190 ~~TELESP~~SOUTHWEST ~~CELULAR~~AIRLINES ~~PAR~~US$1 ~~ADR~~COM ~~REP~~844741108 ~~2500~~1852 ~~PRF~~104629 ~~(ar) ADR 87952L108 93 24,000~~ SOLE NONE ~~24,000~~104629 ~~TELLABS~~SOVEREIGN ~~INC~~BANCORP COM NPV COM ~~879664100~~845905108 ~~1,387~~858 ~~211,446~~46261 SOLE NONE ~~211,446~~46261 ~~TEMPLE~~SPDR TRUST -~~INLAND~~ ~~COM~~UNIT ~~879868107~~SER ~~365~~1 ~~8,517~~NPV SER 1 78462F103 42306 423275 SOLE NONE ~~8,517~~423275 ~~TENET~~SPRINT ~~HEALTHCARE~~CORP ~~COM~~FON ~~STK~~GROUP ~~USD0~~USD2.~~075~~50 COM ~~88033G100~~852061100 ~~1,467~~2737 ~~125,903~~181252 SOLE NONE ~~125,903~~181252 ~~TERADYNE~~SPRINT ~~INC~~PCS ~~US$12.50~~GROUP COM ~~880770102~~USD1 ~~721~~PCS ~~41,678~~SER ~~SOLE~~852061506 ~~NONE~~665 ~~41,678~~116059 ~~TEXAS~~SOLE ~~GENCO~~NONE ~~HLDGS~~116059 ~~COM~~SPX ~~USD0.001(ar)(~)~~CORP COM ~~882443104~~784635104 51459 ~~2,199~~10131 SOLE NONE ~~2,199~~10131 ~~TEXAS~~ST ~~INSTRUMENTS~~PAUL COS US$1.0050 COM ~~882508104~~792860108 ~~6,446~~2790 ~~366,253~~75353 SOLE NONE ~~366,253~~75353 ~~TEXTRON~~ST. JOE PAPER COM ~~883203101~~790148100 ~~893~~273 ~~22,877~~8497 SOLE NONE ~~22,877~~8497 ~~THERMO~~ST.JUDE ~~ELECTRON~~MEDICAL ~~COM STK~~ US $10.10 COM ~~883556102~~790849103 ~~375~~1707 ~~17,837~~31747 SOLE NONE ~~17,837~~31747 ~~TIBCO~~STANLEY ~~SOFTWARE~~WORKS ~~INC~~US$2.50 COM ~~88632Q103~~854616109 13349 ~~2,529~~11818 SOLE NONE ~~2,529~~11818 ~~TIFFANY~~STAPLES &INC CO COM ~~USD0.01~~855030102 ~~COM~~1964 ~~886547108~~82401 ~~99 3,019~~ SOLE NONE ~~3,019~~82401 ~~TJX~~STARBUCKS ~~COMPANIES~~CORP ~~INC~~ COM ~~USD1~~NPV COM ~~872540109~~855244109 ~~2,968~~1822 ~~157,533~~63260 SOLE NONE ~~157,533~~63260 ~~TORCHMARK~~STARWOOD ~~CORP~~HOTELS ~~COM~~PAIRED ~~891027104~~CERTS ~~1,527~~B ~~41,004~~(REIT) CTF B 85590A203 1250 35915 SOLE NONE ~~41,004~~35915

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~TOYS~~STATE RSTREET USCORP US$01.1000 COM ~~892335100~~857477103 ~~354~~2579 ~~29,229~~57320 SOLE NONE ~~29,229~~57320 ~~TRANSATLANTIC~~STORAGE ~~HLDGS~~TECHNOLOGY ~~COM~~CORP ~~893521104 211 3,055 SOLE NONE 3,055 TRANSOCEAN INC~~ COM ~~893817106~~862111200 ~~1,606~~340 ~~73,112~~14095 SOLE NONE ~~73,112~~14095 ~~TRAVELERS~~STRYKER ~~PROP~~CORP ~~CAS~~ COM ~~C "A'~~USD0.0110 CLCOM A863667101 ~~89420G109~~2251 ~~1,322~~29885 ~~83,146~~ SOLE NONE ~~83,146~~29885 ~~TRAVELERS~~SUN ~~PROP~~MICROSYSTEMS ~~CAS~~ COM ~~CL'B'U~~US$0.0100067 CLCOM B866810104 ~~89420G406~~3265 ~~1,849~~986322 ~~117,265~~ SOLE NONE ~~117,265~~986322 ~~TRI-CONTINENTAL~~SUNGARD CPDATA SYS COM $0USD0.5001 COM ~~895436103~~867363103 ~~244~~1242 ~~16,536~~47203 SOLE NONE ~~16,536~~47203 ~~TRIBUNE~~SUNOCO COINC COM ~~NPV~~USD1 COM ~~896047107~~86764P109 ~~1,953~~461 ~~40,438~~11474 SOLE NONE ~~40,438~~11474 ~~TRIZEC~~SUNTRUST ~~PROPERTIES~~BANKS ~~COM USD0~~US$1.0100 COM ~~89687P107~~867914103 ~~201~~2879 ~~17,686~~47683 SOLE NONE ~~17,686~~47683 ~~TXU~~SUPER ~~CORP~~VALU ~~COM~~STORES ~~(TEXAS~~'A' ~~UTILITIES)~~STOCK ~~COM~~US$1 ~~873168108~~CL ~~1,255~~A ~~55,884~~868536103 616 25802 SOLE NONE ~~55,884~~25802 ~~TYCO~~SYMANTEC ~~INTERNATIONAL~~CORP COM USD0.2001 COM ~~902124106~~871503108 ~~8,519~~1187 ~~448,837~~18785 SOLE NONE ~~448,837~~18785 ~~UNION~~SYNOPSYS ~~PACIFIC~~INC ~~CORP~~ COM ~~US$2~~USD0.5001 COM ~~907818108~~871607107 ~~3,869~~718 ~~66,689~~23234 SOLE NONE ~~66,689~~23234 ~~UNION~~SYNOVUS ~~PLANTERS~~FINANCIAL COM ~~908068109~~87161C105 ~~908~~1110 ~~29,254~~44425 SOLE NONE ~~29,254~~44425 ~~UNISYS~~SYSCO CORP US$01.0100 COM ~~909214108~~871829107 ~~549~~3678 ~~44,695~~112449 SOLE NONE ~~44,695~~112449 ~~UNITEDHEALTH~~TARGET ~~GROUP~~CORP ~~INC~~COM STK US$ 0.011667 ~~(AR)(~)~~ COM ~~91324P102~~87612E106 ~~5,243~~7155 ~~104,348~~190141 SOLE NONE ~~104,348~~190141 ~~UNITRIN~~TCF ~~INC.~~FINL ~~US$0~~CORP COM USD0.1001 COM ~~913275103~~872275102 ~~319~~564 ~~11,760~~11758 SOLE NONE ~~11,760~~11758 ~~UNOCAL~~TECO ~~CORP~~ENERGY ~~US$1.00~~ COM ~~915289102~~872375100 ~~2,220~~313 ~~77,396~~22664 SOLE NONE ~~77,396~~22664 ~~UNUMPROVIDENT~~TEKTRONIX ~~CORP~~INCNPV COM ~~USD0.01~~879131100 ~~COM 91529Y106 474 35,~~364 14725 SOLE NONE ~~35,364~~14725 USTELEPH ~~BANCORP~~& DATA SYST COM ~~USD0~~US0.01 COM ~~902973304~~879433100 ~~11,294~~404 ~~460,962~~7145 SOLE NONE ~~460,962~~7145 ~~UST~~TELESP ~~INC~~CELULAR ~~COM~~PAR ~~902911106~~ADR ~~790~~REP ~~22,557~~2500 PRF (ar) ADR 87952L108 109 24000 SOLE NONE ~~22,557~~24000 ~~UTD~~TELLABS ~~PARCEL~~INC ~~SERV~~NPV -COM ~~CLASS~~879664100 ~~'B'~~1485 ~~COM~~217925 ~~USD0.01~~SOLE CLNONE B217925 ~~911312106~~TEMPLE-INLAND ~~4,654~~COM ~~73,058~~879868107 462 9518 SOLE NONE ~~73,058~~9518 ~~UTD~~TENET ~~TECHNOLOGIES~~HEALTHCARE COM STK ~~USD5~~USD0.075 COM ~~913017109~~88033G100 ~~10,349~~1180 ~~146,108~~81470 SOLE NONE ~~146,108~~81470 VTERADYNE FINC ~~CORP~~US$12.50 ~~NPV~~ COM ~~918204108~~880770102 ~~1,067~~732 ~~31,404~~39354 SOLE NONE ~~31,404~~39354 ~~VALERO~~TEXAS ~~ENERGY(NEW)~~GENCO HLDGS COM USD0.01001(ar)(~) COM ~~91913Y100~~882443104 3320 ~~910~~857 SOLE NONE ~~910~~857 ~~VARIAN~~TEXAS ~~ASSOCIATES~~INSTRUMENTS US$1.00 COM ~~92220P105~~882508104 137833 ~~230~~343551 SOLE NONE ~~230~~343551 ~~VERISIGN~~TEXTRON - COM ~~USD0.001~~883203101 ~~COM~~910 ~~92343E102~~23068 ~~78 5,646~~ SOLE NONE ~~5,646~~23068 ~~VERITAS~~THERMO ~~SOFTWARE~~ELECTRON COM ~~923436109~~STK ~~2,055~~US ~~71,307~~$1 COM 883556102 501 23066 SOLE NONE ~~71,307~~23066 ~~VERIZON~~TIFFANY ~~COMMUNICATIONS~~& CO COM ~~STK~~ USD0.1001 COM ~~92343V104~~886547108 ~~22,382~~839 ~~567,347~~22463 SOLE NONE ~~567,347~~22463 ~~VIACOM~~TIME WARNER INC ~~CLASS 'B'N/V~~ COM ~~US$~~USD 0.01 CLCOM B887317105 ~~925524308~~12134 ~~14,977~~803062 ~~343,045~~ SOLE NONE ~~343,045~~803062 ~~VIAD~~TJX ~~CORP~~COMPANIES INC COM USD1~~.50~~ COM ~~92552R109~~872540109 ~~287~~1934 ~~12,831~~99607 SOLE NONE ~~12,831~~99607 ~~VIASYS~~TORCHMARK ~~HEALTHCARE~~CORP COM ~~USD0~~891027104 2126 52304 SOLE NONE 52304 TOYS R US US$0.0110 COM ~~92553Q209~~892335100 23352 ~~1,133~~29229 SOLE NONE ~~1,133~~29229 ~~VISTEON~~TRANSATLANTIC ~~CORP~~HLDGS COM ~~USD~~893521104 ~~1.00~~161 2257 SOLE NONE 2257 TRANSOCEAN INC COM ~~92839U107~~893817106 111455 ~~1,566~~72743 SOLE NONE ~~1,566~~72743 ~~VITESSE~~TRAVELERS ~~SEMICONDUCTOR~~PROP ~~CORP~~CAS COM ~~928497106~~C 38"A'USD0.01 ~~7,700~~CL A 89420G109 1381 86948 SOLE NONE ~~7,700~~86948 ~~VORNADO~~TRAVELERS ~~REALTY~~PROP TRCAS COM ~~USD0~~CL'B'U$.0401 ~~COM~~CL ~~929042109~~B 1389420G406 ~~304~~1799 113282 SOLE NONE ~~304~~113282 ~~VULCAN~~TRI-CONTINENTAL ~~MATERIALS~~CP USCOM $10.0050 COM ~~929160109~~895436103 ~~603~~832 ~~16,255~~55592 SOLE NONE ~~16,255~~55592 ~~WACHOVIA~~TRIBUNE ~~CORP~~CO ~~US$3~~COM ~~1/3~~NPV COM ~~929903102~~896047107 ~~11,550~~1781 ~~289,028~~38803 SOLE NONE ~~289,028~~38803 ~~WAL-MART~~TRIZEC ~~STORES~~PROPERTIES ~~US$0~~COM USD0.1001 COM ~~931142103~~89687P107 ~~38,511~~71 ~~717,558~~5800 SOLE NONE ~~717,558~~5800 ~~WALGREEN~~TXU COCORP ~~US$0.15625~~COM (TEXAS UTILITIES) COM ~~931422109~~873168108 ~~5,513~~1314 ~~183,161~~55763 SOLE NONE ~~183,161~~55763

TITLE VALUE VOTING OF ~~VALUE~~USD NO. OF INVESTMENT OTHER ~~VOTING~~SOLE NAME OF ISSUER CLASS CUSIP ~~USD~~000S ~~000$~~ SHS DISCRETION MANAGERS ~~SOLE~~ SHS --------------~~-----------~~ -----~~---~~ -----~~----~~ ----~~----~~ ---~~---~~ ---------- -------- ---~~-----~~ ~~WALT~~TYCO ~~DISNEY~~INTERNATIONAL ~~HOLDING~~COM ~~COMPANY~~USD0.20 COM ~~254687106~~902124106 ~~8,136~~9305 ~~411,942~~455439 SOLE NONE ~~411,942~~455439 ~~WASHINGTON~~TYSON ~~MUT~~FOODS INC CLASS A CL A 902494103 458 32399 SOLE NONE 32399 UNION BANCAL CORP COM ~~939322103~~NPV ~~9,747~~COM ~~235,994~~908906100 83 1670 SOLE NONE ~~235,994~~1670 ~~WASHINGTON~~UNION ~~POST~~PACIFIC ~~'B'~~CORP COM US$12.0050 CLCOM B907818108 ~~939640108~~3847 ~~243~~66137 ~~331~~SOLE NONE 66137 UNION PLANTERS COM 908068109 926 29254 SOLE NONE ~~331~~29254 ~~WASTE~~UNISYS ~~MANAGEMENT~~CORP US$0.01 COM ~~USD0~~909214108 637 47050 SOLE NONE 47050 UNITEDHEALTH GROUP INC US$0.01 COM ~~94106L109~~91324P102 ~~3,167~~5142 ~~131,465~~102188 SOLE NONE ~~131,465~~102188 ~~WATERS~~UNITRIN ~~CORPORATION~~INC. US$0.10 COM 913275103 342 11241 SOLE NONE 11241 UNIVERSAL HEALTH S CLASS'B'COM USD0.01 ~~COM~~CL ~~941848103~~B ~~123~~913903100 ~~4,216~~468 9454 SOLE NONE ~~4,216~~9454 ~~WEATHERFORD~~UNIVISION ~~INTL~~COMMUNIC CL'A COM ~~USD1~~USD0.01 ~~(BERMUDA~~CL ~~REG)~~A 914906102 501 15705 SOLE NONE 15705 UNOCAL CORP US$1.00 COM ~~G95089101~~915289102 ~~175~~2440 ~~4,183~~77396 SOLE NONE ~~4,183~~77396 ~~WELLPOINT~~UNUMPROVIDENT ~~HEALTH~~CORP COM USD0.01 COM ~~94973H108~~91529Y106 ~~2,504~~764 ~~29,706~~51712 SOLE NONE ~~29,706~~51712 ~~WELLS~~US ~~FARGO~~BANCORP &COM COUSD0.01 COM ~~USD1~~902973304 ~~2/3~~10473 436550 SOLE NONE 436550 UST INC COM ~~949746101~~902911106 ~~19,890~~769 ~~394,648~~21849 SOLE NONE ~~394,648~~21849 ~~WENDYS~~UTD ~~INTL~~PARCEL ~~INC~~SERV - CLASS 'B' COM USD0.01 CL B 911312106 4566 71565 SOLE NONE 71565 UTD TECHNOLOGIES COM STK ~~NPV~~USD5 COM ~~950590109~~913017109 ~~454~~9709 ~~15,668~~125633 SOLE NONE ~~15,668~~125633 ~~WEYERHAUSER~~V F CORP NPV COM ~~962166104~~918204108 ~~2,577~~576 ~~47,723~~14811 SOLE NONE ~~47,723~~14811 ~~WHIRLPOOL~~VALERO ~~CORP~~ENERGY(NEW) ~~US$1~~COM USD0.0001 COM ~~963320106~~91913Y100 ~~1,382~~602 ~~21,692~~15735 SOLE NONE ~~21,692~~15735 ~~WILLIAMS~~VALLEY ~~COS~~NATL ~~INC~~BANCP COM ~~USD1~~NPV COM ~~969457100~~919794107 ~~148~~458 ~~18,725~~16453 SOLE NONE ~~18,725~~16453 ~~WILLIS~~VARIAN ~~GROUP~~ASSOCIATESUS$1.00 ~~HOLDI~~COM 92220P105 574 9988 SOLE NONE 9988 VERISIGN - COM USD0.~~000115~~001 COM ~~G96655108~~92343E102 16495 ~~536~~36777 SOLE NONE ~~536~~36777 ~~WINN~~VERITAS ~~DIXIE~~SOFTWARE ~~STORES~~ COM ~~974280109~~923436109 ~~259~~2714 ~~21,047~~86092 SOLE NONE ~~21,047~~86092 ~~WIRELESS~~VERIZON ~~EXCESSORIES~~COMMUNICATIONS ~~GROUP~~COM ~~INC~~STK USD0.10 COM ~~97652L100~~92343V104 1118188 ~~43,423~~560679 SOLE NONE ~~43,423~~560679 ~~WISCONSIN~~VIACOM ~~ENERGY~~INC ~~CORP~~CLASS 'B'N/V COM ~~976657106~~US$0.01 ~~1,035~~CL ~~35,682~~B N/V925524308 10819 282487 SOLE NONE ~~35,682~~282487 ~~WRIGLEY~~VIAD WCORP COM USD1.M.50 COM ~~982526105~~92552R109 ~~1,037~~133 ~~18,448~~5555 SOLE NONE ~~18,448~~5555 ~~WYETH~~VISTEON CORP COM USD 01.~~333~~00 COM ~~983024100~~92839U107 ~~12,845~~10 ~~281,995~~1566 SOLE NONE ~~281,995~~1566 ~~XCEL~~VORNADO ~~ENERGY~~REALTY ~~INC~~TR COM USD0.0104 COM ~~98389B100~~929042109 ~~977~~616 ~~64,987~~12819 SOLE NONE ~~64,987~~12819 ~~XEROX~~VULCAN ~~CORP~~MATERIALS US$1.00 COM ~~STK~~929160109 US716 17951 SOLE NONE 17951 WACHOVIA CORP US$3 1~~.00~~/3 COM ~~984121103~~929903102 ~~1,279~~11185 ~~120,790~~271540 SOLE NONE ~~120,790~~271540 ~~XILINX~~WAL-MART ~~INC~~STORES US$0.10 COM ~~983919101~~931142103 ~~1,898~~37635 ~~75,038~~673862 SOLE NONE ~~75,038~~673862 XLWALGREEN ~~CAP~~CO ~~LTD~~US$0.15625 ~~CLASS'A'~~COM ~~USD0.01~~931422109 CL5247 A171239 ~~G98255105~~SOLE ~~433~~NONE ~~5,212~~171239 WALT DISNEY HOLDING COMPANY COM 254687106 6887 341465 SOLE NONE ~~5,212~~341465 ~~YAHOO~~WASHINGTON MUT INC COM ~~984332106~~939322103 ~~3,342~~9038 ~~102,193~~229578 SOLE NONE ~~102,193~~229578 ~~YUM~~WASHINGTON ~~BRANDS~~POST ~~INC~~'B' US$1.00 CL B 939640108 61 92 SOLE NONE 92 WASTE MANAGEMENT COM USD0.01 COM ~~988498101~~94106L109 ~~3,043~~2663 ~~102,955~~101764 SOLE NONE ~~102,955~~101764 ~~ZIMMER~~WATERS ~~HOLDINGS~~CORPORATION ~~INC~~USD0.01 COM 941848103 585 21310 SOLE NONE 21310 WATSON PHARMS INC USD 0.010033 COM ~~98956P102~~942683103 ~~1,780~~582 ~~39,507~~13965 SOLE NONE ~~39,507~~13965 ~~ZIONS~~WEATHERFORD ~~BANCORP~~INTL COM ~~NPV~~USD1 (BERMUDA REG) COM ~~989701107~~G95089101 20865 ~~405~~22884 SOLE NONE ~~405~~22884 ~~----------~~WEBMD ~~1,975,562~~CORP COM USD0.0001 COM 94769M105 349 38970 SOLE NONE 38970

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